TCRAP_Public/060605.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

               Monday, June 5, 2006, Vol. 9, No. 110


                            Headlines

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

AE TRADING: Members Opt to Shut Down Operations
AKERS PATISSERIE: Final Meeting Fixed for Today
A.M.P. PLUMBING: Court Issues Wind-up Order
ATCO CONTROLS: Members Agree to Wind Up Firm
AUCKLAND ACNE: Creditors Must Prove Debts by June 18

ADVANCE DEVON: Shareholders Names Joint Liquidators
A.J. AND F. HAYNES: Names Hansen as Liquidator
AWAREHOUSE COMMUNICATIONS: Liquidator to Present Wind-up Report
BAYWATCH HOTELS: Initiates Wind-up Proceedings
BLAKEHOPE PTY: Members Opt to Shut Down Firm

CHARLES SCHWAB: Members and Creditors Review Wind-up Report
COUNTRY & METRO: Undergoes Voluntary Winding Up
CRAWDUNN PTY: Set to Declare Dividend on June 12
EARTHARTISTZ LIMITED: Creditors Must Prove Debts by June 8
EZEAL NZ: Shareholders Opt for Voluntary Liquidation

GAVTRAN PTY: Creditors Close Firm
GL TOMA SERVICES: To Hold Final Meeting Today
HERNEX HOLDINGS: Creditors' Proofs of Claim Due on June 22
JINDAHURST PTY: Members Agree to Cease Operations
K.S.H. CARTONS: Bank Appoints Joint Receivers

LUNNS INVESTMENT: Shareholders Pick Official Liquidator
MULTIPLEX GROUP: Moves Wembley Completion Target Date to July
PRIMELIFE CORPORATION: Underworld Boss Lobbied for Firm
PROCLAIM SOFTWARE: Enters Wind-up Proceedings
PROVINCIAL FINANCE: Placed in Receivership

RIBAND FLOORS: Creditors Favor Wind Up
RICHARDSON REMOVALS: Prepares to Pay Dividend to Creditors
SALPAC NZ: Creditors' Proofs of Claim Due on July 20
S.C.G. CONTRACTORS: Liquidators to Receive Claims Until June 16
SOUTH AUCKLAND: Liquidation Process Commenced

WESTPOINT GROUP: KPMG Denies Liability Over Developer's Collapse
WILLIANA ENTERPRISES: Enters Voluntary Liquidation
WINDSOR GLAZE: Winds Up Business Operations
WONALL PTY: Receiver Cease to Act for Company


C H I N A   &   H O N G  K O N G

BETTER BOND: Members Final Meeting Set on June 27
BUILDING ACOUSTICS: Court to Hear Wind-up Petition on June 28
COUNTRY MODE: Liquidator Hok Set to Present Wind-up Report
COUNTRY SMART: Members Final Meeting Set on June 27
EURECA CORPORATION: Liquidators Step Aside

HONG KONG CONSTRUCTION: CEO Share Subscription Awaits Approval
KING SHING: Faces Winding-up Proceedings
NEW TAOHUAYUAN: 1Q/FY06 Working Capital Deficit Tops $9.9 Mln
NFY NURSERY: Appoints Liquidators and Committee of Inspection
PRELUDE SHIPPING: Court Orders Winding-up

PROSPER GLORIES: Joint and Several Liquidators Named
TAK WOO: Creditors' and Contributories' Meetings Set on June 15
TEAMS PRINTING: To Pay Dividend to Preferential Creditors
ULTRA MILL: Creditors and Contributories to Meet on June 14


I N D I A

INDIA CEMENTS: Board to Meet June 13 to Consider FY06 Results
LML LIMITED: Allots Equity Shares on Conversion of FCCBs


I N D O N E S I A

INDOFOOD SUKSES: Sees 20% Rise in 2006 Noodle Sales


J A P A N

ALL NIPPON: Fitch Raises Issuer Default Rating to BB+
HANKYU HOLDINGS: S&P Places BB Rating on CreditWatch on Takeover
ISHIKAWAJIMA HARIMA: S&P Changes BB+ Ratings Outlook to Stable


K O R E A

HYUNDAI MOTOR: Sales up 14% in May
TRIGEM COMPUTER: To Sell Business Through Auction


M A L A Y S I A

AMTEK HOLDINGS: Third Quarter Revenue Drops 29.3%
ANTAH HOLDINGS: March 31 Balance Sheet Shows Strained Liquidity
COMSA FARMS: Fails to Complete Placement Due to Weak Share Price
GEORGE TOWN: Unable to File First Quarter Report
MULTI-USAGE HOLDINGS: Auditors Raise Going Concern Doubt

POLYMATE HOLDINGS: Losses Rise as Liquidity Weakens
PROTON HOLDINGS: Reaps MYR127-Million Profit in First Quarter
SUREMAX GROUP: Works to Boost Financial Performance
TANCO HOLDINGS: Books Higher Losses in First Quarter


P H I L I P P I N E S

IPVG CORPORATION: First Quarter Net Loss Goes Up By Almost 500%
MANILA ELECTRIC: Pays Back PHP3.6 Billion to Large Customers
PILIPINO TELEPHONE: First Quarter Net Income is 3% Higher
PREMIERE ENTERTAINMENT: Auditor Raises Going Concern Doubt
PRIME MEDIA: Incurs PHP2-Million Loss in First Quarter

WISE HOLDINGS: First Quarter Net Loss Widens by 16%


S I N G A P O R E

FASTECH SYNERGY: Unveils First Quarter Results
FASTECH SYNERGY: Provides Debt Restructuring Updates
GRAFFITI ARTIST: Pays First and Final Dividend to Creditors
OVERSEAS STAR: Court Issues Wind-up Order
SEMBLOG ASIA: Creditors' Proofs of Claim Due on July 3


T H A I L A N D

BANGKOK STEEL: Further Delays in Submission of Financial Report

     - - - - - - - -

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

AE TRADING: Members Opt to Shut Down Operations
-----------------------------------------------
The members of AE Trading Pty Limited held a meeting on
April 13, 2006, and agreed to shut down the Company's business
operations and appoint David Hutchings as liquidator.

Contact: David Hutchings
         Liquidator
         AFS & Associates Pty Limited
         61-65 Bull Street, Bendigo 3550
         Australia


AKERS PATISSERIE: Final Meeting Fixed for Today
-----------------------------------------------
A final meeting of the members and creditors of Akers Patisserie
Pty Limited will be held today, June 5, 2006, for them to
receive Liquidators Paul Sweeney & Terry Van der Velde's final
accounts showing how the Company was wound up and how its
property was disposed of.

Contact: Paul Sweeney
         Terry Van der Velde
         Liquidators
         c/o Messrs SV Partners
         Level 16, 120 Edward Street
         Brisbane, Queensland
         Australia


A.M.P. PLUMBING: Court Issues Wind-up Order
-------------------------------------------
The Federal Court of Australia ordered the wind-up of A.M.P.
Plumbing & Civil Pty Limited on April 21, 2006, and nominated
Christopher J. Palmer as liquidator.

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


ATCO CONTROLS: Members Agree to Wind Up Firm
--------------------------------------------
Members of Atco Controls (Queensland) Pty Ltd convened on
April 12, 2006, and decided to liquidate the Company's business
operations.

Gregory Stuart Andrews of G. S. Andrews & Associates, and A.
Thomas Fernandez of Fernandez Partners Pty Ltd, were appointed
joint liquidators.

Contact: Gregory S. Andrews
         Liquidator
         G. S. Andrews & Associates
         22 Drummond Street, Carlton
         Victoria 3053, Australia
         Telephone: (03) 9662 2666
         Fax: (03) 9662 9544

         A. Thomas Fernandez
         Liquidator
         Fernandez Partners Pty Limited
         3 Chester Street, Glen Waverley
         Victoria 3150, Australia


AUCKLAND ACNE: Creditors Must Prove Debts by June 18
----------------------------------------------------
Liquidators Paul Graham Sargison and Gerald Stanley Rea require
creditors of Auckland Acne Clinic Ltd to submit their proofs of
claim on or before June 18, 2006.

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

Contact: P.G. Sargison
         Gerry Rea Associates
         PO Box 3015, Auckland
         New Zealand
         Telephone: (09) 377 3099
         Facsimile: (09) 377 3098


ADVANCE DEVON: Shareholders Names Joint Liquidators
---------------------------------------------------
Shareholders of Advance Devon Ltd on May 15, 2006, appointed
Grant Robert Graham and Brendon James Gibson as joint and
several liquidators.

Contact:  G. R. Graham and B. J. Gibson
          C/O Andrew Balgarnie
          Ferrier Hodgson & Co, Level 16,
          Tower Centre, 45 Queen Street
          Auckland, New Zealand
          Telephone: (09) 307 7865
          Facsimile: (09) 377 7794


A.J. AND F. HAYNES: Names Hansen as Liquidator
----------------------------------------------
Shareholders of A.J. and F. Haynes Ltd on May 16, 2006,
appointed Gordon L. Hansen as liquidator.

Mr. Hansen will receive proofs of claim from the Company's
creditors on or before June 6, 2006.

Contact: G.L. Hansen
         Goldsmith Fox PKF,
         P.O. Box 13 141, Christchurch
         New Zealand
         Telephone: (03) 366 6706
         Facsimile: (03) 366 0265


AWAREHOUSE COMMUNICATIONS: Liquidator to Present Wind-up Report
---------------------------------------------------------------
A final meeting of the members and creditors of Awarehouse
Communications Pty Limited will be held today, June 5, 2006.

During the meeting, Liquidator Christopher J. Palmer will report
the activities that took place during the wind-up period as well
as the manner by which the Company's property was disposed of.

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


BAYWATCH HOTELS: Initiates Wind-up Proceedings
----------------------------------------------
After their general meeting on April 11, 2006, the members of
Baywatch Hotels Pty Limited decided to voluntarily wind up the
Company's operations.

Robert Eugene Murphy and David James Hambleton of R. E. Murphy &
Co. were appointed as joint and several liquidators.

Contact: David J. Hambleton
         Robert E. Murphy
         R. E. Murphy & Co. Chartered Accountants
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


BLAKEHOPE PTY: Members Opt to Shut Down Firm
--------------------------------------------
The members of Blakehope Pty Limited convened on April 13, 2006,
and agreed that a voluntary wind-up of the Company's operations
is appropriate and necessary.

In this regard, Robyn Erskine & Peter Goodin of Brooke Bird & Co
were appointed as liquidators.

Contact: Robyn Erskine
         Peter Goodin
         Liquidators
         Brooke Bird & Co. Insolvency Practitioners
         471 Riversdale Road, Hawthorn East 3123
         Australia
         Telephone: (03) 9882 6666


CHARLES SCHWAB: Members and Creditors Review Wind-up Report
-----------------------------------------------------------
A final meeting of the members and creditors of Charles Schwab
Australia Holdings Pty Limited will be held today, June 5, 2006,
for them to receive Liquidator Michael E. Wayland's final
account showing how the Company was wound up and how its
property was disposed of.

Contact: Michael E. Wayland
         Liquidator
         Level 4, 23-25 Hunter Street,
         Sydney, New South Wales 2000
         Australia


COUNTRY & METRO: Undergoes Voluntary Winding Up
-----------------------------------------------
The creditors of Country & Metro Real Estate Pty Ltd met on
April 12, 2006, and agreed to voluntarily wind up the Company's
business operations.

Contact: Oren Zahar
         Liquidator
         KordaMentha
         Level 11, 37 St Georges Terrace,
         Perth, Australia
         Telephone: (08) 9221 6999


CRAWDUNN PTY: Set to Declare Dividend on June 12
------------------------------------------------
Crawdunn Pty Limited will declare a first a final dividend for
priority creditors on June 12, 2006.

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

Contact: John Park
         Liquidator
         KordaMentha (Queensland)
         22 Market Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3225 4000
         Fax: (07) 3225 4999


EARTHARTISTZ LIMITED: Creditors Must Prove Debts by June 8
----------------------------------------------------------
Liquidators Henry David Levin and Barry Philip Jordan requires
the creditors of Earthartistz Limited to submit their proofs of
claim on or before June 8, 2006.

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

Contact: David Levin
         McCallum Petterson,
         Level 11, Forsyth Barr Tower,
         55-65 Shortland Street,
         Auckland, New Zealand
         Telephone: (09) 336 0000
         Facsimile: (09) 336 0010


EZEAL NZ: Shareholders Opt for Voluntary Liquidation
----------------------------------------------------  
Shareholders of Ezeal NZ Ltd on May 15, 2006, resolved to
voluntarily liquidate the Company and appoint Grant Bruce
Reynolds as liquidator to oversee the process.

