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

                     A S I A   P A C I F I C

             Monday, November 14, 2005, Vol. 8, No. 225

                            Headlines

A U S T R A L I A

ACLA CONSTRUCTIONS: Declares First Interim Dividend
AGENTIS INTERNATIONAL: Members Opt for Voluntary Liquidation
AINSWORTH GAME: Inks License Agreement with Unicum Group
CANDELU PTY: Adam Shepard Named Company Liquidator
CORPORATE BANKING: Inability to Pay Debt Prompts Winding Up

ETCHGUARD AUSTRALIA: Creditors Asked to Submit Proofs of Claim
EVALUB PTY: Final Meeting Fixed November 21
FORTESCUE METALS: Strikes Sales Deals for Additional Production
GBKT NOMINEES: Members Pass Winding Up Resolution
GLENFINE PTY: Court Appoints Official Liquidator

G RETAIL: Administrators Begin Job Cuts
HATCHER UNIT: Court Convicts Investment Promoter
INTERNATIONAL STEEL: Members Set to Review Wind Up Report
ISOM PTY: Court Orders Winding Up
JAMES HARDIE: Asbestos Costs Still Drain Coffers

JAMES HARDIE: Needs Tax Break to Pay Asbestos Claims
LIAM HAYES: Enters Voluntary Liquidation
MEATCORP PTY: Intends to Pay Dividend to Unsecured Creditors
MEDHURST PTY: Members Resolve to Wind Up Business
NATIONAL AUSTRALIA: Investors Wait Not Over

PYRAMID CARPENTRY: Creditors OK Liquidators' Appointment
RITETYRE WHOLESALE: Winds Up Business
SILVERLINE TECHNOLOGIES: Declares Dividend Today
STONE HOLDINGS: Liquidator to Distribute Company Assets
TELSTRA CORPORATION: Boss Prepares to Present Strategic Plan

TELSTRA CORPORATION: Buys Beam's Remote Calling Solution
ULTIMATE DROP: Members to Receive Liquidator's Report
VILLAVUE PTY: Decides to Close Operations
WANG GLOBAL: Liquidator to Explain Winding Up to Members
WRITTEN BLOODSTOCK: Racing Mares to Find New Owners


C H I N A  &  H O N G  K O N G

AUTO-WINNER LIMITED: Issues Winding Up Order Notice
ELONG.COM INCORPORATED: Widens Q3/2005 Net Loss to CNY40.5 Mln
FULI DEVELOPMENT: Prepares to Wind Up Business
GOLDCO DEVELOPMENT: Appoints Provisional Liquidators
HAPPY EVER: Set to Wind Up Operations

KNOWN POINT: Prepares to Close Down Business
M&E ENGINEERING: Winding Up Hearing Set December 14
TC MANUFACTURES: To Appoint Liquidators, Committee of Inspection
TOP STAR: Creditors Meeting Fixed November 21
UNIVERSAL FUNDS: Regulator Hits Firm Over Fraud

UPFLOW HOLDINGS: SFC Reprimands Executive Director
WING SHUN: Court to Hear Winding Up Petition December 14


I N D I A

FOOD CORPORATION: Rules Out Foodgrain Imports
KARVY CONSULTANTS: RBI Cancels Certificate of Registration
RANBAXY LABORATORIES: Strengthens Ties with Japanese JV Partner


I N D O N E S I A

INDOFOOD SUKSES: S&P Affirms 'B' Credit Rating
PERTAMINA: Seeks President's Intervention on Cepu Deal
PERTAMINA: Unit to Build Refinery with Iranian Firm
TELEKOMUNIKASI INDONESIA: Plans to Repay Foreign Debt Very Soon


J A P A N

JAPAN AIRLINES: Discloses Downward Revision of Earnings
MITSUBISHI MOTORS: Sells More Cars, Trims Losses
MITSUBISHI MOTORS: Sees Signs of Recovery in First Half
SEIBU RAILWAY: Tsutsumi Accepts Suspended Term Over Scandal
SEIBU RAILWAY: R&I Will Watch Reorganization Plan

SEIBU RAILWAY: Cerberus to Acquire 30% of New Holding Firm
SOFTBANK CORPORATION: 1H/2005 Net Loss Shrinks to JPY4.18 Bln
SOFTBANK CORPORATION: First Half Revenues Soar 72.1%


K O R E A

DAEWOO ELECTRONICS: Put Up for Sale
DOOSAN GROUP: Creates Emergency Management Team


M A L A Y S I A

AFFIN HOLDINGS: Seeks More Time to Complete Shares Placement
AMSTEEL CORPORATION: Execution of SPA Moved to November 17
ANCOM BERHAD: Buys Back 44,000 Shares
ASIA PACIFIC: IMS to Complete Lot Disposal Early Next Year
AVANGARDE RESOURCES: Seeks Extension to Comply with PN17

BELL & ORDER: To Hold Proposed Rights Issue
BELL & ORDER: Shareholders OK EGM Resolutions
HAP SENG: Undertakes Shares Buy Back
JIN LIN: Issues Update on Proposals
KEMAYAN CORPORATION: To Convene AGM November 30

MAGNUM CORPORATION: Buys Back 265,000 Shares
MEDIA PRIMA: Converts ICULS to Ordinary Shares
PACIFIC & ORIENT: Purchases Ordinary Shares
PAN PACIFIC: Sees No Changes to Default Status
TALAM CORPORATION: Unit Enters Into SPA


P H I L I P P I N E S

ABS-CBN BROADCASTING: Earnings Plunge on Low Airtime Revenues
BACNOTAN CONSOLIDATED: Furnishes Copy of Revised SEC Form 23-B
LAFAYETTE MINING: Halts Rapu Rapu Ops, Probes Discharge Events
LAFAYETTE MINING: Church, Civic Groups Seek Permanent Closure
NATIONAL BANK: Reminds of End of Exercise Period of PNBW2


S I N G A P O R E

FIRSTLINK INVESTMENTS: Sells Industrial Building to Trivec
INFORMATICS HOLDINGS: Cuts Second-Quarter Losses by 86%
JV GOLDSMITH: Court Issues Winding Up Order
L&M GROUP: Court to Hear Winding Up Petition December 2
POTEX ENTERPRISES: Creditor Seeks Winding Up

POUQUELAYE INVESTMENTS: Receiving Claims Until Next Month


T H A I L A N D

CENTRAL PAPER: Auditor Fails to Reach Conclusion on FS
EASTERN WIRE: Unveils Board Meeting Result
THAI PETROCHEMICAL: Changes Daily Price Limit

     -  -  -  -  -  -  -  -

=================
A U S T R A L I A
=================

ACLA CONSTRUCTIONS: Declares First Interim Dividend
---------------------------------------------------
ACLA Constructions will declare a first interim dividend today,
Nov. 14, 2005.

Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.

Dated this 11th day of October 2005

M. E. Slaven
Liquidator
Unit 12, Level 3 Engineering House
11 National Circuit, Barton ACT 2600


AGENTIS INTERNATIONAL: Members Opt for Voluntary Liquidation
------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Agentis International Pty Limited held on Oct.
12, 2005, it was resolved that the Company be wound up
voluntarily, and Kenneth Wayne Lamb of Jones Condon, Ground
Floor 77 Station Street Malvern Victoria was appointed as
Liquidator at a creditors' meeting held later that day.

Dated this 13th day of October 2005

Kenneth Wayne Lamb
Liquidator
Jones Condon Chartered Accountants
77 Station Street, Malvern Vic 3144


AINSWORTH GAME: Inks License Agreement with Unicum Group
--------------------------------------------------------
Ainsworth Game Technology Limited (AGT) announced that it had
signed an exclusive agreement with the Unicum Group for the
supply of gaming machine software and the license to manufacture
the Company's products within Russia, including former Russian
Federation States.

The Company indicated that further strong demand for its
manufactured gaming machines in Russia should ensure orders
continued for the remainder of FY06 during the transition to the
license agreement which would take effect in quarter three of
the current financial year.

Executive Chairman, Mr. Len Ainsworth, said "the agreement is
for an initial period of five years and further strengthens the
ongoing relationship between both companies."

"Unicum, the largest casino and gaming equipment supplier in
Russia, has been distributing AGT's products since late 2003 and
continues to make strong inroads into the increasingly important
Russian market," Mr. Ainsworth added.

Chief Executive Officer David Creary, said "We are delighted to
have been able to conclude this agreement as we believe it will
bring significant financial benefits to both companies."

"Both Yury Larichev, the Chief Executive Officer of the Unicum
Group, and I remain committed to bringing value to each company
and capitalizing on strategic opportunities in the future," he
added.

Mr. Creary visited Unicum during October of this year to further
advance discussions in relation to this agreement and potential
market opportunities for both companies within the Russian
market.

"I was impressed with Unicum's manufacturing facilities in
Russia and the growth opportunity for AGT's technology and
products within this market. The combination of AGT's
technology, together with Unicum's manufacturing capacity should
ensure further capitalization on the strong market potential in
the future," said Mr. Creary.

Mr. Creary added "the international market for AGT's products
continues to strengthen and this agreement with the Unicum Group
in Russia is a good fit with our global business expansion
objectives."

CONTACT:

Ainsworth Game Technology Limited
10 Hoker Street
Newington, New South Wales 2127
Australia
Phone: +61 9 7398 000
Fax: +61 9 7379 483
E-mail: sales@a-g-t.com.au
Web site: http://www.ainsowrth.com.au


CANDELU PTY: Adam Shepard Named Company Liquidator
--------------------------------------------------
Notice is hereby given that on Oct. 12, 2005, the members of
Candelu Pty Limited passed a resolution to appoint Adam Shepard
as Liquidator for the winding up of the Company.

Notice is also given that creditors having claims against the
Company should furnish particulars of those claims to the
Liquidator on or before Nov. 18, 2005.

Dated this 21st day of October 2005

Adam Shepard
Liquidator
Star Dean-Willcocks
GPO Box 3969, Sydney NSW 2000
Phone: 02 9223 2944


CORPORATE BANKING: Inability to Pay Debt Prompts Winding Up
-----------------------------------------------------------
Notice is hereby given that at a meeting of Corporate Banking
International Pty Limited held on Oct. 24, 2005, the following
Special Resolution was passed:

That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily, and that Daniel Civil and
Peter Rodgers be appointed Joint Liquidators for such winding
up.

Daniel Civil
Peter Rodgers
Joint Liquidators
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


ETCHGUARD AUSTRALIA: Creditors Asked to Submit Proofs of Claim
--------------------------------------------------------------
Creditors of Etchguard Australia Pty Limited, whose debts or
claims have not already been admitted, are required on or Nov.
30, 2005 to prove their debts or claims and to establish any
title they may have to priority by delivering or sending through
the post to the Liquidator a formal proof of debt or claim in
accordance with Form 535 or 536 containing their respective
debts or claims. In default thereof, creditors will be excluded
from:

(a) the benefit of any distribution made before their debts or
claims are proved or their priority is established; and

(b) objecting to the distribution.

A form of proof may be obtained from the Liquidator's office.

Dated this 19th day of October 2005

B. A. Secatore
Liquidator
Bentleys MRI
114 William Street, Melbourne Vic 3000


EVALUB PTY: Final Meeting Fixed November 21
-------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Evalub Pty Limited will be held on Nov. 21, 2005,
11:00 a.m. at Hall Chadwick Level 29, 31 Market Street, Sydney
NSW 2000.

Geoffrey McDonald
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


FORTESCUE METALS: Strikes Sales Deals for Additional Production
---------------------------------------------------------------
Fortescue Metals Group Limited advised that it has signed
additional sales agreements representing an aggregate of 8
million tonnes per annum (Mt/a) with a further six steel mills.

This brings the total sales agreements signed by Fortescue to
date to 25 Mt/a representing 56% of Fortescue's initial planned
production of 45 Mt/a. These agreements are for terms of 10
years and prices have been set with reference to industry
standards.

The names of the counterparties are confidential however
Fortescue can report that three of the companies are ranked
within China's top 25 major steel mills.

