TCRAP_Public/060524.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Wednesday, May 24, 2006, Vol. 9, No. 102


                            Headlines

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

AIR NEW ZEALAND: NZ Tourism Groups Oppose Qantas Code-Share Deal
AUCTOR PTY: Enters Voluntary Wind-Up Proceedings
AUR MARKETING: Proofs of Claim Due on April 19
BLACKBIRD'S NEST: Clarke Appointed as Liquidator
B R SCHRADER: Members Decide to Close Down Business

BUTTANA PTY: Final Meeting Slated for May 24
CLASSIC RENDERING: Members Agree to Wind Up Business
CONFERENCE FOCUS: Members Pass Resolution to Close Down Business
DAM CONTROL: Hearing of CIR's Liquidation Bid Set on June 29
DUANGKAEW PTY: Distributes Dividend Today

ENVISION PROPERTY: Court to Hear Liquidation Petition on June 15
FISH OUT OF WATER: Members and Creditors to Get Wind-up Report
GLENN-CLAIRE CARPENTRY: Wind-up Process Commenced
HOWARD ROBERTS: Prepares to Shut Down Business
INVERARY PTY: Members to Discuss Wind-up Today

JADE INVESTMENTS: Members Opt for Voluntary Liquidation
MAINE HOLDINGS: Enters Voluntary Liquidation
MAINLAND DEMOLITION: Shareholders Resolve to Liquidate Company
M.I.L.A.H. PTY: Manager and Receiver Steps Aside
MULTIPLEX GROUP: Creates AU$650-Million Property Trust

NSW DEVELOPMENT: Appoints Official Liquidator
N.Z. PROPERTY: Court to Hear Liquidation Application on June 1
OUTLINE DEVELOPMENTS: Creditors' Proofs of Claim Due on June 9
PHARMACY SHOP: Members Resolve to Liquidate Business
QANTAS AIRWAYS: NZ Tourism Groups Oppose Air NZ Code-Share Deal

RAMROD CONSTRUCTION: Prepares to Wind Up Operations
RAS INTERNATIONAL: Faces Liquidation Proceedings
RUBBER WORKS: To Hold Final Meeting Today
STATEWIDE DISMANTLERS: Enters Voluntary Liquidation
URBANE WEARHOUSE: Official Liquidator Named

VERTECH (NZ) LIMITED: Liquidation Bid Hearing Set on June 1
XTREME LIMOUSINES: NAB Appoints Joint and Several Receivers


C H I N A   &   H O N G  K O N G

AUTOFIT LIMITED: Creditors' Proofs of Claim Due on June 9
CARFORD TRANSPORTATION: Creditors' Meeting Fixed on June 3
CENTURY STEP: Final Members Meeting Slated for June 21
CHE TONG: Creditors' Proofs of Claim Due on June 20
EIMO (H.K.) LIMITED: Liquidator to Present Wind-up Report

EZCOM HOLDINGS: Court Moves Wind-up Hearing to November 20
GLOBAL NET: Shareholders Resolve to Wind Up Operations
HONDELA FINANCE: Joint Liquidators to Present Wind-up Report
MAGNUS MANAGEMENT: Appoints Official Liquidator
PENTA-CONTINENTAL: Liquidator Cease to Act for Company

QUEST INTERNATIONAL: Appoints Joint Liquidators
SAMLEX DEVELOPMENT: First Creditors Meeting Fixed on June 30
SHIOZUMI ASSET: Joint Liquidators Cease to Act for Company
STARTEC GLOBAL: Creditors Must Prove Debts by June 9
VISION CARD: Creditors' Proofs of Claim Due on June 23

YUE CHEONG: Appoints Official Liquidator


I N D I A

DUNLOP INDIA: Holds Tripartite Meeting to Address Labor Woes
SILVERLINE TECHNOLOGIES: Chair Unveils Turnaround Strategy


I N D O N E S I A

BANK BUANA: Fitch Affirms Long-Term Currency Ratings at BB-
BANK CENTRAL ASIA: Fitch Affirms 'BB-' Long-Term Currency IDR
BANK DANAMON: Fitch Affirms BB- Long-Term Foreign Currency IDR
BANK INTERNASIONAL: Fitch Affirms BB- Long-Term Currency IDR
BANK MANDIRI: Fitch Affirms Long-Term Currency IDRs at BB-

BANK NEGARA: Fitch Affirms BB- Foreign and Local Currency IDR
BANK NISP: Fitch Affirms Long-Term Issuer Default Ratings at BB-
BANK RAKYAT: Fitch Affirms Long-Term Foreign Currency IDR at BB-
PERUSAHAAN LISTRIK: To Put Up 24 Power Plants in Three Years
PERUSAHAAN LISTRIK: Gas Supply Problem Increases Fuel Expenses


J A P A N

BANK OF YOKOHAMA: Moody's Ups Financial Strength Rating to D+
CHIBA BANK: Moody's Lifts Financial Strength Rating to D+
LIVEDOOR COMPANY: Accountants to Plead Not Guilty to Charges
* Economic Prospects Help Outlook on S&P's Ratings Turn Positive


K O R E A

LG CARD: Shinhan and NACF May Emerge Best Bidders


M A L A Y S I A

AYER HITAM: Books Lower Net Loss in Third Quarter
AYER HITAM: Unit Inks Pembinaan Partnership Deal for Land Dev't
BIMB HOLDINGS: To Hold EGM on June 14
DENKO INDUSTRIAL: Wins Temporary Reprieve from BISB's Claims
DENKO INDUSTRIAL: Proposed Tae-Pee Shares Purchase Aborted

FARLIM GROUP: Chinese Operations Drive First Quarter Losses
MALAYSIA AIRLINES: Unveils Separation Scheme to Trim Workforce
MBF CORPORATION: Units Placed Under Creditors' Voluntary Wind-up
MBF HOLDINGS: Aussie Unit Completes Acquisitions
METROPLEX BERHAD: Sub-subsidiary Faces Dissolution

TANAH EMAS: Books MYR309,000 Net Loss in Third Quarter of FY06


P H I L I P P I N E S

LAFAYETTE MINING: DENR to Review RRFFC Findings Report
MARIWASA MANUFACTURING: 1Q Net Income at PHP1.35 Million
NEGROS NAVIGATION: Cuts Losses on Reduced Operations
PHILIPPINE NATIONAL BANK: Cashes In On Strong Profitability
* Philippine Stock Exchange to Suspend Trading for 17 Companies


S I N G A P O R E

ALA PTE: Creditors' Proofs of Claims Due on June 30
APBT MYANMAR: Intends to Pay Dividend to Creditors
SEE HUP SENG: Creditor Subscribes for 4,347,000 New Shares
SEE HUP SENG: Auditors Release Report on 2005 Financial Results
STARTECH ELECTRONICS: Incorporates New Wholly Owned Unit

STORTEBOOM INTERNATIONAL: Members Opt for Voluntary Wind-up


T H A I L A N D

PAE THAILAND: First Quarter NG Significantly Lower than 1Q 2005

     - - - - - - - -

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

AIR NEW ZEALAND: NZ Tourism Groups Oppose Qantas Code-Share Deal
----------------------------------------------------------------
New Zealand tourism groups have showed their opposition to Air
New Zealand's code-share agreement with the Australian carrier
Qantas Airways, ABC News Online says.

As reported in the Troubled Company Reporter - Asia Pacific on
April 13, 2006, Air NZ and Qantas have signed a code-share
agreement that 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 for the trans-Tasman
routes.

ABC News relates that the NZ groups believe that any reduction
in flights on the trans-Tasman route will threaten passenger
numbers and growth in one of New Zealand's most important
industries.

According to ABC News' NZ correspondent, Peter Lewis, the
majority shareholder of Wellington Airport, Infratil, had said
that if approved, the code-share deal between the two dominant
players in the market would reduce the number of seats by 12%
from the capital and by 14% from the nation's busiest airport in
Auckland.

The TCR-AP had earlier stated that Wellington Airport has been
very critical of the Air NZ-Qantas Deal, expressing fear of a
lack of competition in the trans-Tasman route, higher prices and
reduced access to Australia.  

An April 19, 2006 report by the TCR-AP stated that Wellington
Airport had called on the competition watchdog to check the
proposed code-share agreement.  Wellington Airport, which is
owned by Wellington City Council and Wellington investment firm
Infratil, has issued a series of papers outlining the anti-
competitive nature of the proposal and calling for it to be
dealt with by the Commerce Commission, rather than the
Government, which owns 80.4% of Air New Zealand.

The code-share deal awaits the approval of the New Zealand
Minister of Transport and the Australian Competition and
Consumer Commission.

                      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 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.


AUCTOR PTY: Enters Voluntary Wind-Up Proceedings
------------------------------------------------
At an extraordinary general meeting of the members of Auctor
(Vic) Pty Ltd on April 4, 2006, it was resolved that the Company
be wound up voluntarily.

Stan Traianedes of Hall Chadwick, Chartered Accountants &
Business Advisers was subsequently appointed as liquidator at a
creditors' meeting held later that day.

Contact: Stan Traianedes
         Liquidator
         Hall Chadwick
         Chartered Accountants
         Level 12, 459 Collins Street, Melbourne,
         Victoria, Australia 3000


AUR MARKETING: Proofs of Claim Due on April 19
----------------------------------------------
Creditors of AUR Marketing Pty Limited were required to prove
their debts on or before April 19, 2006.

Creditors who were unable to file their proofs of debt on or
before the deadline will be excluded from sharing in the
Company's dividend distribution.

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


BLACKBIRD'S NEST: Clarke Appointed as Liquidator
-------------------------------------------------
Michael Andrew Clarke was appointed liquidator of Blackbird's
Nest Ltd on May 10, 2006.

Contact: Michael A. Clarke
         170 Parnell Road
         PO Box 38-411
         Auckland, New Zealand
         Telephone: (09) 358 3666
         Fax: (09) 358 3947


B R SCHRADER: Members Decide to Close Down Business
---------------------------------------------------
Members of B R Schrader Pty Limited convened at a meeting on
April 3, 2006, and decided to voluntarily wind up the Company's
operations.

Subsequently, Gerry Farlanga of Arnold Stevens Finlay Chartered
Accountants was appointed as liquidator to oversee the wind-up
process.

Contact: Gerry Farlanga
         Voluntary Liquidator
         B R Schrader Pty Limited (In Liquidation)
         Arnold Stevens Finlay
         Chartered Accountants
         Level 6 410 Church Street,
         North Parramatta, Australia 2151
         Telephone: (02) 9890 2555


BUTTANA PTY: Final Meeting Slated for May 24
--------------------------------------------
Members and creditors of Buttana Pty Limited will hold a meeting
on May 24, 2006, at 3:00 p.m.

During the meeting, Liquidator J. Sleiman will give an account
on the wind-up process and disposal of the Company's property.

Contact: J. Sleiman
         Liquidator
         Sleiman & Co,
         Certified Practising Accountants
         Level 8, 65 York Street
         Sydney, Australia 2000


CLASSIC RENDERING: Members Agree to Wind Up Business
----------------------------------------------------
At a final meeting on April 3, 2006, the members Classic
Rendering Limited had decided to wind up the Company's
operations.

During the meeting, Stewart William of Lawler Partners Chartered
Accountants was appointed as liquidator.

Contact: Stewart William Free
         Liquidator
         Lawler Partners
         Chartered Accountants
         763 Hunter Street,
         Newcastle West, Australia, 2302


CONFERENCE FOCUS: Members Pass Resolution to Close Down Business
----------------------------------------------------------------
During a general meeting on April 3, 2006, members of Conference
Focus Limited passed a special resolution to shut down the
Company's operations.

In this regard, P. Ngan was appointed as liquidator  pursuant to
Section 497(1) of the Corporations Act 2001.

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


DAM CONTROL: Hearing of CIR's Liquidation Bid Set on June 29
------------------------------------------------------------
An application to put Dam Control Ltd into liquidation will be
heard before the High Court of Auckland on June 29, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the application before
the High Court on April 19, 2006.

Contact: P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0432


DUANGKAEW PTY: Distributes Dividend Today
-----------------------------------------
Unsecured creditors will receive dividends from Dungkaew Pty
Limited today, May 24, 2006.

Creditors who were unable to prove their claims will be excluded
from sharing in the dividend distribution.

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


ENVISION PROPERTY: Court to Hear Liquidation Petition on June 15
----------------------------------------------------------------
An application to put Envision Property Solutions Ltd into
liquidation will be heard before the High Court of Auckland on
June 15, 2006, at 10:00 a.m.   

The High Court received the application from Windows 2000 Ltd on
March 21, 2006.

Contact: C.N. Lord
         Corporate Collections Ltd
         187 Mt Eden, Auckland
         New Zealand


FISH OUT OF WATER: Members and Creditors to Get Wind-up Report
--------------------------------------------------------------
A final meeting of members and creditors of Fish Out Water
Holdings Limited will take place today, May 24, 2006, at
4.00 p.m.

During the meeting, the parties will receive Liquidator Hugh
Martin's report on the Company's wind-up and property disposal.

They will also discuss whether to destroy the Company's books
and records six months after the Company's dissolution.

