/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060321.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 21, 2006, Vol. 9, No. 057 Headlines A U S T R A L I A & N E W Z E A L A N D ADELONG MOTORS: Winds Up Business ALL STYLES: Liquidator to Present Company Report AWB LIMITED: Gov't Continues Investigation on Iraqi Kickbacks AWB LIMITED: Faces Class Action by Shareholders AWB LIMITED: U.S. Secretary of State Pipes in to Wheat Scandal AWB LIMITED: Intelligence Files to be Kept Secret BERRIMA DISTRICT: To Distribute Final Dividend C&N PLUMBING: Decides to Close Operations COLES MYER: First Half Profit Rises 10.5% CROESUS MINING: Posts AU$27.4 Million Half-Year Net Loss CROESUS MINING: Calls in Experts to Conduct Business Review CROESUS MINING: Seeks Securities Trading Halt CROESUS MINING: Sees Changes in Management CROESUS MINING: Shuns Rumors of Merger Negotiations CRYSTAL CLOUDS: Members Agree to Wind Up Firm DOMETEK PTY: Names Samuel Richwol as Liquidator ELECTRONIK FABRIC MAKERS: Receiver Steps Aside ELITE ELECTRICAL: To Hold Final Meeting Today FELTEX CARPETS: New CEO Gets AU$756,000 Package FIRST STATE: Enters Voluntary Liquidation MMR HOLDINGS: Prepares to Close Shop MOBILE LABOUR NEWCASTLE: Placed Under Voluntary Liquidation NARVIN PTY: Members to Receive Wind-Up Details PACIFIC COMMERCIAL: To Declare Dividend SERVANTE INVESTMENTS: Liquidator Poised to Distribute Assets SPRITSAIL ENTERPRISES: Schedules Final Meeting Today STATION 1 PTY: Appoints Official Receivers TELSTRA CORPORATION: Meets Competition Regulator in Secret TRAVAL CONTAINER: To Pay Dividend to Creditors W.R. & D.C. SAVAGE: Inability to Pay Debts Prompts Wind-up YG INVESTMENTS: Members Opt to Cease Operations * Provisional Liquidator Appointed to Four Firms C H I N A & H O N G K O N G ATTEMPT FIT: Creditors' Claims Due on April 18 BENELUX MANUFACTURING: Names Official Liquidator CHINA LINK: Begins Winding Up Process CYBER RESOURCES: To Declare First and Final Dividend DRESSON TRADING: Members and Creditors Meetings Set March 28 EAGLE TRADE: Faces Wind-up Proceedings FLOW CHART: To Declare Dividend on April 1 KEEN LLOYD: Begins Wind-up Process KEEP HOPE: DBS Bank Lodges Wind-up Petition LAP SHUN: Winding Up Hearing Fixed on April 19 LONG TO COTTON: Court to Hear Wind-up Application on April 12 WEALTH FEDELITY: Winding Up Hearing Slated for April 26 Y&K CONSTRUCTION: Court Issues Wind-Up Order YUE SHING: Commences Winding Up Process I N D I A BHARAT PETROLEUM: Wants Tie-up with Petrobras in Nelp-VI COAL INDIA: Sasol Keen on Fuel Venture IBP COMPANY: To Merge with Indian Oil by October INDIA CEMENTS: Poised to Book Profit After Five Years I N D O N E S I A PERTAMINA: Restarts Balongan Refinery Due to Electrical Problems BANK MANDIRI: Launches New Treasury Unit in Bandung J A P A N LIVEDOOR COMPANY: To Tie Up with Usen Corporation LIVEDOOR COMPANY: US-Based Investment Firm Buys 6% Stake LIVEDOOR COMPANY: Auditors Face Raps for Overstating Earnings K O R E A KOREA EXCHANGE: S&P Revises Rating Outlook to Positive YOUNGNAM FLOUR: Faces Stock Investigation * South Korea's Corporate Bankruptcies Drop to 15-Year Low M A L A Y S I A AVANGARDE RESOURCES: Enters into SSF Asset Sale Agreement DATUK KERAMAT: Bourse Postpones Delisting GEORGE TOWN: Appeals Against Bourse Delisting HOCK SIN: Shareholders Nominate Additional Directors KILANG PAPAN: Delisting Deferred Pending Appeal Ruling MALAYSIA AIRLINES: Government OKs Local Surcharge Hike MALAYSIA AIRLINES: To Launch Route Rationalization SATERAS RESOURCES: Bourse Holds Off Delisting Due to Appeal SATERAS RESOURCES: Sub-subsidiary Faces Wind-up Proceedings TELEKOM MALAYSIA: Taps Maybank to Boost Service TELEKOM MALAYSIA: Singapore Orders Unit to Pay DeteAsia's Claim TRU-TECH HOLDINGS: Unable to Pay Dues Due to Cash Woes WEMBLEY INDUSTRIES: Bourse Awaits SC's Decision on Application P H I L I P P I N E S LAFAYETTE MINING: Cannot Resume Operations Until Probe Ends NATIONAL FOOD: Allots PHP26 Million for Sugar Operations PHILIPPINE AIRLINES: Will Continue Rehabilitation Program S I N G A P O R E GOLDWATER CONSTRUCTION: To Pay Dividend on March 24 LORDWAY LOGISTICS: Enters Wind-Up Process MEDIASTREAM LIMITED: Sells Unit to Kang Weng Yit for SGD175,036 ORIENT TELECOMMUNICATIONS: Creditors to Meet on March 30 TUNG LIN: Set to Pay Dividend this Week T H A I L A N D SINO-THAI RESOURCES: Board Outlines March 16 Resolutions THAI PETROCHEMICAL: Founder Summoned by Investigation Department BOND PRICING: For the Week 20 March to 24 March 2006 - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ ADELONG MOTORS: Winds Up Business --------------------------------- The members of Adelong Motors Pty Limited held a meeting on February 14, 2006, and agreed to wind up the Company's operations. They named Frank Lo Pilato as Company liquidator. Contact: Frank Lo Pilato Liquidator RSM Bird Cameron Partners 55 Berry Street, Wagga Wagga New South Wales 2650, Australia Telephone: (02) 6921 9055 ALL STYLES: Liquidator to Present Company Report ------------------------------------------------ A final meeting of the members and creditors of All Styles Upholsteries Pty Limited will be held today, March 21, 2006. At the meeting, Liquidator David G. Young 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: David G. Young Liquidator Pitcher Partners Chartered Accountants Level 3, 60 Castlereagh Street Sydney, Australia AWB LIMITED: Gov't Continues Investigation on Iraqi Kickbacks ------------------------------------------------------------- Australian Prime Minister John Howard has confirmed that an inquiry into AWB Limited's alleged improper payments to the former Iraqi regime will be extended by at least two months, RadioNZ.Co.Nz reports. According to the report, the high-level investigation into the Australian Wheat Board and allegations of kickback payments had been scheduled to finish at the end of March 2006. However, Commissioner Terence Cole, who leads the Government- appointed probe, has asked for an extension of time and Prime Minister Howard has agreed. Prime Minister Howard notes that there had been no request to broaden the scope of the inquiry. The Federal Opposition has been pushing for the Coles Inquiry to be given broader terms of reference. AWB allegedly paid hundreds of millions of dollars in kickbacks to the Iraqi Government, under Saddam Hussein's administration, through a Jordanian trucking company, and deceiving the United Nations about the payments. The scandal has embroiled Tim Goodacre, the head of New Zealand's largest kiwifruit exporter, Zespri, who was also a senior manager at AWB at the time the payments were made. Appearing before the Coles Inquiry last month, Mr. Goodacre asserted that he did not know that money paid to the trucking company was in fact going to Iraq. About AWB AWB Limited -- http://www.awb.com.au/-- is Australia's leading agribusiness and one of the world's largest wheat marketing companies. It is also one of Australia's top 100 publicly listed companies. The Company is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk. The Company markets wheat, and a range of other grains, into more than 50 countries, with Australian wheat exports worth up to $5 billion per year. AWB's footprint includes more than 430 outlets through its subsidiary landmark and has offices across the world. The company employs more than 2,700 staff reaching over 100,000 customers. AWB is also one of the nation's largest suppliers of rural merchandise, distributors of fertilizer, marketers of livestock, brokers of rural real estate and handlers of wool. AWB LIMITED: Faces Class Action by Shareholders ----------------------------------------------- Australian law firm Maurice Blackburn Cashman is considering a class action against wheat exporter AWB Limited on behalf of shareholders who lost money in the wake of an investigation on the firm's business deal with Iraqi President Saddam Hussein's regime, The Class Action Reporter says. Shares in AWB fell 30% since revelations that retired judge Terence Cole is investigating the firm with regard to payments it allegedly made to Iraq through the United Nations' oil-for- food program. The Cole inquiry began public hearings on January 16. According to the CAR report, Maurice Blackburn said it was clear that shareholders had been victims of the Company's failure to disclose its true dealings with the Iraqi Government. The Company is currently reorganizing its corporate governance structure. It hired professional services firm KPMG to review the governance, internal reporting structures and practices of the Company. About AWB AWB Limited -- http://www.awb.com.au/-- is Australia's leading agribusiness and one of the world's largest wheat marketing companies. It is also one of Australia's top 100 publicly listed companies. The Company is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk. The Company markets wheat, and a range of other grains, into more than 50 countries, with Australian wheat exports worth up to $5 billion per year. AWB's footprint includes more than 430 outlets through its subsidiary landmark and has offices across the world. The company employs more than 2,700 staff reaching over 100,000 customers. AWB is also one of the nation's largest suppliers of rural merchandise, distributors of fertilizer, marketers of livestock, brokers of rural real estate and handlers of wool. Previously a low profile organization, AWB made headlines in late 2005 when it was accused of knowingly paying AU$290 million in kickbacks to the Government of Iraq, under Saddam Hussein's administration, through the United Nation's oil-for-food program. A UN report then found out that AWB paid the kickbacks to a Jordanian trucking company linked to Hussein's deposed regime. The Australian Government then appointed a commission, headed by retired judge Terence Cole, to investigate into the Company's role in the scandal. The "Cole Inquiry" is currently underway. The scandal is anticipated to create great political repercussions to the Australian Government, given the country's contribution to military action against President Hussein in the 2003 invasion of Iraq. AWB LIMITED: U.S. Secretary of State Pipes in to Wheat Scandal -------------------------------------------------------------- United States Secretary of State Condoleezza Rice weighed into the Australian Wheat Board scandal, saying that the truth about kickbacks paid to Saddam Hussein would emerge, The Daily Telegraph reports. After meeting with Australian Prime Minister John Howard, Dr. Rice stated that she had "every confidence that Australia, as a democratic state, is going through everything it can to investigate the allegations" and that she is glad there is a commission that probes into the scandal, The Telegraph says. Dr. Rice said that Saddam Hussein had done "very well" out of the United Nation's oil-for-food program. The Cole Inquiry, the Government-appointed commission headed by retired judge Terence Cole that looks into AWB Limited's role in the payment of kickbacks, had been presented with the latest evidence pertaining to the scandal -- that the intelligence community knew for years about the secret payments to Saddam. In defense, Prime Minister Howard insisted that thee Government was oblivious to any corruption. Prime Minister Howard denied suggestions by Labor foreign affairs spokesman Kevin Rudd that he had "lied to the Australian people." Prime Minister Howard instead urges the people to wait the Cole Inquiry to present its findings. However, Opposition Leader Kim Beazley said that "John Howard should now take advantage of this day and apologize formally to Secretary of State Condoleezza Rice that we ended up in Iraq funding the enemy." About AWB AWB Limited -- http://www.awb.com.au/-- is Australia's leading agribusiness and one of the world's largest wheat marketing companies. It is also one of Australia's top 100 publicly listed companies. The Company is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk. The Company markets wheat, and a range of other grains, into more than 50 countries, with Australian wheat exports worth up to $5 billion per year. AWB's footprint includes more than 430 outlets through its subsidiary landmark and has offices across the world. The company employs more than 2,700 staff reaching over 100,000 customers. AWB is also one of the nation's largest suppliers of rural merchandise, distributors of fertilizer, marketers of livestock, brokers of rural real estate and handlers of wool. Previously a low profile organization, AWB made headlines in late 2005 when it was accused of knowingly paying AU$290 million in kickbacks to the Government of Iraq, under Saddam Hussein's administration, through the United Nation's oil-for-food program. A UN report then found out that AWB paid the kickbacks to a Jordanian trucking company linked to Hussein's deposed regime. The Australian Government then appointed a commission, headed by retired judge Terence Cole, to investigate into the Company's role in the scandal. The "Cole Inquiry" is currently underway. The scandal is anticipated to create great political repercussions to the Australian Government, given the country's contribution to military action against President Hussein in the 2003 invasion of Iraq. AWB LIMITED: Intelligence Files to be Kept Secret ------------------------------------------------- The Cole Inquiry, the commission investigating into AWB