Contact: Grant Bruce Reynolds
         Reynolds & Associates Limited,
         P.O. Box 259-059, Burswood,
         East Tamaki, Auckland
         New Zealand
         Telephone: (09) 577 0162
         Facsimile: (09) 576 5503


GAVTRAN PTY: Creditors Close Firm
---------------------------------
The creditors of Gavtran Pty Limited, at a meeting on April 13,
2006, concurred to wind up the Company's operations voluntarily.

Roderick Mackay Sutherland of Jirsch & Sutherland was
subsequently appointed as liquidator.

Contact: Roderick M. Sutherland
         Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2001
         Australia
         Telephone: (02) 9233 2111
         Fax: (02) 9233 2144


GL TOMA SERVICES: To Hold Final Meeting Today
---------------------------------------------
The members and creditors of GL Toma Services Pty Limited will
convene at a final meeting today, June 5, 2006.

During the meeting, Liquidator Murray Godfrey will present
accounts of the manner of the Company's wind-up and property
disposal.

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


HERNEX HOLDINGS: Creditors' Proofs of Claim Due on June 22
----------------------------------------------------------
Liquidator John Albert Price will be receiving proofs of claim
from creditors of Hernex Holdings Ltd on or before June 22,
2006.

Failure to file claims on the said date will exclude a creditor
from sharing in any distribution the Company will make.

Contact: J. A. Price
         Horton Price Limited
         P.O. Box 9125, Newmarket
         Auckland, New Zealand
         Telephone: (09) 366 3700
         Facsimile: (09) 366 7276


JINDAHURST PTY: Members Agree to Cease Operations
-------------------------------------------------
The members of Jindahurst Pty Ltd held a meeting on April 11,
2006, and decided to shut down the Company's business operations
and appoint Raymond William Richards and Grant Dene Sparks
ofSimsPartners as joint and several liquidators.

Contact: Raymond W. Richards
         Grant D. Sparks
         Liquidators
         c/o SimsPartners
         Level 11, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone: (07) 3831 2700
         Fax: (07) 3831 2799


K.S.H. CARTONS: Bank Appoints Joint Receivers
---------------------------------------------
Australian and New Zealand Banking Corporation Group Limited
appointed Wayne Edward Benton and Ian Menzies Carson as joint
and several receivers and managers of the property of K.S.H.
Cartons Pty Limited on April 12, 2006.

Contact: Emma-Jane Stevens
         Deacons
         RACV Tower, 485 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 8686 6142
         Facsimile: (03) 8686 6505


LUNNS INVESTMENT: Shareholders Pick Official Liquidator
-------------------------------------------------------
Shareholders of Lunns Investment Ltd, on May 8, 2006, appointed
Michael John Keyse as its liquidator.

Contact: Michael John Keyse
         C/O Hilson Fagerlund Keyse,
         P.O. Box 5071, Papanui,
         Christchurch, New Zealand
         Telephone: (03) 352 9189


MULTIPLEX GROUP: Moves Wembley Completion Target Date to July
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 2, 2006, Multiplex Group had targeted substantial completion
of its Wembley Stadium project in London by the end of June
2006.

However, in an update, the Sydney Morning Herald relates that
Multiplex said most of the contractors' works in the Wembley
Stadium would be completed by July 13 instead of June.

According to Multiplex, it is targeting substantial completion
in July, although it is not anticipated to finish commissioning,
cleaning and other works until its contract closes in September
this year.

The Australian Associated Press recounts that the Wembley
Project was initially due to be delivered by January 31, 2006,
but experienced a series of problems that caused delays.  These
delays had forced the FA Cup Finals to book another venue at the
last minute.

Multiplex said that the ultimate opening date of the stadium
would be up to its client, Wembley National Stadium.  It adds
that the timing of the completion of certain critical works is
under Wembley National's control.

                        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.


PRIMELIFE CORPORATION: Underworld Boss Lobbied for Firm
-------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 17, 2006, Primelife Corporation's former chief executive
officer, Ted Sent, commenced a legal case with the Victorian
Supreme Court against the Company, seeking AU$5 million in
compensation for wrongful dismissal.

According to the TCR-AP, Mr. Sent was sacked in December 2003
after an independent review into his conduct was initiated.

Mr. Sent also asserted that now-Primelife Chairman Robert
Champion de Crespigny and now-retired director Ron Walker wanted
him removed from his position because they believed that his
"chequered background," including a bankruptcy, spoiled the
Company's credibility.

In an update, The Age relates that Mr. Sent told the Court that
underworld figure Mick Gatto had successfully negotiated deals
with a leading building union to keep Primelife's labor costs
under control.  Mr. Sent testified that Mr. Gatto secured
industrial peace for three years, as well as negotiated a fixed
site allowance per employee of AU$1.20 an hour.

At the time a rival developer paid a site allowance of as much
as AU$3 an hour, The Age says.

The report also notes that Justice Philip Mandie heard more
detail on Mr. Sent's dealings with Mr. Gatto and the manner in
which Mr. Gatto was paid.  In 2001, Mr. Sent paid Mr. Gatto
AU$50,000 as a "success fee" on top of his monthly retainer for
his work on negotiating the site allowance.

Mr. Sent said that he paid the money to Mr. Gatto out of his own
pocket, thus did not receive a receipt for the AU$50,000
payment.  Mr. Sent was reimbursed by the Company through a
AU$100,000 increase in his wage.

Mr. Sent further revealed that he paid AU$6,600 to Mr. Gatto
after he had been stood down, and did not seek reimbursement
from Primelife.

The case resumes today.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.
  
Primelife almost skidded into insolvency when on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes. ASIC also applied for the schemes to be wound up.

ASIC alleged that the schemes are not registered, as required
under the Corporations Act.  ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.  

The unregistered schemes were completely wound up in October
2005.  The Company had currently resolved most of the legal
issues and was turning the corner after a tough couple of years.


PROCLAIM SOFTWARE: Enters Wind-up Proceedings
---------------------------------------------
Damien Clarke of McCullough Robertson Lawyers was, on April 12,
2006, appointed as liquidator for the winding up of Proclaim
Software Pty Limited.

Contact: Damien Clarke
         Liquidator
         McCullough Robertson Lawyers
         Level 11, Central Plaza Two
         66 Eagle Street, Brisbane
         Queensland 4000, Australia


PROVINCIAL FINANCE: Placed in Receivership
------------------------------------------
Provicial Finance Limited was put into receivership on June 2,
2006, due to breach of covenants and ratios in its Trust Deed,
as well as a multi-million write-down for bad debts, ShareChat
News reports.

The receivers have secured the Company's assets and are in the
process of determining its financial position while the
potential recapitalization plan is explored.

                     First Signs of Trouble

Stuff.co.nz relates that the first signs of trouble for
Provincial Finance came late last year when its chief executive
officer, David Lyall, warned of a NZ$14 million write-down for
bad debts.

Mr. Lyall and co-owner John Edilson put in NZ$7 million of their
own cash to maintain the debt-to-equity ratio and brought in a
credit control team to clamp down on doubtful debts, Stuff.co
says.

Mr. Lyall later admitted that the losses incurred by the Company
have been even worse than realized and a second cutting back is
required.

             Perpetual Trust Recommends Receivership

Citing Peter Baynes, chief executive officer of Perpetual Trust,
the trustee for the debenture stock issued by the Company,
ShareChat says that Provincial Finance's breach of certain
covenants in the Trust Deed became apparent in April 2006.
Moreover, Perpetual Trust is concerned about the adequacy of
Provincial Finance's provision for doubtful accounts.

According to Mr. Baynes, the Trustee wrote to Provincial Finance
on April 13, requiring it to remedy the breaches.  It also
formally requested the Company's auditors, Ernst & Young, to
confirm the appropriate provision for bad and doubtful debts at
March 31, 2006.

Mr. Baynes said that the Trustee subsequently advised the
Registrar of Companies that Provincial Finance was "in serious
financial difficulties."  The Trustee believes that the best
course to protect the interests of the debenture stock holders,
who have invested some NZ$300 million with Provincial and whose
interests the Trustee represents, is to place Provincial into
receivership.

              Provincial Tries to Address Problems

ShareChat says that Provincial's shareholders have tried to
address the Company's problems.  

First, Provincial "shocked investors" by withdrawing its
prospectus and refusing to write new business until it has
sorted out a gaping hole in its balance sheet, Stuff.co reveals.

Mr. Lyall said that because Provincial's accounts were currently
being audited for release in June 2006, it was prudent to
suspend dealing in its fixed interest debentures, which offer
rates topping 9%, "until the full picture was known and the
figures could be presented to investors" through a new
prospectus.

Then, on May 23, 2006, ShareChat reported that Mr. Lyall has
confirmed that Provincial has had talks with South Canterbury
Finance owner Allan Hubbard regarding a Provincial's plan to
sell part of its loan book.

Mr. Lyall, however, pointed out that selling some assets to SCF
is "only one option available to Provincial."

ShareChat notes that while Provincial specialized in car
finance, it also has NZ$42 million of commercial property loans
on its books.  These could be sold to provide the cash to cover
the gaps in its balance sheet.

Earlier in May, Provincial has cut jobs and has pulled out of
used-car lending in the North Island after being hit by the
mounting level of defaulting loans.

Currently, Provincial's shareholders, together with the Trustee
and the receivers, are in discussions with other parties-in-
interest about a recapitalization for Provincial.

The receivers will then prepare and send a report to investors
regarding their initial findings of Provincial's financial
position.

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance  
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.


RIBAND FLOORS: Creditors Favor Wind Up
--------------------------------------
The creditors of Riband Floors Australia Pty Ltd met on
April 12, 2006, and agreed to:

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

  -- appoint Gideon Ratner and David Coyne, of Lowe Lippmann,
     as liquidator to manage the wind-up activities.

Contact: David Coyne
         Gideon Ratner
         Liquidators
         Lowe Lippmann Chartered Accountants
         5 St. Kilda Road, St. Kilda
         Victoria 3182, Australia


RICHARDSON REMOVALS: Prepares to Pay Dividend to Creditors
----------------------------------------------------------
Richardson Removals Pty Ltd will declare its final dividend on
June 13, 2006, to the exclusion of creditors who were not able
to prove their claims.

Contact: John Park
         Liquidator
         KordaMentha (Queensland)
         22 Market Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3225 4000
         Fax: (07) 3225 4999


SALPAC NZ: Creditors' Proofs of Claim Due on July 20
----------------------------------------------------
Joint Liquidators Stephen John Tubbs and Warren Michael
Jonhstone require the creditors of Salpac NZ Ltd to submit their
proofs of claim on or before July 20, 2006.

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

Contact: Stephen Tubbs
         Joint Liquidator
         BDO Spicers Level 6,
         Spicer House,
         148 Victoria Street,
         Christchurch, New Zealand
         Telephone: (03) 379 5155
         Facsimile: (03) 353 5526


S.C.G. CONTRACTORS: Liquidators to Receive Claims Until June 16
---------------------------------------------------------------
Joint Liquidators Stephen Kim Bennett and Timothy John Hoyle are
receiving proofs of claim from creditors of S.C.G. Contractors
Ltd until June 16, 2006.

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

Contact: S.K. Bennett
         Steve Bennett Associates
         PO Box 627, Whangarei
         New Zealand
         
         Tim Hoyle  
         3-5 Hunt Street
         Whangarei, New Zealand
         Telephone: (09) 438 2312


SOUTH AUCKLAND: Liquidation Process Commenced
---------------------------------------------
The liquidation of South Auckland Property Services Ltd
commenced on May 16, 2006.

John Michael Gilbert, who was appointed as liquidator for the
Company, will receive proofs of claim from the Company's
creditors on or before June 16, 2006.

Contact: J.M. Gilbert
         C/O C&C Strategic Ltd
         Private Bag 47-927
         Ponsonby, Auckland
         New Zealand
         Telephone: (09) 376 7506
         Facsimile: (09) 376 6441


WESTPOINT GROUP: KPMG Denies Liability Over Developer's Collapse
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on June 2,
2006, that the Australian Securities and Investments Commission
is set to investigate accounting firm KPMG over its audit of
Westpoint Group, The Age reports.

The Australian Associated Press says that KPMG will be
investigated for signing off on the Westpoint accounts before
the property group collapsed late last year, leaving about 4,000
investors more than AU$300 million worse off.

