/raid1/www/Hosts/bankrupt/TCRAP_Public/060602.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, June 2, 2006, Vol. 9, No. 109
Headlines
A U S T R A L I A & N E W Z E A L A N D
ABP LIMITED: Commences Liquidation Proceedings
ALAN CROUCHER: Winds Up Business
AIR NEW ZEALAND: Sees Lower Profit on Higher Jet Fuel Prices
ALL STARFRUIT: Names John Vouris as Liquidator
AUSTSIDE HOLDINGS: Liquidator to Present Wind-up Report
BARZURK HAMILTON: Enters Voluntary Liquidation
BOWESCO PTY LTD: Appoints McGrathNicol+Partners as Receivers
CONSTELLATION LIMITED: Creditors' Proofs of Claim Due on June 16
CT JOINERY: To Distribute Dividend on June 6
DELAKE PTY: Creditors Agree on Firm's Wind-Up
DOCKI LTD: Meeting Results in Company Liquidation
EASTSIDE PROPERTIES: Shareholders Opt for Voluntary Liquidation
FARM FRESH: Liquidators to Receive Proofs of Claim until July 20
FINE POLISHED: Court to Hear CIR Liquidation Petition on June 12
FORTESCUE METALS: NCC Defends Miner's Need for Railway Access
FORUM FINANCIAL: Members Agree to Wind Up Firm
GENESIS RETAIL: Receivers Step Aside
GEOF PENHALL: Court to Hear CIR's Liquidation Bid on June 15
HIH INSURANCE: Ex-Director Knows of Omitted Prospectus Data
HEARTLAND MOTOR: Faces Wind-Up Proceedings
J.M.A. TRANSPORT: Ceases to Operate
K.A. GOODARD LTD: Final Meeting Fixed for Today
LASIKE COUPE: Creditors Must Prove Debts by June 8
LEGISTRO PTY: To Declare Dividend on June 9
MOUNT ATKINSON: Members Agree on Company Wind-up
NT PANEL & PAINT: Liquidator to Deliver Wind-up Report
PELICAN WATER: Supreme Court Orders Wind-up
PETTIGROVE ENTERPRISES: Creditors Appoint Liquidator
POLYBROOK ORCHARD: Appoints Liquidators from Worrells
PORTOLA HOLDINGS: R.T. McKenzie Named as Liquidator
QANTAS AIRWAYS: Appoints Ex-CEO to Board of Directors
RICO ENGINEERING: Prepares to Pay Dividend
WA&LA HAWKINS: Holds Final Meeting Today
WESTPOINT GROUP: ASIC Investigates KPMG Over Audit of Westpoint
C H I N A & H O N G K O N G
ASIA FOCUS: Court to Hear Wind-Up Petition on June 7
BEST & PRESTIGE: Company's Final Meeting Scheduled on June 27
BROAD LINK: Joint Liquidators to Present Wind-Up Report
CHAOMING LIMITED: Liquidators to Present Wind-up Report
FINSOFT LIMITED: Final Meeting of Members Set on June 26
KAWAMURA LIMITED: Creditors Meeting Set for June 16
LANDCOM REALITY: Liquidator to Present Wind-Up Report on June 28
LEADER MAX: Creditors Meeting Set for June 9
LOHART TRADING: Creditors' Proofs of Claim Due on June 15
MARKETING RESEARCH: Members Final Meeting Set for June 26
MORE ELEGANT: Faces Wind-Up Proceedings
OVERTURE COMPANY: Liquidator to Present Wind-Up Report
PACIFIC POSTMAN: Final Meetings Set for June 27
PACIFIC WINES: Members and Creditors to Convene on June 23
WAH SUN: Creditors Must Submit Proofs of Debt by June 28
WHOLE WIN: Court Appoints Administrator for Company's Property
I N D I A
DUNLOP INDIA: Ruia Lays Down Expansion Plans
ICHALKARANJI JIVESHWAR: RBI Cancels License Due to Insolvency
NATIONAL TEXTILE: Seeks New Joint Venture Model for Revival
SILVERLINE TECHNOLOGIES: Bags North American Software Contract
I N D O N E S I A
NEWERA FOOTWEAR: Pefindo Cuts Ratings to "idCCC"
J A P A N
JAPAN AIRLINES: To Buy Fuel Directly from AOC to Cut Costs
SANYO ELECTRIC: Foregoes Retirement Payments to Ex-Officials
K O R E A
HYUNDAI MOTOR: Kia Overseas Rep's Petition for Chung's Release
M A L A Y S I A
APEX EQUITY: Clocks MYR1.7-Million Profit in First Quarter
APEX EQUITY: To Hold 16th AGM on June 22
ARTWRIGHT HOLDINGS: Disposal of SAM Boosts Profits
BUKIT KATIL: Unable to Repay Loan Facilities Due to Insolvency
CHG INDUSTRIES: March Balance Sheet Shows Strained Liquidity
CHG INDUSTRIES: Faces Delisting Over Failure to File 2005 AAA
CME GROUP: Releases First Quarter Results
MANGIUM INDUSTRIES: Books MYR1.034-Million Loss in First Quarter
MULPHA LAND: Exits Practice Note 17 Category
PJI HOLDINGS: Lower Revenue and High Costs Drive Losses
UNITED CHEMICAL: Results Plunge Deeper Into the Red
P H I L I P P I N E S
ACESITE PHILS: Turns Around With PHP13.49 Million Net Income
ATLAS CONSOLIDATED: Schedules Annual Meeting on July 31
BENGUET CORPORATION: PSE Suspends Shares Trading
LAFAYETTE MINING: Rapu-Rapu Project Still Viable
MANILA ELECTRIC: Appoints Directors and Independent Auditor
* PSE Suspends Shares Trading in 7 Firms for Failure to Comply
S I N G A P O R E
ACACIA CONSTRUCTION: Creditors' Proofs of Claim Due on June 9
EASYCALL INTERNATIONAL: Books Lower Profit for Year 2005-06
GLOBAL ENTERPRISE: Receiving Proofs of Claim Until June 26
LIANG HUAT: Inks Investment Deal with Ho Lee Group
PCCHIP COMPUTER: Receiving Proofs of Debt Until June 12
THOMAS PRODUCTS: Proofs of Claim Bar Date Set for June 26
UNITY OVERSEAS: Declares First and Final Dividend
T H A I L A N D
TOT PLC: Court Accepts Appeal to Overturn Ruling
* 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
============================================
ABP LIMITED: Commences Liquidation Proceedings
----------------------------------------------
ABP Limited, formerly known as Airport Business Park, commenced
its liquidation proceedings on April 6, 2006. Gordon L. Hansen
was named as liquidator for the Company.
Mr. Hansen requests the Company's creditors to submit their
proofs of claim by June 6, 2006, in order to be included in any
distribution the Company will make.
Contact: Gordon L. Hansen
Liquidator for ABP Limited
Goldsmith Fox PKF
P.O. Box 13141,
Christchurch, New Zealand
Telephone: (03) 366 6706
Facsimile: (03) 366 0265
ALAN CROUCHER: Winds Up Business
--------------------------------
The members of Alan Croucher & Associates Pty Limited convened
on April 10, 2006, and decided to shut down the Company's
business.
Creditors nominated Christopher Wykes to act as liquidator for
Alan Croucher.
Contact: Christopher Wykes
Liquidator
Lawler Partners Chartered Accountants
Level 7, 1 Margaret Street
Sydney, New South Wales 2000
Australia
AIR NEW ZEALAND: Sees Lower Profit on Higher Jet Fuel Prices
------------------------------------------------------------
Air New Zealand Ltd. is expected to post reduced profit for the
fiscal year ending June 30, 2006, due to higher jet fuel prices,
the New Zealand Herald reports.
The AFX News Limited recounts that Air NZ released an earnings
guidance in November 2005 saying that its full-year profit
before tax and one-off items would be NZ$140 million, down from
the NZ$235 million profit a year earlier.
The Herald relates that the average market forecast for Air NZ's
full-year net profit had dropped further to NZ$105 million from
the reduced NZ$112 million projection four weeks ago. The
Company's net profit in the previous financial year was NZ$180
million.
Radio New Zealand cites Air NZ as saying in a commentary
accompanying its March and April operating statistics that the
reductions are consistent with the fact that average jet fuel
prices have increased from US$72 a barrel in the first half to
US$78 a barrel in the second half of this financial year.
In April, Air NZ raised airfares by 10%, as jet fuel prices
peaked at US$90 a barrel, Radio NZ says. The carrier reported
that passenger numbers rose by 2.5% to 2.2 million in March and
April, while seat capacity rose 2%.
The airline says it expects to expand market share in Asia after
the introduction of bigger, more fuel-efficient aircraft, a new
direct flight to Shanghai, and its new service to London via
Hong Kong.
About Air New Zealand
Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.
As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005. Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model. Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1,071 million held
as at June 30, 2005. However, while Air NZ has a solid position
in New Zealand and other parts of the international network are
performing well, intense competition on trans-Tasman routes has
resulted in it being unprofitable for Air NZ. International
competition also limits Air NZ's ability to expand. Its
management is also aware of the airline's vulnerability to
external shocks and the actions of key competitors.
Moody's had expressed concern regarding the airline's limited
track-record since the collapse of Ansett Australia in 2001.
However, FY2004 and FY2005 results have been in line with
expectations. Air NZ has signaled that the recent increases in
fuel price will adversely affect profitability in 2006, with the
potential to decrease profit by 40% from 2005. Moody's believes
that this drop, which would result in EBITDAR/(Interest +Rent)
between 2.0x and 2.4x, and Adjusted Debt/EBITDAR of just under
5x, would not adversely affect the rating of the airline.
Moody's expected Air NZ to have significant capital expenditure
requirements over the next three years -- which will be funded
from a combination of operating cash flow, debt and operating
leases -- as it acquires additional aircraft. However, Moody's
considered the increased debt load to be manageable within Air
NZ's rating. The company is expected to be free cash flow
positive from 2007. Moody's said that if fuel prices continued
high for the medium to long term and no rationalization in
trans-Tasman routes were forthcoming, then Air NZ's credit
metrics could be negatively affected. Operating margin less
than 3%, EBITDAR/(Interest+Rent) less than 2x and Adjusted
Debt/EBITDAR greater than 5.5x would be a trigger for Moody's to
review the rating.
ALL STARFRUIT: Names John Vouris as Liquidator
----------------------------------------------
At a meeting held on April 4, 2006, the members of All Starfruit
Pty Limited decided to voluntarily wind-up the Company's
operations.
John Vouris, of Vouris & Bell, was appointed as liquidator.
Contact: John Vouris
Liquidator
Vouris & Bell Chartered Accountants
Level 9, 4 O'Connell Street
Sydney, New South Wales 2000
Australia
Telephone: 9232 6800
AUSTSIDE HOLDINGS: Liquidator to Present Wind-up Report
-------------------------------------------------------
A final meeting of the members and creditors of Austside
Holdings Pty Ltd will be held today, June 2, 2006. At the
meeting, Liquidator Robert M.H. Cole will report the activities
that took place during the wind-up period as well as the manner
by which the Company's property was disposed of.
Contact: Robert M. H. Cole
Liquidator
Cole Downey & Co. Chartered Accountants
6 Moorabool Street, Geelong
Victoria 3220, Australia
BARZURK HAMILTON: Enters Voluntary Liquidation
------------------------------------------------
On May 11, 2006, shareholders of Barzurk Hamilton Ltd passed a
resolution to voluntarily liquidate the Company.
Michael Crawford was appointed as liquidator to oversee the
Company's liquidation process.
Contact: Michael Crawford
P.O. Box 17, Hamilton
New Zealand
Telephone: (07) 838 4800
Facsimile: (07) 838 4810
BOWESCO PTY LTD: Appoints McGrathNicol+Partners as Receivers
------------------------------------------------------------
Shaun Robert Fraser and John Patrick Cronin, of
McGrathNicol+Partners, were appointed as receivers and managers
of all the assets and undertakings of Bowesco Pty Limited on
April 4, 2006.
Contact: John P. Cronin
Shaun R. Fraser
Receivers and Managers
McGrathNicol+Partners
Level 32, Central Plaza One
345 Queen Street, Brisbane
Queensland 4000, Australia
Telephone: (07) 3333 9820
Web site: http://www.mcgrathnicol.com.au/
CONSTELLATION LIMITED: Creditors' Proofs of Claim Due on June 16
----------------------------------------------------------------
Constellation Properties Ltd's liquidators, Rachel Mason and
Jeffrey Phillip Meltzer, of Meltzer Mason Heath, requires the
creditors of the Company to submit their proofs of claim on or
before June 16, 2006.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Rachel Mason
Meltzer Mason Heath,
Chartered Accountants,
P.O. Box 6302, Wellesley Street,
Auckland, New Zealand
Telephone: (09) 357 6150
Facsimile: (09) 357 6152
CT JOINERY: To Distribute Dividend on June 6
--------------------------------------------
CT Joinery Pty Limited will distribute its first and final
dividend on June 6, 2006.
