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

              Monday, May 22, 2006, Vol. 9, No. 100


                            Headlines

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

ADVANCE MOVERS: Creditors' Proofs of Debt Due on June 30
ADVANTAGE LOGISTICS: Final Meeting Fixed for Today
AFS INVESTMENT: Decides to Close Operations
APM BUILDINGS: High Court to Hear Liquidation Bid on June 1
BRECHIN PTY: Members Agree on Liquidation

CJS SHAFT: Members to Review Wind-up Report
COPPER CACTUS: Liquidators Receives Proofs of Debt Until June 16
DALLE-NOGARE BROTHERS: Set to Shut Down Business
DENSLEYS FREIGHT: To Distribute Dividend on May 24
EYLES & SHERRIFF: Berry Appointed as Liquidator

HEREFORD PRIME: Members Resolve to Cease Operations
HIDDEN OAK: Creditors' Proofs of Claim Due on May 26
HIH LIMITED: Court Dismisses Former Director's Jail Term Appeal
HUNGRY MAGGOTS: Court Winds Up Firm
INDUSTRIAL TRADE: Appoints Official Liquidator

ITIS AUSTRALIA: Placed Under Voluntary Liquidation
JAGRANDA HOLDINGS: Names Official Receivers
JAYKUE PTY: To Pay Dividend to Creditors
MELBOURNE SOLID: Members Opt to Close Operations
MULTIPLEX GROUP: Goes Through Another Round of U.K. Asset Sales

NGATIWAI RURAL: High Court Appoints Joint Liquidators
OLIVER CONSULTING: Court Orders Wind-up & Appoints Liquidators
P&K ROOFING: To Hold Final Meeting Today
PICTON 30: Court Set to Hear CIR Liquidation Bid on June 8
PWR INVESTMENTS: Members Agree on Voluntary Wind-up

RODEO MANIA: Faces Liquidation Proceedings
ROGER BUILDERS: Creditors' Proofs of Debt Due on June 30
SCHOLZ MOTOR: Receivers Withdraw Responsibility
SONS OF GWALIA: To Exit Administration Soon
TR CARTY: Liquidator Presents Wind-up Report

VERTEX ADMINISTRATION: Creditors Resolve to Wind Up Firm
WESTPORK OUTDOOR: Members Decide to Halt Operations
Y GULF HARBOUR: Creditors Must Prove Debts by June 9


C H I N A   &   H O N G  K O N G

BIOSINO BIO-TECHNOLOGY: Winding Up Hearing Slated for July 5
BOBCO TECHNOLOGY: Wind-up Hearing Fixed on June 21
CIBA INDUSTRIAL: Court Commences Wind-up Proceedings
EASTERN GLORY: Faces Wind-Up Proceedings
FAIRCO INVESTMENTS: Members Appoint Liquidators

FIRST CHINA: Winding Up Hearing Set on July 5
FORM PASS: Members Agree on Voluntary Liquidation
FULLY INDUSTRIAL: Court to Hear Wind-Up Petition on June 7
HONGDA CONTAINERS: Wind-up Hearing Fixed on June 7
GLOBPAC DEVELOPMENT: Members to Meet on June 13

INTERNATIONAL ART: Creditors Okay Liquidator's Appointment
KARLFORD INDUSTRIAL: Wind-up Hearing Scheduled for July 5
KWONG WING: Receives Petition to Wind Up Operations
ORIENTAL WAY: Hung Cheung Lodges Wind-up Petition
REGAL SKY: Members Resolve to Wind Up Firm

SAM LOONG: To Declare Dividend on June 3
SHANGHAI REAL ESTATE: Moody's Affirms Ba3 Rating
TEEMVICTORY LIMITED: Winding-up Hearing Fixed for June 28
THINK TECHNOLOGY: Faces Wind-up Proceedings
T.S. PROMOTIONS: Liquidation Bid Hearing Set on June 7

TSOI MING: Creditors' Meeting Set on May 30
XINAO GAS: Moody's Revises Stable Outlook to Negative


I N D I A

BHARAT HEAVY: ICRA Places Rating on Watch
HINDUSTAN ORGANIC: Board Meeting Set on May 26
HMT LIMITED: ICRA Retains LBB (SO) Rating of Bond Programme


I N D O N E S I A

ADARO INDONESIA: Moody's Affirms Ba3 Corporate Family Rating
BANK DANAMON: Moody's Upgrades Debt Rating to B1 from B2
BANK INTERNASIONAL: Moody's Raises Issuer Rating to B1 from B2
BANK MANDIRI: Moody's Lifts Senior Debt Rating to B1 from B2
BANK NEGARA: Moody's Raises Senior Debt Rating to B1 from B2

BANK NIAGA: Moody's Lifts Subordinated Debt Rating to B1 from B2
BANK PERMATA: Moody's Raises Long-Term Deposit Rating to B2
BANK RAKYAT: Moody's Upgrades Subordinated Debt to B1 from B3
BANK TABUNGAN: Moody's Lifts Long-Term Deposit to B2 from B3
INDOSAT TBK: Moody's Affirms Rating; Outlook Positive

LIPPO KARAWACI: Moody's Upgrades Foreign Currency Rating To B1
MATAHARI PUTRA: Moody's Assigns First-Time (P)B1 Rating
MATAHARI PUTRA: Long-Term Senior Unsecured Bonds Rated B+ by S&P
MITRA GLOBAL: Moody's Affirms Ba1 Corporate Family Rating
PAN INDONESIA: Moody's Raises Long-Term Deposit Rating to B2

TELEKOMUNIKASI INDONESIA: Moody's Affirm Ba1 Rating
* Moody's Upgrades Indonesia's Ratings


J A P A N

SANYO ELECTRIC: Reports JPY205.66-Billion Loss on Restructuring
* Number of Bankruptcy Cases Per Industry Falls
M A L A Y S I A
ANTAH HOLDINGS: Auditors Note Discrepancy in Financial Reports
APEX EQUITY: Pays MYR10,981 for 19,800 Own Ordinary Shares

AYER HITAM: Court Extends Restraining Order To July 2006
AYER MOLEK: High Court Grants Stay of Wind-up Order
KIG GLASS: Needs to Renew Shareholders' Mandate
LANKHORST BERHAD: Port Dickson Defaults on Loan Repayment
LANKHORST BERHAD: Pancabumi Fails to Meet Financial Obligations

METROPLEX BERHAD: Court to Finalize Terms of Order on May 23
PAN MALAYSIA: Seeks Approval of Shareholders' Mandate Renewal
POLYMATE HOLDINGS: UOB Files Over MYR11-Million Claim
TRU-TECH HOLDINGS: Total Default Amount Hits MYR61 Million


P H I L I P P I N E S

APC GROUP: Plans Philcom Sale to Reverse PHP639.14-Mln Net Loss
BENPRES HOLDINGS: Going Concern Depends on Balance Sheet Plan
BENPRES HOLDINGS: Sets Date for Annual Stockholders' Meeting
HACIENDA LUISITA: Department of Agrarian Reform Inspects Estate
MANILA ELECTRIC: ERC Delays Decision on Proposed Rate Hike

NATIONAL POWER: Allowed to Recover Costs on Power Plant


S I N G A P O R E

ACCORD CUSTOMER: Provides Details on Accrued Operating Expenses
BURNET INVESTMENTS: Creditors' Proofs of Debt Due on June 19
DUXTON HOTELS: Receives Proofs of Claim Until June 19
SEE HUP SENG: 2005 Net Loss Dips 73% to SGD1.6 Million
SEE HUP SENG: Inks Debt Settlement Deals with Trade Creditors

TRIMEGA BUSINESS: Faces Winding Up Proceedings


T H A I L A N D

BANK OF AYUDHYA: Fitch Revises Outlook on BB+ Rating to Positive
SINO-THAI: 1Q Financial Report Show THB5.47 Net Profit

* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ADVANCE MOVERS: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------------
Malcom Hollis and Warren Johnstone, joint liquidators of Advance
Movers Ltd, require the Company's creditors to submit their
proofs of debt on or before June 30, 2006.

Contact: Malcolm Hollis
         Wendy Somerville, BDO Spicers
         Level 6, Spicer House
         148 Victoria Street
         Christchurch, New Zealand
         Telephone: (03) 379 5155
         Fax: (03) 353 5562


ADVANTAGE LOGISTICS: Final Meeting Fixed for Today
--------------------------------------------------
A final meeting of the members and creditors of Advantage
Logistics Pty Limited will be held today, May 22, 2006.

During the meeting, members will get an account of the manner of
the Company's wind-up and property disposal from Liquidator
Colin R. McDonald.

Contact: Colin R. McDonald
         Liquidator
         PO Box 56, Mooroolbark
         Victoria 3138, Australia
         Telephone: (03) 9726 4988
         Fax: (03) 9726 9338


AFS INVESTMENT: Decides to Close Operations
-------------------------------------------
The members of AFS Investment Services Pty Limited convened on
April 3, 2006, and decided to wind up the Company's operations
voluntarily.

David Christopher Hutchings was subsequently appointed as
liquidator.

Contact: David C. Hutchings
         Liquidator
         AFS & Associates Pty Limited Chartered Accountants
         61-65 Bull Street, Bendigo
         Victoria 3552, Australia


APM BUILDINGS: High Court to Hear Liquidation Bid on June 1
-----------------------------------------------------------
An application to put APM Buildings Ltd into liquidation will be
heard before the High Court of Auckland on June 1, 2006, at
10:00 a.m.   

The High Court received the application from Accident
Compensation Corporation on March 21, 2006.

Contact: Dianne S. Lester
         Solicitor for the Plaintiff
         Maude & Miller
         2/F., McDonald's Bldg
         Cobham Court, Porirua City
         Auckland, New Zealand


BRECHIN PTY: Members Agree on Liquidation
-----------------------------------------
At a general meeting of Brechin Pty Limited on April 3, 2006,
members agreed that it is in the Company's best interests to
liquidate its operations.

Liquidator Barry Keith Taylor was appointed to oversee the wind-
up.

Contact: Barry K. Taylor
         Liquidator
         B. K. Taylor & Co.
         8th Floor, 608 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


CJS SHAFT: Members to Review Wind-up Report
-------------------------------------------
Members of CJS Shaft Pty Limited will hold a final meeting
today, May 22, 2006.

At the meeting, members will receive Liquidator D. Vasudevan's
final account showing how the Company was wound up and its
property disposed of.

Contact: D. Vadusevan
         Liquidator
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia
         

COPPER CACTUS: Liquidators Receives Proofs of Debt Until June 16
----------------------------------------------------------------
Joint and Several Liquidators John Albert Price and Christopher
Robert Ross Horton of Copper Cactus (2005) Ltd require the
Company's creditors to submit their proofs of claim on or before
June 16, 2006.

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

Contact: C.R.R. Horton
         Horton Price Ltd
         PO Box 9125, Newmarket
         Auckland, New Zealand
         Telephone: (09) 366 3700
         Fax: (09) 366 7276


DALLE-NOGARE BROTHERS: Set to Shut Down Business
------------------------------------------------
The members of Dalle-Nogare Brothers Pty Limited resolved on
March 24, 2006, to close the Company's business operations and
distribute the proceeds of its assets disposal.

Contact: Bruce Elliott Rowntree
         Level 2, 2 Barrack Street
         Sydney, New South Wales 2000
         Australia


DENSLEYS FREIGHT: To Distribute Dividend on May 24
--------------------------------------------------
Densleys Freight Services Pty Limited will distribute its first
and final dividend on May 24, 2006.

Creditors who were unable to prove their claims are excluded
from sharing in the distribution the Company will make.

Contact: W. J. Fletcher
         Liquidator
         Bentleys MRI Chartered Accountants
         Level 26, AMP Place
         10 Eagle Street, Brisbane
         Queensland 4000, Australia


EYLES & SHERRIFF: Berry Appointed as Liquidator
-----------------------------------------------
Alan Vernon Berry was appointed liquidator of Eyles & Sherriff
on May 4, 2006.

Contact: Alan Berry
         Staples Roadway Hawkes Bay Ltd
         205 Hastings Street South
         Hastings, New Zealand
         Telephone: (06) 878 7004


HEREFORD PRIME: Members Resolve to Cease Operations
---------------------------------------------------
The members of Hereford Prime Limited resolved on April 3, 2006,
to wind up the Company's operations.

In this regard, Martin John Green was named as liquidator for
the wind-up.

Contact: Martin J. Green
         Liquidator
         GHK Green Krecji
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia
         

HIDDEN OAK: Creditors' Proofs of Claim Due on May 26
----------------------------------------------------
The members of Hidden Oak Pty Limited held a general meeting on
April 11, 2006, and determined that a voluntary wind-up of the
Company's business operations is appropriate and necessary.

Creditors are required to prove their claims by May 26, 2006, in
order to participate in the Company's dividend distribution.

Contact: K. J. Craddock
         Liquidator
         Sothertons Chartered Accountants
         42 Hurtle Square, Adelaide
         South Australia 5000
         Australia


HIH LIMITED: Court Dismisses Former Director's Jail Term Appeal
---------------------------------------------------------------
HIH Insurance Limited's former director, Rodney Adler, has lost
an appeal with the NSW Court of Criminal Appeal against a 2-1/2
year jail sentence, which the Supreme Court handed out in April
2005, the Sydney Morning Herald reports.

The Australian Associated Press recounts that Mr. Adler pleaded
guilty to four criminal charges.  He admitted making two false
statements to a journalist in 2000 which were likely to induce
people to buy HIH shares.  He also pleaded guilty to obtaining
AU$2 million from HIH by false or misleading statements and to
being intentionally dishonest as an HIH director.

Mr. Adler was sentenced to a maximum of four years in prison.

According to AAP, in April 2005, Supreme Court Justice John
Dunford ordered Mr. Adler to serve at least 2-1/2 years of his
maximum jail term.  However, in March 2006, Mr. Adler appealed
against the severity of the sentence.

The NSW Court of Criminal Appeal subsequently dismissed Mr.
Adler's appeal by a two to one majority.  The Court ruled that
he will qualify for parole in October 2007.

