TCRAP_Public/060421.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 21, 2006, Vol. 9, No. 079


                            Headlines

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

45 ARRENWAY LIMITED: Faces Winding Up Proceedings
ACS COMMERCIAL: Supreme Court Orders Winding Up
ALBANO PTY: Creditors Must Submit Proofs of Claim by April 29
AR&D SINCLAIR: Members Opt for Voluntary Liquidation
A TEAM CONCRETE: Holds Final Meeting Today

BRAMPTON FISHING: Appoints Receivers and Managers
CELYN HOLDINGS: Creditors OK Liquidators' Appointment
CHARMAL PTY: Liquidator to Distribute Assets
E.R. ENTERPRISES: Prepares to Declare Dividend
EQUITICORP SYSTEMS: Creditors' Proof of Claims Due on May 15

EXECUSEC PTY: Liquidator to Explain Wind-up to Members
FOURTH COOLAMAROO: Shuts Down Business
GARY PAUL FIRE: To Pay Dividend to Creditors
GLOBAL CHI: Decides to Close Business Operations
KENNEDY REA: Members Final Meeting Set April 21

K-LINK TELECOM: Creditors Agree on Voluntary Wind-up
PEARS RITCHIE: Enters Voluntary Liquidation
PIKITIA LIMITED: Faces Liquidation Proceedings
PINERIDGE REST: Court to Hear Wind-up Petition on May 8
QANTAS AIRWAYS: Reviews Fuel Surcharge After Oil Price Increase

RDB COMMUNICATIONS: Court Issues Wind-up Order
SOPHISTICATED HOLDINGS: To Hold Final Meeting Today
SPRINGVIEW ENTERPRISES: Creditors' Proofs of Claims Due on May 5
SQUASH COURTS PTY: Names Paul Gidley as Liquidator
SUN CENTURY GROUP: Inability to Pay Debts Leads to Wind-up

TELSTRA CORPORATION: Primus and AAPT May Join Telstra Litigation
WESTPOINT GROUP: Bayview and Cinema City Mezzanine Face Wind-Up
WILLIAMSTOWN ENTERPRISES: To Distribute Dividend


C H I N A   &   H O N G  K O N G

CENTRAL FINANCE: Creditors' Proofs of Debt Due on April 28
CHEERGOLD INVESTMENTS: Accepting Claims Until May 7
CONSTRUCTION EQUIPMENT: Morrison Ceases to Act as Liquidator
HEALTH FROZEN: Creditors Must Prove Debts by April 28
HO DOI COMPANY: Placed Into Liquidation

JAMYET LIMITED: Members Final Meeting Set on May 12
KAM-TRONIC CYBER: Members and Creditors to Meet on May 9
LONG PROGRESS: Proofs of Claim Due on May 9
MASSIT LIMITED: Final Meeting Fixed on May 8
MEIJI YASUDA: Final Meeting of Members on May 8

OAKWOOD INVESTMENTS: Liquidator Prepares to Distribute Assets
ORIENTAL GREAT: Creditors to Prove Debts by April 28
PENTA-CONTINENTAL LIMITED: Liquidator to Present Wind-up Account
SEAPOWER BULLION: Creditors Must Prove Debts by April 28
SEAPOWER FINANCE: Receiving Proofs of Debts Until April 28

SEAPOWER FOREX: Undertakes Winding Up
SEAPOWER INVESTMENTS & SERVICES: Creditors to Submit Claims
SEAPOWER LOGISTICS: Creditors' Proofs of Claims Due April 28
SEAPOWER RESEARCH: Creditors' to Prove Debts on April 28
TITAN PETROCHEMICALS: Moody's Puts Ba3 Rating on Review

TOYOCOM LIMITED: Creditors Must Prove Debts by May 4


I N D I A

BHARAT PETROLEUM: Board to Receive Financial Results on April 27
INDIAN OIL: S&P Affirms BB+ Issuer Credit Ratings
NATIONAL HYDROELECTRIC: Fitch Affirms BB+ Issuer Default Ratings
STATE BANK OF INDIA: Fitch Affirms BB+ Issuer Default Rating
* S&P Ups Outlook on India on Improved Budgetary Prospects


I N D O N E S I A

DAVOMAS ABADI: Moody's Assigns (P)B2 Rating to Secured Bonds
LIPPO KARAWACI: Moody's Places (P)B2 Rating on Review
NEWMONT MINING: Stock Valuation Climbs to 'Neutral Weight'


J A P A N

AIFUL CORP: FSA Suspends Branches for Shady Collection Practices
HEISEI DENDEN: Plans to End Rehabilitation
LIVEDOOR COMPANY: Hong Kong Firm Increases Stake
SEIYU LIMITED: Rehabilitation Going Smoothly


K O R E A

HYUNDAI MOTOR: Kia President Chung Eui-sun Faces Prosecutors


M A L A Y S I A

AYER HITAM: Court to Hear Application for RO Extension on May 17
COMSA FARMS: Submits Financials to Meet Listing Requirements
COMSA FARMS: 8th Annual General Meeting Slated for May 23
KEMAYAN CORPORATION: Unveils Level of Foreign Shareholdings
KILANG PAPAN: Securities Exit Bourse's Official List

LANKHORST BERHAD: Averts Delisting Procedures
MALAYSIA AIRLINES: Launches 'Super Savers' Scheme
PAN MALAYSIA: Pays MYR42,554 for 105,000 Shares
POHMAY HOLDINGS: Obtains Interim Stay of Delisting Order
SATERAS RESOURCES: Bourse Defers Delisting for Second Time

SUREMAX GROUP: Court Scraps Wind-up Petition on Unit


P H I L I P P I N E S

LAFAYETTE MINING: Completes Environmental Safety Safeguards
LEPANTO CONSOLIDATED: Forecasts PHP300-Million Profit for 2006
LEPANTO CONSOLIDATED: Negotiates with Firms on Mine Investment
MANILA ELECTRIC: Clients Still Have to Pay Wheeling Fees
NATIONAL POWER: To Ask Government to Seek Out Loan


S I N G A P O R E

DIGILAND INTERNATIONAL: Inks Settlement Deal with Avant Werx
DIGILAND INTERNATIONAL: Mulls Renounceable Rights Issue
FHTK HOLDINGS: Extraordinary General Meeting Slated for May 5


T H A I L A N D

EASTERN PRINTING: SET Grants Securities Listing
THAI PROPERTY: Will Not Pay 2005 Dividends Due to Losses

* 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
============================================

45 ARRENWAY LIMITED: Faces Winding Up Proceedings
-------------------------------------------------
On March 10, 2006, the High Court of Auckland received an
application to have 45 Arrenway Limited liquidated.

The Court will hear the petition on April 28, 2006 at 10:45 a.m.

Parties wishing to appear at the hearing are required to file
an appearance not later than April 26, 2006.  

Contact: Scott David Galloway
         Hazelton Law, Molesworth House
         Level 3, 101 Molesworth Street
         Wellington, New Zealand


ACS COMMERCIAL: Supreme Court Orders Winding Up
-----------------------------------------------
On March 9, 2006, the Supreme Court of New South Wales issued a
winding up order against ACS Commercial Pty Limited;

Subsequently, Antony de Vries was appointed as liquidator.

Contact: Antony de Vries
         Liquidator
         De Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia


ALBANO PTY: Creditors Must Submit Proofs of Claim by April 29
-------------------------------------------------------------
At a general meeting of Albano Pty Limited on March 15, 2006,
members resolved to wind up the Company voluntarily.  John
Robert Hallett was appointed as liquidator for the wind-up.

Creditors of the Company are required to submit their formal
proofs of claim by April 29, 2006, to the Liquidator in order to
benefit from the upcoming dividend distribution.


AR&D SINCLAIR: Members Opt for Voluntary Liquidation
----------------------------------------------------
After their general meeting on March 10, 2006, the members of
AR&D Sinclair Investments Pty Limited decided to voluntarily
wind up the Company's operations.

Subsequently, Paul William Gidley was named as liquidator to
oversee the wind-up process.

Contact: Paul W. Gidley
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302
         Australia


A TEAM CONCRETE: Holds Final Meeting Today
------------------------------------------
The members and creditors of A Team Concrete (Australia) Pty
Limited will hold a final meeting today, April 21, 2006, to get
an account of the manner of the Company's wind-up and property
disposal from Liquidator Murray Godfrey.

Contact: R. W. Whitton
         Liquidator
         Lawler Partners Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


BRAMPTON FISHING: Appoints Receivers and Managers
-------------------------------------------------
On February 15, 2006, Derrick Vickers and Geoffrey Frank
Totterdell were appointed as receivers and managers of the
property, undertaking and interests of Brampton Fishing Company
Pty Limited.

Contact: Geoffrey F. Totterdell
         Derrick Vickers
         Receivers and Managers
         Level 19, QVI Building
         250 St. Georges Terrace, Perth
         Western Australia 6000
         Australia


CELYN HOLDINGS: Creditors OK Liquidators' Appointment
-----------------------------------------------------
Members of Celyn Holdings Pty Limited convened on March 7, 2006,
and decided to wind up the Company's operations.

G. A. Lopez, E. R. Verge and C. A. L. Huxtable were appointed as
joint and several liquidators to supervise the Company's wind-up
activities at a creditors' meeting held that same day.


CHARMAL PTY: Liquidator to Distribute Assets
--------------------------------------------
At a general meeting on March 8, 2006, the members of Charmal
Pty Limited resolved to close the Company's business operations
and distribute the proceeds of its assets.

John Curley was named as liquidator for the wind-up.

Contact: John Curley
         Liquidator
         GFB Peacocke & Company
         173 Darling Street, Dubbo
         New South Wales 2830, Australia
         Telephone: (02) 6882 3933


E.R. ENTERPRISES: Prepares to Declare Dividend
----------------------------------------------
E.R. Enterprises Pty Limited will declare a first and final
dividend today, April 21, 2006, to the exclusion of its
creditors who were not able to prove their claims.

Contact: Brian H. Allen
         Peter G. Burton
         Joint & Several Liquidators
         c/o Burton Glenn Allen Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia
         Telephone: (02) 9904 4644
         Fax:       (02) 9904 9644


EQUITICORP SYSTEMS: Creditors' Proof of Claims Due on May 15
------------------------------------------------------------
Equiticorp Systems Ltd will be receiving proofs of claims from
its creditors on or before May 15, 2006.

Failure to establish proofs by the deadline will exclude any
creditor from the distribution of assets the Company has made.

Contact: William G. Black
         Kerryn Mark Downey
         Joint and Several Liquidators
         McGrath Nicol & Partners Ltd
         Level 2, 18 Viaduct, Harbour Ave.
         Auckland, New Zealand


EXECUSEC PTY: Liquidator to Explain Wind-up to Members
------------------------------------------------------
A final meeting of Execusec Pty Limited will be conducted today,
April 21, 2006.

Liquidator Frank Lo Pilato will present the final account
regarding the Company's wind-up operations at that meeting.

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


FOURTH COOLAMAROO: Shuts Down Business
--------------------------------------
At a general meeting on March 10, 2006, members of Fourth
Coolamaroo Pty Limited resolved to close the Company's business
operations.

Leonard A. Milner was named as liquidator for the winding up.

