/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080707.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 Monday, July 7, 2008, Vol. 11, No. 133 Headlines A U S T R A L I A BABCOCK & BROWN POWER: Sells 100% Uranquinty Stn. for AU$700MM CHIMAERA FINANCIAL: ANZ Appoints Receivers in Lending Unit CO.AU PTY: Liquidator Gives Wind-Up Report CUSHEN CLOTHING: Appoints Vasudevan as Liquidator DELMONTE INVESTMENTS: Declares Dividend for its Creditors FAWKNER BLUES: Placed Under Voluntary Liquidation GEMM MANAGEMENT: Appoints Leigh Dudman as Liquidator HOLMES & RAVELL: Liquidator Presents Wind-Up Report HOTMALL PTY: Placed Under Voluntary Liquidation ICON CLOTHING: Placed Under Voluntary Liquidation PHOENIX DESIGN: Liquidator Presents Wind-Up Report SAPPHIRE VIII: S&P Lowers Class CA Notes Rating to 'B-' ST GEORGE: To Increase Standard Home Loan Variable Rates WRW BRICKLAYING: Declares Dividend for its Creditors C H I N A CHINA EASTERN: To Fly to Taiwan, Expects Half Empty Planes CHINA EASTERN: Pilots Ordered to Pay CNY10MM for Joining Strike SHANGHAI PUDONG: Sees More Than 50% Increase in 1st-Half Profit H O N G K O N G ALBO TOWN LIMITED: Liquidator Quits Post ALL SHINE: Liquidator Quits Post BIK FUNG: Liquidator Quits Post BANUDON COMPANY: Liquidator Quits Post BOLIN INVESTMENTS: Liquidator Quits Post BIZARRO SUN: Liquidator Quits Post BUOFON COMPANY: Liquidator Quits Post CHEER KENT: Liquidator Quits Post CARRY SHINE: Liquidator Quits Post DUNRISE LIMITED: Liquidator Quits Post I N D I A DURABUILD TECHNOLOGIES: CRISIL Rates Bank Facilities at “BB” M/S NAWANSHAHR DOABA: RBI Cancels Certificate of Registration M/S VIA INVESTMENTS: RBI Cancels Certificate of Registration SPICEJET: Nears Closing Share-Swap Deal With Kingfisher VEDANTA RESOURCES: Moody's Holds Ba1 Sr. Unsecured Bond Rating J A P A N TOKYO DOME: JCR Upgrades BB+ Senior Debt Ratings to BBB M A L A Y S I A PECD BERHAD: Pembinaan Files Wind-Up Petition Against Company * RAM: Construction Sector’s Immediate-Term Outlook Still Cloudy * MALAYSIA: Windfall Tax May Cause IPP Bonds to be Downgraded N E W Z E A L A N D A2 CORP: To Raise NZ$10.8 Mil. Thru Renounceable Rights Issue AS SAFE: Liquidators Set July 15 Claims Bar Date BONNER PANELBEATERS: Commences Liquidation Proceedings BUTTERCUP LTD: Liquidators Set August 1 as Claims Bar Date PEGREEN LTD: Liquidators Set August 1 as Claims Bar Date CAFE 2008: Creditors Have Until July 31 to File Claims LOMBARD GROUP: Has Until Today to File Annual Report NEW AGE: Liquidators Appointed S W SETTLE: Liquidators Set July 12 Claims Filing Deadline THE PAINTING: Liquidators Set Aug. 1 as Claims Filing Deadline P A K I S T A N AZGARD NINE: S&P Withdraws 'B' Corporate Credit Rating P H I L I P P I N E S * PHILIPPINES: Inflation Jumps to 11.4% in June T A I W A N AU OPTRONICS: To Cut Liquid Crystal Display Production - - - - - ================= A U S T R A L I A ================= BABCOCK & BROWN POWER: Sells 100% Uranquinty Stn. for AU$700MM -------------------------------------------------------------- Babcock & Brown Power said it has sold its 100% interest in the Uranquinty Power Station to Origin Energy Ltd for an on-completion value of AU$700 million. BBP will receive net proceeds of AU$159 million from the disposal which will be used to repay part of the outstanding BBPH bridge facility and accordingly reduces the amount of the proposed AU$360 million BBPH corporate debt facility. Len Gill, Chairman of BBP said “The sale of Uranquinty, at a material premium to the cost of the project, underscores the quality and underlying value of BBP’s assets. It also represents the first step in our commitment to progressively reduce gearing.” “There was a lot of interest in Uranquinty which reinforces our view that there is good demand for quality power generation assets such as we have within the BBP portfolio. We continue to progress our selected asset sale programme to reduce gearing further.” Mr. Gill said. The Uranquinty debt/LC facility of AU$500 million, comprising a AU$330 million term and AU$170 million construction debt facility, has been paid down. The construction debt component of this facility will remain available to BBP to fund existing development projects. FY2009 Earnings and Distribution Outlook Unchanged According to BBP, the impact of the Uranquinty sale on post- interest earnings is expected to be neutral in FY2009. The distribution range for FY2009 of 13c to 18c per unit, as announced on June 19, 2008, remains unchanged. About Origin Energy Based in Sydney, Australia, Origin Energy Limited (ASX:ORG)-- http://www.originenergy.com.au/-- is engaged in exploration and production of oil and gas; electricity generation; wholesale and retail sale of electricity and gas, and investment in, and the management of, utility infrastructure. It focuses on pursuing exploration opportunities with exploration permits awarded in the offshore Canterbury Basin in New Zealand, in the offshore Bass Basin in Tasmanian waters, in areas of the Galilee Basin, which are prospective for coal seam gas (CSG), and in the Walloons CSG areas. Seismic data has been acquired in the Surat Basin in Queensland, the Taranaki, Northland and Canterbury basins in New Zealand and in the Lamu Basin in Kenya. During the fiscal year ended June 30, 2007 (fiscal 2007), it participated in the drilling of 189 exploration, appraisal, and development wells across its areas of interests. In all, 163 of these wells were cased for future production or evaluation. It acquired Sun Retail business in February 2007. About Babcock & Brown Power Australia-based Babcock & Brown Power (ASX:BBP) is a power generation business, with assets diversified by geographic location, fuel source, customers, contract types and operating mode. The portfolio has interests in 14 operating power stations representing over 4,000MW of installed generation capacity and five power stations under construction. BBP has interests in a number of other associated power assets including the WA retail assets Alinta. Babcock & Brown has been developing, operating and acquiring the generation portfolio over a period of 10 years. Babcock & Brown Power is a listed satellite of Babcock & Brown Ltd. * * * Babcock & Brown Power Fund said it will not make a distribution for the six month period ending June 30, 2008, amongst a range of capital initiatives it is investigating to strengthen its balance sheet, which include refinancing of BBP Holdings Pty Ltd's corporate facility of up to AU$360 million. The Wall Street Journal reported that Babcock & Brown Power's securities fell 20% to close at 72 Australian cents June 19 on news of the dividend cut. According to WSJ, the company's securities slumped as much as 73% over the past month as it struggled to refinance AU$3.06 billion (US$2.89 billion) in debt and flagged asset sales to help raise at least another AU$275 million for power-plant upgrades. CHIMAERA FINANCIAL: ANZ Appoints Receivers in Lending Unit ---------------------------------------------------------- Australia and New Zealand Banking Group Limited has appointed Paul Kirk and Stephen Longley of PricewaterhouseCoopers as Receivers and Managers of Chimaera Financial Group's margin lending business -- Primebroker Securities Limited. According to the bank, notwithstanding significant efforts by ANZ and Primebroker over recent weeks, there has been a further deterioration in Primebroker’s position. This, combined with a lack of commercially acceptable proposals from Primebroker, has led to this unfortunate outcome, ANZ says. ANZ notes that the deterioration in Primebroker’s position has also been to its detriment. As a result, ANZ says a provision of approximately AU$50 million is currently anticipated. Total exposure of AU$260 million is secured by a portfolio of equities and property. In April 2008, Chimaera said in a statement that ANZ was expected to invest AU$55 million following the completion of due diligence. In that statement, Chimaera co-founder and director, Sal