Contact: Hugh Martin
         Liquidator
         Bernardi Martin
         Level 1, 195 Victoria Square
         Adelaide, Australia


GLENN-CLAIRE CARPENTRY: Wind-up Process Commenced
-------------------------------------------------
At a meeting on April 4, 2006, members of Glenn-Claire Carpentry
Limited decided that it is in the Company's best interests to
wind up its operations.

Subsequently, Sule Arnautovic of Jirsch Sutherland Chartered
Accountants was appointed as liquidator by the Company's
creditors.

Contact: Sule Arnautovic
         Liquidator
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, Australia 2001
         Telephone: (02) 9233 2111
         Facsimile: (02) 9233 2144


HOWARD ROBERTS: Prepares to Shut Down Business
----------------------------------------------
Members of Howard Roberts Marine Limited Company, on April 3,
2006, decided to wind up the Company's operations.

Subsequently, D. R. Vasuden was appointed as liquidator to
oversee the wind-up process.

Contact: D. R. Vasuden
         Liquidator
         Pitcher Partners
         Level 19, 15 William Street,
         Melbourne
         Victoria, Australia 3000


INVERARY PTY: Members to Discuss Wind-up Today
----------------------------------------------
Members of Inverary Pty Ltd will convene at a final meeting
today, May 24, 2006, to discuss about the Company's winding up.

Contact: Richard John Wright
         Davies Thompson & Wright
         60 Brook Street,
         Muswellbrook, Australia


JADE INVESTMENTS: Members Opt for Voluntary Liquidation
-------------------------------------------------------
At a general meeting on April 5, 2006, members of Jade
Investments Limited agree to put the Company into voluntary
liquidation.

Paul Burness and Matthew Jess of Messrs Worrells Solvency &
Forensic Accountants were subsequently appointed as liquidators.

Contact: Paul Burness and Matthew Jess
         Liquidators
         Worrells Solvency & Forensic Accountants
         Level 5 15 Queen Street
         Melbourne
         Victoria, Australia 3000
         Telephone: (03) 9613 5510
         Facsimile: (03) 9614 3233         
         Web site: http://www.worrells.net.au/


MAINE HOLDINGS: Enters Voluntary Liquidation
--------------------------------------------
At a meeting on May 8, 2006, the members of Maine Holdings Ltd
decided to place the Company into liquidation.

Barry White was subsequently appointed as liquidator.

Contact: Barry White
         PO Box 342, Thames
         New Zealand
         Telephone: (07) 868 4572
         Fax: (07) 868 4730


MAINLAND DEMOLITION: Shareholders Resolve to Liquidate Company
--------------------------------------------------------------
Shareholders of Mainland Demolition Ltd on May 2, 2006, passed a
special resolution to liquidate the Company and appoint Trevor
Edwin Laing as liquidator.

Creditors are required to file their proofs of claim by June 9,
2006.

Contact: Trevor Laing & Assoc
         PO Box 2468, Dunedin
         New Zealand
         Telephone: (03) 454 4559


M.I.L.A.H. PTY: Manager and Receiver Steps Aside
------------------------------------------------
Peter James Lanthois has ceased to act as manager and receiver
of M.I.L.A.H Pty Limited pursuant to an Order of the Supreme
Court of South Australia on June 4, 2003.

Contact: Peter J. Lanthois
         KordaMentha
         Level 4, 70 Pirie Street,
         Adelaide
         South Australia, Australia 5000
         Telephone: (08) 8212 6322
         Facsimile: (08) 8212 2215


MULTIPLEX GROUP: Creates AU$650-Million Property Trust
------------------------------------------------------
Multiplex Group has created a AU$650 million property trust as a
new strategy to build its third-party funds management business,
the Sydney Morning Herald reports.

The new vehicle will be known as the Multiplex Acumen Prime
Property Fund.

The Sydney Herald explains that Multiplex acquired a retail fund
manager in Acumen and has had good success in building funds
under management strongly since incorporating the Acumen
management into its group.  

Multiplex Acumen, which is expected to be listed in August 2006,
will comprise predominantly of office assets either currently
held by the Trust or under construction by Multiplex, egoli.com
relates.

According to the Sydney Herald, Multiplex will sell its
buildings into the trust and retain ownership of up to 40% of
the new vehicle.

It is the second of recent announcements by Multiplex of asset
sales, Egoli says.  However, in this case, the sales are seeding
a portfolio to be managed and co-invested by Multiplex.  The
portfolio will ultimately comprise AU$640 of assets, including a
AU$63-million portfolio of REIT securities.

Multiplex Acumen will eventually own interests in the premium-
grade office towers such as half of the Ernst & Young building
at World Square in George Street, the new American Express site
at King Street Wharf and 25% of the Southern Cross development
in Melbourne, the Sydney Herald says.  These assets are
presently owned by Multiplex Property Trust and will go into the
new vehicle, following a capital raising, as the seed assets.

According to the reports, Multiplex Acumen will be listed under
a call structure with an initial subscription price of
AU$0.60cpu and a final call of AU$0.40cpu five years after the
listing date.

National Australia Bank and ANZ Bank are arranging financing for
the new trust, but Multiplex denies that the banks are involved
in any of its decision to sell assets, the Sydney Herald
reports.

The Sydney Herald cites Merrill Lynch as stating that on
completion of the proposed capital raising, the net proceeds
received by Multiplex Property Trust would allow it to reduce
existing borrowings and result in greater balance sheet
flexibility.

     Multiplex Sells $AU260-Million Goldfields Property

Moreover, the Sydney Herald adds that Multiplex is also selling
its Goldfields House property at 1 Alfred Street, said to be
worth about AU$260 million.

                        About Multiplex  

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


NSW DEVELOPMENT: Appoints Official Liquidator
---------------------------------------------
The Supreme Court of New South Wales had, on April 6, 2006,
released a wind-up order for NSW Development Group Pty Limited.

The Court also appointed Brian Hugh Allen as liquidator.

Contact: Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, Australia 2089
         Telephone: (02) 9904 4644
         Facsimile: (02) 9904 9644


N.Z. PROPERTY: Court to Hear Liquidation Application on June 1
--------------------------------------------------------------
An application to put N.Z. Property Trends Ltd into liquidation
will be heard before the High Court of Auckland on June 1, 2006,
at 10:00 a.m.

Gouping Pou filed the application with the High Court on March
22, 2006.

Contact: C.N. Lord
         Office of Messrs Craig Griffin & Lord
         187 Mt Eden Road, Mt Eden
         Auckland, New Zealand


OUTLINE DEVELOPMENTS: Creditors' Proofs of Claim Due on June 9
--------------------------------------------------------------
John Albert Price and Christopher Robert Ross Horton, joint and
several liquidators of Outline Developments Ltd, require the
creditors of the Company to submit their proofs of claim on or
before June 9, 2006.

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

Contact: J.A. Price
         Horton Price Ltd
         PO Box 9125, New Market
         Auckland, New Zealand
         Telephone: (09) 366 3700
         Fax: (09) 366 7276


PHARMACY SHOP: Members Resolve to Liquidate Business
----------------------------------------------------  
Members of the Pharmacy Shop Ltd, on May 9, 2006, resolved to
liquidate the Company and appoint Grant Robert Graham and
Brendon James Gibson as joint and several liquidators.

Creditors are required to lodge their proofs of claim on or
before June 2, 2006.

Contact: B.J. Gibson
         C/O Duncan Ross
         Ferrier Hodgson & Co
         Level 16, Tower Centre
         45 Queen Street, Auckland
         New Zealand
         Telephone: (09) 307 7865
         Fax: (09) 377 7794


QANTAS AIRWAYS: NZ Tourism Groups Oppose Air NZ Code-Share Deal
---------------------------------------------------------------
New Zealand tourism groups have showed their opposition to
Qantas Airways Limited's code-share agreement with Air New
Zealand, ABC News Online says.

As reported in the Troubled Company Reporter - Asia Pacific on
April 13, 2006, Air NZ and Qantas have signed a code-share
agreement that 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 for the trans-Tasman
routes.

The TCR-AP had earlier stated that Wellington Airport has been
very critical of the Qantas-Air Nz Deal, expressing fear of a
lack of competition in the trans-Tasman route, higher prices and
reduced access to Australia.  

ABC News relates that the NZ groups believe that any reduction
in flights on the trans-Tasman route will threaten passenger
numbers and growth in one of New Zealand's most important
industries.

According to ABC News' NZ correspondent, Peter Lewis, the
majority shareholder of Wellington Airport, Infratil, had said
that if approved, the code-share deal between the two dominant
players in the market would reduce the number of seats by 12%
from the capital and by 14% from the nation's busiest airport in
Auckland.

An April 19, 2006 report by the TCR-AP stated that Wellington
Airport had called on the competition watchdog to check the
proposed code-share agreement.  Wellington Airport, which is
owned by Wellington City Council and Wellington investment firm
Infratil, has issued a series of papers outlining the anti-
competitive nature of the proposal and calling for it to be
dealt with by the Commerce Commission, rather than the
Government, which owns 80.4% of Air New Zealand.

The code-share deal awaits the approval of the New Zealand
Minister of Transport and the Australian Competition and
Consumer Commission.

                      About Qantas Airways

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

Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.  Qantas went into another round of job cuts
in late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year, and yet
another one announced in February 2006 amidst uncertainty of
outsourcing the airline's heavy maintenance works overseas.

The Troubled Company Reporter - Asia Pacific reported on May 19,
2006, that Qantas will slash 1,000 management, support and
administration jobs by the end of 2006 to counter a looming AU$1
billion surge in its fuel bill.


RAMROD CONSTRUCTION: Prepares to Wind Up Operations
---------------------------------------------------
The members of Ramrod Construction Services Pty Limited have
decided to wind up the Company's operations and distribute the
proceeds of its assets disposal.

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


RAS INTERNATIONAL: Faces Liquidation Proceedings
-------------------------------------------------
An application to put Ras International Ltd into liquidation
will be heard before the High Court of Auckland on June 1, 2006,
at 10:00 a.m.   

The High Court received the application from Motor 1 Ltd on
March 29, 2006.

Contact: Malcolm Whitlock
         Debt Recovery Group NZ Ltd
         149 Ti Rakau Drive
         Pakuranga, Auckland
         New Zealand


RUBBER WORKS: To Hold Final Meeting Today
-----------------------------------------
A final meeting of the members of The Rubber Works Australia Pty
Limited will be held today, May 24, 2006.

During the meeting, Liquidators Peter Goodin and Robyn Erskine
will present their accounta of the manner of the Company's wind-
up and property disposal.

Contact: Peter Goodin
         Robyn Erskine
         Joint & Several Liquidators
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East, Australia 3123
         Telephone: (03) 9882 6666


STATEWIDE DISMANTLERS: Enters Voluntary Liquidation
---------------------------------------------------
The members of Statewide Dismantlers Hotline Pty Limited
convened on April 3, 2006, and opted to liquidate the Company's
operations.

Subsequently, Antony de Vries and Riad Tayeh were appointed as
liquidators.

Contact: Antony de Vries
         Riad Tayeh
         Joint and Several Liquidators
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta , Australia 2125


URBANE WEARHOUSE: Official Liquidator Named
-------------------------------------------
Bernardi Martin was named as liquidator of Urbane Wearhouse Pty
Limited on March 24, 2006.

Contact: Bernardi Martin
         Liquidator
         Level 1, 195 Victoria Square,
         Australia


VERTECH (NZ) LIMITED: Liquidation Bid Hearing Set on June 1
-----------------------------------------------------------
An application to liquidate Vertech (NZ) Ltd was filed by Credit
Link Factors Ltd before the High Court of Auckland on March 17,
2006.

The Court will hear the application on June 1, 2006, at 10:45
a.m.

Contact: Ian Oliver Cadis
         Credit Link Operations Ltd
         19 Meachen Street, Seaview
         Lower Hutt, New Zealand
         

XTREME LIMOUSINES: NAB Appoints Joint and Several Receivers
-----------------------------------------------------------
The National Australia Bank Limited had, on March 29, 2006,
appointed Gerald T. Collins and Matthew L. Joiner of Horwath BRI
Brisbane as joint and several receivers of the assets of Xtreme
Limousines Pty Limited.


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

AUTOFIT LIMITED: Creditors' Proofs of Claim Due on June 9
---------------------------------------------------------
Creditors of Autofit Limited are required to submit their proofs
of claim to Joint Liquidators Ying Hing Chiu and Chung Miu Yin,
on or before June 9, 2006.

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

Contact: Ying Hing Chiu
         Liquidator
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


CARFORD TRANSPORTATION: Creditors' Meeting Fixed on June 3
----------------------------------------------------------
Creditors of Carford Transportation (H.K.) Ltd will convene on
June 3, 2006, 12:15 p.m. at:

     Conference Room
     Messrs. Gary K.W. Tam & Co.
     Room 2909B, 29/F.
     Bank of America Tower
     No 12 Harcourt Road Central
     Hong Kong


CENTURY STEP: Final Members Meeting Slated for June 21
------------------------------------------------------
The final general meeting of the members of Century Step Company
Ltd will be held on June 21, 2006, 10:00 a.m.

At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Liquidator Fok Wai
Shan.

