/raid1/www/Hosts/bankrupt/TCRAP_Public/090320.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, March 20, 2009, Vol. 12, No. 56
Headlines
A U S T R A L I A
CYPRESS LAKES: Will Likely Collapse if Proposed Rights Issue Fails
STORM FINANCIAL: ASIC Applies to Wind Up Firm
TERRITORY RESOURCES: Posts $33.34 Mln. Half Year Loss
VENTRACOR LIMITED: Calls in Voluntary Administrators
C H I N A
CITIGROUP INC: Opens Second Lending Unit in China
H O N G K O N G
141 LIMITED: Creditors' Proofs of Debt Due on April 30
B.O.D. INDUSTRIAL: Creditors' Meeting Slated for March 24
BEA PACIFIC: Members to Receive Wind-Up Report on April 15
BOLD WARE ET AL: Members and Creditors to Meet on March 31
COMMON EMPIRE: Creditors' Proofs of Debt Due on April 13
CORUS SPECIAL: Members' Meeting Set for April 14
CRYK ASIA: Commences Wind-Up Proceedings
EXPERT TRADERS: Sole Member to Receive Wind-Up Report on April 15
FUEL AND MARINE: Final Meeting Slated for April 20
LUEN TAI: Final Meetings Slated for April 27
MAN CHEONG: Final Meetings Slated for April 21
PACHAORGANIC FOOD: Creditors' Meeting Slated for March 23
SABENA LIMITED: Members' Meeting Set for April 20
THE NEW CHINA ET AL: Annual Meetings Set for April 7
XM HONG KONG: Creditors' Proofs of Debt Due on April 30
I N D I A
BANK OF AMERICA: Buys Merrill’s Remaining Stake in India Unit
I G PETROCHEMICALS: CRISIL Cuts Ratings on Bank Loans to 'BB+'
KANERIA GRANITO: Loan Payment Default Spurs CRISIL “D” Ratings
KR ANAND: CRISIL Rates Rs.100 Mln Cash Credit Limit at 'C'
MANTRI METALLICS: Debt Servicing Delays Prompt CRISIL “C” Ratings
SLN COFFEE: CRISIL Reaffirms Ratings on Various Bank Facilities
VELANKANI INFRA: CRISIL Assigns 'BB' Rating on Rs.50MM Cash Credit
VELANKANI TECHNOLOGY: CRISIL Rates Rs.1300MM Long Term Loan at 'B'
I N D O N E S I A
BAKRIE & BROTHERS: Gets Reprieve on ICPL and Skybird Debts
MOBILE-8 TELECOM: Pefindo Downgrades IDR675 Bil. Bond to “idD”
PT PERUSAHAAN: Fitch Upgrades Issuer Default Ratings to 'BB'
J A P A N
ALL NIPPON: Cancels 137 Flights Due to Union Strike
EAST STREET: Moody's Downgrades Ratings on Three 2002-1 Notes
N E W Z E A L A N D
BLUE CHIP: Registrar of Companies Moves to Liquidate Parent Firm
GUARDIAN TRUST: Reaches Settlement With McEwan's NZ$7 Mil. Loan
P A P U A N E W G U I N E A
BEST BUY: Placed in Receivership
S I N G A P O R E
LADYHILL HOTEL: Creditors' Proofs of Debt Due on April 18
YICKKI TRADING: Creditors' Proofs of Debt Due on April 1
S O U T H A F R I C A
PAMODZI GOLD: In Talks to Avoid Liquidation of Unit
T A I W A N
PROMOS TECHNOLOGIES: Extends Early Bond Offer to March 21
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
CYPRESS LAKES: Will Likely Collapse if Proposed Rights Issue Fails
------------------------------------------------------------------
The likelihood of an administration or receivership awaits Cypress
Lakes Group Limited if its second biggest shareholder succeeded in
its bid to stop the proposed rights issue, the Australian reports.
According to the report, Cypress Lakes said Singaporean food and
property company Amoy, which holds 33.4 per cent stake in Cypress,
had objected to the terms of the proposed AU$6.4 million rights
issue.
Amoy, the Australian relates, demanded Cypress Lakes withdraw the
20-for-1 issue, which could give rival Singaporean investor
Lasseters up to 96 per cent of the company depending on the take-
up by other shareholders. Lasseters owns 52 per cent of Cypress
Lakes shares.
"If the rights issue is materially delayed or withdrawn, in the
absence of an alternative proposal, it is likely that the company
will be forced into administration or receivership, in which case
there is unlikely to be any surplus for shareholders," the report
cited Cypress Lakes in a statement.
The report notes Lasseters is expected to take up its full
entitlement to the issue and provide continuing financial support
to the group while Amoy has not indicated whether it will take up
its entitlement.
Cypress Lakes, as cited by the report, said it needs between
AU$4 million and AU$6.4 million in cash "to continue trading and
be in a position to restructure its debt obligations", estimated
at AU$30 million.
Cypress Lakes Group Limited (ASX:CLK) --
http://www.cypresslakes.com.au/-- is an Australia-based company.
The principal activities of the company, along with its
subsidiaries, are operator of Cypress Lakes Resort and The Golden
Door Health Retreats and Spas, as well as that of property owner
and developer. It operates in two business segments: Tourism &
Leisure, and Health Retreat & Spas. Tourism & Leisure segment
comprises two businesses: Cypress Lakes Resort Villa Hotel and
Cypress Lakes Golf and Country Club. The Hotel comprises some 160
leased villas and central facilities. The Club has been
established for 16 years and boasts a championship golf course.
Health Retreat & Spas segment comprises two health retreats: the
Golden Door at Willow Vale in Queensland and the Golden Door
Health Retreat Elysia in Hunter Valley in New South Wales. The
Willow Vale property provides for a program for up to 55 guests
per week. The Elysia retreat also offers a weekly program for
guests.
STORM FINANCIAL: ASIC Applies to Wind Up Firm
---------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
urgently applied to the Federal Court to put Storm Financial
Limited into liquidation, the Herald Sun reports.
The corporate regulator, Herald Sun relates, said its application
was triggered by "misleading" information this week from Storm co-
founders Emmanuel and Julie Cassimatis, who want creditors to back
their deed of company arrangement scheme.
According to the report, ASIC alleges that the deed is "complex"
and has far-reaching impacts involving future litigation and the
release of liability of company directors.
ASIC, as cited by the report, said its case "raises the issue of
whether the (deed) is so flawed that it could ever be in the
interests of creditors and whether creditors could be expected to
make an informed choice".
The report says the Federal Court adjourned the meeting of
creditors, which was due to be held in Brisbane on Monday,
March 23 until March 30 and has fixed ASIC's application for a
full hearing on March 24.
About Storm Financial
Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry that manages
over one trillion dollars in investment fund assets for over nine
million investors, distributed through investment administration
providers and financial advisers. These funds are invested
through different investment products and structures, including
superannuation, nonsuperannuation managed funds and life insurance
products. Non-superannuation managed funds, which form the
majority of Storm's products, total approximately 26.5% of total
investment fund assets in Australia, as of June 30, 2007.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm appointed Worrells as voluntary
administrators after the Commonwealth Bank of Australia Ltd (CBA)
demanded debt repayment of around AU$20 million.
Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."
The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,
2009, that the Commonwealth Bank of Australia, Storm's largest
creditor, lodged a AU$27.09 million debt claim at a first meeting
of the company's creditors on January 20.
According to the Herald, Administrators Worrells Solvency &
Forensic Accountants said the group's remaining creditors are owed
AU$51 million, plus a provision for dividends of AU$10 million.
TERRITORY RESOURCES: Posts $33.34 Mln. Half Year Loss
-----------------------------------------------------
Territory Resources Limited reported a net loss after tax of
$33.34 million for the half year ended December 31, 2008. The
loss includes $38.097 million in asset impairtments and one-off
items associated with the company's foreign exchange hedge book
and external investments including Matilda Minerals Limited, which
overshadowed an otherwise positive first half performance by
Territory's iron ore operations.
Before including the provisions, the company posted an underlying
profit of $4.76 million (2007: $2.037 million), which was based on
sales revenue of $65.5 million for the first half (2007: $28.8
million). This reflected the significant operational improvements
and enhancements at its 100% owned Frances Creek Iron Ore Mine in
the Northern Territory.
Territory's Chairman Andrew Simpson said “While it is
disappointing to record another significant loss, it is important
to emphasize the operational improvements achieved at France Creek
which resulted in an underlying profit for the period in review.
Our core business has operated successfully despite the severe
financial and economic storms that were unleashed during this
period, including sharp fall in iron ore prices, which impacted on
all producers.”
The one-off items not related to operations include foreign
exchange losses of $13.4 million, a $15.1 million impairment
charge associated with the foreign exchange hedge book, as well as
an $8.7 million impairment of Territory's investment in Matilda
Minerals Limited, Matrix Metals Limited and Nortern Mining
Limited.
