TCRAP_Public/060405.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Wednesday, April 5, 2006, Vol. 9, No. 068  


                            Headlines

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

177 QUEEN: Prepares to Liquidate Assets
A.C.N. 099 745 203 PTY: Liquidator to Present Wind-up Report
ALICE SPRINGS INNS: Inability to Pay Debts Prompts Wind-up
AMAC LIMITED: Taps Meltzer Mason Heath Liquidators
AUTO GROUP CRANBOURNE: Receivers and Managers Appointed

AWB LIMITED: Executive Knew About Trucking Firm Ownership
AYMTAN PTY: Decides to Wind Up Business
CLIFTON NOMINEES: Creditors OK Liquidator's Appointment
CLOUGH LIMITED: May Pay AU$90 Million for BassGas Delays
COLES MYER: Inflation May Spell Lower Sales

COLONIAL INN: Prepares to Exit Register of Companies
CONSOLIDATED PROPERTY: Receiver Steps Aside
DAYMOAT PTY: Declares First Dividend
EXPRESS3T PTY: Opts to Shut Down
GDC COMMUNICATIONS: Names Ferrier Hodgson Receivers and Managers

GLAISNOCK PTY: Members Agree on Liquidation
HOLDCROFT BROTHERS: Schedules Final Meeting on April 6
HOT ROCK DINING: Court Appoints Liquidator
J. WEINGOTT PTY: Prepares to Pay Dividend
KEITH MOXHAM: Enters Voluntary Liquidation

MATTHEW SUTTON: Members Resolve to Close Business
MCDONALD'S TRANSPORT: Creditors' Claims Due on April 14
NORTH RIDGE: Liquidator Wants Firm Removed from Register
POLAROID AUSTRALIA: To Hold Final Meeting on April 7
RDJ PRODUCTIONS: Court to Hear Liquidation Petition Next Week

ROTORUA TECHNOLOGY: CIR Files Liquidation Application
SEAMART HOLDINGS: Placed in Receivership
SIMOCO PACIFIC: Distributes First and Final Dividend
SUTHERLAND LOGGING: Liquidation Hearing Slated for April 10
TRIO LICENSING: Discontinues Operations

TROYVELL PTY: Placed Under Voluntary Liquidation
WANDA INVESTMENTS: Members to Receive Liquidator's Report
WESTPOINT GROUP: Senate Grills ASIC on Westpoint Collapse
WESTPOINT GROUP: ASIC Urges Fin'l Services to be Fair to Clients


C H I N A   &   H O N G  K O N G

BANK OF CHINA: To Include Hong Kong Arm in Listing
BEST FOUNDATION: Creditors to Appoint COI Member
EVER FOCUS: Creditors Meeting Fixed April 10
HUNG FAI: Creditors to Meet April 10
KENNEX ELECTRONICS: Creditors Meet to Discuss Wind-up

NARDU COMPANY: Official Liquidators Appointed
OPALVISION LIMITED: Placed in Voluntary Liquidation
PRINCETON ECONOMICS: Creditors' Proofs of Debts Due April 18
QANDEE ESTATES: Court to Hear Wind-up Petition on May 7
RIWELL PROPERTIES: Receives Winding up Petition

SHANGHAI REAL ESTATE: Moody's Assigns (P)Ba3 Bond Rating


I N D I A

COAL INDIA: Gross Profit Skyrockets 75% on e-auction
COAL INDIA: Government Mulls Coal Price Hike
GENERAL MOTORS INDIA: Sales Up 16% in March


I N D O N E S I A

PERUSAHAAN LISTRIK: Police Grills Execs Over Graft Case
PERUSAHAAN LISTRIK: Keen on New Bontang Power Plant


J A P A N

JAPAN AIRLINES: Captain's Delay Cancels Kagoshima Flight
LIVEDOOR COMPANY: Lawyers Seek Director's Release on Bail
MITSUBISHI MOTORS: Downsizes Netherlands Workforce by 1,000
VODAFONE K.K.: Softbank To Borrow JPY1.28 Trillion to Buy Firm


K O R E A

KYOBO LIFE: Inks IT Infrastructure Deal with IBM


M A L A Y S I A

CYGAL BERHAD: Seeks More Time to Complete Restructuring
GEORGE TOWN: Fails to Submit Financial Reports on Due Date
INTAN UTILITIES: Provides Default Status Update
MALAYSIA AIRLINES: Unveils Broad Structural Changes
POLYMATE HOLDINGS: Unable to Finalize Financial Accounts

POLYMATE HOLDINGS: Cash Woes Prompt Units' Wind-up
PSC INDUSTRIES: Creditor Demands Over MYR275-Mln Debt Repayment
PSC INDUSTRIES: Blames Loss on Units' Low Performance
SELANGOR DREDGING: Unit Bids to Take Over Aussie Firm
TALAM CORPORATION: Slow Sales Pull Down Revenue in 4Q/FY05-06

TENGGARA OIL: Debt Provisions Contribute to 4Q/FY05-06 Losses
TEXCHEM RESOURCES: Unit Completes Restructuring


P H I L I P P I N E S

APEX MINING: Issues Copy of Certificate to Stock Exchange
EXPORT AND INDUSTRY BANK: OKS Sale of Bad Assets and Units
MANILA ELECTRIC: Attaches Condition to Open Access Agreement
NATIONAL POWER: Posts Long-Awaited Profit Equal to PHP16-Mln


S I N G A P O R E

ALLIANCE TECHNOLOGY: SoA Implementation Date Extended To Oct. 4
IEG ASIA PACIFIC: Court to Hear Wind-Up Petition on April 7
KIM KOON: Court Decides to Wind Up Firm
PIONEER BARGING: Members' Meeting Slated for April 28
PROSPER INVESTMENTS: Begins Wind-Up Process


T H A I L A N D

KUANG PEI SAN: More Troubles as Capital Deficit Widens
NFC FERTILIZER: Shuts Down Loss-Making Plant to Protect Cashflow
THAI AIRWAYS: Ties Up with Lao Airlines Through Gateway Pact

     - - - - - - - -

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

177 QUEEN: Prepares to Liquidate Assets
---------------------------------------
On March 24, 2006, Joint and Several Liquidators Boris Van
Delden and Peri Micaela Finnigan have been appointed to
liquidate the assets of 177 Queen Limited, Southside Properties
Limited.

Subsequently, the Company's creditors are required to prove
their debt or claims not later than April 27, 2006, to establish
any right they may have.  

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

Contact: Boris Van Delden
         Peri Micaela Finnigan
         Joint and Several Liquidators
         McDonald Vague
         Chartered Accountants
         P.O. Box 6092, Wellesley Street
         Post Office, Auckland
         New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508


A.C.N. 099 745 203 PTY: Liquidator to Present Wind-up Report
------------------------------------------------------------
A final meeting of the members and creditors of A.C.N. 099 745
203 Pty Limited will be held for the parties to receive the
liquidator's final account showing how the Company was wound up
and how its property was disposed of.

The meeting will be held on April 6, 2006, at 4:00 p.m.

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


ALICE SPRINGS INNS: Inability to Pay Debts Prompts Wind-up
----------------------------------------------------------
Alice Springs Inns Pty Limited has determined that, due to its
inability to pay its debts, a voluntary wind-up of its business
operations is appropriate and necessary.

James Orchard was appointed as Liquidator for the wind-up.


AMAC LIMITED: Taps Meltzer Mason Heath Liquidators
---------------------------------------------------
Karen Betty Mason and Lloyd James Hayward have been appointed to
liquidate AMAC Limited on March 21, 2006.

The Company's creditors are given until April 26, 2006, to prove
their debt or claims to be able to benefit from any distribution
the Company will make.

Contact: L. J. Hayward
         Liquidator
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland
         New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


AUTO GROUP CRANBOURNE: Receivers and Managers Appointed
-------------------------------------------------------
On February 10, 2006, Andrew John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as receivers and managers
of all assets ands undertakings of Auto Group Cranbourne Pty
Limited.

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

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


AWB LIMITED: Executive Knew About Trucking Firm Ownership
---------------------------------------------------------
An Australian Wheat Board Limited executive with close links to
the Government told the Cole Inquiry yesterday that he did not
pass on information that trucking company Alia was partly owned
by the Iraqi regime because it "did not raise concerns," The Age
says.

The AWB executive, Darryl Hockey, was an adviser to former
primary industries minister John Anderson, and chief of staff to
South Australia's Liberal Deputy Premier Rob Kerin before
joining AWB in 2002.

Mr. Hockey learned about Alia's ownership while seconded from
AWB by the Government to work in Iraq's Coalition Provisional
Authority in 2003, the Cole Inquiry was told.  In Baghdad, Mr.
Hockey led attempts to fix Iraq's war-damaged port and re-
establish imports of basic food.

Mr. Hockey said that it was common knowledge within the postwar
provisional government that 49% of the trucking company had been
owned by the Iraqi regime but he was not concerned by that.

Despite evidence that several AWB executives knew that the
Company was making secret payments to the Iraqi government,
disguised as trucking fees, Mr. Hockey said that he had no idea
that kickbacks were being paid.  He also did not advice any
minister or public official that AWB was paying money through
Alia to Iraq because he did not know about it himself.

Mr. Hockey asserted that he believed all of the arrangements
were under the approval of the Department of Foreign Affairs and
Trade and the United Nations.

Mr. Hockey said he still believe that AWB had not paid kickbacks
even when Coalition Provisional Authority staff who shared his
Baghdad office told him they were removing 10 per cent from the
cost of all contracts with suppliers, because it corresponded to
the amount charged by the former regime for transport fees.  He
said that after hearing rumors that AWB had paid 10% kickbacks
to Iraq, he had consulted AWB manager Michael Long, who had
assured him that the payments were all legitimate and approved
by the UN.

                        "No Cover Up"

The Troubled Company Reporter - Asia Pacific reported on
April 3, 2006, that the Cole Inquiry has directed Foreign
Affairs Minister Alexander Downer and then Trade Minister Mark
Vaile to provide details of their knowledge regarding the AU$290
million kickback payments made by AWB Limited to Iraq.

Prime Minister John Howard welcomed the move the other day
saying that it would show that the Government was not trying to
cover up its role in the Iraqi wheat bribes scandal.  Mr. Howard
said that the development proved "everything the Labor Party has
said about the restrictive nature of the commission is
completely wrong."  He expects that he and other ministers would
also be called to give evidence in relation to the issue.

Labor foreign affairs spokesman Kevin Rudd welcomed the
development, but maintained that Commissioner Terence Cole, who
heads the Cole Inquiry, would still be unable to find a minister
guilty of any wrongdoing.

"This evidence from ministers will only shape Mr. Cole's views
about whether or not the AWB has breached the criminal law,"
Mr. Rudd said.

               U.S. to Conduct Separate AWB Probe

Meanwhile, a group of senior United States politicians wants
U.S. trade representative Rob Portman to investigate whether
Australian wheat exporter AWB has broken any American or
international trade rules, The Advertiser relates.

State trading enterprises like AWB are also a hot topic in World
Trade Organization negotiations to dismantle barriers to global
farm trade -- where member countries have set themselves an
April 30 deadline for agreement on broad formulas.

"U.S. farmers should not have to compete with foreign
governments in international markets," Tom Harkin, the
Democratic leader of the Senate Agriculture Committee, said in a
letter to Mr. Portman.

