/raid1/www/Hosts/bankrupt/TCRAP_Public/060306.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, March 6, 2006, Vol. 9, No. 046


                            Headlines

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

A.C.N. 093 460 943: Schedules Final Meeting Today
ADSTEAM MARINE: Predator Speculations Loom
AUSTRALIA DEVELOPMENT: Court Appoints Liquidator
BELLEVUE GRAZING: Liquidates Operations
BILL DWYER: Creditors' Proofs of Claims Due March on 13

COMMUNITY CARE: Enters Liquidation Proceedings
DAVID KIRKLAND: Decides to Wind Up Business
DOMINIC SECURITY: Court Hears Liquidation Application
EI GLOBAL: Court to Hear Liquidation Application on March 13
EMPEROR MINES: Notes Reserve Upgrade at Porgera Gold Mine

FORTESCUE METALS: ASIC Commences Federal Court Proceedings
GALONG PTY: Members and Creditors to Review Wind-up Report
GK & AM FOWLER: Court Issues Wind-up Order
HAYER ENTERPRISES: Liquidation Petition Hearing Set Today
HENRY WALKER: Administrators Declare Shares are Worthless

IANTERNET GRAPHICS: CIR Lodges Petition to Liquidate Firm
INDAUST INTERNATIONAL: Creditors OK Liquidator's Appointment
KIDDIEWINX ENTERPRISES: Falls Into Liquidation
KILDRUMMIE PTY: Prepares to Close Shop
LEWIN INVESTMENTS: To Hold Final Meeting Today

MOBILE CONCRETE: Members Agree to Wind Up
MUDGEE BIO: To Declare Dividend
NORMUZ PTY: Inability to Pay Debts Prompts Wind-up
REEF VENTURES: Creditors' Claims Due on March 14
RESEARCH INVESTMENTS: Court Orders Liquidation

RODANA PTY: To Pay Dividend Today
SECURITY MANPOWER: Enters Voluntary Liquidation
STOCKMOND GROUP: Liquidator to Explain Wind-up Report
TERRANORA INVESTMENTS: Members Resolve to Wind Up Firm
TOODYAY RESOURCES: Exits External Administration

VISTA PACIFICA: Liquidation Process Commenced
WEBDATA PTY: To Distribute Final Dividend
WYUNA PASTORAL: Undergoes Liquidation Proceedings
* Australia & NZ Rating Trend Stable, But Negative Turn Emerging


C H I N A   &   H O N G  K O N G

ABERDEEN TIN: Schedules Final Meeting on March 31
ALLIED ELEGANT: Creditors' Claims Due on March 31
CAMPELL INTERNATIONAL: Creditors' Proofs of Claims Due March 24
CASABLANCA LIMITED: High Court Orders Company Wind-up
DIGITFORCE COMPUTER: Wind-up Proceedings Initiated

IIYAMA HONG KONG: Names Official Liquidator
OFS BRIGHTWAVE: Schedules Final Meeting on March 29
ONCYCLE ESTATES: Liquidator Receiving Claims Until March 31
PROFITREE LIMITED: Wind Up Process Begins
WELL GAIN: Begins Wind-up Process

ZHANGZHOU CITY: Schedules Final Meeting on March 31


I N D I A

COAL INDIA: Forecasts INR6,000-crore Net Profit in 2005-06
COAL INDIA: Plans INR3,000-crore IPO
MODI RUBBER: UPSE Delists Shares
* Government Offer Tax Perks to Losing Oil Refiners


I N D O N E S I A

BANK MANDIRI: 2005 Net Profit May Fall by 64%


J A P A N

ALL NIPPON: Moody's Review Ba3 Rating for Possible Upgrade
DAIEI INCORPORATED: To Sell Panchinko Unit
BANK OF IKEDA: Fitch Places 'D' Rating on Watch Positive
JAPAN AIRLINES: Strengthens American Region Sales With New VP
JAPAN AIRLINES: Business Plan Targets Turnaround

KOSAN SHINKIN: Fitch Places SFS Rating on Watch Negative
SANYO ELECTRIC: JCR Affirms BBB+/J-2 on Bonds
SANYO ELECTRIC: MediaTek Files Patent Suit


K O R E A

KOREA EXCHANGE: Japanese Branches Punished for Illegal Acts


M A L A Y S I A

MENTIGA CORPORATION: SC Extends Implementation of Proposals
METROPLEX BERHAD: Court Wants Report on Independent Expert
MULPHA LAND: Awaits Bourse Decision on Upliftment from PN17
MYCOM BERHAD: Restructuring Implementation Far from Complete
PANGLOBAL BERHAD: Net Loss Hits MYR15,099,000 in 4Q/FY05

PARK MAY: Returns to Profit in 4Q/FY05
POLYMATE HOLDINGS: Two Units to Wind Down Operations
SINORA INDUSTRIES: Issues Update to Proposed Logging
TANCO HOLDINGS: Payment Default Status Still Unchanged


P H I L I P P I N E S

AL-AMANAH BANK: Hunt for Financial Adviser Begins
CENTER RURAL BANK: PDIC Starts Servicing Depositor Claims
LAFAYETTE MINING: Suffers AU$7.5-Mln Half-year Loss in 2005
NATIONAL BANK: Assistant Corporate Secretary Steps Down
NATIONAL POWER: Marubeni Keen on Three Geothermal Plants

NATIONAL POWER: PSALM to Bid Out Calaca Sans Meralco Contract
NATIONAL POWER: ADB Allows Transfer of Assets and Debts


S I N G A P O R E

CHINA AVIATION: Directors Fined for Failing to Disclose Losses
HESHE HOLDINGS: Repays Debt to Indonesian Firm
HILTON TRADING: Creditors' Claims Due on March 24
MAGNUS ENERGY: SGX-ST Seeks Comparison of Equity Changes
MAGNUS ENERGY: Sells Shares in Unit for SGD260,000

SS PTE: Prepares to Distribute Dividend
STARTECH ELECTRONICS: Posts Slight Rise in Net Loss


T H A I L A N D

ADVANCE PAINT: Incurs THB43,823,000 Net Loss in FY05
THAI DENMARK: Net Loss Balloons to THB381,408,000 in FY05
THAI HEAT: Books THB17,284,000 Net Profit in FY05

     - - - - - - - -

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

A.C.N. 093 460 943: Schedules Final Meeting Today
-------------------------------------------------
The final meeting of the members and creditors of A.C.N. 093 460
943 Pty Limited is scheduled today, March 6, 2006, for them to
get an account of the manner of the Company's wind-up and
property disposal from liquidator Murray Godfrey.

Contact: Robyn Erskine
         Peter Goodin
         Joint Liquidators
         Brooke Bird & Co. Chartered Accountants
         471 Riversdale Road, Hawthorn East 3123
         Australia
         Telephone: (03) 9882 6666


ADSTEAM MARINE: Predator Speculations Loom
------------------------------------------
A large European or Asian operator may seize Adsteam Marine
Ltd., the Australian Associated Press relates.

According to AAP, speculations abound that potential bidders for
Adsteam could include AP Moller, which owns towage company
SvitzerWijsmuller, and Hutchison Whampoa and Swire, which part-
own Ad-steam's domestic tug boat rival, Australian Maritime
Services.  There are also talks that ABN Amro was trying to buy
all available Adsteam shares, and that Toll Holdings might be
interested as well.

However, AAP notes, major Adsteam shareholders (Investors
Mutual, holding a 16% stake, and Perennial Value Management,
holding 9%) said that they had not been approached about their
stakes, which they did not plan on selling.

AAP cites JP Morgan analyst Alex Mees as saying that predators
would be most interested in Adsteam because of its dominant
market position in Australia's tugboat industry.  He said that
the Company now has a better business performance compared to
the previous years.

                       Adsteam Shares Jump

Adsteam shares rose 8.5 cents to AU$2.02 on heavy trade of 3.6
million shares on March 2, 2006, a day after the company went
ex-dividend.  AAP says that this is brought about by the
possibility that the Company could join the consolidation
sweeping the marine sector worldwide.

                          About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a  
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.  Adsteam's debt was estimated to be AU$360 million.  
The Company had undertaken steps in a plan to divest non-core
businesses since May 2003 as part of its business transformation
program and has raised money to support its rescue plan designed
to trim down debts and repay borrowings.


AUSTRALIA DEVELOPMENT: Court Appoints Liquidator
------------------------------------------------
On February 10, 2006, the Federal Court of Australia appointed
Christopher J. Palmer to act as the official liquidator in the
wind-up of Australia Development & Investment Group Pty Limited.

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


BELLEVUE GRAZING: Liquidates Operations
---------------------------------------
The members of Bellevue (Warren) Grazing Pty Limited agreed to
wind up the Company's operations, and named Peter Debus to
facilitate the liquidation of its assets.

Contact: Peter Debus
         Liquidator
         Level 1, Suite 3
         64 Talbragar Street
         Dubbo, New South Wales 2830
         Australia


BILL DWYER: Creditors' Proofs of Claims Due March on 13
-------------------------------------------------------
Bill Dwyer Builders Limited has been placed under liquidation on
February 9, 2006, by resolution of the Company's shareholders.

Insolvency practitioner Bryan Edward Williams, who was appointed
liquidator of the Company, fixed March 13, 2006, as the last day
by which the Company's creditors can file proofs of claim and
establish any priority their claims may have under Section 312
of the Companies Act 1993.

Contact: Bryan Williams
         Bryan Williams & Associates, Insolvency Practitioners
         131 Taupaki Road, Taupaki
         Auckland 1232.
         New Zealand
         Telephone: (09) 412 9762
         Facsimile: (09) 412 9763


COMMUNITY CARE: Enters Liquidation Proceedings
----------------------------------------------
On December 22, 2005, the Commissioner of Inland Revenue filed
an application to place Community Care Housing Developments
Limited into liquidation.

The Petition was fixed for hearing before the High Court of
Tauranga today, March 6, 2006.

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


DAVID KIRKLAND: Decides to Wind Up Business
-------------------------------------------
After a meeting of the members of David Kirkland (Ormonde)
Limited on February 1, 2006, it was agreed that the Company wind
up its business voluntarily.

Subsequently, Peter Debus was appointed to supervise the wind-up
operations.

