TCRAP_Public/060818.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Friday, August 18, 2006, Vol. 9, No. 164

                            Headlines

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

ADMINISTRATION SPECIALISTS: Members Opt for Voluntary Wind-Up
ADVANCED ENERGY: Taps Receivers and Managers
ARROW RESOURCES: Placed Under Voluntary Liquidation
AUSTRALIAN SECURITY: Enters Wind-Up Proceedings
BAYNOOSA PTY: Bank Appoints Receivers and Managers

BEACHWATER LANDSCAPING: Court to Hear Liquidation Bid on Aug. 21
CAPRAR HOLDINGS: Appoints Official Liquidator
C D TECH: Members and Creditors to Receive Wind-Up Report
CURRENT KNOWLEDGE: To Declare Fourth and Final Dividend
DELVID PTY: Members Decide to Close Business

ENSEC PTY: Members to Receive Wind-Up Report on September 6
EZY NETWORKS: Creditors Must Prove Debts by August 25
FORREST MOTORS: Liquidation Petition Hearing Slated for Aug. 21
G-LOG PTY: Members Pass Resolution to Wind Up Operations
HAPPY DAYS: Creditors' Proofs of Debt Due on August 29

JAMES HARDIE: 1st Quarter Operating Profit Rises to US$62.7 Mil.
L J SHELLEY: Receiver and Manager Named
M. JACKSON: To Declare Dividend for Unsecured Creditors
MANLY WATERFRONT: Courts Issue Wind-Up Order
MONIVANT HOLDINGS: Court to Hear CIR's Liquidation Bid Aug. 21

MULTIPLEX GROUP: Records AU$216.8M NPAT for Year-Ended June 30
MULTIPLEX GROUP: Transfers UK White City Contract to Westfield
NAROOMA ALLIANCE: To Declare Dividend to Preferred Creditors
ORIGIN PACIFIC: Asks Creditors for More Time to Consider Options
OZTEK PTY: Appoints Peter Ngan as Liquidator

PACARDY PTY: Members Resolve to Close Business
PEARSY PTY: Receiver and Manager Ceases to Act for Firm
PINK PANTHER: To Declare Fourth and Final Dividend
R BURNHAM & SONS: Members Final Meeting Slated for September 5
RETEK INFORMATION: Members Pass Resolution to Wind-Up Firm

ROCK DEVELOPMENTS: Courts Issues Wind-Up Order
S. & L. BUILDING: Members Agree to Wind Up Operations
SAEN OPTIONS: Members Final Meeting Scheduled on September 8
SEDPAD PTY: Enters Wind-Up Proceedings
SILVERLINE SECURITY: Intends to Declare Dividend

SITEWORKS UNLIMITED: Liquidation Bid Hearing Slated for Aug. 21
STAYS PTY: Enters Wind-Up Proceedings
TEXT CITY: Undergoes Voluntary Wind-Up
TRANSFIELD ALC: Receivers and Managers Step Aside
UKRAINIAN CULTURAL: Members Name Raymond Tolcher as Liquidator

WAYBY INVESTMENTS: Liquidation Bid Hearing Set on August 31


C H I N A   &   H O N G  K O N G

ASIA PREMIUM: March 31 Balance Sheet Upside-Down by US$2.7 Mil.
BEAR COMPANY: To Declare Ordinary Dividend
CAPITAL SINO: Court to Hear Bank of China's Wind-Up Bid Sept. 20
CHANTICLEER COMPANY: Members Final Meeting Set on September 18
CONSTRUCTION BANK: Denies Acquisition Rumors

COUNTRY FORD: Joint Liquidators Cease to Act for Company
CREATIVE EYEWEAR: Faces Wind-Up Proceedings
EVER FORTUNE: Court to Hear Wind-Up Bid on September 20
GALAXY CATERING: Court to Hear Wind-Up Bid on September 6
HUNG HING DECORATION: Members to Receive Wind-Up Report

JARDINE CONSTRUCTION: Creditors' Proofs of Claim Due on Sept. 1
JARDINE INSURANCE: Creditors Must Prove Debts By Sept. 1
NEW WAY INTERNATIONAL: Appoints Official Liquidator
OCEANIC COTTON: Liquidator Ceases to Act for Company
PROCURE INTERNATIONAL: Liquidator to Present Wind-Up Report

RA UNITED: Final Shareholders' Meeting Set on September 11
UPPLAN HOLDINGS: Court Favors Wind-Up
* Govt. Activities Delay Steel Industry's Progress, Fitch Says
* Moody's to Apply Notching to Chinese Corporate Issuers


I N D I A

ANDHRA CEMENTS: Nalwaya Named New Managing Director
DAEWOO INDIA: Assets Auction Kicks Off
ICICI BANK: Sets Bonds Indicative Yield
MYSORE CEMENTS: Members Okay Share Capital Hike
SILVERLINE TECHNOLOGIES: Completes One-Time Settlement Exercise


I N D O N E S I A

INDOFOOD SUKSES: Unit Plans to Buy Stake in Plantation Firm


J A P A N

DAIEI INCORPORATED: IRCJ to Sell Stake to Marubeni
FUJI HEAVY: To Revamp Network to Boost Car Sales
FUJI HEAVY: Welcomes New President and CEO
SHINSEI BANK: Repays JPY120-Billion Worth of Public Funds


M A L A Y S I A

CHASE PERDANA: JB Parade Agrees to Pay Claim to Settle Dispute
PROTON HOLDINGS: To Hold 3rd AGM on September 8
PROTON HOLDINGS: Car Sales Jump 20% in July
TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit
* Malaysia's Inflation Rate Likely Up on Costlier Power


P H I L I P P I N E S

APC GROUP: Elects 13 Stockholders as Board Members
BENPRES HOLDINGS: Posts PHP8.358-Bil Revenue for 2006 First Half
GLOBAL EQUITIES: Signs MOA Transferring Assets to Shareholder
PACIFIC PLANS: Court of Appeals Suspends Rehabilitation Plan
SAN MIGUEL: Beer Export Sales Increases 5% in First-Half 2006


S I N G A P O R E

ERMENEGILDO ZEGNA: Creditors' Proofs of Claim Due on Sept. 11
LKN-PRIMEFIELD: Profit Climbs 47% on Restructuring
SEE HUP SENG: Books SGD1.05-Million Profit in First Half of 2006
SPEEDNAMES PTE: Creditors' Proofs of Debt Due on September 11
VALQUA SINGAPORE: Creditors Must Prove Claims by September 11


T H A I L A N D

BANK OF AYUDHYA: Finance Minister Says GE Deal Still On-Going


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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


ADMINISTRATION SPECIALISTS: Members Opt for Voluntary Wind-Up
-------------------------------------------------------------
At an extraordinary general meeting held on July 31, 2006, the
members of Administration Specialists Pty Limited resolved to
shut down the Company's operations.

In this regard, creditors appointed David Levi and John Morgan
as joint liquidators at a separate meeting held later that day.

The Joint Liquidators can be reached at:

         David Levi
         John Morgan
         PKF Chartered Accountants and Business Advisers
         Level 10,1 Margaret Street
         Sydney, New South Wales 2000
         Australia


ADVANCED ENERGY: Taps Receivers and Managers
--------------------------------------------
On August 2, 2006, Colorado Investments Pty Limited appointed
Christopher Michael Williamson and Kimberley Andrew Strickland
as receivers and managers of all the assets and undertaking of
Advanced Energy Systems Limited.

The Receivers and Managers can be reached at:

         Christopher Michael Williamson
         Kimberley Andrew Strickland
         Chartered Accountants
         SimsPartners
         Level 12, 40 St Georges Terrace
         Perth, Western Australia
         Australia


ARROW RESOURCES: Placed Under Voluntary Liquidation
---------------------------------------------------
Members of Arrow Resources Capital Pty Limited convened on
July 28, 2006, and passed a resolution to voluntarily liquidate
the Company's business.

Subsequently, Timothy James Cuming and David Clement Pratt were
named official liquidators.

The Liquidators can be reached at:

         Timothy James Cuming
         David Clement Pratt
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


AUSTRALIAN SECURITY: Enters Wind-Up Proceedings
-----------------------------------------------
At a general meeting of the members of Australian Security
Logistics (VIC) Pty Ltd held on July 28, 2006, it was agreed
that a voluntary wind-up of the Company's operations is
appropriate and necessary.

In this regard, Andrew McLellan was appointed as liquidator at
the creditors' meeting held later that day.

The Liquidator can be reached at:

         Andrew McLellan
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


BAYNOOSA PTY: Bank Appoints Receivers and Managers
--------------------------------------------------
The National Australia Bank Limited on July 4, 2006, appointed
Ian Richard Hall and Stephen Graham Longley as the joint and
several receivers and managers of the assets and undertakings of
Baynoosa Pty Ltd.

The Joint and Several Receivers and Managers can be reached at:

         Ian Richard Hall
         Stephen Graham Longley
         PricewaterhouseCoopers
         Level 17 Waterfront Place
         1 Eagle Street
         Brisbane, Australia


BEACHWATER LANDSCAPING: Court to Hear Liquidation Bid on Aug. 21
----------------------------------------------------------------
A petition to liquidate Beachwater Landscaping & Supplies Ltd
will be heard before the High court of Wellington on August 21,
2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on June 23, 2006.

The plaintiff's solicitor can be reached at:

         Andrew Hamer Instone
         Technical and Legal Support Group
         Wellington Service Centre, 1st Floor
         New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1133
         Facsimile: (04) 890 0009


CAPRAR HOLDINGS: Appoints Official Liquidator
---------------------------------------------
Shareholders of Caprar Holdings Ltd on July 14, 2006, appointed
Brian Soutar as liquidator for the Company.

Mr. Soutar requires the creditors of the Company to submit their
proofs of claim by August 31, 2006.

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

The Liquidator can be reached at:

         Brian Soutar
         Soutar & Associates
         Chartered Accountants
         Level Nine, BNZ Building
         137 Armagh Street (P.O. Box 13-223)
         Christchurch, New Zealand
         Telephone: (03) 366 0829
         Facsimile: (03) 379 3876
         e-mail: admin@soutar.co.nz


C D TECH: Members and Creditors to Receive Wind-Up Report
---------------------------------------------------------
The members and creditors of C D Tech Pty Limited will hold a
joint meeting on August 31, 2006, at 12:00 p.m., to hear
accounts of the Company's wind-up from Liquidator Brian Dunphy.

The Liquidator can be reached at:

         Brian P. Dunphy
         Freshwater Management Pty Ltd
         PO Box 663
         Harbord, New South Wales 2096
         Australia


CURRENT KNOWLEDGE: To Declare Fourth and Final Dividend
-------------------------------------------------------
Current Knowledge Print Group Pty Limited will declare its
fourth and final dividend to ordinary unsecured creditors on
September 7, 2006.

Creditors who cannot prove their claims by August 24, 2006, will
be excluded from sharing in the dividend distribution.

The liquidator can be reached at:

         Manfred Holzman
         Holzman Associates
         GPO Box 3667
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9222 9070
         Facsimile:(02) 9222 9071


DELVID PTY: Members Decide to Close Business
--------------------------------------------
At a general meeting held on July 28, 2006, the members of
Delvid Pty Limited agreed to close the Company's business and
appoint Deryk Andrew as liquidator.

The Liquidator can be reached at:

         Deryk Andrew
         Cor Cordis
         Chartered Accountants
         PO Box Q1185
         QVB Post Office
         Sydney, New South Wales 2000
         Australia


ENSEC PTY: Members to Receive Wind-Up Report on September 6
-----------------------------------------------------------
Members of Ensec Pty Limited will convene on September 6, 2006,
at 10:00 a.m., to receive accounts of the Company's wind-up from
Liquidator Smith Hancock.

The Liquidator can be reached at:

         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


EZY NETWORKS: Creditors Must Prove Debts by August 25
-----------------------------------------------------
Creditors of Ezy Networks Ltd are required to submit their
proofs of debt by August 25, 2006, to Joint Liquidators Jeffery
Philip Meltzer and Michael Lamacraft.

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

The Joint Liquidators can be reached at:

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


FORREST MOTORS: Liquidation Petition Hearing Slated for Aug. 21
---------------------------------------------------------------
The Commissioner of Inland Revenue on July 7, 2006, filed before
the High Court of Wellington a petition to liquidate Forrest
Motors Ltd.

The Court will hear the petition on August 21, 2006, at 10:00
a.m.

The plaintiff's solicitor can be reached at:

         Andrew Hamer Instone
         Technical and Legal Support Group
         Wellington Service Centre, 1st Floor
         New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1133


G-LOG PTY: Members Pass Resolution to Wind Up Operations
--------------------------------------------------------
At a general meeting of the members of G-LOG Pty Ltd held on
July 31, 2006, a special resolution to wind up the Company's
operations was passed.

Accordingly, Timothy James Cuming and David Clement Pratt were
appointed as official liquidators.

The Liquidators can be reached at:

         Timothy James Cuming
         David Clement Pratt
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


HAPPY DAYS: Creditors' Proofs of Debt Due on August 29
------------------------------------------------------
Happy Days Enterprises Pty Limited notifies parties-in-interest
of its intention to declare first and final dividend on
September 5, 2006.

Creditors are required to submit their proofs of claims by
August 29, 2006, for them to share in the dividend distribution.

