/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060307.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 Tuesday, March 7, 2006, Vol. 9, No. 047 Headlines A U S T R A L I A & N E W Z E A L A N D ADVANCE MOVERS: Court Sets Liquidation Hearing on March 27 AGENIX LIMITED: Discloses AU$5.9 Million Half-Year Net Loss ARISTOCRAT LEISURE: Buys Nearly 10% Stake in PokerTek ARISTOCRAT LEISURE: 2005 Net Profit Ups 71.8% AUCKLAND ABRASIVE: Court to Hear Liquidation Petition on April 6 AUSTIN GROUP: Net Profits Slump by 48.3% AUSTIN GROUP: Positive About Better Performance in Summer Season BARLOW & HALL: To Undergo Liquidation Proceedings BRICAN HOLDINGS: Court Winds Up Firm BUDBIND PTY: Inability to Pay Debts Leads to Wind-up CARTER HOLT: Cuts 120 IT-Related Jobs CARTER HOLT: Mediation to Resolve Marsden Labor Dispute CLELAND CONTRACTORS: Undertakes Liquidation COORONG INVESTMENTS: Liquidator to Distribute Assets CPIC.COM.AU PTY: To Declare Dividend Today DAVID KIDD: Members & Creditors to Review Wind-up Report DS HUGHES: Members Agree to Shut Down Operations EMPLOYEMENT NOMINEES: To Distribute Final Dividend FELTEX CARPETS: Suffers From Lower Profit Margins FINESSE QUEENSTOWN: Commences Liquidation of Assets FORTESCUE METALS: ASIC Action Jeopardizes Share Issue FU-2 & ASSOCIATES: Nicholas Crouch Appointed Liquidator HALTULI PTY: Receiver Steps Down ILMALYN PTY: Prepares to Close Shop INSAWAY SECURITIES: To Hold Final Meeting Today J AND JC CHRISTIE: Picks Feilding Liquidators LINDEN ESTATE: Creditors Should Prove Claims by March 20 LINGFORD AUSTRALIA: Members Agree on Liquidation MYER LIMITED: Gets Ready to Decide on Myer Sale in Two Weeks NGATIWAI RURAL: Court to Hear Liquidation Petition on March 13 PLANET TOYS: Placed Under Voluntary Liquidation PORTER CONTINENTAL: Receivers Resign QUADRAN ENTERPRISES: Winds Up Operations RAPID JOINTING: To Declare Dividend Today ROSENDALE PTY: Members to Receive Wind-up Details SANDS INVESTMENTS: Members Opt to Wind Up Firm SATELLITE MEDIA: Enters Voluntary Liquidation SOUTHERN LAKES: Winds Up Operations TELSTRA CORPORATION: Optus Says Telstra Deceived Parliament UMENL CONTRACTING: Court to Hear Petition on March 16 WOOTTON TRANSPORT: Liquidator to Explain Wind-up Report C H I N A & H O N G K O N G DA DA REVERSE: Wind-up Proceedings Initiated FINESTYLE MARITIME: Creditors' Claims Due on April 3 GOLD PLEASURE: Wind-up Hearing Slated for March 22 HONG KONG ASSOCIATION: Enters Voluntary Liquidation JIN HUI: Begins Wind-up Process KINYET DEVELOPMENT: Court to Hear Wind-up Petition on May 3 KAM BAO: Court Enters Wind-Up Order KINGBO HOLDINGS: Commences Winding Up Process LOVETTE LIMITED: Bank Wants Company Wound Up RIGHT ACTION: Bank of China Files Wind-Up Petition SGIS SONGSHAN: Xinhua Far East Downgrades Rating to BB- SMART WIN: Wind-up Hearing Slated for April 12 SUNVILLE INVESTMENT: Wind-up Hearing Slated for March 22 TOPVILLE INDUSTRIAL: Court to Hear Wind-Up Petition on March 22 WINNDER DECORATION: Wind Up Process Begins I N D I A BHARAT PETROLEUM: Sees INR4,000-crore Losses for Cheap Fuel Sale BPL LIMITED: To Consider Capital Hike and Shares Issuance COAL INDIA: State Power Firm Eyes Joint Venture INDUSTRIAL DEVELOPMENT: Inks MoU with Fortis Insurance I N D O N E S I A BANK MANDIRI: Pefindo Assigns 'idA+' Rating BANK MANDIRI: Books US$200.3-Mln Profit in 2005 J A P A N DAIEI INCORPORATED: Expects to Post Huge Net Loss JAPAN AIRLINES: Moody's Affirms Ba3 Rating JAPAN AIRLINES: Under Pressure to Clear Earnings Target LIVEDOOR CO.: Shady Deals Earned JPY8-Bln Profit LIVEDOOR CO.: Shareholders Convene to File Suit and Seek Damages K O R E A DAEWOO ENGINEERING: Bidders Pair With Banks to Fund Purchase DAEWOO SHIPBUILDING: Wins US$467 Mln Drill Ship Order KOREA EXCHANGE: BAI to Investigate 2003 Lone Star Sale KOREA EXCHANGE: Commerzbank AG Reduces Stake to 6.5% M A L A Y S I A ANTAH HOLDING: To Submit Proposed Rehab Scheme for Approval ASIA COMPANY: Completes Wind-up Process CHASE PERDANA: Court Dismisses Application to Stay Execution HOCK SIN: To Convene 31st AGM on March 30 LINEAR COOLING: Court Shelves Wind-up Case PAN MALAYSIA: Placed Under PN17 Category PAN MALAYSIA: Share Reduction Exercise Kicks Off PEMBINAAN LIMBONGAN: Reprimanded for Breach of Bourse's Rules PROTON HOLDINGS: Completes Disposal of MV Agusta Shares SBBS CONSORTIUM: Bid to Extend Stay Order Withdrawn TELEKOM MALAYSIA: Celcom Receives Summons from MCAT-Gen VTI VINTAGE: Net Loss Rises in Q4/FY05 WEMBLEY INDUSTRIES: Suffers Hefty Net Loss in Q4/FY05 P H I L I P P I N E S ATLAS CONSOLIDATED: To Raise Funds by Listing Unit's Shares LMG CHEMICALS: Lack of Raw Materials Prompts Continued Shutdown METROPOLITAN BANK: Capital Securities Get CCC+ Rating VICTORIAS MILLING: Restructuring Plan Going Smoothly S I N G A P O R E ASTERIX CHEMICALS: Court Brings Out Wind-Up Order CHINA AVIATION: Restructuring Plan Get Shareholders' Nod CITIRAYA INDUSTRIES: Creditors Meeting Slated for March 27 DCS SOLUTIONS: Court Winds Up Operations DIANOSTIC X-RAY: Liquidators Appointed to Wind Up Business GREATRONIC LIMITED: Net Loss Up 13.1% in FY05 INTERIOR ALLIANCE: Set to Pay Dividend KHIM MEDICARE: Winds-Up Operations LOGISTICS TRAINING: Placed Under Member's Voluntary Winding-Up SEATOWN CORPORATION: Operating as Going Concern T H A I L A N D PICNIC CORPORATION: Exchange Lifts Notice Pending Sign TANAYONG: Bankruptcy Court to Decide on Revised Plan THAI HEAT: Bourse Allows Trading of Securities BOND PRICING: For the Week 6 March to 10 March 2006 - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ ADVANCE MOVERS: Court Sets Liquidation Hearing on March 27 ---------------------------------------------------------- Truckcentre Canterbury Limited's petition to put Advance Movers Limited into liquidation will be heard on March 27, 2006, by the High Court of Christchurch. Contact: White Fox and Jones Solicitors for the Plaintiff T. W. Evatt Level Six, ABN AMRO Craig House, 90 Armagh Street P.O. Box 1353, Christchurch, New Zealand Telephone: (03) 353 0650 Facsimile: (03) 353 0651 AGENIX LIMITED: Discloses AU$5.9 Million Half-Year Net Loss ----------------------------------------------------------- Agenix Limited suffered a net loss of AU$5.9 million for the half year ending December 31, 2005, Agenix Chief Executive Officer Neil Leggett revealed in an investor update released on March 1, 2005. The net loss is an improvement of around AU$899,000, or about 13%, over the AU$6.8 million net loss recorded in the same period in 2004. Sales for Agen Biomedical, however, were down by 8.5%, from AU$7.6 million in the half year period ended December 31, 2004, to AU$6.9 million in the same period in 2005. Overall sales was also down from AU$13.4 million to this year's AU$7.1 million, owing to the February 2005 sale of non-core business Milton Pharmaceuticals. Agenix Limited -- http://www.agenix.com/-- is a global health and biotechnology Company based in Brisbane, Australia. The Company runs a suite of established businesses in human and animal health diagnostics, and is focused on growing its world- leading molecular diagnostic imaging R&D program. Agenix's lead candidate is its high-technology ThromboView blood clot-imaging project, which is currently undergoing Phase II human trials in the United States and Canada. ThromboView uses radio-labelled antibodies to locate blood clots in the body, and could revolutionize the US$3 billion global clot diagnostic imaging market. ThromboView is being developed with the assistance of the Federal Government through its START scheme. Agenix employs 110 staff and sells its products to more than 50 countries. ThromboView is a registered trademark of AGEN Biomedical. Coming from a AU$161,000 net profit in 2002, Agenix ended 2003 with a AU$811,000 net loss, owing to huge R&D expense on Thromboview. By August 2004, the Company had announced a AU$14.3 million loss for the six months ending June 30, 2004, largely due to increased investments and one-off items including legal fees associated with the Synbiotics patent case which was resolved earlier, costs associated with the terminated Peptech merger, additional licenses, improvements made to manufacturing and regulatory infrastructure and losses associated with Milton Pharmaceuticals. Milton was sold in February 2005, but the Company still suffers from continued losses. In the Company's report on its financials for the period ending June 30, 2005, net loss was pegged at AU$12 million. ARISTOCRAT LEISURE: Buys Nearly 10% Stake in PokerTek ----------------------------------------------------- Aristocrat Leisure Limited has acquired an almost 10% stake in PokerTek Inc., for US$8.6 million, AFX News reports. PokerTek is a Charlotte, North Carolina-based company. In addition, Aristocrat also signed a 10-year distribution agreement with PokerTek, which agreement permits Aristocrat to place PokerTek's interactive, electronic PokerPro table systems in casinos across the globe. Aristocrat's managing director and chief executive officer, Paul Oneile, explained that the arrangement with PokerTek was part of the Company's efforts to broaden its product base. He said that the Agreement allows Aristocrat to offer a cutting-edge poker table system to its customers around the world and capitalize on the incredible popularity of poker. PokerTek listed on the NASDAQ national market in 2005 to develop and market an electronic poker table designed to provide a fully automated poker room environment. Headquartered in New South Wales, Australia, Aristocrat Leisure Limited -- http://www.aristocratgaming.com/-- is mainly involved in the design, development, manufacture and marketing of gaming machines, software, systems and other related equipment and services. The Group also provides consulting services such as venue analysis, commercialized project management, specialized gaming training and Aristocrat gaming analysis. The Group operates in Australia, North America, South America, Japan, New Zealand, Europe, and in the Asia Pacific region. Aristocrat is plagued by a group action launched by legal firm Maurice Blackburn Cashman and litigation company IMF Australia Limited over the timing of a profit warning back in November 2003. The lawsuit alleges that the Company misled shareholders by not keeping them fully informed before disclosing earnings downgrades that wiped US$1.5 billion (AU$2 billion) from the Company's value in 2003. The lawsuit claims damages of US$86.37 million (AU$115 million) for losses when shareholders sold their stock. ARISTOCRAT LEISURE: 2005 Net Profit Ups 71.8% --------------------------------------------- Aristocrat Leisure Limited posted a net profit increase of 71.8% to AU$244.3 million for the full year ending December 31, 2005, compared with a net profit of AU$142.2 million in 2004. The result was within the Company's guidance, given in August 2005, of between AU$225 million and AU$240 million. Aristocrat also announced a final dividend of AU$0.20 a share, fully franked. The total dividend for 2005 is AU$0.30 a share. Revenue rose 15.3% to AU$1.32 billion in 2005 from AU$1.142 billion a year earlier. Moreover, sales in North America rose 35.5% to AU$498.9 million, while profit in that segment increased 78.2% to AU$182.3 million. Japanese sales rose 11% to AU$373.7 million and profit increased by 15.9% to AU$88.0 million. Aristocrat Chief Executive Officer Paul Oniele said that the Company's record result and strong revenue growth was driven by an increased demand for Aristocrat's products across all of its geographic segments. Headquartered in New South Wales, Australia, Aristocrat Leisure Limited -- http://www.aristocratgaming.com/-- is mainly involved in the design, development, manufacture and marketing of gaming machines, software, systems and other related equipment and services. The Group also provides consulting services such as venue analysis, commercialized project management, specialized gaming training and Aristocrat gaming analysis. The Group operates in Australia, North America, South America, Japan, New Zealand, Europe, and in the Asia Pacific region. The Company is plagued by a group action over the timing of a profit warning back in November 2003 launched by legal firm Maurice Blackburn Cashman and litigation company IMF Australia Limited. The lawsuit alleges that the Company misled shareholders by not keeping them fully informed before disclosing earnings downgrades that wiped US$1.5 billion (AU$2 billion) from the Company's value in 2003. The lawsuit claims damages of US$86.37 million (AU$115 million) for losses when shareholders sold their stock. AUCKLAND ABRASIVE: Court to Hear Liquidation Petition on April 6 ---------------------------------------------------------------- The Commissioner of Inland Revenue filed a petition to liquidate Auckland Abrasive Blasting & Coatings Limited with the High Court at Auckland. The hearing on the Petition will be held on April 6, 2006. Any person, other than the defendant-company, who wishes to appear on the Hearing is required to file an appearance not later than the second working day before April 6. Contact: Jonathan Ridling Solicitor for the Commissioner of Inland Revenue Auckland Service Centre 17 Putney Way, (P.O. Box 76-198) Manukau City, New Zealand Telephone: (09) 262 9227) AUSTIN GROUP: Net Profits Slump by 48.3% ---------------------------------------- Clothing wholesaler Austin Group recorded a 48.3% decline in net profit to AU$1.5 million for the half year ending December 31, 2005. Net sales for the period fell 13% to AU$29.2 million from AU$33.7 million in 2004. Austin shares also fell 1.5 cents to 54.5 cents. The Group blames the decline in figures on the discounting by the major retailers and high fuel prices during the period. The result was in line with the Company's earlier earnings downgrade. In January 2006, the Troubled Company Reporter - Asia Pacific reported that the Group's dismal November and December sales forced it to issue an earnings downgrade for the first half of 2005/06. Austin Chief Executive Officer Brendan Santamaria also blamed the weak forecast on the disappointing performance of the menswear division, which struggled with a AU$1.2 million decline in earnings. Austin Group -- http://www.austingroup.com.au/-- was founded in 1982 as a designer, importer and wholesaler of apparel. Throughout the 1990s, the Group acquired other businesses, which resulted in high debt. It was publicly listed in 1993, at which time the Company was in a middle of a troubled acquisition and expansion program into home wares. By 1999, Austin bailed out of its other businesses to focus on traditional and profitable core business units. It sold its non-core businesses to repay bank debts. The Company continues to be saddled by weak sales, and diminishing profits. AUSTIN GROUP: Positive About Better Performance in Summer Season ---------------------------------------------------------------- Austin Group is bent on a turnaround after a disastrous profit slump in the half-year period ended December 31, 2005. The Company is optimistic about producing strong sales and earnings growth during the summer season. Austin said that its management is forecasting better performance for the summer 2006 season, although margins are expected to decline due to the change in business mix and continued margin pressure in the independent retail market. The Age relates that Austin's management had presented a two- year strategic business plan to the board of directors. The Business Plan outlined increased sales in the independent market and meaningful supply to the major retailers. Earlier in January 2006, the Company has appointed a general manager with 25 years' industry experience for its struggling menswear segment. As such, the menswear division is currently under a complete review. The Troubled Company Reporter - Asia Pacific reported on Jan. 6, 2006, that the Austin Group is considering a company restructuring, in a bid to strengthen its dwindling operations. The restructuring would include streamlining and strengthening its existing operations, and adding more labels into its line. The Group had ruled out cutting labels or a sale of the company. Austin Group -- http://www.austingroup.com.au/-- was founded in 1982 as a designer, importer and wholesaler of apparel. Throughout the 1990s the Group acquired other businesses which resulted in high debt. It was publicly listed in 1993, at which time the Company was in a middle of a troubled acquisition and expansion program into home wares. By 1999, Austin bailed out of its other