TCRAP_Public/060501.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  

              Monday, May 1, 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.C.N. 064 294 766: Members Opt for Voluntary Liquidation
AIR NEW ZEALAND: Reduces Trans-Tasman Services Under Qantas Deal
ALBERT G. MCLANE: To Hold Final Meeting Today
AMG PLASTERING: Enters Voluntary Liquidation
AUSTAX (GLOBAL): Supreme Court Issues Wind-up Order

AWB LIMITED: Releases CEO Termination Payment
BB LINE: Creditors Opt for Liquidation
BEER SYSTEMS: Wind-up Proceedings Slated for May 11
C&C BUILDERS: Members Agree to Liquidate Business
CHINESE MEDIA: Faces Liquidation Proceedings

COLUMBARD MANAGEMENT: Court to Hear Liquidation on May 18
EXPRESS TRADING: Members & Creditors to Get Liquidator's Report
FIZZY CACTUS: To Declare Dividend Today
FORTESCUE METALS: ASIC Refiles Statement Due to Defects
HOMELEASE LIMITED: Creditors' Proofs of Claims Due May 19

J MCLENNAN PTY: Winds Up Business
LAVERTON TRANSPORT: Placed Under Voluntary Liquidation
MANGO LAGOON: Appoints Official Receivers
MANNING INVESTMENTS: Creditors' Proofs of Claims Due on May 1
MERCHANTS AND COMPANY: Decides to Shut Down Operations

MT&GM REID: Court Orders Wind-up
NIGALO PTY: Liquidator to Present Wind-up Report
NZ HOMELEASE: Appoints Official Liquidators
PAPANUI MOTELS: Liquidation Proceedings Commenced
PARCELTRAC PTY: Prepares to Pay Dividend

QUALTURF PTY: Names P. Ngan as Liquidator
RADIATA PLANTATIONS: Receivers Step Aside
ROGER BUILDERS: Liquidation Proceedings Set on May 1
SABAKA DOG: To Declare Dividend on May 2
SAMP LIMITED: Shareholders Appoint Official Liquidator

SAW MANAGEMENT: Liquidator Presents Wind-up Report
VICSTATE CONCRETE: Begins Wind-up Proceedings
WATTYL LIMITED: Barloworld to Divest Assets to Get Wattyl


C H I N A   &   H O N G  K O N G

CHEUNG YAU: Members Resolve to Wind Up Firm
CHINA EASTERN: Fitch Downgrades Rating to B+
CHINA SOUTHERN: Fitch Cuts Rating to B+ from BB-
CONSTRAINT TECHNOLOGIES: To Hold Final Meeting on May 29
CTW LIMITED: Final Members Meeting Fixed on May 15

DEEPER LIMITED: Proofs of Claims and Debts Due on May 15
DIPLOCACUS LIMITED: Creditors Meeting Slated for May 19
DRACCO INTERNATIONAL: Creditors' Proofs of Debts Due on May 15
DRACCO INTERNATIONAL: Members Opt for Voluntary Wind-up
FUNDAMENTAL ESTABLISHMENT: Liquidator to Report on Wind-up

GOLDEN SKY: Creditors Must Prove Debts by May 29
HINSWIN ELECTRONICS: Leung Chi Wing Named Liquidator
HK INTERNATIONAL MOVERS': Appoints Joint Liquidators
HUNAN NONFERROUS: 2005 Profit Narrows to CNY426 Mln
JONESWIN INVESTMENT: Creditors' Proof of Claims Due on May 30

LUOYANG GLASS: Unveils April 15 Board Meeting Resolutions
MORRISON INVESTMENT: Members Agree on Wind-up
OCEAN PART: Ha Yue Fuen Cease to Act as Liquidator
PERFECT RIVER: To Receive Proofs of Claims on May 15
PROFIT INTERFACE: Final Members Meeting Fixed on May 17

RIGHT GLORY: Winds Up Business
TCL CORPORATION: Posts FY/2005 CNY320.24 Mln Loss


I N D I A

BHARAT PETROLEUM: 4Q Net Profit Up 409% to INR17.9 Billion
BHARAT PETROLEUM: Wants Slice of Two Premier Oil Blocks
SILVERLINE TECHNOLOGIES: Board Reviews Restructuring Plan


I N D O N E S I A

LIPPO KARAWACI: Rating Not Affected By Sale of Singapore Project


J A P A N

HUSER LIMITED: President Faces Criminal Raps for Fraud
KINKI NIPPON: Initiates Liquidation Proceedings
LIVEDOOR COMPANY: Ex-President Released on Bail
SEIYU LIMITED: Reduces Operating Loss on Strong Sales
SOJITZ CORPORATION: S&P Places BB- Grade on Corporate Rating


K O R E A

DAEWOO ENGINEERING: Hanwha Group Withdraws Bid
HYUNDAI MOTOR: Prosecutor-General Approves Arrest of Chief


M A L A Y S I A

AFFIN HOLDINGS: MYR300-Mln Notes Issuance Program Gets SC's Nod
KEMAYAN CORPORATION: High Finance Costs Drive Losses
MALAYSIA AIRLINES: Offers High Payout to Axed Employees
MENTIGA CORPORATION: Agrees to Settle Unit's Loan
NALURI CORPORATION: Proposes 1% Tax Exempt Final Dividend

NALURI CORPORATION: SC May Consider Application for Exemption
PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908
SETEGAP BERHAD: Court Grants Interim Restraining Order
TECHVENTURE BERHAD: Continues to Work on Debt Rehab Scheme


P H I L I P P I N E S

AFP SAVINGS: Members to Decide Fate of Ex-President
NATIONAL POWER: PSALM to Control PHP129.06 Billion in Bonds
NATIONAL POWER: Mindanao to Experience Power Shortage


S I N G A P O R E

GREATRONIC LIMITED: Members Pass All AGM Resolutions
GUTHRIE BATAM: Court Hears Wind-up Application
MBF PROPERTY: Creditors' Proofs of Claims Due on May 26
SOUTHERN CHEMICALS: Wind-up Matters Heard in Court
TRI-M TECHNOLOGIES: Clarifies 2005 Annual Report Info


T H A I L A N D

THAI PETROCHEMICALS: Two Boards Claim Control of Company

     - - - - - - - -

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

A.C.N. 064 294 766: Members Opt for Voluntary Liquidation
---------------------------------------------------------
The members of A.C.N. 064 294 766 Pty Limited held a general
meeting on March 6, 2006, and agreed to:

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

  -- appoint P. Ngan as liquidator for the wind-up.

The Company creditors confirmed the liquidator's appointment at
a creditors' meeting held that same day.

Contact: P. Ngan
         Liquidator
         Ngan & Co. Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


AIR NEW ZEALAND: Reduces Trans-Tasman Services Under Qantas Deal
----------------------------------------------------------------
Air New Zealand will reduce its trans-Tasman services out of
Wellington under its code-sharing deal with Qantas Airways,
Stuff.co.nz says.

According to the report, application documents filed with the
Transport Ministry show that the airline would stop flying to
Melbourne and Brisbane, leaving those routes to Qantas.

Air New Zealand would cut its weekly flights to Sydney from 13
to nine.  Qantas, on the other hand, would provide 13 flights.  
Qantas' 8:00 a.m. flight would end, while Air New Zealand would
keep its early-morning service.  Competing afternoon departures
would be spread out.

As reported in the Troubled Company Reporter - Asia Pacific on
April 13, 2006, the two airlines have signed a code-share
agreement for their Tasman routes.  The code-share deal still
need to be authorized by the New Zealand Minister of Transport
and the Australian Competition and Consumer Commission.  

The TCR-AP stated that a code-share deal will allow both  
airlines to reduce cost by removing some surplus or duplicated
capacity and utilizing aircraft more efficiently, while
increasing the number of flights available to their customers.  
The proposed code-share will be supported by revenue, pricing
and scheduling arrangements.  Once it becomes effective, all
revenue earned by Air New Zealand and Qantas on Tasman routes
will be allocated on an agreed basis.

Business and political leaders, as well as the Wellington
International Airport, have reacted angrily, fearing a lack of
competition, higher prices and reduced access to Australia.

Stuff.co.nz relates that after the service trade-offs between
the airlines, Wellington would lose six of its 50 flights a week
and 392 seats.

Yet, Air New Zealand believes that through the new arrangement,
Wellington travelers would have more choice of flights to
Sydney.  The airline said that it has assured Wellington tourism
and promotional organizations that there will be no decrease in
the commitment Air New Zealand currently has to marketing
Wellington as a destination.

Under the Code-Share Deal, the Sydney route would be shared
equally, but Air New Zealand would dominate Auckland services to
Brisbane and Melbourne.  Christchurch would gain three services
a week, including Qantas' budget brand Jetstar taking over more
routes.

In addition, Qantas will replace its aging Boeing 737-300s with
slightly bigger refitted Boeing 737-400s, which have an average
age of 14 years, while Air New Zealand has new Airbus A320s,
Stuff.co.nz adds.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific
reported on September 2, 2005, Moody's Investors Service
affirmed its Ba1 issuer rating on Air New Zealand Limited after
the airline announced its annual results for FY2005.  Air NZ's
rating reflected its dominant position in the New Zealand
domestic market, with around 80% market share, and the
profitability of domestic operations following their
restructuring to a low-cost network model.  Also supporting Air
NZ's rating was its solid liquidity position, with cash balances
of NZ$1,071 million held as at June 30, 2005.  However, while
Air NZ has a solid position in New Zealand and other parts of
the international network are performing well, intense
competition on trans-Tasman routes has resulted in it being
unprofitable for Air NZ.  International competition also limits
Air NZ's ability to expand.  Its management is also aware of the
airline's vulnerability to external shocks and the actions of
key competitors.  

Moody's had expressed concern regarding the airline's limited
track-record since the collapse of Ansett Australia in 2001.  
However, FY2004 and FY2005 results have been in line with
expectations.  Air NZ has signaled that the recent increases in
fuel price will adversely affect profitability in 2006, with the
potential to decrease profit by 40% from 2005.  Moody's believes
that this drop, which would result in EBITDAR/(Interest +Rent)
between 2.0x and 2.4x, and Adjusted Debt/EBITDAR of just under
5x, would not adversely affect the rating of the airline.  
Moody's expected Air NZ to have significant capital expenditure
requirements over the next three years -- which will be funded
from a combination of operating cash flow, debt and operating  
leases -- as it acquires additional aircraft.  However, Moody's
considered the increased debt load to be manageable within Air
NZ's rating.  The company is expected to be free cash flow  
positive from 2007.  Moody's said that if fuel prices continued
high for the medium to long term and no rationalization in
trans-Tasman routes were forthcoming, then Air NZ's credit
metrics could be negatively affected.  Operating margin less
than 3%, EBITDAR/(Interest+Rent) less than 2x and Adjusted
Debt/EBITDAR greater than 5.5x would be a trigger for Moody's to
review the rating.


ALBERT G. MCLANE: To Hold Final Meeting Today
---------------------------------------------
A final meeting of Albert G. McLane Investments Pty Limited will
be conducted today, May 1, 2006.

At the meeting, Liquidator P. W. Gidley will present his final
accounts regarding the Company's wind-up operations.

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


AMG PLASTERING: Enters Voluntary Liquidation
--------------------------------------------
The members of AMG Plastering Pty Limited, on March 15, 2006,
agreed to voluntarily wind up the Company's operations.

Richard Herbert Judson was subsequently appointed as liquidator.

Contact: Richard H. Judson
         Liquidator
         Judson & Company Chartered Accountants
         Suite 4, Level 1, 10 Park Road
         Cheltenham, Victoria 3192
         Australia
         Telephone: 9585 4155


AUSTAX (GLOBAL): Supreme Court Issues Wind-up Order
---------------------------------------------------
The Supreme Court of New South Wales, on February 10, 2006,
ordered the wind-up of Austax (Global) Pty Limited, and
nominated Steven Nicols as official liquidator.

