/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080828.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 Thursday, August 28, 2008, Vol. 11, No. 171 Headlines A U S T R A L I A ABC LEARNING: Analysts See Commonwealth's Risk Exposure to Firm AUSTRALIAN EXECUTOR: Fitch Cuts AU$19MM Class D Rating to BB+ CDE CONSTRUCTIONS: Members' Final Meeting Set for September 2 COM TECH: Placed Under Voluntary Liquidation CRAIGIELEA PASTORAL: Members' Final Meeting Set for September 8 DAHMS ENGINEERING: Members and Creditors to Meet on September 5 DATACRAFT AMERICAS: Placed Under Voluntary Liquidation JK DARK: Liquidator to Present Wind-Up Report on September 4 JK GREEN: Liquidator to Present Wind-Up Report on September 4 MONIER FRESH: Joint Meeting Slate for September 5 N. J. MARGINSON: Members' Final Meeting Set for September 1 NORTH ADELAIDE: To Declare Dividend on September 10 SNOOKER TIMES: Members and Creditors to Meet on September 2 C H I N A BANK OF BEIJING: Fitch Holds D Individual Rating HUA XIA: Fitch Ratings Holds D Individual & Support 4 Ratings CHINA MINSHENG: First-Half Profit Up 114.92% to CNY6.046 Billion JIANGXI COPPER: First-Half Profit Up 35% to CNY2.78 Billion SHANGHAI PUDONG: Fitch Holds D Individual Rating H O N G K O N G ASK GLOBAL: Wind-Up Petition Hearing Set for September 17 CHINA AMPLE: Subject to Bank of China's Wind-Up Petition CSX ASIA: Members' General Meeting Set for Sept. 19 CSX ORIENT: Members to Hear Wind-Up Report on September 19 GODI ENTERPRISES: Commences Liquidation Proceedings GOLDON ENTERPRISES: Court to Hear Wind-Up Petition on Sept. 10 HABER WONG: Wind-Up Petition Hearing Set for September 24 LIK HANG: Subject to Shanghai Commercial's Wind-Up Petition MIND FULL: Wind-Up Petition Hearing Set for October 8 P. & M. PROPERTIES: Placed Under Voluntary Liquidation I N D I A ASANSOL MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB' BODHGAYA NAGAR: CRISIL Assigns 'B' Corporate Credit Rating HARIDWAR NAGAR: CRISIL Assigns 'B+' Corporate Credit Rating HOWRAH MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB-' TATA POWER: Senoko Bid Puts Downgrade Pressure on S&P's BB- Rtng I N D O N E S I A BANK NEGARA: To Develop Joint-Venture Sharia Bank w/ ICD in 2009 PT INDOSAT: Appoints Mohammad bin Saud Al Thani as Chairman J A P A N JLOC XXXIII: Fitch Trims Class D Trust Interest to BB from BBB HYUNDAI MOTOR: To Start Czech Plant Production Ahead of Plan MORGAN: Fitch Drops BB- Ratings on ACES SPC Series 2006-32 SOHKEN HOMES: Seeks Bankruptcy Protection, Facing JPY33.8BB Debt N E W Z E A L A N D A2 CORPORATION: Raises NZ$11.3 Mil. in Public Offering DIRECT SYSTEMS: Commences Liquidation Proceedings GROOME AGRICONTRACTS: Commences Liquidation Proceedings JUN YING: Commences Liquidation Proceedings PROPERTY PROJECTS: Commences Liquidation Proceedings PROPERTY PROJECTS 9: Commences Liquidation Proceedings SCOTT'S SHOT: Tubbs and Gower Appointed as Liquidators STRATEGIC: Write-Downs Won't Yet Affect Preference Shareholders TARANAKI 264: Commences Liquidation Proceedings TRIKEWORKS LTD: Commences Liquidation Proceedings S I N G A P O R E ANTAH INDUSTRIES: Creditors' Proofs of Debt Due on September 22 AT & J COMPANY: Creditors to Meet on September 2 AVAGO TECHNOLOGIES: US$400 Mil. IPO Cues S&P's Positive Outlook GEIC.COM PTE: Requires Creditors to File Claims by September 22 KIAN SENG: Court to Hear Wind-Up Petition on August 29 S U L T A N A T E O M A N * Oman Insurance Market Strong Despite Cyclone Gonu, S&P Says T A I W A N TAIWAN INT'L: Fitch Affirms BB IDR & Revises Outlook to Stable * Fitch Ratings Says Consumer Debt Clearance Law Is for Taiwan - - - - - ================= A U S T R A L I A ================= ABC LEARNING: Analysts See Commonwealth's Risk Exposure to Firm --------------------------------------------------------------- The Herald Sun reports that analysts have sought clarification from the Commonwealth Bank of Australia on the extent of its exposure to troubled childcare services provider, ABC Learning Centres. According to the report, CBA has moved in recent weeks to secure loans and other assets it has at risk to ABC by registering formal charges with the Australian Securities and Investments Commission. However, apparent discrepancies were found in the wording of one of the charge documents lodged with ASIC on July 10. Charges are formal agreements between borrowers and lenders which establish priority rights to the specific assets in the event of default. The report notes that in clause 2.6 of the document that was signed by ABC founder Eddy Groves and CBA risk management executive Clyde Davies, the bank asserts that it may be able to claim assets of up to AU$1.25 billion from ABC. However, in clause 2.8, the charge document asserts that CBA can only recover AU$125 million from its client. CBA has been known to be the most at risk to ABC, and analysts have speculated that the CBA exposure is AU$500 million. About ABC Learning A.B.C. Learning Centres Limited (ASX: ABS) -- http://www.childcare.com.au/-- provides childcare services and education. The company operates in Australia, New Zealand, the United States and the United Kingdom. The company's subsidiaries include A.B.C. Developmental Learning Centres Pty Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier Early Learning Centres Pty Ltd, A.B.C. Developmental Learning Centres (NZ) Ltd., A.B.C. New Ideas Pty. Ltd., A.B.C. Land Holdings (NZ) Limited and Child Care Centres Australia Ltd. On September 25, 2006, the company acquired Hutchison Child Care Services Ltd. On September 7, 2006, it acquired The Children's Courtyard LLP. On December 18, 2006, it acquired Busy Bees Group Ltd. On January 26, 2007, it acquired La Petite Holdings Inc. On February 2, 2007, it acquired Forward Steps Holdings Ltd. On March 23, 2007, it acquired Children's Gardens LLP. In September 2007, the company purchased the Nursery division (Leapfrog Nurseries) from Nord Anglia Education PLC. * * * As reported by the Troubled Company Reporter-Asia Pacific, the company's Sydney trading on Feb. 26, 2008, plunged 43% after a slump in earnings raised concerns it may struggle to repay debt. The drop to AU$2.14 triggered margin calls on stakes held by some directors. Consequently, stock trading was halted as the company entered talks on "indications of interest" for parts of its business. More than 96% of the remaining 21.9 million ABC Learning shares owned by directors, equivalent to 4.6% of stock outstanding, are held in margin lending arrangements that may result in forced sales. AUSTRALIAN EXECUTOR: Fitch Cuts AU$19MM Class D Rating to BB+ ------------------------------------------------------------- Fitch Ratings affirmed three classes, downgraded one class of notes issued by Australian Executor Trustees Limited as trustee of the Seiza Augustus Series 2007-1 Trust, and assigned Rating Outlooks as: -- AU$321.1 million Class A (AU3FN0002440) affirmed at 'AAA', Outlook Stable; -- AU$20.22 million Class B (AU3FN0002457) affirmed at 'AA', Outlook Stable; -- AU$21.85 million Class C (AU3FN0002465) affirmed at 'A', Outlook Negative; and -- AU$19,020,000 Class D (AU3FN0002463) downgraded to 'BB+' from 'BBB', Outlook Negative. The rating actions follow a review of the transaction's performance. While no charge-offs of rated notes have occurred to date, the unrated class G note has experienced significant charge-offs, reducing the outstanding balance to AU$6.5 million from the original balance of AU$10.34 million. The majority of losses to date relate to residential properties located in NSW. After the redemption of notes, credit enhancement, including subordination provided by the loss provision and excess spread reserves, for the class A, B, C and D notes have increased to 33.24%, 24.81%, 15.70% and 7.77%, respectively, according to the July 2008 investor report. At the same time, 30-89 day delinquencies made up 3.2% of the portfolio and mortgages in arrears by 90 days or more account for 7.7% of the remaining pool. These arrears are expected to materialize into losses and negatively impact the transaction in the next few months. Negative Outlooks have been assigned to the class C and D notes in light of the uncertainty surrounding economic conditions including interest rates and the effect they are having on the class of borrowers within this trust. In its forward looking analysis, Fitch assumed a base loss given default rate of 30%. Seiza Augustus Series 2007-1 Trust was originally issued in April 2007 and is collateralised by a pool of small balance commercial and residential mortgages originated by Seiza Mortgage Company Pty Limited. The transaction has been paid down from initial liabilities of AU$404.1 million to current liabilities of approximately AU$243.7 million. To date, all principal receipts have paid down the class A notes to approximately 50% of their initial amount. Rating Outlooks have been published for all newly issued Asia Pacific Structured Finance tranches since June 2008, and concurrently with rating actions for tranches issued