Creditors are required to submit their proofs of claim on or
before June 5, 2006, in order to share in any distribution.
The Company's final meeting will also be held on June 6, 2006,
at 10:15 a.m., for members and creditors to receive Liquidator
Gerry Mier's report on the Company's wind-up and property
disposal.
Contact: Gerry J. Mier
Liquidator
KPMG
Level 13, Cairns Corporate Tower
15 Lake Street, Cairns
Queensland 4870, Australia
DELAKE PTY: Creditors Agree on Firm's Wind-Up
---------------------------------------------
The creditors of Delake Pty Ltd met on April 12, 2006, and
agreed to:
-- wind-up the Company's business operations; and
-- appoint Gideon Ratner and David Coyne, of Lowe Lippmann,
as liquidators to manage the Company's wind-up activities.
Contact: David Coyne
Gideon Ratner
Liquidators
Lowe Lippmann Chartered Accountants
5 St. Kilda Road, St. Kilda
Victoria 3182, Australia
DOCKI LTD: Meeting Results in Company Liquidation
-------------------------------------------------
At a general meeting of Docki Pty Limited on April 11, 2006,
members opted to wind up the Company's business operations and
distribute the proceeds of its assets.
Eddie Muscat, of Insolvency Personnel, was appointed as
liquidator for the Company.
Contact: Eddie Muscat
Liquidator
Insolvency Personnel
10 St. Clems Street, St. Helena
Victoria 3088, Australia
EASTSIDE PROPERTIES: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------------------
On May 11, 2006, shareholders of Eastside Properties Ltd passed
a resolution to voluntarily liquidate the Company.
Michael Crawford was subsequently appointed liquidator to
oversee the liquidation process.
Contact: Michael Crawford
Liquidator
P.O. Box 17, Hamilton
New Zealand
Telephone: (07) 838 4800
Facsimile: (07) 838 4810
FARM FRESH: Liquidators to Receive Proofs of Claim until July 20
----------------------------------------------------------------
The Farm Fresh salmon Company Ltd's liquidators, Stephen John
Tubbs and Warren Michael Johnstone, will be receiving creditors'
proofs of claim on or before July 20, 2006.
Failure to timely submit proofs of claim will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Stephen Tubbs
Warren Michael Johnstone
BDO Spicers, Level 6,
Spicer House, 148 Victoria Street,
Christchurch, New Zealand
Telephone: (03) 379 5155
Facsimile: (03) 366 1571
FINE POLISHED: Court to Hear CIR Liquidation Petition on June 12
----------------------------------------------------------------
The Commissioner of Inland Revenue, on May 2, 2006, filed a
petition to liquidate Fine Polished Concrete Ltd with the High
Court of Napier.
The Court will hear the CIR Petition on June 15, 2006, at 10:00
a.m.
Contact: R.J. Collins
Solicitor for the Commissioner of Inland Revenue
Elvidge & Partners, Solicitors
Corner of Raffles and Bower Streets,
Napier, New Zealand
FORTESCUE METALS: NCC Defends Miner's Need for Railway Access
-------------------------------------------------------------
The National Competition Council told a Senate Estimates
Committee on May 30, 2006, that millions of dollars worth of
iron ore could be stranded in the Western Australia region if
Fortescue Metals Group Ltd. does not reach a rail deal to ship
the material to a nearby port, the Sydney Morning Herald says.
In a report on May 23, 2006, MarketWatch said that the
Australian Government had barred Fortescue from gaining access
to BHP Billiton's Pilbara rail line. The BHP rail deal would
have allowed Fortescue to use its own trains to cart 60-70
million tonnes of iron ore in the next decade on BHP's rail line
from the small Mindy Mindy deposit to Port Hedland.
With Federal Treasurer Peter Costello's rejection of Fortescue's
application to use the BHP railway, the miner will have to pay
BHP to ship the ore or build its own rail infrastructure.
Moreover, MarketWatch relates that Treasurer Costello's ruling
wiped 17% or AU$292 million from Fortescue's market
capitalization.
The Australian Associated Press recounts that the NCC has
earlier recommended that Fortescue be granted the right to
negotiate with BHP Billiton to use its 295-kilometer rail line
to Port Hedland. However, Treasurer Costello dismissed the
NCC's recommendation without providing more details regarding
his decision.
MarketWatch says that Treasurer Costello's ruling follows
reports that the Western Australian state government switched
support from Fortescue and lobbied Canberra to reject the NCC
recommendation on the basis that a state-based regime would be
more effective. Treasurer Costello's decision, made amid
surging iron ore profits and royalties, came a month after the
state government blocked explorer Cazaly Resources Ltd. from
developing a Pilbara iron ore deposit and returned it to Rio
Tinto Plc.
ABC News Online says that the NCC's chief executive officer,
John Feil, told the Senate that it was far too expensive for
junior resources companies to build new rail lines. Mr. Feil
said that unless the WA Government came up with an access
arrangement for Fortescue, the Company might be left with no way
of shipping the iron ore itself.
West Australian Treasurer Eric Ripper notes that the Government
is negotiating with the major resources companies in the region
for a haulage agreement for third parties. He added that BHP
Billiton, on the other hand, has told the Government that it
will negotiate in good faith on the matter.
About Fortescue
Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.
Fortescue's troubles began when its Chief Executive Officer,
Andrew Forrest, admitted to a AU$500-million blowout on the cost
of port and rail infrastructure in the Pilbara Project because
of price hikes for steel, fuel, construction materials and
contract labor. The Company also disclosed that the hampered
progress brings in the possibility that the Company may not meet
its ore delivery schedule and pushes up costs at resource
developments across Western Australia. In May 2005, the
Australian Stock Exchange pressured Fortescue to explain matters
about the troubled project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products. The ASX referred the Fortescue matter to the
Australian Securities and Investments Commission, which recently
commenced a legal action against the Company.
ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on Aug. 23 and November 5, 2004. In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters. ASIC
is seeking civil penalties of up to AU$3 million against
Fortescue.
FORUM FINANCIAL: Members Agree to Wind Up Firm
----------------------------------------------
At a meeting of Forum Financial Services Pty Limited held on
April 12, 2006, members decided to voluntarily wind up the
Company's business operations.
Contact: Graham Patrick Brown
Liquidator
Graham P. Brown Pty Limited
216 Victoria Street, Taree
New South Wales 2430, Australia
Telephone: (02) 6551 6660
GENESIS RETAIL: Receivers Step Aside
------------------------------------
David John Cranstoun and John Feddema ceased to act as receivers
and managers of the property of Genesis Retail Pty Limited on
April 10, 2006.
GEOF PENHALL: Court to Hear CIR's Liquidation Bid on June 15
--------------------------------------------------------------
An application to liquidate Geoff Penhall Builders Ltd will be
heard before the High Court of Napier on June 15, 2006, at 10:00
a.m.
The Commissioner of Inland Revenue filed the application before
the High Court on April 26, 2006.
Contact: R.J. Collins
Solicitor for the Commissioner of Inland Revenue
Elvidge & Partners, Solicitors
Corner of Raffles and Bower Streets,
Napier, New Zealand
HIH INSURANCE: Ex-Director Knows of Omitted Prospectus Data
-----------------------------------------------------------
The Australian Securities and Investments Commission told a
Sydney Court on June 1, 2006, that HIH Insurance Limited's
former finance director, Dominic Fodera, signed off on an HIH
prospectus despite knowing that relevant information was
omitted, The Australian notes.
According to the report, Mr. Fodera appeared in the Downing
Centre Local Court in Sydney at the start of a two-day committal
hearing. Mr. Fodera is facing seven charges under corporations
law, including authorizing a prospectus containing a material
omission that may have "significant ramifications" for HIH.
The ASIC asserts that the HIH prospectus, which Mr. Fodera
signed in 1998, sought AU$150 million from investors for a
takeover of FAI Insurances Limited and FAI General Insurance
Company.
HIH took over FAI for AU$300 million that year, and the takeover
has been partly blamed for HIH's collapse in March 2001.
It is alleged that the prospectus failed to disclose the full
details of previous agreements between HIH and co-underwriter
Societe Generale Australia, The Australian says.
Barrister Alan MacSporran, SC, appearing on behalf of the
commonwealth Director of Public Prosecutions, said that if the
full details of the transaction had been made known to
investors, the capital raising may not have been able to
proceed.
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.
HEARTLAND MOTOR: Faces Wind-Up Proceedings
------------------------------------------
An application to put Heartland Motor Inn Ltd into liquidation
will be heard before the High Court of Auckland on July 6, 2006,
at 10:00 a.m.
Bernard Spencer Montgomerie, receiver of Gervain holdings Ltd,
filed the application before the High Court on April 21, 2006.
Contact: Philip Latham Rice
Solicitor for the Plaintiff
Grove Darlow & Partners, Solicitors
Level Ten, 51 53 Shortland Street,
Auckland, New Zealand
J.M.A. TRANSPORT: Ceases to Operate
-----------------------------------
The members of J.M.A. Transport Serivces Pty Limited convened at
a general meeting on April 11, 2006, and agreed that a voluntary
wind-up of the Company's operations is appropriate and
necessary.
In this regard, Robert Molesworth Hobill Cole, of Cole Downey &
Co, was appointed as liquidator for J.M.A. Transport.
Contact: Robert M. H. Cole
Liquidator
Cole Downey & Co. Chartered Accountants
Unit 2, 6 Moorabool Street
Geelong, Victoria 3220
Australia
K.A. GOODARD LTD: Final Meeting Fixed for Today
-----------------------------------------------
A final meeting of the members of K.A. Goodard Pty Limited will
be held today, June 2, 2006, in order for Liquidator Roderick
Mackay Sutherland to report on the manner of the Company's
winding up and disposal of property.
Contact: Roderick M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9233 2111
Fax: (02) 9233 2144
LASIKE COUPE: Creditors Must Prove Debts by June 8
--------------------------------------------------
Lasike Coupe Building Contractors Ltd's liquidators, Henry David
Levin and David Stuart Vance, requires the creditors of the
Company to submit their proofs of claim on or before June 8,
2006.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Henry David Levin,
David Stuart Vance
McCallum Petterson
Level 11, Forsyth Barr Tower,
55-65 Shortland Street,
Auckland, New Zealand
Telephone: (09) 336 0000
Facsimile: (09) 336 0010
LEGISTRO PTY: To Declare Dividend on June 9
-------------------------------------------
Legistro Pty Limited will declare its first and final dividend
on June 9, 2006, to the exclusion of its creditors who were
unable to prove their claims.
Contact: John Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney, New South Wales 2000
Australia
Telephone: 9240 9702
Web site: http://www.pkf.com.au/
MOUNT ATKINSON: Members Agree on Company Wind-up
------------------------------------------------
At a general meeting on April 12, 2006, members of Mount
Atkinson Pty Limited agreed to close the Company's business and
distribute the proceeds of its assets.
B. A. Secatore was appointed as liquidator for the Company.
Contact: B. A. Secatore
Liquidator
Bentleys MR1
114 William Street, Melbourne 3000
Australia
NT PANEL & PAINT: Liquidator to Deliver Wind-up Report
------------------------------------------------------
The members and creditors of NT Panel & Paint Pty Limited will
hold a final meeting today, June 2, 2006, to get an account of
the manner of the Company's wind-up and property disposal from
Liquidator Danny Vrkic.
Contact: Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong
Level 3, 6-8 Regent Street
Wollongong, New South Wales 2500
Australia
Telephone: 02 4225 2545
Fax: 02 4225 2546
PELICAN WATER: Supreme Court Orders Wind-up
-------------------------------------------
The Supreme Court of New South Wales ordered the winding up of
Pelican Water Development Pty Limited on April 20, 2006, and
appointed R. J. Porter as liquidator.
Contact: R. J. Porter
Liquidator
Moore Stephens Chartered Accountants
Level 6, 460 Church Street
Parramatta, New South Wales 2150
Australia
PETTIGROVE ENTERPRISES: Creditors Appoint Liquidator
----------------------------------------------------
Following a special resolution passed by the creditors of
Pettigrove Enterprises Pty Limited on April 12, 2006, K.L.