businesses to focus on traditional and profitable core business units. It sold its non-core businesses to repay bank debts. The Company continues to be saddled by weak sales, and diminishing profits. BARLOW & HALL: To Undergo Liquidation Proceedings ------------------------------------------------- On October 27, 2005, Scott Brickell filed with the High Court of Palmerston North an application to liquidate Barlow & Hall Limited. The Application has been fixed for hearing on March 13, 2006. Contact: Scott Brickell Solicitor for the Plaintiff Commissioner of Inland Revenue Technical and Legal Support Group Wellington Service Centre, First Floor, New Zealand Post House, 7-27 Waterloo Quay P.O. Box 1462, Wellington, New Zealand Telephone: (04) 802 8091 Facsimile: (04) 802 8187 BRICAN HOLDINGS: Court Winds Up Firm ------------------------------------ On February 3, 2006, the Federal Court of Australia ordered the winding up of Brican 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 BUDBIND PTY: Inability to Pay Debts Leads to Wind-up ---------------------------------------------------- After an extraordinary general meeting of the members of Budbind Pty Limited on February 7, 2006, it was agreed that the Company wind up its business voluntarily due to its inability to pay its debts. Deryk Andrew was then appointed as the Company's liquidator. Contact: Deryk Andrew Liquidator Bentleys MRI Sydney Business Recovery & Insolvency Partnership PO Box Q1165, QVB Post Office Sydney, New South Wales 1230 Australia CARTER HOLT: Cuts 120 IT-Related Jobs ------------------------------------- Carter Holt Harvey Limited moved quietly to slash down jobs in its Information Technology department, and is estimated to have let go of at least 120 IT staffers in two tranches held in November 2005 and another earlier this year, The Dominion Post reports. Carter Holt's spokesperson, Jillian Talbot, declined to comment on the cuts or say how many IT staff are still with the Company. However, it is believed that about 100 to 150 staff still remain. The severity of the job cuts is likely to fuel speculation that Carter Holt will be broken up sooner rather than later, following the Rank Group's takeover of the Company last year. The job slash followed the sale of the bulk of Oxygen -- Carter Holt's SAP software consulting division -- to Australian technology firm UXC in a separate restructure in December 2005. UXC took on 140 Oxygen staff, but another 140 were reintegrated back into the Company's IT shop, Carter Holt Harvey Infotech. Headquartered in Auckland, New Zealand, Carter Holt Harvey Limited -- http://www.chh.com/-- is a forest products company in the Australasia region, with significant interests in wood products, pulp, paper and packaging, supported by forests. Leading Carter Holt Harvey brands include Bestwood, Customwood, Ecoply, Kopine and Pinex, and the Company's packaging can be found in most supermarket aisles. Carter Holt Harvey is listed on both the NZX and ASX, and employs approximately 10,500 people across New Zealand, Australia and Asia. Carter Holt Harvey's troubles began when its wood businesses started facing a challenging environment. In July 2005, the Company confirmed that Plymill's financial performance was being adversely affected by import competition, a softening Australian housing market and increased costs. In August, following a consultation process at the Tokoroa Plymill, Carter Holt Woodproducts announced a restructure plan that will result in around 40 redundancies. Carter Holt immediately became vulnerable to takeover when its controlling shareholder, International Paper, sold out to Graeme Hart's Rank Group. Almost immediately, Mr. Hart offered full control. Rank Investments Group now holds an 85.7% stake in Carter Holt. In February 2006, the Rank Group revived its offer with a higher price of NZ$2.75 per share, 25 cents higher than the previous offer. Carter Holt turned a profit of NZ$130 million in the 2005 calendar year, which is a 77% decline compared to the previous year's profit of NZ$569 million. The Company also did not issue a final dividend. CARTER HOLT: Mediation to Resolve Marsden Labor Dispute ------------------------------------------------------- Workers at Carter Holt Harvey's Marsden Point lumber plant has proposed mediation and the Company has indicated its willingness to participate, Radio New Zealand reports. The development came after staff refused to ratify the Company's offer of a 3.2% pay increase, with an additional 3% increase next year. The workers had long wanted a 5% pay rise and only ended weeks of strike when Graeme Hart's Rank Group took over the Company in October 2005. The Engineering, Printing and Manufacturing Union says negotiations with the new owners have been constructive, with no threats of another strike or lockouts. Headquartered in Auckland, New Zealand, Carter Holt Harvey Limited -- http://www.chh.com/-- is a forest products company in the Australasia region, with significant interests in wood products, pulp, paper and packaging, supported by forests. Leading Carter Holt Harvey brands include Bestwood, Customwood, Ecoply, Kopine and Pinex, and the Company's packaging can be found in most supermarket aisles. Carter Holt Harvey is listed on both the NZX and ASX, and employs approximately 10,500 people across New Zealand, Australia and Asia. Carter Holt Harvey's troubles began when its wood businesses started facing a challenging environment. In July 2005, the Company confirmed that Plymill's financial performance was being adversely affected by import competition, a softening Australian housing market and increased costs. In August, following a consultation process at the Tokoroa Plymill, Carter Holt Woodproducts announced a restructure plan that will result in around 40 redundancies. Carter Holt immediately became vulnerable to takeover when its controlling shareholder, International Paper, sold out to Graeme Hart's Rank Group. Almost immediately, Mr. Hart offered full control. Rank Investments Group now holds an 85.7% stake in Carter Holt. In February 2006, the Rank Group revived its offer with a higher price of NZ$2.75 per share, 25 cents higher than the previous offer. Carter Holt turned a profit of NZ$130 million in the 2005 calendar year, which is a 77% decline compared to the previous year's profit of NZ$569 million. The Company also did not issue a final dividend. CLELAND CONTRACTORS: Undertakes Liquidation ------------------------------------------- On February 13, 2005, the High Court at Christchurch ordered for the liquidation of Cleland Contractors Limited. Iain Andrew Nellies and Wayne John Deuchrass were appointed joint and several liquidators. Contact: Iain Andrew Nellies Wayne John Deuchrass Insolvency Management Limited Level Four, 728 Colombo Street P.O. Box 13-401, Christchurch, New Zealand COORONG INVESTMENTS: Liquidator to Distribute Assets ---------------------------------------------------- After a meeting on February 3, 2006, the members of Coorong Investments Pty Limited resolved to close the Company's business operations and distribute the proceeds of its assets. As a result, Mark Christopher Hall and Timothy James Clifton were appointed as liquidators. Contact: Timothy J. Clifton Mark C. Hall Liquidators Level 10, 26 Flinders Street Adelaide, South Australia CPIC.COM.AU PTY: To Declare Dividend Today ------------------------------------------ CPIC.COM.AU Pty Limited will declare its first and final dividend today, March 7, 2006. Creditors who were not able to prove their claims will be excluded from the benefit of the dividend. Contact: Frank Lo Pilato Liquidator c/o RSM Bird Cameron Partners Chartered Accountants Level 1, 103-105 Northbourne Avenue Turner ACT 2601, Australia Telephone: (02) 6247 5988 DAVID KIDD: Members & Creditors to Review Wind-up Report -------------------------------------------------------- A final meeting of the members and creditors of David Kidd Grain Trading 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 7, 2006. Contact: A. R. Nicholls Liquidator Nicholls & Company Suite 6, 459 Peel Street Tamworth, New South Wales 2340 Australia DS HUGHES: Members Agree to Shut Down Operations ------------------------------------------------ The members of DS Hughes Pty Limited held a meeting on Feb. 9, 2006, and agreed to close the Company's business. They appointed Nicholas Crouch to facilitate the wind-up operations. Contact: Nicholas Crouch Liquidator Crouch Insolvency Chartered Accountants Level 28, 31 Market Street Sydney, New South Wales 2000 Australia EMPLOYEMENT NOMINEES: To Distribute Final Dividend -------------------------------------------------- Employment Nominees Pty Limited will declare its first and final priority dividend today, March 7, 2006, to the exclusion of its creditors who were not able to prove their claims. Contact: Peter P. Krecji Liquidator GHK Green Krecji Level 9, 179 Elizabeth Street Sydney, New South Wales 2000 Australia FELTEX CARPETS: Suffers From Lower Profit Margins ------------------------------------------------- Feltex Carpets Ltd. said profit margins were less than what it expected in January and February, Bloomberg News relates. The carpet maker, which experienced a 73% decline in stock prices last year, blamed competitive market conditions for the January decline in profit margins. The Company further said that market feedback indicated that the retail environment in February was also challenging, and that this has been reflected in its trading for February, with both sales and margins lower than expected. The Troubled Company Reporter - Asia Pacific had reported on February 23, 2006, that after incurring NZ$15 million in restructuring costs, the Company posted NZ$11.8 million in losses in the six months ending December 2005, down from a NZ$12.9 million profit in the same period in 2004. Established over 50 years ago, Feltex Carpets -- http://www.feltex.com/-- has built a reputation for being one of the world's leading manufacturers of superior-quality carpet. The Feltex operation includes a wool scouring plant, six spinning mills, three tufted carpet mills, a woven carpet mill and offices in New Zealand, Australia and the United States. They also lead the way in exports, with customers throughout South East Asia, Japan, the United States, the Middle East and other key world markets. Feltex closed plants and fired 235 workers in the past year, and is now in merger talks with rival Godfrey Hirst. They have been struggling with losses, flogging sales, and a dipping share price. FINESSE QUEENSTOWN: Commences Liquidation of Assets --------------------------------------------------- On February 13, 2006, Finesse Queenstown Limited has been placed under liquidation. Iain Andrew Nellies and Paul William Gerrard Jenkins were appointed as joint and several liquidators. Contact: Iain Andrew Nellies Paul William Gerrard Jenkins Insolvency Management Limited Level Six, Burns House, 10 George Street P.O Box 1058, Dunedin, New Zealand FORTESCUE METALS: ASIC Action Jeopardizes Share Issue ----------------------------------------------------- The Troubled Company Reporter - Asia Pacific reported on March 06, 2006, that the Australian Securities and Investments Commission commenced proceedings in the Federal Court in Perth seeking civil penalty orders against Fortescue Metals Group Ltd and its chief executive officer, Andrew Forrest. The Complaint alleges Fortescue of engaging in misleading and deceptive conduct and for failing to comply with its continuous disclosure obligations when it announced various contracts with Chinese entities on August 23 and November 5, 2004. ASIC claims AU$3.6 million against the Company. The Sydney Morning Herald relates that due to the ASIC Lawsuit, Fortescue's "crucial" AU$250 million-plus equity raising "has been thrown into doubt." The Sydney Herald cites Fortescue's operations director, Graeme Rowley, as admitting that the Company still does not know if it could complete the long-planned share issue to prospective partners in its AU$2.5 billion Pilbara iron ore venture before the deadline on March 8, 2006. The report explains that under 2005 shareholder approvals, and a one-month extension approved by the stock exchange last month, Fortescue has until March 8 to place up to 55 million new shares on top of the usual 15% of equity a company is permitted to reach every year. The placement, to be completed at no more than a 20% discount to prevailing prices, is considered the key equity funding element in Fortescue's financing. At current prices, the placement would raise up to AU$280 million, although Fortescue could raise as much as AU$450 million when combined with the standard 15% equity raising allowance. According to Sydney Herald, the Company has previously indicated that it was targeting a 70:30 debt-equity split. Fortescue still hoped to complete the placement by Wednesday. Fortescue shares fell 12 cents to AU$5.20 on March 3, 2006, when trading resumed after ASIC's Complaint. FU-2 & ASSOCIATES: Nicholas Crouch Appointed Liquidator ------------------------------------------------------- The members of FU-2 & Associates Pty Limited held a meeting on February 9, 2006, and agreed to wind up the Company's operations voluntarily. They appointed Nicholas Crouch as liquidator. Contact: Nicholas Crouch Liquidator Crouch Insolvency Chartered Accountants Level 28, 31 Market Street Sydney, New South Wales 2000 Australia HALTULI PTY: Receiver Steps Down -------------------------------- On February 2, 2006, Jonathan Paul McLeod of McLeod & Partners ceased to act as the receiver and manager of Haltuli Pty Limited. ILMALYN PTY: Prepares to Close Shop ----------------------------------- At a meeting of Ilmalyn Pty Limited on February 6, 2006, members concurred that the Company needs to voluntarily wind up its operations. Paul Newton Brake was nominated to act as liquidator to manage the wind-up activities. INSAWAY SECURITIES: To Hold Final Meeting Today ----------------------------------------------- A final meeting of the members of Insaway Securities Pty Limited will be held today, March 7, 2006. At the meeting, liquidators Sidney A. Edwards and Baiba S. Neimanis will report the activities that took place during the wind-up period as well as the manner by which the Company's property was disposed of. Contact: Sidney A. Edwards Baiba S. Neimanis Joint Liquidators Suite 2, Level 2, 32 Florence Street Hornsby, New South Wales 2077 Australia J AND JC CHRISTIE: Picks Feilding Liquidators --------------------------------------------- Stephen James Scott and Joseph Craig McNeill, chartered accountants of Feilding, were appointed joint and several liquidators of J and JC Christie Limited. Contact: S. J. Scott Allan McNeill 53-55 Manchester Street, Feilding P.O. Box 40, Feilding Telephone: (06) 323 6114 Facsimile: (06) 323 5007 LINDEN ESTATE: Creditors Should Prove Claims by March 20 -------------------------------------------------------- Creditors of Linden Estate Limited are given until March 20, 2006, to make their claims and establish any priority their claims may have. Creditors who do not comply with the claims bar date will be excluded from the benefit of any distribution. Contact: John M. Scutter Robert B. Walker Liquidators Care of Active Chartered Accountants Level Two, 330 High Street (P.O. Box 31 040), Lower Hutt, New Zealand Telephone: (04) 586 4645 Facsimile: (04) 569 6079 LINGFORD AUSTRALIA: Members Agree on Liquidation ------------------------------------------------ At Lingford Australia Pty Limited's general meeting on February 9, 2006, members concurred that it is in the Company's best interests to wind up its operations. M. C. Smith was appointed to oversee the wind-up. Contact: M. C. Smith Liquidator c/o McGrathNicol+Partners Level 9, 10 Shelley Street Sydney, New South Wales 2000 Australia Telephone: (02) 9338 2666 Web site: http://www.mcgrathnicol.com.au/ MYER LIMITED: Gets Ready to Decide on Myer Sale in Two Weeks ------------------------------------------------------------ Coles Myer Limited's directors convened during the weekend to weigh up and be briefed about the final bids for the Myer Limited department stores. Coles Myer's Board is set to decide on the sale of the 61-store chain in two weeks' time. The Company is hoping to get around AU$900 million to AU$1 billion for its department store business. The Australian Associated Press says that Coles Myer would still not confirm the final field for Myer. However, as reported in the Troubled Company Reporter - Asia