TCRAP_Public/060309.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

            Thursday, March 9, 2006, Vol. 9, No. 049


                            Headlines

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

A.C.N. 068 203 136 PTY: Voluntarily Winds Up Business
ABC CAR: Court to Commence Liquidation Proceedings
AFYIF PTY: Federal Court Issues Wind-up Order
APPIN INVESTMENTS: To Hold Final Meeting Today
AUSTRALASIAN INVESTMENTS: Proofs of Claim Due on March 24

CAPITAL ENTERPRISES: Begins Liquidation of Assets
CARTER HOLT: Rank Group Nears Full Takeover with Increased Stake
CLIPSAL CONTROLGEAR: Members Decide to Close Operations
COMDEK LIMITED: J.E. Low Appointed as Receiver
CONSORTEO PTY: To Declare Dividend Today

DOUGHTY CONTRACTS: CIR Files Petition for Liquidation
FELTEX CARPETS: Loses Senior Managers to Rivals
FOX CORPORATE: Members & Creditors to Receive Wind-up Details
FILMER HAULAGE: Members Opt to Wind Up Firm
FORTESCUE METALS: Will Not Seek New Shares Issue Deadline

HENRY WALKER: Shareholders seek creditor treatment
KARAMIHAS & GASPAR: Liquidator to Explain Wind-up Report
KUNUNURRA TRANSPORT: To Distribute Final Dividend
MADISON COMPUTER: Court Appoints C.J. Palmer as Liquidator
NORTHMEAD AUTO: Members Agree on Liquidation

ORIENTAL PROPERTIES: Shareholders Pick Liquidator
PALUMBO HOLDINGS: Receiver Steps Down
POSTERBANK PTY: Schedules Final Meeting Today
REEF MANAGEMENT: Creditors' Claims Due on March 14
SANTOS LIMITED: Partners with Reliance for Reserves Exploration

SILKWIPE PTY: Enters Voluntary Liquidation
SONDAWAY PTY: Inability to Pay Debts Leads to Wind-up
SQUARE INVESTMENTS: Prepares to Liquidate Assets
TECHRACK PTY: Prepares to Close Shop
TELSTRA CORPORATION: New Network Not Free from Regulations

TELSTRA CORPORATION: Earmarks HK$508 Million for New World
UDU RESOURCES: Prepares to Pay Dividend to Creditors
VISION BOATS: Court Enters Wind-up Order
WASBO LIMITED: Shareholders Install Liquidators


C H I N A   &   H O N G  K O N G

BERVILLE DEVELOPMENT: Enters Voluntary Liquidation
CENTURY ASIA: Members & Creditors Meeting Fixed on March 15
DEEP SEA: Liquidator to Explain Wind-up Report
FELIX TSANG: Creditors' Claims Due on March 31
GLOBALINE EXPRESS: Court Enters Wind-Up Order

HONG KONG BUS: Members and Creditors to Meet on March 15
HUNDRED GLORY: Creditors Meeting Slated for March 13
JINXIN TRUST: Former Managers Found Guilty of Fraud
KATIGA JAPANESE: Lam Kwok Amends Wind-Up Petition
PEAK GARDEN: Creditors' Meeting Slated for March 16

SANIC INTERNATIONAL: Yan & Haughey Appointed to Wind Up Firm
SBFI LIMITED: Creditors to Review Wind-up Report
SKYBASE INTERNATIONAL: Set to Close Business
TAK SING: Begins Winding Up Process
WAI FAI: Begins Bankruptcy Proceedings

WING CHEUNG: Court Enters Bankruptcy Order
YAU FUNG: Members and Creditors Meeting Fixed on March 15


I N D I A

FLEXO FILM: Lets Go of BIFR's Hand
JIK INDUSTRIES: Updates on Scheme of Arrangement
LML LIMITED: Wage Woes Trigger Strike
LML LIMITED: Seeks Partner to Revive Business
NATIONAL TEXTILE: Supreme Court Clears Mills Sale


I N D O N E S I A

GARUDA INDONESIA: Cuts Travel Agent Commissions
GARUDA INDONESIA: Security Firm Warned Over Loan
PERTAMINA: Promotes Marketing Director to Top Post


J A P A N

CULTURE CONVENIENCE: Plans Share Split in April
FURUKAWA COMPANY: Moody's Upgrades Rating to Ba2
SANYO ELECTRIC: Founding Family to Sell U.S. Hotel
SOFTBANK CORPORATION: Planned Takeover of Vodafone Hurts Ratings
VODAFONE K.K.: S&P Places Long-Term Debt Rating on CreditWatch


K O R E A

INCHON OIL: SK Corp Completes Acquisition
SSANYONG MOTOR: February Vehicle Sales Down 3.4% on Low Sales


M A L A Y S I A

APEX EQUITY: Buys Back MYR15,833 Worth of Shares
AYER HITAM: Wants Restraining Order Extended
CME GROUP: Net Loss Narrows in Q4/FY05
DECORPLUS SDN: Transocean Serves Wind-up Petition
DENKO INDUSTRIAL: Approves Unit's Property Purchase Talks

KIG GLASS: Court Orders Winding Up
MALAYSIA AIRLINES: To Shift to 'Hub and Spoke' Network
MALAYSIA AIRLINES: Mulls Aircraft Sale to Offset Losses
NORTH BORNEO: Scheme Creditors Snub Debt Restructuring Plan
PAN MALAYSIA: Buys Back 50,000 Shares

POHMAY HOLDINGS: Works to Avert Wind-up Action
SOUTHERN BANK: Securities Granted Listing and Quotation
SUREMAX GROUP: Unit Receives Summon
* FTSE Drops 10 Firms from Global Equity Index Series


P H I L I P P I N E S

ABS-CBN BROADCASTING: Executives Face Charges Over Stampede
DIGITAL TELECOMMUNICATIONS: To Hold Stockhoders' Meeting in May
* Fiscal Reforms to Impact Philippines' Sovereign Rating


S I N G A P O R E

CHINA AVIATION: Ex-Chief to Plead Guilty to Six Charges
HONG INVESTMENT: Court to Hear Wind-Up Petition on March 17
IJIMASIA PRIVATE: Prepares to Face Wind-Up Proceedings
MACLLOYD INDUSTRIAL: Creditors to Meet on March 21
RHOMBIC PRIVATE: Creditors Meeting Slated Next Month

UNITED FIBER: Borrows from Tektronix to Repay Cornell


T H A I L A N D

PHUKET AIRLINES: Hopes for a Fresh Start in New Name
PICNIC CORPORATION: Installs New Chairman of the Board
TPI POLENE: Thai Stock Exchange Wants P. Leophairatana Off Board
TPI POLENE: Net Profit Down 63% to THB1.52 Billion
TPI POLENE: Hopeful for 2006 Growth

     - - - - - - - -

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

A.C.N. 068 203 136 PTY: Voluntarily Winds Up Business
-----------------------------------------------------
At a general meeting of A.C.N. 068 203 136 Pty Limited on
February 8, 2006, members have decided that the Company needs to
voluntarily wind up its operations.

Robert Keith Hunter was nominated to act as liquidator to manage
the Company's wind-up activities.

Contact: Robert K. Hunter
         Liquidator
         Ure Lynam & Co. Chartered Accountants
         17th Floor, 1 York Street
         Sydney, New South Wales 2000
         Australia


ABC CAR: Court to Commence Liquidation Proceedings
--------------------------------------------------
The High Court of Auckland has received, on December 6, 2005, an
application for the wind-up of ABC Car Rental Limited.

The Application, which was filed by the Commissioner of Inland
Revenue, will be heard on March 16, 2006.

Contact: Simon John Eisdell Moore
         Crown Solicitor         
         Solicitor for the Plaintiff

         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         P.O. Box 2213 or D.X. C.P. 24-063
         Auckland, New Zealand


AFYIF PTY: Federal Court Issues Wind-up Order
---------------------------------------------
On February 10, 2006, the Federal Court of New South Wales
issued a wind-up order pertaining to AFYIF Pty Limited, and
appointed Steven Nicols to act as the Company's liquidator.

Contact: Steven Nicols
         Liquidator
         c/o Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.bankrupt.com.au/


APPIN INVESTMENTS: To Hold Final Meeting Today
----------------------------------------------
The final meeting of the members of Appin Investments Pty
Limited will be held today, March 9, 2006, for them to get an
account of the manner of the Company's wind-up and property
disposal from liquidator A. A. Gaffney.

Contact: A. A. Gaffney
         Liquidator
         RSM Bird Cameron Chartered Acocuntants
         8 St. George's Terrace
         Perth, Western Australia 6000
         Telephone: (08) 9261 9100


AUSTRALASIAN INVESTMENTS: Proofs of Claim Due on March 24
---------------------------------------------------------
The shareholders of Australasian Investments Proprietory Limited
have approved a special resolution to appoint Peri Micaela
Finnigan and Boris van Delden as the Company's liquidators.

The liquidators fix March 24, 2006, as the date by which
creditors must prove their debt or claims against the Company
and to establish any priority to any distribution.

Contact: Peri Finnigan
         Liquidator
         McDonald Vague
         P.O. Box 6092 Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: http://www.mvp.co.nz/


CAPITAL ENTERPRISES: Begins Liquidation of Assets
-------------------------------------------------
Capital Enterprises Limited has started winding up its
operations on February 17, 2006.

The Company's shareholders approved the appointment of Roland
Lawrence Sarten, chartered accountant of Wellington, to
facilitate the liquidation of the Company's assets.

Contact: Roland Lawrence Sarten
         Liquidator
         Temperton & Associates Limited
         Chartered Accountants
         P.O. Box 1140, Wellington,
         New Zealand
         Telephone: (04) 499 8382
         Facsimile: (04) 471 4833


CARTER HOLT: Rank Group Nears Full Takeover with Increased Stake
----------------------------------------------------------------
Rank Group Investments Limited now owns nearly 88% of Carter
Holt Harvey Limited, inching closer to the 90% stake required to
automatically take full control of the wood products company,
Reuters relates.

The Troubled Company Reporter - Asia Pacific reported on
February 2, 2006, that Rank Group, which is owned by New
Zealand's richest man, acquired 85.7% of Carter Holt at NZ$2.50
per share.  The same report stated that Rank Group further
offered to purchase the remaining 14.3% of the Company,
increasing its share price offer to NZ$2.75.

Rank Group's NZ$2.75-per-share offer valued the whole of Carter
Holt at NZ$3.6 billion (US$2.3 billion).

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,
was sold out to Graeme Hart's Rank Group.  Almost immediately,
Mr. Hart offered full control.  Rank Investments Group now holds
nearly 88% stake in Carter Holt after it raised its offer to
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.


CLIPSAL CONTROLGEAR: Members Decide to Close Operations
-------------------------------------------------------
The members of Clipsal Controlgear Pty Limited convened on
February 6, 2006, and agreed on the voluntary wind up the
Company's operations.

Subsequently, S.C. Davies and Robyn Beverley McKern were
appointed as liquidators to supervise the Company's wind-up
activities.

Contact: S. C. Davies
         Robyn B. McKern
         Liquidators
         c/o McGrathNicol+Partners
         115 Grenfell Street, Adelaide
         South Australia 5000
         Telephone: 08 8468 3700
         Web site: http://www.mcgrathnicol.com.au/


COMDEK LIMITED: J.E. Low Appointed as Receiver
----------------------------------------------
On February 13, 2006, Jennifer Elizabeth Low was appointed as
receiver and manager of Comdek Limited.

