TCRAP_Public/060307.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

             Tuesday, March 7, 2006, Vol. 9, No. 047


                            Headlines

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

ADVANCE MOVERS: Court Sets Liquidation Hearing on March 27
AGENIX LIMITED: Discloses AU$5.9 Million Half-Year Net Loss
ARISTOCRAT LEISURE: Buys Nearly 10% Stake in PokerTek
ARISTOCRAT LEISURE: 2005 Net Profit Ups 71.8%
AUCKLAND ABRASIVE: Court to Hear Liquidation Petition on April 6

AUSTIN GROUP: Net Profits Slump by 48.3%
AUSTIN GROUP: Positive About Better Performance in Summer Season
BARLOW & HALL: To Undergo Liquidation Proceedings
BRICAN HOLDINGS: Court Winds Up Firm
BUDBIND PTY: Inability to Pay Debts Leads to Wind-up

CARTER HOLT: Cuts 120 IT-Related Jobs
CARTER HOLT: Mediation to Resolve Marsden Labor Dispute
CLELAND CONTRACTORS: Undertakes Liquidation
COORONG INVESTMENTS: Liquidator to Distribute Assets
CPIC.COM.AU PTY: To Declare Dividend Today

DAVID KIDD: Members & Creditors to Review Wind-up Report
DS HUGHES: Members Agree to Shut Down Operations
EMPLOYEMENT NOMINEES: To Distribute Final Dividend
FELTEX CARPETS: Suffers From Lower Profit Margins
FINESSE QUEENSTOWN: Commences Liquidation of Assets

FORTESCUE METALS: ASIC Action Jeopardizes Share Issue
FU-2 & ASSOCIATES: Nicholas Crouch Appointed Liquidator  
HALTULI PTY: Receiver Steps Down
ILMALYN PTY: Prepares to Close Shop
INSAWAY SECURITIES: To Hold Final Meeting Today

J AND JC CHRISTIE: Picks Feilding Liquidators
LINDEN ESTATE: Creditors Should Prove Claims by March 20
LINGFORD AUSTRALIA: Members Agree on Liquidation
MYER LIMITED: Gets Ready to Decide on Myer Sale in Two Weeks
NGATIWAI RURAL: Court to Hear Liquidation Petition on March 13

PLANET TOYS: Placed Under Voluntary Liquidation
PORTER CONTINENTAL: Receivers Resign  
QUADRAN ENTERPRISES: Winds Up Operations
RAPID JOINTING: To Declare Dividend Today
ROSENDALE PTY: Members to Receive Wind-up Details

SANDS INVESTMENTS: Members Opt to Wind Up Firm
SATELLITE MEDIA: Enters Voluntary Liquidation
SOUTHERN LAKES: Winds Up Operations
TELSTRA CORPORATION: Optus Says Telstra Deceived Parliament
UMENL CONTRACTING: Court to Hear Petition on March 16

WOOTTON TRANSPORT: Liquidator to Explain Wind-up Report


C H I N A   &   H O N G  K O N G

DA DA REVERSE: Wind-up Proceedings Initiated
FINESTYLE MARITIME: Creditors' Claims Due on April 3
GOLD PLEASURE: Wind-up Hearing Slated for March 22
HONG KONG ASSOCIATION: Enters Voluntary Liquidation
JIN HUI: Begins Wind-up Process

KINYET DEVELOPMENT: Court to Hear Wind-up Petition on May 3
KAM BAO: Court Enters Wind-Up Order
KINGBO HOLDINGS: Commences Winding Up Process
LOVETTE LIMITED: Bank Wants Company Wound Up
RIGHT ACTION: Bank of China Files Wind-Up Petition

SGIS SONGSHAN: Xinhua Far East Downgrades Rating to BB-
SMART WIN: Wind-up Hearing Slated for April 12
SUNVILLE INVESTMENT: Wind-up Hearing Slated for March 22
TOPVILLE INDUSTRIAL: Court to Hear Wind-Up Petition on March 22
WINNDER DECORATION: Wind Up Process Begins


I N D I A

BHARAT PETROLEUM: Sees INR4,000-crore Losses for Cheap Fuel Sale
BPL LIMITED: To Consider Capital Hike and Shares Issuance
COAL INDIA: State Power Firm Eyes Joint Venture
INDUSTRIAL DEVELOPMENT: Inks MoU with Fortis Insurance


I N D O N E S I A

BANK MANDIRI: Pefindo Assigns 'idA+' Rating
BANK MANDIRI: Books US$200.3-Mln Profit in 2005


J A P A N

DAIEI INCORPORATED: Expects to Post Huge Net Loss
JAPAN AIRLINES: Moody's Affirms Ba3 Rating
JAPAN AIRLINES: Under Pressure to Clear Earnings Target
LIVEDOOR CO.: Shady Deals Earned JPY8-Bln Profit
LIVEDOOR CO.: Shareholders Convene to File Suit and Seek Damages


K O R E A

DAEWOO ENGINEERING: Bidders Pair With Banks to Fund Purchase
DAEWOO SHIPBUILDING: Wins US$467 Mln Drill Ship Order
KOREA EXCHANGE: BAI to Investigate 2003 Lone Star Sale
KOREA EXCHANGE: Commerzbank AG Reduces Stake to 6.5%


M A L A Y S I A

ANTAH HOLDING: To Submit Proposed Rehab Scheme for Approval
ASIA COMPANY: Completes Wind-up Process
CHASE PERDANA: Court Dismisses Application to Stay Execution
HOCK SIN: To Convene 31st AGM on March 30
LINEAR COOLING: Court Shelves Wind-up Case

PAN MALAYSIA: Placed Under PN17 Category
PAN MALAYSIA: Share Reduction Exercise Kicks Off
PEMBINAAN LIMBONGAN: Reprimanded for Breach of Bourse's Rules
PROTON HOLDINGS: Completes Disposal of MV Agusta Shares
SBBS CONSORTIUM: Bid to Extend Stay Order Withdrawn

TELEKOM MALAYSIA: Celcom Receives Summons from MCAT-Gen
VTI VINTAGE: Net Loss Rises in Q4/FY05
WEMBLEY INDUSTRIES: Suffers Hefty Net Loss in Q4/FY05


P H I L I P P I N E S

ATLAS CONSOLIDATED: To Raise Funds by Listing Unit's Shares
LMG CHEMICALS: Lack of Raw Materials Prompts Continued Shutdown
METROPOLITAN BANK: Capital Securities Get CCC+ Rating
VICTORIAS MILLING: Restructuring Plan Going Smoothly


S I N G A P O R E

ASTERIX CHEMICALS: Court Brings Out Wind-Up Order
CHINA AVIATION: Restructuring Plan Get Shareholders' Nod
CITIRAYA INDUSTRIES: Creditors Meeting Slated for March 27
DCS SOLUTIONS: Court Winds Up Operations
DIANOSTIC X-RAY: Liquidators Appointed to Wind Up Business

GREATRONIC LIMITED: Net Loss Up 13.1% in FY05
INTERIOR ALLIANCE: Set to Pay Dividend
KHIM MEDICARE: Winds-Up Operations
LOGISTICS TRAINING: Placed Under Member's Voluntary Winding-Up
SEATOWN CORPORATION: Operating as Going Concern


T H A I L A N D

PICNIC CORPORATION: Exchange Lifts Notice Pending Sign
TANAYONG: Bankruptcy Court to Decide on Revised Plan
THAI HEAT: Bourse Allows Trading of Securities
BOND PRICING: For the Week 6 March to 10 March 2006

     - - - - - - - -

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

ADVANCE MOVERS: Court Sets Liquidation Hearing on March 27
----------------------------------------------------------
Truckcentre Canterbury Limited's petition to put Advance Movers
Limited into liquidation will be heard on March 27, 2006, by  
the High Court of Christchurch.

Contact: White Fox and Jones
         Solicitors for the Plaintiff
         T. W. Evatt
         Level Six, ABN AMRO Craig House,
         90 Armagh Street
         P.O. Box 1353, Christchurch,
         New Zealand
         Telephone: (03) 353 0650
         Facsimile: (03) 353 0651


AGENIX LIMITED: Discloses AU$5.9 Million Half-Year Net Loss
-----------------------------------------------------------
Agenix Limited suffered a net loss of AU$5.9 million for the
half year ending December 31, 2005, Agenix Chief Executive
Officer Neil Leggett revealed in an investor update released on
March 1, 2005.

The net loss is an improvement of around AU$899,000, or about
13%, over the AU$6.8 million net loss recorded in the same
period in 2004.

Sales for Agen Biomedical, however, were down by 8.5%, from
AU$7.6 million in the half year period ended December 31, 2004,
to AU$6.9 million in the same period in 2005.  Overall sales was
also down from AU$13.4 million to this year's AU$7.1 million,
owing to the February 2005 sale of non-core business Milton
Pharmaceuticals.

Agenix Limited -- http://www.agenix.com/-- is a global health  
and biotechnology Company based in Brisbane, Australia.  The
Company runs a suite of established businesses in human and
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program.  Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada.  ThromboView uses radio-labelled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market.  ThromboView is being developed with the assistance of
the Federal Government through its START scheme.  Agenix employs
110 staff and sells its products to more than 50 countries.
ThromboView is a registered trademark of AGEN Biomedical.

Coming from a AU$161,000 net profit in 2002, Agenix ended 2003
with a AU$811,000 net loss, owing to huge R&D expense on
Thromboview.  By August 2004, the Company had announced a
AU$14.3 million loss for the six months ending June 30, 2004,
largely due to increased investments and one-off items including
legal fees associated with the Synbiotics patent case which was
resolved earlier, costs associated with the terminated Peptech
merger, additional licenses, improvements made to manufacturing
and regulatory infrastructure and losses associated with Milton
Pharmaceuticals.  Milton was sold in February 2005, but the
Company still suffers from continued losses.  In the Company's
report on its financials for the period ending June 30, 2005,
net loss was pegged at AU$12 million.


ARISTOCRAT LEISURE: Buys Nearly 10% Stake in PokerTek
-----------------------------------------------------
Aristocrat Leisure Limited has acquired an almost 10% stake in
PokerTek Inc., for US$8.6 million, AFX News reports.  PokerTek
is a Charlotte, North Carolina-based company.

In addition, Aristocrat also signed a 10-year distribution
agreement with PokerTek, which agreement permits Aristocrat to
place PokerTek's interactive, electronic PokerPro table systems
in casinos across the globe.

Aristocrat's managing director and chief executive officer, Paul
Oneile, explained that the arrangement with PokerTek was part of
the Company's efforts to broaden its product base.  He said that
the Agreement allows Aristocrat to offer a cutting-edge poker
table system to its customers around the world and capitalize on
the incredible popularity of poker.

PokerTek listed on the NASDAQ national market in 2005 to develop
and market an electronic poker table designed to provide a fully
automated poker room environment.

Headquartered in New South Wales, Australia, Aristocrat Leisure
Limited -- http://www.aristocratgaming.com/-- is mainly  
involved in the design, development, manufacture and marketing
of gaming machines, software, systems and other related
equipment and services.  The Group also provides consulting
services such as venue analysis, commercialized project
management, specialized gaming training and Aristocrat gaming
analysis.  The Group operates in Australia, North America, South
America, Japan, New Zealand, Europe, and in the Asia Pacific
region.  Aristocrat is plagued by a group action launched by
legal firm Maurice Blackburn Cashman and litigation company IMF
Australia Limited over the timing of a profit warning back in
November 2003.  The lawsuit alleges that the Company misled
shareholders by not keeping them fully informed before
disclosing earnings downgrades that wiped US$1.5 billion (AU$2
billion) from the Company's value in 2003.  The lawsuit claims
damages of US$86.37 million (AU$115 million) for losses when
shareholders sold their stock.


ARISTOCRAT LEISURE: 2005 Net Profit Ups 71.8%
---------------------------------------------
Aristocrat Leisure Limited posted a net profit increase of 71.8%
to AU$244.3 million for the full year ending December 31, 2005,
compared with a net profit of AU$142.2 million in 2004.

The result was within the Company's guidance, given in August
2005, of between AU$225 million and AU$240 million.  Aristocrat
also announced a final dividend of AU$0.20 a share, fully
franked.  The total dividend for 2005 is AU$0.30 a share.

Revenue rose 15.3% to AU$1.32 billion in 2005 from AU$1.142
billion a year earlier.

Moreover, sales in North America rose 35.5% to AU$498.9 million,
while profit in that segment increased 78.2% to AU$182.3
million.  Japanese sales rose 11% to AU$373.7 million and profit
increased by 15.9% to AU$88.0 million.

Aristocrat Chief Executive Officer Paul Oniele said that the
Company's record result and strong revenue growth was driven by
an increased demand for Aristocrat's products across all of its
geographic segments.

Headquartered in New South Wales, Australia, Aristocrat Leisure
Limited -- http://www.aristocratgaming.com/-- is mainly  
involved  in the design, development, manufacture and marketing
of gaming machines, software, systems and other related
equipment and services.  The Group also provides consulting
services such as venue analysis, commercialized project
management, specialized gaming training and Aristocrat gaming
analysis.  The Group operates in Australia, North America, South
America, Japan, New Zealand, Europe, and in the Asia Pacific
region.  The Company is plagued by a group action over the
timing of a profit warning back in November 2003 launched by
legal firm Maurice Blackburn Cashman and litigation company IMF
Australia Limited.  The lawsuit alleges that the Company misled
shareholders by not keeping them fully informed before
disclosing earnings downgrades that wiped US$1.5 billion (AU$2
billion) from the Company's value in 2003.  The lawsuit claims
damages of US$86.37 million (AU$115 million) for losses when
shareholders sold their stock.