Contact: Fok Wai Shan
         Liquidator
         Room 1204-5, 12/F, Tai Tung Bldg
         No 8 Fleming Road
         Wanchai, Hong Kong


CHE TONG: Creditors' Proofs of Claim Due on June 20
---------------------------------------------------
Creditors of Che Tong Wui Tsun Marine Ltd are required to submit
their proofs of claim to Liquidator Chan Po Kau not later than
5:30 p.m. on June 20, 2006.

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

Contact: Chan Po Kau
         Room D, 11/F., Hart Ave
         8-10 Tsim Sha Tsui, Kowloon
         Hong Kong


EIMO (H.K.) LIMITED: Liquidator to Present Wind-up Report
---------------------------------------------------------
A final meeting of the members of Eimo (H.K.) Ltd will be
conducted on June 21, 2006, at 3:00 o'clock in the afternoon.

At the meeting, Liquidator Ng Sun Chi will present his final
accounts regarding the Company's wind-up operations.


EZCOM HOLDINGS: Court Moves Wind-up Hearing to November 20
----------------------------------------------------------
The High Court of Hong Kong, on May 22, 2006, ordered to
reschedule the hearing of the winding-up petition against Ezcom
Holdings, the Company said in a disclosure to the Hong Kong
Stock Exchange.

The decision was made to enable the provisional liquidators to
facilitate the restructuring of the Company.  

The High Court rescheduled the hearing to November 20, 2006.

Further, the Company disclosed that the publication of its
annual results for the years ended March 31, 2005, and March 31,
2006, and the interim result announcement for the six months
ended September 30, 2005, has been delayed.

Currently, the Company does not have sufficient funds to perform
an audit on the Company and its group subsidiaries for the 2005
and 2006 financial years.

The provisional liquidators were appointed to stabilize the
operations of the Company and its subsidiaries, including
facilitating the Company's restructuring.

Trading in the shares of the Company remains suspended.

                          *     *     *
Headquartered in Central, Hong Kong, Ezcom Holdings Ltd
-- http://www.ezcom.com.hk/-- is engaged in the trading of  
mobile phones, parts and components.  

The Company is undergoing restructuring with the assistance of
its provisional liquidators.


GLOBAL NET: Shareholders Resolve to Wind Up Operations
------------------------------------------------------
Members of Global Net Garment Manufacturing at an extraordinary
general meeting on April 24, 2006, passed a resolution to
voluntarily wind up the Company and appoint Chan Wah Kie as
liquidator.

Contact: Chan Wah Kei
         Room 1105, Eastern Commercial Centre
         393-407 Hennessy Road,
         Hong Kong


HONDELA FINANCE: Joint Liquidators to Present Wind-up Report
------------------------------------------------------------
A final meeting of the members of Hondela Finance Ltd will be
conducted on June 21, 2006, at 3:00 o'clock in the afternoon.

During the meeting, Liquidators Darach Haughey and Lo Kin Ching
will present their final accounts regarding the Company's wind-
up operations.


MAGNUS MANAGEMENT: Appoints Official Liquidator
-----------------------------------------------
Members of Magnus Management Consultants Ltd appointed Sytske
Helena Maria Teppema as official liquidator on May 4, 2006.

Contact: Sytske Helena Maria Teppema
         F1 Discovery Bay Marina,
         Discovery Bay, Lantau Island
         Hong Kong


PENTA-CONTINENTAL: Liquidator Cease to Act for Company
------------------------------------------------------
Man Kwok Leung ceased to act as liquidator of Penta-Continental
Ltd on May 10, 2006.


QUEST INTERNATIONAL: Appoints Joint Liquidators
-----------------------------------------------
Suen Pui Yee and Iain Ferguson Bruce were appointed as joint and
several liquidators for Quest International China Ltd through a
special resolution passed by the Company's members on May 5,
2006.

Contact: Suen Pui Yee
         8/F., Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong


SAMLEX DEVELOPMENT: First Creditors Meeting Fixed on June 30
------------------------------------------------------------
Creditors of Samlex Development Ltd will convene for its first
meeting on June 30, 2006, 3:30 p.m.

The meeting will be held at:

     Rooms 501-503, 5/F., Hang Seng Building
     77 Des Voeux Road Central
     Hong Kong


SHIOZUMI ASSET: Joint Liquidators Cease to Act for Company
----------------------------------------------------------
Chan Shu Kin and Chow Chi Tong ceased to act as joint and
several liquidators of Shiozumi Asset Management (H.K.) Ltd on
May 19, 2006.


STARTEC GLOBAL: Creditors Must Prove Debts by June 9
----------------------------------------------------
Liquidator Kwok Lai Ngor is receiving proofs of debt from the
creditors of Startec Global Communications (H.K.) Ltd until June
9, 2006.

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

Contact: Kwok Lai Ngor
         8/F., Richmond Commercial Bldg
         109 Argyle Street, Kowloon
         Hong Kong


VISION CARD: Creditors' Proofs of Claim Due on June 23
------------------------------------------------------
Creditors of Vision Card International Ltd are required to
submit their proofs of claim to Liquidator Ha Man Kit on or
before June 23, 2006.

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

Contact: Ha Man Kit
         Room 2302, Hennessey Road
         Wan Chai, Hong Kong


YUE CHEONG: Appoints Official Liquidator
-----------------------------------------
Members of Yue Cheong Hardware Company Ltd appointed Fan King
Kit as liquidator on May 15, 2006.

Contact: Fan King Kit
         Flat B, 16F,
         Kwong on Bank Bldg
         728-730 Nathan Road
         Mongkok, Hong Kong



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

DUNLOP INDIA: Holds Tripartite Meeting to Address Labor Woes
------------------------------------------------------------
Dunlop India Limited's Shahgunj factory held a tripartite
meeting on May 23, 2006, to settle the early May dispute between
workers and the new management, PK Ruia, The Economic Times
says.

The Troubled Company Reporter - Asia recounts that Dunlop
India's troubles at Sahagunj plant started when thousands of
workers boycotted the Company's partial payment of previous dues
under a one-time settlement scheme.

As reported by the TCR-AP on May 2, 2006, 4,378 Dunlop workers
were not pleased with the Company's partial payment of INR30,000
arrears at the Company's newly opened Sahagunj plant.  The
workers were expecting a paycheck of INR5,000.  However, they
were greeted by a pay-out ranging between INR3,000 and INR4,500
on the basis of the payment being pro-rated to their attendance.  
The workers claimed that the new management was paying them much
less than what was agreed on.

Recently, Dunlop workers had protested against the Ruia
Management for the 42 employees assigned for maintenance work at
the Shahgunj factory, The Times reports.

According to The Times, the Ruia Management is seeking to find a
fast solution to the issue since the unions have threatened go
on indefinite strike if the situation demanded.  It has
already approached the labor commissioner to sort out the arrear
payment crisis, which has already hampered the complete
reopening of the Shahgunj factory.

                       About Dunlop India

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


SILVERLINE TECHNOLOGIES: Chair Unveils Turnaround Strategy
----------------------------------------------------------
Silverline Technologies will focus on the Business Process
Outsourcing and Information Technology consulting areas of
business through a mix of organic and M&A activities, as a part
of its turnaround strategy enunciated by its chairman, Ravi
Subramanian, Sify relates.

Mr. Subramanian informed the Bombay Stock Exchange that
Silverline Technologies will scout for strategic partnership
opportunities worldwide while aiming for quality leadership at
all levels.

A key focus area for the Company will be negotiating strategic
relationships in IT software development and maintenance and
product lifecycle management solutions as well as on the
customer care and service management and education segments.  In
customer care and service management, the scope of business will
cover help desk, network management, security and applications
support.

Another prime business focus segment will constitute Business
Process Outsourcing in the areas of finance and accounting,
legal, human resources, engineering and architecture, knowledge
management, animation and media and entertainment, the Company
informed the BSE.

Silverline Technologies will also clear all outstanding issues
with its stakeholders, Mr. Subramanian said, while pointing out
that the Company will strive to increase both shareholder value
as well as transparency in its functioning.

Revealing that the Company undertook a series of studies prior
to outlining the turnaround strategy, Mr. Subramanian stated
that the opinion of some of its previous customers, employees
and shareholders were also taken into account while finalizing
the strategy.  A professional and scientific study to come up
with a series of parameters was also undertaken, he added.

             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 a 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
=================

BANK BUANA: Fitch Affirms Long-Term Currency Ratings at BB-
-----------------------------------------------------------
Fitch Ratings revised Bank Buana's national long-term rating to
'AA+(idn)' from 'A-(idn)', and has upgraded the bank's support
rating to '3' from '4.'

Fitch affirms Bank Buana's:

   * long-term foreign and local currency issue default ratings
     at 'BB-';

   * short-term rating at 'B'; and

   * individual rating at 'C/D'.

The outlook for the ratings is stable.

The revision follows a recalibration of the Indonesian National
scale such that it not only allows for greater ratings
diversification amongst the country's better quality major
banks, but also allows for the proper relative rating of
additional entities including second-tier financial institutions
and a wide range of corporates.

The recalibration, the first since the scale was introduced some
years ago, also reflects the improved operating environment in
Indonesia today, thanks to greater political and economic
stability versus that after the country's 1998 crisis.  Another
factor behind the recalibration is the generally substantial
improvements of the banks, with higher profitability, stronger
balance sheets, significant operational development, and better
levels of management/corporate governance.

The upgrade of Bank Buana's Support ratings reflects the bank's
majority ownership by Oversea-Chinese Banking Corporation, rated
'AA-', a highly rated Singapore bank.  It has also contributed
to the significant upgrades of the bank's National ratings.  The
bank is gradually being integrated into its parent bank's
operations.


BANK CENTRAL ASIA: Fitch Affirms 'BB-' Long-Term Currency IDR
-------------------------------------------------------------
Fitch Ratings revised Bank Central Asia's National Long-term
rating to 'AA(idn)' from 'A-(idn)'.  These other ratings are
affirmed:

   * Long-term Foreign Currency Issuer Default Rating at 'BB-';

   * Short-term at 'B';

   * Individual at 'C/D'; and

   * Support '4'.

The outlook is stable.

The revision follows a recalibration of the Indonesian National
scale such that it not only allows for greater ratings
diversification amongst the country's better quality major
banks, but also allows for the proper relative rating of
additional entities including second-tier financial institutions
and a wide range of corporates.

The recalibration, the first since the scale was introduced some
years ago, also reflects the improved operating environment in
Indonesia today, thanks to greater political and economic
stability versus that after the country's 1998 crisis.  Another
factor behind the recalibration is the generally substantial
improvements of the banks, with higher profitability, stronger
balance sheets, significant operational development, and better
levels of management/corporate governance.


BANK DANAMON: Fitch Affirms BB- Long-Term Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings revised Bank Danamon's National Long-term rating
to 'AA-(idn)' from 'A-(idn)'.  The other ratings are affirmed
at:

   * Long-term Foreign Currency Issuer Default Rating 'BB-';

   * Short-term 'B';

   * Individual 'C/D'; and

   * Support '4'.

The outlook is stable.

The revision follows a recalibration of the Indonesian National
scale such that it not only allows for greater ratings
diversification amongst the country's better quality major
banks, but also allows for the proper relative rating of
additional entities including second-tier financial institutions
and a wide range of corporates.

The recalibration, the first since the scale was introduced some
years ago, also reflects the improved operating environment in
Indonesia today, thanks to greater political and economic
stability versus that after the country's 1998 crisis.  Another
factor behind the recalibration is the generally substantial
improvements of the banks, with higher profitability, stronger
balance sheets, significant operational development, and better
levels of management/corporate governance.


BANK INTERNASIONAL: Fitch Affirms BB- Long-Term Currency IDR
------------------------------------------------------------
Fitch Ratings revised Bank Internasional Indonesia's National
Long-term rating to 'AA-(idn)' from 'BBB+(idn)'.  These other
ratings are affirmed at:

   * Long-term Foreign Currency Issuer Default Rating 'BB-';

   * Short-term 'B';

   * Individual 'C/D'; and

   * Support '4'.

The outlook for ratings is stable.

The revision follows a recalibration of the Indonesian National
scale such that it not only allows for greater ratings
diversification amongst the country's better quality major
banks, but also allows for the proper relative rating of
additional entities including second-tier financial institutions
and a wide range of corporates.

The recalibration, the first since the scale was introduced some
years ago, also reflects the improved operating environment in
Indonesia today, thanks to greater political and economic
stability versus that after the country's 1998 crisis.  Another
factor behind the recalibration is the generally substantial
improvements of the banks, with higher profitability, stronger
balance sheets, significant operational development, and better
levels of management/corporate governance.


BANK MANDIRI: Fitch Affirms Long-Term Currency IDRs at BB-
----------------------------------------------------------
Fitch Ratings revised Bank Mandiri's National Long-term rating
to 'AA(idn)' from 'A(idn)'.  These other ratings for Bank
Mandiri are affirmed:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

The outlook for the ratings is stable.

The revision follows a recalibration of the Indonesian National
scale such that it not only allows for greater ratings
diversification amongst the country's better quality major
banks, but also allows for the proper relative rating of
additional entities including second-tier financial institutions
and a wide range of corporates.

The recalibration, the first since the scale was introduced some
years ago, also reflects the improved operating environment in
Indonesia today, thanks to greater political and economic
stability versus that after the country's 1998 crisis.  Another
factor behind the recalibration is the generally substantial
improvements of the banks, with higher profitability, stronger
balance sheets, significant operational development, and better
levels of management/corporate governance.


