TCRAP_Public/060425.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, April 25, 2006, Vol. 9, No. 081


                            Headlines



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

A.&B. SURFACE: Set to Declare Dividend Today
ABATH HOLDINGS: Court Issues Wind-up Order
APSEN PTY: Members Opt for Liquidation
AUR SERVICES: Enters Voluntary Liquidation
AWB LIMITED: Acting CEO Resigns

AWCON PTY: Decides to Close Operations
BICUKU PTY: Members and Creditors to Convene in Final Meeting
BRAYBROS GRAZING: Liquidator Set to Distribute Assets
CO-BUILD AUSTRALIA: Placed in Voluntary Liquidation
GARNET REEF: Appoints D. J. Hambleton as Liquidator

GREG ANNING: To Hold Final Meeting Today
KORGITTA AND HENNINGS: Prepares to Pay Dividend to Creditors
LUST NOMINEES: Members to Receive Wind-up Report Today
MACQUARIE REALTY PTY: Creditors OK Liquidators' Appointment
MULTIPLEX GROUP: Cleveland Damage Action Hearings Begin Today

PATRICIA NOMINEES: Placed Under Voluntary Liquidation
RAPID JOINTING: Liquidator Explains Wind-up to Members
RRAP INVESTMENTS: Receivers Step Aside
SIMPLEXITY PTY: Court Issues Wind-up Order
STOCKTON HILL: Members Agree to Shut Down Business

TABLELAND PASTURES: Discontinues Business Operations


C H I N A   &   H O N G  K O N G

ADP WILCO: Chan Ceases to Act as Liquidator
BATEY BURN: Creditors Given Until May 19 to Prove Claims
CENTALIC PCB: Creditors Given Until May 12 to Prove Claims
CHINA SOUTHERN: To Sell Old Planes for CNY100 Mln
CITY FULL: Creditors Meeting Slated for May 26

FORM PASS: Creditors to Meet on May 3
HANAL LIMITED; Creditors' Proofs of Claims Due on May 22
HONOUR FUTURES: Receiving Proofs of Debts Until May 22
K-S SHIPPING: Liquidator Set to Present Wind-up Report
KGE INVESTMENT: Creditors to Prove Debts by May 22

MOULIN GLOBAL: Liquidators Decide no to Procure Deposit of Stock
NEW WORLD TRAVEL: To Receive Proofs of Debts Until May 31
NIPPON KANKO: Liquidator Relinquish Post
QUICK REACH: Creditors' Proof of Debts Due on May 21
SHEUNG HOI: Receives Bankruptcy Order

SWEETMART INTERNATIONAL: Sets Creditors, Contributories Meetings
TOP STAR: Commences Winding Up Process
TULLETT LIBERTY: Creditors Given Until April 27 to Prove Claims
WINSCOVE COMPANY: Members Final Meeting Set on May 22
WORLD CARNIVAL: Set to Close Business


I N D I A

DUNLOP INDIA: Re-opens Sahagunj Plant After Five Years
DUNLOP INDIA: May Restart Aero-tire Business
* State Oil Firms to Get INR802-crore Subsidy Relief


I N D O N E S I A

ARPENI PRATAMA: Fitch Assigns BB- IDR Rating
PERTAMINA: Forges Alliance With SK Corporation


J A P A N

AIFUL CORPORATION: Suspension to Have Slight Impact, Fitch Says
EHOMES INCORPORATED: President Faces Raps for Faking Accounts
KANEBO LIMITED: Stockholders Seek to Stop Planned Unit Sale
MITSUBISHI MOTORS: Australian Unit Cuts Daily Output


K O R E A

HYUNDAI MOTOR: Chief Grilled Over Graft Allegations
LG CARD: UK's HSBC, StanChart and Barclays Join Bidding Race
LG CARD: Woori Financial Drops Purchase Bid
YOUNG CHANG: Chapter 15 Petition Objections Due on May 16


M A L A Y S I A

AFFIN HOLDINGS: Lists Employees' Share Option Scheme Shares
APEX EQUITY: Mulls Renewal of Shareholders' Mandate
ASIAN PAC: Lists Additional Shares Today
AVANGARDE RESOURCES: Bourse to Delist Securities on May 4
AYER MOLEK: Inks Share and Purchase Deal with Bintang-Bintang

MALAYSIA AIRLINES: Bags Skytrax Excellence Award
MBF HOLDINGS: Appoints Independent Adviser for Impact Offer
MBF HOLDINGS: Court to Hear Judgment Application Appeal May 22
PAN MALAYSIA: Pays MYR56,435 for 140,000 Shares
POLYMATE HOLDINGS: Faces Possible Delisting

SELANGOR DREDGING: Unit Hikes Equity Interest in Aussie Firm
TELEKOM MALAYSIA: 21st AGM Slated for May 16
TELEKOM MALAYSIA: Intends to Pay Divided to Shareholders


P H I L I P P I N E S

LIGHT RAIL: Controlled Spending Leads to First-Time Net Profit
UNIVERSAL ROBINA: Factory Shuts Down on Clean Air Act Violations


S I N G A P O R E

DIGILAND INTERNATIONAL: Completes Investment Deal With Dr. Yong
GAMERS' REALM: Corwin Initiates Bankruptcy Action
GREATRONIC LIMITED: To Hold Annual General Meeting on April 28
S&I PTE: Placed in Members' Voluntary Wind-up
S&I PTE: Creditors Must Prove Debts by May 13

VERTEX INVESTMENT: Creditors' Proofs of Claims Due on May 22
ZHEN MING: Faces Bankruptcy Proceedings


T H A I L A N D

PREMIER ENTERPRISE: Shows Report to Return to Normal Industry
SRITHAI FOOD: SET's posted SP Sign Against the Company
TANAYONG: Posts THB186 Million Net Loss for December Quarter

     - - - - - - - -

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

A.&B. SURFACE: Set to Declare Dividend Today
--------------------------------------------
A.& B. Surface Treatment Pty Limited will declare a first and
final dividend today, April 25, 2006.

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


ABATH HOLDINGS: Court Issues Wind-up Order
------------------------------------------
On February 24, 2006, the Federal Court of Australia ordered the
wind-up of Abath Holdings Pty Limited, and nominated Stuart
Ariff to act as liquidator.

Contact: Stuart Ariff
         Liquidator
         Stuart Ariff Insolvency Administrators
         Level 2, 21 Bolton Street
         Newcastle, New South Wales 2300
         Australia
         Telephone: (02) 4929 7880
         Fax: (02) 4929 7882
         e-mail: office@sariff.com.au
         Web site: http://www.sariff.com.au/


APSEN PTY: Members Opt for Liquidation
--------------------------------------
At a general meeting of Apsen Pty Limited on March 9, 2006,
members agreed that it is in the Company's best interests to
wind up its operations.

Contact: Paul Laurance
         Director
         c/o RSM Bird Cameron Partners Chartered Accountants
         8 St. Georges Terrace, Perth
         Western Australia 6000
         Australia
         Telephone: (08) 9261 9100
         Fax: (08) 9261 9340


AUR SERVICES: Enters Voluntary Liquidation
------------------------------------------
Members and creditors of AUR Services Pty Limited held a meeting
on January 24, 2006, and agreed to close the Company's business.

The Company will declare its first and final dividend on May 28,
2006, to the exclusion of its creditors who were not able to
prove their claims.

Contact: Mark Pearce
         Liquidator
         c/o Pearce & Heers Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone: 07 3221 0055

  
AWB LIMITED: Acting CEO Resigns
-------------------------------
AWB Lmited's acting chief executive officer Peter Polson has
stepped down after three months of serving in the position.

Mr. Polson has relinquished the role to concentrate on his other
business interests, ABC News Online relates, citing a statement
from the Company to the Australian Stock Exchange.  However, he
will remain as a director of AWB's board.

AFX News Limited recounts that Mr. Polson was appointed in an
acting capacity as CEO after Andrew Lindberg resigned on
February 9, 2006, as a government-commissioned inquiry
investigated allegations that AWB breached United Nations
sanctions by paying almost AU$300 million in kickbacks to Iraq,
through the UN's oil-for-food program, between 1996 to 2003.

Mr. Polson's resignation, according to AFX News, is the latest
in a series of resignations of senior AWB executives since a UN
report released in October 2005 accused the Company of paying
the bribes to then Iraqi President Saddam Hussein's regime.

Dow Jones Newswires says that Brendan Stewart will continue as
executive chairman until the appointment of a new CEO.

ABC News cites Chris Kellock from the Eastern Wheatgrowers Group
as stating that Mr. Polson's departure highlights the unease
within senior management at AWB.  He said that they have seen
the two AWB secretaries resign over the past week and that it is
"extremely worrying signs for grain growers," as it "points to
the fact that AWB is in crisis mode, and the Government has no
choice but to allow other companies to market our grain."

The Troubled Company Reporter - Asia Pacific reported that the
monopoly wheat exporter's two company secretaries, Richard
Fuller and Jim Cooper, have resigned, effective April 12, 2006.

                           About AWB  

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

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.


AWCON PTY: Decides to Close Operations
--------------------------------------
The members and creditors of Awcon Pty Limited convened on
March 10, 2006, and concurred that the Company should wind up
its operations voluntarily.

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


BICUKU PTY: Members and Creditors to Convene in Final Meeting
-------------------------------------------------------------
Members and creditors of Bicuku Pty Limited will hold a final
meeting on April 26, 2006, at 10:00 a.m., to get an account of
the manner of the Company's wind-up and property disposal from
Liquidator Peter P. Krecji.

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


BRAYBROS GRAZING: Liquidator Set to Distribute Assets
-----------------------------------------------------
At a general meeting on March 10, 2006, the members of Braybros
Grazing Company Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.

Garry Buswell was named as liquidator to manage the Company's
wind-up activities.

Contact: Garry Buswell
         Royal Cornell & Company Pty Limited
         4th Floor, 14-16 Victoria Avenue
         Perth, Western Australia 6000
         Australia


CO-BUILD AUSTRALIA: Placed in Voluntary Liquidation
---------------------------------------------------
The members and creditors of Co-Build Australia Pty Limited held
an extraordinary general meeting on March 15, 2006, and agreed
to:

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

     -- appoint Joseph Loebenstein as liquidator for the
        wind-up.

Contact: Joseph Loebenstein
         Liquidator
         Loebenstein Insolvency Services Pty Limited
         203 Balaclava Road, Caulfield North
         Victoria 3161, Australia


GARNET REEF: Appoints D. J. Hambleton as Liquidator
---------------------------------------------------
Creditors of Garnet Reef Pty Limited held a meeting on March 7,
2006, and agreed on the Company's need to liquidate.  

Subsequently, D. J. Hambleton was named as liquidator for the
wind-up.

Contact: D. J. Hambleton
         Liquidator
         Level 9, 46 Edward Street,
         Brisbane, Queensland 4000
         Australia


GREG ANNING: To Hold Final Meeting Today
----------------------------------------
A final meeting of Greg Anning & Associates Pty Limited will be
conducted today, April 25, 2006.

At the meeting, Liquidator Danny Vrkic will present his final
accounts regarding the Company's wind-up operations.

Contact: Danny Vrkic
         Liquidator
         Jirsch Sutherland & Co - Wollongong
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone: 02 4225 2545
         Fax: 02 4225 2546


KORGITTA AND HENNINGS: Prepares to Pay Dividend to Creditors
------------------------------------------------------------
At a general meeting on March 13, 2006, the members of Korgitta
and Hennings Pty Limited agreed to shut down the Company's
operations.

The Company will declare its first and final dividend today,
April 25, 2006.  Creditors who were not able to prove their
claims are excluded from the benefit of the dividend.

