/raid1/www/Hosts/bankrupt/TCRAP_Public/090918.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, September 18, 2009, Vol. 12, No. 185
Headlines
A U S T R A L I A
ACL GROUP: To Cut Up to 120 Jobs
CONCENTRIC ASIA: In Administration; Smith Hancock Appointed
GREAT SOUTHERN: New Major Bidder for Timber Assets Emerged
RAPTIS GROUP: Administrators Seek Creditors Trust Approval Today
STORM FINANCIAL: ASIC to Continue Probe on Firm for Six Weeks
C H I N A
SINOBIOPHARMA INC: Posts $2.2MM Net Loss in Fiscal Ended May 31
H O N G K O N G
ASIAN AREA: Members and Creditors to Hold Meeting on October 14
BUYNOW (NANJING): Sole Member to Hear Wind-Up Report on October 12
EASTAR INDUSTRIES: Creditors' Proofs of Debt Due on September 28
ECO-HARU: Creditors' First Meeting Set for October 14
EGANA FINANCE: Creditors' First Meeting Set for October 14
HANNSPREE HONG KONG: Members' Final Meeting Set for October 7
JUNGHANS ASIA: Creditors' First Meeting Set for October 14
KAI-YIN LO: Creditors' First Meeting Set for October 14
KYOWA PHARMACEUTICAL: Creditors' Proofs of Debt Due on October 12
NEW CHINA: Members and Creditors to Hold Meeting on October 9
NEW CHINA: Members and Creditors to Hold Meeting on October 9
NEW CHINA: Members and Creditors to Hold Meeting on October 9
NEW CHINA: Members and Creditors to Hold Meeting on October 9
PIONEER VENTURES: Creditors' First Meeting Set for October 14
TIME SUCCESS: Creditors' First Meeting Set for October 14
UNIVERSAL PRODUCTS: Members & Creditors to Hold Meeting Today
I N D I A
BHAGAT AROMATICS: CRISIL Places 'BB' Rating on INR27.5MM Term Loan
CORVINE CHEMICALS: CRISIL Assigns 'B+' Rating on INR20MM LT Loans
LODHA IMPEX: CRISIL Assigns 'P4' Ratings to Various Bank Debts
T & T PROJECTS: CRISIL Rates INR70 Million Cash Credit at 'BB'
I N D O N E S I A
BANK TABUNGAN: Moody's Raises Foreign Cur. Deposit Rating to Ba3
INDOSAT FINANCE: Moody's Upgrades Senior Unsec. Ratings to 'Ba1'
MGTI FINANCE: Moody's Upgrades Senior Secured Bond Rating to 'Ba1'
PAN INDONESIA: Moody's Raises Foreign Cur. Deposit Rating to Ba3
PT PERUSAHAAN: Moody's Upgrades Corporate Family Rating to 'Ba2'
* INDONESIA: Moody's Upgrades Sovereign Debt Ratings to 'Ba2'
J A P A N
AIFUL CORPORATION: Fitch Affirms Issuer Default Rating at 'BB'
JAPAN DIGITAL: FSA Revokes Business License
JLOC VII: Fitch Takes Rating Actions on Various Classes of Notes
JMAC 3: Fitch Downgrades Ratings on Various Classes of Notes
K O R E A
HYUNDAI MOTOR: Revives Plan to Build Car Factory in Brazil
N E W Z E A L A N D
CRAIGS DESIGN: Goes Into Receivership; Deloittes Named Receiver
LANE WALKER: Receiver Files Complaint with Fraud Office
OPI PACIFIC: Placed in Receivership; Moratorium Ends
WILLIAM HILL: Sale of Business Attracts Potential Buyers
P H I L I P P I N E S
CHINA BANKING: Fitch Keeps 'BB' LT For. Cur. Issuer Default Rating
LEGACY GROUP: PDIC Validates PHP10.7-Bln Deposits in Legacy Banks
LEGACY GROUP: Banks' Assets Overvalued by PHP18.96-Bln, PDIC Says
RIZAL COMMERCIAL: Fitch Affirms IDR Ratings at 'BB-'
S I N G A P O R E
CP SOLUTIONS: Creditors' First Meeting Set for September 25
NGEE LIAN: Creditors' Proofs of Debt Due on September 25
STATS CHIPPAC: S&P Puts 'BB+' Ratings on CreditWatch Negative
UNIVERSAL ASSETS: Court to Hear Wind-Up Petition on October 2
X X X X X X X X
* Fitch Says Legacy M&A Funding Poses Risks For Corporates
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
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ACL GROUP: To Cut Up to 120 Jobs
--------------------------------
The Australian Associated Press reports that the receivers of
Automotive Components Limited said that up to 120 workers will
lose their jobs as part of the company's restructuring.
"(We) are currently estimating between 80 and 120 positions will
be made redundant and are hoping that many of these will be filled
by voluntary redundancies," the AAP cited receivers Matt Byrnes
and Greg Keith of Grant Thorntonsaid in a statement.
According to the report, the receivers said that about 60 of ACL's
275 workers are interested in a voluntary redundancy. The
receivers said that redundancies will be enforced after a
September 28 deadline if the required number is not forthcoming
voluntarily, the AAP relates.
About ACL
Automotive Components Limited supplies critical components
including engine bearings and gaskets to the automotive industry.
The compnay employs over 300 people across its two sites in
Tasmania and Queensland, Australia.
The Troubled Company Reporter-Asia Pacific reported on Aug. 27,
2009, that ACL Group has been placed into voluntary
administration. Greg Keith and Matt Byrnes of Grant Thornton
Melbourne have been appointed receivers and managers of the
company.
CONCENTRIC ASIA: In Administration; Smith Hancock Appointed
-----------------------------------------------------------
James Thomson at SmartCompany reports that the collapse of
Concentric Asia Pacific has put the poor state of Australia's car
sector in the spotlight again.
Concentric Asia Pacific was placed in the hands of administrator
Peter Hillig of Sydney accounting firm Smith Hancock on
September 8, the report said. The company is continuing to trade
while the administration process gets under way, SmartCompany
noted.
Concentric Asia Pacific -- http://www.concentric.com.au/-- is a
privately owned Australian company founded in 1983. The company
provides computer design software and support to the automotive
industry. It also sold products and services to the defence
sector. The company employs 65 staff.
GREAT SOUTHERN: New Major Bidder for Timber Assets Emerged
----------------------------------------------------------
The Sydney Morning Herald reports that Perth businessman John
Poynton and forester Tony Jack have emerged as major new bidders
for the timber assets of failed agribusiness company Great
Southern.
Mr. Poynton, a former stockbroker and now head of Azure Capital, a
boutique corporate adviser, is backing Mr. Jack's Black Tree
group, the report says. Mr. Jack is a former director of
Integrated Tree Cropping, now ITC, which was taken over by Futuris
Corporation, now Elders.
The report notes Mr. Jack said the partners had been working on a
proposal to restructure Great Southern for some time.
According to the Herald, Mr. Poynton said the group had been
working with the receivers and growers' representatives, and had
proposed a ''whole-of-problem solution'' that recognised the
interests of growers and creditors such as the banks.
The new group, says the Herald, is a competitor to the
frontrunner, Pulpwood Plantations.
The Troubled Company Reporter-Asia Pacific, citing The Australian,
reported on Aug. 17, 2009, that Gordon Martin, chairman of a local
chemical group, set up Pulpwood Plantations to put between AU$10
million and AU$20 million into the Great Southern schemes.
Mr. Martin said that a group called Primary Securities, which has
experience with Managed Investment Schemes and was independent of
his organization, was willing to be nominated as Responsible
Entity to act as manager of the six schemes, which appear to
account for around half of Great Southern's timber schemes.
As reported in the TCR-AP on September 9, 2009, The Australian
Associated Press said the receivers of Great Southern have started
selling all, or parts, of the failed agricultural projects
operator.
Receiver McGrathNicol have called for interest from third
parties to buy all or part of the company: the land owned by Great
Southern entities and other of its assets, including assets
associated with Great Southern's managed investment schemes, the
AAP said.
According to the AAP, McGrathNicol has also called for expressions
of interest from parties who may be interested in replacing Great
Southern Managers Australia Ltd (GSMAL) as the responsible entity
for all or some of the managed investment schemes, in combination
with the sales process or separately.
About Great Southern
Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects. The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects. The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment. It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets. Great Southern manages about 43,000
investors through 45 managed investment schemes. The group owns
and leases approximately 240,000 hectares of land. It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.
Great Southern entered into voluntary administration in May. The
directors of Great Southern Limited and Great Southern Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units. McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.
As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million. The loans and borrowings included AU$375 million from
the group banks. The secured creditors include ANZ, Commonwealth
Bank and BankWest.
RAPTIS GROUP: Administrators Seek Creditors Trust Approval Today
----------------------------------------------------------------
The administrators of Raptis Group Limited will put forward a plan
to quarantine the group's debt to allow shares to resume trading,
goldcoast.com.au reports.
The report says administrators Brian Silvia and Andrew Cummins, of
BRI Ferrier, will ask creditors today, September 18, to vote on
establishing a creditors trust.
The trust, according to the report, will include 35 million
preference shares worth 1c each of which will be sold or converted
into ordinary shares at a later date. The report states this will
dilute founder Jim Raptis's 62% holding in the company.
Creditors trusts carry the debt of a company, leaving the
corporate shell with no liabilities, the report notes.
About Raptis Group
Based in Sydney, Australia, Raptis Group Limited (ASX:RPG) --
http://www.raptis.com/-- engaged in property development,
property investment, residential property management and resort
hotel operations. Its projects include Platinum on the river
Brisbane, Southport Central Tower 1 Southport Gold Coast and
Southport Central Tower 2 Southport Gold Coast. In April 2007,
the Gold Coast International Hotel and adjoining 1.1 hectares
development parcel were settled in a 50/50 joint venture with CP 1
Limited. In June 2007, the refurbishment of the Holiday Inn
Surfers Paradise was completed. During the fiscal year ended
June 30, 2007 (fiscal 2007), it acquired a 100% interest in a
number of companies, including Alexia Investments Pty Limited,
Baronvale Pty Limited, Building Services (QLD) Pty Limited, Civic
Glass & Aluminum Pty Limited and Civic Manufacturing Pty Limited.
During fiscal 2007, the company's 100% owned subsidiaries,
Amaristine Pty Limited, Korelli Pty Limited, Waters Edge
Management Pty Limited and Solero Pty Limited were de-registered.
* * *
The Troubled Company Reporter-Asia Pacific reported on Feb. 5,
2009, that Raptis Group appointed Brian Silvia and Andrew Cummins
of BRI Ferrier (NSW) Pty Ltd as administrators to the company.
Raptis Group has in excess of 90 subsidiary entities, with all
assets having been mortgaged to 27 banks and financiers owed in
excess of AU$940 million, Mr. Silvia said. Raptis Group,
according to the Australian, has more than AU$1 billion in total
liabilities.
As reported in the TCR-AP on April 2, 2009, The Australian said
Raptis Group's creditors approved a restructure plan. The
proposed deed of company arrangement (DOCA) was approved on
March 31 by two meetings of creditors on the Gold Coast.
The DOCA involves a debt-for-equity swap that will result in
creditors owning 40 million shares in the publicly listed group.
It also paves the way for the group's relisting on the Australian
Stock Exchange, after being suspended since September 12 last
year.
STORM FINANCIAL: ASIC to Continue Probe on Firm for Six Weeks
--------------------------------------------------------------
The Herald Sun reports that the Australian Securities and
Investments Commission will continue its investigation into the
collapse of Storm Financial over the next six weeks before
deciding whether to pursue legal action.
The report notes ASIC chairman Tony D'Aloisio on September 16 told
the federal parliamentary inquiry into financial products and
services that its probe into Storm Financial was one of the
largest in history.
"The workload is progressing quickly given the number of potential
parties involved and the number of investors," Mr. D'Aloisio told
the inquiry in Canberra. "Let me reassure the investors that we
have their interests as our primary concern."
Mr. D'Aloisio, as cited by the Herald Sun, said ASIC had reviewed
the status of its investigation earlier this month including the
possibility of legal proceedings and was satisfied with the
"considerable progress" being made.
"But we felt that additional investigative work and legal analysis
was needed before the commission could be in a position to make
decisions, so we set the next six weeks for that additional work
to be completed." the report quoted Mr. D'Aloisio as saying.
Mr. D'Aloisio said ASIC would then re-assess its progress, the
report notes.
According to the report, Mr. D'Aloisio said the liquidator
examinations into the Storm implosion were due to begin on
September 24 and could throw up additional evidence.
The parliamentary inquiry is due to report by November 23, the
report says.
About Storm Financial
Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry. The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser. The
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 Financial 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 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. 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.
On March 27, 2009, the Troubled Company Reporter-Asia Pacific
reported that the Australian Securities and Investments Commission
won its bid to liquidate Storm Financial Group after the Federal
Court ruled that the Company be wound up. Federal court Justice
John Logan appointed Ivor Worrell and Raj Khatri of Worrells
Solvency and Forensic Accountants as liquidators for the Company.
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C H I N A
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SINOBIOPHARMA INC: Posts $2.2MM Net Loss in Fiscal Ended May 31
---------------------------------------------------------------
Sinobiopharma, Inc., posted a net loss of US$2,231,001 for fiscal
year ended May 31, 2009, compared with a net loss of US$757,409.
The Company's balance sheet at May 31, 2009, showed total assets
of US$5,956,443, total liabilities of US$5,179,612 and a
stockholders' equity of US$776,831.
On Sept. 14, 2009, Schumacher & Associates, Inc., in Denver,
Colorado, expressed substantial doubts about Sinobiopharma, Inc.'s
ability to continue as a going concern after auditing the
Company's financial statements for the fiscal years ended May 31,
2009, and 2008. The auditor noted the Company's losses since its
inception, and its negative working capital.