Increasingly the international steel industry is seeking to
establish long-term supply relationships with alternative
sources.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


GBKT NOMINEES: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of GBKT Nominees Pty Limited held on Oct. 14, 2005, it was
resolved that the Company be wound up voluntarily, and that John
Frederick Taylor of Level 15, 309 Kent Street, Sydney was
appointed as Liquidator for such purpose.

Dated this 14th day of October 2005

John F. Taylor
Liquidator
Level 15, 309 Kent Street
Sydney


GLENFINE PTY: Court Appoints Official Liquidator
------------------------------------------------
On Oct. 14, 2005, the Federal Court of New South Wales, District
Registry ordered Christopher J. Palmer to be the Official
Liquidator in the winding up of Glenfine Pty Limited.

Dated this 25th day of October 2005

Chistopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000


G RETAIL: Administrators Begin Job Cuts
---------------------------------------
Ten workers at G Retail Limited recently lost their jobs, as
administrators begin the process of selling the business, Asia
Pulse reports.

Administrators Peter Yates and David Lombe from accounting firm
Deloitte Touche Tohmatsu said the 10 redundancies only affected
head office staff, not employees at G Retail's four stores in
Sydney.

The administrators are assessing the profitability of each store
and have also advertised the business for sale. They said they
have already received several expressions of interest in the
business.

Administrators are aiming to complete a sale by the end of this
month.

G Retail appointed the administrators on Tuesday after talks
with budget retailer Lowes Manhattan Pty Ltd about a possible
rescue buy-out fell through.    

CONTACT:

G Retail Ltd
Level 6, 15 Castlereigh Street
Sydney NSW 2000
Web site: http://www.gowings.com/


HATCHER UNIT: Court Convicts Investment Promoter
------------------------------------------------
Mr. Scott Robert Soutter, 41, of Warana in Queensland, has
pleaded guilty in the Brisbane Magistrates Court to one count of
carrying on a financial services business without holding an
Australian Financial Services Licence (AFSL).

Mr. Soutter was convicted of the charge, brought by the
Australian Securities and Investments Commission (ASIC), which
alleged that Mr. Soutter acted as a commission agent introducing
numerous people to invest in a sunken treasure investment scheme
known as the "Hatcher Unit Trust".

Mr. Soutter was released on his own recognizance in the amount
of AU$2,000 to be of good behavior for two years. He was also
ordered to pay costs.

The Hatcher Unit Trust, which ASIC allege is an unregistered
managed investment scheme, was set up to raise money from the
public to fund the recovery of sunken treasure from shipwrecks
located in South-East Asia. The schemes allegedly promised
returns of up to 1365 per cent to investors.

Many of the 130 Hatcher Unit Trust investors, who invested
approximately US$535,000, lived in southeast Queensland.

The alleged principles of the Hatcher Unit Trust, Mr.
Christopher Paul Woolgrove and Mr. John Lancelot Carson are due
to appear for a committal hearing in Brisbane in February 2006.


INTERNATIONAL STEEL: Members Set to Review Wind Up Report
---------------------------------------------------------
Notice is given that a meeting of the members of International
Steel Frames Investments Pty Limited will be held on Nov. 21,
2005, 10:00 a.m. at Level 17, Waterfront Place, 1 Eagle Street,
Brisbane Qld for the following purposes:

AGENDA

(i) To lay the Liquidators' account before the members, showing
the manner of the winding up and the disposal of the property of
the Company, and to give any explanations as required;

(ii) Any other business.

Dated this 10th day of October 2005

Ian Richard Hall
Liquidator
PricewaterhouseCoopers
Waterfront Place, 1 Eagle Street
Brisbane Qld 4001


ISOM PTY: Court Orders Winding Up
---------------------------------
On Oct. 20, 2005, the Supreme Court ordered the winding up of
Isom Pty Limited, and appointed Pino Fiorentino to be the
Company Liquidator.

Pino Fiorentino
Liquidator
c/o Hamiltons Chartered Accountants
Level 17, 25 Bligh Street
Sydney NSW 2000
Phone: 9232 6611
Fax:   9232 6166, DX 1208


JAMES HARDIE: Asbestos Costs Still Drain Coffers
------------------------------------------------
Huge expenses incurred from the asbestos scandal still hurt
James Hardie's results, The Age reveals.

Despite booking higher profits in the first half, the building
products manufacturer acknowledged its results were marred by
further high spending on advisers hired to release the company
from the scandal over asbestos compensation.

Spending on lawyers, financial advisers and communications
consultants working on a new fund for sufferers of asbestos
diseases totaled AU$14 million in the half. This is on top of a
bill for the year to March 2005 of AU$38 million, which included
the expenses of appearing before the Special Commission of
Inquiry and the severance costs when the controversy claimed the
jobs of former chief executive Peter Macdonald and former chief
financial officer Peter Shafron.

James Hardie Chief Executive Louis Gries and the NSW government,
however, were optimistic about closing the drawn-out
negotiations over repairing Hardie's botched 2001 attempt to
sever its ties with its asbestos-producing past.

CONTACT:

Investor and Analyst Inquiries:

Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au

Media Inquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com


JAMES HARDIE: Needs Tax Break to Pay Asbestos Claims
----------------------------------------------------
James Hardie Industries is begging NSW Treasurer Peter Costello
to reduce its tax liabilities so it could meet its asbestos
compensation obligations, according to The Australian.

The embattled firm told Mr. Costello it could not pay AU$1.7
billion to asbestos victims unless he grants an AU$530 million
tax break.

The ultimatum creates a new crisis in the year-long negotiations
on compensation for thousands of Australians dying or crippled
by the asbestos products the company made until 1987.

It came as unions and asbestos victims groups warned they would
renew a campaign of boycotts and public action against the
company unless it signed a final deal by Christmas.

Mr. Gries would not put a time limit on striking a deal. He said
the tax deduction on the payments James Hardie would make to an
asbestos compensation fund over the next 40 years was "still an
issue". All financial modeling in James Hardie's proposal was
based on it.

"If we couldn't get tax deductibility we'd be very concerned
about the financial viability of the proposal over a 40-year
period," Mr. Gries said.

But Mr. Costello made it clear he would not make a special
exception for James Hardie.

"It is up to James Hardie to comply with the law - they know
what it is."


LIAM HAYES: Enters Voluntary Liquidation
----------------------------------------
Notice is hereby given that on Oct. 12, 2005, the members and
creditors of Liam Hayes Group Pty Limited passed a special
resolution to voluntarily wind up the Company, and Peter Douglas
Crowe was appointed as Liquidator for the winding up.

Dated this 14th day of October 2005

Peter D. Crowe
A. K. Graham & Co. Chartered Accountants
PO Box 203, Subiaco WA 6904
Phone: 08 9388 9917
Fax:   08 9388 9919


MEATCORP PTY: Intends to Pay Dividend to Unsecured Creditors
------------------------------------------------------------
Meatcorp (Australia) Pty Limited will declare a first dividend
to its unsecured creditors today, Nov. 14, 2005.

Creditors who were not able to prove their debts or claims will
be excluded from the benefit of the dividend.

Dated this 22nd day of September 2005

M. O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road
Unley SA 5061
Phone: 08 8373 4877
Fax:  08 8373 5075


MEDHURST PTY: Members Resolve to Wind Up Business
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Medhurst (Australia) Pty Limited held on Oct.
14, 2005, it was resolved that the Company be wound up
voluntarily, and Geoffrey Trent Hancock of Horwath Sydney
Partnership, Level 10, 1 Market Street, Sydney NSW 2000 was
appointed as Liquidator at a creditors' meeting held that same
day.

Dated this 20th day of October 2005

Geoffrey T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street
Sydney NSW 2000


NATIONAL AUSTRALIA: Investors Wait Not Over
-------------------------------------------
National Australia Bank (NAB) investors will have to wait longer
to learn if the bank's restructuring would pay off, The
Advertiser says.

Despite booking a profit lift of 30.1 percent to AU4.132
billion, NAB Chief Executive John Stewart said he is not fully
confident of the bank's status.

The bank's sharp headline profit increase was not a strong
indication of performance for the year as the number had been
dirtied by half a dozen one-off charges and gains.

In the latest of a series of confessions to customers, which
have included fund-unit pricing errors and loan mistakes, NAB
admitted to a new foul-up on accounts. This time, it has
overcharged some customers with fixed-interest rate loans for
about 13 years. The mistake, largely on business accounts, will
see about AU$21.6 million handed back.

NAB declared a final dividend of 83cents, franked to 80 per
cent.

Mr. Stewart would give little indication on when shareholders
might see dividend growth again.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com


PYRAMID CARPENTRY: Creditors OK Liquidators' Appointment
--------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Pyramid Carpentry Pty Limited held on Oct. 14, 2005, a
Special Resolution was passed to voluntarily wind up the
Company, and P. Ngan and G. Parker were appointed as Joint and
Several Liquidators.

Creditors confirmed the liquidators' appointments at a
creditors' meeting held later that day.

Dated this 19th day of October 2005

P. Ngan
G. Parker
Joint Liquidators
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


RITETYRE WHOLESALE: Winds Up Business
-------------------------------------
Notice is hereby given that at a meeting of the members of
Ritetyre Wholesale Pty Limited held on Oct. 12, 2005, it was
resolved that the Company be wound up voluntarily, and Barry
Keith Taylor of B. K. Taylor & Co., 8th Floor, 608 St. Kilda
Road, Melbourne was appointed Liquidator for such purpose.

Dated this 12th day of October 2005

Barry K. Taylor
Liquidator
B. K. Taylor & Co.
8th Floor, 608 St. Kilda Road
Melbourne


SILVERLINE TECHNOLOGIES: Declares Dividend Today
------------------------------------------------
Silverline Technologies will declare a first dividend today,
Nov. 14, 2005.

Creditors who were not able to prove their debts or claims wil
be excluded from the benefit of the dividend.

Dated this 12th day of September 2005

John Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000
Phone: 9251 4100
Web site: http://www.pkf.com.au/


STONE HOLDINGS: Liquidator to Distribute Company Assets
-------------------------------------------------------
At a general meeting of Stone Holdings Pty Limited held on Oct.
20, 2005, the following Special Resolution was passed:

That the Company be wound up voluntarily, and that Richard James
Wishart, Chartered Accountant of Level 3, 27 Leigh Street,
Adelaide be appointed Liquidator for the winding up; and after
the satisfaction of all creditors' claims, costs of winding up
and Liquidator's fees, to sanction the distribution of the
Company assets by the Liquidator (in specie) as between the
members and further, that such values and specific modes of
distribution to be all as determined by the Liquidator, whose
decision shall be final and binding.

Dated this 20th day of October 2005

Richard J. Wishart
Liquidator
Level 3, 27 Leigh Street
Adelaide


TELSTRA CORPORATION: Boss Prepares to Present Strategic Plan
------------------------------------------------------------
Telstra Corporation Chief Executive Sol Trujillo is set to
announce his program to fully privatize the telco this week over
two days in an auditorium on Sydney Harbour, The Age reveals.

Earlier, Mr. Trujillo has hinted he will turn Telstra into "a
lean, efficient, customer-focused corporation capable of
providing Australia with telecommunications it must have to
carry it through at least the next decade".

The report, which is to be delivered on Tuesday, is expected to
describe some of the technology on which Telstra will depend as
Internet and digital services converge. Mr. Trujillo is also
expected to explain how he intends to compensate for the
continuing decline in what has always been the company's river
of money, its ageing copper telephone network.

The other big questions are restructuring, and cuts in Telstra's
46,000-member payroll, and over what period. Industry analysts
have suggested figures as high as 16,000 over three to five
years.

Structural changes and redundancies have already happened in
Telstra. Much more is to come.

CONTACT:

Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne , Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/


TELSTRA CORPORATION: Buys Beam's Remote Calling Solution
--------------------------------------------------------
Tele-IP announced that its wholly owned subsidiary, Beam
Communications, has delivered the first of three Remote Calling
Solutions to Telstra Corporation, Australia.

While the monetary value of this transaction is not material,
the company considers the transaction to be of strategic
importance as it represents the initial sale of a new product
line and further reinforces Beam's relationship as a preferred
supplier to Telstra Corporation. Beam has worked very closely
with Telstra over the past three years in developing general and
niche solutions for various applications. The latest successful
application development undertaken by Beam is reflected in the
purchase by Telstra of three Remote Community Calling solutions.