Contact: Peter Debus
         Liquidator
         Bridgeway Accountants & Advisers
         105 Dubbo Street
         Warren, New South Wales 2824
         Australia
         Phone: 02 6847 4139


DOMINIC SECURITY: Court Hears Liquidation Application
-----------------------------------------------------
An application to put Dominic Security Limited into liquidation
was fixed for hearing before the High Court of Wellington today,
March 6, 2006, at 10:00 a.m.

The Petition was lodged by the Commissioner of Inland Revenue on
January 27, 2006.

Contact: Aaron Reynolds Lyne
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 802 8079
         Facsimile: (04) 802 8187


EI GLOBAL: Court to Hear Liquidation Application on March 13
------------------------------------------------------------
On January 24, 2006, an application to liquidate EI Global
Solutions Limited was filed with the High Court of Invercargill
by Anderson Lloyd Caudwell.

A hearing on the Application will be held on March 13, 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 9, 2006.

Contact: Frazer B. Barton
         Solicitor for the Plaintiff
         Ground Floor, Otago House
         corner of Princes Street and Moray Place
         Dunedin, New Zealand


EMPEROR MINES: Notes Reserve Upgrade at Porgera Gold Mine
---------------------------------------------------------
Emperor Mines Limited is in the process of completing the
acquisition of DRDGOLD's PNG gold assets, which includes a 20%
joint venture interest in the Porgera gold mine in Papua New
Guinea.

The Porgera gold mine is operated by the Porgera Joint Venture,
in which Placer Dome Inc. has a 75% interest and manages the
project.

The Placer Dome statement confirms that exploration success at
Porgera continued in 2005, particularly with the underground
operation.  By reference to a Placer Dome statement, the
Reserves attributable to Emperor increased by 11% to 1,620,000
ounces.  In addition, the remaining Resources (Measured and
Indicated) attributable to Emperor increased by 15% to 728,000
ounces.  This is the third successive year in which new gold
Resources and Reserves have been added at Porgera through the
continued success of underground exploration.

Resource and Reserve Attributable to Emperor Mines Limited

                   Tonnage     Grade      Content
                        kt       g/t          koz
Resource

Measured             4,352       2.9          409
Indicated            4,325       2.3          319
Sub-Total            8,677       2.6          728
Inferred             1,230       5.5          217
Total                9,907       3.0          945

Reserve

Proven              10,358       3.2         1,066
Probabale            3,397       5.1           554
Total               13,755       3.7         1,620

Mineral resource is in addition to mineral reserves.

The Reserves as of December 31, 2005, have been stated at a gold
price of US$400/oz, long term.  The Reserve cut-off grade is
1.5g/t to 5.0g/t, and Resource cut-off grade is 1.0g/t to
4.5g/t, dependent on the rock type, metallurgical process and
mining method.  

Emperor finds this increase in Resource and Reserves
encouraging, offering as it does the potential to lengthen mine
life and supporting its decision to invest in this acquisition.

Headquartered in Queensland, Australia, Emperor Mines Limited
-- http://www.emperor.com.au/-- is a gold mining company  
focused on the discovery, development, production and processing
of precious metals and minerals.  The Company owns and operates
the Emperor Gold Mine at Vatukoula, Fiji, which is Fiji's second
largest private employer with over 1,800 employees.  Emperor
Mines's net loss for the year ended June 30, 2005, had blown out
to AU$33.7 million due to lower output, higher costs, asset
impairment and worker fatalities at its gold mine in Vatukoula,
Fiji.  However, Emperor's primary concern is the uncertainty
surrounding the restructuring of the ANZ'z loan repayment
schedule.  Aside from efforts to restructure ANZ loan
repayments, the Company is also in negotiations with Fiji's
government for relief from gold royalties.  Presently, the group
is taking a series of measures to boost productivity and avoid
future problems.


FORTESCUE METALS: ASIC Commences Federal Court Proceedings
----------------------------------------------------------
The Australian Securities and Investments Commission Chairman
Jeffrey Lucy on Thursday disclosed that the corporate regulator
has issued proceedings in the Federal Court in Perth seeking
civil penalty orders against listed company Fortescue Metals
Group Ltd and its chief executive officer, Andrew Forrest.

Fortescue is a listed company that is developing a project to
mine iron ore in the Chichester Ranges in the Pilbara region of
Western Australia and exporting it from Port Hedland.

ASIC is alleging that Fortescue engaged in misleading and
deceptive conduct and failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.

In the first announcement on August 23, 2004, Fortescue claimed
that it had a binding contract with China Railway Engineering
Corporation to build and finance a railway from its tenements to
the export hub at Port Hedland.

In the second announcement on November 5, 2004, Fortescue
claimed to have further binding contracts with:

     * China Harbour Engineering Corporation to design, build
       and finance a shiploading and stockyard facility at Port
       Hedland; and

     * China Metallurgical Construction (Group) Corporation to
       design, build and finance a mine process plant.

The announcement stated that Fortescue had established a broad
platform for the delivery of the three major component parts of
its AU$1.85 billion Pilbara Iron Ore and Infrastructure Project.

ASIC is alleging that Fortescue, when making the announcements,
failed to disclose important information regarding the nature of
these documents.

In particular, Fortescue did not disclose that the parties had
not reached a concluded agreement on fundamental aspects of the
projects and they had merely agreed that they would in the
future jointly develop and agree on such matters.  Following
media speculation and queries from the Australian Stock
Exchange, Fortescue disclosed the documents, comprising of 3, 4
and 5 pages respectively, on March 29, 2005 and March 31, 2005.

ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

In relation to Mr. Forrest, ASIC alleges that he was knowingly
concerned in the contraventions by Fortescue and also, that he
breached his duty as a director to exercise care and diligence
by failing to ensure that Fortescue complied with its
obligations.

ASIC is seeking penalties of up to AU$600,000 against Mr.
Forrest and an order that he compensate Fortescue for any
pecuniary penalty it is required to pay.

ASIC's investigation commenced in May 2005 following a referral
from the ASX.

The matter is currently scheduled for a directions hearing on
March 28, 2006.

ASIC has lodged a statement of claim with the Federal Court.  
Requests for copies of this claim should be made directly to the
Court Registrar.


GALONG PTY: Members and Creditors to Review Wind-up Report
----------------------------------------------------------
A final meeting of the members and creditors of Galong 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 6, 2006.

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


GK & AM FOWLER: Court Issues Wind-up Order
------------------------------------------
On February 3, 2006, the Federal Court of Australia ordered the
winding up of GK & AM Fowler Transport Pty Limited, and
appointed Steven Nicols to oversee the wind-up activities.

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


HAYER ENTERPRISES: Liquidation Petition Hearing Set Today
---------------------------------------------------------
On January 16, 2006, an application to liquidate Hayer
Enterprises Limited was filed with the High Court of Tauranga.

The application was fixed for hearing today, March 6, 2006.

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


HENRY WALKER: Administrators Declare Shares are Worthless
---------------------------------------------------------
The Administrators of Henry Walker Eltin Group Limited believe
that there is no likelihood that the Company's shareholders will
receive any distribution in respect of the shares they hold in
the Company.

As a consequence, shareholders who acquire the shares on or
after September 20, 1985, may choose to make a capital loss in
the income year that includes the date of this Declaration as a
result of CGT event G3 occurring.  The capital loss is equal to
the reduced cost base of the shares.

However, a capital loss is not available for certain shares
acquired under an employee share scheme.  Shareholders who have
acquired shares in this way should seek their own tax advice.

On February 1, 2005, Henry Walker called in John Gibbons, Jack
Crumlin and Keiran Hutchison of Ernst & Young as voluntary
administrators after Glencore Finance AG withdrew an AU$100
million recapitalization plan.  The Administrators, however,
resigned a day after their appointment without giving the reason
for the move.  They were immediately replaced by Anthony
McGrath, Scott Kershaw, Joseph Hayes and Shaun Fraser of
McGrathNicol+Partners, who serve as the Company's Administrators
up to the present.

Contact: J. D. Hayes and S. B. Kershaw
         Joint Administrators
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         GPO Box 9986, Sydney NSW 2001
         Telephone: +61 2 9338 2600
         Facsimile: +61 2 9338 2699
         Web site: http://www.mcgrathnicol.com.au/


IANTERNET GRAPHICS: CIR Lodges Petition to Liquidate Firm
---------------------------------------------------------
On January 19, 2006, an application to put Ianternet Graphics &
Design Limited into liquidation by the High Court was filed by
the Commissioner of Inland Revenue.

The application was set for hearing before the High Court of
Wellington today, March 6, 2006 at 10:00 a.m.

Contact: Kate Elizabeth Harder
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 802 8162
         Facsimile: (04) 802 8187


INDAUST INTERNATIONAL: Creditors OK Liquidator's Appointment
------------------------------------------------------------
Members of Indaust International Trading Pty Limited convened on
February 1, 2006, to wind up the Company's operations.

P. Ngan and G. Parker were appointed as liquidator to supervise
Indaust's wind-up activities.  The Company's creditors confirmed
the liquidator's appointment at a meeting held later that day.

Contact: P. Ngan
         G. Parker
         Joint Liquidators
         Ngan & Co. Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


KIDDIEWINX ENTERPRISES: Falls Into Liquidation
----------------------------------------------
On February 17, 2006, the shareholders of Kiddiewinx Enterprises
Limited resolved to place the firm under liquidation and
appointed Bryan Edward Williams, insolvency practitioner, as the
Company's liquidator.

Mr. Williams now requires the Company's creditors to submit
their proofs of claims or debts and establish any priority their
claims may have on or before March 13, 2006.

Contact: Bryan Williams
         Bryan Williams & Associates, Insolvency Practitioners
         131 Taupaki Road, Taupaki
         Auckland 1232, New Zealand
         Telephone: (09) 412 9762
         Facsimile: (09) 412 9763


KILDRUMMIE PTY: Prepares to Close Shop
--------------------------------------
The members of Kildrummie Limited held a meeting on Feb. 8,
2006, and agreed to close the Company's business.

They appointed Roderick Howard Carnegie to facilitate the wind-
up operations.

Contact: Roderick H. Carnegie
         Liquidator
         Suite 332, 1 Queens Road
         Melbourne, Victoria 3004
         Australia


LEWIN INVESTMENTS: To Hold Final Meeting Today
----------------------------------------------
The members and creditors of Lewin Investments Pty Limited will
convene today, March 6, 2006, to receive liquidator A. R.
Nicholls' account regarding the Company's completed wind-up and
disposal of property.