BANK NEGARA: Fitch Affirms BB- Foreign and Local Currency IDR
-------------------------------------------------------------
Fitch Ratings revised Bank Negara Indonesia's National Long-term
rating to 'A+(idn)' from 'BBB+(idn)'.

These other ratings are affirmed:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

The outlook for the ratings is stable.

The revision follows a recalibration of the Indonesian National
scale such that it not only allows for greater ratings
diversification amongst the country's better quality major
banks, but also allows for the proper relative rating of
additional entities including second-tier financial institutions
and a wide range of corporates.

The recalibration, the first since the scale was introduced some
years ago, also reflects the improved operating environment in
Indonesia today, thanks to greater political and economic
stability versus that after the country's 1998 crisis.  Another
factor behind the recalibration is the generally substantial
improvements of the banks, with higher profitability, stronger
balance sheets, significant operational development, and better
levels of management/corporate governance.


BANK NISP: Fitch Affirms Long-Term Issuer Default Ratings at BB-
----------------------------------------------------------------
Fitch Ratings revised Bank NISP's National Long-term rating to
'AA+(idn)' from 'A-(idn)' and upgraded the bank's support rating
to '3' from '4.'

Fitch affirms these other ratings:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B'; and

   * Individual rating at 'C/D'.

The outlook for the ratings is stable.

The revision follows a recalibration of the Indonesian National
scale such that it not only allows for greater ratings
diversification amongst the country's better quality major
banks, but also allows for the proper relative rating of
additional entities including second-tier financial institutions
and a wide range of corporates.

The recalibration, the first since the scale was introduced some
years ago, also reflects the improved operating environment in
Indonesia today, thanks to greater political and economic
stability versus that after the country's 1998 crisis.  Another
factor behind the recalibration is the generally substantial
improvements of the banks, with higher profitability, stronger
balance sheets, significant operational development, and better
levels of management/corporate governance.

The upgrade of Bank NISP's Support ratings reflects the bank's
majority ownership by United Overseas Bank, rated 'AA-', which
is a highly rated Singapore bank.  It has also contributed to
the significant upgrades of the bank's National ratings.  The
bank is gradually being integrated into its parent bank's
operations.


BANK RAKYAT: Fitch Affirms Long-Term Foreign Currency IDR at BB-
----------------------------------------------------------------
Fitch Ratings revised Bank Rakyat Indonesia's National Long-term
rating revised to 'AA+(idn)' from 'A+(idn).'  The other ratings
of the bank are affirmed at:

   -- Long-term Foreign Currency Issuer Default Rating 'BB-';
   -- Short-term 'B';
   -- Individual 'C/D';
   -- Support '4'.

The outlook for the ratings is stable.

The revision follows a recalibration of the Indonesian National
scale such that it not only allows for greater ratings
diversification amongst the country's better quality major
banks, but also allows for the proper relative rating of
additional entities including second-tier financial institutions
and a wide range of corporates.

The recalibration, the first since the scale was introduced some
years ago, also reflects the improved operating environment in
Indonesia today, thanks to greater political and economic
stability versus that after the country's 1998 crisis.  Another
factor behind the recalibration is the generally substantial
improvements of the banks, with higher profitability, stronger
balance sheets, significant operational development, and better
levels of management/corporate governance.


PERUSAHAAN LISTRIK: To Put Up 24 Power Plants in Three Years
------------------------------------------------------------
PT Perusahaan Listrik plans to develop 24 coal-fired power
plants nationwide totaling 10,000 megawatts within a three-year
period, Dow Jones Newswires reports.

According to the Company, it is required by the Indonesian
Government to speed up energy diversification by putting up
coal-fired power plants in order to boost oil utilization
efficiency.  The Government also encouraged the use of natural
gas amid rising global fuel prices.  The construction of the
power plants is part of a government plan to reduce domestic
crude oil consumption from the current 60% level to 30% within
10 years' time.

Dow Jones says that the proposed power plants are set to start
operations in 2009.  Perusahaan Listrik did not point out which
power plants would be offered to investors.

                          *     *     *

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id/-- is Indonesia's state-owned  
utility company.  The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population.  The Indonesian Government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers, as many areas of the country are experiencing power
shortages.  PLN posted a IDR4.92 trillion net loss in 2005,
versus a net loss of IDR2.02 trillion in 2004.

The Company received IDR12.51 trillion in subsidies from the
Government in 2005, almost four times the IDR3.47 trillion in
2004.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that Perusahaan Listrik is once again the subject
of a corruption investigation by the Indonesian National Police,
connected to equipment price mark-ups and irregular contract
tendering procedures at a gas-fired power plant in Bekasi.  This
after being subjected to a probe on an alleged price mark-up of
three generators purchased in 2004.


PERUSAHAAN LISTRIK: Gas Supply Problem Increases Fuel Expenses
--------------------------------------------------------------
A disruption in PT Perusahaan Listrik Negara's gas supply has
forced the state power firm to increase its allocations for fuel
purchases in order to avoid power blackouts and maintain its
diesel-fired power plants, the Jakarta Post writes.

The Post explains that British oil giant BP Plc's local unit, BP
West Java, had reduced its gas supplies to Perusahaan Listrik's
two power plants in North Jakarta due to a leak in its gas
transmission line since last week.  The leak led BP to supply
130 million metric cubic feet of gas per day, instead of the
normal 260 million metric cubic feet of gas, to PLN, which in
turn could not operate at full capacity.  The leak is slated to
be repaired in two weeks.

In an interview with reporters on May 22, 2006, PLN Acting
President Djuanda Nugraha Ibrahim said that the Company may have
to spend IDR8.2 billion daily for the next two weeks, which
totals IDR115 billion, to purchase 1,600 kiloliters of diesel
fuel per day to keep its power plants running.

PLN hopes to be able to buy fuel from state oil firm PT
Pertamina, despite its IDR18.8-trillion debt to the firm.  
Moreover, the Company has issued a power alert to its consumers
in Jakarta and Banten to expect power outages due to a 300-
megawatt power supply deficit.  In order to cope with the lack
of gas supplies, Perusahaan Listrik has asked businesses and
households to lessen their power consumption from 5:00 p.m. to
10:00 p.m., in order to avoid blackouts.  If this is not enough,
the Company would need to shut down power in certain areas of
Jakarta, West Java, Central Java, East Java and Bali to obtain
the needed 300-megawatts.

PLN has also asked state steel firm PT Krakatau Steel in Banten,
to reduce operations during peak hours in order to avoid
blackouts in the area.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity  
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted a IDR4.92
trillion net loss in 2005, against a net loss of IDR2.02
trillion in 2004.

The Company received IDR12.51 trillion in subsidies from the
Government last year, almost four times the IDR3.47 trillion in
2004.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that Perusahaan Listrik is once again under
investigation by the Indonesian National Police for corruption,
connected to equipment price mark-ups and irregular contract
tendering procedures at a gas-fired power plant in Bekasi.  This
after being subjected to a probe on an alleged price mark-up of
three generators purchased in 2004.


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

BANK OF YOKOHAMA: Moody's Ups Financial Strength Rating to D+
-------------------------------------------------------------
Moody's Investors Service has upgraded the bank financial
strength rating of The Bank of Yokohama, Limited, to D+ from D,
which concludes the upward review of the bank's ratings
initiated on February 10, 2006.  The rating is not expected to
change for some time.

The upgrade reflects improvement in Bank of Yokohama's asset
quality, due in large part to it lowering the concentration risk
embedded in its loan portfolio, and the bank's intent to further
reduce concentration risks.  Moody's believes that under its
integrated risk management, overall embedded risks -- which
arise from unexpected credit loss components, market risks, ALM
mismatches and operational risks -- will be maintained far below
Tier I capital.

Bank of Yokohama has relatively strong franchise value, backed
by its leading market share and presence in Kanagawa
Prefecture's reasonably large home banking market.  Moody's
notes that the bank is reallocating its sales force into
profitable areas in the prefecture and neighboring regions such
as Metropolitan Tokyo, and that it has maintained fairly high
profitability due to its continued low-cost operations.

Furthermore, Moody's understands that Bank of Yokohama has made
a commitment in starting its middle-risk business.  Although
this could increase credit costs, Moody's thinks the bank is
likely to appropriately manage and limit related risks, and this
business could contribute to improving profitability.

Moody's thinks that the bank's capitalization will be
strengthened by its relatively high profitability in a shorter
term than its peers, supported by its low cost structure, the
reallocation of its sales force into profitable areas and its
middle-risk business.  If the bank's capitalization went up to
the C BFSR range due to earnings accumulation - backed by
maintaining relatively high profitability and efficiency - while
its asset quality kept improving, further upward pressure on its
ratings could occur.  On the other hand, if the bank faced
capital deterioration due to credit cost increases, especially
in the middle risk business, or the bank's franchise value
deteriorated, downward pressure would occur.

Headquartered in Yokohama, The Bank of Yokohama Limited --
http://www.boy.co.jp/e/index.htm-- is the largest regional bank  
in Japan, with total consolidated assets of approximately JPY10
trillion as of September 2005.


CHIBA BANK: Moody's Lifts Financial Strength Rating to D+
---------------------------------------------------------
Moody's Investors Service upgraded the bank financial strength
rating of The Chiba Bank Limited to D+ from D and its senior
subordinated debt rating and junior subordinated debt rating to
Baa1 from Baa2, following the upward review of the bank's
ratings initiated on February 10, 2006.

The upgrade reflects that Chiba Bank's asset quality is
improving against recent economic recovery in its region of
operation.  It further incorporates the likelihood of credit
cost management improving at branches, which would limit the
possibility of asset quality deterioration, due to the bank
deciding to manage credit costs at the branch level by
reallocating credit risk experts who used to be in charge of
addressing non-performing loan issues.

Under Chiba Bank's integrated risk management, overall embedded
risks -- which arise from unexpected credit loss components,
market risks, ALM mismatches and operational risks -- are
maintained far below Tier I capital.  Moody's estimates that
even in a stress scenario, the bank's overall risk would be well
below Tier I capital.

Chiba Bank has relatively strong franchise value, backed by its
leading market share and presence in Chiba Prefecture's
reasonably large home banking market.  Moody's notes that the
bank is reallocating its sales force into profitable areas in
the prefecture and neighboring regions such as Metropolitan
Tokyo, and that the branch-level credit cost management
mentioned above should quicken decision making and improve
profitability.  These initiatives could maintain or improve the
bank's profitability and thus its capitalization, in Moody's
view.

If Chiba Bank's capitalization went up to the C BFSR range due
to earnings accumulation while its asset quality kept improving,
upward pressure on its ratings could occur.  On the other hand,
if the bank faced capital deterioration due to credit cost
increases or if its franchise value deteriorated, downward
pressure would occur.

Headquartered in Chiba, Japan, the Chiba Bank Limited --
http://ir.chibabank.co.jp/english-- is the largest regional  
bank in Chiba Prefecture, with total consolidated assets
totaling approximately JPY9.0 trillion as of September 2005.


LIVEDOOR COMPANY: Accountants to Plead Not Guilty to Charges
------------------------------------------------------------
Two accountants indicted in March 2006 for their alleged
conspiracy with Livedoor Company Limited ex-president Takafumi
Horie and other Livedoor directors to falsify the Company's
financial accounts will plead not guilty to the charges, Kyodo
News relates.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Livedoor directors were found to have conspired to
cover up the Company's JPY310 million pre-tax loss for the
business year ended September 2004, by doctoring financial
accounts to show an inflated pre-tax profit of JPY5.03 billion
instead.  Moreover, Mr. Horie and other Livedoor executives
allegedly relayed false information on a merger, with the intent
to boost the stock price of a Company subsidiary.

Certified public accountants Taishin Hisano and Motoshi
Kobayashi, employees of auditing firm Koyo & Co., were indicted
by prosecutors on March 31, 2006, for violating the Securities
and Exchange Law when they certified Livedoor Company's
financial report for the year ended September 30, 2004, with the
knowledge that the report had been manipulated to cover up the
pre-tax loss.  

Kyodo News cites sources familiar with the matter that Mr.
Hisano will be asserting that he could not resist pressure from
the Company, and that he only helped to falsify the account
figures, instead of making them up from scratch, in his defense.

Former Livedoor director Fumito Kumagai is also slated to
contend the charges against him.  He was indicted for his
alleged role in the fabrication of the financial figures
together with former Company president Mr. Horie and three other
former directors.

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


* Economic Prospects Help Outlook on S&P's Ratings Turn Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on its
long-term sovereign ratings on Japan to positive from stable.
The long-term and short-term ratings were affirmed at
'AA-/A-1+'.

Standard & Poor's credit analyst Takahira Ogawa said: "The
outlook revision is based on Japan's improved economic
prospects, underpinned by restructuring in the private sector,
the turnaround in the banking sector through the resolution of
bad loan problems, and the elimination of deflationary pressure.
This environment will support the stabilization and eventual
reduction of the general government debt burden."

Japan has a highly skilled work force and is the global leader
in the manufacturing sector, particularly autos and electronics.
With the elimination of deflationary pressure, domestic demand
has started to recover and the economy is growing faster than
the 1.1% in the 10 years up to 2004.  This should help reduce
the government's fiscal burden.