The Remote Calling Solution (RCS) was designed and manufactured
by Beam Communications specifically for Telstra. The RCS
provides for a discrete standalone satellite telephony
installation that is able to be deployed anywhere on earth. The
units can be easily shipped, installed and are able to provide
various remotely configurable calling options to the end user.
The equipment is designed to be used in harsh environments and
includes such features as cyclonic ratings, solar power, robust
user equipment as well as the ability to call anywhere on earth.

In using the Intelligence of the Beam Remote Satellite Terminal,
RST 100, as already used by Telstra Priority Service Customers,
this enables the user to be presented with standard types of
telephone feature such as coin, card or coinless user handsets.
The Telstra Mobile Satellite network is used as the backbone for
these communications, enabling installation into various
environments that previously may not have been possible.

General Manager of Beam Communications, Mr. Michael Capocchi
said "The development of the RCS now provides a solution that
can be easily deployed to anywhere on earth. The work that has
been carried out in conjunction with Telstra over the last few
years has now seen this solution become a reality. The
deployment of these terminals into remote communities will set a
precedent for other markets globally."

Mr. Capocchi said, "Beam is pleased to be able to continue to
deliver on an arrangement with Telstra as one of its preferred
suppliers, and furthermore, that Telstra continues to see the
value of a local supplier can add to its business."


ULTIMATE DROP: Members to Receive Liquidator's Report
-----------------------------------------------------
Notice is given that a general meeting of the members of
Ultimate Drop Management Pty Limited will be held on Nov. 21,
2005, 10:00 a.m. at the offices of Ferrier Hodgson, Level 29,
600 Bourke Street, Melbourne, Victoria, to present the
Liquidator's account showing the manner in which the winding up
was conducted and the property of the Company disposed of, and
of hearing any explanation that may be given by the Liquidator.

Dated this 17th day of October 2005

Adrian Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


VILLAVUE PTY: Decides to Close Operations
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of Villavue Pty Limited held on Oct. 20, 2005, it was resolved
that the Company be wound up voluntarily, and that Samuel
Richwol of O'Keeffe Walton Richwol Chartered Accountants, Suite
3, 431 Burke Road, Glen Iris 3146 be appointed Liquidator for
the winding up.

Dated this 20th day of October 2005

Samuel Richwol
Liquidator
O'Keefe Walton Richwol Chartered Accountants
Suite 3, 431 Burke Road
Glen Iris 3146


WANG GLOBAL: Liquidator to Explain Winding Up to Members
--------------------------------------------------------
Notice is given that a final meeting of members of Wang Global
OA Pty Limited will be held on Nov. 21, 2005, 10:00 a.m. at the
offices of Ernst & Young, Level 37, 680 George Street, Sydney
NSW 2000, to present the Liquidator's account showing the manner
of the winding up and disposal of the property of the Company.

Dated this 18th day of October 2005

Keiran Hutchison
Liquidator
Wang Global OA Pty Limited
Ernst & Young
680 George Street, Sydney NSW 2000
Phone: 02 9248 5555


WRITTEN BLOODSTOCK: Racing Mares to Find New Owners
---------------------------------------------------
Controversial racing and breeding venture The Written Bloodstock
Syndicate (TWBS) has gone into receivership, The Australian
reports.

The receivership will see around 160 horses owned by TWBS put to
public auction.

Receivers and managers Ferrier Hodgson and Sims an Partners have
instructed bloodstock auction house William Inglis and Son to
dispose of the racing and breeding stock at various sales over
the next six months.

The Melbourne and Adelaide horses-in-training for TWBS will go
to auction at Inglis' December 2 sale of mixed stock in
Melbourne.

TWBS was initiated three years ago by Sydney business associates
Larry King and Mark Peters. The venture went along nicely until
it hit financial hurdles in the middle of this year.

The second half of 2005 has been a nightmare ride for all
connected with TWBS.

The syndicate's profile struck an all-time low late last month
when Racing NSW placed a ban on Mr. Peters activities, often
referred to over the past three years as one of Sydney's biggest
punters. Racing NSW declared Mr. Peters a defaulter on bets,
believed to be around $330,000, he made with registered
bookmaker Harry Barrett.


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

AUTO-WINNER LIMITED: Issues Winding Up Order Notice
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Auto-Winner Limited by the High Court of Hong Kong Special
Administrative Region was on October 15, 2005 presented to the
said Court by J. M. S. Engineering (H.K.) Limited whose
registered office is situated at Flat D, 11/F., Block 1, Wah
Fung Industrial Centre, 33-39 Kwai Fung Crescent, Kwai Chung,
New Territories, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on December 7, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

TONY KAN & CO.
Solicitors for the Petitioner
Suite 1408, Hang Seng Building
No. 77 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 6, 2005.


ELONG.COM INCORPORATED: Widens Q3/2005 Net Loss to CNY40.5 Mln
--------------------------------------------------------------
Chinese travel service provider eLong.com Inc. posted a third
quarter net loss of CNY40.5 million, versus a net loss of
CNY723,000 in the same period a year earlier, AFX News reports.

The net loss was due to a one-off non-cash write down of
goodwill and intangibles of CNY17.5 million relating to the
acquisition of Ray Time in November 2004 and an unrealized
foreign exchange loss of CNY23.4 million due to the revaluation
of the yuan in July.

The company also said it expects its operating loss to surge in
the fourth quarter as it continues to invest in its businesses.

CONTACT:

eLong.Com Inc.
Beijing (Headquarters)
Address: Block B, Xingke Plaza,
10 Jiuxianqiao Middle Road,
Chaoyang District,
Beijing 100016
Phone: 0086-10-58602288
       ext. 6708 or 6774
Fax: 0086-10-64315872
E-mail: web@elong.net


FULI DEVELOPMENT: Prepares to Wind Up Business
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Fuli Development Limited by the High Court of Hong Kong Special
Administrative Region was on October 24, 2005 presented to the
said Court by Shung King Development Company Limited, Join
Fortune Development Limited whose registered office are situated
at 72nd -76th Floors, Two International Finance Centre, 8
Finance Street, Central, Hong Kong and The Yin Nin Savings,
Mortgage Loan & Land Investment Company Limited whose registered
office is situate at 503 Luk Hoi Tong Building, 31 Queen's Road
Central, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 14, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

NG, LIE, LAI & CHAN
Solicitors for the Petitioner
13th Floor, Golden Centre
188 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 13, 2005.


GOLDCO DEVELOPMENT: Appoints Provisional Liquidators
----------------------------------------------------
Goldco Development Limited announced the appointment of
provisional liquidators in the High Court of the Hong Kong
Special Administrative Region Court of First Instance.

Registered Office: Flat 18, 17th Floor, Blk A, Wah Tat Ind.
Ctr., 8-10 Wahsing St., Kwai Chung, New Territories, Hong Kong.

Joint & Several Provisional Liquidators' Names: Mr. Stephen Liu
Yiu Keung, Mr. Yeo Boon Ann and Mr. Robert Armor Morris

Provisional Liquidators' Address: 18th Floor, Two International
Finance Centre, 8 Finance Street, Central, Hong Kong.

Date of Appointment: 27th October 2005

Dated this 11th day of November 2005

E T O'CONNELL
Official Receiver


HAPPY EVER: Set to Wind Up Operations
-------------------------------------
Notice is hereby given that a Petition for the Winding up of
Happy Ever Development Limited whose registered office is
situated at 8/F., CNT Commercial Building, 302 Queen's Road
Central, Hong Kong by the High Court of Hong Kong Special
Administrative Region was on September 29, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China          
Tower, 1 Garden Road, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on November 30, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

MESSRS. DEACONS
Solicitors for the Petitioner
5th Floor, Alexandra House
18 Chater Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 29, 2005.


KNOWN POINT: Prepares to Close Down Business
--------------------------------------------
Known Point Limited, whose office address is located at Unit E
28th Floor Blk 2 Vigor Industrial Building 49-53 Ta Chuen Ping
Street Kwai Chung New Territories, issued a winding up order
notice in the high court of the Hong Kong Special Administrative
Region Court of First Instance on October 26, 2005.  

Date of Presentation of Petition: August 31, 2005

Dated this 4th day of November 2005

ET O'Connell
Official Receiver


M&E ENGINEERING: Winding Up Hearing Set December 14
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of M&E
Engineering Company Limited whose registered office is situated
at 6/F., Cheung Kong Electronic Building, 4 Hing Yip Street,
Kwun Tong, Kowloon, Hong Kong by the High Court of Hong Kong
Special Administrative Region was on October 20, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 14, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

MESSRS. DEACONS
Solicitors for the Petitioner
5th Floor, Alexandra House
18 Chater Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 13, 2005.


TC MANUFACTURES: To Appoint Liquidators, Committee of Inspection
----------------------------------------------------------------
TC Manufactures Limited hereby gives notice that an application
by the Official Receiver and Provisional Liquidator will be
heard before Master S. Kwang of the High Court for consideration
of the resolutions and determinations (if any) of the first
meetings of creditors held on September 6, 2005 and the first
meeting of contributories and adjourned first meeting of
contributories held on September 6, 2005 and September 26, 2005
respectively, deciding the differences (if any), and making such
order of appointments as the court may think fit.

Date and Time of Hearing: 5 December 2005 (Monday) at 11:30 a.m.

Place of Hearing: High Court Building, No. 38 Queensway, Hong
Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 11th day of November 2005

E T O'CONNELL
Official Receiver & Provisional Liquidator


TOP STAR: Creditors Meeting Fixed November 21
---------------------------------------------
Notice is hereby given that, that a meeting of the creditors of
Top Star Garment Limited (In Creditors' Voluntary Liquidation)
will be held at Room 207, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, Hong Kong on November 21,
2005 at 10:00 a.m. for the purpose of appointing a Committee of
Inspection consisting of not more than 5 persons pursuant to
Section 243 of the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxy forms may
be obtained from and must be lodged at Unit 1602-3, 16th Floor,
Yue Xiu Building, 160-174 Lockhart Road, Wanchai, Hong Kong, not
later than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.

Dated this 11th day of November 2005

TONY YUEN WAI KIN
Liquidator


UNIVERSAL FUNDS: Regulator Hits Firm Over Fraud
-----------------------------------------------
The Securities and Futures Commission (SFC) has successfully
prosecuted Mr. Chow Kwok Chung Bruce and Universal Funds and
Asset Management Inc. for respectively making reckless and
fraudulent misrepresentations for the purpose of inducing others
to enter into agreements to acquire certain guaranteed funds,
and for holding themselves out as carrying on a business in a
regulated activity whilst unlicensed. Chow is a director of
Universal.

An SFC investigation revealed that between January and August
2004, Chow had made reckless misrepresentations and Universal
had made fraudulent misrepresentations in a brochure of
Universal advertising guaranteed funds purportedly managed by
Universal, in contravention of section 107 of the Securities and
Futures Ordinance. In the brochure, Universal claimed that they
had a team of experienced fund managers and market analysts who
had worked for the world's leading banks and financial
institutions. These statements were untrue.

In addition, throughout the period Chow and Universal, whilst
not licensed by the SFC in any capacity, held themselves out as
carrying on a business of asset management, in contravention of
section 114 of the Securities and Futures Ordinance.

Chow and Universal pleaded guilty to two summonses each before
Mr. Ian Candy, a Magistrate at Eastern Magistracy. Chow was
sentenced to two-month imprisonment, suspended for 12 months,
fined $15,000 and ordered to pay investigation costs of $10,000
to the SFC. Universal was fined $70,000.

CONTACT:

The Securities and Futures Commission of Hong Kong
8th Floor
Chater House
8 Connaught Road Central
Hong Kong
Telephone: 852-2840-9222; 852-2842-7666
Fax: 852-2521-7836


UPFLOW HOLDINGS: SFC Reprimands Executive Director
--------------------------------------------------
The Securities and Futures Commission (SFC) has successfully
prosecuted Mr. Raymond Dennis Neoh and Upflow Holdings Limited
under Part XV of the Securities and Futures Ordinance. Upflow
was a substantial shareholder of Global Digital Creations
Holdings Limited. Neoh was the executive director of Global
Digital and a director of Upflow at the material time.