The net loss after tax of $33.34 million, which compares with a
net profit of $2.04 million for the previous corresponding half,
translates to a loss per share of 12.6 cents. Total sales revenue
for the half year was $65.5 million (2007: $28.8 million), with
production costs of $56.9 million (including Depreciation and
Amortization charges of $9.5 million).
The first half result was based on production of 796,000 tonnes of
high-grade lump and fines ore, with the Frances Creek operation
completing shipments totalling 1.395 million tonnes of product
through the Port of Darwin from start-up through Dec. 31, 2008.
Territory said it is continuing discussions with its financiers
with a view to implementing alternative, long-term debt
arrangements to replace its existing hedge and loan facilities.
With the support of its hedge facility provider and Nobler Group,
the company expects to achieve a satisfactory resolution in the
near-term.
About Territory Resources
Territory Resources Limited, formerly Territory Iron Limited
(ASX:TTY)--http://www.territoryiron.com.au/-- is an Australia-
based company whose principal activities consist of exploration
and production of iron ore. The company controls or has interests
in tenements, which have potential to produce significant amounts
of iron ore for the export market. The company’s main projects
include the Frances Creek Project, Mt Bundey, Yarram and Warrego.
Mining activity commenced at Frances Creek in April 2007, followed
by commencement of ore crushing and railing to the port in July
2007.
* * *
The company reported three consecutive net losses of AU$48.5
million, AU$6.88 million and AU$3.22 million for the years ended
June 30, 2008, 2007, and 2006, respectively.
VENTRACOR LIMITED: Calls in Voluntary Administrators
----------------------------------------------------
Ventracor Limited said the company has been placed into voluntary
administration as it has not been able to attract sufficient
capital to fund its operations through to June 30, 2009.
Ventracor said “the company has approached over 130 potential
investors in Australia, US and Europe over a period of more than a
year. In addition, a share purchase plan offer was made to
shareholders, but did not attract sufficient capital.”
Chairman John Ward said "The Board shares with shareholders a deep
sense of sadness and regret that Ventracor has been placed into
voluntary administration.”
“The Board has decided that it is in best interests of the company
that an administrator be appointed now, at a time when the company
remains solvent," Mr. Ward said in a statement.
The company has appointed Steven Sherman and John Gothard of
Ferrier Hodgson as administrators.
Meanwhile, The Australian recalls that in February, Ventracor
defended its decision to keep quiet about the deaths of three
patients who have since been linked to its failed heart pumps.
The report relates that Ventracor, whose VentrAssist device is
subject to a safety investigation by the Therapeutics Goods
Administration, issued a statement at the time that advised it had
been “in full compliance with its obligation to make continuous
disclosure” under the Australian Securities Exchange listing
rules.
The company's shares have been suspended from trading since early
February, when it reported to the TGA that there had been 11
adverse events associated with its device, according to the
Australian.
Ventracor Limited (ASX:VCR) -- http://www.ventracor.com/-- is a
global medical device company that has developed an implantable
blood pump, the VentrAssist left ventricular assist device (LVAD),
designed as therapy for patients in end-stage heart failure. The
principal activities of the Company are the research, development,
manufacture, clinical trials and commercialization of the
VentrAssist LVAD and related technologies. The VentrAssist
product segment utilizes specialist medical companies in Australia
and internationally to assist in the production of VentrAssist
pumps for the clinical trials. Final testing and assembly of the
VentrAssist is carried out in Australia. The Company's divisions
are managed in Australia, with operations in Australia, the United
States and Europe.
=========
C H I N A
=========
CITIGROUP INC: Opens Second Lending Unit in China
-------------------------------------------------
Citigroup Inc said Wednesday it has opened its second rural
lending company in China, Maggie Zhang at Shanghai Daily reports.
The report says Citigroup's new lending company, Hubei Xianning
Chibi Citi Lending Co Ltd, has a registered capital of CNY17
million (US$2.49 million). Hubei Xianning is located in Chibi,
Hubei Province in central China.
According to the Daily, Citigroup's first lending company, which
opened last December, is located in Gong'an, also in Hubei
Province.
The bank, Shanghai Daily adds, already obtained approval from the
banking regulator to open a third lending firm in Liaoning
Province.
Citigroup said it is committed to developing the lending company
model in China as a sustainable and profitable element of Citi's
overall operations in China, and intends to open more in the
future, Shanghai Daily relates.
About Citigroup
Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management. Citigroup had $2.0 trillion in total assets on $1.9
trillion in total liabilities as of
Sept. 30, 2008.
As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet. As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC. In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.
================
H O N G K O N G
================
141 LIMITED: Creditors' Proofs of Debt Due on April 30
------------------------------------------------------
The creditors of 141 Limited are required to file their proofs of
debt by April 30, 2009, to be included in the company's dividend
distribution.
The company's liquidator is:
Lin Lai Har Wendy
1301 Eton Tower, 8 Hysan Avenue
Causeway Bay
Hong Kong
B.O.D. INDUSTRIAL: Creditors' Meeting Slated for March 24
---------------------------------------------------------
The creditors of B.O.D. Industrial Limited will hold their meeting
on March 24, 2009, at 9:30 a.m., for the purposes mentioned in
sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at Room 103 of Duke of Windsor Social
Service Building, 15 Hennessy Road, in Wan Chai, Hong Kong.
BEA PACIFIC: Members to Receive Wind-Up Report on April 15
----------------------------------------------------------
The members of Bea Pacific Limited will receive the liquidator's
report on the company's wind-up proceedings and property disposal
on April 15, 2009, at 10:30 a.m.
The meeting will be held at Level 28 of Three Pacific Place, in 1
Queen's Road East, Hong Kong.
BOLD WARE ET AL: Members and Creditors to Meet on March 31
----------------------------------------------------------
A final meeting will be held on March 31, 2009, for the members
and creditors of:
-- Bold Ware Optical (Metal) Manufactory Limited at 10:00 a.m.;
-- Infinite Eyewear Limited at 11:00 a.m.; and
-- Moulin Holdings (H.K.) Company Limited. At 12:00 p.m.
The meeting will be held at the office of Ferrier Hodgson Limited,
14th Floor of The Hong Kong Club Building, 3A Chater Road, in
Central, Hong Kong.
COMMON EMPIRE: Creditors' Proofs of Debt Due on April 13
--------------------------------------------------------
The creditors of Common Empire investment (Hong Kong) Limited are
required to file their proofs of debt by April 13, 2009, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 4, 2009.
The company's liquidator is:
Lam Ying Sui
Allied Kajima Building, 10th Floor
138 Gloucester Road
Wanchai, Hong Kong
CORUS SPECIAL: Members' Meeting Set for April 14
-------------------------------------------------
The members of Corus Special Strip Asia Limited will hold their
meeting on April 14, 2009, at 10:00 a.m., at Level 28 of Three
Pacific Place, in 1 Queen's Road East, Hong Kong.
At the meeting, Ying Hing Chiu, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
CRYK ASIA: Commences Wind-Up Proceedings
----------------------------------------
At an extraordinary general meeting held on March 6, 2009, the
members of Cryk Asia Limited resolved to voluntarily wind up the
company's operations.
Bruno Arboit and Simon Richard Blade were appointed as the
company's liquidators.
The Liquidators can be reached at:
Bruno Arboit
Simon Richard Blade
Baker Tilly Hong Kong
China Merchants Tower, 12th Floor
Shun Tak Centre
168-200 Connaught Road Central
Hong Kong
EXPERT TRADERS: Sole Member to Receive Wind-Up Report on April 15
-----------------------------------------------------------------
The sole member of Expert Traders Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on April 15, 2009, at 10:00 a.m.
The meeting will be held at Level 28 of Three Pacific Place, in 1
Queen's Road East, Hong Kong.
FUEL AND MARINE: Final Meeting Slated for April 20
--------------------------------------------------
Fuel and Marine Marketing Hong Kong Limited will hold its final
meeting on April 20, 2009, at 11:00 a.m., at the 5th Floor of
Jardine House, 1 Connaught Place, in Central, Hong Kong.
At the meeting, Leung Fung Yee Alice will give a report on the
company's wind-up proceedings and property disposal.
LUEN TAI: Final Meetings Slated for April 27
--------------------------------------------
The members and creditors of Luen Tai Marble Company Limited will
hold their final meetings on April 27, 2009, at 9:00 a.m. and
9:30 a.m., respectively, at Room 3, 8th Floor of Yue Xiu Building,
160 Lockhart Road, in Wan Chai, Hong Kong.
At the meeting, Leung Chi Wing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
MAN CHEONG: Final Meetings Slated for April 21
----------------------------------------------
The members and creditors of Man Cheong Contruction Engineering
Company Limited will hold their final meetings on April 21, 2009,
at 2:00 p.m. and 2:30 p.m., respectively, at Room 3, 8th Floor of
Yue Xiu Building, 160 Lockhart Road, in Wan Chai, Hong Kong.