prior to June 2008. Unlike a Rating Watch which notifies investors there is a reasonable probability of a rating change, rating Outlooks provide forward-looking information to the market and indicate the likely direction of any rating change over a one-to-two-year period. CDE CONSTRUCTIONS: Members' Final Meeting Set for September 2 ------------------------------------------------------------- G. J. Keith, CDE Constructions Pty Ltd's appointed estate liquidator, will meet with the company's members on Sept. 2, 2008, at 11:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: G. J. Keith Grant Thornton Level 2 215 Spring Street Melbourne, VIC 3000 COM TECH: Placed Under Voluntary Liquidation -------------------------------------------- Com Tech Communications Pty. Limited's members agreed on July 16, 2008, to voluntarily liquidate the company's business. Simon J. Cathro and David J. Flombe were appointed to facilitate the sale of its assets. The liquidators can be reached at: Simon J. Cathro David J. Flombe Deloitte Touche Tohmatsu Grosvenor Place 225 George Street Sydney NSW 2000 Telephone (02) 9322 7000 CRAIGIELEA PASTORAL: Members' Final Meeting Set for September 8 --------------------------------------------------------------- Robert Henry Wald, Craigielea Pastoral Pty Limited's appointed estate liquidator, will meet with the company's members on Sept. 8, 2008, at 10:00 a.m. to provide them with property disposal and winding-up reports. The meeting will be held at 565 Stratford Road, in Maffra. DAHMS ENGINEERING: Members and Creditors to Meet on September 5 --------------------------------------------------------------- Dahms Engineering Pty Limited will hold a final meeting for its members and creditors at 10:00 a.m. on Sept. 1, 2008. During the meeting, the company's liquidator, Julie Williams at Insolvency and Turnaround Solutions, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Julie Williams Insolvency and Turnaround Solutions Level 4, 360 Queen Street Brisbane QLD 4000 Telephone (07) 3221 7433 Facsimile (07) 3221 7437 DATACRAFT AMERICAS: Placed Under Voluntary Liquidation ------------------------------------------------------ Datacraft Americas Pty Limited's members agreed on July 16, 2008, to voluntarily liquidate the company's business. Simon J. Cathro and David J. Flombe were appointed to facilitate the sale of its assets. The liquidators can be reached at: Simon J. Cathro David J. Flombe Deloitte Touche Tohmatsu Grosvenor Place 225 George Street Sydney NSW 2000 Telephone (02) 9322 7000 JK DARK: Liquidator to Present Wind-Up Report on September 4 ------------------------------------------------------------ Geoff Ridgeway, JK Dark Blue Pty Ltd's appointed estate liquidator, will meet with the company's members on Sept. 4, 2008, at 11:20 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Geoff Ridgeway for Sule Arnautovic Jenkins Peake Chartered Accountants PO Box 1570 Geelong VIC 3220 Telephone: (03) 5223 1000 Facsimile: (03) 5221 4938 JK GREEN: Liquidator to Present Wind-Up Report on September 4 ------------------------------------------------------------- Geoff Ridgeway, JK Green Pty Ltd's appointed estate liquidator, will meet with the company's members on Sept. 4, 2008, at 11:00 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Geoff Ridgeway for Sule Arnautovic Jenkins Peake Chartered Accountants PO Box 1570 Geelong VIC 3220 Telephone: (03) 5223 1000 Facsimile: (03) 5221 4938 MONIER FRESH: Joint Meeting Slate for September 5 ------------------------------------------------- Monier Fresh Pty Limited will hold a final meeting for its members and creditors at 10:00 a.m. on Sept. 5, 2008. During the meeting, the company's liquidator, Julie Williams at Insolvency and Turnaround Solutions, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Julie Williams Insolvency and Turnaround Solutions Level 4, 360 Queen Street Brisbane QLD 4000 Telephone (07) 3221 7433 Facsimile (07) 3221 7437 N. J. MARGINSON: Members' Final Meeting Set for September 1 ----------------------------------------------------------- Dennis Donovan, N. J. Marginson Medical Pty Ltd's appointed estate liquidator, will meet with the company's members on Sept. 1, 2008, at 9:30 a.m. to provide them with property disposal and winding-up reports. The liquidator can be reached at: Dennis Donovan 25 Farnwyn Court Buderim QLD 4556 Telephone: (07) 5445 1837 Facsimile: (07) 5450 1672 NORTH ADELAIDE: To Declare Dividend on September 10 --------------------------------------------------- North Adelaide Finance Pty Ltd will declare dividend on Sept. 10, 2008. Only creditors who were able to file their proofs of debt by Aug. 19, 2008, will be included in the company's dividend distribution. The company's liquidator is: Stephen J. Duncan KordaMentha Level 4, 70 Pirie Street GPO Box 518 Adelaide SA 5001 SNOOKER TIMES: Members and Creditors to Meet on September 2 ----------------------------------------------------------- Snooker Times Pty Ltd will hold a final meeting for its members and creditors at 9:00 a.m. on Sept. 2, 2008. During the meeting, the company's liquidator, Chris Cook at Worrells Solvency & Forensic Accountants, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Chris Cook Worrells Solvency & Forensic Accountants 8th Floor, 102 Adelaide Street Brisbane QLD 4000 Telephone (07) 3225 4300 Facsimile (07) 3225 4311 Website: www.worrells.net.au ========= C H I N A ========= BANK OF BEIJING: Fitch Holds D Individual Rating ------------------------------------------------ Fitch Ratings affirmed the Individual and Support ratings of Bank of Beijing as: BoB: Individual 'D' and Support '3'; BoB's 'D' Individual rating reflects its substantially strengthened capitalisation post-IPO, and improved asset quality and credit risk management. However, modest net interest margin, rising exposure to market risk, and growing liquidity strains are concerns. After raising CNY15 billion in an A-share IPO in September 2007, BoB now stands as China's best capitalised bank, with a Tier 1 CAR and Total CAR of 17.5% and 20.1%, respectively. The bank focused a great deal of attention on strengthening asset quality ahead of last year's IPO and as a result, its end-2007 ratios of NPLs/total loans and Special Mention loans/total loans fell to 2.1% and 2.9%, respectively, while loan loss reserve coverage rose to 120%. Although BoB's 2007 RoAA was in line with listed peers, this was driven more by lower operating costs stemming from its smaller, more geographically concentrated network and comparatively lower tax expense, rather than its strong revenue-generating capability. Meanwhile, BoB's exposure to market and liquidity risk has escalated amid rising interest rate volatility and repeated hikes in reserve requirements, which have particularly tightened liquidity at city commercial banks. In 2007, BoB posted a 5% negative fair value adjustment to equity for its holdings of available-for-sale securities. HUA XIA: Fitch Ratings Holds D Individual & Support 4 Ratings ------------------------------------------------------------- Fitch Ratings affirmed the Individual and Support ratings of Hua Xia Bank as: HXB: Individual 'D/E' and Support '4'. HXB's Individual rating reflects its historically low profitability, weak capitalisation, and modest asset quality. Thin capital has been a long-standing issue for HXB, which posted an equity/asset ratio and a Tier-1 CAR of just 2.2% and 4.3%, respectively, at end 2007. Although a forthcoming equity private placement of CNY11.6 billion in 2H08 must significantly strengthen the bank's capital adequacy, the staying power of such an improvement is a question given its low internal capital generation amid ongoing rapid growth and rising asset quality pressures. Meanwhile, HXB's assets increased by a strong 33% in 2007, driven by a three-fold increase in interbank lending and a 17.6% increase in loans. Corporate lending continues to dominate the loan book, accounting for 87% of total loans. However, while RoAA increased slightly to 0.40% from 0.37% in 2006, the bank's profitability is still by far the lowest among listed peers, due to below-average net interest margin, low non- interest income, and high credit costs. Although HXB's 5-tier NPL ratio declined to 2.3% at end-2007, this was largely driven by the denominator effect of strong loan growth as the nominal amount of NPLs adjusted for charge-offs actually rose by 18%. Underscoring rising asset quality pressures, Special Mention loans increased to 7% of total loans from 5.3% at end-2006. CHINA MINSHENG: First-Half Profit Up 114.92% to CNY6.046 Billion ---------------------------------------------------------------- China Minsheng Banking Corp. Limited's first-half net profits up by 114.29% to CNY6.046 billion over the same period last year on strong commission charges and fee income, Xinhua News reports. The bank's commission charges and fees income, the report relates, surged to CNY3.072 billion, representing an increase of 211.88% over the same period last year. According