TCRAP_Public/060324.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, March 24, 2006, Vol. 9, No. 060


                            Headlines

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

AUSTRALIAN ACCOMMODATION: Prepares to Close Shop
AWB LIMITED: Execs Recalled Before Cole Inquiry into Scandal
BAROSSA RURAL: Members to Receive Wind-up Details
BRENT ATKINSON: Faces Liquidation Proceedings
CALNOB PTY: Names Barry Taylor as Liquidator

CARTER HOLT: S&P Withdraws Credit Ratings After Rank Takeover
CENTAGROUP PTY: To Distribute Final Dividend  
CREATIVE PRINT: Prepares for Dissolution
DE KERSIVIEN PTY: Enters Voluntary Liquidation
DORAN CONSTRUCTIONS: To Hold Final Meeting Today

ENGINEERING RESOURCES: Concludes Liquidation of Assets
EXPORATE PTY: Inability to Pay Debts Prompts Wind-up
FISHER DRAINAGE: Members Agree to Shut Down Business
FORESTRY CUSTODIANS: Receiver and Manager Steps Down
GDC COMMUNICATIONS: Directors Place Firm Under Receivership

GO SHAPE UP: Applies for Removal from NZ Register
HERMES MANUFACTURING: In Final Phase of Liquidation
INDUSTRIAL SHADE: Members and Creditors to Discuss Wind-up  
J.M. COUGHLAN: Winds Up Operations
JAMES HARDIE: Contests AU$412 Million Revised Tax Bill

KATHERINE SUPPLIERS: Placed Under Voluntary Liquidation
K. B. TRANSPORT: Poised to Exit from NZ Register
MEDIA PRESS: To Pay Dividend to Creditors
MIRABELLA PRODUCTIONS: Liquidator to Explain Wind-up Report
MYER LIMITED: David Jones Contemplates Buying 12 Myer Stores

NATIONAL AUSTRALIA: Prosecutors Want Ex-NAB FX Trader Jailed
PREMUIM WINE: Supreme Court Appoints Liquidator
PRG GROUP: Banking on U.K.-based PowerHouse's Turnaround
QANTAS AIRWAYS: Reinforces Commitment to Maintenance Workers
REDAN DEVELOPMENTS: Court Issues Wind-up Order

TOTAL AUTOMOTIVE: Appoints Receivers and Managers
TOUMA SHIRTS PTY: Creditors OK Liquidator's Appointment
VIPWOOD PTY: To Declare Dividend Today
WARATAH HOLDINGS: Liquidator Wants Firm Removed from NZ Register
WARWICK J TILLER: Court to Hear CIR's Petition on March 27

YABBA YABBA PTY: Members Resolve to Wind Up Firm
* ASIC Commences Court Proceedings Against Melbourne Liquidator


C H I N A   &   H O N G  K O N G

ASIA ALUMINUM: Employs ING Bank to Advise on Buyout
CHINA FOCUS: Court Issues Wind-Up Order
FORTRESS INTERNATIONAL: Prepares to Close Operations
FORTUNE REALTY: To Hold Final Meeting on April 25
GOLD EARTH: Commences Winding Up Proceedings

GREAT CENTER: Creditors' Claims Due on April 3
HILL SAMUEL: Members to Receive Wind-Up Details
HING ZHAO: Appoints Chang Tung Lian as Liquidator
MEI FAI: Enters Voluntary Liquidation
MEN'S LEATHER: Faces Bankruptcy Proceedings

P.C.S. SERVICES: Set to Shut Down Business
PRUTON INTERNATIONAL: Members Resolve to Wind Up Firm
SOUTH CHAMP: Starts Winding Up Process
SUCCESS LOGISTICS: Court Releases Bankruptcy Order
TECHKEY BUILDING: Members to Receive Wind-up Details

WOL COMMUNICATIONS: Proofs of Debt Due Next Month


I N D I A

BPL LIMITED: Sanyo Chief Coming to Take Joint Venture Stake
BPL LIMITED: Capital Hike Plan Likely
COAL INDIA: Says e-auction Will Boost Coal Sale by 80%
GENERAL MOTORS INDIA: Mulls INR100-crore Expansion This Year


I N D O N E S I A

BANK MANDIRI: FY/2005 Profits Plunge 88.5%
BANK MANDIRI: To Further Slash Lending Rates by 0.5%


J A P A N

BERSON JAPAN: Files for Bankruptcy Due to JPY2.4 Billion Debt
JAPAN AIRLINES: Flies Routes Without Required Inspections


K O R E A

KOREA EXCHANGE: Kookmin Bank to Buy 64.62% Stake in KEB


M A L A Y S I A

AFFIN HOLDINGS: To Seek Shareholders' OK for General Mandate
APEX EQUITY: Buys Back MYR5,774 Worth of Shares
BIMB HOLDINGS: Regulator to Consider 'Proposed Go Waiver'
BIMB HOLDINGS: Unit Releases FY2006 Key Performance Indicators
CONSOLIDATED FARMS: Posts Lower Losses in 4Q/FY05-06

DENKO INDUSTRIAL: Lists and Quotes New Shares
HOCK SIN: Directors Block Shareholders' Request
KIG GLASS: Chinese Unit Files for Bankruptcy
MALAYSIA AIRLINES: Unveils Headline Key Performance Indicators
MAXIS COMMUNICATIONS: Future Hangs on Aircel's Hands

MAXIS COMMUNICATIONS: Acquires South Asia Shares
PROTON HOLDINGS: To Announce New Foreign Partner Next Month
PROTON HOLDINGS: Car Prices to Fall With New Policy
SBBS CONSORTIUM: Wind-up Petition Hearing Moved to May 10
TELEKOM MALAYSIA: Shares Issued Pursuant to Employees' Scheme


P H I L I P P I N E S

LAFAYETTE MINING: Gets AU$41.8 Mln Funding to Resume Operations
MANILA ELECTRIC: May Increase Power Rates to Service Obligations
NATIONAL FOOD: Delays PHP1.6-Bln Project to Seek Private Aid
NATIONAL POWER: Consumer Groups Seeks Same Power Rate as Meralco


S I N G A P O R E

ALLIANCE TECHNOLOGY: Court Extends Judicial Management Order
CHANNEL GROUP: Wind-Up Petition Hearing Set Today
GHIM PENG: To Hold Meeting on April 7
SPECTRUM INFOCOM: Wind-Up Hearing Slated for March 31
STARTECH ELECTRONICS: Finalizes Maybank Debt Repayment Terms

STARTECH ELECTRONICS: Unveils Auditor's Report
TRIBO S.E.A. PRIVATE: Concludes Dividend Distribution


T H A I L A N D

DAIDOMON GROUP: Asked to Submit Rehab Plan to Official Receiver
THAI AIRWAYS: Projects Profit Increase in Second Quarter
TONGKAH HARBOUR: Unveils Resolutions Passed at Board Meeting
* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

AUSTRALIAN ACCOMMODATION: Prepares to Close Shop
------------------------------------------------
At a general meting of Australian Accommodation & Travel
Corporation Pty Limited on February 16, 2006, members agreed
that it is in the Company's best interests to wind up its
operations.

David James Hambleton and Robert Eugene Murphy were appointed to
oversee the wind-up.

Contact: David J. Hambleton
         Robert E. Murphy
         Joint and Several Liquidators
         R. E. Murphy & Co. Chartered Accountants
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


AWB LIMITED: Execs Recalled Before Cole Inquiry into Scandal
------------------------------------------------------------
AWB Limited's former managing director, Andrew Lindberg, and
eight other executives will be recalled before the Cole Inquiry
in the next two weeks to again give statements regarding the
Iraqi kickback scandal.

In addition, eight AWB employees will be called for the first
time to testify regarding AWB's alleged payment of almost AU$300
million worth of kickbacks to former Iraqi dictator Saddam
Hussein's regime.

The Advertiser relates that it is still uncertain whether the
Cole Inquiry will summon any federal ministers to answer
allegations that they knew about AWB's kickback payments.

As reported by the Troubled Company Reporter - Asia Pacific on
March 22, 2006, the Cole Inquiry had been informed that Foreign
Affairs Minister Alexander Downer and Trade Minister Mark Vaile
-- now Deputy Prime Minister -- knew that a Jordanian trucking
firm hired by AWB might have funneled money to Iraq in breach of
United Nations sanctions before the scandal had erupted.

The TCR-AP report says that a member of the Department of
Foreign Affairs and Trade's Iraq Task Force told the Cole
Inquiry about a confidential diplomatic cable sent by
Australia's representative office in Baghdad in June 2003
warning the DFAT and Prime Minister John Howard that all
companies dealing with Iraq were paying kickbacks.

                           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 and the Government's alleged "knowledge" of 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.


BAROSSA RURAL: Members to Receive Wind-up Details
-------------------------------------------------
The members of Barossa Rural Properties Pty Limited will convene
today, March 24, 2006, to receive lLquidator R. A. Ferguson '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. A. Ferguson
         Liquidator
         c/o Fergusons Chartered Accountants
         Level 8, 115 Grenfell Street
         Adelaide, South Australia 5000
         Australia


BRENT ATKINSON: Faces Liquidation Proceedings
---------------------------------------------
On February 15, 2006, the Accident Compensation Corporation
filed with the High Court of Christchurch an application to
liquidate Brent Atkinson Builders Limited.

The High Court will hear the application on March 27, 2006.

Any person, other than the defendant company, who wishes to  
appear on the hearing of the application, must file an  
appearance not later than March 23, 2006.

Contact: Dianne S. Lester
         Solicitor for the Plaintiff
         Maude & Miller, Second Floor
         McDonald's Building, Cobham Court
         P.O. Box 50-555 or D.X. S.P. 32-505
         Porirua City
         New Zealand


CALNOB PTY: Names Barry Taylor as Liquidator
--------------------------------------------
After a meeting on February 16, 2006, the members of Calnob Pty
Limited decided to voluntarily wind up the Company's operations.

A creditors' meeting was also held on the same day.
Subsequently, Barry Keith Taylor was appointed as liquidator.

Contact: Barry K. Taylor
         Liquidator
         B. K. Taylor & Company
         8th Floor, 608 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


CARTER HOLT: S&P Withdraws Credit Ratings After Rank Takeover
-------------------------------------------------------------
On March 23, 2006, Standard & Poor's Ratings Services lowered
its corporate credit and debt issue ratings on New Zealand's
Carter Holt Harvey Ltd. to 'B/Developing' from 'BB/Watch Neg',
and withdrew the ratings following the Rank Group's acquisition
of more than 90% of CHH's ordinary shares.

The privately owned Rank Group, also based in New Zealand, is
expected to move to full ownership of CHH shortly.  The
withdrawal of the rating reflects the heightened uncertainty
over the strategic direction of CHH and its financial policy
going forward.  Moreover, the lack of information available to
Standard & Poor's about the Rank Group means it is unable to
maintain a credit rating on CHH.  While CHH is under the full
ownership and control of the Rank Group, Standard & Poor's would
not separate the credit quality of the two companies and,
therefore, takes a consolidated credit view of the group.

Standard & Poor's believes that CHH, on a standalone basis,
exhibits a low investment-grade business risk profile.


