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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

               Tuesday, June 20, 2006, Vol. 9, No. 121

                            Headlines

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

3R GAS: Appoints Hugh Charles Thomas as Liquidator
A1 DECORATORS: Court to Hear Liquidation Petition on July 6
ALLCO CONSTRUCTION: Winds Up Business
AMERICAN INVESTMENTS: Liquidation Petition Hearing Set June 29
AQUILA EXECUTIVE: Creditors' Proofs of Claim Due on June 23

ATHOL DAY: Enters Voluntary Liquidation
BEAU-BELLE: Nellies and Jenkins Named Joint Liquidators
BEECHER HOLDINGS: Members Resolve to Wind Up Firm
BLENHEIM FINANCE: High Court Orders Liquidation
CAMPBELL WHEELER: Liquidation Process Commenced

COLLECTIVE EFFORT: Members Opt for Liquidation
COMBINED OUTDOORS: Decides to Shut Down Operations
CREDITCAISSE PTY: Initiates Wind-up Proceedings
C W HOMES: Appoints Official Liquidators
GARABOND PTY: Members' Meeting Set on June 23

HIH INSURANCE: Founder Gets Tax Refund
IONBAND PTY: Placed Under Voluntary Liquidation
LANDMARK WAREHOUSING: Final Meeting Slated for June 22
LANDSCAPE ENVIRONMENTS: Liquidator to Present Wind-up Report
MELTEK PTY: Opts to Halt Operations

MERLOT CONSTRUCTIONS: Members Agree to Wind Up Business
MICONOH PTY: Liquidator to Present Wind-up Report
MIJATOPA PTY: Shuts Down Business Operations
MILLENNIUM VEHICLES: Appoints Joint and Several Liquidators
MOTILE PTY: Prepares to Pay Dividend to Creditors

PARK LANE: Receiver Steps Aside
RANGE RECON: Faces Liquidation Proceedings
THOM CONTRACTORS: Court Sets Date to Hear Liquidation Bid
T&Y ENTERPRISES: Members & Creditors to Receive Wind-up Report
WINSFORD INVESTMENTS: Liquidation Bid Hearing Set on August 3

XYLIS ENTERPRISES: Supreme Court Issues Wind-up Order


C H I N A   &   H O N G  K O N G

BANK OF CHINA (H.K.): Fitch Raises Individual Rating to B
BASIC BREAD: Shareholders Decide to Wind-up Business
CITIC PACIFIC: Moody's Downgrades Rating to Non-Investment Grade
DAVID LEE SURVEYORS: Winds Up Due to Liabilities
ELAYNE DEVELOPMENT: Court to Hear Winding-up Petition on July 12

GOLD HEALTH: Creditors Must Prove Debts by July 17
HING WAH INVESTMENTS: Creditors' Proofs of Debt Due on July 16
LANAGAN LIMITED: Joint Liquidators Cease to Act for Company
LOONG WAH PRINTING: Faces Winding-up Proceedings
MARKCHAMP LIMITED: Members Final Meeting Set on July 11

OCEAN ENVIRONMENTAL: Sole Member Appoints Liquidator
OW&W HOLDINGS: Creditors' Proofs of Claim Due on July 7
PANDAPLANT LIMITED: Liquidator to Present Wind-up Report
QUERRINGTON LIMITED: Members Appoint Official Liquidator
SILVER MERIT: Winding-up Petition Hearing Set on July 5

SUNBO HOLDINGS: Members Opt for Voluntary Liquidation
TAIYO GENERAL: Members Final Meeting Set on July 17
TARGET EXPRESS: Creditors Must Prove Debts by July 16
YASKAWA ELECTRIC: Members to Receive Wind-up Report
* Consumer Loan Defaults Plague China's Banking Sector


I N D I A

ANDHRA CEMENTS: Receives INR79,99,99,989 from ICICI and Others
IBP COMPANY: Clocks 135.52% Rise in Net Profit
SILVERLINE TECH: Launches ITO and Ties Up with Canadian Firm
UCO BANK: Fitch Upgrades Individual Rating to D from D/E


I N D O N E S I A

INDOFOOD SUKSES: Moody's Removes B1 Currency Issuer Ratings
PERUSAHAAN LISTRIK: Expects Coal Demand to Rise by 72-Mln Tons


J A P A N

LIVEDOOR COMPANY: Fund Adviser Questions Validity of Meeting
NEC ELECTRONICS: Expects to Post JPY5-Billion Operating Profit


K O R E A

HYUNDAI MOTOR: Chairman Chung Apologizes for Slush Fund
HYUNDAI MOTOR: Former Gov't Official Arrested for Taking Bribes


M A L A Y S I A

BUKIT KATIL: Shelves Restructuring Plan
CONSOLIDATED FARMS: Opposes Malayan Banking's Claims
FEDERAL FURNITURE: To Hold Annual General Meeting on June 30
JOHAN CERAMICS: Falls Under Amended PN17 Category
KUB MALAYSIA: Names Advisers for Proposed Disposals

MBF CORPORATION: Proposed MIFC Disposal Awaits Shareholders' OK
METROPLEX BERHAD: Members to Consider Disposing Shopping Mall
METROPLEX BERHAD: Default Amount Hits MYR1.8 Billion
MYCOM BERHAD: Units Strike Profit Guarantee Deal
PANGLOBAL BERHAD: 41st Annual General Meeting Set on June 30

POLYMATE HOLDINGS: CDP Asserts MYR10,675-Claim Against Firm
PROTON HOLDINGS: Wants to Keep Mahathir as Adviser
WEMBLEY INDUSTRIES: Members to Convene for AGM on June 30


P H I L I P P I N E S

MABUHAY HOLDINGS: Net Loss Slims Down 98% in First Quarter
MAGNUM HOLDINGS: Posts Almost No Change in 1st Quarter Net Loss NATIONAL
POWER: Seeks Approval of Proposed US$700-Mln Debt Issue
PHILODRILL CORP: Turns Around with PHP2-Mln Net Income in 2005
RAMCAR GROUP: Court Lifts Receivership & Firm Resumes Operations


S I N G A P O R E

DAKA DESIGNS: Unveils Incorporation of Wholly Owned Units
DIGILAND INTERNATIONAL: Releases Timetable of Key Events
INFORMATICS HOLDINGS: Names New Chief Financial Officer
IPACS COMPUTER: Creditors' Proofs of Claim Due on June 30
PACIFIC ASSOCIATES: Faces Wind-up Proceedings


T H A I L A N D

* Stock Market to Face More Problems Ahead

* BOND PRICING: For the Week 19 June to 23 June 2006

     - - - - - - - -

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

3R GAS: Appoints Hugh Charles Thomas as Liquidator
--------------------------------------------------
At a general meeting of the members and creditors of 3R Gas Pty
Limited held on May 11, 2006, Hugh Charles Thomas was appointed
as liquidator to oversee the Company's wind-up activities.

Contact: Hugh C. Thomas
         Liquidator
         BKR Walker Wayland
         8th Floor, 55 Hunter Street
         Sydney, Australia


A1 DECORATORS: Court to Hear Liquidation Petition on July 6
-----------------------------------------------------------
The Commissioner of Inland Revenue, on April 26, 2006, filed
before the High Court of Auckland a petition to liquidate A1
Decorators Ltd.

The High Court will hear the petition on July 6, 2006, at 10:00
in the morning.

Contact: David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


ALLCO CONSTRUCTION: Winds Up Business
-------------------------------------
The members of Allco Construction Pty Limited resolved at a
general meeting on May 11, 2006, to close the Company's business
operations and distribute the proceeds of its assets disposal.

Subsequently, M. C. Smith was appointed as liquidator.

Contact: M. C. Smith
         Liquidator
         c/o McGrath Nicol + Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia


AMERICAN INVESTMENTS: Liquidation Petition Hearing Set June 29
--------------------------------------------------------------
The High Court of Auckland on May 8, 2006, received an
application to liquidate American Investments Ltd from the
Commissioner of Inland Revenue.

The High Court will hear the petition on June 29, 2006, at 10:45
in the morning.

Contact: David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


AQUILA EXECUTIVE: Creditors' Proofs of Claim Due on June 23
-----------------------------------------------------------
Creditors of Aquila Executive Pty Limited are required to submit
their formal proofs of claim by June 23, 2006, to Liquidator Max
Donnelly.

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

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


ATHOL DAY: Enters Voluntary Liquidation
---------------------------------------
Members of Athol Day Acoustics Pty Limited convened on
May 10, 2006, and decided to liquidate the Company's business
operations.

Contact: Allan Monger
         Liquidator
         Monger Baker
         Suite 1, 47-51 Morts Road
         Mortdale, New South Wales 2223
         Australia


BEAU-BELLE: Nellies and Jenkins Named Joint Liquidators
-------------------------------------------------------
Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed as joint and several liquidators for Beau-Belle Ltd on
May 30, 2006.

Contact: Paul William Gerrard Jenkins
         C/O Insolvency Management Limited
         Level Six, Burns House
         10 George Street (P.O Box 1058)
         Dunedin, New Zealand


BEECHER HOLDINGS: Members Resolve to Wind Up Firm
-------------------------------------------------
The members of Beecher Holdings Pty Limited met on May 11, 2006,
and agreed to:

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

  -- appoint James David Beecher as liquidator to manage the
     wind-up activities.

Contact: James David Beecher
         Liquidator
         28 Lang Road, Centennial Park
         New South Wales 2021, Australia


BLENHEIM FINANCE: High Court Orders Liquidation
-----------------------------------------------
The High Court of Hamilton, on June 8, 2006, ordered that
Blenheim Finance Ltd be put into liquidation.

Subsequently, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as joint and several liquidators.

Contact: Iain Andrew Nellies
         C/O Insolvency Management Limited
         Level Four, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


CAMPBELL WHEELER: Liquidation Process Commenced
-----------------------------------------------
The liquidation of Campbell Wheeler Group Ltd commenced on
May 22, 2006.

In this regard, Iain Andrew Nellies and Wayne John Deuchrass
were appointed as joint and several liquidators.

Contact: Iain Andrew Nellies
         C/O Insolvency Management Limited
         Level Four, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


COLLECTIVE EFFORT: Members Opt for Liquidation
----------------------------------------------
Members of Collective Effort Management Services Pty Limited met
on May 11, 2006, and agreed that a voluntary wind-up of the
Company's operations is appropriate and necessary.

In this regard, Michael Edward Slaven was appointed as
liquidator.

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


COMBINED OUTDOORS: Decides to Shut Down Operations
--------------------------------------------------
At a general meeting on May 10, 2006, the members of Combined
Outdoors Advertising Pty Limited decided that the Company must
commence a wind-up of its operations.

Peter J. Dawkins was consequently named as official liquidator.

Contact: Peter J. Dawkins
         Liquidator
         Level 7, 276 Pitt Street
         Sydney, Australia


CREDITCAISSE PTY: Initiates Wind-up Proceedings
-----------------------------------------------
At a general meeting on May 12, 2006, members of Creditcaisse
Pty Limited opted to wind up the Company's operations and
appoint Peter Ngan as liquidator.

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


C W HOMES: Appoints Official Liquidators
----------------------------------------
The liquidation of C W Homes Ltd commenced on May 22, 2006.

Subsequently, Iain Andrew Nellies and Wayne John Deuchrass were
appointed liquidators to act jointly and severally for the
Company.

