TCRAP_Public/060619.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 19, 2006, Vol. 9, No. 120

                            Headlines

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

ABALONE AQUACULTURE: To Declare Final Dividend on June 20
ANGORA QUEST: Liquidator to Present Wind-up Report
BCD TIMBER: Names William Balfour Rangott as Liquidator
B>C & E INVESTMENTS: Members Opt for Voluntary Liquidation
BETAFORM CONSTRUCTION: To Pay Dividend to Creditors

BROOKLEIGH PROPERTIES: Appoints Joint and Several Liquidators
DOM ANTHONY: Members Resolve to Wind Up Firm
DOROT PTY: Shuts Down Business Operations
DWAYNE HOLDINGS: Creditors Must Prove Debts by June 30
FAR MANAGEMENT: Members and Creditors to Receive Wind-up Report

GIBSON CHEMICALS: Members Decide to Close Operations
GILCHRIST & CAHIR: Shareholders to Meet on June 20
HOUSE REVIVAL: Creditors' Proofs of Claim Due on June 29
JK GROUP: Begins Winding Up Proceedings
JOMED AUSTRALIA: To Distribute Final Dividend on June 30

OZTEK TRADING: Enters Voluntary Liquidation
PLACEMENT PERSONNEL: Appoints Joint Liquidators
POLLARD PAINTING: Court Orders Wind-up
QANTAS AIRWAYS: Fuel Surcharge Hidden in Another Levy, AAP Says
ROSEWELL CORPORATION: Liquidator Presents Wind-up Report

SELDIRMA PTY: Members Agree on Liquidation
SUNPLAS (AUSTRALIA): Prepares to Pay Dividend to Creditors
TELSTRA CORPORATION: ACCC Snubs Proposed AU$30 Access Charge
TITOKI MANOR: Liquidators Receive Proofs of Debt Until June 30
TRI-STAR TECHNOLOGY: Members, Creditors to Review Wind-up Report

WESTPOINT GROUP: ASIC Wants Court to Expand Asset-Freeze Orders
WESTPOINT GROUP: Court Enters Order on Emu Promissory Notes
WESTRA CONTRACTORS: High Court Appoints Joint Liquidators
XENO TRANS: Members Resolve to Wind Up Firm


C H I N A   &   H O N G  K O N G

AFFINITY SYSTEMS: Creditors Must Prove Debts by June 22
AMAZING WAVE: Appoints Official Liquidator
CHORION (ASIA): Liquidator Sets Final Meeting on July 10
GADON (H.K.): Members Final Meeting Slated for July 28
GRACE SHINE: Chan Appointed as Liquidator

HITWISE (H.K.): Liquidator to Present Wind-up Report
HONG KONG COMMITTEE: Creditors' Proofs of Debt Due on June 30
JOYWAY (H.K.): Members to Receive Wind-up Report
KAM MOON: Creditors Final Meeting Fixed on June 21
LANBO INDUSTRIAL: Creditors to Convene on July 11

LEADING TOP: Members Name Official Liquidator
PANVA GAS: Moody's Downgrades Rating from Ba1 to Ba2
RICH SINO: Creditors' Proofs of Claim Due on July 10
WAI HUNG ENGINEERING: Liquidator Ceases to Act for Company
WING SHAN: Joint Liquidators Step Aside

WORLD RACING: Members Agree to Wind-up Operations


I N D I A

HEAVY ENGINEERING: Unveils High Tech Space Research Machine
HINDUSTAN ORGANIC: Members Set to Hike Capital and Issue Shares
LML LIMITED: Permitted to Extend Fiscal Year to 18 Months
SHRIRAM SAHAKARI: Loses License After Revival Efforts Failed


I N D O N E S I A

BANK MANDIRI: Raja Garuda Says it Hasn't Defaulted on Debts


J A P A N

KANEBO LIMITED: 500 Shareholders Unaware of Business Transfer
MAX AIR: To File for Bankruptcy This Week


K O R E A

DAEWOO ENGINEERING: Kumho Ahead in Daewoo Bidding Race


M A L A Y S I A

FUTUTECH BERHAD: 22nd Annual General Meeting Slated for June 29
FOREMOST HOLDINGS: Schedules 8th Annual General Meeting June 30
LITYAN HOLDINGS: Bourse Begins Delisting Procedures
MALAYSIA AIRLINES: A380 Deal Hinges on Talks with Airbus
MANGIUM INDUSTRIES: To Convene 10th AGM on June 29

METROPLEX BERHAD: Hearing of Unit's Appeal Moved to July 13
NORTH BORNEO: To Consider Appointment of New Auditors at EGM
PARACORP BERHAD: 10th Annual General Meeting Fixed on June 29
PILECON ENGINEERING: Unit Undergoes Winding Up
TECHVENTURE BERHAD: To Hold 13th Annual General Meeting June 29

TECHVENTURE BERHAD: Prepares Rehab Plan for Submission to SC


P H I L I P P I N E S

ASIA AMALGAMATED: No Plans Amidst Yet Another Net Loss
EVER-GOTESCO RESOURCES: Posts PHP39.59-Mln Profit in 1st Quarter
HACIENDA LUISITA: SC Orders Stay on Land Distribution
PACIFIC PLANS: Doles Out PHP140 Million in Tuition Support
VITARICH CORP: Will Hold Annual Stockholders' Meeting on June 30


S I N G A P O R E

GEOCON PILING: Faces Wind-Up Proceedings
GEOCON PILING: Inks Settlement and Release Deal with Taisei
SEE HUP SENG: Strikes Off Dormant Units from Register
SERN FAH: OCBC Files Bankruptcy Petition Against Firm
TIEN CHUAN DESIGN: Court Hears Bankruptcy Application


T H A I L A N D

THAI WAH: First Quarter Report Shows Decline in Net Earnings
* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ABALONE AQUACULTURE: To Declare Final Dividend on June 20
---------------------------------------------------------
Abalone Aquaculture Australia Pty Limited will declare its first
and final dividend on June 20, 2006, to the exclusion of
creditors who were not able to prove their claims.

Contact: Richard Albarran
         Deed Administrator
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


ANGORA QUEST: Liquidator to Present Wind-up Report
--------------------------------------------------
A final meeting of members and creditors of Angora Quest Pty
Limited will be conducted on June 22, 2006, at 9:00 a.m.

During the meeting, Liquidator O'Keeffe Walton Richwol will
present final accounts of the Company's wind-up operations.

Contact: O'Keeffe Walton Richwol
         Liquidator
         Suite 3, 431 Burke Road
         Glen Iris 3146, Australia


BCD TIMBER: Names William Balfour Rangott as Liquidator
-------------------------------------------------------
At a general meeting of BCD Timber Pty Limited on May 9, 2006,
members agreed that it is in the Company's best interests to
wind up its operations.

William Balfour Rangott was subsequently named liquidator.

Contact: William B. Rangott
         Liquidator
         Rangott Slaven Hundy
         Level 3, Engineering House
         11 National Circuit, Barton
         Australian Capital Territory 2600
         Australia


B>C & E INVESTMENTS: Members Opt for Voluntary Liquidation
----------------------------------------------------------
At a general meeting on May 1, 2006, members of B>C & E
Investments Pty Limited agreed that the Company must voluntarily
commence a wind-up of its operations.

Christopher G. H. Higham was appointed as liquidator to manage
the wind-up exercise.

Contact: Christopher G. H. Higham
         Liquidator
         Abbott's Pty Limited
         813 Wellington Street
         West Perth, Western Australia 6005
         

BETAFORM CONSTRUCTION: To Pay Dividend to Creditors
---------------------------------------------------
Betaform Construction Pty Limited will declare its first and
final dividend on June 23, 2006.

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

Contact: G. G. Woodgate
         Liquidator
         Woodgate & Co.
         Telephone:(02) 9233 6088
         Fax: (02) 9233 1616


BROOKLEIGH PROPERTIES: Appoints Joint and Several Liquidators
-------------------------------------------------------------
Jeffery Philip Meltzer and Michael Lamacraft were appointed as
joint and several liquidators for Brookleigh Properties Ltd on
May 25, 2006.  

The Liquidators require the Company's creditors to submit their
proofs of claim by June 30, 2006, or be excluded from sharing in
any distribution the Company will make.

Contact: Michael Lamacraft
         Meltzer Mason Heath
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


DOM ANTHONY: Members Resolve to Wind Up Firm
--------------------------------------------
After their extraordinary general meeting on May 1, 2006, the
members of Dom Anthony Australia Pty Limited decided to
voluntarily wind up the Company's operations.

Victor Raymond Dye and Nicholas Giasoumi were named as joint
liquidators at a creditors' meeting held that same day.

Contact: Victor R. Dye
         Nicholas Giasoumi
         Joint & Several Liquidators
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122
         Australia


DOROT PTY: Shuts Down Business Operations
-----------------------------------------
At a general meeting on May 5, 2006, the members of Dorot Pty
Limited agreed that the Company must voluntarily commence a
wind-up of its operations.

John Frederick Taylor was appointed as liquidator to manage the
wind-up activities.

Contact: John Frederick Taylor
         Liquidator
         Level 15, 309 Kent Street
         Sydney, Australia


DWAYNE HOLDINGS: Creditors Must Prove Debts by June 30
------------------------------------------------------
Liquidator Raymond Gordon Burgess requires the creditors of
Dwayne Holdings Ltd to submit their proofs of debt by June 30,
2006.

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

Contact: Raymond Gordon Burgess
         P.O. Box 82-100, Auckland
         New Zealand
         Telephone: (09) 576 7806
         Facsimile: (09) 576 7263


FAR MANAGEMENT: Members and Creditors to Receive Wind-up Report
---------------------------------------------------------------
Members and creditors of Far Management Services Pty Limited
will hold a final meeting on June 23, 2006, at 10:30 a.m., for
them to receive Liquidator Murray Godfrey's final account
showing how the Company was wound up and how its property was
disposed of.

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


GIBSON CHEMICALS: Members Decide to Close Operations
----------------------------------------------------
After their extraordinary general meeting on May 4, 2006, the
members of Gibson Chemicals (New South Wales) Pty Limited
decided to voluntarily wind up the Company's operations.

Liquidators Keiran Hutchison and John Gibbons of Ernst & Young
were consequently appointed as liquidators.

Contact: Keiran Hutchison
         John Gibbons
         Liquidators
         Ernst & Young
         680 George Street, Sydney
         New South Wales 2000, Australia
         Telephone: 02 9248 5862


GILCHRIST & CAHIR: Shareholders to Meet on June 20
--------------------------------------------------
The shareholders of Gilchrist & Cahir Pty Limited will convene
at a final meeting on June 20, 2006, at 11:00 a.m., for them to
receive Liquidator L.C. Gilchrist's final account showing how
the Company was wound up and how its property was disposed of.

Contact: L. C. Gilchrist
         Liquidator
         Coleman & Partners
         1st Floor, 682 Doncaster Road
         Australia


HOUSE REVIVAL: Creditors' Proofs of Claim Due on June 29
--------------------------------------------------------
Creditors of House Revival Team Ltd are required to submit their
proofs of claim by June 29, 2006, to Liquidator John Howard
Ross.

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

Contact: John Howard Ross
         C/O Sandra Pearson
         PricewaterhouseCoopers
         113-119 The Terrace, Wellington
         New Zealand
         Telephone: (04) 462 7000
         Facsimile: (04) 462 7492


JK GROUP: Begins Winding Up Proceedings
---------------------------------------
At a general meeting of the members JK Group Pty Limited on
May 27, 2006, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.