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


AWB LIMITED: Releases CEO Termination Payment
---------------------------------------------
AWB Limited had reached a termination payment agreement with its
former chief executive officer, Andrew Lindberg, Dow Jones
Newswires relates.

Mr. Lindberg resigned in February 2006 after AWB was alleged to
have made illegal kickback payments to former Iraqi president
Saddam Hussein.  Peter Polson was then elected as acting CEO.
However, the Troubled Company Reporter - Asia Pacific reported
on April 25, 2006, Mr. Polson stepped down after three months of
serving in the position.
  
According to AWB, Mr. Lindberg will be paid one year's total
salary of AU$1.08 million before tax.  He will also receive
AU$322,701 for accrued annual leave and long-serve leave.

Dow Jones says that Mr. Lindberg's employment will formally end
on July 3, 2006, but he will not be exercising any executive
responsibilities.

                           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.


BB LINE: Creditors Opt for Liquidation
--------------------------------------
At BB Line Constructions Pty Limited's meeting on March 13,
2006, creditors agreed that it is in the Company's best
interests to liquidate its operations.

Peter Paul Krecji was appointed to oversee the wind-up.

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


BEER SYSTEMS: Wind-up Proceedings Slated for May 11
---------------------------------------------------
The High Court of Auckland will hear a wind-up application
against Beer Systems Kleening Co Ltd on May 11, 2006, at 10:45
a.m.

The Application was lodged by the Commissioner for Inland
Revenue on March 6, 2006.

Parties wishing to appear must file an appearance not later than
two working days before the scheduled hearing.

Contact: David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Dept, 5-7 Byron Ave
         Takapuna, Auckland
         New Zealand


C&C BUILDERS: Members Agree to Liquidate Business
-------------------------------------------------
Members of C&C Builders Pty Limited held a meeting on January
16, 2006, and agreed on the Company's need to liquidate.  They
named P. Ngan and G. Parker as joint and several liquidators.

Creditors confirmed the liquidators' appointment at a creditors'
meeting held later that day.

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


CHINESE MEDIA: Faces Liquidation Proceedings
--------------------------------------------
Business Media Press Limited, on March 23, 2006, lodged before
the High Court of Christchurch an application to have Chinese
Media Group Ltd liquidated.

The Court will hear the application on May 1, 2006, at 10:00
a.m.

Parties wishing to appear at the hearing must file an appearance
not later than second working day before the hearing.

Contact: R.A. McL Fraser
         Receivables Management (NZ) Limited
         Level 8, 7 City Road
         Auckland, New Zealand
         Facsimile: (09) 919 3697


COLUMBARD MANAGEMENT: Court to Hear Liquidation on May 18
---------------------------------------------------------
An application to put Columbard Management (New Zealand) Ltd
into liquidation will be heard before the High Court of Auckland
on May 18, 2006, at 10:45 a.m.   

The application was received by the Court on February 27, 2006,
from Sweeney Vesty Limited.

Parties wishing to appear must file an appearance not later than
two working days before the scheduled hearing.

Contact: J.J. Troup
         Kensington Swan, Lawyers
         89 The Terrace, Wellington
         New Zealand


EXPRESS TRADING: Members & Creditors to Get Liquidator's Report
---------------------------------------------------------------
The members and creditors of Express Trading House Pty Limited
will convene today, May 1, 2006, to receive Liquidator Murray
Godfrey's account regarding the Company's completed wind-up and
disposal of the Company's property.

Contact: Murray Godfrey
         Liquidator
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9231 0889


FIZZY CACTUS: To Declare Dividend Today
---------------------------------------
Fizzy Cactus Pty Limited will declare its first and final
dividend today, May 1, 2006, to the exclusion of its creditors
who were unable to prove their claims.

Contact: John Morgan
         Liquidator
         PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


FORTESCUE METALS: ASIC Refiles Statement Due to Defects
-------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 6, 2006, that the Australian Securities and Investments
Commission accused Fortescue Metals Group Limited and its chief
executive officer, Andrew Forrest, of engaging in misleading and
deceptive conduct and of failing to comply with disclosure
obligations when it announced various contracts with Chinese
entities on August 23 and November 5, 2004.

In the August 23 Announcement, Fortescue claimed that it had a
binding contract with China Railway Engineering Corporation to
build and finance a railway from its tenements to the export hub
at Port Hedland.

In the November 5 Announcement, Fortescue claimed to have
further binding contracts with:  

   * China Harbour Engineering Corporation to design, build
     and finance a shiploading and stockyard facility at Port
     Hedland; and

   * China Metallurgical Construction (Group) Corporation to
     design, build and finance a mine process plant.

The announcement stated that Fortescue had established a broad
platform for the delivery of the three major component parts of
its AU$1.85 billion iron ore and infrastructure project in the
Pilbara region.

ASIC alleged that Fortescue, when making the announcements,
failed to disclose important information regarding the nature of
these documents.

In particular, ASIC noted that Fortescue did not disclose that
the parties had not reached a concluded agreement on fundamental
aspects of the projects and they had merely agreed that they
would, in the future, jointly develop and agree on relevant
matters.

According to a subsequent TCR-AP report, ASIC issued proceedings
on March 2, 2006, in the Federal Court in Perth seeking
AU$3 million in civil penalty orders against Fortescue and Mr.
Forrest.

In an update, The Age relates that on April 27, 2006, ASIC told
the Federal Court that it had made changes to its statement of
claim against Fortescue and Mr. Forrest.

The Australian explains that ASIC sought leave to amend its
claim in response to allegations by the defendants that the
original claim was defective because it did not refer to an
Australian Stock Exchange announcement dated November 8, 2004,
which was released to the market the day after.

The Australian Associated Press relates that in the ASX
Announcement, Fortescue provided additional information to
financial markets on the two contracts signed with the three
Chinese companies.

According to The Australian, the new documents led ASIC to
include further claims against Fortescue and Mr. Forrest and
seek additional orders against them.

Yet, The Australian says, the Court required ASIC to completely
rewrite the document and gave the regulator until last Friday,
April 28, to refile its statement.

A hearing on the Fortescue Case has been set for June 6, 2006.

                        About Fortescue  

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

Fortescue's troubles began when its Chief Executive Officer,
Andrew Forrest, admitted to a AU$500-million blowout on the cost
of port and rail infrastructure in the Pilbara Project because
of price hikes for steel, fuel, construction materials and
contract labor.  The Company also disclosed that the hampered
progress brings in the possibility that the Company may not meet
its ore delivery schedule and pushes up costs at resource
developments across Western Australia.  In May 2005, the
Australian Stock Exchange pressured Fortescue to explain matters
about the troubled project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX referred the Fortescue matter to the
Australian Securities and Investments Commission, which recently
commenced a legal action against the Company.

ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on Aug. 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  ASIC
is seeking civil penalties of up to AU$3 million against
Fortescue.


HOMELEASE LIMITED: Creditors' Proofs of Claims Due May 19
---------------------------------------------------------
Joint and Several Liquidators Brian Mayo-Smith and Robert John
Knox were appointed on April 11, 2006, to oversee the winding up
of Homelease (NZ) Limited.

They hereby fix May 19, 2006, as the date on or before which the
Company's creditors are to prove their debts.

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

Contact: Brian Mayo-Smith
         Liquidator
         BDO Spicers Chartered Accountants
         Level Eight, 120 Albert Street
         Auckland, New Zealand
         Telephone: (09) 379 2950
         Facsimile: (09) 303 2830


J MCLENNAN PTY: Winds Up Business
---------------------------------
At a general meeting of J McLennan Pty Limited, on Feb. 17,
2006, members agreed that it is in the Company's best interests
to wind up its operations.

William Gerard Malone was subsequently appointed as liquidator.

Contact: William G. Malone
         Liquidator
         Malones Business Advisors
         Suite 19, 4th Floor, Kennlynn Center
         457 Upper Edward Street, Brisbane
         Australia


LAVERTON TRANSPORT: Placed Under Voluntary Liquidation
------------------------------------------------------
The members of Laverton Transport Services Pty Limited resolved
on March 16, 2006, to wind up the Company's operations.

Anthony Robert Cant was appointed to supervise the Company's
winding up activities.

Contact: Anthony R. Cant
         Liquidator
         Romanis Cant Chartered Accountants
         106 Hardware Street
         Melbourne, Australia


MANGO LAGOON: Appoints Official Receivers
-----------------------------------------
On February 23, 2006, Robert William Hutson and Craig Peter
Shepard were appointed as receivers and managers of the property
of Mango Lagoon Palm Cove Pty Limited.

Contact: Robert W. Hutson
         Receiver
         KordaMentha
         22 Market Street, Brisbane
         Queensland 4000, Australia

         Craig P. Shepard
         Receiver
         KordaMentha
         Level 24, 333 Collins Street
         Melbourne, Victoria 3000
         Australia


MANNING INVESTMENTS: Creditors' Proofs of Claims Due on May 1
-------------------------------------------------------------
The liquidator of Manning Investments Limited will be receiving
creditors' proofs on or before May 1, 2006.

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

Contact: Anthony John McCullagh
         Stephen Mark Lawrence
         Horwath Corporate, Auckland
         New Zealand        


MERCHANTS AND COMPANY: Decides to Shut Down Operations
------------------------------------------------------
The members of Merchants and Company Pty Limited convened at a
general meeting on March 13, 2006, and agreed that the Company
must voluntarily commence a wind-up of its operations.

Andrew Fielding was appointed as liquidator.

Contact: Andrew Fielding
         Liquidator
         PPB Chartered Accountants & Business Reconstruction
         Specialists
         Level 4, Toowong Terraces
         31 Sherwood Road, Toowong
         Queensland 4066, Australia


MT&GM REID: Court Orders Wind-up
--------------------------------
The Federal Court had, on February 20, 2006, issued a winding up
order against MT&GM Reid Pty Limited, and appointed Robyn
Erskine to act as liquidator for the wind-up.

Contact: Robyn Erskine
         Liquidator
         Brooke Bird & Co. Insolvency Practitioners
         471 Riversdale Road, Hawthorn East 3123
         Australia
         Telephone: 9882 6666


NIGALO PTY: Liquidator to Present Wind-up Report
------------------------------------------------
A final meeting of the members and creditors of Nigalo Pty
Limited will be held for the parties to receive Liquidator
Murray Godfrey's final account showing how the Company was wound
up and how its property was disposed of.

The meeting will be held today, May 1, 2006.

Contact: Murray Godfrey
         Liquidator
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9231 0889


NZ HOMELEASE: Appoints Official Liquidators
-------------------------------------------
The shareholders of NZ Homelease Limited, on April 11, 2006,
appointed Brian Mayo-Smith and Robert John Knox as joint and
several liquidators of the Company.

The Liquidators now requests the Company's creditors to lodge
their proofs of claims on or before May 19, 2006, or be excluded
from sharing in any distribution the Company will make.

Contact: Brian Mayo-Smith
         Liquidator
         BDO Spicers Chartered Accountants
         Level Eight, 120 Albert Street
         Auckland, New Zealand
         Telephone: (09) 379 2950
         Facsimile: (09) 303 2830


PAPANUI MOTELS: Liquidation Proceedings Commenced
-------------------------------------------------
On April 5, 2006, Papanui Motels commenced liquidation
proceedings and appointed Murray George Allot as the Company's
official liquidator.

Contact: Murray G. Allot
         111 Bealey Ave, PO Box 29-432
         Christchurch, New Zealand


PARCELTRAC PTY: Prepares to Pay Dividend
----------------------------------------
Parceltrac Pty Limited will declare a dividend to its creditors
on May 2, 2006.

Creditors of the Company who were not able to prove their claims
are excluded from sharing in any distribution the company will
make.

Contact: John Melluish
         Liquidator
         Ferrier Hodgson
         Level 17, 2 Market Street
         Sydney, New South Wales 2000
         Australia


QUALTURF PTY: Names P. Ngan as Liquidator
-----------------------------------------
At a general meeting on March 2, 2006, the members of Qualturf
Pty Limited resolved to close the Company's business operations
and distribute the proceeds of its assets disposal.

