/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080729.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, July 29, 2008, Vol. 11, No. 149 Headlines A U S T R A L I A A.C.N. 001 184 283: Final Meeting Slated for August 8 BARONGI PTY: Member's Final Meeting Slated for August 4 BE & LF MEDWAY: Members' Final Meeting Set for August 1 CARSLYN PTY: Proofs of Debt Due on August 15 CENTREMETRE PTY: Liquidator to Give Wind-Up Report on August 4 CYMBIS FINANCE: Fitch Cuts Issuer Default Rating to 'RD' FRP LOGISTICS: Members and Creditors to Meet on August 6 FOAMCREST PTY: Member's Final Meeting Slated for August 4 G I L PTY: Member's Final Meeting Slated for August 4 PAGE BOY: Liquidator to Present Wind-Up Report on August 4 PYROTRONICS FIRE: To Declare Dividend on August 6 RIVERVIEW INVESTMENTS: Members' Final Meeting Set for August 1 VALCAT PTY: Members and Creditors to Meet on August 7 C H I N A BOE TECH: Cuts Offering to CNY2.2BB on Weak Market Conditions CHINA MINSHENG: Sees 110% Increase in First-Half 2008 Net Profit ELM BV: S&P Removes BB+ Rating From CreditWatch Negative IVANHOE ENERGY: Closes C$90 Athabasca Oilsands Acquisition H O N G K O N G ASAHI DYNAMIC: Lma Shu Yan Steps Down as Liquidator ASAT HOLDINGS: Sets Financial Results Conference Call on July 31 BERYL FINANCE: Fitch Trims US$78.4MM Notes Rating to B- CASTLE HILL: Members' Final Meeting Set for August 29 FOOTSTOP LIMITED: Placed Under Voluntary Liquidation GE HEALTHCARE: Chan and Yeung Quit as Liquidators IDS CREATION: Au Chun Fai Jeffrey Steps Down as Liquidator JVC LITE-ON: Appoints Blade and Arboit as Liquidators OLD MUTUAL: Requires Creditors to File Claims by August 25 OMEGA CAPITAL: Fitch Cuts US$30MM Notes Rating to BB- from BBB+ PERPETUAL PARENTS: Names Chan Lui Ling-yee, Lilian as Liquidator SIEMENS FINANCE: Requires Creditors to File Claims by Aug. 25 ZH015 DEVELOPMENT: Appoints Mee and Yee as Liquidators ZIRCON FINANCE: Fitch Chips US$28.12MM Notes Rating to B- ZIRCON FINANCE: Fitch Cuts Ratings and Removes Negative Watch I N D I A MUKUT FINLEASE: RBI Cancels Certificate of Registration NANDINI IMPEX: CRISIL Rates Rs.109.4MM Cash Credit Limits at BB- PRIYADARSHINI MAHILA: License Canceled by RBI, to be Wound Up STEELCO GUJARAT: Allots 12.5% Conv. Shares to Splca Investments TIRUPATI AGENCIES: CRISIL Rates Rs.80M Cash Credit Limits at BB- * Surat Weaving Businesses Risk Closure J A P A N EBARRA: To Dissolve Malaysian Unit on Poor Financial Performance EBARRA CORP: 93 Permanent Workers Accept Early Retirement Plan FORD MOTOR: Improves Car Conversion Plan, Realigns Manufacturing NISHIMATSU CONSTRUCTION: S&P Shifts Stable Outlook to Negative SOFTBANK CORP: Mulls Purchase of Yahoo Japan N E W Z E A L A N D BRIDGECORP: Founder Wants Seized Porsche 911 Back DEVICE SERVICES: Liquidator Sets July 30 as Claims Bar Date GRAYMARK CABINETS: Appointed Hoole and Pitfield as Liquidators MACAFIN HOLDINGS: Appointed Sargison and Rea as Liquidators MERLOT HOMES: Declared Insolvent, Placed Under Liquidation MILLER BROTHERS: Shareholders Placed Company Under Liquidation PARKSTONE NURSING: Liquidators Set Aug. 15 as Claims Bar Date PETONE WHOLESALERS: Liquidators Set Aug. 15 as Claims Bar Date PROPERTY VENTURES: Liquidation Hearing Adjourned to August 18 VCU TECHNOLOGY: Liquidator Sets July 30 as Claims Bar Date WAIRAU MEWS: Appointed Noyce and Mawdsley as Liquidators WELLSFORD HOLDINGS: Liquidators Set July 30 as Claims Bar Date * NEW ZEALAND: Trade Deficit Grows in June 2008 Quarter * EUFA Urges Parliamentary Inquiry Into Hanover P H I L I P P I N E S BENPRES: In Talks with Foreign Investors on Rockwell Stake Sale G7 BANK: PDIC May End Up Paying All Depositors GEOGRACE RESOURCES: Approves Agreement with Masbate13 NIHAO MINERAL: Approves Execution of Supplemental Agreement S I N G A P O R E APEC M & E: Court Enters Wind-Up Order ENZER CORPORATION: Discloses Shareholder's Change of Interest POH LIAN: Creditors' Proofs of Debt Due on August 9 SK INTERNATIONAL: Wind-Up Petition Hearing Set for August 8 TEO BROS: To Pay First and Final Dividend on August 1 T A I W A N SILICONWARE PRECISION: Paying Dividends on July 30 X X X X X X X X * BOND PRICING: For the Week July 21 - July 25, 2008 - - - - - ================= A U S T R A L I A ================= A.C.N. 001 184 283: Final Meeting Slated for August 8 ----------------------------------------------------- A.C.N. 001 184 283 Pty Ltd will hold a final meeting at 10:00 a.m. on Aug. 8, 2008. During the meeting, the company's liquidator, Robert Mcdonald Barnes at Stewart Brown & Co, will provide the attendees with property disposal and winding-up reports. The company's liquidators can be reached at: Robert Mcdonald Barnes Stewart Brown & Co Chartered Accountants PO Box 5515 Chatswood West NSW 1515 Telephone: (02) 9412 3033 BARONGI PTY: Member's Final Meeting Slated for August 4 ------------------------------------------------------- Barongi Pty Ltd will hold a final meeting for its members on Aug. 4, 2008. The meeting will be held at 27 Church Street in Dubbo. During the meeting, the company's liquidator, Steven Allan Crompton will provide the attendees with property disposal and winding-up reports. BE & LF MEDWAY: Members' Final Meeting Set for August 1 ------------------------------------------------------- John Leslie Cousins, BE & LF Medway Pty Ltd's estate liquidator, will meet with the company's members at 2:00 p.m. on Aug. 1, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: John Leslie Cousins Herries, Davidson & Co. 32 Clifford Street Goulburn NSW 2580 Australia CARSLYN PTY: Proofs of Debt Due on August 15 -------------------------------------------- Carslyn Pty. Ltd.'s members agreed on June 20, 2008, to voluntarily liquidate the company's business. Roderick Mackay Sutherland was appointed to facilitate the sale of its assets. Creditors are required to file their proofs of debt by Aug. 15, 2008, to be included in the company's dividend distribution. The liquidator can be reached at: Roderick Mackay Sutherland Jirsch Sutherland GPO Box 4256 Sydney NSW 2001 Australia Telephone: (02) 9236 8333 Facsimile: (02) 9236 8334 Email: admin@jirschsutherland.com.au CENTREMETRE PTY: Liquidator to Give Wind-Up Report on August 4 -------------------------------------------------------------- Graham Douglas Pike, Centremetre Pty Ltd's estate liquidator, will meet with the company's members at 3:00 p.m. on Aug. 4, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Graham Douglas Pike Benbow & Pike Chartered Accountants 13/263 Alfred Street (North) North Sydney NSW 2060 Australia CYMBIS FINANCE: Fitch Cuts Issuer Default Rating to 'RD' -------------------------------------------------------- Fitch Ratings has removed the Negative Outlook from the ratings of Cymbis Finance Australia Limited and simultaneously downgraded its Long-term foreign currency Issuer Default Ratings to 'RD' (Restricted Default) from 'B', Short-term foreign currency IDR to 'C' from 'B' and Individual to 'F' from 'D'. At the same time, Fitch has affirmed CFAL's Support rating at '5' and the Support Rating Floor at 'NF'. A Long-term foreign currency IDR of 'RD' indicates that an entity that has failed to make due payments (within the applicable grace period) on some but not all material financial obligations, but continues to honour other classes of obligations. This rating action reflects information provided by CFAL to Fitch on Wednesday, July 23, 2008, regarding its failure to meet repayment obligations to some debenture holders, resulting in an event of default as defined in its debenture trust deed. Fitch notes that CFAL claims that it will be able to rectify this situation within the allowed 14 day remedy period, due to expire on Aug. 4, 2008. FRP LOGISTICS: Members and Creditors to Meet on August 6 -------------------------------------------------------- FRP Logistics Pty Ltd will hold a final meeting for its members and creditors at 9:00 a.m. on Aug. 6, 2008. During the meeting, the company's liquidator, Nicholas Crouch at Crouch Insolvency, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Nicholas Crouch Crouch Insolvency Level 28 31 Market Street Sydney NSW Australia FOAMCREST PTY: Member's Final Meeting Slated for August 4 ---------------------------------------------------------- Foamcrest Pty Ltd will hold a final meeting for its members at 10:00 a.m. on Aug. 4, 2008. During the meeting, the company's liquidator, Jillian Wynn Surgeon at MBT Chartered Accountants, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Jillian Wynn Surgeon MBT Chartered Accountants Level 1, 504 Pacific Highway St Leonards NSW 2065 Australia G I L PTY: Member's Final Meeting Slated for August 4 ----------------------------------------------------- Graham Douglas Pike, G I L Pty Ltd's estate liquidator, will meet with the company's members at 2:00 p.m. on Aug. 4, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Graham Douglas Pike Benbow & Pike Chartered Accountants 13/263 Alfred Street (North) North Sydney NSW 2060 Australia PAGE BOY: Liquidator to Present Wind-Up Report on August 4 ---------------------------------------------------------- Graham Douglas Pike, Page Boy Services Pty Ltd's estate liquidator, will meet with the company's members at 4:00 p.m. on Aug. 4, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Graham Douglas Pike Benbow & Pike Chartered Accountants 13/263 Alfred Street (North) North Sydney NSW 2060 Australia PYROTRONICS FIRE: To Declare Dividend on August 6 ------------------------------------------------- Pyrotronics Fire Protection Pty Ltd will declare dividend on Aug. 6, 2008. Only creditors who were able to file their proofs of debt by July 22, 2008, were included in the company's dividend distribution. The company's liquidator can be reached at: Andrew Fielding Trustee PPB Chartered Accountants & Business Reconstruction Specialists Level 4, 31 Sherwood Road Toowong QLD 4066 Australia Telephone: (07) 3371 7244 RIVERVIEW INVESTMENTS: Members' Final Meeting Set for August 1 -------------------------------------------------------------- Bryan D. Threlfall, Riverview Investments Pty Ltd's estate liquidator, will meet with the company's members at 10:00 a.m. on Aug. 1, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: Bryan D. Threlfall Grant & Brady 107-111 Main Street Murwillumbah NSW 2484 Australia VALCAT PTY: Members and Creditors to Meet on August 7 ----------------------------------------------------- Valcat Pty Ltd will hold a final meeting for its members and creditors at 11:00 a.m. on Aug. 7, 2008. During the meeting, the company's liquidator, G. M. Rambaldi at Pitcher Partners, will provide the attendees with property disposal and winding-up reports. The company's liquidators can be reached at: G. M. Rambaldi Pitcher Partners Level 19, 15 William Street Melbourne VIC 3000 Australia ========= C H I N A ========= BOE TECH: Cuts Offering to CNY2.2BB on Weak Market Conditions ------------------------------------------------------------- BOE Technology Group Co. Ltd. decided to cut its scheduled private placement offering to CNY2.2 billion from CNY6 billion due to unsatisfactory market conditions, SinoCast News reports. According to the report, the shares, priced at CNY5.47 each, were to be listed at the Shenzhen Stock Exchange on July 23, 2008 and be locked up for 12 months. As reported by the Troubled Company Reporter-Asia Pacific on July 24, 2008, BOE Technology will issue an additional 411 million shares to establish its 4.5 generation production lines of TFT-LCD for CNY2.25 billion, repay the bank loans of Beijing BOE Optoelectronics Technology, and for additional capital. The company said the additional shares target at Chengdu Industry Investment Group, Chengdu Hi-Tech Investment Group and Beijing Economic-Technological Investment & Development Corp. All of these shares will be subscribed by cash. Meanwhile, after the placement, BOE Technology's controlling shareholder, Beijing BOE Investment and Development Co. Ltd., will decrease its holdings in the company decline from 27.07% to 23.68%, while Beijing Electronics Holding Co. Ltd, will remain BOE Technology's effective controller with a 22.17% stake. About BOE Technology Based in Beijing, BOE Technology Group Co., Ltd. (BOE) is a manufacturer of display devices and digital products. Based in Beijing, the People's Republic of China, the Company operates seven key divisions: Thin-Film Transistor-Liquid Crystal Display (TFT-LCD); Monitor & Panel Television (TV), offering cathode ray tube (CRT) monitors, TFT-LCD monitors, TFT-LCD TVs and plasma display panel (PDP) TVs; Mobile Display System, providing super twisted nematic-LCD (STN-LCD) and organic light-emitting display (OLED); Special Application Display, supplying vacuum fluorescent display (VFD) and light-emitting display (LED); CRT, producing CRTs together with Toshiba and Panasonic; Precision Electronic Component & Material, and Digital Display Product & Display Application System. * * * The company continues to carry Xinhua Far East China Ratings' CC issuer credit rating. CHINA MINSHENG: Sees 110% Increase in First-Half 2008 Net Profit ---------------------------------------------------------------- China Minsheng Banking Corporation Ltd. expects its net profit for the first-half fiscal year 2008 to increase by over 110%, compared to that of the first half of fiscal year 2007 (CNY 2,821,278,000), Reuters reports. China Minsheng Banking Corporation Ltd.'s principal activity is the provision of commercial banking services that include absorbing public deposits, providing short term, medium term, and long term loans, making domestic and international settlement, discounting