TCRAP_Public/060321.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, March 21, 2006, Vol. 9, No. 057


                            Headlines

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

ADELONG MOTORS: Winds Up Business
ALL STYLES: Liquidator to Present Company Report
AWB LIMITED: Gov't Continues Investigation on Iraqi Kickbacks
AWB LIMITED: Faces Class Action by Shareholders
AWB LIMITED: U.S. Secretary of State Pipes in to Wheat Scandal

AWB LIMITED: Intelligence Files to be Kept Secret
BERRIMA DISTRICT: To Distribute Final Dividend
C&N PLUMBING: Decides to Close Operations
COLES MYER: First Half Profit Rises 10.5%
CROESUS MINING: Posts AU$27.4 Million Half-Year Net Loss

CROESUS MINING: Calls in Experts to Conduct Business Review
CROESUS MINING: Seeks Securities Trading Halt
CROESUS MINING: Sees Changes in Management
CROESUS MINING: Shuns Rumors of Merger Negotiations
CRYSTAL CLOUDS: Members Agree to Wind Up Firm

DOMETEK PTY: Names Samuel Richwol as Liquidator
ELECTRONIK FABRIC MAKERS: Receiver Steps Aside
ELITE ELECTRICAL: To Hold Final Meeting Today
FELTEX CARPETS: New CEO Gets AU$756,000 Package
FIRST STATE: Enters Voluntary Liquidation

MMR HOLDINGS: Prepares to Close Shop
MOBILE LABOUR NEWCASTLE: Placed Under Voluntary Liquidation
NARVIN PTY: Members to Receive Wind-Up Details
PACIFIC COMMERCIAL: To Declare Dividend
SERVANTE INVESTMENTS: Liquidator Poised to Distribute Assets

SPRITSAIL ENTERPRISES: Schedules Final Meeting Today
STATION 1 PTY: Appoints Official Receivers  
TELSTRA CORPORATION: Meets Competition Regulator in Secret
TRAVAL CONTAINER: To Pay Dividend to Creditors
W.R. & D.C. SAVAGE: Inability to Pay Debts Prompts Wind-up

YG INVESTMENTS: Members Opt to Cease Operations
* Provisional Liquidator Appointed to Four Firms

C H I N A   &   H O N G  K O N G

ATTEMPT FIT: Creditors' Claims Due on April 18
BENELUX MANUFACTURING: Names Official Liquidator
CHINA LINK: Begins Winding Up Process
CYBER RESOURCES: To Declare First and Final Dividend
DRESSON TRADING: Members and Creditors Meetings Set March 28

EAGLE TRADE: Faces Wind-up Proceedings
FLOW CHART: To Declare Dividend on April 1
KEEN LLOYD: Begins Wind-up Process
KEEP HOPE: DBS Bank Lodges Wind-up Petition
LAP SHUN: Winding Up Hearing Fixed on April 19

LONG TO COTTON: Court to Hear Wind-up Application on April 12
WEALTH FEDELITY: Winding Up Hearing Slated for April 26
Y&K CONSTRUCTION: Court Issues Wind-Up Order
YUE SHING: Commences Winding Up Process


I N D I A

BHARAT PETROLEUM: Wants Tie-up with Petrobras in Nelp-VI
COAL INDIA: Sasol Keen on Fuel Venture
IBP COMPANY: To Merge with Indian Oil by October
INDIA CEMENTS: Poised to Book Profit After Five Years


I N D O N E S I A

PERTAMINA: Restarts Balongan Refinery Due to Electrical Problems
BANK MANDIRI: Launches New Treasury Unit in Bandung


J A P A N

LIVEDOOR COMPANY: To Tie Up with Usen Corporation
LIVEDOOR COMPANY: US-Based Investment Firm Buys 6% Stake
LIVEDOOR COMPANY: Auditors Face Raps for Overstating Earnings


K O R E A

KOREA EXCHANGE: S&P Revises Rating Outlook to Positive
YOUNGNAM FLOUR: Faces Stock Investigation
* South Korea's Corporate Bankruptcies Drop to 15-Year Low


M A L A Y S I A

AVANGARDE RESOURCES: Enters into SSF Asset Sale Agreement
DATUK KERAMAT: Bourse Postpones Delisting
GEORGE TOWN: Appeals Against Bourse Delisting
HOCK SIN: Shareholders Nominate Additional Directors
KILANG PAPAN: Delisting Deferred Pending Appeal Ruling

MALAYSIA AIRLINES: Government OKs Local Surcharge Hike
MALAYSIA AIRLINES: To Launch Route Rationalization
SATERAS RESOURCES: Bourse Holds Off Delisting Due to Appeal
SATERAS RESOURCES: Sub-subsidiary Faces Wind-up Proceedings
TELEKOM MALAYSIA: Taps Maybank to Boost Service

TELEKOM MALAYSIA: Singapore Orders Unit to Pay DeteAsia's Claim
TRU-TECH HOLDINGS: Unable to Pay Dues Due to Cash Woes
WEMBLEY INDUSTRIES: Bourse Awaits SC's Decision on Application


P H I L I P P I N E S

LAFAYETTE MINING: Cannot Resume Operations Until Probe Ends
NATIONAL FOOD: Allots PHP26 Million for Sugar Operations
PHILIPPINE AIRLINES: Will Continue Rehabilitation Program


S I N G A P O R E

GOLDWATER CONSTRUCTION: To Pay Dividend on March 24
LORDWAY LOGISTICS: Enters Wind-Up Process
MEDIASTREAM LIMITED: Sells Unit to Kang Weng Yit for SGD175,036
ORIENT TELECOMMUNICATIONS: Creditors to Meet on March 30
TUNG LIN: Set to Pay Dividend this Week


T H A I L A N D

SINO-THAI RESOURCES: Board Outlines March 16 Resolutions
THAI PETROCHEMICAL: Founder Summoned by Investigation Department
BOND PRICING: For the Week 20 March to 24 March 2006

     - - - - - - - -

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

ADELONG MOTORS: Winds Up Business
---------------------------------
The members of Adelong Motors Pty Limited held a meeting on
February 14, 2006, and agreed to wind up the Company's
operations.

They named Frank Lo Pilato as Company liquidator.

Contact: Frank Lo Pilato
         Liquidator
         RSM Bird Cameron Partners
         55 Berry Street, Wagga Wagga
         New South Wales 2650, Australia
         Telephone: (02) 6921 9055


ALL STYLES: Liquidator to Present Company Report
------------------------------------------------
A final meeting of the members and creditors of All Styles
Upholsteries Pty Limited will be held today, March 21, 2006.

At the meeting, Liquidator David G. Young 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: David G. Young
         Liquidator
         Pitcher Partners Chartered Accountants
         Level 3, 60 Castlereagh Street
         Sydney, Australia


AWB LIMITED: Gov't Continues Investigation on Iraqi Kickbacks
-------------------------------------------------------------
Australian Prime Minister John Howard has confirmed that an
inquiry into AWB Limited's alleged improper payments to the
former Iraqi regime will be extended by at least two months,
RadioNZ.Co.Nz reports.

According to the report, the high-level investigation into the
Australian Wheat Board and allegations of kickback payments had
been scheduled to finish at the end of March 2006.

However, Commissioner Terence Cole, who leads the Government-
appointed probe, has asked for an extension of time and Prime
Minister Howard has agreed.  Prime Minister Howard notes that
there had been no request to broaden the scope of the inquiry.

The Federal Opposition has been pushing for the Coles Inquiry to
be given broader terms of reference.

AWB allegedly paid hundreds of millions of dollars in kickbacks
to the Iraqi Government, under Saddam Hussein's administration,
through a Jordanian trucking company, and deceiving the United
Nations about the payments.

The scandal has embroiled Tim Goodacre, the head of New
Zealand's largest kiwifruit exporter, Zespri, who was also a
senior manager at AWB at the time the payments were made.

Appearing before the Coles Inquiry last month, Mr. Goodacre
asserted that he did not know that money paid to the trucking
company was in fact going to Iraq.

                           About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.


AWB LIMITED: Faces Class Action by Shareholders
-----------------------------------------------
Australian law firm Maurice Blackburn Cashman is considering a
class action against wheat exporter AWB Limited on behalf of
shareholders who lost money in the wake of an investigation on
the firm's business deal with Iraqi President Saddam Hussein's
regime, The Class Action Reporter says.

Shares in AWB fell 30% since revelations that retired judge
Terence Cole is investigating the firm with regard to payments
it allegedly made to Iraq through the United Nations' oil-for-
food program.  The Cole inquiry began public hearings on
January 16.

According to the CAR report, Maurice Blackburn said it was clear
that shareholders had been victims of the Company's failure to
disclose its true dealings with the Iraqi Government.

The Company is currently reorganizing its corporate governance
structure.  It hired professional services firm KPMG to review
the governance, internal reporting structures and practices of
the Company.

                           About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in the scandal.  The "Cole Inquiry" is currently underway.  
The scandal is anticipated to create great political
repercussions to the Australian Government, given the country's
contribution to military action against President Hussein in the
2003 invasion of Iraq.


AWB LIMITED: U.S. Secretary of State Pipes in to Wheat Scandal
--------------------------------------------------------------
United States Secretary of State Condoleezza Rice weighed into
the Australian Wheat Board scandal, saying that the truth about
kickbacks paid to Saddam Hussein would emerge, The Daily
Telegraph reports.

After meeting with Australian Prime Minister John Howard, Dr.
Rice stated that she had "every confidence that Australia, as a
democratic state, is going through everything it can to
investigate the allegations" and that she is glad there is a
commission that probes into the scandal, The Telegraph says.

Dr. Rice said that Saddam Hussein had done "very well" out of
the United Nation's oil-for-food program.

The Cole Inquiry, the Government-appointed commission headed by
retired judge Terence Cole that looks into AWB Limited's role in
the payment of kickbacks, had been presented with the latest
evidence pertaining to the scandal -- that the intelligence
community knew for years about the secret payments to Saddam.
In defense, Prime Minister Howard insisted that thee Government
was oblivious to any corruption.

Prime Minister Howard denied suggestions by Labor foreign
affairs spokesman Kevin Rudd that he had "lied to the Australian
people."  Prime Minister Howard instead urges the people to wait
the Cole Inquiry to present its findings.

However, Opposition Leader Kim Beazley said that "John Howard
should now take advantage of this day and apologize formally to
Secretary of State Condoleezza Rice that we ended up in Iraq
funding the enemy."

                           About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in the scandal.  The "Cole Inquiry" is currently underway.  
The scandal is anticipated to create great political
repercussions to the Australian Government, given the country's
contribution to military action against President Hussein in the
2003 invasion of Iraq.


AWB LIMITED: Intelligence Files to be Kept Secret
-------------------------------------------------
The Cole Inquiry, the commission investigating into AWB
Limited's alleged AU$300 million bribe to the Iraqi Government,
during Saddam Hussein's time, has agreed not to open documents
prepared by intelligence agencies, The Herald Sun reports.

Commissioner Terence Cole assured that the inquiry would remain
to be transparent, but he did not want to jeopardize national
interest.

Counsel assisting John Agius said that his reading of the
government documents produced so far indicated possible
circumventing of the United Nation's oil-for-food program, but
never followed through by public servants.