A strong net external asset position and the yen's key
international currency position provide the government with
ample external liquidity and good access to global capital
markets.  Japan is the world's largest net external creditor in
absolute terms with US$1.8 trillion (217% of current account
receipts) net assets estimated at the end of 2005.  Its current
gold and foreign exchange reserves of US$860 billion are second
only to China's.

Standard & Poor's expects continued current account surpluses
will further enhance Japan's net external asset position.  At
the same time, although recovery in Japan's financial system has
been slow, non-performing loans have been slashed drastically,
reflecting corporate restructuring.  In aggregate, the top 11
Japanese banks reduced reported NPLs to less than 2.4% of total
loans as of end September 2005 down from 7.2% in March 2003.
Although the sector is currently enjoying record profits, a
substantial part of this is due to the reversal of NPL
provisions, which have accumulated over the years.

Japan's sovereign ratings remain constrained by its large fiscal
deficits and outstanding debt, as well as uncertainty over the
impact of possible rising interest rates, and the political
succession in the ruling Liberal Democratic Party scheduled for
September 2006.

The improved economic picture is supporting modest fiscal
consolidation, and the general government deficit is expected to
fall below 6% of GDP in fiscal 2006 from 8.2% of GDP in 2002.
However, Standard & Poor's expects fiscal consolidation will be
only gradual to the end of the decade.  Net general government
debt should crest around 115% of GDP early in the following
decade and decline thereafter, thanks to better economic growth
prospects.

Practical and sustainable implementation of the medium term
fiscal consolidation plan, which the government plans to
announce in late June 2006, are likely to be keys for
controlling the size of government debt.  The Bank of
Japan's shift from its zero interest rate policy could increase
real interest rates for the government, which in turn would make
fiscal consolidation more difficult.

The positive outlook on the rating is dependant on the Japanese
government maintaining its commitment to public sector reform
and debt reduction.  The ratings could be raised if progress
accelerates, although the leadership change in the LDP in
September 2006 is creating some uncertainty.  New leadership
could result in a dilution of the current government's
commitment to structural reforms, particularly the pace of
fiscal consolidation.  If vested interests in the bureaucracy,
political parties, and parts of the private sector erode the
progress already made or preclude further progress, there could
be downward pressure on the ratings.


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

LG CARD: Shinhan and NACF May Emerge Best Bidders
-------------------------------------------------
Shinhan Financial Group Co. and National Agricultural
Cooperative Federation have emerged as the most likely winners
in the bid for LG Card Co. Ltd, while Hana Financial Group Inc.
is craning for the last minute turnaround, The Korea Herald
reports.

The deadline for primary due diligence on the card issuer is set
for today, May 24, 2006.

According to the report, the foreign bidders -- United Kingdom-
based HSBC, Standard Chartered First Bank and Barclays -- still
remain active but have proven weaker than the Korean bidders.

The Troubled Company Reporter - Asia Pacific reported in March
2006 that LG Card's shareholders, including Korea Development
Bank who holds 22.9% of LG Card, will be selling between 51% and
72% stake in the credit card issuer.  The sale is expected to
generate around KRW6 trillion.

LG Card creditors, including Kookmin Bank and the Woori Bank
unit of Woori Finance Holdings Co., are hoping that the sale
will succeed so they could recover around KRW5 trillion spent in
bailing out LG Card in 2004.

A May 16, 2006 update by the TCR-AP stated that KDB warned that
it would not sell its shares in LG Card if the bidding prices
fall short of a "fair value."

The Korea Herald relates that Shinhan Financial, though
discouraged by the consensus that LG Card may be overvalued,
remains strongly interested in acquiring the credit card
company, saying that purchasing LG Card would have more pros
than cons for the group.  Shinhan reaffirmed its plan to submit
a letter of intention on schedule.

According to The Herald, Shinhan can deliver up to KRW4.5
trillion for LG Card, including KRW2.8 trillion of its own, and
KRW1.7 trillion from a consortium of investors.

NACF has also stressed out its eagerness to acquire LG Card.  
NACF has also emphasized its ties with Korea's agricultural and
distribution sector, stating "the acquisition of LG Card should
not only concern the bidding price, but also about its impact on
the future of the nation's financial industry."

The Herald notes that NACF is capable of generating KRW1.6
trillion internally, and the rest from the nation's pension
funds and other public funds like the Military Mutual Aid
Association.  It is also reported to be considering setting up a
special purpose company to issue company bonds to raise capital.

KDB plans to pick the preferred bidders by early June 2006 and
finalize the deal by August or September.

                        About LG Card Co.

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


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

AYER HITAM: Books Lower Net Loss in Third Quarter
-------------------------------------------------
On May 22, 2006, Ayer Hitam Tin Dredging Malaysia Berhad lodged
its financial report for the third quarter ended March 31, 2006,
with the Bursa Malaysia Securities Berhad.

For the quarter under review, the Group reported a revenue of
MYR232,000 and net loss of  MYR191,000, compared to a revenue of
MYR1,304,000 and net loss of MYR1,220,000 in the same quarter in
the preceding fiscal year.

The Company says that lower losses for the recent quarter were
mainly due to the delay of launching its properties.  The
intense competition within the property development sector has
necessitated changes in marketing strategies and in housing lot
sizes for Taman Juara Jaya.  This meant inevitable delays in new
launches resulting in lower revenue.

The Company's board of directors does not recommend any interim
dividend for the current quarter ended March 31, 2006.

Pending completion of the Proposed Restructuring Scheme, the
Group's results are not expected to register any material
improvement for the financial year ending June 30, 2006.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

        232         1,304             438          8,578

* Profit/(loss) before tax  

       -230        -1,135          -2,866         -8,388

* Profit/(loss) after tax and minority interest  

       -191        -1,220          -2,866         -8,496

* Net profit/(loss) for the period

       -191        -1,220          -2,866         -8,496

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

      -0.28         -1.80           -4.23         -12.54

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

    -0.3624                      -0.3059

The Company's Third Quarter Report and the notes to the
financials are available for free at:

   http://bankrupt.com/misc/tcrap_ayerhitamreport052306.xls
  
   http://bankrupt.com/misc/tcrap_ayerhitamnotes052306.pdf  

                        About Ayer Hitam

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.  The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.  
As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia
Berhad's payment defaults have reached MYR39,624,453.59.  The
Company has presented a restructuring proposal, which was
rejected by the Securities Commission after determining that the
Scheme is not a comprehensive proposal capable of resolving all
the financial issues faced by the Company.   

The Proposed Restructuring Scheme includes provisions on:

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


AYER HITAM: Unit Inks Pembinaan Partnership Deal for Land Dev't
---------------------------------------------------------------
On May 22, 2006, Ayer Hitam Tin Dredging Malaysia Berhad's
wholly owned subsidiary, Harta AHT Sdn Bhd, entered into a joint
venture agreement with Pembinaan Karisma Efektif Sdn Bhd for the
proposed appointment of Harta as the developer of two pieces of
freehold land measuring approximately 6.47 acres.

The Freehold Land is situated in Hyekeat Estate, Penang, and is
unencumbered.  Pembinaan Karisma has purchased the Land pursuant
to a sale and purchase agreement dated May 10, 2006, signed with
the registered proprietor of the Land, Top Acres Sdn Bhd.  Top
Acres has submitted applications to the relevant authorities for
obtaining the approval of the relevant authorities to develop
the Land as it is currently classified as hill land.

Pembinaan Karisma has agreed to enter into the proposed joint
venture agreement with Harta to jointly develop the Land
pursuant to Top Acre's Development Application or any
alternative development plans HASB, in its discretion, thinks
fit after taking into consideration the market conditions, for
the consideration and upon the terms and conditions as set out
in the joint venture agreement.

The joint venture agreement is expected to complement the Ayer
Hitam group's efforts to continue to focus and expand on its
core business activity in property development.  The Agreement
will allow the Group to participate in property development
project, which is expected to contribute to the future earnings
of the Group without having to raise funds to acquire land.

The Agreement will not have any material effect on the issued
and paid up share capital and net assets of the Ayer Hitam
Group.  However, it is expected to contribute positively to the
Group's future earnings.

                        About Ayer Hitam

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.  The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.  
As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia
Berhad's payment defaults have reached MYR39,624,453.59.  The
Company has presented a restructuring proposal, which was
rejected by the Securities Commission after determining that the
Scheme is not a comprehensive proposal capable of resolving all
the financial issues faced by the Company.   

The Proposed Restructuring Scheme includes provisions on:

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


BIMB HOLDINGS: To Hold EGM on June 14
-------------------------------------
An Extraordinary General Meeting of BIMB Holdings Berhad will be
held at the 11th Floor of Darul Takaful, in Jalan Sultan Ismail,
Kuala Lumpur, on June 14, 2006, at 2.30 p.m.

During the meeting, members will be asked to consider and, if
thought fit, approve:

   -- the proposed renounceable rights issue of up to
      306,938,750 new ordinary shares of MYR1.00 each in BIMB
      Holdings at an issue price of MYR1.00 per share, on the
      basis of one rights share for every two existing
      ordinary shares of MYR1.00 each held in BIMB Holdings at
      an entitlement date to be determined later;

   -- the proposed exemption under Practice Note 22.9.1 of the
      Malaysian Code on Take-overs and Mergers, 1998 to
      Lembaga Tabung Haji from having to undertake a mandatory
      offer for the remaining BIMB Holdings shares not already
      owned by it upon completion of the Proposed Rights
      Issue;

   -- the proposed acquisition by BIMB Holdings of 49,000,000
      ordinary shares of MYR1.00 each in BIMB Securities Sdn
      Bhd representing 49% of the issued and paid-up share
      capital of BIMBSec, for a total purchase consideration
      of approximately MYR54.45 million; and

   -- the proposed amendments of the BIMB Holdings' Articles
      of Association.

                  About BIMB Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, BIMB Holdings Berhad
-- http://www.bankislam.com.my/-- is an investment holding  
company, which operates along Islamic principles.  The Company
was incorporated in Malaysia on March 20, 1997, and was listed
on the Main Board of the Kuala Lumpur Stock Exchange on
September 16 in the same year.  Core subsidiaries of the Group
are involved in various Islamic financial service activities
including banking, stock-broking, leasing and other related
services.  The Bank has incurred substantial losses since 2000
due to huge financing costs and high provisions for loss-making
offshore units.  For the quarter ended December 31, 2005, the
Company posted a net loss of MYR20.78 million due to higher
allowance of non-performing financing of MYR102.24 million and
higher total operating expenses of MYR101.51 million.


DENKO INDUSTRIAL: Wins Temporary Reprieve from BISB's Claims
------------------------------------------------------------
Beau Industries Sdn Bhd's solicitors, Gooi & Azura, served a
statutory notice on March 20, 2006, to Denko Industrial
Corporation and New Height Marketing Sdn Bhd for a claim
asserting MYR991,175 and an 8% annual interest due from the date
of the Writ Summons on October 19, 2005, to the date of
realization together with MYR365 in costs, the Troubled Company
Reporter - Asia Pacific recounts.

Denko had notified its own solicitor to apply for a stay of
execution on statutory notice, pending an appeal against the
decision of the Senior Assistant Registrar.

In a recent update, the application came up for decision on
May 19, 2006, in respect of the Company's application for stay
of execution pending disposal of the appeal.

In its decision, the Court ruled that Beau Industries cannot
execute the judgment against the Company until the appeal is
heard and disposed of.

         About Denko Industrial Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, Denko Industrial
Corporation Berhad is involved in the manufacture and sale of
plastic raw materials, semi-finished products and chemicals,
plastic pipes and plastic injection molding products, foundation
garments made of cotton, polyester and other types of fabrics,
consumer and industrial products.  Its other activities include
the provision of maintenance services for sewerage systems and
waste water treatment plants, production of packing material and
vacuum foams, property rental, wholesaling and retailing of
foodstuff and investment holding.  The Company was released from
its Practice Note 4 status in March 2004 following the
implementation of the Company's debt-restructuring scheme.  
Bursa Malaysia, however, still monitors the Company's
operations, as it continues to book losses even after its
current financial condition was regularized.  


DENKO INDUSTRIAL: Proposed Tae-Pee Shares Purchase Aborted
----------------------------------------------------------
Denko Industrial Corporation Berhad had, on March 23, 2006,
given its consent to its subsidiary, Lean Teik Soon Sdn Bhd, to
enter into a negotiation with Tae-Pee Seri Trading Sdn Bhd in
relation to the purchase of shared for a cash consideration of
MYR1 million.

In an update, Denko's board of directors disclosed that the
proposed negotiation to acquire Tae-Pee in relation to the
purchase of shares has been aborted.

Reasons for the move were not immediately disclosed to Bursa
Malaysia Securities Berhad.

         About Denko Industrial Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, Denko Industrial
Corporation Berhad is involved in the manufacture and sale of
plastic raw materials, semi-finished products and chemicals,
plastic pipes and plastic injection molding products, foundation
garments made of cotton, polyester and other types of fabrics,
consumer and industrial products.  Its other activities include
the provision of maintenance services for sewerage systems and
waste water treatment plants, production of packing material and
vacuum foams, property rental, wholesaling and retailing of
foodstuff and investment holding.  The Company was released from
its Practice Note 4 status in March 2004 following the
implementation of the Company's debt-restructuring scheme.  
Bursa Malaysia, however, still monitors the Company's
operations, as it continues to book losses even after its
current financial condition was regularized.  