Furthermore, the Sydney Herald relates, the Australian
Prudential Regulation Authority has disqualified two former non-
executive HIH directors.  Justin Herbert Gardener and Alexander
Walter Gorrie have been barred from acting as a director or
senior manager of a general insurer, non-operating holding
company or agent of a foreign general insurer.

                      About HIH Insurance  

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
failure, the HIH Group was known as the second largest general
insurer in Australia, and had operations in many other
countries.  

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.  
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

In November 2005, the Australian Liquidators received a court
order granting permission to convene meetings of creditors of
the eight HIH companies that formerly held Australian insurance
licenses to consider and vote on the proposed Schemes of
Arrangement.  On November 25, 2005, the English Provisional
Liquidators received a similar court order from the High Court
in England.  These meetings were held on March 29, 2006.

HIH's collapse is known to be the nation's biggest corporate
failure.


HUNGRY MAGGOTS: Court Winds Up Firm
-----------------------------------
The Federal Court of Australia ordered the wind-up of Hungry
Maggots Pty Limited on March 31, 2006, and named Steven Nicols
as liquidator.

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


INDUSTRIAL TRADE: Appoints Official Liquidator
----------------------------------------------
The members of Industrial Trade Maintenance Pty Limited decided
on March 31, 2006, to close the Company's business operations,
and appoint Anthony Robert Cant as liquidator.

Contact: Anthony R. Cant
         Liquidator
         Romanis Cant Chartered Accountants
         106 Hardware Street, Melbourne
         Australia


ITIS AUSTRALIA: Placed Under Voluntary Liquidation
--------------------------------------------------
The members of ITIS Australia Pty Limited held a general meeting
on March 31, 2006, and agreed to:

  -- voluntarily wind up the Company's business operations; and

  -- appoint Gerry Farlanga as liquidator for the wind-up.

Contact: Gerry Farlanga
         Liquidator
         Arnold Stevens Finlay Chartered Accountants
         Level 6, 410 Church Street
         North Parramatta, New South Wales 2151
         Australia
         Telephone (02) 9890 2555
         

JAGRANDA HOLDINGS: Names Official Receivers
-------------------------------------------
John Patrick Cronin and Robyn Beverly McKern were appointed as
receivers and managers of Jagranda Holdings Pty Limited on March
23, 2006.

Contact: J. P. Cronin
    McGrathNicol+Partners
    345 Queen Street, Brisbane
    Queensland 4000, Australia


JAYKUE PTY: To Pay Dividend to Creditors
----------------------------------------
Jaykue Pty Limited will declare its first and final dividend on
May 22, 2006.

Creditors who were unable to prove their claims are excluded
from sharing in any distribution the Company will make.  

Contact: D. A. Turner
    Liquidator
    PKF
    11th Floor, 485 Latrobe Street
         Melbourne, Victoria 3000
         Australia


MELBOURNE SOLID: Members Opt to Close Operations
------------------------------------------------
At an extraordinary general meeting held on March 31, 2006,
members of Melbourne Solid Plastering Pty Limited resolved to
wind up the Company's operations.

Creditors appointed Richard Herbert Judson as liquidator at a
creditors' meeting held that same day.

Contact: Richard Herbert Judson
    Judson & Co. Chartered Accountants
    Suite 4, Level 1, 10 Park Road
    Cheltenham, Victoria 3192
    Australia
    Telephone: 9585 4155


MULTIPLEX GROUP: Goes Through Another Round of U.K. Asset Sales
---------------------------------------------------------------
Multiplex Group steps up efforts to improve its balance sheet
with the sale of GBP68.25 million (AU$168.8 million) worth of
its United Kingdom assets to Aldersgate, the Sydney Morning
Herald reports.

According to the Sydney Herald, Aldersgate is part of the
billion-dollar British property empire of the Reuben brothers.

The Sydney Herald relates that the U.K. assets were previously
held within R&M Investments and traded under the Sapphire Retail
Fund banner.  R&M Investments was the original bidding vehicle
for Multiplex and its partner Aldersgate's joint investment in
the Duelguide retail properties, which Multiplex acquired with
Simon Reuben, together with his brother, David, in October 2004.

The Troubled Company Reporter - Asia Pacific reported on
February 28, 2006, that Multiplex's sell-off of its assets  
in the U.K. started when the Reubens agreed to buy out the
Company's share of a huge building portfolio in a deal estimated
at GBP100 million (AU236.3 million).

The Sydney Herald notes that Multiplex has now cut to half its
AU$12 billion development pipeline in the U.K., which still
includes the AU$600 million Eden shopping center at High
Wycombe, reportedly the most advanced of its projects and now in
the construction phase.

In a statement, Multiplex Development's U.K. chief executive
officer, Jayne McGivern, said that the asset sales would not
generate enough profit to have any material effect on the
group's earnings forecast of AU$50 million for this financial
year.

The TCR-AP reported on February 24, 2006, that Multiplex posted
a net loss of AU$119.6 million for the six months ended Dec. 31,
2006, after the group booked a GBP200 million net loss  
attributed to its Wembley Stadium development project in London.

Any profits for the group will come from the strongly performing
Multiplex Property Trust, although it is also looking to sell
assets, including its Goldfields House at 1 Alfred Street,
Circular Quay, the Sydney Herald says.  In the past 18 months,
Multiplex's construction arm has generated profits by selling a
number of assets to Multiplex Property Trust.

                        About Multiplex  

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.  Early in 2005, Multiplex began facing cost
pressures on its reconstruction project for the Wembley Stadium
in London, prompting it to conduct its own internal
investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading
to an unpredicted write-down.  In February 2005, stunned
investors sold down Multiplex shares after the Company reversed
its stance on two United Kingdom projects, writing off AU$68.3
million from its profits.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis after posting a massive AU$474 million
loss on Wembley and is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.


NGATIWAI RURAL: High Court Appoints Joint Liquidators
-----------------------------------------------------
Grant Robert Graham and Brendon James Gibson were appointed
liquidators to act jointly and severally for Ngatiwai Rural
Developments Ltd on April 20, 2005.

Contact: G.R. Graham & B.J. Gibson
         Ferrier Hodgson & Co
         Level 16, Tower Centre
         45 Queen Street, Auckland
         New Zealand
         Telephone: (09) 307 7865
         Fax: (09) 377 7794


OLIVER CONSULTING: Court Orders Wind-up & Appoints Liquidators
--------------------------------------------------------------
The High Court of Wellington ordered the winding-up of Oliver
Consulting Limited on April 24, 2006.  Subsequently the Court
also ordered the appointment of Iain Bruce Shephard and
Christine Margaret Dunphy as joint and several liquidators.

The Troubled Company Reporter - Asia Pacific reported on April
11, 2006, that the liquidation bid was filed by the Accident
Compensation Commission against the Company.

Contact: Chris Dunphy
         C/O Jessica Redican
         Shephard Dunphy Limited
         Level 2, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone: (04) 473 6747
         Fax: (04) 473 6748


P&K ROOFING: To Hold Final Meeting Today
----------------------------------------
A meeting of the members and creditors of P&K Roofing and
Scaffolding Pty Limited will be held today, May 22, 2006.

B. Kijurina will report the manner in which the Company's wind-
up was conducted and the Company's property disposed of.

Contact:  B. Kijurina
     Smith Hancock Chartered Accountants
     Level 4, 88 Phillip Street
     Parramatta, New South Wales 2150
     Australia


PICTON 30: Court Set to Hear CIR Liquidation Bid on June 8
----------------------------------------------------------
The Commissioner of Inland Revenue filed before the High Court
of Auckland an application to liquidate Picton 30 Ltd on March
23, 2006.

The Court will hear the application on June 8, 2006, at 10:00
a.m.

Parties wishing to appear before the hearing are required to
lodge an appearance not later than June 6, 2006.

Contact: Timothy Chemaly
         Auckland Service Centre
         17 Putney Way, Manukau City
         New Zealand
         Telephone: (09) 985 7048


PWR INVESTMENTS: Members Agree on Voluntary Wind-up
---------------------------------------------------
The members of PWR Investments Pty Limited decided at a meeting
on April 3, 2006, that a voluntary wind-up of the Company's
operations is appropriate and necessary.

Appointed liquidator Kevin John Craddock will distribute the
Company's assets.

Contact: Kevin John Craddock
         Liquidator
         Sothertons Chartered Accoutants
         GPO Box 2193, Adelaide
         South Australia 5001
         Australia


RODEO MANIA: Faces Liquidation Proceedings
-------------------------------------------
An application to put Rodeo Mania Ltd into liquidation will be
heard before the High Court of Auckland on June 1, 2006, at
10:45 a.m.   

The High Court received the application from the All About
Animals Limited on April 10, 2006.

Contact: Robert Latton
         Lowndes Associates
         Level 5, Lowndes Assoc House
         18 Shortland Street, Auckland
         New Zealand
         Telephone: (09) 373 3331
         Fax: (09) 373 3423


ROGER BUILDERS: Creditors' Proofs of Debt Due on June 30
--------------------------------------------------------
Malcom Hollis and Warren Johnstone, joint liquidators of Roger
Builders Limited, require the creditors of the Company to submit
their proofs of debt on or before June 30, 2006.

Contact: Malcolm Hollis
         Wendy Somerville, BDO Spicers
         Level 6, Spicer House
         148 Victoria Street
         Christchurch, New Zealand
         Telephone: (03) 379 5155
         Fax: (03) 353 5562
         e-mail: wendy.somerville@chc.bdospicers.com


SCHOLZ MOTOR: Receivers Withdraw Responsibility
-----------------------------------------------
Ian Richard Hall and David Laurence McEvoy ceased to act as the
receivers and managers of the property of Scholz Motor Group Pty
Limited on April 3, 2006.


SONS OF GWALIA: To Exit Administration Soon
-------------------------------------------
Sons of Gwalia Limited will emerge from administration in the
next few months and has started the process with the appointment
of Peter Robinson as its new chief executive officer, The
Australian Associated Press reports.

Mr. Robinson, who is from South African mineral sands miner
Ticor Ltd, will assume his new role early in July 2006.

According to AAP, Ferrier Hodgson, as the administrators of
Gwalia, believes that Mr. Robinson's appointment would be
instrumental in the Company's restructure.

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --
http://sog.com.au/-- is a mining company listed on the  
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia is the world's single biggest producer of Tantalum.  In
August 2004, Gwalia announced a strategic review, which included
AU$10 million in cost savings for 2003-04 and the loss of 100
jobs from the gold division and Perth head office, after the
Company failed to meet its hedging commitments due to serious
deterioration of its gold reserves and resources.  The Company
collapsed with AU$862 million in debt, and called in joint and
several administrators Andrew Love, Garry Trevor and Darren
Weaver of Ferrier Hodgson.  The Company was also unable to
obtain agreement of all creditor counterparties to a standstill
agreement.  In February 2006, Gwalia announced that it will
undertake an operational restructure following recent agreements
reached with its two major customers for reduced sales volumes
in return for production and product specification flexibility.  
The operational restructure will maximize tantalum production at
Gwalia's lower cost Wodgina mine.


TR CARTY: Liquidator Presents Wind-up Report
--------------------------------------------
A final meeting of the members of TR Carty Pty Limited will be
held today, May 22, 2006, where liquidator Russell Peake will
discuss the manner of the Company's wind-up and property
disposal.

Contact: Russell Peake
         Liquidator
    Jenkins Peake & Co. Chartered Accountants
    PO Box 1570, Geelong 3220
    Australia
    Telephone: (03) 5223 1000
    Fax: (03) 5221 4938


VERTEX ADMINISTRATION: Creditors Resolve to Wind Up Firm
--------------------------------------------------------
The creditors of Vertex Administration Pty Limited convened on
February 17, 2006, and agreed to wind up the Company's business
operations voluntarily.

David Anthony Hurst and Andrew Hugh Jenner Wily, of Armstrong
Wily, were appointed as liquidators.

Contact: David A. Hurst
         Andrew H. J. Wily
         Liquidators
    Armstrong Wily Chartered Accountants
    Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


WESTPORK OUTDOOR: Members Decide to Halt Operations
---------------------------------------------------
At a general meeting of Westpork Outdoor Pty Limited on April 3,
2006, members decided to discontinue the Company's operations
and nominate Derick Schroeder as liquidator.

Contact: Derick Schroder
         Liquidator
    16 Firwood Trail, Woodvale
    West Australia 6026
         Australia


Y GULF HARBOUR: Creditors Must Prove Debts by June 9
----------------------------------------------------
The liquidators of Y Gulf Harbour, Peri Micaela Finnigan and
Boris Van Delden, will be receiving proofs of claim from the
creditors of the Company until June 9, 2006.

The Company was formerly known as Global Yacht Finishers Ltd
until January 5, 2005.  

Contact: Peri Finnigan
         McDonald Vague
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Fax: (09) 303 0508
         Web site: www.mvp.co.nz/


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

BIOSINO BIO-TECHNOLOGY: Winding Up Hearing Slated for July 5
------------------------------------------------------------
On May 6, 2006, the High Court of Hong Kong received an
application from Lily Fenn & Partners to wind up Biosino Bio-
Technology and Science Incorporation.

The High Court will hear the Petition on July 5, 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 July 4, 2006.  

*     *     *

Headquartered in Wanchai, Hong Kong, Biosino Bio-Technology and
Science Inc. -- http://www.zhongsheng.com.cn/-- is a pioneering  
biotechnology company that researches, develops, manufactures
and markets protein-based in-vitro diagnostic reagents and
biochemical drugs, which are products of the pharmaceutical
industry subject to the regulation of the SFDA.

The Troubled Company Reporter - Asia Pacific reported on
May 11, 2006, that the trading in the H shares of the Company
has been suspended effective May 9, 2006, the Company says in a
disclosure to the Hong Kong Stock Exchange.  The trading halt
was imposed pending the release of an announcement in relation
to a winding up petition filed against the Company.


BOBCO TECHNOLOGY: Wind-up Hearing Fixed on June 21
--------------------------------------------------
Lam Wai Ming, on April 24, 2006, filed an application to wind up
Bobco Technology Limited with the High Court of Special
Administrative Region.

The application will be heard before the High Court on
June 21, 2006, at 27/F, Queensway Government Office, Queensway,
Hong Kong.

