TCRAP_Public/060303.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, March 3, 2006, Vol. 9, No. 045


                            Headlines

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

A.C.N. 005 740 330: Members Opt to Wind Up
BAKEUP PTY: Schedules Final Meeting Today
BARCLAYS SERVICES: Winds Up Business Operations
BLACKTOWN CITY: To Declare Dividend Today
BOSS TANKS: Dennis M. Foley Named as Liquidator

CAIRNS RESORT: Creditors' Claims Due on March 14
COMPANY FOR TECHNOLOGY: Shareholders Agree to Liquidate
DAC EXCAVATIONS: Members & Creditors Receive Wind-up Details
DUNEDIN POULTRY: Faces Liquidation Proceedings
E. OMAR & ASSOCIATES: Begins Liquidation Proceedings

FOLEY'S INVESTMENTS: Distributes Dividend to Creditors
GUN INDUSTRIES: Decides to Shut Down Operations
HESNEV PTY: Liquidator to Present Company Report
HOBSON SWAN: CIR Files Petition to Liquidate Firm
INCK CAFE: Inability to Pay Debts Prompts Wind Up

JB ENTERPRISES: Appoints Official Liquidator
MASONRYWORKS PTY: Prepares to Pay Dividend
MICJIN PTY: Receiver Steps Down
N.I.A. CONSTRUCTIONS: Enters Voluntary Liquidation
NYLEX LIMITED: Unveils Details of Peter George's Appointment

PACIFIC ENERGY: Joint and Several Liquidators Appointed
PHOTO SAFE: Members & Creditors Meet to Discuss Wind-up
PM HAULAGE: Liquidator to Distribute Assets
PRESTIGE OFFICE: Court Orders Wind-up
REVEL GROUP: Creditors' Proofs of Claims Due on March 30

SAKAKA LIMITED: Court to Hear Liquidation Petition on March 9
S.E.M. TRANSPORT: Members Agree to Liquidate Firm
SYDNEY GAS: Camden Gas Project On Track To Meet AGL Supply Deal
TELSTRA CORPORATION: To Charge 43% More for Phone Connection
VILLAGE LIFE: Development Profits Fail to Offset Trading Loss

WATTYL LIMITED: Takeovers Panel Receives Application
* ASIC Hits Firms for Managing Unregistered Investment Scheme


C H I N A   &   H O N G  K O N G

ALCOA OF AUSTRALIA: Liquidators Cease to Act
ALLIED ELEGANT: Decides to Shut Down Operations
ARTPROTECH COMPANY: Schedules Final Meeting on March 23
BANK OF CHINA: Files IPO Application With Hong Kong Bourse
BRILLIANT WONDER: Members Agree to Wind Up Firm

ETECH CONTROL: Chow Kin Man Files Wind-up Petition
FORTUNE REALTY: Liquidator Receiving Claims Until March 24
GUANGDONG KELON: Former Chairman Sued for Misusing Funds
IIYAMA HONG KONG: Creditors' Claims Due on March 27
INTEGRATED INFORMATION: Appoints Joint and Several Liquidators

JAMYET LIMITED: Placed Under Voluntary Liquidation
MARTIN GLOBAL: Liquidators Step Down
RICH ACTIVE: Decides to Shut Down Business
SMITHKLINE BEECHAM: Creditors' Proofs of Claims Due on March 17
THOMAS INDUSTRIES: Members to Receive Wind-up Details

VSD ELECTRONICS: Schedules Final Meeting on March 31
WINSCOVE COMPANY: Names Official Liquidator


I N D I A

DUNLOP INDIA: Minister Assures Reopening of Sahaganj Unit
MODI RUBBER: Stake Sale Pushes Through


I N D O N E S I A

PERTAMINA: Bags BPH Migas' Pipe Construction Contract
PERTAMINA: President Vows to Speed Up Revamp


J A P A N

ASAHI MUTUAL: Moody's Upgrades Rating to Ba3
FUJITSU LIMITED: Partners With Yokogawa
SANYO ELECTRIC: To Sell Karaoke Unit for JPY1.35 Bln
JAPAN AIRLINES: Unveils Management Shakeup
MITSUBISHI MOTORS: Sales Up 6.8% for Mitsubishi North America


K O R E A

KOREA EXCHANGE: Moody's Reviews BFSR for Possible Upgrade
SAMSUNG CARD: Billing Snafu Angers Customers


M A L A Y S I A

ANTAH HOLDING: Faces Delisting over Failure to Submit Accounts
CONNECTCOUNTY HOLDINGS: Net Loss in 4Q/FY05 Hits MYR2,581,000
EDEN ENTERPRISES: Net Loss Down to MYR827,000 in 4Q/FY05
FOREMOST HOLDINGS: Unit's Default Status Remains Unchanged
FURQAN BUSINESS: Net Loss Narrows to MYR6,640,000 in 1Q/FY05

GOLD BRIDGE: 3Q/FY05Net Loss Balloons to MYR6,285,000
HARVEST COURT: SC Rejects Appeal on Corporate Exercise Decision
LEMBAH BERINGIN: Inks Tenancy Agreement with Semangat
LIQUA HEALTH: Suffers MYR87,697,000 Net Loss in 4Q/FY05
MITHRIL BERHAD: Net Loss Slips to MYR1,119,000 in 2Q/FY05

PARACORP BERHAD: Books MYR8,458,000 Net Loss in 4Q/FY05
POHMAY HOLDINGS: Net Loss in 4Q/FY05 Hits MYR13,312,000
PUC FOUNDER: Net Loss Shrinks to MYR888,000 in 4Q/FY05
SETEGAP BERHAD: Given Go Signal to Submit Regularization Plan
SETEGAP BERHAD: Suffers MYR26,493,000 Net Loss in 4Q/FY05

TIMBERWELL BERHAD: Net Loss Balloons to MYR8,816,000 in 4Q/FY05


P H I L I P P I N E S

LAFAYETTE MINING: Hopes for Rapu-Rapu Restart in March
LIBERTY TELECOMS: Corporate Secretary Quits
NATIONAL POWER: Bonds Sale May Kick Off This Month
NATIONAL POWER: Trans-Asia Oil Sets Eyes on Tiwi-Makban Facility
NATIONAL POWER: Says Semirara Clean-up Now 80% Complete

PHILIPPINE REALTY: Withdraws Appeal for Rehab Adjudication


S I N G A P O R E

ACCORD CUSTOMER: Recovering from Losses
CHINA AVIATION: Directors Plead Guilty to Covering Losses
CHINA AVIATION: Director Steps Down to Answer Fraud Allegations
J&B PLUMBING: Court to Hear Wind-up Petition on March 10
LINK ELECTRONICS: Prepares to Pay Creditors' Dividend

SEAL & SHIELDING: Creditors' Claims Due on March 24
TRI-M TECHNOLOGIES: Nine-Month Net Losses Almost Doubles


T H A I L A N D

NFC FERTILIZER: Hires Seamico as Financial Advisor
PICNIC CORPORATION: Puts Off Shareholders' Meeting
* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

A.C.N. 005 740 330: Members Opt to Wind Up
------------------------------------------
At a general meeting of A.C.N. 005 740 330 Pty Ltd on Feb. 3,
2006, members have decided that the Company needs to voluntarily
wind up its operations.

David John Cranstoun and John Feddema were nominated to act as
liquidators to manage the wind-up activities.

Contact: David J. Cranstoun
         John Feddema
         Cranstoun & Hussein
         Level 2, 102 Adelaide Street
         Brisbane, Queensland
         Australia


BAKEUP PTY: Schedules Final Meeting Today
-----------------------------------------
A final meeting of the members and creditors of Bakeup 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 3, 2006.

Contact: E. M. Senatore
         Liquidator
         Senatore Brennan Rashid
         Level 7, 28 University Avenue
         Canberra, ACT 2601
         Australia
         Telephone: (02) 6214 6700
         Fax: (02) 6214 6799


BARCLAYS SERVICES: Winds Up Business Operations
-----------------------------------------------
The members of Collomungra Limited held a meeting on February 2,
2006, and agreed to close the Company's business.

They appointed Anthony Warner to facilitate the wind-up
operations.

Contact: Anthony Warner
         Liquidator
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, Australia  


BLACKTOWN CITY: To Declare Dividend Today
-----------------------------------------
Blacktown City Ruby League & Sports Club Limited will declare
its first and final dividend today, March 3, 2006.

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

Contact: Riad Tayeh
         Liquidator
         c/o de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Telephone: (02) 9633 3333
         Fax: (02) 9633 3040


BOSS TANKS: Dennis M. Foley Named as Liquidator
-----------------------------------------------
On February 6, 2006, the members of Boss Tanks (Ballarat) Pty
Limited agreed to wind up the Company's operations voluntarily.
They appointed Dennis Michael Foley as liquidator.

Contact: Dennis M. Foley
         Liquidator
         Dennis M. Foley & Associates
         3rd Floor, Lydiard house
         17 Lydiard Street North
         Ballarat, Victoria 3350
         Australia
         Telephone: (03) 5331 2600
         Fax: (03) 5333 2713
         e-mail: dmf@cooke-foley.com.au


CAIRNS RESORT: Creditors' Claims Due on March 14
------------------------------------------------
Creditors of Cairns Resort Investments Pty Limited whose claims
have not already been admitted, are required to submit their
proofs of claim to liquidator Robert Hutson by March 14, 2006.

Failure to comply with this requirement will exclude creditors
from the Company's dividend distribution.

Contact: Robert Hutson
         Liquidator
         KordaMentha
         Level 2, Corporate Center One
         2 Corporate Court, Bundall
         Queensland 4217 Australia
         Telephone: (07) 5574 1322
         Fax: (07) 5574 1433


COMPANY FOR TECHNOLOGY: Shareholders Agree to Liquidate
-------------------------------------------------------
The shareholders of The Company for Technology & Development Pty
Limited convened on February 3, 2006, to agree on the voluntary
wind up the Company's operations.

Subsequently, S. M. Cavanaugh was appointed as liquidator to
supervise the wind-up activities.

Contact: S. M. Cavanaugh
         Liquidator
         Bacchus Associates Pty Limited
         Suite 31, The Upper Deck
         Jones Bay Wharf, 26-32 Pirrama Road
         Pyrmont, New South Wales 2009
         Australia


DAC EXCAVATIONS: Members & Creditors Receive Wind-up Details
------------------------------------------------------------
A final meeting of the members and creditors of DAC Excavations
Pty Limited will be held today, March 3, 2006.

At the meeting, liquidator Brian P. Dunphy 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: Brian P. Dunphy
         Liquidator
         Freshwater Management Pty Limited
         PO Box 663, Harbord
         New South Wales 2096
         Australia


DUNEDIN POULTRY: Faces Liquidation Proceedings
----------------------------------------------
On January 30, 2006, an application to liquidate Dunedin Poultry
Processors Limited was filed by Trents Wholesale Limited with
the High Court of Dunedin.

The application will be heard on March 30, 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 28, 2006.

Contact: Anderson Lloyd Caudwell
         Solicitors for plaintiff
         Level Ten, Clarendon Tower,
         78 Worcester Street, Christchurch,
         New Zealand


E. OMAR & ASSOCIATES: Begins Liquidation Proceedings
----------------------------------------------------
At E. Omar & Associates Pty Limited's general meeting on
February 6, 2006, members concurred that it is in the Company's
best interests to wind up its operations.

D. R. Vasudevan was appointed to oversee the wind-up.

Contact: D. R. Vasudevan
         Liquidator
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


FOLEY'S INVESTMENTS: Distributes Dividend to Creditors
------------------------------------------------------
Foley's Investments Pty Limited will declare its first and final
dividend today, March 3, 2006, to the exclusion of creditors who
are not able to prove their claims.

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


GUN INDUSTRIES: Decides to Shut Down Operations
-----------------------------------------------
On February 7, 2006, the members of Gun Industries Pty Limited
held a general meeting and agreed that it is in the Company's
best interests to close its operations.


HESNEV PTY: Liquidator to Present Company Report
------------------------------------------------
The members of Hesnev Pty Limited will convene today, March 3,
2006, to receive liquidator Adam Farnsworth's account regarding
the Company's completed wind-up and disposal of property, and to
consider any other matters that may be brought before the
meeting.

Contact: Adam Farnsworth
         Liquidator
         Hill's Insolvency Services Pty Limited
         581 Princess Highway
         Rockdale, New South Wales 2216
         Telephone: (02) 9599 7945
         Fax: (02) 9599 7946
         e-mail: adam@hillsinsolvency.com.au


HOBSON SWAN: CIR Files Petition to Liquidate Firm
-------------------------------------------------
On November 15, 2006, the Commissioner of Inland Revenue filed
an application to place Hobson Swan Construction Limited under
liquidation.