Contact: Leonard A. Milner
         Liquidator
         Venn Milner & Company
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia


GARY PAUL FIRE: To Pay Dividend to Creditors
--------------------------------------------
Gary Paul Fire Protection Pty Limited will declare a dividend to
creditors today, April 21, 2006.

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

Contact: Paul Burness
         Liquidator
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia


GLOBAL CHI: Decides to Close Business Operations
------------------------------------------------
The creditors of Global Chi Pty Limited resolved on March 17,
2006, to wind up the Company's operations.

At the meeting, B. J. Marchesi and Mr. H. A. MacKinnon were
named as Joint and Several liquidators.

Contact: H. A. MacKinnon
         B. J. Marchesi
         Joint Liquidators
         Bent & Cougle Pty Limited Chartered Accountants
         332 St. Kilda Road, Melbourne
         Victoria 3004, Australia


KENNEDY REA: Members Final Meeting Set April 21
-----------------------------------------------
A final meeting of Kennedy Rea Pty Limited will be held today,
April 21, 2006, for liquidators Peter G. Burton and Brian H.
Allen to present their account regarding the Company's completed
wind-up and disposal of property.

Contact: Brian H. Allen
         Peter G. Burton
         Liquidators
         Burton Glenn Allen Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia


K-LINK TELECOM: Creditors Agree on Voluntary Wind-up
----------------------------------------------------
On March 9, 2006, the creditors of K-Link Telecom Pty Limited
decided to voluntarily wind up the Company's operations.

Subsequently, David Patrick Watson was appointed as liquidator.

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


PEARS RITCHIE: Enters Voluntary Liquidation
-------------------------------------------
Members of Pears Ritchie Pty Limited convened on March 13,
2006, and resolved to wind up the Company's operations.

Subsequently, Gerald T. Collins and Matthew L. Joiner were
appointed as Joint and Several Liquidators.

Contact: Gerald T. Collins
         Matthew L. Joiner
         Joint Liquidators
         Horwath BRI Brisbane
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


PIKITIA LIMITED: Faces Liquidation Proceedings
----------------------------------------------
The High Court of Auckland on March 14, 2006, received an
application to liquidate Pikitia Limited.

The Court will hear the petition on April 28, 2006 at 10:45 a.m.

Parties wishing to appear at the hearing are required to file
an appearance two days before the scheduled hearing.

Contact: Simon John Eisdell Moore
         Solicitor for the Plaintiff
         Meredith Connel, Level 17
         Forsyth Barr Tower,
         55-65 Shortland Street
         Auckland, New Zealand


PINERIDGE REST: Court to Hear Wind-up Petition on May 8
-------------------------------------------------------
On March 21, 2006, the High Court of Wellington received a
liquidation petition against Pineridge Rest Home Ltd.

The Court will hear the petition on May 8, 2006 at 10:00 a.m.

Parties wishing to appear at the hearing are required to file
an appearance not later than May 6, 2006.  

Contact: Julia Dykema
         Solicitor for the Plaintiff
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street, Christchurch
         New Zealand


QANTAS AIRWAYS: Reviews Fuel Surcharge After Oil Price Increase
---------------------------------------------------------------
Qantas Airways is currently reviewing its fuel surcharge on
airfares due to high fuel prices, The Border Mail reports.  Oil
prices hit new records amid growing concerns about military
conflict between the United States and Iran.

According to the Sydney Morning Herald, the airline revealed it
was considering what could be its sixth increase in the levy
since May 2004, after U.S. oil prices rose above US$71 a barrel.

British Airways has already indicated that it would raise its
surcharge on long-haul tickets sold in Australia and New Zealand
after further fuel price increases, The Australian Associated
Press relates.  British Airways will raise the levy on all
worldwide flights to US$65 (AU$87.68) from US$55 per sector.  
Its United Kingdom domestic and European flights will remain at
US$19 per sector.

Border Mail says that British Airways estimates its fuel bill to
total GBP1.6 billion in 2005-2006, rising to GBP2.2 billion next
financial year.

The AAP notes that Qantas' domestic rival Virgin Blue is also
keeping a watchful eye on the oil price situation.

"No decision has been made regarding any increase to the
existing fuel surcharge and while there is no time frame on the
decision, the price of oil is being carefully and constantly
monitored," the Sydney Herald says, citing a Virgin Blue
spokesperson.

                      About Qantas Airways

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.  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.


RDB COMMUNICATIONS: Court Issues Wind-up Order
----------------------------------------------
On March 10, 2006, the Federal Court of Australia ordered the
wind-up of RDB Communications Pty Limited, and appointed Steven
Nicols as liquidator.

Contact: Steven Nicols
         Liquidator
         c/o Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9299 2289
         Web site: http://www.bankrupt.com.au/


SOPHISTICATED HOLDINGS: To Hold Final Meeting Today
---------------------------------------------------
A final meeting of the members and creditors of Sophisticated
Holdings Pty Limited will be held today, April 21, 2006, for the
parties to receive Liquidator Sule Arnautovic's final account
showing how the Company was wound up and how its property was
disposed of.

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


SPRINGVIEW ENTERPRISES: Creditors' Proofs of Claims Due on May 5
----------------------------------------------------------------
Creditors of Springview Enterprises Ltd are to show proofs and
establish priority of their claims on or before May 5, 2006.

Contact: Thomas John Perry
         Noel Allan Walton   
         Ernst & Young, P.O. Box 2091
         Christchurch, New Zealand
         Telephone: (03)379 1870
         Facsimile: (03)379 8288


SQUASH COURTS PTY: Names Paul Gidley as Liquidator
--------------------------------------------------
At a general meeting on March 10, 2006, members of Squash Courts
Pty Limited agreed that the Company must voluntarily commence a
wind-up of its operations.

Paul William Gidley was nominated to act as liquidator to manage
the wind-up activities.

Contact: Paul W. Gidley
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302
         Australia


SUN CENTURY GROUP: Inability to Pay Debts Leads to Wind-up
----------------------------------------------------------
Sun Century Group Pty Limited has determined that, due to its
inability to pay its debts, a voluntary wind-up of its business
operations is appropriate and necessary.

Daniel Civil was consequently appointed to oversee the Company's
liquidation activities.

Contact: Daniel Civil
         Liquidator
         c/o Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


TELSTRA CORPORATION: Primus and AAPT May Join Telstra Litigation
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
April 20, 2006, Optus launched a legal action against Telstra
Corporation on April 18, challenging Telstra's increase in
wholesale line rental prices.  Telstra had decided to raise the
wholesale access price for its fixed-line network from AU$26.95
to AU$31.36 in December 2005, which Optus asserts is a breach of
the Trade Practices Act.

Optus' legal action comes after the Australian Competition and
Consumer Commission issued a competition notice against Telstra
on April 12, 2006, which is an official finding that the line
rental price increase is anti-competitive.

In an update, Primus Telecom and AAPT -- telcos mostly affected
by the price increase -- are now considered potential litigants.

The Sydney Morning Herald cites Primus Telecom general counsel
Gerald Miller as describing Telstra's line rental increase as
"one plank in a platform of hostile acts," the Sydney Herald
says.  Mr. Miller said that Primus would "like to see a
regulatory outcome or a negotiated outcome."

Yet, since neither a regulatory or negotiated outcome is
available at the moment, Mr. Miller noted that they are "well
advanced in our preparation for litigation, in light of the
competition notice."

ZDNet Australia reports that Primus, however, had indicated it
has no immediate intention to follow Optus and commence a legal
action against Telstra.  AAPT also stated that it will not
launch a lawsuit just yet.

A spokesperson for Primus told ZDNet Australia via e-mail that
their position has not been finalized and a legal move is still
being examined.

AAPT, on the other hand, "is still pursuing the matter through
its own dispute settlement procedures with Telstra," ZDNet
added, quoting AAPT's head of regulatory affairs, David Havyatt.

ACCC has not begun any legal action against Telstra, but is
expected to do so if the telecom does not reverse the price
increase or cannot satisfactorily justify it.

According to the Sydney Herald, although Telstra is no longer a
utility totally owned by government, it is legally required to
provide its rivals access to its network at fair prices.

                         About Telstra  

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5   
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are   
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The   
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


WESTPOINT GROUP: Bayview and Cinema City Mezzanine Face Wind-Up
---------------------------------------------------------------
The Australian Tax Office has moved to have Westpoint
Corporation's offshoot, Bayview Port Melbourne Pty Ltd, wound
up, The West Australian reports.

The West recounts that at the ATO's behest, the Supreme Court
entered an order directing Bayview to pay around AU$9 million in
taxes.  However, Bayview, which was established to develop the
Bayview apartments in Port Melbourne, still has not paid the tax
bill.

Subsequently, the ATO wants liquidators appointed for Bayview.

The wind-up petition came as the Australian Securities and
Investments Commission, on April 19, 2006, filed an application
to put another Westpoint property financing scheme, Cinema City
Mezzanine Pty Ltd, into liquidation.

The scheme is believed to have raised more than AU$3.5 million
from investors from 2001 to 2004 so as to help bankroll
Westpoint boss Norm Carey's plans to develop apartments above
the Cinema City theatre and arcade in Perth, Australia.

The ATO and ASIC Applications are scheduled for hearing on
May 30, 2006.

                         About Westpoint

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

In February 2006, a wind-up order was issued by the Federal
Court in Perth against Westpoint Corporation Pty Ltd.  ASIC had
applied to wind up the company on grounds of insolvency.  ASIC
believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors.  The Westpoint
Group's collapse is considered by many as the largest of its
type in recent years, with small investors being the biggest
group affected.

Investors are currently joining forces to commence a class
action against Westpoint and its advisors.


WILLIAMSTOWN ENTERPRISES: To Distribute Dividend
------------------------------------------------
Williamstown Enterprises Pty Limited will declare a dividend to
its preferred unsecured creditors today, April 21, 2006.

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

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


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

CENTRAL FINANCE: Creditors' Proofs of Debt Due on April 28
----------------------------------------------------------
Central Finance Limited will be receiving creditors' proof of
debts on or before April 28, 2006.

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

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


CHEERGOLD INVESTMENTS: Accepting Claims Until May 7
---------------------------------------------------
Cheergold Investments Ltd will be receiving creditors' proof of
debts or claims on or before May 7, 2006.

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

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

Contact: Ma Ching Nam
         Tam Tak Hing
         12/F., New World Tower II
         18 Queens Road Central,
         Hong Kong


CONSTRUCTION EQUIPMENT: Morrison Ceases to Act as Liquidator
------------------------------------------------------------
Kenneth G. Morrison, former Liquidator of Construction Equipment
& Spare Parts Company Ltd, ceased to act as such on March 29,
2006.


HEALTH FROZEN: Creditors Must Prove Debts by April 28
-----------------------------------------------------
Health Frozen Foods Company Ltd will be receiving creditors'
proofs of debts on or before April 28, 2006.

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

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


HO DOI COMPANY: Placed Into Liquidation
---------------------------------------
Wong Lung Tak was appointed official liquidator of Ho Doi
Company Ltd by virtue of a Special Resolution of the Company
passed on March 28, 2006.

Mr. Wong requires the Company's creditors' to lodge their proofs
of debts on or before April 28, 2006.

Failure to comply with the requirement will exclude any creditor
from sharing in any distribution of the Company will make.