The deed administrator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Chartered Accountants
         GPO Box 200, Canberra
         Australian Capital Territory 2601
         Australia


JAMES HARDIE: 1st Quarter Operating Profit Rises to US$62.7 Mil.
----------------------------------------------------------------
For the three months ended June 30, 2006, James Hardie
Industries Limited's operating profit, excluding the effect of
foreign exchange on the asbestos provision it recorded last
quarter, increased 12% compared to the same quarter last year,
to US$62.7 million from US$55.9 million.

James Hardie explains that as its results are reported in US
dollars and the asbestos provision is denominated in Australian
dollars, exchange rate movements between the Australian and the
US dollars can significantly affect reported earnings.  The
effect of the strengthening of the Australian dollar on the
AU$1.0 billion net asbestos provision was an expense of
US$27.2 million.  As a result, operating profit for the quarter
declined to US$35.5 million.  This expense has no current period
cash impact.

The asbestos provision is based on an estimate of future
Australian asbestos-related liabilities in accordance with the
Final Funding Agreement that was signed with the NSW Government
on December 1, 2005.  The Company is continuing discussions with
the Australian Tax Office and other stakeholders, including the
NSW Government, with a view to satisfying one of the remaining
conditions precedent to the FFA.

                     Operating performance

The 1st quarter highlights include a 16% increase in net sales
to US$415.5 million and a 9% increase in gross profit to
US$157.7 million.  EBIT, which fell 21% from US$86.9 million to
US$68.9 million compared to the same quarter last year, was
impacted significantly by the effect of foreign exchange on the
asbestos provision.  EBIT excluding the US$27.2 million impact
of foreign exchange on the asbestos provision increased 11% to
US$96.1 million.

For the three months ended June 30, 2006, James Hardie's total
assets was at US$1.35 billion and its total liabilities was at
US$1.24 billion.

USA Fibre Cement continued its strong growth momentum, with net
sales up 21% for the quarter.  However, higher costs in the
quarter affected the bottom line, with EBIT increasing 10%.

Market conditions during the 1st quarter were weak in the Asia
Pacific Fibre Cement businesses.  Sales in the Australia and New
Zealand business fell by 5%, while the Philippines remained EBIT
positive.

Diluted earnings per share excluding the effect of foreign
exchange on the asbestos provision increased from US12.1 cents
to US13.4 cents.  Diluted earnings per share for the quarter
decreased from US12.1 cents in the prior corresponding quarter
to US7.6 cents.

                          Income Tax

The company's effective tax for the quarter of 48.3% was
affected by the US$27.2 million foreign exchange expense
relating to the asbestos provision.  For the quarter, the
effective tax rate excluding the effect of foreign exchange on
the asbestos provision was 34.3%.

To appeal the amended assessment of AU$378.0 million from the
ATO in respect of RCI's (a James Hardie subsidiary company)
income tax return for the year ended March 31, 1999, the company
was required by the ATO to post a deposit payment.  The ATO
agreed that a partial payment of 50% would be required along
with a guarantee from James Hardie Industries NV in favor of the
ATO for the unpaid balance.  This cash deposit of
US$140.4 million (AU$189.0 million) was paid on July 5, 2006.

However, the Company has not recorded any liability at June 30,
2006 for the amended assessment because, at this time, the
Company believes its tax position will be upheld on appeal,
therefore no liability is probable in accordance with US
accounting standards.

A full-text copy of James Hardie's Condensed Consolidated
Financial Statements for the three months ended June 30, 2006,
is available for free at:

   http://bankrupt.com/misc/JamesHardie1Q_EndedJune302006.pdf

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/-  
- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fibre cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
Reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.  By 2004, James
Hardie's former asbestos manufacturing subsidiaries -- Amaca Pty
Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd -- are three of around
150 defendants in asbestos litigation, and based on the
Foundation's own figures, they account for US$1,000,000,000 of
the predicted US$6,000,000,000 future asbestos liabilities in
Australia.  Although James Hardie stopped making asbestos
products in 1987, the average 35-year latency of mesothelioma,
an asbestos-related disease, means asbestos compensation funds
will be needed until mid-century. In a 2005 report by a company-
hired actuary from KPMG, it was predicted that 4,915 Australians
would contract mesothelioma from exposure to Hardie products in
the coming decades.  When less serious forms of asbestos-related
disease are included, James Hardie should expect to compensate
8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


L J SHELLEY: Receiver and Manager Named
---------------------------------------
Glen Bottriell of Prestige Holdings (Qld) Pty Ltd on July 26,
2006, appointed Neil Robert Cussen as receiver and manager of
all the assets and undertakings of L J Shelley and Associates
Pty Ltd.

The Receiver and Manager can be reached at:

         Neil Robert Cussen
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia


M. JACKSON: To Declare Dividend for Unsecured Creditors
-------------------------------------------------------
Liquidator Manfred Holzman will on September 7, 2006, declare
the fourth and final dividend for ordinary unsecured creditors
of M. Jackson Press Pty Limited.

Creditors who cannot prove their claims by August 24, 2006, will
be excluded from sharing in the dividend distribution.

The Liquidator can be reached at:

         Manfred Holzman
         Holzman Associates
         GPO Box 3667
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9222 9070
         Facsimile:(02) 9222 9071


MANLY WATERFRONT: Courts Issue Wind-Up Order
--------------------------------------------
The Supreme Court of New South Wales and the Federal Court of
Australia issued an order on July 21, 2006, to wind up Manly
Waterfront Developments and appoint Steven Nicols as liquidator.

The Liquidator can be reached at:

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


MONIVANT HOLDINGS: Court to Hear CIR's Liquidation Bid Aug. 21
--------------------------------------------------------------
A petition to liquidate Monivant Holdings Ltd was filed by the
Commissioner of Inland Revenue before the High Court of
Wellington on June 28, 2006.

The Court is scheduled to hear the petition on August 21, 2006,
at 10:00 a.m.

The plaintiff's solicitor can be reached at:

         Mary Kate Crimp
         Technical and Legal Support Group
         Wellington Service Centre, First Floor
         New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1067
         Facsimile: (04) 890 0009


MULTIPLEX GROUP: Records AU$216.8M NPAT for Year-Ended June 30
--------------------------------------------------------------
Multiplex Group has recorded its financial results for the year
ended June 30, 2006, under the Australian equivalents to
International Financial Reporting Standards, for the first time.

The Group recorded a net profit after tax attributable to
stapled securityholders of AU$216.8 million, which reflects an
increase of 157.2% on the previous year, the Sydney Morning
Herald says.

The result compares to a profit of AU$84.3 million recorded in
the prior year, Egoli.com.au notes.

Other key financial highlights for the Group during the year
are:

   (a) Net profit after tax includes fair value adjustments to
       the carrying value of investment properties totaling
       AU$267.7 million;

   (b) After allowing for second half FVAs and the profit earned
       on the sale of Multiplex Property Trust assets, the
       result of AU$50.5 million is broadly in line with most
       recent FY2006 profit guidance of AU$50 million provided
       in February;

   (c) Group revenue and other income decreased by 4% to
       AU$3.2 billion.  This decrease is primarily attributable
       to reduced development revenue recognized under AIFRS due
       to a higher level of internal work which is eliminated on
       consolidation;

   (d) The Wembley project in the United Kingdom incurred a
       pretax loss of AU$364.3 million or AU$255 million after
       tax loss.  The project loss position has remained
       unchanged since  December 31, 2005;

   (e) The Trust generated a net profit contribution of
       AU$446.5 million.  This contribution includes FVAs of
       AU$227.7 million and profits from asset sales of
       AU$26.6 million;

   (f) At June 30, 2006, the Group's net assets were
       AU$3.16 billion; and

   (g) At June 30, 2006, the Group's net tangible assets per
       stapled security were AU$2.84.

As previously forecast, a final distribution of 17.5 cents per
stapled security will be paid on August 31, 2006.  The
distribution comprises a final distribution from the Trust and
no Company dividend.

All prior year comparatives have been restated to comply with
AIFRS, Multiplex notes.

The Board believes the Group's prospects for FY2007 are sound.

The Property Development division has a solid development
pipeline in terms of its gross development value, while the
Construction division has a replenished workbook and good
forward workload.

The earnings profile of each of the Group's divisions will be
impacted by AIFRS under which development profits are generally
brought to account at project completion.

In the case of Property Development, the development pipeline is
biased towards project completions in FY2008 and beyond.  
Accordingly, project completions in FY2007 are likely to be
fewer than average and this is expected to impact on earnings in
the short-term.

As the Construction division increases its level of internal
development work, the emergence of profit on this work will also
be delayed under AIFRS and only emerge in the year in which the
relevant development completes.

The Funds Management and Facilities Management divisions are
expected to build on growth achieved over the last year although
their FY2007 earnings are not expected to include any
significant one-off profits outside normal operations.

The Trust is expected to continue to benefit in FY2007 from the
strength of its property investment portfolio, in particular its
high occupancy and its recent tenant retention and rent reviews.
The Directors are not in a position to provide any outlook in
respect of likely FVAs in FY2007.

A full-text copy of the Multiplex Group's 64-page annual results
presentation is available free of charge at:

http://www.multiplexcapital.biz/uploads/filelibrary/MPX_Group%20
Annual%20Results%2006%20PRINT%20FINAL%20(Presentation).pdf

                         About Multiplex  

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

The Company's troubles continue with plunging share prices,
extortion attempts, and threats of class action from disgruntled
shareholders.  The Roberts family, as founder and controlling
shareholder of Multiplex, opted to offer AU$50 million indemnity
in a bid to appease dissatisfied shareholders.  In May 2005,
Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of
February 2006, the Company is faced with liquidity crisis after
posting a massive AU$474 million loss on Wembley and is
currently in talks to bring down possible delay fees, pegged at
AU$138,000 per day beyond the scheduled March 31, 2006,
completion date.


MULTIPLEX GROUP: Transfers UK White City Contract to Westfield
--------------------------------------------------------------
On August 9, 2004, the Multiplex Group commenced the UK White
City project.  On that date, the Group noted that the Multiplex
design and build contract on the White City project has a value
of approximately GBP600 million.

White City is a retail and leisure development situated between
the Shepherd's Bush and White City stations on the London
Underground in the borough of Hammersmith and Fulham.

The Project incorporates approximately 200,000-square meters of
shopping center with four anchor stores and 270 retail outlets,
a 13,000-square meter leisure complex, and parking for 4,500
cars.  The development also comprises a major transport element
with the linking of three London Underground stations and a 16
line underground depot.  The project is scheduled for completion
in February 2008.

A statement from Multiplex discloses that the group has agreed
that Westfield Group will assume full responsibility for the
remaining design and construction works for the White City
project, effective immediately.

This follows an approach from Westfield and recognizes the
substantive nature of design changes and enhancements
implemented by Westfield since taking control for the
development of the scheme in May 2005.  Westfield will assume
full responsibility for delivery of the project including
control over all design matters, and all building works from
August 17, 2006.

The margin Multiplex has achieved on the construction contract
for the White City project is consistent with that which the
Group would normally expect to record on a construction project
given its stage of completion.

The agreement provides for the secondment or transfer of
Multiplex UK construction personnel directly engaged on the
project to Westfield, and for existing White City sub-
contractors to be assigned to Westfield.

"The transfer of the construction contract for White City will
accelerate the repositioning of our UK construction workbook.  
Our focus in the UK is predominantly on internally generated
work from our own development projects - through our integrated
property model," Multiplex Chief Executive Officer, Andrew
Roberts says.

Mr. Roberts notes that the Group remains firmly committed to
maintaining a sizable United Kingdom business.

Mr. Roberts relates that in recent times we have been
rationalizing the number of assets acquired as part of the
Duelguide transaction.  Our focus has been on retaining a select
number of key development projects like the AU$720 million Eden
shopping center redevelopment in High Wycombe, and the large
development scheme in Newcastle City Centre, Mr. Robert says.

Multiplex also has a number of other major construction and
development projects in the U.K., that are not part of the
Duelguide portfolio, including the Cricklewood urban
regeneration scheme, and the Castle House, West Cromwell Road,
and the Peterborough Hospital projects.

After the transfer of the White City project, Multiplex will
retain a sizable U.K. construction workbook, and development
portfolio in the U.K. with an estimated completion value in
excess of AU$7 billion.

                         About Multiplex  

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

The Company's troubles continue with plunging share prices,
extortion attempts, and threats of class action from disgruntled
shareholders.  The Roberts family, as founder and controlling
shareholder of Multiplex, opted to offer AU$50 million indemnity
in a bid to appease dissatisfied shareholders.  In May 2005,
Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of
February 2006, the Company is faced with liquidity crisis after
posting a massive AU$474 million loss on Wembley and is
currently in talks to bring down possible delay fees, pegged at
AU$138,000 per day beyond the scheduled March 31, 2006,
completion date.


NAROOMA ALLIANCE: To Declare Dividend to Preferred Creditors
------------------------------------------------------------
Narooma Alliance Pty Ltd will declare its first and final
dividend to preferred creditors on September 1, 2006, to the
exclusion for those who cannot prove their claims by August 25,
2006.

The joint & several deed administrator can be reached at:

         Nicholas David Cooper
         SimsPartners
         Level 4, 12 Pirie Street
         Adelaide, South Australia 5000
         Australia


ORIGIN PACIFIC: Asks Creditors for More Time to Consider Options
----------------------------------------------------------------
Origin Pacific Airways requests its creditors to not place it in
receivership or liquidation while it considers its options, The
Dominion Post reports.