A full-text copy of the Company's Form 10-K is available for free
at http://ResearchArchives.com/t/s?4504
On Sept. 22, 2008, Sinobiopharma, Inc., completed the reverse
acquisition of Dongying Pharmaceutical Co, Limited, a company
organized under the laws of the Territory of the British Virgin
Islands, and all the subsidiaries of Dongying BVI in accordance
with the Share Exchange Agreement, whereby the company acquired
100% of the issued and outstanding shares in the capital of
Dongying BVI, in exchange for the issuance of 40,000,000 (post
forward stock split) shares of common stock of the company in
aggregate to the shareholders of Dongying BVI on a pro rata basis.
Dongying BVI is the registered owner of 100% of the capital of Big
Global Limited, a company organized under the laws of Hong Kong,
and Big Global Limited is the registered owner of 100% of the
capital of Dong Ying (Jiangsu) Pharmaceutical Co., Ltd., a company
organized under the laws of the People's Republic of China. Dong
Ying China is in the business of the research, production and
development of biopharmaceutical products.
================
H O N G K O N G
================
ASIAN AREA: Members and Creditors to Hold Meeting on October 14
---------------------------------------------------------------
The members and creditors of Asian Area Reinsurance Company
Limited will hold their meeting on October 14, 2009, at 9:45 a.m.
and 10:00 a.m., respectively, at the 20th Floor of Prince's
Building, 10 Chater Road, in Central, Hong Kong.
At the meeting, Jan G W Blaauw, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
BUYNOW (NANJING): Sole Member to Hear Wind-Up Report on October 12
------------------------------------------------------------------
The sole member of Buynow (Nanjing) Limited will receive on
October 12, 2009, at 2:30 p.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The meeting will be held at Unit 511, 5th Floor of Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, in Kowloon, Hong Kong.
EASTAR INDUSTRIES: Creditors' Proofs of Debt Due on September 28
----------------------------------------------------------------
The creditors of Eastar Industries Limited are required to file
their proofs of debt by September 28, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Lau Siu Hung
Wing Yee Commercial Building, 2nd Floor
5 Wing Kut Street
Central, Hong Kong
ECO-HARU: Creditors' First Meeting Set for October 14
-----------------------------------------------------
The creditors of Eco-Haru Property Investments Limited will hold
their first meeting on October 14, 2009, at 2:30 p.m., for the
purposes mentioned in Sections 241, 242, 243, 244 and 255A of the
Companies Ordinance.
The meeting will be held at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.
EGANA FINANCE: Creditors' First Meeting Set for October 14
----------------------------------------------------------
The creditors of Egana Finance Limited will hold their first
meeting on October 14, 2009, at 5:30 p.m., for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.
The meeting will be held at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.
HANNSPREE HONG KONG: Members' Final Meeting Set for October 7
-------------------------------------------------------------
The members of Hannspree Hong Kong Limited will hold their final
meeting on October 7, 2009, at 11:30 a.m., at Room 404 of Tung
Ming Building, 40-42 Des Voeux Road, in Central, Hong Kong.
At the meeting, Cheung Sui Tai, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
JUNGHANS ASIA: Creditors' First Meeting Set for October 14
----------------------------------------------------------
The creditors of Junghans Asia Limited will hold their first
meeting on October 14, 2009, at 10:30 a.m., for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.
The meeting will be held at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.
KAI-YIN LO: Creditors' First Meeting Set for October 14
-------------------------------------------------------
The creditors of Kai-Yin Lo Limited will hold their first meeting
on October 14, 2009, at 4:30 p.m., for the purposes mentioned in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.
KYOWA PHARMACEUTICAL: Creditors' Proofs of Debt Due on October 12
-----------------------------------------------------------------
The creditors of Kyowa Pharmaceutical (Hong Kong) Co., Limited are
required to file their proofs of debt by October 12, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on August 31, 2009.
The company's liquidators are:
Lai Kar Yan (Derek)
Darach E. Haughey
One Pacific Place, 35th Floor
88 Queensway, Hong Kong
NEW CHINA: Members and Creditors to Hold Meeting on October 9
-------------------------------------------------------------
The members and creditors of The New China Hong Kong Trading
(Beijing) Limited will hold their annual meetings on October 9,
2009, at 10:00 a.m. and 10:30 a.m., respectively, at Room 1601-02,
16th Floor of One Hysan Avenue, in Causeway Bay, Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA: Members and Creditors to Hold Meeting on October 9
-------------------------------------------------------------
The members and creditors of The New China Hong Kong Properties
Limited will hold their annual meetings on October 9, 2009, at
11:00 a.m. and 11:30 a.m., respectively, at Room 1601-02, 16th
Floor of One Hysan Avenue, in Causeway Bay, Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA: Members and Creditors to Hold Meeting on October 9
-------------------------------------------------------------
The members and creditors of The New China Hong Kong Advertising
Limited will hold their annual meetings on October 9, 2009, at
2:00 p.m. and 2:30 p.m., respectively, at Room 1601-02, 16th Floor
of One Hysan Avenue, in Causeway Bay, Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
NEW CHINA: Members and Creditors to Hold Meeting on October 9
-------------------------------------------------------------
The members and creditors of The New China Hong Kong Asset
Management Limited will hold their annual meetings on October 9,
2009, at 3:00 p.m. and 3:30 p.m., respectively, at Room 1601-02,
16th Floor of One Hysan Avenue, in Causeway Bay, Hong Kong.
At the meeting, James Wardell, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
PIONEER VENTURES: Creditors' First Meeting Set for October 14
-------------------------------------------------------------
The creditors of Pioneer Ventures Limited will hold their first
meeting on October 14, 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 the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.
TIME SUCCESS: Creditors' First Meeting Set for October 14
---------------------------------------------------------
The creditors of Time Success Industrial Limited will hold their
first meeting on October 14, 2009, at 12:30 p.m., for the purposes
mentioned in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.
The meeting will be held at the 27th Floor of Alexandra House, 18
Chater Road, in Central, Hong Kong.
UNIVERSAL PRODUCTS: Members & Creditors to Hold Meeting Today
-------------------------------------------------------------
The members and creditors of Universal Products (Hong Kong)
Limited will hold their annual meeting today, September 18, 2009,
at 3:00 p.m. and 3:30 p.m., respectively.
The meetings will be held at the offices of Baker Tilly Hong Kong,
12th Floor of China Merchants Tower, Shun Tak Centre, 168-200
Connaught Road, in Central, Hong Kong.
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I N D I A
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BHAGAT AROMATICS: CRISIL Places 'BB' Rating on INR27.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Bhagat Aromatics Ltd.
Facilities Ratings
---------- -------
INR17.5 Million Cash Credit Limit BB/Stable (Assigned)
INR27.5 Million Term Loan * BB/Stable (Assigned)
INR52.5 Million Export Packing Credit P4+ (Assigned)
INR20.0 Million Standby Line of Credit P4+ (Assigned)
INR60.0 Million Bills Discounting P4+ (Assigned)
INR20.0 Million Letter of Credit P4+ (Assigned)
INR37.5 Million Bank Guarantee P4+ (Assigned)
* * Including a proposed limit of INR10.0 Million
The ratings reflect BAL's weak financial risk profile, and
exposure to risks relating to moderate scale of operations and
intense competition in the aroma chemicals industry, and
fluctuations in the value of the Indian rupee. These weaknesses
are, however, partially offset by the benefits that the company
derives from its diversified revenue profile, and established
relationships with customers.
Outlook: Stable
CRISIL believes that BAL will maintain a stable business risk
profile over the medium term on the back of established and
diversified end-user industry customer base. The outlook may be
revised to 'Positive' if equity infusions by the promoters
strengthen BAL's capital structure and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if BAL
undertakes large debt-funded capital expenditure, leading to
deterioration in its financial risk profile.
About Bhagat Aromatics
Incorporated in 1989, BAL manufactures menthol crystals,
peppermint oil, essential oils, and aroma chemicals which find
application in pharmaceutical, food, tobacco, and cosmetic
industry. Its plant at Noida (Uttar Pradesh) has a capacity of 70
tonnes per month (tpm), which is likely to be expanded to 150 tpm
in 2009-10 (refers to financial year, April 1 to March 31). BAL is
expected to report a profit after tax (PAT) of INR4.3 million on
net sales of INR433 million for 2008-09, as against a PAT of
INR4.7 million on net sales of INR448 million for 2007-08.
CORVINE CHEMICALS: CRISIL Assigns 'B+' Rating on INR20MM LT Loans
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Negative/P4' ratings to the bank
facilities of Corvine Chemicals & Pharmaceuticals Ltd.
Facilities Ratings
---------- -------
INR20 Million Long-Term Loans B+/Negative (Assigned)
INR50 Million Cash Credit/ B+/Negative (Assigned)
Packing Credit
INR40 Million Letter of Credit P4 (Assigned)
The ratings reflect Corvine's limited financial flexibility
because of its small capital base, revenue concentration, and
pricing inflexibility because of exposure to intense competition.
The impact of these weaknesses is mitigated by the company's
healthy customer base and longstanding relationships with
customers.
Outlook: Negative
CRISIL expects Corvine's liquidity to remain weak. The ratings
could be downgraded in case of further decline in the company's
cash accruals or profitability. Conversely, the outlook could be
revised to 'Stable' if the company registers more-than-expected
revenues, improves profits, or diversifies its revenue profile
significantly.
About Corvine Chemicals
Corvine was incorporated in 1992. In 1994, the company was
acquired by Mr. M M Reddy, Mr. Raji Reddy, and Mr. B G Manohar.
The company manufactures chemicals used in the pharmaceuticals and
auto industries. Corvine's key products are sodium azide, trityl
chloride, and ciprofloxacin.
In 2008-09 (refers to financial year, April 1 to March 31), the
company reported a net profit of INR5.8 million on net sales of
INR297 million, against a net profit of INR3.5 million on net
sales of INR274 million in the previous year.
LODHA IMPEX: CRISIL Assigns 'P4' Ratings to Various Bank Debts
--------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Lodha Impex.
Facilities Ratings
---------- -------
INR90.0 Million Export Packing Credit P4(Assigned)
INR20.0 Million Bill Discounting P4(Assigned)
INR30.0 Million Proposed Short Term P4(Assigned)
Bank Loan Facility
INR2.0 Million Inland LC/BG P4(Assigned)
The ratings reflect Lodha's weak financial risk profile, and
exposure to pricing pressures and risks relating to slowdown in
the textile industry. These weaknesses are, however, partially
offset by the benefits that Lodha derives from the vast experience
of its promoters in the readymade garments export business.
About Lodha Impex
Lodha was incorporated as a proprietorship firm in 1993 by
Mr. Dalpat Lodha to manufacture ladies garments, specially skirts,
dresses, blouses and casualwear. The firm has manufacturing
plants in Jaipur and Mumbai, with a combined capacity of 3.6
million pieces per annum.
For 2008-09 (refers to financial year, April 1 to March 31), Lodha
Impex reported a book profit of INR6 million on net sales of
INR299.4 million, as against a book profit of INR2.4 million on
net sales of INR173 million for 2007-08.
T & T PROJECTS: CRISIL Rates INR70 Million Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'BB/Negative/P4+' ratings to the bank
facilities of T & T Projects Ltd.
Facilities Ratings
---------- -------
INR70.00 Million Cash Credit BB/Negative (Assigned)
INR388.00 Million Bank Guarantee P4+ (Assigned)
The ratings reflect T&T's small scale of operations, customer and
geographic concentration in revenue profile, working capital-
intensive operations, and low operating efficiency. The impact of
these weaknesses is mitigated by the company's moderate financial
risk profile marked by low gearing and average debt protection
measures, strong order book, and the benefits that the company
derives from its promoters' experience in executing turnkey
projects.
Outlook: Negative
CRISIL believes that T&T will continue to face liquidity
pressures, as its incremental working capital requirement are
likely to be high given the expected growth in its operating
income and the working capital intensity of its operations. The
ratings may be downgraded if there is significant weakening in the
company's liquidity. Conversely, the outlook may be revised to
'Stable' if the company's fund-based bank lines are enhanced, or
it receives fresh equity infusion.
About T & T Projects
Set up in 1980 by the Jalan family, T&T (formerly Trade &
Technology) undertakes execution of turnkey projects for state
electricity boards and civil work contracts involving construction
of buildings. The company only undertakes projects funded by the
state or central governments. T&T's operations are concentrated in
Northeast India. In December 2008, the company received an order
of INR1.4 billion for electrification in four rural districts of
Mizoram. The project is expected to be completed by February
2011.
T&T reported a profit after tax (PAT) of INR10.16 million on net
sales of INR268 million for 2007-08 (refers to financial year,
April 1 to March 31), against a PAT of INR5.73 million on net
sales of INR176 million for 2006-07.
=================
I N D O N E S I A
=================
BANK TABUNGAN: Moody's Raises Foreign Cur. Deposit Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has changed the credit ratings of 10
Indonesian banks.
Specifically, Moody's has lowered the global local currency
deposit ratings to Baa3 from Baa2 for the four state-owned banks -
Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia and
Bank Tabungan Negara. The revised ratings carry stable outlooks.
At the same time, Moody's has confirmed the Baa3 GLC deposit
ratings for six banks - Bank Central Asia, Bank CIMB-Niaga, Bank
Danamon Indonesia, Bank Internasional Indonesia, Bank Permata and
Pan Indonesia Bank -- with stable outlooks.
In addition, Moody's has raised the foreign currency long-term
deposit ratings to Ba3 from B1 for all 10 banks. The revised
ratings carry stable outlooks.
The banks are Bank Central Asia, Bank CIMB-Niaga, Bank Danamon
Indonesia, Bank Internasional Indonesia, Bank Mandiri, Bank Negara
Indonesia, Bank Permata, Bank Rakyat Indonesia, Bank Tabungan
Negara and Pan Indonesia Bank.
Furthermore, Moody's has raised the foreign currency issuer
ratings for Bank Central Asia, Bank CIMB-Niaga and Bank
Internasional Indonesia to Ba1 from Ba2 and the foreign currency
subordinated debt ratings for Bank CIMB-Niaga and Bank
Internasional Indonesia to Ba1 from Ba2. The revised ratings
carry stable outlooks.
The rating actions are attributable to two factors.
