TCRAP_Public/060328.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Tuesday, March 28, 2006, Vol. 9, No. 062  


                            Headlines

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

A.C.N. 068 337 020 PTY: Decides to Wind Up Operations
AIR NEW ZEALAND: Will Run Extra Flights and New Routes
ALWAYS GLASS: To Hold Final Meeting Today
ARISTOCRAT LEISURE: S&P Puts BB+ Rating on CreditWatch Positive
AUTO GROUP SPRINGWOOD: Names Official Receivers

AWB LIMITED: Cole Inquiry Finds Rejected Apology Document
AWB LIMITED: Subsidiary to Separate From AWB Due to Scandal
AWB LIMITED: Minister Downer Defends Himself Against Allegations
BENHEM ENTERPRISES: Members Opt for Wind-up
BOLDLINE HOLDINGS: Prepares to Pay Preferential Dividend

BOOKBUSTERS PTY: Inability to Pay Debts Prompts Wind-up
CHEZZAN PTY: Creditors' Claims Due on March 31
DR RV BARTOS: Liquidator to Distribute Assets
EVANS & TATE: Seeks Buyer for Oakridge Winery
EVANS & TATE: Says No to Wine Oversupply

GER PTY: Appoints M. J. Fitzpatrick as Liquidator
HOLLJAI TRANSPORT: Schedules Final Meeting Today
INOVATECH PTY: Creditors Agree on Voluntary Liquidation
KEN & JOY SCROOP: Winds Up Business
MANONGROVE PTY: To Distribute First and Final Dividend

MAYCRAFT PTY: Members and Creditors to Receive Wind-up Details
QANTAS AIRWAYS: Jetstar Begins New South Australia Flights
PIGGOTT NOMINEES: To Declare Dividend
RIMSLOW PTY: Wind-up Process Initiated
SAFETYPLAY SURFACES: Supreme Court Issues Wind-up Order

SENATOR SECURITY: Creditors Decide to Close Shop
SUPERFINISH AUTO: Liquidator to Present Wind-up Report
TARANGA PTY: Receiver Steps Aside
WESTPOINT GROUP: Financial Planners Face Separate FPA Probe


C H I N A   &   H O N G   K O N G

BRIGHT CONTAINER: Winding Up Process Commenced
BANK OF CHINA: Mulls HK$6-Bln Kong IPO in June
CANDU CONSTRUCTION: Receives Winding Up Petition
EASY WAY: Faces Wind-up Proceedings
GALEXY HOLDINGS: Court Issue Wind-Up Order

HONG HANG: Winding Up Hearing Slated for April 12
HANG HEUNG: Faces Liquidation Proceedings
KINGSWAY ENGINEERING: To Declare Dividend on March 30
KO SHI: Court to Hear Wind-up Application
RINOL ASIA: Creditors' Meeting Slated for April 6

RINOL CHINA: Creditors' Meeting Fixed on April 6
SEA BOND: Creditors' Claims Due on April 8
LEE HING: Commences Winding Up Process
SUNSHINE BUILDING: Begins Wind-up Process
YEE WOO: Set to Close Business


I N D I A

ANDHRA CEMENTS: Board Meeting Fixed on March 30
BARODA RAYON: To Go Under BIFR's Knife
GENERAL MOTORS INDIA: Chevrolet Aveo Hits the Road
JK COTTON: BIFR to Hear Workers' Woes Today
PUNJAB LEASING: Reserve Bank Cancels Certificate of Registration


I N D O N E S I A

GARUDA INDONESIA: To Increase Passenger Capacity
LIPPO KARAWACI: Fitch Assigns 'B+' Issuer Default Ratings


J A P A N

JAPAN AIRLINES: FTC Orders JAL to Stop Posting Misleading Ads
KANEBO LIMITED: Ex-execs Imprisoned for Faking Accounts
MITSUBISHI MOTORS: Buys Stake in Chinese Co to Make & Sell Cars
PIONEER CORPORATION: Launches Products Geared for Indian Market


K O R E A

KOREA EXCHANGE: S&P Places BBB/A-2 Credit Ratings on CreditWatch
LG CARD: Hana Financial Turns Eye from Korea Exchange to LG Card
LG CARD: Preliminary Bids for Stake Due Mid April


M A L A Y S I A

AFFIN HOLDINGS: To Pay Dividend on June 8
APEX EQUITY: Buys Back 14,000 Shares for MYR6,268
AYER HITAM: Appeals Regulator's Decision to Reject Rehab Plan
JIN LIN: Seeks Extension of Restraining Order
KIG GLASS: Court Allows 3-month Stay of Wind-up Order

LANKHORST BERHAD: Bourse to Hear Delisting Appeal on April 3
MALAYSIA AIRLINES: Finds 50 Loopholes in System
METROPLEX BERHAD: Court Adjourns Wind-up Hearing to April 21
PAN MALAYSIA: Repurchases 50,000 Shares for MYR20,769
POLYMATE HOLDINGS: Request for Late Filing of Reports Snubbed

PROTON HOLDINGS: Opts to Slash Price by up to 5%
SOUTHERN BANK: Moody's Affirms D- Bank Financial Strength Rating
TECHVENTURE BERHAD: Court Extends Restraining Order for 180 Days
TELEKOM MALAYSIA: Mulls Listing of Overseas Investment Unit


P H I L I P P I N E S

ABS-CBN BROADCASTING: Willing to Settle Stampede Case
LAFAYETTE MINING: Not Yet Allowed to Resume Operations
MANILA ELECTRIC: Appoints Independent Director
NATIONAL POWER: SC Halts Power Supply to Local Network
* Delays in Power Asset Sale May Affect Credit Rating


S I N G A P O R E

CHUAN & COMPANY: Creditors to Meet on April 7
DAEWOO SINGAPORE: Creditors Meeting Slated for Next Week
ELEXT PCB MANUFACTURING: Concludes Dividend Distribution
HESHE HOLDINGS: Requests Trading Halt
LIAN HWA: Proofs of Claim Due April 24

M & V HOLDING (S): Placed in Creditors' Voluntary Liquidation
SMT GLOBAL: Picks Gui Kim Young & Company Liquidators


T H A I L A N D

ABICO HOLDINGS: Posts THB780 Million Increase in Net Profit
ADVANCE PAINT: Explains Loss despite Higher Revenues
ASIA HOTEL: In Deficit Despite 2005 Profit Increase
BUMRUNGRAD HOSPITAL: Liquidity Problems Shadow Profit Increase
THAI NAM: Suspends Capital Increase Subscription Date

BOND PRICING: For the Week 27 March to 31 March 2006

     - - - - - - - -

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

A.C.N. 068 337 020 PTY: Decides to Wind Up Operations
-----------------------------------------------------
On February 20, 2006, the members of A.C.N. 068 337 020 Pty
Limited held an extraordinary general meeting and agreed that it
is in the Company's best interests to close its operations.

Michael Stephen Hawkins Royal was then appointed as liquidator.

Contact: Michael S. H. Royal
         Liquidator
         Business Improvement and Restructuring Services
         Suite 5A, 19-21 Central Road
         Miranda, New South Wales 2228
         Australia
         Telephone: (02) 9531 8365
         Fax: (02) 9531 8367


AIR NEW ZEALAND: Will Run Extra Flights and New Routes
------------------------------------------------------
Due to public demand, Air New Zealand is expanding its direct
service between Wellington and Whangarei next month, Radio New
Zealand says.

The Company's link airline, Eagle Air, currently runs morning
and evening flights between the two cities.  Eagle Air General
Manager Doug Roberts says that more business travelers are using
the service, so extra flights will be added to the schedule.

Eagle Air has also increased services to Kaitaia and Kerikeri in
the last year, in response to demand.

Moreover, Air New Zealand is also introducing two new domestic
routes out of Nelson, from the end of April.  The services will
fly out of Nelson to Palmerston North and Hamilton on weekdays
and Sundays.

Air New Zealand believes that the extra routes are a result of
the growing business market at the top of the South Island.

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.  In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes.  It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.


ALWAYS GLASS: To Hold Final Meeting Today
-----------------------------------------
A final meeting of the members and creditors of Always Glass Pty
Limited will convene to receive Liquidator R. G. Tolcher's final
account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held today, March 28, 2006.

Contact: R. G. Tolcher
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302
         Australia


ARISTOCRAT LEISURE: S&P Puts BB+ Rating on CreditWatch Positive
---------------------------------------------------------------
Standard & Poor's Rating Services placed its 'BB+' long-term
corporate credit rating on Aristocrat Leisure Ltd. on
CreditWatch with positive implications, reflecting the company's
improved business and financial profile in the past 18 months.

"Importantly, Aristocrat has performed well in all its key
markets of Australia, North America, and Japan, and has good
prospects in developing gaming markets such as Macau," said
credit analyst Peter Sikora, Corporate & Infrastructure Finance
Ratings group.

"The strength and diversity of these operations, which also
benefit from Aristocrat's good product range and strong track
record of game development, underpin Aristocrat's sound and more
sustainable financial profile.  Management's commitment to
maintain conservative financial-policy parameters should ensure
strong cash flow-protection measures.  In addition, any upward
rating movement would factor in an expectation of Aristocrat's
effective management of a range of contingent litigation-related
liabilities."

Resolution of the CreditWatch is anticipated following
completion of Standard & Poor's rating review.  If the rating
were to be raised, it would be limited to a one-notch upgrade to
'BBB-'.


AUTO GROUP SPRINGWOOD: Names Official Receivers
-----------------------------------------------
On February 10, 2006, Andrew John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as receivers and managers
of all assets and undertakings of Auto Group Springwood 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


AWB LIMITED: Cole Inquiry Finds Rejected Apology Document
---------------------------------------------------------
After a scandal on AWB Limited's payment of almost AU$300
million in kickbacks to then Iraqi president Saddam Hussein's
regime erupted last year, the wheat exporter hired a United
States-based corporate crisis expert to draft an apology, The
Sunday Times reports.

According to the Australian Associated Press, the Cole Inquiry
recently found out that AWB tapped crisis expert Peter Sandman,
who drew up an apology in December 2005 to the Australian
people.  In the draft apology, AWB owned up to its shady
dealings in Iraq.

However, The Herald Sun relates, the Company's former managing
director Andrew Lindberg, and the Board junked the apology plan,
deciding to go to the Cole Commission instead and profess
ignorance and innocence.

AWB's secretary, Richard Fuller, said that Mr. Sandman had a
thesis to over-apologize for things that had happened, and go
further than was necessary, which was in the interests of the
corporation to do.  Mr. Fuller added that the purpose of the
apology document -- which AWB lawyers managed to keep secret
until March 26, 2006, on the basis of arguments of legal
professional privilege -- was to think about how to deal with
the reputational damage it had sustained.

The Herald Sun says that Mr. Lindberg, who has since resigned,
has already told the Cole Commission that he had no knowledge of
the Iraqi kickbacks or of the sham Jordanian trucking company,
Alia, used to funnel the illegal payments to Saddam's regime.

Mr. Lindberg is expected to be recalled to the Cole Inquiry.

                           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.


AWB LIMITED: Subsidiary to Separate From AWB Due to Scandal
-----------------------------------------------------------
AWB Limited could lose millions of dollars in revenue it earns
from farmers for managing the export of Australian wheat under
internal plans being hatched, to try to hang on to the Company's
faltering grip on the wheat marketing system, The West
Australian reports.

According to the report, AWB International -- a non-profit
subsidiary with custody of the export monopoly -- is anticipated
to implement certain changes, which include slashing a AU$65
million base fee that it pays to its parent to manage the
national export pool regardless of the size of the harvest or
how sales are.  These changes result from criticisms that AWBI
has "too cosy a relationship" with its publicly listed parent.

The West Australian notes that AWB makes huge earnings from
bonuses paid by AWBI if it gets prices above an agreed
benchmark.  Last year, AWB reportedly got AU$36.3 million of
these bonuses.  Aside from these bonuses, AWB earns from AWBI
for several other services.

Chris Moffet, who is a director of both companies, confirmed
that changes are underway after a meeting of growers last week
in Morawa.  He revealed that there will be a refinement of the
separation of the two companies by the end of 2006.

Mr. Moffet also disclosed that AWBI would not be paying any of
the mounting legal costs AWB is accumulating from the scandal,
which has erupted over AWB's alleged payment of kickbacks to
Saddam Hussein's former regime in Iraq.

The West Australian recounts that AWB had, a month ago,
announced that its 2006 profits ear would be hit by an estimated
AU$16 million in costs by March 31 associated with the Cole
Inquiry into the kickbacks.  It had also said that some of those
costs, now likely to be higher because the inquiry has been
extended, could be shared with AWBI, meaning they would come out
of pool returns to growers.