CENTAGROUP PTY: To Distribute Final Dividend  
--------------------------------------------
Centagroup Pty Limited will declare a first and final dividend
on March 27, 2006, to the exclusion of its creditors who were
not able to prove their claims.

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


CREATIVE PRINT: Prepares for Dissolution
----------------------------------------
The Registrar at Auckland will remove Creative Print Management
Limited from the New Zealand Register, as the Company has
already delivered the documents requested by the Registrar of
Companies.

The strike-off will conclude the Company's liquidation.

Unless there were written objections lodged with the Registrar
of Companies before March 30, 2006, the Registrar may dissolve
he Company.

Contact: Rowan John Chapman
         Liquidator
         Gosling Chapman Partnership
         Chartered Accountants
         Level Six, 51-53 Shortland Street
         P.O. Box 158, Auckland
         New Zealand
         Telephone: (09) 303 4586
         Facsimile: (09) 309 1198


DE KERSIVIEN PTY: Enters Voluntary Liquidation
----------------------------------------------
At a general meeting of the members of De Kersivien Pty Limited
on February 15, 2006, it was decided that the Company wind up
its business operations.

John Dickie was then appointed as liquidator for the winding up.

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


DORAN CONSTRUCTIONS: To Hold Final Meeting Today
------------------------------------------------
A final meeting of the members and creditors of Doran
Constructions Pty Limited will be held today, March 24, 2006.

At the meeting, liquidator A. E. Lewis 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: A. E. Lewis
         Liquidator
         Ferrier Hosgson Chartered Accountants
         PO Box 840, Newcastle
         New South Wales 2300, Australia
         Telephone: (02) 4908 4444
         Fax: (02) 4908 4499


ENGINEERING RESOURCES: Concludes Liquidation of Assets
------------------------------------------------------
The liquidator of Engineering Resources and Abrasives Limited
has applied for the removal of the Company from the New Zealand
Register after completing the Company's liquidation.

Any objection to the removal must be filed with the Registrar no
later than April 3, 2006.

Contact: D. C. Parsons
         Liquidator
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone: (07) 957 8674
         Facsimile: (07) 957 8677


EXPORATE PTY: Inability to Pay Debts Prompts Wind-up
----------------------------------------------------
Exporate Pty Limited has determined that, due to its inability
to pay its debts, a voluntary wind-up of its business operations
is appropriate and necessary.

Samuel Richwol was appointed to oversee the Company's
liquidation activities.

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


FISHER DRAINAGE: Members Agree to Shut Down Business
----------------------------------------------------
After a general meeting on February 20, 2006, the members of
Fisher Drainage Pty Limited resolved to cease the Company's
business operations and distribute the proceeds of its assets.

G. N. Huddleson was then appointed as liquidator.

Contact: G. N. Huddleson
         Liquidator
         Grant Thornton
         67 Greenhill Road, Wayville
         South Australia 5034
         Australia


FORESTRY CUSTODIANS: Receiver and Manager Steps Down
----------------------------------------------------
On February 14, 2006, Alexander Robert Mackay Macintosh ceased
to act as the receiver and manager of the property of Forestry
Custodians Pty Limited.


GDC COMMUNICATIONS: Directors Place Firm Under Receivership
-----------------------------------------------------------
GDC Communications has been placed into receivership at the
request of its directors, ShareChat News reports.

GDC ran into trouble in 2005 when a lack of interest forced it
to scrap a planned share offer aimed at raising NZ$3.5 million.

ShareChat recounts that GDC sold its voice provider business to
Compass Communications in February for around NZ$1.3 million,
and offloaded iVASP to Compass Communications earlier this month
for NZ$850,000.  GDC, however, tried and failed to find a buyer
for its field services business.

The Company's directors stated that while they, together with
the management, have worked hard to sell the remaining field
services' business unit, it is impossible for the Company to
conclude a transaction quickly enough to provide net benefits.  
Thus, the directors deem it more advantageous if the Company
proceeds to receivership.

The directors further expressed their hopes that most of the
Field Services employees would be offered work with some of the
contracting companies that GDC had been in sales talks with.

All directors have resigned from their roles as a result of the
receivership.


GO SHAPE UP: Applies for Removal from NZ Register
-------------------------------------------------
An application to remove Go Shape Up Limited from the New
Zealand Register has been filed after the Liquidator D. C.
Parsons has submitted its final report on the Company's
liquidation.

A written objection to the application should be filed with the
Registrar not later than April 3, 2006.

Contact: D. C. Parsons
         Liquidator
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone: (07) 957 8674
         Facsimile: (07) 957 8677


HERMES MANUFACTURING: In Final Phase of Liquidation
---------------------------------------------------
Hermes Manufacturing (2003) Limited advised that it has applied
for removal from the New Zealand Register after its liquidator
submitted necessary documents required by the Registrar.

Any objection must be lodged with the Registrar together with
the grounds not later than April 6, 2006.

Contact: John T. Whittfield
         Liquidator
         McDonald Vague
         Insolvency Specialists
         80 Greys Avenue, Auckland
         P.O. Box 6092, Wellesley Street
         Auckland
         New Zealand
         Web site: http://www.mvp.co.nz/


INDUSTRIAL SHADE: Members and Creditors to Discuss Wind-up  
----------------------------------------------------------
The final meeting of the members and creditors of Industrial
Shade Pty Limited will be held today, March 24, 2006, to get an
account of the manner of the Company's wind-up and property
disposal from the liquidator Frank Lo Pilato.

Contact: Frank Lo Pilato
         Liquidator
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner, Australian Capital Territory 2612


J.M. COUGHLAN: Winds Up Operations
----------------------------------
The members of J. M. Coughlan Pty Limited held a general meeting
on February 22, 2006, and agreed to close the Company's
business.  They appointed Gregory Stuart Andrews to facilitate
the wind-up operations.

Contact: Gregory S. Andrews
         Liquidator
         G. S. Andrews & Associates
         22 Drummond Street, Carlton
         Victoria 3053, Australia
         Telephone: (03) 9662 2666
         Fax: (03) 9662 9544


JAMES HARDIE: Contests AU$412 Million Revised Tax Bill
------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
March 22, 2006, the Australian Taxation Office had warned that
it might be slapping around AU$500 million bill and fine on
James Hardie Industries Limited.

James Hardie learned that the ATO's amended assessment revealed
that the Company's bill for unpaid tax, penalties and interest
is AU$189.5 million more than the AU$222.5 million tax bill it
had calculated and announced earlier.  Specifically, the ATO now
asserts AU$412 million, payable by April 12, 2006.

The Age relates that the increase was due to the AU$197 million
charge on general interest, which comes on top of AU$172 million
in back taxes and AU$43 million in penalties.

James Hardie explains that the general interest charge was not
available when it made its initial disclosure on March 20, 2006.

The tax assessment relates to the calculation of net capital
gains following James Hardie's transfer of its United States
assets -- particularly the operations of subsidiary RCI Pty Ltd
-- to a Dutch holding company, JHNV, in its effort to minimize
tax and as part of its restructure in 1998-99.

James Hardie objects to the assessment and promises to pursue an
appeal contesting the ATO's assertion.  The Company also intends
to file an application to make a minimum payment of 50% of the
primary tax, or AU$86 million.

James Hardie Industries Limited -- http://www.jameshardie.com/  
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  After beginning Australian
operations in 1888, it reincorporated into a Netherlands-based
company in 2001 to focus on its American growth businesses.  
Nearly 80% of its sales are in North America.  The Company's
troubles began with its "under-funded" allocation for asbestos
claims, which were brought in by people who suffer or may
diseases caused by exposure to the asbestos-related products
produced by James Hardie.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was then accused of topping up
the dwindling asbestos fund it established.  By 2004, James
Hardie's former asbestos manufacturing subsidiaries, Amaca and
Amaba, are two of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
liabilities in Australia.  Although James Hardie stopped making
asbestos products in 1987, the average 35-year latency of
mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century.  In a 2005
report by a Company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure
to Hardie products in the coming decades.  When less serious
forms of asbestos-related disease are included, James Hardie
should expect to compensate 8,725 victims.  


KATHERINE SUPPLIERS: Placed Under Voluntary Liquidation
-------------------------------------------------------
At a general meting of Katherine Suppliers Pty Limited on
February 20, 2006, members concurred that it is in the Company's
best interests to wind up its operations.

Robert William Cowling was appointed as liquidator.

Contact: Robert W. Cowling
         Liquidator
         GPO Box 3300, Darwin NT 0801
         Australia
         Telephone: (08) 8941 9959
         Fax: (08) 8941 4599


K. B. TRANSPORT: Poised to Exit from NZ Register
------------------------------------------------
The liquidator of K. B. Transport Limited intends to remove the
Company from the New Zealand Register after having completed the
liquidation process.

Unless there are written objections lodged with the Registrar of
Companies before April 3, 2006, the Registrar may dissolve the
Company.

Contact: D. C. Parsons
         Liquidator
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone: (07) 957 8674
         Facsimile: (07) 957 8677


MEDIA PRESS: To Pay Dividend to Creditors
-----------------------------------------
Media Press Pty Limited will declare its final dividend on March
27, 2006.

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

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


MIRABELLA PRODUCTIONS: Liquidator to Explain Wind-up Report
-----------------------------------------------------------
A final meeting of the members and creditors of Mirabella
Productions 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 24, 2006.

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


MYER LIMITED: David Jones Contemplates Buying 12 Myer Stores
------------------------------------------------------------
David Jones is considering offering to buy five to 12 stores
from Myer's new owners as part of its expansion plan, The
Advertiser says.

However, DJs notes that it is yet uncertain whether Newbridge
Capital LLC, which acquired Coles Myer Limited's 61-store chain
and flagship store in Bourke Street, Melbourne, for AU$1.4
billion in aggregate just recently, would be willing to sell any
of the stores.

DJs Chief Executive Officer Mark McInnes said that the company
plans to hold talks with Newbridge regarding the matter.

DJs clarifies that, nonetheless, the Company has a back-up plan
in case Newbridge does not agree.  DJs has been discussing with
landlords regarding plans of opening new stores in lucrative
areas like Indooroopilly, Macquarie and Chermside, in Sydney,
and Highpoint and Doncaster, in Melbourne.

                         *     *     *

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.


NATIONAL AUSTRALIA: Prosecutors Want Ex-NAB FX Trader Jailed
------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
February 8, 2006, that National Australia Bank Ltd.'s former
foreign exchange options trader, Gianni Gray, had cooperated
with authorities and pleaded guilty to three counts of
dishonestly using his position as an employee for personal gain.

Mr. Gray, as well as two other traders, were charged by the
Australian Securities and Investments Commission after
investigations into an unauthorized foreign exchange trading
that cost NAB AU$326 million.  Unlike Mr. Gray, Vincent Ficarra
and David Bullen pleaded not guilty to allegations that they
placed false information into NAB's accounting systems to
falsely inflate the profit results of the forex options desk
between September 2003 and January 2004.

Public prosecutors assert that Mr. Gray -- who is reportedly
working as a pizza maker and ships painter after he lost his
AU$243,753-a-year job with NAB -- should be jailed for his part
in the rogue trading scandal, despite being the least liable and
despite having pled guilty.

A sentencing hearing was told that Mr. Gray had already repaid
the AU$195,000 performance bonus that he improperly received for
the 2003/2004 financial year.