In this regard, Mark Pearce was appointed as liquidator.

Contact: Mark Pearce
         Liquidator
         Pearce & Heers Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane, Australia
         Telephone:(07) 3221 0055
         Fax: (07) 3221 8885


JOMED AUSTRALIA: To Distribute Final Dividend on June 30
--------------------------------------------------------
Jomed Australia Pty Limited will distribute its first and final
dividend on June 30, 2006.

Creditors are required to submit their formal proofs of claim by
June 29, 2006.  Those who fail to comply with this requirement
will be excluded from sharing in the dividend distribution.

Contact: Anthony R. Cant
         Liquidator
         Romanis Cant Chartered Accountants
         2nd Floor, 106 Hardware Street
         Melbourne, Victoria 3000
         Australia


OZTEK TRADING: Enters Voluntary Liquidation
-------------------------------------------
At an extraordinary general meeting on May 1, 2006, the members
of Oztek Trading Pty Limited resolved to close the Company's
business operations.

Subsequently, Victor Raymond Dye and Nicholas Giasoumi were
appointed as joint and several liquidators.

Contact: Victor R. Dye
         Nicholas Giasoumi
         Liquidators
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


PLACEMENT PERSONNEL: Appoints Joint Liquidators
-----------------------------------------------
The creditors of Placement Personnel Pty Limited met on May 5,
2006, and appointed B. A. Secatore and D. P. Juratowitch as
liquidators to supervise the Company's wind-up activities.

Contact: D. P. Juratowitch
         B. A. Secatore
         Liquidators
         Bentleys MRI
         Level 7, 114 William Street
         Melbourne 3000, Australia


POLLARD PAINTING: Court Orders Wind-up
--------------------------------------
The Supreme Court of New South Wales, Equity Division ordered
the winding up of Pollard Painting Pty Limited on May 4, 2006.

Subsequently, Antony De Vries was appointed as liquidator.

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


QANTAS AIRWAYS: Fuel Surcharge Hidden in Another Levy, AAP Says
---------------------------------------------------------------
Qantas Airways Ltd's fuel surcharge is hidden within another
levy, thus its passengers may not realize that they are paying
for the higher cost of jet fuel, Felicity Williams of the
Australian Associated Press reveals.

According to Ms. Williams, a Qantas spokesperson confirmed that
the airline charges domestic passengers a AU$31 fuel surcharge a
journey leg, but the fee is imposed as part of an insurance
levy.

AAP recounts that Qantas raised its fuel surcharge on domestic
flights by AU$5 to AU$31 last month, after oil prices soared
above US$70 a barrel amid concerns about possible military
conflict between the United States and the world's fourth
largest oil exporter, Iran.

The airline also raised its fuel surcharge on trans-Tasman
flights by AU$10 to AU$56 and all other international flights by
AU$23 to AU$98.

Although Qantas publicly flagged the increases, the fuel
surcharge is not listed separately in the breakdown of extra
taxes and charges when passengers purchase a ticket, Ms.
Williams says.

AAP relates that Australian Consumers' Association deputy chief
executive Norm Crothers said that it was "absolutely outrageous"
that the fuel surcharge was included as part of the insurance
levy.  He believes that the Australian Competition and Consumer
Commission should look into the matter.

Mr. Crothers told AAP that the fuel surcharge is a cost of
business and as such should be included in the ticket price
rather than tacked on to fares as an extra charge.

Ms. Williams states that Qantas is reviewing its fuel surcharge
on selective routes, after raising the levy by AU$9 to AU$19 per
sector in April 2005.

                      About Qantas Airways

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

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

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


ROSEWELL CORPORATION: Liquidator Presents Wind-up Report
--------------------------------------------------------
Members and creditors of Rosewell Corporation Pty Limited will
hold a final meeting on June 23, 2006, at 10:30 a.m., for them
to receive Liquidator Mervyn J. Kitay's final account showing
how the Company was wound up and how its property was disposed
of.

Contact: Mervyn J. Kitay
         Liquidator
         Grant Thornton Western Australian Partnership
         Level 6, 256 St. George's Terrace
         Perth, Western Australia 6000
         Australia


SELDIRMA PTY: Members Agree on Liquidation
------------------------------------------
The members of Seldirma Pty Limited met on May 2, 2006, and
agreed to:

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

  -- appoint Edgar Reginald Hewitt as liquidator to manage the      
     wind-up activities.

Contact: Edgar R. Hewitt
         Liquidator
         4 Karoola Crescent, Caringbah
         New South Wales, Australia


SUNPLAS (AUSTRALIA): Prepares to Pay Dividend to Creditors
----------------------------------------------------------
Sunplas (Australia) Pty Limited will declare its first dividend
on June 21, 2006.

Creditors who were not able to prove their claims will be
excluded from sharing in the dividend distribution.

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


TELSTRA CORPORATION: ACCC Snubs Proposed AU$30 Access Charge
------------------------------------------------------------
The Australian Competition and Consumer Commission has rejected
Telstra Corporation's proposal to charge its rival networks
AU$30 per month for them to access its fixed-line network, The
Advertiser reports.

The Sydney Morning Herald relates that despite the ACCC's
rejection of its pricing proposal, Telstra intends to push
through with its plan to build a new high-speed fibre-to-the-
node network.

According to Sydney Herald, Telstra spokeswoman Liz Jurman
clarified that the FTTN is a separate issue from the access
pricing.  She points out that Telstra's talks with the ACCC
regarding the FTTN continue to progress well, and that the
regulator's rejection of the AU$30 access price proposal has no
bearing on the results of the FTTN-related negotiations.

Telstra is in discussions with the ACCC about how the new
network will be regulated, Sydney Herald explains.  The outcome
of those discussions will affect the Government's decision on
whether or not to sell its remaining 51% stake in Telstra.

The Troubled Company Reporter - Asia Pacific reported on May 9,
2006, that the sale of the Government's stake in Telstra is
effectively on hold until the telco's concerns over access
pricing and regulations applying to its proposed broadband
network upgrade are ironed out with the ACCC.  The TCR-AP had
said that the Government had planned the sale for October or
November 2006, and expected to generate AU$26.6 billion from it.  
The Government hopes to hand out a formal decision in July on
whether the sale will proceed this year.

The Advertiser notes that Telstra criticized the ACCC's draft
decision on the access charge by saying that it would "cause a
raid on the company's 1.6 million shareholders by competitors
and foreign carriers."

A final decision on ULL pricing is expected by August 2006.
Telstra then has the option to appeal an adverse decision to the
Australian Competition Tribunal.

As reported in the TCR-AP, Telstra, on December 13, 2004,
Telstra submitted access undertakings for ULLS monthly charges,
ULLS connection charges, Line Sharing Service monthly charges
and LSS connection and disconnection charges.  All four
undertakings provided pricing for the 2004-05 and 2005-06
financial years.

The ACCC released final decisions on the two monthly charges
undertakings and draft decisions on the connection/disconnection
charge undertakings in December 2005.  Following that draft
decision, Telstra withdrew its ULLS connection charge
undertaking.

Telstra's LSS connection and disconnection charge undertaking
proposed an LSS connection charge of AU$90 and disconnection
charge of AU$90.  The ACCC, in April 2006, rejected Telstra's
connection and disconnection undertaking for the LSS.

                         About Telstra

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


TITOKI MANOR: Liquidators Receive Proofs of Debt Until June 30
--------------------------------------------------------------
Joint Liquidators Jeffery Philip Meltzer and Michael Lamacraft
require the creditors of Titoki Manor Ltd to submit their proofs
of debt by June 30, 2006.

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

Contact: Michael Lamacraft
         Meltzer Mason Heath
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


TRI-STAR TECHNOLOGY: Members, Creditors to Review Wind-up Report
----------------------------------------------------------------
A final meeting of the members and creditors of Tri-Star
Technology Pty Limited will be held on June 23, 2006, at 10:00
a.m.

During the meeting, Liquidator R. W. Whitton will report on the
manner the wind-up was conducted and the Company's property was
disposed of.

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


WESTPOINT GROUP: ASIC Wants Court to Expand Asset-Freeze Orders
---------------------------------------------------------------
The Australian Securities and Investments Commission asked the
Federal Court in Perth on June 15, 2006, to expand existing
orders freezing certain Westpoint-related assets, the Australian
Associated Press reports.

As reported in the Troubled Company Reporter - Asia Pacific on
April 17, 2006, the ASIC obtained interim court orders freezing
the assets of four Westpoint companies and former Westpoint
directors Norman Phillip Carey, Graeme John Rundle, Cedric
Richard Palmer Beck and John Norman Dixon.

The Sydney Morning Herald cites ASIC counsel Stephen Owen-Conway
as telling Justice Robert French that the Westpoint directors
were beneficiaries of trusts that could hold unknown assets.
Mr. Owen-Conway said that these trusts and those associated with
other directors needed to be locked down to ensure that some
property was available to creditors.

The Age relates that Justice French reserved his decision on the
matter until June 28, 2006.

According to AAP, Mr. Carey, Westpoint's founder, will be cross-
examined about his assets next month after the ASIC said his
earlier affidavits outlining his interests were incomplete.
Mr. Carey's counsel, Terry Clavey, said that it was possible the
directors were beneficiaries of trusts without being aware.

                     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 investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The 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.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its 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.  The ASIC
had applied to wind up the company on grounds of insolvency.  
The 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.  
The 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.


WESTPOINT GROUP: Court Enters Order on Emu Promissory Notes
-----------------------------------------------------------
The Court of Appeal of the Supreme Court of Western Australia
handed down on June 15, 2006, its decision in a case commenced
by the Australian Securities and Investments Commission in 2004
seeking declarations and orders against Emu Brewery Mezzanine
Limited.

The ASIC commenced proceedings against Emu Brewery in May 2004
seeking declarations that the offer of promissory notes by Emu
Brewery contravened the Corporations Act because the offer
should have complied with the debenture requirements of the
Corporations Act.  These requirements included:

   -- a trust deed giving a trustee rights and obligations for
      the protection of investors;

   -- an independent trustee; and

   -- a compliant disclosure statement.

The ASIC sought consequential orders that would have required
Emu Brewery to give investors an opportunity to be repaid funds
advanced to Emu Brewery and to comply with these provisions in
any future fundraising using promissory notes with a face value
of at least AU$50,000.

In the alternative, the ASIC sought declarations that Emu
Brewery had contravened the Corporations Act because the
promissory notes constituted a managed investment scheme
requiring registration with the ASIC.

The ASIC also argued that the representations made by Emu
Brewery in its information memoranda were misleading and
deceptive.

Justice Simmonds ruled on November 19, 2004, that the promissory
notes were not debentures and that the promissory notes gave
rise to interests in a managed investment scheme.  He did not
find the representations in the information memoranda issued by
Emu Brewery were misleading or deceptive.

Following Justice Simmonds' ruling, Emu Brewery appealed the
decision that the promissory notes were interests in a managed
investment scheme and the ASIC appealed the ruling that the
promissory notes were not debentures.

The Troubled Company Reporter - Asia Pacific reported that
creditors of Emu Brewery agreed on February 15, 2006, on the
company's need to liquidate.  The creditors named Martin Jones
and Darren Weaver as joint and several liquidators for Emu
Brewery.

The appeal before the Western Australian Court of Appeal was
heard on February 20, 2006.  Shortly before that date, the
liquidator of Emu Brewery discontinued its appeal.

Consequently, a majority of the Western Australian Court of
Appeal ruled against the ASIC's contention that the promissory
notes in question were, in fact, debentures.

