/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/081121.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 Friday, November 21, 2008, Vol. 11, No. 232 Headlines A U S T R A L I A 2ND MAINSTREAM ET AL: Declares First and Final Dividend A. C. N. 087 069 ET AL: Members and Creditors Hear Wind-Up Report A.C.N. 007 157 593: Members Receive Wind-Up Report ALLECTIO PTY ET AL: To Declare Final Dividend Today BABCOCK AND BROWN: S&P Junks Issuer Credit Rating From 'BB-' BOLSHE PTY: Commences Liquidation Proceedings BOLLWAY PTY: Declares Dividend BUTTERFINGERS SANDWICH: Members and Creditors Hear Wind-Up Report CHAORDIC ENTERPRISES: Members and Creditors Hear Wind-Up Report CYBERDYNE ET AL: Members & Creditors Receive Wind-Up Report DARBALEEN PTY ET AL: Declare First and Final Dividend DD 000 PTY: Placed Under Voluntary Liquidation ELDERSLIE MTN: S&P Puts Class C Notes' Junk Rating on Neg. Watch JARGI PTY: Declares Final Dividend MEGA HAND: Declares First and Final Dividend PAUL'S RETAIL: To Declare Dividend on December 6 SACH INFRASTRUCTURE: Declares Dividend for Priority Creditors R & K NICHOLSON: Placed Under Voluntary Liquidation RURAL NETWORK: Placed Under Voluntary Liquidation SITE DEVELOPMENT: Placed Under Voluntary Liquidation SUPER FINISH: Placed Under Voluntary Liquidation TERRAPLANET CREDITORS: Declares First and Final Dividend TOURIST PROPERTIES: Members Hear Wind-Up Report C H I N A WUGUDAOCHANG: Files For Bankruptcy Protection * Moody's Keeps Negative Outlook for Chinese Property Developers H O N G K O N G GREAT CHINA: Subject to Ebizal's Wind-Up Petition LEADSKY CANDY: Faces Bank of China's Wind-Up Petition SMART UNION: Wind-Up Petition Hearing Set for December 24 SMART UNION: Court to Hear Wind-Up Petition on December 24 I N D I A AIR INDIA: To Receive Rs4,900-Crore Facility ANKLESHWAR NAGARIK: RBI Cancels License Due to Insolvency DURABUILD TECHNOLOGIES: CRISIL Cuts Bank Facilities Ratings to 'D' ICICI BANK: Fitch Affirms Upper Tier 2 Sub. Debt Rating at 'BB' JET AIRWAYS: May Get Rs 500-Crore Loan from Indian Overseas Bank SYNDICATE BANK: Hikes Interest Rates on Rupee and FC Deposits I N D O N E S I A GARUDA INDONESIA: To Resume Denpasar-Brisbane Route Next Month J A P A N MAZDA MOTOR: Buys Back 6.8% Shares from Ford ORIX-NRL TRUST: S&P Puts Ratings on Classes F to H on Neg. Watch SANYO ELECTRIC: May Incur JPY5 Bil. Expense Due to Product Recall * JAPAN: Trade Deficit Hits JPY63.9 Bil. in October 2008 N E W Z E A L A N D ALUMINIUM CITY: Creditors' Proofs of Debt Due on November 28 APPLIED TEXTURES: Fixes Nov. 28 as Last Day to File Claims ASTRA ENTERPRISES: Court to Hear Wind-Up Petition on November 28 BRNO DEVELOPMENTS: Court to Hear Wind-Up Petition on November 28 C M MORAN ET AL: Fixes Nov. 28 as Last Day to File Claims CITY STOP: Creditors' Proofs of Debt Due on November 28 HANOVER FINANCE: To Repay NZ$552.6 Mil. Principal Over 5 Years IJ DRAINLAYING: Wind-Up Petition Hearing Set for November 24 KUDOS DEVELOPMENTS: Court to Hear Wind-Up Petition on November 25 MICHAEL DRAPER: Fixes November 28 as Last Day to File Claims OUTFITTERS DESIGN: Court to Hear Wind-Up Petition on November 28 ROAM SOLUTIONS: Fixes Nov. 28 as Last Day to File Claims SEQUENT INTERNATIONAL: Fixes Nov. 28 as Last Day to File Claims SOLWAY SERVICE: Wind-Up Petition Hearing Set for November 24 TEAM ABUNDANCE: Fixes November 25 as Last Day to File Claims TNJ HOLDINGS: Court to Hear Wind-Up Petition on November 28 XTREME CONSTRUCTION: Court to Hear Wind-Up Petition on November 28 * NEW ZEALAND: Employment in Manufacturing Continues to Fall P H I L I P P I N E S SAN MIGUEL CORP: Ordered to Pay Asia Brewery PHP133 Million X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= 2ND MAINSTREAM ET AL: Declares First and Final Dividend ------------------------------------------------------- A first and final dividend was declared on Nov. 4, 2008, for the creditors of these companies: -- 2nd Mainstream Pty. Ltd.; -- Pardessa Pty. Ltd.; and -- Footy Knits Pty. Ltd. R. G. Mansell is the companies' liquidator. A. C. N. 087 069 ET AL: Members and Creditors Hear Wind-Up Report ----------------------------------------------------------------- A final meeting was held for the members and creditors on Nov. 12, 2008, for these companies: -- A. C. N. 087 069 065 Pty Ltd; -- Elmark Trading Pty Ltd; -- Michael Morris Salons (Vic) Pty Ltd; -- Night Owl Art & Design Pty Ltd; -- Pinefab Pty Ltd; -- GH Promotions Pty Ltd; and -- Specialised Insurance Services Pty Ltd. At the meeting, the members and creditors received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Richard Judson Judson & Co Chartered Accountants 10 Park Road, 1st Floor Cheltenham, VIC 3192 Telephone:(03) 9585 4155 A.C.N. 007 157 593: Members Receive Wind-Up Report -------------------------------------------------- The members of A.C.N. 007 157 593 Pty Ltd met on Nov. 11, 2008, and heard the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Stephen Robert Dixon BDO Kendalls Business Recovery & Insolvency (NSW-VIC) Pty Ltd Chartered Accountants The Rialto, Level 30 525 Collins Street Melbourne VIC 3000 ALLECTIO PTY ET AL: To Declare Final Dividend Today --------------------------------------------------- A final dividend will be declared today, November 21, 2008, for these companies: -- Allectio Pty Ltd; -- TCG Projects Pty Ltd; and -- The Fab Shop Pty. Ltd. Only creditors who were able to file their proofs of debt by Oct. 17, 2008, will be included in the company's dividend distribution. The company's liquidator is: V. R. Dye Dye & Co. Pty Ltd 165 Camberwell Road Hawthorn East, VIC 3123 BABCOCK AND BROWN: S&P Junks Issuer Credit Rating From 'BB-' ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its long-term issuer credit rating on Australia-based Babcock & Brown International Pty Ltd. to 'CCC+' from 'BB-', reflecting the financial challenges faced by the company, which were highlighted in the restructure announcement. At the same time, the short-term rating was lowered to 'C' from 'B'. The ratings remain on CreditWatch with negative implications, where they were initially placed on Nov. 10, 2008. "The 'CCC+' rating reflects S&P's view of an increased risk that BBIPL will fail to meet its AU$3.1 billion corporate facilities' financial covenants, which was also highlighted in the company's announcement. Should this occur, the banks might accelerate payments under the facilities," Standard & Poor's credit analyst Sharad Jain said. According to Standard & Poor's rating criteria, a rating is likely to be lowered to 'D' if the lenders accelerate the payment of a facility, or restructure a facility in such a way that is deemed by Standard & Poor's as a distressed exchange. For example, a restructure could result in lenders not receiving appropriate compensation. S&P notes that Babcock & Brown intends to negotiate with its lenders for amendments in the corporate bank facilities. Given the global financial market conditions, and BBIPL's recent experience, S&P believes that the company is likely to face significant challenges in selling its assets and businesses, and consequently reducing its debt at the corporate level. To resolve the CreditWatch, S&P plans to meet with the company management to better understand the proposed changes in the bank facilities, BBIPL's asset and business sales plans, ongoing exposure to Babcock & Brown Power, and debt retirement progress. The CreditWatch is expected to be resolved by early next year. BOLSHE PTY: Commences Liquidation Proceedings --------------------------------------------- At an extraordinary general meeting held on September 10, 2008, the members of Bolshe Pty Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Andrew Stewart Reed Hewitt Grant Thornton 215 Spring Street, Level 2 Melbourne, Victoria BOLLWAY PTY: Declares Dividend ------------------------------ A final divided was declared on November 17, 2008, for these companies: -- Bollway Pty. Ltd; and -- Melbourne Place & Finish Pty. Ltd The company's deed administrator is: V.R. Dye Dye & Co. Pty Ltd Chartered Accountants 165 Camberwell Road Hawthorn VIC East 3123 BUTTERFINGERS SANDWICH: Members and Creditors Hear Wind-Up Report ----------------------------------------------------------------- The members and creditors of Butterfingers Sandwich Bar Pty Ltd met on November 10, 2008, and received the liquidators' report on the company's wind-up proceedings and property disposal. The company's liquidators are: Robyn Erskine Peter Goodin Brooke Bird Insolvency Practitioners 471 Riversdale Road Hawthorn East VIC 3123 Telephone:(03) 9882 6666 CHAORDIC ENTERPRISES: Members and Creditors Hear Wind-Up Report --------------------------------------------------------------- The members and creditors of Chaordic Enterprises Pty Limited met on November 10, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. CYBERDYNE ET AL: Members & Creditors Receive Wind-Up Report ----------------------------------------------------------- On October 31, 2008, the members and creditors held meetings for these companies: -- Cyberdyne Industries Pty Ltd; -- Jasist Holdings Pty Ltd; -- Tara Building Services Pty Ltd; -- Harmony Heating & Plumbing Pty Ltd; -- PKJS Holdings Pty Ltd; -- Age Enterprises Pty Ltd; and -- Cam-Tech Systems Pty Ltd. At the meeting, the members and creditors received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Dean Royston Mcveigh Foremans Business Advisors (Southern) Pty Ltd 56-60 Bay Road, Suite 8 Sandringham VIC 3191 DARBALEEN PTY ET AL: Declare First and Final Dividend ------------------------------------------------------ A first and final dividend was declared on November 13, 2008, for these companies: -- Darbaleen Pty Ltd; and -- Denbur Project Managements Pty Ltd The company's liquidator is: Danny Vrkic Jirsch Sutherland & Co - Chartered Accountants PO Box 573 Wollongong NSW 2500 DD 000 PTY: Placed Under Voluntary Liquidation ---------------------------------------------- During a general meeting held on September 23, 2008, the members of DD 000 Pty Ltd resolved to voluntarily liquidate the company's