Contact: Jennifer E. Low
         Receiver
         Sheridans Chartered Accountants
         Level 6, 40 St. George's Terrace
         Perth, Western Australia 6000


CONSORTEO PTY: To Declare Dividend Today
----------------------------------------
Consorteo Pty Limited will declare its first and final dividend
today, March 9, 2006.

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

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


DOUGHTY CONTRACTS: CIR Files Petition for Liquidation
-----------------------------------------------------
The Commissioner of Inland Revenue filed with the High Court of
Palmerston North an application to have Doughty Contracts FDG
Limited liquidated.

The High Court will hear the CIR Petition on March 13, 2006.

Contact: Ellen-Marie Carpenter
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Napier Service Centre
         Level Four, Library Building
         22 Station Street
         P.O. Box 1144, Napier,
         New Zealand
         Telephone: (06) 974 6315
         Facsimile: (06) 974 6212


FELTEX CARPETS: Loses Senior Managers to Rivals
-----------------------------------------------
Feltex Carpets Ltd. has lost two of its most senior Australian
sales managers to rival companies in recent weeks, Dow Jones
reports.

According to Dow Jones, the departures include national sales
manager Garry Mobbs, who has taken up a role with rival
Australian company Godfrey Hirst Australia Pty. Ltd., and
Melbourne-based Brendon Fall, national manager of residential
sales, who went to Victoria Carpets.

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.  The Company's troubles began last year
as it struggled with losses and earnings downgrades, flogging
sales, and a dipping share price.  Feltex closed plants and
fired 235 workers in the past year, and is now in merger talks
with rival Godfrey Hirst.  


FOX CORPORATE: Members & Creditors to Receive Wind-up Details
-------------------------------------------------------------
A final meeting of the members and creditors of Fox Corporate
Services 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 9, 2006.

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


FILMER HAULAGE: Members Opt to Wind Up Firm
-------------------------------------------
After their extraordinary general meeting on February 9, 2006,
the members of Filmer Haulage Pty Limited decided to voluntarily
wind up the Company's operations.

A creditors' meeting was also held on the same day.
Subsequently, Rodney Slattery and Craig Crosbie were appointed
as joint and several liquidators.

Contact: Craig Crosbie
         Rodney Slattery
         Liquidators
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


FORTESCUE METALS: Will Not Seek New Shares Issue Deadline
---------------------------------------------------------
Fortescue Metals Group Ltd. indicated that it would not ask the
Australian Stock Exchange for an extension of shareholder
approvals of a potential equity raising, Bloomberg News reports.

The approval, which was received from shareholders in November
2005, would have allowed Fortescue to issue 55 million new
shares to help fund its ambitious AU$2.5 billion iron ore
venture.

The deadline for the issuance of the new shares, worth AU$224
million (US$164 million) -- as calculated by Bloomberg based on
80% of the average share price during the past seven consecutive
business days -- expired March 7.

The Australian, in a separate report, said that Fortescue
planned to raise up to AU$450 million through a placement of the
55 million shares as well as a 15% annual placement allowed
under ASX rules to help part-fund Fortescue's project.

                     No Big Deal, CFO Says

The Age, however, relates that Fortescue Chief Financial Officer
Christopher Catlow dismissed the equity raising as "no big
deal."  Mr. Catlow said that the Company has a number of options
to raise equity and that it "may lodge the application for an
extension but [is] not perturbed either way."

The West Australian, meanwhile, cites Mr. Catlow as saying that
Fortescue is considering selling shares in its two key
subsidiaries -- FMG Chichester and The Pilbara Infrastructure
(TPI) -- without seeking the approval of shareholders.

FMG Chichester holds Fortescue's main Christmas Creek and Cloud
Break iron ore deposits, from which the group intends to produce
at least 45 million tonnes of ore a year from 2008, while
Pilbara Infrastructure is intended to hold Fortescue's proposed
multi-user port and rail network.

                   Fortescue Has Two Options

In February, research group BBY Ltd said that Fortescue had two
financing options for the equity component of the capital
raising: a 20-25% stake sale, or issue new shares.  Fortescue
chief executive officer Andrew Forrest confirmed that both
options were being considered along with a plan to get the
balance of the funding from American debt capital markets.

Fortescue has previously targeted a 70:30 debt-to-equity funding
split, with at least US$600 million (AU$810 million) likely to
be raised via a major bond issue in the United States.

               Fortescue's Billion Dollar Venture

The Age had earlier reported that Fortescue is in a 40-day plan
to complete documentation and meet certain milestones in its ore
mining project in Western Australia before broking group
Citigroup undertakes the multi-billion dollar financing, which
will comprise equity and debt.

The project, forecasted to produce 45 million tonnes of iron ore
per year, is due to start producing iron ore from the Chichester
Ranges, to be railed 250 kilometers to Port Hedland by the end
of 2007 or early 2008.


HENRY WALKER: Shareholders seek creditor treatment
--------------------------------------------------
Some shareholders of Henry Walker Eltin Group have claimed that
they were misled and asserted that they should be treated
similarly as creditors in the Company's wind-up, The Australian
Associated Press reports.

According to AAP, the move came after creditors voted last week
to place Henry Walker under a deed of company arrangement that
will see financial creditors paid in full, major credit
creditors paid about 65 cents in the dollar, and small creditors
paid about 20 cents in the dollar.  The Arrangement will leave
creditors short-changed by about AU$66 million, despite
receiving around AU$284 million in cash.

Moreover, due to the Company's collapse, about 11,000
shareholders will be left with nothing.  Henry Walker joint
administrator Scott Kershaw of McGrath Nicol and Partners said
that a handful of these shareholders had applied to be treated
as creditors.

AAP relates that a recent Federal Court decision on the case of
Sons of Gwalia Ltd., favoring the ordinary shareholders and
granting them the same rights to compensation as all other
unsecured creditors had paved the way for Henry Walker's
shareholders.

The Troubled Company Reporter - Asia Pacific had reported on
March 6, 2006, that Henry Walker's administrators warned there
is no likelihood shareholders will receive any distribution in
respect of the shares they hold in the Company.  In short, their
shares were worthless.

                       About Henry Walker

Headquartered in North Ryde, New South Wales, Henry Walker Eltin
Group Limited -- http://www.hwe.com.au/-- is principally  
engaged in the contracting of operations in surface and
underground mining; minerals processing and handling; civil,
electrical, mechanical and process engineering; maintenance
services; waste and wastewater treatment infrastructure; waste
management; site remediation and rehabilitation; motor vehicle
retailing; and land development.  The contracting operations are
conducted in Australia and New Zealand, South East Asia, the
Americas and Africa.  The motor vehicle retailing and service
activities are conducted in Australia and South East Asia.  The
other activities are conducted exclusively in Australia.

The Company ended 2004 mulling over a capital restructure.  In
February 2005, Henry Walker enters into administration after a
funding scheme failed and due to difficulties experienced by the
Company in securing long-term funding agreements.  During the
same month, the administrators had pointed to the firm's mining
operations in Indonesia as the culprit to its problems, and puts
the mining unit up for sale.  A series of sales and closures
followed, so that by the end of 2005, the Company has sold its
Indonesian arm, divested its Toyota dealership in Bridge Autos,
and sold part of its Western Australian civil construction
business.

In February 2006, Henry Walkers's mining unit was purchased by
Leighton Contractors Pty Limited for AU$211 million.

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


KARAMIHAS & GASPAR: Liquidator to Explain Wind-up Report
--------------------------------------------------------
The members of Karamihas & Gaspar Pty Limited will convene
today, March 9, 2006, to receive liquidator Adam Shepard's
account regarding the Company's completed wind-up and disposal
of property, and to consider any other matters that may be
brought before the meeting.

Contact: Adam Shepard
         Liquidator
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone: 9223 2944


KUNUNURRA TRANSPORT: To Distribute Final Dividend
-------------------------------------------------
Kununurra Transport Services Pty Limited will declare its final
dividend on March 10, 2006.

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

Contact: K. S. Wallman
         Liquidator
         PO Box 4055, Wembley
         Western Australia 6014


MADISON COMPUTER: Court Appoints C.J. Palmer as Liquidator
----------------------------------------------------------
On February 17, 2006, the Federal Court of Australia appointed
Christopher J. Palmer to act as liquidator in the wind-up of
Madison Computer & Trading Pty Limited.

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


NORTHMEAD AUTO: Members Agree on Liquidation
--------------------------------------------
After a general meeting on February 8, 2006, the members of
Northmead Auto Electrical Pty Limited resolved to close the
Company's business operations and distribute the proceeds of its
assets.

C. Roberts was then appointed as liquidator.

Contact: C. Roberts
         Liquidator
         10 Sturt Place, Castle Hill
         New South Wales 2154, Australia


ORIENTAL PROPERTIES: Shareholders Pick Liquidator
-------------------------------------------------
The shareholders of Oriental Properties Limited approved the
appointment of Roland Lawrence Sarten as liquidator.

The liquidation process of the Company's assets commenced on
February 17, 2006.

Contact: Roland Lawrence Sarten
         Liquidator
         Temperton & Associates Limited
         Chartered Accountants
         P.O. Box 1140, Wellington,
         New Zealand
         Telephone: (04) 499 8382
         Facsimile: (04) 471 4833


PALUMBO HOLDINGS: Receiver Steps Down
-------------------------------------
On February 7, 2006, Dino Travaglini ceased to act as the
receiver and manager of the property of Palumbo Holdings Pty
Limited.


POSTERBANK PTY: Schedules Final Meeting Today
---------------------------------------------
A final meeting of the members and creditors of Posterbank
(Southern) Pty Limited will be held today, March 9, 2006.

At the meeting, liquidator John Lindholm 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.


REEF MANAGEMENT: Creditors' Claims Due on March 14
--------------------------------------------------
Creditors of Reef Management Pty Limited whose claims have not
already been admitted, are required to submit their formal
proofs of claim to liquidator Robert Hutson by March 14, 2006.

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

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


SANTOS LIMITED: Partners with Reliance for Reserves Exploration
---------------------------------------------------------------
Santos Limited entered into a partnership with Reliance
Petroleum, a wholly owned subsidiary of Reliance Industries Ltd,
to broaden its search for new oil and gas reserves, The Hindu
Business Line relates.

A Memorandum of Cooperation between the two companies was signed
on March 7, 2006, in Mumbai, India, by Santos managing director
John Ellice-Flint and Reliance's petroleum business chief P.M.S.
Prasad.  The Agreement, according to an Australian government
official, paves the way for cooperation in oil and gas
exploration in an "agreed area of interest," which includes
South and South-East Asia.

Santos is currently boosting exploration as it seeks to replace
declining output from the Cooper Basin in Central Australia.
Last year, it agreed to form exploration ventures in Egypt and
Kyrgyzstan and it is already exploring in Indonesia and the
United States.

Reliance Petroleum, in its case, has announced plans to raise
INR6,000 crore through an initial public offer of shares.


SILKWIPE PTY: Enters Voluntary Liquidation
------------------------------------------
On February 7, 2006, the members of Silkwipe Pty Limited held a
general meeting and agreed that it is in the Company's best
interests to close its operations.

Justin Peter Sheldrake was appointed as liquidator at a
creditors' meeting held later that day.