The ASIC explains that the Appellate Court's ruling means that
the provisions of the Corporations Act relating to the issue of
debentures, including the requirement for investors to receive a
complying disclosure document, and a debenture trust deed and an
independent trustee did not apply to the issue of promissory
notes by Emu Brewery -- and, by extension, other Westpoint
companies involved in issuing promissory notes.

The ASIC says that it is mindful of the consequences that the
ruling may have on the availability of Corporations Act
protection for consumers who lend money to companies in return
for promissory notes like the ones issued by Westpoint.  The
ASIC adds that it is considering the impact and consequences of
the Court's decision for investors in Westpoint and for other
issuers of promissory notes.

                     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 investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The 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.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its 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.  The ASIC
had applied to wind up the company on grounds of insolvency.  
The 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.  
The 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.


WESTRA CONTRACTORS: High Court Appoints Joint Liquidators
---------------------------------------------------------
The High Court of Wellington on May 22, 2006, appointed David
Stuart Vance and Barry Phillip Jordan as liquidators to act
jointly and severally for Westra Contractors 2000 Ltd.

The Liquidators require the Company's creditors to submit their
proofs of claim by June 26, 2006, or be excluded from sharing in
any distribution the Company will make.

Contact: David Stuart Vance
         C/O Robin Crimp
         McCallum Petterson, Level 8,
         The Todd Building
         95 Customhouse Quay, Wellington
         New Zealand
         Telephone: (04) 499 7796
         Facsimile: (04) 499 7784


XENO TRANS: Members Resolve to Wind Up Firm
-------------------------------------------
The members of Xeno Trans Pty Limited held a meeting on
May 16, 2006, and agreed to shut down the Company's business
operations.

They also decided to appoint S. L. Horne as liquidator.

Contact: S. L. Horne
         Liquidator
         Draper Dillon
         499 St. Kilda Road, Melbourne
         Victoria 3004, Australia


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

AFFINITY SYSTEMS: Creditors Must Prove Debts by June 22
-------------------------------------------------------
Liquidator Chak Chun Keung requires the creditors of Affinity
Systems Ltd to submit their proofs of claim by June 22, 2006.

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

Contact: Chak Chun Keung
         Room 603, Alliance Building
         130-136 Connaught Road Central
         Hong Kong


AMAZING WAVE: Appoints Official Liquidator
------------------------------------------
Members of Amazing Wave Investment Ltd on June 2, 2006, resolved
to appoint Zhang Xiao Lan as official liquidator.

Contact: Zhang Xiao Lan
         Hong Ni Ta Bei Zi Ran Village
         Da You Li Village
         Lou Bu Town, Jin Hua County
         Zhe Jian Province, China


CHORION (ASIA): Liquidator Sets Final Meeting on July 10
--------------------------------------------------------
Liquidator Iain Ferguson Bruce will present his report on the
wind-up of Chorion (Asia) Ltd on July 10, 2006, to the Company's
members.

The presentation will be made on July 10, 2006, 10:00 a.m. at
the Liquidator's office.

Contact: Iain Ferguson Bruce
         8/F., Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


GADON (H.K.): Members Final Meeting Slated for July 28
------------------------------------------------------
Members of Gadon (H.K.) Ltd will convene for a final general
meeting at the Liquidator Hui Ho Yin's office on July 28, 2006
at 11:00 a.m.

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

Contact: Hui Ho Yin
         Rooms 2107-8, 21/F
         Kai Tak Commercial Bldg
         317-319 Des Voeux Road Central
         Hong Kong


GRACE SHINE: Chan Appointed as Liquidator
-----------------------------------------
Members of Grace Shine Company Limited on May 29, 2006,
appointed Man Choi as liquidator to oversee the Company's wind-
up exercise.

Mr. Chan requires the Company's creditors to submit their proofs
of claim by July 15, 2006, or be excluded from sharing in any
distribution the Company will make.

Contact: Chan Man Choi
         Room 803, Tung Hip Commercial Bldg
         248 Des Voeux Road Central
         Hong Kong


HITWISE (H.K.): Liquidator to Present Wind-up Report
------------------------------------------------------
Members of Hitwise (H.K.) Ltd will be receiving Liquidator Cheng
Pik Yuk's final wind-up report on July 10, 2006, 10:00 a.m.

Contact: Cheng Pik Yuk
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


HONG KONG COMMITTEE: Creditors' Proofs of Debt Due on June 30
-------------------------------------------------------------
Liquidator Ying Hing Chiu will be receiving proofs of claim from
creditors of Hong Kong Committee of the Pacific Basin Economic
Council Ltd until June 30, 2006.

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

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


JOYWAY (H.K.): Members to Receive Wind-up Report
------------------------------------------------
Members of Joyway (H.K.) Ltd will be receiving Liquidator Lau
Wing Ling's final report on the Company's wind-up operation on
July 11, 2006, 4:00 p.m.

Contact: Lau Wing Ling
         Room 502-505, 5/F
         Sun Hung Kai Centre
         30 Harbour Road, Wanchai
         Hong Kong


KAM MOON: Creditors Final Meeting Fixed on June 21
--------------------------------------------------
Creditors of Kam Moon Tong Restaurant Co Ltd will convene on
June 21, 2006, 5:45 p.m. to discuss wind-up matters.

The meeting will be held at Unit 301 3rd Floor Malaysia Bldg, 50
Gloucester Road, Wanchai, Hong Kong.


LANBO INDUSTRIAL: Creditors to Convene on July 11
-------------------------------------------------
Creditors of Lanbo Industrial Ltd will convene on July 11, 2006,
10:30 a.m. to discuss the Company's wind-up.

The meeting will be held at Room 602, 447 Lockhart Road, Hong
Kong.


LEADING TOP: Members Name Official Liquidator
---------------------------------------------
Members of Leading Top Development Limited on June 2, 2006,
appointed Chan Sun Kwong as official liquidator.

Mr. Chan will be administering all the affairs of the Company
during the wind-up period.

Contact: Chan Sun Kwong
         Room 102, Oriental Centre
         67-71 Chatham Road
         Tsimshatsui, Kowloon
         Hong Kong


PANVA GAS: Moody's Downgrades Rating from Ba1 to Ba2
----------------------------------------------------
Moody's Investors Service on June 15, 2006, downgraded the
corporate family rating and senior unsecured bond rating of
Panva Gas Holdings to Ba2 from Ba1 with stable outlook.  

Jennifer Wong, the rating agency's lead analyst says Moody's is
concerned over:

   * Panva's lower-than-expected financial performance, caused
     mainly by the delay in its acquisition plan as it moved its
     venue listing from GEM to Main Board in 2005; and

   * the Company's inability to acquire majority stakes in two
     main projects due to government policy issues and
     competition in Changchun and Chengdu.  

Ms. Wong explained that this has prompted Panva's overall
financial profile to weaken - the projected key credit metrics
are lower than originally expected when Moody's first assigned
the rating and are more consistent with the Ba2 rating.

Furthermore, Moody's is concerned that the interest rate swaps
entered in relation to Panva's bond issuance in 2004 are not the
best structured hedging instruments and expose the Company to
the risk of interest rate volatility.  In addition to a related
HK$208 mark-to-market loss in 2005, due to interest rate hikes
Panva will be paying an effective interest cost of over 15% for
its bonds until at least September 2006, when interest rates are
reset again.

Moody's notes that Panva may need to increase its cash
collateral to reflect the mark-to-market losses.  However, the
rating agency draws comfort that the company's cash on hand of
around HK$980 million as at FY2005 year end is more than
sufficient to cover the cash collateral requirement as well as
the estimated associated unwinding cost, albeit this could
weaken Panva's balance sheet liquidity and limit its financial
flexibility.

The Ba2 rating continues to reflect Panva's exposure to China's
evolving regulatory and operating environment, the competitive
environments for wholesale and retail LPG businesses -- although
partially mitigated by Panva's large market share -- and the
evolving business risk profile as new acquisitions and
investment continue.

At the same time, the rating considers the company's core credit
strengths, including favorable industry trends, which offer good
growth potential, and geographically diversified piped gas
projects and bottled LPG projects.

A rating upgrade is unlikely in the next 12-18 months. However,
positive rating pressure would evolve over time if Panva
demonstrated a track record of achieving its overall growth
strategy while maintaining a sound liquidity profile. Key credit
metrics that Moody's would consider for a rating upgrade include
Adj. FFO/Int of above 5.0x.

On the other hand, evidences of increased exposure to further
derivative instruments would prompt a rating review if such
transactions expose the company to further interest rate
volatility. Furthermore, the rating would be under pressure if
signs emerged that Panva's balance sheet liquidity were weakened
such that cash on hand were insufficient to fund its refinancing
and capital expenditure requirements on a rolling 12-month
basis. A more aggressive debt-funded acquisition and expansion
strategy would also be negative for the rating. The key credit
metrics that Moody's would consider for a rating downgrade
include Adj FFO/Int of below 2.0x.

                          *     *     *

Panva Gas -- listed on the Hong Kong Stock Exchange -- is
primarily engaged in the downstream selling and distribution of
liquefied petroleum gas and natural gas in Mainland China.  Its
main operations include the sale of LPG in bulk and cylinders,
the provision of piped natural gas, the construction of gas
pipelines and to a lesser extent the sale of LPG household
appliances.


RICH SINO: Creditors' Proofs of Claim Due on July 10
----------------------------------------------------
Liquidator Tang Wai Ting requires the creditors of Rich Sino
Trading Ltd Hong Kong Committee to submit their proofs of claim
by July 10, 2006.

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

Contact: Tang Wai Ting
         21/F., Fee Tat Road
         Kowloon, Hong Kong


WAI HUNG ENGINEERING: Liquidator Ceases to Act for Company
----------------------------------------------------------
Ng Hon Wai ceased to act as liquidator of Wai Hung Engineering
Transportation Company Ltd on June 1, 2006.


WING SHAN: Joint Liquidators Step Aside
---------------------------------------
Jacky CW Muk and Gabriel CK Tam ceased to act as joint
liquidators of Wing Shan Finance Ltd on May 22, 2006.


WORLD RACING: Members Agree to Wind-up Operations
-------------------------------------------------
Members of World Racing Ltd at an extraordinary general meeting
conducted on May 27, 2006 passed a resolution to wind-up the
Company's operation voluntarily and appoint Seto Sau Kuen as
liquidator.

Mr. Seto requires the Company's creditors to submit their proofs
of claim by June 30, 2006, or be excluded from sharing in any
distribution the Company will make.

Contact: Seto Sau Kuen
         Room 1509 CC Wu Bldg
         302-8 Hennessy Road
         Wanchai, Hong Kong


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

HEAVY ENGINEERING: Unveils High Tech Space Research Machine
-----------------------------------------------------------
Heavy Engineering Corporation has successfully developed the
country's first machine toll to manufacture equipment used in
launching satellites, Telugu News reports.

The Three Axis Single Column Computerised Numerical Control
Vertical Turning and Boring machine tool can be used to develop
products and components for the Polar Satellite Launch Vehicle.

According to Telugu, the Indian Space Research Organization had
initially approached Japan to develop the machine but was
refused.

Despite being the second choice, Heavy Engineering was able to
carry out the design and construction of the machine, ISRO's
Vikram Sarabhai Space Centre deputy director P.P. Sinha said.

Mr. Sinha appreciated Heavy Engineering for making the machine,
which is one of the advanced technologies in the world, Telugu
relates.