business. The company's liquidator is: Joseph Loebenstein Loebenstein Insolvency Services Pty Ltd 1/191 Balaclava Road Caulfield North VIC 3161 ELDERSLIE MTN: S&P Puts Class C Notes' Junk Rating on Neg. Watch ---------------------------------------------------------------- Standard & Poor's Ratings Services removed the CreditWatch developing placement on the notes issued by Elderslie MTN Trust Series 2006-1. At the same time, the 'A' rating on the Class A notes was affirmed, the rating on the Class B notes was lowered to 'BB' from 'BBB', and the 'CCC' rating on the Class C notes was placed on CreditWatch with negative implications. The rating actions reflect S&P's revised opinion following S&P's observation of the performance of the transaction over the past five months. They also reflect S&P's view on the future servicing of the program. These follow rating actions in July 2008, which occurred in response to the disclosure of a non-remittance of trust funds and the placing of Elderslie Finance Corporation Ltd. in receivership. Since the July payment date, the remaining outstanding receivables have reduced to approximately 20% of the original balance. While the reducing balance has the effect of building-up the percentage of subordination as credit support for the class A and class B notes, the excess spread, which is expected to be generated by the underlying receivables, is diminishing. This has resulted in losses being absorbed through charge-offs to the class D notes, which erodes the available credit support. Prior to Elderslie Finance Corporation Ltd. being placed into receivership, the transaction benefited from the application of excess yield from the underlying receivables to cover any losses experienced and no charge-off to any notes were outstanding; however, since July some of the excess spread has been redirected to cover additional costs incurred by the trust, which has limited its availability to cover losses. The trust's ability to reinstate any charge-offs and recover the non-remittance amount is dependent on the availability and the application of any future excess spread, if any, after covering future losses. Factors that can contribute to diminishing excess spread include continued portfolio losses, uncertainties relating to the future servicing role, and the associated costs and rapid reduction in the receivable balance. Based on these considerations, S&P's current assessment indicates a reduced prospect of recovering the non-remittance amount. The rating assigned to the class A notes is affirmed as the build- up of subordination through the sequential-pay structure has, in S&P's opinion, offset the impacts of charge-offs to the class D notes. The rating assigned to the class B notes has been lowered to 'BB' to reflect the overall diminished credit support due to charge-offs to the class D notes and reduced excess spread. The rating on the class C notes is placed on CreditWatch with negative implication to reflect S&P's view of the increased payment vulnerability due to reduced excess spread. Standard & Poor's continues to monitor the ongoing performance and management of the transaction. Rating Actions Elderslie MTN Trust Series 2006-1 Class Rating to Rating from ----- --------- ----------- A A A/Watch Dev B BB BBB/Watch Dev C CCC/Watch Neg CCC/Watch Dev JARGI PTY: Declares Final Dividend ---------------------------------- Jargi Pty. Ltd. declared final dividend on October 30, 2008. The company's liquidator is: J. Loebenstein Loebenstein Insolvency Services Pty Ltd 1/191 Balaclava Road Caulfield North VIC 3161 MEGA HAND: Declares First and Final Dividend -------------------------------------------- Mega Hand Carwash Cafe Pty Limited declared first and final dividend on November 12, 2008. The company's liquidator is: Mitchell Ball Paladin Partners 120 Sussex Street, Level 3 Sydney NSW 2000 Telephone:(02) 9290 5300 Facsimile:(02) 9290 5399 PAUL'S RETAIL: To Declare Dividend on December 6 ------------------------------------------------ Paul's Retail Pty Limited will declare final dividend on Dec. 6, 2008. Only creditors who were able to file their proofs of debt by Oct. 28, 2008, will be included in the company's dividend distribution. The company's deed administrator is: John Morgan Rodgers Reidy Chartered Accountants 333 George Street, Level 8 Sydney NSW 2000 SACH INFRASTRUCTURE: Declares Dividend for Priority Creditors ------------------------------------------------------------- Sach Infrastructure Australia Pty Ltd declared first and final dividend for priority creditors on November 13, 2008. The company's liquidators are: Robyn Erskine Peter Goodin Brooke Bird Insolvency Practitioners 471 Riversdale Road Hawthorn East VIC 3123 Telephone:(03) 9882 6666 Facsimile:(03) 9882 8855 R & K NICHOLSON: Placed Under Voluntary Liquidation --------------------------------------------------- During a general meeting held on September 25, 2008, the members of R & K Nicholson Investments Pty Ltd resolved to voluntarily liquidate the company's business. RURAL NETWORK: Placed Under Voluntary Liquidation ------------------------------------------------- During a general meeting held on September 26, 2008, the members of Rural Network Pty Ltd resolved to voluntarily liquidate the company's business due to its inability to pay its debts. The company's liquidator is: G. Handberg Rodgers Reidy Chartered Accountants Level 10, 200 Queen Street Melbourne VIC 3000 SITE DEVELOPMENT: Placed Under Voluntary Liquidation ---------------------------------------------------- Site Development Pty Ltd commenced liquidation proceedings on September 18, 2008. The company's liquidator is: K. L. Sutherland Bent & Cougle Pty Ltd Chartered Accountants 332 St Kilda Road, Level 5 Melbourne VIC 3004 SUPER FINISH: Placed Under Voluntary Liquidation ------------------------------------------------ During a general meeting held on September 22, 2008, the members of Super Finish Painting Services Pty Ltd resolved to voluntarily liquidate the company's business due to its inability to pay its debts. The company's liquidator is: Andrew L. Dunner Andrew Dunner & Associates Chartered Accountants 23 Erin Street Richmond VIC 3121 Telephone:(03) 9428 1888 TERRAPLANET CREDITORS: Declares First and Final Dividend -------------------------------------------------------- Terraplanet Creditors Trust declared first and final dividend on November 4, 2008. The company's liquidator is: Bryan Collis O'Brien Palmer Currency House, Level 4 23-25 Hunter Street Sydney NSW 2000 Telephone:(02) 9232 3322 Facsimile:(02) 9232 3388 TOURIST PROPERTIES: Members Hear Wind-Up Report ----------------------------------------------- The members of Tourist Properties Pty Ltd met on October 29, 2008, and received the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: John Bouwman Sincalair Wilson PO Box 217 Warrnambool VIC 3280 ========= C H I N A ========= WUGUDAOCHANG: Files For Bankruptcy Protection --------------------------------------------- Beijing-based instant noodle maker Wugudaochang has sought for bankruptcy protection to continue operations, People's Daily reported citing a local court. The report said that the company's debt started mounting due to excessive expansion and higher prices of raw materials. It has liabilities of over CNY600 million. Citing Wugudaochang's statement submitted to the court, the report related that the company's financial burdens were largely due to higher raw material and advertising costs. According to the report, the company had earlier borrowed CNY10 million from China Construction Bank's Fangshan branch to ensure liquidity. But it failed to repay the amount when the loan matured in April this year. Meanwhile, the report related that a court source told China Daily that the company's survival largely depends on the feasibility of the reorganization plan. If the plan is in line with creditors' interests, they may approve the plan, the source said as cited by the report. According to the report, Wugudaochang is the first instant noodle maker in China which had advocated the healthy "non-fried" concept. The products, launched in 2005, got instant customer recognition and helped it rival other major brands like Tongyi and Kangshifu. * Moody's Keeps Negative Outlook for Chinese Property Developers ---------------------------------------------------------------- Moody's Investors Service has a negative outlook for China's property-development sector over the next 12-18 months as local developers face rising operating uncertainties, a tight credit environment, and high regulatory risk. According to a new report by Moody's, China's rated property developers face critical challenges in the near and medium term. Kaven Tsang, the report's lead author and a Moody's analyst, says, "Contractions in sales volumes, price declines, and land purchases in the first half of the year have caused balance-sheet liquidity and financial profiles to deteriorate to such an extent that Moody's have had to take various negative rating actions over the past six months." The report looks at tight funding, weak demand, and shrinking cash buffers on developers' balance sheets. With regard to funding, Mr. Tsang adds, "Although some developers have access to onshore financing that can partly mitigate the handicap of limited or no offshore credit, increased borrowing from domestic banks presents subordination risks for bondholders." He notes that some developers have been selling assets and equity interests in projects to raise cash and improve their liquidity, but opportunities for doing so have diminished. Potential overseas investors such as property funds have had to repatriate money to the U.S. amid a credit crisis that has starved them of capital. Peter Choy, a Moody's senior credit officer and contributing author, says, "As developers complete projects now under construction, the resulting rise in the supply of new housing will further depress the market." To stabilize the market, Choy points to recent announcements by China's central government to implement tax cuts and relax