/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060302.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, March 2, 2006, Vol. 9, No. 044 Headlines A U S T R A L I A & N E W Z E A L A N D 2XL BUILDING: CIR Lodges Petition to Liquidate Firm AA VICTORIAN: Prepares to Pay Dividend BACK O'BOURKE: Appoints PBB as Receiver BAILLIE STREET: Decides to Shut Down Operations BURTON CLINIC: Creditors' Proofs of Claims Due on March 21 CARS-R-US 2004: Appoints Official Liquidators CLASS TECHNOLOGY: Creditors OK Liquidator's Appointment CORIUM PTY: Supreme Court Liquidates Firm D & S SPINKS: Members to Receive Wind-up Details E. D. & G. WELCH: Falls Into Liquidation EGAN CORPORATION: Prepares to Close Shop ENTERTAINMENT MEDIA: Provides Status Report on Group Restructure FORTUNE PASTORAL: Members Agree to Wind Up HEVERS HOLDINGS: Court Issues Wind-up Order HOBSON SWAN: Liquidation Hearing Set on March 9 HORIZON GROUP: Schedules Final Meeting Today KITCHENCO LIMITED: Joint and Several Liquidators Appointed KUNDURACI ENTERPRISES: Robert Cole Appointed as Receiver LAPER PTY: Distributes Dividend to Creditors MARTIN PLACE: Enters Liquidation Proceedings MEGA MERGER: Liquidation Petition To Be Heard on March 9 MEMENTO RESTAURANTS: Liquidator to Explain Wind-up Report MYER LIMITED: S&P Says Hedley Purchase Does Not Affect Ratings MYER LIMITED: Final Bids Due on March 3 NATIONAL AUSTRALIA: Workers Approve New EBA Package PINEWOOD COMMUNITY: Inability to Pay Debts Prompts Wind-up QANTAS AIRWAYS: Workers Stage Protest Against Outsourcing Plan RADIATA PLANTATIONS: Creditors Decide to Close Business RICHARDSON WOODCRAFTS: Placed Under Liquidation SJP FORMWORK: To Declare Final Dividend SLITCELL PTY: Members and Creditors to Review Wind-up Report SOUTH ISLAND: Undergoes Liquidation Process STAR BUILDING: Placed Under Voluntary Liquidation SYSPRO ASIA: Appoints Brent Kijurina to Liquidate Firm VIC PIC: Court to Hear Liquidation Petition on March 16 * ASIC Bans Director of Failed Companies C H I N A & H O N G K O N G CHINA EASTERN: Fitch Assigns 'BB-' Rating and Negative Outlook SF INTERNATIONAL: Wind-up Hearing Slated for April 12 SUNSHINE GIFT: Court to Hear Wind-up Petition on April 12 SURPLUX HOUSEHOLD: High Court Orders Company Wind-up TARGET FIELD: Commences Wind-up Process TOP STAR: Creditors' Meeting Set for March 6 TOP STAR: Wind-up Hearing Slated for March 15 TEXUNITED LIMITED: Schedules Final Meeting on March 31 TING FUNG: Decides to Shut Down Operations WISETON ELECTRONIC: Yeung Koon Lung Files Wind-up Petition X-DIVE CENTRE: Commences Winding Up Process W.F. INDUSTRIAL: Court to Hear Wind-Up Petition on March 29 WHOLE LION: Bank Wants Company Wound Up I N D I A BHARAT PETROLEUM: Unveils Change in Directorate SUN EARTH: SEBI Bars Promoters from Trading in Market * RBI Issues Guidelines for Sick Small Industrial Units I N D O N E S I A EXCELCOMINDO PRATAMA: Net Loss Balloons to IDR224 Bln PERUSAHAAN LISTRIK: Mulls Use of Cheaper Fuel to Cut Costs J A P A N JAPAN AIRLINES: Chief Executive to be Replaced, Reports Say MITSUBISHI MOTORS: Sees Rise in United States Sales SANYO ELECTRIC: Introduces Projectors for Professionals K O R E A DAEWOO ENGINEERING: Union's Protests Could Delay Sale M A L A Y S I A FOREMOST HOLDINGS: Results Return to Black in 4Q/FY05 KARENSOFT TECHNOLOGY: 4Q/FY05 Net Profit Widens to MYR8,166,000 LINEAR COOLING: Withdraws Suit Against Syarika MANGIUM INDUSTRIES: Returns to Profit in 4Q/FY05 MAXTRAL INDUSTRY: Securities Issuance Gets SC's Approval MERCES HOLDINGS: Net Loss Dips to MYR1,592,000 in 4Q/FY05 MERCURY INDUSTRIES: Net Loss Hits MYR2,694,000 in 4Q/FY05 MINPLY HOLDINGS: Net Loss Slips to MYR1,183,000 in 4Q/FY058 MULPHA LAND: Net Loss Drops to MYR2,999,000 in 4Q/FY05 PAN MALAYSIA: Books MYR6,883,000 Net Loss in 4Q/FY05 PASDEC HOLDINGS: Net Loss Dips to MYR1,441,000 in 4Q/FY05 PJI HOLDINGS: Suffers MYR4,613,000 Net Loss in 4Q/FY05 PNE PCB BERHAD: Incurs MYR1,540,000 Net Loss in 1Q/FY05 POLYMATE HOLDINGS: Books MYR10,706,000 Net Loss in 1Q/FY05 PORTRADE DOTCOM: Posts MYR147,000 Net Loss in 2Q/FY05 SM SUMMIT: Net Loss Hits MYR123,000 in 3Q/FY05 SUREMAX GROUP: Names New Auditors at Meeting TRICUBES BERHAD: Net Loss Slips to MYR128,000 in 3Q/FY05 TRU-TECH HOLDINGS: Net Loss Shrinks to MYR12,243,000 in 4Q/FY05 P H I L I P P I N E S ABS-CBN BROADCASTING: Revamps Management After President Quit BAGUIO MOUNTAIN: To Distribute Assets and End Liquidation CABIAO RURAL BANK: Court OKs Petition for Liquidation Assistance MANILA ELECTRIC: Up on Technical Recovery NATIONAL FOOD: To Keep Rice Supply and Prices Stable Amid Crisis NATIONAL FOOD: Farmer Groups Reject Proposed Dissolution NATIONAL POWER: Poised to Make Profit in 2006 NATIONAL POWER: Thai Firm Eyes Three Assets * S&P Monitors Philippines and Warns of Negative Action S I N G A P O R E CHANNEL GROUP: Quicklogic Files Wind-up Petition CHINA AVIATION: Books Profit in 4Q/FY05 Despite Operating Loss DAVIS LANGDON: Creditors' Claims Due on March 17 FIRSTLINK INVESTMENTS: Net Loss Widens by 516% FIRSTLINK INVESTMENTS: Repays Loan to Chairman GURCHARAN SINGH: Court Issues Liquidation Order LIANG HUAT: Annual Net Loss Drops 70% LINDTEVES-JACOBERG: FY05 Net Loss Climbs 24.7% T H A I L A N D EASTERN PRINTING: Net Profit Up THB10,186,000 in FY05 NEW PLUS: Net Loss Shrinks to THB37,351,000 - - - - - - - - ========================================== A U S T R A L I A & N E W Z E A L A N D ========================================== 2XL BUILDING: CIR Lodges Petition to Liquidate Firm --------------------------------------------------- On November 15, 2005, the Commissioner of Inland Revenue filed an application to put 2XL Building Services (2000) Limited under liquidation. The CIR Application will be heard before the High Court of Auckland on March 9, 2006, at 10:00 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than March 6, 2006, to: S. J. Eisdell Moore Solicitor for the Plaintiff Meredith Connell Level Seventeen, Forsyth Barr Tower 55-65 Shortland Street (P.O. Box 2213 or D.X. C.P. 24-063) Auckland, New Zealand Telephone: (09) 336 7556) Web site: http://www.meredithconnell.co.nz/ AA VICTORIAN: Prepares to Pay Dividend -------------------------------------- AA Victorian Independent Pumping Pty Limited will declare its first dividend today, March 2, 2006. Creditors who were not able to prove their claims will be excluded from the benefit of the dividend. Contact: N. Giasoumi Liquidator Dye & Rennie Chartered Accountants Suite 8, 260 Auburn Road Hawthorn 3122, Australia BACK O'BOURKE: Appoints PBB as Receiver --------------------------------------- On February 13, 2006, Andrew Leslie Smith was appointed as receiver and manager of all the assets and undertakings of Back O'Bourke Fruits Pty Limited. Contact: Andrew L. Smith Receiver PPB Chartered Accountants & Business Reconstruction Specialists Level 15, 25 Bligh Street Sydney, New South Wales Australia BAILLIE STREET: Decides to Shut Down Operations ----------------------------------------------- At a general meting of Baillie Street Developments Pty Limited's members on January 31, 2006, they decided that the Company needs to voluntarily wind up its operations. Ian Alexander Cattanach was nominated to act as liquidator to manage the Baillie's wind-up activities. BURTON CLINIC: Creditors' Proofs of Claims Due on March 21 ---------------------------------------------------------- Paul Graham Sargison and Gerald Stanley Rea, the liquidators of The Burton Clinic for Faces Limited, has required the Company's creditors to lodge their proofs of claims or debts on or before March 21, 2006, to: Gerry Rea Associates P.O. Box 3015, Auckland New Zealand Telephone: (09) 377 3099 Facsimile: (09) 377 3098 Web site: http://www.gerryrea.co.nz/ Failure to comply with the requirement will exclude any creditor from the benefit of any distribution made or, as the case may be, from objecting to the distribution. CARS-R-US 2004: Appoints Official Liquidators --------------------------------------------- On February 15, 2006, John Trevor Whittfield and Boris van Delden, insolvency practitioners of Auckland, were appointed as joint and several liquidators of Cars-R-Us 2004 Limited. The Liquidators require the Company's creditors to submit their proofs of debts or claims by March 31, 2006, to: Boris Van Delden Liquidator McDonald Vague P.O. Box 6092, Wellesley Street Post Office Auckland, New Zealand Telephone: (09) 303 0506 Facsimile: (09) 303 0508 Web site: http://www.mvp.co.nz/ Failure to comply with the requirement will exclude any creditor from the benefit of any distribution. CLASS TECHNOLOGY: Creditors OK Liquidator's Appointment ------------------------------------------------------- Members of Class Technology Pty Limited held a meeting on February 3, 2006, and agreed on the Company's need to liquidate. In addition, Roderick Mackay Sutherland was appointed as liquidator to supervise Class Technology's wind-up activities. The Company's creditors confirmed the liquidator's appointment at a meeting held later that day. Contact: Roderick M. Sutherland Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street Sydney, New South Wales 2000 Australia Telephone: 02 9233 2111 Fax: 02 9233 2144 CORIUM PTY: Supreme Court Liquidates Firm ----------------------------------------- On February 2, 2006, the Supreme Court of New South Wales ordered the liquidation of Corium Pty Limited, and appointed Steven Nicols to facilitate the Company's wind-up activities. Contact: Steven Nicols Liquidator Level 2, 350 Kent Street Sydney, New South Wales 2000 Australia D & S SPINKS: Members to Receive Wind-up Details ------------------------------------------------ A final meeting of the members of D & S Spinks Pty Limited will be held for them to receive the liquidator's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held today, March 2, 2006. Contact: Adrian Stewart Duncan Liquidator c/o Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales Australia E. D. & G. WELCH: Falls Into Liquidation ---------------------------------------- On February 9, 2006, E. D. & G. Welch Limited commenced its liquidation and appointed Richard Dale Agnew and John Howard Fisk, chartered accountants of Auckland and Wellington, as joint and several liquidators. The Liquidators fix May 9, 2006, as the deadline for the Company's creditors to make their claims and to establish any priority their claims may have. Failure to comply with the requirement will exclude any creditor from the benefit of any distribution or from objecting to the distribution. Contact: John Howard Fisk Liquidator PricewaterhouseCoopers Level Sixteen, 113-119 The Terrace (P.O. Box 243) Wellington, New Zealand Telephone: (04) 462 7000 Facsimile: (04) 462 7492 EGAN CORPORATION: Prepares to Close Shop ---------------------------------------- The members of Egan Corporation Pty Limited agreed to wind up the Company's operations, and named Roderick Mackay Sutherland to facilitate the liquidation of its assets. Contact: Roderick M. Sutherland Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street Sydney, New South Wales 2000 Australia Telephone: (02) 9233 2111 Fax: (02) 9233 2144 ENTERTAINMENT MEDIA: Provides Status Report on Group Restructure ---------------------------------------------------------------- The Board of Entertainment Media & Telecoms Corporation Limited provided a further update in relation to the restructure of the EMT group of companies. Rentworks/Alleasing As previously disclosed, Alleasing Finance Australia Limited (formerly Rentworks Limited) held a secured debt position over a number of the EMT group entities, including EMT's United States and Canadian entities, GalaVu and EMT Corporation Pty Ltd and EMT Services Pty Ltd. The Directors of EMT advised shareholders that the transaction as detailed in the update to the market last week has now been finalized. Summary of the Transaction The secured Alleasing debt of AU$2,020,000 over the EMT subsidiaries has been acquired by Cardinal Communications Incorporated for AU$702,500. Cardinal has agreed to provide a loan of AU$797,500 to GalaVu for working capital purposes. Cardinal has acquired AU$648,250 of debt from Livonia Pty Limited, the secured creditor of EMT. Cardinal has agreed to convert all of its debt, totaling AU$3,465,750 into EMT shares, with AU$532,500 to be exercised at 1.0 cents per share and the balance at approximately 0.5 cents per share, in order to provide Cardinal with at least 64% of the issued capital of EMT on a fully diluted basis. The issue of shares in excess of 20% will be subject to shareholder approval. In addition, if EMT shareholder approval is not forthcoming for the issue of the additional shares to Cardinal or EMT is not relisted on the Australian Stock Exchange within 120 days of the date of the agreement, then EMT will transfer all of the assets constituting the security held by Cardinal in exchange for Cardinal's secured debt. Livonia has agreed to convert AU$425,000 of its debt into EMT shares at 1.0 cents per share and a further AU$733,750 at 5.0 cents per share. Livonia's shareholding will not exceed 20% and therefore may not require shareholder approval. Sims Partners have retired as receivers of EMT Corporation Pty Ltd and EMT Services Pty Limited. Alleasing has assigned and/or releases the security over EMT's U.S. and Canadian subsidiaries to Cardinal. In accordance with the Agreement, Cardinal has been issued 46,000,000 fully paid shares anbd Livonia has been issued 35,250,000 fully paid ordinary shares at 1.0 cents per share. Both Cardinal and Livonia now have 19.99% of the issued capital of EMT. Receivership of Parent Entity The receiver has finalized the first phase pf the process of resolving the debts of the EMT group of entities. An informal creditors proposal was put forward to the unsecured creditors of the parent entity, which has resulted in all of the unsecured creditors being satisfied. An advance of AU$100,00 has been provided by the secured creditor' Livonia to satisfy unsecured creditors that opted for a cash settlement. In addition, the remaining unsecured creditors were issued 3,492,141 and the EMT directors (as approved by shareholders at the General Meeting) were issued 31,000,000 shares at 1.0 cents per share. The Directors and Receiver of EMT are now focused on dealing with the remaining debts of the EMT group of entities and have commenced the preparation of the Annual Report, the various quarterly cash flow statements and the half yearly report for the period to December 31, 2005, and satisfying any ASX requirements under Chapter 12 of the ASX Listing Rules. EMT's directors remain confident that it is possible that EMT will be in a position to apply for requotation during the final quarter of the 2006 financial year. Tony