Contact: Danny Vrkic
         Liquidator
         Jirsch Sutherland & Co - Wollongong Chartered
         Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone: (02) 4225 2545
         Fax: (02) 4225 2546


LUST NOMINEES: Members to Receive Wind-up Report Today
------------------------------------------------------
The members of Lust Nominees Incentive Pty Limited will convene
today, April 25, 2006, to receive Liquidator Andrew McLellan's
account regarding the Company's completed wind-up and disposal
of the Company's property.

Contact: Andrew McLellan
         Liquidator
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


MACQUARIE REALTY PTY: Creditors OK Liquidators' Appointment
-----------------------------------------------------------
Members of Macquarie Realty Pty Limited convened on February 21,
2006, to voluntarily wind up the Company's operations.

P. Ngan and G. Parker were then appointed as joint and several
liquidators.  Company creditors confirmed the liquidators'
appointment at a creditors' meeting held later that day.

Contact: P. Ngan
         G. Parker
         Joint and Several Liquidators
         Ngan & Co. Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


MULTIPLEX GROUP: Cleveland Damage Action Hearings Begin Today
-------------------------------------------------------------
Hearings on the Multiplex Group's lawsuit against its former
steel subcontractor Cleveland Bridge UK will begin today,
April 25, 2006.  The hearings will be conducted by a London
Court.

Multiplex has commenced the action against Cleveland Bridge to
prove that some of the delay problems at its Wembley Stadium
Project in London were not entirely its fault, the Sydney
Morning Herald reports.

According to the Australian, Multiplex hopes to gain some moral
and reputational satisfaction from its legal battle with
Cleveland.

Through the lawsuit, Multiplex is seeking GBP38 million in
damages from Cleveland.  Cleveland, meanwhile, is countersuing
Multiplex for GBP22 million.

According to The Australian, the dispute between Multiplex and
its subcontractor erupted in August 2004 when Cleveland, which
was supposed to build the Wembley Stadium's gigantic feature
arch, walked off the job over unpaid bills.

Cleveland's departure forced Multiplex to look for a new
contractor.  The group eventually took Hollandia to complete the
arch and was unable to secure a fixed-price contract, leading to
huge cost blow-outs on the project.

The Age recounts that by that time, significant delays had
already occurred.  Multiplex blames these delays to Cleveland's
allegedly defective work.

However, as reported in the Troubled Company Reporter - Asia
Pacific on March 1, 2006, Cleveland ridge had claimed that
Multiplex withheld payments, and that supply of the wrong grade
of concrete for arch footings by another Multiplex
subcontractor, P.C. Harrington, was the cause of delays to the
arch in 2004.  Cleveland bundled its court action against
Multiplex and P.C. Harrington, seeking over GBP30 million in
aggregate damages, into one case.

The Sydney Herald adds that Cleveland claims Multiplex revalued
the steel contractor's work by deducting about GBP14 million
from its account and failed to make a previously agreed payment
of GBP1.25 million.

Multiplex and Cleveland are now claiming that the other breached
its contract.

The TCR-AP stated that Multiplex's total losses from the delayed
Wembley Project have since exceeded AU$400 million.  The Stadium
was due to be completed in January 2006 and delays have meant
that the May 2006 final of Britain's FA Cup will have to be held
at Cardiff's Millennium Stadium instead.

                        About Multiplex

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


PATRICIA NOMINEES: Placed Under Voluntary Liquidation
-----------------------------------------------------
At a general meeting on March 8, 2006, the members of Patricia
Nominees Pty Limited resolved to close the Company's business
operations.

Oren Zohar and Brian McMaster were appointed to manage the
Company's wind-up activities.

Contact: Brian McMaster
         Oren Zohar
         Liquidators
         KordaMentha
         Level 11, 37 St. Georges Terrace
         Perth, Western Australia
         Australia


RAPID JOINTING: Liquidator Explains Wind-up to Members
------------------------------------------------------
A final meeting of the members of Rapid Jointing Pty Limited
will be held today, April 25, 2006, for the parties to receive
Liquidator Susan Carter's final account showing how the Company
was wound up and how its property was disposed of.

Contact: Susan Carter
         Liquidator
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia
         Web site: http://www.worrells.net.au/


RRAP INVESTMENTS: Receivers Step Aside
--------------------------------------
On March 14, 2006, Trevor Mark Pogroske and P. A. Billingham
ceased to act as the joint and several receivers and managers of
RRAP Investments Pty Limited.


SIMPLEXITY PTY: Court Issues Wind-up Order
------------------------------------------
On March 8, 2006, the Federal Court of Australia issued a
winding up order against Simplexity Pty Limited, and appointed
Steven Nicols to act as liquidator.

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


STOCKTON HILL: Members Agree to Shut Down Business
--------------------------------------------------
At a meeting held on March 6, 2006, members of Stockton Hill
Mines Limited concurred that the Company must voluntarily
commence a wind-up of its operations.

Jonathan Paul McLeod of McLeod & Partners was nominated as
liquidator to manage the wind-up activities.


TABLELAND PASTURES: Discontinues Business Operations
----------------------------------------------------
At Tableland Pastures Pty Limited's general meeting on Feb. 28,
2006, members agreed that it is in the Company's best interests
to liquidate its operations.

Rowan Fergus Bell was appointed to oversee the wind-up.

Contact: Rowan F. Bell
         Liquidator
         48 Grevillea Street, Biloela
         Queensland 4715, Australia


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

ADP WILCO: Chan Ceases to Act as Liquidator
-------------------------------------------
Chan Sek Kwan, former Liquidator of ADP Wilco Processing
Services Ltd, has ceased to act in behalf of the Company on
April 12, 2006.


BATEY BURN: Creditors Given Until May 19 to Prove Claims
--------------------------------------------------------
Batey Burn (Indochina) Limited will be receiving creditors'
proofs of debt on or before May 19, 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 to share in any distribution the Company will make.  

Contact: Leong Ting Kwok, David
         Joint & Several Liquidator
         26th Floor, Citigroup Centre
         18 Whitfield Road
         Causeway Bay
         Hong Kong


CENTALIC PCB: Creditors Given Until May 12 to Prove Claims
----------------------------------------------------------
Centalic PCB Services Limited will be receiving creditors'
proofs of debt until May 12, 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 to share in any distribution the Company will make.  

Contact: Lee Pak Yin Lawrence
         Liquidator
         6B, Cameron Plaza
         23 Cameron Road
         Tsishatsui, Kowloon
         Hong Kong


CHINA SOUTHERN: To Sell Old Planes for CNY100 Mln
-------------------------------------------------
Loss-making China Southern Airlines plans to sell 11 of its old
Boeing MD-82 aircraft for a total of CNY100 million, as part of
its effort to counter rising oil prices that almost doubled its
fuel bills in 2005, The South China Morning Post relates.

The airline said higher jet fuel prices and fierce competition
among domestic airlines influenced its decision to sell its
planes.

The airline, however, still plans to expand its fleet over the
next two years, spending CNY21 billion to buy new aircrafts with
greater fuel efficiency, according to Company director Xu Jiebo.

The carrier aims to boost revenue by increasing its market share
in Beijing airport to 25% from 18% over three years.

About China Southern Airlines

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.  As of June 30, 2005, the company operated 498 routes,
of which 399 were domestic, 73 were international, and 26 were
Hong Kong routes.  It operated a fleet of 242 aircraft
comprising 136 Boeing aircraft and 56 Airbus aircraft with an
average of 7,929 scheduled flights per week serving 134 cities,
as of the above date. The company was founded in 1995 and is
headquartered in Guangzhou, the People's Republic of China.  
China Southern Airlines Company Limited is a subsidiary of China
Southern Air Holding Company.

In July 2005, Xinhua Far East China Credit Ratings downgraded
the domestic currency issuer credit rating of China Southern
Airlines Ltd from BBB to BB+.  The downgrade is prompted by
Xinhua Far East's concerns that it will be very challenging for
CSA to turn around its operations and significantly reduce its
high financial gearing amid soaring jet fuel costs (see chart 1)
and intensifying competition in China's aviation market.  As
such, it will be difficult for the Company to restore its credit
profile that is commensurate with the requirements of an
investment grade rating.

The Company has reported after tax net loss since financial year
2003 and it has recently announced a profit warning that it
expected to continue to report a net loss for the first half of
2005.  At the same time its peers Air China Ltd and China
Eastern Airlines Ltd managed to rebound from setbacks by SARS in
2003 and became profitable in 2004.

While CSA's acquisitions of regional airlines in 2004 reinforced
its position as the largest airline in China with the most
extensive domestic routing network, the acquisitions brought
about substantial rise in debts and financial leverage, and
dragged down its operating efficiency.  Including the
liabilities under financial leases, the Company's total debt
increased from CNY18.9 billion in 2003 to CNY35.3 billion in
2004, and further up to CNY40.5 billion as at end of first
quarter of 2005.  Correspondingly, its total debt to total
capital ratio exhibited a rising trend, from 58.2% in 2003, to
71.8% in 2004 and to 74.5% as at March 31, 2005.

Despite the sharp rise in revenues by organic growth and
acquisitions, soaring jet fuel costs have considerably eroded
CSA's profitability.  It is noteworthy that prevailing
regulatory framework hinders CSA from fully and immediately
transferring the hikes in fuel costs to the passengers in
domestic routes.  Furthermore, the progressive liberalization of
China's domestic air transportation fuels increasing competition
among domestic airlines and consequently constrains airlines'
flexibility to increase airfares.  Thus, even though CSA's
extensive domestic network enables it to enjoy the burgeoning
growth potentials in domestic aviation, its large exposures to
domestic routes makes it more vulnerable to increases in fuel
price.

Under the backdrop of above operating challenges and a CNY11.8
billion capital commitment to procure 33 new aircrafts and
equipment during 2005 - 2007, it will be difficult for CSA to
generate adequate cash flow to reduce its large debt burdens in
next few years.

Xinhua Far East acknowledged that the Company's strategic
importance to China's aviation industry and economic development
would warrant government support, which has been proven during
the SARS crisis in 2003.  In Xinhua Far East's opinion, such
support against contingency mitigates the liquidity pressure on
the Company and is already factored into Company's ratings.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the Chinese carrier posted a net loss of CNY1.85 billion
for 2005 versus a net loss of CNY48 million a year earlier.  
However, the Company's operating expenses increased 72% to CNY39.6
billion in 2005 from CNY23 billion in 2004.  


CITY FULL: Creditors Meeting Slated for May 26
----------------------------------------------
Creditors of City Full (China) Ltd will meet at 5th Floor,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong
on May 26, 2006, at 11:00 a.m.      

The meeting will be held pursuant to Section 241 of the Hong
Kong Companies Ordinance.

Creditors may either vote in person or by proxy.  Forms of proxy
must be lodged not later than 12:00 p.m. on May 25, 2006, at the
place of the meeting.


FORM PASS: Creditors to Meet on May 3
-------------------------------------
Creditors of Form Pass Sanki Ltd will meet at 805 Capitol
Centre, 5-19 Jardine's Bazaar, Causeway Bay, Hong Kong on May 3,
2006, at 11:00 a.m.

The meeting will be held pursuant to Section 241 of the Hong
Kong Companies Ordinance.

Creditors may either vote in person or by proxy.  Forms of proxy
must be lodged not later than 4:00 p.m. on May 2, 2006, at the
place of the meeting.


HANAL LIMITED; Creditors' Proofs of Claims Due on May 22
--------------------------------------------------------
Liquidator Lam Ying Sui is asking the creditors of  Hanal
Limited to submit their proofs of claims on or before May 22,
2006.

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

Contact: Lam Ying Sui
         Liquidator
         Rooms 1003-1005
         Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


HONOUR FUTURES: Receiving Proofs of Debts Until May 22
------------------------------------------------------
Creditors of Honour Futures Limited are required to send in
their proofs of debts to Liquidator Bernard Pun Wing Mou on or
before May 22, 2006.