AUCKLAND ABRASIVE: Court to Hear Liquidation Petition on April 6
----------------------------------------------------------------
The Commissioner of Inland Revenue filed a petition to liquidate
Auckland Abrasive Blasting & Coatings Limited with the High
Court at Auckland.

The hearing on the Petition will be held on April 6, 2006.

Any person, other than the defendant-company, who wishes to
appear on the Hearing is required to file an appearance not
later than the second working day before April 6.

Contact: Jonathan Ridling
         Solicitor for the Commissioner of Inland Revenue
         Auckland Service Centre
         17 Putney Way,
         (P.O. Box 76-198) Manukau City,
         New Zealand
         Telephone: (09) 262 9227)


AUSTIN GROUP: Net Profits Slump by 48.3%
----------------------------------------
Clothing wholesaler Austin Group recorded a 48.3% decline in net
profit to AU$1.5 million for the half year ending December 31,
2005.

Net sales for the period fell 13% to AU$29.2 million from
AU$33.7 million in 2004.

Austin shares also fell 1.5 cents to 54.5 cents.

The Group blames the decline in figures on the discounting by
the major retailers and high fuel prices during the period.

The result was in line with the Company's earlier earnings
downgrade.  In January 2006, the Troubled Company Reporter -
Asia Pacific reported that the Group's dismal November and
December sales forced it to issue an earnings downgrade for the
first half of 2005/06.

Austin Chief Executive Officer Brendan Santamaria also blamed
the weak forecast on the disappointing performance of the
menswear division, which struggled with a AU$1.2 million decline
in earnings.

Austin Group -- http://www.austingroup.com.au/-- was founded in  
1982 as a designer, importer and wholesaler of apparel.  
Throughout the 1990s, the Group acquired other businesses, which
resulted in high debt.  It was publicly listed in 1993, at which
time the Company was in a middle of a troubled acquisition and
expansion program into home wares.  By 1999, Austin bailed out
of its other businesses to focus on traditional and profitable
core business units.  It sold its non-core businesses to repay
bank debts.  The Company continues to be saddled by weak sales,
and diminishing profits.


AUSTIN GROUP: Positive About Better Performance in Summer Season
----------------------------------------------------------------
Austin Group is bent on a turnaround after a disastrous profit
slump in the half-year period ended December 31, 2005.  The
Company is optimistic about producing strong sales and earnings
growth during the summer season.

Austin said that its management is forecasting better
performance for the summer 2006 season, although margins are
expected to decline due to the change in business mix and
continued margin pressure in the independent retail market.

The Age relates that Austin's management had presented a two-
year strategic business plan to the board of directors.  The
Business Plan outlined increased sales in the independent market
and meaningful supply to the major retailers.

Earlier in January 2006, the Company has appointed a general
manager with 25 years' industry experience for its struggling
menswear segment.  As such, the menswear division is currently
under a complete review.

The Troubled Company Reporter - Asia Pacific reported on Jan. 6,
2006, that the Austin Group is considering a company
restructuring, in a bid to strengthen its dwindling operations.  
The restructuring would include streamlining and strengthening
its existing operations, and adding more labels into its line.

The Group had ruled out cutting labels or a sale of the company.

Austin Group -- http://www.austingroup.com.au/-- was founded in  
1982 as a designer, importer and wholesaler of apparel.  
Throughout the 1990s the Group acquired other businesses which
resulted in high debt. It was publicly listed in 1993, at which
time the Company was in a middle of a troubled acquisition and
expansion program into home wares. By 1999, Austin bailed out of
its other businesses to focus on traditional and profitable core
business units.  It sold its non-core businesses to repay bank
debts.  The Company continues to be saddled by weak sales, and
diminishing profits.


BARLOW & HALL: To Undergo Liquidation Proceedings
-------------------------------------------------
On October 27, 2005, Scott Brickell filed with the High Court of
Palmerston North an application to liquidate Barlow & Hall
Limited.

The Application has been fixed for hearing on March 13, 2006.

Contact: Scott Brickell
         Solicitor for the Plaintiff
         Commissioner of Inland Revenue
         Technical and Legal Support Group
         Wellington Service Centre, First Floor,
         New Zealand Post House, 7-27 Waterloo Quay
         P.O. Box 1462, Wellington,
         New Zealand
         Telephone: (04) 802 8091
         Facsimile: (04) 802 8187


BRICAN HOLDINGS: Court Winds Up Firm
------------------------------------
On February 3, 2006, the Federal Court of Australia ordered the
winding up of Brican Holdings Pty Limited, and appointed Steven
Nicols to act as liquidator.

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


BUDBIND PTY: Inability to Pay Debts Leads to Wind-up
----------------------------------------------------
After an extraordinary general meeting of the members of Budbind
Pty Limited on February 7, 2006, it was agreed that the Company
wind up its business voluntarily due to its inability to pay its
debts.

Deryk Andrew was then appointed as the Company's liquidator.

Contact: Deryk Andrew
         Liquidator
         Bentleys MRI Sydney
         Business Recovery & Insolvency Partnership
         PO Box Q1165, QVB Post Office
         Sydney, New South Wales 1230
         Australia


CARTER HOLT: Cuts 120 IT-Related Jobs
-------------------------------------
Carter Holt Harvey Limited moved quietly to slash down jobs in
its Information Technology department, and is estimated to have
let go of at least 120 IT staffers in two tranches held in
November 2005 and another earlier this year, The Dominion Post
reports.

Carter Holt's spokesperson, Jillian Talbot, declined to comment
on the cuts or say how many IT staff are still with the Company.  
However, it is believed that about 100 to 150 staff still
remain.  The severity of the job cuts is likely to fuel
speculation that Carter Holt will be broken up sooner rather
than later, following the Rank Group's takeover of the Company
last year.

The job slash followed the sale of the bulk of Oxygen -- Carter
Holt's SAP software consulting division -- to Australian
technology firm UXC in a separate restructure in December 2005.  
UXC took on 140 Oxygen staff, but another 140 were reintegrated
back into the Company's IT shop, Carter Holt Harvey Infotech.

Headquartered in Auckland, New Zealand, Carter Holt Harvey
Limited -- http://www.chh.com/-- is a forest products company  
in the Australasia region, with significant interests in wood
products, pulp, paper and packaging, supported by forests.
Leading Carter Holt Harvey brands include Bestwood, Customwood,
Ecoply, Kopine and Pinex, and the Company's packaging can be
found in most supermarket aisles.  Carter Holt Harvey is listed
on both the NZX and ASX, and employs approximately 10,500 people
across New Zealand, Australia and Asia.  Carter Holt Harvey's
troubles began when its wood businesses started facing a
challenging environment.  In July 2005, the Company confirmed
that Plymill's financial performance was being adversely
affected by import competition, a softening Australian housing
market and increased costs.  In August, following a consultation
process at the Tokoroa Plymill, Carter Holt Woodproducts
announced a restructure plan that will result in around 40
redundancies.  Carter Holt immediately became vulnerable to
takeover when its controlling shareholder, International Paper,
sold out to Graeme Hart's Rank Group.  Almost immediately, Mr.
Hart offered full control.  Rank Investments Group now holds an
85.7% stake in Carter Holt.  In February 2006, the Rank Group
revived its offer with a higher price of NZ$2.75 per share, 25
cents higher than the previous offer.  Carter Holt turned a
profit of NZ$130 million in the 2005 calendar year, which is a
77% decline compared to the previous year's profit of NZ$569
million.  The Company also did not issue a final dividend.


CARTER HOLT: Mediation to Resolve Marsden Labor Dispute
-------------------------------------------------------
Workers at Carter Holt Harvey's Marsden Point lumber plant has
proposed mediation and the Company has indicated its willingness
to participate, Radio New Zealand reports.

The development came after staff refused to ratify the Company's
offer of a 3.2% pay increase, with an additional 3% increase
next year.

The workers had long wanted a 5% pay rise and only ended weeks
of strike when Graeme Hart's Rank Group took over the Company in
October 2005.  The Engineering, Printing and Manufacturing Union
says negotiations with the new owners have been constructive,
with no threats of another strike or lockouts.

Headquartered in Auckland, New Zealand, Carter Holt Harvey
Limited -- http://www.chh.com/-- is a forest products company  
in the Australasia region, with significant interests in wood
products, pulp, paper and packaging, supported by forests.
Leading Carter Holt Harvey brands include Bestwood, Customwood,
Ecoply, Kopine and Pinex, and the Company's packaging can be
found in most supermarket aisles.  Carter Holt Harvey is listed
on both the NZX and ASX, and employs approximately 10,500 people
across New Zealand, Australia and Asia.  Carter Holt Harvey's
troubles began when its wood businesses started facing a
challenging environment.  In July 2005, the Company confirmed
that Plymill's financial performance was being adversely
affected by import competition, a softening Australian housing
market and increased costs.  In August, following a consultation
process at the Tokoroa Plymill, Carter Holt Woodproducts
announced a restructure plan that will result in around 40
redundancies.  Carter Holt immediately became vulnerable to
takeover when its controlling shareholder, International Paper,
sold out to Graeme Hart's Rank Group.  Almost immediately, Mr.
Hart offered full control.  Rank Investments Group now holds an
85.7% stake in Carter Holt.  In February 2006, the Rank Group
revived its offer with a higher price of NZ$2.75 per share, 25
cents higher than the previous offer.  Carter Holt turned a
profit of NZ$130 million in the 2005 calendar year, which is a
77% decline compared to the previous year's profit of NZ$569
million.  The Company also did not issue a final dividend.


CLELAND CONTRACTORS: Undertakes Liquidation
-------------------------------------------
On February 13, 2005, the High Court at Christchurch ordered for
the liquidation of Cleland Contractors Limited.

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

Contact: Iain Andrew Nellies
         Wayne John Deuchrass
         Insolvency Management Limited
         Level Four, 728 Colombo Street
         P.O. Box 13-401, Christchurch,
         New Zealand


COORONG INVESTMENTS: Liquidator to Distribute Assets
----------------------------------------------------
After a meeting on February 3, 2006, the members of Coorong
Investments Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.

As a result, Mark Christopher Hall and Timothy James Clifton
were appointed as liquidators.

Contact: Timothy J. Clifton
         Mark C. Hall
         Liquidators
         Level 10, 26 Flinders Street
         Adelaide, South Australia


CPIC.COM.AU PTY: To Declare Dividend Today
------------------------------------------
CPIC.COM.AU Pty Limited will declare its first and final
dividend today, March 7, 2006.

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

Contact: Frank Lo Pilato
         Liquidator
         c/o RSM Bird Cameron Partners Chartered Accountants
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2601, Australia
         Telephone: (02) 6247 5988


DAVID KIDD: Members & Creditors to Review Wind-up Report
--------------------------------------------------------
A final meeting of the members and creditors of David Kidd Grain
Trading 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 7, 2006.

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


DS HUGHES: Members Agree to Shut Down Operations
------------------------------------------------
The members of DS Hughes Pty Limited held a meeting on Feb. 9,
2006, and agreed to close the Company's business.

They appointed Nicholas Crouch to facilitate the wind-up
operations.

Contact: Nicholas Crouch
         Liquidator
         Crouch Insolvency Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


EMPLOYEMENT NOMINEES: To Distribute Final Dividend
--------------------------------------------------
Employment Nominees Pty Limited will declare its first and final
priority dividend today, March 7, 2006, to the exclusion of its
creditors who were not able to prove their claims.

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


FELTEX CARPETS: Suffers From Lower Profit Margins
-------------------------------------------------
Feltex Carpets Ltd. said profit margins were less than what it
expected in January and February, Bloomberg News relates.

The carpet maker, which experienced a 73% decline in stock
prices last year, blamed competitive market conditions for the
January decline in profit margins.

The Company further said that market feedback indicated that the
retail environment in February was also challenging, and that
this has been reflected in its trading for February, with both
sales and margins lower than expected.

The Troubled Company Reporter - Asia Pacific had reported on
February 23, 2006, that after incurring NZ$15 million in
restructuring costs, the Company posted NZ$11.8 million in
losses in the six months ending December 2005, down from a
NZ$12.9 million profit in the same period in 2004.  

Established over 50 years ago, Feltex Carpets --  
http://www.feltex.com/-- has built a reputation for being one  
of the world's leading manufacturers of superior-quality carpet.  
The Feltex operation includes a wool scouring plant, six
spinning mills, three tufted carpet mills, a woven carpet mill
and offices in New Zealand, Australia and the United States.
They also lead the way in exports, with customers throughout
South East Asia, Japan, the United States, the Middle East and
other key world markets.  Feltex closed plants and fired 235
workers in the past year, and is now in merger talks with rival
Godfrey Hirst.  They have been struggling with losses, flogging
sales, and a dipping share price.


FINESSE QUEENSTOWN: Commences Liquidation of Assets
---------------------------------------------------
On February 13, 2006, Finesse Queenstown Limited has been placed
under liquidation.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed as joint and several liquidators.

Contact: Iain Andrew Nellies
         Paul William Gerrard Jenkins
         Insolvency Management Limited
         Level Six, Burns House,
         10 George Street P.O Box 1058,
         Dunedin, New Zealand


FORTESCUE METALS: ASIC Action Jeopardizes Share Issue
-----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 06, 2006, that the Australian Securities and Investments
Commission commenced proceedings in the Federal Court in Perth
seeking civil penalty orders against Fortescue Metals Group Ltd
and its chief executive officer, Andrew Forrest.

The Complaint alleges Fortescue of engaging in misleading and
deceptive conduct and for failing to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.

ASIC claims AU$3.6 million against the Company.