Under the UN oil-for-food program, Iraq was allowed to sell some
of its oil in order to purchase food and medicine while it was
under stiff economic and trade sanctions.  A UN audit of AWB's
participation in the program said that it secured wheat
contracts by giving about US$220 million -- AU$300 million -- in
kickbacks to Saddam's regime.

"AWB's violations of the UN oil-for-food program show a clear
willingness to break international rules.  This puts American
wheat farmers at a distinct disadvantage," Iowa Senator Harkin
wrote.

The letter to Mr. Portman was also signed by Democratic Senators
Max Baucus, Kent Conrad, Byron Dorgan and Ken Salazar.

                           About AWB

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

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

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


AYMTAN PTY: Decides to Wind Up Business
---------------------------------------
At a general meeting on February 25, 2006, the members of Aymtan
Pty Limited resolved to close the Company's business operations
and distribute the proceeds of its assets.

John Hajinakitas was named as liquidator to manage the Company's
wind-up activities.

Contact: John Hajinakitas
         Liquidator
         3A Brooklyn Road, Brooklyn
         New South Wales 2083
         Australia


CLIFTON NOMINEES: Creditors OK Liquidator's Appointment
-------------------------------------------------------
Members of Clifton Nominees Pty Limited convened on
March 1, 2006, to wind up the Company's operations.

Christopher Michael Williamson and Kimberley Andrew Strickland
were appointed as Joint and Several Liquidators of the Company.  
Creditors confirmed the Liquidator's appointment at a creditors'
meeting held that same day.

Contact: Kimberley A. Strickland
         Christopher M. Williamson
         Joint Liquidators
         SimsPartners
         Level 12, 40 St. George's Terrace
         Perth, Western Australia 6000
         Australia


CLOUGH LIMITED: May Pay AU$90 Million for BassGas Delays
--------------------------------------------------------
Clough Limited's dispute with Origin Energy has caused delays in
Origin's BassGas project, the Western Australian Business News
said.

Origin Energy says that the project continues to hit delays,
warning it will not generate any revenue in the current
financial year.  The project was originally slated for
commissioning in September 2004, but a dispute with contractor
Western Australian company Clough Engineering pushed the start
up back to October 2005.

Origin is claiming AU$90 million from Clough for the delays and
plant defects with the arbitration due to be heard in June.

However, Origin said that the ongoing development has revealed
more defects in the construction of the processing plant.  It
also said that the project's commissioning phase, wherein gas
from the Victorian grid was introduced for the final testing of
the equipment ahead of piping gas from the gas fields, has
highlighted more problems than previously expected.

Thus, Origin now expects that first product sales will take
place in May, with production ramp up and plant testing
continuing during May and into June, and thus will not make a
significant financial contribution to Origin Energy for the
remainder of the financial year ending June 30, 2006.

                   About Clough Limited

Headquartered in Perth, Western Australia, Clough Limited --
http://www.clough.com.au/-- has built an international  
reputation as one of Australia's foremost engineering,
construction and asset management groups.

Acknowledged as the intelligent engineer and constructor, the
business has matured from a small, privately owned building
firm, to a diversified public company providing services to the
onshore and offshore oil and gas, minerals, infrastructure and
property markets.  The Group's turnkey services range from
complex front-end engineering design, construction, installation
and commissioning to long-term operations and asset maintenance.

The Company is currently halfway into its five-year plan to
transform itself, which included an organizational streamline,
and operational improvements.  However, it has been racked with
outstanding losses and problematic contracts since the later
part of 2002.  The Company recorded a AU$23 million half-year
loss for the 6 months ending December 31, 2005.


COLES MYER: Inflation May Spell Lower Sales
-------------------------------------------
With the Australian dollar losing steam against the United
States dollar, profits for Coles Myer Limited might dwindle, The
Age reports.

While retailers like Surfwear Group Billabong, with nearly half
its profits originating in the U.S., come out as winners, a
Citigroup report cites Coles Myer and the Just Group as being
most at risk.

The Australian dollar has dropped about 3 cents against the U.S.
dollar since March 1, 2006.  The Aussie finished trading
yesterday at AU$0.71.

The Citigroup report has forecast that Just Group's and Coles
Myer's dependence on imports from China -- paid for in U.S.
dollars -- will eventually result in a drop in sales, earnings
and profits if the Aussie dollar does not rebound.

The Age quotes Citigroup as saying that it "expect[s] both
retailers [to] reduce discounting and marketing activity in
response to higher import prices and therefore [soften] net
impact on earnings."

In its interim results released last month, Coles Myer said that
24% of its non-food sales were directly sourced from Asia, while
Just Group sources about 55% of its products overseas, largely
from China.  Coles Myer buys about 7% of its products outside
Australia in U.S. dollar contracts.

The Troubled Company Reporter - Asia Pacific reported on
March 21, 2006, that Coles Myer posted a AU$484.5 million net
profit for the half-year period ended December 31, 2005 -- a
10.5% increase from the AU$438.5 million profit reported
in the previous corresponding period.

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

                          *     *     *

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


COLONIAL INN: Prepares to Exit Register of Companies
----------------------------------------------------
Colonial Inn Motel Limited will be removed from the New Zealand
Register following the completion of the report of its
liquidation.

An objection to the removal should be filed with the Registrar
not later than May 5, 2006.

Contact: D. W. Cope
         Joint Liquidator
         43 Papanui Road, Christchurch
         New Zealand


CONSOLIDATED PROPERTY: Receiver Steps Aside
-------------------------------------------
On February 21, 2006, Anthony Warner of CRS Warner Sanderson
ceased to act as the receiver and manager of Consolidated
Property Holdings Pty Limited.


DAYMOAT PTY: Declares First Dividend
------------------------------------
Daymoat Pty Limited will declare its first dividend today,
April 5, 2006.

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

Contact: Mark Roufeil
         Liquidator
         Level 9, 31 Market Street
         Sydney, New South Wales 2000
         Australia


EXPRESS3T PTY: Opts to Shut Down
--------------------------------
The members of Express3T Pty Limited resolved on February 28,
2006, to wind up the Company's operations.

They then named Gavin Moss as liquidator for the wind-up.

Contact: Gavin Moss
         Liquidator
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


GDC COMMUNICATIONS: Names Ferrier Hodgson Receivers and Managers
----------------------------------------------------------------
Grant Robert Graham and Brendon James Gibson of Ferrier Hodgson
& Company were appointed receivers and managers of GDC
Communications Limited on March 21, 2006.

Contact: Grant Robert Graham
         Brendon James Gibson
         Joint Receivers and Managers
         Ferrier Hodgson & Company
         Level Sixteen, Tower Centre
         45 Queen Street, Auckland
         New Zealand


GLAISNOCK PTY: Members Agree on Liquidation
-------------------------------------------
At Glaisnock Pty Limited's general meeting on February 27, 2006,
members concurred that it is in the Company's best interests to
liquidate its operations.

John Frederick Taylor was appointed to oversee the wind-up.

Contact: John F. Taylor
         Liquidator
         c/o WHK Greenwoods
         Level 15, 309 Kent Street
         Sydney, Australia


HOLDCROFT BROTHERS: Schedules Final Meeting on April 6
------------------------------------------------------
A final meeting of Holdcroft Brothers Pty Limited will be
conducted on April 6, 2006, at 9:30 a.m.

Liquidators M. C. Hall and T. J. Clifton will present their
final accounts regarding the Company's wind-up operations at
that meeting.

Contact: T. J. Clifton
         M. C. Hall
         Joint Liquidators
         PPB Chartered Accountants
         10th Floor, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia
         Telephone: 8211 7800


HOT ROCK DINING: Court Appoints Liquidator
------------------------------------------
On February 24, 2006, the Federal Court of Australia appointed
Christopher J. Palmer as the Official Liquidator for the wind-up
of Hot Rock Dining Systems Pty Limited.

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


J. WEINGOTT PTY: Prepares to Pay Dividend
-----------------------------------------
J. Weingott Pty Limited will distribute its first and final
dividend today, April 5, 2006, to the exclusion of its creditors
who were not able to prove their claims.

Contact: R. W. Whitton
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle
         New South Wales 2302
         Australia


KEITH MOXHAM: Enters Voluntary Liquidation
------------------------------------------
The members of Keith Moxham Holdings Pty Limited held a meeting
on February 27, 2006, and agreed to shut down the Company's
operations.

Kenneth Wayne Lamb was named as Liquidator to wind up the
Company.

Contact: Kenneth W. Lamb
         Liquidator
         Jones Condon Chartered Accountants
         77 Station Street, Malvern
         Victoria 3144, Australia


MATTHEW SUTTON: Members Resolve to Close Business
-------------------------------------------------
At an extraordinary general meeting on March 3, 2006, members of
Matthew Sutton Pty Limited agreed that the Company must
voluntarily commence a wind-up of its operations.

Peter Paul Krecji was then appointed as Llquidator.

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


MCDONALD'S TRANSPORT: Creditors' Claims Due on April 14
-------------------------------------------------------
At a general meeting on February 27, 2006, the members of
McDonald's Transport Pty Limited resolved to close the Company's
business operations.

Company creditors are required to submit their formal proofs of
claim to Liquidator Robert Bruce McDonald by April 14, 2006.

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


NORTH RIDGE: Liquidator Wants Firm Removed from Register
--------------------------------------------------------
The liquidator of North Ridge Estate Limited has finalized its
report on the liquidation of the Company's asset, thus the
liquidator will file a request for the removal of the Company
from the New Zealand Register.

Any objection to the removal must be delivered to the Registrar
of Companies no later than April 21, 2006.

Contact: K. B. Mason
         Liquidator
         Meltzer Mason Heath
         345 Queen Street, Auckland
         P.O. Box 6302, Wellesley Street
         Auckland
         New Zealand


POLAROID AUSTRALIA: To Hold Final Meeting on April 7
----------------------------------------------------
The final meeting of the members of Polaroid Australia Pty
Limited will be held on April 7, 2006, to get an account of the
manner of the Company's wind-up and property disposal from
Liquidator Keiran Hutchison.

Contact: Keiran Hutchison
         Liquidator
         Ernst & Young
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9248 4057


RDJ PRODUCTIONS: Court to Hear Liquidation Petition Next Week
-------------------------------------------------------------
An application to liquidate RDJ Productions Limited has been
filed with the High Court of Auckland on November 23, 2005.

The High Court will hear the application on April 13, 2006, at
10:45 a.m.

Any person wishing to appear at the hearing may file an
appearance not later than April 11, 2006.

Contact: Brebner Print Limited
         Plaintfiff
         J. G. Krebs
         Solicitor for the Plaintiff
         Elvidge & Partners, Solicitors
         corner of Raffles and Bower Streets, Napier
         New Zealand


ROTORUA TECHNOLOGY: CIR Files Liquidation Application
-----------------------------------------------------
On February 17, 2006, an application to liquidate Rotorua
Technology Services Limited has been filed with the High Court
of Rotorua by the Commissioner of Inland Revenue.

The Court will hear the application on April 10, 2006, at 10:45
a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than April 6, 2006.

Contact: Commissioner of Inland Revenue
         Plaintiff
         Gina N. Jansen
         Solicitor for the Plaintiff
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 834 7408


SEAMART HOLDINGS: Placed in Receivership
----------------------------------------
Seamart Holdings Limited has been placed in receivership and
Brian Mayo-Smith and Robert John Knox have been appointed as
joint and several receivers and managers of the Company.