Contact: A. R. Nicholls
         Liquidator
         Nicholls & Company
         Suite 6, 459 Peel Street
         Tamworth, New South Wales 2340
         Australia


MOBILE CONCRETE: Members Agree to Wind Up
-----------------------------------------
Members of Mobile Concrete Pumping (Queensland) Pty Limited
convened on February 1, 2006, to wind up the Company's business
operations.

They then named P. Ngan to administer the wind-up activities.  
Creditors confirmed the liquidator's appointment at a creditors'
meeting held that same day.

Contact: P. Ngan
         Liquidator
         Ngan & Co. Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


MUDGEE BIO: To Declare Dividend
-------------------------------
Mudgee Bio Pharmaceutical Pty Limited will declare its first and
final dividend on March 7, 2006.

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

Contact: R. W. Whitton
         Liquidator
         c/o Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Telephone: (02) 8346 6000
         Fax: (02) 8346 6099


NORMUZ PTY: Inability to Pay Debts Prompts Wind-up
--------------------------------------------------
Normuz Pty Limited has determined that it will not be able to
pay its debts within 12 months, thus, a voluntary wind-up of its
business operations is appropriate and necessary.

In that regard, Stephen Jay was appointed to oversee the
Company's liquidation activities.

Contact: Stephen Jay
         Liquidator
         Nicholls & Co. Chartered Accountants
         Johnston Street, Wagga Wagga
         New South Wales 2650, Australia


REEF VENTURES: Creditors' Claims Due on March 14
------------------------------------------------
Creditors of Reef Ventures Pty Limited, which is under
liquidation, are required to submit their formal proofs of claim
to liquidator Robert Hutson by March 14, 2006.

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

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


RESEARCH INVESTMENTS: Court Orders Liquidation
----------------------------------------------
On February 8, 2006, the Supreme Court of Victoria ordered the
winding-up of Research Investments Pty Limited, and appointed
Adrian Brown to act as liquidator.

Contact: Adrian Brown
         Liquidator
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


RODANA PTY: To Pay Dividend Today
---------------------------------
Rodana Pty Limited will declare a final dividend today, March 6,
2006, to the exclusion of creditors who were not able to prove
their claims.

Contact: P. W. Gidley
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302, Australia


SECURITY MANPOWER: Enters Voluntary Liquidation
-----------------------------------------------
The members of Security Manpower Pty Limited held a meeting on
February 10, 2006, and agreed on the Company's need to
liquidate.  They named Roderick Mackay Sutherland to manage the
Company's wind-up activities.

Contact: Roderick M. Sutherland
         Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 2111
         Fax: (02) 9233 2144


STOCKMOND GROUP: Liquidator to Explain Wind-up Report
-----------------------------------------------------
A final meeting of the members of Stockmond Group Pty Limited
will be held today, March 6, 2006.

At the meeting, liquidator C. Wykes 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: C. Wykes
         Liquidator
         Lawler Partners Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


TERRANORA INVESTMENTS: Members Resolve to Wind Up Firm
------------------------------------------------------
On February 7, 2006, members of Terranora Investments Pty
Limited agreed that a voluntary wind-up of the Company is
necessary and in its best interests.

As a result, Michael Peldan and Morgan Lane were appointed as
official liquidators.

Contact: Morgan Lane
         Michael Peldan
         Worrells Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia


TOODYAY RESOURCES: Exits External Administration
------------------------------------------------
The Directors of Toodyay Resources Limited (formerly Gympie Gold
Limited) advised that the termination of the liquidation of the
Company was approved by the Supreme Court of New South Wales.

The Company's Receivers and Managers have also retired and the
Deed of Company Arrangement has been wholly effectuated,
therefore removing the Company from external administration.

The Company will now proceed with the recapitalization as
approved by shareholders on February 3, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
January 2, 2004, the Board of Gympie Gold Limited appointed
Joseph Hayes and Murray Smith of KPMG as voluntary
Administrators to the Group following the devastating
underground fire at the Southland Colliery over the Christmas
period and the mine's subsequent sealing.  Shortly after the
Voluntary Administrators were appointed, HSBC Precious Metals
(Australia) Limited, acting as Agent for the company's corporate
loan facility, appointed Andrew Love, Peter Geroff and Allan
Lewis of Ferrier Hodgson as Group Receivers and Managers.

In August 2004, creditors of Gympie Gold agreed to wind up the
company and its subsidiaries, Gympie Eldorado Gold Mines, the
gold project operator, and Southland Mining, the group that
controlled a 90- percent stake in the Southland colliery in the
Hunter Valley in New Sotub Wales.  McGrath Nicol+Partners'
Murray Smith and Joseph Hayes, who were the group's
administrators, also stood as liquidators.


VISTA PACIFICA: Liquidation Process Commenced
---------------------------------------------
The hearing for an application to liquidate Vista Pacifica
Limited will be held today, March 6, 2006.

The Commissioner of Inland Revenue lodged the application before
the High Court of Tauranga on January 18, 2006.

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


WEBDATA PTY: To Distribute Final Dividend
-----------------------------------------
Webdata Pty Limited will declare its final dividend today,
March 6, 2006, to the exclusion of creditors who were not able
to prove their claims.

Contact: I. D. Jessup
         Liquidator
         Jessup & Partners
         1st Floor, 488 Mulgrave Road
         Earlville, Queensland 4870
         Australia
         Telephone: 07 4033 1349
         Fax: 07 4033 1649


WYUNA PASTORAL: Undergoes Liquidation Proceedings
-------------------------------------------------
The Members of Wyuna Pastoral Company Pty Limited held a meeting
on February 1, 2006, and agreed on the Company's need to
liquidate.  They named Peter Debus to oversee the Company's
wind-up activities.

Contact: Peter Debus
         Liquidator
         Bridgeway Accountants & Advisers
         105 Dubbo Street
         Warren, New South Wales 2824
         Australia


* Australia & NZ Rating Trend Stable, But Negative Turn Emerging
----------------------------------------------------------------  
Moody's Investors Service says that the stable corporate rating
trend evident over recent years in Australia and New Zealand
(excluding financial institutions) continued into 2005 as
upgrades exceeded downgrades for the second straight year.

This general stability looks set to carry over into 2006 as
nearly 90% of rated issuers are now on stable outlook.  However,
closer analysis of rating actions and general corporate trends
also indicate that the credit cycle is starting to turn negative
for rated Australasian corporates, predominantly due to rising
event risk.

"As a result, in marked contrast to the last two years, negative
rating actions are likely to surpass positive decisions in the
next 12-18 months," the report says.

The released report -- General Stability to Continue in 2006,
but Cycle Has Turned -- was authored by Brian Cahill, Moody's
Managing Director for Australia, and Terry Fanous, a Senior Vice
President.

A rating trend can be classified as stable to positive if the
downgrade/upgrade ratio (DNG/UPG) stands below one over a period
of time, the report says.  As such, for 2005, the ratio for
Australia was 0.71, indicating the environment was still
positive as more companies were upgraded than downgraded.

However, last year's trend was also not as positive as that for
2004 when the same ratio was 0.4.

"Worse, once ratings impacted by Moody's revised methodology for
government related issuers have been excluded, the DNG/UPG ratio
actually stood at 1.7 in 2005," Mr. Cahill says.

"We see this last figure as a better indicator of the underlying
trend, highlighting the turn in the credit cycle as predicted in
our review for 1H2005," Mr. Cahill adds.

Furthermore, Moody's predicted DNG/UPG ratio for the next 12-18
months is quite poor at 5; in other words, there is the risk of
five downgrades against the potential for only one upgrade.

The report says that event risk will also remain a key rating
driver in 2006 as it was in 2005 when 4 out of 5 negative
ratings were due to this issue.

"Much event risk is not foreseeable in any accurate way and
hence ratings often change quite rapidly when it occurs," co-
author Fanous adds, "What this means is that our outlook data --
which already indicate a negative trend -- may be
underestimating the risk of negative rating actions in 2006."

The report can be accessed at http://www.moodys.com/  


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

ABERDEEN TIN: Schedules Final Meeting on March 31
-------------------------------------------------
A final general meeting of the members of Aberdeen Tin Wan
Investment Company Limited will be held for them to receive the
liquidator's final account showing how the Company was wound up
and how its property was disposed of.
  
The meeting will be held on March 31, 2006.
  
Contact: Lik Tak Him Albert
         Liquidator
         18th Floor, Jonsim Place
         288 Queen's Road East
         Wanchai, Hong Kong


ALLIED ELEGANT: Creditors' Claims Due on March 31
-------------------------------------------------
All persons who have claims against Allied Elegant Limited are
required to submit their proofs of claim to liquidators Andres
C.C. Ma. and Felix K.L. Lee, by March 31, 2006.

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

The Troubled Company Reporter - Asia Pacific had earlier
reported that Allied Elegant Limited agreed on February 17,
2006.

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


CAMPELL INTERNATIONAL: Creditors' Proofs of Claims Due March 24
---------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on  
February 28, 2006, Lai Kar Yan, Derek and Darach Eoghan Haughey
were appointed to facilitate Campell International (Hong Kong)
Limited's wind-up operations.

The Liquidators require the Company's creditors to lodge their
proofs of claims or debts against the Company by March 24, 2006,
to:

          Lai Kar Yan, Derek
          Darach Eoghan Haughey
          Joint and Several Liquidators
          26th Floor, Wing On Centre
          111 Connaught Road,
          Central, 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.


CASABLANCA LIMITED: High Court Orders Company Wind-up
-----------------------------------------------------
Casablanca Limited has received a wind-up order from the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on February 15, 2006.

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


DIGITFORCE COMPUTER: Wind-up Proceedings Initiated
--------------------------------------------------
Digitforce Computer Entertainment Limited was issued a wind-up
order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on February 15,
2006.

As reported by the Troubled Company Reporter - Asia Pacific on
January 30, 2006, Chan Wai Yee presented a petition to wind up
Digitforce Computer in December.

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


IIYAMA HONG KONG: Names Official Liquidator
-------------------------------------------
The members of Iiyama Hong Kong Co. Limited convened on
February 7, 2006, and decided to wind up the Company's business
operations.  

The members subsequently named Chan Sek Kwan Rays to facilitate
the Company's wind-up activities.