                           About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in the scandal.  The "Cole Inquiry" is currently underway.  
The scandal is anticipated to create great political
repercussions to the Australian Government, given the country's
contribution to military action against President Hussein in the
2003 invasion of Iraq.


BERRIMA DISTRICT: To Distribute Final Dividend
----------------------------------------------
Berrima District Couriers Pty Limited will declare its final
dividend today, March 21, 2006.

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

Contact: Danny Vrkic
         Liquidator
         Jirsch Sutherland & Co - Wollongong Chartered
         Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone: 02 4225 2545
         Fax: 02 4225 2546


C&N PLUMBING: Decides to Close Operations
-----------------------------------------
At an extraordinary general meeting of C&N Plumbing Pty Limited,
members decided to voluntarily wind up the Company's operations.

A creditors' meeting was also held on the same day, where Danny
Vrkic was appointed as liquidator.

Contact: Danny Vrkic
         Liquidator
         Jirsch Sutherland & Co - Wollongong
         Chartered Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone: 02 4225 2545
         Fax: 02 4225 2546


COLES MYER: First Half Profit Rises 10.5%
-----------------------------------------
Coles Myer Limited posted a AU$484.5 million net profit for the
half-year period ended December 31, 2005 -- a 10.5% increase
from the AU$438.5 million profit reported in the 2004
corresponding period.

The results came out a week after Coles Myer sold its Myer
department store chain for AU$1.4 billion.

The Australian Associated Press cites Coles Myer Chief Executive
Officer as saying that the December 2005 figure more than
doubled the profit and return on investment of four years ago,
indicating that it was another strong half for the group.

Coles Myer said that it expects its food and liquor sales trend
to improve over time while the non-food retail environment will
remain competitive.

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated around 2,500 stores in  
Australia and New Zealand and employs with over 165,000 staff.  
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been  
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net  
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In March 2006, after months of negotiations, Coles
Myer sold the 61-store Myer chain to Newbridge Capital and to
the former Myer store owners, the Myer family, for AU$1.4
billion.


CROESUS MINING: Posts AU$27.4 Million Half-Year Net Loss
--------------------------------------------------------
Croesus Mining N.L. reported a AU$27.4 million net loss for the
half-year ended December 31, 2005, down from a AU$6.9 million
net profit from the corresponding period in 2004.

The loss included a hedging loss of AU$25 million and a related
income tax benefit of AU$9.6 million, and is in line with the
Company's warning made in January 2006.

Gold production for the half-year period was 62,710 ounces at a
cash cost of AU$604 per ounce.

Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold  
through its Davyhurst and Central Norseman exploration projects.

Falling grades and skyrocketing costs have pulled down Croesus'
production and profitability since 2005.  Croesus' problems also
stem from inadequate mine planning and development at its
flagship Norseman operation, where it operates the Bullen and
Harlequin mines.  After selling its Davyhurst project to fellow
Western Australian gold miner Monarch Resources Ltd. in November
to focus on the Norseman site, Croesus warned of a AU$28 million
pretax loss for the six months to December 31, 2005, on lower
output and hedging losses.


CROESUS MINING: Calls in Experts to Conduct Business Review
-----------------------------------------------------------
Croesus Mining N.L. has called in external advisers to review
its financial position after posting a first-half loss of AU$27
million and after experiencing difficulties meeting its gold
hedging commitments, The Age reports.

Croesus says that the review would take at least two weeks and
would cover all aspects of its business, including the hedge
book structure, production forecasts and planning, and capital
requirements.

According to The Age, Croesus is believed to have begun talks
with its main hedging counterpart, Macquarie Bank, to
restructure its hedge book and defer near-term commitments in a
bid to get the Company back on its feet.

Croesus Chairman Michael Kiernan said that closing the Company's
Harlequin mine, whose productivity he described as "abysmal",
was a possible outcome of the review.

Croesus said that the Bullen mine, which was producing about
4,000 ounces a month, was in good shape.

Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold  
through its Davyhurst and Central Norseman exploration projects.

Falling grades and skyrocketing costs have pulled down Croesus'
production and profitability since 2005.  Croesus' problems also
stem from inadequate mine planning and development at its
flagship Norseman operation, where it operates the Bullen and
Harlequin mines.  After selling its Davyhurst project to fellow
Western Australian gold miner Monarch Resources Ltd. in November
to focus on the Norseman site, Croesus warned of a AU$28 million
pretax loss for the six months to December 31, 2005, on lower
output and hedging losses.


CROESUS MINING: Seeks Securities Trading Halt
---------------------------------------------
On March 16, 2006, Croesus Mining N.L. asked the stock exchange
for a trading halt on all of its securities, after posting a
AU$27.4 million loss for the half-year ended December 31, 2005.

Croesus revealed that the trading halt might go on for more than
two weeks while it considers the future of its gold-mining
operations and while it is undertaking an evaluation of all its
businesses, The Advertiser reports.

Croesus Chairman Michael Kiernan, who was appointed in November
2005 to help revive the Company, said that the Company's
Norseman operation had "simply gone off the rails" in terms of
costs, and merits a thorough review.

The Company's trading halt update indicated that "[s]everal
alternative solutions are currently being reviewed and the Board
considers it prudent to halt trading while this review is
undertaken.  This review should take some two weeks, at which
time the Company will make a comprehensive announcement as to
the current state and further direction of the group."

Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold  
through its Davyhurst and Central Norseman exploration projects.

Falling grades and skyrocketing costs have pulled down Croesus'
production and profitability since 2005.  Croesus' problems also
stem from inadequate mine planning and development at its
flagship Norseman operation, where it operates the Bullen and
Harlequin mines.  After selling its Davyhurst project to fellow
Western Australian gold miner Monarch Resources Ltd. in November
to focus on the Norseman site, Croesus warned of a AU$28 million
pretax loss for the six months to December 31, 2005, on lower
output and hedging losses.


CROESUS MINING: Sees Changes in Management
------------------------------------------
Croesus Mining N.L. appointed Allan Quadrio as a non-executive
director of the Company, further strengthening the Board's depth
of technical and mining expertise, the Company disclosed in a
press release dated March 16, 2006.

Mr. Quadrio, a qualified and experienced metallurgist, currently
is the technical director of Consolidated Minerals Limited, and
also holds a non-executive board position with Mithril Resources
Limited.  Mr. Quadrio has had over 30 years experience in the
mining business, including senior management positions in
nickel, gold and industrial mineral operations.

The appointment came right after Campbell Ansell and Robert Crew
have both stepped down as directors of the Company, after many
years of valued involvement.

On February 13, 2006, the Company had announced the appointment
of Frank Campagna as Company Secretary -- replacing John
Sobolewski, who stepped down from the position.  Mr. Campagna is
a Certified Practicing Accountant with over 20 years experience
as company secretary, financial controller and commercial
manager for listed resources and industrial companies, like
Consolidated Minerals Limited, Monarch Resources Limited, Red 5
Limited and Wavenet International Ltd.

In January 2006, Croesus also appointed David Macoboy as a non-
executive director.  Mr. Macoboy, a CPA with degrees in both
economics and commerce, has more than 25 years industry
experience encompassing banking, finance and general management
and has held a number of senior positions with Consolidated
Minerals Ltd., Monarch Resources Limited and Territory Iron
Limited.

Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold  
through its Davyhurst and Central Norseman exploration projects.

Falling grades and skyrocketing costs have pulled down Croesus'
production and profitability since 2005.  Croesus' problems also
stem from inadequate mine planning and development at its
flagship Norseman operation, where it operates the Bullen and
Harlequin mines.  After selling its Davyhurst project to fellow
Western Australian gold miner Monarch Resources Ltd. in November
to focus on the Norseman site, Croesus warned of a AU$28 million
pretax loss for the six months to December 31, 2005, on lower
output and hedging losses.


CROESUS MINING: Shuns Rumors of Merger Negotiations
---------------------------------------------------
Croesus Mining N.L. has signified that it will not engage in any
merger talks before returning to profitability, Dow Jones
reports.

Croesus Chairman Michael Kiernan confirmed that the Company has
been approached for merger talks, but had declined since it is
"on its knees."

"We need to start punching out a few profits and then we can
talk from a position of strength," Mr. Kiernan said.  

The Troubled Company Reporter -- Asia Pacific reported in
January 2006 that Croesus is considering two separate merger
proposals as part of efforts to return to profitability.

Mr. Kiernan said those merger plans will have to wait until the
Company implements a series of efficiency improvements at
existing assets and steps up exploration over the next 12
months.

Headquartered in Kalgoorlie, Western Australia, Croesus Mining
N.L. -- http://www.croesus.com.au/-- explores and produces gold  
through its Davyhurst and Central Norseman exploration projects.

Falling grades and skyrocketing costs have pulled down Croesus'
production and profitability since 2005.  Croesus' problems also
stem from inadequate mine planning and development at its
flagship Norseman operation, where it operates the Bullen and
Harlequin mines.  After selling its Davyhurst project to fellow
Western Australian gold miner Monarch Resources Ltd. in November
to focus on the Norseman site, Croesus warned of a AU$28 million
pretax loss for the six months to December 31, 2005, on lower
output and hedging losses.


CRYSTAL CLOUDS: Members Agree to Wind Up Firm
---------------------------------------------
On February 15, 2006, the members of Crystal Clouds Pty Limited
held a general meeting and agreed that it is in the Company's
best interests to close its operations.

Contact: Anthony Robert Cant
         Liquidator         
         Romanis Cant Chartered Accountants
         106 Hardware Street, Melbourne
         Australia


DOMETEK PTY: Names Samuel Richwol as Liquidator
-----------------------------------------------
The members of Dometek Pty Limited convened on February 15,
2006, and concurred that the Company should wind up its
operations voluntarily.

Samuel Richwol was then appointed to act as liquidator.

Contact: Samuel Richwol
         Liquidator
         O'Keeffe Walton Richwol
         431 Burke Road, Glen Iris 3146
         Australia
         Telephone: (03) 9822 9823


ELECTRONIK FABRIC MAKERS: Receiver Steps Aside
----------------------------------------------
On February 13, 2006, Kenneth Stewart Sellers ceased to act as
the receiver and manager of the property of Electronik Fabric
Makers (Victoria) Pty Limited.


ELITE ELECTRICAL: To Hold Final Meeting Today
---------------------------------------------
The final meeting of the members and creditors of Elite
Electrical Contractors Pty Limited will be held today, March 21,
2006, for them to get an account of the manner of the Company's
wind-up and property disposal from Liquidator Murray Godfrey.

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


FELTEX CARPETS: New CEO Gets AU$756,000 Package
-----------------------------------------------
Feltex Carpets Limited revealed to the New Zealand Stock
Exchange the details of the remuneration package it proposes to
pay its new chief executive officer, Peter Thomas.

                   CEO Pay and Bonus Package

Feltex said that Mr. Thomas, who was appointed as CEO in
November 2005, will receive AU$420,000 base pay, with an annual
performance incentive bonus of up to 80% of that amount.

The statement said that Mr. Thomas will be paid the incentive
bonus part of his package if he achieves agreed targets.  If Mr.
Thomas does reach the maximum bonus level, his package would
likely total AU$756,000.