Mr. Neoh and Upflow each pleaded guilty to two summonses related
to their failures to notify within the prescribed period to The
Stock Exchange of Hong Kong Limited regarding the change in the
nature of their interest in Global Digital shares after these
shares were charged as collateral for a loan facility on 15
October 2004 and the subsequent release of the charge on 22
December 2004.

Mr. Ian Candy, a Magistrate at Eastern Magistracy, fined Neoh
and Upflow $5,000 and $10,000 respectively, and ordered Upflow
to pay total investigation costs of $22,000 to the SFC.

CONTACT:

The Securities and Futures Commission of Hong Kong
8th Floor
Chater House
8 Connaught Road Central
Hong Kong
Telephone: 852-2840-9222; 852-2842-7666
Fax: 852-2521-7836


WING SHUN: Court to Hear Winding Up Petition December 14
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Shun Plastic Materials Company Limited by the High Court of
Hong Kong Special Administrative Region was on October 18, 2005
presented to the said Court by China Inspection Company Limited,
whose registered office is situated at 29th Floor, East Tower,
Shun Tak Centre, Nos. 168-200 Connaught Road Central, Central,
Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 14, 2005.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

A copy of the petition will be furnished to any creditor or
contributory of the said company requiring the same by the
undersigned on payment of the regulated charge for the same.

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 13, 2005.


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

FOOD CORPORATION: Rules Out Foodgrain Imports
---------------------------------------------
Ailing Food Corporation of India (FCI) insisted foodgrain stock
is enough to meet domestic demand, according to Asia Pulse.

The state-owned firm ruled out any shortage in foodgrain, saying
both rice and wheat stocks are enough to meet demand for social
and welfare schemes.

FCI chairman and managing director V K Malhotra said rice stock
is "comfortable" while available wheat stock is sufficient to
meet demand till March when new wheat crop would be harvested.

The overall wheat stock situation is satisfactory by any
standard," Mr. Malhotra said, adding that there was absolutely
no reason to get worried about the foodgrain stock situation.

Asked whether there would emerge a situation where the country
starts importing wheat, Mr. Malhotra said: "Such a situation
does not arise at all".

CONTACT:

Food Corporation of India

North Zone
A-2a,2b Sector -24
Noida - 201301

East Zone
10A, Middleton Row,
Kolkata - 700071
Phone: 2229-8928 / 8742 / 8723 / 8754,
2246-2559 / 2562
E-mail: zmeast@fci.delhi.nic.in

South Zone
Zonal Office 3, Haddows Road,
Chennai - 600 006
Phone : +91-44-28276423, +91-44-28276463  
Fax : +91-44-28276623

Web site: http://fciweb.nic.in/


KARVY CONSULTANTS: RBI Cancels Certificate of Registration
----------------------------------------------------------
The Reserve Bank of India, has on November 2, 2005 cancelled the
certificate of registration issued to Karvy Consultants Limited
having its registered office at Karvy House, 46, Avenue 4,
Street No.1, Banjara Hills, Hyderabad-500 034 for carrying on
the business of a non-banking financial institution.

Under powers conferred by Section 45-IA of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company. The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

CONTACT:

Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in


RANBAXY LABORATORIES: Strengthens Ties with Japanese JV Partner
---------------------------------------------------------------
Ranbaxy Laboratories Limited (Ranbaxy) announced that the
Company is raising its equity stake in Nihon Pharmaceutical
Industry Co., Ltd. (NPI), a Joint Venture between Ranbaxy and
Nippon Chemiphar Co. Ltd. (NC), from the present 10% to 50%.
With this enhancement, NPI will become a 50:50 Joint Venture
between Ranbaxy and NC.  Ranbaxy and NC have signed the
agreement on November 11, 2005.

Commenting on the development, Dr. Brian Tempest, CEO and
Managing Director, Ranbaxy said, "Ranbaxy's increase in the
shareholding of the JV, reinforces the Company's strong
commitment to the Japanese market. Further, the new structure
recognizes the equal commitment of both partners and their
intent to grow the generics business in Japan, in a
collaborative manner."

On the occasion, Mr. Malvinder Mohan Singh, President-
Pharmaceuticals and Executive Director, Ranbaxy, said, "Ranbaxy
and NPI have had a successful relationship. This logical move by
Ranbaxy to enhance its stake, flows from the increased comfort
level of both partners and their resolve to take the business to
higher levels of performance. The 50:50 JV exemplifies the
synergy and the strengths, which the respective companies bring
to the Joint Venture."

Kazushiro Yamaguchi, President and CEO of NC commented: "In
Japanese ethical pharmaceutical industry, NC is one of the first
companies to recognize the importance of generics and to make
the generic business a pillar of the company's business. NC
intends to be a leading company in Japan's generics market. Thus
it is crucial for our business strategy that we strengthen the
relationship with Ranbaxy, a partnership we began three years
ago."

Both partners have a complementary role to play. NC provides the
regulatory know how and in-depth knowledge of the Japanese
market, while Ranbaxy brings to the table, its diversified and
rich generics product pipeline along with its astute
understanding of the global generics business.

Ranbaxy entered the Japanese market in the year 2002 through a
strategic alliance with a mid-sized research pharmaceutical
company, Nippon Chemiphar Co., Ltd. (NC) of Japan and
subsequently acquired a 10% equity stake in its generic
subsidiary Nihon Pharmaceutical Industry Co., Ltd. (NPI). In the
last three years, the techno commercial teams of Ranbaxy, NPI &
NC have worked closely, leading to the successful launch of
their first co-developed product Vogseal 0.2mg and 0.3mg tablets
(Generic-Voglibose- used for the treatment of diabetes) in Japan
in July'05. The Vogseal brand of generic Voglibose tablets
launched by the JV, has already emerged as a brand leader amidst
stiff generic competition.  Ranbaxy has now stepped up the
momentum of its product filings in Japan through the Joint
Venture (NPI), to capitalize on the emerging opportunities in
the Japanese generic space.

Japan - the world's second largest pharma market (about US$65
billion) currently has a relatively underdeveloped generics
market (about US$4 billion amounting to only 6 % by value), as
compared to other similar advanced pharmaceutical markets of the
world. This underscores the huge potential in Japan for
generics. The Japanese generics market is now showing distinct
buoyancy and is opening up as Government will and realization
drives forward the desire and commitment to reduce the country's
expenditure on drugs and medication.

Nippon Chemiphar Co., Ltd. is a medium-sized Japanese
pharmaceutical company that has been listed on the Tokyo Stock
Exchange since 1976. NC has developed and sold new
pharmaceuticals, including non-steroidal anti-inflammatory drugs
and anti-hypertensives. Recently, NC has been focusing on the
areas of orthopedics and urology. NC is looking to form
alliances with other pharmaceutical companies in order to
enhance its drug development and marketing. Recently, NC has
been focusing on another core business on generics. Japan boasts
the world's highest longevity rate and is experiencing major
increases in medical costs. To curb these costs, the Japanese
government is encouraging the use of generics, which are neither
as popular nor as much used in Japan as in other developed
countries. For more information, please visit
http://www.chemiphar.co.jp.

Ranbaxy Laboratories Limited, headquartered in India, is an
integrated, research based, international pharmaceutical company
producing a wide range of quality, affordable generic medicines,
trusted by healthcare professionals and patients across
geographies.

Ranbaxy's continued focus on R&D has resulted in several
approvals in developed markets and significant progress in New
Drug Discovery Research. The Company's foray into Novel Drug
Delivery Systems has led to proprietary "platform technologies",
resulting in a number of products under development.  The
Company is serving its customers in over 100 countries and has
an expanding international portfolio of affiliates, joint
ventures and alliances, ground operations in 46 countries and
manufacturing operations in 7 countries

CONTACT:

Ranbaxy Laboratories Ltd.
Plot No. 90, Sector 32
Gurgaon - 122001 (Haryana), India
Phone : +91-124-5135000
Fax : +91-124-5106490
E-mail: secretarial@ranbaxy.com
Web site: http://www.ranbaxy.com


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

INDOFOOD SUKSES: S&P Affirms 'B' Credit Rating
----------------------------------------------
On Nov. 11, 2005, Standard & Poor's Ratings Services (S&P)
affirmed its 'B' long-term corporate credit rating on Indonesia-
based packaged foods manufacturer, PT Indofood Sukses Makmur
Tbk, with a positive outlook.

S&P credit analyst Nancy Koh said, "The 'B' rating on Indofood
reflects the intense competition in Indonesia's packaged foods
industry, and Indofood's exposure to unpredictable raw material
prices."

The Company is also vulnerable to the risk of further rupiah
depreciation--more than half of its costs and about 26% of debts
(as of June 30, 2005) are denominated in U.S. dollars, and the
company recently unwound all its U.S. dollar swap contracts. In
addition, Indofood's parent, First Pacific Co. Limited, has a
very aggressive financial profile and, as such, may not provide
a reliable source of financial support. The rating is also
constrained by the concentration of Indofood's facilities and
sales in Indonesia, which faces economic, political, and social
uncertainties.

Ms. Koh added, "Nevertheless, these weaknesses are partially
offset by the company's strong market position despite the keen
competition, its low cost and integrated operations, and a
gradually improving gearing position."

Indofood's liquidity position is adequate. Its cash and cash
equivalent of IDR981.1 billion (USD95.3 million) at June 30,
2005, were insufficient to cover debt of almost IDR2 trillion,
payable in the next 12 months. Nevertheless, the Company has
refinanced IDR1 trillion of debts  (mainly local currency bonds
that matured in July 2005) through term credit facilities
extended by local banks, and these facilities have a two-year
tenure. Indofood could, however, face fairly significant
refinancing risk, as more than IDR4 trillion of borrowings are
likely to be due in fiscal 2007 to fiscal 2009.

The positive outlook is premised on the expectation that the
Company will remain committed in utilizing its free cash flows
to reduce debt moderately, particularly to repay its U.S. dollar
borrowings, over the near to medium term. In the near term,
Indofood is expected to be able to manage its foreign exchange
risk adequately, considering that its remaining U.S. dollar
denominated debts are now unhedged. The outlook also takes into
consideration the company's ability to sustain its market
position in the various food segments.

The rating may be raised if the Company reduces its debt burden
significantly, and strengthens its financial profile through
cash flow generation and continued discipline in working capital
management, with debt to EBITDA improving to below 2x and funds
from operation to total debt to almost 30%, based on Standard &
Poor's projections. Conversely, should the Company incur
substantially larger debt to fund business growth, or fail to
manage its foreign exchange risk adequately, the rating would be
subject to downward pressure.

CONTACT:

P.T. Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax:   +62-021-522-6014
Web site: http://www.indofood.co.id


PERTAMINA: Seeks President's Intervention on Cepu Deal
------------------------------------------------------
State oil firm PT Pertamina wants President Susilo Bambang
Yudhoyono to intervene on deadlocked negotiations between the
Company and U.S. oil firm Exxon Mobil Corp., concerning the
operation of an oil block in Cepu, reports Reuters News.

According to Pertamina President Widya Purnama, the Company had
wanted the role of operator to be rotated among both firms, but
Exxon Mobil was not receptive to the idea, and rejected the
proposal. Mr. Purnama said that he is slated to meet with
President Yudhoyono this month, and he will bring up the Cepu
issue.

Mr. Purnama further added that in relation to the joint
operating body with ExxonMobil to operate the Cepu block, the
Company wants the president director's position (on the joint
operating body) to be a Pertamina official, while ExxonMobil can
take other positions on the board of directors.

Exxo Mobil officials could not be reached to comment on the
matter.

CONTACT:

PT Pertamina Tbk
Jalan Merdeka, Timur No. 1 A
Jakarta 10110
Indonesia
Phone: (62)(21) 3815111
Fax:   3846865/ 3843882
Web site: http://www.pertamina.com


PERTAMINA: Unit to Build Refinery with Iranian Firm
---------------------------------------------------
PT Elnusa,a unit of state-owned oil and gas firm PT Pertamina,
will team up with an Iranian firm in the construction of a
IDR29.93 trillion oil refinery in Indonesia, Dow Jones reports.

