/raid1/www/Hosts/bankrupt/TCRAP_Public/090925.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 25, 2009, Vol. 12, No. 190
Headlines
A U S T R A L I A
LYNAS CORP: Chinese Investor Cancels AU$252-Mln Bid
STORM FINANCIAL: Public Probe Begins; Founders to Give Evidence
C H I N A
FORD MOTOR: To Expand in China With Third Plant
SHANGHAI PUDONG: Youngor May Buy up to CNY1.8BB Pudong Bank Shares
H O N G K O N G
ALEPPO COMMERCIAL: Liu Yuk Ming Stephen Steps Down as Liquidator
ALTO CHINA: Creditors' Proofs of Debt Due on October 16
BLOWIN LIMITED: Creditors' Proofs of Debt Due on October 9
CHUN KIT: Creditors' Proofs of Debt Due on October 19
CITYCELL BATTERY: Commences Wind-Up Proceedings
DRAGON WAY: Creditors' Proofs of Debt Due on October 20
ENGELHARD ASIA: Yan and Marcus Step Down as Liquidators
FOOK KIN: Dermot Agnew Step Down as Liquidator
G'S DE ROCHAS: Inability to Pay Debts Prompts Wind-Up
GENESIS PARTNERS: Creditors' Proofs of Debt Due on October 15
HONG KONG WORLD: Placed Under Voluntary Wind-Up
SIMON C FIREMAN: Ngan Lin Chun Esther Steps Down as Liquidator
SUN RISE: Appoints Keung and Wai as Liquidators
TMT FINANCIAL: Creditors' Meeting Set for September 29
WORLD CITY: Placed Under Voluntary Wind-Up
I N D I A
AR POLYMERS: CRISIL Places INR2.2 Million Term Loan at 'BB'
AVANTI FEEDS: CRISIL Assigns 'B+' Ratings to Various Bank Debts
BRIGHT POWER: CRISIL Reaffirms 'P4' Rating on INR80MM Cash Credit
CHOCOLATE HOTELS: CRISIL Rates INR122.5 Million Term Loan at 'BB-'
DELTA FINOCHEM: CRISIL Reaffirms INR18MM Term Loan at 'BB'
KAYPEE METALS: CRISIL Places 'B' Rating on INR23.20 Mln LT Loan
SURYASUMAN SPINNING: CRISIL Rates Various Bank Debts at 'D'
TANIA INDUSTRIES: CRISIL Rates INR150 Million Cash Credit at 'BB'
TELEKONNECTORS LTD: Low Net Worth Prompts CRISIL 'BB-' Ratings
TRIDENT PROPERTIES: CRISIL Puts 'B' Rating on INR210MM Cash Credit
VIBGYOR TEXOTECH: CRISIL Assigns 'D' Rating on INR61.5MM Term Loan
VINAY WIRES: CRISIL Assigns 'BB-' on INR30 Million Term Loan
J A P A N
AKAI HOLDINGS: Ernst & Young Settles Negligence Claims
JAPAN AIRLINES: Seeks Emergency Funding from Japan Government
WILLCOM INC: Seeks to Delay Repayment on JPY100-Bln Debt
K O R E A
KUMHO ASIANA: Bids for Stake in Daewoo Eng'g. Due on September 29
GENERAL MOTORS: GM Daewoo Files Court Action Against TagAZ
M A L A Y S I A
EON BANK: Fitch Affirms Support Rating Floor at 'BB'
S I N G A P O R E
DURACO INDUSTRIES: Pays First and Final Dividend
ELDA INSTINCT: Court Enters Wind-Up Order
HIAP KIAN: Pays First and Final Dividend
LANDMARK ENGINEERING: Pays First and Final Preferential Dividend
SITIME PTE: Creditors' Proofs of Debt Due on October 22
T A I W A N
CHANG HWA: Moody's Withdraws Ratings for Business Reasons
TAIWAN HIGH: Names Ou Chin-der as New Chairman
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
LYNAS CORP: Chinese Investor Cancels AU$252-Mln Bid
---------------------------------------------------
China Non-Ferrous Metal Mining (Group) Co. has terminated its plan
to acquire of a majority stake in Lynas Corporation Limited.
The Chinese company agreed in May to pay AU$252 million in cash
for 51.6% stake in Lynas. CNMC will buy 700 million new shares at
36 cents each.
"As a result of additional undertakings recently sought by The
Australian Foreign Investment Review Board, CNMC has terminated
the CNMC transaction," Lynas said in a statement to the Australian
Securities Exchange.