On March 3, 2006, The Troubled Company - Asia Pacific reported
that the creditors of Iiyama Hong Kong were required to submit
their proofs of claim to the Liquidator by March 27, 2006.

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


OFS BRIGHTWAVE: Schedules Final Meeting on March 29
---------------------------------------------------
The final general meeting of the members of OFS Brightwave Asia
Pacific Limited is scheduled on March 29, 2006, for them to get
an account of the manner of the Company's wind-up and property
disposal from liquidator Leung Fung Yee Alice.

Contact: Leung Fung Yee Alice
         Liquidator
         5th Floor, Jardine House
         1 Connaught Place
         Central, Hong Kong


ONCYCLE ESTATES: Liquidator Receiving Claims Until March 31
-----------------------------------------------------------
Creditors of Oncycle Estates Limited are required to prove their
debts or claims on or before March 31, 2006, to:

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

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


PROFITREE LIMITED: Wind Up Process Begins
-----------------------------------------
Profitree Limited had presented a petition to wind up its
operations.

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

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


WELL GAIN: Begins Wind-up Process
---------------------------------
A winding up petition was served on Well Gain Construction
Engineering Limited on December 23, 2005.
  
On February 15, 2006, the High Court of the Hong Kong Special  
Administrative Region Court of First Instance released an order
to wind up the Company.
  
Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


ZHANGZHOU CITY: Schedules Final Meeting on March 31
---------------------------------------------------
The final meeting of the members of Zhangzhou City District
Association Limited is scheduled on March 31, 2006, at 10:00
a.m., for them to get an account of the manner of the Company's
wind-up and property disposal from liquidator Kwok Kwok Yu.

The Troubled Company Reporter - Asia Pacific earlier reported
that on January 17, 2006, the members of Zhangzhou City resolved
to voluntarily wind up the Company's operations.

Contact: Kwok Kwok Yu
         Liquidator
         Flat D1, 19th Floor
         Villa Monte Rosa
         41 Stubss Road, Hong Kong



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

COAL INDIA: Forecasts INR6,000-crore Net Profit in 2005-06
----------------------------------------------------------
Coal India Limited expects to book a net profit of more than
INR6,000 crore for the first time since the nationalization of
the country's coal industry in 1972, Business Line reveals.

The positive profit guidance came after Coal India's seven
subsidiaries reported profits for the current fiscal year.

Coal India's coal producing subsidiaries are:

     * Northern Coalfields Ltd;
     * South Eastern Coalfields Ltd;
     * Western Coalfields Ltd;
     * Mahanadi Coalfields Ltd;
     * Eastern Coalfields Ltd;
     * Bharat Coking Coal Ltd; and
     * Central Coalfields Ltd.

Of the seven, Eastern Coalfields, Bharat Coking Coal and Central
Coalfields have been continuously incurring losses and were even
referred to the Board for Industrial and Financial
Reconstruction.  However, the increase in demand for coal, along
with higher price realization through e-auction has
substantially boosted profits.

As many as 17,403 bidders participated in the online bidding
process.  Around 10,526 were successful and generated
INR565.36 crore in profits for Coal India.  Another 10 million
tonnes of coal have been released through this mode to increase
availability in the market and bring down prices.

However, Government officials pointed out that despite good
performance, Coal India continues to battle labor issues with
the senior staff getting increasingly demoralized over alleged
"step-motherly treatment," Business Line reports.

According to the report, the wage settlement for Coal India's
workmen has been signed unanimously by all the 15 workmen
unions, which settlement has made them the highest earning labor
force among all public sector undertakings.  The senior staff,
however, continues to be neglected.  Complaints include no clear
policies for promotion and for skills enhancement and training.
As a result, a strike notice has been served, the report says.

Headquartered in Kolkota India, Coal India Limited --
http://www.coalindia.nic.in/-- is engaged in the mining of  
coal, coal based products and mining consultancy.  The Company
was incorporated under the Companies Act, 1956 and is wholly
owned by the Government of India.  The Company is currently
saddled with labor problems involving its senior staff.


COAL INDIA: Plans INR3,000-crore IPO
------------------------------------
Coal India Limited has asked the Union Ministry of Coal to
permit it to make an initial public offering of 5% of its
present equity stake of INR6,316-crore, Coal India Chairman
Shashi Kumar said in The Hindu Online's February 10, 2006,
report.

Bolstered by the huge turnover and profit experienced by the
Company, and an "AAA" credit rating for investments in the
company by Crisil -- India's leading ratings advisory company --
Coal India management aims to earn about INR3,000-crore from the
proposed IPO.

Headquartered in Kolkota India, Coal India Limited --
http://www.coalindia.nic.in/-- is engaged in the mining of  
coal, coal based products and mining consultancy.  The Company
was incorporated under the Companies Act, 1956 and is wholly
owned by the Government of India.  The Company is currently
saddled with labor problems involving its senior staff.


MODI RUBBER: UPSE Delists Shares
--------------------------------
The equity shares of Modi Rubber Limited have been delisted from
the Uttar Pradesh Stock Exchange, Kanpur, effective February 22,
2006.

The delisting comes after news came out that a 44% stake in the
closed rubber manufacturer was recently acquired by a group of
financial institutions, as the Troubled Company Reporter - Asia
Pacific earlier reported.

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 has not
been all that impressive, as it continuously reported losses in
the past years, which eventually lead to its closure in 2001.  
The financial health of its subsidiaries was also in question
with Modistone being referred to the Board of Industrial and
Financial Reconstruction due to the erosion in net worth.


* Government Offer Tax Perks to Losing Oil Refiners
---------------------------------------------------
The Government of India will offer a tax package by the end of
this month to help loss-making oil refiners post profits,
Reuters reveals.

Oil firms, including Indian Oil Corporation Limited, Bharat
Petroleum Corporation Limited and Hindustan Petroleum
Corporation Limited had expected favorable tax changes in the
state budget, Reuters says.

The firms have been suffering hefty losses due to the
Government's mandate to sell kerosene, liquefied petroleum gas,
petrol and diesel way below market rates.

The new package is likely to be based on a recent Government
panel report which recommended slashing duties on petroleum
products and raising retail prices to lower oil firms' losses.

Oil Minister Murli Deora, however, stressed that he will avoid
any fuel price increase for the benefit of the public.


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

BANK MANDIRI: 2005 Net Profit May Fall by 64%
---------------------------------------------
State lender PT Bank Mandiri may post a 64% decline in its 2005
net profit due to an increase in provisions for bad loans,
Business Times Malaysia reports.

Bloomberg News analysts estimate Bank Mandiri's 2005 net profit
to be at IDR1.8 trillion, compared with the IDR5.25 trillion net
profit in 2004.  According to the bank, it imposed stricter loan
classifications last year as requested by the state central
bank, Bank Indonesia.  This, in turn, caused Bank Mandiri's bad
loans to rise.

Business Times relates that Bank Mandiri posted a 73% decline in
net profit for the first nine months of 2005 due to the tighter
loan classifications, as its net non-performing loan ratio rose
to 14.3%, well above the normal 8% level mandated by the central
bank.

Bank Mandiri had also previously indicated a 56.7% drop in its
net profit in the third-quarter of 2005 compared to the same
period in 2004, specifically from IDR1.41 trillion to IDR610.7
billion.

Bank Mandiri -- http://www.bankmandiri.co.id/-- Indonesia's  
largest and best capitalized bank in terms of assets, loans and
deposits, provides comprehensive financial services to more than
six million corporate and individual consumers, as well as small
and medium-sized enterprises in Indonesia.  Its total assets as
of March 31, 2002 were IDR261.9 trillion, roughly 24% of the
assets in the banking system, and its capital adequacy ratio of
27% is far higher than the minimum required level of 8% by the
Bank of International Settlements.

Bank Mandiri's troubles began in December 1999, when the state
bank combining four other state banks posted losses totaling
Rp6.8 trillion (US$ 942 million) during the first two months of
operation.  In September 2003, Bank Mandiri asked the approval
of shareholders to hold a quasi-reorganization so that it can
pay dividends to the shareholders in 2004.  Before the quasi-
reorganization, there had been loss accumulation worth Rp163
trillion.  As of September 2005, Bank Mandiri's non-performing
loans comprised 24.57% of its total loans.  Accumulated
unresolved debts and higher interest rates led to the 7.49%
increase in the bank's non-performing loans.  Subsequently, Bank
Mandiri is subject to special monitoring by the central bank due
to its high level of non-performing loans, although it can still
extend credit to borrowers.  In December 2005, Bank Mandiri
reported that its third-quarter net profits plummeted 56.7% to
IDR610.7 billion (US$60.86 million) from IDR1.41 trillion in the
same period in 2004.  In February, the bank sought the
Government's help to resolve its non-performing loan problems
and to approve its plan to set up a debt management agency
together with Bank Negara Indonesia, as a state finance law and
a finance ministry regulation prohibit state banks from writing
off debts without permission from the Finance Minister.


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

ALL NIPPON: Moody's Review Ba3 Rating for Possible Upgrade
----------------------------------------------------------
Moody's Investors Service has placed the Ba3 senior unsecured
debt ratings of All Nippon Airways Company Limited under review
for possible upgrade.

The rating action reflects Moody's view that the stability of
ANA's profitability, as well as its financial structure, will
continue to improve over the medium term, due to the Company's
continuing cost reduction efforts.  In its review, Moody's will
analyze the Company's new business strategy, announced February
2006, and financial policy to strengthen its credit profile
going forward.

ANA recorded JPY78 billion of operating profit in fiscal 2004,
and projects JPY79 billion in fiscal 2005, due to reduced costs
and rationalized aircraft fleet management. Its achievements
come despite slow recovery in airline passenger flight demand,
which bottomed in fiscal 2003 (the period to March 2004), and
the ongoing high prices for aircraft fuel that have been a
substantial obstacle to airlines' profitability.

The enhancement of profitability led to ANA's total debt to
total capitalization ratio improving to 78.7% at end-September
2005 from 83.4% a year earlier.

In February 2006, ANA disclosed its new mid-term business
strategy, which calls for continued growth in revenue and
operating profit.  Revenue is to expand to JPY 1,550 billion in
fiscal 2009 from JPY 1,293 billion in fiscal 2004, and operating
profit to JPY 100 billion from JPY 78 billion over the same
period.