The carpet maker clarified that Mr. Thomas, who was a director
of Feltex before his appointment, will not be paid director's
fees.

     Disclosure Due to Stock Exchange Application for Waiver

Dow Jones says that Feltex, which previously declined to discuss
what Mr. Thomas would be paid, disclosed the CEO remuneration
details in its public application with the stock exchange for a
waiver from a listing rule relating to the remuneration deal.
The total possible remuneration payable is likely to exceed 0.5%
of the average market capitalization of Feltex.

Dow Jones notes that the remuneration deal is likely to be
termed a material transaction with a related party, and would be
subject to shareholder approval.  However, Feltex applied to the
stock exchange for a waiver to the rule, saying that the terms
of Mr. Thomas's remuneration package were set "on an arm's
length and commercial basis."

Feltex said that a report on comparative remuneration packages
was provided by employment consultants Egan Associates Ltd., and
that Mr. Thomas' base remuneration is below the average base
remuneration amounts advised.  The maximum possible performance
bonus that Mr. Thomas may earn is also "within the range of
bonus amounts advised," Feltex added.

Subsequently, the stock exchange has agreed to the waiver,
subject to "non-interested" directors of Feltex signing a
certificate stating that, among other things, the proposed
remuneration agreement "represents fair value to the company,
and is in the best interests of the shareholders of the
company."

Mr. Thomas' pay is less than the package paid to Feltex's
previous CEO, Sam Magill.

                Investors Disagree with CEO Pay

Feltex shareholders criticized the Company over the potential
size of its CEO pay package and how it was awarded, Stuff.Co.Nz
relates.

Shareholders' Association corporate liaison Des Hunt criticized
Feltex's "side-door approach" of gaining a waiver under listing
rules to approve Mr. Thomas' pay instead of seeking shareholder
approval.

The shareholders believe that "rewarding the chief executive
with such generous terms and conditions and not explaining to
shareholders some of the agreed targets puts the board's
judgment in question."

Jim Walsh, finance director at Feltex's rival, Godfrey Hirst,
said that the waiver set a lower standard than shareholder
approval.

                          About Feltex

Established over 50 years ago, Feltex Carpets Limited --
http://www.feltex.com/-- has built a reputation for being one  
of the world's leading manufacturers of superior-quality carpet.
The Feltex operation includes a wool scouring plant, six
spinning mills, three tufted carpet mills, a woven carpet mill
and offices in New Zealand, Australia and the United States.  
They also lead the way in exports, with customers throughout
South East Asia, Japan, the United States, the Middle East and
other key world markets.  Feltex listed on the local stock
exchange in mid-2004 in a NZ$254-million initial public offering
-- the year's largest in New Zealand.  However, the Company fell
well short of its prospectus earnings projections, reporting a
net profit of NZ$11.8 million in the fiscal year to June 30,
2005, about half the forecast NZ$23.9 million.  The Company has
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.


FIRST STATE: Enters Voluntary Liquidation
-----------------------------------------
Members of First State Group Pty Limited held an extraordinary
general meeting on February 16, 2006, and agreed to:

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

  -- appoint Vincent Heufel as liquidator for the wind-up.

Contact: Vincent Heufel
         Liquidator
         Heufel Partners
         20 Kemp Street, Wallsend
         New South Wales 2287
         Australia


MMR HOLDINGS: Prepares to Close Shop
------------------------------------
The members of MMR Holdings Pty Limited held a meeting on
February 14, 2006, and agreed to wind up the Company's business.

They appointed F. W. Collins and A. R. Bottomer to facilitate
the wind-up process.

Contact: A. R. Bottomer
         F. W. Collins
         Joint and Several Liquidators
         PO Box 1596, Cairns
         Queensland 4870, Australia


MOBILE LABOUR NEWCASTLE: Placed Under Voluntary Liquidation
-----------------------------------------------------------
At an extraordinary general meeting on February 16, 2006, the
members of Mobile Labour Newcastle Pty Limited agreed that the
Company must voluntarily commence a wind-up of its operations.

Vincent Heufel was then appointed as liquidator of the Company.

Contact: Vincent Heufel
         Liquidator
         Heufel Partners
         20 Kemp Street, Wallsend
         New South Wales 2287
         Australia


NARVIN PTY: Members to Receive Wind-Up Details
----------------------------------------------
The members of Narvin Pty Limited will convene today, March 21,
2006, to receive Liquidator R. J. Porter'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: R. J. Porter
         Liquidator
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


PACIFIC COMMERCIAL: To Declare Dividend
---------------------------------------
Pacific Commercial Refrigeration Pty Limited will declare a
first and final dividend today, March 21, 2006, to the exclusion
of its creditors who were not able to prove their claims.

Contact: Anthony Sims
         Liquidator
         SimsPartners
         Level 24, Australia Square
         264 George Street, Sydney
         New South Wales 2000
         Australia


SERVANTE INVESTMENTS: Liquidator Poised to Distribute Assets
------------------------------------------------------------
After a general meeting on February 20, 2006, the members of
Servante Investments Pty Limited resolved to close the Company's
business and distribute the proceeds of its assets.

The final meeting of the Company's members will be held on March
31, 2006, 10:00 a.m., at the Liquidator's office.

Contact: Darren Timothy Barnes
         Liquidator
         32 Charles Street, South Perth
         Western Australia 6151
         Australia


SPRITSAIL ENTERPRISES: Schedules Final Meeting Today
----------------------------------------------------
A final meeting of the members of Spritsail Enterprises 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 21, 2006.

Contact: Dean Demeyer
         Liquidator
         Level 6, 65 Murray Street
         Hobart, Tasmania 7000
         Australia
         

STATION 1 PTY: Appoints Official Receivers  
------------------------------------------
On February 13, 2006, Neil Geoffrey Singleton and David John
Leigh were appointed as receivers and managers of the property
of Station 1 Pty Limited.


TELSTRA CORPORATION: Meets Competition Regulator in Secret
----------------------------------------------------------
Telstra Corporation has held secret talks with the Australian
Competition and Consumer Commission in a last-ditch effort to
save its AU$3 billion metropolitan residential fiber network,
The Australian relates.

The report said that the telco has been meeting with the ACCC
the past weeks, and that the talks were intended to pave the way
for official discussions to take place in the coming days.

The AU$3 billion network is a key part of Telstra's AU$11
billion strategy to provide faster broadband services for
customers and to cut the Company's swelling cost base.   Telstra
is planning to test whether the Trade Practices Act can give it
some certainty over its proposed residential fiber investment
and lock in the prices it would charge its rivals to access the
network before it committed to the investment, The Australian
adds.

Telstra had earlier called a halt to its fiber plans in December
and asked the Government to step in after the ACCC rejected as
too high the prices that Telstra planned to offer its rivals to
rent its raw copper wires, known as the unbundled local loop.
However, the Government has been unwilling to make such a move,
believing Telstra should test TPA provisions instituted in 2002
when Foxtel, Optus and Telstra struck a deal to rationalize the
loss-making pay-TV sector.

The talks are understood to have gained momentum after what
insiders described as a "constructive" lunch meeting between
Communications Minister Helen Coonan and Telstra Chief Executive
Officer Sol Trujillo at the telco's offices in Sydney on
March 6.

In a speech to the Australian Telecommunications Users Group
last week, Senator Coonan had publicly urged Telstra to test the
special undertaking provisions of the TPA.

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.  


TRAVAL CONTAINER: To Pay Dividend to Creditors
----------------------------------------------
Traval Container Services Pty Limited will declare its first and
final dividend to employee creditors today, March 21, 2006.

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

Contact: Andrew McLellan
         Liquidator
         c/o PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


W.R. & D.C. SAVAGE: Inability to Pay Debts Prompts Wind-up
----------------------------------------------------------
After a meeting of the members of W.R. & D.C. Savage Pty Limited
on February 20, 2006, it was agreed that the Company wind up its
business voluntarily due to its inability to pay its debts.


YG INVESTMENTS: Members Opt to Cease Operations
-----------------------------------------------
At a general meeting on February 15, 2006, members of YG
Investments Pty Limited concurred that the Company must
voluntarily commence a wind-up of its operations.

John Dickie was then appointed as liquidator.

Contact: John Dickie
         Liquidator
         62 Burwood Road
         Burwood, New South Wales 2134
         Australia


* Provisional Liquidator Appointed to Four Firms
------------------------------------------------
The Supreme Court of New South Wales has appointed a provisional
liquidator to four companies involved in the construction and
property investment industry following an application by the
Australian Securities and Investments Commission.

John Lord, of PKF Chartered Accountants, was appointed the
provisional liquidator of Mortgage Finance Australia Pty Ltd,
Australian Synergies Group Pty Ltd, SS Solutions Pty Ltd and
Orion Pacific Real Estate Pty Ltd.

ASIC is seeking final orders that these four companies be wound
up on "just and equitable" grounds.

ASIC commenced an investigation into Mortgage Finance Australia,
and associated companies, in relation to funds raised by these
companies and difficulties experienced by investors in
recovering their investments.

ASIC's investigation found that in excess of AU$2,000,000 was
raised by Mortgage Finance Australia between June 2001 and May
2002 for an investment into the construction of a retirement
village at Currans Hill, New South Wales.  The developers of the
retirement village have gone into liquidation and investors have
been unable to recover their investments.  Mortgage Finance
Australia has been without office holders since May 13, 2005.

ASIC's investigation is continuing.


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

ATTEMPT FIT: Creditors' Claims Due on April 18
----------------------------------------------
Creditors of Attempt Fit Enterprises Limited, whose claims have
not already been admitted, are required to submit their formal
proofs of claim by April 18, 2006, to Liquidator Leung Fung Yee
Alice.

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

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


BENELUX MANUFACTURING: Names Official Liquidator
------------------------------------------------
The creditors of Benelux Manufacturing Limited have appointed on
February 2, 2006, Stephen Briscoe as Liquidator of the Company
in place of Fan Wai Kuen.

Creditors or contributories wishing to oppose the appointment
may file an application to the High Court of Hong Kong Special
Administrative Region not later than March 24, 2006.

Contact: Stephen Briscoe
         Nicholas Timothy Cornforth Hill
         Joint & Several Provisional Liquidators
         Alvarez and Marsal
         5th Floor Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060


CHINA LINK: Begins Winding Up Process
-------------------------------------
China Link Construction Company Limited has received a wind-up
order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 8, 2006.

The Troubled Company Reporter - Asia Pacific had earlier
reported that Canyon Development Limited filed a petition for
the winding up of the Company on January 11, 2006.

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


CYBER RESOURCES: To Declare First and Final Dividend
----------------------------------------------------
Cyber Resources and Technology Limited will declare its first
and final dividend to its creditors.

The Company's creditors are required to submit their formal
proofs of claim by April 7, 2006, or risk being excluded from
the benefit of the dividend distribution.

Contact: Kelvin Edward Flynn
         Cosimo Borrelli
         Joint and Several Liquidators
         5/F, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


DRESSON TRADING: Members and Creditors Meetings Set March 28
------------------------------------------------------------
The meeting of the members and creditors of Dresson Trading
Company Limited will be held on March 28, 2006.

