/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080603.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, June 3, 2008, Vol. 11, No. 109 Headlines A U S T R A L I A BEECHWOOD HOMES: Receives Plenty of Purchase Interest BHP HOLDINGS: Commences Liquidation Proceedings CENTRO PROPERTIES: Debt Repayment Extended Until Dec. 15 CENTRO PROPERTIES: S&P Puts Two Units' Ratings on Watch COMPLETE PRESTIGE: Liquidator Presents Wind-Up Report ENTERPRISE SPECIAL: Liquidator Presents Wind-Up Report GINTAC BUILDING: Appoints Leigh Dudman as Liquidator HOLLY TRANSPORT: Liquidator Presents Wind-Up Report MIKE RUTHERFORD: Placed Under Voluntary Liquidation MOUNTAIN VISIONS: Liquidator Presents Wind-Up Report PETER COGHILL: Commences Liquidation Proceedings RADIATA PLANTATIONS: Declares Dividend for Creditors REX GRAHAM: Liquidator Presents Wind-Up Report STOP VALLEY: Appoints Crisp as Liquidator W & A LARGE: Liquidator Presents Wind-Up Report C H I N A AGRICULTURAL BANK: To Ensure Savings Safety in Quake-Hit Areas CHINA EASTERN: Expands Code Sharing Cooperation With Korean Air CHINA CONSTRUCTION: Mr. Lin Resigns From Post as Director H O N G K O N G ASIA DIRECT: Appoints New Liquidators CITIC RESOURCES: Moody's Holds Ba2 Corp. Family Rating HYPERION SOLUTIONS: Commences Liquidation Proceedings INSTITUTE OF THEME: Appoints New Liquidator KENLEX TECHNOLOGY: Creditors Meeting Fixed for June 17 LI & FUNG: Liquidators Quit Post PARKSON RETAIL: Unit Completes Buyout of Xi'an's 49% Stake PARKSON RETAIL: S&P Holds 'BB' Corporate Credit Rating RIL SECURITIES: Creditors Meeting Fixed for July 4 SUN WONG: Court to Hear Wind-Up Proceedings on June 18 THE JUNGLE: Appoints New Liquidators TRADING AS TENSION: Appoints New Liquidator YUE CHEONG: Appoints New Liquidators I N D I A BANK OF INDIA: Plans to Open Office in Qatar BHARTI AIRTEL: BSNL Told to Restore Connection with Telco DIRECT LOGISTICS: CRISIL Rates Rs.120 Mil. Cash Credit at C ESSAR OIL: To Increase Daily Capacity to 1 Mil. Barrels TATA MOTORS: Completes US$2.3 Billion Jaguar Acquisition TATA TELESERVICES: Posts INR205 Mil. Loss in Qtr. Ended March 31 I N D O N E S I A BANK NIAGA: Changes Name to CIMB Niaga BANK NIAGA: Merges With Bank Lippo J A P A N BANK OF IKEDA: Inks Integration Deal With Senshu Bank GOODWILL GROUP: JCR Cuts Senior Debt Rating to #BB-/Neg. GOODWILL GROUP: Turnaround Plan Up for Second Chance K O R E A NEXUS INVESTMENT: Makes Amendments on Common Shares Placement PARK & OPC: To Raise Money for Bonds Redemption M A L A Y S I A APL INDUSTRIES: Turns Around with MYR405,000 Profit in 1st Qtr. CNLT: Posts MYR6.48 Mil. Net Loss in Qtr. Ended March 31 KOSMO TECHNOLOGY: Receives Demand of Payment for MYR30.81 Mil. PILECON: Incurs MYR712,000 Net Loss in Qtr. Ended March 31 N E W Z E A L A N D AIR NEW ZEALAND: To Test Biofuel for Cost-Cutting Option CAPITAL + MERCHANT: Investors May Receive Less Than 10% CONCEPTS INTERIOR: Wind-Up Petition Hearing Set for August 8 DENTAL WORLD: Creditors' Proofs of Debt Due on June 13 FENIXCLAD PLASTERING: Taps Parsons and Kenealy as Liquidators JOHN MOWBRAY: Parent Posts Preliminary Annual Results for 2008 JOSEPH PRODUCTIONS: Appoints Madsen-Ries & Levin as Liquidators LOMBARD FINANCE: Parent Incurs NZ$21.8MM Loss After Write Down MORGANS CORNER: Wind-Up Petition Hearing Set for June 9 PACIFIC SURGIMED: Court to Hear Wind-Up Petition on July 25 RACE IDENTITY: Faces Geon's Wind-Up Petition SOUTH PACIFIC: Fixes June 13 as Last Day to File Claims P H I L I P P I N E S MONDRAGON INT'L: May Be Delisted for Unpaid Fees PRIMETOWN PROPERTY: May Be Delisted for Unpaid Fees RCBC: Moody's Lifts Bank Financial Strength Rating to D- UNIVERSAL RIGHTFIELD: May Be Delisted for Unpaid Fees WISE HOLDINGS: May Be Delisted for Unpaid Fees S I N G A P O R E BANGKA OFFSHORE: Court Enters Wind-Up Order DURABEAU CONSTRUCTION: Creditors' Proofs of Debt Due on June 12 ELVIE’S GRACE: Court to Hear Wind-Up Petition on June 6 HOCK CHUAN: Members and Creditors to Meet on June 19 LAM GUAN: Creditors' Proofs of Debt Due on June 13 X X X X X X X X * Moody's has Negative Outlook for Asia's Auto-Parts Sector * BOND PRICING: For the Week May 26 to May 30, 2008 - - - - - ================= A U S T R A L I A ================= BEECHWOOD HOMES: Receives Plenty of Purchase Interest ----------------------------------------------------- Fair Trading Minister Linda Burney will soon restart on about 15 to 20 Beechwood homes which were almost completed as an overwhelming number of firms expressed interest in purchasing the collapsed New South Wales builder, AdelaideNow reports. According to the report, Ms. Burney said the receiver, Deloitte, had given an assurance it was fast-tracking the sale of Beechwood, but the process had been slowed down by a greater than expected level of interest. NSW Gov't Urges Clients to File Claims As reported in the Troubled Company Reporter-Asia Pacific on May 28, 2008, ABC News said the New South Wales Government is urging consumers affected by the collapse of Beechwood Homes to immediately lodge insurance claims. According to the report, the receivers for the company have received a number of serious proposals from builders wanting to take over Beechwood's contract, but no decision on a buyer has been reached. Creditors' Meeting On May 26, 2007, the Troubled Company Reporter, citing the Australian, reported that that Beechwood Homes' receivers failed to attend the company's first creditors' meeting held May 24, 2008. About 150 home buyers present at the meeting were "very pissed off," the Australain said, citing Beechwood administrator Andrew Wily of Armstrong Wily. On May 14, 2008, following the appointment of voluntary administrators by the Directors of Beechwood Homes, David Lombe and Chris Campbell from the Deloitte Corporate Reorganization Group were appointed by a secured creditor as receivers and managers of Beechwood Homes, being made up of L.E.D. Builders Pty Limited, L.E.D. (North Coast) Pty Limited, L.E.D. (South Coast) Pty Limited (All Receivers and Managers Appointed) (In Administration). According to The Australian, Deloitte spokeswoman Karina Randall denied the receivers were required to attend the meeting. "It's standard. It was a voluntary meeting held by the administrators," Ms. Randall was cited in the report as saying. The report said creditors were told Deloitte had decided against attending because it had yet to gather enough information about Beechwood since its collapse last week. The Australian relates that about 400 building subcontractors are owed about AU$10million by Beechwood and the property group's biggest creditor, BankWest, is owed a further AU$10 million. Meanwhile, Deloitte said in a press statement released on the day of their appointment that Beechwood's Directors appointed a voluntary administrator without the consent or knowledge of the secured creditor. As a consequence the secured creditor took steps to appoint receivers and managers. Deloitte stated that prior to its appointment, the company had preliminary discussions with a number of parties interested in buying the business. Deloitte said it is endeavouring to speak with those and other interested parties who may wish to purchase the assets of the company and will also be contacting the respective home buyers to inform them of the position of the company and its ability to complete their homes. About Beechwood Homes Beechwood Homes is an Australian owned family company that was started in the early 1980s, and is currently building approximately 350 homes. BHP HOLDINGS: Commences Liquidation Proceedings ----------------------------------------------- During a general meeting held on April 2, 2008, the members of BHP Holdings Pty Ltd formerly Austeel Building Systems Pty Ltd resolved to voluntarily liquidate the company's business. John Ross Lindholm and George Georges were appointed as liquidator. The Liquidator can be reached at: John Lindholm Ferrier Hodgson Level 29, 600 Bourke Street Melbourne VIC 3000 Australia Telephone: (03) 9600 4922 Facsimile: (03) 9642 5887 CENTRO PROPERTIES: Debt Repayment Extended Until Dec. 15 -------------------------------------------------------- Centro Properties Group has obtained additional liquidity facilities from its financiers. In addition, the company's Australian lenders, owed AU$2.3 billion, and its US private placement noteholders, owed US$450 million, extended the debt repayment deadline until December 15, 2008. The US lending group has reconfirmed the extension of the US joint venture facilities to September 30, 2008 as a result of finalization of the December 15 extension. Certain inter-creditor arrangements have also been agreed between Centro's financiers. Finalization of the matters was required under the extension of Centro's financing arrangements announced on May 8, 2008. Liquidity Facilities Certain financiers had previously provided Centro with a liquidity facility and other support totaling AU$55 million. Additional liquidity facilities and other support totaling approximately AU$100 million have been arranged with certain Australian financiers and US private placement noteholders. Centro now has an aggregate of approximately AU$155 million in liquidity facilities and other financier support. The facilities will primarily be used to fund capital expenditure, adviser fees and higher lender costs incurred as a consequence of the extension arrangements. Ongoing fees and margins of 3.75% per annum are payable on the liquidity facilities. Otherwise, interest margins payable by Centro during the extension period remain as previously announced. Financing Extensions The extension remains subject to the condition that the following must occur by September 30, 2008: * The Australian financiers and US private placement noteholders to be satisfied as to Centro's progress in implementing its strategic plan; * The US lending group, which is owed in aggregate US$1.1 billion (AU$1.2 billion) associated with Centro's joint venture with Centro Retail Trust, agreeing to further extend those facilities from September 30, 2008, to a date no earlier than December 15, 2008; and * The Australian financiers, US private placement noteholders and the US lending group reaching a further agreement by September 30, 2008 on the terms on which assets can be sold and the proceeds of such sales applied after that date. About Centro Properties Centro Properties Group -- http://www.centro.com.au/-- is a retail investment organisation specialising in the ownership, management and development of retail shopping centres. Centro manages both listed and unlisted retail property and has an extensive portfolio of shopping centres across Australia, New Zealand and the United States. Centro has funds under management of $24.9 billion. Centro owes its creditors as much as AU$6.6 billion and its deadline to repay these debts has been extended four times since December 2007, when the company's market value plunged. CENTRO PROPERTIES: S&P Puts Two Units' Ratings on Watch ------------------------------------------------------- Standard & Poor's Ratings Services said that its 'CCC+' senior unsecured debt ratings on two units of Centro Properties Group -- Centro NP LLC and Centro NP -- remain on CreditWatch with developing implications, where they were initially placed on Jan. 3, 2008, following announcements on Centro Properties Group's debt facilities. S&P noted that the AU$2.3 billion debt facilities owed to an Australian lending group and US$450 million owed to U.S. private placement noteholders have been extended to Dec. 15, 2008. Another U.S. lending group, which is owed US$1.1 billion associated with CNP's joint venture with Centro Retail Trust (CER), also confirmed the extension of their facilities to Sept. 30, 2008. Meantime, CNP have put in place AU$100 million in liquidity facilities (in addition to the existing AU$55 million liquidity facilities) and finalized an inter-creditor arrangement between these financiers. Given the uncertainty facing the group, S&P believes that the issuer rating could move either up or down from 'CCC+'. A downgrade would be precipitated by CNP not being able to seek a further extension of its debt facilities beyond the key dates of Sept. 30, and Dec. 15, 2008, respectively. Centro NP's debt extension expires on Sept. 30, 2008. The ratings could be raised if CNP and Centro NP are able to implement a strategic plan that satisfies the bank lenders and private-placement noteholders and places the companies on a more sound financial footing. The reduction of outstanding debt levels, through potential portfolio or asset sales, is another critical factor. About Centro Properties Centro Properties Group -- http://www.centro.com.au/-- is a retail investment organisation specialising in the ownership, management and development of retail shopping centres. Centro manages both listed and unlisted retail property and has an extensive portfolio of shopping centres