Contact: Brian Mayo-Smith
         Robert John Knox
         Joint Receiver and Manager
         BDO Spicers, Level Eight
         120 Albert Street, Auckland
         P.O. Box 2219, Auckland
         New Zealand


SIMOCO PACIFIC: Distributes First and Final Dividend
----------------------------------------------------
Simoco Pacific Pty Limited will declare its first and final
dividend today, April 5, 2006.

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

Contact: Colin Nicol
         Liquidator
         McGrathNicol+Partners
         GPO Box 9986, Melbourne
         Victoria 3001, Australia
         Telephone: 03 9038 3100
         Fax: 03 9038 3199


SUTHERLAND LOGGING: Liquidation Hearing Slated for April 10
-----------------------------------------------------------
An application to liquidate Sutherland Logging (2000) Limited
has been filed with the High Court of Christchurch on
March 1, 2006.

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

Any person wishing to appear at the hearing is required to file
an appearance not later than April 6, 2006.

Contact: Teamtalk Limited
         Plaintiff
         Dianne s. Lester
         Solicitor for the Plaintiff
         Credit Consultants Debt Services NZ Limited
         Level Three, 3-9 Church Street
         P.O. Box 213 or D.X. S.X. 10 069
         Wellington
         New Zealand
         Telephone: (04) 470 5972


TRIO LICENSING: Discontinues Operations
---------------------------------------
At a general meeting of Trio Licensing Pty Limited on
February 27, 2006, members agreed that it is in the Company's
best interests to wind up its operations.

Contact: Robyn E. Venus
         Hincks & Smith
         PO Box 196, Prospect
         South Australia 5082
         Australia


TROYVELL PTY: Placed Under Voluntary Liquidation
------------------------------------------------
Members of Troyvell Pty Limited held a general meeting on
March 2, 2006, and agreed to:

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

  -- appoint Robert Kellaway as liquidator for the wind-up.

Contact: Robert Kellaway
         Liquidator
         Kellaway Cridland Pty Limited
         Level 4, 48 Hunter Street
         Sydney, Australia


WANDA INVESTMENTS: Members to Receive Liquidator's Report
---------------------------------------------------------
The members of Wanda Investments Pty Limited will convene on
April 6, 2006, at 1:00 p.m., to receive Liquidator Richard W.
Partlett's account regarding the Company's completed wind-up and
disposal of the Company's property.

Contact: Richard W. Partlett
         Liquidator
         Messrs Partlett Chave & Rowland
         31 Koonya Circuit, Caringbah
         New South Wales 2229
         Australia


WESTPOINT GROUP: Senate Grills ASIC on Westpoint Collapse
---------------------------------------------------------
The Australian Securities and Investments Commission faced the
Senate Estimates Committee and answered some "embarrassing"
questions during the estimates hearings on the Westpoint Group
case, the Sydney Morning Herald.

As reported by the Troubled Company Reporter - Asia Pacific on
February 9, 2006, top ASIC officers were alleged to have
committed delays in taking action to protect investors who are
affected by Westpoint Group's AU$300 million-plus collapse.

According to the Sydney Herald, Tasmanian Liberal Senator John
Watson told the Senate late last week that the ASIC had been
made aware years earlier of potential problems with Westpoint's
issue of promissory notes.  Senator Watson said that Denise
Brailey, president of the Real Estate Consumer Association Inc.,
passed a Westpoint information memorandum through ASIC in 2001
raising concerns about the Company's promissory notes offerings.  
However, the ASIC did not take any action.

Senator Watson acknowledged that promissory notes fell outside
ASIC's jurisdiction, but said that ASIC knew there were
potential problems with promissory notes and could have done
something.  He added that it was the abuse of the product that
ASIC should have been looking into, and that the fact that it
was offered to unsophisticated investors should have meant a
higher level of protection under the law.

The Sydney Herald relates that the senator's comments come as a
blow to ASIC, which has been trying to get on the front foot
over the Westpoint collapse and criticisms of its role in it.
For one, ASIC froze the assets of Westpoint's founder and three
other directors, as well as took a Westpoint subsidiary to court
in 2004.

Senator Watson said that the Westpoint fiasco reveals problems
not only with the regulator detecting and acting on risky
promotions but "with the law as it currently operates."  The
Westpoint case also highlights a gap in the law that should be
addressed, Senator Watson added.

                        About Westpoint

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

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


WESTPOINT GROUP: ASIC Urges Fin'l Services to be Fair to Clients
----------------------------------------------------------------
The Australian Securities and Investments Commission came out
with a media release saying that ASIC Chairman Jeffrey Lucy has
urged Australian Financial Services license holders to deal
fairly with clients who potentially face financial losses
arising from their investment in Westpoint Mezzanine companies.

"ASIC expects advisors to behave appropriately and within the
requirements of their license conditions, and to deal fairly
with clients who have lost money in Westpoint," Mr. Lucy said.
He clarified that the financial services industry's fair
handling of client complaints involves that the advisers:

   * adhere to the internal dispute resolution process;

   * provide genuine assistance to complainants;

   * provide complainants with all relevant documentation in
     relation to their investment;

   * communicate with each complainant fairly and clearly, and
     make a decision that is reasonable and genuine; and

   * cooperate fully with any referrals to the external dispute
     resolution procedure, which in most cases will be the
     Financial Industry Complaints Services.

ASIC also requested holders of AFS licenses to provide specific
information about Westpoint and requiring them to submit monthly
reports about how they are dealing with client complaints and
losses.

ASIC has also written to all known Westpoint investors who
may have lost money in its Mezzanine companies and sought their
cooperation in completing an on-line questionnaire about their
involvement in Westpoint promissory or mezzanine notes and
details of their expected losses.  ASIC is asking all investors
to complete the questionnaire by April 30, 2006.  The
questionnaire can be completed on-line through ASIC's Web site
at http://www.asic.gov.au

Moreover, Mr. Lucy sent a letter to the chairpersons of industry
groups that represent advisors, reminding them they have an
important public role to play in helping their members fairly
resolve investor complaints, and in particular, to support both
the internal and external complaints dispute resolution
processes.

As reported by the Troubled Company Reporter - Asia Pacific in
February 2006, ASIC came under fire after it was revealed that
the watchdog knew about Westpoint's problems way before the
group collapsed.  ASIC faces blames that it did not act quickly
enough on the Westpoint case to have prevented around 5,000
investors from losing money.

                        About Westpoint

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

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


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

BANK OF CHINA: To Include Hong Kong Arm in Listing
--------------------------------------------------
Bank of China is looking to offer 10-12% of its enlarged share
capital in Hong Kong unit, BOC Hong Kong (Holdings) Ltd., at its
US$8-billion initial public offering next month, Shenzhen Daily
reports.

Bank of China was not expected to include its Hong Kong arm in
the IPO, as state-run mainland companies often exclude certain
assets from their overseas IPO vehicles, the report states.

However, the Bank filed its listing application with the Hong
Kong exchange in February 2006 and expects to have a listing
hearing by the end of this month.

If the deal wins Hong Kong stock exchange approval, a four-week
marketing period will see the Bank of China and its Hong Kong
unit go public by the end of May.

BOC Hong Kong, which booked a 12.8% profit rise in 2005, aims to
reposition itself as a regional player over five years through
acquisitions and joint ventures.  It is currently in talks to
buy the parent firm's life insurance business in Hong Kong.

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.


BEST FOUNDATION: Creditors to Appoint COI Member
------------------------------------------------
A meeting of the creditors of Best Foundation Iron & Steel
Industrial Limited will be held at on April 11, 2006, at 11:00
a.m.

At the meeting, the creditors will consider the appointment of a
creditor to fill a vacancy in the Committee of Inspection
arising from the resignation of one committee member.

Contact: Wong Kwok Man
         Joint and Several Liquidator
         13th Floor, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


EVER FOCUS: Creditors Meeting Fixed April 10
--------------------------------------------
The creditors of Ever Focus Development Limited will hold a
meeting on April 10, 2006, at 4:00 p.m. pursuant to Sections
241, 242, 243, 244, 255A and 283 of the Companies Ordinance.

The meeting will be held at:

          Unit 1602-3
          16th Floor, Yue Xiu Building
          160-174 Lockhart Road
          Wanchai, Hong Kong

Creditors may vote either in person or by proxy.  Forms of proxy
must be lodged not later than 4:00 p.m. on the day before the
meeting or adjourned meeting at which they are to be used.


HUNG FAI: Creditors to Meet April 10
------------------------------------
Hung Fai Handbag Plastic Products Co. Limited's creditors will
meet on April 10, 2006, at 4:00 p.m. at:

          Unit 1602-3
          16th Floor, Yue Xiu Building
          160-174 Lockhart Road
          Wanchai, Hong Kong

Creditors may vote either in person or by proxy.  Forms of proxy
must be lodged not later than 4:00 p.m. on the day before the
meeting or adjourned meeting at which they are to be used.


KENNEX ELECTRONICS: Creditors Meet to Discuss Wind-up
-----------------------------------------------------
A meeting of the creditors of Kennex Electronics Limited will be
held at Room 1101, 11/F., Shiu Lam Building, 23 Luard Road, Wan
Chai, Hong Kong on April 19, 2006, at 11:30 a.m. to consider
matters relating to the Company's winding up.

Creditors may vote either in person or by proxy.  Forms of proxy
to be used at the meeting must be lodged not later than 4:00
p.m. on April 18, 2006.


NARDU COMPANY: Official Liquidators Appointed
--------------------------------------------
By an Order before Master S. Kwang in Chambers on February 15,
2006, Alan C W Tang and Alison Wong Lee Fung Ying were appointed
as Joint and Several Liquidators of Nardu Company Limited.

Contact: Alan C W Tang
         Alison Wong Lee Fung Ying
         Joint & Several Liquidators
         Grant Thornton, Certified Public Accountants
         13/F., Gloucester Tower, The Landmark
         11 Pedder Street
         Central, Hong Kong


OPALVISION LIMITED: Placed in Voluntary Liquidation
---------------------------------------------------
The creditors of Opalvision Limited met on March 31, 2006, and
appointed a liquidator to oversee the Company's winding up.

The creditors also considered further matters relevant to the
creditors' voluntary winding-up.


PRINCETON ECONOMICS: Creditors' Proofs of Debts Due April 18
------------------------------------------------------------
Princeton Economics International (H.K.) Limited intends to
declare its first and final dividend to creditors.

All creditors are required to prove their debts by April 18,
2006.

Failure to do so on the said date will be excluded from the
benefit of any distribution.

Contact: Joanne Oswin
         Joint and Several Liquidator
         c/o Pricewaterhouse Coopers
         22/F., Prince's Building
         10 Chater Road
         Central, Hong Kong
         Telephone: (852) 2289 8888
         Fax: (852) 2890 8345


QANDEE ESTATES: Court to Hear Wind-up Petition on May 7
-------------------------------------------------------
Bank of China (Hong Kong) on March 7, 2006, filed a petition to
wind up Qandee Estates Limited.

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

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

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

RIWELL PROPERTIES: Receives Winding up Petition
-----------------------------------------------
Bank of China (Hong Kong) on February 23, 2006, filed a petition
to wind up Riwell Properties Limited.

The petition will be heard before the High Court of Hong Kong at
9:30 am on May 23, 2006.

