TCRAP_Public/060407.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Friday, April 07, 2006, Vol. 9, No. 070  


                            Headlines

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

ACCLAIM PHOTOGRAPHY: To Hold Final Meeting Today
AIR NEW ZEALAND: Plans Fare Increase and More Job Cuts
AVILIND PTY: Liquidator to Distribute Assets
AWB LIMITED: Set to Challenge Cole Over Apology Letter Ruling
BAYER CROPSCIENCE: Winds Up Business

CARTER HOLT: Moody's Withdraws Ba1 Senior Unsecured Rating
CELEBRATING PTY: Court Appoints Liquidator
D&D ASH: Members and Creditors Convene in Final Meeting
DEALERNET PTY: Receivers and Managers Appointed
ESQUIRE IRON: Members Agree on Wind-up

FATBOY HOLDINGS: Court to Hear Liquidation Petition on April 13
GADSEN PTY: Prepares to Pay Dividend
INTERNATIONAL FREIGHT: Decides to Close Operations
K.D.K. CONSTRUCTIONS: Members Opt for Liquidation
LABSONICS SYDNEY: Members to Receive Wind-up Report

LAVENDOU ENTERPRISES: Placed Under Voluntary Liquidation
MACDOR INVESTMENTS: Begins Wind-up Proceedings
MTM DESIGNS: Supreme Court Issues Wind-up Order
NATIONAL AUSTRALIA: Ex-Forex Trader Gets 16 Months Jail Term
NATIONAL AUSTRALIA: Fitch Affirms Ratings with Stable Outlook

NZ FARMING: Prepares to Exit Register of Companies
OWNITT HOMES: Begins Liquidation of Assets
PITTORINI FISHERIES: Distributes Final Dividend Today
PRATT INDUSTRIES: Liquidator Seeks Firm's Removal from Registrar
QANTAS AIRWAYS: Denies Possible Sale of Catering Business

QANTAS AIRWAYS: Opens New Sydney Distribution Center
QUADRIVIUM PTY: Liquidator to Discuss Wind-up with Members
SEAMART PROPERTIES: Taps BDO Spicers Receivers and Managers
SEAMART RESTAURANT: Receivers and Managers Named
SOUTHSIDE PERMANENT: Names Boris Van Delden as Liquidator

SOUTH WEST PACIFIC: Members Opt for Voluntary Liquidation
SUPREME CONCRETE: Members to Shut Down Operations
WATERJET DESIGNS PTY: To Declare Dividend Today
WEB EXCELLENCE: Telecom New Zealand Files Liquidation Petition
WIDGIEWA PTY: Enters Voluntary Liquidation

C H I N A   &   H O N G  K O N G

AGEAN CONSULTANTS: Creditors Must Prove Debts by April 24
AGRICULTURAL BANK: Rural Bank Giants to Get Reform Push
BIGTRADE LIMITED: To Hold Final Meeting on April 24
BROWNHILL TRADING: Names Official Liquidator
CARILLON SHIPPING: Members Convene to Discuss Winding Up

CENTURY JEWELRY: Approves Special and Ordinary Resolution
CHUNG WIN: Members Convene to Discuss Winding Up
CLASSIC DRAGON: Members' Final Meeting Scheduled on April 24
CTS TELECOMMUNICATIONS: Liquidator to Present Wind-up Report
FIRST RATE INDUSTRIES: Final Meeting Slated on April 28

GUANGDONG KELON: Agree to Extend Sales Agreement
HOTEL WENSHA: Final Meeting Fixed on May 3
HUTCHISON CHINA: Appoints Joint Liquidators
JAMSUN DEVELOPMENT: Members' Final Meeting Scheduled on April 25
MEESPIERSON IPB ASIA: Appoints Official Liquidator

NEW CHINA HONG KONG TRADING: To Hold Final Meeting on April 21
NEW CHINA HONG KONG INDUSTRIAL: Final Meeting Fixed on April 21
NEW CHINA HONG KONG ENTERPRISES: Final Meeting Set April 21
NEW CHINA HONG KONG ESTATE: AGM Slated for April 21
NINGBO BIRD: Xinhua Far East Downgrades Rating to BB-

PIFCO OVERSEAS: Names Official Liquidator
ROCKY LIMITED: Pui Chiu Wing Named Liquidator
STEADINVEST COMPANY: Agrees To Wind Up Operations
STEADINVEST COMPANY: Creditors' Proofs of Debt Due on April 21
STOCKWELL ONLINE: Members Resolve to Wind Up Firm

TAIKOO NAVIGATION: Enters Wind Up Process
THAI-ASIA FUND: Placed Under Liquidation
WINDSOR HOTELS: Schedules Final Meeting on May 3
WINNA LIMITED: Names Official Liquidator
WINNA LIMITED: Receiving Creditors' Proofs of Debt by April 25

WOA HOLDINGS: Final Meeting Set for May 3
WONG & OUYANG: Members to Meet Liquidator on May 3
YOUNG RESTAURANT: Member's Final Meeting Set on April 28

I N D I A

FERTILISERS AND CHEMICALS: Clocks 21% Production Boost
INDIA CEMENTS: Grantham Mayo Continues Stake Disposal
TRAVANCORE COCHIN: KIRFB Offers to Restructure Loan

I N D O N E S I A

GARUDA INDONESIA: Resumes Plane Services to Seoul
NEWMONT MINING: To Sell Unprofitable Sumatra Gold Mine

J A P A N

JAPAN AIRLINES: Broken Plane Flap Causes Landing Mishap
JAPAN AIRLINES: President Asked to Testify on Maintenance Errors

K O R E A

HYUNDAI MOTOR: March Sales Reach 246,126 Units
HYUNDAI MOTOR: Prosecutors Urge Chairman to Return Home
LG CARD: Woori May Not Enter Bid
QUALCOMM INCORPORATED: FTC Investigates Korean Unit
SSANGYONG MOTOR: March Sales Up 7.5%

M A L A Y S I A

APEX EQUITY: Repurchases 130,400 Shares for MYR59,173
AVANGARDE RESOURCES: Court Grants Restraining Order
COMSA FARMS: Bourse Defers Delisting Pending Appeal
JOHAN HOLDINGS: Books Losses on Lower Sales and FRS Adoption
KL INFRASTRUCTURE: Disposes of MTrans Shares

KRAMAT TIN: Securities Commission Grants Proposed Waiver
KYM HOLDINGS: Post Profits in 4Q/FY2005-06
KYM HOLDINGS: Shareholders OK Land Sale to Ascotsun
MBF HOLDINGS: Bids for 2.41% Carpenter Shares
OLYMPIA INDUSTRIES: Faces Possible Delisting

OMEGA HOLDINGS: Sees No Developments to Regularization Plan
PAN MALAYSIA: Proposes to Amend Memorandum of Association
SOUTHERN BANK: Lists and Quotes Additional Shares
TEXCHEM RESOURCES: Enters Chinese Market
VTI VINTAGE: Unit Accepts Option to Purchase Property

P H I L I P P I N E S

FIRST OCCIDENTAL: Court to OK Assets Distribution
LAFAYETTE MINING: Probe Group Seeks to Extend Deadline
RB JAGNA: To Conclude Wind-up Proceedings
RB LIBONA: Court to Approve Distribution of Assets
RB SAGAY: To Complete Wind-Up

RB STA. CRUZ: Seeks Court Approval on Assets Distribution

S I N G A P O R E

ACCORD CUSTOMER: SGX-ST Lays Out Conditions on Listing of Shares
CITIRAYA SINGAPORE: Proofs of Debt or Claim Due on April 19
CTC CONTRACTORS: Contributories to Meet on April 18
EMTEC MAGNETICS: Prepares to Pay Dividend
SINPON PRIVATE: Creditors Should Prove Debt by April 17

VANGUARD REALTY: Accepting Proofs of Debt Until April 17

T H A I L A N D

PRASIT PATANA: Records 67.35% Increase in 2005 Net Profit
SIAM AGRO-INDUSTRY: 2005 Net Profit Soars by 3,000%
THAI-GERMAN PRODUCTS: Incurs THB29.47 Million Net Loss in 2005

* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ACCLAIM PHOTOGRAPHY: To Hold Final Meeting Today
------------------------------------------------
A final meeting of Acclaim Photography (New South Wales) Pty
Limited will be conducted today, April 7, 2006.

At the meeting, Liquidator Richard Albarran will present his
final account regarding the Company's wind-up operations.

Contact: Richard Albarran
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


AIR NEW ZEALAND: Plans Fare Increase and More Job Cuts
------------------------------------------------------
Air New Zealand may implement fare increases and deeper job cuts
due to a rise in fuel prices and the expiration of its hedging
contracts, Bloomberg News relates.

Air New Zealand Chief Executive Officer Rob Fyfe said that jet
fuel prices in Singapore rose to more than US$79 a barrel this
week, nearing a six-month high.  He said that if jet fuel prices
stay at current levels, then the benefits of the airline's jet
fuel hedging will start to run out this financial year, and
plane fares could go up.

Air New Zealand expected its fuel bill to have risen by about
NZ$550 million in the three years to June 30, 2006, while pre-
tax earnings are forecast to be NZ$140 million, compared with
NZ$235 million in the previous corresponding fiscal year.

The Age recounts that the carrier has raised fares four times
since May 2004 as fuel prices have surged.

Moreover, the airline said that it would slash 8% of its 10,800
workforce to reduce costs.

                      About Air New Zealand

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


AVILIND PTY: Liquidator to Distribute Assets
--------------------------------------------
At a general meeting on February 22, 2006, the members of
Avilind Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.

J. W. Cunningham was named as liquidator to manage the Company's
wind-up activities.


AWB LIMITED: Set to Challenge Cole Over Apology Letter Ruling
-------------------------------------------------------------
AWB Limited is planning to launch a legal action with the
Federal Court next week to challenge Commissioner Terence Cole's
decision lifting a non-publication order on a draft apology
written in the name of former AWB managing director Andrew
Lindberg, The Advertiser reports.

The Troubled Company Reporter - Asia Pacific reported on
March 28, 2006, that after a scandal on AWB's payment of almost
AU$300 million in kickbacks to then Iraqi president Saddam
Hussein's regime erupted last year, the wheat exporter hired a
United States-based corporate crisis expert Peter Sandman to
draw up an apology.  However, Mr. Lindberg and the AWB Board of
Directors junked the apology plan, and decided to go to the Cole
Commission instead and profess ignorance and innocence.

The Cole Inquiry, headed by Commissioner Cole, found out that in
the draft apology, which drawn up in December 2005, AWB owned up
to its shady dealings in Iraq.  

The draft apology was shown to the Cole Inquiry only last month.  
AWB never released the document and also wanted the inquiry to
keep it secret, claiming that it had been handed over by mistake
and should be covered by legal professional privilege because it
contained confidential information, The Herald Sun relates.

On April 5, 2006, Commissioner Cole lifted his suppression order
on the apology document after Foreign Minister Alexander Downer
and Deputy Prime Minister Mark Vaile handed in sworn statements
about the AWB kickbacks scandal to the Inquiry.  Commissioner
Cole gave AWB until 10:00 a.m. on April 6 to challenge his
ruling in court.

According to The Herald Sun, AWB's directors subsequently held
an emergency board meeting and decided to commence a legal
action in the Federal Court in Melbourne in a last-ditch attempt
to stop the profuse written apology from being released to the
public.

AWB spokesman Peter McBride told ABC News Online that the board
feels that the document, and others to do with AWB's internal
investigation into the scandal, should be protected by legal
professional privilege.

Yet, Commissioner Cole ruled that the document was not prepared
for the purpose of legal advice and so could be published.

The Advertiser cited AWB's barrister James Judd, QC, as telling
the Cole inquiry that the wheat exporter had already filed an
application with the Court and a directions hearing would be
held next Wednesday, April 12, 2006.  Mr. Judd believes that the
issue will not take long to resolve and that it is something
that can be done expeditiously.

                           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.


BAYER CROPSCIENCE: Winds Up Business
------------------------------------
At a general meeting on February 24, 2006, members of Bayer
Cropscience Superannuation Pty Limited agreed that the Company
must voluntarily commence a wind-up of its operations.

Neil P. Wickenden was then appointed as liquidator.

Contact: Neil P. Wickenden
         Liquidator
         Level 19, 207 Kent Street
         Sydney, New South Wales 2000
         Australia


CARTER HOLT: Moody's Withdraws Ba1 Senior Unsecured Rating
----------------------------------------------------------  
Moody's Investors Service today withdrew the Ba1 senior
unsecured ratings of Carter Holt Harvey Limited.  The ratings
have been withdrawn due to Moody's expectation that adequate
information will not be available to maintain the ratings.

The ratings withdrawn are:

   * Carter Holt Harvey Limited US$150 million 9.50% senior
     debentures, due 2024 -- Ba1

   * Carter Holt Harvey Limited US$150 million 8.375% senior
     debentures, due 2015 -- Ba1

The withdrawal is in response to the recent announcement that
the Rank Group had acquired over 90% of the issued shares in
CHH, allowing for the compulsory acquisition of the remaining
10% of issued shares.  As a consequence, Moody's expects that
CHH will cease to be listed on the New Zealand Stock Exchange
and will become a private company.

Accordingly, Moody's expects information available to maintain
the current ratings will be insufficient.

CHH is a large integrated forest products company based in
Auckland, New Zealand.  It has production facilities for pulp,
paper, wood and packaging products in Australia, New Zealand and
China.


CELEBRATING PTY: Court Appoints Liquidator
------------------------------------------
On February 24, 2006, the Federal Court of Australia appointed
Christopher J. Palmer as liquidator in the winding up of
Celebrating Pty Limited.

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


D&D ASH: Members and Creditors Convene in Final Meeting
-------------------------------------------------------
Members and creditors of D&D Ash Pty Limited will hold a final
meeting today, April 7, 2006, to get an account of the manner of
the Company's wind-up and property disposal from Liquidators
Paul Desmond Sweeney and Terry Grant Van der Velde.

Contact: Paul D. Sweeney
         Terry G. Van der Velde
         c/o SV Partners Pty Limited
         Level 16, 12o Edward Street
         Brisbane, Queensland
         Australia
         Web site: http://www.svpartners.com.au/


DEALERNET PTY: 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 and undertakings of Dealernet Pty Limited.

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

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


ESQUIRE IRON: Members Agree on Wind-up
--------------------------------------
At an extraordinary general meeting on March 1, 2006, the
members of Esquire Iron & Timber Fabrications Pty Limited
decided to voluntarily wind up the Company's operations.