across Australia, New Zealand and the United States. Centro has funds under management of $24.9 billion. Centro owes its creditors as much as AU$6.6 billion and its deadline to repay these debts has been extended four times since December 2007, when the company's market value plunged. COMPLETE PRESTIGE: Liquidator Presents Wind-Up Report ----------------------------------------------------- C. P. White, The Complete Prestige Car Centre Mirror Finish Pty. Ltd.'s estate liquidator, met with the company's members on May 14, 2008, and provided them with property disposal and winding- up reports. The liquidator can be reached at: C. P. White HLB Mann Judd Chartered Accountants Level 1, 160 Queen Street Melbourne VIC 3000 Australia ENTERPRISE SPECIAL: Liquidator Presents Wind-Up Report ------------------------------------------------------ Robert M. H. Cole, Enterprise Special Projects Pty Ltd's estate liquidator, met with the company's members on May 15, 2008,and provided them with property disposal and winding-up reports. The liquidator can be reached at: Robert M. H. Cole Cole Downey & Co Chartered Accountants 6 Moorabool Street Geelong VIC 3220 GINTAC BUILDING: Appoints Leigh Dudman as Liquidator ---------------------------------------------------- During a general meeting held on April 3, 2008, the members of Gintac Building Consulting & Construction Pty. Ltd. resolved to voluntarily liquidate the company's business. Leigh Dudman was appointed as liquidator. The Liquidator can be reached at: Leigh Dudman B. K. Taylor & Co. 8/608 St Kilda Road Melbourne VIC 3004 Australia HOLLY TRANSPORT: Liquidator Presents Wind-Up Report --------------------------------------------------- Robert M. H. Cole, Holly Transport Pty Ltd's estate liquidator, met with the company's members on May 15, 2008,and provided them with property disposal and winding-up reports. The liquidator can be reached at: Robert M. H. Cole Cole Downey & Co Chartered Accountants 6 Moorabool Street Geelong VIC 3220 Australia MIKE RUTHERFORD: Placed Under Voluntary Liquidation --------------------------------------------------- Mike Rutherford Photography Pty. Ltd.'s members agreed on April 7, 2008, to voluntarily liquidate the company's business. William Bernard Abeyratne and Loke Ching Wong were appointed to facilitate the sale of its assets. The liquidator can be reached at: William Bernard Abeyratne Harrisons Insolvency Level 5, 150 Albert Road South Melbourne VIC 3205 Telephone: (03) 9696 2885 Australia MOUNTAIN VISIONS: Liquidator Presents Wind-Up Report ---------------------------------------------------- Mountain Visions Pty. Ltd. held a joint meeting for its members and creditors on May 15, 2008. At the meeting, the company's liquidator, Robert M. H. Cole at Cole Downey & Co. Chartered Accountants,provided the attendees with property disposal and winding-up reports. The liquidator can be reached at: Robert M. H. Cole Cole Downey & Co Chartered Accountants 6 Moorabool Street Geelong VIC 3220 Australia PETER COGHILL: Commences Liquidation Proceedings ------------------------------------------------ Peter Coghill Pty. Ltd.'s members agreed on March 25, 2008, to voluntarily liquidate the company's business. Roger David Midgley was appointed to facilitate the sale of its assets. The liquidator can be reached at: R. D. M. Smith 126 George Street Morwell VIC 3840 Australia RADIATA PLANTATIONS: Declares Dividend for Creditors ---------------------------------------------------- Radiata Plantations Limited, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 6, 2008, were included in the company's dividend distribution. The company's liquidator is: George Georges Ferrier Hodgson Level 29, 600 Bourke Street Melbourne VIC 3000 Australia Telephone: (03) 9600 4922 Facsimile: (03) 9642 5887 REX GRAHAM: Liquidator Presents Wind-Up Report ---------------------------------------------- Rex Graham Renovations Pty. Ltd. held a joint meeting for its members and creditors on May 15, 2008. At the meeting, the company's liquidator, Robert M. H. Cole at Cole Downey & Co. Chartered Accountants,provided the attendees with property disposal and winding-up reports. The liquidator can be reached at: Robert M. H. Cole Cole Downey & Co Chartered Accountants 6 Moorabool Street Geelong VIC 3220 STOP VALLEY: Appoints Crisp as Liquidator ----------------------------------------- Stop Valley Pty. Ltd.'s members agreed on March 28, 2008, to voluntarily liquidate the company's business. Glenn A. Crisp was appointed to facilitate the sale of its assets. The liquidator can be reached at: Glenn A. Crisp Liquidator Level 8, 525 Collins Street Melbourne VIC 3000 Australia Telephone: (03) 9286 1800 Facsimile: (03) 9286 1899 W & A LARGE: Liquidator Presents Wind-Up Report ----------------------------------------------- Robert M. H. Cole, W & A Large Pty Ltd's estate liquidator, met with the company's members on May 15, 2008,and provided them with property disposal and winding-up reports. The liquidator can be reached at: Robert M. H. Cole Cole Downey & Co Chartered Accountants 6 Moorabool Street Geelong VIC 3220 Australia ========= C H I N A ========= AGRICULTURAL BANK: To Ensure Savings Safety in Quake-Hit Areas -------------------------------------------------------------- Agricultural Bank of China will launch new rules to ensure savings safety in quake-hit areas, Xinhua News reports. The report says that the bank promised to offer multiple assistance and a simplified procedure to those who suffered savings safety problems in the recent China earthquake. Agricultural Bank, the report relates, said that those who lost their valid identification documents in the earthquake, but can provide the account number or identification card number can put in an application to the bank to enquirer about the deposit information. Those who cannot provide either the valid identification documents or the related account number can turn to the police for help, Xinhua News notes. According to the report, family members of those missing or dead can get access to the account information if they can provide the valid identification card and related relationship certificate. People who lost their deposit certificate can report the loss to the bank to ensure the deposit safety, Xinhua says. About Agricultural Bank of China Agricultural Bank of China -- http://www.abchina.com/-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. * * * Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of 2006. According to XFN-Asia, at the end of September 2007, Agricultural Bank had outstanding loans of CNY3.44 trillion, of which 22.11% were bad loans. The Troubled Company Reporter-Asia Pacific reported on June 27, 2006, that the National Audit Office found accounting irregularities involving CNY51.6 billion, CNY14.27 billion of which come from deposit business, CNY27.62 billion from loan grants, and CNY9.72 billion from fraudulent bill issuance. Fitch Ratings gave the Bank an Individual rating 'E'. CHINA EASTERN: Expands Code Sharing Cooperation With Korean Air --------------------------------------------------------------- China Eastern Airlines Corporation Limited have added five flight routes into their code-share cooperation, under which both carriers can sell seats on each other's flights, Xinhua News reports. The report relates that the five routes, including Shanghai- Seoul and Beijing-Seoul, expanded the cooperation from the two previous routes to seven. The number of flights had been increased from 36 to 160. According to the report, under the expanded cooperation, passengers could now choose either 77 flights operated by China Eastern or 74 operated by Korean Air. About China Eastern Headquartered in Shanghai, China, China Eastern Airlines Corporation Limited's -- http://www.ce-air.com-- principal activity is operation of domestic and international commercial air transportation. The Group also is involved in the common aircraft industry. Other activities include general aviation, air catering, advertisement, import and export, equipment manufacturing, real estate, hotel business, finance and training. The fleet includes more than 60 large and medium size airplanes, Airbus and Boeing mostly. Its operation centering from Shanghai to the whole People's Republic of China and linking to Asia, Europe, America and Australia. * * * On April 28, 2006, Fitch Ratings downgraded China Eastern's foreign currency and local currency issuer default ratings to B+ from BB-. Fitch said the outlook on the IDRs is stable. On November 16, 2005, Xinhua Far East China Ratings gave the company a BB+ issuer credit rating with a stable outlook. All ratings still hold as of May 17, 2008. CHINA CONSTRUCTION: Mr. Lin Resigns From Post as Director --------------------------------------------------------- Mr. Zhao Lin has resigned from his post as director and vice president of China Construction Bank effective May 6, 2008. Due to a change of job, Mr. Lin has tendered his resignation from his post as director and vice president of the bank to the Board. Mr. Lin said he is honored to have had the opportunity to serve the Bank, and is pleased with the achievements that the Bank has made. Mr. Zhao Lin sincerely appreciates the support from the directors, supervisors, management and staff of the Bank. Mr. Lin has stated that he will continuously pay attention to the reform and development of the Bank and is confident that the Bank has the capacity to achieve its strategic goals and procure greater achievements. Mr. Lin has confirmed that he has no disagreement with the Board and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the bank. Mr. Lin has given a confidentiality undertaking to the Bank, and he has promised to strictly observe the confidential information of the Bank in a professional and conscientious manner in his letter of resignation. The Board would like to express its sincere gratitude and the highest praise to Mr. Lin for his contributions to the Bank, and wishes him every success in his future endeavors. About China Construction The China Construction Bank -- http://www.ccb.cn/-- is one of the "big four" banks in the People's Republic of China. It was founded on October 1, 1954, under the name of "People's Construction Bank of China" and later changed to "China Construction Bank" on March 26, 1996. * * * As of March 5, 2008, China Construction Bank carries Moody's "D-" bank financial strength rating. Moody's Bank Financial Strength Ratings (BFSRs) represent Moody's opinion of a bank's intrinsic safety and soundness and, as such, exclude certain external credit risks and credit support elements that are addressed by Moody's Bank Deposit Ratings. The Troubled Company Reporter-Asia Pacific reported on Nov. 20, 2006, that Fitch Ratings affirmed the bank's 'D' individual rating. ================ H O N G K O N G ================ ASIA DIRECT: Appoints New Liquidators ------------------------------------- The members of Asia Direct Products Company Limited appointed Li Man Wai, and Tsang Lai Fun as the company's liquidators. The liquidators can be reached at: Li Man Wai Tsang Lai Fun Tai Yau Building, 10th Floor Room 1001, Wanchai Hong Kong CITIC RESOURCES: Moody's Holds Ba2 Corp. Family Rating ------------------------------------------------------ Moody's Investors Service has affirmed the Ba2 corporate family rating on CITIC Resources Holdings Ltd (CITIC Resources) and the Ba2 rating on the US$1 billion in 7-year unsecured senior notes issued by CITIC Resources Finance (2007) Ltd and guaranteed by CITIC Resources. The ratings outlook is stable. The affirmation follows CITIC Resources' announcement of a HK$2.52 billion rights issuance to improve its financial position and to fund investments. While the rights issuance will improve the company's financial leverage and liquidity profile in the near term, the impact on its rating will be limited in view of its impending and material level of capital expenditures and Moody's expectation that it will utilize part of the equity proceeds to fund investments and acquisitions. At the same time, the operating performance of the Karazhanbas oilfield in Kazakhstan, which is the company's main asset and will be its leading cash flow generator in the next few years, remains the key driver of its standalone B1 rating. The final Ba2 rating continues to factor in the expected support from its 52% parent, CITIC Group, (Baa1/stable) given the strategic importance of the oil & gas business to CITIC Group. CITIC Resources, based in Hong Kong, is a natural resources and energy investment holding company with interests in aluminium, coal, oil, manganese, and the import and export of commodities. CITIC Resources serves as the principal natural resources and energy arm of its parent CITIC Group. Its acquisition of a 50% equity interests in CCEL has skewed its profile towards the oil sector. HYPERION SOLUTIONS: Commences Liquidation Proceedings ----------------------------------------------------- Hyperion Solutions (Hong Kong) Limited's members agreed on May 19, 2008, to voluntarily liquidate the company's business. The company has appointed Messrs. Lai kar Yan (Derek) and Darach E. Haughey to facilitate the sale of its assets. The liquidators can be reached at: Messrs. Lai Kar Yan (Derek) Darach E. Haughey 35th Floor, One Pacific Place 88 Queensway, Hong Kong INSTITUTE OF THEME: Appoints New Liquidator ------------------------------------------- The members of Institute of International Theme Hotels Limited appointed Hon Chi Ming as the company's liquidators. The liquidator can be reached at: Hon Chi Ming Winfield Commercial Building, 6th Floor Room 602, 6-8A Prat Avenue, Tsim Sha Tsui Kowloon KENLEX TECHNOLOGY: Creditors Meeting Fixed for June 17 ------------------------------------------------------ The creditors of Kenlex Technology Limited will have their final meeting on June 17, 2008, at JCG Building, 14th Floor, Unit A, 16 Mongkok Road, Mongkok, Kowloon, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. No liquidator information was disclosed. LI & FUNG: Liquidators Quit Post -------------------------------- On May 30, 2008, Rainier Hok Chung Lam and John James Toohey stepped down as liquidator for Li & Fung Industrial Limited. PARKSON RETAIL: Unit Completes Buyout of Xi'an's 49% Stake ---------------------------------------------------------- Parkson Retail Group Limited's unit Parkson Retail Development Co. Ltd. has completed its acquisition of a 49% equity interest in Xi'an Chang'an Parkson from Shaanxi Chang'an Information Property Investment Co., Ltd. In a statement to the Hong Kong Stock Exchange dated September 27, 2007, the company set these consideration and conditions of the acquisition. Purchase Consideration The purchase consideration for the 49% equity interest in Xi'an Chang'an Parkson is RMB61,000,000, which is payable in cash: (a) within 5 working days from the date of the execution of the Sale and Purchase Agreement, the Purchaser shall pay a sum of RMB25,500,000 as deposit to the Shaanxi Chang'an; (b) upon Completion, the Purchaser shall pay a sum of RMB11,500,000 to the Shaanxi Chang'an; (c) within 5 working days from the date the Purchaser receives the relevant documents evidencing the full settlement of the rental for the year 2007, payable by the Shaanxi Chang'an to the Individual Third Party Owners, the Purchaser shall pay the remaining RMB24,000,000 to the Shaanxi Chang'an. In the event that the Shaanxi Chang'an fails to procure such requisite documentary evidence by February 28, 2008, the Purchaser is authorized to pay the said balance purchase consideration of RMB24,000,000 directly to the Individual Third Party Owners for and on behalf of the Shaanxi Chang'an as the full settlement of the afore said rental for year 2007. The Shaanxi Chang'an is also the landlord to Xi'an Chang'an Parkson for the Premises where the Xi'an Chang'an Parkson department store is located. The Shaanxi Chang'an only owns a small part of the Premises and leases a substantial part of the Premises from the Individual Third Party Owners. The Directors considered that the aforesaid purchase consideration reflects normal commercial terms which were arrived at after arm's-length negotiations between the Shaanxi Chang'an and the Purchaser, with reference to the historical earnings of Xi'an Chang'an Parkson and the historical purchase considerations paid by the Group for the previous transaction of the same nature. The purchase consideration of RMB61,000,000 represents a historical Price Earning (PE) ratio of 14.8 times of the net profit for the year 2006 of RMB4.1 million attributable to the 49% equity interest in Xi'an Chang'an Parkson. The said PE ratio is in between the historical PE ratio of 12.9 times (purchase consideration of RMB99.9 million) that the Group paid for the acquisition of the 40% minority interest in Mianyang Parkson on May 21, 2007, and historical PE ratio of 17.73 times (purchase consideration of RMB280 million) paid for the 49% minority interest in Anshan Parkson on the April 20, 2007. In addition, The Directors have also made reference to a number of recent transactions in the PRC retail industry as announced by companies listed on Shanghai Stock Exchange and Shenzhen Stock Exchange and noted that the historical price earnings ratio for these transactions ranged from 15.40 times to 79.30 times. Based on the above factors, the Directors considered that the purchase consideration and the premium paid are fair and reasonable. Conditions The Completion is subject to the satisfaction of the following conditions: (a) the obtaining of the certificates of approval issued by the Ministry of Commence for the transfer of equity interest in Xi'an Chang'an Parkson to the Purchaser and the adoption of the new memorandum and articles of association of Xi'an Chang'an Parkson reflecting the Purchaser as the shareholder; (b) the issue of the revised business licence of Xi'an Chang'an Parkson where the Purchaser is reflected as a shareholder of Xi'an Chang'an Parkson and the same is reflected in the register/records kept by the relevant Administration for Industry & Commerce; (c) the receipt by the Purchaser of the relevant confirmation letters whereby the Individual Third Party Owners agree to continue to let the relevant substantial part of the Premises directly to Xi'an Chang'an Parkson on the same terms and conditions in the event of the termination of the lease agreement between the Individual Third Party Owners and the Shaanxi Chang'an for reasons attributable to either the Shaanxi Chang'an or the Individual Third Party Owners or the termination of the existing lease agreement between the Shaanxi Chang'an and Xi'an Chang'an Parkson. The acquisition was completed on May 30, 2008 and Xi'an Chang'an Parkson is now a wholly-owned subsidiary of the company. About Parkson Retail Group Headquartered in Hong Kong, Parkson Retail Group Limited operates department stores including 37 "Parkson"branded department stores and 2 "Xtra"branded supercentres situated in 26 cities in the People's Republic of China. Other activities include provision of consultancy and management services, research and development of computer software and investment holding. * * * As of April 26, 2008, Parkson Retail Group Limited continues to carry Moody's "Ba1"Senior Unsecured Debt, Senior Secured Debt, and Long-Term Corporate Family Ratings with a Stable outlook. PARKSON RETAIL: S&P Holds 'BB' Corporate Credit Rating ------------------------------------------------------ Standard & Poor's Ratings Services revised its outlook on Parkson Retail Group Ltd. to positive from stable. At the same time, Standard & Poor's affirmed the 'BB' long-term corporate credit rating on the company and its issue rating on US$200 million and US$125 million senior unsecured bonds due in 2011 and 2012, respectively. "The outlook revision reflects Parkson's improved credit profile, particularly its business risk profile. This included reduced EBITDA concentration from a limited number of flagship stores, a slightly cleaner ownership structure, and a record of achieving satisfactory sales and cash flow growth against the backdrop of healthy same-store sales growth. However its debt level was above our original expectation," said Standard & Poor's credit analyst Bei Fu. Due to the maturing of recently opened stores and opening of new stores, Parkson's reliance on its two flagship stores in Beijing and Shanghai has been reduced meaningfully. While the two stores accounted for close to 70% of the overall EBITDA in 2005, their contribution declined to slightly above 40% in 2007. Despite the improvement, concentration risk remains. Through reorganization in 2007, Parkson is now more than 50% owned by Parkson Holdings Bhd. (PHB), a company ultimately controlled by Tan Sri Cheng Heng Jem, who also owns Lion Group. S&P views the structural change as slightly positively. However, the weak credit profile and weak corporate governance record of Lion Group could affect Parkson's credit profile if the Lion Group comes under severe financial pressure. Despite over 40% top-line growth, Parkson's same-store sales growth remained strong at 17% in 2006 and 18.4% in 2007. This has translated into strong EBITDA growth of over 45% per annum during the same period. However, S&P says that as the growth was partially debt-funded, Parkson's financial metrics have weakened as expected. With expected sales growth in the next three years, the metrics should improve from its 2007 levels as S&P doesn't expect the company to incur additional borrowing in the next one to two years. The rating affirmation reflects the growth potential of the Chinese retail sector; the favorable concessionaire model that is expected to continue in the next three to five years, and Parkson's good operating margins. However, S&P says these strengths are offset by the fact that the company is operating in a fragmented and increasingly competitive market and because of the ongoing execution risk associated with its rapid expansion plan. About Parkson Retail Group Limited Parkson Retail Group Limited -- http://www.parkson.com.cn/-- is a Hong Kong-based investment holding company. The Company is engaged in the operation and management of a network of department stores in the People’s Republic of China. During the year ended December 31, 2007, the Company completed the acquisition of Jiangxi K&M store in Nanchang city and minority interest. During 2007, the Company opened three new stores with an aggregate gross floor area of approximately 65,000 square meters. RIL SECURITIES: Creditors Meeting Fixed for July 4 -------------------------------------------------- The creditors of Ril Securities Limited will have their final meeting on July 4, 2008, at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. The liquidator can be reached at: Susan Y H Lo Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong SUN WONG: Court to Hear Wind-Up Proceedings on June 18 ------------------------------------------------------ On April 16, 2008, Sow Lin Tei, filed a petition to have Sun Wong Restaurant Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on June 18, 2008, to hear the petition. The petitioners' solicitors can be reached at: Chong Yan-tung Chris Revenue Tower, 30th Floor 5 Gloucester Tower Wanchai, Hong Kong THE JUNGLE: Appoints New Liquidators ------------------------------------ The members of The Jungle Group Limited appointed Li Man Wai, and Tsang Lai Fun as the company's liquidators. The liquidators can be reached at: Li Man Wai Tsang Lai Fun Tai Yau Building, 10th Floor Room 1001, Wanchai Hong Kong TRADING AS TENSION: Appoints New Liquidator ------------------------------------------- The members of Trading as Tension Thread Factory Limited appointed Leung Chi Wing as the company's liquidators. The liquidator can be reached at: Leung Chi Wing Kui Fu Commercial Building, 4th Floor Room B, 300 Lockhart Road Wan Chai, Hong Kong YUE CHEONG: Appoints New Liquidators ------------------------------------ The members of Yue Cheong Hong Gifts Products Company Limited appointed Li Man Wai, and Tsang Lai Fun as the company's liquidators. The liquidators can be reached at: Li Man Wai Tsang Lai Fun Tai Yau Building, 10th Floor Room 1001, Wanchai Hong Kong ========= I N D I A ========= BANK OF INDIA: Plans to Open Office in Qatar -------------------------------------------- Bank of India is seeking to open a representative office in the Gulf nation of Qatar, Sify News reports. "I have met the QCB (Qatar Central Bank) governor and submitted our application for the Doha representative office. I am hopeful the Qatari authorities will consider our application favourably," Sify News quotes BoI chief executive K.R. Kamath as saying. According to the report, Mr. Kamath pointed out that the bank was not interested in entering the Qatar Financial Centre, which was established to attract international financial institutions and multinational corporates to establish business operations for long-term and mutually beneficial partnership with Qatar. The report relates that the bank has already received a licence to open its first representative office in the Gulf in Dubai next month. Headquartered in Mumbai, India, Bank of India -- http://www.bankofindia.com-- 2628 branches in India spread over all states/ union territories, including 93 specialized branches. The bank provides a range of financial products and services, including numerous credit schemes, deposit schemes, cash management services, credit/debit cards, deposit vaults and corporate bonds. It also extends finance to small and medium enterprises and small-scale industries. It provides a variety of loans, such as mortgage loans, educational loans, auto finance loans, holiday loans, personal loans and home loans. The bank offers Internet banking services for both