The Application will be heard before the High Court of Auckland
on March 9, 2006, at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the Hearing, must file an appearance not later than
March 6, 2006, to:

          S. J. Eisdell Moore
          Solicitor for the Plaintiff
          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
          Telephone: (09) 336 7556)
          Web site: http://www.meredithconnell.co.nz/  


INCK CAFE: Inability to Pay Debts Prompts Wind Up
-------------------------------------------------
After a meeting of the creditors of Inck Cafe Pty Limited on
February 7, 2006, it was agreed that the Company wind up its
business voluntarily due to its inability to pay its debts.

B. J. Marchesi was then appointed as the Company's liquidator.

Contact: B. J. Marchesi
         Liquidator
         Bent & Cougle Pty Limited Chartered Accountants
         Level 5, 332 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


JB ENTERPRISES: Appoints Official Liquidator
--------------------------------------------
On February 16, 2006, the High Court of Invercargill ordered the
appointment of Murray N. Frost as liquidator of JB Enterprises
Southland Limited.

The Liquidator fixes March 24, 2006, as the last day for the
Company's creditors to make their claims and to establish any
priority their claims may have under Section 312 of the
Companies Act 1993.

Contact: Murray N. Frost
         Deloitte, Chartered Accountants
         Otago House, 481 Moray Place
         (P.O. Box 1245), Dunedin
         New Zealand
         Telephone: (03) 474 8630
         Facsimile: (03) 474 8650
         Web site: http://www.deloitte.com/


MASONRYWORKS PTY: Prepares to Pay Dividend
------------------------------------------
Masonryworks Pty Limited will declare a final dividend today,
March 3, 2006.

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

Contact: Brian H. Allen
         Peter G. Burton
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia
         Telephone: (02) 9904 4644
         Fax: (02) 9904 9644


MICJIN PTY: Receiver Steps Down
-------------------------------
On February 2, 2006 Jonathan Paul McLeod, of McLeod & Partners,
ceased to act as the receiver and manager of Micjin Pty Limited.


N.I.A. CONSTRUCTIONS: Enters Voluntary Liquidation
--------------------------------------------------
Members of N.I.A. Constructions Pty Limited held a general
meeting on February 8, 2006, and agreed to:

  -- close the Company's business operations; and

  -- appoint K. L. Sutherland as liquidator.

Contact: K. L. Sutherland
         Liquidator
         Bent & Cougle Pty Limited Chartered Accountants
         Level 5, 332 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


NYLEX LIMITED: Unveils Details of Peter George's Appointment
------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
February 23, 2006, Nylex Limited appointed Peter George as
executive chairman, effective immediately.

Pursuant to a letter of appointment, Mr. George's term is for
three years, ending on January 31, 2009, subject to:

   -- termination by either party on six months notice, which
      will be extended to 12 months in the event of a change of
      control; and

   -- three months notice of termination on illness; or

   -- immediate termination in the event of breach of specified
      obligations.

Moreover, Mr. George will be paid an annual salary of
US$500,000, plus superannuation contributions (currently 9% of
ordinary time earnings).  He will be given 20 days annual leave
after each 12 months of employment and 10 days sick leave.

Headquartered in Melbourne, Australia, Nylex Limited --
http://www.nylexlimited.com.au/-- is an Australian marketer,  
manufacturer and service provider of plant hire services,
building products, automotive products, plastic products, and
engineered products.  Nylex owed its lenders more than AU$400
million at the peak and has basically been in a controlled
liquidation of the mish-mash of assets built up in the 1990s.  
The company has sold many businesses to reduce debt, moved some
production offshore and now has a strong balance sheet and is
looking for acquisitions.  It has also launched a major push to
build on its strong position in garden water control to become a
leader in overall household water conservation.


PACIFIC ENERGY: Joint and Several Liquidators Appointed
-------------------------------------------------------
Pacific Energy New Zealand Limited was placed under liquidation
on February 16, 2006, with the appointment of Grant Bruce
Reynolds and Gilbert Dale Chapman as joint and several
liquidators.

The Liquidators fix March 30, 2006, as the day by which the
Company's creditors are to prove their debts or claims and to
establish any title they may have to priority, under Section 312
of the Companies Act 1993.

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution.

Contact: Grant Bruce Reynolds
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059, Burswood
         East Tamaki, Auckland
         New Zealand
         Telephone: (09) 577 0162
         Facsimile: (09) 577 0243


PHOTO SAFE: Members & Creditors Meet to Discuss Wind-up
-------------------------------------------------------
The final meeting of the members and creditors of Photo Safe
Australia Pty Limited is scheduled today, March 3, 2006, for
them to get an account of the manner of the Company's wind-up
and property disposal from liquidator Geoffrey McDonald.

Contact: Geoffrey McDonald
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


PM HAULAGE: Liquidator to Distribute Assets
-------------------------------------------
After an extraordinary general meeting on February 6 2006, the
members of PM Haulage Pty Limited resolved to close the
Company's business operations and distribute the proceeds of its
assets.

As a result, Brent Kjurina was appointed as liquidator.

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


PRESTIGE OFFICE: Court Orders Wind-up
-------------------------------------
On February 3, 2006, the Federal Court of Australia ordered the
wind-up of Prestige Office Services Pty Limited, and appointed
Antony de Vries to act as liquidator to oversee the Company's
wind-up activities.

Contact: Antony de Vries
         Liquidator
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia


REVEL GROUP: Creditors' Proofs of Claims Due on March 30
--------------------------------------------------------
The Revel Group Limited was placed under liquidation on Feb. 16,
2006, with the appointment of Grant Bruce Reynolds and Gilbert
Dale Chapman as joint and several liquidators.

The Liquidators require the Company's creditors to prove their
debts or claims on or before March 30, 2006, in order to be
included in any distribution.

Contact: Grant Bruce Reynolds
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059, Burswood
         East Tamaki, Auckland
         New Zealand
         Telephone: (09) 577 0162
         Facsimile: (09) 577 0243


SAKAKA LIMITED: Court to Hear Liquidation Petition on March 9
-------------------------------------------------------------
On March 9, 2006, the High Court of Auckland will hear an
application to put Sakaka Limited into liquidation.

The Commissioner of Inland Revenue filed the Petition before the
High Court on December 6, 2005.

Any person, other than the defendant company, who wishes to
appear on the hearing must file an appearance not later than
March 6, 2006, to:

          S. J. Eisdell Moore
          Solicitor for the Plaintiff
          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
          Telephone: (09) 336 7556)
          Web site: http://www.meredithconnell.co.nz/


S.E.M. TRANSPORT: Members Agree to Liquidate Firm
-------------------------------------------------
Members of S.E.M. Transport Pty Limited held a meeting on
February 6, 2006, and agreed on the Company's need to liquidate.
They then named Daniel I. Cvitanovic to oversee the Company's
wind-up activities.

Contact: Daniel I Cvitanovic
         Liquidator
         Level 1, 121-131 Crown Street
         Wollongong, New South Wales
         Australia


SYDNEY GAS: Camden Gas Project On Track To Meet AGL Supply Deal
---------------------------------------------------------------
Sydney Gas Ltd released a production report for January 2006,
showing that production was in-line with the high levels of
output achieved from its jointly owned Camden Gas Project in
recent months.

SGL and its joint venture partner, The Australian Gas Light
Company, deliver coal seam gas under a 10-year contract (with a
five-year option), which is expected to provide more than AU$200
million in revenue to SGL.  Following a ramp up in production
over the next three years, SGL expects the joint venture will be
able to supply AGL with up to 14.5 Petajoules of gas a year.  
CSG production from the Camden Project is currently at a rate of
over 4PJ a year and is expected to increase substantially as the
ramp-up program intensifies.

Production of CSG has grown substantially over the last 12
months and sales reached AU$1 million for the first time in
October 2005.  This level of production has been sustained over
the past three months. Record output of 350 Terrajoules (TJ) and
sales of AU$ 1.069 million were recorded in December 2005.

Output for January 2006 was slightly lower at 322 TJ, with sales
of AU$0.982 million.  The decline was due to a two-day planned
plant shutdown and two days for scheduled compressor maintenance
at one of the Camden Project's two production plants.  However,
average production per producing well in January increased to
186 Gigajoules (GJ) a day, a 3% increase on December's average
production per well.

SGL and AGL have also embarked on an aggressive exploration
program, due to be completed by 2008, in a number of the joint
venture's permit areas which is aimed at increasing its reserve
base.  The joint venture expects to spend approximately AU$34
million on this program.

               Hunter Valley and Merriwa Projects

SGL is responsible for all exploration in the Hunter Valley and
Merriwa licenses.  SGL has drilled two wells in the Hunter
tenements and established encouraging gas flow rates at one of
the wells of 400 million cubic feet per day.  This well has been
shut in and pressure gauges installed to monitor pressure build-
up.  Approximately 675 billion cubic feet of potential gas-in
place has been identified over a 100 square kilometer area from
five seams with aggregate net coal thickness of 15 meters.

SGL and AGL have drawn up a development drilling program to
begin in mid-2006.

At Merriwa, an internal study has identified approximately 2.18
trillion cubic feet of gas-in place over 180 square kilometers
from 12 seams based on available geological data.

Sydney Gas Limited -- http://www.sydneygas.com/-- is a major  
coal seam methane producer in New South Wales.  It is the first
CSM producer in NSW to be granted a Production Lease.  Its
tenements cover the major energy markets in NSW extending across
the Wollongong, Sydney and Hunter Valley regions.  The company's
key producing asset is located at Camden and the Company is
currently evaluating the upside projects at Hunter and Merriwa.

On November 15, 2005, Sydney Gas completed all of the
preconditions to the Joint Venture arrangements with The
Australian Gas Light Company over its development and
exploration assets in New South Wales, and the consideration of
AU$42.25 million has been paid to Sydney Gas by AGL.  The
financial close of the joint venture arrangements with AGL
completed a critical element of the Company's strategy and saved
SGL from looming insolvency.  Last month, the Australian
Securities and Investments Commission decided not to take
further action on allegations that SGL had breached the
Corporations Act, unless new information comes to light.


TELSTRA CORPORATION: To Charge 43% More for Phone Connection
------------------------------------------------------------
Telstra Corporation will impose a 43% increase in its phone
connection rate starting April 1, 2006, The Australian reports.

Specifically, Telstra will be charging AU$299, up from the
previous AU$209, for connecting a new home phone.  The
Australian says that even pensioners, who pay discounted rates,
will be affected by the increase and will have to pay AU$194, up
from AU$135.

Customers of Telstra rivals Optus and AAPT will also have to
suffer from the increased charge as these other companies rent
lines from Telstra.

The rate increase is expected to bring Telstra an extra AU$3
million from an estimated 33,000 new homebuyers.

The report recounts that Telstra had promised the Australian
Federal Government to freeze its fixed-line costs while it
polishes its image for full privatization.  The rate increase,
which is on top of Telstra's plan to cut 5,000 payphones in
country towns and capital cities all over Australia within the
next seven months, breaks this promise.

Telstra explained that the fee rise is justified since its
charges to install a phone line would still fall short of the
actual cost.  It announced the price rise the day after the
Government's freeze on almost every other fixed-line charge took
effect.

The Australian recounts that Telstra admitted two weeks ago that
a fall in fixed-line use was behind a 10% slide in half-yearly
profit to AU$2.1 billion.

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5   
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are  
expected to decline by 7-10% compared to 2004/05 as a result of
accelerating declines in public switched telephone network
revenues and softening growth in the mobiles market due to  
aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The  
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the  
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month  
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
up to 12,000 jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


VILLAGE LIFE: Development Profits Fail to Offset Trading Loss
-------------------------------------------------------------
Village Life Limited posted a loss after tax of AU$13.426
million for the six months to December 31, 2005, compared with a
December 2004 profit after tax of AU$1.736 million.  The
significant components of the current period loss are:

     * A pre-tax loss of AU$5.908 million, which, to a large
       extent, was caused by the lower occupancy levels in the
       villages Village Life leases from the ING Real Estate
       Community Living Fund Trust and its responsible entity
       ING Management Limited and the Village Life Property
       Trust (VLPT) and its responsible entity, Westpac Funds
       Management Limited.  Unlike past reporting periods, there
       were insufficient development profits in this period to
       offset this trading loss resulting from the operation of
       the leased villages.

     * The change in accounting for development profits on
       villages leased from ILF and VLPT under the new
       accounting standard AASB 118, an issue highlighted as a
       potential adjustment under AIF RS in note 37 of the
       Company's annual report at June 30, 2005.  However, that
       disclosure did not anticipate that village occupancy
       levels would also continue to decline, such that
       operating losses from these leased villages would worsen,
       even after incurring additional significant marketing
       resources to attempt to address this performance issue in
       the period up to and subsequent to the December 31, 2005.