According to PT Elnusa's chief operating officer Rudy Radjab,
the refinery is expected to process 300,000 barrels of crude oil
on a daily basis, to add to the country's current total
processing capacity of 1.06 million barrels per day. The
refinery might export up to 200,000 barrels of its total output,
he added.

PT Elnusa is slated to sign a preliminary agreement with its
partner, Nafta Iran, next month on the refinery's development.
The refinery is set to be built either in Banten Province or on
Batam Island, but it was not stated when construction on the
project woiuld begin.


TELEKOMUNIKASI INDONESIA: Plans to Repay Foreign Debt Very Soon
---------------------------------------------------------------
State-owned telecommunications firm PT Telekomunikasi Indonesia
(Telkom) is planning to repay its IDR8.48 trillion debt as soon
as possible, and will pay around IDR1.5 trillion of such debt by
year's end, reports the Jakarta Post.

Telkom Finance Director Rinaldy Firmansyah said that the Company
intends to speed up its repayments on its foreign debt, so as to
avoid further foreign exchange losses. The Company will use its
own cash and outside financing sources to pay off the debt,
which matures in 2010.

The IDR8.48 trillion debt is part of the Company's debt totaling
IDR14 trillion.

At present, PT Telekomunikasi Indonesia is 51.19% owned by the
government.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax:   +62 22 452 1408
Web site: http://www.telkom.co.id/


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

JAPAN AIRLINES: Discloses Downward Revision of Earnings
-------------------------------------------------------
Japan Airlines Corporation (JAL) announced on November 7 the
September 2005 interim result and a downward revision of the
full year result ending in March 31, 2006, rating agency the
Rating and Investment Information said.

According to JAL, the ordinary loss and the net loss is expected
to drop to JPY57 billion and JPY47 billion respectively from its
previous projection of JPY29 billion and JPY17 billion, both in
black.

Regarding the JAL Group, R&I has downgraded the Issuer Rating of
Japan Airlines International Co., Ltd. and the holding company,
Japan Airlines Corp. by one notch to BB+ (Longterm
Issue Rating has been downgraded to BB respectively) on
September 13, in consideration to the fact that its earnings
structure has been undermined due to oil price hikes and
frequent problems involving the safety of its flight services,
and as the result, the financial base has deteriorated further.

The factors led to the revision this time are mostly within the
expectation, and the deterioration of the earnings and financial
bases has been already considered to some extent in the current
rating.

There has been a hike in oil prices and together with the weak
passenger demands, the operational environment cannot be viewed
with optimism. JAL Group is planning to reorganize by additional
cost reductions and transport unit prices.

However, sweeping reforms would require remodeling of the
aircraft to smaller ones and promote efficient flights, and such
measures are expected to take some time before they show any
effect.

Considering JAL's high financial risks seen in weak capital
stock and high debt burden, any delay in business recovery,
which connects to worsening of financial composition will put
another downward pressure on ratings.

R&I will pay attention to the progress in demands and cost
reduction measures as well as the result in earnings financial
base.

CONTACT:

Rating and Investment Information, Inc.
Nihonbashi 1-chome Bldg., 1-4-1
Nihonbashi, Chuo-ku
Tokyo 103-0027, Japan
Credit Rating Division
Phone: 03-3276-3419
Fax: 03-3276-3420
Web site: http://www.r-i.co.jp


MITSUBISHI MOTORS: Sells More Cars, Trims Losses
------------------------------------------------
Mitsubishi Motors Corporation sold 13,000 more cars worldwide in
the half-year to September 30, with a total output of 659,000
vehicles, BBC News Online.

Sales were up in Japan and Europe, though they continued to fall
in the U.S., where just 81,000 cars were sold in the six months.

Losses totaled JPY63.8 billion, but this was a huge improvement
on last year, when the company was hit by the costs of a massive
recall and vehicle inspection program.

The struggling carmaker aims to break even again in the second
half of this financial year, though its year-end figure to March
31, 2006 will remain in the red.

CONTACT:

Mitsubishi Motors Corporation
Address:  2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014


MITSUBISHI MOTORS: Sees Signs of Recovery in First Half
-------------------------------------------------------
Mitsubishi Motors Corporation narrowed its losses to JPY63.8
billion in the first half of this year, versus a net loss of
JPY178.8 billion for the same period a year ago, Japan Times
reports.

The company incurred an operating loss of JPY19.8 billion,
compared with a loss of JPY76.4 billion the previous year,
mainly due to cost-cutting efforts.

The yen's weakness helped inflate the firm's earnings by some
JPY3 billion, though sales during the period declined 7.4
percent to JPY991.3 billion.

The automaker has been hit hard by sliding sales in North
America and Japan. And although domestic sales are showing signs
of recovery, the numbers are still declining in North America.

CONTACT:

Mitsubishi Motors Corporation
Address:  2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014


SEIBU RAILWAY: Tsutsumi Accepts Suspended Term Over Scandal
-----------------------------------------------------------
Mr. Yoshiaki Tsutsumi, the former Chairman of the Seibu Railway
Co., accepted a sentence of 30 months in prison, suspended for
four years, after he opted not to appeal the court ruling in
this high-profile case involving the company shares by the
midnight deadline, Japan Today reports.

The prosecutors also waived an appeal over the sentence for Mr.
Tsutsumi, 71, who had led the railway and resort conglomerate
Seibu Railway group.

In October, Mr. Tsutsumi pleaded guilty to conspiring with seven
executives to falsify Seibu Railway's 2003 financial statement,
putting the stake of Kokudo Corp., his privately owned company,
in the railway far lower than actual numbers.

CONTACT:

Seibu Railway Co. Ltd.
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


SEIBU RAILWAY: R&I Will Watch Reorganization Plan
-------------------------------------------------
On November 10, Seibu Railway Co., Ltd released a business plan
for a group reorganization, which includes Kokudo Corp. and the
Prince Hotels Inc., Rating and Investment Information, Inc.
reported on its Web site.

In two new subsidiaries (a subsidiary for its railway business
and businesses along railway lines and a subsidiary for its
hotel and resort businesses) to be established under a pure
holding company structure, Seibu Railway will consolidate
according to business type Seibu Railway, Kokudo Corp., the
Prince Hotels and other assets, which it owned separately.

In the consolidation process, Seibu Railway has included two
measures for boosting capital. The first is a capital increase
for Kokudo Corp. Chiefly Cerberus Asia Capital Management, LLC
and Nikko Principal Investments Japan Ltd will underwrite this.

The second is to realize latent profits of both Seibu Railway
and Kokudo. During the reorganization process, latent profits in
metropolitan hotel assets owned by Seibu Railway and real estate
holdings in Karuizawa and other places owned by Kokudo will be
included in shareholders' equity.

Incorporating latent profits in the general group balance sheet
where priority was given to the disposal of impairment losses
only will make the balance sheet a more accurate reflection of
the company's true status.

Funds raised from the capital increase are to be appropriated to
investment to upgrade hotels, golf courses and ski resorts. The
group's hotel facilities on the whole are becoming increasingly
outdated and their competitiveness is declining each year. The
main focus of efforts for the time being will be on accelerating
the recovery of earning power in its hotel and resort
businesses.

Undertaking refurbishment investment will commence in the near
future and R&I will pay attention to it along with trends in
marketing measures. R&I will also determine whether reduction in
debt goes according to plan through selling off its assets.

However, resolutions at extraordinary general meetings of
shareholders will be required by both Kokudo and Seibu Railway
to proceed with the group's reorganization plans. There are
still a number of uncertain factors in the series of
reorganization processes, and R&I will pay attention to the
progress of the plan.


SEIBU RAILWAY: Cerberus to Acquire 30% of New Holding Firm
----------------------------------------------------------
The Cerberus group will have a 30 percent stake in the new
holding company set up for the Seibu Railway Co. group, making
it its top shareholder, Japan Times reports.

Under its recapitalization and revival plans, Nikko Principal
Investments Japan Ltd. will also hold a 15 percent stake in the
holding company, which will control two operating units -- Seibu
Railway and Prince Hotel Co.

The agreement with Cerberus and Nikko Principal values Seibu
shares at JPY919 yen, which is below the tender price between
1,150 yen and 1,300 yen offered by the brothers of Yoshiaki
Tsutsumi.

Yuji Tsutsumi, brother of Yoshiaki Tsutsumi, and his half
brother, Seiji Tsutsumi, earlier said they would launch a public
tender offer for Seibu Railway shares.


SOFTBANK CORPORATION: 1H/2005 Net Loss Shrinks to JPY4.18 Bln
-------------------------------------------------------------
Softbank Corporation reported a first-half net loss of JPY4.18
billion, compared to a year-earlier net loss of JPY6.04 billion,
helped by steady growth in its high-speed Internet service, AFX
News reports.

The Internet investor made a more pronounced turnaround at the
top line, posting operating profit of JPY4.4 billion, reversing
a loss of JPY6.79 billion a year earlier.

Softbank did not provide any forecasts for the full year.

CONTACT:

Softbank Corporation
1-9-1 Higashi Shinbashi, Minato-ku
Tokyo 105-7303, Japan
Phone: +81-3-5642-8000
Fax: +81-3-5543-0431


SOFTBANK CORPORATION: First Half Revenues Soar 72.1%
----------------------------------------------------
Softbank Corporation said that its group operating revenues in
the April-September period surged 72.1 percent from a year
earlier to JPY522.79 billion yen due primarily to its
acquisition of Japan Telecom Co. at the end of September 2004,
Japan Today reports.

The revenues include JPY171.90 billion booked for fixed-line
telecommunications services by Japan Telecom.

The firm said the number of subscribers to its broadband service
continued to grow during the period, and that it had some 5
million customers as of the end of September.


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

DAEWOO ELECTRONICS: Put Up for Sale
-----------------------------------
Creditors of Daewoo Electronics have placed the firm for sale
for $1 billion, Reuters relates, citing the Financial Times.

ABN Amro, PricewaterhouseCoopers (PwC) and Woori Bank were
appointed to find a buyer for the business.  The sale is
expected to attract interest from Chinese rivals and private
equity groups.

ABN Amro declined to comment, while PwC, Woori and Daewoo
Electronics were unavailable.

Private equity groups could also be attracted by Daewoo
Electronics' cash flow, although rigid South Korean labor laws
would prevent them from cutting costs by reducing the workforce,
the newspaper added.

Haier, a leading Chinese white goods manufacturer has already
been informed on the sale.

The Korea Asset Management Corporation and Woori Bank are among
the main creditors of Daewoo Electronics, which has undergone a
radical restructuring aimed at returning it to profit.

Daewoo Electronics was formed in 2002 after the collapse of the
Daewoo conglomerate under $80 billion of debt.

CONTACT:

Daewoo Electronics Company Ltd
541 Namdaemunno 5-Ga
Chung-Gu Seoul, 100-714
Korea (South)
Telephone: +82 2 360 7114


DOOSAN GROUP: Creates Emergency Management Team
-----------------------------------------------
Doosan Group set up an emergency team Thursday right after four
members of the Park family were indicted on corruption charges,
according to the Digital Chosunilbo.

Vice Chairman, Yoo Byung-taek of Doosan Corp. heads the
emergency team along with CEOs of seven subsidiaries.  They are
tasked to improve corporate governance and ensure transparency
in one of Korea's oldest and biggest conglomerates.

Mr. Yoo apologized to the public for the unpleasant managerial
dispute.

"We will use the crisis as an opportunity to establish an
innovative management structure and to become reborn as a
trustworthy corporation," he said.

The team will operate two taskforces to work out how this should
be done.

"We are considering a new management structure combining the
merits of an LG Group-style holding company system and the SK
Group model centered on the board of directors," a member of the
team said.

Following the resignation of the Group's chairman, no one has
been named to fill the position.


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

AFFIN HOLDINGS: Seeks More Time to Complete Shares Placement
------------------------------------------------------------
Affin Holdings Berhad (AHB) details to Bursa Malaysia Securities
Berhad the private placement of new ordinary shares of MYR1.00
each in AHB representing up to 10 percent of the issued and
paid-up share capital of the company (Private Placement).

The company refers to its announcements dated May 31, 2005 and
May 10, 2005.