P. Ngan was appointed as liquidator at a creditors' meeting held
that same day.

Contact: P. Ngan
         Liquidator
         Ngan & Company Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


RADIATA PLANTATIONS: Receivers Step Aside
-----------------------------------------
On March 15, 2006, Martin and David Winterbottom ceased to act
as receivers and managers of the property of Radiata Plantations
Limited.


ROGER BUILDERS: Liquidation Proceedings Set on May 1
----------------------------------------------------
The High Court at Christchurch, on March 21, 2006, received from
Chron & Fin Sheet Metals Limited an application to liquidate
Roger Builders Ltd.

The application will be heard before the Court on May 1, 2006,
at 10:00 a.m.

Parties wishing to appear must file an appearance not later than
two working days before the scheduled hearing.

Contact: Nicola Frances Ebert
         Malley & Co Lawyers
         10/F., 47 Cathedral Square
         Christchurch, New Zealand


SABAKA DOG: To Declare Dividend on May 2
----------------------------------------
Sabaka Dog Services Pty Limited will declare its first and final
dividend on May 2, 2006.

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

Contact: Anthony W. Elkerton
         Liquidator
         Pitcher Partners Chartered Accountants
         Level 3, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


SAMP LIMITED: Shareholders Appoint Official Liquidator
------------------------------------------------------
By the virtue of a Special Resolution, shareholders of SAMP
Limited on March 1, 2006, appointed Terence Charles Webb Bastion
as the Company's official liquidator.

Creditors and other parties may direct their inquiries to the
Liquidator.

Contact: T.C.W. Bastion
         KBC House, 272 Karori Road
         Karori, Wellington
         New Zealand
         Telephone: (04) 476 5775
         Facsimile: (04) 476 5778.


SAW MANAGEMENT: Liquidator Presents Wind-up Report
--------------------------------------------------
The final meeting of the members and creditors of Saw Management
Services Pty Limited will be held today, May 1, 2006, for the
parties to get an account of the manner of the Company's wind-up
and property disposal from liquidator Murray Godfrey.

Contact: Murray Godfrey
         Liquidator
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9231 0889


VICSTATE CONCRETE: Begins Wind-up Proceedings
---------------------------------------------
The members of Vicstate Concrete Services Pty Limited agreed to
shut down the Company's operations, at a general meeting on
March 15, 2006.

Contact: Vanessa Purton
         Director
         c/o Norman K. Jones Pattisons
         Business Advisors and Insolvency Specialists
         Level 14, 461 Bourke Street
         Melbourne 3000, Australia
         Telephone: (03) 9600 4611


WATTYL LIMITED: Barloworld to Divest Assets to Get Wattyl
---------------------------------------------------------
Barloworld Limited disclosed to the Australian Stock Exchange on
April 28, 2006, that it had given the Australian Competition and
Consumer Commission a list of assets that it will divest if it
took over Wattyl Limited, the Sydney Morning Herald reports.

The Troubled Company Reporter - Asia Pacific reported in March
2006 that Barloworld is in discussions with the ACCC to address
the regulator's concerns that a Barloworld takeover of Wattyl,
which would merge the number two and number three paintmakers,
would substantially reduce competition.  However, Barloworld is
firm in its belief that a merger with Wattyl would be beneficial
to the industry and the consumers.

According to the Sydney Herald, Barloworld increased its chances
of winning the ACCC's approval for its AU$321 million takeover
bid for Wattyl when the owner of Taubmans and Bristol Paints
agreed to make the divestments.  It is understood Barloworld has
agreed to divest its 80-store Bristol retail paint chain.

Yet, according to the report, Barloworld Coatings' business
development manager, Rod Tweed, declined to confirm talks that
the South African paint-making concern had agreed to divest its
Bristol business and possibly one manufacturing plant.  He
admitted, however, that the divestments addressed the concerns
the ACCC raised in its statement of issues on March 23.

The Sydney Herald also notes that there have been speculations
that, since the concerns related mainly to the retail and not
manufacturing operations of the companies, Barloworld would have
to divest only some of Wattyl's Solver retail stores or its own
Bristol stores for the deal to go ahead.

The Sydney Herald relates that one interested party in Wattyl is
Victorian paint maker Haymes.  There is speculation the
Pittsburgh-based PPG and New Zealand's Resene might also have an
interest.

                      About Wattyl Limited

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


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

CHEUNG YAU: Members Resolve to Wind Up Firm
-------------------------------------------
The members of Cheung Yau Trading Co Limited on April 13, 2006,
agreed to wind up the Company's operations.

For its purpose, Tam Shing Yan was appointed as official
liquidator.

Mr. Tam is asking the Company's creditors to lodge their proofs
of debts on or before May 18, 2006.  Failure to meet the
requirement will exclude any creditor from sharing in any
distribution the Company will make.

Contact: Tam Shing Yan
         Room A, 12/F., Tower 1
         Tern Centre 237 The Queen's Road
         Central, Hong Kong


CHINA EASTERN: Fitch Downgrades Rating to B+
--------------------------------------------
Fitch Ratings has on April 28, 2006, downgraded China Eastern
Airlines Company Limited's Foreign Currency and Local Currency
Issuer Default Ratings to "B+" from "BB-".  The outlook on the
IDRs is stable.

The downgrade primarily reflects China Eastern's substantially
declined profitability, caused by a 36.8% hike in operating
expenses relative to a 28.4% growth in revenues, and increased
debt levels, which substantially weakened the carrier's major
credit ratios.

The growth in revenue and operating expenses was mainly an
effect of the acquisitions of China Northwest Airlines and
Yunnan Air in July 2005, which drove total capacity measured by
available tonne kilometres (ATK) and overall air traffic up by
23.7% and 24.3% respectively in FY05.  Strong growth of 34.2% in
passenger revenues was mainly driven by a 31.9% increase in
passenger traffic, a 3.5 percentage point pick-up in passenger
load factors and a 1.79% increase in passenger yield (CNY0.56
per revenue passenger kilometres).

The higher growth of operating expenses was primarily due to the
fact that the largest cost component, fuel expenses, surged by
63.7%, accounting for 35.9% of total operating expenses compared
to 30.1% in FY04. Unit operating costs increased to CNY3.16 per
ATK compared to CNY2.86 in FY04.

As a result, China Eastern's profitability in FY05 was
substantially eroded, with a record loss of CNY438.7 million and
an operating EBITDAR margin of only 19.0% (25.2% in FY04).  
Although the carrier plans to strengthen cost controls by
optimizing route structure and improving budget management,
Fitch believes that the carrier has limited opportunities to cut
costs, especially fuel costs, as domestic fuel prices have risen
by a further 10.0% in March this year and there are no signs to
indicate that this trend will reverse in the near future.  The
air passenger fuel surcharges, which were increased by roughly
30% in March, can only offset one third of the surge in fuel
expenses.

China Eastern raised its debt levels in FY05, with total bank
loans increasing by 55.1% (CNY26.3 billion), in which short-term
debt surged by 121.5% and accounted for 52.1%.  China Eastern's
major leverage ratios should have worsened, with total adjusted
debt net of cash to Operating EBITDAR of around 10.0x in FY05
(7.5x in FY04), according to Fitch's estimates.  Fitch
attributes the rise in debt levels to China Eastern's continuous
capacity expansion, which is largely financed by bank loans and
leases.  

The carrier expanded its fleet by adding 13 aircraft in 2005 and
will add a further 24 and 15 planes in 2006 and 2007,
respectively.  In 2005, it entered into a series of purchase
agreements with Boeing and Airbus with plans to acquire a total
of over 80 aircraft, which will be delivered from 2005 to 2010.
Fitch estimates that the total cost of the acquisitions may
reach approximately CNY65bn to CNY70bn, implying China Eastern's
average annual capex on aircraft additions could reach CNY10bn
over the next five years.  While the acquisition of new aircraft
may benefit the carrier by generating new cash flows, shortening
average age of the fleet and reducing unit operating cost, the
capacity expansion will probably push its leverage up over the
medium term.

The Stable Outlook reflects Fitch's expectation that China
Eastern will maintain steady growth in air traffic, revenues and
operating cash flows.  Fitch has also factored into the ratings
the potential government support (largely due to the state-
controlled shareholding structure and the significance of the
carrier's operations to China's air travel market) in the event
of the carrier plunges into financial distress.  Any positive
developments on the regulatory front or improvement in the
sector's fundamentals could materially bolster the carrier's
operating and financial profile and trigger a positive rating
action.

About China Eastern Airlines

Headquartered in Shanghai, China, China Eastern Airlines  
Corporation Limited's -- http://www.ce-air.com-- principal  
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.  
  
In March 2006, Fitch Ratings assigned China Eastern Airlines  
Corporation Limited a Foreign Currency Issuer Default Rating of
'BB-", and a Local Currency Issuer Default Rating of "BB-".  The
Outlook on the ratings is Negative.  
  
The ratings reflect China Eastern's deteriorating profitability
due to declining yields driven by increasing competition and
escalating operating expenses as a result of the hike in jet
fuel prices.  Fitch also notes that the carrier's aggressive
capex plans could constrain its cash flow generation and further
worsen its leverage levels.  The restructuring risks from the
integration of Yunnan Air and China Northwest Airlines in 2005
have also been factored into the ratings.
   

CHINA SOUTHERN: Fitch Cuts Rating to B+ from BB-
------------------------------------------------
Fitch Ratings has downgraded China Southern Airlines Company
Limited's Foreign Currency and Local Currency Issuer Default
Ratings to "B+" from "BB-".  The Outlook on the IDRs is Stable.

"The one-notch downgrade primarily reflects China Southern's
significantly deteriorated profitability, caused by a 71.7% hike
in operating expenses relative to a 59.7% growth in revenues,
and increased debt levels, which substantially weakened the
carrier's major credit ratios," says Eliza Liu, associate
director in Fitch's Asia-Pacific Corporates team.

The growth in revenue and operating expenses was mainly an
effect of the acquisitions of China Northern Airlines and
Xingjiang Airlines in December 2004, which drove total capacity
measured by available seat kilometres (ASK), and passenger air
traffic up by 64.3% and 66.5% respectively in FY05.  The higher
growth of operating expenses was primarily due to the fact that
the largest cost component, fuel expense, surged by 97.2%,
accounting for 34.7% of total operating expenses compared to
30.2% in FY04. Unit operating costs increased to CNY3.44 per
available tonne kilometres compared to CNY3.10 in FY04.  In
contrast, passenger yield dropped by 3.5% although the passenger
load factor picked up to 70.1% (69.2% in FY04).

As a result, China Southern's profitability in FY05 was
substantially eroded, with a record net loss of CNY1.85 billion
and an operating EBITDAR margin of only 14.7% (20.8% in FY04).  
Although the carrier plans to strengthen cost controls by
optimizing route structure and improving budget management,
Fitch believes that the carrier has limited opportunities to cut
costs, especially fuel costs, as domestic fuel prices have risen
by a further 10.0% in March this year and there are no signs to
indicate that this trend will reverse in the near future.

The air passenger fuel surcharges, which were increased by
roughly 30% in March, can only offset one third of the surge in
fuel expenses.  While Fitch views the erosion of China
Southern's profitability as largely an effect of the worsening
operating environment for the sector, Fitch believes that the
carrier's high unit costs indicate its relatively weak cost
management compared to its peers.  China Southern raised its
debt levels in FY05, with total debt and total adjusted debt
increasing by 25.1% (CNY44.8bn) and by 31.7% (CNY64.8bn)
respectively.

As a result of the higher debt and lower EBITDAR levels, major
leverage ratios worsened, with total adjusted debt net of cash
to Operating EBITDAR of 11.0x (9.2x in FY04) and Operating
EBITDAR to net fixed charge of 1.4x (2.1x in FY04).  Fitch
attributes the rise in debt levels to China Southern's
continuous capacity expansion, which is largely financed by bank
loans and leases.  The carrier expanded its fleet to 261
aircraft by adding 30 aircraft in FY05.  In 2005, it entered
into a series of purchase agreements with Boeing and Airbus with
plans to acquire a total of 73 aircraft including 45 Boeing
737s, 10 Airbus A330s, 13 Boeing 787s and five Airbus A380s
which will be delivered between 2006 and 2010.