Limited's alleged AU$300 million bribe to the Iraqi Government, during Saddam Hussein's time, has agreed not to open documents prepared by intelligence agencies, The Herald Sun reports. Commissioner Terence Cole assured that the inquiry would remain to be transparent, but he did not want to jeopardize national interest. Counsel assisting John Agius said that his reading of the government documents produced so far indicated possible circumventing of the United Nation's oil-for-food program, but never followed through by public servants. About AWB AWB Limited -- http://www.awb.com.au/-- is Australia's leading agribusiness and one of the world's largest wheat marketing companies. It is also one of Australia's top 100 publicly listed companies. The Company is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk. The Company markets wheat, and a range of other grains, into more than 50 countries, with Australian wheat exports worth up to $5 billion per year. AWB's footprint includes more than 430 outlets through its subsidiary landmark and has offices across the world. The company employs more than 2,700 staff reaching over 100,000 customers. AWB is also one of the nation's largest suppliers of rural merchandise, distributors of fertilizer, marketers of livestock, brokers of rural real estate and handlers of wool. Previously a low profile organization, AWB made headlines in late 2005 when it was accused of knowingly paying AU$290 million in kickbacks to the Government of Iraq, under Saddam Hussein's administration, through the United Nation's oil-for-food program. A UN report then found out that AWB paid the kickbacks to a Jordanian trucking company linked to Hussein's deposed regime. The Australian Government then appointed a commission, headed by retired judge Terence Cole, to investigate into the Company's role in the scandal. The "Cole Inquiry" is currently underway. The scandal is anticipated to create great political repercussions to the Australian Government, given the country's contribution to military action against President Hussein in the 2003 invasion of Iraq. BERRIMA DISTRICT: To Distribute Final Dividend ---------------------------------------------- Berrima District Couriers Pty Limited will declare its final dividend today, March 21, 2006. Creditors who were not able to prove their claims will be excluded from the benefit of the dividend. Contact: Danny Vrkic Liquidator Jirsch Sutherland & Co - Wollongong Chartered Accountants Level 3, 6-8 Regent Street Wollongong, New South Wales 2500 Australia Telephone: 02 4225 2545 Fax: 02 4225 2546 C&N PLUMBING: Decides to Close Operations ----------------------------------------- At an extraordinary general meeting of C&N Plumbing Pty Limited, members decided to voluntarily wind up the Company's operations. A creditors' meeting was also held on the same day, where Danny Vrkic was appointed as liquidator. Contact: Danny Vrkic Liquidator Jirsch Sutherland & Co - Wollongong Chartered Accountants Level 3, 6-8 Regent Street Wollongong, New South Wales 2500 Australia Telephone: 02 4225 2545 Fax: 02 4225 2546 COLES MYER: First Half Profit Rises 10.5% ----------------------------------------- Coles Myer Limited posted a AU$484.5 million net profit for the half-year period ended December 31, 2005 -- a 10.5% increase from the AU$438.5 million profit reported in the 2004 corresponding period. The results came out a week after Coles Myer sold its Myer department store chain for AU$1.4 billion. The Australian Associated Press cites Coles Myer Chief Executive Officer as saying that the December 2005 figure more than doubled the profit and return on investment of four years ago, indicating that it was another strong half for the group. Coles Myer said that it expects its food and liquor sales trend to improve over time while the non-food retail environment will remain competitive. 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 March 2006, after months of negotiations, Coles Myer sold the 61-store Myer chain to Newbridge Capital and to the former Myer store owners, the Myer family, for AU$1.4 billion. CROESUS MINING: Posts AU$27.4 Million Half-Year Net Loss -------------------------------------------------------- Croesus Mining N.L. reported a AU$27.4 million net loss for the half-year ended December 31, 2005, down from a AU$6.9 million net profit from the corresponding period in 2004. The loss included a hedging loss of AU$25 million and a related income tax benefit of AU$9.6 million, and is in line with the Company's warning made in January 2006. Gold production for the half-year period was 62,710 ounces at a cash cost of AU$604 per ounce. Headquartered in Kalgoorlie, Western Australia, Croesus Mining N.L. -- http://www.croesus.com.au/-- explores and produces gold through its Davyhurst and Central Norseman exploration projects. Falling grades and skyrocketing costs have pulled down Croesus' production and profitability since 2005. Croesus' problems also stem from inadequate mine planning and development at its flagship Norseman operation, where it operates the Bullen and Harlequin mines. After selling its Davyhurst project to fellow Western Australian gold miner Monarch Resources Ltd. in November to focus on the Norseman site, Croesus warned of a AU$28 million pretax loss for the six months to December 31, 2005, on lower output and hedging losses. CROESUS MINING: Calls in Experts to Conduct Business Review ----------------------------------------------------------- Croesus Mining N.L. has called in external advisers to review its financial position after posting a first-half loss of AU$27 million and after experiencing difficulties meeting its gold hedging commitments, The Age reports. Croesus says that the review would take at least two weeks and would cover all aspects of its business, including the hedge book structure, production forecasts and planning, and capital requirements. According to The Age, Croesus is believed to have begun talks with its main hedging counterpart, Macquarie Bank, to restructure its hedge book and defer near-term commitments in a bid to get the Company back on its feet. Croesus Chairman Michael Kiernan said that closing the Company's Harlequin mine, whose productivity he described as "abysmal", was a possible outcome of the review. Croesus said that the Bullen mine, which was producing about 4,000 ounces a month, was in good shape. Headquartered in Kalgoorlie, Western Australia, Croesus Mining N.L. -- http://www.croesus.com.au/-- explores and produces gold through its Davyhurst and Central Norseman exploration projects. Falling grades and skyrocketing costs have pulled down Croesus' production and profitability since 2005. Croesus' problems also stem from inadequate mine planning and development at its flagship Norseman operation, where it operates the Bullen and Harlequin mines. After selling its Davyhurst project to fellow Western Australian gold miner Monarch Resources Ltd. in November to focus on the Norseman site, Croesus warned of a AU$28 million pretax loss for the six months to December 31, 2005, on lower output and hedging losses. CROESUS MINING: Seeks Securities Trading Halt --------------------------------------------- On March 16, 2006, Croesus Mining N.L. asked the stock exchange for a trading halt on all of its securities, after posting a AU$27.4 million loss for the half-year ended December 31, 2005. Croesus revealed that the trading halt might go on for more than two weeks while it considers the future of its gold-mining operations and while it is undertaking an evaluation of all its businesses, The Advertiser reports. Croesus Chairman Michael Kiernan, who was appointed in November 2005 to help revive the Company, said that the Company's Norseman operation had "simply gone off the rails" in terms of costs, and merits a thorough review. The Company's trading halt update indicated that "[s]everal alternative solutions are currently being reviewed and the Board considers it prudent to halt trading while this review is undertaken. This review should take some two weeks, at which time the Company will make a comprehensive announcement as to the current state and further direction of the group." Headquartered in Kalgoorlie, Western Australia, Croesus Mining N.L. -- http://www.croesus.com.au/-- explores and produces gold through its Davyhurst and Central Norseman exploration projects. Falling grades and skyrocketing costs have pulled down Croesus' production and profitability since 2005. Croesus' problems also stem from inadequate mine planning and development at its flagship Norseman operation, where it operates the Bullen and Harlequin mines. After selling its Davyhurst project to fellow Western Australian gold miner Monarch Resources Ltd. in November to focus on the Norseman site, Croesus warned of a AU$28 million pretax loss for the six months to December 31, 2005, on lower output and hedging losses. CROESUS MINING: Sees Changes in Management ------------------------------------------ Croesus Mining N.L. appointed Allan Quadrio as a non-executive director of the Company, further strengthening the Board's depth of technical and mining expertise, the Company disclosed in a press release dated March 16, 2006. Mr. Quadrio, a qualified and experienced metallurgist, currently is the technical director of Consolidated Minerals Limited, and also holds a non-executive board position with Mithril Resources Limited. Mr. Quadrio has had over 30 years experience in the mining business, including senior management positions in nickel, gold and industrial mineral operations. The appointment came right after Campbell Ansell and Robert Crew have both stepped down as directors of the Company, after many years of valued involvement. On February 13, 2006, the Company had announced the appointment of Frank Campagna as Company Secretary -- replacing John Sobolewski, who stepped down from the position. Mr. Campagna is a Certified Practicing Accountant with over 20 years experience as company secretary, financial controller and commercial manager for listed resources and industrial companies, like Consolidated Minerals Limited, Monarch Resources Limited, Red 5 Limited and Wavenet International Ltd. In January 2006, Croesus also appointed David Macoboy as a non- executive director. Mr. Macoboy, a CPA with degrees in both economics and commerce, has more than 25 years industry experience encompassing banking, finance and general management and has held a number of senior positions with Consolidated Minerals Ltd., Monarch Resources Limited and Territory Iron Limited. Headquartered in Kalgoorlie, Western Australia, Croesus Mining N.L. -- http://www.croesus.com.au/-- explores and produces gold through its Davyhurst and Central Norseman exploration projects. Falling grades and skyrocketing costs have pulled down Croesus' production and profitability since 2005. Croesus' problems also stem from inadequate mine planning and development at its flagship Norseman operation, where it operates the Bullen and Harlequin mines. After selling its Davyhurst project to fellow Western Australian gold miner Monarch Resources Ltd. in November to focus on the Norseman site, Croesus warned of a AU$28 million pretax loss for the six months to December 31, 2005, on lower output and hedging losses. CROESUS MINING: Shuns Rumors of Merger Negotiations --------------------------------------------------- Croesus Mining N.L. has signified that it will not engage in any merger talks before returning to profitability, Dow Jones reports. Croesus Chairman Michael Kiernan confirmed that the Company has been approached for merger talks, but had declined since it is "on its knees." "We need to start punching out a few profits and then we can talk from a position of strength," Mr. Kiernan said. The Troubled Company Reporter -- Asia Pacific reported in January 2006 that Croesus is considering two separate merger proposals as part of efforts to return to profitability. Mr. Kiernan said those merger plans will have to wait until the Company implements a series of efficiency improvements at existing assets and steps up exploration over the next 12 months. Headquartered in Kalgoorlie, Western Australia, Croesus Mining N.L. -- http://www.croesus.com.au/-- explores and produces gold through its Davyhurst and Central Norseman exploration projects. Falling grades and skyrocketing costs have pulled down Croesus' production and profitability since 2005. Croesus' problems also stem from inadequate mine planning and development at its flagship Norseman operation, where it operates the Bullen and Harlequin mines. After selling its Davyhurst project to fellow Western Australian gold miner Monarch Resources Ltd. in November to focus on the Norseman site, Croesus warned of a AU$28 million pretax loss for the six months to December 31, 2005, on lower output and hedging losses. CRYSTAL CLOUDS: Members Agree to Wind Up Firm --------------------------------------------- On February 15, 2006, the members of Crystal Clouds Pty Limited held a general meeting and agreed that it is in the Company's best interests to close its operations. Contact: Anthony Robert Cant Liquidator Romanis Cant Chartered Accountants 106 Hardware Street, Melbourne Australia DOMETEK PTY: Names Samuel Richwol as Liquidator ----------------------------------------------- The members of Dometek Pty Limited convened on February 15, 2006, and concurred that the