Contact: Charles Ho & Co.
         Solicitors for the Petitioner
         Rooms 504-5, Kwong Wah Plaza
         No. 11 Tai Tong Road, Yuen Long
         New Territories, Hong Kong


CIBA INDUSTRIAL: Court Commences Wind-up Proceedings
----------------------------------------------------
An application to wind-up Ciba Industrial Company Limited was
filed with the High Court of Hong Kong Special Administrative
Region on April 21, 2006.

The Application will be heard before the Court on June 21, 2006,
at 9:30 a.m.

Any person wishing to appear at the hearing must file an
appearance not later than June 20, 2006.

Contact: Arculli Fong & Ng
         Solicitors for the Petitioner
         908, Hutchison House
         Central, Hong Kong


EASTERN GLORY: Faces Wind-Up Proceedings
----------------------------------------
The Hong Kong Special Administrative Region Court of First
Instance received an order to wind up Eastern Glory Catering
Equipment Limited on May 10, 2006.

The Troubled Company Reporter - Asia Pacific has reported on
April 3, 2006, that the Petition was filed by Tung Chi on
March 3, 2006.

Contact:  Betty Chan
          For Director of Legal Aid
          34th Floor, Hopewell Centre
          183 Queen's Road East, Wanchai
          Hong Kong
          Telephone: (852) 2126 6731
          e-mail: ladinfo@lad.gov.hk


FAIRCO INVESTMENTS: Members Appoint Liquidators
-----------------------------------------------
Leung King Wai William and Lee Kwok Wai were appointed as joint
liquidators of Fairco Investments Limited by virtue of a special
resolution passed by the Company's members on March 31, 2006.

Contact: Leung King Wai William
         Lee Kwok Wai
         Joint Liquidators
         Unit A, 11/F, Two
         Chinachem Plaza
         No. 68 Connaught
         Road Central, Hong Kong


FIRST CHINA: Winding Up Hearing Set on July 5
---------------------------------------------
The Bank of China (Hong Kong) Limited, on May 9, 2006, filed an
application to wind up First China Trading Limited with the High
Court of Special Administrative Region.

The Application will be heard before the High Court on
July 5, 2006, at the 14th Floor, Bank of China Tower, 1 Garden
Road, Hong Kong.

Contact: Gallant Y. T. Ho & Co.
         Solicitors for the Petitioner
         5th Floor, Jardine House
         No. 1 Connaught Place
         Central, Hong Kong


FORM PASS: Members Agree on Voluntary Liquidation
-------------------------------------------------
At a general meeting of Form Pass Sanki Limited held on
May 3, 2006, members agreed to wind up the Company's operations
voluntarily.

Pui Chiu Wing was then appointed as the Company's liquidator.

Contact: Pui Chiu Wing
         Liquidator
         805 Capitol Centre
         5-19 Jardine's Bazaar
         Causeway Bay
         Hong Kong


FULLY INDUSTRIAL: Court to Hear Wind-Up Petition on June 7
----------------------------------------------------------
Sung Man, on March 8, 2006, presented to the Hong Kong High
Court a wind-up petition against Fully Industrial Company
Limited.

The said Court will hear the Petition on June 7, 2006.

Any creditor or contributory wishing to support or oppose the
Petition may appear at the hearing.

Contact: Chan & Associates
         Solicitors for the Petitioner
         Room 601-2 Hong Kong Trade Centre
         161-7 Des Voeux Road Central
         Hong Kong


HONGDA CONTAINERS: Wind-up Hearing Fixed on June 7
--------------------------------------------------
The Secretary of Justice, on March 29, 2006, presented a
petition to wind-up Hongda Containers Limited.

The High Court of Hong Kong Special Administrative Region will
hear the Petition on June 7, 2006, at 9:30 a.m.

Parties wishing to appear at the hearing are required to file an
appearance not later than June 6, 2006.

Contact: Tam Che Wai, Raymond
         Senior Government Counsel
         Counsel for the Petitioner
         Department of Justice
         2nd Floor, High Block
         Queensway Government Offices
         66 Queensway, Hong Kong


GLOBPAC DEVELOPMENT: Members to Meet on June 13
-----------------------------------------------
Members of GLobpac Development Limited will meet at Unit 1001-
02, 10/F, Chinachem Tower, 34-37 Connaught Road Central, Hong
Kong, on June 13, 2006, at 10:00 a.m.  

During the meeting, members will receive Liquidator Lau Hak
Lap's final account showing how the Company was wound up and how
its property was disposed of.


INTERNATIONAL ART: Creditors Okay Liquidator's Appointment
----------------------------------------------------------
After a meeting on April 12, 2006, the members of International
Art Studios Limited decided to voluntarily wind up the Company's
operations.

James Wardell and Chan Wai Dune were then appointed as joint and
several liquidators.

Contact: James Wardell
         Chan Wai Dune
         Joint and Several Liquidators
         1601-1602, 16th Floor
         One Hysan Avenue
         Causeway Bay, Hong Kong


KARLFORD INDUSTRIAL: Wind-up Hearing Scheduled for July 5
---------------------------------------------------------
The High Court of Hong Kong received a winding up petition
against Karlford Industrial Limited from Man Kam Siu on
March 30, 2006.

The Court will hear the application on July 5, 2006, at 9:30
a.m.

Contact: Cham & Co.
         Solicitors for the Petitioner
         Room 2102 Hong Kong Trade Centre
         Nos. 161-167 Des Voeux Road Central
         Hong Kong


KWONG WING: Receives Petition to Wind Up Operations
---------------------------------------------------
Chan Lai Kuen on April 12, 2006, filed a petition for the
winding up of Kwong Wing Hong Limited.

The Petition will be heard before the High Court of Hong Kong at
9:30 a.m. on June 14, 2006.

Any creditor or contributory wishing to support or oppose the
making of a wind-up order may appear at the time of hearing by
himself or his counsel.

Contact: Betty Chan
         For Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


ORIENTAL WAY: Hung Cheung Lodges Wind-up Petition
-------------------------------------------------
Hung Heung Fat, on April 21, 2006, filed a petition for the
winding up of Oriental Way Enterprises Limited.

The Petition will be heard before the High Court of Hong Kong at
9:30 a.m. on June 21, 2006.

Any creditor or contributory wishing to support or oppose the
making of a wind-up order may appear at the time of hearing by
himself or his counsel.

Contact: Betty Chan
         For Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


REGAL SKY: Members Resolve to Wind Up Firm
------------------------------------------
At Regal Sky Knitters Limited's extraordinary general meeting on
April 29, 2006, members agreed to wind up the Company.  

The creditors of the Company convened on the same day and
appointed Chan Chun Chung as liquidator.

Contact: Chan Chun Chung
         Liquidator
         Units C&D, 9/F. Neich Tower
         128 Gloucester Road
         Wanchai, Hong Kong


SAM LOONG: To Declare Dividend on June 3
----------------------------------------
Sam Loong International 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
June 3, 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


SHANGHAI REAL ESTATE: Moody's Affirms Ba3 Rating
------------------------------------------------
The successful completion of Shanghai Real Estate Ltd's US$200
million bond issuance led Moody's Investors Service to affirm
Ba3 local currency corporate family and foreign currency senior
unsecured bond ratings for the Company.

Moody's lead analyst, Kaven Tsang said that, "in accordance with
Moody's rating methodology for homebuilders, Shanghai Real
Estate's overall performance measurements relative to this
methodology indicate a rating between the Ba and B categories,
consistent with the Ba3 corporate family rating."

Moody's rating also takes into account these factors:

    1. High level of policy and regulatory uncertainty in   
       China's property markets.

    2. The Company's lack of recurring income, hence high  
       susceptibility of its operating cash flow to market  
       volatility, and;  

    3. Established brand and market position of the Company in
       Shanghai.

The stable rating outlook reflects Moody's confidence that
Shanghai Real Estate will successfully develop and manage its
residential development projects in Shanghai and generate
substantial cash flow from property sales and presales to
support its expanding business activities.  

The outlook further reflects Moody's expectation of the
Company's continued uninterrupted access to bank financing.

                          *     *     *

Located at Wanchai, Hong Kong, Shanghai Real Estate Ltd
-- http://www.sre.com.cn/  -- was established in 1993 and was  
listed on the Hong Kong Stock Exchange in 1999.  The Company's
primary activity is nonresidential building operation.  SRE also
leases nonresidential buildings.


TEEMVICTORY LIMITED: Winding-up Hearing Fixed for June 28
---------------------------------------------------------
The High Court of Hong Kong Special Administrative Region, on
April 27, 2006, received from The Bank of China (Hong Kong)
Limited an application to wind-up Teemvictory Limited.

The Application will be heard before the High Court on
June 28, 2006, at 9:30 a.m.

Any person wishing to attend the meeting must file an appearance
not later than June 27, 2006.

Contact: Messrs. Wat & Co.
         Solicitors for the Petitioner
         12th Floor, Chuang's Tower
         30 & 32 Connaught Road, Central
         Hong Kong


THINK TECHNOLOGY: Faces Wind-up Proceedings
-------------------------------------------
On April 18, 2006, C&C International Development Limited filed a
petition with the High Court of Hong Kong to wind-up Think
Technology (International) Limited.

The Application will be heard before the High Court on
June 14, 2006, at 9:30 a.m.

Persons interested to appear at the hearing may file an
appearance not later than June 13, 2006.

Contact: Cheung & Choy
         Solicitors for the Petitioner
         Room 612, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


T.S. PROMOTIONS: Liquidation Bid Hearing Set on June 7
------------------------------------------------------
The High Court of Hong Kong will hear an application to wind-up
T.S. Promotions Limited on June 7, 2006.

Unitec Tooling (H.K) Limited presented the wind-up bid before
the High Court on March 3, 2006.

Parties interested to attend the hearing are required to file
their appearances not later than June 6, 2006.

Contact: K. Y. LO & CO.,
         Solicitors for the Petitioner
         Rooms 2513-14
         25th Floor Cosco Tower
         181-183 Queen's Road Central
         Hong Kong


TSOI MING: Creditors' Meeting Set on May 30
-------------------------------------------
Creditors of Tsoi Ming Gei Engineering Company will hold a
general meeting at the Official Receiver's Office, 10th Floor,
Queensway Government Offices, in 66 Queensway, Hong Kong, on
May 30, 2006, at 10:30 a.m.

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


XINAO GAS: Moody's Revises Stable Outlook to Negative
-----------------------------------------------------
A lower than expected financial performance and deteriorating
credit metrics for Xinao Gas Holdings led Moody's Investors
Service to change its Ba1 corporate family rating and senior
unsecured bond rating to negative from stable.  A rating upgrade
is unlikely in the next 12 months, Moody's said.

Moody's is concerned over Xinao's lower financial performance
caused mainly by changes in its sales mix, which include lower
contributions from high-margin gas connection fees.  Moody's
added that the original Ba1 rating had incorporated the
expectation that connection fees would contribute a greater
percentage of revenue.

Xinao Gas credit metrics showed that the Company's EBITDA to
interest expense has fallen to 3.4x from 4.2x, while recurrent
cash flow to total debt has declined to 12.2% from 14.3%.  In
addition, Moody's relates that these metrics are much lower than
originally expected for 2005 and raise questions about the
company's ability to meet projections going forward.

                          About Xinao Gas

Xinao Gas -- www.xinaogroup.com/ -- principal activities are
investment in gas pipeline infrastructure and provision of piped
gas. Other activities include distribution of bottled liquefied
petroleum gas, manufacture of stored value card gas meter and
sourcing of compressed pipeline gas. The Group also provides
after sale services such as repairs and maintenance in
connection with gas supply. Operations are carried out in Hong
Kong, the British Virgin Islands and the People's Republic of
China.


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

BHARAT HEAVY: ICRA Places Rating on Watch
-----------------------------------------
ICRA Limited has downgraded the rating assigned to the INR150-
million bond programme of Bharat Heavy Plate & Vessels Ltd from
LBBB to LBB and placed it on Rating Watch.

ICRA says that the revised rating indicates the inadequate-
credit-quality rating assigned by the agency.  The rated
instrument carries high credit risk.

The original rating was based on an unconditional and
irrevocable guarantee by the Government of India, and a
structured payment mechanism monitored by an independent
trustee.

The rating has been downgraded following a default by the
company in redeeming the bonds along with the interest due as of
March 27, 2006.

The time-bound structured mechanism stipulated by ICRA required
the trustees to invoke the Government of India guarantee in case
there was a shortfall in the designated payment account on the
specified trigger date.  However, the guarantee has not been
invoked as per the terms of the structure.

ICRA is watching the developments closely.  The revised rating
continues to factor the unconditional and irrevocable guarantee
by the Government of India.

          About Bharat Heavy Plates & Vessels Limited

Bharat Heavy Plates & Vessels Limited was set up in the year
1966 for catering to heavy equipment requirements of core
sectors in the process industry.  However, during the last
couple of years, the Company has been pushed into a financial
crisis due to holding-up of dues by customer public sector
enterprises and lack of work orders depriving the Company of its
funds.  The Company was subsequently referred to the Board for
Industrial and Financial Reconstruction on August 23, 2004, for
possible revival and restructuring after its net based eroded by
over 50%.  In the year 2003-04, Bharat Heavy Plates incurred a
loss of INR158.81 crores and its net worth had become negative.  
Currently, the Union Government is considering various options
for reviving the Company.  The Government of Andhra Pradesh had
also requested the Ministry of Heavy Industries and Public
Enterprises for quickening the pace of announcing a revival
package for the Company.


HINDUSTAN ORGANIC: Board Meeting Set on May 26
----------------------------------------------
Hindustan Organic Chemicals Limited's board of directors is
scheduled to meet on May 26, 2006.

During the meeting, directors will be asked to consider, and if
thought fit:

   -- approve the increase the Company's authorized share
      capital of the Company (both equity and preference share
      capital) to INR3500 millions;

   -- effect consequent amendments in the Company's Memorandum
      of Association and Articles of Association; and

   -- convene an Extraordinary General Meeting of the Company's
      shareholders to approve the increase in authorized share
      capital, consequent amendments in the Company's MOA and
      AOA and to issue Preference Shares pursuant to applicable
      provisions of the Companies Act 1956.