According to the report, Origin Pacific is "seeking the
indulgence from creditors" to not take action that could
jeopardize restructuring.

In a letter to creditors on August 16, 2006, Origin Pacific's
chairman, Robert Inglis noted that a number of positive
opportunities for restructuring or selling the airline's freight
and passenger businesses were being evaluated.  The process is
expected to take about two weeks, and creditors would receive an
update by August 28, Dominion Post relates.

Creditors who supported a bail-out agreement in 2004, requiring
them to write off 60% of NZ$11.4 million in debt, will still
receive their final installment of 30 cents in the dollar under
a five-year repayment plan, Stuff.co.nz notes.

Origin Pacific's extra debt accumulated during the past two
years is not disclosed.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific Airways "has lost its struggle
to survive" and has suspended operations, putting most of its
260 staff out of work immediately.  Thus, Origin Pacific halted
its passenger services on August 10, 2006, after it was unable
to secure the capital urgently needed to reduce its debt.  
Origin Pacific, however, indicated hopes of continuing its
freight operations.

Continuing to operate the profitable airfreight division, if it
could not be sold on favorable terms, would place Origin Pacific
in a better position to repay creditors over time, Dominion Post
cites Mr. Inglis as saying.

Stuff.co.nz relates that freight previously made up half of
Origin Pacific's revenue and is largely based on its rights to
sell cargo space on Qantas 737 domestic jets and a 767 freighter
between Auckland and Christchurch.

Mr. Inglis discloses that Qantas would cancel its contract if a
receiver is appointed.  Origin Pacific is understood to owe
Qantas NZ$600,000, Stuff.co.nz notes.

Newstalk ZB relates that an advisory group has been formed to
consider the future of the Company.

                      About Origin Pacific

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.


OZTEK PTY: Appoints Peter Ngan as Liquidator
--------------------------------------------
The members of Oztek Pty Limited held a general meeting on
July 26, 2006, and resolved to voluntarily liquidate the
Company's business.

In this regard, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


PACARDY PTY: Members Resolve to Close Business
----------------------------------------------
Members of Pacardy Pty Limited met on July 28, 2006, and passed
a special resolution to voluntarily wind up the Company's
operations.

The liquidator can be reached at:

         Timothy James Cuming
         David Clement Pratt
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


PEARSY PTY: Receiver and Manager Ceases to Act for Firm
-------------------------------------------------------
Michael Owen ceased to act as receiver and manager of Pearsy Pty
Ltd on July 14, 2006.

The former receiver and manager can be reached at:

         Michael Owen
         BDO Kendalls
         Level 18, 300 Queen Street
         Brisbane, Queensland 4000
         Australia


PINK PANTHER: To Declare Fourth and Final Dividend
--------------------------------------------------
Pink Panther Printing Pty Limited notifies parties-in-interest
of its intention to declare its fourth and final dividend for
ordinary unsecured creditors on September 7, 2006.

Creditors who cannot prove their debts by August 24, 2006, will
be excluded from sharing in the dividend distribution.

The liquidator can be reached at:

         Manfred Holzman
         Holzman Associates
         GPO Box 3667
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9222 9070
         Facsimile:(02) 9222 9071


R BURNHAM & SONS: Members Final Meeting Slated for September 5
--------------------------------------------------------------
Members of R Burnham & Sons Limited will convene on September 5,
2006, at 10:30 a.m., to receive Liquidator John Green's report
on the Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

         John d. Green
         BDO, Level 19
         2 Market Street
         Sydney, Australia


RETEK INFORMATION: Members Pass Resolution to Wind-Up Firm
----------------------------------------------------------
At a general meeting held on July 31, 2006, the members of
Retek Information Systems Pty Ltd passed a resolution to wind up
the Company's operations.

The Liquidator can be reached at:

         Timothy James Cuming
         David Clement Pratt
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


ROCK DEVELOPMENTS: Courts Issues Wind-Up Order
----------------------------------------------
The Federal Court of Australia and the Supreme Court of
Australia on July 21, 2006, issued an order to wind up Rock
Developments & Constructions Pty Ltd.

In this regard, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

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


S. & L. BUILDING: Members Agree to Wind Up Operations
-----------------------------------------------------
Members of S. & L. Building Services Pty Ltd convened on
July 31, 2006, and resolved to wind up the Company's operations.

Subsequently, Craig Crosbie was appointed as liquidator.

The Liquidator can be reached at:

         Craig Crosbie
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


SAEN OPTIONS: Members Final Meeting Scheduled on September 8
------------------------------------------------------------
Members of Saen Options Australia Pty Ltd will hold a final
meeting on September 8, 2006, at 6:00 p.m., to receive
Liquidator Adrian Raftery's report on the Company's wind-up and
the property disposal exercises.

The Liquidator can be reached at:

         Adrian Raftery
         ARW
         Chartered Accountants
         1202, 92 Pitt Street
         Sydney, New South Wales 2000
         Australia


SEDPAD PTY: Enters Wind-Up Proceedings
--------------------------------------
Members of Sedpad Pty Limited on July 26, 2006, passed a special
resolution to wind up the Company's operations.

Subsequently, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


SILVERLINE SECURITY: Intends to Declare Dividend
------------------------------------------------
Silverline Security Pty Ltd will declare dividend for priority
creditors on September 1, 2006.

Creditors who cannot prove their claims by August 25, 2006, will
be excluded from sharing in the Company's dividend distribution.

The liquidator can be reached at:

         Nicholas David Cooper
         SimsPartners
         Level 4, 12 Pirie Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8233 9900
         Facsimile:(08) 8211 6644
         e-mail: adel@simspartners.com.au


SITEWORKS UNLIMITED: Liquidation Bid Hearing Slated for Aug. 21
---------------------------------------------------------------
The High Court of Christchurch will hear a liquidation petition
against Siteworks Unlimited Ltd on August 21, 2006, at 10:00
a.m.

Fiveash Contracting Ltd filed the petition with the Court on
July 21, 2006.

The plaintiff's solicitor can be reached at:

         Owen Godfrey Paulsen
         Cavell Leitch Pringle & Boyle
         Solicitors
         Level Fifteen, Clarendon Tower
         corner of Worcester Street and Oxford Terrace
         (P.O. Box 799), Christchurch
         New Zealand
         Telephone: (03) 379 9940
         Facsimile: (03) 379 2408


STAYS PTY: Enters Wind-Up Proceedings
-------------------------------------
The members of Stays Pty Ltd met on July 31, 2006, and agreed to
wind up the Company's operations.

Accordingly, David Clement Pratt and Timothy James Cuming were
appointed as liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


TEXT CITY: Undergoes Voluntary Wind-Up
--------------------------------------
At a general meeting held on July 31, 2006, members of
The Text City Newspaper Company Pty Ltd resolved to voluntarily
wind up the Company's operations.

In this regard, David Clement Pratt and Timothy James Cuming
were named official liquidators.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


TRANSFIELD ALC: Receivers and Managers Step Aside
-------------------------------------------------
Anthony Gregory McGrath and Joseph David Hayes ceased to act as
receivers and managers of Transfield ALC Pty Ltd on July 4,
2006.

The former Receiver and Manager can be reached at:

         Anthony Gregory McGrath
         Joseph David Hayes
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Web site: http://www.mcgrathnicol.com/


UKRAINIAN CULTURAL: Members Name Raymond Tolcher as Liquidator
--------------------------------------------------------------
Members of The Ukrainian Cultural & Social Club Ltd convened on
July 30, 2006, and resolved to voluntarily wind up the Company's
operations.

Accordingly, Raymond George Tolcher was appointed as liquidator.

The Liquidator can be reached at:

         Raymond George Tolcher
         Chartered Accountant
         Lawler Partners
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia


WAYBY INVESTMENTS: Liquidation Bid Hearing Set on August 31
-----------------------------------------------------------
A petition to liquidate Wayby Investments Ltd will be heard
before the High Court of Auckland on August 31, 2006, at 10:00
a.m.

Anne Louise Hall filed the petition with the Court on June 19,
2006.

The plaintiff's solicitor can be reached at:

         Anne Hall
         IT Law, 18 Papahia Street
         Parnell, Auckland
         New Zealand

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

ASIA PREMIUM: March 31 Balance Sheet Upside-Down by US$2.7 Mil.
--------------------------------------------------------------
Asia Premium Television Group Inc. has filed its financial
report for the year ended March 31, 2006 with the Securities and
Exchange Commission.

Asia Premium's balance sheet as of March 31, 2006 showed a total
stockholders' deficit of US$2,702,824 from total assets of
US$16,179,000 and total liabilities of US$18,881,824.

The Company's balance sheet also showed strained liquidity with
total current assets of US$15,238,272 and total current
liabilities of US$18,776,992.

For the year ended March 31, 2006, the Company reported
US$1,116,177 of net income from US$61,793,864 of revenues.

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?cf2

                          *     *     *

Asia Premium Television Group, Inc., provides marketing, brand
management, advertising, media planning, public relations and
direct marketing services to clients in the People's Republic of
China.  The Company's primary operating activities are
Publishing advertisements as agents for clients; Media
consulting services; and Advertising production.


BEAR COMPANY: To Declare Ordinary Dividend
------------------------------------------
Bear Company (Hong Kong) Co Ltd notifies parties-in-interest of
its intention to declare ordinary dividend to its creditors.

In this regard, creditors of the Company are required to submit
their proofs of claim by September 1, 2006, to Joint Liquidator
Stephen Briscoe.  Failure to comply with the requirement will
exclude a creditor from sharing in dividend distribution.

The Liquidator can be reached at:

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


CAPITAL SINO: Court to Hear Bank of China's Wind-Up Bid Sept. 20
----------------------------------------------------------------
Bank of China (Hong Kong) on July 13, 2006, filed before the
High Court of Hong Kong a petition to wind-up Capital Sino (Hong
Kong) Ltd's operations.

The High Court will hear the petition on September 20, 2006, at
9:30 a.m.

The Solicitors for the petitioner can be reached at:

         Anthony Chiang & Partners
         3903 Tower 2, Lippo Centre
         89 Queensway, Central
         Hong Kong


CHANTICLEER COMPANY: Members Final Meeting Set on September 18
--------------------------------------------------------------
Members of Chanticleer Co Ltd will convene on September 18,
2006, at 3:00 p.m., for their final meeting at 7th Floor,
Alexandra House, 18 Chater Road, in Central, Hong Kong.

During the meeting, Liquidator Philip Brendan Gilligan will
present final accounts of the Company's wind-up and property
disposal exercises.


CONSTRUCTION BANK: Denies Acquisition Rumors
--------------------------------------------


The China Construction Bank has no intention of acquiring stakes
in Bank of America (Asia) or Hong Kong-based Wing Lung Bank,
Xinhuanet reports, citing Bank sources.

According to Xinhuanet, China Construction released a circular
dismissing acquisition rumors relating to Wall Street investment
bank Bear Stearns in April.

Xinhuanet relates that the acquisition buzz might have steamed
from China Construction's solid performance after going public
in Hong Kong last October.  The bank's return on assets - 1.11%
- and its return on equities - 21.59% - are currently the
highest of China's Big Four state banks and close to the average
level of banks in developed countries, the paper relates.

Meanwhile, Wing Lung Bank vice chairman Patrick Wu Po-kong was
quoted by The Standard as saying his bank would keep "a very
open mind" on any potential merger or acquisition, hinting that
it would welcome China Construction Bank's widely-speculated
buyout offer with open arms.

However, Wing Lung could not affirm the buy-out offer as it made
an announcement to the Hong Kong stock exchange, stating it had
"no knowledge of the source of information on which those
articles are based."

China Construction's 2005 annual report showed that its core
capital reached CNY287.7 billion at the end of December 2005, up
47.1% on a year earlier.  Its capital adequacy ratio -- a
measure of capital in relation to outstanding loans -- rose to
13.575, up 2.28 percentage points over 2004.

Moreover, non-performing loan ratio fell 0.08 percentage points
from 2004 to 3.84 percent last year, the lowest of the Big Four
Chinese banks.

                          *     *     *

The China Construction Bank -- http://www.ccb.cn/-- is one of  
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954 under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

On November 24, 2005, The Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service has upgraded
CCB's Bank Financial Strength Rating to D- from E+.

Standard and Poors ratings on October 19, 2005, upgraded Bank of
China's LTFC rating to 'A-' (A minus), STFC rating affirmed at
'F2', Individual rating affirmed at 'D/E', Support rating
upgraded to '1'.

Fitch Ratings on June 21, 2006, has affirmed China Construction
Bank's (CCB) Individual rating at 'D/E', support rating at 2.


COUNTRY FORD: Joint Liquidators Cease to Act for Company
--------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey on August 7, 2006,
ceased to act as joint and several liquidator of Country Ford
Ltd.

The former Joint Liquidators can be reached at:

         John James Toohey
         22/F., Prince's Building
         Central, Hong Kong


CREATIVE EYEWEAR: Faces Wind-Up Proceedings
-------------------------------------------
A wind-up petition filed against Creative Eyewear Ltd will be
heard before the High Court of Hong Kong on September 6, 2006,
at 9:30 a.m.

Or Ting Choi filed the petition with the Court on July 10, 2006.