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

Contact: Bernard Pun Wing Mou
         Liquidator
         45th Floor, Sun Hung Kai Centre
         30 Harbour Road, Hong Kong


K-S SHIPPING: Liquidator Set to Present Wind-up Report
------------------------------------------------------
A final meeting of the members of K-S Shipping Limited will be
held for them to receive Liquidator Rainier Lam Hok Chung's
final account showing how the Company was wound up and how its
property was disposed of.

Through a special resolution, the members will also consider the
manner by which the Company's books, accounts and documents of
the Company shall be disposed of.

The meeting will be held at 20/F., Prince's Building, Central,
Hong Kong on May 23, 2006, at 10:00 a.m.

Contact: Rainier Hok Chung Lam
         Joint and Several Liquidator
         22/F., Prince's Building
         Central, Hong Kong


KGE INVESTMENT: Creditors to Prove Debts by May 22
--------------------------------------------------
Creditors of KGE Investment (H.K.) Ltd are required to prove
their debts before Liquidator Chan Sek Kwan Rays or risk being
excluded from sharing in any distribution the Company will make.

Contact: Chan Sek Kwan Rays
         Liquidator
         Unit G, 12/F., Seabright Plaza
         9-23 Shell Street, Hong Kong


MOULIN GLOBAL: Liquidators Decide no to Procure Deposit of Stock
----------------------------------------------------------------
Roderick Sutton and Desmond Chiong, provisional liquidators of
chapter 15 petitioner Moulin Global Eyecare Holdings, Ltd., have
advised United States Bankruptcy Court for the Northern District
of California that they have decided not to procure the deposit
of any stock of ECCA Holdings Corporation.

The Liquidators explained that the sole purpose of the stock
deposit was to trigger a stay the prosecution of certain alleged
claims against them to the extent they were acting as officers
or directors of non-debtor entities.  Mr. Sutton and Mr. Chiong
do not consider it appropriate to procure the deposit of the
stock held by Offer High Investments Limited, at the expense of
Offer High, the other Moulin entities and their respective
creditors, in order to obtain a stay of the Removed Action
against them individually for alleged personal liability as
officers and directors.

Mr. Sutton and Mr. Chiong also said that the deposit of the
stock would not bar or stay the Removed Action against the non-
debtor entities and thus they would receive no benefit from the
deposit.  

The Provisional Liquidators believe that each of these two
reasons is sufficient by itself as a reason for not making the
deposit.

Contact: Patricia S. Mar
         Adam A. Lewis
         Morrison & Foerster LLP
         Attorneys for Petitioner
         425 Market Street
         San Francisco, California 94105-2482
         Telephone: 415.268.7000
         Facsimile: 415.268.7522


NEW WORLD TRAVEL: To Receive Proofs of Debts Until May 31
---------------------------------------------------------
New World Travel (GSA) Ltd will be receiving creditors' proofs
of debts on or before May 31, 2006.

Creditors are requested to send in their particulars Liquidator
Ching Chi Pang on or before the due date or be excluded from
sharing in any distribution the Company will make.

Contact: Ching Chi Pang
         Liquidator
         C/O Leslie Cheng & Co
         Room 1428 New World Tower
         18 Queens Road Central,
         Hong Kong


NIPPON KANKO: Liquidator Relinquish Post
----------------------------------------
Ip Yin Wah, former Liquidator of Nippon Kanko Tours Ltd, ceased
to act in behalf of the Company on March 13, 2006.

The Troubled Company Reporter - Asia Pacific reported that the
members of Nippon Kanko Tours Limited on February 20, 2006, held
a final meeting to receive the accounts of the Liquidator
showing the manner in which the winding-up of the Company has
been conducted and its property disposed of.

Contact: Ip Yin Wah
         Liquidator
         Room 1603, 16/F
         Nam Wo Hong Building
         148 Wing Lok Street
         Sheung Wan
         Hong Kong  


QUICK REACH: Creditors' Proof of Debts Due on May 21
----------------------------------------------------
Liquidator Li Man Wai is asking the creditors of Quick Reach
Trading and Transportation Ltd to prove their debts by May 21,
2006.

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

As reported by Troubled Company Reporter - Asia Pacific on March
22, 2006, the creditors of Quick Reach Trading And
Transportation Limited on April 7, 2006 resolved to wind up the
Company's operations.

Contact: Li Man Wai
         Room 1001, 10th Floor
         Tai Yau Building
         181 Johnston Road, Wanchai
         Hong Kong


SHEUNG HOI: Receives Bankruptcy Order
-------------------------------------
Sheung Hoi Shue Kung Lee Fat Co. was issued a bankruptcy order
on April 10, 2006.

All debts due to the estate should be paid to the official
receiver, Edward Thomas O'Connell.

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


SWEETMART INTERNATIONAL: Sets Creditors, Contributories Meetings
----------------------------------------------------------------
Contributories and creditors of Sweetmart International Company
Ltd will meet separately at 21st Floor, Chinachem Tower, 34-37
Connaught Road Central, Hong Kong on May 3, 2006 at 2:30 p.m.
and 3:30 p.m., respectively.

Proxies and proofs of debts to be used must be lodged at the
office of the Joint and Several Liquidator or sent by facsimile
not later than 12:00 p.m. on May 2, 2006.

Contact: Kong Tak Wing, Robert
         Joint and Several Liquidator
         21/F., Chinachem Tower
         34-37 Connaught Road Central,
         Hong Kong


TOP STAR: Commences Winding Up Process
--------------------------------------
Top Star Garment Limited has received a wind-up order from the
High Court of the Hong Kong Special Administrative Region
Court of First Instance on April 10, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
March 2, 2006, the Standard Chartered Bank (Hong Kong) Limited
filed a petition to wind up the Company on February 20, 2006.

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


TULLETT LIBERTY: Creditors Given Until April 27 to Prove Claims
---------------------------------------------------------------
Tullett Liberty (Hong Kong) Limited will be receiving proofs of
debt or claim before April 27, 2006.

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

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

Contact: Natalia K. M. Seng
         Susan Y. H. Lo
         Joint and Several Liquidator
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


WINSCOVE COMPANY: Members Final Meeting Set on May 22
-----------------------------------------------------
Lau Kwok Kwong Arthur, the Liquidator of Winscove Company Ltd,
will meet with the members of the Company for a Final Meeting on
May 22, 2006.

At the meeting, members will receive full account of the
Company's wind-up process from Mr. Lau.

Members will also decide whether the Company's books, accounts
and documents be retained by the Liquidator and be disposed of
after the Company is dissolved.


WORLD CARNIVAL: Set to Close Business
-------------------------------------
On April 7, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to World Carnival Limited.

As reported by the Troubled Company Reporter - Asia Pacific,
Stefan Behr-Heyder of A3, Clearwater Bay Apartments, No. 8 Ka
Shue Road, Sai Kung, New Territories, Hong Kong, presented a
petition on December 28, 2005, to wind up the Company.

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


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

DUNLOP INDIA: Re-opens Sahagunj Plant After Five Years
-------------------------------------------------------
Dunlop India Limited reopened its Sahagunj factory in West
Bengal on April 21, 2006, after a five-year closure, The
Economic Times reveals.

New Kerala News says that the plant was re-opened for
maintenance work to pave the way for full operations in August
this year.

Maintenance work of the plant would take almost four months and
it is expected that the commercial production would start by
August 31, New Kerala relates.  The plant, at the peak of its
capacity, would produce 130 tonnes per day with the product mix
of LCV/HCV tires as well as tires for the off-the-road vehicles.

According to the Economic Times, 50 employees reported for duty
on April 21, 2006, and another 1,179 workers would be joining
them by September.  The Financial Times, however, said that only
38 people joined work on the first day at a much-reduced wage of
INR1,500 a month.

Dunlop India's new management, the Ruia Group, had earlier
signed an agreement with the Centre of Indian Trade Unions-
affiliated Dunlop Workers' Union and Indian National Trade Union
Congress-affiliated Dunlop Rubber Factory Labour Union to sort
out all the pending issues including the compensation package to
be paid to the workers taking early retirement.  Under the
agreement, only 1,200 of the former workers will be absorbed,
while the remaining 1,500 will be offered the voluntary
retirement scheme.

As reported by the Troubled Company Reporter - Asia Pacific,
Dunlop India's Ambattur factory in Tamil Nadu had finally
reopened on April 10, 2006, after almost five years of closure

Some 1,000 workers are scheduled to work at the Ambattur
facility under a new management headed by Pawan Kumar Ruia.  The
workers will do maintenance work in the next four to five months
in preparation for resumption of operations in September this
year.

The Kolkata-based Ruia Group, the Company's new owner, said that
all labor issues have been sorted out at the plant.  The
agreement between the workers and the management was for a
three-year period and of the 1,300 workers, only 1,000 would be
reintroduced.  The remaining 300 workers would be granted
retirement scheme.

The TCR-AP reported that the Ambattur and Sahagunj plants closed
down in 2001 when Dunlop India became sick under the Manu
Chabria led management.  Dunlop India's revival prospects
brightened when Ruia bought the entire tire business of the
Chhabria family controlled Jumbo Group of Dubai in December last
year for INR200 crores.  The Ruia Group had proposed to re-open
both plants with 1,000 workers in each and offering voluntary
retirement packages to others.  The Ambattur unit had 1,400
workers and Shahgunj 2,600 when they closed down.  

Dunlop India's Sahagunj factory produces giant truck and
aviation tires while its plant in Ambattur in Tamil Nadu
produces cars and smaller vehicle tires.

                      About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.  The company had reported profit until
March 1997.  In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited.  This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98.  After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahaganj and Ambattur
in February 1998.  The Ministry for Law, Justice and Company   
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors.  In January 2006, the Ruia
Group took over the Company and voted to re-open its plants in
within this year.


DUNLOP INDIA: May Restart Aero-tire Business
--------------------------------------------
Dunlop India Limited is currently in talks with United Kingdom's
Dunlop Aircraft Tyres Limited to restart its aero-tires
manufacturing operations, The Financial Express reveals.

Ruia Group, the Company's new promoter, confirmed that it was
approached by Dunlop Aircaft for the possible re-opening of the
business.

The Indian Express says that Dunlop India may be seriously
considering the offer so that the capacity of its Shahgunj,
which was re-opened on April 21, 2006, would be fully utilized.
The report says that Shahgunj is the only tire plant in India
with capacity to produce aero tires.

Meanwhile, The Financial Express reveals that Ruia is
negotiating with Sumitomo Corporation of Japan since any plans
to export aero-tires will require tying up with Sumitomo, which
owns the international brand.

Dunlop India, which was the sole aviation tire manufacturer in
the country, stopped production in 2001.  Today, other players
in the industry are talking of courting the segment.  However,
Ruia is confident of signing the deal with Dunlop Aircraft in
the next few months, The Financial Express adds.

                      About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.  The company had reported profit until
March 1997.  In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited.  This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98.  After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahaganj and Ambattur
in February 1998.  The Ministry for Law, Justice and Company   
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors.  In January 2006, the Ruia
Group took over the Company and voted to re-open its plants in
within the year.


* State Oil Firms to Get INR802-crore Subsidy Relief
----------------------------------------------------
The Indian Petroleum Ministry is considering changing the
subsidy sharing mechanism between Hindustan Petroleum
Corporation Limited and Bharat Petroleum Corporation Limited,
Business Standard relates.

The proposal, which is aimed at helping Hindustan Petroleum and
Bharat Petroleum end the current fiscal year in black, will
result in the two companies benefiting INR802 crore each.

The Petroleum Ministry has increased the subsidy sharing burden
on upstream companies -- ONGC, Oil India Ltd and GAIL (India)
Ltd -- to INR14,000 crore for 2005-06 from INR13,198.16 crore
earlier.  The additional INR802 crore recovered from these
companies will be given exclusively to Hindustan and Bharat.  
  
