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UPDATE 1-Australia's Murray Goulburn says approached by a number of suitors

* Suitors include both domestic and foreign suitors -source

* Books first annual loss, hurt by ill-fated Asian expansion (Adds details on suitors, changes media slug)

SYDNEY Aug 22 (Reuters) - Murray Goulburn Co-operative, Australia's largest milk processor, said on Tuesday it had received approaches from a number of suitors who had expressed interest in acquiring the cooperative as a whole or some of its assets.

The approaches come as Murray Goulburn, reeling from an ill-fated Asian expansion, reported its first annual loss since its 2015 listing.

Murray Goulburn said it has told Deutsche Bank, its advisor, to seek more detailed proposals from the suitors, whom it did not name.

The interested parties include local and international investors who have approached the company to offer restructuring options, a source familiar with the situation told Reuters. The source, who was not authorized to talk to the media, declined to be identified.

Shares in its listed trading entity, MG Unit Trust, climbed 3.2 percent on the news.

Murray Goulburn reported a A$370.8 million ($295 million) loss for the year ended June 30, compared with a profit of A$21.2 million a year earlier.

Expanding aggressively into Asia, the milk processor had sought to boost production of high-margin products such as infant formula by paying a premium to farmers for their milk.

But with sales to China disappointing, Murray Goulburn was forced to cut the price it paid suppliers by up to 20 percent, leaving many farmers with little choice but to continue producing at a loss. ($1 = 1.2606 Australian dollars) (Reporting by Colin Packham and Paulina Duran; Editing by Edwina Gibbs)