to the report, the business income stood at CNY17.67 billion, up 56.52% to CNY6.38 billion. Minsheng Banking's total assets increased by 15.48%, or CNY142.4 billion, from the end of last year, to top CNY1 trillion in the first half, the report notes. Xinhua News relates that outstanding loans stood at CNY612.05 billion, up 10.29% from the end of last year, while outstanding deposits increased by 13.29% to CNY760.4 billion. Non-performing loans, the report says, in the first half reached CNY7.39 billion, and the non-performing loan ratio was 1.21%, down 0.01 percentage point from the end of last year. The bank also said the value of debt it held involving U.S. mortgage groups Fannie Mae and Freddie Mac totaled US$226.95 million by the end of June, the report adds. About Minsheng Banking 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". JIANGXI COPPER: First-Half Profit Up 35% to CNY2.78 Billion ----------------------------------------------------------- Jiangxi Copper Company Limited's first half net profit rose 35% year-on-year to CNY2.78 billion under Chinese accounting standards, mainly due to higher selling prices, which offset the impact of weak global demand, XFN-ASIA News reports. The company, the report relates, said the implementation of tighter monetary policy in China, as well as a slower global economy and rising inflationary pressures, resulted in a slowdown in demand growth for copper. However, with production at newly acquired mines falling behind schedule, supply of copper concentrate tightened, leading to a rise in prices, the report notes. According to XFN- ASIA, in the first half, the average copper price for three month contracts as quoted on the London Metal Exchange was 8,030 usd per ton, up 18.73% year-on-year. The company's operating revenue in the first half rose 55.05% year-on-year to CNY26.83 bilion, while earnings per share also increased to CNY0.92 from CNY0.70 a year earlier, the report says. Meanwhile, XFN-ASIA says under international accounting standards, operating revenue rose 54.65% to CNY26.71 billion, while Net profit rose 31.98% to CNY2.767 billion. The company will seek to complete the issue of up CNY6.8 billion worth of eight-year bonds with warrants, which won approval from the securities regulator last month, the report adds. About Jiangxi Copper Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an integrated producer of copper in the People's Republic of China. The company's operations consist of copper mining, milling, smelting and refining to produce copper cathode and other related products, including pyrite concentrates, sulphuric acid and electrolytic gold and silver. It also provides smelting and refining services pursuant to tolling arrangements for customers. * * * The company continues to carry Xinhua Far East China Ratings' "BB+" issuer credit rating. SHANGHAI PUDONG: Fitch Holds D Individual Rating ------------------------------------------------ Fitch Ratings affirmed the Individual and Support ratings of Shanghai Pudong Development Bank as: SPDB: Individual 'D' and Support '3'; SPDB's Individual rating of 'D' reflects the bank's thin capital and modest profitability, along with comparatively sound asset quality. Historically, SPDB has posted better asset quality versus its peers, and is one of the few banks in China to report ratios of NPLs/total loans and Special Mention loans/total loans of under 2% each. Moreover, SPDB's loan loss reserve coverage of 191% is the highest of all Chinese banks under Fitch's coverage, reflecting the bank's more conservative provisioning policy. However, capitalisation is a concern and continues to fall well below its peers, pressured by rapid growth, modest earnings, and a 6.5% negative fair value adjustment to equity for its holdings of available-for-sale securities. At end-2007, SPDB's ratios of equity/assets and Total CAR stood at just 3.1% and 9.2%, respectively, versus peer averages of 6.1% and 13.4%. One of the few banks to have exhausted the bulk of its capacity for Tier 2 issuance, SPDB had planned to issue additional equity in 1H08, but has yet to receive regulatory approval. Regulators have been cutting back issuance amid the slumping equity market. SPDB's RoAA remains modest at just 0.7% in 2007 compared to 1% for listed banks, stemming from higher tax charges and low non- interest income. =============== H O N G K O N G =============== ASK GLOBAL: Wind-Up Petition Hearing Set for September 17 --------------------------------------------------------- The High Court of Hong Kong will hear on September 17, 2008, at 9:30 p.m., a petition to have Ask Global Enterprises Limited's operations wound up. The petition was filed by New Hall Construction Limited on July 14, 2008. New Hall's solicitors are: Messrs. Quan & Co. Hang Shing Building Rooms 1601-2, 16th Floor Nos. 363-373 Nathan Road Kowloon, Hong Kong Telephone: 2384-4222 Facsimile: 2384-4522 CHINA AMPLE: Subject to Bank of China's Wind-Up Petition -------------------------------------------------------- On July 28, 2008, Bank of China (Hong Kong) Limited filed a petition to have China Ample Development Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on October 8, 2008, at 9:30 a.m. Bank of China's solicitors are: Arthur K.H. Chan & Co. United Centre, Unit C1, 15th Floor No. 95 Queensway Hong Kong CSX ASIA: Members' General Meeting Set for Sept. 19 --------------------------------------------------- The members of CSX Asia Limited will meet on September 19, 2008, at 1:35 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Natalia K. M. Seng Three Pacific Place, Level 28 1 Queen's Road East Hong Kong CSX ORIENT: Members to Hear Wind-Up Report on September 19 ---------------------------------------------------------- The members of CSX Orient Limited will meet on September 19, 2008, at 1:45 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Natalia K. M. Seng Three Pacific Place, Level 28 1 Queen's Road East Hong Kong GODI ENTERPRISES: Commences Liquidation Proceedings --------------------------------------------------- Godi Enterprises Limited commenced liquidation proceedings on August 7, 2008. Wong Tak Man Stephen and Chen Yung Ngai Kenneth were appointed as liquidators. The Liquidators can be reached at: Wong Tak Man Stephen Chen Yung Ngai Kenneth Caroline Centre, 29th Floor Lee Garden Two 28 Yun Ping Road Hong Kong GOLDON ENTERPRISES: Court to Hear Wind-Up Petition on Sept. 10 -------------------------------------------------------------- A petition to have Goldon Enterprises Limited's operations wound up will be heard before the High Court of Hong Kong on Sept. 10, 2008, at 9:30 a.m. Kwan Chung Ming filed the petition against the company on July 2, 2008. HABER WONG: Wind-Up Petition Hearing Set for September 24 --------------------------------------------------------- The High Court of Hong Kong will hear on September 24, 2008, at 9:30 a.m., a petition to have Haber Wong & Company Limited's operations wound up. Nan Fung Finance Limited filed the petition against the company on July 14, 2008. Nan Fung's solicitors are: F. Zimmern & Co. Gloucester Tower Suites 1501-1503, 15th Floor The Landmark No. 15 Queen's Road Central Hong Kong LIK HANG: Subject to Shanghai Commercial's Wind-Up Petition ----------------------------------------------------------- On August 4, 2008, Shanghai Commercial Bank Limited filed a petition to have Lik Hang Electronic Components Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on October 8, 2008, at 9:30 a.m. Shanghai Commercial's solicitors are: Chow, Griffiths & Chan South China Building, 6th Floor No. 1 Wyndham Street Central, Hong Kong MIND FULL: Wind-Up Petition Hearing Set for October 8 ----------------------------------------------------- A petition to have Mind Full Limited's operations wound up will be heard before the High Court of Hong Kong on October 8, 2008, at 9:30 a.m. Kwan Chun Biu filed the petition against the company on Aug. 7, 2008. Kwan Chun's solicitors are: Messrs. Chak & Associates HK Diamond Exchange Building, 11th Floor 8-10 Duddell Street Central, Hong Kong P. & M. PROPERTIES: Placed Under Voluntary Liquidation ------------------------------------------------------ At an extraordinary general meeting held on August 4, 2008, the members of P. & M. Properties Limited resolved to voluntarily liquidate the company's business. The company's liquidators are: Paul Jeremy Brough Patrick Cowley KPMG Prince's Building, 8th Floor 10 Chater Road Central, Hong Kong ========= I N D I A ========= ASANSOL MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB' -------------------------------------------------------------- CRISIL has assigned its corporate credit rating of 'CCR BB' to Asansol Municipal Corporation (AsMC). * Corporate Credit Rating CCR BB[Assigned] The rating exercise has been carried out under a mandate from the Ministry of Urban Development, Government of India, as part of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). The rating reflects AsMC's favourable legal framework and