                           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.


AWB LIMITED: Minister Downer Defends Himself Against Allegations
----------------------------------------------------------------
Foreign Affairs Minister Alexander Downer asserts that he did
nothing wrong when he initially refused to hand over
confidential cables to the United Nations investigator who
squealed on a kickback scandal involving AWB Limited, The Sydney
Morning Herald reports.

The Cole Inquiry into AWB's alleged kickbacks to Iraq has heard
that UN investigator Paul Volcker complained to Australian
diplomats that the Government was not cooperative and was
"beyond reticent, even forbidding" when first approached for
information in late 2004.  It has also heard that Mr. Downer
tried to block UN investigators from interviewing key government
witnesses about the scandal.

According to the Sydney Herald, Mr. Downer attested that Mr.
Volcker wanted access to classified intelligence information,
which the Department of Foreign Affairs and Trade was not at
first prepared to give him.  The Minister defended that the
DFAT's initial view was to protect classified material from
foreign citizens.

Australian Prime Minister John Howard also defended Mr. Downer,
saying that the Government could not just hand over classified
intelligence to other countries.

Earlier this month, according to the report, Mr. Howard said he
had been made aware early last year of Mr. Volcker's complaint
on the level of cooperation, but he implied that Mr. Volcker's
concerns only pertains to AWB and not to the Government or DFAT.

The Troubled Company Reporter - Asia Pacific reported on
March 22, 2006, that a senior Foreign Affairs official revealed
that eight years ago, she had prepared a ministerial submission
for Minister Downer and Trade Minister Mark Vaile -- now Deputy
Prime Minister -- detailing that a Jordanian trucking firm hired
by AWB might have funneled money to then Iraqi President Saddam
Hussein's regime in breach of UN sanctions.

Moreover, the Cole Commission also found out that cables were
sent to the ministers two years ago warning them that every
contract under the UN's oil-for-food program contained bribes.  
Despite the warning, the DFAT did not carry out any rigorous
review.

                           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.


BENHEM ENTERPRISES: Members Opt for Wind-up
-------------------------------------------
Members of Benhem Enterprises Pty Limited held a meeting on
February 20, 2006, and agreed to close the Company's operations.

Ross Doherty was appointed as liquidator for the wind-up.

Contact: Ross Doherty
         Liquidator
         4 Surrey Place, Kareela
         New South Wales, 2232
         Australia
         Telephone: (02) 9521 3351
         Fax: (02) 9528 0216


BOLDLINE HOLDINGS: Prepares to Pay Preferential Dividend
--------------------------------------------------------
Boldline Holdings Pty Limited will declare a first preferential
dividend today, March 28, 2006.

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

Contact: K. A. Strickland
         Liquidator
         SimsPartners
         Level 12, 40 St. George's Terrace
         Perth, Western Australia 6000


BOOKBUSTERS PTY: Inability to Pay Debts Prompts Wind-up
-------------------------------------------------------
On February 21, 2006, Bookbusters Pty Limited determined that
due to its inability to pay its debts, a voluntary wind-up of
its business operations is appropriate and necessary.

Mitchell Ball was then appointed to oversee the Company's
liquidation activities.

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


CHEZZAN PTY: Creditors' Claims Due on March 31
----------------------------------------------
At a meeting of Chezzan Pty Limited on February 23, 2006,
members decided to wind up the Company's business voluntarily.

The Company's creditors must submit their proofs of claim to
Liquidator Richard Gell Mansell by March 31, 2006.

Contact: Richard G. Mansell
         Liquidator
         R. G. Mansell & Associates
         Level 3, 118 Queen Street
         Melbourne, Australia
         Telephone: 03 9603 0090
         Fax: 03 9603 0099


DR RV BARTOS: Liquidator to Distribute Assets
---------------------------------------------
After their general meeting on February 17, 2006, the members of
DR RV Bartos Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.

Mark Christopher Hall and Timothy James Clifton were named as
joint and several liquidators of the Company.

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


EVANS & TATE: Seeks Buyer for Oakridge Winery
---------------------------------------------
Evans & Tate Limited intends to sell its Oakridge Winery in
Yarra Valley, Victoria.

According to WA Business News, Evans & Tate said that it was
looking for parties to express interest in acquiring the
Oakridge Winery's operations as a going concern or in its
leasehold assets.

The Sydney Morning Herald explains that, originally purchased
for AU$3.6 million in 2001, Evans & Tate now leases the Oakridge
land, which it sold for AU$2.25 million in 2004.  The Company
wrote down goodwill in Oakridge by AU$4.1 million last financial
year.

Dow Jones Newswires relates that the sale is consistent with the
winemaker's turnaround strategy as it focuses on the high margin
premium wine segment of the Margaret River region.

Dow Jones quotes Evans & Tate chairman John Hopkins as saying
that the Company's "roots and competitive strengths are in the
premium wine sector," and that "while Oakridge wines are of
exceptional quality, its limited capacity does not fit the
company's strategy of competing in the domestic and
international markets."

The Sydney Morning Herald notes that Mr. Hopkins' statement is
in stark contrast to what former Evans & Tate head, Franklin
Tate, said in 2001, about the Oakridge winery enhancing the wine
group's access to new markets and fitting into the Company's
"long-term vision for growth".

The Sydney Herald says that it is unlikely for the Oakridge sale
to put a significant dent in the Company's AU$155 million debt,
given that the sale will only be for the Oakridge brand and
inventory.  

As reported in the Troubled Company Reporter - Asia Pacific on
March 15, 2006, Evans & Tate sold its Mildura winery to United  
Kingdom beverage group Neqtar for AU$22 million, which amount
will be used to repay debt.

                       About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.   

In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt.  A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited.  It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies."  Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank.  The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at discount, and
cut the carrying value of certain wineries.  In July 2005, Evans
& Tate has secured an additional AU$10 million in short-term
working capital from ANZ.  In January 2006, Evans & Tate
announced that it was selling off its Griffith Winery to boost
capital, but not without borrowing another AU$12 million.  The
Company is still seeking for buyers.  In February 2006, Evans &
Tate shed 20 jobs as part of a restructure that it said was
expected to result in cost savings of about AU$2.5 million a
year.


EVANS & TATE: Says No to Wine Oversupply
----------------------------------------
In its half-year report, Evans & Tate Limited had stated that it
made "commitments to purchase grapes in excess of its current
sales projections," the Sydney Morning Herald recounts.

However, the Sydney Herald relates, the debt-ridden winemaker
has underplayed concerns that it will face another major
oversupply of wine in its cellars this year, expressing hopes
that negotiations with grape suppliers will have a positive
outcome.

The Herald cites Evans & Tate chairman John Hopkins as giving
assurance that the Company is getting "closer and closer" to
supply balance.  Yet, Mr. Hopkins declined to confirm whether
the Company had renegotiated a AU$745,000-a-year grape supply
with the group's deposed executive chairman, Franklin Tate and
his wife, Heather.

Apart from the massive write-downs in its inventory late last
year, which helped it report AU$94 million in losses in the 18
months to December 31, Evans & Tate was forced to offload the 10
million liters of wine clogging its cellars at 35 cents a liter.

                       About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.   

In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt.  A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited.  It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies."  Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank.  The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at discount, and
cut the carrying value of certain wineries.  In July 2005, Evans
& Tate has secured an additional AU$10 million in short-term
working capital from ANZ.  In January 2006, Evans & Tate
announced that it was selling off its Griffith Winery to boost
capital, but not without borrowing another AU$12 million.  The
Company is still seeking for buyers.  In February 2006, Evans &
Tate shed 20 jobs as part of a restructure that it said was
expected to result in cost savings of about AU$2.5 million a
year.


GER PTY: Appoints M. J. Fitzpatrick as Liquidator
-------------------------------------------------
The members of GER Pty Limited held a meeting on February 20,
2006, and agreed to wind up the Company's operations.

M. J. Fitzpatrick was appointed to manage the Company's wind-up
activities.

Contact: M. J. Fitzpatrick
         Liquidator
         c/o KPMG
         Level 30, Central Plaza One
         345 Queen Street, Brisbane
         Queensland 4000
         Australia


HOLLJAI TRANSPORT: Schedules Final Meeting Today
------------------------------------------------
A final meeting of the members and creditors of Holljai
Transport Pty Limited will be held today, March 28, 2006.

At the meeting, liquidator Daniel Cvitanovic 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: Daniel I. Cvitanovic
         Liquidator
         Level 1, 121-131 Crown Street
         Wollongong, New South Wales 2500
         Australia


INOVATECH PTY: Creditors Agree on Voluntary Liquidation
-------------------------------------------------------
On February 21, 2006, the creditors of Inovatech Pty Limited
resolved to wind up the Company's operations voluntarily.  They
named David Patrick Watson as Liquidator.

Contact: David P. Watson
         Liquidator
         e-mail:  dwatson@sydbri.bentleys.com.au
         Telephone: (02) 8221 8449


KEN & JOY SCROOP: Winds Up Business
-----------------------------------
At a general meeting on February 20, 2006, the members of Ken &
Joy Scroop Pty Limited decided to voluntarily wind up the
Company's operations.

Andrew Reginal Yeo and David Vasudevan were then appointed as
liquidators to oversee the wind-up.


MANONGROVE PTY: To Distribute First and Final Dividend
------------------------------------------------------
Manongrove Pty Limited will declare a first and final dividend
to creditors today, March 28, 2006, to the exclusion of its
creditors who were not able to prove their claims.

Contact: Gerald T. Collins
         Liquidator
         c/o Horwath BRI Brisbane
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


MAYCRAFT PTY: Members and Creditors to Receive Wind-up Details
--------------------------------------------------------------
The members and creditors of Maycraft Pty Limited will convene
today, March 28, 2006, to receive Liquidator David G. Young'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: David G. Young
         Liquidator
         Pitcher Partners Chartered Accountants
         Level 3, 60 Castlereagh Street
         Sydney, Australia


QANTAS AIRWAYS: Jetstar Begins New South Australia Flights
----------------------------------------------------------
Qantas Airways' low-cost carrier, Jetstar, has begun twice-
weekly flights between Adelaide and the Sunshine Coast to meet
increased demand, the Australian Associated Press relates.  The
flights began last week.

Moreover, Jetstar's chief executive officer, Alan Joyce, said
that the airline is set to launch twice-weekly flights from
Adelaide to Hamilton Island on March 29, 2006.

"With the start of direct flights from Adelaide, Jetstar now
offers 74 weekly flights directly to and from the Sunshine Coast
and is the only domestic airline to connect to the region
directly from three capital cities," the AAP said, quoting Mr.
Joyce.

Mr. Joyce believes that the Sunshine Coast region has high and
growing appeal for South Australians and the morning flight
schedule for Jetstar's new service is certain to attract
interest for leisure and business travelers."

Jetstar will further grow its Adelaide services in May with
twice-weekly flights direct to Darwin.

                         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.


PIGGOTT NOMINEES: To Declare Dividend
-------------------------------------
Piggott Nominees Pty Limited will declare its first and final
dividend today, March 28, 2006.

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

Contact: A. r. Yeo
         Liquidator
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia  


RIMSLOW PTY: Wind-up Process Initiated
--------------------------------------
After an extraordinary general meeting on February 22, 2006, the
members of Rimslow Pty Limited decided to wind up the Company's
operations.

A creditors' meeting was also held on the same day.
Subsequently, Adrian Lawrence Brown and Damian Templeton were
appointed as liquidators.

Contact: Adrian L. Brown
         Damian Templeton
         Joint Liquidators
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


SAFETYPLAY SURFACES: Supreme Court Issues Wind-up Order
-------------------------------------------------------
On February 23, 2006, the Supreme Court of New South Wales
ordered the winding up of Safetyplay Surfaces Australia Pty
Limited, and appointed Brian Hugh Allen as Liquidator.

Contact: Brian H. Allen
         Liquidator
         c/o Burton Glenn Allen Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay NSW 2089
         Telephone: (02) 9904 4644
         Fax: (02) 9904 9644


SENATOR SECURITY: Creditors Decide to Close Shop
------------------------------------------------
The creditors of Senator Security Services (Australasia) Pty
Limited convened on February 22, 2006, and concurred that the
Company should wind up its operations.

Roderick M. Sutherland was appointed as liquidator for the wind-
up.

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


SUPERFINISH AUTO: Liquidator to Present Wind-up Report
------------------------------------------------------
The final meeting of the members and creditors of Superfinish
Auto Repair Centre Pty Limited is scheduled today, March 28,
2006.

