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        T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Friday, March 31, 2006, Vol. 9, No. 065


                            Headlines

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

AIR NEW ZEALAND: Brewing Qantas Code-Sharing Deal, Rivals Say
ALL HOME CINEMA: Members to Wind Up Firm
ATS SAFETY: To Declare First and Final Dividend
AWB LIMITED: Cole Rejects Requests for Secret Files to be Opened
B HOTEL: Names David Scott as Liquidator

BURNS PHILP: S&P Affirms BB- Credit Rating with Negative Outlook
CAR-TECH SERVICES: Appoints Official Receivers
CONCRETE RECYCLERS: Members to Receive Wind-up Details
DARDAN PTY: Wind-up Process Initiated
DOVE & SCHUBERT: Decides to Close Operations

FAIREY AUSTRALASIA: Declares Final Dividend
FODILE PTY: Court Issues Wind-up Order
GREENSBOROUGH QUALITY: Winds Up Business
KILDARE PTY: To Hold Final Meeting Today
MULTIPLEX GROUP: 120 Wembley Workers Sacked by Subcontractor

MURFIN PTY: Members Opt for Voluntary Liquidation
NSW ENERGY: Liquidator to Present Company Report
PARK LANE: Prepares to Pay Dividend
PEARL KITCHENS: Enters Voluntary Liquidation
P MOUAWAD: Receiver Steps Down

QANTAS AIRWAYS: S&P Places BBB+ Rating on $400 Million Notes
SANTOS LIMITED: More Than Doubles 2005 Net Profit
SUMMERLAND ENVIRONMENTAL: Schedules Final Meeting Today
VEXINSOUTH PTY: Prepares to Distribute Assets
VILLA CENTRE: Creditors' Claims Due on April 4

WATTYL LIMITED: Allco Finally Gives Up Attempts at Takeover
WILLAND HOLDINGS: Appoints Official Liquidators


C H I N A   &   H O N G  K O N G

BALLY TOTAL: Seeks Default Waivers from Senior Noteholders
BANK OF CHINA:  Planned IPO Draws Interest
FAITHWISE LIMITED: Schedules Final Meeting on April 18
FIRST-RATE INDUSTRIES: Final Meeting Fixed April 28
FLYING DRAGON: Appoints Joint Liquidators

INSIGNIA CAPITAL: Holds Final General Meeting on April 25
JOY LINE: Liabilities Prompt Firm to Wind Up
KENCO DEVELOPMENT: Creditors Should Prove Debts by April 23
KENCO DEVELOPMENT: Appoints Official Liquidators
MASS SUCCESS: Members' Final Meeting Scheduled for April 27

MEESPIERSON IPB: Chiu Soo Ching Named as Liquidator
MENG CHUN: Liquidator Man-Kou Tan Steps Down
PRAMERICA ASIA: Members Resolve to Wind Up Firm
STEADINVEST COMPANY: Members Appoint Liquidator
XS SOLUTIONS: Names Official Liquidator


I N D I A

BHARAT PETROLEUM: Ties Up with MMTC for Global Petro Trading
BHARAT PETROLEUM: Inks NELP-VI Deal with Foresight and Petroleo
BPL LIMITED: Members OK Capital Hike and Equity Shares Issue
GENERAL MOTORS INDIA: U.S. Parent on S&P Watch Negative
JK COTTON: New Promoters Keen on Revival


I N D O N E S I A

NEWMONT MINING: Police Detains 12 Arson Suspects


J A P A N

JAPAN AIRLINES: No. 2 Shareholder Sells Off 50% of His Stake
JAPAN AIRLINES: Launches Trial Osaka-Sanya Flights
JAPAN AIRLINES: May Decrease Salaries Without Union Consent
KANEBO LIMITED: 3 Accountants Plead Guilty to Faking Accounts
MITSUBISHI MOTORS: Moody's Changes Ba3 Rating Outlook to Stable


K O R E A

HYUNDAI MOTOR: Prosecutors Raid Offices and Detain Executives
KOREA EXCHANGE: KIS Lifts Senior Debt Rating to "AAA" from "AA+"
KOREA EXCHANGE: Expects US$1.02 Billion Profit This Year
LG CARD: Creditors to Earn KRW1.3 Trillion From Sale


M A L A Y S I A

APEX EQUITY: Repurchases 38,000 Shares for MYR16,860
AVANGARDE RESOURCES: Court Grants Wind-up Petition Against Unit
AYER HITAM: Total Default Amount Hits MYR39 Million
BUKIT KATIL: Updates Default Status
KEMAYAN CORPORATION: Bourse Commences Delisting Procedures

MALAYSIA AIRLINES: In Final Talks for MYR400-Mln System Revamp
PANTAI HOLDINGS: To List and Quote 16,000 New Shares on April 3
PANTAI HOLDINGS: Employee Option Shares to Get Listed
PETALING TIN: Books MYR1.9-Mln Pre-tax Loss in First Quarter
PROTON HOLDINGS: EON Implements New Car Prices

SOUTHERN BANK: Shareholders' Proposals Set for Another Meeting
TENAGA NASIONAL: Tariff Hike OK Needed for Successful Stock Sale


P H I L I P P I N E S

ABS-CBN BROADCASTING: 2005 Net Profit Drops 61.3%
MANILA ELECTRIC: Posts 79% Decline in 2005 Net Losses
MANILA ELECTRIC: To Set Aside Funds for Probable Losses
PHIL. LONG DISTANCE: Moody's Puts "Ba1" LCCF Rating Under Review


S I N G A P O R E

CHINA AVIATION: Shares Soar as Trading Resumes
GREATRONIC LIMITED: Unit in Creditors' Voluntary Liquidation
IJIMASIA PRIVATE: Faces Wind-Up Proceedings
LION HEART: Proofs of Claim Due on April 27
MEDICAL EQUIPMENT: Gives Creditors Until April 24 to Prove Debt

REGION AIR: Concludes Dividend Distribution
SOUTHERN CHEMICALS: Court to Hear Wind-Up Petition Today


T H A I L A N D

ADVANCE PAINT: Reschedules Shareholders' Meeting to April 7
AGRO INDUSTRIAL: Shares Get Listed But Trading Stays Halted
AGRO INDUSTRIAL: Unveils New Directors
EASTERN PRINTING: Posts a Net Profit of THB112.19 Million
KRUNG THAI BANK: Moody's Places "E+" BFS Rating on Review

SIAM COMMERCIAL BANK: Moody's Places D+ BFS Rating on Review
* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

AIR NEW ZEALAND: Brewing Qantas Code-Sharing Deal, Rivals Say
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 30, 2006, that Air New Zealand and Qantas Airways are
discussing ways to cut costs on the crowded trans-Tasman route.

In an update, the Sydney Morning Herald cites a Dominion Post
report saying that the two airlines were close to a deal that
would see them work more closely, code-sharing flights in a bid
to stave off record fuel costs and huge losses on the Tasman
route.

Tasman is one of the most competitive routes in the world, with
11 airlines vying for passengers.

Tony Marks, chief executive officer of rival airline Pacific
Blue, believes that the tie-up would give Air New Zealand and
Qantas an 80% share of the market.  He says, according to Sydney
Herald, the airlines were likely to offer fewer, larger flights,
lessening competition and making price hikes inevitable.

The report recounts that Air New Zealand and Qantas had a code-
sharing agreement on the Tasman route in the 1990s, which pact
ended after six years.  Moreover, in 2003, competition
regulators on both sides of the Tasman rejected a proposal that
would have seen the two airlines cooperate on all international
and domestic services.  Australian authorities later approved
the deal on appeal, saying that increased competition from
Pacific Blue and Dubai-based Emirates would prevent anti-
competitive behavior.

Any merger between Air NZ and Qantas now would be more
complicated than in the 1990s when both carriers offered full
service flights on large planes.  Now, both carriers also
operate the route using their low-cost, smaller capacity,
offshoots, Freedom and Jetstar.

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.


ALL HOME CINEMA: Members to Wind Up Firm
----------------------------------------
The members of All Home Cinema Pty Limited held a meeting on
February 21, 2006, and agreed to close the Company's business.

Stephen Gower Baker was then appointed as liquidator.

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


ATS SAFETY: To Declare First and Final Dividend
-----------------------------------------------
ATS Safety Shops Pty Limited will declare its first and final
dividend today, March 31, 2006.

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

Contact: T. M. Pogroske
         Liquidator
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia


AWB LIMITED: Cole Rejects Requests for Secret Files to be Opened
----------------------------------------------------------------
Commissioner Terence Cole, who heads the inquiry on the Iraqi
kickback scandal and AWB Limited's involvement in it, is firm on
his decision not to release to the public the intelligence
documents revealing what spy agencies knew about the matter, the
Australian Associated Press reports.

The Troubled Company Reporter - Asia Pacific reported on
March 21, 2006, that the Cole Inquiry had agreed not to open 15
secret documents prepared by intelligence agencies so as not to
jeopardize national interest.

The AAP says that lawyers for the Federal Government had called
for the documents to be protected by a public interest immunity
order, which Mr. Cole granted.

However, Mr. Cole, who assured Australians that the inquiry
would remain to be transparent, did allow a summary of the
documents to be released.

The documents revealed that the spy agencies knew eight years
ago about the Jordanian trucking firm AWB used to funnel nearly
AU$300 million in kickbacks through to former Iraqi President
Saddam Hussein's regime.  The AAP notes that the summary also
revealed that information was passed on to the Federal
Government, including the Department of Prime Minister and
Cabinet, and the Department of Foreign Affairs and Trade.

The summary, however, did not satisfy AWB's senior barristers
and executives, who called on Mr. Cole to reverse his
suppression order.  The AWB lawyers argued that it was unfair
for witnesses not to be aware about the source of information in
the files.

Yet, after considering the request for the reversal of the
suppression order, Mr. Cole stood by his original decision not
to release the secret files, outlining his reasons in a 15-page
document.  Mr. Coles said he believes that the summary of the
documents already allowed AWB lawyers and executives to know the
substance of the information contained and how they were
distributed.

                           About AWB

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

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

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


B HOTEL: Names David Scott as Liquidator
----------------------------------------
At a meeting of the creditors of B Hotel Pty Limited on Feb. 20,
2006, it was agreed that a voluntary wind-up of the Company is
appropriate and necessary.

David H. Scott was named as liquidator to supervise the wind-up.

Contact: David H. Scott
         Liquidator
         Jones Condon Chartered Accountants
         77 Station Street, Malvern
         Victoria 3144
         Australia


BURNS PHILP: S&P Affirms BB- Credit Rating with Negative Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on Burns, Philp & Co. Ltd.  At the same
time, the rating was removed from CreditWatch with negative
implications, where it was placed on Sept. 29, 2005, following
the company's announcement of the listing of its baking,
spreads, and oils businesses as Goodman Fielder Ltd.  The
outlook is negative.

Since the Goodman Fielder IPO in December 2005, Burns Philp has
had a much narrower business profile, with its operations
reduced to its snacks business -- mainly the Uncle Tobys and
Bluebird brands -- combined with a dividend stream from its 20%
stake in Goodman Fielder.  In January 2006, Burns Philp
announced the appointment of Deutsche Bank to advise on
strategic options for the Uncle Tobys business.

"Despite the company's significant net cash position, Standard &
Poor's does not expect the company's current structure to be
sustainable in the medium term," said credit analyst Brenda
Wardlaw, Corporate & Infrastructure Finance Ratings group.  "The
rating reflects Standard & Poor's view that Burns Philp is in a
transition phase, and the expectation that the company will
acquire assets that are likely to be debt-funded and subject to
integration risk in the short term."

An upward rating trend is unlikely, unless Burns Philp develops
a more diversified business profile and adopts a more
transparent and conservative financial policy and acquisition
strategy.  The next rating action is more likely to be
associated with acquisitions rather than a potential sale of the
Uncle Tobys business.