Hindustan, Bharat and Indian Oil Corporation have been losing
heavily for over an year on account of rising crude oil prices
in the world markets and stagnant retail prices of petrol,
diesel, kerosene and Liquefied petroleum gas in the country.  
  
The Ministry has now decided to provide compensation in two
stages.  First, oil bonds of INR11,500 crore and INR13,198 crore
from the upstream companies will be shared by the three public
sector oil marketing companies in proportion to their under-
recoveries.  Second, the additional INR802 crore will be shared
between Hindustan and Bharat.  

Hindustan and Bharat were offered the additional financial
assistance since the two were projected to report a loss in
2005-06 even after the bond issue.  Under the new formula,
Hindustan and Bharat will get INR5,962 crore as the total
assistance for 2005-06.  Indian Oil, on the other hand, will get
INR8038 crore.

As reported by the Troubled Company Reporter - Asia Pacific, the
Petroleum Ministry in October 2005 had proposed an upstream
assistance of INR14,000 crore along with the INR11,500-crore
bonds as bailout package for the oil marketing firms.

                     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.    

                   About Hindustan Petroleum

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on   
nationalization of ESSO India operations.  The operations of  
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.

                   About IBP Company Limited

Headquartered in West Bengal, India, IBP Company Limited
-- http://www.ibpoil.com/-- is engaged in the storage,  
distribution and marketing of petroleum, chemicals and aluminum
cryogenic containers.  The Company operates in three segments:
Petroleum, Chemicals and Engineering.  The Company has been
suffering from a string of losses since last year due to a
Government mandate to sell fuel to the public at subsidized
prices.  In September 2005, IBP warned the Government that it
would go bankrupt if it will not raise petrol, diesel, liquefied
petroleum gas and kerosene prices.  The Government then issued
INR400 crore in oil bonds for the Company to recover losses.


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

ARPENI PRATAMA: Fitch Assigns BB- IDR Rating
--------------------------------------------
Fitch Ratings has assigned expected long-term foreign currency
and local currency issuer default ratings of 'BB-' to Indonesia-
based PT Arpeni Pratama Ocean Line Tbk.  The Outlook for the
ratings is Stable.  Fitch has also assigned an expected rating
of 'BB-' to the proposed US$160 million guaranteed notes due
2013 issued by Arpeni Pratama Ocean Line Investment B.V. and
guaranteed by Arpeni and its subsidiaries.  The notes will be
secured by first priority pledges of capital stock of Arpeni's
equity interest in most of its subsidiaries.  The ratings are
not constrained by the 'BB-' Foreign and Local Currency IDRs of
the Republic of Indonesia.  The final ratings are contingent
upon receipt of documents conforming to information already
received.

Arpeni's ratings draw support from its long-term contract
oriented business model, which provides earnings visibility and
insulates the company from volatile shipping cycles.  In 2005,
about 70% of Arpeni's revenue and EBITDA were based on long-term
contracts that had either very low or no linkage to the
international freight rates.  Fitch notes that in its dry bulk
business, Arpeni has had long contractual relationships with
coal mining companies to provide domestic sea-borne
transportation of coal to power plants.  These contracts allow
Arpeni to earn a fixed margin as the cost of fuel, the key
variable cost, is passed through to its customers.  Arpeni has
also chartered out three of its liquid carriers to Pertamina,
the state owned oil major, for a 10-year period.

The ratings are also supported by Arpeni's position as the
largest dry bulk operator and the second largest shipping
company in Indonesia.  Arpeni is well positioned to capture
growth prospects arising from the ongoing implementation of the
cabotage principle in Indonesia, which would make it mandatory
for all domestic shipping to be carried out by Indonesian
flagged vessels.  All government-owned entities would also have
to use Indonesian-flagged vessels for international shipping,
particularly on imported cargo.  Moreover, Arpeni is the only
end-to-end solution provider for domestic transportation of
coal.  Arpeni has a range of barges, tugboats and floating
cranes, which are essential in transporting coal since most
ports in Indonesia lack adequate coal handling facilities.  
Arpeni is also the only operator of Indonesian-flagged Panamax
vessels.

Arpeni's financial profile and credit metrics are in line with
other companies in its rating category.  It has maintained a
moderately leveraged balance sheet with net debt/EBITDA ratios
of 2.6x in 2005 and 2.1x in 2004.  Though the proposed notes
issue is expected to increase the ratio to 3.3x in 2006, Fitch
expects it to remain below 3.0x thereafter.  Arpeni had an
EBITDA margin of 38% and net margin of 14% in 2005, reflecting
some level of cushion should business conditions deteriorate.

Arpeni's ratings are constrained by the aggressive fleet
addition programme since 2005, with the company planning an
additional capital expenditure of IDR1.3 trillion in 2006.
However, Fitch views that risks associated with such expansions
are somewhat mitigated by the company's policy of acquiring new
vessels only when visibility for new contract orders is high.

Another constraining factor is Arpeni's high level of customer
concentration, as reflected by the fact that its top 10
customers contributed 57% of revenues in 2005, though customer
concentration is showing a declining trend (top 10 customers
contributed 68% of revenues in 2003) as the company grows.  
Fitch also notes that many of Arpeni's dry bulk contracts expire
in 2006, but management has indicated that these will be
renewed.  Given Arpeni's previous track record, this appears
achievable.

Although Arpeni has a strong operational team in place, its
strategies are driven almost entirely by Oentoro Surya, the
founder and President Director, who is also instrumental in
managing key relationships with regulators and customers.  
Arpeni currently faces key man risk, as a succession plan has
not been put in place yet.

The Stable Outlook reflects Fitch's expectation that Arpeni's
business model will continue to be driven by long-term contracts
and Arpeni will maintain a moderate level of leverage with net
debt/EBITDA remaining below 3.0x.  A change in business mix away
from the stable long-term contracts and/or an increase of
leverage with net debt/EBITDA sustained over 3.0x may trigger a
negative rating action.  Any negative rating action on the
sovereign ratings will also result in a similar change to
Arpeni's ratings.  At present, an upward revision of Arpeni's
ratings is unlikely.


PERTAMINA: Forges Alliance With SK Corporation
----------------------------------------------
PT Pertamina signed a joint venture agreement with SK
Corporation to jointly invest US$175 million to build and
operate a group III base oil plant at the Dumai Refinery in
Indonesia.

Under the agreement, SK Corporation is in charge of marketing in
the global market outside of Indonesia and PT Pertamina is in
charge of marketing in the Indonesian domestic market.

In a press statement, SK Corporation stated that both parties
also signed an MOU, which states that they will work closely
together on a variety of upstream, downstream, trading and other
projects.

Group III base oil is developed using an advanced technology,
which yields higher quality oil that is saturated and pure, with
very low volatility and high viscosity index.  With over 50% of
the global market share, SK Corporation leads the commercial
market for group III base oil.

Construction of the Indonesia-based base oil plant is slated to
begin this summer and is expected to be completed in the first
half of 2008.  When completed, the SK Corp./PT Pertamina
facility will produce 7,250 barrels per day, which will help
meet growing demand all over the world.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being met
by imports.  

In 2003, PT Pertamina director of finance Alfred Rohimone
disclosed that the state-owned oil company's financial condition
was in critical condition because its expenditure was surpassing
its income due to its obligation to meet domestic demand with
fuel oil bought at higher prices on he international market.  
Mr. Rohimo stated that with a liquidity position below IDR2
trillion, the company was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, a debt owed by state oil and gas firm PT
Pertamina to U.S. firm Karaha Bodas Company has risen from
IDR2.54 trillion to IDR2.99 trillion.  The debt increased when,
in 2003, a U.S. court ordered the Company to pay compensation to
KBC, relating to an international arbitration decision, when the
Indonesian government halted a geothermal project in Karaha
Bodas, East Java.  Since that time, the debt has steadily risen
due to the Company's failure to pay the compensation
immediately.  

On March 8, 2006, the Indonesian Government has appointed
Pertamina marketing director Ari Soemarno as Pertamina's new
chief executive officer replacing former President Widya
Purnama.


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

AIFUL CORPORATION: Suspension to Have Slight Impact, Fitch Says
---------------------------------------------------------------
On April 21, 2006, Fitch Ratings Agency said it is anticipating
limited impact on Japanese asset-backed securities where Aiful
Corporation is involved as a servicer.

A report by the Troubled Company Reporter - Asia Pacific on
April 21, 2006, stated that on April 14, Japan's Financial
Services Agency had 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.

After the announcement, Fitch assessed the potential impact on
securities serviced by the Company, and discovered that the
primary penalties that might affect the loan servicing are:

   * a 20-day suspension of operations at Counselling Center,
     Kyushu, covering the Kyushu area, out of the total eight
     block offices, to urge delinquent borrowers to make
     payment;

   * a 20- to 25-day suspension of operations at three regional
     branches -- Isahaya, Goryokaku and Niihama.

During the suspension periods, their spontaneous contact with
clients for the purpose of collections will be prohibited at the
relevant offices and a resultant decrease in the collection
amount is accordingly anticipated.  Direct impact on the
outstanding ABS deals is expected to be marginal, because only a
limited number of branches or offices will be affected by the
relatively long suspension periods.  Aiful is also expected to
maintain the current servicing role for these ABS deals.

In addition to the possible reputational risks caused by this
administrative penalty, the evolving external environment
surrounding consumer finance companies -- reforms to the
Interest Rate Restriction Law, etc. -- might affect consumer
loan receivables to be additionally entrusted to the deals as
well as the credit condition of the originator itself.  
Therefore, Fitch will continue to monitor the portfolio
performance of the transactions.

Aiful Corporation -- http://www.ir-aiful.com/english/-- is the  
largest Japanese consumer finance company. The Company provide s
financial services such as unsecured/non-guaranteed loans and
commercial/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.


EHOMES INCORPORATED: President Faces Raps for Faking Accounts
-------------------------------------------------------------
Local police will seek an arrest warrant for the president of
building inspector eHomes Incorporated, which is suspected of
falsifying its financial statements, TMC News reports.

Aside from eHomes president Togo Fujita, the police will also
arrest disqualified architect Hidetsugu Aneha and Moriyoshi
Kimura, president of Kimura Construction Company, which was
involved in a construction project to build structures using
falsified earthquake-safety data provided by Mr. Aneha,
Crisscross News adds, citing investigative sources.

ehomes Inc. was blamed for its failure to determine that the
data given by architect Aneha was false.  Mr. Aneha is alleged
with falsifying quake-resistance data for 98 buildings, 56 of
which were built by Kimura Construction Company.  Mr. Kimura is
suspected of window-dressing its financial report, TMC News
reveals.

Police want the arrests of the three individuals to be the trump
card in building a criminal case against condominium developer
Huser Limited, which is alleged of having sold its units to
residents, despite knowing that they were built using falsified
quake-resistance data Mr. Aneha provided.

According to unnamed sources, it is believed that eHomes was
registered as having JPY50 million capital, when in fact its
capital amounted to only JPY23 million.  The firm issued capital
worth JPY27 million before it was registered in 2001.

ehomes alerted authorities to irregularities in the structural
engineering data provided by Mr. Aneha, but they were also
questioned for failing to detect the irregularities earlier.  
The Ministry of Land, Infrastructure and Transport investigated
the firm, and found out that eHomes inspected 37 of the 98
buildings constructed using the faked engineering data.


KANEBO LIMITED: Stockholders Seek to Stop Planned Unit Sale
-----------------------------------------------------------
Four shareholders of troubled cosmetics firm Kanebo Limited
sought a court injunction to stop the Company's planned sale of
three business units, Crisscross News reports.