               About Heavy Engineering Corporation

Headquartered in Ranchi, India, Heavy Engineering Corporation
Limited -- http://www.hecltd.com/-- was incorporated in  
December 1958 with the primary objective of achieving self-
sufficiency and self-reliance in the field of design and
manufacture of equipment and machinery for the Iron and Steel
Industry and other core sector industries like, Mining,
Metallurgical, etc.  The Company manufactures a wide range of
equipment for steel plants, material handling equipment like
wagon tipplers and EOT cranes, heavy machine tools including CNC
machine tools and special purpose machine tools, various types
of castings, forgings and rolls.  The Company became sick and
was referred to the Board for Industrial and Financial
Reconstruction in the late 1990s.  BIFR has sanctioned a revival
plan, which is under implementation.   The Company is run with
the assistance of the state government.


HINDUSTAN ORGANIC: Members Set to Hike Capital and Issue Shares
---------------------------------------------------------------
Members of Hindustan Organic Chemicals Limited will convene at
an extraordinary general meeting on July 7, 2006.

At the meeting, members will be asked to transact the proposed
increase in the Company's authorized share capital from
INR70,00,00,000 divided into 7,00,00,000 equity shares of INR10
each to INR350,00,00,000 divided into 10,00,00,000 equity shares
of INR10 each ranking pari passu with the existing shares in the
Company.

Members will also issue 25,00,00,000 8% non-cumulative
redeemable preference shares of INR10 each in favor of the
President of India, as and when the amounts for the purpose are
received from the Government, subject to necessary provisions
and approvals.

              About Hindustan Organic Chemicals Ltd

Hindustan Organic Chemicals Ltd was incorporated on December 12,
1960, as a wholly owned enterprise of the Government of India.  
It has two manufacturing units, namely, phenol complex at Cochin
and an integrated Nitro Aromatic Complex at Rasayani.  The
Company produces a wide range of products including phenol,
acetone, and aniline.  It has continuously paid dividend for
over 20 years until 1997.  Due to reduced protection from
imports, poor market condition and excessive manpower and
interest cost, the Company had been reporting losses since that
year.  A financial restructuring package was proposed in 2002 to
help the Company turn its business around.  The package, which
has been cleared by the Cabinet Committee on Economic Affairs
based on the recommendations of the Board for Reconstruction of
Public Sector Enterprises, consists of grants aggregating INR750
million and subscription by way of non-cumulative redeemable
preference shares aggregating INR1.75 billion by the Government
of India.


LML LIMITED: Permitted to Extend Fiscal Year to 18 Months
---------------------------------------------------------
The Registrar of Companies of Uttar Pradesh and Uttaranchal on
June 15, 2006, granted LML Limited permission to extend its
financial year from 12 months to 18 months.

Hence, the current financial year April 1, 2005, to March 31,
2006, will be changed to April 1, 2005, to September 30, 2006.

The Company's announcement posted on the Bombay Stock Exchange
did not specify the reason for the planned fiscal year
extension.

                         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
few weeks.


SHRIRAM SAHAKARI: Loses License After Revival Efforts Failed
------------------------------------------------------------
The Reserve Bank of India has canceled the license of Shriram
Sahakari Bank Ltd, Nashik, Maharashtra on June 15, 2006, after
all efforts to revive the bank failed.

The Reserve Bank also stated that Shriram Sahakari has ceased to
be solvent and that its depositors were being inconvenienced by
continued uncertainty.

The Registrar of Co-operative Societies, Maharastra, has also
been requested to issue an order for the winding up of the bank
and to appoint a liquidator.  

Shriram Sahakari's accounts as of September 30, 2004, revealed
that the Bank's financial position was unsatisfactory.  
Furthermore, the inspection of the Bank with reference to its
financial position as of March 31, 2005, revealed further
deterioration in the realizable value of paid-up capital and
reserve was in the negative.

The Bank was immediately issued a notice, asking it to show
cause as to why the license granted to it to conduct banking
business should not be cancelled.  But as Shriram Sahakari did
not have a viable plan of action for revival and the chances of
its revival were remote, the Reserve Bank decided to cancel
Shriram Sahakari's license in the interest of the bank's
depositors.

With the cancellation of its license and after commencement of
liquidation proceedings, the process of paying the Bank's
depositors will be set in motion.

Contact: Shri S. Gen
         General Manager-in-Charge
         Urban Banks Department - Reserve Bank of India
         Mumbai Regional Office
         2nd Floor, Garment House
         A.B. Road, Worli
         Mumbai 400018
         Phone: (022) 2493 9930-49
         Fax: (022) 2493 5495
         e-mail Address: ssen@rbi.org.in  


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

BANK MANDIRI: Raja Garuda Says it Hasn't Defaulted on Debts
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 16, 2006, PT Bank Mandiri asked its corporate borrowers to
settle their non-performing loans, which comprise 26.2% of its
total loans, otherwise it would be forced to seek legal action
against them.

According to the TCR-AP report, Bank Mandiri identified Raja
Garuda Mas Group as one of its major borrowers whose loans
exceed
IDR1 trillion.

In an update, the Jakarta Post relates that Raja Garuda asserted
it has not defaulted on its debts to Bank Mandiri, contrary to
the previous report.

Raja Garuda President Director Ibrahim Hasan said that they
signed a loan restructuring agreement with Bank Mandiri in 2002,
and they have since complied with the conditions set in the
agreement.  

Mr. Hasan did not say how much Raja Garuda owed Bank Mandiri,
but he said that the business group's outstanding debts to 15
syndicated banks amounted to IDR14.06 trillion as of 2002, and
had since fallen to IDR12.99 trillion, adding that it paid its
debts to the banks on a monthly basis.

The Post writes that, according to Mr. Hasan, Bank Mandiri had
asked to raise Raja Garuda's monthly payments, but the company
would only comply with the terms of the loan restructuring
agreement.

Bank Mandiri's bad loans amount to IDR27 trillion, which led to
an 88% drop in its 2005 net profit to IDR604 billion, against a
IDR5.26-trillion net profit in 2004, the TCR-AP recounts.

                       About Bank Mandiri

Bank Mandiri -- http://www.bankmandiri.co.id/-- is Indonesia's  
largest and best capitalized bank in terms of assets, loans and
deposits, and provides comprehensive financial services to more
than six million corporate and individual consumers, as well as
small and medium-sized enterprises in Indonesia.

Bank Mandiri's troubles began in December 1999, when the state
bank, which combined four other state banks, posted losses
totaling IDR6.8 trillion (US$942 million) during the first two
months of operation.  In September 2003, Bank Mandiri asked the
approval of shareholders to hold a quasi-reorganization so that
it can pay dividends to shareholders in 2004.  Before the quasi-
reorganization, there had been loss accumulation worth IDR163
trillion.  As of September 2005, Bank Mandiri's non-performing
loans comprised 24.57% of its total loans.  Accumulated
unresolved debts and higher interest rates led to the 7.49%
increase in the bank's non-performing loans.  
Subsequently, Bank Mandiri is subject to special monitoring by
the central bank due to its high level of non-performing loans,
although it can still extend credit to borrowers.  In December
2005, Bank Mandiri reported that its third-quarter net profits
plummeted 56.7% to IDR610.7 billion from IDR1.41 trillion in the
same period in 2004.  In February 2006, the Bank sought the
Government's help to resolve its non-performing loan problems
and to approve its plan to set up a debt management agency
together with Bank Negara Indonesia, as a state finance law and
a finance ministry regulation prohibit state banks from writing
off debts without permission from the Finance Minister.

According to a report by the Troubled Company Reporter - Asia
Pacific on May 29, 2006, Moody's Investors Service had upgraded
the Bank's subordinated debt rating to Ba3 from Ba1, and its
senior debt rating to Ba3 from Ba1, on higher foreign currency
bond ceilings.


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

KANEBO LIMITED: 500 Shareholders Unaware of Business Transfer
-------------------------------------------------------------
Around 500 shareholders of cosmetics firm Kanebo Limited opposed
a business transfer that was announced online, saying certain
situations prevented them from visiting the Company's Web site
and finding out about the transfer on time, the Mainichi Daily
News says.

The shareholders filed a request with the Ministry of Economy,
Trade & Industry on June 15, 2006, saying that electronic
announcements were not sufficient to communicate the business
activities of companies.

A revision in the Commercial Code in February 2005 allowed
electronic announcements as a means of informing the public
about a company's activities, but has been criticized for its
lack of consideration to the elderly, Mainichi Daily adds.

Kanebo, on April 14, 2006, announced on its Web site that its
daily products and pharmaceuticals division would undergo a
business transfer.

According to the Commercial Code, a company must buy shares from
stakeholders opposed to a business transfer, which may impact
investment decisions, within a specific time period, after which
it is considered that shareholders have accepted the transfer.  
The Company had set the deadline for shareholders to sell their
shares on April 28, 2006.

A certain shareholder who had been hospitalized from April 10 to
May 2, 2006, did not know about the business transfer until he
got out of the hospital.  Since he could not anymore oppose the
transfer, he decided to sell his shares, but the deadline to
sell had already expired.  He approached Kanebo to see if he
could sell his shares to them since its stock had already been
delisted, but the Company said it could not make any exceptions.  
Other shareholders who complained said that they did not know
about the transfer as they had been caring for their parents, or
they were not used to computers.

A Kanebo representative said that the Company issued a press
conference on the transfer, which was also announced in the
Nikkei Shimbun.  He also said that they are looking into the
complaints.

                          *     *     *

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

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


MAX AIR: To File for Bankruptcy This Week
-----------------------------------------
Max Air Services Co. will file for voluntary bankruptcy with the
Tokyo District Court sometime this week, after it cancelled
World Cup tours to Germany since it could not get tickets to the
games, Mainichi Daily News reveals.

The Tokyo-based travel agency said that it would not be able to
refund tour fees to its clients, since, according to Max Air
President Seiichi Sashida, they do not know how much they can
recover from the airlines and hotels, and they do not think
Chinese firm China International Sports Travel Corporation
Zhejiang Co., which was supposed to reserve tickets for the
agency, would agree to refund them.

The Mainichi Daily relates, citing sources close to Max Air,
that the Company had collected around JPY250 million in tour
fees from 866 customers, before it announced late last month
that it had to cancel the World Cup tours due to unavailability
of tickets.  

Max Air is slated to receive JPY70 million from an insurance
firm in order to compensate its customers, as well as
JPY3 million in fees to China International Sports Travel.  It
also has some JPY 50 million in cash, which, however, cannot
entirely be used to compensate clients as it borrowed money from
financial institutions.


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

DAEWOO ENGINEERING: Kumho Ahead in Daewoo Bidding Race
------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on June
14, 2006, that five groups submitted final bids for Daewoo
Engineering & Construction Co. on June 9, 2006.

According to press reports, the five consortia are:

   1. Kumho Asiana Group;
   2. Doosan Group;
   3. Eugene Group;
   4. Prime Group; and
   5. Samwhan Group.

In an update, The Korea Times relates that Kumho Asiana Group
offered the highest offer for the Daewoo Engineering, and thus
has the strongest position among the five bidders.

Kumho, according to business reports, submitted a
KRW6.6 trillion offer for a 72.1% stake in the Daewoo builder.

The 72.1% stake is the entire stake held by Daewoo Engineering's
creditors, led by Korea Asset Management Corp., which holds a
44% stake in the Company.

According to The Korea Times, the other four bidders indicated
that they would not buy the entire 72.1% stake in Daewoo
Engineering.  However, even if they acquire the entire stake,
their suggested prices only range between KRW5.5 trillion and
KRW6.4 trillion won, The Times cites sources as saying.

The TCR-AP had reported that Kumho Asiana joined hands with
JPMorgan as financial consultant.