the retail and corporate clients. The bank operates in the Cayman Islands, China, the Channel Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore, the United Kingdom, the United States, and Vietnam. * * * Moody's Investors Service gave a Ba2 rating to the bank's Foreign LT Bank Deposits. BHARTI AIRTEL: BSNL Told to Restore Connection with Telco --------------------------------------------------------- Telecom tribunal TDSAT asked public sector operator BSNL to restore connection to Bharti Airtel in parts of Bangalore, as sought by the latter, on payment of 65 percent of the disputed sum, FinancialExpress News reports. As reported by the Troubled Company Reporter-Asia Pacific on May 30, 2008, BSNL had disconnected Bharti from its Points of Interconnections in Malleswaram, located in north-west Bangalore, over non payment of dues amounting to INR66 crore. During the proceedings on Thursday, FinancialExpress says TDSAT chairman Justice Arun Kumar directed BSNL to restore Airtel's connection to its network within 48 hours of payment of INR35 crore. BSNL had demanded "INR66.30 crore, out of which Bharti has already paid INR4.7 crore... (It) would pay INR35 crore within two weeks and BSNL is directed to restore point of interconnection (POI)" FinancialExpress quotes Justice Kumar as saying. The report relates that if Bharti Airtel pays the amount earlier, then BSNL would have to restore POIs within 24 hours. However, Justice Kumar declined Airtel's plea for an immediate restoration as BSNL said it would not restore the connection without getting the money, the report says. Bharti Airtel Headquartered in New Delhi, India, -- Bharti Airtel Limited -- http://www.bhartiairtel.in-- is a telecom services provider. The company has three business units: Mobile Services, Broadband & Telephone Services and Enterprise Services. * * * Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel Limited's Long-term foreign currency Issuer Default Rating at 'BB+'. Fitch said the outlook on the rating is stable. DIRECT LOGISTICS: CRISIL Rates Rs.120 Mil. Cash Credit at C ----------------------------------------------------------- CRISIL has placed these ratings on Direct Logistics India Pvt Ltd’s bank facilities: Rs.120.0 Million Cash Credit C (Assigned) Rs.18.0 Million Line of Credit P4(Assigned) Rs.20.0 Million Bank Guarantee P4(Assigned) The rating, CRISIL says, reflects Direct Logistics India Pvt Ltd’s strained financial risk profile, aggressive expansion plans, and small and highly working capital-intensive operations. These weaknesses are partially offset by Direct Logistics’ strong growth in operating income, and increasing geographical presence. About Direct Logistics Direct Logistics, established in 1997 by Mr. Sunil Devrani, provides container freight forwarding and clearing agency services. The company, headquartered in Mumbai, has offices in Bangalore, Pune, Ahmedabad, Delhi, Kolkata, Chennai, and Tuticorin, and agents in a large number of countries. Direct Logistics focuses primarily on ocean freight and provides services across geographies, including Central and South-East Asia, Europe, Africa, and North and South America. For 2006-07 (refers to financial year, April 1 to March 31), the company had a net loss of Rs.0.1 million on sales of Rs.620 million, as against a net profit of Rs.15 million on sales of Rs.387 million in 2005-06. ESSAR OIL: To Increase Daily Capacity to 1 Mil. Barrels ------------------------------------------------------- Essar Oil Limited is considering selling as much as 60% of fuel from its refineries in India by increasing its capacity to 1 million barrels a day, SteelGuru reports citing Chief Executive Naresh Nayyar MD. The refinery, taking advantage of India's rising fuel demand, expects to tie up a US$4.5 billion loan for the expansion in the next few weeks, the report says. According to the report, Mr. Nayyar said domestic refining capacity will be increased to 750,000 barrels a day by 2010 from 250,000 barrels and the rest will be added overseas in 3 to 4 years. Meanwhile, Essar Oil said Friday in a filing with the Bombay Stock Exchange that all the units of its 10.5 MMTPA Refinery at Vadinar, District Jamnagar have been operating satisfactorily and the company has declared commencement of commercial production with effect from May 1, 2008. In a further move for expansion, Reuters relates that Essar Oil is keen to own oil and gas blocks in Iraq's largely autonomous northern Kurdistan region. "The prospects for the blocks in the region are very good," S.R. Agrawal, Chief Executive of Essar's exploration and production unit was cited by Reuters as saying. Essar Oil, Mr. Agrawal said, hopes to own oil blocks that would supply nearly a third of the refinery's capacity in about seven years. According to Reuters, Essar currently owns a few blocks, largely exploratory, in India, Vietnam, Nigeria and Madagascar and has also bid for blocks in Australia. About Essar Oil India-based Essar Oil Limited -- http://www.essar.com/-- is engaged in the exploration, production and marketing of oil and gas. The company’s principal activities range from oil exploration to the downstream sectors of marketing oil products and petrochemicals. It is organized into three divisions: exploration and production, refinery and marketing. EOL has two onshore blocks in Rajasthan and one in the Mumbai offshore region, where it has completed the first phase and started test drilling. The company also has a block each in the Cambay basin (Gujarat) and Cachar (Assam). It also has the Ratna and R- series oilfields for development and production, in partnership with Oil and Natural Gas Commission. EOL has won a coal bed methane (CBM) block in West Bengal. The company is implementing a 10.5-million metric-ton-per-annum oil refinery at Vadinar, Gujarat. EOL had a retail network of 1178 as at March 31, 2007. Vadinar Power Company Limited is a wholly owned subsidiary of the company. * * * On August 23, 2005, CRISIL Ratings reaffirmed the outstanding "D" rating on the INR5.65 billion and INR2 billion Non- Convertible Debenture programmes of Essar Oil Limited. The rating indicated that the instruments were in default. TATA MOTORS: Completes US$2.3 Billion Jaguar Acquisition -------------------------------------------------------- Tata Motors acquired the Jaguar Land Rover businesses from Ford Motor Company for a net consideration of US$2.3 billion in an all-cash transaction. Speaking at the handling over ceremony, Mr. Ratan N. Tata, Chairman of Tata Sons and Tata Motors said that ".... It is the company's intention to work closely to support the Jaguar Land Rover team in building the success and preeminence of the two brands.” The company also confirmed that Mr. David Smith, the acting Chief Executive Offices of Jaguar Land Rover, would be the new CEO of the business. Jaguar Land Rover has been acquired at a cost of US$2.3 billion on a cash free, debr-free basis. The purchase consideration includes the ownership by Jaguar and Land Rover or perpetual royalty-free licenses of all necessary Intellectual Property Rights, manufacturing plants, two advenced design centres in the UK, and worldwide network of National Sales Companies. Long term agreements have been entered into for supply of engines, stampings and other components to Jaguar Land Rover. Other areas of transition support from Ford include IT, accounting and access to test facilities. The two companies wil continue to cooperate in areas such as design and development through sharing of platforms and joint development of hybrid technologies and powertrain engineering. The Ford Motor Credit Company will continue to provide financing for Jaguar Land Rover dealers and customers for a transition period. Tata Motors is in advanced stage of negotiations wth leading auto finance providers to support the Jaguar Land Rover business in the UK, Europe and the US, and is expected to select financial services partners shortly. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 14, 2008, Moody's Investors Service continues to review for possible downgrade the Ba1 corporate family rating of Tata Motors Ltd. after it signed a definitive agreement with Ford Motor Company to purchase Jaguar Land Rover comprising brands, plants and intellectual property rights for approximately US$2.3 billion. The purchase consideration includes approximately US$600 million to be contributed by Ford to the JLR Pension funds. As reported in the Troubled Company Reporter-Asia Pacific on January 9, 2008, Standard & Poor's Ratings Services placed its 'BB+' long-term corporate credit ratings on India-based automaker Tata Motors Ltd. on CreditWatch with negative implications. At the same time, Standard & Poor's placed its 'BB+' foreign currency rating on all of Tata Motor's rated debt issues on CreditWatch with negative implications. TATA TELESERVICES: Posts INR205 Mil. Loss in Qtr. Ended March 31 ---------------------------------------------------------------- Tata Teleservices (Maharashtra) Limited incurred a net loss of INR205.90 million in the quarter ended March 31, 2008, an improvement compared to the INR459-million loss booked in the corresponding quarter last year. The company's revenues went up to INR4.91 billion in Jan.-March 2008, from the recorded INR3.89 billion revenues in Jan.-March 2007. Operating expenditures increased to INR3.41 billion. Tata Teleservices's interest charges increased from INR435 million in the quarter ended March 31, 2007, to the INR527.90 million in the latest quarter under review. Depreciation expense went up to INR1.18 billion. The company incurred two consecutive annual net losses -- INR1.26 billion in fiscal year ended Mar. 31, 2008, and INR3.15 billion in fiscal year ended Mar. 31, 2007. Tata Teleservices (Maharashtra) Limited is an Indian company engaged in the business of providing telecommunication services, which include basic services, cellular services and broadband services for retail and enterprise. The Company provides services in about 357 towns and cities in the States of Maharashtra and Goa through its telephone exchanges located at Turbhe (Navi Mumbai), Nariman Point (Mumbai), Marol (Mumbai), Andheri (Mumbai), Pune, Nasik, Panaji, Nagpur and Kolhapur. During the fiscal year ended March 31, 2007, the Company rolled out code division multiple access (CDMA) wireless services in 186 towns in Maharashtra and Goa. The Company holds two Unified Access (basic and cellular) Services Licences (UASLs), one for Mumbai Metro area and another for rest of Maharashtra and Goa. The Company also holds the National Internet Service provider – Internet Telephony license. The Company is a subsidiary of Tata Sons Limited. ================= I N D O N E S I A ================= BANK NIAGA: Changes Name to CIMB Niaga -------------------------------------- PT Bank Niaga Tbk has received shareholders’ approval to change its name to PT Bank CIMB Niaga Tbk. At the Extraordinary General Meeting of Shareholders held on May 28, 2008, shareholders approved the amendment of article 1 of the Article of Association of the company to reflect the name change. The new name is still subject to Indonesia’s regulatory approval. “We are delighted with shareholders’ approval of the change of the name to CIMB Niaga. The change is part of ongoing transformation to enhance Bank Niaga’s value proposition and to further reflect the synergies derived from being part of CIMB Group,” said Hashemi Albakri, President Director, Bank Niaga. CIMB Group acquired a majority stake in Bank Niaga in November 2002 and now holds 62.41%. CIMB Group is Southeast Asia’s fastest growing universal banking group with footprints in key markets in Southeast Asia including Malaysia, Indonesia, Singapore, and Thailand. About CIMB Group CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. CIMB Group is owned by Bumiputra-Commerce Holdings Bhd, which is listed on Bursa Malaysia with a market capitalisation of over US10 billion. The Group has over 24,000 employees located in 11 countries. About Bank Niaga PT Bank Niaga Tbk was established in 1955 and is 62.41% owned by CIMB Group. It offers a comprehensive suite of conventional and Islamic banking products and services, from 256 branches in 48 cities in Indonesia and is the second largest player in the home loans market. Bank Niaga has over 6,000 employees. * * * As reported in the Troubled Company Reporter-Asia Pacific on Feb. 25, 2008, Fitch Ratings upgraded PT Bank Niaga Tbk's LTFC IDR to 'BB' from 'BB-' and revised the outlook to Stable from Positive. Fitch also affirmed the bank's 'C/D' Individual rating and upgraded its FC subordinated debt rating to 'BB-' from 'B+'. BANK NIAGA: Merges With Bank Lippo ---------------------------------- Indonesia's Lippo and Niaga banks, majority owned by the Malaysian government, merged Monday to meet Jakarta's competition rules and create the country's fifth largest lender, ANTARA News and AFP