CAR-TECH SERVICES: Appoints Official Receivers
----------------------------------------------
On February 10, 2006, Andrew John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as receivers and managers
of all resent and future assets of Car-Tech Services 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


CONCRETE RECYCLERS: Members to Receive Wind-up Details
------------------------------------------------------
The members of Concrete Recyclers Demolition Pty Limited will
convene today, March 31, 2006, to receive Liquidator John
Vouris' account regarding the Company's completed wind-up and
disposal of property.

Contact: John Vouris
         Liquidator
         Vouris & Bell
         Level 9, 4 O'Connell Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9232 6800


DARDAN PTY: Wind-up Process Initiated
-------------------------------------
After their extraordinary general meeting on February 27, 2006,
the members of Dardan Pty Limited decided to voluntarily wind up
the Company's operations.

Subsequently, Peter Paul Krecji was appointed as liquidator at a
creditors' meeting held on the same day.

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


DOVE & SCHUBERT: Decides to Close Operations
--------------------------------------------
The members of Dove & Schubert Pty Limited convened on
February 28, 2006, and concurred that the Company should wind up
its operations.

William Robert Owen Jeffreys was appointed to manage the
Company's wind-up activities.

Contact: William R. O. Jeffreys
         Liquidator
         William Jeffreys & Company
         323 Cathedral Lane, Taggerty
         Victoria 3714
         Australia


FAIREY AUSTRALASIA: Declares Final Dividend
-------------------------------------------
Fairey Australasia Pty Limited will distribute a final dividend
today, March 31, 2006, to the exclusion of its creditors who
were not able to prove their claims.

Contact: Timothy Paul Burfield
         Anthony Stevens Smith
         Liquidators
         Ernst & Young
         Level 22, 91 King William Street
         Adelaide, South Australia 5000
         Australia
         Telephone: (08) 8233 7111


FODILE PTY: Court Issues Wind-up Order
--------------------------------------
On February 23, 2006, the Federal Court of Australia ordered the
winding up of Fodile Pty Limited, and appointed Andrew Leslie
Smith as liquidator.

Contact: Andrew L. Smith
         Liquidator
         c/o PPB Chartered Accountants and Business
         Reconstruction Specialists
         15th Floor, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 4955
         Fax: (02) 9221 1310


GREENSBOROUGH QUALITY: Winds Up Business
----------------------------------------
At a general meeting on February 24, 2006, members of
Greensborough Quality Meats Pty Limited concurred that the
Company must voluntarily commence a wind-up of its operations.

Robyn Erskine and Peter Goodin were then appointed as
liquidators.

Contact: Robyn Erksine
         Peter Goodin
         Liquidators
         Brooke Bird & Co. Chartered Accountants
         471 Riversdale Road, Hawthorn East 3123
         Australia
         Telephone: (03) 9882 6666


KILDARE PTY: To Hold Final Meeting Today
----------------------------------------
A final meeting of the members of Kildare (Canberra) Pty Limited
will be held for the parties to receive Liquidator Richard Cox's
final account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held today, March 31, 2006.

Contact: Richard Cox
         Liquidator
         c/o Trumans
         PO Box 5485, West Chatswood
         New South Wales 1515
         Australia
         Telephone: (02) 9410 6999


MULTIPLEX GROUP: 120 Wembley Workers Sacked by Subcontractor
------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
March 30, 2006, Multiplex Group Limited had been hit with
another hurdle to the completion of the already-delayed Wembley
Stadium project in London as 120 project workers were given lay-
off notices.

In an update, the Sydney Morning Herald relates that
subcontractor Hollandia has already sacked the 120 steelworkers,
scaffolders and welders supplied by labor hire firm, Fast Track.

Fast Track claims that it has not received any payment for its
services and, therefore, is unable to pay the workers.

Multiplex's spokesman, Mathew Chandler, clarified that the
dispute affecting the 120 workers is between Hollandia and Fast
Track.  He said that Multiplex is now looking to Hollandia for
work to be continued.  In addition, the unions have also assured
the Company that their members will continue to work while
Hollandia discusses its issues with Fast Track.

The lay-off is the latest of a series of problems that the
construction group has been facing.

On top of the financial losses Multiplex has incurred due to the
delays in the Wembley project, the TCR-AP reported on March 22,
2006, that more than 3,000 workers had been evacuated from the
Wembley site last week after a 50-tonne steel roof beam slipped
20.  The rafter, however, was bolted into place and work resumed
the day after.  Subsequently, the TCR-AP stated on March 27 that
Multiplex had confirmed reports that the Wembley project is
experiencing drainage problems.

The Sydney Herald says that Multiplex is expected to release an
update on the Wembley Project to investors next week.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.  Early in 2005, Multiplex began facing cost
pressures on its reconstruction project for the Wembley Stadium
in London, prompting it to conduct its own internal
investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading
to an unpredicted write-down.  In February 2005, stunned
investors sold down Multiplex shares after the Company reversed
its stance on two United Kingdom projects, writing off AU$68.3
million from its profits.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis, which could affect its other projects,
after posting a massive AU$474 million in total losses
attributed to Wembley.  The English Football Association has
given up plans to hold the FA Cup Final at Wembley due to the
delays.  The Group is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006, completion date.


MURFIN PTY: Members Opt for Voluntary Liquidation
-------------------------------------------------
At a general meeting of Murfin Pty Limited on February 23, 2006,
members decided to wind up the Company's operations voluntarily.

Jennifer Margaret Hamley was named liquidator for the wind-up.

Contact: Jennifer M. Hamley
         Liquidator
         Castle Corporate Services Pty Limited
         26 Ellingworth Parade, Box Hill
         Australia
         Telephone: (03) 9898 6666


NSW ENERGY: Liquidator to Present Company Report
------------------------------------------------
A final meeting of the members and creditors of NSW Energy
Services Pty Limited will be held today, March 31, 2006.

At the meeting, Liquidator Geoffrey McDonald will report on 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: Geoffrey McDonald
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


PARK LANE: Prepares to Pay Dividend
-----------------------------------
Park Lane Antiquities Pty Limited will declare a final dividend
today, March 31, 2006.

Creditors who were unable to prove their claims will be excluded
from the benefit of the dividend.

Contact: G. M. Rambaldi
         Liquidator
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


PEARL KITCHENS: Enters Voluntary Liquidation
--------------------------------------------
The members of Pearl Kitchens Pty Limited decided on
February 28, 2006, to wind up the Company's business operations.

Paul Vartelas was then appointed as liquidator at a creditors'
meeting held later that day.

Contact: Paul Vartelas
         Liquidator
         B. K. Taylor & Company
         8th Floor, 608 St. Kilda Road
         Melbourne, Australia


P MOUAWAD: Receiver Steps Down
------------------------------
On February 24, 2006, Peter James Hedge ceased to act as
receiver and manager of P Mouawad Constructions Pty Limited.


QANTAS AIRWAYS: S&P Places BBB+ Rating on $400 Million Notes
------------------------------------------------------------0
On March 29, 2006, Standard & Poor's Ratings Services assigned
its 'BBB+' senior unsecured rating to Qantas Airways Ltd.'s
(BBB+/Stable/A-2) US$400 million notes due April 15, 2016.  The
notes are unsecured and rank equally with Qantas' other
unsecured debt.

The ratings on Qantas reflect the airline's leading position in
Australia's domestic market, solid position in Australia's
international traffic, robust operating performance, and
moderate financial policy.  Qantas also has a strong and well-
developed enterprise risk management framework that supports its
operating integrity and performance.  These positive factors are
offset by the high-risk and cyclical nature of the airline
industry, growing competition across Qantas' network, and
exposure to volatile fuel prices and exchange rates.


SANTOS LIMITED: More Than Doubles 2005 Net Profit
-------------------------------------------------
In its Annual Report for the period ended December 31, 2005,
lodged with the Australian Stock Exchange, Santos Limited
revealed:

   * record AU$762 million net profit -- more than double the
     previous year;

   * sales revenue up 64% to record AU$2.5 billion;

   * annual production up 19% to 56.0 million barrels of oil
     equivalent;

   * operating cash flow up 142% to AU$1.5 billion; and

   * 15% increase in annual dividend to 38 cents per share.

Santos Managing Director John Ellice-Flint states that 2005 was
the most successful year in Santos' history, with record sales
and profits, higher returns to shareholders, and excellent
exploration and development results.

                Broadened International Presence

Santos is positioning itself to play an increasing role
as a significant supplier to international energy markets, Mr.
Ellice-Flint says.

Mr. Ellice-Flint relates that Santos has entered 2006 with a
major step into the international energy marketplace by
dispatching the first cargo of liquefied natural gas from the
Bayu-Undan processing facility in Darwin, where the Company has
a 10.6% interest.

"Our confidence in Santos becoming a significant LNG exporter is
underpinned by growing demand in major markets in South East
Asia and the United States," Mr. Ellice-Flint says.  "Buyers are
also keen to ensure their energy supplies by diversifying their
sources."

Looking at possible future LNG supplies, Mr. Ellice-Flint cites
the 2005 Caldita gas discovery in the Timor/Bonaparte region,
offshore Northern Territory and about 200 kilometers from
existing infrastructure for the producing Bayu-Undan gas and
liquids project.

"We have continued to realize more of the goals laid down five
years ago in our renewal plan.  Our pursuit of a balanced
portfolio of assets and activities has achieved positive results
both here and abroad," Mr. Ellice-Flint.  "A defining feature of
the year under review was historically high prices for crude
oil.  There are a number of market indicators that suggest oil
prices could remain robust into the medium term."

Mr. Ellice-Flint adds that "Supply from some traditional sources
in the Middle East is slowing through dwindling reserves or
production interruptions in places like Iraq and a number of
other traditional suppliers."

                   Record Production in Sight

Mr. Ellice-Flint says that, during 2006, Santos expects to
eclipse its previous highest annual production of 57.3 million
barrels of oil equivalent or mmboe, achieved in 2002.

"We expect total annual production of oil and gas to top 60
mmboe," he says.  "With further developments pending both here
and overseas, I am confident we will go on to set further
records."

               Aggressive 2006 Exploration Program

Mr. Ellice-Flint says Santos' successful 2005 exploration
program would be followed up in 2006 by one of the most
aggressive programs in the Company's history.

"Santos' 2006 exploration program will see us drill a total of
310 wells -- almost six wells a week -- of which 25 will be
wildcat exploration wells focusing on the Cooper Basin,
Timor/Bonaparte region, Indonesia, Egypt and the United States,"
he says. "The overall goal for our exploration program is to
continue to produce the successes that have generated strong
petroleum reserve replacement ratios and underpinned our new
development activities."

The full 2005 Annual Report is available on the Santos Web site
at http://www.santos.com/


SUMMERLAND ENVIRONMENTAL: Schedules Final Meeting Today
-------------------------------------------------------
The members and creditors of Summerland Environmental Pty
Limited will hold a meeting today, March 31, 2006, to get an
account of the manner of the Company's wind-up and property
disposal from Liquidator A. R. Nicholls.

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


VEXINSOUTH PTY: Prepares to Distribute Assets
---------------------------------------------
On February 28, 2006, the members of Vexinsouth Pty Limited
resolved to cease the Company's business operations and
distribute the proceeds of its assets.

James Gerard McKeough was named as liquidator.

Contact: James G. McKeough
         Liquidator
         48 Greenville Road, Wayville
         South Australia 5034
         Australia
   

VILLA CENTRE: Creditors' Claims Due on April 4
----------------------------------------------
Creditors of Villa Centre Pty Limited are required to submit
their formal proofs of claim by April 4, 2006.

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

Contact: P. G. Downie
         Liquidator
         Worrells Solvency & Forensic Accountants
         Web site: http://www.worrells.net.au/


WATTYL LIMITED: Allco Finally Gives Up Attempts at Takeover
-----------------------------------------------------------
Listed investment firm Allco Equity Partners has put an end to
its attempts at gaining control of Australia's second largest
paint maker, Wattyl Limited.

The Sydney Morning Herald relates that Allco walked away from
its AU$274.8 million bid for Wattyl and has, instead, decided
to wait for the Australian Competition and Consumer Commission's
decision regarding rival bidder Barloworld Limited's AU$321
million offer for Wattyl.