Company should wind up its operations voluntarily. Samuel Richwol was then appointed to act as liquidator. Contact: Samuel Richwol Liquidator O'Keeffe Walton Richwol 431 Burke Road, Glen Iris 3146 Australia Telephone: (03) 9822 9823 ELECTRONIK FABRIC MAKERS: Receiver Steps Aside ---------------------------------------------- On February 13, 2006, Kenneth Stewart Sellers ceased to act as the receiver and manager of the property of Electronik Fabric Makers (Victoria) Pty Limited. ELITE ELECTRICAL: To Hold Final Meeting Today --------------------------------------------- The final meeting of the members and creditors of Elite Electrical Contractors Pty Limited will be held today, March 21, 2006, for them to get an account of the manner of the Company's wind-up and property disposal from Liquidator Murray Godfrey. Contact: Murray Godfrey Liquidator RMG Partners Level 12, 88 Pitt Street Sydney, New South Wales 2000 Australia Telephone: (02) 9231 0889 FELTEX CARPETS: New CEO Gets AU$756,000 Package ----------------------------------------------- Feltex Carpets Limited revealed to the New Zealand Stock Exchange the details of the remuneration package it proposes to pay its new chief executive officer, Peter Thomas. CEO Pay and Bonus Package Feltex said that Mr. Thomas, who was appointed as CEO in November 2005, will receive AU$420,000 base pay, with an annual performance incentive bonus of up to 80% of that amount. The statement said that Mr. Thomas will be paid the incentive bonus part of his package if he achieves agreed targets. If Mr. Thomas does reach the maximum bonus level, his package would likely total AU$756,000. The carpet maker clarified that Mr. Thomas, who was a director of Feltex before his appointment, will not be paid director's fees. Disclosure Due to Stock Exchange Application for Waiver Dow Jones says that Feltex, which previously declined to discuss what Mr. Thomas would be paid, disclosed the CEO remuneration details in its public application with the stock exchange for a waiver from a listing rule relating to the remuneration deal. The total possible remuneration payable is likely to exceed 0.5% of the average market capitalization of Feltex. Dow Jones notes that the remuneration deal is likely to be termed a material transaction with a related party, and would be subject to shareholder approval. However, Feltex applied to the stock exchange for a waiver to the rule, saying that the terms of Mr. Thomas's remuneration package were set "on an arm's length and commercial basis." Feltex said that a report on comparative remuneration packages was provided by employment consultants Egan Associates Ltd., and that Mr. Thomas' base remuneration is below the average base remuneration amounts advised. The maximum possible performance bonus that Mr. Thomas may earn is also "within the range of bonus amounts advised," Feltex added. Subsequently, the stock exchange has agreed to the waiver, subject to "non-interested" directors of Feltex signing a certificate stating that, among other things, the proposed remuneration agreement "represents fair value to the company, and is in the best interests of the shareholders of the company." Mr. Thomas' pay is less than the package paid to Feltex's previous CEO, Sam Magill. Investors Disagree with CEO Pay Feltex shareholders criticized the Company over the potential size of its CEO pay package and how it was awarded, Stuff.Co.Nz relates. Shareholders' Association corporate liaison Des Hunt criticized Feltex's "side-door approach" of gaining a waiver under listing rules to approve Mr. Thomas' pay instead of seeking shareholder approval. The shareholders believe that "rewarding the chief executive with such generous terms and conditions and not explaining to shareholders some of the agreed targets puts the board's judgment in question." Jim Walsh, finance director at Feltex's rival, Godfrey Hirst, said that the waiver set a lower standard than shareholder approval. About Feltex Established over 50 years ago, Feltex Carpets Limited -- 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 listed on the local stock exchange in mid-2004 in a NZ$254-million initial public offering -- the year's largest in New Zealand. However, the Company fell well short of its prospectus earnings projections, reporting a net profit of NZ$11.8 million in the fiscal year to June 30, 2005, about half the forecast NZ$23.9 million. The Company has struggled with losses and earnings downgrades, flogging sales, and a dipping share price. Feltex closed plants and fired 235 workers in the past year, and is now in merger talks with rival Godfrey Hirst. FIRST STATE: Enters Voluntary Liquidation ----------------------------------------- Members of First State Group Pty Limited held an extraordinary general meeting on February 16, 2006, and agreed to: -- voluntarily wind up the Company's business operations; and -- appoint Vincent Heufel as liquidator for the wind-up. Contact: Vincent Heufel Liquidator Heufel Partners 20 Kemp Street, Wallsend New South Wales 2287 Australia MMR HOLDINGS: Prepares to Close Shop ------------------------------------ The members of MMR Holdings Pty Limited held a meeting on February 14, 2006, and agreed to wind up the Company's business. They appointed F. W. Collins and A. R. Bottomer to facilitate the wind-up process. Contact: A. R. Bottomer F. W. Collins Joint and Several Liquidators PO Box 1596, Cairns Queensland 4870, Australia MOBILE LABOUR NEWCASTLE: Placed Under Voluntary Liquidation ----------------------------------------------------------- At an extraordinary general meeting on February 16, 2006, the members of Mobile Labour Newcastle Pty Limited agreed that the Company must voluntarily commence a wind-up of its operations. Vincent Heufel was then appointed as liquidator of the Company. Contact: Vincent Heufel Liquidator Heufel Partners 20 Kemp Street, Wallsend New South Wales 2287 Australia NARVIN PTY: Members to Receive Wind-Up Details ---------------------------------------------- The members of Narvin Pty Limited will convene today, March 21, 2006, to receive Liquidator R. J. Porter's 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: R. J. Porter Liquidator Level 6, 460 Church Street Parramatta, New South Wales 2150 Australia PACIFIC COMMERCIAL: To Declare Dividend --------------------------------------- Pacific Commercial Refrigeration Pty Limited will declare a first and final dividend today, March 21, 2006, to the exclusion of its creditors who were not able to prove their claims. Contact: Anthony Sims Liquidator SimsPartners Level 24, Australia Square 264 George Street, Sydney New South Wales 2000 Australia SERVANTE INVESTMENTS: Liquidator Poised to Distribute Assets ------------------------------------------------------------ After a general meeting on February 20, 2006, the members of Servante Investments Pty Limited resolved to close the Company's business and distribute the proceeds of its assets. The final meeting of the Company's members will be held on March 31, 2006, 10:00 a.m., at the Liquidator's office. Contact: Darren Timothy Barnes Liquidator 32 Charles Street, South Perth Western Australia 6151 Australia SPRITSAIL ENTERPRISES: Schedules Final Meeting Today ---------------------------------------------------- A final meeting of the members of Spritsail Enterprises 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 21, 2006. Contact: Dean Demeyer Liquidator Level 6, 65 Murray Street Hobart, Tasmania 7000 Australia STATION 1 PTY: Appoints Official Receivers ------------------------------------------ On February 13, 2006, Neil Geoffrey Singleton and David John Leigh were appointed as receivers and managers of the property of Station 1 Pty Limited. TELSTRA CORPORATION: Meets Competition Regulator in Secret ---------------------------------------------------------- Telstra Corporation has held secret talks with the Australian Competition and Consumer Commission in a last-ditch effort to save its AU$3 billion metropolitan residential fiber network, The Australian relates. The report said that the telco has been meeting with the ACCC the past weeks, and that the talks were intended to pave the way for official discussions to take place in the coming days. The AU$3 billion network is a key part of Telstra's AU$11 billion strategy to provide faster broadband services for customers and to cut the Company's swelling cost base. Telstra is planning to test whether the Trade Practices Act can give it some certainty over its proposed residential fiber investment and lock in the prices it would charge its rivals to access the network before it committed to the investment, The Australian adds. Telstra had earlier called a halt to its fiber plans in December and asked the Government to step in after the ACCC rejected as too high the prices that Telstra planned to offer its rivals to rent its raw copper wires, known as the unbundled local loop. However, the Government has been unwilling to make such a move, believing Telstra should test TPA provisions instituted in 2002 when Foxtel, Optus and Telstra struck a deal to rationalize the loss-making pay-TV sector. The talks are understood to have gained momentum after what insiders described as a "constructive" lunch meeting between Communications Minister Helen Coonan and Telstra Chief Executive Officer Sol Trujillo at the telco's offices in Sydney on March 6. In a speech to the Australian Telecommunications Users Group last week, Senator Coonan had publicly urged Telstra to test the special undertaking provisions of the TPA. 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 thousands of jobs over the next five years and a massive investment in new networks which will help deliver bigger profit margins. TRAVAL CONTAINER: To Pay Dividend to Creditors ---------------------------------------------- Traval Container Services Pty Limited will declare its first and final dividend to employee creditors today, March 21, 2006. Creditors who were not able to prove their claims will be excluded from the benefit of the dividend. Contact: Andrew McLellan Liquidator c/o PPB Chartered Accountants Level 10, 90 Collins Street Melbourne, Victoria 3000 Australia W.R. & D.C. SAVAGE: Inability to Pay Debts Prompts Wind-up ---------------------------------------------------------- After a meeting of the members of W.R. & D.C. Savage Pty Limited on February 20, 2006, it was agreed that the Company wind up its business voluntarily due to its inability to pay its debts. YG INVESTMENTS: Members Opt to Cease Operations ----------------------------------------------- At a general meeting on February 15, 2006, members of YG Investments Pty Limited concurred that the Company must voluntarily commence a wind-up of its operations. John Dickie was then appointed as liquidator. Contact: John Dickie Liquidator 62 Burwood Road Burwood, New South Wales 2134 Australia * Provisional Liquidator Appointed to Four Firms ------------------------------------------------ The Supreme Court of New South Wales has appointed a provisional liquidator to four companies involved in the construction and property investment industry following an application by the Australian Securities and Investments Commission. John Lord, of PKF Chartered Accountants, was appointed the provisional liquidator of Mortgage Finance Australia Pty Ltd, Australian Synergies Group Pty Ltd, SS Solutions Pty Ltd and Orion Pacific Real Estate Pty Ltd. ASIC is seeking final orders that these four companies be wound up on "just and equitable" grounds. ASIC commenced an investigation into Mortgage Finance Australia, and associated companies, in relation to funds raised by these companies and difficulties experienced by investors in recovering their investments. ASIC's investigation found that in excess of AU$2,000,000 was raised by Mortgage Finance Australia between June 2001 and May 2002 for an investment into the construction of a retirement village at Currans Hill, New South Wales. The developers of the retirement village have gone into liquidation and investors have been unable to recover their investments. Mortgage Finance Australia has been without office holders since May 13, 2005. ASIC's investigation is continuing. ================================ C H I N A & H O N G K O N G ================================ ATTEMPT FIT: Creditors' Claims Due on April 18 ---------------------------------------------- Creditors of Attempt Fit Enterprises Limited, whose claims have not already been admitted, are required to submit their formal proofs of claim by April 18, 2006, to Liquidator Leung Fung Yee Alice. Failure to comply with the requirement will exclude creditors from the benefit of the Company's dividend distribution. Contact: Leung Fung Yee Alice Liquidator 5th Floor, Jardine House 1 Connaught Place Hong Kong BENELUX MANUFACTURING: Names Official Liquidator ------------------------------------------------ The creditors of Benelux Manufacturing Limited have appointed on February 2, 2006, Stephen Briscoe as Liquidator of the Company in place of Fan Wai Kuen. Creditors or contributories wishing to oppose the appointment may file an application to the High Court of Hong Kong Special Administrative Region not later than March 24, 2006. Contact: Stephen Briscoe Nicholas Timothy Cornforth Hill Joint & Several Provisional Liquidators Alvarez and Marsal 5th Floor Allied Kajima Building 138 Gloucester Road Wanchai, Hong