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 Liquidator P. Newman.

Contact: P. Newman
         Liquidator
         HLB Mann Judd Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000, Australia


TARANGA PTY: Receiver Steps Aside
---------------------------------
On February 14, 2006, Alexander Robert Mackay Macintosh ceased
to act as the receiver of Taranga Pty Limited.


WESTPOINT GROUP: Financial Planners Face Separate FPA Probe
-----------------------------------------------------------
The Financial Planning Association is now investigating
complaints against 23 financial advisers who used investors'
money in failed Westpoint schemes, The West Australian reports.

The financial advisers allegedly rejected claims that it has
been slow to respond to consumer and industry complaints over
the financial losses.  Moreover, big commissions were reportedly
paid to financial planners who recommended the high-risk
Westpoint investments to clients.

The FPA notes, however, that there is confusion about the extent
of involvement by its financial planners since many of the calls
it has received relate to complaints about unlicensed advisers
who are not FPA members.

The FPA states that it is assessing the issue, and ascertains
that if any of its members are found to have acted
unprofessionally, it will take necessary action.

The Troubled Company Reporter - Asia Pacific reported in  
February 2006 that Slater and Gordon, together with funding
group IMF, will conduct a class action on behalf of at least 150
people who invested in Westpoint Group's mezzanine companies.  
TCR-AP noted that the planned lawsuit is targeting financial
planners since there is little chance anything can be recovered
from Westpoint.

Slater and Gordon said that with 4,000 people losing a total of
more than AU$300 million, ordinary investors were lining up in
droves to take part in the lawsuit.  The sums people lost in
nine mezzanine schemes ranged from AU$50,000 to more than a
million dollars.

The Australian Securities and Investments Commission is also
conducting its own investigation on financial planners who
recommended Westpoint products to consumers.

FPA relates that its probe would focus on whether or not advice
given to Westpoint investors was appropriate for their
circumstances, irrespective of the commissions.

FPA members found to be in breach of professional standards face
fines of up to AU$20,000 and expulsion from the organization.

                         About Westpoint  
  
Headquartered in Perth, Western Australia, the Westpoint Group -
- http://westpoint.com.au/-- is engaged in property development  
and owns or manages retail and commercial properties with a
total value of over AU$300 million.  The Group's troubles began
in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group.  ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments.  These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.  
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years.  

The most recent development in the Westpoint battle is the wind-
up order issued by the Federal Court in Perth against Westpoint
Corporation Pty Ltd.  ASIC applied to wind up the company on
grounds of insolvency.  ASIC believes that Westpoint Corporation
is responsible for arranging, managing and coordinating
Westpoint Group's property projects as well as holding money for
other group companies.  ASIC was concerned that Westpoint
Corporation was unable to pay its debts, including its
obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors.  The Westpoint Group's collapse is
considered by many as the largest of its type in recent years,
with small investors being the biggest group affected.
  
Investors are currently joining forces to commence a class
action against Westpoint and its advisors.


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

BRIGHT CONTAINER: Winding Up Process Commenced
----------------------------------------------
Bright (Cant.-H.K.) Container Company Limited has received a
wind-up order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 15, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
February 17, 2006, Tam Kam Hung filed a petition to wind  
up the Company on December 15, 2005.

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


BANK OF CHINA: Mulls HK$6-Bln Kong IPO in June
----------------------------------------------
Bank of China is looking to raise HK$6 billion in an initial
public offering in Hong Kong on June 8, 2006, relates the
Shanghai Securities News, citing unidentified sources.  The
Bank, however, is still undecided when to issue mainland-listed
A shares.

The IPO will be conducted ahead of a planned Hong Kong listing
sometime in the first half of this year, the report says.

Bank of China's float plans have been postponed many times as
Beijing authorities fight over whether it should also seek a
domestic listing.

Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.  
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.  


CANDU CONSTRUCTION: Receives Winding Up Petition
------------------------------------------------
E Man Construction Company Limited on March 7, 2006, filed a
petition for the winding up of Candu Construction Company
Limited.

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

Any creditor or contributory wishing to support or oppose the
making of a wind-up order may appear at the time of hearing by
himself or his counsel.

Contact: Knight & Ho
         Solicitors for the Petitioner
         Rooms 2207 - 2210, 22nd Floor
         World-Wide House
         No. 19 Des Voeux Road Central
         Central, Hong Kong


EASY WAY: Faces Wind-up Proceedings
-----------------------------------
On March 6, 2006, Easy Way Interior Limited lodged a petition to
wind up its operations.

The High Court of Hong Kong will hear the Petition on May 3,
2006, at 9:30 a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than May 2, 2006.

Contact: William Sin & So
         Solicitors for the Petitioner
         Room 401, 4th Floor
         United Chinese Bank Building
         No. 31-37 Des Voeux Road Central
         Central, Hong Kong


GALEXY HOLDINGS: Court Issue Wind-Up Order
------------------------------------------
On March 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up Galexy Holdings Limited.

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


HONG HANG: Winding Up Hearing Slated for April 12
-------------------------------------------------
On February 13, 2006, the High Court of Hong Kong received an
application from Speed Success Investment Limited to wind up
Hong Hang Holdings Limited.

The High Court will hear the Petition on April 12, 2006, at 9:30
a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than April 11,
2006.

Contact: Messrs. M. L. Tam & Co.
         Solicitors for the Petitioner
         Unit B, 11th Floor
         Two Chinachem Plaza
         No. 135 dex Voeux Road Central
         Central, Hong Kong
         Telephone: 2111 0096
         Fax: 2111 0053


HANG HEUNG: Faces Liquidation Proceedings
-----------------------------------------
Choi Wai King on March 17, 2006, filed a winding up petition
against Hang Heung Cake Shop Company Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on May 17, 2006, at 9:30 a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than May 16, 2006.

Contact: Rowland Chow, Chan & Co.
         Solicitors for the Petitioner
         15th Floor, Wing Lung Bank Building
         No. 45 Dex Voeux Road Central
         Central, Hong Kong


KINGSWAY ENGINEERING: To Declare Dividend on March 30
-----------------------------------------------------
Kingsway Engineering Limited notifies parties-in-interest of an
intended dividend to be declared at the High Court of Hong Kong
Special Administrative Region.
  
Creditors are required to submit their proofs of claim by March
30, 2006, to:
  
         Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


KO SHI: Court to Hear Wind-up Application
-----------------------------------------
On April 19, 2006, the High Court of Hong Kong will hear an
application to wind up Ko Shi Engineering (Hong Kong) Limited.

The Petition was filed on February 17, 2006, by Ho Yau Kan of
Flat C, 31/F, Block 1, Prosperland House, Affluence Garden, Tuen
Mun, New Territories, Hong Kong.  

Any creditor or contributory interested to appear at the hearing
are required to inform:

          Betty Chan
          For Director of Legal Aid
          34th Floor, Hopewell Centre
          183 Queen's Road East, Wanchai
          Hong Kong


RINOL ASIA: Creditors' Meeting Slated for April 6
-------------------------------------------------
The creditors of Rinol Asia Pacific (Holdings) Limited will hold
a meeting on April 6, 2006, at 4:00 p.m., at 14th Floor, Hong
Kong Club Building, 3A Chater Road, in Central, Hong Kong.

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

Forms of proxies for the meeting must be lodged not later than
April 4, 2006, at the meeting location.


RINOL CHINA: Creditors' Meeting Fixed on April 6
------------------------------------------------
The creditors of Rinol China (Holdings) Limited will convene a
meeting on April 6, 2006.

A member or creditor may appoint a proxy to attend and vote at
the meeting.  

Proxy forms are available at the 14th Floor, Hong Kong Club
Building, 3A Chater Road, in Central, Hong Kong.


SEA BOND: Creditors' Claims Due on April 8
------------------------------------------
Creditors of Sea Bond Company Limited, whose claims have not
already been admitted, are required to submit their formal
proofs of claim by April 8, 2006, to Liquidators Ng Siu Chui and
Hsie Hui Yun, Lily.

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

Contact: Ng Siu Chui
         Hsie Hui Yun, Lily
         Joint and Several Liquidators         
         c/o Tricor Services Limited
         Level 28, Three Pacific Place
         1 Queen's Road East  
         Hong Kong


LEE HING: Commences Winding Up Process
--------------------------------------
Lee Hing Plastic Manufactory Limited has received a wind-up
order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on March 15, 2006.

The Troubled Company Reporter - Asia Pacific has reported
earlier that Wah Sun Hong Limited presented a petition for the
winding up of the Company on January 23, 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


SUNSHINE BUILDING: Begins Wind-up Process
-----------------------------------------  
On March 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released a wind-up
order pertaining to Sunshine Building Management Company
Limited.

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


YEE WOO: Set to Close Business
------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance on March 15, 2006, released an order for
the wind-up of Yee Woo Hing Hat Manufactory Company Limited.

As reported by the Troubled Company Reporter - Asia Pacific on
February 27, 2006, Cheung Ying Keung filed the petition with the
High Court of Hong Kong Special Administrative Region.

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


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

ANDHRA CEMENTS: Board Meeting Fixed on March 30
-----------------------------------------------
The Board of Directors of Andhra Cements Ltd will meet on
March 30, 2006, to consider the proposed issue and allotment of
new equity shares to its promoter and financial institutions on
conversion of loans and one-time settlement dues, respectively,
in terms of the Appellate Authority for Industrial and Financial
Reconstruction Order dated February 20, 2006.

Meanwhile, Troubled Company Reporter - Asia Pacific reported on
March 22, 2006, that Andhra's promoter, Gouri Prasad Goenka, is
looking to sell part of its stake in ailing Andhra Cements, as
part of the Company's turnaround program.  Mr. Goenka said that
he is in talks with potential bidders for his stake.  He further
clarified that the dilution of stake would be less than 15% so
that it does not attract the open offer guidelines of the
Securities and Exchange Board of India.

The proceeds from the stake sale will be used to develop the
Company's cement facility, which was only partly operational,
TCR-AP added.

Andhra Cements is still sick and is subject to rehabilitation.
The original promoter of the company handed over the reins to
Gouri Prasad Goenka in 1994 when the company was already under
the Board for Industrial and Financial Reconstruction.  The
company has been operating under the sanctioned rehabilitation
scheme of the BIFR dated June 16, 1994.  The Company is expected
to turn around by 2006-07.


BARODA RAYON: To Go Under BIFR's Knife
--------------------------------------
The Board for Industrial and Financial Reconstruction is
drafting an INR200-crore rehabilitation program for Baroda Rayon
Corporation, Business Standard reveals.

Baroda Rayon was declared sick by the BIFR on March 6, 2006, for
the its failure to turn its ailing business around.

Before running into financial troubles, Baroda Rayon was one of
the major players in the polyester-oriented yarn, nylon, nylon
tire cord and rayon segments.   But the Company eventually
plunged into losses for more than five years.

In the past few years, Baroda Rayon's Surat-Navsari facility was
temporarily restarted at least three times by both local and
foreign investors, but to no avail.

The BIFR will hear the Company's restructuring proposal on
May 22, 2006.  In this regard, the Company's shareholders and
employees are encouraged to voice out their concerns before
May 12.

Headquartered in Gujarat India, Baroda Rayon Corporation was
incorporated in 1958 as one of the major players in yarn and
nylon industry.  The Company expanded its operations into
polyester-oriented yarn in 1993-94, seeking loans from financial
institutions.  Last month, Baroda Rayon declared itself a "sick
unit" under the Board for Industrial and Financial
Reconstruction Act.
  

GENERAL MOTORS INDIA: Chevrolet Aveo Hits the Road
--------------------------------------------------
On March 26, 2006, General Motors India launched Chevrolet Aveo,
the first of three Chevrolet variants debuting in the first half
of the year, The Economic Times.

The Chevrolet Aveo will be joined by the Aveo U-VA and Optra SRV
in the coming months as part of the largest expansion of GM
India's vehicle line-up in the company's history.

According to GM India, the Chevrolet Aveo has been re-
engineered, based on extensive testing across the country to
meet the specific needs of our customers, as well as local
driving conditions and regulations.

"The result is class-leading performance and efficiency in an
affordable package.  It will be available in the 1.4 and 1.6
engine options," president & managing director of GM India,
Rajeev Chaba, said.

The Aveo is powered by 1.4-litre and 1.6-litre, 16-valve DOHC
petrol engines.  The car has the best-in-class fuel efficiency.  
It also has a hydraulic engine mount for a smooth, vibration-
free ride.

Its performance is enhanced by GM's variable geometry induction
system and 32-bit engine management system.