First, to conclude the review initiated on May 20, 2009 to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application. These actions are part of a Moody's global
initiative and therefore do not reflect any deterioration in
Indonesia's macro-fundamentals nor any change in the government's
behavior towards the banking system.
Second, the rating changes also incorporate similar actions taken
on Indonesia's sovereign ratings on September 16, 2009.
Specifically, these ratings were raised: foreign currency and
local currency government bond to Ba2 from Ba3; foreign currency
deposit ceiling to Ba3 from B1 and the foreign currency bond
ceiling to Ba1 from Ba2. See press release of September 16, 2009,
for greater discussion on sovereign issues.
Beatrice Woo, Moody's Vice President and Senior Credit Officer,
explains the rating actions below.
Change in Systemic Support Indicator for JDA
In May 2009, Moody's commented on its global review of the support
capacity of a government and a central bank for its banking system
in the special comment titled "Financial Crisis More Closely
Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries."
Consistent with the analytical criteria specified in that report
and in light of Indonesia's current situation and future
prospects, Moody's has concluded that the systemic support input
for Indonesian bank ratings be changed to Baa3 from Baa2, the
former being two notches above Indonesia's local currency
government debt rating of Ba2. Accordingly, Indonesian bank
ratings are affected as the input is applied in the JDA
application.
In Moody's view, Indonesia has a highly supportive banking
framework, evidenced by government behavior towards the banks
during the 1997 Asian financial crisis as well as during this
current downturn. As early as September 2008, the government had
been proactive in establishing support measures to stabilize and
provide liquidity to the banking system.
Among its programs are an increase in the maximum amount of
deposits insured to IDR2 billion from IDR100 million, the
eligibility of current credits as collateral for short-term
liquidity facilities, and the lowering of minimum reserve
requirements for Indonesian rupiah and foreign currency. In
addition, the government has secured USD5.5 billion in contingent
lines of support from the Asian Development Bank, World Bank and
others.
In the Special Comment, Moody's points out that the appropriate
reference rating for the capacity of a national government to
provide support to banks in a prolonged and widespread crisis
would be aligned with or constrained by the government's own debt
rating. However, Moody's also believes that this rating could be
adjusted, usually positively, to reflect the non-fiscally
dependent measures that many central banks and governments can
deploy to support banks.
In deciding whether the local currency-denominated deposits of a
bank can be rated higher than the local currency-denominated debt
issued by the national government due to systemic support, Moody's
considers a number of factors for each banking system. These are
the size of the banking sector relative to the government's
resources, the level of stress in the banking system and in the
economy, the foreign currency obligations of the banking system
relative to the government's own foreign currency resources,
political and historical patterns, and the possibility of any
drastic shift in government priorities.
With regard to Indonesia, the banking system is not large, as
shown by the ratio of banking assets equaling 47% of GDP. This
ratio has halved from that during the 1997 crisis. For the 10
Moody's rated banks, their creditworthiness is modest, as measured
by their weighted average bank financial strength rating (BFSR) of
D. These banks account for close to two thirds of system
deposits.
At the same time, the level of credit stress in the banking system
has increased moderately following the worldwide recession. The
system non-performing loans ratio inched up to 4.06% at July 2009
from 3.2% at end-2008. Furthermore, rapid loan growth --
averaging 20% annually over the past five years -- could be a
potential source of higher credit costs.
However, the banks have adequate capital buffer for their rating
ranges; system capital adequacy ratio was 17.34% at July 2009. In
addition, the foreign currency obligations of the banking system
-- 14% of liabilities -- are not stretched. As 99% of this
funding comprises deposits, this source is regarded as more
stable.
Finally, the political and historical patterns for assessing
Indonesia as a highly supportive banking framework are compelling.
During the 1997 crisis, the government issued a blanket guarantee
which covered banks' liabilities in Indonesian rupiah and foreign
currency for both depositors and creditors. Since 2004, small
banks have been closed and one bank recently liquidated, but they
are insufficiently significant to cause a systemic stress.
Furthermore, the banking landscape is concentrated at the large
end, with the top 10 banks -- out of a total of 122 players --
controlling nearly two thirds of system deposits. In Moody's
opinion, this structure provides huge incentives for the
government to support the banks.
In conclusion, the Baa3 systemic support input for Indonesian
banks is two notches above the Ba2 local currency government debt
rating. The uplift is predicated on Moody's view that the risk of
a system-wide banking crisis is low and that the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is medium.
The last rating actions on all 10 banks were taken on May 20, 2009
when their global local currency deposit ratings were placed on
review for possible downgrade. At the same time, the Ba2 foreign
currency subordinated debt ratings of Bank CIMB-Niaga and Bank
Internasional Indonesia were placed on review for possible
downgrade.
Bank Central Asia, headquartered in Jakarta, had assets of
IDR255.1 trillion at June 2009.
Bank CIMB-Niaga, headquartered in Jakarta, had assets of IDR102.1
trillion at June 2009.
Bank Danamon Indonesia, headquartered in Jakarta, had assets of
IDR98.9 trillion at June 2009.
Bank Internasional Indonesia, headquartered in Jakarta, had assets
of IDR52.0 trillion at June 2009.
Bank Mandiri, headquartered in Jakarta, had assets of
IDR358.9 trillion at June 2009.
Bank Negara Indonesia, headquartered in Jakarta, had assets of
IDR203.6 trillion at June 2009.
Bank Permata, headquartered in Jakarta, had assets of IDR54.0
trillion at June 2009.
Bank Rakyat Indonesia, headquartered in Jakarta, had assets of
IDR268.0 trillion at June 2009.
Bank Tabungan Negara headquartered in Jakarta, had assets of
IDR48.7 trillion at June 2009.
Pan Indonesia Bank, headquartered in Jakarta, had assets of
IDR71.2 trillion at June 2009.
Detailed Ratings And Actions
* Bank Central Asia: GLC deposit of Baa3 was confirmed with a
stable outlook. These ratings were raised: foreign currency
long-term deposit rating to Ba3 from B1 and issuer to Ba1 from
Ba2. The revised ratings carry stable outlooks. All other
ratings are unaffected and carry stable outlooks: foreign
currency short-term deposit of Not Prime and BFSR of D+;
* Bank CIMB-Niaga: GLC deposit of Baa3 was confirmed with a stable
outlook. These ratings were raised: foreign currency long-term
deposit rating to Ba3 from B1 and foreign currency issuer/
subordinated debt to Ba1 from Ba2. The revised ratings carry
stable outlooks. All other ratings are unaffected and carry
stable outlooks: foreign currency short-term deposit of Not
Prime and BFSR of D;
* Bank Danamon Indonesia: GLC deposit of Baa3 was confirmed with a
stable outlook. The foreign currency long-term deposit rating
was raised to Ba3 from B1. The revised rating carries a stable
outlook. All other ratings are unaffected and carry stable
outlooks: foreign currency short-term deposit of Not Prime and
BFSR of D;
* Bank Internasional Indonesia: GLC deposit of Baa3 was confirmed
with a stable outlook. These ratings were raised: foreign
currency long-term deposit rating to Ba3 from B1 and foreign
currency issuer/ subordinated debt to Ba1 from Ba2. The revised
ratings carry stable outlooks. All other ratings are unaffected
and carry stable outlooks: foreign currency short-term deposit
of Not Prime and BFSR of D;
* Bank Mandiri: GLC deposit was lowered to Baa3 from Baa2. The
revised rating carries a stable outlook. The foreign currency
long-term deposit rating was raised to Ba3 from B1. The revised
rating carries a stable outlook. All other ratings are
unaffected and carry stable outlooks: foreign currency short-
term deposit of Not Prime and BFSR of D-;
* Bank Negara Indonesia: GLC deposit was lowered to Baa3 from
Baa2. The revised rating carries a stable outlook. The foreign
currency long-term deposit rating was raised to Ba3 from B1.
The revised rating carries a stable outlook. All other ratings
are unaffected and carry stable outlooks: foreign currency
short-term deposit of Not Prime and BFSR of D-;
* Bank Permata: GLC deposit of Baa3 was confirmed with a stable
outlook. The foreign currency long-term deposit rating was
raised to Ba3 from B1. The revised rating carries a stable
outlook. All other ratings are unaffected and carry stable
outlooks: foreign currency short-term deposit of Not Prime and
BFSR of D-;
* Bank Rakyat Indonesia: GLC deposit was lowered to Baa3 from
Baa2. The revised rating carries a stable outlook. The foreign
currency long-term deposit rating was raised to Ba3 from B1.
The revised rating carries a stable outlook. All other ratings
are unaffected and carry stable outlooks: foreign currency
short-term deposit of Not Prime and BFSR of D+;
* Bank Tabungan Negara: GLC deposit was lowered to Baa3 from Baa2.
The revised rating carries a stable outlook. The foreign
currency long-term deposit rating was raised to Ba3 from B1.
The revised rating carries a stable outlook. All other ratings
are unaffected and carry stable outlooks: foreign currency
short-term deposit of Not Prime and BFSR of D-; and
* Pan Indonesia Bank: GLC deposit of Baa3 was confirmed with a
stable outlook. The foreign currency long-term deposit rating
was raised to Ba3 from B1. The revised rating carries a stable
outlook. All other ratings are unaffected and carry stable
outlooks: foreign currency short-term deposit of Not Prime and
BFSR of D.
INDOSAT FINANCE: Moody's Upgrades Senior Unsec. Ratings to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has upgraded Indosat Finance Company BV
and Indosat International Finance Company BV senior unsecured
foreign currency ratings to Ba1 from Ba2. The bonds are
irrevocably and unconditionally guaranteed by PT Indosat Tbk.
At the same time, Moody's has affirmed the Ba1 local currency
corporate family rating of Indosat with a stable outlook.
This rating action follows Moody's decision to upgrade Indonesia's
Ba2 foreign currency sovereign ceiling to Ba1. The ratings
outlook is stable, consistent with the outlook on Indosat and on
the country foreign currency ceiling.
The last rating action with respect to Indosat was taken on
March 19, 2009, when Moody's said that Indosat's proposed covenant
amendment did not have impact on the ratings.
Indosat is a fully-integrated telecommunications network and
services provider in Indonesia. The company is the second largest
cellular operator in the country, as well as its leading provider
of international call services. It also provides multi-media,
data communications, and internet services.
MGTI FINANCE: Moody's Upgrades Senior Secured Bond Rating to 'Ba1'
------------------------------------------------------------------
Moody's Investors Service has upgraded MGTI Finance Company Ltd's
senior secured foreign currency bond rating to Ba1 from Ba2. The
bond is guaranteed by P.T. Mitra Global Telekomunikasi Indonesia
and MGTI Finance B.V.
At the same time, Moody's has affirmed the Ba1 local currency
corporate family rating of MGTI with a stable outlook.
This rating action follows Moody's decision to upgrade Indonesia's
Ba2 foreign currency sovereign ceiling to Ba1. The rating outlook
is stable, consistent with the outlook on MGTI and on the country
foreign currency ceiling.
The last rating action with respect to MGTI was taken on
October 18, 2007, when Moody's upgraded the company's bond ratings
to Ba2.
Established in 1995, MGTI was the original operator of fixed line
services in Central Java and Yogyakarta, Indonesia. MGTI owns the
KSO (Kerja Sama Operasi) territory IV concession, which provides
the company ownership over the fixed telecommunication lines in
central Java. Under the KSO agreement, the operating rights for
KSO IV are held by P.T. Telkomunikasi Indonesia, Indonesia's
incumbent fixed-line telecommunications service provider.
PAN INDONESIA: Moody's Raises Foreign Cur. Deposit Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service has changed the credit ratings of 10
Indonesian banks.
Specifically, Moody's has lowered the global local currency
deposit ratings to Baa3 from Baa2 for the four state-owned banks -
Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia and
Bank Tabungan Negara. The revised ratings carry stable outlooks.
At the same time, Moody's has confirmed the Baa3 GLC deposit
ratings for six banks - Bank Central Asia, Bank CIMB-Niaga, Bank
Danamon Indonesia, Bank Internasional Indonesia, Bank Permata and
Pan Indonesia Bank -- with stable outlooks.
In addition, Moody's has raised the foreign currency long-term
deposit ratings to Ba3 from B1 for all 10 banks. The revised
ratings carry stable outlooks.
The banks are Bank Central Asia, Bank CIMB-Niaga, Bank Danamon
Indonesia, Bank Internasional Indonesia, Bank Mandiri, Bank Negara
Indonesia, Bank Permata, Bank Rakyat Indonesia, Bank Tabungan
Negara and Pan Indonesia Bank.
Furthermore, Moody's has raised the foreign currency issuer
ratings for Bank Central Asia, Bank CIMB-Niaga and Bank
Internasional Indonesia to Ba1 from Ba2 and the foreign currency
subordinated debt ratings for Bank CIMB-Niaga and Bank
Internasional Indonesia to Ba1 from Ba2. The revised ratings
carry stable outlooks.
The rating actions are attributable to two factors.
First, to conclude the review initiated on May 20, 2009 to examine
the systemic support assumption used in Moody's Joint-Default
Analysis application. These actions are part of a Moody's global
initiative and therefore do not reflect any deterioration in
Indonesia's macro-fundamentals nor any change in the government's
behavior towards the banking system.
Second, the rating changes also incorporate similar actions taken
on Indonesia's sovereign ratings on September 16, 2009.
Specifically, these ratings were raised: foreign currency and
local currency government bond to Ba2 from Ba3; foreign currency
deposit ceiling to Ba3 from B1 and the foreign currency bond
ceiling to Ba1 from Ba2. See press release of September 16, 2009,
for greater discussion on sovereign issues.
Beatrice Woo, Moody's Vice President and Senior Credit Officer,
explains the rating actions below.
Change in Systemic Support Indicator for JDA
In May 2009, Moody's commented on its global review of the support
capacity of a government and a central bank for its banking system
in the special comment titled "Financial Crisis More Closely
Aligns Bank Credit Risk and Government Ratings in Non-Aaa
Countries."