The Sydney Morning Herald relates that due to the ASIC Lawsuit,
Fortescue's "crucial" AU$250 million-plus equity raising "has
been thrown into doubt."

The Sydney Herald cites Fortescue's operations director, Graeme
Rowley, as admitting that the Company still does not know if it
could complete the long-planned share issue to prospective
partners in its AU$2.5 billion Pilbara iron ore venture before
the deadline on March 8, 2006.

The report explains that under 2005 shareholder approvals, and a
one-month extension approved by the stock exchange last month,
Fortescue has until March 8 to place up to 55 million new shares
on top of the usual 15% of equity a company is permitted to
reach every year.  The placement, to be completed at no more
than a 20% discount to prevailing prices, is considered the key
equity funding element in Fortescue's financing.  At current
prices, the placement would raise up to AU$280 million, although
Fortescue could raise as much as AU$450 million when combined
with the standard 15% equity raising allowance.

According to Sydney Herald, the Company has previously indicated
that it was targeting a 70:30 debt-equity split.  Fortescue
still hoped to complete the placement by Wednesday.

Fortescue shares fell 12 cents to AU$5.20 on March 3, 2006, when
trading resumed after ASIC's Complaint.


FU-2 & ASSOCIATES: Nicholas Crouch Appointed Liquidator  
-------------------------------------------------------
The members of FU-2 & Associates Pty Limited held a meeting on
February 9, 2006, and agreed to wind up the Company's operations
voluntarily.  They appointed Nicholas Crouch as liquidator.

Contact: Nicholas Crouch
         Liquidator
         Crouch Insolvency Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


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


ILMALYN PTY: Prepares to Close Shop
-----------------------------------
At a meeting of Ilmalyn Pty Limited on February 6, 2006, members
concurred that the Company needs to voluntarily wind up its
operations.

Paul Newton Brake was nominated to act as liquidator to manage
the wind-up activities.


INSAWAY SECURITIES: To Hold Final Meeting Today
-----------------------------------------------
A final meeting of the members of Insaway Securities Pty Limited
will be held today, March 7, 2006.

At the meeting, liquidators Sidney A. Edwards and Baiba S.
Neimanis 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: Sidney A. Edwards
         Baiba S. Neimanis
         Joint Liquidators
         Suite 2, Level 2, 32 Florence Street
         Hornsby, New South Wales 2077
         Australia


J AND JC CHRISTIE: Picks Feilding Liquidators
---------------------------------------------
Stephen James Scott and Joseph Craig McNeill, chartered
accountants of Feilding, were appointed joint and several
liquidators of J and JC Christie Limited.

Contact: S. J. Scott
         Allan McNeill
         53-55 Manchester Street, Feilding
         P.O. Box 40, Feilding
         Telephone: (06) 323 6114
         Facsimile: (06) 323 5007


LINDEN ESTATE: Creditors Should Prove Claims by March 20
--------------------------------------------------------
Creditors of Linden Estate Limited are given until March 20,
2006, to make their claims and establish any priority their
claims may have.  Creditors who do not comply with the claims
bar date will be excluded from the benefit of any distribution.

Contact: John M. Scutter
         Robert B. Walker
         Liquidators
         Care of Active Chartered Accountants
         Level Two, 330 High Street
         (P.O. Box 31 040), Lower Hutt,
         New Zealand
         Telephone: (04) 586 4645
         Facsimile: (04) 569 6079


LINGFORD AUSTRALIA: Members Agree on Liquidation
------------------------------------------------
At Lingford Australia Pty Limited's general meeting on
February 9, 2006, members concurred that it is in the Company's
best interests to wind up its operations.

M. C. Smith was appointed to oversee the wind-up.

Contact: M. C. Smith
         Liquidator
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au/


MYER LIMITED: Gets Ready to Decide on Myer Sale in Two Weeks
------------------------------------------------------------
Coles Myer Limited's directors convened during the weekend to
weigh up and be briefed about the final bids for the Myer
Limited department stores.

Coles Myer's Board is set to decide on the sale of the 61-store
chain in two weeks' time.  The Company is hoping to get around
AU$900 million to AU$1 billion for its department store
business.

The Australian Associated Press says that Coles Myer would still
not confirm the final field for Myer.  However, as reported in
the Troubled Company Reporter - Asia Pacific on March 2, 2006,
it is believed that the bidders are down to four:

     * Harvey Norman Holdings;
     * Edgars Consolidated Stores Limited;
     * CVC Asia Pacific; and
     * Newbridge Capital Inc.

While there has been speculation that CVC and Newbridge could
align and bid together, both were required by Myer to sign
commitments not to talk to each other in the bid process, The
Australian relates.

The paper notes that Coles Myers' advisers, Carnegie Wylie, are
now wading through the complex bid documents.

According to The Australian, bidders were not informed on
whether Coles Myer will first cull bidders to a short list of
two or move straight into negotiations with one bidder.  
However, with the fully funded bids now incurring financing
costs as long as they remain open, the Board is believed to be
aiming at making a decision before Coles Myer reports its first-
half results on March 20.

If a sale goes ahead, Coles Myer intends to announce the winning
bidder in tandem with the outcome of the separate bidding for
Myer's flagship central Melbourne store property.

The March 2 TCR-AP report stated that Coles Myer's two-city
block, six-storey store with frontages to both Bourke and
Lonsdale Streets in the heart of Melbourne, Australia, will be
sold separately.  The price tag for the Myer Melbourne flagship
store is between AU$350 million to AU$450 million.

The field for the Melbourne property, The Australian says, has
narrowed to two bidders: GFS Gandel and Lend Lease.

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated around 2,500 stores in  
Australia and New Zealand and employs with over 165,000 staff.  
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been  
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in  
line with the company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net  
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In late 2005, Coles Myer decided to sell Myer Limited,
initially expecting AU$1 billion.  However, latest reports  
indicate that interested bidders have narrowed down in number.


NGATIWAI RURAL: Court to Hear Liquidation Petition on March 13
--------------------------------------------------------------
The High Court of Whangarei has fixed for hearing on March 13,
2006, the application filed by Bunnings Limited -- trading as
Benchmark Building Supplies -- to liquidate Ngatiwai Rural
Developments Limited.

Contact: R. M. Bell
         Solicitor for the Plaintiff
         Webb, Ross Johnson
         Solicitors, Legal House,
         9 Hunt Street P.O. Box 945,
         Whangarei, New Zealand


PLANET TOYS: Placed Under Voluntary Liquidation
-----------------------------------------------
An extraordinary general meeting of Planet Toys Pty Limited was
held on February 8, 2006, and members agreed that it is in the
Company's best interests to close its operations.

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


PORTER CONTINENTAL: Receivers Resign  
------------------------------------
On February 8, 2006, Kenneth Stewart Sellers and Mathew Campbell
Muldoon of SimsPartners ceased to act as the receivers and
managers of the property of Porter Continental Pty Limited.


QUADRAN ENTERPRISES: Winds Up Operations
----------------------------------------
At a meeting of the members of Quadran Enterprises Pty Limited
on February 10, 2006, members decided to wind up the Company's
business operations, and appointed Stephen Gower Baker as
liquidator.

Contact: Stephen G. Baker
         Liquidator
         Stephen Baker & Company
         Suite 2, 98 Woolwich Road
         Woolwich, New South Wales 2110
         Australia
         Telephone: 9817 6427
         Fax: 9879 0964


RAPID JOINTING: To Declare Dividend Today
-----------------------------------------
Rapid Jointing Pty Limited will declare a dividend today,
March 7, 2006.

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

Contact: Susan Carter
         Liquidator
         Worrells Solvency & Forensic Accountants
         Web site: http://www.worrells.net.au/


ROSENDALE PTY: Members to Receive Wind-up Details
-------------------------------------------------
The members of Rosendale Pty Limited will convene today,
March 7, 2006, to receive liquidator John W. Woods' account
regarding the Company's completed wind-up and disposal of
property, and to consider any other matters that may be brought
before the meeting.

Contact: John W. Woods
         Liquidator
         Wilson Woods & Partners
         30 Davey Street, Hobart
         Tasmania 7000, Australia
         Telephone: 03 6223 4343


SANDS INVESTMENTS: Members Opt to Wind Up Firm
----------------------------------------------
After their general meeting on February 9, 2006, the members of
Sands Investments (Victoria) Pty Limited resolved to close the
Company's business operations.

A meeting of creditors was held on the same day.  Subsequently,
Richard Herbert Judson was appointed as liquidator.

Contact: Richard H. Judson
         Liquidator
         Judson & Company Chartered Accountants
         Suite 4, Level 1, 10 Park Road
         Cheltenham, Victoria 3192
         Australia
         Telephone: 9585 4155


SATELLITE MEDIA: Enters Voluntary Liquidation
---------------------------------------------
The members and creditors of Satellite Media Technology Pty
Limited held a general meeting on February 8, 2006, and agreed
to:

  -- close the Company's business operations; and

  -- appoint Ozem Kassem and David Watson as liquidators.

Contact: Ozem Kassem
         David Watson
         Joint Liquidators
         Bentleys MRI Sydney
         Business Recovery & Insolvency Partnership
         Level 8, Carrington House
         50 Carrington Street
         Sydney, New South Wales
         Australia


SOUTHERN LAKES: Winds Up Operations
-----------------------------------
Southern Lakes Construction Limited commenced liquidation
process on February 16, 2006.

The Company's liquidators, Stephen James Higgs and Stephen Alan
Dunbar, give creditors until April 3, 2006, to make their claims
against the Company and establish any priorities their claims
may have.

A creditor or shareholder of the company may direct inquiries
during normal business hours to:

          Robyn Patrick
          139 Moray Place, Dunedin,
          New Zealand
          Telephone: (03) 477 9923

          Or

          Stephen James Higgs
          Stephen Alan Dunbar
          Liquidators
          Polson Higgs,
          P.O. Box 5346, Dunedin,
          New Zealand


TELSTRA CORPORATION: Optus Says Telstra Deceived Parliament
-----------------------------------------------------------
Optus accuses Telstra Corporation of misleading the parliament's
privileges committee over the rights of competitors to use
government-funded mobile phone towers in the bush, The
Australian reports.

Optus' allegation concerns Telstra's confirmation that it had a
contractual arrangement to make roaming available to competitors
where it has secured government funding to roll out its mobile
network in the bush.  Telstra's rivals are seeking access to the
towers but complain that they have been told by Telstra that it
is under no obligation to provide it.

Telstra had earlier claimed that it would be willing to open up
the towers if any of its competitors request access.  However,
the Company asserted that no competitor has requested so.

The Australian says that Optus has since provided the Privileges
Committee -- a body that could apply fines or penalties if the
telco is found to have misled MPs -- with correspondence from
Telstra, serving as evidence that Telstra told competitors in
2004 that it was not obliged to provide roaming access.

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


UMENL CONTRACTING: Court to Hear Petition on March 16
-----------------------------------------------------
On January 27, 2006, Julia Dykema filed petition to liquidate
UMENL Contracting Limited with the High Court of Napier.

The Court will hear the petition on March 16, 2006.

Contact: Julia Dykema
         Solicitor for the Plaintiff
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception, 518 Colombo Street
         P.O. Box 1782, Christchurch,
         New Zealand
         Telephone: (03) 363 1809
         Facsimile: (03) 363 1889


WOOTTON TRANSPORT: Liquidator to Explain Wind-up Report
-------------------------------------------------------
The final meeting of the creditors of Wootton Transport Pty
Limited is scheduled today, March 7, 2006, for them to get an
account of the manner of the Company's wind-up and property
disposal from liquidators Brian H. Allen and Peter G. Burton.

Contact: Brian H. Allen
         Peter G. Burton
         Liquidators
         Burton Glenn Allen Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia


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

DA DA REVERSE: Wind-up Proceedings Initiated
--------------------------------------------
February 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to Da Da Reverse Recruit Limited.

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


FINESTYLE MARITIME: Creditors' Claims Due on April 3
----------------------------------------------------
All persons who have claims against Finestyle Maritime Services
Limited are required to submit their proofs of claim to joint
liquidators Stephen Liu Yiu Keung and Robert Armor Morris, by
April 3, 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 Finestyle Maritime held a creditors meeting on
January 22, 2006, for them to receive a statement of the
financial position of the Company and confirmed the appointment
of liquidators for the Company's wind-up.

Contact:  Stephen Liu Yiu Keung
          Robert Armor Morris
          Joint and Several Liquidators
          18/F, Two International Finance Centre
          8 Finance Street
          Central, Hong Kong


GOLD PLEASURE: Wind-up Hearing Slated for March 22
--------------------------------------------------
On February 1, 2006, Beatrice Tsang Sau Hing presented a
petition to wind up Gold Pleasure Industrial Company Limited
before the High Court of Hong Kong Special Administrative
Region.
  
The Petition will be heard on March 22, 2006, at 9:30 a.m.  
  
Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.   
  
Contact:  Or, Ng & Chan
          Solicitors for the Petitioner
          15th Floor, The Bank of East Asia Building
          No. 10 Des Voeux Road Central
          Central, Hong Kong
  

HONG KONG ASSOCIATION: Enters Voluntary Liquidation
---------------------------------------------------
Members of Hong Kong Association For Environmental Preservation
in China (Foundation) Limited held a general meeting on Feb. 23,
2006, and agreed that:

   -- the Company be wound up voluntarily;

   -- Tam Shun Ip be appointed as liquidator.