Earlier reports by the Troubled Company Reporter - Asia Pacific  
in January 2006 stated that All Nippon Airways will retire its
last Boeing 747SR-100 on March 10, 2006, in line with the
airline's fleet rationalization plan, concentrating on one
aircraft type in each of the large, medium and small categories.

Headquartered in Tokyo, Japan - All Nippon Airways Co. Ltd.
-- http://www.ana.co.jp/-- is now one of the 10 largest
airlines in the world, carrying with its sister companies almost
50 million passengers every year to 49 destinations in Japan,
and to 22 overseas cities in Asia, Europe and the United States.
As a member of Star Alliance, the world's foremost airline
alliance, ANA passengers enjoy access to a network of over 790
airport destinations in 138 countries, and reciprocal benefits
such as mileage accrual and redemption, and lounge access.  All
Nippon Airways announced its mid-term corporate plan for the
three fiscal years commencing from April 1, 2005, to March 31,
2008.  The new plan builds on the success of its predecessors,
in particular the FY2003-2005 Cost Reduction Plan, under which
annual cost savings of JPYY30 billion per annum were achieved
within the present fiscal year, 2004, one year earlier than
anticipated.  With the quick implementation of this plan and
other restructuring measures, ANA Group was able to resume
dividend payments at the end of the Fiscal 2003 for the first
time in 7 years and forecasts for the present fiscal year were
revised upwards yesterday in expectation of greater revenue and
profit.  These achievements come in spite of the continuing
difficult operating environment exacerbated by high crude oil
prices.  ANA Group has been able to maintain profitable
operations within these volatile market conditions, and at the
end of the fiscal 2005, it expects to announce its first profits
on international operations in the 18 years since their
inception.


DAIEI INCORPORATED: To Sell Panchinko Unit
------------------------------------------
Daiei Incorporated intends to sell its pinball game operator
Pandora Incorporated for an undisclosed sum on February 28,
2007, as part of its restructuring exercise, Japan Today
relates.  The state-owned Industrial Revitalization Corporation
of Japan will arrange the auction.

A Daiei official said that the Company's staff reduction plan
might not be enough to revive its finances in view of the
deteriorating performance of its core supermarket operations.

The Troubled Company Reporter - Asia Pacific reported on
February 23, 2006, that Daiei Incorporated plans to transfer 800
employees to food supermarkets in and out of the Daiei group by
March 1, 2006.

Headquartered in Hyogo, Tokyo, Daiei Incorporated  
-- http://www.daiei.co.jp/-- operates about 3,000 stores  
through its subsidiaries and franchisees.  Its retail businesses
include supermarkets, discount stores, department stores, and
specialty shops.  Other businesses include restaurants, hotels,
and real estate services.  Domestic sales make up more than 90%
of its revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with support from Industrial
Rehabilitation Corporation of Japan, has decided to close 54
stores nationwide, including subsidiaries, as part of its new
business reconstruction plan.  Of the 54 Daiei stores that have
been closed, only six were to be reopened by other tenants at
the end of January.


BANK OF IKEDA: Fitch Places 'D' Rating on Watch Positive
--------------------------------------------------------
Fitch Ratings has placed The Bank of Ikeda's Individual "D"
rating on rating Watch Positive, following the bank's
announcement that it would undertake a new issue of common
stock. Its Support rating was affirmed at "4".

Although the final amount of new capital will vary depending on
the prevailing market price of Bank of Ikeda's stock, Fitch
expects that the planned issue of new common equity will have a
strong positive impact on the bank's capitalization.  Bank of
Ikeda's Tier 1 capital ratio and total capital ratio stood at
6.2% and 9.9%, respectively on an unconsolidated basis at end-
September 2005.

Bank of Ikeda's Individual rating reflects Fitch's concern about
the bank's current level of capitalization and its asset
quality, while taking note of ongoing improvements.  The rating
also addresses the agency's concern over its potential market
risk.  The Support rating is based on Fitch's view that the bank
has limited probability of external support, when needed, though
Fitch believes the probability of support for the bank may be
higher in the short-term given the current stance of the
Japanese authorities.

Fitch expects to resolve the Positive Watch on the Individual
rating upon the successful completion of the new capital issues
in late-March, probably with a one-notch upgrade in the rating
to "C/D".

Headquartered in Osaka, Japan, The Bank of Ikeda
-- http://www.bank-ir.ne.jp-- serves customers throughout the  
Osaka prefecture and beyond through its more than 70 banking
offices.  The Bank of Ikeda offers a range of financial products
and services, including consumer and business banking, foreign
exchange, trade financing, securities, and insurance.  To help
combat abuse of ATM banking cards, The Bank of Ikeda is one of
the financial institutions in Japan pioneering use of biometric
security systems; the Bank of Ikeda's ATM security system
utilizes customers' palm-vein patterns to establish identity.  


JAPAN AIRLINES: Strengthens American Region Sales With New VP
-------------------------------------------------------------
Japan Airlines Corporation is further strengthening its American
Region sales efforts with the appointment of a travel industry
veteran.

JAL stated in a press release that Steve S. Smith joins the
airline in a newly established position of Vice President
Passenger Sales - The Americas, and will be responsible for
Asian-bound sales originating from North and South America.  Mr.
Smith will focus on working with top travel management companies
and corporations to expand and improve the carrier's share of
passenger revenue to Japan, China and throughout South East
Asia.

With a 25-year career in the industry, Mr. Smith offers
extensive experience in both sales and marketing.  Formerly with
Delta Air Lines, he has lead sales teams in several major United
States markets including Houston, Dallas/Ft. Worth and New York
City.  In 1997, Mr. Smith was promoted to Director of Sales for
Delta's international efforts and while based in the airline's
regional office in London, he oversaw staff in 40 countries
throughout Europe, the Middle East, Africa and India.  In 2001,
he was promoted to Delta's Atlanta Headquarters as Managing
Director of Worldwide Sales, where he was responsible for all
field sales efforts.  In 2003, he assumed responsibility for all
corporate revenues produced worldwide.

John P. McGhee, having played a crucial role for Japan Airlines
over the last nine years in the area of corporate sales, will be
taking a more defined position for the Company as Vice President
Global Accounts.  In his new responsibility, Mr. McGhee will be
more actively working with Senior Management in setting the
Company's course for new business development.

Mr. Kiyoto Morioka, Vice President Passenger Marketing - The
Americas and concurrently the department's head said, "Japan
Airlines is pleased that our sales structure, which was
solidified under the leadership of Mr. McGhee, will be further
enhanced with the addition of Mr. Smith. Mr. Smith brings with
him a vast knowledge of the industry and we're pleased to
welcome him to the JAL team."

"The department's restructuring also ensures that our region
will be ready to offer maximum benefits to our clients
immediately after becoming a oneworld member," added Mr.
Morioka.

As reported by the Troubled Company Reporter - Asia Pacific on
March 3, 2006, 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 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 this year.  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.  

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.  A Medium-
Term Business Plan for 2005-2007 was implemented to streamline
its corporate and organizational structure and workforce.  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.  


JAPAN AIRLINES: Business Plan Targets Turnaround
------------------------------------------------
Japan Airlines Corporation recently announced a medium-term
business plan for the five years to fiscal 2010, to restore
public trust in response to ongoing safety and financial
problems, Japan Times reports.

The business plan calls for closing unprofitable international
routes, streamlining business processes and ensuring greater
safety and more customer-oriented service.

JAL is aiming a JPY3-billion profit this fiscal year, to
complete its operating base restructuring in fiscal 2008 and to
log a consolidated operating profit margin of 5% or higher in
fiscal 2010.

For the business year ending March 31, 2006, JAL expects a
JPY47-billion loss on JPY2.195 trillion in sales.  In the
October to December quarter alone, the carrier lost JPY11
billion.  

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.  A Medium-
Term Business Plan for 2005-2007 was implemented to streamline
its corporate and organizational structure and workforce.  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.  


KOSAN SHINKIN: Fitch Places SFS Rating on Watch Negative
--------------------------------------------------------
Fitch Ratings has placed Kosan Shinkin's shinkin financial
strength rating of "One-star" on Rating Watch Negative.  Kosan's
chairman, three board members, including its chief director, and
one employee were arrested on March 2, 2006, on suspicion of the
illegitimate lending of JPY400 million.

This amount is equivalent to about one third of its pre-tax
profit posted for the last fiscal year ended March 2005.  Even
if the whole principal amount becomes loss, Fitch notes that the
impact on its financial standing would be limited.  However, the
agency is concerned over Kosan's poor risk management system and
corporate governance, as well as the reputation risk of this
event, all of which could lead to a serious outcome for Kosan.

Kosan Shinkin is headquartered in Tokyo.  It operates within
greater Tokyo with 26 branches and 385 employees.  It ranks 18th
among Tokyo's 25 shinkin in terms of total assets, which
amounted to JPY357 billion at end-March 2005.


SANYO ELECTRIC: JCR Affirms BBB+/J-2 on Bonds
---------------------------------------------
Japan Credit Rating Agency has removed the ratings on the bonds
and commercial-paper program of Sanyo Electronic Co. Ltd. from
the Credit Monitor and affirmed the BBB+ and J-2 ratings on
them, respectively.  It has also assigned a BBB+ rating to
senior debts of the issuer.

Issues        Amount   Issue Date      Due Date      Coupon
            (billion)

bonds no.8     Y20     05/20/1997     05/18/2007      3.10%
bonds no.9     Y30     05/20/1997     05/20/2009      3.35%
bonds no.14    Y30     08/08/2000     08/08/2007      1.82%
bonds no.15    Y30     05/22/2002     05/22/2007      0.78%
bonds no.16    Y20     05/22/2002     05/22/2009      1.25%
bonds no.17    Y20     06/17/2003     06/17/2010      0.53%
bonds no.18    Y10     06/17/2003     06/17/2013      0.82%
bonds no.19    Y30     08/26/2004     08/26/2011      1.52%
bonds no.20    Y30     08/26/2004     08/26/2014      2.02%

Japan Credit placed the ratings for Sanyo Electric under Credit
Monitor with a downgrade direction to examine carefully
feasibility of restructuring and capital enhancement measure.  

It affirmed the rating as BBB+ and J-2, removing them from
Credit Monitor on February 28, 2006, taking into account these
matters:

     * It is probable that the Company will be able to change
       business model drastically, growing out of something-for-
       everyone business style.

     * The earnings in and after fiscal year through March 31,
       2007 will improve as targeted numerically in accordance
       with mid-term management plan.