General Motors India -- http://www.gm.co.in/-- 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.


JK COTTON: BIFR to Hear Workers' Woes Today
-------------------------------------------
The Board for Industrial and Financial Reconstruction will today
listen to complaints filed by JK Cotton Spinning & Weaving Mills
Ltd workers against the Company's management, Business Standard
reveals.

The employees' union claims that the Company failed to comply
with BIFR orders under its revival package.

The Revival Scheme, which was approved by the BIFR in November
2002, provides that;

   -- the Labor Commissioner in Uttar Pradesh would resolve
      the standoff between the management and the workers
      within a month;

   -- the Company's management would reopen the mills in six
      months and the workers be redeployed in a phased manner;
      and

   -- the properties at Lakshman Bagh and the JK Rayon land in
      Kanpur and JK House at Barakhamba Road in New Delhi
      would be sold in two years.
  
As reported by the Troubled Company Reporter - Asia Pacific on
February 6, 2006, the Assistant Labor Commissioner has rejected
workers' claim of INR199.49 crore in back wages for the past 16
years that the factory has stopped operating.  This decision has
escalated the tension between the two parties.

It was also reported in May last year that the Uttar Pradesh
Government had relented on the sale of the disputed Lakshman
Bagh property by the JK management.  There have been no
developments on the matter since then.

Kanpur-based JK Cotton Spinning & Weaving Mills Ltd started its
operations way back in 1920s.  The Company, however, shut down
in 1989.  The Company was then referred to the Board for
Industrial and Financial Reconstruction in 1999.  Its
rehabilitation package has received BIFR approval but has made
no progress in the past years.


PUNJAB LEASING: Reserve Bank Cancels Certificate of Registration
----------------------------------------------------------------
The Reserve Bank of India has, on March 6, 2006, cancelled
Punjab Leasing Private Limited's certificate of registration
granted for carrying on the business of a non-banking financial
institution.

Following the cancellation of the registration certificate,
Punjab Leasing Private Limited can no longer transact the
business of a non-banking financial institution.

Contact: Reserve Bank of India
         Central Office, Post Box 406
         Mumbai 400001
         Phone: 2266 0502
         Fax: 2266 0358, 2270 3279
         e-mail: helpprd@rbi.org.in
         Web site: http://www.rbi.org.in/


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

GARUDA INDONESIA: To Increase Passenger Capacity
------------------------------------------------
Garuda Indonesia said that it would increase its passenger
capacity from Australia to Bali by almost a third starting in
April, with growth from most major ports including Sydney,
Melbourne, Adelaide and Perth.

The press statement, coming from Garuda Indonesia's Regional
Manager for South West Pacific, Suranto Yitnopawiro, follows an
earlier announcement from Jakarta that the Indonesian Government
has issued a letter of guarantee for the airline's cash flow.

Mr. Suranto disclosed earlier that Garuda would introduce its
latest aircraft to flights to and from Perth from March 26,
operating its new Boeing 737 New Generation airliners from
Perth-Denpasar-Jakarta while expanding its Airbus A330 schedules
from the other centers.

"We are planning very positively for a resurgence of interest in
Bali that is occurring worldwide and in Australia.  We have no
doubt whatsoever that Bali will ultimately resume its place as
Australia's Number One overseas holiday destination and, as this
happens, we want to ensure that we have the capacity in place to
meet the demand."

Garuda Indonesia's new schedules will see overall capacity rise
by 28 per cent from the levels introduced after October last
year.  A total of 22 flights a week will operate from Australia
-- including departures from Darwin and Auckland, which were not
reduced.

Specifically, the airline's press statement highlights these
information:

   (1) Sydney: Expansion of capacity by 50%, with two dedicated
       services for Sydney-Denpasar-Sydney per week (Saturday &
       Sunday), a flight shared with Brisbane on Monday and a
       fourth flight shared with Melbourne on Thursday

   (2) Melbourne: Resumption of Melbourne's dedicated, non-
       shared flight on a Sunday plus the introduction of a
       Thursday departure via Sydney to Bali.  These two moves
       will provide an overall increase in capacity of 25%, with
       four flights a week operating from Melbourne.

   (3) Perth: More than 30% additional capacity from the new 737
       800 NGs, which will initially be configured with 180 all
       economy seats, up 48 seats on the current 737-400s.  In
       addition to the capacity increase, the addition of
       Jakarta to Perth operations will open up new leisure and
       business markets.

   (4) Adelaide: Reintroduction of a second service to Bali from
       Adelaide, via Melbourne on a Friday while the Tuesday
       flight will become non-stop from Adelaide to Bali.  The
       inbound Friday service from Bali is non-stop to Adelaide.

The Indonesian Government's letter of credit agreed to by the
Indonesian House of Representatives Finance Commission, Finance
Minister Sri Mulyani and the State Minister of State Enterprises
Sugiharto, covers a US$150 million cash flow shortage for Garuda
Indonesia caused by issues such as reduced passenger numbers
from last October, increased global competition and rising costs
such as fuel.  

Mr. Suranto says Garuda Indonesia has been "greatly encouraged
by the loyalty Australians have shown to destinations in Bali
and Indonesia, and we are equipping ourselves to provide our
customers with top levels of comfort, safety, and value."   

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.  The carrier has been hard-hit by
plunging arrivals on the resort island of Bali, where tourists
have been killed in bomb attacks in 2002 and 2005.  It has also
suffered from soaring global oil prices, a weakening of the
Indonesian rupiah and rising interest rates.  At present, Garuda
is concentrating its efforts on repaying its debts with foreign
creditors under the European Credit Agency, which were due last
December 31, 2005.  Garuda management hopes to receive IDR520.4
billion in funds, promised by the Indonesian government, by
March 2006.  In March 2006, The Indonesian Government proposed
to infuse US$250 million for PT Garuda Indonesia's debt
restructuring, or set up a "special-purpose vehicle" in a bid to
pay the airline's debts totaling US$644 million.  Sugiharto, the
state-owned enterprises minister, said that if the second option
was agreed, the special-purpose vehicle would repay debt
principal and interest of US$80 million annually within a 10-
year period.  Mr. Sugiharto added that the financial sources
would be from the airline's leasing revenues of US$30 million a
year and Government's fund of US$50 million a year.  The carrier
posted a SGD46.5 billion net loss in January, versus a net loss
of IDR56.1 billion in the same period last year.  As of the end
of 2005, Garuda's debt totaled US$795 million.


LIPPO KARAWACI: Fitch Assigns 'B+' Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has assigned a long-term foreign currency and
local currency issuer default ratings of 'B+' to Indonesia-based
PT Lippo Karawaci Tbk.  The Outlook for the ratings is Stable.
Fitch has also assigned a rating of 'B+' and a Recovery Rating
of 'RR4' to the USD250 million unsecured floating-rate notes due
2011 issued by Lippo Karawaci Finance B.V. and guaranteed by PT
Lippo Karawaci Tbk.

PT Lippo Karawaci Tbk's ratings reflect its exposure to the
cyclical real estate businesses, which contribute to nearly two
thirds of the company's revenue and profits.  Fitch views
commercial property development (including retail malls), which
is the main driver of LK's recent and projected cashflows and
profits, to have a relatively high level of cyclicality and
close correlation to interest rate and economic cycles.  While
PT Lippo Karawaci Tbk's venture into retail mall development has
been highly profitable since it was launched in late 2002, Fitch
views that this track record is limited and has been entirely
within an up-cycle in the Indonesian economy.

PT Lippo Karawaci Tbk, which historically had focused solely on
developing the Lippo Karawaci township in suburban Jakarta,
merged with several other property-related companies in 2004,
thereby broadening its business mix.  This transaction increased
its recurring income, mainly from hotels and hospitals
businesses, which contributed 41% and 36% of total revenue and
EBITDA, respectively, in 2005.  However, the return on
investment in these sectors are currently at low levels with the
hotel business, in particular, suffering from low occupancy
rates of less than 60%, reflecting the high level of
overcapacity in the Indonesian hotel industry.

PT Lippo Karawaci Tbk's ratings are supported by its position as
one of the leading property developers in Indonesia with a
diversified revenue base and a marketing strategy that appears
to have been successful within the Indonesian environment.  The
company's approach of pre-selling retail malls to fund
construction costs has reduced its reliance on external
financing.  PT Lippo Karawaci Tbk derives some financial
flexibility from the large land bank inventory in the townships
that it has developed, although Fitch notes that the ability to
monetise land bank is usually constrained during periods of
stress.

The Company's financial leverage has evidenced an improving
trend.  Positive operating cash flow generation in 2005, along
with a rights issue of IDR918 billion, helped improve the Net
Debt/EBITDA ratio to 2.2x in 2005 from 5.4x in 2004.  Completion
of the USD250m notes issue in March 2006, of which USD170m is
expected to be used to refinance existing short-term debt, will
significantly improve LK's debt maturity profile without
negatively impacting the leverage ratios.

The stable outlook reflects Fitch's expectation that LK's will
continue to generate positive operating cash flows from its
current project pipeline thereby maintaining its existing
financial profile.  Poorer than expected sales from its planned
new launches, any material unplanned new investments or any
material financial support to related entities may result in a
negative rating action.  On the other hand, if the Company
manages to reduce its leverage and sustain the Net Debt/EBITDA
ratio below 2.0x through an economic and property cycle
downturn, a positive rating action may be taken.

PT Lippo Karawaci Tbk is the largest listed property Company in
Indonesia with revenue of IDR2,005bn, EBITDA of IDR623bn and a
net income of IDR359 billion in 2005.  Its major shareholders
are the Lippo Group companies (27.0%), China Resources
(Holdings) Co. Ltd. (15.4%) and CP Inlandsimmobilien-Holding
GmbH (7.8%), the investment banking real estate arm of Austrian
Raiffeisen Bank.  Apart from residential, commercial and
industrial property development, the Company also owns and
operates hotels and hospitals and provides infrastructure
management services in its townships.

                          *     *     *

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.  Moody's Investors Service assigned in February 2006
its (P)B2 foreign currency senior unsecured rating to Lippo
Karawaci Finance B.V.'s proposed USD180 million bond issuance,
which is guaranteed by PT Lippo Karawaci Tbk (LK).  The rating
outlook is positive, reflecting the positive outlook for
Indonesia's sovereign rating.  Moody's also assigned its (P)B1
local currency corporate family rating to LK with a stable
outlook, for the first time.  Moody's expects that LK will
continue to expand its core businesses and benefit from medium-
term growth prospects, such that its financial profile will
improve and generate positive operating cash flow.


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

JAPAN AIRLINES: FTC Orders JAL to Stop Posting Misleading Ads
-------------------------------------------------------------
On March 24, 2006, Japan's Fair Trade Commission ordered Japan
Airlines to suspend its advertisements on discount fares on
certain local routes that the Company never offered, TMC News
reports.

The FTC executed a cease-and-desist order on Japan Airlines
Domestic, which handles the Company's local routes, concerning
the ads that appeared in newspapers and flyers as well as fare
announcements in the airline's timetables.  The FTC said that
Japan Airlines violated the Act Against Unjustifiable Premiums
and Misleading Representations.

According to TMC News, Japan Airlines published a campaign
informing of discounted fares on five domestic routes for a one-
year period through January 2006.  The FTC said that the
discount fares were available on limited domestic flights from
Tokyo, Kobe and Osaka to regional cities, but JAL announced that
discounted fares on flights bound for those cities were also
offered.

The commission had verbally reprimanded Japan Airlines in May
2005, when it found out that the Company was misleading
customers on one domestic route, but later decided to issue the
order as the airline did not take action on the matter, and
after it discovered misrepresentation on several other local
routes.  A JAL official has apologized for the misunderstanding
caused by the ads, and said that the misleading announcements
have been stopped.

                            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.


KANEBO LIMITED: Ex-execs Imprisoned for Faking Accounts
-------------------------------------------------------
The Tokyo District Court had, on March 27, 2006, meted out
suspended imprisonment sentences for two former executives of
cosmetics firm Kanebo Limited, after they were found guilty of
falsifying the Company's financial statements, The Malaysian
Star says.

The Troubled Company Reporter - Asia Pacific reported on
August 22, 2005, that Tokyo prosecutors indicted Kanebo Ltd's
former president, Takashi Hoashi, and former vice-president,
Takashi Miyahara, for issuing falsified financials in violation
of the Securities and Exchange Law.

The two former directors, who were arrested in July 2005, were
charged with covering up a JPY81.9 billion capital deficit in
fiscal year 2001, and a JPY80.6 billion deficit in 2002 on a
consolidated basis, as they issued fake reports showing
excessive assets.