Kong Telephone: (852) 3102 2600 Fax: (852) 2598 0060 CHINA LINK: Begins Winding Up Process ------------------------------------- China Link Construction Company Limited has received a wind-up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on March 8, 2006. The Troubled Company Reporter - Asia Pacific had earlier reported that Canyon Development Limited filed a petition for the winding up of the Company on January 11, 2006. Contact: Edward Thomas O'Connell Official Receiver HKSAR-Official Receiver's Office 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong Telephone: 2867 2426 Fax: 3105 1814 e-mail: eamonn@oro.gov.hk CYBER RESOURCES: To Declare First and Final Dividend ---------------------------------------------------- Cyber Resources and Technology Limited will declare its first and final dividend to its creditors. The Company's creditors are required to submit their formal proofs of claim by April 7, 2006, or risk being excluded from the benefit of the dividend distribution. Contact: Kelvin Edward Flynn Cosimo Borrelli Joint and Several Liquidators 5/F, Allied Kajima Building 138 Gloucester Road Wanchai, Hong Kong DRESSON TRADING: Members and Creditors Meetings Set March 28 ------------------------------------------------------------ The meeting of the members and creditors of Dresson Trading Company Limited will be held on March 28, 2006. At the meeting, the members will receive Liquidator Wong Ka Lam King's final account showing how the Company was wound up. Any proxy may represent a member or creditor entitled to attend at the meeting. Forms of proxies for the meeting must be lodged not later than March 27, 2006, at the 2nd Floor, Double Building, 22 Stanley Street, in Central, Hong Kong. EAGLE TRADE: Faces Wind-up Proceedings -------------------------------------- On February 28, 2006, the High Court of Hong Kong received an application from DBS Bank (Hong Kong) Limited to wind-up Eagle Trade Limited. The High Court will hear the Petition on April 26, 2006, at 9:30 a.m. Any person who wishes to appear on the hearing of the application must file an appearance not later than April 25, 2006. Contact: Wilkinson & Grist Solicitors for the Petitioner 6th Floor, Prince's Building Chater Road Central, Hong Kong Telephone: 2524 6011 Fax: 2520 2090 FLOW CHART: To Declare Dividend on April 1 ------------------------------------------ Flow Chart Chin Industrial Limited notifies parties-in-interest of an intended dividend to be declared at the High Court of Hong Kong Special Administrative Region. Creditors are required to submit their proofs of claim by April 1, 2006, to: 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 KEEN LLOYD: Begins Wind-up Process ---------------------------------- On March 8, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance released a wind-up order pertaining to Keen Lloyd International (Holdings) Limited. The Troubled Company Reporter - Asia Pacific has reported that the Bank of China (Hong Kong) Limited presented a petition to wind-up Keen Lloyd International (Holdings) Limited on January 11, 2006. KEEP HOPE: DBS Bank Lodges Wind-up Petition ------------------------------------------- DBS Bank (Hong Kong) Limited has filed with the High Court of Hong Kong an application to wind up Keep Hope Shoes Manufacturing Company Limited. The Petition will be heard before the High Court on April 26, 2006, at 9:30 a.m. Any person interested to appear on the hearing must file an appearance not later than April 25, 2006. Contact: Wilkinson & Grist Solicitors for the Petitioner 6th Floor, Prince's Building Chater Road Central, Hong Kong Telephone: 2524 6011 Fax: 2520 2090 LAP SHUN: Winding Up Hearing Fixed on April 19 ---------------------------------------------- On February 21, 2006, the Bank of China (Hong Kong) Limited filed an application to wind up Lap Shun Hong Limited with the High Court of Special Administrative Region. The Application will be heard before the High Court on April 19, 2006, at 9:30 a.m. Contact: Chu & Lau Solicitors for the Petitioner 2nd Floor, The Chinese General Chamber of Commerce Building No. 24-25 Connaught Road Central, Hong Kong LONG TO COTTON: Court to Hear Wind-up Application on April 12 ------------------------------------------------------------- On January 26, 2006, J.K.N. International Limited filed a petition with the High Court of Hong Kong to wind-up Long To Cotton Yarn Company Limited. The Application will be heard before the High Court on April 12, 2006, at 9:30 a.m. Persons interested to appear at the hearing may file an appearance not later than April 11, 2006. Contact: Ivan Tang & Co. Solicitors for the Petitioner Units A & B, 22nd Floor Silvercorp International Tower 707-713 Nathan Road Kowloon, Hong Kong Telephone: 2388 9389 Fax: 2770 1726 WEALTH FEDELITY: Winding Up Hearing Slated for April 26 ------------------------------------------------------- Wealth Fedelity Metal Products (Shanghai) Co Ltd has filed with the High Court of Hong Kong an application to liquidate Wealth Fedelity Industries Limited. The Petition will be heard before the High Court on April 26, 2006, at 9:30 a.m. Any person interested to appear on the hearing must file an appearance not later than April 25, 2006. Contact: C.L. Chow & Macksion Chan Solicitors for the Petitioner Room 501-3, 5th Floor Hang Seng Building 77 Des Voeux Road Central Central, Hong Kong Telephone: 2877 3318/2810 7979 Fax: 2877 2620/2845 2189 Y&K CONSTRUCTION: Court Issues Wind-Up Order -------------------------------------------- Y&K Construction Eng. Limited presented a petition to wind up its operations. On March 8, 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 YUE SHING: Commences Winding Up Process --------------------------------------- Yue Shing Industrial Limited has received a wind-up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on March 8, 2006. As previously reported by The Troubled Company Reporter - Asia Pacific on January 25, 2006, that the Bank of China (Hong Kong) Limited issued a petition for the winding up of Yue Shing Industrial Limited on January 9, 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 ========= I N D I A ========= BHARAT PETROLEUM: Wants Tie-up with Petrobras in Nelp-VI -------------------------------------------------------- Bharat Petroleum Corporation Limited has signified its interest in partnering with Brazil's Petrobras to bid for oil blocks under the new exploration and licensing policy, Nelp-VI, The Telegraph relates. This is Bharat Petroleum's second attempt to join forces with Petrobras in Nelp-VI. The Company failed in its first try, but it is confident it will succeed this time since the Government has already improved its bidding terms for Petrobras. Meanwhile, Bharat Petroleum chairman Ashok Sinha told The Telegrah that the Company was interested in blocks offered under the Nelp-VI and, even if the partnership with Petrobras did not come through, it would still go ahead with its exploration foray by forming a consortium with Indian upstream oil companies such as Oil and Natural Gas Corporation and Oil India Ltd. Mr. Sinha has already attended the roadshow for Nelp-VI and has set within Bharat Petroleum an upstream division headed by a general manager. The upstream division will look after the Company's interests in oil and gas exploration. Bharat Petroleum has an interest in the eastern offshore deep- sea blocks in which ONGC is the operator. Indian Oil, Bharat Petroleum, Hindustan Petroleum and GAIL (India) Ltd are the four downstream public sector units that the petroleum ministry has allowed to enter the oil and gas exploration sector in partnership with upstream oil companies. 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. COAL INDIA: Sasol Keen on Fuel Venture -------------------------------------- Synthetic coal fuel producer Sasol Limited is discussing a potential coal-to-liquid fuel deal with Coal India Limited, The Economic Times reveals. The South African firm is keen on creating a joint venture with Coal India that will produce synthetic oil from coal, The Times says. Sasol's move is part of a larger plan to identify new locations for setting up plants based on its gas-to-liquids and coal-to- liquids technology. The group is focused on countries with large reserves of coal such as China, the United States and India. Sasol's undertaking in China is at a relatively advanced stage, with the firm already completing the feasibility study. The plant will have 80,000 barrels-per-day equivalent capacity, with the output divided into 66% diesel, and 34% naphtha and liquid petroleum gas. It will consume 15m-19m tonnes of coal a year. Oil produced from this plant will cost about US$20 a barrel. It is, however, not clear if Sasol intends to set up plants of similar size in India. 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. It recently turned around from substantial losses in the past due to its e-auction revenues. However, it is still saddled with labor problems involving its senior staff. IBP COMPANY: To Merge with Indian Oil by October ------------------------------------------------ Indian Oil Corporation is confident that it will complete a merger with IBP Company Limited by October 2006 after the proposal gained the approval of the Indian Stock Exchange, Business Standard reveals. Indian Oil has already lodged the merger proposal with the Department of Company Affairs for further approval. Upon the Department's endorsement, Indian Oil will call an extraordinary general meeting to obtain its shareholders' nod for the business consolidation. The swap ratio approved by the boards of the merging companies is 110 shares of Indian Oil for every 100 shares of IBP. The Troubled Company Reporter - Asia Pacific reported on September 13, 2005, that Indian Oil will also be taking over IBP's liquefied petroleum gas business to reduce the subsidy burden on the Company, though the IBP brand will be retained. Headquartered in West Bengal, India, IBP Company Limited -- http://www.ibpoil.com/-- is engaged in the storage, distribution and marketing of petroleum, chemicals and aluminum cryogenic containers. The Company operates in three segments: Petroleum, Chemicals and Engineering. The Company has been suffering from a string of losses since last year due to a Government mandate to sell fuel to the public at subsidized prices. In September 2005, IBP warned the Government that it would go bankrupt if it will not raise petrol, diesel, liquefied petroleum gas and kerosene prices. The Government then issued INR400 crore in oil bonds for the Company to recover losses. INDIA CEMENTS: Poised to Book Profit After Five Years ----------------------------------------------------- For the first time since fiscal year 2001, India Cements Limited is set to report profits for the current financial year, Business Standard reports. The Company saw a turnaround in its December FY06 quarter results. After a net loss of INR33.31 crore in the previous December quarter, the company clocked a net profit of INR7.22 crore with its debt restructuring in place. This was on the back of 30% year-on-year growth in net sales to INR411.87 crore. The good result is attributed to the strong demand growth seen in the southern markets after a lull in FY05, on the back of a good monsoon, increased focus on irrigation and rural road projects. The 5.5% fall in interest costs was due to a reduction in total debt through issuance of US$10 million Global Depository Receipts and corporate debt restructuring scheme. For the December FY06 quarter, the company's operating profit rose 55% to INR46.78 crore. Moreover, the interest cost dropped 35% to INR29.57 crore. Apart from the reduced debt burden, analysts feel that another key cost reduction for the company over FY07 would come from a reduction in sales tax. With high borrowing costs behind it and its key markets seeing sustained demand growth, analysts are confident that India Cements will completely turn around in the next two years. Headquartered in Chennai, India, India Cements Limited -- http://www.indiacements.co.in/-- manufactures and markets cement under the brand name Coromandel cement. The Company was established in 1946 and the first plant was setup at Sankarnagar in Tamilnadu in 1949. Since then it has grown in stature to seven plants spread over Tamilnadu and Andhra Pradesh. In 2002, the Company fell into a deep financial crisis, which prompted it to undertake debt restructuring plans in 2003. Faced with the huge challenges, the company addressed its problems proactively. It reduced interest costs, improved the capacity utilization, implemented voluntary retirement schemes and raised equity. All these initiatives helped the firm bring down its debt under corporate debt restructuring program from a hefty INR1,700 crore to INR400 crore. ================= I N D O N E S I A ================= PERTAMINA: Restarts Balongan Refinery Due to Electrical Problems ---------------------------------------------------------------- PT Pertamina has restarted its 125,000-barrel-a-day Balongan refinery yesterday, after suffering an electrical fault from Friday through Sunday, Dow Jones relates. Pertamina says that the refinery is currently operating at lower capacity, and would still need one to two days to return to normal. PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No. 31/2003 has changed its legal status from a special state-owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina implements an integrated system from upstream to downstream. Despite reporting a net profit of IDR3.03 trillion for the first six months of 2005, Pertamina's failure to service its financial obligations was pegged as one of the contributing factors to Indonesia's decreased income for the year. Indonesian President Susilo Bambang Yudhoyono has promised to expedite the overhaul of state oil firm PT Pertamina in order to increase the country's fuel output. President Yudhoyono said the Company's restructuring program is not proceeding effectively, as the Company is still experiencing many difficulties. He added that he wants to conduct a "real" restructuring of Pertamina, with clear and measurable phases. BANK MANDIRI: Launches New Treasury Unit in Bandung --------------------------------------------------- Bank Mandiri has launched a new treasury-marketing unit in Bandung to improve fee-based income, The Jakarta Post reports, citing a press statement. The bank's press statement said that the new unit would handle treasury transactions, such as foreign exchange, securities and derivatives transactions, made by Bank Mandiri customers in West Java and Central Java. Bank Mandiri selected Bandung because a number of major firms had their headquarters in the provincial capital. Moreover, West Java and Central Java had seen rising imports and exports, thus providing treasury business opportunities. Bank Mandiri had previously set up treasury marketing units in Surabaya and Medan. 