     * The financial structure will remain good thanks to issue
       of shares in private placement and cutback on the
       interest-bearing debt.

Although Japan Credit deems it necessary to continue to watch
carefully the going of restructuring measures, Japan Credit does
not believe that events exceeding significantly negative aspects
Japan Credit have factored in the rating to date will occur in
the future.

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.


SANYO ELECTRIC: MediaTek Files Patent Suit
------------------------------------------
MediaTek Incorporated filed a complaint on February 17, 2006, in
the United States District Court for the Eastern District of
Texas, against Sanyo Electric Co Ltd and Sanyo North America
Corporation, setting forth patent infringement claims, Bloomberg
News relates.

The claims relate to MediaTek's patents on a "Synchronized
Multiple Format Video Processing Method and Apparatus," a
"Video/Audio Signal Coding System and Method," and an "Audio
Decoder".

MediaTek seeks compensatory and treble damages, a permanent
injunction prohibiting further infringement, attorneys' fees,
costs, and prejudgment interest.

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, 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
audio visual products, home appliances, batteries, commercial-
use air-conditioning systems and semiconductors to the finance
business.  


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

KOREA EXCHANGE: Japanese Branches Punished for Illegal Acts
-----------------------------------------------------------
The Financial Services Agency ordered two Korea Exchange Bank
branches in Japan to suspend operations for three months from
March 10, 2006, to June 9, 2006, for their involvement in
illicit remittances, Kyodo News reports.

The state agency took the disciplinary action after discovering
that Korea Exchange's Tokyo and Osaka branches engaged in
illegal overseas money transfers with new corporate customers,
the report says.  The FSA raided the Bank's Tokyo and Osaka
headquarters in August to October 2005.

According to the FSA, the bank's Japanese branches undertook
remittances worth more than JPY10 billion on behalf of so-called
underground banks or unlicensed financial organizations from May
2001 to March 2005.

Kyodo News says that Korea Exchange admitted to negligence but
denied intentional violation of law.  Last year, the Japanese
police arrested people involved in the unlicensed scheme.  The
mastermind was also arrested by the South Korean law enforcement
authorities.

Aside from the three-month suspension, the FSA ordered the Korea
Exchange's Japanese branches to enhance compliance to prevent
any involvement with illicit money transactions and submit a
business improvement plan by April 3, 2006.

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
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.   
Moody's Investors Service has placed Korea Exchange Bank's D-
bank financial strength rating on review for possible upgrade.  


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

MENTIGA CORPORATION: SC Extends Implementation of Proposals
-----------------------------------------------------------
The Securities Commission has extended until August 31, 2006,
the time for Mentiga Corporation Berhad to implement:

   * its proposed revaluation of its property assets and those
     of its subsidiaries;

   * its proposed issue of new ordinary shares of MYR1.00 each
     as settlement of an amount it owes to shareholder Amanah
     Saham Pahang Berhad;

   * its proposed restricted issue of 20,000,000 redeemable
     convertible preference Mentiga shares of MYR1.00 each to
     ASPB; and
   
   * the proposed disposal by Selat Bersatu Sdn Bhd, a 56% owned
     Mentiga subsidiary, of 18,900 ordinary shares of
     IDR1,000,000 each in PT Rebinmas Jaya, representing its
     entire 90% equity interest in PTRJ, to Delloyd Plantation
     Sdn Bhd and Taipan Hectares Sdn Bhd, for a cash
     consideration of MYR61,200,000.

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.


METROPLEX BERHAD: Court Wants Report on Independent Expert
----------------------------------------------------------
The Kuala Lumpur High Court directs Metroplex Berhad and Morgan
Stanley Emerging Markets Incorporated to report to the Court on
the appointment of a third independent expert for determination
of foreign issues on March 23, 2006, pending finalization of the
list of names of experts on Singapore law that Metroplex is
prepared to accept.

The winding-up petition was presented at the Kuala Lumpur High
Court on November 2, 2004, and later served on Metroplex by
Messrs Shearn Delamore & Co., the solicitors for Morgan Stanley
Emerging Markets Incorporated.


MULPHA LAND: Awaits Bourse Decision on Upliftment from PN17
-----------------------------------------------------------
Bursa Malaysia Securities Berhad is still to grant Mulpha Land
Berhad's request to extend the time by which the Company must
achieve the level of business operations stipulated under
PN17/2005.  The Bourse has directed Mulpha Land to present
additional information to facilitate the processing of the
Extension Application.

On October 26, 2005, the Bourse denied the Company's application
to be taken from the PN17/2005 classification since the Company
has not achieved the level of business of operations as
stipulated under it.

Bursa Malaysia classifies a company under PN17/2005 based on
these criteria:

(a) deficit in the adjusted shareholders' equity of the listed
    issuer on a consolidated basis;

(b) receivers and managers have been appointed over the property
    of the listed issuer, or over the property of its major
    subsidiary or major associated company which property
    accounts for at least 70% of the total assets employed of
    the listed issuer on a consolidated basis;

(c) the auditors have expressed adverse or disclaimer opinion in
    respect of the listed issuer's going concern, in its latest
    audited accounts;

(d) the listed issuer has suspended or ceased;

    -- all of its business or its major business; or
  
    -- its entire or major operations, for any reasons
       whatsoever, including, amongst others, due to or as a
       result of:

       * the cancellation, loss or non-renewal of a license,              
         concession or such other rights necessary to conduct  
         its business activities;
  
       * the disposal of the listed issuer's business or
         major business; or

       * a court order or judgment obtained against the
         listed issuer prohibiting the listed issuer from
         conducting its major operations on grounds of
         infringement of copyright of products etc; or

       * the listed issuer has an insignificant business or               
         operations.

Headquartered in Kuala Lumpur, Malaysia, Mulpha Land Berhad,
formerly known as Mega Pascal Berhad, is engaged in the
production and sale of ready-mixed concrete.  Other activities
include property development, property development, quarry
operations, contractors and dealers of granite products and
rental of mixer trucks and investment holding. Operations are
carried out in Malaysia.


MYCOM BERHAD: Restructuring Implementation Far from Complete
------------------------------------------------------------
The implementation of the Restructuring Scheme of Mycom Berhad
still has no major development.

As reported in the Troubled Company Reporter - Asia Pacific on
February 1, 2006, Mycom sets out the proposed timeline to
complete the implementation of the Restructuring Scheme based on
the application submitted to the Securities Commission on
January 27, 2006.  

The Company was earlier given an extension of up to June 30,
2006, to implement its rehabilitation scheme.

      Major Outstanding    Proposed       Status of
      Events               Timeline       Implementation

  (i) Execution of
      trust deeds/deed
      poll and other
      creditors'
      agreements           March 2006      To be met

(ii) Execution of
      the Underwriting
      Agreement in
      connection with
      the Rights Issue
      with Warrants        March 2006       To be met

(iii) Books Closing
      Date for the
      Capital Reduction,
      Capital Consolidation
      and Rights Issue
      with Warrants          May 2006       To be met

(iv) Despatch of
     Abridged Prospectus,
     Rights Subscription
     Forms and Notice
     of Provisional
     Allotment              June 2006       To be met

(v) Listing of the
    new Mycom shares,
    warrants, Irredeemable
    Convertible Unsecured
    Loan Stocks, Redeemable
    Unsecured Loan Stocks
    and Irredeemable
    Convertible Bonds on
    the Bursa Malaysia
    Securities Berhad        June 2006      To be met

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and  
sells latex rubber thread, tape, plywood, laminated board and  
sawn timber, cultivates oil palm fruits, and develops
property.  The Company is also involved in hotel operation,
provision of  
management and financial services and investment holding.   
Operations of the Group are carried out in Malaysia and South  
Africa.  


PANGLOBAL BERHAD: Net Loss Hits MYR15,099,000 in 4Q/FY05
--------------------------------------------------------
Panglobal Berhad's unaudited fourth quarter financial statement
for the financial period ended December 31, 2005, has been
released to Bursa Malaysia Securities Berhad.

                 Summary of Key Financial Information
                         December 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

     71,356        82,442         291,930        269,791

(2) Profit/(loss) before tax

    -14,182         8,178         -90,412        -35,898

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

    -15,099         7,880         -92,113        -36,871

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

    -15,099         7,880         -92,113        -36,871

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

     -10.77          5.62          -65.73         -26.31

(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

      -2.2900                     -1.6300

Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all  
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.  The Group operates
predominantly in Malaysia.


PARK MAY: Returns to Profit in 4Q/FY05
--------------------------------------
Park May 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

     10,974        16,888          41,098         59,274

(2) Profit/(loss) before tax

      1,251          -567          -3,072         16,134

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

      1,617          -866          -2,884         15,998

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

      1,617          -866          -2,884         15,998

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

       2.20         -1.20           -3.80          21.30

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

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

      -0.6600                     -0.6200

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad --
http://www.parkmayberhad.com/-- provides public bus  
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.


POLYMATE HOLDINGS: Two Units to Wind Down Operations
----------------------------------------------------
Polymate Holdings Berhad is in the process of working out
possible plans to regularize its condition.   

Polymate informed Bursa Malaysia Securities Berhad that in
compliance with Paragraph 2.1(d) of PN17 and Paragraph
9.03(3)(a) of the Listing Requirements, two of its subsidiaries
-- ABI Malaysia Sdn Bhd and Polymate Packaging Sdn Bhd -- will
wind down their operations effective March 2006 due to lack of
working capital to sustain normal business operations.

Operations in both these subsidiaries will be revived when a
workable restructuring scheme is formalized with its lenders and
when fresh working capital can be injected into the operations.


SINORA INDUSTRIES: Issues Update to Proposed Logging
----------------------------------------------------
The Proposed Logging to be undertaken by Sinora Industries
Berhad as the Regularization Plan is now pending Serijaya
issuing and delivering the initial Bank Guarantee.

Serijaya and Rakyat Berjaya Sendirian Berhad had, on February
23, 2006, mutually agreed to extend the period for Serijaya to
issue and deliver the initial Bank Guarantee to Rakyat Berjaya
from 120 days to 210 days from the date of the Log Extraction
Contract.

Other than mentioned, there is no other development in respect
of the Regularization Plan.