Sims and Neil Singleton of specialist Australian Insolvency firm, SimsPartners, were appointed Receivers and Managers to the Australian publicly listed company, Entertainment Media & Telecoms Corporation Limited and two of its Australian subsidiaries on September 19, 2005. FORTUNE PASTORAL: Members Agree to Wind Up ------------------------------------------ The members of Fortune Pastoral Pty Limited held a meeting on February 3, 2006, and agreed to close the Company's business. They then appointed Matthew Woods as liquidator to oversee the Company's wind-up operations. Contact: Matthew Woods Liquidator Pitcher Partners Chartered Accountants 17th Level, AMP Building 140 St. Georges Terrace Perth, Western Australia 6000 Telephone: (08) 9322 2022 Fax: (08) 9322 1262 HEVERS HOLDINGS: Court Issues Wind-up Order ------------------------------------------- On February 3, 2006, the Federal Court of Australia ordered the wind-up of Hevers Holdings Pty Limited, and appointed Steven Nicols to act as liquidator. Contact: Steven Nicols Liquidator Level 2, 350 Kent Street Sydney, New South Wales 2000 Australia HOBSON SWAN: Liquidation Hearing Set on March 9 ----------------------------------------------- On November 15, 2005, an application to liquidate Hobson Swan Construction Limited was filed with the High Court at Auckland by the Commissioner of Inland Revenue. The Application will be heard on March 9, 2006, at 10:00 a.m. Any person, other than the defendant company, who wishes to appear on the Hearing must file an appearance not later than March 6, 2006, to: S. J. Eisdell Moore Solicitor for the Plaintiff Meredith Connell Level Seventeen, Forsyth Barr Tower 55-65 Shortland Street (P.O. Box 2213 or D.X. C.P. 24-063) Auckland, New Zealand Telephone: (09) 336 7556) Web site: http://www.meredithconnell.co.nz/ HORIZON GROUP: Schedules Final Meeting Today -------------------------------------------- The final meeting of the members and creditors of Horizons Group Limited is scheduled today, March 2, 2006, where liquidator Laurence G. Fitzgerald will present an account of the manner of the Company's wind-up and property disposal. Contact: Laurence A. Fitagerald Liquidator Horwath BRI (Victoria) Pty Limited Chartered Accountants Level 30, 525 Collins Street Melbourne, Victoria 3000 Australia KITCHENCO LIMITED: Joint and Several Liquidators Appointed ---------------------------------------------------------- On February 16, 2006, the High Court at Auckland appointed Henry David Levin, insolvency practitioner, and David Stuart Vance, chartered accountant, as joint and several liquidators of Kitchenco Limited. The Liquidators will dispense with the meeting of creditors in order to keep costs to a minimum and maximize returns to creditors. The Liquidators have fixed March 9, 2006, as the last day for creditors to make their claims and establish any priority their claims may have. Creditors who have not submitted a proof of claim will be excluded from the benefit of any distribution. Any creditors claiming a security interest in respect of the company must provide details to the liquidators immediately. Contact: Henry David Levin Liquidator McCallum Petterson Level Eleven, Forsyth Barr Tower 55-65 Shortland Street, Auckland New Zealand Postal Address: P.O. Box 6916 Wellesley Street, Auckland Telephone: (09) 336 0000 Facsimile: (09) 336 0010 KUNDURACI ENTERPRISES: Robert Cole Appointed as Receiver -------------------------------------------------------- On January 31, 2006, Robert Molesworth Hobill Cole was appointed as the receiver and manager of the assets and undertakings of Kunduraci Enterprises Pty Limited. Contact: Robert M. H. Cole Liquidator Cole Downey & Co. Chartered Accountants Unit 2, 6 Moorabool Street Geelong, Victoria 3220 Australia LAPER PTY: Distributes Dividend to Creditors -------------------------------------------- Laper Pty Limited will declare its first and final dividend today, March 2, 2006, to the exclusion of creditors who were not able to prove their claims. Contact: Paul Sweeney Terry Van der Velde Joint Liquidators SV Partners Level 16, 120 Edward Street Brisbane, Queensland 4000 Australia MARTIN PLACE: Enters Liquidation Proceedings -------------------------------------------- At an extraordinary general meeting of the members of Martin Place Services Pty Limited on February 6, 2006, it was resolved that a voluntary wind-up of business operations is appropriate and necessary. Deryk Andrew was appointed as the Company's official liquidator. Contact: Deryk Andrew Liquidator Bentleys MRI Sydney Business Recovery and Insolvency Partnership PO Box Q1165, QVB Post Office Sydney, New South Wales 1230 Australia MEGA MERGER: Liquidation Petition To Be Heard on March 9 -------------------------------------------------------- On March 9, 2006, The High Court of Auckland will hear an application by Nauhria Precast Limited to liquidate Mega Merger Holdings Limited. Any person, other than the defendant company, who wishes to appear on the Hearing must file an appearance not later than March 7, 2006. Contact: A. K. Singh Solicitor for the Plaintiff Penney Patel Law, Solicitors 1 Kimberley Road (P.O. Box 26-344) Epsom, Auckland New Zealand MEMENTO RESTAURANTS: Liquidator to Explain Wind-up Report --------------------------------------------------------- The members and creditors of Memento Restaurants Pty Limited will convene today, March 2, 2006, to receive liquidator Adrian Stewart Duncan's account regarding the Company's completed wind- up and disposal of property. Contact: Adrian S. Duncan Liquidator c/o Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales Australia MYER LIMITED: S&P Says Hedley Purchase Does Not Affect Ratings -------------------------------------------------------------- Standard & Poor's Ratings Services said today that Coles Myer Ltd.'s (BBB/Stable/A-2) acquisition of the Hedley Hotel Group in Queensland for AU$306 million has no impact on the group's ratings or outlook. Standard & Poor's considers the acquisition to be an important part of the group's liquor business growth strategy, and believes the purchase can be comfortably debt funded (including associated operating leases) within the group's current ratings. Nevertheless, the key ratings focus continues to be on the cost position of Coles Myer's supermarket business, and the potential for its major competitor, Woolworths Ltd. (A-/Negative/A-2), to use its growing supply-chain cost savings to erode Coles Myer's margins or market share in the next couple of years. Accordingly, Coles Myer will be reliant on the effective and timely execution of its own supply-chain overhaul, and on its ability to keep pace with Woolworths' rapidly growing liquor business, to protect the competitive position and market shares of its key food and liquor operations in the short-to-medium term. Headquartered in Melbourne, Victoria, Coles Myer Ltd. -- http://www.colesmyer.com/-- operates around 2,500 stores in Australia and New Zealand and employs with over 165,000 staff. The Company is listed on the stock exchanges of Australia, London, and New Zealand. Coles Myer has been suffering the burden of consumer-spending downturn. In August 2005, its subsidiary, Myer Limited -- http://www.myer.com/-- has been named in an ABN Amro report as a big loser in the battle between upmarket department stores and discount retailers, with its market share dropping more than 7% since 1996, as discount operators undercut department stores on price and quality. In the same period, Myer's market share has plummeted from 27.8% to 20.6%. The bad news came on top of Merrill Lynch's downgrade of its forecast of Coles Myer's net profit to AU$680 million, in line with the company's own prediction of between AU$670 million and AU$680 million. Merrill Lynch blamed weakness in the retail sector for the cut of AU$20 million, or 3%, in forecast net profit. Between 2001 and 2004, Myer closed 12 of its 73 outlets. In late 2005, Coles Myer decided to sell Myer Limited, initially expecting AU$1 billion. However, latest reports indicate that interested bidders have narrowed down in number. MYER LIMITED: Final Bids Due on March 3 --------------------------------------- Final bids for Myer Limited are due on Friday, March 3, 2006. The Troubled Company Reporter - Asia Pacific reported on Feb. 9, 2006, that serious bidders for Coles Myer Limited's department store business had been reduced to three: * Edgars Consolidated Stores Limited; * CVC Asia Pacific; and * Newbridge Capital Inc. According to the Australian Associated Press, Harvey Norman Holdings is also interested in acquiring the 61-store chain. AAP says that Coles Myer's two-city block, six-storey store with frontages to both Bourke and Lonsdale Streets in the heart of Melbourne, Australia, will be sold separately. The price tag for the Myer Melbourne flagship store is between AU$350 million to AU$450 million. Coles Myer is looking at a AU$1 billion windfall from the potential Myer sale. A Coles Myer spokesman had said that the Company's board of directors is set to make a decision on the Myer sale by the end of March. AAP relates that the Sale will enable Coles Myer's management to focus on its more lucrative supermarket, liquor and discount variety store segment in an effort to close the gap with rival Woolworths. AAP cites FW Holst analyst David Spry as saying that without Myer, competition between Coles Myer and Woolworths will intensify. He believes that the Myer Sale would remove a lot of baggage that has been holding Coles Myer back in performance and market rating. However, Myer, as a single entity, had potential for the new owner because Coles Myer had not been 100% committed on the store. Headquartered in Melbourne, Victoria, Coles Myer Ltd. -- http://www.colesmyer.com/-- operates around 2,500 stores in Australia and New Zealand and employs with over 165,000 staff. The Company is listed on the stock exchanges of Australia, London, and New Zealand. Coles Myer has been suffering the burden of consumer-spending downturn. In August 2005, its subsidiary, Myer Limited -- http://www.myer.com/-- has been named in an ABN Amro report as a big loser in the battle between upmarket department stores and discount retailers, with its market share dropping more than 7% since 1996, as discount operators undercut department stores on price and quality. In the same period, Myer's market share has plummeted from 27.8% to 20.6%. The bad news came on top of Merrill Lynch's downgrade of its forecast of Coles Myer's net profit to AU$680 million, in line with the company's own prediction of between AU$670 million and AU$680 million. Merrill Lynch blamed weakness in the retail sector for the cut of AU$20 million, or 3%, in forecast net profit. Between 2001 and 2004, Myer closed 12 of its 73 outlets. In late 2005, Coles Myer decided to sell Myer Limited, initially expecting AU$1 billion. However, latest reports indicate that interested bidders have narrowed down in number. NATIONAL AUSTRALIA: Workers Approve New EBA Package --------------------------------------------------- National Australia Bank's new three-year enterprise bargaining agreement has been certified by the Australian Industrial Relations Commission after gaining approval from 88% of employees, the Australian Associated Press reports. As reported by the Troubled Company Reporter - Asia Pacific in February 2006, the new EBA promises NAB employees a 4% fixed wage per annum over its three-year term; 0.1% annual increases in superannuation contributions, up to a total employer contribution of 10% of wages; and a share scheme, which varies depending on employee income, and will be funded from new capital. NAB says that the new package provided increased support, choice and flexibility to help employees better balance work and personal commitments through improved parental leave provisions, salary averaging options and increased salary packaging. Ahmed Fahour, the chief executive of NAB's Australian operations, said the new agreement would assist NAB in the next phase of its turnaround plan and "is a major step in the integration of [NAB's] organization, aligning core terms and conditions across [its] businesses." Headquartered at Melbourne, in Victoria, Australia, National Australia Bank Ltd. -- http://www.national.com.au/-- offers a wide range of financial services, including: personal banking, business banking, corporate banking, agribusiness, wealth management, transactional solutions, custody services asset finance and leasing financial planning. The bank's Australian Division is focused on delivering financial solutions to help customers achieve their financial goals. National Australia Bank is undertaking a three-year revival program after its 2004 foreign exchange trading scandal and several profit downgrades in 2005 that hammered its share price. The Bank is working to recover from a tumultuous two years marked by a boardroom upheaval and disintegration, executive departures and huge job cuts. As of February 2006, NAB said that it was moving ahead and that its crises were over. NAB further stated that planning for its post-recovery phase was under way. PINEWOOD COMMUNITY: Inability to Pay Debts Prompts Wind-up ---------------------------------------------------------- Pinewood Community Co-operative Limited has determined that a voluntary wind-up of its business operations is necessary, due to the Company's inability to pay its debts. Bruce Neil Mulvaney was appointed to oversee the Company's liquidation activities. Contact: Bruce N. Mulvaney Liquidator Bruce Mulvaney & Company 1st Floor, 613 Canterbury Road Surrey Hills, Victoria 3127 Australia QANTAS AIRWAYS: Workers Stage Protest Against Outsourcing Plan -------------------------------------------------------------- Hundreds of maintenance workers yesterday protested Qantas Airways' plan to send the heavy maintenance operations of its long-haul fleet to Asia and slash 2,500 jobs in the process. The workers marched from the Qantas jet base on Qantas Drive to the domestic terminal in Sydney Airport as part of a campaign to stop the carrier from its outsourcing plan. Unions representing the maintenance workers said that they have failed to get a guarantee of job security in return for concessions during long-running enterprise bargaining talks with Qantas, the Australian Associated Press relates. As reported by the Troubled Company Reporter - Asia Pacific on February 27, 2006, Qantas unexpectedly called off the scheduled enterprise bargaining talks with the Australian Manufacturing Workers Union and Australian Workers Union, causing heavy maintenance workers to mobilize for a strike action. The EBA negotiations were aimed at achieving an outcome that will give Qantas a chance to