Contact: Justin P. Sheldrake
         Liquidator
         PO Box 533, Cairns
         Queensland 4870, Australia


SONDAWAY PTY: Inability to Pay Debts Leads to Wind-up
-----------------------------------------------------
At a general meeting of the members of Sondaway Pty Limited on
Feb. 6, 2006, it was agreed that the Company wind up its
business voluntarily due to its inability to pay its debts.

Gerard J. Mier was then appointed as the Company's liquidator.

Contact: Gerard J. Mier
         Liquidator
         c/o KPMG
         Level 13, Cairns Corporate Tower
         15 Lake Street, Cairns
         Queensland 4870, Australia


SQUARE INVESTMENTS: Prepares to Liquidate Assets
------------------------------------------------
On February 21, 2006, the shareholders of Square Investments
Limited named Terence Charles Webb Bastion as the Company's
liquidator.

Creditors are given until March 10, 2006, to prove their claims
and to establish any priority their claims may have.

Contact: T. C. W. Bastion
         KBC House, 272 Karori Road
         P.O. Box 17-344, Karori, Wellington,
         New Zealand
         Telephone: (04) 476 5775
         Facsimile: (04) 476 5778


TECHRACK PTY: Prepares to Close Shop
------------------------------------
Members of Techrack Pty Limited held a general meeting on
February 6, 2006, and agreed to:

  -- close the Company's business operations; and

  -- appoint S. C. Davies and Robyn Beverley McKern as
     liquidators.

Contact: S. C. Davies
         Robyn B. McKern
         Liquidators
         c/o McGrathNicol+Partners
         115 Grenfell Street, Adelaide
         South Australia 5000
         Telephone: 08 8468 3700
         Web site: http://www.mcgrathnicol.com.au/


TELSTRA CORPORATION: New Network Not Free from Regulations
----------------------------------------------------------
Australia's Communications Minister Helen Coonan has stressed
out that Telstra Corporation Ltd.'s planned higher-speed network
would not be exempt from key regulations, Reuters says.

Reuters recounts that in November 2005, Telstra had revealed
plans to spend AU$10 billion to build a so-called higher-speed
"fibre-to-the-node" network.  However, the Company announced in
December that it had put the plans on hold.

Telstra has been urging the Government that it needs a
guaranteed regulatory "safe harbor" before upgrading to a
higher-speed network.

However, Senator Coonan said that while Telstra's fibre-to-the-
node proposal "would be good news for the deployment of next
generation broadband in Australia," there cannot be automatic
exemptions from the regime for investments if they result in new
bottlenecks or extend existing ones.  She clarifies that this is
a principle that would apply equally to all investments and not
just to Telstra.

Senator Coonan adds that any regulatory exemptions for Telstra
could be terminal for competition in Australia and, ultimately,
consumers would suffer.

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
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TELSTRA CORPORATION: Earmarks HK$508 Million for New World
----------------------------------------------------------
New World Development Company Ltd. is set to gain an unaudited
HK$508 million (US$65 million) from the sale of 76.4% of New
World PCS Ltd. to Telstra Corporation, Bloomberg News reports.

Telstra had earlier agreed to merge its Hong Kong mobile unit,
Hong Kong CSL Limited, with New World PCS Ltd.  As reported by
the Troubled Company Reporter - Asia Pacific on November 16,
2006, Telstra entered into a non-binding Memorandum of
Understanding with New World Development and its listed
subsidiary, New World Mobile Holdings Limited, concerning the
merger of their respective Hong Kong mobile companies.

The combined company will be named CSL New World Mobility Ltd.
and will be run by CSL Chief Executive Hubert Ng.  It will have
34% of Hong Kong's mobile phone market, with annual sales of
HK$6 billion and earnings before interest, tax, depreciation,
and amortization of HK$1.6 billion from 2.6 million customers.

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
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


UDU RESOURCES: Prepares to Pay Dividend to Creditors
----------------------------------------------------
UDU Resources Limited will declare a first and final dividend
today, March 9, 2006, to the exclusion of creditors who were not
able to prove their claims against the Company.

Contact: Andrew Love
         Liquidator
         Ferrier Hodgson
         Level 17, 2 Market Street
         Sydney, New South Wales 2000
         Australia


VISION BOATS: Court Enters Wind-up Order
----------------------------------------
On February 17, 2006, the Supreme Court of New South Wales
ordered the wind-up of Vision Boats Australia Pty Limited, and
appointed R. J. Porter to act as liquidator.

Contact: R. J. Porter
         Liquidator
         Moore Stephens Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


WASBO LIMITED: Shareholders Install Liquidators
-----------------------------------------------
On February 8, 2006, the shareholders of Wasbo Limited --
formerly Buro Officeware Limited -- named Anthony John McCullagh
and Stephen Mark Lawrence to facilitate the liquidation of the
Company's assets.

The liquidators will accept proofs of debt or claim from
creditors until March 10, 2006.

Contact: Anthony John Mccullagh
         Stephen Mark Lawrence
         Joint and Several Liquidators
         Horwath Corporate (Auckland) Limited
         P.O. Box 3678, Auckland 1015
         New Zealand
         Telephone: (09) 306 3440
         Facsimile: (09) 302 0536


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

BERVILLE DEVELOPMENT: Enters Voluntary Liquidation
--------------------------------------------------
Members of Berville Development Limited held a general meeting
on February 2, 2006, and agreed that:

   -- the Company needs to be wound up voluntarily;

   -- Chiaki Ueyama be appointed as liquidator.

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

Contact: Chiaki Ueyama
         Liquidator
         Flat B, 19/F Broadview Terrace
         40 Cloudview Road,
         Hong Kong          


CENTURY ASIA: Members & Creditors Meeting Fixed on March 15
-----------------------------------------------------------
The meetings of Century Asia Enterprises Limited's members and
creditors will be held for them to receive liquidator Leung Mun
Yee Ruby's final account showing how the Company was wound up.

The meeting among members will be held on March 15, 2006, at
9:30 a.m.  The creditors' meeting will follow at 10:00 a.m. on
the same day.  

Any proxy may represent a contributory or creditor entitled to
attend at the meeting.  Forms of proxies for both meetings must
be lodged not later than March 14, 2006, at the offices of
Messrs. Kennic L. H. Lui & Co., at the 5th Floor of Ho Lee
Commercial Building, 38-44 D'Aguilar Street, in Central, Hong
Kong.


DEEP SEA: Liquidator to Explain Wind-up Report
----------------------------------------------
A final meeting of the members of Deep Sea Water Development
Asia Limited will be held on March 31, 2006, at 11: a.m.

At the meeting, liquidator Matsuo Junji 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: Matsuo Junji
         Liquidator
         Rooms 1801-05
         Hua Qin International Building
         340 Queen's Road, Central,
         Hong Kong          


FELIX TSANG: Creditors' Claims Due on March 31
----------------------------------------------
All persons who have claims against Felix Tsang & Partners
Limited are required to submit their proofs of claim to
liquidator Wong Che Man, Eddy, by March 31, 2006.

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


GLOBALINE EXPRESS: Court Enters Wind-Up Order
---------------------------------------------
Globaline Express Limited presented a petition to wind up its
operations.

On February 22, 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


HONG KONG BUS: Members and Creditors to Meet on March 15
--------------------------------------------------------
The members and creditors of Hong Kong Bus Company will meet on
March 15, 2006, at 10:30 a.m. and 11:00 a.m., respectively, at
the offices of Messrs. Kennic L. H. Lui & Co., at the 5th Floor
of Ho Lee Commercial Building, 38-44 D'Aguilar Street, in
Central, Hong Kong.

Any proxy may represent a contributory or creditor entitled to
attend at the meeting.  Forms of proxies for both meetings must
be lodged at not later than March 14, 2006, at the meeting
location.


HUNDRED GLORY: Creditors Meeting Slated for March 13
----------------------------------------------------
Hundred Glory Limited will hold a creditors' meeting on
March 13, 2006, at 10:00 a.m., at the 5th Floor of Jardine
House, 1 Connaught Place, in Central, Hong Kong.

The Company has been placed under creditors' voluntary
liquidation pursuant to Section 228A of the Companies Ordinance.


JINXIN TRUST: Former Managers Found Guilty of Fraud
---------------------------------------------------
The Jinxin Trust and Investment Co. Ltd and 11 of its employees
were found guilty of illegally amassing funds, The China Daily
reports.  

The Company was found to have signed 35,265 contracts or
agreements with unauthorized institutions and individuals
between January 20, 1997, and July 27, 2004, and illegally
amassed CNY20.1 billion of deposit savings.  The Intermediate
People's Court concluded that its corporate leaders led the
people to believe it was a trust and asset management firm and
lured deposit savings from individuals at high interest rates.

The 11 Jinxin employees include former Chairman of the Board He
Guipin and former General Manager Wang Hong.  Mr. He was
sentenced to four years in prison, plus a CNY500,000 fine, while
Mr. Wang received a jail term of three years and a CNY400,000
fine.

The others were sentenced to jail terms ranging from one year to
two years, plus varying fines.  Some of the convicted decided to
appeal to a higher court.


KATIGA JAPANESE: Lam Kwok Amends Wind-Up Petition
-------------------------------------------------
Lam Kwok Wa Danny presented a petition to amend the winding-up
of Katiga Japanese Food Shop Limited.

The amended petition states that Hui Yee Leung, Cheung Loy Chun
and Siu Muk Lung will purchase Lam Kwok Wa Danny's shares in the
Company.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 22, 2006, at 9:30 a.m.

As earlier reported by the Troubled Company Reporter - Asia
Pacific, Lam Kwok Wa Danny, on February 6, 2006, filed a
petition to wind up Katiga.

Contact: Andrew Lams & Co.
         Solicitors for the Petitioner
         Suite 2205A, 22nd Floor
         No. 9 Queen's Road,
         Central, Hong Kong


PEAK GARDEN: Creditors' Meeting Slated for March 16
---------------------------------------------------
The creditors of Peak Garden Limited will hold a creditors'
meeting on March 16, 2006, at 3:00 p.m., at Rooms 501-3, 5/F.,
Hang Seng Building, 77 Des Voeux Road, in Central, Hong Kong.

The meeting is pursuant to Sections 241, 242, 243, 244 and 255A
of the Companies Ordinance.

Any proxy may represent a contributory or creditor entitled to
attend at the meeting.  Forms of proxies for the meeting must be
lodged not later than March 15, 2006, at the meeting location.


SANIC INTERNATIONAL: Yan & Haughey Appointed to Wind Up Firm
------------------------------------------------------------
The members of Sanic International Limited held a meeting on
February 21, 2006, and agreed on the Company's need to
liquidate.  They then named Lai Kar Yan Derek and Darach E.
Haughey to oversee the Company's wind-up activities.

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


SBFI LIMITED: Creditors to Review Wind-up Report
------------------------------------------------
A meeting of the creditors of SBFI (Holdings) Limited will be
held for them to receive the liquidator's final account showing
how the Company was wound up and how its property was disposed
of.

The meeting will be held on March 30, 2006, at 11:00 a.m.

Contact: Edward S. Middleton
         Joint and Several Liquidator
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


SKYBASE INTERNATIONAL: Set to Close Business
--------------------------------------------
On February 22, 2006, the High Court of the Hong Kong Special  
Administrative Region Court of First Instance entered a wind-up
order pertaining to Skybase International Limited.