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, which combined 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 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 ========= LIVEDOOR COMPANY: To Tie Up with Usen Corporation ------------------------------------------------- Troubled Internet portal Livedoor Company Limited has yet to tie up its operations with cable broadcaster Usen Corporation, since Usen President Yasuhide Uno was the one who decided to buy a stake in the Company, and not Usen Corporation, The Yomiuri Shimbun reports. According to Livedoor President Kozo Hiramatsu, the Company had begun a tie-up with Usen Corporation after it had chosen Usen for a possible partnership. The Livedoor-Usen tie-up had the most support among the Company's employees. Usen Corp. had initiated talks to buy Fuji Television Network Corporation's stake in Livedoor. However, Usen stopped negotiations with Fuji once it was able to start talks with the Livedoor itself. Fuji TV chairman Hisashi Hieda said that other firms had approached them to try to buy their Livedoor stake, but Usen's Mr. Uno had the most attractive offer. It resulted in the converging of interest of the three firms: Fuji TV, Usen Corp. and Livedoor. It remains to be seen, however, whether Livedoor would be able to turn itself around by partnering with Usen Corp. Since Livedoor's partnership is focused on its Internet portal site, and not on its profitable financial division, Yomiuri Shimbun relates that there is no comprehensive business vision for the Company. About Livedoor Tokyo-based Livedoor Company Limited -- http://corp.livedoor.com/en/-- is an Internet company that provides out portal site "livedoor", corporate web solutions, data center and IP telephony business. The Company was the focus of an accounting scandal when it was discovered that the Company had concealed a JPY1 billion loss for the financial year ended September 2004 by manipulating its financial statements. Livedoor president Takafumi and other former executives were arrested in January this year for their alleged role in the accounting scandal. LIVEDOOR COMPANY: US-Based Investment Firm Buys 6% Stake -------------------------------------------------------- United States-based investment company Baupost Group LLC bought more than 6% stake in troubled Internet firm Livedoor Company Limited, the Nihon Keizai Shimbun online edition relates. According to Nihon Keizai, Baupost LLC acquired a 6.72% stake, or a total of 70.56 million shares in Livedoor, for JPY5.28 billion. Baupost LLC is now the fourth-largest stakeholder in the Company, while ex-Livedoor president Takafumi Horie is the largest shareholder with a 17.25% stake. About Livedoor Tokyo-based Livedoor Company Limited -- http://corp.livedoor.com/en/-- is an Internet company that provides out portal site "livedoor", corporate web solutions, data center and IP telephony business. The Company was the focus of an accounting scandal when it was discovered that the Company had concealed a JPY1 billion loss for the financial year ended September 2004 by manipulating its financial statements. Livedoor president Takafumi and other former executives were arrested in January this year for their alleged role in the accounting scandal. LIVEDOOR COMPANY: Auditors Face Raps for Overstating Earnings ------------------------------------------------------------- Prosecutors are preparing to file charges against the auditors of Internet firm Livedoor Company Limited for approving its 2004 financial report despite knowing that the Company manipulated the figures, The Japan Times says. According to the Times, Tokyo district prosecutors had suspected two certified accountants of Yokohama-based Koyo & Company of knowing that Livedoor had inflated its earnings in its 2004 financial statements, and approved the report anyway. When the accountants were questioned, they admitted to their role in the Company's alleged accounting fraud. Ex-Livedoor president Takafumi Horie and four ex-directors of the Company were earlier indicted on charges of falsifying a September 2004 report to indicate that Livedoor garnered a profit, to cover up a huge JPY300 million pre-tax loss. They were also accused of violating securities laws when they counted profits from share sales issued to acquire other firms as sales instead of as capital. The Troubled Company Reporter - Asia Pacific reported on March 13, 2006, that the Tokyo Exchange planned to delist the Company's shares on April 14, 2006, after the Securities and Exchange Commission filed fresh charges against Mr. Horie and the Company for violating the Securities and Exchange laws and for falsification of reports. About Livedoor Tokyo-based Livedoor Company Limited -- http://corp.livedoor.com/en/-- is an Internet company that provides out portal site "livedoor", corporate web solutions, data center and IP telephony business. The Company was the focus of an accounting scandal when it was discovered that the Company had concealed a JPY1 billion loss for the financial year ended September 2004 by manipulating its financial statements. Livedoor president Takafumi and other former executives were arrested in January this year for their alleged role in the accounting scandal. ========= K O R E A ========= KOREA EXCHANGE: S&P Revises Rating Outlook to Positive ------------------------------------------------------ Standard & Poor's Ratings Services revised the outlook on its long-term counterparty credit ratings on Korea Exchange Bank to positive from stable on improving capitalization and asset quality. At the same time, Standard & Poor's affirmed its "BBB" long-term counterparty credit rating on the bank. "The outlook revision is based mostly on expectations for improving fundamentals rather than the likelihood of KEB being taken over by stronger banks," said Standard & Poor's credit analyst Jae Min Kwon. "KEB has demonstrated its ability to improve its capital structure, and it has strengthened its credit quality significantly in a relatively short period of time." KEB's weak market position compared with major competitors and uncertainty over its shareholding structure remains constraining factors for the rating. The rating on the bank could be raised if it can improve its market position and revenue diversification. If there is a development that leads us to believe that KEB will be purchased by a bidder of higher credit quality, such as Kookmin Bank (A-/Stable/A-2), Hana Bank (A-/Stable/A-2), or DBS Bank Ltd. (DBS; AA-/Stable/A-1+), Standard & Poor's may put KEB on CreditWatch with positive implications. The rating on KEB reflects its competitive position in trade finance and foreign exchange, and the focus of its new management team on improving efficiency and managing risk. However, consolidation among domestic competitors limits the bank's ability to improve its overall market position. 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. YOUNGNAM FLOUR: Faces Stock Investigation ----------------------------------------- The Financial Supervisory Service is expected to conduct an investigation into allegations of illegal trading of Youngnam Flour Mills stock, JoongAng Daily News relates. According to the report, the FSS will summon the Company's key executives and audit their stock and banking accounts. The Company disclosed in May 2005 that it expects to receive investments worth US$10 million from foreign investors, an announcement that prompted its share price to swell from KRW1,400 (US$1.40) in March 2005 to more than KRW6,000 in July. Three months after the announcement, the Company said that the plan was canceled, which later drove its share price down to KRW3,000. Analysts said that the Company's May Announcement might have been false, since the negotiations on these investments would take more than six months. The Company is also suspected of selling treasury stocks to local investors in secret, to reap nearly KRW7 billion. Headquartered in Busan, South Korea, Youngnam Flour Mills Co. Ltd.'s -- http://www.ynam.co.kr/-- principal activity are the manufacturing and selling of assorted animal feeds, cereals, flour. It also engages in real estate rental. * South Korea's Corporate Bankruptcies Drop to 15-Year Low ---------------------------------------------------------- Corporate bankruptcies in South Korea fell to the lowest level in 15 years in February 2006 amid growing signs of an economic recovery, Yonhap News reports, citing The Bank of Korea. According to the central bank, the number of companies that went bankrupt fell by 22 to 191 in February 2006, the lowest level since January 1999 when the number of the failures reached 376. In January, the number of businesses that went bankrupt was 213. The number of bankruptcies declined by six to 82 in Seoul, and by 37 to 131 in regional cities. The number of start-ups, on the other hand, rose for a fourth straight month in January, to 4,693, up 305 in December 2005. The default rate on corporate bills bonds, checks and promissory notes remained at 0.02% in January from a month earlier. =============== M A L A Y S I A =============== AVANGARDE RESOURCES: Enters into SSF Asset Sale Agreement --------------------------------------------------------- Avangarde Resources Berhad entered into a Conditional Sale and Purchase Agreement on March 15, 2006, with SSF Construction Sdn Bhd in relation to the proposed acquisition of four SSF assets in Perak. The parties have agreed that Avangarde will pay in full at least MYR23,880,00 to SSF within 30 working days from the last approval obtained by Avangarde. The Agreement is subject to the approvals of: * the Securities Commission of Malaysia; * Bursa Malaysia Berhad; * creditors and shareholders, after a sanction from the High Court of Malaya; and * other relevant authorities. The Company will disclose the details on the terms and conditions of the Sale and Purchase Agreement upon its finalization. Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources Berhad is involved in the construction and development of housing projects. The Group has incurred huge losses due to provision of doubtful debts and writing off of bad debts. It is also facing the possibility of being delisted for failing to meet with the requirements of Bursa Malaysia. DATUK KERAMAT: Bourse Postpones Delisting ----------------------------------------- Bursa Malaysia Securities Berhad has decided to defer the removal of Datuk Keramat Holdings Berhad's securities from its Official List pending decision of the Company's appeal. As reported by the Troubled Company Reporter - Asia Pacific on March 16, 2006, Bursa Securities has decided to delist Datuk Keramat's securities from the Official List of Bursa Securities on March 22, 2006, as the Company does not have an adequate level of financial condition to warrant continued listing on the Bourse. The Company had immediately lodged an appeal against the Bourse's decision with the Bourse's Appeals Committee. Thus, Bursa Securities will postpone the delisting until a ruling on the appeal is entered. The Bourse clarifies that the deferment is a stay in respect of the delisting and it is not to be equated to a variation or a revision of the decision to delist. The decision remains unless reversed on appeal. Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings Berhad is engaged in investment and property holding. The Company is also involved in management services; property investment services; project management services and development; credit and financing activities; distribution and publication of magazines; media design and advertising; management of supermarket and departmental store; trading and distribution of pharmaceutical, management of car park, garment manufacturing and financial services. On January 24, 2005, the Company was been served with a winding-up petition by Affin Bank Bhd, who claimed a sum of MYR15.66 million as of May 31, 2002, in respect of revolving credit facilities granted to the company. The Company has been suffering tight liquidity and is facing delisting due to its failure to submit its financial reports to Bursa Malaysia. The Company explained that the issuance of its financial statements was delayed because it is still working on the proposed restructuring scheme. GEORGE TOWN: Appeals Against Bourse Delisting --------------------------------------------- George Town Holdings Berhad has filed an appeal with Bursa Malaysia Securities Berhad in the hopes of maintaining its listing status on the stock exchange. Accordingly, the Bursa Securities' Appeals Committee has deferred the scheduled delisting of the Company pending a final decision on George Town's appeal. The Company had earlier been served with a five-market day notice saying that its entire issued and paid-up share capital would be removed from the Official List of Bursa Securities on March 22, 2006, as it has failed to meet with Bursa Malaysia requirements. Headquartered at Petaling Jaya, in Selangor Darul Ehsan, Malaysia, George Town Holdings Berhad operates supermarkets, department stores and convenience stores. Its other activities include property development, trading in pharmaceutical products, media design and advertising, management services, goldsmith and jewelers, management of car parks, bakery, pastry and fast food centre, financial services, hotel management and investment holding. The Group operates in Malaysia, Continental Europe/Offshore Islands and other countries. The Company has been suffering losses since 1999 due to stiff competition. It has closed over 10 outlets in the past four years. The Company expects cutthroat competition among retailers to put continuous pressure on its margins. HOCK SIN: Shareholders Nominate Additional Directors ---------------------------------------------------- Hock Sin Leong Group Berhad reveals that its shareholders, Leeco Realty Sdn Bhd and General Strategy Sdn Bhd, proposed to elect additional directors at the Company's forthcoming Annual General Meeting. The additional directors nominated are: * Lee Keok She; * Lee Geok Eong; * Chong Jock Peng; and * Yee Choon Kong. As reported by the Troubled Company reporter - Asia Pacific on May 7, 2006, Hock Sin Leong 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, in 55300 Kuala Lumpur, Malaysia. 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. KILANG PAPAN: Delisting Deferred Pending Appeal Ruling ------------------------------------------------------ The removal of Kilang Papan Seribu Daya Berhad's securities from the Official List of Bursa Malaysia Securities Berhad is deferred pending the decision of an appeal lodged by the Company. The Troubled Company Reporter - Asia Pacific reported on March 15, 2006, that Bursa Malaysia has decided to delist the Company's securities from the Official List due to its inadequate level of financial condition. The delisting had been scheduled to take effect on March 22, 2006. However, on March 17, 2006, Kilang Papan submitted its appeal with the Appeals Committee against the Bourse's decision to delist its securities. Headquartered in Sabah, Malaysia, Kilang Papan Seribu Daya Berhad engages in the manufacturing and marketing of timber and timber related products; and trading of rubber wood products. Its products, which include sawn timber and molded timber, are exported to Japan, United States and Europe. The Company fell into Special Administration on December 1999, due to its catastrophic losses. In December 2002, the Company's debt- restructuring scheme was approved by the Securities Commission. MALAYSIA AIRLINES: Government OKs Local Surcharge Hike ------------------------------------------------------ The Government has given Malaysia Airlines the go-ahead to raise fuel surcharges for domestic routes, the Star Daily reports, quoting Transport Minister Chan Kong Choy. Mr. Choy said it was entirely up to Malaysia Airlines to decide when to impose the surcharge. The decision, he added, would not affect the rural air services in Sabah and Sarawak. The airline currently imposes fuel surcharges of up to MYR7.50 one-way for routes within West Malaysia and MYR15 for routes between West and East Malaysia. The paper says that Malaysia Airlines has proposed hiking the surcharge to MYR15 for routes within West Malaysia, and MYR36 for flights between East and West Malaysia. Mr. Chan also told Star Daily that the Government has rejected a proposal to raise domestic airfares, without explaining the reason for the rejection. Headquartered in Selangor, Malaysia, Malaysia Airlines -- http://www.malaysiaairlines.com/-- services domestic and international flights. Its global network comprised 32 domestic and 86 international destinations. Of the 86 international destinations, 17 were operated in collaboration with our airline partners. The carrier is currently facing financial difficulties, and is set to report a net loss of MYR1.3 billion for the nine month to December 31, 2005, due to high fuel and operating costs, and unprofitable routes. Early March 2006, it unveiled a radical rescue plan to raise MYR4 billion in order to stay afloat and return to profitability by next year. Under the restructuring plan, the airline pledged to cut its budget by 20% across the board, terminate many unprofitable routes, freeze recruitment except for front-line staff, crack down on corruption by encouraging whistle-blowing and stop corporate sponsorship. MALAYSIA AIRLINES: To Launch Route Rationalization -------------------------------------------------- Malaysia Airlines is implementing its first phase Route Rationalization in its 2006 Northern Summer operating pattern effective March 26, 2006. The first phase involves rationalization of existing frequencies: * Twice weekly Sydney - Kuching - Kuala Lumpur B777 one way flights * Twice weekly Kuala Lumpur - Kuching - Perth A330 return flights * Twice weekly London - Langkawi - Kuala L:umpur B747 one way flights * Twice weekly London - Penang - Kuala Lumpur B747 one way flights Effective March 26, 2006, these long-haul flights will be realigned to operations directly between Kuala Lumpur International Airport and the cities of London, Sydney and Perth. In addition, the current thrice weekly Kuching-Kuala Lumpur-Frankfurt B777 return flights will be operated Kuala Lumpur-Frankfurt return effective the same date. Malaysia Airlines will use its existing Malaysian domestic services between KLIA and Langkawi, Penang and Kuching to provide immediate connections for these realigned long-haul international flights. This rationalization is part of the national airline's Business Turnaround Plan to refocus from a largely point-to-point carrier to a world-class connecting carrier with a major hub in KLIA. Given the existing market realities, Malaysia Airlines flight operations will thus gradually shift from point-to-point network to a "hub and spoke" network, thus increasing its competitiveness to connect as many core markets as possible in Malaysia and internationally. Headquartered in Selangor, Malaysia, Malaysia Airlines -- http://www.malaysiaairlines.com/-- services domestic and international flights. Its global network comprised 32 domestic and 86 international destinations. Of the 86 international destinations, 17 were operated in collaboration with our airline partners. The carrier is currently facing financial difficulties, and is set to report a net loss of MYR1.3 billion for the nine month to December 31, 2005, due to high fuel and operating costs, and unprofitable routes. Early March 2006, it unveiled a radical rescue plan to raise MYR4 billion in order to stay afloat and return to profitability by next year. Under the restructuring plan, the airline pledged to cut its budget by 20% across the board, terminate many unprofitable routes, freeze recruitment except for front-line staff, crack down on corruption by encouraging whistle-blowing and stop corporate sponsorship. SATERAS RESOURCES: Bourse Holds Off Delisting Due to Appeal ----------------------------------------------------------- Bursa Malaysia Securities Berhad has deferred the planned delisting of Sateras Resources (Malaysia) Berhad's securities pending the outcome of the Company's appeal with Bursa Securities' Appeals Committee. As reported by the Troubled Company Reporter - Asia Pacific on March 14, 2006, Bursa Malaysia Securities has decided to delist Sateras Resources from the Official List of Bursa Securities effective March 22, for failing to issue its 2004 annual audited account, annual report, and quarterly report within the timeframes stated and have not issued the financial statements after more than six months from the expiry of the timeframes. Headquartered in Kuala Lumpur, Malaysia, Sateras Resources is principally engaged in investment holding and provision of management and secretarial services. The principal activities of its subsidiary companies are that of property development, investment in real property, investment holding and educational services. Sateras has been experiencing losses since 1997 and has negative shareholders' funds as of the financial year ended March 31, 2002. Due to the economic turmoil, which hit the country in 1997-1998, the financial condition of the Group worsened and had never recovered since then. The Sateras Group was highly geared with total borrowings of MYR167.04 million as of March 2002. With the contraction in the property market following the prolonged weak capital market and the over supply of properties, the Group's businesses were unable to generate sufficient revenue and cash flow to service its debts obligations as and when it fell due since 1998. The Company filed a Proposed Restructuring Scheme in 2003 to revive its financial strength through the injection of profitable and viable assets, providing the Company's creditors and existing shareholders an avenue to recover part of their debts or investments. The primary objective of the Proposed Debt Settlement is to address its financial predicament, to rescue the Company from the risk of being de-listed. It is also intended to rescue the Company from the likely event of being wound up or placed under a receivership due to its inability to meet its financial commitments. SATERAS RESOURCES: Sub-subsidiary Faces Wind-up Proceedings ----------------------------------------------------------- A Malaysian court has, on February 9, 2006, considered the winding up petition against MK Gold Resort Berhad, a wholly owned unit of Sateras Resources (Malaysia) Berhad's subsidiary, M.K. Associates Sdn Bhd. The Inland Revenue Board of Malaysia, which filed the Petition on August 10, 2005, is claiming payment of MYR1,641,008. The amount represents the defaulted payment and interest MK Golf owed to the Government. MK Golf is expected to incur legal fees, which is yet to be determined. On February 14, 2006, MK Golf has filed a Notice of Appeal with the Court of Appeals and an application for stay. The Applications are fixed for hearing on March 23, 2006. The Troubled Company Reporter - Asia Pacific reported on December 15, 2005, that MK Golf's parent, M.K. Associates, was wound up for defaulting on MYR2,987,114 owed to the Inland Revenue Board. Headquartered in Kuala Lumpur, Malaysia, Sateras Resources is principally engaged in investment holding and provision of management and secretarial services. The principal activities of its subsidiary companies are that of property development, investment in real property, investment holding and educational services. Sateras has been experiencing losses since 1997 and has negative shareholders' funds as of the financial year ended March 31, 2002. Due to the economic turmoil, which hit the country in 1997-1998, the financial condition of the Group worsened and had never recovered since then. The Sateras Group was highly geared with total borrowings of MYR167.04 million as of March 2002. With the contraction in the property market following the prolonged weak capital market and the over supply of properties, the Group's businesses were unable to generate sufficient revenue and cash flow to service its debts obligations as and when it fell due since 1998. The Company filed a Proposed Restructuring Scheme in 2003 to revive its financial strength through the injection of profitable and viable assets, providing the Company's creditors and existing shareholders an avenue to recover part of their debts or investments. The primary objective of the Proposed Debt Settlement is to address its financial predicament, to rescue the Company from the risk of being de-listed. It is also intended to rescue the Company from the likely event of being wound up or placed under a receivership due to its inability to meet its financial commitments. TELEKOM MALAYSIA: Taps Maybank to Boost Service ----------------------------------------------- Telekom Malaysia has appointed Maybank2e.net to provide cash management solutions to the Company, FinanceAsia.com reports. The deal will allow Telekom Malaysia to access Maybank's online cash management financial portal for real-time processing accessibility and enhanced payment services, the report says. Telekom Malaysia will use Maybank2e.net for a full suite cash management and solutions and services including payroll and Social Security Organisation services. At a later stage, it will also have access to eDividend, a service which processes dividend payments, as well as features such as online bills payment and bulk payment to suppliers/vendors via auto-credit and check outsourcing. In short, Telekom Malaysia will benefit from the automated processes that will also minimize errors and provide speedier processing of payroll and payments. The Company's decision follows an announcement last December that Tenaga Nasional Berhad planned to adopt Maybank2e.net's cash management platform for payroll and related services. Both moves have been prompted by a central bank ruling that all Malaysian corporate and government agencies should adopt electronic payment platforms by 2010. Before the deal was announced, Telekom and Maybank, the parent of the online banking portal, has already long-rooted delivery channel relationships, which centered on bill payment through a variety of facilities including branches, automated teller machines, telephone and Internet portals. 