In a ruling for "a cleverly unprecedented, vicious and
organizational crime," according to Judge Hidetake Watanabe, the
Tokyo District Court sentenced Mr. Hoashi to two years'
imprisonment suspended for three years, and Mr. Miyahara to 18
months in prison also suspended for three years, which means
they do not have to serve jail time if they do not commit any
more crimes within that three-year period.

TMC News cites Tokyo prosecutors as saying that Mr. Hoashi and
Mr. Miyahara conspired with accountants at ChuoAoyama
PricewaterhouseCoppers in the fraud.  Both executives pled
guilty to the charges.

                      About Kanebo Limited

Headquartered in Tokyo, Japan, Kanebo Limited Company  --
http://www.kanebo.co.jp/-- makes cosmetics, toiletries, men's  
and women's fashions and accessories, pharmaceuticals, and food.    
Kanebo's products vary from T'estimo, a smudge-proof lipstick,
and Coccoapo A, an over-the-counter drug for the treatment of
constipation and obesity, to such wonders as Bellabeton,
intended to stop blurred vision and frequent urination.  Kanebo,
formed in 1887, operates in Asia, Europe, North America, and
South America.  Industrial Revitalization Corporation of Japan
is the Company's largest shareholder, and holds more than half
of voting shares.

The Troubled Company Reporter - Asia Pacific reported on
December 16, 2005, that the Company disposed of its fashion
business unit to female apparel manufacturer Raika Co. and
sportswear maker Descente Limited.  Kanebo Limited is undergoing
a rehabilitation program with the aid of the Industrial
Revitalization Corporation of Japan, and it spun off its
cosmetics business in May 2004.


MITSUBISHI MOTORS: Buys Stake in Chinese Co to Make & Sell Cars
---------------------------------------------------------------
Mitsubishi Motors Corporation plans to buy a 25% stake in
Chinese firm South East (Fujian) Motor Corporation, in order to
manufacture and sell cars under its own brand in China, The
Yomiuri Shimbun relates.

Mitsubishi believes that the South East Motor contract, which it
will sign next month, will strengthen the Company's management
set-up in China, provide for flexible production and sales
strategies to allow for expansion, and enable the Company to
sell cars with the famous Mitsubishi trademark.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.  
The Company also operates consumer-financing services and
provides this to its customer base.

Mitsubishi's problems stem, in part, from the scandal
surrounding years of systematically covering up defects and ill-
advised auto lending policies in the United States.


PIONEER CORPORATION: Launches Products Geared for Indian Market
---------------------------------------------------------------
Pioneer Corporation introduced a range of car audio products
developed for the growing automobile market in India, The Japan
Times recounts.

The Company launched JPY28.02 billion worth of the latest models
of its WMA/MP3/CD players, new GM series amplifiers and speakers
for the Indian market.  The Company also signed a distribution,
marketing and service support agreement with India's leading car
electronics maker, Autocorp India Pvty Limited.

According to Pioneer adviser Kaneo Ito, Pioneer considers India
as an essential strategic market for the Company, as it has a
domestic market of over 1 million cars.  Pioneer Electronics
Asiacentre Pte Limited (Singapore) managing director Tatsuo
Takeuchi said that they customized Pioneer car entertainment
systems for Indian customers in order to garner a sizable share
of the market.

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures consumer and  
commercial electronics, about 40% of its sales come from car
electronics, which are sold to retailers and automobile
manufacturers.  Pioneer also makes video equipment and audio
products.  Through Disco Vision Associations, Pioneer also
generates revenue from licensing optical disc technologies.  
Pioneer has more than 30 manufacturing facilities worldwide.

In February 2005, Standard & Poor's Ratings Services lowered its
long-term issuer credit and senior unsecured debt ratings on
Pioneer to 'BBB' from 'BBB+' reflecting substantial
deterioration in earnings in the Company's home electronics
business and weak prospects for early recovery in performance.  
The rating action reflected the subsequent deterioration in cash
flow protection.  By November 2005, S&P placed its 'BBB' ratings
on Pioneer on CreditWatch with negative implications,
following the Company's yet weaker profit forecast for fiscal
2005 (ending March 31, 2006).  In December 2005, Pioneer
announced business restructuring plans that involve improving
management efficiency through organizational restructuring.  The
Company dismantled its current "internal company" system as of
Jan. 1, 2006, and reorganized into a two-department set-up
featuring the Home Entertainment Business Group and the Mobile
Entertainment Business Group.  All operations related to plasma
displays, DVD products and home audio products will be
integrated into the Home Entertainment Business Group.  The Home
Entertainment Business Group staff, currently working at three
locations, will be consolidated at one location in Japan by
2007.  As part of Pionner's efforts to reduce fixed costs for
the entire group, it is also consolidating its worldwide
production sites from 40 to about 30, and in this regard,
cutting about 2,000 employees, mostly at overseas production
sites.

The Troubled Company Reporter - Asia Pacific reported on
March 10, 2006, that Pioneer Corporation expects a JPY85 billion
net loss for the business year 2005, ending March 31, 2006.


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

KOREA EXCHANGE: S&P Places BBB/A-2 Credit Ratings on CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BBB/A-2'
counterparty credit ratings on Korea Exchange Bank, and its
rating on the bank's lower tier II subordinated bonds, on
CreditWatch with positive implications.  The CreditWatch
placement is due to the increased likelihood that KEB will be
purchased by the stronger Kookmin Bank (A-/Stable/A-2).
  
U.S.-based Lone Star Funds designated Kookmin today as the
preferable partner for its planned sale of its 50.53% stake in
KEB.  Finalizing the Transaction may take a few months and there
have been several cases where negotiations with designated
partners collapsed.  However, Standard & Poor's believes that
the likelihood that Kookmin will purchase KEB is relatively
high, given the strong intention by the bank's management and
the motivation of Lone Star Fund to complete the transaction
soon.

The placement of the ratings on KEB on CreditWatch with positive
implications reflects expectations that the higher rated Kookmin
will provide strong support after the acquisition and that the
market position of the combined bank should improve.  The banks'
combined market share in the Korean banking industry total about
33% in terms of assets and 36% in terms of deposits.

The CreditWatch placement will be resolved after the terms and
conditions of the acquisition are finalized.  The ratings on
KEB, along with the rating on its subordinated bonds, could be
raised by one or two notches, depending on the funding structure
Kookmin adopts, its negotiations with labor groups, and its
post-acquisition consolidation strategy.

The impact of the acquisition on the ratings on Kookmin is
believed to be somewhat limited at this point.  Any
deterioration in the bank's capitalization as a result of the
acquisition should not be significant, and will likely be offset
by improvement in its market positions for corporate lending,
foreign exchange, and trade finance, areas where KEB has
comparative strengths.  The acquisition would make Kookmin the
dominant player in Korea's banking industry, with the nation's
largest branch and client base and asset holdings 50% larger
than the next biggest player.

There will likely be some capital pressures on the consolidated
entity as a result of the acquisition.  However, Standard &
Poor's estimates that the group's BIS Tier 1 ratio will remain
above 8%, depending on the deal structure.  Due to KEB's recent
asset quality improvement, Kookmin's consolidated asset quality
should improve slightly after the purchase.

Bank M&A deals in Korea frequently stir up labor conflicts, and
this will likely be Kookmin's biggest challenge as it pushes the
deal forward.  Even after completion of the acquisition,
successful integration will largely depend on the bank's
resulting relationship with labor unions.

As labor conflicts are highly unpredictable, Standard & Poor's
has assumed for the sake of this rating action that these issues
will not seriously hurt the brand image, operation, and credit
quality of Kookmin and KEB.  If labor relations are not managed
in an appropriate manner, or if an unfavorable decision by the
Fair Trade Commission impacts certain business lines, it could
lead to a downgrade of Kookmin.  However, Standard & Poor's
believes that there is less than a 20% chance that these
difficulties will compound to the degree that it will result in
a lowering of the ratings on Kookmin.


LG CARD: Hana Financial Turns Eye from Korea Exchange to LG Card
----------------------------------------------------------------
Hana Financial Group is now eyeing a stake in LG Card Co. Ltd.
after its attempt to acquire Korea Exchange Bank failed, The
Korea Times relates, citing Hana chairman Kim Seung-yu.  

Hana Financial expressed that it is in desperate need to merge
with other institutions to survive in the financial market.  
Analysts expect that the lender itself will be a merger target
for foreign rivals.

The report added that Shinhan Financial Group has emerged as
Hana's strongest competitor in the LG Card bidding battle, since
Shinhan Bank President Shin Sang-hoon had shown keen interest in
the sale.  Other competitors include Woori Financial Group and
Citibank Korea.  Analysts forecast the sale to cost over KRW2.5
trillion.

As reported by the Troubled Company Reporter - Asia Pacific on
March 16, 2006, the interested bidders for LG Card are required
to submit their formal proposals starting April 7, 2006.

The TCRR-AP also stated that LG Card creditors are hoping the
sale will succeed so they could recover around KRW5 trillion
spent in bailing out LG Card in 2004.  The sale is expected to
generate between KRW5.4 trillion and 6.23 trillion.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance
services and credit card, as well as leasing services to credit
worthy companies while acquiring valuable assets from merchant
banks and leasing firms.  LG Card also finances families wishing
to purchase big ticket items such as automobiles, appliances and
computers.  At the end of October 2003, LG Card had KRW3.24
trillion more debt than assets and had faced threats of
liquidity crisis and court receivership.  LG Card has been in
the hands of creditors since it was rescued from bankruptcy
through a KRW5 trillion (US$4.78 billion) debt-for-equity swap
and a further KRW1 trillion bailout in late 2004.


LG CARD: Preliminary Bids for Stake Due Mid April
-------------------------------------------------
Interested bidders for LG Card Co. Ltd. are requested to submit
their preliminary proposals within April 12 to 19, 2006, Reuters
reports, citing lead managers JPMorgan Chase & Co. and Korea
Development Bank.

The Korea Development Bank disclosed that after receiving bids,
creditors would short list preferred bidders to allow them to
conduct due diligence on LG Card and make final bids.

The stake up for sale would be between 51% and 72% and is
expected to cost around KRW3.4 trillion and KRW4.8 trillion at
current market prices.

LG Card, 82% owned by state-run Korea Development Bank and
Kookmin Bank, has a market value of KRW6.64 trillion at current
share prices.

Shinhan Financial Group and Woori Financial Group have earlier
expressed interest in acquiring the card issuer.  Merrill Lynch
is likely to team up with either Shinhan or Woori to acquire LG
Card, a source familiar with the situation told Reuters.

The Troubled Company Reporter - Asia Pacific reported in
March 16, 2006, that through the sale, LG Card creditors hope to
recover around KRW5 trillion (US$5.1 billion) spent in bailing
out LG Card in 2004.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance
services and credit card, as well as leasing services to credit
worthy companies while acquiring valuable assets from merchant
banks and leasing firms.  LG Card also finances families wishing
to purchase big ticket items such as automobiles, appliances and
computers.  At the end of October 2003, LG Card had KRW3.24
trillion more debt than assets and had faced threats of
liquidity crisis and court receivership.  LG Card has been in
the hands of creditors since it was rescued from bankruptcy
through a KRW5 trillion (US$4.78 billion) debt-for-equity swap
and a further KRW1 trillion bailout in late 2004.


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

AFFIN HOLDINGS: To Pay Dividend on June 8
-----------------------------------------
Affin Holdings Berhad's final dividend of 2 sen per share less
28% income tax will be traded and quoted from May 8 to 10, 2006.

The dividend will be distributed on June 8, 2006.

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 14,000 Shares for MYR6,268
-------------------------------------------------
On March 23, 2006, Apex Equity Holdings Berhad bought back
14,000 ordinary shares for a total cash consideration of
MYR6,267.59.

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 2,850,000.

On March 21, 2006, the Company bought back 13,000 ordinary
shares for MYR5,773.58, according to an earlier 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.


AYER HITAM: Appeals Regulator's Decision to Reject Rehab Plan
-------------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Bhd has appealed the Securities
Commission's order rejecting the Company's Proposed
Restructuring Scheme.

On February 27, 2006, the Securities Commission turned down the
Company's restructuring plan, saying that it was not a
comprehensive proposal capable of resolving all the Company's
financial issues.

As reported by the Troubled Company Reporter - Asia Pacific on
October 18, 2005, the proposed scheme includes a capital
reduction, a rights issue, private placement and debt
settlement.  