Fitch estimates the total cost of the acquisitions may reach
CNY60bn, implying China Southern's average annual capex on
aircraft additions could reach CNY10bn to CNY11bn over the next
five years.  While the acquisitions of new aircraft may benefit
the carrier by standardizing aircraft types, shortening the
average age of the fleet and reducing unit operating costs, the
capacity expansion will probably push its leverage up over the
medium term.

The Stable Outlook reflects Fitch's expectation that China
Southern will maintain steady growth in air traffic, revenues
and operating cash flows.  Fitch has also factored into the
ratings the potential government support (largely due to the
state-controlled shareholding structure and the significance of
the carrier's operations to China's air travel market) in event
the carrier plunges into financial distress.  Any positive
developments on the regulatory front or the sector fundamentals
could materially improve the carrier's operating and financial
profile and trigger a positive rating action.

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 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.  


CONSTRAINT TECHNOLOGIES: To Hold Final Meeting on May 29
--------------------------------------------------------
The members of Constraint Technologies International Limited
will hold a final meeting on May 29, 2006, at 8th Floor,
Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong
Kong.

At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Liquidator Thomas
Andrew Corkhill.


CTW LIMITED: Final Members Meeting Fixed on May 15
--------------------------------------------------
A final meeting of the members of CTW (Hong Kong) Limited will
be held for the parties to receive Liquidator Kong Chi How's
final account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held on May 15, 2006, 2:30 p.m. at 29/F.,
Wing On Centre, 111 Connaught Road Central, Hong Kong.


DEEPER LIMITED: Proofs of Claims and Debts Due on May 15
---------------------------------------------------------
Liquidator Ng Kim Ming is receiving proofs of claims and debts
from the creditors of Deeper Limited on or before May 15, 2006.


As reported by the Troubled Company Reporter - Asia Pacific, a
special resolution was passed at an Extraordinary General  
Meeting of Deeper Limited on April 3, 2006, to voluntarily wind  
up the Company's operations.

Contact: Ng Kim Ming
         Unit A, 14/F.,
         Shun On Commercial Bldg
         112-114 Des Voeux Road Central,
         Hong Kong


DIPLOCACUS LIMITED: Creditors Meeting Slated for May 19
-------------------------------------------------------
The creditors of Diplocacus Limited will hold a final meeting on
May 19, 2006, for them to get an account of the manner of the
Company's wind-up and property disposal from Liquidator Jakcy CW
Muk.

The meeting will be held at 27/F., Alexandra House, 18 Chater
Road, in Central, Hong Kong.


DRACCO INTERNATIONAL: Creditors' Proofs of Debts Due on May 15
--------------------------------------------------------------
Creditors of Dracco International Co Limited are required to
send in their full particulars regarding debts to Liquidator
Chua Tin Chor on or before May 15, 2006.

Failure to meet the requirements will exclude any creditor from
sharing in any distribution the Company will make.

Contact: Chua Tin Chor
         Unit G, 10/F., Seabright Plaza
         9-23 Shell Street, North Point,
         Hong Kong


DRACCO INTERNATIONAL: Members Opt for Voluntary Wind-up
-------------------------------------------------------
Members of Dracco International Co Limited on April 4, 2006,
agreed to wind up the Company's operations voluntarily.

Subsequently, Chua Tin Chor was appointed as official
liquidator.

Contact: Chua Tin Chor
         Unit G, 10/F., Seabright Plaza
         9-23 Shell Street, North Point,
         Hong Kong


FUNDAMENTAL ESTABLISHMENT: Liquidator to Report on Wind-up
----------------------------------------------------------
A final meeting of the members of Fundamental Establishment
(International) Ltd will be held for the parties to receive
Liquidator Wong Man Chung's final account showing how the
Company was wound up and how its property was disposed of.

The meeting will be held on May 12, 2006, 3:00 p.m. at 19/F., No
3 Lockhart Road, Wanchai, Hong Kong.


GOLDEN SKY: Creditors Must Prove Debts by May 29
------------------------------------------------
Golden Sky Enterprises Limited will be receiving creditors'
proofs of debts or claims on or before May 29, 2006.

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

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

Contact: Lee Kwok On, Alexander
         Liquidator
         Rooms 1901-2, Park In Commercial Centre
         56 Dundas Street, Kowloon


HINSWIN ELECTRONICS: Leung Chi Wing Named Liquidator
----------------------------------------------------
A special resolution to dissolve Hinswin Electronics Limited was
passed by shareholders on April 19, 2006.

Subsequently, Leung Chi Wing was appointed to facilitate the
liquidation of the Company's assets.

Contact: Leung Chi Wing
         Liquidator
         Room 1101, 11/F
         Shiu Lam Building
         23 Luard Road
         Wan Chai, Hong Kong
         

HK INTERNATIONAL MOVERS': Appoints Joint Liquidators
----------------------------------------------------
Rainier Hok Chung Lam and John James Toohey were appointed as
Joint Liquidators for Hong Kong International Movers'
Association Limited by virtue of a Special Resolution passed on
April 21, 2006.

Contact: Rainier Hok Chung Lam
         John James Toohey
         Joint Liquidators
         22/F., Prince's Building, Central
         Hong Kong


HUNAN NONFERROUS: 2005 Profit Narrows to CNY426 Mln
---------------------------------------------------
China's Zinc producer Hunan Nonferrous Metals Corporation posted
a 23% drop in earnings on restructuring costs ahead of its
initial public offering last month, The Wall Street Journal
relates.

The Company booked a net profit of CNY426 million for the year
ended December 31, 2005, down from CNY555.2 million the year
before.

According to the Journal, the result was slightly higher than
the company's 2005 earnings forecast in its initial public
offering prospectus of at least CNY415 million.

The Company has stated that subsequent to the balance sheet date
in March 2006, the Company received a net proceeds of
approximately HK$1.9 billion from the issue of new H shares at
the time of its listing on the Stock Exchange.  

Dow Jones Newswires reports that rising raw material costs and
competition could damp the company's profitability this year,
quoting company president Company President He Renchun.  

The Company did not declare a final dividend.  

*    *     *

Hunan Nonferrous Metals Corporation -- which produces tungsten,
zinc, lead and antimony -- was incorporated in the People's
Republic of China on September 1, 2005, as a joint stock company
with limited liability as a result of a group reorganization of
Hunan Nonferrous Metals Holdings Group Co., Ltd. in preparation
for the listing of the Company's shares on The Stock Exchange of
Hong Kong Limited.   HNG is a state-owned enterprise established
in August 2004 in the PRC, and is under the control of the
People's Government of Hunan Province.

In a company statement, the Group's current liabilities exceeded
its current assets as at December 31, 2005.  This is because the
directors are of the opinion that the Group has obtained
sufficient funding subsequent to its issue of new shares to the
public and listing on the Main Board of The Stock Exchange of
Hong Kong Limited on March 31, 2006, such that the Group will
have adequate funds to meet its liabilities when they fall due.

As the People's Government of Hunan Province ultimately
controlled the Relevant Businesses before the Reorganization and
continues to have ultimate control over the Group after the
Reorganization, the Reorganization has been accounted for as a
reorganization of entities under common control in a manner
similar to pooling of interests.  As a result, these financial
statements have been prepared under the basis as if the Relevant
Businesses had been transferred to the Group at the beginning of
the year ended December 31, 2004.  Accordingly, the assets and
liabilities transferred to the Company have been stated at
historical amounts.

The financial statements were prepared under the going concern
basis although the Group's current liabilities exceeded its
current assets as at December 31, 2005.  This is because the
directors are of the opinion that the Group has obtained
sufficient funding subsequent to its issue of new shares to the
public and listing on the Main Board of The Stock Exchange of
Hong Kong Limited on March 31, 2006 such that the Group will
have adequate funds to meet its liabilities when they fall due.


JONESWIN INVESTMENT: Creditors' Proof of Claims Due on May 30
-------------------------------------------------------------
Joneswin Investment Limited is receiving proofs of claims from
its creditors until May 30, 2006.

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

Meanwhile, Tsui Yeung Ching was named as liquidator to supervise
the Company's wind-up.

Contact: Tsui Yeung Ching
         Liquidator
         Room 2310, Hang Lung Centre
         2-20 Paterson Street
         Causeway Bay
         Hong Kong


LUOYANG GLASS: Unveils April 15 Board Meeting Resolutions
---------------------------------------------------------
The board of directors of Luoyang Glass Company Limited held a
meeting on April 15, 2006, at the 1st Floor, No. 9 Tang Gong
Zhong Lu, Xigong District, Luoyang, Henan Province, The People's
Republic of China.

At the meeting, directors unanimously approved:

     -- the election of new Board of Director members and
        appointment of members of different committees;

     -- the Work Report of General Manager for 2005;

     -- the financial statements of the Company for the
        year ended December 31, 2005;

     -- the 2005 Annual Report of the Company and its
        summary;

     -- the Company's profit distribution plan for 2005
        in accordance with the PRC Accounting Rules and
        Regulations;

     -- the proposal for utilization of surplus reserve
        to recover loss;

     -- the proposal for recovery of capital appropriated by
        substantial shareholder; and

     -- the proposal for amendments to the Articles of
        Association.

*     *     *

Headquartered in Henan Province, People's Republic of China,
Luoyang Glass Company Limited's -- http://www.clfg.com--  
principal activities are the production and sale of float sheet
and flat glass and reprocessing of automobile glass. Other
activity includes the exploration of minerals.  The Group owns
six production lines of float glass and is able to produce float
flat glass of various thickness, size and color.  The thickness
of flat glass ranges from 1.1mm to 25mm, the maximum size is
3,000mm x 6,000mm and the color includes primary, dark brown,
blue and green.  These products are widely used in construction
industry.  The Group also owns glass-processing line.  The flat,
curve steel glass produced can be used as window glass for all
kinds of automobiles, glass screen wall of buildings and for
arts and furniture.  Product of the Group is known as 'Luoyang
Float Glass Technology'.  The Group operates in China, Asia,
America, Oceania and other countries.

As reported by the Troubled Company Reporter - Asia Pacific,
Luoyang Glass Company Limited incurred losses of CNY969 million
and net current liabilities of CNY498 million in 2005, caused by
a 34% rise in the production costs of glass.  The Company also
stressed that its losses were part of an overall decline in the
industry which has recorded falls of more than 90% on high oil,
coal, water and electricity costs.  Auditor KPMG was quoted as
saying that there was now a fundamental uncertainty about  
the future of the group, which has posted losses for at least 10  
years after listing on the Hong Kong stock exchange in 1994.


MORRISON INVESTMENT: Members Agree on Wind-up
---------------------------------------------
At an extraordinary general meeting on April 20, 2006, the
members of Morrison Investment Limited decided to voluntarily
wind up the Company's operations.

Subsequently, Chan Sin Yiu was appointed as the Company's
liquidator.

Contact: Chan Sin Yiu
         Liquidator
         Room 1506, 15/F
         Takshing House
         20 Dex Voeux Road C
         Central, Hong Kong


OCEAN PART: Ha Yue Fuen Cease to Act as Liquidator
--------------------------------------------------
Ha Yue Fuen, Henry, whose business address is at Room 1010, 10th
FLoor, Wing On Centre, 111 Connaught Road Central, Hong Kong,
ceased to act as liquidator of Ocean Part Limited on April 20,
2006.
    

PERFECT RIVER: To Receive Proofs of Claims on May 15
----------------------------------------------------
Perfect River International Ltd is receiving creditors' proofs
of debts until May 15, 2006.

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

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

Contact: Lo Wa kei
         Suite 1304, Shanghai Industrial Bldg
         60 Hennesy Road, Wanchai
         Hong Kong


PROFIT INTERFACE: Final Members Meeting Fixed on May 17
-------------------------------------------------------
Members of Profit Interface No. 7 Ltd will meet at 27/F.,
Alexandra House, 18 Chater Road, Central Hong Kong on May 17,
2006, at 11:00 a.m.