The individual investors filed a complaint with the Tokyo
District Court, saying that the proposed disposal of its
foodstuffs, home products and pharmaceutical units were made to
remove investor control over its management through their stake.

The Troubled Company Reporter - Asia Pacific stated on April 18,
2006, that Kanebo Limited plans to sell the three divisions to a
firm owned by Advantage Partners Incorporated, MKS Partners
Partners Limited and Unison Capital, Inc., which jointly own 80%
of Kanebo's shares, on May 1, 2006.  

                        About Kanebo Limited

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

Kanebo Limited is undergoing a rehabilitation program with the
aid of the Industrial Revitalization Corporation of Japan, and
it spun off its cosmetics business in May 2004.  The TCR-AP
reported on March 28, 2006, that the Tokyo District Court
sentenced former Kanebo president Takahashi Hoashi to a
suspended jail term of two years, while former vice president
Takahashi Miyahara was sentenced to 18 months' in prison, for
their roles in falsifying the Company's fiscal 2001 and 2002
financial statements.


MITSUBISHI MOTORS: Australian Unit Cuts Daily Output
----------------------------------------------------
Mitsubishi Motors Australia plans to cut its daily production of
380 sedans and may operate only four days a week, the Sunday
Times relates.

Company spokesman Kevin Taylor confirms that they will reduce
daily production, but he did not indicate by how much.  The
Company also has no plans to break up into mini factory
businesses to make its workforce more flexible.  He added that
there were no immediate plans to cut back operations to four
days per week, but Mitsubishi wanted to keep its options open as
sales had fallen.

Mitsubishi factory workers told the Adelaide Advertiser that
they had heard rumors that the Company was to be split up, but
Mr. Taylor denied the rumors, saying that they were cooperating
with the labor union to move people between shops, so as to
avoid surplus production.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.  
The Company also operates consumer financing services and
provides this to its customer base.
     
Mitsubishi's problems stem, in part, from the scandal
surrounding years of systematically covering up defects and ill-
advised auto lending policies in the United States.

                          *     *     *

According to a March 31, 2006 report by the Troubled Company
Reporter - Asia Pacific, Moody's Investors Service changed the
outlook of Mitsubishi's Ba3 long-term debt rating to stable from
negative, which reflects Moody's expectation that the Company's
credit profile may continue improving profitability recovering
due to improved cost structures and an increased market position
due to global introductions of new models.


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

HYUNDAI MOTOR: Chief Grilled Over Graft Allegations
---------------------------------------------------
Prosecutors questioned Hyundai Motor Co. Chairman Chung Mong-Koo
over allegations that the automaker used a multi-million dollar
slush fund to bribe businessmen and government officials, AFX
News relates.

After arriving at the Supreme Prosecutors' Office in Seoul on
April 24, 2006, Mr. Chung told reporters that he feels "very
sorry to the people" and that he would "sincerely answer all
questions" in the investigation.

Yonhap News reports that Mr. Chung refused to answer reporters'
questions about his alleged role in Hyundai's creation of slush
funds.

The Troubled Company Reporter - Asia Pacific stated that Mr.
Chung's only son, Kia Motors President Eui-sun, was also
summoned by prosecutors and appeared before them on April 20,
2006.  He was then released the next morning after undergoing 18
hours of questioning.  Kia is a key subsidiary of the Hyundai
Motor Group.

The TCR-AP also reported on March 31, 2006, that prosecutors
raided the headquarters of Hyundai Motor Co., and three of its
subsidiaries -- Glovis Co., Kia Motors Corporation and Hyundai
Autonet Co. -- on March 26, 2006, as part of their investigation
into the Hyundai Motor Group's alleged involvement in the slush
fund scandal and in illegal political lobbying.   

AFX News recounts that Mr. Chung and others at the company could
face indictment later this month or early in May on tax evasion,
embezzlement, bribery and related graft charges.  Mr. Chung has
publicly denied any wrongdoing.

                       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 Troubled Company Reporter - Asia Pacific reported 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.  


LG CARD: UK's HSBC, StanChart and Barclays Join Bidding Race
------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific has reported that
Shinhan Financial Group, Hana Financial Holdings, and National
Agricultural Cooperative Federation, each submitted letters of
intent to acquire LG Card Co. Ltd. on April 18, 2006,
MarketWatch relates.

In an update on April 20, 2006, Reuters' relates that United
Kingdom-based HSBC, Standard Chartered and Barclays will compete
with the three South Korean firms for LG Card.  The three UK
banks submitted their preliminary bids for LG Card on April 19,
2006.

The lead managers of the sale, JPMorgan Chase and state-run
Korea Development Bank, declined to comment on the report.

The TCR-AP said that the LG Card stake up for sale would be
between 51% and 72%, and is expected to cost around KRW3.4
trillion and KRW4.8 trillion at current market prices.  LG Card
has a market value of KRW6.64 trillion at current share prices.

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

                         About LG Card

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

The Troubled Company Reporter - Asia Pacific reported that LG
Card swung to a net profit of KRW1.36 trillion in 2005, turning
around from a net loss of KRW81.6 billion in 2004, bolstered by
improved asset quality and decreased loss provisions.


LG CARD: Woori Financial Drops Purchase Bid
-------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
January 23, 2006, that Woori Financial Group planned to withdraw
its planned purchase of LG Card Company because of the latter's
ballooning sale price.  Woori is concerned the price hike would
become a financial burden to the Company.

In an update, The Korea Times reports that Woori has decided to
drop its planned bid for the credit card firm.  Woori stressed
out that its major shareholder thinks LG Card's aggregate value
of listed stocks is burdensome and is concerned that its
corporate risk may increase.  

The Korea Development Bank, which holds the largest stake of LG
Card with 22.9%, said that creditors, mostly domestic banks,
want to complete the sale by the end of this year.

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

                         About LG Card

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

The Troubled Company Reporter - Asia Pacific reported that LG
Card swung to a net profit of KRW1.36 trillion in 2005, turning
around from a net loss of KRW81.6 billion in 2004, bolstered by
improved asset quality and decreased loss provisions.


YOUNG CHANG: Chapter 15 Petition Objections Due on May 16
---------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported that on
January 13, 2006, Young Chang Company Limited filed a petition
under Chapter 15 of the United States Bankruptcy Code with the
U.S. Bankruptcy Court for the Western District of  
Washington.

The Petition was filed by Ho Seok Lee, Young Chang's court-
appointed manager, for the purpose of having the Company's
proceeding in Korea recognized, and thus preventing Samsong
Manufacturing Co., Ltd., from pursuing a civil action in the
Pierce County Superior Court.  Through its civil action, Samsong
seeks to seize United States-based accounts receivable owed to  
Young Chang as payment for Young Chang's KW2.1 billion debt to  
Samsong.

On January 25, 2006, the U.S. Bankruptcy Court entered an order
requiring objecting parties to show cause why the foreign main
proceeding should not be recognized and to appear for a hearing
on March 2, 2006.  Young Chang then requested the U.S. Court to
extend and continue the show cause hearing.

Accordingly, U.S. Bankruptcy Judge Paul Synder entered an order
directing any party objecting to the Petition to:

   (1) file and serve any objection or response no later than
       May 16, 2006; and

   (2) appear before the Court at 1717 Pacific Avenue, Courtroom
       H, in Tacoma, Washington, on May 25, 2006, at 10:30 a.m.

                          *     *     *

Headquartered in Incheon, Korea, Young Chang Co. Ltd. --
http://www.youngchang.com/-- manufactures several brands of  
pianos, including Bergmann, Young Chang, and Pramberger
Signature Series, which are sold in more than 45 countries
throughout the world.  The company, which has won numerous
awards for its manufacturing excellence.

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that in 2004, Samick Korea -- the parent of
Samsong Manufacturing Co., Ltd. -- acquired 26.5% of  
Young Chang's stock, while Samsong acquired a 22.08% stake.  The
combined stakes gave Samick control over Young Chang, and paved
the way for merger efforts.

In September 2004, however, the Korean Fair Trade Commission,
citing violation of Korea's antitrust laws, unwound Samick's
takeover of Young Chang.  The piano-maker filed for bankruptcy
under Korea's Company Reorganization Act the day after at the  
Incheon District Court, Department of Bankruptcy, Republic of  
Korea, and was declared insolvent.  The Company also defaulted
on a KW460 million (US$400,000) debt.

More information on the Company's Chapter 15 proceeding is
available at http://www.chapter15.com/


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

AFFIN HOLDINGS: Lists Employees' Share Option Scheme Shares
-----------------------------------------------------------
Affin Holdings Berhad's additional 1,357,300 new ordinary shares
of MYR1.00 each issued pursuant to its Empoyees' Share Option
Scheme will be granted listing and quotation today, April 25,
2006.

                   About Affin Holdings Berhad

Affin Holdings Berhad -- http://www.affin.com.my/-- was  
incorporated on May 31, 1975, as a private limited company under
the name of I.M.A. Sdn Bhd.  On September 15, 1978, it changed
its name to Affin Motor and Credit Finance (Malaysia) Sdn Bhd.  
Subsequently, it changed its name again to Affin Credit
(Malaysia) Sdn Bhd on January 16, 1979, and thereafter to Affin
Holdings Sdn Bhd on March 2, 1991.  It was converted into a
public company under its present name on May 6, 1991.

Headquartered in Kuala Lumpur, Malaysia, Affin Holdings is
engaged in commercial banking, merchant banking, finance company
business, stock broking and asset management business.  The
Company's other activities include the provision of insurance
services, lease and hire purchase financing, nominee services
and investment holding.  Operations are carried out principally
in Malaysia.  Affin Holdings had experienced consecutive losses
because of huge loan provisions and impairment of assets.  
However, the Affin Group is starting to recover as a result of
the hard work and professionalism displayed by management at all
levels of the organization.  


APEX EQUITY: Mulls Renewal of Shareholders' Mandate
---------------------------------------------------
Apex Equity Holdings Berhad intends to seek shareholders'
approval, at the forthcoming Annual General Meeting, of:

   -- the proposed renewal of the shareholders' mandate for
      recurrent related party transactions of a revenue or
      trading nature; and

   -- the proposed renewal of authority for the purchase by
      Apex of its own shares of up to 10% of its issued and
      paid-up share capital.

               About Apex Equity Holdings Berhad

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


ASIAN PAC: Lists Additional Shares Today
----------------------------------------
Asian Pac Holdings Berhad's additional 4,666 new ordinary shares
of MYR0.20 each will be granted listing today, April 25, 2006.

The shares were issued pursuant to the exercise of 4,666
warrants 2001-2006.

                    About Asian Pac Holdings

Headquartered in Kuala Lumpur, Malaysia, Asian Pac Holdings
Berhad -- http://www.asianpac.com.my/-- is principally engaged  
in the underwriting of general insurance.  Its other activities
include provision of stockbroking and nominee services,
investment and development of properties and investment holding.  
Despite its healthier profits, Asian Pac's balance sheet has
remained burdened by its hefty accumulated losses, which
amounted to MYR506.48 million as of March 1, 2005.  To address
this, Asian Pac is currently undertaking a corporate-
restructuring exercise, which includes several proposed land
acquisitions to improve its high gearing level and to address
the accumulated losses.   


AVANGARDE RESOURCES: Bourse to Delist Securities on May 4
---------------------------------------------------------
Bursa Malaysia Securities Berhad, on April 21, 2006, decided to
delist the securities of Avangarde Resources Berhad from the
Official List on May 4, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, on
March 10, 2006, Bursa Securities disclosed its decision to
remove Avangarde's securities from the Official List.  On
March 17, 2006, Bursa Securities deferred the delisting after
Avangarde submitted its appeal against the Bourse's decision to
delist the Company's securities.