"The additional undertakings recently sought by the FIRB included
reducing the proposed percentage ownership to be held by CNMC to
below 50% and reducing the number of board directors to be held by
CNMC to less than half of the board," Lynas said.
"These were in addition to already agreed undertakings between
Lynas and CNMC aimed at ensuring independent director control of
all marketing of rare earths products."
Lynas said it is well advanced in finalizing interim funding to
ensure that the company continues to have adequate working
capital.
Lynas Corp. will be suspended from trading in Sydney starting
today, September 25, pending an update on discussion concerning
potential funding after FIRB blocked CNMC's bid.
The company expects the suspension to last for approximately five
days.
About Lynas Corp.
Lynas Corporation Limited (ASX:LYC) -- http://www.lynascorp.com/
-- is a mineral exploration company operating mainly in Australia.
The Company's activities are focused primarily on the exploration
and development of rare earths deposits and exploration for other
mineral resources. Lynas Corporation Limited is also engaged in
the planning, design and construction of a concentration plant and
advanced materials processing plant. The Company's subsidiaries
include Lynas Malaysia Sdn Bhd, Lynas Transales Pty Ltd, Mt Weld
Niobium Pty Ltd, Mt Weld Holdings Pty Ltd, Mt Weld Rare Earths Pty
Ltd, Lynas Chemet Australia Pty Ltd and Mt Weld Mining Pty Ltd.
* * *
The company incurred three consecutive annual net losses of
AU$21.48 million, AU$6.20 million and AU$4.50 million for the
years ended June 30, 2006, 2007 and 2008.
STORM FINANCIAL: Public Probe Begins; Founders to Give Evidence
---------------------------------------------------------------
The Australian Associated Press reported that a public examination
of failed advisory firm Storm Financial began in the Federal Court
in Brisbane Thursday, September 24, with about 40 witnesses likely
to give evidence.
According to the report, the examination will investigate the
running of the company and its collapse and is expected to run for
19 days.
The liquidators of Storm Financial Ltd, Raj Khatri and Ivor
Worrell of Worrells Solvency and Forensic Accountants, according
to the AAP, said the focus of the examination would be on possible
breaches of duty and corporate offences.
Storm founders Emmanuel and Julie Cassimatis are expected to give
evidence on Monday, September 28, the report says.
The AAP relates that at least seven companies - including Bank of
Queensland and Commonwealth Bank of Australia - are expected to
provide records relating to their business with Storm.
Unlike an ordinary court case, under the Bankruptcy Act, any
creditor may attend the examination and put questions to any
witness, according to the AAP.
The report says the examination will run from September 24 to
September 29, adjourning until October 12 and continuing until
October 30.
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.
=========
C H I N A
=========
FORD MOTOR: To Expand in China With Third Plant
-----------------------------------------------
Keith Naughton and Vipin V. Nair at Bloomberg News report that
Ford Motor Co. is boosting its bet on China with a new factory and
models as it tries to catch General Motors Co. It plans to
produce high-end sedans and sport-utility vehicles at the plant,
which will be built in Chongqing, southern China. The high-end
sedans are expected to compete against GM's Buick models, while
the sport-utility vehicle will capitalize on demand for that
category in China said Brian Johnson, a Chicago-based Barclays
Capital analyst.
Ford ranks 12th in China with 2.8% of sales, Bloomberg said,
citing auto researcher J.D. Power & Associates. GM, which emerged
from a U.S. government-sponsored bankruptcy July 10, outsells Ford
by 3-to-1 in China, building twice as many vehicles.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles in
200 markets across six continents. With about 260,000 employees
and about 100 plants worldwide, the company's core and affiliated
automotive brands include Ford, Jaguar, Land Rover, Lincoln,
Mercury, Volvo, Aston Martin, and Mazda. The company provides
financial services through Ford Motor Credit Company.
The Company has operations in Japan in the Asia Pacific region. In
Europe, the Company maintains a presence in Sweden, and the United
Kingdom. The Company also distributes its brands in various
Latin-American regions, including Argentina and Brazil.
* * *
As reported by the Troubled Company Reporter on April 15, 2009,
Standard & Poor's Ratings Services said it raised its ratings on
Ford Motor Co. and related entities, including the corporate
credit rating, to 'CCC+' from 'SD-'. The ratings on Ford Motor
Credit Co. are unchanged, at 'CCC+', and the ratings on FCE Bank
PLC, Ford Credit's European bank, are also unchanged, at 'B-',
maintaining the one-notch rating differential between FCE and its
parent Ford Credit. S&P said that the outlook on all entities is
negative.