restrictions on mortgages as well as steps by local governments to encourage home purchases. However, Mr. Choy says, "The impact of these actions remains unknown, and uncertainty over how regulators will approach the problem in the future has exposed developers to high regulatory risks." He notes, "Moody's looks at financial discipline as the key determinant for ratings to ensure that issuers can withstand the challenging market environment and preserve their credit and liquidity profiles." =============== H O N G K O N G =============== GREAT CHINA: Subject to Ebizal's Wind-Up Petition ------------------------------------------------- On August 11, 2008, Ebizal Holdings Limited filed a petition to have Great China Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on November 26, 2008, at 9:30 a.m. Ebizal's solicitor is: Kennedys The Hong Kong Club Building, 11th Floor 3A Chater Road, Central Hong Kong LEADSKY CANDY: Faces Bank of China's Wind-Up Petition ----------------------------------------------------- On October 27, 2008, Bank of China (Hong Kong) Limited filed a petition to have Leadsky Candy Professional Products Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on December 31, 2008, at 9:30 a.m. Bank of China's solicitors are: Gallant Y.T. Ho & Co. Jardine House, 5th Floor No. 1 Connaught Place Central, Hong Kong SMART UNION: Wind-Up Petition Hearing Set for December 24 --------------------------------------------------------- A petition to have Smart Union Group Limited's operations wound up will be heard before the High Court of Hong Kong on December 24, 2008, at 9:30 a.m. The petitioner's solicitor is: JSM Prince's Building, 18th Floor 10 Chater Road, Central Hong Kong SMART UNION: Court to Hear Wind-Up Petition on December 24 ---------------------------------------------------------- A petition to have Smart Union China Investments Limited's operations wound up will be heard before the High Court of Hong Kong on December 24, 2008, at 9:30 a.m. The petitioner's solicitor is: JSM Prince's Building, 18th Floor 10 Chater Road, Central Hong Kong ========= I N D I A ========= AIR INDIA: To Receive Rs4,900-Crore Facility -------------------------------------------- State-owned Air India is set to receive a US$1 billion (Rs 4,900 crore) loan, Manisha Singhal at Business Standard reports. According to the report, Air India is raising funds to buy 23 new aircraft and is in discussions with a consortium of UK-based Barclays and promotional bank for German and European countries KFW, and with Deutsche Bank. The deal is expected to be finalised in a week, the report says. Business Standard notes that Air India is projected to make a loss of Rs 2,500 crore and the airline has sought a bail-out package which includes Rs 2,350 crore in equity infusion and a soft loan from the government. Air India -- http://www.airindia.com/-- transports passengers throughout India and to more than 40 destinations throughout the world. Affiliate Air India Express operates as a low-fare carrier, mainly between India and destinations in the Middle East, and Air India Cargo provides freight transportation. The government of India has merged Air India with another state- controlled carrier, Indian Airlines, which has focused on domestic routes. The combined airline, part of a new holding company called National Aviation Company of India, uses the Air India brand. The new Air India and its affiliates have a fleet of more than 110 aircraft altogether. Air India and Indian Airlines posted a combined net loss of Rs.688 crore for the financial year ended March 2007, according to The Financial Express. ANKLESHWAR NAGARIK: RBI Cancels License Due to Insolvency --------------------------------------------------------- The Reserve Bank of India has ordered the cancellation of Ankleshwar Nagarik Sahakari Bank Ltd's license after examining all options for the bank's revival. Subsequent to the cancellation of license, RBI ordered the Registrar of Co-operative Societies to wind up Ankleshwar Nagarik Sahakari Bank and appoint a liquidator for the bank. RBI's decision came after determining that the Bank has ceased to be solvent and has already caused inconvenience to its depositors due to mismanagement of the Bank's affairs. According to RBI, Ankleshwar Nagarik Sahakari Bank's financial statements as of March 31, 2007, revealed that its financial position was precarious. RBI had issued a notice to the bank on June 3, 2008, asking it to show cause as to why the license granted to it to conduct banking business should not be cancelled. As the Bank did not have a viable plan of action for its revival and the chances of its revival were remote, RBI cancelled the Bank's license in the interest of its depositors. With the cancellation of its license and commencement of liquidation proceedings, the process of paying the Bank's depositors was set in motion subject to the terms and conditions of the Deposit Insurance Scheme. DURABUILD TECHNOLOGIES: CRISIL Cuts Bank Facilities Ratings to 'D' ------------------------------------------------------------------ CRISIL has revised its ratings on Durabuild Technologies Pvt Ltd's bank loan ratings to 'D/ P5' from 'BB/Stable/P4', as the company has defaulted in repaying its term loans. Bank Loan Facility Amount Rating ------------------ ------ ------ Term Loan (Existing) Rs.506.6 Million D (Revised from BB/Stable) Term Loan (Proposed) Rs.123.4 Million D (Revised from BB/Stable) Cash Credit Rs.280.0 Million D (Revised from BB/Stable) Letter of Credit Rs.110.0 Million # P5 (Revised from P4) Bank Guarantee P5 (Revised from P4) Buyer�s Credit P5 (Revised from P4) # Interchangeable between Letter of Credit/ Bank Guarantee/ Buyer�s Creditt About Durabuild Durabuild, promoted by Shri Kishore Musale, is a manufacturer of ACPs. The company began operations in 2004 by trading in ACPs, and later set-up its own manufacturing plant. The company has an installed capacity to produce 2 Million Square Meters Per Annum (MSMPA) of ACPs. Further, as a part of backward integration process, Durabuild commissioned a Coil Colour Coating plant in June 2007, with estimated capacity of 13 MSMPA. The coated coils are an intermediate step in the production process for ACPs. ACP is a modern cladding material used for external facades and interiors. It is used primarily in the construction and real estate industries where the product is used for cladding the exterior walls, columns, roofs, canopy, shop fronts, elevation of buildings etc. ICICI BANK: Fitch Affirms Upper Tier 2 Sub. Debt Rating at 'BB' --------------------------------------------------------------- Fitch Ratings has affirmed ICICI Bank Ltd.'s Long-term Foreign Currency Issuer Default Rating at 'BBB-, Short-term Foreign Currency IDR at 'F3' and Support Rating Floor at 'BBB-'. Simultaneously the Individual rating and Support ratings were affirmed at 'C' and '2', respectively, although both these ratings face downward pressure. The agency has also affirmed its Long- term senior debt rating at 'BBB-' and Long-term rating of its perpetual hybrid debt and Upper Tier 2 subordinated debt at 'BB'. The Outlook is Stable. The Individual rating may be downgraded if the bank's asset quality, which is already showing signs of weaknesses, deteriorates significantly more than anticipated, at this current juncture. This may put further pressure on the bank's funding, particularly for its growing international business, where market borrowings have a relatively large share and refinancing risk has already increased steeply, possibly leading to a liquidity problem. At present, such risks seem to be contained, partly due to the foreign currency liquidity offered to Indian banks by the Reserve Bank of India, leading to the affirmation of its Individual rating. The Support rating may also come under pressure, should the ability of the provider of support, the Indian sovereign, ('BBB minus', Local currency Outlook Negative) in an extreme situation, were to weaken in future. At present, ICICI's Support Rating Floor remains unchanged at 'BBB-' and its Long-term IDR Outlook is currently Stable, but as previously noted, the downside risks have become more pronounced. In Fitch's opinion, ICICI Bank enjoys strong support from the government (subject to the constraints imposed by India's own sovereign rating) thanks to its systemic importance as India's second largest domestic bank, and its long-term rating is also at its Support Floor. Although the bank's financial profile has weakened over the past year or so, and its performance has been affected by rising provisions in both its loans and investment portfolio, its overall financial condition still remains adequate. In particular, the bank's capital ratios were still quite strong (Tier-1 ratio: 11% and Total CAR: 14% as at September 2008) due to an infusion of common equity of about USD5bn in mid-2007. Furthermore, the quality of capital was also strong with hybrid Tier-1 securities constituting only about 7% of the bank's Tier-1 capital. The relatively strong loss absorption ability, together with the strong diversity in the bank's interest and fee incomes, is expected to provide greater resilience to ICICI to negotiate a downturn in the economic cycle. The near-term challenge for ICICI however, is to overcome the shrinking funding options, particularly in foreign currencies for its international business. While the bank's existing contractual foreign currency capital market bonds repayment during the next two years can be met from its internal liquidity if necessary, the bank remains vulnerable to market disruptions given the higher proportion of wholesale funds (including in its domestic business) that it relies on. Although the share of customer deposits in the bank's UK and Canada subsidiaries have grown impressively, the UK subsidiary has been affected by rising actual and mark-to-market provisions in its investment portfolio, which resulted in a loss during H12009. More write-downs and continued market turmoil have the potential to further impair confidence, and in an extreme