bills and issuing financial bonds. * * * The Troubled Company Reporter-Asia Pacific reported that on July 13, 2007, Fitch Ratings upgraded China Minsheng Banking Corp.'s individual rating to "D" from "D/E" while it affirmed its support rating at "4". ELM BV: S&P Removes BB+ Rating From CreditWatch Negative -------------------------------------------------------- Standard & Poor's Ratings Services has raised the ratings on nine Asia-Pacific synthetic collateralized debt obligations (CDOs). The ratings on another 10 CDOs were affirmed. Of the 19 CDOs affected by the announcement, 10 had their ratings taken off CreditWatch with negative implications, eight were taken off CreditWatch With positive implications, and one was taken off CreditWatch with developing implications. The rating on Morgan Stanley Managed ACES SPC Series 2006-12 Class IA, is the only one of the group to remain on CreditWatch. Its rating was raised but placed on CreditWatch with negative implications due to its dependency on MBIA Insurance Corp. ('AA/Watch Neg') as the issuer of its authorized investments. These rating actions follow an earlier review on July 9, 2008, entitled "Ratings On 10 Asia-Pacific Synthetic CDOs Placed On CreditWatch, 12 Taken Off Watch Neg". For the transactions that had their ratings raised, their SROCs have stayed above 100% at the higher rating level. Transactions that had their ratings removed from CreditWatch with negative implications have synthetic rated overcollateralization levels that are more than 100% at the current rating, due to positive rating migration in their portfolios. Where the SROC is less than 100%, scenarios that project the current portfolio 90 days into the future are run, assuming no asset rating migration. Where this projection indicates that the SROC would return to a level above 100%, the rating is maintained, but placed on CreditWatch with negative implications. If the projection indicates that the SROC would remain below 100%, the rating is immediately lowered. The rating actions taken on the affected transactions are: Name Rating to Rating From SROC -------------------------------------------------------------- ARLO Ltd. Series 2005 (SKL CDO Series 6) AA-pNRi BBB+pNRi/Watch Neg 101.1714% Castle Finance 1 Ltd. Series 1 AA+ AA+/Watch Neg 100.0849% Corsair (Jersey) No.2 Ltd. Series 70 BBB BBB/Watch Neg 100.4117% Corsair (Jersey) No.2 Ltd. Series 88 A+ A-/Watch Pos 100.1431% Corsair (Jersey) No.2 Ltd. Series 90 A+ A-/Watch Pos 100.1435% Echo Funding Pty Ltd. Series 19 BBB- BBB-/Watch Neg 100.2041% Echo Funding Pty Ltd. Series 21 BBB+ BBB+/Watch Dev 100.2333% ELM B.V. Series 99 BB+ BB+/Watch Neg 100.1840% Lion City CDO Ltd. Series 2006-6 A- A-/Watch Neg 100.0489% Lunar Funding V PLC Series 2006-24 AA- A+/Watch Pos 100.0182% Morgan Stanley ACES SPC Series 2006-31 AA+ AA+/Watch Neg 100.0023% Morgan Stanley Managed ACES SPC Series 2006-12 Class IA AA/Watch Neg A+/Watch Pos 100.1345% Morgan Stanley Managed ACES SPC Series 2006-12 Class IIA A- BBB+/Watch Pos 100.2019% Obelisk Trust 2006-1 Eden BBB BBB/Watch Neg 100.0130% Rembrandt Australia Trust 2003-10 AAA AA+/Watch Pos 100.7696% SHIELD Series 19 AA+ AA/Watch Pos 101.0825% Thunderbird Investments PLC Series 21 A- BBB+/Watch Pos 100.0167% XELO PLC Series 2006 (Spinnaker III Asia Mezzanine) Tranche B BBB+ BBB+/Watch Neg 100.0522% XELO PLC Series 2007 (Spinnaker III Asia Mezzanine 3) BBB+ BBB+/Watch Neg 100.0969% IVANHOE ENERGY: Closes C$90 Athabasca Oilsands Acquisition ---------------------------------------------------------- Robert Friedland, executive chairman, president and chief executive officer of Ivanhoe Energy Inc. disclosed that on July 11, 2008, the company completed the acquisition of Talisman Energy Canada's 100% working interests in two leases (Leases 10 and 6) located in the heart of the Athabasca oilsands region in the Province of Alberta, Canada. Talisman Energy Canada is an affiliate of Talisman Energy Inc. The total purchase price is C$90 million, of which an initial payment of C$22.5 million has been made from proceeds of an C$88 million private placement financing that closed on July 8, 2008. The acquisition of Lease 10 will provide the site for the first commercial application of Ivanhoe Energy's proprietary, HTL(TM) heavy-oil upgrading technology in a major, integrated heavy-oil project. Lease 10 has a relatively high level of delineation (four wells per section). It is believed to be a high-quality reservoir and an excellent candidate for thermal recovery production using the SAGD (steam-assisted gravity drainage) process. The Lease 10 reservoir characteristics are believed by Ivanhoe to be similar to those at Petro-Canada's 30,000-barrel-per-day MacKay River project, located nearby, across the Athabasca River. MacKay River is acknowledged to be one of the most successful and longest-producing SAGD projects in the Athabasca oil sands. Lease 10 would be capable of producing between 30,000 and 50,000 barrels of oil per day, based on estimates by independent reservoir engineers Sproule Associates Limited. Based on the most recent evaluations conducted by Sproule, Lease 10 is estimated to contain, on a best-estimate basis, approximately 244 million barrels of contingent bitumen resources (with low and high estimates of approximately 188 million and 313 million barrels, respectively). The evaluation of Lease 10 has an effective date of Aug. 31, 2007. Using Sproule's interpretation of net pay, Ivanhoe expects to encounter an average of 30 metres of continuous bitumen saturated sand within the initial development area. Based on these contingent resource estimates, Ivanhoe Energy's acquisition price of C$90 million represents a price of approximately C$0.37 per barrel of contingent bitumen resource measured on a best-estimate basis, with a range of approximately C$0.29 per barrel on a high-estimate basis to approximately C$0.48 per barrel on a low-estimate basis. Since Ivanhoe Energy's oilsands announcement of the preliminary agreement between the company and Talisman on May 29, 2008, the holder of the 25% working interest in Lease 50 has exercised its right of first refusal to acquire Talisman's 75% working interest in Lease 50 � a third lease that Ivanhoe was to acquire from Talisman. Lease 50 is a less-delineated asset located approximately 19 km southeast of Fort McMurray. Contingent bitumen resources attributable to Talisman's 75% working interest in Lease 50 were estimated by Sproule as of July 31, 2006, to be, on a best-estimate basis, approximately 50 million barrels. As a consequence, Ivanhoe Energy has proceeded to purchase Lease 10 and Lease 6 � and the total purchase price has decreased from C$105 million to C$90 million. Lease 50 was considered by Ivanhoe to represent possible expansion potential. The reduced cost to Ivanhoe of acquiring its principal target, Lease 10, leaves Ivanhoe with additional cash resources to initiate the development of Lease 10 and also allows Ivanhoe to apply its resources to alternative expansion targets as appropriate. Lease 6 is a small, undelineated, 680-acre block 1.6 km south of Lease 10. Talisman's Rights Talisman will retain back-in rights of up to 20% in the acquired leases for a period of three years. During this period, Talisman also will have the right of first offer to acquire any participation interests in heavy-oil projects in Alberta that Ivanhoe wishes to sell, excluding the acquired leases, on mutually agreeable terms. In addition, Ivanhoe and Talisman have entered into an HTL Data Monitoring Agreement to allow Talisman to effectively monitor the commercial effectiveness of Ivanhoe's HTL technology. Lease 10 Lease 10 is a 6,880-acre contiguous block located approximately 10 miles (16 km) northeast of Fort McMurray, immediately south of Suncor's operating Steepbank and Millennium projects. The block also adjoins leases held by ExxonMobil, Laricina Energy and E-T Energy. Benefits of HTL Integration HTL is a field-located upgrading process that converts heavy oil to a transportable, partially upgraded synthetic crude oil and converts the upgrading by-products to onsite energy. The process frees the heavy-oil producer from the need to purchase diluent for transport, significantly eliminates the need to purchase natural gas to steam the reservoir, and allows the producer to capture the majority of the heavy-oil/light-oil value differential. The net result is enhanced rates of return and reduced earnings volatility. Furthermore, the HTL process istechnically and economically scalable down to as low as 10,000-30,000 bopd, allowing for vertical integration of smaller, heavy- oil assets in Canada and internationally. Purchase Details Ivanhoe has purchased all of Talisman's interests in Leases 10 and 6. The total purchase price for the two leases is C$90 million, allocated as follows: 1. C$22.5 million cash that has been paid. 2. A C$12.5 million note, with interest at prime plus 2%, is to be repaid on or before Dec. 31, 2008. 3. A C$40 million, three-year convertible note, with interest at prime plus 2% with principal convertible at C$3.13, which represents a 25% premium to Ivanhoe Energy's share price based on the volume-adjusted, weighted-average closing price for the 10 business days prior to the signing of the preliminary agreement on May 29, 2008. If the note were fully converted, 12,779,552 common shares of Ivanhoe Energy would be issued to Talisman, representing approximately 4.44% of the issued and outstanding shares of Ivanhoe Energy as of July 11, after giving effect to the conversion, as well as the C$88 million financing that just closed. 4. C$15 million cash upon Ivanhoe Energy receiving requisite government and other approvals to develop the northern border of Lease 10, which is subject to a Mineral Surface Lease (MSL) held by Suncor. Ivanhoe's obligations under the notes and the contingent payment are secured. Ivanhoe intends to finance future payments with funds from a combination of strategic investors or traditional debt and equity markets, either at the Ivanhoe Energy Inc. level or project level. Financial Advisor Tristone Capital Inc. is acting as financial advisor to Ivanhoe for this transaction. About Ivanhoe Energy Vancouver, British Columbia, Canada, Ivanhoe Energy Inc. (TSX: IE; Nasdaq: IVAN) -- http://www.ivanhoe-energy.com/-- is an independent international heavy oil development and production company focused on pursuing long-term growth in its reserve base and production using advanced technologies, including its proprietary, patented heavy-oil upgrading process (HTL). Core operations are in the United States and China, with business development opportunities worldwide. Ivanhoe Energy has established a number of geographically focused entities. The parent company, Ivanhoe Energy Inc., will pursue HTL opportunities in the Athabasca oilsands of Western Canada and will hold and manage the core HTL technology. Two new subsidiaries have been established, one for Latin America and one for the Middle East & North Africa, complementing Sunwing Energy Ltd., Ivanhoe Energy's existing, wholly-owned company for China. Ivanhoe Energy Inc. owns 100% of each of these subsidiaries, although the percentages are expected to decline as they develop their respective businesses and raise capital independently. At March 31, 2008, the company's consolidated balance sheet showed $231.1 million in total assets, $41.2 million in total liabilities, and $189.9 million in total stockholders' equity. Full-text copies of the company's consolidated financial statements for the quarter ended March 31, 2008, are available for free at http://researcharchives.com/t/s?2eab Going Concern Doubt Ivanhoe Energy Inc. believes that existing conditions cast substantial doubt about its ability to continue as a going concern. The company incurred a net loss of $8.5 million for the three-month period ended March 31, 2008, and as at March 31, 2008, had an accumulated deficit of US$168.5 million and negative working capital of US$8.8 million. In addition, the company currently anticipates incurring substantial expenditures to further its capital investment programs and the company's cash flows from operating activities will not be sufficient to both satisfy its current obligations and meet the requirements of these capital investment programs. Moreover, recovery of capitalized costs related to potential HTL(TM) and GTL projects is dependent upon finalizing definitive agreements for, and successful completion of, the various projects, the outcome of which is uncertain. =============== H O N G K O N G =============== ASAHI DYNAMIC: Lma Shu Yan Steps Down as Liquidator --------------------------------------------------- On July 21, 2008, Lam Shu Yan stepped down as liquidator of Asahi Dynamic Appliances Limited. The former Liquidator can be reached at: Lam Shu Yan Hei King House, Room 1404 King Ming Court Junk Bay, Kowloon ASAT HOLDINGS: Sets Financial Results Conference Call on July 31 ---------------------------------------------------------------- ASAT Holdings Limited will hold a conference call to discuss the financial results for its fourth quarter and fiscal year 2008, ended April 30, 2008, on Thursday, July 31, 2008 at 8:30 am. ET/5:30 am PT. Date: Thursday, July 31, 2008 Time: 8:30 a.m. ET/5:30 a.m. PT Dial-in: (480) 248-5081 Passcode: None required Replay: (303) 590-3030 Passcode: 3904866 Duration: Through August 7, 2008 Headquartered in Pleasanton, California, ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/-- provides semiconductor package design, assembly and test services. With 19 years of experience, the company offers a definitive selection of