Sutherland, of Bent & Cougle Pty Limited, was appointed as
liquidator to supervise the Company's wind-up activities.
Contact: K.L. Sutherland
Liquidator
Bent & Cougle Pty Limited Chartered Accountants
Level 5, 332 St. Kilda Road
Melbourne, Victoria 3004
Australia
POLYBROOK ORCHARD: Appoints Liquidators from Worrells
-----------------------------------------------------
The members of Pollybrook Orchard Pty Limited met on April 13,
2006, and appointed Paul Burness and Matthew Jess, of Worrells
Solvency & Forensic Accountants, as liquidators to supervise the
Company's wind-up activities.
Contact: Paul Burness
Matthew Jess
Liquidators
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne, Victoria 3000
Australia
Telephone: (03) 9613 5510
Fax: (03) 9614 3233
Web site: http://www.worrells.net.au/
PORTOLA HOLDINGS: R.T. McKenzie Named as Liquidator
---------------------------------------------------
Roderick Thomas McKenzie was named liquidator for Portola
Holdings Ltd on May 12, 2006, after the Company's shareholders
agreed to voluntarily liquidate the Company.
Contact: Roderick Thomas McKenzie
McKenzie & Partners Limited,
Level One, 484 Main Street
(P.O. Box 12-014), Palmerston North
New Zealand
Telephone: (06) 354 9639
Facsimile: (06) 356 2028
QANTAS AIRWAYS: Appoints Ex-CEO to Board of Directors
-----------------------------------------------------
Qantas Airways Ltd. appointed its former chief executive
officer, James Strong, to its board of directors, the Sydney
Morning Herald reports, citing Bloomberg News.
The Sydney Herald recounts that Mr. Strong ran the airlines from
1993 to 2001, overseeing its switch from government ownership to
sharemarket listing.
In a statement, Qantas says that Mr. Strong will fill a non-
executive vacancy on the board from July 1, 2006.
About Qantas Airways
Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe. The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa. The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.
Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well. The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events. These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft. In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China. In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s. Qantas went into another round of job cuts
in late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year, and yet
another one announced in February 2006 amidst uncertainty of
outsourcing the airline's heavy maintenance works overseas.
The Troubled Company Reporter - Asia Pacific reported on May 19,
2006, that Qantas will slash 1,000 management, support and
administration jobs by the end of 2006 to counter a looming AU$1
billion surge in its fuel bill.
RICO ENGINEERING: Prepares to Pay Dividend
------------------------------------------
Rico Engineering Pty Limited will declare a final dividend for
priority creditors on June 9, 2006.
Creditors who were not able to prove their claims are excluded
from sharing in the dividend distribution.
Contact: Ray Richards
Liquidator for Rico Engineering
SimsPartners
Level 11, 145 Eagle Street
Brisbane, Queensland 4000
Australia
WA&LA HAWKINS: Holds Final Meeting Today
----------------------------------------
The members and creditors of WA & LA Hawkins Transport Pty
Limited will hold a final meeting today, June 2, 2006, to
receive the report of Liquidator Robert M.H. Cole regarding the
Company's wind-up and disposal of property.
Contact: Robert M. H. Cole
Liquidator
Cole Downey & Co. Chartered Accountants
6 Moorabool Street, Geelong
Victoria 3220, Australia
WESTPOINT GROUP: ASIC Investigates KPMG Over Audit of Westpoint
---------------------------------------------------------------
The Australian Securities and Investment Commission is
investigating accounting firm KPMG over its audit of Westpoint
Group, The Age reports.
The Australian Associated Press relates that KPMG is
investigated for signing off on the Westpoint accounts before
the property group collapsed late last year, leaving about 4,000
investors more than AU$300 million worse off.
KPMG specifically signed an unqualified Westpoint audit report
in 2004 and potentially breached its obligation to report any
solvency concerns, the AAP says. Moreover, ASIC chairman Jeff
Lucy stated that KPMG approved the so-called independent
"research house document", a crucial report for financial
planners and investors that gave Westpoint products a positive
financial assessment.
According to the Sydney Morning Herald, ASIC investigators in
Perth, Sydney, Melbourne and Brisbane are sifting through
thousands of boxes of documents that may provide evidence to
support a claim against the accounting firm.
The Sydney Herald says that ASIC is considering commencing a
professional negligence action against KPMG to seek recovery of
investors' money if Westpoint's liquidators and receivers did
not do so first.
A report by The Australian states that ASIC is also taking aim
at the financial planners who took large commissions in
channelling investors into the Westpoint finance group.
The Australian cites Mr. Lucy as saying that "please explain"
letters had been sent to 37 financial planning groups, with
clients involved in the Westpoint group, and to entities
relating to Westpoint directors.
About Westpoint Group
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group. ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments. These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years. These wind-up actions are still
continuing.
In February 2006, a wind-up order was issued by the Federal
Court in Perth against Westpoint Corporation Pty Ltd. ASIC had
applied to wind up the company on grounds of insolvency. ASIC
believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors. The Westpoint
Group's collapse is considered by many as the largest of its
type in recent years, with small investors being the biggest
group affected. Investors are currently joining forces to
commence a class action against Westpoint and its advisors.
================================
C H I N A & H O N G K O N G
================================
ASIA FOCUS: Court to Hear Wind-Up Petition on June 7
----------------------------------------------------
On April 6, 2006, Wing Hung Knitters Ltd filed a petition to
wind up Asia Focus International holdings Ltd before the High
Court of Hong Kong.
The Court will hear the Petition on June 7, 2006, at 9:30 a.m.
Contact: Charles Yeung Clement
Solicitor for the Wing Hung Knitters
13/F., Grand Building
18 Connaught Road Central
Hong Kong
Telephone: 2521 3483
Facsimile: 2810 5581
BEST & PRESTIGE: Company's Final Meeting Scheduled on June 27
-------------------------------------------------------------
A final general meeting of the members of Best & Prestige
Company Ltd will be held at Room 1701, Olympia Plaza, 255 King's
Road, in North Point, Hong Kong, on June 27, 2006, at 10:00 a.m.
The meeting of creditors will be held immediately afterwards.
During the meetings, Liquidator Lui Wan Ho will present his
final accounts regarding the Company's wind-up operations.
BROAD LINK: Joint Liquidators to Present Wind-Up Report
-------------------------------------------------------
Liquidators Stephen Liu Yiu Keung and Robert Armor Morris of
Broad Link Limited will present their final accounts regarding
the Company's wind-up operations.
The presentation will be held at the final general meeting of
members of the Company at 18/F., Two International Finance
Centre, 8 Finance Street, in Central, Hong Kong, on June 27,
2006, at 10:00 a.m.
CHAOMING LIMITED: Liquidators to Present Wind-up Report
-------------------------------------------------------
Liquidators Alan Chung Wah Tang and Alison Wong Lee Fung Ying
will present their final accounts regarding Chaoming Ltd's wind-
up operations.
The presentation will be held at the Company's Creditors and
Contributories annual meeting at the Liquidators' office at
Gloucester Tower, in Cantral, Hong Kong, on June 14, 2006, at
11:00 a.m. and 11:30 a.m., respectively.
Contact: Alan Chung Wah Tang
Alison Wong Lee Fung Ying
13/F., Gloucester Tower,
The Landmark,
11 Pedder Street,
Central, Hong Kong
FINSOFT LIMITED: Final Meeting of Members Set on June 26
--------------------------------------------------------
Members of Finsoft Limited will have their final general meeting
at 11/F., Onfem Towee, 29 Wyndham Street, in Central, Hong Kong,
on June 26, 2006, at 10:00 a.m.
During the meeting, Finsoft's liquidators, Selwyn Mar and Wong
Yue Ting, will present their final accounts regarding the
Company's wind-up operations.
KAWAMURA LIMITED: Creditors Meeting Set for June 16
---------------------------------------------------
Creditors of Kawamura Company Limited will convene on June 16,
2006, at 11:00 a.m., at Room 1005, Allied Kajima Building, 138
Gloucester Road, in Wanchai, Hong Kong.
The purpose of the meeting is to determine whether or not to
accept certain accounts receivable to be bad debt.
LANDCOM REALITY: Liquidator to Present Wind-Up Report on June 28
----------------------------------------------------------------
Tse Chun Yip, the appointed liquidator for Landcom Reality Ltd,
will present his final accounts regarding the Company's wind-up
operations.
The presentation will be held at the final general meeting of
the Company's members on June 28, 2006, at 10:00 a.m., at the
liquidator's office.
Contact: Tse Chun Yip
25/F., Man Yee Bldg
68 Des Voeux Road, Central,
Hong Kong
LEADER MAX: Creditors Meeting Set for June 9
--------------------------------------------
The Board of Directors of Leader Max Limited ordered for a
meeting of the Company's creditors on June 9, 2006, at 10:30
a.m., at Office B, 4/F., Kiu Fu Commercial Bldg, 300 Lockhart
Road, in Wan Chai, Hong Kong.
The purpose of the meeting is mentioned under different sections
of the Companies Ordinance.
LOHART TRADING: Creditors' Proofs of Claim Due on June 15
---------------------------------------------------------
Lohart Trading (HK) Company Ltd's liquidator, Tsang Chi Fai,
requires the creditors of the Company to submit their proofs of
claim by June 15, 2006.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Tsang Chi Fai
Unit 701, 7/F.,
Join-in Hang Sing Centre,
71-75 Container Port Road,
Kwai Chung, New Territories,
Hong Kong
MARKETING RESEARCH: Members Final Meeting Set for June 26
---------------------------------------------------------
Members of Marketing Research Society of Hong Kong Ltd will meet
for their final general meeting at the office of the Company's
liquidator on June 26, 2006, at 12:00 p.m.
During the meeting, Liquidator Dean Edwards will present his
final report regarding the Company's wind-up operations.
Contact: Dean Edwards
9/F., Leighton Centre
77 Leighton Road, Causeway Bay
Hong Kong
MORE ELEGANT: Faces Wind-Up Proceedings
---------------------------------------
An application to wind up More Elegant Ltd will be heard before
the High Court of Hong Kong on July 12, 2006, at 9:30 a.m.
Ka Wah Container Storage Ltd filed the application before the
High Court on May 15, 2006.
Contact: Chow Griffiths & Chan
Solicitor for the Petitioner
Rooms 1902-4, 19/F Floor,
Hang Seng Bldg,
77 Des Voeux Road, Central,
Hong Kong
OVERTURE COMPANY: Liquidator to Present Wind-Up Report
------------------------------------------------------
Members of Overture Company Ltd will convene for their final
general meeting at 45/F., Sun Hung Kai Centre, in 30 Harbour
Road, Hong Kong, on June 26, 2006, at 10:00 a.m.
During the meeting, Liquidator Bernard Pun Wing Mou will present
his final accounts regarding the Company's wind-up.
PACIFIC POSTMAN: Final Meetings Set for June 27
-----------------------------------------------
Members and Creditors of Pacific Postman Ltd will convene for
their final meeting on June 27, 2006, at 10:00 a.m. and 10:15
a.m., respectively, at Room 1801A, 18/F., Sunbeam Commercial
Bldg, Nathan Road, in Kowloon, Hong Kong.
During the meeting, Liquidator Ho Wai Ip will present his final
accounts regarding the Company's wind-up.
PACIFIC WINES: Members and Creditors to Convene on June 23
----------------------------------------------------------
Members and Creditors of Pacific Wines and Spirits Ltd will
convene for their final meeting at the liquidator's office on
June 23, 2006, at 11:00 a.m. and 11:30 a.m., respectively.
During the meeting, Liquidator Lo Shing Chai will present his
final report on the Company's wind-up.
Contact: Lo Shing Chai
Rm. 803, Hang Seng Wanchai Bldg,
200 Hennessy Rd., Wanchai,
Hong Kong
WAH SUN: Creditors Must Submit Proofs of Debt by June 28
--------------------------------------------------------
Wah Sun International Enterprise Ltd's liquidator, Young Wai
Ching, is receiving proofs of debt from the Company's creditors
until June 28, 2006.
Failure to timely submit the proofs of claim will exclude any
creditor from the benefits of any distribution the Company will
make.
Contact: Young Wai Ching
24/F., Prosperous Commercial Bldg,
54-58 Jardine's Bazaar, Causeway Bay,
Hong Kong
WHOLE WIN: Court Appoints Administrator for Company's Property
--------------------------------------------------------------
The Securities and Futures Commission of Hong Kong, on June 1,
2006, disclosed that John Lees, of John Lees & Associates Ltd,
has been appointed by the court to administer the property of
Whole Win Securities Ltd and the property it holds on behalf of
its clients.