situation, even damage ICICI's deposit base in its international subsidiaries. In line with a gradually deteriorating macro economy, but due more to its own aggression in certain consumer business segments, ICICI's asset quality has been deteriorating over the past year or so, particularly in the consumer loan portfolio (55% of total loans) that had grown rapidly between FY04 and FY08. Its gross NPL ratio at 4% at end-September 2008 was the highest amongst its peer rated banks in India. This ratio may further worsen given the slowdown in economic growth over the next year or two, particularly if exposures to the corporate sector are also affected. However, the bank's loan loss coverage of 58% at end- Sept 2008 and high capitalization resulted in its net NPL to equity ratio to be still fairly low (about 9% at end-September 2008), providing some cushion before the bank's solvency is compromised in a significant manner; notably the bank has slowed down growth in its consumer loans for about a year which may somewhat mitigate the deterioration in its asset quality in future. Therefore, from a fundamental standpoint, ICICI's financial condition still remains adequate, although its less stable funding profile and an aggressive pursuit of growth in the last 5 - 6 years, makes it more vulnerable to market disruptions. ICICI's network of 1,300 branches and nearly 4,000 ATMs is spread across India, while its international operations are primarily in Asia, the UK, US and Canada. JET AIRWAYS: May Get Rs 500-Crore Loan from Indian Overseas Bank ---------------------------------------------------------------- Manisha Singhal at Business Standard reports that Jet Airways (India) Ltd is close to striking a deal for a Rs 500-crore loan from Indian Overseas Bank (IOB). Apart from the loan from IOB, the report says, Jet is also believed to have secured another funding of Rs 1,000 crore from the Abu Dhabi government investment firm Mubadala Development Company. Though the interest rates and tenure at which these loans have been negotiated is not immediately known, it is believed that IOB has offered Jet a competitive deal, the report relates. According to Business Standard, Jet Airways needs funds for working capital and is struggling with dues to oil companies and airport operators. About Jet Airways (India) Ltd Jet Airways (India) Ltd currently operates a fleet of 84 aircraft, which includes 10 Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52 classic and next generation Boeing 737- 400/700/800/900 aircraft and 11 modern ATR 72-500 turboprop aircraft. With an average fleet age of 4.34 years, the airline has one of the youngest aircraft fleet in the world. Jet Airways operates over 395 flights daily. Flights to 64 destinations span the length and breadth of India and beyond, including New York (both JFK and Newark), San Francisco, Toronto, Brussels, London (Heathrow), Hong Kong, Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu, Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai. The airline plans to extend its international operations to other cities in North America, Europe, Africa and Asia in phases with the introduction of additional wide-body aircraft into its fleet. * * * As reported in the Troubled Company Reporter-Asia Pacific on October 29, 2008, Jet Airways (India) Ltd posted a net loss from ordinary Activity After Tax of Rs.3845.30 million for the quarter ended Sept. 30, 2008 as compared to net profit of Rs.283.60 million for the quarter ended Sept. 30, 2007. Total Income increased from Rs.22541.10 million for the quarter ended Sept. 30, 2007 to Rs.32580.40 million for the quarter ended Sept. 30, 2008. The company blamed the loss on high fuel and other operating costs and lower load factors resulting into lower revenues than expected. For the current quarter, Jet Airways' fuel expenses more than doubled to Rs.168,781 lac from Rs.69,595 lac in the same period last year. SYNDICATE BANK: Hikes Interest Rates on Rupee and FC Deposits ------------------------------------------------------------- Syndicate Bank has increased interest rates on rupee and foreign currency deposits by non-resident with effect from Monday, November 17, Trading Markets reports. Interest rates on NRE term deposits for a period of one year to less than two years have been revised to 4.92 per cent, two years to less than three years to 4.41 per cent and for three up to five years to 4.89 per cent, the report says citing Syndicate Bank's statement. In case of FCNR(B) deposits, the interest rate for USD deposits for tenure of one year to less than two years is 4.17 per cent, for 2 years to less than 3 years is 3.66 per cent, for 3 years to less than 4 years is 4.14 per cent, for 4 years to less than 5 years is 4.49 per cent and for 5 years it is 4.76 per cent, the report adds. The rate of interest for the tenure one year one day on GBP deposits is 7.01 per cent, on Euro deposits is 5.87 per cent, on CAD deposits is 4.17 per cent and on AUD deposits is 7.28 per cent, the statement cited by Trading Markets said. Syndicate Bank Ltd -- http://syndicatebank.in/-- provides a range of banking services. The bank's services include deposits, loans, recoveries and electronic funds transfer. The bank has also tied up with United India Insurance Company to provide general insurance. As of March 31, 2006, the bank had 2006 branches. The bank has 38 specialized branches, which focus on business segments, such as small and medium enterprises. * * * As reported in the Troubled Company Reporter-Asia Pacific on Feb. 20, 2008, Moody's Investors Service assigned a bank financial strength rating of D+ to Syndicate Bank, as well as A3 long-term and Prime-1 short-term global local currency deposit ratings and Ba2 long-term and Not Prime short-term foreign currency deposit ratings. The outlook on all ratings is stable. This is the first time Moody's has assigned ratings to Syndicate Bank. ================= I N D O N E S I A ================= GARUDA INDONESIA: To Resume Denpasar-Brisbane Route Next Month -------------------------------------------------------------- Garuda Indonesia Indonesia will reopen the Denpasar-Brisbane route next month, The Jakarta Post reports citing president director Emirsyah Satar. According to the Post, Emir said demand for direct flights between the two cities had recovered after it plummeted following the second Bali bombing in 2005, which then led to the termination of the route. Garuda, the report says, currently fly to four cities in Australia with twice a week flights to Perth, 21 per week to Perth, six per week to Sydney and five flights per week to Melbourne, and plans a three flights a week to Brisbane. About Garuda Indonesia Headquartered in Jakarta, Indonesia, government-owned airline PT Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently has a fleet of about 77 aircraft offering service to some 27 domestic and 33 international destinations. Under its Citilink brand, it serves 10 other domestic routes. Garuda also ships about 200,000 tons of cargo a month and operates a computerized tracking system. * * * The Troubled Company Reporter-Asia Pacific reported on March 18, 2008, that PT Garuda Indonesia is slated to complete the restructuring of its US$800 million debts, including US$500 million to the European Credit Agency, in the first semester of this year. As part of efforts to boost efficiency, since Jan. 15, Garuda had halted the operation of its budget-carrier Citilink pending a reorganization of the division. The TCR-AP reported on Sept. 6, 2007, that Garuda was saddled with a debt of around US$750 million of which US$475 million was owed to the European Credit Agency. The airline was affected by plunging arrivals on the resort island of Bali, where tourists have been killed in bomb attacks in 2002 and 2005. It also suffered from soaring global oil prices, a weakening of the Indonesian rupiah and rising interest rates. ========= J A P A N ========= MAZDA MOTOR: Buys Back 6.8% Shares from Ford -------------------------------------------- Mazda Motor Corporation bought back 6.8% of its own shares for JPY17.8 billion from Ford Motor Co, various reports say. As reported by the Troubled Company Reporter-Asia Pacific on November 19, 2008, Bloomberg News and The Associated Press said Ford Motor sold 20 percent of its stake in Mazda for an estimated JPY50 billion (US$517 million) to raise cash. Bloomberg News, citing Nikkei newswire, said the shares will be also purchased Sumitomo Corp., Itochu Corp. and five insurance companies. According to Bloomberg News, Ford has been an investor in Japan's fifth-largest automaker since 1979. The companies jointly own factories and Ford has based midsized models such as the Fusion sedan on the Mazda6. Bloomberg News added Ford formed an automatic-transmission joint venture with Mazda in 1969 and acquired a 25 percent stake in the Japanese automaker in 1979. Ford took effective control of Mazda in May 1996, raising its stake to 33.4 percent. Suffering from debt and excess capacity, Mazda lost JPY102 billion in the three years through March 1996. Over the last decade, Ford helped engineer a turnaround at once- struggling Mazda, sending executives and sharing technology and auto parts to cut costs, the AP recalled. 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. 