Contact: Iain Andrew Nellies
         C/O Insolvency Management Limited
         Level Four, 728 Colombo Street
        (P.O. Box 13-401), Christchurch
         New Zealand


GARABOND PTY: Members' Meeting Set on June 23
---------------------------------------------
The members of Garabond Pty Limited will hold a meeting on
June 23, 2006, at 10:00 a.m., to get an account of the manner of
the Company's wind-up and property disposal from Liquidator Paul
Gilbert Harriman.

Contact: Paul G. Harriman
         Liquidator
         410/251 Oxford Street, Bondi Junction
         New South Wales 2022, Australia


HIH INSURANCE: Founder Gets Tax Refund
--------------------------------------
The Australian Taxation Office has granted a refund to HIH
Insurance Limited's founder, Ray Williams, for the tax years
2000 and 2001, The Australian relates.

However, the amount of AU$522,569, due to donations, deductions
and foreign tax credits will be paid directly to the
businessman's bankruptcy trustee, Mark Robinson, at PPB
Chartered Accountants.

HIH collapsed in March 2001, and Mr. Williams is currently
serving a prison sentence of four and a half years after
pleading guilty to giving investors misleading information about
the Company.  He is due for parole in January 2008.

                      About HIH Insurance

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
failure, the HIH Group was known as the second largest general
insurer in Australia, and had operations in many other
countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

In November 2005, the Australian Liquidators received a court
order granting permission to convene meetings of creditors of
the eight HIH companies that formerly held Australian insurance
licenses to consider and vote on the proposed Schemes of
Arrangement.  On November 25, 2005, the English Provisional
Liquidators received a similar court order from the High Court
in England.  These meetings were held on March 29, 2006.

HIH's collapse is known to be the nation's biggest corporate
failure.


IONBAND PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
The sole member of Ionband Pty Limited decided to voluntarily
close the Company's operations and at the same time, appoint
James Garnsey to oversee the Company's wind-up proceedings.

Contact: James Garnsey
         Liquidator
         Level 9, St. Martins Tower
         31 Market Street, Sydney
         New South Wales 2000, Australia


LANDMARK WAREHOUSING: Final Meeting Slated for June 22
------------------------------------------------------
The members and creditors of Landmark Warehousing and
Distribution Pty Limited will convene at a final meeting on
June 22, 2006, at 10:00 a.m.

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

Contact: Pino Fiorentino
         Liquidator
         c/o Hamiltons Chartered Accountants
         Level 17, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9232 6611
         Fax: (02) 9232 6166


LANDSCAPE ENVIRONMENTS: Liquidator to Present Wind-up Report
------------------------------------------------------------
A final meeting of the members and creditors of Landscape
Environments Lafred Pty Limited will be held on June 26, 2006,
at 10:00 a.m.

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

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


MELTEK PTY: Opts to Halt Operations
-----------------------------------
At an extraordinary general meeting of the members of Meltek
Pty Limited held on May 12, 2006, it was agreed that it is
appropriate and necessary to wind-up the Company's operations.

Contact: Bruce Robertson
         Liquidator
         53 Marton Crescent, Kings Langley
         New South Wales 2147, Australia


MERLOT CONSTRUCTIONS: Members Agree to Wind Up Business
-------------------------------------------------------
The members of Merlot Constructions Pty Limited met on May 9,
2006, and decided to shut down the Company's business operations
and appoint Peter Ngan to oversee the Company's wind-up and
property disposal.

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


MICONOH PTY: Liquidator to Present Wind-up Report
-------------------------------------------------
Members of Miconoh Pty Limited will convene on June 23, 2006, at
10:00 a.m., to receive a report on the Company's wind-up and
property disposal from Liquidator Geoffrey McDonald.

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


MIJATOPA PTY: Shuts Down Business Operations
--------------------------------------------
The members of Mijatopa Pty Limited had, at a general meeting on
May 9, 2006, agreed that it is on the Company's best interests
to wind up its operations.

Danny Vrkic was appointed as liquidator to oversee the Company's
wind-up proceedings.

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


MILLENNIUM VEHICLES: Appoints Joint and Several Liquidators
-----------------------------------------------------------
The High Court at Nelson, on June 8, 2006, ordered the
liquidation of Millennium Vehicles Ltd in favor of a petition
filed by Halifax Finance Ltd.

Subsequently, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as joint and several liquidators.

Contact: Iain Andrew Nellies
         C/O Insolvency Management Limited
         Level Four, 728 Colombo Street
         (P.O. Box 13-401), Christchurch
         New Zealand


MOTILE PTY: Prepares to Pay Dividend to Creditors
-------------------------------------------------
Motile Pty Limited will declare its first and final dividend on
June 21, 2006, to the exclusion of creditors who were not able
to file their claims.

Contact: Dean R. Mcveigh
         Deed Administrator
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham Victoria 3191
         Australia


PARK LANE: Receiver Steps Aside
-------------------------------
Gess Michael Rambaldi ceased to act as receiver and manager of
the property of Park Lane Insurance Brokers Pty Limited on
May 10, 2006.


RANGE RECON: Faces Liquidation Proceedings
------------------------------------------
An application to put Range Recon Ltd into liquidation will be
heard before the High Court of Wellington on June 26, 2006, at
10:00 in the morning.

The High Court received the application from the Commissioner of
Inland Revenue on May 8, 2006.

Contact: Rachel Laura Roff
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 890 1116
         Facsimile: (04) 890 0009


THOM CONTRACTORS: Court Sets Date to Hear Liquidation Bid
---------------------------------------------------------
The High Court of Auckland will on July 13, 2006, hear an
application to have Thom Contractors Ltd liquidated.

The Commissioner of Inland Revenue filed the petition before the
Court on May 8, 2006.

Contact: David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


T&Y ENTERPRISES: Members & Creditors to Receive Wind-up Report
--------------------------------------------------------------
A final meeting of the creditors and members of T&Y Enterprises
Pty Limited will be held on June 23, 2006, at 10:00 a.m.

During the meeting, Liquidator Pino Fiorentino will present an
account on the Company's wind-up and property disposal.

Contact: Pino Fiorentino
         Liquidator
         c/o Hamiltons Chartered Accountants
         Level 17, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9232 6611
         Fax: (02) 9232 6166


WINSFORD INVESTMENTS: Liquidation Bid Hearing Set on August 3
-------------------------------------------------------------
An application to put Winsford Investments Ltd into liquidation
will be heard before the High Court of Auckland on August 3,
2006, at 10:00 in the morning.

The High Court received the application from the Commissioner of
Inland Revenue on May 15, 2006.

Contact: David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


XYLIS ENTERPRISES: Supreme Court Issues Wind-up Order
-----------------------------------------------------
The Supreme Court of New South Wales had on May 5, 2006, ordered
the winding up of Xylis Enterprises Pty Limited.

Subsequently, R. J. Porter was appointed as liquidator.

Contact: R. J. Porter
         Liquidator
         Moore Stephens Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


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

BANK OF CHINA (H.K.): Fitch Raises Individual Rating to B
---------------------------------------------------------
Fitch Ratings on June 18, 2006, upgraded the individual rating
of Bank of China Hong Kong Limited to "B", from "B/C".  At the
same time, the agency affirmed the bank's Long-term foreign
currency Issuer Default Rating of "A", its Short-term foreign
currency rating of "F1", and its Support rating of "2".  The
Outlook on the ratings is Stable.

The rating upgrade reflects the steady and ongoing development
of BOCHK's franchise, operations, risk management and corporate
governance over recent years following its consolidation in 2001
and its effective listing in 2002.  This has, in turn,
contributed to a significant improvement in its profitability
and asset quality.

BOCHK's impaired loans ratio has steadily fallen over the years,
to just 1.3% at end-2005, from 11% at end-2001, in line with its
peers.  In addition to its improved risk management, this
reduction has been achieved through the increasing strength of
Hong Kong's economy over these years, ensuring significant
recoveries and a low incidence of new impaired loan, the agency
said.

BOCHK's profitability has also improved over the years, with the
main driver being its declining loan loss charges. While the
bank's underlying profitability does to some degree lag its
global international peers, reflecting somewhat constrained
margins and the lesser-developed nature of its fee generating
businesses, its profitability outlook is stable to positive,
Fitch said.

The rating firm said the lender's strategy to diversify its
business geographically in the region and to develop other
financial services should benefit its bottom line in the long
run.  Meanwhile, BOCHK's capital strength remains robust with a
capital adequacy ratio of 15.33% and an equity-to-asset ratio of
9.1% at end 2005.

                          *     *     *

Established on October 1, 2001, Bank of China (Hong Kong)
Limited - http://www.bochk.com/- is a locally incorporated
licensed bank.  It has combined the businesses of ten of the
twelve banks in Hong Kong originally belonging to the Bank of
China Group.  In addition, it holds shares in Nanyang Commercial
Bank Limited and Chiyu Banking Corporation Limited, both of
which are incorporated in Hong Kong, as well as BOC Credit Card
(International) Limited.


BASIC BREAD: Shareholders Decide to Wind-up Business
----------------------------------------------------
Shareholders of Basic Bread Ltd on June 9, 2006, passed a
resolution to voluntarily wind up the Company's operations and
appoint Leung Chi Wing as liquidator.

Contact: Leung Chi Wing
         Office B, 4/F
         Kiu Fu Commercial Bldg
         300 Lockhart Road, Wanchai
         Hong Kong


CITIC PACIFIC: Moody's Downgrades Rating to Non-Investment Grade
----------------------------------------------------------------
Moody's Investors Service on June 16, 2006, assigned a Ba1
corporate family rating to CITIC Pacific Ltd and withdrawn its
Baa3 issuer rating.  The senior unsecured rating for CITIC
Pacific Finance (2001) Ltd's bond is downgraded to Ba1 from
Baa3.  The rating outlook is stable.  This concludes the review
initiated by the rating agency in April 2006.

Elizabeth Allen, Moody's Vice President/Senior Analyst
explained, "the rating downgrade reflects CITIC Pacific's
progressive shift in business focus throughout the years from
more established businesses to relatively volatile sectors in
which it has a shorter track record in its current scale and
complexity."

Ms. Allen added, "investments in property development and steel
in China, expected to be the major income contributors going
forward, are inherently more cyclical and have high exposure to
regulatory uncertainties. These investments have clearly
increased the company's overall business risk profile, although
Moody's takes some comfort in the group's connections and
experience there."

"While CITIC Pacific's recent asset divestments of almost HKD12
billion have helped improve the group's credit metrics, they
have on the other hand resulted in a lowering of recurring
stable income from quality assets," Ms. Allen noted.

Subsequent to the asset disposal, proforma consolidated debt is
expected to be HKD8 billion and CITIC Pacific has ample
committed facilities.  However, Moody's anticipates that CITIC
Pacific's leverage and financial metrics will weaken during the
next 2-3 years as a result of substantial capital expenditure
planned for its recent investments -- the contribution from
which is only expected to become more meaningful by 2008/09.

The rating further incorporates the fact that CITIC Pacific has
not scaled down its dividend payment as it goes through the
current investment cycle.  This has resulted in continued
negative free cash flow and weak retained cash flow/adjusted
debt, in the single digits, in the last few years.  Moody's
expects this situation to continue until the company completes
its asset deployment and the current investment cycle ends.

Moody's also expects CITIC Pacific to raise a significant amount
of debt for its property development and iron ore projects at
the joint venture or project level. Despite the potential non-
recourse nature of these borrowings, Moody's adjusted CITIC
Pacific's credit metrics by including a pro-rata share of these
liabilities such that adjusted debt/gross cash flow (GCF) is
expected to be in the range of 4x to 6x in the next two to three
years.

These developments have resulted in a downgrade of the company's
baseline credit assessment of to '5' from '4' (on a scale of 1
to 6, where 1 represents the lowest credit risk).