After due consideration of all facts and circumstances of the
case and given that the Company had submitted its Annual Audited
Accounts for the financial years ended December 31, 2003, and
December 31, 2004, on March 31, 2006, and the Company's
representation in its letter dated March 31, 2006, that the
submission of its annual reports for the financial years ended
December 31, 2003, and 2004 would follow immediately after Bursa
Securities decided to defer the delisting of the Company's
securities provided that the annual reports are submitted by
April 30, 2006.

However, pursuant to Paragraph 8.14C of the Listing Requirements
and Practice Note 17, the Bourse determined that the financial
condition of Avangarde was not adequate to warrant continued
listing on the Official List.

Therefore, the Bourse will remove Avangarde's securities from
the Official List on May 4, 2006.

Upon the de-listing, the Company will continue to exist but as
an unlisted entity.  It 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 Avangarde Resources Berhad

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
will be delisted from the Official List of Bursa Malaysia
Securities Berhad on May 4, 2006, due to its poor financial
status and its failure to meet with the requirements of the
Bourse.  The Company is now preparing the Proposed Scheme of
Arrangement pursuant to the Section 176 of the Companies Act to
regularize its financial condition.  The Company will unveil its
Proposed Scheme once it is finalized.


AYER MOLEK: Inks Share and Purchase Deal with Bintang-Bintang
-------------------------------------------------------------
The Ayer Molek Rubber Company Berhad has executed a sale and
purchase agreement with Bintang-Bintang Sdn Bhd on April 12,
2006, for the disposal of the Company's agricultural land known
as Lot 2203 Grant 20419 at Mukim of Buloh Kasap, in the District
of Segamat, State of Johor Darul Takzim, for a total purchase
consideration of MYR12,087,000.

The asset disposal will enable the Company to realize internally
generated funds, more importantly the generation of cash, to
meet the Company's requirement.  The total cash proceeds will be
utilized for the Company's capital and working capital
commitment in its proposed asset acquisition and the proposed
plantation relocation program.  Part of the proceeds will also
be utilized for settlement of the Company's existing debts and
enhancement of shareholders' value.

The disposal will not have any effect on the share capital of or
the substantial shareholdings in the Company as the disposal
will be fully settled by cash.  It is also expected to
contribute positively to the profitability of the Company Group
for the financial year ending December 31, 2006.

                  About Ayer Molek Rubber Company

Headquartered in Kuala Lumpur, Malaysia, Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.  Ayer Molek has incurred substantial losses
since the early 90s, which prompted the Company to propose a
rescue and restructuring scheme to fully redeem and settle
outstanding debts.  The Company is currently appealing a wind-up
order issued by the Kuala Lumpur High Court on April 13, 2006.  
The wind-up action was initiated by Mirra Sdn Bhd.


MALAYSIA AIRLINES: Bags Skytrax Excellence Award
------------------------------------------------
Malaysia Airlines has won the "Economy Class Onboard Service
Excellence 2006" award in an international airline survey
conducted by Skytrax Research of London, United Kingdom, Travel
Blackboard reveals.

The national flag carrier was declared the global winner in the
said category of the Skytrax Airline Excellence 2006 awards,
which involve assessments applied through a detailed product and
service agenda -- covering up to 800 different rating items.

An awards panel made up of directors and audit staff at Skytrax,
with additional grading for the award process utilizing a
selective study amongst 3,424 members of the Skytrax Business
Research Group voted Malaysia Airlines to the number one
position in this category.

Malaysia Airlines Managing Director Idris Jala said the
recognition is very timely as, in the line of its Business
Turnaround Plan, the carrier has now moved from a "business-
focused" to "leisure-focused and business-interested" customer
base.

"We have increased our economy class competitiveness by focusing
on the leisure traffic, the key driver of our profitability.  I
commended the effort of [the] staff for their exemplary customer
service delivery which has won us [the] reputable recognition.  
I am confident that with their continued efforts, [the airline]
will achieve success in its turnaround initiatives as well as
garner more international achievements for [its] products and
services," Mr. Jala said.

Skytrax Marketing Director Peter Miller told Asia Pulse that the
awards were based on the actual quality of product and service
delivered.  

"Aside from the many 'bells and whistles' aspects of an airline
product, what every customer wants is a sense of trust and
belief that their chosen airline can, and will, deliver
standards on a consistent and continuous basis," Mr. Miller
added.

                      About Skytrax Awards

Skytrax Awards provide the most prestigious recognition of
outstanding Quality Excellence for product and customer service
delivery across today's world airline industry.  These
independent Awards honor outstanding product and Service
Excellence for across the air travel experience.  A true mark of
airline Quality Achievement, Skytrax Awards are the result of
the most comprehensive analysis of product and service
standards.

                   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.   


MBF HOLDINGS: Appoints Independent Adviser for Impact Offer
-----------------------------------------------------------
MBf Holdings Berhad0, on April 21, 2006, appointed Public
Merchant Bank Berhad as an independent adviser to the
independent directors and minority shareholders of the Company
as required by the Malaysian Code on Takeovers and Mergers 1998.

The move is in respect of the mandatory offer from Impact Action
Sdn Bhd to acquire:

   -- the remaining 304,125,253 ordinary shares of MYR1.00
      each in MBf Holdings representing 53.35% of the issued
      and paid-up share capital of MBf Holdings as of April 10,
      2006;

   -- any new MBf Holdings Share that may be allotted and
      issued by MBf Holdings up to the close of the Offer
      following the exercise/conversion of any outstanding
      convertible securities in the Company;

   -- all outstanding warrants in MBf Holdings;

   -- all outstanding class A guaranteed floating rate
      redeemable convertible secured loan stocks; and

   -- all outstanding class B guaranteed floating rate RCSLS,
      not owned by Impact Action and persons acting in concert
      with Impact Action as of April 10, 2006.

The appointment is subject to the approval of the Securities
Commission.

                       About MBf Holdings

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

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


MBF HOLDINGS: Court to Hear Judgment Application Appeal May 22
--------------------------------------------------------------
MBf Leasing's appeal against the dismissal of the summary
judgment application against MBf Holdings Berhad and its
subsidiary, MBf Automobile Sdn Bhd, has been further postponed
by the Kuala Lumpur High Court for decision on May 22, 2006.

In October 2004, MBf Holdings, together with its subsidiaries,
lodged with the High Court of Malaya at Kuala Lumpur, a request
for an injunction against MBf Leasing, restraining it from
presenting, advertising or prosecuting a winding up petition
against the Plaintiffs.  

Together with MBf Holdings, the subsidiary-plaintiffs are:  
      
     * Alamanda Development Sdn Bhd;  
     * MBf Trading Sdn Bhd;  
     * MBf Automobile Sdn Bhd; and  
     * MBf Printing Industry Sdn Bhd  

The injunction application was made following a notice served by
MBf Leasing against MBf Holdings on September 10, 2004, in
respect of a debt owed by MBf Automobile Sdn Bhd, which was
purportedly guaranteed by the Company.   

Subsequently, the MBf Leasing also issued letters of demand to
the Company as principal debtor/guarantor and to its
subsidiaries as principal debtors for facilities granted to its
subsidiaries.   

A settlement sum of MYR18 million was agreed to be settled by
cash and assets.  In the midst of identifying the mechanics of
settlement, the MBf Leasing issued the notice pursuant to   
Section 218 of the Companies Act 1965 on the Company.  
Subsequently the Defendant also served the letters of demand on
the Company and its subsidiaries as principal debtor/guarantor
and principal debtors respectively of the facilities granted.  

Of the total MYR77,568,321 claims made by the MBf Leasing, a sum
of MYR25,688,140.15 had been accounted for in the books of MBf
Holdings group and MYR51,880,181 disclosed as contingent
liabilities.   

Should the settlement of MYR18 million be formalized, there will
be a gain of approximately MYR9.1 million on the writeback of
the balance of the Inter-company Loans.  MBf Holdings and its
subsidiaries will incur a loss of approximately MYR51.88 million
and further interest and additional confirming facilities
accruing thereafter until the date of full settlement if the
Defendant is successful in its claims.   

Without prejudice to the Company's rights at law, the Company
negotiated with the Defendant to settle the matter amicably.   

On June 8, 2005, the Court allowed MBf Leasing's application for
summary judgment to be entered against MBf Trading Sdn Bhd and
MBf Holdings in the sum of MYR14,603,478 together with  interest
and confirmation fee claimed via Kuala Lumpur High Court Suit
No. 7-22-1547-2004.  

The Kuala Lumpur High Court will on August 7, 2006, hear MBf
Holding's appeal against the decision of summary judgment
entered against the Company and MBf Trading Snd Bhd by MBf  
Leasing Sdn Bhd.

The Court will also consider MBf Leasing's appeal against the
stay of execution, which was granted, to MBf Holdings and MBf
Trading on September 1, 2005.

                       About MBf Holdings

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

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


PAN MALAYSIA: Pays MYR56,435 for 140,000 Shares
-----------------------------------------------
On April 20, 2006, Pan Malaysia Corporation Berhad bought back
140,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR56,435.13.

The minimum price paid for each share purchased was MYR0.400 and
the maximum was MYR0.405.

After the purchase, the cumulative outstanding treasury shares
have reached 58,221,400.   

Pan Malaysia Corporation Berhad on April 19, 2006, bought back
75,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR29,905, 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 skyrocketing
operating 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.   


POLYMATE HOLDINGS: Faces Possible Delisting
-------------------------------------------
Bursa Malaysia Securities Berhad may delist Polymate Holdings
Berhad over the Company's failure to submit its Annual Audited
Accounts for the financial year ended September 30, 2005, which
was due on January 31, 2006.

Pursuant to Paragraph 9.26 (6) of the Listing Requirements, if a
listed issuer fails to issue the outstanding Financial
Statements within six months from the due date, in addition to
any enforcement action that Bursa Securities may take, de-
listing procedures will be commenced against that listed issuer.

                 About Polymate Holdings Berhad

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


SELANGOR DREDGING: Unit Hikes Equity Interest in Aussie Firm
------------------------------------------------------------
Selangor Dredging Bhd's 49% associate -- SDB International Sdn
Bhd -- has, on April 18 to April 21, 2006, increased its equity
interest in Australia-based Tourism, Hotels & Leisure Limited
from 57.42% to 59.89%.

SDB will acquire additional 821,740 THL shares, representing
2.46% equity interest of the total THL shares in issue, for a
total cash consideration of AU$156,130.60 or around
MYR421,552.62.

As reported by the Troubled Company Reporter - Asia Pacific on
April 5, 2006, SDB has made an unconditional on-market takeover
offer for Australia-listed Tourism, Hotels & Leisure Ltd.

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

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

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

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

                 About Selangor Dredging Berhad

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


TELEKOM MALAYSIA: 21st AGM Slated for May 16
--------------------------------------------
Telekom Malaysia Berhad's 21st Annual General Meeting will be
held at 10:00 a.m. on May 16, 2006, at Hall 4, Ground Floor,
Kuala Lumpur Convention Centre, Kuala Lumpur City Centre, in
Kuala Lumpur, Malaysia.

At the meeting, members will be asked:

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

   -- to declare a final dividend of 25 per share -- less 28%
      Malaysian Income Tax -- in respect of the financial year
      ended December 31, 2005;

   -- to re-elect Ahmad Haji Hashim, the Director who was
      appointed to the Board during the year and retire in
      accordance with Article 98(2) of the Company's Articles
      of Association;

   -- to re-elect Dato' Lim Kheng Guan and Rosli Man, who
      retires by rotation in accordance with Article 103 of
      the Company's Articles of Association;

   -- to approve the payment of Directors' fees for the
      financial year ended December 31, 2005;

   -- to re-appoint Messrs. PricewaterhouseCoopers as Auditors
      of the Company and to authorize the Directors to fix
      their remuneration;

   -- to consider authorizing the Board of Directors to issue
      shares in the capital of the Company at any time upon
      such terms and conditions and for such purposes as the
      Directors may in their discretion deem fit provided
      always that the aggregate number of shares to be issued,
      will not exceed 10% of the issued share capital of the
      Company; and

     -- to transact any other business of which due notice has
        been received.