Catalano said, “Chimaera has been the subject of unfounded media speculation about its securities financing business. The additional funding will be used to enhance Chimaera’s liquidity during current volatile equity market conditions and to underpin the expected expansion of its business.” However, on June 30, following completion of the due diligence review, ANZ has decided not to proceed with an investment in Chimaera. Chimaera, which was caught short by sharemarket declines in February and March, responded that it would survive without the AU$55 million injection offered by ANZ to halt its demise in return for a majority stake, Business Day reports. According to Business Day, Chimaera said in a statement Friday that ANZ had withdrawn all liquidity under finance facilities with Primebroker Securities and would not allow a number of interested parties including a major Asian financial institution to complete due diligence. "Notwithstanding ANZ's initial commitment to the overall recapitalisation plan and extensive due diligence of the Chimaera Group, it refused to allow the group the opportunity to raise capital from other sources," Chimaera said in a statement cited by Business Day. Meanwhile, The Australian reports that Chimaera is in 11th hour talks with a white knight investor, Hong Kong online broker Sun Hung Kai Financial Group, to secure an investment of about AU$35 million. About Chimaera Headquartered in Melbourne, Australia, The Chimaera Financial Group -- http://www.chimaeracapital.com/ccl/contact.aspx/-- is a private merchant bank, which is licensed to conduct business in the areas of investments, securities financing and trading as well as providing custodian and Responsible Entity services for direct investors and managed investment schemes. CO.AU PTY: Liquidator Gives Wind-Up Report ------------------------------------------ At the general meeting of the members and creditors of CO.AU Pty Ltd held May 30, 2008, P. R. Vince, the appointed liquidator, presented an account showing the manner in which the winding up has been conducted and the property of the company disposed. The liquidator can be reached at: Vince and Associates 51 Robinson Street Dandenong, Victoria Australia CUSHEN CLOTHING: Appoints Vasudevan as Liquidator ------------------------------------------------- During a general meeting held on April 21, 2008, the members of Cushen Clothing (Distributors) Pty Ltd resolved to voluntarily liquidate the company's business. D. R. Vasudevan was appointed as liquidator. The Liquidator can be reached at: D. R. Vasudevan Pitcher Partners Level 19, 15 William Street Melbourne VIC 3000 Australia DELMONTE INVESTMENTS: Declares Dividend for its Creditors --------------------------------------------------------- Delmonte Investments Pty Ltd, which is in liquidation, declared dividend for its creditors. Only creditors who were able to file their proofs of debt by May 30, 2008, were included in the company's dividend distribution. The company's liquidator is: G. S. Andrews G.S. Andrews & Associates Certified Practising Accountants 22 Drummond Street Carlton VIC 3053 Australia FAWKNER BLUES: Placed Under Voluntary Liquidation ------------------------------------------------- Fawkner Blues Soccer Club Inc.'s members agreed on April 11, 2008, to voluntarily liquidate the company's business. Paul Vartelas was appointed to facilitate the sale of its assets. The liquidator can be reached at: Paul Vartelas B. K. Taylor & Co 8/608 St Kilda Road Melbourne VIC 3004 Australia GEMM MANAGEMENT: Appoints Leigh Dudman as Liquidator ---------------------------------------------------- Gemm Management Services Pty Ltd's members agreed on April 14, 2008, to voluntarily liquidate the company's business. Leigh Dudman was appointed to facilitate the sale of its assets. The liquidator can be reached at: Leigh Dudman B. K. Taylor & Co. 8/608 St. Kilda Road Melbourne VIC 3004 Australia HOLMES & RAVELL: Liquidator Presents Wind-Up Report --------------------------------------------------- Darryl Smith, Holmes & Ravell Pty. Ltd.'s estate liquidator, met with the company's members on May 22, 2008, and provided them with property disposal and winding-up reports. HOTMALL PTY: Placed Under Voluntary Liquidation ----------------------------------------------- Hotmall Pty. Ltd.'s members agreed on April 17, 2008, to voluntarily liquidate the company's business. R. A. Sutcliffe was appointed to facilitate the sale of its assets. The liquidator can be reached at: R. A. Sutcliffe Ground Floor, 192-198 High Street Northcote VIC 3070 Australia Telephone: (03) 9482 6277 ICON CLOTHING: Placed Under Voluntary Liquidation ------------------------------------------------- Icon Clothing (NZ) Pty Ltd's sole member resolved on April 21, 2008, to voluntarily liquidate the company's business. D. R. Vasudevan was appointed to facilitate the sale of its assets. The liquidator can be reached at: D. R. Vasudevan Pitcher Partners Level 19, 15 William Street Melbourne VIC 3000 Australia PHOENIX DESIGN: Liquidator Presents Wind-Up Report -------------------------------------------------- D. R. Vasudevan, Phoenix Design & Construct Pty. Ltd.'s estate liquidator, met with the company's members on June 2, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: D. R. Vasudevan Pitcher Partners Level 19, 15 William Street Melbourne VIC 3000 Australia SAPPHIRE VIII: S&P Lowers Class CA Notes Rating to 'B-' ------------------------------------------------------- Standard & Poor's Ratings Services lowered the rating on the Sapphire VIII Series 2005-2 Class CA notes to 'B-' from 'B/Watch Neg'. At the same time, the rating on the Sapphire VIII Series 2005-2 Class BZ notes was removed from CreditWatch with negative implications and affirmed, and the ratings on the other classes of notes from this series were affirmed. Under the transaction's sequential pay structure, the Class CA notes are the most vulnerable of the rated notes; they rank just above the unrated Class CZ notes. The inability of the excess spread levels to cover all losses means that the rate of charge- offs to the unrated notes may continue to increase. This reduces the amount of credit support available to Class CA notes. The Class BZ notes have benefited from the build-up of credit enhancement as a proportion of the outstanding pool balance, given the sequential pay structure. This led to the rating on the Class BZ notes being affirmed and removed from CreditWatch with negative implications. This occurred despite difficult market conditions and deteriorating portfolio performance. Although excess spread levels will increase after the Class I (Interest Only) notes mature in March 2009, further losses are expected. This is based on the assumption that borrowers with high levels of arrears, who would have previously refinanced their loans thereby removing them from the pool, have fewer refinancing options available to them due to the reduction in subprime mortgage originators. Losses will be exacerbated if recovery amounts are lower than expected. Performance statistics indicate that the proportion of loans in the pool that are in arrears by more than 90 days remains high; it is above 10%. More loans are expected to move into this category given that there has not been a material improvement in the amount of losses and subsequent charge-offs over the past few months. Recovery processes appear to be lengthening beyond our expectations. Loans that are more than 400 days in arrears make-up about 25% of all loans that are more than 90 days in arrears. Standard & Poor's will continue to closely monitor the performance of this transaction over the coming months. The future performance of this transaction will be greatly influenced by the ability of the servicer to contain arrears levels and minimize losses on defaulted loans. Rating lowered and removed from Watch Neg. Transaction Class Rating To Rating From ----------- ----- --------- ----------- Sapphire VIII Series 2005-2 CA