compete with offshore work. The TCR-AP report states that Qantas Chief Executive Officer Geoff Dixon also called off a scheduled briefing where he was expected to announce the airline's decision on the outsourcing of jobs. Any decision to keep maintenance work within Australia is expected to result in wholesale job cuts to aide the airline in its efforts to slash maintenance costs by 20%. The Australian Manufacturing Workers Union believes that any move to shift maintenance work overseas would compromise Qantas' "impeccable" safety record. The AMWU further believes that the public is sure to support the workers in case the airline's plan pushes through. The AMWU said that it intends to make an application for protected industrial action to the Australian Industrial Relations Commission. It stated its readiness to take any action if required, especially in case workers are urged to sign off on an enterprise agreement not favorable to them. Meanwhile, Qantas said that yesterday's protest did not affect any of its flights. Qantas Engineering executive general manager David Cox said that the Union had not acted in good faith by holding the protest action and that it is "hard to see how the action they've taken today will be helpful in building a constructive dialogue." The enterprise bargaining agreement talks between Qantas and the unions will resume on March 6, 2006. Mr. Cox says that Qantas is already close to a decision and is expected to make an announcement on the outsourcing issue in the next few weeks. Qantas has already shed 15% of its management staff and cut commissions to travel agencies. Qantas employs more than 35,000 staff. Headquartered in Sydney, Australia, Qantas Airways -- http://www.qantas.com.au/-- is the world's second oldest airline and is also recognized as one of the leading long- distance airlines, having pioneered services from Australia to North America and Europe. The Qantas Group employs approximately 38,000 staff across a network that spans 145 destinations in Australia, Asia-Pacific, Americas, Europe and Africa. The Qantas Group also operates a diverse portfolio of airline-related businesses, including Engineering Technical Operations and Maintenance Services, Airports and Catering, Qantas Freight, Qantas Holidays, Qantas Defence Services and Qantas Consulting. Qantas started having problems in 2003 with the ill effects of the Iraq War and the SARS outbreak, on top of the already difficult period following the events of the 9/11 terrorist attacks, the Afghanistan war and the terror threats, which lead to a downturn in bookings to other Asian countries, and affecting most of European routes as well. The adverse effects also affected other areas of the business including Qantas Flight Catering, Qantas Holidays and Australian Airlines. Qantas started reviewing, and widened, the range of initiatives it had put in place following the triggering events. These initiatives included the reduction of staffing numbers through the use of accumulated leave to the equivalent of 2,500 full- time employees by June 2003 and by the equivalent of 1,000 employees between July and September 2003; a restructuring program involving 1,000 redundancies, 400 permanent positions eliminated through attrition and 300 permanent positions converted from full time to part time; a freeze on capital and discretionary expenditure; expansion of the leave without pay program; increased use of part time workers; significant restructuring of work practices and activities; and reduction of capital expenditure, including retirement of some aircraft and deferral of delivery of new aircraft. In December 2003, Qantas unveiled its new low cost-carrier airline, Jetstar Asia, which later proved to be a headache after failing to gain access to crucial markets such as Indonesia and China. In June 2005, Qantas admitted it is still struggling to recover its investment in Jetstar, despite having managed to lease out four of its unused Airbus 320s. By early 2004, Qantas posted a AU$357.8 million net profit for the period ended December 31, 2003, owing to a strong domestic performance, effective cost-cutting measures, improvement in the international segment of the business and other subsidiaries. However, the Airline also posted a lower revenue figure. The road to recovery proved rocky as Qantas had to deal with escalating fuel prices, increased competition and skirmishes with its labor unions. Qantas has also seen a lot of fruitless merger talks. Qantas went into another round of job cuts in late June 2005, a move that was punctuated with more than 600 jobs slashed in the first half of its financial year. The latest round of job cuts announced in February 2006 came amidst uncertainty of outsourcing the Airline's heavy maintenance works overseas. RADIATA PLANTATIONS: Creditors Decide to Close Business ------------------------------------------------------- On February 2, 2006, the creditors of Radiata Plantations Limited agreed to wind up the Company's operations. George Georges was appointed as liquidator to manage Radiata's wind-up activities. Contact: George Georges Liquidator Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria, Australia RICHARDSON WOODCRAFTS: Placed Under Liquidation ----------------------------------------------- On February 16, 2006, the High Court at Auckland appointed Henry David Levin, insolvency practitioner, and David Stuart Vance, chartered accountant, as joint and several liquidators of Richardson Woodcrafts Limited. Pursuant to Section 245 of the Companies Act 1993, the Liquidators will dispense with the meeting of creditors in order to keep costs to a minimum and maximize returns to creditors. The Liquidators have fixed March 9, 2006, as the last day for creditors to make their claims and establish any priority their claims may have. Creditors who have not made a claim will be excluded from the benefit of a distribution. Any creditors claiming a security interest in respect of the Company are required to provide details to the liquidators immediately. Contact: Henry David Levin Liquidator McCallum Petterson Level Eleven, Forsyth Barr Tower 55-65 Shortland Street, Auckland New Zealand Postal Address: P.O. Box 6916 Wellesley Street, Auckland Telephone: (09) 336 0000 Facsimile: (09) 336 0010 Web site: http://www.mccallumpetterson.com/ SJP FORMWORK: To Declare Final Dividend --------------------------------------- SJP Formwork (Australia) Pty Limited will declare its final dividend on March 3, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. Contact: Ian J. Purchas Liquidator Star Dean Willcocks Level 1, 32 Martin Place Sydney, New South Wales 2001 Australia SLITCELL PTY: Members and Creditors to Review Wind-up Report ------------------------------------------------------------ The final meeting of the members and creditors of Slitcell Pty Limited is scheduled today, March 2, 2006, for them to get an account of the manner of the Company's wind-up and property disposal from liquidator Adrian Stewart Duncan. Contact: Adrian S. Duncan Liquidator c/o Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales 2000 Australia SOUTH ISLAND: Undergoes Liquidation Process ------------------------------------------- David Donald Crichton and Keiran Anne Horne, chartered accountants of Crichton Horne & Associates, were appointed liquidators of South Island Connections Limited by order of the High Court dated February 17, 2006. The Liquidators fix March 20, 2006, as the deadline for the Company's creditors to make their claims and to establish any priority their claims may have, under Section 312 of the Companies Act 1993. Otherwise, the creditors will be excluded from the benefit of any distribution. Any creditor holding a security interest over South Island's assets should immediately contact the liquidators. Contact: Nelson Gardiner Crichton Horne & Associates Old Library Chambers, 109 Cambridge Terrace (P.O. Box 3978), Christchurch New Zealand Telephone: (03) 379 7929 Web site: http://www.cha.co.nz/ STAR BUILDING: Placed Under Voluntary Liquidation ------------------------------------------------- At a meeting of Star Building Decoration Pty Limited's members on February 7, 2006, it was agreed that the Company be wound up voluntarily, due to its inability to pay its debts. Robert Moodie was appointed as liquidator to manage the Company's wind-up activities. Contact: Robert Moodie Liquidator c/o Rodgers Reidy Level 8, 333 George Street Sydney, New South Wales 2000 Australia SYSPRO ASIA: Appoints Brent Kijurina to Liquidate Firm ------------------------------------------------------ The members of Syspro Asia Pacific Pty Limited held an extraordinary general meeting on February 6, 2006, and agreed to: -- voluntarily wind up the Company's business operations; and -- appoint Brent Kijurina as liquidator. Contact: Brent Kijurina Liquidator Smith Hancock Chartered Accountants Level 4, 88 Phillip Street, Parramatta, New South Wales 2150 Australia VIC PIC: Court to Hear Liquidation Petition on March 16 ------------------------------------------------------- On March 16, 2006, the High Court of Napier will hear an application to put Vic Pic Contractors Limited into liquidation. The Petition was lodged before the High Court by Accident Compensation Corporation on January 31, 2006. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than March 14, 2006. Contact: Dianne S. Lester Solicitor for the Plaintiff Maude & Miller Second Floor, McDonald's Building Cobham Court (P.O. Box 50-555 or D.X. S.P. 32-505) Porirua City, New Zealand Web site: http://www.mmiller.co.nz/ * ASIC Bans Director of Failed Companies ---------------------------------------- The Australian Securities and Investments Commission has banned John Bardin Davis, of Malvern, Victoria, from managing corporations for three years. ASIC's ban on Mr. Davis followed an investigation into his involvement in a number of failed companies: * Razoneska Pty Ltd (in liquidation); * Barron Entertainment Ltd (in liquidation); * Consortium Professionale Pty Ltd (in liquidation); * Consortium Management Pty Ltd (in liquidation); and * Calannie Pty Ltd (in liquidation). These companies left debts aggregating around AU$8.2 million, including substantial tax liabilities of over AU$1.7 million in aggregate. ASIC alleges that Mr. Davis failed to exercise his powers and duties as a director of the companies with reasonable care and due diligence in failing to maintain adequate financial records and ensure the companies did not trade while insolvent. In particular, ASIC states that Mr. Davis may have breached the fiduciary and statutory duties he owed to Barron Entertainment Ltd (in liquidation) by causing Barron Entertainment to enter into an uncommercial transaction. On May 12, 2000, Barron Entertainment purchased units held by Lets 2000 Pty Ltd for AU$1 million in Lets Trust, of which Lets Pty Ltd was the Trustee. Ten days after the payment was made, Lets Pty Ltd was placed into administration rendering the units in Lets Trust worthless. In addition, AU$450,000 of the AU$1 million payment made for the trust units was traced back to Lets Management Pty Ltd, a company of which Mr. Davis was a co- director. ASIC also alleges that Mr. Davis failed to provide assistance to liquidators, including the provision of information relating to the financial circumstances of the failed companies. Mr. Davis has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision. Under the Corporations Act, ASIC may disqualify a person from managing a corporation for up to five years if a person has been the director of two or more failed corporations within seven years that have been wound up and their liquidator has lodged a report with ASIC about the corporation's inability to pay its debts. ================================ C H I N A & H O N G K O N G ================================ CHINA EASTERN: Fitch Assigns 'BB-' Rating and Negative Outlook -------------------------------------------------------------- Fitch Ratings has assigned China Eastern Airlines Corporation Limited ("China Eastern") a Foreign Currency Issuer Default Rating ("IDR") of 'BB-' (BB minus), and a Local Currency Issuer Default Rating of 'BB-' (BB minus). The Outlook on the ratings is Negative. The ratings reflect China Eastern's deteriorating profitability due to declining yields driven by increasing competition and escalating operating expenses as a result of the hike in jet fuel prices. Fitch also notes that the carrier's aggressive capex plans could constrain its cash flow generation and further worsen its leverage levels. The restructuring risks from the integration of Yunnan Air and China Northwest Airlines in 2005 have also been factored into the ratings. These concerns are partly mitigated by China Eastern's strong traffic growth, stable nationwide operations and strong operating cash generation relative to its lease-adjusted leverage levels. The ratings also take into account the growth prospect (over 10% annually) in China's air travel market over the medium-term, the favourable regulatory environment as well as support from the government. China Eastern's total revenue increased at a compound annual growth rate of 13% over the past five years amid stable profitability. However, since 2005, the carrier started to suffer a decline in profitability as demonstrated by a net loss of CNY475 million in H105, mainly due to a 19.2% year-on-year ("yoy") increase in operating expenses (relative to a 9.4% yoy growth in total revenues). This was driven by a surge in jet fuel costs (+41%), administrative expenses (+58.7%) and commission payments (+38.3%). Fitch notes that though several favourable factors, including the resumption of a fuel surcharge and the appreciation of the Chinese yuan, would likely increase China Eastern's operating revenue and non-operating income, the agency estimates the carrier's profitability would have substantially deteriorated for FY05. China Eastern has remained highly geared over the past five years. The company's credit metrics substantially improved in FY04, with total adjusted debt net of cash to operating EBITDAR, falling to 6.8x in end-FY04 from 9.1x in end-FY03, attributable to a 21% increase in net adjusted debt and a strongly improved operating EBITDAR of 60%. FFO (funds from operations) adjusted leverage dropped to 7.2x in FY04 from 9.3x in FY03. The carrier's total debt increased by 36% in H105 over CNY25.7bn seen at end-FY04, due mainly to the CNY5.3bn in debt it assumed when the carrier acquired Yunnan Air and China Northwest Airlines. The increase in total debt and the decline in profitability could further impair China Eastern's coverage ratios by end-05. China Eastern has been generating negative free cash flow over the past three