             About Hindustan Organic Chemicals Ltd

Hindustan Organic Chemicals Ltd was incorporated on December 12,
1960, as a wholly owned enterprise of the Government of India.  
It has two manufacturing units, namely, phenol complex at Cochin
and an integrated Nitro Aromatic Complex at Rasayani.  The
Company produces a wide range of products including phenol,
acetone, and aniline.  It has continuously paid dividend for
over 20 years until 1997.  Due to reduced protection from
imports, poor market condition and excessive manpower and
interest cost, the Company had been reporting losses since that
year.  A financial restructuring package was proposed in 2002 to
help the Company turn its business around.  The package, which
has been cleared by the Cabinet Committee on Economic Affairs
based on the recommendations of the Board for Reconstruction of
Public Sector Enterprises, consists of grants aggregating INR750
million and subscription by way of non cumulative redeemable
preference shares aggregating INR1,750m by the Government of
India.


HMT LIMITED: ICRA Retains LBB (SO) Rating of Bond Programme
-----------------------------------------------------------
ICRA Limited has retained the LBB (SO) rating assigned to the
INR1.59 billion bond programme of HMT Limited, indicating
inadequate credit quality.

While ICRA has noted that there has only been a marginal delay
in the interest servicing as on April 1, 2005, it continues to
have concerns on the performance of the structured payment
mechanism which has not been able to ensure timely payments to
the investors despite invocation of the Government of India
guarantee by the trustees in the past.  

Given the continuing financial strain on HMT and its group
companies, timely fund transfer from the Government as per the
terms of the guarantee, will be critical for the Company to meet
its obligations on the rated bond in a timely manner.

                      About HMT Limited

HMT Limited is a public sector company with the Government of
India holding 98.2% of its equity capital.  The Company was
earlier engaged in primarily three businesses namely tractors,
machine tools and watches.  Subsequent to an organizational
restructuring in 2000-01, HMT retained the tractor business
while the other two businesses were hived off into three new
subsidiaries - HMT Machine Tools Limited, HMT Watches Limited
and HMT Chinar Watches Limited.  In 2004-05,
HMT recorded net sales of INR1986.9 million and a profit after
tax of INR64.5 million.  In the first half of the current year,
the company recorded net sales of INR937.4 million and a net
loss of INR154.0 million.


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

ADARO INDONESIA: Moody's Affirms Ba3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service, on May 19, 2006, affirmed the Ba3
local currency corporate family rating for PT Adaro Indonesia
and the Ba3 foreign currency rating for Adaro Finance B.V.  The
outlook for the ratings remains stable.

Moody's says that the upgrade of Indonesia's foreign currency
sovereign rating to B1 from B2 does not have any impact on
Adaro's ratings.

PT Adaro, headquartered in Indonesia, operates one of the
world's largest sub-bituminous coal mines in Kalimantan,
Indonesia.  IBT, headquartered in Indonesia, operates and
manages a coal bulk terminal and port facilities in Pulau Laut,
Kalimantan.  Adaro is owned by a group of Indonesian and
international investors, including the Edwin Soeryadjaya group
and Theodore Permadi Rachmat group.  The two groups together
beneficially own 64% of the company.  The balance is owned by
international investors, including Noonday Asset Management -- a
part of Farallon Capital -- GIC of Singapore and the Kerry
Group.


BANK DANAMON: Moody's Upgrades Debt Rating to B1 from B2
--------------------------------------------------------
Moody's Investors Service has raised Bank Danamon Indonesia's
subordinated debt rating to B1 from B2, and its long-term
deposit rating to B2 from B3, concluding the review initiated on
February 27, 2006.  The revised ratings carry a stable outlook.

Bank Danamon's short-term deposit of Not-Prime, and bank
financial strength rating of D- are unaffected.

The action follows the raising on May 19, 2006, of Indonesia's
sovereign ratings -- foreign currency country ceiling for debt
to B1 from B2, foreign currency bonds of the Government to B1
from B2, domestic currency issuer rating of the Government to B1
from B2 and foreign currency bank deposit ceiling to B2 from B3.

Finally, the foreign currency debt and deposit ratings of Bank
Danamon remain constrained by the foreign currency ceiling.


BANK INTERNASIONAL: Moody's Raises Issuer Rating to B1 from B2
--------------------------------------------------------------
Moody's Investors Service has raised Bank Internasional
Indonesia's issuer rating to B1 from B2, subordinated debt
rating to B1 from B2, and long-term deposit rating to B2 from
B3.  The outlook for the ratings is stable.

Bank Internasional Indonesia's short-term deposit of Not-Prime,
and bank financial strength rating of E+ are unaffected.

Moody's action follows the raising on May 19, 2006, of
Indonesia's sovereign ratings -- foreign currency country
ceiling for debt to B1 from B2, foreign currency bonds of the
government to B1 from B2, domestic currency issuer rating of the
government to B1 from B2 and foreign currency bank deposit
ceiling to B2 from B3.

The foreign currency debt and deposit ratings of Bank
Internasional remain constrained by the foreign currency
ceiling.


BANK MANDIRI: Moody's Lifts Senior Debt Rating to B1 from B2
------------------------------------------------------------
Moody's Investors Service has upgraded Bank Mandiri's:

   -- senior debt rating to B1 from B2;

   -- subordinated debt rating to B1 from B3; and

   -- long-term deposit rating to B2 from B3.

The revised ratings carry a stable outlook.

Bank Mandiri's short-term deposit rating of Not-Prime, and bank
financial strength rating of E+ are unaffected.

The action follows the raising on May 19, 2006, of Indonesia's
sovereign ratings -- foreign currency country ceiling for debt
to B1 from B2, foreign currency bonds of the Government to B1
from B2, domestic currency issuer rating of the Government to B1
from B2 and foreign currency bank deposit ceiling to B2 from B3.

The changes were to reflect the Government's enhanced ability to
support the banking system given its increased resources.  In
particular, the state-owned banks, including Bank Mandiri, are
deemed important franchises given their size, government
ownership and policy roles.

The foreign currency debt and deposit ratings of Bank Mandiri
remain constrained by the foreign currency ceiling.


BANK NEGARA: Moody's Raises Senior Debt Rating to B1 from B2
------------------------------------------------------------
Moody's Investors Service has lifted Bank Negara Indonesia's
senior debt rating to B1 from B2, and long-term deposit rating
to B2 from B3.

The revised ratings came after Moody's concluded its review of
Indonesian banks, which was initiated on February 27, 2006.  The
revised ratings carry a stable outlook.

Bank Negara's short-term deposit rating of Not-Prime, and bank
financial strength rating of E are unaffected.

The upgrade follows the raising on May 19, 2006, of Indonesia's
sovereign ratings -- foreign currency country ceiling for debt
to B1 from B2, foreign currency bonds of the government to B1
from B2, domestic currency issuer rating of the government to B1
from B2 and foreign currency bank deposit ceiling to B2 from B3.

As part of this action, the B3 subordinated debt rating for
state-owned Bank Negara was also raised to B1.

The changes were to reflect the Government's enhanced ability to
support the banking system given its increased resources.  In
particular, Bank Negara is deemed an important franchise given
its size, government ownership and policy role.

Bank Negara's foreign currency debt and deposit ratings remain
constrained by the foreign currency ceiling.


BANK NIAGA: Moody's Lifts Subordinated Debt Rating to B1 from B2
----------------------------------------------------------------
Moody's Investors Service has raised the constrained foreign
currency debt and deposit ratings of Bank Niaga after concluding
a review initiated on February 27, 2006.  Specifically, these
ratings were lifted:

   * issuer rating to B1 from B2;

   * subordinated debt rating to B1 from B2; and

   * long-term deposit rating to B2 from B3.

The revised ratings carry a stable outlook.

Bank Niaga's short-term deposit rating of Not-Prime, and bank
financial strength rating of E+ are unaffected.

Moody's action follows the raising on May 19, 2006, of
Indonesia's sovereign ratings -- foreign currency country
ceiling for debt to B1 from B2, foreign currency bonds of the
government to B1 from B2, domestic currency issuer rating of the
government to B1 from B2, and foreign currency bank deposit
ceiling to B2 from B3.

Bank Niaga's foreign currency debt and deposit ratings remain
constrained by the foreign currency ceiling.


BANK PERMATA: Moody's Raises Long-Term Deposit Rating to B2
-----------------------------------------------------------
Moody's Investors Service has raised Bank Permata's long-term
deposit rating to B2 from B3.  The revised rating carries a
stable outlook.

Bank Permata's short-term deposit rating of Not-Prime, and bank
financial strength rating of E+ are unaffected.

The action follows the raising on May 19, 2006, of Indonesia's
sovereign ratings:

   -- foreign currency country ceiling for debt to B1 from B2,

   -- foreign currency bonds of the Government to B1 from B2,

   -- domestic currency issuer rating of the Government to B1
      from B2, and

   -- foreign currency bank deposit ceiling to B2 from B3.

Bank Permata's foreign currency debt and deposit ratings remain
constrained by the foreign currency ceiling.


BANK RAKYAT: Moody's Upgrades Subordinated Debt to B1 from B3
-------------------------------------------------------------
Moody's Investors Service has upgraded Bank Rakyat Indonesia's
subordinated debt rating to B1 from B3, and long-term deposit
rating to B2 from B3.  The revised ratings carry a stable
outlook.

This action follows the raising on May 19, 2006, of Indonesia's
sovereign ratings -- foreign currency country ceiling for debt
to B1 from B2, foreign currency bonds of the government to B1
from B2, domestic currency issuer rating of the government to B1
from B2 and foreign currency bank deposit ceiling to B2 from B3.

The upgrade on Bank Rakyat's subordinated debt rating reflect
the Government's enhanced ability to support the banking system
given its increased resources.  In particular, Bank Rakyat and
other state-owned banks are deemed important franchises given
their size, government ownership and policy roles.

Bank Rakyat's short-term deposit rating of Not-Prime, and bank
financial strength rating of D- are unaffected.


BANK TABUNGAN: Moody's Lifts Long-Term Deposit to B2 from B3
------------------------------------------------------------
Moody's Investors Service has upgraded Bank Tabungan Negara's
long-term deposit rating to B2 from B3, concluding the review
initiated on February 27, 2006.  The outlook for the revised
rating is stable.

The action follows the raising on May 19, 2006 of Indonesia's
sovereign ratings -- foreign currency country ceiling for debt
to B1 from B2, foreign currency bonds of the government to B1
from B2, domestic currency issuer rating of the government to B1
from B2 and foreign currency bank deposit ceiling to B2 from B3.

Bank Tabungan's short-term deposit rating of Not-Prime, and bank
financial strength rating of E are unaffected.


INDOSAT TBK: Moody's Affirms Rating; Outlook Positive
-----------------------------------------------------
Moody's Investors Service has affirmed the Ba1 local currency
corporate family rating of PT Indosat Tbk, and the Ba3 foreign
currency senior unsecured bond rating of Indosat Finance Company
B.V. and Indosat International Finance Company B.V.  The bonds
are irrevocably and unconditionally guaranteed by Indosat.  The
outlooks for the ratings remain positive.

Moody's says the upgrade of Indonesia's foreign currency
sovereign rating to B1 from B2 does not have any impact on
Indosat's ratings.  Moody's further says any future upgrade of
Indosat's foreign currency bond rating will primarily be driven
by an upgrade of its local currency rating.

PT Indosat Tbk, headquartered in Jakarta, is the second largest
cellular company in Indonesia with 14.4 million subscribers as
at mid-Dec 2005.


LIPPO KARAWACI: Moody's Upgrades Foreign Currency Rating To B1
--------------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency
senior unsecured bond rating of Lippo Karawaci Finance B.V. to
B1 from B2.  The company's bonds are guaranteed by PT Lippo
Karawaci Tbk (LK).

This rating action follows Moody's decision to upgrade
Indonesia's foreign currency bond rating to B1 from B2.  At the
same time, Moody's has affirmed LK's B1 local currency corporate
family rating.  The ratings outlook is stable.

Both the foreign currency senior unsecured bond rating and local
currency corporate family rating are also removed from their
provisional status in view of the successful closing of Lippo
Karawaci Finance's US$250 million bond issuance.

PT Lippo Karawaci Tbk is one of the largest property developers
in Indonesia and has a market capitalization of over US$550
million.  As of end-2005, it possessed a huge land bank reserve
of 2,079 hectares.  It also operates four hospitals and four
hotels in Indonesia.


MATAHARI PUTRA: Moody's Assigns First-Time (P)B1 Rating
-------------------------------------------------------
Moody's Investors Service has assigned its (P)B1 local currency
corporate family rating to PT Matahari Putra Prima Tbk.  At the
same time, Moody's has assigned its (P)B1 foreign currency
senior unsecured rating to Matahari Finance BV's proposed bond
of up to US$300 million, which is guaranteed by Matahari.  The
ratings outlook is stable.

"This is the first time Moody's has assigned ratings to
Matahari, and it expects to affirm and remove them from their
provisional status upon completion of the proposed bond
issuance," says lead analyst Kaven Tsang.

The (P)B1 rating recognizes the company's long operating track
record, including its leading position in the department store
segment.  Matahari has also successfully turned around its
supermarket division, but the history of its profitability is
short.  Its expansion plan is further supported by a favorable
economic and industry outlook, which partially mitigates the
potential competitive threats arising from low entry barriers.

"Matahari's debt service ratios are modest with adjusted net
debt/EBITDAR to stay around 5-5.5x and operating cash
flow/average adjusted total debt at 10-15% in the medium term.
These sets of ratios are comparable to its low-Ba or high-B
rated global retail peers," says Tsang.

"However, EBIT/Interest is relatively weak at 1-1.5x.  Its free
cash flow metrics are also weak, given the aggressive capex
program it is implementing to expand its store network.  This
situation will increase the company's exposure to execution
risk.  Furthermore, the operating history of its hypermarket
business is short and the company has yet to establish a stable
and profitable track record for its multi-format hyper- and
super-market businesses.  In view of these factors, Moody's
considers Matahari as appropriately positioned at the (P)B1
level," Tsang further comments.