Subsequently, Victor Raymond Dye and Nicholas Giasoumi were
appointed as joint and several liquidators at a creditors'
meeting held on the same day.

Contact: Victor R. Dye
         Nicholas Giasoumi
         Joint Liquidators
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


FATBOY HOLDINGS: Court to Hear Liquidation Petition on April 13
---------------------------------------------------------------
On February 1, 2006, the High Court of Auckland received an
application to liquidate Fatboy Holdings Limited.
The Application will be heard before the High Court on April 13,
2006.

Contact: Commissioner of Inland Revenue
         Simon John Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         P.O. Box 2213 or D.X. C.P. 24-063
         Auckland
         New Zealand
         Telephone (09) 336 7556


GADSEN PTY: Prepares to Pay Dividend
------------------------------------
Gadsen Pty Limited will declare its first and final dividend
today, April 7, 2006.

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

Contact: Martin J. Green
         Liquidator
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


INTERNATIONAL FREIGHT: Decides to Close Operations
--------------------------------------------------
The members of International Freight Systems Australia Pty
Limited held a meeting on March 6, 2006, and agreed to shut down
the Company's operations.

John Kenneth Thompson was named as liquidator to oversee the
wind-up process.

Contact: John K. Thompson
         Liquidator
         Level 13, 210 George Street
         Sydney, New South Wales 2000
         Australia


K.D.K. CONSTRUCTIONS: Members Opt for Liquidation
-------------------------------------------------
At K.D.K. Constructions Pty Limited's general meeting on
February 28, 2006, members concurred that it is in the Company's
best interests to liquidate its operations.

Liquidator Richard Herbert Judson was appointed to oversee the
wind-up.

Contact: Richard H. Judson
         Liquidator
         Members Voluntarys Pty Limited
         PO Box 819, Moorabbin
         Victoria 3189, Australia


LABSONICS SYDNEY: Members to Receive Wind-up Report
---------------------------------------------------
The members of Labsonics Sydney Pty Limited will convene today,
April 7, 2006, to receive Liquidator Richard Judson's account
regarding the Company's completed wind-up and disposal of the
Company's property.

Contact: Richard Judson
         Liquidator
         Judson & Co. Chartered Accountants
         1st Floor, 10 Park Road
         Cheltenham 3192, Australia
         Telephone: 9585 5227


LAVENDOU ENTERPRISES: Placed Under Voluntary Liquidation
--------------------------------------------------------
At a meeting of Lavendou Enterprises Pty Limited on March 1,
2006, creditors agreed that it is in the Company's best
interests to wind up its operations.

Contact: R. E. Murphy
         Liquidator
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


MACDOR INVESTMENTS: Begins Wind-up Proceedings
----------------------------------------------
At an extraordinary general meeting on February 28, 2006, the
members of Macdor Investments Pty Limited resolved to cease the
Company's business operations.

Contact: Dean G. Scott
         Liquidator
         D. G. Scott & Co. Chartered Accountants
         2nd Floor, Dowie House
         83-89 Currie Street, Adelaide
         South Australia 5000
         Australia


MTM DESIGNS: Supreme Court Issues Wind-up Order
-----------------------------------------------
On March 2, 2006, the Supreme Court of Australia ordered the
winding up of MTM Designs Pty Limited, and appointed Steven
Nicols as liquidator.

Contact: Steven Nicols
         Liquidator
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


NATIONAL AUSTRALIA: Ex-Forex Trader Gets 16 Months Jail Term
------------------------------------------------------------
National Australia Bank Ltd.'s former foreign exchange options
trader, Gianni Gray, was sentenced to 16 months in prison after
pleading guilty to three counts of dishonestly using his
position as a NAB employee for personal gain.

According to a statement from the Australian Securities and
Investments Commission, Judge Chettle of the Country Court of
Victoria ordered Mr. Gray to serve a minimum of eight months
before he can be released on account of good behavior.

As reported by the Troubled Company Reporter - Asia Pacific on
March 24, 2006, Mr. Gray, as well as two other traders --
Vincent Ficarra and David Bullen -- were charged by the ASIC
after investigations into an unauthorized foreign exchange
trading that cost NAB AU$326 million.  Messrs. Ficarra and
Bullen, however, pleaded not guilty to allegations that they
placed false information into NAB's accounting systems to
falsely inflate the profit results of the forex options desk
between September 2003 and January 2004.

Bloomberg News recounts that, specifically, Mr. Gray helped
enter three "fictitious" foreign exchange trades worth AU$117
million, the court was told.  These helped the trading desk meet
its profit target of AU$37 million in fiscal 2004, when in fact
it lost AU$5 million.  He also helped enter a fictitious options
trade resulting in a false profit of US$111.5 million.

Judge Chettle told Mr. Gray that he committed a calculated and
sophisticated fraud, but because he had shown genuine remorse,
pleaded guilty and promised to cooperate in solving the case by
giving evidence in the Ficarra and Bullen trial, Judge Chettle
reduced the sentence, which otherwise would have been 26 months
in prison and with a 15 month minimum, the Australian Associated
Press relates.

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

The former head of the forex options desk, Luke Duffy, on the
other hand, is also serving a minimum 16 months in jail after
admitting, in June 2005, that he had a role in the trading
scandal, the AAP says.

According to the ASIC Statement, the matter was prosecuted by
the Commonwealth Director of Public Prosecutions.

                        *     *     *

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

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


NATIONAL AUSTRALIA: Fitch Affirms Ratings with Stable Outlook
-------------------------------------------------------------  
Fitch Ratings has affirmed National Australia Bank's ratings at
Long-term Issuer Default Rating 'AA', Short-term 'F1+',
Individual 'A/B', and Support '2' following a review of the
bank. The Outlook for the rating is Stable.

The Long-term IDR, Short-term and Individual ratings for NAB
reflect the prominence and diversity of its banking and wealth
management business, the bank's generally robust credit risk
management framework, satisfactory asset quality and adequate
capitalization.  NAB's Support rating reflects its relative
importance to the Australian banking system and economy.

Fitch notes that NAB's restructuring program, which involved
aligning business units along geographic lines rather than by
product, is progressing well, although cultural reform is likely
to require several more years to fully implement.  However, the
agency notes that the program should provide NAB with a platform
for growth in the medium term.

NAB's net profit increased by 35% to AUD4,606 million in FY05;
this figure includes a number of significant items including the
sale of two Irish banks and restructuring expenses, as well as a
revaluation profit relating to the group's wealth management
subsidiaries.  On an ongoing basis, operating profit grew by a
more modest 7% during FY05, driven by an increased return from
the bank's life insurance and fund management subsidiaries,
highlighting the benefit of earnings diversity provided by these
businesses.  NAB's asset quality remains sound; at FYE05, gross
impaired assets were 0.39% of gross loans, whilst net of
specific provisions they equated to 3.1% of Tier 1 capital.

The majority of NAB's funding requirements are met by retail
deposits, with the remainder sourced from domestic and offshore
wholesale markets.  At FYE05 the bank reported a Tier 1 capital
ratio of 7.9%, while pure common equity to risk-weighted assets
was 5.5%; Fitch views these ratios as adequate.


NZ FARMING: Prepares to Exit Register of Companies
--------------------------------------------------
NZ Farming Services Limited will be removed from the New Zealand
Register following the completion of the Liquidator's report on
the Company's liquidation.

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


OWNITT HOMES: Begins Liquidation of Assets
------------------------------------------
Ownitt Homes (2000) Limited have commenced the liquidation of
its assets on March 24, 2006.

Liquidator Robert Foster gives creditors until May 3, 2006, to
prove their debt or claims.  Failure to comply will exclude
creditors from the benefit of any distribution the Company will
make.

Contact: Robert Foster
         Liquidator
         BDO Spicers
         Chartered Accountants
         29 Northcroft Street
         Takapuna, Auckland  
         New Zealand
         Telephone: (09) 486 2125  
         Facsimile: (09) 486 4026


PITTORINI FISHERIES: Distributes Final Dividend Today
-----------------------------------------------------
Pittorini Fisheries Pty Limited will declare a first and final
dividend today, April 7, 2006.

Creditors who were not able to prove their claims will not
benefit from the dividend distribution.


PRATT INDUSTRIES: Liquidator Seeks Firm's Removal from Registrar
----------------------------------------------------------------
The liquidator of Pratt Industries Limited has applied for the
removal of the Company from the New Zealand Register on grounds
that the Company has:

     -- ceased to carry on business;

     -- discharged in full its liabilities to all its known
        creditors; and  

     -- distributed its surplus assets in accordance with its
        constitution and the Act

The company has no surplus assets after paying its debts in
full.

An objection to the removal must be sent to the Registrar of
Companies not later than April 28, 2006.

Contact: Desmond Clinton Benson
         Liquidator
         Horwarth Barlow Lendrum Limited
         Chartered Accountants
         P.O. Box 282, Wanganui
         New Zealand
         Telephone: (06) 345 4172
         Facsimile: (06) 345 4201


QANTAS AIRWAYS: Denies Possible Sale of Catering Business
---------------------------------------------------------
Qantas Airways has denied claims by workers that the sale of
Qantas Flight Catering Limited, the airline's catering business
at the Adelaide airport, is imminent, ABC News Online relates.

According to the report, some of Adelaide's 140 workers with
Qantas Flight Catering say that they have been told the
operation will be sold within a fortnight and jobs could be
lost.

Qantas admitted, though, that it is talking with various players
in the industry and that selling its catering business is an
option.

The airline has not made any decision on the possible sale of
the catering divisions in capital cities around Australia.

                          About Qantas

Headquartered in Sydney, Australia, Qantas Airways
-- http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.

Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.

By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.  
However, the airline also posted a lower revenue figure.  The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions.  Qantas has also seen a lot of fruitless
merger talks.  Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year. The latest
round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the airline's heavy maintenance works
overseas.


QANTAS AIRWAYS: Opens New Sydney Distribution Center
----------------------------------------------------
Qantas Airways has opened a new AU$55 million material and
logistics distribution center at Mascot in Sydney.  The 17,500-
square meter facility houses components required to service
Qantas' mainline fleet.

The Executive General Manager of Qantas Engineering, David Cox,
said that the "world class" Sydney Distribution Center is a
significant investment by Qantas in its Australian engineering
and maintenance operations.

The Facility will provide the operational and workplace
efficiencies the airline has to pursue across its business,
which will, in turn, allow Qantas to increase its
competitiveness and better meet the needs of its external
customers.

The centerpiece of the new facility is a high-rise Miniload
Automated Storage and Retrieval System.  The Miniload system
comprises four stacker cranes that travel at speeds of up to 24
meters per second to retrieve around 260,000 components from
storage trays in over 30,000 locations within the facility.

Mr. Cox said that building the new facility has allowed Qantas
to take advantage of leading edge technology that includes one
of the most advanced automated order processing and handling
systems in Australia.

Mr. Cox relates that in addition to the new distribution center,
Qantas has also invested AU$85 million in the establishment of
its new Brisbane maintenance facility and AU$20 million on an
upgraded Roll-Royce Engine Maintenance Center of Excellence.

                          About Qantas

Headquartered in Sydney, Australia, Qantas Airways
-- http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.

Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.

By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.  
However, the airline also posted a lower revenue figure.  The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions.  Qantas has also seen a lot of fruitless
merger talks.  Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year. The latest
round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the airline's heavy maintenance works
overseas.


QUADRIVIUM PTY: Liquidator to Discuss Wind-up with Members
----------------------------------------------------------
A final meeting of the members of Quadrivium Pty Limited will be
held for the parties to receive Liquidator David Clement Pratt's
final account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held today, April 7, 2006.

Contact: David C. Pratt
         Liquidator
         PricewaterhouseCoopers
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia
       

SEAMART PROPERTIES: Taps BDO Spicers Receivers and Managers
-----------------------------------------------------------
On March 21, 2006, Brian Mayo-Smith and Robert John Knox of BDO
Spicers were appointed as joint and several receivers and
managers for Seamart Properties Limited.

The appointment was under the terms of general security
agreements giving the secured party a secured interest over the
Company's entire property.

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


SEAMART RESTAURANT: Receivers and Managers Named
------------------------------------------------
On March 21, 2006, receivers and managers have been appointed
for the entire property of Seamart Restaurant Limited.

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


SOUTHSIDE PERMANENT: Names Boris Van Delden as Liquidator
---------------------------------------------------------
Boris van Delden and Peri Micaela Finnigan will facilitate the
liquidation of Southside Permanent Holdings Limited's assets.

Subsequently, creditors are given until April 27, 2006, to prove
their debt or claims to benefit from any distribution the
Company will make.

Contact: Boris Van Delden
         Liquidator
         McDonald Vague
         Chartered Accountants
         P.O. Box 6092, Wellesley Street
         Post Office, Auckland
         New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508


SOUTH WEST PACIFIC: Members Opt for Voluntary Liquidation
---------------------------------------------------------
Members of South West Pacific Exports Pty Limited held a general
meeting on February 28, 2006, and agreed to:

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

  -- appoint David Sieff as liquidator for the wind-up.

Contact: David Sieff
         Liquidator
         Horne Merrell Sieff Pty Limited
         702/10 Help Street, Chatswood
         New South Wales 2067
         Australia


SUPREME CONCRETE: Members to Shut Down Operations
-------------------------------------------------
At a general meeting of Supreme Concrete Pumping & Machinery Co.
Pty Limited on February 28, 2006, members agreed that it is in
the Company's best interests to wind up its operations.

Ian Carson and Warren White were appointed as joint and several
liquidators.

Contact: Ian Carson
         Warren White
         Joint Liquidators
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


WATERJET DESIGNS PTY: To Declare Dividend Today
-----------------------------------------------
Waterjet Designs Pty Limited will declare a final dividend
today, April 7, 2006, to the exclusion of creditors who were not
able to prove their claims.

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


WEB EXCELLENCE: Telecom New Zealand Files Liquidation Petition
--------------------------------------------------------------
Telecom New Zealand Limited has filed with the High Court of
Auckland an application to liquidate Web Excellence NZ Limited.

The application will be heard before the High Court on
April 20, 2006, at 10:00 a.m.

Any person wishing to appear on the hearing of the application
must file an appearance not later than April 18, 2006.

Contact: Craig Griffin & Lord
         Solicitors for the Plaintiff
         187 Mt Eden Road
         Mt Eden, Auckland
         P.O. Box 9049 or D.X. C.P. 31-003
         Newmarket, Auckland
         New Zealand


WIDGIEWA PTY: Enters Voluntary Liquidation
------------------------------------------
The members of Widgiewa Pty Limited resolved on March 3, 2006,
to wind up the Company's operations.