Moody's says that a rating upgrade is unlikely in the near term
given the recent downgrade.  In the medium term, a rating
upgrade could be considered if:

   * there is a stabilization in and successful execution of
     CITIC Pacific's business strategy; and

   * the company demonstrates its ability to continue generating
     stable recurring income, in particular in the property
     development and steel sectors.

Credit metrics that Moody's would consider in this case include
adjusted consolidated GCF coverage staying above five times
and/or adjusted total consolidated debt/GCF falling under 3.5-4x
on sustainable basis.

On the other hand, downward rating pressure could evolve if:

   * the company's increasing investments in property
     development and specialty steel segments do not generate
     satisfactory returns, and which cannot be adequately
     compensated for by contribution from other business
     segments; or

   * there emerges a further aggressive capital investment plan.

Financial indicators Moody's will look for in either situation
are adjusted GCF coverage falling below 2.5-3x, and/or adjusted
total debt/GCF staying over six times on sustainable basis.

                          *     *     *

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution. It is 29% indirectly owned by China International
Trust & Investment Corporation.


DAVID LEE SURVEYORS: Winds Up Due to Liabilities
------------------------------------------------
The directors of David C Lee Surveyors Ltd on May 29, 2006,
filed with the Registrar of Companies a statement of voluntary
winding up due to its liabilities.

Subsequently, Ip Pui Lam was appointed as provisional liquidator
to oversee the wind-up exercise.

Contact: Ip Pui Lam
         2/F., Jonsim Place
         228 Queen's Road East
         Wanchai, Hong Kong


ELAYNE DEVELOPMENT: Court to Hear Winding-up Petition on July 12
----------------------------------------------------------------
A petition to wind-up Elayne Development Ltd will be heard
before the High Court of Hong Kong on July 12, 2006, at 9:30 in
the morning.

The High Court received the application from Bank of China (Hong
Kong) Ltd on May 11, 2006.

Contact: Robertsons
         57/F., The Centre
         99 Queen's Road Central
         Hong Kong
         Telephone: 2521 7341
         Facsimile: 2868 5820


GOLD HEALTH: Creditors Must Prove Debts by July 17
--------------------------------------------------
Liquidator Cheng Kwok Wai requires the creditors of Gold Health
Ltd to submit their proofs of debt by July 17, 2006.

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

Contact: Cheng Kwok Wai
         Gold Health Limited
         31/F, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


HING WAH INVESTMENTS: Creditors' Proofs of Debt Due on July 16
--------------------------------------------------------------
Joint liquidators Chan Kwai Ping and Wong Kwok Wai require the
creditors of Hing Wah Investments Ltd to submit their proofs of
debt by July 16, 2006.

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

Contact: Chan Kwai Ping
         Liquidator
         Suite 2302-7, 308 Des Voeux Road
         Central, Hong Kong


LANAGAN LIMITED: Joint Liquidators Cease to Act for Company
-----------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey ceased to act as
joint and several liquidators of Lanagan Ltd on June 14, 2006.


LOONG WAH PRINTING: Faces Winding-up Proceedings
------------------------------------------------
A petition to wind up Loong Wah Printing & Binding Company Ltd
will be heard before the High Court of Hong Kong on July 5,
2006, at 9:30 in the morning.

The High Court received the application from Agfa Hong Kong Ltd
on May 8, 2006.

Contact: Robertsons
         57/F., The Centre
         99 Queen's Road Central
         Hong Kong
         Telephone: 2521 7341
         Facsimile: 2868 5820


MARKCHAMP LIMITED: Members Final Meeting Set on July 11
-------------------------------------------------------
Members of Markchamp Ltd will convene for their final general
meeting at 905 Silvercord, Tower 2, 30 Canton Road, Kowloon,
Hong Kong on July 11, 2006 at 10:30 a.m.

During the meeting, Joint and Several lLquidators Ricky Chong
and Cordelia Tang will present final accounts of the Company's
wind-up operations.


OCEAN ENVIRONMENTAL: Sole Member Appoints Liquidator
----------------------------------------------------
The sole member of Ocean Environmental Service Company Ltd on
June 5, 2006, passed a resolution appointing Au Yeung Po Ying as
liquidator.

Contact: Au Yeung Po Ying
         16/F., Yue Xiu Bldg
         160-174 Lockhart Road
         Wanchai, Hong Kong


OW&W HOLDINGS: Creditors' Proofs of Claim Due on July 7
-------------------------------------------------------
Law Yui Lun and Wong Man Chung were appointed liquidators to act
jointly and severally by the members of OW&W Holdings Ltd on
May 26, 2006.

The Liquidators require the Company's creditors to submit their
proofs of debt by July 7, 2006, or be excluded from sharing in
any distribution the Company will make.

Contact: Law Yui Lun
         No. 3 Lockhart Road
         Wanchai, Hong Kong


PANDAPLANT LIMITED: Liquidator to Present Wind-up Report
--------------------------------------------------------
Members of Pandaplant (China) Ltd will be receiving Liquidator
Chan Chi Yuen's final report regarding the Company's winding-up
operation.

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

Contact: Chan Chi Yuen
         26/F., 625 King's Road
         North Point, Hong Kong


QUERRINGTON LIMITED: Members Appoint Official Liquidator
--------------------------------------------------------
Members of Querrington Ltd passed a resolution on June 5, 2006,
appointing Allan Hon Wing Yu as official liquidator.

Contact: Allan Hon Wing Yu
         23/F., Wing Hang Finance Centre
         60 Gloucester Road, Wanchai
         Hong Kong


SILVER MERIT: Winding-up Petition Hearing Set on July 5
-------------------------------------------------------
Cheung Kan on May 8, 2006, filed before the High Court of Hong
Kong a petition to wind up the operations of Silver Merit Ltd.

The Court will hear the petition on July 5, 2006, at 9:30 in the
morning.

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


SUNBO HOLDINGS: Members Opt for Voluntary Liquidation
-----------------------------------------------------
Members of Sunbo Holdings Ltd, at an extraordinary general
meeting conducted on May 30, 2006, passed a resolution to
voluntarily wind up the Company's operation and appoint Lai Wing
Kin as liquidator.

Contact: Lai Wing Kin
         76/F., Two Intl Finance Centre
         8 Finance Street
         Central, Hong Kong


TAIYO GENERAL: Members Final Meeting Set on July 17
---------------------------------------------------
Members of Taiyo General International Ltd will convene for
their final meeting on July 17, 2006, 10:00 a.m. 14/F., San Toi
Bldg, 137-139 Connaught Road Central, Hong Kong.

At the meeting, Liquidator Wong Kin Lun will present final
accounts of the Company's wind-up operations.


TARGET EXPRESS: Creditors Must Prove Debts by July 16
-----------------------------------------------------
Target Express Ltd will be receiving creditors proofs of debt
until July 16, 2006.

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

Contact: Chan Kwai Ping
         Liquidator
         Suite 2302-7, 308 Des Voeux Road
         Central, Hong Kong


YASKAWA ELECTRIC: Members to Receive Wind-up Report
---------------------------------------------------
Members of Yaskawa Electric (H.K.) Company Ltd will be receiving
liquidator Mark Bradley's final report on the Company's wind-up
operations.

The presentation will be made on July 10, 2006, 3:00 p.m. at the
Liquidator's office.

Contact: Mark Bradley
         5th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong


* Consumer Loan Defaults Plague China's Banking Sector
------------------------------------------------------
Numerous consumer loan defaults continue to haunt China's
banking sector as major financial institutions reported losses
last month, the Taipei Times report.

According to Taipei Times, Chinatrust Financial Holding Co.,
which owns the nation's largest credit card issuer -- Chinatrust
Commercial Bank -- posted a pre-audit net loss of
TWD2.19 billion last month.

In a statement to the Taiwan Stock Exchange, Chinatrust
Financial attributed the loss in May 2006 to a loan provision of
TWD4.53 billion, which it set aside to cover potential bad
debts.

Moreover, Chinatrust Financial said that its accumulative loan
reserves during the first five months of the year rose to
TWD20.76 billion, an increase of TWD17.06 billion from the same
period last year.  As a result, its aggregate net loss amounted
to TWD2.21 billion between January and May 2006.

According to the report, however, Chinatrust Financial, which
recently named its chief risk officer Hsu Chien-chi as
president, expressed confidence that the situation would be
turned around in the third quarter.  Chinatrust expressed that
the asset quality of their credit and cash-advance cards is
improving while the non-performing loan ratios continue to drop.

Fubon Financial Holding Co., the nation's third-largest
financial services company by market value, reported unaudited
net loss of TWD108 million last month and net profit of
TWD3.61 billion for the first five months of the year with
earnings per share of TWD0.47, Taipei Times relates.

Earlier this year, Fubon said that it would spread its provision
expenses over the rest of this year to cope with the growing
credit-card debt burden.

Lastly, Taishin Financial Holding Co, which owns Tiwan's leading
cash card issuer, Taishin International Bank, posted a pre-audit
net profit of TWD250 million in May.

However, Taipei Times said that the figure represents a big drop
from the TWD810 million that Taishin Financial recorded a year
ago, after its banking unit decided to stop distributing new
cash cards early last month.

                        NPL Ration Rises

The Financial Supervisory Commission said that the non-
performing loan ratio rose to 2.54% at the end of April from
2.46% in March, raising the bad debt level to TWD423 billion as
credit card defaults increased, Taipei Times relates.

According to the commission's latest data, the total revolving
credit balance for credit cards surpassed TWD447.3 billion in
April with the NPL ratio at 3.38%.

Cash card lending in April rose to TWD259.15 billion with the
NPL ratio at 6.75%.


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

ANDHRA CEMENTS: Receives INR79,99,99,989 from ICICI and Others
--------------------------------------------------------------
ICICI Bank Ltd has subscribed to 66,18,133 equity shares of
Andhra Cements Limited amounting to INR9,99,99,989.  Promoters
and associates have also subscribed to 1,98,54,400 equity shares
amounting to INR300 million.  These exercises are undertaken
pursuant to Andhra Cements' rehabilitation scheme approved by
the Appellate Authority of Industrial and Financial
Reconstruction.

Furthermore, ICICI Bank has also infused INR400 million into the
Company as term debt.

Thus, the aggregate funds infused into the Company amounted to
INR79,99,99,989.63.  Necessary documents in this regard have
been executed and funds have since been received by the Company.

                  About Andhra Cements Limited

Cement manufacturer Andhra Cements Limited is part of the
Kolkata-based Duncan Goenka group.  It is still sick and is
subject to rehabilitation.  The original promoter of the Company
handed over the reins to Gouri Prasad Goenka in 1994 when the
company was already under the Board for Industrial and Financial
Reconstruction.  The company has been operating under the
sanctioned rehabilitation scheme of the BIFR dated June 16,
1994.  The Company is expected to turn around by 2006-07.


IBP COMPANY: Clocks 135.52% Rise in Net Profit
----------------------------------------------
IBP Company Limited has posted a 135.52% increase in net profit
at INR533.27 crore for the quarter ended March 31, 2006, as
compared to INR226.42 crore for the same quarter last fiscal
year, Bureau Report says.

The Company's total income grew 20.91% to INR4563.66 crore for
the fourth quarter from INR3,774.17 crore for the corresponding
period in 2004-05.

The board has recommended a 20% dividend of INR2 per share on
share of INR10 each on the equity share capital for the
financial year 2005-06, Bureau News reveals.

For the year 2005-06, the net profit stood at INR12.44 crore as
compared to INr58.87 crore for 2004-05, the report says.