report citing a spokesman. The merger, the report says, is in line with Indonesia's single- presence policy, which says that a party cannot own a controlling stake in more than one bank. According to the report, Malaysian state investment vehicle Khazanah Nasional Bhd. indirectly owns 93 percent of Lippo and has an indirect 64-percent share in Niaga via its unit Bumiputra Commerce Holdings Bhd. About Bank Lippo PT Bank Lippo Tbk, established in 1948, is a private bank with around 5,000 employees, 400 branches and offices, and 722 ATMs. It provides services to more than 2.0 million customers in more than 120 cities in Indonesia. LB also pioneered E-Banking services in Indonesia with its LippoNetBank service. * * * As reported in the Troubled Company Reporter-Asia Pacific on Feb. 25, 2008, Fitch Ratings upgraded Bank Lippo's LTFC IDR to 'BB' from 'BB-' and revised the outlook to Stable from Positive. Fitch also affirmed the bank's C/D Individual rating and 'B' ST IDR. About Bank Niaga PT Bank Niaga Tbk was established in 1955 and is 62.41% owned by CIMB Group. It offers a comprehensive suite of conventional and Islamic banking products and services, from 256 branches in 48 cities in Indonesia and is the second largest player in the home loans market. Bank Niaga has over 6,000 employees. * * * As reported in the Troubled Company Reporter-Asia Pacific on Feb. 25, 2008, Fitch Ratings upgraded PT Bank Niaga Tbk's LTFC IDR to 'BB' from 'BB-' and revised the outlook to Stable from Positive. Fitch also affirmed the bank's 'C/D' Individual rating and upgraded its FC subordinated debt rating to 'BB-' from 'B+'. ========= J A P A N ========= BANK OF IKEDA: Inks Integration Deal With Senshu Bank ----------------------------------------------------- Bank of Ikeda Ltd. signed a basic agreement with The Senshu Bank Ltd., a consolidated subsidiary of The Bank of Tokyo-Mitsubishi UFJ Ltd., concerning the business integration of Ikeda and Senshu, with BTMU which has resolved to endorse this business integration. A new company which will be established by this business integration will contribute to the community and economy of the Kansai region, and will pursue the enhancement of the new company’s corporate value, whilst still maintaining its management autonomy as a leading financial group in the Kansai region, despite being an affiliated company of Mitsubishi UFJ Financial Group Inc. Ikeda and Senshu are planning to establish the new company on April 1, 2009, after the execution of a definitive agreement concerning this business integration, which is planned for by November 28, 2008. MUFG and BTMU will support this effort by the two banks toward such business integration. The Bank of Ikeda Ltd. -- http://www.ikedabank.co.jp/-- is a Japan-based regional bank engaged in the provision of banking services. The Bank operates in five business segments. The Banking segment provides deposit, loan, securities investment, and domestic and foreign exchange services through a network of 69 branches and five offices. The Leasing segment is engaged in the leasing of industrial machinery, construction machinery, computers and office equipment, among others. The Credit Guarantee segment provides credit guarantee services for housing loans. The Card segment is engaged in the credit card-related business. The Others segment is involved in the venture capital business, the investment consulting business, the development and sale of computer software, as well as the provision of information services. Headquartered in Osaka Prefecture, the Bank has 17 subsidiaries and one associated company. On December 31, 2007, the company has dissolved its Osaka-based subsidiary. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 18, 2008, Fitch Ratings downgraded Bank of Ikeda's Long- term foreign and local currency IDRs to 'BB+' from 'BBB-'; Short-term foreign and local currency IDRs to 'B' from 'F3'; Individual rating to 'D' from 'C/D'; and dated subordinated debts to 'BB' from 'BB+'. Support Rating Floor was upgraded to 'BB+' from 'B'. The Outlook is Stable. GOODWILL GROUP: JCR Cuts Senior Debt Rating to #BB-/Neg. -------------------------------------------------------- Japan Credit Rating Agency Limited has downgraded its rating on The Goodwill Group Inc.'s senior debts from #BB/Negative to #BB-/Negative, continuing placing it under Credit Monitor with Negative direction. Goodwill Group Inc. is a pure holding company of Goodwill Group. JCR placed its rating on the Company under Credit Monitor with Negative direction on December 25, 2007 to ascertain direct and indirect impact of business suspension on the performance of the entire group. The Company then released on May 30, 2008 its operating performance for the 3rd quarter of FY2008 ending June 30, 2008. At the same time, the Company revised the forecasts of the operating performance for FY2008 downward. The estimate for the net income for FY2008 was revised downward from zero to negative JPY9 billion. Worse earnings of the subsidiary Goodwill Inc. than estimated due to the voluntary business suspension after the ordered suspension period for the purpose of strengthening compliance were behind the deterioration in the performance. JCR assessed that the group's earnings power will lower, given the fact that the derailed scenario for earnings recovery forced the Company to study a significant reduction of day labor dispatch business and also affected negatively the engineer dispatch business to a certain degree. It raised funds amounting JPY4.5 billion in April this year, issuing new shares of common stock to Promontoria Investments I B.V. through third-party allotment. Besides, it will issue preferred shares amounting JPY15.5 billion for the debt-equity swap. A resolution for implementation of the preferred share issue for the DES was adjourned to the extraordinary shareholders' meeting to be held on June 7. The outcome of the resolution may have significant impact on the Company's business rebuilding, the rating agency says. There is another uncertainty over the future performance, because the Company is now investigating compatibility of the Barrington House properties (high-grade nursing homes) with the building code, of which the Company's fixed asset assignment to outside party has been delayed. Accordingly, JCR decided to revise its rating on the Company and to continue placing it under Credit Monitor with Negative direction. The Company is now drawing up the 4-year medium term management plan and business plan based on the management policy "Revival Plan 2012" by the new management system. JCR will also pay attention to the details of the plans. About The Goodwill Group Inc. Japan-based The Goodwill Group Inc. -- http://www.goodwill.com/ -- is mainly engaged in manpower dispatching and contracting business. The Company operates in three business segments. The Manpower Dispatching and Contracting segment provides manpower dispatching services and contracting services that address customer needs. The Nursing-care and Medical Support segment is engaged in the provision of home-care services, care services in facilities and dental examination services at home, as well as the sale of nursing-care goods and equipment, among others. The Others segment is engaged in the senior residence business, restaurant business, recruitment support business, employee assistance program (EAP) business, pet care business such as the planning, designing and management of pet care facilities and the operation of pet care shops, as well as child-care business such as the operation and management of nurseries and the provision of baby-sitting services. GOODWILL GROUP: Turnaround Plan Up for Second Chance ---------------------------------------------------- Jiji Press reports that Goodwill Group Inc. failed to put forward a turnaround plan to shareholders in the face of opposition from its top shareholder, United Technology Holdings Co. United Technology Holdings opposed Goodwill's plan -- aimed at reducing debts through the issuance of preferred shares to a joint investment fund owned by Cerberus and Morgan Stanley -- arguing that the issuance will damage the interests of existing shareholders. The report says Goodwill plans to hold another shareholder meeting on June 7 to seek approval of the plan that includes a debt-for-equity swap involving U.S. investment fund Cerberus and U.S. investment bank Morgan Stanley. In a separate report, Melou Antonette of Jiji Press citing informed sources, said Goodwill Group Inc. is ready to sell day labor staffing unit Goodwill Inc. According to the sources, Goodwill Group has started seeking interests in buying the Tokyo-based unit, hoping to select a buyer as early as this month. The report relates that Goodwill Group wants to focus its management resources on highly profitable services to dispatch technicians and manufacturing specialists. About The Goodwill Group Inc. Japan-based The Goodwill Group Inc. -- http://www.goodwill.com/ -- is mainly engaged in manpower dispatching and contracting business. The Company operates in three business segments. The Manpower Dispatching and Contracting segment provides manpower dispatching services and contracting services that address customer needs. The Nursing-care and Medical Support segment is engaged in the provision of home-care services, care services in facilities and dental examination services at home, as well as the sale of nursing-care goods and equipment, among others. The Others segment is engaged in the senior residence business, restaurant business, recruitment support business, employee assistance program (EAP) business, pet care business such as the planning, designing and management of pet care facilities and the operation of pet care shops, as well as child-care business such as the operation and management of nurseries and the provision of baby-sitting services. ========= K O R E A ========= NEXUS INVESTMENT: Makes Amendments on Common Shares Placement ------------------------------------------------------------- Nexus Investment Corporation has made amendments to the private placement of its 21,212,090 common shares, Reuters reports. According to the report, the amended details are: -- it will issue 20,021,190 shares of common stock, -- raising KRW 13,213,985,400 for its operational funds. The listing date of new shares is June 13, 2008. Pusan, Korea-based Nexus Investment Corporation invests in start-ups primarily for small- and medium-sized companies. The company's investment portfolio includes stocks, funds, project financing and capital loans for Korea-based companies as well as overseas market investment. It also offers management consulting, strategic restructuring of companies, marketing and human resources support. Korea Investors Service rated the company's third offering of unregistered convertible bonds raising funds up to KRW30 billion a B+ with a stable outlook. PARK & OPC: To Raise Money for Bonds Redemption ----------------------------------------------- Park & OPC Co. Limited has decided to raise KRW4,800 million from its associated company for redemption of its 19th bonds with warrants, according to a report by Reuters. With headquarters and factory in Cheongju, Korea, Park & OPC Co., Ltd. -- http://www.daewonopc.com/-- is a manufacturer engaged in the provision of electrophotographic devices. The Company produces organic photo conductor (OPC) drums and artificial intelligence (A.I) chips. During the year ended Dec. 31, 2005, the Company had a production capacity of approximately 9 million OPC drums and its actual output was approximately 6.5 million OPC drums. The Company exports OPC drums to Japan. Its major clients are Cannon, IBM, Epson and Samsung Electronics. On July 31, 2006, Korea Ratings gave the company’s KRW4.40 billion straight bond private issue a B rating. =============== M A L A Y S I A =============== APL INDUSTRIES: Turns Around with MYR405,000 Profit in 1st Qtr. --------------------------------------------------------------- APL Industries Berhad earned MYR405,000 on MYR37.78 million of revenues in the quarter ended March 31, 2008, as compared to MYR6.19 million net loss on MYR38.33 million of revenues in the same quarter of 2007. As of March 31, 2008, the company's balance sheet showed MYR93.26 million of current assets and MYR121.06 million of current liabilties. APL's balance sheet as of March 31, 2008, also reflected MYR193.57 million of total assets, MYR144.18 million of total liabilities resulting in a shareholders' equity of MYR49.39 million. APL Industries Berhad is a Malaysia-based investment holding company. Through its subsidiaries, the Company operates in two business segments: Gloves, which is engaged in the manufacture and sale of gloves and other healthcare products, and Investments, which is engaged in investment holding. The gloves segment is operated in three other principal geographical areas apart from Malaysia, which