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

Contact: Tam Shun Ip
         Liquidator
         Suite No. A
         11th Floor, Ritz Plaza
         122 Austin Road
         Tsimshatsui, Kowloon,
         Hong Kong


JIN HUI: Begins Wind-up Process
-------------------------------  
A winding up petition was served on Jin Hui Ting Food & Beverage
Service Limited on December 28, 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


KINYET DEVELOPMENT: Court to Hear Wind-up Petition on May 3
-----------------------------------------------------------
On February 23, 2006, the Bank of China (Hong Kong) Limited
filed an application to wind up Kinyet Development Limited with
the High Court of Special Administrative Region.

The Application will be heard before the High Court on May 3,
2006, at 9:30 a.m.

Contact: Gallant Y.T. Ho & Co.
         Solicitors for the Petitioner
         5th Floor, Jardine House
         No. 1 Connaught Place
         Central, Hong Kong
         Telephone: (852) 2526-3336  
         Fax: (852) 2845-9294
         e-mail: gyth@gallantho.com


KAM BAO: Court Enters Wind-Up Order
-----------------------------------
Kam Bao Shipping (H.K.) Company Limited 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


KINGBO HOLDINGS: Commences Winding Up Process
---------------------------------------------
Kingbo Holdings Limited has received a wind-up order from the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on February 20, 2006.

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


LOVETTE LIMITED: Bank Wants Company Wound Up
--------------------------------------------
On February 23, 2006, Bank of China (Hong Kong) Limited
presented a petition to wind up Lovette Limited.

The Petition will be heard before the High Court of Hong Kong  
Special Administrative Region on May 3, 2006, at 9:30 a.m.  

Contact: Gallant Y.T. Ho & Co.
         Solicitors for the Petitioner
         5th Floor, Jardine House
         No. 1 Connaught Place
         Central, Hong Kong
         Telephone: (852) 2526-3336  
         Fax: (852) 2845-9294  
         e-mail: gyth@gallantho.com


RIGHT ACTION: Bank of China Files Wind-Up Petition
--------------------------------------------------
The Bank of China (Hong Kong) Limited has lodged a petition to
wind up Right Action Investments Limited.

The High Court of Hong Kong Special Administrative Region will
hear the Petition on April 26, 2006, at 9:30 a.m.  

Contact: Gallant Y.T. Ho & Co.
         Solicitors for the Petitioner
         5th Floor, Jardine House
         No. 1 Connaught Place
         Central, Hong Kong
         Telephone: (852) 2526-3336  
         Fax: (852) 2845-9294  
         e-mail: gyth@gallantho.com


SGIS SONGSHAN: Xinhua Far East Downgrades Rating to BB-
-------------------------------------------------------
On February 23, 2006, Xinhua Far East China Ratings downgraded
the issuer credit rating of SGIS Songshan Co. Ltd from BB to
BB-.  Its rating outlook was changed to negative.

The downgrade was prompted by Xinhua Far East's view about the
adverse impact on SGIS' credit profile of a more difficult
operating environment.  Xinhua Far East also notes that SIGS'
worse-than-expected results in 2005 reflected its weakness in
product mix and operating scale, and expects its performance to
stagnate in the adverse market.  The downgrade also reflected
the Company's aggressive financial policy and its limited
financial flexibility.

Xinhua Far East believes the Chinese steel sector is still
experiencing a downturn, prompting the outlook for the next
couple of years to be poor.  Aggressive capital expansion over
past few years translated into oversupply in 2005. As a result,
steel prices declined significantly, for not only long products,
but also the previously import-dependent flat products.  In
contrast, the prices for raw materials, including iron ore and
coal, remain at high levels, squeezing the profits of steel
makers who are unable to pass the price rises through to
consumers.

Xinhua Far East expects the adverse conditions in the steel
sector in China will worsen, given the heavy capacity release
and falling growth rates in demand from related downstream
industries.  Xinhua Far East also anticipates mergers and
acquisitions will become more frequent in China's still
fragmented steel sector, a development, which would further
challenge the performance of smaller players like SGIS.

SGIS' mainly low-value added products and its relatively small
operating scale make it very susceptible to market risks in
downturn periods.  In the first three quarters of 2005, SGIS'
operating cash flow fell remarkably, as large amounts of working
capital were tied up with mounting inventory.  In the meantime,
its net profit fell 53.2% year-on-year, partly due to the lower
tax rebate benefit but also resulting from its sluggish
performance.  Moreover, Xinhua Far East is concerned that the
Company's poor performance will worsen, especially considering
the challenging operating environment.

Xinhua Far East also notes that SGIS employed an aggressive
financial policy, which led to escalating debt levels.  Over the
past few years, SGIS invested heavily in improving production,
but most capital expenditure was financed with short-term debt
due to the pending issuance of convertible bonds.  As a result,
SGIS has accumulated substantial amounts of bank loans, which
stood at RMB 5.58 billion as of September 30, 2005.  Of this,
short-term debt accounted for as much as 79.8%.  Accordingly,
SGIS' gross debt to total capital rose from 36% in 2003 to 51.6%
by the end of September 2005.  Xinhua Far East expects SGIS'
newly completed capacity and the possible issuance of
convertible bonds will not boost the Company's performance
materially or improve its credit profile.

In fact, in Xinhua Far East's view, SGIS' financial flexibility
deteriorated significantly, given its high debt level, negative
net working capital, and limited cash reserves.  Xinhua Far East
believes it will be difficult for the Company to reverse its
weak financial profile in a couple of years.

The rating outlook for SGIS is negative considering the gloomy
market conditions.

As of market close on February 22, 2006, its total market
capitalization and investible capitalization were RMB 3.63
billion and RMB 2.73 billion respectively.

Headquartered in Guangdong, China, Sgis Songshan Co. Limited's
-- http://www.sgss.com.cn/-- is a small-to-medium sized steel  
producer in China.  The Company's core products fall into
deformed bar, wire rod and medium plate.  In 2005, SGIS Songshan
produced 3.39 million tons steel products.  Other activities
include technology development, transfer, recommendation and
consultant services.  Main products of the Company consist of
centerboards (decks and vehicle beam boards), wire materials and
club materials.


SMART WIN: Wind-up Hearing Slated for April 12
----------------------------------------------
On February 9, 2006, Standard Chartered Bank (Hong Kong)  
Limited filed a petition to wind up Smart Win Investment
Limited.

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

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.
  
Contact: Messrs. T.H. Koo & Associates
         Solicitors for the Petitioner
         Room A2, 15th Floor, United Centre
         No. 95 Queensway, Hong Kong
         Telephone: 2861 3838


SUNVILLE INVESTMENT: Wind-up Hearing Slated for March 22
--------------------------------------------------------
On February 1, 2006, Beatrice Tsang Sau Hing presented a
petition to wind up Sunville Investment Company Limited before
the High Court of Hong Kong Special Administrative Region.

The Petition will be heard on March 22, 2006, at 9:30 a.m.  
  
Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.   
  
Contact: Or, Ng & Chan
         Solicitors for the Petitioner
         15th Floor, The Bank of East Asia Building
         No. 10 Des Voeux Road Central
         Central, Hong Kong


TOPVILLE INDUSTRIAL: Court to Hear Wind-Up Petition on March 22
---------------------------------------------------------------
On February 1, 2006, Beatrice Tsang Sau Hing presented a
petition with the High Court of Hong Kong Special Administrative
Region to wind up Topville Industrial Company Limited.
  
The Court will hear the Petition on March 22, 2006, at 9:30 a.m.  
  
Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.

Contact: Or, Ng & Chan
         Solicitors for the Petitioner
         15th Floor, The Bank of East Asia Building
         No. 10 Des Voeux Road Central
         Central, Hong Kong


WINNDER DECORATION: Wind Up Process Begins
------------------------------------------
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 Winner Decoration & Contracting Company
Limited.

As reported by the Troubled Company Reporter - Asia Pacific on
January 20, 2006, Wong Lin Tak presented a petition for the
winding up of Winner Decoration on December 28, 2005.  

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


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

BHARAT PETROLEUM: Sees INR4,000-crore Losses for Cheap Fuel Sale
----------------------------------------------------------------
Skyrocketing global crude prices and selling fuel below costs
have taken their toll on Bharat Petroleum Corporation Limited's
total revenue, New Kerala relates.

The state-run oil firm, which has already been suffering
mounting losses due to government-mandated oil subsidies,
revealed that it is losing INR3 per liter of sale of diesel and
INR2 per liter on petrol.  The total revenue loses on sale of
oil fuels is estimated at around INR4,000-crore for the current
financial year.

BPCL Chairman and Managing Director Ashok Sinha added the
Company was also losing INR171 per liquefied petroleum gas
cylinder and about INR12 per liter of kerosene, the report says.

The Troubled Company Reporter - Asia Pacific reported on
February 27, 2006, that the Government has approved the issue of
INR11,500-crore worth of oil bonds, to compensate loss-making
state oil firms for selling petroleum products at subsidized
prices.

As reported, Indian Oil Corporation is set to receive INR6,000
crore, while the remaining INR5,500 crore will be equally
divided between Hindustan Petroleum and Bharat Petroleum.

Bharat said that it will trade the bonds in the market
immediately after their receipt and would use the proceeds to
partly pay off its INR5,800-crore debt and in meeting working
capital requirements, New Kerala states.

                   About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is  
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.   There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.  On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd.  In
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss.  By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.  
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005.  Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel.  On February 20, 2006, the Petroleum Ministry, however,
has proposed an increase of INR3 per liter each in petrol and
diesel prices and INR20 per cylinder increase in liquefied
petroleum gas price to save the oil companies from going
bankrupt.  


BPL LIMITED: To Consider Capital Hike and Shares Issuance
---------------------------------------------------------
Members of BPL Limited will hold an Extraordinary General
Meeting on March 29, 2006, to consider an increase of the
Company's present authorized share capital from INR2150 million
to INR2250 million comprising of 5,00,00,000 equity shares of
INR10 each and 1,75,00,000 redeemable preference shares of
INR100 each.

The members will also consider the offer, issuance and allotment
of equity shares on a preferential basis in one or more trenches
and on such terms and conditions as may be deemed appropriate by
the Board of Directors up to 2,00,00,000 fully paid-up equity
shares of INR10 each at a premium of INR33.02 per share, to
Electro Investment Pvt Ltd.

Consequential amendments in Memorandum and Articles of
Association of the Company will also be taken up.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.  Last
year, the Company obtained approval from the Kerala High Court
for its financial restructuring scheme and the launch of the
50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses.


COAL INDIA: State Power Firm Eyes Joint Venture
-----------------------------------------------
The National Thermal Power Corporation is keen on forming a
50:50 joint venture with state-owned Coal India Ltd, Sify India
reports.

The new coal entity will develop new coal mines in Brahmani and
Chichro Patrimal to exclusively meet the power firm's additional
coal requirement at its thermal power projects in the eastern
region, the report says.

National Thermal is seriously working on the joint venture plan,
as it was allowed by Union Power Minister Sushilkumar Shinde to
take up a 4,000 MW capacity greenfield mega thermal power
project at Lara in Chhattisgarh.

The Company believes a tie-up with Coal India will help augment
its generation capacity in the eastern region, thereby ensuring
increased power supply to other power deficit States.

The Troubled Company Reporter - Asia Pacific reported on
March 6, 2006, that Coal India 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 due to
profits generated by its subsidiaries.

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.


INDUSTRIAL DEVELOPMENT: Inks MoU with Fortis Insurance
------------------------------------------------------
Industrial Development Bank of India Ltd entered into a
Memorandum of Understanding with Fortis Insurance International
NV, a Company incorporated under the laws of Netherlands with
its registered seat at Utrecht.

The Agreement relates to the incorporation of a joint venture
Company between the Bank and Fortis for conducting the business
of life insurance in India, subject to the regulatory,
statutory, and corporate approvals of Fortis.

Headquartered in Mumbai, India, and Industrial Development Bank
of India Limited -- http://www.idbi.com/-- was set up in 1964  
under an Act of Parliament as a wholly owned subsidiary of
Reserve Bank of India.  In February 1976, the Bank's ownership
was transferred to Government of India.  It was designated
Principal Financial Institution for co-ordinating the working of
institutions at national and State levels engaged in financing,
promoting and developing industry.  In October 2004, the IDBI's
undertaking was transferred to IDBI Ltd, which immediately
commenced operations as a banking company.  The Bank is
currently undertaking an exercise for restructuring its
liabilities, under the auspices of the Government of India,


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

BANK MANDIRI: Pefindo Assigns 'idA+' Rating
-------------------------------------------
Pefindo has assigned a corporate rating of "idA+" to PT Bank
Mandiri (Persero) Tbk.  The rating reflects the continuing
strong supports from the government, the bank's superior
position as the largest bank in the country, and the bank's
sound capitalization.

However, the bank's huge problematic loans resulted from a
combination of implementation of Bank Indonesia regulation no.
7/2/PBI/2005 regarding changes in earnings assets classification
and assets quality deterioration of several big loans has
mitigated the rating.  

Bank Mandiri was incorporated in 1998 through a merger of 4
state owned banks namely Bank Bumi Daya (BBD), Bank Dagang
Negara (BDN), Bank Exim, and Bapindo.  The bank can be regarded
as a universal type of bank with varieties of products and
services ranging from commercial banking to investment banking
and insurance.  In commercial banking services, the bank offers
varieties of products that include, among other things, lending
and deposits, cash management, foreign exchange and custodial
services, as well as debit and credit cards.

Bank Mandiri also has several subsidiaries, which focuses in
investment banking (PT Mandiri Sekuritas), sharia banking (PT
Bank Syariah Mandiri), and insurance (PT AXA Mandiri Insurance).  
As end of 1H05, BMRI's distribution network is supported by 835
offices and 2,562 self owned ATM.  

The bank automatic teller machine's is also incorporated with
ATM Link that amounted to about 6,600 units of ATM located all
around Indonesia.  The bank employs about 20,000 staffs to
provide banking services to its more than 5 million customers.