At the meeting, the members will receive Liquidator Wong Ka Lam
King's final account showing how the Company was wound up.

Any proxy may represent a member or creditor entitled to attend
at the meeting.

Forms of proxies for the meeting must be lodged not later than
March 27, 2006, at the 2nd Floor, Double Building, 22 Stanley
Street, in Central, Hong Kong.


EAGLE TRADE: Faces Wind-up Proceedings
--------------------------------------
On February 28, 2006, the High Court of Hong Kong received an
application from DBS Bank (Hong Kong) Limited to wind-up Eagle
Trade Limited.

The High Court will hear the Petition on April 26, 2006, at 9:30
a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than April 25,
2006.

Contact: Wilkinson & Grist
         Solicitors for the Petitioner
         6th Floor, Prince's Building
         Chater Road
         Central, Hong Kong
         Telephone: 2524 6011   
         Fax: 2520 2090


FLOW CHART: To Declare Dividend on April 1
------------------------------------------
Flow Chart Chin Industrial Limited notifies parties-in-interest
of an intended dividend to be declared at the High Court of Hong
Kong Special Administrative Region.
  
Creditors are required to submit their proofs of claim by
April 1, 2006, to:
  
         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


KEEN LLOYD: Begins Wind-up Process
----------------------------------
On March 8, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released a wind-up
order pertaining to Keen Lloyd International (Holdings) Limited.

The Troubled Company Reporter - Asia Pacific has reported that
the Bank of China (Hong Kong) Limited presented a petition to
wind-up Keen Lloyd International (Holdings) Limited on January
11, 2006.  


KEEP HOPE: DBS Bank Lodges Wind-up Petition
-------------------------------------------
DBS Bank (Hong Kong) Limited has filed with the High Court of
Hong Kong an application to wind up Keep Hope Shoes
Manufacturing Company Limited.  

The Petition will be heard before the High Court on April 26,
2006, at 9:30 a.m.

Any person interested to appear on the hearing must file an
appearance not later than April 25, 2006.

Contact: Wilkinson & Grist
         Solicitors for the Petitioner
         6th Floor, Prince's Building
         Chater Road
         Central, Hong Kong
         Telephone: 2524 6011   
         Fax: 2520 2090


LAP SHUN: Winding Up Hearing Fixed on April 19
----------------------------------------------
On February 21, 2006, the Bank of China (Hong Kong) Limited
filed an application to wind up Lap Shun Hong Limited with the
High Court of Special Administrative Region.  

The Application will be heard before the High Court on
April 19, 2006, at 9:30 a.m.

Contact: Chu & Lau
         Solicitors for the Petitioner
         2nd Floor, The Chinese General
         Chamber of Commerce Building
         No. 24-25 Connaught Road
         Central, Hong Kong


LONG TO COTTON: Court to Hear Wind-up Application on April 12
-------------------------------------------------------------
On January 26, 2006, J.K.N. International Limited filed a
petition with the High Court of Hong Kong to wind-up
Long To Cotton Yarn Company Limited.

The Application will be heard before the High Court on
April 12, 2006, at 9:30 a.m.

Persons interested to appear at the hearing may file an
appearance not later than April 11, 2006.

Contact: Ivan Tang & Co.
         Solicitors for the Petitioner
         Units A & B, 22nd Floor
         Silvercorp International Tower
         707-713 Nathan Road
         Kowloon, Hong Kong
         Telephone: 2388 9389   
         Fax: 2770 1726


WEALTH FEDELITY: Winding Up Hearing Slated for April 26
-------------------------------------------------------
Wealth Fedelity Metal Products (Shanghai) Co Ltd has filed with
the High Court of Hong Kong an application to liquidate Wealth
Fedelity Industries Limited.

The Petition will be heard before the High Court on April 26,
2006, at 9:30 a.m.

Any person interested to appear on the hearing must file an
appearance not later than April 25, 2006.

Contact: C.L. Chow & Macksion Chan
         Solicitors for the Petitioner
         Room 501-3, 5th Floor
         Hang Seng Building
         77 Des Voeux Road Central
         Central, Hong Kong
         Telephone: 2877 3318/2810 7979   
         Fax: 2877 2620/2845 2189


Y&K CONSTRUCTION: Court Issues Wind-Up Order
--------------------------------------------
Y&K Construction Eng. Limited presented a petition to wind up
its operations.

On March 8, 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


YUE SHING: Commences Winding Up Process
---------------------------------------
Yue Shing Industrial Limited has received a wind-up order from
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on March 8, 2006.

As previously reported by The Troubled Company Reporter - Asia
Pacific on January 25, 2006, that the Bank of China (Hong Kong)
Limited issued a petition for the winding up of Yue Shing
Industrial Limited on January 9, 2006.

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


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

BHARAT PETROLEUM: Wants Tie-up with Petrobras in Nelp-VI
--------------------------------------------------------
Bharat Petroleum Corporation Limited has signified its interest
in partnering with Brazil's Petrobras to bid for oil blocks
under the new exploration and licensing policy, Nelp-VI, The
Telegraph relates.

This is Bharat Petroleum's second attempt to join forces with
Petrobras in Nelp-VI.  The Company failed in its first try, but
it is confident it will succeed this time since the Government
has already improved its bidding terms for Petrobras.

Meanwhile, Bharat Petroleum chairman Ashok Sinha told The
Telegrah that the Company was interested in blocks offered under
the Nelp-VI and, even if the partnership with Petrobras did not
come through, it would still go ahead with its exploration foray
by forming a consortium with Indian upstream oil companies such
as Oil and Natural Gas Corporation and Oil India Ltd.

Mr. Sinha has already attended the roadshow for Nelp-VI and has
set within Bharat Petroleum an upstream division headed by a
general manager.  The upstream division will look after the
Company's interests in oil and gas exploration.

Bharat Petroleum has an interest in the eastern offshore deep-
sea blocks in which ONGC is the operator.  Indian Oil, Bharat
Petroleum, Hindustan Petroleum and GAIL (India) Ltd are the four
downstream public sector units that the petroleum ministry has
allowed to enter the oil and gas exploration sector in
partnership with upstream oil companies.

                    About Bharat Petroleum   

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

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


COAL INDIA: Sasol Keen on Fuel Venture
--------------------------------------
Synthetic coal fuel producer Sasol Limited is discussing a
potential coal-to-liquid fuel deal with Coal India Limited, The
Economic Times reveals.

The South African firm is keen on creating a joint venture with
Coal India that will produce synthetic oil from coal, The Times
says.

Sasol's move is part of a larger plan to identify new locations
for setting up plants based on its gas-to-liquids and coal-to-
liquids technology.  The group is focused on countries with
large reserves of coal such as China, the United States and
India.

Sasol's undertaking in China is at a relatively advanced stage,
with the firm already completing the feasibility study.  The
plant will have 80,000 barrels-per-day equivalent capacity, with
the output divided into 66% diesel, and 34% naphtha and liquid
petroleum gas.  It will consume 15m-19m tonnes of coal a year.  
Oil produced from this plant will cost about US$20 a barrel.  

It is, however, not clear if Sasol intends to set up plants of
similar size in India.

Headquartered in Kolkota India, Coal India Limited
-- http://www.coalindia.nic.in/-- is engaged in the mining of  
coal, coal based products and mining consultancy.  The Company
was incorporated under the Companies Act, 1956 and is wholly
owned by the Government of India.  It recently turned around
from substantial losses in the past due to its e-auction
revenues.  However, it is still saddled with labor problems
involving its senior staff.  


IBP COMPANY: To Merge with Indian Oil by October
------------------------------------------------
Indian Oil Corporation is confident that it will complete a
merger with IBP Company Limited by October 2006 after the
proposal gained the approval of the Indian Stock Exchange,
Business Standard reveals.

Indian Oil has already lodged the merger proposal with the
Department of Company Affairs for further approval.  Upon the
Department's endorsement, Indian Oil will call an extraordinary
general meeting to obtain its shareholders' nod for the business
consolidation.

The swap ratio approved by the boards of the merging companies
is 110 shares of Indian Oil for every 100 shares of IBP.

The Troubled Company Reporter - Asia Pacific reported on
September 13, 2005, that Indian Oil will also be taking over
IBP's liquefied petroleum gas business to reduce the subsidy
burden on the Company, though the IBP brand will be retained.

Headquartered in West Bengal, India, IBP Company Limited
-- http://www.ibpoil.com/-- is engaged in the storage,  
distribution and marketing of petroleum, chemicals and aluminum
cryogenic containers.  The Company operates in three segments:
Petroleum, Chemicals and Engineering.  The Company has been
suffering from a string of losses since last year due to a
Government mandate to sell fuel to the public at subsidized
prices.  In September 2005, IBP warned the Government that it
would go bankrupt if it will not raise petrol, diesel, liquefied
petroleum gas and kerosene prices.  The Government then issued
INR400 crore in oil bonds for the Company to recover losses.  


INDIA CEMENTS: Poised to Book Profit After Five Years
-----------------------------------------------------
For the first time since fiscal year 2001, India Cements Limited
is set to report profits for the current financial year,
Business Standard reports.

The Company saw a turnaround in its December FY06 quarter
results.  After a net loss of INR33.31 crore in the previous
December quarter, the company clocked a net profit of INR7.22
crore with its debt restructuring in place.  This was on the
back of 30% year-on-year growth in net sales to INR411.87 crore.

The good result is attributed to the strong demand growth seen
in the southern markets after a lull in FY05, on the back of a
good monsoon, increased focus on irrigation and rural road
projects.  

The 5.5% fall in interest costs was due to a reduction in total
debt through issuance of US$10 million Global Depository
Receipts and corporate debt restructuring scheme.  For the
December FY06 quarter, the company's operating profit rose 55%
to INR46.78 crore.  Moreover, the interest cost dropped 35% to
INR29.57 crore.  

Apart from the reduced debt burden, analysts feel that another
key cost reduction for the company over FY07 would come from a
reduction in sales tax.  

With high borrowing costs behind it and its key markets seeing
sustained demand growth, analysts are confident that India
Cements will completely turn around in the next two years.

Headquartered in Chennai, India, India Cements Limited
-- http://www.indiacements.co.in/-- manufactures and markets  
cement under the brand name Coromandel cement.  The Company was
established in 1946 and the first plant was setup at Sankarnagar
in Tamilnadu in 1949.  Since then it has grown in stature to
seven plants spread over Tamilnadu and Andhra Pradesh.  In 2002,
the Company fell into a deep financial crisis, which prompted it
to undertake debt restructuring plans in 2003.  Faced with the
huge challenges, the company addressed its problems proactively.  
It reduced interest costs, improved the capacity utilization,
implemented voluntary retirement schemes and raised equity.  All
these initiatives helped the firm bring down its debt under
corporate debt restructuring program from a hefty INR1,700 crore
to INR400 crore.


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

PERTAMINA: Restarts Balongan Refinery Due to Electrical Problems
----------------------------------------------------------------
PT Pertamina has restarted its 125,000-barrel-a-day Balongan
refinery yesterday, after suffering an electrical fault from
Friday through Sunday, Dow Jones relates.  