include North America, Asia (other than Malaysia) and Europe. Its direct wholly owned subsidiaries include Asia Pacific Latex Sdn Bhd, which is engaged in manufacturing and sales of latex examination gloves, Medipure Corporation (M) Sdn Bhd, which is engaged in provision of chlorination services and trading of powder free latex gloves, and Norwell International Inc, which is engaged in marketing and distribution of healthcare products. The company is currently listed as an affected issuer under the Amended PN17 category of the Bursa Malaysia Securities Bhd. CNLT: Posts MYR6.48 Mil. Net Loss in Qtr. Ended March 31 -------------------------------------------------------- CNLT (Far East) Berhad posted a net loss MYR6.48 million on MYR4.01 million of recorded revenues in the first quarter ended March 31, 2008, as compared to MYR4.24 million net loss on MYR10.47 million of revenues recorded in the same quarter of 2007. The financial performance of the Group had continued to deteriorate as a result of its low production capacity and plant utilization, which in turn are caused by the lack of working capital for the purchase of raw materials for production and new funds to purchase replacement parts for its machineries. Further the company had incurred higher interest cost if MYR2.03 million as compared to MYR1.4 million in the previous corresponding period in 2007. As of March 31, 2008, the company's balance sheet was illiquid with MYR6.20 million of current assets and MYR147.16 million of current liabilities. The company's balance sheet as of March 31, 2008, also showed MYR143.65 million of total assets and MYR170.67 million of total liabilties resulting to a shareholders' deficit of MYR27.03 million. About CNLT (Far East) Berhad CNLT (Far East) Berhad is engaged in the manufacture and sale of yarn. Its subsidiary includes Indosen S.A., which is engaged in the manufacture and sale of textiles and apparel. The company operates in Malaysia and Senegal. * * * The company was admitted into the Amended PN17 listing criteria of the Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1(e) of the bourse's listing requirements: (i) Based on the unaudited quarterly results of CNLT for the first quarter ended March 31, 2007, as announced to Bursa Securities, the shareholders' equity on a consolidated basis is less than 50% of the issued and paid up capital of the company ; and (ii) The auditors of CNLT have expressed a modified opinion with emphasis on the Company's going concern in its latest audited accounts for the financial year ended December 31, 2005. KOSMO TECHNOLOGY: Receives Demand of Payment for MYR30.81 Mil. -------------------------------------------------------------- Kosmo Technology Industrial Berhad has been served with a Letter of Demand dated May 29, 2008, by Messrs Adnan Sundra & Low on behalf of Malaysian Trustees Berhad demanding for a sum of MYR30,805,857.53, including principal and interests. This was in relation to the the Prima Uno Facility Agreement entered between RHB Investment Bank Berhad, Prima Uno Berhad and the company. The company on September 9, 2005, entered into a Primary CLO Transaction Facility Agreement with EON Bank Berhad and CapOne Berhad. Pursuant to a Deed of Assignment dated January 8, 2007, Prima Uno had assigned and charged to MTB, all its present and future rights, titles and interest in and to the receivables and proceeds together with payment and enforcement rights. As the company has failed to pay the sum of MYR52,029,322.60, it has breached the terms and conditions of the CapOne Facility Agreement. As a result of this breach, the Company has also caused a cross-default to occur under the Prima Uno Facility Agreement. KOSMO will seek legal advice before taking the appropriate course of action. About Kosmo Technology Kosmo Technology Industrial Bhd., formerly known as Orion Unggul Sdn. Bhd., is a Malaysia-based investment holding company. The company operates through two business segments: investment holding and car accessories, which is engaged in the manufacture and sale of plastic injection mould car accessories. The company operates through its subsidiaries Kosmo Motor Company Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd. is engaged in importing, assembling, distributing and maintaining commercial vehicles. Hexariang Sdn. Bhd. is an investment holding company. Nagatrend Sdn. Bhd., which is a subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture and sale of car accessories. The company also has a 30% equity interest in M Dot Mobile Sdn. Bhd. * * * As reported by the Troubled Company Reporter-Asia Pacific on May 14, 2008, Kosmo Technology Industrial Berhad has been considered as an Affected Listed Issuer under Practice Note No. 17/2005 of the Bursa Malaysia Securities Berhad as the company was unable to provide a solvency declaration. The company is currently encountering cash flow problems and has been unable to meet its obligations in payment of loans and to creditors. A notice of demand has been issued to Kosmo by Zul Rafique & Partners for and on behalf of CapOne Berhad and Malaysian Trustees Berhad for the repayment of the whole loan facility together with all interest payable amounting to MYR52,029,322. PILECON: Incurs MYR712,000 Net Loss in Qtr. Ended March 31 ---------------------------------------------------------- Pilecon Engineering Berhad recorded a net loss of MYR712,000 in the in the first quarter ended March 31, 2008, as compared to the recorded MYR2.12 million net profit in the same quarter of 2007. The loss was attributed to the rising cost of materials from ongoing projects. The company posted MYR13.56 million of revenues in the quarter ended March 31, 2008, a huge increase as compared to the MYR3.86 million of revenues recorded in the first quarter of 2007. As of March 31, 2008, the company's balance sheet showed MYR531.48 million of total assets and MYR262.31 million of total liabilities resulting in a shareholders' equity of MYR269.17 million. Headquartered in Selangor Darul Ehsan, Pilecon Engineering Berhad is engaged in building construction and civil engineering works. The Company is also involved in trading and hiring of plant and equipment for foundation engineering and civil engineering works. It also undertakes resort operation and complex management services. The Group operates in Malaysia, Hong Kong and Singapore. The company was classified as an Affected Listed Issuer of the Amended Practice Note No. 17/2005 of the Listing Requirements of Bursa Malaysia Securities, as the company defaulted in its payment and was unable to provide a solvency declaration to the Bursa Securities. ==================== N E W Z E A L A N D ==================== AIR NEW ZEALAND: To Test Biofuel for Cost-Cutting Option -------------------------------------------------------- Air New Zealand Limited is accelerating its research process for the use of biofuels as alternative for jetfule as means to cut cost, E-travel News report. The airline previously started the research as part of its "green" image, however, skyrocketing fuel prices have led the company to hasten the project. Deputy Chief Executive Norm Thompson said the airline will use the second generation biofuel, Jatropha, as the chosen biofuel for the test flight at Auckland Airport later this year, the report says. E-travel says the development of a substitute fuel source has been a cooperative process between Air New Zealand, Boeing and Rolls Royce. According to the report, the approval from the Civil Aviation Authority, and a multitude of variable prevented Mr. Thompson from providing a time frame to when the use of biofuel in domestic operations will be realized. Use of biofuel has been criticized because of its potential harm to food supply. But Mr. Thompson assured that the airline won't acquire biofuel that is sourced from food stock or grown on land where crops could be grown. About Air New Zealand Based in Auckland, New Zealand, Air New Zealand Ltd is the country's flag air carrier, with domestic and international passenger and freight operations, and an aviation engineering business. Air New Zealand flies to the United States, United Kingdom, Canada, Europe and other Asian cities. Moody's Investors Service, on Sept. 4, 2007, affirmed Air New Zealand Limited's Ba1 senior unsecured issuer rating. At the same time, it has changed the outlook on the rating to positive from stable. ANZ carries Standard & Poor's Ratings Services' 'BB' corporate credit rating, with stable outlook. CAPITAL + MERCHANT: Investors May Receive Less Than 10% ------------------------------------------------------- Capital+Merchant Finance investors may get less than 10 per cent of their money back and are unlikely to get any this year, the New Zealand Press Association reports, citing receivers KordaMentha. According to the report, the receivers said that a loan securitization undertaken by Capital+Merchant before receivership may have invalidated insurance on a substantial portion of the company's loan book. Legal advice had been taken on insurance policies in place to underwrite a portion of the loans that were funded by Capital+Merchant secured debenture stockholders, the report says. NZPA says C+M Finance, along with subsidiary Capital+Merchant Investments, was placed in receivership in November 2007, owing around NZ$188 million to 7000 investors. CONCEPTS INTERIOR: Wind-Up Petition Hearing Set for August 8 ------------------------------------------------------------ The High Court of Auckland will hear on August 8, 2008, at 10:00 a.m., a petition to have Concepts Interior Linings Ltd.'s operations wound up. The petition was filed by Carters on April 11, 2008. Carters' solicitor is: Edmund Lawler Edmund Lawler & Associates PO Box 25931, St Heliers Auckland New Zealand DENTAL WORLD: Creditors' Proofs of Debt Due on June 13 ------------------------------------------------------ The creditors of Dental World (NZ) Limited are required to file their proofs of debt by June 13, 2008, to be included in the company's dividend distribution. The company's liquidators are: Boris van Delden Peri Micaela Finnigan McDonald Vague PO Box 6092, Wellesley Street Post Office Auckland New Zealand Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Web site: http://www.mvp.co.nz FENIXCLAD PLASTERING: Taps Parsons and Kenealy as Liquidators ------------------------------------------------------------- Dennis Clifford Parsons and Katherine Louise Kenealy were appointed liquidators of Fenixclad Plastering Ltd. on May 7, 2008. The Liquidators can be reached at: Dennis Clifford Parsons Katherine Louise Kenealy c/o Indepth Forensic Limited PO Box 278, Hamilton New Zealand Telephone:(07) 957 8674 Web site: http://www.indepth.co.nz JOHN MOWBRAY: Parent Posts Preliminary Annual Results for 2008 -------------------------------------------------------------- John Mowbray International's parent firm, Mowbray Collectables, reported an operating surplus for the year ended March 2008, before tax and share of associates' net surplus, of NZ$322,000 (Last year NZ$297,000). The contribution from associate companies was disappointing. This reduced the group net surplus after tax and share of associates' net surplus to NZ$234,206. This result has been measured under the new international financial reporting standards (IFRS) and compares with the reported surplus for 2007 of NZ$382,094. Managing Director, John Mowbray, said he was pleased that the core New Zealand businesses of philately and coins had exceeded trading expectations with strong growth trends in auction turnovers and yields. The associate companies, Peter Webb Galleries and Bonhams & Goodman experienced extraordinary circumstances during the year. Peter Webb Galleries, following the loss of three key staff, as reported last year, have restructured, appointed a new Chief Executive and retain the position as the leading auction house in New Zealand. Bonhams & Goodman have continued with their major expansion into Melbourne. This has been a significant project, extending its financial and management resources and is now starting to produce encouraging results. The purchase announced yesterday of Melbourne auctioneers, Leonard Joel, now positions Bonhams & Goodman as Australia's largest auction house. As reported in September, Stanley Gibbons Australia ceased to trade in February 2008, and has been successfully rebranded as Mowbrays Australia. The rebranding featured a special auction of the Lionheart II stamp collection. Early indications are the rebranding has been effective, following 25 years of operating under the Stanley Gibbons brand , but attention needs to focus on revenue growth. Post balance date sales in all divisions, are strong with no obvious effects of the global economic turmoil. In light of the extraordinary circumstances and reinvestment encountered by the associate companies the Directors have reluctantly resolved