The Proposed Logging is part of the Company's Regularization  
Plan as required under PN17 of the Bursa Securities Listing  
Requirements.  In accordance with PN17, Sinora is required to,  
among others, submit the Regularization Plan to the relevant  
authorities for approval, or where the relevant authorities'  
approval are not required, to obtain all other approvals  
necessary for the implementation of the Regularization Plan  
within eight months from the date of the First Announcement.

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries  
Berhad is engaged in the manufacturing and selling of plywood,  
sawn timber and moulded wood products.  It is also involved in  
investment holding and the provision of management services.   
The Group operates in Malaysia.   


TANCO HOLDINGS: Payment Default Status Still Unchanged
------------------------------------------------------
The status of default in payment of Tanco Holdings Berhad has
not been changed.  The Company has not made any payment to
interest and principal sums to Lenders.  Also, the Company's
proposed debt restructuring scheme does not have any major
development.

Tanco has filed with Bursa Malaysia Securities Berhad an
application for a further extension of time to enable the
Company to obtain all approvals necessary for the implementation
of its regularization plan.

The earlier extension of time granted by Bursa Securities via
its letter dated December 19, 2005 had expired on February 23,
2006.  The Company is still awaiting a reply from Bursa
Securities on its further application for a further extension of
time

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf  
and marina clubs and provides management services.  Other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  Operations of the Group are carried out in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.


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

AL-AMANAH BANK: Hunt for Financial Adviser Begins
-------------------------------------------------
The Philippine Government's Privatization and Management Office
has started looking for a financial adviser to manage the
privatization of state-owned Al-Amanah Islamic Investment Bank,
The Manila Times reports.

Different entities, including Islamic banks from Malaysia and
the Middle East, as well as the Islamic banking unit of Hong
Kong Shanghai Banking Corp, have already signified their
interest to acquire the Bank, the report says.

The potential bidders have been required to submit a letter of
intent by today, March 6, 2006, and accomplish eligibility
documents and shortlisting requirements by March 10, 2006.

Finance Undersecretary Gabriel Singson said that his office will
formally appoint a financial adviser in April, ahead of the
planned auction of Al-Amanah stocks in the third quarter of this
year.

Headquartered in Makati City, Philippines, Al-Amanah Islamic
Investment Bank of The Philippines --
http://www.islamicbank.com.ph-- was initially launched at the  
Cotobato City branch on February 11, 1991, corresponding to the
27th day of Rajab 1411.  Its projects involved working capital
requirements for trading, real estate development and
construction business.  Al Amanah's operations adhere to the
laws of the Koran, treating depositors and borrowers as partners
who do not earn or pay interest but share in the profit of
businesses where the bank's funds were used.  Al Amanah, which
is burdened by Php7 million in bad loans and Php32 million in
foreclosed assets, will be on the auction block without
undergoing rehabilitation.  The Land Bank of the Philippines was
supposed to rehabilitate Al-Amanah Bank and sell it to
interested buyers but backed out.  The planned sale was given a
seven-month timeframe, ending August 2006.  


CENTER RURAL BANK: PDIC Starts Servicing Depositor Claims
-----------------------------------------------------------
The Philippine Deposit Insurance Corporation has started
servicing depositors' claims for insured deposits in The Center
Rural Bank in Metro Manila last Friday.

The single-unit Center Rural Bank was ordered closed by the
Monetary Board on February 23, 2006, and was taken over by the
PDIC on the same day.  The bank has 3,824 accounts and an
estimated deposit liabilities of Php271.184 million

In a statement, PDIC advised depositors to proceed directly to
the premises of the rural bank at 10-B Jayson Bldg., National
Road in Muntinlupa City and present their evidence of deposits
such as savings passbooks or certificates of time deposits, and
two valid identification cards to representatives.

PDIC will service claims in the premises until March 24, 2006.

Contact: The Philippine Deposit Insurance Corporation
         PDIC Bldg., 2228 Chino Roces Avenue
         1231 Makati City, Philippines  
         Telephone: (632) 841-4000
         e-mail: info@pdic.gov.ph
         Web site: http://www.pdic.gov.ph/


LAFAYETTE MINING: Suffers AU$7.5-Mln Half-year Loss in 2005
-----------------------------------------------------------
Lafayette Mining reported a loss of AU$7.5 million for July 1 to
December 31, 2005, due mainly to its Rapu-Rapu mining woes.

Lafayette's operational focus for the half year to December 31,
2005, was the commissioning of its gold plant in the
Philippines.  The Rapu-Rapu operations poured its first gold
from the gold plant in July 2005, with the first shipment taking
place on August 31 2005.

As part of the transition from dedicated gold production to base
metals production, the gold plant ceased operations in late
October 2005.  On November 14, 2005, the Troubled Company
Reporter - Asia Pacific reported that the Company announced it
had suspended all processing activities while investigations
took place into two discharges of wastewater in October and
November.

The first incident occurred within the gold plant on October 11,
2005, and the second within the tailings system (as per design
parameters) on November 1, 2005, following a sustained period of
torrential rain.

Late in the half year and with its operations voluntarily
suspended, Lafayette was informed by the Philippine Government
that operations should remain suspended while investigations
into the two discharges were completed, and a series of
conditions met before resuming commissioning and production.

Mining activities continued during this period to ensure an
adequate stockpile of base metals ore in preparation for the
resumption of operations and also to provide material for
continued construction of the tailings storage facility.

Lafayette has worked closely with the Government authorities and
the local communities to investigate both events, remediate any
adverse impacts and ensure there would be no re-occurrence.

The Company has worked diligently to conform with the Philippine
Government's list of conditions.  An independent audit
committee, set up by the government, confirmed on December 28,
2005, that the Rapu Rapu operations had met these conditions.  
Lafayette continues to seek Government approval to return to
plant commissioning and base metals production.

The Company expects to return to commissioning of the base
metals plant within March 2006, and to deliver initial base
metals production.  These delays in base metals and gold
production have resulted in deferred revenue, requiring
alternative funding initiatives to continue mining and other
preparatory activities.  

Whilst the Company is frustrated by delays in returning to the
commissioning process, it remains confident of delivering
production into the current climate for buoyant commodity
prices.

Lafayette's Half-year Report, for the period ended December 31,
2005, is available for free at:

  http://bankrupt.com/misc/tcrap_lafayettemining022806.pdf  

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.  


NATIONAL BANK: Assistant Corporate Secretary Steps Down
-------------------------------------------------------
The Board of Directors of the Philippine National Bank approved
and confirmed the resignation of PNB's Vice-President for
Finance and Assistant Corporate Secretary, Antero Jose M.
Caganda, effective February 25, 2006.

In view of this, Edgardo V. Satur was designated as Assistant
Corporate Secretary.

                           About PNB

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

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


NATIONAL POWER: Marubeni Keen on Three Geothermal Plants
--------------------------------------------------------
The Philippine unit of Japan's Marubeni Corporation is
interested in three of National Power Corporation's geothermal
assets, The Philippine Star reveals.

Marubeni Philippines Corporation plans to form a consortium to
bid for the combined 275-megawatt Tiwi geothermal power plant
and 425.73-MW Makban in Laguna, 112.5-MW Palinpinon in Negros
Oriental and the 112.5-MW Tongonan in Leyte.

According to The Star, Marubeni has already formed a joint
venture with the Lopez-owned First Generation Corporation to
participate in the bidding for the Napocor assets.  However, the
Company admitted it needs more partners to meet the huge capital
requirement for the possible purchases.

The Company also admitted that it is also planning to for
Napocor's Calaca coal-fired power plant.

The Power Sector Assets and Liabilities Management Corp, the
government entity tasked to privatize Napocor assets, already
indicated that the asset already received 15 interests from
different groups.  They include Trans-Asia Oil and Energy
Development Corporation, the Ayalas and the Korea Power Co.

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.

                         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: PSALM to Bid Out Calaca Sans Meralco Contract
-------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
is preparing to put National Power Corporation's Calaca power
plant on the auction block by end of March even without a
transition supply contract with Manila Electric Company,
BusinessWorld reports.

PSALM told BusinessWorld that it will find other distribution
utilities that are willing to sign a transition supply deal with
state-owned Napocor.

A power supply deal between Napocor and Meralco, which accounts
for 70% of consumers in the Luzon grid, would have kick-started
the privatization of the 600-megawatt coal-fired facility.
However, both parties have repeatedly failed to strike a deal
and now have until March 21, 2006, to do so.

A transition supply deal is mandated under the Electric Power
Industry Reform Act, while the government sells Napocor's
generating assets.  This will ensure that the incoming private
investor will have a ready market upon takeover of the assets.

The Troubled Company Reporter - Asia Pacific reported on
January 12, 2006, that the bilateral power supply contract
between the Napocor and Meralco ended in December 2004.  But on
January 4, 2005, the Energy Regulatory Commission mandated the
two firms to continue talks pending the consummation of a
transition supply contract to avoid power outages in Meralco's
franchise area.

The Energy Commission, as reported, acknowledged that it cannot
force Meralco and Napocor into signing the deal.  The regulator
can only make sure there is normal delivery of power to
consumers.

                         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: ADB Allows Transfer of Assets and Debts
-------------------------------------------------------
The Asian Development Bank on Friday agreed to let National
Power Corporation transfer all its assets and debts, a move that
will expedite the power firm's privatization, Dow Jones reports.

ADB is the first major Napocor creditor that approved the
transfer, and other big creditors are expected to follow suit.

According to Dow Jones, Napocor owes around US$7 billion to the
ADB, the World Bank, the Japan Bank for International
Cooperation, and a number of commercial banks and bond holders.
It owes the ADB and the World Bank around US$500 million each
and more than US$1 billion to JBIC. It also owes bond holders
around US$2 billion.

The Power Sector Assets and Liabilities Management Corporation,
which was created by the Government to oversee Napocor's
privatization, is optimistic the state power firm will be able
to transfer all its assets and liabilities within the year.

                         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.


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

CHINA AVIATION: Directors Fined for Failing to Disclose Losses
--------------------------------------------------------------
Three non-executive directors of ailing jet fuel trader China
Aviation Oil (Singapore) Corporation Limited were fined for
failing to disclose the Company's losses in 2004, Channel News
Asia reports.

A Singapore court fined CAO's non-executive chairman Jia
Chiangbin and non-executive directors Li Yongji and Gu Yanfei
SGD150,000 each on charges of non-disclosure of assets.  Mr. Jia
was also fined the maximum penalty of SGD250,000 for insider
trading.  