The Times notes that Kumho Asiana meets bidding requirements,
such as specialty skills in the construction sector and takeover
experience of a company worth more than KRW50 billion.

As for the possibility that Kumho will be selected as the
preferred negotiator, the labor union of Daewoo Construction is
set to protest, citing that the group's past wrongdoings and
issuing allegations are against the current bidding process.
At a press conference last week, the union said that Kumho has
low moral standards as it engaged in illegal funding to
politicians in the 2002 presidential election.

The final proposals will be screened by the Public Fund
Oversight Committee, which is under the wing of the Ministry of
Finance and Economy.

According to the TCR-AP, KAMCO will select the final two
preferred bidders by June 23, 2006, after reviewing the report
by the committee.  The two will then make an official survey on
the take-over of Daewoo Engineering, which has been insolvent
since the 1997 financial crisis yet has been stabilized, in
July.

The successful bidder will sign the M&A contract in August 2006.

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


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

FUTUTECH BERHAD: 22nd Annual General Meeting Slated for June 29
---------------------------------------------------------------
Fututech Berhad will hold its 22dn Annual General Meeting at
Bilik Kiara, Kelab Golf Perkhidmatan Awam Malaysia, Bukit Kiara,
in Off Jalan Damansara, Kuala Lumpur, on June 29, 2006, at 10:30
a.m.

The purpose of the meeting is for member to:

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

   -- approve payment of Directors' fees of MYR74,000 for the
      year ended December 31, 2005;

   -- re-elect as directors Chong Kon You @ Chong Kwan Yew,
      and Gan Leng Swee, Benny;

   -- reappoint Messrs Ernst & Young as Auditors for the year
      ending December 31, 2006, and to authorize the Directors
      to fix the Auditors' remuneration;

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

   -- transact any other business of which due notice will
      have been given.

                     About Fututech Berhad

Headquartered in Kuala Lumpur, Malaysia, Fututech Berhad --
http://www.fututech.com.my/nutshell.htm-- was formerly listed  
under the name of Ulbon Berhad on the Kuala Lumpur Stock
Exchange, Malaysia, since 1996.  Its main business then was the
production of steel rods.  Later in 2000, the Group shifted its
business emphasis to the design and manufacturing of innovative
products for the local and global markets.  In line with its
change of business direction, the name Fututech Berhad, which
was inspired by abbreviating the actual words of "future
technology", was chosen to replace Ulbon Berhad in 2000.  The
Group has suffered losses in the past fiscal years due to high
operating expenses and other factors.  In the quarter ended
March 31, 2006, the Group suffered a pre-tax loss of
MYR3 million.


FOREMOST HOLDINGS: Schedules 8th Annual General Meeting June 30
---------------------------------------------------------------
Foremost Holdings Berhad will convene its 8th Annual General
Meeting at Lot 1270, Sungai Ketapang, in 08300 Gurun, Kedah
Darul Aman, on June 30, 2006, at 12:00 noon.

During the meeting, members will be asked to:

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

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

   -- re-elect as directors:

      * Teh Hong Beng;
      * Ong Wee Meng; and
      * Koid Hand Say;

   -- consider, and if thought fit, approve the reappointment of
      Lim Ah Bok who retires in accordance with the Companies
      Act 1965;

   -- appoint Auditors and authorize the Directors to fix
      their remuneration;

   -- transact any other business appropriate to an Annual
      General Meeting; and

   -- authorize the Directors to allot and issue shares in the
      Company.

                 About Foremost Holdings Berhad

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.  Foremost was classified as an affected listed
issuer under Bursa Malaysia Securities Berhad's Practice Note 17
and is required to draft a plan to regularize its financial
condition.


LITYAN HOLDINGS: Bourse Begins Delisting Procedures
---------------------------------------------------
Bursa Malaysia Securities Berhad has commenced delisting
procedures against Practice Note 17 firm Lityan Holdings Berhad
since the Company's proposed restructuring scheme was not
approved by the Securities Commission.

The Securities Commission said that there are issues that raise
concerns regarding Lityan's Proposed Restructuring Scheme and
the suitability of the listing of Sino Textile International Sdn
Bhd on Bursa Malaysia.

Lityan has been served with a notice by Bursa Securities on
June 13, 2006, to make representations to Bursa Securities,
within a period of five market days from the date of the receipt
of the notice, as to why its securities should not be delisted
from the Official List of Bursa Securities.  Upon due
consideration of the matter and the conclusion of the relevant
due process accorded, Bursa Securities will decide whether to
delist the Company.  

The trading of the securities of Lityan was suspended from 9:00
a.m., on June 16, 2006, pursuant to Paragraphs 8.14C(5)(a) and
16.02 of the Bursa Securities Listing Requirements.

                  About Lityan Holdings Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.   

The Company had been classified as an affected listed issuer
pursuant to Practice Note 17 as issued by the Bursa Malaysia
Securities Berhad on May 10, 2005.  On January 16, 2006, the
Company entered into a conditional Restructuring Agreement to
undertake the Proposed Restructuring Scheme with the intention
of restoring the Company onto stronger financial footing via an
injection of new viable businesses.


MALAYSIA AIRLINES: A380 Deal Hinges on Talks with Airbus
--------------------------------------------------------
Malaysia Airlines is reconsidering plans to add A380s to its
future fleet after manufacturer Airbus announced a delay in the
delivery of the jumbo jets, The Star Online reports.

As reported by the Troubled Company Reporter - Asia Pacific on
June 16, 2006, Malaysia Airlines had been advised by Airbus that
only nine of the total order for A380s will be delivered in
2007.  The original plan was for Airbus to deliver 20 A380s in
2007, with one going to the Malaysian carrier.

The Star says that Malaysia Air would be setting up a small team
to review the business viability of the aircraft before meeting
officials from the European manufacturer Airbus.  Airbus sources
said the meeting would be held "pretty soon" but declined to say
if Malaysia Air would be one of the lucky customers to get the
nine aircraft Airbus it would deliver next year.  

A source told The Star that Malaysia Air's parent -- Penerbangan
Malaysia Berhad -- is now reviewing whether or not to proceed
with the its purchase agreement with Airbus for the A380s.  
There are now two differing views on the order for six jumbo
jets, with one side favoring to continue the purchase and the
other against.

Those who are against buying the A380 fear the difficulty in
filling the huge capacity in the A380, given that the national
carrier is already facing problems filling its largest aircraft
currently, the 386-seat capacity B747.  The double-decker A380
has a seating capacity of 555.

On the other hand, those in favor of the purchase say that
without the A380, Malaysia Air would be at a disadvantage versus
its regional rivals in terms of product offering, The Star
reveals.

The TCR-AP reported that Malaysia Airlines, which ordered the
aircraft from Airbus three years ago, is counting on the giant
aircraft to help lower operating cost by flying more people to
popular destinations.  It was also reported that the airline and
airport operator Malaysia Airports Holdings Bhd would invest
MYR100 million to set up new hangars and other infrastructure at
the KL International Airport to accommodate the new jet.

                     About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.

Malaysia Airlines posted a pre-tax loss of MYR309.118 million
for the first quarter ended March 31, 2006, as against a pre-tax
profit of MYR112.017 million in the same quarter of 2005.  The
Company's balance sheet as of March 31, 2006, showed strained
liquidity with total current assets of MYR3,328,129,000
available to pay MYR4,913,488,000 in total current liabilities
due in the next 12 months.


MANGIUM INDUSTRIES: To Convene 10th AGM on June 29
--------------------------------------------------
Mangium Industries Berhad will hold its 10th Annual General
Meeting on June 29, 2006, at 3:00 p.m. for members to:

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

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

   -- re-elect directors Datul Phang Miow Sin and Muk Sai Tat;

   -- reappoint PKF as Auditors and to authorize the Board of
      Directors to fix their remuneration;

   -- authorize Directors to allot and issue shares in the
      Company and obtain approval for the listing and
      quotation for the additional shares issued on Bursa
      Malaysia Securities Berhad; and

   -- transact any other business of which due notice will
      have been given.

The AGM will be held at The Auditorium, Podium 1, Menara MAA,
No. 12, in Jalan Dewan Bahasa, Kuala Lumpur.

                  About Mangium Industries Berhad

Headquartered in Kuala Lumpur, Malaysia, Mangium Industries
Berhad Formerly known as Serisar Industries Berhad manufactures
and trades timber and timber related products.  The Company   
also provides printing services, publisher, printer consultants
and advertisers, trading of alcoholic beverages, general trading
of office furniture and investment holding.  Due to the
unfavorable timber market and depressed prices for timber and
timber related products throughout Asia since the financial
crisis in the year 1997, many of the MIB Group's buyers were
adversely affected and are facing financial difficulties leading
to their inability to settle their outstanding balances.  As a
result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.  

As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR37,655,000 in total current assets
available to pay MYR54,003,000 in total current liabilities
coming due within the next 12 months.


METROPLEX BERHAD: Hearing of Unit's Appeal Moved to July 13
-----------------------------------------------------------
The hearing of Metroplex Project Management Sdn Bhd's
application to set aside a default judgment was adjourned to
July 13, 2006, as the solicitor of petitioners Lau Ah Kow and
Choong Bee Yok was on sick leave.

The Petitioners' solicitor has agreed to postpone the winding up
proceedings against Metroplex Project on the June 23, 2006,
pending disposal of the company's application to set aside the
judgment in default.

The Judgment relates to a wind-up petition filed before the
Kuala Lumpur High Court on March 23, 2006, by Mr. Lau and Mr.
Choong against Metroplex Berhad's wholly owned subsidiary.

The wind-up petition was filed against Metroplex Projects for an
alleged claim of MYR56,437 being payment of arrears of rental of
Parcel No. A13/C5, Chancellor Condominium leased by Metroplex
Projects.

Aside from the Judgment Sum, the Petitioners had asserted an 8%
annual interest accrued from the date of default judgment on
July 14, 2005, until the date of full and final settlement.  The
Petitioners has also claimed MYR1,182 as payment for other
costs.

                    About Metroplex Berhad

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


NORTH BORNEO: To Consider Appointment of New Auditors at EGM
------------------------------------------------------------
The Extraordinary General Meeting of The North Borneo
Corporation Berhad will be held at the Borneo Meeting Room,
Sheraton Labuan Hotel, in 462 Jalan Merdeka, 87029 W.P. Labuan,
on June 29, 2006, at 3:00 p.m.

At the meeting, members will consider, and if thought fit,
approve the appointment of Messrs Pannell Kerr Forster as the
Company's auditors in place of Messrs Ernst & Young.

Messrs Ernst & Young, on November 24, 2005, signified its
intention to resign as the Company's auditor.  E&Y's resignation
will only take effect immediately on the appointment of another
auditing firm.

On June 3, 2006, the Board of Directors of North Borneo has
nominated Pannell Kerr, as auditors of the Company for the year
ending December 31, 2005, and to hold office until the
conclusion of the next Annual General Meeting of the Company at
a fee to be agreed with the Directors.
                           
                About The North Borneo Group Berhad

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.  
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.

On April 28, 2005, the Securities Commission has agreed to North
Borneo's proposal to dispose of its business as part of the
Company's efforts to regularize its finances and restructure its
debts.  The Plan, however, met objections from creditors.  On
March 6, 2006, two scheme creditors of North Borneo Corp. --
Sabah Development Bank and Prokhas Sdn Bhd -- withdrew their
support of the Company's proposed debt restructuring, saying
that they are no longer agreeable to the terms of the planned
business disposal as part of the restructuring program.