The rating outlook is stable due to Moody's expectation that
Matahari will successfully execute its expansion plan and
strengthen its market share.  The stable outlook also captures
the prospective outlook for Indonesia's economy and retail
market in the medium term.

The ratings may experience downward pressure if adjusted net
debt/EBITDAR rises above 6.5x, while EBIT/interest weakens below
1.25x on a sustained basis.  Such an outcome could be a result
of:

   1. a weakening in profit margins, due in turn to rising
      competition or inadequate cost controls;

   2. further debt-funded expansions beyond its original plan;
      and

   3. material depreciations in the Rupiah, and which increase
      the Company's debt-servicing obligations.

On the other hand, the ratings may undergo an upgrade if
adjusted net debt/EBITDAR falls below 3-4x and interest coverage
strengths beyond 3x on a sustained basis.  Such outcomes could
be a result of:

   * an improvement in operating margins as a result of higher
     operating efficiency and better cost controls; and

   * positive free cash flow generation with the surplus being
     applied for de-leveraging.

In order to undergo an upgrade, the Company also needs to
demonstrate stable and profitable track records for its multi-
format hyper- and super-market businesses.

PT Matahari Putra Prima Tbk is one of the largest retailers in
Indonesia.  It operates department stores, hypermarkets,
supermarkets and family entertainment outlets in over 50 cities
in Indonesia.


MATAHARI PUTRA: Long-Term Senior Unsecured Bonds Rated B+ by S&P
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to
the proposed long-term senior unsecured bonds of up to US$300
million to be issued by Matahari Finance B.V., a special purpose
financing vehicle wholly owned by Indonesia-based retailer
PT Matahari Putra Prima Tbk.

The rating on the proposed bonds mirrors the corporate credit
rating on Matahari, as the bonds will be irrevocably and
unconditionally guaranteed by Matahari, and will rank pari passu
with all existing and future senior unsecured obligations.
Proceeds from the issue will mainly be used to fund Matahari's
expansion program and partly to refinance existing borrowings.

Matahari is Indonesia's largest retailer.  It is the market
leader in the department store segment, while its presence in
supermarkets and hypermarkets is growing.  A large base of
retail outlets provides earnings diversity and allows the
company to benefit from economies of scale in logistics and
inventory management.  Matahari reported sales of IDR6.9
trillion (US$768 million) and net income of IDR222.7 billion in
2005.  Total assets were IDR4.6 trillion as of Dec. 31, 2005.

On May 11, 2006, Standard & Poor's raised the corporate credit
rating on Matahari to 'B+' from 'B-'.  The rating upgrade
reflected the company's strengthening business profile due
largely to its expansion into hypermarkets, which is driving a
gradual turnaround in its supermarket division.  At the same
time, better operating efficiency and sales productivity, and
lower shrinkage have improved the company's margins.  Moreover,
Indonesia's large untapped market provides significant
opportunities for Matahari to grow its market share.

Nevertheless, the rating on Matahari is constrained by its
highly leveraged financial profile, which is expected to remain
weak in the medium term due to its sizable IDR6.6 trillion
capital expenditure program over the next six years.  After
inclusion of rental expenses as debt, the company had debt to
EBITDA of 3.3x, debt to capitalization of 60.1%, and funds from
operations to total debt of 23.9% at Dec. 31, 2005.

The company also faces challenging operating conditions due to
the economic and political climate in Indonesia, and execution
and earnings risks from its store location rejuvenation program.


MITRA GLOBAL: Moody's Affirms Ba1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 local currency
corporate family rating of P.T. Mitra Global Telekomunikasi
Indonesia, and the Ba3 senior secured foreign currency bond
rating of MGTI Finance Company Ltd -- guaranteed by MGTI and
MGTI Finance B.V.  The outlook for the ratings remains stable.

Moody's says the upgrade of Indonesia's foreign currency
sovereign rating to B1 from B2 does not have any impact on
MGTI's ratings.

P.T. Mitra Global Telekomunikasi Indonesia, headquartered in
Indonesia, was established in 1995.  Its owns the KSO IV
concession in central Java that owns the core fixed
telecommunications lines in that area operated by P.T.
Telekomunikasi Indonesia (Telekom).  Telekom is Indonesia's
incumbent fixed-line telecommunications-service provider and
owns 65% of P.T. Telekomunikasi Selular.  Telekom was 51% owned
by the government of Indonesia at end-December 2005.


PAN INDONESIA: Moody's Raises Long-Term Deposit Rating to B2
------------------------------------------------------------
Moody's Investors Service has raised Pan Indonesia Bank's long-
term deposit rating to B2 from B3, with stable outlook.

This action follows the raising on May 19, 2006, of Indonesia's
sovereign ratings -- foreign currency country ceiling for debt
to B1 from B2, foreign currency bonds of the government to B1
from B2, domestic currency issuer rating of the government to B1
from B2 and foreign currency bank deposit ceiling to B2 from B3.

Pan Indonesia Bank's short-term deposit rating of Not-Prime, and
bank financial strength rating of D- are unaffected.

Pan Indonesia Bank's foreign currency debt and deposit ratings
remain constrained by the foreign currency ceiling.


TELEKOMUNIKASI INDONESIA: Moody's Affirm Ba1 Rating
---------------------------------------------------
Moody's Investors Service has affirmed the Ba1 local currency
corporate family rating of P.T. Telekomunikasi Indonesia.  The
rating outlook remains stable.

Moody's says the upgrade of Indonesia's foreign currency
sovereign rating to B1 from B2 does not have any impact on
Telkom's ratings.

P.T. Telekomunikasi Indonesia Tbk,  based in Bandung, is
Indonesia's incumbent fixed-lined telecommunications-service
provider and the majority shareholder of P.T. Telekomunikasi
Selular.  Telkom is 51% owned by the government at end-December
2005.


* Moody's Upgrades Indonesia's Ratings
--------------------------------------  
Moody's Investors Service, on May 19, 2006, upgraded Indonesia's
ratings in light of substantial and steady improvement in
government finance, with a sound record of fiscal management
built up over the past several years.

Specifically, the foreign currency country ceiling for bonds and
the foreign- and domestic-currency government bond ratings were
upgraded to B1 from B2.  The foreign currency country ceiling
for bank deposits was upgraded to B2 from B3, while the local
currency bank deposit ceiling and the local currency guideline
remain unchanged at Baa2.  The outlook for all the ratings is
stable.

Moody's said the small size of the government's deficits has
brought about a major decline in government debt ratios.  For
example, according to the rating agency, the ratio of government
debt to GDP fell to below 50% at the end of last year, and
further declines are expected in the next few years.  This
places Indonesia in a better position on this front than most
countries rated B1.

The structure of the government's debt also makes Indonesia less
vulnerable to shocks than some other large borrowers, according
to Moody's.  Although somewhat more than half the debt is in
foreign currency, the great majority of this debt is owed to
official creditors, making the country less subject to adverse
changes in external market conditions.

The rating agency said that, in comparison to similarly rated
countries, the level of total external debt -- including both
the public and private sectors -- remains high.  However, the
risk coming from this high debt is also mitigated by the
proportion owed to official creditors, according to Moody's.  In
addition, the performance of the balance of payments has meant
that, although high, the external debt ratios are coming down
and are likely to continue to do so in the next couple of years.

Going forward, Moody's said that the trajectory of the rating
will depend on the maintenance of sound government finances, on
the success of government efforts to improve the investment
climate, and on the actual inflow of foreign direct investment.
The low level of FDI has been one factor in keeping the
country's medium-term growth outlook from improving.  Although
the 5.6% real GDP growth rate in 2005 was the highest since the
Asian financial crisis, it is still below what the government is
targeting over the medium term.


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

SANYO ELECTRIC: Reports JPY205.66-Billion Loss on Restructuring
---------------------------------------------------------------
Sanyo Electric Co. posted an increase in its consolidated net
loss for the business year 2005 ended March 31, 2006, to
JPY205.66 billion, against a JPY171.54 billion loss in 2004,
Crisscross News reports.

The Company released a statement attributing the loss to
aggressive price competition in digital appliances and a drop in
prices, weak sales of its digital cameras, liquid crystal
display screens, semiconductors and televisions, and
restructuring costs amounting to JPY84.9 billion and one-off
asset impairment loss of JPY71.3 billion.  The net loss was
better than expected, however, as the Company had estimated to
incur a loss of JPY233 billion.

Channel NewsAsia reveals that for the business year 2005, Sanyo
Electric incurred an operating loss of JPY17.15 billion against
a 2004 operating profit of JPY35.24 billion, as sales dropped
3.5% to JPY2.4 trillion.  

                          *     *     *

Incorporated in Japan in 1947, Sanyo Electric Company, Limited
-- http://www.global-sanyo.com/-- manufactures a broad range of  
electronic products grouped into six categories: video
equipment, audio equipment, home appliances, industrial and
commercial equipment, information systems and electronic
devices, and batteries and other products.

The Troubled Company Reporter - Asia Pacific stated on Feb. 27,
2006, that Sanyo Electric shareholders approved a JPY300-billion
bailout plan that will give banks management control of the
Company to help it recover its losses.

In its business restructuring plan, Sanyo planned to downsize
its global workforce of 96,000 by 15% to 14, 400 over a three-
year period, and to concentrate on developing environment-
friendly products and technologies and sell 20% of a 2-
million square meter property occupied by its factories in
Japan.  The Company states that it had completed its downsizing
last March 2006, two years ahead of schedule.

The TCR-AP reported on Mar. 22, 2006, that Standard & Poor's
Ratings Services said that its 'BB' long-term corporate credit
and 'BB+' long-term senior unsecured debt ratings on Sanyo
Electric remain on CreditWatch with negative implications, after
the Company disclosed its plan to form a joint venture with
Taiwan's Quanta Computer, Inc., in the flat panel TV business.  
Sanyo's ratings were first placed on CreditWatch with negative
implications on Sept. 28, 2005, and remain on CreditWatch after
ratings went down twice in November 2005.

According to S&P, Sanyo's TV business suffered from poor
performance due to its inefficient production and marketing
system, as well as weak brand recognition.  Although the details
for the joint venture company have yet to be announced, S&P
believes that the path to stable earnings in Sanyo's TV business
remains uncertain.  While the joint venture focuses solely on
the flat panel business, the Company needs to make drastic
improvements to its production and marketing system, including
its core cathode-ray tube TV business, in order to turn around
the overall TV business.


* Number of Bankruptcy Cases Per Industry Falls
-----------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 19, 2006, Japanese corporate bankruptcies fell 14.9% in
April 2006 from a year earlier to 1,087 cases, according to
credit research firm Tokyo Shoko Research Ltd.

Below are the bankruptcy cases in the different industries for
March and April 2006:

                         March 2006     April 2006

   Primary Industry          17              5
   Construction             334            345
   Manufacturing            185            148
   Wholesale                190            131
   Retail                   171            138
   Finance, insurance        10              8
   Real estate agents        53             41
   Transportation            44             49
   Communication             26             33
   Others & Services        225            189

Though there is a rise in the bankruptcies of the construction,
transportation and communication industries, most industries
show a drop in the number of bankruptcy cases for April 2006.

Bloomberg News noted that Tokyo Shoko indicated a 13.4% decrease
in the April bankruptcy cases compared to last month's 1,255.


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

ANTAH HOLDINGS: Auditors Note Discrepancy in Financial Reports
--------------------------------------------------------------
On May 17, 2006, Antah Holdings Berhad submitted its Revised
Audited Financial Statements for the financial year ended
June 30, 2005, to Bursa Malaysia Securities Berhad.  The Revised
2005 AFS were issued in view of a prior year adjustment made in
relation to additional impairment loss on the highway
development expenditure.

The former statutory auditors of the Company reported in their
report dated December 28, 2005, that they were unable to
ascertain the authenticity of the MYR341,879,000 construction
expenditure, which was accounted for and included in the highway
development expenditure of the Group as of June 30, 2004,
because complete documentary evidence were not available to
substantiate the quantity and the construction works claimed.

Moreover, in their report dated March 22, 2006, the current
statutory auditors of the Company reported on the previously
issued financial statements of the Group for the financial year
ended June 30, 2005, that they were unable to ascertain the
validity of the MYR341,879,000 development costs brought forward
and included in the Group's highway development expenditure as
of June 30, 2005, because complete documentary records are not
available for their examination.

In view of the reports of the respective statutory auditors of
the Company for the two financial years, the directors carried
out an internal review of the matter.  As a result of the
review, the directors concluded that a further impairment loss
on the MYR184,517,000 development cost -- over and above the
MYR208,449,000 impairment loss previously recognized -- should
have been recognized in the financial statements of the Group
for the year ended June 30, 2004.  The total impairment loss of
the Group to be recognized for the year ended June 30, 2004,
should have been MYR392,966,000.

In view of the significance of the matter, the directors have
initiated prompt actions to reissue the financial statements of
the Group for the year ended June 30, 2005, to reflect as a
prior year adjustment the MYR184,517,000 additional impairment
loss that should have been recognized in the Group's income
statement for the year ended June 30, 2004.

These are the effects of the prior year adjustment on the
Group's financial statements:

                                  As
                          Previously                      As
                            Reported     Effects    Restated
                             MYR'000     MYR'000     MYR'000

  Year ended June 30, 2004

  Loss before tax          (338,522)   (184,517)    (523,039)
  Net loss for the year    (339,904)   (184,517)    (524,421)

  At June 30, 2004

  Accumulated losses       (644,693)   (184,517)    (829,010)
  Highway development
    expenditure             431,215    (184,517)     246,698

In addition to the Company's announcement dated December 30,
2005, and the submission of the Reissued AFS 2005, the deviation
between the announced unaudited result and the Revised AFS 2005
after the prior year adjustment should be revised as:

                              Restated
                               Audited    Unaudited
                               Results      Results    Variance
                               MYR'000      MYR'000     MYR'000

  Loss Before Taxation
    After MI                 (522,822)     (19,977)   (502,845)
  Taxation                     (1,599)         289      (1,888)
  Loss After Taxation & MI   (524,421)     (19,688)   (504,733)
    

     Explanation                                       MYR'000

  1. Reversal of provision for a
     subsidiary company                                  2,291

  2. Impairment loss in value of investment
     in an associated company                           (1,408)

  3. Impairment loss in value of property,
     plant and equipment                                  (668)

  4. Compensation to contractors for the
     termination of contracts                          (47,695)

  5. Inventories written down                          (63,996)

  6. Impairment on highway development expenditure    (392,965)

  7. Under provision for taxation                       (1,888)

  8. Others                                              1,596
                                                    ----------
                                                      (504,733)

                   About Antah Holdings Berhad

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management services
and investment holding.  The Group discontinued its beverage and
security services operations.  The Group operates in Malaysia,
Australia, United Kingdom and Singapore.