Moody's Investors Service in December 2008 lowered the Corporate
Family Rating and Probability of Default Rating of Ford Motor
Company to Caa3 from Caa1 and lowered the company's Speculative
Grade Liquidity rating to SGL-4 from SGL-3. The outlook is
negative. The downgrade reflects the increased risk that Ford
will have to undertake some form of balance sheet restructuring in
order to achieve the same UAW concessions that General Motors and
Chrysler are likely to achieve as a result of the recently-
approved government bailout loans. Such a balance sheet
restructuring would likely entail a loss for bond holders and
would be viewed by Moody's as a distressed exchange and
consequently treated as a default for analytic purposes.
SHANGHAI PUDONG: Youngor May Buy up to CNY1.8BB Pudong Bank Shares
------------------------------------------------------------------
Bloomberg News reports that Youngor Group Co. said it plans to buy
as much as CNY1.8 billion of Shanghai Pudong Development Bank Co.
shares via the lender’s planned placement.
The Troubled Company Reporter-Asia Pacific reported yesterday that
Shanghai Pudong said it had received approval from the China
Securities Regulatory Commission to sell not more than 1.14
billion new A-shares in a private placement. The medium-size
Chinese bank, in which Citigroup Inc. owns a 3.8% stake, didn't
say in its statement how much it expects to raise.
Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business. The bank also offers Internet banking and
telephone banking.
* * *
The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating. It also carries Fitch Ratings' "D" individual rating.
================
H O N G K O N G
================
ALEPPO COMMERCIAL: Liu Yuk Ming Stephen Steps Down as Liquidator
----------------------------------------------------------------
On September 10, 2009, Liu Yuk Ming Stephen stepped down as
liquidator of Aleppo Commercial Company Limited.
ALTO CHINA: Creditors' Proofs of Debt Due on October 16
-------------------------------------------------------
The creditors of Alto China Limited are required to file their
proofs of debt by October 16, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 9, 2009.
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
Gloucester Tower, The Landmark, 8th Floor
15 Queen's Road Central
Hong Kong
BLOWIN LIMITED: Creditors' Proofs of Debt Due on October 9
----------------------------------------------------------
The creditors of Blowin Limited are required to file their proofs
of debt by October 9, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on August 27, 2009.
The company's liquidators are:
Chan Mi Har
Ying Hing Chiu
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
CHUN KIT: Creditors' Proofs of Debt Due on October 19
-----------------------------------------------------
The creditors of Chun Kit Industrial Company Limited are required
to file their proofs of debt by October 19, 2009, to be included
in the company's dividend distribution.
The company commenced wind-up proceedings on September 14, 2009.
The company's liquidator is:
Lam Chun Kit
South Wall Road, 1st Floor
Kowloon
CITYCELL BATTERY: Commences Wind-Up Proceedings
-----------------------------------------------
On September 14, 2009, Citycell Battery Company Limited commenced
wind-up proceedings.
The company's provisional liquidator is:
Chan Kin Hang Danvil
Ginza Square
Room 2301, 23rd Floor
565-567 Nathan Road
Yaumatei, Kowloon
Hong Kong
DRAGON WAY: Creditors' Proofs of Debt Due on October 20
-------------------------------------------------------
The creditors of Dragon Way Far East Limited are required to file
their proofs of debt by October 20, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 8, 2009.
The company's liquidator is:
Lam Tak Keung
Suite 504, South Tower
World Finance Centre
Harbour City
17-19 Canton Road
Tsimshatsui, Kowloon
Hong Kong
ENGELHARD ASIA: Yan and Marcus Step Down as Liquidators
-------------------------------------------------------
On September 7, 2009, Ng Wai Yan and Ha Man Kit Marcus stepped
down as liquidators of Engelhard Asia Pacific (Hong Kong) Limited.
FOOK KIN: Dermot Agnew Step Down as Liquidator
----------------------------------------------
On September 11, 2009, Dermot Agnew stepped down as liquidator of
Fook Kin Enterprises Company Limited.
G'S DE ROCHAS: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
At an extraordinary general meeting held on September 8, 2009, the
members of G'S De Rochas (H.K.) Limited resolved to voluntarily
wind up the company's operations due to its inability to pay debts
when it fall due.