The Troubled Company Reporter - Asia Pacific had earlier
reported that on December 30, 2005, The Bank of China presented
a petition 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


TAK SING: Begins Winding Up Process
-----------------------------------
Tak Sing Construction Works Limited has received a wind-up order
from the High Court of the Hong Kong Special Administrative
Region Court of First Instance on March 3, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, Yue
Fai Construction Equipments Company presented a petition on
December 29, 2005, to have Tak Sing Construction wound up.

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


WAI FAI: Begins Bankruptcy Proceedings
--------------------------------------
A bankruptcy order against Wai Fai Paint Engineering was issued
on March 3, 2006.  All debts due to the estate should be paid to
the official receiver, Edward Thomas O'Connell.

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


WING CHEUNG: Court Enters Bankruptcy Order
------------------------------------------
A bankruptcy order pertaining to Wing Cheung Trading Co. was
issued on March 3, 2006.  All debts due to the estate should be
paid to the official receiver, Edward Thomas O'Connell.  

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


YAU FUNG: Members and Creditors Meeting Fixed on March 15
---------------------------------------------------------
The meetings of the members and creditors of Yau Fung Tours and
Transportation Company Limited will be held for them for them to
receive liquidator Leung Mun Yee Ruby's final account showing
how the Company was wound up.

The meeting among members will be held on March 15, 2006, at
11:30 a.m., and the creditors' meeting will take place on the
same day at 12:00 p.m.


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

FLEXO FILM: Lets Go of BIFR's Hand
----------------------------------
The Board for Financial and Industrial Reconstruction has
accepted Flexo Film Wraps (India) Limited's petition to
deregister it from the Sick Industrial Companies (Special
Provisions), since the Company's net worth has become positive
in the year ending December 31, 2004.

Upon the BIFR's approval, the Industrial Credit and Investment
Corporation of India was relieved of its responsibility as Flexo
Film's Monitoring Agency.  The Special Director appointed by the
BIFR on the Company's Board of Directors was also discharged
immediately.

Furthermore, the Company has obtained approval from the Register
of Companies to change its name to "Jhaveri Flexo India Ltd."

The Company proposes to take all the actions required within the
purview of law and as proposed in the scheme of amalgamation.

Flexo Film Wraps (India) Limited implemented a Scheme of Revival
in 2003 as sanctioned by the Board for Industrial and Financial
Reconstruction.  The Company is headquartered in Maharashtra,
India.


JIK INDUSTRIES: Updates on Scheme of Arrangement
------------------------------------------------
The Honorable High Court has earlier sanctioned the Scheme of
Arrangement between JIK Industries Limited and its Fixed Deposit
Holders, Non Convertible Debenture Holders and Unsecured
Creditors.

As directed by the High Court of Bombay, JIK Industries
disclosed that the total debt converted into equity (face value
INR1 with a premium of INR2 per share) reached INR296.80
million.

The Restructuring has expanded the Company's equity base and
reduced the Company's debt by INR296.80 million.  

The Scheme benefits the Company and all its concerned
stakeholders as it provides a financially healthier company with
a substantially reduced debt burden.  It also aligns the debt
structure with that of the operations of the crystal division.  
The dual benefit in form of reduced debt burden and interest
cost will help the financial position of the Company.  These
state the Company's commitment to turnaround and restructure the
Company.

Headquartered in Mumbai, India, JIK Industries Limited
-- http://www.jikindustriesltd.com/-- manufactures handmade  
non-lead crystalware segment and is the only organized player in
the country.  JIK has had over seven years of experience in
manufacturing and marketing crystal.  Its products include
crystal glassware such as, glass tumblers, bowls, stemware,
showpieces, vases, etc, manufactured at Balkum, Thane,
Maharashtra.  The company had collapsed following accidents at
its chemical waste recycling plant and at its crystal-making
unit.  The company, which had diversified interests - crystal
making, money changing and chemical waste recycling - was forced
to exit the money changing business after its net worth was
eroded.  Under the Reserve Bank of India stipulations companies
whose net worth was eroded were not allowed to continue in the
money changing business.


LML LIMITED: Wage Woes Trigger Strike
-------------------------------------
Wage problems prompted LML Limited employees to stage a strike,
which in turn forced the Company to declare a lockout on
Tuesday, The Financial Express relates.

The report says that the workers resorted to an industrial
action after calls to managing director Deepak Singhania and
factory administrative head RK Shrivastava went unanswered.  The
group claimed their wages and salaries for January were not paid
in full.

The Company acknowledged that the lockout is likely to affect
its normal operations and its liquidity.  The Company earlier
admitted that it has not achieved full production capacity due
to liquidity issues.

Headquartered in Uttar Pradesh, India, LML Limited manufactures
two wheeler vehicles particularly scooters and spares and
accessories.  The Group's products include geared scooters,
gearless scooters, motorcycles and mopeds.  The Company has been
facing sagging sales and constant losses for the last three
years.  It is currently in a restructuring mode - for the second
time in less than a year - and is struggling to overcome working
capital problems.  Labor unrest and a lack of working capital
have practically stopped production and dispatches at its sole
Kanpur plant in the past few weeks.


LML LIMITED: Seeks Partner to Revive Business
---------------------------------------------
LML Limited is looking to potential overseas strategic partners
to revive the ailing Company, TCM News relates.

LML on Monday said that it was looking at inducting a strategic
partner as part of the restructuring process of the company.

Sources disclosed that LML may induct a strategic investor soon
and mobilize funds for day-to-day operations.  The strategic
investor is expected to pick up a substantial stake in the
Company and offer technical support.

The cash-strapped firm is stepping up efforts to forge a tie-up
with interested investors after its first financial
restructuring attempt in 2005 failed.  Over the last few months,
sources indicate, the Company has not been able to pay salaries
and it has been losing a lot of employees.

Headquartered in Uttar Pradesh, India, LML Limited manufactures
two wheeler vehicles particularly scooters and spares and
accessories.  The Group's products include geared scooters,
gearless scooters, motorcycles and mopeds.  The Company has been
facing sagging sales and constant losses for the last three
years.  It is currently in a restructuring mode -- for the
second time in less than a year -- and is struggling to overcome
working capital problems.  Labor unrest and a lack of working
capital have practically stopped production and dispatches at
its sole Kanpur plant in the past few weeks.


NATIONAL TEXTILE: Supreme Court Clears Mills Sale
-------------------------------------------------
The Supreme Court has ruled that the sale of 25 National textile
Corporation mills is legal, Fibre2fashion reports.

The decision has set aside a Bombay High Court judgment that the
sale of surplus lands by National Textile Corporation was
contrary to the Board for Industrial and Financial
Reconstruction scheme and other apex court orders.  The Bombay
Court has backed a claims by the Bombay Environmental Action
Group that surplus lands were sold in violation of rules
Development Control (DC) Rules 58.

Aside from the clearing National Textile of the allegations, the
Supreme Court has also given the go ahead for development of
property by Mumbai mill owners.

National Textile, which has more than a dozen mills with surplus
real estate in Mumbai, said that it hopes to raise more than
US$1 billion from land sales.

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


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

GARUDA INDONESIA: Cuts Travel Agent Commissions
-----------------------------------------------
Garuda Indonesia will cut commissions to all retail and
wholesale travel agents to 7% from 9% from April 1, 2006,
e-Travel Blackboard reports, citing South West Pacific Regional
Manager Suranto Yitnopawiro.  

The new commission rate will also apply to the airline's
domestic sectors.  The decision has been necessitated by cost
pressures from factors such as high fuel pricing and increased
competition in the region.

Mr. Suranto said the Indonesian carrier would consult closely
with the industry and support agents with a host of new product
and profit opportunities in coming months.

Headquartered in Jakarta, Indonesia, government-owned airline PT  
Garuda Indonesia -- http://www.garuda-indonesia.com/--   
currently has a fleet of about 77 aircraft offering service to  
some 27 domestic and 33 international destinations.  Under its  
Citilink brand, it serves another 10 domestic routes.  Garuda  
also ships about 200,000 tons of cargo a month and operates a  
computerized tracking system.  At present, Garuda is
concentrating its efforts on repaying its debts with foreign
creditors under the European Credit Agency, which were due last
December 31, 2005.  Garuda management hopes to receive IDR520.4
billion in funds, promised by the Indonesian government, by
March 2006.  The carrier posted a SGD46.5 billion net loss in
January, versus a net loss of IDR56.1 billion in the same period
last year.  


GARUDA INDONESIA: Security Firm Warned Over Loan
------------------------------------------------
Former Indonesian Manpower Minister Bomer Pasaribu has advised
state-owned social security firm PT Jamsostek to be cautious in
lending IDR600 billion (US$63.1 million) to Garuda Indonesia,
The Jakarta Post relates.

Mr. Bomer said that Jamsostek loans and investments had to be in
line with the 1992 Social Insurance Providers Law and the 2004
National Social Security Law.  These laws say that Jamsostek
must not use the funds paid by those insured in any way that
could give rise to losses.

In 2005, Jamsostek lost IDR100 billion from an investment in
bonds issued by the now-defunct Bank Global.  Mr. Bomer,
therefore, said that Jamsostek should first find out what the
government was prepared to do to save the struggling airline.

Headquartered in Jakarta, Indonesia, government-owned airline PT  
Garuda Indonesia -- http://www.garuda-indonesia.com/--   
currently has a fleet of about 77 aircraft offering service to  
some 27 domestic and 33 international destinations.  Under its  
Citilink brand, it serves another 10 domestic routes.  Garuda  
also ships about 200,000 tons of cargo a month and operates a  
computerized tracking system.  At present, Garuda is
concentrating its efforts on repaying its debts with foreign
creditors under the European Credit Agency, which were due last
December 31, 2005.  Garuda management hopes to receive IDR520.4
billion in funds, promised by the Indonesian government, by
March 2006.  The carrier posted a SGD46.5 billion net loss in
January, versus a net loss of IDR56.1 billion in the same period
last year.  


PERTAMINA: Promotes Marketing Director to Top Post
--------------------------------------------------
The Indonesian government has appointed Pertamina marketing
director Ari Soemarno as Pertamina's new chief on March 8, 2006,
according to Reuters, citing a State Enterprises Ministry
official.  

Because of Mr. Soemarno's vast experience in managing the
Company's imports and exports of crude oil and oil products, he
was considered the best candidate to replace Pertamina's
President Widya Purnama.

Meanwhile, Dow Jones Newswire reports that that the Government
also plans to announce this week which company will operate the
giant Cepu oil block.  Pertamina and ExxonMobil Oil Indonesia
Inc have been battling over their rights to run the oil block.

The Troubled Company Reporter - Asia Pacific earlier reported
that Indonesia's President Susilo Bambang Yudhoyono has promised
to expedite the overhaul of state oil firm PT Pertamina in order
to increase the country's fuel output.  President Yudhoyono said
the Company's restructuring program is not proceeding
effectively, as the Company is still experiencing many
difficulties.  He added that he wants to conduct a "real"
restructuring of Pertamina, with clear and measurable phases.

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

PT Pertamina (Persero) -- http://www.pertamina.com/-- is  
a wholly state-owned enterprise.  The enactment of Oil and Gas
Law No. 22/2001 in November 2001 and Government Regulation No.  
31/2003 has changed its legal status from a special state-
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Despite reporting a net profit of
IDR3.03 trillion for the first six months of 2005, Pertamina's
failure to service its financial obligations was pegged as one
of the contributors to Indonesia's decreased income for the
year.