Pacific on March 2, 2006, it is believed that the bidders are down to four: * Harvey Norman Holdings; * Edgars Consolidated Stores Limited; * CVC Asia Pacific; and * Newbridge Capital Inc. While there has been speculation that CVC and Newbridge could align and bid together, both were required by Myer to sign commitments not to talk to each other in the bid process, The Australian relates. The paper notes that Coles Myers' advisers, Carnegie Wylie, are now wading through the complex bid documents. According to The Australian, bidders were not informed on whether Coles Myer will first cull bidders to a short list of two or move straight into negotiations with one bidder. However, with the fully funded bids now incurring financing costs as long as they remain open, the Board is believed to be aiming at making a decision before Coles Myer reports its first- half results on March 20. If a sale goes ahead, Coles Myer intends to announce the winning bidder in tandem with the outcome of the separate bidding for Myer's flagship central Melbourne store property. The March 2 TCR-AP report stated 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. The field for the Melbourne property, The Australian says, has narrowed to two bidders: GFS Gandel and Lend Lease. Headquartered in Melbourne, Victoria, Coles Myer Ltd. -- http://www.colesmyer.com/-- operated 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. NGATIWAI RURAL: Court to Hear Liquidation Petition on March 13 -------------------------------------------------------------- The High Court of Whangarei has fixed for hearing on March 13, 2006, the application filed by Bunnings Limited -- trading as Benchmark Building Supplies -- to liquidate Ngatiwai Rural Developments Limited. Contact: R. M. Bell Solicitor for the Plaintiff Webb, Ross Johnson Solicitors, Legal House, 9 Hunt Street P.O. Box 945, Whangarei, New Zealand PLANET TOYS: Placed Under Voluntary Liquidation ----------------------------------------------- An extraordinary general meeting of Planet Toys Pty Limited was held on February 8, 2006, and members agreed that it is in the Company's best interests to close its operations. Contact: Geoffrey McDonald Liquidator c/o Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales 2000 Australia PORTER CONTINENTAL: Receivers Resign ------------------------------------ On February 8, 2006, Kenneth Stewart Sellers and Mathew Campbell Muldoon of SimsPartners ceased to act as the receivers and managers of the property of Porter Continental Pty Limited. QUADRAN ENTERPRISES: Winds Up Operations ---------------------------------------- At a meeting of the members of Quadran Enterprises Pty Limited on February 10, 2006, members decided to wind up the Company's business operations, and appointed Stephen Gower Baker as liquidator. Contact: Stephen G. Baker Liquidator Stephen Baker & Company Suite 2, 98 Woolwich Road Woolwich, New South Wales 2110 Australia Telephone: 9817 6427 Fax: 9879 0964 RAPID JOINTING: To Declare Dividend Today ----------------------------------------- Rapid Jointing Pty Limited will declare a dividend today, March 7, 2006. Creditors who were not able to prove their claims will be excluded from the benefit of the dividend. Contact: Susan Carter Liquidator Worrells Solvency & Forensic Accountants Web site: http://www.worrells.net.au/ ROSENDALE PTY: Members to Receive Wind-up Details ------------------------------------------------- The members of Rosendale Pty Limited will convene today, March 7, 2006, to receive liquidator John W. Woods' account regarding the Company's completed wind-up and disposal of property, and to consider any other matters that may be brought before the meeting. Contact: John W. Woods Liquidator Wilson Woods & Partners 30 Davey Street, Hobart Tasmania 7000, Australia Telephone: 03 6223 4343 SANDS INVESTMENTS: Members Opt to Wind Up Firm ---------------------------------------------- After their general meeting on February 9, 2006, the members of Sands Investments (Victoria) Pty Limited resolved to close the Company's business operations. A meeting of creditors was held on the same day. Subsequently, Richard Herbert Judson was appointed as liquidator. Contact: Richard H. Judson Liquidator Judson & Company Chartered Accountants Suite 4, Level 1, 10 Park Road Cheltenham, Victoria 3192 Australia Telephone: 9585 4155 SATELLITE MEDIA: Enters Voluntary Liquidation --------------------------------------------- The members and creditors of Satellite Media Technology Pty Limited held a general meeting on February 8, 2006, and agreed to: -- close the Company's business operations; and -- appoint Ozem Kassem and David Watson as liquidators. Contact: Ozem Kassem David Watson Joint Liquidators Bentleys MRI Sydney Business Recovery & Insolvency Partnership Level 8, Carrington House 50 Carrington Street Sydney, New South Wales Australia SOUTHERN LAKES: Winds Up Operations ----------------------------------- Southern Lakes Construction Limited commenced liquidation process on February 16, 2006. The Company's liquidators, Stephen James Higgs and Stephen Alan Dunbar, give creditors until April 3, 2006, to make their claims against the Company and establish any priorities their claims may have. A creditor or shareholder of the company may direct inquiries during normal business hours to: Robyn Patrick 139 Moray Place, Dunedin, New Zealand Telephone: (03) 477 9923 Or Stephen James Higgs Stephen Alan Dunbar Liquidators Polson Higgs, P.O. Box 5346, Dunedin, New Zealand TELSTRA CORPORATION: Optus Says Telstra Deceived Parliament ----------------------------------------------------------- Optus accuses Telstra Corporation of misleading the parliament's privileges committee over the rights of competitors to use government-funded mobile phone towers in the bush, The Australian reports. Optus' allegation concerns Telstra's confirmation that it had a contractual arrangement to make roaming available to competitors where it has secured government funding to roll out its mobile network in the bush. Telstra's rivals are seeking access to the towers but complain that they have been told by Telstra that it is under no obligation to provide it. Telstra had earlier claimed that it would be willing to open up the towers if any of its competitors request access. However, the Company asserted that no competitor has requested so. The Australian says that Optus has since provided the Privileges Committee -- a body that could apply fines or penalties if the telco is found to have misled MPs -- with correspondence from Telstra, serving as evidence that Telstra told competitors in 2004 that it was not obliged to provide roaming access. Headquartered at Melbourne, in Victoria, Australia, Telstra Corporation -- http://www.telstra.com.au/-- is an Australian telecommunications and information services company. Telstra offers a full range of services and compete in all telecommunications markets throughout Australia, providing more than 10.3 million Australian fixed line and more than 6.5 million mobile services. In September 2005, Telstra suffered an earnings downgrade and share price fall. The Company announced that its earnings before interest and tax in 2005/06 are expected to decline by 7-10% compared to that of 2004/05 as a result of accelerating declines in public switched telephone network revenues and softening growth in the mobiles market due to aggressive pricing. Also, the political furor surrounding Telstra has strengthened the Government's resolve to dispose of its remaining 51% majority interest in the Company. The Australian Securities and Investment Commission then commenced an investigation into Telstra in connection with the Company's compliance with its disclosure obligations following the earnings downgrade. This led to a number of Telstra shareholders and class action claimants showing anger and dismay over the telco's behavior. In November 2005, after a four-month review, Telstra Chief Executive Officer Sol Trujillo announced a major restructure of the Company, one which involves the loss of up to 12,000 jobs over the next five years and a massive investment in new networks which will help deliver bigger profit margins. UMENL CONTRACTING: Court to Hear Petition on March 16 ----------------------------------------------------- On January 27, 2006, Julia Dykema filed petition to liquidate UMENL Contracting Limited with the High Court of Napier. The Court will hear the petition on March 16, 2006. Contact: Julia Dykema Solicitor for the Plaintiff Inland Revenue Department Technical and Legal Support Group South Island Service Centre Ground Floor Reception, 518 Colombo Street P.O. Box 1782, Christchurch, New Zealand Telephone: (03) 363 1809 Facsimile: (03) 363 1889 WOOTTON TRANSPORT: Liquidator to Explain Wind-up Report ------------------------------------------------------- The final meeting of the creditors of Wootton Transport Pty Limited is scheduled today, March 7, 2006, for them to get an account of the manner of the Company's wind-up and property disposal from liquidators Brian H. Allen and Peter G. Burton. Contact: Brian H. Allen Peter G. Burton Liquidators Burton Glenn Allen Chartered Accountants Level 2, 57 Grosvenor Street Neutral Bay, New South Wales 2089 Australia ================================ C H I N A & H O N G K O N G ================================ DA DA REVERSE: Wind-up Proceedings Initiated -------------------------------------------- February 15, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance entered a wind-up order pertaining to Da Da Reverse Recruit Limited. 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 FINESTYLE MARITIME: Creditors' Claims Due on April 3 ---------------------------------------------------- All persons who have claims against Finestyle Maritime Services Limited are required to submit their proofs of claim to joint liquidators Stephen Liu Yiu Keung and Robert Armor Morris, by April 3, 2006. Creditors who fail to comply with this requirement will be excluded from the benefit of the dividend distribution. The Troubled Company Reporter - Asia Pacific had earlier reported that Finestyle Maritime held a creditors meeting on January 22, 2006, for them to receive a statement of the financial position of the Company and confirmed the appointment of liquidators for the Company's wind-up. Contact: Stephen Liu Yiu Keung Robert Armor Morris Joint and Several Liquidators 18/F, Two International Finance Centre 8 Finance Street Central, Hong Kong GOLD PLEASURE: Wind-up Hearing Slated for March 22 -------------------------------------------------- On February 1, 2006, Beatrice Tsang Sau Hing presented a petition to wind up Gold Pleasure Industrial Company Limited before the High Court of Hong Kong Special Administrative Region. The Petition will be heard on March 22, 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: Or, Ng & Chan Solicitors for the Petitioner 15th Floor, The Bank of East Asia Building No. 10 Des Voeux Road Central Central, Hong Kong HONG KONG ASSOCIATION: Enters Voluntary Liquidation --------------------------------------------------- Members of Hong Kong Association For Environmental Preservation in China (Foundation) Limited held a general meeting on Feb. 23, 2006, and agreed that: -- the Company be wound up voluntarily; -- Tam Shun Ip be appointed as liquidator. -- the audit of the liquidator's accounts of receipts and payments will not be required. Contact: Tam Shun Ip Liquidator Suite No. A 11th Floor, Ritz Plaza 122 Austin Road Tsimshatsui, Kowloon, Hong Kong JIN HUI: Begins Wind-up Process ------------------------------- A winding up petition was served on Jin Hui Ting Food & Beverage Service Limited on December 28, 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 KINYET DEVELOPMENT: Court to Hear Wind-up Petition on May 3 ----------------------------------------------------------- On February 23, 2006, the Bank of China (Hong Kong) Limited filed an application to wind up Kinyet Development Limited with the High Court of Special Administrative Region. The Application will be heard before the High Court on May 3, 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 KAM BAO: Court Enters Wind-Up Order ----------------------------------- Kam Bao Shipping (H.K.) Company Limited presented a petition to wind up its operations. On February 15, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance entered a wind-up order pertaining to 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 KINGBO HOLDINGS: Commences Winding Up Process --------------------------------------------- Kingbo Holdings Limited has received a wind-up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on February 20, 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 LOVETTE LIMITED: Bank Wants Company Wound Up -------------------------------------------- On February 23, 2006, Bank of China (Hong Kong) Limited presented a petition to wind up Lovette Limited. The Petition will be heard before the High Court of Hong Kong Special Administrative Region on May 3, 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 RIGHT ACTION: Bank of China Files Wind-Up Petition -------------------------------------------------- The Bank of China (Hong Kong) Limited has lodged a petition to wind up Right Action Investments Limited. The High Court of Hong Kong Special Administrative Region will hear the Petition on April 26, 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 SGIS SONGSHAN: Xinhua Far East Downgrades Rating to BB- ------------------------------------------------------- On February 23, 2006, Xinhua Far East China Ratings downgraded the issuer credit rating of SGIS Songshan Co. Ltd from BB to BB-. Its rating outlook was changed to negative. The downgrade was prompted by Xinhua Far East's view about the adverse impact on SGIS' credit profile of a more difficult operating environment. Xinhua Far East also notes that SIGS' worse-than-expected results in 2005 reflected its weakness in product mix and operating scale, and expects its performance to stagnate in the adverse market. The downgrade also reflected the Company's aggressive financial policy and its limited financial flexibility. Xinhua Far East believes the Chinese steel sector is still experiencing a downturn, prompting the outlook for the next couple of years to be poor. Aggressive capital expansion over past few years translated into oversupply in 2005. As a result, steel prices declined significantly, for not only long products, but also the previously import-dependent flat products. In contrast, the prices for raw materials, including iron ore and coal, remain at high levels, squeezing the profits of steel makers who are unable to pass the price rises through to consumers. Xinhua Far East expects the adverse conditions in the steel sector in China will worsen, given the heavy capacity release and falling growth rates in demand from related downstream industries. Xinhua Far East also anticipates mergers and acquisitions will become more frequent in China's still fragmented steel sector, a development, which would further challenge the performance of smaller players like SGIS. SGIS' mainly low-value added products and its relatively small operating scale make it very susceptible to market risks in downturn periods. In the first three quarters of 2005, SGIS' operating cash flow fell remarkably, as large amounts of working capital were tied up with mounting inventory. In the meantime, its net profit fell 53.2% year-on-year, partly due to the lower tax rebate benefit but also resulting from its sluggish performance. Moreover, Xinhua Far East is concerned that the Company's poor performance will worsen, especially considering the challenging operating environment. Xinhua Far East also notes that SGIS employed an aggressive financial policy, which led to escalating debt levels. Over the past few years, SGIS invested heavily in improving production, but most capital expenditure was financed with short-term debt due to the pending issuance of convertible bonds. As a result, SGIS has accumulated substantial amounts of bank loans, which stood at RMB 5.58 billion as of September 30, 2005. Of this, short-term debt accounted for as much as 79.8%. Accordingly, SGIS' gross debt to total capital rose from 36% in 2003 to 51.6% by the end of September 2005. Xinhua Far East expects SGIS' newly completed capacity and the possible issuance of convertible bonds will not boost the Company's performance materially or improve its credit profile. In fact, in Xinhua Far East's view, SGIS' financial