Mr. Gray's bail was extended to March 23 for a sentencing
hearing in the County Court of Victoria.  Justice Geoff Chettle
directed Mr. Gray to appear for sentencing on April 6.

Messrs. Ficarra and Bullen, on the other hand, will go to trial
on April 19.

                        *     *     *

National Australia Bank is undertaking a three-year revival
program after its 2004 foreign exchange trading scandal and
several profit downgrades in 2005 that hammered its share price.
The Bank is working to recover from a tumultuous two years
marked by a boardroom upheaval and disintegration, executive
departures and huge job cuts.  As of February 2006, NAB said
that it was moving ahead and that its crises were over.  NAB
further stated that planning for its post-recovery phase was
under way.

As reported in TCR Europe on Jan. 12, NAB is cutting the number
of Clydesdale banks from 217 to 153 as people abandon
traditional banking to Internet and telephone method of
transacting business.  It is closing 30 branches in Scotland,
and 17 in England.


PREMUIM WINE: Supreme Court Appoints Liquidator
-----------------------------------------------
On February 22, 2006, the Supreme Court of South Australia
appointed Anthony Stevens Smith as the provisional liquidator
for the winding up of Premium Wine Bottlers S.A. Pty Limited.

Contact: Anthony S. Smith
         Provisional Liquidator
         Ernst & Young Chartered Accountants
         Level 21, 91 King William Street
         Adelaide, South Australia 5000
         Australia
         Telephone: (08) 8233 7097


PRG GROUP: Banking on U.K.-based PowerHouse's Turnaround
--------------------------------------------------------
PRG Group Limited is hopeful that its United Kingdom-based
retailer, PowerHouse, can turn around despite continuing harsh
UK trading conditions.

In February 2006, PRG Group disclosed stronger-than-forecast
Christmas sales for PowerHouse, whose top 53 stores delivered
like-for-like growth of 4.9% during the key four-week Christmas
trading period to January 14, 2006, against the previous
corresponding period.

PRG notes that PowerHouse's "strong Christmas performance" had
been achieved despite a 39% decline in total sales during the
third quarter ended December 31, 2005.  This sales decline also
follows a reduction in store numbers over the past year as
PowerHouse continued an ongoing program of exiting non-
performing stores.

Specifically, PowerHouse had closed 31 non-performing stores in
February after their disappointing Christmas sales performance,
and is currently in the process of entering an arrangement to
resolve remaining liabilities with certain landlords.  The
Company said that most lease agreements are already settled, but
that landlords of 10 stores had lodged a legal challenge, thus,
delaying the process.

PowerHouse now plans to build on the strong performance of its
top 53 stores and push for a break-even target by 2007.  It is
also aiming to implement the final phase of reconstruction that
involves closing the remaining non-performing stores as they
will not help achieve the Company's goal going forward.

According to ShareChat News, PowerHouse's success is a "face-
saving exercise" for PRG Group.

                        About PRG Group

Formerly Pacific Retail Group, PRG Group Limited --
http://www.prg.co.nz/-- is an NZX-listed investment company  
focused on the consumer sector.  It has a portfolio of operating
companies in New Zealand and the United Kingdom, including
leading lingerie designer and marketer, Bendon Limited.  PRG
Group's other businesses include PowerHouse, the UK's third
largest specialist appliance retailer.  PowerHouse operates 53
stores in the UK. PRG Group also owns New Zealand homeware
retailer Living & Giving.

Late January 2006, PRG Group completed the sale of its Finance
Group to GE Finance and Insurance for NZ$145 million.  The
Finance Group comprised four companies - Pacific Retail Services
Limited, Pacific Retail Finance Limited, Montreal Financial
Services Limited and Simply Insurance New Zealand Limited. The
structure of the sale meant the Finance Group's loan book and
other assets were sold to GE, together with the shares in Simply
Insurance New Zealand.  Under the sale agreement, PRG has
changed its name from Pacific Retail Group Limited to PRG Group
Limited.  The Company posted a NZ$75 million capital profit (net
of costs) from the sale.

PRG Group used part of the sale proceeds to repay NZ$62.7
million of outstanding Secured Capital Notes and to repay loans
of NZ$20 million to principal banker, ANZ Bank.  PRG Group hoped
that the sale will allow it to retire all parent company debt,
leaving it in a strong financial position to continue to fund
growth in its major operating businesses.


QANTAS AIRWAYS: Reinforces Commitment to Maintenance Workers
------------------------------------------------------------
Qantas Airways assured workers that it is still committed to
keeping aircraft heavy maintenance work in Australia.

This after the airlines reported having booked one of its 747
aircraft for maintenance repair in Singapore next month, which
in turn, caused objections from union leaders.

The unions have planned to stage rallies to protest Qantas'
decision to send one of its 747 jumbo jets abroad.  They claim
that the airline is threatening to send more work overseas
unless they accept its push to take on maintenance workers
through a labor-hire company.

The Executive General Manager of Qantas Engineering, David Cox,
explained that the arrangement for a single Boeing 747-400
aircraft to undergo a heavy maintenance check in Singapore was
not out of the norm.  He says Qantas is in a transition period
ahead of moving its heavy maintenance operations to Avalon.

As reported by the Troubled Company Reporter - Asia Pacific on
March 10, 2006, Qantas decided to consolidate its heavy
maintenance operations to Avalon, Victoria, instead of pushing
through with its plan to send the operations to Asia.  Pursuant
to its consolidation plan, the airline will close its Boeing 747
maintenance operations in Sydney and cut 480 jobs.  

Mr. Cox further points out that on occasion, Qantas carries out
maintenance work offshore, work that is done by qualified,
reputable and fully certified service providers.  He says that
the airline has made no secret of this and it will continue to
reserve the right to send some work offshore to meet operational
requirements where necessary.

                         About Qantas

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au-- is the world's second oldest airline  
and is also recognized as one of the leading long-distance
airlines, having pioneered services from Australia to North
America and Europe.  The Qantas Group employs approximately
38,000 staff across a network that spans 145 destinations in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.  
Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of  
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.   
  
By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.  
However, the airline also posted a lower revenue figure.  The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions.  Qantas has also seen a lot of fruitless
merger talks.  Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year. The latest
round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the airline's heavy maintenance works
overseas.


REDAN DEVELOPMENTS: Court Issues Wind-up Order
----------------------------------------------
The Federal Court ordered the winding up of Redan Developments
Pty Limited on February 23, 2006, and appointed Mike J. Hill as
liquidator.

Contact: Mike J. Hill
         Liquidator
         McGrathNicol+Partners
         Level 3, Brindabella Business Park
         20 Brindabella Circuit, Canberra Airport
         Australian Capital Territory 2609
         Australia


TOTAL AUTOMOTIVE: Appoints Receivers and Managers
-------------------------------------------------
On February 10, 2006, Andrew John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as receivers and managers
of the assets and undertakings of Total Automotive Solutions Pty
Limited.

Contact: Andrew J. Love
         Mark M. Taylor
         Receivers
         Level 17, 2 Market Street
         Sydney, New South Wales 2000
         Australia

         Peter D. McCluskey
         Receiver
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


TOUMA SHIRTS PTY: Creditors OK Liquidator's Appointment
-------------------------------------------------------
Members of Touma Shirts Pty Limited convened on February 24,
2006, to wind up the Company's operations.

Antony de Vries and Riad Tayeh were appointed as joint and
several liquidators.  

The Company's creditors confirmed the liquidator's appointment
at a creditors' meeting held later that day.

Contact: Riad Tayeh
         Antony de Vries
         Liquidators
         c/o de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2124
         Australia


VIPWOOD PTY: To Declare Dividend Today
--------------------------------------
Vipwood Pty Limited will declare a first and final dividend
today, March 24, 2006.

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

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


WARATAH HOLDINGS: Liquidator Wants Firm Removed from NZ Register
----------------------------------------------------------------
Liquidator Paul Mervyn Collins of Waratah Holdings Limited has
applied for the removal of the Company from the New Zealand
Register after the Company's liquidation was completed.

Any objection to the removal must be lodged with the Registrar
no later than April 21, 2006.

Contact: Paul Mervyn Collins
         Liquidator
         135 Broadway, Newmarket, Auckland
         Postal Address: Private Bag 99-945,
         Newmarket, Auckland
         New Zealand


WARWICK J TILLER: Court to Hear CIR's Petition on March 27
----------------------------------------------------------
An application to liquidate Warwick J Tiller & Company Limited
has been filed with the High Court of Wellington on
February 14, 2006, by the Commissioner of Inland Revenue.

The Application will be heard before the High Court on
March 27, 2006, at 10:00 a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later March 23, 2006.

Contact: Philip Hugh Brian Latimer
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Wellington Service Centre, First Floor
         New Zealand Post House, 7-27 Waterloo Quay
         P.O. Box 1462, Wellington
         New Zealand
         Telephone: (04) 802 8028
         Facsimile: (04) 802 8187


YABBA YABBA PTY: Members Resolve to Wind Up Firm
------------------------------------------------
At an extraordinary general meeting of Yabba Yabba Pty Limited,
members decided to wind up the Company's business.

Bryan Collis was then appointed as liquidator.

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


* ASIC Commences Court Proceedings Against Melbourne Liquidator
---------------------------------------------------------------
The Australian Securities and Exchange Commission has commenced
proceedings in the Supreme Court of Victoria against Robert John
Edge, an official liquidator, who lives and works in Kew,
Victoria.

ASIC is seeking orders including an order removing Mr. Edge from
his position as liquidator or voluntary administrator or deed
administrator in 22 current administrators. These 22 companies
are either in liquidation, voluntary administration or subject
to a Deed of Company Arrangement.

This application follows concerns by ASIC that Mr. Edge has
failed to lodge over 100 documents required to be lodged with
ASIC about these 22 administrations.  These documents include
"Accounts of Receipts and Payments", minutes of meetings of
creditors and Deeds of Company Arrangement in relation to his
current administrations.

Documents like these provide important information to creditors
and the public about what is happening in companies that have
gone into liquidation or voluntary administration.

The proceedings were adjourned until April 21, 2006, to enable
Mr. Edge to file affidavit material in response.

A list of companies that availed of by Mr. Edge's services is
available for free at:

   http://bankrupt.com/misc/tcrap_ASIC032306.pdf


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

ASIA ALUMINUM: Employs ING Bank to Advise on Buyout
---------------------------------------------------
On March 22, 2006, Asia Aluminum Holdings Limited appointed ING
Bank N.V. as the Company's independent financial adviser in
connection with the buyout offer made by chairman Kwong Wui-
chun, Infocast News relates.

Mr. Kwong has proposed to privatize the Company at $1.3 per
share.

Mr. Kwong, with the support of several management executives,
has earlier made a preliminary approach to take the Company
private.  The chairman and his associates hold a 35.41% stake
in the Company.  