       The consequence of this decline in trading performance
       and the probability that the trading position may not
       improve significantly in following periods to abate this
       problem has led the Directors to the conclusion that
       there is considerable uncertainty regarding the capacity
       of the Company to recover the deferred tax asset of
       AU$7.276 million.  This asset, which arose from the
       change in accounting for development profits and other
       adjustments under AIFRS, was written off at December 31,
       2005.

     * The new accounting standards require the Company to
       provide for its commitments for the restoration (make
       good obligations) of the villages under lease from ILF
       and VLPT, as the previous AGAAP regime did not require
       the Company to make provisions for these future
       commitments. The total provision expensed in the
       December 31, 2005, half-year was AU$392,000.

     * The new accounting standards require the Company to
       expense share options issued to senior executives over
       shares owned by two of the Company's founding
       shareholders, even though the Company itself has no
       obligation to issue any new shares arising from these
       option obligations.  Shareholders may form their own view
       of this requirement when they note that these accounting
       standards required the Company to expense AU$487,000 and
       credit equity for the same amount in this period, even
       though no new shares were issued nor is there any future
       commitment to issue by the Company under this
       arrangement.

     * Onerous contracts exist where the net present value of
       the projected trading performance of a contract will
       produce a negative result for the Company after taking to
       account all projected revenues and expenses relating to
       the execution of the contract.  At December 31, 2005, the
       Company identified a number of onerous contracts with
       VLPT and ILF, and has provided for the net present value
       of the losses at December 31, 2005, of AU$1.474 million.

The impact of these changes is that the Company's financial
position has changed significantly, with negative net assets of
AU$6.845 million at December 31, 2005, compared to a net asset
position reported under AIFRS of AU$5.462 million at June 30,
2005, due to the these major changes:

     -- a pre-tax loss of AU$5.908 million which includes a
        write off of AU$1.474 million regarding onerous
        contracts at December 31, 2005; and

     -- a tax expense of AU$7.518 million which includes a write
        off AU$7.276 million in deferred tax assets due to the
        reasons detailed previously.

The after tax loss of AU$13.426 million has been offset by
increases in reserves, resulting in a net decrease in equity of
AU$12.3 million.

The Directors had already recognized that the transition to the
new accounting standards was going to raise significant issues
and had expended considerable resources on this transition
process in the period to June 30, 2005, as is evidenced by the
information detailed in note 37to the Company's annual accounts
at June 30, 2005.

The significant events that arose in the past six-month period,
which have caused the Directors to revise their outlook in
regard to the Company's prospects are:

     -- the absence of any significant village development
        profits in this period;

     -- the continuing deterioration in the trading performance
        of the villages under leases to ILF and VLPT; and

     -- the likely continuation of a limited development
        pipeline and thus development profits for Village Life
        due to the poor performance of recently developed
        villages and thus the valuation uncertainty that this
        trading performance places on future developments.

A full-text copy of Village Life's Financial Report is available
free of charge at:

     http://bankrupt.com/misc/tcrap_villagelife030206.pdf  

Headquartered in Milton, Queensland, Australia, Village Life --
http://www.villagelife.com.au/-- is one of Australia's largest  
providers of rental accommodation for seniors, providing
residents with a safe, affordable and comfortable community
lifestyle; and investors with a unique and secure investment for
life.  Village Life villages can be found throughout Australia.  
The sites are chosen for their proximity to preferred
neighborhoods for seniors and adequate access to transport,
shopping, entertainment and health care facilities.  Village
Life has reported a series of profit downgrades since last year
due to higher than expected construction costs and problems on
development approvals.  The downgrades were followed by share
price slumps and a potential class action suit for possible
contravention of the Corporations Act, the Australian Stock  
Exchange listing rules and provisions of the Trade Practices
Act.  Litigation funder IMF (Australia) is acting for the
shareholders who allege Village Life engaged in misleading or
deceptive conduct and breached disclosure requirements.


WATTYL LIMITED: Takeovers Panel Receives Application
----------------------------------------------------
The Takeovers Panel has received an application from AEF
Financial Investments Pty Limited, a subsidiary of Allco Equity
Partners Limited (together AEP), relating to Allco's bid for all
the shares in Wattyl Limited.

AEP's application raises a number of issues relating to Wattyl's
target's statement and Wattyl's treatment of the AEP Offer and a
rival offer for Wattyl by Barloworld Australia Pty Ltd.  The
issues that AEP raises relate to:

     * the revenue forecast made by Wattyl in its target's
       statement and on which Allco considers Wattyl bases its
       rejection recommendation of the Allco Offer;

     * the effect of possible Australian Competition and
       Consumer Commission opposition to Barloworld Limited's
       Offer and the consequent relative merits of the two
       offers for Wattyl; and

     * a break-free and other lock-up devices agreed by Wattyl
       with Barloworld.

Allco has sought a declaration of unacceptable circumstances and
final orders.

The Panel has not decided whether to conduct proceedings in
relation to the application and makes no comment on the merits
of the application.  It also notes that it has not received
submissions from the other parties to the application and it is,
therefore, unaware of their views.

The President of the Panel is appointing a sitting Panel to
consider the application.

Headquartered in New South Wales, Australia, Wattyl Limited --
http://www.wattyl.com.au-- is engaged in the manufacture and  
marketing of paints, resins and related products.  In June 2005,
Wattyl commenced its business and finance restructuring program,
which includes the re-allocation of its marketing budget and
increased expenditure on strengthening Wattyl's brands and
positioning the business or future growth.  In December 2005,
Allco Equity Partners made an AU$285-million hostile takeover
bid for Wattyl.  South Africa's Baroloworld, however, made a
friendly counter-offer of AU$321 million, which won the support
of Wattyl's Board.


* ASIC Hits Firms for Managing Unregistered Investment Scheme
-------------------------------------------------------------
The Australian Securities and Exchange Commission has obtained
declarations and orders in the Federal Court in Melbourne
against a number of companies connected with an unregistered
managed investment product known as the Investors Choice Fixed
Interest Program (the scheme).  The companies are Royal Parade
Properties Pty Ltd (formerly known as Investors Choice Pty Ltd),
Vitalskill Management Pty and Infocus Management Australia Pty
Ltd.

ASIC's action follows an application to wind up the scheme in
December 2005 after concerns that the companies had contravened
the Corporations Act by operating an unregistered managed
investment scheme with more than 20 investors, which was not
registered with ASIC as required under the Act.

On December 20, 2005, the Federal Court made interim orders
preventing the companies from operating the scheme, but
permitting the assets of the scheme to be returned to the
investors.  This ensured that all investors would receive
repayment of all money invested by them together with interest
by January 15, 2006.  The repayments totaling approximately
AU$2.8 million owed to 26 investors were completed by February
1, 2006.

Following repayment to the investors, the court issued orders
restraining the three companies until March 2011 from:

     -- promoting any managed investment scheme to members of
        the Australian public;
     
     -- dealing, offering or issuing financial products or
        generating interest in financial products;

     -- printing, publishing or distributing or causing to be
        printed, published, or distributed, written materials
        promoting managed investment schemes; or
   
     -- making any recommendation, or offering advice, whether
        orally or in writing, to any person in relation to a
        financial product or a decision by a person regarding
        whether or not to invest in a financial product.

The Court also declared that the three companies had contravened
the Act by operating a managed investment scheme without
registration, failing to provide a Product Disclosure Statement
for a financial product, and operating a financial services
business without an Australian financial services license.  


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

ALCOA OF AUSTRALIA: Liquidators Cease to Act
--------------------------------------------
Lai Kar Yan and Darach E. Haughey, of Deloitte Touche Tohmatsu,
ceased to act as joint and several liquidators of the property
of Alcoa of Australia (Asia) Limited.

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


ALLIED ELEGANT: Decides to Shut Down Operations
-----------------------------------------------
On February 17, 2006, the members of Allied Elegant Limited
convened and agreed that:

   -- the Company be wound up voluntarily.

   -- Messrs Andrew C.C. Ma and Felix K.L. Lee be appointed
      to supervise the wind-up activities of the Company; and

   -- the audit of the liquidator's accounts of receipts and
      payments will not be required.

Contact: Andrew C.C. Ma
         Felix K.L. Lee
         Liquidators
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong
         Telephone : 2815 9988
         e-mail: amdfkcpa@netvigator.com


ARTPROTECH COMPANY: Schedules Final Meeting on March 23
-------------------------------------------------------
The final meeting of the members and creditors of Artprotech
Company Limited is scheduled on March 23, 2006, for them to get
an account of the manner of the Company's wind-up and property
disposal from liquidator Murray Godfrey.

Contact: Shom Chun Po
         Liquidator
         Room 2302, 23/F Golden Centre
         188 Des Voeux Road Central
         Hong Kong


BANK OF CHINA: Files IPO Application With Hong Kong Bourse
----------------------------------------------------------
Bank of China has filed an application this week with the Hong
Kong Stock Exchange for its initial public offering, AFX News
relates.  The planned IPO is set to be China's second biggest
offering.  The bank has also opted for a single listing to
expedite the overseas IPO.

A related Bloomberg News report stated that Bank of China may
raise as much as US$8 billion in a Hong Kong initial public
offering in June, after shelving plans for a simultaneous sale
in Shanghai, three people involved in the sale said on
Wednesday.  

The Troubled Company Reporter -- Asia Pacific has previously
reported that Bank of China's listing plans may be delayed
because of the differences between Central Huijin, its largest
shareholder, and the China Securities Regulatory Commission over
its listing location.  

Selling shares overseas would help BOC raise more funds from
global investors in the future.  The State-owned lender has been
offloading bad loans and increasing capital since 2003 in
preparation for an overseas share sale, part of government plans
to prepare the industry for increased foreign competition,
starting at the end of this year.

Royal Bank of Scotland and UBS are among the foreign investors
that have bought into the bank ahead of its listing.

Headquartered in Beijing, China, the Bank of China --
http://www.bank-of-china.com/-- provides corporate banking,
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.


BRILLIANT WONDER: Members Agree to Wind Up Firm
-----------------------------------------------
Members of Brilliant Wonder Limited held a general meeting on
Feb. 17, 2006, and agreed to:

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

  -- appoint Kan Tim Hei and Fok Pui Ling Linda as liquidators.

  -- the audit of the liquidator's accounts of receipts and
     payments will not be required.

Contact: Kan Tim Hei
         Fok Pui Ling Linda
         31/F The Center
         99 Queen's Road
         Central, Hong Kong         


ETECH CONTROL: Chow Kin Man Files Wind-up Petition
--------------------------------------------------
Chow Kin Man has lodged a petition to wind up Etech Control
Company Limited.

The High Court of Hong Kong Special Administrative Region will
hear the Petition on April 12, 2006, at 9:30 a.m.

Contact: Chan & Tsu
         Solicitors for the Petitioner
         Room 4101, 41st Floor
         Tower 2, Lippo Centre
         89 Queensway, Hong Kong


FORTUNE REALTY: Liquidator Receiving Claims Until March 24
----------------------------------------------------------
Creditors of Fortune Realty Company are required to prove
their debts or claims on or before March 24, 2006, to:

          Ng Kwok Wai
          Lyn Yee Chen Jean
          Joint and Several Liquidators
          Eric Ng C.P.A. Limited
          Unit A, 14th Floor, JCG Building
          16 Mongkok Road, Mongkok
          Kowloon, Hong Kong
          Telephone: 3582 5933
          Fax: 3188 9669

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


GUANGDONG KELON: Former Chairman Sued for Misusing Funds
--------------------------------------------------------
Guangdong Kelon Electrical Holdings disclosed that four
subsidiaries recently filed lawsuits in the Foshan Intermediate
People's Court against its former chairman, Gu Chujun, for
misusing funds, China Daily relates.

The Kelon subsidiaries alleged that Mr. Gu and his company,
Guangdong Greencool Enterprise Development Co., including firms
associated with Greencool, signed purchase contracts with them
but did not deliver the goods after receiving payment.

The subsidiaries demanded repayment totaling CNY328 million
(US$40.49 million) and are also asking for additional
compensation, the notice states.

Earlier reports by the Troubled Company Reporter - Asia Pacific
in January stated that Guangdong Kelon is preparing to sue its
former chairman for alleged fraud and embezzlement, and that at
least CNY592 million was channeled out of the company by Mr. Gu
through Guangdong Greencool and Kelon's other affiliates.  The
allegations were supported by auditor KPMG International, who
reported that there were "evidence of abnormal sales" recorded
by Kelon.