B- B/Watch Neg Rating affirmed and removed from Watch Neg Transaction Class Rating To Rating From ----------- ----- --------- ----------- Sapphire VIII Series 2005-2 BZ BB BB/Watch Neg Ratings affirmed Transaction Class Rating ----------- ----- ------ Sapphire VIII Series 2005-2 AA AAA Sapphire VIII Series 2005-2 AM AAA Sapphire VIII Series 2005-2 AZ AAA Sapphire VIII Series 2005-2 I AAA Sapphire VIII Series 2005-2 MER AAA Sapphire VIII Series 2005-2 MA AA Sapphire VIII Series 2005-2 MZ A Sapphire VIII Series 2005-2 BA BBB ST GEORGE: To Increase Standard Home Loan Variable Rates -------------------------------------------------------- St George Bank said it would increase interest rates on a range of deposit and lending products due to the sustained increase in the difference between cash rates and 90 day rates. As a result, the St George Standard Home Loan Variable Rate will increase by 0.20% pa to 9.67% pa, from July 8, 2008, for new and existing customers. St George has also increased a range of special deposit rates by an average of 0.50% pa. For example, 12 month term deposits with a minimum amount of AU$20,000 increased to 8.60% pa effective June 30, 2008. Additionally, from July 1, a promotional deposit rate of 8.10% pa is available for new accounts and “top-up” funds with its directsaver online account, previously at 7.00% pa (for a limited period and conditions apply). Michael Cameron, Chief Financial Officer said: “Since August 2007 banks have been absorbing a significant increase in funding costs due to the impacts of the US sub-prime lending crisis on global liquidity and the wholesale funding markets.” Mr. Cameron said: “While we have already completed our wholesale funding requirements for this financial year, the spread between cash rates and 90 day rates in particular remains significantly higher for the industry than a year ago.” Les Matheson, Group Executive Retail Bank said: “This is a decision that has been made only after very careful consideration. Even with this change we will not be fully recovering all of our increased funding costs for this financial year. St George maintains its commitment that if funding costs were to reduce for a sustained period of time, we would then look to adjust our rates.” “While customers who have deposits with St George will see increased interest on their savings as a result of this announcement, we are very mindful of the impact of increased home loan rates on customers. For people who are concerned about rising rates and would like the certainty of fixed home loan repayments, they may want to consider our competitive three or five year fixed rates, which are currently 9.45% pa. To allow our customers to easily switch to this option, for the next four weeks, should a switching fee apply, we will waive this fee saving customers up to AU$500.” “It’s reassuring that the majority of St George customers already pay more than their regular minimum repayment and have a buffer in place for any rate changes. However we encourage any customers who are experiencing hardship to contact us immediately and we can discuss their personal situation. Assistance for eligible customers includes delaying repayments or restructuring their loans,” Mr. Matheson continued. This 0.20% rate rise equates to an increase in repayments of approximately $10 per week on an average size loan of $250,000 over a 30 year loan term. About St George Bank Headquartered in Kogarah, New South Wales, Australia -- http://www.stgeorge.com.au-- St. George Bank Limited is a banking company. The Company operates in four business segments: Retail Bank (RB), Institutional and Business Banking (IBB), BankSA (BSA) and Wealth Management (WM). RB is responsible for residential and consumer lending, provision of personal financial services including transaction services, call and term deposits, small business banking and financial planners. This division manages retail branches, call centers, agency networks and electronic channels, such as electronic funds transfer at point of sale (EFTPOS) terminals, automated teller machines (ATMs) and Internet banking. On September 28, 2007, it disposed of its 100% interest in Scottish Pacific Business Finance Holdings Pty. Limited. * * * As reported in the Troubled Company Reporter-Asia Pacific on May 13, 2008, Moody's Investors Service reviewed, with direction uncertain, the ratings of St George Bank. It is rated Aa2 for deposits and senior debt, Prime-1 for short-term obligations and carries a bank financial strength rating (BFSR) of B. In addition, Fitch Ratings placed St George Bank Limited's 'B' Individual Rating and 'BB+' Support Rating Floor on Rating Watch Positive. WRW BRICKLAYING: Declares Dividend for its Creditors ---------------------------------------------------- WRW Bricklaying Pty Ltd, which is in liquidation, declared dividend for its creditors. Only creditors who were able to file their proofs of debt by May 9, 2008, were included in the company's dividend distribution. The company's liquidator is: William Bernard Abeyratne Harrisons Insolvency Level 5, 150 Albert Road South Melbourne VIC 3205 Australia Telephone: (03) 9696 2885 ========= C H I N A ========= CHINA EASTERN: To Fly to Taiwan, Expects Half Empty Planes ---------------------------------------------------------- China Eastern Airlines will launch direct flights to Taiwan even if it will only be half full, to break even on routes, China Post reports, citing China Eastern's President Cao Jianxiong. China's rival, Taiwan, will also launch direct weekend charter flights, the report relates. Officials hope the flights will attract tourists from mainland China. Beijing and Taipei signed the deal after a decade-long stalemate between the two regions. Analysts cited by the Post say China Eastern and Taiwan's China Airlines and Eva Airways will benefit most from full direct flights. "At this price, we should be able to break even if the flights are 50 to 55% full," Mr. Jianxiong was quoted by the news agency as saying. "Our flights out of Shanghai shouldn't be a problem," he added. China Eastern Chairman Li Fenghua told the Post that the company expects to post a profit for the first half of the year despite higher fuel prices and a drop in passenger volume since May, but expected a rebound after the Beijing Olympics later this summer. 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. * * * China Eastern continues to carry Fitch Ratings' foreign currency and local currency issuer default ratings to B+ from BB-. Fitch said the outlook on the IDRs is stable. The company also carries Xinhua Ratings' BB+ issuer credit rating with a stable outlook. CHINA EASTERN: Pilots Ordered to Pay CNY10MM for Joining Strike --------------------------------------------------------------- The People's Court of QiaoKou District meted fines totaling CNY10 million (US$ 1.46 million) to 10 China Eastern Airlines, as punishment for their involvement in the "flight returns" incidents in late March and early April, various reports say. The QuaoKou Court, Shanghai Daily relates, gave out a higher fine than the CNY9.29 million recommended by the provincial Labor Arbitration Committee, but much lower than China Eastern's demand of CNY1.05 billion. According to Shanghai Daily, the committee sentenced the 13 pilots who filed for resignation from the Wuhan branch. Three of the 13 pilots chose to withdraw their resignation and went back to work in November, but the other 10 pilots appealed to the Wuhan court. China Eastern, the report says, appealed to the Intermediate People's Court of Wuhan stating that the compensation amount did not meet its expectations, claiming that the pilots owes it money for the years of training it provided. However, the pilots said they can not afford the amount proposed by China Eastern. Meanwhile, Nicholas Ionides of Flight International News reports that China Eastern has also suspended or demoted several of its pilots that took part in the strike. According to Xinhua News, the penalties ranged from losing their pilot certificates to demotions, suspensions, and in one case, expulsion from the Communist Party of China. In addition two top branch company officials were sacked for mismanagement and six others were penalized, four removed from their posts. The suspensions will be for up to two years. The legal battle was the latest in a dispute between carriers and their striking pilots, the Post says. As reported in the Troubled Company Reporter-Asia Pacific on April 21, 2008, some pilots of China Eastern Airlines' flights refused to land at their destinations and instead returned to their departure point on March 31. The pilots were reportedly seeking higher wages and freedom to work for another airline. About 1,000 passengers were stranded at Kunming Airport in the southern China. A total of 21 flights from southeastern Yunnan province were affected. 