Aside from reporting consecutive losses, Antah is also unable to
meet its debt obligations and is currently awaiting the approval
of relevant authorities for the implementation of its
restructuring scheme pursuant to a scheme of arrangement under
Section 176 of the Companies Act, 1965.

According to the Troubled Company Reporter - Asia Pacific on
May 11, 2006, financial institutions extended a total loan
facility of MYR281,401,000 to the Company.  To date, Antah paid
MYR48,247,000.  As of April 30, 2006, Antah's total loan default
plus interest has reached MYR286,442,000.


APEX EQUITY: Pays MYR10,981 for 19,800 Own Ordinary Shares
----------------------------------------------------------
Apex Equity Holdings Berhad, on May 17, 2006, bought back 19,800
ordinary shares of MYR1.00 each for a total cash consideration
of MYR10,981.59.

The minimum price paid for each share purchased was MYR0.550 and
the maximum was MYR0.550.

After the purchase, the cumulative outstanding treasury shares
have reached 3,223,600.

Apex Equity Holdings Berhad, on May 15, 2006, bought back 24,000
ordinary shares of MYR1.00 each for a total cash consideration
of MYR14,204.84, according to an earlier report by the Troubled
Company Reporter - Asia Pacific.     

               About Apex Equity Holdings Berhad

Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is  
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.  
Operations of the Group are principally carried out in Malaysia.  
The Company has suffered five consecutive years of losses
beginning 2001.  It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005,
which is an improvement from the fourth quarter 2004 net loss of  
MYR76,596,000.


AYER HITAM: Court Extends Restraining Order To July 2006
--------------------------------------------------------
On May 17, 2006, the High Court of Kuala Lumpur allowed Ayer
Hitam Tin Dredging Malaysia Berhad to postpone its creditors'
meeting to a yet undetermined date.

The Court also granted a 120-day extension in respect to the
Company's restraining order to July 3, 2006.

The Troubled Company Reporter - Asia Pacific recounts that the
Company applied for the restraining order so as to facilitate
its proposed restructuring scheme, which was announced on
August 17, 2005.

                       About Ayer Hitam

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.  The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.  
As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia
Berhad's payment defaults have reached MYR39,624,453.59.  The
Company has presented a restructuring proposal, which was
rejected by the Securities Commission after determining that the
Scheme is not a comprehensive proposal capable of resolving all
the financial issues faced by the Company.   

The Proposed Restructuring Scheme includes provisions on:

     * capital reduction;
     * amendments to the company's Memorandum of Association;
     * rights issue;
     * private placement;
     * debt settlement; and
     * disposal of Motif Harta Sdn Bhd.


AYER MOLEK: High Court Grants Stay of Wind-up Order
---------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific, on
April 13, 2006, the Kuala Lumpur High Court heard a winding up
petition filed by Mirra Sdn Bhd against Ayer Molek Rubber
Company Berhad.

Through its Petition, Mirra asserts a MYR3,224,690 claim against
Ayer Molek, as at December 8, 2005.  The claim relates to a
Judgment in Default dated November 22, 2005, obtained by Mirra
in its favor, on account of work done for Ayer Molek.  The
interest under the statement of claim is at 8% per annum on the
judgment sum of MYR2,097,316, from March 24, 1999, up to the
full settlement of the claim.

Since 1999, Ayer Molek was in constant negotiation with Mirra to
pay the amount it allegedly owed, but taking into account the
fact that the development plans by the Company, which involved
the conversion of land, was aborted.  Hence, the Company argued
that Mirra should not claim the contracted sum but rather the
abortive fees.

In August 2005, the parties had reached a settlement amount of
MYR300,000 on account of Mirra's work for Ayer Molek.  Yet, due
to several conditions, which were not fulfilled by Mirra, the
settlement arrangement came to a standstill.  Following the
breakdown of negotiations, the wind-up petition was presented
against Ayer Molek.  

Subsequently, the Court issued a wind-up order against Ayer
Molek.

Ayer Molek's solicitor immediately filed an appeal of the Wind-
Up Order with the Court of Appeals and filed an application for
stay of the execution proceeding.

On May 17, 2006, the Kuala Lumpur High Court then granted a stay
of the Wind-up Order pending the Ayer Molek's Appeal.

The Company was also ordered to deposit MYR2,097,316 into the
Court pending the Appeal, and to abide with any further
directives.

Meanwhile, the Company has filed an application to set aside the
Default Judgment entered against it.  The Application is fixed
for hearing on June 14, 2006.

                 About Ayer Molek Rubber Company

Headquartered in Kuala Lumpur, Malaysia, Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.  Ayer Molek has incurred substantial losses
since the early 90s, which prompted the Company to propose a
rescue and restructuring scheme to fully redeem and settle
outstanding debts.     


KIG GLASS: Needs to Renew Shareholders' Mandate
-----------------------------------------------
KIG Glass Industrial Berhad is preparing a circular to
shareholders, seeking renewal of shareholders' mandate to enter
into Recurrent Related Party Transactions of Revenue or Trading
Nature.

The same shareholders' mandate was renewed and obtained at the
Company's Annual General Meeting held on June 30, 2005.

In accordance with the Bursa Malaysia Securities Listing
Requirements, the shareholders' mandate will lapse at the
conclusion of the forthcoming AGM, unless renewal is obtained.

               About KIG Glass Industrial Berhad

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due its
inability to pay its debts, the Company ceased operation in May
2005.

As of December 31, 2005, the KIG Group's accumulated losses
stood at almost MYR300 million.  The shareholders' funds of the
KIG Group was in deficit of approximately MYR93 million while
its total borrowings amounted to approximately MYR104 million.  
To this end, KIG Glass announced its status as an affected
listed issuer pursuant to Practice Note 1/2001 and Practice Note
17/2005 of the Listing Requirements.


LANKHORST BERHAD: Port Dickson Defaults on Loan Repayment
---------------------------------------------------------
Lankhorst Berhad's subsidiary, Port Dickson Sepang Quarry Sdn
Bhd, has defaulted in its loan repayment to Southern Bank Berhad
in respect of a hire purchase facility obtained to acquire a
heavy machinery unit.

The Kuala Lumpur High Court had, on June 16, 2004, ordered Port
Dickson to pay Southern Bank MYR171,291, plus interest.

Port Dickson, however, was unable to meet the financial
obligation because it is not generating any cash flow since it
ceased operations in 1999.

In order to address the default, Lankhorst has included Port
Dickson's debt restructuring in the Group's corporate
rehabilitation exercise.

As reported by the Troubled Company Reporter - Asia Pacific,
Lankhorst is in the process of formulating a restructuring
scheme and its group of companies had been granted a Restraining
Order by the Kuala Lumpur High Court on May 30, 2005, which RO
has been subsequently extended to September 7, 2006.

                   About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions.  It also defaulted
on several loan facilities.  As of December 31, 2005, the
Company's balance sheet showed MYR167,439,000 in total current
assets, MYR171,454,000 in total current liabilities, and
MYR1,781,000 in total stockholders' equity.  The Company has a
deficit of MYR4,015,000.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category.  In the event
Lankhorst fails to comply with all the provisions of PN 17/2005,
Bursa Securities may take any action against the Company
including but not limited to delisting proceedings against
Lankhorst.  The Company is currently under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act,
1965 and currently formulating a debt and capital restructuring
scheme to improve the Company's financial position to be
announced in due course.


LANKHORST BERHAD: Pancabumi Fails to Meet Financial Obligations
---------------------------------------------------------------
Lankhorst Berhad's subsidiary, Lankhorst Pancabumi Contractors
Sdn Bhd, has defaulted in its banking facility repayments to its
lenders, the Company revealed in a statement to Bursa Malaysia
Securities Berhad.

Danaharta Urus Sdn Bhd had, on April 27, 2005, obtained judgment
against Pancabumi for an outstanding amount of MYR452,000,
excluding accruing interest.  The claim is in respect of a hire
purchase facility obtained from Danaharta's unit, BBMB Kewanagan
Berhad, for the purchase of heavy equipment.

Pancabumi, however, said that it would not be able to settle the
judgment sum because the cashflow from its operations is not
sufficient to pay its debts.

Meanwhile, the High Court of Kuala Lumpur will hear another
demand suit against Pancambumi by Danaharta on June 7, 2006.  
The suit relates to a MYR11,118,721 banking facility extended by
Danaharta's unit, Bank Bumiputra Malaysia Berhad, which
Pancabumi also defaulted on.

Since the banking facilities are secured by a corporate
guarantee issued by Lankhorst, the Company decided to include
Pancabumi's debt restructuring in its corporate rehabilitation
exercise.

As reported by the Troubled Company Reporter - Asia Pacific,
Lankhorst is in the process of formulating a restructuring
scheme and its group of companies had been granted a Restraining
Order by the Kuala Lumpur High Court on May 30, 2005, which has
been subsequently extended until September 7, 2006.

                    About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions.  It also defaulted
on several loan facilities.  As of December 31, 2005, the
Company's balance sheet showed MYR167,439,000 in total current
assets, MYR171,454,000 in total current liabilities, and
MYR1,781,000 in total stockholders' equity.  The Company has a
deficit of MYR4,015,000.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category.  In the event
Lankhorst fails to comply with all the provisions of PN 17/2005,
Bursa Securities may take any action against the Company
including but not limited to delisting proceedings against
Lankhorst.  The Company is currently under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act,
1965 and currently formulating a debt and capital restructuring
scheme to improve the Company's financial position to be
announced in due course.


METROPLEX BERHAD: Court to Finalize Terms of Order on May 23
------------------------------------------------------------
On May 11, 2006, the Kuala Lumpur High Court entered an order
appointing a provisional liquidator over Metroplex Berhad and
Metroplex Holdings Sdn Bhd.  The Court had adjourned the hearing
on the matter to May 23, 2006, so as to finalize the terms of
the order.

A wind-up petition had been served on Metroplex Berhad on
April 26, 2005, by the solicitors of Morgan Stanley Emerging
Markets Incorporated, the Troubled Company Reporter - Asia
Pacific recounts.  In relation to the petition, Morgan Stanley
had also filed summons for the appointment of a provisional
liquidator for Metroplex.

On January 27, 2006, Morgan Stanley's solicitors had served an
injunction application on Metroplex and its wholly owned
subsidiary, Metroplex Holdings, which is the owner of Putra
Place, restraining the two companies from selling Putra Place to
Lembaga Kumpulan Wang Simpanan Pekerja.

On April 25, 2006, the Kuala Lumpur High Court adjourned the
hearing of Morgan Stanley's application to appoint a provisional
liquidator for Metroplex to May 11, 2006, as well as the
appointment of Commerce International Merchant Bankers Berhad as
intervener to resist Morgan Stanley's application.

On May 11, 2006, a provisional liquidator was finally appointed
for Metroplex.

                    About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.  On April
28, 2005, Morgan Stanley Emerging Markets Inc. had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court.  Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up.  Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme.  In the event the wind-up petition
succeeds, the Company will be put into liquidation.  


PAN MALAYSIA: Seeks Approval of Shareholders' Mandate Renewal
-------------------------------------------------------------
Pan Malaysia Holdings Berhad intends to seek shareholders'
approval of the proposed renewal of shareholders' mandate for
recurrent related party transactions of a revenue or trading
nature at an Extraordinary General Meeting to be convened soon.

A circular containing details of the proposal will be dispatched
to the Company's shareholders in due course.

               About Pan Malaysia Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Holdings
Berhad engaged in the provision of financial services, property
and leisure, investment holding and dealing and manufacturing
and selling of self-adhesive sticker labels.  The Group also
manufactures carton boxes and general packaging products.  Other
activities relating to financial services are stockbroking,
options and financial futures broker, research fund management
services and money lending.

As reported by Troubled Company Reporter - Asia Pacific on
March 14, 2006, Pan Malaysia Holdings has drafted a capital
reorganization plan following its admission to Bursa Malaysia's
Practice Note 17.  Pan Malaysia Holdings proposed to cancel 90
sen of the par value of each existing share of MYR1.00 each.  On
completion of the capital reconstruction, it is expected that
the Company's accumulated losses of MYR872.5 million at end-2005
would be reduced to MYR1.8 million.


POLYMATE HOLDINGS: UOB Files Over MYR11-Million Claim
-----------------------------------------------------
On May 15, 2006, Polymate Holdings Berhad and its wholly owned
subsidiary, ABI Malaysia Sdn Bhd, received a Writ of Summon and
Statement of Claim dated May 5, 2006, from United Overseas Bank
(M) Berhad.

In the statement, United Overseas Bank claims:

   -- MYR10,803,951 as of February 28, 2006;

   -- interest at Base Lending Rate of 6.50% per annum plus
      3.50% per annum monthly rests basis from March 1, 2006,
      until the date of full settlement of the claim;

   -- costs, including those on a solicitors and client basis;
      and

   -- further relief that the Honorable Court deems fit.

                 About Polymate Holdings Berhad

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.  
Operations in its subsidiaries will be revived when a workable
restructuring scheme is formalized with its lenders and when
fresh working capital can be injected into the operations.  On
April 28, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a total fine of MYR84,000 on Polymate
Holdings Berhad for breach of the Bourse's Listing Requirements.  
Meanwhile, Polymate says that it is still negotiating with its
lenders to restructure the Group's credit facilities and is
working on various schemes to regulate its financial position.


TRU-TECH HOLDINGS: Total Default Amount Hits MYR61 Million
----------------------------------------------------------
Tru-Tech Holdings Berhad will not be able to make the monthly
deposit of MYR1,500,000 due on May 17, 2006, into the sinking
fund account maintained for the purposes of redemption of the
MYR55,000,000 redeemable unsecured loan stock due to its current
tight cash flow position, the Company disclosed in a statement
to Bursa Malaysia Securities Berhad.