The Company's March 31, 2006, balance sheet revealed that the
Company is suffering poor liquidity with MYR1,662,000 in current
assets available to pay MYR163,379,000 in current liabilities as
they come due within the next 12 months.


PARACORP BERHAD: 10th Annual General Meeting Fixed on June 29
-------------------------------------------------------------
Paracorp Berhad's 10th Annual General Meeting will be held at
Hotel Equatorial, in Jalan Sultan Ismail, Kuala Lumpur, on
June 29, 2006, at 10:00 a.m.

During the meeting, members will be asked to:

   -- receive and adopt the Company's Audited Financial
      Statements for the year ended December 31, 2005, together
      with the Directors' and Auditors' Reports;

   -- approve the Directors' fees of MYR108,000;

   -- re-elect Mejar Jeneral (B) Dato' Sulaiman bin Kudus who
      retires pursuant to Article 90 of the Company's Articles
      of Association;

   -- re-elect Director Pang Wei Chiat who retires pursuant
      to Article 95 of the Company's Articles of Association;

   -- reappoint Messrs Deloitte KassimCHan as auditors for the
      ensuing year and to authorize the board of directors to
      fix their remuneration;

   -- authorize the Directors to issue shares in the Company
      provided that an aggregate number of shares does not
      exceed 10% of the issued share capital of the Company for
      the time being and that authority will continue in force
      until the conclusion of the Company's next Annual General
      Meeting; and

   -- allow the Company and its subsidiaries to enter into and
      give effect to specified recurrent transactions of a
      revenue or trading nature, which are necessary for the
      Group's day-to-day operations.

                     About Paracorp Berhad

Paracorp Berhad's principal activities are the manufacture and
trading of printed graphic overlay, printed electronic circuits,
electroluminescent display, telemetry monitoring system,
electronic circuit components, corrugated plastic sheets,
corrugated carton boxes and plain boards.  Its other activities
include the provision of management services, investment
holding, property investment, property management, money
lending, technology management and research and development
services.  The Group operates in Malaysia, Oceanic countries,
European countries, American countries and other Asian
countries.

The Company has been incurring losses in the past.  For the
quarter ended March 31, 2006, the Company recorded a net loss of
MYR12.3 million.  As of March 31, 2006, the Company's balance
sheet revealed total assets of MYR106,347,000 and total
liabilities of MYR110,465,000, resulting in a MYR41,180,000
stockholders' equity deficit.  The Company's March 31 balance
sheet also showed strained liquidity with MYR50,909,000 in total
current assets available to pay MYR101,857,000 in total current
liabilities coming due within the next 12 months.

The Company is also classified under Practice Note 17 of Bursa
Malaysia Securities Berhad's Listing Requirements.  As an
affected listed issuer, the Company is required to submit a
financial regularization plan by January 7, 2007.


PILECON ENGINEERING: Unit Undergoes Winding Up
----------------------------------------------
The Johor Bahru High Court has wound up Pilecon Engineering
Berhad's subsidiary -- Siaran Pelangi Sdn Bhd -- on June 8,
2006.  The Official Receiver had been appointed as the Company's
provisional liquidator.

The Troubled Company Reporter - Asia Pacific recounts that the
wind-up petition against Siaran Pelangi was presented at the
Johor Bahru High Court on December 16, 2005.

The petition was served onto Siaran Pelangi on January 20, 2006,
for a claim of MYR72,993.69 together with continuing interest on
MYR72,993.69 at the rate of 8% per annum calculated from
July 20, 2005, until full settlement.

According to the TCR-AP, the petition was filed by Sachdev Singh
A/L Ajit Singh.  The Petitioner was a purchaser under a Sale and
Purchase Agreement dated April 30, 2001 which was officially
terminated by the Petitioner on June 17, 2005.

                 About Pilecon Engineering Berhad

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.  The Company is currently undergoing a
MYR354-million debt-restructuring exercise.  The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.  
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR575,611,000 and total liabilities of
MYR559,710,000.  The Company's March 31 balance sheet also
showed strained liquidity with MYR252,609,000 in total current
assets available to pay MYR558,523,000 in total current
liabilities coming due within the next 12 months.


TECHVENTURE BERHAD: To Hold 13th Annual General Meeting June 29
---------------------------------------------------------------
The 13th Annual General Meeting of Techventure Berhad will be
held on June 29, 2006, at 10:00 a.m., at East VIP Lounge, Kuala
Lumpur Golf & Country Club, No. 10, Jalan 1/70D, in Off Jalan
Bukit Kiara, Kuala Lumpur.

During the meeting, members will be asked to:

   -- receive and adopt the Company's Audited Accounts for
      the financial year ended December 31, 2005 and the
      reports of Directors and Auditors thereon;

   -- approve the Directors' fees;

   -- re-elect as directors:

      * Y. Bhg. Dato' Anpalagan a/l Ramiah;
      * Y. Bhg. Dato' MOhd Jai bin Suboh; and
      * Cheng Jew Keng;

   -- reappoint Messrs. Leou & Associates as auditors for
      the ensuing year and to authorize the Directors to fix
      their remuneration;

   -- authorize the Directors to issue shares in the
      Company at any time until the conclusion of the next
      Annual General Meeting;

   -- transact any other business for which due notice will
      have been given.

                    About Techventure Berhad

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

In June 2003, the Company proposed a debt-restructuring program
to its financial institution lenders in order to avoid
liquidation.  The proposed Scheme comprises composite schemes to
be carried out by eight companies within the Techven Group.  The
Scheme, when implemented, would allow the beneficiaries to
participate in the future profitability of the Group.  A
successful implementation of the Scheme would also ensure the
going concern of the Group and therefore preserve business and
employment opportunities for the Group's vendors and employees.  
In May 2006, the Company was categorized under the Amended
Practice Note 17 category of the Bursa Malaysia Securities
Berhad's Listing Requirements.  As an affected listed issuer,
the Company is required to regularize its financial condition or
risk being delisted from the Official List of Companies.

The Company's balance sheet as of March 31, 2006, showed
strained liquidity, with MYR17,729,000 in current assets
available to pay current liabilities of MYR143,285,000 coming
due in the next 12 months.


TECHVENTURE BERHAD: Prepares Rehab Plan for Submission to SC
------------------------------------------------------------
Techventure Berhad is still working on a scheme to regularize
its financial condition.

The Company is required to submit a financial restructuring plan
to the Securities Commission since it was identified as an
affected listed issuer of the Bursa Malaysia Securities Berhad's
Practice Note 17 category.

The Company fell under the category because:

   -- the auditors have expressed a modified opinion with
      emphasis on Techven's going concern status in the latest
      audited accounts for the financial year ended December 31,
      2005; and

   -- there are defaults in payment by Techven and its major
      subsidiaries as announced pursuant to Practice Note
      No. 1 and Techven is unable to provide a solvency
      declaration to Bursa Malaysia Securities Berhad.

Techventure Berhad has another seven months until January 7,
2007, to submit the Plan to relevant authorities.  

In the event Techven fails to comply with the obligation to
regularize its condition, all its listed securities will be
suspended from trading and delisting procedures will be
commenced against the Company.

                    About Techventure Berhad

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

In June 2003, the Company proposed a debt-restructuring program
to its financial institution lenders in order to avoid
liquidation.  The proposed Scheme comprises composite schemes to
be carried out by eight companies within the Techven Group.  The
Scheme, when implemented, would allow the beneficiaries to
participate in the future profitability of the Group.  A
successful implementation of the Scheme would also ensure the
going concern of the Group and therefore preserve business and
employment opportunities for the Group's vendors and employees.  
In May 2006, the Company was categorized under the Amended
Practice Note 17 category of the Bursa Malaysia Securities
Berhad's Listing Requirements.  As an affected listed issuer,
the Company is required to regularize its financial condition or
risk being delisted from the Official List of Companies.

The Company's balance sheet as of March 31, 2006, showed
strained liquidity, with MYR17,729,000 in current assets
available to pay current liabilities of MYR143,285,000 coming
due in the next 12 months.  The Company has a net current
deficit of MYR125,556,000.


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

ASIA AMALGAMATED: No Plans Amidst Yet Another Net Loss
------------------------------------------------------
Asia Amalgamated Holdings Corp. posted a marginal decline in net
loss for the first quarter of 2006 to PHP0.44 million.

With no operations, the Company earned its only revenue from the
interest earned on bank deposits amounting to PHP1,042.  This is
a substantial decline from the PHP0.74 million posted in the
first quarter in 2005, which includes the interests on the loans
granted to its affiliate, Uniwide Sales Warehouse Clubs, Inc.

The loan, which bears interest at the rate of 12% per annum, is
not accruing interest because there is reason to believe that
Uniwide can no longer pay additional interest.

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

              Asia Amalgamated Holdings Corporation
                     Financial Highlights  
                      (in PHP millions)  
  
                               As of           As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Total Assets                180.21          180.26
     Total Liabilities            13.90           13.52
     Total Equity                166.31          166.75

                                   Quarter Ending
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                      0.44            0.43

Asia Amalgamated's first quarter 2006 financial report is
available for free at:

   http://bankrupt.com/misc/AAA_17Q_Mar2006.pdf

                      Going Concern Doubt

After auditing Asia Amalgamated's annual report for the period
ended December 31, 2005, Douglas Ussher of Alba Romeo & Co.
raised significant doubt on the Company's ability to continue as
a going concern.

As of December 31, 2005, the Company has suffered recurring
losses from operations and has a deficit amounting to
PHP645,167,993.  None of its three remaining subsidiaries have
operations.

The Company's survival is dependent upon its ability to:

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

   (2) obtain additional financing or capital infusion; and

   (3) get competent technical people and personnel to its
       regain its operations and eventually, profitability.

Asia Amalgamated's management, however, has no concrete and
immediate plan to address the situation.

                    About Asia Amalgamated

Asia Amalgamated Holdings Corporation --
http://www.uni-wide.com.ph/-- was originally incorporated as  
Sulu Sea Development Corporation on October 7, 1970 and later
changed its name to Asia Amalgamated Holdings Corporation after
majority ownership transferred from the National Development
Corporation to the present majority stockholders.

During the first years of its operation as an investment holding
company, Asia Amalgamated has made significant investments in
various businesses such as financial and banking services,
distribution of household water filtration equipment and
industrial wastewater treatment, water transport services and
non-life insurance brokerage.  The company has incorporated four
subsidiaries namely:

   (1) Ecology Savings Bank, Inc.,
   (2) Unikleen International Corporation,
   (3) Marilag Transport Systems, Inc., and
   (4) ESBI Insurance Brokers, Inc.

The economic crisis in the late 1990s adversely affected the
Company's main affiliate and business client, the Uniwide Group,
and ultimately, the Company itself.  From 1998 until the
present, the Company's subsidiaries ceased operations one by one
due to continued financial losses.

First it was Ecology Bank, which was acquired by Equitable PCI
Group in 1998.  The following year, Unikleen began winding up
its operations until cessation of operations in 2000.  In 2001,
ESBI Insurance Brokers did not renew its license with the
Insurance Commission.  Marilag Transport Systems, Inc. also
ceased operations within that year.


EVER-GOTESCO RESOURCES: Posts PHP39.59-Mln Profit in 1st Quarter  
----------------------------------------------------------------
Ever-Gotesco Resources and Holdings, Inc., posted a
PHP39.59-million net profit for the first three months ended
March 31, 2006, a 4,250.55% or PHP38.68 million increase from
the PHP0.91 million net profit it recorded in the first three
months of fiscal year 2005.  

This result includes a PHP33.16-million accretion of interest
due.  Income from operations is pegged at PHP25.12 million for
the first quarter of 2006, compared to the PHP19.57 million for
the first quarter of 2005.