They then named Frank Lo Pilato as liquidator.

Contact: Frank Lo Pilato
         Liquidator
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner, Australian Capital Territory 2612
         Australia
         Telephone: (02) 6247 5988


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

AGEAN CONSULTANTS: Creditors Must Prove Debts by April 24
---------------------------------------------------------
Agean Consultants (Asia Pacific) Limited will be receiving
creditors' proofs of debts or claims on or before April 24,
2006.

Creditors are requested to send in their particulars to the
solicitor and liquidator of the Company.

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

Contact: Andrew Morrison Paul
         Unit 16, 19F., Shun Tak Centre
         China Merchants Tower
         168-200 Connaught Road, Central
         Hong Kong


AGRICULTURAL BANK: Rural Bank Giants to Get Reform Push
-------------------------------------------------------
The China Banking Regulatory Commission will speed up the
restructuring of Agricultural Bank of China and Agricultural
Development Bank as the government aims to boost the nation's
economy, The Standard relates.

The two state-owned banks and the nation's rural cooperatives
had extended CNY4 trillion or US$499 billion loans to farmers
and agricultural business, the banking regulator said in a
statement on its website.

The Financial Express relates that new loans to farmers grew at
an average annual pace of 11.7% in the past five years.

According to The Standard, China is shifting resources to the
countryside, home to two-thirds of its 1.3 billion people, after
two decades of growth averaging more than 9% a year mostly
benefited towns and cities.  Chinese Premier Wen Jiabao has
proposed to lift spending on education, health care and road
building in rural areas.

Disposable incomes in rural areas were CNY3,255 in 2005 -- less
than a third of those in towns and cities.  The gap, which
doubled in the past 25 years, is continuing to widen.

Headquartered in Beijing China, Agricultural Bank of China   
-- http://www.abchina.com/-- is the one of the "big four" banks  
in the People's Republic of China.  It was founded in 1949, and
has its headquarters in Beijing and has branches throughout
mainland China, and also in Hong Kong and Singapore.  It employs
over 300,000 people.  As of 2004, it had an annual turnover of
US$13.3 billion.  By the end of 2005, the Agricultural Bank of
China became the second largest bank in China in terms of total
assets, which had hit CNY4.88 trillion or US$605 billion, second
only to the Industrial and Commercial Bank of China.  
Agricultural Bank of China is the remaining of the Big Four
state-owned banks that as not yet received a state bailout.  The
other three members of the Big Four State-owned banks -- the
Bank of China, China Construction Bank, and Industrial and
Commercial Bank of China -- have already received a combined
US$60 billion in capital injections from the Chinese government
in the past two years.  Agricultural Bank anticipates completing
its financial restructuring in 2006.  However, it still awaits
the Chinese central government's decision on bailout funds.


BIGTRADE LIMITED: To Hold Final Meeting on April 24
---------------------------------------------------
The members of Bigtrade Limited will hold a final meeting on
April 24, 2006, at Rooms 2004-6, 20th Floor, Eastern Commercial
Centre, 397 Hennessy Road, Wanchai, Hong Kong.

At the meeting, the members will get an account of the manner of
the Company's wind-up and property disposal from Liquidator Lit
Kam Leung.


BROWNHILL TRADING: Names Official Liquidator
--------------------------------------------
Brownhill Trading Company Ltd has appointed an official
liquidator through special resolution passed by the members of
the Company on March 15, 2006.

Contact: David J. Lawrence
         Liquidator
    7/F Alexandra House
    18 Chater Road, Central
         Hong Kong


CARILLON SHIPPING: Members Convene to Discuss Winding Up
--------------------------------------------------------
The members of Carillon Shipping Limited will hold a meeting on
May 8, 2006, 10:00 a.m. at Room 1010, 10th Floor, Wing On
Centre, 111 Connaught Road Central, Hong Kong.

At the meeting, Liquidator Ha Yue Fuen will present an account
on how the winding up was conducted and the property of the
Company disposed of, and to give any explanations as required.  


CENTURY JEWELRY: Approves Special and Ordinary Resolution
---------------------------------------------------------
Members of Century Jewelry Manufacturer Ltd signed and passed a
resolution to voluntarily wind up and appoint Madam Yau Sui Han
as the Company's official liquidator on March 18, 2006.

An ordinary resolution was also passed stating that no audit
will be conducted on the account of Liquidator's account and
purchases.


CHUNG WIN: Members Convene to Discuss Winding Up
------------------------------------------------
The members Chung Win International are scheduled to attend a
meeting on May 3, 2006, 11:00 a.m. at 13/F., Shum Tower, 268 Dex
Voeux Road, in Central, Hong Kong.

At the meeting, Liquidator Zeng Xianggao will present an account
on how the winding up was conducted and the property of the
Company disposed of, and to give any explanations as required.


CLASSIC DRAGON: Members' Final Meeting Scheduled on April 24
------------------------------------------------------------
Members of the Classic Dragon Investments Limited will convene
for a final general meeting on April 24, 2006.

At the meeting, Liquidator Andrew Morrison Paul will present an
account of the Company's liquidation process.

The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed of after the Company is dissolved.

Contact: Andrew Morrison Paul
         Unit 16, 19F., Shun Tak Centre
         China Merchants Tower
         168-200 Connaught Road, Central
         Hong Kong


CTS TELECOMMUNICATIONS: Liquidator to Present Wind-up Report
------------------------------------------------------------
The final meeting of the members of CTS Telecommunications
Limited will be held for the parties to receive the liquidator
Zeng Xianggao's final account showing how the Company was wound
up and how its property was disposed of.

The meeting will be held on May 3, 2006, at 13/F., Shum Tower,
268 Dex Voeux Road Central, Hong Kong.


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

The meeting will be held on April 26, 2006, at 3:00 pm., at Room
906, 9/F Arion Commercial Centre Queen's Road West, Hong Kong.  


GUANGDONG KELON: Agree to Extend Sales Agreement
------------------------------------------------
Guangdong Kelon Electrical Holdings and Qingdao Hisense
Marketing Company Limited have agreed to amend certain terms of
connected transactions to extend the term of the sales agency
agreement, Infocast News reports.  Both parties agreed that the
purchases of products during the period from September 16, 2005,
to May 10, 2006, would not exceed CNY2.8 billion.

The companies agreed earlier that the total amount of purchases
of products by Hisense Agent from Kelon during the period from
September 16, 2005 to March 31, 2006, would not exceed CNY1.4
billion.

Kelon and Hisense Agent agreed that the maximum aggregate value
of purchases of products during the period from Sept. 16, 2005
to December 31, 2005, and during the period from January 1, 2006
to May 10, 2006 would not exceed CNY800 million and CNY2 billion
respectively.  The maximum value of agency fees payable by Kelon
to Hisense Agent during the period from September 16, 2005 to
December 31, 2005, and during the period from January 1, 2006 to
May 10, 2006 will not exceed CNY8 million and CNY20 million
respectively.

Kelon's production has been interrupted from May to August 2005
and the directors of the Company considered that it was not easy
for the Company to raise funds from bank loans.  The Company
therefore had to seek additional means of obtaining extra
funding so as to resume operation as soon as possible.  Kelon
considered that the prepayments received from Hisense Agent
improved its cash flow position considerably and allowed it to
normalize production, and confirms that such prepayments
amounted to approximately RMB301 million.

Pursuant to the provisions of the transfer agreement entered
into in September 2005, Greencool Enterprise Development Co.
Ltd. intends to transfer 262.212 million domestic legal person
shares in Kelon to Hisense, representing 26.43% of Kelon's total
issued share capital.  The aforesaid transfer is expected to
complete after the relevant regulatory approvals have been
obtained.  Both Qingdao Hisense Air-Conditioner Co Ltd (Hisense)
and Hisense Agent are subsidiaries controlled by Hisense Group,
which through Hisense Electric indirectly holds 93% and 70%
equity interest in Hisense and Hisense Agent respectively.

About Guangdong Kelon Electrical

Headquartered in Wanchai, Hong Kong, Guangdong Kelon Elecrical   
Holdings Company Limited -- http://www.kelon.com/-- is one of    
the largest cooling domestic appliance manufacturers in China,
mainly engaging in the development and manufacture, as well as
domestic and overseas sales of refrigerators and air-
conditioners.  Before the latest scandal involving it's former
Chairman, the refrigerator maker was saddled with staggering
2004 net losses, after seeing a CNY197.3 million net profit in
2003 and a similar substantial profit in 2002.  With the
outbreak of the scandal, it suspended trading of some of its
shares and had its assets frozen.  The Company was taken over by
China's Hisense Group in a CNY900 million acquisition in  
September 2005.


HOTEL WENSHA: Final Meeting Fixed on May 3
------------------------------------------
A final meeting of the members of Hotel Wensha Limited will be
held for the parties to receive Liquidator Zeng Xianggao's final
account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held on May 3, 2006, 3:00 p.m. at Room 207,
Duke of Windsor Social Service Bulding, No. 15 Hennessy Road, in
Wanchai, Hong Kong.  


HUTCHISON CHINA: Appoints Joint Liquidators
-------------------------------------------
Ying Hing Chiu and Chung Miu Yin were appointed as joint and
several liquidators of Hutchison China Infrastructure Management
Company Limited on March 23, 2006.

Contact: Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East, Hong Kong


JAMSUN DEVELOPMENT: Members' Final Meeting Scheduled on April 25
----------------------------------------------------------------
A final meeting of the members of the Jamsun Development Limited
will be held for the parties to receive Liquidator Chan Chui
Yin's final account showing how the Company was wound up and how
its property was disposed of.

The meeting will be held on April 25 2006, at 3:00 pm., at Room
2006, 20/F Billion Plaza, 8 Cheung Yue Street, Cheung Sha Wan,
Kowloon Hong Kong.


MEESPIERSON IPB ASIA: Appoints Official Liquidator
--------------------------------------------------
Chiu Soo Ching and Cho Che Kwong were appointed as official
liquidators of Meespierson IPB Asia Limited after a resolution
was passed on March 17, 2006.

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


NEW CHINA HONG KONG TRADING: To Hold Final Meeting on April 21
--------------------------------------------------------------
A final meeting of the members and creditors of New China Hong
Kong Trading Limited will be held for the parties to receive
Liquidator James Wardell's final account showing how the Company
was wound up and how its property was disposed of.

The meeting will be held on April 21, 2006, at 1:30 a.m. and
2:00 p.m. respectively, at Room 1601-02, 16th Floor, One Hysan
Avenue, Causeway Bay, Hong Kong.

Forms of proxies for the meeting must be lodged not later than
April 23, 2006, at the meeting location.


NEW CHINA HONG KONG INDUSTRIAL: Final Meeting Fixed on April 21
---------------------------------------------------------------
Members and creditors of The New China Hong Kong Industrial
Limited will meet on April 21, 2006, at 2:30 p.m., for the
parties to receive Liquidator Mark Pearce's final account
showing how the Company was wound up and how its property was
disposed of.

The meeting will be held at Room 1601-02, 16th Floor, One Hysan
Avenue, Causeway Bay, Hong Kong.

Forms of proxies for the meeting must be lodged not later than
April 23, 2006, at the meeting location.


NEW CHINA HONG KONG ENTERPRISES: Final Meeting Set April 21
-----------------------------------------------------------
Members and creditors of The New China Hong Kong Enterprises
Limited will convene in a final meeting at Room 1601-02, 16th
Floor, One Hysan Avenue, Causeway Bay, Hong Kong, on April 21,
2006, at 4:30 p.m. and 5:00 a.m., respectively.

At the meeting, they will get an account of the manner of the  
Company's wind-up and property disposal from Joint and Several  
Liquidator James Wardell.


NEW CHINA HONG KONG ESTATE: AGM Slated for April 21
---------------------------------------------------
The annual general meeting of the members and creditors of The
New China Hong Kong Estate Limited will be held at Room 1601-02,
16th Floor, One Hysan Avenue, Causeway Bay, Hong Kong, on April
21, 2006, at 3:00 p.m. and 3:05 p.m., respectively.

At the meeting, the members and creditors will receive
Liquidator James Wardell's accounts on how the winding up was
conducted and the property of the Company disposed of.

Forms of proxies for the meeting must be lodged not later than
April 23, 2006, at the meeting location.


NINGBO BIRD: Xinhua Far East Downgrades Rating to BB-
-----------------------------------------------------
Xinhua Far East China Ratings (Xinhua Far East) has downgraded
the issuer credit rating of Ningbo Bird Co., Ltd. from BB+ to
BB-.  Its rating outlook remains negative.

The downgrade was prompted by Bird's poor performance in 2005
and its limited financial flexibility in what is an increasingly
challenging operating environment.  Xinhua Far East anticipates
it will be difficult for Bird to improve its performance and
enjoy upside potential in the medium term given the tough market
environment.

The conditions in China's handset sector worsened in 2005, with
intensifying competition as a result of stagnant growth in
domestic sales, heavy inventories, the release of new brands,
and the inflow of Original Design Manufacture (ODM) products in
the sector.  Heavy price-cutting is the main tool used to
promote sales, while manufacturing costs are rising as a result
of consumer demand for more sophisticated mobile handsets
functions.  R&D and promotional costs have also risen as a
result of reduced fashion cycle for cellular phones.

The operating conditions are even more challenging for domestic
cellular phone makers.  International brands continue to take
market share in China and, in 2005, they held 59.4% of the
market, according to Ministry of Information Industry figures.
As a result of localized product designs, competitive pricing,
and stronger technology, international brands have not only
consolidated their share of the high-end segment, but have also
broken into the mass/medium-end market.

The downgrade action also reflects Bird's poor operating results
and its limited ability to withstand a market downturn.  
Although Bird remains in a leading position, when compared to
its domestic peers, its turnover fell 5.3% yoy in 1-3Q05, while
its EBIT margin declined to negative 4.0% for 1-3Q05 from 2.7%
in 2004.  Meanwhile, the Company also announced huge loss
estimation for full-year 2005.

The downgrade for Bird also reflected deteriorated financial
flexibility.  Although Bird reduced its inventory in 2005, the
effect has had little overall effect given its mounting
inventory, which has accumulated over the years.  Moreover, with
handset fashion changing quickly, the market value of the
remaining inventory is questionable.  When excluding inventory
(which accounted for 41.4% of current assets by September 2005),
Bird's current asset to current liability ratio was just 0.78 at
that time.