Pertamina says that the refinery is currently operating at lower
capacity, and would still need one to two days to return to
normal.

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 contributing factors to Indonesia's decreased income for
the year.  Indonesian 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.


BANK MANDIRI: Launches New Treasury Unit in Bandung
---------------------------------------------------
Bank Mandiri has launched a new treasury-marketing unit in
Bandung to improve fee-based income, The Jakarta Post reports,
citing a press statement.

The bank's press statement said that the new unit would handle
treasury transactions, such as foreign exchange, securities and
derivatives transactions, made by Bank Mandiri customers in West
Java and Central Java.

Bank Mandiri selected Bandung because a number of major firms
had their headquarters in the provincial capital.  Moreover,
West Java and Central Java had seen rising imports and exports,
thus providing treasury business opportunities.

Bank Mandiri had previously set up treasury marketing units in
Surabaya and Medan.

Bank Mandiri -- http://www.bankmandiri.co.id/-- Indonesia's  
largest and best capitalized bank in terms of assets, loans and
deposits, provides comprehensive financial services to more than
six million corporate and individual consumers, as well as small
and medium-sized enterprises in Indonesia.  Its total assets as
of March 31, 2002 were IDR261.9 trillion, roughly 24% of the  
assets in the banking system, and its capital adequacy ratio of
27% is far higher than the minimum required level of 8% by the
Bank of International Settlements.
  
Bank Mandiri's troubles began in December 1999, when the state
bank, which combined four other state banks, posted losses
totaling IDR6.8 trillion (US$942 million) during the first two
months of operation.  In September 2003, Bank Mandiri asked the
approval of shareholders to hold a quasi-reorganization so that
it can pay dividends to shareholders in 2004.  Before the quasi-
reorganization, there had been loss accumulation worth IDR163
trillion.  As of September 2005, Bank Mandiri's non-performing
loans comprised 24.57% of its total loans.  Accumulated  
unresolved debts and higher interest rates led to the 7.49%
increase in the bank's non-performing loans.  Subsequently, Bank
Mandiri is subject to special monitoring by the central bank due  
to its high level of non-performing loans, although it can still
extend credit to borrowers.  In December 2005, Bank Mandiri
reported that its third-quarter net profits plummeted 56.7% to  
IDR610.7 billion (US$60.86 million) from IDR1.41 trillion in the
same period in 2004.  In February, the bank sought the
Government's help to resolve its non-performing loan problems  
and to approve its plan to set up a debt management agency
together with Bank Negara Indonesia, as a state finance law and
a finance ministry regulation prohibit state banks from writing  
off debts without permission from the Finance Minister.


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

LIVEDOOR COMPANY: To Tie Up with Usen Corporation
-------------------------------------------------
Troubled Internet portal Livedoor Company Limited has yet to tie
up its operations with cable broadcaster Usen Corporation, since
Usen President Yasuhide Uno was the one who decided to buy a
stake in the Company, and not Usen Corporation, The Yomiuri
Shimbun reports.

According to Livedoor President Kozo Hiramatsu, the Company had
begun a tie-up with Usen Corporation after it had chosen Usen
for a possible partnership.  The Livedoor-Usen tie-up had the
most support among the Company's employees.

Usen Corp. had initiated talks to buy Fuji Television Network
Corporation's stake in Livedoor.  However, Usen stopped
negotiations with Fuji once it was able to start talks with the
Livedoor itself.

Fuji TV chairman Hisashi Hieda said that other firms had
approached them to try to buy their Livedoor stake, but Usen's
Mr. Uno had the most attractive offer.  It resulted in the
converging of interest of the three firms: Fuji TV, Usen Corp.
and Livedoor.  It remains to be seen, however, whether Livedoor
would be able to turn itself around by partnering with Usen
Corp.

Since Livedoor's partnership is focused on its Internet portal
site, and not on its profitable financial division, Yomiuri
Shimbun relates that there is no comprehensive business vision
for the Company.  

                        About Livedoor

Tokyo-based Livedoor Company Limited --  
http://corp.livedoor.com/en/-- is an Internet company that
provides out portal site "livedoor", corporate web solutions,
data center and IP telephony business.  The Company was the
focus of an accounting scandal when it was discovered that the
Company had concealed a JPY1 billion loss for the financial year
ended September 2004 by manipulating its financial statements.
Livedoor president Takafumi and other former executives were
arrested in January this year for their alleged role in the
accounting scandal.


LIVEDOOR COMPANY: US-Based Investment Firm Buys 6% Stake
--------------------------------------------------------
United States-based investment company Baupost Group LLC bought
more than 6% stake in troubled Internet firm Livedoor Company
Limited, the Nihon Keizai Shimbun online edition relates.

According to Nihon Keizai, Baupost LLC acquired a 6.72% stake,
or a total of 70.56 million shares in Livedoor, for JPY5.28
billion.

Baupost LLC is now the fourth-largest stakeholder in the
Company, while ex-Livedoor president Takafumi Horie is the
largest shareholder with a 17.25% stake.

                        About Livedoor

Tokyo-based Livedoor Company Limited --  
http://corp.livedoor.com/en/-- is an Internet company that
provides out portal site "livedoor", corporate web solutions,
data center and IP telephony business.  The Company was the
focus of an accounting scandal when it was discovered that the
Company had concealed a JPY1 billion loss for the financial year
ended September 2004 by manipulating its financial statements.
Livedoor president Takafumi and other former executives were
arrested in January this year for their alleged role in the
accounting scandal.
   

LIVEDOOR COMPANY: Auditors Face Raps for Overstating Earnings
-------------------------------------------------------------
Prosecutors are preparing to file charges against the auditors
of Internet firm Livedoor Company Limited for approving its 2004
financial report despite knowing that the Company manipulated
the figures, The Japan Times says.

According to the Times, Tokyo district prosecutors had suspected
two certified accountants of Yokohama-based Koyo & Company of
knowing that Livedoor had inflated its earnings in its 2004
financial statements, and approved the report anyway.  When the
accountants were questioned, they admitted to their role in the
Company's alleged accounting fraud.

Ex-Livedoor president Takafumi Horie and four ex-directors of
the Company were earlier indicted on charges of falsifying a
September 2004 report to indicate that Livedoor garnered a
profit, to cover up a huge JPY300 million pre-tax loss.  They
were also accused of violating securities laws when they counted
profits from share sales issued to acquire other firms as sales
instead of as capital.

The Troubled Company Reporter - Asia Pacific reported on
March 13, 2006, that the Tokyo Exchange planned to delist the
Company's shares on April 14, 2006, after the Securities and
Exchange Commission filed fresh charges against Mr. Horie and
the Company for violating the Securities and Exchange laws and
for falsification of reports.
  
                        About Livedoor

Tokyo-based Livedoor Company Limited --
http://corp.livedoor.com/en/-- is an Internet company that
provides out portal site "livedoor", corporate web solutions,
data center and IP telephony business.  The Company was the
focus of an accounting scandal when it was discovered that the
Company had concealed a JPY1 billion loss for the financial year
ended September 2004 by manipulating its financial statements.
Livedoor president Takafumi and other former executives were
arrested in January this year for their alleged role in the
accounting scandal.


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

KOREA EXCHANGE: S&P Revises Rating Outlook to Positive
------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on its
long-term counterparty credit ratings on Korea Exchange Bank to
positive from stable on improving capitalization and asset
quality.  At the same time, Standard & Poor's affirmed its "BBB"
long-term counterparty credit rating on the bank.   

"The outlook revision is based mostly on expectations for
improving fundamentals rather than the likelihood of KEB being
taken over by stronger banks," said Standard & Poor's credit
analyst Jae Min Kwon.  "KEB has demonstrated its ability to
improve its capital structure, and it has strengthened its
credit quality significantly in a relatively short period of
time."

KEB's weak market position compared with major competitors and
uncertainty over its shareholding structure remains constraining
factors for the rating.  The rating on the bank could be raised
if it can improve its market position and revenue
diversification.

If there is a development that leads us to believe that KEB will
be purchased by a bidder of higher credit quality, such as
Kookmin Bank (A-/Stable/A-2), Hana Bank (A-/Stable/A-2), or DBS
Bank Ltd. (DBS; AA-/Stable/A-1+), Standard & Poor's may put KEB
on CreditWatch with positive implications.

The rating on KEB reflects its competitive position in trade
finance and foreign exchange, and the focus of its new
management team on improving efficiency and managing risk.  
However, consolidation among domestic competitors limits the
bank's ability to improve its overall market position.

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.  
Moody's Investors Service has placed Korea Exchange Bank's D-
bank financial strength rating on review for possible upgrade.


YOUNGNAM FLOUR: Faces Stock Investigation
-----------------------------------------
The Financial Supervisory Service is expected to conduct an
investigation into allegations of illegal trading of Youngnam
Flour Mills stock, JoongAng Daily News relates.

According to the report, the FSS will summon the Company's key
executives and audit their stock and banking accounts.

The Company disclosed in May 2005 that it expects to receive
investments worth US$10 million from foreign investors, an
announcement that prompted its share price to swell from
KRW1,400 (US$1.40) in March 2005 to more than KRW6,000 in July.

Three months after the announcement, the Company said that the
plan was canceled, which later drove its share price down to
KRW3,000.  Analysts said that the Company's May Announcement
might have been false, since the negotiations on these
investments would take more than six months.

The Company is also suspected of selling treasury stocks to
local investors in secret, to reap nearly KRW7 billion.

Headquartered in Busan, South Korea, Youngnam Flour Mills Co.
Ltd.'s -- http://www.ynam.co.kr/-- principal activity are the  
manufacturing and selling of assorted animal feeds, cereals,
flour.  It also engages in real estate rental.


* South Korea's Corporate Bankruptcies Drop to 15-Year Low
----------------------------------------------------------
Corporate bankruptcies in South Korea fell to the lowest level
in 15 years in February 2006 amid growing signs of an economic
recovery, Yonhap News reports, citing The Bank of Korea.

According to the central bank, the number of companies that went
bankrupt fell by 22 to 191 in February 2006, the lowest level
since January 1999 when the number of the failures reached 376.

In January, the number of businesses that went bankrupt was 213.
The number of bankruptcies declined by six to 82 in Seoul, and
by 37 to 131 in regional cities.  The number of start-ups, on
the other hand, rose for a fourth straight month in January, to
4,693, up 305 in December 2005.  The default rate on corporate
bills bonds, checks and promissory notes remained at 0.02% in
January from a month earlier.


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

AVANGARDE RESOURCES: Enters into SSF Asset Sale Agreement
---------------------------------------------------------
Avangarde Resources Berhad entered into a Conditional Sale and
Purchase Agreement on March 15, 2006, with SSF Construction Sdn
Bhd in relation to the proposed acquisition of four SSF assets
in Perak.

The parties have agreed that Avangarde will pay in full at least
MYR23,880,00 to SSF within 30 working days from the last
approval obtained by Avangarde.

The Agreement is subject to the approvals of:

     * the Securities Commission of Malaysia;
     * Bursa Malaysia Berhad;
     * creditors and shareholders, after a sanction from the
       High Court of Malaya; and
     * other relevant authorities.

The Company will disclose the details on the terms and
conditions of the Sale and Purchase Agreement upon its
finalization.