years mainly due to large cash capex on aircraft additions. At H105, the carrier's total contracted and authorised capital commitment was CNY58.8bn, implying an average annual capex of CNY10bn over the next five years. Fitch expects China Eastern to finance its capex and other fixed charges mainly through operational cash flows and additional debt. The Negative Outlook reflects Fitch's expectation that China Eastern will most likely continue to suffer a decline in profitability due to the challenging cost environment for the Chinese airline sector. Although Fitch estimates that China Eastern will likely expand its operational cash flows as a result of a strong growth in air traffic after its acquisition of Yunnan Air and China Northwest Airlines, the agency expects the carrier to significantly increase its cash outlays, including capex, lease payments and financial costs, which could further constrain its liquidity. The capacity expansion, which is likely to be financed mainly by fresh debt, could also push up the carrier's leverage over the next two years. While Fitch views the favorable regulatory environment and government support as positive factors, the agency believes that adverse changes to the competitive landscape and on the regulatory front could provide downward pressure on the ratings. Total adjusted debt net of cash to operating EBITDAR sustained at above 9.5x would also trigger a negative rating action. SF INTERNATIONAL: Wind-up Hearing Slated for April 12 ----------------------------------------------------- On February 6, 2006, SF International Secretaries Limited presented a petition to wind up SF International Secretaries Limited before the High Court of Hong Kong Special Administrative Region. The Petition will be heard on April 12, 2006, at 9:30 a.m. Creditors or contributories of the Company who wish to support or oppose the Petition may appear in Court at the time of the hearing. Contact: Ford, Kwan & Company Solicitors for the Petitioner Suites 1505-1508, 15th Floor Chinachem Golden Plaza No. 77 MOdy Road Tsimshatsui East Kowloon, Hong Kong Telephone: 2366 0688 Fax: 2722 0736 SUNSHINE GIFT: Court to Hear Wind-up Petition on April 12 --------------------------------------------------------- On February 16, 2006, the Nanyang Commercial Bank Limited filed an application to wind-up Sunshine Gift Packaging Limited with the High Court of Special Administrative Region. The Application will be heard before the High Court on April 12, 2006, at 9:30 a.m. Contact: Gallant Y.T. Ho & Co. Solicitors for the Petitioner 5th Floor, Jardine House No. 1 Connaught Place Central, Hong Kong Telephone: (852) 2526-3336 Fax: (852) 2845-9294 e-mail: gyth@gallantho.com SURPLUX HOUSEHOLD: High Court Orders Company Wind-up ---------------------------------------------------- Surplus Household Service Limited has received a wind-up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on February 15, 2006. Contact: Edward Thomas O'Connell Official Receiver HKSAR-Official Receiver's Office 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong Telephone: 2867 2426 Fax: 3105 1814 e-mail: eamonn@oro.gov.hk TARGET FIELD: Commences Wind-up Process --------------------------------------- A winding up petition was served on Target Field (China) Limited on December 21, 2005. On February 15, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance released an order to wind up the Company. Contact: Edward Thomas O'Connell Official Receiver HKSAR-Official Receiver's Office 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong Telephone: 2867 2426 Fax: 3105 1814 e-mail: eamonn@oro.gov.hk TOP STAR: Creditors' Meeting Set for March 6 -------------------------------------------- A meeting of the creditors of Top Star Garment Limited will be held on March 6, 2006, at 11:30 a.m. At the meeting, the parties will appoint a new member to fill the vacancy in the Committee of Inspection and ascertain the wishes of creditors to change the Company's mode of winding up from voluntary to compulsory. Creditors who want to be represented at the meeting may appoint proxies, who must be lodged at Unit 1602-3, 16/F., Yue Xiu Building, 160-174 Lockhart Road, in Wanchai, Hong Kong, not later than March 8, 2006. TOP STAR: Wind-up Hearing Slated for March 15 --------------------------------------------- On February 20, 2006, Standard Chartered Bank (Hong Kong) Limited filed a petition to wind up Top Star Garment Limited. The Petition will be heard before the High Court of Hong Kong Special Administrative Region on March 15, 2006, at 9:30 a.m. Creditors or contributories of the Company who wish to support or oppose the Petition may appear in Court at the time of the hearing. Contact: Tsang, Chan & Wong Solicitors for the Petitioner 16th Floor, Wing On House No. 71 Des Voeux Road Central Central, Hong Kong Telephone: (852) 2524 5131 Fax: (852) 2845 0324 e-mail: tcw@tcw.com.hk TEXUNITED LIMITED: Schedules Final Meeting on March 31 ------------------------------------------------------ A final general meeting of the members of Texunited Limited will be held for them to receive the liquidator's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held on March 31, 2006. Contact: Ngan Lin Chun Esther Joint and Several Liquidator 1902 Mass Mutual Tower 38 Gloucester Road Wanchai, Hong Kong Telephone: 852 2520 2701 Fax: 852 2861 3757 TING FUNG: Decides to Shut Down Operations ------------------------------------------ On February 19, 2006, the members of Ting Fung Industrial Company Limited convened and agreed that: -- the Company be wound up voluntarily. -- Lau Suet Meng be appointed to supervise the wind-up activities of the Company; and -- the audit of the liquidator's accounts of receipts and payments will not be required. Contact: Lau Suet Meng Room 1004, Harvest Building, 29-37 Wing Kut Street, Central, Hong Kong WISETON ELECTRONIC: Yeung Koon Lung Files Wind-up Petition ---------------------------------------------------------- Yeung Koon Lung has lodged a petition to wind-up Wiseton Electronic Limited. The High Court of Hong Kong Special Administrative Region will hear the Petition on March 15, 2006, at 9:30 a.m. Contact: Paul W. Tse Solicitors for the Petitioner Room 1008-1012, Bank Centre 636 Nathan Road, Mongkok, Kowloon, Hong Kong X-DIVE CENTRE: Commences Winding Up Process ------------------------------------------- X-Device Centre Limited has received a wind-up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on February 15, 2006. Contact: Edward Thomas O'Connell Official Receiver HKSAR-Official Receiver's Office 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong Phone: 2867 2426 Fax: 3105 1814 e-mail: eamonn@oro.gov.hk W.F. INDUSTRIAL: Court to Hear Wind-Up Petition on March 29 ----------------------------------------------------------- On February 3, 2006, Bank of China (Hong Kong) Limited presented a petition with the High Court of Hong Kong Special Administrative Region to wind up W.F. Industrial Limited. The Court will hear the Petition on March 29, 2006, at 9:30 a.m. Creditors or contributories of the Company who wish to support or oppose the Petition may appear in Court at the time of the hearing. Contact: Anthony Chang & Partners Solicitors for the Petitioner 3903 Tower 2, Lippo Centre 89 Queensway, Central, Hong Kong Tel: (852) 2869 9699 Fax: (852) 2537 5703 WHOLE LION: Bank Wants Company Wound Up --------------------------------------- On February 3, 2006, Bank of China (Hong Kong) Limited presented a petition to wind up Whole Lion Limited. The Petition will be heard before the High Court of Hong Kong Special Administrative Region on March 29, 2006, at 9:30 a.m. Contact: Anthony Chiang & Partners Solicitors for the Petitioner Rm 3903, Tower 2, Lippo Centre 89 Queensway, Hong Kong Telephone: (852) 2869 9699 Fax: (852) 2537 5703 ========= I N D I A ========= BHARAT PETROLEUM: Unveils Change in Directorate ----------------------------------------------- Bharat Petroleum Corporation Ltd has appointed Shri. P K Sinha, Joint Secretary and Financial Advisor, Ministry of Petroleum & Natural Gas, as Director of the Company effective as of Feb. 21, 2006. Mr. Sinha replaces Smt. Aditi S Ray, Economic Advisor, MoP&NG, Government Nominee Director on the Board, who resigned from the Office of Director on the same date. About Bharat Petroleum Headquartered in Maharashtra, India, Bharat Petroleum Corporation Limited -- http://www.bharatpetroleum.com/-- is engaged in refining and marketing petroleum, liquefied petroleum gas and petrochemical products including middle distillates, light distillate, lubricants, benzene and toluene. During the year 2002, the Group introduced Petro Card and SmartFleet Card and had around 700,000 customers enrolled in 28 cities. There are 4,711 retail outlets and 1,729 LPG distributors that operate in the country. The plants of the Group are located in Mahul and Mallet Road in Mumbai and in Budge. Bharat Petroleum is currently working to reverse its losses resulting from the sale of liquefied petroleum gas (LPG) at lower, subsidized prices. On September 23, 2005, the Company delisted its shares from Madras Stock Exchange Ltd, Calcutta Stock Exchange Association Ltd and Delhi Stock Exchange Association Ltd. In November 2005, Bharat Petroleum's November 2004 profits dissipated and the Company registered a INR203- crore (US$45.7 million) net loss. By the end of the third quarter ending December 31, 2005, the Company posted a US$231 million net loss. In January 2006, Bharat Petroleum entered into a merger with Koichi Refineries Ltd, which shareholders for both companies accepted, after an initial merger bid was disapproved in September 2005. Even with its aggressive expansion moves, Bharat Petroleum has decided to put aside a US$1.4 million dollar expansion project due to losses brought about by oil subsidies, as the Company -- and the entire industry -- suffered huge losses and has difficulty implementing expansion activities due to the Government's refusal to allow oil companies to raise fuel prices despite global crude oil price crossing US$70 a barrel. On February 20, 2006, the Petroleum Ministry, however, has proposed an increase of INR3 per liter each in petrol and diesel prices and INR20 per cylinder increase in liquefied petroleum gas price to save the oil companies from going bankrupt. SUN EARTH: SEBI Bars Promoters from Trading in Market ----------------------------------------------------- The Securities and Exchange Board of India imposed a three-year securities trading ban on the promoters and associates of Sun Earth Ceramics Limited, Business Line reports. The regulator's decision followed a move by Sun Earth promoters to purposely bloat the Company's shares to reflect easy liquidity. In addition, the promoters pledged the stocks to various financial institutions including LL&FS Investsmart Ltd, Centurion Bank, Global Trust, Federal Bank, SICOM Limited and the Industrial Development Bank of India Limited. Sun Earth is part of the Motwani group manufacturing and distributing ceramic tiles under the Sonora brand. It is also engaged in marketing bathroom accessory products. Sun Earth has tied up with Walt Disney for using Disney characters on tiles and with Masco Corporation for distribution of bathroom accessory products like jacuzzis and faucets. In 2001, Sun Earth became the subject of a legal action filed by Unit Trust of India. UTI sought to recover dues of INR127.04 lakh out of its total exposure of INR2,083.16 lakh in Sun Earth. UTI's contention was that the company has been persistently delaying their payments to UTI on every quarter since 2000. * RBI Issues Guidelines for Sick Small Industrial Units ------------------------------------------------------- The Reserve Bank of India is issuing from time to time guidelines for the early sickness detection of small-scale units, WebIndia123.com reports. The Minister for Small Scale Industries Mahabir Prasad advised the state-level inter-institutional committees set up in each state under the convenorship of the RBI representatives to monitor, among other things, the implementation of these guidelines. Minister Prasad said the RBI guidelines are critical since they will allow troubled small firms to take early remedial measures and avoid being wound up. WebIndia says that the Central Government does not provide financial aide to the sick small-scale units. However, prime lending institutions, including commercial banks extend them financial assistance by way of debt restructuring. According to a 2004 government survey, the number of sick small- scale units in India has hit 1.38 lakh. ================= I N D O N E S I A ================= EXCELCOMINDO PRATAMA: Net Loss Balloons to IDR224 Bln ----------------------------------------------------- Foreign exchange losses and increasing costs has caused PT Excelcomindo Pratama Tbk to book a higher net loss of IDR224.1 billion in 2005, compared to a IDR45.3 billion net loss in 2004, Reuters News reports. Excelcomindo's operating profit dropped 13.94% to IDR570.06 billion, while revenue rose by 17% to IDR2.96 trillion. Despite the firm's lackluster performance in 2005, analysts predict that the Company would post a IDR203.2-billion net profit this year, especially that it now controls 13% of Indonesia's mobile phone users. PT Excelcomindo Pratama Tbk - http://www.xl.co.id/-- obtained the Global system for Mobile Communications (GSM) 900 spectrum allocation license from Indonesian authority in September 1995, while its commercial operation started in October 1996, providing GSM cellular network and services in the country. XL was the first private company to provide mobile telephone service in Indonesia. The Company's cash woes started in 2004, when it garnered a net loss of IDR84.75 million for the six months ended June 30, 2004. PERUSAHAAN LISTRIK: Mulls Use of Cheaper Fuel to Cut Costs ---------------------------------------------------------- As part of its cost-cutting efforts, PT Perusahaan Listrik Negara is planning to substitute the use of high-speed diesel in some of its power plants with fuel oil, the Jakarta Post says. PLN primary energy director Tonny Agus Mulyantono said that the Company has identified 45 diesel-power plants that could be converted to use the cheaper fuel oil. Only small-scale power plants outside Java that can be supplied with diesel due to transportation difficulties would be using fuel oil, The Post says. PLN expects some IDR1.34-trillion savings if the conversion pushes through since fuel oil only costs IDR3,600 per liter, which is much cheaper that the IDR5,043 per liter diesel fuel. PLN would need six to eight months to install new equipment to handle fuel oil, which is thicker than high-speed diesel fuel. The Company, however, is still conducting feasibility studies on the matter as it awaits confirmation from state oil firm PT Pertamina on the availability of fuel oil. Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- is Indonesia's state-owned utility company. The Company transmits and distributes electricity to approximately 30 million customers, or about 60% of Indonesia's population. The Indonesian government decided to end PLN's power supply monopoly to spark interest for independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. After suffering heavy losses since 2004, PLN expects to post a IDR23-trillion loss this year, and estimates to spend up to IDR51 trillion in fuel purchases for its fuel-based power plants. ========= J A P A N ========= JAPAN AIRLINES: Chief Executive to be Replaced, Reports Say ----------------------------------------------------------- Japan Airlines will hold an emergency board meeting to officially decide on the resignation of president and chief executive officer Toshiyuki Shinmachi, Kyodo News said, quoting unspecified JAL sources. The report says that Mr. Shinmachi, who became JAL president in 2004 and CEO in April 2005, will be replaced by Haruka Nishimatsu, a senior vice president in charge of financial matters. A JAL spokesman declined to confirm the report on the CEO's resignation. Nihon Keizai business daily reports that Mr. Nishimatsu's appointment as CEO, reported to take effect in June 2005, is supported by a group of managers who had wanted Mr. Shinmachi and other executives out of the picture and bring an end to JAL's management crisis. The Troubled Company Reporter - Asia Pacific reported on Feb. 21, 2006, that certain board members asked Mr. Shinmachi, together with JAL Vice-President Katsuo Haneda and Senior Managing Director Hidekazu Nishizuka to step down and take responsibility for the group's poor performance. AFP reports that JAL's net loss tripled to JPY11 billion in the quarter ended December 31, 2006, due partly to a series of safety scares which have frightened passengers at a time of soaring fuel costs. Headquartered in Tokyo, Japan, Japan Airlines Corporation -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Combined, the airlines served more than 170 cities in some 30 countries and operated more than 270 mostly jet aircraft. Both carriers continue to operate separately as Japan Airlines International Co. Ltd. and Japan Airlines Domestic, though they are combined in a single brand as JAL/Japan Airlines. JAL's international passenger operations incurred losses in recent years due to negative factors such as the severe acute respiratory distress syndrome epidemic and terrorism fears. For the full fiscal year ending March 2006, JAL forecasts a group net loss of JPY47 billion. As result of a series of incidents relating to the safety of flight operations, the JAL Group was the subject of a business improvement order and administrative warnings relating to assurances on air transportation safety issued by the Ministry of Land, Infrastructure and Transport in March 2005. In the fiscal year 2005-2007, Medium-Term Business Plan announced that in order to implement the reform of the corporate structure and the cost structure swiftly, the holding Company and operating companies are to be integrated. Specifically, in fiscal 2005, the corporate planning and marketing functions will be integrated and further steps to eliminate overlapping jobs and streamline the organization will be taken with a view to achieving substantial integration, the aim being to virtually integrate the holding company and the operating company. In addition, the number of full-time officers was cut by 30%, and this reform was completed on April 1, 2005. For the JAL Group, there was a year-on-year decline in passenger demand on international routes, primarily because of a delay in the recovery of demand on routes to China and Southeast Asia. Domestic passenger demand also faltered and fell below its year-earlier level, particularly among individual passengers, as a result of factors such as the series of safety problems that occurred. Demand for international cargo services also registered a year-on-year decline overall, owing to the weakness of demand on routes from Japan to East Asian countries and the United States. The persistence of aviation fuel prices at record-high levels compounded the situation and meant that the environment in which the JAL Group operated remained exceptionally harsh. MITSUBISHI MOTORS: Sees Rise in United States Sales --------------------------------------------------- Mitsubishi Motors Corporation expects to increase its sales in the United States by 240,000 units, Reuters reports, citing President Osamu Masuko. According to Reuters, Mr. Masuko says that Mitsubishi's ability to rise sales can be made possible through a range of new products that the Company is rolling out. However, Mr. Masuko says that reaching the target increase is not easy and may take the Company five years. Mr. Masuko says he sees sales rising to 180,000 units in 2007 from nearly 125,000 in 2005. Reuters relates that Mitsubishi, which returned to profit in its fiscal third quarter after 11 quarters of losses, made around 80,000 Colt cars last year at its Netherlands plant -- NedCar -- that also makes four-seater Smart models. The Company hopes to produce the same number this year. This indicates that about 40,000 Smart ForFours would be made at NedCar, which in November cut its 2006 production target by 10,000 vehicles to 120,000 units. The plant needs to make 130,000 cars to break even, but Mr. Masuko told Reuters that he had no plans to find other models to make there. Mitsubishi Motors car sales in Europe rose 17.7% in calendar year 2005 to 265,685 vehicles, beating its target of 260,000. About Mitsubishi Motors Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp-- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The Company also operates consumer-financing services and provides this to its customer base. Mitsubishi's problems stem, in part, from the scandal surrounding years of systematically covering up defects and ill-advised auto lending policies in the United States. SANYO ELECTRIC: Introduces Projectors for Professionals ------------------------------------------------------- Sanyo Electric Co., Ltd., has introduced two WiFi projectors that specifically suit corporate or IT professionals. The PLC-XU86 ($3 999) and the PLC-XU83 ($3499) are both equipped with WiFi wireless presentation 80211.G so that a PC and projector can be managed remotely. For poignant presentations, the projectors can be used for both data and video presentations with HDTV compatibility, which supports 720p and 1080i. Sanyo says that the projector uses a wide range optical zoom of 1.57x, which is versatile for different sized rooms. The PLC-XU gives the user the freedom to do presentations on the run with a USB Memory Viewer for PC-free presentations. Changing slides and emphasizing important points in a presentation can be managed by the remote control with mouse function and laser pointer. Wireless set-up is claimed to be simple with connection settings for PC and projector made automatically. It possesses 2000 to 2500 lumens combined with native XGA for high resolution images which is claimed to suit large audiences. The PLC-XUs' weigh 2.6kg and Power Off and Go function allow for immediate disconnection without waiting for the projector to cool down. Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. -- http://www.sanyo.co.jp/koho/index_e.html-- carried out its operations through its audio-visual and information division, home appliances division, machinery division, electronic devices division and batteries division. The Company began facing a difficult operating environment in some of its core businesses after the demand for digital-related products became sluggish, after an earthquake hit its plant in Niigata in 2004 and caused damages, and after losses arose from some accounting changes. Prices of some electric devices declined and inventories accumulated, while sales of digital cameras to camera makers weakened, with falling prices. As a result, Sanyo's operating profits for the months to Dec. 31, 2004, dropped 64% compared with the same period in 2003. By February 2005, the electric firm's ratings turned from stable to negative, reflecting the Company's weaker profitability and financial profile. In November 2005, Sanyo revised down its earnings forecast for the fiscal year to March 2006, with an operating loss of JPY17 billion now expected instead of JPY18 billion of profit. Net loss was similarly amended down, to JPY233 billion from JPY140bn. Sanyo then announced a mid-term business plan whose targets included: restructuring of unprofitable businesses; focusing on three key areas where Sanyo has retained global competitiveness (batteries, commercial-use air-conditioning systems and personal mobile electronics products); and improvement of its financial profile as quickly as possible. ========= K O R E A ========= DAEWOO ENGINEERING: Union's Protests Could Delay Sale ----------------------------------------------------- Due to the interference of unionists in the due diligence process of Daewoo Engineering & Construction Company, the formal tender for the Company will most likely be delayed to April, JoongAng Daily reports. The Korea Asset Management Corporation fears that the sale could be postponed due to a very transparent show of disapproval from the unionists. As reported in the Troubled Company Reporter on March 1, 2006, the union has blocked bidders from conducting due diligence on Daewoo Engineering. The union placed a group of employees at the lobby of the Company's headquarters in Seoul to bar bidders from entering. The union's main concern is to be reassured that the creditors would not sell their entire stake in Daewoo. They have also expressed concern over the inflated price of the Company. The union believes that a further increase in price would drag the Company back to insolvency because of high interest payments. Headquartered in Seoul, South Korea, Daewoo Engineering & Construction Co. -- http://www.daewooenc.com/-- has become a world leader in civil engineering, housing construction, power and industrial plant development, architectural services, and construction of liquid natural gas facilities. In addition to large-scale domestic projects, Daewoo has more recently built gas plants in Nigeria, a hospital in Libya, and the Trump World Tower in New York, to name a few. Daewoo Engineering is one of several Daewoo units that initially survived the 1999 collapse of the conglomerate Daewoo Group under US$80 billion of debts in South Korea's largest corporate bankruptcy. In early 2004, the Korea Asset Management Company announced a proposed auction of Daewoo Engineering. Daewoo Engineering is the latest part of the bankrupt Daewoo business empire to be sold. KAMCO's 46% stake in the Company had been estimated to fetch about KRW800 billion (US$677 million). The Company has since become a potential acquisition target in 2006. =============== M A L A Y S I A =============== FOREMOST HOLDINGS: Results Return to Black in 4Q/FY05 ----------------------------------------------------- Foremost Holdings Berhad has released its fourth quarter financial statement for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 18,581 31,663 126,305 170,625 (2) Profit/(loss) before tax 4,220 -4,480 -5,867 -2,989 (3) Profit/(loss) after tax and minority interest 3,085 -4,475 -7,983 -2,370 (4) Net profit/(loss) for the period 3,085 -4,475 -7,983 -2,370 (5) Basic earnings/(loss) per shares (sen) 5.86 -10.21 -15.17 -5.40 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.5252 0.5766 The financial statement is available for free at: http://bankrupt.com/misc/FOREMOSTQ4FY2005.xls The notes to financial statement is available for free at: http://bankrupt.com/misc/FOREMOSTNotesQ42005.doc Foremost Holdings Berhad manufactures and sells automobile speakers, home audio speakers, general-purpose speakers and speaker wooden cabinets. The Company is also engaged in the trading of auto accessories, investment holdings and the provision of management services. Products are distributed in Malaysia, Singapore, United Kingdom, Italy, Taiwan, USA, other Asian countries, other European countries and other countries. KARENSOFT TECHNOLOGY: 4Q/FY05 Net Profit Widens to MYR8,166,000 --------------------------------------------------------------- Karensoft Technology Berhad's unaudited fourth quarter financial statement has been released to Bursa Malaysia Securities Berhad. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 188 1,543 1,254 6,147 (2) Profit/(loss) before tax -8,164 -4,758 -10,612 -3,929 (3) Profit/(loss) after tax and minority interest -8,166 -4,743 -10,617 -3,930 (4) Net profit/(loss) for the period -8,166 -4,743 -10,617 -3,930 (5) Basic earnings/(loss) per shares (sen) -10.64 -6.74 -11.33 -3.80 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.0337 0.1833 The financial statement is available for free at: http://bankrupt.com/misc/KarenSoftTechnologyKTBQ405.pdf Karensoft Technology Berhad's activities are copyright ownership, marketing, training, installation, support, implementation and distribution of software solutions. Other activities include marketing of hardware equipment and investment holding. The Group operates in Malaysia. LINEAR COOLING: Withdraws Suit Against Syarikat ----------------------------------------------- On February 28, 2006, Linear Cooling Industries Sdn Bhd and Syarikat Success Construction Sdn signed a settlement agreement after Linear Cooling agreed to withdraw its legal action against Syarikat. Under the agreement: * Linear will transfer a sum of MYR430,000-00 into Syarikat's account on or before March 1, 2006; * Linear, via its solicitors, files and serves the Notice of Discontinuance of its suit against Syarikat for liquidated damages of MYR530,000-00 for rectification works and unspecified damages in respect of Syarikat's failure to satisfactorily complete the construction of a district cooling plant located at Bandar Perda, Seberang Prai; and * Syarikat will agree to discharge on March 2, 2006, the wind-up application dated February 20, 2006, filed by Linear Cooling, subject to the approval of the Court. All the terms will be considered full and final settlement between the parties in relation to the Winding-up Petition, the Appeal and the Suit and all matters stated in the terms. Headquartered in Penang, Malaysia, Linear Cooling Industries Sdn Bhd is the industrial manufacturing arm of the Linear Group. Today, LCI houses some of the most comprehensive HVAC manufacturing facilities available and its products are exported worldwide. The Company was served a notice of a winding-up petition by Syarikat Success Construction Berhad on May 26, 2005. SSC was claiming for an amount of MYR583,418.82, a retention sum and disputes of variation works, overdue interest and claimed losses. MANGIUM INDUSTRIES: Returns to Profit in 4Q/FY05 ------------------------------------------------ Mangium Industries Berhad unveiled to Bursa Malaysia Securities Berhad its unaudited fourth quarter financial statement for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 13,389 14,867 48,429 41,884 (2) Profit/(loss) before tax 1,924 -4,565 -1,220 -9,972 (3) Profit/(loss) after tax and minority interest 434 -5,130 -2,682 -10,585 (4) Net profit/(loss) for the period 434 -5,130 -2,682 -10,585 (5) Basic earnings/(loss) per shares (sen) 1.36 -16.03 -8.38 -33.08 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.3200 0.0400 The financial statement is available for free at: http://bankrupt.com/misc/MangiumIndustries022806.xls The notes to financial statement is available for free at: http://bankrupt.com/misc/MangiumIndustriesNotestoAccountQ42005.doc Headquartered in Kuala Lumpur, Malaysia, Mangium Industries Berhad Formerly known as Serisar Industries Berhad manufactures and trades timber and timber related products. The Company also provides printing services, publisher, printer consultants and advertisers, trading of alcoholic beverages, general trading of office furniture and investment holding. Operations of the Group are carried out in Malaysia. MAXTRAL INDUSTRY: Securities Issuance Gets SC's Approval -------------------------------------------------------- The Securities Commission has approved Maxtral Industry Berhad's proposed issuance of the Islamic Securities Facilities, comprising of: -- MYR80.0 million Al Bai' Bithaman Ajil Islamic Debt Securities Facility; and -- up to MYR20.0 million Murabahah Underwritten Notes Issuance Facility/Murabahah Medium Term Notes Issuance Facility. The proceeds arising from the proposed issuance of BaIDS will be utilized to: * refinance and repay bank borrowings of Maxtral and its subsidiary, Kin Yip Wood Industries Sdn Bhd; * fund the finance service reserve account equivalent to one profit payment of the BaIDS to be issued; * reimburse and finance Maxtral's and KYWI's capital expenditures; * finance Maxtral's and KWYI's working capital; and * pay the relevant issuance expenses. The proceeds arising from the proposed issuance of the MUNIF/MMTN Facility will be utilized to: * fund the finance service reserve account equivalent to one profit payment of the MMTN to be issued; * finance purchase of raw materials; * finance Maxtral's and KYWI's capital expenditures and working capital; and * roll-over the MUNIF/MMTN issued. OSK Securities Berhad has been appointed as the Principal Adviser, Lead Arranger and Facility Agent for the Islamic Securities Facilities. Headquartered in Sabah Malaysia, Maxtral Industry Bhd manufactures and sells plywood, veneer, mouldings products and logs trading. Other activities of the group are management services and investment holdings. MERCES HOLDINGS: Net Loss Dips to MYR1,592,000 in 4Q/FY05 --------------------------------------------------------- Merces Holdings Berhad has released its unaudited fourth quarter financial report for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 12,790 7,129 21,466 16,796 (2) Profit/(loss) before tax -1,593 -4,023 -4,280 -5,267 (3) Profit/(loss) after tax and minority interest -1,592 -4,074 -4,278 -5,003 (4) Net profit/(loss) for the period -1,592 -4,074 -4,278 -5,003 (5) Basic earnings/(loss) per shares (sen) -3.12 -7.90 -8.38 -10.00 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.5200 0.6100 The financial statement is available for free at: http://bankrupt.com/misc/MercesHoldingsQuarterlyResults022806.xls The status on the Company's material litigation is available for free at: http://bankrupt.com/misc/MercesHoldingsStatusonMaterialLitigations.doc Merces Holdings Berhad's principal activities are the provision of property development and building construction works. The Company's other activity include investment holding. Operations of the Group are predominantly carried out in Malaysia. MERCURY INDUSTRIES: Net Loss Hits MYR2,694,000 in 4Q/FY05 --------------------------------------------------------- Mercury Industries Berhad submitted to Bursa Malaysia Securities Berhad its unaudited fourth quarter financial report for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 10,405 9,146 36,149 33,854 (2) Profit/(loss) before tax -2,636 -921 -1,680 645 (3) Profit/(loss) after tax and minority interest -2,694 -1,044 -2,107 80 (4) Net profit/(loss) for the period -2,694 -1,044 -2,107 80 (5) Basic earnings/(loss) per shares (sen) -7.45 -2.89 -5.82 0.22 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.4313 0.4896 The financial statement is available for free at: http://bankrupt.com/misc/MercuryIndustries022806.doc Headquartered in Kuala Lumpur, Malaysia, Mercury Industries Berhad's principal activities are organized into three operating divisions: Manufacturing, Retailing and Investment holding. The manufacturing division manufactures and sells putty, hardener, underseal and paints. The retailing division markets paints and related products. The Investment holding division provides management services. The Group operates principally in Malaysia. MINPLY HOLDINGS: Net Loss Slips to MYR1,183,000 in 4Q/FY058 ----------------------------------------------------------- The unaudited fourth quarter financial report of Minply Holdings (M) Berhad has been submitted to Bursa Malaysia Securities Berhad. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 17,710 18,195 59,953 66,263 (2) Profit/(loss) before tax -1,082 -282 -955 -10,441 (3) Profit/(loss) after tax and minority interest -1,183 -4,456 -957 -13,376 (4) Net profit/(loss) for the period -1,183 -4,456 -957 -13,376 (5) Basic earnings/(loss) per shares (sen) -2.69 -10.43 -2.18 -31.31 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.7803 0.8306 The financial statement is available for free at: http://bankrupt.com/misc/MinplyHoldingsBM4Q2005.xls Headquartered in Johor, Malaysia, Minply Holdings (M) Berhad is engaged in trading and manufacturing of wood based products, furniture parts, accessories, metal hinges and other related products. Other activities include investment holding and provision of sub-contracting services. The Group's operations are predominantly located in Malaysia. MULPHA LAND: Net Loss Drops to MYR2,999,000 in 4Q/FY05 ------------------------------------------------------ Mulpha Land Berhad's unaudited fourth quarter financial statement for the financial period ended December 31, 2006 has been released to Bursa Malaysia Securities Berhad. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 1,093 19,496 22,222 77,496 (2) Profit/(loss) before tax -3,363 -7,445 1,345 -7,024 (3) Profit/(loss) after tax and minority interest -2,999 -7,430 2,006 -6,983 (4) Net profit/(loss) for the period -2,999 -7,430 2,006 -6,983 (5) Basic earnings/(loss) per shares (sen) -4.96 -12.28 3.32 -11.54 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 1.6400 1.3400 The financial is available free of charge at: http://bankrupt.com/misc/MulphaLand4q2005FINAL1.xls The notes to financial statement is available for free at: http://bankrupt.com/misc/MulphaQ4notesFINAL1.doc Headquartered in Kuala Lumpur, Malaysia, Mulpha Land Berhad formerly known as Mega Pascal Berhad is engaged in the production and sale of ready-mixed concrete. Other activities include property development, property development, quarry operations, contractors and dealers of granite products and rental of mixer trucks and investment holding. Operations are carried out in Malaysia. PAN MALAYSIA: Books MYR6,883,000 Net Loss in 4Q/FY05 ---------------------------------------------------- Pan Malaysia Corporation Berhad has released its fourth quarter financial report for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 78,982 95,538 332,638 352,986 (2) Profit/(loss) before tax -17,616 -1,123,703 -24,551 -1,116,601 (3) Profit/(loss) after tax and minority interest -6,883 -1,125,718 -16,427 -1,116,573 (4) Net profit/(loss) for the period -6,883 -1,125,718 -16,427 -1,116,573 (5) Basic earnings/(loss) per shares (sen) -0.96 -134.29 -2.12 -140.39 (6) Dividend per share (sen) 0.00 0.00 0.00 1.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.5958 0.6040 The financial statement is available for free at: http://bankrupt.com/misc/PanMalaysiaDec2005.xls Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Corporation Berhad provides management services and the manufacturing, marketing and distribution of confectionery and cocoa-based and other food products. The Company also operates departmental and specialty stores, construction and property investment and investment holding. The Group operates in Malaysia, Australia and the rest of Asia-Pacific. PASDEC HOLDINGS: Net Loss Dips to MYR1,441,000 in 4Q/FY05 --------------------------------------------------------- Pasdec Holdings Berhad unveiled to Bursa Malaysia Securities Berhad its fourth quarter financial report for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 17,708 6,669 72,926 32,991 (2) Profit/(loss) before tax -1,214 -25,333 5,552 -21,978 (3) Profit/(loss) after tax and minority interest -1,441 -27,060 5,646 -22,869 (4) Net profit/(loss) for the period -1,441 -27,060 5,646 -22,869 (5) Basic earnings/(loss) per shares (sen) -0.69 -13.13 2.74 -11.10 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 1.5700 1.5400 The financial statement is available for free at: http://bankrupt.com/misc/Pasdec4Qreport052802.doc Headquartered in Pahang, Malaysia, Pasdec Holdings Berhad is a developer of residential and commercial properties. Other activities include trading of building materials, manufacturing and sale of bricks, provision of management services and quarry operation. Operations are mainly carried out in Malaysia. PJI HOLDINGS: Suffers MYR4,613,000 Net Loss in 4Q/FY05 ------------------------------------------------------ PJI Holdings Berhad has submitted to Bursa Malaysia Securities Berhad its second quarter financial statement for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 14,884 32,698 33,601 67,655 (2) Profit/(loss) before tax -4,470 -3,413 -8,625 -5,442 (3) Profit/(loss) after tax and minority interest -4,613 -7,496 -8,930 -9,586 (4) Net profit/(loss) for the period -4,613 -7,496 -8,930 -9,586 (5) Basic earnings/(loss) per shares (sen) -1.14 -1.85 -2.20 -2.36 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.1468 0.1712 The financial statement is available for free at: http://bankrupt.com/misc/PJIHoldings2Qtr2006.xls PJI Holdings Berhad provides electrical and mechanical engineering services. Other activities include supply and installation of air-conditioning and ventilation systems, infrastructure power distribution services, electrical components trading and investment holding. Operations are carried out in Malaysia. PNE PCB BERHAD: Incurs MYR1,540,000 Net Loss in 1Q/FY05 ------------------------------------------------------- PNE PCB Berhad has released its unaudited first quarter financial statement for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 20,279 13,804 20,279 13,804 (2) Profit/(loss) before tax -1,540 -2,605 -1,540 -2,605 (3) Profit/(loss) after tax and minority interest -1,540 -1,269 -1,540 -1,269 (4) Net profit/(loss) for the period -1,540 -1,269 -1,540 -1,269 (5) Basic earnings/(loss) per shares (sen) -2.34 -1.93 -2.34 -1.93 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 1.0900 1.1100 The financial statement is available free of charge at: http://bankrupt.com/misc/PNEPCB311205announcement.doc PNE PCB Berhad manufactures and sells printed circuit boards and related products. Other activity includes investment holding. The Group operates in Malaysia, Singapore and the People's Republic of China. POLYMATE HOLDINGS: Books MYR10,706,000 Net Loss in 1Q/FY05 ---------------------------------------------------------- Polymate Holdings Berhad's unaudited first quarter financial statement for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 11,492 35,206 11,492 35,206 (2) Profit/(loss) before tax -10,832 -7,247 -10,832 -7,247 (3) Profit/(loss) after tax and minority interest -10,706 -7,203 -10,706 -7,203 (4) Net profit/(loss) for the period -10,706 -7,203 -10,706 -7,203 (5) Basic earnings/(loss) per shares (sen) -15.83 -10.67 -15.83 -10.67 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End -0.5100 1.8900 The financial statement is available for free at: http://bankrupt.com/misc/PolymateHoldings1QReport.xls The notes to financial statement is available for free at: http://bankrupt.com/misc/PolymateHoldingsNotes1q2006.doc PORTRADE DOTCOM: Posts MYR147,000 Net Loss in 2Q/FY05 ----------------------------------------------------- Portrade Dotcom Berhad has released its unaudited second quarter financial statement for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 3,144 1,916 4,792 3,669 (2) Profit/(loss) before tax -137 -136 -471 -293 (3) Profit/(loss) after tax and minority interest -147 -135 -489 -291 (4) Net profit/(loss) for the period -147 -135 -489 -291 (5) Basic earnings/(loss) per shares (sen) -0.16 -0.14 -0.52 -0.31 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.1200 0.1237 The financial statement is available for free at: http://bankrupt.com/misc/PortradeQuarterlyAnnouncement.xls Headquartered in Selangor Malaysia, Portrade DotCom Bhd is engaged in the provision of information technology related products. Other activity is investment holding. Operations are carried out in Malaysia. SM SUMMIT: Net Loss Hits MYR123,000 in 3Q/FY05 ---------------------------------------------- The unaudited third quarter financial statement for the financial period ended December 31, 2005 of SM Summit Holdings Bhd has been released to Bursa Malaysia Securities Berhad. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 8,854 8,802 25,399 28,618 (2) Profit/(loss) before tax 70 -459 -135 -1,410 (3) Profit/(loss) after tax and minority interest -123 -471 -294 -1,642 (4) Net profit/(loss) for the period -123 -471 -294 -1,642 (5) Basic earnings/(loss) per shares (sen) -0.31 -1.18 -0.74 -4.11 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 1.1451 1.1525 The financial statement is available free of charge at: http://bankrupt.com/misc/SMSummitBerhadQ3fs.xls The notes to financial statement are available for free at: http://bankrupt.com/misc/SMSummitBerhadMSEB.doc http://bankrupt.com/misc/SMSummitBerhadMASB.doc Headquartered in Kuala Lumpur, Malaysia, SM Summit Holdings Berhad is engaged in the manufacture and trade of compact discs. Other activities of the Group include mechanical reproduction of sound and music and manufacture of plastic fabricated parts. Operations of the Group are carried out in Malaysia. SUREMAX GROUP: Names New Auditors at Meeting -------------------------------------------- At their annual general meeting, shareholders of Suremax Group Berhad have approved the resolution to appoint Atarek Ibrahim & Company as Auditors of the Company in place of the retiring Auditors, Horwath to hold office until the conclusion of the next Annual General Meeting. The Auditors' remuneration have also been approved. Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is engaged in property development, construction, trading in construction materials and sub-contracting works. The firm's other activities include the provision of property management services and building construction. The Group is also involved in the manufacture and sale of ready mixed concrete. TRICUBES BERHAD: Net Loss Slips to MYR128,000 in 3Q/FY05 -------------------------------------------------------- The unaudited third quarter financial statement for the financial period of Tricubes Berhad has been released to Bursa Malaysia Securities Berhad. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 9,891 1,050 18,559 1,050 (2) Profit/(loss) before tax -163 -304 -92 -304 (3) Profit/(loss) after tax and minority interest -128 -333 147 -333 (4) Net profit/(loss) for the period -128 -333 147 -333 (5) Basic earnings/(loss) per shares (sen) -0.10 -0.01 0.11 0.01 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.2300 0.2400 The financial statement is available free of charge at: http://bankrupt.com/misc/TricubesBerhad3Q2005(Amended).pdf TRU-TECH HOLDINGS: Net Loss Shrinks to MYR12,243,000 in 4Q/FY05 --------------------------------------------------------------- Tru-Tech Holdings Berhad submitted to Bursa Malaysia Securities Berhad its unaudited fourth quarter financial statement for the financial period ended December 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-12-2005 31-12-2004 31-12-2005 31-12-2004 MYR'000 MYR'000 MYR'000 MYR'000 (1) Revenue 5,130 7,313 21,499 95,692 (2) Profit/(loss) before tax -11,766 -20,220 -16,555 -28,887 (3) Profit/(loss) after tax and minority interest -12,243 -20,454 -17,033 -29,012 (4) Net profit/(loss) for the period -12,243 -20,454 -17,033 -29,012 (5) Basic earnings/(loss) per shares (sen) -28.41 -47.46 -39.52 -67.32 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 (7) Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End -1.8800 -1.4700 The financial statement is available for free at: http://bankrupt.com/misc/Tru-techBerhad022806.xls Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings Berhad's principal activity is the manufacturing of electronic components and products. Its other activities include development and distribution of switch-mode power supplies and investment holding. The Group operates in Malaysia, Singapore, The United States of America and United Kingdom. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Revamps Management After President Quit ------------------------------------------------------------- ABS-CBN Broadcasting Corporation has unveiled organizational changes after its president, Luis Alejandrino, announced his resignation last Tuesday, The Manila Times says. The Network has promoted its executive vice-president for entertainment, Rosario Santos-Concio, as executive vice- president and television channel head. Ms. Santos-Concio will be in charge of total television channel programming, on-air operations, and overall revenue and profit delivery of Channel 2, the flagship of ABS-CBN, The Times reveals. Antonio Ventosa, until recently the managing director of Hemisphere Leo Burnett Advertising, joins ABS-CBN as head of marketing. Agustin Benitez, on the other hand, has been appointed as head of the customer development group of ABS-CBN. Prior to his new posting, Mr. Benitez served as associate managing director of ABC Channel 5, another Philippine television station. As reported by the Troubled Company Reporter - Asia Pacific on March 1, 2006, Luis Alejandrino resigned from his post as ABS- CBN's president and chief operating officer effective March 16, 2006, to join his former employer, NutriAsia. He will be replaced by ABS-CBN Chairman and Chief Executive Eugenio Lopez III. ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com/-- is a leading radio and television broadcasting network and multimedia company in the Philippines. It was founded in 1953, and was the first television station in the Philippines. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center in Mother Ignacia St., Diliman, Quezon City, Philippines. ABS- CBN has been struggling with its debt woes with continued operating losses, weak airtime revenues and high costs amidst decline in viewership ratings, coupled with the restructuring of its parent, Benpres Holdings. The February 4, 2006, stampede placed the Network in the midst of rumors of license revocation, class action proceedings initiated by the victims, and more expenses which altogether caused further decline in share prices. BAGUIO MOUNTAIN: To Distribute Assets and End Liquidation --------------------------------------------------------- On March 14, 2006, the Motion for Approval of the Final Project of Distribution of Assets and Termination of the Liquidation Proceedings of Baguio Mountain Province Development Bank will be submitted to the Liquidation Court or the Regional Trial Court - Branch 6 of Baguio City for approval. Contact: The Philippine Deposit Insurance Corporation Liquidator PDIC Bldg., 2228 Chino Roces Avenue 1231 Makati City, Philippines Telephone: (632) 841-4000 e-mail: info@pdic.gov.ph Web site: http://www.pdic.gov.ph/ CABIAO RURAL BANK: Court OKs Petition for Liquidation Assistance ---------------------------------------------------------------- On January 18, 2006, the Regional Trial Court Branch 34 of Gapan City, approved the Petition for Assistance in the Liquidation of Cabiao Rural Bank (Nueva Ecija) Incorporated, filed by the Philippine Deposit Insurance Corporation, as the Bank's Liquidator. All creditors and other interested parties of the Cabiao Rural Bank are advised to submit their money claims to RTC, Branch 34, Gapan City, for approval or disapproval. Contact: The Philippine Deposit Insurance Corporation PDIC Bldg., 2228 Chino Roces Avenue 1231 Makati City, Philippines Telephone: (632) 841-4000 e-mail: info@pdic.gov.ph Web site: http://www.pdic.gov.ph/ MANILA ELECTRIC: Up on Technical Recovery ----------------------------------------- Manila Electric Company and its parent, First Philippine Holdings Corporation, were higher on technical recovery after February's weak showing, The Philippine Daily Inquirer relates. The Inquirer article says that dealers are ready to snap up Meralco and FPHC stocks after recent shares slumps. In the middle of the session, FPHC was up Php1.00 or 2.41% at Php42.50, on volume of 844.300 shares. It was the second top- traded counter. Meralco A-shares, limited to Filipino investors, were up Php0.25 or 2.00% at Php12.75. Meralco B-shares, available to foreign investors, were Php0.75 or 4.05% higher at Php19.25. Westlink Global Equities Incorporated said the stock are technically due for a rebound after being oversold last month. About Meralco Headquartered in Ortigas, Pasig City, the Manila Electric Company -- http://www.meralco.com.ph/-- is the largest utility in the Philippines, providing power to 4.1 million customers in metropolitan Manila and more than 100 surrounding communities. As deregulation takes effect, Meralco is reducing its dependence on state-owned National Power Corp. by increasing the amount of power it purchases from independent power producers. Meralco is also preparing for competition by moving into non-regulated activities, including energy consulting, independent power production, engineering, fiber optics, e-commerce, and real estate. Meralco started to incur huge losses in 2003 on lower power sales and a slowdown in residential power consumption due to the rising cost of power. In 2004, the Energy Regulatory Commission ordered the power utility firm to refund some Php90 million to its customers for overbillings. On June 2, 2004, Meralco adopted a 13.27-centavo power rate hike, which was approved by the Energy Regulatory Commission, to offset its losses. However, the rate hike was nullified by the Supreme Court in February 2006. Standard & Poor's Ratings Services assigned a B- rating and negative outlook on Meralco. NATIONAL FOOD: To Keep Rice Supply and Prices Stable Amid Crisis ---------------------------------------------------------------- The National Food Authority assured the public there would be enough supply of NFA rice and that prices are still stable despite the economic crisis. The state food agency said the allocation per retailer is regulated until its replenishment for the succeeding allotment. NFA officials assured there would be sufficient supply of rice even during calamity, adding that they are prepared in case of La Nina threat. NFA prices are stable since the agency is selling rice using the old price sold at Php18 per kilo while the retailers are buying it at Php16.50/kilogram or Php825/bag. Headquartered in Quezon City, Philippines, National Food Authority -- http://www.nfa.gov.ph/-- is a government organization regulating the rice and corn industry by stabilizing grain supply and prices and maintaining food security in cereals. NFA is among the state-owned firms, which push up the country's outstanding public sector debt. In 2005, the agency incurred an additional Php6-billion debt to bankroll cost of rice and corn importation, as well as payment of import duties. The Company is seeking a private sector takeover of its importation role so it could gradually make a turnaround from its Php22-billion loss in 2005. NATIONAL FOOD: Farmer Groups Reject Proposed Dissolution -------------------------------------------------------- Grain retailers and farmer groups campaign to let the National Government keep the National Food Authority because of NFA's position as a major rice and corn distributor, SunStar Daily says. In a joint resolution, the Grains Retailers Confederation of the Philippines and the Provincial Farmers Action Council said that the "NFA stabilizes rice supply and to abolish it would negate (the Government's) success." The groups are also rallying to make NFA the sole rice importer free of tariff duties to enable it to sell rice to consumers at cheaper costs, SunStar relates. The Government is planning to dissolve NFA since, aside from incurring huge debts and losses, the agency still cannot cope with the increasing demand of a growing population despite high rice production, the report says. As reported by the Troubled Company - Asia Pacific on Jan. 23, 2006, NFA has challenged government policymakers to make the crucial decision on whether or not it should be allowed to continue its twin mandate of buying grains at above market prices from farmers and distributing these at cheaper prices to consumers. The agency implements the government's rice support program by buying palay from farmers and selling these at subsidized prices in strategic areas to stabilize prices. At the same time, it is mandated to handle the country's rice import program. Its conflicting tasks have caused NFA to absorb huge losses. With inadequate budgetary support, the NFA is finding it more difficult to fund its programs and has been relying on commercial loans to carry out its mandate. Headquartered in Quezon City, Philippines, National Food Authority -- http://www.nfa.gov.ph/-- is a government organization regulating the rice and corn industry by stabilizing grain supply and prices and maintaining food security in cereals. NFA is among the state-owned firms, which push up the country's outstanding public sector debt. In 2005, the agency incurred an additional Php6-billion debt to bankroll cost of rice and corn importation, as well as payment of import duties. The Company is seeking a private sector takeover of its importation role so it could gradually make a turnaround from its Php22-billion loss in 2005. NATIONAL POWER: Poised to Make Profit in 2006 --------------------------------------------- Things are looking up at National Power Corporation, as the electricity generation company forecast to post a profit for 2006 -- its first in nine years -- as a stronger peso helps cut costs, a government official said today. Bloomberg News, citing Nieves Osorio, president of Power Sector Asset and Liabilities Management Co., stated that the utility is expecting savings on interest payments on its foreign debt and other obligations abroad because of gains in the local currency. The profit forecast comes after the Company broke even in 2005, the Troubled Company Reporter - Asia Pacific learned from the Company's unaudited figures. National Power's losses narrowed to Php29.9 billion in 2004 from Php117 billion in 2003 after it was allowed to increase tariffs. In the past three months, the peso rose 5.1% against the dollar. National Power also expects to continue to save on oil costs by using power plants that operate on less-expensive fuel, Mr. Osorio said. As reported by the TCR-AP on February 16, 2006, the Government, through Power Sector Assets and Liabilities Management Corporation, has targeted to privatize 70% of Napocor's generating assets. However, PSALM was able to divest only five facilities or 0.0015% of the total assets set for privatization. The Finance Department, therefore, believes that it is easier to divest the assets as one rather than individually. Headquartered in Quezon City, Philippines, National Power Corporation -- http://www.napocor.gov.ph/-- is a state-owned utility that builds and operates nuclear, hydroelectric, thermal, and alternative power-generating facilities. It works with independent producers under a build-operate-transfer program. With a generating capacity of more than 11,500 megawatts, Napocor sells electricity to distributors and industrial companies. To comply with the privatization bill approved by the Philippine Congress, the Company has begun selling off its generation assets to help pay for the utility's estimated 600 billion pesos ($11.6 billion) of debt. It has also separated its transmission operations into a new subsidiary, the National Transmission Corporation. The state- owned firm, which is considered a major draining factor of the Government's finances, is projected to post a higher deficit of Php18.41 billion this year from Php5.95-billion deficit in 2005. Napocor incurred its huge losses to fund the operations of its power facilities. It is selling dozens of generating plants and leasing its nationwide