At the meeting, members will receive accounts and explanations
regarding the winding up of the Company.  

       
RIGHT GLORY: Winds Up Business
------------------------------
At a meeting on April 12, 2006, members of Right Glory
Investments Limited agreed that the Company must voluntarily
commence a wind-up of its operations.

Chung Wah Sang, Welson was appointed as liquidator.

Contact: Chung Wah Sang, Welson
         Liquidator
         Suite 980, Guiness Tower
         1055 West Hastings Street
         Vancouver BC, Canada


TCL CORPORATION: Posts FY/2005 CNY320.24 Mln Loss
-------------------------------------------------
TCL Corporation posted a net loss of CNY320.24 million in the
year ending December 31, 2005, versus a net profit of CNY245.21
million a year earlier.

The Company swung into a loss last year as its two main units,
TCL Multimedia and TCL Communication worked to revive money-
losing assets they acquired from France's Thomson and Alcatel,
respectively.  

The company's cell-phone business also struggled with fierce
competition in its home market.

About TCL Corporation

Headquartered in Guangdong Province, China, TCL Corporation
-- http://www.tcl.com-- Corporation is principally engaged in  
the manufacture of TV sets and handset products. In 2005, TCL
recorded shipments of 23.0 million TV sets and 10.9 million
handsets.  As of market close on April 6, 2006, the Company's
total market capitalization was RMB6.05 billion and its
investable capitalization stood at RMB 2.42 billion.  The Group
has its nationwide sales and distribution network, with a
computer reaching across the whole country incorporating over
320 branches and business representative offices in over 10
countries.  It currently expanding its brands in Vietnam, India
and Germany.

Xinhua Far East China Ratings has downgraded on April 7, 2006,
the domestic currency issuer credit rating of TCL Corporation to
"BB" from "BBB".  The ratings outlook remains negative.

The downgrade was prompted by TCL's poor performance in 3Q05 and
its projected losses for the full-year 2005.  Meanwhile, the
downgrade reflects the structural impact on TCL's credit profile
of a more difficult operating environment for its TV and handset
businesses.  Moreover, the rating action also considers TCL's
weak results from international business integration, as well as
its inexperience in international business management.

Xinhua Far East noted TCL's performance worsened significantly
in 2005, with its TV business in Europe and handset business in
the PRC contributing to most of the losses.  TCL posted an EBIT
margin of negative 5.5% in 1-3Q05, compared to a marginal profit
in 2004. Meanwhile, tightened operating cash flow and elevated
financial leverage further deteriorated its financial profile.
TCL also announced a projected loss for full-year 2005.


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

BHARAT PETROLEUM: 4Q Net Profit Up 409% to INR17.9 Billion
----------------------------------------------------------
Bharat Petroleum Corporation Limited has clocked a five-fold
increase in net profit at INR17.883 billion for the quarter
ended March 31, 2006, as compared to the INR3.514 billion in the
same quarter last year.

Total income rose 33.01% to INR214.3 billion for the quarter,
under review from INR161 billion for the corresponding period
last year.

In the fiscal year 2005-06, total income grew to INR728.3
billion from INR594 billion a year ago.

Bharat Petroleum booked a net profit of INR4.9 billion for the
quarter, as compared to INR1.54 billion for the same quarter a
year ago.  The Company registered a net profit of INR1.298
billion for the fiscal year 2005-06, as compared to INR9.66
billion a year ago.  

The Troubled Company Reporter - Asia Pacific reported on
March 20, 2006, that Bharat Petroleum had expected to book a
full-year net loss in fiscal 2006 for the first time since its
establishment.  The Company was projected to report a 2006 net
loss of more than INR2,500 crore due primarily to selling cheap
fuel and soaring crude oil costs.  The Company's losses on the
sale of all fuels were tipped to be around INR40 billion in the
current fiscal year.   

                     About Bharat Petroleum

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

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


BHARAT PETROLEUM: Wants Slice of Two Premier Oil Blocks
-------------------------------------------------------
State oil firm Bharat Petroleum Corporation is keen on acquiring
up to 20% interest each in two oil properties of United
Kingdom's Premier Oil in West Africa, The Financial Express
reveals.  Both oil properties are highly prospective blocks with
recoverable reserves volume of 123 to 210 million barrels of
oil.

The properties include the Sinapa Permit and Esperanca Permit
for its acreage in Guinea Bissau in West Africa.  Premier Oil is
the operator of these two blocks and holds 38.5% equity in
Sinapa Permit and 42% in Esperanca Permit.

Aside from the West African block, Bharat Petroleum is also
close to pick up a stake in Premier Oil's Cachar block in Assam,
according to The Express.  The oil firm has obtained the
approval of its board of directors for investment in up to 50%
of the total equity capital of Premier Oil Cachar B V for
acquiring participating interest of up to 14.5% in the Cachar
block.

Furthermore, Bharat Petroleum is joining the consortia of
Norwest Energy, GB Energy and Adani Group to submit a joint bid
for three blocks in Australia.  It is also joining another
consortium of OILEX and Gujarat State Petroleum Corporation,
Hindustan Petroleum and Videocon Industries with a 20%
participating interest to bid for another block in Australia-
W05-11.

Bharat Petroleum has recently been awarded a block in Oman with
the consortia of Oilex-Videocon-GAIL and Hindustan Petroleum.
Its other existing exploration and production properties include
stakes in three exploration blocks awarded under NELP-IV along
with Oil and Natural Gas Corporation Ltd.

Recently, Bharat also executed a memorandum of understanding
with Petroleo Brasileiro SA, a national oil company of Brazil,
and Foresight Oil of the United Kingdom for co-operation in
upstream, midstream and downstream activities in India and
abroad.  To begin with, Bharat Petroleum and Petrobras will
submit joint bids for blocks on offer under the latest offering
of NELP-VI.

The Troubled Company Reporter - Asia Pacific reported on
April 28, 2006, that Bharat Petroleum will set aside around US$1
billion for its crude oil and gas exploration and production
plans.  A portion of the allocation will be used for the
establishment of a new exploration and production subsidiary,
which will manage the existing E&P assets of the state oil firm.  
Bharat Petroleum is confident that the new subsidiary will add
around INR50 crore to INR500 crore to profits in 10 years.

                         About Premier Oil

Premier Oil is a leading oil and gas company with producing
properties in the United Kingdom, Indonesia and Pakistan and
exploration activities in U.K., South and South East Asia and
Africa.  The Company is planning to dilute its interest in both
the West African properties.

                     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.


SILVERLINE TECHNOLOGIES: Board Reviews Restructuring Plan
---------------------------------------------------------
Silverline Technologies Limited's Board of Directors, at its
meeting on April 27, 2006, reviewed the Company's Restructuring
Plan and the various corporate exercises being initiated.  
Subsequently, the Board cleared the Institutional Proposal for
the Plan.

Silverline Technologies was negotiating with various creditor
banks for an amicable One-Time Settlement of its debts as part
of a financial restructuring process initiated by the Company's
corporate advisors, Firstcall India Equity Advisors Pvt Limited,
the Troubled Company Reporter - Asia Pacific reported on
January 16, 2006.

The TCR-AP also reported that at the Company's 13th Annual
General Meeting on April 21, 2006, members welcomed the
Company's restructuring plan and appreciated the various options
being evaluated in the form of strategic alliances and re-
establishment of client relationships.

             About Silverline Technologies Limited

Mumbai-based Silverline Technologies Limited provides a
comprehensive set of eBusiness consulting and IT services
including strategic consulting, creative design, technology
integration and implementation, as well as management and
maintenance of Internet and Legacy applications.  The Company
focuses its market on telecommunication and financial services,
as well as banking and other related industries that use IBM
mainframes, client servers, ORACLE, SYBASE, intranet and web
technologies.  Operations of the Group are carried out in India.

The Company's problems began in 2001 when it suffered decline in
profitability and increase in collection period resulting from
cash flow mismatches.  Subsequently, the Company closed
redundant facilities and trimmed payrolls as a result of the
slowing economy.   Aimed at leveraging its underutilized assets,
Silverline Technologies took up a restructuring exercise that
involves a proposal to hive off one or more of its undertakings
located in India.   The company planned to sell, transfer, lease
or otherwise dispose of its Indian undertakings.  It also
proposed to raise additional resources either through debt or
equity and increase its authorized capital, accordingly.


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

LIPPO KARAWACI: Rating Not Affected By Sale of Singapore Project
----------------------------------------------------------------
Standard & Poor's Ratings Services announced that its ratings on
PT Lippo Karawaci Tbk. (B+/Stable/--) was not affected by the
company's decision to sell its entire interest in a property
development project in Singapore.

With the sale of this stake, Lippo Karawaci, a broad-based
property company in Indonesia, will maintain its capital
expenditure, excluding construction cost, of IDR2.5 trillion  
over the next four to five years and will not be required to
obtain additional financing.  The company will maintain its
focus on property projects in Indonesia.

Lippo Karawaci's financial profile is aggressive, as funds from
operations to debt and debt to EBITDA are likely to average 14%-
15%, and 3.7x, respectively, in the short term.  Its financial
profile would have deteriorated significantly if it had retained
the stake in the Singapore project, which was acquired for
SGD329 million, and financed the project with debt.  Lippo
Karawaci will record a gain of about US$3.5 million from the
sale of the project.

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


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

HUSER LIMITED: President Faces Criminal Raps for Fraud
------------------------------------------------------
Huser Limited's president, Susumu Ojima, is facing possible
arrest on suspicions that the Company sold units in a
condominium building despite knowing that it was structurally
defective, the Asahi Shimbun reports.

The Troubled Company Reporter - Asia Pacific stated in a
February 20, 2006 report that disqualified architect Hidetsugu
Aneha had falsified earthquake resistance data for several
buildings, including a condominium being developed and sold by
the Company.  

The Shimbun relates that Mr. Ojima met with Mr. Aneha to discuss
the falsified data on reports for 11 condominium complexes last
October.  He suspended sales of condominium units, but still
allowed the Company to receive contract payers from residents
who bought apartments in the defective building.  According to
Mr. Ojima, he did not know that he was acting illegally.

Instead of immediately prosecuting Mr. Ojima for violating
building business laws, police chose to build a criminal case
against the Company's president for profiting from a failure to
fulfill contract obligations, which constitutes fraud.

According to TCR-AP, the Tokyo District Court had, on Feb. 16,
2006, initiated bankruptcy proceedings against Huser Limited,
after around 300 owners of nine Huser condominium building units
with substandard earthquake resistance asked the Court to
protect the Company's assets, hoping to get distributions from
such assets.  The court declared that Huser's liabilities exceed
its assets, and named lawyer Hideo Seto as administrator for the
bankruptcy procedures.

Contact: Hideo Seto
         Administrator for Huser Limited
         Telephone: 81 3 5501 4002


KINKI NIPPON: Initiates Liquidation Proceedings
-----------------------------------------------
On April 28, 2006, Mitsubishi UFJ Financial Group, Inc.,
announced that the Bank of Tokyo-Mitsubishi UFJ Limited decided
to liquidate Kinki Nippon Shinpan Company Limited, an indirect
subsidiary of the bank and wholly owned by UFJ NICOS Company
Limited.

The credit card firm will be liquidated upon the consolidation
of its operations with UFJ NICOS.  The liquidation, to be
managed by Yukikazu Yamamoto, is slated to conclude in June
2006.


LIVEDOOR COMPANY: Ex-President Released on Bail
-----------------------------------------------
Livedoor Company Limited's founder and former president,
Takafumi Horie, was released on JPY300 million bail after being
detained since January 23, 2006, on account of fraud and
securities law violations, the Japan Times reveals.

According to an April 28, 2006 report by the Troubled Company
Reporter - Asia Pacific, the Tokyo District Court had Mr.
Horie's release on bail on April 26.  However, prosecutors
appealed the decision, barring Mr. Horie's release temporarily,
until the appeal could be heard.

The Tokyo District promptly handed out a decision to dismiss the
appeal on April 27, 2006.