flexibility deteriorated significantly, given its high debt level, negative net working capital, and limited cash reserves. Xinhua Far East believes it will be difficult for the Company to reverse its weak financial profile in a couple of years. The rating outlook for SGIS is negative considering the gloomy market conditions. As of market close on February 22, 2006, its total market capitalization and investible capitalization were RMB 3.63 billion and RMB 2.73 billion respectively. Headquartered in Guangdong, China, Sgis Songshan Co. Limited's -- http://www.sgss.com.cn/-- is a small-to-medium sized steel producer in China. The Company's core products fall into deformed bar, wire rod and medium plate. In 2005, SGIS Songshan produced 3.39 million tons steel products. Other activities include technology development, transfer, recommendation and consultant services. Main products of the Company consist of centerboards (decks and vehicle beam boards), wire materials and club materials. SMART WIN: Wind-up Hearing Slated for April 12 ---------------------------------------------- On February 9, 2006, Standard Chartered Bank (Hong Kong) Limited filed a petition to wind up Smart Win Investment Limited. The Petition will be heard before the High Court of Hong Kong Special Administrative Region 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: Messrs. T.H. Koo & Associates Solicitors for the Petitioner Room A2, 15th Floor, United Centre No. 95 Queensway, Hong Kong Telephone: 2861 3838 SUNVILLE INVESTMENT: Wind-up Hearing Slated for March 22 -------------------------------------------------------- On February 1, 2006, Beatrice Tsang Sau Hing presented a petition to wind up Sunville Investment Company Limited before the High Court of Hong Kong Special Administrative Region. The Petition will be heard on March 22, 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: Or, Ng & Chan Solicitors for the Petitioner 15th Floor, The Bank of East Asia Building No. 10 Des Voeux Road Central Central, Hong Kong TOPVILLE INDUSTRIAL: Court to Hear Wind-Up Petition on March 22 --------------------------------------------------------------- On February 1, 2006, Beatrice Tsang Sau Hing presented a petition with the High Court of Hong Kong Special Administrative Region to wind up Topville Industrial Company Limited. The Court will hear the Petition on March 22, 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: Or, Ng & Chan Solicitors for the Petitioner 15th Floor, The Bank of East Asia Building No. 10 Des Voeux Road Central Central, Hong Kong WINNDER DECORATION: Wind Up Process Begins ------------------------------------------ On February 15, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance entered a wind-up order pertaining to Winner Decoration & Contracting Company Limited. As reported by the Troubled Company Reporter - Asia Pacific on January 20, 2006, Wong Lin Tak presented a petition for the winding up of Winner Decoration on December 28, 2005. 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 ========= I N D I A ========= BHARAT PETROLEUM: Sees INR4,000-crore Losses for Cheap Fuel Sale ---------------------------------------------------------------- Skyrocketing global crude prices and selling fuel below costs have taken their toll on Bharat Petroleum Corporation Limited's total revenue, New Kerala relates. The state-run oil firm, which has already been suffering mounting losses due to government-mandated oil subsidies, revealed that it is losing INR3 per liter of sale of diesel and INR2 per liter on petrol. The total revenue loses on sale of oil fuels is estimated at around INR4,000-crore for the current financial year. BPCL Chairman and Managing Director Ashok Sinha added the Company was also losing INR171 per liquefied petroleum gas cylinder and about INR12 per liter of kerosene, the report says. The Troubled Company Reporter - Asia Pacific reported on February 27, 2006, that the Government has approved the issue of INR11,500-crore worth of oil bonds, to compensate loss-making state oil firms for selling petroleum products at subsidized prices. As reported, Indian Oil Corporation is set to receive INR6,000 crore, while the remaining INR5,500 crore will be equally divided between Hindustan Petroleum and Bharat Petroleum. Bharat said that it will trade the bonds in the market immediately after their receipt and would use the proceeds to partly pay off its INR5,800-crore debt and in meeting working capital requirements, New Kerala states. 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 Government's mandate to sell kerosene, liquefied petroleum gas, petrol and diesel way below market rates. 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. BPL LIMITED: To Consider Capital Hike and Shares Issuance --------------------------------------------------------- Members of BPL Limited will hold an Extraordinary General Meeting on March 29, 2006, to consider an increase of the Company's present authorized share capital from INR2150 million to INR2250 million comprising of 5,00,00,000 equity shares of INR10 each and 1,75,00,000 redeemable preference shares of INR100 each. The members will also consider the offer, issuance and allotment of equity shares on a preferential basis in one or more trenches and on such terms and conditions as may be deemed appropriate by the Board of Directors up to 2,00,00,000 fully paid-up equity shares of INR10 each at a premium of INR33.02 per share, to Electro Investment Pvt Ltd. Consequential amendments in Memorandum and Articles of Association of the Company will also be taken up. Headquartered in Bangalore, India, BPL Limited manufactures and distributes consumer electronic products such as televisions, video tape recorder, audio systems, emergency lanterns, electrocardiographs and monitors. The Group also manufactures home appliances like washing machines, refrigerators, vacuum cleaners, microwave ovens, gas tables, soft energy and consumer telecom products. Its plants are located at Kerala, Karnataka and Uttar Pradesh. The Group operates only in India. Last year, the Company obtained approval from the Kerala High Court for its financial restructuring scheme and the launch of the 50:50 joint venture with Sanyo for the CTV business. The restructuring has allowed BPL to focus and strategize on its core businesses. COAL INDIA: State Power Firm Eyes Joint Venture ----------------------------------------------- The National Thermal Power Corporation is keen on forming a 50:50 joint venture with state-owned Coal India Ltd, Sify India reports. The new coal entity will develop new coal mines in Brahmani and Chichro Patrimal to exclusively meet the power firm's additional coal requirement at its thermal power projects in the eastern region, the report says. National Thermal is seriously working on the joint venture plan, as it was allowed by Union Power Minister Sushilkumar Shinde to take up a 4,000 MW capacity greenfield mega thermal power project at Lara in Chhattisgarh. The Company believes a tie-up with Coal India will help augment its generation capacity in the eastern region, thereby ensuring increased power supply to other power deficit States. The Troubled Company Reporter - Asia Pacific reported on March 6, 2006, that Coal India expects to book a net profit of more than INR6,000-crore for the first time since the nationalization of the country's coal industry in 1972 due to profits generated by its subsidiaries. Headquartered in Kolkota India, Coal India Limited -- http://www.coalindia.nic.in/-- is engaged in the mining of coal, coal based products and mining consultancy. The Company was incorporated under the Companies Act, 1956 and is wholly owned by the Government of India. The Company is currently saddled with labor problems involving its senior staff. INDUSTRIAL DEVELOPMENT: Inks MoU with Fortis Insurance ------------------------------------------------------ Industrial Development Bank of India Ltd entered into a Memorandum of Understanding with Fortis Insurance International NV, a Company incorporated under the laws of Netherlands with its registered seat at Utrecht. The Agreement relates to the incorporation of a joint venture Company between the Bank and Fortis for conducting the business of life insurance in India, subject to the regulatory, statutory, and corporate approvals of Fortis. Headquartered in Mumbai, India, and Industrial Development Bank of India Limited -- http://www.idbi.com/-- was set up in 1964 under an Act of Parliament as a wholly owned subsidiary of Reserve Bank of India. In February 1976, the Bank's ownership was transferred to Government of India. It was designated Principal Financial Institution for co-ordinating the working of institutions at national and State levels engaged in financing, promoting and developing industry. In October 2004, the IDBI's undertaking was transferred to IDBI Ltd, which immediately commenced operations as a banking company. The Bank is currently undertaking an exercise for restructuring its liabilities, under the auspices of the Government of India, ================= I N D O N E S I A ================= BANK MANDIRI: Pefindo Assigns 'idA+' Rating ------------------------------------------- Pefindo has assigned a corporate rating of "idA+" to PT Bank Mandiri (Persero) Tbk. The rating reflects the continuing strong supports from the government, the bank's superior position as the largest bank in the country, and the bank's sound capitalization. However, the bank's huge problematic loans resulted from a combination of implementation of Bank Indonesia regulation no. 7/2/PBI/2005 regarding changes in earnings assets classification and assets quality deterioration of several big loans has mitigated the rating. Bank Mandiri was incorporated in 1998 through a merger of 4 state owned banks namely Bank Bumi Daya (BBD), Bank Dagang Negara (BDN), Bank Exim, and Bapindo. The bank can be regarded as a universal type of bank with varieties of products and services ranging from commercial banking to investment banking and insurance. In commercial banking services, the bank offers varieties of products that include, among other things, lending and deposits, cash management, foreign exchange and custodial services, as well as debit and credit cards. Bank Mandiri also has several subsidiaries, which focuses in investment banking (PT Mandiri Sekuritas), sharia banking (PT Bank Syariah Mandiri), and insurance (PT AXA Mandiri Insurance). As end of 1H05, BMRI's distribution network is supported by 835 offices and 2,562 self owned ATM. The bank automatic teller machine's is also incorporated with ATM Link that amounted to about 6,600 units of ATM located all around Indonesia. The bank employs about 20,000 staffs to provide banking services to its more than 5 million customers. Headquartered in Jakarta, Indonesia, Bank Mandiri -- http://www.bankmandiri.co.id/-- Indonesia's largest and best capitalized bank in terms of assets, loans and deposits, provides comprehensive financial services to more than six million corporate and individual consumers, as well as small and medium-sized enterprises in Indonesia. Its total assets as of March 31, 2002, were IDR261.9 trillion, roughly 24% of the assets in the banking system, and its capital adequacy ratio of 27% is far higher than the minimum required level of 8% by the Bank of International Settlements. BANK MANDIRI: Books US$200.3-Mln Profit in 2005 ----------------------------------------------- PT Bank Mandiri Tbk reported an unaudited net profit of US$200.3 million (IDR1.84 trillion) in 2005, versus a profit of IDR5.26 trillion in a same period a year earlier, according to Reuters. The decline resulted from the Bank's bigger allocation to cover a surge in bad loans to companies, the report says. According to Bloomberg, the Indonesian central bank tightened loan classification last year, causing bad loans at Bank Mandiri to soar. Bank Indonesia asked commercial banks to classify loans on which no principal or interest has been paid for 180 days as non-performing, reducing the period from 270 days, as it accelerated a cleanup of the industry. Bank Mandiri's profit in the first nine months of last yearp lunged 73%. Its net non-performing loan ratio, which excludes the value of collateral pledged against credit, rose to 14.3% as of September 30, from 1.74% a year earlier, because of the tighter loan classification norms. Bank Mandiri -- http://www.bankmandiri.co.id/-- Indonesia's largest and best capitalized bank in terms of assets, loans and deposits, provides comprehensive financial services to more than six million corporate and individual consumers, as well as small and medium-sized enterprises in Indonesia. Its total assets as of March 31, 2002, were IDR261.9 trillion, roughly 24% of the assets in the banking system, and its capital adequacy ratio of 27% is far higher than the minimum required level of 8% by the Bank of International Settlements. Bank Mandiri's troubles began in December 1999, when the state bank combining four other state banks posted losses totaling IDR6.8 trillion (US$942 million) during the first two months of operation. In September 2003, Bank Mandiri asked the approval of shareholders to hold a quasi-reorganization so that it can pay dividends to the shareholders in 2004. Before the quasi-reorganization, there had been loss accumulation worth IDR163 trillion. As of September 2005, Bank Mandiri's non- performing loans comprised 24.57% of its total loans. Accumulated unresolved debts and higher interest rates led to the 7.49% increase in the bank's non-performing loans. Subsequently, Bank Mandiri is subject to special monitoring by the central bank due to its high level of non-performing loans, although it can still extend credit to borrowers. In December 2005, Bank Mandiri reported that its third-quarter net profits plummeted 56.7% to IDR610.7 billion (US$60.86 million) from IDR1.41 trillion in the same period in 2004. In February, the bank sought the Government's help to resolve its non-performing loan problems and to approve its plan to set up a debt management agency together with Bank Negara Indonesia, as a state finance law and a finance ministry regulation prohibit state banks from writing off debts without permission from the Finance Minister. ========= J A P A N ========= DAIEI INCORPORATED: Expects to Post Huge Net Loss ------------------------------------------------- Daiei Incorporated is slated to post a significant net loss for the financial year ending February 28, 2006, due to stagnant food sales, Crisscross News reports. According to unnamed sources, the ailing retail chain operator is expected to post JPY1.17 trillion in sales. Last year, Daiei reported a net income of JPY5.2 trillion. The Troubled COmpany Reporter - Asia Pacific reported on January 18, 2006, that Daiei will set up own food brand around this March to lift profitability and speed up store renovations. The company said it is ready to move forward in the next financial year after cutting debt and closing unprofitable stores this business year. She will focus was on rebuilding its core business and gaining customer and employee satisfaction rather than growing its size. The report said that the company expected a group operating profit of JPY42 billion (US$370 million) in the business year to February on sales of JPY1.67 trillion, which would give a profit margin of 2.5%. Headquartered in Hyogo, Tokyo, Daiei Incorporated -- http://www.daiei.co.jp/-- operates about 3,000 stores through its subsidiaries and franchisees. Its retail businesses include supermarkets, discount stores, department stores, and specialty shops. Other businesses include restaurants, hotels, and real estate services. Domestic sales make up more than 90% of its revenues. Daiei diversified haphazardly during the 1980s loading up on debt and failing to keep up with new, more efficient competitors. Daiei, with support from Industrial Rehabilitation Corporation of Japan, has decided to close 54 stores nationwide, including subsidiaries, as part of its new business reconstruction plan. Of the 54 Daiei stores that have been closed, only six were to be reopened by other tenants at the end of January. JAPAN AIRLINES: Moody's Affirms Ba3 Rating ------------------------------------------ On March 3, 2006, Moody's Investors Service affirmed its Ba3 senior unsecured and issuer ratings for Japan Airlines International Company Limited, in response to the Company's announcement of an expected net loss for fiscal 2005 and a new business strategy to streamline its operations to regain competitiveness and profitability. Although the demand for passenger traffic has bottomed and has been gradually recovering, the JAL group is expecting to post a JPY47-billion net loss for the fiscal year ending March 2006. Its consecutive safety incidents last year, and the high price of aircraft fuel, pressured the group's revenue growth and offset its cost reduction efforts. On March 2, 2006, JAL announced its new mid-term business strategy that aims to recover profitability in fiscal 2006, which comprises cost reduction, including personnel expenses, and restructuring the group's aircraft fleet to match the sluggish demand for passenger traffic. Moody's believes that the new business strategy, supported by the group's still-solid customer base, may allow it to gradually improve its cost structure and become profitable. However, Moody's will monitor how the unexpected new management change impacts the timely execution of the plan, which is important to securing continued government support. The Ba3 rating reflects Moody's view that the relationship between the Japanese government and the JAL group will remain strong. Moody's will continue to monitor the influence of the future restructuring of Japan's government-related financial institutions, which is now under discussion. The rating also reflects the group's highly leveraged financial profile -- its total debt to total capitalization ratio was 85.7% at end- September 2005. Ongoing financial support from major lenders is also a key rating factor. 