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

Contact: Messrs. T.H. Koo & Associates
         Solicitors for the Petitioner
         Rooms A2, 15th Floor
         No. 95 Queensway
         Hong Kong


SHANGHAI REAL ESTATE: Moody's Assigns (P)Ba3 Bond Rating
--------------------------------------------------------  
Moody's Investors Service has assigned a (P)Ba3 foreign currency
senior unsecured rating to Shanghai Real Estate Limited's
proposed US$150 million bond issuance.  At the same time,
Moody's has assigned a (P)Ba3 local currency corporate family
rating to SRE.  The ratings outlook is stable.

This is the first time that Moody's has assigned ratings to SRE.
Moody's expects to affirm the ratings and remove them from their
provisional status upon completion of the proposed bond
issuance.

Moody's lead analyst Kaven Tsang says that the (P)Ba3 ratings
reflect the key challenges faced by SRE, including:

   * its lumpy operating cash flow, resulting from SRE's single
     business focus on property development;

   * significant geographic concentration in a market subject to
     an evolving policy and regulatory environment; and

   * rising leverage as a result of aggressive spending on
     property development and land acquisitions.

"Meanwhile, the ratings also recognize SRE's established
operating track record and its strong domestic franchise under
the Oasis Garden brand in Shanghai that commands premium
pricing," Mr. Tsang says, adding "SRE is a niche player in
Shanghai, possessing strong local market knowledge and
cooperative relationships with the local government.  Its ample
cash balance also provides some support to financial flexibility
and liquidity."

"At the same time, SRE's lack of recurring income and its strong
focus in Shanghai will subject its cash flow to higher
volatility.  Nonetheless, Moody's draws some comfort from the
strong state of housing demand and the long-term growth
potential of the Shanghai housing market," Mr. Tsang says.

The ratings outlook is stable, reflecting Moody's expectation
that SRE will successfully develop and manage its residential
development projects in Shanghai and generate substantial cash
flow from property sales and presales to support its expanding
business activities.  The stable outlook further reflects
Moody's expectation of the company's continued uninterrupted
access to bank financing.

The rating could undergo a downgrade if operating cash flow
("OCF")/ gross interest drops under 3x-4x on a sustained basis,
while adjusted leverage fails to fall to 40%-45% by end-2007.
This could be a result of:

   1. higher-than-expected capex spending, due to aggressive
      land acquisitions or debt-funded investments or
      acquisitions;

   2. delays in property presales and sales, thereby weakening
      operating cash flow generation; and

   3. a property market downturn or regulatory changes that
      negatively affect operating performance.

A weakening in its liquidity profile, such that total cash drops
below 20-25% of total debt, or the company fails to return to
positive free cash flow by end-2008 could also pressure the
rating.

On the other hand, upward pressure could evolve over time if SRE
achieves OCF/ gross interest above 7x-8x on a sustainable basis,
while adjusted leverage stays below 30%.  This scenario could
occur due to:

   -- SRE demonstrating sustainable growth in its core
      businesses and building up a large and stable recurring
      cash flow;

   -- maintenance of strong pre-sales to support ongoing
      positive OCF generation; and

   -- enhancements to the quality of recurring cash inflow
      through the build-up of a quality investment property
      portfolio.

Shanghai Real Estate Limited, established in 1993 and listed on
the Hong Kong Stock Exchange in 1999, is a property developer
focusing on mid-to-high end residential development in Shanghai.
As of end-2005, it possessed a land bank of about 1.4 million
sqm, which is sufficient for five years of development.


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

COAL INDIA: Gross Profit Skyrockets 75% on e-auction
----------------------------------------------------
Coal India Limited has significantly increased its profits for
the year amid India's present coal shortage dilemma, The
Financial Express relates.

As reported by the Troubled Company Reporter - Asia Pacific on
March 6, 2006, the increase in demand for coal, along with
higher price realization through e-auction has substantially
boosted the Company's profits.
   
In 2005, Coal India has posted a record gross profit of INR8,388
crore compared to the previous year's INR4801.52 crore,
indicating a 74.71% increase.  While net profit figures for the
present fiscal year are not available, it is believed that the
increase is over 100% over the previous year's net of INR2,424
crore.

The profit increase was largely due to the success of the e-
auction plan.  As reported by the TCR-AP, as many as 17,403
bidders participated in the online bidding process.  Around
10,562 were successful and this generated INR565.36 crore in
profits for Coal India.

With the e-auction route, Coal India sold 19.5 million tonnes of
coal, which generated additional revenue of about INR920 crore.

An interim report for 2005-06 prepared by the Public Sector
Undertakings of India revealed that annual performance of all
the CIL subsidiaries including the two subsidiaries -- Eastern
Coalfields and Bharat Coking Coal Ltd -- have made profits last
financial year.

Coal India also produced 343.37 million tonnes of coal last
year, achieving 100.11% of its target.

However, the increase in production fell short of demand from
core sector industries like cement and steel industries, which
continue to import coal, the Financial Express says.

The interim report also showed that there was a discrepancy
between the coal off-take target of 344.10 mt set last fiscal to
its actual off-take of only 333.54 mt.  This discrepancy was
attributed to the non-lifting of coal by power utilities and the
consumers of the non-core sectors.  The difference increased the
pithead coal stock to 33. 7 mt during the year ending 2005-06.

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


COAL INDIA: Government Mulls Coal Price Hike
--------------------------------------------
The Government is expected to increase coal prices following
price hike calls from Coal India Ltd subsidiaries, The Hindu
relates.

The Coal India Group demands that the Government revise coal
prices following hardening of prices in the overseas market.

The Group's Bureau of Pricing and Technical Department of Coal
India has already formulated a proposal to address the pricing
issue.  The proposal will be sent to the Coal Ministry for
consideration.

Market observers expect coal prices to rise by at least INR150
per ton in the next three months.

The Hindu says that price revision in coal prices would help
Coal India's subsidiaries to post higher profitability.

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


GENERAL MOTORS INDIA: Sales Up 16% in March
-------------------------------------------
General Motors India saw its car sales grow 16% growth in March
2006 at 4,070 units, Business Line reveals.

The total number of units sold includes 1,395 units of the newly
launched "Chevrolet Aveo".

Sales of the Chevrolet brand, under which the company sells
models like "Optra" and "Tavera", also increased 35%.  GM India
sold 2,155 units of Tavera and 520 units of Optra in March.

Launched in March this year, Aveo is the first of three new
Chevrolet products to be introduced in the first half of 2006,
Troubled Company Reporter - Asia Pacific reported on March 28,
2006.

The Company would launch "Aveo U-VA" and Optra "SRV" in the
coming months as part of vehicle line-up expansion, TCR-AP
added.

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.


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

PERUSAHAAN LISTRIK: Police Grills Execs Over Graft Case
-------------------------------------------------------
State power firm Perusahaan Listrik Negara is once again the
subject of a corruption investigation by the Indonesian National
Police, The Jakarta Post reports.

The case is connected to equipment price mark-ups and irregular
contract tendering procedures at a gas-fired power plant in
Muara Tawar, Bekasi, the report says.

As reported by the Troubled Company Reporter - Asia Pacific on
February 9, 2006, the Police are focusing their efforts into the
investigation of the alleged price mark-up of three generators,
which the Company had purchased in 2004.

The Police brought in Java and Bali power plants director
Samiudin, and operational director Bagyo for questioning.  PLN
president director Eddie Widiono is also expected to appear as
witness to the case.

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id/-- is Indonesia's state-owned  
utility company.  The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population.  The Indonesian government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers, as many areas of the country are experiencing power
shortages.  After suffering heavy losses since 2004, PLN expects
to post a IDR23-trillion loss this year, and estimates to spend
up to IDR51 trillion in fuel purchases for its fuel-based power
plants.   


PERUSAHAAN LISTRIK: Keen on New Bontang Power Plant
---------------------------------------------------
Perusahaan Listrik Negara plans to start the construction of a
new US$60-million gas-fired facility in Bontang, East Kalimantan
this year, The Jakarta Post reveals.

The Company hopes to provide additional 150-megawatt power to
the East Kalimanatan region through the new plant by 2009.

PLN's deputy director for primary energy, Tonny Agus, said that
the Bontang plant would become the primary node in a grid
connecting the provincial capital Samarinda, industrial port
city Balikpapan and the Bontang, Sangatta and Tarakan oil
fields, and supplying the region's increasing electricity
demand.

The new Bontang power plant is expected to require a gas supply
of 30 million metric cubic feet per day.

According to Mr. Agus, PLN had signed an agreement with French
oil firm Total Indonesi to supply two MMCFD of gas to the plant.  
PLN is looking to secure additional gas supplies, as the
currently secured supply will only be enough to generate between
five and 10 MW of power.

In another development, PLN recently invited bids for the
construction of six power plants in Central Java, East
Kalimantan, North Sulawesi, North Sumatra, Bali and East Java,
with a combined capacity of 2,270 MW.

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id/-- is Indonesia's state-owned  
utility company.  The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population.  The Indonesian government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers, as many areas of the country are experiencing power
shortages.  After suffering heavy losses since 2004, PLN expects
to post a IDR23-trillion loss this year, and estimates to spend
up to IDR51 trillion in fuel purchases for its fuel-based power
plants.


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

JAPAN AIRLINES: Captain's Delay Cancels Kagoshima Flight
--------------------------------------------------------
A Japan Airlines pilot was stuck in traffic on his way to work
on April 4, 2006, causing the cancellation of a JAL flight from
Kobe to Kagoshima and back, Kyodo News relates.

According to the Company, the flight captain got stuck in a
traffic jam caused by a road accident while he was on his way to
the airport.  Thus, instead of arriving at 7:00 a.m., the
captain arrived 90 minutes later.  JAL apologized for the
cancellation, adding that it usually had substitute captains,
but not at Kobe airport.

                      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.


LIVEDOOR COMPANY: Lawyers Seek Director's Release on Bail
---------------------------------------------------------
Lawyers resumed their demand for the release of former Livedoor
Company Limited director Fumito Kumagai, who was arrested on
February 22, 2006, for his involvement in the accounting scandal
surrounding the Company, the Japan Times reports.

As reported by the Troubled Company Reporter - Asia Pacific, the
Tokyo District Court had, on March 16, 2006, rejected Mr.
Kumagai's request to be released on bail, along with former
Livedoor president Takafumi Horie.  Lawyers for Mr. Kumagai had
filed the bail request two days earlier, as well as filed a
complaint with the Court after the ruling, which was promptly
turned down on March 17, 2006.

A subsequent TCR-AP Report states that on March 14, 2006, the
Tokyo District Public Prosecutors Office filed indictments on
Mr. Kumagai, as well as ex-CEO Mr. Horie and four other
directors, as well as Livedoor itself, for the falsification of
the Company's 2004 financial accounts.  Mr. Kumagai turned in
his resignation three days later.

                         About Livedoor

Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is engaged in the Internet  
related business.  It is involved in many sectors, including out
portal site "livedoor", financial business, corporate web
solutions, data center and IP telephony business.  Last year,
prosecutors raided Livedoor's office on suspicions of accounting
fraud.  Company executives were alleged to have relayed false
information on a merger, with the intent to boost the stock
price of a Company subsidiary.  Livedoor's stock price plunged
on allegations that the Company concealed a huge JPY1 billion
loss for the financial year ended September 2004.

TCR-AP reported on April 4, 2006, that the Company was planning
to move its headquarters out of a complex in Roppongi Hills,
Tokyo, due to high rental fees, but sources familiar with the
matter said that the Company wanted to improve its image.