The three executives appeared in 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 Court handed
over stiff fines in lieu of a jail sentence, but if they fail to
pay the fines, they could be imprisoned for up to 12 months. Mr.
Jia also faces an 18-month imprisonment term if he fails to pay
the additional SGD250,000 fine, Channel NewsAsia relates.

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.

Singapore's Commercial Affairs Department investigated China
Aviation in December 2004 after it was discovered that the
Company had lost up to SGD896.07 million in fuel derivatives
trading, which was not immediately reported to the Singapore
Exchange.  China Aviation avoided bankruptcy when creditors
agreed to write down some of its debt in June 2005, and BP Plc,
Europe's biggest oil company, agreed to take a stake in the
company.


HESHE HOLDINGS: Repays Debt to Indonesian Firm
----------------------------------------------
On July 21, 2003, PT Bank Maybank Indocorp obtained a Singapore
court judgment against Heshe Holdings Limited in relation to a
corporate guarantee granted by the Company to secure its debts
to PT Maybank.  As of that date, Heshe Holdings owed a total
amount of SGD1.67 million to PT Maybank.

This is for a corporate guarantee Heshe gave in 1996 to secure
credit facilities for a former subsidiary, PT Heshe Indonesia.
In 2003, the latter carried out a restructuring of its bank
borrowings with other financial institutions to repay this debt
and discharge Heshe's obligation to PT Bank Maybank.  However,
the restructuring failed and obliged Heshe to repay the judgment
sum.  Heshe immediately took steps to raise cash by divesting
non-core assets.

On March 2, 2006, Heshe Holdings' debts under the corporate
guarantee, and the judgment against the Company, were fully
discharged.  Heshe Holdings paid an aggregate sum of SGD1.69
million and SGD202,429 to PT Maybank, which had waived part of
the contractual interest, all default interest and penalties
payable under the guarantee as a matter of goodwill.

Heshe Holdings Limited started out in 1971 as a retail
partnership selling ready-to-wear shirts.  Its name was changed
to Heshe Holdings Limited in 1975, when it took on the role of
an investment holding company.  Subsequently, the Group expanded
its business to include manufacturing and a distribution network
of retail shops selling its own in-house brands, primarily the
Lea brandname as well as those of local designers and labels.


HILTON TRADING: Creditors' Claims Due on March 24
-------------------------------------------------
Creditors of Hilton Trading Pte Limited are required to submit
their formal proofs of claim to Company liquidators Chee Yoh
Chaung and Lim Lee Meng by March 24, 2006.

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

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


MAGNUS ENERGY: SGX-ST Seeks Comparison of Equity Changes
--------------------------------------------------------
On February 14, 2006, Troubled Company Reporter - Asia Pacific
reported that Magnus Energy Limited's losses fell by 91.8% for
the first six months of 2005.

The Company's net loss for the six months ended December 31,
3005, amounted to SGD633,000, whereas it suffered a SGD7.76
million net loss for the same period in 2004.

On March 1, 2006, the Singapore Exchange Securities Trading
Limited asked Magnus Energy for a more comparable statement of
changes of equity relating to its half-year financial statement
and dividend announcement.

The Company's statement of changes in equity can be viewed for
free at:

   http://bankrupt.com/misc/tcrap_magnusenergy030306.pdf

Magnus Energy's 2005 half-year financial results is available
for free at:

   http://bankrupt.com/misc/tcrap_magnusenergy021306.pdf

Incorporated in 1983, Magnus Energy Group Limited --  
http://www.magnus.com.sg/-- began  as a sub-contractor    
undertaking electrical installations, and later built an
established track record as a provider of quality and reliable
mechanical and electrical engineering services.  With the stiff
operating conditions and cyclical nature of the construction
business, the Company decided in 2003 to shift its business
focus, and acquired a 54.35% controlling stake in Mid-Continent
Equipment Group Pte Limited.  This has enabled the group to
establish new business opportunities in the oil and gas as well
as alternative energies industries in new global markets.  
Magnus Energy has been posting consecutive losses since 2004,
when it reported a net loss of SGD995,000.


MAGNUS ENERGY: Sells Shares in Unit for SGD260,000
--------------------------------------------------
On March 1, 2006, Magnus Energy Group Limited entered into a
novation agreement with Goh Peng Tee to dispose of its entire
75% interest in Development Bank of Strike for SGD260,000.

Magnus Energy is selling off its subsidiary becuase it wants to
deviersify with a broad-based focus on the energy sector.  The
Company also considered that Development Bank of Strike has
under-performed since it began its operations in December 2002.

The Company's statement on the disposal is available for free
at:

   http://bankrupt.com/misc/tcrap_magnusenergy2030306.pdf

Incorporated in 1983, Magnus Energy Group Limited --  
http://www.magnus.com.sg/-- began  as a sub-contractor    
undertaking electrical installations, and later built an
established track record as a provider of quality and reliable
mechanical and electrical engineering services.  With the stiff
operating conditions and cyclical nature of the construction
business, the Company decided in 2003 to shift its business
focus, and acquired a 54.35% controlling stake in Mid-Continent
Equipment Group Pte Limited.  This has enabled the group to
establish new business opportunities in the oil and gas as well
as alternative energies industries in new global markets.  
Magnus Energy has been posting consecutive losses since 2004,
when it reported a net loss of SGD995,000.


SS PTE: Prepares to Distribute Dividend
---------------------------------------
SS Pte Limited (formally known as Intentia Singapore Pte
Limited) will distribute a dividend to its creditors.

Creditors of the Company must submit their formal proofs of
claim to liquidators Chia Soo Hien and Ng Geok Mui by March 24,
2006.  Failure to comply will exclude creditors from the benefit
of the dividend.

Contact: Chia Soo Hien
         Ng Geok Mui
         Liquidators
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


STARTECH ELECTRONICS: Posts Slight Rise in Net Loss
---------------------------------------------------
Startech Electronics Limited posted a net loss of SGD2.3 million
for the period ended December 31, 2005, whereas its net loss for
the same period in 2004 was SGD1.01 million.  However, the
Company earned a profit of SGD2.3 million from the liquidation
of its two subsidiaries, Startech Manufacturing Pte limited and
Startech Power Pte Limited.

Startech Electronics' 2005 financial results is available for
free at:

   http://bankrupt.com/misc/tcrap_startechelectronics030306.pdf

Startech Electronics Limited -- http://www.startechgrp.com/--  
was incorporated as a private company limited by shares on
October 12, 1999, under the name PV Startech Holdings Pte
Limited.  It changed its name to Startech Electronics Limited on
February 5, 2001, when it became a public limited company.  
Startech Electronics provides electronics manufacturing
services, supplemented by the distribution business and
switchgear design and assembly business which diversifies the
Group's earnings base.

Despite posting a SGD17 million net loss in 2003, the Company
began restructuring its outstanding loans through a scheme of
arrangement with creditors, who had written off part of its
debt, as well as transforming its core business and a
restructuring of its various operations outside Singapore.


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

ADVANCE PAINT: Incurs THB43,823,000 Net Loss in FY05
----------------------------------------------------
Advance Paint & Chemical (Thailand) Public Company Limited has
submitted a summary of its audited 2005 financial statement to
the Stock Exchange of Thailand, and disclosed a THB43,823,000
net loss for the year.
                                        
                        Audited (In thousands)
                          Ending December 31
    
                     For year           For Year                       
                       2005               2004

Net profit (loss)    (43,823)           (32,975)

EPS (baht)            (0.20)             (0.15)

The Company has already reported and disseminated its financial
statements in full via the Stock Exchange's Electronic Listed
Company Information Disclosure (ELCID), and has also submitted
the original report to the Securities and Exchange Commission.

Headquartered in Bangkok, Thailand, Advance Paint & Chemical
Public Co., Ltd is a Thailand-based manufacturing company.  The
Company is engaged in the production and distribution of paints
and related chemical products.  Its paint products are marketed
under the Seven Stars, New Confident and Climate Guard brand
names.  The Company has one sales office in Bangkok and one
plant in Ayutthaya.  Advance Paint is currently undergoing
business rehabilitation.  Its securities are listed under the
Rehabco Sector of the Stock Exchange of Thailand.


THAI DENMARK: Net Loss Balloons to THB381,408,000 in FY05
---------------------------------------------------------
The audited 2005 financial statement of Thai-Denmark Swine
Breeder Public Company Limited has been released to the Stock
Exchange of Thailand.

                    Summary of audited financial statement
                               (In thousands)
                            Ending December 31,
                          2005               2004

Net profit (loss)      (381,408)           (52,625)

EPS (baht)              (25.43)             (3.51)

The Company has already reported and disseminated its financial
statements in full via the SET Electronic Listed Company
Information Disclosure (ELCID), and has also submitted the
original report to the Securities and Exchange Commission.

Headquartered in Bangkok, Thailand, Thai-Denmark Swine Breeder
Public Company Limited -- is engaged in swine breeding, raising
piglets and porkers for sale to farmers and the slaughter house.  
The Company also engaged in the production of animal feeds.
The securities of the Company are placed under the Rehabco
Sector of the Stock Exchange of Thailand.  Companies under this
sector currently undergo business rehabilitation.


THAI HEAT: Books THB17,284,000 Net Profit in FY05
-------------------------------------------------
Thai Heat Exchange Public Company Limited's audited yearly
financial statement has been released to the Stock Exchange of
Thailand.

                     Audited Yearly F/S and Consolidated
                               (In thousands)
                              Ending March 31

                        For year           For year
                          2005               2004

Net profit (loss)        17,284              4,802

EPS (baht)              0.20000            0.15000

The Company has already reported and disseminated its financial
statements in full via the SET Electronic Listed Company
Information Disclosure (ELCID), and has also submitted the
original report to the Securities and Exchange Commission.

Headquartered in Bangkok, Thailand, Thai Heat Exchange Public
Company Limited -- http://www.thaiheat.com/-- has been  
manufacturing quality condenser coils, evaporator coils for
automobile and room air-conditioners and other application such
as slab coils, cooler coils, heater coils, refrigeration coils ,
box air-conditioners, and cater to the various sectors of its
large clientele.  Thai Heat is currently undergoing business
rehabilitation.  Its securities are placed under the Rehabco
Sector of the Stock Exchange of Thailand.



                            *********


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

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

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

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

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

                 *** End of Transmission ***