Affin Merchant Bank Berhad, on behalf of the Board of Directors
of AHB, advised that an application dated November 9, 2005 has
been submitted to the Securities Commission to seek its approval
for further extension of time for an additional six (6) months,
i.e. up to May 24, 2006, to enable the Company to complete the
Private Placement.

This announcement is dated 10 November 2005.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057


AMSTEEL CORPORATION: Execution of SPA Moved to November 17
----------------------------------------------------------
Amsteel Corporation Berhad issued to Bursa Malaysia Securities
Berhad an update to the proposed disposal of a piece of Freehold
Land by Lion Plaza Sdn Bhd, a wholly owned subsidiary of
Akurjaya Sdn Bhd, which is in turn wholly owned by Amsteel
Corporation Berhad to Public Mutual Berhad or its nominees
(purchaser) for a total cash consideration of MYR58.997 million

The company refers to the announcement made on October 20, 2005
by Amsteel Corporation Berhad (Amsteel) in relation to the
above.

The Board of Directors of Amsteel advised that at the
Purchaser's request, the date for the execution of the formal
sale and purchase agreement had been extended to November 17,
2005.

Unless otherwise stated, defined terms used in this Announcement
shall carry the same meaning as defined in the previous
announcement.

This announcement is dated 10 November 2005.

CONTACT:

Amsteel Corporation Berhad   
Level 46, Menara City Bank, 165,
Jalan Ampang, Kuala Lumpur
Wilayah Persekutuan 50450 Malaysia
Telephone:  03-21622155   
Fax: 03-21623448


ANCOM BERHAD: Buys Back 44,000 Shares
-------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:  
   
Date of buy back: November 11, 2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 44,000

Minimum price paid for each share purchased (MYR): 0.680

Maximum price paid for each share purchased (MYR): 0.715

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 44,000

Number of shares purchased which are proposed to be cancelled
(units):  

Cumulative net outstanding treasury shares as at to-date
(units): 16,843,900

Adjusted issued capital after cancellation (no. of shares)
(units):  

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my


ASIA PACIFIC: IMS to Complete Lot Disposal Early Next Year
----------------------------------------------------------
Asia Pacific Land Berhad (AP Land) refers to its announcements
to Bursa Malaysia Securities Berhad dated August 11, 2005,
August 15, 2005 and September 15, 2005 in relation to the
proposed disposal of three (3) pieces of lands known as Lot No.
129 (the Freehold Property) and Lot Nos. 748 and 749 (the
Leasehold Property) all located at Jalan Sultan Ahmad Shah,
10050 Pulau Pinang to a related party, Bintang Holdings Sdn Bhd
for a total cash sale consideration of MYR14.25 million (the
Proposed Disposal).

The company advised that the disposal of the Freehold Property
has been completed on November 9, 2005 upon presentation of the
land title of the Freehold Property to the Land Office in Pulau
Pinang. The disposal of the Leasehold Property is expected to be
completed by the first quarter of 2006.

CONTACT:

Asia Pacific Land Bhd   
49, Empire Tower,
City Square Centre,
Jalan Tun Razak,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-21631200   
Fax: 03-21631157


AVANGARDE RESOURCES: Seeks Extension to Comply with PN17
--------------------------------------------------------
Avangarde Resources Berhad issued to Bursa Malaysia Securities
Berhad a request for the Extension of Time for the
regularization of Financial Condition and Level of Operations
Pursuant to Practice Note No. 17/2005 (PN17).

The company refers to its announcements to Bursa Malaysia
Securities Berhad (Bursa Securities) dated March 14, 2005,  
October 3, 2005 and November 2, 2005 in relation to PN17.

Pursuant to PN17, the Company must, inter-alia, submit the
Regularization Plan (as defined in paragraph 8.14C(3) of the
Listing Requirements of Bursa Securities) to the relevant
authorities for approval or, where the relevant authorities'
approvals are not required, obtain all other approvals necessary
for the implementation of the Regularization Plan within eight
(8) months from the date of the first announcement. The Company
made the first announcement in relation to PN17 on 14 March 2005
and the eight (8)-month timeframe will be due on November 13,
2005.

As per announcement dated October 3, 2005, the Company's wholly
owned subsidiary, Align Metro Sdn Bhd, has been awarded a
housing construction work located in Shah Alam, Selangor Darul
Ehsan for a contract sum of MYR30.0 million on September 27,
2005.

In order to increase further the contract book order and revenue
of the Company and its subsidiaries, the Company is presently in
the midst of securing additional contracts. In this respect, the
Company had on November 10, 2005 sought the approval of Bursa
Securities to grant the Company an extension of time of four (4)
months to March 13, 2006 to submit the necessary application to
Bursa Securities to comply with PN17.

The Company will make the necessary announcements upon securing
the new contracts and/or receiving a reply from Bursa Securities
on the said application for an extension of time. Furthermore,
the Company will continue to make the requisite monthly
announcements in compliance with paragraph 3.1(b) of PN17.

This announcement is dated 10 November 2005.

CONTACT:

Avangarde Resources Berhad
2nd Floor, 17 & 19, Jalan Brunei Barat,
Pudu 55100, Kuala Lumpur Malaysia
Telephone: (60) 3 242 6689
Fax: (60) 3 244 1854


BELL & ORDER: To Hold Proposed Rights Issue
-------------------------------------------
Bell & Order Berhad (B&O) submitted to Bursa Malaysia Securities
Berhad a monthly announcement on Default in Payment Pursuant to
Practice Note No. 1/2001 (PN1) of the Listing Requirement of
Bursa Malaysia Securities Berhad (Bursa Securities).

The Board of Directors of B&O advised that there is no change in
the status of default payments of interest and repayment of
principal to financial institutions in respect of various credit
facilities granted to B&O.

The shareholders of B&O had at the Extraordinary General Meeting
held on November 10, 2005 duly passed the ordinary and special
resolutions in relation to the Proposals (as defined in the
Circular to Shareholders dated October 20, 2005 (B&O Circular).

The Proposals (as defined in the B&O Circular) includes the
Proposed Transfer Of Undertaking And Property (as defined in the
B&O Circular), which is part of the Composite Scheme of
Arrangement (as defined in the B&O Circular), and the Proposed
Rights Issue (as defined in the B&O Circular).

The Proposed Rights Issue will raise cash proceeds of
approximately MYR69.06 million, which will be utilized for the
settlement pursuant to Composite Scheme of Arrangement, expenses
in relation to the Proposals and working capital for future
business expansion purposes.

This announcement is dated 10 November 2005.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081


BELL & ORDER: Shareholders OK EGM Resolutions
---------------------------------------------
On behalf of the Board of Directors of Bell & Order Berhad
(B&O), Avenue Securities Sdn Bhd advised Bursa Malaysia
Securities Berhad that all the ordinary and special resolutions,
(as set out in the Notice of EGM dated October 20, 2005), tabled
at the EGM held on Thursday, November 10, 2005 were duly passed
by the shareholders of B&O.

This announcement is dated 10 November 2005.


HAP SENG: Undertakes Shares Buy Back
------------------------------------
Hap Seng Consolidated Berhad furnished Bursa Malaysia Securities
Berhad with a notice of shares buy back with the following
details:
   
Date of buy back: November 10, 2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 21,000

Minimum price paid for each share purchased (MYR): 2.020

Maximum price paid for each share purchased (MYR): 2.090

Total consideration paid (MYR): 43,782.07

Number of shares purchased retained in treasury (units): 21,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 33,709,500

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


JIN LIN: Issues Update on Proposals
-----------------------------------
Jin Lin Wood Industries Berhad provided Bursa Malaysia
Securities Berhad with an update to the following proposals:

- Proposed Scheme of Arrangement with Shareholders;

- Proposed Scheme of Arrangement with Creditors;

- Proposed Acquisitions;

- Proposed Exemption;

- Proposed Disposal;

- Proposed Offer;

- Proposed Placement; and

- Proposed Listing Transfer

(collectively known as Proposed Restructuring Scheme)

Further to the announcements made on February 9, 2004, June 29,
2004 and February 7, 2005, Avenue Securities Sdn Bhd on behalf
of the Company, advised that, on November 9, 2005, Jin Lin has
entered into a third supplemental restructuring agreement (3rd
Supplemental Agreement) with Seo Aik Leong in respect of the
Proposed Restructuring Scheme.

On even date, Gefung Holdings Berhad has also entered into the
following:

(a) A second supplemental sale and purchase agreement with Seo
Aik Leong and Siw Seng Chiw @ Seo Seng Chew in respect of the
Proposed SBG Acquisition (Second Supplemental SPA-SBG);

(b) A second supplemental sale and purchase agreement with Seo
Aik Leong in respect of the Proposed SGMG Acquisition (Second
Supplemental SPA-SGMG); and

(c) A second supplemental sale and purchase agreement with
Hillitake Timber Sdn Bhd (HTSB) in respect of the Proposed
Disposal (Second Supplemental SPA-Disposal).

The Third Supplemental Agreement, Second Supplemental SPA-SBG,
Second Supplemental SPA-SGMG and Second Supplemental SPA-
Disposal are in relation to extending the time period for a
further period of three (3) months expiring on February 9, 2006
to fulfill all conditions precedent of the said agreements.

This announcement is dated 10 November 2005.

CONTACT:

Jin Lin Wood Industries Bhd
Phone: 60 3 2710 5555
Fax: 60 3 2710 3108
E-mail: jlwood@po.jaring.my


KEMAYAN CORPORATION: To Convene AGM November 30
-----------------------------------------------
The Board of Directors of Kemayan Corporation Berhad advised
Bursa Malaysia Securities Berhad that the Extraordinary General
Meeting of the Company will be held at Mutiara Hotel Johor
Bahru, Sri Panti 2, 2nd Floor, Jalan Dato' Sulaiman, Taman
Century, 80250 Johor Bahru, Johor Darul Takzim on Wednesday,
November 30, 2005 at 9:30 a.m. or immediately after the
conclusion or adjournment of the Annual General Meeting of the
Company for the purposes as per attached.

To view a full copy of the EGM notice, click
http://bankrupt.com/misc/KemayanCorpNoticeofEGM.doc

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar Taman Tasek
80200 Johor Bahru Johor
Telephone: 07-2362390  
Fax: 07-2365307


MAGNUM CORPORATION: Buys Back 265,000 Shares
--------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
   
Date of buy back: November 10, 2005

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 265,000

Minimum price paid for each share purchased (MYR): 1.910

Maximum price paid for each share purchased (MYR): 1.960

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 265,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date
(units): 73,446,100

Adjusted issued capital after cancellation (no. of shares)
(units):  

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885


MEDIA PRIMA: Converts ICULS to Ordinary Shares
----------------------------------------------
Media Prima Berhad advised that its additional 40,000 new
ordinary shares of MYR1.00 each arising from the conversion of
60,000 Irredeemable Convertible Unsecured Loan Stocks 2003/2008
into 40,000 New Ordinary Shares will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, November 14, 2005.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp


PACIFIC & ORIENT: Purchases Ordinary Shares
-------------------------------------------
Pacific & Orient Berhad provided Bursa Malaysia Securities
Berhad with details of its shares buy back on November 10, 2005.

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 1,000

Minimum price paid for each share purchased (MYR): 1.810

Maximum price paid for each share purchased (MYR): 1.810

Total consideration paid (MYR): 1,824.73

Number of shares purchased retained in treasury (units): 1,000

Number of shares purchased which are proposed to be cancelled
(units):  

Cumulative net outstanding treasury shares as at to-date
(units): 7,681,289

Adjusted issued capital after cancellation (no. of shares)
(units):  

CONTACT:

Pacific & Orient Bhd   
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033   
Fax: 03-26944209


PAN PACIFIC: Sees No Changes to Default Status
----------------------------------------------
On behalf of the Board of Directors of Pan Pacific Asia Bhd
(PPAB), the company advised Bursa Malaysia Securities Berhad the
Default in Payment as at October 31, 2005 of PPAB and its
subsidiaries in accordance with the Practice Note 1/2001.

The company also informed that there are no material changes in
PPAB's status of default from the date of the last announcement
until October 31, 2005.