Contact: Wong Lung Tak
         Room 1101, 11/F.,
         China Group Insurance Bldg
         Des Voeux Road Central
         Hong Kong


JAMYET LIMITED: Members Final Meeting Set on May 12
---------------------------------------------------
A final meeting of the members of Jamyet Limited will be held
for the parties to receive Liquidators Chan Shu Kin and Chow Chi
Tong's final account showing how the Company was wound up and
how its property was disposed of.

Members would consider passing a resolution during the meeting
whether the books, accounts and documents of the Company be
destroyed three months after the dissolution of the Company.

The meeting will be held at Flat G, 7th Floor, New Lucky House,
300-306 Nathan Road Kowloon on May 12, 2006, at 11:00 a.m.


KAM-TRONIC CYBER: Members and Creditors to Meet on May 9
--------------------------------------------------------
Creditors and members of the Kam-Tronic Cyber Tech Ltd will hold
its final meeting on May 9, 2006, at 26th Floor, Wing on Centre,
111 Connaught Road Central, Hong Kong at exactly 10:30 a.m. and
10:45 a.m. respectively.

At the meeting, Liquidators Lai Kar Yan and Darach E. Haughey
will present accounts of their acts and dealings and the conduct
of the Company's winding up.

Members will also consider whether to allow the Liquidators to
retain the books, accounts and documents of the Company and
dispose it three months after the dissolution of the Company.


LONG PROGRESS: Proofs of Claim Due on May 9
-------------------------------------------
Long Progress Timber Development Ltd will be receiving
creditors' proofs of claims on or before May 9, 2006.

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

Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.

Contact: Ng Kam Wan
         21/F., Fee Tat Commercial Centre  
         Nathan Road, Kowloon
         Hong Kong


MASSIT LIMITED: Final Meeting Fixed on May 8
--------------------------------------------
A final meeting of the members of Massit Limited will be held
for the parties to receive Liquidator Tsang Li's final account
showing how the Company was wound up and how its property was
disposed of.

During the meeting members would consider passing a resolution
whether the Company's books, accounts and documents be destroyed
three months after the dissolution of the Company.

The meeting will be held at 10th Floor, Hong Kong trade Centre,
161-167 Des Voeux Road Central, Hong Kong on May 8, 2006, at
10:30 a.m.


MEIJI YASUDA: Final Meeting of Members on May 8
-----------------------------------------------
A final meeting of the members of Meiji Yasuda Company Ltd will
be held for the parties to receive Liquidator Natalia K M Seng's
final account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held at Level 28, Three Pacific Place, 1
Queen's Road East, Hong Kong on May 12, 2006, at 12:15 p.m.


OAKWOOD INVESTMENTS: Liquidator Prepares to Distribute Assets
-------------------------------------------------------------
Liquidator Ng Wing Hang will be receiving proofs of claims of
the creditors of Oakwood Investments Ltd on or before May 8,
2006.

Failure to comply with the requirements will exclude any
creditor from sharing in any distribution of the Company will
make.

Contact: Ng Wing Hang
         20/F., Hong Kong Trade Centre
         161-167 Des Voeux Road Central,
         Hong Kong


ORIENTAL GREAT: Creditors to Prove Debts by April 28
----------------------------------------------------
Creditors of Oriental Great Ltd are asked to submit their proofs
of debt on or before April 28, 2006, to the Company's liquidator
and solicitors.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


PENTA-CONTINENTAL LIMITED: Liquidator to Present Wind-up Account
----------------------------------------------------------------
A final meeting of the members of Penta-Continental Limited will
be held for the parties to receive Liquidator Kwok Leung Man's
final account showing how the Company was wound up and how its
property was disposed of.

During the meeting members would consider passing a resolution
on whether the books, accounts and documents of the Company be
destroyed three months after the dissolution of the Company.

The meeting will be held at Room 113, 1st Floor, Wing on Plaza,
62 Mody Road, Tsimshatsui, Kowloon on May 10, 2006, at 11:00
a.m.


SEAPOWER BULLION: Creditors Must Prove Debts by April 28
--------------------------------------------------------
Seapower Bullion Company Ltd will be receiving creditors' proofs
of debts on or before April 28, 2006.

Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company or risk being excluded
from sharing in the Company's dividend distribution.

Contact: Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER FINANCE: Receiving Proofs of Debts Until April 28
----------------------------------------------------------
Seapower Finance Ltd will be receiving creditors' proofs of
debts on or before April 28, 2006.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER FOREX: Undertakes Winding Up
-------------------------------------
Seapower Forex Limited has fallen into liquidation.

Its liquidator, Stephen Briscoe, is asking the Company's
creditors to lodge their proofs of debt on or before April 28,
2006.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER INVESTMENTS & SERVICES: Creditors to Submit Claims
-----------------------------------------------------------
Liquidator Stephen Briscoe will be receiving proofs of debts of
the creditors of Seapower Investments & Services Company Ltd on
or before April 28, 2006.

Any creditor who fails to comply with the requirement will be
excluded from sharing in any distribution the Company will make.

Contact: Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER LOGISTICS: Creditors' Proofs of Claims Due April 28
------------------------------------------------------------
Creditors of Seapower Logistics Ltd are asked to submit their
proofs of debt on or before April 28, 2006, to the Company's
liquidator and solicitors.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER RESEARCH: Creditors' to Prove Debts on April 28
--------------------------------------------------------
Seapower Research Ltd has fallen into liquidation.

Its liquidator, Stephen Briscoe, is asking the Company's
creditors to lodge their proofs of debt on or before April 28,
2006.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


TITAN PETROCHEMICALS: Moody's Puts Ba3 Rating on Review
-------------------------------------------------------
Moody's Investors Service has today put on review for possible
downgrade the Ba3 corporate family rating of Titan
Petrochemicals Group Ltd and its B1 senior unsecured bond
rating.  This rating action follows the announcement of Titan's
FY2005 results.

"Moody's is concerned over Titan's weakening financial position,
which includes decreasing margins, high leverage, a modest
coverage position and aggressive capex spending, against the
backdrop of a volatile tanker market and high fuel costs," says
Elizabeth Allen, a Moody's Vice President/Senior Analyst,
adding, "Key credit metrics, including Adjusted Debt/EBITDAR and
EBIT/interest coverage as of December 2005, were weak at 7.3x
and 1.4x respectively."

The company is undergoing a rapid growth phase and its expansion
strategy could potentially limit financial flexibility in an --
as already indicated -- unfavorable operating environment.

Based on current disclosures from the company, committed capex
for FY2006 is only HKD312m (against HKD3.2bn in FY05), but in
view of its growth record and the need to replace its single-
hull vessels in the medium term, Moody's believes that it is
likely to consider further vessel acquisitions or leasing
options when the opportunity is right.

Furthermore, it is likely to incur additional debt to fund the
development of its three green-field oil storage projects in
China.  Moody's will consider, despite its non-recourse nature,
any project-level debt when assessing its credit profile.  Such
debt could burden consolidated gearing ratios as meaningful cash
flow contributions will only start in 2007.

"As debt is expected to be on an uptrend, any improvement in
credit metrics would have to come from EBITDA generation.  As
such, the review will focus on the company's earnings profile
going forward and its ability to recover its financial profile
in the next one to two years.  We will also examine its latest
capital expenditure program, the development of its storage
businesses and their impact on cash flow generation," says
Allen, who is also Moody's lead analyst for the company.

Titan Petrochemicals Group Ltd, which operates out of Hong Kong
and Singapore, primary engages in the trading, transportation,
and storage of oil and oil products.  As of December 2005, it
operated a fleet of 28 vessels, including 13 Very Large Crude
Carriers and 15 smaller vessels.  Titan is listed on the Hong
Kong Stock Exchange.


TOYOCOM LIMITED: Creditors Must Prove Debts by May 4
----------------------------------------------------
Creditors of Toyocom (H.K.) Limited are asked to send their
proofs of debts to solicitors and liquidators of the Company on
or before May 4, 2006.

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

Contact: Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Liquidators
         8th Floor, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


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

BHARAT PETROLEUM: Board to Receive Financial Results on April 27
----------------------------------------------------------------
The Board of Directors of Bharat Petroleum Corporation Limited
will hold a meeting on April 27, 2006, to take on record the
Company's Unaudited Financial Results (Provisional) for the
fourth quarter of the fiscal year ended March 31, 2006.

                     About Bharat Petroleum

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

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


INDIAN OIL: S&P Affirms BB+ Issuer Credit Ratings
-------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on India
Oil Corporation Limited to positive from stable.

At the same time, S&P affirmed the 'BB+' issuer credit ratings
on the Company.  The outlook revision follows the revision in
the outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

"The outlook revision on Indian Oil Corp. is driven largely by
the expectation of improved government support available to
these entities, given their prominent position and public policy
role in the energy sector in India," Standard & Poor's credit
analyst Anshukant Taneja said.

                  About Indian Oil Corporation

Indian Oil was established as Indian Oil Company Limited in
1959.  Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.  
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants.  Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.

In spite of its large production capacity and smooth operations,
Indian Oil incurred huge losses as a result of a Government
mandate, which prohibits public sector oil marketing firms from
raising fuel prices despite skyrocketing global prices.  For
years, Indian Oil has been selling fuel at subsidized prices,
which is way below the costs it pays for importing fuel from
overseas markets.  The Company has not been able to pass on the
high prices leading to large under-recoveries and losses.

Early this year, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt.  Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices.  The move was expected to
improve their balance sheets.


NATIONAL HYDROELECTRIC: Fitch Affirms BB+ Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has affirmed India-based National Hydroelectric
Power Corporation's Long-term Foreign and Local Currency Issuer
Default Ratings and Senior Unsecured foreign and local currency
ratings at "BB+".  The agency has also affirmed NHPC's National
Long-term rating at "AAA(ind)" and its National short-term
rating at "F1+(ind)".  The outlook is stable.

The ratings reflect NHPC's status as the key government vehicle
tasked with executing the government of India's ambitious plans
to boost India's hydro generation capacity.  The ratings also
reflect the government's direct support of NHPC: the GoI funds
approximately 30% to 50% of NHPC's projects costs in the form of
equity, and it guarantees over 92% of NHPC's foreign exchange
debts, which constitute 41% of NHPC's total debt.  Fitch noted
that funding from the GoI has slowed the rise in NHPC's net debt
levels and has substantially moderated the impact of rising
capex on NHPC's credit profile.  The direct support, combined
with the support given by the GoI in the recovery of trade debts
from state electricity boards as well as the crucial role of
NHPC in the implementation of GoI's power supply plans, form the
basis of the rating linkage between NHPC and the sovereign
ratings for India (Long-term foreign and local currency ratings
of 'BB+'/ Stable).

"The key risks facing NHPC such as the risks of an aggressive
capacity addition plans and weak credit profile of offtakers,
are both alleviated by the support NHPC receives from the
government," said Manish Makhan, Associate Director in Fitch's
Asia-Pacific Energy & Utilities team.

"A combination of equity for new projects and the one-time
settlement scheme implemented by the government has led to
nearly 100% collections on current bills, and this has resulted
in an improvement in NHPC's debt ratios despite aggressive capex
and rise in gross debt," Mr. Makhan added.