The Commission applied for the appointment of an administrator
under Section 213 of the Securities and Futures Ordinance.
The action follows a restriction notice that was issued by the
SFC against Whole Win on May 26, 2006. The restriction notice
prohibits Whole Win from carrying on the business of dealing in
securities and from dealing with or disposing of its property
and the property of its clients.
The administrator, according to the SFC, was appointed
principally to protect the interests of Whole Win's clients.
Moreover, the court has granted the administrator wide powers
including the power to investigate Whole Win's affairs, to
verify clients' claims and, subject to first obtaining a
direction from the court, to return client assets.
The SFC relates that it asked the administrator to focus first
on establishing the position of cash clients and returning their
securities.
According to the SFC, in addition to serious deficiency in Whole
Win's liquid capital and the provision of false and misleading
financial returns, the ongoing investigation by the SFC staff
has revealed evidence to suggest that Whole Win has pledged the
stock of some cash clients to its banks without due
authorization, in breach of the Securities and Futures Rules.
There is also evidence to suggest that Whole Win has failed to
keep cash clients' money in a segregated account at all times,
in breach of the Securities and Futures Rules, SFC adds.
This prompted SFC to apply for the appointment of an
administrator before the Court saying "in view of the serious
nature of these breaches and Whole Win's financial position, the
SFC does not consider it to be in the public interest or in the
interest of the investing public to permit Whole Win and its
management to verify clients' positions and handle the return of
client assets."
The SFC believes that the appointment of an administrator will
speed up the task of identifying whether any client assets are
missing. The administrator will also take appropriate steps to
protect the interests of clients who have applied through Whole
Win for shares in the Bank of China IPO.
The order appointing the administrator, according to the SFC, is
an interim order and the matter will come back to the Court for
another hearing on Friday, June 9, 2006, at which time Whole Win
will have the opportunity to oppose the continuation of the
order and to present evidence and arguments.
The SFC further relates that it has already alerted the
Commercial Crime Bureau of the Police to the matter.
* * *
Whole Win Securities Ltd is a registered broker under the
Securities and Futures Commission of Hong Kong. On May 26,
2006, the Securities and Futures Commission froze the broker's
assets after the regulator found a capital shortfall at the
brokerage.
The SFC found out that the brokerage, in fact, had been
operating its business almost entirely on financial resources
from bank borrowings secured by client securities collateral.
=========
I N D I A
=========
DUNLOP INDIA: Ruia Lays Down Expansion Plans
--------------------------------------------
Dunlop India's new promoter, the Ruia Group, has started putting
together expansion plans for the Company, Sify News reveals.
Ruia is planning to inject around INR350 crore into Dunlop
before the end of the year, Sify says. The fresh capital
injection will be used for the full operation of Dunlop's
Ambattur plant by August and the Sahagunj facility late this
year.
After closing down in 2001, Dunlop re-opened its Ambattur plant
on April 10, 2006, and its Sahagunj factory on April 21 for
maintenance work, the Troubled Company Reporter - Asia Pacific
recounts.
According to Sify, Ruia has already invested around INR40 crore
in the Ambattur plant. The workforce at the plant will be
reduced to 1,000 from the current level of 1,200. This will
entail an expenditure of INR15-20 crore. The Sahagunj plant's
workforce, on the other hand, will be trimmed to 1,200. This
will cost the Company around INR42 crore.
With the expansion plans in place, Ruia expects Dunlop to start
making profits by 2007-08, Sify adds.
Ruia remained confident the two plants will start operations as
scheduled despite the ongoing dispute between Dunlop India's new
management and its workers at the Sahagunj plant in West Bengal,
Zee News relates.
As reported by the TCR-AP, 4,378 Dunlop workers were not pleased
with the Company's partial payment of INR30,000 arrears at the
Sahagunj plant. The workers were expecting a paycheck of
INR5,000, but were greeted with a pay-out ranging between
INR3,000 and INR4,500 on the basis of the payment being pro-
rated to their attendance. The workers claimed that the new
management was paying them much less than what was agreed on.
The Ruia management had already approached the labor
commissioner to sort out the arrear payment crisis, which has
already hampered the complete reopening of the Shahgunj factory,
the TCR-AP said.
Ruia scheduled another tripatrite meeting for June 5, 2006,
after a meeting on May 29 failed to settle the labor issue.
About Dunlop India
Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes. The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators. The company had reported profit until
March 1997. In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited. This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98. After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahagunj and Ambattur
in February 1998. The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
ppointment of Government Directors. In January 2006, the Ruia
Group took over the Company and voted to reopen its plants.
Both the Sahagunj and Ambattur plants were reopened in April
2006.
ICHALKARANJI JIVESHWAR: RBI Cancels License Due to Insolvency
-------------------------------------------------------------
The Reserve Bank of India, on May 31, 2006, ordered the
cancellation of Ichalkaranji Jiveshwar Sahakari Bank Ltd's
license after examining all options for the bank's revival.
Subsequent to the cancellation of license, RBI ordered the
Registrar of Co-operative Societies to wind up Ichalkaranji
Jiveshwar and appoint a liquidator.
RBI's decision came after determining that the Bank has ceased
to be solvent and has already caused inconvenience to its
depositors due to mismanagement of the Bank's affairs.
According to RBI, the Bank's financial statements as of
March 31, 2005, revealed that the bank's financial position was
unsatisfactory. Its deposits were eroded as realizable value of
paid-up capital and reserves were in the negative.
RBI had issued a notice to the bank on September 2, 2005, asking
it to show cause as to why the license granted to it to conduct
banking business should not be cancelled. As the Bank did not
have a viable plan of action for its revival and the chances of
its revival were remote, RBI cancelled the Bank's license in the
interest of its depositors.
With the cancellation of its license and commencement of
liquidation proceedings, the process of paying the Bank's
depositors was set in motion subject to the terms and conditions
of the Deposit Insurance Scheme.
Contact: Shri S.Sen
General Manager-in-Charge
Urban Banks Department, Reserve Bank of India
Mumbai Regional Office
Second Floor, Garment House,
Mumbai, India 400 018
Telephone: (022) 2493 9930-49
Fax: (022) 2493 5495.
e-mail address: rbiubd@giasbm01.vsnl.net.in
NATIONAL TEXTILE: Seeks New Joint Venture Model for Revival
-----------------------------------------------------------
National Textile Corporation is stepping up efforts to attract
joint venture partners for the revival of its 29 mills, The
Indian Express reports.
Even after its attempt to tie up with private players failed to
take off, the state firm insisted to keep its joint venture
plan. In fact, it has already invited technical consulting
agencies to develop a new model for the JVs.
According to the report, National Textile expects to have a new
model in place by the end of June.
National Textile Chairman and Managing Director K. Ramachandran
Pillai told The Indian Express that the previous model failed to
evoke an encouraging response from the industry because of the
high annual rent, which was fixed at 5% of the value of the
total land.
The standing committee on labor has earlier suggested to look at
other methods for the revival of the textile firm. However, the
textile ministry rejected such proposals, saying that National
Textile will benefit more on joint ventures.
"In the end National Textile will only have 22 mills with it and
we do not want a large enterprise as managing it becomes a
problem. For a (public sector undertaking) which seeks to
achieve a turnaround it is important to keep its size under
manageable limits," a senior ministry official said.
About National Textile Corporation
Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India. The strength of the group is around
22000 employees. The annual turnover of the Company in the year
2004-05 was approximately INR638 crores. In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills. National
Textile is in the process of a major restructuring. A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.
SILVERLINE TECHNOLOGIES: Bags North American Software Contract
--------------------------------------------------------------
Silverline Technologies Ltd has won a multi-year contract to
reengineer and maintain a service management software from an
unnamed North American firm.
Under the terms of the agreement, Silverline will transition the
IT Infrastructure Library-based software to its development
center in Mumbai. The scope of the initiative is to reengineer
the product to the new Microsoft platforms and customize it for
other markets other than North America.
Over the next six months, the Company is to discuss the
reengineering the software for specific business vertical
markets.
Both parties agreed to promote the sale, integration and support
of the product to new clients in markets currently not
addressed. These include Asia, the Middle East and Europe.
As part of this plan, the Company will also set up a technical
support center. Initially, this center will support the clients
outside of North America followed by supporting the company's
current clients in North America.
About Silverline Technologies Limited
Mumbai-based Silverline Technologies Limited provides a
comprehensive set of eBusiness consulting and IT services
including strategic consulting, creative design, technology
integration and implementation, as well as management and
maintenance of Internet and Legacy applications. The Company
focuses its market on telecommunication and financial services,
as well as banking and other related industries that use IBM
mainframes, client servers, ORACLE, SYBASE, intranet and web
technologies. Operations of the Group are carried out in India.
The Company's problems began in 2001 when it suffered a decline
in profitability and increase in collection period resulting
from cash flow mismatches. Subsequently, the Company closed
redundant facilities and trimmed payrolls as a result of the
slowing economy. Aimed at leveraging its underutilized assets,
Silverline Technologies took up a restructuring exercise that
involves a proposal to hive off one or more of its undertakings
located in India. The Company planned to sell, transfer, lease
or otherwise dispose of its Indian undertakings. It also
proposed to raise additional resources either through debt or
equity and increase its authorized capital, accordingly.
=================
I N D O N E S I A
=================
NEWERA FOOTWEAR: Pefindo Cuts Ratings to "idCCC"
------------------------------------------------
Indonesian rating agency PT Pefindo downgraded its ratings for
PT Newera Footwear Indonesia and its IDR31.5-billion Bond I/2003
to "idCCC" from "idBB+," indicating the Company's incapability
to fulfill the required sinking fund of IDR3.15 billion after
the 180-day grace period ended on May 21, 2006.
Newera Footwear missed to pay its sinking fund payment on
November 21, 2005, and has yet to settle with its bondholders
Bank NISP and Bank Yuda Bhakti as to date. The trustee plans to
have a bondholders meeting soon to ask for the Company's
explanation on this matter. So far, the Company has
consistently paid its bonds interest timely.
PT Newera Footwear Indonesia is a footwear distributor in
Indonesia covering daily footwear products including varieties
of sport and traveling shoes that are particularly offered to
middle to low-income people, from children to adults. The
Company is a licensed holder of Newera brand, while its footwear
productions are subcontracted to several shoes manufacturers in
East Java.
=========
J A P A N
=========
JAPAN AIRLINES: To Buy Fuel Directly from AOC to Cut Costs
----------------------------------------------------------
Japan Airlines Corp. has negotiated with oil exploration firm
AOC Holdings, Inc., to purchase aviation fuel straight from its
unit Fuji Oil Co., in order to reduce costs, Reuters News
relates.
According to the Nihon Keizai Business Daily, the Company also
plans to acquire a 1% stock in AOC Holdings for JPY2 billion.
In the contract, which matures in March 2011, Japan Airlines
would buy 200,000 kiloliters of jet fuel this year at Fuji Oil's
refinery near the Haneda airport in Tokyo.
Rising global oil prices have increased JAL's fuel costs by 31%
or JPY88 billion, since it was unable to implement a fuel
surcharge increase to recover losses. The Company plans to post
an operating profit of JPY17 billion this year on the
elimination of non-profit routes and fleet downsizing.
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears. Due to a series of safety related incidents,
the JAL Group was subjected to a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005. For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, due mainly to a delay in the recovery of
demand on routes to China and Southeast Asia. Domestic
passenger demand also fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred. Demand for
international cargo services also fell year-on-year, due to weak
demand on routes from Japan to East Asian countries and the
United States. Rising aviation fuel prices compounded JAL's
situation.
Japan Airlines currently needs to refinance a JPY100 billion
debt in order to graduate from rehabilitation by its March 2007
deadline.
* * *
The Troubled Company Reporter - Asia Pacific stated on May 12,
2006, that Japan Airlines posted a consolidated net loss of
JPY47.24 billion for the business year 2005 ended March 31,
2006, due to safety-related incidents and rising aviation fuel
costs to JPY88.2 billion, compared to an operating profit of
JPY56.15 billion in 2004. A subsequent report by the TCR-AP on
May 16, 2006, stated that the number of domestic passengers fell
1.9% on operating difficulties, causing domestic ticket sales to
drop 2.2% to JPY659.9 billion. Japan Airlines had also spent
JPY33 billion on retirement benefit changes, whereas currency
fluctuations adversely affected the Company and prompted JPY6
billion in losses.