The Troubled Company Reporter - Asia Pacific noted on March 30,
2006, that the ACCC had expressed concerns that a Barloworld
Takeover, which would merge the number two and number three
paint makers, would substantially reduce competition.

Wattyl countered that the ACCC concerns were preliminary and not
a final decision on Barloworld's proposed acquisition.
Barloworld, which owns the Taubmans, Bristol and White Knight
brands, remains convinced of the benefits of the merger to both
the industry and consumers and says that it will continue to
work with the ACCC to address its concerns.

Moreover, in a third supplementary target's statement, Wattyl
had asserted that Allco's alternative bid is inadequate and
opportunistic.  The Allco bid, which closes on April 3, 2006, is
for AU$3.25 per share, while Barloworld is offering Wattyl
shareholders AU$3.80 per share.

According to the Sydney Herald, Allco managing director Peter
Yates declined to comment on whether the firm would let its bid
lapse on April 3.  Allco had also ruled out suggestions to make
a higher bid after meeting with Wattyl management last week.

The ACCC is expected to give its final view on the takeover
matter on May 4, 2006.

The Sydney Herald says that another factor weighing on Allco is
the prospect that Barloworld's bid to secure Wattyl could go on
for months, with the possibility that Barloworld could appeal
any ACCC ruling which does not go its way.  The Barloworld board
is already mulling over making several undertakings to the ACCC.

                          *     *     *

Headquartered in New South Wales, Australia, Wattyl Limited --
http://www.wattyl.com.au/-- is engaged in the manufacture and  
marketing of paints, resins and related products.  In June 2005,
Wattyl commenced its business and finance restructuring program,
which includes the re-allocation of its marketing budget and
increased expenditure on strengthening Wattyl's brands and
positioning the business or future growth.  In December 2005,
Allco Equity Partners made an AU$285-million hostile takeover
bid for Wattyl.  South Africa's Baroloworld, however, made a
friendly counter-offer of AU$321 million, which won the support
of Wattyl's Board.


WILLAND HOLDINGS: Appoints Official Liquidators
-----------------------------------------------
The members of Willand Holdings Pty Limited resolved to wind up
the Company's business operations on February 17, 2006.  

Subsequently, Stephen Robert Dixon and Laurence Andrew
Fitzgerald were appointed as Joint and Several Liquidators of
the Company.

Contact: Stephen R. Dixon
         Laurence A. Fitzgerald
         Horwath BRI (Victoria) Pty Limited
         Level 30, The Rialto
         525 Collins Street, Melbourne
         Victoria 3000
         Australia


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

BALLY TOTAL: Seeks Default Waivers from Senior Noteholders
----------------------------------------------------------
Bally Total Fitness disclosed it will be seeking waivers of
defaults from holders of its 10-1/2% Senior Notes due 2011 and
9-7/8% Senior Subordinated Notes due 2007, under the indentures
governing the notes through a consent solicitation process.

These defaults resulted from the Company's recently announced
failure to file its financial statements for the year ended
December 31, 2005, with the Securities and Exchange Commission.  

Bally will also seek a waiver to extend the time for filing its
financial statements for the quarters ended March 31 and June
30, 2006.  

Bally expects to commence the consent solicitation process on or
about March 27, 2006.

Holders of approximately 53% of the senior subordinated notes
have already entered into agreements with Bally to consent to
the requested waivers.  These holders include:

        -- Tennenbaum Capital Partners, LLC, the largest holder
           of senior subordinated notes; and

        -- entities affiliated with Pardus Capital Management,
           LLC and Everest Capital Limited, large Bally
           shareholders that also own senior subordinated notes.

The noteholders have also agreed, subject to certain exceptions,
to vote unregistered Bally shares received in the consent
solicitation in favor of a transaction that may result from
Bally's strategic process and approved by Bally's Board of
Directors.

Bally said it will seek a waiver from the lenders under its
US$275 million senior secured credit facility of the requirement
to deliver audited financial statements by March 31, 2006.

The form of consideration to be paid to consenting noteholders
will be US$10.00 in cash or 4.4444 unregistered shares of Bally
common stock, in each case per US$1,000 principal amount of
notes, at the consenting party's option and subject to
compliance with applicable securities laws. The senior
subordinated noteholders that have already agreed to consent
have elected to receive their consent fee in stock.  If all
noteholders were to elect to receive unregistered common stock,
the Company would issue a maximum of 2,377,754 unregistered
shares of common stock.  The Company currently has approximately
38.5 million common shares outstanding.  Consenting lenders
under the senior secured credit facility will receive consent
fees in cash.

Bally currently anticipates selling common stock to certain
institutional holders to finance the payment of cash consent
fees and related expenses.  Further details will be announced
when the consent process formally commences.  Bally anticipates
that the senior secured credit facility default waivers will be
completed by March 31, 2006, and the indenture default waivers
will be completed on or before April 14, 2006.

As previously disclosed, Bally's failure to file its financial
reports with the SEC is due principally to the delay until
November 30, 2005, in completing the audit of the 2004 financial
statements and the restatements of prior periods.  This
contributed to difficulties in updating legacy systems and
delays in the Company completing the required testing and
management's assessment of the Company's internal controls as
required by Section 404 of the Sarbanes-Oxley Act of 2002.

Under the proposed lender and bondholder default waivers,
Bally's 2005 10-K would be required to be filed no later than
July 10, 2006, though the Company anticipates completing the
audit process and filing before that time.  The waivers would
also permit a delay in filing Bally's 10-Q reports for the
quarters ended March 31 and June 30, 2006, for up to 60 days.

Although the filing and delivery delay constitutes a default
under the indentures, it does not result in an event of default
or acceleration without the delivery to Bally of a default
notice from the trustee or holders of at least 25% in the
aggregate principal amount of either series of notes and the
expiration of a 30-day cure period thereafter. No such notices
have been received to date.  Bally's senior secured credit
facility provides for a cross-default 10 days after delivery to
Bally of a default notice under either of the indentures, a
provision that Bally is asking the lenders to extend.  
Notwithstanding Bally's intention to seek waivers, no assurance
can be given that an event of default under the indentures or
senior credit facility will not occur in the future.

                 About Bally Total

Bally Total Fitness -- http://www.ballyfitness.com/-- is the  
largest and only United States-based commercial operator of
fitness centers, with approximately four million members and 440
facilities located in 29 states, Mexico, Canada, Korea, China
and the Caribbean under the Bally Total Fitness(R), Crunch
Fitness(SM), Gorilla Sports(SM), Pinnacle Fitness(R), Bally
Sports Clubs(R) and Sports Clubs of Canada(R) brands.  With an
estimated 150 million annual visits to its clubs, Bally offers a
unique platform for distribution of a wide range of products and
services targeted to active, fitness-conscious adult consumers.

                        *    *    *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Chicago-
based Bally Total Fitness Holding Corp., including the 'CCC'
corporate credit rating, on CreditWatch with developing
implications, where they were placed on Dec. 2, 2005.  

The CreditWatch update follows Bally's announcement that it will
not meet the March 16, 2006, deadline for filing its annual
report on SEC Form 10-K for the year ending Dec. 31, 2005.  
Bally currently anticipates filing its 2005 10-K in April 2006.

Bally's ratings were originally placed on CreditWatch on Aug. 8,
2005, following the commencement of a 10-day period after which
an event of default would have occurred under the Company's
US$275 million secured credit agreement's cross-default
provision and the debt would have become immediately due and
payable.  Subsequently, Bally entered into a consent with
lenders to extend the 10-day period until Aug. 31, 2005.  Prior
to Aug. 31, the Company received consents from its bondholders
extending its waiver of default to Nov. 30, 2005.


BANK OF CHINA:  Planned IPO Draws Interest
------------------------------------------
As reported by Troubled Company Reporter - Asia Pacific on March
28, 2006, The Bank of China is looking to raise HK$6 billion in
an initial public offering in Hong Kong on June 8, 2006.

In an update, Dow Jones Newswires stated that the IPO will have
to compete for investors with a couple of already-listed Chinese
banks and with several planned listings later this year,
including Industrial and Commercial Bank of China and mid-tier
lender China Merchants Bank.  

If the price is right, an offering by the Bank of China should
have some strong selling points, the report said.

Investors, analysts and bankers expect BOC shares to be priced
at a discount to those of China Construction Bank and Bank of
Communications, which should boost the selling power of the IPO.  

Jing Ulrich, the Chairman of China equities for J.P. Morgan in
Hong Kong, said that the Chinese market has so much liquidity
because global institutions and hedge funds are allocating more
and more money in the country, which will boost interest in
BOC's shares.

Analysts say that the biggest advantage of BOC has over its
other major lenders in China is its international business
model, which will be used to sell the IPO when the bank launches
its investor road show in mid-May.  

BOC also runs two major overseas operations, including BOC
International, or BOCI - the bank's overseas investment banking
arm - and Hong Kong-listed BOC Hong Kong, in which BOC owns a
66% stake.

                   About Bank of China

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.   


FAITHWISE LIMITED: Schedules Final Meeting on April 18
------------------------------------------------------
The final meeting of the members of Faithwise Limited will be
held on April 18, 2006, at Room 6-8, 9/F, Blk A, Fuk Keung
Industrial Building, 66-68 Tong Mi Road, in Kowloon, Hong Kong.

At the meeting, they will get an account of the manner of the
Company's wind-up and property disposal from Liquidator Huang
Hsiu Feng.


FIRST-RATE INDUSTRIES: Final Meeting Fixed April 28
---------------------------------------------------
A final meeting of the members of First-Rate Industries Limited
will be held for the parties to receive the liquidator Lam Wai
Hay's final account showing how the Company was wound up and how
its property was disposed of.

The meeting will be held on April 28, 2006, at 3:00 p.m., at
Room 906, 9th Floor, Arion Commercial Centre, 2-12, in Queen's
Road West, Hong Kong.


FLYING DRAGON: Appoints Joint Liquidators
-----------------------------------------
Simon Richard Blade and Bruno Arboit were appointed as joint and
several liquidators of Flying Dragon Group Limited on March 16,
2006.   

Contact: Simon Richard Blade
         Bruno Arboit
         Baker Tilly Hong Kong
         12th Floor, China Merchants Tower
         Shun Tak Centre, 168-200 Connaught Road
         Central, Hong Kong


INSIGNIA CAPITAL: Holds Final General Meeting on April 25
---------------------------------------------------------
The final general meeting of the members of Insignia Capital
Investments (Hong Kong) Limited will be held on April 25, 2006,
at 20/F., Prince's Building, in Central, Hong Kong.

At the meeting, the members will get an account of the manner of
the Company's wind-up and property disposal from Liquidator
Philip Brendan Gilligan.

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


JOY LINE: Liabilities Prompt Firm to Wind Up
--------------------------------------------
The members of Joy Line Limited on March 16, 2006, placed the
Company in liquidation.

The move came after members determined that the Company is
unable continue its business operations due to its liabilities.

Contact: Chow Cheuk Lap
         Liquidator
         Rooms 501-3, 5th Floor
         Hang Seng Building
         77 Dex Voeux Road Central
         Hong Kong


KENCO DEVELOPMENT: Creditors Should Prove Debts by April 23
-----------------------------------------------------------
Kenco Development Limited will be receiving proofs of debt or
claims before April 23, 2006.

Creditors should send in their particulars to the solicitors and
liquidators of the Company.

Failure to comply with the requirements will exclude any
creditor from the benefit the Company will make.

Contact: Susanna Bik-Chu Lung
         Liquidator
         2503 Bank of America Tower
         12 Harcourt Road, Central
         Hong Kong


KENCO DEVELOPMENT: Appoints Official Liquidators
------------------------------------------------
Kenco Development Limited on March 13, 2006, started liquidating
its assets after members passed a resolution to wind up the
Company's operations.

Subsequently, the members appointed Susanna Bik-Chu Lung and
ALbert Wai-Shing Lo as joint liquidators.