Crisscross News says that Mr. Horie apologized to Livedoor
shareholders, employees and affiliates.  He also thanked those
who had offered their support.

                         About Livedoor

Headquartered in Tokyo, Japan, Livedoor Company Limited --
http://corp.livedoor.com/en/-- is engaged in Internet-related  
business.  It is involved in many sectors, including out portal
site "livedoor", financial business, corporate web solutions,
data center and IP telephony business.

In 2005, prosecutors raided Livedoor's office on suspicions of
accounting fraud.  Company executives were alleged to have
relayed false information on a merger, with the intent to boost
the stock price of a Company subsidiary.  Livedoor's stock price
plunged on allegations that the Company concealed a JPY1 billion
loss for the financial year ended September 2004.

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


SEIYU LIMITED: Reduces Operating Loss on Strong Sales
-----------------------------------------------------
Seiyu Limited was able to reduce its operating loss on strong
sales from its renovated stores, Reuters News says.

The Wal-Mart Stores, Inc., subsidiary indicated a 2.1% increase
in same-store sales for the first quarter ended March 31, 2006,
due to improved seasonal promotions.  Seiyu also increased the
number of its stores operating 24 hours, adding six stores to
its list.  This helped increase customer traffic by 2.4%.

Seiyu's first-quarter operating loss stood at JPY2.8 billion,
whereas it posted a JPY4.9 billion loss for the same period last
year.  However, asset write-offs amounting to JPY47.5 billion
led the Company to report a JPY52.85 billion net loss for the
quarter.

Seiyu forecasts a JPY54.5 billion net loss for 2006, despite
expectations of a year-on-year increase in sales.  The Company
plans to renovate 65 stores this year.

                      About Seiyu Limited

Headquartered in Tokyo, Japan, Seiyu Limited --
http://www.seiyu.co.jp/-- is Japan's top retailer.  Seiyu runs  
400-plus stores, including supermarkets and department stores.  
Merchandise includes food, apparel, and household goods.  Some
stores anchor another main endeavor -- large shopping centers
called The Mall.  The Company is plagued by unpaid debts and has
been unloading unprofitable operations.  Sumitomo owns 10% of
Seiyu, whereas Wal-Mart Stores, Incorporated holds a 53% stake
in the Company.

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

The TCR-AP then reported on February 21, 2006, that the Company
posted a JPY17.77 billion net loss for the year ended Dec. 31,
2005.


SOJITZ CORPORATION: S&P Places BB- Grade on Corporate Rating
------------------------------------------------------------
On April 28, 2006, Standard & Poor's Ratings Services assigned
its 'BB-' long-term corporate credit and 'BB+' senior unsecured
debt ratings on Sojitz Corporation on CreditWatch with positive
implications, reflecting expectations for improving capital
quality.  The general trading company had its plan to issue
convertible bonds and buy back preferred stock.

Under the plan, Sojitz will repurchase most of its outstanding
preferred shares, worth JPY560.4 billion, from all current
shareholders.  Sojitz will also issue JPY300 billion in
convertible bonds through a private placement.  Once the bonds
are converted into common stock, the Company will use the
increased capital to redeem preferred shares from March 2007.  
The ratio of Sojitz's preferred stock to capital will likely be
extremely low when the plan is completed.

Standard & Poor's credit analyst Koichi Iwama said Sojitz's
capital quality as it relies heavily on preferred stock.  If it
reduces its dependence on preferred stock, its capitalization
will improve greatly, creating a positive effect on its credit
quality.

These factors could impair the effectiveness of this scheme:

   * The value of the planned bond issuance exceeds the total
     market value of Sojitz's outstanding shares.  Since the
     conversion of preferred stock will be limited to JPY30
     billion per month in principle, it may take a long time to
     complete.  The actual degree of conversion could be limited
     if market conditions become unfavorable.

   * The bonds will have a put option that will enable the
     underwriter to seek redemption prior to maturity.

   * Shareholders have yet to approve the plan at an upcoming
     shareholders' meeting to go into effect.

Standard & Poor's will resolve the CreditWatch status after
reviewing details of the plan, taking these factors into
account.  Any upgrade is expected to be by one notch.

Sojitz Corporation -- http://www.sojitz.com/en/-- was  
established on April 1, 2003, as a joint holding company of two
firms, Nichimen Corporation and Nisso Iwai Corporation, which
had merged to form the new entity Sojitz Corporation a year
later.

With a capitalization of JPY130.5 million as at December 31,
2005, the Company was incorporated to pursue business
integration, management supervision and comprehensive
disclosure, to facilitate efficient decision-making and a
transparent management framework.


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

DAEWOO ENGINEERING: Hanwha Group Withdraws Bid
----------------------------------------------
Hanwha Group has withdrawn its bid to acquire Daewoo Engineering
& Construction Co., reducing the number of prime bidders to
five, Yonhap News relates.

According to the report, Hanwha Group decided to pull out from
the bid because a due diligence carried out on the builder
unveiled a weaker-than-expected overseas performance in its
domestic operations and in the Middle East region.

The remaining five bidders are from consortiums led by Doosan
and Kumho Asiana groups, cement and confectionery producer
Eugene Group, real-estate developer Prime Group, and constructor
Samwhan Corp.

The Troubled Company Reporter - Asia Pacific reported on
February 15, 2006, that Korea Asset Management Corporation and
other creditors are looking to dispose of their 50% plus one
share in the builder out of their entire 74% holdings.

The TCR-AP recounts that the value of Daewoo Engineering's stake
for sale is KRW2.1 trillion and is projected to rise 72.11
percent to KRW3 trillion.

Meanwhile, Daewoo Engineering said that its net profit for the
first quarter in 2006 more than doubled to KRW133.9 billion.

                          *     *     *

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a  
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.  Daewoo Engineering is one of
several Daewoo units that initially survived the 1999 collapse
of the conglomerate Daewoo Group under US$80 billion of debts in
South Korea's largest corporate bankruptcy.  In early 2004, the
Korea Asset Management Company announced a proposed auction of
Daewoo Engineering.  Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.  KAMCO's 46%
stake in the Company had been estimated to fetch about KRW800
billion (US$677 million).  The Company has since become a
potential acquisition target in 2006.   


HYUNDAI MOTOR: Prosecutor-General Approves Arrest of Chief
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
April 27, 2006, that the Supreme Prosecutor's Office will
recommend to Prosecutor General Choung Sang-myoung that Hyundai
Motor Chairman Chung Mong-koo be arrested in a massive
corruption scandal, while Chairman Chung's son, Eui-sun, who is
Kia Motors Corporation's president, be indicted without arrest.

In an update on April 28, 2006, Digital Chosun Ilbo relates that
Prosecutor-General Choung has approved the arrest of the elder
Chung and the indictment of his son.  Alongside Chairman Chung,
two to three unnamed executives of the automaker will be
arrested, too.

Prosecutors are to seek arrest warrant against Mr. Chung on
May 4, 2006.  Senior Prosecutor Chae Dong-wook said that the
prosecutor-general's decision would be made public on that day.

According to the TCR-AP on April 25, 2006, Chairman Chung faced
prosecutors and answered questions regarding his involvement in
a slush fund case wherein the Hyundai Automotive Group allegedly
embezzled millions of dollars to bribe government officials.  On
April 20, 2006, Eui-sun appeared before prosecutors and went
under 18 hours of questioning.

                      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.  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.

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.


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

AFFIN HOLDINGS: MYR300-Mln Notes Issuance Program Gets SC's Nod
---------------------------------------------------------------
The Securities Commission, on February 15, 2006, approved Affin
Holdings Berhad's proposed bank guaranteed commercial papers and
medium term notes issuance program of up to MYR300.0 million.

The Program will have a tenure of seven years from the
completion of all legal documentation and compliance of all
relevant conditions precedent.  The Program has been accorded an
indicative short term rating of P1(bg) and long-term rating of
AAA(bg) by Rating Agency Malaysia Berhad in respect of the
MYR200-milion portion of the Program which is guaranteed by DBS
Bank Limited, Labuan Branch.

Proceeds from the Program will be utilized to repay the Affin's
existing bank borrowings and to finance the Company's general
investments and working capital requirements.

The Program will provide an avenue for Affin to procure funding
from the capital market to meet its purpose.

The Program will not have any effect on Affin's issued and paid
up capital, substantial shareholding structure and consolidated
net tangible assets, and is not expected to have any material
effect on the Company's consolidated earnings.

Affin Bank Berhad is the principal adviser, lead arranger and
facility agent for the Program.

                   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.


KEMAYAN CORPORATION: High Finance Costs Drive Losses
----------------------------------------------------
Kemayan Corporation Berhad reported that the MYR5.02 million
revenue for the third quarter of the fiscal year ended May 31,
2006, was mainly generated from the sale of development
property, resort operation and rental income.

The MYR25.28 million loss before tax for the quarter under
review was mainly due to finance cost of MYR26.51 million,
provision of liquidated damages of MYR.38 million and the write
back of post acquisition loss due to dilution of investment in a
subsidiary of MYR2 million.  

The Group recorded a loss before taxation for the quarter ended
February 28, 2006, of MYR75.69 million as compared with MYR77.80
million in the preceding corresponding quarter.

The Group's loss before taxation for the current quarter of
MYR25.28 million is slightly higher than the immediate preceding
quarter of MYR22.94 million due mainly to waiver of debt by a
creditor in the preceding quarter of MYR7.41 million.

The Directors are of the opinion that the business operation for
the rest of the financial year will continue to be affected by
substantial interest and LAD accruals.

Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    28-02-2006    28-02-2005      28-02-2006     28-02-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

      5,024         2,663          10,282         10,442

* Profit/(loss) before tax

    -25,277       -25,568         -75,692        -77,797

* Profit/(loss) after tax and minority interest  

    -25,529       -25,804         -76,432        -78,403

* Net profit/(loss) for the period

    -25,529       -25,804         -76,432        -78,403

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

      -7.00         -7.08          -20.96         -21.50

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

       -4.6800                      -4.4700

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

   http://bankrupt.com/misc/tcrap_kemayacorpresults042806.pdf

   http://bankrupt.com/misc/tcrap_kemayancorp042806.doc  

                    About Kemayan Corporation

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


MALAYSIA AIRLINES: Offers High Payout to Axed Employees
-------------------------------------------------------
The Mutual Separation Scheme being worked out Malaysia Airlines
management is likely to see the airline's workers receiving up
to three month's pay for every year of service, The Malay Mail
relates.

According to the report, Malaysia Airlines is offering a quantum
of between 1.25 months and three months of an employee's last
drawn salary for every year of service.

Sources told The Malay Mail that the payout is believed to be
among the highest offered by any company, adding that the
affected staff should be "happy" with the offer.

The national carrier may also retain some of the existing
medical and travel benefits, such as free hospitalization and
free airfare, under the package for a limited period, the report
adds.

The Troubled Company Reporter - Asia Pacific reported on
March 29, 2006, that the carrier will reduce its 23,000-strong
workforce by about 6,500 as part of its business turnaround
plan.

Around 3,500 of the 6,500 are expected to take up the firm's
mutual separation scheme due to the perception of "windfall"
payments under the package, the TCR-AP disclosed on April 28,
2006.

The TCR-AP also revealed that over 1,000 employees have already
been offered jobs by other international airlines and local
companies.  Sources said that Middle Eastern carriers such as
Qatar Airways and Emirate Airlines had approached Malaysia Air
management to offer staff the jobs.

                     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


MENTIGA CORPORATION: Agrees to Settle Unit's Loan
-------------------------------------------------
On April 27, 2006, Mentiga Corporation, as the guarantor for its
wholly owned subsidiary, Mentiga Plantation Sdn Bhd, accepted
the offer for the full and final settlement of the MYR25 million
in credit facilities granted by Multi-purpose Bank Berhad and
acquired by Pengurusan Danaharta Nasional Berhad for the
outstanding sum of MYR32,813,622.

The credit facilities, which included term loan and overdraft,
will be repaid by August 31, 2006.