To see details on default status, click
http://bankrupt.com/misc/PanPacificdefaultpaymentoct05.xls

CONTACT:

Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168 / +60 3 7727 1622  
Web site: http://www.dno.no


TALAM CORPORATION: Unit Enters Into SPA
---------------------------------------
Talam Corporation Berhad (Talam) issued to Bursa Malaysia
Securities Berhad details of the disposal of 1,000,000 ordinary
shares of MYR1.00 each representing the entire issued and paid-
up share capital of Tenaga Gagah Sdn Bhd and 10,000,000 2
percent Non-Cumulative Redeemable Preference Shares of MYR1.00
each in Tenaga Gagah Sdn Bhd.

(1) Introduction

The Board of Directors of Talam advised that its subsidiary,
Europlus Corporation Sdn Bhd (ECSB), has on November 10, 2005
entered into Sale and Purchase of Shares Agreements with Encik
Asli @ Martinus Bin Musa (Asli) and Encik Ombokou @ Francis Bin
Sauyang (Ombokou) respectively in Tenaga Gagah Sdn Bhd (TGSB) to
dispose to Asli and Ombokou each 500,000 ordinary shares of
MYR1.00 each and 5,000,000 two percent Non-Cumulative Redeemable
Preference Shares of MYR1.00 each (Proposed Disposal) for a
total consideration of MYR50,000.00 (Ringgit Malaysia Fifty
Thousand) only. The Proposed Disposal has been completed on
November 10, 2005 and TGSB has ceased to be subsidiary of Talam.

(2) Details of the Proposed Disposal

(2.1) Information on TGSB

TGSB was incorporated on March 16, 1989 in Malaysia under the
Companies Act, 1965 having its registered address at Suite 2.05
Level 2, Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan Indah,
55100 Kuala Lumpur with an authorized share capital of
MYR25,000,000.00 comprising of 2,000,000 ordinary shares of
MYR1.00 each and 23,000,000 two percent Non-Cumulative
Redeemable Preference Shares of MYR1.00 each out of which
1,000,000 ordinary shares of MYR1.00 each and 10,000,000 two
Non-Cumulative Redeemable Preference Shares of MYR1.00 each have
been issued and fully paid-up.

TGSB is the registered and beneficial owner of all that piece of
leasehold land held under H.S. (D) 148053 to H.S. (D) 148055
P.T. 2 to 4, Pekan Penaga, Daerah Petaling approximately 47.75
acres in area.

TGSB is a subsidiary of Talam and its principal activity is
property development.

(2.2) Information on ECSB

ECSB was incorporated on February 21, 1991 in Malaysia under the
Companies Act, 1965 having its registered address at Suite 2.05
Level 2, Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan Indah,
55100 Kuala Lumpur with an authorized share capital of
MYR200,000,000.00 comprising of 50,000,000 ordinary shares of
MYR1.00 each, 50,000,000 five percent Cumulative Redeemable
Preference Shares of MYR1.00 each, 50,000,000 five percent Non-
Cumulative Redeemable Preference Shares of MYR1.00 each and
50,000,000 five percent Non-Cumulative Irredeemable Preference
Shares of MYR1.00 each out of which 1,975,000 ordinary shares of
MYR1.00 each, 50,000,000 five percent Cumulative Redeemable
Preference Shares of MYR1.00 each and 3,025,000 five percent
Non-Cumulative Irredeemable Preference Shares of MYR1.00 each.

ECSB is a subsidiary of Talam and its principal activity is
property development, investment holding and construction
activities.

(3) Original Cost of Investment

ECSB's cost of investment in TGSB is MYR14,565,732.00.

(4) Financial Effect of the Proposed Disposal

(a) Share Capital

The Proposed Disposal will not have any effect on Talam's issued
and paid-up share capital.

(b) Net Tangible Assets and Earnings Per Share

The Proposed Disposal will not have any material effect on the
net tangible assets and earnings per share of Talam group for
the financial year ending January 31, 2006.

(5) Approvals

The Proposed Disposal is not subject to approval of the
shareholders of Talam and other relevant Government authorities.

(6) Rationale for the Proposed Disposal

The Proposed Disposal is part of Talam's rationalization
exercise to dispose property project which have limited
prospect.

(7) Directors and Major Shareholders' Interest

None of the directors and/or the substantial shareholders of
Talam and/or persons connected with a director or major
shareholders have any interest, direct or indirect in the
Proposed Disposal.

(8) Directors' Recommendation

The Directors of Talam are of the opinion that the Proposed
Disposal is in the best interest of the Company.

(9) Documents Available for Inspection

The Sale and Purchase of Shares Agreements are available for
inspection at the registered office of the Company at Suite
2.05, Level 2, Menara Maxisegar, Jalan Pandan Indah 4/2, Pandan
Indah, 55100 Kuala Lumpur between 9:00 a.m. and 5:00 p.m. from
Mondays to Friday (except public holidays) for a period of one
(1) month from the date of this announcement.

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax: 603-2731439


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

ABS-CBN BROADCASTING: Earnings Plunge on Low Airtime Revenues
-------------------------------------------------------------
ABS-CBN Broadcasting Corp. booked lower earnings this year
mainly due to dwindling airtime revenues, The Philippine Star
has learned.

The ailing network's earnings in the nine-month period to
September this year nose-dived 53 percent to Php44 million from
Php734.58 million in the same period last year.

ABS-CBN Chief Financial Officer Randolph Estrellado blamed the
firm's lackluster results to the network's failure to regain the
lead in primetime TV ratings.

Gross airtime revenues fell five percent to Php8.01 billion due
to lower ratings of its various programs.

As of end-September this year, ABS-CBN's Channel 2 household
ratings in Mega Manila averaged a lower 14 percent, from 16
percent in the same period last year.

Net sales and services, however, rose 15 percent to Php3.71
billion, bulk of which coming from the network's international
subsidiary ABS-CBN Global, which saw its subscriber base rising
by 25 percent.

ABS-CBN Global currently has a total of 1.9 million viewers
worldwide. It contributed Php1.4 billion to ABS-CBN's total
revenues.

Operating expenses also went up 12 percent to Php9.84 billion
owing to the migration of direct-to-home subscribers in the US
as well as expenses related to the employee reduction program or
SSP (special separation package). Without these non-recurring
items, total operating expenses increased by only seven percent
to Php9.38 billion.

Other subsidiaries, led by ABS-CBN Films and Star Records,
registered revenues of Php884 million, down 14 percent from
Php1.03 billion.

ABS-CBN's total long-term debt increased by four percent to
Php6.22 billion from Php5.97 billion due to the final drawdown
in March on the US$120-million facility which was signed in June
2004, offset by two quarterly loan payments.

CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888
Web site: http://www.abscbn-ir.com


BACNOTAN CONSOLIDATED: Furnishes Copy of Revised SEC Form 23-B
--------------------------------------------------------------
Further to Circular for Brokers No. 4932-2005 dated November 9,
2005, Bacnotan Consolidated Industries Inc. (BCI) furnished the
Philippine Stock Exchange a copy of Amended SEC Form 23-B
(Statement of Changes in Beneficial Ownership of Securities) of
Holderfin, B.V., a principal shareholder, which included
additional disclosures with regard to the decrease in its
shareholdings in BCI to less than ten percent.

A copy of the said document shall be made available for
downloading free of charge at:
http://bankrupt.com/misc/tcrap_bacnotanconsolidated111105.pdf.

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456


LAFAYETTE MINING: Halts Rapu Rapu Ops, Probes Discharge Events
--------------------------------------------------------------
Lafayette Mining Limited has suspended processing activities at
the Rapu Rapu polymetallic mine in the central Philippines while
it investigates two recent process water discharges.

As advised to the market over the last few days, Rapu Rapu is
moving from a dedicated gold production phase to base metals
production with base metals production due later this month.
Accordingly, the Company had ceased operation from the gold
plant as it transfers the grinding circuit to the base metals
floatation plant, and subsequently there is no processing
activity occurring at the Rapu Rapu mine during this time.

Lafayette confirms that two separate discharge events took place
within the mine area in recent weeks, with minimal adverse
environmental effects. The Company has designed its facilities
to world standards and recognizes that no uncontrolled discharge
is acceptable.

The Company is working closely with the responsible national
authority, the Department of Environment and Natural Resources
(DENR), the Mines and Geosciences Bureau (MGB) and the local
communities to investigate these events, remediate any adverse
impacts and, importantly, ensure there is no re-occurrence.

The first incident occurred within the gold processing plant on
11 October when the events pond over-topped, releasing
approximately five cubic metres of material. This contained low
levels of residual cyanide. The material had been processed
through a cyanide destruction facility before the uncontrolled
release. The overflow occurred when one of the pumping systems
was shut down with insufficient holding capacity to retain the
volume of material contained within the system.

After MGB investigation of the incident and assessment of the
water quality around site, approval was given to continue
operations. This was a minor operating event, of minimal impact
to the Company.

The second event took place on 1 November, following a sustained
period of torrential rain.

Management elected to suspend operations during this period. The
increased water in the catch system necessitated a controlled
discharge, allowable under the operational permits of the
tailings retention system. We are currently working with
government authorities to determine if there were any adverse
environmental impacts.

Following these incidents, the Company received notification
from the MGB requiring the rectification and review of a number
of issues. These issues are anticipated to be resolved in
conjunction with the MGB within the month prior to the
commencement of operation of the base metals plant.

The Company is working with the relevant MGB officials to ensure
that the items can be addressed to the satisfaction of all
relevant authorities in an expeditious manner, to enable the
timely completion of the base metals plant commissioning.

The Company does not anticipate that the review required by the
MGB will materially impact on the timing of the commissioning of
the base metal plant, but in the event that this would be
adversely affected, the Company will advise the market.

The Company has kept government and the local community fully
informed in respect of these two events.

CONTACT:

LAFAYETTE MINING LIMITED
Suite 1, Level 5
189 Flinders Lane
Melbourne
Australia VIC 3000
Telephone: +61 (0)3 9654 6044
Facsimile: +61 (0)3 9654 6010
E-mail: info@lafayettemining.com
Web site: http://www.lafayettemining.com


LAFAYETTE MINING: Church, Civic Groups Seek Permanent Closure
-------------------------------------------------------------
Church and civic leaders of the island municipality of Rapu Rapu
are urging the government to order the permanent suspension of
Lafayette Mining's Philippine operations, reports The Philippine
Daily Inquirer.

The call came after a mine waste spill that leaked cyanide into
the town's bodies of water.

Rapu Rapu priest Fr. Felino Bugauisan and civic group Sagip Isla
claim irresponsible mining has started to destroy the island
instead of bringing progress and economic growth to the area.
Fr. Bugauisan said the suspension by the Department of
Environment and Natural Resources (DENR) of Lafayette's
operations came "a little too late".

Lafayette's operations were suspended after Mines and
Geosciences Bureau (MGB) Regional Director Rey Juan said there
was unauthorized discharge of wastes from the mine's tailings
pond, which contained cyanide. But Mr. Juan ordered only the
milling, not the entire mining operation, stopped.

Fr. Bugauisan, however, said DENR officials may not be telling
everything. He said that on Oct. 11, the MGB described the spill
as just a minor incident.

Clemente Bautista Jr., convenor of another environmental group
Defend Patrimony, said in a phone interview that his group
interviewed residents and found that the mining operation did
not have their consent.

Dr. Domingo Vergara, Rapu-Rapu District Hospital chief, has
advised residents to refrain from buying and eating fish and
other edible marine products coming from the contaminated areas.


NATIONAL BANK: Reminds of End of Exercise Period of PNBW2
---------------------------------------------------------
With reference to circular for Brokers No. 2457-2000 dated
August 25, 2000, 3099-2000 dated November 14, 2000 and 3810-2005
dated August 15, 2005, in connection with the Warrants (PNBW2)
of Philippine National Bank (PNB or the Bank), pleased be
remained that the end of the exercise period of PNBW2 is on
Wednesday, November 16, 2005.

In the attached letter to the Philippine Stock Exchange (PSE)
dated November 11, 2005, the Bank confirmed that the Issuance
Date of PNBW2 is November 16, 2000 and the Expiration Date is
upon the close of business hours on November 16, 2005.