Specifically, KPMG signed an unqualified Westpoint audit report
in 2004 and potentially breached its obligation to report any
solvency concerns.  Moreover, ASIC chairman Jeff Lucy stated
that KPMG approved the so-called independent "research house
document," a crucial report for financial planners and investors
that gave Westpoint products a positive financial assessment.

In an update, The Age relates that KPMG has denied any
responsibility for Westpoint's collapse.

According to The Age, KPMG's Australian chief executive officer,
Lindsay Maxsted, said that various groups and people share the
blame for the developer's losses.  He asserted that the ASIC's
claim against the firm were unfounded and that many of the
claimants are in no position to form a view on the quality of
KPMG's audit.

Mr. Maxsted insisted that KPMG had never approved any so-called
"research house documents" that allegedly gave Westpoint a
positive financial assessment.

"KPMG unreservedly stands by the quality of its audit opinion in
relation to Westpoint.  Accurate and honest dialogue is what is
needed around this issue, not ill-informed speculation," Mr.
Maxsted argued.

Mr. Maxsted added that after Westpoint's business deteriorated,
audit opinions were appropriately qualified.  "In 2004, after
extensive and appropriate audit work, KPMG issued unqualified
audit reports but ensured that, for relevant companies, the
notes to the accounts properly disclosed going-concern issues,"
he added.

However, Mr. Maxsted told The Age that KPMG understood ASIC's
need to investigate the collapse, but there was no separate
formal investigation of KPMG.  He noted that KPMG, at all times,
cooperated with ASIC in relation to Westpoint and told the
regulator last year of its solvency concerns as required under
the Corporations Act.

                     About Westpoint Group

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

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


WILLIANA ENTERPRISES: Enters Voluntary Liquidation
--------------------------------------------------
At a general meeting on April 12, 2006, the members and
creditors of Willana Enterprises Pty Limited agreed that the
Company must voluntarily commence a wind-up of its operations.

Gregory Stuart Andrews was appointed as liquidator to manage the
wind-up activities.

Contact: Gregory S. Andrews
         Liquidator
         G. S. Andrews & Associates
         22 Drummond Street, Carlton
         Victoria 3053, Australia
         Telephone: (03) 9662 2666
         Fax: (03) 9662 9544


WINDSOR GLAZE: Winds Up Business Operations
-------------------------------------------
The members of Windsor Glaze Pty Limited met on April 20, 2006,
and decided that it is in the Company's best interests to wind
up its operations.

Peter Hillig was appointed as liquidator at a creditors' meeting
held that same day.

Contact: Peter Hillig
         Liquidator
         Smith Hancock Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


WONALL PTY: Receiver Cease to Act for Company
---------------------------------------------
Stephen Alan Jay of Nicholls & Co. Chartered Accountants has
ceased to act as the receiver and manager of the property of
Wonall Pty Limited.


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

BETTER BOND: Members Final Meeting Set on June 27
-------------------------------------------------
Members of Better Bond Ltd will convene for their final general
meeting at Liquidator Rainier Hok Chung Lam's office on June 27,
2006 at 9:30 a.m.

During the meeting, the Liquidator will present final accounts
regarding the Company's wind-up operations.

Contact: Rainier Hok Chung Lam
         20/F., Prince's Building
         Central, Hong Kong


BUILDING ACOUSTICS: Court to Hear Wind-up Petition on June 28
-------------------------------------------------------------
The Director of Legal Aid of the Government of Hong Kong on
May 3, 2006, filed a petition to wind up Building Acoustics Ltd
before the High Court of Hong Kong.

The Court will hear the petition on June 28, 2006, at 9:30 a.m.

Contact: Thomas E. Kwong
         For Director of Legal Aid
         27/F., Queensway Government Offices
         66 Queensway, Hong Kong


COUNTRY MODE: Liquidator Hok Set to Present Wind-up Report
----------------------------------------------------------
Liquidator Rainier Hok Chung Lam will present final accounts of
the wind up of Country Mode Development Limited's operations.

The presentation will be made at the members final general
meeting on June 27, 2006 at 10:30 a.m. at the Liquidator's
office.

Contact: Rainier Hok Chung Lam
         20/F., Prince's Building
         Central, Hong Kong


COUNTRY SMART: Members Final Meeting Set on June 27
---------------------------------------------------
Members of Country Smart Ltd will meet for their final general
meeting on June 27, 2006 at 11:30 p.m.

During the meeting, Liquidator Rainier Hok Chung Lam will
present final accounts of the Company's winding up.

Contact: Rainier Hok Chung Lam
         20/F., Prince's Building
         Central, Hong Kong


EURECA CORPORATION: Liquidators Step Aside
------------------------------------------
Rupert James and Bruno Arboit ceased to act as joint and several
liquidators of Eureca Corporation Ltd on April 24, 2006.


HONG KONG CONSTRUCTION: CEO Share Subscription Awaits Approval
--------------------------------------------------------------
Hong Kong Construction (Holdings) Ltd. would place 465,682
million new shares to its managing director and chief executive
officer, Eric Oei Kang, Infocast News reported on May 9, 2006.

According to Infocast, the total consideration would amount to
HK$486.172 million, of which HK$320 million will be satisfied by
way of release and waiver of the equivalent amount out of the
principal amount of the subscriber loan due from the Company to
Mr. Oei Kang.  The remaining HK$16.6 million will be used as
general working capital.

Ricky Lai, an insider at Hong Kong Construction informed the
Troubled Company Reporter - Asia Pacific that Mr. Oei Kang and
his controlled companies currently own a 66.31% interest in Hong
Kong Construction.

The proposed share subscription by Mr. Oei Kang is still waiting
for approval from shareholders of the Company.  Mr. Lai relates
that the shareholders of the Company will resolve the issue when
they meet on June 13, 2006.  

Upon the approval and completion of the share subscription, Mr.
Kang and his controlled companies will own 71.93% interests in
Hong Kong Construction.

Hong Kong Construction told Infocast that the effect of the
subscription would result in reduction of the gearing of the
Company and improvement of its financial condition.   

Hong Kong Construction (Holdings) Limited --
http://www.hkconstruction.com/-- formerly known as Kumagai Gumi  
(Hong Kong) Limited is a predominantly listed construction
company in Hong Kong.  Its primary business is construction, but
it is also engaged in real estate development, infrastructure
construction and hotel investments.  In April 2004, Creator
Holdings Limited became the Company's controlling shareholder
with Shanghai Construction (Group) General Corporation and China
Everbright International Limited being the two shareholders with
substantial stake in the Company.

The Troubled Company Reporter - Asia Pacific reported that on
September 30, 2005, the Court entered an order confirming the
Company's Proposed Reorganization.  As a result of the
implementation of the proposed reorganization, the Company would
be able to eliminate all accumulated losses and improve its
financial position as well as to allow the Company to distribute
its profit in the future.


KING SHING: Faces Winding-up Proceedings
----------------------------------------
An application to wind up King Shing Construction Ltd will be
heard before the High Court of Hong Kong on June 21, 2006, at
9:30 a.m.

Mok Wing Kit filed the application before the High Court on
April 21, 2006.

Contact: Betty Chan
         For Director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


NEW TAOHUAYUAN: 1Q/FY06 Working Capital Deficit Tops $9.9 Mln
-------------------------------------------------------------
New Taohuayuan Culture Tourism Company Limited on May 17, 2006,
filed its first quarter financial statements for the first
quarter of 2006 with the Securities and Exchange Commission.

The Company's financial record reflected a $64,532 net loss on
$1,195,487 of revenues for the three months ended March 31,
2006.

Moreover, the Company's balance sheet showed $26,345,005 in
total assets, $10,876,316 in total liabilities, and $15,468,689
in stockholders' equity.

Further inquiry to the Company's March 31 balance sheet showed
strained liquidity with $954,814 in total current assets
available to pay $10,876,316 in total current liabilities coming
due within the next 12 months.

Full-text copies of the Company's financial statements for the
three months ended March 31, 2006, are available for free at:
http://ResearchArchives.com/t/s?a73

                      Going Concern Doubt

Moores Rowland Mazars, Chartered Accountants, in Hong Kong,
raised substantial doubt about New Taohuayuan Culture Tourism
Company Limited's ability to continue as a going concern after
auditing the Company's consolidated financial statements for the
year ended December 31, 2005.  The auditor pointed to the
Company's working capital deficit.

      About New Taohuayuan Culture Tourism Company Limited

New Taohuayuan Culture Tourism Company Limited owns and operates
the Taohuayuan Inn hotel and resort located in the city of
Xi'an, province of Shaanxi, in the People's Republic of China.  
The Company also manages a chain of three traditional Chinese
restaurants.  Two of the restaurants are in Xi'an, and one is in
Beijing.


NFY NURSERY: Appoints Liquidators and Committee of Inspection
-------------------------------------------------------------
On March 31, 2006, NFY Nursery Ltd appointed Stephen Briscoe and
Cosimo Borrelli as joint and several liquidators.

Subsequently, Kin Yuen Landscaping Co., Ltd, Hung Wan
Engineering Co., Chance Grain Ltd and Ma Wah Kin were named
members of the Committee of Inspection.

Contact: Stephen Briscoe
         Joint Liquidator
         5/F., Allied Kajima Bldg
         138 Gloucester Road
         Wan Chai, Hong Kong


PRELUDE SHIPPING: Court Orders Winding-up
-----------------------------------------
The High Court of Hong Kong on May 17, 2006, ordered the winding
up of Prelude Shipping Co. Ltd.

The petition to wind up the Company was received by the Court on
January 10, 2006.


PROSPER GLORIES: Joint and Several Liquidators Named
----------------------------------------------------
Members of Prosper Glories Ltd on May 8, 2006, appointed Ho Kwan
Yiu and Ho Wai Fung as liquidators to act jointly and severally
for the Company.

Contact: Ho Kwan Yiu
         Joint Liquidator
         18/F., Henley Building
         5 Queen's Road Central,
         Hong Kong


TAK WOO: Creditors' and Contributories' Meetings Set on June 15
---------------------------------------------------------------
Creditors and contributories of Tak Woo (H.K.) Engineering Ltd
will convene for their first meetings on June 15, 2006, at 3:00
p.m. and 5:00 p.m. respectively.

The meetings will be held at 18/F., Henley Building, 5 Queen's
Road Central, Hong Kong.


TEAMS PRINTING: To Pay Dividend to Preferential Creditors
---------------------------------------------------------
Teams Printing Group Ltd will declare its first and final
dividend to certain preferential creditors on June 12, 2006.

The dividend will be distributed at 8.25%.

Contact: Liquidators
         C/O Baker Tilly Hong Kong
         12/F., China Merchants Tower
         Shun Tak Centre, 168-200
         Connaught Road Central,
         Hong Kong


ULTRA MILL: Creditors and Contributories to Meet on June 14
-----------------------------------------------------------
Creditors and contributories of Ultra Mill Ltd will convene for
their first meetings on June 14, 2006, at 3:00 p.m. and 5:00
p.m. respectively.

The meeting will be held at the office of the Company's joint
and several liquidators.  

Contact: Ho Kwan Yiu
         18/F., Henley Building,
         5 Queen's Road Central,
         Hong Kong


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

INDIA CEMENTS: Board to Meet June 13 to Consider FY06 Results
-------------------------------------------------------------
India Cements Ltd's board of directors will meet on June 13,
2006, to consider the Company's audited accounts for the quarter
and year ended March 31, 2006.

                      About India Cements

Headquartered in Chennai, India, India Cements Limited
-- http://www.indiacements.co.in/-- manufactures and markets  
cement under the brand name Coromandel cement.  The Company was
established in 1946 and the first plant was set up at
Sankarnagar in Tamilnadu in 1949.  Since then, it has grown in
stature to seven plants spread over Tamilnadu and Andhra
Pradesh.  The Company was prompted to undertake debt
restructuring plans in 2003.  The Company reduced interest
costs, improved capacity utilization, implemented voluntary
retirement schemes and raised equity.  All these initiatives
helped the firm bring down its debt under the corporate debt
restructuring program from INR1,700 crore to the current INR400
crore.


LML LIMITED: Allots Equity Shares on Conversion of FCCBs
--------------------------------------------------------
The Financial Restructuring Committee of LML Limited's board of
directors, on June 2, 2006, allotted 11,42,331 equity shares of
INR10 each at a premium of INR28.08 per share to Credit Suisse
(Singapore) Limited.