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

CULTURE CONVENIENCE: Plans Share Split in April
-----------------------------------------------
Culture Convenience Club Company Limited is considering a three-
for-one share split for its shareholders beginning April 1,
2006, Reuters News reports.

A share split is often conducted to improve liquidity and
attract individual investors.

The Troubled Company reporter - Asia Pacific reported on
February 28, 2006, that the Ministry of Trade and Industry has
authorized the business-restructuring plan of Culture
Convenience Club Company Limited under the Law on Special
Measures for Industrial Revitalization.

Headquartered in Tokyo, Japan, Culture Convenience Club Co. Ltd  
-- http://www.ccc.co.jp/-- operates franchise stores under the    
name of Tsutaya nationwide for rental of compact discs and
videos and  sales of books and game software.  The operations
are carried out through ist franchise, store management,
Internet and contents divisions.  The Company is currently
undergoing rehabilitation under the auspices of the Industrial
Revitalization Corporation of Japan.  On January 25, 2006, Japan  
Credit Rating Agency Limited has removed the rating on senior  
debts of Culture Convenience Club from the credit monitor and  
affirmed it as BBB upon the announcement of the Company's shift  
to a holding Company structure on November 8, 2005.  The shift  
to a holding Company structure aims at efficient management  
style in the midst of business expansion.  The Company will  
incur net loss for the current fiscal year due to financial  
burden for these acquisitions and one-time write-downs of  
consolidation goodwill adjustment account.  The Japan Credit
Rating Agency  also affirmed the rating on the Company,  
removing it from Credit Monitor, believing that impact of shift  
to a holding company structure and of acquisitions of the  
companies above will be small.


FURUKAWA COMPANY: Moody's Upgrades Rating to Ba2
------------------------------------------------
On March 8, 2006, Moody's Investors Service raised the senior
unsecured long-term debt rating of Furukawa Company, Limited to
Ba2 from B1.  

The upgrade reflects Furukawa's stabilizing financial profile
and earnings structure, supported by its solid construction and
mining machinery sales and improvements in its metals operation.  

Moody's sees that the Company will be able to properly manage
its overall profitability from its diverse operations and
continue to enjoy an improved earnings performance, driven by a
rise in overseas machinery sales and improvements in the
operations of its metals business after suspending operation of
Port Kembla Copper Pty Ltd.

Furukawa has maintained Port Kembla at minimal cost since its
suspension in 2003, and plans to close the unit if it is not
sold.  Even if the sale is not immediate, Moody's believes that
it will not affect Furukawa's financial performance, since it
expects limited potential expenses.

Furukawa targets to reduce its total debt by JPY30 billion for
the period from March 2005 to March 2008. It has already cut its
debt by JPY16 billion in December last year, reducing its total
debt to toal capitalization dropped to 68% from 75% in March
2005.  While Furukawa's cash flow will remain susceptible to
volatility from future copper price fluctuations, Moody's
believes that the Company is better positioned to achieve this
goal -- along with an improved operational profile and cost base
-- given its suspension of the Port Kembla operation and a
series of restructuring measures.

To enhance its business, Furukawa plans to expand its overseas
machinery sales.  Moody's believes that the plan will be
supported by the company's leading global position in hydraulic
breakers and drilling machines, as well as strong intermediate-
term demand in China and other global markets.  Furukawa also
aims to expand its UNIC truck-mounted cranes business overseas,
which is expected to compensate for relatively weak domestic
demand.  Currently, overseas markets account for roughly 10% of
total UNIC sales.

For the current fiscal year ending March 2006, Furukawa plans to
increase capital expenditure to JPY4.1 billion from about JPY3
billion in 2005. However, the Company plans to maintain its
capital expenditure within a reasonable range compared to its
depreciation, at least until the end of its current mid-term
plan.

Moody's does not reflect any structural subordination in
Furukawa's long-term rating considering that a significant part
of the Company's debt is concentrated at the parent holding
company, and Furukawa plans to continue reducing the debt
incurred at the subsidiary level.  As of September 2005, the
parent company held about 82% of total consolidated debt.

Headquartered in Tokyo, Japan, Furukawa Company Limited is a
diversified manufacturer of machinery products, metal smelting,
and electronics materials with a strong presence in truck-
mounted cranes and mining machinery.  The Company's revenue for
HYE9/2005 was JPY82.6 billion.  The credit ratings of the
Company has been subjected to downgrades and monitoring by
various credit agencies since 2003.


SANYO ELECTRIC: Founding Family to Sell U.S. Hotel
--------------------------------------------------
Sanyo Electric Company's founding family plans to sell a hotel
in Washington D.C., United States this month, TMC News reports.

A Company executive confirmed a Washington Business Journal
report, that the Iue family expects the sale to be be completed
by the end of the month.  

The Journal, citing unnamed sources, had reported that real
estate and hotel management firm B.F. Saul was finalizing a
contract to buy the famous Hay-Adams Hotel, located across the
White House, for US$100 million, or JPY11.77 billion.

The Sanyo official did not indicate the sale price but said that
the Company did not incur losses from the sale.  

TMC News reports that it is believed the Iue family decided to
sell the Hay-Adams when former Sanyo Electric president Satoshi
Iue resigned from his post last Feb. 24, 2006, to take the blame
for the Company's weak performance.

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd.,   
-- http://www.sanyo.com/-- is one of the world's leading     
manufacturers of consumer electronics products.  Moody's  
placed Sanyo's long-term ratings on review for possible  
further downgrade on November 21, 2005, at the same time the  
rating agency downgraded those long-term ratings to Baa2 from  
Baa1.  On February 24, 2006, Sanyo's shareholders approved the  
issuance of preferred shares, totaling approximately JPY300  
billion, to help restore the Company's capital base, which is  
expected to be severely damaged during the fiscal year to March  
2006.  Sumitomo Mitsui Banking Corporation (SMBC), Daiwa  
Securities SMBC Principal Investments Co. Ltd. and a subsidiary  
of The Goldman Sachs Group Inc. are expected to purchase the  
preferred shares.  SMBC -- Sanyo's main bank -- announced on  
November 18, 2005 that it would support the Company.  The bank  
has also seconded senior management to Sanyo to help it execute  
its mid-term business plan.  Moody's considers that there is a  
possibility for Sanyo to be able to recover its profitability if  
its mid-term business plan is implemented as planned.  Sanyo's  
business portfolio, in the rating agency's opinion, was too  
diversified for its relatively weak capital base, ranging from  
AV (audio visual) products, home appliances, batteries,  
commercial-use air-conditioning systems and semiconductors to  
the finance business.


SOFTBANK CORPORATION: Planned Takeover of Vodafone Hurts Ratings
----------------------------------------------------------------
On March 6, 2006, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit and senior unsecured debt
ratings on Softbank Corporation on CreditWatch with negative
implications, following confirmation that the Company is in
talks with Vodafone Group PLC to acquire its Japanese
subsidiary, Vodafone K.K.

Softbank's acquisition of Vodafone K.K. would make it a
comprehensive telecommunications company offering a wide range
of services, including fixed-line and mobile telephones.  
Softbank's business size would grow to nearly that of KDDI
Corp., currently the second-largest player in the Japanese
telecommunications industry with revenues totaling JPY2.92
trillion as of March 31, 2005.  The acquisition would likely
enable Softbank to enhance its services, pairing up fixed mobile
convergence services with the company's strong content
offerings.

However, media reports state that the acquisition could cost up
to JPY2 trillion, which would impose a great financial burden on
Softbank.  In fiscal 2004 (ended March 31, 2005), Softbank
posted a total annual revenue of JPY837 billion, and total
assets worth JPY1.7 trillion.  Furthermore, Softbank's rating
could be adversely affected by an increase in debt, given its
already weak debt-to-capital structure.

The consolidation under Softbank is expected to proceed
smoothly, as Vodafone K.K. and Japan Telecom, which Softbank
acquired in 2004, were formerly a part of the same group.  But
Vodafone K.K. suffers from a weaker business franchise in Japan
than Japan's top two service providers, NTT DoCoMo Inc. and KDDI
Corp.  Vodafone K.K.'s market share stands at 16.8%, far below
that of NTT DoCoMo's 55.9% and KDDI's 27.4%, and its churn rate
is higher than that of the top two service providers.  
Competition is also expected to rise with the introduction of
mobile number portability in November 2006.  Hence,
uncertainties over Softbank's growth prospects remain, following
its consolidation of Vodafone.
     
If it acquires Vodafone K.K., the key issues regarding
Softbank's credit quality are the acquisition cost and financing
plan. In particular, the rating will depend on Softbank's
financial burden, post-merger financial prospects, growth
strategy, and the degree of deterioration in its capital
structure.

If Softbank raises acquisition funds through LBO, as reported by
some media, its consolidated debt would increase substantially.  
In addition, if the amount of secured debt increases materially,
it would weaken the recovery prospects of its unsecured debt,
which may lead to a lower rating on the senior unsecured debt
than the issuer rating.


VODAFONE K.K.: S&P Places Long-Term Debt Rating on CreditWatch
--------------------------------------------------------------
Standard & Poor's had on March 6, 2006, put the A-plus long-term
debt rating of Vodafone K.K., the Japanese unit of British
mobile phone firm Vodaphone Group Plc, on its CreditWatch with
negative implications because its financial standing might
weaken if Vodafone Group Plc does decide to sell the firm to
Softbank Corp.

According to Standard & Poor's, Vodafone K.K.'s long-term credit
rating might be downgraded to BB or lower if the sale pushes
through.  

The rating agency notes that Softbank's credit standing is
poorer than that of Vodafone Group, from which the Japanese
subsidiary will cease to receive financial and other support
once it has been sold off to Softbank.  On the other hand, the
British parent might benefit from the proceeds of the sale, as
it might use such proceeds to reduce its debt.

Britain's Vodafone is negotiating the sale of the Japanese
cellphone business, which ranks a distant third in the local
market after NTT DoCoMo Inc. and KDDI Corp., to the Japanese
Internet and financial service company.


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

INCHON OIL: SK Corp Completes Acquisition
-----------------------------------------
SK Corporation has finalized its acquisition of Inchon Oil
Refinery Co for US$1.6 billion (KRW1.6 trillion), renaming the
new subsidiary as SK Inchon Oil Refinery Co., The Korea Herald
states.

SK has also appointed Choi Sang Hoon to serve as the first chief
executive officer of the acquired company.

The Troubled Company Reporter - Asia Pacific reported on
December 20, 2005, that SK Corporation has signed a contract to
formally acquire bankrupt Inchon Oil by March 2006.  Once the
acquisition is completed, SK Corp's daily refining capacity will
increase to 1.1 million barrels, making it the fourth-largest
refiner in the Asia-Pacific region.  The takeover will also
enable SK Corp. penetrate energy-hungry China.

Headquartered in Incheon, South Korea, Inchon Oil Refinery Co.   
Ltd. -- http://www.inchonoil.co.kr/eng/default.html-- has  
two crude distillation units with a total capacity of 275 MBD
and two catalytic reformers with a total capacity of 34 MBD.  
Inchon Oil Refinery exports petroleum products such as Light
Naphtha, Gas-oil, Bunker-C and imports Full range/Heavy Naphtha,
FCC Mogas, Kerosene, Gas-oil, LSWR.  Inchon Oil is the smallest
player in the domestic Korean market, with a 5.6% market share
and possessing about one-third SK Corp.'s refinery capacity.  
Due to its limited sales network and cash constraints, Inchon
Oil's utilization rate reached only 30% to 50% in recent years.  
As of June 30, 2005, Inchon Oil had total outstanding debt of
about KRW584 billion and EBITDA of KRW84 billion.  Supported by
favorable industry conditions, Inchon Oil's ratio of total debt
to EBITDA was 3.5x, and its EBITDA margin was 5.4% at the end of
June 2005.