For 2006, the Company hedged some 75% of its jet fuel needs to
cushion the impact of further fuel price increases.
SANYO ELECTRIC: Foregoes Retirement Payments to Ex-Officials
------------------------------------------------------------
Sanyo Electric Co. Ltd. opted not to dole out retirement benefit
payments to nine former executives who have resigned or plan to
resign to take the blame for the Company's poor performance,
Crisscross News says.
The Troubled Company Reporter - Asia Pacific reported on
March 30, 2006, that former Sanyo Chairman Satoshi Iue and seven
board directors resigned from their positions to assume
responsibility for the Company's consolidated net loss of
JPY205.66 billion in fiscal 2005, which is higher than its 2004
JPY171.54-billion loss. A Sanyo auditor is also slated to
resign at the Company's upcoming shareholder meeting next month,
along with corporate counselors and former Sanyo presidents
Sadao Kondo and Yukinori Kuwano.
According to the Japan Times, Sanyo Electric does not think its
shareholders would approve the Company handing out generous
retirement packages to the outgoing directors, given its
financial condition.
The Company reported these key figures in its latest financial
report:
As of As of
March 31, 2006 March 31, 2005
-------------- --------------
Current Assets JPY1.42 trillion JPY1.49 trillion
Current Liabilities JPY1.05 trillion JPY1.37 trillion
Total Assets JPY2.15 trillion JPY2.60 trillion
Total Liabilities JPY1.73 trillion JPY2.26 trillion
Stockholders' Equity JPY402.89 billion JPY288.27 billion
Net Loss JPY205.66 billion JPY171.54 billion
Headquartered in Osaka, Japan, Sanyo Electric Company, Limited,
-- http://www.sanyo.com/-- is one of the world's leading makers
of consumer electronics products. On November 21, 2005, Moody's
Investors Service downgraded Sanyo's long-term ratings to Baa2
from Baa1, while placing these ratings on review for possible
further downgrade.
As reported by the TCR-AP on December 27, 2005, Sanyo Electric
entered the Indian market with the formation of a joint venture
firm with India's BPL Limited, called Sanyo BPL Private,
Limited. Another report on March 20, 2006, said that Standard &
Poor's had retained the Company's 'BB' long-term corporate
credit and 'BB+' long-term senior unsecured debt on CreditWatch
with negative implications.
=========
K O R E A
=========
HYUNDAI MOTOR: Kia Overseas Rep's Petition for Chung's Release
--------------------------------------------------------------
Overseas dealers of Kia Motors Corp., an affiliate of Hyundai
Motor Co., filed a petition with the Seoul District Court on
May 31, 2006, requesting Hyundai Chairman Chung Mong-koo's
release, The Korea Times reports.
The Troubled Company Reporter - Asia Pacific reported on May 17,
2006, that Mr. Chung was indicted following charges of
embezzling about US$106 million since 2002 to create a slush
fund to bribe banks and government officials, as well as of
incurring about US$320 million in damages to Hyundai.
According to the Korea Times, Kia agents across 24 countries
contended that the probe into Hyundai over its involvement in
the slush fund scandal is hurting the sales and image of the
automobile brand. Moreover, some 25,000 Kia officials in the
United States expressed concern over Mr. Chung's absence and
asked for an immediate resolution of the issue so that Hyundai
can grow further in the American market.
A subsequent TCR-AP report stated that the sales of Hyundai's
overseas branches have declined and most of it is believed to be
caused by the Chairman's indictment.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles. The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%. The Company also manufactures machine
tools for factory automation and material- handling equipment.
The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
of Hyundai's bad debts written off.
Chairman Chung has been indicted early in May 2006 for fraud
charges.
Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.
Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban. Other affiliates are also feeling
the pinch. Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000. The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.
===============
M A L A Y S I A
===============
APEX EQUITY: Clocks MYR1.7-Million Profit in First Quarter
----------------------------------------------------------
Apex Equity Holdings Berhad, on May 30, 2006, filed with the
Bursa Malaysia Securities Berhad its unaudited financial report
for the first quarter ended March 31, 2006.
The Group's results for the quarter ended March 31, 2006,
registered a lower pre-tax profit of MYR1.7 million as compared
to pre-tax profit of MYR3.8 million in the corresponding period
last year. The lower pre-tax profit was mainly due to lower
brokerage generated during the period caused by cessation of
business contribution from JP Morgan which obtained a full
foreign broking license granted by Securities Commission.
The Group recorded a pre-tax profit of MYR1.7 million for the
current quarter as compared to pre-tax loss of MYR34.47 million
for the preceding quarter mainly due to lower provisions in the
current quarter.
There was no pending material litigation as at the date of issue
of the quarterly report, which in the opinion of the directors
would have a material adverse effect on the financial results of
the Group.
The Group registered basic earnings per share of 0.82 sen for
the quarter under review. However, there was no dividend paid
during the financial period.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
18,109 33,812 18,109 33,812
* Profit/(loss) before tax
1,723 3,784 1,723 3,784
* Profit/(loss) after tax and minority interest
1,214 1,753 1,214 1,753
* Net profit/(loss) for the period
1,214 1,753 1,214 1,753
* Basic earnings/(loss) per shares (sen)
0.58 0.82 0.58 0.82
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
1.3100 1.2400
The Company's First Quarter Report and its accompanying notes
are available for free at:
http://bankrupt.com/misc/tcrap_apexequity030706.pdf
http://bankrupt.com/misc/tcrap_ayerhitamnotes052306.pdf
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.
APEX EQUITY: To Hold 16th AGM on June 22
----------------------------------------
The 16th Annual General Meeting of the members of Apex Equity
Holdings Berhad will be held at the Conference Room, 10th Floor,
Menara Apex, Off Jalan Semenyih, Bukit Mrwah, in 43000 Kajang
Selangor Darul Ehsan, on June 22, 2006, at 11:00 p.m.
During the meeting, members will be asked:
-- to receive, and if thought fit, adopt, the Audited
Financial Statements for the financial year ended
December 31, 2005, together with the Directors' and
Auditors' Reports thereon;
-- to declare a tax-exempt first and final dividend of 1%
for the year ended December 31, 2005;
-- to re-elect Y.Bhg Datuk Azizan bin Abd Rahman who is
retiring in accordance with Article No.102 of the
Company's Articles of Association;
-- to re-elect Chan Guan Seng who is retiring in accordance
with Article No.102 of the Company's Articles of
Association;
-- to approve the payment of Directors' fee of MYR30,000
each to the Non-Executive Directors in respect of
financial year ended 2005;
-- to re-appoint Messrs Moores Rowland as the Auditors of
the Company and authorize the Directors to fix their
remuneration.
-- to authorize the directors to issued shares in the
Capital of the Company and that such authority shall
continue in force until the conclusion of the next
Annual General Meeting;
-- to fully authorize the Company to buy back its own
ordinary shares of MYR1 each; and
-- to transact any other ordinary business of which due
notice will be given.
Moreover, the tax-exempt first and final dividend of 1% in
respect of the year ended December 31, 2005, if approved by
members of the Company, will be paid on July 13, 2006. The
entitlement date for the dividend payment is June 15, 2006.
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.
ARTWRIGHT HOLDINGS: Disposal of SAM Boosts Profits
--------------------------------------------------
Artwright Holdings, on May 29, 2006, filed with the Bursa
Malaysia Securities Berhad its third quarter financial report.
For the nine months ended March 31, 2006, the Group registered a
MYR26.3-million revenue and pretax profit of MYR3.5 million, as
compared with the MYR43-million revenue and MYR3.2-million
pretax profit in the corresponding period last year.
Despite the decrease in revenue of 39%, pretax profit improved
due to the disposal of shares of associate company, Steelcase
Artwright Manufacturing Sdn Bhd in previous quarter, which
resulted a gain of MYR3.579 million
On a quarterly basis, the Group recorded revenue of MYR6.6
million and pretax profit of MYR365,000 compared with MYR14.1
million revenue and MYR1.4 million pretax profit in the same
quarter last year. The drop in revenue was resulted from the
process to build the new business model after the divestment of
associated company, SAM.
As compared to the preceding quarter, the Group recorded lower
revenue at MYR6.6 million, representing a decrease of 21%
compared with MYR8.408 million and pretax profit of MYR365,000
compared with MYR2.7 million. The disposal of shares of
associate company, SAM, has improved the results of preceding
quarter by a gain of MYR3.579 million.
There was no dividend recommended for the current quarter and
financial year under review.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
6,628 14,147 26,330 43,069
* Profit/(loss) before tax
365 1,367 3,475 3,175
* Profit/(loss) after tax and minority interest
381 1,368 3,419 3,169
* Net profit/(loss) for the period
381 1,368 3,419 3,169
* Basic earnings/(loss) per shares (sen)
0.91 3.29 8.17 7.62
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
0.5500 0.4700
The Company's Third Quarter Report and its accompanying notes
are available for free at:
http://bankrupt.com/misc/tcrap_artwrightholdings060106.xls
http://bankrupt.com/misc/tcrap_atrwrightholdingsnotes060106.pdf
About Artwright Holdings Berhad
Headquartered in Kuala Lumpur, Malaysia, Artwright Holdings
Berhad -- http://www.artwright.com/-- is involved in the
trading of drafting equipment, office furniture and specialized
computer furniture. Its other activities include research and
development of office interior markets and products and
investment holding. The Company floundered after the 1997/98
Asian financial crisis. Over-gearing and concentration on high-
end products severely affected the company's fortunes as the
high-end furniture business was considered a highly cyclical
industry. It subsequently became a Practice Note 4 stock under
the Kuala Lumpur Stock Exchange Listing Requirements. The
Company, though, has since restructured its financial position
and was taken out of PN4 in June 2004. However, Artwright and
some of its subsidiaries needed to undergo a voluntary debt-
restructuring scheme to all termed-out lender in order to fully
wipe out its debts. The Company said that it will continue to
work with its financial advisor, KPMG Financial Services Sdn
Bhd, to arrive at a settlement with all termed-out lenders.
BUKIT KATIL: Unable to Repay Loan Facilities Due to Insolvency
--------------------------------------------------------------
Bukit Katil Resources Berhad's board of directors is of the
opinion that the Company is insolvent, as it is unable to pay
its debts in full as they come due.
As of April 30, 2006, Bukit Katil owes its creditors a total of
MYR72,276,858.
An application in relation to a proposed debt restructuring
scheme for all the Company's liabilities was submitted to the
Securities Commission on December 16, 2005. However, the
application was subsequently rejected by the Securities
Commission on May 10, 2006. Presently, the Company is in the
process of considering an application for a review of the
Securities Commission's decision.
About Bukit Katil Berhad
Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production. Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products. Operations are
carried out in Malaysia and India. The Company has defaulted on
several loan facilities and admits that it does not have
sufficient cash to pay its debts. As of December 31, 2005, the
Company recorded a deficit of MYR129,981,000. The Company, on
Dec. 16, 2005, presented an application to regularize its
financial condition through debt restructuring, which was
subsequently rejected by the Securities Commission.
CHG INDUSTRIES: March Balance Sheet Shows Strained Liquidity
------------------------------------------------------------
Bursa Malaysia Securities Berhad, on May 29, 2006, received CHG
Industries Berhad's unaudited financial report for the third
quarter ended March 31, 2006.
The Group's revenue for the quarter under review was MYR9.8
million, a reduction of MYR14.3 million or 59% as compared to
the MYR24-million revenue in the same period in 2005. However,
the pre-tax loss for the current year to date decreased to
MYR5.3 million as against a pre-tax loss of MYR6.8 million
recorded in previous year.
The revenue for current quarter reduced by MYR1.1 million or 10%
as compared to the quarter ended December 31, 2005. The pre-tax
loss for current quarter reduced by MYR2.6 million or 32% as
compared to the immediate preceding quarter.
As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR55,422,000 in total current assets
available to pay MYR274,647,000 in total current liabilities
coming due within the next 12 months. The Company has net
current liabilities of MYR219,225,000.
No dividend has been declared or proposed for the period under
review.
Meanwhile, the Company expects demand for plywood in the main
export markets to improve for the current financial year.