Consistent with the analytical criteria specified in that report
and in light of Indonesia's current situation and future
prospects, Moody's has concluded that the systemic support input
for Indonesian bank ratings be changed to Baa3 from Baa2, the
former being two notches above Indonesia's local currency
government debt rating of Ba2. Accordingly, Indonesian bank
ratings are affected as the input is applied in the JDA
application.
In Moody's view, Indonesia has a highly supportive banking
framework, evidenced by government behavior towards the banks
during the 1997 Asian financial crisis as well as during this
current downturn. As early as September 2008, the government had
been proactive in establishing support measures to stabilize and
provide liquidity to the banking system.
Among its programs are an increase in the maximum amount of
deposits insured to IDR2 billion from IDR100 million, the
eligibility of current credits as collateral for short-term
liquidity facilities, and the lowering of minimum reserve
requirements for Indonesian rupiah and foreign currency. In
addition, the government has secured USD5.5 billion in contingent
lines of support from the Asian Development Bank, World Bank and
others.
In the Special Comment, Moody's points out that the appropriate
reference rating for the capacity of a national government to
provide support to banks in a prolonged and widespread crisis
would be aligned with or constrained by the government's own debt
rating. However, Moody's also believes that this rating could be
adjusted, usually positively, to reflect the non-fiscally
dependent measures that many central banks and governments can
deploy to support banks.
In deciding whether the local currency-denominated deposits of a
bank can be rated higher than the local currency-denominated debt
issued by the national government due to systemic support, Moody's
considers a number of factors for each banking system. These are
the size of the banking sector relative to the government's
resources, the level of stress in the banking system and in the
economy, the foreign currency obligations of the banking system
relative to the government's own foreign currency resources,
political and historical patterns, and the possibility of any
drastic shift in government priorities.
With regard to Indonesia, the banking system is not large, as
shown by the ratio of banking assets equaling 47% of GDP. This
ratio has halved from that during the 1997 crisis. For the 10
Moody's rated banks, their creditworthiness is modest, as measured
by their weighted average bank financial strength rating (BFSR) of
D. These banks account for close to two thirds of system
deposits.
At the same time, the level of credit stress in the banking system
has increased moderately following the worldwide recession. The
system non-performing loans ratio inched up to 4.06% at July 2009
from 3.2% at end-2008. Furthermore, rapid loan growth --
averaging 20% annually over the past five years -- could be a
potential source of higher credit costs.
However, the banks have adequate capital buffer for their rating
ranges; system capital adequacy ratio was 17.34% at July 2009. In
addition, the foreign currency obligations of the banking system
-- 14% of liabilities -- are not stretched. As 99% of this
funding comprises deposits, this source is regarded as more
stable.
Finally, the political and historical patterns for assessing
Indonesia as a highly supportive banking framework are compelling.
During the 1997 crisis, the government issued a blanket guarantee
which covered banks' liabilities in Indonesian rupiah and foreign
currency for both depositors and creditors. Since 2004, small
banks have been closed and one bank recently liquidated, but they
are insufficiently significant to cause a systemic stress.
Furthermore, the banking landscape is concentrated at the large
end, with the top 10 banks -- out of a total of 122 players --
controlling nearly two thirds of system deposits. In Moody's
opinion, this structure provides huge incentives for the
government to support the banks.
In conclusion, the Baa3 systemic support input for Indonesian
banks is two notches above the Ba2 local currency government debt
rating. The uplift is predicated on Moody's view that the risk of
a system-wide banking crisis is low and that the likelihood of the
government "ring-fencing" its own fiscal position from the banking
system is medium.
The last rating actions on all 10 banks were taken on May 20, 2009
when their global local currency deposit ratings were placed on
review for possible downgrade. At the same time, the Ba2 foreign
currency subordinated debt ratings of Bank CIMB-Niaga and Bank
Internasional Indonesia were placed on review for possible
downgrade.
Bank Central Asia, headquartered in Jakarta, had assets of
IDR255.1 trillion at June 2009.
Bank CIMB-Niaga, headquartered in Jakarta, had assets of IDR102.1
trillion at June 2009.
Bank Danamon Indonesia, headquartered in Jakarta, had assets of
IDR98.9 trillion at June 2009.
Bank Internasional Indonesia, headquartered in Jakarta, had assets
of IDR52.0 trillion at June 2009.
Bank Mandiri, headquartered in Jakarta, had assets of
IDR358.9 trillion at June 2009.
Bank Negara Indonesia, headquartered in Jakarta, had assets of
IDR203.6 trillion at June 2009.
Bank Permata, headquartered in Jakarta, had assets of IDR54.0
trillion at June 2009.
Bank Rakyat Indonesia, headquartered in Jakarta, had assets of
IDR268.0 trillion at June 2009.
Bank Tabungan Negara headquartered in Jakarta, had assets of
IDR48.7 trillion at June 2009.
Pan Indonesia Bank, headquartered in Jakarta, had assets of
IDR71.2 trillion at June 2009.
Detailed Ratings And Actions
* Bank Central Asia: GLC deposit of Baa3 was confirmed with a
stable outlook. These ratings were raised: foreign currency
long-term deposit rating to Ba3 from B1 and issuer to Ba1 from
Ba2. The revised ratings carry stable outlooks. All other
ratings are unaffected and carry stable outlooks: foreign
currency short-term deposit of Not Prime and BFSR of D+;
* Bank CIMB-Niaga: GLC deposit of Baa3 was confirmed with a stable
outlook. These ratings were raised: foreign currency long-term
deposit rating to Ba3 from B1 and foreign currency issuer/
subordinated debt to Ba1 from Ba2. The revised ratings carry
stable outlooks. All other ratings are unaffected and carry
stable outlooks: foreign currency short-term deposit of Not
Prime and BFSR of D;
* Bank Danamon Indonesia: GLC deposit of Baa3 was confirmed with a
stable outlook. The foreign currency long-term deposit rating
was raised to Ba3 from B1. The revised rating carries a stable
outlook. All other ratings are unaffected and carry stable
outlooks: foreign currency short-term deposit of Not Prime and
BFSR of D;
* Bank Internasional Indonesia: GLC deposit of Baa3 was confirmed
with a stable outlook. These ratings were raised: foreign
currency long-term deposit rating to Ba3 from B1 and foreign
currency issuer/ subordinated debt to Ba1 from Ba2. The revised
ratings carry stable outlooks. All other ratings are unaffected
and carry stable outlooks: foreign currency short-term deposit
of Not Prime and BFSR of D;
* Bank Mandiri: GLC deposit was lowered to Baa3 from Baa2. The
revised rating carries a stable outlook. The foreign currency
long-term deposit rating was raised to Ba3 from B1. The revised
rating carries a stable outlook. All other ratings are
unaffected and carry stable outlooks: foreign currency short-
term deposit of Not Prime and BFSR of D-;
* Bank Negara Indonesia: GLC deposit was lowered to Baa3 from
Baa2. The revised rating carries a stable outlook. The foreign
currency long-term deposit rating was raised to Ba3 from B1.
The revised rating carries a stable outlook. All other ratings
are unaffected and carry stable outlooks: foreign currency
short-term deposit of Not Prime and BFSR of D-;
* Bank Permata: GLC deposit of Baa3 was confirmed with a stable
outlook. The foreign currency long-term deposit rating was
raised to Ba3 from B1. The revised rating carries a stable
outlook. All other ratings are unaffected and carry stable
outlooks: foreign currency short-term deposit of Not Prime and
BFSR of D-;
* Bank Rakyat Indonesia: GLC deposit was lowered to Baa3 from
Baa2. The revised rating carries a stable outlook. The foreign
currency long-term deposit rating was raised to Ba3 from B1.
The revised rating carries a stable outlook. All other ratings
are unaffected and carry stable outlooks: foreign currency
short-term deposit of Not Prime and BFSR of D+;
* Bank Tabungan Negara: GLC deposit was lowered to Baa3 from Baa2.
The revised rating carries a stable outlook. The foreign
currency long-term deposit rating was raised to Ba3 from B1.
The revised rating carries a stable outlook. All other ratings
are unaffected and carry stable outlooks: foreign currency
short-term deposit of Not Prime and BFSR of D-; and
* Pan Indonesia Bank: GLC deposit of Baa3 was confirmed with a
stable outlook. The foreign currency long-term deposit rating
was raised to Ba3 from B1. The revised rating carries a stable
outlook. All other ratings are unaffected and carry stable
outlooks: foreign currency short-term deposit of Not Prime and
BFSR of D.
PT PERUSAHAAN: Moody's Upgrades Corporate Family Rating to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service has upgraded to Ba2 from Ba3 the
corporate family rating and senior unsecured bond rating of PT
Perusahaan Listrik Negara. This rating action follows Moody's
decision to upgrade to Ba2 from Ba3 the Indonesian government's
long-term foreign-currency and local-currency ratings. The
ratings outlook is stable, consistent with the outlook on the
government ratings.
"Given PLN's 100% ownership by the Ministry of State-Owned
Enterprises (MSOE), its strategic importance as Indonesia's only
vertically integrated electricity utility, as well as the ongoing
government support through subsidies to ensure its financial
viability and operational soundness, Moody's considers PLN's
rating to be closely linked to the government's credit quality,"
says Moody's lead analyst for the company, Jennifer Wong, adding
"Accordingly, an upgrade in the rating of the Indonesian
government led to an upgrade in PLN's rating."
Moody's last rating action with regard to PLN occurred on 11 June
2009, when the outlook on the company's Ba3 corporate family and
senior unsecured ratings were changed to positive from stable.
PT Perusahaan Listrik Negara is an Indonesian state-owned
vertically integrated electricity utility with a generation
capacity of over 22,000MW. It is a monopoly operator of
transmission and distribution networks and is the country's
largest electricity producer. The government -- represented by
the Ministry of State-Owned Enterprises -- has complete ownership.
* INDONESIA: Moody's Upgrades Sovereign Debt Ratings to 'Ba2'
------------------------------------------------------------
Moody's Investors Service has upgraded Indonesia's foreign- and
local-currency sovereign debt ratings to Ba2, from Ba3. The
outlook is stable.
"The upgrade was prompted by the Indonesian economy's relatively
strong resilience to the global recession as well as its healthy
medium-term growth prospects," says Aninda Mitra, a Moody's Vice
President and Sovereign Analyst for Indonesia.
"A pick-up in economic activity to its recent rate of 5.5% is
expected in 2010, and Indonesia's overall growth dynamic is better
positioned to face medium-term global uncertainties than many of
its Ba-rated peers, as well as most regional economies," he adds.
"Indonesia's macro-economic management is also improving, and its
appropriate policy stance is expected to persist in the
foreseeable future," says Mr. Mitra, adding, "These developments
highlight the growing credibility and predictability of government
policies, and are expected to ensure macro-economic stability."
Recently concluded elections will return to power the pro-reform
incumbent president. According to the analyst, this result will
broadly ensure policy continuity and possibly lead to a deepening
of policy and structural reforms.
The upgrade was also prompted by an improving credit profile
derived from Indonesia's ongoing policy prudence, structural
reforms, and appropriate debt management.
Relatively low budget deficits and strong economic growth have
lowered Indonesia's general government debt- and private external
debt to lower than its peer medians. Meanwhile, the government's
debt affordability is expected to remain stable.
"Although Indonesia has faced more market volatility than many of
its peers, its declining financial indebtedness and the
authorities' pro-active and flexible policies provides fundamental
credit support," says Mr. Mitra. "Nonetheless, the need for a
strong foreign currency reserve position coupled with a more
developed domestic capital market and institutional investor base
are assuming greater significance if sovereign creditworthiness is
to further improve," he adds.
Systemic risk from terrorist attacks has been contained by the
country's increasingly effective political institutions and
security apparatus. In addition, potential contingent liabilities
associated with the banking and state enterprise sector did not
significantly threaten the sovereign's credit fundamentals.
In conjunction with this upgrade of the sovereign rating, Moody's
has also upgraded Indonesia's foreign currency country ceiling to
Ba1 and foreign currency bank deposit ceiling to Ba3. The outlook
on these ceilings is stable. The local currency country ceiling
of Baa2 and the government's short-term ratings of not-Prime
remain unaffected by these actions.
Moody's last rating action on Indonesia was taken on 11 June 2009,
at which time the outlook on the Ba3 sovereign ratings was changed
to positive.
=========
J A P A N
=========
AIFUL CORPORATION: Fitch Affirms Issuer Default Rating at 'BB'
--------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn AIFUL
CORPORATION's Long-term foreign and local currency Issuer Default
Ratings of 'BB' with Negative Outlooks, and its Short-term foreign
and local currency IDRs of 'B'. Also, the ratings of Aiful's
senior unsecured notes have been affirmed at 'BB' and withdrawn.
Fitch will no longer provide rating coverage of this issuer.
Fitch expects the operating environment for Aiful and its peers in
the Japanese consumer finance companies sector to remain harsh and
even worsen as the revised money-lending business control law
(MLBL) comes into full effect by June 2010. Fitch expects the
full implementation of the MLBL to lower the revenues of Japanese
CFCs further, while credit costs, in the form of delinquencies and
increased claims/reserves for the reimbursement of previously
excessive interest, will increase. The CFC sector therefore faces
a bleak future.
The combination of tight credit underwriting, lower interest
margins and funding constraints, amid a shrinking market, continue
to reduce Aiful's receivables and revenues, while high Kabarai
claims keep credit costs and overall expenses at elevated levels.
Aiful continues to face a challenging environment in the short-to-
medium term.
Aiful's equity to asset ratio increased to 25.8% at end-June 2009,
from 23.9% at end-March 2009, from retained earnings and declining
receivables/assets. However, as the Kabarai claims increased in
the first quarter of the financial year ending March 2010
(Q1FYE10) and with its comparatively lower reserves for future
Kabarai claims, the positive impact of the higher equity/asset
ratio is diluted by a possible need to increase its Kabarai
reserves in future, in Fitch's opinion. Aiful reported a net
profit of JPY4.9bn for Q1FYE10, down 72% over Q1FYE09.