Please refer to the attached letter for the guidelines and
procedures for the exercise of such warrants:
http://bankrupt.com/misc/tcrap_pnb111105.pdf

In view thereof, please be advised that the 257,775,508 PNBW2
will be delisted from the Official Registry of the Exchange
effective on Thursday, November 17, 2005.

CONTACT:

Philippine National Bank
Pres Diosdado P. Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/


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

FIRSTLINK INVESTMENTS: Sells Industrial Building to Trivec
----------------------------------------------------------
Firstlink Investments Pte Limited announced that it has entered
into a Sale & Purchase Agreement with Trivec Singapore Pte
Limited on Nov. 8, 2005 on the sale of its industrial building
at 506 Chai Chee Lane, Singapore for a total consideration of
SGD5.7 million.

The sale consideration was agreed on a "willing-buyer, willing-
seller" basis, and is expected to be completed within 10 weeks
from the date of agreement.

Based on the net book value of SGD11.2 million as at Dec. 31,
2004, the net loss arising from the sale is approximately
SGD5.69 million after deducting expenses incurred relating to
the sale.

None of the Company's directors/substantial shareholders has any
direct/indirect interest in the sale. The Sale & Purchase
Agreement is available for inspection during normal business
hours at the Company's registered office, for 3 months from the
date of this announcement (Nov. 10, 2005).

By Order of the Board

Lee Yuen Wai
Deputy Chairman

CONTACT:

Firstlink Investments Corporation Limited
6 Battery Road
Singapore 049909
Phone: 65 6448 6211
Fax:   65 6445 2506


INFORMATICS HOLDINGS: Cuts Second-Quarter Losses by 86%
-------------------------------------------------------
Informatics Holdings Limited, a leading provider of quality
lifelong learning services, has slashed its quarterly losses for
the third consecutive quarter in Q2FY2006.

The Company's net loss was reduced by 86% to SGD3.8 million from
SGD28.1 million, due largely to SGD6.8 million savings in
operating expenses in the second financial quarter of 2006, and
to the SGD16.6 million in aggregate one-time charges taken up in
the second quarter of 2005.

Operating revenue dropped 14% to SGD14.3 million, due mainly to
the deconsolidation of Company subsidiary Cornerstone, after it
was disposed on March 22, 2005. Excluding the revenue
contribution from Cornerstone, the revenue reported in the
previous corresponding quarter would have been SGD14.0 million,
which means that the Group's revenue for this quarter
would have shown a 2% increase (SGD0.3 million).

In spite of the challenging conditions in which the Group
operates, its quarter-to-quarter performance had been
encouraging. Its pre-tax loss and exceptional items was reduced
by 18% to SGD3.8 million from SGD4.6 million in Q1FY2006. Its
revenue also showed an increase for the first time in the last
four quarters.

On the Group's outlook, Informatics CEO Dr. Michael Teng Yeow
Heng said, "The education sector in which the Group operates
will continue to be challenging. But we have successfully
reversed the decline in our revenue and controlled our costs
within the expected level in this quarter. Going forward, we
will continue to focus our effort on revenue growth from both
new and existing programmes and courses. We will also focus on
improving our financial and operational management control
system. In addition, the Group will continue its effort to
dispose its remaining non-core assets."

The new initiatives launched by the Company early this year
includes flexi programme Capstone which incorporates e-learning
and face-to-face tutorials, gaming and animation technology,
cyber security, hotel and tourism, logistics, "O" Level
programme, and twinning degree arrangements with foreign
universities.

One of the Company's unique selling propositions is its facility
for switching seamlessly from Informatics' physical campus to
its Informatics Virtual Campus, in the event of bird flu, SARS
or any other pandemic and the physical campus has to close.

Informatics Holdings Limited is one of the few global education
providers that can allow its students to seamlessly continue
their studies from their home countries or hostels in the event
of closure of its schools due to a flu pandemic. This
preparedness is important, as the Group now has a wider global
network of franchisees, any one of which could potentially be
hit by a flu outbreak. Informatics won the Golden Brand Award in
September 2005, in recognition of the Company's success in
building a strong brand name. (The Golden Brand Award for the
Education sector is a competition run by the organizers of the
International Brand Summit 2005, an event held in conjunction
with the mega event, Global Entrepolis @Singapore, jointly
presented by the Singapore Economic Development Board (EDB) and
the Singapore Business Federation.)

In November 2005, a group of Informatics' staff were awarded the
national Excellent Service Award (EXSA) 2005 by SPRING Singapore
in recognition of their outstanding services. This is the second
consecutive year Informatics' staff had won and the company is
the only Private Education Organisation with this honour.

To view the Company's second-quarter results, go to:

http://bankrupt.com/misc/tcrap_informaticsholdings111105.pdf

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 6562 5625
Fax:   65 6565 1371
Web site: http://www.informaticsgroup.com


JV GOLDSMITH: Court Issues Winding Up Order
-------------------------------------------
In the matter of JV Goldsmith & Jewellery Pte Limited, the
Singapore High Court issued a winding up order against the
Company on Nov. 4, 2005, with the following details:

Names and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road
#05-11/#06-11
Singapore 069118

Shook Lin &  Bok
Solicitors for the Petitioner

Note:

(a) All Company creditors should file their proof of debt with
the liquidator who will be administering all affairs of the
company.

(b) All debts due to the Company should be forwarded to the
liquidator.


L&M GROUP: Court to Hear Winding Up Petition December 2
-------------------------------------------------------
L&M Group Investments Limited announced that on Nov. 8, 2005,
Mr. Yeo Boon Siah served a winding up petition against the
Company.

The petition is scheduled to be heard in the Singapore High
Court on Dec. 2, 2005. The Company is currently seeking legal
advice on the matter.

CONTACT:

L & M Group Investments Pte Limited
28 Tuas Crescent Singapore 638719
Phone: 65 6268 8688   
Fax:   65 6265 5511


POTEX ENTERPRISES: Creditor Seeks Winding Up
--------------------------------------------
Notice is hereby given that United Overseas Bank Limited, a
creditor of Potex Enterprises (Private) Limited, presented a
winding up petition against the Company to the Singapore High
Court on Oct. 26, 2005.

The petition is directed to be heard before the Court on Nov.
18, 2005, 10:00 a.m.

Any Company creditor or contributory desiring to support or
oppose the making of an order on the petition may appear at the
time of hearing by himself or his counsel for that purpose.

A copy of the petition will be furnished to any Company creditor
or contributory requiring it by the undersigned on payment of
the regulated charge for the same.

The Petitioners' address is 80 Raffles Place, UOB Plaza 1,
Singapore 048624.

The Petitioners' solicitors are Messrs Tan Kok Quan Partnership
of 5 Shenton Way, #29-00 UIC Building, Singapore 068808.

Messrs Tan Kok Quan Partnership
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the solicitors notice
in writing of his intention to do so. The notice must state the
name and address of the person, or if a firm, the name and
address of the firm and must be signed by the person or firm, or
his or their solicitor (if any) and must be served, or if
posted, must be sent by post in sufficient time to reach the
solicitors not later than 12:00 p.m. of Nov. 17, 2005 (the day
before the day appointed for the hearing of the Petition).

CONTACT:

Potex Enterprises (Private) Limited
9 Tractor Road Singapore 627970
Phone: 65 6265 8330   
Fax:   65 6264 1650


POUQUELAYE INVESTMENTS: Receiving Claims Until Next Month
---------------------------------------------------------
Notice is hereby given that the creditors of Pouquelaye
Investments Pte Limited, which are being wound up voluntarily,
are required on or before Dec. 9, 2005 to send in their names
and addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the Company
Liquidator.

If so required by notice in writing by the said liquidator, they
are by their solicitors or personally to come in
and prove their debts or claims at such time and place as shall
be specified in such notice. In default thereof, creditors will
be excluded from the benefit of any distribution made before
such debts are proven.

Dated this 9th day of November 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


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

CENTRAL PAPER: Auditor Fails to Reach Conclusion on FS
------------------------------------------------------
Central Paper Industry Public Company Limited (CPICO) has
submitted to the Stock Exchange of Thailand (SET) its reviewed
quarterly financial statements for the period ending September
30, 2005.

As the company 's auditor was unable to reach any conclusion on
the financial statements, it can be considered that the numbers,
which represent the company's financial status and operating
outcome as presented in its financial statements, failed to
adequately and/or properly reflect the actual position of the
company.  

The SET, then, informed shareholders and investors for the above
matters to scrutinize the auditor's report on its financial
statements.

The SET has still suspended trading on the securities of CPICO
in view of the fact that CPICO must prepare a rehabilitation
plan.

CONTACT:

Central Paper Industry Public Company Limited   
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn    
Telephone: 0-2383-0257-70   
Fax: 0-2383-0208-9     


EASTERN WIRE: Unveils Board Meeting Result
------------------------------------------
Eastern Wire Public Company Limited (EWC) informed the Stock
Exchange of Thailand (SET) on the resolution of the Board of
Directors Meeting held on November 10, 2005.

(1) The resignation of Director and Audit Committee

Mr. Sontaya Noicharoen resigned from Director, effective from
November 15, 2005 and Mrs. Chomchaba Sathapornpong resigned from
Audit Committee, effective from December 31, 2005 because they
have many other responsibilities.

(2) Assigned the authorized signatories of the company

Either Dr. Nob Satyasai or Mr. Panoth Kongviroj signs with the
Company's seal being affixed.

Please be informed accordingly,

Best regards,
Dr. Nob Satyasai
Managing Director

CONTACT:

Eastern Wire Pcl   
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok    
Telephone: 0-2937-0058-66   
Fax: 0-2937-0067


THAI PETROCHEMICAL: Changes Daily Price Limit
---------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. issued to the Stock
Exchange of Thailand (SET) information concerning the allocation
of newly issued common shares in accordance to the Business
Reorganization Plan approved by the Central Bankruptcy Court on
November 10, 2004.

The paid-up capital: THB7,848,911,211 (par value at THB1)
consist of the Scheme Creditors* 5,898,911,211 common shares the
existing shareholders 1,950,000,000 common shares

* the Scheme Creditors received the existing ordinary shares
from conversion of debt into equity pursuant to the Company's
Business Reorganization Plan approved by the Central Bankruptcy
Court on December 15, 2000. Such shares are subject to trading
restrictions and are not capable of being traded separately to
the underlying debt (detail on SETSMART of May 24, 2001)

TPI will increase its registered capital from THB7,848,911,211
to THB20,475,000,000 (par value at THB1) the amount of which
will be allocated:

(1) The amount of 11,651,088,789 common shares at THB3.30 per
share to

(1.1) The existing shareholders amount: 3,900,000,000 common
shares subscription ratio: one existing share per two newly
issued shares and may also subscribe in excess of such
subscription right for one additional share (the amount of
shares subscribed in excess of such subscription right will be
allotted only in the event that there are shares remaining from
the subscription right).

The existing shareholders entitled to subscribe for or purchase
the newly issued shares are those whose names appear on the list
of shareholders in registration book which will be closed for
suspension of shares transfer on November 17, 2005 starting
12:00 p.m. (except the Scheme Creditors)

* Including any transferees of shares transferred from the
Scheme Creditors* for whatever succession).

(1.2) The strategic investors 7,751,088,789 common shares
(PTT Public Company Limited, Government Pension Fund,
Government Savings Bank, Wayupuk Mutual Fund 1)

(2) The amount of 975,000,000 common shares to employees that
receive the warrants under ESOP (Detail of information about the
allotment of newly issued shares under the Company's Business
Reorganization Plan on SETSMART of November 3, 2005)      

Since the existing ordinary shares which the Scheme Creditors
received from conversion of debt into equity pursuant to the
Company's Business Reorganization Plan in amount of  
5,898,911,211 shares (75.15 percent of its paid-up capital)
cannot be traded on the Exchange due to the above trading
restrictions, the SET has decided that on November 14, 2005
which is the first X-date, the new ceiling and floor prices of
company's securities on main board will be calculated based on
the ratio of 1 existing share: 2 newly issued shares.  

This is to allow the continuity of trading of company's
securities.

CONTACT:

Thai Petrochemical Industry Pcl   
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5000, 0-2678-5100   
Fax: 0-2678-5001-5   
Web site: http://www.tpigroup.co.th





                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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