However, the prospect for the Company will depend on the
successful implementation of its proposed debt and corporate
restructuring exercise.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
9,817 24,161 9,817 24,161
* Profit/(loss) before tax
-5,311 -6,816 -5,311 -6,816
* Profit/(loss) after tax and minority interest
-5,311 -6,816 -5,311 -6,816
* Net profit/(loss) for the period
-5,311 -6,816 -5,311 -6,816
* Basic earnings/(loss) per shares (sen)
-11.10 -14.24 -11.10 -14.24
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
-3.9800 -3.8700
The Company's First Quarter Report is available for free at:
http://bankrupt.com/misc/tcrap_chgindustries060106.pdf
About CHG Industries Berhad
Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia. It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products. The Company's
financial problems started when it defaulted on loan facilities
in 1999. CHG Industries, on June 3, 2004, entered into an
agreement with Linmax Group Sdn Bhd to undertake a corporate and
debt restructuring exercise, which involves a capital reduction,
the injection of fresh assets and a transfer of its listing
status. The plywood and veneer product maker will be
transformed into a mechanical and engineering company through
the injection of the assets of Linmax Group Sdn Bhd. CHG said
the restructuring via Linmax will enable its existing
shareholders to participate in Linmax, which has income-
generating assets, and keep the company listed on the local
bourse. The proposed restructuring scheme had been expected to
be completed this year. However, the Securities Commission on
April 6, 2006, rejected the Company's restructuring proposal
because the Proposals do not provide the appropriate benefits to
the shareholders of CHG. On May 8, 2006, the Company submitted
an appeal to the Securities Commission with revisions to address
the issues raised by the regulator. The revised Proposals are
now pending the approval of the Securities Commission and other
relevant authorities.
CHG INDUSTRIES: Faces Delisting Over Failure to File 2005 AAA
-------------------------------------------------------------
CHG Industries Berhad has failed to submit its Annual Audited
Accounts together with the auditor's and directors' reports for
the financial year ended December 31, 2005, to Bursa Malaysia
Securities Berhad for public release. Pursuant to the Bourse's
Listing Requirements, the reports were due on April 30, 2006.
The Troubled Company Reporter - Asia Pacific recounts that the
Company's failure in issuing the AAA2005 was due to the
Securities Commission's rejection of the Company's proposed Debt
and Corporate Restructuring Scheme on April 6, 2006. On May 8,
2006, the Company announced that CHG has submitted its appeal to
the Securities Commission with the incorporation of certain
proposed revisions to the original Proposals. The Securities
Commission's rejection of the Scheme and the Appeal have thrown
into a state of uncertainty the basis upon which the AAA2005
should be prepared. This uncertainty will only be removed once
the Securities Commission delivers its decision on the Appeal.
The date and basis of the submission of the AAA2005 will
necessarily hinge on the outcome of the Appeal.
In the meantime, the Company is looking into the alternative
basis of preparing the Accounts, which if adopted will require
substantial work to be done in order to have the AAA2005
prepared on the said alternative basis.
The consequences of non-compliance of the requirements may
result in the Company being suspended and delisted by Bursa
Malaysia Securities.
About CHG Industries Berhad
Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia. It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products. The Company's
financial problems started when it defaulted on loan facilities
in 1999. CHG Industries, on June 3, 2004, entered into an
agreement with Linmax Group Sdn Bhd to undertake a corporate and
debt restructuring exercise, which involves a capital reduction,
the injection of fresh assets and a transfer of its listing
status. The plywood and veneer product maker will be
transformed into a mechanical and engineering company through
the injection of the assets of Linmax Group Sdn Bhd. CHG said
the restructuring via Linmax will enable its existing
shareholders to participate in Linmax, which has income-
generating assets, and keep the company listed on the local
bourse. The proposed restructuring scheme had been expected to
be completed this year. However, the Securities Commission on
April 6, 2006, rejected the Company's restructuring proposal
because the Proposals do not provide the appropriate benefits to
the shareholders of CHG. On May 8, 2006, the Company submitted
an appeal to the Securities Commission with revisions to address
the issues raised by the regulator. The revised Proposals are
now pending the approval of the Securities Commission and other
relevant authorities.
CME GROUP: Releases First Quarter Results
-----------------------------------------
CME Group Berhad, on May 29, 2006, submitted its financial
report for the quarter ended March 31, 2006, to Bursa Malaysia
Securities Berhad.
For the quarter under review, the Group achieved a turnover of
MYR3.083 million with a loss of MYR0.496 million. The fire-
fighting vehicle manufacturing segment again is the main
contributor toward the Group total revenue with other business
segment showing a slight improvement.
The recorded turnover for the current individual quarter is
MYR3.083 million as compared to the preceding individual quarter
of MYR2.103 million. Despite a further reduction of
approximately 6% in operation and administration expenses as
compared to the corresponding period, the Group suffers a loss
of MYR0.496 million. The recorded profit for preceding
individual quarter is the result of a bad debt recovered during
the said period.
The Company's March 31, 2006, balance sheet showed strained
liquidity with MYR19,179,000 in current liabilities exceeding
current assets of MYR7,404, resulting in a net current deficit
of MYR11,775,000.
There was no dividend declared or recommended for the quarter
under review.
The Company's First Quarter Report is available for free at:
http://bankrupt.com/misc/tcrap_cmegroup060106.pdf
About CME Group Berhad
Headquartered in Selangor, Malaysia, CME Group Berhad is
involved in investment holding. The Company has been
continuously incurring losses in the past years due to high
administrative and operating expenses. For the first quarter
ended March 31, 2006, the Group suffered a net loss of
MYR496,000, while its balance sheet showed a net deficit of
MYR11,775,000.
MANGIUM INDUSTRIES: Books MYR1.034-Million Loss in First Quarter
----------------------------------------------------------------
Mangium Industries Berhad's unaudited financial report for the
first quarter ended March 31, 2006, has been filed with the
Bursa Malaysia Securities Berhad on May 29, 2006.
The Group made a loss of MYR1.034 million for the first quarter
ended March 31, 2006, compared to a profit of MYR0.434 million
for the quarter ended December 31, 2005. The loss was mainly
due to the heavier than normal rainfall affecting the harvesting
of logs.
Turnover for the current quarter is recorded at MYR6.995 million
compared to MYR13.389 billion for the quarter ended Dec. 31,
2005.
The Group's loss before taxation is MYR1.045 million in the
current quarter compared to the profit before taxation of
MYR0.434 million for the immediate preceding quarter
As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR37,655,000 in total current assets
available to pay MYR54,003,000 in total current liabilities
coming due within the next 12 months. The Company has net
current liabilities of MYR16,348,000.
There was no dividend payable during the quarter under review.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
6,995 11,971 6,995 11,971
* Profit/(loss) before tax
-1,045 -108 -1,045 -108
* Profit/(loss) after tax and minority interest
-1,034 -74 -1,034 -74
* Net profit/(loss) for the period
-1,034 -74 -1,034 -74
* Basic earnings/(loss) per shares (sen)
-3.23 -0.23 -3.23 -0.23
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
0.2700 0.2800
The Company's First Quarter Report and its accompanying notes
are available for free at:
http://bankrupt.com/misc/tcrap_mangiumindustries060106.xls
http://bankrupt.com/misc/tcrap_mangiumindustriesnotes060106.pdf
About Mangium Industries Berhad
Headquartered in Kuala Lumpur, Malaysia, Mangium Industries
Berhad Formerly known as Serisar Industries Berhad manufactures
and trades timber and timber related products. The Company
also provides printing services, publisher, printer consultants
and advertisers, trading of alcoholic beverages, general trading
of office furniture and investment holding. Due to the
unfavorable timber market and depressed prices for timber and
timber related products throughout Asia since the financial
crisis in the year 1997, many of the MIB Group's buyers were
adversely affected and are facing financial difficulties leading
to their inability to settle their outstanding balances. As a
result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.
MULPHA LAND: Exits Practice Note 17 Category
--------------------------------------------
The Bursa Malaysia Securities Berhad, on May 31, 2006, approved
Mulpha Land Berhad's application to lift its status under
Practice Note 17.
In this regard, Mulpha Land no longer fulfills any criteria
under the PN17 category.
As reported by the Troubled Company Reporter - Asia Pacific
reported, the Bourse, on October 26, 2005, denied the Company's
application to be taken from the PN17/2005 classification since
the Company has not achieved the level of business of operations
as stipulated under it.
Mulpha Land Berhad had requested to extend the time by which the
Company must achieve the level of business operations stipulated
under PN17/2005. The Bourse has directed Mulpha Land to present
additional information to facilitate the processing of the
Extension Application.
About Mulpha Land Berhad
Headquartered in Kuala Lumpur, Malaysia, Mulpha Land Berhad,
formerly known as Mega Pascal Berhad, is engaged in the
production and sale of ready-mixed concrete. Other activities
include property development, property development, quarry
operations, contractors and dealers of granite products and
rental of mixer trucks and investment holding. Operations are
carried out in Malaysia. The Company was placed under Bursa
Malaysia Securities Berhad's Practice Note 17 for failing to
meet the Bourse's listing requirements.
PJI HOLDINGS: Lower Revenue and High Costs Drive Losses
-------------------------------------------------------
Bursa Malaysia Securities Berhad, on May 29, 2006, received PJI
Holdings Berhad's unaudited financial report for the third
quarter ended March 31, 2006.
For the quarter under review, the Group recorded a turnover of
MYR20.8 million and loss before tax of MYR9.7 million as
compared to turnover of MYR26.4 million and loss before tax of
MYR7.5 million for the corresponding quarter ended March 31,
2005. The loss was mainly due to lower revenue achieved and
high material cost.
For the current year to date, the Group recorded a turnover of
MYR54.4 million and loss before tax of MYR18.3 million as
compared to turnover of MYR94.1 million and loss before tax of
MYR13.0 million of the same period last year. T
The Group's loss before tax of MYR9.7 million represents a
further increase of MYR5.2 million from the loss before tax of
MYR4.5 million reported in previous quarter ended December 31,
2005. The increase in loss was mainly due to lower margin
achieved.
The Group incurred a basic loss per share of 2.41 sen for the
quarter under review. There was no interim dividend recommended
for the period.
The directors are of the opinion that the Group is unlikely to
achieve a satisfactory performance for the current financial
year ending June 30, 2006, in view of the unforeseen delay in
the award and implementation of new projects.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
20,789 26,447 54,390 94,102
* Profit/(loss) before tax
-9,651 -7,532 -18,276 -12,974
* Profit/(loss) after tax and minority interest
-9,781 -7,146 -18,711 -16,732
* Net profit/(loss) for the period
-9,781 -7,146 -18,711 -16,732
* Basic earnings/(loss) per shares (sen)
-2.41 -1.76 -4.61 -4.12
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
0.1215 0.1712
The Company's First Quarter Report is available for free at:
http://bankrupt.com/misc/tcrap_pjiholdings060106.pdf
About PJI Holdings Berhad
PJI Holdings Berhad provides electrical and mechanical
engineering services. Other activities include supply and
installation of air-conditioning and ventilation systems,
infrastructure power distribution services, electrical
components trading and investment holding. Operations are
carried out in Malaysia. The Company incurred its first loss of
MYR2 million in the quarter ended September 30, 2004, and it has
been suffering consecutive losses since then. As of March 31,
2006, the Company has incurred accumulated losses of
MYR33,255,000. It has not declared dividend since 2001.
UNITED CHEMICAL: Results Plunge Deeper Into the Red
---------------------------------------------------
United Chemical Industries Berhad has, on May 29, 2006,
submitted its financial report for the quarter ended March 31,
2006.
The Group did not register revenues in the quarter since it has
already ceased operations in April 1, 2003.
Net loss for the quarter under review is MYR1.96 million,
slightly higher than the MYR1.7 million net loss for the same
period in 2005.
The Group registered a basic loss per share of 10.50 sen. The
Company did not declare a dividend for the quarter. It has not
paid any dividend since April 2003.
The Company's March 31, 2006, balance sheet revealed liquidity
crunch with MYR77,704,705 in total current liabilities exceeding
total current assets of MYR5,355,618, resulting in a net current
deficit of MYR72,349,087.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
0 0 0 0
* Profit/(loss) before tax
-1,942 -1,754 -1,942 -1,754
* Profit/(loss) after tax and minority interest
-1,942 -1,754 -1,942 -1,754
* Net profit/(loss) for the period
-1,942 -1,754 -1,942 -1,754
* Basic earnings/(loss) per shares (sen)
-10.50 -9.48 -10.50 -9.48
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
-3.9100 -3.8100
The Company's First Quarter Report and its accompanying notes
are available for free at:
http://bankrupt.com/misc/tcrap_unitedchemical060106.xls
http://bankrupt.com/misc/tcrap_unitedchemicalnotes060106.pdf
About United Chemical Industries Berhad
United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad. United Chemical is an investment holding company which
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products. Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products. United
Chemicals and Geotextiles (M) Sdn Bhd ceased manufacturing
operations in April 2003. The companies plan to dispose of all
the principal operation assets without intention to resume
business operations.