Mr. Gu was arrested in September 2005, a month after he was
ousted from Guangdong Kelon for suspected economic crimes,
including inflating sales and embezzlement of at least CNY592
million.

Headquartered in Wanchai, Hong Kong, Guangdong Kelon Elecrical
Holdings Company Limited -- http://www.kelon.com/-- is one of  
the largest cooling domestic appliance manufacturers in China,
mainly engaging in the development and manufacture, as well as
domestic and overseas sales of refrigerators and air-
conditioners.  Before the latest scandal involving it's former
Chairman, the refrigerator maker was saddled with staggering
2004 net losses, after seeing a CNY197.3 million net profit in
2003 and a similar substantial profit in 2002.  With the
outbreak of the scandal, it suspended trading of some of its
shares and had its assets frozen.  The Company was taken over by
China's Hisense Group in a CNY900 million acquisition in
September 2005.


IIYAMA HONG KONG: Creditors' Claims Due on March 27
---------------------------------------------------
All persons who have claims against Iiyama Hong Kong Co. Limited
are required to submit their proofs of claim to the Company
liquidator, Chan Sek Kwan Rays, by March 27, 2006.

Creditors who fail to comply with this requirement will exclude
them from the benefit of the dividend distribution.

Contact: Chan Sek Kwan Rays
         Liquidator
         Unit G, 12/F., Seabright Plaza
         9-23 Shell Street, North Point
         Hong Kong


INTEGRATED INFORMATION: Appoints Joint and Several Liquidators
--------------------------------------------------------------
On February 13, 2006, Ying Hing Chiu and Chung Miu Yin, Diana,
were appointed to facilitate Integrated Information Limited's
liquidation.

Contact: Ying Hing Chiu
         Chung Miu Yin, Diana
         24th Floor, Prince's Building
         Central, Hong Kong


JAMYET LIMITED: Placed Under Voluntary Liquidation
--------------------------------------------------
At a meeting of Jamyet Limited's members on February 13, 2006,
it was decided that the Company needs to voluntarily wind up its
operations.

Chan Shu Kin and Chow Chi Tong, were nominated to act as the
Company's joint and several liquidators to manage its wind-up
activities.

Contact: Messrs Chan Shu Kin
         Chow Chi Tong
         Liquidators
         9th Floor, Tung Ning Building
         249-253 Des Voeux Road
         Central, Hong Kong
         Telephone: 2826 0111


MARTIN GLOBAL: Liquidators Step Down
------------------------------------
On February 20, 2006, Ying Hing Chiu and Chung Miu Yin, Diana
ceased to act as joint and several liquidators of Martin Global
Securities Limited.

Contact:  Ying Hing Chiu
          Chung Miu Yin, Diana
          Former Joint & Several Liquidators
          24th Floor, Prince's Building
          Central, Hong Kong


RICH ACTIVE: Decides to Shut Down Business
------------------------------------------
Members of Rich Active Limited held an extraordinary general
meeting on February 14, 2006, and agreed to:

  -- voluntarily wind up the Company's business operations.

  -- appoint Choy Man Yick as liquidator; and

  -- the audit of the liquidator's accounts of receipts and
     payments will not be required.

Contact: Choy Man Yick
         Liquidator
         12th Floor
         V Heun Buliding
         138 Queen's Road Central
         Hong Kong


SMITHKLINE BEECHAM: Creditors' Proofs of Claims Due on March 17
---------------------------------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana, the liquidators of
Smithkline Beecham Limited, require the Company's creditors to
lodge their proofs of claims or debts against the Company on or
before March 17, 2006, to:

          Ying Hing Chiu
          Chung Miu Yin, Diana
          Joint Liquidators
          Level 28, Three Pacific Plate
          1 Queen's Road East
          Hong Kong

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


THOMAS INDUSTRIES: Members to Receive Wind-up Details
-----------------------------------------------------
A final meeting of the members of Thomas Industries Asia Pacific
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 28, 2006.

Contact: Warren Richard Beese
         Liquidator
         H12, Floral Villas
         18 Tso Wo Road
         Tso Wo Hang, Sai Kung
         New Territories
         Hong Kong


VSD ELECTRONICS: Schedules Final Meeting on March 31
----------------------------------------------------
The final meeting of the members of VSD Electronics Limited is
scheduled on March 31, 2006, where liquidator Kenneth G.
Morrison will present an account of the manner of the Company's
wind-up and property disposal.

Contact:  Kenneth G. Morrison
          Moores Rowland Mazars
          34/F The Lee Gardens
          33 Hysan Avenue
          Causeway Bay, Hong Kong
          Telephone: 2909 5555
          Fax: 2810 0032
          e-mail: ken.morrison@mr-mazars.com.hk
                

WINSCOVE COMPANY: Names Official Liquidator
-------------------------------------------
The members of Winscove Company Limited convened on Feb. 20,
2006, and decided to wind up the Company's business operations.  

The members subsequently named Lau Kwok Kwong Arthur to
facilitate the Company's wind-up activities.

Contact: Lau Kwok Kwong Arthur
         Room 1202 Tung Ming Building
         42 Des Voeux Road
         Central, Hong Kong


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

DUNLOP INDIA: Minister Assures Reopening of Sahaganj Unit
---------------------------------------------------------
West Bengal Commerce and Industries Minister Nirupam Sen is
confident that former tire major Dunlop India Limited will
resume operations within a few months after nearly eight years
of closure, WebIndia123 reveals.

Mr. Sen said that the latest standoff between the new management
and the employees of Dunlop's Sahaganj and Ambattur factories
will be resolved very soon.  

As reported by the Troubled Company Reporter - Asia Pacific on
February 21, 2006, Workers' Union of Dunlop India Limited
refused to accept certain conditions in the Memorandum of
Understanding signed by both parties on January 24, 2006, that
would pave the way to the Company's reopening under its new
management.  The Union explained that it stood by the MoU, but
could not accept other conditions, which came after the signing
of the agreement.

Mr. Sen, however, remained positive and assured that the
Sahaganj factory will reopen very soon, as promised.  He added
that new management under the majority owner, Ruia Group, had
also requested the Government to waive the Company's debts to
help in re-opening the factories.

Mr. Sen said that though the new management earlier had decided
to lay off hundreds of existing work force, it has now agreed to
provide them with attractive retirement benefits following
intervention of the state government.  Efforts were also being
made to ensure the full protection of about 1,500 employees who
might be re-employed in the new Sahaganj factory, he added.

The Sahanganj factory produces a wide range of automobile tires
and tubes, including aero-tyre for defence, while the Ambattur
factory specializes in truck tires.

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.  The company had reported profit until
March 1997.  In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited.  This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98.  After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahaganj and Ambattur
in February 1998.  The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors.  In January 2006, the Ruia
Group took over the Company and voted to re-open its plants in
within this year.


MODI RUBBER: Stake Sale Pushes Through
--------------------------------------
The sale of tire firm Modi Rubber Limited will finally proceed
after three years of protracted negotiations, The Times of India
reports.

The Company's promoters -- brothers BK and VK Modi -- and a
group of financial institutions have reached an in-principle
agreement over the sale of the FI's 44% stake to the Modis.

According to the report, the parties have decided on a mutually
agreeable price, which has been the main roadblock of the sale.  
The parties refuse to disclose the sale price as of the moment.

After the Modi brothers buy out the FIs' controlling stake, the
Company's tire assets will be demerged and sold off.

Sources said that even though the Modi Rubber plant has been
shut for a couple of years, it is still an attractive
proposition after revival.

Headquartered in Delhi, India, Modi Rubber Limited --
http://www.mepc.com/-- is principally involved in the  
development, manufacture and distribution of automobile tires,
tubes and flaps.  The company's financial performance was not
been all that impressive.  It continuously reported losses in
the past years, which eventually lead to its closure in 2001.  
The financial health of its subsidiaries is not healthy either
with Modistone being referred to the Board of Industrial and
Financial Reconstruction due to the erosion in net worth.


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

PERTAMINA: Bags BPH Migas' Pipe Construction Contract
-----------------------------------------------------
Indonesia's downstream oil and gas regulator BHP Migas awarded
rights to construct a pipeline connecting Java to state oil firm
PT Pertamina, The Jakarta Post relates.

Pertamina won the tender to build and operate a 390-kilometer
pipeline fro Gresik, east Java, to Semarang.  According to BPH
Migas chairman Tubagus Haryono, the Company has seven days to
put up the 25-year contract, indicating their willingness to
take on the project.

The gas pipeline project is expected to reduce the use of
subsidized fuels, as it would connect Java with South Sumatra
and Kalimantan, where there are plenty of gas reserves.

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.


PERTAMINA: President Vows to Speed Up Revamp
--------------------------------------------
Indonesia's President Susilo Bambang Yudhoyono has promised to
expedite the overhaul of state oil firm PT Pertamina in order to
increase the country's fuel output, Agence France Press reports.

According to President Yudhoyono, the Company's restructuring
program is not proceeding effectively, as the Company is still
experiencing many difficulties.  He added that he wants to
conduct a "real" restructuring of Pertamina, with clear and
measurable phases.

The President said that internal renewal may improve revenues
from the oil industry.  

President Yudyohono is slated to make a decision on the
deadlocked negotiations between Pertamina and its United States-
based partner ExxonMobil Corporation on the operation of an oil-
rich block located in Cepu Province.  The block's development
was delayed as the two firms could not agree on who would
operate the block, which is estimated to boost Indonesia's crude
oil output by at least 18%, AFP relates.

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
=========

ASAHI MUTUAL: Moody's Upgrades Rating to Ba3
--------------------------------------------
Moody's Investors Service has upgraded the insurance financial
strength rating of Asahi Mutual Life Insurance Company to Ba3
from B3.  The rating outlook is stable.  This action concludes
the review initiated on November 21, 2005.

The rating upgrade is prompted by Asahi's continued improvements
in operating performance and strengthening financial position.  
The Company has survived a very challenging period, resulting
from a pronounced decline in equity markets, and high customer
lapse rates due to its tenuous financial position.  Asahi's
balance sheet has steadily improved and, though still not
strong, is much less exposed today to equity market volatility.  
The Company's local solvency margin position has increased to
646% as at September 2005, from 360% at fiscal year end March
2003.

The operating performance of Asahi is deemed to track positively
with improvements seen in the lapsation experience of its
existing in-force business.  Sales trends in traditional life
products have been negative as a consequence of Asahi's weak
market position, but third-sector products have delivered some
growth.

While the low interest rate environment in Japan may continue to
constrain Asahi's earnings, Moody's noted positively the
Company's restructuring accomplishments, including achieving a
more diversified business profile and managing down its asset
risk - which has been a source of earnings volatility over the
last several years.

The stable outlook reflects Moody's expectation that the Company
will continue to improve its overall earnings position,
strengthen its capitalization level and retain prudent
management of its asset risk in the current investment and
economic environment.  The early repayment of a portion of its
outstanding Kikin funds (JPY50 billion) in 2005 further
demonstrated the insurer's commitment to a more conservative
financial profile.  The financial leverage position has also
reduced in recent years to a level commensurate with the current
rating.

Asahi's negative spread burden, though its absolute amount is
decreasing, continues to weight down the profitability of its
overall business, especially with the decreasing inforce
business volume.  Although the Company has adopted a more
profitable product mix, it is likely to take some time to
mitigate this risk completely given the relatively thin level of
its core profits.

Factors that could prompt a further rating upgrade include
Asahi's continued growth in profitability -- supported by
profitable insurance business growth, surrender rates sustained
below 10%, reduction of financial leverage below 50% and
improvement in the quality of capital.

Factors that could prompt a rating downgrade include increased
financial leverage, a significant increase in negative spread
amount, a significant reduction in business volume or a
significant drop in the Company's local solvency margin.

Headquartered in Tokyo, Japan, Asahi Mutual Life Insurance
Company -- http://www.asahi-life.co.jp/-- is a Japanese life  
insurance Company that focuses on individual life insurance.  
The Group also sells non-insurance products provided by its
partners.  The Group also provides investment trust products
mainly consist of Japanese equity.  It reported total assets of
JPY6.3 trillion as of March 31, 2005.


FUJITSU LIMITED: Partners With Yokogawa
---------------------------------------
Yokogawa Electric Corporation and Fujitsu Limited have agreed to
form a strategic partnership to jointly develop core system
technologies and key components, focusing on high-speed optical-
electronic device technologies.  The technologies developed
through this new partnership will be applied to ultra high-speed
optical transmission systems.