semiconductor packages and manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package and flip chip. ASAT was the first company to develop moisture sensitive level one capability on standard leaded products. The company has operations in the United States, Hong Kong, China and Germany. * * * Standard & Poor's placed ASAT Holdings Limited's long term foreign and local issuer credit ratings at 'CCC-' in September 2007. The outlook is negative. BERYL FINANCE: Fitch Trims US$78.4MM Notes Rating to B- ------------------------------------------------------- Fitch Ratings has downgraded the notes issued by Beryl Finance Limited Series 2006-9 and removed them from Rating Watch Negative, as: -- US$78,400,000 notes due May 2012 (ISIN XS0266085629): downgraded to 'B-' from 'BBB+'; removed from RWN. The transaction is a funded static synthetic corporate CDO referencing a portfolio of primarily investment grade corporate obligations. The key drivers of the transaction's credit risk are: -- Portfolio credit risk deteriorating to an average portfolio quality of 'BBB-' from 'BBB'/'BBB-' at the review in November 2007 and 'A-'/'BBB+' at closing in August 2006. -- 20% of the portfolio is rated below investment grade with 3% in the 'CCC or below' rating category, 7% in the 'B' rating category and 10% in the 'BB' rating category, an increase from 13% in November 2007 and 7% at closing. -- Portfolio migration risk, with 8% of the portfolio on RWN and 32% of the portfolio on Negative Outlook. -- Industry concentration is 51% in the three largest industries, made up of 30% in Banking and Finance, 13% in Telecommunications and 8% in Utilities. -- The portfolio is heavily concentrated in the US, which represents 56% of the portfolio. Given Fitch's view of concentration and the current credit quality of the portfolio, the credit enhancement level of 3.75% of the transaction is not sufficient to justify the current rating of the notes. At close, proceeds from the issuance of the notes were used to purchase charged assets to collateralize CDS between the issuer and Lehman Bother Special Financing Inc. (the CDS swap counterparty), guaranteed by Lehman Brothers Holdings Inc. ('A+'/'F1'/ Negative Outlook). The charged asset of the transaction is an investment of US$78.4 million in principal amounts of General Electric Capital Corporation Floating Rate Notes due May 2012. Fitch released updated criteria on 30 April 2008 for corporate CDOs and, at that time, noted it would be reviewing its ratings accordingly to establish consistency for existing and new transactions. As part of this review, Fitch makes standard adjustments for any names on RWN or Negative Outlook, reducing such ratings for default analysis purposes by two and one notch, respectively. Fitch has previously noted that its review will be focused first on ratings most exposed to risks it has highlighted in its updated criteria. As such, the transaction was placed on RWN on May 29, 2008. As previously indicated, resolution of the Rating Watch status depends on any plans managers/arrangers may choose to modify either the structure or the portfolio. In this case, the arranger has confirmed that it does not intend to make any modifications. CASTLE HILL: Members' Final Meeting Set for August 29 ----------------------------------------------------- The members of Castle Hill Investment Company Limited will meet on August 29, 2009, at 12:15 p.m., at the 76th Floor of Two International Finance Centre, 8 Finance Street, in Central, Hong Kong. At the meeting, Lee King Yue, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FOOTSTOP LIMITED: Placed Under Voluntary Liquidation ---------------------------------------------------- At an extraordinary general meeting held on July 14, 2008, the members of Footstop Limited resolved to voluntarily liquidate the company's business. The company's liquidators are: Bruno Arboit Simon Richard Blade Baker Tilly Hong Kong China Merchants Tower, 12th Floor Shun Tak Centre 168-200 Connaught Road Central, Hong Kong GE HEALTHCARE: Chan and Yeung Quit as Liquidators ------------------------------------------------- On July 18, 2008, Chan Mi Har and and Yeung Yuen, Betty quit as liquidators of GE Healthcare Bio-Sciences China Limited. The former Llquidators can be reached at: Chan Mi Har and Yeung Yuen, Betty Three Pacific Place, Level 28 1 Queen's Road East Hong Kong IDS CREATION: Au Chun Fai Jeffrey Steps Down as Liquidator ---------------------------------------------------------- On July 21, 2008, Au Chun Fai Jeffrey stepped down as liquidator of IDS Creation Limited. JVC LITE-ON: Appoints Blade and Arboit as Liquidators ----------------------------------------------------- On July 3, 2008, Simon Richard Blade and Bruno Arboit were appointed as liquidators of JVC Lite-On IT Manufacturing and Sales, Limited. The liquidators can be reached at: Simon Richard Blade Bruno Arboit Baker Tilly Hong Kong China Merchants Tower, 12th Floor Shun Tak Centre 168-200 Connaught Road Central, Hong Kong OLD MUTUAL: Requires Creditors to File Claims by August 25 ---------------------------------------------------------- The creditors of Old Mutual (Hong Kong) Limited requires its creditors to file their proofs of debt by August 25, 2008, to be included in the company's dividend distribution. The company's liquidators are: Thomas Andrew Corkhill Iain Ferguson Bruce Gloucester Tower, 8th Floor The Landmark 15 Queen's Road Central, Hong Kong OMEGA CAPITAL: Fitch Cuts US$30MM Notes Rating to BB- from BBB+ --------------------------------------------------------------- Fitch Ratings has downgraded the notes issued by Omega Capital Investments Plc Series 44 and removed them from Rating Watch Negative, as: -- US$30,000,000 credit-linked notes due June 2014 (ISIN: XS0292172201): downgraded to 'BB-' from 'BBB+'; removed from RWN. The transaction, which is self-managed by the investor, is a funded static synthetic corporate CDO referencing a portfolio of primarily investment grade corporate obligations. The key drivers of the transaction's credit risk are: -- Portfolio credit risk deteriorating to an average portfolio quality of 'BBB+'/'BBB', from 'A'/'A-' at closing in March 2007. -- The percentage of the portfolio rated below investment grade has increased to 7% in the 'BB' category, from 0% at closing. -- Portfolio migration risk with 11% of the portfolio on RWN and 32% of the portfolio with a Negative Outlook. -- Industry concentration of 51% in the three largest industries, made up of 32% in Banking & Finance, 11% in Telecommunications and 8% in Utilities. -- The portfolio is heavily concentrated in the US which represents 58% of the portfolio. Since closing, 11% of the portfolio has been substituted, and the current credit enhancement level of the transaction is 2.472%, a slight increase from 2.45% at closing. Given Fitch's view of concentration and the current credit quality of the portfolio, the credit enhancement level of 2.472% of the transaction is not sufficient to justify the current rating of the notes. At close, proceeds from the issuance of the notes were used to purchase charge assets to collateralize CDS between the issuer and BNP Paribas (the CDS swap counterparty, 'AA'/'F1+'). The charged assets comprise an investment of US$30 million qualifying securities held through a series of repurchase agreements with BNP Paribas acting as the repo counterparty. Rating downgrade triggers at 'F1+' for the CDS counterparty and 'AA-'/'F1+' for the repo counterparty exist to protect noteholders from the credit risk of these transaction counterparties. Fitch released updated criteria on April 30, 2008 for corporate CDOs and, at that time, noted it would be reviewing its ratings accordingly to establish consistency for existing and new transactions. As part of this review, Fitch makes standard adjustments for any names on RWN or Negative Outlook, reducing such ratings for default analysis purposes by two and one notch, respectively. Fitch has previously noted that its review will be focused first on ratings most exposed to risks it has highlighted in its updated criteria. As such, the transaction was placed on RWN on May 29, 2008. As previously indicated, resolution of the Rating Watch status depends on any plans managers/arrangers may choose to modify either the structure or the portfolio. In this case, the arranger has confirmed that it does not intend to make any modifications. PERPETUAL PARENTS: Names Chan Lui Ling-yee, Lilian as Liquidator ---------------------------------------------------------------- On July 7, 2008, Chan Lui Ling-yee, Lilian was appointed liquidator of Perpetual Parents Education Resource Centre Limited. The liquidator can be reached at: Chan Lui Ling-yee, Lilian Golden Villa, A10 18 Fa Po Street Yau Yat Chuen, Kowloon Tong Kowloon, Hong Kong SIEMENS FINANCE: Requires Creditors to File Claims by Aug. 25 ------------------------------------------------------------- Siemens Finance Asia Limited, which is in voluntary liquidation, requires its creditors to file their proofs of debt by Aug. 25, 2008, to be included in the company's dividend distribution. The company's liquidators are: Thomas Andrew Corkhill Iain Ferguson Bruce Gloucester Tower, 8th Floor The Landmark 15 Queen's Road Central, Hong Kong ZH015 DEVELOPMENT: Appoints Mee and Yee as Liquidators ------------------------------------------------------ Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee were appointed liquidators of ZH015 Development Company Limited by virtue of a special resolution passed at the company's extraordinary general meeting held on July 16, 2008. The liquidators can be reached at: Natalia Seng Sze Ka Mee Cynthia Wong Tak Yee Three Pacific Place, Level 28 1 Queen's Road East Hong Kong ZIRCON FINANCE: Fitch Chips US$28.12MM Notes Rating to B- --------------------------------------------------------- Fitch Ratings has downgraded the notes issued by Zircon Finance Limited Series 2007-13 and removed them from Rating Watch Negative, as: -- US$28,120,000 notes due March 2013 (ISIN XS0307006600): downgraded to 'B-' from 'A-'; removed from RWN The transaction is a funded static synthetic corporate CDO referencing a portfolio of primarily investment grade corporate obligations. The key drivers of the transaction's credit risk are: -- Portfolio credit risk deteriorating to an average portfolio quality of 'BBB-' (BBB minus) from 'BBB'/'BBB-' at last review in October 2007 and 'A-'/'BBB+' at closing. -- 17% of the portfolio is rated below investment grade with 3% in the 'CCC or below' rating category, 3% in the 'B' rating category and 11% in the 'BB' rating category, an increase from 9% in October 2007 and 5% at closing. -- Portfolio migration risk, with 8% of the portfolio on RWN and 31% of the portfolio on Negative Outlook. -- Industry concentration of 52% in the three largest industries, comprising 37% in Banking and Finance, 8% in Building & Materials and 7% in Retail (General). -- The portfolio is heavily concentrated in the US, which represents 63% of the portfolio. Given Fitch's view of concentration and the current credit quality of the portfolio, the credit enhancement level of 3.6% of the transaction is not sufficient to justify the current rating of the notes. Fitch highlights that the credit enhancement level is likely to be eroded should there be a credit event called on Residential Capital LLC (rated at 'D'). At close, proceeds from the issuance of the notes were used to purchase charged assets to collateralize CDS between the issuer and Lehman Bother Special Financing Inc. (the CDS swap counterparty), guaranteed by Lehman Brothers Holdings Inc., rated 'A+'/'F1'/ Negative Outlook. The note proceeds of the transaction are invested in General Electric Capital Corporation Floating Rate Notes due March 2013. Fitch released updated criteria on April 30, 2008 for corporate CDOs and, at that time, noted it would be reviewing its ratings accordingly to establish consistency for existing and new transactions. As part of this review, Fitch makes standard adjustments for any names on RWN or Negative Outlook, reducing such ratings for default analysis purposes by two and one notch, respectively. Fitch has previously noted that its review will be focused first on ratings most exposed to risks it has highlighted in its updated criteria. As such, the transaction was placed on RWN on May 26, 2008. As previously indicated, resolution of the Rating Watch status depends on any plans managers/arrangers may choose to modify either the structure or the portfolio. In this case, the arranger has confirmed that it does not intend to make any modifications. ZIRCON FINANCE: Fitch Cuts Ratings and Removes Negative Watch ------------------------------------------------------------- Fitch Ratings has downgraded the notes issued by Zircon Finance Limited Series 2007-12 and removed them from Rating Watch Negative, as: -- US$44,950,000 notes due June 2014 (ISIN XS0307005032): downgraded to 'B-' from 'A-'; removed from RWN. The transaction is a funded static synthetic corporate CDO referencing a portfolio of primarily investment grade corporate obligations. The key drivers of the transaction's credit risk are: -- Portfolio credit risk deteriorating to an average portfolio quality of 'BBB-' from 'BBB'/'BBB-' at the last review in October 2007 and 'A-'/'BBB+' at closing. --- 17% of the portfolio is rated below investment grade with 3% in the 'CCC or below' rating category, 4% in the 'B' rating category and 10% in the 'BB' rating category, an increase from 9% in October 2007 and 5% at closing. -- Portfolio migration risk, with 7% of the portfolio on RWN and 28% of the