not to pay a dividend at this time About John Mowbray John Mowbray International is the largest stamp auction house in New Zealand. The company is a wholly owned subsidiary of Mowbray Collectables, Australasia's largest stamp dealer. * * * The company reported net deficits after taxation of NZ$186,791 and NZ$151,526 for the years ended March 31, 2007 and 2006, respectively. JOSEPH PRODUCTIONS: Appoints Madsen-Ries & Levin as Liquidators --------------------------------------------------------------- On May 2, 2008, Vivien Judith Madsen-Ries and Henry David Levin were appointed liquidators of: -- Joseph Productions No 1 Limited; -- Joseph Productions No 2 Limited; -- Joseph Productions No 3 Limited; -- Joseph Productions No 4 Limited; -- Joseph Productions No 5 Limited; -- Joseph Productions No 6 Limited; -- Joseph Productions No 7 Limited; -- Joseph Productions No 8 Limited; -- Joseph Productions No 9 Limited; and -- Joseph Productions No 10 Limited. Creditors of the above companies are required to file their proofs of debt by June 6, 2008, to be included in the companies' dividend distribution. The company's liquidator is: Vivien Judith Madsen-Ries Henry David Levin PPB McCallum Petterson Forsyth Barr Tower, Level 11 55-65 Shortland Street, Auckland New Zealand Telephone:(09) 336 0000 Facsimile:(09) 336 0010 LOMBARD FINANCE: Parent Incurs NZ$21.8MM Loss After Write Down -------------------------------------------------------------- Lombard Finance and Investments Limited's parent firm, Lombard Group, posted a NZ$21.8 million annual net loss after directors decided to write down Lombard Finance, which was placed in receivership in April, The National Business Review reports. According to the report, auditors KPMG had indicated that the financial statements for the year ended March 31 would have a qualified opinion because they and Lombard directors had no access to the records of companies in receivership. The unaudited report was prepared from management accounts held by the group at the date of receivership on April 10, the report says. The Directors, the report relates, decided to fully impair the balance sheet of Lombard Finance and its subsidiaries, that resulted in a NZ$20.5m impairment loss from the write down of Lombard Group's NZ$42m investment in Lombard Finance, including the total writeoff of NZ$40m of shares, and a NZ$5.9m impairment of goodwill. "Given the result, the group has been undertaking a restructuring with a view to restoring the profitability in the near term. The board and management remain committed to the business during this restructuring period " the report cited acting Chairman David Wallace as saying. The Group's revenue from ordinary activities, the report says, rose 9% to NZ$33.7 million and profit after tax fell 22% to NZ$5 million, excluding one-offs, while net tangible assets per share fell to 0.008cps from 0.846cps. No dividend would be paid. In April, The National recounts, Lombard Group's finance company had hit funding problems on its lending in the property market that led to the receivership of Lombard Finance with NZ$127 million of debenture stock and notes on behalf of about 4400 investors, and a loan book of about NZ$137 million. The receivership also applied to three other subsidiaries -- Lombard Asset Finance Ltd, Lombard Property Holdings Ltd and Lombard Asset Finance No 2 Ltd, the report adds. About Lombard Finance Lombard Finance & Investments Limited is a wholly owned subsidiary of Lombard Group, a diversified company specialising in the financial services sector offering a number of lending options and providing investment opportunities for its shareholders and investors. On April 10, 2008, Lombard Finance was placed into receivership by its trustee, Perpetual Trust Limited. PricewaterhouseCoopers partners John Fisk and John Waller have been appointed receivers of the company. The receivership also applies to three other subsidiaries of Lombard Group, being Lombard Asset Finance Limited, Lombard Property Holdings Limited and Lombard Asset Finance No 2 Limited. The receivership does not impact on Lombard Group Limited. MORGANS CORNER: Wind-Up Petition Hearing Set for June 9 ------------------------------------------------------- A petition to have Morgans Corner Winery Ltd.'s operations wound up will be heard before the High Court of Christchurch on June 9, 2008, at 10:00 a.m. Trustpower Limited filed the petition on April 10, 2008. Trustpower Limited's solicitor is: Kevin Patrick McDonald c/o Kevin McDonald & Associates Takapuna Towers, Level 11 19-21 Como Street PO Box 331065, Takapuna Auckland New Zealand Telephone:(09) 486 6827 Facsimile:(09) 486 5082 PACIFIC SURGIMED: Court to Hear Wind-Up Petition on July 25 ----------------------------------------------------------- The High Court of Auckland will hear on July 25, 2008, at 10:00 a.m., a petition to have Pacific Surgimed International NZ Ltd.'s operations wound up. Life Pharmacy Limited filed the petition on April 24, 2008. Life Pharmacy's solicitor is: Michael David Arthur Chapman Tripp Sheffield Young ANZ Centre, Level 35 23-29 Albert Street, Auckland New Zealand RACE IDENTITY: Faces Geon's Wind-Up Petition -------------------------------------------- On February 15, 2008, Geon Limited filed a petition to have Race Identity Ltd.'s operations wound up. The petition will be heard before the High Court of Auckland on June 6, 2008, at 10:00 a.m. Geon Limited's solicitor is: P. D. Twigg Langley Twigg Solicitors 66 West Quay, Napier New Zealand Facsimile:(06) 835 3712 SOUTH PACIFIC: Fixes June 13 as Last Day to File Claims ------------------------------------------------------- The creditors of South Pacific Dental Laboratories Ltd. are required to file their proofs of debt by June 13, 2008, to be included in the company's dividend distribution. The company's liquidators are: Boris van Delden Peri Micaela Finnigan McDonald Vague PO Box 6092, Wellesley Street Post Office Auckland New Zealand Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Web site: http://www.mvp.co.nz ===================== P H I L I P P I N E S ===================== MONDRAGON INT'L: May Be Delisted for Unpaid Fees ------------------------------------------------ Mondragon International Philippines Inc. faces possible delisting for failing to pay its annual listing maintenance fees with the Philippine Stock Exchange. Based on the rules of the Exchange, listed companies may be delisted if they fail to settle their outstanding fees with the Exchange. Business World, in a report dated June 3, 2008, described the firm as “rarely traded.” Mondragon International Philippines Inc. is a holding company with business interests in the development of resort facilities and gaming. The company was originally incorporated as Mondragon Industries Inc. on January 28, 1969. Its wholly owned subsidiary, Mondragon Leisure and Resorts Corporation, was incorporated on January 6, 1991 primarily to acquire, manage, own, lease, operate, act as consultant of and/or engage in the business of hotels, resorts, inns, casinos, restaurants and other tourism related activities. MLRC operates a 36-hole championship golf course, a 304-room five star hotel, various deluxe furnished villas and gaming casino, all located within the Clark Special Economic Zone. The Company derived its income principally from the earnings of its subsidiaries, from rentals and up to 1997, from management fees. Except for the share in the gross income of the Mimosa Regency Casino since July 2001, MLRC had no commercial operations for 2001 and 2000. PRIMETOWN PROPERTY: May Be Delisted for Unpaid Fees --------------------------------------------------- Primetown Property Group Inc. faces possible delisting for failing to pay its annual listing maintenance fees with the Philippine Stock Exchange. Based on the rules of the Exchange, listed companies may be delisted if they fail to settle their outstanding fees with the Exchange. Business World, in a report dated June 3, 2008, described the firm as “rarely traded.” Primetown Property Group Inc. was incorporated on May 16, 1989 as an owner and developer of real estate properties. Its first project was the Century Citadel Inn Makati, which was completed in 1993. The success of this maiden project led PMT to launch another condotel project in 1994, the Makati Prime Century Tower. That same year, PMT also launched the Makati Prime City, a mixed-use residential and commercial development on a 1.7- hectare property located near San Antonio Village, Makati City. PMT went into a rapid expansion mode in 1996, but after having launched several big projects, the company was caught flat- footed when the Asian financial crisis hit the Philippines in July 1997 and continued through 1998. The company was forced to enter into various restructuring and dacion en pago arrangements with its creditors to reduce its debt, to downsize substantially its operations to cut costs, and to suspend construction on all projects, except those already transferred to the banks to conserve cash. PMT was also forced to suspend contracting of new sales and collection of receivables from the affected projects pending the resumption of project construction. The last five years from 2002 to 2006 were a period of further downsizing, cost-cutting, debt- retirement, searching and negotiating with prospective joint venture partners for possible takeover of PMT's projects. As a result, the company's operations have been substantially reduced. On December 15, 2003, the Board and stockholders of PMT approved the shortening of term of corporate existence of PMT's subsidiaries up to December 31, 2003, thereby dissolving all subsidiaries, except Billion Land Inc. These subsidiaries have not yet started commercial operations since their incorporation in 1997. The SEC approved the dissolution in March 2004. RCBC: Moody's Lifts Bank Financial Strength Rating to D- -------------------------------------------------------- Moody's Investors Service has upgraded Rizal Commercial Banking Corporation's ("RCBC") bank financial strength rating (BFSR) to D- from E+. At the same time, Moody's has raised its foreign currency hybrid tier-1 debt ratings to B1 from B3. Moody's has also affirmed its foreign currency deposit rating of B1/Not- Prime and senior long-term debt rating of Ba3. The outlook on the bank's BFSR and foreign currency hybrid tier- 1 debt ratings is stable, while that for its long-term foreign currency deposit and senior long-term debt ratings remains positive. "This rating action reflects the progress achieved by RCBC in strengthening its balance sheet through raising fresh capital and accelerating the disposal of its non-performing assets," says Richard Lung, a Moody's VP/Senior Analyst, adding, "Its non-performing asset ratio had fallen to 6.8% at end-March 2008 from 13.4% at end-2004." "The D- BFSR takes into account the bank's strong niche in the corporate middle market and special economic zones, its strong level of capitalization, and the potential synergies arising from its affiliation with the Yuchengco Group of companies," says Lung. "On the other hand, the rating takes into account its relatively small market presence, modest level of earnings, and weak asset quality, while its past reliance on external support -- as provided through regulatory forbearance -- serves as a rating constraint," says Lung. On January 25, 2008, Moody's changed the outlook on RCBC's long- term foreign currency deposit and long-term senior debt rating to positive from stable following a similar revision in the outlook on the Philippines' foreign currency deposit and debt ceilings. The outlook all other ratings is stable, reflecting expected short-term downward pressure on its financials from the emergence of a less benign operating environment and potential deterioration in financial conditions among its key customer base of export-oriented SMEs. However, these challenges are not expected to match the severity of the economic downturn in the Philippines and the bank's restructuring efforts should allow it to weather the current slowdown. Moody's believe the following factors could result in upward pressure on RCBC's ratings: (i) a reduction in non-performing assets without recourse to regulatory support and allowances, (ii) expedited recognition of deferred charges, (iii) better utilization of its affiliations and networks, as evidenced by an increase in cross-selling and risk-adjusted returns, and (iv) an increase in its systemic importance through the growth of its market share. Conversely, Moody's would view any or all of the following factors as possible reasons for a ratings downgrade: (i) a deterioration in the bank's asset quality, such that earnings and capital are affected, (ii) overly aggressive expansion, such that the bank's management and financial resources are strained, and (iii) the loss of its niche in financing SMEs in the special economic