                 About Mentiga Corporation Berhad

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga  
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.  In 2003, the Company
proposed to undertake a debt-restructuring program to settle its
debt with creditors.  The Company has been suffering losses in
the past years and is currently working to avert a possible  
delisting from the Official List of Bursa Malaysia Securities.


NALURI CORPORATION: Proposes 1% Tax Exempt Final Dividend
---------------------------------------------------------
Naluri Corporation's Board of Directors proposed a tax exempt
final dividend of 1.0% for the financial year ended December 31,
2005.

The proposed tax-exempt final dividend is subject to the
shareholders' approval at the Company's 24th Annual General
Meeting.

The entitlement and payment dates for the dividend will be
determined and announced at a later date.

                 About Naluri Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, Naluri Corporation
Berhad -- formerly known as Naluri Berhad -- is an investment
holding company.  Other activities include property investment,
construction, resort development, hotel services, wholesaler and
retailer of duty free and non-dutiable merchandise,
manufacturing and distribution of automotive parts and hardware
products, tour and travel services, letting of properties, hire
and drive services and advertising and promotion services.  The
Company has suffered financial difficulties due to its
substantial bank borrows and huge losses.  In 2001, the firm
shifted its investment in ailing Malaysian Airlines for its
20.09% stake to fast-growing industries, in a bid to improve its
financial performance.  


NALURI CORPORATION: SC May Consider Application for Exemption
-------------------------------------------------------------
Naluri Corporation had intended to seek shareholders' approval
to exercise authority to purchase its own shares at the
Company's general meeting, the Troubled Company Reporter - Asia
Pacific revealed on March 20, 2006.

According to the report, the Proposed New Authority is
conditional upon Atlan Properties Sdn Bhd, a major shareholder
of Naluri with total equity interests of approximately 35.56% in
Naluri, and its parties acting in concert obtaining an exemption
from the obligation to undertake mandatory offers on all the
remaining ordinary shares of MYR1.00 each in Naluri not already
owned by Atlan Properties and its parties acting in concert upon
the purchase of Naluri Shares by Naluri pursuant to its new
proposed share buy-back scheme under Practice Note 2.9.10 of the
Malaysian Code on Take-Overs and Mergers, 1998.

In an update on April 27, 2006, the Securities Commission
informed Naluri that the Commission will only consider the
application for exemption upon fulfillment of several
requirements.

The Securities Commission requires Atlan Holdings and its
partners to:

   -- submit confirmation that they have not further purchased,
      acquired or subscribed for any Naluri Shares or increased
      their percentage equity interests in Naluri during the
      past six months preceding the date the Naluri Board
      approved the Proposed New Authority and have subsequently
      not acquired any Naluri Shares up to the date of the
      application;

   -- obtain approval from independent holder of Naluri voting
      shares; and

   -- provide competent independent advise regarding the
      proposed exemption to Naluri shareholders upon approval of
      the Commission.

In this regard, a general meeting will be held to consider the
Proposed Exemption and an independent adviser will also be
appointed accordingly to advise the non-interested shareholders
of Naluri on the Proposed Exemption.

                About Naluri Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, Naluri Corporation
Berhad -- formerly known as Naluri Berhad -- is an investment
holding company.  Other activities include property investment,
construction, resort development, hotel services, wholesaler and
retailer of duty free and non-dutiable merchandise,
manufacturing and distribution of automotive parts and hardware
products, tour and travel services, letting of properties, hire
and drive services and advertising and promotion services.  The
Company has suffered financial difficulties due to its
substantial bank borrows and huge losses.  In 2001, the firm
shifted its investment in ailing Malaysian Airlines for its
20.09% stake to fast-growing industries, in a bid to improve its
financial performance.  


PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908
-----------------------------------------------------
On April 27, 2006, Pan Malaysia Corporation Berhad bought back
100,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR40,501.31.

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 58,541,400.   

Pan Malaysia Corporation Berhad, on April 27, 2006, bought back
30,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR12,391.72, 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.


SETEGAP BERHAD: Court Grants Interim Restraining Order
------------------------------------------------------
In relation to Setegap Berhad's proposed debt restructuring, the
High Court of Malaya, Kuala Lumpur, has, on April 27, 2006,
granted an Interim Restraining Order until June 15, 2006, on the
condition that the Company's 19 secured lenders will be
permitted to enforce the assets charged to them.

The Court also appointed Lai Yoke Heong as Setegap's interim
independent director until June 15, 2006, and further fixed the
Company's fresh application to extend the Restraining Order for
hearing on June 15, 2006.

On March 4, 2005, Setegap was declared as an affected listed
issuer pursuant to Practice Note 17/2005 of Bursa Malaysia
Securities Berhad Listing Requirements and was accordingly
required to comply with the requirements of PN 17/2005.  

As an affected issuer, Setegap was required to submit a
regularization plan to the relevant authorities for approval and
to implement that regularization plan within the timeframe
stipulated by the relevant authorities or imposed by Bursa
Securities.

On January 9, 2006, the Company entered into a restructuring
agreement with Timeless Solutions Sdn Bhd.   

A new company was then incorporated prior to the submission of
the Plan to the Securities Commission to facilitate certain
proposals.

As reported by the Troubled Company Reporter - Asia Pacific,
Setegap had announced its proposed restructuring and
regularization plan on January 11, 2006.

The Plan consists of:

   -- a proposed debt settlement of all outstanding debt owed
      by the Company to its secured lenders and trade
      creditors for a total of MYR87.6 million;

   -- a proposed exchange of Setegap shareholders' ordinary
      shares of MYR1.00 each with Newco, or new company,
      shares on the basis of one Newco share for every five
      existing Setegap shares.

   -- a proposed transfer of listing status to Newco; and

   -- a proposed disposal by the Newco of the entire issued
      and paid-up capital of Setegap for a nominal
      consideration of MYR1.00.

The Newco will eventually take over and assume the listing
status of Setegap.  

On April 10, 2006, K&N Kenanga Berhad, as submitting merchant
bank, handed over to relevant authorities Setegap's
regularization plan.

                      About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.  

Tight policies implemented by the Government in containing the
effect of the financial crisis in 1997/98 had affected certain
sectors of the economy, including the construction and property
sectors.  As a result, the Setegap's cash flow and profitability
were adversely affected.  In August 1999, Setegap had sought the
assistance of the Corporate Debt Restructuring Committee on the
restructuring of its debts, as well as those of certain of its
subsidiaries' debts, aggregating MYR95.29 million.  The Company
had, in October 2000, entered into a debt restructuring
agreement with its creditors.  

As an integral part of the Company's debt restructuring scheme
at that time, the Company proposed a rights issue of Setegap
Shares, a restricted issue of shares in Setegap and a private
placement to raise fresh equity capital to pay its financial
obligations.  However, in light of the bearish market conditions
that had adversely affected the Company's share price between
2000 and 2001, the fund raising proposals were aborted as the
shares were being traded below par value.  

As an alternative proposal to address the share price problem,
the Company undertook a fund raising exercise that was to
provide the Group with additional working capital, repayment of
bank borrowings and to provide security for the performance bond
facilities necessary for its projects.  In June 2003, the
proposals were aborted as Setegap's management's was of the
opinion that a more comprehensive proposal was required due to
the lack of contracts in the market.  In addition, the current
poor financial health of the Company has further compounded the
problem of obtaining new contracts due to the lack of sufficient
working capital.  

Because of the Company's unsuccessful attempts to raise funds to
regularize its debt problems, the October 2000 debt
restructuring agreement was technically in default in 2003.  
Setegap and its subsidiaries had suffered losses for the past
four consecutive financial years since the financial year ended
December 31, 2002, which had consequently led to a negative
unaudited shareholders' fund of MYR98.25 million as of December
31, 2005.  

On November 11, 2005, the Board of Directors announced that the
Company had been served with a notice to show cause by Bursa
Securities on the delisting of the securities of the Company.  
Without a scheme to regularize its financial position, Setegap
will risk being delisted.  The current proposals will therefore
be a revitalization scheme for the Setegap Group.  


TECHVENTURE BERHAD: Continues to Work on Debt Rehab Scheme
----------------------------------------------------------
Techventure Berhad is still working on its proposed debt-
restructuring scheme with financial lenders following the Kuala
Kuala Lumpur High Court's issue of a 180-day restraining order
on March 23, 2006.  The extended restraining order expires on
September 22, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
March 1, 2006, the Company and six of its subsidiaries had filed
an application for an abridgement of the restraining order for
another 90 days or further as the Court may allow.

Following the hearing on the application on March 23, 2006, the
Court has granted the Company and its subsidiaries, with the
exception of Teratai Perdana Sdn Bhd, an abridgement of the
restraining order for another 180 days.

Teratai Perdana had consented at the hearing to be excluded from
the debt-restructuring scheme following the intervention of a
financial institution lender holding a charge on the land
belonging to Teratai, the TCR-AP said.

                    About Techventure Berhad

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products such as septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

In June 2003, the Company proposed a debt-restructuring program
to its financial intuition lenders in order to avoid
liquidation.  The proposed Scheme comprises composite schemes to
be carried out by eight companies within the Techven Group.  The
Scheme, when implemented, would allow the beneficiaries to
participate in the future profitability of the Group.  A
successful implementation of the Scheme would also ensure the
going concern of the Group and therefore preserve business and
employment opportunities for the Group's vendors and employees.


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

AFP SAVINGS: Members to Decide Fate of Ex-President
---------------------------------------------------
The membership committee of the Armed Forces and Police Savings
and Loan Association, Inc., planned to meet on April 29, 2006,
to decide whether to expel former association president Colonel
Conrado Tolentino, Manila Standard Today relates.

A February 22, 2006 report by the Troubled Company Reporter -
Asia Pacific stated that the now-retired Col. Tolentino
disclosed documents to the Daily Tribune indicating that the
Association incurred a PHP517 million loss in 2003 and 2004, on
mismanagement of investments in its banking and lending units --
Centennial Savings Bank and the Centennial Financing
Corporation.

The Standard reports that committee head and retired Colonel
Victor Punzalan directed Col. Tolentino to submit a written
explanation as to why he should not be expelled, considering
that the disclosure caused serious embarrassment to the
Association's board and management.

Col. Tolentino asked for consideration from the Association,
saying that he had also invested in the company and that he has
the same aspirations for its stability.  He added that the
Association's financial performance should serve as a warning to
shareholders, and not just management.

The Armed Force and Police Savings and Loans Association --
http://www.afpslai.com.ph/-- is a non-stock savings and loan  
association established by the Armed Forces of the Philippines
and registered with the Securities and Exchange Commission in
1972.  AFPSLAI aims to promote industry, frugality and savings
among its members.  The organization is supervised by the Bangko
Sentral ng Pilipinas.  To date, there are 21 branches nationwide
with more to be established in strategic locations to serve more
than 398,040 members from the Armed Forces of the Philippines,
Philippine National Police, Bureau of Jail Management and
Penology and Bureau of Fire Protection.


NATIONAL POWER: PSALM to Control PHP129.06 Billion in Bonds
-----------------------------------------------------------
The Department of Finance has, in a report to the Bangko Sentral
ng Pilipinas, granted the transfer of PHP129.06 billion in bonds
from state-owned National Power Corporation to the Power Sector
Assets and Liabilities Management Corporation, ABS-CBN News
says.

According to Finance Secretary Margarito B. Teves, the bond
transfer is not expected to have a financial impact since there
is no change in the financial terms of the facilities presented
to PSALM.  The Department approved the bonds transfer on the
opinion of the Department of Justice that the bonds transfer
would automatically transfer the covering guarantee of the
republic.

The Manila Times reports the bond transfer would include:

   -- PHP12.9 billion of 5.4% certificates, due in 2018;

   -- new guaranteed bonds worth PHP9.89 billion, due this year;

   -- bonds worth PHP15.46 billion maturing in 2028;

   -- bonds worth PHP8.25 billion, due in 2016;

   -- two tranches of guaranteed floating-rate notes worth
      PHP20.65 billion due in 2011;

   -- guaranteed bonds worth PHP25.8 billion, maturing in 2010;
      and

   -- two tranches of zero-coupon bonds worth PHP36.14 billion,
      due in 2020.
  