The Troubled Company Reporter - Asia Pacific reported on May 17,
2006, that IBP expected to book losses this year even after the
Government had issued INR400-crore oil bonds for the Company to
recover losses from selling fuel at subsidized prices.  IBP said
that the Government Oil Bonds are not enough to offset around
INR500 crore in accumulated losses as of December 2005.

According to the TCR-AP, newly installed Petroleum Minister
Murli Deora had warned Prime Minister Manmohan Singh that state
oil companies Bharat Petroleum, Hindustan Petroleum and IBP
could collapse if they are not bailed out soon.  Specifically,
Mr. Deora asked the Government to offer a revival package to the
oil firms before they run into catastrophic losses in the next
few years.

                  About IBP Company Limited

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


SILVERLINE TECH: Launches ITO and Ties Up with Canadian Firm
------------------------------------------------------------
Silverline Technologies Ltd launched on June 19, 2006, its
Infrastructure Technology Outsourcing Practice.

According to Deloitte, the ITO market is US$1 billion, which is
virtually untouched by Indian companies who have focused
predominantly in the areas of Systems Integration, Application
Maintenance Outsourcing and IT consulting.

One of the de facto standards in delivering ITO services is
Information Technology Infrastructure Library -- a set of
guidelines whose origin dated back around 20 years.
Together with ISO-9000, SEI-CMM and Six Sigma, the ITIL
framework is quickly becoming the most recognized service
management approach by businesses looking to shore up their IT
operations.  While ITIL provides an excellent structure for
businesses to model their processes on, the actual IT data and
knowledge still need to be captured and maintained.

To jumpstart the ITO practice, the Company has forged a
strategic relationship with a leading Canadian firm, Millennium
Care Inc.  The Company is committed to build an ITO dedicated
practice and Center of Excellence.  Besides assisting Millennium
Care in optimizing its delivery capabilities by providing
24x7x365 services, worldwide, the Company will also market and
deliver on ITO solutions in Asia, the Middle East and Europe
markets.

Millennium Care excels in delivering solutions to overcome such
situations.  It is a best practices Company that has been
delivering ITIL-based service management solutions for over 8
years to Fortune 500 clients worldwide and government
organizations across a large spectrum of industry segments --
Utilities, Natural Resources, Financial Services, Entertainment,
Publishing, Transportation, High-Tech, Municipal departments
within state governments.  It currently supports its client's
technical support needs from over 75 countries.  It enables its
services leveraging its in-depth ITIL expertise and its enabling
software I-Care, which has been recognized by its clients as
among the leaders In its space.  It is an IBM Global Solution
Partner and a Microsoft Solution Partner.

             About Silverline Technologies Limited

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

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


UCO BANK: Fitch Upgrades Individual Rating to D from D/E
--------------------------------------------------------
Fitch Ratings, on June 19, 2006, upgraded India-based UCO Bank's
Individual rating to 'D' from 'D/E'.  At the same time, the
agency has assigned a National rating of 'AA-(ind)' to the
INR5 billion Upper Tier 2 bond programme of the bank.
Meanwhile, the remaining ratings on UCO were affirmed as
follows, all with a Stable Outlook.

   -- National Long-term at 'AA(ind)'

   -- INR2.5bn subordinated debt at National 'AA'(ind)

   -- INR2.3 billion perpetual Tier 1 bonds at National
      'AA-(ind)'

   -- Support at '4'.

On June 2, 2006, Fitch had commented that UCO's financial
profile, particularly its reported non-performing loan ratio,
had improved in recent years although the bank's capital
position continues to be relatively weak.  Fitch also noted that
UCO's risk management systems are improving on the back of an
increased deployment of technology in its operations.  The
upgrade of its Individual rating recognizes that UCO's financial
condition has improved considerably since it was officially
classified as a 'weak' bank in 1999 and underwent a
restructuring exercise that involved closure of loss-making
branches, salary freezes and aggressive recovery efforts.  The
National rating continues to reflect the government's majority
ownership in the bank -- 74.98% of UCO's share capital- -- and
the moderately large size of UCO compared to other Indian banks.

The Upper Tier 2 bond is rated one notch below the National
Long-term rating of the bank, which is in accordance with
Fitch's criteria for the ratings of such instruments.  The
instrument has a tenure of 15 years with a call option and a
step-up clause after 10 years.  Interest is deferrable if the
capital adequacy ratio falls below the regulatory minimum and is
cumulative.  Redemption will require the prior approval of the
Reserve Bank of India.

Uco Bank -- formerly United Commercial Bank -- established in
1943 in Kolkata, is one of the oldest and major commercial bank
of India.  Ghanshyam Das Birla, an eminent Indian industrialist,
during the Quit India movement of 1942, had conceived the idea
of organizing a commercial bank with Indian capital and
management, and the United Commercial Bank Limited was
incorporated to give shape to that idea.  The Bank, along with
13 other major commercial banks of India, was nationalized on
July 19, 1969, by the Government of India. Its name was changed
to UCO Bank in 1985 by an act of Indian Parliament.  Currently,
the bank has 1700 branches spread all over India, with two
overseas branches in Singapore and Hong Kong.


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

INDOFOOD SUKSES: Moody's Removes B1 Currency Issuer Ratings
-----------------------------------------------------------
Moody's Investors Service had, on June 19, 2006, withdrawn PT
Indofood Sukses Makmur Tbk's B1 local currency and foreign
currency issuer ratings.  Moody's also withdrew the B1 senior
unsecured bond rating of Indofood International Finance Limited,
which is guaranteed by Indofood.  This rating withdrawal follows
the full redemption of the bond.

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

In 2005, PT Indofood's total outstanding debt fell to
IDR6.8 trillion from IDR7.9 trillion in 2004.  The United States
dollar denominated debts also fell to US$190.6 million in the
same period from US$317.4 million in 2004.

PT Indofood has bought back US$166.3 million (IDR1.55 trillion)
of its US$280 million (IDR2.61 trillion) Eurobonds due in 2007.
The Company also plans to redeem all the outstanding balance of
the Eurobonds this year.


PERUSAHAAN LISTRIK: Expects Coal Demand to Rise by 72-Mln Tons
--------------------------------------------------------------
PT Perusahaan Listirk Negara expects coal consumption to
increase from 29.3 million tons per year to 71.9 million tons
per year by 2010, the Jakarta Post reports.

According to PLN primary energy director Tonny A. Mulyantono,
the rise in coal demand corresponds to the Indonesian
Government's policy to develop coal-fired power plants with a
combined capacity of 10,000 megawatts by 2009.  Foreseeing the
expected increase in coal demand, PLN is choosing coal-mining
firms that can provide adequate supply for its plants.

Mr. Mulyantono said that the Company has already short-listed 15
coal firms for the tender process, and would announce the
winning bidder next month, the Post says.

                          *     *     *

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

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

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that Perusahaan Listrik is once again under
investigation by the Indonesian National Police for corruption,
connected to equipment price mark-ups and irregular contract
tendering procedures at a gas-fired power plant in Bekasi.  This
after being subjected to a probe on an alleged price mark-up of
three generators purchased in 2004.  A further report on May 5,
2006, stated that PLN president Eddie Widiono was arrested on
allegations that he had marked up the funds used to buy an
MD2500 generator for an electricity project in Borang regency in
South Sumatra in 2004, which made the state suffer a IDR122-
billion loss.


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

LIVEDOOR COMPANY: Fund Adviser Questions Validity of Meeting
------------------------------------------------------------
Scion Capital, LLC, a managing member and investment adviser to
private investment funds that own a combined 6.75% stake in
Japanese Internet firm Livedoor Co. Ltd, said that it may ask to
reconvene the Company's shareholder meeting held on June 14,
2006, the Japan Times relates.

According to Scion Capital, the approved proposal to elect
current President Kozo Hiramatsu, Executive Vice President
Yukihiro Shimizu, Vice President Noritaka Ochiai, and two
directors of cable broadcaster Usen Corp., which is looking into
a business tie-up with Livedoor, may not "reflect the true will
of Company shareholders" since Livedoor's list of shareholders
used at the meeting indicated the number of shareholders as of
March 31, 2006, and was inaccurate.

The Troubled Company Reporter - Asia Pacific stated on June 8,
2006, that Scion Capital was opposed to the Company's proposal
to amend its articles of incorporation to extend the term of new
Board members from less than one year to two years, and the
joining of outside directors with conflicting interests -- the
Usen Corp. directors -- into the Company's Board of Members.

                      About Livedoor Co.

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

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

The TCR-AP recounts that following the accounting scandal,
Livedoor's stock price plunged to JPY94 per share from over
JPY300 per share.  Livedoor was delisted from the Tokyo
Stock Exchange on April 14, 2006.

Four Livedoor ex-directors, two external accountants, and both
Livedoor and subsidiary Livedoor Marketing Limited, have pled
guilty to charges of accounting fraud and violating the
Securities Exchange Law at their trial's first hearing on
May 26, 2006.  This while Mr. Horie denied the charges against
him.  The directors currently stand trial for the fraud charges,
while Mr. Horie is scheduled to stand trial in August 2006.


NEC ELECTRONICS: Expects to Post JPY5-Billion Operating Profit
-------------------------------------------------------------
NEC Electronics Corp. announced that it expects to post an
operating profit of JPY5 billion for the business year 2006,
ending March 31, 2007, from orders of semiconductors for
consumer products, The Wiire reveals, citing Bloomberg News.

The Company focused its efforts on creating semiconductors that
could be used in more devices, while striving to keep product
and development costs low.  The expected operating profit would
be a significant turnaround from a JPY35.7-billion loss for the
business year 2005.

According to a report by the Troubled Company Reporter - Asia
Pacific on May 4, 2006, NEC Electronics President Toshi
Nakashima confirmed that the Company will produce large-scale
integration chips for Nintendo Corp.'s latest game console.  He
added that the Company plans to increase the production capacity
of its plant in Yamagata, where one of its main products would
be the LSI chips for Nintendo.

                          *     *     *

Headquartered in Kanagawa, Japan, NEC Electronics Corporation --
http://www.necel.com/-- specializes in semiconductor products
encompassing advanced technology solutions for the high-end
computing and broadband networking markets, system solutions for
mobile handsets, PC peripherals, automotive and digital consumer
markets, and multiple market solutions for a wide range of
customer applications.  NEC Electronics Corporation has 26
subsidiaries worldwide, including NEC Electronics America,
Incorporated and NEC Electronics (Europe) GmbH.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 27, 2005, that NEC president Kaoru Tosaka decided to resign
after reporting a net loss of JPY1.55 billion in the second
quarter of 2005 and forecasting a deficit for that fiscal year
because of slumping chip sales.  Executive Vice President
Toshio Nakajima was appointed to replace Mr. Tosaka.

NEC has been strengthening cost-cutting measures to improve its
finances.


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

HYUNDAI MOTOR: Chairman Chung Apologizes for Slush Fund
-------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 17, 2006, Hyundai Motor Group's chairman, Chung Mong-Koo,
was arrested and indicted on charges of embezzlement and breach
of trust.  He was suspected of embezzling about US$106 million
since 2002 to create a slush fund, as well as of incurring about
US$320 million in damages to the group.

In an update, The Korea Times relates that Chairman Chung sent
an apology letter to Judge Kim Dong-oh of the Seoul Central
District Court, Criminal Division, who is overseeing the case.

According to Bloomberg News, Chairman Chung, through his letter,
admitted "overall responsibility" in the slush funds.  He also
said that he learned a lesson that he will never forget for the
rest of his life.