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.  The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.  
As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia
Berhad's payment defaults have reached MYR39,624,453.59.  On
August 17, 2005, the Company unveiled a Proposed Restructuring
Scheme to save the business.  Yet, the Securities Commission
rejected the Plan after determining that it is not a
comprehensive proposal capable of resolving all the financial
issues faced by the Company.  The Company's Board is still
deliberating on its next course of action.


JIN LIN: Seeks Extension of Restraining Order
---------------------------------------------
The solicitors of Jin Lin Wood Industries Berhad filed an
application to further extend the 120-day Restraining Order
issued by the Kuala Lumpur High Court on November 24, 2005.

The Restraining Order was first entered in the Company's favor
on March 3, 2004, to facilitate its proposed restructuring
scheme, which was announced on February 9 that year.

The Proposed Restructuring Scheme is currently in the
implementation stage and awaits shareholders' approval.  The
shareholders are expected to convene and discuss the
restructuring scheme in the second quarter of 2006.

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment and investment holding.  Jin Lin
was listed in 2000, at the tail-end of the timber price rally.
It went bust two years later, when demand for wood products and
their prices were at their cyclical lows.  The Company's
management blamed the failure to "bad timing" as the company
came in when the market was going down.  The Company hopes that
its proposed a restructuring scheme, which involves the change
of its core business from timber-based to the manufacturing of
granite and marble products, will be completed as early as this
year.  The restructuring also involves schemes of arrangement
with shareholders and creditors, disposal of Jin Lin and shares
placement.


KIG GLASS: Court Allows 3-month Stay of Wind-up Order
-----------------------------------------------------
At KIG Glass Industrial Berhad's request, the Johor Bahru High
Court has stayed the winding-up order against the Company for
three months starting March 24, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
Johor Bahru High Court entered an order for the wind-up of KIG
Glass on March 6, 2006.  The Petition was served on the Company
by United Overseas Bank (Malaysia) Berhad on December 12, 2005.

KIG Glass immediately lodged its case with the Appellate Court
and requested a stay of the wind-up order.

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


LANKHORST BERHAD: Bourse to Hear Delisting Appeal on April 3
------------------------------------------------------------
The Bursa Securities' Appeals Committee will meet on April 3,
2006, to consider Lankhorst Berhad's appeal of the Bourse's
decision to delist the Company's securities from the Official
List.

As reported by the Troubled Company Reporter - Asia Pacific on
March 20, 2006, Bursa Malaysia has decided to remove Lankhorst
from the official list on March 22 due to the Company's failure
to issue annual audited accounts, annual report and quarterly
reports within the timeframes stated and its failure to issue
the financial statements after more than six months from the
expiry of the timeframe.

Lankhorst, however, appealed the Bourse's delisting decision,
asserting that a Restraining Order was entered by the High Court
of Kuala Lumpur in its favor so as to enable it to facilitate
and finalize its proposed restructuring scheme.

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply. The Company has
been incurring a string of losses and its unit's are facing
winding up actions.


MALAYSIA AIRLINES: Finds 50 Loopholes in System
-----------------------------------------------
Malaysia Airlines admitted that it needs to immediately address
50 loopholes in its system, which can be exploited by employees,
customers or travel agents to cheat the Company, The Star Online
reveals.

The embattled carrier said that it is presently overhauling its
present ticketing system, which it said is "relatively old."

Steps have been introduced to curb wasted seats and employee
abuses, The Star says.  Malaysia Airlines has implemented the
auto ticketing time limit, wherein a deadline is set to confirm
the ticket or a penalty will be imposed.

Malaysia Airlines also keeps reminding employees that it will
not hesitate to take disciplinary action against any staff
member caught cheating the airline.

Three weeks ago, Malaysia Airlines launched a "whistle blower"
program, where anyone is encouraged to notify the management of
cheating within the Company.  

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.  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.


METROPLEX BERHAD: Court Adjourns Wind-up Hearing to April 21
------------------------------------------------------------
The Kuala Lumpur High Court has adjourned to April 21, 2006, the
hearing on Metroplex Berhad's application to strike out a
winding up petition filed by Morgan Stanley Emerging Markets
Incorporated.

The Court also scheduled to hear Morgan Stanley's application to
appoint a provisional liquidator for Metroplex on the same date.

At the hearing, the Court will also consider Morgan Stanley's
stay of execution against the order of the Court allowing
Metroplex's Section 223 validation order application.

In relation to this, both parties are requested to report to the
Court on the appointment of a third independent expert for
determination of foreign issues.

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.  On
April 28, 2005, Morgan Stanley Emerging Markets Inc. had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court.  Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up.  Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme.  In the event the winding-up
petition succeeds, the Company will be put into liquidation.


PAN MALAYSIA: Repurchases 50,000 Shares for MYR20,769
-----------------------------------------------------
Pan Malaysia Corporation Berhad bought back 50,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR20,769.45 on March 23, 2006.   
   
The minimum price paid for each share purchased was MYR0.405 and
the maximum was MYR0.420.

After the purchase, the cumulative outstanding treasury shares
have reached 57,033,800.   
   
Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.  Pan Malaysia
has suffered consecutive losses in the past.  In the fourth
quarter of the fiscal year ending December 31, 2005, the Company
booked a net loss of MYR6.8 million.   


POLYMATE HOLDINGS: Request for Late Filing of Reports Snubbed
-------------------------------------------------------------
Bursa Malaysia Securities Berhad has rejected Polymate Holdings
Berhad's application for an extension of time within which it is
required to submit its Annual Report and Audited Accounts for
the financial year ended September 30, 2005.  Polymate had asked
that the filing deadline be extended until May 31, 2006.

The Troubled Company Reporter - Asia Pacific reported on
February 22, 2006, that Bursa Malaysia Securities Berhad asked
Polymate to explain why it has not submitted its Annual Audited
Accounts for FY2005.

Polymate Holdings explained that it was unable to comply with
Bursa Malaysia's Listing Requirements since most of its staff
had resigned due to its unhealthy financial status.  The Company
said that its remaining staff are either inexperienced or are
relatively new and are, in effect, unable to handle the
accounting of its subsidiary companies.  Furthermore, there was
no proper hand-over of job by the staff who have left.

In addition, the Securities Commission had, on January 17, 2006,
raided and seized all relevant documents from the Company, the
Auditors, the Company Secretary and offices of its subsidiary
companies.  The raid had adversely affected the continuation and
completion of audit of the Company and its subsidiary companies.

According to TCR-AP, The Company informed the Bourse that,
subject to the unresolved audit issues, it hopes to complete and
submit its Annual Audited Accounts of the Company for the
financial year ended Sept. 30, 2005, to Bursa Securities by
March 2006.

Headquartered in Selangor Malaysia, Polymate Holdings Berhad --
http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.


PROTON HOLDINGS: Opts to Slash Price by up to 5%
------------------------------------------------
Proton Holdings has decided to cut the price of its manufactured
vehicles by 2% to 5% following the release of the National
Automotive Policy, The Star Online relates.

Proton Managing Director Syed Zainal Abidin Syed Mohd Tahir said
that the Company needs to review its pricing strategy and will
announce a new rate this week, if approved by the Finance
Ministry.

The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that prices of cars made by Proton Holdings were
expected to fall following cuts in import duty from 5% to
15% for cars manufactured in the region.

The NAP, in general, would see a reduction in taxes on passenger
cars.  The aim of the NAP, which although explicitly protects
Proton, would eventually see a reduction in the protection now
enjoyed by the national carmakers, The Star says.

Meanwhile, Proton and Edaran Otomobil Nasional Bhd said they
would have to consolidate the distribution and sales network of
Proton cars, as the current system was inefficient and that
Proton would unveil its core alliances next month.

Mr. Tahir said that a merger between the two companies could
result in cost savings and more importantly, could protect the
Proton brand name.

Consolidating and rationalizing the sales network would allow
Proton to offer its customers a good buying experience and
improve the frontline, service and salesmen at the showrooms.
Mr. Tahir added that sales teams would be more proactive in
getting in touch with potential customers.

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.


SOUTHERN BANK: Moody's Affirms D- Bank Financial Strength Rating
----------------------------------------------------------------
Moody's Investors Service has confirmed Southern Bank Berhad's
D- bank financial strength rating with a positive outlook.  At
the same time, the rating agency placed the bank's Baa2/P-3
long-term/short-term ratings, Baa3 subordinated debt rating and
Ba2 preference share rating on review for possible upgrade.

The rating actions follow the announcement of an amicable
takeover of Southern Bank by Bumiputra-Commerce Holdings Berhad
following months of negotiations.  Bumiputra-Commerce Holdings
is the holding company of Bumiputra-Commerce Bank Berhad (A3/P-
1/D-).  After the necessary approvals from the relevant
authorities and shareholders of Southern Bank are obtained, the
Bank will be de-listed from the Bursa Malaysia and merged with
Bumiputra-Commerce Bank.

Bumiputra-Commerce Bank's assumption of Southern Bank's assets
and liabilities after regulatory approvals are obtained for the
legal merger underpins the review.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service has in October 2005 placed Southern
Bank Berhad's D- bank financial strength rating on review for
possible upgrade.

                       About Southern Bank

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad
-- http://www.southernbank.com.my/-- is engaged in the  
provision of commercial banking business and other related
financial services, which include Islamic banking services.   
Other activities are accepting deposits and advancing loans,
property ownership and management, provision of risk capital,
stockbroking, sale and management of unit trusts, building
construction, property investment and investment holding. On
March 16, 2006, Bumiputra-Commerce Holdings Berhad took over the
Company's business for MYR6.7 billion after five months of
negotiation.  Under the final deal, Bumiputra-Commerce would buy
all the assets and liabilities of Southern Bank.  It would
undertake a voluntary general offer at MYR4.30 cash per Southern
Bank share or a combination of cash and redeemable convertible
unsecured loan stocks equivalent to MYR4.30 per SBB share and
MYR2.56 cash per Southern Bank warrant.  The VGO is expected to
be completed by May or June, followed by Southern Bank's
delisting.  The entire integration process may extend to next
year.


TECHVENTURE BERHAD: Court Extends Restraining Order for 180 Days
----------------------------------------------------------------
Techventure Berhad says that it is still working on the proposed
debt-restructuring scheme with the financial institution lenders
following the Kuala Lumpur High Court's issue of a 90-day
restraining order on December 2, 2005.

As disclosed on March 1, 2006, the Company and six of its
subsidiaries had made an application for an abridgement of the
restraining order for another 90 days or further as the Court
may allow.

Following the hearing on the application on March 23, 2006, the
Court has granted the Company and its subsidiaries, with the
exception of Teratai Perdana Sdn Bhd, an abridgement of the
restraining order for another 180 days from March 23.

Teratai Perdana had consented at the hearing to be excluded from
the debt-restructuring scheme following the intervention of a
financial institution lender holding a charge on the land
belonging to Teratai.

In the mean time, Techven stated that the Directors are unable
to provide a solvency declaration as Techven and its
subsidiaries are an affected listed issuer pursuant to Practice
Note No. 1/2001 of the Listing Requirements of Bursa Securities
as announced to Bursa Securities on June 1, 2005, and
periodically afterwards.

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products such as septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

In June 2003, the Company proposed a debt-restructuring program
to its financial intuition lenders in order to avoid
liquidation. The proposed Scheme comprises composite schemes to
be carried out by eight companies within the Techven Group.  The
Scheme, when implemented, would allow the beneficiaries to
participate in the future profitability of the Group.  A
successful implementation of the Scheme would also ensure the
going concern of the Group and therefore preserve business and
employment opportunities for the Group's vendors and employees.


TELEKOM MALAYSIA: Mulls Listing of Overseas Investment Unit
-----------------------------------------------------------
Telekom Malaysia Bhd is planning to list its overseas investment
arm on Bursa Malaysia, Reuters reports.

The news follows the Government's recent decision to allow
foreign companies to seek listing on Bursa, as well as to give
flexibility for local companies to list their foreign assets.

Telekom Malaysia is looking at the possibility of bundling TM
International Sdn Bhd along with Celcom (M) Sdn. Bhd. to create
Telekom Mobile to be listed on the local bourse.
  
TM International is the vehicle managing Telekom's overseas
ventures.  It has operations and financial assets in nine
countries: Sri Lanka, Bangladesh, Pakistan, Indonesia,
Singapore, Cambodia, Thailand, Malawi and Guinea.  Celcom is
Telekom Malaysia's mobile phone unit.

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

ABS-CBN BROADCASTING: Willing to Settle Stampede Case
-----------------------------------------------------
ABS-CBN Broadcasting Corporation is amenable to entering a
settlement of the case against it regarding the "Wowowee"
Stampede, ABS-CBN News reports, citing a Company lawyer.