Contact: Susanna Bik-Chu Lung
         Alb ert Wai-Shing Lo
         2503 Bank of America Tower
         12 Harcourt Road, Central
         Hong Kong
         

MASS SUCCESS: Members' Final Meeting Scheduled for April 27
-----------------------------------------------------------
Members of Mass Success Limited will convene for a final general
meeting on April 27, 2006, at 11:00 a.m.

At the meeting, Liquidator Chan Kit Wang will present an account
on the Company's liquidation process.

The members will also decide whether the books, accounts and
documents of the Company will be retained by the Liquidator and
be destroyed three months after the Company is dissolved.

Contact: Chan Kit Wang
         Liquidator
         12th Floor
         Tsim Shat Tsui Centre
         Salisbury Road, Tsim Sha Tsui
         Kowloon, Hong Kong


MEESPIERSON IPB: Chiu Soo Ching Named as Liquidator
---------------------------------------------------
On March 17, 2006, Chiu Soo Ching, Katherine and Cho Che Kwong,
Alex, were chosen to facilitate the liquidation of Meespierson
IPB Asia Limited's assets.

Contact: Chiu Soo Ching, Katherine
         Cho Che Kwong, Alex
         Joint Liquidators
         2001 Central Plaza
         18 Harbour Road
         Wanchai, Hong Kong

         
MENG CHUN: Liquidator Man-Kou Tan Steps Down
--------------------------------------------
On March 20, 2006, Man-Kou Tan Kong of 26/F., Wing On Centre,
111 Connaught Road, in Central, Hong Kong, has ceased to act as
liquidator of Meng Chun Company Limited.  


PRAMERICA ASIA: Members Resolve to Wind Up Firm
-----------------------------------------------
Members of Pramerica Asia Management Services Limited held a
meeting on March 15, 2006, and agreed that:

  -- the Company be wound up voluntarily;

  -- Philip Brendan Gilligan be appointed as liquidator for the
     purpose of such winding up;

  -- the assets of the Company be distributed among the members
     in cash or in specie;

  -- the Liquidator be authorized under to exercise the powers
     laid down in Section 199(1)(3), (3) and of the Companies
     Ordinance; and

  -- the books and papers of the Company and of the liquidator
     may be disposed of by the liquidator at the time selected
     by him after the final meeting of the members is convened
     pursuant to Section 239 of the Companies Ordinance.

Contact: Philip Brendan Gilligan
         7th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong
         

STEADINVEST COMPANY: Members Appoint Liquidator
-----------------------------------------------
Steadinvest Company Limited is liquidating its assets after
members passed a resolution to wind up the Company's operation
on March 24, 2006.

Subsequently, Tsang Wai Ming was appointed as Liquidator.

Contact: Tsang Wai Ming
         1001 Unicorn
         Trade Centre
         127-131 Dex Voeux Road
         Central, Hong Kong


XS SOLUTIONS: Names Official Liquidator
---------------------------------------
XS Solutions Limited has commenced liquidation on March 14,
2006.

As a result, Leung Hok Lim and Leong Ting Kwok have been
appointed to facilitate the liquidation of the Company's assets.

Contact: Leung Hok Lim
         Leong Ting Kwok
         26th Floor, Citicorp Centre
         18 Whitfield Road
         Causeway Bay, Hong Kong


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

BHARAT PETROLEUM: Ties Up with MMTC for Global Petro Trading
------------------------------------------------------------
Bharat Petroleum Corporation Ltd has partnered with MMTC for
international trading in petro products.

The Malaysian oil firm, which is currently exporting certain
products such as furnace oil and naphtha to neighboring
counties, sees great scope for global trading in petro products
using the MMTC's international marketing network.

On March 29, 2006, Bharat Petroleum signed a memorandum of
understanding with MMTC under which both companies haves agreed
to jointly operate in international trading in products such as
liquefied natural gas, bitumen, furnace oil, paraffin wax and
base oil.

The two firms are expected to work out a joint business plan
shortly.  Besides selling Bharat Petroleum products and buying
crude for its refineries, the parties plan to buy and sell
third-party products.  The companies may also explore setting up
a joint venture in the future.  

Bharat Petroluem will be using MMTC's Singapore subsidiary for
buying and selling crude and petroleum products, chartering of
ships and other trading activities.  It will also utilize MMTC's
facilities in various overseas free trade zones.  MMTC has an
annual turnover of over INR15,000 crore.

                     About Bharat Petroleum

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

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


BHARAT PETROLEUM: Inks NELP-VI Deal with Foresight and Petroleo
---------------------------------------------------------------
On March 29, 2006, state-run Bharat Petroleum Corporation
Limited teamed up with Brazil's Petroleo Brasileiro SA and
United Kingdom's Foresight Oil Ltd to jointly bid for oil blocks
on offer under the sixth round of the New Exploration Licensing
Policy, Bharat Petroleum informed the Bombay Stock Exchange.

The three companies would work together and scout for
opportunities in exploration, refining and marketing of oil and
gas sector in India and abroad.

Bharat Petroleum told the Stock Exchange that it has knowledge
and capabilities in midstream and downstream of oil and gas
sector and was very keen to get into exploration.

Brazilian Government-owned Petroleo, meanwhile, has the
knowledge and capabilities to operate in the international
exploration and production areas of oil and gas, especially in
the field of deep water drilling.  

Foresight, on the other hand, possesses certain unique
knowledge, skill and technical expertise concerning Offshore
Exploration, Drilling and also Shipping.

The three have set mutual understandings in areas of activity in
the hydrocarbon sector.  The areas of cooperation between the
parties include future opportunities in the exploration and
production in India, Brazil, and any third country, if
necessary, through a consortium with other companies.

Furthermore, the agreement covers cooperation in the areas of
midstream and downstream of oil and gas sector like setting up
of city gas distribution network for domestic and industrial
consumers, establishing compressed natural gas and auto
liquefied petroleum gas dispensing facilities as automotive
fuels, blending and marketing of lubricants, operation and
maintenance of refining, transportation and marketing
facilities, among others.

Exchange of technology and training of human resource
development activities in hydrocarbon sector are also among the
objectives of the tie-up, Bharat Petroleum added.

                     About Bharat Petroleum

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

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


BPL LIMITED: Members OK Capital Hike and Equity Shares Issue
------------------------------------------------------------
At an Extraordinary Meeting on March 29, 2006, members of BPL
Limited approved:

   * an increase in the Company's authorized share capital to
     INR2250 million comprising of 5,00,00,000 equity shares of
     INR10/- each and 1,75,00,000 redeemable preference shares
     of INR100/- each, and

   * consequential amendments in Memorandum and Articles of
     Association of the Company.

The members also approved the offer, issue, and allotment of
equity shares on a preferential basis in one or more trenches
and on such terms and conditions as may be deemed appropriate by
the Board of Directors or a Committee of the Board thereof, up
to 2,00,00,000 fully paid-up equity shares of INR10/- each at a
premium of INR33.02/- per share to Electro Investment Pvt Ltd.  
This is, however, still subject to necessary approvals and
provisions.

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


GENERAL MOTORS INDIA: U.S. Parent on S&P Watch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services is placing all its ratings,
including its 'B' long-term and 'B-3' short-term corporate
credit ratings, on General Motors Corporation on
CreditWatch with negative implications.  

This action stems from GM's disclosure in its 2005 10-K that the
recent restatement of its previous financial statements raises
potential issues regarding access to its US$5.6 billion standby
credit facility, as well as the possibility that certain lease
obligations of as much as $3 billion could be subject to
possible claims of acceleration, termination, or other remedies.  
At a minimum, GM could have to seek waivers on financial
reporting requirements from lenders, which could put pressure on
its liquidity. No similar issues exist under General Motors
Acceptance Corp.'s various bank facilities.  GM's balance sheet
debt stood at about US$32 billion at Dec. 31, 2005.

The need to attend to this issue adds to the various challenges
that management continues to face on a number of non-operating
issues beyond solidifying access to bank credit facilities,
including the situation at Delphi Corp., the possible sale of
GMAC, and various accounting and other investigations.

GMAC -- 'BB/B-1'-- and all GMAC-related entities, including
Residential Capital Corp. -- 'BBB-/A-3' --, are already on
CreditWatch with developing implications, given GM's announced
intention to sell a majority stake in GMAC.  The ratings on
ResCap are two notches above GMAC's, its direct parent,
reflecting ResCap's ability to operate its mortgage businesses
separately from GMAC's auto finance business, from which ResCap
is partially insulated by financial covenants and governance
provisions.  However, S&P continues to link the ratings on
ResCap with those on GMAC because of the latter's full ownership
of ResCap.

"Although the primary reason for GM's CreditWatch listing is its
uncertain access to existing or new bank facilities," said
Standard & Poor's credit analyst Robert Schulz, "the resolution
of the CreditWatch will also encompass other ongoing concerns,
including the potential for work stoppages at Delphi and
possible costly resolution for GM, as well as our primary
concern--GM's North American operations."

"We will also consider progress on the sale of a controlling
stake in GMAC. We expect to resolve this review once GM's access
to existing or new bank facilities becomes more certain, or
sooner if other developments such as the Delphi situation
warrant," Mr. Schulz adds.

Previously, S&P indicated that if these financial reporting
issues had any near-term effect on GM's liquidity, the ratings
could be placed on CreditWatch with negative implications. The
rating agency continues to view GM's unrestricted cash balances
as likely to be adequate, given a total of US$20.4 billion at
Dec. 31, 2005, including available amounts in the short-term
VEBA fund.  S&P believes current cash and VEBA balances remain
close to year-end levels.  Still, the agency is concerned that
GM is facing an incremental decrease in liquidity because of an
uncertain period of questionable access to its bank facility.
This reduced liquidity is occurring at the same time as various
potential calls on liquidity are looming--for example, probable
upcoming resolution of issues at Delphi that could be costly to
GM.  S&P expects GM to act to remedy these uncertainties,
possibly by establishing a new bank facility secured with
certain assets as permitted under existing indentures.  Were a
secured bank facility to be established, S&P would review the
effect of contractual subordination on the unsecured debt, and
depending on the level of security granted, the unsecured debt
rating could be lowered.

                          *     *     *

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: New Promoters Keen on Revival
----------------------------------------
The Yadhupati Singhania Group has finally decided to start the
revival of JK Cotton Spinning and Weaving Mills Limited as soon
as possible, BharatTextile.com reports.

Yadhupati Singhania, which took over JK Cotton after the split
of the JK Group of Companies, will now handle JK Cotton's
rehabilitation as the Company's new promoters.

The Group has already injected an initial investment of INR12-15
crore into JK Cotton, right after the Board for Industrial and
Financial Reconstruction approved the Company's revival package.

The Group expects to raise INR125-150 crore by selling its two
major plots, the proceeds of which will be used to clear JK
Cotton's debts and add to its operating capital.

Aside from BIFR's approval, banks and the financial institutions
have also endorsed the onetime settlement package for JK
Cotton's creditors.

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.


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

NEWMONT MINING: Police Detains 12 Arson Suspects
------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 23, 2006, that Newmont Mining Corporation has suspended
gold and copper exploration on Indonesia's eastern island of
Sumbawa after unknown assailants burned down a camp for its
workers.

Subsequently, Indonesian police found out that the attack, which
burned down 20 buildings, was done by about 50 villagers in the
West Nusatenggara province.  The assailants were demanding IDR10
billion in compensation for community development from the
United States-based Newmont.

The Associated Press relates that the police have arrested 12
people who are suspected to be involved in the incident.  The
suspects were nabbed during a raid on March 26 at Ropang village
on Sumbawa island.

According to AP, two key suspects were able to run away from
police.  The names of the suspects were not disclosed.

The TCR-AP has stated that the incident came amid rising anger
at Western mining and energy interests in Indonesia.  Foreign
companies working in remote corners of the country face frequent
protests by nearby residents demanding jobs or compensation for
resources, and spend millions of dollars on community
development projects.