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. About Mazda Motor Headquartered in Hiroshima Prefecture, in Japan, Mazda Motor Corporation -- http://www.mazda.co.jp/-- together with its subsidiaries and associates, is primarily involved in the manufacture and distribution of automobiles. The company manufactures passenger cars and commercial vehicles. Mazda Motor distributes its products in both domestic and overseas markets. The company has 58 subsidiaries. It has overseas operations in the United States, Canada, Mexico, Germany, Belgium, France, the United Kingdom, Switzerland, Portugal, Italy, Spain, Austria, Russia, Columbia, New Zealand, Thailand, Indonesia and China. The company has a global network. * * * Mazda Motor continues to carry Standard & Poor's "BB" long-term corporate credit and long-term senior unsecured debt ratings. ORIX-NRL TRUST: S&P Puts Ratings on Classes F to H on Neg. Watch ---------------------------------------------------------------- Standard & Poor's Ratings Services placed its ratings on the class F to H trust certificates issued under the ORIX-NRL Trust 14 transaction on CreditWatch with negative implications. At the same time, Standard & Poor's affirmed its ratings on the class A, B, C, D, E, and X certificates. The CreditWatch placements reflect uncertainty over the likely collection amounts from the sale of collateral properties relating to two of the transaction's underlying loans, which have defaulted. This uncertainty is tied to the recent deterioration in the Japanese real estate market. The two aforementioned loans, which are backed by six real estate properties (such as residential and office buildings), account for about 19.6% of the initial total issue amount of the commercial mortgage-backed securities. Recovery procedures relating to the collateral properties are now underway, in accordance with rules specified in the servicing agreement and the trust agreement. Standard & Poor's intends to review the ratings on the class F to H trust certificates after examining the progress of recovery from the collateral properties and reports to be submitted by the transaction servicer, including information on the estimated collection amount from the aforementioned loans. The affirmations, meanwhile, are based on the expected collection amounts for these certificates, and the credit support provided by the subordinated tranches through the senior-subordinated structure of the transaction. This is a multi-borrower CMBS transaction. The trust certificates were initially secured by 10 nonrecourse loans and specified bonds (tokutei shasai) extended to eight obligors, which are ultimately backed by 39 real estate certificates and real estate properties. The transaction was arranged by ORIX Corp., and ORIX Asset Management & Loan Services Corp. is the transaction servicer. Ratings Placed on CreditWatch Negative ORIX-NRL Trust 14 JPY20.7 billion class A-X trust certificates due December 2014 Class To From Current Balance Initial Balance ----- -- ---- --------------- --------------- F BB/Watch Neg BB JPY0.5 bil. JPY0.5 bil. G BB-/Watch Neg BB- JPY0.1 bil. JPY0.1 bil. H B/Watch Neg B JPY0.2 bil. JPY0.2 bil. Ratings Affirmed Class Rating Current Balance Initial Balance ----- ------ --------------- --------------- A AAA JPY13.60091 bil. JPY15.7 bil. B AA JPY2.0 bil. JPY2.0 bil. C A JPY1.2 bil. JPY1.2 bil. D BBB JPY0.7 bil. JPY0.7 bil. E BBB- JPY0.3 bil. JPY0.3 bil. X* AAA JPY20.7 bil. (notional principal) * Interest only SANYO ELECTRIC: May Incur JPY5 Bil. Expense Due to Product Recall ----------------------------------------------------------------- Japan Times reports that Sanyo Electric Co. is recalling its Top Open Drum series of washer-dryers after four more accidents involving the products were reported to the Ministry of Economy, Trade and Industry. According to the report, Sanyo said it will implement a recall of 279,583 units of the top open drum-type washer-dryer for free repairs after finding that four of the products had caught fire or belched smoke. The report notes that products subject to the recall are the AWD- A845Z model and eight other models, manufactured between April 2002 and January 2006. The company estimates it will incur an additional one-time expense of some JPY5 billion as a result of the recall, the report says. About Sanyo Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. -- http://www.sanyo.com/-- is one of the world's leading manufacturers of consumer electronics products. The company has global operations in Brazil, Germany, India, Ireland, Spain, the United States and the United Kingdom, among others. * * * The company continues to carry Standard & Poor's Ratings' 'BB' long-term corporate credit rating. The company also carries Fitch Ratings' BB+ LT Issuer Credit and Unsecured Debt ratings. * JAPAN: Trade Deficit Hits JPY63.9 Bil. in October 2008 -------------------------------------------------------- Japan registered a trade deficit of JPY63.9 billion in October, Xinhua News Agency reports citing the Finance Ministry. Citing a preliminary report, Xinhua says exports declined 7.7 percent to JPY6,926.1 billion, while imports advanced 7.4 percent to JPY6,990.1 billion. The trade surplus with the United States was down 27.5 percent, while that with the rest of Asia plunged 38.7 percent, Xinhua says. Xinhua states that the trade data are measured on a customs- cleared basis before adjustments for seasonal factors. ==================== N E W Z E A L A N D ==================== ALUMINIUM CITY: Creditors' Proofs of Debt Due on November 28 ------------------------------------------------------------ The creditors of Aluminium City (South Auckland) Ltd. are required to file their proofs of debt by November 28, 2008, to be included in the companies' dividend distribution. The company's liquidators are: Arron Leslie Heath Michael Lamacraft Meltzer Mason Heath, Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 Telephone:(09) 357 6150 Facsimile:(09) 357 6152 APPLIED TEXTURES: Fixes Nov. 28 as Last Day to File Claims ---------------------------------------------------------- The creditors of Applied Textures (1997) Ltd. are required to file their proofs of debt by November 28, 2008, to be included in the companies' dividend distribution. The company commenced liquidation proceedings on October 24, 2008. The company's liquidator is: Murray G. Allott 111 Bealey Avenue, Christchurch 8013 PO Box 29432, Christchurch 8540 Telephone:(03) 365 1028 Facsimile:(03) 365 6400 e-mail: murray@profitco.co.nz ASTRA ENTERPRISES: Court to Hear Wind-Up Petition on November 28 ---------------------------------------------------------------- A petition to have Astra Enterprises Ltd.'s operations wound up will be heard before the High Court of Auckland on November 28, 2008, at 10:00 a.m. Maureen and Kelvin Manley filed the petition against the company on September 2, 2008. The Petitioners' solicitor is: Tania C. Goatley Bell Gully Vero Centre, Level 22 48 Shortland Street PO Box 4199, Auckland BRNO DEVELOPMENTS: Court to Hear Wind-Up Petition on November 28 ---------------------------------------------------------------- A petition to have BRNO Developments Ltd.'s operations wound up will be heard before the High Court of Auckland on November 28, 2008, at 10:00 a.m. Landsdale Development Limited filed the petition against the company on September 22, 2008. Landsdale Development's solicitor is: Peter J. Crombie c/o Cooney Lees Morgan, Solicitors 87 First Avenue PO Box 143, Tauranga 3140 Telephone:(07) 578 2099 Facsimile:(07) 578 1433 C M MORAN ET AL: Fixes Nov. 28 as Last Day to File Claims --------------------------------------------------------- The creditors of C M Moran Limited and Polaris Properties Limited are required to file their proofs of debt by November 28, 2008, to be included in the companies' dividend distribution. The companies' liquidators are: Vivien Judith Madsen-Ries David Stuart Vance Deloitte Deloitte House, Level 8 8 Nelson Street, Auckland 1010 Telephone:(09) 309 4944 Facsimile:(09) 309 4947 CITY STOP: Creditors' Proofs of Debt Due on November 28 ------------------------------------------------------- The creditors of City Stop Railway Pie Kart 2007 Ltd. are required to file their proofs of debt by November 28, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 22, 2008. The company's liquidator is: Richard Hudson 44 Victoria Street, Level 7 (PO Box 10788), Wellington Telephone:(04) 472 3560 Facsimile:(04) 472 3564 HANOVER FINANCE: To Repay NZ$552.6 Mil. Principal Over 5 Years -------------------------------------------------------------- Hanover Finance disclosed details of its Debt Restructure Proposal, which includes the injection by shareholders Mark Hotchin and Eric Watson of up to NZ$96 million of cash and property assets. Under the Proposal, which will be voted on at a meeting of investors in Auckland on December 9, 2008, Hanover said it aims to: -- Repay all principal to secured deposit investors (being Hanover Finance Limited (HFL) Secured Depositors and United Finance Limited (UFL) Secured Stockholders) over five years through quarterly payments commencing in March 2009; -- Repay HFL Subordinated Noteholders (who are currently fully subordinated to the HFL Secured Depositors) 50 cents for each dollar of principal after all HFL Secured Depositors have been repaid their principal amounts; -- Repay Hanover Capital Limited Bondholders (who are currently structurally subordinated to both the HFL Secured Depositors and HFL Subordinated Noteholders) 50 cents for each dollar of principal after all HFL Secured Depositors and HFL Subordinated Noteholders have been repaid their principal amounts; and -- Retain Hanover management's significant expertise in property and property financing. In respect of UFL, there is an expectation that repayments will accelerate where market conditions allow. In addition, there is provision for interest to be paid to HFL Secured Depositors and UFL Secured Stockholders at the end of the five year period depending on the final outcome of total assets realized over the period of the respective company's restructuring. The central plank of the Proposal is the commitment of up to NZ$96 million of cash and property assets by the shareholders, which becomes available only if investors vote in favor of the Proposal. Hanover said independent appraisals commissioned by the trustees on behalf of the investors, and undertaken by PricewaterhouseCoopers and Korda Mentha, support the Debt Restructuring Proposal in their view that investors will most likely recover more of their capital through implementation of the Proposal than they would from receivership. Hanover's Chairman, Greg Muir, said he believed the Proposal was the best way forward for investors in the context of the current turmoil in financial markets both