The exercise is part of the conversion of 1,000 foreign currency
convertible bonds - Series A due 2008 of USD1000 each into
equity shares.

                       About LML Limited

Headquartered in Uttar Pradesh, India, LML Limited manufactures
two wheeler vehicles particularly scooters and spares and
accessories.  The Group's products include geared scooters,
gearless scooters, motorcycles and mopeds.  The Company has been
incurring consecutive losses since 2004. As on March 31, 2005
LML had capacity to manufacture 0.45 million scooters and 0.18
million motorcycles per annum.  During the 18 month period ended
March 2005, LML reported turnover of INR5.97 billion and a net
loss of INR956.06 million.  The Company is currently in a
restructuring mode -- for the second time in less than a year --
and is struggling to overcome working capital problems.  Labor
unrest and a lack of working capital have practically stopped
production and dispatches at its sole Kanpur plant in the past
months.

LML Limited posted a net loss of INR26 crore for the quarter
ended March 31, 2006, as compared to a INR1.19-crore net profit
in the corresponding quarter last fiscal year


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

INDOFOOD SUKSES: Sees 20% Rise in 2006 Noodle Sales
---------------------------------------------------
PT Indofood Sukses Mamur Tbk aims to increase its noodle sales
by 20% for 2006 as it maintains current prices due to difficult
market conditions, Reuters News reports, citing Indofood's
founding family member Anthoni Salim.

The Company, which has an annual production capacity of 10
billion packs of noodles, produced 9.5 billion packs in 2005.  
As of March 2006, Indofood was producing 200 million packs of
noodles on average per week.  The Company plans to set aside
IDR700 billion for capital expenses, of which IDR200 billion
would go toward expanding its palm oil plantations.  

Reuters relates that Indofood had controlled 90% of Indonesia's
instant noodle market before competition arrived, which lessened
its hold on the market to around 73% last year.  As of the first
quarter of 2006, the Company retains a 75% market share.

                          *     *     *

PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed   
foods company.  Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares.  Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, that bring
thecompany's products to more than 150,000 retail outlets in the
country.  Total employees as of December 1999 was 42,172.  A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.

In 2005, PT Indofood's total outstanding debt fell to IDR6.8
trillion from IDR7.9 trillion in 2004.  The United States dollar
denominated debts also fell to US$190.6 million in the same
period from US$317.4 million in 2004.   
  
PT Indofood has bought back US$166.3 million of its US$280
million Eurobonds due in 2007.  The Company also plans to redeem
all the outstanding balance of the Eurobonds this year.  


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

ALL NIPPON: Fitch Raises Issuer Default Rating to BB+
-----------------------------------------------------
Fitch Ratings raised the long-term foreign and local Issuer
Default Ratings of All Nippon Airways Co., Limited, to 'BB+'
from 'BB'.   The rating agency also upgraded ANA's outstanding
senior unsecured bonds ratings to 'BB+' from 'BB', with a stable
outlook.

The rating upgrade reflects the Company's constant improvement
in its operating performance and financial profile.  The
continued recovery of the Japanese economy and business sector
has supported air passenger demand and higher air fares, leading
to strong revenues.  All Nippon's consistent cost reduction and
efficiency enhancement efforts, combined with the conservative
fuel cost hedging policy, have partially reduced the effect of
higher fuel prices, and improved its earnings and margins.  The
Company issued new equity shares in March 2006, which provided
growing financial flexibility and much-needed capital to finance
its high capital expenditure requirements.  As a result,
leverage (adjusted net debt/EBITDAR) improved to 5.1x in FYE06
compared to 8.0x and 6.3x in FYE04 and FYE05, respectively.  
Barring any further unforeseen crises, the positive trend in
Japanese air markets and All Nippon's efforts would likely
support its credit quality, resulting in a stable rating
outlook.

Fitch had previously lifted All Nippon's ratings to 'BB' from
'BB-' on April 12, 2005, indicating the Company's successful
capacity adjustments against changing demand in international
and domestic passenger markets and its conservative financial
strategies, including full fuel hedging, which aided in
improving its operating and financial performance.  The
Company's refocusing on operational efficiency and
profitability, abandoning its expansion strategy, had also
helped to stabilize its performances, resulting in a faster
recovery than its local rival, Japan Airlines.

All Nippon's ratings continue to reflect the relatively mild
regulatory environment, with various government financial aid
and support programs in place, which have underpinned the
Company's liquidity.  Other positive factors reflected in the
ratings include the Japanese airline industry's positive
structural features, such as the limited scope for the growth of
low cost carriers due to the limited capacity of Japan's two
main airports (Haneda and Narita) and the scarcity of staff and
resources available for air transportation operations in Japan,
as well as All Nippon's solid position in the domestic airline
industry as one of two oligopolistic companies.

A rating upgrade is likely if the Company is able to reduce its
high capital expenditure requirements, relatively weak free cash
flow generation, and still high leverage, in the face of rising
fuel costs and the competitive and volatile nature of the air
passenger market.  Material improvement in the business
environment of the global airline industry, as well as All
Nippon's increase of its free cash flow generation would
stabilize its operations.

ANA is Japan's second-largest airline, servicing domestic and
international destinations through mainline and regional carrier
operations. Its core business is domestic passenger
transportation, which accounts for 43% of its total revenues
before inter-segment adjustments.

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline   
company in terms of revenue.  The Company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.


HANKYU HOLDINGS: S&P Places BB Rating on CreditWatch on Takeover
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed on June 1, 2006,
that the 'BB' long-term corporate credit and 'BB+' senior
unsecured debt ratings on Hankyu Holdings, Inc., remain on
CreditWatch with negative implications, after it initiated a
takeover bid for a stake in Hanshin Electric Railway Co.,
Limited.  If the bid is successful, Hankyu's financial profile
will likely deteriorate, which will have a negative impact on
its credit quality.

Hankyu's ratings were first placed on CreditWatch on May 1,
2006, following the official announcement of merger discussions.  
Hankyu initiated the takeover bid, aiming to buy a 45% or more
in Hanshin.  The Company wants to convert Hanshin into a wholly
owned unit via a swap of the remaining shares in the firm after
a successful takeover.  The tender offer for Hanshin shares
began on May 30, 2006, and will end on June 19, 2006.

If Hankyu proceeds with its takeover of Hanshin under present
conditions, it would bear a maximum takeover burden worth
JPY392.1 billion.  If the Company will use debt funding to
purchase Hanshin shares, the newly merged firm's financial
profile would go down from Hankyu's 70.9% debt-to-capital ratio
as of March 2006, which would pull down Hankyu's ratings.  A
share price that is higher than the current bid would further
increase Hankyu's financial burden.  The merger of the two firms
is expected to yield limited positive effects, as there are no
advantages in the railway business over major rival West Japan
Railway Co.
     
Standard & Poor's will continue to monitor the progress of
Hankyu's planned takeover, especially the terms and conditions
of such offer, as well as fundraising methods to finance the
takeover.  If the takeover will not push through, S&P will
remove Hankyu's ratings from CreditWatch.  If the bid is
successful, S&P will review the integration effects of the
business consolidation, the impact of the final bid price and
the resulting stock exchange on Hankyu's financial profile, and
the prospects of the new company's financial profile,
specifically its cash flow generation, following integration,
before it would consider removing Hankyu's ratings from
CreditWatch.
     
Headquartered in Osaka, Hankyu Holdings, Inc. --
http://www.hankyu.co.jp/-- is a holding company primarily  
engaged in the management and administration of its group
companies' businesses.  Its three major group companies include
Hankyu Corporation, Hankyu Express International Co., Ltd. and
Hankyu Hotel Management Co., Ltd.  Hankyu Corporation is
provides city transportation services, real estate services,
entertainment and communication services and retail services.  
Hankyu Express International is engaged in the travel,
logistics, import and export, insurance, currency exchange,
office and store leasing and management, parking lots
management, restaurant and marketing businesses.  Hankyu Hotel
Management is involved in the hotel business.  Hankyu Holdings
has 68 subsidiaries and 12 associated companies.

     
ISHIKAWAJIMA HARIMA: S&P Changes BB+ Ratings Outlook to Stable
--------------------------------------------------------------
Standard & Poor's Ratings Services has revised Ishikawajima
Harima Heavy Industries Co. Limited's 'BB+' long-term corporate
credit rating to stable from negative, based on the Company's
steady profitability and cash flow generation on stronger
project management and reorganization of unprofitable
businesses.  Standard & Poor's also affirmed its 'BB+' long-term  
corporate credit and 'BBB-' senior unsecured debt ratings on the
Company.

After suffering heavy losses in fiscal 2003, mainly from
overseas projects, Ishikawajima restructured its business and
operations by giving its contract screening department more
autonomy, which has increased the effectiveness of its project
evaluation process and reduced the number of its unprofitable
projects.  It has also made progress in curtailing or
restructuring businesses that are not expected to show an
earnings turnaround, such as incinerators, materials handling,
and rolling mills.  As a result, IHI's EBITDA improved to 4.6%
in fiscal 2005 compared with 1.2% in 2004, and its cash flow
levels are recovering.  The Company's core commercial airline
engine and turbocharger segments performance is expected to
remain stable on a favorable business environment, increasing
the likelihood that it could maintain steady cash flow.

The Company, however, has yet to improve its profitability and
cash flow generation, as its debt amounts to over JPY400 billion
due to capital investments that were larger than proceeds from
operations in the past three years.  S&P thinks the Company is
unable to substantially reduce its debt anytime soon, as it
plans to increase production in its aircraft engine business.

Ishikawajima's rating or outlook could improve if the Company
betters its financial profile via increased cash flow and
earning capabilities, strengthened core businesses and
restructuring of underperforming units such as logistics systems
and structures operations, and shipbuilding and offshore
operations.   The rating could drop further if restructuring
delays threaten to affect its financial profile, or a rise in
unprofitable overseas projects would cause its performance to
drop.

Established in 1889, Tokyo-based Ishikawajima-Harima Heavy
Industries Co. -- http://www.ihi.co.jp/index-e.html--  
manufactures comprehensive heavy machinery.  The operations are
carried out through the following divisions: Energy//Plants,
Aero-Engine/Space, Distribution/Steel, Shipbuilding, Machinery,
financing, and other services.


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

HYUNDAI MOTOR: Sales up 14% in May
----------------------------------
Hyundai Motor Co. disclosed that its auto sales rose 14% in May
2006 compared to the sales results in May 2005, Dow Jones
reports.

According to the report, Hyundai sold 228,712 units in May 2006,
compared to the 200,011 units sold in the same month in 2005.

Hyundai also revealed that its exports rose 19% from a year
earlier to 183,712 units as sales of vehicles assembled at the
company's overseas plants in China, India, Turkey and the United
States jumped 82% from a year ago.

The exports figure includes cars that were built and sold in its
overseas plants.

Domestic sales decreased 1.8% to 45,000 units last month from
45,821 units in May 2005 as higher oil prices affected demand.

             May 2006  May 2005  On-Year Change  Apr 2006
Local Sales    45,000    45,821      -1.8%         44,044
Exports       183,712   154,190       +19%        171,042
Total         228,712   200,011       +14%        215,086

Dow Jones also notes that Hyundai Motor chairman Chung Mong-
Koo's arrest was also a negative factor that affected the sales
results.

The Troubled Company Reporter - Asia Pacific reported on June 2,
2006, that Mr. Chung appeared in court to start the hearing of
the case filed against him.  Mr. Chung is charged of embezzling
about US$106 million since 2002 to create a slush fund to bribe
banks and government officials, as well as of incurring about
US$320 million in damages to Hyundai.

                     About Hyundai Motor

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

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

Chairman Chung has been indicted early in May 2006 for fraud
charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban.  Other affiliates are also feeling
the pinch.  Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000.  The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.


TRIGEM COMPUTER: To Sell Business Through Auction
-------------------------------------------------
As widely reported, TriGem Computer Inc. will be put up for sale
later this year.

TriGem has not specified a schedule of the Company's auction.

However, Bloomberg News, citing the Korea Economic Daily,
reports that the computer manufacturer is expected to select a
bidder in the third quarter and sign the final contract at the
end of 2006.

A sale is more viable than operating independently, TriGem
spokesperson Bang Yeong Il told Bloomberg News.