                      About Newmont Mining

Headquartered in Denver, Colorado, U.S.A., Newmont Mining
Corporation -- http://www.newmont.com/-- is the leading gold  
producer with operations on five continents.  Newmont is also
engaged in the exploration for and acquisition of gold
properties in some of the world's best gold districts.
Employing approximately 28,000 employees and contractors
worldwide, Newmont operates core assets in North America, South
America, Asia, Australia, and Indonesia, with new mine projects
currently being developed.

Newmont spent 10 years exploring the volcanic islands of
Indonesia before opening its first mine, Minahasa, at the
northeastern tip of Sulawesi in 1996.  Batu Hijau, a large
copper-gold deposit on the island of Sumbawa, shipped its first
concentrate at the end of 1999.  The Company's problems in
Indonesia started when the Indonesian Government filed a civil
suit against the Company for allegedly polluting the area near
its operation.


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

JAPAN AIRLINES: No. 2 Shareholder Sells Off 50% of His Stake
------------------------------------------------------------
The second largest shareholder of Japan Airlines International
Company Limited -- Eitaro Itoyama -- revealed that he had sold
off half of his entire stockholding in the Company, The Japan
Times says.

According to Mr. Itoyama, the airline's non-payment of dividends
for the second consecutive year forced him to sell half of his
stake, as he could not be assured of a return on his JPY50
billion investment in the Company.  Mr. Itoyama added that he
would consider repurchasing the shares if JAL management would
increase shareholder value.  However, if that value were to drop
further, he would dispose of more shares.

As of September 30, 2005, Mr. Itoyama held 80,371,000 shares, or
4.05% of JAL.  The largest shareholder is railway company Tokyu
Corp., which held a slightly bigger stake, composed of
80,397,000 shares.

The Troubled Company Reporter - Asia Pacific reported on
March 6, 2006, that Japan Airlines disclosed a five-year
business plan to close non-profitable routes, streamline its
businesses and ensure greater customer safety and services, in
order to win back the public's trust.  JAL disclosed that it
will pay no dividend for fiscal 2005, which ends today,
March 31, 2006, and will hold off dividends in fiscal 2006.
Mr. Itoyama was not happy with the plan, the Times relates.

                    About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
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.


JAPAN AIRLINES: Launches Trial Osaka-Sanya Flights
--------------------------------------------------
Japan Airlines International Company Limited plans to introduce
nine trial chartered flights from Osaka, Japan, to Sanya, in
Hainan province, China, later this year, Xinhua News relates.

JAL Asia-Oceania president Hideki Moriyama said they started
promoting the new flight routes through their own travel
agencies, and JAL China marketing manager Akinobu Shidata
expressed interest in the Hainan market, as 27,000 Japanese
tourists visited Hainan last year alone, according to Xinhua.

At present, Japan Airlines flies regularly to 11 mainland cities
in China, and operates three flights to Hong Kong and Taiwan.

                      About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
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.


JAPAN AIRLINES: May Decrease Salaries Without Union Consent
-----------------------------------------------------------
Japan Airlines International Company Limited may force its
employees to take a pay cut beginning next month without the
consent of its labor unions, Kyodo News reports, citing Company
officials.

The JAL Officials added that the move was unavoidable, as the
airline's management had been trying to negotiate with labor
union representatives without success.  

Japan Airlines had put forward an average 10% pay cut for
employees in the wake of safety-related incidents and weak
operating performance that has affected revenues and damaged the
Company's reputation.  All but one of Japan Airlines' unions
rejected the proposal, saying that a review of its capital
expenses would eliminate the need for workers to take a pay cut.

The Company had planned to effect the wage cut last January, but
opposition and strike threats from labor unions forced
management to postpone the issue.  JAL president Toshiyuki
Shinmachi and other Company officials met with labor union
representatives on March 29, 2006, to discuss the planned
reduction, but failed to reach an agreement.

                      About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
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.


KANEBO LIMITED: 3 Accountants Plead Guilty to Faking Accounts
-------------------------------------------------------------
Three former accountants of ChuoAoyama PricewatherhouseCoopers,
which audited the financial accounts of struggling Kanebo
Limited, pled guilty to charges of conspiracy to falsify the
financial statements of the Company for fiscal 2001 and 2002,
Kyodo News says.

The three accountants are:

   1. Kazutoshi Kanda, 56,
   2. Kuniaki Sato, 63, and
   3. Seiichiro Tokumi, 58.

The accountants were working at the Japanese unit of the United
States-based auditing firm at the time when Kanebo's financial
books were being audited.  The three confirmed the allegations
at their trial in the Tokyo District Court.

In an indictment against the accountants, they were said to have
conspired with the former president and vice president of Kanebo
to "doctor" the Company's financial accounts before submitting
them to the Finance Ministry, in violation of Japanese
securities law.

As reported by the Troubled Company Reporter - Asia Pacific on
March 28, 2006, the Tokyo District Court had meted out suspended
jail sentences for former Kanebo president Takashi Hoashi and
former vice president Takashi Miyahara, who had been arrested in
July 2005.  The two 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.

Prosecutors said that Messrs. Sato and Kanda had long overlooked
the illegal accounting practices of Kanebo, and were involved in
covering up the 2001 and 2002 deficits, whereas Mr. Tokumi was
charged for his role in altering the 2001 financial report.

                     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.

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.  The TCR-AP
reported on March 28, 2006, that the Tokyo District Court
sentenced former Kanebo president Takahashi Hoashi to a
suspended jail term of two years, while former vice president
Takahashi Miyahara was sentenced to 18 months' in prison, for
their roles in falsifying the Company's fiscal 2001 and 2002
financial statements.


MITSUBISHI MOTORS: Moody's Changes Ba3 Rating Outlook to Stable
---------------------------------------------------------------
On March 29, 2006, Moody's Investors Service changed the outlook
of the Ba3 long-term debt rating of Mitsubishi Motors
Corporation and its subsidiaries to stable from negative, which
reflects Moody's expectation that the Company's credit profile
may continue improving profitability recovering due to improved
cost structures and an increased market position due to global
introductions of new models.

Mitsubishi Motors's profitability was pressure in FYE 3/2005,
due largely to recall-related issues.  However, under its
turnaround plan announced in January 2005, the Company has
steadily reversed its negative profitability trend.  
Consolidated operating profit for the third quarter -- October
to December -- of FYE 3/2006 improved to JPY1.6 billion from a
JPY 23.3 billion loss in the same period of the previous year.

Contributions from Mitsubishi's new "Outlander" SUV and "i"
minicar models, which were launched in Japan, will be fully
reflected in fourth-quarter FYE 3/2006 results and support
profitability improvements in that year and FYE 3/2007, in
Moody's view.  In fact, the Company increased its overall market
position in Japan, raising its domestic market share to 5.2% in
January-February 2006 from 4.6% in 2005. In addition, it has
notably strengthened its cost structures through successfully
implementing structural reforms.

During its current mid-term plan to March 2008, Mitsubishi plans
to spend about JPY270 billion for research and development to
introduce new models, and it has secured the necessary funds on
the back of financial support from the Mitsubishi Group of
companies.  Mitsubishi also plans to introduce a number of new
products in addition to the Outlander and i -- mostly in 2006
and 2007 in Japan, the US, Europe and Asia -- to increase its
product competitiveness.  Moody's anticipates that the launch of
new models may help strengthen the Company's market position
globally and that realizing cost reductions could allow for an
overall improvement in its credit profile.

Moody's believes that to improve its current credit level,
Mitsubishi will have to successfully and consistently execute
its business strategy, thus reinforcing brand value, customer
satisfaction and market position -- which will help to improve
overall profitability and financial leverage.

                    About Mitsubishi Motors

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.


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

HYUNDAI MOTOR: Prosecutors Raid Offices and Detain Executives
-------------------------------------------------------------
Prosecutors raided the headquarters of Hyundai Motor Co., and
three of its subsidiaries -- Glovis Co., Kia Motors Corporation
and Hyundai Autonet Co. -- on March 26, 2006, as part of their
investigation into the Hyundai Motor Group's alleged involvement
in a slush fund scandal and in illegal political lobbying.

According to The Wall Street Journal, aside from seizing the
computer hard drives and other materials relevant to the probe,
authorities barred 10 of the Group's executives from leaving
Korea and detained some of them for questioning.

The Supreme Public Prosecutors Office interrogated Chae Yang-ki,
president of Hyundai Motor Group's Corporate Planning Division,
on March 29, 2006, over allegations that the automaker raised
billions of won in slush funds to bribe politicians and
government officials through lobbyist Kim Jae-rok, The
Associated Press relates.

AP recounts that Mr. Kim was arrested last week on charges of
receiving money from businesses in exchange for promises that he
would use his connections with influential figures to win
favors.  Hyundai Motor is suspected of paying Mr. Kim billions
of won from slush funds in pursuit of his influence in
construction approvals and permits.

Moreover, Glovis chief executive officer Lee Ju-eun was formally
arrested and detained on charges of embezzling KRW6.98 billion
of Company money to create slush funds, the Korea Herald
relates.  The Seoul Central District Court had approved Mr.
Lee's arrest.

The Herald cites prosecutors as explaining that Mr. Lee is
suspected of pocketing KRW2.21 billion from the slush fund
raised through fake freight transactions with one of Hyundai's
subcontractors between 2001 and 2005.  He is also accused of
raising and embezzling an additional slush fund worth KRW4.77
billion between 2003 and 2006 through phony business deals with
a United States firm, they said.

The billions of won of slush funds that prosecutors have seized
from the Glovis offices consist of Korean currency, United
States dollars, and certificates of bank deposits.


KOREA EXCHANGE: KIS Lifts Senior Debt Rating to "AAA" from "AA+"
----------------------------------------------------------------
Korea Investors Service, Inc., has upgraded Korea Exchange
Bank's Senior Debt Rating to "AAA" from "AA+" with "Stable"
Outlook.

KIS Rating said the bank's outstanding profitability and
industry-top financial health, among many other indicators,
pulled the rating upward.  With the new rating, the bank no
longer suffers the previous constraints such as relatively weak
financial health and now stands on the equal footing with its
rival banks of Korea in terms of credit rating.

Korea Exchange Bank posted annual net income of KRW 522.1
billion and KRW 1,929.3 billion in 2004 and 2005, respectively.  

In terms of asset quality and capital adequacy, the bank
sustained top-tier non-performing loan ratio of 0.9% and BIS
capital adequacy ratio of 13.7% as of the 2005 year-end.

                      About Korea Exchange

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

The TCR-AP reported on March 24, 2006, that Lone Star Funds has
picked Kookmin Bank to purchase its 51% stake in Korea Exchange.
Kookmin Bank's four-week due diligence on Korea Exchange Bank
has commenced on March 27, 2006.


KOREA EXCHANGE: Expects US$1.02 Billion Profit This Year
--------------------------------------------------------
The Korea Exchange Bank expects a profit of KRW1 trillion
(US$1.02 billion) for this year, Bloomberg News relates, citing
a document distributed to shareholders ahead of a Company
meeting, which was held on March 29, 2006.

The Company had incurred a net income of KRW1.9 trillion in
2005, almost triple 2004's net income of KRW522.1 billion.

At the meeting, the shareholders decided not to pay dividends
from its 2005 profit, and carried forward KRW960 billion in
reserved earnings for a future payout.

Bloomberg states that The Export-Import Bank of Korea and Bank
of Korea, which had a combined 20% stake in Korea Exchange as of
December 31, 2005, demanded a 10% payout, but the proposal
failed for lack of votes.

The Troubled Company Reporter - Asia Pacific earlier reported
that the United States-based Lone Star Funds has agreed on
March 23 to sell its 64.62% stake in Korea Exchange to Kookmin
Bank.  The Shanghai Daily relates that Kookmin Bank will have to
pay KRW6.4 trillion for the takeover.

According to the TCR-AP, Korea Exchange's labor union opposes
the acquisition.  The union blocked Kookmin officials this week
from conducting due diligence, demanding Korea's largest lender
to obtain regulatory approval for the takeover.

                       About Korea Exchange

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

The TCR-AP reported on March 24, 2006, that Lone Star Funds has
picked Kookmin Bank to purchase its 51% stake in Korea Exchange.
Kookmin Bank's four-week due diligence on Korea Exchange Bank
has commenced on March 27, 2006.