electricity grid to cut dependence on debt and unburden the Government, which guarantees all its debts. NATIONAL POWER: Thai Firm Eyes Three Assets ------------------------------------------- Thai power firm Electricity Generating Plc has signified its interest to acquire three of National Power Corporation's power facilities, Malaya News reports. EGCOMP asset management senior executive, Somyos Polachan, told Reuters that the firm is holding discussions with Napocor. He said the outcome of the negotiations will be revealed soon. According to Malaya, the Thai firm is willing to invest around THB100 million (US$2.5 million) for the three power plants. EGCOMP, 22% owned by Hong Kong utility CLP Holdings, has a capacity of 2,414 megawatt, accounting for about 9-10% of Thailand's generating capacity. State-run EGAT Plc owns 25% of the Company. This development came after Ayala Corporation expressed interest in joining the privatization of the government's 700-megawatt Tiwi-Makban geothermal assets in Albay, Laguna and Batangas provinces. Ayala, whose core business includes banking, and telecommunications, formed Michigan Power Inc., a special purpose company that will explore potential investments in the power sector, last year. As reported by the Troubled Company Reporter - Asia Pacific on February 16, 2006, the Government, through Power Sector Assets and Liabilities Management Corporation, has targeted to privatize 70% of Napocor's generating assets. However, PSALM was able to divest only five facilities or 0.0015% of the total assets set for privatization. The Finance Department, therefore, believes that it is easier to divest the assets as one rather than individually, The Times adds. Headquartered in Quezon City, Philippines, National Power Corporation -- http://www.napocor.gov.ph/-- is a state-owned utility that builds and operates nuclear, hydroelectric, thermal, and alternative power-generating facilities. It works with independent producers under a build-operate-transfer program. With a generating capacity of more than 11,500 megawatts, Napocor sells electricity to distributors and industrial companies. To comply with the privatization bill approved by the Philippine Congress, the Company has begun selling off its generation assets. It has also separated its transmission operations into a new subsidiary, the National Transmission Corporation. The state-owned firm, which is considered a major draining factor of the Government's finances, is projected to post a higher deficit of Php18.41 billion this year from Php5.95-billion deficit in 2005. Napocor incurred its huge losses to fund the operations of its power facilities. It is selling dozens of generating plants and leasing its nationwide electricity grid to cut dependence on debt and unburden the Government, which guarantees all its debts. * S&P Monitors Philippines and Warns of Negative Action ------------------------------------------------------- Standard & Poor's on Monday affirmed the Philippines' BB-minus foreign currency rating and BB-plus local currency rating are unchanged but warned that a negative action may be needed if the country loosens its fiscal grip. On February 24, 2006, Philippine President Gloria Macapagal- Arroyo invoked emergency rule to fight what she called a "systematic conspiracy" against her by members of the opposition, sparking a political crisis that hurt the country's financial markets. "Should the current political crisis worsen and become protracted, the risks are that both policy and economic reforms could be delayed," S&P analysts wrote in a research note. "Any signs that political considerations could overshadow ongoing fiscal consolidation efforts will have negative credit implications," they added. Less than one month ago, Standard & Poor's had revised to stable from negative the outlook on the Philippines debt, mentioning "improved expectations of the country's ability to maintain fiscal consolidation." Such an expectation was among the main reasons that made Philippines' debt the most profitable among emerging markets in 2005. According to JP Morgan's Emerging Markets Bond Index Plus (EMBI+) <11EMJ>, the country's bonds jumped more than 20% last year. But now investors are worried that the country has still not become as stable as initially thought, after nine years of martial law under late dictator Ferdinand Marcos. Spreads between the Philippines' debt and comparable U.S. Treasuries, a gauge of investors' perception of risk, widened 6 basis points to 266 points on Friday on the news, recouping part of their losses on Monday. According to S&P, an eventual loss of investors' confidence in the Philippines would expose the country's external vulnerabilities, given that almost half of its debt is currently denominated in foreign currency. ================= S I N G A P O R E ================= CHANNEL GROUP: Quicklogic Files Wind-up Petition ------------------------------------------------ On February 14, 2006, Quicklogic Corporation filed a winding up petition against Channel Group Pte Limited. The Singapore High Court will hear the Petition on March 10, 2006, at 10:00 a.m. Any Company creditor or contributory who wants to support or oppose the proposed wind-up may appear at the hearing by himself or his counsel for that purpose. The Petitioner's solicitors, Messrs Colin Ng & Partners, will provide, upon payment of a regulated charge for the same, a copy of the winding up petition to any Company creditor or contributory who requires a copy of the petition. Any person who intends to appear at the hearing of the petition must serve on or send by post to solicitors Messrs Colin Ng & Partners a written notice of his intention. 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, firm or his or their solicitor (if any) and must be served, or, if posted, must be sent by post to reach the solicitors not later than 12:00 p.m. on March 9, 2006. CHINA AVIATION: Books Profit in 4Q/FY05 Despite Operating Loss -------------------------------------------------------------- On February 28, 2006, China Aviation Oil (Singapore) Corporation Limited reported a turnaround net profit profit of SGD12.67 million for the financial year ended Dec. 31, 2005, compared to a SGD864.96 million net loss in 2004. This year, China Aviation's jet-fuel procurement business was conducted on an agency basis by subsidiary China Aviation Oil Trading rather than a principal basis in 2004. CAOT records commission income rather than underlying sales as revenue, resulting in a significant decline in China Aviation's turnover in 2005. Gross profits also fell from SGD41.55 million in 2004 to SGD17.10 million in 2005. Once China Aviation's restructuring is complete, it will resume operations on a principal basis. China Aviation's operating loss for 2005 stood at SGD13.97 million due to a SGD16.45 million foreign exchange loss accruing on foreign-denominated liabilities. However, the Company's 33%- held Pudong Airport fuel-supply associated contributed SGD46.22 million in profit, while its stake in Compania Logistica de Hidrocarburos earned dividends of SGD10.97 million. A full-text copy of CAO's 2005 financial results is available for free at: http://bankrupt.com/misc/tcrap_chinaaviation030106.pdf Incorporated in 1983, China Aviation Oil (Singapore) Corp. Limited -- http://www.caosco.com/-- deals primarily in jet fuel procurement, although it is also active in international oil trading and oil-related investment. The firm commands a near- 100% market share of the procurement of imported jet fuel for China's civil aviation industry, and has expanded its market to include ASEAN countries, the Far East and the United States. China Aviation's oil-trading business has expanded beyond jet fuel to include fuel oil, gasoline, naphtha, crude oil, and petrochemical products. China Aviation has lost up to SGD892.17 million trading duel derivatives, and was subject to investigation by Singaporean police and the Singapore Stock Exchange. The Company was able to stay afloat with he help of its creditors who agreed to write off part of its debt, and by investors who were interested to buy a stake. China Aviation is mapping out a restructuring plan with its creditors to save the Company from bankruptcy. DAVIS LANGDON: Creditors' Claims Due on March 17 ------------------------------------------------ Creditors of Davis Langdon & Seah (2000) Pte Limited, who have not submitted their claims, are required to submit their proofs of claim to Company liquidator James Clelland Pollock by March 17, 2006. Failure to comply with this requirement will exclude creditors from the benefit of the Company's dividend distribution. Contact: James C. Pollock Liquidator c/o 1 Magazine Road #05-01 Central Mall Singapore 059567 FIRSTLINK INVESTMENTS: Net Loss Widens by 516% ---------------------------------------------- The 2005 annual net loss of Firstlink Investments Limited increased by a significant 516.1%. The Company posted a SGD17.8 million net loss for the full year ended December 31, 2005, compared to its SGD2.89 million net loss for the same period in 2004. Sales for the second half of 2005 also dropped to SGD4.77 million, from SGD28.4 million a year earlier. A full-text copy of Firstlink Investments' full-year 2005 financial results is available for free at: http://bankrupt.com/misc/tcrap_firstlinkinvestments030106.pdf Incorporated in 1978, FirstLink Investments Corporation Limited -- http://www.firstlinkcorp.com.sg/-- was converted into a public company in September 1987 and was listed on SESDAQ in October 1987. The principal activity of the Company is investment holding. The Company has continuously incurred losses since 2002. It sold various assets in Australia and New Zealand to repay its debts. FIRSTLINK INVESTMENTS: Repays Loan to Chairman ---------------------------------------------- In October 2005, Firstlink Investments Corporation Limited borrowed SGD1.2 million from its chairman, Ling Yew Kong, to meet a demand for payment from Mayban Securities Berhad. On February 23, 2006, the Company fully repaid the interest-free loan to Mr. Ling Yew Kong. Consequently, the charge over the 8,500,000 ordinary shares of MYR1.00 each in the capital of Astral Supreme Berhad held by the Company to Mr. Ling as security for the loan was discharged that same day. Incorporated in 1978, FirstLink Investments Corporation Limited -- http://www.firstlinkcorp.com.sg/-- was converted into a public company in September 1987 and was listed on SESDAQ in October 1987. The principal activity of the Company is investment holding. The Company has continuously incurred losses since 2002. It sold various assets in Australia and New Zealand to repay its debts. GURCHARAN SINGH: Court Issues Liquidation Order ----------------------------------------------- On February 17, 2006, the Singapore High Court issued an order to wind up Gurcharan Singh & Company Pte Limited. All creditors of the Company should file their proofs of claim with: The Official Receiver Insolvency & Public Trustee's Office The URA Centre, East Wing 45 Maxwell Road #05-11/#06-11 Singapore 069118 All debts due to the Company should be forwarded to the liquidator. LIANG HUAT: Annual Net Loss Drops 70% ------------------------------------- Liang Huat Aluminum Limited reports a significant 70.77% drop in its full-year net loss for 2005. The Company posted a SGD29.22 million net loss for the full year ended December 31, 2005, comapred to its SGD99.74 million net loss for the same period in 2004. A full-text copy of Liang Huat's 2005 full-year financial results is available for free at: http://bankrupt.com/misc/tcrap_lianghuat030106.pdf Liang Huat Group -- http://www.lianghuatgroup.com.sg/-- is a vertically integrated, professionally run group of companies focusing on producing high quality aluminum products and processed glass for both the industrial and construction industries. It also supplies and installs aluminum and processed glass for major commercial and residential projects mainly in Singapore. Liang Huat was the subject of a winding up petition filed by Lim Ah Siong t/a Lian Siong Aluminium & Trading on August 26, 2004. Presently, the Company is undergoing a financial restructuring exercise. It is also working a Scheme of Arrangement with its major creditor banks. LINDTEVES-JACOBERG: FY05 Net Loss Climbs 24.7% ---------------------------------------------- The annual net loss of Lindeteves-Jacoberg Limited rose 24.7% to SGD79.81 million in 2005, while its net loss for 2004 was pegged at SGD64 million. Company sales for 2005 dropped to SGD254.2 million, as compared with SGD368.4 million in 2004. Low output contributed to the low absorption of manufacturing overheads, thus depressing gross margins, and stock losses due to obsolescence, discounts to customers and warranty costs also contributed to poor gross margins. Selling, distribution and administrative expenses declined, however, as a result of the Company's restructuring exercise. Lindeteves-Jacoberg's 2005 financial results is available for free at: http://bankrupt.com/misc/tcrap_lindeteves-jacoberg030106.pdf Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was incorporated in Singapore on 11 December 1947 as part of a Dutch international trading group. Its principal activities consist of investment holding, provision of warehousing and rental services and acting as specialist mechanical and electrical contractor for environmental engineering projects. The Company is undergoing a debt restructuring exercise by way of a Scheme of Arrangement with its creditors. =============== T H A I L A N D =============== EASTERN PRINTING: Net Profit Up THB10,186,000 in FY05 ----------------------------------------------------- Eastern Printing Public Company Limited has released a summary of its audited yearly financial statement for the financial period ended December 31, 2005. Audited Ending December 31, 2005 For year 2005 2004 Net profit (loss) 112,189,000 102,003,000 EPS (baht) 0.42 0.40 Headquartered in Bangkok, Thailand, Eastern Printing Public Company Limited is currently in rehabilitation. Its Securities are placed under the Rehabco Sector of the Stock Exchange of Thailand. NEW PLUS: Net Loss Shrinks to THB37,351,000 ------------------------------------------- New Plus Knitting Public Company Limited reported a net loss of THB37,351,000 for the financial year ended Dec. 31, 2005, compared to a net loss of THB78,273,000 in the same period in 2004. New Plus Knitting is a public company listed in the Stock Exchange of Thailand. It is currently undergoing business rehabilitation and is placed under the Rehabco Sector of the Bourse. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A. Chapman, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***