zones or a decline in its share of the remittance market. Rizal Commercial Banking Corporation, headquartered in Manila, is the seventh largest bank in the Philippines with P239 billion in consolidated assets as of end-2007. UNIVERSAL RIGHTFIELD: May Be Delisted for Unpaid Fees ----------------------------------------------------- Universal Rightfield Property Holdings Inc. faces possible delisting for failing to pay its annual listing maintenance fees with the Philippine Stock Exchange. Based on the rules of the Exchange, listed companies may be delisted if they fail to settle their outstanding fees with the Exchange. Business World, in a report dated June 3, 2008, described the firm as “rarely traded.” Universal Rightfield Property Holdings Inc. was organized as a result of the merger that took effect on May 3, 1996 among three companies engaged in oil exploration activities and property development. As a result of the merger, the company changed its name to Universal Rightfield Property Holdings Inc. and also changed its primary purpose to a holding company and real estate development. UP's core business is to provide the residential and leisure- related needs and wants of the middle and upper middle income market. The company serves this market in two areas: affordable residential condominiums and innovative leisure developments. The company is the first developer to offer condominiums with integrated facilities for work and leisure that are targeted for the middle income market. The company's first leisure project is Universal Leisure Club, the first one of its kind that offers ownership to multiple clubs for a single propriety membership share. Universal Leisure Club consists of two business clubs, one city sports club, one beach club, and two golf courses. WISE HOLDINGS: May Be Delisted for Unpaid Fees ---------------------------------------------- Wise Holdings Inc. faces possible delisting for failing to pay its annual listing maintenance fees with the Philippine Stock Exchange. Based on the rules of the Exchange, listed companies may be delisted if they fail to settle their outstanding fees with the Exchange. Business World, in a report dated June 3, 2008, described the firm as “rarely traded.” Wise Holdings, Inc. was originally known as Wise and Company, Inc. WHI was the parent company of several wholly-owned and majority-owned subsidiaries engaged in various industries including trading of industrial machinery and other products, real estate development and insurance services. WHI was later restructured when the Jakarta-based Dharmala Group acquired strategic interest in the company through a purchase of 70% equity from the original WCI stockholders. The company was renamed Dharmala Philippines, Inc. (DPI) and converted to a purely management and holding company. DPI was organized to take advantage of the goodwill and the regional presence of Dharmala in the ASEAN region. The Group operates 124 subsidiaries and affiliates, maintaining offices throughout the ASEAN region and in the key cities of London, Sydney and New York. It is widely known in the region for trading, construction and financial operations. The trading operations of DPI was spun off to a separate subsidiary also named Wise and Company, Inc. in an effort to preserve WHI's goodwill, having been known as a trading firm since its organization in the Philippines in 1926. The subsidiary is engaged in the trading of goods, wares, machinery, equipment and merchandise of all kinds. A Filipino group, VR Holdings Corporation, eventually gained the holding interest in DPI and acquired the company in December 1998. To build a new corporate identity and to maximize the institutional image of its subsidiary, Wise and Company, Inc., the corporate name was changed to Wise Holdings, Inc. Currently, the company operates through four strategic business groups, namely, the Trading group, the Financial Services Group, the Consumer Banking Group and the Investments Group. ================= S I N G A P O R E ================= BANGKA OFFSHORE: Court Enters Wind-Up Order ------------------------------------------- On May 16, 2008, the High Court of Singapore entered an order to have Bangka Offshore Pte Ltd's operations wound up. Link Express Shipping Pte Ltd filed the petition against the company. The company's liquidator is: The Official Receiver Insolvency & Public Trustee’s Office 45 Maxwell Road #06-11 The URA Centre (East Wing) Singapore 069118 DURABEAU CONSTRUCTION: Creditors' Proofs of Debt Due on June 12 --------------------------------------------------------------- Durabeau Construction Pte Ltd, which is in liquidation, requires its creditors to file their proofs of debt by June 12, 2008, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Lim Lee Meng c/o Stone Forest Corporate Advisory Pte Ltd 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 ELVIE’S GRACE: Court to Hear Wind-Up Petition on June 6 ------------------------------------------------------- The High Court of Singapore will hear on June 6, 2008, at 10:00 a.m., a petition to have Elvie’s Grace Beauty Centre Pte Ltd's operations wound up. United Overseas Bank Limited filed the petition on May 9, 2008. United Overseas Bank's solicitors are: Advent Law Corporation 111 North Bridge Road #05-30/31 Peninsula Plaza Singapore 179098 HOCK CHUAN: Members and Creditors to Meet on June 19 ---------------------------------------------------- The members and creditors of Hock Chuan Ann Construction Pte Ltd are will meet at 2:30 p.m., on June 19, 2008, at One Raffles Quay, North Tower, Level 14, Singapore 048583. At the meeting, the members and creditors will be asked to: -- receive the report of Seshadri Rajagopalan, the company's liquidator, about the progress of the company's liquidation; -- approve minutes of the last meeting of creditors held on August 22, 2006; -- discuss other matters. LAM GUAN: Creditors' Proofs of Debt Due on June 13 -------------------------------------------------- Lam Guan Chan Pte Ltd, which is in compulsory liquidation, requires its creditors to file their proofs of debt by June 13, 2008, to be included in the company's dividend distribution. The company's liquidators are: Goh Thien Phong Ramasamy Subramaniam Iyer Deborah Tan Yang Sock c/o PricewaterhouseCoopers 8 Cross Street #17-00 PWC Building Singapore 048424 =============== X X X X X X X X =============== * Moody's has Negative Outlook for Asia's Auto-Parts Sector ----------------------------------------------------------- Moody's Investors Service has a negative rating outlook for Asia Pacific's auto-parts sector over the next 12-18 months, but maintains a stable rating on its three rated issuers in the region. The outlook is consistent with the rating agency's negative, medium-term forecasts for the auto-parts sectors in the U.S. and Europe. In a new report, Moody's says that the rated Asian auto-parts manufacturers face significant challenges from compressed margins and slowing markets abroad, but have unique characteristics in their home markets, sales channels, and cost structures that enable them to expect continued financial stability going forward. One of the report's authors, Chris Park, a Moody's vice president and senior analyst, says, "The rated South Korean parts producer, Hyundai Mobis, and the two rated tire companies, Indonesia's Gajah Tungal and China's GITI Tire, have been able to pass on surging input prices for rubber, oil, and steel to their customers." He explained that Hyundai Mobis has a captive market as most of its sales go to the affiliated Hyundai and Kia Motors Group while the other two issuers have raised prices with a 3-6 month lag in the aftermarket for replacement tires. The report's second author, Wonnie Chu, a Moody's analyst, says, "Car sellers are starting to experience a drop in sales to the U.S. and Europe. However, continued strong growth and high demand in China, in other developing countries, and in the Middle East should partially compensate for a slowing in developed markets." Chu adds, "Although the three issuers' liquidity is expected to weaken as a result of ongoing growth in capacity, none of them face imminent refinancing risks." She notes that covenants on debt incurrence for the two rated tire makers are tight, but she says, "Moody's draws comfort that working-capital financing is carved out and both tire makers have no major funding requirement in the near term." The report, entitled "Industry Outlook - Snapshot: Asia-Pacific Auto-Parts Manufacturers", can be found at www.moodys.com. * BOND PRICING: For the Week May 26 to May 30, 2008 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA & NEW ZEALAND ----------- Ainsworth Game Technology Ltd 8.000% 12/31/09 AUD 0.77 A&R Whitcoulls Group 9.500% 12/15/10 NZD 14.00 Allco Hit Ltd 9.000% 08/17/09 AUD 23.50 Antares Energy Limited 10.000% 10/31/13 AUD 7.00 Babcock & Brown Pty Ltd 9.010% 09/15/16 NZD 18.40 Becton Property Group 9.500% 06/30/10 AUD 16.00 Bounty Industries Limited 10.000% 06/30/10 AUD 0.08 Capital Properties NZ Ltd 8.500% 04/15/09 NZD 15.00 Capital Properties NZ Ltd 8.000% 04/15/10 NZD 11.80 China Century 12.000% 09/30/10 AUD 0.60 Djerriwarrh Investments Ltd 6.500% 09/30/09 AUD 4.35 Fletcher Building Ltd 7.800% 03/15/09 NZD 9.80 Fletcher Building Ltd 7.550% 03/15/11 NZD 9.20 Heemskirk Consolidated Limited 8.000% 04/29/11 AUD 3.00 Hy-Fi Securities Ltd 8.750% 08/15/08 NZD 10.25 Hy-Fi Securities Ltd 7.000% 08/15/08 NZD 13.00 Infrastructure & Utilities 8.500% 09/15/13 NZD 9.45 Jem Warehouse 3.000% 08/01/14 AUD 71.66 LongReach Group Limited 10.000% 10/31/08 AUD 0.33 Nylex Ltd. 10.000% 12/08/09 AUD 1.76 Metal Storm Ltd 10.000% 09/01/09 AUD 0.11 Minerals Corp 10.500% 09/30/08 AUD 0.87 Publ & Broad Fin 6.280% 05/06/11 AUD 9.31 Record Funds Man 11.000% 09/01/10 AUD 45.50 Record Funds Man 11.500% 09/01/10 AUD 54.00 Salomon SB Aust 4.250% 02/01/19 USD 6.93 Speirs Group Ltd. 13.160% 06/30/49 NZD 50.00 TrustPower Ltd 8.300% 12/15/08 NZD 9.25 TrustPower Ltd 8.500% 09/15/12 NZD 8.75 TrustPower Ltd 8.500% 03/15/14 NZD 9.15 CHINA ----- China Govt Bond 4.860% 08/10/14 CNY 0.00 Cosco Shipping 0.800% 01/28/14 CNY 73.97 GD Power Develop 1.000% 05/07/14 CNY 73.39 Tsingtao Brewery 0.800% 04/02/14 CNY 73.25 INDONESIA --------- Indonesia Gov't 9.750% 05/15/37 IDR 74.89 JAPAN ----- Cent Japan Rail 1.310% 03/18/33 JPY 73.96 NIS Group 2.730% 02/25/10 JPY 72.50 Shinsei Bank Ltd. 5.625% 12/29/49 GBP 64.16 Japan Gov't 1.100% 03/20/33 JPY 74.89 KOREA ----- Korea Dev. Bank 7.450% 10/31/21 KRW 48.12 Korea Elec Pwr 7.950% 04/01/96 USD 67.66 MALAYSIA -------- Advance Synergy Berhad 2.000% 01/26/18 MYR 0.05 Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.91 Berjaya Land Bhd 5.000% 12/30/09 MYR 5.55 Bumiputra-Commerce Holdings Bhd 2.500% 07/16/08 MYR 1.30 Cagamas Berhad 3.650% 05/28/08 MYR 14.00 Cagamas Berhad 3.610% 10/10/08 MYR 7.00 Eastern & Orient 8.000% 07/25/11 MYR 1.80 EG Industries Berhad 5.000% 06/16/10 MYR 0.29 Equine Capital 3.000% 08/26/08 MYR 1.63 Greatpac Holdings 2.000% 12/11/08 MYR 0.12 Huat Lai Resources Bhd 5.000% 03/28/10 MYR 0.35 Jimah Energy Ventures Sdn Bhd 8.200% 11/11/16 MYR 15.00 Kamdar Group Bhd 3.000% 11/09/09 MYR 0.33 Kretam Holdings Bhd 1.000% 08/10/10 MYR 1.29 Kumpulan Jetson Berhad 5.000% 11/27/12 MYR 0.43 LBS Bina Group Bhd 4.000% 12/31/08 MYR 0.30 Lebuhraya Kajang 2.000% 06/12/19 MYR 67.75 Lebuhraya Kajang 2.000% 06/12/20 MYR 64.97 Lebuhraya Kajang 2.000% 06/12/21 MYR 62.27 Malaysian Gov't 4.053% 12/04/12 MYR 62.00 Malaysian Gov't 8.000% 10/30/13 MYR 61.00 Malaysian Gov't 7.300% 10/01/14 MYR 62.00 Malaysian Gov't 4.410% 01/29/18 MYR 46.00 Media Prima Bhd 2.000% 07/18/08 MYR 1.48 Mithril Bhd 8.000% 04/05/09 MYR 0.12 Mithril Bhd 3.000% 04/05/12 MYR 0.57 Nam Fatt Corp 2.000% 06/24/11 MYR 0.31 Pelikan International 3.000% 04/08/10 MYR 1.61 Pilecon Engineering Bhd 5.000% 12/19/11 MYR 0.09 Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.77 RCE Advance 8.000% 11/15/12 MYR 31.00 Rhythm Consolidated Berhad 5.000% 12/17/08 MYR 0.13 Rubberex Corporation Berhad 4.000% 08/14/12 MYR 0.74 Silver Bird Group 1.000% 02/15/09 MYR 0.56 Southern Steel 5.500% 07/31/08 MYR 3.20 Tenaga Nasional Bhd 3.050% 05/10/09 MYR 1.22 Tradewinds Corp. 2.000% 02/08/12 MYR 0.67 Tradewinds Plantation Berhad 3.000% 02/28/16 MYR 1.22 TRC Synergy Berhad 5.000% 01/20/12 MYR 1.33 Wah Seong Corp. 3.000% 05/21/12 MYR 5.50 Wijaya Baru Global Berhad 7.000% 09/17/12 MYR 0.52 YTL Cement Bhd 4.000% 11/10/15 MYR 1.71 SRI LANKA --------- Sri Lanka Govt 7.500% 08/15/18 LKR 67.89 Sri Lanka Govt 6.850% 04/15/12 LKR 74.39 Sri Lanka Govt 6.850% 10/15/12 LKR 72.54 Sri Lanka Govt 8.500% 07/15/13 LKR 73.26 Sri Lanka Govt 7.500% 08/01/13 LKR 72.68 Sri Lanka Govt 7.500% 11/01/13 LKR 72.22 Sri Lanka Govt 7.000% 10/01/23 LKR 61.13 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2008. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$625 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***