A depositor will be eligible to attend the meeting in respect
of:

     * shares deposited in the Depositor's Securities Account
       before 12:30 p.m. on May 3, 2006;

     * shares transferred into the Depositor's Securities
       Account before 4:00 p.m. on May 3, 2006; and

     * shares bought on the Bursa Securities on a cum
       entitlement basis according to the Rules of the Bursa
       Securities.

Shareholders are reminded that pursuant to the Securities
Industry (Central Depositories) (Amendment No. 2) Act, 1998,
which came into force on November 1, 1998, all shares not
deposited with Bursa Malaysia Depository Sdn Bhd by 12:30 p.m.
on December 1, 1998, and not exempted from Mandatory Deposit,
have been transferred to the Minister of Finance.  Accordingly,
the eligible party to attend the Meeting for the undeposited
shares will be the MOF.

                   About Telekom Malaysia

Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's  
telecommunications landscape, now faces growing competition.    
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management.  The company is also a leading Internet
Service Provider.  Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks.  It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003.  The company also owns stakes in
businesses in nine countries in Asia and Africa.  The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm.  Some of its units
are also facing the possibility of being wound up by creditors.


TELEKOM MALAYSIA: Intends to Pay Divided to Shareholders
--------------------------------------------------------
Telekom Malaysia Berhad will close its Register of Members from
May 24 to 25, 2006, to determine the Shareholders' entitlement
to the dividend payment.

The dividend, if approved by the shareholders at the Company's
21st Annual General Meeting on May 16, 2006, will be paid on
June 20 to shareholders whose names appear in the Register of
Depositors on May 23, 2006.

A depositor will qualify for divided entitlement only in respect
of:

   * shares deposited in the Mandatory Depositor's Securities
     Account before 12:30 p.m. on May 3, 2006;

   * shares transferred into the Depositor's Securities
     Account before 4:00 p.m. on May 3, 2006; and

   * shares bought on the Bursa Securities on a cum
     entitlement basis according to the Rules of the Bursa
     Securities.

Shareholders are reminded that all shares not deposited with
Bursa Depository by 12:30 p.m. on December 1, 1998, and not
exempted from Mandatory Deposit, have been transferred to the
Ministry of Finance.  Accordingly, the dividend for the
undeposited shares will be paid to MOF.

                   About Telekom Malaysia

Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's  
telecommunications landscape, now faces growing competition.    
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management.  The company is also a leading Internet
Service Provider.  Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks.  It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003.  The company also owns stakes in
businesses in nine countries in Asia and Africa.  The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm.  Some of its units
are also facing the possibility of being wound up by creditors.


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

LIGHT RAIL: Controlled Spending Leads to First-Time Net Profit
--------------------------------------------------------------
The Light Rail Transit Authority was able to turn around and
post a net profit of PHP68 million in 2005 after 23 years of
consecutive losses, the Manila Bulletin says.

According to the Bureau of Internal Revenue Commissioner Jose C.
Bunag, the Company was able to pay up to PHP23 million in income
taxes, a significant rise over the PHP1.5 million it had paid in
2004.

Light Rail administrator Mel Robles said that the Company
increased its revenues by carefully monitoring its expenses and
purchases and improved efficiency, and repairing trains to
accommodate more passengers.  He said a stronger currency had
also contributed to foreign exchange gains for the Company.

The Bulletin reveals that earlier this year, Light Rail had
operated 75 trains compared to 64 trains in 2004.  Mr. Robles
ordered decommissioned trains to be repaired to service more
passengers, increasing the passenger record from 338,000 per day
to 428,000 per day.  Light Rail was able to cut its net losses
from PHP1.46 billion in 2004 to PHP829.75 million in 2005, due
to improved operation costs and procurement methods.

                          *     *     *

The Light Rail Transit Authority -- http://www.lrta.gov.ph/--  
is a wholly owned government corporation created on July 12,
1980, under Executive Order No. 603, as amended by EO No. 830
dated September 1982, and EO No. 210 dated July 7, 1987.  The
LRTA is primarily responsible for the construction, operation,
maintenance or lease of light rail transit systems in the
Philippines.  The LRTA is recognized as the premiere rail
transit in the country providing reliable, efficient,
dependable, and environment-friendly mass rail services to all
residents of Metro Manila.  However, the Company has had
difficulty in repaying its debts, which amounted to over PHP1
billion as of 2004.


UNIVERSAL ROBINA: Factory Shuts Down on Clean Air Act Violations
----------------------------------------------------------------
The Pasig City local government ordered the shutdown of a
chocolate factory belonging to Universal Robina Corporation for
violating the Clean Air Act and related laws, ABS-CBN News
relates.

Residents of Kawilihin Village, Barangay Bagong Ilog in Pasig
complained of a foul odor that was believed to have come from
the factory.  The residents went to the factory to seek the
shutdown of its factory boiler, but were barred from entry by
security guards.  The residents therefore went to the office of
Pasig City Mayor Vicente Eusebio and sought his help.

Consequently, Universal Robina was ordered to close its
chocolate plant, machineries and equipment that have emitted the
odor, until it has abated and controlled the pollution.  Company
employees were shocked about the order, saying that they did not
know anything about it, and were afraid to lose their jobs if
the factory were to close.

Universal Robina management, which did not show up during the
closure operation, issued this statement to the Manila Times:  

   "The latest test conducted last March by a [Department of
    Environment and Natural Resources]-accredited laboratory
    showed that the subject plant passed all air emission
    standards, and under the Clean Air Act, only the Pollution
    Adjudication Board, chaired by the secretary of the
    [DENR], has the authority to issue closure orders.  No local
    government can issue a closure order under such law.

    Assuming without granting that the local government has
    authority to close down a plant, the disputed order
    affecting the URC plant was issued prematurely because all
    parties are still waiting for the results of the latest test
    conducted by the DENR itself."

Thus, Universal Robina believes that the closure of its
chocolate plant has no legal basis and is unjust.  The Company
plans to meet with the Pasig City Government to seek the lifting
of the closure order, and to protect the interests of its 900
factory employees.

Universal Robina Corporation -- http://www.urc.com.ph/-- is a  
core subsidiary of JG Summit Holdings, Incorporated, and is one
of the largest branded food product companies in the Philippines
with a growing presence in other Asian markets.  It was founded
in 1954 when John Gokongwei, Jr., established Universal Corn
Products, a cornstarch manufacturing plant, in Pasig.  The
Company has since expanded and is now involved in a wide range
of food businesses including the manufacture and distribution of
branded consumer foods, flour milling, as well as, sugar milling
and refining.  Universal Robina also produces hogs and day-old
chicks and manufactures animal and fish feeds, glucose and
veterinary compounds.  These businesses are operated through
divisions and wholly or majority-owned subsidiaries that are
organized into three core business segments, namely, branded
consumer foods, agro-industrial products and commodity food
products.


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

DIGILAND INTERNATIONAL: Completes Investment Deal With Dr. Yong
---------------------------------------------------------------
Digiland International Limited entered into an investment
agreement with Vincent Tan Kim Yong on October 3, 2005.

Pursuant to the Investment Agreement, which was completed on
March 23, 2006, some 5,000,000,000 new ordinary shares were
allotted and issued to Dr. Yong at the aggregate price of
SG$5,000,000.

Meanwhile, Digiland, on March 13, 2006, converted the
convertible bond, which it issued under a scheme of arrangement
dated June 28, 2005, entered into between the Company and its
scheme creditors.

On March 23, 2006, the Company partially converted the
convertible bond and allotted and issued 1,604,709,332 new
ordinary shares to 19 out of the 20 Scheme Creditors.  The
Company has not allotted any new ordinary shares to the
remaining Scheme Creditors as such Scheme Creditor has not given
the Company the particulars of its CDS Securities Account.  
Under the Scheme, the scheme creditor has to give details by
March 28, 2006, failing which, its entitlement to the 184, 618,
521 new ordinary shares will lapse pursuant to the Scheme and
the Company will not and issue the scheme creditor any new
ordinary shares under the Scheme.

The Scheme Shares were paid for by the capitalization of the
aggregate amount of US$11,603,327 outstanding under the
convertible bond to the 19 aforesaid Scheme Creditors and the
application of such amount to pay for the Scheme Shares.  
Accordingly, the issued share capital of the Company has
increased from 358,250,798 ordinary shares to 6,962,960,130
ordinary shares.

The Subscription Shares and the Scheme Shares are expected to be
listed on the Official List of the Singapore Exchange Securities
Trading Limited with effect from 9:00 a.m. on March 27, 2006.

              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.


GAMERS' REALM: Corwin Initiates Bankruptcy Action
-------------------------------------------------
On April 13, 2006, Corwin Holding Pte Limited, through Lexton
Law Corporation, filed an application for bankruptcy order
against Gamers' Realm Trading.

The Application was lodged before Assistant Registrar David Lee
in Registrar Chamber 4 at the High Court of the Republic of
Singapore.

Contact: Hoh Juat Jong
         Registrar
         Supreme Court, Singapore


GREATRONIC LIMITED: To Hold Annual General Meeting on April 28
--------------------------------------------------------------
The Annual General Meeting of Greatronic Limited will be held at
the Republic of Singapore Yacht Club, in 52 West Coast Ferry
Road, Singapore, on April 28, 2006, at 8:15 a.m.

At the meeting, members will be asked:

   -- to receive and consider the Directors' Report and
      Audited Accounts for the financial year ended
      December 31, 2005, and the reports of the Auditors;

   -- to re-elect retiring directors

           * James Hong Gee Ho;
           * Goh Boon Kok; and
           * Nicholas Jeyaraj s/o Narayanan;

   -- to approve the payment of Directors' fees totaling
      SG$54,067, for the year ended December 31, 2005;

   -- to re-appoint Messrs Moore Stephens as Auditors of the
      Company and to authorize the Directors to fix their
      remuneration;

   -- to give Directors the authority to allot and issue up to
      50% of issued shares;

   -- to give Directors the authority to offer, accept, allot
      and issue shares under the Greatronic Share Option
      Scheme; and

   -- to transact any other ordinary business, which may
      properly be transacted at an Annual General Meeting.

                   About Greatronic Limited

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


S&I PTE: Placed in Members' Voluntary Wind-up
---------------------------------------------
At a general meeting held at 138 Cecil Street, #15-00 Cecil
Court, in Singapore, on April 5, 2006, members of S&I Pte
Limited decided that:

   -- the Company be wound up voluntarily and that Messrs
      Steven Tan Chee Chuan and Douglas Tan Kay Yeow be
      appointed as joint liquidators for the purpose of
      such winding-up;

   -- that the Liquidators be authorized, when and as soon as
      the debts and liabilities of the Company have been paid
      and satisfied or duly provided for, to distribute the
      assets in specie or kind among the contributories of the
      Company in accordance with their respective rights and
      interests;

   -- that the Liquidators of the Company be authorized to
      exercise any of the powers given by Section 272 (1) (b),
      (c), (d) and (e), of the Singapore Companies Act, Cap.
      50; and

   -- that the Liquidators be remunerated for the work of
      winding-up the Company on their normal scale of fees and
      that the Liquidators be indemnified by the Company
      against all related costs, charges, losses, expenses and
      liabilities incurred or sustained in execution and
      discharge of their duties.

Contact: Steven Tan Chee Chuan
         Douglas Tan Kay Yeow
         Joint Liquidators
         138 Cecil Street
         #15-00 Cecil Court
         Singapore 069538


S&I PTE: Creditors Must Prove Debts by May 13
---------------------------------------------
Joint Liquidators Steven Tan Chee Chuan and Doyglas Tan Lay Yeow
are receiving proofs of claims from the creditors of S&I Pte
Limited until May 13, 2006.