The Philippine Star states that under the Electric Power
Industry and Reform Law, the Power Sector Assets and Liabilities
Management Corporation will take control of all existing
disposable assets of National Power, as well as all outstanding
obligations from its loans, bond issuances and other debt
instruments.

                      About National Power

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

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

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

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


NATIONAL POWER: Mindanao to Experience Power Shortage
-----------------------------------------------------
State-owned National Power Corporation said that Mindanao will
experience massive blackouts in the coming months due to a lack
of power reserves in the area, the Philippine Star reports.

National Power President Cyril del Callar said in a presentation
to members of the American Chamber of Commerce that the power
crisis began late last year, and will continue until the end of
2006.  He added that in peak periods, intermittent blackouts are
expected as generators and associated transmission lines would
be forced to work overtime.

The Star adds that the energy situation in Mindanao is expected
to get worse, citing Mr. del Callar, also due to the adverse
effects of the El Nino phenomenon on hydropower capacity.  
However, power supply is slated to increase in 2007 with the
operation of 200-megawatt Mindanao Coal Corporation in January
of that year.

This would not be enough to meet the necessary requirement to
have 9.1% backup reserves, as the Company would need an
additional 57 megawatts by 2009 and an average of 116 megawatts
of power annually afterward to meet Mindanao's power needs.

To do this, National Power plans to send power barges from the
Visayas to Mindanao in order to meet the power requirements, as
well as ensuring that the Mindanao Coal power plant will be
completed by year's end.  The Company also plans to complete its
ongoing projects this year, in order to increase capacity.

                      About National Power

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

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

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

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


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

GREATRONIC LIMITED: Members Pass All AGM Resolutions
----------------------------------------------------
Members of Greatronic Limited have passed all resolutions of its
Annual General Meeting held on April 28, 2006.

Goh Boon Kok, who was re-elected as a Director at the AGM, will
remain as the Chairman of both the Audit and Remuneration
Committees as well as a member of the Nominating Committee.  Mr.
Goh is considered to be an Independent Director.

Nicholas Jeyaraj s/o Narayanan, who was re-elected as a Director
at the AGM, will remain as the Chairman of the Nominating
Committee as well as a member of both the Audit and Remuneration
Committees.  Mr. Narayanan is considered to be an Independent
Director.

James Hong Gee Ho, who was re-elected as a Director at the AGM,
will remain as a member of the Audit, Remuneration and
Nominating Committees.  Mr. Ho is not an Independent Director.

The other resolutions approved at the meeting are:

   -- the approval of the payment of Directors' fees totaling
      SGD54,067, for the year ended December 31, 2005;

   -- the reappointment Messrs Moore Stephens as Auditors of the
      Company and authorization of the Directors to fix their
      remuneration;

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

   -- the authorization of Directors to offer, accept, allot
      and issue shares under the Greatronic Share Option
      Scheme.

                    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.   


GUTHRIE BATAM: Court Hears Wind-up Application
----------------------------------------------
The Hon. Justice Andrew And of the High Court of the Republic of
Singapore, on April 28, 2006, heard an application for the
winding up of Guthrie Batam Resort Marketing Services Pte
Limited.


MBF PROPERTY: Creditors' Proofs of Claims Due on May 26
-------------------------------------------------------
Joint and Several Liquidators Chia Soo Hien and Ng Geok Mui is
receiving proofs of claims until May 26, 2006, from creditors of
MBF Property Services (Singapore) Pte Limited -- formerly known
as New World Land Pte Limited.

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

Contact: Chia Soo Hien
         Ng Geok Mui
         Joint and Several Liquidators
         c/o BDO Raffles
         5 Shenton Way
         #07-01, UIC Building
         Singapore 068808


SOUTHERN CHEMICALS: Wind-up Matters Heard in Court
--------------------------------------------------
The Hon. Justice Judith Prakash of the High Court of the
Republic of Singapore, on April 21, 2006, heard matters
regarding the winding up petition against Southern Chemicals Pte
Limited.

As reported by the Troubled Company Reporter - Asia Pacific, MTK
Chemicals Pte Limited, on March 6, 2006, lodged before the
Singapore High Court a wind-up petition against Southern
Chemicals.

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


TRI-M TECHNOLOGIES: Clarifies 2005 Annual Report Info
-----------------------------------------------------
Tri-M Technologies (S) Limited has clarified to the Singapore
Exchange Securities Trading Limited certain information in
relation to the Company's 2005 Annual Report dispatched to
shareholders on April 11, 2006.

In relation to the SGX's query on the suitability of Shenzhen
Zhongfa Certified Public Accountants as auditors of Tri-M
subsidiaries TRIM technologies Co. Ltd. and TRIM Electronics
(Shenzhen) Co. Ltd., Tri-M explained that Shenzhen Zhongfa
Certified Public Accountants is a recognized CPA firm in thge
People's Republic of China.  Since SZCPA is based in Shenzhen
and is familiar with the Shenzhen auditing and tax requirements,
SZCPA has been the PRC external auditors for TRIM Shenzhen and
TRIM Electronics since their incorporation in 2002 and 2004
respectively, for the PRC statutory audits of both subsidiaries'
financials.

However, to ensure the compliance with International Financial
Reporting Standards, the Group had engaged Ernst & Young
Shenzhen to audit TRIM Shenzhen and to review specific profit &
loss and balance sheet items of TRIM Electronics for the purpose
of issuing consolidated financials for the financial period
ended December 31, 2005.

Meanwhile, the SGX noted that the Group had breached certain
covenants of the credit facilities agreements with two of its
bankers.  While the banks have not exercise their rights under
the credit facilities agreements to recall the credit
facilities, in the event that the terms and conditions of the
agreement are not fully met and the breach of covenants not
rectified, the banks may exercise their rights under the credit
facilities agreements.

In response, Tri-M said that the key covenants breached include
the covenants requiring the Group to maintain its net worth at
SG$12 million and liabilities versus net worth is less than 3:1.  
However, the Company's management has received confirmation from
banks of the renewal of the baking facilities granted to the
Group and the maintenance of the banking facilities as status
quo.

According to Tri-M, the Group now plans to improve its cashflow
by renegotiating its credit terms with existing and new
customers, scaling back on a few unprofitable turnkey customers
that had unfavorable commercial terms and improving its
inventory holding.

Management would continue to enhance marketing activities in the
region and leverage on investments made in the past two years by
endeavoring to secure new favorable contracts in the region,
Tri-M said.

As stated in the Auditors' Report, the major shareholder which
has been providing financial support to the Group thus far
through shareholder loans at favorable market rates, remains
committed to provide financial support to the Group as and when
required.

A full-text copy of Tri-M Technologies' 2005 financial results
is available for free at:   

   http://bankrupt.com/misc/tcrap_tri-mtechnologies030206.pdf   

          About Tri-M Technologies (Singapore) Limited

Tri-M Technologies (Singapore) Limited --
http://www.tri-m.com.sg/-- is a diversified Electronics  
Manufacturing Services provider with facilities in Singapore,
Malaysia, Philippines and China.  In addition, Tri-M has forged
strategic alliances in SJ, United States for prototyping and
small quantity run to support United States-based customers.  
Tri-M provides services in product design & development,
prototyping, full turnkey manufacturing & total supply chain
management.

TRI-M has been posting financial losses since 2004, when
reported a SGD931,000 net loss for the six months ended
September 30, 2004.  The Company earlier reported that it had
overstated its losses for the first-half of 2005, overstating an
amount of SGD795,000 in sales from January to September 2005.  
Tri-M's internal auditors are currently conducting a review of
its financial statements.


===============
T H A I L A N D
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THAI PETROCHEMICALS: Two Boards Claim Control of Company
--------------------------------------------------------
The legal battle over the control of Thai Petrochemical Industry
Plc has escalated after the Central Bankruptcy Court of Thailand
approved the Company's exit from rehabilitation, the Bangkok
Post reports.

The Troubled Company Reporter - Asia Pacific, reported on
April 28, 2006, that Thai Petrochem's founder, Prachai
Leophairatana, was able to call a board meeting immediately
after the Court ruled in favor of the Company's exit from
business rehabilitation.  The meeting appointed 10 new
directors, including Mr. Leophairatana as company chairman, and
agreed on an increase of authorized signatories to 12 persons
from 6.

However, using an endorsement from the Bankruptcy Court, Thai
Petrochemicals' former plan administrators also called a
shareholders meeting and approved appointments of 15 new
directors, including five former plan administrators, including
Piti Yimprasert, former president of Thai Oil Plc; Prasert
Bunsumpun, PTT president; and Prachaya Pinyawat, PTT vice-
president.

The two boards now claim legal control over the Company.

The Post says that both Thai Petrochem "boards" -- the one led
by Mr. Leophairatana and the other by the former plan
administrators -- sought certification from the Commerce
Ministry's Business Development Department for the new
directors' appointments on April 27, 2006.

The Post quoted Orajit Singkalavanich, director-general of the
Department, as saying that both sides would have three working
days to submit documents regarding their claims.

Mr. Leophairatana asserted that the shareholders meeting called
by the plan administrators at the Royal Thai Air Force Club in
Don Muang was void, as the former plan administrators had no
authority over the Company after it had exited from business
rehabilitation.

The Post explained that under the Bankruptcy Act, corporate
control vested to the plan administrators reverts to the company
directors after the Court terminates the business plan.

Orapin Leophairatana, Mr. Leophairatana's wife and former chief
financial officer of Thai Petrochemicals, filed a suit with the
Nonthaburi Provincial Court against the Finance Ministry,
claiming that the shareholders meeting called by plan
administrators violated the Public Companies Act.

One member of the ministry-appointed former planning team,
however, argued that the shareholders meeting they convened had
the endorsement of the Bankruptcy Court.

The Nation quotes Julasing Wasantasing, deputy attorney general,
who chaired the meeting, as saying, that "[the] meeting is
legitimate.  The Nonthaburi Court's order is directed at the
Finance Ministry.  But this meeting is hosted by TPI, which has
every right to do so after the approved exit from the
rehabilitation plan."

                     TPI's Near-Future Plans

The Nation relates that Mr. Yimprasert, believed to be named
Thai Petrochemicals' new president, said that the Company would
have to invest at least THB10 billion over the next three years
to overhaul its power plants, port facilities and refinery.

The Company would also arrange a debt buyback with creditors to
reduce its outstanding debt to US$750 million from US$940
million, Mr. Yimprasert added.  PTT Plc is currently negotiating
with over 80 Thai Petrochemicals creditors for the buyback deal.

Under Thai Petrochemicals' recently completed rehabilitation
plan, the Company sold new shares to new partners to raise funds
for repayment of debts.  It also sold non-core assets to trim
down the Company's debt to US$950 million from US$2.65 billion.

The TCR-AP reported on April 28, 2006, that state-owned oil and
gas conglomerate PTT bought a controlling 31.5% stake in Thai
Petrochemicals.

The Post adds that PTT's partners in the restructuring plan --
Government Savings Bank, Government Pension Fund, and the state-
run Vayupak Fund-One -- each bought a 10% stake.  Existing
minority shareholders and creditors purchased 28.5% via
underwriters.

                      About the Company

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
Plc -- http://www.tpigroup.co.th/-- is the leading integrated    
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.  The Thai
Government was reorganizing the bankrupt company, which had
defaulted on $2.7 billion in loans, until PTT Plc, Thailand's
largest oil and gas group, and Thailand's biggest company,
purchased a 31.5% stake in Thai Petrochemical late in 2005.  In
December 2005, PTT and three other state agencies completed
payment for a 61.5% stake on in Thai Petrochemical.  The money
was used to pay for a bulk of the Company's defaulted loans. The
Company has since been trying to get out of restructuring.  

Troubled Company Reporter-Asia Pacific reported on April 28,
2006, that the Central Bankruptcy Court of Thailand approved
Thai Petrochemical's exit from business rehabilitation.  The
Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.







                            *********


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