FARLIM GROUP: Chinese Operations Drive First Quarter Losses
-----------------------------------------------------------
On May 22, 2006, Farlim Group (Malaysia) Berhad filed its
financial report for the quarter ended March 31, 2006, with the
Bursa Malaysia Securities Berhad.

The Group registered a turnover of MYR42.973 million and loss
before tax of MYR4.597 million for the first quarter, compared
to the MYR54.455 million turnover and MYR6.755 million pre-tax
loss for the preceding year's corresponding period.

The Group says that losses for the first quarter were mainly
attributable to the operational losses of the foreign operations
in the People's Republic of China.

The Company said that it is actively pursuing the disposal of
its investments in China due to the continuing losses recorded
by the China operations.  The disposal of the China Investments
is a key factor in the turnaround of the Group's performance.  
Barring any unforeseen circumstances, the Group is confident it
will continue to make every effort to improve efficiency and
productivity with a view to achieving better performance.

There was no dividend recommended for the financial period under
review.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

     42,973        54,455          42,973         54,455

* Profit/(loss) before tax

     -4,597        -6,755          -4,597         -6,755

* Profit/(loss) after tax and minority interest

     -5,480        -7,550          -5,480         -7,550

* Net profit/(loss) for the period

     -5,480        -7,550          -5,480         -7,550

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

      -2.33         -4.33           -2.33          -4.33

* Dividend per share (sen)

      0.00           0.00            0.00           0.00

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

     0.7000                      0.7300

The Company's First Quarter Report and the relevant notes are
available for free at:

   http://bankrupt.com/misc/tcrap_farlimgroupnotes052306.pdf

   http://bankrupt.com/misc/tcrap_farlimgroup052306.pdf


              About Farlim Group (Malaysia) Berhad

Headquartered in Penang, Malaysia, Farlim Group (Malaysia) Bhd
-- http://www.farlim.com.my/-- is principally engaged in  
property development.  Due to the poor performance of its
Chinese arm, the Company's business operations are dependent on
the Malaysian economy and general market confidence.   The Group
has registered continuous losses and has not declared any
dividend since fiscal 2000.  


MALAYSIA AIRLINES: Unveils Separation Scheme to Trim Workforce
--------------------------------------------------------------
Malaysia Airlines, on May 22, 2005, launched its Mutual
Separation Scheme which fast tracks its intention to right size
its workforce a year ahead of the schedule outlined in its
publicly announced three-year business turnaround plan, the
Company said is a press release.

The national carrier will receive compensation from Penerbangan
Malaysia Berhad for the termination of an agreement for domestic
business unbundling.  Under the terms of the contract, Malaysia
Airlines is required to be given 12 months' notice, or be given
compensation in the event of a termination.  The cost of the MSS
will be funded by the compensation.   

Since the MSS is a voluntary exercise, Malaysia Airlines expects
the take-up rate from staff to be between 3,000 to 5,000.  

Over the past few weeks, Malaysia Airlines has had numerous
discussions with employee unions and associations on the terms
and conditions of the MSS.  The MSS will be extended to all
permanent and confirmed employees in Malaysia and locally
recruited Malaysian staff posted overseas.  

Some 18,027 invitations were sent to eligible employees who have
until June 7, 2006, to make a decision.

"We are committed to conducting this rightsizing exercise in the
most compassionate way possible by working out terms and
conditions which are attractive to our employees. We have also
tasked key executives with ensuring that there are no service
disruptions nor compromising safety and service quality.  
Throughout the exercise, we want to ensure that our customers'
needs are being taken care of," Idris Jala, Managing Director of
Malaysia Airlines, said.

Employees whose MSS applications have been approved, will
receive payment based on their current monthly salary, ranging
from one month to three months, for every year of service in the
Company, a one-off medical benefit payment of MYR2,000 per staff
and annual leave buy-back on all unutilized staff leave.

In addition, hospitalization benefits for the staff, spouse and
dependants will be provided for 12 months from the date of
separation and one complimentary privilege travel air ticket for
use by December 31, 2006.  

This is a Mutual Separation Scheme, where both the employee and
employer have to agree, the Company said in the release.  Once
the employee has accepted, the respective divisional heads will
then recommend if the staff can be released or otherwise.  These
recommendations will then be reviewed and decided by a panel
comprising key leaders in Malaysia Airlines.  

The panel's decision is final and will be communicated to staff
within two weeks from the date of the decision.

The Company targets to complete the MSS by July 31, 2006.

Throughout the MSS exercise, Malaysia Airlines will activate
help desks in KL International Airport and Subang, including a
24-hour toll-free helpline to assist staff.

To help employees who decide to accept the MSS, the Company is
in talks with various airlines on outplacement opportunities and
the Ministry of Human Resources and external parties on advisory
and counseling services.

Concurrently, Malaysia Airlines is continuing its meetings with
AirAsia to finalize the handing over of the non-trunk domestic
routes as well as the Rural Air Services' operations in time for
the August 1, 2006, handover date.  

From August 1, Malaysia Airlines' domestic services will take to
the skies serving the trunk routes with a leaner outfit.  The
airlines will have 16 stations, 58% reduction in flight
frequencies, 50% reduction in aircraft fleet and 28% reduction
in seat capacity.

                   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 made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 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 2007.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.


MBF CORPORATION: Units Placed Under Creditors' Voluntary Wind-up
----------------------------------------------------------------
Creditors of MBf Corporation Berhad, on May 22, 2006, resolved
to wind up two company subsidiaries:

     1. MBf Northern Nominees (Asing) Sdn Bhd; and

     2. MBf Personal Care Sdn Bhd.

The companies will be placed under voluntary liquidation since
they cannot anymore continue business by reason of their
liabilities.

Subsequently, a provisional liquidator was appointed for the
purposes of the wind-up:

     Tam Kok Meng
     Messrs Tam & Associates Corporate Services Sdn Bhd
     Liquidator
     D-8-3 Level 10 Block D, Menara Uncang Emas
     85 Jalan Loke Yew, Kuala Lumpur,
     Malaysia

MBf Northern Nominees was incorporated on July 1, 1993, and the
principal activity was the provision of nominee services for
foreigners before it ceased operations and became dormant.  Its
authorized share capital is MYR100 comprising 100 ordinary
shares of MYR1.00 each of which two ordinary shares have been
issued and fully paid-up.

MBf Personal Care, on the other hand, was incorporated on
November 5, 1987, and the principal activity was provision of
rubber gloves.  Its authorized share capital is MYR6,200,000
comprising 6,200,000 ordinary shares of MYR1.00 each of which
6,157,000 ordinary shares have been issued and fully paid-up.  
It ceased its operations in 1997 and has been dormant since.

The wind-up of MBf Northern Nominees is appropriate since its
holding company, MBfNSB is already in liquidation.  

Both the winding-up of MBf Northern Nominees and MBf Personal
Care are part of the internal reorganization of the MBf Corp
Group's restructuring scheme undertaken in 2001.

                  About MBf Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, MBF Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.  The
Group operates in three main areas, namely, Malaysia, Indonesia
and Hong Kong and Taiwan collectively. The Group's principal
activities are mainly operated in Malaysia except for the credit
card business, which is carried out in Indonesia.  The Group has
no significant operations in Hong Kong and Taiwan other than
certain residual assets from a subsidiary that has since been
liquidated in Taiwan.  The Company is classified under Bursa
Malaysia Securities Berhad's Practice Note 17 category and is
required to formulate a plan to regularize its financial
condition.


MBF HOLDINGS: Aussie Unit Completes Acquisitions
------------------------------------------------
MBf Holdings Berhad's Australian subsidiary, Carpenter Products
Pty Limited, has completed the acquisition of Millaa Millaa
Property and the purchase of 100% equity in Morecambe Pastoral
Company Ltd on May 12, 2006, and May 19, 2006.

Carpenter Products, which became a wholly owned subsidiary of
MBf Holdings on April 6, 2006, entered into two separate
agreements with respective vendors to acquire Australian
properties for a total purchase consideration of AUD8.35
million.

On April 13, 2006, Carpenter Products inked an agreement to
purchase Millaa Millaa Property in Queensland, Ausdtralia, from
Michael John Toohey, Marilyn Anne Toohey and Michael John
Toohey.

Then, on April 11, Carpenter Products entered into an
acquisition deal for a 100% equity in Morecambe Pastoral Company
Ltd with Neal Graham Rockley & Patrice Kristin Rockley as
trustees for the Rockley Investment Trust and Ross Thomas
Johnson & Jennifer Maree Johnson as trustees for the Johnson
Investment Trust.

The deposit of 10% of the purchase consideration amounting to
AUD835,000 was funded by Corali Securities Limited, a party
related to MBf Holding's chief executive officer, Datuk Dr
Ninian Mogan Lourdenadin.  The balance was funded by debt
financing from an Australian bank.

The Acquisitions were undertaken with an aim to diversify the
MBf Group's business activities across the region.  With the
added synergies from the Group's agricultural and farming
expertise, it is expected that the business has potential to
realize further significant growth in future.

                       About MBf Holdings

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

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


METROPLEX BERHAD: Sub-subsidiary Faces Dissolution
--------------------------------------------------
The Companies Commission of Malaysia, on May 15, 2006, notified
that Metroplex Berhad's sub-subsidiary, Juamantan Quarries
(Sabah) Sdn Bhd, will be struck off the register and dissolved
within three months, from May 15, 2006.

JQS has been dormant since its incorporation on August 20, 1996.  

The striking off of JQS does not have any material effect on the
earnings or net tangible assets of Metroplex Group for the
financial year ending January 31, 2007.

                   About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.  On April
28, 2005, Morgan Stanley Emerging Markets Inc. had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court.  Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up.  Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme.  In the event the wind-up petition
succeeds, the Company will be put into liquidation.  


TANAH EMAS: Books MYR309,000 Net Loss in Third Quarter of FY06
--------------------------------------------------------------
Tanah Emas Berhad lodged its financial report for the third
quarter ended March 31, 2006, to the Bursa Malaysia Securities
Berhad on May 22, 2006.

For the quarter under review, the Group recorded a revenue of
MYR21.8 million, as compared to the MYR23.2 million in the
corresponding quarter in 2005.  The growth in revenue was due to
the increase in the production of crude palm oil and palm kernel
despite of the lower average crude palm oil price.  

But despite the higher revenue generated from the plantation
business, the Group registered a loss before tax of MYR309,000,
as compared to a pre-tax profit of MYR4.3 million in the same
quarter last year.

After providing for the impairment of the discontinued timber
business-related assets and the Group's investment, the Group
reported a net loss of MYR309,000 with a loss per share of 0.15
sen.

There was no interim or final dividend declared or recommended
for the quarter under review.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

     21,767        23,200          70,781         86,125

* Profit/(loss) before tax  

        -64         4,307           2,411          3,887

* Profit/(loss) after tax and minority interest  

       -309        -4,271           1,502         -4,880

* Net profit/(loss) for the period

       -309        -4,271           1,502         -4,880

* Basic earnings/(loss) per shares (sen)  
  
      -0.15         -0.54            0.72          -0.31

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

     0.7000                      0.6900

              About Tanah Emas Corporation Berhad

Headquartered in Sandakan, Sabah, Malaysia, Tanah Emas
Corporation Berhad -- http://www.tanamascorp.com/-- is engaged  
in cultivation and processing of crude palm oil and palm kernel.  
The Company is also engaged in the production of sawn timber,
plywood and veneer, manufacture, import, export and distribution
of organic fertilizers, provisioning of technology license and
investment holding.  As of June 30, 2005, the Company's balance
sheet showed a strained liquidity, as its current assets of
MYR25 million is insufficient to pay current liabilities of
MYR41 million.  The Group has a deficit of MYR16 million.


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

LAFAYETTE MINING: DENR to Review RRFFC Findings Report
------------------------------------------------------
The Department of Environment & Natural Resources will review a
report by the Rapu-Rapu Fact Finding Commission regarding its
study of two cyanide spills in Lafayette Philippines, Inc's
Rapu-Rapu mine, before the report would be passed on to
President Gloria Macapagal Arroyo, Manila Standard Today
reveals.

In an interview with the Standard, Presidential Chief of Staff
Michael Defensor said that the RRFFC Report should not scare
away investors as it does not necessarily mean that the
President would heed the recommendations right away.  Mr.
Defensor added that the approval or revocation of mining permits
was not under the jurisdiction of the Office of the President,
but was delegated to the DENR.

The RRFFC was created by President Arroyo to investigate the
spill incidents and was tasked to submit a report before
Lafayette will be given the go signal to reopen its Rapu-Rapu
mine, which allegedly caused damage to the surrounding
environment and posed health risks to the island residents.

The RRFFC has already submitted a 169-page report on its
findings, and recommended that:

   -- the Rapu-Rapu mine be closed permanently;

   -- the environmental compliance certificate issued to the
      Australian firm be revoked;

   -- an immediate compensation of the victims be ordered; and

   -- charges against some DENR officials in Albay be filed.