The Solicitor for the petitioner can be reached at:

         Joe Poon
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


EVER FORTUNE: Court to Hear Wind-Up Bid on September 20
-------------------------------------------------------
A wind-up petition filed against Ever Fortune International
Holdings Ltd -- formerly known as First Dragoncom Agro-Strategy
Holdings Ltd -- will be heard before the High Court of Hong Kong
on September 20, 2006, at 9:30 a.m.

Tsun & Partners filed the petition with the Court on July 21,
2006.

The Solicitors for the petitioner can be reached at:

         Tsun & Partners
         Suites 1002-03, 10/F
         Aon China Building
         29 Queen's Road Central
         Hong Kong


GALAXY CATERING: Court to Hear Wind-Up Bid on September 6
---------------------------------------------------------
A wind-up petition filed against Galaxy Catering Services Group
Ltd will be heard before the High Court of Hong Kong on
September 6, 2006, at 9:30 a.m.

Chan Chi Hung filed the petition with the Court on July 10,
2006.

The Solicitor for the petitioner can be reached at:

         Joe Poon
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong     


HUNG HING DECORATION: Members to Receive Wind-Up Report
-------------------------------------------------------
Members of Hung Hing Decoration (Hong Kong) Co Ltd will convene
on September 13, 2006, 3:00 p.m. at at Room 203, Duke of Windsor
Social Service Bldg, 15 Hennessy Road in Hong Kong.

During the meeting, members will hear Liquidator Yiu Cho Yan's
report regarding the Company's wind-up and the manner its
properties were disposed of.


JARDINE CONSTRUCTION: Creditors' Proofs of Claim Due on Sept. 1
---------------------------------------------------------------
Creditors of Jardine Construction Insurance Services Ltd are
required to submit their proofs of claim by September 1, 2006,
to Joint Liquidators Ying Hing Chiu and Chung Miu Yin, Diana.

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

The Joint Liquidators can be reached at:

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


JARDINE INSURANCE: Creditors Must Prove Debts By Sept. 1
--------------------------------------------------------
Joint Liquidators Ying Hing Chiu and Chung Miu Yin, Diana
require the creditors of Jardine Insurance Brokers Pacific Ltd
to present their proofs of claim by September 1, 2006.

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

The Joint Liquidators can be reached at:

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



NEW WAY INTERNATIONAL: Appoints Official Liquidator
---------------------------------------------------
Members of New Way International Development Ltd on August 1,
2006, appointed Hung Chun Ming as the Company's official
liquidator.

The Liquidator can be reached at:

         Hung Chun Ming
         Room 701, 7th Floor
         Nam Wo Hong Bldg
         148 Wing Lok Street
         Sheung Wan, Hong Kong


OCEANIC COTTON: Liquidator Ceases to Act for Company
----------------------------------------------------
Lam Woon Bun ceased to as liquidator for Oceanic Cotton Mill Ltd
on August 4, 2006.

The former Liquidator can be reached at:

         Lam Woon Bun
         2/F., East Ocean Centre
         98 Granville Road, Tsimshatsui East
         Hong Kong


PROCURE INTERNATIONAL: Liquidator to Present Wind-Up Report
-----------------------------------------------------------
Liquidator Yiu Chu Yan will present to members of Procure
International Ltd accounts of the Company's wind-up and property
disposal exercises.

The presentation will be made at Room 203, Duke of Windsor
Social Service Bldg, 15 Hennessy Road, Hong Kong on September
13, 2006, at 3:15 p.m.


RA UNITED: Final Shareholders' Meeting Set on September 11
----------------------------------------------------------
Shareholders of RA United Technology Ltd will convene for their
final meeting at Room 1301, 13/F., Henan Building, 90-92 Jaffe
Road, Wanchai, Hong Kong on September 11, 2006.

At the meeting, Liquidator Lam Wai Shan will present a report
regarding the Company's wind-up and the manner its properties
were disposed of.


UPPLAN HOLDINGS: Court Favors Wind-Up
-------------------------------------
The High Court of Hong Kong issued a wind-up order against
Upplan Holdings Ltd on August 2, 2006.

According to The Troubled Company Reporter - Asia Pacific, Tse
Sui Luen Jewellery Corp Ltd filed the wind-up petition on
June 7, 2006.


* Govt. Activities Delay Steel Industry's Progress, Fitch Says
--------------------------------------------------------------
Fitch Ratings says that increasing government-driven M&A
activities in China's steel sector will prolong industry
rationalization and delay the targeted improvement in the
overall competitiveness and efficiency of the sector.  

Although the agency notes that state-managed M&As provide more
flexibility and cushion for domestic steel makers to reorganise
themselves, Fitch has some doubts about the success of these
administrative measures in China's increasingly diversified
economy.

The agency believes that more substantial market-driven asset
consolidation in the Chinese steel industry is required to
reinforce an industry-wide rationalization and to enhance the
sector participants' future competitiveness with global peers.

Notwithstanding the fact that the Chinese central government has
repeatedly signaled its determination to rationalize the steel
sector since 2005, the more important determinant of
consolidation activity so far has been the influence of the
provincial governments.  

"Many Chinese steel producers are subject to the oversight of
the relevant local government, which will often have a vested
interest in maintaining its influence over key local employers
such as the steel companies and protecting a lucrative source of
local income tax," said Danny Chen, associate director of
Fitch's Corporate ratings team in Beijing.

Fitch notes that this can present obstacles to provincial cross-
border acquisitions between different Chinese regions as a
consequence of local protectionism and socio-economic issues.  
At the current stage, most cross-border mergers in China's steel
industry are merely strategic tie-ups, aimed at achieving
stronger bargaining power for raw material purchasing and
product distribution.

To date, however, such strategic tie-ups have contributed little
towards rationalizing the industry structure and reinforcing
China's bargaining power in acquiring raw materials overseas.

The restructurings completed to date have mainly been driven by
provincial governments through the free transfer of the state-
owned controlling stakes in the target companies to the bigger
acquirers, as seen in Wuhan Iron and Steel Group's acquisition
of Egang in Hubei Province and Tangshan Iron and Steel Group's
acquisition of Xuanhua Steel and Chengde Steel.

However, Fitch notes that targeting companies in the same region
for acquisition could result in a merger that is relatively less
value-added and complementary in terms of operational strengths,
leading to few synergies or little performance enhancement in
the post-acquisition integration.

Another prevailing method supported by local governments is the
link-up between some regional producers to strengthen control of
local production facilities.  The underlying motivation is that
the administrative alliance enables the regional steel makers to
have a unified voice and to benefit from superior scale in
efforts to resist potential takeovers from external rivals.  
Such arrangements have been seen in Anshan Iron and Steel
group's merger with Benxi Iron and Steel Group in Liaoning
Province in August 2005 and Jinan Iron and Steel Group and Laiwu
Iron and Steel Group's merger in Shandong province recently. The
latter deal successfully thwarted Baosteel's attempt to acquire
Jigang.

Although these regional link-ups have apparently alleviated
conflicts between the different regional participants, Fitch
views that the defensive strategy adopted by most local
governments in China may not motivate these companies to
integrate their businesses and management, resulting in few
consolidation benefits and little improvement in efficiency,
consequently prolonging the consolidation process of the Chinese
steel industry.  For example, almost one year after the
establishment of Anben Iron & Steel Group, the two merging
entities are still operated independently; the cooperation
between the two groups has focused on unifying research &
development, marketing and distribution networks and linking
their financial statements, while further cross-shareholding and
asset realignments are still to be pursued. Nevertheless, Jigang
and Laigang will most likely follow suit with similar alliances.


* Moody's to Apply Notching to Chinese Corporate Issuers
--------------------------------------------------------
Moody's Investors Service confirmed on August 17,2006, that it
will apply notching to ratings for Chinese corporate issuers in
China when material legal or structural subordination is
apparent in their capital structures.

At the same time, Moody's has confirmed that the revised
approach does not have any immediate impact on eight existing
Chinese company ratings that were previously identified as
potentially affected by this revised approach.

In July 2006, Moody's published a Special Comment, entitled
"Notching For Legal And Structural Subordination In China For
Corporate Issuers".

"The revised approach systematically applies notching to the
senior unsecured debt raised by a Chinese company or debt at the
holding company level -- to reflect higher expected loss --
where material legal or structural subordination exists in the
capital structure," says Gary Lau, a Moody's Senior Vice
President, adding, "This new approach, now in effect, is in line
with practices implemented elsewhere in Asia."

As such, in assessing the materiality of subordination, if the
ratios of secured debt or subsidiary level debt exceed 15% of
consolidated debt and 10-15% of consolidated assets, then the
relevant senior unsecured bond rating or holding company rating
would generally be notched downwards.  The greater the level of
subordination, then the greater is the potential level for
notching.

However, in such circumstances, Moody's would also consider the
ability and willingness of the issuer to reduce these ratios in
the next 1- 2 years.  In assessing such a situation, Moody's
would further consider the company's previous funding strategies
as well as the funding practices usual for its particular
industry.

"In the case of the eight companies identified before as
potentially affected, they all exhibited secured debt or
subsidiary level debt ratios which exceeded 15% of total
consolidated debt," says Mr. Lau.  "But, in their cases, Moody's
also considered the fact that each had reduced, or is expected
to reduce within 2 years, such debt to below 15% of total
assets."

In addition, while the first ratio - for consolidated debt - was
high for these 8 companies and suggested notching for legal or
structural subordination, Moody's had, after further
consideration, concluded that in each case the risk was somewhat
mitigated by a low second ratio, that for consolidated assets.

Generally, such situations suggest reasonable asset coverage for
claims by unsecured or holding company creditors in the event of
default, and reduce the materiality of the risk associated with
subordination.

At the same time, in the case of those companies with ratios of
debt to consolidated assets still above 15%, Moody's expects
reductions below 10-15% within the next 1-2 years.  However, if
our expectations change, one-notch downgrades for the relevant
unsecured bond ratings could occur.

Fitch Affirmed the ratings of the following eight Companies.
  
Asia Aluminum Holdings Limited -- Affirmed B1 senior unsecured
                                  Debt rating with stable
                                  Outlook,

CITIC Pacific Finance (2001) Limited -- Affirmed Ba1 senior
                                        unsecured debt rating
                                        with stable outlook,

Hopson Development Holdings Limited -- Affirmed Ba2 senior
                                       unsecured debt rating
                                       with stable outlook,

XinAo Gas Holdings Limited -- Affirmed Ba1 senior unsecured debt
                              Rating with negative outlook,

CMHI Finance (Cayman) Inc. -- Affirmed Baa2 senior unsecured
                              Debt rating with stable outlook,

China Overseas Finance (Cayman) I Limited -- Affirmed Baa3
                                             Senior unsecured
                                             debt rating with
                                             stable outlook,

China National Offshore Oil Corporation -- Affirmed A2 issuer
                                           rating with positive
                                           outlook; and

China Mobile Limited -- Affirmed A2 issuer rating with positive
                        Outlook.


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

ANDHRA CEMENTS: Nalwaya Named New Managing Director
---------------------------------------------------
At a meeting on July 27, 2006, Andhra Cements Ltd's board of
directors appointed Shri. P C Nalwaya as the new managing
director of the Company.

Mr. Nalwaya has replaced Shri. Anand S Jatkar who ceased
performing as managing director of the Company on August 10,
2006.

                       About Andhra Cements

Headquartered in Guntur, India, Andhra Cements Limited,
manufactures and distributes cement.  Andhra is part of the
Kolkata-based Duncan Goenka group.  The original promoter of
Andhra Cements handed over the reins to Goenka in 1994 when the
company was under the Board for Industrial and Financial
Reconstruction's purview.  The Company had been operating under
the sanctioned rehabilitation scheme of the BIFR dated June 16,
1994.  The Appellate Authority for Industrial and Financial
Reconstruction has already approved a rehabilitation scheme,
which entailed fund infusion worth around INR80 crore.  The
Company is expected to turn around by 2006-07.


DAEWOO INDIA: Assets Auction Kicks Off
--------------------------------------
The auction process for the assets of Daewoo Motors India
Limited has begun early this month with the approval of the Debt
Recovery Tribunal, The Hindu Business Line says.

According to the report, the reserve price for the entire assets
of the defunct carmaker has been maintained at about INR1,100
crore.  

The proceeds of the sale will be shared between the revenue
department and Daewoo India's lenders based on the 45:55 ratio
that was approved by the Cabinet Committee on Economic Affairs
in June 2006, Business Line says.  The Government's dues from
Daewoo Motor India are primarily in the form of custom duty
claims amounting to over INR1,000 crore and also dues resulting
from alleged financial mismanagement by the Company.  The
lenders too have claims of about INR1,000 crore.

Sources said that about three to four companies, including Tata
Motors, have signified interest in purchasing part of Daewoo's
assets.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 13, 2005, that General Motors had intended to purchase
Daewoo's assembly unit for making small cars in India.  However,
the United States-based carmaker called off plans to buy the
defunct car plant at Surajpur in Uttar Pradesh due to procedural
delays.

Business Line recounts that Daewoo India's lenders, lead by
ICICI Bank, recently attempted to sell Daewoo assets but did not
get any response.  However, the Company is still working to
encourage more carmakers to enter the fray for the purchase of
its assets.

Meanwhile, workers at the Daewoo facility are hoping for a
successful outcome of the bidding process so they could finally
claim their dues, according to Business Line.  The workers, who
have not received their wages since April 2003, have sought
payment of approximately INR86 crore from the official
liquidator.  There are currently about 1,433 workers on the
Daewoo payroll.