At the meeting, Leung Chi Wing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
PACHAORGANIC FOOD: Creditors' Meeting Slated for March 23
---------------------------------------------------------
The creditors of Pachaorganic Food Limited will hold their meeting
on March 23, 2009, at 11:30 a.m., for the purposes mentioned in
sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at Room 3, 8th Floor of Yue Xiu Building,
160 Lockahart Road, in Wan Chai, Hong Kong.
SABENA LIMITED: Members' Meeting Set for April 20
-------------------------------------------------
The members of Sabena Limited will hold their meeting on April 20,
2009, at 10:00 a.m., at Room 1106 of Kai Wong Commercial Building,
in 222-226 Queen's Road Central, Hong Kong.
At the meeting, Ng Kay Lam, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
THE NEW CHINA ET AL: Annual Meetings Set for April 7
----------------------------------------------------
On April 7, 2009, James Wardell, the companies' liquidator, will
give a report on the companies' wind-up proceedings and property
disposal to the members and creditors of:
-- The New China Hong Kong Enterprises Limited;
-- The New China Hong Kong Industrial Limited;
-- The New China Hong Kong Development Limited;
-- The New China Hong Kong Trading Limited; and
-- The New China Hong Kong Estate Limited.
XM HONG KONG: Creditors' Proofs of Debt Due on April 30
-------------------------------------------------------
The creditors of XM Hong Kong Limited are required to file their
proofs of debt by April 30, 2009, to be included in the company's
dividend distribution.
The company's liquidator is:
Lin Lai Har Wendy
1301 Eton Tower, 8 Hysan Avenue
Causeway Bay
Hong Kong
=========
I N D I A
=========
BANK OF AMERICA: Buys Merrill’s Remaining Stake in India Unit
-------------------------------------------------------------
MC Govardhana Rangan at Bloomberg News reports Bank of America
Corp. bought the 10 percent it doesn’t already own of DSP Merrill
Lynch Ltd. from the Indian unit’s founder, Chairman Hemendra
Kothari, who will leave the firm on March 31.
BofA subsequently appointed local President Kevan Watts as head of
its combined operations in the country, the report says.
Vishwavir Ahuja, who heads Bank of America’s Indian operations,
will lead the corporate banking business of the combined entity, a
Merrill spokeswoman, speaking on condition of anonymity, told
Bloomberg News.
About Bank of America
Bank of America is one of the world's largest financial
institutions, serving individual consumers, small and middle
market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk-
management products and services. The company provides unmatched
convenience in the United States, serving more than 59 million
consumer and small business relationships with more than 6,100
retail banking offices, nearly 18,700 ATMs and award-winning
online banking with nearly 29 million active users. Following the
acquisition of Merrill Lynch on January 1, 2009, Bank of America
is among the world's leading wealth management companies and is a
global leader in corporate and investment banking and trading
across a broad range of asset classes serving corporations,
governments, institutions and individuals around the world. Bank
of America offers industry-leading support to more than 4 million
small business owners through a suite of innovative, easy-to-use
online products and services. The company serves clients in more
than 40 countries. Bank of America Corporation stock is a
component of the Dow Jones Industrial Average and is listed on the
New York Stock Exchange.
The bank needed the government's financial help in completing its
acquisition of Merrill Lynch.
Merrill Lynch & Co. Inc. -- http://www.ml.com/-- is a wealth
management, capital markets and advisory companies with offices in
40 countries and territories. As an investment bank, it is a
leading global trader and underwriter of securities and
derivatives across a broad range of asset classes and serves as a
strategic advisor to corporations, governments, institutions and
individuals worldwide. Merrill Lynch owns approximately half of
BlackRock, one of the world's largest publicly traded investment
management companies with more than $1 trillion in assets under
management. Merrill Lynch's operations are organized into two
business segments: Global Markets and Investment Banking (GMI) and
Global Wealth Management (GWM).
I G PETROCHEMICALS: CRISIL Cuts Ratings on Bank Loans to 'BB+'
--------------------------------------------------------------
CRISIL has downgraded its ratings on I G Petrochemicals Ltd’s
(IGP’s) bank facilities to ‘BB+/Negative/P4’ from
‘BBB-/Stable/P3’.
Rs.40 Million Cash Credit BB+/Negative (Downgraded from
‘BBB-/Stable’)
Rs.10 Million Proposed Long- BB+/Negative (Downgraded from
Long-Term Bank Facilities ‘BBB-/Stable’)
Rs.40 Million Export Packing P4 (Downgraded from ‘P3’)
Credit Facility
Rs.730 Million Letter of Credit P4 (Downgraded from ‘P3’)
and Bank Guarantee
Rs.180 Million Proposed Short- P4 (Downgraded from ‘P3’)
Term Bank Facilities
The downgrade reflects CRISIL’s expectations of sustained pressure
on IGP’s cash accruals due to decline in demand for Phthalic
anhydride (PAN), coupled with high interest and finance charges,
leading to deterioration in its debt protection measures. The
pressure on IGP’s debt servicing ability is reflected in the fact
that the company, in December 2008, rescheduled its term loan from
Bank of America. During the nine months ended December 2008, the
company had a low interest coverage ratio of about 1.2 times and
net cash accruals to total debt ratio of about 8 per cent.
The ratings reflect IGP’s weak financial risk profile, high
dependence on a single product and a single supplier, intense
competition in the PAN industry leading to slowdown in capacity
utilisation. These weaknesses are mitigated by the company’s
sound operating efficiency.
Outlook: Negative
CRISIL believes that IGP’s financial performance is highly
vulnerable to the competitive nature of the global PAN industry.
Slowdown in the demand from end-user industries is expected to
result in excess capacities globally, leading to pressure on
margins. The ratings could be downgraded further in case of a
significant pressure on the company’s debt servicing measures or
discontinuance of the provisional safeguard duty of 25 per cent
after August 2009. Conversely, the outlook may be revised to
‘Stable’ in case of a significant improvement in IGP’s business
risk profile.
About I G Petrochemicals
IGP was promoted in 1988 by the Dhanuka family in financial and
technical collaboration with Lurgi AG, Germany, as a 100 per cent
exported-oriented unit (EOU) to manufacture and market PAN. IGP
commenced operations in 1993, with a 45,000-tonnes per annum (tpa)
facility at Taloja, Maharashtra. After being under the purview of
the Board for Industrial and Financial Reconstruction (BIFR), the
company had successfully restructured its debt obligations with
all banks and was de-registered from BIFR in June 2006.
Currently, the total installed capacity stands at 110,000 tpa, and
the company has got itself converted to a domestic unit from a 100
per cent EOU. For the nine months ended December 31, 2008, IGP
registered net sales of Rs.4312.9 million and net loss of Rs.63.7
million, as against net sales of Rs.4355.3 million and a profit
after tax of Rs.267.9 million during the corresponding period of
the previous year.
KANERIA GRANITO: Loan Payment Default Spurs CRISIL “D” Ratings
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kaneria Granito Ltd (Kaneria Granito) to ‘D/P5’ from
‘BB+/Negative/P4’, as the company is currently in default in
servicing its term loans and interest payments to Bank of India.
Rs.570 Million Rupee Term Loan D (Downgraded from
‘BB+/Negative’)
Rs.162 Million Cash Credit D (Downgraded from
‘BB+/Negative’)
Rs.105 Million Letter of Credit/ P5 (Downgraded from ‘P4’)
Bank Guarantee
The company has delayed its loan servicing to State Bank of India
by more than 1 month.
About Kaneria Granito
Kaneria Granito, incorporated in 2000 in Surat, Gujarat, as Grow
More Glass and Ceramics Pvt Ltd, is promoted by Mr. Anil Kaneria.
It was converted into a closely-held public limited company in May
2005.
Kaneria Granito’s main income, until 2007, was rent from assets
leased to associate/group companies. In April 2006, it undertook
the construction of a plant to manufacture polished vitrified
tiles, at Dahej port, Bharuch. The plant, set up with an initial
installed capacity of 1.98 million square metres per annum at a
cost of Rs.376.7 million, began commercial operations in February
2007. Kaneria Granito is currently increasing its installed
capacity to 4.38 million square metres per annum, with the help of
Italy’s SACMI, a part of the SACMI group that specialises in the
production and sale of turnkey plants for ceramics and packaging
industries.
KR ANAND: CRISIL Rates Rs.100 Mln Cash Credit Limit at 'C'
----------------------------------------------------------
CRISIL has assigned its ratings of ‘C/P4’ to the various bank
facilities of KR Anand.
Rs.100 Million Cash Credit Limit C (Assigned)
Rs.650 Million Bank Guarantee P4 (Assigned)
The ratings reflect instances of delay in repayment of term loans
for equipments owing to weak liquidity. The ratings also reflect
KR Anand’s exposure to risks relating to geographic concentration
in revenues, and delays in execution of large projects due to
government regulations.