In addition, Xinhua Far East expects the upside potential for
Bird is limited in the foreseeable future.  While exports
increased to 43.9% of Bird's turnover in 1H05, the generally
lower profit margin in overseas markets will only reduce the
Company's overall profitability.  The Company is facing stronger
international brands, which have superior distribution channels
internationally.  The approaching 3G era is unlikely to bring
Bird much benefit, given its limited investment exposure, low
market demand in the initial stages, and the fact there are
different distribution channels for 3G handsets.

About Ningbo Bird Co. Ltd.

Ningbo Bird Co., Ltd. is principally engaged in cellular phone
manufacturing.  Its largest shareholder is Ningbo Electronic
Information Group Co., Ltd. which holds a 28.125% stake in the
Company.  In 2004, Bird's turnover was RMB10.246 billion, while
shipments were reported as 13.657 million, of which 3.377
million were exported.


PIFCO OVERSEAS: Names Official Liquidator
-----------------------------------------
Pifco Overseas Limited has commenced liquidation on March 17,
2006.

Christopher Harvey Hall was then appointed to facilitate the
liquidation of the Company's assets.

Contact: Christopher Harvey Hall
         31F., The Centre
       99, The Queen's Road
         Hong Kong


ROCKY LIMITED: Pui Chiu Wing Named Liquidator
---------------------------------------------
A special resolution to dissolve Rocky Limited has been passed
by shareholders on March 22, 2006.

Subsequently, Pui Chiu Wing was appointed to facilitate
liquidation of the Company's assets.

Contact: Pui Chiu Wing
         Liquidator
         805 Capitol Centre
         5-19 Jardine's Bazaar
         Causeway Bay
         Hong Kong


STEADINVEST COMPANY: Agrees To Wind Up Operations
-------------------------------------------------
A special and ordinary resolution was signed and passed by the
members of Steadinvest Company Ltd during a general meeting on
March 24, 2006.

Members of the Company agreed to voluntarily wind up and appoint
Tsang Wai Ming as its official liquidator for the purpose of
winding up.

An ordinary resolution was passed that the Liquidator's
statement of accounts need not be audited.

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


STEADINVEST COMPANY: Creditors' Proofs of Debt Due on April 21
--------------------------------------------------------------
Steadinvest Company Limited will be receiving proofs of debts or
claims on or before April 21, 2006.

Creditors are hereby required to send in their particulars to
the solicitor and liquidator of the Company.

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

Contact: Tsung Wai Ming
         1001 Unicorn Trade Center
         127-131 Des Voeux Road, Central
         Hong Kong


STOCKWELL ONLINE: Members Resolve to Wind Up Firm
-------------------------------------------------
Members of Stockwell Online (Securities) Limited held a meeting
on March 24, 2006, and agreed that:

  -- the Company be wound up voluntarily;

  -- Lui Man Sang be appointed as liquidator for the
     purpose of such winding up;

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

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


TAIKOO NAVIGATION: Enters Wind Up Process
-----------------------------------------
At an Extraordinary General Meeting of Taikoo Navigation Company
Limited on March 24, 2006, a special resolution to wind up the
Company was passed.

Subsequently, Geoffrey Cundle and Margaret Lo were appointed as
joint liquidators and were authorized to distribute the assets
of the Company.

At the meeting, it was also resolved that the audit of the
Liquidator's accounts of receipts and payments will not be
required.

Contact: Geoffrey Cundle
         Margaret Lo
         Joint and Several Liquidators
         35th Floor, Two Pacific Place
         88 Queensway, Hong Kong


THAI-ASIA FUND: Placed Under Liquidation
----------------------------------------
On March 10, 2006, Thai-Asia Fund Limited decided wind up and
appointed Darak Haughey and Lai Kar as joint and several
liquidators.

Subsequently, the Liquidators will be receiving proofs of debts
or claims on or before April 21, 2006.

Creditors are required to send in their particulars to the
solicitor and liquidator of the Company. Failure to comply with
the requirement will exclude any creditor from the benefit of
any distribution the Company will make.

Contact: Mr. Darak Haughey
         Mr. Lai Kar Yan
    26th Floor, Wing on Centre
         111 Connaught Road Central
         Hong Kong


WINDSOR HOTELS: Schedules Final Meeting on May 3
------------------------------------------------
A final meeting of Windsor Hotels International Company Limited
will be conducted on May 3, 2006, 2:30 p.m. at 13/F., Shum
Tower, 268 Dex Voeux Road Central, Hong Kong.

Liquidator Zeng Xianggao will present their final accounts
regarding the Company's wind-up operations at that meeting.


WINNA LIMITED: Names Official Liquidator
----------------------------------------
The sole member of Winna Limited signed a special resolution to
wind up the Company and appoint Julie Shan Edwards as official
liquidator.

Contact: Julie Shan Edwards
         Suite C, 16F., On Hing Building
         1-9 On Hing Terrace, Central
    Hong Kong


WINNA LIMITED: Receiving Creditors' Proofs of Debt by April 25
--------------------------------------------------------------
Winna Limited will be receiving proofs of debts or claims on or
before April 25, 2006.

Creditors are required to send in their particulars to the
solicitor and liquidator of the Company.  Failure to comply with
the requirement will exclude any creditor from the benefit the
Company will make.

Contact: Julie Shan Edwards
         Suite C, 16F., On Hing Building
         1-9 On Hing Terrace, Central
    Hong Kong


WOA HOLDINGS: Final Meeting Set for May 3
-----------------------------------------
A final meeting of the members of Woa Holdings Limited will be
held at 43-59 Queen's Road East, Hong Kong on May 3, 2006, at
10:00 a.m.

At the meeting, Liquidator Poon Wong Yuen Shan will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.

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


WONG & OUYANG: Members to Meet Liquidator on May 3
--------------------------------------------------
Members of Wong & Ouyang (Design) Limited will hold a final
meeting for them to receive Liquidator Poon Wong Yuen Shan's
final account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held on May 3, 2006, at 10:a.m., at Room
601, Dominion Centre, 43-59 Queen's Road East, Hong Kong.

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


YOUNG RESTAURANT: Member's Final Meeting Set on April 28
--------------------------------------------------------
Members of the Young Restaurant Employees Association Ltd will
convene for a final general meeting on April 28, 2006.

At the meeting, Liquidator Lee Wing will present an account of
the Company's liquidation process.

The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed off after the Company is dissolved.


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

FERTILISERS AND CHEMICALS: Clocks 21% Production Boost
------------------------------------------------------
Fertilisers and Chemicals Travancore Ltd has made a substantial
increase in production last fiscal year, Business Line relates.

In fiscal 2005-06, FACT managed to produce a total output of
9,18,888 tonnes against 7,61,352 tonnes the previous year,
registering an increase of 21%.

According to an official release, total production of Factamfos
during the previous fiscal year stood at 7,45,902 tonnes against
5,60,788 tonnes in the preceding year.

The Cochin division of FACT created a record annual production
of sulphuric acid, with a total output of 3,80,000 tonnes
against the previous best of 3,31,960 tonnes.

Production of phosphoric acid also touched a new peak in the
division, with total production touching 87,000 tonnes compared
to the existing record of 69,600 tonnes.

As reported by Troubled Company Reporter - Asia Pacific on April
6, 2006, FACT is on its way to recovery after the Cabinet
Committee on Economic Affairs reportedly approved FACT's revamp
program.

Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals.  Its products
include ammonium sulphate, factomfos, urea and caprolactam.  The
Company operates solely in the domestic market.   The Company,
which had been making profits for over a decade, started
reporting losses from 1998-99 onwards due to the high cost of
raw materials and intermediaries and the lower selling price of
its products.  In 2004, the Company was referred to the Board
for Industrial and Financial Reconstruction as a potentially
sick unit.


INDIA CEMENTS: Grantham Mayo Continues Stake Disposal
-----------------------------------------------------
Global fund house Grantham Mayo Otterloo & Co continued to shed
its stake in India Cements Limited, Business Line says.

After selling 13.5 lakh India Cement shares at INR170.19 per
share on Monday, the fund sold another 13.5 lakh on Tuesday for
INR169.72 per share.  Early last month, it had sold 25 lakh
India Cement shares for around INR153.

Another global fund CLSA had sold 11.05 lakh shares of India
Cements at INR161 per share early last week while ABN AMRO Bank
sold 10 lakh shares last month.

Troubled Company Reporter - Asia Pacific reported that on March
10, 2006, The Stargate Investments Limited -- formerly known as
Sanmar International Ltd, constituent of The Sanmar Group -- has
sold 40,00,000 shares aggregating to 2.10% of the total paid up
capital of India Cements.

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


TRAVANCORE COCHIN: KIRFB Offers to Restructure Loan
---------------------------------------------------
The Kerala Industrial Revitalisation Fund Board has offered to
restructure Travancore Cochin Chemicals Limited's loans, in a
bid to help the Company recover, Business Line reports.

Aside from stretching the loan repayment period for 10 years,
KIRFB has offered to reduce the interest rate on Travacore
Cochin's INR47-crore loan from the original 12% to 6%.

KIRFB's recommendation has already been sent to the Cabinet for
approval, Business Line says.

Two years ago, Travancore Cochin submitted a restructuring
proposal to the Government two to remove itself from the red.   
Under its proposal, the Company's management had argued, that if
the loan is converted into equity or a soft loan is provided to
liquidate the high cost loan, then the Company could make a
turnaround.

With the KIRFB's recommendation in place, there is big hope for
Travancore Cochin to return to profit.

The Travancore Cochin Chemicals Limited
-- http://www.tcckerala.com/-- is a distinguished member of the  
Udyogamandal Industrial complex in Kerala, India.  It is a heavy
chemical company engaged in the manufacture and marketing of
caustic soda, chlorine and allied chemicals.  The company had
been making loss continuously from 1997-98.  However, the
company has started making cash profits from increased sales
turnover in 2003.  The major problem faced by the Company at
present is the high cost of the raw material, salt, which is
being brought from Gujarat involving high transportation cost,
resulting in an increase of raw material cost.  The unseasonal
rains in the Tuticorin area from where the Company used to
procure its salt requirement has affected its raw material
supply.  In fact, following disruption due to the tsunami, it
has been procuring salt from Gujarat.  The Company's
restructuring proposal submitted to the Government two years
ago, aimed at extricating the unit from the red, is still under
consideration of the authorities.


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

GARUDA INDONESIA: Resumes Plane Services to Seoul
-------------------------------------------------
Effective as of April 2, 2006, Garuda Indonesia resumed flights
to Seoul after services were stopped in September 2004.  Flying
direct to the South Korean capital on the Denpasar-Seoul route
three times a week, Garuda uses A-330 aircraft with a seating
capacity of 293 passengers -- 42 in business class and 251 in
economy class.

In a press statement, the Company said that the move is prompted
by the significant growth and great potential offered by both
the Korean and Indonesian markets.  So far, passenger flow
between the two countries shows positive development.  In 2005,
passenger traffic reached 285.000 passengers.  In 2006, the
number is expected to rise to around 300,000 and 400,000
passengers in the following year.

Re-establishing the route to Seoul opens up opportunities for
Garuda to develop the South Korean and South West Pacific
(Australia and New Zealand) markets, in which Denpasar will
become point of distribution for the region.  Garuda already
flies 19 times a week to various destinations in Australia and
New Zealand from Denpasar, such as Perth, Brisbane, Melbourne,
Adelaide, Sydney, Darwin and Auckland.

Furthermore, resuming services to South Korea will also have a
positive effect on Garuda efforts as it develops its network in
the United States.

With these additional flights to Seoul, the Denpasar - Seoul
route is served a total of seven times a week in which Garuda
flies three times a week, while the other four is served by
Korea Airlines through a code-sharing arrangement with Garuda
Indonesia using A-330 aircraft or B-747-400 from Korean
Airlines.

Garuda's Denpasar - Seoul service (GA-780) is scheduled every
Tuesday, Thursday and Sunday, departing from Denpasar at 00.45
local time and arriving in Seoul at 08.30 local time.  On the
return route, Seoul - Denpasar, Garuda (GA-871) flies every
Tuesday, Thursday and Saturday, leaving Seoul at 11.00 local
time and arriving in Denpasar at 16.50 local time.

                      About Garuda Indonesia

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


NEWMONT MINING: To Sell Unprofitable Sumatra Gold Mine
------------------------------------------------------
Newmont Mining Corporation is selling a majority stake in a gold
mine located in North Sumatra Indonesia, as the Company deemed
the reserve not "economical enough," Dow Jones relates.

The United States mining giant bought the majority stake in the
Martabe mine in 2002 from Normandy Mining, which signed a mining
contract with the government in 1997.

Indonesian mining firm PT Aneka Tambang has expressed interest
in the Martabe mine as it aims to improve its gold output.

                      About Newmont Mining

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

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


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

JAPAN AIRLINES: Broken Plane Flap Causes Landing Mishap
-------------------------------------------------------
A Japan Airlines MD90 plane figured in a slight accident at
Osaka airport when an undercarriage flap failed to close during
landing, Kyodo News reports.  No one on board the plane,
however, was injured,

According to an unnamed JAL official, the MD90's hydraulic unit
that controls the flap lost pressure after its piston broke,
causing the flap to stay open during landing.  But since the
undercarriage flap cannot easily be destroyed, there were no
safety risks, he added.  

The JALMD90 plane landed at Osaka airport with 174 people on
board, dragging the open flap along the runway.

Japan Airlines states that this is not the first time pistons
have broken in flights; pistons on other aircraft had broken
four times since 2000, and in 2003 the Company decided to
replace the pistons with other improved parts, on the advice of
U.S. aircraft manufacturer Boeing Company.  So far, the Company
has replaced parts on 10 aircraft, but the accident occurred on
on an airplane that had yet to be repaired.  Japan Airlines has
been delayed in repairing its aircraft due to supply system
problems.

                      About Japan Airlines

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


JAPAN AIRLINES: President Asked to Testify on Maintenance Errors
----------------------------------------------------------------
Japan's House of Representatives transport committee asked
president Toshiyuki Shinmachi to testify on recent maintenance
errors at a hearing on April 11, 2006, Crisscross News relates.

The head of Japan Airlines' maintenance department will also be
summoned to testify at the hearing, along with the president of
another airline, Skymark Airlnes Company, where maintenance
blunders were also discovered.

The Ministry of Land, Infrastructure and Transport had earlier
reprimanded Japan Airlines for flying a passenger airplane for
10 days without conducting the necessary inspections, according
to a report by Troubled Company Reporter on March 24, 2006,
citing Kyodo News.