LG CARD: Creditors to Earn KRW1.3 Trillion From Sale
----------------------------------------------------
Creditors of LG Card Co. Ltd. expect to obtain at least KRW1.3
trillion from the sale of Korea's top credit card company, The
Korea Times reports.

The 15 creditors, led by the state-run Korea Development Bank
and Kookmin Bank who own a collective 82% stake in LG Card,
swapped LG Card's debts for its shares at KRW36,500 a share
through a KRW5 trillion bailout.

The Troubled Company Reporter - Asia Pacific reported earlier
this month that 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 has a market value of KRW6.64 trillion at current share
prices.

Shinhan Financial Group, Woori Finance Holdings, Citigroup Inc.,
and Hana Financial Group Inc. have so far expressed interest in
taking over LG Card.

The TCR-AP said on March 28, 2006, that interested bidders for
LG Card must submit their preliminary proposals within April 12
to 19, 2006.  LG Card's creditors are aiming to wrap up the sale
before the end of the year.

            LG Card's Financial Position Has Improved

The Korea Times relates that LG Card's financial position has
been improving, with its delinquency ratio, the percentage of
card bills and loans unpaid for 30 days and longer, declining to
7.07% in February 2006 from 7.36% in January.

The card issuer expects its earnings to grow in a stable manner
this year due to a rise in normal assets and aggressive
marketing.

LG Card swung to a net profit of KRW1.36 trillion in 2005 from a
net loss of KRW81.6 billion in 2004, bolstered by improved asset
quality and decreased loss provisions.

                          *     *     *

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


APEX EQUITY: Repurchases 38,000 Shares for MYR16,860
----------------------------------------------------
On March 29, 2006, Apex Equity Holdings Berhad bought back
38,000 ordinary shares for a total cash consideration of
MYR16,860.73.

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

After the purchase, the cumulative outstanding treasury shares
have reached 2,888,000.  

On March 23, 2006, the Company bought back 14,000 ordinary
shares for MYR6,267.59, 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.


AVANGARDE RESOURCES: Court Grants Wind-up Petition Against Unit
---------------------------------------------------------------
On March 28, 2006, the Kuala Lumpur High Court granted N-Tatt
Construction Sdn Bhd's application to wind up Avangarde
Resources Berhad's wholly owned subsidiary, Jayarena
Construction Sdn Bhd.

N-Tatt Construction, who asserts a MYR12,000 claim against
Jayarena, filed the Petition on October 25, 2005.

Jayarena is now appealing the Kuala Lumpur High Court's decision
and is applying for stay.

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


AYER HITAM: Total Default Amount Hits MYR39 Million
---------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad disclosed that the total
default of the Group in principal sums plus interest as of
February 28, 2006, amounted to MYR39,492,078.

The defaulted payments are in respect of the MYR20-milion Term
Loan and MYR63-million Syndicated Term Loan granted to two of
Ayer Hitam's wholly owned subsidiaries, Pembinaan AHT Sdn Bhd
and Motif Harta Sdn Bhd, respectively.

The Term Loan was granted by AmBank Berhad pursuant to a
Facilities Agreement dated September 18, 1996, and was converted
to Term Loan by a Supplementary Facility Agreement on Dec. 19,
2002.

The Syndicated Term Loan, on the other hand, was granted
pursuant to a separate Facilities Agreement dated July 24, 1997,
with:

     * Alliance Bank Malaysia Berhad as the Lead Arranger;
     * Mayban Finance Bhd;
     * EON Finance Bhd; and
     * Kewangan Bersatu Bhd.

The default may lead to winding up proceedings or legal actions
against Ayer Hitam, Pembinaan AHT and Motif Harta.

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.


BUKIT KATIL: Updates Default Status
-----------------------------------
Bukit Katil Resources Berhad has provided an update on its loan
facilities.

   * Bumiputra Commerce Bank Berhad

     The application by the bank to enter summary judgment
     against the company was allowed by the Learned Senior
     Assistant Registrar on July 16, 2004.

   * OCBC Bank (Malaysia) Berhad

     OCBC Bank (Malaysia) Berhad has obtained an order for sale
     on November 14, 2003, on Omega Bricks Sdn Bhd's land
     held under Grant Reg No.31, Lot No 5058 Mukim Gunung
     Semanggol, Daerah Krian, Negeri Perak.

     On October 6, 2003, OCBC Bank (Malaysia) Berhad has also
     obtained a winding-up petition and was served on the
     Company on November 14, 2003.  The High Court on
     September 8, 2003, allowed the Bank's application for the
     winding-up petition.  The Company has already filed a
     Notice of Appeal to the Court of Appeal against the
     decision of the High Court.  The High Court on October 6,
     2005, granted a stay of the Winding-up Order for a period
     until August 18, 2006.

   * Alliance Merchant Bank Berhad

     No date has been set to consider the Bank's application
     for summary judgment.

   * Perbadanan Kemajuan Negeri Pahang

     Bukit Katil is a defendant in suit being initiated by
     Perbadanan Kemajuan Negeri Pahang for breach of a Call
     Option Contract.  On April 19, 2004, a final judgment was
     granted by the High Court for MYR14.0 million against the
     Company, inclusive of interest until the date of full
     settlement.

     An application in relation to a proposed debt restructuring
     scheme has been submitted to the Securities Commission on
     December 16, 2005, for all liabilities.

Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production.  Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products.  Operations are
carried out in Malaysia and India.  The Bukit Katil Board is of
the opinion that the Company is insolvent, as it is unable to
pay its debts in full within the required period.


KEMAYAN CORPORATION: Bourse Commences Delisting Procedures
----------------------------------------------------------
Bursa Malaysia Securities Berhad has, on March 29, 2006,
commenced delisting procedures against a Practice Note No.
4/2001 company Kemayan Corporation Berhad.

The Bourse has decided to remove the Company's securities from
the official list since Kemayan failed to regularize its
financial condition within the prescribed time frame stipulated
by Bursa Securities.

On March 29, 2006, Bursa Malaysia served Kemayan a notice to
show cause to make representations to Bursa Securities, within a
period of five market days from the date of the receipt of the
notice, as to why its securities should not be de-listed from
the Official List of Bursa Securities.  

Headquartered in Johor Darul Takzim, Malaysia, Kemayan
Corporation Berhad -- http://www.kemayan.com/-- develops,  
constructs and manages properties.  The firms' other activities
include the operation of resorts, cultivation of palm oil,
trading of office equipment and supplies and the provision of
management, engineering and investment holding services. Kemayan
has incurred hefty losses in the past due to stalled development
projects and lack of cash flow.  These prompted the company to
propose a restructuring scheme on June 29, 1999.  The Company
believes that the significant interest savings arising from the
Proposed Restructuring Scheme would provide the Kemayan Group
with the financial ability to continue its operations on a going
concern basis and, in the long term, to regain profit.  


MALAYSIA AIRLINES: In Final Talks for MYR400-Mln System Revamp
--------------------------------------------------------------
Malaysia Airlines is in the final stages of choosing which
vendor would handle the carrier's entire passenger reservations
system that could cost the airline MYR400 million over a 10-year
period, The Star Online reveals.

The struggling carrier will have to decide next month, which
between SITA and Amadeus will be awarded the passenger
reservations contract, The Star says.

SITA, with 55 years of experience, is a global service provider
of IT business solutions and communications services to the air
transport industry.  

Amadeus, on the other hand, is another provider of IT solutions
to the travel and tourism industry that has presence in 215
markets worldwide.  Market sources are speculating that Malaysia
Airlines will award the contract to Amadeus.

Malaysia Airlines saw the need to update its 20-year old
passenger reservations system as part of its radical
restructuring program unveiled in last February.  The obsolete
system left a lot of room for inefficiencies and had cost the
airline around MYR20 million to MYR30 million a year in
maintenance.

Malaysia Airlines expects to finalize the new contract in April
so it could put a new system in place by the third quarter of
this year.  A full implementation, however, would take two
years.

As reported by the Troubled Company Reporter - Asia Pacific on
March 16, 2006, Malaysia Airlines is looking to switch entirely
to e-ticketing before the December 2007 deadline imposed by the
International Air Transport Association for all commercial
airlines to have it in place.

Along with e-ticketing, pricing and inventory management will
also be a top priority in trim expenses.  The carrier has
implemented e-ticketing system for domestic flights and is
looking to go paperless for all flights as soon as possible.

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.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month to December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 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.


PANTAI HOLDINGS: To List and Quote 16,000 New Shares on April 3
---------------------------------------------------------------
Pantai Holdings Berhad's additional 16,000 new ordinary shares
of MYR1.00 each will be granted listing and quotation on Monday,
April 3, 2006.

The shares were issued from the conversion of MYR16,000 nominal
amount of irredeemable convertible unsecured loan stocks
2002/2007.

Headquartered in Kuala Lumpur, Malaysia, Pantai Holdings Berhad
-- http://www.pantai.com.my/-- provides medical, surgical and  
hospital services.  The firms other activities include provision
of cleaning and maintenance services for hospitals, cardiac
cauterization, medical diagnostic, radiotherapy, oncology,
nurses training courses, medical laboratory, homecare,
rehabilitation, healthcare support, supervision of medical
examination of foreign workers, money lending, laundry and dry
cleaning and investment holding.  Operations are carried out in
Malaysia, Cayman Islands and the British Virgin Islands.  The
Company has defaulted on several loan facilities and is working
out plans to address them.


PANTAI HOLDINGS: Employee Option Shares to Get Listed
-----------------------------------------------------
Pantai Holdings Berhad will list and quote 177,400 new ordinary
shares of MYR1.00 each on April 4, 2006.

The shares were issued pursuant to the Company's Employees'
Share Options Scheme.

Headquartered in Kuala Lumpur, Malaysia, Pantai Holdings Berhad
-- http://www.pantai.com.my/-- provides medical, surgical and  
hospital services.  The firms other activities include provision
of cleaning and maintenance services for hospitals, cardiac
cauterization, medical diagnostic, radiotherapy, oncology,
nurses training courses, medical laboratory, homecare,
rehabilitation, healthcare support, supervision of medical
examination of foreign workers, money lending, laundry and dry
cleaning and investment holding.  Operations are carried out in
Malaysia, Cayman Islands and the British Virgin Islands.  The
Company has defaulted on several loan facilities and is working
out plans to address them.


PETALING TIN: Books MYR1.9-Mln Pre-tax Loss in First Quarter
------------------------------------------------------------
For the first quarter of the fiscal year ended October 31, 2006,
Petaling Tin Berhad has recorded a pre-tax loss of MYR1,884,386,
as compared to pre-tax loss of MYR407,372 for the preceding
fiscal year's corresponding quarter ended January 31, 2005.

The relatively higher pre-tax loss is mainly due to spillover of
costs incurred in respect of development properties at Desa
Bukit Indah, Sungai Buloh and the Bukit Ceylon project, which
was disposed in the previous financial year.

For the current quarter ended January 31, 2006, the Group has
recorded a pre-tax loss of MYR1,884,386 as compared to a pre-tax
loss of MYR8,848,581 for the previous quarter ended October 31,
2005.  The higher pre-tax loss for the previous quarter ended
October 31, 2005, was mainly due to the loss from sales of
development land concluded during the same period.

Despite the losses, financial year 2006 is expected to be
positive in view of the Government's recent fiscal measures to
rebuild overall consumer confidence.  With the continued
consumer interest in residential housing developments, the Group
will continue to concentrate on residential property development
projects on choice locations.

Although the Group has incurred a loss for the current quarter
and financial year to date, there is a tax charge due to no
group relief for losses suffered by certain subsidiaries that
can be utilized to offset against taxable profits of other
subsidiaries within the Group.  The transfer from deferred
taxation is due to realization of deferred tax liability
recorded in Magilds Park Sdn Bhd in respect of development
property sold during the current quarter and financial year to
date.