portfolio on Negative Outlook. -- Industry concentration is 47% in the three largest industries, made up of 33% in Banking and Finance, 7% in Building & Materials and 7% in Retail (General). -- The portfolio is heavily concentrated in the US, which represents 62% of the portfolio. Given Fitch's view of concentration and the current credit quality of the portfolio, the credit enhancement level of 4% of the transaction is not sufficient to justify the current rating of the notes. Fitch highlights that the credit enhancement level is likely to be eroded should there be a credit event called on Residential Capital LLC (rated 'D'). At close, proceeds from the issuance of the notes were used to purchase charged assets to collateralize credit default swaps between the issuer and Lehman Bother Special Financing Inc. (the CDS swap counterparty), guaranteed by Lehman Brothers Holdings Inc. ('A+'/'F1'/ Negative Outlook). The note proceeds of the transaction are invested in General Electric Capital Corporation Floating Rate Notes due June 2014. Fitch released updated criteria on April 30, 2008 for corporate CDOs and, at that time, noted it would be reviewing its ratings accordingly to establish consistency for existing and new transactions. As part of this review, Fitch makes standard adjustments for any names on RWN or Negative Outlook, reducing such ratings for default analysis purposes by two and one notch, respectively. Fitch has previously noted that its review will be focused first on ratings most exposed to risks it has highlighted in its updated criteria. As such, the transaction was placed on RWN on May 26, 2008. As previously indicated, resolution of the Rating Watch status depends on any plans managers/arrangers may choose to modify either the structure or the portfolio. In this case, the arranger has confirmed that it does not intend to make any modifications. ========= I N D I A ========= MUKUT FINLEASE: RBI Cancels Certificate of Registration ------------------------------------------------------- The Reserve Bank of India canceled the certificate of registration granted to Mukut Finlease Limited for carrying on the business of a non-banking financial institution. Following cancellation of the registration certificate, Mukut Finlease 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. Mukut Finlease Ltd. has its registered office at Mukut Complex, Rekabganj, in Faizabad (U.P.) NANDINI IMPEX: CRISIL Rates Rs.109.4MM Cash Credit Limits at BB- ---------------------------------------------------------------- CRISIL has assigned its rating of 'BB-/Stable/P4' to the various bank facilities of Nandini Impex Private Ltd (NIPL). Rs.109.4 Million Cash Credit Limits* BB-/Stable(Assigned) Rs.58.6 Million Term Loan BB-/Stable(Assigned) Rs.25 Million Bank Guarantee P4(Assigned) *Includes proposed facility of Rs 26.4 Million The rating reflects the limited size and working capital intensive nature of NIPL's operations, and its weak financial risk profile. The rating weaknesses are, however, partly offset by NIPL's increasing presence in the growing trenchless digging industry. Outlook: Stable CRISIL expects NIPL to benefit from the healthy growth prospects of the telecom and oil and gas industries. The outlook may be revised to 'Positive' if NIPL strengthens its market position, while maintaining a healthy capital structure. Conversely, any large additional debt-funded capital expenditure or acquisition, leading to deterioration in financial risk profile may lend a 'Negative' bias to the rating. About NIPL NIPL is part of the Kolkata-based Tirupati group, which has interests in bearing trading, real estate development, infrastructure development and warehousing. Incorporated in 1993, NIPL was taken over by the present promoters, Mr Chandrakant Khemka and Mr Pawan Kumar Tibrawalla, in 2001. The company is primarily engaged in trenchless horizontal direct drilling (HDD) for laying of ducts, cables and steel pipes for telecom, oil and gas, electric and water utilities. For 2007-08 (refers to financial year, April 1 to March 31), NIPL reported a profit after tax (PAT) of Rs.7 million on net sales of Rs.233 million, as against a PAT of Rs.1 million on net sales of Rs.167 million for 2006-07. PRIYADARSHINI MAHILA: License Canceled by RBI, to be Wound Up ------------------------------------------------------------- The Reserve Bank of India canceled the license of The Priyadarshini Mahila Sahakari Bank Ltd., Latur, Maharashtra, which had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra, had failed and the depositors were being inconvenienced by continued uncertainty, the Reserve Bank of India delivered the order canceling its licence to the bank on July 23, 2008. The Commissioner for Co-operation and Registrar of Co-operative Societies, Maharashtra, has also been requisitioned to issue an order for winding up the bank and appoint a liquidator for the bank. It may be highlighted that on liquidation every depositor is entitled to repayment of his deposits up to a monetary ceiling of Rs. 1,00,000/- (Rupees one lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions. The Reserve Bank of India decided to cancel the license of the bank, as a final step after examining all the options for revival of the bank and in order to protect the interest of the depositors. The inspection of the bank with reference to its position as on March 31, 2005 indicated that its financial position was impaired. In view of the precarious financial position of the bank, to protect the interests of the depositors, directions under Section 35A of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) were issued to the bank vide directive dated April 26, 2006 restricting its operations. The statutory inspection of the bank with respect to its position as on March 31, 2007 revealed that its financial position was precarious. The Reserve Bank of India issued a notice to the bank on March 17, 2008 asking it to show cause as to why the licence granted to it to conduct banking business should not be cancelled. The reply to the show cause notice was examined. In the absence of any viable proposal for turn around and achievement of the required regulatory prescriptions the possibility of revival of the bank was remote. Therefore, the Reserve Bank of India took the extreme measure of canceling license of the bank in the interest of the bank's depositors. With the cancellation of its license and commencement of liquidation proceedings, the process of paying the depositors of the bank will be set in motion subject to the terms and conditions of the Deposit Insurance Scheme. Consequent to the cancellation of its license, the bank is prohibited from carrying on 'banking business' as defined in Section 5(b) of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies) including acceptance and repayment of deposits. For any clarifications, depositors may approach: Shri Shreedhar Behera Deputy General Manager Reserve Bank of India Urban Banks Department, Nagpur Postal Address: Urban Banks Department Reserve Bank of India, Nagpur Regional Office Telephone Number: 0712 - 2538696 Fax Number: 0712 � 2552896 STEELCO GUJARAT: Allots 12.5% Conv. Shares to Splca Investments --------------------------------------------------------------- Steelco Gujarat Ltd's Board of Directors decided to issue and allot 12.5% Optionally Convertible Cumulative Redeemable Preference Shares of Rs 10/- each to M/s. Splca Investments Ltd, promoter of the company on preferential allotment basis instead of issuing 12.5% Non-convertible Cumulative Redeemable Preference Shares of Rs 10/- each as intimated earlier. Steelco Gujarat Limited's principal activity is to manufacture cold rolled steel and galvanized steel. The products include cold rolled steel coils/sheets, hot dip galvanized steel coils and plain corrugated sheets. The Company's plant is located at Palej, Bharuch. * * * The company has incurred two consecutive annual net losses. For the year ended March 31, 2008, the company incurred a net loss of Rs. 106.26 million on net sales of Rs. 3,470.05 million compared to a net loss of Rs. 102.00 million on net sales of Rs. 3,611.90 million for the year ended March 31, 2007. TIRUPATI AGENCIES: CRISIL Rates Rs.80M Cash Credit Limits at BB- ---------------------------------------------------------------- CRISIL has assigned its rating of 'BB-/Stable/P4' to the various bank facilities of Tirupati Agencies Private Ltd (TAPL). Rs.80 Million Cash Credit Limits* BB-/Stable(Assigned) Rs.6 Million Bank Guarantee P4(Assigned) *Includes proposed facility of Rs 20 Million The rating reflects TAPL's significantly high gearing and limited presence in the bearings industry. These weaknesses are, however, partly offset by TAPL's stable operating margins, on account of presence in a niche large bearing industry. Outlook: Stable CRISIL expects TAPL's operating profitability to remain stable over the medium term based on regular supply from NSK Bearings. The outlook may be revised to 'Positive' if there is significant improvement in TAPL's profitability. Conversely, the outlook may be revised to 'Negative' if TAPL takes on substantial debt to support group companies. About TAPL TAPL was set up in 1981, when the bearings trading business of Mill Stores and Bearing Co (formed in 1956 by Mr. Raja Ram Khemka) was carved out into a separate company. TAPL is focused exclusively on trading in bearings, and is the authorised agent in India for NSK Bearings manufactured by NSK Ltd, Japan. For 2007-08 (refers to financial year, April 1 to March 31), TAPL reported a profit after tax (PAT) of Rs.0.99 million on net sales of Rs.334 million, as against a PAT of Rs.0.96 million on net sales of Rs.312 million for 2006-07. * Surat Weaving Businesses Risk Closure --------------------------------------- At a time when workers are demanding a wage revision, several weaving units in Surat are likely to close down following a glut in the grey fabric market after processing houses cut production by 30 per cent, the Business Standard reports. According to the report, the weaving industry is reeling under pressure of dwindling sales of grey cloth ever since processing houses in Surat have literally stopped buying the fabric. "Processing houses in Surat mostly import raw materials like chemicals and dyestuff for processing from China. They have cut down their production by at least 30 per cent ever since the raw materials supply has been affected due to stringent measures by the Chinese government. Which is why weaving units are not able to sell their fabric to these houses, leading to a glut," the Business Standard quoted Devkishan Manghani, general secretary of Federation of Surat Textile Traders Association (FOSTTA), as saying. Apart from raw material shortage, the report says the processing houses are facing a tough time due to rising fuel costs. ========= J A P A N ========= EBARRA: To Dissolve Malaysian Unit on Poor Financial Performance ---------------------------------------------------------------- Ebara Corporation has decided to dissolve its Malaysia-based wholly owned subsidiary, Ebara Environment Engineering (Malaysia) Sdn. Bhd., which has been engaged in the engineering business, Reuters reports. Ebara Corp, the report relates, decided to dissolve the subsidiary due to poor financial performance. The subsidiary, established in 2001, is set to commence liquidation proceedings this year. Ebara Corp. -- http://www.ebara.co.jp/-- is Japan's largest manufacturer of pumps, a major fluid machinery producer and an integrated environmental engineering service company. It also has technologies for semiconductor polishing, cleaning and plating. Headquartered in Tokyo, the Company has 107 subsidiaries and 17 associated companies. * * * As reported by the Troubled Company Reporter - Asia pacific on Mar 28, 2008, Standard & Poor's Ratings Services revised its outlook on the 'BB+' long-term corporate credit rating on Ebara Corp. to negative from stable, amid ongoing concerns over the recovery of earnings in its environmental engineering business. The outlook change also reflects uncertainty surrounding whether the company will turn around its environmental engineering business and generate positive free cash flow. At the same time, Standard & Poor's affirmed its 'BB+' long-term corporate credit and senior unsecured debt ratings on the company. EBARRA CORP: 93 Permanent Workers Accept Early Retirement Plan -------------------------------------------------------------- Ninety three permanent employees of Ebara Corporation has accepted the early retirement program offered by the company, Reuters reports. The company, the report relates, offered the package during the period from March 24, 2008 to May 30, 2008. The 93 employees will be offered additional benefits of JPY712 million, the report notes. According to the report, the program targeted 100 to 150 permanent employees of the company and its three Tokyo-based subsidiaries, who have been working for over three consecutive years. Ebara Corp. -- http://www.ebara.co.jp/-- is Japan's largest manufacturer of pumps, a major fluid machinery producer and an integrated environmental engineering service company. It also has technologies for semiconductor polishing, cleaning and plating. Headquartered in Tokyo, the Company has 107 subsidiaries and 17 associated companies. * * * As reported by the Troubled Company Reporter-Asia pacific on March 28, 2008, Standard & Poor's Ratings Services revised its outlook on the 'BB+' long-term corporate credit rating on Ebara Corp. to negative from stable, amid ongoing concerns over the recovery of earnings in its environmental engineering