Tru-Tech says that there has been no material development in the
Company's default status pursuant to Practice Note 1/2001 of the
Bursa Malaysia Securities Berhad.

  Principal Outstanding Credit Facilities as of April 30, 2006

                                   Principal Outstanding as of
                                          April 30, 2006
     Lender                                    (MYR)

   Tru-Tech Electronics (M) Sdn Bhd:

   * Bumiputera-Commerce Bank Berhad         18,885,578
   * RHB Bank Berhad                         16,261,947
   * AmBank Berhad                            5,412,760
   * Affin Bank Berhad                       12,161,638
   * Southern Bank Berhad                     5,072,145

     Subtotal                                57,794,068

   Tru-Tech Technololgy Sdn Bhd:

   * Southern Bank Berhad                     3,456,152

     Total                                   61,250,220

              About Tru-Tech Holdings Berhad

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its losses.  These include the incorporation of a new entity as
Tru-Tech's holding company, and the disposal of its existing
contract-assembly business to a third party.  Much of Tru-Tech's
future performance will hinge on its ability to restructure its
debts and resolve its poor liquidity.


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

APC GROUP: Plans Philcom Sale to Reverse PHP639.14-Mln Net Loss
---------------------------------------------------------------
APC Group, Inc., posted an 11.74% drop in its net loss for the
business year ended December 31, 2005.  Specifically, APC
disclosed a PHP639.14 million net loss against the PHP724
million in 2004, the Troubled Company Reporter - Asia Pacific
learns from the Company's financial statements.

Revenues were also slightly higher at PHP994.27 million, a 9.63%
increase from 2004's PHP906.92 million, fueled by a stronger
petroleum sales account equal to PHP345.69 million.

The Company's capital deficiency also widened by 8.21% to
PHP8.66 billion

                         APC Group, Inc.
    Financial Highlights for the Year Ending December 31, 2005
                       in Millions of PHP

                                    2005             2004

       Current Assets           1,075.64         1,203.39
       Total Assets             3,559.01         4,108.27
       Current Liabilities      8,376.70         8,263.52
       Total Liabilities       12,219.13        12,111.26
       Capital Deficiency       8,660.12         8,002.99
       Net Loss                   639.14           724.13
       Revenues                   994.27           906.92

                     About APC Group, Inc.

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

Philippine Global Communications, Inc. --
http://www.philcom.com/-- or PhilCom, a 73.84% owned subsidiary  
of APC; and PhilCom Corporation, a wholly owned subsidiary of
PhilCom and its subsidiaries, are engaged in telecommunications
or transmission business.  Environment and General Services
Inc., Solutions and Innovations Inc., and Spider Security
Services Inc., wholly owned subsidiaries, are involved in
providing janitorial and security services, respectively.  Other
subsidiaries, which consist of holding companies and mining
companies formed in January 2005, are still in the pre-operating
stage.

On February 17, 2005, the BOD of the Parent Company approved the
proposed sale of PhilCom to an interested party for a price and
terms subject to negotiation.  Aside from the proposed
divestment of Philcom, the Board of APC, in early 2006, decided
to sell the security service business and to phase out the
petroleum trading business, so as to divest its non-core and
unprofitable businesses.

                    APC's Distressed Call

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

These deficits affected the ability of the Company's
subsidiaries -- PhilCom and PhilCom Corporation -- to service
their maturing obligations on a timely basis.  Furthermore, the
restructuring of the long-term debt of PhilCom, which has
defaulted in 2003, and of PhilCom Corporation, are still under
renegotiation with the creditors.  According to independent
auditors Sycip Gorres and Velayo Co., these conditions indicate
the existence of a material uncertainty, which may cast
significant doubt about the ability of the Company and its
subsidiaries PhilCom and PhilCom Corporation to continue as a
going concern.

PhilCom Corporation currently has a PHP2.995 billion long-term
debt in default account.


BENPRES HOLDINGS: Going Concern Depends on Balance Sheet Plan
-------------------------------------------------------------
Benpres Holdings Corp. filed its annual consolidated report for
the year ended December 31, 2005, with the Securities and
Exchange Commission on April 28, 2006.

At Dec. 31, 2005, the Company's consolidated balance sheet
showed PHP8.86 billion in total current assets and PHP30.98
billion in total current liabilities, resulting in a
stockholders' equity deficit of PHP9.24 billion.

Independent auditors Sycip Gorres Velayo & Co. raised
substantial doubt on Benpres Holdings' ability to continue as a
going concern.  As discussed in the Company's annual financial
report as of Dec. 31, 2005 and 2004, the carrying values
of the Company's investments and deposits in and advances to
subsidiary Bayan Telecommunications Holdings Corporation have
been reduced to zero with the remaining possible claims against
the Parent Benpres credited to "Estimated liabilities from
guarantees and commitments" account in the consolidated balance
sheets.

The auditors say that Benpres Holdings Corp.'s ability to
continue as a going concern depended on the Company's balance
sheet management plan.

The BSMP was announced by Benpres in June 2002 to address all
its financial obligations via these methods:

   -- debt reduction by getting the relevant subsidiaries to
      repay their debts as guaranteed by the Parent Company;

   -- raising cash through orderly asset sales; and

   -- cost reduction and suspension of capital investment.

The BSMP is also designed to accommodate various scenarios
depending on the success of the Company's asset sale and debt
reduction initiatives.

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

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

On March 13, 2003, Benpres Holdings convened a Special
Stockholders' Meeting to obtain stockholders' consent to
delegate to the Board of Directors the authority to take all
actions and matters necessary and desirable for the
restructuring of the Company's obligations under the BSMP.  The
stockholders granted full authority to the BOD to negotiate with
the creditors without the need for prior stockholders' approval.

In 2005, Ferrier Hodgson Corporate Advisory (WA) Pty Limited was
appointed as financial adviser to assist the Company in
addressing its long-term direct obligations, as well as
contingent obligations arising from outstanding guarantees and
commitments.  The creditors formed the Benpres Creditors'
Committee to facilitate the overall process for the financial
restructuring of the Company.

A full-text copy of Benpres Holdings' annual report for the year
ended December 31, 2006, is available for free at:

   http://bankrupt.com/misc/Benpres_Audited_Financials_2005.pdf

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


BENPRES HOLDINGS: Sets Date for Annual Stockholders' Meeting
------------------------------------------------------------
Benpres Holdings Corp. will be holding its annual meeting
of stockholders on June 9, 2006, at 8:00 am, at the Meralco
Theater, Meralco Avenue, in Ortigas Center, Pasig City,
Philippines.

The agenda for the meeting includes the election of directors
for ensuing year and the appointment of an external auditor.

Moreover, the stockholders will also discuss the amendment of
the Company's Articles of Incorporation and By-laws to reduce
the number of directors from eight to seven and to change the
date of the annual stockholders' meeting from the last Wednesday
of May to the second Thursday of June each year.

Only stockholders of record as of May 11, 2006, are entitled to
vote in the meeting.


HACIENDA LUISITA: Department of Agrarian Reform Inspects Estate
---------------------------------------------------------------
A Department of Agrarian Reform team began inspection on the
4,500-hectare sugar estate of Hacienda Luisita Inc., in order to
issue a collective land ownership certificate to HLI farmers,
ABS-CBN News says.

According to provisional project director Alfredo Reyes, the DAR
team has finished inspection of 1,500 hectares of the HLI estate
in the towns of Concepcion and La Paz.  The Manila Times relates
that the DAR team is slated to submit the results of its
inspection to the Land Bank of the Philippines next week, so
that the collective title can be issued to the farmers by next
month.

The Troubled Company Reporter - Asia Pacific states that in a
1989 stock distribution contract by the HLI management
and farm workers, the management would distribute 118,000 shares
of stocks (a third of the total shares in Hacienda Luisita) to
the farmers of Central Azucarera de Tarlac, in lieu of some
5,000 hectares of lands under the agrarian reform program.  
Around 6,000 HLI farmers or 96% of the Company's tenants voted
to take the stock distribution option.  However, the farmers had
not received dividends since 2004, because the Company had not
gained profits.

A TCR-AP report on Oct. 3, 2005, stated that the Presidential
Agrarian Reform Council had scrapped Hacienda Luisita's stock
distribution option to its farmers, as it violated the
provisions of the Comprehensive Agrarian Reform Law, and
worsened the condition of the farmers.

Mr. Reyes said that under the law, the farm workers must work
together to form a "strong cooperative," before the collective
certificate can be issued to them, according to the Times.

                          *     *     *

Headquartered in Tarlac City, Philippines, Hacienda Luisita
Incorporated is a sprawling farm owned by the family of former
Philippine President Corazon Cojuangco Aquino.  Its woes started
when workers staged protests over the displacement of Hacienda
workers affected by the closure of sugar mill Central Azucarera
de Tarlac.  The decision to shut down Central Azucarera was due
to heavy losses incurred from falling sugar prices both locally
and abroad.  Tension in the sugar estate escalated after a
reported violent dispersal of striking workers at the Hacienda
on November 16, 2004, that resulted to the death of seven
persons.  In an effort to resolve the dispute, Hacienda Luisita
proposed a stock distribution option, which was later junked by
the Government due to violations of the provisions of the
Comprehensive Agrarian Reform Law.  The land title distribution
to around 5,000 farmer beneficiaries is expected in the first
half of 2006.


MANILA ELECTRIC: ERC Delays Decision on Proposed Rate Hike
----------------------------------------------------------
The Energy Regulatory Commission has deferred making a decision
on the proposed PHP14.76 per kilowatt-hour rate increase of
Manila Electric Co., until after it has heard the comments of
those opposed to the rate hike, the Manila Times relates.

The Commission was scheduled to hear the petition on May 17,
2006, but the hearing was canceled as some ERC officials were
called to the Congress for budget deliberations.

The rate hike would pass a monthly fee of PHP29.52 to households
consuming 200 kilowatt-hours if it is approved.  Those with a
monthly consumption of less than 100 kilowatt-hours are exempted
from the rate hike.

ABS-CBN News reports that Manila Electric had filed the rate
increase petition in June 2005, and ERC Chairman Rodolfo Albano
said in November that year that they would decide on the
increase by the first quarter of 2006.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

The TCR-AP further stated on April 27, 2006, that the Company
filed a report with the Philippine Stock Exchange, indicating a
66.1% decline in its net loss from January to March 2006 to
PHP748 million, against a PHP2.2 billion loss for the same
period last year.

According to a TCR-AP report on April 24, 2006, Manila Electric
cannot seek a loan to expand its facilities unless it repays
outstanding short-term debts amounting to around PHP4.7 billion.


NATIONAL POWER: Allowed to Recover Costs on Power Plant
-------------------------------------------------------
The Energy Regulatory Commission has allowed state-owned
National Power Corp. to recover its costs for a 52-megawatt Mt.
Apo 2 geothermal power plant in Mindanao, and charge a
generation cost of PHP1.2 per kilowatt-hour plus escalation
costs to consumers, the Manila Bulletin reports.

National Power had applied for a PHP1.55 per kWh generation
rate, which would reach PHP2.91 per kWh when escalation costs
were added, a higher rate than allowed for its Mt. Apo 1 plant
and Mindanao power grid.  The ERC, however, wants to retain its
original agreement with the Company on April 12, 2005, that it
would seek a generation charge no higher than PHP1.2008 per kWh.

The generation rate would be applied for 10 years until June 19,
2009, after which the ERC directed National Power to seek
approval of the remaining 15 years of its cooperation agreements
from June 19, 2009, onwards.

According to the Bulletin, National Power has a 25-year build-
operate transfer agreement with Philippine National Oil Company-
Energy Development Corporation, to begin when the plant is set
to start operations on June 17, 2009.

The ERC stated that its reason for allowing the generation
charge that the Mt. Apo 2 power plant would enable National
Power to keep up with the rising power demand in the Mindanao
grid, as well as providing efficient and reliable power supply
to its Mindanao consumers.

                          *     *     *

Headquartered in Quezon City, Philippines, National Power Corp.
-- http://www.napocor.gov.ph/-- is a state-owned utility that  
builds and operates nuclear, hydroelectric, thermal, and
alternative power generating facilities.  It works with
independent producers under a build-operate-transfer program.  
With a generating capacity of more than 11,500 megawatts,
National Power sells electricity to distributors and industrial
companies.  To comply with the privatization bill approved by
the Philippine Congress, the Company started selling off its
generation assets to help pay for the utility's estimated debt
of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers, and reported a PHP29.9 billion loss in 2004,
after a PHP117-billion net loss in 2003.

The Government absorbed National Power's PHP200 billion debt,
incurred when the government-owned-and-controlled corporation
adopted international accounting standards, forcing the Company
to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that National Power posted a PHP16 million profit
in 2005, the first time in seven years, on the Energy Regulation
Commission's approval of a rate increase, the use of an improved
fuel mix and better fuel prices.


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

ACCORD CUSTOMER: Provides Details on Accrued Operating Expenses
---------------------------------------------------------------
The Singapore Exchange Securities Trading Limited, on May 16,
2006, issued a query in relation to Accord Customer Care
Solutions Limited's FY2006 First Quarter Results released on
May 11.

The SGX-ST wanted to know the breakdown of the Company's accrued
operating expenses amounting to SGD21.1 million, which was
included in the portion "Other Payables."

Accord Customer explained that the accrued operating expenses
comprise mainly of:

     * staff related expenses of SGD4.0 million;

     * a provision for the bank loan of an associated company of
       SGD4.6 million;

     * audit fees of SGD1.3 million;

     * GST and other value added taxes of SGD0.7 million; and

     * finance expenses of SGD0.5 million.

The Company's First Quarter 2006 Report is available for free
at:

  http://bankrupt.com/misc/tcrap_accordcustomer051206.pdf  

As reported in its First Quarter Financials, the Company posted
a SGD2,461,000 loss, versus a SGD3,777,000 loss for the same
period in 2005.

The Company's balance sheet for the period reflected strained
liquidity, with SGD70,831,000 in total current assets available
to pay SGD89,295,000 in total current liabilities within the
next 12 months.