In fiscal 2005, NHPC generated a turnover of INR14.8 billion
(USD338 million) and EBITDA of INR10.6 billion (USD242 million).  
The Company's operating EBITDA margins and net margins continue
to be strong at 72% and 46%, respectively, on the back of a
favorable tariff policy regime and high operational
efficiencies.  

The agency noted that while total debt has risen to INR70
billion (USD1.60 billion) at end FY05 from INR56 billion at end
FY01, funds from operations to adjusted leverage and total
adjusted debt to total adjusted capitalization has improved to
6.3x from 4.8x and to 33.2% from 43.5%, respectively, during the
same period. This is a result of the government's injection of
INR55 billion of equity into NHPC between FY01 and FY05.

Fitch also noted that NHPC's capex plans are driven and backed
by the Indian government. Fitch said it expects such support to
remain intact even if significant delays and cost overruns
materialize.  However, Fitch added that if support from the
government weakens materially, a review of NHPC's ratings would
be required.

NHPC has significantly reduced its capacity expansion plans to
2,480MW from 4,332MW in its Xth Plan (2003-07) and to 7,782MW
from 14,418MW in its XIth Plan (2008-12).  The reduction is
caused by a delay in obtaining clearances for the projects from
various government agencies.  Fitch, however, noted that the
capacity expansion plans nevertheless remain aggressive with
NHPC aiming to increase its size almost four fold by 2012.


STATE BANK OF INDIA: Fitch Affirms BB+ Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed the ratings of State Bank of India at
Long-term Issuer Default "BB+", National Long-term "AAA(ind)",
Short-term "B", Individual "C" and Support '3'.  The outlook on
the ratings is Stable.

The rating affirmations follow the resolution of the week-long
strike in early April 2006 when the bank's 200,000 employees
stayed away from work at all the 9,000 branches demanding higher
pension benefits.

Fitch notes that as a result of the strike, repayment of SBI's
INR8.2 billion subordinated debt due on April 1, 2006, was
delayed to April 10.  The Bank had sent the repayment cheques
drawn on a pre-funded account to the investors prior to the due
date, but these were not cleared till after the strike ended on
April 9.  While the delay was obviously due to operational
reasons and does not compromise the bank's financial ability to
honour its commitments, efforts could nevertheless have been
made through the SBI associate banks, for example, to ensure
that all pre-contracted obligations were met on time.  Such a
move would also have been in sync with SBI's drive in recent
years to automate its delivery channels and increase the use of
technology in its operations.

The direct financial implication of the strike may not be
onerous, as the additional payout as a result of the increased
pension benefit agreed upon is estimated at about INR650 million
every year, which could increase the cost to income ratio by
less than 30 basis points.  The strike, however, disrupted the
banking system in many states where local government accounts
have traditionally been maintained with SBI due to its extensive
reach and quasi-sovereign status.  This prompted a few state
governments to announce a diversification of their banking
relationship with other large government and private banks. The
large share of government business supports SBI's low-cost
deposit base and non-interest income and provides an edge over
other government banks. A loss of market share in this segment
could affect the bank's profitability, though it is unlikely to
be significant in the near future.

The ratings continue to be supported by the improved asset
quality of SBI, as well as its dominant 19% share of the Indian
banking system and majority government ownership.

The State Bank of India is the largest bank in India.  
Established in 1806 as Bank of Bengal, it remains the oldest
commercial bank in the Indian Subcontinent and also the most
successful one providing various domestic, international and NRI
products and services, through its vast network in India and
overseas.  The bank was nationalized in 1955 with the Reserve
Bank of India having a 60% stake.  It has laid emphasis on
reducing the huge manpower through Golden handshake schemes and
computerizing its operations.  State Bank of India has often
acted as guarantor to the Indian Government, most notably during
Chandra Shekhar's tenure as Prime Minister of India.  With more
than 9400 branches and a further 4000+ associate bank's
branches, the SBI has an extensive coverage.  State Bank of
India has electronically networked most of its branches.  The
bank has one of the largest ATM network in the region.  State
Bank of India has had steady growth over its history, though it
was marred by the Harshad Mehta scam in 1992.  In the recent
years, the bank has sought to expand its overseas operations by
buying foreign banks.


* S&P Ups Outlook on India on Improved Budgetary Prospects
---------------------------------------------------------
Standard & Poor's Ratings Services has revised the outlook on
India to positive from stable.  At the same time, the 'BB+/B'
ratings on the sovereign were affirmed.

"The out look revision reflects improved prospects of a
stabilizing debt burden based on greater effort across all
levels of governments to consolidate their fiscal positions,"
said Standard & Poor's credit analyst Ping Chew.

The Central and State Governments have increased efforts to rein
in their budget deficits.  The Central Government's 2006/2007
Budget puts fiscal consolidation back on track, while the
assessment on State Governments' comes in the wake of better-
than-expected fiscal outlook.  The general government deficit is
expected to fall below 8.0% of 2006 GDP from 10% in 2002.

Going forward, tax measures -- including expanding VAT and
service tax -- and tightening tax administration should result
in more buoyant government revenues, especially as the highly
taxed industrial sector grows more robustly and as the service
sector is taxed.  Coupled with operating expenditure control,
more efficient spending, and implementation of fiscal
responsibility laws, India should see a steady reduction of
general government deficits and a falling debt burden.

India's incipient fiscal consolidation addresses its principal
credit weakness.  Public finances remain among the worst of
rated sovereigns, leaving it vulnerable to any secular decline
in growth rates or increase in real interest rates. The general
government's consolidated debt is projected to peak at 90% of
GDP in 2006, with interest payments consuming one-third of
general government revenue.

India's contingent liabilities are also high.  Government-
guaranteed debt alone amounts to 9% of 2006 GDP, and the state-
owned enterprises are generally inefficient. The chaos in
banking during the recent strike at The State Bank of India, the
country's largest commercial bank, and the unreliability of the
power supply also illustrate a still-developing operating
environment, including the payment system, and remaining
challenges in effective administration and reforms for the labor
market and public sector.
      
"India's economic prospects are stable and strong and we project
incremental structural reform will raise GDP trend growth over
7%," Mr. Chew said.

"Further liberalization of the economy and infrastructure
improvements will help India's trend growth. Such reforms
coupled with continued fiscal consolidation will help India
achieve investment grade over time.  On the other hand, if the
fiscal consolidation stalls or the reform agenda derails, the
outlook could be revised to stable," he noted.


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

DAVOMAS ABADI: Moody's Assigns (P)B2 Rating to Secured Bonds
------------------------------------------------------------
Moody's Investors Service has assigned its provisional (P)B2
senior secured rating to the proposed USD bonds of Davomas
International Finance Company Pte Ltd and guaranteed by PT
Davomas Abadi Tbk (Davomas).

At the same time, Moody's has withdrawn its (P)B2 senior
unsecured rating for Davomas International Finance and affirmed
its B2 corporate family rating for Davomas.  The ratings outlook
is stable.

"The company's fundamental credit quality adequately positions
it at the B2 rating, while the withdrawal of the senior
unsecured bond rating relates to a revision in the structure for
the proposed bonds.  In Moody's view, it provides stronger
scrutiny over cash usage when compared to the old structure,"
says Ken Chan, a Moody's Assistant Vice President/Analyst.

"The proposed bonds will be secured by liens on the collateral,
which includes the two new production lines as well as the
pledge of shares from major shareholders.  Customer receivables,
which will be deposited in a Singapore and Indonesian Collection
Accounts, will further be pledged," adds Mr. Chan, also lead
analyst for the company.

As originally intended, the proceeds will be utilized to expand
Davomas' cocoa-bean grinding capacity and refinance all
outstanding debt.  Moody's expects to affirm the bond rating and
remove it from its provisional status upon completion of the
issuance and refinancing of existing secured debt.

Moody's continues to say the ratings reflect Davomas' key credit
strengths:

   * its position as a sizable player in the Indonesian cocoa
     grinding market;

   * its cost competitiveness relative to its international
     peers;

   * its hedging strategy to minimize price risk and match
     orders with cocoa bean supply; and

   * the role of the outsourcing trend -- as practiced by
     branded chocolate players -- as a long-term industry
     growth driver.

At the same time, the ratings reflect key credit challenges such
as:

   * the commodity nature of cocoa beans and price
     fluctuations for cocoa products introduce volatility into
     cash flow and profitability;

   * evidence of customer concentration risk and the absence
     of long-term sales contracts;

   * the lack of back-up bank facility limits its liquidity
     cushion; and

   * its track record for default and debt restructuring.

Upward rating pressure will arise if the company demonstrates an
ability to increase utilization for its newly installed grinding
capacity and achieve projected growth in cash flow, such that
TD/EBITDA falls below 3x and EBITDA/Interest coverage exceeds 4x
across the cycle.  Evidence of an improved back-up liquidity
arrangement, including the establishment of committed banking
facilities to buffer industry shocks, will also be positive for
the rating.

On the other hand, downward rating pressure will emerge if:

     * the company fails to maintain grinding utilization due to
       the loss of a big customer;

     * an aggressive dividend policy unfolds, and which deprives
       cash reserves; or

     * a debt-funded expansion strategy emerges.

The key credit metrics that Moody's would consider for a
downgrade include TD/EBITDA above 4.5x and EBITDA/Int coverage
below 2.0x.

P.T. Davomas Abadi Tbk, established in 1990 and listed on the
Jakarta Stock Exchange since 1994, is one of the dominant
producers and exporters of cocoa butter and cocoa powder in
Indonesia.


LIPPO KARAWACI: Moody's Places (P)B2 Rating on Review
-----------------------------------------------------
Moody's Investors Service has placed the (P)B2 foreign currency
senior unsecured bond rating of Lippo Karawaci Finance B.V. and
guaranteed by PT Lippo Karawaci Tbk (LK) under review for
possible downgrade.  At the same time, Moody's has placed Lippo
Karawaci's (P)B1 local currency corporate family rating under
review for possible downgrade.

The review follows the Company's announcement that it has won a
bid to acquire 1.4 hectares of land in Singapore's central
business district for around IDR2 trillion.

"The acquisition is outside our expectation and is considered
aggressive relative to Lippo Karawaci's size of operations and
its total assets of around IDR6.2 trillion," says lead analyst
Kaven Tsang, adding "Its financial profile may weaken materially
and ratings pressure may emerge, given that part of the
acquisition is likely to be debt-funded."

"Furthermore, the Singapore market is new to LK and the company
does not have any track record in operating in this competitive
market. At the same time, partly mitigating the risks is the
fact that the Singapore market is more stable relative to the
Indonesian market and the acquisition could lead to benefits in
terms of diversification," Mr. Tsang adds.

Moody's further recognizes that the Lippo Group, the largest
shareholder of Lippo Karawaci, has operating experience in the
Singapore property market.

Moody's says its rating review will focus on evaluating how the
company will manage the implementation of this new investment
and the associated financing, such that the resultant increase
in business and financial risks are mitigated.

The rating agency will moreover evaluate whether returns from
the Singapore investment, coupled with the benefits from a more
diversified portfolio, will support the restoration of a credit
profile appropriate for its (P)B1 corporate family rating.

PT Lippo Karawaci Tbk is one of the largest property developers
in Indonesia with a market capitalization of over US$550
million. As of end-2005, it possessed a huge land bank reserve
of 2,079 hectares. It also operates four hospitals and four
hotels in Indonesia.