                       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.


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

HYUNDAI MOTOR: March Sales Reach 246,126 Units
----------------------------------------------
Hyundai Motor Company disclosed that March sales at home and
abroad reached a total of 246,126 units, equivalent to a 21.2%
improvement over the same period last year.  This brings the
first quarter sales total to 655,642 units, up 13.9% year-over-
year.

Meanwhile, domestic sales of passenger cars, SUVs and commercial
vehicles were up 13.1% year-over-year to 51,462 units.  Exports
sales, including sales by overseas manufacturing subsidiaries
and shipments abroad from Korean factories, were up 23.5% to
194,664 units.

            Domestic Passenger Cars, Minivans & SUVs

The Sonata retained its crown as Korea's best selling car for
the second straight month, accounting for nearly a third of
Hyundai's Korean passenger car sales for the month as 9,249
units of the mid-sized family sedan were sold.  Total domestic
passenger car sales reached 28,684 units, with the Grandeur
/Azera and Elantra claiming second and third sales spots.  Sales
of sports utility vehicles were brisk thanks to the newly
launched Santa Fe.  A total of 8,148 SUVs and minivans were sold
in March, up 8.5% over March '05.  Total passenger car, SUV and
minivan sales touched 36,832 units, up 14.4 percent over the
comparable 2005 period.

                  Domestic Commercial Vehicles

Korean sales of commercial vehicles were up 10% year-over-year
to 14,630 units.  Bus sales rose 13.8% to 5,282 units and was
matched by equally strong truck sales which were up 8% year-
over-year to 9,348 units.

                         Overseas Sales

Export shipments from Hyundai's three Korean plants reached
115,939 units in March, 16.6% higher than March 2005 while
output at overseas units in USA, Turkey, India and China
continued to gather momentum.  Hyundai's four overseas
manufacturing subsidiaries turned out 78,725 units in March, up
35.2% year-over-year.  Total overseas sales (including CKD
shipments), reached 194,664 units, up 23.5% year-over-year.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the  
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  South Korea's number 1 carmaker,
Hyundai produces 14 models of cars and minivans, as well as
trucks, buses, and other commercial vehicles.  The Company
reestablished itself as Korea's leading carmaker in 1998 by
acquiring a 51% stake in Kia Motors (since reduced to about
45%).  Hyundai's exports include the Accent and Sonata, while
its Korean models include the Atos subcompact.  The Company also
manufactures machine tools for factory automation and material-
handling equipment.   

In September 2005, Standard & Poor's Rating Services maintained
its long-term BB+ ratings on Hyundai Motor Co. and Kia Motors
Corp. on CreditWatch with positive implications following recent
reports that the Hyundai Group may buy Mando Corp. a Korean auto
parts maker.  Mando has been put up for sale for KRW2 trillion
by JP Morgan Partners and Affinity Capital, which together own
over 70% of the company.  Despite Hyundai and Kia's continued
improvement of their global market positions, the group
continues to make overly aggressive expansion and acquisition
plans.  These include a recently announced Kia factory in the
U.S. and, of more concern, the W5 trillion-W7 trillion blast
furnaces planned by group company INI Steel Co.  The CreditWatch
listings will be reassessed within the following two months.  If
purchase terms for Mando are solidified during that time, the
CreditWatch placement will be resolved.  However if the
negotiations are prolonged, Standard & Poor's will affirm the
current 'BB+' ratings until further information is available.


HYUNDAI MOTOR: Prosecutors Urge Chairman to Return Home
-------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported earlier
that Hyundai Motor's chairman Chung Mong-koo has left for the
United States on April 2, 2006, to visit several manufacturing
and sales facilities in the country, The Korea Times reports.  
Mr. Chung is expected to be back on April 9, 2006.

In an update on April 5, 2006, The Korea Times said that
prosecutors have urged Mr. Chung to return to Korea from his
visit to the United States as soon as possible to help them
speed up the investigation into the slush fund scandal.

According to the Korea Times, the prosecutors believe that Mr.
Chung will return home soon as the investigation is underway
over Hyundai's scandal.  Prosecutor Chae Dong-wook at the
Supreme Prosecutor's Office has warned that if Mr. Chung delays
his return and the investigation prolongs, he might face more
charges.

The Korea Times disclosed that investigators have found solid
evidence that part of Hyundai's slush funds have been channeled
into a number of politicians and bureaucrats in the form of
political donations, through the financial records it secured
during their search of Glovis' Seoul office.

The TCR-AP recounts that the prosecutors have raided the
headquarters of Hyundai Motor Co., and three of its subsidiaries
-- Glovis Co., Kia Motors Corporation and Hyundai Autonet Co. --
on March 26, 2006, as part of their investigation into the
Hyundai Motor Group's alleged involvement in a slush fund
scandal and in illegal political lobbying.

The TCR-AP reported earlier that the Supreme Public Prosecutors
Office interrogated Chae Yang-ki, president of Hyundai Motor
Group's Corporate Planning Division, on March 29, 2006, and also
arrested Glovis chief executive officer Lee Ju-eun over
allegations that the automaker raised billions of won in slush
funds to bribe politicians and government officials through
lobbyist Kim Jae-rok.  Mr. Lee was charged with embezzlement of
KRW6.98 billion of Company money to create slush funds.

Prosecutor Chae said that they are also questioning officials
from the Ministry of Construction and Transportation and the
Seoul Metropolitan Government, over allegations that Hyundai
Automotive lobbied them to acquire permit to build a research
and development center in Southern Seoul, The Korea Times says.  

Prosecutors said they are also considering summoning Chung Eui-
sun, the son of Chairman Chung as early as this week, as they
are expanding their probe into allegations that the Company's
wealth was unlawfully transferred to the founding family.  The
younger Chung, president of Kia Motors, an affiliate of Hyundai
Automotive, was prohibited to leave Korea on Tuesday.

Moreover, investigators are questioning officials of a number of
corporate finance companies, including Win & Win 21 and Q
Capital Holdings, suspected of involvement in raising and
managing slush funds for Hyundai Automotive.

According to some accusations, Kia Motors' Chung used these
companies to raise about KRW10 billion in slush funds and
managed them through money laundering in foreign markets.

The corporate finance companies allegedly assisted this process
by setting up paper companies in overseas locations and faking
contracts between them and Hyundai Automotive affiliates.  
Prosecutors are seeking arrest warrants for about four officials
from the corporate finance companies.

There are also suspicions that Mr. Chung Eui-sun pocketed about
KRW9.5 billion by purchasing the stocks of a Hyundai Automotive
contractor below market prices and reselling them.  The Supreme
Prosecutors' Office's Chae said that he could not confirm the
accusations.

Hyundai Automotive controls about 70% of the domestic car market
through its affiliates Hyundai Motor and Kia Motors.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  South Korea's number 1 carmaker,
Hyundai produces 14 models of cars and minivans, as well as
trucks, buses, and other commercial vehicles.  The Company
reestablished itself as Korea's leading carmaker in 1998 by
acquiring a 51% stake in Kia Motors (since reduced to about
45%).  Hyundai's exports include the Accent and Sonata, while
its Korean models include the Atos subcompact.  The Company also
manufactures machine tools for factory automation and material-
handling equipment.  

In September 2005, Standard & Poor's Rating Services maintained
its long-term BB+ ratings on Hyundai Motor Co. and Kia Motors
Corp. on CreditWatch with positive implications following recent
reports that the Hyundai Group may buy Mando Corp. a Korean auto
parts maker.  Mando has been put up for sale for KRW2 trillion
by JP Morgan Partners and Affinity Capital, which together own
over 70% of the Company.  Despite Hyundai and Kia's continued
improvement of their global market positions, the group
continues to make overly aggressive expansion and acquisition
plans.  These include a recently announced Kia factory in the
U.S. and, of more concern, the W5 trillion-W7 trillion blast
furnaces planned by group Company INI Steel Co.  The CreditWatch
listings will be reassessed within the following two months. If
purchase terms for Mando are solidified during that time, the
CreditWatch placement will be resolved.  However if the
negotiations are prolonged, Standard & Poor's will affirm the
current 'BB+' ratings until further information is available.


LG CARD: Woori May Not Enter Bid
--------------------------------
The Troubled Company Reporter - Asia Pacific reported on January
23, 2006, that Woori Financial Group plans to withdraw its
planned purchase of LG Card Company because of the latter's
ballooning sale price.  Woori is concerned the price hike would
become a financial burden to the Company.

The Korea Times reported on April 1, 2006, that Woori Finance
Holdings may decide not to bid for LG Card after state
shareholders opposed the purchase.

The Korea Deposit Insurance Corporation, which holds a 70% stake
in Woori, has told the Company to carefully reassess its bid as
the acquisition could disrupt the scheduled privatization of the
state-owned financial group.

The KDIC relates that the acquisition of LG Card will increase
the size of Woori, making it difficult to sell the financial
services provider.  The KDIC also stated that the bidding price
for LG Card should be set at a reasonable level considering that
Woori is not a private firm but a state-owned financial entity.

The TCR-AP said on March 16, 2006, that through the sale, LG
Card creditors hope to recover around KRW5 trillion, or US$5.1
billion, spent in bailing out LG Card in 2004.

As reported by the Troubled Company Reporter - Asia Pacific on  
March 29, 2006, interested bidders for LG Card Co. Ltd.
have been requested to submit their preliminary proposals
within April 12-19, 2006, citing lead managers JPMorgan Chase &
Co. and Korea Development Bank.

About LG Card Co.

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


QUALCOMM INCORPORATED: FTC Investigates Korean Unit
---------------------------------------------------
In a press release, Qualcomm Incorporated stated that the Korean
offices of Qualcomm Korea, Samsung Electronics, LGE Electronics
and Pantech Curitel were visited on April 4, 2006, by officials
of the Korean Fair Trade Commission seeking information about
the business dealings between Qualcomm and the three other
companies.  

The KFTC advised that the inquiry was not an official
investigation but declined to provide an explanation of the
reason for the inquiry or its focus.  However, it is believed
that the inquiry may be related to communications to the KFTC
from a small Korean Company with respect to Qualcomm's
distribution of mobile video software solutions that can be used
in connection with Qualcomm's chipsets for wireless phones.  The
KFTC has not said that the inquiry is related in any way to
complaints lodged with the European Commission last year by six
companies based outside of Korea.

"Qualcomm's business practices are lawful and pro-competitive,"
said Steve Altman, president of Qualcomm.  

"We have earned our commercial success through innovation,
technological leadership, years of hard work and sustained R&D
investment, and by consistently offering the best, most advanced
chipsets and software at competitive prices."

About Qualcomm Incorporated

Based in San Diego, California, U.S.A., Qualcomm Inc. pioneered
the commercialization of the code-division multiple access
(CDMA) technology used in wireless communications equipment and
satellite ground stations mainly in North America.  It licenses
CDMA semiconductor technology and system software to more than
100 equipment and cell phone makers.  Qualcomm's OmniTRACS
satellite vehicle tracking system is used by the trucking
industry to manage vehicle fleets.  The Company markets its
products through direct sales force, partnerships, and
distributors in the United States, Europe, the Middle East,
Argentina, Brazil, Canada, China, Japan, South Korea, and
Mexico.  


SSANGYONG MOTOR: March Sales Up 7.5%
------------------------------------
The Troubled Company Reporter - Asia Pacific reported on March
9, 2006, that Ssangyong Motor Corporation said its vehicle sales
declined 3.4% from a year ago in February, due to falling
domestic sales.  

In an update, The Automotive News relates that Ssangyong Motor
Co. saw its car sales grow 7.5% growth in March 2006 at 11,654
vehicles, as healthy exports and new models helped offset the
impact of a firmer won currency.

The TCR-AP added that Ssangyong aims to strive for the sale of
170,000 vehicles worth KRW4.2 trillion for 2005.  But it only
sold a total of 141,306 vehicles in 2005, way below its 170,000
target.

About Ssangyong Motor Company

Headquartered in Kyonggi, South Korea, Ssangyong Motor Company  
Ltd. -- http://www.smotor.com/-- manufactures and assembles  
motor vehicle bodies on purchased basis such as jeep style cars
under the brand names of 'Korando' and 'Musso', minibuses under
the brand name of 'Istana', special purpose cars including
cement mixers, trailers, fire-trucks as well as auto parts.  The
Company implemented a five-year debt workout program in 1999
after Ssangyong was separated from Daewoo Group, which was
dissolved under huge debt.   


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

APEX EQUITY: Repurchases 130,400 Shares for MYR59,173
-----------------------------------------------------
On April 5, 2006, Apex Equity Holdings Berhad bought back
130,400 ordinary shares for a total cash consideration of
MYR59,173.24.

The minimum price paid for each share purchased was MYR0.450 and
the maximum was MYR0.450.  

After the purchase, the cumulative outstanding treasury shares
have reached 3,069,200.    

On March 31, 2006, the Company bought back 2,000 ordinary shares
for a total cash consideration of MYR913.36, according to an
earlier report by the Troubled Company Reporter - Asia Pacific.    

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


AVANGARDE RESOURCES: Court Grants Restraining Order
---------------------------------------------------
The High Court of Shah Alam approved an application made by
Avangarde Resources Berhad and its subsidiary P.C. Building
Systems Sdn Bhd for a Restraining Order.

The Court has granted the Restraining Order for a period of six
months from April 5, 2006.

The procurement of the RO was necessitated by several factors
including but not limited to legal proceedings being instituted
by creditors, and others.

The Company is now preparing the proposed scheme of arrangement
pursuant to the Section 176 of the Act and will work together
with the Merchant Bank.  

The Company will forward to Bursa Securities Malaysia Berhad the
full detail of the scheme once being finalized by the Merchant
Banker.

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


COMSA FARMS: Bourse Defers Delisting Pending Decision on Appeal
---------------------------------------------------------------
On March 28, 2006, Bursa Malaysia Securities Berhad disclosed
that it will the securities of Comsa Farms Berhad from the
Official List today, April 7, 2006, due to the Company's failure
to comply with the Bourse's listing requirements.

Comsa Farms, however, immediately lodged an appeal to prevent
its securities from being delisted.

In view of the Appeal, the Bourse has deferred the removal of
the Company's securities of from the Official List pending the
decision on the Appeal by the Appeals Committee.

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feedmilling, poultry feeding, hatchery operations, and
layer farming.  The Company is currently plunged in crisis due
to its inability to meet its sinking fund payment, weak
operational cash flow vis-a-vis its debt level and poor showing
in terms of returns on investment since the commencement of the
modernization and expansion of its farms in 2000.  Furthermore,
the poultry industry is presently confronted by the outbreak of
the avian influenza and rising raw material prices, which could
hurt Comsa's earnings and cash flow in the immediate term.