MITSUBISHI MOTORS: Downsizes Netherlands Workforce by 1,000
-----------------------------------------------------------
Mitsubishi Motors plans to scrap at least 1,000 jobs from its
Netherlands unit, NedCar, so that it could become more
efficient, Crisscross News says.

According to Mitsubishi Europe director Tim Nozer, it is
necessary to effect a reorganization and cut costs so as to have
a brighter outlook for the future.

Kyodo News reveals that NedCar, which is based in Born,
Netherlands, will retain 3,000 employees.  

Trouble brewed last week when DaimlerChrysler AG announced that
it would discontinue producing Smart for Four cars, the main
product of NedCar, due to a lack of public interest.  Workers
staged a strike on April 3, 2006, and there have been concerns
on whether the strike might last until the scheduled meeting of
the labor union and NedCar management later within the month.

Mitsubishi wants to reduce monthly costs in NedCar by JPY643.03
million, or EUR4.5 million, amounting to 1,000 jobs, Kyodo News
says, and workers are wary as the Company did not say whether it
would introduce new models for production by its Netherlands
unit.

                    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.

TCR-AP reported on March 31, 2006, that Moody's Investors
Service changed the outlook of Mitsubishi's Ba3 long-term debt
rating 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.


VODAFONE K.K.: Softbank To Borrow JPY1.28 Trillion to Buy Firm
--------------------------------------------------------------
Softbank Corporation is planning to raise up to JPY1.28 trillion
in syndicated loans in order to acquire the Japanese unit of
British mobile phone giant Vodafone Group Plc, Kyodo News
reveals.

Company sources say that seven financial institutions in Japan,
Europe and the United States, along with Mizuuho Corporate Bank,
Deutsche Bank, Sumitomo Banking Corporation, Goldman Sachs
(Japan) Limited and Citibank, are slated to lend the funds
needed to facilitate the purchase of Vodafone K.K.

Bloomberg News reports that Vodafone K.K. had appointed Softbank
Corporation president Masayoshi Son as a director of the
Company, along with five other Softbank executives, who will be
replacing seven Vodafone directors that are expected to step
down pending shareholder approval at an upcoming meeting this
month.  Vodafone K. K. president Bill Morrow will remain on the
Board of Directors.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 9, 2006, that Standard & Poor's had put the A-plus long-
term debt rating of Vodafone K.K., the Japanese unit of British
mobile phone firm Vodaphone Group Plc, on its CreditWatch with
negative implications because its financial standing might
weaken if Vodafone Group Plc does decide to sell the firm to
Softbank Corp.

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

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


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

KYOBO LIFE: Inks IT Infrastructure Deal with IBM
------------------------------------------------
Kyobo Life Insurance Company entered into a US$340 million
agreement with IBM Korea to operate and manage its IT
infrastructure.  The IBM Pact provides for a 10-year term.

Under the Agreement, IBM will provide IT strategy consulting
services to help develop and advance Kyobo's IT vision and
strategy.  IBM will also manage the insurance company's servers,
storage systems, network and desktop computers and operate its
data and disaster recovery systems.  In addition, IBM will
provide Kyobo employees with IT skills development and IT
management training services, the Insurance Networking News
says.

According to the Business Intelligence Network, Kyobo envisions
its partnership with IBM to provide a reliable and flexible
infrastructure and a IT proficient workforce to support its long
term goal of being the primary insurance company in Korea and
towards its goal of tapping the northeast Asian market.

Shin Chang-Jae, Kyobo's chief executive officer, expresses
optimism that the contract with IBM "will allow Kyobo to achieve
global IT capabilities, capitalizing on IBM's extensive
experiences with global financial companies."  Mr. Shin added
that he is expecting Kyobo to be more focused on high-value
development work for its customers while the company is saving
on its overall IT costs.

Kyobo Life selected IBM Korea from five local and international
contract biiders.

                          About Kyobo

Headquartered in Seoul, Korea, Kyobo Life Insurance Co. Limited
-- http://www.kyobo.co.kr-- is one of the largest and most
well-respected insurance companies in South Korea.  It provides
a wide range of life insurance products, including accident
cover, annuities, and plans for education, health, pension,
retirement, and savings.

In the 1980's, Kyobo was considered the largest insurance firm.
However, the Company began to face problems when profits started
to dwindle.

The Troubled Company Reporter - Asia Pacific reported on
February 27, 2006, that Kyobo Chairman Shin Chang-Jae has been
facing problems since he took his post at the Company in 2000.
Kyobo has been experiencing poor business performance and a
string of crisis including listing and issuance of additional
share.

A TCR-AP report on January 22, 2004, indicated that Kyobo faced
a KRW252-billion tax bill due to its failure to list on the
Korea Stock Exchange in 2003.  Kyobo had posted net losses for
five years in a row.  The firm incurred a net loss of KRW678
billion in 2001, KRW277 billion in 2000, KRW368 billion in 1999
and KRW437 billion in 1998.  In addition to its poor sales
performance, the company is also struggling to retain
disgruntled clients.

Since 2000, the Korea Asset Management Company has been looking
to sell its 41.3 % stake in Kyobo in the second half of 2006,
before the insurer lists its shares.  However, KAMCO could not
do so as the calculation for the exact value of the stake, which
is not listed on the bourse, is difficult.  If KAMCO sells its
interest in the Company, it could become difficult for Mr. Shin,
who holds a 37.3% stake himself, to fend off threats to his
management rights.


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

CYGAL BERHAD: Seeks More Time to Complete Restructuring
-------------------------------------------------------
Cygal Berhad is still awaiting the Securities Commission's
decision on its application to further extend the time for the
Company to implement its corporate exercises.

The Troubled Company Reporter - Asia Pacific reported on
January 13, 2006, that Cygal has obtained the consent of the
majority of its financial institution creditors for a further
extension of time within which Cygal is to meet the conditions
precedent as stipulated in the Settlement Agreement, dated
November 19, 2001, between Cygal and its creditors.  The
deadline was extended until March 31, 2006.  The deal relates to
the settlement of Cygal's MYR229,637,109 debt to its lenders.

This exercise is a part of the Company's proposed corporate and
debt restructuring scheme, which involves:

   -- the exchange of shares on the basis of three new
      company, or Newco, shares for every four shares in Cygal
      and the proposed takeover of Cygal's listed status by
      Newco;

   -- a rights issue raising up to MYR31 million, to be used
      for working capital;

   -- a debt restructuring scheme, which will involve
      Redeemable Convertible Secured Loan Stocks and
      Irredeemable Convertible Unsecured Loan Stocks issued by
      Newco;

   -- the proposed acquisition of shares in Laudable Invention
      Sdn Bhd and Cygal Properties Sdn Bhd to be satisfied by
      cash and shares in Newco;

   -- a proposed employee's share option scheme for all
      eligible employees and Executive Directors of Newco,
      Cygal and its subsidiaries.

Headquartered in Kuala Lumnpur, Malaysia, Cygal Berha's
principal activity is civil and building construction works.  
Its other activities include housing development; manufacturing
and trading in ready mix concrete; trading in building
materials; leasing of aircraft parts and equipment; provision of
hotel management services; and investment holding.  The Group's
activities are located in Malaysia and Hong Kong.  On November
19, 2001, Cygal Berhad and its subsidiary companies finalized a
debt restructuring agreement with their lenders on involving
debts outstanding of approximately MYR230 million.


GEORGE TOWN: Fails to Submit Financial Reports on Due Date
----------------------------------------------------------
George Town Holdings Berhad informed that it has not issued
these financial reports pursuant to the requirement of Paragraph
9.26(3)(b) of the Bursa Securities Listing Requirements:

   * Annual Audited Accounts for financial period ended
     December 31, 2004, by the April 30, 2005 deadline;

   * First Quarterly Report ended March 31, 2005, by the May 31,
     2005 deadline;

   * Annual Report for financial period ended December 31,
     2004 by the June 30, 2005 deadline;

   * Second Quarterly Report ended June 30,2005, by the
     August 31, 2005 due date;

   * Third Quarterly Report ended 30 September 2005 by the
     November 30, 2005 due date; and

   * Fourth Quarterly Report December 31, 2005, by the
     February 28, 2006 deadline.

George Town Holdings explained that it was unable to submit its
financial accounts, as it is still working on its proposed
restructuring scheme.  The expected date to submit the
abovementioned Financial Statements will depend on the outcome
of the said proposed restructuring scheme.

The Bourse may suspend or delist the Company's shares if it
fails to comply with the requirement.

The Troubled Company Reporter - Asia Pacific reported on
March 15, 2006, that Bursa Malaysia Securities has decided to
delist George Town Holdings' securities from the Bourse's
official list due to the Company's failure to issue its
financial reports after more than six month from the expiry of
the timeframe.

A March 21, 2006 TCR-AP report stated that the Company has filed
an appeal with Bursa Malaysia Securities in the hopes of
maintaining its listing status on the stock exchange.
Accordingly, the Bursa Securities' Appeals Committee has
deferred the scheduled delisting of the Company pending a final
decision on George Town's appeal.

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


INTAN UTILITIES: Provides Default Status Update
-----------------------------------------------
Pursuant to Paragraphs 9.02 and 9.04 (1) of the Listing
Requirements and Practice Note No. 1/2001, Intan Utilities
Berhad furnished a summary of the borrowings in default and the
steps taken to address the defaults by IDS Electronics Sdn Bhd
and IDS Technology Sdn Bhd, 70% effectively owned subsidiaries
of the Company

Details of the transaction may be viewed for free at:

   http://bankrupt.com/misc/tcrap_intanutilities040406.xls  

Headquartered in Kuala Lumpur, Malaysia, Intan Utilities Berhad
-- http://www.intan.com.my -- engages in manufacturing,  
warehousing and trading of all semiconductor components.  Its
other activities include sourcing, treating and supplying of
treated water and investment holding.  Operations are carried
out in Malaysia, the United States of America and Japan. The
Company has defaulted on several loan facilities due to
financial woes and is currently formulating plans to address the
issue.


MALAYSIA AIRLINES: Unveils Broad Structural Changes
---------------------------------------------------
Malaysia Airlines, on April 3, 2006, unveiled broad corporate
structural changes in a bid to push ahead its business
turnaround plan.

Under the restructuring, which takes effect retrospectively to
April 1, 2006, Mohd Izani Ashari, a senior general manager in
the managing director's office, will head the company's
Turnaround Management Office, the Malaysian national carrier
said in a press release.

Izani Ashari, who will report directly to MAS Managing Director
and CEO Idris Jala, has a key role in carrying out the carrier's
business revival plan.

The airline also appointed Effendi Abdul Rahman as its new human
resources senior manager, who will take the tough role one week
later to streamline the company's existing workforce.

Effendi has worked for five years with Dutch Lady Milk
Industries Bhd as a human resource director before he takes his
new role in MAS.

The carrier also has established a transition management unit in
its commercial division to lead the charge on the critical and
urgent issues around domestic restructuring.

Meanwhile, MAS Regional Manager for China Amin Khan takes the
role of senior general manager in charge of transition
management, and Phang Pow Ing from the carrier's Kuala Lumpur
head office is appointed to take over Amin's previous position.

To maximize its internal and external communications efforts,
the carrier also reinforces the function of its communications
department, the airlines said.

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.