Fitch continues to believe that securing stable long-term funding
will remain an important issue for the overall CFC sector for
foreseeable future, and for Aiful, which is not part of any
banking group this remains a key issue. Fitch understands that
Aiful's short-term debt due in the next 12 months (based on end-
June 2009) can be fully covered by the repayments by its
borrowers, if the same level of collections as in Q1FYE10, are
repeated in next 12 months.
Aiful is the second largest CFC in Japan, in terms of assets
(based on end-March 2009). Besides the core consumer finance
business, Aiful also has a large instalment finance and credit
card business through its subsidiary, LIFE, in which it holds
95.88% stake.
JAPAN DIGITAL: FSA Revokes Business License
-------------------------------------------
Kyodo News reports that the Financial Services Agency has revoked
the license of Japan Digital Contents Trust Inc. due partly to its
plunging net assets.
The FSA said the company, which is listed on the Mothers section
of the Tokyo Stock Exchange, is in breach of the investment trust
law because its net assets fell below the legally mandated line of
JPY100 million, Kyodo relates.
Kyodo notes the FSA said the company also infringed the law by
managing the funds it had collected from investors in a sloppy and
illicit manner.
Reuters reported on September 4 that Japan Digital has lowered its
mid-year consolidated outlook for revenue from JPY146 million to
JPY81 million, operating loss from JPY184 million to JPY296
million, ordinary loss from JPY184 million to JPY320 million and
net loss from JPY184 million to JPY412 million, for the fiscal
year ending March 31, 2010.
Reuters said the Company also lowered its full-year consolidated
outlook for revenue from JPY 550 million to JPY 144 million,
operating loss from JPY80 million to JPY504 million, ordinary loss
from JPY80 million to JPY521 million and net loss from JPY80
million to JPY604 million, for the fiscal year ending March 31,
2010.
According to Reuters, the Company lowered its mid-year and full-
year consolidated outlook mainly due to the decreased sales, the
acceptance of business suspension orders, as well as the
extraordinary loss.
About Japan Digital
Japan Digital Contents Trust, Inc. (TYO3:4815) is a Japan-based
company engaged in intellectual property right (IPR)-related
financing, management and operation. The Company is active in two
business segments. The Trust Service segment offers trust
services for IPR, including copyright, as well as, money, monetary
claim, securities and personal properties. The Side Line segment
is engaged in the provision of business coordination services,
including the consulting and advisory services for business model
construction support, distribution and delivery, the content
aggregation business and the publication of films and animation.
This segment is also engaged in the operation and management of
content investment funds under the name Tokyo Multimedia Fund
(TMF).
JLOC VII: Fitch Takes Rating Actions on Various Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded the Class D notes of JLOC VII Limited
due May 2011 and maintained the Rating Watch Negative, following
the implementation of the recently published criteria for Japanese
CMBS surveillance.
Full details of the rating actions are:
-- JPY0.18 billion* Class C Notes affirmed at 'AAA'; off RWN;
Outlook Negative;
-- JPY1.2 billion* Class D Notes downgraded to 'CCC' from
'BBB+'; remains on RWN; assigned a Recovery Rating of 'RR2';
and
-- Class X Notes (interest-only) affirmed at 'AAA'; Outlook
Stable.
* as of September 15, 2009
The Class D notes have been downgraded reflecting Fitch's concerns
over potential recovery amounts from the defaulted loan backing
the transaction. The loan is backed by a single-tenanted retail
property located in Kanagawa prefecture. Fitch has maintained the
RWN on this class reflecting the possibility that further ratings
action may follow, depending on the progress of property
disposition.
The Class C notes have been affirmed given the very low loan to
value ratio. However, the agency has assigned a Negative Outlook
to the class to reflect the short time to legal final maturity of
the transaction (May 2011).
Given the loan has already defaulted, Fitch has adopted a value
for the property which is 49.1% lower than the initial value - in
line with the recently released criteria. This reflects Fitch's
view with regards to the current marketability of the collateral,
which is a single-tenanted retail property with limited usage.
At closing, the notes were backed by nine loans (including one
TBI) that are ultimately backed by 27 commercial real estate
properties in Japan. Eight loans have been fully repaid and the
principal amounts of Class A and B notes have been fully redeemed.
For further information on Fitch's surveillance criteria and
methodology, please see the criteria report, "Criteria for
Japanese CMBS Surveillance" and the special report, "Application
and Impact of the Japanese CMBS Surveillance Criteria". Note that
the reports have been published simultaneously and are intended to
be read in conjunction with each other. The criteria report
describes the approach and framework of the methodology, and the
special report details the application and assumptions adopted for
the 2009 surveillance review.
Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008. Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.
JMAC 3: Fitch Downgrades Ratings on Various Classes of Notes
------------------------------------------------------------
Fitch Ratings has downgraded Classes C and D trust beneficiary
interests of JMAC 3 Trust due November 2012, and removed all
classes from Rating Watch Negative following the implementation of
the recently published criteria for Japanese CMBS surveillance.
Full details of the rating actions are:
-- JPY2.93 billion* Class A TBIs affirmed at 'AAA'; off RWN;
Outlook Stable;
-- JPY1.7billion* Class B TBIs affirmed at 'AA+'; off RWN;
Outlook Stable;
-- JPY1.7billion* Class C TBIs downgraded to 'A-' from 'A';
off RWN; Outlook Negative;
-- JPY1.25billion* Class D TBIs downgraded to 'BB' from 'BBB';
off RWN; Outlook Negative; and
-- Dividends-only Class X1 TBIs affirmed at 'AAA'; Outlook
Stable.
* as of September 15, 2009
Fitch has resolved the RWN status on all classes since it
considers the likelihood of additional rating action has reduced
given the cautious property revaluation adopted at this time. The
agency has assigned Negative Outlooks to Classes C and D to
reflect the risk that the value of the two underlying collateral
properties may decline further under severe market conditions.
Fitch has analyzed the operating performances of the underlying
properties and revised the cash flow expectations downwards to
reflect recent performances. In addition, the agency has revised
the cap rate of each property assuming disposition under stressed
market conditions, taking into consideration the remaining period
to each loan maturity. As a result, Fitch has adopted values for
the properties which are 22.6% lower than the initial valuations
on average for the purpose of this review.
Fitch assigned ratings to this transaction in March 2005. The
transaction was initially a securitization of 11 loans backed by
14 commercial properties. To date, nine loans backed by 12
properties have been repaid and the transaction is currently
secured by two loans backed by two properties.
For further information on the surveillance criteria and
methodology, please see the criteria report, "Criteria for
Japanese CMBS Surveillance" and the special report, "Application
and Impact of the Japanese CMBS Surveillance Criteria". Both
reports were published on 2 September 2009 and are available on
the agency's website, www.fitchratings.com. Note that the reports
have been published simultaneously and are intended to be read in
conjunction with each other. The criteria report describes the
approach and framework of the methodology, and the special report
details the application and assumptions adopted for the 2009
surveillance review.
Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008. Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.
=========
K O R E A
=========
HYUNDAI MOTOR: Revives Plan to Build Car Factory in Brazil
----------------------------------------------------------
Hyundai Motor Company will begin construction of a factory in
Brazil next year after suspending the plan due to the global
recession, Korean Herald reports, citing Company Vice Chairman
Chung Eui-sun. The report relates that in September 2008, the
company said it will to build a US$600 million small-car plant in
Brazil to tap rising vehicle demand in the country. The report
notes that the plant was expected to be able to build 100,000
small cars a year starting from the first half of 2011.
According to the report, Hyundai boosted global market share to a
record 5% in the first half of this year as a weaker won helped it
raise spending in the U.S. The Herald says that the car maker's
strength in emerging markets also helped the Korean company by
making it less vulnerable to the worst of auto market meltdown in
the U.S. and Europe.
"Hyundai seems to think it has leeway to embark on new projects,"
said Song Sang-hoon, the report quoted an analyst at Kyobo
Securities Co. in Seoul. "Still, we need to see how the market
will change when the plant is completed and how Hyundai can secure
profit there," the analysts added.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer. The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
Jan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-term
foreign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBB
minus), and the Short-term ratings to 'B' from 'F3'. The rating
agency revised the Outlook to Negative from Stable.
====================
N E W Z E A L A N D
====================
CRAIGS DESIGN: Goes Into Receivership; Deloittes Named Receiver
---------------------------------------------------------------
Craigs Design & Print has been placed in receivership but the
receiver is hopeful the 132-year-old business will survive, Mark
Hotton at The Southland Times reports.
Joint receiver Murray Frost, of Deloittes, in Dunedin, was
appointed on September 15 along with Mike Horne after Craig
Printing Company directors asked their financiers to place the
company in receivership, the report said.
"We are optimistic the business will continue and there have been
a number of supportive comments made by customers during the day.
There's a lot of good feeling out there and that's what we want to
encourage because we want to keep as many jobs going in
Invercargill as we can," the Southland Times quoted Mr. Frost as
saying.
According to the report, a statement from the directors noted the
printing industry had been under "significant pressure" nationally
and the difficult trading conditions had impacted on Craigs as it
had on many other companies.
Mr. Frost said he was assessing the company's position and should
know more about the company's situation in about 10 days, the
report relates.
Founded in 1877, Craigs Design & Print --
http://www.craigprint.co.nz/-- is one of Southland's oldest
companies. The company provides printing, design, and book
publishing.
LANE WALKER: Receiver Files Complaint with Fraud Office
-------------------------------------------------------
Gareth Vaughan at BusinessDay reports that the receiver of Lane
Walker Rudkin has laid a complaint with the Serious Fraud Office.
A spokesman for receiver BDO Spicers told BusinessDay that the
receiver had filed a complaint with the SFO but declined to
provide any details on the nature of the issues raised.
Acording to the report, National Distribution Union general
secretary Robert Reid said his union had long been calling for an
investigation into LWR's failure.
BusinessDay quoted Mr. Reid as saying that "We have had strong
feedback from the workers that they are wanting to see the whole
of the financial shambles investigated, given the workers were one
of the losers in the situation."
The Troubled Company Reporter-Asia Pacific reported on April 30,
2009, that hundreds of staff are facing uncertain future as Lane
Walker Rudkin Industries went into receivership with debt of more
than NZ$50 million.
Brian Mayo-Smith and Stephen Tubbs, partners at BDO Spicers,
have been appointed joint receivers and managers of LWR. The
appointment was made by LWR's bankers to protect the financial
position of LWR and its subsidiary Pod while issues facing the
group are resolved. The LWR operations are currently unprofitable
and have incurred a substantial increase in bank debt.
Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people are employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane. Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in Auckland. The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.
OPI PACIFIC: Placed in Receivership; Moratorium Ends
----------------------------------------------------
OPI Pacific Finance Limited was placed in receivership on
September 15 by Perpetual Trust, the trustee for OPI's secured
debenture holders and unsecured note holders. This ends the
moratorium arrangement that has been in place since May 2008.
Perpetual Trust has appointed Colin McCloy and Maurice Noone of
PricewaterhouseCoopers as receivers.
To date OPI's secured debenture holders have been repaid 22.17
cents in the dollar. Unsecured note holders have not received any
payments. The balance owing to OPI's secured debenture holders
amounts to approximately $200.1 million and $56.7 million to
unsecured note holders.
"The decision to appoint receivers follows the Supreme Court of
Queensland's order that Octaviar Limited, over which OPI had a put
option, be put into liquidation. The trustee's opinion is that a
receivership is now appropriate and in the best interests of OPI's
investors," Matthew Lancaster, Head of Corporate Trust at
Perpetual Trust, said in a statement.
"In May 2008, OPI received an upfront part payment of AU$20
million from Octaviar in respect of its put option liability to
OPI and this was distributed to secured debenture holders
following the approval of the moratorium.
"The receivers will investigate whether it will be possible to
obtain any further payment from Octaviar as well as from other
parties. PwC, through their role as OPI's monitoring accountant,
already have a wide knowledge of its affairs, which is a benefit,"
Mr. Lancaster said.
PwC Partner Colin McCloy said, "We're now working with the company
and the trustee to review the situation, but it's still to early
to offer detailed information. However, we will send all investors
a report as soon as possible. In the meantime we've set up a
dedicated help line and web page to allow investors to ask
questions and find out more information."
About OPI Pacific
OPI Pacific Finance Limited, formerly known as MFS Pacific
Finance, is New Zealand-based finance company. OPI Pacific is a
subsidiary of Octaviar Limited.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
October 13, 2008, OPI Pacific Finance Limited's parent OPI New
Zealand Limited, formerly known as MFS New Zealand, appointed
Andrew John McKay and John Joseph Cregton of Corporate Finance
Limited as voluntary administrators.
In its 2008 full year results, OPI New Zealand reported a net loss
of NZ$232 million for the year ended March 31, 2008.
OPI New Zealand's loss is primarily attributable to the write down
in the carrying values of its subsidiaries, and the recognition of
impairments to the loans and investments of OPI Pacific Finance
Limited.
Coinciding with the release of the results, the company said its
directors have completed their review of the company's remaining
assets, liabilities, and its viable future prospects. It is clear
that upon completion of the Moratorium for Pacific Finance there
will not be any surplus funds remaining for distribution to the
shareholders of OPI New Zealand, the company noted.
WILLIAM HILL: Sale of Business Attracts Potential Buyers
---------------------------------------------------------
The Southland Times reports that the proposed receivership sale of
William Hill Winery Ltd, one of Central Otago's pioneering
vineyards, has attracted a dozen expressions of interest.
According to the report, Trevor McKay, of Bayleys Real Estate in
Wanaka, said the valuation of land and assets was confidential but
since advertisements for tenders at the beginning of this month a
dozen interested parties had made contact.
The report notes Mr. McKay said most of the calls were from North
Island wine producers or viticulture businesses.
The Southland Times, citing receiver Alistair King of WHK Cook
Adam Ward Wilson, says the receivers would sell the Dunstan Rd
business as a going concern, which included land, assets, wine
stocks and plant. The report relates Mr. King said he could not
disclose any land valuation or the expected sale price because
tendering was confidential.
Tenders will close at the end of October, the report adds.