JOHAN HOLDINGS: Books Losses on Lower Sales and FRS Adoption
------------------------------------------------------------
For the fourth quarter of the year ending January 31, 2006,
Johan Holdings Berhad registered lower revenue from continuing
operations of MYR126.373 million compared to the previous
corresponding quarter's MYR146.054 million revenue, a decrease
of 13%.  The lower revenue was mainly attributable to lower
sales recorded by the card and travel businesses in Singapore.

The loss for the quarter from continuing operations after
taxation was MYR110.573 million compared to loss in last year's
corresponding quarter of MYR7.920 million.  The loss was mainly
due to impairment amounting to MYR106.253 million to the
carrying value of Group assets arising from the early adoption
by the Group of Financial Reporting Standards during the fourth
quarter.  The impairment losses were attributable to goodwill of
MYR45.766 million, property, land and development expenditure of
MYR25.718 million and accounts receivables of MYR34.769 million.  
Included in the current quarter's loss is a gain of MYR17.694
million arising from disposal of the motor group in the United
Kingdom completed on January 30, 2006.

Total revenue for the current financial quarter was MYR126.373
million a decrease of 9% when compared to preceding quarter's
MYR138.785 million.  The decrease was attributed to lower
revenue from tiles and travel businesses.  Loss for the quarter
was MYR110.573 million compared to preceding quarter's loss of
MYR7.166 million.  The loss was mainly due to impairment losses
arising from adoption of FRS.

With the divestment of the loss making motor business in the
United Kingdom and the ongoing measures being taken to improve
the performance of our operating companies, the Company's board
is optimistic about the Group's prospects for the current year.

              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  

    126,373       146,054         540,063        541,966

* Profit/(loss) before tax  

   -109,891        -9,273       -110,149         -13,983

* Profit/(loss) after tax and minority interest  

   -118,735       -9,344        -122,485         -12,649

* Net profit/(loss) for the period

   -118,735       -9,344        -122,485         -12,649

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

     -23.33        -1.84          -24.07           -2.49

* 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

       0.2748                       0.5134

Headquartered in Petaling Jaya Selangor, Malaysia, Johan
Holdings Berhad is principally involved in trading of health
foods and supplements, technical and electrical products and
motor cars.  Its other activities include provision of travel
and resort related business, marine and leisure club operations,
secretarial and management services and marketing and trading of
engineering, building, technical and electrical products,
production and distribution of ceramic tiles, provision of
charge card and credit card services, merchandising, car rental,
contract hire, property development, motor car servicing,
investment holding and management and property holding and
investment.  The Group operates in Malaysia, Singapore, Hong
Kong, Australia, the United Kingdom, the Netherlands, Bahamas,
British Virgin Islands Brunei, Liberia and New Zealand.  The
Corporate Debt Restructuring Committee in May 2001 successfully
assisted Johan Holdings Berhad and two of its subsidiary
companies, Prestige Ceramics Sdn Bhd and Johan Equities Sdn Bhd,
to finalize a debt restructuring agreement with their lenders to
restructure their outstanding debt of MYR318.3 million.  The
Scheme is anticipated to alleviate the Johan Holdings' financial
predicament and restore the Company to its original viability.


KL INFRASTRUCTURE: Disposes of MTrans Shares
--------------------------------------------
KL Infrastructure Group Berhad on April 3, 2006, disposed o two
ordinary shares of MYR1 each in the capital of MTrans
Transportation Systems Sdn Bhd -- formerly known as KLInfra Bus
Services Sdn Bhd -- for a total consideration of MYR2 only.

The shares represent 100% of KL Infra's total equity interest in
MTrans.

The disposal of does not have any material effect on the
earnings per share and net assets per share of KLInfra and the
Board is of the opinion that the move is in the Company's best
interest.

MTrans Technology and KLInfra are sister companies.

KL Infrastructure Group is principally engaged in the concession
and operation of an intra-city public transit system called the
KL Monorail.  Its other activities include provision of
advertising space on columns and stations along KL Monorail
project route, property development and investment holding.  The
Group's activities are carried out principally in Malaysia.  The
Group has been incurring consecutive losses in the past years
due to its high operating expenses and loan-interest payments.


KRAMAT TIN: Securities Commission Grants Proposed Waiver
--------------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Kramat Tin Dredging, sought the approval of the Securities
Commission for a waiver from the need to subject the
shareholdings of Putrajaya Holdings Sdn Bhd to a moratorium.

The approval for the waiver was sought for the shareholders of
PJH comprising KLCC (Holdings) Sdn Bhd, Bumiputra-Commerce
Nominees (Tempatan) Sdn Bhd -- for and on behalf of Kumpulan
Wang Amanah Negara and Khazanah Nasional Berhad, as well as the
ultimate shareholders of PJH comprising Petroliam Nasional
Berhad and the Minister of Finance Incorporated.

On April 3, 2006, the Securities Commission granted its approval
for the Proposed Waiver.

The Troubled Company Reporter - Asia Pacific reported that on
June 9, 2005, the Securities Commission had approved the
proposals subject to certain conditions.  However, the SC did
not approve the Company's application for a waiver for PJH from
complying with the requirement of Paragraph 12.09 of the
Policies and Guidelines on Issue/Offer of Securities of the SC
relating to the waiver from the requirement to subject 50% of
the securities to be received by PJH under the proposals to a
moratorium.

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging
Berhad is currently in the process of identifying suitable
business opportunities.  In July 2001, the Company wound down
its tin dredging operations.  


KYM HOLDINGS: Post Profits in 4Q/FY2005-06
------------------------------------------
KYM Holdings Berhad has booked a net profit of MYR35.6 million
and earnings per share of 43.90 sen in the fourth quarter of the
year ended January 31, 2006.

The Group turnover was MYR17.90 million as compared to MYR20.97
million in the preceding quarter due to the decrease in sales in
the Carton and Industrial Bags Divisions.

The Group profit before taxation for the current quarter was
MYR34.791 million compared to a loss of MYR1.446 million for the
preceding quarter. The increase in profit was mainly due to the
gain from the cessation of Eco Ribuan Sdn Bhd as subsidiary.

On January 28, 2006, KYM Holdings Bhd has reduced its 100%
shareholdings in Eco Ribuan Sdn. Bhd to 18% after the completion
of the increase of issued and paid-up capital of Eco Ribuan. As
such, Eco Ribuan and its wholly owned subsidiary, Merit Wisdom
Sdn Bhd, ceased as subsidiaries of KYM Holdings Bhd.

Meanwhile, KYM Holdings' Packaging Division is continuing its
efforts to reduce costs and increase productivity to meet the
challenges of a highly competitive industry.  These remedial
measures are already bearing fruit and the Company is optimistic
that the performance of its core Carton business will continue
to improve.

The development of Phase 1 of the Tasik Suria project at Teluk
Rubiah, a 228 unit mixed residential development has been
officially launched on June 4, 2005, and the construction works
are on going.  Also, the Company is finalizing the sale of
certain parcels of land to potential buyers for other
developments.

               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  

    17,904         18,867          73,031         78,553

* Profit/(loss) before tax  

    34,791         -1,193          28,286         -6,035

* Profit/(loss) after tax and minority interest  

    35,618           -530          29,373         -6,217

* Net profit/(loss) for the period

    35,618           -530          29,373         -6,217

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

     43.90          -0.65           36.20           -7.66

* 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

       0.7400                       0.3900

A full-text copy of the Company's Financial Report is available
for free at:

   http://bankrupt.com/misc/tcrap_kymholdingsreport040606.pdf
   http://bankrupt.com/misc/tcrap_kymholdings040606.doc

Headquartered in Kuala Lumpur, Malaysia, KYM Holdings Berhad is
engaged in the manufacture and sale of corrugated fibre boards
and boxes.  Its other activities include the manufacture and
sale of industrial woven bags and multi-wall industrial paper
bags, property development, management and investment, provision
of recreational and sport facilities including golf course,
resort operation, general construction and investment holding.
KYM Holdings started making losses in 2000 due to poor
performance of its subsidiaries. The Company has taken remedial
measures through cost reductions and property disposals to
address its predicament.  Recently the Group's packaging and
property divisions started to show signs of recovery.  Going
forward, KYM Holdings expects the two divisions to contribute
positively to the Group's performance.


KYM HOLDINGS: Shareholders OK Land Sale to Ascotsun
---------------------------------------------------
At an extraordinary general meeting on April 3, 2006, the
shareholders of KYM Holdings Berhad approved:

     -- the proposed disposal of land measuring approximately
        424,776 square feet by Harta Makmur Sdn. Bhd, a 54%
        owned subsidiary company of KYM Holdings, to Ascotsun
        Sdn Bhd for a total cash consideration of MYR3,574,182;
        and

     -- the proposed grant of option to Ascotsun Sdn Bhd to
        purchase a parcel of vacant land measuring approximately
        134,108 square feet for MYR804,648.

The land disposal is part of the Company's remedial program.

Headquartered in Kuala Lumpur, Malaysia, KYM Holdings Berhad is
engaged in the manufacture and sale of corrugated fibre boards
and boxes.  Its other activities include the manufacture and
sale of industrial woven bags and multi-wall industrial paper
bags, property development, management and investment, provision
of recreational and sport facilities including golf course,
resort operation, general construction and investment holding.
KYM Holdings started making losses in 2000 due to poor
performance of its subsidiaries. The Company has taken remedial
measures through cost reductions and property disposals to
address its predicament.  Recently the Group's packaging and
property divisions started to show signs of recovery.  Going
forward, KYM Holdings expects the two divisions to contribute
positively to the Group's performance.


MBF HOLDINGS: Bids for 2.41% Carpenter Shares
---------------------------------------------
MBf Holdings Bhd has offered to acquire the remaining 2.41% or
2.4 million shares in Australia-listed MBf Carpenters Ltd at
AU$0.85 cash per share for a total of AU$2.04 million or MYR5.38
million.

MBf Holdings and its subsidiary, MBf International Ltd, hold
97.63 million Carpenters shares representing 97.59% of its paid-
up capital.

The Carpenters group has operations in Papua New Guinea and Fiji
where the principal activities are merchandise retailing and
warehousing, automotive and machinery sales and servicing,
transport and shipping agents, financial services, ship repairs
and owners of property and investments, agriculture and
manufacturing.

MBfH said it intended to take and delist Carpenters privately as
it did not fulfill the public spread and had not been actively
traded since its listing as it controlled 97.59% of the Company.  
It also said the maintenance of the listing status of about
AU$500,000 per annum was costly.

In a statement on April 3, 2006, MBf Holdings said it had served
a notice on Carpenters of an offer to all the other shareholders
to purchase the remaining ordinary shares.  It said the offer
was subject to a minimum acceptance of 5,000 shares before the
closing date on June 5, 2006, unless the offer is extended.

Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes.  Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding.  The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.

Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group.  Given the substantial debt and accumulated losses
suffered, MBf Holdings sought protection under Section 176(1) of
the Companies Act 1965.  MBf Holdings obtained court orders to
propose a scheme of arrangement to restructure its borrowings
with its lenders and selected creditors and to restrain its
creditors from commencing recovery action. The Scheme was
completed on June 30, 2003.  Included in the Scheme was a debt-
restructuring scheme, which excluded the lease, hire-purchase  
liabilities, general unsecured liabilities and amounts owing to
subsidiary and associated companies.  The lease, hire-purchase
and general liabilities were to be addressed in the ordinary
course of business.  However, the Scheme made no provision for
the settlement of the Inter-company Loans, which the Group is
now having problems with.


OLYMPIA INDUSTRIES: Faces Possible Delisting
--------------------------------------------
Olympia Industries Berhad had on March 14, 2006, received a
letter from Bursa Malaysia Securities Berhad on the Company's
failure to comply with the obligations set out in Practice Note
4/2001 and in this regard may be suspended from trading.

After having considered the facts and circumstances via the
explanations given by the Company to Bursa Securities, Bursa
Securities has allowed Olympia to re-submit the Company's
application for an extension of time to implement the
regularization plan to the Securities Commission for approval by
April 15, 2006.

The Bourse said it will await the outcome of Olympia's appeal in
the event:

     -- the Company submits the Application to the SC for
        approval by the April 15;   

     -- if Olympia fails to obtain the SC's approval on the
        Application;

     -- if Olympia appeals against the decision of the SC.

If the Application is allowed by the SC, Olympia must proceed to
implement the regularization plan expeditiously within the
timeframes or extended timeframes granted by the SC.

Bursa Securities' decision is without prejudice to its right to
proceed to suspend the trading of the securities of Olympia and
commence delisting procedures against Olympia in the event:

     -- the Company fails to submit the Application to the SC
        for approval by the due date;

     -- Olympia fails to obtain the approval from the SC in
        respect of the Application and does not appeal to the
        relevant authorities within the timeframe (or extended
        timeframes, as the case may be) prescribed to lodge an
        appeal;

     -- Olympia does not succeed in its appeal against the
        decision of the SC in respect of the Application; or

     -- the Application is allowed by the SC and Olympia
        thereafter fails to implement the regularization plan
        within the time frame or extended time frames as granted
        by the SC.

Failure to meet the requirements will force the Bourse to
suspend the Company's securities upon the expiry of five market
days from the date Olympia is notified by the Bourse.

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.  The Company has unveiled a proposed
restructuring scheme in July 2001, which include capital
reductions, disposals, debt novation and debt restructuring.


OMEGA HOLDINGS: Sees No Developments to Regularization Plan
-----------------------------------------------------------
Omega Holdings Berhad disclosed there has been no material
development in respect of its plan to regularize its financial
condition.

The Company's Board said it will deliberate on the next course
of action the Company will take and an announcement will be made
in due course.

As reported by the Troubled Company Reporter - Asia Pacific, the
Securities Commission on March 23, 2006, rejected Omega
Holdings' proposed restructuring scheme after considering the
level of corporate governance of Omega's substantial
shareholders, who directly or indirectly own the Omega shares.

Subsequent to the implementation of the Proposed Rectification
of Register, Omega proposes to undertake a New Restructuring  
Scheme, which entails:

   -- the Proposed Scheme of Arrangement with the Previous Omega  
      Shareholders;

   -- the Proposed Scheme of Arrangement with the Previous Omega  
      Creditors;

   -- the Proposed Acquisition of the Melati Group;

   -- the Proposed Exemption;

   -- the Proposed Offer for Sale;

   -- the Proposed Transfer of Listing Status; and

   -- the Proposed Disposal of Omega.