The Troubled Company Reporter - Asia Pacific reported on
March 9, 2006, that 12 executives of ABS-CBN and five persons
outside the network are facing charges for a stampede that
killed up to 70 people and injured hundreds at the Philsports
Arena in Pasig City, where ABS-CBN's "Wowowee" gameshow was to
celebrate its first anniversary on February 4, 2006.  Up to
25,000 people had gathered for days at the Arena, where the
network had promised to hand out major prizes, including houses
and PHP1 million cash to the first 300 people to enter the
venue.  The stampede broke out when a steel barrier was suddenly
opened, leading to a frantic scramble for seats.  

A March 22, 2006, report stated that the Company had filed a
petition with the Court of Appeals to halt the preliminary
investigation by the Department of Justice due to the bias of
the department's prosecution panel against it.  The ABS-CBN
lawyer added that there is no clear complaint filed against the
network, based on the complaint affidavit.

                       About ABS-CBN Corp.

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a  
leading Philippine radio and television broadcasting network and
multimedia company.  It was the first television station founded
in the Philippines in 1953.  The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.

ABS-CBN has been struggling with its debt woes with continued
operating losses, weak airtime revenues and rising costs amidst
a drop in viewer ratings, along with the restructuring of its
parent firm, Benpres Holdings.  A stampede on February 4, 2006,
that happened in time for a program anniversary, led to rumors
of license revocation for the Network, class action proceedings
initiated by the victims and other expenses, which altogether
led to a further drop in ABS-CBN share prices.

The Troubled Company Reporter - Asia Pacific reported on
March 9, 2006, that the National Bureau of Investigation
recommended to the Department of Justice the filing of reckless
imprudence charges on several ABS-CBN executives in order to
accept full responsibility for the incident.  A TCR-AP report on
March 22 indicated that the Company asked the Department of
Justice to halt the probe, as the department showed a 'clear
bias' against the Company.


LAFAYETTE MINING: Not Yet Allowed to Resume Operations
------------------------------------------------------
Lafayette Philippines, Inc., is not cleared to resume its
operations in Rapu-Rapu Island, The Sydney Morning Herald
reports.

The Department of Environment and Natural Resources issued a
statement saying that the Company must comply with 18
requirements set by the Environmental Management Bureau, the
Mines and Geosciences Bureau and the Pollution Adjudication
Board before it can restart operations.  

The Troubled Company Reporter - Asia Pacific reported on
March 14, 2006, that Lafayette had planned to reopen its mines
next month once it completed all the necessary conditions
required by the Philippine Government, after two mine spill
accidents that occurred last year.

The Philippine Government suspended Lafayette's operations in
Rapu-Rapu after the mine tailing spills occurred late last year,
and fined the Company PHP10.4 million, and would charge
PHP200,000 daily until the Company abided by environmental
standards.

The Sydney Herald states that the Philippines' DENR experts need
to review Lafayette's pollution control plan before it can give
the go-signal for the Company to reopen.

                          About LPI

Headquartered in Melbourne, Australia, Lafayette Mining,
Incorporated -- 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 24, 2006, that
Lafayette Philippines, Incorporated, a local unit of Lafayette
Mining, has secured PHP1.51 billion from investors to resume
normal operations, as well as a new management team and base
metal commissioning at its mine in Rapu-Rapu, Albay, citing a
Dow Jones report.


MANILA ELECTRIC: Appoints Independent Director
----------------------------------------------
At a meeting on March 27, 2006, the Board of Directors of Manila
Electric Company elected Attorney Arthur R. Defensor, Jr., as an
independent director of the Company.

Attorney Defensor will replace former director Margarito B.
Teves, who resigned earlier due to his appointment as Finance
Secretary.

                     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 overbilling.  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 Supreme Court nullified the rate hike in February 2006.  The
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 POWER: SC Halts Power Supply to Local Network
------------------------------------------------------
The Supreme Court affirmed a Makati City court ruling that
prohibits the National Power Corporation from supplying power to
the Sucat-Araneta-Balintawak Power Transmission network, as the
Company awaits a final c decision on whether transmission lines
are a public hazard or not, Manila Standard Today reports.

In 1996, Napocor built 29 decagon-shaped steel poles 53.4 meters
high to hold overhead high tension cables in order to connect
the 230-kilovolt Sucat-Araneta-Balintawak transmission network
in Makati City.  On March 9, 2000, after failed negotiations
with the Company, residents of Barangay Dasmarinas, Makati City
-- where the transmission lines pass -- filed a suit to stop
Napocor from operating the transmission lines, and to relocate
the power lines to Lawton Avenue, Fort Bonifacio, due to health
risks and exposure to electromagnetic radiation.

A Makati court issued an 18-day temporary restraining order
against Napocor on March 13, 2000, stopping the Company from
transmitting energy through the Sucat-Araneta Balintawak
transmission lines, to which Napocor filed a certiorari petition
with the Court of Appeals to seek dismissal of the case for lack
of jurisdiction.  On May 3, 2000, the Court of Appeals reversed
the lower court's order as Presidential Decree 1818 mandated
proscription on injunctions against infrastructure projects.

Now, however, Supreme Court Associate Justice Minita V. Chico
Nazario overturned the May 3 Decision, stating that "it is
prudent to preserve the status quo," that is, to suspend
Napocor's operation of the Sucat-Araneta-Balintawak transmission
lines to transmit power, pending the Makati court's final
decision on whether the project infringes on the petitioners'
substantive right to health.  The SC added that in this case, PD
1818 does not apply.

Manila Standard relates that according to the Supreme Court,
there was sufficient evidence to justify that the Napocor
transmission project is a viable risk to the health and safety
of the petitioners, residents of the Makati area where the
transmission lines pass.

                       About Napocor

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated debt of PHP600 billion.  It also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.

The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of PHP18.41 billion this year from PHP5.95
billion deficit in 2005.  Napocor incurred its huge losses to
fund the operations of its power facilities.  The Government is
selling National Power's assets to help pay for the utility's
estimated PHP600 billion debt.  The annual loss at the utility,
which generates about 40% of the country's electricity narrowed
to PHP29.9 billion pesos in 2004 from PHP117 billion in 2003
after it was allowed to increase tariffs.

The Troubled Company Reporter reported on March 15, 2006 that a
Napocor barge spilled 200,000 liters of bunker fuel in the
Semirara Island due to bad weather conditions on December 17,
2005, affecting 236 hectares of mangrove forests and 40 square
kilometers of marine life.  The Philippine Coast Guard estimated
that the actual economic value of damages caused by the oil
spill in Semirara Island could reach Php90 million.  The Company
has assumed full responsibility for the incident, and promised
to promised to compensate the villagers of Semirara Island for
any damages caused by the oil spill; as yet, 36% of the island's
mangrove swamp has been cleaned up, and Napocor has spent PHP12
million for the project.


* Delays in Power Asset Sale May Affect Credit Rating
-----------------------------------------------------
Standard and Poor's Ratings Services says that a delay in the
privatization of the assets of the National Power Corporation of
the Philippines may hinder a potential credit rating upgrade,
according to Manila Bulletin.

S&P analyst Agost Benard said that the Philippines' fiscal
position may be adversely affected by the Government's failure
to sell Napocor's generation and transmission power plants.  At
present, Napocor has sold only 11% of its target, or six power
plants.

Napocor's privatization program aims to reduce its debts, which
have risen as the Company continues to post operating losses,
Manila Bulletin reports.  The power asset sale also targets to
allow for improved infrastructure and increased capacity in the
power industry.

S&P had last month raised its outlook on the country's sovereign
credit rating, after the Government reported a decreased budget
deficit and a rise in value-added tax, while its foreign
currency rating was assigned BB-/B and its local currency rating
got BB+/B.


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

CHUAN & COMPANY: Creditors to Meet on April 7
---------------------------------------------
Chuan & Company Hardware Private Limited will hold a creditors'
meeting on April 7, 2006, at:

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

At the meeting, creditors will accept Wee Aik Guan's resignation
as Liquidator of the Company.  The creditors will also decide
whether it is still necessary to send a summary of receipts and
payments in the wind-up.

Contact: Tam Chee Chong
         Wee Aik Guan
         Joint & Several Liquidators
         Chuan & Co Hardware Pte Ltd (In Liquidation)
         c/o Deloitte & Touche
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


DAEWOO SINGAPORE: Creditors Meeting Slated for Next Week
--------------------------------------------------------
Creditors of Daewoo Singapore Private Limited will meet on
April 7, 2006, at:

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

The creditors will discuss the resignation of Wee Aik Guan as
Liquidator of the Company, and his release from all liability in
respect of any act or default made in the administration of the
affairs of the Company or otherwise in relation to his conduct
as liquidator pursuant to Section 276 (4) of the Companies Act.

Moreover, the creditors will decide whether it will not be
necessary to send a summary of receipts and payments in the
wind-up.

Contact: Tam Chee Chong
         Wee Aik Guan
         Joint & Several Liquidators
         c/o Deloitte & Touche
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


ELEXT PCB MANUFACTURING: Concludes Dividend Distribution
--------------------------------------------------------
Elext PCB Manufacturing & Engineering (S) Private Limited
distributed a first and final dividend on March 17, 2006.

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


HESHE HOLDINGS: Requests Trading Halt
-------------------------------------
On March 27, 2006, Chng Weng Wah, an executive director of Heshe
Holdings Limited sent a request for a trading halt to the
Singapore Stock Exchange effective on the same date.


LIAN HWA: Proofs of Claim Due April 24
--------------------------------------
Liquidators of Lian Hwa International Holdings Limited will be
receiving proofs of debt or claims from creditors until
April 24, 2006.

Failure to submit proofs of claim will exclude creditors from
any the distribution the Company will make.

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


M & V HOLDING (S): Placed in Creditors' Voluntary Liquidation
-------------------------------------------------------------
M & V Holding (S) Private Limited has been placed under
creditors' voluntary liquidation.

As a result, Gui Kim Young and Lim Siong Sheng of Gui Kim Young
& Co. have been appointed as the liquidators of the Company.


SMT GLOBAL: Picks Gui Kim Young & Company Liquidators
-----------------------------------------------------
Creditors of SMT Global Private Limited have placed the Company
under voluntary liquidation.

For that purpose, Gui Kim Young and Lim Siong Sheng of Gui Kim
Young & Company have been appointed as liquidators of the
Company.


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

ABICO HOLDINGS: Posts THB780 Million Increase in Net Profit
-----------------------------------------------------------
Abico Holdings posted a net profit of THB1.98 billion for the
year ended December 31, 2005, up from a THB1.20 billion net loss
for 2004, the Troubled Company Reporter learns from the
Company's latest financial report.

The results include a THB1.88 billion gain from the Company's
debt restructuring as outlined in its rehabilitation plan.

The company has a total income from sales of THB217.08 million,
a 29% decrease from the 2004 sales income of THB245.96 million.  
The decrease is reflected in its two units -- Co-packing has a
reduced income of THB28.80 million due to weak sales, and the
Real Estate Business has a THB0.08 million deficit from last
year.

Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading  
palm oil, real estate development and raw milk producer and
ditributor.  The Company has been working under a capital
deficit, with a THB226.34 million in 2005 and THB 3.68 billion
in 2004.  Abico is one of the companies under Thailand's
"Companies Under Rehabilitation" Sector.

On April 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as the rehabilitation plan manager.  The Company's
rehabilitation plan was then approved by creditors and the
Central Bankruptcy Court.  

The Company is currently pegging its continued operations on the
success of the financial reorganization outlined in the plan,
which it has successfully followed thus far, and the recovery of
Thailand's general economy.

                          *     *     *

Abico Holdings' Rehabilitation Plan provides for:

   -- a debt restructuring involving the reduction of debt from
      THB2.17 billion to THB210.73 million.  The remaining debt
      will be repaid with the creditor opting for one of two
      repayment options:

      Option 1: an upfront repayment of 50% of the debt and
                relinquishing the remaining, or

      Option 2: an upfront repayment of 15% of the debt,
                converting another 15% to capital, relinquising
                10% 0f the debt, and the remaining 60% will be
                paid on an extended term within 10 years

   -- a share capital restructuring involving:

      (1) the reduction of its share capital from THB1.4 billion
          to THB200 million;

      (2) the utilization of THB6.4 million in legal reserves
          and THB260 million in share capital premium to
          amortize accumulated loss and have the ability to pay
          dividends;

     (3) The issuance of 0.5 million ordinary shares at par
         value of THB10 to support the conversion of debt to
         share capital and increase the share capital by at
         least 3 million shares also at the par value of THB10.
         These would be offered for subscription to present
         shareholders at the ratio of 20 present shares to 3 new
         shares.  In the event that the present shareholders do
         not wish to subscribe or shares remain after such an
         offering the plan manager would offer the shares to
         other interested parties, according to the conditions
         and procedures set by the Thai Securities and Exchange
         Commission.