The Times says that the apology letter was the Chairman's first
admission of directly playing a role in raising and using the
slush funds.

MoneyTimes.com notes that Chairman Chung has been in prison
since April 28, 2006, after a month-long probe, and has been
held in a detention center near Seoul.  During his first court
appearance on June 1, Chairman Chung apologized for wrongdoings
he blamed on his drive to create a global car firm.

Bloomberg says that Chairman Chung's legal counselors have
requested that Judge Kim grant bail for the chief executive,
citing his age, his deteriorating health and the disruption in
operations at Hyundai Motor.

Under South Korean criminal law, Chairman Chung could face a
life sentence in jail.  However, Chairman Chung may receive
leniency because of his role in the national economy, The Times
cites local newspapers, as saying.

Chairman Chung's third hearing will be on June 26.

                      About Hyundai Motor

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

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

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

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

Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban.  However, the Troubled Company
Reporter - Asia Pacific reported on June 14, 2006, that South
Korean prosecutors have decided not to indict the younger Chung
over his alleged involvement in the slush fund scandal.


HYUNDAI MOTOR: Former Gov't Official Arrested for Taking Bribes
---------------------------------------------------------------
Former senior government official Byeon Yang Ho was arrested on
June 12, 2006, for taking bribes in connection with an
investigation into a slush fund allegedly created by Hyundai
Motor Co., AFX News Limited reports, citing South Korean
prosecutors.

The International Herald Tribune relates that Mr. Byeon was the
first former South Korean official to be linked to the bribery
probe involving Hyundai Motor.  Mr. Byeon allegedly received
about KRW200 million in bribes from a Hyundai Motor broker.

Mr. Byeon once headed the Finance and Economy Ministry's
Financial Policy Bureau.

Associated Press recounts that prosecutors have been
investigating Hyundai for months over suspicions that the
company created a huge amount of slush funds to buy influence
with government officials.

The Tribune cites Mr. Byeon as arguing that he never received
any bribes nor misused his ministerial post.  He adds that he is
"saddened that this has now become a court battle."

According to the Tribune, prosecutors would continue questioning
Mr. Byeon before deciding what charges to press.

                      About Hyundai Motor

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

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

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

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

Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban.  However, the Troubled Company
Reporter - Asia Pacific reported on June 14, 2006, that South
Korean prosecutors have decided not to indict the younger Chung
over his alleged involvement in the slush fund scandal.


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

BUKIT KATIL: Shelves Restructuring Plan
---------------------------------------
Bukit Katil Resources Berhad has decided not to proceed with its
proposed restructuring scheme in view of the Securities
Commission's rejection of the Scheme.

The Troubled Company Reporter - Asia Pacific recounts that the
Securities Commission, on May 10, 2006, junked Bukit Katil's
Restructuring Scheme because the SC believes that the Scheme
does not meet requirements of SC Policies and Guidelines on the
Issue/Offer of Securities.

According to the TCR-AP, the Restructuring Scheme was formulated
as Bukit Katil is an affected listed issuer of Practice Note 4
of the Bursa Malaysia Securities Berhad's Listing Requirements.
As an affected listed issuer, the Company is required to comply
with certain obligations, which includes the obligation to
undertake a corporate proposal that will enable the Company to
regularize its financial position and continue trading on Bursa
Securities.

On October 13, 2005, Bukit Katil entered into a conditional
restructuring agreement wherein the Company and Foremost View
Sdn Bhd, Kang Kim Poh, Low Teck Sin, Kang Kim Sin and Heng Lai
Yoong have agreed in principle to undertake the Proposed
Restructuring Scheme with the intention of restoring Bukita
Katil onto stronger financial footing via, inter-alia, the
injection of new viable businesses, a capital restructuring
exercise and a debt restructuring exercise, the TCR-AP said.

Bukit Katil's board of diretors will deliberate on its next
course of action and an announcement will be made in due course.

                    About Bukit Katil Berhad

Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production.  Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products.  Operations are
carried out in Malaysia and India.  The Company has defaulted on
several loan facilities and admits that it does not have
sufficient cash to pay its debts.  As of December 31, 2005, the
Company recorded a deficit of MYR129,981,000.  The Company, on
Dec. 16, 2005, presented an application to regularize its
financial condition through debt restructuring, which was
subsequently rejected by the Securities Commission.

Bukit Katil Resources Berhad's board of directors is of the
opinion that the Company is insolvent, as it is unable to pay
its debts in full as they come due.  As of April 30, 2006, Bukit
Katil owes its creditors a total of MYR72,276,858.


CONSOLIDATED FARMS: Opposes Malayan Banking's Claims
----------------------------------------------------
Consolidated Farms Berhad plans to appoint solicitors to oppose
the proceedings hurled against it by Malayan Banking Berhad of
Menara Maybank.

Confarm, on June 8, 2006, received a Notice of Demand from
Messrs. Raja, Darryl & Loh on behalf of Malayan Banking, which
is asserting various outstanding claims owed under the
facilities granted by the Bank to Confarm as of April 30, 2006.

Malayan Banking's claims involve:

   * an overdraft facility and overdue trade facilities which
     have been debited into the overdraft account for
     MYR14,799,152, plus interest at the rate of 2.5% per annum
     on a daily basis at monthly rests from May 1, 2006, until
     the date of full settlement;

   * a term loan facility for the sum of MYR620,166 plus
     interest at the rate of 2.5% per annum at monthly rests
     from May 1, 2006, until the date of full settlement; and

   * a term loan for the sum of MYR7,927,878, plus 2.5% annual
     interest from May 1, 2006, until the date of full
     settlement.

In the event Confarm fails to settle the outstanding amounts
within 21 days from June 8, 2006, it will be deemed to be unable
to pay its debts and wind-up proceedings will then be instituted
against the Company.

Just recently, a Confarm subsidiary also received a Writ of
Summons from Lee Foong Hardware Supplies & Services Sdn Bhd.
The suit is in respect of goods sold and delivered to
Consolidated Liquid Eggs Sdn Bhd.

According to the Troubled Company Reporter - Asia Pacific,
Confarm had appointed lawyers to defend the suit.  The Company
will seek the indulgence of the plaintiff for an abeyance in the
proceedings pending the review by the Board of Directors of
Confarm to ascertain its financial position before deciding the
way forward for the Confarm Group.

                 About Consolidated Farms Berhad

Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd
-- http://www.confarm.com/-- is engaged in poultry farming
which includes operating of breeder farm, production and
processing of organic fertilizer, feed milling and manufacturing
and sale of egg trays. Other activities include manufacturing
and processing of eggs into pasteurized eggs and de-shelled
hard-boiled eggs.  The Company is a Practice Note 4 concern
currently undergoing a restructuring exercise to address its
debt problem.  The company had appointed Deloitte KassimChan
Business Services Sdn Bhd as advisor for the restructuring
exercise. Consolidated Farms was mired with MYR122-million debt
on account of its expansion plan, which included the purchase of
equipment and facilities.  As of March 31, 2006, Confarm said
that it will not be able to settle all its debts in full when
they fall due within the next 12 months and hence, the Company
is unable to provide a solvency declaration.


FEDERAL FURNITURE: To Hold Annual General Meeting on June 30
------------------------------------------------------------
The 23rd Annual General Meeting of Federal Furniture Holdings
(M) Berhad will be held on June 30, 2006, at 3:00 p.m., at Level
P1, Menara Choy Fook On, No. 1B, Jalan Yong Shook Lin, in 46050
Petaling Jaya, Selangor Darul Ehsan.

At the meeting, members will:

   -- receive the audited financial statements for the financial
      year ended December 31, 2005, together with the directors'
      and the auditors' reports;

   -- approve directors' fees for the financial year ended
      December 31, 2005;

   -- re-elect as directors Choy Wai Ceong and Haji Md Abdul
      Wahab Bin Md Shahir;

   -- reappoint Messrs Ernst & Young as auditors of the Company
      until the conclusion of the next Annual General Meeting
      and to authorize the Directors to fix the auditor's
      remuneration;

   -- empower the Company's directors to issue and allot shares
      in the Company, at any time and upon terms and conditions
      and for such purposes as the directors may, in their
      absolute discretion deem fit, provided that the aggregate
      number of shares issued pursuant to the resolution does
      not exceed 10% of the issued share capital of the Company
      for the time being and that the directors be and are also
      empowered to obtain the approval for the listing of and
      quotation for the additional shares so issued on the Bursa
      Malaysia Securities Berhad; and

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

             About Federal Furniture Holdings Berhad

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.  On June 24, 2004, the
Board of Directors of Federal Furniture has proposed a capital
reduction, a share premium reduction, rights issue with warrants
and a debt settlement scheme with some of its financial
institution lenders to restructure and settle a substantial part
of its total bank borrowings.  With only two more months prior
to submitting its Restructuring Plan to authorities for
approval, Furniture Holdings Berhad admitted it has not yet
finalized its Financial Regularization Plan.


JOHAN CERAMICS: Falls Under Amended PN17 Category
-------------------------------------------------
Johan Ceramics Berhad has become an affected listed issuer as it
triggered or fulfilled the enhanced prescribed criteria under
the Amended Practice Note 17 of Bursa Malaysia Securities
Berhad's Listing Requirements.

The Company fell under the Amended PN17 because:

   -- its auditors have expressed a modified opinion with
      emphasis on the listed issuer's going concern in the
      listed issuer's latest audited accounts; and

   -- the shareholders' equity of the listed issuer on a
      consolidated basis is equal to or less than 50% of the
      issued and paid up capital of the listed issuer.

As an affected listed issuer, Johan Ceramics is required to
submit a regularization plan to the Securities Commission and to
other relevant authorities for approval and implement the Plan
within the timeframe stipulated by the approving authority.

In the event Johan Ceramics fails to comply with all the
provisions of the Amended PN17, Bursa Securities may take any
appropriate action against the Company, including delisting
proceedings.

The Company's board of directors is presently exploring and
evaluating various options in its endeavor to formulate the
Regularization Plan.  Once finalized and completed, the
requisite announcement outlining the details of the Plan will be
made to Bursa Securities accordingly.

                  About Johan Ceramics Berhad

Headquartered in Malaysia, Johan Ceramics Berhad principally
engages in the manufacture and sale of glazed ceramic wall and
floor tiles.  The Company's balance sheet as of March 31, 2006,
showed accumulated losses of MYR35.5 million in shareholders
equity.  The balance sheet also revealed strained liquidity as
the Company has current assets of MYR32.1 million available to
pay MYR33.9 million of current liabilities coming due in the
next 12 months.


KUB MALAYSIA: Names Advisers for Proposed Disposals
---------------------------------------------------
KUB Malaysia Berhad has appointed RHB Sakura Merchant Bankers
Berhad as adviser for the proposed disposals of:

   * plantation lands held under the Company's subsidiaries
     -- KUB Agrotech Sdn Bhd amd KUB Sepadu Sdn Bhd; and

   * the A&W Group.

The Company, likewise, named Commerce International Merchant
Bankers Berhad as adviser for the sale of the KUB.com Building.

The proposed disposals are part of KUB Malaysia's restructuring
exercises.

                   About KUB Malaysia Berhad

Headquartered in Kuala Lumpur, Malaysia, KUB Malaysia Berhad
-- http://www.kub.com.my/home.html-- provides information and
communications technology, liquefied petroleum gas, property
engineering and construction, provision of education and
training, food and beverages.  Other activities include
investment holding, manufacturing of mild steel pipes and
garments, oil palm plantation, trading of consumer products and
advertising/event management services.  The Company is currently
focusing on its restructuring plan aimed at turning its business
around from a series of past losses.