Headquartered in Jakarta, Indonesia, 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: Books US$200.3-Mln Profit in 2005
-----------------------------------------------
PT Bank Mandiri Tbk reported an unaudited net profit of US$200.3
million (IDR1.84 trillion) in 2005, versus a profit of IDR5.26
trillion in a same period a year earlier, according to Reuters.

The decline resulted from the Bank's bigger allocation to cover
a surge in bad loans to companies, the report says.

According to Bloomberg, the Indonesian central bank tightened
loan classification last year, causing bad loans at Bank Mandiri
to soar.  Bank Indonesia asked commercial banks to classify
loans on which no principal or interest has been paid for 180
days as non-performing, reducing the period from 270 days, as it
accelerated a cleanup of the industry.

Bank Mandiri's profit in the first nine months of last yearp
lunged 73%.  Its net non-performing loan ratio, which excludes
the value of collateral pledged against credit, rose to 14.3% as
of September 30, from 1.74% a year earlier, because of the
tighter loan classification norms.

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  
IDR6.8 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
IDR163 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
=========

DAIEI INCORPORATED: Expects to Post Huge Net Loss
-------------------------------------------------
Daiei Incorporated is slated to post a significant net loss for
the financial year ending February 28, 2006, due to stagnant
food sales, Crisscross News reports.

According to unnamed sources, the ailing retail chain operator
is expected to post JPY1.17 trillion in sales.  Last year, Daiei
reported a net income of JPY5.2 trillion.

The Troubled COmpany Reporter - Asia Pacific reported on January
18, 2006, that Daiei will set up own food brand around this
March to lift profitability and speed up store renovations.  The
company said it is ready to move forward in the next financial
year after cutting debt and closing unprofitable stores this
business year. She will focus was on rebuilding its core
business and gaining customer and employee satisfaction rather
than growing its size.

The report said that the company expected a group operating
profit of JPY42 billion (US$370 million) in the business year to
February on sales of JPY1.67 trillion, which would give a profit
margin of 2.5%.  

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.


JAPAN AIRLINES: Moody's Affirms Ba3 Rating
------------------------------------------
On March 3, 2006, Moody's Investors Service affirmed its Ba3
senior unsecured and issuer ratings for Japan Airlines
International Company Limited, in response to the Company's
announcement of an expected net loss for fiscal 2005 and a new
business strategy to streamline its operations to regain
competitiveness and profitability.

Although the demand for passenger traffic has bottomed and has
been gradually recovering, the JAL group is expecting to post a
JPY47-billion net loss for the fiscal year ending March 2006.  
Its consecutive safety incidents last year, and the high price
of aircraft fuel, pressured the group's revenue growth and
offset its cost reduction efforts.

On March 2, 2006, JAL announced its new mid-term business
strategy that aims to recover profitability in fiscal 2006,
which comprises cost reduction, including personnel expenses,
and restructuring the group's aircraft fleet to match the
sluggish demand for passenger traffic.  Moody's believes that
the new business strategy, supported by the group's still-solid
customer base, may allow it to gradually improve its cost
structure and become profitable.  However, Moody's will monitor
how the unexpected new management change impacts the timely
execution of the plan, which is important to securing continued
government support.

The Ba3 rating reflects Moody's view that the relationship
between the Japanese government and the JAL group will remain
strong.  Moody's will continue to monitor the influence of the
future restructuring of Japan's government-related financial
institutions, which is now under discussion.  The rating also
reflects the group's highly leveraged financial profile -- its
total debt to total capitalization ratio was 85.7% at end-
September 2005.  Ongoing financial support from major lenders is
also a key rating factor.

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.  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.  As result of a series of incidents relating to
the safety of flight operations, the JAL Group was the subject
of a business improvement order and administrative warnings
relating to assurances on air transportation safety issued by
the Ministry of Land, Infrastructure and Transport in March
2005.  In the fiscal year 2005-2007, Medium-Term Business Plan
announced that in order to implement the reform of the corporate
structure and the cost structure swiftly, the holding Company
and operating companies are to be integrated.  Specifically, in
fiscal 2005, the corporate planning and marketing functions will
be integrated and further steps to eliminate overlapping jobs
and streamline the organization will be taken with a view to
achieving substantial integration, the aim being to virtually
integrate the holding company and the operating company.  In
addition, the number of full-time officers was cut by 30%, and
this reform was completed on April 1, 2005.  For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, primarily because of a delay in the
recovery of demand on routes to China and Southeast Asia.  
Domestic passenger demand also faltered and fell below its year-
earlier level, particularly among individual passengers, as a
result of factors such as the series of safety problems that
occurred.  Demand for international cargo services also
registered a year-on-year decline overall, owing to the weakness
of demand on routes from Japan to East Asian countries and the
United States.  The persistence of aviation fuel prices at
record-high levels compounded the situation and meant that the
environment in which the JAL Group operated remained
exceptionally harsh.  


JAPAN AIRLINES: Under Pressure to Clear Earnings Target
-------------------------------------------------------
Japan Airlines Corporation's largest single shareholder, Eitaro
Itoyama, threatened to sell his 4% stake in the Company if it
will not pay dividends to its shareholders, Kyodo News says.

In an interview with Kyodo News, Mr. Itoyama said that he may
sell his stake in JAL if it fails to clear its projected
earnings target for the first six months of 2006, adding that
nonpayment of dividends to shareholders for the second year is
impossible.

Last week, JAL disclosed a five-year management plan for 2006,
which was aimed to win back the public's trust.  The new plan
indicated that there would be no dividend payments for the first
year.  Company management also underwent a reshuffling, after
JAL president Toshiyuki Shinmachi announced his resignation
effective June 2006.  He will be replaced by JAL senior vice-
president Haruka Nishimatsu.

Mr. Itoyama is scheduled to meet with Mr. Nishimatsu next week
to discuss the possibility of the sale of his 4% stake in the
Company.  He commented on JAL's plan to execute a pay cut for
employees beginning next month, saying that it would lower
morale, and management should consider other things such as
selling Company houses and improving in-flight services.

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.  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.  As result of a series of incidents relating to
the safety of flight operations, the JAL Group was the subject
of a business improvement order and administrative warnings
relating to assurances on air transportation safety issued by
the Ministry of Land, Infrastructure and Transport in March
2005.  In the fiscal year 2005-2007, Medium-Term Business Plan
announced that in order to implement the reform of the corporate
structure and the cost structure swiftly, the holding Company
and operating companies are to be integrated.  Specifically, in
fiscal 2005, the corporate planning and marketing functions will
be integrated and further steps to eliminate overlapping jobs
and streamline the organization will be taken with a view to
achieving substantial integration, the aim being to virtually
integrate the holding company and the operating company.  In
addition, the number of full-time officers was cut by 30%, and
this reform was completed on April 1, 2005.  For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, primarily because of a delay in the
recovery of demand on routes to China and Southeast Asia.  
Domestic passenger demand also faltered and fell below its year-
earlier level, particularly among individual passengers, as a
result of factors such as the series of safety problems that
occurred.  Demand for international cargo services also
registered a year-on-year decline overall, owing to the weakness
of demand on routes from Japan to East Asian countries and the
United States.  The persistence of aviation fuel prices at
record-high levels compounded the situation and meant that the
environment in which the JAL Group operated remained
exceptionally harsh.  


LIVEDOOR CO.: Shady Deals Earned JPY8-Bln Profit
------------------------------------------------
An ongoing investigation by the Tokyo District Public
Prosecutors Office into illicit mergers and takeovers using the
shares of Livedoor Company revealed that suspicious deals
incurred up to JPY8 billion in revenues, Kyodo News reports.

The prosecution is slated to file charges against former
Livedoor president Takafumi Horie and four other Company
executives for alleged window-dressing by the Company in 2004.

Kyodo News relates that Mr. Horie and three executives were
indicted for alleged market securities manipulation and account
fraud.  They are accused of spreading false information on a
takeover deal by Livedoor, in order to increase the stock price
of a Company subsidiary.  They are also alleged to have profited
from the sale of the Company's shares through overseas acocunts
or by investment partnerships linked to Livedoor.

The group is alleged to have acquired six firms through share
swaps in 2003 and 2004.  In reality, the firms were controlled
by the investment partnerships, and proceeds from the sale are
believed to have been transferred to Livedoor later.

Sources said that Livedoor allegedly concealed the cash flow and
gave the impression that it was earned legally by using fake
firms abroad, but some firms didn't want to cooperate with
Livedoor.  Mr. Horie denied the allegations during questioning.

Headquartered in Tokyo, Japan, Livedoor Co. Ltd. --
http://corp.livedoor.com/en/-- is into Internet-related     
business.  It is involved in many sectors, including out portal   
site "livedoor", financial business, corporate web solutions,  
data center and IP telephony business.  Last year, Livedoor's
office was raided by prosecutors on suspicions of accounting
fraud.  Company executives were alleged to have relayed false
information on a merger, with the intent to boost the stock
price of a Company subsidiary.  Livedoor's stock price plunged
on allegations that the Company concealed a huge JPY1 billion
loss for the financial year ended September 2004.


LIVEDOOR CO.: Shareholders Convene to File Suit and Seek Damages
----------------------------------------------------------------
More than 500 shareholders of Livedoor Co. met in Tokyo to file
a civil suit and seek damages for losses incurred when the
Company's stock price plunged as a result of an accounting
scandal, Crisscross News reports.

According to the group's laywers, the shareholders are currently
assessing damages, and they plan to file the suit in September
this year.

Headquartered in Tokyo, Japan, Livedoor Co. Ltd.    
-- http://corp.livedoor.com/en/-- is into Internet-related     
business.  It is involved in many sectors, including out portal   
site "livedoor", financial business, corporate web solutions,  
data center and IP telephony business.  Last year, Livedoor's
office was raided by prosecutors on suspicions of accounting
fraud.  Company executives were alleged to have relayed false
information on a merger, with the intent to boost the stock
price of a Company subsidiary.  Livedoor's stock price plunged
on allegations that the Company concealed a huge JPY1 billion
loss for the financial year ended September 2004.


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

DAEWOO ENGINEERING: Bidders Pair With Banks to Fund Purchase
------------------------------------------------------------
The six qualified bidders for Daewoo Engineering & Construction
Co. are scurrying to pair up with banks and other financial
institutions to secure funds for their planned acquisition, the
Yonhap News relates.

Korea Asset Management Corporation and other creditors are set
to sell either a 50% stake plus one share, or their entire
holdings of 74% in Daewoo Engineering.

As reported by the Troubled Company Reporter - Asia Pacific on
February 15, 2006, the shorlisted bidders for the Daewoo
Engineering stake are from consortiums led by cement and
confectionery producer Eugene Group, real estate developer Prime
Group, construction company Samwhan Corp. and the Doosan, Hanwha
and Kumho Asiana groups.

TCR-AP also reported on March 2, 2006, that the formal tender
for the Company will most likely be delayed to April due to the
interference of unionists in the due diligence process.

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a    
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.  Daewoo Engineering is one of
several Daewoo units that initially survived the 1999 collapse
of the conglomerate Daewoo Group under US$80 billion of debts in
South Korea's largest corporate bankruptcy.  In early 2004, the
Korea Asset Management Company announced a proposed auction of
Daewoo Engineering.  Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.  KAMCO's 46%
stake in the Company had been estimated to fetch about KRW800
billion (US$677 million).  The Company has since become a
potential acquisition target in 2006.


DAEWOO SHIPBUILDING: Wins US$467 Mln Drill Ship Order
-----------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. has obtained a
US$467 million order from oil driller Transocean Inc. to
construct its first drill ship, The Korea Herald relates.  

The drill ship will be delivered to Transocean in 2008, to be
used in Chevron Corporation's mining area in the Gulf of Mexico.

The vessel, which can drill as deep as 11 kilometers below sea
level, can operate in all parts of the world from the Arctic Sea
to the warm waters around Africa and South America.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and  
Marine Engineering Co. -- http://www.dsme.co.kr/-- has  
developed into one of the world's premium specialized
shipbuilding and offshore contractor that builds various
vessels, offshore platforms, drilling rigs, floating oil
production units, submarines, and destroyers.  The shipbuilder
has been under a creditors-led corporate restructuring program
since 1999 along with some other affiliates after its parent,
Daewoo Group, collapsed under heavy debt exposure.  Daewoo
Shipbuilding is up for sale and the Korea Development Bank and
Korea Asset Management Corporation plan to start the sale
process of their remaining stakes in the second half of 2006.


KOREA EXCHANGE: BAI to Investigate 2003 Lone Star Sale
------------------------------------------------------
The Korean Board of Audit and Inspection will investigate this
week whether Lone Star Funds' US$1.2 billion purchase of a stake
in the Korea Exchange Bank in 2003 was appropriate, The Maeil
reports.

The probe, which is in response to the National Policy Committee
and the National Economy Committee's request, will focus on
alleged charges of the Bank's cheap sale and manipulation of the
Bank for International Settlement equity rate.

According to Reuters, South Korean politicians -- led by the
main opposition Grand National Party -- have alleged that the
Korea Exchange shares were sold cheap to Lone Star after the
Bank's financial status was incorrectly reported.

Korea Exchange denied the allegations early this month.

On the other hand, Reuters relates that the Financial
Supervisory Commission intends to report Lone Star's two South
Korean units to prosecutors over suspicions that they had
violated foreign currency laws.  The United States-based
investment firm and its staff have also been under investigation
by prosecutors since late 2005 in relation to possible tax
irregularities.

The results of the BAI probe are expected to come out in June
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.  