POLYMATE HOLDINGS: Unable to Finalize Financial Accounts
--------------------------------------------------------
Polymate Holdings Berhad advised that the Company failed to
finalize its Annual Report and Annual Audited Accounts for the
financial year ended September 30, 2005, in time for its
March 31, 2006 submission to Bursa Securities.

The Company explained it was unable to complete its annual
audited accounts on a consolidated basis as the external
auditors, Messrs.  Ahmad Abdullah & Goh, were unable to finalize
on the taxation issue, which is a balance sheet item of its
subsidiaries.

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

The Company is currently working very closely with Ahmad
Abdullah & Goh to have its audited accounts finalized.

Polymate expects to submit its Annual Audited Accounts to Bursa
Securities after obtaining the approval by its Board of
Directors by end of April 2006, and thereafter to submit the
Annual report to Bursa Securities by May 9, 2006.  The Company's
shareholders are expected to adopt the Company's financial
reports by May 31, 2006.

The Troubled Company Reporter - Asia Pacific reported on
March 28, 2006, that Bursa Malaysia Securities has rejected
Polymate Holdings' application for an extension of time within
which it is required to submit its Annual Report and Audited
Accounts for the financial year ended September 30, 2005.  
Polymate had asked that the filing deadline be extended until
May 31, 2006.

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.  
Operations in its ailing subsidiaries will be revived when a
workable restructuring scheme is formalized with its lenders and
when fresh working capital can be injected into the operations.  


POLYMATE HOLDINGS: Cash Woes Prompt Units' Wind-up
--------------------------------------------------
Polymate Holdings Berhad's two subsidiaries, Polymate Packaging
Sdn Bhd and ABI Malaysia Sdn Bhd, have ceased operating on March
31, 2006, due to insufficient working capital.

In addition, Polymate Industries (M) Sdn is also expected to
wind up due to financial difficulties.

Headquartered in Selangor Malaysia, Polymate Holdings Berhad --
http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.  
Operations in its ailing subsidiaries will be revived when a
workable restructuring scheme is formalized with its lenders and
when fresh working capital can be injected into the operations.  


PSC INDUSTRIES: Creditor Demands Over MYR275-Mln Debt Repayment
---------------------------------------------------------------
On March 13, 2006, Alliance Bank Berhad served a Writ of Summons
and Statement of Claim to PSC Industries Berhad.

Alliance Bank is claiming some MYR274,854,796.60, plus interests
and costs, owed by PSC Industries and its former subsidiary,
PSC-Naval Dockyard Sdn Bhd.

Aside from Alliance Bank's claims, there had been no changes to
the Company's default status.

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.  The Company is
currently evaluating various issues in formulating a
regularization plan for the Group pursuant to Practice Note
17/2005.  The Company is monitoring its financial and operating
performance closely to improve its financial solvency.


PSC INDUSTRIES: Blames Loss on Units' Low Performance
-----------------------------------------------------
PSC Industries Berhad saw a decline in its turnover for the
current financial quarter and for the financial year ended
December 31, 2005, because of the lower contribution from all
business segment with no contribution from the Offshore Patrol
Vessels project.  The lower performance together with high
financing cost, provision for doubtful debts, goodwill written
off, deferred expenditure written off, impairment of property,
plant and equipment and revision of profit margin for Offshore
Patrol Vessel project has led to the Company's pre-tax loss.

The pre-tax loss of MYR97.0 million for the quarter under review
as compared to loss of MYR436.3 million in preceding quarter was
mainly due to gain on disposal of PSC Naval Dockyard Sdn Bhd,
which has ceased to be a subsidiary during the current financial
quarter.

Despite the Group's current status as an affected listed issuer
pursuant to Practice Note 17, the Group's operations are
expected to improve in year 2006 onwards.  Restructuring
programs introduced by the new management has shown positive
impact, such as cost reduction and improvement in stakeholders'
level of confidence.  The marine industry is expected to
continue its positive industry outlook.  The Group's main
priority is to secure more orders for its shipyard for which it
has the capability, manpower experience and capacity.  Further,
the Group is in discussion with various parties to take
advantage of the active oil and gas sector.  Based on the
generally positive business environment and the capability of
the shipyard, the Group hopes for improved results this year.

Although the Group suffered pre-tax loss, it still incurred
taxation as a result of profits made by certain Group companies,
which cannot be offset against losses incurred by certain Group
companies as group relief is not available for the current year.

There was no dividend declared or recommended for the current
financial quarter ended December 31, 2005.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue

     33,594       126,838         173,185        531,802

* Profit/(loss) before tax  

    -96,962      -506,548        -636,228       -532,057

* Profit/(loss) after tax and minority interest

    -63,392      -410,470        -544,365       -425,742

* Net profit/(loss) for the period

    -63,392      -410,470        -544,365       -425,742

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

     -36.41       -239.42         -312.70        -248.32

* 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

       -2.5000                     1.1300

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

   http://bankrupt.com/misc/tcrap_pscindustries040406.pdf

   http://bankrupt.com/misc/tcrap_pscindustriesnotes040406.pdf  

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.  The Company is
currently evaluating various issues in formulating a
regularization plan for the Group pursuant to Practice Note
17/2005.  The Company is monitoring its financial and operating
performance closely to improve its financial solvency.


SELANGOR DREDGING: Unit Bids to Take Over Aussie Firm
-----------------------------------------------------
Selangor Dredging Bhd's 49% associate, SDB International Sdn
Bhd, has made an unconditional on-market takeover offer for
Australia-listed Tourism, Hotels & Leisure Ltd.

In a statement on March 28, 2006, Selangor Dredging said the bid
was made through SDB Hotels Pty Ltd, which now holds a 48.1%
stake in THL.

SDB Hotels' offer is for the remaining 17.32 million THL shares
for 19 Australian cents or 52 sen cash per share, to be accepted
from April 11 to May 10, 2006.

THL carries international accommodation and management
businesses under the Pacific International, Golden Tulip, Tulip
Inn and Plaza brands comprising 534 hotels with 52,150 hotel
rooms, located in 362 cities in 45 countries.

Selangor Dredging said SDB International had acquired the 49%
stake in SDB Hotels on Monday via the subscription of 49 shares
for AU$49.

The remaining 51% of SDB Hotels are held by Teh Lip Kim (13%),
Selangor Dredging's managing director Chieng Ing Huong (19%) and
chairman Choi Yoke Lan.

The investment will not have any effect on the share capital and
substantial shareholders' shareholdings of Selangor Dredging.  
In addition, the investment will not have any material effect on
the earnings or net asset of Selangor Dredging Berhad Group for
the financial year ending March 31,2006.  However, it is
expected to contribute positively to the future earnings of the
Selangor Dredging Berhad Group.

The Board of Directors of Selangor Dredging is of the opinion
that the investment is in the best interest of the Company.

Headquarted in Kuala Lumpur, Malaysia, Selangor Dredging Berhad
-- http://www.sdb.com.my/-- is engaged in the distribution of  
hardware and building materials.  Other activities include
property investment and development, operation of hotel and car
park and investment holding.  After the 1997 Asian financial
crisis, the Company began to implement exercises to curb losses
and improve its bottom line.  The Company became involved in
many businesses, some unprofitable and others, such as its tin-
mining concern with the high cost of extraction and low
commodity price, sunset industries with no future.  The Company
began restructuring its business and decided its core business
should be property development.  The other businesses and
subsidiaries were sold or wound down.


TALAM CORPORATION: Slow Sales Pull Down Revenue in 4Q/FY05-06
-------------------------------------------------------------
Talam Corporation Berhad's fourth quarter revenue of current
financial year as compared with the corresponding fourth quarter
of last financial year has decreased 145.9% from MYR94,533,000
profit to MYR43,366,000 loss.  The main reasons of the reduction
are primarily due to lower locked in sales and soft property
market.

The fourth quarter results of current financial year as compared
with the corresponding quarter of last financial year have
decreased 2041.1% from MYR12,126,000 to a loss of
MYR235,374,000.

The group managed to achieve a revenue of MYR49,000,000 for the
quarter under review as compared with MYR57,797,000 for the
preceding quarter.  However, the group has reversed the
management fees amounting to MYR40,000,000 which has been over-
charged in prior years to a few of the development projects in
southern zone.  The reversal of the management fees is to adjust
the differential between the agreed management fees to be
calculated as 4% of gross development billing achieved and the
fixed monthly charges by certain subsidiaries of the group.  
Furthermore, there was cancellation of contra sales amounting to
MYR52,000,000 with certain creditors, thus resulting in a
negative revenue of MYR43,366,00 in the quarter.   

However, the group has recorded a significant reduction in
overall overhead and administrative expenses from MYR156,000,000
to MYR114,000,000, a sharp reduction of approximately 27% as
compared with last financial year.  The major reduction is on
staff salary and other staff related costs.

The majority of the losses incurred for the current financial
year were mainly due to the substantial development cost
recognized in the current income statement arising from the
sales of several lands from the remaining land bank held for
development of certain projects.  These development costs were
apportioned to the said lands in accordance to the original
development value (as per the accounting standard MASB32) which
is much higher value than the land sales values thus resulting
in under recognition of development cost in prior year amounting
approximately of MYR144,000,000.

The fourth quarter revenue of current financial year as compared
with the third quarter of current financial year has decreased
175.0% from MYR57,797,000 to MYR43,366,000 loss.  The group
managed to achieve a revenue of MYR49,000,000 for the fourth
quarter as compared with MYR57,797,000 for the preceding
quarter.  However, the group has reversed the management fees
amounting to MYR40,000,000 which has been over-charged in prior
years to a few of the development projects in southern zone.  
The reversal of the management fees is to adjust the
differential between the agreed management fees to be calculated
as 4% of gross development billing achieved and the fixed
monthly charges by certain subsidiaries of the group.
Furthermore, there was cancellation of contra sales amounting to
MYR52,000,000 with certain creditors, thus resulting in a
negative fourth quarter revenue of MYR43,366,000.

              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

          0        94,533         254,040      1,000,314

* Profit/(loss) before tax  

   -235,374        12,126        -500,845        128,554

* Profit/(loss) after tax and minority interest  

   -246,346        10,498        -513,401         93,010

* Net profit/(loss) for the period

   -246,346        10,498        -513,401         93,010

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

     -40.14          1.81          -83.66          16.00

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

       0.8934                       1.8104

The Company's latest financial report is available for free at:

   http://bankrupt.com/misc/tcrap_talamcorp040406.doc

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.  The Company
has accumulated mounting losses and debt in the past few years.  
In a bid to cut back on its borrowings, the firm has agreed to
sell off some of its assets.  The sales are expected to slash
the Company's short-term debts, which amounted to MYR1.8 billion
as of January 31, 2005.  


TENGGARA OIL: Debt Provisions Contribute to 4Q/FY05-06 Losses
-------------------------------------------------------------
Tenggara Oil Berhad incurred a lower pre-tax loss of MYR3.9
million for the fourth quarter of the fiscal year ended January
31, 2006, as against a loss of MYR8.3 million in the
corresponding quarter last fiscal year.  The result was due to
the lower operating losses in the lubricant division, investment
holding and other divisions although the ready mix concrete
division reported a higher loss.

The Company's current pre-tax loss is, however, higher compared
to the MYR1.9-million loss in the preceding quarter.  The pre-
tax loss for the quarter under review was largely attributable
to the higher operating loss of investment holding, as well as
the ready mix concrete division.  Higher losses in these
divisions were primarily due to provision for doubtful debts.