With ever-increasing demand for broadband access, high-speed
optical transmission technology has made dramatic advances and
holds great promise for application in the area of computing. In
the field of optical transmission, while there are continual
improvements in network infrastructure using ongoing cutting-
edge technologies, there is a need to accelerate the development
of ultra high-speed optical transmission technology to meet the
anticipated increase in demand for bandwidth.

Yokogawa and Fujitsu, respective leaders in the application of
advanced compound semiconductor device technology and in the
development and supply of the latest optical transmission
systems, are for this reason entering into a strategic
partnership that has as its goal the joint development of core
technologies and key components for ultra high-speed optical
transmission systems.

The key objectives of the two companies in this strategic
partnership are:

   * Yokogawa and Fujitsu will utilize their respective
     development resources for the joint development of cutting-
     edge technologies.  By combining Yokogawa's advanced
     compound semiconductor device technology with Fujitsu's
     expertise in network systems, the companies aim to achieve
     a faster transmission network infrastructure.

   * Yokogawa will be able to develop and manufacture products
     for Fujitsu's optical transmission systems, which command a
     high share of the market, and thereby facilitate the rapid
     growth of Yokogawa's optical transmission business.

   * Fujitsu expects to be able to utilize technologies and
     products developed through this partnership to accelerate
     the market introduction of new ultra high-speed optical
     transmission systems.

   * Yokogawa and Fujitsu will work together to offer customers
     products of superior quality and reliability and also
     strive to pioneer a range of innovative optical
     technologies.

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.


SANYO ELECTRIC: To Sell Karaoke Unit for JPY1.35 Bln
----------------------------------------------------
Sanyo Electric Co. agreed to sell its karaoke unit, Sanyo Mavic
Media Co., to karaoke machine seller BMB Co. for JPY1.35 billion
on April 21, Japan Today relates.

The consumer electronics maker also intends to sell its optical
disc business to optical disc manufacturer Toemi Media Solutions
Limited on the same date for an undisclosed amount.

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.,
-- http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  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.


JAPAN AIRLINES: Unveils Management Shakeup
------------------------------------------
Japan Airlines Group unveiled changes to its boards of
directors, effective April 1, 2006, and subject to approval of
the annual general meeting of shareholders in late June.

JAL said in a press release that the changes relate to the
boards of directors and executive officers of JAL Corporation
(the JAL Group holding company) and the two main operating
companies, JAL International and JAL Domestic.

JAL board member and senior vice president, Haruka Nishimatsu,
is JAL's new CEO designate, subject to the formal approval of
the annual general meeting of shareholders in late June (date to
be announced).  Mr. Nishimatsu is currently a member of all
three JAL boards as senior vice president, finance and
purchasing.  Until confirmation as chief executive officer in
June he will be promoted from his current post of senior vice
president to senior managing director on all three JAL Boards,
effective April 1, 2006.

Mr. Nishimatsu is a JAL career man and joined the airline in
1972 after graduating in economics from Tokyo University.  His
JAL career has been predominantly in finance.

Mr. Toshiyuki Shinmachi, current JAL Group Chief Executive
Officer, is designated chairman, effective from the June 2006
annual shareholders meeting.  He remains in his present post as
Chief Executive Officer until the shareholders' meeting.

Other new board appointments include the promotion of Kiyoshi
Kishida, currently managing director, flight operations of JAL
International, to the post of senior managing director, Safety
and flight operations, for all three JAL companies.

Fumio Tsuchiya, senior vice president and deputy managing
director, corporate planning, JAL Corporation is promoted to
managing director, corporate communications and compliance and
environment for all three JAL companies.  Corporate
communications is soon to be formed as a new company section,
including public relations, investor relations and brand
communications.

Among those retiring from the three JAL boards are Katsuo
Haneda, executive vice president of the three companies;
Hidekazu Nishizuka, senior managing director; and Takenori
Matsumoto, managing director.

Other retiring board members are:

   * Nobuyoshi Sera,
   * Takao Imai,
   * Hiroyasu Omura,
   * Gentaro Maruyama,
   * Tetsuo Takahashi, and
   * Masuhisa Yokoyama.

Three executive officers will also step down.  These are
Hideyuki Kanenari, Nobutaka Ishikure and Ichiro Funabashi.  
Executive officers are responsible for day-to-day operations in
the departments they manage but do not have voting rights.

These changes and other board appointments and executive officer
changes are being made in preparation for the re-unification of
the two main JAL operating companies, JAL International and JAL
Domestic, from October 1st 2006.

Another part of that corporate reform is the integration of JAL
Sales, the JAL Group passenger sales and marketing company, with
JAL International, effective April 1, 2006.

Following the announcement, the total number of JAL board
members and executive officers is 36, a decrease of five from
the current level.

Headquartered in Tokyo, Japan, Japan Airlines Corporation --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Combined, the airlines served more than 170 cities in
some 30 countries and operated more than 270 mostly jet
aircraft.  Both carriers continue to operate separately as Japan
Airlines International Co. Ltd. and Japan Airlines Domestic,
though they are combined in a single brand as JAL/Japan
Airlines.  JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears.  For the full fiscal year ending March 2006,
JAL forecasts a group net loss of JPY47 billion.  As result of a
series of incidents relating to the safety of flight operations,
the JAL Group was the subject of a business improvement order
and administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005.  In the fiscal year
2005-2007, Medium-Term Business Plan announced that in order to
implement the reform of the corporate structure and the cost
structure swiftly, the holding Company and operating companies
are to be integrated.  Specifically, in fiscal 2005, the
corporate planning and marketing functions will be integrated
and further steps to eliminate overlapping jobs and streamline
the organization will be taken with a view to achieving
substantial integration, the aim being to virtually integrate
the holding company and the operating company.  In addition, the
number of full-time officers was cut by 30%, and this reform was
completed on April 1, 2005.  For the JAL Group, there was a
year-on-year decline in passenger demand on international
routes, primarily because of a delay in the recovery of demand
on routes to China and Southeast Asia.  Domestic passenger
demand also faltered and fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred.  Demand for
international cargo services also registered a year-on-year
decline overall, owing to the weakness of demand on routes from
Japan to East Asian countries and the United States.  The
persistence of aviation fuel prices at record-high levels
compounded the situation and meant that the environment in which
the JAL Group operated remained exceptionally harsh.


MITSUBISHI MOTORS: Sales Up 6.8% for Mitsubishi North America
-------------------------------------------------------------
Mitsubishi Motors North America, Inc., reported sales of 7,976
units in February, a 6.8% increase compared to January sales of
7,469.

"We always anticipated that our sales in February 2006 would
soften compared to February 2005, because of our commitment to
reduce our fleet sales," Mitsubishi NA President & CEO Hiroshi
Harunari said.  However, he said, in the current context,
Mitsubishi NA's sales are growing month-to-month.

Specifically, Mitsubishi NA's:

   -- Galant was the volume leader at 1,898, up 19.6% from last
      month's volume;

   -- Eclipse closed at 1,725 and was up 10.6% from last month's
      volume and up 59.7% from last year's volume; and

   -- Outlander closed at 1,061 and was up 47% from last month's
      volume and up 13.6% from last year's volume.

"We are excited at the prospects for a very strong March, with
the implementation of an aggressive national leasing program on
Galant ($199/month) and Endeavor ($299/month)," Mr. Harunari
said.  "This momentum will grow even further this spring with
the launch of our exciting all-new Eclipse Spyder convertible."

Sales for February 2005 were 12,477.

                    About Mitsubishi Motors  

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.  
The Company also operates consumer-financing services and
provides this to its customer base.

Mitsubishi Motors North America, Inc. --
http://www.mitsubishicars.com/-- oversees all North American  
operations of the Mitsubishi Motors Corporation, including
sales, manufacturing, finance, and research and development
functions.  The Company manufactures and sells Mitsubishi brand
cars and sport utility vehicles through a network of almost 700
dealers in the United States, Canada, Mexico, and the Caribbean.  
The Wall Street Journal reported early in 2005 that deeply
troubled Mitsubishi Motors was seeking a buyer for its North
American operations.  Mitsubishi was quick to deny the report.  
Mitsubishi's problems stem, in part, from the scandal
surrounding years of systematically covering up defects and ill-
advised auto lending policies in the United States.



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

KOREA EXCHANGE: Moody's Reviews BFSR for Possible Upgrade
---------------------------------------------------------  
Moody's Investors Service has placed Korea Exchange Bank's D-
bank financial strength rating on review for possible upgrade.

The review will consider the bank's operating and financial
performance under Lone Star, which has been its shareholder
since October 2003.  Specifically, this includes improvements
that management has made to strengthen the core banking
business; potential concentration risks in the loan portfolio;
and the profitability and contribution of the credit card
operations to the bank.  In addition, the review will assess the
bank's increasing economic solvency.

As for the credit ratings - senior/subordinated debt of
Baa2/Baa3 and long-term/short-term deposit of Baa2/Prime-3 --
Moody's sees potential upward pressure on these ratings assuming
Lone Star's exit strategy results in KEB being acquired by a
financially stronger strategic parent or in KEB gaining greater
systemic importance in the domestic banking landscape.

KEB was established in January 1967 by the government originally
as a specialist foreign exchange bank.  It retains its strength
in trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.

However, since then, its operating performance stabilized, and
the bank has reported eight consecutive quarterly profits since
the end of 2003.

In October 2003, US investment fund Lone Star acquired a 51%
stake from KEB's then largest shareholder, Commerzbank of
Germany, and the government of Korea.  Then, on March 2, 2004,
KEB - through a share swap - merged with KEBCS, thereby changing
its own shareholding structure.  

As of end-2005, Lone Star held 50.53%, Commerzbank 14.61% and
the government 19.99% - through Korea Export-Import Bank with
13.87% and the Bank of Korea 6.12%.  However, government
participation appears passive.


SAMSUNG CARD: Billing Snafu Angers Customers
--------------------------------------------
Cardholders of Samsung Card were outraged after learning that
the card issuer took KRW27.9 billion from them by mistake, The
Korea Times said.

According to Korea Times, Samsung Card mistakenly charged
customers' bill twice resulting to a double payment from about
30,000 customers.  An employee at Samsung Card caused the
mistake, the report says.

Of the 30,000 customers, 16,000 were from Hana Bank and 17,000
were from the Korea Exchange Bank.  Payments made by customers
were KRW20.8 billion and KRW7.1 billion respectively.

The accident occurred on customers who settle their monthly card
bills on the 26th day of each month.  In February, the
settlement day fell on Sunday, so the Company settled the bills
on Monday but settled the same bills again on Tuesday.

However, Samsung Card has returned the money they have
mistakenly took from cardholders.  The card company vowed to be
extra careful next time in order to prevent the mistake from
reoccurring.

Headquartered in Seoul, Korea, Samsung Card,
-- http://www.samsungcard.co.kr-- formerly the No.1 credit card  
issuer, fell to the third place after Kookmin Card and LG Card,
following a liquidity crunch in 2003, because of a rise in
overdue credit card bills.  Samsung Card suffered a 18% increase
in net loss for 2005 to KRW1.31 trillion.


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

ANTAH HOLDING: Faces Delisting over Failure to Submit Accounts
--------------------------------------------------------------
Antah Holding Berhad failed to submit its Annual Audited Account
2005 and Annual Report 2005, which were for submission on
October 31, 2005, and December 31, 2005.

At the Company's 28th Annual General Meeting on February 9,
2006, Lean Chin & Co. (a member firm of Russell Bedford
International) was appointed as Auditors of the Company in place
of the retiring Auditors, BDO Binder.

The newly appointed Auditors have commenced auditing the
statutory financial statements of the Company/Group for the
financial year ended June 30, 2005 and the Company expects them
to complete the audit soon.

The tentative timeline in respect of the steps taken to achieve
the issuance of the AAA 2005 and AR 2005 are:

   Description                 Timeline          Status

   Convening of AGM
   and appointment of
   new Auditors at the AGM     Feb. 9, 2006      Achieved

   Submission of the
   Company's AAA 2005          Mar. 10, 2006     To be achieved

   Issuance of Notice of
   general meeting and
   submission of AR 2005       Mar. 30, 2006     To be achieved

   Convening of AGM /
   Extraordinary General
   Meeting to receive
   AAA 2005                    Apr. 30, 2006     To be achieved

As a consequence on the non-compliance with Bursa Securities
Listing Requirements the trading in the securities of the
Company would be suspended on the market day following the
expiry of the three months period from the Due Date and shall
only be lifted on the market day following the submission of the
AAA 2005 and AR 2005.

However, the trading in the securities of the Company had    
been suspended since February 2, 2005, hence the suspension     
would be continued until the submission of the AAA 2005 and     
AR 2005.

Bursa Securities will commence de-listing procedures against the
Company should the Company fails to issue the AAA 2005 within
six months from the Due Date.