MBF CORPORATION: Proposed MIFC Disposal Awaits Shareholders' OK
---------------------------------------------------------------
An extraordinary general meeting of MBf Corporation Berhad will
be held on June 28, 2006, at 10:30 a.m. -- or immediately
following the conclusion or adjournment of MBf Corp's 4th Annual
General Meeting -- at Armada Hotel, Laksamana Ballroom, Level 3,
Lorong Utara C, Section 52, in 46200 Petaling Jaya, Selangor
Darul Ehsan.

During the meeting, shareholders will consider and, if thought
fit, approve the disposal of 1,500,002 ordinary shares of MYR1
each in MIFC Credit & Leasing Sdn Bhd representing the entire
equity interest in MIFC for a cash consideration of MYR15,000 in
accordance with the terms and conditions of the conditional
share sale agreement dated May 8, 2006, entered into between MBf
Corp and Permai Mas Sdn Bhd.

The Company's shareholder will also be asked to authorize the
Company's directors to implement the proposed disposal of MIFC
with full power to assent to any condition, modification,
variation, revaluation and amendment as may be imposed or
required by the Foreign Investment Committee, the Bursa Malaysia
Securities Berhad, or other relevant authorities.

                      About MBf Corporation Berhad

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


METROPLEX BERHAD: Members to Consider Disposing Shopping Mall
-------------------------------------------------------------
Metroplex Berhad will hold an extraordinary general meeting on
June 22, 2006, at 2:30 p.m., at Ballroom 2, 9th Floor, the
Legend Hotel, in 100 Jalan Putra, Kuala Lumpur.

During the meeting, members will be asked to approve the
proposed disposal by Metroplex Holdings Berhad of a shopping
complex known as "The Mall" and an office building to Lembaga
Kumpulan Wan Simpanan Pekerja for a total cash consideration of
MYR438,330,000.

Members will also be asked to authorize the Company's board of
directors to give effect to the proposed disposal with full
power to assent to any conditions, variations, modifications,
revaluations and amendments as they may consider to be in the
best interest of the Company, and to execute all necessary
documents in order to implement, finalize and give full effect
to the proposed disposal.

                     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.


METROPLEX BERHAD: Default Amount Hits MYR1.8 Billion
----------------------------------------------------
Metroplex Berhad disclosed that its estimated amount of default
to various credit facilities as of May 31, 2006, is
MYR1,754,242,448.

Currently, Metroplex is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement, which will
essentially address the default issue.  Upon the finalization of
the Proposed Scheme, an announcement will be made to Bursa
Securities.

A list of the Company's credit facilities in default is
available for free at:

   http://bankrupt.com/misc/tcrap_metroplex061906.pdf

                     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.


MYCOM BERHAD: Units Strike Profit Guarantee Deal
------------------------------------------------
Mycom Berhad's wholly owned subsidiaries KH Estates Sdn BHd and
KH Land Sdn Bhd, on June 7, 2006, entered into a profit
guarantee agreement with stakeholder OSK Trustees Berhad and a
consortium composed of Kenny Height Developments Sdn Bhd and
Olympia Properties Sdn Bhd, a wholly owned subsidiary of Olympia
Industries Berhad.  Kenny Height Developments is the guarantor
for the deal.

The Profit Guarantee Agreement was entered into pursuant to the
acquisition by Olympia Industries of four parcels of land
measuring approximately 32.3 acres situated at Lots 21759,
21760, 21761 and 21762, and the acquisition by Mycom of six
parcels of land measuring approximately 41.14 acres situated at
Lots 21763, 21764, 21765, 21766, 21767 and 21768 in Mukim Batu,
District of Kuala Lumpur, State of Wilayah Persekutuan, from the
Guarantor.

Pursuant to the Profit Guarantee Agreement, Kenny Height
Developments agreed to give a profit guarantee, provided that:

   -- the profit guarantee period will be for the first four
      to 12-months period from the completion of the
      acquisitions by both Mycom and Olympia Industries of the
      KHD Land Property;

   -- the aggregate audited profit after tax derived from the
      development of the KHD Land project will not be less
      than MYR42.414 million to be met over the guaranteed
      period; and

   -- the minimum audited PAT guaranteed derived from the
      Project for each 12-month period in the guaranteed
      period will not be less than the guaranteed profits for
      the guaranteed period.

In the event the Guarantor fails to pay the shortfall or
deficiency in the manner and within the time stipulated, and
upon receipt a written notice from KH Land or the Consortium
Parties of such default, the OSK -- being the stakeholder -- is
authorized and empowered to:

   * sell the Deposited Securities or such part thereof in
     any manner and on any terms the Stakeholder in its sole
     and absolute discretion deems appropriate and apply the
     proceeds of the sale in the manner as prescribed in the
     Profit Guarantee Agreement; and

   * request in writing from the guarantor such additional
     Deposited Securities to maintain the prescribed margin.

                       About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.

The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.  In its
proposal to streamline its operations and focus on property
development activities after restructuring, Mycom had proposed
to undertake a series of acquisitions of property companies and
land, as well as the disposal of certain assets in the future
years.  Mycom believes that both its corporate and debt
restructuring would the group on a stronger financial footing to
continue as a going concern, to return to profitability and to
enhance returns to all the stakeholders.

As of March 31, 2006, the Company's balance sheet showed poor
liquidity with MYR56,129,000 in current assets available to pay
current liabilities of MYR1,302,071,000 coming due within the
next 12 months.


PANGLOBAL BERHAD: 41st Annual General Meeting Set on June 30
------------------------------------------------------------
PanGlobal Berhad's 41st Annual General Meeting will be held on
June 30, 2006, at 11:00 a.m., at Meranti Room, Level 22, Menara
PanGlobal, in Lorong P. Ramless, Kuala Lumpur.

During the meeting, members will be asked to:

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

   -- approve the Directors' Fees for the financial year ended
      December 31, 2005;

   -- re-elect as directors

      * Bernard Wong Shoon Tet;
      * Chin Jit Pyng;
      * Jeffrey Zhin Kok Wong; and
      * Tan Sri Dato Sri Abang Haji Ahmad Urai bin Datu
        Hakim Abang Haji Mohideen;

   -- reappoint Messrs. BDO Binder as auditors for the year
      ending December 31, 2006, and to authorize the Directors
      to fix the auditors' remuneration;

   -- authorize the Company's directors to issue shares in
      the Company at any time until the conclusion of the
      Company's next Annual General Meeting; and

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

                     About PanGlobal Berhad

Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad
-- http://home.panglobal.com.my/-- is engaged in underwriting
all classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.  PanGlobal is a Practice
Note 4/2001 company.  The Bursa Malaysia Securities has required
the Company to regularize its financial condition, curb huge
losses and settle debts in order to continue operating.  The
Company has already submitted a Proposed Restructuring Scheme to
the Securities Commission on September 9, 2005.  On April 6,
2006, the Securities Commission approved PanGlobal
Berhad's proposed restructuring scheme.


POLYMATE HOLDINGS: CDP Asserts MYR10,675-Claim Against Firm
-----------------------------------------------------------
Polymate Holdings Berhad's wholly owned subsidiary -- ABI
Malaysia Sdn Bhd -- on June 9, 2006, was served with a Summons
and Statement of Claim by CDP Engineering Sdn Bhd.

In the suit, CDP Engineering is asserting a MYR10,675 claim, and
an annual default interest of 8% on the whole amount from
April 14, 2006, to the date of full settlement.

In addition, Malayan Banking is asking payment for solicitor and
client costs, and other relief that the Kuala Lumpur High Court
deems fit.

The Troubled Company Reporter - Asia Pacific recounts that
Polymate Holdings and ABI Malaysia were served with a Writ of
Summons and Statement of Claim dated May 18, 2006, by Malayan
Banking.

Malayan Banking is pursuing a MYR10,014,145-claim as of Dec. 31,
2005, and an annual default interest of 10% from January 1,
2006, to the date of the full settlement of the claim.

                 About Polymate Holdings Berhad

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.

Polymate Holdings is in the process of working out possible
plans to regularize its condition.  Operations in its
subsidiaries will be revived when a workable restructuring
scheme is formalized with its lenders and when fresh working
capital can be injected into the operations.  On April 28, 2006,
Bursa Malaysia Securities Berhad publicly reprimanded and
imposed a total fine of MYR84,000 on Polymate Holdings Berhad
for breach of the Bourse's Listing Requirements. This was
followed by another public reprimanded on May 26, 2006.
Meanwhile, Polymate says that it is still negotiating with its
lenders to restructure the Group's credit facilities and is
working on various schemes to regulate its financial position.


PROTON HOLDINGS: Wants to Keep Mahathir as Adviser
--------------------------------------------------
Tun D. Mahathir Mohamad will carry on as adviser of Proton
Holdings Berhad despite his criticisms of the Company's policy,
The Edge Daily relates, citing Proton Chairman Datuk Mohammed
Azlan Hashim.

Mr. Mohammed Azlan brushed off rumors that the Company is
dropping Dr. Mahathir as adviser.  Speculations that Dr.
Mahathir will soon be leaving Proton arose when the former prime
minister was not present at the launch of the Satria Neo in Shah
Alam on June 16, 2006, The Edge says.

Mr. Mohammed Azlan explained that the schedule and short notice
prevented Dr. Mahathir from attending the launch.

The Troubled Company Reporter - Asia Pacific recounts that Dr.
Mahahir has openly criticized the current Proton management's
decision to sell the loss-making MV Agusta Motors SpA for one
euro.  The previous management had bought MV Agusta for
MYR367.6 million.

Asked whether Proton had sought Dr. Mahathir's advice on the
sale of Agusta, Mr. Mohammed Azlan said that the Company had
tried to arrange for a meeting with Dr. Mahathir.  However, Dr.
Mahathir was very busy and not available.

"We will continue to seek (Dr. Mahathir's) advice," Mr. Mohhamed
Azlan confirmed.

                     About Proton Holdings

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

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

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


WEMBLEY INDUSTRIES: Members to Convene for AGM on June 30
---------------------------------------------------------
The 30th Annual General Meeting of Wembley Industries Holdings
Berhad will be held on June 30, 2006, at the Conference Room,
Lobby Floor, Lot 5428-5429, Block 16, KCLD, Lorong Lapangan Baru
1, in 93350 Kuching, Sarawak.

The purpose of the meeting is for members to:

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

   -- re-elect Dato' Stanley A/L Isaacs who retires in
      accordance with Article 91 of the Company's Articles of
      Association, as Director of the Company;

   -- re-elect Liew Chie Chung who retires in accordance
      with Article 96 of the Company's Articles of Association,
      as Director of the Company;

   -- reappoint Messrs Ernst & Young as Auditors of the
      Company and to authorize the Directors to fix their
      remuneration;

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

            About Wembley Industries Holdings Berhad

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.  The Company has been placed under the Practice Note 4
category due to its tight cash flow position.  On January 7,
2003, Malaysia's Foreign Investment Committee approved the
Company's regularization plan.  Subsequently, on April 7, 2003,
the FIC revised its approval to include the possible
participation of Daewoo Corporation, the former turnkey
contractor of Plaza Rakyat Project in the Company's Proposed
Debt Restructuring.  The Company's ability to continue as a
going concern hinges on the successful implementation of the
Scheme.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR422,729,000 and total liabilities of
MYR1,214,178,000, resulting in a MYR791,749,000 stockholders'
equity deficit.  The balance sheet also showed strained
liquidity with MYR415,545,000 in total current assets available
to pay MYR1,214,178,000 in total current liabilities coming due
within the next 12 months.  The Company's accumulated losses as
of March 31, 2006, have reached MYR1,063,555,000.