business. The outlook change also reflects uncertainty surrounding whether the company will turn around its environmental engineering business and generate positive free cash flow. At the same time, Standard & Poor's affirmed its 'BB+' long-term corporate credit and senior unsecured debt ratings on the company. FORD MOTOR: Improves Car Conversion Plan, Realigns Manufacturing ---------------------------------------------------------------- The Wall Street Journal reported that Ford Motor Co. will retool three North American truck plants to make small cars that it now makes and sells in Europe. WSJ related that the plan amounts to a gamble that small cars can save a company whose business has long been based on trucks. WSJ, citing Don Leclair, Ford's chief financial officer, said that Ford is in a stress period right now. Ford's U.S. business has been hit by declining vehicles sales and a sudden consumer shift to small cars. According to the Journal, Ford is slashing costs and shifting capacity to passenger-car production in amid the troublesome realities of the U.S. market. In a press statement, Ford disclosed a significant acceleration of its transformation plan with the addition of several new fuel-efficient small vehicles in North America and a realignment of its North American manufacturing. The actions represent a shift in Ford's North American product plans and investments toward smaller vehicles and fuel-efficient powertrains in both the near- and mid-term in line with rapid changes in customer buying preferences. In addition to bringing six small vehicles to North America from the company's acclaimed European lineup, Ford is accelerating the introduction of fuel-efficient EcoBoost and all-new four- cylinder engines, boosting hybrid production and converting three existing truck and SUV plants for small car production, beginning this December. "We continue to take fast and decisive action implementing our plan and responding to the rapidly changing business environment," Alan Mulally, Ford president and CEO, said. "Ford is moving aggressively using our global product strengths to introduce additional smaller vehicles in North America and to provide outstanding fuel economy with every new product." Mr. Mulally said the company is focused on its transformation plan, which calls for: -- aggressively restructuring to operate profitably at the current demand and changing model mix; -- accelerating the development of new products that customers want and value; -- financing the plan and improving the balance sheet; -- working together effectively as one team, leveraging Ford's worldwide assets "The progress we have made in working together to create a 'One Ford' global enterprise during the past two years gives us a unique competitive advantage in today's environment," Mr. Mulally said. "We are in a stronger position than ever to leverage Ford's global assets to address the North American business environment. We also are building on the past few years of progress in continuously improving our quality, reducing our cost structure and introducing strong new products." Aggressively Restructuring Ford will convert three existing North American truck and SUV plants for small car production, with the first conversion beginning this December. The moves are in addition to Ford's statements in May and June that it is reducing its North American production plans for large trucks and SUVs for the remainder of 2008, well as increasing production of smaller cars and crossovers. "We are transforming Ford's North American manufacturing operations into a lean, flexible system that is fully competitive with the best in the business," Mark Fields, Ford president of The Americas, said. "We remain committed to matching our capacity with real consumer demand, and we are equipping nearly all of our assembly plants with flexible body shops, ensuring we can respond quickly to changing consumer tastes." "In addition, we are adding four-cylinder engine capacity to meet the growing consumer demand, while expanding production of our new EcoBoost engines, six-speed transmissions and other fuel-saving technologies," Mr. Fields said. Among the manufacturing realignment actions are: -- Michigan Truck Plant in Wayne, Michigan, which builds the Ford Expedition and Lincoln Navigator full-size SUVs, will be converted beginning this December to production of small cars derived from Ford's global C-car platform in 2010. -- Production of the Ford Expedition and Lincoln Navigator will be moved to the Kentucky Truck Plant in Louisville, Kentucky, early next year. -- Cuautitlan Assembly Plant in Mexico, which produces F- Series pickups, will be converted to begin production of the new Fiesta small car for North America in early 2010. -- Louisville, Kentucky Assembly Plant, which builds the Ford Explorer mid- size SUV, will be converted to produce small vehicles from Ford's worldwide C-car platform beginning in 2011. -- Twin Cities, Minnesota Assembly Plant -- which was scheduled to close in 2009 -- will continue production of the Ford Ranger through 2011 to meet consumer demand for the compact pickup. -- Kansas City Assembly Plant this year will add a third crew to its small utility line for the Ford Escape, Escape Hybrid and Mercury Mariner and Mariner Hybrid. With the realignments, Ford will continue to offer targeted hourly buyouts at its U.S. plants and facilities, working with the UAW to secure competitive employment levels. Ford also said it remains on track to reduce salaried-related costs by 15% in North America by Aug. 1. Ford North America still expects to reduce annual operating costs by US$5 billion by the end of 2008 -- at constant volume, mix and exchange, and excluding special items -- compared with 2005. In addition, the company said it plans to continue to reduce structural costs beyond 2008. The company also confirmed Ford, Lincoln and Mercury will remain in its North American brand portfolio. Ford said it will work with its dealers to broaden and accelerate its dealer consolidations, which will result in a dealer network that reflects the changing industry size and model mix. Ford also updated its North American planning assumptions, which include: -- U.S. economic recovery to begin by early 2010; -- U.S. industry sales to return to trend levels as the economy returns to health; -- Product mix changes are permanent, but some recovery will occur from the current share-of-industry for full-size pickups -- though not back to levels experienced previously-- as the economy and housing sector recover; * oil prices to remain volatile and high; * no near-term relief from current level of commodity prices * about 14% U.S. market share for Ford, Lincoln and Mercury brands Accelerating New Products Ford is adding several new North American products in the near- and mid- term, and shifting from a primary emphasis on large trucks and SUVs to smaller and more fuel-efficient vehicles. By the end of 2010, two-thirds of spending will be on cars and crossovers -- up from one-half. "We are accelerating the development of the new products customers want and value," Mr. Mulally said. "We sell some of the best vehicles in the world in our profitable European and Asian operations, and we will bring many of them to North America on top of our already aggressive product plans." The new products include six European small vehicles to be introduced in North America by the end of 2012. Ford's European products are set apart by their world-class driving dynamics, exciting design and outstanding quality. "While we have no intention of giving up our longtime truck leadership, we are creating a new Ford in North America on a foundation of small, fuel-efficient cars and crossovers that will set new standards for quality, fuel economy, product features and refinement," Mr. Fields said. The Ford, Lincoln, Mercury line will be almost completely upgraded by the end of 2010, including: -- 2009 Ford F-150, on sale in late fall with the most capability, most choice and most smart features of any full- size pickup, and with more than a 7 percent fuel economy improvement; -- 2010 Ford Fusion, Mercury Milan, Lincoln MKZ sedans, on sale in early 2009, with Fusion's and Milan's four- cylinder fuel economy expected to top Honda Accord and Toyota Camry; -- 2010 Ford Fusion Hybrid and Mercury Milan Hybrid, beginning production late this year and on sale in early 2009 -- with fuel economy expected to top the Toyota Camry hybrid; -- New Ford Mustang -- coupe, convertible, and glass-roof models -- in early 2009; -- New Ford Taurus sedan -- with EcoBoost engine and even more advanced safety and convenience technologies -- in mid-2009; -- New European Transit Connect small multi-purpose van in mid-2009; -- New Lincoln seven-passenger crossover -- with EcoBoost engine -- in mid-2009; -- New European Ford Fiesta, in both four- and five-door versions, in early 2010; -- New European Ford Focus, in both four- and five-door versions, in 2010; -- New Mercury small car in 2010; -- New European small vehicle that will be a "whitespace" entry in North America in 2010; -- Next-generation Ford Explorer -- with unibody construction, EcoBoost, six-speed, weight savings and improved aerodynamics for up to 25 percent better fuel economy - in 2010. With every new product, Ford expects to be the best or among the best for fuel economy. This is aided by one of the most extensive powertrain upgrades ever for Ford. By the end of 2010, nearly all of Ford's North American engines will be upgraded or replaced. In addition, within two years, nearly all of Ford's North American lineup will offer fuel-saving six-speed automatic transmissions. The improvements build on several Ford fuel economy such as: -- 2009 Ford Flex, which is the most fuel-efficient standard seven-passenger vehicle on the market, topping the 2009 Honda Pilot; -- 2009 Ford Focus, with highway fuel economy of up to 35 mpg; -- better than the smaller 2008 Honda Fit and 2009 Nissan Versa SL and a key reason Focus retail sales are up 50%; -- 2009 Escape, with a new 2.5-liter four-cylinder engine and six-speed transmission delivering best-in-class highway fuel economy of 28 mpg -- ahead of Toyota RAV4 and Honda CR-V; -- 2009 Ford Escape Hybrid, delivering 34 mpg in the city and 31 mpg on the highway, making it the most fuel-efficient utility vehicle available; Coming in 2009 are the first applications of Ford's new EcoBoost engines. EcoBoost uses gasoline turbocharged direct-injection technology for up to 20% better fuel economy, up to 15% fewer CO2 emissions and superior driving performance versus larger- displacement engines. EcoBoost V-6 engines will be introduced on several vehicles next year, beginning with the Lincoln MKS and Ford Taurus sedans, and Ford Flex crossover. Four-cylinder EcoBoost engines will debut in 2010 in both North America and Europe. Ford will offer EcoBoost on more than 80% of its North American lineup by the end of 2012. Ford also plans to double capacity for North American four- cylinder engines to more than 1 million units by 2011, to meet the consumer trend toward downsized engines for fuel economy. The smaller engines will deliver significant fuel savings. In addition, Ford plans to double its hybrid volume and offerings next year -- and is looking to expand further going forward. Production of the all-new 2010 Ford Fusion Hybrid and Mercury Milan Hybrid begins in December -- with fuel economy expected to top the Toyota Camry hybrid. With these new models, the Ford Escape Hybrid -- now in its fifth year of production -- and the Mercury Mariner Hybrid, Ford will offer four hybrid vehicles. That will make Ford the largest domestic producer of full hybrid vehicles in North America, second only to Toyota in sales volume. Ford also is introducing six-speeds with PowerShift that offers the fuel economy of a manual transmission and convenience of an automatic; start-stop engines that shut off when the vehicle stops; electric power steering; direct injection, and Twin Independent Variable Cam Timing engines. These technologies will be progressively introduced within the North American lineup by 2012. "One Ford" Driving Ford's product transformation is the company's "One Ford" worldwide product development vision, which will deliver more vehicles worldwide from fewer core platforms, further reduce costs and allow for the increased use of common parts and systems. In the next five years, Ford will build more than 1 million vehicles a year worldwide off its global B-car platform and nearly 2 million units worldwide off its global C-car platform. "Ford is investing most where consumer growth is taking place -- and that's in highly fuel-efficient global small cars," said Derrick Kuzak, Ford group vice president of Global Product Development. "One of every four vehicles in the world today is a 'C' or Ford Focus-sized vehicle, and we expect the segment to grow more than 20% to 6 million units in North America and 25 million worldwide by 2012. We see similar strong growth in the B-segment, where the Fiesta competes." With Ford's worldwide product development plan, all of the company's vehicles competing in worlwide segments will be common in North America, Europe and Asia within five years. In addition to B- and C-sized small cars, the company's Fusion- and Mondeo-sized C/D cars and utilities will be common globally. The same will be true for commercial vans. Ford said it is positioned to take advantage of its scale, already acclaimed worldwide products and the strength of the Ford brand around the world to respond to the changing marketplace and to begin to grow profitably. The company said its success in growing market share and profits with smaller, more fuel-efficient vehicles in Europe is now the template around the world. "We remain absolutely committed to creating an exciting, viable Ford going forward -- and to transforming Ford into a lean global enterprise delivering profitable growth over the long term," said Mr. Mulally. "We continue to make progress on every element of our transformation plan, and we are taking decisive steps in the near term to ensure our long-term success." About Ford Motor Co. Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) -- http://www.ford.com/-- manufactures or distributes automobiles in 200 markets across six continents. With about 260,000 employees and about 100 plants worldwide, the company's core and affiliated automotive brands include Ford, Jaguar, Land Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company provides financial services through Ford Motor Credit Company. The company has operations in Japan in the Asia Pacific region, through Ford Japan Limited. In Europe, the company maintains a presence in Sweden, and the United Kingdom. The company also distributes its brands in various Latin-American regions, including Argentina and Brazil. * * * As reported in the Troubled Company Reporter on Dec. 12, 2006, Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2' recovery ratings on Ford Motor Co. As reported in the Troubled Company Reporter on Dec. 7, 2006, Fitch Ratings downgraded Ford Motor Company's senior unsecured ratings to 'B-/RR5' from 'B/RR4'. As reported in the Troubled Company Reporter on Dec. 6, 2006, Moody's Investors Service assigned a Caa1, LGD4, 62% rating to Ford Motor Company's $3-billion of senior convertible notes due 2036. NISHIMATSU CONSTRUCTION: S&P Shifts Stable Outlook to Negative -------------------------------------------------------------- Standard & Poor's Ratings Services has revised to negative from stable its outlook on the 'BB+' long-term corporate credit rating on Nishimatsu Construction Co. Ltd. The company, which has strengths in large-scale civil engineering projects, continues to face a severe business environment amid decreasing public sector investment for the Japanese construction market and intensifying competition for contracts. The outlook revision is based on expectations that Nishimatsu's profitability and cash flow generation will continue to falter over the next 12 months. These expectations are based on marginal improvements in the company's gross margin of completed construction works, which are due to intensifying competition for orders, and increasing building material and personnel costs. At the same time, S&P affirmed its 'BB+' long-term corporate credit and long-term senior unsecured debt ratings on Nishimatsu. In fiscal 2007 (ended March 31, 2008), Nishimatsu posted negative operating cash flow (FFO, before adjusting for changes in working capital) for the third consecutive fiscal year, reflecting the severe earnings environment. Furthermore, Nishimatsu's ratio of receivables plus costs on uncompleted construction contracts to sales and costs on uncompleted construction contracts, which indicates the company's capacity to finance construction fees, increased to 30% in March 2008 from below 20% prior to March 2004. This was attributed to longer inventory turnover and sluggish revenue. The company's EBITDA margin declined to 1.5% in March 2008 from 2.3% in March 2006, while its return on permanent capital worsened to 1.6% from 3.1% over the same period. These ratios are expected to improve during the current fiscal year, considering that Nishimatsu has completed unprofitable overseas projects, and also given its selective receipt of orders. However, such ratios will likely remain unfavorable relative to other major general construction contractors to which S&P assigns ratings, including Kajima Corp. (BBB-/Stable/--), Taisei Corp. BBB- /Stable/--), and Obayashi Corp. (BBB-/Stable/--). Although Nishimatsu's credit quality has been underpinned by its longstanding strong financial profile relative to its ratings, there is an increasing risk of the company's financial standing weakening as a full-scale recovery in its profitability and cash flow generation remains unlikely. S&P may consider lowering its ratings on Nishimatsu if the cash flow generation of the construction industry deteriorates further due to decreasing new order volume and increasing costs, or if improvements in earnings show clearer signs of delay. On the other hand, the ratings or outlook may see upward movement if Nishimatsu strengthens its earnings base and further stabilizes its profitability and cash flow generation by adhering to its policy of focusing on relatively lucrative projects. However, there is currently little chance of this occurring. This unsolicited rating was initiated by Standard & Poor's. It may be based solely on publicly available information and may or may not involve the participation of the issuer's management. Standard & Poor's has used information from sources believed to be reliable, but does not guarantee the accuracy, adequacy, or completeness of any information used. Ratings Affirmed: -- Senior Unsecured (3 issues) BB+ Ratings Affirmed; CreditWatch/Outlook Action: To From -- Corporate Credit Rating BB+/Negative/-- BB+/Stable/-- SOFTBANK CORP: Mulls Purchase of Yahoo Japan -------------------------------------------- Softbank Corp. may consider buying Yahoo Japan's shareholdings if US-based Yahoo Inc. will sell it on the market, Jiji Press reports, citing Yahoo Japan Corp. President Masahiro Inoue. Mr. Inoue told Jiji Press that Softbank has preferential rights to buy Yahoo Japan shares, while noting that there has been no concrete plan for such share transfer. According to the report, Softbank owns about 40% of Yahoo Japan and is the top shareholder of the company, while Yahoo of the United States is the second largest shareholder with a stake of about 33%. The U.S. company, in a letter sent recently to its shareholders, said that it will continue to explore ways to "unlock value and return value" to them, such as unlocking the value of its Asian assets, the report notes. Jiji Press adds that regarding the letter, media reports have said that the U.S. company may sell its shareholdings in Yahoo Japan. About Softbank Softbank is involved with leisure and service operations, e-finance, holding company functions for overseas operations, and back-office services in Japan. SoftBank's corporate profile includes various other companies such as Japanese broadband company Cable & Wireless IDC, cable company BB-Serve, and gaming company GungHo Online Entertainment. In 2006, SoftBank bought Vodafone Japan, giving it a stake in Japan's US$78 billion mobile market. As of March 31, 2007, the company's paid-in capital was JPY163.3 billion. * * * The company continues to carry Moody's �Ba2� Issuer and Senior Unsecured Debt Ratings. The outlook on the ratings is stable. ==================== N E W Z E A L A N D ==================== BRIDGECORP: Founder Wants Seized Porsche 911 Back ------------------------------------------------- Bridgecorp founder Rod Petricevic wants his seized NZ$120,000 Porsche 911 handed back, Maria Slade of the New Zealand Herald reports. According to the Herald, the Porsche, which is now in the possession of the High Court, was taken from Mr. Petricevic and his wife when bailiffs visited their Remuera home last month. The seizure, the report relates, was part of the receivers' efforts to collect NZ$661,000 -- the sum of NZ$576,100 plus interest that Mr. Petricevic owes them for a personal tax bill paid on his behalf in September 2006. Ownership of the car was transferred from Mr. Petricevic himself to his family trust three days after Bridgecorp collapsed last July, so the former chief executive wants it returned, the report notes. However, the reports says, the receivers argue that the vehicle was "fraudulently conveyed" to the trust, and are seeking an order preventing the High Court from releasing it until that claim is heard. Receivers Place Company Under Bankruptcy Separately, the Herald reports that Bridgecorp receiver PricewaterhouseCoopers has begun bankruptcy proceedings against Bridgecorp founder Rod Petricevic. The Herald says the receiver did so after receiving no advice that Mr. Petricevic paid nearly NZ$600,000 to stave off bankruptcy proceedings by July 15, 2008. According to the report, the receivers gained a summary judgment last month ordering Mr. Petricevic to repay the money plus interest, totalling NZ$661,333. Mr. Petricevic planned to appeal against the order. On the second week of July, the report relates, Justice John Priestley awarded Mr. Petricevic a stay of execution, stopping receivers of the failed finance company from beginning bankruptcy proceedings. The stay, the report notes, was conditional on Petricevic depositing the $576,100 receivers claimed he owed them for a tax bill in a High Court trust account. About Bridgecorp New Zealand-based Bridgecorp was placed in receivership on July 2, 2007, after failing to pay principal due to debenture holders. John Waller and Colin McCloy, partners at PricewaterhouseCoopers, were appointed as receivers. The company owes around 1,800 debenture holders, which liquidators estimate hold approximately NZ$500 million. DEVICE SERVICES: Liquidator Sets July 30 as Claims Bar Date ----------------------------------------------------------- Pursuant to Section 255(2)(a) of the Companies Act 1993, the shareholders of Device Services Limited resolved that the company be liquidated and that Grant Bruce Reynolds, be appointed as liquidator. Creditors are required to file their proofs of debt by July 30, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Grant Reynolds Insolvency Practitioners PO Box 259059 Greenmount, Auckland Telephone: (09) 526 0743 Facsimile: (09) 526 0748 GRAYMARK CABINETS: Appointed Hoole and Pitfield as Liquidators -------------------------------------------------------------- Pursuant to Section 241 of the Companies Act 1993, the shareholders of Graymark Cabinets Limited resolved that the company be liquidated and that Gareth Russel Hoole and Kevin David Pitfield, be appointed as liquidators. Only creditors who were able to file their proofs of debt by July 14, 2008, were included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Staples Rodway Limited Chartered Accountants PO Box 3899, Auckland Telephone: (09) 309 0463 MACAFIN HOLDINGS: Appointed Sargison and Rea as Liquidators ----------------------------------------------------------- In accordance to Section 241 of the Companies Act 1993, the shareholders of Macafin Holdings Limited resolved that the company be liquidated and that Paul Graham Sargison and Gerald Stanley Rea, chartered accountants of Auckland, be appointed as liquidators. Only creditors who were able to file their proofs of debt by July 21, 2008, were included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Gerry Rea Partners PO Box 3015, Auckland Telephone: (09) 377 3099 Facsimile: (09) 377 3098 MERLOT HOMES: Declared Insolvent, Placed Under Liquidation ---------------------------------------------------------- Merlot Homes Ltd, the development arm of Merlot Property Investments, was declared insolvent and placed in liquidation by the High Court in Auckland at the request of creditors, Greg Ninness of Sunday Star Times reports. Merlot, the Times notes, also faces legal action from Consolidated Technologies Development, one of Merlot Homes' secured creditors. Maria Slade of the New Zealand Herald relates that Merlot has about 300 investors who bought NZ$100 million of rental houses through the company, which also offers financing packages. The business then leases their properties, rents them to tenants and pays the owners a fee. Merlot Homes designs and builds homes in the Auckland region, which are sold to the investors and to owner-occupiers, the Herald says. According to the Times, many of the homes Merlot developed were at the Gulf Harbour development north of Auckland where a string of developers has come unstuck. The Times says it is not known what impact the collapse of Merlot Homes will have on the wider operations of Merlot Property Investments. MILLER BROTHERS: Shareholders Placed Company Under Liquidation -------------------------------------------------------------- Pursuant to Section 241(2)(a) of the Companies Act 1993, the shareholders of Miller Brothers Transport (2004) Limited resolved that the company be liquidated and that Nicholas John Hayes, chartered accountant, be appointed as liquidator. Creditors are required to file their proofs of debt by July 11, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Nicholas Hayes PO Box 9323 Hamilton 2015 Telephone: (07) 849 0664 Facsimile: (07) 849 0634 PARKSTONE NURSING: Liquidators Set Aug. 15 as Claims Bar Date ------------------------------------------------------------- The High Court has appointed John Howard Ross Fisk, chartered accountant, and Craig Alexander Sanson, insolvency practitioner, as liquidators of Parkstone Nursing & Care Limited. The Liquidators set Aug. 15, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Attn: Sandra Pearson PricewaterhouseCoopers 113-119 The Terrace (PO Box 243) Wellington Telephone: (04) 462 7489 Facsimile: (04) 462 7492 PETONE WHOLESALERS: Liquidators Set Aug. 15 as Claims Bar Date -------------------------------------------------------------- The High Court has appointed John Howard Ross Fisk, chartered accountant, and Craig Alexander Sanson, insolvency practitioner, as liquidators of Petone Wholesalers Limited. The Liquidators set Aug. 15, 