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.


CONNECTCOUNTY HOLDINGS: Net Loss in 4Q/FY05 Hits MYR2,581,000
-------------------------------------------------------------
Connectcounty Holdings 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

     11,599             0          34,725              0

(2) Profit/(loss) before tax

     -2,941             0          -3,418              0

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

     -2,581             0          -3,240              0

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

     -2,581             0          -2,729              0

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

      -1.79          0.00           -6.91           0.00

(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

       0.1300                      0.0000

The financial statement is available for free at:

   http://bankrupt.com/misc/Connectcounty4QFinRpt31Dec05.xls

Headquartered in Melaka, Malaysia, Connectcounty Holdings Berhad
is engaged in designing, developing, manufacturing, selling,
marketing and provision of customised, value-added and industry-
standard cables, connectors and related products for broadband
satellite communication solutions, digital audio entertainment,
computers and disk drives industries and system-assembly/sub-
assembly of electronic components. Other activity includes
investment holding.  The Group operates in Malaysia, United
States of America, Singapore and China.


EDEN ENTERPRISES: Net Loss Down to MYR827,000 in 4Q/FY05
--------------------------------------------------------
Eden Enterprises (M) Berhad's unaudited fourth quarter financial
statement for the financial period ended December 31, 2005 has
bee submitted 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

     61,748        48,473         213,919        180,385

(2) Profit/(loss) before tax

        718           504           4,211         10,308

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

       -827        -1,006             487          4,200

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

       -827        -1,006             487          4,200

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

      -0.27         -0.36            0.16           1.51

(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

        0.8400                      0.8400

The financial statement is available for free at:

   http://bankrupt.com/misc/EdenEntreprises4QResults31122005.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/EdenEnterprises4QresultsNotes.doc

Headquartered in Selangor, Malaysia, Eden Enterprises (M) Berhad
-- http://www.edenzil.com/-- is engaged in the operation of a  
power plant as an independent power producer.  Other activities
include operation of restaurant, manufacturing of cakes and
pastries, manufacturing of electrical and engineering parts,
recreational activities, corporate and hotel management
services, selling of souvenirs and investment holding.  The
activities of the Group are carried out mainly in Malaysia.


FOREMOST HOLDINGS: Unit's Default Status Remains Unchanged
----------------------------------------------------------
Foremost Holdings Berhad advised that its 58.75% owned
subsidiary, Yaku Shin (Malaysia) Sdn Bhd, is still unable to pay
its defaulted loans to Bumiputra-Commerce Bank Berhad.

       Details of Defaulted Banking Facilities

   Name of    Lender       Type of     Principal
   Borrower                Facility    and
                                       Interest
                                       Outstanding
                                       as of
                                       Sept. 23, 2005

   Yaku Shin  Bumiputra-   Ad-Hoc      5,048,466.53
   (Malaysia) Commerce     Multi-
   Sdn Bhd    Bank         Option
   (YKS)      Berhad       Line
             (BCBB)


      A                  B                    A+B
   Principal         Interest in           Total of
   Outstanding/      Default               Principal
   in Default        as of                 + Interest
   as of             Sept. 23, 2005        in Default
   Sept. 23, 2005                          Sept. 23, 2005

   4,958,000         90,466.53             5,048,466

Foremost Holdings Berhad manufactures and sells automobile  
speakers, home audio speakers, general-purpose speakers and  
speaker wooden cabinets.  The Company is also engaged in the  
trading of auto accessories, investment holdings and the  
provision of management services.  Products are distributed in  
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other  Asian countries, other European countries and
other countries.  Yaku Shin has been facing tight cash flow
since 2003 when the company incurred a loss before tax of MYR26
million.  For the year ended December 31, 2003, Yaku Shin
recorded a turnover of MYR235 million as compared to MYR193
million in the preceding year ended December 31, 2002.


FURQAN BUSINESS: Net Loss Narrows to MYR6,640,000 in 1Q/FY05
------------------------------------------------------------
Furqan Business Organisation Berhad's unaudited first 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

     15,646        29,543          60,222         75,631

(2) Profit/(loss) before tax

     -6,455      -201,357          -8,774       -196,065

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

     -6,640      -200,540          -9,089        196,105

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

     -6,640      -200,540          -9,089       -196,105

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

      -1.61        -48.67           -2.21         -47.60

(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

       0.5400                      0.5200

The financial statement is available for free at:

   http://bankrupt.com/misc/FurqanBusinessKLSE311205Report.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/FurqanBusiness31122005.doc

Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services.  Other activities
include contractor, leasing and hire purchase financing
facilities.  The Group's operations are substantially carried
out in Malaysia.


GOLD BRIDGE: 3Q/FY05Net Loss Balloons to MYR6,285,000
-----------------------------------------------------
Gold Bridge Engineering & Construction Berhad submitted to Bursa
Malaysia Securities Berhad its unaudited third 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  

     14,896        18,476          36,403         65,210

(2) Profit/(loss) before tax

     -6,504        -1,828         -12,890         -2,341

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

     -6,285          -185         -12,674         -2,371

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

     -6,285          -185         -12,674         -2,371

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

      -2.97         -0.09           -6.00          -1.12

(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                       0.8200

The financial statement is available for free at:

   http://bankrupt.com/misc/GoldBridge31dec05.pdf

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering  
& Construction Berhad develops residential and commercial  
properties and provision of civil engineering and general  
construction services.  The Company's other activities include  
boat building and repairing of ships, manufacturing and  
supplying of ready-mixed concrete and provision of related  
services, management of golf and beach resort and investment  
holding.  Operations are carried out principally in Malaysia.


HARVEST COURT: SC Rejects Appeal on Corporate Exercise Decision
---------------------------------------------------------------
As reported in the Troubled Company Reporter-Asia Pacific on
December 22, 2005, Harvest Court Industries Berhad filed an
appeal to the Securities Commission to reconsider the
regulator's rejection of the Company's application for the
Proposed Corporate Exercise, which was submitted to the
commission on August 9, 2005.

On February 24, 2006, the Securities Commission informed Harvest
Court through a letter that the appeal was rejected.

As a result, the Board of Harvest Court is now deliberating the
next course of action to be taken.

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.


LEMBAH BERINGIN: Inks Tenancy Agreement with Semangat
-----------------------------------------------------
Lembah Beringin Sdn Berhad has signed a Tenancy Agreement with
Semangat Sistematik Sdn Bhd and Beringin Golf Course Sdn Bhd for
the management and operation of Lembah Beringin Golf Club.

The terms of the Tenancy Agreement are:

   * Tenancy period is 10 years with an option to renew for five
     years;

   * In the first three years of the tenancy, Semangat
     Sistematik will pay all taxes, assessment and quit rent in
     respect of the golf course and club house;

   * In the fourth to fifth year of the tenancy, Semangat
     Sistematik shall pay a monthly rental of MYR15,000.00;

   * In the sixth to tenth year of the tenancy, Semangat
     Sistematik shall pay a monthly rental of MYR16,500.00; and

   * Semangat Sistematik agrees to spend a sum of not less than
     MYR1,500,000.00 for the maintenance and upgrading works of
     the golf course and the club house over a period of three
     years from the commencement of the term.

The Directors believe that the Tenancy Agreement would enable
the Group to leverage and share its expertise and resources in
managing and operating golf clubs in Malaysia.

Beringin Golf is the beneficial owner of the 18-hole golf course
land measuring 112.95 acres, held under Geran No. 39539, Lot
1501, Mukim Sg. Gumut, Daerah Ulu Selangor, Selangor

Lembah Beringin is the registered and beneficial owner of the
Club House and the land, measuring 12.81 acres, held under Geran
No. 39539, Lot 1501, Mukim Sg. Gumut, Daerah Ulu Selangor,
Selangor

Lembah Beringin Sdn Berhad was hit during the Asian financial
crisis.  Its parent company, Land & General Berhad, is in the
process of restructuring its debts as well as reviving and
rehabilitating Lembah Beringin and Bandar Sungai Buaya township
projects.

Bandar Sungai Buaya Sdn Bhd and Lembah Beringin Sdn Bhd, which
were handling the projects, have been hampered by a lack of
funding.


LIQUA HEALTH: Suffers MYR87,697,000 Net Loss in 4Q/FY05
-------------------------------------------------------
The unaudited fourth quarter financial statement for the
financial period ended December 31, 2005 of Liqua Health
Corporation Berhad 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  

      8,197        13,732          35,257         50,453

(2) Profit/(loss) before tax

    -87,431          -958         -92,027           -243

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

    -87,697        -1,349         -92,342         -1,815

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

    -87,697        -1,349         -92,342         -1,815

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

     -32.93         -0.51          -34.67          -0.68

(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

       0.3481                      0.6946

The financial statement is available for free at:

   http://bankrupt.com/misc/LiquaHealt4Q3112.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/LiquaHealthFinResults4Q31Notes2.doc

Headquartered in Kuala Lumpur, Malaysia, Liqua Health
Corporation Bhd -- http://www.liquahealth.net/-- is engaged in  
the direct selling of health food products and general
merchandise.  It markets and sells Liqua Health and Liqua
Spirulina as its principal products.


MITHRIL BERHAD: Net Loss Slips to MYR1,119,000 in 2Q/FY05
---------------------------------------------------------
Mithril Berhad's unaudited second quarter financial report has
been submitted 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  

     19,576        12,958          38,888         25,831

(2) Profit/(loss) before tax

       -645        -1,737             952         -3,991

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

     -1,119        -2,285              60         -4,659

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

     -1,119        -2,285              60         -4,659

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

      -1.03         -2.75            0.06          -5.60

(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

       0.5609                      0.5530

The financial statement is available for free at:

   http://bankrupt.com/misc/MithrilAnn311205.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/Mithril311205.doc

Mithril Berhad manufactures bricks and polyurethane products.  
Other activities include dealing and distribution of bricks and
building materials, development of properties, property
management and investment holding.  The Group operates in
Malaysia.


PARACORP BERHAD: Books MYR8,458,000 Net Loss in 4Q/FY05
-------------------------------------------------------
Paracorp Berhad submitted to Bursa Malaysia Securities Berhad
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  

     20,573        21,384          77,340         87,156

(2) Profit/(loss) before tax

     -8,430        -2,855         -19,621        -11,809

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

     -8,458        -2,758         -19,854        -12,269

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

     -8,458        -2,758         -19,854        -12,269

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

      -6.35         -2.07          -14.92          -9.22

(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

       0.0606                      0.2084

The financial statement is available for free at:

   http://bankrupt.com/misc/ParacorpBerhad4QE2005FS.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/Paracorp4QE2005NOTES.doc

Paracorp Berhad is manufactures and trades printed graphic
overlay, printed electronic circuits, electroluminescent
display, telemetry monitoring system, electronic circuit
components, corrugated plastic sheets, corrugated carton boxes
and plain boards.  Other activities include the provision of
management services, investment holding, property investment,
property management, money lending, technology management and
research and development services.  The Group operates in
Malaysia, Oceanic countries, European countries, American
countries and other Asian countries.


POHMAY HOLDINGS: Net Loss in 4Q/FY05 Hits MYR13,312,000
-------------------------------------------------------
Pohmay Holdings Bhd unveiled 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  

      3,786         8,199          31,124         43,304

(2) Profit/(loss) before tax

    -13,882       -25,224         -28,366        -29,564

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

    -13,312       -25,027         -28,366        -29,498

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

    -13,312       -25,027         -28,366        -29,498

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

     -22.00        -41.37          -46.89         -48.76

(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

       0.1000                       0.5700

The financial statement is available for free at:

   http://bankrupt.com/misc/PohmayHoldingsklse1205.pdf

The notes to financial statement is available for

   http://bankrupt.com/misc/PohMayHoldingsNotes311205.pdf

Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furnitures.  Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood.  Other activities are
cultivation and harvesting of rattan and investment holding.  
Operations are carried out principally in Malaysia.  The Company  
it is in the process of negotiation with its lenders to
restructure the Group's loans and is actively working  
on various schemes to alleviate the Group from its current  
financial predicament.


PUC FOUNDER: Net Loss Shrinks to MYR888,000 in 4Q/FY05
------------------------------------------------------
The unaudited fourth quarter financial statement of PUC Founder
(MSC) Berhad 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  

      2,895         2,728          11,712         15,651

(2) Profit/(loss) before tax

       -869        -3,673          -1,772         -3,867

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

       -869        -3,673          -1,772         -3,867

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

       -888        -3,644          -1,791         -3,838

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

      -1.18         -4.85           -2.39          -5.11

(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

       0.1055                       0.1293
   
The financial statement is available for free at:
   
   http://bankrupt.com/misc/PUCFounderQuarterlyReportDec2005.xls

PUC Founder (Msc) Bhd provides information technology solutions,
electronic publishing system and management information system
to the Chinese language publishing industry.  Other activities
include marketing of fingerprint verification products,
provision of publishing services and trading of digital camera
and educational software, computer system design and consultancy
services and provision of internet computer games.  The Group
operates in Malaysia and other Asean countries.