Headquartered in Selangor Darul Ehsan, Malaysia, Omega Holdings
Berhad is engaged in investment holding and provision of
management services.  Omega has been classified as an affected
listed issuer pursuant to Practice Note 4/2001 of the Listing
Requirements of Bursa Securities since 26 February 2001.  On
December 31, 2002, Omega undertook the previous Omega scheme to
regularize its financial condition, which was approved by the
Securities Commission on August 28, 2003, and was at an advanced
stage of implementation when it was aborted due to the
revocation of SC's approval on August 2, 2004.  In view of this,
Omega intends to undertake the Proposed New Restructuring Scheme
to regularize its financial condition in order to ensure the
interests of its shareholders are protected.


PAN MALAYSIA: Proposes to Amend Memorandum of Association
---------------------------------------------------------
Consequent to the Proposed Capital Reconstruction unveiled by
Pan Malaysia Holdings Berhad on March 2, 2006, the Company
proposes to amend its Memorandum of Association.

The Company proposed that the Clause 5 of the Company's
Memorandum of Association, which states that:

     "The capital of the Company is MYR3,000,000,000 divided
     into 3,000,000,000 ordinary shares of MYR1.00 each with
     power for the Company to increase, subdivide, consolidate
     or reduce such capital (original, increased or reduced)
     into several classes and to attached thereto respectively
     preferential, deferred, special or qualified rights,
     privileges or conditions as regards dividends, payment of
     capital, voting or otherwise."

be substituted in its entirety as:

     "The capital of the Company is MYR3,000,000,000 divided
     into 30,000,000,000 ordinary shares of MYR0.10 each with
     power for the Company to increase, subdivide, consolidate
     or reduce such capital (original, increased or reduced)
     into several classes and to attach thereto respectively
     preferential, deferred, special or qualified rights,
     privileges or conditions as regards dividends, payment of
     capital, voting or otherwise."

Consequent to the Proposed Par Value Reduction, the Memorandum
of Association of the Company is to be amended to facilitate the
change in the par value of the Company's ordinary shares, which
leads to the increase in the number of authorized shares of the
Company.

The Proposed Amendment is not expected to have any effects on
the Share Capital, Net Asset, Gearing, Earnings, Dividends and
the shareholdings of major shareholders of the Company.

The Proposed Amendment is conditional upon approval being
obtained from the shareholders of the Company and is inter-
conditional upon approvals being obtained for the Proposed
Capital Reconstruction.

As reported by Troubled Company Reporter - Asia Pacific on March
14, 2006, Pan Malaysia Holdings has drafted a capital
reorganization plan following its admission to Bursa Malaysia's
Practice Note 17.

Pan Malaysia Holdings has become an affected issuer due to its
insignificant level of business or operations for the financial
year ended December 31, 2005.  The Company's 2005 revenue,
computed on the basis stated in PN17, represented not more than
5% of its issued share capital.

In a bid to step out of PN17, Pan Malaysia Holdings proposed to
cancel 90 sen of the par value of each existing share of MYR1.00
each.  On completion of the capital reconstruction, it is
expected that the Company's accumulated losses of MYR872.5
million at end-2005 would be reduced to MYR1.8 million.

Pan Malaysia Holdings' directors are confident that with the
improving market sentiment on Bursa, the Company will be able to
achieve the requisite revenue in the second half this year
which, upon completion of the proposed capital reconstruction,
will enable it to regularize its level of operations, and to
cease to be an affected issuer under PN17.   

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Holdings
Berhad engaged in the provision of financial services, property
and leisure, investment holding and dealing and manufacturing
and selling of self-adhesive sticker labels.  The Group also
manufactures carton boxes and general packaging products.  Other
activities relating to financial services are stockbroking,
options and financial futures broker, research fund management
services and money lending.  In 2001, the Group has disposed
Focusprint Sdn Bhd, Labels Specialist Industries Sdn Bhd and
Pengkalen Concrete Sdn Bhd wherein the manufacturing and trading
activities were discontinued.  The Company has proposed to
reduce capital to erase its accumulated losses after discovering
that its revenue is not more than 5% of its paid-up share
capital.  


SOUTHERN BANK: Lists and Quotes Additional Shares
-------------------------------------------------
Southern Bank Berhad's additional 1,715,814 new ordinary shares
of MYR1.00 will be granted lisiting and quotation today, April
7, 2006.

The new shares were issued pursuant to:

     -- the exercise of 1,315,814 warrants 1996/2006 into
        1,315,814 new local "A" shares; and

     -- the exercise of 400,000 warrants 1996/2006 into 400,000
        new foreign "A" shares.

As the said ordinary shares arising from the Exercises shall not
be entitled to dividends or any other distributions declared,
made or paid to shareholders in respect of the financial year
ended December 31, 2005, they will be quoted as "SBANK-OA" and
"SBANK-02".

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

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


TEXCHEM RESOURCES: Enters Chinese Market
----------------------------------------
Texchem Resources Berhad's wholly owned subsidiary, Texchem
Materials Sdn Bhd, recently received a Certificate of Approval
for the proposed incorporation of a wholly owned subsidiary in
Wuxi, the People's republic of China to be known as Texchem
Trading (Wuxi) Company Limited, or such other name as may be
approved by the relevant authorities in the People's Republic of
China.

A business license for the purposes of the incorporation of TTW
will be applied for in due course. Upon obtaining the business
license, TTW will be duly incorporated.

Texmat intends to finance the Proposed Investment through
internally generated funds and borrowings. Texchem Resources
does not assume any other liabilities arising from the Proposed
Investment.

It is expected that the Proposed Investment will be completed by
the third quarter of 2006.

The setting up of a company in the People's Republic of China
for the marketing, sales and distribution of industrial raw
materials will enable Texmat to expand its business and further
have a presence in the People's Republic of China to tap further
on the market in the People's Republic of China. In view of the
expertise, know-how and wide business networks that the Texmat
Group has acquired for more than 30 years in the industrial
chemical trading business with its operations in Malaysia,
Singapore, Thailand and Vietnam, the Texmat Group would be able
to capitalize on this expertise, know-how and wide business
networks to develop the market in the People's Republic of China
as well as to tap on the suitable sources of supply in the
People's Republic of China for the markets that the Texmat Group
operates in. This is in line with TRB Group's continued
expansion in the Asian region.

The Proposed Investment is expected to have a positive impact on
the Texchem Resources Group in the long run.

However, as TTW will be in the industrial chemical trading
industry, it will always be subject to risks inherent in such
industry such as dependence on key personnel, change in the
general economic conditions, market competition, foreign
exchange fluctuations and various other risks.

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 forthe
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.


VTI VINTAGE: Unit Accepts Option to Purchase Property
-----------------------------------------------------
VTI Vintage Berhad's 80% owned subsidiary, Newsteel Building
Systems Sdn Bhd, had on April 5, 2006, accepted an option
granted by Win Nam Realty Sdn Bhd to purchase its factory at
48300 Rawang, Selangor Darul Ehsan.

Win Nam Realty, had in its Supplemental Letter dated March 9
2006, offered to sell the Property to Newsteel at
MYR1,600,000.00 plus MYR5,000.00 for every lapsed month from
March 2006 until the date Newsteel exercises its option.

The option is valid for 18 months from March 2006.  Newsteel had
earlier entered into a three -year tenancy agreement with Win
Nam, commencing from March 1, 2006, to February 28, 2009, at a
monthly rental of MYR12,000.00.  The tenancy between the two
parties shall cease to take effect upon the exercise of the
option by Newsteel.

Headquartered in Kuala Lumpur, Malaysia, VTI Vintage Berhad is
involved in the manufacturing, trading, supplying and laying of
roof tiles.  The Company has been incurring losses since 2004
due to high operating expenses.


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

FIRST OCCIDENTAL: Court to OK Assets Distribution
-------------------------------------------------
The Bacolod City liquidation court is slated to approve the
final assets distribution of First Occidental SLA (Negros
Occidental), Incorporated, on April 28, 2006, at 8:30 a.m.

Contact: RTC-6th Judicial Region
         Branch 48, Bacolod City
         Philippines


LAFAYETTE MINING: Probe Group Seeks to Extend Deadline
------------------------------------------------------
The fact-finding body ordered by President Gloria Macapagal
Arroyo to investigate the recent mining spills at Lafayette
Mining Philippines Incorporated will ask to extend the April 10,
2006, deadline to complete the study by another month, Malaya
News relates.

According to the group's head, Sorsogon Bishop Arturo Bastes,
they cannot complete their investigation into the alleged
harmful effects of LPI operations on the environment and health
of residents in Rapu-Rapu, Albay, where the mine is located,
within the time frame given.  

As reported by the Troubled Company Reporter on March 17, 2006,
Philippine president Gloria Macapagal Arroyo signed an
administrative order to create the Rapu-Rapu Fact-Finding
Commission to investigate the recent spills of Lafayette Mining.  
The commission started its investigation on March 10, 2006, and
is slated to complete its probe by April 10, 2006.

Bishop Bastes added he would also seek a one-month extension on
the cease-and-desist order on Lafayette's operations, so that
the Company cannot resume operations even as it complies with
environmental standards set by the Environmental Management
Bureau, the Mines and Geosciences Bureau and the Pollution
Adjudication Board.  He said that he hopes the results of the
probe would influence the Government's decision on Lafayette's
operations.

                        About Lafayette

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

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

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


RB JAGNA: To Conclude Wind-up Proceedings
-----------------------------------------
Rural Bank of Jagna (Bohol) will submit its final project for
the distribution of the assets and winding up to the Bohol
liquidation court, RTC 7th Judicial Region, Branch 3, Tagbilaran
City, Bohol, on May 5, 2006, at 8:30 a.m.


RB LIBONA: Court to Approve Distribution of Assets
--------------------------------------------------
The Makati City liquidation court is slated to approve the final
assets distribution project of Rural Bank of Libona (Bukidnon),
Incorporated, on
April 21, 2006, at 9:00 a.m.

Contact: RTC Branch 134
         Makati City
         Philippines


RB SAGAY: To Complete Wind-Up Process
-------------------------------------
Rural Bank of Sagay (Camiguin), Incorporated will submit its
final project for the Company's winding up and distribution of
assets to the Camiguin Regional Trial Court, 10th Judicial
Region, Branch 28 of Mambajao on May 19, 2006, at 9:00 a.m.


RB STA. CRUZ: Seeks Court Approval on Assets Distribution
---------------------------------------------------------
The Mindoro Occidental liquidation court will decide on the
approval of the completion of the winding up and distribution of
assets of Rural Bank of Sta. Cruz (Occidental Mindoro)
Incorporated, on May 19, 2006, at 8:30 a.m.

Contact: RTC Branch 44
         Mamburao, Occidental Mindoro
         Philippines


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

ACCORD CUSTOMER: SGX-ST Lays Out Conditions on Listing of Shares
----------------------------------------------------------------
Accord Customer Care Solutions Limited unveiled the conditions
set by the Singapore Exchange Securities Trading Limited prior
to the listing and quotation of the Rights Shares on the
Official List of the SGX-ST.

The conditions are:

     -- compliance with continuing listing requirements; and

     -- specific approval being obtained from Shareholders for
        the Rights Issue.

The Company has previously disclosed that the purpose of the
Rights Issue is to raise funds to strengthen the Company's
capital base and grow its after-market and distribution and
retail business segments.

The Company has undertaken to the SGX-ST that it will:

     -- make periodic announcements on the utilization of the
        proceeds of the Rights Issue as and when the funds from
        the Rights Issue are materially disbursed; and

     -- provide a status report on the use of the proceeds of
        the Rights Issue in the annual report of the Company.

The SGX-ST's in-principle approval is not to be taken as an
indication of the merits of the Company, its securities or the
Rights Issue.

Information on the details of the Rights Issue will be provided
in the Circular to be dispatched to Shareholders in due course.


CITIRAYA SINGAPORE: Proofs of Debt or Claim Due on April 19
-----------------------------------------------------------
Creditors of Citiraya (Singapore) Private Limited are required
to prove their debt or claims not later than April 19, 2006, at
5:00 p.m. at:

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


CTC CONTRACTORS: Contributories to Meet on April 18
---------------------------------------------------
A meeting of contributories of CTC Contractors Private Limited
will be held at 18 Cross Street #08-01, Marsh & McLennan Centre,
Singapore 048423 on April 18, 2006, at 2:30 p.m. to update the
Company's status of liquidation.

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


EMTEC MAGNETICS: Prepares to Pay Dividend
-----------------------------------------
Emtec Magnetics Singapore Private Limited is set to distribute
an intended dividend.

To benefit from the dividend, creditors are required to prove
their debt or claims not later than April 17, 2006, at the
liquidator's place of business.

Contact: Ong Yew Huat
         Seshadri Rajagopalan
         c/o 10 Collyer Quay #21-01
         Ocean Building
         Singapore 049315


SINPON PRIVATE: Creditors Should Prove Debt by April 17
-------------------------------------------------------
Liquidators of Sinpon Private Limited will be receiving proofs
of debt or claims from creditors not later than April 17, 2006,
in order to benefit from the intended dividend the Company will
soon distribute.

Contact: Lo Wei Min
         Lo Wei Shih
         Liquidators
         c/o Lo Hock Ling & Co
         101-A Upper Cross Street
         #11-22 People's Park Centre
         Singapore 058358


VANGUARD REALTY: Accepting Proofs of Debt Until April 17
--------------------------------------------------------
An intended dividend will be distributed for Vanguard Realty &
Development (Private) Limited.

Proofs of debt or claim will be accepted until April 17, 2006.

Contact: Peter Chay Fook Yuen
         Bob Yap Cheng Ghee
         Liquidators
         c/o KPMG
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


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

PRASIT PATANA: Records 67.35% Increase in 2005 Net Profit
---------------------------------------------------------
Prasit Patana Public Company Limited posted a THB587.04-million
net profit for the year ending December 31, 2005, the Troubled
Company Reporter - Asia Pacific finds out from the Company's
financials.

The December 2005 figure is a 67.35% increase from the
THB350.79-million net profit posted by the Company in 2004.  
Revenues for the year is pegged at THB4.02 billion, a 17.24%
rise from the THB3.43 billion in 2004.