Daewoo Motors India went into liquidation pursuant to a wind-up
order issued by the High Court of Delhi on August 28, 2004.


ICICI BANK: Sets Bonds Indicative Yield
---------------------------------------
ICICI Bank has reportedly set an indicative yield range of 250
to 270 basis points above 10-year U.S. Treasuries for its first
hybrid tier-1 securities issue, Reuters reports, citing market
sources.

The issue size has not yet been fixed but sources disclose that
the Bank had planned to sell US$250 million in tier I perpetual
bonds, Reuters relates.

According to Reuters, the tier-I issue will be the first from an
Indian issuer since the central Bank authorized lenders in July
to raise capital overseas through hybrid instruments like
perpetual bonds.

The Bank has tapped JPMorgan, Merrill Lynch and Morgan Stanley
as joint bookrunners for the proposed perpetual issue that is
callable in 2016, Reuters says.

As reported by the Troubled Company Reporter - Asia Pacific on
August 17, 2006, Moody's Investors Service has assigned a Baa2
rating to the proposed tier I offer, while Standard & Poor's
rates it at BB-.

                        About ICICI Bank

ICICI Bank Limited -- http://www.icicibank.com/-- is a  
financial services group providing a variety of banking and
financial services, including project and corporate finance,
working capital finance, venture capital finance, investment
banking, treasury products and services, retail banking, broking
and insurance.  It also has interests in the software
development, software services and business process outsourcing
businesses.  The Company's operations have been classified into
three segments: Commercial Banking, Investment Banking and
Others.  ICICI Bank is headquartered in Mumbai, India.  It has
subsidiaries in the United Kingdom, Canada and Russia, branches
in Singapore and Bahrain, and representative offices in the
United States, China, United Arab Emirates, Bangladesh and South
Africa.

Fitch Ratings gave ICICI a 'C' Individual Rating.

On August 15, 2006, Standard & Poor's assigned its 'BB-' rating
to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.


MYSORE CEMENTS: Members Okay Share Capital Hike
-----------------------------------------------
Mysore Cements Limited held its Extraordinary General Meeting on
August 16, 2006, and approved the proposed increase in the
authorized share capital of the Company from INR150,00,00,000 to
INR215,00,00,000 through the creation of 6,50,00,000 additional
equity shares of INR10 each.

The Company's members also endorsed the allotment of up to
6,65,00,000 fully paid-up equity shares of the Company with the
face value of INR10 per equity share at a subscription price of
INR54 per equity share or at a price calculated as per the
prescribed guidelines issued by the Securities and Exchange
Board of India in this respect, whichever is higher to Cementrum
I B.V. and their affiliates.

Lastly, the Company's members approved the allotment of up to
12,74,944 equity shares of INR10 each at par to IFCI Ltd
consequent to the conversion option exercised under the Loan
Agreement dated July 9, 1993.

                      About Mysore Cements

Mysore Cements Limited, an S K Birla group company, was
incorporated in technical and financial collaboration with
Kaisers of the United States.  Mysore Cements mostly
manufactures ordinary and pozzolona varieties of portland
cement.  The company has plants in Karnataka and Madhya Pradesh
and a grinding unit in Uttar Pradesh.

The Company has been declared as a sick entity by the Board for
Industrial and Financial Reconstruction due to the complete
erosion of its net worth.  To date, the Company has an
accumulated loss figure of INR461 crore.


SILVERLINE TECHNOLOGIES: Completes One-Time Settlement Exercise
---------------------------------------------------------------
Silverline Technologies Ltd's one-time settlement scheme, which
has been worked out by the Company's restructuring advisors --
Firstcall India Equity Advisors Pvt Ltd -- has been successfully
completed with the non-convertible debenture holders, comprised
of institutions and banks.

In a statement to the Bombay Stock Exchange, the Company said
that it is confident of a strong growth on the coming years with
the successful settlement and recent growth strategy planned.

Silverline Technologies' promoters have also decided to increase
their stake in the Company through creeping acquisition route.

The Company has recently forged a strategic relationship with a
leading Canadian firm and has initiated the launch of its
Infrastructure Technology outsourcing practice.

With the turnaround from FY 05-06, the Company is expanding its
IT consulting practice laying the foundation for its technical
support practice.  The Company said it will strive not only to
deliver on this initiative but also grow this practice across
new and emerging markets.

The Company added that it continues to be committed to deliver
value to its clients, employees and shareholders.

                 About Silverline Technologies

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.


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

INDOFOOD SUKSES: Unit Plans to Buy Stake in Plantation Firm
-----------------------------------------------------------
PT Indofood Sukses Makmur Tbk disclosed that its palm oil unit,
PT Salim Ivomas Pratama, will buy a 60% stake in a plantation
firm to boost its edible oil business, Reuters reports.

Reuters cites an Indofood statement as saying that the deal
between Salim Ivomas and Rascal Holdings Ltd is estimated to be
worth IDR125 billion.

According to the report, Indofood's minority shareholders need
to approve the deal, which is then likely to be completed by the
end of 2006.

Rascal is the holding company of PT Mentari Subur Abadi, PT
Swadaya Bhakti Negaramas and PT Mega Citra Perdana, which owns
85,500 hectares of plantation land in South Sumatra, East
Kalimantan and Central Kalimantan.

"The proposed acquisition will enable the company to enhance its
competitive advantage in the industry and increase its revenue
growth," the board of directors said in the statement.

Reuters adds that Indofood, which has a market capitalization of
US$950 million, had indicated plans of later offering a stake in
its edible oils and fats business through an initial public
offering.  Edible oils and fats contributed around 16% of its
IDR18.8-trillion net sales in 2005.


                       About Indofood Sukses

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, which bring the
Company'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, 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.

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.


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

DAIEI INCORPORATED: IRCJ to Sell Stake to Marubeni
--------------------------------------------------
The Industrial Revitalization Corporation of Japan has agreed to
sell its stake in retailer Daiei Incorporated to Marubeni
Corporation for US$603 million, Reuters reveals.

As reported by the Troubled Company Reporter - Asia Pacific on
July 25, 2006, trading firm Marubeni Corporation was willing to
pay JPY105 billion, or US$907 billion, for IRCJ's 33.4% stake in
Daiei.  The TCR-AP stated that the planned acquisition will
increase Marubeni's holdings in Daiei to 44.4%, making it the
retailer's single largest shareholder, followed by Advantage
Partners, which holds a 23.5% stake.

According to Reuters, Marubeni and investment firm Advantage
Partners injected capital of nearly US$600 million in March 2005
after winning a race to sponsor Daiei.  That race had attracted
other retailers, including Wal-Mart Stores Inc. and Aeon Co., as
well as Unites States-based Ripplewood Holdings and other global
buyout firms.

Marubeni believes that it could expedite Daiei's recovery by
"quickly improving its operations and finances further", The
Japan Times relates.  It also aims to strengthen its food
distribution business as well as other commodities operations by
strengthening ties with Daiei.

Daiei, on the other hand, is confident that it could achieve its
restructuring and growth plans by using Marubeni's know-how and
strength as a trading company, The Japan Times reveals.

Daiei forecast a 28% profit growth this business year to
February.  It plans to renovate 80 to 90 outlets in 2006/07 and
increase the number of tenant stores.  It will also open 20 to
30 grocery stores this business year, Reuters relates.

Headquartered in Hyogo, Tokyo, Daiei Incorporated
-- http://www.daiei.co.jp/-- operates about 3,000 stores  
through its subsidiaries and franchisees.  Its retail businesses
include supermarkets, discount stores, department stores, and
specialty shops.  Other businesses include restaurants, hotels,
and real estate services.  Domestic sales make up more than 90%
of its revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.

Daiei is being rehabilitated under the auspices of the
Industrial Revitalization Corp. of Japan after accumulating huge
debts during the bubble economy of the late 1980s.  With the
IRCJ's help since late 2004, Daiei's finances have started to
show a recovery as it has shut down unprofitable stores and sold
subsidiaries.  It is also focusing its operations on the grocery
business, while aggressively seeking third-party tenants to fill
its outlet spaces.


FUJI HEAVY: To Revamp Network to Boost Car Sales
------------------------------------------------
Fuji Heavy Industries Limited has earmarked JPY60 billion, or
US$515 million, to restructure its sales network in Japan, which
has seen plunging sales for over a year, Bloomberg says.

Aside from refurbishing and modernizing its showrooms, the
Company is also looking at introducing four new models in the
next two years to regain the market share it lost to bigger
rivals Toyota Motor Corp., Nissan Motor Co. and Honda Motor Co.,
Bloomberg reveals.

According to Forbes, the Company's market share in Japan slipped
to 4.2% in the first seven months of the year from 4.5% last
year, as Japanese consumers are shifting to minicars.

The Company, which has 550 outlets in Japan, said in April that
it plans to release four new or revamped models including the
Stella minicars in the next two years, Bloomberg relates.  It
will stop selling Ford Motor Co.'s Volvo-brand cars at some of
its outlets and convert the showrooms to exclusively sell
Subarus.

Fuji Heavy also plans to double sales of Subaru-brand cars in
China within five years by introducing new models and adding 40
new dealerships, Bloomberg adds.

Fuji Heavy is stepping up efforts to enhance its models in order
to regain customers and improve profitability, Forbes relates.

The Troubled Company Reporter - Asia Pacific on June 20, 2006,
quoted Standard & Poor's as saying "Fuji Heavy's profitability
and cash flow have weakened over the past two years largely
owing to its disappointing sales performance, deterioration in
model mix, and increasing competitive pressures."

In addition to weak sales overall, Fuji Heavy's profitability
has been negatively affected by erosion in its model mix, given
the greater proportion of lower-margin vehicles, S&P said.

S&P added that the prospects for improvement in profitability in
the near term are low as indicated by the company's downward
revision of its sales volume and profit targets in its midterm
business plan to March 2007.

                   About Fuji Heavy Industries

Japan-based manufacturing company Fuji Heavy Industries Ltd is
engaged in the production, sale, repair and leasing of
automobile and transportation-related products.  The Company
distributes its products in both domestic and overseas markets.
As of March 31, 2006, Fuji Heavy Industries has 115 subsidiaries
and nine associated companies.  The Company has a global
network.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.  


FUJI HEAVY: Welcomes New President and CEO
------------------------------------------
Ikuo Mori has been named as the new president and chief
executive officer of Fuji Heavy Industries, AutoAsia reports.

Born in 1947, Mori joined Fuji Heavy in 1970.  By 1995, he was
heading up the North American department in the Subaru Overseas
Division.  In 2002 he was appointed general manager of Europe
Region, and Asia Pacific Region, working within Subaru's sales
and marketing division.

Meanwhile, outgoing President and CEO Kyoji Takenaka becomes a
director and senior corporate adviser, AutoAsia says.

                  About Fuji Heavy Industries

Japan-based manufacturing company Fuji Heavy Industries Ltd is
engaged in the production, sale, repair and leasing of
automobile and transportation-related products. The Company
distributes its products in both domestic and overseas markets.
As of March 31, 2006, Fuji Heavy Industries has 115 subsidiaries
and nine associated companies.  The Company has a global
network.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.  


SHINSEI BANK: Repays JPY120-Billion Worth of Public Funds
---------------------------------------------------------
Shinsei Bank was set to repay on August 17, 2006, a
JPY120-billion portion of its debt to the state, Crisscross News
reports.  

According to Crisscross, the Bank incurred the debt under the
Government's recapitalization program for bad loan-ridden banks.

Shinsei also bought back 200,033,000 of its common shares from
the state-backed Resolution and Collection Corp for some
JPY150 billion, or JPY753 per share, during Thursday's pre-
market trading on the Tokyo Stock Exchange, Crisscross adds.

                        About Shinsei Bank

Headquartered in Tokyo, Shinsei Bank Limited
-- http://www.shinseibank.com/english/-- was built in 2000 from  
the remains of the collapsed Long-Term Credit Bank of Japan by a
group of foreign investors.  It is traditionally focused on
financing Japan's large industrial firms, but it has been
cultivating its retail and small business banking operations.  
The Bank offers standard services such as deposits, mortgages,
and investments.  Institutional activities include asset
management, bond sales and underwriting, and trust services, as
well as real estate finance and public sector finance, which
each debuted in 2005.  Shinsei Bank has about 30 branches.

Fitch Ratings Co. Ltd. had, on Aug. 1, 2006, affirmed Shinsei
Bank's Individual rating at 'C' and Support 'rating at 3'.

On July 31, 2006, Moody's Investors Service affirmed Shinsei
Bank Limited's D+ bank financial strength rating.


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

CHASE PERDANA: JB Parade Agrees to Pay Claim to Settle Dispute
--------------------------------------------------------------
Chase Perdana Berhad has entered into a settlement agreement
with JB Parade Condominium Sdn Bhd on July 28, 2006, with
respect to the settlement of all disputes between the parties.

              JB Parade's Default on Contract Fees

Chase Perdana and JB Parade had entered into a MYR57.98-million
contract on June 8, 1992, wherein JB Parade appointed Chase
Perdana to carry out the building of two blocks of condominium
apartments with two floors of basement parks and swimming pool.

However, JB Parade has refused to pay Chase Perdana MYR4,449,807
owed under the Contract.  To recover the amount owing, Chase
Perdana has commenced a civil action against JB Parade with the
Kuala Lumpur High Court.