First Receivers' Report
The Southland Times says the compay's receivers, Wanaka accountant
Alistair King and Invercargill chartered accountant Peter Heenan,
of WHK Cook Adam Ward Wilson, filed their first receivers' report
at the end of July.
According to the Times, the firm's principal debt of NZ$4.2
million is owed to Southland Building Society for property, stock
and equipment.
The company's other secured creditors, according the creditors'
report cited by the Southland Times, include Custom Fleet NZ,
Quadrent, Ascend Finance and Amcor Packaging, which were owed
almost NZ$340,000. The company also owed NZ$188,000 for PAYE,
holiday pay, GST and New Zealand Customs excise.
An estimated NZ$574,881 was owed to unsecured trade creditors, the
report notes.
About William Hill
William Hill Winery Ltd -- http://www.williamhill.co.nz/-- was
established in 1973 when founders Bill and Gillian Grant planted
the first pinot noir vines. Its first commercial production was
in 1987. William Hill Wine's are marketed worldwide under the
brand name Shaky Bridge.
William Hill Winery Ltd was placed in receivership in May 2009.
Wanaka accountant Alistair King and Invercargill chartered
accountant Peter Heenan, of WHK Cook Adam Ward Wilson, have been
appointed as receivers and managers of the company in respect of
all rights, titles and interests in the undertaking, property,
assets and revenues of the winery.
=====================
P H I L I P P I N E S
=====================
CHINA BANKING: Fitch Keeps 'BB' LT For. Cur. Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Philippine-based China
Banking Corporation and Rizal Commercial Banking Corp. The full
list of rating actions is included at the end of the release.
CBC's ratings reflect its good earnings and balance-sheet
strength, and Fitch believes the bank has a good loss-absorption
capacity to ride out the current downturn. The agency expects
that some deterioration in the bank's asset quality may occur over
the next 12-18 months as a result of the economic downturn,
although its NPLs have declined in absolute terms during H109. In
addition, foreclosed properties may give rise to modest impairment
charges should real estate prices decline from current levels in
the event of a prolonged economic slowdown. However, CBC's
satisfactory earnings capacity and capitalization (end-H109 Tier 1
CAR: 12.5%) and high NPL reserve coverage (end-H109: 105%) are
mitigating factors in preserving the bank's credit profile.
RCBC's ratings are based on its legacy asset-quality issues and
the increased challenges from difficult operating conditions,
although such risks are somewhat mitigated by satisfactory capital
and earnings cushions to absorb rising credit costs. Unlike
better-rated banks, RCBC still has deferred charges - disposal
losses from previous years that are being amortized over 10 years.
Asset quality deterioration, which had been modest in H109, may
continue in H209-2010 and some impairment could also arise from
the bank's foreclosed properties. Nonetheless, the bank appears
to have sufficient earnings buffer and high NPL reserve cover
(around 130% at end-H109) to mitigate such risks. Together with
its core Tier 1 CAR (excluding hybrid securities and preference
shares) of an estimated 11% at end-2008, the bank has a reasonable
loss absorption capacity, which is commensurate with its ratings.
The full list of rating actions is:
China Banking Corporation
-- Long-term foreign currency Issuer Default Rating affirmed at
'BB' with a Stable Outlook,
-- Long-term local currency IDR affirmed at 'BB' with a Stable
Outlook,
-- National long-term rating affirmed at 'AA-(phl)' with a
Stable Outlook
-- Individual affirmed at 'C/D',
-- Support affirmed at '4', and
-- Support Rating Floor affirmed at 'B+'.
Rizal Commercial Banking Corp (RCBC)
-- Long-term foreign currency IDR affirmed at 'BB-' with a
Stable Outlook,
-- Long-term local currency IDR affirmed at 'BB-' with a Stable
Outlook,
-- Individual affirmed at 'D',
-- Support affirmed at '3'
-- Support Rating Floor affirmed at 'BB-',
-- Rating on senior unsecured notes affirmed at 'BB-',
-- Rating on subordinated notes affirmed at 'B+', and
-- Rating on hybrid Tier 1 instruments affirmed at 'B-',
LEGACY GROUP: PDIC Validates PHP10.7-Bln Deposits in Legacy Banks
-----------------------------------------------------------------
The Philippine Deposit Insurance Corporation has validated 81.5%
or 109,791 accounts out of the total 134,653 deposit accounts in
the 12 Legacy-affiliated banks, after the first validation phase
was completed end August 2009. PDIC President Jose C. Nograles
explained that PDIC's verification process is at two levels:
-- The deposits are verified to be valid deposits based on
the available records at the closed bank upon takeover by
PDIC. It is important that the deposit is recorded in the
bank and that the cash inflow is determined to have
existed.
-- The depositor's claim is validated based on the standard
operating procedures for claims processing. Validation of
claims requires submission of supporting documents to
substantiate the deposit insurance claim.
"It is not enough that we validate the deposit accounts, we also
need to validate the claimants to ensure that we pay the right
owner of the account, " Mr. Nograles said in a statement.
If the claims pass the second validation phase, these will
translate to payments worth PHP10.7 billion or 76.4% of the total
estimated insured deposits of PHP14 billion.
Earlier, PDIC had targeted to complete the examination of all
accounts in the Legacy banks end of July 2009. But operations
were considerably slowed down by incomplete and missing documents
in the banks as well as the big volume of accounts involved and
allegations of fraud. These prompted PDIC to carry out
extraordinary measures to hasten the examination process amidst
these difficulties. Steps included the deployment of more than
half of PDIC's personnel complement on field and the engagement of
one of the largest external auditors in the country, KPMG Manabat
Sanagustin, to assist and speed up the examination. With these
measures, examination of accounts was completed end August 2009.
Of the total number of accounts, 10.4% or 14,019 accounts
amounting to PHP1.8 billion had been referred for resolution of
legal issues, some 6% or 8,124 accounts amounting to PHP1.15
billion have been initially validated to have incomplete bank
records hence, PDIC cannot proceed with its validation; and 2% or
2,719 accounts representing P374 million had been denied.
PDIC reported in the first quarter of 2009 that some PHP6 billion
of the deposit accounts in the Legacy banks were initially found
to be doubtful accounts because of incomplete records and
questionable transactions. Some of these accounts had since been
validated as PDIC diligently searched for bank documents in the
course of the validation process. A number of doubtful accounts
had either been referred for legal resolution or had remained as
accounts with incomplete documents. To aid in these efforts, PDIC
had demanded that former bank officers turn over documents and
records. It had also filed several cases against officers who
refused to comply.
Mr. Nograles said that the completion of the validation process
will significantly hasten the processing of claims which is the
second phase of validation process. The second phase requires the
matching of filed claims against the validated accounts. As of
end August 2009, PDIC had received a total of 114,721 claims for
PHP12.6 billion. Of these filed claims, PDIC had already paid
24,125 claims for PHP1.43 billion. Some 6,523 more claims
amounting to PHP834 million are being processed for payment as of
end August.
Meanwhile, 21,819 claims for PHP2.83 billion are found to be
document deficient. PDIC has started sending notices to
depositors of the required documents for submission. In cases
when the documents submitted are insufficient to validate a claim,
PDIC is authorized under the law to require additional documents
from the depositors to support the claim. If the submission of
the required document is satisfactorily complied with, these
claims will likewise be paid.
PDIC reported that it had denied 4,164 claims for PHP204 million,
a big chunk of which were claims for accounts not even in the
banks' records. A total of 19,070 claims amounting to PHP2.55
billion were placed on hold as these accounts await validation.
PDIC continues to process 39,020 claims representing PHP4.76
billion.
Mr. Nograles expressed confidence that all valid claims will be
paid soon. He said that PDIC had been meticulous in the first and
second phases of the validation in accordance with the standard
procedures in claims processing to ensure proper disbursements
according to audit rules of the Commission on Audit (COA).
About Legacy Group
Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies. The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20% in annual returns. To
address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.
Celso G. de los Angeles, Jr. owns 13 banks with 29 branches
nationwide under the Legacy banner.
In 2008, the BSP shuttered the Rural Bank of Paranaque; Rural Bank
of Bais (in Negros Oriental province); Pilipino Rural Bank (in
Cebu); Rural Bank of San Jose (in Batangas); Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City) and the Bank of East Asia (in Cebu) due to
insolvency.
LEGACY GROUP: Banks' Assets Overvalued by PHP18.96-Bln, PDIC Says
-----------------------------------------------------------------
Philippine Deposit Insurance Corporation President Jose C.
Nograles said that verification conducted by PDIC deputy receivers
of the 12 Legacy-affiliated banks showed overstatement of the
assets in the books of the banks amounting to PHP18.96 billion.
Mr. Nograles further said that the banks' financials may still be
adjusted once the results of the forensic investigation being
undertaken by an external audit firm on these banks are filed.
Mr. Nograles said that as of PDIC takeover in December 2008, these
banks' consolidated statement of condition recorded total assets
at PHP19.82 billion. However, based on asset verification and
valuation made by the designated deputy receivers of PDIC, the
consolidated total assets of the Legacy banks as of end
August 2009 was estimated at only PHP856 million, revealing an
PHP18.96 billion worth of potential overstatement in the Legacy
banks' books. The overstatement implies that estimated realizable
assets (ERVA) of the 12 Legacy banks combined will be less than
10% of the recorded total assets as of takeover date. Initial
estimates based on examination of deposit accounts and claims
filed place Legacy payouts at PHP10 billion with practically no
recoveries. Because of this, PDIC said it will bear a heavy hit
on its Deposit Insurance Fund (DIF). Uninsured depositors and
other creditors will also be hit as recoveries from liquidation
are expected to be nil. Holders of denied claims will also bear a
hit.
PDIC found that the books of the banks indicated overstatements in
the following accounts: real and other properties acquired or ROPA
(PHP6.86 billion); due from banks transactions (PHP3.8 billion);
sale contract receivables (PHP2.98 billion); loans (PHP2.49
billion), other assets (PHP2.3 billion); and others such as due
from banks, equity investments, IBODI and FFEs (almost PHP500
million). The overstatement in the financial records of the banks
would make it appear that these banks had adequate assets to
continue doing business.
The state deposit insurer earlier took its investigation of the
Legacy-affiliated banks to a higher level by engaging the services
of Punongbayan & Araullo, an audit firm with expertise in forensic
fraud investigation, affiliated with Grant Thornton, International
PA. Forensic investigation is geared towards uncovering
transactions intentionally hidden in a maze of paper trail and
deleted computer files. It aims to identify and document possible
fraud schemes, irregularities and anomalies that may have been
perpetrated against the banks and which may be used as basis for
the filing of criminal, civil or administrative cases.
Punongbayan & Araullo is now in the thick of uncovering fictitious
transactions in the Legacy banks in the form of loans, sales
contract receivables and other receivables.
As statutory receiver, PDIC is tasked to administer the assets of
closed banks and maximize recovery for the benefit of creditors.
The amount that may be recovered from the assets of a closed bank
will be distributed to satisfy the claims of the closed banks'
creditors including depositors with uninsured deposits.
Mr. Nograles said that PDIC is now investigating and will file
appropriate charges, when warranted, against accountable bank
officers and employees as well as external auditors for any
misrepresentations of the actual financial status of the banks.
Under Section 21(f)(3) of the PDIC Charter, any willful making of
a false statement or entry in any bank report or document required
by the PDIC is punishable by prision mayor or a fine of up to PHP2
million or both.
PDIC had filed three syndicated estafa cases against Legacy owner
Celso G. de los Angeles Jr., his wife and son, and several Legacy
officers for misappropriation and siphoning of funds of Rural Bank
of Carmen in Cebu, Nation Bank in Bacolod, and Rural Bank of Bais
in Mandaue. Syndicated estafa is a non-bailable offense. PDIC
has likewise charged accountable officers of Philippine
Countryside Rural Bank, Inc., Rural Bank of San Jose in Batangas
and RB Bais in Mandaue for refusal to turnover bank records still
in their possession.
About Legacy Group
Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/-- was a conglomerate of banks and pre-
need companies. The banks offered various financial products and
the pre-need firms offered pension, education and memorial plans.
Other members of The Group provided credit cards, micro-lending
and automotive financing services.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20% in annual returns. To
address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.
Celso G. de los Angeles, Jr. owns 13 banks with 29 branches
nationwide under the Legacy banner.
In 2008, the BSP shuttered the Rural Bank of Paranaque; Rural Bank
of Bais (in Negros Oriental province); Pilipino Rural Bank (in
Cebu); Rural Bank of San Jose (in Batangas); Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City) and the Bank of East Asia (in Cebu) due to
insolvency.
RIZAL COMMERCIAL: Fitch Affirms IDR Ratings at 'BB-'
----------------------------------------------------
Fitch Ratings has affirmed the ratings of Philippine-based China
Banking Corporation and Rizal Commercial Banking Corp. The full
list of rating actions is included at the end of the release.
CBC's ratings reflect its good earnings and balance-sheet
strength, and Fitch believes the bank has a good loss-absorption
capacity to ride out the current downturn. The agency expects
that some deterioration in the bank's asset quality may occur over
the next 12-18 months as a result of the economic downturn,
although its NPLs have declined in absolute terms during H109. In
addition, foreclosed properties may give rise to modest impairment
charges should real estate prices decline from current levels in
the event of a prolonged economic slowdown. However, CBC's
satisfactory earnings capacity and capitalization (end-H109 Tier 1
CAR: 12.5%) and high NPL reserve coverage (end-H109: 105%) are
mitigating factors in preserving the bank's credit profile.
RCBC's ratings are based on its legacy asset-quality issues and
the increased challenges from difficult operating conditions,
although such risks are somewhat mitigated by satisfactory capital
and earnings cushions to absorb rising credit costs. Unlike
better-rated banks, RCBC still has deferred charges - disposal
losses from previous years that are being amortized over 10 years.
Asset quality deterioration, which had been modest in H109, may
continue in H209-2010 and some impairment could also arise from
the bank's foreclosed properties. Nonetheless, the bank appears
to have sufficient earnings buffer and high NPL reserve cover
(around 130% at end-H109) to mitigate such risks. Together with
its core Tier 1 CAR (excluding hybrid securities and preference
shares) of an estimated 11% at end-2008, the bank has a reasonable
loss absorption capacity, which is commensurate with its ratings.