SSANYONG MOTOR: February Vehicle Sales Down 3.4% on Low Sales
-------------------------------------------------------------
Ssangyong Motor Corporation, controlled by Chinese automaker
Shanghai Automotive Industry, said its vehicle sales declined
3.4% from a year ago in February, due to falling domestic sales,
The Korea Times reports.

The Troubled Company Reporter - Asia Pacific reported on August
3, 2005, that Ssangyong Motor reported an increase in sales by
50.8% in July from a year earlier.  The firm sold 13,442 cars,
down 1.2% from June.

According to the report, Ssangyong said it would strive for the
sale of 170,000 vehicles worth KRW4.2 trillion for 2005.  But it
only sold a total of 141,306 vehicles in 2005, way below its
170,000 target.

Headquartered in Kyonggi, South Korea, Ssangyong Motor Company
Ltd. -- http://www.smotor.com/-- manufactures and assembles  
motor vehicle bodies on purchased basis such as jeep style cars
under the brand names of 'Korando' and 'Musso', minibuses under
the brand name of 'Istana', special purpose cars including
cement mixers, trailers, fire-trucks as well as auto parts.  The
Company implemented a five-year debt workout program in 1999
after Ssangyong was separated from Daewoo Group which was
dissolved under huge debt.  


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

APEX EQUITY: Buys Back MYR15,833 Worth of Shares
------------------------------------------------
On March 6, 2006, Apex Equity Holdings Berhad has bought back
35,000 ordinary shares for a total cash consideration of
MYR15,833.20.

The minimum price paid for each shares purchased was MYR0.445
and the maximum was MYR0.450.

After the purchase, the cumulative outstanding treasury shares
has reached 2,632,000.

Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is  
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.  
Operations of the Group are principally carried out in Malaysia.  
The Company has suffered five consecutive years of losses
beginning 2001.  It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005.  
The result is an improvement from last year's fourth quarter net
loss of MYR76,596,000.


AYER HITAM: Wants Restraining Order Extended
--------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad intends to apply for an
extension of the restraining order granted by the High Court of
Malaysia, which order had expired on March 4, 2006.

The Company has applied for the Restraining Order so as to
facilitate its proposed Restructuring Scheme, which was
announced on August 17, 2005.

Meanwhile, Ayer Hitam has been advised that a creditor, KIY
Design & Interior (M) Sdn Bhd, has served an unsealed
application to intervene in the proceeding and to set aside the
Proposed Restructuring Scheme.  No hearing date for this
application has been fixed yet.  The Company is currently
seeking legal advice from its solicitors on the matter.

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that the Securities Commission has rejected Ayer
Hitam's restructuring proposal after determining that the Scheme
is not a comprehensive proposal capable of resolving all the
financial issues faced by the Company.  

The Proposed Restructuring Scheme includes provisions on:

     * capital reduction;
     * amendments to the company's Memorandum of Association;
     * rights issue;
     * private placement;
     * debt settlement; and
     * disposal of Motif Harta Sdn Bhd.

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


CME GROUP: Net Loss Narrows in Q4/FY05
--------------------------------------
CME Group Berhad's Fourth Quarter Report for the financial year
ending December 31, 2005, revealed a net loss of MYR350,000.  
The result is significantly lower than the MYR1,215,000 net loss
in the corresponding 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

      2,118         1,615           8,179          2,041

* Profit/(loss) before tax

       -350        -1,215          -1,532         -4,862

* Profit/(loss) after tax and minority interest

       -350        -1,215          -1,532         -4,862

* Net profit/(loss) for the period

       -350        -1,215          -1,532         -4,862

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

      -0.87         -3.03           -3.82         -12.37

* 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

       0.7400                      0.7700

CME Group's Fourth Quarter Report is available for free at:

   http://bankrupt.com/misc/tcrap_cmegroup4Qtr2005.pdf  

Headquartered in Selangor, Malaysia, CME Group Berhad is
involved in investment holding.  The Company has been
continuously incurring losses in the past years due to high
administrative and operating expenses.


DECORPLUS SDN: Transocean Serves Wind-up Petition
-------------------------------------------------
Transocean Haulage Services Sdn has filed a winding up petition
against Decorplus Sdn Bhd over the unsettlement of Transocean's
haulage claims, The New Straits Times reveals.

The application was lodged with the High Court on April 26,
2005, but was only served to Decorplus on March 2, 2006.  

In the Petition, Transocean asserts MYR31,293.50 in haulage
charges that Decorplus failed to pay on the October 31, 2003 due
date.  The amount also carried an 8% annual interest rate until
the date of full settlement.

Decorplus said it will appeal against the winding up order, as
it is unjustifiable to wind-up the Company.  It will also inform
its debenture holder, HSBC Bank (Malaysia) Berhad on the winding
up order so the Bank could take necessary actions to resolve the
matter in the best interest of the Company and the Bank.

Decorplus Sdn Bhd, a subsidiary of Pohmay Holdings, has ceased
operations in 2004 due to its cash flow woes.


DENKO INDUSTRIAL: Approves Unit's Property Purchase Talks
---------------------------------------------------------
Denko Industrial Corporation Berhad has allowed its subsidiary,
Winsheng Plastic Industry Sdn Bhd, to enter into negotiation
talks with a third party in relation to the purchase of an
adjoining building held under H.S.(D) 187268 & 187269 for PTD
62920 & 62921, Mukim Tebrau, in Daerah Johor Bahru, State of
Johor, for a sum of MYR10,000,000.00.

The Purchase Deal, however, is still subject to the approval of
the relevant authorities and shareholders.

Further details will be disclosed in full as per Chapter 10 of
the Listing Requirements of Bursa Malaysia Securities Berhad
upon the Company entering into the conditional Sales and
Purchase Agreement in regards to the Acquisition.

As reported by the Troubled Company Reporter - Asia Pacific on
March 8, 2006, Winsheng Plastic Industry, has also expressed
interest to subscribe for a 30% equity interest in dormant
company EMC Dinamik Sdn Bhd.  Denko believes that the investment
is in the best interest of the Company and that that it will
marginally enhance the earnings of the Denko Group if in the
near future the expected contracts are successfully negotiated.  
Denko plans to use EMC as a vehicle to market automotive plastic
parts and complete assembly products.

Headquartered in Kuala Lumpur, Malaysia, Denko Industrial
Corporation Berhad is involved in the manufacture and sale of
plastic raw materials, semi-finished products and chemicals,
plastic pipes and plastic injection molding products, foundation
garments made of cotton, polyester and other types of fabrics,
consumer and industrial products.  Its other activities include
the provision of maintenance services for sewerage systems and
waste water treatment plants, production of packing material and
vacuum foams, property rental, wholesaling and retailing of
foodstuff and investment holding.  The Company was released from
its Practice Note 4 status in March 2004 following the
implementation of the Company's debt-restructuring scheme.  The
Bursa Malaysia, however, still monitors the Company's
operations, as it continues to book losses even after its
financial condition was regularized.


KIG GLASS: Court Orders Winding Up
----------------------------------
On March 6, 2006, the Johor Bahru High Court entered an order
for the wind-up of KIG Glass Industrial Berhad.

The Petition was served on the Company by United Overseas Bank
(Malaysia) Berhad on December 12, 2005.

KIG Glass said that it will lodge its case to the Appellate
Court and will file for a stay of the wind-up order.

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due to hefty
losses and inability to pay its mounting debts, the Company
ceased operation in May 2005.


MALAYSIA AIRLINES: To Shift to 'Hub and Spoke' Network
------------------------------------------------------
Loss-making Malaysia Airlines will remove stopovers on several
long-haul fights next month as it slowly shifts to a "hub and
spoke" network, the Associated Press reports.

The move to refocus from a largely point-to-point carrier to a
world-class connecting carrier with a major hub in Kuala Lumpur
International Airport is part of the carrier's turnaround plan.

Starting March 26, 2006, Malaysia airline will fly direct
between Kuala Lumpur and London, Sydney, Perth and Frankfurt.  
It will use domestic flights between Kuala Lumpur International
Airport and Langkawi, Penang and Kuching to provide convenient
connections for these realigned international flights.

Malaysia Airlines expects the new strategy to boost its
competitiveness and eventually improve its bottomline.  The
carrier, which recently reported its third straight quarterly
loss, has said only 48 of its 114 international routes are
profitable while of the 118 domestic routes, 114 are losing
money.

Moreover, the carrier plans to meet Air France executives to
seek support for Malaysia Airline's entry into the SkyTeam
global alliance -- a bid to boost competitiveness -- as it is
the only regional airline that is not part of a global alliance.

The Troubled Company Reporter - Asia Pacific reported on
March 8, 2006, that Malaysia Airline has unveiled a radical
rescue plan to raise MYR4 billion in order to stay afloat and
return to profitability by next year.

Under the restructuring plan, the airline pledged to cut its
budget by 20% across the board, terminate many unprofitable
routes, freeze recruitment except for front-line staff, crack
down on corruption by encouraging whistle-blowing and stop
corporate sponsorship.

Headquartered in Selangor, Malaysia, Malaysia Airline
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties, and is set to report a net loss of MYR1.3 billion
for the nine month to December 31, 2005.  The airline attributed
the losses to high fuel and operating costs, and unprofitable
routes.


MALAYSIA AIRLINES: Mulls Aircraft Sale to Offset Losses
-------------------------------------------------------
Malaysia Airlines is looking to sell about 30 aircraft,
including 12 or 13 jumbo jets, as part of its business
turnaround plan, The Star Daily reports.

The final list of aircraft will be drawn up as soon as the
airline finalizes its network rationalization and fleet
requirement plan, possibly by midyear, the Star says, quoting
unnamed sources.

The Star says that Malaysia Airline has already asked parent
company, Penerbangan Malaysia Bhd, for permission to sell the
aircraft.  The list may include 12 to 13 Boeing 747-400 planes,
as well as some Boeing 737-400s, Fokkers and Twin-Otters.

The national carrier leases around 90 aircraft from Penerbangan
Malaysia, which owns 35 Boeing 737s and 16 Boeing 747s, as well
as 10 Fokkers and five Twin-Otters.

The proposed sale would help the carrier raise about MYR759
million, The Star adds.

Separately, the New Straits Times reports that the airline's
21,000 staff will get MYR1,000 each this month as a morale
booster bonus to win their support for the turnaround plan.

Headquartered in Selangor, Malaysia, Malaysia Airline
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties, and is set to report net loss of MYR1.3 billion
for the nine month to December 31, 2005.  The airline attributed
the losses to high fuel and operating costs, and unprofitable
routes.  Early 2006, Malaysia Airline unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


NORTH BORNEO: Scheme Creditors Snub Debt Restructuring Plan
-----------------------------------------------------------
Two scheme creditors of The North Borneo Corporation Berhad have
withdrawn their support of the Company's proposed debt
restructuring.

Sabah Development Bank said that it is no longer agreeable to
the terms of the planned North Borneo Group disposal as part of
the restructuring program.  Prokhas Sdn Bhd also took back its
pledge to participate in the Company's rehabilitation.