KOREA EXCHANGE: Commerzbank AG Reduces Stake to 6.5%
----------------------------------------------------
Commerzbank AG has reduced its stake in the Korea Exchange Bank
from 14.6% to 6.5%, leaving market players in the country and
abroad speculating the motive and possible impact of the
sell-off, JoongAng Daily reports.  

The German lender dumped an 8.1% stake in Korea Exchange for
US$724.6 million (CNY703.5 billion).  The sale came as Lone Star
Funds, which holds a 50.5% stake in Korea Exchange, is set to
sell the bank for CNY9 trillion.

Lawmakers and civic activists have alleged that Korea Exchange
intentionally understated its financial health to make it easier
for Lone Star to rescue the cash-strapped lender in 2003.  Such
strong opposition, which may delay the sale of Korea Exchange,
may be the reason Commerzbank sold the shares, industry sources
said.

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
===============

ANTAH HOLDING: To Submit Proposed Rehab Scheme for Approval
-----------------------------------------------------------
Antah Holding Berhad is set to submit its Proposed Restructuring
Scheme to authorities for approval so it could implement the
Plan within eight months from the date of the Plan's first
announcement on January 7, 2006.

On February 6, 2006, Antah Holding entered into a conditional
restructuring agreement with Liu Guo Dong; Rise Business
Incorporated; Rock Point Alliance Pte Ltd -- a wholly owned
subsidiary of Rock Point Alliance Sdn Bhd (a substantial
shareholder of Antah) -- and Zhu Qing Hua.  Under the deal,
Antah, Liu Guo Dong, Rise Business, Rock Point Alliance and Shu
Qing Hua have agreed in principle to undertake the Proposed
Restructuring Scheme.

On February 7, 2006, the Company announced its Proposed
Restructuring Scheme pursuant to Practice Note 17/2005 of Bursa
Malaysia Securities Berhad's Listing Requirements.

The Plan, which is aimed at restoring the Company's financial
footing and to regularize its condition, will be carried out
through:

   -- the injection of new viable businesses - PIPO Group;

   -- capital restructuring exercise;

   -- debt restructuring exercise; and

   -- the acquisitions of core assets of Antah.

A company may be placed under PN17 status if:

   -- there is a deficit in the adjusted shareholders' equity
      of the listed issuer on a consolidated basis;

   -- 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 issue on a consolidated basis;

   -- the auditors have expresses adverse or disclaimer
      opinion in respect of the listed issuer's going concern,
      in its latest audited accounts;

   -- the listed issuer has suspended or ceased its entire
      major business due to the cancellation, loss or renewal
      of license, disposal of business or a court order
      prohibiting the listed issuer from conducting business;
      or

   -- the listed issuer has an insignificant business or
      operations.

As reported by the Troubled Company Reporter - Asia Pacific on
March 3, 2006, Antah Holding's securities face possible
delisting from the Bursa Malaysia if it fails to submit its 2005
Annual Audited Account and 2005 Annual Report on time.  

The Company reported a net loss of MYR14,498,000 in the second
quarter financial report for the financial period ended Dec. 31,
2006, against a net loss of MYR1,481,000 in the same period last
year.

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


ASIA COMPANY: Completes Wind-up Process
---------------------------------------
The Board of Astro All Asia Networks disclosed that the
Company's wholly owned subsidiary, Asia Company No. 1 Limited,
was dissolved on March 1, 2006, pursuant to Section 213 of the
Companies Act 1981 of Bermuda.

The Troubled Company Reporter - Asia Pacific reported on
December 16, 2005, that Astro All's Board had passed a
resolution for the voluntary winding-up of Asia Company No.1
pursuant to Part XIII of the Companies Act 1981 of Bermuda (as
amended) (Act).  In this regard, Jennifer Y. Fraser of Canon's
Court, 22 Victoria Street, Hamilton, Bermuda, was appointed as
liquidator with full power and authority to conduct the winding
up in accordance with the Act and the Companies (Winding-Up)
Rules 1982 of Bermuda.

The move was part of the Astro All's internal restructuring
program, the report said.

Asia Company No.1 was incorporated in Bermuda under the Act as
an exempted company limited by shares on March 3, 2000.  The
Company's authorized share capital was USD12,000 divided into
120,000 ordinary shares of USD0.10 each, of which 120,000
ordinary shares were issued but not paid-up.


CHASE PERDANA: Court Dismisses Application to Stay Execution
------------------------------------------------------------
Chase Perdana Berhad's application to the Kota Kinabalu High
Court for a stay of the execution of its case against the
defendant, Afendi Bin Hamdan, has been dismissed on March 1,
2006.

On November 9, 2005, the Kota Kinabalu High Court dismissed
Chase Perdana's claim for the refund of a deposit amounting to
MYR1 million with costs.  At the same time, the Defendant's
counter-claim of MYR4 million was allowed together with
statutory interest (from November 9, 2005, until the date of
full settlement) and costs.

In light of Chase Perdana's appeal to the Court of Appeal
against the Judgment, Chase Perdana had earlier filed a motion
to the Court of Appeal for a stay of execution pending disposal
of the said appeal under Section 44 of the Courts of Judicature
Act 1964.  The date for the hearing of the motion has yet to be
fixed by the Court of Appeals but it is envisaged that the
matter may be heard within the next two to three weeks.   With
regard to Chase Perdana's appeal against the Judgment, the
matter has been fixed for hearing on June 12, 2006.

On June 26, 1997, Chase Perdana had entered into a Sale and
Purchase Agreement with Madrigal Bin Gumba to purchase 510
ordinary shares of MYR1.00 each representing 51% of the issued
and paid up share capital of Jernih Kaya Sdn Bhd.

At that time, Jernih owned a 49% stake in Dioncorp Sdn Bhd,
which in turn wholly owned First Securities Sdn Bhd, a company
approved by the Ministry of Finance to be established as a stock
broking firm.  The balance 51% stake in Dioncorp was owned by
Yayasan Bumiputra Sabah.

To facilitate the sale and purchase, Afendi Bin Hamdan
transferred its 240 ordinary shares in Jernih to Madrigal, to
form part of the 510 shares to be purchased by Chase Perdana.

Chase Perdana therefore paid MYR1 million to Afendi Bin Hamdan
as an initial payment of the total MYR5 million considertation
for the 240 shares.  The payment carried a condition that the
said deposit will be returned in the event that the approvals of
the relevant authorities (including the Foreign Investment
Committee and the Ministry of Finance) on the proposed sale and
purchase of the 510 ordinary shares in Jernih is not obtained.

On January 12, 1998, the Ministry of Finance informed Jernih
that the proposed sale and purchase of the 510 shares was not
approved.  Accordingly, a demand for the refund was issued but
ignored by Afendi Bin Hamdan.  A suit was subsequently filed
against the Defendant and Defendant filed a counterclaim for
MYR4 million being the balance purchase price for 240 ordinary
shares.

Chase Perdana, after consultation with its solicitors, has filed
an application for a stay of execution and an appeal against the
decisions on an urgent basis.  The Company believes that it has
strong grounds for the appeal based on, among other things, the
fact that if CPB were to acquire the 240 Jernih shares from the
Defendant by paying the balance purchase price of MYR4 million,
this would be in direct contravention of the decision of the
Ministry of Finance disapproving the proposed sale and purchase
of the 510 ordinary shares in Jernih.

A Summary Judgment was initially granted to Chase Perdana for
its claim of MYR1 million and the dismissal of the Defendant's
counterclaim for MYR4 million February 2, 2000.  The Defendant
subsequently filed an appeal against the Summary Judgment
decision and the appeal was allowed on July 18, 2003.

Consequently, Chase Perdana filed an appeal against the High
Court's decision to allow the Defendant's appeal against the
Summary Judgment.  The Appeal was referred to the High Court on
February 21, 2005 for trial.

Headquartered in Kuala Lumpur, Malaysia, Chase Perdana Berhad
-- http://www.chaseperdana.com.my-- is engaged in construction,  
property management, property development and investment
holding.  Its other activities include oil palm processing.  
Operations are carried out in Malaysia, India and British Virgin
Islands.  In 2000, the Corporate Debt Restructuring Committee
assisted Chase Perdana Berhad and its subsidiary companies to
finalize a debt restructuring agreement with their lenders
involving debt outstanding of MYR279.91 million.  The exercise
was undertaken beginning year 2002.  The Company's proposed debt
restructuring of is expected to address the difficulties
experienced by the Chase Perdana Berhad Group in meeting the
immediate debt obligations due to the current cashflow position
of the Group.  Both the corporate and debt restructuring would
put the Chase Perdana Group on a stronger financial footing to
continue as a going concern, to return to profitability and to
enhance returns to all the stakeholders.


HOCK SIN: To Convene 31st AGM on March 30
-----------------------------------------
Hock Sin Leong Group Berhad will hold its 31st Annual General
Meeting on March 30, 2006, at 11:00 a.m., at 1-11, 3rd Floor,
Jalan Perdana 10/6, Pandan Perdana, Selangor, 55300 Kuala
Lumpur, in order to:

   -- receive and consider the Audited Financial Statements
      together with the related reports of the Directors and
      Auditors for the year ended September 30, 2005;

   -- re-elect Datuk Abdul Ghani Bin Abdullah, who is to retire
      pursuant to Article 127 of the Company's Articles of
      Association;

   -- appoint Messrs Yeap Cheng Chuan & Co. as Auditors of the
      Company and to authorize the Directors to fix their
      remuneration;

   -- consider and if thought fit, to pass the allotment and
      issuance of the Company's shares provided that the
      aggregate number of shares to be issued does not exceed
      10% of the issued share capital of the Company for the
      time being; and

   -- transact any other business of which due notice will
      have been given.

Headquartered in Kuala Lumpur, Malaysia, Hock Sin Leong Group is
involved in assembling, distribution and servicing of electrical
and electronic products.  Its other activities include the
provision of investment holding and management services.  The
Company has been continuously incurring impairment losses in the
past years.  In the fourth quarter of the year ending Dec. 31,
2005, the Company booked a net loss of MYR128,000.


LINEAR COOLING: Court Shelves Wind-up Case
------------------------------------------
The Malaya High Court has agreed to set aside the wind-up order
against Linear Cooling Industries Sdn Bhd filed by Syarikat
Success Construction Sdn Bhd on May 26, 2005.  All related legal
proceedings are discontinued.

On September 9, 2003, Linear cooling chose Syarikat to construct
a district cooling plant room in Penang for a contract value of
MYR3,799,900.  Syarikat later filed a suit against the Company,
claiming for an amount of MYR583,418.82, a retention sum and
disputes of variation works, overdue interest and claimed
losses.

On November 11, 2005, Linear Cooling's solicitors had filed a
suit against Syarikat for liquidated damages of MYR530,000-00
for rectification works and unspecified damages in respect of
their failure to satisfactorily complete works in respect of
erecting a district cooling plant located at Bandar Perda,
Seberang Prai, which is also the subject matter of Syarikat's
winding-up petition.

On February 28, 2006, Linear Cooling and Syarikat signed a
settlement agreement after Linear Cooling agreed to withdraw its
legal action against Syarikat.

Headquartered in Penang, Malaysia, Linear Cooling Industries Sdn
Bhd is the industrial manufacturing arm of the Linear Group.   
Today, Linear Cooling houses some of the most comprehensive
heating, ventilation and air conditioning manufacturing
facilities available and its products are exported worldwide.  
The Company was served a notice of a winding-up petition by
Syarikat Success Construction Berhad on May 26, 2005.  


PAN MALAYSIA: Placed Under PN17 Category
----------------------------------------
Bursa Malaysia Securities Berhad has determined that Pan
Malaysia Holdings Berhad and Pan Malaysia Capital Berhad are
affected listed issuers pursuant to Practice Note No. 17/2005.

Pan Malaysia Holdings had disclosed on March 2, 2006, that it is
an affected listed issuer pursuant to Paragraph 2.0 of PN17 as
it has an insignificant business or operations.  The Company's
latest unaudited accounts for the financial year ended Dec. 31,
2005, showed that its business or operations generated revenue
on a consolidated basis of MYR32.131 million, which represents
less than 5% of the issued and paid-up capital of the Company.

Pan Malaysia Capital had also disclosed on March 2, 2006, that
it is an affected listed issuer pursuant to Paragraph 2.0 of
PN17 as it has an insignificant business or operations.  The
Company's latest unaudited accounts for the financial year ended
December 31, 2005, showed that its business or operations
generated revenue on a consolidated basis of MYR34.088 million,
which represents less than 5% of the issued and paid-up capital
of the Company.

Bursa Securities emphasizes that Bursa Securities will continue
to monitor the progress of the PN17 companies in respect of
their compliance with the Listing Requirements.

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Holdings
Berhad engaged in the provision of financial services, property
and leisure, investment holding and dealing and manufacturing
and selling of self-adhesive sticker labels.  The Group also
manufactures carton boxes and general packaging products. Other
activities relating to financial services are stockbroking,
options and financial futures broker, research fund management
services and money lending.  In 2001, the Group has disposed
Focusprint Sdn Bhd, Labels Specialist Industries Sdn Bhd and
Pengkalen Concrete Sdn Bhd wherein the manufacturing and trading
activities were discontinued.  The Company has proposed to
reduce capital to erase its accumulated losses after discovering
that its revenue is not more than 5% of its paid-up share
capital.


PAN MALAYSIA: Share Reduction Exercise Kicks Off
------------------------------------------------
Pan Malaysia Capital Berhad's proposed share capital reduction
was formally commenced on March 2, 2006, pursuant to Section
64(1) of the Companies Act, 1965.

The Exercise involves the cancellation of MYR0.60 of the par
value of each existing ordinary share of MYR1.00 each of Pan
Malaysia Cap in issue.