locally and globally. "Our management and board have worked closely with the shareholders, trustees and advisors to develop a restructuring plan that enables repayments to be made to investors over a realistic timeframe given current market conditions. It is a plan that offers investors the chance of maximizing their recovery of principal" Mr. Muir said. "We are putting this Proposal forward in the belief that the liquidity difficulties being experienced throughout the financial sector will correct over time. Our objective then is to ensure that all borrowers, lenders and equity providers are able to survive in the interim and be there when the markets correct." "To that end, the shareholders are looking to stand firmly behind HFL and UFL by investing further cash and property assets, with the objective of supporting investors and preserving value. I commend the shareholders for standing behind the companies." "It is important to note that if the Proposal wins investor support the cash and property assets are locked in. So investors would still get the benefit of these assets if the companies fail to meet their repayment schedules over the longer term and the trustees put them into receivership at a later date. Also, the shareholders will only get to realise their investment in each company once the agreed repayment schedule is completed." Details of the shareholders' support package include: -- NZ$36 million of cash, being an immediate NZ$10 million to be held in a solicitor's trust account and applied to principal payment obligations when and if required and NZ$26 million in cash to be applied to debt reduction in the Axis Property Group; -- Commitment to provide a further NZ$20 million by way of personal guarantees from the shareholders that becomes available if required to meet the repayment schedule from 2010 onwards; and -- NZ$40 million of equity in a portfolio of property assets in Axis Property Group including, inter alia, sections and development land at Matarangi Beach in Coromandel and property in Queenstown, Christchurch and Auckland. Hanover's Chief Executive Officer, Peter Fredricson, said the Debt Restructure Proposal was a clear and compelling alternative to receivership. "After working up the options, we do not believe that a receivership would be in the best interests of investors for a number of reasons, including: -- Investors would not receive the benefits arising from the extra financial commitment by the shareholders; -- The cost of realizing loans made by the companies would be higher than the equivalent costs of continuing loan recovery with existing employees - particularly in the first two years; and -- A receivership would encourage borrowers in the belief - apparent from existing feedback - that they would be able to negotiate a lower level of repayment if a receiver is appointed." "The view that the Debt Restructuring Proposal is superior to receivership is supported by both PricewaterhouseCoopers and Korda Mentha in their independent appraisals," he said. PricewaterhouseCoopers, in its appraisal, said of the secured investors in HFL and UFL: "Overall, we consider that the Debt Restructuring Proposal offers...a greater prospect of recovering all or a larger part of their investment compared to an immediate receivership." Mr. Fredricson said that since Hanover had ceased accepting investments and making repayments in July this year, investors and intermediaries had shown a great deal of support for a restructuring plan. "Now the Proposal has been finalized, we will be holding a series of investor meetings around the country in the next two weeks as we lead up to the vote on December 9. At the end of the day, it will be the investors who decide whether this plan goes forward or not." Shareholder Mark Hotchin said he would never have envisaged that Hanover, with its very strong loan portfolio and Fitch credit rating for Hanover Finance Limited, would be in the current position. "These are extraordinary times for financial and property markets both here and internationally. I think the restructuring package we have come up with is a good one. It will provide Hanover and its various investor groups with the flexibility needed to come out of the current financial crisis in one piece." "We have a strong management team led by Peter Fredricson and good assets. I will be working with the team to do all we can to successfully implement this restructure proposal." Investors as at June 30, 2008 * Hanover Finance Limited - approximately 13,800 secured depositors with NZ$485.1 million of secured deposits * United Finance Limited - approximately 2,575 secured depositors with NZ$67.5 million of secured deposits * Hanover Finance Limited - approximately 125 subordinated noteholders with NZ$2.2 million of unsecured notes * Hanover Capital Limited - approximately 1130 preferential bondholders with NZ$24.2 million of bonds About HFL Hanover Finance Limited -- http://www.hanover.co.nz/-- is NZ's third-largest privately-owned finance company with total assets of NZD796 million at 31 December 2007. The company was established in 1984 to provide finance to the rural sector and began lending to property developers and investors in 1995. The loan portfolio has been gradually downsized since 2006 as a result of a more cautious approach to lending in the face of retail funding constraints. * * * As reported in the Troubled Company Reporter-Asia Pacific on Sept. 2, 2008, Fitch Ratings affirmed and simultaneously withdrawn the ratings of Hanover Finance Limited'Long-term and Short-term foreign currency Issuer Default Ratings of 'D', Individual rating of 'F', Support rating of '5' and the Support Rating Floor of 'NF'. A Long-term foreign currency IDR of 'D' indicates that HFL has defaulted on its financial obligations. The withdrawal of the ratings recognizes that HFL is no longer accepting new debentures and is seeking to implement a debt restructure plan for existing debenture holders. As a result, Fitch will no longer provide analytical coverage. IJ DRAINLAYING: Wind-Up Petition Hearing Set for November 24 ------------------------------------------------------------ A petition to have IJ Drainlaying Ltd.'s operations wound up will be heard before the High Court of Wellington on November 24, 2008, at 10:00 a.m. Maccaferri NZ Limited filed the petition against the company on October 16, 2008. Maccaferri's solicitor is: Tania C. Goatley Level 22, Bell Gully Vero Centre, 48 Shortland Street PO Box 4199, Auckland KUDOS DEVELOPMENTS: Court to Hear Wind-Up Petition on November 25 ----------------------------------------------------------------- A petition to have Kudos Developments Ltd.'s operations wound up will be heard before the High Court of Gisborne on November 25, 2008, at 10:00 a.m. Brother International (NZ) Limited filed the petition against the company on September 23, 2008. Brother International's solicitor is: G. J. Toebes PO Box 2694, Wellington Wellington MICHAEL DRAPER: Fixes November 28 as Last Day to File Claims ------------------------------------------------------------ The creditors of Michael Draper Design Ltd. are required to file their proofs of debt by November 28, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on October 29, 2008. The company's liquidator is: John Michael Gilbert c/o C & C Strategic Limited Ponsonby, Auckland Telephone:(09) 376 7506 Facsimile:(09) 376 6441 OUTFITTERS DESIGN: Court to Hear Wind-Up Petition on November 28 ---------------------------------------------------------------- A petition to have Outfitters Design Ltd.'s operations wound up will be heard before the High Court of Auckland on November 28, 2008, at 10:00 a.m. Tradestaff Group Limited filed the petition against the company on September 19, 2008. Tradestaff Group's solicitor is: Kevin Patrick Mcdonald Takapuna Towers, Level 11 19-21 Como Street PO Box 331065, Takapuna, Auckland Telephone:(09) 486 6827 Facsimile:(09) 486 5082 ROAM SOLUTIONS: Fixes Nov. 28 as Last Day to File Claims -------------------------------------------------------- The creditors of Roam Solutions Ltd. are required to file their proofs of debt by November 28, 2008, to be included in the companies' dividend distribution. The companies' liquidators are: Kevin Warwick Bromwich John Trevor Whittfie1d McDonald Vague PO Box 6092, Wellesley Street Auckland 1141 Telephone:(09) 303 0506 Facsimile:(09) 303 0508 Website: http://www.mvp.co.nz SEQUENT INTERNATIONAL: Fixes Nov. 28 as Last Day to File Claims --------------------------------------------------------------- The creditors of Sequent International Ltd. are required to file their proofs of debt by November 28, 2008, to be included in the companies' dividend distribution. The company's liquidators are: Arron Leslie Heath Michael Lamacraft Meltzer Mason Heath, Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 Telephone:(09) 357 6150 Facsimile:(09) 357 6152 SOLWAY SERVICE: Wind-Up Petition Hearing Set for November 24 ------------------------------------------------------------ A petition to have Solway Service Station (2000) Ltd.'s operations wound up will be heard before the High Court of Wellington on November 24, 2008, at 10:00 a.m. Rockgas Limited filed the petition against the company on Oct. 24, 2008. Rockgas Limited's solicitor is: Amy Marie Hutton Receivables Management (NZ) Limited Level 8, 7 City Road Auckland Facsimile:(09) 919 3697 TEAM ABUNDANCE: Fixes November 25 as Last Day to File Claims ------------------------------------------------------------ The creditors of Team Abundance New Zealand Ltd. are required to file their proofs of debt by November 25, 2008, to be included in the company's dividend distribution. The company's liquidators are: Stephen Mark Lawrence Anthony John Mccullagh PKF Corporate Recovery & Insolvency (Auckland) Limited PO Box 3678, Auckland 1140 Telephone:(09) 306 7425 Facsimile:(09) 302 0536 TNJ HOLDINGS: Court to Hear Wind-Up Petition on November 28 ----------------------------------------------------------- A petition to have TNJ Holdings Ltd.'s operations wound up will be