                        Settlement Terms

Under the newly agreed settlement terms, JB Parade will pay
Chase Perdana MYR2,200,000, out of which MYR1,100,000 will be
settlement in cash and the balance of MYR1,100,000 in
properties.

A cheque for MYR1,100,000 was cleared on August 16, 2006.  In
respect of the settlement in properties, the relevant Sale and
Purchase Agreement had also been executed.

                   About Chase Perdana Berhad

Headquartered in Kuala Lumpur, Malaysia, Chase Perdana Berhad
-- http://www.chaseperdana.com.my/-- is engaged in  
construction, property management, property development and
investment holding.  Its other activities include oil palm
processing.   Operations are carried out in Malaysia, India and
British Virgin Islands.

In 2000, the Corporate Debt Restructuring Committee assisted
Chase Perdana Berhad and its subsidiary companies to finalize a
debt restructuring agreement with their lenders involving a debt
outstanding of MYR279.91 million.  The exercise was undertaken
beginning year 2002.  The Company's proposed debt restructuring
is expected to address the difficulties experienced by the Chase
Perdana Berhad Group in meeting its immediate debt obligations.  


PROTON HOLDINGS: To Hold 3rd AGM on September 8
-----------------------------------------------
Proton Holdings Berhad will hold its Third Annual General
Meeting on September 8, 2006, at 3:30 p.m., at the Auditorium,
PROTON Centre of Excellence, KM 33.8, Westbound Shah Alam
Expressway, in 47600 Subang Jaya, Selangor Darul Ehsan.

During the meeting, members will be asked to:

   -- adopt the reports of the Company's directors and auditors
      and the audited statement of accounts for the year ended
      March 31, 2006;

   -- approve the payment of a final tax exempt dividend of
      5 sen per ordinary share;

   -- re-elect directors

      * Dato' Mohammed Azlan bin Hashim;
      * Abdul Jabbar bin Abdul Majid;
      * Dato' Ahmad bin Jahi Hashim;
      * Syed Zainal Abidin bin Syed Mohamed Tahir; and
      * Lt. gen (R) Dato' Seri Mohamed Daud bin Abu Bakar;

   -- approve the directors' fees for the year ended March 31,
      2006;

   -- re-appoint PricewaterhouseCoopers as auditors of the
      Company and to authorize the directors to fix PwC's
      remuneration;

   -- transact any other ordinary business for which due
      notice has been given; and

   -- authorize the directors to issue and allot shares in
      the Company, provided that the aggregate number of
      shares to be issued pursuant to this resolution does not
      exceed 10% of the issued share capital of the Company
      from the time being and that such authority will
      continue to be in force until the conclusion of the next
      Annual General Meeting.

The Register of Members of the Company will be closed on
September 14, 2006, to determine shareholders' entitlement to a
final (tax exempt) dividend of 5 sen for the financial year
ended March 31, 2006.

                     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.


PROTON HOLDINGS: Car Sales Jump 20% in July
-------------------------------------------
Proton Holdings Berhad is expected to record a 20% rise in sales
in July 2006 to over 10,000 units from the low of 8,300 units
recorded in June, The Star Online reports.

According to the report, the recently launched Satria Neo, which
is enjoying healthy booking numbers, has bolstered Proton's
sales last month.

As of July 31, 2006, Proton had received 2,000 orders for the
Satria Neo and more than 1,000 units had already been delivered
to customers, the Troubled Company Reporter - Asia Pacific
reported on August 9, 2006.

However, despite its climbing sales figures, Proton is still way
behind its rival, Perodua, The Star says.

The TCR-AP reported on July 3, 2006, that Perodua has been long
overshadowed by domestic Proton.  Yet, its sales have recently
increased due to the popularity of its Myvi model.

Proton, on the other hand, has been losing its global market
share to stronger rivals like Toyota Motor Corporation.  In
order to keep pace with tough competitors, Proton needs to forge
a stronger and better partnership with local or foreign firms.

                     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.


TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit
-----------------------------------------------------------
Tru-Tech Holdings Berhad will not be able to make the monthly
deposit of MYR1,500,000 due on August 17, 2006, into the sinking
fund account maintained for the purposes of redemption of the
MYR55,000,000 redeemable unsecured loan stock, due to Tru-Tech's
current tight cash flow position.

There has been no material development in respect of the
Company's default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as of June 30, 2006, is
MYR61,619,807.

                      About Tru-Tech Holdings

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its losses.  These include the incorporation of a new entity as
Tru-Tech's holding company, and the disposal of its existing
contract-assembly business to a third party.  Much of Tru-Tech's
future performance will hinge on its ability to restructure its
debts and resolve its poor liquidity.  Bursa Malaysia Securities
Berhad, on May 26, 2006, decided to suspend trading in the
securities of Tru-Tech Holdings Berhad from June 5, 2006, as the
Company has failed to regularize its financial condition
pursuant to the Bourse's Listing Requirements.

The Company's March 31, 2006, balance sheet showed total assets
of MYR43,930,000 and total liabilities of MYR131,614,000,
resulting into a stockholders' deficit of MYR87,684,000.


* Malaysia's Inflation Rate Likely Up on Costlier Power
------------------------------------------------------
The higher inflation rate experienced by Malaysia in July 2006
may be due to increasing electricity costs that prompted
companies to raise prices of goods and services, Bloomberg
reports.

State utility Tenaga Nasional Bhd won government approval to
raise electricity tariffs for the first time in nine years in
June, adding to rising prices which have caused Malaysia's
inflation rate to surge as Prime Minister Abdullah Ahmad
Badawi's Government increased fuel prices five times since May
2004 to cut its subsidy bill, Bloomberg relates.

The central bank, which hasn't raised its benchmark interest
rate since April 26, 2006, may increase borrowing costs again at
its next review on Aug. 25, according to Bloomberg.

The central bank in April raised its key interest rate for the
third time since November after inflation surged to a seven-year
high of 4.8% in March.  Bank Negara Malaysia, on the other hand,
expects inflation to average 3.5% to 4% in 2006, compared with
3% last year and 1.4% in 2004.

Prime Minister Abdullah raised retail gasoline and diesel prices
by as much as 23% on Feb. 28, 2006.  The move allowed the
Government to trim fuel subsidies paid to oil companies to keep
pump prices low as global oil prices surged.  The Government
allowed Tenaga, Malaysia's state-controlled power distributor,
to raise electricity prices, by an average 12% for the first
time since May 1997 in June, Bloomber reveals.

Still, Bank Negara Governor Zeti Akhtar Aziz insisted Malaysia's
inflation rate will ease in the remaining months of this year.

Mr. Aziz's statement was supported by economist David Cohen, who
said faster inflation in July probably won't prompt the central
bank to raise rates this month.


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

APC GROUP: Elects 13 Stockholders as Board Members
--------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 26, 2006, APC Group, Inc., disclosed that the Company's
Annual Stockholders' Meeting was moved to August 17, 2006.

In an update, APC Group advises the Philippine Stock Exchange
that at the Company's ASM, 13 stockholders were elected members
of its board of directors the fiscal year 2006-2007 to hold
office until their successors are elected and qualified:

   1. Willy N. Ocier
   2. Jerry C. Tiu
   3. Bernardo D. Lim
   4. Edmundo L. Tan
   5. Manuel A. Gana    
   6. Jose T. Gabionza
   7. Jose Ben Laraya
   8. Bernard B. Lopez
   9. Maritoni Z. Liwanag
  10. Martin Israel L. Pison
  11. Sabino E. Acut, Jr.
  12. Paul Mar C. Arias
  13. Girlie Isabel D. Umali

Messrs. Tiu, Gabionza, and Laraya are independent directors.

At the Organizational Meeting of the Board of Directors held
right after the stockholders meeting, officers of the
corporation were elected to hold office until their successors
are elected and qualified:

   Officers:

   Willy N. Ocier         -- Chairman/President & CEO
   Bernardo D. Lim        -- Chief Finance Officer
   Edmundo L. Tan         -- Corporate Secretary
   Girlie Isabel D. Umali -- Assistant Corporate Secretary

   Executive Committee:

   Willy N. Ocier         -- Chairman
   Jerry C. Tiu
   Jose T. Gabionza
   Bernardo D. Lim

Moreover, the Board created various committees on Corporate
Governance and elected officers and members to hold office until
their successors are elected and qualified:

   Nomination Committee:

   Jose Ben Laraya        -- Chairman
   Willy N. Ocier
   Jerry C. Tiu

   Compensation and Remuneration Committee:

   Willy N. Ocier         -- Chairman
   Jose T. Gabionza
   Manuel A. Gana

   Audit Committee:

   Jose T. Gabionza       -- Chairman
   Manuel A. Gana
   Jerry C. Tiu

                     About APC Group, Inc.

APC Group, Inc., was incorporated on October 15, 1993, with the
primary purpose of engaging in oil and gas exploration and
development in the Philippines.  The Company is 46.6% owned by
Belle Corporation.  APC has investments in telecommunications, a
cement project, and manpower outsourcing businesses.

The Company has suffered recurring losses resulting in a deficit
of PHP12.953 billion as of December 31, 2005, and
PHP12.2 billion as of December 31, 2004.  As of 2005 and 2004,
the Company's current liabilities exceeded its current assets by
PHP7.3 billion and PHP7.060 billion, respectively.

The deficits affected the ability of the Company's subsidiaries
-- Philippine Global Communications Inc. and PhilCom Corporation
-- to service their maturing obligations on a timely basis.  
Furthermore, the restructuring of PhilCom and PhilCom Corp's
PHP2.99 billion long-term debt, which defaulted in 2003, are
still under renegotiation with the creditors.


BENPRES HOLDINGS: Posts PHP8.358-Bil Revenue for 2006 First Half
----------------------------------------------------------------
Benpres Holdings Corporation posted an unaudited consolidated
revenue of PHP8.358 billion for the first six months ended
June 30, 2006, 6.6% higher than the PHP7.843-billion revenue for
the same period last year.

First semester 2006 unaudited financial statements were restated
to reflect the deconsolidation of Maynilad Water Services, Inc.,
pursuant to the water utility's Court-approved Debt Capital and
Restructuring Agreement.

Net income attributable to Benpres' equity holders reached
PHP1.898 billion from PHP297 million in the same period last
year.

Benpres notes that its net income for the full-year ending
December 31, 2006, may fall below the first semester ended
June 2006 unaudited level should the peso depreciate from
current levels.

Benpres' net income in the first half of 2006 is primarily
derived from the equity share in net earnings of investees,
after First Philippine Holdings Corporation booked a one-time
gain on dilution of its equity interest in First Gen Corporation
in the amount of PHP2.7 billion with First Gen's initial public
offering in February 2006.

License fees, an ABS-CBN Broadcasting Corporation account,
accounted for the 6.6% increase in Benpres' unaudited
consolidated revenues.

Foreign exchange adjustments resulted in an expense of
PHP30 million compared to a gain of PHP22 million in the
comparative period.  The peso depreciated to PHP53.11 per US
dollar in June 2006 from PHP53.09 in December 2005 compared to
an appreciation to PHP56.00 in June 2005 from PHP56.28 in
December 2004.

Provisions for investments at equity, deposits and advances
decreased by 26% to PHP118 million from PHP159 million due to
lower debt related advances.  Interest and other expenses
declined by 13% due to lower interest rates and lower ABS-CBN
debt as principal payments were made in the first half of the
year.

                   Key Performance Indicator

As a holding company, Benpres receives revenues from asset sales
and dividends from investees.  Hence, the key performance
indicator with the most direct impact on Benpres is the net
income of investees.  Dividends received by Benpres are based on
the investees' net income in the previous year.  

Benpres recounts that in May 2006, it received dividends of
PHP254 million from FPHC based on FPHC's 2005 audited net income
of PHP4.912 billion and Benpres's equity share of 44.61%.

For the January-June 2006 period, the financial performance of
investees was within expectations.

                      Financial Condition

Cash and cash equivalents decreased by 23% from end-2005 levels
due to debt service.  Investments and advances increased by
10.8% to PHP19.511 billion to reflect the equity share in net
earnings of investee companies during the semester.  Other
noncurrent assets improved by 7.8% with the higher market value
of Digitel shares year on year.

Noncurrent interest-bearing loans and borrowings and other
noncurrent liabilities were reduced after principal payments
made by ABS-CBN during the period, and accounted for the 23%
decline in total noncurrent liabilities.

Unaudited total consolidated equity as of June 30, 2006, stood
at PHP10.987 billion, 26.5% better than 2005 year-end balance as
the deficit was reduced by 20.5% to PHP7.341 billion given the
net income for the semester in review.

Share in equity adjustment from translation of available-for-
sale investments also improved by 57.8% due to the higher market
value of Digitel shares.

Benpres notes that as of the filing of its financial report,
there are no known trends, demands, commitments, events or
uncertainties that will have material impact on the Company's
liquidity other than those disclosed adding that it has no
material commitments for capital expenditures.