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. * * * China Eastern continues to carry Fitch Ratings' foreign currency and local currency issuer default ratings to B+ from BB-. Fitch said the outlook on the IDRs is stable. The company also carries Xinhua Ratings' BB+ issuer credit rating with a stable outlook. SHANGHAI PUDONG: Sees More Than 50% Increase in 1st-Half Profit --------------------------------------------------------------- Shanghai Pudong Development Bank Co. expects its first-half profit may have more than doubled, Wang Ying of Bloomberg News reports. The bank also expects its net income to rise by more than 140% in the first six months from CNY2.55 billion (US$372 million) a year earlier. As reported by the Troubled Company Reporter-Asia Pacific on April 15, 2008, Shanghai Pudong's first quarter net profit rose at least 180% from a year earlier due to asset growth, rising interest margins, growth in non-interest income and a lower effective corporate tax rate. Reuters says the bank's net profit in the year-ago period was CNY980 million (US$139.9 million), or CNY0.225 per share. About China, Shanghai Pudong Headquartered in Shanghai, China, Shanghai Pudong Development Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial bank involved in personal banking, corporate banking, and inter- bank business. The bank also offers Internet banking and telephone banking. * * * The bank, as of July 5, 2008, still carries Moody's Investors Service's "Ba1" long-term bank deposit rating and “D” bank financial strength rating. It also carries Fitch Ratings' "D" individual rating. =============== H O N G K O N G =============== ALBO TOWN LIMITED: Liquidator Quits Post ---------------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for Albo Town Company Limited. ALL SHINE: Liquidator Quits Post -------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for All Shine Investments Limited. BIK FUNG: Liquidator Quits Post ------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for Bik Fung Development Limited. BANUDON COMPANY: Liquidator Quits Post -------------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for Banudon Company Limited. BOLIN INVESTMENTS: Liquidator Quits Post ---------------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for Bolin Invetments Limited. BIZARRO SUN: Liquidator Quits Post ---------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for Bizarro Sun Company Limited. BUOFON COMPANY: Liquidator Quits Post ------------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for Buofon Company Limited. CHEER KENT: Liquidator Quits Post --------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for Cheer Kent Limited. CARRY SHINE: Liquidator Quits Post ---------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for Carry Shine Limited. DUNRISE LIMITED: Liquidator Quits Post -------------------------------------- On July 4, 2008, Ernest Lai Ho Kai stepped down as liquidator for Dunrise Limited. ========= I N D I A ========= DURABUILD TECHNOLOGIES: CRISIL Rates Bank Facilities at “BB” ------------------------------------------------------------ CRISIL has assigned its bank loan ratings of ‘BB/Stable/P4’ to the various bank facilities of Durabuild Technologies Private Limited (Durabuild). Bank Loan Facility Amount Rating ------------------ ------ ------ Term Loan (Existing) Rs.506.6 Mil. BB/Stable(Assigned) Term Loan (Proposed) Rs.123.4 Mil. BB/Stable(Assigned) Cash Credit Rs.280.0 Mil. BB/Stable(Assigned) Letter of Credit Rs.110.0 Mil. # P4(Assigned) Bank Guarantee P4(Assigned) Buyer’s Credit P4(Assigned) # Interchangeable between Letter of Credit/ Bank Guarantee/ Buyer’s Credit CRISIL says the ratings reflect Durabuild’s significantly high leverage and the working capital intensity of its operations. This, coupled with the company’s ongoing capital expenditure plans in the near term, and low cash accruals, continue to put pressure on its cash flows. The company may find it difficult to repay its maturing loans from internal accruals in the near term, and will remain exposed to refinancing risk. The rating also factors in Durabuild’s weak profitability due to high initial marketing as well as fixed costs for the plant, high degree of fragmentation and competition in the industry, and the company’s exposure to cyclicality and volatility inherent to the business. These weaknesses are, however, partially offset by Durabuild’s growing presence in the domestic aluminium composite panel (ACP) market, good operating efficiency, and the positive business outlook for India’s ACP manufacturers. Outlook: Stable CRISIL believes that Durabuild will be able to improve its profitability over the near term. The outlook may be revised to ‘Negative’ if the expected improvement in profitability does not materialize, and the strain on cash flow does not reduce, or if Durabuild’s debt levels increase beyond expected levels. Conversely, the outlook may be revised to ‘Positive’ if the company’s business risk profile improves considerably from current levels. About Durabuild Durabuild Technologies Private Limited is a closely held company, promoted by Shri Kishore Musale, and is engaged in the manufacture of ACPs. The company began operations in 2004 by trading in ACPs, and later set up its own manufacturing plant. The company has an installed capacity to produce 2 million square metres per annum (MSMPA) of ACPs. Further, as part of a backward integration initiative, Durabuild commissioned a coil colour coating plant in June 2007, with an estimated capacity of 13 MSMPA. The company is currently in the process of expanding its ACP capacity by investing Rs.120-150 million. For 2007-08 (refers to financial year, April 1 to March 31), Durabuild reported a net loss of Rs.67.8 million on net sales of Rs.725.9 million, as against a net loss of Rs.162.3 million on net sales of Rs.350.1million for 2006-07. M/S NAWANSHAHR DOABA: RBI Cancels Certificate of Registration ------------------------------------------------------------- The Reserve Bank of India canceled the certificate of registration granted to M/s Nawanshahr Doaba Finlease Private Limited for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate, M/s Nawanshahr Doaba Finlease Private Limited, cannot transact the business of a non-banking financial institution. By the powers conferred under Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of a non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934. M/s Nawanshahr Doaba Finlease Pvt.Ltd. has its registered office at Nawanshahr, Garshankar Road, Nawanshahr - 144514 in Punjab. M/S VIA INVESTMENTS: RBI Cancels Certificate of Registration ------------------------------------------------------------ The Reserve Bank of India canceled the certificate of registration granted to M/s VIA Investments Private Limited for carrying on the business of a non-banking financial institution as the company has opted to exit from the business of a non- banking financial institution. Following cancellation of the registration certificate, M/s VIA Investments Private Limited, cannot transact the business