In view of the current high oil prices especially as it impacts
on the Group's lubricant business, Tenggara Oil is planning to
reactivate its construction activities and is actively
negotiating for a number of projects to sustain its operations

The Group is negotiating with interested parties for acquisition
of appropriate assets to strengthen the foundation and future
earnings stream of the Group.   

The effective tax rate of the Group for the current quarter
under review is higher than the statutory tax rate.  This is
mainly due to certain expenses, which were not deductible for
taxation purposes and the non-availability of group relief where
tax losses of certain subsidiary companies cannot be set off
against the taxable income of other subsidiary companies.

Furthermore, deferred tax assets have not been recognized in
respect of the tax losses of the subsidiaries that have a
history of losses.

              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  

      6,303         7,702          28,874         32,545

* Profit/(loss) before tax

     -3,948        -8,315          -8,630        -13,407

* Profit/(loss) after tax and minority interest  

     -4,043        -8,265          -8,805        -13,478

* Net profit/(loss) for the period

     -4,043        -8,265          -8,805        -13,478

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

      -5.00        -10.10          -10.80         -16.50

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

       0.1500                       0.2500

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

   http://bankrupt.com/misc/tcrap_tenggaraoil040406.pdf  

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  The Group intends to dispose of its property and
construction operations and had ceased its general timber
merchant activities by the end of year 2000.  As part of a
corporate revamp exercise, the Company has repositioned itself
in the oil and gas business, which will be its core business.
The Group will accelerate its involvement in this industry,
through investment in joint ventures and through acquisitions.
The Company is headquartered in Kuala Lumpur, Malaysia.


TEXCHEM RESOURCES: Unit Completes Restructuring
-----------------------------------------------
Texchem Resources Bhd's subsidiary, Texchem-Pack Holdings (S)
Ltd has completed its restructuring and has resubmitted its
application for its admission to the Official List of the
Singapore Exchange Securities Trading Limited Mainboard, and for
permission to deal in, and for quotation of all the ordinary
shares in Texchem-Pack's capital already issued and the new
ordinary shares to be issued.

The Troubled Company Reporter - Asia Pacific recounts that the
Board of Directors of Texchem Resources disclosed on
July 21, 2003, that the Company intends to enter into a
conditional share sale agreement with a new company to be
incorporated in Singapore, or the Newco, for the proposed
restructuring vide a disposal of its entire equity interest in
Texchem-Pack (M) Bhd.  At the same time, it is currently
intended that Texpack will also dispose of Texchem-Pack (Penang)
Sdn. Bhd., a dormant company which is one of Texpack's wholly
owned subsidiaries, to the Company.

Texchem Resources then intended to seek a listing of the Newco
on the Singapore Exchange Securities Trading Limited and an
initial public offer of shares in Newco and in connection
thereto, intended to retain between 70% to 75% of its
shareholding in the Newco.

The Proposed Newco Acquisition of Texpack and the Proposed
Disposal are integral steps towards realizing the plan to list
Newco.  The Proposals will also enable Newco Group to gain
direct access to the international capital market to tap into
external financial resources for the future expansion and
continued growth of Newco Group without constraining Texchem
Resources's existing resources for its own growth.

Headquartered in Penang Malaysia, Texchem Resources Berhad
-- http://www.texchemgroup.com/-- is principally engaged in  
trading in industrial chemicals and other products. Other
activities include manufacturing of family care products and
household insecticides and distribution and marketing of a wide
range of consumer and family care products; manufacturing and
marketing of raw surimi, fishmeal, feedmeal and seafood
products; manufacturing and selling of packaging products for
the electronics, electrical, semiconductor and disk drive
industries and investment holding. The Group's operations are
located in Malaysia,Thailand, Singapore, Indonesia, China,
Vietnam, Myanmar and Italy.  Texchem is currently undergoing an
internal restructuring, which involves the disposal of a number
of dormant subsidiaries.


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

APEX MINING: Issues Copy of Certificate to Stock Exchange
---------------------------------------------------------
On March 30, 2006, Apex Mining Company, Inc., provided the
Philippine Stock Exchange with a copy of its certification from
the Bureau of Mines and Geosciences on its mining claim located
at Barangay Masara, in Maco, Compostela Valley.

A full-text copy of Apex Mining's certification is available for
free at:

   http://bankrupt.com/misc/tcrap_apexmining040306.pdf

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The Company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.


EXPORT AND INDUSTRY BANK: OKS Sale of Bad Assets and Units
----------------------------------------------------------
Export and Industry Bank approved the sale of PHP3.2 billion in
non-performing assets and two special purpose vehicles as part
of its restructuring, Manila Standard Online reports.

The bank disclosed to the Philippine Stock Exchange that it will
sell its bad assets to D.B. Zwirn and Company LP and its
affiliates, and it would also sell its units SPV Asset
Management Company and the EB Management Capital SPV AMC,
Incorporated, which were set up to buy non-performing assets at
huge discounts.

According to the Standard, Export and Industry Bank incurred the
bad assets in a September 2001 merger with Urban Bank, Inc., and
Urbancorp Investments, Inc.  The Manila Times says that last
January, the bank signed an agreement with the Philippine
Deposit Insurance Corporation for a capital infusion and bad
assets sale, and approved the issuance of PHP3 billion capital
by stockholders Lippo Group and Yao Group, as well as Extra Year
Investment Limited.

The extra capital will strengthen Export and Industry Bank's
capital base to meet international standards, and the bad assets
sale will improve profitability.  The Standard relates that the
bank plans to increase its presence in the corporate industry,
as well as establish itself in the consumer, mortgage and retail
banking markets.

                        About Exportbank

Headquartered in Makati City, Manila, Exportbank --
http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.  Under
an agreement dated December 29, 2005, the Philippine Deposit
Insurance Corp will extend a yearly financial aid of Php600
million to Exportbank.  The Bank is saddled with the Php10
billion non-performing assets it inherited from Urban Bank when
the two banks merged in 2002.


MANILA ELECTRIC: Attaches Condition to Open Access Agreement
------------------------------------------------------------
Manila Electric Company's offer to allow its large customers to
choose their own power suppliers comes with a condition pending
government approval, ABS-CBN News relates.

The Troubled Company Reporter - Asia Pacific reported on
April 4, 2006, that Manila Electric had offered to allow its
clients with power needs of at least one megawatt to choose
their own power suppliers in order to reduce electricity costs,
and later attract foreign investment.

However, ABS-CBN News says, the Company asked the Philippine
Government to allow its independent power producers to supply
electricity at the maximum energy quantity level, or the level
at which a power plant is cost-efficient.  This would delay the
execution of the open access offer, as Manila Electric had a
similar pending agreement with state-owned National Power
Corporation.

Napocor and Meralco have yet to sign a transition supply
agreement to ensure a market for Napocor's power plants in the
face of upcoming open retail competition, but the firms cannot
agree as they have differing dispatch levels.

                       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.

The TCR-AP reported on March 31, 2006, that the Company posted a
79.7% decrease in its 2005 net losses to PHP411 million from
PHP2.03 billion in 2004, due to provisions for probable losses
while awaiting a Supreme Court final decision on a pending
unbundling rate case, and the adoption of new accounting
standards.


NATIONAL POWER: Posts Long-Awaited Profit Equal to PHP16-Mln
------------------------------------------------------------
State-owned National Power Corporation reported a PHP16 million
net profit for the business year 2005, against a PHP29.9 net
loss in 2004, the Manila Bulletin says.

The Power Sector Assets and Liabilities Management Corporation,
which is tasked with selling the Company's nonprofit assets,
expects net profit to be between PHP10 million to PHP20 million,
as unaudited figures indicate a PHP16 million profit.  PSALM
president Nieves Osorio said the Energy Regulation Commission's
approval of a rate increase, an improved fuel mix and better
fuel prices contributed to the turnaround.

Napocor president Cyril del Callar hopes that the Company will
maintain its current financial position, according to the
Standard, depending on the loans they would be able to pay this
year.  

                      About National Power

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

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  Aside from the PHP29.9 billion loss in 2004,
the Company posted a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of PHP18.41 billion this year from a PHP5.95-
billion deficit in 2005.


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

ALLIANCE TECHNOLOGY: SoA Implementation Date Extended To Oct. 4
---------------------------------------------------------------
Alliance Technology and Development Limited, Gallant Venture
Private Limited, and P.T. Herwido Rintis agreed to extend the
date by which the Proposed Scheme of Arrangement will take
effect through October 4, 2006, or such other date as the
parties may agree in writing.

Gallant has informed the Judicial Managers that it has entered
into agreements to acquire shares in companies with interests in
assets in Batam and Bintan in Indonesia for a total cash
consideration of SGD1,205,211,582.  

The Proposed Acquisitions are to be paid for partly in cash in
the aggregate amount of SGD243,889,452, which is to be raised by
the issuance of 477,987,502 new Gallant shares pursuant to a
subscription agreement at an issue price of SGD0.51 Gallant
Share, and partly by the issuance of a total of 1,932,435,662
new Gallant Shares at an average issue price of approximately
SGD0.50 per Gallant Share.  

In the event that these acquisitions are completed, the Gallant
Group will have investments in these four major lines of
businesses mainly located in Batam and Bintan in Indonesia:

  (i) industrial parks business involving the ownership and
      operation of industrial parks -- Batamindo Industrial
      Park and Bintan Industrial Estate;

(ii) utilities business which provides telecommunications,
      electricity and water supply and waste management services
      from the group's facilities;

(iii) resort operations business which provides support services
      to four resorts and seven hotel properties in Bintan
      Resorts, including ferry services, ferry terminal
      operations and estate management and security; and

(iv) property development business involving the ownership of
      land and acting as the masterplanner for industrial park
      and resort development opportunities in BIE and Bintan
      Resorts.

The Singapore Exchange Securities Trading Limited has granted
eligibility-to-list for Gallant Shares to be admitted on the
SGX-Sesdaq subject to certain conditions.

On March 31, 2006, the preliminary prospectus in respect of
Gallant was lodged with the Monetary Authority of Singapore.  
Based on the preliminary Prospectus, in the event that a final
Prospectus is registered, the Proposed Acquisitions would be
completed prior to such registration.  Financial information on
Gallant is provided in the preliminary Prospectus.

                        Private Placement

Based on the preliminary Prospectus, the Gallant Shares to be
placed in connection with the listing of Gallant are to be
underwritten on the terms and subject to the conditions of a
placement agreement for UOB Kay Hian Private Limited to purchase
and/or procure purchasers for the Placement Shares.  The
Placement agreement is to be entered into between, Parallax
Venture Partners XXX Limited, the vendor of the Placement
shares, and the Placement Agent.  The Private Placement will be
conditional upon the scheme becoming effective.