Total rental revenue generated in the first quarter amounted to
PHP80.76 million, higher by PHP2.48 million as compared to the
PHP78.27 million for same quarter in 2005 due to an increase in
cinema ticket sales and modest improvement in occupancy rate on
rentable spaces.

Net operating costs and expenses during the first quarter of
2006 amounted to PHP55.6 million, lower by PHP3.07 million or by
5.23% from the PHP58.70 million in the first quarter of 2005.
This decrease from the previous fiscal year's figure was the
result of management review on the operations cost efficiency.

                            Liquidity

As of March 31, 2006, Ever-Gotesco's current ratio slightly
improved to PHP0.25 of current asset to every peso of current
liability, from its level of PHP0.21 as of December 31, 2005.
The Company said that its improved liquidity comes solely from
internally generated funds, including rental collections.
Improvement in liquidity largely depends on the tenants'
profitable operations and healthy cash flows.  The economic
reverses, however, continue to affect tenants' operations and
affected their ability to sustain upward adjustments in rental
rates.

The Company and its subsidiary are currently experiencing
difficulties in generating sufficient cash flows to meet their
obligations and sustain their operations.

The Company's consolidated first quarter financial report
reflects these key figures:

            Ever-Gotesco Resources and Holdings, Inc.
                     Financial Highlights  
                      (in PHP millions)  
  
                               As of           As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Current Assets              516.65          434.38
     Total Assets              3,894.69        3,823.77
     Current Liabilities       2,055.06        2,023.10
     Total Liabilities         2,076.68        2,045.35
     Total Equity              1,818.01        1,778.42

                                   Quarter Ending
                             03/31/2006      03/31/2005  
                             ----------      ----------
     Net Profit                   39.59            0.91
     Rental Revenue               80.76           78.27
     Operating Cost               55.63           58.70

Ever-Gotesco's financial statements for the quarter ended
March 31, 2006, is available for free at:

   http://bankrupt.com/misc/EVER_17Q_Mar2006.pdf

                  About Ever-Gotesco Resources

Headquartered in C.M. Recto Avenue, Manila, Ever-Gotesco
Resources and Holdings, Inc., was established by the Ever-
Gotesco Group to pursue its mall operations through its two
subsidiaries, Ever Commonwealth Center and Ever Gotesco Ortigas
Complex.  The Company is also engaged in real estate
development.  It builds and leases out shopping malls to
commercial tenants.  Revenues of the Company are generated
principally from its leasing operations.

The Company owns 100% of the outstanding capital stock of
Gotesco Tyan Ming Development, Inc., owner of the Ever Gotesco
Ortigas Complex.  GTMDI was registered with the Securities and
Exchange Commission on September 21, 1994, to engage in real
estate and related business.  GTMDI started its commercial
operations on December 1, 1995, and has since taken over
ownership and operations of the Mall cinemas.

                Significant Doubt on Going Concern

After auditing Ever-Gotesco Resources' annual report for the
period ended December 31, 2006, Martin Guantes, of Sycip Gorres
Velayo & Co., expressed a significant doubt about the Company's
ability to continue as a going concern.

The Ever-Gotesco Group's performance in 2005 was not adequate to
enable it to significantly reverse operating losses, generate
substantial cash flows to meet its financial obligations,
effectively turn around its operations and thereby improve its
overall financial position.  The marginal net income of
PHP30.9 million in 2005 was substantially a result of the
positive net effect of the accretion of interest arising from
the fair valuation of financial instruments.

The auditors noted that the Group remained to have a huge
negative working capital of PHP1.6 billion and an accumulated
deficit of PHP3.2 billion as of December 31, 2005.  Furthermore,
the Group continues to face significant risks arising from
unresolved foreclosure proceedings both against its future mall
revenue and properties.

Ever-Gotesco Resources and its subsidiary, GTMDI, have not
declared any dividend in 2005 and since the start of commercial
operation.

                    Foreclosure Proceedings

GTMDI's land, including the commercial complex situated on it,
was foreclosed in 1999 by lender banks following GTMDI's loan
default.  These banks have not been able to consolidate the
ownership and take possession of these properties pending the
court's decision on the case.

In 2000, the Group was implicated in the civil case between
Bangko Sentral ng Pilipinas, as plaintiff, and the now-defunct
Orient Commercial Banking Corporation and some of its officers
and employees, as defendants.

In 2003, the parties to the civil case entered into a compromise
agreement, which was approved by the court.  Under the terms of
the compromise agreement, the rentals and all other income and
revenue of the malls, which include those of the Group, that are
owned and operated by the defendants will continue to guarantee
the stipulated amortizations due from the defendants.  The
amount of staggered amortizations as repayment of the loan
obligations is yet to be agreed upon by the parties.

                          Debt Default

   * The Company has a short-term loan from the Land Bank of the
     Philippines, which became due in December 1997 but was
     extended up to March 1998.  However, that loan obligation
     has not yet been settled.  The Company negotiated with the
     lender bank for restructuring of the loan but it did not
     prosper.  In July 1999, the lender bank filed a civil case
     against the Company demanding immediate payment of the
     principal and the corresponding default charges.  The
     Company continues its negotiations for a solution that is
     acceptable to the lender bank.

   * Gotesco Tyan Ming Development obtained bank loans in
     April 1995 from a syndicate of four local banks led by the
     Philippine National Bank, the proceeds from which were used
     to partially finance the construction of the Ever Pasig
     Mall.

     The syndicated loans were secured by MTI dated April 7,
     1995, with PNB as trustee, covering GTMDI's land in Pasig,
     together with the improvements and the assignment of future
     rental receivables from the commercial complex.

     GTMDI defaulted on its debt obligations and did not meet
     the required current and debt-to-equity ratios in 1998 that
     led to the foreclosure of its land in Pasig and the Ever
     Pasig Mall in 1999.

As of December 31, 2005, the Group still owes the PNB-led
syndicate PHP615.38 million and Land Bank PHP50.00 million

The Company is also party to certain material claims and
lawsuits, the outcome of which has not yet been determined by
the Company.


HACIENDA LUISITA: SC Orders Stay on Land Distribution
-----------------------------------------------------
The Supreme Court issued on June 16, 2006, a temporary stay
order on the distribution of the 6,000-hectare sugar estate of
Hacienda Luisita, Inc., the Manila Times says, citing Agence
France Presse.

According to the Manila Bulletin, the stay order, granted by the
Supreme Court's Third Division, prevents Agrarian Reform
secretary Nasser Pangandaman from implementing a resolution
dated Dec. 2, 2005, to distribute Hacienda Luisita's land to
tenant farmers in exchange for a 16-year stock distribution
option, which has not benefited them.  The Court also prevented
the Department of Agrarian Reform from enforcing a Notice of
Coverage dated Jan. 2, 2006, which placed the Company under the
Comprehensive Agrarian Reform Program, the Times adds.

As reported in the Troubled Company Reporter - Asia Pacific on
June 8, 2006, Hacienda Luisita asked the Supreme Court to issue
a temporary restraining order against the Presidential Agrarian
Reform Council, the DAR and other concerned government agencies'
decision to scrap the Company's stock distribution and instead
distribute thousands of hectares of its sugar estate to tenant
farmers.

Manila Standard Today relates that the SC ordered Hacienda
Luisita to post a PHP5 million-cash bond within five days from
notice of the stay order, otherwise the stay would be lifted.

In a 1989 Comprehensive Agrarian Reform Program, HLI entered
into a stock distribution option agreement with its farmer-
beneficiaries in order to resolve a long-standing dispute;
however, the Presidential Agrarian Reform Council's executive
validation committee found that the stock option did not improve
the condition of farmers, and in 1998, HLI sold around 500
hectares of the estate to developers.  The Bulletin states that
in 2005, the PARC revoked the stock distribution option on
recommendation from the Department of Agrarian Reform, and
ordered the land distribution to farmers.  

Headquartered in Tarlac City, Philippines, Hacienda Luisita
Incorporated is a sprawling farm owned by the family of former
Philippine President Corazon Cojuangco Aquino.  Its woes started
when workers staged protests over the displacement of Hacienda
workers affected by the closure of sugar mill Central Azucarera
de Tarlac.  The decision to shut down Central Azucarera was due
to heavy losses incurred from falling sugar prices both locally
and abroad.  Tension in the sugar estate escalated after a
reported violent dispersal of striking workers at the Hacienda
on November 16, 2004, that resulted to the death of seven
persons.  In an effort to resolve the dispute, Hacienda Luisita
proposed a stock distribution option, which was later junked by
the Government due to violations of the provisions of the
Comprehensive Agrarian Reform Law.  


PACIFIC PLANS: Doles Out PHP140 Million in Tuition Support
----------------------------------------------------------
Pacific Plans, Inc., started to release PHP140 million in
tuition fee support for school year 2006-2007 on June 5, 2006,
in compliance with a Makati Regional Trial Court decision
approving its rehabilitation plan, the Manila Bulletin reports.

PPI President Alfredo J. Non said that 15,000 availing plan
holders would be receiving checks via courier, of which 3,038
are first-time availors.  He added that all availing plan
holders for the school years 2006-2010 would get back a return
on investment from 100% to 2,000% aside from their original
investments.  The Philippine Star reveals that the Company had
released PHP591 million in tuition support to 16,000 availing
plan holders.

The Makati RTC had approved PPI's rehabilitation plan in April
2006, ensuring tuition support from 2006-2010.

The Troubled Company Reporter - Asia Pacific reported on May 8,
2006, that Pacific Plans came up with the rehabilitation plan
based on this school year's average fees, plus tuition support
upon enrollment until the school year 2009-2010.  The benefits
of the Company's traditional education plans will become fixed-
value benefits as at Dec. 31, 2004, to be termed base year-end
2004 entitlement.

On May 4, 2006, the Company said that it would comply with the
court-approved plan, so that it could meet its obligations to
its availing open-ended plan holders while retaining funds for
some 18,000 plan holders who have yet to receive their education
benefits.


VITARICH CORP: Will Hold Annual Stockholders' Meeting on June 30
----------------------------------------------------------------
Vitarich Corporation will be having its Annual Meeting of
Stockholders on June 30, 2006, at 2:00 p.m., at the Magellan
Room, 41st Floor, Discovery Suites, in Ortigas Center, Pasig
City.

The Agenda of the ASM includes:

   * Approval of the minutes of the previous stockholders'
     meeting;

   * Report of the Chairman'

   * Confirmation and ratification of the acts of the Board of
     Directors and its officers;

   * Approval of the proposed amendment to the Articles of
     Incorporation with regard to the change of Principal
     Office

   * Election of directors; and

   * Appointment of external auditors and stock and transfer
     agent.

Only stockholders as of May 30, 2006, are entitled to notice and
to vote.  The Stock and Transfer Books of the Corporation will
be closed from May 31, 2006, to June 30, 2006.

Vitarich Corporation was incorporated and organized in the
Philippines.  As at Dec. 31, 2005 and 2004, the Company holds
100% interests in Philippines' Favorite Chicken, Inc. and
Gromax, Inc., both domestic corporations.  The Company is
presently engaged in poultry breeding and in the manufacture and
distribution of various poultry products such as chicken, animal
and aqua feeds, and day-old chicks, among others.

After auditing Vitarich's 2005 annual report, Punongbayan &
Araullo raised substantial doubt the Company's ability to
continue as a going concern, due to significant losses for the
past three years, including net losses worth PHP249.3 million in
2005 and PHP291.2 million in 2004, resulting in significant
deficit amounting to PHP1.8 billion and PHP1.5 billion as of
Dec. 31, 2005 and 2004, respectively.