The full list of rating actions is:
China Banking Corporation
-- Long-term foreign currency Issuer Default Rating affirmed at
'BB' with a Stable Outlook,
-- Long-term local currency IDR affirmed at 'BB' with a Stable
Outlook,
-- National long-term rating affirmed at 'AA-(phl)' with a
Stable Outlook
-- Individual affirmed at 'C/D',
-- Support affirmed at '4', and
-- Support Rating Floor affirmed at 'B+'.
Rizal Commercial Banking Corp (RCBC)
-- Long-term foreign currency IDR affirmed at 'BB-' with a
Stable Outlook,
-- Long-term local currency IDR affirmed at 'BB-' with a Stable
Outlook,
-- Individual affirmed at 'D',
-- Support affirmed at '3'
-- Support Rating Floor affirmed at 'BB-',
-- Rating on senior unsecured notes affirmed at 'BB-',
-- Rating on subordinated notes affirmed at 'B+', and
-- Rating on hybrid Tier 1 instruments affirmed at 'B-',
=================
S I N G A P O R E
=================
CP SOLUTIONS: Creditors' First Meeting Set for September 25
-----------------------------------------------------------
The creditors of CP Solutions Pte Ltd will hold their first
meeting on September 25, 2009, at 2:30 p.m. to receive the
judicial manager's report on the company's wind-up proceedings and
property disposal.
The company's judicial manager is:
Tay Swee Sze
c/o Tay Swee Sze & Associates
10 Anson Road #19-01
International Plaza
Singapore 079903
NGEE LIAN: Creditors' Proofs of Debt Due on September 25
--------------------------------------------------------
The creditors of Ngee Lian Builders Pte Ltd. are required to file
their proofs of debt by September 25, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
STATS CHIPPAC: S&P Puts 'BB+' Ratings on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed the
ratings on Singapore-based STATS ChipPAC Ltd. on CreditWatch with
negative implications. At the same, Standard & Poor's also placed
the 'BB+' issue ratings on the company's senior unsecured notes on
CreditWatch with negative implications.
"We placed the ratings on STATS ChipPAC on CreditWatch because of
a likely change in S&P's analytical view of the company. This is
attributable to the possibility that the high-technology
semiconductor sector may no longer be of significant strategic
importance to the Singapore government and because of S&P's review
of government-related entities," said Standard & Poor's credit
analyst Wee Khim Loy.
The government currently owns 83.8% of STATS ChipPAC, an
outsourced semiconductor assembly and test services provider,
through its holding company, Temasek Holdings Pte. Ltd.
(AAA/Stable/--).
The sector's continued strategic importance to the government came
into question on Sept 7, 2009, when Chartered Semiconductor
Manufacturing Ltd. announced that Temasek planned to sell its
shareholding in Chartered to Advanced Technology Investment Co.
LLC (not rated).
S&P previously factored into the rating on STATS ChipPAC a
moderately high likelihood of extraordinary government support
because S&P viewed the company as a GRE with strong links to the
Singapore government. This was attributable to STATS ChipPAC's
important role in the government's strategy of ensuring that
Singapore is at the forefront of global high technology.
Under S&P's revised methodology for reviewing GREs, S&P now places
more emphasis on a company's stand-alone credit profile.
"We are currently reviewing the linkage between STATS ChipPAC and
Temasek from a parent-subsidiary perspective and will consider
factoring into the rating any parental support," said Ms. Loy.
Standard & Poor's aim to resolve the CreditWatch placement within
the next three months, after S&P has assessed STATS ChipPAC's
stand-alone credit profile and potential parent support.
Following S&P's review, S&P may affirm the rating or downgrade
STATS ChipPAC by up to two notches.
UNIVERSAL ASSETS: Court to Hear Wind-Up Petition on October 2
-------------------------------------------------------------
A petition to wind up the operations of Universal Assets Group Pte
Ltd will be heard before the High Court of Singapore on Oct. 2,
2009, at 10:00 a.m.
Yang Jinli filed the petition against the company on Sept. 3,
2009.
The Petitioner's solicitors are:
M/s Glen Koh
One Raffles Quay, 25th Floor North Tower
Singapore 048583
===============
X X X X X X X X
===============
* Fitch Says Legacy M&A Funding Poses Risks For Corporates
----------------------------------------------------------
Fitch Ratings says in its annual EMEA and Asia-Pacific corporate
liquidity study that rated entities which remain exposed to short-
dated M&A funding, often arranged prior to the summer of 2007,
have heightened liquidity risks often related to lumpy debt
maturity profiles in 2009 and 2010. This liquidity profile is
typically a result of a combination of subsequent unsuccessful
equity-raising plans and delays or shortfalls in planned disposal
proceeds, which have both been compounded by a reduction in
operational profitability in the current economic conditions.
Entities where ratings continue to reflect past M&A structuring,
sometimes with an aggressive debt maturity schedule, include
HeidelbergCement AG ('B'/Negative), Continental AG ('B+'/Rating
Watch Negative), Taylor Wimpey plc ('B'/Stable) which has a 2012
bulk maturity and, to a lesser extent, Pernod Ricard S.A.
('BB+'/Stable).
Conversely, as noted in previous company-specific research,
companies that have successfully emerged from this position over
the past 12 months where refinance risk has receded have included
BAA (not corporate rated), Carlsberg ('BBB-'/Stable), Enel
('A-'/Stable), Evraz ('B+'/RWN), FirstGroup ('BBB'/Negative),
Imperial Tobacco ('BBB-'/Negative), Norilsk Nickel
('BBB-'/Negative), Reed Elsevier ('A-'/Negative), Rio Tinto
('BBB+'/Positive), Severstal ('B+'/RWN) and Tata Steel
('BB+'/Negative). Fitch notes these companies span a range of
sectors and countries and often indicate opportune access of the
capital markets (often equity and/or long-dated bonds) in order to
reduce debt levels.
Also, as Fitch noted in its 12 July 2009 mid-year update for
European corporates, the agency's expectation is that the
forthcoming wave of M&A activity has the potential to be less
damaging to credit ratings, as transactions have benefited from
residual conservatism in corporate boards' financial policies,
strong operational and business drivers for consolidation in many
sectors and continuing conservatism from bank lenders in developed
markets. Liquidity management of proposed transactions -
minimizing bridge finance risk and presenting multiple
contingencies for the refinancing of the purchase price - will
nonetheless remain a key consideration in the rating response to
M&A activity.
Fitch's liquidity scores are broadly defined as free cash flow
before dividends, plus cash-in-bank, plus existing RCF headroom,
less future committed capex divided by short-term debt maturities
for the relevant period.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$) (US$)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16933460.19 -8226075.95
ALLOMAK LTD AMA 40685785.47 -5913422.67
ALLSTATE EXPL-PP ALXCC 16169603.20 -50619940.96
ALLSTATE EXPLORA ALX 16169603.20 -50619940.96
ANTARES ENERGY L AZZ 13709735.08 -1955765.01
ARC EXPLORATION ARX 58544299.40 -15958771.93
AUSMELT LTD AET 10421943.80 -1558622.35
AUSTAR UNITED AUN 508844538.84 -310055789.75
AUSTRAILIAN Z-PP AZCCA 77741918.88 -2566335.24
AUSTRALIAN ZIRC AZC 77741918.88 -2566335.24
BIRON APPAREL LT BIC 19706736.59 -2220069.65
BISALLOY STEEL G BIS 54556820.43 -7472108.44
CENTRO PROPERTIE CNP 14725100625.83 -495299520.84
CHALLENGER INF-A CIF 2307005549.62 -104582562.08
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
CITY PACIFIC LTD CIY 171501648.08 -6383353.75
EIRCOM HOLDINGS ERC 7606555987.32 -533212434.19
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
HYRO LTD HYO 21498880.13 -14825700.09
MAC COMM INFR-CD MCGCD 8104415200.76 -103343256.49
RESIDUAL ASSC-EE RAGXF 597329874.01 -126963316.48
RUBICON AMERICA RAT 649532285.57 -100605696.94
RUBICON EUROPE T REU 553099503.30 -252490904.13
TOOTH & CO LTD TTH 108860665.87 -69404500.26
VERTICON GROUP VGP 14221690.08 -24604525.15
VOYAGER RESOURCE VOR 105239382.56 -190859513.39
CHINA
ALONG TIBET CO-A 600773 10645458.33 -1260472.65
AMOI ELECTRONI-A 600057 205714958.88 -171265179.25
ANHUI KOYO GROUP 979 60010204.49 -52445757.65
BAO LONG ORIENTA 600988 16803610.56 -3002433.31
CHANG LING GROUP 561 42473545.73 -10486849.69
CHENGDE DIXIAN-B 200160 52878580.08 -15925439.90
CHENGDU UNION-A 693 53505027.19 -5241722.53
CHINA EAST AIR-A 600115 10663617937.55 -669018244.31
CHINA EAST AIR-H 670 10663617937.55 -669018244.31
CHINA KEJIAN-A 35 80524769.63 -182184709.66
CHINESE.COM LOGI 805 12869661.54 -10094949.57
CITIC GUOAN VI-A 600084 348889601.71 -125227226.74
DANDONG CHEM F-A 498 102526072.10 -107860689.36
DONGGUAN FANGD-A 600656 64150753.72 -8735494.67
DONGXIN ELECTR-A 600691 20608187.18 -5028635.72
GAOXIN ZHANGTO-A 2075 124776592.95 -19821585.47
GUANGDONG HUAL-A 600242 19373034.05 -2325690.04
GUANGDONG KEL-A 921 650072211.91 -103760527.20
GUANGMING GRP -A 587 45859984.22 -44684252.23
GUANGXI BEISHE-A 600556 110503178.27 -144424566.92
GUANGXIA YINCH-A 557 19526916.97 -37073597.54
HEBEI BAOSHUO -A 600155 133526389.53 -358418197.58
HEBEI JINNIU C-A 600722 227141182.32 -223794072.17
HISENSE ELEC-H 921 650072211.91 -103760527.20
HUATONG TIANXI-A 600225 34542670.84 -29942511.88
HUDA TECHNOLOG-A 600892 20055498.84 -2392277.80
HUNAN ANPLAS CO 156 53136755.69 -81141655.20
HUNAN AVA HOLDIN 918 219048363.26 -78476613.98
JIAOZUO XIN'AN-A 719 14229704.96 -7806228.22
NINGBO YIDONG-H 8249 55690342.44 -22047522.03
QINGHAI SUNSHI-A 600381 53430938.15 -26418232.17
SHANG HONGSHENG 600817 17195946.36 -397044828.42
SHANG LIANHUA-A 600617 16629332.66 -2816699.77
SHANG LIANHUA-B 900913 16629332.66 -2816699.77
SHANGHAI WORLDBE 600757 218813789.33 -118596184.73
SHENZ CHINA BI-A 17 27968310.96 -264106065.10
SHENZ CHINA BI-B 200017 27968310.96 -264106065.10
SHENZ SEG DASH-A 7 75454296.33 -6832811.09
SHENZHEN DAWNC-A 863 28806239.39 -155220111.20
SHENZHEN KONDA-A 48 198370122.93 -14709825.62
SHENZHEN SHENXIN 34 25649329.38 -166918478.37
SHIJIAZHUANG D-A 958 247135076.94 -47057598.59
SICHUAN DIRECT-A 757 130066883.28 -118258912.10
SUNTEK TECHNOL-A 600728 36252073.49 -23232714.83
TAIYUAN TIANLO-A 600234 49936366.67 -24269532.79
TIANJIN MARINE 600751 82399198.24 -30394356.74
TIANJIN MARINE-B 900938 82399198.24 -30394356.74
TIBET SUMMIT I-A 600338 72677899.02 -13527522.12
TOPSUN SCIENCE-A 600771 183535542.89 -132134649.22
WINOWNER GROUP C 600681 11441386.17 -70778286.86
WUHAN BOILER-B 200770 425205467.18 -59127896.04
WUHAN GUOYAO-A 600421 11224148.10 -38404923.54
XIAMEN OVERSEA-A 600870 316697544.56 -153952891.08
YUEYANG HENGLI-A 622 37450378.86 -15337096.06
YUNNAN MALONG-A 600792 157520417.89 -3274324.93
ZHANGJIAJIE TO-A 430 47476905.56 -6608204.52
HONG KONG
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