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It is
also facing the possibility of being delisted for failing to
meet with the requirements of Bursa Malaysia.


DATUK KERAMAT: Bourse Postpones Delisting
-----------------------------------------
Bursa Malaysia Securities Berhad has decided to defer the
removal of Datuk Keramat Holdings Berhad's securities from its
Official List pending decision of the Company's appeal.  
  
As reported by the Troubled Company Reporter - Asia Pacific on
March 16, 2006, Bursa Securities has decided to delist Datuk
Keramat's securities from the Official List of Bursa Securities
on March 22, 2006, as the Company does not have an adequate
level of financial condition to warrant continued listing on the
Bourse.  
  
The Company had immediately lodged an appeal against the
Bourse's decision with the Bourse's Appeals Committee.  Thus,
Bursa Securities will postpone the delisting until a ruling on
the appeal is entered.  

The Bourse clarifies that the deferment is a stay in respect of
the delisting and it is not to be equated to a variation or a
revision of the decision to delist.  The decision remains unless
reversed on appeal.  

Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  On January 24, 2005, the
Company was been served with a winding-up petition by Affin Bank  
Bhd, who claimed a sum of MYR15.66 million as of May 31, 2002,
in respect of revolving credit facilities granted to the
company.  The Company has been suffering tight liquidity and is
facing delisting due to its failure to submit its financial
reports to Bursa Malaysia.  The Company explained that the
issuance of its financial statements was delayed because it is
still working on the proposed restructuring scheme.


GEORGE TOWN: Appeals Against Bourse Delisting
---------------------------------------------
George Town Holdings Berhad has filed an appeal with Bursa
Malaysia Securities Berhad in the hopes of maintaining its
listing status on the stock exchange.

Accordingly, the Bursa Securities' Appeals Committee has
deferred the scheduled delisting of the Company pending a final
decision on George Town's appeal.

The Company had earlier been served with a five-market day
notice saying that its entire issued and paid-up share capital
would be removed from the Official List of Bursa Securities on
March 22, 2006, as it has failed to meet with Bursa Malaysia
requirements.

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food centre, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.  The Company has
been suffering losses since 1999 due to stiff competition.  It
has closed over 10 outlets in the past four years.   The Company
expects cutthroat competition among retailers to put continuous
pressure on its margins.


HOCK SIN: Shareholders Nominate Additional Directors
----------------------------------------------------
Hock Sin Leong Group Berhad reveals that its shareholders, Leeco
Realty Sdn Bhd and General Strategy Sdn Bhd, proposed to elect
additional directors at the Company's forthcoming Annual General
Meeting.

The additional directors nominated are:

    * Lee Keok She;
    * Lee Geok Eong;
    * Chong Jock Peng; and
    * Yee Choon Kong.

As reported by the Troubled Company reporter - Asia Pacific on
May 7, 2006, Hock Sin Leong will hold its 31st Annual General
Meeting on March 30, 2006, at 11:00 a.m., at 1-11, 3rd Floor,
Jalan Perdana 10/6, Pandan Perdana, Selangor, in 55300 Kuala
Lumpur, Malaysia.

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


KILANG PAPAN: Delisting Deferred Pending Appeal Ruling
------------------------------------------------------
The removal of Kilang Papan Seribu Daya Berhad's securities from
the Official List of Bursa Malaysia Securities Berhad is
deferred pending the decision of an appeal lodged by the
Company.  

The Troubled Company Reporter - Asia Pacific reported on
March 15, 2006, that Bursa Malaysia has decided to delist the
Company's securities from the Official List due to its
inadequate level of financial condition.  The delisting had been
scheduled to take effect on March 22, 2006.

However, on March 17, 2006, Kilang Papan submitted its appeal
with the Appeals Committee against the Bourse's decision to
delist its securities.

Headquartered in Sabah, Malaysia, Kilang Papan Seribu Daya
Berhad engages in the manufacturing and marketing of timber and
timber related products; and trading of rubber wood products.  
Its products, which include sawn timber and molded timber, are
exported to Japan, United States and Europe.  The Company fell
into Special Administration on December 1999, due to its
catastrophic losses.  In December 2002, the Company's debt-
restructuring scheme was approved by the Securities Commission.


MALAYSIA AIRLINES: Government OKs Local Surcharge Hike
------------------------------------------------------
The Government has given Malaysia Airlines the go-ahead to raise
fuel surcharges for domestic routes, the Star Daily reports,
quoting Transport Minister Chan Kong Choy.

Mr. Choy said it was entirely up to Malaysia Airlines to decide
when to impose the surcharge.  The decision, he added, would not
affect the rural air services in Sabah and Sarawak.

The airline currently imposes fuel surcharges of up to MYR7.50
one-way for routes within West Malaysia and MYR15 for routes
between West and East Malaysia.

The paper says that Malaysia Airlines has proposed hiking the
surcharge to MYR15 for routes within West Malaysia, and MYR36
for flights between East and West Malaysia.

Mr. Chan also told Star Daily that the Government has rejected a
proposal to raise domestic airfares, without explaining the
reason for the rejection.

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- 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, due to high fuel and
operating costs, and unprofitable routes.  Early March 2006, it
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.


MALAYSIA AIRLINES: To Launch Route Rationalization
--------------------------------------------------
Malaysia Airlines is implementing its first phase Route
Rationalization in its 2006 Northern Summer operating pattern
effective March 26, 2006.  The first phase involves
rationalization of existing frequencies:

   * Twice weekly Sydney - Kuching - Kuala Lumpur B777 one way
     flights

   * Twice weekly Kuala Lumpur - Kuching - Perth A330 return
     flights

   * Twice weekly London - Langkawi - Kuala L:umpur B747 one
     way flights

   * Twice weekly London - Penang - Kuala Lumpur B747 one way
     flights

Effective March 26, 2006, these long-haul flights will be
realigned to operations directly between Kuala Lumpur
International Airport and the cities of London, Sydney and
Perth.  In addition, the current thrice weekly Kuching-Kuala
Lumpur-Frankfurt B777 return flights will be operated Kuala
Lumpur-Frankfurt return effective the same date.

Malaysia Airlines will use its existing Malaysian domestic
services between KLIA and Langkawi, Penang and Kuching to
provide immediate connections for these realigned long-haul
international flights.

This rationalization is part of the national airline's Business
Turnaround Plan to refocus from a largely point-to-point carrier
to a world-class connecting carrier with a major hub in KLIA.

Given the existing market realities, Malaysia Airlines flight
operations will thus gradually shift from point-to-point network
to a "hub and spoke" network, thus increasing its
competitiveness to connect as many core markets as possible in
Malaysia and internationally.

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- 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, due to high fuel and
operating costs, and unprofitable routes.  Early March 2006, it
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.


SATERAS RESOURCES: Bourse Holds Off Delisting Due to Appeal
-----------------------------------------------------------
Bursa Malaysia Securities Berhad has deferred the planned
delisting of Sateras Resources (Malaysia) Berhad's securities
pending the outcome of the Company's appeal with Bursa
Securities' Appeals Committee.

As reported by the Troubled Company Reporter - Asia Pacific on
March 14, 2006, Bursa Malaysia Securities has decided to delist
Sateras Resources from the Official List of Bursa Securities
effective March 22, for failing to issue its 2004 annual audited
account, annual report, and quarterly report within the
timeframes stated and have not issued the financial statements
after more than six months from the expiry of the timeframes.

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources is
principally engaged in investment holding and provision of
management and secretarial services.  The principal activities
of its subsidiary companies are that of property development,
investment in real property, investment holding and educational
services.

Sateras has been experiencing losses since 1997 and has negative
shareholders' funds as of the financial year ended March 31,
2002.  Due to the economic turmoil, which hit the country in
1997-1998, the financial condition of the Group worsened and had
never recovered since then.  The Sateras Group was highly geared
with total borrowings of MYR167.04 million as of March 2002.  
With the contraction in the property market following the
prolonged weak capital market and the over supply of properties,
the Group's businesses were unable to generate sufficient
revenue and cash flow to service its debts obligations as and
when it fell due since 1998.  The Company filed a Proposed
Restructuring Scheme in 2003 to revive its financial strength
through the injection of profitable and viable assets, providing
the Company's creditors and existing shareholders an avenue to
recover part of their debts or investments.  The primary
objective of the Proposed Debt Settlement is to address its
financial predicament, to rescue the Company from the risk of
being de-listed.  It is also intended to rescue the Company from
the likely event of being wound up or placed under a
receivership due to its inability to meet its financial
commitments.


SATERAS RESOURCES: Sub-subsidiary Faces Wind-up Proceedings
-----------------------------------------------------------
A Malaysian court has, on February 9, 2006, considered the
winding up petition against MK Gold Resort Berhad, a wholly
owned unit of Sateras Resources (Malaysia) Berhad's subsidiary,
M.K. Associates Sdn Bhd.

The Inland Revenue Board of Malaysia, which filed the Petition
on August 10, 2005, is claiming payment of MYR1,641,008.  The
amount represents the defaulted payment and interest MK Golf
owed to the Government.

MK Golf is expected to incur legal fees, which is yet to be
determined.

On February 14, 2006, MK Golf has filed a Notice of Appeal with
the Court of Appeals and an application for stay.  The
Applications are fixed for hearing on March 23, 2006.

The Troubled Company Reporter - Asia Pacific reported on
December 15, 2005, that MK Golf's parent, M.K. Associates, was
wound up for defaulting on MYR2,987,114 owed to the Inland
Revenue Board.

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources is
principally engaged in investment holding and provision of
management and secretarial services.  The principal activities
of its subsidiary companies are that of property development,
investment in real property, investment holding and educational
services.

Sateras has been experiencing losses since 1997 and has negative
shareholders' funds as of the financial year ended March 31,
2002.  Due to the economic turmoil, which hit the country in
1997-1998, the financial condition of the Group worsened and had
never recovered since then.  The Sateras Group was highly geared
with total borrowings of MYR167.04 million as of March 2002.  
With the contraction in the property market following the
prolonged weak capital market and the over supply of properties,
the Group's businesses were unable to generate sufficient
revenue and cash flow to service its debts obligations as and
when it fell due since 1998.  The Company filed a Proposed
Restructuring Scheme in 2003 to revive its financial strength
through the injection of profitable and viable assets, providing
the Company's creditors and existing shareholders an avenue to
recover part of their debts or investments.  The primary
objective of the Proposed Debt Settlement is to address its
financial predicament, to rescue the Company from the risk of
being de-listed.  It is also intended to rescue the Company from
the likely event of being wound up or placed under a
receivership due to its inability to meet its financial
commitments.


TELEKOM MALAYSIA: Taps Maybank to Boost Service
-----------------------------------------------
Telekom Malaysia has appointed Maybank2e.net to provide cash
management solutions to the Company, FinanceAsia.com reports.

The deal will allow Telekom Malaysia to access Maybank's online
cash management financial portal for real-time processing
accessibility and enhanced payment services, the report says.

Telekom Malaysia will use Maybank2e.net for a full suite cash
management and solutions and services including payroll and
Social Security Organisation services.  At a later stage, it
will also have access to eDividend, a service which processes
dividend payments, as well as features such as online bills
payment and bulk payment to suppliers/vendors via auto-credit
and check outsourcing.