Upon completion of the Proposed Par Value Reduction, it is
expected that the Company's unaudited accumulated losses of
MYR646.148 million as of December 31, 2005, shall be reduced to
MYR7.327 million.

As of December 31, 2004, the audited accumulated losses of the
Company and the PM Cap Group reached MYR644.167 million and
MYR674.692 million, respectively.

The Company's Share Reduction Announcement is available for free
at:

   http://bankrupt.com/misc/tcrap_PMcapital020306.pdf

Pan Malysia Capital Berhad. The Group's in involved in stock and
share broking.  Its other activities include provision of
corporate advisory, research and fund management and nominee and
custodian services, options and financial futures broking,
property and investment holding and share registration.  
Operations of the Group are principally carried out in Malaysia.  
The Company's existing ordinary shares of MYR1.00 each have been
trading on the stock exchange substantially below par for a long
period of time.  The last traded price of PM Cap shares on March
1, 2006, was MYR0.095 per share.  The Company has proposed to
reduce capital to erase its accumulated losses.


PEMBINAAN LIMBONGAN: Reprimanded for Breach of Bourse's Rules
-------------------------------------------------------------
On March 3, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded Pembinaan Limbongan Setia Berhad for breach of
Paragraph 9.19(19) of the Bursa Securities Listing Requirements.

Paragraph 9.19(19) of the Bourse's Lisitng Requirements states
that a listed issuer must make an immediate announcement to
Bursa Securities of any commencement of winding-up proceedings
against the listed issuer or any of its subsidiaries or major
associated companies.

The Company has breached the Listing Requirements for failing to
make an immediate announcement when a winding-up petition was
served on the Company on November 17, 2005.  The Company only
made an announcement of the Petition to Bursa Securities for
public release on December 9, 2005.

The public reprimand was imposed pursuant to Paragraph 16.17 of
the Bursa Securities Listing Requirements after taking into
consideration various relevant factors.

Bursa Securities views the contravention seriously and hereby
cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

While Bursa Securities had not found that any of the directors
of the Company caused or permitted the violation, Bursa
Securities nevertheless highlights that it is the responsibility
of directors of listed companies to maintain appropriate
standards of responsibility and accountability within the
company and amongst its officers and employees including,
amongst others, an awareness of the importance of compliance
with the Bursa Securities LR.

The members of the Board of Directors as of November 17, 2005,
were:

     * Hisham bin Mahmood;
     * Dato' Lim Kang Yew;
     * Tuan Haji Ibrahim bin Haji Keling;
     * Johar Salim bin Yahaya;
     * Dato' Lim Kang Hoo;
     * Kang Hui Ling; and
     * Dato' Lim Kang Poh.

                           Background

The winding up petition was presented in the Shah Alam Session
Court on September 26, 2005, and it was served on Pembinaan
Limbongan on November 17, 2005.

The petition is based on the Company's failure to pay the
demanded MYR113,823.45, as calculated on June 1, 2005.

The Court directed Pembinaan Limbongan that it was to pay a
judgment sum of MYR68,497.07, with interest at 8% per annum
calculated from April 18, 1998, until full settlement and costs
of MYR6,294.00.  The Company had filed an appeal against the
decision, which is pending in the Shah Alam High Court, Civil
Appeal MT1-12-117-2005.

The company had filed a Notice of Motion to strike out the
Petition and for an injunction to restrain the unnamed
Petitioner from advertising the Petition with a certificate of
urgency however the application has been fixed on April 6, 2006
for hearing.  The company has made an allocation of enough funds
to pay the entire sum demanded by the Petitioner.  In the event
the court refuses to grant Pembinaan Limbongan a stay of
execution or to strike out the Petition, the company will pay
the amount demanded in the Petition without delay to ensure
there is no possibility of a winding up order being granted.


PROTON HOLDINGS: Completes Disposal of MV Agusta Shares
-------------------------------------------------------
Proton Holdings has, on March 1, 2006, completed the disposal of
57,750,000 Class A shares representing 57.75% of the corporate
capital of MV Agusta Motors S.P.A held by Proton Capital Sdn
Bhd, a wholly owned subsidiary of the Company, to Gevi S.P.A.

The Transaction was completed based on terms and conditions
agreed upon by both parties.

The Transaction relates to an overall recapitalization of MV
Agusta, which includes cash equity injection of EUR15.0 million
by GEVI and the assumption of all contingency liabilities that
may have had to be assumed by Proton.

Proton has relinquished its entire 57.75% interest in MV Agusta
effective March 1, 2006.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.  Proton has recently suffered
plunging profits due to dwindling car sales and cutthroat
competition.


SBBS CONSORTIUM: Bid to Extend Stay Order Withdrawn
---------------------------------------------------
On March 2, 2006, SBBS Consortium Berhad's application to extend
the Restraining and Stay Order granted by the Kuala Lumpur High
Court on September 20, 2005, has been withdrawn with no order as
to cost.

As reported by the Troubled Company Reporter, the Company had,
on December 19, 2005, filed an application to the Kuala Lumpur
High Court to extend the 90-day Restraining and Stay Order,
which has expired on December 18.

Meanwhile, the Company is also facing a winding up petition
instituted by Southern Bank Berhad, which is fixed for hearing
at the Kuala Lumpur High Court on March 29, 2006.

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.  Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis.  As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.  
Negotiations between the Company and its bank creditors are
nonetheless, still continuing.  The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.


TELEKOM MALAYSIA: Celcom Receives Summons from MCAT-Gen
-------------------------------------------------------
On March 1, 2006, the Solicitors of Telekom Malaysia Berhad's
wholly owned subsidiary, Celcom (Malaysia) Berhad, received a
sealed copy of a Summons in Chambers dated February 24, 2006,
filed by the MCAT-Gen Sdn Bhd.

In the Summons, MCAT-Gen is seeking an injunction to restrain
Celcom from:

   -- entering into, continuing and completing any reseller's
      agreement with any third party, or acting in a manner
      which contravenes, contradicts and causes detriment to
      MCAT-Gen's alleged rights under its alleged appointment of
      a reseller of Celcom's services; and

   -- disclosing the Plaintiff's confidential information and
      trade secrets to any third parties.

The Summons is fixed for hearing on March 20, 2006.  Celcom's
solicitors think there are good grounds to successfully resist
MCAT-Gen's action.  The Company will vigorously oppose the
Summons.

On November 24, 2005, Celcom was served with a sealed copy of a
Writ of Summons and Statement of Claim for a suit filed by MCAT-
Gen in the Kuala Lumpur High Court.

In its Statement of Claim, MCAT has pleaded a cause of action
for libel against Celcom based on certain alleged press releases
which appeared in the New Straits Times, Utusan Malaysia, Harian
Metro and Berita Harian.  MCAT is seeking, amongst others,
damages for libel in the sum of MYR1.0 billion, aggravated and
exemplary damages, an injunction restraining Celcom from further
publishing any similar defamatory words, a public apology and
costs.

Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia --
http://www.telekom.com.my/-- which once owned Malaysia's  
telecommunications landscape, now faces growing competition.  
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management.  The company is also a leading Internet
Service Provider.  Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks.  It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003.  The company also owns stakes in
businesses in nine countries in Asia and Africa.  The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm.  Some of its units
are also facing the possibility of being wound up by creditors.


VTI VINTAGE: Net Loss Rises in Q4/FY05
--------------------------------------
VTI Vintage Berhad incurred an unaudited net loss of
MYR2,617,000 in the fourth quarter of fiscal year ending
December 31, 2005, as against a net loss of MYR2,281,000 for the
same period last fiscal year.

              Summary of Key Financial Information

        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

* Revenue   

      8,372         9,124          28,003         32,299

* Profit/(loss) before tax

     -2,690        -1,921          -8,328           -742

* Profit/(loss) after tax and minority interest

     -2,617        -2,281          -8,225         -1,066

* Net profit/(loss) for the period

     -2,617        -2,281          -8,225         -1,066

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

      -2.70         -2.36           -8.49          -1.10

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)
  
      As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.3700                      0.4600

VTI Vintage's Fourth Quarter Report ended December 31, 2005, is
available for free:

   http://bankrupt.com/misc/tcrap_vtivintage030606.pdf

Headquartered in Kuala Lumpur, Malaysia, VTI Vintage Berhad is
involved in the manufacturing, trading, supplying and laying of
roof tiles.  


WEMBLEY INDUSTRIES: Suffers Hefty Net Loss in Q4/FY05
-----------------------------------------------------
Wembley Industries Holdings Berhad's Unaudited Fourth Quarter
Report for the period ended December 31, 2006, revealed a huge
net loss of MYR43,856,000, as against a net loss of
MYR14,585,000 for the same quarter in the previous year.

              Summary of Key Financial Information

        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

* Revenue   

          0             0               0              0

* Profit/(loss) before tax

    -43,856       -14,585        -110,075        -59,548

* Profit/(loss) after tax and minority interest

    -43,856       -14,585        -110,075        -59,548

* Net profit/(loss) for the period

    -43,856       -14,585        -110,075        -59,548

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

     -30.36        -10.10          -76.19         -41.22

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

       -5.3900                      -4.6300

The Company's Fourth Quarter Report for the period ended
December 31, 2005, is available for free at:

   http://bankrupt.com/misc/tcrap_WIHB4thqtr2005(1)xls.pdf

Notes to Financial Statement are also available at:

   http://bankrupt.com/misc/TCRAP_WIHB4Qtr2005.(1)doc.doc

Headquartered in Sarawak Malaysia, Wembley Industries Holdings   
Berhad is a developer of commercial properties and investment
holding.  Other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.   
  

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

ATLAS CONSOLIDATED: To Raise Funds by Listing Unit's Shares
-----------------------------------------------------------
Atlas Consolidated Mining and Development Corporation is
preparing to list the shares of its unit, Carmen Copper
Corporation, in order to raise funds to reopen its copper mine
in Toledo City, Cebu, The Philippine Inquirer reports.

Citing Atlas Chief Financial Officer Martin Buckingham, The
Inquirer relates that the Company was advised to list the shares
as soon as possible, as repoening the mine would need PHP8.67
billion.

Mr. Buckingham added that the repoening of the mine would enable
Atlas to take advantage of the high global of copper, which
ranges from US$1.60 (PHP81.64) to US$1.80 (PHP91.85) per pound.
Carmen Copper's mine is slated to hold 873 million tons of
minerals, worth about PHP153.09 billion.

Atlas is also planning to list Carmen Copper's shares on the
foreign exchange, and has sought the help of Cutfield Freeman &
Company in selecting a smelting firm that would buy its copper
in exchange for equity.

                          About Atlas

Headquartered in Mandaluyong City, Philippines, Atlas  
Consolidated Mining and Development Corporation was established  
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining  
Company, IXL Mining Company and the Antamok Goldfields Mining  
Company.  The Company is engaged in mineral and metallic mining  
and exploration that primarily produces copper concentrates and  
gold with silver and pyrites as major by-products.  Its  
subsidiary, ACMDC Ventures, Inc., is 79%-owned and is engaged in  
construction and engineering works.  The Company's copper mining
operations, which started commercial operations in 1955, are
centered in Toledo City, Cebu, where two open pit mines, two
underground mines and milling complexes (concentrators) are
located.  The Cebu copper mine ceased operations in 1994.
Activities after the shutdown have been limited to safeguarding
and maintaining the property, plant and equipment at the
minesite.  The closure has brought huge losses to the mining
firm.  The Masbate gold mine, meanwhile, was sold to Base Metal
Minerals Resources Corporation in 1996.

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


LMG CHEMICALS: Lack of Raw Materials Prompts Continued Shutdown
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
February 8, 2006, that industrial chemical producer LMG
Chemicals Corporation had shut down its sulfuric acid plant in
Manila.

The Company further updates that its plant will continue to be
shut down due the lack of raw materials, which was caused by the
30-day closure of a Shell desulfurization plant for maintenance.

Headquartered in Makati City, Philippines, LMG Chemicals
Corporation -- http://www.chemphil.com.ph/-- is the dominant   
chemical manufacturing company in the industry with a strong
industrial network - locally and globally.  It is engaged not
only in manufacturing, but also in trading and chemical bulk
storage.  Moreover, it is the only domestic producer of
detergent alkylate both branched and linear.  LMG manufactures
alkyl benzene, sulfuric acid, detergent sulfur and other
industrial chemicals. It is the only manufacturer of alkyl
benzene in the Philippines.  The Company's products are used
mainly by manufacturers of detergents, car batteries, food and
beverage and other power companies.


METROPOLITAN BANK: Capital Securities Get CCC+ Rating
-----------------------------------------------------
On March 3, 2006, Standard & Poor's Ratings Services assigned
its 'CCC+' rating to Metropolitan Bank & Trust Co.'s US$125
million non-cumulative step-up callable perpetual capital
securities (capital securities).

The securities are the first hybrid Tier-1 capital issue for a
Philippine bank after Bangko Sentral ng Pilipinas allowed such
issues to constitute part of a bank's core capital from December
2005.  The 'CCC+' rating on Metrobank's capital securities issue
takes into account the subordination of the issue to the claims
of senior creditors and holders of priority preference shares,
and the non-cumulative nature of coupon payments under certain
defined conditions.  The securities are also subordinated to
Metrobank's US$200 million 8.375% callable notes due 2013, rated
'B-' by Standard & Poor's.

The capital securities may be called, at the option of
Metrobank, 10 years from the date of issue.  The securities
carry a coupon of 9% per year payable semi-annually, up to the
call date.  Should Metrobank not exercise the call, coupons
payable after the call exercise date would be paid on a
quarterly basis and linked to the three-month LIBOR.  In
addition, Metrobank may redeem the capital securities at par on
the occurrence of a 'tax event' or a 'regulatory event.'