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. TELEKOM MALAYSIA: Singapore Orders Unit to Pay DeteAsia's Claim --------------------------------------------------------------- The Singapore proceedings of a dispute between DeteAsia Holding GmbH and Telekom Malaysia Bhd's unit, Celcom Malaysia Berhad, has been brought to an end after the two parties entered into a settlement agreement, or a Consent Order, before the Singapore High Court on March 16, 2006. Under the Consent Order, Celcom will pay DeteAsia SGD14,000. Celcom has stated in a letter to DeteAsia that the Consent Order was entered into with full reservation of Celcom's rights, and that payment of the sums referred to in the Consent Order was being made under protest and without prejudice to such proceedings as Celcom is currently bringing in Malaysia, and proceedings that Celcom may contemplate bringing in the future. On March 1, 2006, Telekom Malaysia said it swung to a fourth- quarter net loss, largely because of a previously disclosed payment of almost MYR880 million to settle a legal dispute with Germany's Deutsche Telekom. For the three months ended Dec. 31, 2006, the country's dominant fixed-lined operator suffered a MYR701.3-million net loss, due mostly to provisions for claims after losing the arbitration case The loss follows a statement by Telekom that it would account for a MYR879.5 million payment to settle the dispute with DeteAsia, a unit of Deutsche Telekom. The disagreement related to the sale and eventual merger of mobile phone firm Celcom, in which DeteAsia had a stake, with Telekom's cellular unit in 2003. DeteAsia sued Celcom for breach of contract. 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. TRU-TECH HOLDINGS: Unable to Pay Dues Due to Cash Woes ------------------------------------------------------ Tru-Tech Holdings Berhad will not be able to make the monthly deposit of MYR1,500,000 due on March 17, 2006, into the sinking fund account maintained for the purposes of redemption of the redeemable unsecured loan stock due to Tru-Tech's current tight cash flow position. The Board of Directors of Tru-Tech disclosed that the Company is still in discussion with the RULS-holders to defer the coupon payment in default up to a period of twelve months from the date of the Default. RULS-holders have verbally agreed not to demand for the immediate repayment of the outstanding balance of the RULS pending finalization of the deferment of the coupon payment. In addition, the Company is presently in negotiation with several parties in an effort to restructure the debts of the Company to improve its cash flow position. There is no approved debt-restructuring plan yet. Save as disclosed, there has been no material development in respect of the default pursuant to Practice Note 1/2001. More information on the principal outstanding of all other credit facilities granted to Tru-Tech and its subsidiaries as at February 28, 2006, is available for free at: http://bankrupt.com/misc/tcrap_trutechholdings032006.pdf Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings Berhad's principal activity is the manufacturing of electronic components and products. Its other activities include development and distribution of switch-mode power supplies and investment holding. The Group operates in Malaysia, Singapore, United States and United Kingdom. On May 27, 2004, Tru-Tech announced a series of proposed corporate exercises to address its financial frailty. These include the incorporation of a new entity as Tru-Tech's holding company, and the disposal of its existing contract-assembly business to a third party. Much of Tru-Tech's future performance will hinge on its ability to restructure its debts and resolve its financial woes. WEMBLEY INDUSTRIES: Bourse Awaits SC's Decision on Application -------------------------------------------------------------- Bursa Malaysia Securities Berhad has decided to await the outcome of Wembley Industries Holdings Berhad's application with the Securities Commission to extend the time within which the Company may implement its regularization plan. Bursa Securities had disclosed on December 14, 2005, that Wembley had appealed against Bursa Securities' decision to de- list its securities from the Official List of Bursa Securities. Given the appeal, the removal of the securities was deferred pending any decision on the matter. Bursa Securities' decision is without prejudice to Bursa Securities' right to proceed with the delisting of Wembley's securities from the Official List of Bursa Securities in the event that: -- the Commission rejects Wembley's application for extension time to implement its regularization plan; -- Wembley fails to implement its regularization plan within the time frame stipulated by the SC or such other extended timeframe as stipulated by the SC; or -- Wembley fails to comply with any of the conditions imposed by the SC vide its approval letter and any further conditions imposed by the SC. Bursa Securities also decided that if any one of these events occurs, Wembley's securities will be removed from the Official List of Bursa Securities upon the expiry of 14 days from the date Wembley is notified by Bursa Securities or such other date as may be specified by Bursa Securities. 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. The Company has been placed under the Practice Note 4 category due to its cash flow woes. On January 7, 2003, Malaysia's Foreign Investment Committee approved the Company's regularization plan. Subsequently, on April 7, 2003, the FIC revised its approval to include the possible participation of Daewoo Corporation, the former turnkey contractor of Plaza Rakyat Project in the Company's Proposed Debt Restructuring. ===================== P H I L I P P I N E S ===================== LAFAYETTE MINING: Cannot Resume Operations Until Probe Ends ----------------------------------------------------------- Lafatte Philippines, Inc., must await the results of a study by a fact-finding team formed by Philippine President Gloria Macapagal Arroyo before it can restart operations, Malaya News reports, citing environment secretary Angelo Reyes. According to Mr. Reyes, he allowed the request of Sorsogon Bishop Arturo Bastes, who heads the investigating team, to uphold a cease-and-desist order on LPI's operations until the study of the Company's mine in Rapu-Rapu, Albay, is completed. The team expects to complete its investigation in one month. The developments prove disappointing to LPI, which had aimed to be up and running this month, after proposing a comprehensive environmental pollution control program to ensure that a recent mine-tailings spill accident would not happen again. The Troubled Company Reporter - Asia Pacific reported that on October 11 and November 1, 2005, two water process discharges leaked cyanide into the waters of Rapu-Rapu, killing thousands of fish and destroying the livelihood of several small fishermen in the area. Malaya News cites LPI President Carlos Dominquez as saying that the Department of Environment and Natural Resources Pollution Adjudication Board would decide when the Company could resume its operations. The Company is currently building a 134-meter high tailings dam wall as part of the conditions required to lift the cease-and-desist order on the Company. The dam wall is expected to be finished within two to four weeks. About LPI Headquartered in Melbourne, Australia, Lafayette Mining, Inc. -- http://www.lafayettemining.com/-- has been listed on the Australian Stock Exchange since August 1997. It focuses on developing a polymetallic project involving copper, gold, zinc and silver on the Island of Rapu-Rapu in the Philippines. The Department of Environment and Natural Resources' former secretary, Mike Defensor, closed Lafayette Mining in 2005 when the Company's mine tailings were accidentally spilled into the Albay Gulf last October, killing thousands of fish and destroying the livelihood of fishermen in the area. The Company was also fined PHP10.7 million for violating the Clean Water Act and its environmental compliance certificate. NATIONAL FOOD: Allots PHP26 Million for Sugar Operations -------------------------------------------------------- The National Food Authority in Negros Occidental allocated PHP26 million to start its sugar procurement operations in line with President Gloria Macapagal-Arroyo's Executive Order #512, dated March 7, 2006. The Executive Order authorizes NFA to intervene in the procurement of sugar to provide consumers access to reasonably priced supply of sugar for the crop year 2005-2006. Provincial Manager Gil B. Ibarra announced that the NFA will procure "B-2" or the NFA sugar as special allocation by the Sugar Regulatory Administration (SRA) at a price of PHP950 per LKG. It will also procure on a weekly basis starting this week until the end of March based on the "B-2" quedan as issued by mills and as approved by SRA. Mr. Ibarra stated that NFA estimated to procure 3,476 metric tons of sugar for February and March 2006. NFA provincial office will buy about 1,411 metric tons from different sugar mills in the province. The procurement will be on these mills: Mill Volume per metric ton Victorias 393 Biscom 221 La Carlota 193 Lopez 174 Hawaiian Phils 154 Sonedco 97 First Farmers 81 Sagay 77 Dacongcogon 21 Moreover, NFA will procure consolidated "B-2" quedans of Planters Associations or Cooperatives. According to Mr. Ibarra, sugar planters who are not members of any association or cooperative can request the SRA that quedanning of their "B-2" sugar be joined with those of any association or cooperative of their choice, so that NFA can likewise procure their sugar. For non-affiliated sugar planters who opted to join with the mill, the mill will now serve as their association, but the local SRA should certify that their quedan is purely planter's share. The NFA chief also emphasized that quedans to be procured will be first properly endorsed by Planters Association' representative. Also, quedans must be accompanied by a list of sugar planters per association, Mr. Ibarra added. About NFA Headquartered in Quezon City, Philippines, National Food Authority -- http://www.nfa.gov.ph/-- is a government organization regulating the rice and corn industry by stabilizing grain supply and prices and maintaining food security in cereals. NFA is among the state-owned firms, which push up the country's outstanding public sector debt. In 2005, the agency incurred an additional Php6-billion debt to bankroll cost of rice and corn importation, as well as payment of import duties. The Company is seeking a private sector takeover of its importation role so it could gradually make a turnaround from its Php22-billion loss in 2005. PHILIPPINE AIRLINES: Will Continue Rehabilitation Program --------------------------------------------------------- Philippine Airlines, Inc., will continue a government-led rehabilitation program even as creditors neither approved nor rejected the program to leave the protection of the Securities and Exchange Commission, Business World reports, citing PAL president Jaime J. Bautista. According to Mr. Bautista, PAL will encourage creditors to approve the Company's exit from SEC protection by showing the potential advantages of an early exit from rehabilitation, such as increased access to funds for refleeting and other projects, as well as being able to join an alliance of airlines to increase the number of passengers. Mr. Baustista hopes that the Company could complete its rehabilitation by next year. Severely affected by the 1997/1998 Asian financial crisis, PAL applied for rehabilitation with the SEC in 1998, after reporting a PHP8.08 billion loss. Last year, the Company sought an early exit from the rehabilitation due to improved financial conditions. Business World relates that out of its total debt of PHP111.94 billion in 1999, PAL has already paid PHP50.88 billion as of 2005. Mr. Bautista said the Company expects to post profit for the business year ending March 31, 2006. Currently, PAL has seven A320, four Boeing 737-300 and three Boeing 737-400 aircraft. In 2005, the Company bought nine brand-new Airbus A320 jets, and plans to buy five more. By 2008, PAL plans to increase its fleet of aircraft to 38, from 32 aircraft last year. About PAL Philippine Airlines -- http://www.philippineairlines.com/-- is the Philippines' national airline. It was the first