According to Mr. Bang, TriGem has hired three firms to arrange
the sale:

   1. Samjong KPMG Inc.;
   2. Samhwa Accounting Corp.; and
   3. Kim Chang & Lee, a law firm.

Through the auction, TriGem will offer new shares representing a
controlling stake and management control, Kyong-Ae Choi at
The Wall Street Journal says.  The number of shares has not been
determined, but TriGem needs to raise KRW250,000,000,000 to
KRW300,000,000,0000 to restructure its operations, he adds.

Some analysts believe that a sale may be difficult, Young-Sam
Cho at Bloomberg News relates.  The analysts based their
assertion on the increasing competition in the personal computer
business.

As previously reported, TriGem filed for court receivership in
May 2005 pursuant to the Corporate Reorganization Act with the
Suwon District Court, Bankruptcy Division, in the Republic of
Korea.

Pursuant to a petition filed by TriGem receiver Il-Hwan Park,
under Chapter 15 of United States Bankruptcy Code, the U.S.
Bankruptcy Court for the Central District of California, in
December 2005, recognized the Korean proceeding as a foreign
main proceeding within the meaning of Section 1502 of
the U.S. Bankruptcy Code.  Pursuant to the U.S. Bankruptcy
Court's ruling, commencement or continuation of any action or
proceeding against TriGem in the United States is automatically
stayed.

                    Haier May Bid for TriGem

Chinese appliance maker Haier Group Co. is planning to buy
TriGem's assets, according to published reports.

Haier has not issued a statement on the matter.  Ji Guangqiang,
a Haier representative, told Interfax-China that he had not
received information from anyone in Haier about plans to buy
TriGem.

Lou Qinggi, senior home appliance observer in Qingdao, China,
believes that acquiring TriGem has become the best option for
Haier to bolster its international presence, ChinaTechNews.com
relates.

Haier manufactures refrigerators and freezers, air conditioners,
dishwashers, microwaves, televisions, vacuums, mobile phones and
computers.  It exports goods to more than 160 countries.


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

AMTEK HOLDINGS: Third Quarter Revenue Drops 29.3%
-------------------------------------------------
Amtek Holdings Berhad, on May 31, 2006, filed with Bursa
Malaysia Securities Berhad its financial report for the third
quarter ended March 31, 2006.

The Group recorded a consolidated turnover of MYR14.8 million
for the quarter under review, a decrease of MYR6.2 million or
29.3% as compared to the preceding year corresponding quarter's
turnover of MYR21.0 million.

A consolidated operating loss of MYR1.94 million before income
tax and minority interest was recorded for the quarter under
review, a decrease in losses of MYR0.05 million from MYR1.99
million in the same quarter last year.

The apparels, electrical and safety shoes manufacturing
divisions did not fare well in the third quarter, contributing
the majority of the group's consolidated operating loss.   

Operating results for the quarter in review were affected by the
poor performances in the apparels, electrical and safety shoes
manufacturing divisions, a further increase in loss before
income tax and minority interests of MYR0.386 million if
compared to results of the quarter ended December 31, 2005.  

There were no dividends paid or declared as of the current
quarter and financial year to date.

              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  

     14,847        21,000          54,943         65,459

* Profit/(loss) before tax  

     -1,940        -1,987          -4,722         -6,445

* Profit/(loss) after tax and minority interest  

     -1,896        -2,023          -5,179         -6,534

* Net profit/(loss) for the period

     -1,896        -2,023          -5,179         -6,534

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

      -3.79         -4.05          -10.36         -13.07

* Dividend per share (sen)  

       0.00          0.00           0.00           0.00

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

     0.6900                     0.7900

The Company's Third Quarter Report and its accompanying notes
are available for free at:

   http://bankrupt.com/misc/tcrap_amtekholdings060306.xls

   http://bankrupt.com/misc/tcrap_amtekholdingsnotes060306.doc

                  About Amtek Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Amtek Holdings Berhad's
principal activities are the marketing and distribution of
garments and electrical goods.  Its other activities include
manufacture of shoes, garments and food products, trade
offabrics and related accessories, marketing and distribution of
jeans wear, property investment, provision of management
services and investment holding.  Operations are carried out in
Malaysia, Europe, Australia, Singapore, United States and other
Asian countries.  The Company is currently undergoing a business
reorganization program to curb losses.  For the quarter ended
March 31, 2006, the Company booked a net loss of MYR1.9 million
due to the poor performances in its apparels and electrical
divisions.  The prospects for the remaining quarters are not
expected to improve as the apparels and electrical divisions are
undergoing business reviews and revamp exercises.


ANTAH HOLDINGS: March 31 Balance Sheet Shows Strained Liquidity
---------------------------------------------------------------
Bursa Malaysia Securities Berhad had, on May 30, 2006, received
Antah Holdings Berhad's financial report for the third quarter
ended March 31, 2006.

For the third quarter ended March 31, 2006, the Group recorded a
consolidated revenue of MYR13.7 million and consolidated profit
before taxation of MYR5.5 million mainly due to the write back
of short term investments and reversal of provision for doubtful
debts of an associated company.

The Group registered consolidated profit before taxation of
MYR5.5 million for the third quarter compared to the MYR14.6
million in losses before taxation of the same quarter in the
previous fiscal year.

The reduction in revenue is mainly due to the completion of the
disposal of healthcare division in September 2005 wherein the
result of this division is no longer to be consolidated in
Antah's group accounts.

Despite a decrease in revenue, the increase in profit before
taxation is mainly due to the write-back of short-term
investments and reversal of provision for doubtful debts of an
associated company.

The Company's balance sheet as of March 31, 2006, revealed that
it is suffering a liquidity crunch with current liabilities of
MYR626,846,000 exceeding total assets of MYR82,422,000,
resulting in a net current deficit of MYR544,424,000.

The Board does not recommend the payment of dividends for the
quarter ended March 31, 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  

     13,735        41,517          58,988        118,910

* Profit/(loss) before tax  

      5,545        -7,209         -16,468        -22,784

* Profit/(loss) after tax and minority interest  

     3,384         -7,609         -18,744        -23,430

* Net profit/(loss) for the period

     3,384         -7,609         -18,744        -23,430

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

      1.00          -2.24           -5.52          -6.90

* Dividend per share (sen)

      0.00           0.00            0.00           0.00

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

    -1.0400                     -0.9800

The Company's Third Quarter Report and its accompanying notes
are available for free at:

   http://bankrupt.com/misc/tcrap_antahholdings060306.xls

   http://bankrupt.com/misc/tcrap_antahholdingsnotes1.pdf

   http://bankrupt.com/misc/tcrap_antahholdingsnotes2.pdf

                  About Antah Holdings Berhad

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management services
and investment holding.  The Group discontinued its beverage and
security services operations.  The Group operates in Malaysia,
Australia, United Kingdom and Singapore.

In 2003, the Company announced that it was undertaking a
Proposed Debt Restructuring Exercise involving the Company's
financial institution lenders and other creditors of Antah
Group.  The Debt Restructuring Exercise was subsequently
approved by the Company's scheme creditors.  However, due to the
adverse financial position of the Company and changes to certain
key components in the Proposed Debt Restructuring Exercise, the
Company was unable to proceed with the implementation of the
aforesaid Debt Restructuring Exercise

On February 6 and May 8, 2006, the Company entered into several
agreements with certain parties to undertake a proposed
restructuring scheme with the intention of restoring the Company
onto stronger financial footing via an injection of new viable
businesses.

According to the Troubled Company Reporter - Asia Pacific on
May 11, 2006, financial institutions extended a total loan
facility of MYR281,401,000 to the Company.  To date, Antah paid
MYR48,247,000.  As of April 30, 2006, Antah's total loan default
plus interest has reached MYR286,442,000.


COMSA FARMS: Fails to Complete Placement Due to Weak Share Price
----------------------------------------------------------------
The Securities Commission, on October 20, 2003, approved the
proposed issuance and placement of up to 30,000,000 new ordinary
shares of MYR1.00 each in Comsa Farms Berhad, the Troubled
Company Reporter - Asia Pacific recounts.

According to the TCR-AP, the SC had given Comsa Farms until
April 19, 2006, to complete the proposed placement.

However, the proposed placement has not been implemented yet in
view of the current weak market price for the ordinary shares.

In this regard, the Company has decided for the time being not
to seek another extension of time from the SC to complete the
proposed placement.

                   About Comsa Farms Berhad

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feedmilling, poultry feeding, hatchery operations, and
layer farming.  The Company is currently embroiled in crisis due
to its inability to meet its sinking fund payment, weak
operational cash flow vis-a-vis its debt level and poor showing
in terms of returns on investment since the commencement of the
modernization and expansion of its farms in 2000.  Furthermore,
the poultry industry is presently confronted by the outbreak of
the avian influenza and rising raw material prices, which could
hurt Comsa's earnings and cash flow in the immediate term.  On
April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to its deficits in shareholders
equity totaling MYR89,412,000.  As an affected listed issuer,
Comsa Farms is required to submit a plan to regularize its
financial condition.


GEORGE TOWN: Unable to File First Quarter Report
------------------------------------------------
George Town Holdings Berhad has not issued its First Quarterly
Report ended March 31, 2006, which was due on May 31, 2006.

The Company explained that its failure to submit its First
Quarter Report was due to the fact that it is still in the
process of working on the proposed restructuring scheme as
announced earlier to Bursa Malaysia Securities Berhad.  The
expected date to submit the Report will depend on the outcome of
the proposed restructuring scheme.

The consequences of non-compliance of the requirement under
Paragraph 9.22 of the Bursa Securities Listing Requirements may
result in the Company being suspended or delisted by Bursa
Malaysia Securities Berhad.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company's securities have already been suspended since August 1,
2005, due to the fact that the Company has not issued its Annual
Audited Accounts and Annual Report for the 15-month period ended
December 31, 2004, Quarterly Reports for the periods ended
March 31, 2005, June 30, 2005, and September 30, 2005, by the
given due dates.

The TCR-AP also reported on May 26, 2006, that George Town
Holdings has failed to submit its quarterly report for the
period ended December 31, 2005, to Bursa Malaysia Securities
Berhad for public release on February 28, 2006.

                About George Town Holdings Berhad

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.  The Company has
been suffering losses since 1999 due to stiff competition.  It
has closed over 10 outlets in the past four years.   The Company
expects cutthroat competition among retailers to put continuous
pressure on its margins.  The Company is also facing a possible
delisting from the official list of the Bursa Malaysia
Securities for failing to submit its financial reports on time.  
The Company is classified under the Bursa Malaysia Securities
Berhad's Practice Note 17 category, where it is required to
submit a plan to regularize its financial condition.


MULTI-USAGE HOLDINGS: Auditors Raise Going Concern Doubt
--------------------------------------------------------
Multi-Usage Holdings Berhad's financial report for the quarter
ended March 31, 2006, was filed with the Bursa Malaysia
Securities on May 30, 2006.

For the quarter under review, the Group's revenue decreased by
56% or approximately MYR4.08 million as compared to MYR7.3
million in same quarter last year.  

The decline in revenue was mainly due to lower revenue from the
Group's property and contracting divisions.  The progress of on-
going property project has been slow and this has affected the
current quarter revenue.  The emphasis of the contracting
division on internal projects has also affected the generating
revenue for the quarter.  However, the Group expects the revenue
from property division to improve at the later part of the
quarter under review.  The trading division also recorded lower
revenue due to slower demand for building materials during the
current quarter.

The Group incurred a loss before tax of MYR291,000 compared to
the loss of MYR153,000 in the same quarter last year.  However,
the overall margin for the current quarter appeared to be higher
due to the emphasis of the contracting division on internal
projects and the higher margin of profits from the sale of
existing property stock.  The cessation of amortizing positive
goodwill and the lower other operating expenses have also
reduced the impact on the losses for Group in the quarter ended
March 31, 2006.

As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR60,784,000 in total current
liabilities exceeding MYR42,524,000 in total current assets,
resulting in a net current deficit of MYR18,260,000.

There was no dividend paid during the current quarter and
financial period to date.

Without qualifying their opinion, the Company's auditors
expressed doubts on the Group's financial position and the
Company's proposed restructuring scheme.  According to the
auditors, the Company's ability to go on as a going concern
hinges on the implementation of its restructuring scheme.