A report by the Troubled Company Reporter - Asia Pacific on
May 23, 2006, states that in contrast to the RRFFC report, an
independent study commissioned by the Chamber of Mines found
that Lafayette had met the conditions set by the Government to
prevent another spill, and recommended that the Company's
operating permit be restored for a trial period.

Moreover, according to the Center for Environmental Concerns,
the presence of toxic metals such as cadmium, lead and mercury,
was found in 34 sediment samples obtained from the nearby waters
of Rapu-Rapu Island.  But Lafayette denied using mercury in its
plant operations.

The Philippine Inquirer recounts that the DENR still has to
consider the independent reports made by other firms on the
spill incidents, before it can decide on the matter.

                          *     *     *

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the   
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

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


MARIWASA MANUFACTURING: 1Q Net Income at PHP1.35 Million
--------------------------------------------------------
Mariwasa Manufacturing Corp. continues to pick up as its first
quarter sales for 2006 shows a 4% growth to PHP431.68 million as
compared to the result for the first quarter in 2005, the
Troubled Company Reporter - Asia Pacific discovers from the
Company's financial statements.

The slight growth was due to the introduction of new ceramic
tiles with Microban protection being offset by stiffer Chinese
competition and a shortfall of export sales.

The tiles-maker also posted a net income of PHP1.35 million in
the first quarter.  This after posting a 2005 full-year net
profit of PHP17.92 million, which ended a series of net losses.

               Mariwasa Manufacturing Corporation
                 Key Accounts (in PHP millions)

                                  03/31/2006    12/31/2005
                                  ----------    ----------
     Total Current Assets             801.91        753.54
     Total Assets                   3,708.07      3,687.63
     Total Current Liabilities      3,249.27      3,230.04
     Total Liabilities              3,538.22      3,519.12
     Deficit                        1,847.99      1,849.34
     Net Income                         1.35
     Net Sales                        431.68

Mariwasa's financial report for the first quarter ended
March 31, 2006, is available for free at:

   http://bankrupt.com/misc/MMI_17Q_Mar2006.pdf

Incorporated on November 5, 1963, Mariwasa Manufacturing
Corporation -- http://www.mariwasa.com/-- manufactures and  
sells of glazed ceramic floor tiles in various sizes, colors and
designs.  Its distribution network remains to be the largest in
the industry, spanning the whole archipelago.  The Company has
76 distributors, as well as a significant number of exclusive
distributors all through out the country.  Aside from the local
market, Mariwasa tiles also enjoy wide acceptance in foreign
markets such as United States and Hong Kong, among others.

                      Going Concern Doubt

In the Company's 2005 Annual Report, Aileen Saringan of Sycip
Gorres Velayo and Co., the Company's independent auditor, raised
substantial doubt on the Company's ability to continue as a
going concern.  According to Ms. Saringan, "the Parent Company
and its subsidiaries have incurred recurring net losses and have
a working capital deficiency.  In addition, the Parent Company
and its major subsidiary have not complied with certain loan
covenants with creditor banks."

The Company has deferred payments pending the approval of a
proposed restructuring scheme.

The Company further outlined its plan of operations to remedy
the going concern doubt, foremost of which are steps to improve
business operations:

   * Increasing revenues through the introduction of special
     ceramic tiles which utilize new technologies and new
     premium products oriented towards the medium and higher
     residential segments;

   * Increasing the Group's presence and its activities in
     emerging markets outside the National Capital Region; and

   * Implementing additional programs designed to reduce other
     production costs, which programs include:

     -- Joint programs with suppliers to reduce raw materials
        costs.  This also involves sourcing out alternative low-
        cost raw materials;

     -- Energy conservation/reduction programs.  This program,
        which started middle of 2004, has reduced the Group's
        energy consumption by an average of 12%.  Energy cost
        accounts for 39% of the Group's total manufacturing
        cost; and

        Relative to this, the Group generates its own power in
        which cost is 8% lower than Meralco rates.  The Group is
        also exploring the possibility of using charcoal-run
        steam turbine generators to further reduce power costs.

     -- Line efficiency programs designed to reduce wastages and
        reduce materials consumption.

Loan restructuring has been initiated and it is expected that
this will be concluded by the end of the second quarter of 2006.  
With the completion of the loan restructuring, the Group expects
to reduce its interest expense and would have more flexibility
in its cash management.

Aside from these, the Group has also implemented these measures:

   * Tightening credit control to avert potential bad debts; and

   * Continuously improving production efficiencies and cutting
     down overall costs by optimizing capacities and reducing
     downtime.

                       Legal Proceedings

As of December 31, 2005, legal actions have been taken against
certain distributors with accounts that are doubtful of
collection.  Total estimated losses at stake pertaining to these
receivables amount to PHP39 million.


NEGROS NAVIGATION: Cuts Losses on Reduced Operations
----------------------------------------------------
Negros Navigation Co. reported a drop in its losses for the
first quarter of 2006 to PHP29 million, against a restated PHP82
million net loss for the same period last year, on reduced
operations, the Manila Times says.

The Company operated five to six vessels this year, against nine
vessels in 2005, leading to a 4% drop in revenues to PHP475
million.  Increased competition from the airline industry, a 29%
drop in passenger volume and a 10% drop in cargo volume, as well
as the government-sponsored nautical highway, adversely affected
Nenaco's performance.

With fewer vessels to operate, operating expenses fell to PHP114
million, versus PHP544 million in 2005.  Vessel maintenance and
maintenance also dropped by PHP30 million, whereas depreciation
and dry-docking amortization was reduced by PHP13 million on the
layover of two vessels up for sale.

Nenaco's financing costs increased, however, according to the
Times, by 26% or PHP10 million on accrued interest on current
advances by its parent firm Metro Pacific Corp. and other
accruals totaling PHP1.5 million.

                     About Negros Navigation

Negros Navigation Company, Incorporated --
http://www.negrosnavigation.ph/-- is the shipping unit of Metro   
Pacific Incorporated.  It owns, maintains, services and operates
vessels and engages in domestic shipping operations.  Presently,
the Company operates seven passenger and cargo shipping vessels
and two cargo-container shipping vessels which service 14 ports.
Nenaco also provides trucking and forwarding services, and
operates shuttle buses and vans within Negros Island and offers
domestic tour and other land transport services, as well as
ticketing services.

                          *     *     *

In December 2003, the Philippine Securities and Exchange
Commission ordered Negros Navigation to explain five accounting
discrepancies in its 2002 audited financial statement, which may
have bloated its earnings.  Moreover, in March 2004, Negros
Navigation entered talks with Tsuneishi Heavy Industries to
settle the Company's PHP100 million debt.

The Troubled Company Reporter - Asia Pacific reported on
March 27, 2006, that Negros Navigation's total debt is projected
at PHP2.4 billion, including PHP1 billion in bank loans to
creditors Bank of Commerce, Equitable-PCI Bank, Export-Import
Bank, Metropolitan Bank and Trust Company, and Prudential Bank
and Trust Company.  It also owes PHP1 billion to its equipment
and property lessors and trade suppliers, and needs to settle
PHP400 million in unpaid taxes to the Bureau of Internal
Revenue.

Due to its financial condition, Negros Navigation could not pay
its debts as they matured, hence they filed for rehabilitation
before the Manila Regional Trial Court on Oct. 6, 2004.  
Subsequently, the court approved the Company's 10-year
restructuring plan recommended by its receiver, Monico Jacob, a
year later.

Under the court-approved rehabilitation plan, Negros Navigation
proposed to settle its financial obligations through cash
settlement, dacion en pago of passage tickets and cargo space,
debt conversion into convertible shares at par value, and the
restructuring of balance into long-term notes or preferred
shares.  The Court allowed the Company to restructure its total
secured debt for 10 years, with a one-year grace period on
interest payments and a three-year grace period on the
principal.  

The TCR-AP reported on February 23, 2006, that Negros Navigation
posted a PHP17 million net profit for 2005 compared to a PHP480
million loss in 2004, due to an 18% rise in passenger volume and
a 12% increase in cargo volume.  The Company plans to increase
its trips to strategic ports in Mindanao in order to increase
its 6% share of the 1.2 million-passenger market to 30%.


PHILIPPINE NATIONAL BANK: Cashes In On Strong Profitability
-----------------------------------------------------------
Philippine National Bank reported a 75% rise in its net income
to PHP628 million in the year ended December 31, 2005, from
2004's PHP251 million, the Troubled Company Reporter - Asia
Pacific learns from the Company's financial report.

Non-performing loans were reduced by 26%, or PHP9.8 billion,
from PHP37.7 billion in 2004 to PHP27.9 billion in 2005.
Consequently, the Bank's NPL coverage ratio also improved at
69.5% from 41% in 2004.

Consolidated resources were PHP3.4 billion higher at PHP223.1
billion.  However, consolidated liabilities as of year-end 2005
stood at PHP200.2 billion, higher by PHP6.0 billion than its
liabilities of PHP194.2 billion as of year-end 2004.

Philippine National Bank -- http://www.pnb.com.ph/-- is the  
Philippine's first universal bank established on July 22, 1916.  
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

The Company has not declared any cash dividends on its common
equity for the fiscal years 2004 and 2005.

PNB is on the fourth year of its five-year rehabilitation plan
approved by the Bangko Sentral ng Pilipinas.  The rehabilitation
plan, which was signed in May 2002, stipulated these financial
components/conditions:

   * PHP7.8 billion of the PHP25 billion assistance extended by
     the BSP and Philippine Deposit Insurance Corp. would be
     converted into equity;

   * PNB will partially settle PHP10 billion of its obligation
     by way of dacion en pago through the assignment of
     government and government-related receivables; and

   * PNB will maintain PHP6.1 billion as a 10-year loan at an
     interest rate equivalent to the 91-day T-Bill rate plus 1
     percentage point to be re-priced quarterly.

Subsequently, PNB secured the approval of the Securities and
Exchange Commission in July 2002 to undergo quasi-
reorganization, which reduced the par value of its shares from
PHP60 per share to PHP40 per share.  This was done in order to
accommodate the PHP7.8 billion debt-to-equity conversion of the
PDIC through the issuance of 195,175,444 preferred shares.  The
debt-to-equity conversion allowed the Government to have a
direct hand in the governance and management of the Bank until
full divestment of its equity holdings.  The move resulted in
the Government controlling 44.98% of the Bank, while the Lucio
Tan Group holds a 44.98% stake.

The Parent Company's deficit before and after the quasi-
reorganization:

                                            (in PHP thousands)
   Deficit before the quasi-reorganization
   (balance at December 31, 2001)                   8,877,094
   
   Reduction in par value during the year          (7,561,409)

   Application of translation adjustment to
   deficit on quasi-reorganization                 (1,626,430)

   Deficit after the quasi-reorganization            (310,745)

   Transfer to capital paid in excess of par value    310,745

                   Debt-to-Equity Conversion

In 2002, convertible preferred shares were issued to the PDIC as
payment for the PHP7.8 billion borrowed by the Parent Company
from the PDIC.  This increased:

  (i) the authorized capital stock of the Parent Company to
      PHP50.0 billion consisting of 1,054,824,557 common shares
      with a par value of PHP40 each and 195,175,444
      convertible preferred shares with a par value of PHP40
      each and;

(ii) the issued capital stock of the Parent Company to
      PHP22.9 billion consisting of 378,070,472 common shares
      with a par value of PHP40 each and 195,175,444
      convertible preferred shares with a par value of PHP40
      each.

      Assignment of Certain Government Accounts to the PDIC

On July 30, 2002, the Parent Company and the PDIC signed an
agreement wherein the Parent Company transferred and conveyed by
way of "dacion en pago", or payment in kind, its rights and
interests to the loans of and certain debt securities issued bu
various government agencies to the PDIC.  The "dacion en pago"
arrangement reduced the Parent Company's outstanding obligations
arising from the financial assistance given to the Parent
Company by the BSP and the PDIC.  The accrual of interest
incurred by the Parent Company on the government accounts and
PHP10.0 billion payable to the PDIC ended on October 1, 2001.

After the completion of these corporate actions and
rehabilitation, the balance of the Parent Company's outstanding
obligations to the PDIC was PHP6.1 billion.  This balance was
restructured into a 10-year term loan, with interest payable at
91-day treasury bills (T-bills) rate plus 1.00%

In line with the rehabilitation program of the Parent Company as
approved under Monetary Board Resolution No. 626 dated April 30,
2003, the Parent Company and the BSP entered into a Memorandum
of Understanding on September 16, 2003.  Pursuant to the MOU,
the Parent Company will comply with these directives under MB
Resolution No. 649, among others:

   * maintain a strong management team supported by competent
     staff;

   * improve the Parent Company's past due ratio;

   * sell the PNB Financial Center; and

   * dispose real and other properties owned or acquired.

In the third quarter of 2005, the Philippine Government and the
Lucio Tan Group completed the joint sale of their 67% stake in
PNB. The Lucio Tan Group exercised its right to match the share
bid offered by the Union Bank consortium and purchased the
shares owned by the government.  The Lucio Tan Group thus gained
about 77% ownership of PNB.


* Philippine Stock Exchange to Suspend Trading for 17 Companies
---------------------------------------------------------------
The Philippine Stock Exchange has put on hold its plan to
suspend the trading of stocks of 17 listed companies, which
failed to beat the May 2, 2006 deadline to submit their
structured annual reports, known as SEC Form 17-A.