About KR Anand
KR Anand was started as a proprietorship firm by Mr. Kapil Raj
Anand in 1974. The firm undertakes land development works
including earth filling, trunk water supply, projects of urban
road/highways, and site grading. KR Anand reported a book profit
of Rs.26.2 million on net sales of Rs.108.9 million for 2007-08
(refers to financial year, April 1 to March 31), as against a book
profit of Rs.33.5 million on net sales of Rs.102.6 million for
2006-07.
MANTRI METALLICS: Debt Servicing Delays Prompt CRISIL “C” Ratings
-----------------------------------------------------------------
CRISIL has assigned its ratings of ‘C/D/P4’ to the bank facilities
of Mantri Metallics Pvt Ltd (Mantri Metallics).
Rs.174.9 Million Long Term Loan D (Assigned)
- Kagal unit
Rs.105.3 Million Other Long Term C (Assigned)
Loans *
Rs.225.0 Million Cash Credit C (Assigned)
Rs.30.0 Million Line of Credit C (Assigned)
Rs.70.0 Million Letter of Credit ** P4 (Assigned)
* Includes proposed Rs. 76.0 Million.
** Letter of Credit is interchangeable with Bank Guarantee.
The ratings reflect delays in debt servicing by the company.
The delays followed inadequate accruals because of the impact of
the slowdown in the automobile industry, and large interest
obligations that are a result of debt-funded capital expenditure
of approximately Rs.350 million in 2007-08 (refers to financial
year, April 1 to March 31), which was incurred for setting up
manufacturing facilities at Kagal, Maharashtra and Pantnagar in
Uttaranchal. The company has requested rescheduling of its debt
obligations; this request is under consideration by the bank.
About Mantri Metallics
Kolhapur, Maharashtra–based Mantri Metallics was promoted by Mr
Purushottam Mantri in 1995. The company started operations with a
single foundry having an induction furnace capacity of 2,400
tonnes per annum. The company expanded its manufacturing
facilities and presently has an induction furnace capacity of
26,400 tonnes per annum, and machine shops with many computer
numerical controlled (CNC) and dynamic balancing machines.
The company’s product portfolio consists of automotive components
such as flywheel assemblies, exhaust manifolds, brake drums, and
housing and bearing caps. Although, Mantri Metallics caters
primarily to automotive industry, it also manufactures engineering
goods such as rocker housing, NH adaptor housing and intermediate
housing. The company’s major customers in the domestic market
include Tata Motors Limited (rated ‘A/Stable/P1’ by CRISIL), Ashok
Leyland Limited (‘AA-/Negative/P1+’), Spicer India Limited and
Simpson & Co Ltd , while its key clients in the export market
include John Deere Ltd (rated ‘A-1’ by Standard & Poors’),
Motorenfabrik Hatz GmbH and Venture Products Inc. The Company
recently acquired orders from customers for supplying parts to
General Motors India Ltd, Hyundai Motor India Ltd (rated ‘P1+’ by
CRISIL) and Brakes India Limited (AA- /Negative/P1+).
For 2007-08, Mantri Metallics reported a profit after tax of
Rs.15.3 million (Rs.38.2 million in the previous year) on net
sales of Rs.821.8 million (Rs.607.6 million).
SLN COFFEE: CRISIL Reaffirms Ratings on Various Bank Facilities
---------------------------------------------------------------
CRISIL has reaffirmed its ratings of ‘B/Stable/P4’ to the bank
facilities of SLN Coffee (P) Ltd (SLN).
Rs.180 Million Cash Credit Limit B/Stable
(Enhanced from Rs.150 Million)
Rs.260 Million Term Loan B/Stable
(Enhanced from Rs.190 Million)
Rs.60 Million Bills Receivables P4 (Reaffirmed)
Discounting
Rs.350 Million Packing Credit P4
(Enhanced from Rs.135 Million)
The ratings reflect SLN’s weak financial risk profile, marked by
high gearing and weak debt protection measures. Further, the
ratings are constrained by low operating margins, susceptibility
to fluctuations in coffee prices and foreign exchange
fluctuations. These weaknesses are mitigated by SLN’s established
presence in the domestic coffee trading market.
Outlook: Stable
CRISIL believes that SLN will maintain its established business
profile, backed by strong demand for coffee beans and additional
revenues from the instant coffee business. The outlook may be
revised to ‘Positive’ if the company scales up its operations and
realises better margins. Conversely, the outlook may be revised
to ‘Negative’ if there is a decline in margins, or if the company
incurs more-than-expected debt-funded capital expenditure, leading
to further deterioration in its capital structure and debt
protection measures.
About SLN Coffee (P)
Incorporated in 2004, SLN is a closely-held company engaged in the
business of coffee trading and manufacturing instant coffee. SLN
is managed by S Narayanan, N Viswanathan and Satthappan, who have
vast experience in this business. The company sells its
merchandise in both domestic and export markets. It has an in-
house curing and processing facility with a capacity of 25,000
tonnes per annum. In October 2008, the company commissioned a
plant with a capacity of 3,600 tonnes per annum of instant coffee,
in the industrial area of Kushalanagar, Karnataka.
For 2007-08 (refers to financial year, April 1 to March 31), SLN
reported a profit after tax (PAT) of Rs.25 million on net sales of
Rs.3.0 billion, as against a PAT of Rs.17 million on net sales of
Rs.2.4 billion in the previous year.
VELANKANI INFRA: CRISIL Assigns 'BB' Rating on Rs.50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of ‘BB/Negative/P4’ to the various
bank facilities of Velankani Infrastructure and Projects Pvt Ltd
(VIPPL).
Rs.50.00 Million Cash Credit BB/Negative (Assigned)
Rs.50.00 Million Bank Guarantee P4 (Assigned)
The ratings reflect VIPPL’s small scale of operations, and limited
geographical diversity and track record. These weaknesses are,
however, partially offset by VIPPL’s healthy order book, and
above-average financial risk profile.
Outlook: Negative
CRISIL’s ‘Negative’ outlook on VIPPL reflects the current slowdown
in the domestic construction sector. The ratings may be
downgraded if VIPPL encounters delay in projects, or suspension of
projects by customers, or if the company’s financial risk profile
deteriorates on account of large working capital requirements.
The outlook may be revised to ‘Stable’ if the company is able to
expand its order book and diversify its customer base to entities
outside the Velankani group.
About Velankani Infrastructure
Established in 2000, as Caliber Construction Company Pvt Ltd by
Mr. Kiron Shah, VIPPL got its current name in February 2008.
VIPPL is engaged in construction of special economic zones (SEZs),
hotels, and industrial and residential buildings. The company is
part of the Velankani group, which has diverse business interests,
including software services, construction, real estate, and SEZ
development. For 2007-08 (refers to financial year, April 1 to
March 31), VIPPL reported a profit after tax (PAT) of Rs.8 million
on net sales of Rs.223 million, as against a PAT of Rs.15 million
on net sales of Rs.390 million for 2006-07.
VELANKANI TECHNOLOGY: CRISIL Rates Rs.1300MM Long Term Loan at 'B'
------------------------------------------------------------------
CRISIL has assigned its rating of ‘B/Negative’ to the term loan
facility of Velankani Technology Parks Pvt Ltd (VTPPL).
Rs.1300.00 Million Long Term Loan B/Negative (Assigned)
The rating reflects VTPPL’s exposure to risks relating to project
implementation, and lack of revenue visibility. These weaknesses
are, however, partially offset by the benefits that VTPPL derives
from the locational advantages of its park.
Outlook: Negative
The ‘Negative’ outlook reflects the uncertainty in VTPPL’s cash
flows in the absence of lease agreements, and the company’s
exposure to risks relating to the ongoing economic slowdown. The
ratings may be revised downwards if VTPPL faces delay in
commencement of operations. Conversely, the outlook may be
revised to ‘Stable’ if VTPPL is able to tie up tenants for the
first phase of the project, and grant timely occupation to
tenants.
About Velankani Technology
VTPPL is setting up an “Electronic Hardware Manufacturing and
ITES” Special Economic Zone (SEZ) at Sriperumbudur close to NH4 in
Tamil Nadu at a total capex of Rs.1.35 billion. The SEZ project
is proposed to be constructed in 5 phases totalling 29 blocks
(buildings) and other common amenities/facilities spread over 265
acres. Phase I consisting of a built-up area of 497,088 sq ft is
expected to be completed by May-June 2009. VTPPL is part of the
Velankani group, which has diverse business interests, including
software services, construction, real estate, and SEZ development.
=================
I N D O N E S I A
=================
BAKRIE & BROTHERS: Gets Reprieve on ICPL and Skybird Debts
----------------------------------------------------------
PT Bakrie & Brothers Tbk has signed an agreement with creditors
Interventures Capital Pte. Ltd. (ICPL) and Skybird Ventures Ltd.
to restructure promissory notes worth IDR1.4 trillion
(US$117.6 million) due to mature on July 5 this year, Jakarta
Globe reports citing the notice sent by Bakrie & Brothers to the
Capital Market and Financial Institutions Supervisory Agency
(Bapepam-LK).
Under the program, the old notes have been replaced by new notes,
which will mature on March 12, 2011, the report adds.