SETEGAP BERHAD: Given Go Signal to Submit Regularization Plan
-------------------------------------------------------------
Bursa Malaysia Securities Berhad has allowed Setegap Berhad to
submit its proposed regularization plan by April 11, 2006.

Setegap had announced its proposed regularization plan on
January 11, 2006, and the Company and its adviser have
represented that the proposed regularization plan is expected to
be submitted to the relevant authorities within three months
from that date.

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


SETEGAP BERHAD: Suffers MYR26,493,000 Net Loss in 4Q/FY05
---------------------------------------------------------
Setegap 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

      9,211        25,045          57,895        103,774

(2) Profit/(loss) before tax

    -29,016       -37,975         -46,104        -46,528

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

    -26,493       -36,757         -42,631        -44,485

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

    -26,493       -36,757         -42,631        -44,485

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

     -53.30        -73.95          -85.77         -89.50

(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

       2.0900                       1.1800
  
The financial statement is available for free at:

   http://bankrupt.com/misc/SetegapBerhad31Dec2005.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/SetegapBerhadQtrRptDec2005.doc

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


TIMBERWELL BERHAD: Net Loss Balloons to MYR8,816,000 in 4Q/FY05
---------------------------------------------------------------
Timberwell Berhad unveiled to Bursa Malaysia Securities Berhad
its 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  

      2,799        10,166          36,724         35,452

(2) Profit/(loss) before tax  

    -12,625           283          -5,449         -1,002

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

     -8,816        -1,821          -4,928         -3,106

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

     -8,816        -1,821          -4,928         -3,106

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

     -14.52         -3.32           -8.12          -5.65

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

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

       1.0100                      1.0900

The financial statement is available for free at:

   http://bankrupt.com/misc/TimberwellBerhad4Q2005FS.xls

The notes to financial statement is available for free at:
   
   http://bankrupt.com/misc/Timberwell4Q2005Notes.doc

Timberwell Berhad's principal activities are the timber
harvesting, trading of timber logs, manufacturing and trading of
timber and timber related products.  Other activities include
property investment and holding.  Operations are carried out in
Malaysia.


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

LAFAYETTE MINING: Hopes for Rapu-Rapu Restart in March
------------------------------------------------------
Lafayette Mining Incorporated is hoping the Department of
Environment and Natural Resources will allow it to resume
operations of its Rapu-Rapu mine in Albay by the end of this
month, The Philippine Star says.

The Australian mining firm told The Star that it expects to re-
open in two or three week's time after Carlos G. Dominguez,
president and chief executive officer of Lafayette's local unit,
confirmed that the firm has already complied with five out of
six DENR requirements, which are:

    * the submission of a comprehensive pollution control
      program which will include specifications on the budget
      and the antipollution facility it will use;

    * a surety bond equivalent to 25% of the total cost of the
      pollution control program it will undertake;

    * a detailed description of the interim remedial measure to
      mitigate the pollution caused;

    * proof of employment of a pollution control officer
      accredited by the DENR; and

    * compensation plan for affected residents.

The remaining requirement -- acquiring an International
Organization for Standardization or ISO 14001 certification
-- can only be done once the company resumes its operations, Mr.
Dominguez adds.

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that Bureau of Fisheries and Aquatic Resources
has virtually cleared Lafayette of discharging mercury from its
Rapu-Rapu mine into the Sorsogon waters, but the Government has
yet to approve a restart.

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
Oct. 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.


LIBERTY TELECOMS: Corporate Secretary Quits
-------------------------------------------
On February 24, 2006, Liberty Telecoms Holdings Incorporated's
corporate secretary and information officer, Atty. Heinz M.
Reyes, tendered his resignation effective February 28, 2006.

Atty. Reyes cited other personal and professional preoccupations
which have substantially consumed his availability and which he
can foresee may have an adverse effect on the services that are
required of him by the Corporation.

Company Chairman, Raymond M. Moreno, has appointed Atty. Eusebio
Dulatas, Jr., as the Acting Corporate Secretary to replace Atty.
Reyes upon the effectivity of his resignation and until such
time that the members of the Board of Directors convene to
appoint a permanent replacement.

Liberty Telecoms Holdings Incorporated was incorporated in
January 1994 primarily to engage in real and personal property
businesses; to deal in stocks, bonds and other securities or
evidence of indebtedness of any entity; and to acquire all or
any part of the business of any entity.  LIB's business strategy
is to offer products and services to meet the telecommunication
needs of its various customers.  It strives to create a niche in
the vast telecommunications sector by providing products and
services that will answer customer requirements in both voice
and data communications.  The Company, in its effort to stop
continuing losses, decided to temporarily close down the
nationwide telecommunications business operations of
subsidiaries Liberty Broadcasting Network Inc and Skyphone
Logistics Inc sometime in April 2005.  The decision became
inevitable due to the inability of the Company to meet interest
payments and principal repayments on the financial obligations
to creditor banks and private creditors.  As early as December
2004, LBNI has been receiving default and acceleration notices
and demand for payments from creditors.  On August 16, 2005,
Liberty Telecoms Holdings together with its subsidiaries,
Liberty Broadcasting Network and Skyphone Logistics filed a
Petition for Rehabilitation and Suspension of Payments with the
Regional Trial Court of Makati City, Metro Manila.


NATIONAL POWER: Bonds Sale May Kick Off This Month
--------------------------------------------------
State-owned National Power Corporation plans to float bonds as
early as March, seven months after its last overseas debt sale
in August 2005, Bloomberg News reports.

The Power Sector Assets and Liabilities Management Corporation,
which handles Napocor's privatization, is now waiting for the
green light from the central bank and the Finance Department,
the report says.

PSALM, however, has yet to finalize how much it would offer and
who will manage the bond issuance.

Napocor sold US$700-million worth of dollar-denominated bonds in
August 2005, followed by a Php11-bilion (US$212 million) local-
currency bond sale in November.

This year, the power firm plans to borrow at least US$500
million to pay debt and fund operations.  It may sell debt at
home or overseas.

The Troubled Company Reporter - Asia Pacific reported on Mar. 1,
2006, that PSALM President Nieves Osorio is confident Napocor
will post a profit for 2006 -- its first in nine years -- as a
stronger peso helps cut costs.  Ms. Osorio said Napcoor is
expecting savings on interest payments on its foreign debt and
other obligations abroad because of gains in the local currency.  
The profit forecast comes after the Company broke even in 2005,
the TCR-AP learned from the Company's unaudited figures.

                         About Napocor

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated 600 billion pesos ($11.6 billion) of debt.  It has
also separated its transmission operations into a new
subsidiary, the National Transmission Corporation.  

The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of Php18.41 billion this year from Php5.95-
billion deficit in 2005.   Napocor incurred its huge losses to
fund the operations of its power facilities.  The government is
selling National Power's assets to help pay for the utility's
estimated Php600 billion of debt.  The annual loss at the
utility, which generates about 40% of the country's electricity,
narrowed to Php29.9 billion pesos in 2004 from Php117 billion in
2003 after it was allowed to increase tariffs.

Napocor's debt has junk status, according to Moody's Investors
Service and Standard & Poor's.  Moody's rates the utility's
long-term foreign-currency debt at B1, four rungs below
investment grade.  S&P's rating of the utility's debt is one
step higher than Moody's.


NATIONAL POWER: Trans-Asia Oil Sets Eyes on Tiwi-Makban Facility
----------------------------------------------------------------
A local group headed by Trans-Asia Oil and Energy Development
Corporation is keen on acquiring National Power Corporation's
700-megawatt Tiwi-Makban geothermal power plant, BusinessWorld
reveals.

Trans-Asia Oil, through its parent Philippine Investment-
Management Incorporated, has already submitted its intention to
participate in the Napocor bidding, the report says.

The group will finance the purchase with the proceeds of the
sale of Phinma's cement business.  In 2004, the group sold its
51% stake in Union Cement Corp. for US$214 million.

Phinma, which refuses to identify Trans-Asia's partners, is
looking to gain a foothold in the power sector through the
purchase of Napocor assets.  The firm, however, expressed its
disappointment of the Napocor privatization delays.

As reported by the Troubled Company Reporter - Asia Pacific on
February 16, 2006, the Government, through Power Sector Assets
and Liabilities Management Corporation, has targeted to
privatize 70% of Napocor's generating assets.  However, PSALM
was able to divest only five facilities or 0.0015% of the total
assets set for privatization.  

TCR-AP also reported on January 26, 2006, that the Tiwi-Makban
geothermal complex is also being eyed by Kepco Philippines
Corporation, a wholly owned subsidiary of Korea Electric Power
Corp.

                         About Napocor

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated 600 billion pesos ($11.6 billion) of debt.  It has
also separated its transmission operations into a new
subsidiary, the National Transmission Corporation.  

The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of Php18.41 billion this year from Php5.95-
billion deficit in 2005.   Napocor incurred its huge losses to
fund the operations of its power facilities.  The government is
selling National Power's assets to help pay for the utility's
estimated Php600 billion of debt.  The annual loss at the
utility, which generates about 40% percent of the country's
electricity, narrowed to Php29.9 billion pesos in 2004 from
Php117 billion in 2003 after it was allowed to increase tariffs.

Napocor's debt has junk status, according to Moody's Investors
Service and Standard & Poor's.  Moody's rates the utility's
long-term foreign-currency debt at B1, four rungs below
investment grade.  S&P's rating of the utility's debt is one
step higher than Moody's.


NATIONAL POWER: Says Semirara Clean-up Now 80% Complete
-------------------------------------------------------
National Power Corporation said it has cleaned up more than 80%
of the shoreline and 30% of the mangrove areas of Semirara
Island that were affected by an oil spill from Power Barge 106
last December, Power Hotline relates.

Official data showed that as of February 13, some 37 hectares,
or roughly 33%, of the estimated 113 hectares of mangrove areas
affected by the oil spill had already been cleaned.  The oil
spill also affected some 600 meters of the island's shoreline,
80% of which had likewise been cleaned.

Napocor expects to complete the clean-up of the shoreline by the
end of March.  The mangrove area clean-up, on the other hand, is
expected to take a little longer, and is set to be completed in
April.

Napocor President Cyril C. del Callar disclosed that the
Semirara clean-up is expected to cost around Php90 million,
which will be covered by the firm's main insurer Government
Service Insurance System.

The 300 local residents whom Napocor hired for the clean-up
operations have collected more than 30,000 of the estimated
60,000 sacks of oil-contaminated debris in the island.  More
than 13,00 of these sacks had already been disposed of in a
permanent dumpsite.

The Troubled Company Reporter - Asia Pacific stated on Jan. 30,
2006, that a Napocor barge that carried bunker oil ran aground
on December 18, 2006, 200 meters off Semirara after encountering
huge waves and strong winds.    
   
According to the report, the spilled bunker fuel has
contaminated 236 hectares of mangroves and 40 square kilomter of
marine life near Semirara Island.  The spill, which contaminated
fish sanctuaries and damaged sea grasses and coral reefs, has
affected at least 10,000 residents.  

                         About Napocor

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated 600 billion pesos ($11.6 billion) of debt.  It has
also separated its transmission operations into a new
subsidiary, the National Transmission Corporation.  

The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of Php18.41 billion this year from Php5.95-
billion deficit in 2005.   Napocor incurred its huge losses to
fund the operations of its power facilities.  The government is
selling National Power's assets to help pay for the utility's
estimated Php600 billion of debt.  The annual loss at the
utility, which generates about 40% percent of the country's
electricity, narrowed to Php29.9 billion pesos in  2004 from
Php117 billion in 2003 after it was allowed to increase tariffs.

Napocor's debt has junk status, according to Moody's Investors
Service and Standard & Poor's.  Moody's rates the utility's
long-term foreign-currency debt at B1, four rungs below
investment grade.  S&P's rating of the utility's debt is one
step higher than Moody's.


PHILIPPINE REALTY: Withdraws Appeal for Rehab Adjudication
----------------------------------------------------------
On February 28, 2006, Philippine Realty and Holdings Corporation
filed a motion with the Court of Appeals withdrawing its appeal
on the rehabilitation court's adjudication, which provided for a
partial dacion en pago and a partial restructuring scheme for
the settlement of its outstanding obligations to Metropolitan
Bank and Trust Company/Asia Recovery Corporation.