The Group has ceased its manufacturing operations and under the
proposed corporate restructuring exercise, the listing status
will be assumed by a new company, which will have a core
business of property development and related activities. The
Securities Commission has given the Company until June 30, 2006,
to complete the implementation of its corporate restructuring
exercise.
=====================
P H I L I P P I N E S
=====================
ACESITE PHILS: Turns Around With PHP13.49 Million Net Income
------------------------------------------------------------
Acesite (Phils.) Hotel Corporation posted a net income of
PHP13.49 million for the first quarter ended March 31, 2006, a
turnaround from the PHP53.93 million net loss in the previous
corresponding period.
Gross revenues registered a 5.40% growth from PHP152.36 million
in the first quarter of 2005 to PHP160.59 million in the first
quarter this year. The result includes a 2.43% increase in room
sales, which represents 35.64% of the gross revenues, and a
14.72% increase in F&B sales, which contributes 36.34% to the
gross revenues.
Total cost of sales increased to PHP20.57 million in the first
quarter of 2006 compared to the PHP18.03 million in 2005. This
resulted in a gross operating income PHP64.10 million, a 10.02%
increase.
Acesite's financial report for the quarter ended March 31, 2006,
reflects these key figures:
Acesite (Phils.) Hotel Corporation
Financial Highlights
(in PHP millions)
As of As of
03/31/2006 03/31/2005
---------- ----------
Current Assets 158.78 115.34
Total Assets 2,208.51 2,172.19
Current Liabilities 347.00 308.15
Total Liabilities 1,165.24 1,142.41
Total Equity 1,043.27 1,029.78
Quarter Ending
03/31/2006 03/31/2005
---------- ----------
Net Income 13.49 (53.93)
Revenues 160.59 152.36
Expense 96.49 94.11
The Company's first quarter 2006 report is available for free
at:
http://bankrupt.com/misc/Acesite_Hotel_Corp_Quarter_Report_033106.pdf
Debt Default and Restructuring
An event of default occurred with respect to the Acesite's
payment of its US$15 million loan with the Singapore Branch of
the Industrial and Commercial Bank of China, which matured on
March 31, 1998. On June 3, 2003, the loan was restructured by
ICBC, which stipulated six semi-annual installment payments of
principal and interest until April 2006. In July 2004, the
Company's new management requested for a reprieve on loan
principal payments due for the period, which the Company
suggested to be placed at the end of the term of the Amended
Agreement. The outstanding principal balance of the ICBC loan
as of March 31, 2006, is US$9.18 million. Management is still
negotiating with ICBC for a rescheduling of payment on the
remaining principal balances.
Material Lawsuits
Acesite is party to a case that involves a PHP30.15 million
petition for the Bureau of Internal Revenue to refund Extended
Value Added Tax payments made from July 1996 to October 1997.
Both the Court of Tax Appeals and then later the Court of
Appeals ruled in favor of Acesite, and ordered the BIR to refund
PHP30.05 million. The case is presently with the Supreme Court
on further appeal by the BIR.
Acesite also has a PHP5.26 million petition for the City
Treasurer of Manila to refund local taxes payments made on
April 19, 2002. The case is still pending with the Regional
Trial Court in Manila, Branch 15.
About Acesite
Formerly known as Delbros Hotel Corporation, Acesite (Phils.)
Hotel Corporation -- http://www.manilapavilion.com.ph/-- is a
foreign-owned domestic corporation incorporated to engage in
hotel operations and investing. DHC owns the Holiday Inn Manila
Pavilion Hotel, a deluxe hotel situated along United Nations
Avenue in Manila. The operations of the latter are being
managed by Holiday Inn Worldwide. A major customer of the hotel
is the Philippine Amusement and Gaming Corporation, which
operates the Casino Filipino - Pavilion.
ATLAS CONSOLIDATED: Schedules Annual Meeting on July 31
-------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Atlas
Consolidated Mining and Development Corp. informs that it will
hold a special annual general meeting on July 31, 2006, at 3:00
p.m., at the Valle Verde Country Club, Oranbo, Pasig City. The
Board fixed the record date at June 21, 2006, 12:00 p.m., when
the Company's stock and transfer books will be closed. Only
stockholders of record as of that date based on the
stockholders' list to be submitted by the stock and transfer
agent, Stock Transfer Serivce, Inc., will be entitled to notice
of, and to vote at, the meeting.
About Atlas Consolidated
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located. The Cebu copper
mine ceased operations in 1994. Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite. The closure has brought huge
losses to the mining firm.
In January 2004, Atlas decided to rehabilitate the company and
its assets at the earliest possible time since copper and nickel
prices have recovered.
Recently, a feasibility study to reopen the Cebu mine was
completed and the Company is presently in negotiations to raise
the necessary finance to commence rehabilitation. The study
concluded that the reopening of the Toledo mines was viable.
On February 23, 2006, the TCR-AP reported that Atlas signed an
agreement with Crescent Asian Special Opportunities Portfolio,
which would buy part of the Company's debts convertible into
stock, and would invest PHP1.69 billion into Carmen Copper
Corporation in exchange for a 34% stake.
For now, the Company said that it will continue, through its
debts-for-equity swap agreement with Alakor Corporation, to
reduce its liabilities and debts to manageable levels. It also
intends to rationalize its asset portfolio, including a possible
sale of obsolete and unproductive assets.
According to a TCR-AP report on June 1, 2006, Atlas Consolidated
posted a PHP85.45 million consolidated net income for 2005
against a PHP322.89 million net loss in 2004, due to the
disposal of its construction unit. For the year ending Dec. 31,
2005, the Company reported a capital deficiency of PHP3.035
billion. Moreover the Company's auditor, Jaime F. Del Rosario,
of Sycip Gorres Velayo, has raised substantial doubt on the
Company's ability to continue as a going concern.
BENGUET CORPORATION: PSE Suspends Shares Trading
------------------------------------------------
The Philippine Stock Exchange has suspended the trading of
shares in Benguet Corporation due to the Company's failure to
submit its 2005 annual report pursuant to the PSE's directive,
which had a non-extendable grace period up to May 31, 2006.
Trading in the Company's shares was suspended effective
June 1, 2006.
About Benguet Corporation
Benguet Corporation -- http://www.benguetcorp.com/-- was
organized to primarily engage in gold mining. It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.
Today, after restructuring its diversified operations and
consolidating its resources following the turbulent financial
climate of the 90s, the Company has transformed itself into a
total natural resource development and services Company.
Alongside its core business of mining and mineral exploration,
the Company and its subsidiaries are actively engaged in water
projects, real estate development, forest management and eco-
tourism, while maintaining interests in allied industries such
as steel casting, trucking and warehousing, trading, engineering
and construction services.
On June 11, 1999, Benguet Corporation reached an agreement with
its creditor-banks on the repayment of its outstanding loans. A
Term Sheet was signed extending the maturity of your Company's
loan up to June 30, 2000, with automatic renewal every
anniversary up to the year 2002, upon payment of annual
interest. The Company was able to settle major portions of the
interest due on June 30, 2000, through a combination of cash and
Tax Credit Certificates. For June 30, 2001, and June 30, 2002,
the Company wrote the banks and offered to settle the annual
interest due on 2001 and 2002. In its letter to the banks dated
October 3, 2002, the Company requested for additional time to
settle its obligations pending its formal entry into the Baguio
Bulk Water Project.
As of March 31, 2006, loans subject to the repayment plan are
equal to PHP1.7 billion.
In a financial report for the quarter ended March 31, 2006, the
Company posted PHP310.66 million in current assets available to
pay PHP3.865 billion in current liabilities coming due within
the next 12 months. Benguet Corp's total assets for the period
is PHP3.213 billion, compared to total liabilities of PHP4.909
billion, resulting to the PHP1.695 billion capital deficiency.
LAFAYETTE MINING: Rapu-Rapu Project Still Viable
------------------------------------------------
The mining project of Lafayette Philippines, Inc., is still
viable despite the amount spent to rehabilitate the project and
fines slapped on it for two cyanide spills last year, the Manila
Times reveals.
In an interview with Agence-France Presse, Rapu-Rapu Minerals
Inc.'s environmental management head Carmelita Pacis said that
LPI had invested around PHP400 million for the mine's
rehabilitation, plus record fines. She addressed a public forum
of students and environmentalist groups and said that they are
still viable as a project, adding that they had complied with 21
remedial conditions set by the Department of Environment &
Natural Resources for the mine's reopening after it was shut
down in 2005.
The Troubled Company Reporter - Asia Pacific reported on
Nov. 14, 2005, that Lafayette Philippines had suspended its
operations due to the spill incidents from its gold, copper and
zinc mine in Rapu-Rapu, Albay, which polluted a nearby river.
The Department of Environment and Natural Resources issued a
cease-and-desist order on the Company, prohibiting it from
discharging wastewater into the environment. The Government
then created the Rapu-Rapu Fact Finding Commission in March 2006
to investigate the spills and "evaluate all the facts and
circumstances surrounding the alleged threat to people's health
and environmental safety" and to submit a report before the mine
can be opened again.
Lafayette Philippines is ready to resume operations, and its
foreign investors are concerned about the delay as the RRFFC
report recommended the mine's permanent closure for the alleged
pollution of nearby waters, and said that the independent
findings of the different groups needed further study to relate
the immediate effects of the tailings incidents. The local
governments of Albay, where the Rapu-Rapu mine is located, and
nearby Sorsogon have urged that the Company be allowed to
perform a test-run on its newly rehabilitated mine, to determine
whether its repairs and adjustments are up to DENR standards.
* * *
Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997. Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.
The Department of Environment and Natural Resources' former
secretary, Mike Defensor, ordered the closing of Lafayette
Philippines in 2005 when the Company's mine tailings were
accidentally spilled into the Albay Gulf last October, killing
thousands of fish and destroying the livelihood of fishermen in
the area. The Company was also fined PHP10.7 million for
violating the Clean Water Act and its environmental compliance
certificate.
MANILA ELECTRIC: Appoints Directors and Independent Auditor
-----------------------------------------------------------
Manila Electric Company disclosed to the Philippine Stock
Exchange that it had appointed Sycip, Gorres, Velayo & Co. as
its independent auditors at the Company's annual stockholders'
meeting on May 30, 2006.
At the annual meeting, the Company also elected these directors
to serve for the year 2006-2007:
1. Felipe B. Allonso
2. Arthur R. Defensor, Jr. (Independent Director)
3. Gregoru L. Domingo (Independent Director)
4. Octavio V. R. Espiritu (Independent Director)
5. Jesus P. Francisco
6. Manuel L. Lopez
7. Christian S. Monsod
8. Washington Z. Sycip (Independent Director)
9. Emilio A. Vicens
10. Cesar E. A. Virata (Independent Director)
11. Francisco L. Viray (Independent Director)
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.
* PSE Suspends Shares Trading in 7 Firms for Failure to Comply
--------------------------------------------------------------
The Philippine Stock Exchange has suspended shares trading in
seven firms for non-compliance with the PSE's order to submit
their 2005 annual reports for the year ended Dec. 31, 2005,
despite a non-extendable grace period up to May 31, 2006:
1. Apex Mining Co., Inc.;
2. Benguet Corp.;
3. Cosmos Bottling Corp.;
4. Federal Chemicals Inc.;
5. Philippine National Construction Corp.;
6. RFM Corp.; and
7. Swift Foods, Inc.
Trading in the listed firms' shares was suspended effective
June 1, 2006.
=================
S I N G A P O R E
=================
ACACIA CONSTRUCTION: Creditors' Proofs of Claim Due on June 9
-------------------------------------------------------------
Acacia Construction Pte Limited notifies parties-in-interest of
its intention to declare dividend to creditors.
Assistant Official Receiver Beverley Wee Ying Ling requires the
Company's creditors to submit their proofs of claims on or
before June 9, 2006.
Contact: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
EASYCALL INTERNATIONAL: Books Lower Profit for Year 2005-06
-----------------------------------------------------------
EasyCall International Limited disclosed that for the year ended
March 31, 2006, the Group recorded a net profit after tax of
SGD0.2 million against a restated net loss of SGD8.5 million
last financial year.
The results for the previous financial year had to be re-stated,
in accordance with the provisions of International Accounting
Standard 27, Consolidated and Separate Financial Statements and
International Financial Reporting Standard 5, Non-Current Assets
Held for Sale and Discontinued Operations, in respect of the
Group's accounting treatment of its investment in Computer Power
Group Pty Ltd.