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. 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. 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. JAPAN AIRLINES: Under Pressure to Clear Earnings Target ------------------------------------------------------- Japan Airlines Corporation's largest single shareholder, Eitaro Itoyama, threatened to sell his 4% stake in the Company if it will not pay dividends to its shareholders, Kyodo News says. In an interview with Kyodo News, Mr. Itoyama said that he may sell his stake in JAL if it fails to clear its projected earnings target for the first six months of 2006, adding that nonpayment of dividends to shareholders for the second year is impossible. Last week, JAL disclosed a five-year management plan for 2006, which was aimed to win back the public's trust. The new plan indicated that there would be no dividend payments for the first year. Company management also underwent a reshuffling, after JAL president Toshiyuki Shinmachi announced his resignation effective June 2006. He will be replaced by JAL senior vice- president Haruka Nishimatsu. Mr. Itoyama is scheduled to meet with Mr. Nishimatsu next week to discuss the possibility of the sale of his 4% stake in the Company. He commented on JAL's plan to execute a pay cut for employees beginning next month, saying that it would lower morale, and management should consider other things such as selling Company houses and improving in-flight services. 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. 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. 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. LIVEDOOR CO.: Shady Deals Earned JPY8-Bln Profit ------------------------------------------------ An ongoing investigation by the Tokyo District Public Prosecutors Office into illicit mergers and takeovers using the shares of Livedoor Company revealed that suspicious deals incurred up to JPY8 billion in revenues, Kyodo News reports. The prosecution is slated to file charges against former Livedoor president Takafumi Horie and four other Company executives for alleged window-dressing by the Company in 2004. Kyodo News relates that Mr. Horie and three executives were indicted for alleged market securities manipulation and account fraud. They are accused of spreading false information on a takeover deal by Livedoor, in order to increase the stock price of a Company subsidiary. They are also alleged to have profited from the sale of the Company's shares through overseas acocunts or by investment partnerships linked to Livedoor. The group is alleged to have acquired six firms through share swaps in 2003 and 2004. In reality, the firms were controlled by the investment partnerships, and proceeds from the sale are believed to have been transferred to Livedoor later. Sources said that Livedoor allegedly concealed the cash flow and gave the impression that it was earned legally by using fake firms abroad, but some firms didn't want to cooperate with Livedoor. Mr. Horie denied the allegations during questioning. Headquartered in Tokyo, Japan, Livedoor Co. Ltd. -- http://corp.livedoor.com/en/-- is into Internet-related business. It is involved in many sectors, including out portal site "livedoor", financial business, corporate web solutions, data center and IP telephony business. Last year, Livedoor's office was raided by prosecutors on suspicions of accounting fraud. Company executives were alleged to have relayed false information on a merger, with the intent to boost the stock price of a Company subsidiary. Livedoor's stock price plunged on allegations that the Company concealed a huge JPY1 billion loss for the financial year ended September 2004. LIVEDOOR CO.: Shareholders Convene to File Suit and Seek Damages ---------------------------------------------------------------- More than 500 shareholders of Livedoor Co. met in Tokyo to file a civil suit and seek damages for losses incurred when the Company's stock price plunged as a result of an accounting scandal, Crisscross News reports. According to the group's laywers, the shareholders are currently assessing damages, and they plan to file the suit in September this year. Headquartered in Tokyo, Japan, Livedoor Co. Ltd. -- http://corp.livedoor.com/en/-- is into Internet-related business. It is involved in many sectors, including out portal site "livedoor", financial business, corporate web solutions, data center and IP telephony business. Last year, Livedoor's office was raided by prosecutors on suspicions of accounting fraud. Company executives were alleged to have relayed false information on a merger, with the intent to boost the stock price of a Company subsidiary. Livedoor's stock price plunged on allegations that the Company concealed a huge JPY1 billion loss for the financial year ended September 2004. ========= K O R E A ========= DAEWOO ENGINEERING: Bidders Pair With Banks to Fund Purchase ------------------------------------------------------------ The six qualified bidders for Daewoo Engineering & Construction Co. are scurrying to pair up with banks and other financial institutions to secure funds for their planned acquisition, the Yonhap News relates. Korea Asset Management Corporation and other creditors are set to sell either a 50% stake plus one share, or their entire holdings of 74% in Daewoo Engineering. As reported by the Troubled Company Reporter - Asia Pacific on February 15, 2006, the shorlisted bidders for the Daewoo Engineering stake are from consortiums led by cement and confectionery producer Eugene Group, real estate developer Prime Group, construction company Samwhan Corp. and the Doosan, Hanwha and Kumho Asiana groups. TCR-AP also reported on March 2, 2006, that the formal tender for the Company will most likely be delayed to April due to the interference of unionists in the due diligence process. 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. DAEWOO SHIPBUILDING: Wins US$467 Mln Drill Ship Order ----------------------------------------------------- Daewoo Shipbuilding & Marine Engineering Co. has obtained a US$467 million order from oil driller Transocean Inc. to construct its first drill ship, The Korea Herald relates. The drill ship will be delivered to Transocean in 2008, to be used in Chevron Corporation's mining area in the Gulf of Mexico. The vessel, which can drill as deep as 11 kilometers below sea level, can operate in all parts of the world from the Arctic Sea to the warm waters around Africa and South America. Headquartered in Seoul, South Korea, Daewoo Shipbuilding and Marine Engineering Co. -- http://www.dsme.co.kr/-- has developed into one of the world's premium specialized shipbuilding and offshore contractor that builds various vessels, offshore platforms, drilling rigs, floating oil production units, submarines, and destroyers. The shipbuilder has been under a creditors-led corporate restructuring program since 1999 along with some other affiliates after its parent, Daewoo Group, collapsed under heavy debt exposure. Daewoo Shipbuilding is up for sale and the Korea Development Bank and Korea Asset Management Corporation plan to start the sale process of their remaining stakes in the second half of 2006. KOREA EXCHANGE: BAI to Investigate 2003 Lone Star Sale ------------------------------------------------------ The Korean Board of Audit and Inspection will investigate this week whether Lone Star Funds' US$1.2 billion purchase of a stake in the Korea Exchange Bank in 2003 was appropriate, The Maeil reports. The probe, which is in response to the National Policy Committee and the National Economy Committee's request, will focus on alleged charges of the Bank's cheap sale and manipulation of the Bank for International Settlement equity rate. According to Reuters, South Korean politicians -- led by the main opposition Grand National Party -- have alleged that the Korea Exchange shares were sold cheap to Lone Star after the Bank's financial status was incorrectly reported. Korea Exchange denied the allegations early this month. On the other hand, Reuters relates that the Financial Supervisory Commission intends to report Lone Star's two South Korean units to prosecutors over suspicions that they had violated foreign currency laws. The United States-based investment firm and its staff have also been under investigation by prosecutors since late 2005 in relation to possible tax irregularities. The results of the BAI probe are expected to come out in June 2006. Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm-- was established in January 1967 by the Government originally as a specialist foreign exchange bank. It retains its strength in trade finance and foreign exchange. In terms of assets, it ranks sixth among Korea's nationwide commercial banks with 7% of system assets. It operates a branch network of 317 domestic and 28 overseas offices. During the economic crisis, significant exposures to troubled corporate borrowers led to a deterioration in the bank's financial health. However, since then, its operating performance stabilized, and the bank has reported eight consecutive quarterly profits since the end of 2003. Moody's Investors Service has placed Korea Exchange Bank's D- bank financial strength rating on review for possible upgrade. KOREA EXCHANGE: Commerzbank AG Reduces Stake to 6.5% ---------------------------------------------------- Commerzbank AG has reduced its stake in the Korea Exchange Bank from 14.6% to 6.5%, leaving market players in the country and abroad speculating the motive and possible impact of the sell-off, JoongAng Daily reports. The German lender dumped an 8.1% stake in Korea Exchange for US$724.6 million (CNY703.5 billion). The sale came as Lone Star Funds, which holds a 50.5% stake in Korea Exchange, is set to sell the bank for CNY9 trillion. Lawmakers and civic activists have alleged that Korea Exchange intentionally understated its financial health to make it easier for Lone Star to rescue the cash-strapped lender in 2003. Such strong opposition, which may delay the sale of Korea Exchange, may be the reason Commerzbank sold the shares, industry sources said. Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm-- was established in January 1967 by the Government originally as a specialist foreign exchange bank. It retains its strength in trade finance and foreign exchange. In terms of assets, it ranks sixth among Korea's nationwide commercial banks with 7% of system assets. It operates a branch network of 317 domestic and 28 overseas offices. During the economic crisis, significant exposures to troubled corporate borrowers led to a deterioration in the bank's financial health. However, since then, its operating performance stabilized, and the bank has reported eight consecutive quarterly profits since the end of 2003. Moody's Investors Service has placed Korea Exchange Bank's D- bank financial strength rating on review for possible upgrade. =============== M A L A Y S I A =============== ANTAH HOLDING: To Submit Proposed Rehab Scheme for Approval ----------------------------------------------------------- Antah Holding Berhad is set to submit its Proposed Restructuring Scheme to authorities for approval so it could implement the Plan within eight months from the date of the Plan's first announcement on January 7, 2006. On February 6, 2006, Antah Holding entered into a conditional restructuring agreement with Liu Guo Dong; Rise Business Incorporated; Rock Point Alliance Pte Ltd -- a wholly owned subsidiary of Rock Point Alliance Sdn Bhd (a substantial shareholder of Antah) -- and Zhu Qing Hua. Under the deal, Antah, Liu Guo Dong, Rise Business, Rock Point Alliance and Shu Qing Hua have agreed in principle to undertake the Proposed Restructuring Scheme. On February 7, 2006, the Company announced its Proposed Restructuring Scheme pursuant to Practice Note 17/2005 of Bursa Malaysia Securities Berhad's Listing Requirements. The Plan, which is aimed at restoring the Company's financial footing and to regularize its condition, will be carried out through: -- the injection of new viable businesses - PIPO Group; -- capital restructuring exercise; -- debt restructuring exercise; and -- the acquisitions of core assets of Antah. A company may be placed under PN17 status if: -- there is a deficit in the adjusted shareholders' equity of the listed issuer on a consolidated basis; -- receivers and managers have been appointed over the property of the listed issuer, or over the property of its major subsidiary or major associated company, which property accounts for at least 70% of the total assets employed of the listed issue on a consolidated basis; -- the auditors have expresses adverse or disclaimer opinion in respect of the listed issuer's going concern, in its latest audited accounts; -- the listed issuer has suspended or ceased its entire major business due to the cancellation, loss or renewal of license, disposal of business or a court order prohibiting the listed issuer from conducting business; or -- the listed issuer has an insignificant business or operations. As reported by the Troubled Company Reporter - Asia Pacific on March 3, 2006, Antah Holding's securities face possible delisting from the Bursa Malaysia if it fails to submit its 2005 Annual Audited Account and 2005 Annual Report on time. The Company reported a net loss of MYR14,498,000 in the second quarter financial report for the financial period ended Dec. 31, 2006, against a net loss of MYR1,481,000 in the same period last year. Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia, Antah Holding Berhad -- http://www.antah.com.my/-- manufactures and trades pharmaceutical products and fluid engineering and manufacturing. The Company's other activities include retailing of housewares and kitchenware, property development, insurance broking, provision of management services and investment holding. The Group discontinued its beverage and security services operations. The Group operates in Malaysia, Australia, United Kingdom and Singapore. Aside from reporting huge losses, Antah is also unable to meet its debt obligations and is currently in the process of undergoing restructuring pursuant to a scheme of arrangement under Section 176 of the Companies Act, 1965. ASIA COMPANY: Completes Wind-up Process --------------------------------------- The Board of Astro All Asia Networks disclosed that the Company's wholly owned subsidiary, Asia Company No. 1 Limited, was dissolved on March 1, 2006, pursuant to Section 213 of the Companies Act 1981 of Bermuda. The Troubled Company Reporter - Asia Pacific reported on December 16, 2005, that Astro All's Board had passed a resolution for the voluntary winding-up of Asia Company No.1 pursuant to Part XIII of the Companies Act 1981 of Bermuda (as amended) (Act). In this regard, Jennifer Y. Fraser of Canon's Court, 22 Victoria Street, Hamilton, Bermuda, was appointed as liquidator with full power and authority to conduct the winding up in accordance with the Act and the Companies (Winding-Up) Rules 1982 of Bermuda. The move was part of the Astro All's internal restructuring program, the report said. Asia Company No.1 was incorporated in Bermuda under the Act as an exempted company limited by shares on March 3, 2000. The Company's authorized share capital was USD12,000 divided into 120,000 ordinary shares of USD0.10 each, of which 120,000 ordinary shares were issued but not paid-up. CHASE PERDANA: Court Dismisses Application to Stay Execution ------------------------------------------------------------ Chase Perdana Berhad's application to the Kota Kinabalu High Court for a stay of the execution of its case against the defendant, Afendi Bin Hamdan, has been dismissed on March 1, 2006. On November 9, 2005, the Kota Kinabalu High Court dismissed Chase Perdana's claim for the refund of a deposit amounting to MYR1 million with costs. At the same time, the Defendant's counter-claim of MYR4 million was allowed together with statutory interest (from November 9, 2005, until the date of full settlement) and costs. In light of Chase Perdana's appeal to the Court of Appeal against the Judgment, Chase Perdana had earlier filed a motion to the Court of Appeal for a stay of execution pending disposal of the said appeal under Section 44 of the Courts of Judicature Act 1964. The date for the hearing of the motion has yet to be fixed by the Court of Appeals but it is envisaged that the matter may be heard within the next two to three weeks. With regard to Chase Perdana's appeal against the Judgment, the matter has been fixed for hearing on June 12, 2006. On June 26, 1997, Chase Perdana had entered into a Sale and Purchase Agreement with Madrigal Bin Gumba to purchase 510 ordinary shares of MYR1.00 each representing 51% of the issued and paid up share capital of Jernih Kaya Sdn Bhd. At that time, Jernih owned a 49% stake in Dioncorp Sdn Bhd, which in turn wholly owned First Securities Sdn Bhd, a company approved by the Ministry of Finance to be established as a stock broking firm. The balance 51% stake in Dioncorp was owned by Yayasan Bumiputra Sabah. To facilitate the sale and purchase, Afendi Bin Hamdan transferred its 240 ordinary shares in Jernih to Madrigal, to form part of the 510 shares to be purchased by Chase Perdana. Chase Perdana therefore paid MYR1 million to Afendi Bin Hamdan as an initial payment of the total MYR5 million considertation for the 240 shares. The payment carried a condition that the said deposit will be returned in the event that the approvals of the relevant authorities (including the Foreign Investment Committee and the Ministry of Finance) on the proposed sale and purchase of the 510 ordinary shares in Jernih is not obtained. On January 12, 1998, the Ministry of Finance informed Jernih that the proposed sale and purchase of the 510 shares was not approved. Accordingly, a demand for the refund was issued but ignored by Afendi Bin Hamdan. A suit was subsequently filed against the Defendant and Defendant filed a counterclaim for MYR4 million being the balance purchase price for 240 ordinary shares. Chase Perdana, after consultation with its solicitors, has filed an application for a stay of execution and an appeal against the decisions on an urgent basis. The Company believes that it has strong grounds for the appeal based on, among other things, the fact that if CPB were to acquire the 240 Jernih shares from the Defendant by paying the balance purchase price of MYR4 million, this would be in direct contravention of the decision of the Ministry of Finance disapproving the proposed sale and purchase of the 510 ordinary shares in Jernih. A Summary Judgment was initially granted to Chase Perdana for its claim of MYR1 million and the dismissal of the Defendant's counterclaim for MYR4 million February 2, 2000. The Defendant subsequently filed an appeal against the Summary Judgment decision and the appeal was allowed on July 18, 2003. Consequently, Chase Perdana filed an appeal against the High Court's decision to allow the Defendant's appeal against the Summary Judgment. The Appeal was referred to the High Court on February 21, 2005 for trial. Headquartered in Kuala Lumpur, Malaysia, Chase Perdana Berhad -- http://www.chaseperdana.com.my-- is engaged in construction, property management, property development and investment holding. Its other activities include oil palm processing. Operations are carried out in Malaysia, India and British Virgin Islands. In 2000, the Corporate Debt Restructuring Committee assisted Chase Perdana Berhad and its subsidiary companies to finalize a debt restructuring agreement with their lenders involving debt outstanding of MYR279.91 million. The exercise was undertaken beginning year 2002. The Company's proposed debt restructuring of is expected to address the difficulties experienced by the Chase Perdana Berhad Group in meeting the immediate debt obligations due to the current cashflow position of the Group. Both the corporate and debt restructuring would put the Chase Perdana Group on a stronger financial footing to continue as a going concern, to return to profitability and to enhance returns to all the stakeholders. HOCK SIN: To Convene 31st AGM on March 30 ----------------------------------------- Hock Sin Leong Group Berhad will hold its 31st Annual General Meeting on March 30, 2006, at 11:00 a.m., at 1-11, 3rd Floor, Jalan Perdana 10/6, Pandan Perdana, Selangor, 55300 Kuala Lumpur, in order to: -- receive and consider the Audited Financial Statements together with the related reports of the Directors and Auditors for the year ended September 30, 2005; -- re-elect Datuk Abdul Ghani Bin Abdullah, who is to retire pursuant to Article 127 of the Company's Articles of Association; -- appoint Messrs Yeap Cheng Chuan & Co. as Auditors of the Company and to authorize the Directors to fix their remuneration; -- consider and if thought fit, to pass the allotment and issuance of the Company's shares provided that the aggregate number of shares to be issued does not exceed 10% of the issued share capital of the Company for the time being; and -- transact any other business of which due notice will have been given. Headquartered in Kuala Lumpur, Malaysia, Hock Sin Leong Group is involved in assembling, distribution and servicing of electrical and electronic products. Its other activities include the provision of investment holding and management services. The Company has been continuously incurring impairment losses in the past years. In the fourth quarter of the year ending Dec. 31, 2005, the Company booked a net loss of MYR128,000. LINEAR COOLING: Court Shelves Wind-up Case ------------------------------------------ The Malaya High Court has agreed to set aside the wind-up order against Linear Cooling Industries Sdn Bhd filed by Syarikat Success Construction Sdn Bhd on May 26, 2005. All related legal proceedings are discontinued. On September 9, 2003, Linear cooling chose Syarikat to construct a district cooling plant room in Penang for a contract value of MYR3,799,900. Syarikat later filed a suit against the Company, claiming for an amount of MYR583,418.82, a retention sum and disputes of variation works, overdue interest and claimed losses. On November 11, 2005, Linear Cooling's solicitors had filed a suit against Syarikat for liquidated damages of MYR530,000-00 for rectification works and unspecified damages in respect of their failure to satisfactorily complete works in respect of erecting a district cooling plant located at Bandar Perda, Seberang Prai, which is also the subject matter of Syarikat's winding-up petition. On February 28, 2006, Linear Cooling and Syarikat signed a settlement agreement after Linear Cooling agreed to withdraw its legal action against Syarikat. Headquartered in Penang, Malaysia, Linear Cooling Industries Sdn Bhd is the industrial manufacturing arm of the Linear Group. Today, Linear Cooling houses some of the most comprehensive heating, ventilation and air conditioning 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. PAN MALAYSIA: Placed Under PN17 Category ---------------------------------------- Bursa Malaysia Securities Berhad has determined that Pan Malaysia Holdings Berhad and Pan Malaysia Capital Berhad are affected listed issuers pursuant to Practice Note No. 17/2005. Pan Malaysia Holdings had disclosed on March 2, 2006, that it is an affected listed issuer pursuant to Paragraph 2.0 of PN17 as it has an insignificant business or operations. The Company's latest unaudited accounts for the financial year ended Dec. 31, 2005, showed that its business or operations generated revenue on a consolidated basis of MYR32.131 million, which represents less than 5% of the issued and paid-up capital of the Company. Pan Malaysia Capital had also disclosed on March 2, 2006, that it is an affected listed issuer pursuant to Paragraph 2.0 of PN17 as it has an insignificant business or operations. The Company's latest unaudited accounts for the financial year ended December 31, 2005, showed that its business or operations generated revenue on a consolidated basis of MYR34.088 million, which represents less than 5% of the issued and paid-up capital of the Company. Bursa Securities emphasizes that Bursa Securities will continue to monitor the progress of the PN17 companies in respect of their compliance with the Listing Requirements. Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Holdings Berhad engaged in the provision of financial services, property and leisure, investment holding and dealing and manufacturing and selling of self-adhesive sticker labels. The Group also manufactures carton boxes and general packaging products. Other activities relating to financial services are stockbroking, options and financial futures broker, research fund management services and money lending. In 2001, the Group has disposed Focusprint Sdn Bhd, Labels Specialist Industries Sdn Bhd and Pengkalen Concrete Sdn Bhd wherein the manufacturing and trading activities were discontinued. The Company has proposed to reduce capital to erase its accumulated losses after discovering that its revenue is not more than 5% of its paid-up share capital. PAN MALAYSIA: Share Reduction Exercise Kicks Off ------------------------------------------------ Pan Malaysia Capital Berhad's proposed share capital reduction was formally commenced on March 2, 2006, pursuant to Section 64(1) of the Companies Act, 1965. The Exercise involves the cancellation of MYR0.60 of the par value of each existing ordinary share of MYR1.00 each of Pan Malaysia Cap in issue. Upon completion of the Proposed Par Value Reduction, it is expected that the Company's unaudited accumulated losses of MYR646.148 million as of December 31, 2005, shall be reduced to MYR7.327 million. As of December 31, 2004, the audited accumulated losses of the Company and the PM Cap Group reached MYR644.167 million and MYR674.692 million, respectively. The Company's Share Reduction Announcement is available for free at: http://bankrupt.com/misc/tcrap_PMcapital020306.pdf Pan Malysia Capital Berhad. The Group's in involved in stock and share broking. Its other activities include provision of corporate advisory, research and fund management and nominee and custodian services, options and financial futures broking, property and investment holding and share registration. Operations of the Group are principally carried out in Malaysia. The Company's existing ordinary shares of MYR1.00 each have been trading on the stock exchange substantially below par for a long period of time. The last traded price of PM Cap shares on March 1, 2006, was MYR0.095 per share. The Company has proposed to reduce capital to erase its accumulated losses. PEMBINAAN LIMBONGAN: Reprimanded for Breach of Bourse's Rules ------------------------------------------------------------- On March 3, 2006, Bursa Malaysia Securities Berhad publicly reprimanded Pembinaan Limbongan Setia Berhad for breach of Paragraph 9.19(19) of the Bursa Securities Listing Requirements. Paragraph 9.19(19) of the Bourse's Lisitng Requirements states that a listed issuer must make an immediate announcement to Bursa Securities of any commencement of winding-up proceedings against the listed issuer or any of its subsidiaries or major associated companies. The Company has breached the Listing Requirements for failing to make an immediate announcement when a winding-up petition was served on the Company on November 17, 2005. The Company only made an announcement of the Petition to Bursa Securities for public release on December 9, 2005. The public reprimand was imposed pursuant to Paragraph 16.17 of the Bursa Securities Listing Requirements after taking into consideration various relevant factors. Bursa Securities views the contravention seriously and hereby cautions the Company and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to its shareholders and the investing public. While Bursa Securities had not found that any of the directors of the Company caused or permitted the violation, Bursa Securities nevertheless highlights that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the Bursa Securities LR. The members of the Board of Directors as of November 17, 2005, were: * Hisham bin Mahmood; * Dato' Lim Kang Yew; * Tuan Haji Ibrahim bin Haji Keling; * Johar Salim bin Yahaya; * Dato' Lim Kang Hoo; * Kang Hui Ling; and * Dato' Lim Kang Poh. Background The winding up petition was presented in the Shah Alam Session Court on September 26, 2005, and it was served on Pembinaan Limbongan on November 17, 2005. The petition is based on the Company's failure to pay the demanded MYR113,823.45, as calculated on June 1, 2005. The Court directed Pembinaan Limbongan that it was to pay a judgment sum of MYR68,497.07, with interest at 8% per annum calculated from April 18, 1998, until full settlement and costs of MYR6,294.00. The Company had filed an appeal against the decision, which is pending in the Shah Alam High Court, Civil Appeal MT1-12-117-2005. The company had filed a Notice of Motion to strike out the Petition and for an injunction to restrain the unnamed Petitioner from advertising the Petition with a certificate of urgency however the application has been fixed on April 6, 2006 for hearing. The company has made an allocation of enough funds to pay the entire sum demanded by the Petitioner. In the event the court refuses to grant Pembinaan Limbongan a stay of execution or to strike out the Petition, the company will pay the amount demanded in the Petition without delay to ensure there is no possibility of a winding up order being granted. PROTON HOLDINGS: Completes Disposal of MV Agusta Shares ------------------------------------------------------- Proton Holdings has, on March 1, 2006, completed the disposal of 57,750,000 Class A shares representing 57.75% of the corporate capital of MV Agusta Motors S.P.A held by Proton Capital Sdn Bhd, a wholly owned subsidiary of the Company, to Gevi S.P.A. The Transaction was completed based on terms and conditions agreed upon by both parties. The Transaction relates to an overall recapitalization of MV Agusta, which includes cash equity injection of EUR15.0 million by GEVI and the assumption of all contingency liabilities that may have had to be assumed by Proton. Proton has relinquished its entire 57.75% interest in MV Agusta effective March 1, 2006. Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan Otomobil Nasional Berhad or Proton Holdings Berhad -- http://www.proton-edar.com.my/-- is engaged in manufacturing, assembling, trading and provision of engineering and other services in respect of motor vehicles and related products. Its other activities include property development, trading of steel and related products, engine and technologies research, development of automotive related technologies, investment holding, importation and distribution of motor vehicles, related spare parts and accessories, holds intellectual property, provides engineering consultancy, operates single make race series and carries out specific engineering contracts. The Group's operations are carried out in Malaysia, England, Australia, Socialist Republic of Vietnam and the United States of America. Proton has recently suffered plunging profits due to dwindling car sales and cutthroat competition. SBBS CONSORTIUM: Bid to Extend Stay Order Withdrawn --------------------------------------------------- On March 2, 2006, SBBS Consortium Berhad's application to extend the Restraining and Stay Order granted by the Kuala Lumpur High Court on September 20, 2005, has been withdrawn with no order as to cost. As reported by the Troubled Company Reporter, the Company had, on December 19, 2005, filed an application to the Kuala Lumpur High Court to extend the 90-day Restraining and Stay Order, which has expired on December 18. Meanwhile, the Company is also facing a winding up petition instituted by Southern Bank Berhad, which is fixed for hearing at the Kuala Lumpur High Court on March 29, 2006. Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad is engaged in the trade, manufacture and sale of molded and sawn timber and other wood-based products. Its other activity is investment holding. Due to its inability to service loan facilities, the Company had entered into various negotiations with its bank creditors, and in order to ensure that these creditors are treated on a a pari passu basis, the Company had ceased making repayments to its bank creditors on an ad-hoc basis. As a consequence of this treatment, its bank creditors have taken various measures to recover their outstanding loans. Negotiations between the Company and its bank creditors are nonetheless, still continuing. The Company is considering various sources of new business and funds to address its financial position, and had on June 24, 2005, appointed Covenant Equity Consulting Sdn Bhd to advise on its options. TELEKOM MALAYSIA: Celcom Receives Summons from MCAT-Gen ------------------------------------------------------- On March 1, 2006, the Solicitors of Telekom Malaysia Berhad's wholly owned subsidiary, Celcom (Malaysia) Berhad, received a sealed copy of a Summons in Chambers dated February 24, 2006, filed by the MCAT-Gen Sdn Bhd. In the Summons, MCAT-Gen is seeking an injunction to restrain Celcom from: -- entering into, continuing and completing any reseller's agreement with any third party, or acting in a manner which contravenes, contradicts and causes detriment to MCAT-Gen's alleged rights under its alleged appointment of a reseller of Celcom's services; and -- disclosing the Plaintiff's confidential information and trade secrets to any third parties. The Summons is fixed for hearing on March 20, 2006. Celcom's solicitors think there are good grounds to successfully resist MCAT-Gen's action. The Company will vigorously oppose the Summons. On November 24, 2005, Celcom was served with a sealed copy of a Writ of Summons and Statement of Claim for a suit filed by MCAT- Gen in the Kuala Lumpur High Court. In its Statement of Claim, MCAT has pleaded a cause of action for libel against Celcom based on certain alleged press releases which appeared in the New Straits Times, Utusan Malaysia, Harian Metro and Berita Harian. MCAT is seeking, amongst others, damages for libel in the sum of MYR1.0 billion, aggravated and exemplary damages, an injunction restraining Celcom from further publishing any similar defamatory words, a public apology and costs. Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia -- http://www.telekom.com.my/-- which once owned Malaysia's telecommunications landscape, now faces growing competition. Telekom Malaysia provides voice and data services through three primary operating units: TelCo, its core telecom business; Telekom Multimedia, which develops new media businesses; and ServiceCo, which oversees operational activities such as fleet and property management. The company is also a leading Internet Service Provider. Among Telekom Malaysia's subsidiaries are units that publish phone directories and operate fiber optic networks. It sold its cellular unit in 2002 but gained control of Celcom (Malaysia) in 2003. The company also owns stakes in businesses in nine countries in Asia and Africa. The Company had been locked up in disputes with different companies in the past, which brought heavy losses to the firm. Some of its units are also facing the possibility of being wound up by creditors. VTI VINTAGE: Net Loss Rises in Q4/FY05 -------------------------------------- VTI Vintage Berhad incurred an unaudited net loss of MYR2,617,000 in the fourth quarter of fiscal year ending December 31, 2005, as against a net loss of MYR2,281,000 for the same period last fiscal year. Summary of Key Financial Information 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 * Revenue 8,372 9,124 28,003 32,299 * Profit/(loss) before tax -2,690 -1,921 -8,328 -742 * Profit/(loss) after tax and minority interest -2,617 -2,281 -8,225 -1,066 * Net profit/(loss) for the period -2,617 -2,281 -8,225 -1,066 * Basic earnings/(loss) per shares (sen) -2.70 -2.36 -8.49 -1.10 * Dividend per share (sen) 0.00 0.00 0.00 0.00 * Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.3700 0.4600 VTI Vintage's Fourth Quarter Report ended December 31, 2005, is available for free: http://bankrupt.com/misc/tcrap_vtivintage030606.pdf Headquartered in Kuala Lumpur, Malaysia, VTI Vintage Berhad is involved in the manufacturing, trading, supplying and laying of roof tiles. WEMBLEY INDUSTRIES: Suffers Hefty Net Loss in Q4/FY05 ----------------------------------------------------- Wembley Industries Holdings Berhad's Unaudited Fourth Quarter Report for the period ended December 31, 2006, revealed a huge net loss of MYR43,856,000, as against a net loss of MYR14,585,000 for the same quarter in the previous year. Summary of Key Financial Information 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 * Revenue 0 0 0 0 * Profit/(loss) before tax -43,856 -14,585 -110,075 -59,548 * Profit/(loss) after tax and minority interest -43,856 -14,585 -110,075 -59,548 * Net profit/(loss) for the period -43,856 -14,585 -110,075 -59,548 * Basic earnings/(loss) per shares (sen) -30.36 -10.10 -76.19 -41.22 * Dividend per share (sen) 0.00 0.00 0.00 0.00 * Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End -5.3900 -4.6300 The Company's Fourth Quarter Report for the period ended December 31, 2005, is available for free at: http://bankrupt.com/misc/tcrap_WIHB4thqtr2005(1)xls.pdf Notes to Financial Statement are also available at: http://bankrupt.com/misc/TCRAP_WIHB4Qtr2005.(1)doc.doc Headquartered in Sarawak Malaysia, Wembley Industries Holdings Berhad is a developer of commercial properties and investment holding. Other activities are the development of the inter- state bus and taxi terminal, the retail podium and the budget hotel. ===================== P H I L I P P I N E S ===================== ATLAS CONSOLIDATED: To Raise Funds by Listing Unit's Shares ----------------------------------------------------------- Atlas Consolidated Mining and Development Corporation is preparing to list the shares of its unit, Carmen Copper Corporation, in order to raise funds to reopen its copper mine in Toledo City, Cebu, The Philippine Inquirer reports. Citing Atlas Chief Financial Officer Martin Buckingham, The Inquirer relates that the Company was advised to list the shares as soon as possible, as repoening the mine would need PHP8.67 billion. Mr. Buckingham added that the repoening of the mine would enable Atlas to take advantage of the high global of copper, which ranges from US$1.60 (PHP81.64) to US$1.80 (PHP91.85) per pound. Carmen Copper's mine is slated to hold 873 million tons of minerals, worth about PHP153.09 billion. Atlas is also planning to list Carmen Copper's shares on the foreign exchange, and has sought the help of Cutfield Freeman & Company in selecting a smelting firm that would buy its copper in exchange for equity. About Atlas Headquartered in Mandaluyong City, Philippines, Atlas Consolidated Mining and Development Corporation was established through the merger of assets and equities of three Soriano- controlled pre-war mines, the Masbate Consolidated Mining Company, IXL Mining Company and the Antamok Goldfields Mining Company. The Company is engaged in mineral and metallic mining and exploration that primarily produces copper concentrates and gold with silver and pyrites as major by-products. Its subsidiary, ACMDC Ventures, Inc., is 79%-owned and is engaged in construction and engineering works. The Company's copper mining operations, which started commercial operations in 1955, are centered in Toledo City, Cebu, where two open pit mines, two underground mines and milling complexes (concentrators) are located. The Cebu copper mine ceased operations in 1994. Activities after the shutdown have been limited to safeguarding and maintaining the property, plant and equipment at the minesite. The closure has brought huge losses to the mining firm. The Masbate gold mine, meanwhile, was sold to Base Metal Minerals Resources Corporation in 1996. In January 2004, Atlas decided to rehabilitate the company and its assets at the earliest possible time since copper and nickel prices have recovered. The Company continues to work on possible capital infusion and equity investments to reduce substantially if not wipe out its capital deficiency. Its debt reduction program was also at an "advanced stage" and was expected to help address the deficit issue. LMG CHEMICALS: Lack of Raw Materials Prompts Continued Shutdown --------------------------------------------------------------- The Troubled Company Reporter - Asia Pacific reported on February 8, 2006, that industrial chemical producer LMG Chemicals Corporation had shut down its sulfuric acid plant in Manila. The Company further updates that its plant will continue to be shut down due the lack of raw materials, which was caused by the 30-day closure of a Shell desulfurization plant for maintenance. Headquartered in Makati City, Philippines, LMG Chemicals Corporation -- http://www.chemphil.com.ph/-- is the dominant chemical manufacturing company in the industry with a strong industrial network - locally and globally. It is engaged not only in manufacturing, but also in trading and chemical bulk storage. Moreover, it is the only domestic producer of detergent alkylate both branched and linear. LMG manufactures alkyl benzene, sulfuric acid, detergent sulfur and other industrial chemicals. It is the only manufacturer of alkyl benzene in the Philippines. The Company's products are used mainly by manufacturers of detergents, car batteries, food and beverage and other power companies. METROPOLITAN BANK: Capital Securities Get CCC+ Rating ----------------------------------------------------- On March 3, 2006, Standard & Poor's Ratings Services assigned its 'CCC+' rating to Metropolitan Bank & Trust Co.'s US$125 million non-cumulative step-up callable perpetual capital securities (capital securities). The securities are the first hybrid Tier-1 capital issue for a Philippine bank after Bangko Sentral ng Pilipinas allowed such issues to constitute part of a bank's core capital from December 2005. The 'CCC+' rating on Metrobank's capital securities issue takes into account the subordination of the issue to the claims of senior creditors and holders of priority preference shares, and the non-cumulative nature of coupon payments under certain defined conditions. The securities are also subordinated to Metrobank's US$200 million 8.375% callable notes due 2013, rated 'B-' by Standard & Poor's. The capital securities may be called, at the option of Metrobank, 10 years from the date of issue. The securities carry a coupon of 9% per year payable semi-annually, up to the call date. Should Metrobank not exercise the call, coupons payable after the call exercise date would be paid on a quarterly basis and linked to the three-month LIBOR. In addition, Metrobank may redeem the capital securities at par on the occurrence of a 'tax event' or a 'regulatory event.' A 'tax event' occurs when, due to a change in law, coupon payments on the capital securities are no longer eligible for tax deduction or coupon payments to the holders of capital securities are subject to withholding tax. A 'regulatory event' occurs when BSP's published capital adequacy requirements stipulate that the capital securities may no longer be included in Metrobank's Tier 1 capital. Metropolitan Bank and Trust Company (Metrobank) -- http://www.metrobank.com.ph/-- is the flagship company of the Metrobank Group. Metrobank provides a host of deposit, savings, and loan products as well as electronic banking services like internet banking, mobile banking, and phone banking, as well as its huge ATM network. Metrobank is also the leading provider of trade finance in the country, and its overseas branch network has enabled it to service the fund remittances of Filipino overseas contract workers. VICTORIAS MILLING: Restructuring Plan Going Smoothly ---------------------------------------------------- Victorias Milling Company Inc.'s corporate secretary, Santiago T. Gabionza, Jr., sent a letter to the Philippine Stock Exchange in response to its request to clarify a Manila Times report saying that "Victorias Milling Co., the Philippines' largest sugar miller, expects to post a profit by 2008." In the clarification letter, VMC stated that its promising performance for the past five years since the approval of its rehabilitation plan in 2000 supports the statement. At present, 32 out of VMC's 33 creditors have approved the Company's debt restructuring agreement, and the Company has proven its capability to perform by making on-time payments to its creditors under the agreement. For the period from September 1, 2003, to September 1, 2005, VMC made interest payments to its creditors totaling PHP845.23 million, and has paid obligations amounting to PHP12.64 million to its trade suppliers. The Company also said that it is nearing its target to reduce manpower, divest non-profitable business units, improve sugar operations above its estimates for the crop years 2001 to 2003, and the sale and merger of its non-core assets. With the proposed sale of Victorias Foods Corporation, which requires the divestment of its other non-core businesses, it is expected that the Company will return to profit in due time. Despite its rehabilitation success so far, the Company maintains prudence in stating that it still depends on the continued success of its restructuring plan, as well as stable sugar prices and industrial peace. Victorias Milling Company Inc. -- http://www.victoriasmilling.com/-- was organized in 1919 and is engaged in the business of acquiring, constructing, maintaining and operating sugar mills, as well as other related business activities. Through the years, the company has expanded its operations to include a foundry, a machine shop, a fabrication shop, a food canning company, an organic fertilizer plant and a piggery. However, the company has incurred significant losses from operations, which adversely affected its financial condition and cash flow position. On July 4, 1997, the company filed an application with the Securities and Exchange Commission for suspension of payments to creditors. On July 8, 1997, the SEC issued a stay order restraining all creditors of the company or any of its subsidiaries from enforcing their claims to allow the company or any of its subsidiaries to continue to their normal business operations. The SEC also ordered the formation of a Management Committee to oversee the company's operations and rehabilitation. ================= S I N G A P O R E ================= ASTERIX CHEMICALS: Court Brings Out Wind-Up Order ------------------------------------------------- On February 17, 2006, the High Court of Singapore issued a wind- up order against Asterix Chemicals Pte Limited, formerly known as Nafix Pte. Limited. All creditors of the Company should file their proofs of debt with the Official Receiver who will be administering all affairs of the Company. All debts due should be forwarded to the liquidator. Contact: The Official Receiver Insolvency & Public Trustee's Office The URA Centre, East Wing, 45 Maxwell Road #05-11 & #06-11, Singapore 069118 CHINA AVIATION: Restructuring Plan Get Shareholders' Nod -------------------------------------------------------- Trading in the shares of China Aviation Oil (Singapore) Corporation is likely to resume by the end of this month following shareholders' approval of its restructuring plan, Associated Press reports. China Aviation has been suspended from trading its shares in late 2004 after revealing that it had incurred some US$550 million in losses from trading oil derivatives. The losses had built up over several months but weren't disclosed in its quarterly earnings reports, AP reveals. The newly approved restructuring plan allow creditors an option to have an upfront cash payment of 45 cents on every dollar owed, or a higher repayment rate of 58 cents a dollar spread over five years, the company said. China Aviation's China-based parent company, China Aviation Oil Holdings, will shoulder a large amount for the repayment. It will inject US$75.7 million for 34.4% of the Company's post- restructuring share capital, bringing its total stake to 51%. Aside from that, China Aviation Holdings will invest US$44 million in the Company in exchange for a 20% stake. Temasek Holdings Pte Ltd. will also inject US$10.2 million for 4.65% of the Company. 