A full-text copy of the financial results is available for free
at:

  http://www.benpres-holdings.com/pdf/SEC_reports/2QBHCS_CFS2006%208.14.pdf

                     About Benpres Holdings

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation is a 56.22%-owned subsidiary of Lopez, Inc.  Both
entities were incorporated in the Philippines.  Benpres Holdings
and its subsidiaries are mainly involved in investment holdings,
broadcasting and entertainment, and water distribution.  The
Company's associates are involved in telecommunications, power
generation and distribution, cable television, real estate
development and infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the Company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
Company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

As of Dec. 31, 2005, Benpres Holdings' long-term direct
obligations due for payment stood at PHP9.96 billion.  By virtue
of its guarantees and commitments, based on the BSMP, the
Company may be liable for certain obligations that already fell
due, amounting to approximately PHP10.94 billion as of Dec. 31,
2005, excluding guarantees in its unit, Maynilad Water Services,
Inc.  As of Dec. 31, 2005, consolidated current liabilities
exceeded consolidated current assets by PHP22.12 billion.  Net
loss attributable to Benpres Holdings' equity holders for the
year ended Dec. 31, 2004, amounted to PHP1.2 billion.

After auditing the Company's annual report for the period ended
December 31, 2005, Sycip Gorres Velayo & Co. raised substantial
doubt on Benpres Holdings' ability to continue as a going
concern, which would depend on success of the Company's balance
sheet management plan.


GLOBAL EQUITIES: Signs MOA Transferring Assets to Shareholder
-------------------------------------------------------------
In a letter dated August 16, 2006, to the Philippine Stock
Exchange, Global Equities, Inc., disclosed that the Company,
Nora A. Bitong, and Angping and Associates Securities Inc.
executed a Memorandum of Agreement.

Pursuant to the MOA, Global Equities will sign, transfer, and
convey substantially all of its assets with a book value of
PHP863.68 million -- as of June 30, 2006 -- in favor of Ms.
Bitong to Global Equities and the assumption by Ms. Bitong of
all the liabilities of Global Equities and its subsidiaries in
the aggregate amount of PHP1.138 billion as of June 30, 2006.

The transfer of substantially all the Global Equities assets and
assignment of substantially all its liabilities to Ms. Bitong
are subject to the approval of 2/3 of the outstanding capital
stock of Global Equities and compliance with the applicable laws
and regulations.

Angping and Associates, in its capacity as owner of Global
Equities shares and attorney-in-fact of Global Equities
shareholders, will assist the Company in securing the approval
of the Global Equities stockholders.

The MOA also provided that all taxes, fees, and expenses for the
assignment and transfer of substantially all the Global Equities
assets and liabilities will be for the account of Ms. Bitong.

Furthermore, pursuant to the MOA:

   (a) Global Equites will have residual net assets of
       PHP18.395 million and liabilities of PHP18.368 million;

   (b) The Global Equities accumulated deficit will be reduced
       from PHP2.236 billion to PHP1.961 billion; and

   (c) The negative stockholders equity of PHP275.274 million
       will be wiped out.

Ms. Bitong is the registered owner and beneficially controls
21.32% of the total outstanding capital stock of Global Equities
as of the date of the execution of the MOA.

                          *     *     *

Global Equities, Inc., was originally incorporated as La Suerte
Gold Mining Corporation on April 20, 1970, primarily to engage
in the exploration, exploitation, and development of mineral
resources; to purchase, lease and otherwise acquire mining
claims and concessions anywhere in the Philippines; and to carry
on the business of mining, extracting, smelting, treating, and
otherwise producing and dealing in metals and minerals of all
kinds including all its products and by-products.

The Company's total liabilities as of March 31, 2006, amounted
to PHP1.12 billion, whereas its total assets were pegged at
PHP871.04 million.  Capital deficiency reached PHP242.28 million
as of March 2006, from PHP231.52 million as of March 2005.


PACIFIC PLANS: Court of Appeals Suspends Rehabilitation Plan
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 8, 2006, a Makati City court has approved the rehabilitation
plan of Pacific Plans, Inc., allowing the Company to continue
operations to meet its obligations to plan holders.

A follow-up report from ABS-CBN News relates that the Court of
Appeals has suspended the implementation of the Company's
rehabilitation plan.

Philip Piccio, president of the Parents Enabling Parents
Coalition, said that the temporary restraining order on Pacific
Plans' approved "alternative rehabilitation plan" issued by the
Seventh Division of the CA "leads to a decisive nature of the
case," ABS-CBN News relates.

However, Pacific Plans said that the TRO "did not express an
opinion on the alternative rehabilitation plan," ABS-CBN News
notes.

According to Alfred J. Non, Pacific Plans' president, the
decision of the rehab court will withstand judicial scrutiny,
adding that it was issued in compliance with laws, rules, and
regulations.

Thus, Pacific Plans would suspend the release of tuition support
checks for those who have yet to receive them owing to the 60-
day TRO, ABS-CBN relates.

Meanwhile, Mr. Piccio notes that the TRO effectively barred
Pacific Plans from selling more plans, as the Securities and
Exchange Commission based its decision to grant the Company's
request to sell more plans on the rehabilitation plan approved
by the Makati Regional Trial Court.

Mr. Piccio disclosed that the coalition plans to file criminal
complaints against SEC officials who gave Pacific Plans the
license to sell additional plans despite the Company's failure
to pay its obligations to its plan holders, ABS-CBN News
relates.

ABS-CBN recounts that the SEC had insisted that Pacific Plans
itself is not qualified for rehabilitation because it is liquid
and solvent based on the Company's annual financial statement.  
According to the SEC, Pacific Plans only became insolvent when
it transferred the trust fund of non-problematic accounts, like
fixed value education plans, pension, and life plans to Lifetime
Plans Inc, ABS-CBN notes.

ABS-CBN News cites Mr. Piccio as saying "[b]y the nature of the
order of the Court of Appeals, the Court would have to determine
if the company is liquid and should be mandated to meet all its
obligations to plan holders.  We expect the company to file a
motion for reconsideration and to bring the case up to the
Supreme Court."

Mr. Piccio explains that bringing the case to the Court would be
better for all parties because it could hasten a ruling on
whether the company is liquid or should undergo rehabilitation.

Under the proposed rehabilitation plan, the liabilities on
Pacific Plan's open-ended or traditional plan contracts are to
be swapped with a fixed-value plan contract, which matures in
July 2010.

The Coalition will also seek a meeting with the SEC regarding
the CA decision.

                          *     *     *

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

The Troubled Company Reporter - Asia Pacific reported on May 8,
2006, that Pacific Plans came up with a rehabilitation plan
based on this school year's average fees, plus tuition support
upon enrollment until the school year 2009-2010.  The benefits
of the Company's traditional education plans will become fixed-
value benefits as at Dececmber 31, 2004, to be termed base year-
end 2004 entitlement.  On May 4, 2006, the Company said that it
would comply with the court-approved plan, so that it could meet
its obligations to its availing open-ended plan holders while
retaining funds for some 18,000 plan holders who have yet to
receive their education benefits.


SAN MIGUEL: Beer Export Sales Increases 5% in First-Half 2006
-------------------------------------------------------------
In a letter dated August 16, 2006, to Philippine Stock Exchange,
San Miguel Corp. disclosed that its beer sales outside the
Philippines grew 5% in the first six months of the year on
strong volumes from China, Hong Kong, and the Company's export
operations.

San Miguel said revenue from its international beer operations
was up 5% at US$138.5 million as of end-June 2006, buoyed by
strong numbers from northern China, which benefited from
"several consumption-generating events" promoting the "Blue
Star" brand.

Sales volume was up 9% at 26.1 million cases.

The Company revealed that sales volume in northern China was up
19%.

San Miguel has laid out plans to tap more outlets for its new
"Super Cool" beer brand.

Positive numbers also came from Hong Kong, where volume was up
18% on robust export sales.

Price discounting tactics by rival companies, meanwhile,
affected sales in Australia and Indonesia.

J. Boag & Sons, San Miguel's beer subsidiary in Australia,
reported slower volume because of a discounting war and an
import policy that allowed the sale of imported premium brands
directly to major liquor chains.  These brands are now retailing
at prices lower than other competing brands because of the
policy.

San Miguel further disclosed that "[n]ew pricing structures and
strategies are currently being worked out, but lead times
required by the majority of our wholesalers prevent us from
implementing these changes until September this year."

Higher inventory levels and aggressive discounts offered by a
main competitor, Bintang beer, have cut volume in Indonesia.

                      About San Miguel Corp.

Headquartered in Manila, Philippines, San Miguel Corporation --
http://www.sanmiguel.com.ph/-- through its subsidiaries,  
operates food, beverage and packaging businesses.  The Company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The Company
also manufactures glass, metal, plastic, paper and composites
packaging products.

A Troubled Company Reporter - Asia Pacific report on April 20,
2006, stated that Moody's Investors Service put a (P)Ba3 foreign
currency rating on the proposed preferred stock issuance
of San Miguel Corp. subsidiary San Miguel Capital Funding
Limited.  Moody's also placed a Ba1 local currency corporate
family and indicative foreign currency senior unsecured rating
on the Company.  

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.


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

ERMENEGILDO ZEGNA: Creditors' Proofs of Claim Due on Sept. 11
-------------------------------------------------------------
Creditors of Ermenegildo Zegna Singapore Pte Ltd are required to
submit their proofs of claim by September 11, 2006, for them to
share in the Company's dividend distribution.

The Liquidator can be reached at:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


LKN-PRIMEFIELD: Profit Climbs 47% on Restructuring
--------------------------------------------------
LKN-Primefield Limited's profit before tax for the six months
ended June 30, 2006, increased by approximately 47% to SGD4.2
million as compared to the same period last year, according to
the company's financials submitted to the Singapore Exchange.

The group's turnover for first half of 2006 decreased marginally
by SGD1.5 million or 7% to SGD20.7 million due mainly to the
sale of the LKN Building, the closing down of the construction
business division, the ongoing room renovation programs in the
Equatorial Shanghai Hotel and the competitive Shanghai
hospitality market.  The hospitality sector's turnover declined
by 6% from SGD16.2 million in the first half of 2005 to
SGD15.3 million in 2006.

To maintain the competitiveness of its hotels, the Equatorial
Shanghai Hotel and Equatorial Qingdao Hotel have carried out
extensive room renovations during the first half of 2006.  The
Equatorial Shanghai Hotel is now in the third and last phase of
its room renovation program, which commenced in May 2006, and is
expected to be completed by end August 2006, just prior to the
busy season in Shanghai.  The Equatorial Qingdao Hotel had
completed renovating approximately half of its total room
inventory in June 2006.  The Equatorial Cameron Hotel has also
commenced minor renovation for 138 rooms in stages during the
year.  During the period of renovations, the group's hotel
businesses were adversely impacted.

In line with the group's ongoing business review to focus on the
hospitality, property related and investment holding businesses,
the group had disposed the investment property, the investment
in a Malaysian associated company and a Chinese subsidiary in
the first half of 2006.  The total net profit and increase in
shareholders' funds resulting from the completion of the
disposal of these assets are SGD9.2 million and SGD2.5 million,
respectively.  The group is currently working towards the
completion of the sale of another subsidiary -- Primefield
Company Pte Ltd -- for which disposal profit and increase in
shareholders' funds would be recognized upon completion.

The group incurred an interest expense of SGD2.1 million for the
period in review, a slight savings of SGD0.2 million or 7% as
compared to the same period last year.  However, owing to the
appreciation of the Singapore dollar against the United States
dollar, Renminbi and Ringgit Malaysia, the group had incurred an
exchange loss of SGD4.2 million -- of which a substantial
portion is unrealized -- as compared to a gain of SGD3.6 million
arising from the revaluation of net foreign currency assets.

The group's net foreign currency assets have not been hedged as
the approval from the then holders of the secured bonds issued
under the March 2005 debt restructuring exercise could not be
obtained in the previous financial years as required under the
relevant terms and conditions of the restructuring agreement.
With the redemption of these bonds, the Company will review the
feasibility of hedging the group's exposure in its net foreign
currency assets after taking into account the prevailing market
conditions.

The net profit attributable to the shareholders of the Company
is SGD2.7 million which is approximately 27% higher than that
for the same period last year, supported mainly by the profit
recognized from the group's ongoing asset rationalization
program.

As at June 30, 2006, the Company has fully redeemed all the
outstanding secured bonds issued pursuant to the March 2005 debt
restructuring exercise, which amounted to SGD131.1 million.  The
Company has also redeemed 1,443,987 Series A redeemable
convertible preference shares and 7,351,470 Series B redeemable
convertible preference shares for the sum of SGD1.0 million and
SGD1.2 million, respectively.  Subsequently, on July 4, 2006,
pursuant to a rights issue exercise, the company had issued zero
coupon unsecured non-convertible bonds due 2009 for an amount of
SGD131.4 million and 197,141,190 non-redeemable convertible
cumulative preference shares at an issue price of SGD0.02 each.

As of June 30, 2006, the Company's balance sheet revealed total
assets of SGD173.98 million and total liabilities of SGD198.74
million, resulting to a stockholders' deficit of SGD24.76
million.

The June 30, 2006, balance sheet also showed strained liquidity
with current assets of SGD43.35 million available to pay current
liabilities of SGD161.44 million coming due within the next 12
months.

The Company's secured and unsecured debts as of June 30, 2006
amounted to SGD20.88 million and SGD119.76 million,
respectively.