         Conditions to the Implementation of the Scheme

The implementation of the Scheme is subject to these conditions
being satisfied or waived:

(a) approval of the Scheme by at least a majority in number
    representing three-fourths in value of the Creditors present
    and voting at the Court Meeting of Creditors;

(b) approval of the Scheme by at least a majority in number
    representing three-fourths in value of the Shareholders
    present and voting at the Court Meeting of Shareholders;

(c) the confirmation by Court pursuant to Section 210(3) read
    with Section 227X of the Act and a copy of the Order of the
    Court sanctioning the Scheme being lodged with the Registrar
    of Companies in accordance with Section 210(5) of the Act;

(d) approval by shareholders at an extraordinary general meeting
    to be convened to approve and to give effect to the Scheme
    and all matters incidental or in connection with the Scheme,
    including the reduction of the issued and paid-up share
    capital of the Company by the cancellation of the Shares
    held by the Shareholders and the issue of new Shares to
    PTHR;

(e) the sanction and confirmation by the Court of the reduction
    of the share capital of the Company;

(f) the eligibility-to-list granted by the SGX-ST for the
    listing of Gallant Shares on the SGX-Sesdaq not having been
    revoked or withdrawn;

(g) the Private Placement having become unconditional in all
    respects save for any conditions thereof relating to the
    Scheme and the admission of Gallant to the Official List of
    the SGX-Sesdaq; and

(h) all necessary approvals and consents from all relevant
    governmental, regulatory and other authorities and third
    parties in Singapore and other relevant jurisdictions to
    effect and complete the Scheme being obtained and the
    confirmation of February 9, 2006 given by the Securities
    Industry Council that the Scheme is exempted from the rules
    of the Singapore Code on Takeovers and Mergers specified
    therein not being revoked or withdrawn.

                      Ruling from the SIC

The SIC has confirmed that the Scheme is exempt from Rules
14,15,16,17,20,1,21,22,28,29 and 33.2 and Note 1(b) to Rule 19
of the Code, subject to these conditions:

(a) PTHR and its concert parties abstain from voting on the
    Scheme;

(b) shareholders of Gallant who will hold 30% or more of Gallant
    following the Scheme abstain from voting on the Scheme;

(c) the directors of the Company who are also directors of PTHR
    or who are nominees of or acting in concert with PTHR, the
    Relevant Gallant Shareholders and their respective concert
    parties, abstain from making a recommendation on the Scheme
    to the Shareholders; and

(d) the Company appoints an independent financial adviser to
    advise the Shareholders on the Scheme;

The SIC requires that the Scheme complies with other provisions
of the Code including:

  (i) the disclosure in the Scheme document of the shareholdings
      of PTHR and its concert parties in the Company and
      Gallant; and

(ii) the requirement for PTHR and its associates to disclose
      their dealings in the shares in ATD during the period
      between the announcement of the Scheme and the later of
      the date of approval of the Scheme by the Court and the
      date of approval of the Scheme by the Shareholders.

                    Rationale for the Scheme

ATD is currently under judicial management and has aggregate
liabilities that exceed the estimated net realizable value of
ATD's assets.  In the event that ATD is liquidated, it is
unlikely that there will be any residual value available for
distribution to the Shareholders after payment to the Creditors
of ATD.  

Pursuant to the Scheme, it is envisaged that PTHR will transfer
Gallant Shares in an aggregate value of SGD4,126,584 to the
Shareholders.  As such, the Scheme offers a potential recovery
for, and better return to the Shareholders.

Pursuant to the Scheme, Creditors will also receive Gallant
Shares in an aggregate value of SGD8,400,000 in consideration of
the assignment of a portion of debt of equivalent value by the
Creditors to PTHR under the Scheme.  In this context, the Scheme
is likely to provide for a more advantageous realization of
ATD's assets and a better return to Creditors than in the
liquidation of ATD.

Given that the ATD Shares have been suspended from trading since
March 4, 2002, subject to the listing and quotation of Gallant
Shares and the Scheme becoming effective, Shareholders will have
the opportunity to exit their investment in the Company.

On March 14, 2006, the High Court of Singapore had, upon the
Company's application, granted an order for leave to convene
meetings of Creditors and Shareholders to propose a scheme of
arrangement under Section 210 of the Act by no later than June
30, 2006.  A scheme document, containing details of the Scheme,
the expected books closure date and notices of the meetings of
the Creditors and Shareholders to seek their approval for the
Scheme will be dispatched in due course to Shareholders and
Creditors of the Company upon or after the registration of the
final Prospectus, if registered.  In addition, the Company will
in due course advertise and call for proofs of debt to be lodged
by the creditors for purposes of adjudication of their claims
against the Company.

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


IEG ASIA PACIFIC: Court to Hear Wind-Up Petition on April 7
-----------------------------------------------------------
On March 13, 2006, Yang & Yeo Management Private Limited,
trading as CC Yang & Associates, presented to the Singapore High
Court a petition to wind up IEG (Asia Pacific) Private Limited.

The Petition will be heard before the Court on April 7, 2006, at
10:00 a.m.

Any creditor or contributory may appear at the hearing to be
able to show support or oppose the Petition.

Contact: Ang & Partners
         Solicitors for the Petitioners
         150 Beach Road #32-00, The Gateway West
         Singapore 189720


KIM KOON: Court Decides to Wind Up Firm
---------------------------------------
The High Court of Singapore has, on March 17, 2006, entered an
order to wind up Kim Koon Garment Industries Private Limited.

Creditors are required to file their proofs of debt with the
liquidators at:

          Neo Ban Chuan
          Bob Yap Cheng Ghee
          Liquidators
          Care of M/s KPMG
          16 Raffles Place #22-00
          Hong Leong Building
          Singapore 048581


PIONEER BARGING: Members' Meeting Slated for April 28
-----------------------------------------------------
The members of Pioneer Barging (Singapore) Private Limited will
convene on April 28, 2006, at 10:00 a.m., at 138 Cecil Street
#15-00, in Cecil Court, Singapore 069538.

At the meeting, the liquidator will present an account showing
how the wind-up was conducted and the property of the Company
disposed of.

Contact: Steven Tan Chee Chuan
         Douglas Tan Kay Yeow
         Joint Liquidators


PROSPER INVESTMENTS: Begins Wind-Up Process
-------------------------------------------
A wind-up order has been entered pertaining to Prosper
Investments Private Limited on March 22, 2006.

The Company's creditors may file their proofs of debt with the
liquidator at:

          Loke Chiew Mun Daniel
          Liqudator
          110 Middle Road #05-00
          Chiat Hong Building
          Singapore 188968

Contact: Justicius Law Corporation
         Solicitors for the Applicant
         133 New Bridge Road
         #08-08 Chinatown Point
         Singapore 059413


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

KUANG PEI SAN: More Troubles as Capital Deficit Widens
------------------------------------------------------
A correction to the allowance for doubtful accounts and the
scarcity of raw materials had pushed down Kuang Pei San Food
Products Public Company's 2005 results.

Kuang Pei San reported a 23.61% decrease in revenue, from
THB845.75 million in 2004 to THB646.05 million for the year
ending December 31, 2005.  It also posted a THB90.48 million net
loss in 2005, a 87.82% decrease from 2004's THB742.89 million.

The Company also had a wider capital deficit in 2005, at
THB404.64 million, which is a 28.80% increase from THB314.15
million in 2004.

With the company's net loss and capital deficit, the continuity
of a going concern for the company depends largely on operating
and on the company's capability to pay short-term loans and
long-term loans and bank overdraft.

The Company also has defaulted debt amounting to THB638.54
million during the year, the Troubled Company Reporter - Asia
Pacific learns from its financials

          Kuang Pei San Food Products Public Company
    Financial Highlights, For the Year Ending Dec. 31, 2005
                      In Millions of THB

                                 2005               2004

      Assets                   513.10             521.53
      Liabilities              917.74             835.68
      Equity                  -404.64            -314.15
      Paid-up Capital          376.20             376.20
      Revenue                  646.05             845.75
      Net Profit               -90.48            -742.89
      EPS(Baht)                 -2.41             -19.75

                          *     *     *

Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.
  
The Company's securities is currently classified under REHABCO,
or Companies Under Rehabilitation sector by the Stock Exchange
of Thailand.
  
The Company has reported a THB90.48 million net loss and a
capital deficit of THB404.64 million in 2005, which puts
substantial doubt on the continuity of a going concern for the
Company.  The Company depends largely on its capability to pay
short-term loans and long-term loans and bank overdraft.  

The Company also has defaulted debt amounting to THB638.54
million in 2005.


NFC FERTILIZER: Shuts Down Loss-Making Plant to Protect Cashflow
----------------------------------------------------------------
NFC Fertilizer Public Company Limited's fertilizer factory is
currently run below break-even level, and thus has inadequate
revenue to offset expenses, the Troubled Company Reporter - Asia
Pacific has learned from a Company release to the Stock Exchange
of Thailand dated March 29, 2006.

This was the result of the financial viability study conducted
by Seamico Securities Public Company Limited, one of NFC
Fertilizer's financial advisors.

The Company's Board of Directors has approved a temporary plant
shutdown to prevent further operating loss and protect the
Company's cashflow.  The Board has also approved a further
study on the technical aspects of improving fertilizer
production, and to estimate and evaluate the Company's budget
for the additional investment required to improve the plant, as
well as to seek new business opportunities.

          About NFC Fertilizer Public Company Limited
  
Headquartered in Bangkok, NFC Fertilizer Public Company Limited
-- http://www.nfc.co.th/-- produces chemical fertilizer  
containing nitrogen, phosphate, and potash, under its Nation
Fertilizer brand name.  Additionally, it imports and distributes
urea, ammonium sulfate, and potassium chloride fertilizers.  The
Company also distributes phosphoric acid and gypsum, which are
by-products of its fertilizer production.

In the third quarter of 2004, the Company had entered into a
debt restructuring in accordance with its business
rehabilitation plan.  The Company then reported a gain on debt
restructuring of THB11.29 billion, which was presented as an
extraordinary item in the statement of income for the year ended
December 31, 2004.  Subsequently, on August 24, 2004, the Plan
Administrator made a request to Thailand's Central Bankruptcy
Court to cancel its business rehabilitation, which the Court
approved on September 13, 2004.

Currently, the management sees the Company as facing high risks
both in business and environmental matters.  The Company's
fertilizer factory is greatly deteriorated and suffers from a
lack of maintenance from the past as a result of insufficient
working capital for a long time.  Consequently, the Company
needs significant investment funds to repair the factory.  This
results in increasing high costs, whereas the sale of fertilizer
is subject to seasonal factors, especially weather.  Also,
government policy dictates a decrease in the use of chemical
fertilizers, which directly impacts the Company's revenues and
consequently further investment is not worthwhile.  Therefore,
the management proposed to change the Company's business plan
toward providing logistic services including all warehouses and
related services.


THAI AIRWAYS: Ties Up with Lao Airlines Through Gateway Pact
------------------------------------------------------------
Thai Airways International Public Company Limited has joined
forces with Lao Airlines to provide an additional travel option
for tourists and business people, as well as create a network
link for the aviation industry, the Nation reports.

Both airlines have inked the agreement, dubbed as "Tourism
Cooperation: Gateway to Indochina."  The agreement will become
effective this month, and is expected to encourage tourism to
Laos through Thailand as "the gateway to Indochina."

Aside from that, Thai and Lao residents can now travel
conveniently between the two countries for business and leisure.

Thai Airway's acting president, Somchainuk Engtrakul, and Lao
Airlines' president, Somphone Douangdara, signed the memorandum
of understanding between the two airlines on April 4, 2006.

"Thai Airways foresees the importance and growing capacity in
trade, investment and travel which has steadily risen over the
past years between Thailand and the Lao PDR, especially in
tourism," the Nation quotes Mr. Somchainuk as saying.

Majority of the 926,875 tourists that travel to Laos came from
Thailand, according to the Pacific Asia Travel Association.  
With the agreement, the number is expected to increase to more
than one million in 2007.

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







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