Headquartered in Kowloon, Hong Kong, Asia Aluminum Holdings
Limited -- http://www.asiaalum.com/-- is the powerhouse of  
aluminum extrusion, offering comprehensive solutions in design
and engineering, extrusion, surface finishes, fabrication and
delivery.  The Company is quoted on the Hong Kong Stock Exchange
and is one of the largest investor-owned aluminum businesses in
Asia, serving the infrastructure, transportation, industrial,
and home improvement sectors.  The Company currently operates
five production facilities in Nanhai in China's Guangdong  
Province with an aggregate capacity of 150,000 metric tons, and
is building a new avant-garde platform in the neighboring city
Zhaoqing, to facilitate future progressive business rollouts.  
Total sales reached HK$3.4 billion (US$437 million) for the year
ended June 30, 2005.  In February 2006, Standard & Poor's
Rating Services "BB" long-term corporate credit rating on Asia
Aluminum Holdings Limited on CreditWatch with negative
implications.  At the same time, it also placed US$450 million
in senior unsecured notes due 2011 on CreditWatch with negative
implications.  In March 2006, Moody's Investors Service has
placed the Ba3 corporate family rating and senior unsecured bond
rating of Asia Aluminum Holdings Limited on review for possible
downgrade.


CHINA FOCUS: Court Issues Wind-Up Order
---------------------------------------
China Focus Motors Limited has 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 released an order
to wind up the Company.

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


FORTRESS INTERNATIONAL: Prepares to Close Operations
----------------------------------------------------
The members of Fortress International Limited held a meeting on
March 13, 2006, and agreed to wind up the Company's business.

They appointed Ding Wai Chuen and Kwok Yuen Man to facilitate
the wind-up process.

Contact: Ding Wai Chuen
         Kwok Yuen Man
         34th Floor
         The Lee Gardens
         33 Hysan Avenue
         Causeway Bay
         Hong Kong
        

FORTUNE REALTY: To Hold Final Meeting on April 25
-------------------------------------------------
The final meeting of the members and creditors of Fortune Realty
Company Limited is scheduled on April 25, 2006, at 3:00 p.m. and
4:00 p.m., respectively.

The meeting was set for members and creditors to get an account
of the manner of the Company's wind-up and property disposal
from its joint liquidators.

Contact: Ng Kowk Wai
         Lyn Yee Chen, Jean
         Joint and Several Liquidators         
         Room 1037, 10/F
         One Grand Tower
         639 Nathan Road
         Mongkok, Kowloon
         Hong Kong
         Telephone: 3582 5933  
         Fax: 3188 9669


GOLD EARTH: Commences Winding Up Proceedings
--------------------------------------------
Members of Gold Earth Enterprises Limited held a meeting on
February 27, 2006, and agreed that the Company be wound up
voluntarily and Lam Ying Sui be appointed as liquidator.

They also agreed that the audit of the Liquidator's accounts of
receipts and payments would not be required.

Contact: Lam Ying Sui
         Room 1005 Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


GREAT CENTER: Creditors' Claims Due on April 3
----------------------------------------------
Creditors of Great Center Limited, whose claims have not already
been admitted, are required to submit their formal proofs of
claim by April 3, 2006, to Joint and Several Liquidators'
Stephen Liu Yiu Keung and Yeo Boon Ann.

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

Contact: I. D. Jessup
         Liquidator
         Jessup & Partners
         PO Box 936, Earlville
         Queensland 4870, Australia
         Telephone: 07 4033 1349
         Fax: 07 4033 1649


HILL SAMUEL: Members to Receive Wind-Up Details
-----------------------------------------------
The members of Hill Samuel International Property Services
Limited will convene on April 18, 2006, to receive Joint
Liquidators Ying Hing Chiu and Chung Miu Yin Diana'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: Ying Hing Chiu
         Chung Miu Yin, Diana
         Joint Liquidators
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


HING ZHAO: Appoints Chang Tung Lian as Liquidator
-------------------------------------------------
At a meeting on February 17, 2006, the members of Hing Zhao
Limited agreed that the Company must voluntarily commence a
wind-up of its operations.

Chang Tung Lian was then appointed as liquidator of the Company.

Contact: Chang Tung Lian
         Liquidator
         21/F., Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


MEI FAI: Enters Voluntary Liquidation
-------------------------------------
Members of Mei Fai Hats Holdings Limited held an extraordinary
general meeting on March 17, 2006, and agreed to:

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

  -- appoint Cheng Kai Tai as liquidator for the wind-up.

Contact: Cheng Kai Tai
         Liquidator
         Allen of 19/F
         Beverly House, Nos. 93-107
         Lockhart Road, Wanchai
         Hong Kong
         

MEN'S LEATHER: Faces Bankruptcy Proceedings
-------------------------------------------
A bankruptcy order pertaining to Men's Leather Trading Company
was issued on March 8, 2006.

All debts due to the estate should be paid to the official
receiver, Edward Thomas O'Connell.  

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


P.C.S. SERVICES: Set to Shut Down Business
------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance entered a wind-up order pertaining to
P.C.S. Services Company Limited on March 8, 2006.

The Troubled Company Reporter - Asia Pacific had earlier
reported that Chan Ka Keung filed a petition for the winding up
of the Company on January 13, 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


PRUTON INTERNATIONAL: Members Resolve to Wind Up Firm
-----------------------------------------------------
Members of Pruton International Company Limited held a meeting
on February 27, 2006, and agreed that:

  -- the Company be wound up voluntarily;

  -- Lam Ying Sui be appointed as liquidator for the purpose of
     such winding up; and

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

Contact: Lam Ying Sui
         Room 1003-1005, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong,


SOUTH CHAMP: Starts Winding Up Process
--------------------------------------
South Champ Trading 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.

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


SUCCESS LOGISTICS: Court Releases Bankruptcy Order
--------------------------------------------------
The High Court of Hong Kong issued a bankruptcy order for
Success Logistics Company on March 8, 2006.  

All debts due to the estate should be paid to Official Receiver
Edward Thomas O'Connell.  

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


TECHKEY BUILDING: Members to Receive Wind-up Details
----------------------------------------------------
A final meeting of the members of Techkey Building Material &
Engineering Limited will convene to receive the Liquidator Lam
Chin Chiu's final account showing how the Company was wound up
and how its property was disposed of.

They will also discuss on whether the books, accounts and
documents of the Company will be retained by the Liquidator and
be destroyed three months after the Company is dissolved.

The meeting will be held on April 21, 2006, at 2:00 p.m.

Contact: Lam Chin Chiu
         Liquidator
         The Kwangtung Provincial Bank Building
         409-415 Hennessy Road
         Causeway Bay, Hong Kong
        

WOL COMMUNICATIONS: Proofs of Debt Due Next Month
-------------------------------------------------
Creditors of Wol Communications Limited are required to prove
their debt or claims not later than April 10, 2006.

Failure to comply with the requirements will exclude the
creditors from the benefit of any distribution the Company will
undertake.

Contact: Cheung Hok Fung Alexander
         Lin Kin Ming
         Joint and Several Liquidators
         Unit 1005, Tower B
         Hunghom Commercial Centre
         37 Ma Tau Wai Road
         Kowloon, Hong Kong


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

BPL LIMITED: Sanyo Chief Coming to Take Joint Venture Stake
-----------------------------------------------------------
Sanyo Electric President Toshimasa Iue is scheduled to take his
company's stock in a joint venture with ailing BPL Limited,
Business Standard reveals.

Mr. Iue is reportedly coming to India to view the progress of
the 50:50 Sanyo-BPL joint venture operations, after the new
entity unveiled plans to generate INR2,000 profit in three
years.  Sanyo BPL also aims to snag a 16% market share in India.

The joint venture is adopting a dual-brand strategy for Sanyo
and BPL products.  While the BPL brand will be used for the
volume segment of colored televisions, the Sanyo brand will be
positioned at high-end segment of the market with plasma and hi-
definition TVs.  
  
Embattled Japanese firm Sanyo is looking at India as a growing
market for its CTVs even as it scripts a massive restructuring
plan globally.  According to various reports, its CTV business
is faring poorly.  Recently, the corporation got a go-ahead for
its $2.6 billion bailout plan.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.  Last
year, the Company obtained approval from the Kerala High Court
for its financial restructuring scheme and the launch of the
50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently also sold off its dry
cell business- which operated through its subsidiary BPL Soft
Energy Systems- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.


BPL LIMITED: Capital Hike Plan Likely
-------------------------------------
BPL Limited is positive that it will successfully increase its
authorized share capital after its promoters, the Nambiars,
decided to raise their holding from 56% to 73%, The Economic
Times relates.

The stake increase was carried out through preferential
allotment to a group company, Electro Investment.

Electro Investment has agreed to extend an INR92-crore interest
free loan to BPL.  The fresh capital injection will ensure
settlement of BPL's secured creditors, working capital for the
Company's rehabilitation and payment of statutory dues.

The promoters are now converting this loan into equity through a
preferential allotment of two-crore equity shares of INR10 each
at a premium of INR33.02 per share.

As reported by Troubled Company Reporter - Asia Pacific on
March 7, 2006, BPL will seek shareholders' approval at its
Extraordinary General Meeting on March 29, 2006, to increase its
authorized share capital.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.  Last
year, the Company obtained approval from the Kerala High Court
for its financial restructuring scheme and the launch of the
50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.   As a part of the
restructuring exercise, BPL had recently also sold off its dry
cell business- which operated through its subsidiary BPL Soft
Energy Systems- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.


COAL INDIA: Says e-auction Will Boost Coal Sale by 80%
----------------------------------------------------
Coal India Limited expects its sale figures to balloon to 36
metric tonnes next year from 20 metric tonnes this year through
electronic bidding, The Economic Times reveals.

The Company is confident it will achieve its 80% coal sale hike
target since a large number of core sector companies like steel
and cement have been looking at availing of more coal through
the e-auction platform.

As reported by the Troubled Company Reporter - Asia Pacific on
March 6, 2006, the increase in demand for coal, along with
higher price realization through e-auction has substantially
boosted profits.
  
As many as 17,403 bidders participated in the online bidding
process, the report said.  Around 10,526 were successful and
generated INR565.36 crore in profits for Coal India.  Another 10
million tonnes of coal have been released through this mode to
increase availability in the market and bring down prices.

According to The Times, Coal India managed a 16% rise in profit
before tax of INR6,774 crore in the April 2005-February 2006
period, against INR5,823 crore in the previous corresponding
period. In the same period, off-take of coal was about 303
metric tonnes against 291 metric tonne in the previous period.  
The Company, however, missed the its target for coal offtake by
about 8.9 metric tonne.

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.


GENERAL MOTORS INDIA: Mulls INR100-crore Expansion This Year
------------------------------------------------------------
General Motors India, a wholly owned subsidiary of the
beleaguered United States-based General Motors Corporation, will
invest INR100 crore within 2006 to launch new models and to
expand its operations, The Economic Times says.

GM India is working to boost operations and introduce new models
this year, in a bid to offset the negative effects of its
parent's troubles.  The move is also part of efforts to win back
customers, who were disillusioned by General Motor's near-
collapse.

GM India's plant at Halol in Gujarat, which produces the
Chevrolet Optra and Chevrolet Tavera, would be expanded for the
new projects, The Times says.

The Company has also set a target of selling 50,000 units in
2006 as against 30,837 cars sold in 2005.