NEWMONT MINING: Stock Valuation Climbs to 'Neutral Weight'
----------------------------------------------------------
An analyst for Prudential Financial upgraded Newmont Mining from
"underweight" to "neutral weight," while raising his estimates
for the company, News Ratings reveals.  

John C. Tumazos raised the Company's target price from US$31 to
US$50.

In a research note, Mr. Tumazos mentioned that current valuation
of Newmont Mining's stock appropriately reflects the significant
political risks regarding environmental permitting in Indonesia
and the criminal prosecution of the Indonesian country manager,
Richard Ness.

The earnings per share estimates for 2006 and 2007 have been
raised from US$0.88 to US$0.93 and from US$0.12 to US$0.53,
respectively.

                      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 IDR1.33 trillion civil suit against the
Company for allegedly polluting the area near its operation in
Buyat Bay.  The mine was threatened with closure in 2000, when
the local government brought the company to court in a tax
dispute, but the unit was able to fight the court order to shut
it down.  It faced another threat of possible closure on the
heels of a trial where its president director, Richard Ness,
faces charges of pollution that lead to the deaths of marine
life and sickness of coastal villagers.  However, the South
Jakarta District Court, in November 2005, dismissed the civil
suit, saying that it has no jurisdiction to hear the case.  
Environmentalists criticized the decision of the local court and
asked the State Minister of Environment to appeal the decision.  
But the Indonesian government decided that it would not appeal
the Court ruling since it had opted to take up the matter with
an international arbitration court.  In February 2006, Newmont
agreed to pay the Indonesian Government US$30 million in an out-
of-court settlement over a civil case alleging that the Company
had polluted a bay near another of its Indonesian mines.  But
that settlement does not resolve the criminal case filed against
Mr. Ness, who faces up to 10 years in prison if convicted on the
pollution charges.

Newmont's problems worsened in March 2006 when it was forced to
suspend gold and copper exploration on Indonesia's eastern
island of Sumbawa after unknown assailants burned down a camp
for its workers.  Police said that the assailants were demanding
compensation from Newmont for the miner's exploration activities
in the Sumbawa Island.


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

AIFUL CORP: FSA Suspends Branches for Shady Collection Practices
----------------------------------------------------------------
On April 14, 2006, Japan's Financial Services Agency ordered
Aiful Corporation to close all of its branches for three to as
much as 25 days next month as punishment for intimidation and
other unacceptable collection practices, the Troubled Company
Reporter - Asia Pacific has discovered.

A first of its kind, the FSA ordered five Aiful outlets, where
it found illegal practices, to be barred from operation, such as
soliciting new customers and lending, for 20 to 25 days starting
May 8.  All other outlets are to be closed for three days.

                            Effects

As a result of the FSA directive, Aiful President Yoshitaka
Fukuda has taken a 30% pay cut, while other executives have
agreed to a 10% to 20% slash.  This was announced after Mr.
Fukuda apologized to all concerned about the closure.

Moreover, Fitch has revised its rating for Aiful from stable to
negative on the same day after the FSA action against the
Company.  However, the ratings agency has indicated that it does
not see any immediate liquidity problems due to Aiful's "robust
operating cash flow and backup bank lines."  

Standard and Poors maintained a BBB+ rating on the Company.

Investors, however, have a different view.  A Bloomberg report
on April 17 stated that Aiful shares fell 13%, the lowest since
May 2004.  Other consumer lending companies' shares also fell.

Aiful had already lost a fifth of its market price after Japan's
Supreme Court ruled that it cannot force customers to pay
interest higher than the 20% limit imposed on banks.  The
decline resulted in a USD1.8 billion dimunition in the
stock's value.

                      More Trouble Ahead

Aiful has also announced that it is suspending its advertising
and other promotions for the next two months.

The Bloomberg report also said that Aiful will be finding it
harder to attract new customers after the suspension and the
advertising hiatus.

On April 18, the FSA announced that the watchdog is planning
further reforms to the lending law to protect borrowers.  Under
the planned revision, it would be possible to impose
administrative penalties on moneylenders who lend to consumers
in excess of their ability to pay.

The large number of heavily-indebted consumers is considered a
social problem in Japan.

                          *     *     *

Aiful Corporation -- http://www.ir-aiful.com/english/-- is the
largest Japanese consumer finance company. The Company provides
financial services such as unsecured/non-guaranteed loans and
commerical/real estate collateral loans.  Currently the company
is based in Kyoto and has annual profits of close to JPY100
billion on over JPY2 trillion worth of loans.


HEISEI DENDEN: Plans to End Rehabilitation
------------------------------------------
Tokyo-based telephone services provider Heisei Denden Company
plans to stop its rehabilitation plan since its financial
sponsor has decided to withdraw its support for the Company,
Crisscross News relates.

Heisei president Kenji Sato made the announcement on April 17,
2006, saying that the Company would probably go bankrupt.  
Mainichi Daily News says Heisei's financial sponsor, Dream
Technologies Corporation, doubted the effectiveness of its
rehabilitation plan, and ultimately decided to back down from
supporting the restructuring.  

The Company filed for court protection from its creditors in
October 2005, and submitted its rehabilitation proposal to the
Tokyo District Court on April 10, 2006.  However, Dream
Technologies did not agree with the restructuring plan, saying
it lacked adequate information on Heisei's financial condition.

As a result of its decision to stop rehabilitation, two
affiliate firms that had procured funds from investors to lease
communications systems to Heisei are unable to pay back the
funds, worth JPY49 billion.  Mr. Sato apologized to investors,
Mainichi Daily relates, but said Heisei is not to blame for the
situation, since the two firms are not connected to the Company.

                      About Heisei Denden

Headquartered in Tokyo, Japan, Heisei Denden Company, Limited
was established in 1990, offering cut-rate fixed-line telephone
services to customers.  The Company was forced to seek court
protection last year due to the small number of subscribers and
heavy capital investments.  As of March 31, 2006, the Company's
debts totaled JPY130 billion.


LIVEDOOR COMPANY: Hong Kong Firm Increases Stake
------------------------------------------------
Hong Kong-based Gandhara Master Fund increased its stake in
troubled Internet firm Livedoor Company Limited from 6.89% to
8.26%, prior to the delisting of the Company's shares from the
Tokyo Stock Exchange on April 14, 2006, Crisscross News reports.

According to the Japan Times, Gandhara bought the shares on four
separate occasions from March 10, 2006 to April 13, 2006.  Prior
to delisting, Livedoor shares traded at JPY94 per share.

                         About Livedoor

Headquartered in Tokyo, Japan, Livedoor Company Limited --
http://corp.livedoor.com/en/-- is engaged in Internet-related  
business.  It is involved in many sectors, including out portal
site "livedoor", financial business, corporate web solutions,
data center and IP telephony business.  In 2005, prosecutors
raided Livedoor's office on suspicions of accounting fraud.   
Company executives were alleged to have relayed false
information on a merger, with the intent to boost the stock
price of a Company subsidiary.  Livedoor's stock price plunged
on allegations that the Company concealed a huge JPY1 billion
loss for the financial year ended September 2004.    

The Troubled Company Reporter - Asia Pacific reported on
April 18, 2006, that Livedoor's shares were delisted from the
Tokyo Stock Exchange on April 14, 2006.


SEIYU LIMITED: Rehabilitation Going Smoothly
--------------------------------------------
United States-based retailer Wal-Mart Stores, Inc., is
successfully rehabilitating its Japanese unit, Seiyu Limited,
Dow Jones reports, citing Wal-Mart president Lee Scott.

According to Mr. Scott, they are seeing many positive changes in
the operations of the Japanese supermarket chain.  He added that
Seiyu outlets nationwide posted an increase in sales.

                          *     *     *

Headquartered in Tokyo, Japan, Seiyu Limited --
http://www.seiyu.co.jp/-- is Japan's top retailer.  Seiyu runs  
400-plus stores, including supermarkets and department stores.  
Merchandise includes food, apparel, and household goods.  Some
stores anchor another main endeavor -- large shopping centers
called The Mall.  The Company is plagued by unpaid debts and has
been unloading unprofitable operations.  Sumitomo owns 10% of
Seiyu.

A March 22, 2002 report by the Troubled Company Reporter - Asia
Pacific stated that Wal-Mart planned to buy a 6.1% stake in the
Company for JPY6 billion.  On November 4, 2005, the TCR-AP
reported that Wal-Mart, together with Mizuho Financial Group,
would infuse around JPY115 billion capital into the Company,
which had been experiencing losses since 2004.  For the business
year ended 2004, Seiyu Limited posted a JPY12.3 billion net
loss.

According to a February 21, 2006 TCR-AP report, the Company
posted a JPY17.77 billion net loss for the year ended
December 31, 2005.


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

HYUNDAI MOTOR: Kia President Chung Eui-sun Faces Prosecutors
------------------------------------------------------------
Kia Motors Corporation President Chung Eui-sun appeared at the
Supreme Public Prosecutors Office in Seoul on April 20, 2006, to
answer questions regarding the slash fund scandal involving the
Hyundai Motor Group, The News Tribune says.

The Troubled Company Reporter - Asia Pacific reported on
March 31, 2006, that prosecutors raided the headquarters of
Hyundai Motor Co., and three of its subsidiaries -- Glovis Co.,
Kia Motors and Hyundai Autonet Co. -- on March 26, as part of
their investigation into the Hyundai Motor Group's alleged
creation of a slush fund and illegal political lobbying.  
Hyundai reportedly embezzled money from affiliates to create the
slush fund, which was used to seek business favors from the
Government through lobbyists.

The TCR-AP also reported that prosecutors had already questioned
other top Hyundai executives and had been set to subpoena
Hyundai Motor Chairman Chung Mong-koo and his son, Eui-sun.

According to Star Telegram, the younger Chung, who had been
barred by the prosecutors from leaving Korea, assured reporters
that he will "faithfully comply with the prosecution
investigation."  He is the highest ranking member so far of the
Hyundai Motor Group to be summoned in the investigation.

News reports stated that prosecutors may summon the elder Chung,
who just returned to the country after attending a Hyundai
groundbreaking ceremony in China, as early as next week.

The News Tribune notes that, as announced by Hyundai, the two
Chungs plan to donate KRW1 trillion worth of personal assets to
society.  The Company had also apologized for causing public
concerns over the scandal.

In a related news, Donga.Com says that the decision by the
Hyundai Group to donate assets -- specifically its entire 60%
stake in Glovis, owned by the Chungs -- is a desperate
countermeasure against increasing pressure from the prosecution.
It says that Hyundai is also trying to ease public criticism and
indirectly solicit leniency for the chairman and his son through
donating private property of the family.

                    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 one 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%.  The Company also manufactures machine tools for factory
automation and material- handling equipment.

The Chosun Ilbo reported on April 17, 2006, that the Hyundai
Automotive Group is facing its deepest crisis since chairman
Chung Mong-koo took over in 1999, with problems like the falling
United States dollar, high oil prices and union demands
aggravated by a sweeping criminal investigation regarding the
carmaker's alleged creation of slush funds that were used by at
least two lobbyists to bribe government officials for business
favors, including having KRW55 billion worth of Hyundai's bad
debts written off.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.  The automaker has to delay the
launching of its new Santa Fe SUV, which was scheduled to start
production in the United States this month.
  
Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban.  Other affiliates are also feeling
the pinch.  Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000.  The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.

The United States dollar's falling value against the won is
dealing a severe blow to the group's exports.  The greenback
plunged from KRW1,013 on January 2, 2006, to KRW954.1 on
April 12, down KRW58.9 in just 100 days.  Hyundai and Kia say
that for every KRW100 drop in the United States dollar,
operating profits fall some KRW1.05 trillion.  Song Sang-hun, an
analyst with Hyundai Securities, says a 10% rise in domestic oil
prices from KRW1,500 to KRW1,650 per liter has caused auto sales
here to decline by 110,000 units.


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

AYER HITAM: Court to Hear Application for RO Extension on May 17
----------------------------------------------------------------
The Kuala Lumpur High Court will hear on May 17, 2006, Ayer
Hitam Tin Dredging Berhad's application for the further
extension of the restraining order.

As reported by the Troubled Company Reporter - Asia Pacific on
April 3, 2006, the High Court of Malaya had initially granted
Ayer Hitam a 90-day restraining order, from December 5, 2005, to
March 4, 2006.  On March 30, 2006, the Company requested the
High Court to extend the Order.

The Company sought the Restraining Order to facilitate its
Proposed Restructuring Scheme, which was announced on
August 17, 2005.  

The Proposed Restructuring Scheme includes provisions on:  

     * capital reduction;
     * amendments to the company's Memorandum of Association;
     * rights issue;
     * private placement;
     * debt settlement; and
     * disposal of Motif Harta Sdn Bhd.

         About Ayer Hitam Tin Dredging Malaysia Berhad

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.

The Company has been incurring huge losses in the past years and
has defaulted on several loan facilities.  As of January 31,
2006, Ayer Hitam's payment defaults have reached
MYR39,624,453.59.  On August 17, 2005, the Company unveiled a
Proposed Restructuring Scheme to save the business.  Yet, the
Securities Commission rejected the Plan after determining that
it is not a comprehensive proposal capable of resolving all the
financial issues faced by the Company.  The Company's Board is
still deliberating on its next course of action.   


COMSA FARMS: Submits Financials to Meet Listing Requirements
------------------------------------------------------------
Comsa Farms Berhad has now fully complied with Paragraph 9.23
(3)(b) of the Listing Requirements of Bursa Malaysia Securities
Berhad after submitting its Annual Audited Accounts and Annual
Report for the financial year ended March 31, 2005.  The Company
submitted its Audited Accounts on April 5, 2006, and its Annual
Report on April 18.

Subsequently, trading of the securities of the Company has
resumed starting Wednesday, April 19, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Bursa Malaysia, on March 28, 2006, decided to delist Comsa
Farms' securities from its official list due to the Company's
failure to submit its annual reports and audited annual accounts
on time.

Comsa Farms, however, immediately lodged an appeal to prevent
its securities from being delisted.  In view of the Appeal, the
Bourse had deferred the removal of the Company's securities from
the Official List.

                   About Comsa Farms Berhad

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 embroiled 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.  On
April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to its deficits in shareholders
equity totaling MYR89,412,000.  As an affected listed issuer,
Comsa Farms is required to submit a plan to regularize its
financial condition.


COMSA FARMS: 8th Annual General Meeting Slated for May 23
---------------------------------------------------------
Comsa Farms Berhad's Eight Annual General Meeting will be held
at Shan-Shui Golf & Country Resort, KM 15, Jalan Apas, in Tawau,
Sabah, on May 23, 2006, at 9:30 a.m.

At the meeting, the members will be asked to:

   -- receive the Audited Financial Statements for the year
      ended March 31, 2005, together with the Reports of the
      Directors and Auditors;

   -- ratify the payment of Directors' fees for the financial
      years ended March 31, 2005, and March 31, 2006;

   -- approve the payment of Directors' fees for the financial
      year ending March 31, 2007, to be payable quarterly in
      arrears;

   -- to re-elect retired Directors Tan Sri Dato' Dr. Ahmad
      Mustaffa Bin Haji Babjee and Ku Hien Liong;

   -- to re-elect 70-year old director Chia Yan Kung to hold
      office until the conclusion of the next Annual General
      Meeting;

   -- to re-elect

      * Nikmat Bin Abdullah;
      * Y.M. Tunku Abu Bakar Ibni Almarhum Tunku Abdul Rahman;
      * Abdul Hamid Bin Mohamed Ghows; and
      * Nasran Bin Haji Harun;

      who volunteered themselves for re-election as directors;
      and

   -- to re-appoint Moores Rowland as the Company's auditor
      and to authorize the Directors to fix the auditor's
      remuneration.

The members will also consider, as special business:

   -- authorizing the Company's Directors to allot and issue
      shares at any time until the conclusion of the next
      Annual General Meeting, provided that the aggregate
      number of shares to be issued does not exceed 10% of the
      issued and paid-up share capital of the Company; and

   -- empowering the Directors to allot and issue shares from
      time-to-time pursuant to the Employees' Share Option
      Scheme.

                    About Comsa Farms Berhad

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 embroiled 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.  On
April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to its deficits inf shareholders
equity totaling MYR89,412,000.  As an affected listed issuer,
Comsa Farms is required to submit a plan to regularize its
financial condition.


KEMAYAN CORPORATION: Unveils Level of Foreign Shareholdings
-----------------------------------------------------------
As of March 31, 2006, the percentage shareholdings of entitled
foreigners in Kemayan Corporation Berhad is 49%.

On the other hand, the level of foreign shareholdings of non-
entitled foreigners is 7.08%.

Kemayan has already approved to award non-entitled foreigners
all rights and privileges except the right to vote at the
Company's general meeting.

                    About Kemayan Corporation

Headquartered in Johor Darul Takzim, Malaysia, Kemayan
Corporation Berhad -- http://www.kemayan.com/-- develops,  
constructs and manages properties.  The firms' other activities
include the operation of resorts, cultivation of palm oil,
trading of office equipment and supplies and the provision of
management, engineering and investment holding services. Kemayan
has incurred hefty losses in the past due to stalled development
projects and lack of cash flow.  These prompted the Company to
propose a restructuring scheme on June 29, 1999.  The Company
believes that the significant interest savings arising from the  
Proposed Restructuring Scheme would provide the Kemayan Group
with the financial ability to continue its operations on a going
concern basis and, in the long term, to regain profit.  On
March 29, 2006, the Company was delisted from the Official List
of Bursa Malaysia Securities for failing to regularize its
financial condition within the prescribed time frame stipulated
by Bursa Securities.  


KILANG PAPAN: Securities Exit Bourse's Official List
----------------------------------------------------
On April 19, 2006, Bursa Malaysia Securities Berhad delisted and
removed the securities of Practice Note No. 4/2001 company
Kilang Papan Seribu Daya Berhad from the Official List.

The Troubled Company Reporter - Asia Pacific has reported that
on March 10, 2006, Bursa Malaysia opted to delist the Kilang
Papan due to the Company's inadequate level of financial
condition.  Kilang Papan appealed the delisting, which was
originally scheduled for March 22, 2006.

A subsequent TCR-AP report then stated that on April 7, 2006,
Kilang Papan received notification from Bursa Malaysia that its
appeal against the delisting of the securities has been denied
and that it will be removed from the official list of Bursa
Securities on April 20.

Upon the delisting, Kilang Papan will continue to exist, but as
an unlisted entity.  The Company is still able to continue its
operations and business and proceed with its corporate
restructuring and its shareholders can still be rewarded by the
Company's performance.  However, the shareholders will be
holding shares, which are no longer quoted and traded on Bursa
Securities.

                 About Kilang Papan Seribu Daya

Headquartered in Sabah, Malaysia, Kilang Papan Seribu Daya
Berhad engages in the manufacturing and marketing of timber and
timber related products; and trading of rubber wood products.
Its products, which include sawn timber and molded timber, are
exported to Japan, United States and Europe.

The Company fell into Special Administration on December 1999,
due to its catastrophic losses.  In December 2002, the
Securities Commission approved the Company's debt-restructuring
scheme.  In November 2005, Pengurusan Danaharta Nasional Berhad
terminated the Special Administrators appointment to the
Company.  As the Proposed Restructuring Scheme to the Securities
Commission on June 21, 2004, was based on a Workout Proposal
formulated by the Special Administrators on May 28, 2004, the
existing Debt Restructuring Scheme was withdrawn by Am Merchant
Bank Berhad on behalf of the Special Administrators.  On
December 22, 2005, the Company received a Notice to Show Cause
on De-listing of its securities from the Official List of Bursa
Securities.  On March 10, 2006, Bursa Securities informed the
Company that its securities will be delisted from the Official
List on March 22, 2006.  The delisting, which was deferred on
the Company's request, will proceed on April 22, 2006.
Meanwhile, the directors have made efforts to propose a
restructuring scheme and are awaiting the response from certain
creditors.  The Company does not comply with Paragraph 3.04 of
the Bursa Malaysia Listing Requirements as the paid-up share
capital is MYR19,999,000 instead of MYR40,000,000.  This
shortfall will be addressed upon implementation of a new Debt
Restructuring Scheme.


LANKHORST BERHAD: Averts Delisting Procedures
---------------------------------------------
On April 18, 2006, Bursa Malaysia Securities Berhad decided that
it will not proceed with the delisting procedures commenced
against Lankhorst Berhad on January 3, 2006.

The decision was arrived at after the Company submitted and
issued its annual audited accounts and annual report for
financial year ended December 31, 2004, pursuant to the Bursa
Securities' Listing Requirements.  The Company submitted its
Audited Accounts on March 31, 2006, and its Annual Report on
April 3.
                     About Lankhorst Berhad

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


MALAYSIA AIRLINES: Launches 'Super Savers' Scheme
-------------------------------------------------
Malaysia Airlines will be offering the public promotional fares
to Kota Kinabalu and Kuala Lumpur under its "Malaysia Super
Savers" deal, Borneo Bulletin reveals.

The scheme will allow the public to enjoy return ticket fares on
trips from Bandar Seri Begawan, Brunei to Kota Kinabalu, and
Bandar Seri Begawan, Brunei to Kuala Lumpur at US$65 and US$165
respectively.  However, this does not include fuel surcharge and
airport tax.

The 14-day advance booking offer started on April 20, 2006, and
will end on September 15 this year.  Meanwhile, the traveling
period is between May 5, 2006, and September 30, 2006.

The current super savers offer is a follow-up to two successful
promotions -- the Malaysia Airlines Travel Fares and the MATTA
International Travel Fares -- held last month.  These promotions
drew an overwhelming response.

Previously, the "Malaysia Super Savers" was available only in
Malaysia.

                    About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month to December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by next year.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.  


PAN MALAYSIA: Pays MYR42,554 for 105,000 Shares
-----------------------------------------------
On April 18, 2006, Pan Malaysia Corporation Berhad bought back
105,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR42,553.79.

The minimum price paid for each share purchased was MYR0.390 and
the maximum was MYR0.410.

After the purchase, the cumulative outstanding treasury shares
have reached 58,006,400.   

Pan Malaysia Corporation Berhad, on April 17, 2006, bought back
120,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR48,537.36, the Troubled Company Reporter -
Asia Pacific reported.