The Company did not declare any dividends for the current
financial period, nor for the corresponding period last year.

             About Accord Customer Care Solutions

Accord Customer Care Solutions -- http://www.accordccs.com/--  
is the leading provider of after market services for consumer
mobile communication and digital electronic devices in Asia
Pacific.  ACCS is a spin-off from supply network solutions
provider Accord Express Holdings Pte Limited.  ACCS provides a
wide spectrum of after market services to both its trade
partners and end consumers.  ACCS provides professional,
efficient and convenient services to its end consumers by
establishing one-stop single brand or multi-brand proximity
centers that are conveniently and strategically located.  ACCS
has been posting consecutive losses since the first quarter of
2005 due to bad investments, when it incurred a net loss of
SGD3.79 million.  Meanwhile, 12 of its former executives are
facing an ongoing case over a cheating scam involving mobile
phone giant Nokia.  The executives were accused of falsifying
phone repair claims to cheat Nokia out of SGD4.3 million.  They
were also charged with falsifying financial documents and
overstating profits.

The Company is currently in negotiations with its lenders to
restructure its financial obligations.  As part of the
negotiations with the lenders, repayment of these obligations is
intended to be repaid out of the proceeds from the Company's
recovery of its investments in non-operational assets.  The
timing of receipt of proceeds from the recovery is dependent on
stock market conditions and conclusion of negotiations.


BURNET INVESTMENTS: Creditors' Proofs of Debt Due on June 19
------------------------------------------------------------
The creditors of Burnet Investments Pte Limited are required to
prove their debts before the Company's liquidators on or before
June 19, 2006.

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

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


DUXTON HOTELS: Receives Proofs of Claim Until June 19
-----------------------------------------------------
Liquidators Chee Yoh Chuang and Lim Lee Meng are receiving
proofs of claim from creditors of Duxton Hotels International
Pte Limited until June 19, 2006.

Failure to submit claims by the due date will exclude any
creditor from sharing in any distribution the Company will make.

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


SEE HUP SENG: 2005 Net Loss Dips 73% to SGD1.6 Million
------------------------------------------------------
See Hup Seng Limited, on March 22, 2006, filed its Unaudited
Full Year Financial Statement for the fiscal year ended Dec. 31,
2005, with the Singapore Stock Exchange.

The Group reported a net loss of SGD1.6 million on SGD28.72
million of total revenues for fiscal 2005, which net loss is a
73.1%-decline from the previous year's SGD5.9 million.

The Group's balance sheet as of December 31, 2005, revealed
strained liquidity, with SGD12.8 million in current assets
available to pay SGD28.5 million of current liabilities coming
due within the next 12 months.

The Group's net current liabilities increased from SGD12.9
million in 2004 to SGD15.7 million in 2005.  The increase is due
to the debt owed to related parties of SGD3.3 million which has
been reclassified from long-term liabilities to current
liabilities as it has become repayable in 2006.  

Meanwhile, the Company's individual balance sheet also showed
strained liquidity with SGD6.5 million of current assets
available to pay SGD21.2 million of liabilities within 12
months.

As of December 31, 2005, the Group incurred accumulated losses
of SGD28 million, while that of the Company reached SGD25.8
million.

The Company's directors did not recommended a dividend for
fiscal 2005, as in fiscal 2004.

A full-text copy of the Group's 2005 Financial Statements is
available for free at:

   http://bankrupt.com/misc/tcrap_seehupsengfresults051906.pdf  

                About See Hup Seng Limited

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


SEE HUP SENG: Inks Debt Settlement Deals with Trade Creditors
-------------------------------------------------------------
See Hup Seng Limited, on May 18, 2006, entered into separate
debt settlement agreements with these trade creditors:

     * Allinton Engineering & Trading Pte Ltd;
     * Asia Airblast Pte Ltd, Aver Asia (S) Pte Ltd;
     * Cintai (S) Pte Ltd;
     * GI Obuchi Marine and Engineering Services;
     * Hempel (Singapore) Pte Ltd;
     * Jotun (Singapore) Pte Ltd;
     * Pan Marine Blasting Abrasives Pte Ltd;
     * Performance Coatings International Pte Ltd
     * Red Eagle Marine Services;
     * Richill Industries Pte Ltd;
     * Rotor Auto Electrical Pte Ltd;
     * Seamate Engineering Services;
     * Sin Hoe Heng Pte Ltd;
     * Star-Ray Pte Ltd;
     * Tat Sat Marine and Engineering Services;
     * Trek Investigations & Security Management Services; and
     * Y.H.L. Logistics Pte Ltd.

Pursuant to the Settlement Agreements, the Trade Creditors have
agreed to a settlement of their respective debts either:

   -- by the allotment and issue of ordinary shares in the
      capital of the Company to the trade creditor; or

   -- by the allotment and issue of ordinary shares in the
      capital of the Company and cash repayments in
      installments.

The Company also refers to the announcement dated October 29,
2003, in relation to the deeds of settlement entered between
Thomas Lim Siok Kwee, the Executive Chairman of the Company, and
SHS Holdings (Pte) Ltd.

Pursuant to the Deed of Settlement entered with Thomas Lim, a
sum of SGD2,244,726 due and owed by the Company to Thomas Lim
was settled.

SHS Holdings was subsequently liquidated pursuant to members'
voluntary liquidation and on April 1, 2005, the liquidator of
SHS Holdings declared a second capital distribution in specie of
the SHS Loan to Thomas Lim and Linguafranca Co., Ltd, the
shareholders of SHS Holdings, in the proportion of SGD1,796,762
and SGD473,238, respectively.

On May 17, 2006, Thomas Lim has given notice to the Company to
convert part of the loans due to him, amounting to SGD2,849,700
into 18,998,000 new ordinary shares of the Company.  The balance
loan amounting to SGD75.59 will be repaid by the Company in cash
to Thomas Lim.

An application will be made to the Singapore Exchange Securities
Trading Limited for the listing and quotation of 31,758,000 new
ordinary shares pursuant to the Settlement Arrangements.  An
appropriate announcement on the outcome of the application will
be made in due course.

More details of the settlement with Trade Creditors is available
for free at:

   http://bankrupt.com/misc/tcrap_seehupseng051906.pdf  

                 About See Hup Seng Limited

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


TRIMEGA BUSINESS: Faces Winding Up Proceedings
----------------------------------------------
PT Valu Trada Indonesia, on May 2, 2006, filed an application
for the winding up of Trimega Business Concepts Pte Limited.

The application will be heard before the High Court of Singapore
on May 26, 2006, at 10:00 a.m.

Contact: Navin & Co
         Solicitors for the Petitioner
         66 Circular Road #02-01
         Singapore 049420


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

BANK OF AYUDHYA: Fitch Revises Outlook on BB+ Rating to Positive
----------------------------------------------------------------
Fitch Ratings revised the outlook on Bank of Ayudhya Public
Company Ltd's Long-term Foreign Currency Issuer Default Rating
to positive from stable.  The rating agency also affirmed the
rating at BB+.

Moreover, Fitch affirmed the Company's Short-term foreign
currency rating at B, foreign currency subordinated debt rating
at BB, individual rating at D and support ratings at 3.   Fitch
Ratings also revised the Outlook on Bank of Ayudhya's National
Long-term rating to positive from stable, and affirmed the
rating at A.

The Company's national short-term rating was listed at F1(tha)
and National subordinated debt rating at A-(tha).


SINO-THAI: 1Q Financial Report Show THB5.47 Net Profit
-------------------------------------------------------
In its financial report for the first quarter ended March 31,
2006, submitted with the Stock Exchange of Thailand, Sino-Thai
Resources Development Public Company Ltd reported a THB5.47
million net profit, which is a 50% drop from last year's first
quarter profit of THB11.17 million.

Sino-Thai explains that the decrease is the result of the
Company's oil trading business severely affected by global oil
price volatility.  The Company recorded THB44.32 million in
revenues, compared to last year's first quarter revenue of
THB404.98 million.

        
                          *    *    *     
    
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.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                            Total
                                         Shareholders   Total
                                            Equity     Assets
Company                        Ticker       ($MM)       ($MM)
------                         ------    ------------   ------


AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX        21.39      -2.24
Allstate Explorations NL          ALX        12.65     -51.62
Austar United Communications Ltd  AUN       231.54     -52.58
Global Wine Ventures Limited      GWV        22.04      -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA      1696.65    -786.31
Indophil Resources NL             IRN        37.79     -69.96
Intellect Holdings Limited        IHG        23.98     -11.13
Namberry Limited                  NMB        15.12      -4.26
Orbital Corporation Limited       OEC        17.14      -3.67
RMG Limited                       RMG        22.33      -2.16
Stadium Australia Group           SAX       132.81     -45.03
Tooth & Company Limited           TTH       170.09     -72.91
Tourism, Hotels & Leisure Ltd.    TLC        15.76      -0.66

CHINA AND HONG KONG

Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
China Liaoning International
  Cooperation Holdings Ltd.       638        25.79     -43.45
China Kejian Co. Ltd.              35        57.73    -151.52
Datasys Technology Holdings      8057        14.10      -2.07
Daiei Inc.                       8263     15571.19   -3726.85
Daishinto Inc.                   9785       203.96     -13.65
Eforce Holdings Limited           943        10.31      -0.51
Fujian Changyuan Investment
   Holdings Limited               592        61.49     -17.80
Gold-Face Holdings Limited        396       193.41     -28.41
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd                   557        62.19    -115.50
Hainan Dadonghai Tourism          613        17.81      -6.63
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd     832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech                 620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       153.92     -29.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Genuine New Material        156        94.17     -65.04
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.46      -1.68
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenz China Bi-A                   17        50.08    -206.09
Shenz China Bi-B               200017        50.08    -206.09
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34       123.68     -21.06
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       228.05     -45.54
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd    600715        49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234        55.29     -46.27
Theme International
   Holdings Limited               990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

Ades Waters Indonesia Tbk        ADES        21.35      -8.93
Bukaka Teknik Utama Tbk          BUKK        44.45    -107.00
Hotel Sahid Jaya                 SHID        71.05      -4.26
Jakarta Kyoei Ste                JKSW        44.72     -38.57
Mas Murni Indonesia Tbk          MAMI        61.32     -24.95
Mas Murni Tbk (Saham Preferen)  MAMIP        61.32     -24.95
Modernland Realty Terbuka        MDLN       136.73     -13.90
Mulialand Tbk                    MLND       160.45     -19.82
Multibreeder Adirama Indonesia   MBAI        64.54      -2.31
Pakuwon Jati Tbk                 PWON       188.41     -50.78
Panca Wiratama Sakti Tbk         PWSI        39.72     -18.82
PT Steady Safe                   SAFE        19.65      -2.43
PT Toba Pulp Lestrari Tbk        INRU       403.58    -198.86
PT Unitex Tbk                    UNTX        29.08      -5.87
PT Voksel Electric Tbk           VOKS        44.01     -11.74
Sekar Bumi Tbk                   SKBM        23.07     -41.95
Surya Dumai Industri Tbk         SUDI       105.06     -30.49
PT Wicaksana Overseas
   International Tbk             WICO        84.36     -32.88


JAPAN

Daiei Inc.                       8263     15571.19   -3726.85
Daishinto Inc.                   9785       203.96     -13.65
Fujita Corporation               1725      2496.47   -1112.31
Hanaten Co Ltd                   9870       167.79      -1.63
Miyakoshi Corp.                  6766       949.59     -28.22
Sumitomo Mitsui Construction
   Company Limited               1821      5048.11   -2048.19
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd     5756       106.49     -12.55

MALAYSIA

CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        57.63     -61.56
Consolidated Farms Berhad       CFARM        38.50     -11.55
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Mentiga Corporation Berhad       MENT        21.59     -13.41
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        28.86      -8.43
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        14.45     -12.26
Setegap Berhad                    STG        34.44     -12.54
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       118.32    -176.02

PHILIPPINES

APC Group Inc.                    APC        87.34    -124.26
Atlas Consolidated Mining and
   Development Corp.               AT        32.94     -35.77
East Asia Power Resources Corp.   PWR       128.99     -19.44
Fil-Estate Corporation             FC        59.32      -6.12
Filsyn Corporation                FYN        21.90      -2.91
Filsyn Corporation               FYNB        21.90      -2.91
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        14.44      -7.05
Gotesco Land, Inc.                GOB        14.44      -7.05
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI       105.76     -83.47
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI        22.71      -2.38
United Paragon Mining Corp.       UPM        18.19     -12.04
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

ADV Systems Auto                  ASA        18.68      -6.50
China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        69.38     -10.18
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore
   Limited                        GUL       152.80     -27.74
Informatics Holdings Ltd         INFO        27.59      -6.73
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        39.20     -59.95
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.70     -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC        11.63      -7.88
Pacific Century Regional          PAC      1381.26    -107.11

SOUTH KOREA

Cenicone Co. Ltd.               56060        36.82      -1.46
C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Everex Inc.                     47600        23.15      -5.10
Inno Metal Inc.                 70080        28.56      -0.33
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44

THAILAND

Bangkok Rubber PCL                BRC        70.19     -56.98
Bangkok Rubber PCL              BRC/F        70.19     -56.98
Central Paper Industry PCL      CPICO        40.41     -37.02
Central Paper Industry PCL    CPICO/F        40.41     -37.02
Circuit Electronic
   Industries PCL              CIRKIT        61.30     -25.89
Circuit Electronic
   Industries PCL            CIRKIT/F        61.30     -25.89
Daidomon Group Pcl              DAIDO        12.92      -8.51
Daidomon Group Pcl            DAIDO/F        12.92      -8.51
Datamat PCL                       DTM        17.55      -1.72
Datamat PCL                     DTM/F        17.55      -1.72
Diana Department Store Pcl      DIANA        12.71      -1.71
Diana Department Store Pcl    DIANA/F        12.71      -1.71
Everland Public Company Ltd      EVER        56.71    -311.47
Everland Public Company Ltd    EVER/F        56.71    -311.47
Hantex PCl                        HTX        12.36      -1.83
Hantex PCl                      HTX/F        12.36      -1.83
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC        20.77     -28.13





                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
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                 *** End of Transmission ***