General Motors India -- http://www.gm.com/-- was formed in 1994  
as a 50:50 joint venture between General Motors Corporation and
the C.K. Birla Group of Companies.  Its manufacturing plant is
located at Halol in Gujarat.  The Halol plant has received ISO
9002 certification in 1998, ISO 14001 in environment management
systems in 1999, ISO -9000 2000 in January 2002.  In 1999, GM
bought out its partner's shareholding and GM India became a
fully owned subsidiary of GM Corporation. GM India currently has
a total workforce of 1,200 personnel excluding contract workers.  
GM India offers products under the Chevrolet and Opel brands in
the country.  The Company has been affected by issues of its
United States-based parent, which is suffering from massive
product recalls, hefty losses, and low credit ratings, among
others.  General Motors made losses of around US$7.6 billion in
its North American automotive operations in 2005.  This included
the costs of decision to close down as many as 12 North American
plants and cut 30,000 jobs by the end of 2008.  The losses were
also due to charges related to factory job losses, its finance
arm GMAC and the bankruptcy of former subsidiary Delphi Corp.  
GM had to make these big restructuring announcements to cut
costs and return to profitability as soon as possible.


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

BANK MANDIRI: FY/2005 Profits Plunge 88.5%
------------------------------------------
PT Bank Mandiri posted a net profit of IDR604 billion in 2005,
versus a net profit of IDR5.256 trillion in 2004.

This indicates that the bank incurred an 88.5% fall in earnings
for 2005, which result is greater than the profit decline
earlier projected.

As reported by the Troubled Company Reporter - Asia Pacific on
March 6, 2006, Bank Mandiri had expected to post a 64% decline
in its 2005 net profit due to an increase in provisions for bad
loans.

The bank also reported that its gross non-performing loans ratio
rose to 25.3% at the end of last year, from 7.1% the year
before.

According to Bank Mandiri, it imposed stricter loan
classifications last year as requested by the state central
bank, Bank Indonesia.  This, in turn, caused the bank's bad
loans to rise.

Bank Mandiri was trying to engage its 30 biggest debtors,
accounting for 70% of its total NPLs, but under laws for state
banks, the bank cannot offer debtors a reduction in the
principal owed.

                       About Bank Mandiri

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.


BANK MANDIRI: To Further Slash Lending Rates by 0.5%
----------------------------------------------------
PT Bank Mandiri will cut lending rates in April by an average of
0.5 percentage points to help boost lending growth this year and
to recoup some of last year's drop in profits due to rising bad
loans and cost of funds, The Jakarta Post reports, citing Bank
Mandiri Treasury Director J.B. Kendarto.

Mr. Kendarto said that the bank would slash its lending rates to
between 13.5% and 16.5%, from the 14% to 17% at present.  Bank
Mandiri aims a 15% growth in lending this year compared to 13.2%
in 2005.

                       About Bank Mandiri

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
=========

BERSON JAPAN: Files for Bankruptcy Due to JPY2.4 Billion Debt
-------------------------------------------------------------
Berson Japan, Inc., a Fukuoka-based marketing firm for clothing
brand Van filed for bankruptcy with the Fukuoka District Court
after it incurred a whopping JPY2.4 billion debt, Kyodo News
relates.

According to research agency Teikoko Databank Limited, the
Company's rapid store chain expansion policy and weak sales
forced it to become financially overextended.

Established in 2001, Berson Japan, Inc., is licensed to sell the
Van brand of clothing, created by designer Kensuke Ishizu who
wanted to incorporate the image of American Ivy League colleges
into fashion.  Berson has 49 sales outlets across the country.


JAPAN AIRLINES: Flies Routes Without Required Inspections
---------------------------------------------------------
Japan's Ministry of Land, Infrastructure and Transport
reprimanded Japan Airlines for flying a passenger airplane for
10 days without conducting the necessary inspections, Kyodo News
reports.

In March 2004, the MLIT directed airline operators to conduct
inspections on the main landing gear of certain MacDonnel
Douglas MD-87 and MD-81 aircraft every 450 flights, after an
accident that occurred on an MD-81 plane two months ago.

According to JAL officials, one of the airline's MD-87s had
conducted 41 flights before it was inspected on March 20, 2006,
at a Hokkaido airport.  No abnormalities were discovered on the
aircraft and its landing gear.

The officials explained that JAL had planned to inspect the MD-
87 on February 26, 2006, but the person in charge of scheduling
forgot to inform the servicing staff.

                              About JAL

Tokyo-based Japan Airlines Corporation -- http://www.jal.com/en/
-- was created as a result of the merger of Japan Airlines and
Japan Air Systems to boost domestic coverage.  JAL's
international passenger operations incurred losses in recent
years due to negative factors such as the severe acute
respiratory distress syndrome epidemic and terrorism fears.  Due
to a series of safety-related incidents, the JAL Group was
subjected to a business improvement order and administrative
warnings relating to assurances on air transportation safety
issued by the Ministry of Land, Infrastructure and Transport in
March 2005.  In the fiscal year 2005-2007, the Company's Medium-
Term Business Plan stated that in order to implement the reform
of the corporate structure and the cost structure swiftly, the
holding Company and operating companies are to be integrated.  
Specifically, in fiscal 2005, the corporate planning and
marketing functions will be integrated and further steps to
eliminate overlapping jobs and streamline the organization will
be taken with a view to achieving substantial integration to
merge the holding company and the operating company.   In
addition, the number of full-time officers was cut by 30%, and
this reform was completed on April 1, 2005.

For the JAL Group, there was a year-on-year decline in passenger
demand on international routes, primarily because of a delay in
the recovery of demand on routes to China and Southeast Asia.  
Domestic passenger demand also faltered and fell below its year-
earlier level, particularly among individual passengers, due to
factors such as the series of safety problems that occurred.  
Demand for international cargo services also registered a year-
on-year decline overall, owing to weak demand on routes from
Japan to East Asian countries and the United States.  Rising
aviation fuel prices compounded the situation and created an
exceptionally harsh environment for the Group.


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

KOREA EXCHANGE: Kookmin Bank to Buy 64.62% Stake in KEB
-------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 23, 2006, that Lone Star Funds has picked Kookmin Bank to
purchase its 51% stake in Korea Exchange Bank.  

In an update yesterday, Yonhap News said that Kookmin Bank has
agreed to buy a 64.62% stake in Korea Exchange, made up of the
stake held by Lone Star and two other shareholders.  

The United States-based Lone Star and Kookmin Bank have signed a
preliminary agreement on the transaction.  

The TCR-AP stated that Kookmin's possible takeover will result
in the creation of a mega bank with KRW270 trillion in assets,
which will be twice the size of the second biggest lender,
Shinhan Financial Group, whose assets amount to KRW193 trillion
as of the end of last year.  

            KEB Will Remain Independent for One Year

Korea Exchange Chief Executive Officer Richard Wacker said that
the bank will operate as an independent unit for one year after
Kookmin's acquisition, Reuters says.

Korea Exchange's statement came after Lone Star named Kookmin as
preferred buyer.

Mr. Wacker has also informed Korea Exchange employees that there
would be no forced job cuts after the takeover.

                      About Korea Exchange

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


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

AFFIN HOLDINGS: To Seek Shareholders' OK for General Mandate
------------------------------------------------------------
Affin Holdings Berhad proposes to seek shareholders' approval
for a general mandate on recurrent related party transactions of
revenue or trading nature, which are necessary for the Company's
day-to-day operations in line with Paragraph 10.09 of the
Listing Requirements, at its Annual General Meeting on April 14,
2006.

A Circular to Shareholders setting out further details of the
Proposed Shareholders' Mandate will be dispatched to the
shareholders in due course.

The Company's 30th Annual General Meeting will be held at the
13th Floor, Bangunan LTAT, in Jalan Bukit Bintang, 55100 Kuala
Lumpur.

Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad
-- http://www.affin.com.my/-- is engaged in commercial banking,  
merchant banking, finance company business, stock broking and
asset management business.  The Company's other activities
include the provision of insurance services, lease and hire
purchase financing, nominee services and investment holding.  
Operations are carried out principally in Malaysia.  Affin
Holdings had experienced hefty losses in the past because of
huge loan provisions and impairment of assets.  However, the
Affin Group is starting to recover as a result of the hard work
and professionalism displayed by management at all levels of the
organization.


APEX EQUITY: Buys Back MYR5,774 Worth of Shares
-----------------------------------------------
On March 21, 2006, Apex Equity Holdings Berhad bought back
13,000 ordinary shares for a total cash consideration of
MYR5,773.58.

The minimum price paid for each share purchased was MYR0.440 and
the maximum was MYR0.445.

After the purchase, the cumulative outstanding treasury shares
have reached 2,823,000.

On March 22, 2006, the Company bought back 30,000 ordinary
shares for MYR13,387.24, according to a report by the Troubled
Company Reporter - Asia Pacific.

Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is  
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.  
Operations of the Group are principally carried out in Malaysia.  
The Company has suffered five consecutive years of losses
beginning 2001.  It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005,
which is an improvement from the fourth quarter 2004 net loss of
MYR76,596,000.


BIMB HOLDINGS: Regulator to Consider 'Proposed Go Waiver'
---------------------------------------------------------
The Securities Commission on March 20, 2006, said it will
consider the application by BIMB Holdings Berhad's major
shareholder, Lembaga Tabung Haji, to implement a "Proposed Go
Waiver" pursuant to terms of the Malaysian Code on Takeovers and
Mergers.

Under the Proposed Go Waiver, BIMB has procured a written
irrevocable undertaking from its Lembaga Tabung Haji to
subscribe in full for its entitlement under a proposed rights
issue of up to 306,938,750 new ordinary shares of MYR1.00 each
in BIMB.  In addition, Lembaga has provided an undertaking that
it will subscribe for additional rights shares not taken up by
other entitled shareholders under the Proposed Rights Issue.  
The additional undertaking is however conditional upon a
proposed exemption being granted to Lembaga from having to
undertake a mandatory offer for the remaining BIMB Shares not
already owned by them upon the completion of the Proposed Rights
Issue.

In view of the additional undertaking, Lembaga's shareholdings
in BIMB as of September 30, 2005, may potentially increase from
29.66% to approximately 53.11% upon completion of the Proposed
Rights Issue, assuming none of other MIBM shareholders subscribe
for their respective entitlements for the Rights Shares.  As
such, Lembaga would have gained control of more than 33% of the
voting shares in BIMB.  Lembaga proposes to seek a waiver under
the relevant Practice Note of the Code.

Meanwhile, the Securities Commission will only consider
Lembaga's application if BIMB:

   -- obtains the approval of independent holders of BIMB
      voting shares in a general meeting in which the
      interested parties are to abstain from voting; and

   -- provides a competent independent advice to the BIMB
      shareholders.

In addition, Lembaga is required to disclose the purchase of a
total of 217,300 BIMB shares in the open market through its
internal and external fund managers since the date of
negotiation with BIMB directors with respect to the Proposed
Rights Issue in the independent advice circular to BIMB
shareholders.

The Proposed GO Waiver will not have an impact on the earnings
of the BIMB Group. However, the Shareholder's Advance will be
utilized for the purposes of recapitalizing BIMB and as such is
expected to contribute positively to the earnings of the Group
for the financial year ending June 30, 2006.

Headquartered in Kuala Lumpur, Malaysia, BIMB Holdings Berhad
-- http://www.bankislam.com.my/-- is an investment holding  
company, which operates along Islamic principles.  The Company
was incorporated in Malaysia on March 20, 1997, and was listed
on the Main Board of the Kuala Lumpur Stock Exchange on
September 16 in the same year.  Core subsidiaries of the Group
are involved in various Islamic financial service activities
including banking, stock-broking, leasing and other related
services.  The Bank has incurred substantial losses since 2000
due to huge financing costs and high provisions for loss-making
offshore units.