              Prasit Patana Public Company Limited
     Financial Highlights, For the Year Ending Dec. 31, 2005
                       In Millions of THB

                                 2005               2004

      Assets                 5,349.76           4,086.14
      Liabilities            5,121.40           5,212.77
      Equity                   172.01          -1,126.63
      Paid-up Capital        1,732.05           4,330.12
      Revenue                4,016.78           3,426.20
      Net Profit               587.04             350.79
      EPS(Baht)                  0.34               0.81

                          *     *     *

Prasit Patana Public Company Limited
-- http://www.phyathai.com/-- operates Phaya Thai I II and III  
Hospitals, Phaya Thai Sriracha Hospital, Phaya Thai Phuket
Hospital, Phaya Thai Ubon Hospital and Ake Udon Hospital.  The
Company also operates three Universities, one of which as a
joint venture with the Dulwich College of the United Kingdom.  
The Company also has diversified its business into hotel
operations.

The Company has first entered into the REHABCO, or Companies
Under Rehabilitation Sector in 2001.  That year, the Company had
a THB676.02 million net loss and a THB10.02 billion capital
deficit, which steadily declined to reach THB1.13 billion in
2004.

On September 29, 2003, Thailand's Central Bankruptcy Court
ordered that the rehabilitation plans of the Company and certain
subsidiaries that had entered into the rehabilitation process in
2001 be terminated.  However, the termination of the
rehabilitation plans was contested with an appeal filed with the
Supreme Court.  The Supreme Court subsequently decided on
July 29, 2005, that the Bankruptcy Court's order for the
termination of the rehabilitation plans be revoked, on the
ground that the Order had not been deliberated on all points of
contention.  The Supreme Court also directed the Bankruptcy
Court to conduct further enquiry to arrive at a new decision.

The Company and the subsidiaries re-entered the rehabilitation
process under its previous plan administrator.  The management
believes that Prasit Patana's re-entry into the rehabilitation
process and the subsequent retrial to deliberate on the points
of contention will not affect the Company's and its
subsidiaries' on-going operations.

The company did not disclose its future business plan.


SIAM AGRO-INDUSTRY: 2005 Net Profit Soars by 3,000%
---------------------------------------------------
According to its financial report, Siam Agro-Industry Pineapple
and Others Public Company Limited posted an astounding 3,446.43%
increase in its net profit, to THB568.32 million, for the year
ending December 31, 2005, compared with the THB16.03 million the
year before.

This result includes one-off gains that included financial
creditors' debt obligations being reduced and accrued interest
forgiven up to the date of the repayment of the first
installment of restructured loans, resulting in an extraordinary
gain of THB508.20 million.

Revenues for the year was slightly higher at THB1.08 billion in
2005, compared with the THB1.05 billion in 2004.

                  Siam Agro-Industry Pineapple
               and Others Public Company Limited
    Financial Highlights, For the Year Ending Dec. 31, 2005
                      In Millions of THB

                                 2005               2004

      Assets                   768.83             520.40
      Liabilities              592.61           1,092.49
      Equity                   176.23            -572.09
      Paid-up Capital          200.00             300.00
      Revenue                1,076.30           1,053.87
      Net Profit               568.32              16.03
      EPS(Baht)                  1.90               0.53

                          *     *     *

Headquartered in Bangkok, Thailand, Siam Agro-Industry Pineapple
and Others Public Company Limited -- http://www.saico.co.th/--  
manufactures and distributes processed tropical fruits.  Its
core products are derived from processing fresh pineapple and
consist of canned pineapple, aseptic pineapple juice
concentrate, aseptic pineapple single strength juice and aseptic
pineapple crush.  The Company also produces other kinds of
tropical fruit products such as canned mixed fruit, pink guava
puree, passion puree and tomato ketchup.  Its main brands are
SAICO and Del Monte.  Siam Agro-Industry is currently in
rehabilitation under the Bankruptcy Act.  Its securities are
placed under the Rehabco Sector of the Stock Exchange of
Thailand.

The Company has been working with a capital deficit from 2001 to
2004, with 2001 having the biggest deficit of THB622.44 million,
and a steady decline to THB572.09 million in 2004.

      Going Concern and the Business Reorganization Plan

The refusal of Siam Agro's major financial creditor to renew the
Company's working capital facilities and the buy-back option,
which expired on December 31, 2004, resulted in the Company
defaulting on the repayment of promissory notes of THB90 million
and long-term loan from another financial creditor amounting to
THB2.84 million.  On January 11, 2005, the Company and its major
financial creditor jointly filed a rehabilitation application
with Thailand's Central Bankruptcy Court.  The Company's board
of directors believed that a formal rehabilitation program under
the direction of the Central Bankruptcy Court will enable the
Company to continue its operations and achieve a practical and
sustainable debt restructuring solution with all the Company's
creditors.

On February 21, 2005, the Central Bankruptcy Court ordered the
Company to undergo a business reorganization process and
appointed Praful Shah, Mark Christopher Chewter and Wacharin
Piyarat to be the Plan Preparers of the Company and to submit
the plan in accordance with the Bankruptcy Act B.E. 2542.

Showing support to the rehabilitation program, the Company's
major financial creditor agreed to initially allow the Company,
for a period of six months ending on June 30, 2005, to continue
to use the working capital facilities that were later increased,
and also extended the buy-back option for the factory and
ancillary facilities for the same period.  Upon expiration, the
increased working capital and the buy-back were again renewed
for another six-month period, ending on December 31, 2005.

The business reorganization plan was then approved by the
Company's creditors and subsequently received the Court's stamp
of approval in November 2005.  The Court appointed Praful Shah
and Asian International Planners Limited to be the Plan
Administrators of the Company.  

There are two options provided under Siam-Agro's business
reorganization plan:

   1. The First Option: where the Plan Administrators can find
      a strategic partner by December 8, 2005, unless extended
      with the approval of the majority creditors; and

   2. The Second Option: where the Plan Administrators cannot
      find a strategic partner by due date.

Under the First Option, the significant group of creditors are:

   Group One -- Financial Creditors

   * The Company's debts, aggregating THB43.00 million, will be
     repaid within 10 days after date of cash received from
     subscription of newly issued share capital.

   * The balance of debts of THB150.00 million will be paid
     within four years by annual repayment of THB37.50 million.

   * Remaining debts including accrued interest, default
     interest and other charges to be written off.  

   Group Two -- Trade Accounts Payable

   * The outstanding debts will be paid within 10 years after
     the Court approval of the rehabilitation plan.  In case the
     Company purchases goods from this creditor, it will settle
     the outstanding debts at least 12% based on certain amounts
     of purchase invoice.

The Plan Administrators proceeded to implement the First Option
and announced on November 28, 2005, that the Company, together
with its major financial creditor, had entered into a
conditional restructuring and investment agreement with a
strategic partner, Thai Pineapple Canning Industry Corporation
Limited, and expected this transaction to be completed by
December 31, 2005.

Consequently, the Company reorganized its capital structure in
the fourth quarter of 2005 in compliance with the business
reorganization plan by decreasing its registered capital from
THB566.46 million to THB300.00 million in respect of the
cancellation of the warrants to purchase ordinary shares in the
Company and changing par value from THB10.00 to THB1.00.

Furthermore, it decreased the registered capital and paid-up
capital from THB300.00 million to THB20.00 million by reducing
number of shares according to the shareholding proportion of
each shareholder.  On December 29, 2005, the Company increased
the registered and paid-up capital by THB180.00 million by means
of issuing 180.00 million new ordinary shares subscribed at par
value by Thai Pineapple Canning.  As a result, its registered
capital and paid-up capital was increased to THB200.00 million,
divided into 200 million shares at par value of THB1.00.  In
addition, Thai Pineapple Canning provided the Company with a
subordinated loan in the amount of THB60.00 million and would
provide additional amount of THB60.00 million in compliance with
the conditions set forth of the business reorganization plan.

With proceeds from the issuance of new shares and drawing under
the subordinated loan, the Company bought back the land and
buildings, with respect to factory and ancillary facilities,
from the major financial creditor at the price of THB190.00
million on December 29, 2005 and also repaid principal amount of
THB43.00 million to the financial creditors on December 30,
2005. As a result, the outstanding principal amount of THB363.23
million to the financial creditors together with all accrued
interest and other related expenses written off.  In meantime,
the Company is arranging to place its machinery and equipment as
collateral with the financial creditors by February 28, 2006, to
support the working capital facilities granted for a minimum
period of one year from November 18, 2005 and the long-term
loans.

Upon completion of all the conditions, the Company would then be
considered as having fully complied with the business
reorganization plan and will subsequently ask for the Court's
order to terminate this plan.

The positive outcome of the current business reorganization
program mentioned above has significantly strengthened the
Company's balance sheet and it's ability to continue as a going
concern.


THAI-GERMAN PRODUCTS: Incurs THB29.47 Million Net Loss in 2005
--------------------------------------------------------------
Thai-German Products Public Company Limited posted a net loss of
THB29.47 million for the year ended December 31, 2005, way down
from the THB6.06 billion net profit it posted in the previous
corresponding period, the Troubled Company Reporter - Asia
Pacific learns from the Company's financials.

In a company release to the Stock Exchange of Thailand, Thai-
German blamed the loss on the inability to purchase raw
materials directly from suppliers because of limited working
capital which in turn hikes up the purchase price of these
materials.  The Company also suffered from a decrease in selling
price of finished goods due to global over supply of raw
materials which affected third quarter sales figures.

Revenues, however, rose 8.69% -- from 2004's THB1.51 billion to
THB1.64 billion in 2005.

           Thai-German Products Public Company Limited
     Financial Highlights, For the Year Ending Dec. 31, 2005
                      In Millions of THB

                                 2005               2004

      Assets                 2,058.48           1,886.13
      Liabilities            1,967.37           1,765.54
      Equity                    91.11             120.58
      Paid-up Capital          324.58             324.58
      Revenue                1,636.91           1,506.10
      Net Profit               -29.47           6,063.88
      EPS(Baht)                 -0.09              62.10

                          *     *     *

Thai-German Products Public Company Limited
-- http://www.tgpro.co.th/-- manufactures stainless pipes  
including stainless tubes, stainless sheets, wire rods, round
bars, under TGPRO brandname.  Its products are used in a broad
range of industries, including sugar, pulp and paper,
petrochemicals, oil, automotive, construction, as well as food
industries.

The Company has suffered a series of capital deficits ending in
2003 which also posted it's widest deficit at THB5.31 billion.
That and a series of net loses and the fact that it was
operating below full production capacity, ushered the Company
into the REHABCO, or Thailand's Companies under Rehabilitation
sector.

At the end of 2004, the Company has implemented most parts of
the rehabilitation plan and is currently in the process of
implementing the rest of the plan, though it notes that
uncertainty exists in this respect.

                   The Rehabilitation Plan

On September 7, 1999, Thailand's Central Bankruptcy Court
ordered the Company to rehabilitate its business and in May
2000, the Court approved the Company's rehabilitation plan and
appointed PLV and Associate Company Limited as rehabilitation
administrator.

The Plan, which was amended a number of times, provides for:

a. Debt Restructuring

   1. Debt type A is to be repaid from the cash received from
      the disposal of the secondary assets of the Company, or
      their transfer mortgages, within 10 years from the date
      the court accepted the plan.  No interest is charged on
      this debt.

   2. Debt type B includes conversion of debt to equity of
      THB1.6 billion and the new principal of THB800 million
      to be repaid on an installment basis within 10 years from
      2006 to 2014.   

      Accrued interest expenses deferred for future settlement  
      interest is to be charged at minimum loan rate calculated
      by the average rate of three major financial institution
      creditors.  Interest incurred during the year 2004 and
      2005 will be paid at the rate of 2% and 3% per annum.

      The variance between interest rates of the minimum loan
      rate and 2% to 3% will be deferred to the 10th year
      starting from the date the Court approved the third
      amendment proposal.   

   3. Debt type C will be forgiven.   

   4. Debt to group of trade creditors, financial advisors,
      legal consultants, creditors under commitments, and
      restructuring creditors is to be repaid under the
      Company's operating budget.  No interest is charged on
      this debt.   

b. Capital Restructuring

   The  plan administrator will proceed to decrease the
   Company's shares from 15,833,333 to 34,166,667 shares to
   facilitate common the conversion of convertible debenture #2   

   Then the plan administrator will proceed to increase
   registered shares to be applicable for these events:

   1. Conversion of Debt type B of THB1.58 billion by issuing
      common shares not less than 157,500,000 shares of THB10
      each.

   2. Conversion of remaining convertible debenture #1 into
      128,987,931 common shares of THB10 each.

   3. Conversion of convertible debenture #2 into 17,083,333
      common shares of THB10 each.

   The plan administrator will then proceed to decrease the
   registered capital of THB3.42 billion to THB342 million by
   reducing its par value from THB10 to THB1 per share.
  
   The Company will subsequently increase its share capital by
   not less than THB41 million by issuing 41,463,276 common
   shares of THB1 par value for the exercise of warrant issued
   to the Company's management and staff under ESOP of
   17,083,333 units and for the exercise of warrants issued to
   minority shareholders of 24,379,943 units.

   On June 22, 2005, the Central Bankruptcy Court, at the
   request of the administrator, ordered a year's extension for
   the company to  complete the warrant issuance process for
   minority shareholders and the Company's management and staff
   under ESOP.

             Progress with the rehabilitation plan    

In 2005, the Company has already:

   * repaid the interest amounting to THB23.90 million and
     a THB87.71 million deferred accrued interest expenses;

   * accomplished the capital restructure, except for the last
     step;

   * converted Debt type B of THB1.58 billion by issuing
     157,500,000 common shares at THB10 par value;

   * repaid the interest amounting to THB51.95 million and
     accrued interest expenses defered for future settlement
     amounting to THB64.41 million;

   * forgiven debt type C; and

   * recognized the gain from rehabilitation amounting to
     THB6,064.62 million.



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

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

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

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

MALAYSIA
--------
Kemayan Corp Bhd                KOP       (-428.54)      62.72
Metroplex Bhd                   MEX          32.17     372.87
Mycom Bhd                      MYC       (-114.64)     227.68
Lityan Holdings Bhd             IT          (-8.43)      28.86
Olympia Industries Bhd          OLYM      (-227.85)     255.84
Panglobal Bhd                   PGL        (-50.36)     189.92
Park May Bhd                    PMY        (-12.26)      14.45
Polymate Holdings Bhd           PYMT         34.75      102.11
PSC Industries Bhd              PSC          51.63      639.35

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

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




                            *********

  
S U B S C R I P T I O N   I N F O R M A T I O N  
  
Troubled Company Reporter -- Asia Pacific is a daily newsletter  
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ  
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Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Erica  
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