In short, Telekom Malaysia will benefit from the automated
processes that will also minimize errors and provide speedier
processing of payroll and payments.

The Company's decision follows an announcement last December
that Tenaga Nasional Berhad planned to adopt Maybank2e.net's
cash management platform for payroll and related services.  Both
moves have been prompted by a central bank ruling that all
Malaysian corporate and government agencies should adopt
electronic payment platforms by 2010.

Before the deal was announced, Telekom and Maybank, the parent
of the online banking portal, has already long-rooted delivery
channel relationships, which centered on bill payment through a
variety of facilities including branches, automated teller
machines, telephone and Internet portals.

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


TELEKOM MALAYSIA: Singapore Orders Unit to Pay DeteAsia's Claim
---------------------------------------------------------------
The Singapore proceedings of a dispute between DeteAsia Holding
GmbH and Telekom Malaysia Bhd's unit, Celcom Malaysia Berhad,
has been brought to an end after the two parties entered into a
settlement agreement, or a Consent Order, before the Singapore
High Court on March 16, 2006.

Under the Consent Order, Celcom will pay DeteAsia SGD14,000.

Celcom has stated in a letter to DeteAsia that the Consent Order
was entered into with full reservation of Celcom's rights, and
that payment of the sums referred to in the Consent Order was
being made under protest and without prejudice to such
proceedings as Celcom is currently bringing in Malaysia, and
proceedings that Celcom may contemplate bringing in the future.

On March 1, 2006, Telekom Malaysia said it swung to a fourth-
quarter net loss, largely because of a previously disclosed
payment of almost MYR880 million to settle a legal dispute with
Germany's Deutsche Telekom.  For the three months ended Dec. 31,
2006, the country's dominant fixed-lined operator suffered a
MYR701.3-million net loss, due mostly to provisions for claims
after losing the arbitration case

The loss follows a statement by Telekom that it would account
for a MYR879.5 million payment to settle the dispute with
DeteAsia, a unit of Deutsche Telekom.  The disagreement related
to the sale and eventual merger of mobile phone firm Celcom, in
which DeteAsia had a stake, with Telekom's cellular unit in
2003.  DeteAsia sued Celcom for breach of contract.

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


TRU-TECH HOLDINGS: Unable to Pay Dues Due to Cash Woes
------------------------------------------------------
Tru-Tech Holdings Berhad will not be able to make the monthly
deposit of MYR1,500,000 due on March 17, 2006, into the sinking
fund account maintained for the purposes of redemption of the
redeemable unsecured loan stock due to Tru-Tech's current tight
cash flow position.

The Board of Directors of Tru-Tech disclosed that the Company is
still in discussion with the RULS-holders to defer the coupon
payment in default up to a period of twelve months from the date
of the Default.  RULS-holders have verbally agreed not to demand
for the immediate repayment of the outstanding balance of the
RULS pending finalization of the deferment of the coupon
payment.  

In addition, the Company is presently in negotiation with
several parties in an effort to restructure the debts of the
Company to improve its cash flow position.  There is no approved
debt-restructuring plan yet.

Save as disclosed, there has been no material development in
respect of the default pursuant to Practice Note 1/2001.

More information on the principal outstanding of all other
credit facilities granted to Tru-Tech and its subsidiaries as at
February 28, 2006, is available for free at:

   http://bankrupt.com/misc/tcrap_trutechholdings032006.pdf  

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its financial frailty.  These include the incorporation of a new
entity as Tru-Tech's holding company, and the disposal of its
existing contract-assembly business to a third party.  Much of
Tru-Tech's future performance will hinge on its ability to
restructure its debts and resolve its financial woes.


WEMBLEY INDUSTRIES: Bourse Awaits SC's Decision on Application
--------------------------------------------------------------
Bursa Malaysia Securities Berhad has decided to await the
outcome of Wembley Industries Holdings Berhad's application with
the Securities Commission to extend the time within which the
Company may implement its regularization plan.

Bursa Securities had disclosed on December 14, 2005, that
Wembley had appealed against Bursa Securities' decision to de-
list its securities from the Official List of Bursa Securities.
Given the appeal, the removal of the securities was deferred
pending any decision on the matter.

Bursa Securities' decision is without prejudice to Bursa
Securities' right to proceed with the delisting of Wembley's
securities from the Official List of Bursa Securities in the
event that:

   -- the Commission rejects Wembley's application for
      extension time to implement its regularization plan;

   -- Wembley fails to implement its regularization plan
      within the time frame stipulated by the SC or such other
      extended timeframe as stipulated by the SC; or

   -- Wembley fails to comply with any of the conditions
      imposed by the SC vide its approval letter and any
      further conditions imposed by the SC.

Bursa Securities also decided that if any one of these events
occurs, Wembley's securities will be removed from the Official
List of Bursa Securities upon the expiry of 14 days from the
date Wembley is notified by Bursa Securities or such other date
as may be specified by Bursa Securities.

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.  The Company has been placed under the Practice Note 4
category due to its cash flow woes.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the Company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the Company's Proposed Debt Restructuring.


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

LAFAYETTE MINING: Cannot Resume Operations Until Probe Ends
-----------------------------------------------------------
Lafatte Philippines, Inc., must await the results of a study by
a fact-finding team formed by Philippine President Gloria
Macapagal Arroyo before it can restart operations, Malaya News
reports, citing environment secretary Angelo Reyes.

According to Mr. Reyes, he allowed the request of Sorsogon
Bishop Arturo Bastes, who heads the investigating team, to
uphold a cease-and-desist order on LPI's operations until the
study of the Company's mine in Rapu-Rapu, Albay, is completed.  
The team expects to complete its investigation in one month.

The developments prove disappointing to LPI, which had aimed to
be up and running this month, after proposing a comprehensive
environmental pollution control program to ensure that a recent
mine-tailings spill accident would not happen again.

The Troubled Company Reporter - Asia Pacific reported that on
October 11 and November 1, 2005, two water process discharges
leaked cyanide into the waters of Rapu-Rapu, killing thousands
of fish and destroying the livelihood of several small fishermen
in the area.

Malaya News cites LPI President Carlos Dominquez as saying that
the Department of Environment and Natural Resources Pollution
Adjudication Board would decide when the Company could resume
its operations.  The Company is currently building a 134-meter
high tailings dam wall as part of the conditions required to
lift the cease-and-desist order on the Company.  The dam wall is
expected to be finished within two to four weeks.

                           About LPI

Headquartered in Melbourne, Australia, Lafayette Mining, Inc. --
http://www.lafayettemining.com/-- has been listed on the  
Australian Stock Exchange since August 1997.  It focuses on
developing a polymetallic project involving copper, gold, zinc
and silver on the Island of Rapu-Rapu in the Philippines.   

The Department of Environment and Natural Resources' former
secretary, Mike Defensor, closed Lafayette Mining in 2005 when
the Company's mine tailings were accidentally spilled into the
Albay Gulf last October, killing thousands of fish and
destroying the livelihood of fishermen in the area.  The Company
was also fined PHP10.7 million for violating the Clean Water Act
and its environmental compliance certificate.


NATIONAL FOOD: Allots PHP26 Million for Sugar Operations
--------------------------------------------------------
The National Food Authority in Negros Occidental allocated
PHP26 million to start its sugar procurement operations in line
with President Gloria Macapagal-Arroyo's Executive Order #512,
dated March 7, 2006.

The Executive Order authorizes NFA to intervene in the
procurement of sugar to provide consumers access to reasonably
priced supply of sugar for the crop year 2005-2006.

Provincial Manager Gil B. Ibarra announced that the NFA will
procure "B-2" or the NFA sugar as special allocation by the
Sugar Regulatory Administration (SRA) at a price of PHP950 per
LKG.  It will also procure on a weekly basis starting this week
until the end of March based on the "B-2" quedan as issued by
mills and as approved by SRA.

Mr. Ibarra stated that NFA estimated to procure 3,476 metric
tons of sugar for February and March 2006.  NFA provincial
office will buy about 1,411 metric tons from different sugar
mills in the province.

The procurement will be on these mills:

     Mill                   Volume per metric ton

     Victorias                      393
     Biscom                         221
     La Carlota                     193
     Lopez                          174
     Hawaiian Phils                 154
     Sonedco                         97
     First Farmers                   81
     Sagay                           77
     Dacongcogon                     21

Moreover, NFA will procure consolidated "B-2" quedans of
Planters Associations or Cooperatives.  According to Mr. Ibarra,
sugar planters who are not members of any association or
cooperative can request the SRA that quedanning of their "B-2"
sugar be joined with those of any association or cooperative of
their choice, so that NFA can likewise procure their sugar.  For
non-affiliated sugar planters who opted to join with the mill,
the mill will now serve as their association, but the local SRA
should certify that their quedan is purely planter's share.

The NFA chief also emphasized that quedans to be procured will
be first properly endorsed by Planters Association'
representative.  Also, quedans must be accompanied by a list of
sugar planters per association, Mr. Ibarra added.

                           About NFA

Headquartered in Quezon City, Philippines, National Food
Authority -- http://www.nfa.gov.ph/-- is a government  
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals.  NFA is among the state-owned firms, which
push up the country's outstanding public sector debt.  In 2005,
the agency incurred an additional Php6-billion debt to bankroll
cost of rice and corn importation, as well as payment of import
duties.   The Company is seeking a private sector takeover of
its importation role so it could gradually make a turnaround
from its Php22-billion loss in 2005.


PHILIPPINE AIRLINES: Will Continue Rehabilitation Program
---------------------------------------------------------
Philippine Airlines, Inc., will continue a government-led
rehabilitation program even as creditors neither approved nor
rejected the program to leave the protection of the Securities
and Exchange Commission, Business World reports, citing PAL
president Jaime J. Bautista.

According to Mr. Bautista, PAL will encourage creditors to
approve the Company's exit from SEC protection by showing the
potential advantages of an early exit from rehabilitation, such
as increased access to funds for refleeting and other projects,
as well as being able to join an alliance of airlines to
increase the number of passengers.  Mr. Baustista hopes that the
Company could complete its rehabilitation by next year.

Severely affected by the 1997/1998 Asian financial crisis, PAL
applied for rehabilitation with the SEC in 1998, after reporting
a PHP8.08 billion loss.  Last year, the Company sought an early
exit from the rehabilitation due to improved financial
conditions.

Business World relates that out of its total debt of PHP111.94
billion in 1999, PAL has already paid PHP50.88 billion as of
2005.  Mr. Bautista said the Company expects to post profit for
the business year ending March 31, 2006.

Currently, PAL has seven A320, four Boeing 737-300 and three
Boeing 737-400 aircraft.  In 2005, the Company bought nine
brand-new Airbus A320 jets, and plans to buy five more.  By
2008, PAL plans to increase its fleet of aircraft to 38, from 32
aircraft last year.

                          About PAL

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.  Following labor problems and its failure to
settle debts, PAL filed for rehabilitation in June 1998, and is
slated to complete its 10-year debt rehabilitation program in
2009.