of a non-banking financial institution. Under powers conferred by Section 45-IA (6) of the Reserve Bank of India Act, 1934, the Reserve Bank can cancel the registration certificate of a non-banking financial company. The business of a non-banking financial institution is defined in clause (a) of Section 45-I of the Reserve Bank of India Act, 1934. M/s VIA Investments Private Limited has its registered office at L-2, Eden Hall, Dr. Annie Besant Road, Worli, in Mumbai. SPICEJET: Nears Closing Share-Swap Deal With Kingfisher ------------------------------------------------------- SpiceJet Limited is close to sealing a share-swap deal with Kingfisher Airlines, Business Standard reports, citing sources close to the development. According to the report, the share swap is expected to be in the ratio of 1: 3, where SpiceJet shareholders will get one share of the merged entity for every three SpiceJet shares owned by them. Market sources told Business Standard that a share-swap deal is the only way for both the companies to seal the deal in a cash- starved market. The existing promoters will not be given cash, the sources said. Reuters says shares of SpiceJet rose as much as 14 percent on Friday on news of the share-swap deal. The Times of India relates that Kingfisher's executive vice president Hitesh Patel said he would not comment on the issue, but added: "I can see additional consolidation in the industry in next 12 to 18 months. All these airlines won't be hanging around that long. If as predicted, crude hits $178 to a barrel in September, it will kill some players.... The access to funds of Kingfisher is strong and the backing of UB Group is a strong plus." Meanwhile, reports say that Paramount Airways, Jet Airways and Anil Dhirubhai Ambani Group have also indicated their interest in SpiceJet. However, Spicejet clarified in a regulatory filing that “the Company has till date not received any formal communication from any party.” The Times of India relates that Kingfisher is now learnt to be eyeing a part of either the 12.9% stake held by SpiceJet's promoter, UK-based NRI Bhupendra Kansagra or the 13.4% stake held by Dubai-based investment firm Istithmar PJSC. Kansagra, the Times says, was under a lock-in period, which barred him from selling any part of his stake in SpiceJet. The lock-in period ended a few months ago, the report says. SpiceJet Limited -- http://www.spicejet.com/-- is an airline carrier in India. During the fiscal year ended May 31, 2007 (fiscal 2007), the company increased its fleet size to 11 aircrafts covering 14 destinations and operating 83 daily flights. The aircrafts acquired during fiscal 2007, were the next generation Boeing737-800. The company has also integrated with Tata AIG Insurance Company Limited to commence travel insurance sales, which was launched in May 2007. * * * Spicejet incurred net losses for at least two consecutive years -- INR414.2 million in the year ended May 31, 2006, and INR287.05 million in the year ended May 31, 2005. The company changed its financial year from June-May to April-March. For the ten months ended March 31, 2007, the airline carrier booked a net loss of INR707.43 million. VEDANTA RESOURCES: Moody's Holds Ba1 Sr. Unsecured Bond Rating -------------------------------------------------------------- Moody's Investors Service has affirmed the Ba1 senior unsecured bond rating for Vedanta Resources plc (Vedanta) with a stable outlook. The issuance of the US$500 million 8.75% notes due 2014 and the US$750 million 9.5% notes due 2018 has been completed and the rating has been removed from its provisional status. The bond proceeds will be used for capital expenditure, working capital, repayment of existing debt and other general corporate purposes. Headquartered in London, UK, Vedanta Resources plc is a metals and mining company focusing on integrated zinc and alumina/aluminum as well as copper smelting and refining. Its operations are predominantly located in India. The company is listed on the London Stock Exchange and is 54% owned by Volcan Investments Ltd. ========= J A P A N ========= TOKYO DOME: JCR Upgrades BB+ Senior Debt Ratings to BBB ------------------------------------------------------- JCR has upgraded the rating on senior debts of Tokyo Dome Corporation from BB+/Stable to BBB-/Stable and the rating of CP program of the issuer from J-3 to J-2. CP: Maximum: JPY25 billion Backup Line: 0% Tokyo Dome is planning to implement measures aiming at improvement of ability to attract customers to "Tokyo Dome City ("TDC")" on which the company is focusing its management resources, in its new three-year medium-term business plan, "Scale-up," which started in the FY 2008 ending January 31, 2009. The measures include strengthening its tenant development function and pursuit of alliances. JCR reviewed the rating based on: (1) Risks of impairment of its equity capital by posting a large amount of loss lowered as a result of a series of restructuring of business operations. Thus, the Company has restored its financial health and profits for periods will be accumulated as its capital. (2) JCR considers that profits of TDC will be assured by the steady implementation of the measures listed in the "Scale- up" and its capital will be accumulated by its earnings stability. Progress of reduction of interest bearing liabilities is expected to slow down due to renewal of facilities. The company thinks that size of investment should be balanced with its financial performance and JCR considers such investment is forward-looking and is therefore effective in enhancing attractiveness of TDC from the medium term point of view. Tokyo Dome Corporation -- http://www.tokyo-dome.co.jp -- is a Japan-based company that is primarily engaged in the leisure, logistics and finance businesses. The company operates mainly in three business segments. The Leisure segment is engaged in the operation of Tokyo Dome, amusement parks, hot springs, restaurants, golf courses, ski resorts, hotels and cycle racing tracks, among others. The Logistics segment operates sundries retail stores. The others segment is engaged in the leasing and sale of real estate, the management of buildings, the design, construction and management of parking lots, the management of securities, the production of video software and the operation of cable television broadcast, among others. The company has 17 subsidiaries and four associated companies. =============== M A L A Y S I A =============== PECD BERHAD: Pembinaan Files Wind-Up Petition Against Company ------------------------------------------------------------- Pembinaan Jurubina Sdn Bhd has served PECD Berhad and its subsidiary -- PECD Construction Sdn Bhd -- a wind-up petition, which is fixed for hearing on September 18, 2008. The company and its subsidiary are asked to pay MYR379,724.89. Circumstances Leading to Filing of the Petition PECD Construction received a notice on March 26, 2008, from Pembinaan’s solicitors, Messrs. Kamaruddin & Partners, demanding payment of MYR379,724.89, being monies allegedly due and owing under the Pemindahan Air dari Sungai Muar ke Empangan Talang, Kuala Pilah Negeri Sembilan Darul Khusus project. The petition was presented when payments were not made. The company and its subsidiary had obtained a restraining order from court on May 9, 2008, to stay all further proceedings in any action or proceeding, suits, winding-up, execution and arbitration proceedings as well as any intended or future proceedings against PECD and its subsidiary for a period of 60 days from the date of the restraining order. PECD Construction's solicitor has notified the Petitioner's solicitors of the Order and the Subsidiary’s solicitor have further notified the Petitioner’s solicitors of the Order and believes that the service and further advertisement of the Petition on the Subsidiary is a non-compliance of the Order. Pending the expiry of the Order and any extensions thereof, the Petitioner and/or their solicitors will be restrained