Creditors are asked to comply with the requirement or else be
excluded from sharing in any distribution the Company will make.

Contact: Steven Tan Chee Chuan
         Douglas Tan Kay Yeow
         Joint Liquidators
         138 Cecil Street
         #15-00 Cecil Court
         Singapore 069538


VERTEX INVESTMENT: Creditors' Proofs of Claims Due on May 22
------------------------------------------------------------
The creditors of Vertex Investment (II) Limited are required to
send in particulars of their claims on or before May 22, 2006.

Creditors must lodge their proofs of claims on the said date or
risk being excluded from any distribution.

Contact: Lai Seng Kwoon
         Liquidator
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


ZHEN MING: Faces Bankruptcy Proceedings
---------------------------------------
International Factors (Singapore) Limited has on, April 13,
2006, filed an application for bankruptcy order against Zhen
Ming Electrical Trading.

The application was lodged before the Assistant Registrar David
Lee in Registrar Chamber 4 at the High Court of the Republic of
Singapore.

Contact: Hoh Juat Jong
         Registrar
         Supreme Court, Singapore
   

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

PREMIER ENTERPRISE: Shows Report to Return to Normal Industry
-------------------------------------------------------------
Premier Enterprise Public Company Limited provided an update to
the status of its reorganization plan for the period from
October 1, 2005, to March 31, 2006, in compliance with the Stock
Exchange of Thailand's requirement.

                  Actions Taken to Satisfy SET

Premier Enterprise indicated that it has taken these actions to
so as to be returned to its normal industry sector and to avoid
delisting according to the SET's criteria:

   1. The business-restructuring plan of Premier Enterprise only
      retained Specialty Finance comprising the services of
      leasing credit, assets management and insurance brokerage,
      which businesses have a good result, are making profit and
      have a high growth potential in future;

   2. The Company sold investments in other business; and

   3. The Company performed financial restructuring by retaining
      its THB636.21 million debt and increasing its registered
      capital for an additional THB4,121.53 million by issuing
      ordinary stock of 412.22 shares, to be contributed to the
      creditors in proportion deemed as repayment of the amount
      of debt that exceeds the retaining debt.

                 Financial Restructuring Results

As a result of its financial restructuring, the Company:

   a. has a shareholder equity of THB207.40 million as of
      December 31, 2005;

   b. gained THB816.22 million as a net profit from operation
      for 2005 -- THB326 million of which is comprise of a
      profit from existing core business;

   c. has a balance of debt of THB636.08 million of as of
      December 31, 2005.

   d. will make a debt repayment of THB483.61 million
      within June 2006 by cash or transfer of its assets,
      resulting to a THB152.47 million debt remainder.

                       Financial Position

On December 31, 2005, the Company registered these on its
consolidated balance sheet, showing its current financial
position:

   Assets -- THB1,565.53 million
   Liabilities -- THB1,358.10 million
   Shareholders Equity -- THB207.43 million
   Debt to Equity Ratio Before Debt Repayment -- 6.55
   Projected Debt to Equity Ratio After Debt Repayment -- 4.22

                     Results of Operations

Premier Enterprise's Restructuring Plan retained only Specialty
Finance as its core business, which is projected to have a good
performance and stability in the future.  Four subsidized
companies operate Specialty Finance:

   1. Premier Inter Leasing Company Limited;
   2. Premier LMS Co., Ltd;
   3. Premier Capital (200) Co., Ltd;
   4. Premier Brokerage Co., Ltd.

On March 7, 2006, Premier Enterprise had requested the SET to
extend the period within which it may implement its
rehabilitation plan.  The Company stated that within May 2006,
it will proceed to request the SET to list Premier Enterprise's
stock in the normal industry sectors.

                      About the Company

Headquartered in Bangkok, Thailand, Premier Enterprise Public
Company Limited -- http://www.premier.co.th/-- markets and  
distributes durable products including automobiles, electrical
appliances, spare parts, and construction materials.  The
Company also provides hire purchase and office building rental
services, and invests in diversified businesses including food,
finance and securities, and petroleum industries.
  
The Company posted total liabilities of THB21.8 billion, versus
THB4.05 billion in assets in 2001.  In 2002, total assets
decreased to THB3.89 billion, compared with THB6.11 billion in
liabilities.  In 2003 and 2004, Premier Enterprise posted
THB3.71 billion and THB3.20 billion in total assets,
respectively, compared with THB5.5 billion and THB5.09 billion
in total liabilities.  In 2005, Premier posted THB1.56 billion
in total assets, and liabilities equal to THB1.36 billion.

The Company is currently rehabilitating its business under a
business rehabilitation plan approved by the Thai Supreme Court
on August 2, 2002.  It is classified by the Stock Exchange of
Thailand under its REHABCO -- or Companies Under Rehabilitation
-- sector.
  

SRITHAI FOOD: SET's posted SP Sign Against the Company
-----------------------------------------------------
The Stock Exchange of Thailand has not yet lifted the suspension
sign on the securities of Srithai Food & Beverage Public Co Ltd.

The SET first posted the SP sign on the securities of Srithai on
the first trading session of March 2, 2006, due the Company's
failure to submit its financial statement for the period ending
December 31, 2005, by the deadline specified by the SET.

The SET says that the discrepancy on the financial statement
submitted by the Company, which represents the Company's
financial status, and the operating outcome on the financial
statement, failed to adequately and properly reflect the actual
position of the Company.

Shareholders and investors are advised by the SET to scrutinize
the financial statement report filed by the auditor.

The suspension is still effective until the Company presents its
rehabilitation plan.  

                     About the Company

Headquartered in Amphoe Bang Phli Samut Prakarn, Thailand,
Srithai Food & Beverage Public Co Ltd --  
http://www.srithaifood.thailand.com/-- markets and manufactures  
seasoning, sauce, beverages, and personal care products.


The TCR-AP reported on January 16, 2006, Srithai Food & Beverage
filed a petition with the Central Bankruptcy Court of Thailand
requesting for its second rehabilitation.


TANAYONG: Posts THB186 Million Net Loss for December Quarter
------------------------------------------------------------
Tanayong Public Company Limited posted a THB186,105,000 net loss
for the quarter ended December 31, 2006, compared with a
THB877,350,000 net profit for the same period in 2004.

For the nine months ended December 31, 2005, the Company's net
loss totaled THB1,582,959,000, compared with a net loss of
THB1,238,562,000 for the same period in 2004.  The Company
explained that the THB344 million increase in net loss for this
nine-month period is partly due to the change in accounting
method of investment in:

   -- Bangkok Mass Transit System Puplic Co., Ltd.;
   -- United Bangkok Development Co., Ltd.;
   -- Hwa Kay Thai (Thailand) Co., Ltd.;
   -- Theppratan Properties Co., Ltd.;
   -- The Exchange Square Co., Ltd.; and
   -- Time Station Co., Ltd.

The accounting method for these investments were recorded by
equity method until May 30, 2005.  The Company later classified
these investment as "Investments in subsidiary companies
awaiting transfer under rehabilitation plan" and excluded the
financial statements of these companies from the consolidated
financial statements for the current period.  This caused the
positive of THB3,398 million in investment.

Moreover, Tanayong set up additional provision for doubtful
accounts aggregating THB3,384 million for loan to subsidiary
companies, as well as a provision for diminution in value of
investment at THB278 million for investments in subsidiary
companies awaiting transfer under the rehabilitation plan.
The Company also cited the increase in loss of exchange of
THB814 million arising from unrealized loss on exchange of
liabilities nominated in foreign currencies and the decrease in
interest expense of THB747 million due to the interest on loan
from banks and financial institutions that were computed up to
May 30, 2005, since the Company adjusted liabilities according
to claims lodged by creditors.

                    Assets Versus Liabilities

As of December 31, 2005, the Company posted THB6,978,452,000 in
total assets, which is five times less than the Company's
THB36,643,067,000 liabilities.

The Company is also illiquid, with its current assets as of
December 31, 2005, totaling THB2,376,268,000, and current
liabilities totaling THB36,614,190,000.
           
                          Going Concern

On July 9, 2001, the Stock Exchange of Thailand announced
Tanayong's classification as a company that may be delisted from
the SET and instructed the Company to submit a business
rehabilitation plan in accordance with SET criteria, to enable
it to avoid being delisted.  To meet the SET's requirements,
Tanayong appointed a financial advisor to report on the
Company's future plans and to submit progress reports to the SET
every six months.

Although Thailand's economic crisis has eased to a certain
extent in the current period, financial restructuring within the
business community is still prevalent and subject to
readjustment, especially the property development sector.  As a
result of the financial crisis, the Tanayong and its subsidiary
companies have consistently sustained losses from their
operations, have significant capital deficits and face a
liquidity squeeze.  As a result, the Company and its subsidiary
companies have been unable to fulfill the conditions of various
loan agreements and to settle debts to their lenders.

Various lawsuits have been brought against the Company and some
subsidiary companies by project customers and a number of
lenders.  An overseas court judged in favor of the holders of
the Company's bonds and ordered the Company to repay all
indebtedness to the convertible bondholders and transfer all
secured assets of the Company and its subsidiary companies to
the secured bondholders.  On October 9, 2001, the representative
of the group of convertible bondholders lodged a bankruptcy suit
against the Company with the Central Bankruptcy Court.

The Company filed a request for business rehabilitation with the
Central Bankruptcy Court and in February 2002, the Court issued
an order approving Tanayong's business rehabilitation.  In April
2003, at a meeting of the Company's creditors, a majority of
creditors voted to approve the rehabilitation plan.  However, a
minority of the creditors lodged an objection to the plan with
the Central Bankruptcy Court and in August 2003, so the Court
consequently rejected the plan and ordered the cancellation of
the Company's business rehabilitation.

On August 18, 2003, a subsidiary company, as a Tanayong
creditor, filed a petition for the business rehabilitation of
the Company with the Central Bankruptcy Court.  Subsequently, on
December 30, 2003, the Central Bankruptcy Court issued an order
approving the business rehabilitation of the Company.  The
Company has prepared a business rehabilitation plan and proposed
it to a meeting of creditors, with a resolution accepting the
plan passed by a majority vote on March 31, 2005.

In May 2005, the Central Bankruptcy Court approved the Company's
rehabilitation plan.  The Company subsequently proposed certain
amendments to the business rehabilitation plan, which amendments
are now awaiting the Court's approval.  Currently, the Company
is in the process of implementing the plan.

The Company has examined part of the claims lodged by creditors
and on this basis, during the year ended March 31, 2004, the
Company recorded the difference of approximately THB6,935
million between the outstanding balances as per the Company's
records and the balances of the corresponding claims lodged by
creditors in the balance sheet.  During the nine-month period
ended December 31, 2005, the Company adjusted most of its
liabilities in accordance with creditors' claims.  The Company
has therefore reclassified liabilities and presented them as
current liabilities under "Creditors per rehabilitation plan" in
the balance sheet. The Company's management believes that it has
no material liabilities beyond the amount set aside.

Under the rehabilitation plan, the Company has to increase its
share capital, pay debts and convert debts to equity, which
could give rise to have problems to continue as a going concern
of the Company and its subsidiary companies and whether the
realization of assets and settlement of liabilities will occur
in the ordinary course of business.  However, Tanayong says that
its financial statements have been prepared under the going
concern basis since it believes that it is able to successfully
implement the business rehabilitation plan.

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.  

Tanayong is currently under rehabilitation.  It is categorized
under Rehabco at the Stock Exchange of Thailand.  The Company is
planning to focus on all kinds of property development,
including hotels right after the completion of its debt-
restructuring.


                            *********


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.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***