BEAUFORTE INV 21 12327016.69 -2955593.70
CHINA GOLDEN DEV 162 249858442.34 -1458174.64
CROSBY CAPITAL 8088 25806000.00 -6935000.00
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
FULBOND HLDGS 1041 66063004.00 -11679000.00
HUTCHISON TELE H 215 2400098040.83 -366059762.21
JIAN EPAYMENT 8165 12943183.73 -1516828.52
NEW CITY CHINA 456 113178595.41 -9932226.54
PALADIN LTD 495 160927722.22 -1629398.23
PALADIN LTD -PRE 642 160927722.22 -1629398.23
PCCW LTD 8 5990928703.57 -394965167.61
SANYUAN GROUP LT 140 15148448.77 -1587205.23
INDONESIA
BANK CENTURY TBK BCIC 493235338.87 -135578273.49
BUKAKA TEKNIK UT BUKK 73759284.09 -88378100.23
DAYA SAKTI UNGGU DSUC 18968940.39 -16565907.15
ERATEX DJAJA ERTX 16355782.65 -13909830.79
JAKARTA KYOEI ST JKSW 30395173.44 -38677864.58
KARWELL INDONESI KARW 10703306.59 -7637325.25
MULIA INDUSTRIND MLIA 342682884.88 -423294727.62
PANCA WIRATAMA PWSI 24440350.75 -28494642.10
POLYSINDO EKA PE POLY 413587722.04 -843849953.26
PRIMARINDO ASIA BIMA 11142638.56 -19773137.59
SEKAR BUMI TBK SKBM 18209576.70 -1625327.43
STEADY SAFE TBK SAFE 10838828.11 -4030148.54
SURABAYA AGUNG SAIP 236584686.90 -99589026.90
TEIJIN INDONESIA TFCO 187554592.00 -62843600.00
UNITEX TBK UNTX 15358972.53 -13809629.56
INDIA
ALCOBEX METALS AML 35670319.03 -22443296.68
APPLE FINANCE APL 70832103.73 -29253849.19
ASHIMA LTD ASHM 59922403.11 -47153581.06
BAKELITE HYLAM BKLT 13911138.88 -12867352.60
BALAJI DISTILLER BLD 51161385.13 -38383503.30
BELLARY STEELS BSAL 512415670.40 -101442229.54
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
CFL CAPITAL FIN CEATF 20637497.85 -48884440.84
COMPUTERSKILL CPS 14896780.89 -7560054.57
CORE HEALTHCARE CPAR 185364966.99 -241912027.81
DCM FINANCIAL SE DCMFS 16540889.84 -10988851.47
DIGJAM LTD DGJM 98769193.78 -14623833.58
DISH TV IND-PP DITVPP 422081403.33 -127614551.41
DISH TV INDIA DITV 422081403.33 -127614551.41
DUNCANS INDUS DAI 164653351.85 -220922929.88
GALADA POWER & T GCC 10899606.76 -27849464.86
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GLOBAL BOARDS GLB 25154303.78 -793024.17
GSL INDIA LTD GSL 37040429.61 -42340564.58
GUJARAT SIDHEE GSCL 59440728.18 -660003.43
GUJARAT STATE FI GSF 30159595.18 -234918081.46
HANJER FIBRES HJF 10720699.56 -310044.87
HARYANA STEEL HYSA 10831176.59 -5909008.81
HFCL INFOTEL LTD HFCL 151650830.03 -85807810.61
HIMACHAL FUTURIS HMFC 406633181.85 -210980192.12
HINDUSTAN PHOTO HPHT 93725753.93 -1229352757.43
HMT LTD HMT 139311695.43 -277691144.15
ICDS ICDS 13300348.69 -6171079.46
INDIA FOILS LTD IF 48457142.32 -38013960.39
INTEGRAT FINANCE IFC 57729537.53 -52297155.04
JCT ELECTRONICS JCTE 122542558.60 -49996834.55
JD ORGOCHEM LTD JDO 14537402.78 -69753846.55
JENSON & NIC LTD JN 15734678.26 -92089109.12
JIK INDUS LTD KFS 20633171.50 -5623616.49
JK SYNTHETICS JKS 20208078.76 -2171303.89
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 37538318.01 -41771703.35
KERALA AYURVEDA KRAP 13409639.48 -586700.12
LLOYDS FINANCE LYDF 27683041.19 -8642121.28
LLOYDS STEEL IND LYDS 358940191.85 -83135016.16
MILLENNIUM BEER MLB 39726352.09 -732186.48
MILTON PLASTICS MILT 26114050.07 -42391324.19
NATH PULP & PAP NPPM 13588844.93 -39126079.65
NICCO UCO ALLIAN NICU 38788084.34 -61659313.00
NOVA PETROCHEM NVPC 44390476.41 -925948.57
ORIENT PRESS LTD OP 16699814.52 -94789.33
PANCHMAHAL STEEL PMS 51024827.03 -325116.26
PANYAM CEMENTS PYC 38841457.46 -641194.41
PARASRAMPUR SYN PPS 111971290.89 -317111727.95
PAREKH PLATINUM PKPL 61081050.43 -88849040.15
PEACOCK INDS LTD PCOK 11395867.81 -14396604.39
PIRAMAL LIFE SC PLSL 32054795.68 -3725239.05
POLAR INDS LTD PLI 11613867.70 -22282942.24
PRECISION CONTAI PCLL 10013065.56 -3669728.21
RAMA PHOSPHATES RMPH 34066789.55 -1192495.62
RATHI ISPAT LTD RTIS 44555929.56 -3933592.50
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
SHALIMAR WIRES SWRI 30588221.25 -63772177.80
SHAMKEN COTSYN SHC 23127927.75 -6172791.93
SHAMKEN MULTIFAB SHM 60546590.60 -13260108.95
SHAMKEN SPINNERS SSP 42180451.29 -16764934.64
SHARDA ISPAT LTD SHIL 16179943.38 -5040578.35
SHREE RAMA MULTI SRMT 81405835.45 -64134056.23
SIDDHARTHA TUBES SDT 92929926.47 -10719543.54
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SOUTHERN PETROCH SPET 1543609373.57 -35609423.98
SPICE COMMUNICAT SPCM 263692459.52 -19679192.67
STI INDIA LTD STIB 44107456.00 -300149.59
TAMILNADU TELE TNT 11680819.22 -3373123.87
TATA TELESERVICE TTLS 793627684.28 -74636840.33
TRIVENI GLASS TRSG 34542881.89 -6209872.78
UNIWORTH LTD WW 178225972.59 -131624807.91
USHA INDIA LTD USHA 12064900.61 -54512967.31
WINDSOR MACHINES WML 14500894.45 -28144999.02
WIRE AND WIRELES WNW 102422193.22 -37057061.49
JAPAN
AVIX INC 7836 19009420.72 -2125138.36
COSMOS INITIA CO 8844 2333430615.87 -454804416.82
DDS INC 3782 10683845.35 -5696657.23
FDK CORP 6955 465071545.70 -85901797.18
G-TRADING 3348 53439073.69 -19823380.51
L CREATE CO LTD 3247 42344509.56 -9146496.90
MORISHITA CO LTD 3594 168223801.88 -2415401.06
NESTAGE CO LTD 7633 15752022.32 -7045459.62
PLACO CO LTD 6347 19727184.96 -1662140.28
PRIME NETWORK 2684 15052085.28 -8379329.03
PROPERST CO LTD 3236 854806960.92 -17847055.11
RADIA HD 4723 1145701822.41 -213538214.60
REMIXPOINT CO LT 3825 13032512.99 -1159815.17
SPC ELECTRONICS 6818 124705573.68 -13095644.59
TERRANETZ CO LTD 2140 11633353.37 -4293462.63
SOUTH KOREA
CL LCD CO LTD 35710 55585277.13 -14793655.63
DAHUI CO LTD 55250 186003859.24 -1504246.54
DAISHIN INFO 20180 740500919.30 -158453978.78
ELIM EDU CO LTD 46240 34029159.88 -3747735.09
FIRST FIRE & MAR 610 2044031310.36 -1780221.91
KYSYS CO LTD 15390 10671544.09 -6267111.24
MOBILINK TELECOM 41310 52665694.67 -11474605.44
MOBO CO LTD 51810 196643340.38 -11979182.85
ORICOM INC 10470 82645454.13 -40039161.33
PRIME ENTMT 17170 31473002.90 -19371600.20
ROCKET ELEC-PFD 425 68584186.91 -2140474.00
ROCKET ELECTRIC 420 68584186.91 -2140474.00
SAMT CO LTD 31330 303858255.56 -77572655.65
SIMM TECH CO LTD 36710 314177541.38 -34486443.29
SOLAR & TECH CO 30390 11466591.81 -588035.38
STARMAX CO LTD 17050 50131660.74 -25436154.88
TAESAN LCD CO 36210 187935112.10 -546263614.46
TONG YANG MAGIC 23020 355147750.92 -25767007.75
YOUILENSYS CORP 38720 166697877.68 -12337148.33
MALAYSIA
AXIS INCORPORATI AXIS 42453772.51 -79710389.89
HARVEST COURT HAR 10993283.82 -7102079.77
LITYAN HLDGS BHD LIT 18071124.04 -29261166.90
NEPLINE BHD NL 20755619.11 -27545946.39
NIKKO ELECTRONIC NIKKO 11189473.86 -8723186.48
WONDERFUL WIRE WW 11594594.78 -14561593.40
WWE HOLDINGS BHD WWE 66753912.87 -904694.18
NEW ZEALAND
DOMINION FINANCE DFH 258902749.12 -55312405.88
PHILIPPINES
APEX MINING 'B' APXB 51256351.82 -8972145.85
APEX MINING-A APX 51256351.82 -8972145.85
BENGUET CORP 'B' BCB 75331140.18 -35697080.01
BENGUET CORP-A BC 75331140.18 -35697080.01
CENTRAL AZUC TAR CAT 37806902.52 -2588843.76
CYBER BAY CORP CYBR 12926776.59 -79228223.36
EAST ASIA POWER PWR 50796443.41 -139420756.07
FIL ESTATE CORP FC 37286935.14 -11355841.65
FILSYN CORP A FYN 22000423.40 -10278638.86
FILSYN CORP. B FYNB 22000423.40 -10278638.86
GOTESCO LAND-A GO 18684576.24 -10863822.41
GOTESCO LAND-B GOB 18684576.24 -10863822.41
MRC ALLIED MRC 13040098.81 -3682026.54
PICOP RESOURCES PCP 105659068.50 -23332404.14
STENIEL MFG STN 28673457.47 -1478015.89
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 52802040.71 -56176026.28
VICTORIAS MILL VMC 178060236.02 -36659989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 11992958.61 -11223940.95
ADVANCE SCT LTD ASCT 69486218.18 -11959064.78
CARRIERNET GLOBA CARG 14286897.57 -17258.04
CHUAN SOON HUAT CSH 31243269.09 -16230153.11
FALMAC LTD FAL 10288220.94 -6460596.18
HL GLOBAL ENTERP HLGE 93947954.45 -12514151.49
INFORMATICS EDU INFO 23073311.96 -831837.63
JURONG TECH IND JTL 98760092.87 -227275152.06
LINDETEVES-JACOB LJ 155633719.48 -88389478.73
OCEAN INTERNATIO OCEAN 61659790.45 -13720371.73
PACIFIC CENTURY PAC 21863868.37 -2767499.46
SUNMOON FOOD COM SMOON 18725666.00 -10079386.91
TT INTERNATIONAL TTI 293865103.05 -37711583.27
WESTECH ELECTRON WTE 28290170.94 -12855750.98
THAILAND
ABICO HLDGS-F ABICO/F 12066621.69 -9544714.91
ABICO HOLD-NVDR ABICO-R 12066621.69 -9544714.91
ABICO HOLDINGS ABICO 12066621.69 -9544714.91
BANGKOK RUB-NVDR BRC-R 85509149.46 -65276912.00
BANGKOK RUBBER BRC 85509149.46 -65276912.00
BANGKOK RUBBER-F BRC/F 85509149.46 -65276912.00
BLISS-TEL PCL BLISS 12552268.65 -1546013.01
BLISS-TEL PCL-F BLISS/F 12552268.65 -1546013.01
BLISS-TEL PCL-NV BLISS-R 12552268.65 -1546013.01
CENTRAL PAPER IN CPICO 10220356.04 -216074904.26
CENTRAL PAPER-F CPICO/F 10220356.04 -216074904.26
CENTRAL PAPER-NV CPICO-R 10220356.04 -216074904.26
CIRCUIT ELE-NVDR CIRKIT-R 61295807.28 -25886476.66
CIRCUIT ELEC PCL CIRKIT 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 32845084.57 -82941414.71
ITV PCL-FOREIGN ITV/F 32845084.57 -82941414.71
ITV PCL-NVDR ITV-R 32845084.57 -82941414.71
K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29
K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29
K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29
KUANG PEI SAN POMPUI 17146363.89 -12117287.24
KUANG PEI SAN-F POMPUI/F 17146363.89 -12117287.24
KUANG PEI-NVDR POMPUI-R 17146363.89 -12117287.24
MALEE SAMPR-NVDR MALEE-R 53933645.39 -6900644.95
MALEE SAMPRAN MALEE 53933645.39 -6900644.95
MALEE SAMPRAN-F MALEE/F 53933645.39 -6900644.95
NFC FERTILI-NVDR NFC-R 41394761.31 -328937.74
NFC FERTILIZER P NFC 41394761.31 -328937.74
NFC FERTILIZER-F NFC/F 41394761.31 -328937.74
PATKOL PCL PATKL 56238621.35 -21509387.22
PATKOL PCL-FORGN PATKL/F 56238621.35 -21509387.22
PATKOL PCL-NVDR PATKL-R 56238621.35 -21509387.22
PONGSAAP PCL PSAAP 26599991.38 -3496872.90
PONGSAAP PCL PSAAP/F 26599991.38 -3496872.90
PONGSAAP PCL-NVD PSAAP-R 26599991.38 -3496872.90
SAFARI WORL-NVDR SAFARI-R 101048401.65 -21027662.26
SAFARI WORLD PUB SAFARI 101048401.65 -21027662.26
SAFARI WORLD-FOR SAFARI/F 101048401.65 -21027662.26
SAHAMITR PR-NVDR SMPC-R 31177710.43 -14940579.60
SAHAMITR PRESS-F SMPC/F 31177710.43 -14940579.60
SAHAMITR PRESSUR SMPC 31177710.43 -14940579.60
SUNWOOD INDS PCL SUN 19863687.56 -13033623.14
SUNWOOD INDS-F SUN/F 19863687.56 -13033623.14
SUNWOOD INDS-NVD SUN-R 19863687.56 -13033623.14
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 S-NVDR USC-R 77602986.98 -55435027.30
UNIVERSAL STAR-F USC/F 77602986.98 -55435027.30
UNIVERSAL STARCH USC 77602986.98 -55435027.30
TAIWAN
CHIEN TAI CEMENT 1107 202446919.23 -22407739.40
HELIX TECH-EC 2479T 23385923.43 -24115022.26
HELIX TECH-EC IS 2479U 23385923.43 -24115022.26
HELIX TECHNOL-EC 2479S 23385923.43 -24115022.26
TAIWAN KOL-E CRT 1606U 507206787.88 -147139297.70
TAIWAN KOLIN-EN 1606V 507206787.88 -147139297.70
TAIWAN KOLIN-ENT 1606W 507206787.88 -147139297.70
VERTEX PREC-ENTL 5318T 43037265.55 -2305484.43
VERTEX PRECISION 5318 43037265.55 -2305484.43
YEU TYAN MACHINE 8702 39574168.04 -271070409.72
*********
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. Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, 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 ***