The notes carry an interest rate of 19%, the report relates.
According to the report, the promissory notes were initially
issued to Long Haul Holdings Ltd. and PT Brantas Indonesia,
shareholders of Bumi Resources and Brantas Indonesia,
respectively.
On March 10, the notes were sold by Long Haul Holdings and Brantas
to Interventures and Skybird, the report says.
As of September, the company’s bond debt amounted to
IDR2.1 trilllion, The Jakarta Globe recounts.
About PT Bakrie
PT Bakrie & Brothers Tbk is an Indonesia-based group of companies.
It is engaged in general trading, steel pipe manufacturing,
building materials and construction products, telecommunications
systems, electronic and electrical goods and equity investments.
The Company comprises three core business segments:
Infrastructure, Plantations and Telecommunications. The Company
produces a range of products, such as mini telecommunication
switching, telecommunication system integrators, telephone sets,
electric resistance-welded steel pipes, longitudinal steel pipes,
seamless pipes, cement-based industrial construction products,
marble slabs, corrugated steel, agricultural products and cast-
iron auto products. In addition, it also provides a range of
services, including cellular radio wave-based telecommunication
services using code division multiple access (CDMA) technology,
messaging, paging and cellular answering services, as well as
specialized structural and civil engineering services.
MOBILE-8 TELECOM: Pefindo Downgrades IDR675 Bil. Bond to “idD”
--------------------------------------------------------------
PT Pemeringkat Efek Indonesia (Pefindo) downgraded the ratings of
PT Mobile 8 Telecom Tbk. and the company’s Bond I/2007 of
IDR675 billion to “idD” (Default).
Previously, the company’s corporate rating was “idSD” (Selective
Default) while its IDR bond rating was “idCCC”. At the same time,
Pefindo removed the ratings from the Creditwatch with Negative
Implication status. The rating action was taken as the company
failed to fulfill the interest payment of the IDR bond in the
amount of IDR20.88 billion due on March 16, 2009.
Pefindo will continue to monitor the company’s plan to settle this
and future financial obligations.
Established in 2002 and operating commercially since the launch of
its pre-paid services in 2003, PT Mobile-8 Tbk is the fourth
largest mobile cellular operator in Indonesia. It operates in the
800 MHz spectrum on a CDMA2000 1X platform. The company reported
net revenues of IDR867 billion (approximately US$80 million) for
the 12-month period ending Sept. 30, 2008.
PT PERUSAHAAN: Fitch Upgrades Issuer Default Ratings to 'BB'
------------------------------------------------------------
Fitch Ratings has upgraded PT Perusahaan Gas Negara's Long-term
foreign and local currency Issuer Default Ratings to 'BB' from
'BB-' (BB minus) and affirmed its National Long-term rating at
'AA(idn)'. The Outlook is Stable. Fitch has also upgraded PGN
Euro Finance 2003 Limited's US$125m notes due in 2014 and US$150m
notes due in 2013, guaranteed by PGN and its subsidiaries, to 'BB'
from 'BB-' (BB minus).
The upgrade reflects PGN's improved financial and operating
profiles and Fitch's expectation that the company will continue to
sustain moderate credit metrics. With the completion of the South
Sumatra - West Java pipeline in August 2008 and the expected
completion of the West Java distribution projects in 2010
(initially planned for 2009), the company's operating cash flow
and financial profile will be supported by additional cash inflow
brought by higher distribution volumes.
Fitch expects PGN's capital expenditure to reduce following the
completion of the SSWJ projects, with total capex in 2009
estimated to be approximately US$250m-US$300m (including US$100m-
US$150m from 2008 which mainly consists of payments to SSWJ
contractors). Fitch expects 2009 net debt/EBITDA to be around
2.0x or lower. PGN's liquidity is not a key credit concern; the
company has no significant near-term funding requirements. Beyond
the short term, PGN's growth will be boosted by the successful
commissioning and operation of the West Java distribution project.
PGN's ratings continue to be supported by its dominant positions
in Indonesia's gas distribution and transmission sectors, with a
market share of about 93% and 87%, respectively, at end-9M08.
Fitch notes that gas sales to the industrial sector, which made up
about 98% of PGN's distribution sales have dropped slightly in
recent months on the back of adverse macroeconomic conditions;
however, the agency believes the further reduction is likely to be
mitigated by strong demand from the power sector. During 2008,
PGN signed another 260 metric million standard cubic feet per day
to supply PT Perusahaan Listrik Negara, the state-owned
electricity company, comprising 200mmscfd to Muara Tawar gas-fired
plant, 30mmscfd to Cilegon gas-fired plant and another 30mmscfd to
Tanjung Priok gas-fired plant. Nevertheless, PGN's credit profile
is affected by exposure to gas supply and price risks, and any
mismatch between long-term gas purchase contracts and shorter-term
gas sale contracts.
The Stable Outlook reflects the agency's expectation that PGN's
net debt/EBITDA will remain around 2.0x or below. Should this
ratio rise to above 2.0x on a sustained basis a negative rating
action may be taken. Conversely, sustained net debt/EBITDA of
less than 1.0x may result in a positive rating action.
PGN is a leading gas transmission and distribution company. At
end-September 2008, it reported revenue of IDR9,021bn and EBITDA
of IDR4,605bn. PGN continues to enjoy an extended maturity
profile for its borrowing with only about 17% of PGN's loans
maturing before 2013. As at end-September 2008, PGN had
IDR2,291bn cash and annualised net debt/EBITDA of 1.3x. The
government of Indonesia owned about 54.58% of the company at end-
September 2008, while public shareholders and the company's
employees and management held the remaining 45.38% and 0.04%
stakes, respectively.
=========
J A P A N
=========
ALL NIPPON: Cancels 137 Flights Due to Union Strike
---------------------------------------------------
All Nippon Airways Co Ltd on Wednesday cancelled 137 domestic
flights and delayed 30 due to a strike by the labor unions of its
group companies, the Mainichi Daily News reports.
According to the report, ANA said the labor unions of its four
group companies, including Air Nippon, have come out on strike
following a breakdown in spring wage negotiations between the
companies and the unions.
The Mainichi Daily says the 24-hour strike, disrupting for about
18.6 percent of the airline's domestic flights, affected 9,400
passengers.
The airline's international flights will operate as normal, the
report notes.
Annual Loss Expected
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2009, Bloomberg News said ANA may incur a JPY9 billion
(US$101 million) net loss for the year ending March 31, compared
with an earlier projected profit of JPY17 billion. The carrier
also lowered its operating profit forecast and revenue estimates.
Bloomberg News related the airline also lowered its full-year
operating profit forecast to JPY8 billion from JPY55 billion
predicted earlier. ANA, Bloomberg News said, reduced its full-
year revenue forecast to JPY1.4 trillion compared with an earlier
forecast of JPY1.46 trillion.
About All Nippon Airways
All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments. Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets. The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday. This segment
also offers services to travelers and sells travel products and
air tickets. The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others. The company has 112 subsidiaries and 40 associated
companies.
EAST STREET: Moody's Downgrades Ratings on Three 2002-1 Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of three
classes of notes issued by East Street Referenced Linked Notes,
2002-1 Limited, and five classes of notes issued by East Street
Referenced Linked Notes, 2004-1 Limited. The transactions are
managed synthetic CDOs referencing mainly Japanese and Asian
structured finance products.
Moody's explained that the rating actions taken are due mainly to
the results of the application of the revised and updated key
modelling parameter assumptions that the rating agency uses to
rate and monitor the ratings of SF CDOs. The deterioration in the
credit quality of the transaction's reference portfolio was also
considered in the process of the rating action. For information
on the updates to Moody's key modelling parameter assumptions,
please see the press published on December 11, 2008.
Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Reports below:
-- Moody's Approach to Rating SF CDOs (March 2009)
The rating actions are:
East Street Referenced Linked Notes 2002-1
(1) Series 1 JPY 10,000,000,000 Class A Floating Rate Notes
-- Current Rating: Aa1
-- Prior Rating: Aaa
-- Prior Rating Action Date: 24 August 2005, assigned Aaa
(2) Series 1 JPY 5,000,000,000 Class C Floating Rate Notes
-- Current Rating: Ba1
-- Prior Rating: Baa3
-- Prior Rating Action Date: 24 August 2005, assigned Baa3
(3) Series 1 JPY 1,500,000,000 Class D Floating Rate Notes
-- Current Rating: B1
-- Prior Rating: Ba3
-- Prior Rating Action Date: 24 August 2005, assigned Ba3
East Street Referenced Linked Notes 2004-1
(1) JPY 7,500,000,000 Class A Floating Rate Notes
-- Current Rating: Aa2
-- Prior Rating: Aaa
-- Prior Rating Action Date: 20 October 2004, assigned Aaa
(2) JPY 3,750,000,000 Class B Floating Rate Notes
-- Current Rating: Baa1
-- Prior Rating: A2
-- Prior Rating Action Date: 20 October 2004, assigned A2
(3) JPY 3,000,000,000 Class C Floating Rate Notes
-- Current Rating: Ba2
-- Prior Rating: Baa2
-- Prior Rating Action Date: 20 October 2004, assigned Baa2
(4) JPY 1,500,000,000 Class D Fixed Rate Notes
-- Current Rating: B2
-- Prior Rating: Ba3
-- Prior Rating Action Date: 20 October 2004, assigned Ba3
(5) JPY 1,500,000,000 Class E Fixed Rate Notes
-- Current Rating: Caa1
-- Prior Rating: B3
-- Prior Rating Action Date: 20 October 2004, assigned B3
====================
N E W Z E A L A N D
====================
BLUE CHIP: Registrar of Companies Moves to Liquidate Parent Firm
----------------------------------------------------------------
The National Business Review reports that following the Registrar
of Companies' wind up application for Australian-listed company
Northern Crest Investments, its owner, Blue Chip founder
Mark Bryers will be facing hindrance in his bid to revive the
business.