The Company's financial statement for the second quarter ended
June 30, 2006, is available for free at:

    http://bankrupt.com/misc/tcrapLKNPrimefield.pdf  
                   
                      About LKN-Primefield

LKN-Primefield Ltd is a Singapore-based company involved in
investment holding and investing in property for rental.  
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN is also
involved in the manufacture, retail sale, distribution, import
and export of computer hardware (including computer peripherals)
and software, and the development of multimedia transactional
payphone kiosks.  In addition, it is an ESDN (electronic service
delivery network) provider that owns and operates a large
network of public broadband transactional terminals. The
company's operations are mainly concentrated in Singapore, China
and Indonesia.
  
On November 29, 2004, LKN-Primefield and certain of its
subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.


SEE HUP SENG: Books SGD1.05-Million Profit in First Half of 2006
----------------------------------------------------------------
See Hup Seng booked a profit after tax of SGD1.05 million in the
first half of fiscal 2006 compared to a SGD0.73 million loss in
the previous year, according to the company's financials filed
with the Singapore Exchange.

Sales for the first half increased by 17% from SGD12.73 million
to SGD14.89 million due to continuing strong performance seen in
the marine and offshore and oil and gas sectors.

The changes made to strengthen the Board of Directors in the
beginning of the year and the group's direction to refocus back
to its core business of corrosion control services is beginning
to show significant improvement in sales and more importantly
profitability.

Gross profit increased by 54% over last year.  The significant
improvement in gross margin is driven by better prices and
improved labor efficiency.  With the exception of our business
units in China, which are also engaged principally in the
provision of corrosion control services, the operating business
units in Singapore -- which accounts for 90% of the group's
sales) are profitable.

The withdrawal of the pipe-gas ventures in China has also helped
contain operating and administrative costs.

The group's net tangible asset improved significantly from a
liability position SGD0.14 million to an asset position of
SGD5.1 million.  During the first half of the financial year,
several actions have been taken to improve the financial
position of the company, including

   * the issue of SGD2.2 million convertible loans of which the
     full amount have been converted into equity in the first
     half;

   * the restructuring of the term loan owing to OCBC Bank of
     which part of the outstanding loans of SGD2.5 million were
     settled through the issue of new shares amounting to
     SGD1.94 million and the balance settled in cash.

The Company's complete financial report for the second quarter
ended June 30, 2006, is available for free at:

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

                About See Hup Seng Limited

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

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens--See Hup Seng's independent
auditors--expressed a significant doubt in the company's ability
to continue as going concern on April 7, 2006, citing the
Company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the Company's debt restructuring
exercise.

                     
SPEEDNAMES PTE: Creditors' Proofs of Debt Due on September 11
-------------------------------------------------------------
Liquidator Lau Chin Huat required the creditors of Speednames
Pte Ltd to submit their proofs of debt by September 11, 2006,
for them to share in the Company's dividend distribution.

The Liquidator can be reached at:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


VALQUA SINGAPORE: Creditors Must Prove Claims by September 11
-------------------------------------------------------------
Creditors of Valqua Singapore Pte are required to submit their
proofs of claim by September 11, 2006.

Failure to comply with the requirement will exclude a creditor
form sharing in the Company's dividend distribution.

The liquidator can be reached at:

         Lau Chin Huat
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


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

BANK OF AYUDHYA: Finance Minister Says GE Deal Still On-Going
-------------------------------------------------------------
Caretaker Finance Minister Thanong Bidaya said that the ongoing
negotiations between GE Capital Asia Pacific Ltd. -- a local
unit of United States-based GE Money -- and Bank of Ayudhya for
the purchase of a 25% stake in the Thai lender are still on
track and could be wrapped up early next week, the Bangkok Post
reports.

According to The Nation, Bank of Ayudhya postponed indefinitely
its most important press conference on August 15, 2006, related
to GE Capital's acquisition of a stake in the bank, explaining
that the Finance Ministry was still considering the deal.

Charlotte Donavanik, Bank of Ayudhya first senior executive vice
president, told The Nation that the bank had expected to receive
ministry approval before the press conference.

Mr. Donavanik said in a press release that the conference will
be rescheduled.

Meanwhile, The Post says that the Finance Minister was "sorry
for the misunderstanding" as the two parties were expecting that
the deal would be completed by August 15.   He assured, however,
that "the deal is still on track but there are some legal issues
that need to be cleared before we give the go-ahead."

The Nation relates that GE wanted to acquire a little more than
the 25% ceiling for foreign shareholding in a local bank.  Mr.
Thanong told the paper that he was not sure whether he was
authorized to approve the deal or whether it needed Cabinet
approval.

BOT governor MR Pridiyathorn Devakula said that the central bank
had no objection to the GE deal, but it needed the ministry's
final word on it.  In addition, Central Bank Deputy Governor
Tarisa Watanagase said that the new investment, or
recapitalization, would generally strengthen Bank of Ayudhya and
"prop up" losses or non-performing loans.

Analysts estimate that GE will spend almost US$581 million or
THB21.74 billion for the acquisition, based on the announced
selling price of THBB16 each for the Bank's capital-increase
shares.

                          *     *     *

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

Moody's Investors Service gave Bank of Ayudha an 'E+' bank
financial strength rating.

Fitch Ratings gave the bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating, a 'B' Short-Term Foreign Currency Rating,
a 'BB' Foreign Currency Subordinated Debt Rating, and a 'D'
Individual Rating.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
                                           
                                           Total    
                                        Shareholders   Total
                                           Assets      Equity
Company                        Ticker       ($MM)      ($MM)
------                         ------    ------------  ------

AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX        21.39      -2.24
Allstate Explorations NL          ALX        12.65     -51.62
Austar United Communications Ltd. AUN       231.54     -52.58
Global Wine Ventures Limited      GWV        22.04      -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA      1696.65    -786.31
Indophil Resources NL             IRN        37.79     -69.96
Intellect Holdings Limited        IHG        23.98     -11.13
Namberry Limited                  NMB        15.12      -4.26
Orbital Corporation Limited       OEC        14.01      -4.86
RMG Limited                       RMG        22.33      -2.16
Stadium Australia Group           SAX       135.23     -41.84
Tooth & Company Limited           TTH        99.25     -74.39
Tourism, Hotels & Leisure Ltd.    TLC        15.76      -0.66

CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931        29.19     -18.65
Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
Chang Ling Group                  561        77.48     -76.83
Chengdu Book - A               600083        21.50      -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638        25.79     -43.45
China Kejian Co. Ltd.              35        54.71    -179.23
Datasys Technology Holdings      8057        14.10      -2.07
Eforce Holdings Limited           943        10.31      -0.51
Everpride Biopharmaceutical
   Company Limited               8019        10.16      -2.16
Fujian Changyuan Investment
   Holdings Limited               592        31.36     -54.04
Gold-Face Holdings Limited        396        40.60     -63.11
Guangdong Meiya Group
   Company Ltd.                   529       107.16     -49.54  
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd.                  557        62.19    -115.50
Hainan Dadonghai Tourism          613        19.74      -5.81
Hainan Dadongh-B               200613        19.74      -5.81
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd.    832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech.                620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       121.30     -74.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Anplas Co., Ltd.            156        94.17     -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286        87.44     -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.63      -1.50
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Orient Power Holdings Ltd.        615       176.86     -64.20
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shandong Jintai Group Co. Ltd.  600385       19.58     -12.18
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenyang Hejin Holding
   Company Ltd.                   633        83.18     -20.87
Shenz China Bi-A                   17        39.13    -224.64
Shenz China Bi-B                   17        39.13    -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863        79.84     -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34        95.27     -44.65
Shenzen Techo Telecom Co., Ltd.   555        14.84      -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       113.12    -148.61
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd.   600715        49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234        13.47     -87.63
Theme International
   Holdings Limited               990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71
Zarva Technology Co. Ltd.         688       101.76    -102.01

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

Ades Waters Indonesia Tbk        ADES        21.35      -8.93
Bukaka Teknik Utama Tbk          BUKK        44.45    -107.00
Hotel Sahid Jaya                 SHID        71.05      -4.26
Jakarta Kyoei Ste                JKSW        44.72     -38.57
Mulialand Tbk                    MLND       160.45     -19.82
Multibreeder Adirama Indonesia   MBAI        64.54      -2.31
Pakuwon Jati Tbk                 PWON       188.41     -50.78
Panca Wiratama Sakti Tbk         PWSI        39.72     -18.82
PT Steady Safe                   SAFE        19.65      -2.43
PT Toba Pulp Lestrari Tbk        INRU       403.58    -198.86
PT Unitex Tbk                    UNTX        29.08      -5.87
PT Voksel Electric Tbk           VOKS        44.01     -11.74
PT Wicaksana Overseas
   International Tbk             WICO        84.36     -32.88
Sekar Bumi Tbk                   SKBM        23.07     -41.95
Steady Safe Tbk                  SAFE        19.65      -2.43
Suba Indah Tbk                   SUBA        85.17      -9.18
Surya Dumai Industri Tbk         SUDI       105.06     -30.49
Unitex Tbk                       UNTX        29.08      -5.87

JAPAN

Hanaten Co., Ltd.                9870       167.79      -1.63
Mamiya-OP Co., Ltd.              7991       152.37     -67.11
Montecarlo Co. Ltd.              7569        66.29      -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771        23.82      -1.10
Sumiya Co., Ltd.                 9939        89.32     -11.57
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd.    5756       106.49     -12.55
Yakinikuya Sakai Co., Ltd.       7622        79.44     -11.14

MALAYSIA

Antah Holdings Bhd                ANT       241.10     -39.36
CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        58.47     -69.79
Comsa Farms Bhd                   CFB        63.60      -5.00
Consolidated Farms Berhad       CFARM        36.32     -17.21
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Kig Glass Industrial Berhad       KIG        15.76     -24.61
Lankhorst Bhd                    LKHT        25.91     -28.35
Mentiga Corporation Berhad       MENT        22.13     -18.25
Metroplex Bhd                     MEX       323.51     -49.28
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        22.22     -19.11
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        11.04     -13.58
PSC Industries Bhd                PSC        62.80    -116.18
Polymate Holdings Bhd            PYMT        64.73      -7.28
Setegap Berhad                    STG        19.92     -26.88
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       111.72    -204.61

PHILIPPINES

APC Group Inc.                    APC        67.04    -163.14
Atlas Consolidated Mining and
   Development Corp.               AT        33.59     -57.17
Cyber Bay Corporation            CYBR        11.54     -58.06
East Asia Power Resources Corp.   PWR        92.55     -64.61
Fil-Estate Corporation             FC        33.30      -5.80
Filsyn Corporation                FYN        19.20      -8.83
Filsyn Corporation               FYNB        19.20      -8.83
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        17.34      -9.59
Gotesco Land, Inc.                GOB        17.34      -9.59
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI        98.36     -74.34
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI        10.64      -9.86
United Paragon Mining Corp.       UPM        21.19     -21.52
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Uniwide Holdings Inc.              UW        61.45     -30.31
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

ADV Systems Auto                  ASA        14.32      -8.54
China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        54.36     -25.64
Digiland Intl.                   DIGI        31.32     -11.94
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore
   Limited                        GUL       152.80     -27.74
Informatics Holdings Ltd         INFO        22.30      -9.14
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        19.30     -76.43
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.70     -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC         0.72     -12.07
Pacific Century Regional          PAC      1381.26    -107.11
See Hup Seng Ltd.                 SHS        17.36      -0.09

SOUTH KOREA

BHK Inc                          3990        24.36     -17.38
C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Cenicone Co. Ltd.               56060        36.82      -1.46
Cheil Entech Co. Ltd.           53330        37.25      -0.31
Dewell Elecom Inc.              32590        10.93      -6.92
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
EG Semicon Co. Ltd.             38720       166.70     -12.34
Inno Metal Inc.                 70080        25.61       1.41
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44
SungKwang Co., Ltd.             41140        19.06      -1.60
Tong Yang Major                  1520      2332.81     -86.95
TriGem Computer Inc             14900       629.32    -292.96  

THAILAND

Bangkok Rubber PCL                BRC        70.19     -56.98
Bangkok Rubber PCL              BRC/F        70.19     -56.98
Central Paper Industry PCL      CPICO        40.41     -37.02
Central Paper Industry PCL    CPICO/F        40.41     -37.02
Circuit Electronic
   Industries PCL              CIRKIT        20.37     -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F        20.37     -64.80
Daidomon Group Pcl              DAIDO        12.92      -8.51
Daidomon Group Pcl            DAIDO/F        12.92      -8.51
Datamat PCL                       DTM        17.55      -1.72
Datamat PCL                     DTM/F        17.55      -1.72
Diana Department Store Pcl      DIANA        12.71      -1.71
Diana Department Store Pcl    DIANA/F        12.71      -1.71
Everland Public Company Ltd      EVER        56.71    -311.47
Everland Public Company Ltd    EVER/F        39.12     -12.05
Hantex PCl                        HTX         7.51      -7.88
Hantex PCl                      HTX/F         7.51      -7.88
Kuang Pei San Food Products
   Public Co.                  POMPUI        12.51      -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC        20.77     -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI        18.29     -43.37
Sri Thai Food -F                SRI/F        18.29     -43.37
Tanayong PCL                    TYONG       178.27    -734.30
Tanayong PCL -F               TYONG/F       178.27    -734.30
Thai-Denmark PCL                DMARK        21.37     -18.88
Thai-Denmark -F               DMARK/F        21.37     -18.88
Thai-Wah PCL                      TWC        91.56     -41.24
Thai-Wah PCL -F                 TWC/F        91.56     -41.24


                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***