heard before the High Court of Auckland on November 28, 2008, at 10:00 a.m. Landsdale Development Limited filed the petition against the company on September 22, 2008. Landsdale's solicitor is: Peter J. Crombie Cooney Lees Morgan 87 First Avenue PO Box 143, Tauranga 3140 Telephone:(07) 578 2099 Facsimile:(07) 578 1433 XTREME CONSTRUCTION: Court to Hear Wind-Up Petition on November 28 ------------------------------------------------------------------ A petition to have Xtreme Construction Ltd.'s operations wound up will be heard before the High Court of Auckland on November 28, 2008, at 10:45 a.m. National Personnel Limited filed the petition against the company on September 18, 2008. National Personnel's solicitor is: M. J. Robinson Turner Hopkins, Solicitors 400 Lake Road PO Box 33237, Takapuna Auckland Telephone:(09) 486 2169 Facsimile:(09) 486 2160 * NEW ZEALAND: Employment in Manufacturing Continues to Fall ------------------------------------------------------------ The manufacturing industry was the only industry to show a decrease in filled jobs for two successive years, according to latest figures from Statistics New Zealand. Manufacturing is the largest industry, with a quarterly average of 226,280 filled jobs in the September 2007 year. Filled jobs decreased by a total of 8,060 (or 3.4 percent) between 2005 and 2007. The textiles, clothing, footwear and leather manufacturing sub-industry was the key driver of the decline in filled jobs in the manufacturing industry. The construction industry had the greatest increase in the number of filled jobs from the September 2006 year (5,990 jobs), and also in filled jobs over the five years from September 2002�07, with 42,390 extra jobs (up 55.8 percent). During that time, the construction industry went from being the ninth-largest industry to the sixth-largest industry. Average mean quarterly earnings for all industries increased 4.8 percent in the year to September 2007 to reach NZ$11,030, and increased 24.0 percent in the five years to September 2007. The arts and recreation services industry had the highest growth (7.5 percent) in the year to September 2007. Mining had the highest growth (34.3 percent) in the five years to September 2007. Mining was also the highest paid industry, with average mean quarterly earnings of NZ$18,300 during the September 2007 year. These results come from statistics released yesterday, November 20, 2008, from Linked Employer-Employee Data (LEED). LEED uses information from existing taxation and Statistics NZ sources to provide a range of information on the dynamics of the New Zealand labor market. This is the first release of LEED quarterly statistics that uses the Australian and New Zealand Standard Industrial Classification 2006 (ANZSIC06), which updates the 1996 version of this classification (ANZSIC96). ===================== P H I L I P P I N E S ===================== SAN MIGUEL CORP: Ordered to Pay Asia Brewery PHP133 Million ----------------------------------------------------------- The Marikina Regional Trial Court Branch 263 has ordered San Miguel Corporation to pay Asia Brewery PHP133 million for hoarding over a million of Asia Brewery Incorporated's beer bottles and thousands of its plastic crates, various reports say. Malaya News relates that in a 47-page decision, Judge Alice Gutierrez of the Marikina RTC found SMC guilty of unfair trade acts that made it liable for damages for loss of profits incurred by ABI. "By withdrawing [ABI's] bottles from circulation, [SMC] effectively disrupted [its rival's] marketing and distribution system and deprived it of the profits it could have gained if it [had been] able to re-use the bottles and shells in the normal course of trade," Manila Standard Today quoted Judge Gutierrez as saying. Since bottles and shells are "essential parts" of ABI's production, marketing and distribution systems, SMC's unfair trade acts caused its rival to invest more and incur more costs to replace the missing items, the court said as cited by Malaya. Malaya News relates that the court thumbed down the defense of SMC that the withdrawal of ABI's bottles was accidental due to the alleged confusing similarity between SMC's Pale Pilsen and ABI's Beer na Beer bottles, pointing out that other ABI products with vastly different bottles like Carlsberg, Stag, Budweiser and Colt 45 were likewise found in SMC's possession. Manila Standard recounts that a court-sanctioned raid of three of SMC's warehouses in 1997 yielded over 1.6 million bottles of ABI's Beer na Beer, Carlsberg, Manila Beer, Colt 45, Lone Star and Budweiser products, some of which were still unopened. The sheriff, Manila Standard relates, also seized 128,679 plastic shells owned by ABI, and of which 468 had been repainted green and stamped with the SMC logo. The inventory excluded "unquantifiable" broken ABI bottles that the sheriff found inside another SMC warehouse in Valenzuela City, Manila Standard adds. ABI, Malaya News recalls, filed the civil case for damages and recovery of possession against SMC in 1997 after surveillance showed that SMC was keeping ABI bottles and shells in its San Fernando, Pampanga brewing facility. Meanwhile, Manila Standard says SMC would pursue all legal remedies available including an appeal. About Asia Brewery Asia Brewery Incorporated -- http://www.asiabrewery.com/-- produces malt beverages like beer, shandy, iced tea, bottled water and carbonated soft drinks. About San Miguel Corporation San Miguel Corporation is a food, beverage and packaging company established in 1890 initially as a single-product brewery. Today, SMC has over 100 facilities in the Philippines, Southeast Asia, China, and Australia. SMC's extensive product portfolio includes beer, hard liquor, carbonated and non-carbonated non- alcoholic beverages, processed and packaged food products, meat, poultry, dairy products and a number of packaging products. SMC's flagship product, San Miguel Beer, is among the world's largest selling beers. From its original cerveza, SMC now owns a wide range of popular beverage brands and products that extends from beer to hard liquor, soft drinks, bottled water, powdered juice and juice drinks. The company's food operations involve poultry and livestock operations, the production and marketing of fresh, ready-to-cook and processed meats as well as milk, butter, cheese, margarine, ice cream, flour and flour- based products, snack foods, coffee, cooking oil, coconut oil, pet food and animal and aquatic feeds. Through the partnerships it has forged with major international companies, SMC has gained access to the latest technologies and expertise. SMC's strategic partnerships with international companies include Nihon Yamamura Glass Company, Ltd. and Rengo Co., Ltd. of Japan, and Hormel Foods Corporation of the United States. Kirin Brewery Co. Ltd., one of the largest beer manufacturing companies in Japan, has a significant stake in SMC. * * * As of April 26, 2008, San Miguel Corp. continues to carry Standard & Poor's "BB" Issuer Credit Rating (Foreign Currency) with a Negative outlook. San Miguel Corp. also continues to carry Moody's "Ba2" long-term corporate family rating with a stable outlook. The Troubled Company Reporter-Asia Pacific reported on November 7, 2008, that Standard & Poor's Ratings Services said San Miguel Corp.'s (foreign currency BB/Negative/--) recent announcement on an agreement to acquire 27% of Manila Electric Co. (Meralco, B- /Stable/--) does not have an immediate rating impact on both companies. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Company Ticker Assets Equity ------- ------ ------ ------------ AUSTRALIA ALLSTATE EXPLORA ALX 19471506.65 -55688859.69 ALLSTATE EXPL-PP ALXCC 19471506.65 -55688859.69 ARC EXPLORATION ARX 62773963.21 -15883874.97 AUSTAR UNITED AUN 525672845.30 -234867042.02 ANTARES ENERGY L AZZ 16203169.11 -4359829.02 BIRON APPAREL LT BIC 19706738.17 -2220069.83 CROESUS MINING CRS 16003304.16 -13810195.85 ETW CORP LTD ETW 103760615.53 -50215440.96 FORTESCUE METALS FMG 4953350503.44 -1568972639.88 FULCRUM EQUITY L FUL 40075709.67 -8003394.15 INTELLECT HLDGS IHG 18245003.37 -15487781.92 KH FOODS LTD KHF 38397288.11 -6790994.89 KH FOODS LTD-PRF KHFPA 38397288.11 -6790994.89 LAFAYETTE MIN LAF 105239389.93 -190859526.77 METAL STORM LTD MST 14309243.10 -5126410.11 RESIDUAL ASSC-EE RAGXF 597329874.01 -126963316.48 TOOTH & CO LTD TTH 143720715.19 -94300033.83 VERTICON GROUP VGP 31280242.69 -12391531.59 CHINA SHENZ SEG DASH-A 000007 101024087.57 -1144993.15 SHENZ CHINA BI-A 000017 29379003.11 -244527119.11 SHENZHEN SHENXIN 000034 44989232.03 -113368102.97 CHINA KEJIAN-A 000035 65124488.98 -167311537.11 SHENZHEN KONDA-A 000048 155014461.99 -24446764.56 HUNAN ANPLAS CO 000156 83999120.28 -81350940.74 ZHANGJIAJIE TO-A 000430 51011060.62 -8247159.63 DANDONG CHEM F-A 000498 115942688.34 -91597754.91 SUCCESS INFORMAT 000517 30118378.44 -14826121.30 GUANGDONG MEIYA 000529 66438321.52 -62407433.87 GUANGXIA YINCH-A 000557 53463085.53 -61325483.02 CHANG LING GROUP 000561 49675731.32 -115810769.64 QINGHAI SALT L-A 000578 105635944.61 -4914371.18 GUANGMING GRP FU 000587 62369338.74 -12083332.13 FUJIAN CFC IND-A 000592 24196604.92 -19615146.80 YUEYANG HENGLI-A 000622 40266532.05 -14337174.21 LAN BAO TECH INF 000631 29435531.87 -22701113.38 CHINA LIAONING-A 000638 15426138.26 -5698465.09 CHENGDU UNION-A 000693 59526570.13 -188881.87 JIAOZUO XIN'AN-A 000719 50815905.85 -25450082.53 FUJIAN SANNONG-A 000732 64417775.39 -90239301.91 CHONGWING INTL-A 000736 24753183.26 -13379849.30 SICHUAN DIRECT-A 000757 128549383.42 -102619767.95 CHINESE.COM LOGI 000805 12721114.23 -20567498.78 SHENZHEN DAWNC-A 000863 36847332.84 -142582249.37 STELLAR MEGAUNIO 000892 64925448.82 -162463426.22 HUNAN AVA HOLDIN 000918 176943487.87 -11256248.54 GUANGDONG KEL-A 000921 710500493.66 -81769686.15 ANHUI KOYO GROUP 000979 64278169.26 -30778923.55 SHENZ CHINA BI-B 200017 29379003.11 -244527119.11 AMOI ELECTRONICS 600057 414934259.50 -30399649.61 SUNTIME INTERN-A 600084 372799912.67 -50592426.40 SHANG WORLDBES-A 600094 327982181.09 -175167931.11 MIANYANG