The Group took the view last year that CPG should not be
consolidated in the Group's financial statements, given that
active steps were being taken to dispose of CPG. However,
arising from more rule-based amendments in IFRS 5 and the
consequential amendments to IAS 27, which took effect from
January 1, 2005, the time period allowable for the disposal of
CPG was restricted to only 12 months from the date of
acquisition. Upon the expiry of this 12-month period on May 30,
2005, as the Group had not been successful in disposing of CPG,
it had no alternative but to consolidate CPG with effect from
the acquisition date.
As a consequence of consolidating CPG, the Group's results last
year had to be restated to include net losses attributable to
CPG of SGD4.5 million and a goodwill write off relating to CPG
of SGD6.5 million. This had the effect of adjusting last year's
reported net profit of SGD2.5 million) to a net loss of SGD8.5
million.
Following the administration and subsequent liquidation of CPG
in January 2006, CPG was deconsolidated, giving rise to a gain
of SGD13.2 million during the year ended March 31, 2006. This
gain was partially offset by provisions amounting to SGD9.6
million in respect of loans advanced to CPG, bank guarantees
provided for CPG, legal and professional fees incurred in
connection with the legal claim against the vendors of CPG and
the net cost of investment in CPG.
A further SGD3.2 million in deferred asset was written off
during the year ended March 31, 2006. This was in respect of
the unamortisized portion of the fee paid to Boustead Singapore
Limited in January 2003 for the establishment and continued
support of the Group's China education business. The Group is
of the view that following the distribution in specie of a
substantial portion of Boustead's shares in the Company in March
2006, any future benefits attributable to this deferred asset
would no longer be justified.
The impact of CPG and other one-off items aside, the Group's
core education business in China continued to strengthen. The
number of full time students grew from 5,300 to 5,900 in the new
academic year beginning September 2005, lifting total course fee
revenues to SGD12.2 million from SGD8.3 million) last year and
further improving operating margins.
Consolidated net tangible assets as of March 31, 2006, stood at
SGD17.2 million or equivalent 6.9 Singapore cents per share.
The Troubled Company Reporter - Asia Pacific recounts that in
anticipation of a financial results announcement in May 2006 for
EasyCall International Limited and its subsidiaries for the full
year ended March 31, 2006, the Group issued a profit warning.
The Group expected to report a loss for the period due mainly
to the impact of the liquidation of its subsidiary, Computer
Power Group Pty Ltd.
A full-text copy of the Company's financial report is available
for free at:
http://bankrupt.com/misc/tcrap_easycall060106.pdf
About EasyCall International Limited
Headquartered in Singapore, EasyCall International Limited
-- http://www.easycall.com.sg/-- is a higher-learning education
group that is listed on the Australian Stock Exchange and
Singapore Exchange. EasyCall is dedicated to the advancement,
establishment and provision of internationally recognized
higher-level education services and skills training programs.
EasyCall owns and operates the Tianjin University of Commerce
Boustead College.
The EasyCall Group was incorporated in Bermuda as Voicecall
Limited on February 27, 1985. It commenced its operations in
Australia and engaged in the provision of a radio broadcast
network for the transmission of data and messages. Voicecall
Communications and the Group's other Australian operations were
eventually sold off to Bell South Australia in September 1988.
With an increasingly large presence outside of Australia, the
Group decided to shift its corporate headquarters to Singapore
in 1995. In addition, the headquarters was registered as
EasyCall International Limited in order to capitalize on the
strong brand equity established by the EasyCall trade name for
paging operations in Asia. In September 1999, the Group reached
a major landmark when it was listed on the Australian Stock
Exchange.
By early 2000, it was apparent that the client base for call
center and paging services in Asia was on the decline. Since
then the Group's results was in and out of the red. Given the
decreasing demand for its services, the Group began a
reorganization effort to simplify its structure, chart a new
strategic direction and facilitate its secondary listing on the
Singapore Exchange. In April 2001, the decision was made to
transform the Group's core business by discontinuing business
activities that were previously successful but irrelevant in the
current business climate. The Singapore IDC of the Group was
wound up in August 2001 as part of a restructuring exercise to
reduce operating losses in the Group. Its Philippine arm
undertook a capital restructuring in 2003 to address its capital
deficiency. In January 2006, EasyCall withdrew its financial
support for its wholly owned subsidiary, Computer Power Group
Ltd, and appointed Ferrier Hodgson as administrator after
discovering that CPG's chance of turning around is bleak.
EasyCall expected its results to again plunge into the red with
the negative impact of Computer Power's liquidation.
GLOBAL ENTERPRISE: Receiving Proofs of Claim Until June 26
----------------------------------------------------------
Global Enterprise Pte Limited notifies parties-in-interest of
its intention to declare dividend.
Liquidator Don M. Ho is receiving proofs of claim from the
Company's creditors until June 26, 2006.
Contact: Don M. Ho
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Telephone: 65320320
Fax: 65320331
LIANG HUAT: Inks Investment Deal with Ho Lee Group
--------------------------------------------------
Lian Huat Aluminium Limited previous disclosed its intention to
apply further modifications to the amended restructuring scheme.
In this regard, the Company has requested the Ho Lee Group Pte
Limited to invest a sum of SGD3,000,000.
On April 13, 2006, the Company entered into a conditional
investment agreement with Ho Lee Group Pte Ltd for a
subscription of new shares in the Company representing a
controlling stake by Ho Lee for a cash consideration of
SGD3,000,000.
Ho Lee is a company incorporated in the Republic of Singapore on
February 2, 1996, and has an issued share capital of
SGD12,727,443 consisting of 12,727,443 shares, and whose
principal activities involve, inter alia, that of investment
holding.
Upon completion of the Investment Agreement, the Ho Lee will own
70% of all issued ordinary shares of the Company after taking
into account the number of shares that will be issued pursuant
to the Modified Schemes and the Investment Agreement.]
Under the Investment Agreement, the cash consideration in
respect of the Investment is SGD3,000,000 and is to be satisfied
in full by the allotment and issuance of 70% of all issued
ordinary shares of the Company on Completion credited as fully
paid up.
The completion of the Investment will take place five business
days after the fulfillment of the conditions precedent in the
Investment Agreement or such other date as the Investor and the
Company may agree in writing.
The Investment will be subject to the Company and the Purchaser
obtaining the necessary requisite regulatory and other
approvals, consents and waivers, which are set out in their
entirety in the Investment Agreement, which include:
* the Modified Schemes having been duly approved by the
relevant Scheme Creditors and approved and sanctioned by
the High Court and the respective Orders of Court
relating to the approval of the respective Modified
Scheme be lodged with the relevant authorities;
* the Company having obtained approval from the High Court
to sanction the capital reduction of the Company;
* all necessary approvals by the Shareholders of, inter
alia, the respective Modified Schemes, capital reduction,
capital amalgamation, and the issuance of shares to the
Investor; and
* Ho Lee not being obliged to make a takeover offer to the
remaining shareholders of the Company in respect of all
the remaining shares not already owned by the Investor or
his concert party or parties, and if applicable, the
grant of waiver by the Securities Industry Council from
the requirements to make a general takeover offer to the
remaining shareholders of the Company.
Liang Huat's shareholders are advised to exercise caution in
dealing with the shares of the Company.
About Liang Huat Aluminium Limited
Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is
a vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries. It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore. Liang Huat was the subject of a winding up
petition filed by Lim Ah Siong t/a Lian Siong Aluminium &
Trading on August 26, 2004. Presently, the Company is
undergoing a financial restructuring exercise. It is also
working a Scheme of Arrangement with its major creditor banks.
PCCHIP COMPUTER: Receiving Proofs of Debt Until June 12
-------------------------------------------------------
Liquidators of Ramasamy Subramaniam Iyer and Goh Thien Phong are
receiving proofs of claim from the creditors of PCCHIP Computer
Manufacture (S) Pte Limited until June 12, 2006.
Creditors who fail to prove their debts by the bar date will be
excluded from sharing in the Company's dividend distribution.
Contact: Ramasamy Subramaniam Iyer
Goh Thien Phong
c/o PricewaterhouseCoopers
8 Cross Street #17-00
PWC Building
Singapore 048424
THOMAS PRODUCTS: Proofs of Claim Bar Date Set for June 26
---------------------------------------------------------
Thomas Products Pte Limited notifies parties-in-interest of its
intention to declare dividend.
Liquidator Don M. Ho is receiving proofs of claim from the
Company's creditors until June 26, 2006.
Contact: Don M. Ho
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Telephone: 65320320
Fax: 65320331
UNITY OVERSEAS: Declares First and Final Dividend
-------------------------------------------------
Unity Overseas Pte Limited had, on April 12, 2006, declared a
first and final dividend at 14.342%.
The dividend declaration was made pursuant to a wind-up order
issued by the Singapore High Court.
Contact: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
===============
T H A I L A N D
===============
TOT PLC: Court Accepts Appeal to Overturn Ruling
------------------------------------------------
The Administrative Court has agreed to accept TOT Plc's petition
seeking to overturn an arbitration ruling earlier this year
directing the Company to pay billions of baht to True Corp. over
access charges, the Bangkok Post reports.
According to the Post, arbitrators have already agreed in
January that TOT should pay THB9.175 billion to True Corp. to
settle access-charge claims going back to 1990 up to 2002,
together with annual interest of 7.5%.
Moreover, the Post adds that TOT would face additional payments
to settle claims from 2002 to the present, based on a 50% split
of benefits gained by TOT for using True's networks.
Prinya Wisejsiri, TOT executive vice-president, told the Post
that there were five points to the petition, highlighting
possible conflicts of interest within the arbitration panel. He
said that the arbitration chairman, Prasit Kovilaikul, was
biased against TOT because he was a board member of the
insurance firm Ayudhya Allianz CP Life, a joint venture
partially held by the CP Group, which was also a major
shareholder of True Corp.
Meanwhile, TOT claims that the concession agreement with True
states that in cases of dispute, each party must agree to the
calculation of damages for claims filed in arbitration. But in
awarding the judgment to True, the arbitration panel failed to
clarify how it had assessed the award, Mr. Prasit said.
However, True Corp chief executive officer Supachai Chearavanont
earlier dismissed TOT's claims as unfounded. Mr. Prasit had
clarified his role in April 2004 as an independent director of
Ayudhya Allianz, and both TOT and True had accepted his presence
on the committee.
* * *
The Telephone Organisation of Thailand Plc was established on
July 31, 2002. Providing telecommunications and other related
services through sole operations and joint-ventures with other
entities. In addition, operating businesses by being a
shareholder in other companies.
The Company has been renamed "TOT Public Company Limited" as of
July 1, 2005, with an initial registered capital of THB6
billion. The Ministry of Finance wholly and solely owns the
Company equity of 600 million common stocks at a par value of
THB10 per share.
* 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
Chang Ling Group 561 77.29 -71.23
Chengdu Book - A 600083 21.50 -3.07
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
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 Dadongh-B 200613 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 21.63 -1.50
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
Shandong Jintai Group Co. Ltd 600385 19.58 -12.18
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 Dawncom Business Tech
And Service Co., Ltd 863 79.54 -37.30
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 583 113.12 -148.61
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
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
PT Wicaksana Overseas
International Tbk WICO 84.36 -32.88
Sekar Bumi Tbk SKBM 23.07 -41.95
Surya Dumai Industri Tbk SUDI 105.06 -30.49
JAPAN
Hanaten Co Ltd 9870 167.79 -1.63
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
PSC Industries Bhd PSC 62.80 -116.18
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 21.9 -2.91
Filsyn Corporation FYNB 21.9 -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 UNI 22.71 -2.38
Company Inc.
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 152.8 -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 19.30 -76.43
Lindeteves-Jacoberg Limited LJ 225.52 -53.23
LKN-Primefield Limited LKN 150.7 -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
EG Greentech Co. 55250 186.00 -1.50
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
Tong Yang Major 1520 2332.81 -86.95
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 20.37 -64.80
Circuit Electronic
Industries PCL CIRKIT/F 20.37 -64.80
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
Sri Thai Food & Beverage Public
Company Ltd SRI 18.29 -43.37
Sri Thai Food -F SRI/F 18.29 -43.37
Tanayong PCL TYONG 1439.26 -694.22
Tanayong PCL -F TYONG/F 1439.26 -694.22
Thai-Denmark PCL DMARK 21.37 -18.88
Thai-Denmark -F DMARK/F 21.37 -18.88
Thai-Wah PCL TWC 91.56 -41.24
Thai-Wah PCL -F TWC/F 91.56 -41.24
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Asia Pacific is a daily newsletter
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