BIMB HOLDINGS: Unit Releases FY2006 Key Performance Indicators
--------------------------------------------------------------
Bank Islam Malaysia Berhad, a wholly owned subsidiary of BIMB
Holdings Berhad, disclosed its headline Key Performance
Indicators for fiscal year 2006 and its three-year headline
KPIs.

The headline KPIs represent the main focus of Bank Islam for the
FY2006 period.

These headline KPIs are targets or aspirations set by the
company as a transparent performance management practice.  These
headlines shall not be construed as either forecasts,
projections or estimates of the company or representations of
any future performance, occurrence or matter as the headlines
are merely a set of targets/aspirations of future performance
aligned to the company's strategy.

                    FY2005/06 Headline KPIs

   * Contain Non-Performing Financing to below 25%.

   * Improve Risk Weighted Capital Ratio to 12%.

           Three-year Headline KPIs for FY2006-FY2009

   * To grow revenues by 20% year on year from 2006 -2009.

   * To cap expense growth to 5% year on year from 2006-2009.

   * Return to profitability by FY2007, target ROE 5%.

For year ended June 2005, BIMB reported an after tax and zakat
loss of MYR508 million on provisions of MYR777 million.  Since
then the Bank has received an interim capital injection of
MYR280 million from its shareholder, BIMB Holdings Berhad.

Currently, BIMB is in the midst of a recapitalization exercise
to rebuild its Tier-1 capital and further improve Improve Risk
Weighted Capital Ratio.  Among options for recapitalization
involves the rights issue that has received approval in
principle from regulators.  Recapitalization options also
include foreign parties acquiring stakes at various levels of
shareholding, at the Bank and at the holding company.

The main focus of the Board and management of BIMB is on
managing NPFs.  A bank-wide integrated Risk Management
architecture is being implemented as a measure to prevent
further NPFs.  Compulsory guidelines on target markets, risk
scoring and risk acceptance criteria framework have been
introduced.  Recovery efforts have been intensified and focus is
achieved through acquiring specialist resources in the area of
recovery.  In the pipeline, there is plan to create a special
purpose vehicle to sell the NPFs or manage them separately from
the Bank.

In building its franchise, BIMB have had to reorganize its
corporate and emerging corporate business strategy. BIMB is
expected to grow its revenue by 20 % this year.

The BIMB Group includes BIMB Securities (Holdings) Sdn. Bhd,
BIMB Venture Capital Sdn. Bhd., BIMB Musyarakah Satu Sdn. Bhd.,
Syarikat Al-Ijarah Sdn. Bhd. and Syarikat Takaful Malaysia
Berhad.  Rationalization plan for the BIMP Group of companies is
on going.

Headquartered in Kuala Lumpur, Malaysia, BIMB Holdings Berhad
-- http://www.bankislam.com.my/-- is an investment holding  
company, which operates along Islamic principles.  The Company
was incorporated in Malaysia on March 20, 1997, and was listed
on the Main Board of the Kuala Lumpur Stock Exchange on
September 16 in the same year.  Core subsidiaries of the Group
are involved in various Islamic financial service activities
including banking, stock-broking, leasing and other related
services.  The Bank has incurred substantial losses since 2000
due to huge financing costs and high provisions for loss-making
offshore units.


CONSOLIDATED FARMS: Posts Lower Losses in 4Q/FY05-06
----------------------------------------------------
Consolidated Farms Bhd suffered a lower net loss of MYR20.58
million for the financial year ended January 31, 2006, from
MYR42.86 million last year mainly due to the lower level of
operations.

Releasing its results, the Company said revenue fell 76.4% to
MYR2.48 million from MYR10.48 million previously. The loss per
share was 98.5 sen, down from 205 sen.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-01-2006    31-01-2005      31-01-2006     31-01-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

        865         1,102           2,475         10,477

* Profit/(loss) before tax

     -4,442        -5,808         -20,678        -44,695

* Profit/(loss)after tax and minority interest

     -4,416        -5,782         -20,577        -42,859

* Net profit/(loss) for the period

     -4,416        -5,782         -20,577        -42,859

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

     -21.13        -27.67         -98.46          205.09

* Dividend per share (sen)

       0.00          0.00           0.00            0.00

* Net assets per share (MYR)

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

       -3.0900                     -2.1000

The Company's financial report is available free of charge at:

   http://bankrupt.com/misc/tcrap_consofarms032306.pdf

   http://bankrupt.com/misc/tcrap_consofarmnotes032306.pdf  
                     
Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd
-- http://www.confarm.com/-- is engaged in poultry farming  
which includes operating of breeder farm, production and
processing of organic fertilizer, feed milling and manufacturing
and sale of egg trays. Other activities include manufacturing
and processing of eggs into pasteurized eggs and de-shelled
hard-boiled eggs.  The Company is a Practice Note 4 concern
currently undergoing a restructuring exercise to address its
debt problem.  The company had appointed Deloitte KassimChan
Business Services Sdn Bhd as advisor for the restructuring
exercise.  Consolidated Farms was mired with MYR122-million debt
on account of its expansion plan, which included the purchase of
equipment and facilities.  


DENKO INDUSTRIAL: Lists and Quotes New Shares
---------------------------------------------
Denko Industrial Corporation Berhad's additional 395,318 new
ordinary shares of MYR1.00 each was granted listing and
quotation on March 23, 2006.

The shares arose from the second interest payment on
MYR7,906,390 nominal amount of 5% irredeemable convertible
unsecured loan stocks 2004/2007.

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


HOCK SIN: Directors Block Shareholders' Request
-----------------------------------------------
The directors of Hock Sin Leong Group Berhad resolved to shelve
a request by its two shareholders to nominate additional
directors in view of the pending legal action in the Kuala
Lumpur High Court under Suit No. D3-22-360-2005 and the
Injunction Order obtained by the Company against the two
Shareholders, which remain effective and enforceable.

As reported by the Troubled Company Reporter - Asia Pacific on
March 21, 2006, Hock Sin Leong Group Berhad revealed 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 on March 30, 2006.

On March 23, 2005, Leeco Realty Sdn. Bhd., General Strategy Sdn.
Bhd., Mr. Lee Keok She and Mr. Lee Geok Eong who in total
represent 52.74% of the issued and paid up capital of Hock Sin
Leong, served the Company with a Writ of Summons.

The Company immediately applied for an injunction, which was
approved by the Kuala Lumpur High Court on June 10, 2005.

Under the terms of the injunction:

   -- Leeco Realty Sdn Bhd and General Strategy Sdn Bhd were
      restrained from proceeding with and voting at the
      Extraordinary General Meeting last June 14, 2005;

   -- the Shareholders were restrained from moving or
      conducting or holding or otherwise in whatsoever manner
      proceeding with the EGM and from considering and if
      thought fit, passing the ordinary resolutions contained
      in the said Notice of EGM or such other similar
      resolutions at any subsequent adjourned or other
      meeting.

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.


KIG GLASS: Chinese Unit Files for Bankruptcy
--------------------------------------------
KIG Glass Industrial Berhad's Chinese subsidiary, Zibo Jiali
Glass Industry Company Limited, has on March 22, 2006, applied
for voluntary bankruptcy at Zibo City Middle Court in the
People's Republic China.

The move came after the unit shut down its production operation
last month.

KIG said that the bankruptcy application is unlikely to make an
immediate impact on its finances.

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due to hefty
losses and inability to pay its mounting debts, the Company
ceased operation in May 2005.  It is now trying to avert a wind-
up action filed by United Overseas Bank (Malaysia) Berhad on
December 12, 2005.  The Company is also working on a
restructuring agreement with car parts supplier Permintex
Holdings Sdn Bhd.


MALAYSIA AIRLINES: Unveils Headline Key Performance Indicators
--------------------------------------------------------------
Malaysia Airlines unveiled its medium and long term headline Key
Performance Indicators for fiscal 2006 and its three-year
headline KPIs.  These headline KPIs have been set and agreed by
the Board of Directors and management of Malaysia Airlines and
is part of the Business Turnaround Plan which was announced on
February 27, 2006.

The Business Turnaround Plan was developed using the GLC
Transformation Manual as a guide. It takes into account the
recommendations in the manual and adapts these for
implementation in Malaysia Airlines in the context of the
business turnaround.

                       FY2006 Headline KPIs

   * Net loss of MYR620 million compared to a net loss of
     MYR1.27 billion for the nine-month period ended
     December 31, 2005.

   * Cash surplus of MYR1.0 billion.  Malaysia Airlines is
     already undertaking a series of measures to raise
     MYR4 billion in cash through internal and external
     sources to tide the airline through the current cash
     crisis.

   * Profit of MYR107 million for MASkargo compared to initial
     forecasts of MYR47 million.

   * On time performance of 80% for flight schedules.

   * Number of incidents not more than three cases per month.

           Three-year Headline KPIs for FY2006-FY2008

   * In 2007, the plan will focus on improving efficiency and
     capabilities to realize a net income of MYR50 million.

   * In 2008, the focus will be on new growth opportunities to
     realize a net income of MYR500 million.

   * The MAS Way provides the framework for our Business
     Turnaround Plan, which is carefully sequenced over the
     next three years to deliver cash, profitability and
     growth-in that order of intensity and focus.

                           The MAS Way

   * Commercial: Flying to win customers-MAS will reconfigure
     its network and product portfolio to ensure that it has
     the tools and capabilities to be a top-tier player.

   * Operations: Mastering operational excellence-MAS will
     build a unique operating capability. This capability will
     be reflected not only improved operational reliability,
     but also in higher productivity.

   * Finance: Financing and aligning the business on P&L-MAS
     will relentlessly increase profits with the support of a
     world-class finance function that ensures true financial
     accountability, transparency and performance orientation.

   * People: Unleashing talents and capabilities-MAS is
     committed to its people it has the passion and talent to
     achieve the goals.

   * Stakeholders: Winning coalitions- MAS needs the resolute
     support of the Government, its employees, managers,
     customers, suppliers, agents and investors. It is only
     with the support of these stakeholders that MAS can have
     the mandate it needs to make the changes that will ensure
     long-term success.

Malaysia Airlines has launched a robust set of KPIs to track
impact and measure our success.  These KPIs serve as targets and
aspirations for the company and will be improved and adapted to
suit the evolving airline industry.  Management has instituted a
cross-company set of KPIs that will allow it to measure its
progress on an ongoing basis.

More details of the media release is available free of charge
at:

     http://bankrupt.com/misc/tcrap_mashead032306.doc    

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.


MAXIS COMMUNICATIONS: Future Hangs on Aircel's Hands
----------------------------------------------------
Aircel India Limited is expected to provide long-term growth for
Maxis Communications Berhad amid cutthroat competition in the
telecommunications industry, The Edge Daily reports.

Market analysts, however, cautioned Maxis that its earnings for
the current fiscal year might reflect start-up losses at Aircel.  
Still, analysts remain upbeat on Aircel as a possible growth
catalyst for Maxis.