              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  

      3,186         7,270           3,186          7,270

* Profit/(loss) before tax  

       -291          -153            -291           -153

* Profit/(loss) after tax and minority interest  

       -291          -378            -291           -378

* Net profit/(loss) for the period

       -291          -378            -291           -378

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

      -0.55         -0.71           -0.55          -0.71

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.5060                      0.5115

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

   http://bankrupt.com/misc/tcrap_multiusageholdings060306.pdf

               About Multi-Usage Holdings Berhad

Headquartered in Penang, Malaysia, Multi-Usage Holdings Berhad's
principal activities are development of properties, manufacture
and sale of cement concrete products, cement bricks, hollow
blocks, stones and all kinds of building materials.  The Company
is also engaged in contracting works for construction project,
provision of management services, hiring of mobile crane and
other heavy equipment, trading of furniture and investment
holding.  The Group operates predominantly in Malaysia.


POLYMATE HOLDINGS: Losses Rise as Liquidity Weakens
---------------------------------------------------
Polymate Holdings Berhad had, on May 30, 2005, filed with Bursa
Malaysia Securities Berhad its financial report for the second
quarter ended March 31, 2006.

For the quarter ended March 31, 2006, the Group registered a
consolidated total turnover of MYR6.49 million as against
MYR29.2 million recorded during the same period in preceding
year; representing a decline of approximately 78%.  The decline
in turnover was mainly attributable to the acute cashflow
position faced by the Group during the quarter under review.  
This has caused a drastic drop in production output especially
in the automotive battery division.  The Group generally was
unable to meet orders placed by its customers.

For the quarter under review, the Group suffered a consolidated
loss of MYR25.1 million, after income tax and minority interest
as compared to a net loss of MYR4.85 million recorded during the
same period in the preceding year.  This was due to the drastic
drop in production viz a viz its installed capacity resulting in
a higher production cost per unit which cannot be recovered
through the selling price prevailing during the quarter.  In
addition, the automotive battery division made a further
provision of MYR10.198 million for bad debts for the period
under review.

For the financial period under review, the Group registered
negative earnings of 37 sen per share.  Net assets per share was
reduced to a negative 85 sen as compared to a negative 54 sen as
the end of the previous quarter.  Total shareholders' fund stood
at a negative MYR57.5 million at the end of the current quarter
ended March 31, 2006.

Moreover, the Group suffered a net loss of MYR25.1 million
before income tax in the second quarter, as compared to the
MYR4.85 million net loss recorded for the same quarter in the
previous year.  The Group's performance was severely hampered by
the acute cash flow position during the period under review,
which has drastically curtailed production output.  This has
resulted in a substantially higher consolidated net loss
registered by the Group, which was further compounded by the
need to provide further bad debts by its automotive battery
division.  

As of March 31, 2006, the Company's balance sheet revealed
strained liquidity with MYR28,628,000 current assets available
to pay current liabilities of MYR205,823,000 coming due within
the next 12 months.  The Company's net current deficit has hit
MYR177,195,000.

The Company did not declare any dividend for the period under
review.

The prospect of the Group in the current financial year does not
look promising unless a restructuring scheme can be put into
place wherein fresh working capital can be injected into the
Group.  The Group's automotive battery division and corrugated
carton subsidiaries have temporary ceased its operation while
its plastic products subsidiary has scaled down its operation
pending the implementation of a restructuring scheme.  

              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  

      6,488        29,163          17,980         64,369

* Profit/(loss) before tax  

    -25,581        -4,930         -36,413        -12,177

* Profit/(loss) after tax and minority interest  

    -25,102        -4,848         -35,808        -12,051

* Net profit/(loss) for the period

    -25,102        -4,848         -35,808        -12,051

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

      -0.37         -0.07           -0.53          -0.18

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     -0.8500                     -0.4300

The Company's Second Quarter Report and its accompanying notes
are available for free at:

   http://bankrupt.com/misc/tcrap_polymateholdings060306.xls

  http://bankrupt.com/misc/tcrap_polymateholdingsnotes060306.pdf

                 About Polymate Holdings Berhad

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.  
Operations in its subsidiaries will be revived when a workable
restructuring scheme is formalized with its lenders and when
fresh working capital can be injected into the operations.  On
April 28, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a total fine of MYR84,000 on Polymate
Holdings Berhad for breach of the Bourse's Listing Requirements.
This was followed by another public reprimanded on May 26, 2006.
Meanwhile, Polymate says that it is still negotiating with its
lenders to restructure the Group's credit facilities and is
working on various schemes to regulate its financial position.


PROTON HOLDINGS: Reaps MYR127-Million Profit in First Quarter
-------------------------------------------------------------
Proton Holdings Berhad managed to register a MYR127-million
profit for the fourth quarter ended March 31, 2006, compared to
a net loss of MYR63 million in the same quarter last year
despite dwindling motor sales and domestic market share, the
company disclosed in a filing with Bursa Malaysia Securities
Berhad.

Revenue fell to MYR1.7 billion for the quarter from MYR2.2
billion a year ago.  Its earnings per share was 23.2 sen for the
quarter versus a loss per share of 11.6 sen a year ago.  

For the year ended March 31, the carmaker drove in net profit of
MYR47 million, the smallest profit in its 20-year history.  
Full-year revenue was down from MYR8.4 billion to MYR7.7 billion
due to lower sales, higher allowances for doubtful debts and
promotion costs, higher component costs and allowances for stock
obsolescence.

The Company, which suffered heavy losses in the first half of
its year to end-March, highlighted tough competition, dampened
consumer demand at home and increasing energy costs, Reuters
reports.

Proton, owned 43% by state investment arm Khazanah Nasional, led
a sheltered life before the Government began lowering tariffs on
foreign cars under an Asian free-trade pact, Reuters sayd.  
However, its market share is in decline as foreign-made cars
become a more attractive option to their locally made rivals,
often blamed for shoddy parts and service quality.

The Company's Financial Report is available for free at:

   http://bankrupt.com/misc/tcrap_protonholdings060306.pdf

                       About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


SUREMAX GROUP: Works to Boost Financial Performance
---------------------------------------------------
The management of Suremax Group proposes to undertake certain
measures to improve the Group's financial performance.

The Group plans to continue with the development of the 220
acres of landed property in Taman Sri Mambau, Negeri Sembilan,
to generate cash.

It proposes to form a strategic alliance with respectable
business partners, as well as joint ventures with local and
international contractors to undertake contract work.

Lastly, the Group will restructure its existing debt on terms
acceptable to the Group and its lenders.

With the implementation of these strategies coupled with buoyant
economic environment and barring unforeseen circumstances, the
Group expects to improve its performance in the short and medium
term.

                       About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.  Suremax
Group has suffered losses since 2004 due to sluggish market
demand.  For the second quarter of the financial year ended
August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million.  The Company is also trying to avert a series of
winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


TANCO HOLDINGS: Books Higher Losses in First Quarter
----------------------------------------------------
Bursa Malaysia Securities Berhad, on May 31, 2006, received
Tanco Holdings Berhad's financial report for the first quarter
ended March 31, 2006.

For the quarter under review, the Group had incurred a loss
before taxation and minority interest of MYR10.452 million as
compared to a loss of MYR9.348 million in the same quarter last
year.  The higher losses incurred was due to marketing expenses
incurred on ongoing developments in Bandar Country Homes and
Palm Springs Resorts City and higher interest costs.

The Group incurred a net loss of MYR10.4 million and a basic
loss per share of 3.11 sen for the quarter under review.

No dividend has been paid since the end of the previous
financial year up to the current quarter.

The Company's directors said that the economic situation whilst
showing signs of improvement remains fluid and abounds with
uncertainties and appropriate steps have been and will continue
to be taken by the Group to deal with the numerous challenges
faced by its businesses.  In addition to this, there is a need
for the Group to address its debt position with its creditors.

              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  

      5,863         5,139           5,863          5,139

* Profit/(loss) before tax

    -10,452        -9,348         -10,452         -9,348

* Profit/(loss) after tax and minority interest  

    -10,411        -9,329         -10,411         -9,329

* Net profit/(loss) for the period

    -10,411        -9,329          10,411          9,329

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

      -3.11         -2.79           -3.11          -2.79

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

     0.2500                     0.2800

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

   http://bankrupt.com/misc/tcrap_tancoholdingsnotes060306.pdf

                  About Tanco Holdings Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf  
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.  
The Company is placed under Bursa Malaysia Securities Practice
Note 17 because its lackluster financial performance, as well as
mounting debts and defaults.  As an affected listed issuer, the
Company is required to submit and implement a regularization
plan to avoid delisting.


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P H I L I P P I N E S
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IPVG CORPORATION: First Quarter Net Loss Goes Up By Almost 500%
---------------------------------------------------------------
For the quarter ended March 31, 2006, IPVG Corporation posted a
PHP15.02-million net loss, a 473% increase from the PHP2.62-
million net loss it recorded for the corresponding quarter in
2005.

The Company's revenue increased 790% from PHP2.91 million in the
first quarter last year to PHP25.93 million in the current year.  
The three months ending March 31, 2006, saw a PHP9.39 million
gross profit.

The Company also reported a 303% increase in consolidated
expenses to PHP22.30 million for the March 2006 quarter due to
the increased activity and expenses of operating subsidiaries IP
E-Game Ventures Inc. and IP Converge Data Center, resulting in
the net loss.  Both subsidiaries are new companies, with IP E-
Game starting commercial operations on March 31, 2006.

The PHP16.76-million increase in total expenses for the
consolidated entity was mostly due to an increase of PHP4.78
million in salaries and benefits with overall increase in the
number of employees from 30 to 85, plus a number senior
executives also joined the Company.  Increased advertising
activity accounted for PHP3.65 million of the account expense,
an increase of PHP3.63 million from the previous corresponding
quarter.  Increased capital assets also pushed depreciation and
amortization expenses up by PHP4.29 million, while professional
fees upped PHP2.04 million.

IPVG's consolidated financial statements for the quarter ended
March 31, 2006, reflects these key figures:

                        IPVG Corporation
                      Financial Highlights
                        (in PHP millions)

                               As of           As of   
                             03/31/2006      12/31/2005
                             ----------      ----------
     Current Assets               39.35           22.18
     Total Assets                127.19          110.70
     Current Liabilities         115.18          103.69
     Total Liabilities           142.05          126.17
     Capital Deficiency            8.77            9.38

                                   Quarter Ending  
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                     15.02            2.62
     Revenues                     25.93            2.91
     Gross Profit                  9.39            2.91
     Other Expenses               22.30            5.54

The Company's first quarter report is available for free at:

   http://bankrupt.com/misc/IPVG_17Q_Mar2006.pdf

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the  
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT.  The Company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.

The Company's Board of Directors has not declared any dividend
for the past two fiscal years.


MANILA ELECTRIC: Pays Back PHP3.6 Billion to Large Customers
------------------------------------------------------------
Manila Electric Company paid back PHP3.6 billion to its
commercial and industrial clients in the fourth stage of its
refund program, Manila Standard Today relates.

In the fourth stage of Meralco's refunding program, the Company
is slated to pay back PHP18 billion of a total refund worth
PHP39 billion to its customers for "excess fees," the Standard
says.

According to the Company's senior vice president and refund
management task force chief Leonardo Mabale, the refunding is
proceeding slowly, as management decided to implement a rigorous
documentation process to ensure the funds go to the right
clients.

Phase four of its refund program includes payments to small and
large commercial and industrial users.  The refund has slowed
down as it was difficult to gather certain necessary documents
to avail of the refund.  In the fourth phase, Manila Electric
preferred to issue credit and post-dated checks instead of cash
to customers.

According to the Standard, the Company had planned to implement
its refund program earlier, but received an order from the
Bureau of Internal Revenue in May last year, which imposed a 25%
tax on the refund to active customers, and a 32% tax to
terminated customers.

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

                          *     *     *

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

The TCR-AP further stated on April 27, 2006, that the Company
filed a report with the Philippine Stock Exchange, indicating a
66.1% decline in its net loss from January to March 2006 to
PHP748 million, against a PHP2.2 billion loss for the same
period last year.

According to a TCR-AP report on April 24, 2006, Manila Electric
cannot seek a loan to expand its facilities unless it repays
outstanding short-term debts amounting to around PHP4.7 billion.


PILIPINO TELEPHONE: First Quarter Net Income is 3% Higher
---------------------------------------------------------
Pilipino Telephone Corporation's revenues and other income
increased by 3% to PHP2.919 billion for the three months ended
March 31, 2006, from the PHP2.835 billion in the first quarter
in 2005, with the increase fueled by the growth in the Talk 'N
Text subscriber base.  Talk 'N Text is Piltel's prepaid GSM
service.

As at March 31, 2006, Talk 'N Text subscribers reached
5,358,447, which is 616,244 or 13% more than the 4,742,203
subscribers as at March 31, 2005.