GAO-A 600139 30657523.00 -12436839.12 HEBEI BAOSHUO CO 600155 313380313.25 -212285683.69 HUATONG TIANXI-A 600225 73838152.81 -41138558.42 TAIYUAN TIANLON 600234 12693007.72 -51581680.70 TIBET SUMMIT IND 600338 73500256.4 -16424030.52 CHONGQING CHANG 600369 98865860.45 -62635.84 QINGHAI SUNSHI-A 600381 47308342.77 -49663000.79 WINOWNER GROUP C 600681 21498115.00 -81284231.50 HEBEI JINNIU C-A 600722 379299949.84 -2890480.98 SUNTEK TECHNOLOG 600728 44691434.84 -22949595.64 FUJIAN START-A 600734 105659572.63 -14337777.19 TIANJIN MARINE 600751 75440814.59 -26602770.52 TOPSUN SCIENCE-A 600771 232677660.69 -131983172.54 XIAMEN OVERSEAS 600870 433188523.84 -13781679.05 HUDA TECHNOLOG-A 600892 18459084.32 -1904039.85 TIANJIN MARINE-B 900938 75440814.59 -26602770.52 SHANG WORLDBES-B 900940 327982181.09 -175167931.11 HISENSE ELEC-H 921 710500493.66 -81769686.15 HONG KONG WAI CHUN GROUP L 1013 12375426.81 -14214914.84 CHIA TAI ENTERPR 121 313740803.76 -49562387.78 SANYUAN GROUP LT 140 17768260.98 -2131329.68 OCEAN GRAND CHEM 2882 12274432.29 -46252280.18 ASIA TELEMEDIA L 376 16618871.08 -5369335.42 NEW CITY CHINA 456 113178595.41 -9932226.54 EGANAGOLDPFEIL 48 557892423.39 -132858951.98 PALADIN LTD 495 186461196.61 -9780904.71 CHINA GRAND PHAR 512 23135825.94 -7596740.75 PALADIN LTD -PRE 642 186461196.61 -9780904.71 CHINA HEALTHCARE 673 25241048.66 -5730603.97 WAH SANG GAS 8035 69765797.42 -113697025.42 TAKSON HLDGS 918 11351347.49 -2111248.1 INDIA APPLE FINANCE APL 62427496.69 -11798341.63 ARTSON ENGR ART 10310745.75 -705781.13 ASHIMA LTD ASHM 96567160.75 -42591314.74 BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09 BALAJI DISTILLER BLD 59974008.41 -50890026.26 BELLARY STEELS BSAL 512415670.40 -101442229.54 CFL CAPITAL FIN CEATF 20637497.85 -48884440.84 CORE HEALTHCARE CPAR 185364966.99 -241912027.81 DUNCANS INDUS DAI 164653351.9 -220922929.9 DIGJAM LTD DGJM 98769193.78 -14620180.53 DISH TV INDIA DITV 302059215.40 -112859159.26 GANESH BENZOPLST GBP 77840261.61 -41865917.86 GUJARAT SIDHEE GSCL 59440728.18 -660003.43 GUJARAT STATE FI GSF 43595348.80 -195237605.32 HIMACHAL FUTURIS HMFC 633329926.05 -104792044.71 HMT LTD HMT 206932743.85 -263572925.12 HINDUSTAN PHOTO HPHT 95115323.23 -953348180.90 IFB INDS LTD IFBI 50668510.63 -65490798.77 INDIA STEEL WORK ISI 56764895.94 -1474355.11 JCT ELECTRONICS JCTE 122542558.60 -49996834.55 JK SYNTHETICS JKS 20208078.76 -2171303.89 JENSON & NIC LTD JN 15734678.26 -92089109.12 KALYANPUR CEMENT KCEM 37538318.01 -41771703.35 LML LTD LML 86798822.39 -27966179.74 LLOYDS METALS LYDM 76625324.31 -409399.15 LLOYDS STEEL IND LYDS 392561769.16 -102160401.76 MAFATLAL INDS MFI 123632655.22 -83841435.12 MILLENNIUM BEER MLB 39726352.09 -732186.48 NATH PULP & PAP NPPM 11602126.35 -34768739.20 PAREKH PLATINUM PKPL 61081050.43 -88849040.15 PANCHMAHAL STEEL PMS 51024827.03 -325116.26 PSI DATA SYSTEMS PSI 11676002.06 -2481336.90 PTL ENTERPRIESES PTLE 54293986.93 -397481.92 PANYAM CEMENTS PYC 30241162.87 -9403739.61 ROLLATAINERS LTD RLT 22965755.05 -22244556.92 REMI METALS GUJA RMM 45057985.96 -51095300.54 RPG CABLES LTD RPG 51431409.37 -20192930.18 SIL BUSINESS ENT SILB 12461159.02 -19961202.41 SPICE COMMUNICAT SPCM 263692459.52 -19679192.67 SEN PET INDIA LT SPEN 13797591.24 -25632664.31 SHREE RAMA MULTI SRMT 81405835.45 -64134056.23 STI INDIA LTD STIB 44107456.00 -300149.59 TRIVENI GLASS TRSG 34542881.89 -6209872.78 TATA TELESERVICE TTLS 857960649.86 -50009972.82 USHA INDIA LTD USHA 12064900.61 -54512967.31 JOG ENGINEERING VMJ 50080964.36 -10076436.07 WIRE AND WIRELES WNW 106984536.93 -23622538.56 INDONESIA PRIMARINDO ASIA BIMA 12686983.33 -20685421.96 BUKAKA TEKNIK UT BUKK 64091324.54 -99365767.69 DAYA SAKTI UNGGU DSUC 30290429.39 -7119463.92 ERATEX DJAJA ERTX 24286412.49 -3183944.37 JAKARTA KYOEI ST JKSW 37341907.08 -40927857.92 KARWELL INDONESI KARW 33062976.60 -2063732.97 MULIA INDUSTRIND MLIA 402100859.87 -443184587.78 PANCA WIRATAMA PWSI 31983823.98 -33728711.13 STEADY SAFE TBK SAFE 16605580.35 -3310385.85 SURABAYA AGUNG SAIP 278878601.20 -78093433.67 TEIJIN INDONESIA TFCO 265725344.00 -23100500.00 UNITEX TBK UNTX 17007357.73 -11304184.18 JAPAN MOC CORP 2363 52273507.78 -12661480.98 LINK ONE 2403 12290544.83 -5772835 APRECIO CO LTD 2460 18178139.82 -1869347.22 TASCOSYSTEM CO L 2709 55593566.29 -5196409.75 NEXUS 2799 25436623.18 -18579366.04 SOWA JISHO CO LT 3239 54007939.02 -15643863.67 L CREATE CO LTD 3247 42344509.56 -9146496.90 OPEN INTERFACE I 4302 32715547.40 -5699491.16 LINK CONSULTING 4798 50709685.69 -10143185.11 PLACO CO LTD 6347 26260220.44 -997325.51 TRUSTEX HOLDINGS 9374 85999130.53 -2203926.9 COWBOY CO LTD 9971 21323462.4 -5681854.91 KOREA FIRST FIRE & MAR 000610 2044031310.36 -1780221.91 ORICOM INC 010470 82645454.13 -40039161.33 UNICK CORP 011320 36540788.83 -4449480.74 STARMAX CO LTD 017050 73128066.52 -5536410.53 DAISHIN INFO 020180 740500919.30 -158453978.78 TONG YANG MAGIC 023020 355147750.92 -25767007.75 FATOMENT 025460 28429133.98 -13916561.10 NANO MINING CO L 036270 18221252.73 -32166924.53 COSMOS PLC 053170 19306498.60 -4948161.34 SEJI CO LTD 053330 37246628.39 -311069.32 MEDIACORP INC 053890 53306304.99 -32219360.77 DAHUI CO LTD 055250 186003859.24 -1504246.54 INNO METAL IZIRO 070080 28564573.80 -330042.51 SINJISOFT CORP 078700 12760558.03 -21014927.26 MALAYSIA CNLT FAR EAST CNLT 44967289.97 -8460479.41 ENERGREEN CORP ECB 29495419.35 -31105634.5 FOREMOST HLDGS FMST 10129456.56 -338791.12 HARVEST COURT HAR 10805322.12 -5623766.68 LITYAN HLDGS BHD LIT 21279571.09 -28602294.73 NIKKO ELECTRONIC NIKKO 15241009.62 -3154093.28 PECD BHD PECD 377122467.92 -295360985.56 PANGLOBAL BHD PGL 185949931.53 -185086888.13 TECHVENTURE BHD TECH 37377746.79 -11207547.89 WONDERFUL WIRE WW 22721443.48 -1936371.54 PHILIPPINES APEX MINING-A APX 55266898.93 -1972871.63 APEX MINING 'B' APXB 55266898.93 -1972871.63 BENGUET CORP-A BC 76269083.95 -32538922.84 BENGUET CORP 'B' BCB 76269083.95 -32538922.84 CENTRAL AZUC TAR CAT 35737315.17 -1803678.01 CYBER BAY CORP CYBR 14850182.71 -74298813.45 FIL ESTATE CORP FC 43031377.81 -10925320.95 FILSYN CORP A FYN 24839570.79 -11373621.32 FILSYN CORP. B FYNB 24839570.79 -11373621.32 GOTESCO LAND-A GO 18684576.24 -10863822.41 GOTESCO LAND-B GOB 18684576.24 -10863822.41 MRC ALLIED MRC 14947958.51 -747373.28 PICOP RESOURCES PCP 105659068.50 -23332404.14 EAST ASIA POWER PWR 72744279.35 -136684406.25 UNIVERSAL RIGHTF UP 45118524.67 -13478675.99 UNIWIDE HOLDINGS UW 65657779.51 -57306280.77 VICTORIAS MILL VMC 175005565.48 -38636418.26 SINGAPORE ADV SYSTEMS AUTO ASA 20488612.69 -10727407.04 CHUAN SOON HUAT CSH 42771494.42 -6415136.36 FALMAC LTD FAL 10568359.86 -4699134.55 GUL TECHNOLOGIES GUL 172802992.00 -3036000.00 HL GLOBAL ENTERP HLGE 107390161.50 -9846437.10 INFORMATICS EDU INFO 29835417.14 -3986774.70 LINDETEVES-JACOB LJ 217662768.45 -71352686.64 TAIWAN CHIEN TAI CEMENT 1107 213252699.79 -8622456.43 DAHIN-ENTL CERT 1320V 276478727.91 -230266155.05 PROTOP TECHNOLOG 2410 36409983.56 -22412206.18 HELIX TECHNOL-EC 2479S 29014861.50 -18177223.18 HELIX TECH-EC 2479T 29014861.50 -18177223.18 HELIX TECH-EC IS 2479U 29014861.50 -18177223.18 CHIEF CONST-ENT 2522R 215175465.17 -21152197.10 CHIEF CONST-ENTL 2522S 215175465.17 -21152197.10 CHIEF CONST-ENTL 2522T 215175465.17 -21152197.10 UNICAP ELECT-EC 5307R 133883064.40 -19055700.01 UNICAP ELECT-EC 5307S 133883064.40 -19055700.01 UNICAP ELECT-ENT 5307T 133883064.40 -19055700.01 YEU TYAN MACHINE 8702 39574168.04 -271070409.72 THAILAND ABICO HOLDINGS ABICO 16687406.79 -9849452.81 ABICO HOLD-NVDR ABICO-R 16687406.79 -9849452.81 ABICO HLDGS-F ABICO/F 16687406.79 -9849452.81 BANGKOK RUBBER BRC 83992109.28 -68072566.20 BANGKOK RUB-NVDR BRC-R 83992109.28 -68072566.20 BANGKOK RUBBER-F BRC/F 83992109.28 -68072566.20 BANGKOK STEEL IN BSI 458729221.47 -136444108.98 BANGKOK STE-NVDR BSI-R 458729221.47 -136444108.98 BANGKOK STEEL-F BSI/F 458729221.47 -136444108.98 CIRCUIT ELEC PCL CIRKIT 61295807.28 -25886476.66 CIRCUIT ELE-NVDR CIRKIT-RTB 61295807.28 -25886476.66 CIRCUIT ELEC-FRN CIRKIT/F 61295807.28 -25886476.66 CENTRAL PAPER IN CPICO 13252670.48 -241782725.56 CENTRAL PAPER-NV CPICO-R 13252670.48 -241782725.56 CENTRAL PAPER-F CPICO/F 13252670.48 -241782725.56 DATAMAT PCL DTM 12690638.93 -6132014.29 DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.29 DATAMAT PLC-F DTM/F 12690638.93 -6132014.29 ITV PCL ITV 37687117.82 -1607409.04 ITV PCL-NVDR ITV-R 37687117.82 -71607409.04 ITV PCL-FOREIGN ITV/F 37687117.82 -71607409.04 K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29 K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29 K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29 MALEE SAMPRAN MALEE 67126452.61 -865421.41 MALEE SAMPR-NVDR MALEE-R 67126452.61 -865421.41 MALEE SAMPRAN-F MALEE/F 67126452.61 -865421.41 NEW PLUS KNITT NPK 10075187.17 -2034472.09 NEW PLUS KN-NVDR NPK-R 10075187.17 -2034472.09 NEW PLUS KNITT-F NPK/F 10075187.17 -2034472.09 PREMIER MARKET PM 41958329.18 -2352192.28 PREMIER MAR-NVDR PM-R 41958329.18 -2352192.28 PREMIER MARK-FOR PM/F 41958329.18 -2352192.28 KUANG PEI SAN POMPUI 18782550.85 -14068562.52 KUANG PEI-NVDR POMPUI-RTB 18782550.85 -14068562.52 KUANG PEI SAN-F POMPUI/F 18782550.85 -14068562.52 SAFARI WORLD PUB SAFARI 106026035.72 -12698924.75 SAFARI WORL-NVDR SAFARI-RTB 106026035.72 -12698924.75 SAFARI WORLD-FOR SAFARI/F 106026035.72 -12698924.75 SAHAMITR PRESSUR SMPC 27259301.93 -34589170.90 SAHAMITR PR-NVDR SMPC-R 27259301.93 -34589170.90 SAHAMITR PRESS-F SMPC/F 27259301.93 -34589170.90 SUNWOOD INDS PCL SUN 29427364.98 -6703524.31 SUNWOOD INDS-NVD SUN-R 29427364.98 -6703524.31 SUNWOOD INDS-F SUN/F 29427364.98 -6703524.31 TUNTEX THAILAND TUNTEX 209866171.11 -59169752.92 TUNTEX THAI-NVDR TUNTEX-RTB 209866171.11 -59169752.92 TUNTEX THAILAN-F TUNTEX/F 209866171.11 -59169752.92 UNIVERSAL STARCH USC 100957801.82 -33250001.20 UNIVERSAL S-NVDR USC-R 100957801.82 -33250001.20 UNIVERSAL STAR-F USC/F 100957801.82 -33250001.20 ********* 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. Pius Xerxes V. Tovilla, Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante, 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 ***