airline in Asia and the oldest of those currently in operation. With its corporate headquarters in Makati City, Philippine Airlines flies both domestic and international flights. As of 2005, it claims to serve 21 domestic airports and 31 foreign cities. Its main hub is the Ninoy Aquino International Airport in the capital city of Manila. Following labor problems and its failure to settle debts, PAL filed for rehabilitation in June 1998, and is slated to complete its 10-year debt rehabilitation program in 2009. ================= S I N G A P O R E ================= GOLDWATER CONSTRUCTION: To Pay Dividend on March 24 --------------------------------------------------- Goldwater Construction Private Limited will distribute a first and final dividend on March 24, 2006, at: Chee Yoh Chuang Lim Lee Meng Liquidators 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 LORDWAY LOGISTICS: Enters Wind-Up Process ----------------------------------------- The Singapore High Court has received a petition to wind up Lordway Logistics Private Limited on March 6, 2006, presented by Lam Sing Hang Company Private Limited. The petition will be heard before the Court on March 31, 2006, at 10:00 a.m. Any creditor or contributory of the Company desiring to support or oppose the making of an order on the said Petition may appear at the time of hearing. Contact: Lee Mun Hooi & Co. Solicitors for the Petitioners 10 Anson Road #13-06 International Plaza Singapore 079903 MEDIASTREAM LIMITED: Sells Unit to Kang Weng Yit for SGD175,036 --------------------------------------------------------------- The Judicial Manager of MediaStream Limited advised that on January 11, 2006, the Company entered into a Sale and Purchase Agreement with Kang Weng Yit. Mr. Kang will purchase the 100,000 ordinary shares in the capital of Form Kidz Private Limited, a wholly owned subsidiary of the Company for a total cash consideration of SGD175,036. The Sale Shares comprise 100% of the Form Kidz shares issued. Thus, upon completion of the sale, the Company will no longer have any interest in the Subsidiary. Pursuant to the Agreement, the sale of the Subsidiary will be completed upon the Company delivering to Mr. Kang the share certificates and transfer forms for the Sale Shares, duly executed in Mr. Kang's favor, as well as upon Mr. Kang's payment of the SGD175,036 purchase price. The Company has been under judicial management since April 22, 2005. Although the Company's investment in the Subsidiary was SGD100,000, the Company is unable to support the funding requirements of the Subsidiary. The Company is also unable to make repayment of the amount owing to the Subsidiary at this time. The computation of profit on the sale of the Sale Shares, financial effects on net tangible assets, NTA per share, earnings and earnings per share are based on the on the audited consolidated financial statements of the Company for the financial year ended December 31, 2004: (a) Profit on Sale of Sale Shares SGD Net Assets disposed (116) Sale Proceeds 175 Profit on sale 291 (b) Financial Effect on Net Tangible Assets and NTA per Share NTA Number of NTA per SGD Shares share '000 '000 (cents) As of Dec. 31, 2004 (5,145) 721,611 (0.71) After the sale of Sale Shares (4,584) 721,611 (0.67) For the purpose of computing the NTA per share, the NTA was computed after the deducting minority interests of SGD1,413,000 as at December 31, 2004. (c) Financial Effect on Earnings and earnings per share (EPS) Loss Attributable Number of EPS to Shareholders Shares (Cents) $'000 ('000) For financial year ended Dec. 31, 2004 (4,461) 721,611 (0.62) After the sale of Sale Shares (4,444) 721,611 (0.62) Loss attributable to shareholders was based on net loss of FKPL, for the financial year ended December 31, 2004, being adjusted for rental and management fees payable by FKPL to the Company. The Sale Price for the Subsidiary was the highest offer received by the judicial manager so far and was arrived at between the parties on a "willing buyer and willing seller" basis taking into consideration the adjusted net tangible assets of the Subsidiary. The Judicial Manager has reviewed the sale of the Subsidiary and is of the view that the Sale Price is at a fair value and was arrived at on a commercial and arm's length basis. The proceeds of the sale will be utilized for judicial management expenses. As the Company is in judicial management, the sale of the Subsidiary will not materially affect the operations of the Company for the financial year ended December 31, 2005. The sale is not expected to have a material impact on the Group's earnings per share and net tangible asset per share for the financial year ended December 31, 2005. The Purchaser is an independent third party and none of the Directors or substantial shareholders of the Company have any interests or are deemed to be interested in the sale of Sale Shares in the Subsidiary. With operations in Singapore, Malaysia and the Philippines, Mediastream Limited licenses, produces and distributes music records in cassette, compact disc and video format. The Company also collects recording copyright royalties, provides audio and video recording and editing services and facilities, and manufactures, sells and rents portable cabins, prefabricated structures and temporary buildings. The Company posted a SGD1.62 million net loss for the year ended 2004, while its net loss for the first six months of 2005 stood at SGD968,000. ORIENT TELECOMMUNICATIONS: Creditors to Meet on March 30 -------------------------------------------------------- Orient Telecommunications Private Limited will convene a first creditors meeting on March 30, 2006, 10:00 a.m. at: 6 Shenton Way, #32-00 DBS Building Tower Two Singapore 068809 At the meeting, creditors will: * be provided an update on the status of the Company's Judicial Management and will approve the related costs; * put forth a proposal for the winding-up of the Company; and * consider any other matters properly brought before the meeting. Creditors are required to file their proofs of debt or claim to the liquidator not later than 5:00 p.m. on March 23, 2006. Contact: Tam Chee Chong Judicial Manager c/o Deloitte & Touche 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 TUNG LIN: Set to Pay Dividend this Week --------------------------------------- Tung Lin Construction Private Limited will distribute a first and final dividend on March 24, 2006, at: Chee Yoh Chuang Liquidator 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 =============== T H A I L A N D =============== SINO-THAI RESOURCES: Board Outlines March 16 Resolutions -------------------------------------------------------- At a meeting on March 16, 2006, Sino-Thai Resources Public Company Limited's board of directors: (1) approved the non-declaration of year-end dividends for 2005; (2) acknowledged that Major General Sittisak Taypasit, Lt. Somsak Yamasamit and Umyos Huvanandana will retire as directors by rotation. The Board then proposes that at the Annual General Meeting of Shareholders, the shareholders consider to reappoint Major General Sitthisak Taypasit as the Chairman of the Audit Committee, Lt. Somsak Yamasamit as Director, and Umyos Huvanandana as the Managing Director for another term; (3) appointed Somkid Tiatragul and Sumalee Chokdeeanant from Grant Thornton as auditors of the Company for the year 2006 and to propose remuneration for the auditors: * the audit Committee gave consent for this resolution to be submitted to the Annual General Meeting of Shareholders for consideration; (4) proposed to consider setting a budget for the remuneration of the Board of Directors and Audit Committee Members for the Year 2006 to the Annual General Meeting of Shareholders for approval; (5) proposed to elect the new Chairman of the Board of Directors to replace the vacancy to the Annual General Meeting of Shareholders for approval; (6) resolved to convene the Annual General Meeting of Shareholders No. 28/2006 at 3:00 p.m. on April 20, 2006, at the conference room (Pantip Suite 2) of Pantip Court, 68 Sathorn 1 South Sathorn Road, Bangkok 10120. The agenda at the meeting are: * To approve the Minutes of the Annual General Meeting of Shareholders No. 27/2005; * To approve the Board of Directors report on the Company's Operating Results for the year ending as of December 31, 2005 and the Annual Report for the year of 2005; * To consider the Balance Sheet and Profit and Loss Statement for the fiscal period ending December 31, 2005; * To consider the appropriation of profit and declaration of dividend payment. * To consider the appointment of new directors in place of those retiring by rotation; * To consider to elect the new Chairman of the Board of Directors to replace the vacancy. * To consider approval of the Remuneration of Directors and Audit Committee for 2006; and * To consider the appointment of the Company's Auditor for the year 2006 and to fix the auditor's Remuneration; To determine shareholders who are eligible to attend the shareholders meeting, the Company will close the Share Registry Book on March 31, 2005, from 12:00 p.m., until the meeting is adjourned. (7) agreed on the appointment of Ekpatch Consultant Company Limited by Chaiyuth Angsuwitthaya as Internal Auditor for the year 2006 with the remuneration of THB90,000. (8) approved the resignation of Sawaeng Boonyasuwat as Director of the company be effective from March 17, 2006. Sino-Thai Resources Development Public Company Limited is a Thailand-based company principally engaged in tin ore mining, construction stone mining and fuel trading. Headquartered in Bangkok, the Company has a branch office in Saraburi. It is currently undergoing business rehabilitation and is categorized under the Rehabco Sector of the Stock Exchange of Thailand. THAI PETROCHEMICAL: Founder Summoned by Investigation Department ---------------------------------------------------------------- The Department of Special Investigation summoned Thai Petrochemical Industry Public Company Limited founder Prachai Leophairatana, Pornchai Enterprise Company Limited, and Mr. Leophairatana's associates over a complaint for the long-term lease of TPI Tower to the Company. The lease was considered to be a conflict of interest and misconduct against the Securities and Exchange Commission Act. The lease also caused THB956-million damage to the Stock Exchange of Thailand. Since Mr. Leophairatana has no authority in the management of the Company, the department's complaint against him and his associates have no repercussion toward the business of Thai Petrochemical. Headquartered in Bangkok, Thailand, Thai Petrochemical Industry (TPI) -- http://www.tpigroup.co.th/-- is the leading integrated petrochemical company in the country, producing naphtha, liquefied petroleum gas, and lubricant oils. The bankrupt company, which had defaulted on $2.7 billion in loans, was being reorganized by the Thai Government until PTT Plc, Thailand's largest oil and gas group, and Thailand's biggest company, purchased a 31.5% stake in Thai Petrochemical late in 2005. In December 2005, PTT and three other state agencies completed payment for a 61.5% stake on in Thai Petrochemical. The money was used to pay for a bulk of the Company's defaulted loans. The Company has since been trying to get out of restructuring. BOND PRICING: For the Week 20 March to 24 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 Babcock & Brown Pty Ltd 8.500% 12/31/49 8 Becton Property Group 9.500% 06/30/10 1 Bremer Park Ltd 7.000% 12/23/10 1 Capital Properties NZ Ltd 8.500% 04/15/07 9 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 25 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 10 Hutchison Telecoms Australia 5.500% 07/12/07 1 IMF Australia Ltd 11.500% 06/30/10 1 Infrastructure & Utilities NZ Ltd 8.500% 09/15/13 8 Infratil Ltd 8.500% 11/15/15 8 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 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 5 MALAYSIA -------- Aliran Ihsan Resources Bhd 5.000% 11/29/11 1 Artwright Holdings Bhd 5.500% 03/06/07 1 Asian Pac Bhd 4.000% 12/21/07 1 Berjaya Land Bhd 5.000% 12/30/09 1 Camerlin Group Bhd 5.500% 07/15/07 2 Crescendo Corporation Bhd 3.000% 08/25/07 1 Dataprep Holdings Bhd 4.000% 08/06/07 1 Eden Enterprises (M) Bhd 2.500% 12/02/07 1 EG Industries Bhd 5.000% 06/16/10 1 Equine Capital Bhd 3.000% 08/26/08 1 Fountain View Development Sdn Bhd 3.500% 11/03/06 1 Gadang Holdings Bhd 2.000% 12/24/08 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 4 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 2 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 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 Senai-Desaru Expressway Bhd 3.500% 12/08/17 74 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 Tradewinds Plantations Bhd 3.000% 02/28/16 1 VTI Vintage Bhd 4.000% 08/22/06 1 WCT Land Bhd 3.000% 08/02/09 1 Wah Seong Corp 3.000% 05/21/12 3 YTL Cement Bhd 4.000% 11/10/15 1 SINGAPORE --------- Rabobank Singapore 1.000% 11/03/13 74 Sengkang Mall 8.000% 11/20/12 1 Structural System Singapore 11.000% 06/30/07 1 Tampines Assets Ltd 5.625% 12/07/06 1 Tampines Assets Ltd 6.000% 12/07/06 1 Tincel Ltd 7.400% 06/13/11 1 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - 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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. TCR-AP 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 ***