               Summary of Key Financial Information

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

* Revenue
  
      4,581         1,953           4,581          1,953

* Profit/(loss) before tax  

     -1,884          -407          -1,884           -407

* Profit/(loss)after tax and minority interest

     -2,007          -472          -2,007           -472

* Net profit/(loss) for the period

     -2,007          -472          -2,007           -472

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

      -0.58         -0.14           -0.58          -0.14

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

       1.0600                       1.0700

The Company's First Quarter Report is available for free at:

   http://bankrupt.com/misc/tcrap_petalingtin033006.pdf  

Headquartered in Kuala Lumpur, Malaysia, Petaling Tin Berhad
engages in property development, property investment and
investment holding.  The Company has applied to regularize its
financial condition after incurring substantial losses in the
past years.  In September 2005, the Company was released from
the Practice Note 17 category after its quarterly report for the
period ended July 31, 2005, showed that the Company's business
or operations generated a revenue on a consolidated basis of
MYR66.946 million, which represents more than 5% of the issued
and paid-up capital of the Company.  The Company is continuously
working on its recovery.


PROTON HOLDINGS: EON Implements New Car Prices
----------------------------------------------
Edaran Otomobil Nasional Bhd has, on March 29, 2006, stated
implementing lower prices for cars manufactured by Proton
Holdings, Bernama relates.

The 2.5% to 7% price cuts, which followed the country's
liberalization of its auto industry last week, would mean
savings of between MYR1,000 and MYR4,449 depending on the model,
except for sales in duty-free Langkawi and Labuan where prices
are unchanged.

EON, which primarily deals Proton vehicles, added that the price
reductions add to the savings from an ongoing marketing campaign
with other Proton dealer Proton Edar Sdn. Bhd., leading to a
total discount of up to MYR6,500 for 2005 models and up to
MYR4,400 for this year's models.

As reported by the Troubled Company Reporter - Asia Pacific, the
Government has already reduced taxes on most imported vehicles
under a national automotive policy unveiled February 22, 2006,
aimed at making the country the regional auto industry hub.

The new rules, which came into effect on February 23, also
reduce import duties on cars made or assembled in Association of
Southeast Asian Nations member countries to 5%.  There is also a
move to ban the import of secondhand cars by 2010.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.proton-edar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.  Proton has recently suffered plunging profits due
to dwindling car sales and cutthroat competition.  Proton has
been under increasing pressure, with its share of domestic sales
falling to 44% from 75% over the past decade.


SOUTHERN BANK: Shareholders' Proposals Set for Another Meeting
--------------------------------------------------------------
Southern Bank Berhad advised that the resolutions, as set out in
the Notice of the Extraordinary General Meeting dated Feb. 24,
2006, issued by two shareholders of the Company were not tabled
for voting at the March 29, 2006, meeting.

The matter will be considered at another meeting adjourned to a
date no earlier than May 15, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
February 28, 2006, Southern Bank Berhad received a notice from
Killinghall (Malaysia) Berhad and Dato' Huang Chang Hsun on
their intention to call an Extraordinary General Meeting of
Southern Bank for the proposed appointment of four directors and
for the proposed removal of four existing Southern Bank
directors.

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.

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.  


TENAGA NASIONAL: Tariff Hike OK Needed for Successful Stock Sale
----------------------------------------------------------------
Tenaga Nasional Berhad may sell shares equal to 10% of its
capital if the Government allows it to raise electricity prices,
Business Times reports.

The Company told Business Times that a Government approval of
the proposed tariff hike will rebuild investor confidence and
pave the way for Tenaga's first stock sale in 14 years.

Tenaga needs higher electricity charges to ensure success in its
first stock offering since listing, the report says.

As reported by the Troubled Company Reporter - Asia Pacific on
March 30, 2006, Tenaga Nasional is seeking a much-needed tariff
increase so it could stay afloat.  According to the report, the
Company's profits cannot offset annual capital expenditure of
around MYR6 billion.  The Company would not still be able to
continue operations even if it collected a total of MYR29.9-
bilion debt owed to the power firm.

The Government has frozen electricity charges since May 1997 to
stem inflation.  Tenaga warned last July that blackouts may
occur if it doesn't get an increase in prices within four years
because the Company lacks funds to upgrade and maintain its
power lines.  The Company is spending as much as MYR5 billion on
power lines, generators and electricity distribution equipment
for the year ending August 2006.

Avenue Securities analyst June Ng said that a 1% increase in
average power prices will bolster Tenaga's profit over the next
two fiscal years by about 11%.  The share sale, on the other
hand, will increase trading in the stock, which is now 85% owned
by the Government and state-related agencies.

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.  The Company is currently undertaking liability
management exercises, which are expected to extend the Company's
debt maturity profile and reduce refinancing risk.  Moody's gave
the Company a 'Ba' rating due to the Company's relatively high
financial leverage and significant PPA obligations, accounting
for approximately 42% of total operating costs in FY2004.


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

ABS-CBN BROADCASTING: 2005 Net Profit Drops 61.3%
-------------------------------------------------
On March 29, 2006, the Board of Directors of ABS-CBN
Broadcasting Corporation approved the Company's audited
financial statements for the period ended December 31, 2005, and
elected Eugenio Lopez III as president and chief operating
officer of the Company.

ABS-CBN recorded a net profit of PHP294.5 million for the
business year ended December 31, 2005, a sharp 61.3% drop from
its 2004 net profit of PHP761.2 million.

ABS-CBN attributes the decline to weak revenue and increased
operating costs, the Philippine Inquirer reveals.

The network posted total operating costs rose 12% to PHP16.56
billion, while lower ratings led to a 7% decline in airtime
revenues to PHP10.33 billion.

                          *     *     *

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.


MANILA ELECTRIC: Posts 79% Decline in 2005 Net Losses
-----------------------------------------------------
On March 27, 2006, Manila Electric Company released an advanced
copy of its financial results for the year ended December 31,
2005, to the Philippine Stock Exchange.

In its report, Meralco revealed PHP411 million in net losses for
2005, a significant 79.7% decrease from its PHP2.03 billion net
loss in 2004.   

The Company said that its results were affected by continued
provisioning of PHP5.90 billion for probable losses in the event
of a Supreme Court final decision on a pending unbundling rate
case, and the adoption of new accounting standards.

A detailed copy of Meralco's 2005 financial results is available
for free at:

   http://bankrupt.com/misc/tcrap_manilaelectric032806.pdf

                        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.


MANILA ELECTRIC: To Set Aside Funds for Probable Losses
-------------------------------------------------------
Manila Electric Company will set aside provisions for losses
while awaiting the final ruling of the Supreme Court on a rate
unbundling case, Manila Bulletin reports.

The Company reported a reduced net loss of PHP411 million for
2005, due to a 0.06% rise in sales, compared to a whopping
PHP2.03 billion loss in 2004.

According to the Bulletin, Meralco chief finance officer Daniel
Tagaza did not comment on whether it expects to post a net loss
for 2006, but he said that they would continue to make
provisions until the Supreme Court hands down a ruling on the
unbundling rate.  A June 2, 2005, TCR-AP report states that the
Company had filed a petition with the Energy Regulation
Commission to increase its power distribution rate by an average
PHP0.1476 per kilowatt-hour.

                      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.


PHIL. LONG DISTANCE: Moody's Puts "Ba1" LCCF Rating Under Review
----------------------------------------------------------------
On March 29, 2005, Moody's Investors Service placed the Ba1
local currency corporate family rating of the Philippine Long
Distance Company (PLDT) on review for possible upgrade.  Moody's
also affirmed the Company's Ba2 foreign currency senior
unsecured ratings, with a negative outlook.

According to Moody's Vice President/Senior Credit Officer
Charles Mcgregor, PLDT's improved financial profile and the
consolidation of a strong operating profile motivated the rating
agency to review its rating.  He added that as PLDT controls 60%
of the market, it is in a strong position to generate cash flow.

Moody's will review:

   * growth expectations;

   * financial policies for the near future;

   * capex requirements relating to 3G technology;

   * possible structural subordination; and

   * liquidity profile

The review is slated to end in June this year.

PLDT's foreign currency senior unsecured debt rating of Ba2 -ve,
which includes convertibility risk, or the possibility that the
government would declare a debt moratorium to counter a foreign
currency crisis, is above the Philippines' foreign currency
country ceiling of B1 -ve.

Moody's views foreign currency bonds subject to international
law as less likely to be subject to a debt moratorium than
foreign currency obligations subject to local law; therefore,
there is a differential between PLDT's foreign currency bond
rating and the sovereign rating.  As such, PLDT's foreign
currency bond rating is a function of its own risk of default
and the probability of a Philippine government default on its
foreign debt, the likelihood that the government would declare a
moratorium in the event of a default, and if it did, the chances
that it would exempt a company such as Globe.


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

CHINA AVIATION: Shares Soar as Trading Resumes
----------------------------------------------
Shares in China Aviation Oil (Singapore) Corporation soared upon
resumption of trading on March 29, 2006, following a 16-month
suspension, Channel News Asia reports.

The stock started trading at SGD1.30 and then tripled to SGD1.85
from the SGD0.515 placement price.

Prior to the suspension of its shares trading, China Aviation
shares last traded at SGD0.965, the Singapore Stock Exchange
said.

China Aviation has completed its restructuring plan and was able
to attract new investors who subscribed for new shares at
SGD0.515 per share.  The shares were consolidated at a ratio of
five to one.

                      About China Aviation  

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

Singapore's Commercial Affairs Department investigated China
Aviation in December 2004 after it was discovered that the
Company had lost up to SGD896.07 million in fuel derivatives
trading, which was not immediately reported to the Singapore
Exchange.  China Aviation avoided bankruptcy when creditors
agreed to write down some of its debt in June 2005, and BP Plc,
Europe's biggest oil company, agreed to take a stake in the
company.

In February 2006, Chief Financial Officer Peter Lim was
sentenced to two years imprisonment and fined SGD150,000 for his
involvement in cheating and releasing false financial statement.
A Singapore court also fined three other China Aviation
executives for concealing losses at the group, which is subject
to a $130 million restructuring plan.  On March 21, 2006, the
former chief executive officer of China Aviation, Chen Jiulin,
was sentenced to more than four years in jail and made to pay
SGD350,000 in fines.

Shareholders of the Company have subsequently approved a new
restructuring plan for China Aviation.  According to a TCR-AP
report on March 7, 2006, the approved restructuring plan
allows creditors an option to have an upfront cash payment of 45
cents on every dollar owed, or a higher repayment rate of 58
cents a dollar spread over five years.

The Company completed its Restructuring Plan on March 28.


GREATRONIC LIMITED: Unit in Creditors' Voluntary Liquidation
------------------------------------------------------------
Material Handling Engineering (1998) Private Limited, a wholly
owned subsidiary of Greatronic Limited, has been placed under
creditors' voluntary liquidation.

Gui Kim Young and Lim Siong Sheng of Gui Kim Young & Company
were appointed as liquidators for Material Handling.

The financial impact on the consolidated earnings and the net
tangible assets of the company can only be ascertained upon the
completion of the Creditor's Voluntary Liquidation.

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


IJIMASIA PRIVATE: Faces Wind-Up Proceedings
-------------------------------------------
A petition to wind up Ijimasia Private Limited has been released
on March 17, 2006, by the Singapore High Court.

All creditors should file their proofs of claim with the
liquidator at:

Contact: The Official Receiver
         Rajah & Tann
         Solicitors for the Petitioners
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre, East Wing
         Singapore 069118


LION HEART: Proofs of Claim Due on April 27
-------------------------------------------
Creditors of Lion Hear Properties Private Limited are required
to prove their debt or claims not later than April 27, 2006.

Failure to do so will exclude creditors from any distribution
the Company will make.

Contact: Seshadri Rajagopalan
         Liquidator
         Ernst & Young
         c/o 10 Collyer Quay
         #21-01, Ocean Building
         Singapore 049315


MEDICAL EQUIPMENT: Gives Creditors Until April 24 to Prove Debt
---------------------------------------------------------------
Medical Equipment Credit Private Limited will be receiving
proofs of debt or claim from creditors until April 24, 2006.