2008, as the last day for creditors to file their proofs of debt. Creditors and shareholders may direct their inquiries to: Attn: Sandra Pearson PricewaterhouseCoopers 113-119 The Terrace (PO Box 243) Wellington Telephone: (04) 462 7489 Facsimile: (04) 462 7492 PROPERTY VENTURES: Liquidation Hearing Adjourned to August 18 ------------------------------------------------------------- An application for the liquidation of developer Dave Henderson's Property Ventures and its subsidiary Five Mile Holdings was adjourned by the Christchurch High Court until August 18 to give way to a possible settlement, Marta Steeman of The Press reports. According to the report, supporting the application for the liquidation of Property Ventures are several companies including engineering and surveying firm Gullwing, architects Warren and Mahoney, IRD, Specialist Trade Services and Roy Cromie. Meanwhile, the report says an application by Fruitfed Supplies, for the liquidation of another Property Ventures company -- Gibbston Downs Wines -- was struck out by Judge Tony Christiansen after the plaintiff withdrew the application. Counsel for Gibbston Downs Wines said he understood a memorandum had been filed saying the issue had been resolved, the report adds. About Property Ventures New Zealand-based Property Ventures Limited -- http://www.propertyventures.co.nz/-- is real estate development and investment company. VCU TECHNOLOGY: Liquidator Sets July 30 as Claims Bar Date ---------------------------------------------------------- Pursuant to Section 255(2)(a) of the Companies Act 1993, the shareholders of VCU Technology Limited resolved that the company be liquidated and that Grant Bruce Reynolds, be appointed as liquidator. Creditors are required to file their proofs of debt by July 30, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Grant Reynolds Insolvency Practitioners PO Box 259059 Greenmount, Auckland Telephone: (09) 526 0743 Facsimile: (09) 526 0748 WAIRAU MEWS: Appointed Noyce and Mawdsley as Liquidators --------------------------------------------------------- Pursuant to Section 241 (2)(a) of the Companies Act 1993, the shareholders of Wairau Mews Limited has appointed Digby John Noyce and Keith Mawdsley, insolvency practitioners of Auckland, as liquidators of the company. Only creditors who were able to file their proofs of debt by July 16, 2008, were included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: RES Corporate Services Limited Building C, 42 Tawa Drive Office Park Albany, Auckland Postal Address: PO Box 302612 North Harbour Telephone (09) 918 3690 Facsimile (09) 918 3691 Email: office@resbusdev.co.nz Website: www.resbusdev.co.nz WELLSFORD HOLDINGS: Liquidators Set July 30 as Claims Bar Date -------------------------------------------------------------- Pursuant to Section 255(2)(a) of the Companies Act 1993, the shareholders of Wellsford Holdings Limited resolved that the company be liquidated and that Grant Bruce Reynolds, be appointed as liquidator. Creditors are required to file their proofs of debt by July 30, 2008, to be included in the company's dividend distribution. Creditors and shareholders may direct their inquiries to: Grant Reynolds Insolvency Practitioners PO Box 259059 Greenmount, Auckland Telephone: (09) 526 0743 Facsimile: (09) 526 0748 * NEW ZEALAND: Trade Deficit Grows in June 2008 Quarter ------------------------------------------------------- The seasonally adjusted trade deficit increased to NZ$1.9 billion in the June 2008 quarter, from NZ$861 million in the March quarter, Statistics New Zealand said. As a percentage of exports this puts the deficit in the June quarter back to a similar level to that seen in the first half of 2007. Major factors contributing to this increased deficit include a significant increase in imports of one-off capital goods (particularly oil-related) and petroleum and products, combined with a large seasonally adjusted drop in dairy exports. The seasonally adjusted value of merchandise imports rose 8.5 percent in the June 2008 quarter (to NZ$12.1 billion) following a flat March quarter. One-off capital imports (an oil platform, oil production vessel, and two large aircraft) were the largest contributors to this increase, added to by the highest ever quarterly value of petroleum and products imports. The seasonally adjusted value of merchandise exports was down 0.5 percent in the June 2008 quarter (to NZ$10.3 billion) following a 2.4 percent decrease in the March quarter. Although lower, June 2008 still has the third highest quarterly exports value on record. The latest small decrease in total exports comes despite increases in most commodity groups and is primarily the result of a large drop in dairy product exports, following on from the recent drought. Crude oil showed the most significant increase, up 56.6 percent (largely due to price rises). In the month of June 2008, merchandise imports were valued at NZ$3.8 billion, the highest value for a June month, up 16.9 percent from June 2007. This increase was led by crude oil with the price of crude up substantially since June 2007. Merchandise exports were valued at NZ$3.6 billion in June 2008, up 30.9 percent from June 2007. This is the largest percentage increase from the same month of the previous year since January 2001. The increase in exports was dominated by crude oil and milk powder, butter and cheese. * EUFA Urges Parliamentary Inquiry Into Hanover ----------------------------------------------- EUFA (Exposing Unacceptable Financial Activities Inc )members are calling on all investors from all failed finance companies and all New Zealanders to sign an open letter to the Prime Minister for a Parliamentary inquiry. The inquiry called for is into the Security Commissions failure to monitor the 'Enforceable Undertaking' entered into on August 17, 2003, with Bridgecorp. EUFA said that the Enforceable Undertaking covered Bridgecorp presenting misleading information engineered to mislead prospective investors as to the true financial position of investments offered. The result of the failure to ensure compliance, led to many investors losing their savings invested based on falsified financial statements provided by Bridgecorp. EUFA Finance spokesman Gray Eatwell said, "Now that Bridgecorp Directors have been charged with offenses under the companies Act, in relation to the Bridgecorp prospectus, it will be hard for the Politicians to ignore this one." Each investigation being had at present such as the SFO and Commerce Commission, will add to the big picture and New Zealand will start seeing the perpetrators being held to account and some incompetent heads rolling. EUFA said the Securities Commission have been negligent in upholding their mandate to maintain investor confidence by their failure. Coordinator of EUFA said from Auckland " People have asked why are you just calling on Bridgecorp' and our answer is that it was the Bridgecorp collapse that knocked over the dominos creating a insurmountable amount of depleted consumer confidence�.. This is a team effort to seek accountability across the board and we must build the collectiveness to be heard." With such a large number of finance companies having taken investor funds from real kiwi savers the Government must take action. EUFA said the Hanover failure is catastrophic and has hit investors very hard as Hanover presented a very strong front giving confidence. At an investor meeting, held by an Auckland law firm Grimshaw and Co, it was very clear when Mrs. Edmonds spoke of the bigger picture that investors are in agreement with the collective approach at the same time they investigate taking action through the courts against those who negligently advised them on their investments. Grimshaw and Co have offered a very positive approach to investors and EUFA members to ensure everyone is able to seek sound legal advice on their individual case. ===================== P H I L I P P I N E S ===================== BENPRES: In Talks with Foreign Investors on Rockwell Stake Sale --------------------------------------------------------------- Benpres Holdings Corp. is in talks with two to three foreign private investment funds for the sale of its entire 24.5 percent stake in Rockwell Land Corp., Manila Standard reports. According to the report, Angel Ong, the company's president, said Benpres earlier planned to sell its stake in Rockwell through an initial public offering but postponed it because of poor market conditions. Mr. Ong said the proceeds from the sale will be used to pay the company's debts, the report adds. Headquartered in Pasig City Philippines, Benpres Holdings Corporation -- http://www.benpres-holdings.com/-- is a 56.22%- owned subsidiary of Lopez, Inc. Both entities were incorporated in the Philippines. Benpres Holdings and its subsidiaries are mainly involved in investment holdings, broadcasting and entertainment, and water distribution. The company's associates are involved in telecommunications, power generation and distribution, cable television, real estate development and infrastructure. Starting in 2002, Benpres Holdings defaulted on its principal and interest payments on its long-term direct obligations and guarantees and commitments. As proposed in the company's Balance Sheet Management Plan, all of Benpres' liabilities were computed as of May 31, 2002. Also as proposed in the BSMP, the company would make good faith semi-annual payments on its direct and contingent obligations. The first payment was made on December 2, 2002, and succeeding payments were made in June and December 2003, June and November 2004, and May and November 2005. * * * Sycip Gorres Velayo & Co. commented on the company's financial results for the year ended December 31, 2007, that the ability of the company to continue operating as a going concern depends on the success of its Balance Sheet Management Plan. This condition indicates the existence of a material uncertainty, which may cast significant doubt about the company's ability to continue operating as a going concern. Manila Electric Company, an associate of First Philippine Holdings Corporation, has pending real property tax assessments and cases. The Toll Regulatory Board directed Manila North Tollways Corporation MNTC (a subsidiary of First Philippine Infrastructure, Inc.(an associate of the company accounted for under the equity method) to defer the imposition of Value Added Tax on toll fees. Thus, MNTC deferred and continues to defer the imposition of VAT from the motoring public. MNTC, together with other toll road operators, is in discussion with the concerned government agencies on the issue of VAT. The ultimate outcome of these matters cannot presently be determined, and no provision for any additional liability that may result from additional cases in the event of an adverse decision on these cases has been made in the financial statements of MERALCO. As of December 31, 2007, the company recorded total assets of PHP48.33 billion while total stockholders' equity at year-end stood at PHP16.13 billion. G7 BANK: PDIC May End Up Paying All Depositors ---------------------------------------------- The Philippine Deposit Insurance Corp. could end up paying for all the deposits in G7 Bank that runs to over Php3 billion, Manila Standard reports citing sources from Bangko Sentral ng Pilipinas. According to the report, G7 Bank has not serviced the withdrawal requests of depositors since April and has broken up the depositors' accounts into chunks of Php250,000 to qualify them for PDIC insurance coverage. The report, citing Central bank sources, says that G7 Bank had experienced financial troubles as early as March when it tapped its rediscounting window, a standing credit facility to help banks meet their temporary liquidity needs by refinancing the loans they extend to their clients. Moreover, the collateral that G7 Bank submitted to back up the rediscounting facility were overvalued, or already pledged to another party. The report relates that depositors of G7 Bank, who met with central bank officials last week, were informed that 16 counts of estafa had been filed against officials of G7 Bank. Manila Standard notes that G7 Bank�s deposits amounted to Php3.39 billion as of the end of March. The bank�s loans and discounts, meanwhile, amounted to Php3.796 billion during the same period. Of the Php3.39 billion deposits in G7 Bank, Php2.85 billion represent savings deposits, Php545 million in time deposits and Php4.28 million in demand deposits. The report states that the bank may close under the grounds of insolvency and non-liquidity. About G7 Bank G7 Bank, one of the 43 rural and cooperative banks based in the Bicol region, is among the bigger rural banks based on its deposits, accounting for some three percent of deposits in rural and cooperative banks. Its deposits amounted stood at Php3.39 billion at the end of March. Total deposits in rural and cooperative banks amounted to Php114.7 billion at the end of December. GEOGRACE RESOURCES: Approves Agreement with Masbate13 ----------------------------------------------------- The board of directors of Geograce Resources Philippines, Inc. disclosed that the company approved the execution of the Heads of Agreement with Masbate13 Philippines Inc (M13 Agreement). Pursuant to the M13 Agreement, the company will be granted the exclusive rights to explore, develop and operate its mining tenement in Mandaon, Masbate. But this will be conditional upon the fulfillment of these conditions precedent: (a) satisfactory legal and technical due diligence on M1 and its mining tenement; (b) the issuance of the exploration permit for the mining