The company's liquidators are:
Huen Yuen Fun
Mok Hon Kwong Thomas
Li Po Chun Chambers, 8th Floor
189 Des Voeux Road
Central, Hong Kong
GENESIS PARTNERS: Creditors' Proofs of Debt Due on October 15
-------------------------------------------------------------
The creditors of Genesis Partners (Asia) Limited are required to
file their proofs of debt by October 15, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on September 14, 2009.
The company's liquidator is:
Kwong Chi Choi, Oliver
C C Kwong & Co.
Tai Tung Building
Room 601, 6th Floor
No. 8 Fleming Road
Wanchai, Hong Kong
HONG KONG WORLD: Placed Under Voluntary Wind-Up
-----------------------------------------------
On September 10, 2009, the sole member of Hong Kong World City
Arts and Culture Limited passed a resolution that voluntarily
winds up the company's operations.
The company's liquidator is:
Lee King Yue
Two International Finance Centre
72-76th Floor
8 Finance Street
Central, Hong Kong
SIMON C FIREMAN: Ngan Lin Chun Esther Steps Down as Liquidator
--------------------------------------------------------------
On September 8, 2009, Ngan Lin Chun Esther stepped down as
liquidator of Simon C Fireman Foundation Limited.
SUN RISE: Appoints Keung and Wai as Liquidators
-----------------------------------------------
On September 8, 2009, Stephen Liu Yiu Keung and David Yen Ching
Wai were appointed as liquidators of Sun Rise Plastic Materials
Company Limited.
The Liquidators can be reached at:
Stephen Liu Yiu Keung
David Yen Ching Wai
One Island East, 62nd Floor
18 Westlands Road
Island East
Hong Kong
TMT FINANCIAL: Creditors' Meeting Set for September 29
------------------------------------------------------
The creditors of TMT Financial Services Limited will hold their
meeting on September 29, 2009, at 11:00 a.m., at the office of
John Lees Associates at 20th Floor of Henley Building, 5 Queen's
Road, in Central, Hong Kong.
WORLD CITY: Placed Under Voluntary Wind-Up
------------------------------------------
On September 10, 2009, the sole member of World City Museums
Limited passed a resolution that voluntarily winds up the
company's operations.
The company's liquidator is:
Lee King Yue
Two International Finance Centre, 72-76th Floor
8 Finance Street
Central, Hong Kong
=========
I N D I A
=========
AR POLYMERS: CRISIL Places INR2.2 Million Term Loan at 'BB'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of AR Polymers Pvt Ltd.
Facilities Ratings
---------- -------
INR35.0 Million Cash Credit Limit BB/Stable (Assigned)
INR2.2 Million Term Loan BB/Stable (Assigned)
INR10.0 Million Letter of Credit P4+ (Assigned)
INR15.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect ARPL's weak financial risk profile and
exposure to risks relating to intense competition and cyclicality
in the wood panel industry. These weaknesses are, however,
partially offset by the benefits that the company derives from its
promoter's experience in the plywood and army products business,
and established relationships with large customers.
Outlook: Stable
CRISIL believes that ARPL will maintain a stable presence in the
plywood and army products businesses, on the back of the
promoters' experience. The outlook may be revised to 'Positive'
if the company consolidates its presence in these businesses by
entering new segments, and introducing value-added products,
thereby, improving its realizations and profitability. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile deteriorates significantly owing to large,
debt-funded capital expenditure, and increased working capital
requirements.
About AR Polymers
Set up in 1995, by Mr. G K Gupta, ARPL manufactures plywood and
army products such as tents, tarpaulin, and body protectors at its
facilities at Fatehpur (Uttar Pradesh). ARPL reported a profit
after tax (PAT) of INR1.5 million on net sales of INR253.6 million
for 2007-08 (refers to financial year, April 1 to March 31), as
against a PAT of INR5.4million on net sales of INR127.5 million
for 2006-07.
AVANTI FEEDS: CRISIL Assigns 'B+' Ratings to Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the bank
facilities of Avanti Feeds Ltd.
Facilities Ratings
---------- -------
INR102.00 Million Long Term Loan B+/Negative (Assigned)
INR250.00 Million Cash Credit B+/Negative (Assigned)
INR250.00 Million Letter of Credit P4 (Assigned)
& Bank Guarantee
The ratings reflect AFL's weak financial risk profile, exposure to
risks inherent in the seafood business, and susceptibility to
fluctuations in foreign exchange rates. The impact of these
weaknesses is mitigated by AFL's established presence in the
seafood industry, and integrated operations.