from proceeding further with the Petition. As at December 31, 2007, PECD Construction is not a major subsidiary of PECD. Tthe Petition is not expected to have any major impact on the financial and operational of the Group. The companies had appointed a specialist advisor to assess their current financial position and initiate a corporate restructuring exercise to plan the Group’s way forward. PECD and its subsidiary are currently evaluating the options available in response to the winding-up proceedings. The companies will take all necessary steps to ensure the Order remains valid pending finalization of the restructuring exercise. About PECD Berhad PECD Berhad is engaged in investment holding and provision of management services. The company operates in four business segments: construction, EPCC oil and gas, property development and others. Its wholly owned subsidiaries include Peremba Construction Sdn. Bhd., which is engaged in general construction and investment holding and Wong Heng Engineering Sdn. Bhd., which is engaged in investment holding and engineering, procurement, construction and commissioning emphasizing in the oil and gas, as well as the power sectors. PECD Berhad's 70%- owned subsidiary is Peremba Jaya Holdings Sdn. Bhd., which is engaged in property development, construction and investment holding. * * * Malaysian Rating Corp. Bhd downgraded PECD Berhad's MYR200-million serial fixed rate bonds to BB+ from BBB-. The rating outlook remains negative. The downgrade reflects the major operational and strategic challenges currently faced by PECD as well as continued deterioration in its credit metrics, and recognizes the increased execution challenges confronting management as it pursues its turnaround strategy. The Troubled Company Reporter-Asia Pacific reported on March 7, 2008, that the company was classified as an Affected Listed Issuer under Practice Note No. 17/2005 of the Listing Requirements of Bursa Malaysia Securities Berhad, since the company's shareholders' equity deficit reached MYR914.9 million as at December 31, 2007. * RAM: Construction Sector’s Immediate-Term Outlook Still Cloudy ---------------------------------------------------------------- The Government of Malaysia announced revised objectives and measures under the Ninth Malaysia Plan (9MP) Mid-Term Review (MTR), with some clarity on its future direction, Rating Agency Malaysia Berhad says. Contrary to market expectations of spending cut-backs, the total 9MP allocation of MYR200 billion has instead been raised by 15% to MYR230 billion, partly due to more expensive building materials and also to fund additional developmental objectives. As at end-2007, MYR70 billion had already been spent, leaving MYR160 billion for fiscal pump- priming throughout 2008 to 2010, i.e. an average of MYR53.33 billion per annum. Looking ahead, the construction sector faces trying times. Despite the larger allocation unveiled through the 9MP MTR, this industry’s growth prospects and profit margins for the remainder of 2008 and 2009 will remain challenged by cost pressures in the form of spiralling building-material prices and the knock-on effects of steep fuel-price hikes on labour and transportation costs. RAM Ratings also expects the current political uncertainties to have a bearing on the pace of awarding new 9MP projects, given the greater scrutiny by a more substantive opposition presence in Parliament. Meanwhile, the 9MP MTR’s focus on “people-centric” projects (rural roads, food security and public infrastructure) - as opposed to large-scale construction projects in the past – and the potential delays or postponement of contracts that are deemed of lower priority - will exert a negative impact on construction companies’ ability to replenish their order books, more so for the bigger players within RAM Ratings’ universe. During the construction slowdown in 2004-2006, most of the larger construction companies had ventured overseas; this trend is likely to become even more evident amid the present challenges on the domestic front. While reputable construction players with established track records in foreign countries will have a better chance of securing new projects abroad, such markets are more competitive and will present various operational and macroeconomic risks. On the other hand, the current scenario of escalating prices vis-à-vis oil, food and other key commodities is a world-wide phenomenon, which will continue pushing up the cost of building materials for all construction companies. Even so, construction contracts are increasingly featuring cost-pass-through mechanisms, which should help lessen the impact on margins. Although RAM Ratings has a positive view of the proposal to undertake future government-linked projects on an open-tender basis (subject to effective implementation amid credible checks and balances), we also acknowledge that this will affect the margins of contractors that had previously enjoyed robust margins from directly negotiated contracts. Under the circumstances, the gross margins of many higher-rated construction companies in RAM Ratings’ portfolio, as well as those of players with a higher proportion of such contracts, may be compressed from 10%-20% to only single digits. Following the recent steep fuel-price hikes, RAM Ratings have revised their GDP forecast on Malaysia’s economic growth in 2008, from 5.9% to 5.0%. This is premised on the anticipated domino effects on inflation (revised from 3.0%-3.5% to 5.0%- 6.0%), which would in turn dampen private consumption, on top of the fall-out from the slowing global economy and delayed implementation of large, domestic infrastructure projects. While Bank Negara Malaysia’s overnight policy rate remains unchanged, the rating agency's interaction with rated companies reveals expectations of heftier funding costs and more restrictive lending requirements - in both the debt-capital market and banking sectors - as investors and financial institutions become more cautious. At the same time, the local Bourse is seen to remain lacklustre, thus further limiting funding options for listed companies and/or rendering external financing options more expensive. Coupled with the current unsettling political climate and the envisaged slowdown in the overall economy, the construction sector’s near-term outlook appears cloudy at best. Against this backdrop, RAM Ratings expects the performance of their rated construction and building-material companies to be affected in varying degrees, depending on their respective business and financial profiles. As building materials account for some 40% to 50% of their total costs, construction players with less leveraged balance sheets (most of our higher-rated construction companies have gross gearing ratios of less than 0.5 times) and more diversified businesses (which enjoy more stable recurring income such as matured infrastructure concessions) are expected to be able to better withstand the near-term cost pressures. This is becoming increasingly more important given the need for stronger liquidity positions to fund heftier working-capital requirements in an environment of escalating costs, cautious lending and potential deceleration in project implementation. Although building-material companies, especially those involved in the manufacture of cement and steel, have benefited from higher selling prices, they are also affected by steeper fuel prices and electricity tariff that will have a moderating impact on their margins. RAM Ratings will continue close monitoring of industry developments over the next 6-12 months. During this span, the rating agency will expect clearer visibility on the risk-management measures of the construction and building-material companies within their portfolio, and will assess the credit impact from the more challenging operating environment. * MALAYSIA: Windfall Tax May Cause IPP Bonds to be Downgraded ------------------------------------------------------------- Independent power producers (IPPs) fear that the windfall tax imposed on them by the government will have a negative impact on the local bond market as well as the investment community at large, the Business Times reports citing an industry source. The source told Business Times that the move may result in a meltdown of debt and equity markets, leading to a spiraling adverse effect on the overall financial market in the immediate future. "The windfall tax will cause IPP bonds, which make up a bulk of the bond market in the country, to be downgraded," the source was quoted by the Business Times as saying. In addition, the levy will send a negative message to the investment community as the windfall tax seems to penalize companies which are more efficient and to ignore the basic commercial realities that they face, the source told the news agency. The news agency noted that last month, the government decided to implement the provision under the Windfall Profit Levy Act 1998 and impose a 30 percent levy on returns on assets above the nine percent threshold of the IPPs' audited accounts. According to the Times' source, the levy, imposed on IPPs with an installed capacity of 30 megawatts, will be calculated based on profit before interest and tax for the financial year, without taking into account any windfall profit levy paid. It will also be based on the net value of fixed assets of IPPs as at the end of the financial year. If the period in which the levy payable is less than a financial year, the levy payable will be determined on a pro rata basis. The report cites RAM Rating Services Bhd as saying that the effects of the windfall tax will vary depending on the specific project company's profitability and seniority of the rated debt issues. "The windfall tax would result in lower cash reserves following the servicing of senior debt obligations and meeting the requirements of reserve accounts", RAM's head of infrastructure and utilities ratings, Khoo Boo Hock, was quoted by the news agency as saying. ==================== N E W Z E A L A N D ==================== A2 CORP: To Raise NZ$10.8 Mil. Thru Renounceable Rights Issue ------------------------------------------------------------- A2 Corporation said it will raised net proceeds of approximately NZ$10.8 million through a 3 for 4 renounceable rights issue of ordinary shares to all shareholders, at an offer price of 10 cents per share. Anthony Lawler, chief executive officer of A2, informed shareholders that the rights issue will be fully underwritten by Mountain Road Investments Limited (MRI), the majority shareholder of A2. Mr. Lawler stated: “The confidence shown by MRI by fully underwriting the rights issue is welcomed by A2C's management and we believe it is a reflection of the positive progress made by A2C in the past 12 months and the exciting plans for the next 12 months.” This underwriting is subject to shareholders' approval at a Special Meeting in Auckland on July 18, 2008. The company said that the net proceeds of the offer will be used to reduce its bank debt and provide for working capital. Waivers have been granted by NZX and The Takeovers Panel to permit this sub-underwriting. The company said that shareholders who do not wish to participate in the issue can sell their rights, which will be separately tradable on the NZAX. In addition, the issue will incorporate an over-subscriptions facility. This will allow shareholders to submit applications for shares in excess of their rights entitlements, which will be available in the event that there is a shortfall in applications. Any shares not placed by this facility will be allotted to the underwriters. Mr. Lawler adds that “the oversubscription facility is a great opportunity for our shareholders to potentially take up more than their pro-rata rights issue.” The record date for rights entitlements is July 18, 2008. Rights trading and the offer period are anticipated to commence on July 28, 2008, and rights trading to cease on August 20, 2008. The offer is anticipated to close on August 22, 2008. About A2 Corporation New Zealand-based A2 Corporation Ltd. (NZAX: ATM) -- http://www.a2corporation.com/-- is engaged in the sale and production of beta-casein A2 milk products. The company owns and licenses intellectual property that enables the identification of cattle for the production and subsequent marketing of A2 Milk. a2 milk is naturally produced to contain maximum amounts of a milk protein variant that is associated by a number of studies with potential benefits in some individuals. A2 Corporation Ltd receives royalty income from sales of A2 Milk products and testing for A2 cattle, and shares in the profits or losses of associates and subsidiaries formed for those purposes. * * * The company suffered consecutive net losses of NZ$6.3 million and NZ$5.08 million for the years ended March 31, 2008 and 2007, respectively. AS SAFE: Liquidators Set July 15 Claims Bar Date ------------------------------------------------ Pursuant to Section 241(2)(a) of the Companies Act 1993, the shareholders of As Safe As Houses Properties Limited appointed Peter Reginald Jollands and Michael John Fisher, insolvency practitioners of Auckland, as joint and several liquidators of the company. The Liquidators set July 15, 2008, as the last day for the company's creditors to file their proofs of claim. Creditors and shareholders may direct their inquiries to: Mike Fisher Telephone: (09) 379 0463 Facsimile: (09) 379 0465 E-mail: mike@jollandscallander.co.nz BONNER PANELBEATERS: Commences Liquidation Proceedings ------------------------------------------------------ The High Court at Wellington held a hearing on June 23, 2008, to consider an application putting Bonner Panelbeaters Limited into liquidation. The application was filed on May 19, 2008, by the Commissioner of Inland Revenue. The plaintiff's address for service is at: Inland Revenue Department Legal and Technical Services 5-7 Byron Avenue PO Box 33150 Takapuna, Auckland Telephone: (09) 984 1514 Facsimile: (09) 984 3116 Michael Kinlim Yan is the plaintiff's solicitor. BUTTERCUP LTD: Liquidators Set August 1 as Claims Bar Date ---------------------------------------------------------- The High Court at Auckland has appointed Henry David Levin, insolvency specialist, and David Stuart Vance, chartered accountant, as liquidators of Buttercup Limited. Creditors are required to file their proofs of debt by Aug. 1, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Deloitte, Deloitte House 8 Nelson Street, Auckland Postal Address: PO Box 33 Shortland Street, Auckland Telephone: (09) 309 4944 Facsimile: (09) 309 4947 PEGREEN LTD: Liquidators Set August 1 as Claims Bar Date -------------------------------------------------------- The High Court at Auckland has appointed Henry David Levin, insolvency specialist, and David Stuart Vance, chartered accountant, as liquidators of Pegreen Limited. Creditors are required to file their proofs of debt by Aug. 1, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Deloitte, Deloitte House 8 Nelson Street, Auckland Postal Address: PO Box 33 Shortland Street, Auckland Telephone: (09) 309 4944 Facsimile: (09) 309 4947 CAFE 2008: Creditors Have Until July 31 to File Claims ------------------------------------------------------ Pursuant to Section 255(2)(a) of the Companies Act 1993, the shareholders of Cafe 2008 Limited resolved that the company be liquidated and that Bruce Frederick McCullough, business consultant of Wellington, be appointed as liquidator. The Liquidators set July 31, 2008, as the last day for creditors to file their proofs of claim. Creditors and shareholders may direct their inquiries to: B. F. McCullough 8th Floor, 86 Victoria Street Wellington, New Zealand Postal Address: PO Box 32023 Wellington Mail Centre 5050 Mobile: 027 448 0417 Facsimile: (04) 916 0659 LOMBARD GROUP: Has Until Today to File Annual Report ---------------------------------------------------- Lombard Group Limited has not provided its annual report for