Mayban Research Securities upgraded its recommendation for Maxis
from "hold" to "buy" and maintained its fair value for Maxis at
MYR9.70 per share.  HLG Research retained its "hold"
recommendation with a fair value of MYR8.95, while Avenue
Securities Sdn Bhd maintained an "under-perform" call on Maxis
with a target price of MYR7.80.

Avenue Research remained negative on Maxis in the medium term on
the Aircel acquisition as it would be required to gear up and be
committed to substantial capital obligations.

Maxis would have to compete with a multitude of bigger players
in an intense operating environment before managing to reap
positive return in the fourth or fifth year of the venture, it
said.

Meanwhile, HLG Research estimated that Maxis might have to shell
out US$412 million (MYR1.53 billion) to US$426 million over 10
years for its third generation network licence alone since it
may have to pay MYR284 million of upfront and annual fee for
2006 for its 10Mhz spectrum.

Headquartered in Kuala Lumpur, Malaysia, Maxis Communications
Berhad -- http://www.maxis.com.my/main.asp/-- provides complete  
mobile and fixed-line telecommunications services as well as
broadband and other Internet-related services, and mobile phones
and other telecommunications equipment by which people can keep
in touch.  The company was founded in 1995 and first started on
the Kuala Lumpur Stock Exchange in 2002.  The Company was once
touted as one of the world's most lucrative firms.  However,
Maxis' operations were hurt by its underperforming Indonesian
unit, PT Natrindo Telepon Seluler.  Maxis decided to restructure
its business in order to improve its bottomline.  At present, PT
Natrindo continues to put pressure on Maxis' earnings as the
restructuring is still in progress.  Analysts do not expect the
Indonesian operation to break even until 2007.


MAXIS COMMUNICATIONS: Acquires South Asia Shares
------------------------------------------------
Global Communication Services Holdings Ltd, a wholly owned
subsidiary of Maxis Communications, has on March 21, 2006,
acquired the entire beneficial ownership of 10,000 equity shares
of INR10 each in South Asia Communications Private Limited for a
cash consideration of INR100,000.

GCSH has subscribed for additional 6,207,278 South Asia Shares,
for a cash consideration of INR62,072,780, and for 1,634,461,328
redeemable preference shares of INR10 each in South Asia for a
cash consideration of INR16,344,613,282.

South Asia is a private limited liability company, which was
incorporated in the Republic of India on February 16, 2006.  Its
authorized share capital is INR20,000,000,000 divided into
100,000,000 South Asia Shares and 1,900,000,000 unclassified
South Asia Shares.  After the said transactions, the issued and
paid-up share capital of South Asia will be INR16,406,786,060
comprising 6,217,278 South Asia Shares and 1,634,461,328 South
Asia RPS.

South Asia will be used as a vehicle by Maxis to subscribe for
the redeemable preference shares in Deccan Digital Networks
Private Limited, a joint venture company incorporated in the
Republic of India by GCSH and Sindya Securities & Investments
Private Limited.  The joint venture company was established for
the purpose of investing in Aircel Limited.

Headquartered in Kuala Lumpur, Malaysia, Maxis Communications
Berhad -- http://www.maxis.com.my/main.asp/-- provides complete  
mobile and fixed-line telecommunications services as well as
broadband and other Internet-related services, and mobile phones
and other telecommunications equipment by which people can keep
in touch.  The company was founded in 1995 and first started on
the Kuala Lumpur Stock Exchange in 2002.  The Company was once
touted as one of the world's most lucrative firms.  However,
Maxis' operations were hurt by its underperforming Indonesian
unit, PT Natrindo Telepon Seluler.  Maxis decided to restructure
its business in order to improve its bottomline.  At present, PT
Natrindo continues to put pressure on Maxis' earnings as the
restructuring is still in progress.  Analysts do not expect the
Indonesian operation to break even until 2007.


PROTON HOLDINGS: To Announce New Foreign Partner Next Month
-----------------------------------------------------------
Proton Holdings Berhad will announce at the end of April a new
foreign partner in addition to its current tie-up with Japan's
Mitsubishi Motors Corporation and Germany's Volkswagen AG,
Business Times reports.

Proton Managing Director Syed Zainal Abidin Syed Mohamad, who
earlier commented that his Company would announce an alliance
with a Chinese automaker this week, told the Business Times it
would not be so soon.  He added that final negotiations will be
concluded next month.  He also stressed that Proton's new
partner will not necessarily be Chinese.

Mr. Syed Zainal previously said that Proton is looking at
tapping the huge markets in China and India.  It has been
talking to parties in both countries about the possibility of
collaborating to make and distribute vehicles.

Meanwhile, The Star Online speculated that one of the potential
Chinese partners is JinHua Young Man Group Co., a company
specializing in high-end coaches.  Top Proton management
reportedly visited JinHua's headquarters in the eastern Chinese
province of Zhejiang in January.

Another name touted is Cherry Auto Co.

Proton's previous attempts at penetrating the Chinese market,
through a tie-up with Goldstar Heavy Industrial Co., were
fruitless due mainly to government red tape.

Proton, which has been losing money and seeing its domestic
market share shrink, entered an alliance with former partner
Mitsubishi in February.

Mitsubishi, which had been a major partner of Proton's since the
latter's inception in 1983, sold its stake in the company in
2004.  Under the new joint venture, Mitsubishi holds no shares
but is merely a technical partner and will help Proton produce
new cars.

Proton, which had hoped to forge a key alliance with Volkswagen,
had to settle for cooperation on a smaller scale after
negotiations broke down in January due to a dispute over equity
holdings.  The German carmaker had wanted a controlling stake in
Proton but national interest overruled it.  Both parties will
now work on specific projects such as supplying products and
components from Volkswagen.

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


PROTON HOLDINGS: Car Prices to Fall With New Policy
---------------------------------------------------
The prices of cars made by Proton Holdings Berhad is expected to
fall following cuts in import duty for cares manufactured in the
region, Dow Jones reveals, citing Malaysian Prime Minister
Abdullah Ahmad Badawi.

The Government on Tuesday slashed the import duty for vehicles
made in member countries of the Association of Southeast Asian
Nations, or Asean, to 5% from 15%.

Minister Abdullah also said Proton won't be hurt by the
country's national auto policy, which includes cuts in import
duty and excise duty for cars made in other Asean member
countries, saying the Company has indicated its it willing to
comply with national auto policy to compete with its rivals in
the auto industry.

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


SBBS CONSORTIUM: Wind-up Petition Hearing Moved to May 10
---------------------------------------------------------
The winding-up proceeding instituted by Alliance Bank Malaysia
Berhad against SBBS Consortium Berhad, which was fixed for
hearing on March2 22, 2006, has been adjourned to May 10, 2006.

A winding up petition was served on the Company on May 17, 2005,
by Alliance Bank for failing to pay its MYR860,718.75-debt to
the Bank.

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


TELEKOM MALAYSIA: Shares Issued Pursuant to Employees' Scheme
-------------------------------------------------------------
Telekom Malaysia Berhad's additional 130,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Share Option
Scheme will be granted listing and quotation with today, March
24, 2006.

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.


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

LAFAYETTE MINING: Gets AU$41.8 Mln Funding to Resume Operations
---------------------------------------------------------------
Lafayette Philippines Incorporated, a local unit of Australian
firm Lafayette Mining limited, has secured AU$41.8 million from
investors to resume normal operations, as well as a new
management team and base metal commissioning at its mine in
Rapu-Rapu, Albay, Dow Jones relates.

ABN AMRO Morgans will buy AU$11 million worth of shares from
LPI, and has allotted AU$5.5 million for placement with an
unknown overseas firm, pending LPI shareholder approval.  
AuSelect agreed to invest AU$5 million into the Company, Lion
Manager will invest AU$2 million, LPI's joint venture partners
LGI and KORES will place AU$6.7 million in subordinated debt,
while the remaining AU$10 million will be sourced from the
Company's banking syndicate in Rapu-Rapu.

LPI released a statement indicating that investment banker David
Baker, who facilitated the funding for the Company, would
replace Andrew McIlwain as managing director.  Mr. McIlwain
resigned as manager of LPI on March 23, 2006.  According to the
statement, the funding would "provide a financial buffer for the
Company's base metal commissioning," which has already started
and is slated to produce its first output next month.

                           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,
through Lafayette Mining Philippines, Inc.

The Department of Environment and Natural Resources' former
secretary, Mike Defensor, closed Lafayette Philippines 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.

Troubled Company Reporter reported on March 17, 2006, that the
President formed a fact-finding body headed by Sorsogon Bishop
Arturo Bastes, to investigate the Company's mine tailing spills.


MANILA ELECTRIC: May Increase Power Rates to Service Obligations
----------------------------------------------------------------
Manila Electric Company may have to raise its customer rates
after its sister firm, First Gas Power Corporation, and parent
First Gen Corporation agreed to settle a PHP7.5 billion claim,
The Manila Times says.

First Gen disclosed to the Philippine Stock Exchange that it
would pay the amount to a consortium operating a natural gas-to-
power project in Malampaya, comprising Chevron Texaco, the
Philippine National Oil Co.-Exploration Corporation, for natural
gas produced from 2002 and 2003, which FGPC failed to consume
due to overcapacity in the Luzon power grid.  FGCP's gas
purchase agreement with the consortium includes a take-or-pay
provision, which means that it would have for gas produced even
if it did not consume it.  

Since Meralco gets majority of its power from First Gen's power
plants, the Company has a power purchase agreement with a pass-
through provision for fuel payments, meaning any obligations of
FGPC and First Gen are passed on to Meralco on a back-to-back
basis.  The Times reports that FGPC had already paid PHP680.16
million of the PHP7.5 billion debt, which is slated to be paid
in full by December 26, 2009.

                      About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

Meralco started to incur huge losses in 2003 on reduced power
sales and a decline in residential power consumption due to
rising power costs.  In 2004, the Energy Regulatory Commission
ordered the power utility firm to refund some PHP90 million to
its customers for overbillings.  On June 2, 2004, Meralco
adopted a 13.27-centavo power rate hike, which was approved by
the Energy Regulatory Commission, to offset its losses.  
However, the rate hike was nullified by the Supreme Court in
February 2006.  Troubled Company Reporter - Asia Pacific
reported on March 14, 2006, that the Company had planned to
reduce its rates by 82 centavos per kilowatt-hour this month,
due to higher dispatch levels from its independent power
producers.


NATIONAL FOOD: Delays PHP1.6-Bln Project to Seek Private Aid
------------------------------------------------------------
The National Food Authority is postponing a planned PHP1.6
billion post-harvest infrastructure project to allow the private
sector to lead the project, which is meant to support increased
rice output, The Manila Bulletin reports.

Citing NFA administrator Gregorio Tan Jr., the Bulletin reports
that the NFA is awaiting government incentives to attract
investments from the private sector.  Mr. Tan said that the NFA
stopped purchasing more equipment and renewing old warehouses,
and it had bought several rice mills to improve the quality of
NFA rice to be distributed.  The Department of Agriculture aims
to increase rice production by 3.4% to 15.1 million metric tons
from 14.6 million metric tons, due to the La Nina phenomenon
that would bring excess rain despite the summer season.

With increased rice production, the NFA hopes to reduce its rice
imports, though the rice interagency committee needs to verify
whether a reduction is possible.  At present, the Philippines
has imported 835,000 metric tons of rice, and the NFA estimates
that it still needs to import up to 1 million tons of rice for
consumption.