Total expenses decreased by PHP255.9 million or 66.5% to
PHP128.80 million for the quarter ended March 31, 2006, as
compared to the PHP384.70 million in the same period last year,
as almost all expenditures registered decreases from last year,
most notably, cost of handsets and SIM packs sold, and selling
and promotions.

As a result, net income for the current quarter was at PHP2.245
billion, against the PHP2.181 billion recorded in the same
period a year earlier.

PilTel's financial report for the quarter ended March 31, 2006,
reflects these key figures:

                 Pilipino Telephone Corporation
                      Financial Highlights
                       (in PHP millions)

                               As of           As of   
                             03/31/2006      12/31/2005
                             ----------      ----------
     Current Assets           10,931.30        8,504.70
     Total Assets             27,048.10       25,234.00
     Current Liabilities       2,482.30        2,505.90
     Total Liabilities        20,312.40       20,742.90
     Total Equity              6,735.70        4,491.10

                                   Quarter Ending  
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Income                2,244.60        2,181.30
     Revenues                  2,919.30        2,835.10
     Expense                     128.80          384.70

PilTel's financial report for the three months ended March 31,
2006, is available for free at:

   http://bankrupt.com/misc/PLTL_17Q_Mar2006.pdf

                         Debt Financing

As of March 31, 2006, PilTel had an outstanding long-term debt
of PHP17.334 billion -- net of debt discount and including
current portion -- a decrease of PHP335.80 million, or 1.9% from
the PHP17.67 billion balance at year-end 2005 because of the
revaluation of U.S. dollar- and Japanese yen-denominated loans,
as the Philippine peso appreciated against those currencies.

The unamortized debt discount as of March 31, 2006, was PHP3.924
billion as against the PHP4.2 billion as of December 31, 2005.

PilTel owes Smart Communications Inc. PHP14.73 billion or 69.6%
of the total restructured debt.  PilTel's restructured
obligations are secured by substantially all its present and
future assets under its Mortgage Trust Indenture, entered on
June 4, 2001, with Chase Manhattan Bank as security agent for
the creditors.

         Default and Possible Corporate Rehabilitation

As of March 31, 2006, PilTel acknowledges that it is not in
compliance with the terms of convertible bonds with a principal
amount of US$0.7 million -- approximately US$0.9 million
redemption price at the option of the holders.  Accordingly, the
amount was presented as part of current portion of interest-
bearing financial liabilities.

PilTel may not be able to restructure or otherwise pay the
claims of its unrestructured debt.

However, default on and acceleration of PilTel's unrestructured
indebtedness does not create a cross-default under PilTel's
restructured indebtedness or any indebtedness of PLDT.

If PilTel's non-participating creditors take forceful measures
to enforce their claims, it is possible that the Company would
be required to submit to a court-supervised rehabilitation
proceeding or an involuntary insolvency proceeding seeking
liquidation.  All of PilTel's creditors that participated in the
debt restructuring agreed that they would submit the Company to
a rehabilitation proceeding in those circumstances and petition
for the adoption of a plan of rehabilitation that includes the
financial terms of the debt-restructuring plan.

However, the laws and procedures governing a rehabilitation
proceeding in the Philippine courts remain untested in
significant respects.  It cannot be assured that a
rehabilitation plan, which incorporates the financial terms of
the debt-restructuring plan, would be adopted promptly or at
all.  Even if a rehabilitation plan was adopted, it cannot be
assured that Piltel would prove to be financially viable
afterwards.

                          About PilTel

Headquartered in Makati City, Philippines, Pilipino Telephone
Corporation provides cellular mobile telephone service provider,
as well as provides fixed line telephone services and paging
services to Filipino customers.  In the past seven years, Piltel
was on the brink of bankruptcy with its seemingly insurmountable
debt, continuous losses, outmoded service and dwindling
subscriber base.

The Troubled Company Reporter - Asia Pacific reported on
February 28, 2006, that PilTel recorded a net income of PHP13.5
billion for fiscal year 2005, compared to a profit of PHP9.8
billion in 2004.  Net income, as adjusted for the effects of
foreign exchange revaluation and changes in management
agreements (concluded in 2004), stood at PHP11.6 billion and
PHP6.7 billion for 2005 and 2004, respectively.  PilTel's
continued profitability has allowed it to return to a positive
stockholders' equity, after three years of a negative position.
The capital deficit has also been substantially reduced to
PHP32.3 billion in 2005, from PHP45.8 billion in 2004.


PREMIERE ENTERTAINMENT: Auditor Raises Going Concern Doubt
----------------------------------------------------------
Jessie Cabaluna, of Sycip Gorres Velayo and Co., raised
significant doubt on Premiere Entertainment Productions, Inc.'s
ability to continue as a going concern after auditing the
Company's annual report for the year ended December 31, 2005.

Premiere Entertainment reported a consolidated net loss of
PHP8,549,905, on PHP2,455,539 total revenue for the year ended
December 31, 2005, as compared to the PHP54,962,320 net loss on
PHP4,357,773 total income for the year ended December 31, 2004.

Premiere Entertainment's consolidated balance sheet for
financial year 2005 reflects these key figures:

                               As of           As of   
                             12/31/2005      12/31/2004
                             ----------      ----------
     Current Assets       PHP70,002,670   PHP71,410,306         
     Total Assets           179,567,020     187,887,252
     Current Liabilities      6,365,317       6,225,644
     Total Liabilities       35,265,317      35,125,644
     Stockholders' Equity   144,301,703     152,761,608

Mr. Cabaluna notes that the Company continued to suffer from
declining revenue and recurring losses, which resulted in a
deficit, as restated, of PHP375.8 million and PHP367.2 million
as of December 31, 2005, and 2004, respectively.

My. Cabaluna notes that the Company has unamortized film costs
amounting to PHP45.8 million as of December 31, 2005, and 2004,
the recoverability of which is dependent on the estimated income
that can still be generated by the Company in the future.  The
Company provided for an allowance for probable losses of these
assets amounting to PHP22.3 million.

Premiere Entertainment's financial report for the year ended
December 31, 2005, is available for free at:

   http://bankrupt.com/misc/PEP_17A_Dec2005.pdf

Premiere Entertainment Productions, Inc. -- formerly known as
Premiere Films International, Inc. -- is engaged in the business
of dealing in and with all kinds of motion pictures to the
business of various forms of entertainment and leisure
including, but not limited to, movie films and export and
distribution services offered to and for local and international
film market.


PRIME MEDIA: Incurs PHP2-Million Loss in First Quarter
------------------------------------------------------
Prime Media Holdings, Inc. posted a net loss of PHP2.34 million
in the first quarter ended March 31, 2006, much lower than its
reported PHP3.22 million loss for the same period last year, the
Troubled Company Reporter - Asia Pacific discovers from the
Company's financial report submitted to the Philippine Stock
Exchange.

The Company has not been operating for almost four years, hence
there is no material change in its financial condition.  Prime
Media has mainly existed for the past three years to settle its
debts to creditors.

Audited Balance Sheet

                       03/31/2006    03/31/2005    12/31/2005
  (in PHP thousands)   ----------    ----------    ----------

   Total assets            93,518       267,049        95,287
   Total liabilities      923,173     1,071,144       922,604
   Stockholder's Equity  (829,655)     (804,095)     (827,317)

   Net Loss                 2,338         3,220

Prime Media Holdings, Inc., formerly known as First e-Bank
Corporation, was initially incorporated as a private development
bank, which offers a wide range of banking services that,
approximates the services offered by a commercial bank.  Its
products and services include deposit taking, lending, trust and
investment management, electronic collection and remittance, and
other allied services such as Training and Consulting Services,
Insurance Brokerage and Risk Management Services, and Financial
Advisory/Corporate Finance Services.

The Bank, an affiliate of Metro Pacific Corporation, changed its
corporate name on July 2000 to its present one to symbolize the
new vision to be at the forefront of mobile banking and e-
banking.  It has actively pursued its transformation from a
traditional bank to an e-bank.  It had launched campaigns
anchored on cellphone banking with affiliate Smart
Communications and it was the first bank to support the
PLDT@ctiveBill On-Net Payment System.


WISE HOLDINGS: First Quarter Net Loss Widens by 16%
---------------------------------------------------
For the quarter ended March 31, 2006, Wise Holdings, Inc.,
reported a net loss of PHP10.51 million, 16.65% higher than the
PHP9.01 million net loss reported for the previous corresponding
period.

Revenues are up by 33.31% or PHP5.40 million, to PHP21.61
million for the first quarter in 2006, from PHP16.21 million in
the first quarter 2005.  However, total expenses are up by
33.75% or PHP34.45 million, to PHP136.53 million for the three
months ended March 31, 2006.

Wise Holding's financial report for the quarter ended March 31,
2006, reflects these key figures:

                       Wise Holdings, Inc.
                      Financial Highlights
                        (in PHP millions)

                               As of           As of   
                             03/31/2006      12/31/2005
                             ----------      ----------
     Total Assets              4,873.20        4,934.53
     Total Liabilities         5,375.82        5,423.06
     Capital Deficit             552.23          541.73

                                   Quarter Ending  
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                     10.51            9.01
     Revenues                     21.61           16.21
     Expense                     136.53          102.08

                       About Wise Holdings

Wise Holdings, Inc. -- formerly known as Wise and Company, Inc.
-- was the parent company of several wholly-owned and majority-
owned subsidiaries engaged in various industries including
trading of industrial machinery and other products, real estate
development and insurance services.  WHI was later restructured
when the Jakarta-based Dharmala Group acquired strategic
interest in the company through a purchase of 70% equity from
the original WCI stockholders.  The company was renamed Dharmala
Philippines, Inc. and converted to a purely management and
holding company.  DPI was organized to take advantage of the
goodwill and the regional presence of Dharmala in the ASEAN
region.  The Group operates 124 subsidiaries and affiliates,
maintaining offices throughout the ASEAN region and in the key
cities of London, Sydney and New York.

The trading operations of DPI was spun off to a separate
subsidiary also named Wise and Company, Inc., in an effort to
preserve WHI's goodwill, having been known as a trading firm
since its organization in the Philippines in 1926.  The
subsidiary is engaged in the trading of goods, wares, machinery,
equipment and merchandise of all kinds.  A Filipino group, VR
Holdings Corporation, eventually gained the holding interest in
DPI and acquired the company in December 1998.  To build a new
corporate identity and to maximize the institutional image of
its subsidiary, Wise and Company, Inc., the corporate name was
changed to Wise Holdings, Inc.

Currently, the company operates through four strategic business
groups, namely, the Trading group, the Financial Services Group,
the Consumer Banking Group and the Investments Group.

                          Loan Default

The Company was unable to satisfy its obligations on maturing
loans in 1999 amounting to PHP1.1 billion.  

There are pending cases filed by certain creditor banks for the
recovery of loans totaling about PHP195 million in principal.

The Company and certain subsidiaries made a partial settlement
of their loans totaling to PHP240 million with a major creditor
bank on February 24, 2000.  On April 14, 2000, the Company and
the subsidiaries entered into a restructuring agreement with the
same major creditor bank for the restructuring of a PHP200.4
million loan.  On October 23, 2002, the Company had proposed to
deliver additional 31,291,520 shares of Calatagan Bay Realty,
Inc. to the creditor bank in full settlement of its outstanding
obligations.  On October 30, 2002, the creditor bank had
signified its intention to accept the proposal and in fact, had
likewise signified its interest to acquire a board seat in CBRI
via the acceptance of the shares to be used as payment of the
Company's obligations.

                         Going Concern

The Company has incurred substantial losses since 1997.  As
shown in the consolidated financial statements for the period
ended September 30, 2005, and 2004, the Company continues to
incur losses amounting to about PHP25.6 million and PHP31.5
million, respectively.  The Company acknowledges that these
factors, among others, indicate that it may face difficulties to
continue operating in the normal course.

The Company's continuation of its operations in the normal
course is dependent upon its ability to:

   (a) generate sufficient cash flow to meet its obligations on
       a timely basis;

   (b) obtain additional financing or capital infusion; and

   (c) eventually regain profitability.