tenement; and (c) the approval of the terms and conditions of the Operating Agreements by the appropriate regulatory agencies. Subject to the other terms and conditions as the parties may agree upon in the Operating Agreement, the company will be entitled to receive at least 80% of the net profits arising from or relating to the operations of the mining tenements. In addition, the Heads of Agreement granted the company the option to purchase the shares of M13 or its mining tenement, subject to the requisite due diligence on the companies and their respective mining tenements, fair valuation of the mining tenements and the approval of the appropriate regulatory agencies. The company also approved the execution of Supplements to the Heads of Agreement executed on January 9, 2008 with these companies: (a) Nickeloadeon Mines inc.; and (b) Ophiolite Mining, Inc. The Supplements to the Heads of Agreement provide for the inclusion of the mining tenements of Nickeloadeon and Ophiolite not covered by the previous Heads of Agreement dated Jan. 9, 2008. Headquartered in Makati City, Philippines, Geograce Resources -- fka Global Equities, Inc. -- was originally incorporated as La Suerte Gold Mining Corporation on April 20, 1970, primarily to engage in the exploration, exploitation, and development of mineral resources; to purchase, lease and otherwise acquire mining claims and concessions anywhere in the Philippines; and to carry on the business of mining, extracting, smelting, treating, and otherwise producing and dealing in metals and minerals of all kinds including all its products and by- * * * According to Geograce Resources' independent auditor, Sycip Gorres Velayo and Co., the company's previous real estate operations were affected by the downturn in the real estate industry resulting in continuous losses and inability to pay maturing loans. The auditor says that there exists a material uncertainty about the company's ability to continue as a going concern. Geograce posted a net loss of PHP102,364,952 in the fiscal year 2007. NIHAO MINERAL: Approves Execution of Supplemental Agreement ----------------------------------------------------------- During a meeting held on July 25, 2008, Nihao Mineral Resources International, Inc. disclosed that it has approved the execution of a "Supplement to the Heads of Agreement" with Geograce Resources Philippines, Inc. The "Heads of Agreement", to which the Supplemental Agreement related to, was previously executed by Nihao and Geograce on January 9, 2008. The Supplemental Agreement with Geograce provides for the inclusion of the mining tenement held by Nihao's wholly owned subsidiary, Visayas Ore Philippines, Inc. covering approximately 1,441.25 hectares of nickel property in Antipas, North Cotabato with a valid and subsisting Exploration Permit Application denominated as EPA-95-XII. Subject to the execution of an Operating Agreement, Geograce will have the exclusive right to explore, develop and operate the mining tenements of Nihao controlled by it through its wholly-owned subsidiaries, namely: * Mina Tierra Gracia, Inc.; * Bountiful Geomines, Inc.; * Visayas Ore Philippines, Inc.; * Companhia Nube Minerale, Inc.; * Companhia Minera Tierra, Inc.; and * Minedomain, Inc. About NiHAO Mineral Headquartered in Makati City, Philippines, NiHAO Mineral Resources International Inc. was originally incorporated on July 9, 1975 as Summit Minerals Inc., a company engaged in mining exploration. On February 24, 1994, the Securities and Exchange Commission approved the change in the company's primary purpose to that of a holding company and the change in its corporate name to Magnum Holdings Inc. On June 28, 2007, the SEC approved another change in the company's primary purpose to that of exploration, development and operation of mineral properties and the mining of metallic and non-metallic minerals. The company also subsequently changed its corporate name to NiHAO Mineral Resources International Inc. The operations of NiHAO have been suspended since August 2000. The suspension is for the purpose of minimizing the losses occasioned by unfavorable business conditions. ================= S I N G A P O R E ================= APEC M & E: Court Enters Wind-Up Order -------------------------------------- On July 11, 2008, the High Court of Singapore entered an order to have Apec M & E Engineering Pte Ltd's operations wound up. The petition against the company was filed by United Overseas Bank Limited. Apec's liquidator is: The Official Receiver, Singapore 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118 ENZER CORPORATION: Discloses Shareholder's Change of Interest ------------------------------------------------------------- Enzer Corporation Limited disclosed that Lim Keng Hock Jonathan, a substantial shareholder of the company, has increased his direct shareholding in the company through an open market purchase. Presently, Mr. Lim holds 16,923,000 direct shares with 17.01% issued share capital. Prior to his purchase, Mr. Lim held 16,223,000 direct shares in the company with 17.01% issued share capital. Mr. Lim still holds 6,906,000 deemed shares with 6.94% issued share capital. Enzer Corporation Limited operates in three business segments: electronic components, consumer products and retail distribution. The electronic components segment supplies electronic components to a spectrum of industries, which includes computer hard disk makers, integrated circuits module makers and medical equipment makers. The electronic components supplied include capacitors, inductors, integrated circuits, relays, switches, printed circuit boards and liquid crystal display modules. In the consumer products segment, Enzer supplies home entertainment system, boom box, mini hi-fi, compact disc players, digital versatile disc players, speaker systems and digitally enhanced cordless telephones to retailers and distributors worldwide under its own house brand ENZER. The retail distribution segment is an integrator and reseller of hi- fi systems and home entertainment systems. In August 2007, the Company acquired 51% stake in Shanghai Jianhua Telecommunication Satellite Co., Ltd. * * * As reported in the Troubled Company Reporter-Asia Pacific on July 15, 2008, Baker Tilly TFWLCL said it has significant doubt on Enzer Corporation Limited's ability to continue as a going concern citing the liquidation of Enzer Electronics Pte Ltd, a major subsidiary of the Enzer group of companies, resulting in the discontinuance of the group's electronics components and consumer products business. According to the auditing firm, the closure of these businesses, which contributed 95% of the Group's 2007 revenue, left the Group with only its retail distribution represented by the continuing activities of two subsidiary companies, both of which incurred losses totaling SG$434,395 for the year and had capital deficiency totaling SG$2,647,679 at March 31, 2008. The auditors warned that in the event of failure to secure additional adequate capital funds, the Group and company will no longer be able to continue as going concerns and may not be able to realize their assets and discharge theirs liabilities in the normal course of business. POH LIAN: Creditors' Proofs of Debt Due on August 9 --------------------------------------------------- Poh Lian Shipping Pte Ltd, which is in compulsory liquidation, requires its creditors to file their proofs of debt by August 9, 2008, to be included in the company's dividend distribution. The company's liquidator is: Goh Boon Kok c/o Goh Boon Kok & Co. 1 Claymore Drive #08-11 Orchard Towers Rear Block Singapore 229594 SK INTERNATIONAL: Wind-Up Petition Hearing Set for August 8 ----------------------------------------------------------- The High Court of Singapore will hear on August 8, 2008, at 10:00 a.m., a petition to have SK International Pte Ltd's operations wound up. Reserve Cash Limited filed the petition against the company on July 18, 2008. The Plaintiff's solicitors are: M/s Robert Wang & Woo LLC No. 9 Temasek Boulevard #32-01 Suntec Tower 2 Singapore 038989 TEO BROS: To Pay First and Final Dividend on August 1 ----------------------------------------------------- Teo Bros Pte Ltd, which is in liquidation, will pay its first and final dividend to its creditors on August 1, 2008. The company will pay 100 percent to all admitted claims. 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 =========== T A I W A N =========== SILICONWARE PRECISION: Paying Dividends on July 30 -------------------------------------------------- Siliconware Precision Industries Co. Ltd will pay a cash dividend of NT$13,836,138,906 and a stock dividend of NT$307,469,750 to the shareholders of record on July 30, 2008, Reuters reports. According to the report, the Company's shares traded ex-right and ex-dividend on July 24, 2008. Siliconware Precision Industries Ltd. -- http://www.spil.com.tw -- is a leading provider of comprehensive semiconductor assembly and test services. * * * The company's long-term foreign and local issuer credit carries Standard and Poors' BB+ rating since Dec. 5, 2006. =============== X X X X X X X X =============== * BOND PRICING: For the Week July 21 - July 25, 2008 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA & NEW ZEALAND ----------- Ainsworth Game Technology Ltd 8.000% 12/31/09 AUD 0.50 A&R Whitcoulls Group 9.500% 12/15/10 NZD 10.95 Allco Hit Ltd 9.000% 08/17/09 AUD 24.02 Antares Energy 10.000% 10/31/13 AUD 0.55 Babcock & Brown Pty Ltd 9.010% 09/15/16 NZD 27.95 BBI Ntwrks NZ Limited 8.000% 11/30/12 NZD 18.00 Becton Property Group 9.500% 06/30/10 AUD 0.55 Bounty Industries Limited 10.000% 06/30/10 AUD 0.07 Capital Properties NZ Ltd 8.500% 04/15/09 NZD 13.50 Capital Properties NZ Ltd 8.000% 04/15/10 NZD 13.50 Carpal Aluminun 10.000% 03/29/12 AUD 25.00 China Century 12.000% 09/30/10 AUD 0.80 Cit Group Au Ltd 6.000% 03/03/11 AUD 74.97 Djerriwarrh Investments Ltd 6.500% 09/30/09 AUD 4.05 Fletcher Building Ltd 7.550% 03/15/11 NZD 10.00 Fletcher Building Ltd 7.550% 03/15/09 NZD 12.00 Heemskirk Consolidated Limited 8.000% 04/29/11 AUD 2.85 Hy-Fi Securities Ltd 8.750% 08/15/08 NZD 13.55 Hy-Fi Securities Ltd 7.000% 08/15/08 NZD 15.00 Infrastructure & Utilities 8.500% 09/15/13 NZD 10.00 Jem Warehouse 3.000% 08/01/14 AUD 72.31 LongReach Group Limited 10.000% 10/31/08 AUD 0.36 Nylex Ltd. 10.000% 12/08/09 AUD 1.56 Macquarie Comm 2.500% 08/23/13 AUD 72.70 Metal Storm Ltd 10.000% 09/01/09 AUD 0.10 Minerals Corp 10.500% 09/30/08 AUD 0.88 Publ & Broad Fin 6.280% 05/06/11 AUD 9.19 Record Funds Man 11.000% 09/01/10 AUD 42.00 Speirs Group Ltd. 13.160% 06/30/49 NZD 45.00 South Canterbury 10.430% 12/15/12 NZD 0.94 St. Laurence Prop 9.250% 07/15/01 NZD 60.41 TrustPower Ltd 8.300% 12/15/08 NZD 11.00 TrustPower Ltd 8.500% 09/15/12 NZD 8.50 TrustPower Ltd 8.500% 03/15/14 NZD 9.25 CHINA ----- Baoshan Iron 8.000% 06/20/14 CNY 74.95 China Govt Bond 4.860% 08/10/14 CNY 0.00 Cosco Shipping 0.800% 01/28/14 CNY 72.90 GD Power Develop 1.000% 05/07/14 CNY 72.71 Gezhouba 0.600% 06/26/14 CNY 69.44 Kangmei Pharm 0.800% 05/08/14 CNY 70.79 Tsingtao Brewery 0.800% 04/02/14 CNY 71.85 INDIA ----- India Gov't 5.870% 08/28/22 INR 71.60 India Gov't 5.970% 09/25/25 INR 69.13 India Gov't 6.010% 03/25/28 INR 67.88 India Gov't 6.130% 06/04/28 INR 68.84 India Gov't 6.170% 06/12/23 INR 72.63 India Gov't 6.300% 04/09/23 INR 73.94 JAPAN ----- Shinsei Bank Ltd. 5.625% 12/29/49 GBP 69.78 KOREA ----- Korea Dev. Bank 7.310% 11/08/21 KRW 44.14 Korea Dev. Bank 7.350% 10/27/21 KRW 44.23 Korea Dev. Bank 7.400% 11/02/21 KRW 44.18 Korea Dev. Bank 7.450% 10/31/21 KRW 44.20 Hynix Semi Inc 7.875% 06/27/17 USD 75.00 Korea Dev. Bank 8.450% 12/15/26 KRW 69.95 MALAYSIA -------- Advance Synergy Berhad 2.000% 01/26/18 MYR 0.04 Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.93 Berjaya Land Bhd 5.000% 12/30/09 MYR 4.08 Eastern & Orient 8.000% 07/25/11 MYR 1.09 EG Industries Berhad 5.000% 06/16/10 MYR 0.40 Equine Capital 3.000% 08/26/08 MYR 1.63 Greatpac Holdings 2.000% 12/11/08 MYR 0.18 Huat Lai Resources Bhd 5.000% 03/28/10 MYR 0.32 Insas Berhad 8.000% 04/19/09 MYR 0.40 Kamdar Group Bhd 3.000% 11/09/09 MYR 0.20 Kretam Holdings Bhd 1.000% 08/10/10 MYR 1.12 Kumpulan Jetson Berhad 5.000% 11/27/12 MYR 0.56 LBS Bina Group Bhd 4.000% 12/31/08 MYR 0.29 Mithril Bhd 3.000% 04/05/12 MYR 0.57 Mithril Bhd 8.000% 04/05/09 MYR 0.11 Nam Fatt Corp 2.000% 06/24/11 MYR 0.33 Pilecon Engineering Bhd 5.000% 12/19/11 MYR 0.10 Plus Spv Bhd 2.000% 06/27/17 MYR 68.90 Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.79 Rhythm Consolidated Berhad 5.000% 12/17/08 MYR 0.09 Rubberex Corporation Berhad 4.000% 08/14/12 MYR 0.71 Silver Bird Group 1.000% 02/15/09 MYR 0.56 Southern Steel 5.500% 07/31/08 MYR 2.83 Tenaga Nasional Bhd 3.050% 05/10/09 MYR 0.90 Tradewinds Corp. 2.000% 02/08/12 MYR 0.60 Tradewinds Plantation Berhad 3.000% 02/28/16 MYR 1.30 TRC Synergy Berhad 5.000% 01/20/12 MYR 1.23 Wah Seong Corp. 3.000% 05/21/12 MYR 4.14 Wijaya Baru Global Berhad 7.000% 09/17/12 MYR 0.45 YTL Cement Bhd 4.000% 11/10/15 MYR 1.26 SINGAPORE --------- Capitaland Ltd 2.950% 06/20/22 SGD 74.82 Sengkang Mall 8.000% 11/20/12 SGD 1.55 SRI LANKA --------- Sri Lanka Govt 8.500% 01/15/13 LKR 72.86 Sri Lanka Govt 6.850% 04/15/12 LKR 72.12 Sri Lanka Govt 6.850% 10/15/12 LKR 68.73 Sri Lanka Govt 7.000% 10/15/11 LKR 74.42 Sri Lanka Govt 7.000% 10/01/23 LKR 53.18 Sri Lanka Govt 7.500% 08/01/13 LKR 68.31 Sri Lanka Govt 7.500% 11/03/13 LKR 67.59 Sri Lanka Govt 8.500% 08/15/18 LKR 59.94 Sri Lanka Govt 8.500% 07/15/13 LKR 71.66 Sri Lanka Govt 8.500% 02/01/18 LKR 65.49 Sri Lanka Govt 8.500% 07/15/18 LKR 64.90 ********* 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 ***