The private sector has a March 31, 2006, deadline to pay an
advanced tariff for 350,000 metric tons of rice allocated for
its consumption, while it has up to May 31, 2006, to import a
remaining 138,000 metric tons of rice.

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.

On March 13, 2006, Troubled Company Reporter - Asia Pacific
reported that the Company is slated to post a loss of PHP8
billion this year.


NATIONAL POWER: Consumer Groups Seeks Same Power Rate as Meralco
----------------------------------------------------------------
A Northern Luzon-based consumer group asked the National Power
Corporation to charge rates similar to that of the Independent
Power Producers of the Manila Electric Company, so that
provincial consumers' burdens from rising power costs could be
eased, the Philippine Inquirer says.

According to the Timpuyog Mannalon Amianan, Meralco reduced its
power rates by PHP0.08 per kilowatt-hour after it increased its
electricity purchase from its independent power producers and
reduced its off-take from Napocor.  Meralco said the rise in
volume from its IPPS lowered generation costs.

The Inquirer cites the Timpuyog group as saying that Napocor's
higher power generation rates could lead to "the slow growth of
industries in the countryside."  The group added that since
Napocor's generators are older, it would stand to follow that
its generation rates would also be lower, than if more recent
generators were used.


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

ALLIANCE TECHNOLOGY: Court Extends Judicial Management Order
------------------------------------------------------------
The Judicial Managers of Alliance Technology and Development
Limited advised that the High Court of Singapore has entered an
order extending their judicial management to January 31, 2007.

Incorporated as a private limited company on July 28, 1972,
Alliance Technology and Development Limited acquired public
status on April 15, 1978.  Following several acquisitions and
the sale of the property known as Ambassador Hotel during 1982,
the Company changed its principal activities to that of an
investment holding company.  It also provides management
services to its subsidiaries and associate companies.  In April
1991, it took its present name.  At present, the Company is
under judicial management.


CHANNEL GROUP: Wind-Up Petition Hearing Set Today
-------------------------------------------------
An application for hearing on the wind-up order against Channel
Group Private Limited has been filed with the Singapore High
Court and is fixed for hearing today.

Contact: Colin Ng & Partners
         Solicitors
         50 Raffles Place
         #29-00 Singapore Land Tower
         Singapore 048623


GHIM PENG: To Hold Meeting on April 7
-------------------------------------
A contributors' and creditors' meeting will be convened for
Ghim Peng Hotel Private Limited on April 7, 2006, at 10:00 a.m.
and 10:30 a.m. respectively at:

          18 Cross Street #08-01
          Marsh & McLennan Centre
          Singapore 048423

The meeting will discuss the approval of the liquidators' fees
and to propose dividends in favor of creditors and any other
business.

Contact: Chee Yoh Chuang
         Lim Lee Meng
         Liquidators
         c/o RSM Chio Lim
         18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


SPECTRUM INFOCOM: Wind-Up Hearing Slated for March 31
-----------------------------------------------------
A petition to wind up Spectrum Infocom International Private
Limited has been filed with the High Court of Singapore on
March 9, 2006, by Inaccess Systems Private Limited.

The petition is fixed for hearing with the High Court on
March 31, at 10:00 a.m.

Any creditor or contributory of the Company desiring to support
or oppose the Petition may appear at the time of the hearing.

Contact: Wong Thomas & Leong
         Solicitors for the Petitioner
         No. 5 Shenton Way, #26-05/07
         UIC Building, Singapore 068808


STARTECH ELECTRONICS: Finalizes Maybank Debt Repayment Terms
------------------------------------------------------------
The Directors of Startech Electronics Limited advised that the
maximum number of Rights Shares to be issued under the Proposed
Rights Issue have been revised to 595,576,664 Rights Shares,
assuming that:

   (i) 94,502,371 outstanding warrants issued by the Company
       under the deed poll dated May 17, 2004, are exercised and
       all new Shares have been issued pursuant to that exercise
       by the Books Closure Date;

  (ii) 1,000,000 new Shares and 1,000,000 Warrants 2004 are
       issued and allotted to PricewaterhouseCoopers pursuant to
       the capitalization of the outstanding amount due to PwC
       for professional services rendered to the Company in 2003
       (PWC Fee Capitalization) by the Books Closure Date; and

(iii) 1,000,000 Warrants 2004, which were issued to PwC as per
       item (ii) are exercised and all new Shares have been
       issued pursuant to such exercise by the Books Closure
       Date.

Accordingly, the terms of the Proposed Rights Issue will be as:

The proposed renounceable non-underwritten rights issue of
between a minimum of 402,571,922 and a maximum of 595,576,664
Rights Shares at an issue price of SGD0.01 for each Rights Share
on the basis of two Rights Shares for every one existing Share
held by Shareholders as at the Books Closure Date, fractional
entitlements to be disregarded.

              Proposed Debt Restructuring Exercise

The Company has provided a corporate guarantee for an
outstanding amount of approximately SGD7.39 million as at
February 28, 2006, owed to Malayan Banking Berhad under the
revolving credit facility granted by Maybank to the Company's
subsidiary, Startech Manufacturing Private Limited.  

As previously stated on December 30, 2005, Startech
Manufacturing has been voluntarily liquidated as it was unable
to continue its business by reason of its liabilities.  

To fulfill its obligations under this corporate guarantee, the
Directors advised that the Company has finalized the broad terms
with Maybank to restructure the repayment of the Outstanding
Amount.

The proposed debt restructuring exercise in relation to the
Maybank-SMPL Facility comprises:

   (a) The Maybank Debt-Equity Swap;

   (b) The Interested Person Transaction;

   (c) The Proposed Rights Issue;

   (d) The Grant of Investors Call Options and the Option Shares
       Issue

   (e) The Maybank Whitewash Resolution; and

   (f) The Maybank Swap Shares Options.

The objectives of the Proposed Debt Restructuring Exercise are:

   (a) To preserve the listing status of the Company;

   (b) To, over time, enable Maybank to receive full settlement
       of the Outstanding Amount owing by the Company.  Maybank
       will not likely recover any substantial portion of the
       Outstanding Amount in the event Company goes into
       liquidation or judicial management; and

   (c) To restructure the repayment of the outstanding amount to
       lighten the Group's debt burden.  The Company can then
       focus on the business restructuring and injection of new
       businesses, which may, in turn, result in a higher share
       price and consequently, benefit the Shareholders and
       Maybank.

A full-text copy of the amendments to the proposed rights issue,
proposed debt restructuring exercise and proposed capital
reduction exercise is available free of charge at:
   
   http://bankrupt.com/misc/StartechDebtRestructuring032106.pdf

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

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


STARTECH ELECTRONICS: Unveils Auditor's Report
----------------------------------------------
The Board of Directors of Startech Electronics Limited advised
that the Company's external auditors, BDO Raffles, has issued
its report on its consolidated financial statements for the year
ended December 31, 2005.

In their report, BDO Raffles has highlighted the basis of the
Company's financial statements preparation and presentation in
that it has adopted the going concern basis despite its negative
working capital and shareholders' deficit position.

In completing the consolidated financial statements of the
Group, the Board has considered the developments and the state
and progress of its debt and equity restructuring exercise
achieved up to the date these financial statements were approved
by the Board for issue.

The Board believes that the Company and the Group would be able
to continue to operate as a going-concern given the steps taken
and the progress achieved to date, to restructure its
liabilities and to raise funds from its rights issue.

The Board is of the view that if the going concern basis is not
used as a basis for its financial statements preparation, non-
current assets and liabilities currently included in the
consolidated financial statements would have to be reclassified
as current assets and liabilities, respectively.  The
consolidated financial statements do not include any of these
reclassification adjustments, as they do not have a material
impact on the financial statements as presented.

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

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


TRIBO S.E.A. PRIVATE: Concludes Dividend Distribution
-----------------------------------------------------
Tribo S.E.A. Private Limited distributed a first and final
dividend on March 23, 2006, at the office of its liquidator, Don
M. Ho.

Contact: c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02 & 03
         Singapore 049705
         Telephone: 6532 0320 (8 lines)
         Fax: 6532 0331


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

DAIDOMON GROUP: Asked to Submit Rehab Plan to Official Receiver
---------------------------------------------------------------
On September 30, 2005, the Central Bankruptcy Court ordered
for the rehabilitation of Daidomon Group Public Company
Limited's business and appointed the Company to act as planner.

The Company as a planner, along with the official receiver, is
currently in the process of examining applications for debt
repayment to creditors.

The Central Bankruptcy Court allowed the Company as Planner to
submit a business rehabilitation plan to the official receiver
not later than April 21, 2006.

Headquartered in Bangkok, Thailand, Daidomon Group Public Co.
Limited -- http://www.daidomon.co.th/-- operates barbecue and
Japanese food restaurants under the brand name of Daidomon.  The
Group's products include barbecue, dessert and drinks, and
bottled sauce.  The Company is currently undergoing
rehabilitation.


THAI AIRWAYS: Projects Profit Increase in Second Quarter
--------------------------------------------------------
Thai Airways International Public Company Limited eyes an
increase in profit in the second quarter of this year, Bangkok
Post reports.

The Company expects second quarter profit to reach above the
previous quarter's THB3.8 billion mark, for the present
political crisis has yet to hurt business.

According to Thai Airways acting president, Somchainuk
Engtrakul, the cabin factor in the first three months of this
year is still good, but gave no specific forecast.

The passenger load factor since January averaged to about 76.3%,
and the trend was on the rise.

Headquartered in Bangkok, Thailand, Thai Airways International
Public Company Limited -- http://www.thaiairways.com/-- is
engaged in the operation of domestic and international air
transportation service.  This includes support services such as
freight forwarding, warehousing, on-line ticketing, hotel and
restaurant operations, fuel storage and filling for aircraft at
the airport Air catering and fuel pipeline transportation.  The
Group also provides services in other type of transportation in
connection with the information technology services, distributes
computer services, flight reservation and other travel-related
services.  The company underwent a major business restructuring
last year after it plunged to a loss of THB4.78 billion in the
April-June period, canceling or reducing flights to unprofitable
routes, and adding more high-yield routes.  It also implemented
a more proactive marketing strategy with a focus on corporate
customers, in a bid to improve its passenger yield.


TONGKAH HARBOUR: Unveils Resolutions Passed at Board Meeting
------------------------------------------------------------
At the meeting of Tongkah Harbour Public Company Limited's board
of directors, the shareholders and investors passed a resolution
to appoint Somsak Potisat as Independent Director and Audit
Committee Member, replacing Tiwa Sukumoljantra, effective as of
March 22, 2006.

The Company's Audit Committee now consists of three members:

   Kriang Kietfuengfoo -- Independent Director and Chairman of
                          Audit Committee

   Arida Vidhyananda -- Independent Director and Audit Committee
                        Member

   Somsak Potisat -- Independent Director and Audit Committee
                     Member

The Board recommends to the appointment of Nopadol Mantajit as
Independent Director, replacing Sunthorn Choorak who retired by
rotation.

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co/-- is primarily
engaged in mining operations.  The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.  The
Company is placed under the Rehabco Sector of the Stock Exchange
of Thailand and is currently rehabilitating its business.


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

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

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

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

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

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

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

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





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***