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

MABUHAY HOLDINGS: Net Loss Slims Down 98% in First Quarter
----------------------------------------------------------
Mabuhay Holdings Corporation posted a consolidated PHP0.37-
million net loss for the quarter ended March 31, 2006 -- a
98.10% or PHP19.12 million decrease from the PHP19.49 million
net loss it recorded in the quarter ended March 31, 2005.

The Company's total consolidated revenues for the first quarter
this year increased substantially by 129.27%, to PHP1,781,307
from PHP776,963 in the first quarter in 2005.  This was due to
the gain in the sale of a property in Tagaytay by one of the
Company's subsidiaries, which compensated for the decrease in
rental income of the Company from PHP0.8 million to
PHP0.4 million on account of non-renewal of the lease contract
of a tenant.

Total consolidated operating expenses, however, increased 17%,
from PHP5,256,392 in the first quarter last year to PHP6,168,850
in the 2006 first quarter.  Mabuhay Holdings attributes this
mainly to the increase in unrealized loss on foreign exchange.
There was a recovery in the value of marketable securities
amounting to PHP3.4 million against a decline last year of PHP15
million.

Mabuhay Holdings' consolidate financial statements for the
quarter ended March 31, 2006, reflect these key figures:


                  Mabuhay Holdings Corporation
                     Financial Highlights
                      (in PHP millions)

                               As of           As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Current Assets              163.03          163.31
     Total Assets                492.51          493.32
     Current Liabilities         104.22          104.69
     Total Liabilities           108.48          108.95
     Total Equity                384.03          384.37

                                   Quarter Ending
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                      0.37           19.49
     Revenues                      1.78            0.78
     Expense                       6.17            5.25

The Company's first quarter 2006 financial report is available
for free at:

   http://bankrupt.com/misc/Mabuhay_Holdings_1Q_033106.pdf

                     About Mabuhay Holdings

Mabuhay Holdings Corporation was incorporated as a holding
company.  It is engaged in the acquisition and disposition of
investments in securities, stocks, real and personal properties,
and any kind of properties and of investments in other entities.
Within this general framework, the Company is empowered to
commit its resources in pre-selected areas of investment, such
as direct real estate investments, real estate equities, venture
capital projects, listed and unlisted securities.

The Company's current strategy is to concentrate its investment
in four areas: infrastructure, basic industry, finance, and
properties.  Mabuhay has taken a significant stake in Magellan
Capital Holdings Corporation, which is involved in the
development of three power stations in Pinamucan, Batangas;
Rosario, Cavite; and Mactan, Cebu, with a total expected
generating capacity of over 700 Megawatts.

               Significant Doubt on Going Concern

After auditing Mabuhay Holdings' 2005 Annual Report, Francis B.
Albalate, of Punongbayan & Araullo, expressed a material doubt
on the Company's ability to continue as a going concern.  Mr.
Albalate says that the recoverability of the Group's
consolidated assets as of December 31, 2005, and the Group's
ability to settle its liabilities are dependent upon the success
of its future operations and those of its related parties.  He
notes that the financial statements do not include any
adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and
classification of liabilities or any other adjustments that
might result from the outcome of this uncertainty.

In its 2005 Annual Report, Mabuhay Holdings noted that the
Philippine's economic slowdown since 1997, currency devaluation,
bearish stock markets, exceedingly low interest rates, snail-
paced business growth, staggering fiscal budget deficit, and
political uncertainty contributed to the bleak investment
climate hovering around the country.  The Company said that
these factors also made a big dent on the Company's financial
performance in the past years and management feels that these
negative elements would still linger on over the short-term.


MAGNUM HOLDINGS: Posts Almost No Change in 1st Quarter Net Loss
---------------------------------------------------------------
Magnum Holdings, Inc., posted a PHP352,537 net loss for the
quarter ended March 31, 2006, which shows very little different
from the PHP354,841 net loss in the same quarter in 2005, due to
the Company's continued non-operating status.

The Company reported no revenues for the first quarter.  To
sustain the necessary expenses, the Company continuously
depended on the financial support of its major stockholder,
Sagarmatha, Inc.  The support is supported by a bilateral
agreement between the Company and Sagarmatha, such that the
stockholder will temporarily shoulder the Company's operational
expenses.  These advances are non-interest bearing.

Magnum Holdings' financial report for the quarter ended
March 31, 2006, shows these key figures:

                     Magnum Holdings, Inc.
                     Financial Highlights

                               As of           As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Total Assets                94,912          44,327
     Total Liabilities        4,343,680       3,940,558
     Capital Deficit          4,248,768       3,896,231

                                   Quarter Ending
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                   352,537         354,841

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

     http://bankrupt.com/misc/Magnum_Holdings_1Q_033106.pdf

            Stock Rights to Cover Capital Deficiency

Magnum Holdings is currently working on the documentation of the
stock rights to be issued from the unissued shares in the amount
of PHP14.96 million.  The proceeds from the issuance of 17% or
PHP14.46 million will enable the Company to eliminate the
capital deficit of PHP4.25 million as of March 31, 2006, and the
balance of about PHP10.2 million will be invested in some
profitable business as soon as management has determined its
investment priority and use as working capital in active trading
in the Philippine Stock Exchange.

                    Non-operations to Continue

Magnum Holdings had not seen any significant improvement in the
economic conditions that will ease up the cost of doing business
during the quarter as it is in the immediately preceding year.
Because of the uncertain profitability of doing business, the
Company has maintained the same "cautious" stance during the
quarter and will maintain the same stance for the next quarter.

                   About Magnum Holdings, Inc.

Magnum Holdings, Inc., formerly known as Summit Minerals, Inc.,
was originally organized to engage in mining exploration.  On
February 24, 1994, the Securities and Exchange Commission
approved the change in the Company's primary purpose to that of
a holding company and the change in its corporate name to Magnum
Holdings, Inc.

At present, the Company is in the process of evaluating new
investment opportunities.

               Significant Doubt on Going Concern

After auditing magnum Holdings' financial report for the year
ended December 31, 2005, A.S. Arellano and Co., raised
significant doubt on the Company's ability to continue as a
going concern.  The Auditor cites these reasons:

   * The Company incurred losses of PHP0.78 million,
     PHP0.69 million and PHP0.82 million for the years ending
     December 31, 2005, 2004 and 2003.

     As of December 31, 2005, the Company's capital deficiency
     amounted to PHP89.1 million.

   * The Company is dependent on the continuing support of its
     major stockholder, Sagarmatha, Inc.

     As of December 31, 2005, the Company's current liabilities
     exceeded its current assets by some PHP3.8 million.

   * The losses were attributed primarily to the poor trading
     conditions caused by financial turmoil affecting the region
     as well as representing the cost of maintaining and
     safeguarding the Company's assets and resources.


NATIONAL POWER: Seeks Approval of Proposed US$700-Mln Debt Issue
----------------------------------------------------------------
The Power Sector Assets & Liabilities Management Corp., which
handles the assets of state-owned National Power Corp., has
asked the Monetary Board to approve a PHP37.25-billion debt
issue to finance the Company's borrowing needs, ABS-CBN News
reveals, citing Reuters News.

The debt issue, which is lower than last year's issue worth
PHP40.98 billion, according to the Manila Times, would go toward
paying the Company's maturing debts and amortizing financial
obligations not absorbed by the Philippine Government.

PSALM President Nieves Osorio said that it would be up to the
Department of Finance to issue the debt, the Manila Bulletin
says.

ABS-CBN News relates that Napocor needs to pay around
PHP26.61 billion in debt in August.

Once Napocor has the monetary Board's approval for the debt
issue, PSALM would put up the debt issue for tender offers.
Ms. Osorio said several investors had expressed interest in the
debt issue, the Bulletin writes.

                     About National Power

Headquartered in Quezon City, Philippines, National Power Corp.
-- http://www.napocor.gov.ph/-- is a state-owned utility that
builds and operates nuclear, hydroelectric, thermal, and
alternative power generating facilities.  It works with
independent producers under a build-operate-transfer program.
With a generating capacity of more than 11,500 megawatts,
National Power sells electricity to distributors and industrial
companies.

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

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that National Power posted a PHP16-million profit
in 2005, the first time in seven years, on the Energy Regulation
Commission's approval of a rate increase, the use of an improved
fuel mix and better fuel prices.

A subsequent report by the TCR-AP states that in the first
review of National Power's portfolio, it was projected that the
Philippine Government would have to absorb some PHP600 million
worth of debt.  The Government initially absorbed Napocor's
PHP200 billion debt, which was incurred when the state firm
adopted international accounting standards, forcing it to report
its foreign exchange losses.  The Department of Finance is
studying the legality of the Government's absorption of the
debt.

To comply with the privatization bill approved by the Philippine
Congress, the Company started selling off its generation assets
to help pay for the utility's total estimated debt.  It also
separated its transmission operations into a new subsidiary, the
National Transmission Corporation.

Napocor's remaining debt could still be absorbed by the
Government, but the Development Budget Coordinating Committee
wants to see the Company improve operations and sell off non-
profitable assets in order to reduce its debt, instead of
relying on government aid to do so.


PHILODRILL CORP: Turns Around with PHP2-Mln Net Income in 2005
--------------------------------------------------------------
The Philodrill Corp. was able to turn around in 2005 with a net
income of PHP2.74 million for the business year ended Dec. 31,
2005, against a PHP308.28-million net loss in 2004, the Troubled
Company Reporter learns from the Company's financial results
submitted to the Philippine Stock Exchange.

Petroleum revenues increased to PHP78.74 million in 2005 from
PHP37.57 in 2004, and investment income also rose to
PHP38.28 million from PHP9.71 million.  The Company's cash
account also increased by 164% from PHP3.3 million as of
Dec. 31, 2004, to PHP8.7 million as of Dec. 31, 2005, due to the
collection of receivables, which had increased by
PHP13.6 million due to some receivables accrued.  Some
PHP39.5 million of advances to related firms were reclassified
as current assets in 2005 from non-current assets.

However, Philodrill's total current liabilities almost doubled
to PHP496.2 million in 2005 from PHP297.4 million in 2004, due
to a 9% or PHP9.8-million rise in trade and other payables,
while advances from related firms worth PHP257.6 million were
reclassified as current liabilities in 2005.

As of December 31, 2005, the Company's debt-to-equity ratio
stood at 0.28:1, from 0.25:1 in 2004.

The Company has not paid dividends for the last two years.

Philodrill's consolidated financial report for the year ending
December 31, 2005, shows these key figures:

                  The Philodrill Corporation
                     Financial Highlights

                               As of           As of
                             12/31/2005      12/31/2004
                             ----------      ----------
     Current Assets       PHP77,070,904   PHP22,175,870
     Total Assets         2,293,018,687   2,210,920,757
     Current Liabilities    496,234,778     297,350,067
     Total Liabilities      496,894,593     446,224,409

                                    Year Ending
                             12/31/2005      12/31/2004
                             ----------      ----------
      Net Income (Loss)       2,744,705    (308,281,512)
      Revenues              133,539,559      60,303,022
      Cost and Expenses     130,030,357     368,182,468

A copy of Philodrill Corp.'s 2005 Annual Report is available for
free at:

   http://bankrupt.com/misc/OV_17A_Dec2005.pdf

                    About The Philodrill Corp.

The Philodrill Corporation was registered with the Philippine
Securities and Exchange Commission on June 26, 1969, as an oil
exploration and production company.  In 1989, realizing the need
to balance the risk associated with its petroleum activities,
the Company changed its primary purpose to that of a diversified
holding company while retaining petroleum and mineral
exploration and development as one of its secondary purposes.