buoyant non-tax revenues. Growth in non-tax revenues is attributed to AsMC's identification of new revenue sources from municipal properties, its concerted effort to regularise buildings, and the growing real estate activity within Asansol city. The rating also factors in AsMC's sub-optimal economic base, reflected in low per capita income, low credit risk profile leading to low debt-raising capacity, inadequate service arrangements, inadequate project management capacity, and high dependence on grants from the state government. About AsMC AsMC, formed in 1994, is governed by the Asansol Municipal Corporation Act, 1990. AsMC covers an area of 127 square kilometres and provides a range of civic services to around 0.48 million residents. The major services provided by AsMC are water supply and drainage, public roads and bridges, solid waste management, public health, and street lighting. For the purpose of administration, the service area is divided into five boroughs; each borough is subdivided into 10 wards. In 2006-07 (refers to financial year, April 1 to March 31), AsMC generated revenue receipts of Rs.219.5 million and a revenue surplus of Rs.82.6 million. BODHGAYA NAGAR: CRISIL Assigns 'B' Corporate Credit Rating ---------------------------------------------------------- CRISIL has assigned its corporate credit rating of 'CCR B' to Bodhgaya Nagar Panchayat (BGNP). * Corporate Credit Rating CCR B[Assigned] The rating exercise has been carried out under a mandate from the Ministry of Urban Development, Government of India, as part of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). The rating reflects BGNP's high social and economic importance, driven by its status as a pilgrimage centre and World Heritage City, which is expected to provide continued access to government grants. The rating also factors in BGNP's adverse expenditure profile, marked by high establishment costs, leading to low revenue surpluses and weakening the panchayat's financial risk profile. Also, BGNP's inadequate technical capacity has led to poor service delivery and arrangements. Further, it has a poor socio-economic base, marked by low income levels, poor managerial capacity, leading to lack of reforms and high project risk. About AsMC BGNP, formed in 1982, is governed by the Bihar Municipal Act of 2007. BGNP covers an area of 17 square kilometres and provides a range of civic services to around 38,000 residents. The major civic services provided by BGNP are water supply, storm water drains, solid waste management, sewerage, sanitation, road maintenance, street lighting, and public transport. In 2006-07 (refers to financial year, April 1 to March 31), BGNP generated revenue receipts of Rs.4.42 million and a revenue deficit of Rs.4000. HARIDWAR NAGAR: CRISIL Assigns 'B+' Corporate Credit Rating ----------------------------------------------------------- CRISIL has assigned its corporate credit rating of 'CCR B+' to Haridwar Nagar Palika Parishad (HNPP). * Corporate Credit Rating CCR B+ [Assigned] The rating exercise has been carried out under a mandate from the Ministry of Urban Development, Government of India, as part of the Jawaharlal Nehru National Urban Renewal Mission. CRISIL's rating on HNPP reflects the urban local body's sound economic growth potential, supported by Haridwar's status as a pilgrimage destination. The rating also factors in HNPP's inadequate, volatile, and state government grant-dependent revenue receipts; adverse expenditure profile with high committed expenditure; weak financial risk profile, marked by low surpluses and debt-raising capacity; low reform orientation; inadequate service arrangements; and low project execution capability. About HNPP HNPP is governed by the Uttar Pradesh Municipality Act, 1916, and has an elected board of 25 members. HNPP covers an area 11.9 square kilometres and provides civic services to around 175,000 residents. Unlike other municipalities, HNPP is responsible for a few functions. Apart from solid waste management, its other services include provisioning and maintenance of street lighting. Other municipal functions, such as water supply, are in the hands of either para-statals or state agencies. In 2006-07 (refers to financial year, April 1 to March 31), HNPP generated revenue receipts of Rs.105 million and incurred a revenue deficit of Rs.25 million. HOWRAH MUNICIPAL: CRISIL Puts Corporate Credit Rating at 'BB-' -------------------------------------------------------------- CRISIL has assigned its corporate credit rating of 'CCR BB-' to Howrah Municipal Corporation (HMC). * Corporate Credit Rating CCR BB- [Assigned] The rating exercise has been carried out under a mandate from the Ministry of Urban Development, Government of India, as part of the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). The rating reflects HMC's favourable legal and administrative framework and moderate economic base, and the advantages it derives from the proximity of its area of coverage to Kolkata city. The rating also factors in HMC's inadequate own revenue generation, which, coupled with high establishment expenditure, has led to low financial flexibility and high dependence on the state government. Further, the corporation has a weak financial profile with high deficit levels, low debt capacity, and inadequate financial management. Its service arrangements too are inadequate, leading to low tax payments. About HMC HMC, formed in 1980, is governed by the Howrah Municipal Corporation Act, 1980. The corporation, which is the final decision-making body, consists of an elected body of 50 councillors. HMC covers an area of 52 square kilometres and provides a range of civic services to around one million residents. The major service provided by HMC is water supply. In 2006-07 (refers to financial year, April 1 to March 31), HMC generated revenue receipts of Rs.401 million, but incurred a revenue deficit of Rs.134 million. TATA POWER: Senoko Bid Puts Downgrade Pressure on S&P's BB- Rtng ---------------------------------------------------------------- Standard & Poor's Ratings Services said that while the selection process is not over, Tata Power Ltd.'s (BB-/Stable/--) bid for Senoko Power Ltd.'s generation facilities from its current owner Temasek Holdings Pte. Ltd. (AAA/Stable/--) is likely to put downward pressure on the 'BB-' rating. S&P considers that while acquisition of operating generation assets in a well-regulated market may be beneficial for Tata Power's overall business profile, the current rating is substantially weighed down by its ambitious plans to add about 5,900 MW of power in India, with a total outlay of about Indian rupees (INR) 285 billion (approximately US$7 billion), along with significant exposure to project-completion and stabilization risks. In this scenario, the company's ability to bear additional debt, which may well be required in case its bid for Senoko Power is accepted, will likely push its financial profile outside of the expectations for the current rating. ================= I N D O N E S I A ================= BANK NEGARA: To Develop Joint-Venture Sharia Bank w/ ICD in 2009 ---------------------------------------------------------------- Bank Negara Indonesia (BNI) plans to spin off its sharia unit and expand it into a joint-venture sharia bank with Saudi Arabia-based Islamic Corporation for the Development of the Private Sector (ICD) next year, Jakarta Post reports. According to the report, BNI and ICD signed a memorandum of understanding last October and agreed to provide initial capital worth US$500 million for the planned venture. BNI president director Gatot M. Suwondo told The Post that both parties are still negotiating the amount of shares in the venture. "BNI will probably have between a 20 percent and 30 percent stake, while ICD will hold the remainder," Mr. Suwondo was quoted by The Post as saying. Citing Mr. Suwondo, the report said BNI had already completed evaluating its sharia unit performance, while ICD had yet to conclude its examination on its unit. Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia (Persero) Tbk -- http://www.bni.co.id/-- is a financial institution with products and services that include: Individual, Business, Syariah, Micro Banking, and Online Feature. The Bank has approximately 700 correspondent banks, 914 local branches and five oversea branches located in New York, London, Tokyo, Hong Kong and Singapore. The bank has five subsidiaries: PT BNI Multi Finance, a financial services company; PT BNI Securities, securities company; PT BNI Life Insurance, an insurance provider; PT BNI Nomura Jafco Manajemen Ventura, a venture capital company, and PT BNJI Ventura Satu, a venture capital company. * * * As reported by the Troubled Company Reporter-Asia Pacific on Feb. 25, 2008, Fitch Ratings upgraded PT Bank Negara Indonesia (Persero) Tbk's LTFC/LTLC IDRs to 'BB' from 'BB-' with outlook revised to Stable from Positive. Fitch also upgraded the company's Support Rating Floor to 'BB-' from 'B+' and FC subordinated debt to 'BB-' from 'B+'. In addition, Fitch affirmed the company's 'D' individual rating and 'B' ST IDR. On Oct. 19, 2007, Moody's Investors Service raised PT Bank Negara Indonesia (Persero) Tbk.'s foreign currency long-term debt rating to Ba2 from Ba3 and foreign currency long-term deposit rating to B1 from B2. On April 20, 2007, Standard & Poor's Ratings Services raised Bank Negara's long-term counterparty credit ratings to 'BB-' from 'B+'. PT INDOSAT: Appoints Mohammad bin Saud Al Thani as Chairman ----------------------------------------------------------- During a meeting held August 25, 2008, the shareholders of PT Indosat appointed Qatar Telecom's (QTel) Chairman Mohammad bin Saud Al Thani as the company's new president commissioner, Jakarta Post reports. According to the report, the company also appointed new commissioners namely: Rachmat Gobel of PT Gobel Indonesia, Dr. Nasser Marafih (QTel CEO) and Michael Latimer as an independent commissioner. President Director Johnny Swandi Sjam said the reshuffle in the board of commissioners is in line with the recent shares acquisition, in which Qtel acquired 40.8 percent in Indosat, the report relates. About Indosat PT Indosat Tbk -- http://www.indosat.com/-- is a telecommunication and information service provider in Indonesia that provides cellular services (Mentari, Matrix and IM3), fixed telecommunication services or fixed voice (IDD 001, IDD 008 and FlatCall 01016, fixed wireless service StarOne and I-Phone). Indosat also provides Multimedia, Internet & Data Communication Services (MIDI) through its subsidiary company, Indosat Mega Media (IM2) and Lintasarta. Indosat also provides 3.5 G with HSDPA technology. Indosat's shares are listed in the Indonesia Stock Exchange (IDX:ISAT) and its American Depository Shares are listed in the New York Stock Exchange (NYSE:IIT). * * * As reported in the Troubled Company Reporter-Asia Pacific on June 11, 2008, Moody's Investors Service placed on review for possible downgrade the Ba1 local currency corporate family rating of PT Indosat Tbk (Indosat), and the Ba2 foreign currency senior unsecured bond rating of Indosat Finance Company B.V. and Indosat International Finance Company B.V., which are guaranteed by Indosat. As reported in the Troubled Company Reporter-Asia Pacific on March 3, 2008, Fitch Ratings assigned a stable outlook on PT Indosat Tbk's BB- rating. EBITDA margins are likely to be stable overall. Fitch Ratings said that its overall outlook for the Asia Pacific telecommunication sector in 2008 is stable, with 24 out of its total 28 rated telecommunications issuers bearing a Stable Outlook. Highlighting its newly published "Asia-Pacific Telecoms Credit Outlook 2008" 20 page report, the agency outlines its expectations on how key financial metrics will move for 26 operators across Asia-Pacific in 2008, concluding that while revenue growth is likely to slow, cash flow from operations and free cash flow after dividends are likely to rise on aggregate. Nevertheless the agency cautioned that it expects FCF to actually fall for half of its rated operators across Asia Pacific. ========= J A P A N ========= JLOC XXXIII: Fitch Trims Class D Trust Interest to BB from BBB -------------------------------------------------------------- Fitch Ratings has downgraded JLOC XXXIII Trust's class D trust beneficiary interests due July 2013 to 'BB' from 'BBB' and placed this class on Rating Watch Negative (RWN). The remaining class A through C and X TBIs have been affirmed and Outlooks assigned as follows: JPY33.57 billion class A TBIs affirmed at 'AAA', Outlook Stable; JPY7.4 billion class B TBIs affirmed at 'AA', Outlook Stable; JPY7.3 billion class C TBIs affirmed at 'A', Outlook Stable; JPY6.7 billion class D TBIs downgraded to 'BB' from 'BBB', placed on RWN; and Dividend-only class X TBIs affirmed at 'AAA', Outlook Stable. *as of 19 August 2008 The rating action on the class D TBIs follows the agency's review of the underlying assets. One of the assets, a specified bond (bond), is backed by multiple properties located in regions where the conditions of the real estate market for the property types involved are not considered favourable. Other issues considered include the property disposition activities to date, which have not proceeded as expected. As the initial bond maturity date approaches, the agency considers it likely that the pace of property disposition will fall below levels assumed in Fitch's initial analysis, and the issuer may not be able to exercise the bond maturity date extension option if it fails to meet the liquidation target. Fitch considers this an increased risk regarding the redemption of the bond. The RWN will remain in place while the agency further assesses the real estate markets in the particular regions and the property types concerned, reviews the portfolio on a property- by-property basis, including cash flow analyses and value re- assessment if necessary, and continues to closely monitor the asset manager's liquidation plans and disposition activity. Since the remaining eight underlying assets are generally performing in line with expectations, ratings on the class A through C and dividend-only class X TBIs are affirmed and assigned a stable Outlook. This transaction is a securitisation of five specified bonds, four non-recourse loans, and one senior TBI backed by a non- recourse loan which closed in November 2006 and was originally backed by 110 real estate properties and/or property TBIs (properties). One specified bond has been fully repaid and the transaction is currently secured by nine underlying assets backed by 92 properties. Additionally, another specified bond approaching maturity is expected to pay down in full at maturity next month, with property sale proceeds already held in the issuer's collection account. Rating Outlooks have been published for all newly issued Asia Pacific Structured Finance tranches since June 2008, and concurrently with rating actions for tranches issued prior to June 2008. Unlike a Rating Watch which notifies investors that there is a reasonable probability of a rating change, rating Outlooks provide forward-looking information to the market and indicate the likely direction of any rating change over a one- to-two-year period. HYUNDAI MOTOR: To Start Czech Plant Production Ahead of Plan ------------------------------------------------------------ Hyundai Motor Co plans to start mass production at its new factory in the Czech Republic three months earlier than initially planned, Cheon Jong-woo of Reuters reports. The company, the report relates, had previously said it planned to start mass production of the plant from February next year. According to the report, the company will make the i30 hatchback initially and later produce a minivan or a sport utility vehicle (SUV) at the EUR1.1 billion (US$1.61 billion) factory. Hyundai plans an initial capacity of 200,000 units, increasing later to annual production of 300,000, the report notes. Analysts cited by Reuters said overseas units are a key to Hyundai's future growth because they can help the company weather the impact from sharp movements in the won currency and possible conflicts with its unionized workers at home. About Hyundai Motor Headquartered in Seoul, South Korea, Hyundai Motor Company -- http://www.hyundai-motor.com/-- has been selling cars in the US since 1986, but it only started selling its heavy trucks stateside in 1998. Hyundai produces 14 models of cars, SUVs, and minivans, as well as trucks, buses, and other commercial vehicles. The company reestablished itself as South Korea's leading carmaker in 1998 by acquiring a 51% stake in Kia Motors (since reduced to about 43%). Hyundai's models for the North American market include the Accent and Sonata; models sold elsewhere include the GRD and Equus. The company also manufactures machine tools for factory automation and material- handling equipment. The Troubled Company Reporter-Asia Pacific reported that the Hyundai Automotive Group is facing its deepest crisis since chairman Chung Mong-koo took over in 1999, with problems like the falling United States dollar, high oil prices and union demands aggravated by a sweeping criminal investigation regarding the carmaker's alleged creation of slush funds that were used by at least two lobbyists to bribe government officials for business favors, including having KRW55 billion of Hyundai's bad debts written off. Chairman Chung was indicted early in May 2006 for fraud charges. Some of the group's official business has been on hold since the probe on the slush fund started and several top executives were summoned for questioning. On Feb. 5, 2007, a South Korean court handed down the sentence to Mr. Chung for illegally raising US$110 million in slush funds and bribing government officials. Mr. Chung was released on bond and continues to run the auto conglomerate. In May 2008, Yonhap News reported that a group of the company's shareholders filed a civil case against Mr. Chung to claim damages for heavy losses allegedly suffered