PSE President and CEO Francis Lim said that the Exchange is
giving the affected companies until the end of the month to
comply with the PSE's reporting requirements.  But stiffer
penalties, like suspending stock trading, will be meted if they
still fail to comply after the grace period.

The PSE at first prepared to suspend the trading of the affected
stocks effective May 19, 2006, but it decided to grant the grace
period in consideration of the difficulties that companies have
encountered in preparing financial statements in compliance with
International Accounting Standards/Philippine Accounting
Standards.

IAS/PAS took effect on December 31, 2005, and before that date,
Philippine companies had used Generally Accepted Accounting
Principles.

"The newly prescribed accounting standards are very stringent
and radically different from the set of standards that our
listed companies are used to. I also understand that even
experts in the field disagree on their interpretation," Mr. Lim
said.  "Fairness therefore demands that companies must be
accorded one last chance to comply."

The grace period will not be extended and does not affect the
PSE's earlier decision to impose fines on the affected
companies.  "The daily fine shall continue to be applied during
the non-extendible grace period," Mr. Lim added.

Under the PSE's disclosure rules, listed companies are required
to submit their financial reports, using SEC Form 17-A of the
Securities and Exchange Commission, within 105 days after the
end of the company's fiscal year or within any valid extension
thereof.

As of 4:00 p.m. on May 19, 2006, these 17 listed companies have
yet to comply with the PSE disclosure requirement:

    1. Apex Mining Company, Inc.
    2. Atlas Consolidated Mining and Development Corporation
    3. Benguet Corporation
    4. Cosmos Bottling Corporation
    5. Cyber Bay Corporation
    6. DMCI Holdings, Inc.
    7. Federal Chemicals Incorporated
    8. Metro Alliance Holdings & Equities Corp.
    9. MRC Allied Industries, Inc.
   10. Pacifica, Inc.
   11. Pancake House, Inc.
   12. Philippine National Construction Corporation
   13. Philippine Realty and Holdings Corporation
   14. RFM Corporation
   15. Swift Foods, Inc.
   16. Unioil Resources & Holdings Company, Inc.
   17. Uniwide Holdings, Inc.


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

ALA PTE: Creditors' Proofs of Claims Due on June 30
---------------------------------------------------
The creditors of ALA Pte Limited are required to submit their
proofs of claim to the Company's liquidator on or before June
30, 2006.

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

Contact: Heng Lee Seng
         Liquidator
         300 Beach Road
         #38-05, The Concourse
         Singapore 199555


APBT MYANMAR: Intends to Pay Dividend to Creditors
--------------------------------------------------
APBT Myanmar Pte Limited, which is under compulsory liquidation,
notifies creditors of its intention to pay dividend as ordered
by the High Court of Singapore.

Creditors are requested to lodge their proofs of claim by
June 2, 2006, in order to share in the dividend distribution.

Contact: Ramasamy Subramaniam Iye
         Goh Thien Phong
         Chan Kheng Tek
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


SEE HUP SENG: Creditor Subscribes for 4,347,000 New Shares
----------------------------------------------------------
See Hup Seng Limited, on January 11, 2006, entered into a loan
agreement with Messrs Aw Yong Wee, Beh Suan Tiong, Cheng Kiang
Huat, Koh Kok Leong, Pek Choon Heng, Soh Eng Tai and Yap Sew.

In relation to this, Mr. Yap Sew notified the Company of his
intention to exercise his option to subscribe for his full
entitlement of 4,347,000 new company shares at an option
exercise price of SGD0.115 per new share.

Listing and quotation of the 4,347,000 new shares on the
Singapore Stock Exchange-Sesdaq is expected to take place on May
26, 2006.

                  About See Hup Seng Limited

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The Group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.  

The Group's balance sheet as of December 31, 2005, revealed
strained liquidity, with SGD12.8 million in current assets
available to pay SGD28.5 million of current liabilities coming
due within the next 12 months.  As of December 31, 2005, the
Group incurred accumulated losses of SGD28 million.


SEE HUP SENG: Auditors Release Report on 2005 Financial Results
---------------------------------------------------------------
See Hup Seng Limited's auditors, Messrs Moore Stephens, had
issued their report on the Company's financial statements for
the year ended December 31, 2005, highlighting a going concern
issue, but without qualifying their opinion.

Without qualifying their opinion, the Auditors have considered
the adequacy of the disclosures made to the financial statements
concerning the financial positions of the Company and the Group.

The Group made a loss for the year of SGD1,594,000, as compared
to 2004's SGD6,279,000.  As of December 31, 2005, the Group and
the Company were in Net Liability Positions of SGD144,000 (2004
: Net Asset Position - SGD1,996,000) and SGD622,000 (2004 : Net
Asset Position - SGD1,203,000), respectively.  Furthermore the
Group and the Company were in net current liability positions of
SGD15,694,000 (2004 : SGD12,955,000) and SGD14,679,000 (2004 :
SGD11,922,000), respectively.

The ability of the Group and the Company to continue as going
concerns is dependent on these factors:

   * successful completion of the proposed debt restructuring
     exercise;

   * reduction of discretionary operating costs and disposal
     of non-core assets; and

   * the generation of significant positive cash flows.

Subsequent to the year end, the Company entered into a
convertible loan agreement with several parties who advanced a
loan of SGD2,200,000 to the Company.  Furthermore, subsequent to
the year end, the Company reached agreement with its bankers to
settle part of an outstanding sum of SGD2,429,454 through the
issue of new shares with the balance settled in cash.  The
balance of the term loan was restructured to be repayable over
five years commencing April 2006.

The financial statements have been prepared on the assumption
that the Group and the Company will continue as going concerns
with their liabilities paid as and when they fall due and their
business will continue to operate as planned.  This assumption
is premised on future events, the outcome of which is inherently
uncertain.  In the event the Group and the Company are unable to
continue in operational existence for the foreseeable future,
the Group and the Company may be unable to discharge their
liabilities in the normal course of business and adjustments may
have to be made to reflect the situation that assets may need to
be realized other than in the normal course of business and at
amounts which could differ significantly from the amounts at
which they are currently recorded in the balance sheets. In
addition, the Group and the Company may have to reclassify non-
current assets and liabilities as current assets and current
liabilities.

The financial statements for the financial year ended Dec. 31,
2004, were audited by Ernst & Young, which issued an unqualified
opinion on May 7, 2005.  In forming their opinion Ernst & Young
similarly made reference to the ability of the Group and the
Company to continue as going concerns, in particular in the
light of the failure of the Group to adhere to certain loan
covenants in relation to bank borrowings.

                  About See Hup Seng Limited

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The Group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.  

The Group's balance sheet as of December 31, 2005, revealed
strained liquidity, with SGD12.8 million in current assets
available to pay SGD28.5 million of current liabilities coming
due within the next 12 months.  As of December 31, 2005, the
Group incurred accumulated losses of SGD28 million.


STARTECH ELECTRONICS: Incorporates New Wholly Owned Unit
--------------------------------------------------------
Startech Electronics Limited has incorporated a wholly owned
investment holdings subsidiary -- One 36 Venture Pte Limited --
with two fully paid share capital.

The incorporation of One 36 Venture Pte Limited is not expected
to have ay material impact on the consolidated earnings per
share and net tangible assets per share of the Group for the
year ending December 31, 2006.

               About Startech Electronics Limited

Startech Electronics Limited -- http://www.startechgrp.com/--  
was incorporated as a private company limited by shares on
October 12, 1999, under the name PV Startech Holdings Pte  
Limited.  It changed its name to Startech Electronics Limited on
February 5, 2001, when it became a public limited company.  
Startech Electronics provides electronics manufacturing
services, supplemented by the distribution business and
switchgear design and assembly business which diversifies the
Group's earnings base.  

After posting a SGD17-million net loss in 2003, the Company
began restructuring its outstanding loans through a scheme of
arrangement with creditors, who had written off part of its
debt, as well as transforming its core business and a
restructuring of its various operations outside Singapore.


STORTEBOOM INTERNATIONAL: Members Opt for Voluntary Wind-up
-----------------------------------------------------------
The members of Storteboom International Asia Pte Limited held an
Extraordinary General Meeting at Pottebakkersrijge 15 9718 Ag
Groningen on May 15, 2006, at 10.00 a.m.

During the meeting, members resolved that:

   -- the Company be wound up voluntarily and that Rohan Kamis
      and Tan Tuan Hock be appointed as liquidators to oversee
      the Company's wind-up;

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

   -- any part or all surplus assets whatsoever remaining in
      the Company after satisfaction of all debts and
      liabilities will be distributed in cash or in specie to
      the members of the Company.

Contact: Rohan Kamis
         Tan Tuan Hock
         Liquidators
         c/o 78 Shenton Way #26-02
         Singapore 079120


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

ASIA HOTEL: First Quarter Profit Increases by 38%
-------------------------------------------------   
Asia Hotel Public Company Ltd submitted to the Stock Exchange of
Thailand its financial report for the three months ended
March 31, 2006.

The Company reported net income of THB34,980,936 on
THB294,169,442 of total revenues.  This indicates that the first
quarter's net profit was up by THB9.64 million, or 38%, compared
with the profit for first quarter in 2005.  Asia Hotels explains
that the total revenues went up 16.2% from the first quarter
of last year.

Asia Hotel's balance sheet reflected total assets amounting
THB4,260,053,791 and total liabilities equal to
THB3,383,149,996.

Moreover, the Company's balance showed strained liquidity, with
THB198,754,775 in total current assets available to pay
THB301,482,223 in total current liabilities coming due within
the next 12 months.

Atipong AtipongSakul raised substantial uncertainty on Asia
Hotel's ability to continue as a going concern after auditing
its first quarter result.  The Company's consolidated financials
reflect a THB1.168 billion deficit.  Moreover, Asia Hotels'
individual financial statement showed a deficit equal to THB1.17
billion.

A full-text copy of the Company's financial statement for the
quarter ended March 31, 2006, is available for free at:

    http://bankrupt.com/misc/ASIA_HOTEL_FS_1Q_2006.xls.

                          *     *     *
  
Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited was incorporated on March 24, 1964, and has been
publicly listed   since 1989.  The Company and its two
subsidiaries, Asia Pattaya Hotel Company Limited and Asia
Airport Hotel Company Limited are involved in the hotel
business, with its principal activities consisting of room
service and operating restaurants.  Another subsidiary, Zeer
Property Company Limited is primarily involved in the
construction and the building of shopping complexes.  During
2004, the Company has invested in Zeer Property Company Limited
thru a subsidiary, B.K. Ratchathevi Enterprise Company Limited a
holding company.  This holding structure was changed on December
22, 2005.

The Troubled Company Reporter - Asia Pacific reported on
March 28, 2006, that Asia Hotel is operating under a capital
deficit in the amount of THB1.21 billion, and the total current
liabilities exceeded its total current assets in the amount of
THB311 million.  As a result, the Company declared no dividends,
a subsequent filing to the Thai Stock Exchange on March 14,
2006, indicated.

The Company is undergoing a debt and shareholding restructuring
and is under Thailand's REHABCO -- or Companies Under
Rehabilitation -- Sector.


PAE THAILAND: First Quarter NG Significantly Lower than 1Q 2005
---------------------------------------------------------------
PAE (Thailand) Public Company Limited on May 15, 2006, submitted
to the Stock Exchange of Thailand its first quarter financial
report for the fiscal year 2006.

The financial statement reflected the Company's net gain for the
first quarter amounting THB5.12 million, significantly lower
than the 2005 first quarter net gain of THB11.08 million.

The Company's revenue from sales and services in the first
quarter of 2006 is THB158.80 million, which has increased by
131.72% compared to the figure in the same period last year.  

In the first quarter of 2006, cost of sales and services was
THB145.83 million, which represents 91.83% of revenue from sales
and services.  Cost of sales and services in the first quarter
of 2005 was recorded at THB61.12 million.

The selling and administration expenses of the Company in the
first quarter of 2006 are THB11.70 million or an increase of
37.05% over last year.  

PAE Thailand's balance sheet for the quarter ending March 31,
2006 reflects these figures:

    Total Current Assets: THB314.39 million

    Total Assets: THB560.90 million

    Total Current Liabilities: THB308.02 million

    Total Liabilities: THB315.27 million

The auditor pointed out in his report "that there are still
uncertainties which could give rise to doubt as to the Company's
ability to continue as a going concern and whether the
realization of assets and settlement of liabilities will occur
in the ordinary course of business."

                          *     *     *

Headquartered in Bangkok, Thailand, PAE (Thailand) Public  
Company Limited -- http://www.pae.co.th/-- provides  
construction services including building and drilling site
constructions; industrial services including lasting and
technical inspections, as well as communication and manpower
supply services.  The Company also distributes construction and
agricultural equipment.
  
The Company has been operation with a capital deficit for years,
culminating in a THB3.05 billion deficit in 2003.  That and a
series of net losses set the stage for the Company's entry into
Thailand's REHABCO, or Companies Under Rehabilitation sector.




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Chicano, Ma. Cristina Pernites-Lao, Erica Fernando, Reiza
Dejito, Freya Natasha Fernandez, and Peter A. Chapman, Editors.

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