Earlier this month, the report recalls, Mr. Bryers announced he
was seeking to get Northern Crest shares trading again on the
Australian stock exchange and that the company was returning to
profitability.
However, the Business Review relates, the announcement did not
include reference to the fact that Mr. Bryers is facing more than
100 charges in New Zealand.
According to the report, the Registrar of Companies filed an
application to liquidate Mr. Bryers' remaining investment vehicle,
Northern Crest Investments, on February 18. The case is set down
to be heard at the Auckland High Court on April 3, the report
notes.
Northern Crest Investment Limited (ASX:NOC), formerly Blue Chip
Financial Solutions Limited, is a financial planning specialist,
providing wealth creation opportunities for clients in Australasia
using residential property solutions. The company operated in two
divisions: financial services and leasing services. The financial
services division is engaged in the provision of financial
structuring services and investment product to a variety of
clients. The leasing activities division is engaged in rental of
residential property. The company sources its clients through a
network of licensees and advisers in New Zealand and Australia.
During the year ended December 31, 2006, the company disposed
TIBL, Blue Chip Finance Limited and Enform Limited. In April
2008, the company placed its New Zealand arm into voluntary
liquidation.
About Blue Chip NZ
Blue Chip New Zealand Ltd. is a financial services company with
offices throughout New Zealand. It is a subsidiary of Blue Chip
Financial Solutions Limited, now known as Northern Crest
Investments. Northern Crest operates in two divisions:
financial services and leasing services. The financial services
division is engaged in the provision of financial structuring
services and investment product to a variety of clients. The
leasing activities division is engaged in rental of residential
property.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
April 15, 2008, Blue Chip New Zealand Ltd. is in voluntary
liquidation, joining 20 other Blue Chip companies that are now
being wound up. Blue Chip New Zealand is a subsidiary of the
company of Northern Crest Investment Limited, formerly known as
Blue Chip Financial Solutions Limited.
GUARDIAN TRUST: Reaches Settlement With McEwan's NZ$7 Mil. Loan
---------------------------------------------------------------
Guardian Trust has managed to recoup a NZ$7 million loan following
a mortgagee sale of a property owned by bankrupt developer Dan
McEwan, The National Business Review reports.
The report, citing a Guardian Trust spokeswoman, said that the
property was sold on March 6, but refused to say how much it had
sold for.
“The mortgage has been satisfied through mortgagee sale and the
purchaser has requested that the details remain private,” the
report quoted the spokeswoman as saying.
According to the report, the property had been valued at
NZ$8 million and Mr. McEwan’s company, Waiwera Stage Two, had a
first mortgage with Guardian Trust of NZ$7.2 million.
Guardian Trust had begun court action against the company but this
was struck out after reaching a confidential settlement, the
report said citing a lawyer of Mr. McEwan.
About Guardian Trust
The New Zealand Guardian Trust Company Limited --
http://www.guardiantrust.co.nz/-- is a wholly owned subsidiary
of Suncorp-Metway, a leading banking, insurance and financial
services company.
=============================
P A P U A N E W G U I N E A
=============================
BEST BUY: Placed in Receivership
--------------------------------
A major supermarket chain in Papua New Guinea, which has been
facing bankruptcy, has been placed under receivership, the Post
Courier reports.
The report says Best Buy Group Limited and its Lae-based parent
company, Shao Trading, are reported to owe millions of kina to
major creditors throughout the country.
Best Buy is believed to have owed a major creditor almost K20
million in unpaid stock, the Post relates citing unconfirmed
reports.
According to the Post, ANZ Banking Group (PNG) Limited, last week
appointed Stephen Beach of PricewaterhouseCoopers (PwC) as
receiver of the two companies.
The Post Courier discloses that the Best Buy chain of supermarkets
was initially owned by the Goroka-based Collins and Leahy Group of
Companies and was a thriving business operation in the 1990s.
Collins and Leahy, under the chairmanship of the late Sir Danny
Leahy, decided to offload its Best Buy business to Shao Trading in
the early 2000s.
=================
S I N G A P O R E
=================
LADYHILL HOTEL: Creditors' Proofs of Debt Due on April 18
---------------------------------------------------------
The creditors of Ladyhill Hotel (Private) Limited are required to
file their proofs of debt by April 18, 2009, to be included in
the company's dividend distribution.
The company's liquidator is:
Aaron Loh Cheng Lee
Ernst & Young Solutions LLP
c/o One Raffles Quay North Tower 18th Floor
Singapore 048583
YICKKI TRADING: Creditors' Proofs of Debt Due on April 1
--------------------------------------------------------
The creditors of Yickki Trading Pte Ltd are required to file their
proofs of debt by April 1, 2009, to be included in the company's
dividend distribution.
The company's liquidators are:
Chee Yoh Chuang
Lim Lee Meng
c/o Stone Forest Corporate Advisory Pte Ltd
8 Wilkie Road #03-08
Wilkie Edge
Singapore 228095
======================
S O U T H A F R I C A
======================
PAMODZI GOLD: In Talks to Avoid Liquidation of Unit
---------------------------------------------------
Pamodzi Gold Ltd said it has started talks to avoid the
liquidation of one of its units, Bloomberg News reports.
As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 18, 2009, Bloomberg News's Ron Derby said Pamodzi is seeking
funds after failing to receive an expected sum of 200 million rand
(US$20 million) from Best Rock Investments LLP.
The report recalled the company said Oct. 24 it completed the
terms of a final 200 million rand of necessary fund raising. On
Dec. 29, the report related Pamodzi said the fund raising
would include an issue of call options to Best Rock Investments
(Pty) Ltd. Pamodzi added in a Feb. 18 statement obtained by
Bloomberg News that it hadn't received a "definitive timeline" for
the receipt of funds from Best Rock.
Meanwhile, Bloomberg News reported Pamodzi spokeswoman Bongi
Radebe said the company will oppose a 21.8 million-rand claim in
South Africa's High Court against its Orkney mine from contractor
Engineering Labour Hire and Mining Supplies. The demand is in
connection with outstanding payments, Jan Van den Berg, co-
founder of the contractor, told the news agency by mobile phone
from Pretoria.
As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 9, 2009, around 4,000 workers at Pamodzi Gold's Free State
province mines went on strike over unpaid wages.
Pamodzi, which employs 5,014 workers in South Africa, ended the
10-day strike on March 13 after paying February wages, Bloomberg
News said.
Mounting Losses
For the nine months ended September 30, 2008, Pamodzi incurred a
net loss of R427,673,000. The company recorded a R208,488,000
loss in the year ended December 31, 2007.
According to Business Report, Pamodzi incurred mounting losses
after selling gold below market price and with the acquisition of
two gold mines early last year.
As of September 30, 2008, the company's total assets and total
liabilities stood at R1,917,030,000 and R1,757,518,000
respectively.
Pamodzi said it will use the R400 million fund from the IDC and
Pamodzi Resources for these purposes:
-- R180 million to settle long outstanding creditors;
-- settle the loan from MC Resources Limited and Casten
Holdings Limited, shareholders of Thistle, amounting
to R34.2 million;
-- settle the RMB revolving credit facility of
R26.8 million; and
-- R160 million for future capital expansion and assumed
to be split evenly between IDC loan and Pamodzi
Resources loan.
About Pamodzi Gold
Pamodzi Gold Limited (JNB:PZG) -- http://www.pamodzigold.co.za/--
is a junior gold mining company with assets on the Witwatersrand
gold basin in South Africa. The Company has gold mining
operations in the East and West Rand of Gauteng Province in South
Africa. The Company has acquired operations in Orkney, in the
North West Province, and the President Gold mine in the Free State
province. The West Rand operation consists of Pamodzi Gold West
Rand (Pty) Limited (PGWR)'s Middelvlei opencast mine situated 55
kilometers southwest of Johannesburg, extracting the Black Reef
ore body. The East Rand Operations consist of three underground
operations, namely Grootvlei Proprietary Mines Limited
(Grootvlei), Consolidated Modderfontein Mines Limited (Cons
Modder) and Nigel Gold Mining Company (Pty) Limited situated on
the East Rand, some 40 kilometers east of Johannesburg. The PGWR
operations are an early-stage gold mining project. The PGER
operations are located approximately 40 kilometers east of
Johannesburg in the Springs area.