After a close review of its operations and financial performance
since the issuance of the above-mentioned adjudication on June
11,2004, the Company has determined it will be able to settle
its outstanding obligations to Metrobank/ARC pursuant to the
Rehabilitation Adjudication.

As reported by the Troubled Company Reporter - Asia Pacific on
July 4, 2005, Philrealty and its major lender Metrobank failed
to agree on the former's rehabilitation proposal.  Metrobank,
which has a Php1.86-bilion exposure with Philrealty, insisted on
a full debt restructuring, while Philrealty proposed a full
dacion en pago of its obligations.

Headquartered in Quezon City, Philippines, Philippine Realty and
Holdings Corporation is one of the leading real estate
developers in the country.  It was incorporated on July 13,
1981, but development activities began only in 1986 when
capitalization was increased to P100 million from the initial P2
million to accommodate the entry of new stockholders.  
Philrealty's main real estate activity since it started
operations has been the development and sale of
residential/office condominium projects and to a limited extent,
the lease of commercial and office spaces.  In June 2004,
Philrealty's rehabilitation receiver Ricardo Ysmael recommended
a combination of restructuring and dacion-en-pago to settle the
Company's PhP2.2 billion debt.  PhilRealty's outstanding bank
loans total PhP2.2 billion, of which PhP1.96 billion is the
principal amount.  Metrobank is its biggest creditor with
PhP1.86 billion.


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

ACCORD CUSTOMER: Recovering from Losses
---------------------------------------
Mobile phone solutions provider Accord Customer Care Solutions
Limited is now back on its feet and is planning a rights issue
to expand its business, Channel NewsAsia reports.

The Company hopes to raise SGD32.36 million from the sale of 520
million new shares to shareholders at SGD0.05 per share.

ACCS reported a lower net loss of SGD13.9 million for 2005, from
SGD38.5 million loss in 2004.  Despite a SGD4.8 million net loss
in the last quarter of 2005 due to provisions dor impairment to
investments, operations were already profitable.  The Company
expects to post a net profit this year, Channel NewsAsia says.

ACCS also hopes that its planned takeover of the mobility units
of Semitech Electronics wil help the Company reach its target to
post profit this year, according to ACCS chairman Philip Eng.

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

   http://bankrupt.com/misc/tcrap_accordcustomer030206.pdf

Accord Customer Care Solutions - http://www.accordccs.com/-- is      
the leading provider of after market services for consumer   
mobile communication and digital electronic devices in Asia   
Pacific.  ACCS is a spin-off from supply network solutions   
provider Accord Express Holdings Pte Limited.  ACCS provides a  
wide spectrum of after market services to both its trade
partners and end consumers.  ACCS provides professional,
efficient and convenient services to its end consumers by
establishing one-stop single brand or multi-brand proximity
centres that are conveniently and strategically located.  

ACCS has been posting consecutive losses since the first quarter
of 2005, when it incurred a net loss of SGD3.79 million.


CHINA AVIATION: Directors Plead Guilty to Covering Losses
---------------------------------------------------------
Three non-executive directors of jet fuel trader China Aviation
Oil (Singapore) Corporation Limited appeared before a Singapore
court on March 1, 2006, and pled guilty to charges of agreeing
to the non-disclosure of the Company's losses to the Singapore
Exchange.

The three China Aviation officials' actions in 2004, together
with Chief Executive Officer Chen Jiulin and Chief Financial
Officer Peter Lim led to the Company's near-collapse after it
was found that the Company had lost up to SGD896.07 million
while trading oil derivatives.  

China Aviation Oil avoided bankruptcy when creditors agreed to
write down some of its debt in June and BP Plc, Europe's biggest
oil company, agreed to take a stake in the company.  

China Aviation non-executive chairman Jia Chiangbin admitted
that he allowed the non-disclosure of the losses, as well as
insider trading and failure to disclose losses incurred in the
Company's derivatives trading.  China Aviation non-executive
director Li Yongji admitted to agreeing not to disclose the
Company's losses to the stock exchange, while Company non-
executive director and Special Task Force chief Gu Yanfei pled
guilty to non-disclosure of Company losses to authorities.

According to a Company statement, the three ex-directors have
agreed not to act as director or chief executive officer of
any public listed company in Singapore for a period of one year,
effective immediately for Mdm Gu and effective from the
completion of China Aviation's restructuring for Mr. Jia and Mr.
Li.

Channel NewsAsia reports that the court will not pass sentence
on the three former China Aviation directors, but will consider
the charges against them.

China Aviation's shares, which were suspended from trading since
November 2004, will resume trading by the end of the month.

Incorporated in 1983, China Aviation Oil (Singapore) Corp.   
Limited -- http://www.caosco.com/-- deals primarily in jet fuel      
procurement, although it is also active in international oil   
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for   
China's civil aviation industry, and has expanded its market to   
include ASEAN countries, the Far East and the United States.   

China Aviation Oil lost up to SGD892.17  million trading fuel
derivatives, and was subject to investigation by Singaporean
police and the Singapore Stock Exchange.  Currently, CAO is  
mapping out a restructuring plan with its creditors to save the  
Company from bankruptcy.


CHINA AVIATION: Director Steps Down to Answer Fraud Allegations
---------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited non-executvie
director Gu Yanfei tendered in her resignation on March 1, 2006,
Reuters News reports.

The resignation came after she appeared in a local court to
plead guilty to covering up the Company's huge losses in 2004,
together with China Aviation president Chen Julin, chief
financial officer Peter Lim and two other directors.  However,
Mdm. Gu is slated to continue her assignment as Special TasK
Force chief to handle the Company's restructuring and
rehabilitation.

The Singaporean Stock Exchange and Commercial Affairs Department
investigated China Aviation's financial statements after it was
revealed in late 2004 that the Company lost SGD892 million in
fuel derivatives trading, which was not disclosed immediately by
management.

Incorporated in 1983, China Aviation Oil (Singapore) Corp.   
Limited -- http://www.caosco.com/-- deals primarily in jet fuel      
procurement, although it is also active in international oil   
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for   
China's civil aviation industry, and has expanded its market to   
include ASEAN countries, the Far East and the United States.
Currently, CAO is mapping out a restructuring plan with its
creditors to save the Company from bankruptcy.


J&B PLUMBING: Court to Hear Wind-up Petition on March 10
--------------------------------------------------------
On February 13, 2006, Sealer Construction Pte Limited filed a
winding up petition against J&B Plumbing Services and
Construction Pte Limited.
  
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 proposed wind-up may appear at the hearing by himself  
or his counsel for that purpose.
  
The Petitioner's solicitors, Messrs De Souza Tay & Goh, 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 De Souza Tay
& Goh 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.


LINK ELECTRONICS: Prepares to Pay Creditors' Dividend
-----------------------------------------------------
Link Electronics Pte Limited is set to declare a dividend to its
creditors.

Creditors of the Company are required to submit their formal
proofs of claim to liquidator Gordon Fones by March 7, 2006.  

Failure to comply will exclude them from the benefit of the
dividend.

Contact: Gordon Fones
         Liquidator
         c/o Equity Plaza
         20 Cecil Street #12-02 & 03
         Singapore 049705
         Phone: 65 6532 0320 (8 lines)
         Fax:   65 6532 0331


SEAL & SHIELDING: Creditors' Claims Due on March 24
---------------------------------------------------
Creditors of Seal & Shielding Pte Limited are required to submit
their formal proofs of claim to Company liquidators Chee Yoh
Chuang and Lim Lee Meng by March 24, 2006.

Failure to comply with this requirement will exclude creditors
from the benefit of the Company's dividend distribution.

Contact: Chee Yoh Chuang
         Lim Lee Meng
         Liquidators
         18 Cross Street
         #08-01 Marsh & McLennan Center
         Singapore 048423


TRI-M TECHNOLOGIES: Nine-Month Net Losses Almost Doubles
--------------------------------------------------------
The 2005 nine-month net loss of Tri-M Technologies Limited  
increased by almost 100%.   

The Company posted a SGD4.93 million net loss for the nine
months ended December 31, 2005, a 92.99% increase from its
SGD2.55 million net loss for the same period in 2004.  The
Company is currently

A full-text copy of Tri-M Technologies' 2005 financial results
is available for free at:  

   http://bankrupt.com/misc/tcrap_tri-mtechnologies030206.pdf

Tri-M Technologies (Singapore) Limited --
http://www.tri-m.com.sg/-- is a diversified Electronics  
Manufacturing Services provider with facilities in Singapore,  
Malaysia, Philippines and China.  In addition, Tri-M has forged  
strategic alliances in SJ, United States for prototyping and
small quantity run to support U.S.-based customers.  Tri-M
provides services in product design & development, prototyping,
full turnkey manufacturing & total supply chain management.  

TRI- M has been posting financial losses since 2004, when  
reported a SGD931,000 net loss for the six months ended  
September 30, 2004.  The Company earlier reported that it had
overstated its losses for the first-half of 2005, overstating an
amount of SGD795,000 in sales from January to September 2005.  
Tri-M's internal auditors are currently conducting a review of
its financial statements.


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

NFC FERTILIZER: Hires Seamico as Financial Advisor
--------------------------------------------------
At the board meeting of NFC Fertilizer Public Company Limited,
it was resolved that an executive team would be appointed to
review the permanent closure of its fertilizer production.  The
team will also be tasked to study long-term business
alternatives.

The board has resolved to employ Seamico Securities Public
Company Limited as financial advisor to study alternatives in
respect of its fertilizer manufacturing business, including risk
assessment in all relevant aspects which will be proposed to the
board of directors for further consideration.

The Company expects to receive a preliminary result within March
2006 and will propose the results to the Board of Directors for
further consideration.

Headquartered in Bangkok, Thailand, NFC Fertilizer Public Co.
Limited -- http://www.nfc.co.th-- is principally involved in  
the manufacturing and selling of fertilizers in Thailand.  The
Company is categorized under the Rehabco Sector of the Stock
Exchange of Thailand.  Companies under this sector currently
undergo rehabilitation.


PICNIC CORPORATION: Puts Off Shareholders' Meeting
--------------------------------------------------
The Extraordinary Shareholders Meeting of Picnic Corporation
Public Company Limited slated for March 2, 2006, was postponed
for failure to reach a quorum pursuant to the Company's
regulation.

The Company did not disclose a new date for the meeting.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.  
Other activity includes the operation of engineering related
activities formerly engaged in the installation of air
conditioning system, electricity system, sanitary system, fire
prevention system, electrical power substation and
telecommunication system.  Picnic Corporation Public Company
Limited is currently undergoing business rehabilitation.  Its
securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.



* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total   
                                         Shareholders   Total
                                         Equity         Assets
Company                        Ticker    ($MM)           ($MM)
------                         ------    ------------   ------

CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529        27.43      178.19
Guangdong Sunrise
   Group Co. Ltd-A             000030     (-182.94)      35.98
Guangdong Sunrise
   Group Co. Ltd-B             200030     (-182.94)      35.98
Hainan Dadong-A                000613       (-6.63)      17.81
Hainan Dadong-B                200613       (-6.63)      17.81
Heilongjiang Black Dragon
   Co. Ltd.                    600187      (-29.45)     153.92
Shenz China Bi-A               000017     (-206.90)      50.08
Shenz China Bi-B               200017     (-206.90)      50.08
Xinjiang Tunhe Investment
   Co. Ltd.                    600737        47.57      476.47

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT       (-62.86)     360.72

MALAYSIA
--------
Kemayan Corp Bhd                KOP       (-428.54)      62.72
Maycom Bhd                      MYC       (-114.64)     227.68
Lityan Holdings Bhd             IT          (-8.43)      28.86
Olympia Industries Bhd          OLYM      (-227.85)     255.84
Panglobal Bhd                   PGL        (-50.36)     189.92
PSC Industries Bhd              PSC          51.63      639.35

PHILIPPINES
-----------
Pilipino Telephone Co.          PLTL      (-159.78)     280.22

SINGAPORE
---------
China Aviation Oil (Singapore)
   Corporation                  AO          132.64      351.87
Informatics Holdings Ltd        INFO        (-6.73)      27.59
Lindeteves-Jacoberg Limited     LG           39.61      332.07
Pacific Century Regional        PAC       (-145.53)    1289.71

THAILAND
--------
Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.30
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.30
Datamat PCL                     DTM         (-1.72)      17.55
Datamat PCL                     DTM/F       (-1.72)      17.55
National Fertilizer PCL         NFC          70.66      142.61
National Fertilizer PCL         NFC/F        70.66      142.61
Siam Agro-Industry Pineapple
   And Others PCL               SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
   And Others PCL               SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87




                            *********


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

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

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

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

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

                 *** End of Transmission ***