A 'tax event' occurs when, due to a change in law, coupon
payments on the capital securities are no longer eligible for
tax deduction or coupon payments to the holders of capital
securities are subject to withholding tax.  A 'regulatory event'
occurs when BSP's published capital adequacy requirements
stipulate that the capital securities may no longer be included
in Metrobank's Tier 1 capital.

Metropolitan Bank and Trust Company (Metrobank) --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.


VICTORIAS MILLING: Restructuring Plan Going Smoothly
----------------------------------------------------
Victorias Milling Company Inc.'s corporate secretary, Santiago
T. Gabionza, Jr., sent a letter to the Philippine Stock Exchange
in response to its request to clarify a Manila Times report
saying that "Victorias Milling Co., the Philippines' largest
sugar miller, expects to post a profit by 2008."

In the clarification letter, VMC stated that its promising
performance for the past five years since the approval of its
rehabilitation plan in 2000 supports the statement.  At present,
32 out of VMC's 33 creditors have approved the Company's debt
restructuring agreement, and the Company has proven its
capability to perform by making on-time payments to its
creditors under the agreement.  For the period from September 1,
2003, to September 1, 2005, VMC made interest payments to its
creditors totaling PHP845.23 million, and has paid obligations
amounting to PHP12.64 million to its trade suppliers.

The Company also said that it is nearing its target to reduce
manpower, divest non-profitable business units, improve sugar
operations above its estimates for the crop years 2001 to 2003,
and the sale and merger of its non-core assets.  With the
proposed sale of Victorias Foods Corporation, which requires the
divestment of its other non-core businesses, it is expected that
the Company will return to profit in due time.  

Despite its rehabilitation success so far, the Company maintains
prudence in stating that it still depends on the continued
success of its restructuring plan, as well as stable sugar
prices and industrial peace.

Victorias Milling Company Inc. --
http://www.victoriasmilling.com/-- was organized in 1919 and is    
engaged in the business of acquiring, constructing, maintaining  
and operating sugar mills, as well as other related business  
activities.  Through the years, the company has expanded its  
operations to include a foundry, a machine shop, a fabrication  
shop, a food canning company, an organic fertilizer plant and a  
piggery.  However, the company has incurred significant losses  
from operations, which adversely affected its financial  
condition and cash flow position.  On July 4, 1997, the company  
filed an application with the Securities and Exchange Commission  
for suspension of payments to creditors.  On July 8, 1997, the  
SEC issued a stay order restraining all creditors of the company  
or any of its subsidiaries from enforcing their claims to allow  
the company or any of its subsidiaries to continue to their  
normal business operations.  The SEC also ordered the formation  
of a Management Committee to oversee the company's operations  
and rehabilitation.  


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

ASTERIX CHEMICALS: Court Brings Out Wind-Up Order
-------------------------------------------------
On February 17, 2006, the High Court of Singapore issued a wind-
up order against Asterix Chemicals Pte Limited, formerly known
as Nafix Pte. Limited.

All creditors of the Company should file their proofs of debt
with the Official Receiver who will be administering all affairs
of the Company.  All debts due should be forwarded to the
liquidator.

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

         
CHINA AVIATION: Restructuring Plan Get Shareholders' Nod
--------------------------------------------------------
Trading in the shares of China Aviation Oil (Singapore)
Corporation is likely to resume by the end of this month
following shareholders' approval of its restructuring plan,
Associated Press reports.

China Aviation has been suspended from trading its shares in
late 2004 after revealing that it had incurred some US$550
million in losses from trading oil derivatives.  

The losses had built up over several months but weren't
disclosed in its quarterly earnings reports, AP reveals.

The newly approved restructuring plan allow creditors an option
to have an upfront cash payment of 45 cents on every dollar
owed, or a higher repayment rate of 58 cents a dollar spread
over five years, the company said.

China Aviation's China-based parent company, China Aviation Oil
Holdings, will shoulder a large amount for the repayment.  It
will inject US$75.7 million for 34.4% of the Company's post-
restructuring share capital, bringing its total stake to 51%.

Aside from that, China Aviation Holdings will invest US$44
million in the Company in exchange for a 20% stake.  

Temasek Holdings Pte Ltd. will also inject US$10.2 million for
4.65% of the Company.

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.  


CITIRAYA INDUSTRIES: Creditors Meeting Slated for March 27
----------------------------------------------------------
The creditors of Citiraya Industries Limited will hold its First
Meeting on March 27, 2006, at 2:30 p.m., at the auditorium of
Singapore Chinese Chamber of Commerce & Industry Building, 47
Hill Street, Singapore 179365.

The meeting is pursuant to Section 227N of the Companies Act,
Cap 50, to consider inter alia, the Statement of Proposals of
the Judicial Managers.

The Statement of Proposals is yet to be finalized and will be
disseminated in due course.

On January 20, 2006, the High Court approved the First Meeting
of Creditors to be extended not later than March 31, 2006.

Headquartered in Tech Park Crescent, Singapore, Citiraya
Industries -- http://www.citiraya.com/-- is in the business of  
providing a one-stop recycling and processing service for the
electronics industry.  It has also commenced the provision of
treatment processing services for toxic chemical waste which
contain precious metals.  Citiraya has been placed in judicial
management on November 25, 2005.


DCS SOLUTIONS: Court Winds Up Operations
----------------------------------------
DCS Solutions Limited received from the Singapore High Court a
wind-up order on February 17, 2006.

Contact: M/S Foo, Liew & Philip Lam
         Liquidator
         No. 151 Chin Swee Road
         #07-08/10 Manhattan House
         Singapore 169876

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


DIANOSTIC X-RAY: Liquidators Appointed to Wind Up Business
----------------------------------------------------------
The Diagnostic X-Ray Centre Pte Limited has ceased to carry on
business.

Low Sok Lee Mona and Teo Chai Choo have been appointed
Liquidators for the Company's voluntary winding-up.

Contact: Low Sok Lee Mona
         Liquidator
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


GREATRONIC LIMITED: Net Loss Up 13.1% in FY05
---------------------------------------------
Greatronic Limited reported a 13.1 increase in net loss for the
financial year ended December 31, 2005, according to Reuters.

The Company suffered SG3.4 million in losses for FY2005 compared
to SGD3 million losses in 2004.  Pre-tax loss widened to SGD3.40
million from SGD3.36 million for the same period last year.

The financial statement is available for free at:
   
   http://bankrupt.com/misc/GreatronicLimitedFY05Results.pdf

Headquartered in Singapore, Greatronic Limited
-- http://www.greatronic.com/--is engaged in the manufacturing  
of material handling equipment as well as the design,
fabrication and installation of conveyor-based integrated
automation system.  The Company is embroiled in a controversy
after its unit, Greatronic Technology (Malaysia) Berhad, was
accused of making fraudulent transactions with its associates
based in the United States and Germany.  The scandal further
contributed to the firm's losses.


INTERIOR ALLIANCE: Set to Pay Dividend
--------------------------------------
Interior Alliance Pte Limited is set to distribute a
preferential dividend to its creditors.

Creditors must submit their formal proofs of claim to liquidator
Sunari Bin Kateni by March 17, 2006.  Failure to comply will
exclude creditors from the benefit of the dividend.

Contact:  Sunari Bin Kateni
          Assistant Official Receiver
          The URA Centre (East Wing)
          45 Maxwell Road #06-11
          Singapore 069118


KHIM MEDICARE: Winds-Up Operations
----------------------------------
Khim Medicare Private Limited Incorporated in Singapore, have
commenced Member's Voluntary winding-up.

Low Sok Lee Mona and Teo Chai Choo have been appointed
Liquidators for the company's cessation of business.

Contact: Low Sok Lee Mona
         Liquidator
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


LOGISTICS TRAINING: Placed Under Member's Voluntary Winding-Up
--------------------------------------------------------------
Logistics Training and Consultancy Pte Limited, a wholly owned
dormant subsidiary of SembCorp Logistics, have been placed under
member's voluntary liquidation.

Low Sok Lee Mona and Teo Chai Choo were appointed as
liquidators.

Contact: Low Sok Lee Mona
         Liquidator
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


SEATOWN CORPORATION: Operating as Going Concern
-----------------------------------------------
Seatown Corporation Ltd advised that other than previously
announced, there have been no further development to the
Company's defaulted banking facilities, resulting in the
outstanding amounts repayable on demand.

According to Paragraph 4(v) of the auditors' report, the ability
of the Company and the Group to continue as going concerns and
meet their financial obligations as and when they fall due are
dependent, inter alia, on:

    -- the successful restructuring of the Company's and Group's    
       outstanding debts with lenders as at September 30, 2005;

    -- the Group not incurring significant losses in the future
       and being able to secure additional new profitable   
       contracts;

    -- the successful completion of the Investment Agreement
       with King Premier Holdings Limited or any other
       investment agreement with an investor; and

    -- the successful outcome of negotiations between the Group
       and lenders to the Group concerning the preservation of
       existing banking facilities available to the Group
       including those where covenants have been breached not
       being withdrawn or materially reduced by the banks and
       the indemnities provided by the Company to third parties  
       such as financial institutions in respect of performance
       bonds and guarantees issued by such third parties on
       account of its subsidiaries not being called upon by such
       third parties.

               Resumption of Trading Proposal

There have been no further developments regarding the resumption
of trading proposal to the Singapore Exchange Securities Trading
Limited.

There has been no development to the Schemes of arrangement for
Seatown Construction Pte Ltd and Fermold Pte Ltd.

Headquartered in Maxwell House, Singapore, Seatown Corporation
Limited's group is engaged in construction and commercial
property leasing.  The construction division offers piling,
foundation, civil and building contractors.  It is also engaged
in designing, fabricating and installing pre-cast building
materials.  Commercial property's leasing division handles
rental of commercial properties.  Other activities are
developing properties and investment holding.

The Company was placed under judicial management on September 3,
1999. The judicial managers were retired on December 19, 2000,
following its acquisition of Seatown Construction group, a Group
restructuring and its shares requoted for trading on SGX-ST.


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

PICNIC CORPORATION: Exchange Lifts Notice Pending Sign
------------------------------------------------------
The Stock Exchange of Thailand previously ordered Picnic
Corporation Public Company Limited to amend its financial
statement for the period ended December 31, 2005.

The Exchange ordered the revision after the auditors issued a
disclaimer to the financial statement.  The Exchange considered
the disclaimer as an inadequate or improper reflection of the
Company's actual position.  As a result, the Exchange posted a
Notice Pending sign against Picnic Corporation and was required
by the Securities and Exchange Commission to amend its financial
statement.

However, on March 6, 2006, the Exchange received a notification
from the Securities and Exchange Commission that the amendment
to the Company's financial statement would no longer be
necessary.  The Exchange has now posted a Notice Received sign
on Picnic's financial statement.

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


TANAYONG: Bankruptcy Court to Decide on Revised Plan
----------------------------------------------------
The plan administrator of Tanayong Public Company Limited
submitted to the Central Bankruptcy Court on May 30, 2005, a
petition for the amendment of the Company's business
reorganization plan.  

On February 28, 2006, the Official Receiver called for a meeting
of creditors to decide on the amendment of the reorganization
plan.

At the meeting, 69.16% of the creditors voted for the amendment
of the reorganization plan.  The amended plan has now been
submitted to the Central Bankruptcy Court for approval and will
be fixed for mention on April 3, 2006.

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.

Tanayong is currently under rehabilitation.  It is categorized
under Rehabco at the Stock Exchange of Thailand.  The Company is
planning to focus on all kinds of property development, ncluding
hotels right after the completion of its debt-restructuring.
    

THAI HEAT: Bourse Allows Trading of Securities
----------------------------------------------
Thai Heat Exchange Public Company Limited unveiled to the Stock
Exchange of Thailand the results of its capital increase
procedures.

   * Issued and Paid up Capital

     Old: THB124,680,500

     Number of common Shares: 124,680,500 shares

     New: THB170,990,795

   * Number of common Shares: 170,990,795 shares

     Par value: THB1

     Allocate to: Conversion of labor debt THB46,310,295 to
                  46,310,295 common shares

     Ratio: 1:1

     Exercise Price:

     Exercise Date: March 1, 2006

Effective March 6, 2006, the Stock Exchange of Thailand will
allow the securities of Thai Heat to be traded on the Bourse
after finishing capital increase procedures.

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.


BOND PRICING: For the Week 6 March to 10 March 2006
---------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----


AUSTRALIA
---------

Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Australian Government                 6.750%    11/15/06    46
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    24
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     9
Fletcher Building Ltd                 8.300%    10/31/06     9
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Gympie Gold Ltd                       8.500%    09/30/07     1
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    11
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    01/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     9
Infratil Ltd                          8.500%    11/15/15     8
Investa Property Group Ltd            6.000%    05/28/08     6
Kagara Zinc Ltd                       9.750%    05/06/07     3
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Sydney Gas Company                   12.000%    04/01/06     1
Sydney Gas Limited                   12.000%    06/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Denko Industrial Corporation Bhd      5.000%    03/15/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     5
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%    01/06/07     3
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           3.000%    04/05/12     1
Mithril Bhd                           8.000%    04/05/09     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Orix Leasing Malaysia Bhd             4.052%    01/26/09     4
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Talam Corporation Bhd                 7.000%    04/19/06     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------

Rabobank Singapore                    1.000%    11/03/13    74
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   5.625%    12/07/06     1
Tampines Assets Ltd                   6.000%    12/07/06     1
Tincel Limited                        7.400%    06/13/11     1




                            *********


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.

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                 *** End of Transmission ***