The Company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The Company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                      Going Concern Doubt

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the Company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of
Dec. 31, 2005.  The Company also had difficulty meeting its
obligations to creditor banks.

                        Debt Servicing

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp., amounting to
PHP28.25 million, from U.S. dollars to Philippine Pesos.

On December 27, 2002, the Company and Metropolitan Bank and
Trust Company entered into an agreement to refinance a maturing
short-term loan amounting to PHP60 million.  As approved by
MBTC's Executive Committee, the short-term loan was converted
into a five-year loan, inclusive of a six-month grace period on
principal repayments.  The principal will be paid in 18 equal
quarterly installments of PHP3.3 million commencing at the end
of the 9th month from the drawdown date.  The term loan is fully
secured by certain properties of a related company.  Interest
will be at the prevailing lending rate.  MBTC waived the
commitment fees and pre-payment penalties on the loan.  In 2003,
the Company was unable to pay the two principal installments due
on September 26, 2003, and December 26, 2003, amounting to
PHP6.6 million and has difficulty paying interests accruing on
the principal loan balance.

The Company is continuously negotiating with the other creditor
bank for the restructuring of its loans.


RAMCAR GROUP: Court Lifts Receivership & Firm Resumes Operations
----------------------------------------------------------------
A Quezon City Regional Trial Court lifted the rehabilitation
proceedings of the Ramcar Group of Companies, which has repaid
PHP7.1 billion of its PHP7.6-billion bank debts after filing for
rehabilitation in 2001, the Philippine Daily Inquirer reports.

According to the Manila Times, Judge Reynaldo Daway ordered the
lifting of the Company's receivership after court-appointed
receiver Fortunato Cruz disclosed that the Company had
successfully complied with the terms of its rehabilitation plan,
which was first filed in December 2001 and later amended and
approved on August 23, 2003.

When Ramcar sought rehabilitation in 2001, Company CEO Manuel
Agustines said that its debts rose from the high interest rates
imposed by the Central Bank of the Philippines after the 1997
Asian financial crisis.  Some 88% of the Company's total debts
belonged to creditor banks.  In 2002, Ramcar's market share
dropped from 70% to 50%, on the lack of advertising, marketing
and promotional funds.

In the amended rehabilitation, Ramcar agreed to repay
PHP1.6 billion of its bank debts via dacion en pago.
Mr. Agustines even offered his personal assets and property to
creditors, who felt he had deceived them, the Inquirer relates.

Moreover, the Times relates, the second rehabilitation plan
called for:

   -- the restructuring of the Company's secured debt worth
      PHP1.468 billion, including unpaid interest;

   -- the full settlement of the unsecured debt amounting to
      PHP6.475 billion; and

   -- the immediate payment of the balance of the payables to
      Company suppliers with the reinstatement of credit terms
      to levels not worse than what were in effect immediately
      preceding the 2001 petition for rehabilitation.

Mr. Cruz said that with the success of the rehabilitation,
Ramcar's market share has returned to 70%, and export revenues
now comprised over 50% of its total revenues, from the 30%
before it filed for rehabilitation.  Ramcar is set to resume
normal operations with the lifting of the receivership order,
and management has regained full authority over the Company.

The Ramcar Group of Companies is a Filipino-owned organization
engaged in battery manufacturing, lead processing, plastic
injection, tire retreading, real estate development, and fast
food operations.


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

DAKA DESIGNS: Unveils Incorporation of Wholly Owned Units
---------------------------------------------------------
In response to findings by Auditors KPMG that Daka Designs
Limited had inadvertently not disclosed the incorporation of a
subsidiary named "4283252 Canada Inc", the Company disclosed the
incorporation of such subsidiary and another unit named "Grow
Investments Limited.

4283252 Canada Inc was incorporated in Canada on February 11,
2005, and has an unlimited authorized capital and has issued 100
shares at a consideration of CND100.  It is a wholly owned
subsidiary of Daka Health & Wellness (U.S.A.) Limited, which is
in turn a wholly owned subsidiary of the Company. 4283252 was
incorporated for the purposes of e-business, but has been
dormant since the date of incorporation.

Grow Investments Limited was incorporated in Hong Kong on
April 1, 2005, and has an authorized capital of HKD10,000 and
paid up capital of HKD1.  It is a wholly owned subsidiary of
Daka Holdings Inc., which is in turn a wholly owned subsidiary
of the Company.  Grow Investments was incorporated for the
purposes of direct marketing, but has been dormant since the
date of incorporation.

Neither 4283252 nor Grow Investments have had any material
impact on the earnings per share and net tangible assets per
share of Daka Designs for the financial year ended March 31,
2005, and March 31, 2006.

                    About Daka Designs Limited

Daka Designs Limited is principally involved in designing,
developing and marketing of innovative products for the consumer
market.  The Group operates in Hong Kong, the United States of
America, Macau, and the United Kingdom.

The Singapore Stock Exchange has decided to suspended the
trading in the shares of Daka Designs after Auditor KPMG
observed certain irregularities in the operations and accounting
records of the Company.  The concerns and irregularities raised
by KPMG in its report may amount to breaches under the
Securities and Futures Act and other laws in Singapore.
Consequently, the SGX has informed the Monetary Authority of
Singapore and lodged a report with the Commercial Affairs
Department to initiate investigations into the matter.


DIGILAND INTERNATIONAL: Releases Timetable of Key Events
--------------------------------------------------------
Digiland International Limited on June 16, 2006, lodged with the
Monetary Authority of Singapore the Offer Information Statement
in respect of its renounceable rights issue.  The company will
dispatch the Offer Information Statement to entitled
shareholders on June 26, 2006.

Meanwhile, shareholders are advised to take note of important
dates relating to the Rights Issue.

Expected Timetable of Key Events

   Shares trade ex-Rights                  : 06/19/2006
   Books Closure Date                      : 06/21/2006

   Despatch of Offer Information
   Statement to Entitled Shareholders      : 06/26/2006

   Commencement of trading of "nil-paid"
   rights to subscribe for one Rights
   Share with 4 free detachable warrants
   for every ten Shares held by Entitled
   Shareholders as at the Books
   Closure Date, fractional entitlements
   to be disregarded                       : 06/26/2006

   Last date and time for splitting Rights : 07/04/2006

   Trading of "nil-paid" Rights ceases     : 07/04/2006

   Last date and time for acceptance and
   payment of Rights Shares with Warrants  : 07/10/2006

   Last date and time for renunciation and
   payment for Rights Shares with Warrants : 07/10/2006

   Last date and time for application and
   payment for excess Rights Shares with
   Warrants                                : 07/10/2006

   Expected date of issuance of Rights
   Shares with Warrants                    : 07/17/2006

   Expected date for commencement of
   trading of Rights Shares                : 07/18/2006

   Expected date for commencement of
   trading of Warrants                     : 07/19/2006

              About Digiland International Limited

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The Company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the Company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.


INFORMATICS HOLDINGS: Names New Chief Financial Officer
-------------------------------------------------------
Informatics Holdings Limited has recently promoted Cecilia Tong
Chiu Fai as Chief Financial Officer.  Ms. Tong was appointed as
Director of the Company on March 31, 2006.

Ms. Tong has a deemed interest of 300,000 ordinary shares and
100,000 warrant 2011 registered in her spouse's name.  She also
has options to subscribe for 520,689 shares under the
Informatics Group Share Option Scheme.

                About Informatics Holdings Limited

Informatics Holdings Ltd -- http://www.informatics.edu.sg/--  
was established in 1983, in response to Asia's economic growth
fostering tremendous demands for skilled Information
Technology manpower and knowledge-based workers to build and
sustain the rapid economic development in the region.
Informatics' core business activities are training and
education, IT-related services and franchise operations.
Informatics was at the center of a scandal that began in mid-
April 2004 when it admitted that it has overstated profits and
understated costs for the nine months ended December 2003 in its
quarterly financial statement.  The scandal started a string of
losses for the education services provider.  Informatics
Holdings, however, managed to cut its losses for the fourth
successive quarter in its third-quarter financial results for
the fiscal year 2006. Due to continued financial support from
majority shareholder Berjaya and efforts to sell non-core
assets, Informatics Holdings hopes to get back to black by
continuing to increase revenue and control costs.  The Company
is currently looking into agreements with underwriters on an
earlier proposed rights issue, in order to raise working
capital.


IPACS COMPUTER: Creditors' Proofs of Claim Due on June 30
---------------------------------------------------------
IPACS Computer Services (S) Pte Limited notifies parties-in-
interest of its intention to declare a dividend to creditors.

Liquidators Ong Yew Huat and Seshadri Rajagopalan require the
Company's creditors to file their proofs of claim by June 30,
2006, to share in the dividend distribution.

Contact: Ong Yew Huat and Seshadri Rajagopalan
         10 Collyer Quay
         #21-01 Ocean Building
         Singapore 049315


PACIFIC ASSOCIATES: Faces Wind-up Proceedings
---------------------------------------------
An application for the winding up of Pacific Associates Pte
Limited was filed before the High Court of Singapore on June 9,
2006, by United States-based S.Y. Technology Inc.

The petition will be heard before the High Court on July 7,
2006, at 10:00 p.m.

Contact: Yeo Wee Kiong Law Corporation
         Solicitors for the Plaintiff
         No.i Raffles Place
         #39-02 OUB Centre
         Singapore 048616


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

* Stock Market to Face More Problems Ahead
------------------------------------------
Economic analysts warned that the recent decline in commodity
prices and fears over deflation will make the stock market more
volatile in the second half of this year, the Bangkok Post
reports.

The Post quotes Namchai Techaratanawiroj, executive vice-
president of United Securities, as saying that deflation had
become a fresh concern for economists, after having been
preoccupied with concerns of inflation recently.

According to the Post, rising global demand for raw materials
has added pressure on inflation but a drop in most commodity
prices, which had been surging for many months, will drag on
financial markets.

However, Mr. Techaratanawiroj expressed that the event is not
new.  "Inflation has been rising over two years, similar to U.S.
interest rates which have kept on rising.  So, the greater
question is, when will there be a changing point from inflation
to recession" he stated.

Mr. Techaratanawiroj relates that on a recent survey conducted
by The Economist, the global economic outlook in 2007 would
slow, led by the United States, Europe and Japan.  The technical
yield curve of 10-year U.S. Treasury bonds is also flat,
reflecting uncertainty of investors toward the economy.

Domestically, Mr. Techaratanawiroj said that Thailand continues
to face an unstable political situation like uncertainties
regarding the national election pushing through by October.  Any
further delay in forming a new government would result in
problems preparing a national budget for 2007.

Furthermore, Mr. Techaratanawiroj said that The Stock Exchange
of Thailand would not be stable at this point.  He warned
investors to look and invest in defensive stocks while looking
not only at the earnings of the company but also at the cash
flow of a specific business.


* BOND PRICING: For the Week 19 June to 23 June 2006
----------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     9
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       9.250%    10/15/06     9
BIL Finance Ltd                       8.000%    10/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     9
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    23
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 8.850%    03/15/10     7
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     4
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     6
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     2
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/08/17    72
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Titisan Modal Bhd                     5.000%    04/28/20    73
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


PHILIPPINES
-----------

Philippine Government                7.500%     03/30/16    75
Philippine Government                7.000%     04/27/16    74

SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    73
Sengkang Mall                         4.880%    11/20/12     1
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   5.625%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Maryland, USA.  Valerie Udtuhan, Francis Chicano, Erica
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Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

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