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

GOLDWATER CONSTRUCTION: To Pay Dividend on March 24
---------------------------------------------------
Goldwater Construction Private Limited will distribute a first
and final dividend on March 24, 2006, at:

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


LORDWAY LOGISTICS: Enters Wind-Up Process
-----------------------------------------
The Singapore High Court has received a petition to wind up
Lordway Logistics Private Limited on March 6, 2006, presented by
Lam Sing Hang Company Private Limited.

The petition will be heard before the Court on March 31, 2006,
at 10:00 a.m.

Any creditor or contributory of the Company desiring to support
or oppose the making of an order on the said Petition may appear
at the time of hearing.

Contact: Lee Mun Hooi & Co.
         Solicitors for the Petitioners
         10 Anson Road
         #13-06 International Plaza
         Singapore 079903


MEDIASTREAM LIMITED: Sells Unit to Kang Weng Yit for SGD175,036
---------------------------------------------------------------
The Judicial Manager of MediaStream Limited advised that on
January 11, 2006, the Company entered into a Sale and Purchase
Agreement with Kang Weng Yit.

Mr. Kang will purchase the 100,000 ordinary shares in the
capital of Form Kidz Private Limited, a wholly owned subsidiary
of the Company for a total cash consideration of SGD175,036.

The Sale Shares comprise 100% of the Form Kidz shares issued.  
Thus, upon completion of the sale, the Company will no longer
have any interest in the Subsidiary.

Pursuant to the Agreement, the sale of the Subsidiary will be
completed upon the Company delivering to Mr. Kang the share
certificates and transfer forms for the Sale Shares, duly
executed in Mr. Kang's favor, as well as upon Mr. Kang's payment
of the SGD175,036 purchase price.

The Company has been under judicial management since April 22,
2005.  Although the Company's investment in the Subsidiary was
SGD100,000, the Company is unable to support the funding
requirements of the Subsidiary.  The Company is also unable to
make repayment of the amount owing to the Subsidiary at this
time.

The computation of profit on the sale of the Sale Shares,
financial effects on net tangible assets, NTA per share,
earnings and earnings per share are based on the on the audited
consolidated financial statements of the Company for the
financial year ended December 31, 2004:

(a) Profit on Sale of Sale Shares            SGD

    Net Assets disposed                     (116)

    Sale Proceeds                            175

    Profit on sale                           291

(b) Financial Effect on Net Tangible Assets and NTA per
    Share

                               NTA      Number of     NTA per
                               SGD      Shares        share
                               '000     '000          (cents)

    As of Dec. 31, 2004      (5,145)    721,611       (0.71)

    After the sale of
    Sale Shares               (4,584)   721,611       (0.67)

    For the purpose of computing the NTA per share, the NTA was
    computed after the deducting minority interests of
    SGD1,413,000 as at December 31, 2004.

(c) Financial Effect on Earnings and earnings per share (EPS)

                       Loss Attributable   Number of    EPS
                       to Shareholders     Shares     (Cents)
                       $'000               ('000)

    For financial year
    ended Dec. 31, 2004     (4,461)         721,611    (0.62)

    After the sale
    of Sale Shares          (4,444)         721,611    (0.62)

    Loss attributable to shareholders was based on net loss of
    FKPL, for the financial year ended December 31, 2004, being
    adjusted for rental and management fees payable by FKPL to
    the Company.

The Sale Price for the Subsidiary was the highest offer received
by the judicial manager so far and was arrived at between the
parties on a "willing buyer and willing seller" basis taking
into consideration the adjusted net tangible assets of the
Subsidiary.

The Judicial Manager has reviewed the sale of the Subsidiary and
is of the view that the Sale Price is at a fair value and was
arrived at on a commercial and arm's length basis.

The proceeds of the sale will be utilized for judicial
management expenses.

As the Company is in judicial management, the sale of the
Subsidiary will not materially affect the operations of the
Company for the financial year ended December 31, 2005.  The
sale is not expected to have a material impact on the Group's
earnings per share and net tangible asset per share for the
financial year ended December 31, 2005.

The Purchaser is an independent third party and none of the
Directors or substantial shareholders of the Company have any
interests or are deemed to be interested in the sale of Sale
Shares in the Subsidiary.

With operations in Singapore, Malaysia and the Philippines,
Mediastream Limited licenses, produces and distributes music
records in cassette, compact disc and video format.  The Company
also collects recording copyright royalties, provides audio and
video recording and editing services and facilities, and
manufactures, sells and rents portable cabins, prefabricated
structures and temporary buildings.  The Company posted a
SGD1.62 million net loss for the year ended 2004, while its net
loss for the first six months of 2005 stood at SGD968,000.


ORIENT TELECOMMUNICATIONS: Creditors to Meet on March 30
--------------------------------------------------------
Orient Telecommunications Private Limited will convene a first
creditors meeting on March 30, 2006, 10:00 a.m. at:

              6 Shenton Way, #32-00
              DBS Building Tower Two
              Singapore 068809

At the meeting, creditors will:

   * be provided an update on the status of the Company's
     Judicial Management and will approve the related costs;

   * put forth a proposal for the winding-up of the Company; and

   * consider any other matters properly brought before the
     meeting.

Creditors are required to file their proofs of debt or claim to
the liquidator not later than 5:00 p.m. on March 23, 2006.

Contact: Tam Chee Chong
         Judicial Manager
         c/o Deloitte & Touche
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


TUNG LIN: Set to Pay Dividend this Week
---------------------------------------
Tung Lin Construction Private Limited will distribute a first
and final dividend on March 24, 2006, at:

          Chee Yoh Chuang
          Liquidator
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


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

SINO-THAI RESOURCES: Board Outlines March 16 Resolutions
--------------------------------------------------------
At a meeting on March 16, 2006, Sino-Thai Resources Public
Company Limited's board of directors:

  (1) approved the non-declaration of year-end dividends for
      2005;

  (2) acknowledged that Major General Sittisak Taypasit, Lt.
      Somsak Yamasamit and Umyos Huvanandana will retire as
      directors by rotation.  The Board then proposes that at
      the Annual General Meeting of Shareholders, the
      shareholders consider to reappoint Major General Sitthisak
      Taypasit as the Chairman of the Audit Committee, Lt.
      Somsak Yamasamit as Director, and Umyos Huvanandana as the
      Managing Director for another term;

  (3) appointed Somkid Tiatragul and Sumalee Chokdeeanant from
      Grant Thornton as auditors of the Company for the year
      2006 and to propose remuneration for the auditors:  

      * the audit Committee gave consent for this resolution to
        be submitted to the Annual General Meeting of
        Shareholders for consideration;
    
  (4) proposed to consider setting a budget for the remuneration
      of the Board of Directors and Audit Committee Members for
      the Year 2006 to the Annual General Meeting of
      Shareholders for approval;
    
  (5) proposed to elect the new Chairman of the Board of
      Directors to replace the vacancy to the Annual General
      Meeting of Shareholders for approval;
    
  (6) resolved to convene the Annual General Meeting of
      Shareholders No. 28/2006 at 3:00 p.m. on April 20, 2006,
      at the conference room (Pantip Suite 2) of Pantip Court,
      68 Sathorn 1 South Sathorn Road, Bangkok 10120.  

      The agenda at the meeting are:
    
      * To approve the Minutes of the Annual General Meeting of
        Shareholders No. 27/2005;

      * To approve the Board of Directors report on the
        Company's Operating Results for the year ending as of
        December 31, 2005 and the Annual Report for the year of
        2005;

      * To consider the Balance Sheet and Profit and Loss
        Statement for the fiscal period ending December 31,
        2005;
  
      * To consider the appropriation of profit and declaration
        of dividend payment.

      * To consider the appointment of new directors in place of
        those retiring by rotation;

      * To consider to elect the new Chairman of the Board of
        Directors to replace the vacancy.

      * To consider approval of the Remuneration of Directors
        and Audit Committee for 2006; and

      * To consider the appointment of the Company's Auditor for
        the year 2006 and to fix the auditor's Remuneration;

      To determine shareholders who are eligible to attend the
      shareholders meeting, the Company will close the Share
      Registry Book on March 31, 2005, from 12:00 p.m., until
      the meeting is adjourned.

  (7) agreed on the appointment of Ekpatch Consultant Company
      Limited by Chaiyuth Angsuwitthaya as Internal Auditor for
      the year 2006 with the remuneration of THB90,000.
    
  (8) approved the resignation of Sawaeng Boonyasuwat as
      Director of the company be effective from March 17, 2006.

Sino-Thai Resources Development Public Company Limited is a
Thailand-based company principally engaged in tin ore mining,
construction stone mining and fuel trading.  Headquartered in
Bangkok, the Company has a branch office in Saraburi.  It is
currently undergoing business rehabilitation and is categorized
under the Rehabco Sector of the Stock Exchange of Thailand.


THAI PETROCHEMICAL: Founder Summoned by Investigation Department
----------------------------------------------------------------
The Department of Special Investigation summoned Thai
Petrochemical Industry Public Company Limited founder Prachai
Leophairatana, Pornchai Enterprise Company Limited, and Mr.
Leophairatana's associates over a complaint for the long-term
lease of TPI Tower to the Company.

The lease was considered to be a conflict of interest and
misconduct against the Securities and Exchange Commission Act.  
The lease also caused THB956-million damage to the Stock
Exchange of Thailand.

Since Mr. Leophairatana has no authority in the management of
the Company, the department's complaint against him and his
associates have no repercussion toward the business of Thai
Petrochemical.

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
(TPI) -- http://www.tpigroup.co.th/-- is the leading integrated
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.  The bankrupt
company, which had defaulted on $2.7 billion in loans, was being
reorganized by the Thai Government until PTT Plc, Thailand's
largest oil and gas group, and Thailand's biggest company,
purchased a 31.5% stake in Thai Petrochemical late in 2005.
In December 2005, PTT and three other state agencies completed
payment for a 61.5% stake on in Thai Petrochemical.  The money
was used to pay for a bulk of the Company's defaulted loans.
The Company has since been trying to get out of restructuring.


BOND PRICING: For the Week 20 March to 24 March 2006
----------------------------------------------------

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


AUSTRALIA
---------

Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
Bremer Park Ltd                       7.000%    12/23/10     1
Capital Properties NZ Ltd             8.500%    04/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     9
Fletcher Building Ltd                 8.300%    10/31/06     9
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Gympie Gold Ltd                       8.500%    09/30/07     1
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Investa Property Group Ltd            6.000%    05/28/08     6
Kagara Zinc Ltd                       9.750%    05/06/07     3
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Sydney Gas Company                   12.000%    04/01/06     1
Sydney Gas Limited                   12.000%    06/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     5


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Gadang Holdings Bhd                   2.000%    12/24/08     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     4
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%    01/06/07     3
Lion Diversified Holdings Bhd         2.000%    06/01/09     2
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           3.000%    04/05/12     1
Mithril Bhd                           8.000%    04/05/09     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/08/17    74
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Talam Corporation Bhd                 7.000%    04/19/06     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------

Rabobank Singapore                    1.000%    11/03/13    74
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   5.625%    12/07/06     1
Tampines Assets Ltd                   6.000%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1





                            *********


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

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

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

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                 *** End of Transmission ***