through his mismanagement and other corporate shenanigans. According to the report, the shareholders, led by a civic group called Solidarity for Economic Reform, filed the lawsuit with the Seoul Central District Court, asking Mr. Chung to pay KRW563 billion (US$537 million) in damages to Hyundai Motor. The lawsuit came a day after prosecutors again demanded a six- year jail term for Mr. Chung for embezzlement and breach of trust, Yonhap said. MORGAN: Fitch Drops BB- Ratings on ACES SPC Series 2006-32 ---------------------------------------------------------- Fitch Ratings has withdrawn the ratings on Morgan Stanley ACES SPC series 2006-32 (ACES 2006-32) notes, as: -- US$10,771,000 Class I notes due May 2012: 'BB-' rating withdrawn; and -- US$16,920,000 Class II notes due May 2012: 'BB-' rating withdrawn. The agency's policy on withdrawing ratings is to take into consideration whether it has access to sufficient information in assessing the credit quality of the notes. In this case, Fitch has decided to withdraw the ratings on the notes following the withdrawal of its 'AA' IFS rating on MBIA Insurance Corp and other related entities on 26 June 2008, and on confirmation there will be no substitution of charged assets for ACES 2006- 32. ACES 2006-32 is a static synthetic CDO referencing a portfolio of primarily investment grade corporate obligations. At close, proceeds from the issuance of the notes were used to purchase charged assets to collateralise credit default swaps between the issuer and Morgan Stanley Capital Services Inc. (guaranteed by Morgan Stanley, 'AA-' (AA minus)/'F1+'/Outlook Negative). The charged asset of the transaction is an investment of US$27,691,000 in principal amounts of floating rate notes issued by MBIA Global Funding Corp LLC and guaranteed by MBIA. The transaction was downgraded on 20 June 2008. For details, please refer to the press release 'Fitch downgrades Morgan Stanley ACES SPC Series 2006-32; Removes RWN'. Since then, the portfolio credit quality has remained broadly unchanged. Fitch released its 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. Morgan Stanley is a global financial services firm that, through its subsidiaries and affiliates, provides its products and services to a group of clients and customers, including corporations, governments, financial institutions and individuals. Morgan Stanley's business segments include Institutional Securities, Global Wealth Management Group and Asset Management. conducts its business from its headquarters in and around New York City, its regional offices and branches throughout the United States and its principal offices in London, Tokyo, Hong Kong and other world financial centers. On June 30, 2007, it completed the spin-off of Discover Financial Services. In October 2007, it dissolved its India joint ventures with JM Financial. On December 21, 2006, it acquired CityMortgage Bank. On December 15, 2006, the Company acquired a 60% equity stake in Olco Petroleum Group Inc. On December 4, 2006, it acquired Saxon Capital, Inc. On December 4, 2006, it acquired FrontPoint Partners. SOHKEN HOMES: Seeks Bankruptcy Protection, Facing JPY33.8BB Debt ---------------------------------------------------------------- Sohken Homes Co sought court protection from creditors with JPY33.8 billion (US$309 million) in debt due to tighter credit and a weak property market, Mariko Katsumura of Reuters reports. The company, Jiji Press relates, filed for court protection from creditors under the Civil Rehabilitation Law in the Tokyo District Court. According to the Press, Tokyo Stock Exchange will delist the company on Sept. 27, till then, the stock will be traded on the liquidation post. The company's consolidated operating profit peaked at JPY2.6 billion in the year to February 2007, however, the business environment has since soured as banks tightened lending to the real estate and construction industries, the Press says. According to Reuters, a string of midsize Japanese real estate companies have folded in the past few months as banks, reeling from the subprime loan crisis, rein in lending to a sector hit by higher costs and sluggish demand as Japan's economy slows. Sohken Homes, Reuters relates, said it started to have difficulty getting fresh loans from last summer while consumers have become reluctant to buy new homes due to high land prices and with the slide in global stock markets cutting into their wealth. "A further deterioration in the global equities market decreased our target buyers' financial assets, making our sales activities even more difficult," the company said. Sohken's failure comes a day after unlisted apartment developer Sebon Co folded with JPY62 billion (US$567 million) in debt, and two weeks after developer Urban Corp failed with about US$2.4 billion in debt in the biggest collapse by a listed company in six years, Reuters says. Reuters adds that Tokyo Shoko Research's data showed a total of 12 listed Japanese companies have failed so far in 2008, nine of which have been in the real estate or construction sectors. Japan Stocks Fall on Sohken Homes' Bankruptcy Japan's stocks declined for a second day after Sohken Homes filed for bankruptcy, sparking concern consumers are holding back on purchases as the economy slows, Bloomberg News reports. Bloomberg News relates that Sumitomo Realty & Development Co. dropped 2.9%, while Nissan Motor Co. decreased 4.7% after Morgan Stanley cut its price target. According to the report, Nippon Paper Group Inc. led a gauge of papermakers to the biggest gain in three weeks as investors flocked to companies whose earnings are relatively resilient against an economic slowdown. "If consumers were confident their salaries would remain secure, they'd buy condos and homes even with 30-year loans. With rising prices and stagnant income growth, that isn't the case now," Bloomberg cited Yoshihiro Ito, senior strategist at Okasan Asset Management Co. in Tokyo, which oversees about US$9.3 billion, as saying. The Nikkei 225 Stock Average decreased 25.75, or 0.2%, to close at 12,752.96 in Tokyo, while the broader Topix index retreated 5.66, or 0.5%, to 1,223.69, Bloomberg News notes. More than two stocks declined for each that rose on the Topix. The trading value on the Tokyo Stock Exchange fell to the lowest for a full day since July 2005, Bloomberg News adds. About Sohken Homes Co Sohken Homes Co -- http://www.sohken-homes.co.jp --- is a Japan-based company mainly engaged in the subdivision contracting and real estate leasing businesses in western Tokyo, southern Tokyo, Yokohama and Saitama areas. The company operates in two business segments: Subdivision Contracting and Real Estate Leasing. The Subdivision Contracting segment is comprised of two business divisions. The Completion Construction division is engaged in the planning, design, construction and renovation of custom-built houses. The Real Estate division is engaged in the detached house development business, encompassing the purchase of commercial land, in addition to the planning, design and construction of detached house; the bulging lots sale business, which purchases and sell building lots, and the condominiums sale business, which purchases and plans commercial land, and outsources the design, construction and sale of condominiums. The Real Estate Leasing segment purchases and leases buildings and partly owned properties. ==================== N E W Z E A L A N D ==================== A2 CORPORATION: Raises NZ$11.3 Mil. in Public Offering ------------------------------------------------------ A2 Corporation Limited said that its offer of ordinary shares pursuant to the combined prospectus and investment statement dated July 22, 2008, has raised NZ$11.3 million from investors. Total subscriptions received amounted to NZ$7.4 million under the Offer. Mountain Road Investments Limited, as Underwriter, in conjunction with a group sub-underwriters, has arranged to take up the balance of 38.9 million ordinary shares amounting to NZ$3.9 million. After the issue of all shares has been recorded, A2 Corporation Limited will have a total of 264,403,278 shares on issue. As reported in the Troubled Company Reporter � Asia Pacific on July 7, 2008, A2 Corporation said it will raised net proceeds of rights issue of ordinary shares to all shareholders, at an offer price of 10 cents per share. The company said that the net proceeds of the offer will be used to reduce its bank debt and provide for working capital. Waivers have been granted by NZX and The Takeovers Panel to permit this sub-underwriting. About A2 Corporation New Zealand-based A2 Corporation Ltd. (NZAX: ATM) -- http://www.a2corporation.com/-- is engaged in the sale and production of beta-casein A2 milk products. The company owns and licenses intellectual property that enables the identification of cattle for the production and subsequent marketing of A2 Milk. a2 milk is naturally produced to contain maximum amounts of a milk protein variant that is associated by a number of studies with potential