   -- a change of par value of ordinary shares from THB10 per
      share to THB1 per share.

As of December 31, 2005, the Company has successfully reduced
its liabilities from THB2.07 billion pursuant to its book value,
to THB186.40 million, realizing a THB1.86 billion gain from it's
rehabilitation plan approved debt restructuring.  The remaining
debt by December 31, 2005, is THB163.72 million after a tax
payment of THB17.68 million and a THB5 million conversion of
debt to capital.

The Troubled Company Reporter - Asia Pacific had reported on
December 28, 2005, that Abico Holdings has notified the Stock
Exchange of Thailand that it has adjusted the capital structure
in accordance with the Restructuring Plan of the Company.  The
Company advised that on December 22, 2005, it has completely
adjusted the specified (par) ordinary share value from THB10 per
share to THB1 per share to the Business Development Department
and Ministry of Commerce.


ADVANCE PAINT: Explains Loss despite Higher Revenues
----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 6, 2006, that Advance Paint & Chemical (Thailand) Public
Company Limited has disclosed a THB43.82 million net loss for
the year 2005.

In a subsequent filing to Thailand's Security Exchange, the
Company explained that the 33% increase in net loss occurred --
despite of a THB46.97 million in net sales, which is a 47%
increase from 2004's sales of THB31.96 million -- due to
increased raw materials prices by market situation and cost of
inventory improvement in warehouse.

The company's selling and administrative expenses also increased
due to continuing promotional activities and price competition.

In its financials, the Company further explained that the
increased loss was additionally due to the increase of oil
prices, an increase to the director's remuneration and expenses.  

The Company has also attempted to increase its sale staff in
order to generate higher revenue, to no avail.  On Nov. 7, 2002,
the Company entered into a purchase and sales contract with CSM
Company Limited to sell its inventory with the condition that
CSM will be able to exchange the inventory in case of damage or
if it is in a bad condition.  The contract is for a period of
one year and can be automatically renewed unless the buyer gives
an advance written notice of cancellation of at least 30 days.

Headquartered in Bangkok, Thailand, Advance Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005.  The Company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Rehaco Sector of the Stock Exchange
of Thailand.  It is working with a capital deficit with current
liabilities pegged at THB57.66 million in 2005 against a current
asset standing of THB35.01 million.


ASIA HOTEL: In Deficit Despite 2005 Profit Increase
---------------------------------------------------
Asia Hotel Public Company Limited disclosed in its latest
financials that net profit for the period ending December 31,
2005, rose to THB1.88 billion from THB37.76 million in 2004.

Revenues also increased 147% to THB1.03 billion in 2005 from
THB418.78 million in 2004.  The Company, however, attributed
this to gains from debt restructuring.

The Troubled Company Reporter -- Asia Pacific has also learned
that Asia Hotel is operating under a deficit in the amount of
THB1.21 billion, and the total current liabilities exceeded its
total current assets in the amount of THB311 million.

As a result, the Company declared no dividends, a subsequent
filing to the Thai Stock Exchange on March 14, 2006, indicated.

Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited was incorporated on March 24, 1964, and has been
publicly listed since 1989.  The Company and its two
subsidiaries, Asia Pattaya Hotel Company Limited and Asia
Airport Hotel Company Limited are involved in the hotel
business, with its principal activities consisting of room
service and operating restaurants.  Another subsidiary, Zeer
Property Company Limited is primarily involved in the
construction and the building of shopping complexes. During
2004, the Company has invested in Zeer Property Company Limited
thru a subsidiary, B.K. Ratchathevi Enterprise Company Limited a
holding company. This holding structure was changed on December
22, 2005.

                          *     *     *

Debt Restructuring:

After entering into a debt-restructuring agreement in
August 1999, the Asia Hotels' loan balance was reduced to
THB1.539 billion as of June 30, 2005.  On December 9, 2005, the
Company entered into a compromising loan agreement with its
subsidiary, Asia Airport Hotel Co., Ltd., who formerly purchased
the Company's debt of THB165 million from financial
institutions.

The Asia Pattaya Hotel Company Limited subsidiary has reduced
loans to THB 279 million after repayment according to a debt
restructuring agreement made in January 2003.

On December 24, 2004, another subsidiary company, Asia Airport
Hotel Company Limited entered into a Debt Restructuring
Agreement with Sukhumvit Assets Management Company Limited in
the amount of THB1.20 billion.  According to the Agreement, SAM
will allow Asia Airport to settle the debt at the amount of
THB261 million within 180 days from the agreement date.  After
the repayment is completed, SAM agreed that the rest of the debt
will be cancelled.

As a result, Asia Airport obtained a gain on debt restructuring
of THB940.89 million which was presented as an extraordinary
item in the financial statements for the 2005 second quarter
after Asia Airport paid the THB261 million in June 2005.

Zeer Property, another subsidiary, has signed the debt
restructuring agreement with the financial institution on
January 17, 2000 and with Thailand Asset Management on Dec. 9,
2003.  After repayment according to both agreements, the loan
balances as at June 30, 2005, were reduced to THB124.10 million
and THB153.85 million respectively.

Shareholding Restructure:

In December 2005, Asia Hotels and its subsidiaries changed its
shareholding structure to simplify the shareholding structure
among the companies in ASIA Hotel Group and to enhance the
corporate control structure over ASIA's subsidiary companies.

   * To simplify the shareholding structure in Asia Airport,
     Asia Pattaya agrees to sell all 750,000 shares holding in
     Asia Airport to ASIA at THB7.5 million.  After
     transferring, Asia Hotels holds almost 100% of ownership
     in Asia Airport, which is the same ratio of ownership
     before transfer, by holding directly 2,999,993 shares
     from the share capital of three million shares.

   * To straighten the shareholding structure in Zeer
     Property, B.K.Ratchathevi agrees to sell the whole
     2,959,300 shares holding in Zeer Property to ASIA at
     THB8,877,900.  After transferring, ASIA holds 73.98% of
     ownership in Zeer Property, which is the same ratio of
     ownership before transfer, by holding directly 2,959,300
     shares from the share capital of 4 million shares.

For the period ended December 31, 2005, the consolidated
financial statements showed a deficit in the amount of THB1,209
million, and the total current liabilities exceeded its total
current assets in the amount of THB90 million, and the financial
statements of the Company showed a deficit in the amount of
THB1,209 million, and the current liabilities exceeded its total
current assets in the amount of THB311 million.  The Company and
its subsidiaries are improving their business plan to increase
income and liquidity.


BUMRUNGRAD HOSPITAL: Liquidity Problems Shadow Profit Increase
--------------------------------------------------------------
Bumrungrad Hospital may be facing liquidity problems, the
Troubled Company Reporter - Asia Pacific learned from the
Company's financials.

This even as Bumrungrad reports a THB6.81 billion revenue for
the year ended December 31, 2005, a 17% increase from the
THB5.81 billion reported for 2004.  Net profit likewise upped
13% from THB935 million in 2004 to this year's THB1.05 billion.

The Company's financing activities using cash increased to
THB857 million, almost quadrupling the THB273 million in 2004 as
the Company paid down its long-term loan and made dividend
payments in 2005.

As a result, cash and cash equivalents at the end of the year
decreased to THB544 million in 2005 from THB723 million in 2004.

The Company's current liabilities is pegged at THB2.88 billion
against current assets of THB902.10 million.  Liquidity ratio
stood at 0.67x in 2005 compared to 1.27x in 2004, primarily due
to decrease in cash on hand and current investments, coupled
with increase in current liabilities, mainly in corporate income
tax payable.  Consequently, quick ratio was at 0.65x in 2005, a
decrease from 1.15x in 2004.

In 2005, the Company has total expenses of THB5.76 billion, an
increase of THB829 million (17%) from 2004.  This is a result of
the growth of hospital operations.  Income tax expense has
increased by THB89 million or an increase of 69 per cent as the
Company has used up its tax loss carried forward and has started
paying corporate income tax in 2005.

Bumrungrad Hospital Public Company Limited --
http://www.bumrungrad.com/-- is an owner and operator of  
hospitals, outpatient centers and wellness centers in Thailand
and abroad. The Company's flagship hospital, Bumrungrad
Hospital, was opened in Bangkok in 1980 and has grown to be the
largest private medical center in Southeast Asia.  Bumrungrad is
increasing its Bangkok campus capacity to meet demand and is
actively expanding overseas through its newly formed subsidiary,
Bumrungrad International Limited.  The Company used to be under
Thailand's Companies Under Rehabilitation sector, after the 1997
Asian currency crisis hit the hospital as it struggled with
cheaper public hospitals for Thai patients.

In 2003-2004, the Bangkok-based hospital business was
transferred from the Company's wholly owned subsidiary,
Bumrungrad Medical Center, Limited to Bumrungrad Hospital PLC.,
to increase financial efficiencies.   The Company also changed
the par value of the shares from THB5 to THB1 in April 2004.  
The Company reinstituted its dividend policy in 2004 paying an
interim and year-end dividend.

On October 17, 2003, the Thailand Stock Exchange had approved
the Company's reclassification from the Companies Under
Rehabilitation or REHABCO sector to the Health Care Services
sector.


THAI NAM: Suspends Capital Increase Subscription Date
-----------------------------------------------------
As a result of Thai Nam Plastic Public Company Limited's current
capital decrease procedures, the Company will cancel the closing
date of its register book for the right to subscribe the
increased ordinary share on April 10, 2006, and the share
subscription date on May 8-12, 2006.

The capital decrease procedures will be completed in April.  
Upon conclusion of the registration of the decreased capital,
the Company will call a Board meeting to consider the date to
close the share register book for the right to subscribe the
increased ordinary shares as well as fixing the date to
subscribe the increased shares.

Headquartered in Samutsakorn Province, Thailand, Thai Nam
Plastics Public Company Limited -- http://www.thainam.com/--
manufactures and distributes plastic coated products in
Thailand.  Products include PVC flexible film/sheet with
printing and embossing, PVC flexible film/sheet for pool lining,
artificial and sponge leather, floor covering mats and car mats.
The Company is currently rehabilitating it s business and is
listed under the Rehabco Sector of the Stock Exchange of
Thailand.


BOND PRICING: For the Week 27 March to 31 March 2006
----------------------------------------------------

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


AUSTRALIA
---------

Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
Bremer Park Ltd                       7.000%    12/23/10     1
Capital Properties NZ Ltd             8.500%    04/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     9
Fletcher Building Ltd                 8.300%    10/31/06     9
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     3
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Investa Property Group Ltd            6.000%    05/28/08     6
Kagara Zinc Ltd                       9.750%    05/06/07     4
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Sydney Gas Company                   12.000%    04/01/06     1
Sydney Gas Limited                   12.000%    06/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     5
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1  
Lebar Daun Bhd                        2.000%    01/06/07     3  
Lion Diversified Holdings Bhd         2.000%    06/01/09     2  
Media Prima Bhd                       2.000%    07/18/08     1  
Mithril Bhd                           3.000%    04/05/12     1  
Mithril Bhd                           8.000%    04/05/09     1  
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1  
Naim Indah Corporation Bhd            0.500%    08/24/06     1  
Nam Fatt Corporation Bhd              2.000%    06/24/11     1  
Pantai Holdings Bhd                   5.000%    03/28/07     2  
Pantai Holdings Bhd                   5.000%    07/31/07     2  
Pelikan International Corp Bhd        3.000%    04/08/10     1  
Poh Kong Holdings Bhd                 3.000%    01/20/07     1  
Prinsiptek Corporation Bhd            3.000%    11/20/06     1  
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1  
Ramunia Holdings                      1.000%    12/20/07     1  
Rashid Hussain Bhd                    0.500%    12/24/12     1  
Rashid Hussain Bhd                    3.000%    12/24/12     1  
Rhythm Consolidated Bhd               5.000%    12/17/08     1  
Senai-Desaru Expressway Bhd           3.500%    12/08/17    74
Silver Bird Group Bhd                 1.000%    02/15/09     1  
Southern Steel                        5.500%    07/31/08     1  
Talam Corporation Bhd                 7.000%    04/19/06     1  
Tanah Emas Corporation Bhd            2.000%    12/09/06     1  
Tap Resources Bhd                     2.000%    06/29/06     1  
Tenaga Nasional Bhd                   3.050%    05/10/09     1  
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     4
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------

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





                            *********

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

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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
  
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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