As reported by the Troubled Company Reporter - Asia Pacific on
April 28, 2005, the Securities Commission has agreed to North
Borneo's proposal to dispose of its business as part of efforts
to regularize its finances.  The Plan, however, met objections
from creditors.

Moreover, the Bursa Securities has reminded the Company that it
must continue to comply with the various obligations imposed
under Paragraph 8.14 of the Bursa Securities Listing
Requirements and Practice Note 4 to regularize its financial
conditions within the time frames prescribed by the Securities
Commission.

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.  
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.


PAN MALAYSIA: Buys Back 50,000 Shares
-------------------------------------
On March 6, 2006, Pan Malaysia Corporation Berhad bought back
50,000 ordinary shares of MYR0.50 each for a total consideration
of MYR20,664.79.

The minimum price paid for each shares was MYR0.395, while the
maximum was MYR0.420.

The cumulative net outstanding treasury shares after the surface
has reached 56,604,500.

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and  
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding. The Group operates in    
Malaysia, Australia and the rest of Asia-Pacific.  Pan Malaysia
has suffered consecutive losses in the past.  In the fourth
quarter of the fiscal year ending December 31, 2005, the Company
booked a net loss of MYR6.8 million.


POHMAY HOLDINGS: Works to Avert Wind-up Action
----------------------------------------------
A Malaysian High Court is set to hear on March 29, 2006, an
application by AmBank (M) Berhad to wind up Pohmay Holdings
Berhad, The New Straits Time reports.  The Petition relates to a
purported claim of MYR2,087,765.34 by Ambank to Pohmay.

The report says that Pohmay disputed the claim since it has
partially repaid around MYR2,231,332.65 to the Petitioner.  The
Company is also contesting the issue of interest and penalty
costs of MYR1,779,257.58, thus withholding payment until the
finalization of the settlement.

Pohmay Holdings is looking to finalize an out-of-court
settlement with Ambank, in a bid to minimize the expected losses
arising from the wind-up proceedings.

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


SOUTHERN BANK: Securities Granted Listing and Quotation
-------------------------------------------------------
Southern Bank Berhad's additional 46,261 new ordinary shares of
MYR1.00 each were granted listing and quotation on Wednesday,
March 8, 2006.

The shares were issued pursuant to:

   -- the exercise of 28,511 local warrants 1996/2006 into
      28,511 new local "A" shares; and

   -- the exercise of 17,750 foreign warrants 1996/2006 into
      17,750 new foreign "A" shares.

As the ordinary shares arising from the Exercises will not be
entitled to dividends or any other distributions declared, made
or paid to shareholders in respect of the financial year ended
December 31, 2005, they were quoted as "SBANK-OA" and "SBANK-
02".

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad  
-- http://www.southernbank.com.my/-- is engaged in the  
provision of commercial banking business and other related
financial services, which include Islamic banking services.   
Other activities are accepting deposits and advancing loans,
property ownership and management, provision of risk capital,
stockbroking, sale and management of unit trusts, building
construction, property investment and investment holding.  The
Bank is currently working out measures to prevent the sale of
its business to Bumiputra-Commerce Holdings Berhad, which has
already submitted an unsolicited Asset Sale Proposal.  The Bank
believes Bumiputra-Commerce's bid fundamentally undervalues
Southern Bank and is materially inadequate from a financial and
business point of view.  In October 2005, Moody's Investors
Service has placed Southern Bank Berhad's D- bank financial
strength rating on review for possible upgrade.


SUREMAX GROUP: Unit Receives Summon
-----------------------------------
Suremax Group Berhad's subsidiary, Suremax Land, has received a
Summon and Statement of Claim from Petareka Perunding (M) Sdn
Bhd.

Petareka asserts a total of MYR245,429.40, with an 8% annual
interest from September 30, 2005 until the date of full
settlement.  Petareka is also seeking compensation for other
costs that the Court deems fit and reasonable.  

Suremax said that it would seek legal advice from its Solicitors
on the next course of action.

On September 12, 2005, Suremax Land was named as respondent in a
wind-up petition filed by Long Kee Piling Works Sdn Bhd in the
Johor Bahru High Court.

Long Kee asserts a total of MYR155,867.25.  Around MYR141,697.50
of the total claim will serve as the refund of the full purchase
price under the Sale and Purchase Agreement dated November 13,
2003.  The remaining MYR14,169.75 will be the payment for
liquidated damages.

The Court was set to hear the wind-up case on February 27, 2006,
and April 6, 2006, pending immediate settlement.

The Suremax Group will carry the financial burden of these legal
actions against Suremax Land, which is insolvent and unable to
pay its debts.

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.  Suremax
Group has suffered substantial losses since 2004.  The Company
is also trying to avert a series of winding up actions against
its subsidiaries.


* FTSE Drops 10 Firms from Global Equity Index Series
-----------------------------------------------------
Financial index provider FTSE has dropped 10 Malaysian firms
from its global equity index series, Reuters reports.

FTSE made the changes on March 20, 2006, after reviewing Asia-
Pacific stocks, excluding Japan, in the light of stricter rules
on trading volumes.  

The 10 firms with dropped stocks include:

    1. Malaysian Airlines;
    2. Nestle (M) Bhd;
    3. MMC Corp Bhd;
    4. Golden Hope Plantations Bhd;
    5. Highlands & Lowlands Bhd;
    6. Oriental Holdings Bhd;
    7. DRB-HICOM Bhd;
    8. NCB Holdings Bhd;
    9. Hong Leong Industries Bhd; and
   10. UEM World Bhd.

The changes come as the local market struggles with rising
inflation, higher interest rates and a perceived stalling of a
two-year drive to reform government-linked companies.

The Bursa Malaysia sees liquidity as its biggest challenge, with
a large chunk of the market either partly owned or controlled by
the state, or held tightly by family interests.


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

ABS-CBN BROADCASTING: Executives Face Charges Over Stampede
-----------------------------------------------------------
Up to 17 individuals, including executives of media group ABS-
CBN Broadcasting Corporation, face charges of reckless
imprudence for a stampede that occurred on February 4, 2006,
that killed 74 people and injured up to 600, The Philippine
Daily Inquirer reports.

The Troubled Company Reporter Asia - Pacific reported on
February 7, 2006, that the stampede at the Philsports Arena in
Pasig City, where ABS-CBN's "Wowowee" gameshow was to celebrate
its first anniversary, broke out when a steel barrier was
suddenly opened, leading to a frantic scramble for seats.  Up to
25,000 people had gathered for days at the Arena, where the
network had promised to hand out major prizes.  The show offered
minibuses, houses, and a Php1 million top cash prize to the
first 300 people to enter the venue.

The National Bureau of Investigation recommended to the
Department of Justice the filing of charges of reckless
imprudence leading to multiple homicide and physical injury
against 12 ABS-CBN officers and staff, including executive vice-
president Charo Santos-Concio; senior vice-president of the
television production department Maria Socorro Vidanes;
assistant vice-president and head of security Cipriano Luspo;
and Wowowee host Wilfredo "Willie" Revillame.

Five other persons outside the network also face similar
charges, including Goldlink Security Agency director Rosenbar
Viloria, PhilSports Arena Engineer Jess Velardo, and ULTRA
Booking & Events Coordinator Erlinda Reis.

The Department of Justice will reivew the NBI's findings before
proceeding with the legal action.

NBI Officer-in-charge Nestor Mantaring said that it also
recommended administrative charges to be filed against Pasig
City mayor Vicente Eusebio for the February 4 incident, adding
that Mayor Eusebio should have required ABS-CBN to submit a
security plan before issuing a permit.

The Inquirer reports that the NBI absolved the Metro Manila
Development Authority and police from any liability, as ABS-CBN
did not coordinate with the MMDA and that the assistance the
government agency provided after the stampede was voluntary.

ABS-CBN lawyer Reggie Puno said that the station was not
negligent in preparing for the gameshow, and so far, none of the
injured or family of the deceased have filed cases against ABS-
CBN.

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


DIGITAL TELECOMMUNICATIONS: To Hold Stockhoders' Meeting in May
---------------------------------------------------------------
Digital Telecommunications Philippines, Incorporated will hold
its Annual Stockholders' Meeting on May 29, 2006, at 10:00 a.m.,
at the Sapphire AB, 4th Floor, Crowne Plaza Galleria Manila, in
Ortigas Avenue, corner Asian Development Bank Avenue, Quezon
City, to seek approval for its financial statements for the
fiscal year ending December 31, 2005, and to appoint external
auditors and elect directors.

At the meeting, the current Board of Directors will also give
the Company president's report, as well as seek ratification of
its actions since the last annual stockholders' meeting.

Digital Telecommunications Philippines --
http://www.digitelone.com/-- commonly known as Digitel, is the  
second-largest fixed-line and the third-largest mobile
telecommunications company in the Philippines.  It is also the
company that owns Sun Cellular, the Philippines' fastest-growing
mobile phone service.  The Company is owned by JG Summit
Holdings, one of the country's largest conglomerates.

An increase in operating expenses led Digitel to post a PHP712.9
million net loss in the third quarter FY05; depreciating
amortization charges also contributed to the Company's expenses,
which totaled PHP2.08 billion in the July-September 2005
quarter.  Digitel bled Php384.7 million in the third quarter of
2004 and Php1.08 billion in the January-September period last
year.


* Fiscal Reforms to Impact Philippines' Sovereign Rating
--------------------------------------------------------
On March 7, 2006, Fitch Ratings Agency said that the
Philippines' sovereign rating, which was already below
investment grade, could be pulled down if the country fails to
conduct fiscal reforms, The Manila Bulletin reports.

According to Fitch analysts, market confidence in the country
was affected by the recent state of emergency imposed by
President Gloria Macapagal Arroyo last week; it has since been
lifted.  Fitch had on Feb. 13 raised its outlook on the
coutnry's rating to stable form negative, with a 'BB' foreign
currency rating.  A huge fiscal deficit and government debt has
contributed to the country's negative ratings.

Fitch Ratings head of Asia sovereigns James McCormack said that
growth in emerging Asia (China, India the Philippines,etc.) is
too dependent on overstreched externa demand and the U.S.
customer, and the Philippines' political instability has
contributed to slow growth.

The Bulletin, citing Mr. McCormack, relates that accumulating
foreign reserves may not necessarily support an upward rating
momentum, and it is likely that sovereign ratings would indicate
Asia's strong external liquidity position.


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

CHINA AVIATION: Ex-Chief to Plead Guilty to Six Charges
-------------------------------------------------------
The former chief executive officer of China Aviation Oil
(Singapore) Limited will plead guilty to six of 15 charges
hurled against him, reports Dow Jones.

Defense counsel Michael Hwang said the plea bargaining, which is
already in its final stage, will determine which six of the 15
charges would Chen Jiulin plead guilty to.  

The remaining nine charges will be taken into consideration by
the trial judge when sentencing, Dow Jones reveals.

The trial for Mr. Chen has been adjourned until March this year.  
The trial in the subordinate court has been set for March 15-16,
2006, a lot shorter than the March 8-25, 2006, and April 3-21,
2006, dates that were first set for the case.

Meanwhile, three Beijing-based directors of China Aviation were
made to pay SGD700,000 for partaking in the biggest corporate
scandal to hit Singapore since the collapse of Barings Bank ten
years ago.

A former chief financial officer of the Company was sentenced to
two years in jail and fined SGD150,000 after pleading guilty to
conspiring to cheat and releasing false financial statements.