===========
T A I W A N
===========
PROMOS TECHNOLOGIES: Extends Early Bond Offer to March 21
---------------------------------------------------------
Lisa Wang at the Taipei Times reports that ProMOS Technologies Inc
has extended the early tender offer to buy back convertible bonds
for the second time in an effort to avoid default. The offer is
extended from Tuesday, March 17 until Saturday, March 21.
The report relates that as of Wednesday, March 18, Promos
disclosed 70 percent of its convertible bond holders had agreed to
sell back the US$335 million outstanding convertible bonds to the
company at a deep discount, or not to exercise the “put” option.
Only if the tender offer were successful would ProMOS' creditors,
led by the Bank of Taiwan, inject a recently approved NT$3 billion
(US$87.83 million) bank loan into the chipmaker to help it repay
debt, Taipei Times cited ProMOS spokesman Ben Tseng as saying in a
telephone interview.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2009, the China Post said ProMOS offered to buy back
convertible bonds for as little as 10 percent of the principal.
Citing ProMOS in a filing to Singapore's stock exchange, the Post
related that the tender offer started Feb. 19 and ends on
March 21.
ProMOS, as cited by the Post, said the tender will fail if less
than 79 percent bondholders accept the offer. However, ProMOS
said creditors can still demand full payment if they apply by
May 14, the Post related.
The Post said the company would spend as little as US$33.5
million, less than half it has available, buying back US$335.6
million worth of zero-coupon convertible bonds listed in
Singapore, freeing it from a payment default.
The TCR-AP, citing Taipei Times, reported on Jan. 20, 2009, that
ProMos was facing mounting pressure to repay US$330 million in
overseas corporate debt that matured on Feb. 14.
For the first nine months of 2008, ProMOS lost NT$22.5 billion
amid a slump in demand for memory chips. The company reported a
net loss of NT$7.32 billion for the year ended December 31, 2007.
About ProMOS
ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan. The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.
The Company distributes its products within the domestic market
and to overseas markets. As of December 31, 2007, the Company had
six wholly owned subsidiaries, including United Memories, Inc,
ProMOS Technologies Pte. Ltd, Flourishing Moment Limited, ProMOS
Technologies Japan Limited and ProImage Technologies Inc.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Company Ticker Assets Equity
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16933460.19 -8226075.95
ADVANCE HEALTHCA AHG 16933460.19 -8226075.95
ALLSTATE EXPLORA ALX 16169603.20 -50619940.96
ALLSTATE EXPL-PP ALXCC 16169603.20 -50619940.96
ANTARES ENERGY L AZZ 14174189.76 -6756494.56
ARC EXPLORATION ARX 62773963.21 -15883874.97
AUSTAR UNITED AUN 448602007.58 -261905005.38
BABCOCK & BROWN BCM 7921901248.89 -381294562.59
BIRON APPAREL LT BIC 19706738.17 -2220069.83
BISALLOY STEEL G BIS 197903755.89 -11548524.69
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
ERG LIMITED ERG 180731676.67 -11205963.43
ETW CORP LTD ETW 83708786.34 -58673955.65
FORTESCUE METALS FMG 4293524492.00 -378456209.91
FULCRUM EQUITY L FUL 19209266.15 -3664831.35
JAMES HARDIE NV JHXCC 2357299968.00 -237600000.00
JAMES HARDIE-CDI JHX 2357299968.00 -237600000.00
LAFAYETTE MIN LAF 105239389.93 -190859526.77
MAC COMM INFR-CD MCGCD 8104415200.76 -103343256.49
MACQUARIE COMMUN MCG 8104415200.76 -103343256.49
METAL STORM LTD MST 14309243.10 -5126410.11
TOOTH & CO LTD TTH 143720715.19 -94300033.83
VERTICON GROUP VGP 21729291.58 -11591492.96
VIDELLI LTD VID 180731676.67 -11205963.43
CHINA
ALONG TIBET CO-A 600773 10333935.67 -913954.99
AMOI ELECTRONICS 600057 414934259.50 -30399649.61
ANHUI KOYO GROUP 000979 60298626.62 -47685854.30
CHANG LING GROUP 000561 49675731.32 -115810769.64
CHENGDU UNION-A 000693 59526570.13 -188881.87
CHINA KEJIAN-A 000035 65124488.98 -167311537.11
CHINESE.COM LOGI 000805 13883647.68 -8947568.12
CHONGWING INTL-A 000736 24753183.26 -13379849.30
DANDONG CHEM F-A 000498 115942688.34 -91597754.91
FUJIAN CFC IND-A 000592 24196604.92 -19615146.80
FUJIAN SANNONG-A 000732 64417775.39 -90239301.91
FUJIAN START-A 600734 105659572.63 -14337777.19
GUANGDONG HUAL-A 600242 22465173.76 -2740933.18
GUANGDONG KEL-A 000921 710500493.66 -81769686.15
GUANGMING GRP FU 000587 62369338.74 -12083332.13
GUANGXIA YINCH-A 000557 53463085.53 -61325483.02
HEBEI BAOSHUO CO 600155 313380313.25 -212285683.69
HEBEI JINNIU C-A 600722 223470984.32 -222746304.24
HISENSE ELEC-H 921 710500493.66 -81769686.15
HUATONG TIANXI-A 600225 73838152.81 -41138558.42
HUDA TECHNOLOG-A 600892 18459084.32 -1904039.85
HUNAN ANPLAS CO 000156 83999120.28 -81350940.74
HUNAN AVA HOLDIN 000918 176943487.87 -11256248.54
JIAOZUO XIN'AN-A 000719 50815905.85 -25450082.53
LAN BAO TECH INF 000631 29435531.87 -22701113.38
MIANYANG GAO-A 600139 30657523.00 -12436839.12
QINGHAI SALT L-A 000578 105635944.61 -4914371.18
QINGHAI SUNSHI-A 600381 52481259.62 -33816335.98
REAL GOLD MINING 000246 34172339.37 -299845.13
SHANG WORLDBES-A 600094 327982181.09 -175167931.11
SHANG WORLDBES-B 900940 327982181.09 -175167931.11
SHENZ CHINA BI-A 200017 29379003.11 -244527119.11
SHENZ CHINA BI-B 200017 29379003.11 -244527119.11
SHENZ SEG DASH-A 000007 101024087.57 -1144993.15
SHENZHEN DAWNC-A 000863 36847332.84 -142582249.37
SHENZHEN KONDA-A 000048 155014461.99 -24446764.56
SHENZHEN SHENXIN 000034 44989232.03 -113368102.97
SICHUAN DIRECT-A 000757 128549383.42 -102619767.95
STELLAR MEGAUNIO 000892 64925448.82 -162463426.22
SUCCESS INFORMAT 000517 30118378.44 -14826121.30
SUNTEK TECHNOLOG 600728 44691434.84 -22949595.64
SUNTIME INTERN-A 600084 355378023.17 -100009910.49
TAIYUAN TIANLON 600234 12693007.72 -51581680.70
TIANJIN MARINE 600751 75440814.59 -26602770.52
TIANJIN MARINE-B 900938 75440814.59 -26602770.52
TIBET SUMMIT I-A 600338 63612758.53 -10426824.98
TOPSUN SCIENCE-A 600771 232677660.69 -131983172.54
WINOWNER GROUP C 600681 21498115.00 -81284231.50
XIAMEN OVERSEAS 600870 433188523.84 -13781679.05
YUEYANG HENGLI-A 000622 40266532.05 -14337174.21
ZHANGJIAJIE TO-A 000430 51011060.62 -8247159.63
HONG KONG
APTUS HLDGS LTD 8212 54183295.49 -5233351.51
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
CHIA TAI ENTERPR 121 313740803.76 -49562387.78
CHINA GRAND PHAR 512 23135825.94 -7596740.75
CHINA HEALTHCARE 673 29513119.73 -7815705.47
CORE HEALTHCARE 8250 27890609.26 -11660364.96
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
EMPEROR ENTERTAI 8078 35493733.40 -2976735.60
NEW CITY CHINA 456 113178595.41 -9932226.54
PALADIN LTD 495 186461196.61 -9780904.71
PALADIN LTD -PRE 642 186461196.61 -9780904.71
SANYUAN GROUP LT 140 17768260.98 -2131329.68
INDIA
ALCOBEX METALS AML 27036820.49 -16751727.41
APPLE FINANCE APL 70832103.73 -29253849.19
ARTSON ENGR ART 10310745.75 -705781.13