Creditors who are unable to timely file their proofs of claim
will be excluded from the benefit of any distribution.

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


REGION AIR: Concludes Dividend Distribution
-------------------------------------------
Region Air Private Limited distributed its first and final
dividend on March 27, 2006.

Contact: Kon Yin Tong
         Joint Liquidator
         Foo Kon Tan Grant Thornton
         47 Hill Street #05-01,
         Chinese Chamber of Commerce & Industry Building
         Singapore 179365


SOUTHERN CHEMICALS: Court to Hear Wind-Up Petition Today
--------------------------------------------------------
On March 6, 2006, MTK Chemicals Private Limited presented to the
Singapore High Court a wind-up petition against Southern
Chemicals Private Limited.

The Petition will be heard by the High Court in Singapore today,
March 31, 2006.

Any creditor or contributory wishing to support or oppose the
Petition may appear at the hearing.

Contact: MTK Chemicals Private Limited
         Petitioner
         33 Shipyard Road
         Singapore 628131.

         Tan Rajah & Cheah
         Solicitors for the Petitioners
         80 Raffles Place
         #58-01 UOB Plaza 1
         Singapore 048624


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

ADVANCE PAINT: Reschedules Shareholders' Meeting to April 7
-----------------------------------------------------------
The Board of Directors of Advance Paint & Chemical (Thailand)
Public Company Limited has postponed the Ordinary General
Meeting of shareholders to April 7, 2006.  The Meeting will be
held at:

          Bangpa-In Industrial Estate
          344 Moo2, Tambol Klongjik
          Bangpa-In District, Ayudthaya

The meeting was suspended due to the Company's failure to reach
a quorum.  The number of shareholders and proxies present at the
meeting did not reach the requirement set by the Act of Listed
Company and Articles of Association.

The meeting will take up these matters:

   * the Board of Directors' acknowledgement and approval of the
     business performance and the Company's 2005 annual report;

   * adoption and approval of the audited balance sheet and
     profit and loss statement for the fiscal year ended
     December 31, 2005;

   * consideration and approval of non-payment of dividend for
     the fiscal year 2005;

   * consideration and appointment of new directors to replace
     those who have retired by rotation;

   * consideration and appointment of an auditor for the fiscal
     year 2006 and its fixed remuneration; and

   * consideration of the plan to remove the causes of delisting
     of the Company's securities.

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 Rehabco 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.


AGRO INDUSTRIAL: Shares Get Listed But Trading Stays Halted
-----------------------------------------------------------
The Stock Exchange of Thailand has allowed the listing of Agro
Industrial Machinery Public Company Limited's public shares, the
Troubled Company Reporter - Asia Pacific found out in a Company
release filed with the SET.

Agro Industrial has raised its issued and paid up capital from
THB200 million representing 200 million shares at THB1 par value
to THB206.32 million representing 206,315,801 shares at the same
par value.  It will be allocated to all existing shareholders
who appears in the share register as of September 3, 2001, at
the ratio of 3.80 existing shares to one new ordinary share.

The common shares will be listed from March 21, 2006, onwards
after the Company finished with capital registration procedures.

However, since the Company is undergoing rehabilitation, trading
for all of Agro Industrial shares are still suspended until all
causes of delisting are eliminated.

                          *     *     *

Agro Industrial Machinery Public Company Limited --
http://www.thaiengine.com/-- was formerly known as Thai Engine  
Manufacturing Public Company Limited until February 9, 2006.  
The Company manufactures small diesel engines under the
Mitsubishi brand.  It is also the sole Mitsubishi agent in
Thailand and Indo-China countries.

On November 7, 2000, the creditors' meeting voted in favor of
the Company's rehabilitation plan and on December 20, 2000, the
Central Bankruptcy Court approved the rehabilitation plan as
well as appointed Churchill Pryce Planner Company Limited as
plan administrator.  The rehabilitation plan subsequently went
through some amendments.

On July 7, 2005, the Central Bankruptcy Court adjudicated to
consent that the Company becomes the new plan administrator.

The Troubled Company Reporter - Asia Pacific reported on
March 30, 2006, that Agro Industrial and its subsidiaries posted
a net profit of THB6.65 billion in the year ending December 31,
2005, a 950% increase from the THB7.03 million net profit in
2004, as a result of operating under the rehabilitation plan.
In 2005, the Company completely paid the debts to its creditors
under the plan.  The discharge of all the debts resulted in a
profit of THB4.13 billion from business rehabilitation.
   

AGRO INDUSTRIAL: Unveils New Directors
--------------------------------------
Agro Industrial Machinery Public Company Limited disclosed that
nine of its directors have resigned effective January 16, 2006:

   1. Theerasak Kanjanasakchai
   2. Prasit Kanchanasakdichai
   3. Vikit Chaihansawat
   4. Jierawat Assawajaruwan
   5. Visith Eiamboriboon
   6. Pinit Chimanak
   7. Kiatkong Dechoo
   8. Satit Hortrakool
   9. Chaiwat Damrongkijkulchai

Subsequently, the Central Bankruptcy Court approved the
appointment of the Company's six new directors:

   1. Chawarat Charnweerakul
   2. Chamni Chanchai
   3. Pitayapon Nahtaradol
   4. Siriwat Likitnurak
   5. Sompun Panmuang
   6. Saaht Gumlung

                          *     *     *

Agro Industrial Machinery Public Company Limited --
http://www.thaiengine.com/-- was formerly known as Thai Engine  
Manufacturing Public Company Limited until February 9, 2006.  
The Company manufactures small diesel engines under the
Mitsubishi brand.  It is also the sole Mitsubishi agent in
Thailand and Indo-China countries.

On November 7, 2000, the creditors' meeting voted in favor of
the Company's rehabilitation plan and on December 20, 2000, the
Central Bankruptcy Court approved the rehabilitation plan as
well as appointed Churchill Pryce Planner Company Limited as
plan administrator.  The rehabilitation plan subsequently went
through some amendments.

On July 7, 2005, the Central Bankruptcy Court adjudicated to
consent that the Company becomes the new plan administrator.

The Troubled Company Reporter - Asia Pacific reported on
March 30, 2006, that Agro Industrial and its subsidiaries posted
a net profit of THB6.65 billion in the year ending December 31,
2005, a 950% increase from the THB7.03 million net profit in
2004, as a result of operating under the rehabilitation plan.
In 2005, the Company completely paid the debts to its creditors
under the plan.  The discharge of all the debts resulted in a
profit of THB4.13 billion from business rehabilitation.


EASTERN PRINTING: Posts a Net Profit of THB112.19 Million
---------------------------------------------------------
Eastern Printing Public Company Limited's net profit for the
year ending December 31, 2005, is pegged at THB112.19 million,
the Troubled Company Reporter - Asia Pacific has learned from
the Company's financials.

The result is 9.99% better than the Company's net profit
of THB102.00 in 2004.

The Company also experienced a 4.90% increase in revenue, to
THB649.19 million, in 2005 from THB618.85 million in 2004.

            Eastern Printing Public Company Limited
     Financial Highlights, for the Year Ending Dec. 31, 2005
                       In Millions of THB

                                 2005               2004

      Assets                   891.09             831.92
      Liabilities              375.54             429.17
      Equity                   515.54             402.75
      Paid-up Capital        1,194.97           1,008.77
      Revenue                  649.19             618.85
      Net Profit               112.19             102.00
      EPS(Baht)                  0.42               0.40

                          *     *     *

Headquartered in Bangkok, Thailand, Eastern Printing Public
Company Limited provides general printing services.

After suffering a THB1.33 billion capital deficit and a
THB276.25 million, the Company was placed under rehabilitation
since January 17, 2002 with EPCO Management Company Limited as
Plan Administrator.  In a December 27, 2005 company release, the
Company stated that it has met all of its obligations under the
rehabilitation plan, and that the Plan Administrator has
petitioned Thailand's Central Bankruptcy Court seeking to exit
rehabilitation.

As of March 29, 2006, the Company remains to be listed under the
REHABCO, or Companies Under Rehabilitation sector.


KRUNG THAI BANK: Moody's Places "E+" BFS Rating on Review
---------------------------------------------------------  
Moody's Investors Service has placed Krung Thai Bank's bank
financial strength rating of "E+" on review for possible
upgrade.  KTB's debt and deposit ratings are unaffected and
their outlook remains stable.  The bank's Baa1 and Prime-2
foreign currency deposit rating is at Thailand's foreign
currency country ceiling.  Furthermore, its deposit and debt
ratings already incorporate government support, lifting them
above the rating level typically associated with KTB's intrinsic
financial strength.

"The review for possible upgrade reflects the progress KTB has
achieved in restoring its balance sheet solvency in terms of
economic capital -- adjusted for possible additional loan
losses," says lead analyst Leo Wah, adding, "Moody's is also
aware that KTB has made substantial efforts to bring its risk
management standard to a level more comparable to other large
commercial Thai banks."

"Given KTB's high level of NPLs and, in Moody's opinion,
probably inadequate level of loan loss reserves, the review will
focus primarily on asset quality and how quickly KTB could bring
its loan loss reserves to an adequate level," says Mr. Wah,
adding, "The possible rating upgrade will also depend on KTB's
ability to make its lending practices, historically susceptible
to political influence, more commercial."

Headquartered in Bangkok, KTB is Thailand's second largest bank,
with total assets of THB1,160 billion (US$29 billion) as of
December 31, 2005.

Krung Thai Bank, Singapore branch, has a foreign currency
deposit note and subordinated debt of Baa1 and Baa2.  The rating
outlook is stable.


SIAM COMMERCIAL BANK: Moody's Places D+ BFS Rating on Review
------------------------------------------------------------
Moody's Investors Service has placed Siam Commercial Bank Public
Company Limited's bank financial strength rating of "D+" on
review for possible upgrade.  SCB's debt and deposit ratings are
unaffected and their outlook remains stable.  The bank's Baa1
and Prime-2 foreign currency deposit rating is at Thailand's
foreign currency country ceiling.  Furthermore, its deposit and
debt ratings already incorporate government support, lifting
them above the rating level typically associated with SCB's
intrinsic financial strength.

"The review for possible upgrade has been prompted by Moody's
positive assessment of the bank's strategy to expand into
consumer and middle-market lending," says lead analyst Leo Wah,
adding, "Successful execution has helped SCB achieve critical
mass which leads to a recovery of profitability."

"Moody's review will focus primarily on SCB's asset quality in
view of its rapid balance sheet expansion and its ability to
strengthen its franchise without sacrificing its profitability
and incurring substantial costs," says Wah, adding, "The
possible rating upgrade will also be based upon SCB's strategy
and ability to maintain a strong capital position as a
protection against the potentially high economic volatility in
Thailand."

Headquartered in Bangkok, SCB is Thailand's fourth largest bank,
with total assets of THB814 billion (US$20 billion) as of
December 31, 2005.


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

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

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

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

JAPAN
-----
Sakurada Co. Ltd.               005917       44.10      215.62
Yakinikuya Sakai Co. Ltd        007622       21.24      135.44

MALAYSIA
--------
Kemayan Corp Bhd                KOP       (-428.54)      62.72
Maycom Bhd                      MYC       (-114.64)     227.68
Lityan Holdings Bhd             IT          (-8.43)      28.86
Olympia Industries Bhd          OLYM      (-227.85)     255.84
Panglobal Bhd                   PGL        (-50.36)     189.92
Park May Bhd                    PMY        (-12.26)      14.45
Polymate Holdings Bhd           PYMT         34.75      102.11
PSC Industries Bhd              PSC          51.63      639.35

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

SINGAPORE
---------
China Aviation Oil (Singapore)
   Corporation                  AO          -406.29     190.24
Informatics Holdings Ltd        INFO        (-6.73)      27.59
Lindeteves-Jacoberg Limited     LG           39.61      332.07
Pacific Century Regional        PAC       (-145.53)    1289.71

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





                            *********

  
S U B S C R I P T I O N   I N F O R M A T I O N  
  
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA.  Ma.
Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Erica
Fernando, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.
  
Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
  
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