benefits in some individuals. A2 Corporation Ltd receives royalty income from sales of A2 Milk products and testing for A2 cattle, and shares in the profits or losses of associates and subsidiaries formed for those purposes. * * * The company suffered consecutive net losses of NZ$6.3 million and NZ$5.08 million for the years ended March 31, 2008 and 2007, respectively. DIRECT SYSTEMS: Commences Liquidation Proceedings ------------------------------------------------- The High Court at Auckland held a hearing on Aug. 20, 2008, to consider an application putting Direct Systems International Limited into liquidation. The application was filed on July 3, 2008, by the Commissioner of Inland Revenue. The plaintiff's address for service is at: Inland Revenue Department Legal and Technical Services 17 Putney Way (PO Box 76198) Manukau, Auckland 2241 Telephone: (09) 985 7274 Facsimile: (09) 985 9473 Sandra Joy North is the plaintiff's solicitor. GROOME AGRICONTRACTS: Commences Liquidation Proceedings -------------------------------------------------------- The High Court at Napier convened a hearing on Aug. 21, 2008, to consider an application putting Groome Agricontracts Ltd. into liquidation. The application was filed on May 13, 2008, by the Commissioner of Inland Revenue. The plaintiff's address for service is at: Elvidge & Partners Corner of Raffles and Bower Streets Napier R. J. Collins is the plaintiff's solicitor. JUN YING: Commences Liquidation Proceedings ------------------------------------------- The High Court at Auckland convened a hearing on Aug. 20, 2008, to consider an application putting Jun Ying Limited into liquidation. The application was filed on July 3, 2008, by the Commissioner of Inland Revenue. The plaintiff's address for service is at: Inland Revenue Department Legal and Technical Services 17 Putney Way (PO Box 76198) Manukau, Auckland 2241 Telephone: (09) 985 7274 Facsimile: (09) 985 9473 Sandra Joy North is the plaintiff's solicitor. PROPERTY PROJECTS: Commences Liquidation Proceedings ---------------------------------------------------- The High Court at Christchurch convened a hearing on Aug. 18, 2008, to consider an application putting Property Projects 11 Limited into liquidation. The application was filed on July 4, 2008, by Kensington Swan. The plaintiff's address for service is at: Kensington Swan Level 9 89 The Terrace Wellington Andrew Cunningham Skelton is the plaintiff's solicitor. PROPERTY PROJECTS 9: Commences Liquidation Proceedings ------------------------------------------------------ The High Court at Christchurch convened a hearing on Aug. 18, 2008, to consider an application putting Property Projects 9 Limited into liquidation. The application was filed on July 4, 2008, by Kensington Swan. The plaintiff's address for service is at: Kensington Swan Level 9 89 The Terrace Wellington Andrew Cunningham Skelton is the plaintiff's solicitor. SCOTT'S SHOT: Tubbs and Gower Appointed as Liquidators ------------------------------------------------------ Pursuant to Section 255(2)(a) of the Companies Act 1993 , the High Court has appointed Stephen John Tubbs, chartered accountant, and Colin Anthony Gower, insolvency practitioner, both of Christchurch, as liquidators of Scott's Shot Productions Ltd. The liquidators can be reached at: BDO Spicers Level 6 Spicer House 148 Victoria Street Christchurch Telephone: (03) 379 5155 Facsimile: (03) 353 5526 Email: colin.prentice@chc.bdospicers.com STRATEGIC: Write-Downs Won't Yet Affect Preference Shareholders --------------------------------------------------------------- Equity write-downs won't yet affect preference shareholders in Strategic Finance Limited, the National Business Review reports, citing Financial Focus director Murray Weatherston. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 21, 2008, Strategic Finance said it expects to make significantly higher levels of impairment and provisioning in Strategic Finance's financial statements for the year ended June 30, 2008, in comparison to the previous financial year. These additional provisions, bad debt write offs and one off adjustments are expected to result in a net operating loss for the year ended June 30, 2008, in the vicinity of NZ$15.5 million. The final amount will be known once KPMG has completed its audit work. After making allowance for these bad debts and provisions, Total Shareholders Funds as at June 30, 2008, are expected to be reported in the vicinity of NZ$73 million. The Business Review says Strategic Finance raised NZ$50 million last year from a preference share issue run by Forsyth Barr that was oversubscribed by 25 per cent. The shares pay a 10.52 per cent interest rate, the report says. According to the Business Review, Mr. Weatherston said the result would not affect the absolute value of preference shares noting that "It reduces the cover that ordinary equity provides to preference equity." Mr. Weatherston added the result was no surprise as the current conditions meant directors would be inclined to be conservative in provisioning for bad loans. About Strategic Finance Headquartered in Wellington, New Zealand, Strategic Finance Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/-- operates as a specialist finance company offering financial services, primarily to the property sector. It has four main business activities: Lending within the property sector; Non- property lending and investments; Corporate advisory and management services, and Underwriting services. Lending within the property sector is its primary activity with a focus on providing finance for property development and property investment activities. It was offering motor vehicle lending under non-property lending and investments. The Company, and in some circumstances through its wholly owned subsidiary Strategic Advisory Limited, provides specialist advisory and management services to the property and corporate sectors for which it receives fee income. It may provide underwriting services. These services include the underwriting of property related share or debt securities offered by a promoter through a registered prospectus. It receives fees for such services. Strategic Finance's parent company, Strategic Investment Group, is wholly owned by an Australian-based finance company Allco HIT Limited. * * * As reported in the Troubled Company Reporter-Asia Pacific on July 18, 2008, a consortium consisting of Strategic Finance's original owners, senior management and BOS International, part of the HBOS Australia group, agreed to indicative non-binding terms with Allco HIT Limited to buy Strategic Investment Group Limited, the immediate parent of Strategic Finance. Strategic Finance's parent company, Strategic Investment Group, is wholly owned by an Australian-based finance company Allco HIT Limited. On Aug. 8, 2008, the TCR-AP reported that Strategic Finance suspended redemptions of its secured debenture stock and subordinated notes. It also ceased accepting subscriptions for debenture stock and subordinated notes under its current prospectus and investment statement. TARANAKI 264: Commences Liquidation Proceedings ----------------------------------------------- The High Court at Christchurch convened a hearing on Aug. 18, 2008, to consider an application putting Taranaki 264 Limited into liquidation. The application was filed on July 4, 2008, by Kensington Swan. The plaintiff's address for service is at: Kensington Swan Level 9 89 The Terrace Wellington Andrew Cunningham Skelton is the plaintiff's solicitor. TRIKEWORKS LTD: Commences Liquidation Proceedings ------------------------------------------------- The High Court at Rotorua held a hearing on Aug. 18, 2008, to consider an application putting Trikeworks Limited into liquidation. The application was filed on May 16, 2008, by Glenn Bayly Motorcycles Limited (trading as MotoGB). The plaintiff's address for service is at: Sharp Tudhope Lawyers 35 Grey Street Tauranga Mark Brandon Beech is the plaintiff's solicitor. ================= S I N G A P O R E ================= ANTAH INDUSTRIES: Creditors' Proofs of Debt Due on September 22 --------------------------------------------------------------- Antah Industries Pte Ltd, which is in voluntary liquidation, requires its creditors to file their proofs of debt by Sept. 22, 2008, to be included in the company's dividend distribution. The company's liquidators are: Chia Soo Hien Leow Quek Shiong c/o BDO Raffles 19 Keppel Road #02-01 Jit Poh Building Singapore 089058 AT & J COMPANY: Creditors to Meet on September 2 ------------------------------------------------ The creditors of AT & J Company Pte Ltd, which is in voluntary liquidation, will meet on September 2, 2008, at 10:30 a.m. At 1 Raffles Place, in #20-02 OUB Centre, Singapore 048616. At the meeting, the creditors will be asked to: * to receive an update on the progress of the liquidation; * to seek approval for the remuneration of the liquidators; and * to consider any other matters which may properly be brought before the meeting. The