                      Rehabilitation Plan

In line with the Company's efforts to eventually improve its
financial and liquidity position, particularly to correct its
capital deficiency, management has already implemented certain
initiatives:

   a. In a deed of assignment/exchange dated November 8, 1999,
      certain investment of a major stockholder in CBRI -- VRHC
      -- consisting of 50 million shares valued at PHP6.28 per
      share or PHP314 million, plus about PHP5.6 million in
      cash, were invested in the Company in exchange for the
      remaining unissued capital stock of CBRI of 319,603,057
      shares (191,761,763 Class A shares and 127,841,294 Class B
      shares) at a par value of PHP1 per share.  On December 17,
      1999, the SEC approved the exemption from registration of
      the issuance.

   b. Under a Memorandum of Agreement dated January 6, 2000, the
      Company together with its subsidiaries, WCC and WSPI, on
      February 24, 2000, made partial settlements of about
      PHP240 million on their outstanding obligations totaling
      about PHP440 million with a major creditor bank through
      the assignment, transfer and conveyance to WSPI of all
      rights to, title and interest of the Company's major
      stockholder, VRHC, in CBRI shares of stock worth about
      PHP240 million (42,462,846 shares at agreed value of
      PHP5.65 per share).  To secure the payment of the
      remaining PHP200 million obligation, VRHC pledged on
      April 14, 2000 additional shares of stock of CBRI worth
      about PHP200 million (38,245,634 shares at PHP5.65 per
      share), while WSPI assigned its rights to, title and
      interest in a seat at the Philippine Stock Exchange in
      favor of the creditor bank.  Payment of the remaining
      balance was also restructured under a Restructuring
      Agreement dated April 14, 2000.

      Pursuant to the MOA, the major creditor bank caused the
      dismissal of the pending cases filed against the
      Company and its subsidiaries, WCC and WSPI.

      Under the same MOA and the related subsequent contractual
      arrangements, each of the parties constituting the
      Company, WCC and WSPI, and VRHC are held jointly,
      severally and solidarily bound by the major creditor bank.

      On October 23, 2002, the Company had proposed to deliver
      additional 31,291,520 shares of CBRI to the creditor bank
      in full settlement of its outstanding obligations.  On
      October 30, 2002, the creditor bank had signified its
      intention to accept the proposal and in fact, had also
      signified its interest to acquire a board seat in CBRI via
      the acceptance of the shares to be used as payment of the
      Company's obligations.  This arrangement is still in the
      process of being fully implemented.

   c. In sum, the major stockholder has provided PHP1.4 billion
      by way of advances to the Company.  PHP806 million of
      these advances are in the form of CBRI shares that have
      been assigned, transferred or pledged to certain creditors
      and PHP600 million is in the form of mining rights and
      various minesite assets per Deed of Assignment dated
      March 26, 2002.  The board of VRHC approved the conversion
      of its advances to the Company amounting to PHP806 million
      on November 26, 2001, and PHP600 million on September 18,
      2002, into deposit for future stock subscriptions.

   d. The Company's stockholders in a special meeting held on
      January 26, 2000, approved the increase in the Company's
      authorized capital stock from PHP600 million, divided into
      600 million shares at PHP1 par value a share to PHP4
      billion, divided into 4 billion shares at the same par
      value.  The increase, which is intended to accommodate
      investments of certain prospective investors being
      explored by the Company, is yet to be implemented.

   e. The subsidiary bank of the Company received PHP98 million
      in 2001 and PHP105 million in 2002 as payment for
      subscriptions to capital stock.

   f. On April 2, 2001, the board of directors of a certain
      subsidiary engaged in credit, finance and leasing
      activities approved the suspension of its business
      operation effective July 31, 2001.

   g. On December 17, 2003, a Memorandum of Agreement was
      executed between the Company and Paxton Development
      Corporation, wherein the latter agreed to assign to the
      former or its designated subsidiary certain real estate
      properties totaling PHP726,511,000 in exchange for shares
      of stock of either the Company or its designated
      subsidiary.

   h. On November 9, 2004, a Memorandum of Agreement between the
      Company, Paxton Development Corporation and Wise Capital
      Investment and Trust Company, Inc., to implement the
      December 17, 2003 MOA was executed where the Company has
      designated WCITCO as the eventual beneficiary of the real
      properties worth PHP726,511,000 in exchange for WCITCO's
      shares of stock. Consequently, on November 12, 2004, a
      Deed of Assignment in Exchange for Shares of Stock between
      Paxton Development Corporation and WCITCO was executed to
      implement the MOA and the former assigned its real
      properties in exchange for the issuance of WCITCO's shares
      of stock worth P726,511,000.

   i. On November 12, 2004, a separate Deed of Assignment in
      Exchange for Shares of Stock was executed between VRHC and
      the Company, wherein VRHC assigned its real properties
      valued at PHP354,965,000 in exchange for the issuance of
      the Company's shares of stock worth the same value.

                       Riding the Economy

The unfavorable economic developments since the latter half of
1997, which led to the volatility of the peso against major
foreign currencies and slower economic activity, continue to
affect the general business climate in the Philippines and have
also caused unfavorable effects on the Company, such as
increased credit and valuation risks inherent in its receivables
from customers and certain affiliates.

In response to these economic events, the Company has
implemented these measures:

   a. Reduction of the group's total debt levels;

   b. Initiation of cost cutting programs that included
      reduction in its workforce and transfer of work sites and
      offices; and

   c. Placement of greater emphasis in its fee-based activities
      to enhance its liquidity.

The Company will continue to be affected in the foreseeable
future by the country's slower economic activity.  As a result,
there are added uncertainties that may affect the Company's
future operations, recoverability of assets, and ability to
maintain or pay its debts as they mature.  The Company's
management is continuously evaluating the impact of these
economic events and will recognize the related effects in their
financial statements as these become known and estimable.


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

FASTECH SYNERGY: Unveils First Quarter Results
----------------------------------------------
Fastech Synergy Ltd, on April 25, 2006, filed its financial
repor for the first three months ended March 31, 2006.

The Group's net sales for the first quarter of 2006 was US$3.19
million, from net sales of US$3.21 million in the sequential
quarter and US$4.65 million net sales in the first quarter of
2005.

Actual production of 86.56 million units for the quarter was up
by 2.4%, from 84.55 million units in the preceding quarter.

Value Added Sales, defined as net sales less direct materials
cost, was US$2.27 million for the quarter, up by 8% or
US$163,000 from US$2.10 million in the sequential quarter.  This
was a result of a better product mix and higher volume shipped
during the current period.

Gross loss from the quarter was US$455,000 from a gross loss of
US$1.86 million in the fourth quarter last year.  The gross loss
in the sequential quarter however, included the one-time audit
adjustment totaling US$1.20 million for the loss on impairment
of fixed assets, provision for inventory obsolescence and the
reclassification of the retrenchment cost to manufacturing
overhead from the other expenses.

The Group's net loss for the quarter was US$1.52 million from a
net loss of US$2.84 million in the sequential quarter and net
loss of US$1.46 million in the first quarter of 2005.

The Group's semiconductor assembly and test business contributed
70% (from 74% in 1Q 2005) to the total sales (in absolute
figures) while the modules business added 30% (previously 26% in
1Q 2005).  The semiconductor assembly and test business includes
discrete and power semiconductors products and integrated
circuits.  Modules business, on the other hand, includes PCB
assemblies, microwave modules and radio frequency devices.

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

   http://bankrupt.com/misc/tcrap_fastechsynergy060306.pdf  

                   About Fastech Synergy

Fastech Synergy, Limited -- http://www.fastechsynergy.com/--  
Fastech Synergy Ltd is a leading provider of semiconductor
assembly and test services that is listed on the main board of
the Stock Exchange of Singapore.  Fastech provides complete
assembly/test solutions for semiconductor components and module
assembly products used in consumer electronics, personal
computers and peripherals, telecommunication equipment, medical
and office equipment, automotive systems and industrial
applications.  It employs approximately 1,200 employees.

The Company is suffering tight liquidity as of March 31, 2006,
with US$9.6 million of current liabilities exceeding US$3.6
million of current assets, resulting in a net current deficit of
US$5.8 million.


FASTECH SYNERGY: Provides Debt Restructuring Updates
----------------------------------------------------
Fastech Synergy Ltd has updated its shareholders and the general
public on its financial position and ongoing discussions with
its creditor banks for the restructuring of its loans.

The Group has already reached an agreement with six out of its
eight creditor banks for the restructuring of its principal
loans with an aggregate amount of approximately US$4.5 million
out of the total US$6.8 million outstanding bank loans.  The
Group is in continuing discussions with the remaining creditor
banks for a similar restructuring.

As of May 31, 2006, the Group is still in a net current
liability position.

The Group will make monthly updates on this matter and will make
an immediate announcement if any material development occurs
between the monthly updates.

                    About Fastech Synergy

Fastech Synergy, Limited -- http://www.fastechsynergy.com/--  
Fastech Synergy Ltd is a leading provider of semiconductor
assembly and test services that is listed on the main board of
the Stock Exchange of Singapore.  Fastech provides complete
assembly/test solutions for semiconductor components and module
assembly products used in consumer electronics, personal
computers and peripherals, telecommunication equipment, medical
and office equipment, automotive systems and industrial
applications.  It employs approximately 1,200 employees.

The Company is suffering tight liquidity as of March 31, 2006,
with US$9.6 million of current liabilities exceeding US$3.6
million of current assets, resulting in a net current deficit of
US$5.8 million.


GRAFFITI ARTIST: Pays First and Final Dividend to Creditors
-----------------------------------------------------------
Grafitti Artist Studio Pte Limited has distributed its first and
final dividend to its creditors on June 2, 2006.

Preferential creditors received 100% of their claims while
unsecured creditors got 20.4933197216438%.

Contact: Goh Ngiap Suan
         Liquidator
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


OVERSEAS STAR: Court Issues Wind-up Order
-----------------------------------------
The High Court of Singapore had, on April 28, 2006, ordered the
wind-up of Overseas Star Enterprise Pte Limited.

The wind-up application was filed by JCDECAUX Singapore Private
Limited on March 30, 2006.

Contact: The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


SEMBLOG ASIA: Creditors' Proofs of Claim Due on July 3
------------------------------------------------------
Creditors of Semblog Asia Pacific Pte Limited are required to
submit their proofs of claim on or before July 3, 2006, to share
in the Company's dividend distribution.

Semblog Asia in currently under member's voluntary liquidation.

Contact: Low Sok Lee Mona
         Teo Chai Choo
         Liquidators
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807
   

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

BANGKOK STEEL: Further Delays in Submission of Financial Report
---------------------------------------------------------------
On June 1, 2006, Bangkok Steel Industry Public Company Ltd
submitted a letter to the Stock Exchange of Thailand asking for
extension of the deadline by which the Company must submit its
financial statement for the first quarter of 2006 ending
March 31.

The Company, on its letter to the SET, explained that its new
auditor, S.K. Accountant Service Co., Ltd., has different
opinion from its previous auditor, BDO Rich fields Co., Ltd., in
preparing the consolidated financial statements, especially the
significant change in shareholders' equity of the company which
might be against with the principle of the continuity of the
accounting.  

Bangkok Steel adds that the plan administrators have now
coordinated with the two auditors to solve the discrepancy in
opinion regarding the Company's consolidated financial
statement.  

Bangkok Steel, on May 11, 2006, had previously asked the SET for
an extension of the deadline to submit the Company's first
quarter 2006 financial statement.  The Company had cited the
change of auditors as the reason for the delay.

However, the SET, on May 16, 2006, still moved to post an SP --
suspension -- sign on the securities of the Company effective
from the first trading session due to its failure to timely
submit its first quarter financial statements by the deadline
specified by the SET.

                          *     *     *

Bangkok Steel Industry Public Company Limited --  
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel  
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.  
Additionally, the Company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

On December 22, 2003, the Supreme Court ordered the Company to
rehabilitate its business in accordance with Thailand's
Bankruptcy Act.  On April 19, 2004, the Central Bankruptcy Court
appointed C.J. Morgan Co., Ltd. and Panya Intellect Co., Ltd. to
be its business rehabilitation planners.  The comptroller of
Bankruptcy head invited the debtors, creditors and lenders to
lodge the claim for settlement of debts with the Company.  The
total claims lodged by the appellants amounted to approximately
THB59.09 billion which were the outstanding balance in the
Company's accounts approximately THB18.91 billion and
commitments and contingent liabilities of THB40.18 billion.

The Company's business rehabilitation plan, dated December 19,
2004, was accepted three days later, and on February 7, 2005,
Thailand's Central Bankruptcy Court entered an order approving
that plan.   

On November 30, 2005, the creditors' meeting moved to amend the
Company's business rehabilitation plan, which the Central
Bankruptcy Court agreed to on December 26, 2005.





                            *********


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