                 About Pan Malaysia Corporation

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in   
Malaysia, Australia and the rest of Asia-Pacific.  Pan Malaysia
has suffered consecutive losses in the past due to skyroceting
opewrating expenses. The group has been selling assets to plug
holes in its balance sheet.  In the fourth quarter of the fiscal
year ending December 31, 2005, the Company booked a net loss of
MYR6.8 million.   


POHMAY HOLDINGS: Obtains Interim Stay of Delisting Order
--------------------------------------------------------
Pohmay Holdings Berhad, a Practice Note No. 17/2005 company, has
obtained a Court Order on April 18, 2006, for an interim stay of
Bursa Securities' decision to delist its securities from the
official list of Bursa Malaysia Securities pending a decision on
an application made to the Court.

As reported by the Troubled Company Reporter - Asia Pacific, the
Bourse on April 7, 2006, decided to delist Pohmay's securities
from the Official List on April 20, 2006.

The delisting, however, was deferred pending the decision
pursuant to the Court Order obtained on April 18, 2006.

According to TCR-AP, Pohmay was originally scheduled for
delisting on March 22, 2006, after the Bourse found out the
company does not have an adequate level of financial condition
to warrant continued listing on the Bourse.  The Company
immediately lodged an appeal against the Bourse's decision.  
Thus, Bursa Securities deferred the removal of Pohmay's
securities from the Bourse pending the decision on the Appeal.  

                  About Pohmay Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture.  Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood.  Its other activities
are cultivation and harvesting of rattan and investment holding.  
Pohmay, a Practice Note 17 company, is a defendant of a wind-up
petition filed by AmBank (M) Berhad.  The legal action is
expected to have a significant financial and operational impact
on the Company.  The Company is negotiating with its lenders to
restructure the Group's loans and is actively working on various
schemes to alleviate the Group from its current financial
predicament.


SATERAS RESOURCES: Bourse Defers Delisting for Second Time
----------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific,
Bursa Malaysia Securities Berhad had notified Sateras Resources
(Malaysia) Berhad on April 7, 2006, of its decision to reject
Sateras' appeal against Bursa Securities' decision to delist its
securities from the Official List of Bursa Securities.  Sateras'
securities were to be accordingly removed from the Official List
of Bursa Securities on April 20, 2006.

On April 17, 2006, Bursa Securities was served with a notice of
application for judicial review by the solicitors of Sateras on
the decision to delist its securities.  The Company also named
the Securities Commission as a co-respondent in its application.

In its application to the High Court in Kuala Lumpur, Sateras
had applied for amongst others, leave to commence proceedings
under the Rules of the High Court 1980 for a judicial review of
the decision to de-list its securities and an order to restrain
Bursa Securities from proceeding with its decision to delist,
pending the disposal of the application for judicial review.

The matter was fixed for hearing by the Court April 19, 2006.  
In view of the short notice, the Court adjourned the hearing and
fixed the matter for mention on April 28, 2006, and in this
respect granted an interim stay of Bursa Securities' decision to
delist pending the disposal of the Application.

In conformity with the order for an interim stay of the Court's
decision, the removal of Sateras' securities from the Official
List of Bursa Securities scheduled on April 20, 2006, will be
deferred pending the disposal of the Application or until
further orders from the Court.

                     About Sateras Resources

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

Sateras has been experiencing losses since 1997 and has negative
shareholders' funds as of the financial year ended March 31,
2002.  Due to the economic turmoil, which hit the country in
1997-1998, the financial condition of the Group worsened and had
never recovered since then.  The Sateras Group was highly geared
with total borrowings of MYR167.04 million as of March 2002.
With the contraction in the property market following the
prolonged weak capital market and the over supply of properties,
the Group's businesses were unable to generate sufficient
revenue and cash flow to service its debts obligations as and
when it fell due since 1998.  The Company filed a Proposed
Restructuring Scheme in 2003 to revive its financial strength
through the injection of profitable and viable assets, providing
the Company's creditors and existing shareholders an avenue to
recover part of their debts or investments.  The primary
objective of the Proposed Debt Settlement is to address its
financial predicament, to rescue the Company from the risk of
being de-listed.  It is also intended to rescue the Company from
the likely event of being wound up or placed under a
receivership due to its inability to meet its financial
commitments.


SUREMAX GROUP: Court Scraps Wind-up Petition on Unit
----------------------------------------------------
On April 18, 2006, the Johor Bahru High Court had struck out the
winding-up petition on Suremax Group's wholly owned unit,
Suremax Builder SDN Bhd filed by Success Eathwork & Construction
SDn BHd and ordered that the costs for the sum of MYR200.00 as
requested by the Official Receiver be borne by the Defendant.

Suremax Builders had been named as respondent in Success
Earthwork's wind-up petition, which was filed with the High
Court on December 30, 2005, and served on the Defendant on
January 23, 2006.

Success Earthworks is asserting a MYRRM41,524.34 claim, being
the outstanding sum as of October 3, 2005, for infrastructure
works and road works at a few projects such as Pinggiran
Senawang Phase RT5, Seri Mambau Phase A1, Seri Mambau Phase A3,
Seri Mambau Phase D1 and Seri Mambau Main infrastructure works.

Success Earthworks, via its solicitor, Messrs. K F Hua &
Partners, had served a Notice pursuant to Section 218 of the
Companies Act, 1965, on Suremax Builders at its registered
office and business office on October 20 and 21, 2005,
respectively.  Suremax Builders, however, failed to pay or
settle the debt on the due date.

Suremax had appointed solicitors on the Winding-Up Petition on
Suremax Builders and negotiated with Success Earthworks to
settle the outstanding amount.

                       About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.  Suremax
Group has suffered substantial losses since 2004.  The Company
is also trying to avert a series of winding up actions against
its subsidiaries.


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

LAFAYETTE MINING: Completes Environmental Safety Safeguards
-----------------------------------------------------------
Lafayette Philippines Inc., a local unit of Australian mining
firm Lafayette Mining, Inc., has complied with all the 18
requirements set by the Environmental Management Bureau, the
Mines and Geosciences Bureau and the Pollution Adjudication
Board on its polymetallic project in Rapu-Rapu, Albay, the
Manila Bulletin reveals.

The Troubled Company Reporter - Asia Pacific reported on
March 28, 2006, that Lafayette Philippines was not cleared to
resume its Rapu-Rapu operations since the Department of
Environment and Natural Resources issued a statement saying that
the Company must first comply with 18 requirements set by the
EMB, the MGB, and the PAB.

A subsequent TCR-AP report said that Lafayette had planned to
reopen its mines in April once it completed all the necessary
conditions required by the Philippine Government.

According to Lafayette Phils. President Caros G. Dominguez, the
Company's new Rapu-Rapu copper plant has installed all measures
needed for environmental safety, and they are awaiting
permission from the Philippine Government to conduct a test run.  
Mr. Dominguez adds the test run will be open to all authorized
and concerned parties, as it would satisfy their questions on
whether the Company has complied with environmental safety
standards or not.

Manila Standard Today reports that, according to Mr. Dominguez,
Lafayette is expected to spend up to PHP320 million annually to
purchase supplies and food from local businesses, so that the
Rapu-Rapu community would also benefit from the Company's
presence.

                    About Lafayette Mining

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, Incorporated.

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.  

The Troubled Company Reporter - Asia Pacific reported on
April 7, 2006, that a fact-finding body created by President
Gloria Macapagal Arroyo in March 2006 to investigate the mining
spills at Lafayette Philippines has sought a one-month extension
on the deadline given to conclude its investigation and report
its findings.  


LEPANTO CONSOLIDATED: Forecasts PHP300-Million Profit for 2006
--------------------------------------------------------------
Lepanto Consolidated Mining Company is slated to report a PHP300
million net profit this year due to rising output and higher
metal prices, the Manila Bulletin says.

According to Lepanto president Bryan Yap, a labor dispute at one
of its mines in Benguet province affected output, causing the
Company to post a PHP410 million net loss for 2005.  However,
Mr. Yap added that they were able to break even in the first
quarter of the year, with production reaching 15,500 ounces for
gold and 20,000 ounces for silver.  The responsive metal market
may contribute to the Company's turnaround this year, he said.

                    About Lepanto Consolidated

Lepanto Consolidated Mining Company --
http://www.lepantomining.com/-- was incorporated primarily to  
be involved in the exploration and mining of gold, silver,
copper, lead, zinc and all kinds of ores, metals, minerals, oil,
gas and coal and their related by-products.  The Company was
incorporated in 1936 and until 1997 was operating an enargite
copper mine.  It shifted to gold bullion production in the same
year through its Victoria Project.  Lepanto operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.  
Lepanto sells its gold bullion production to London's Johnson
Matthey.  Lepanto is now one of the country's top producers of
gold and its by-products, copper and silver.  The Company also
has investments in other areas through its subsidiaries such as
hauling business, diamond drilling business, insurance business,
manufacturing of industrial diamond tools for mining
exploration, marble cutting and the construction industry.     

The Troubled Company Reporter - Asia Pacific reported on
January 27, 2006, that Lepanto Consolidated is working to
recover from a PHP400 billion loss incurred from the past two
years due to labor disputes.


LEPANTO CONSOLIDATED: Negotiates with Firms on Mine Investment
--------------------------------------------------------------
Lepanto Consolidated Mining Company is negotiating with three
foreign firms to invest in its copper and gold mines located in
Benguet province, the Manila Bulletin reveals.

In a disclosure to the stock exchange, the Company stated that
it is in talks with Chinese firm Zijin Mining, Ivanhoe Mines,
Limited of Canada and Anglo-American Exploration Pty Limited for
a possible investment to further develop its Benguet mines,
given the recent increase in metal prices.  

                    About Lepanto Consolidated

Lepanto Consolidated Mining Company --
http://www.lepantomining.com/-- was incorporated primarily to  
be involved in the exploration and mining of gold, silver,
copper, lead, zinc and all kinds of ores, metals, minerals, oil,
gas and coal and their related by-products.  The Company was
incorporated in 1936 and until 1997 was operating an enargite
copper mine.  It shifted to gold bullion production in the same
year through its Victoria Project.  Lepanto operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.  
Lepanto sells its gold bullion production to London's Johnson
Matthey.  Lepanto is now one of the country's top producers of
gold and its by-products, copper and silver.  The Company also
has investments in other areas through its subsidiaries such as
hauling business, diamond drilling business, insurance business,
manufacturing of industrial diamond tools for mining
exploration, marble cutting and the construction industry.     

The Troubled Company Reporter - Asia Pacific reported on
January 27, 2006, that Lepanto Consolidated is working to
recover from a PHP400 billion loss incurred from the past two
years due to labor disputes.


MANILA ELECTRIC: Clients Still Have to Pay Wheeling Fees
--------------------------------------------------------
The industrial and commercial clients of Manila Electric Company
would have to pay wheeling charges to the Company even as they
can opt to get their power needs from independent power
producers, ABS-CBN News relates.

The wheeling charges, which are to be set by the Energy
Regulatory Commission, would still benefit the Company amidst
expectations of lower revenues from a more open power market.

According to the Manila Times, Manila Electric utility economics
vice president Ivanna de la Pena said that they still have to
finalize some details, such as who would handle metering for
power producers that don't have an existing supply agreement
with the Company, before the access plan can be implemented.

Manila Electric proposed the open access plan to reduce the
power costs of its clients that consume one megawatt of
electricity and more.