company's liquidator is: Abuthahir Abdul Gafoor c/o 1 Raffles Place #20-02 OUB Centre Singapore 048616 AVAGO TECHNOLOGIES: US$400 Mil. IPO Cues S&P's Positive Outlook --------------------------------------------------------------- Standard & Poor's Ratings Services has revised its outlook on Singapore-based Avago Technologies Finance Pte. Ltd to positive from stable, following the announcement that parent Avago Technologies Ltd. has filed for a US$400 million IPO. The company will use a portion of the proceeds, estimated at US$240 million, to redeem debt at Avago Technologies Finance. If the IPO is completed, the financial profile of the company will be stronger, with pro forma leverage of under 2x from the current level of 2.4x and replenished liquidity. S&P would consider a higher rating if the IPO is completed and the company's growth strategies and financial policies can sustain the financial profile. The corporate credit and other ratings are affirmed. The ratings on the company reflect its niche market positions and small target markets available to it, given its existing portfolio, growth challenges, and a relatively short operating track record, both at the current financial profile and as an independent company. The company's product line (which produces stable revenues and earnings with minimal product, market, or customer concentration) and moderate leverage for the rating offset these factors. Avago supplies analog semiconductor components to an addressable market of about US$9 billion. Its products range from optoelectronics, light-emitting diodes (LEDs), infrared, and others, to components and application-specific integrated circuit (ASIC) solutions. Markets served include wireless communications, industrial and automotive, wired infrastructure, and consumer and peripherals. The outlook on Avago is positive. The company's light leverage offsets its portfolio of niche products and small markets. "If the proposed US$400 million IPO is completed as planned, we would consider a ratings upgrade, provided that the stronger financial profile is sustained as the company invests for growth," said S&P's credit analyst Lucy Patricola. If Avago withdraws the IPO, there are two potential outcomes. If operating trends are challenging, with declining revenue trends and increasing leverage, S&P would likely revise the outlook to stable. "However, if its recent operating trajectory continues, and the company has delevered to about 2x and could sustain that leverage, we would retain the positive outlook," she continued. GEIC.COM PTE: Requires Creditors to File Claims by September 22 --------------------------------------------------------------- The creditors of GEIC.com Pte Ltd are required to file their proofs of debt by September 22, 2008, to be included in the company's dividend distribution. The company's liquidator is: Chan Kuen Yuee c/o 19 Keppel Road #03-10 Jit Poh Building Singapore 089058 KIAN SENG: Court to Hear Wind-Up Petition on August 29 ------------------------------------------------------ A petition to have Kian Seng Lee (1488) Food Manufacturers Pte Ltd's operations wound up will be heard before the High Court of Singapore on August 29, 2008, at 10:00 a.m. Teck Shin Food Manufacturers Pte Ltd filed the petition against the company on August 6, 2008. Teck Shin's solicitors are: Khattarwong No. 80 Raffles Place #25-01 UOB Plaza 1 Singapore 048624 ========================== S U L T A N A T E O M A N ========================== * Oman Insurance Market Strong Despite Cyclone Gonu, S&P Says ------------------------------------------------------------- In its latest report on the insurance market in the Sultanate of Oman, Standard & Poor's Ratings Services says that despite the heavy losses from Cyclone Gonu in 2007, the sector has much to commend it. "Oman has developed a thriving domestic retail and commercial insurance sector. A buoyant economy and supportive regulatory regime are particular factors in this growth," says S&P's credit analyst David Anthony. The report, titled "Growing Opportunities For Insurance And Reinsurance In The Sultanate of Oman," also looks at the details of the changing regulatory environment and how these will affect the market. "The Capital Markets Authority as Oman's regulator is one of the most respected in the region. We expect the CMA to continue its pragmatic approach to market regulation, moving increasingly to a risk-based capital assessment of insurers' solvency, while avoiding unnecessarily restrictive regulations, thereby allowing the market to continue its positive development," said Mr. Anthony. =========== T A I W A N =========== TAIWAN INT'L: Fitch Affirms BB IDR & Revises Outlook to Stable -------------------------------------------------------------- Fitch Ratings revised the Outlook on Taiwan International Securities Corporation to Stable from Negative, given the company's improved liquidity position and the diminished adverse effect from its overseas reinvestments post the clean-up exercises. At the same time, the agency has affirmed TISC's Long-term foreign currency Issuer Default Rating at 'BB', Short- term IDR at 'B', National Long-term 'BBB+(twn)', National Short- term 'F3(twn)', Individual 'D', Support '5' and Support Rating Floor 'NF'. TISC's TWD5.8bn investments in bonds with re-sell agreement (as of end-Q108) had an adverse impact to its liquidity position because the underlying assets of such investment are illiquid inverse floating-rate structured bonds issued by its affiliate company, Taiwan International Investment Management. However, Fitch notes that the liquidity concern is likely to be reduced, in view of its plan to dispose a portion of these structured bonds by end-2008, with the remaining to be matured before end- Q309. The company's profitability turned around in 2007 with an ROE of 14.4%, with the improvement in earnings most notable in its proprietary trading and brokerage businesses. Meanwhile, unfavourable earnings impact from its overseas operations, TISC Securities (HK) Limited and Taiwan International Futures Corporation have diminished. TISHK has already made substantial provisions in response to its earlier loss-making underwriting take-up, while TIF has set aside adequate reserves for the ongoing lawsuits filed by its former clients. TISC incurred a net loss in H108, with annualized ROE (un- audited) of negative 7.5% due mainly to trading losses amid a sharp market correction. Given the company's reliance on proprietary trading for profits, the heightened market volatility will, in Fitch's view, pose challenges to TISC's 2008 earnings. Nevertheless, the agency considers TISC's financial resources adequate enough to help it weather through likely adverse market disruptions, in view of its relatively small equity investment portfolio and conservatively managed fixed- income portfolio. TISC's statutory capital adequacy ratio was 315% at end-H108, up from 283% at end-2007. * Fitch Ratings Says Consumer Debt Clearance Law Is for Taiwan -------------------------------------------------------------- Fitch Ratings said that the implemented Consumer Debt Clearance Law is positive for the consumer debt market in Taiwan in the long term and will be able to prevent abusive application by borrowers to rid themselves of debt obligations by filing for bankruptcy. "The new bankruptcy law strikes a delicate balance between the interests of creditors and debtors while being able to prevent inappropriate moral hazard among borrowers," said Jonathan Lee, Senior Director in Fitch's Financial Institutions team. "In the wake of the unsecured consumer credit crisis in late 2005, the legislation is a response from the government to offer a legal platform for debt-ridden borrowers, presenting them with an opportunity for a fresh economic start and to rebuild their creditworthiness." Since the inception of the new law in April 2008, the data of bankruptcy filing from the Judicial Yuan to date has shown little signs of abuse from debt-ridden borrowers, a trend which the agency views positively. This can be attributable to moral preventive measures in the new law that include prerequisite counseling with bank creditors before proceeding to file for bankruptcy, retention of creditors' right to property foreclosure in case of mortgage default, punitive and restrictive living conditions imposed on those in debt rehabilitation or liquidation plan, as well as tougher consumer delinquency record-keeping offered by the credit bureau so that borrower delinquency information remains available for a sufficiently long time period for banks to do credit surveillance. Offering as a reference guide on Taiwanese banking regulations, Fitch's latest published prudential regulations report on Taiwanese banks covers five key aspects: capital adequacy (and considerations in its determination and Basel II-related issues); liquidity; asset quality supervision; accounting disclosures; and deposit insurance scheme. ********* 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 ***