the period ending March 31, 2008, which under Listing Rule 10.5.1 was due to be issued to NZX on June 30, 2008, New Zealand Stock Exchange Regulation advised. Pursuant to the policy set out in Footnote 2 of Listing Rule 5.4.3, if an Issuer has not issued its Annual report within 5 Business Days of the due date, quotation of that Issuer's Securities will be suspended until the Issuer has issued its Annual report in accordance with Listing Rules 10.5.1 and 10.5.2. According to NZX, if Lombard Group has not issued its report by July 7, 2008, NZX gives notice that trading in LOM securities will be suspended effective from the commencement of trading on July 8, 2008. Receivership of Lombard Finance As a result of the receivership of its principal operating subsidiary, Lombard Finance & Investments Limited (LFIL), the completion of the audit of Lombard Group's consolidated accounts has required particular consideration by Lombard Group's auditors, KPMG. Lombard Group has completed its accounts and is in final discussions with KPMG relating to its report. Unfortunately, although the work programme was intended to be completed in time, this work was not able to be completed by the required deadline. Lombard Group's preliminary announcement made on May 31, 2008, of a net loss of NZ$21.7 million (which was calculated on the basis that no value was attributed to the shareholding in LFIL) will be reflected in the Annual Report in a presentation of pro- forma unaudited results to March 31, 2008. The reported audited consolidated group result will state the position of the Group prior to the receivership of LFIL. About Lombard Group Headquartered in Wellington, New Zealand, Lombard Group Limited (NZE:LOM) -- http://www.lombardgroup.co.nz/-- is primarily engaged in the business of investment in a portfolio of mortgage-secured loan advances and other advances. This is carried out through the Company's principal subsidiary, Lombard Finance & Investments Limited. Lombard Finance provides property finance to selected customers. Lombard Group's lending within the property sector is secured by property and includes lending for residential and commercial property investment, property development, bridging loans and mezzanine finance. The Company’s subsidiary, Lombard Asset Finance Limited, provides loans to business customers, including hire purchase, lease finance and general business funding. In March 2008, the Company’s wholly owned subsidiary, Lombard Mortgages Limited, acquired the remaining 30% interest in Tasman Mortgages Limited. NEW AGE: Liquidators Appointed ------------------------------ Pursuant to Section 255(2)(a) of the Companies Act 1993, Dennis Clifford Parsons and Katherine Louise Kenealy were appointed joint and several liquidators of New Age Interior Lining Services Limited. The Liquidators can be reached at: Indepth Forensic Limited PO Box 278 Hamilton, New Zealand Telephone: (07) 957 8674 Website: www.indepth.co.nz S W SETTLE: Liquidators Set July 12 Claims Filing Deadline ---------------------------------------------------------- Pursuant to Section 241(2)(a) of the Companies Act 1993, the shareholders of SI Holdings Limited resolved, that the company be liquidated and that Geoffrey Stewart Hatten, chartered accountant, be appointed as liquidator. The Liquidators set July 12, 2008, as the last day for the company's creditors to file their proofs of claim. Creditors and shareholders may direct their inquiries to: Geoff Hatten Markhams MRI Auckland Limited Level 10, 203 Queen Street PO Box 2194 Auckland, New Zealand Telephone: (09) 309 6011 THE PAINTING: Liquidators Set Aug. 1 as Claims Filing Deadline -------------------------------------------------------------- The High Court at Auckland has appointed Vivien Judith Madsen- Ries, insolvency specialist, and David Stuart Vance, chartered accountant, as liquidators of The Painting Matrix Limited. The Liquidators set Aug. 1, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Monique Nielsen Deloitte, Deloitte House 8 Nelson Street, Auckland Postal Address: PO Box 33 Shortland Street, Auckland Telephone: (09) 309 4944 Facsimile: (09) 309 4947 =============== P A K I S T A N =============== AZGARD NINE: S&P Withdraws 'B' Corporate Credit Rating ------------------------------------------------------ Standard & Poor's Ratings Services has withdrawn its 'B' corporate credit rating on Azgard Nine Ltd. at the request of the company. Azgard Nine Limited is a composite spinning, weaving, dyeing and stitching unit engaged in the manufacturing of yarn, denim and denim products. The company has two businesses: the Textile Apparel Chain, spanning from Cotton Yarn Spinning, denim fabrics to garments, and the Agrichemicals Business, ranging from Urea, di-ammonium Phosphate and mono ammonium phosphates. The company is organized in three business segments: manufacture and sale of textile products, Manufacture and sale of urea fertilizer, and Development, implementation and sale of software products, and provision of related services. The company operated its business, through its subsidiaries, including Pak American Fertilizers Limited, Azsoft (Pvt) Limited and Nafees International Tekstil Snayi Ve Ticaret Anonim Sirket. ===================== P H I L I P P I N E S ===================== * PHILIPPINES: Inflation Jumps to 11.4% in June ----------------------------------------------- The year-on-year headline inflation rate in the Philippines jumped to a double-digit figure of 11.4 percent in June from 9.5 percent in May, the National Statistics Office said. This was the highest rate since May 1994 (11.5%). Except for the fuel, light and water (FLW) index, all the commodity groups recorded higher annual inflation rates during the month. Inflation a year ago was 2.3 percent. Similarly, annual inflation rate in the National Capital Region (NCR) advanced by 0.9 percentage point, to 9.2 percent in June from 8.3 percent in May brought about by the higher annual price increases in all the commodity groups except for clothing and FLW items. In Areas Outside the National Capital Region (AONCR), annual inflation picked up to 12.3 percent in June from 10.1 percent in May as all the commodity groups posted higher annual inflation rates. Excluding selected food and energy items, core inflation further climbed to 6.6 percent in June from 6.2 percent in May. The soaring prices of rice nationwide along with the upward adjustments of other food items such as flour and flour products, fruits and vegetables and meat in selected regions pushed the month-on-month inflation rate in the Philippines to 2.3 percent in June from 1.5 percent in May. Tuition fee hikes and the series of upward adjustments in petroleum products also contributed to the uptrend. =========== T A I W A N =========== AU OPTRONICS: To Cut Liquid Crystal Display Production ------------------------------------------------------ AU Optronics Corp will cut production of liquid crystal display (LCD) panels when necessary in order to stabilize market supply and prices, XFN-ASI News reports, citing Commercial Times. According to the report, Company Executive Vice President Paul Peng said that his company does not rule out cutting production to adjust inventory. Higher inventory levels have dampened LCD panel prices recently, the report says. Taiwan-based AU Optronics Corp. -- http://www.auo.com/-- designs, develops, manufactures, assembles and markets flat panel displays. The company's principal products are thin-film transistor liquid crystal display (TFT-LCD) panels. * * * As reported by the Troubled Company Reporter-Asia Pacific on June 19, 2008, Fitch Ratings upgraded Taiwan-based AU Optronics Corporation's Long-term foreign and local currency Issuer Default ratings to 'BB+' from 'BB', and its National Long-term rating to 'A-(twn)' from 'BBB+(twn)'. The Outlook is Positive. ********* 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. Marites M. Claro, 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 ***