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. Singapore's Commercial Affairs Department investigated China Aviation in December 2004 after it was discovered that the Company had lost up to SGD896.07 million in fuel derivatives trading, which was not immediately reported to the Singapore Exchange. China Aviation avoided bankruptcy when creditors agreed to write down some of its debt in June 2005, and BP Plc, Europe's biggest oil company, agreed to take a stake in the company. CITIRAYA INDUSTRIES: Creditors Meeting Slated for March 27 ---------------------------------------------------------- The creditors of Citiraya Industries Limited will hold its First Meeting on March 27, 2006, at 2:30 p.m., at the auditorium of Singapore Chinese Chamber of Commerce & Industry Building, 47 Hill Street, Singapore 179365. The meeting is pursuant to Section 227N of the Companies Act, Cap 50, to consider inter alia, the Statement of Proposals of the Judicial Managers. The Statement of Proposals is yet to be finalized and will be disseminated in due course. On January 20, 2006, the High Court approved the First Meeting of Creditors to be extended not later than March 31, 2006. Headquartered in Tech Park Crescent, Singapore, Citiraya Industries -- http://www.citiraya.com/-- is in the business of providing a one-stop recycling and processing service for the electronics industry. It has also commenced the provision of treatment processing services for toxic chemical waste which contain precious metals. Citiraya has been placed in judicial management on November 25, 2005. DCS SOLUTIONS: Court Winds Up Operations ---------------------------------------- DCS Solutions Limited received from the Singapore High Court a wind-up order on February 17, 2006. Contact: M/S Foo, Liew & Philip Lam Liquidator No. 151 Chin Swee Road #07-08/10 Manhattan House Singapore 169876 The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 DIANOSTIC X-RAY: Liquidators Appointed to Wind Up Business ---------------------------------------------------------- The Diagnostic X-Ray Centre Pte Limited has ceased to carry on business. Low Sok Lee Mona and Teo Chai Choo have been appointed Liquidators for the Company's voluntary winding-up. Contact: Low Sok Lee Mona Liquidator c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 GREATRONIC LIMITED: Net Loss Up 13.1% in FY05 --------------------------------------------- Greatronic Limited reported a 13.1 increase in net loss for the financial year ended December 31, 2005, according to Reuters. The Company suffered SG3.4 million in losses for FY2005 compared to SGD3 million losses in 2004. Pre-tax loss widened to SGD3.40 million from SGD3.36 million for the same period last year. The financial statement is available for free at: http://bankrupt.com/misc/GreatronicLimitedFY05Results.pdf Headquartered in Singapore, Greatronic Limited -- http://www.greatronic.com/--is engaged in the manufacturing of material handling equipment as well as the design, fabrication and installation of conveyor-based integrated automation system. The Company is embroiled in a controversy after its unit, Greatronic Technology (Malaysia) Berhad, was accused of making fraudulent transactions with its associates based in the United States and Germany. The scandal further contributed to the firm's losses. INTERIOR ALLIANCE: Set to Pay Dividend -------------------------------------- Interior Alliance Pte Limited is set to distribute a preferential dividend to its creditors. Creditors must submit their formal proofs of claim to liquidator Sunari Bin Kateni by March 17, 2006. Failure to comply will exclude creditors from the benefit of the dividend. Contact: Sunari Bin Kateni Assistant Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 KHIM MEDICARE: Winds-Up Operations ---------------------------------- Khim Medicare Private Limited Incorporated in Singapore, have commenced Member's Voluntary winding-up. Low Sok Lee Mona and Teo Chai Choo have been appointed Liquidators for the company's cessation of business. Contact: Low Sok Lee Mona Liquidator c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 LOGISTICS TRAINING: Placed Under Member's Voluntary Winding-Up -------------------------------------------------------------- Logistics Training and Consultancy Pte Limited, a wholly owned dormant subsidiary of SembCorp Logistics, have been placed under member's voluntary liquidation. Low Sok Lee Mona and Teo Chai Choo were appointed as liquidators. Contact: Low Sok Lee Mona Liquidator c/o Low, Yap & Associates 4 Shenton Way #04-01 SGX Centre 2 Singapore 068807 SEATOWN CORPORATION: Operating as Going Concern ----------------------------------------------- Seatown Corporation Ltd advised that other than previously announced, there have been no further development to the Company's defaulted banking facilities, resulting in the outstanding amounts repayable on demand. According to Paragraph 4(v) of the auditors' report, the ability of the Company and the Group to continue as going concerns and meet their financial obligations as and when they fall due are dependent, inter alia, on: -- the successful restructuring of the Company's and Group's outstanding debts with lenders as at September 30, 2005; -- the Group not incurring significant losses in the future and being able to secure additional new profitable contracts; -- the successful completion of the Investment Agreement with King Premier Holdings Limited or any other investment agreement with an investor; and -- the successful outcome of negotiations between the Group and lenders to the Group concerning the preservation of existing banking facilities available to the Group including those where covenants have been breached not being withdrawn or materially reduced by the banks and the indemnities provided by the Company to third parties such as financial institutions in respect of performance bonds and guarantees issued by such third parties on account of its subsidiaries not being called upon by such third parties. Resumption of Trading Proposal There have been no further developments regarding the resumption of trading proposal to the Singapore Exchange Securities Trading Limited. There has been no development to the Schemes of arrangement for Seatown Construction Pte Ltd and Fermold Pte Ltd. Headquartered in Maxwell House, Singapore, Seatown Corporation Limited's group is engaged in construction and commercial property leasing. The construction division offers piling, foundation, civil and building contractors. It is also engaged in designing, fabricating and installing pre-cast building materials. Commercial property's leasing division handles rental of commercial properties. Other activities are developing properties and investment holding. The Company was placed under judicial management on September 3, 1999. The judicial managers were retired on December 19, 2000, following its acquisition of Seatown Construction group, a Group restructuring and its shares requoted for trading on SGX-ST. =============== T H A I L A N D =============== PICNIC CORPORATION: Exchange Lifts Notice Pending Sign ------------------------------------------------------ The Stock Exchange of Thailand previously ordered Picnic Corporation Public Company Limited to amend its financial statement for the period ended December 31, 2005. The Exchange ordered the revision after the auditors issued a disclaimer to the financial statement. The Exchange considered the disclaimer as an inadequate or improper reflection of the Company's actual position. As a result, the Exchange posted a Notice Pending sign against Picnic Corporation and was required by the Securities and Exchange Commission to amend its financial statement. However, on March 6, 2006, the Exchange received a notification from the Securities and Exchange Commission that the amendment to the Company's financial statement would no longer be necessary. The Exchange has now posted a Notice Received sign on Picnic's financial statement. Headquartered in Bangkok, Thailand, Picnic Corporation Public Company Limited -- http://www.picniccorp.com/-- is engaged in liquefied petroleum gas trading business under "Picnic Gas" trademark transferred from Union Gas and Chemicals Company Ltd. Other activity includes the operation of engineering related activities formerly engaged in the installation of air conditioning system, electricity system, sanitary system, fire prevention system, electrical power substation and telecommunication system. Picnic Corporation Public Company Limited is currently undergoing business rehabilitation. Its securities are placed under the Rehabco Sector of the Stock Exchange of Thailand. TANAYONG: Bankruptcy Court to Decide on Revised Plan ---------------------------------------------------- The plan administrator of Tanayong Public Company Limited submitted to the Central Bankruptcy Court on May 30, 2005, a petition for the amendment of the Company's business reorganization plan. On February 28, 2006, the Official Receiver called for a meeting of creditors to decide on the amendment of the reorganization plan. At the meeting, 69.16% of the creditors voted for the amendment of the reorganization plan. The amended plan has now been submitted to the Central Bankruptcy Court for approval and will be fixed for mention on April 3, 2006. Headquartered in Bangkok, Thailand, Tanayong Public Company Limited -- http://www.tanayong.co.th/-- manages, develops and invests in property for both residential and commercial purposes; investment in various infrastructure projects such as investment in Electric Train Bangkok Mass Transit System; ownership and operation of hotels, apartments, restaurants and clubs; and provision of financial services and investment holding. Tanayong is currently under rehabilitation. It is categorized under Rehabco at the Stock Exchange of Thailand. The Company is planning to focus on all kinds of property development, ncluding hotels right after the completion of its debt-restructuring. THAI HEAT: Bourse Allows Trading of Securities ---------------------------------------------- Thai Heat Exchange Public Company Limited unveiled to the Stock Exchange of Thailand the results of its capital increase procedures. * Issued and Paid up Capital Old: THB124,680,500 Number of common Shares: 124,680,500 shares New: THB170,990,795 * Number of common Shares: 170,990,795 shares Par value: THB1 Allocate to: Conversion of labor debt THB46,310,295 to 46,310,295 common shares Ratio: 1:1 Exercise Price: Exercise Date: March 1, 2006 Effective March 6, 2006, the Stock Exchange of Thailand will allow the securities of Thai Heat to be traded on the Bourse after finishing capital increase procedures. Headquartered in Bangkok, Thailand, Thai Heat Exchange Public Company Limited -- http://www.thaiheat.com/-- has been manufacturing quality condenser coils, evaporator coils for automobile and room air-conditioners and other application such as slab coils, cooler coils, heater coils, refrigeration coils, box air-conditioners, and cater to the various sectors of its large clientele. Thai Heat is currently undergoing business rehabilitation. Its securities are placed under the Rehabco Sector of the Stock Exchange of Thailand. BOND PRICING: For the Week 6 March to 10 March 2006 --------------------------------------------------- Issuer Coupon Maturity Price ------ ------ -------- ----- AUSTRALIA --------- Ainsworth Game 8.000% 12/31/09 1 Amcom Telecommunications Ltd 10.000% 10/28/07 2 APN News & Media Ltd 7.250% 10/31/08 5 A&R Whitcoulls Group 9.500% 12/15/10 9 Arrow Energy NL 10.000% 03/31/08 1 Australian Government 6.750% 11/15/06 46 Babcock & Brown Pty Ltd 8.500% 12/31/49 8 Becton Property Group 9.500% 06/30/10 1 Capital Properties NZ Ltd 8.500% 04/15/07 8 Capital Properties NZ Ltd 8.500% 04/15/09 8 Capital Properties NZ Ltd 8.000% 04/15/10 8 Cardno Limited 9.000% 06/30/08 4 CBH Resources 9.500% 12/16/09 1 Chrome Corporation Ltd 10.000% 02/28/08 1 Clean Seas Tuna Ltd 9.000% 09/30/08 1 Djerriwarrh Investments Ltd 6.500% 09/30/09 4 EBet Limited 10.000% 11/29/06 24 Evans & Tate Ltd 8.250% 10/29/07 1 Fletcher Building Ltd 7.550% 03/15/11 8 Fletcher Building Ltd 7.800% 03/15/09 8 Fletcher Building Ltd 7.900% 10/31/06 9 Fletcher Building Ltd 8.300% 10/31/06 9 Fletcher Building Ltd 8.600% 03/15/08 8 Fletcher Building Ltd 8.850% 03/15/10 8 Fernz Corp Ltd 8.560% 10/15/06 9 Futuris Corporation Ltd 7.000% 12/31/07 2 Gympie Gold Ltd 8.500% 09/30/07 1 Hy-Fi Securities Ltd 7.000% 08/15/08 8 Hy-Fi Securities Ltd 8.750% 08/15/08 11 Hudson Timber Products Ltd 7.000% 12/31/10 1 Hutchison Telecoms Australia 5.500% 07/12/07 1 IMF Australia Ltd 11.500% 01/30/10 1 Infrastructure & Utilities NZ Ltd 8.500% 09/15/13 9 Infratil Ltd 8.500% 11/15/15 8 Investa Property Group Ltd 6.000% 05/28/08 6 Kagara Zinc Ltd 9.750% 05/06/07 3 Kiwi Income Properties Ltd 8.000% 06/30/10 1 Longreach Group Ltd 10.000% 10/31/08 1 Minerals Corporation Ltd 10.500% 09/30/07 1 Nuplex Industries Ltd 9.300% 09/15/07 8 Pacific Print Group Ltd 10.250% 10/15/09 10 Primelife Corporation 9.500% 12/08/06 1 Primelife Corporation 10.000% 01/31/08 1 Salomon SB Australia 4.250% 02/01/09 8 Sapphire Securities Ltd 7.410% 09/20/35 7 Sapphire Securities Ltd 9.160% 09/20/35 9 Silver Chef Ltd 10.000% 08/31/08 1 Software of Excellence 7.000% 08/09/07 1 Sydney Gas Company 12.000% 04/01/06 1 Sydney Gas Limited 12.000% 06/01/06 1 Tower Finance Ltd 8.650% 10/15/09 8 Tower Finance Ltd 8.750% 10/15/07 8 TrustPower Ltd 8.300% 09/15/07 8 TrustPower Ltd 8.300% 12/15/08 8 TrustPower Ltd 8.500% 09/15/12 8 TrustPower Ltd 8.500% 03/15/14 8 Vision Systems Ltd 9.000% 12/15/08 2 Westpac Banking Corporation 6.250% 08/30/11 6 MALAYSIA -------- Aliran Ihsan Resources Bhd 5.000% 11/29/11 1 Artwright Holdings Bhd 5.500% 03/06/07 1 Asian Pac Bhd 4.000% 12/21/07 1 Berjaya Land Bhd 5.000% 12/30/09 1 Camerlin Group Bhd 5.500% 07/15/07 2 Crescendo Corporation Bhd 3.000% 08/25/07 1 Dataprep Holdings Bhd 4.000% 08/06/07 1 Denko Industrial Corporation Bhd 5.000% 03/15/07 1 Eden Enterprises (M) Bhd 2.500% 12/02/07 1 EG Industries Bhd 5.000% 06/16/10 1 Equine Capital Bhd 3.000% 08/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/03/06 1 Greatpac Holdings Bhd 2.000% 12/11/08 1 Gula Perak Bhd 6.000% 04/23/08 1 Hong Leong Industries Bhd 4.000% 06/28/07 1 Huat Lai Resources Bhd 5.000% 03/28/10 1 I-Berhad 5.000% 04/30/07 1 Insas Bhd 8.000% 04/19/09 1 Kamdar Group Bhd 3.000% 11/09/09 1 Killinghall Bhd 5.000% 04/13/09 2 Kosmo Technology Industrial Bhd 2.000% 06/23/08 5 Kretam Holdings Bhd 1.000% 08/10/10 1 Kumpulan Jetson 5.000% 11/27/12 1 LBS Bina Group Bhd 4.000% 12/29/06 1 LBS Bina Group Bhd 4.000% 12/31/07 1 LBS Bina Group Bhd 4.000% 12/31/08 1 LBS Bina Group Bhd 4.000% 12/31/09 1 Lebar Daun Bhd 2.000% 01/06/07 3 Lion Diversified Holdings Bhd 2.000% 06/01/09 3 Media Prima Bhd 2.000% 07/18/08 1 Mithril Bhd 3.000% 04/05/12 1 Mithril Bhd 8.000% 04/05/09 1 Mutiara Goodyear Development Bhd 2.500% 01/15/07 1 Naim Indah Corporation Bhd 0.500% 08/24/06 1 Nam Fatt Corporation Bhd 2.000% 06/24/11 1 Orix Leasing Malaysia Bhd 4.052% 01/26/09 4 Pantai Holdings Bhd 5.000% 03/28/07 2 Pantai Holdings Bhd 5.000% 07/31/07 2 Pelikan International Corp Bhd 3.000% 04/08/10 1 Poh Kong Holdings Bhd 3.000% 01/20/07 1 Prinsiptek Corporation Bhd 3.000% 11/20/06 1 Puncak Niaga Holdings Bhd 2.500% 11/18/16 1 Ramunia Holdings 1.000% 12/20/07 1 Rashid Hussain Bhd 0.500% 12/24/12 1 Rashid Hussain Bhd 3.000% 12/24/12 1 Rhythm Consolidated Bhd 5.000% 12/17/08 1 Silver Bird Group Bhd 1.000% 02/15/09 1 Southern Steel 5.500% 07/31/08 1 Talam Corporation Bhd 7.000% 04/19/06 1 Tanah Emas Corporation Bhd 2.000% 12/09/06 1 Tap Resources Bhd 2.000% 06/29/06 1 Tenaga Nasional Bhd 3.050% 05/10/09 1 VTI Vintage Bhd 4.000% 08/22/06 1 WCT Land Bhd 3.000% 08/02/09 1 Wah Seong Corp 3.000% 05/21/12 3 YTL Cement Bhd 4.000% 11/10/15 1 SINGAPORE --------- Rabobank Singapore 1.000% 11/03/13 74 Structural System Singapore 11.000% 06/30/07 1 Tampines Assets Ltd 5.625% 12/07/06 1 Tampines Assets Ltd 6.000% 12/07/06 1 Tincel Limited 7.400% 06/13/11 1 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., 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 ***