                    About Manila Electric

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

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


NATIONAL POWER: To Ask Government to Seek Out Loan
--------------------------------------------------
State-owned National Power Corporation may ask the Philippine
Government to seek a US$500 million loan to mature in August
2006, the Manila Times relates, citing the Power Sector Assets
and Liabilities Management Corporation.

According to PSALM president Nieves Osorio, the Company needs
about US$300 million to pay part of its debts that were not
absorbed by the Government, while the remaining US$200 million
would go to a Yankee bond, which it had availed of in 1996.

PSALM has already approved a plan to manage the debt, but
National Power has yet to formally announce any planned loan.  
The Company can borrow up to PHP1.5 billion from the local
market, the Times adds.

Ms. Osorio said that PSALM functions to manage National Power's
debt, to ensure that the Company will be able to pay its debts
that are due to mature on time.  She added that they are mulling
another loan or floating bonds in order to repay National
Power's debts.

                    About National Power

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

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

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

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that National power posted a PHP16 million profit
for the first time in seven years, on the Energy Regulation
Commission's approval of a rate increase, the use of an improved
fuel mix and better fuel prices.


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

DIGILAND INTERNATIONAL: Inks Settlement Deal with Avant Werx
------------------------------------------------------------
To resolve the dispute with Avant Werx Pte Ltd amicably and to
prevent further legal costs,  Digiland International Limited
entered into a settlement agreement with Avant Werx on April 19,
2006, for the full and final settlement of all claims and
counterclaims that the parties may have against each other
arising from their distributorship agreement dated February 17,
2005.

Under the Settlement Agreement:

   -- Digiland will pay Avant Werx SG$85,000 in full and final
      settlement of all claims that Avant Werx has or may have
      against the Company in respect of the Distribution
      Contract;

   -- both parties will withdraw their claim and counterclaim
      in the relevant suit in the High Court of the Republic
      of Singapore with no order as to costs upon the receipt
      of the payment amount; and

   -- the Contract will be rescinded with effect from
      February 17, 2005, and neither the Company nor Avant
      Werx will have any claim against the other in respect of
      the rescission.

              About Digiland International Limited

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The Company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from continuous losses, the Company's
subsidiaries have also been bombarded by wind-up petitions.


DIGILAND INTERNATIONAL: Mulls Renounceable Rights Issue
-------------------------------------------------------
Digiland International Limited unveiled a proposed renounceable
non-underwritten rights issue of up to 696,296,013 new ordinary
shares in the Company, at an issue price of SG$0.005 for each
Rights Share with up to three free detachable warrants, on the
basis of one Rights Share with three Warrants for every 10
Shares held by Entitled Shareholders as at a books closure date
to be determined by the directors of the Company, fractional
entitlements to be disregarded.  Each Warrant will carry the
right to subscribe for one new Share.

The Rights Issue has been proposed to raise funds for the
working capital of the Company.

The minimum and maximum estimated net proceeds from the Rights
Issue are expected to be approximately SG$2.28 million and
SG$3.23 million before the exercise of the Warrants.

If all the Warrants are exercised, the estimated gross proceeds
arising from such exercise of Warrants will range from
SG$15,204,930 and SG$20,888,880.

The Company intends to use the net proceeds from the Rights
Issue and the eventual exercise of the Warrants, if any, for the
Company's working capital. Pending the deployment
of the proceeds for the purpose mentioned above, such proceeds
may be deposited with banks or financial institutions, invested
in short-term money markets or marketable securities or used for
any other purpose on a short-term basis as the directors of the
Company may deem fit.

A full-text copy of the announcement is available for free at:

  http://bankrupt.com/misc/tcrap_digilandinternational042006.pdf  

              About Digiland International Limited

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The Company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affcted by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from continuous losses, the Company's
subsidiaries have also been bombarded by wind-up petitions.


FHTK HOLDINGS: Extraordinary General Meeting Slated for May 5
-------------------------------------------------------------
An Extraordinary General Meeting of FHTK Holdings Ltd will be
held at 20 Harbour Drive #06-02 PSA Vista, in Singapore, on
May 5, 2006, at 4:00 p.m.

At the meeting, members will be asked to consider, and if
thought fit, pass these three ordinary resolutions:

   (1) That the Company enter into option agreements dated
       January 11, 2006, and April 17, 2006, for the grant of
       options to the investors to subscribe for an aggregate
       of 26 million new ordinary shares in the capital of the
       Company at a subscription price of SG$0.005 for each new
       share;

   (2) That the renounceable non-underwritten rights issue of up
       to 4,923,852,668 new shares be approved and the Board of
       Directors be authorized to provisionally allot and issue
       up to 4,923,852,668 Rights Shares at an issue price of
       SG$0.005 each on the basis of four Rights Shares for
       every one existing Share held by shareholders of the
       Company; and

   (3) That the Board of Directors be authorized to aggregate
       and allot the entitlements to the Rights Shares not taken
       up or allotted for any reason or which represent
       fractional entitlements disregarded in accordance with
       the terms of the Rights Issue to:

       -- the investors up to the aggregate value of the
          principal sum of SG$6.5 million and interest accrued
          as repayment of the loans in full or partially on a
          proportionate basis, depending on the level of
          acceptances received for the subscription of the
          Rights Shares;

       -- creditors of the Company who are agreeable to accept
          the Rights Shares as repayment of the debts owed to
          them by the Company; and

       -- any investors who propose to invest in the Company and
          who are unrelated to the Directors or substantial
          Shareholders of the Company.

                   About FHTK Holdings Limited

FHTK Holdings Limited - http://www.fhtk.com.sg/-- distributes  
fruits and agricultural products such as apples, banana,
nectarines, pears and peaches through its own SunMoon brand.  
The Company's agricultural products division distributes fresh
garlic as well as manufactures dehydrated garlic and onion
products.  The Group currently leases and manages 18 plantations
and totaling 1,630 hectares in the Shandong province in China.

The Company currently owes 11 separate trade creditors in China
a total of SGD2.8 million.  The individual debts range from
SGD85,000 to SGD668,000, and were incurred separately over a
period of time.  The creditors have taken separate legal actions
against the Company.


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

EASTERN PRINTING: SET Grants Securities Listing
-----------------------------------------------
After finishing capital increase procedures, the Stock Exchange
of Thailand finally allowed the posting of Eastern Printing
Public Company Limited's securities starting April 21, 2006.

However, SET has not yet allowed Eastern Printing to trade all
its securities until the Company returns to its former sector.

Details of the Company's capital are:

   Issued and Paid-Up Capital
      Old: THB1,194,965,760
      Number of common stock : 298,741,440 shares
      New: THB1,546,230,604
      Number of common stock: 386,557,651 shares
   Par value: THB4 per share
   Allocate to: Financial Creditors warrants 87,816,211 units
                convert to 87,816,211 shares of common stock
   Exercise Ratio: 1 warrant: 1 ordinary share
   Exercise Price: THB0 per share
   Exercise Date: March 31, 2006

                          *     *     *

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

After suffering a THB1.33 billion capital deficit and a
THB276.25 million, the Company was placed under rehabilitation
since January 17, 2002 with EPCO Management Company Limited as
Plan Administrator.  In a December 27, 2005 company release, the
Company stated that it has met all of its obligations under the
rehabilitation plan, and that the Plan Administrator has
petitioned Thailand's Central Bankruptcy Court seeking to exit
rehabilitation.
  
As of March 29, 2006, the Company remains to be listed under the
REHABCO, or Companies Under Rehabilitation, sector.


THAI PROPERTY: Will Not Pay 2005 Dividends Due to Losses
--------------------------------------------------------
At an ordinary general meeting of Thai Property Public Company
Limited's shareholders, it was agreed that the Company will not
pay dividends to the shareholders for the performance results of
the fiscal year 2005 due to accumulated losses.

Moreover, the shareholders agreed at the meeting to re-elect
retiring directors Vitavas Vibhagool, Chalermchon Boobphachum,
Likit Somnuantard and Clive Wall for another term.

The Board of Directors currently has 11 members:

    1. Seri Wongmonta -- Director
    2. Clive Wall -- Director
    3. Visanu Varnapruk -- Director
    4. Sombat Bovornsombat -- Director
    5. Seree Tiyavutrochanakul -- Director
    6. Chainid Ngow-sirimanee -- Director
    7. Vitavas Vibhagool -- Managing Director
    8. Chalermchon Boobphachum -- Director
    9. Surin Pholyasrisawat -- Director and Audit Committee
                               Chairman
   10. Supoj Siripornlertkul -- Director and Audit Committee
                                Member
   11. Likit Somnuantard -- Director and Audit Committee Member

The shareholders also approved the appointment Ernst & Young
Office Limited as the auditors of the Company for the fiscal
year 2006, for another term, and fixing the remuneration of the
auditors in the amount not exceeding THB670,000.

Furthermore, it was decided that the Company will issue and
offer bonds convertible into ordinary shares in the amount not
exceeding THB400 million.

It was also resolved that the Company will increase its
registered capital by THB1,000,000, from the existing amount of
THB2,009,000,000 to THB3,009,000,000, by issuing 100,000,000 new
ordinary shares, par value of THB10 per share, with all of the
newly issued ordinary shares to be reserved to accommodate
the conversion of the Convertible Bonds.

                       About Thai Property

Thai Property Public Company Limited was formerly known as
Rattana Real Estate Public Company Limited.  The Company
develops real estate for sale and rental including residential,
commercial, and office buildings.

The economic crisis, which occurred in 1997, significantly
affected the various business sectors, especially the real
estate development sector.  This led Thai Property to suspend
its real estate development project in 1997, and as a result,
the Company had consistently suffered operating losses and has a
significant capital deficit.  The Company also faces liquidity
problems, and has been unable to fulfill the conditions of
various loan agreements and to repay its debts to its creditors.

In 2003, Thai Property had successfully concluded negotiations
with most of its lenders and creditors to restructure the
conditions and the repayment of its debts.  The remaining parts
of its debts are subject to ongoing repayments, which the
Company believes will be concluded successfully.

On August 16, 2002, Thai Property entered into a reciprocal
agreement with a new investor, Great China Millennium (Thailand)
Company Limited, to continue its real estate development
project.  The agreement stipulates certain conditions, which the
Company and the new investor must comply.

In the first quarter of 2003, the Company completed its
obligations as stipulated under the agreement, and the new
investor had also fulfilled most of its obligations under the
agreement, such as making significant progress with construction
of the project buildings, the provision of loans to the Company
and payment of remuneration.  However, in July 2005,
remuneration of THB150 million was due under the agreement and
the new investor intended to offset such remuneration against
part of the loan balance of THB509 million it had provided to
the Company.  The new investor has not been able to offset the
amounts because of certain conditions under the Company's short-
term loan agreement.

The Company is confident that the new investor will be able to
fulfill all of its remaining obligations under the reciprocal
agreement.  The financial statements under the latest financial
report have been prepared on a going concern basis, assuming
that the realization of assets and settlement of liabilities and
obligations will occur in the ordinary course of business of the
Company without any expectation of significant disruption to the
ongoing activities.


* 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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Francis Chicano, Ma. Cristina Pernites-Lao,
Erica Fernando, Reiza Dejito, Freya Natasha Fernandez, and Peter
A. Chapman, Editors.

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