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 averted 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.    
   

HONG INVESTMENT: Court to Hear Wind-Up Petition on March 17
-----------------------------------------------------------
The Singapore High Court will on March 17, 2006, hear a wind up
petition against Hong Investment Private Limited, which was
presented by Tay Gek Kim, a creditor of the Company.

Any creditor of the Company may appear at the hearing to support
or oppose the making of an Order on the said Petition.  

Contact: Tay Gek Kim
         Petitioner
         62 Meyer Road
         Singapore 437886

         TanLim Partnership
         101 Cecil Street #19-02
         Tong Eng Building
         Singapore 069533
         Solicitors for the Petitioner


IJIMASIA PRIVATE: Prepares to Face Wind-Up Proceedings
------------------------------------------------------
A wind-up petition served against Ijimasia Private Limited will
be heard before the Singapore High Court on March 17, 2006.

The petition was filed on February 23, 2006 by its creditors:

   * Standard Chartered Bank of 6 Battery Road, Singapore
     049909;

   * BNP Paribas formerly known as Banque Nationale De Paris of
     20 Collyer Quay, #01-01 Tung Centre, Singapore 049319; and

   * Oversea-Chinese Banking Corporation Limited 65 Chulia
     Street, #29-00 OCBC Centre, Singapore 049513.

Any creditor or contributory of the Company are free to appear
at the hearing to support or oppose the making of an Order on
the said Petition.

Contact: Rajah & Tann
         No. 4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908  
         Solicitors for the Petitioners


MACLLOYD INDUSTRIAL: Creditors to Meet on March 21
--------------------------------------------------
Creditors of Maclloyd Industrial Private Limited will convene a
meeting on March 21, 2006, at 3:00 p.m. at:

          50 Raffles Place #16-06
          Singapore Land Tower
          Singapore 048623

At the meeting, the creditors will present and consider if
thought fit, the approval of the Judicial Manager's Statement of
Proposals.

Creditors who won't be able to attend the meeting may appoint a
proxy to vote in their stead.

Proofs must be lodged with the Judicial Manager on March 20,
2006, to be entitled to vote.

Contact: Timothy James Reid
         Judicial Manager
         c/o Ferrier Hodgson
         50 Raffles Place
         #16-06 Singapore Land Tower
         Singapore 048623


RHOMBIC PRIVATE: Creditors Meeting Slated Next Month
----------------------------------------------------
Rhombic Private Limited's creditors will hold a meeting on April
3, 2006 at 4:30 p.m. at:

          15, Beach Road #03-10
          Beach Centre,
          Singapore 189677

At the meeting, the creditors will be asked to:

   -- receive an account of winding up status;

   -- approve liquidation fees and expenses including
      legal fees;

   -- approve proposed dividends to preferential creditors
      and to non-preferential creditors; and

   -- discuss any other business.

Contact: Foong daw ching
         John teo cheng lok
         Liquidators
         15 Beach Road #03-10, Beach Centre
         Singapore 189677


UNITED FIBER: Borrows from Tektronix to Repay Cornell
-----------------------------------------------------
On March 1, 2006, United Fiber System has issued an Advance
Notice for SGD2,000,000 to Cornell Capital Partners Offshore, LP  
pursuant to the Expanded Equity Line as fourth partial payment
of the SGD50,000,000 Series Three Loan Note.

Following the three-day pricing period, the exercise price for
the Advance Notice has been determined to be SGD0.2867, which is
not lower than 94% of the volume weighted average price of the
Company's shares traded on February 28, 2006 of SGD0.2876.

To expedite the settlement of shares under the Advance Notice,
the Company will borrow 6,975,933 shares from its controlling
shareholder, Tektronix Industries Limited, to deliver to
Cornell.  The shares delivered will comprise 0.35% of the
Company's enlarged issued and paid-up share capital after the
issue of 6,975,933 new shares to return to Tektronix.

According to a Troubled Company Reporter - Asia Pacific report
dated July 4, 2005, the proceeds from the financing are to be
used for proposed acquisition activities and general corporate
purposes of the Group.

The Series Three Loan Note is repayable within 270 days, either
by way of cash or from draw downs pursuant to the Increased
Equity Line, at the option of the Company.

If the Company opts to repay the Series Three Loan Note via draw
downs pursuant to the Increased Equity Line, the Company will
continue to use the existing Securities Lending arrangement with
Tektronix Industries Limited, a controlling shareholder of the
Company, to expedite the settlement of shares.  

Headquartered in Singapore, United Fiber System's
-- http://www.ufs.com.sg-- principal activities are those of  
building contractors and property developer.  Other activities
include manufacturing and trading of scaffolding systems and
investment holding.  Operations of the Group are carried out in
Singapore and other Asia-Pacific countries.  In April 2002, the
shareholders of the Company approved a plan to venture into the
forestry and pulp businesses.  The restructuring exercise
involved the acquisition of the entire issued and paid-up share
capital of Anrof Singapore Ltd group of companies with a forest
concession right and extensive forest plantations in Indonesia
and with a license to build and operate a bleached hardwood
kraft pulp mill in Indonesia with an annual production capacity
of 600,000 tonnes of pulp.  The restructuring exercise has
transformed UFS from a local construction company to a group
with significant regional presence and with synergistic
operations in forestry, pulp production and construction.


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

PHUKET AIRLINES: Hopes for a Fresh Start in New Name
----------------------------------------------------
The shareholders of embattled Phuket Airlines have applied for a
fresh license and have decided to change the Company's name to
Suvarnabhumi Airline, The Nation said.  

The new airline will fly from Bangkok to Ranong, Buri Ram,
Chiang Mai and Phuket with two 737s.

The paper notes that Civil Aviation Department director-general
Chaisak Angkasuwan, however, asked the shareholders to come up
with another name because Suvarnabhumi is the name of the new
airport and it is also the name bestowed by His Majesty the
King.

Shareholders also filed an application to launch a second
carrier called Holiday Airlines, which will operate in Beijing,
Seoul and Tokyo using three 747s.

According to Mr. Chaisak, the department is offering new
licenses in accordance with the open-sky policy, but strict
rules are being implemented in screening the applicants to
ensure proper control.  The applicants for a new license are
required to submit operating plans, including details of
aircraft maintenance, pilots, routes and registered capital.

Mr. Chaisak told paper that applicants are subject to thorough
checks before the applications are forwarded to the transport
minister.

Headquartered in Bangkok, Thailand, Phuket Airlines' --
http://www.phuketairlines.com/-- main concern is to transport  
all passengers to their destinations safely and on time.  The
cabin crews and members of Phuket realize the importance of
providing a best quality service to their passengers.  Phuket
Airlines has struggled for four years and had experienced
technical problems grounding aircraft around the world in a
hostile operating environment.  With the unstoppable increase in
oil prices, the carrier's woes got worse.  In September 2005,
the Airline had finally decided to end its troubles by halting
most of its operations.  Phuket Airline was recently hit by a
series of negative reports from customers following apparent
security mishaps.  The airline has been trying to revive its
business by expanding its domestic and international coverage.


PICNIC CORPORATION: Installs New Chairman of the Board
------------------------------------------------------
Watcharakiti Watcharonthai, the president and director of Picnic
Corporation Public Company Limited has unexpectedly resigned,
effective as of March 3, 2006.

On March 6, 2006, the Company's board of directors approved a
resolution to appoint Lt. Col. Pongthep Lapvisutisin as a
director and chairman of the Company.

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.


TPI POLENE: Thai Stock Exchange Wants P. Leophairatana Off Board
----------------------------------------------------------------
TPI Polene Public Company Limited has been told by the Stock
Exchange of Thailand to remove director and founder Prachai
Leophairatana from its board, Dow Jones discloses.

The SET claims that Mr. Leophairatana is no longer qualified to
sit on the company's Board as he was blacklisted from serving as
a director of a listed company following charges that he
manipulated the share price of TPIPL in 2004.

According to Dow Jones, the SET also warned that TPI Polene may
fail to meet listed-company qualifications and face mandatory
delisting if it resists conforming to SET rules.

In addition to TPI Polene, Mr. Leophairatana also sits on the
board of directors of Thai Petrochemical Industry PCL and
Bangkok Union Insurance PCL.  The SET has already instructed
both companies to remove Mr. Leophairatana, but both have so far
ignored the warnings.

TPI Polene's Board has yet to formally respond to the SET's
ultimatum to remove Mr. Leophairatana from its Board.

TPI Polene Public Company Limited -- http://www.tpipolene.com/-
- operates in 2 major industries, the cement and plastic
industries, and has 11 distribution terminals in Thailand.  The
Company and its subsidiaries employ 5,232 employees as of
December 2005.  It was listed on the Stock Exchange of Thailand
in November 1990.  The Company has been undertaking a US$1.1
billion debt restructuring since 2001 via a debt-for-equity swap
and debt buy-back.  It plans to sell 300 million new shares in
the middle of January to raise at least US$180 million.


TPI POLENE: Net Profit Down 63% to THB1.52 Billion
---------------------------------------------------
TPI Polene Public Company Limited reported a 63% decline in net
profits, from THB4.1 billion for the year ending December 2004
to this year's THB1.52 billion.

Thai Day reported that TPI Polene's senior vice-president,
Prasert Ittimakin, attributed the fall to higher operating costs
of the Company's cement operations, which eclipsed a 28% rise in
national consumption levels, and a 52% contribution to the
company's sales revenue.

TPI Polene's Company's consolidated 2005 financials is available
for free at:

   http://bankrupt.com/misc/tpipolene_2005_financial_results.pdf

The notes to TPI Polene's 2005 consolidated financials is
available for free at:

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

TPI Polene Public Company Limited -- http://www.tpipolene.com/-
- operates in 2 major industries, the cement and plastic
industries, and has 11 distribution terminals in Thailand.  The
Company and its subsidiaries employ 5,232 employees as of
December 2005.  It was listed on the Stock Exchange of Thailand
in November 1990.  The Company has been undertaking a US$1.1
billion debt restructuring since 2001 via a debt-for-equity swap
and debt buy-back.  It plans to sell 300 million new shares in
the middle of January to raise at least US$180 million.


TPI POLENE: Hopeful for 2006 Growth
-----------------------------------
TPI Polene Public Company Limited's senior vice-president
Prasert Ittimakin said that the Company is upbeat about its
future despite poor 2005 earnings, Thai Day relates.

Mr. Ittimakin said that major restructuring obstacles were
overcome last year, coupled with the positive developments in
Thailand's construction and real estate development sectors.  
TPIPL has been able to cut its long-term debt, from THB51.9
billion in 2001 to THB24.85 billion in 2005.  It plans to push
through with "megaprojects," which are set to start in 2007.  
When they start, the megaprojects should be a huge financial
boon to cement producers.

TPI Polene Public Company Limited -- http://www.tpipolene.com/-
- operates in 2 major industries, the cement and plastic
industries, and has 11 distribution terminals in Thailand.  The
Company and its subsidiaries employ 5,232 employees as of
December 2005.  It was listed on the Stock Exchange of Thailand
in November 1990.  The Company has been undertaking a US$1.1
billion debt restructuring since 2001 via a debt-for-equity swap
and debt buy-back.  It plans to sell 300 million new shares in
the middle of January to raise at least US$180 million.





                            *********


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.  Alvin Dy,
Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito,
Erica Fernando, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

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

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

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

                 *** End of Transmission ***