ASHIMA LTD ASHM 96567160.75 -42591314.74
BALAJI DISTILLER BLD 59974008.41 -50890026.26
BELLARY STEELS BSAL 512415670.40 -101442229.54
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
CFL CAPITAL FIN CEATF 20637497.85 -48884440.84
CORE HEALTHCARE CPAR 185364966.99 -241912027.81
DIGJAM LTD DGJM 98769193.78 -14623833.58
DISH TV IND-PP DITVPP 229160606.28 -8850096.00
DISH TV INDIA DITV 229160606.28 -8850096.00
DUNCANS INDUS DAI 164653351.9 -220922929.9
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GUJARAT SIDHEE GSCL 59440728.18 -660003.43
GUJARAT STATE FI GSF 30159595.18 -234918081.46
HIMACHAL FUTURIS HMFC 633329926.05 -104792044.71
HINDUSTAN PHOTO HPHT 93725753.93 -1229352757.43
HMT LTD HMT 206932743.85 -263572925.12
ICDS ICDS 13300348.69 -6171079.46
IFB INDS LTD IFBI 50668510.63 -65490798.77
JCT ELECTRONICS JCTE 122542558.60 -49996834.55
JENSON & NIC LTD JN 15734678.26 -92089109.12
JK SYNTHETICS JKS 20208078.76 -2171303.89
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 37538318.01 -41771703.35
LLOYDS METALS LYDM 76625324.31 -409399.15
LLOYDS STEEL IND LYDS 392561769.16 -102160401.76
MILLENNIUM BEER MLB 39726352.09 -732186.48
NATH PULP & PAP NPPM 11602126.35 -34768739.20
ORIENT PRESS LTD OP 15616522.24 -10040802.92
OSWAL SPINNING OWSW 18536688.83 -4258142.35
PANCHMAHAL STEEL PMS 51024827.03 -325116.26
PANYAM CEMENTS PYC 30241162.87 -9403739.61
PARASRAMPUR SYN PPS 111971290.89 -317111727.95
PAREKH PLATINUM PKPL 61081050.43 -88849040.15
PSI DATA SYSTEMS PSI 11676002.06 -2481336.90
PTL ENTERPRIESES PTLE 54293986.93 -397481.92
RATHI ISPAT LTD RTIS 44555929.56 -3933592.50
REMI METALS GUJA RMM 82273746.28 -1650461.11
ROLLATAINERS LTD RLT 22965755.05 -22244556.92
ROYAL CUSHION RCVP 29192373.45 -73115309.68
RPG CABLES LTD RPG 51431409.37 -20192930.18
SEN PET INDIA LT SPEN 13283611.52 -25431862.10
SHREE RAMA MULTI SRMT 81405835.45 -64134056.23
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SPICE COMMUNICAT SPCM 263692459.52 -19679192.67
STI INDIA LTD STIB 44107456.00 -300149.59
TATA TELESERVICE TTLS 857960649.86 -50009972.82
TRANS FREIGHT TFC 14196928.74 -9623049.18
TRIVENI GLASS TRSG 34542881.89 -6209872.78
UNIWORTH LTD WW 178225972.59 -131624807.91
USHA INDIA LTD USHA 12064900.61 -54512967.31
WIRE AND WIRELES WNW 106984536.93 -23622538.56
INDONESIA
BUKAKA TEKNIK UT BUKK 64091324.54 -99365767.69
DAYA SAKTI UNGGU DSUC 29016063.42 -8041060.32
ERATEX DJAJA ERTX 22390016.89 -5709537.72
JAKARTA KYOEI ST JKSW 37212505.22 -39286774.25
KARWELL INDONESI KARW 22659332.94 -1923983.20
MULIA INDUSTRIND MLIA 390764740.82 -411484148.40
PANCA WIRATAMA PWSI 30758367.68 -30598686.04
POLYSINDO EKA PE POLY 547415431.67 -779982804.73
PRIMARINDO ASIA BIMA 12520821.69 -19874326.35
STEADY SAFE TBK SAFE 15620539.46 -3202860.09
SURABAYA AGUNG SAIP 266838941.8 -80136284.80
TEIJIN INDONESIA TFCO 265725344.00 -23100500.00
UNITEX TBK UNTX 16404917.89 -11637278.20
JAPAN
APRECIO CO LTD 2460 15981315.82 -2395526.71
L CREATE CO LTD 3247 42344509.56 -9146496.90
LIFE STAGE CO LT 8991 140521332.90 -4256881.43
LINK CONSULTING 4798 20858257.56 -22890695.36
LINK ONE 2403 12290544.83 -5772835.00
MOC CORP 2363 56468378.86 -18149241.94
OPEN INTERFACE I 4302 32715547.40 -5699491.16
PACIFIC HD CO 8902 2822421445.26 -55823540.44
PION CO LTD 2799 50289757.53 -4685410.43
PLACO CO LTD 6347 26260220.44 -997325.51
SOWA JISHO CO LT 3239 54007939.02 -15643863.67
TERRANETZ CO LTD 2140 11633353.37 -4293462.63
KOREA
COSMOS PLC 053170 19306498.60 -4948161.34
DAHUI CO LTD 055250 186003859.24 -1504246.54
DAISHIN INFO 020180 740500919.30 -158453978.78
FATOMENT 025460 28429133.98 -13916561.10
FIRST FIRE & MAR 000610 2044031310.36 -1780221.91
HECENAT CO LTD 036270 18221252.73 -32166924.53
MEDIACORP INC 053890 53306304.99 -32219360.77
ORICOM INC 010470 82645454.13 -40039161.33
SEJI CO LTD 053330 37246628.39 -311069.32
SINJISOFT CORP 078700 12760558.03 -21014927.26
STARMAX CO LTD 017050 73128066.52 -5536410.53
TONG YANG MAGIC 023020 355147750.92 -25767007.75
MALAYSIA
ENERGREEN CORP ECB 25339141.27 -43055041.82
LITYAN HLDGS BHD LIT 20867100.91 -27979954.44
NIKKO ELECTRONIC NIKKO 12072911.27 -7832098.21
PANGLOBAL BHD PGL 154526312.03 -196600884.35
PECD BHD PECD 377122467.92 -295360985.56
WONDERFUL WIRE WW 22721443.48 -1936371.54
WWE HOLDINGS BHD WWE 67986614.2 -3400656.26
NEW ZEALAND
DOMINION FINANCE DFH 258902749.12 -55312405.88
PHILIPPINES
APEX MINING-A APX 55266898.93 -1972871.63
APEX MINING 'B' APXB 55266898.93 -1972871.63
BENGUET CORP-A BC 77132198.94 -30611028.96
BENGUET CORP 'B' BCB 77132198.94 -30611028.96
CENTRAL AZUC TAR CAT 35737315.17 -1803678.01
CYBER BAY CORP CYBR 14850182.71 -74298813.45
EAST ASIA POWER PWR 72744279.35 -136684406.25
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
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 65657779.51 -57306280.77
VICTORIAS MILL VMC 178060236.02 -36659989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 18177825.52 -7877731.57
CHUAN SOON HUAT CSH 39144678.93 -7539646.47
FALMAC LTD FAL 10907421.75 -5669361.14
HL GLOBAL ENTERP HLGE 105185881.93 -8816485.24
INFORMATICS EDU INFO 24731271.45 -5096073.27
LINDETEVES-JACOB LJ 192873034.63 -73862882.72
SUNMOON FOOD COM SMOON 50854971.18 -1574709.82
TAIWAN
CHIEF CONST-ENT 2522R 215175465.17 -21152197.10
CHIEF CONST-ENTL 2522S 215175465.17 -21152197.10
CHIEF CONST-ENTL 2522T 215175465.17 -21152197.10
CHIEN TAI CEMENT 1107 213252699.79 -8622456.43
DAHIN-ENTL CERT 1320V 276478727.91 -230266155.05
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
PROTOP TECHNOLOG 2410 36409983.56 -22412206.18
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 79432385.61 -69382388.28
BANGKOK RUB-NVDR BRC-R 79432385.61 -69382388.28
BANGKOK RUBBER-F BRC/F 79432385.61 -69382388.28
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
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
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 32184803.45 -75222598.62
ITV PCL-NVDR ITV-R 32184803.45 -75222598.62
ITV PCL-FOREIGN ITV/F 32184803.45 -75222598.62
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
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
MALEE SAMPRAN MALEE 62534877.53 -6947140.27
MALEE SAMPR-NVDR MALEE-R 62534877.53 -6947140.27
MALEE SAMPRAN-F MALEE/F 62534877.53 -6947140.27
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
SAFARI WORLD PUB SAFARI 105846131.92 -13361065.40
SAFARI WORL-NVDR SAFARI-RTB 105846131.92 -13361065.40
SAFARI WORLD-FOR SAFARI/F 105846131.92 -13361065.40
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
THAI-DENMARK PCL DMARK 15715462.27 -10102519.69
THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69
THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69
UNIVERSAL STARCH USC 86972750.14 -49004706.42
UNIVERSAL S-NVDR USC-R 86972750.14 -49004706.42
UNIVERSAL STAR-F USC/F 86972750.14 -49004706.42
*********
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 2009. 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 ***