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

GEOCON PILING: Faces Wind-Up Proceedings
----------------------------------------
Resources Piling Pte Limited has put up an advertisement in the
Straits Times on June 12, 2006, of an application it filed with
the High Court of Singapore seeking the wind-up of Geocon Piling
& Engineering Pte Limited.

However, Geocon Piling and its parent, Multi-Con Systems
Limited, said that they have not received a formal notice of
service for the wind-up application.  

The Group is now seeking legal advice on the matter and will
provide an update as and when appropriate.

Headquartered in Sungei Kadut Drive, Singapore, Geocon Piling &
Engineering Pte Limited is a wholly owned subsidiary of Multi-
Con Systems Limited.  Geocon is engaged in the piling business
and in soil investigation and stabilization.


GEOCON PILING: Inks Settlement and Release Deal with Taisei
-----------------------------------------------------------
A settlement and release agreement has been entered into between
Geocon Piling & Engineering Pte Limited and Taisei Corporation
for the mutual determination of the subcontract work for the
C424 Contract from Kallang/Paya Lebar Expressway Project.

As Geocon has financial constraints to proceed with the C424
Contract, the Company's directors deemed that determination on
the Contract will be in the interest of Geocon to mitigate any
further losses that may arise from project delays, ascertained
and liquidated damages frond Taisei or inability on Geocon's
part to fulfill its obligation under the contract.

As a result of the Contract determination and pursuant to the
Settlement Agreement, Geocon will need to write off
unrecoverable costs associated with the contract estimated to be
SGD5.2 million.  This is expected to have a negative impact on
the Group earnings for the year ending December 31, 2006.

Headquartered in Sungei Kadut Drive, Singapore, Geocon Piling &
Engineering Pte Limited is a wholly owned subsidiary of Multi-
Con Systems Limited.  Geocon is engaged in the piling business
and in soil investigation and stabilization.


SEE HUP SENG: Strikes Off Dormant Units from Register
-----------------------------------------------------
See Hup Seng Limited has submitted to the Accounting & Corporate
Regulatory Authority its applications to strike off two wholly
owned subsidiaries from the Register

The Company's two dormant subsidiaries, which will be removed
from the Register, are:

     * SHS Corrosion Control Private Limited; and
     * Gardella Marine Services Pte Ltd.

The striking-off exercises will not have any material impact on
the net tangible assets and earnings per share of the Company
for the financial year ending December 31, 2006.

                    About See Hup Seng Limited

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

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

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, See Hup Seng Limited's auditors, Messrs Moore
Stephens, highlighted a going concern issue for the Company
after auditing its financial statements for the year ended
December 31, 2005.  According to the Auditor, the ability of the
Group and the Company to continue as going concerns is dependent
on these factors:

   * successful completion of the proposed debt restructuring  
     exercise;

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

   * the generation of significant positive cash flows.


SERN FAH: OCBC Files Bankruptcy Petition Against Firm
-----------------------------------------------------
Oversea Chinese Banking Corporation Limited has filed before the
High Court of Singapore an application for bankruptcy order
against Sern Fah Trading Pte Limited.

Assistant Registrar Daphne Hong heard the bankruptcy petition on
June 16, 2006.

Contact: Koh Juat Jong
         Registrar
         Supreme Court of Singapore


TIEN CHUAN DESIGN: Court Hears Bankruptcy Application
-----------------------------------------------------
Assistant Registrar Daphne Hong of the High Court of the
Republic of Singapore heard on June 16, 2006, an application for
bankruptcy order against Tien Chuan Design & Build Pte Limited.

The bankruptcy petition was filed by Oversea Chinese Banking
Corporation Limited.

Contact: Koh Juat Jong
         Registrar
         Supreme Court of Singapore


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

THAI WAH: First Quarter Report Shows Decline in Net Earnings
------------------------------------------------------------
Thai Wah Public Company Ltd showed a decline in its net earnings
for the quarter ended March 31, 2006.  Net earnings for the
current period was THB258 million, compared with the THB761.66
million in the quarter ended March 31, 2005.

The Company reported THB662.99 in total revenues for the first
quarter.  

Thai Wah's balance sheet for the period ended March 31, 2006,
showed THB3.91 billion in total assets, compared with
THB5.2 billion in total liabilities, resulting in a capital
deficit of THB1.29 billion.

The Company's balance sheet also showed strained liquidity with
THB582.94 million in total current assets available to pay
THB279.30 million in total current liabilities coming due within
the next 12 months.

After auditing the Company's first quarter report, Rungnapa
Lertsuwankul, of Ernst & Young Office Limited, raised
significant doubt on the Company's and its subsidiaries' ability
to continue as a going concerns.

The Auditor notes that, at present the Company is in the process
of implementing the business rehabilitation plan as approved by
the Central Bankruptcy Court on June 30, 2003.  Under the Plan,
the restructured debts were divided into five tranches, each
with different sources of funds for repayment and different
interest rates, with the interest rates to be reduced with
effect from January 2003, and the period for loan repayment to
be extended to March 2011.  In February 2005, the Company sold
some of its non-core assets to a buyer in accordance with the
amended plan approved by the Central Bankruptcy Court in
December 2004.  The buyer arranged for a contingent creditor to
release the Company from indebtedness and surrender all rights
of claim, and the Company to receive payment in accordance with
stipulated conditions.  In September 2005, the plan
administrator submitted petitions to the Official Receiver to
amend the Company's Business Rehabilitation Plan by extending
the its implementation period for another one year to February
2007 and clarifying the framework of the Special Purpose
Vehicles for the transfer of non-core assets and debt from the
Company.  The amended plan was approved in October 2005 by the
Central Bankruptcy Court.

According to the auditor, although the Company has benefited
from the sale of non-core assets, it still has liabilities from
debt restructuring which it must settle in installments, and
must dispose of assets to repay indebtedness.  These issues,
together with the ability of the Company and subsidiary
companies to operate in accordance with the rehabilitation
plans, increase their working capital, and successfully
restructure their debts, indicate significant uncertainties
which could give rise to serious doubt as to the ability of the
Company and its subsidiaries to continue as going concerns and
to realize assets and settle liabilities and obligations in the
ordinary course of their businesses.

                          *     *     *

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans. Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the Group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

The Company has been on the "Rehabco" sector, or Companies under
rehabilitation as mandated by the Central Bankruptcy Court of
Thailand, since March 12, 2001.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                           Total    Total
                                           Assets   Shareholders
                                                    Equity     
Company                        Ticker       ($MM)    ($MM)
------                         ------    ---------- ------------


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Taiyuan Tianlong Group Co. Ltd 600234        55.29     -46.27
Theme International
   Holdings Limited               990        19.22       6.88
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71

INDIA

Dharmala Intiland                DILD       197.91      -6.62

INDONESIA

Ades Waters Indonesia Tbk        ADES        21.35      -8.93
Bukaka Teknik Utama Tbk          BUKK        44.45    -107.00
Hotel Sahid Jaya                 SHID        71.05      -4.26
Jakarta Kyoei Ste                JKSW        44.72     -38.57
Mulialand Tbk                    MLND       160.45     -19.82
Multibreeder Adirama Indonesia   MBAI        62.02      -5.00
Pakuwon Jati Tbk                 PWON       188.41     -50.78
Panca Wiratama Sakti Tbk         PWSI        39.72     -18.82
PT Steady Safe                   SAFE        19.65      -2.43
PT Toba Pulp Lestrari Tbk        INRU       403.58    -198.86
PT Unitex Tbk                    UNTX        29.08      -5.87
PT Voksel Electric Tbk           VOKS        44.01     -11.74
PT Wicaksana Overseas
   International Tbk             WICO        84.36     -32.88
Sekar Bumi Tbk                   SKBM        23.07     -41.95
Surya Dumai Industri Tbk         SUDI       105.06     -30.49

JAPAN

Hanaten Co Ltd.                  9870       167.79      -1.63
Montecarlo Co., Ltd.             7569        66.29      -3.05
Nihon Seimitsu Co., Ltd          7771        24.33      -0.59
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd.    5756       106.49     -12.55
Yakinikuya Sakai Co., Ltd.       7622        79.44     -11.14

MALAYSIA

CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        57.63     -61.56
Consolidated Farms Berhad       CFARM        38.50     -11.55
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Mentiga Corporation Berhad       MENT        21.59     -13.41
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        28.86      -8.43
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        14.45     -12.26
PSC Industries Bhd                PSC        62.80    -116.18
Setegap Berhad                    STG        34.44     -12.54
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       118.32    -176.02

PHILIPPINES

APC Group Inc.                    APC        67.04    -163.14
Atlas Consolidated Mining and
   Development Corp.               AT        32.94     -35.77
East Asia Power Resources Corp.   PWR        92.55     -64.61
Fil-Estate Corporation             FC        59.32      -6.12
Filsyn Corporation                FYN        21.9       -2.91
Filsyn Corporation               FYNB        21.9       -2.91
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        14.44      -7.05
Gotesco Land, Inc.                GOB        14.44      -7.05
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI       105.76     -83.47
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI        22.71      -2.38
United Paragon Mining Corp.       UPM        21.19     -21.52
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

ADV Systems Auto                  ASA        18.68      -6.50
China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        69.38     -10.18
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore
   Limited                        GUL       152.8      -27.74
Informatics Holdings Ltd         INFO        27.59      -6.73
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        19.30     -76.43
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.7      -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC        11.63      -7.88
Pacific Century Regional          PAC      1381.26    -107.11
See Hup Seng Ltd.                 SHS        17.36      -0.09

SOUTH KOREA

Cenicone Co. Ltd.               56060        36.82      -1.46
C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
Inno Metal Inc.                 70080        28.56      -0.33
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44
Tong Yang Major                  1520      2332.81     -86.95

THAILAND

Bangkok Rubber PCL                BRC        70.19     -56.98
Bangkok Rubber PCL              BRC/F        70.19     -56.98
Central Paper Industry PCL      CPICO        40.41     -37.02
Central Paper Industry PCL    CPICO/F        40.41     -37.02
Circuit Electronic
   Industries PCL              CIRKIT        20.37     -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F        20.37     -64.80
Daidomon Group Pcl              DAIDO        12.92      -8.51
Daidomon Group Pcl            DAIDO/F        12.92      -8.51
Datamat PCL                       DTM        17.55      -1.72
Datamat PCL                     DTM/F        17.55      -1.72
Diana Department Store Pcl      DIANA        12.71      -1.71
Diana Department Store Pcl    DIANA/F        12.71      -1.71
Everland Public Company Ltd      EVER        56.71    -311.47
Everland Public Company Ltd    EVER/F        56.71    -311.47
Hantex PCl                        HTX        12.36      -1.83
Hantex PCl                      HTX/F        12.36      -1.83
Kuang Pei San Food Products
   Public Co. Ltd.             POMPUI        12.51      -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC        20.77     -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI        18.29     -43.37
Sri Thai Food -F                SRI/F        18.29     -43.37
Tanayong PCL                    TYONG      1439.26    -694.22
Tanayong PCL -F               TYONG/F      1439.26    -694.22
Thai-Denmark PCL                DMARK        21.37     -18.88
Thai-Denmark -F               DMARK/F        21.37     -18.88
Thai-Wah PCL                      TWC        91.56     -41.24
Thai-Wah PCL -F                 TWC/F        91.56     -41.24






                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Valerie Udtuhan, Francis Chicano, Erica
Fernando, Reiza Dejito, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.

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