Outlook: Negative
CRISIL's expects AFL's business and financial risk profiles to
remain weak because of its declining revenues, inability to pass
on increases in input costs, and inadequate cash accruals to
service its term loan installments. The ratings may be downgraded
if AFL's volumes or margins decline steeply, because of further
decline in demand for shrimp feed and lack of availability of
quality shrimp, or if the company undertakes a large debt-funded
capital expenditure programme. Conversely, the outlook may be
revised to 'Stable' in case of a significant and sustainable
improvement in the company's business and financial risk profiles.
About Avanti Feeds
Incorporated in 1993, the Hyderabad-based AFL is engaged in shrimp
processing and manufacture of shrimp feed. The company has a
shrimp-feed manufacturing capacity of 50,000 tonnes per annum.
The company also has 4 windmills in Karnataka, with a combined
installed capacity of 3.2 megawatts. For 2008-09 (refers to
financial year, April 1 to March 31), AFL reported a provisional
loss after tax of INR86 million on net sales of INR667 million.
For 2007-08, it reported a profit after tax of INR8.9 million on
net sales of INR957 million.
BRIGHT POWER: CRISIL Reaffirms 'P4' Rating on INR80MM Cash Credit
-----------------------------------------------------------------
CRISIL has reclassified its short-term rating on the bank
facilities of Bright Power Projects (India) Pvt Ltd as 'P4+',
from the earlier 'P4'; the long-term rating has been reaffirmed.
Facilities Ratings
---------- -------
INR80 Million Cash Credit BB/Stable (Reaffirmed)
INR140 Million Bank Guarantee * P4+ (Reclassified from 'P4')
* Fully interchangeable with letter of credit.
The ratings continue to reflect Bright Power's weak financial risk
profile marked by a small net worth, high gearing and moderate
debt protection measures, susceptibility to risks related to the
tender-based contract business, and its small scale of operations.
The impact of these rating weaknesses is mitigated by Bright
Power's established track record in the electrical contracts
business and its longstanding relationships with its customers.
Outlook: Stable
CRISIL believes that Bright Power will maintain its stable
business risk profile over the medium term, backed by its project
execution abilities and its long track record in the electrical
contracts business. The outlook may be revised to 'Negative' if
the company's financial risk profile deteriorates because of
liquidity constraints or increase in gearing. Conversely, the
outlook may be revised to 'Positive' in case Bright Power's
financial risk profile improves significantly because of sustained
improvement in its profitability or fresh infusions of equity.
About Bright Power
Incorporated in 1993 by Mr. B R Poonja and Mr. U V Kamath, Bright
Power is in the business of executing projects involving erection,
installation, commissioning and maintenance of overhead lines,
transformers and other electrical equipment for the Indian
Railways, Bhabha Atomic Research Centre (BARC) and other clients.
For 2008-09 (refers to financial year, April 1 to March 31),
Bright Power posted a provisional profit after tax (PAT) of
INR20.5 million on revenues of INR512 million; the company
reported a PAT of INR8.5 million on revenues of INR366 million for
2007-08.
CHOCOLATE HOTELS: CRISIL Rates INR122.5 Million Term Loan at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the bank
facilities of Chocolate Hotels Pvt Ltd.
Facilities Ratings
---------- -------
INR122.5 Million Term Loan BB-/Stable (Assigned)
INR27.5 Million Proposed Long BB-/Stable (Assigned)
Term Bank Loan Facility
The ratings reflect CHPL's limited track record of operations,
concentration in revenue profile (revenues generated only from
Chrome Hotel at Kolkata), and susceptibility of margins to
economic cyclicality. The impact of these rating weaknesses is
mitigated by CHPL's location advantage and its promoters'
experience in hospitality business.
Outlook: Stable
CRISIL believes that CHPL's occupancy rates will improve over the
medium term as the operations of the hotel stabilize and economic
conditions improve. The outlook may be revised to 'Positive' if
the company's financial risk profile improves significantly as a
result of increase in its occupancy rate and average room revenue
(ARR), resulting in increase in cash accruals. Conversely,
sustained low occupancy rates and ARR, because of competitive
pressures, resulting in CHPL's deterioration in debt repayment
capability may lead to the revision in the outlook to 'Negative'.
About Chocolate Hotels
Set up in 1994, as a non-banking financial company (NBFC) named
Alpha Vincom Pvt Ltd, CHPL was acquired by Tibrewala and Tantia
family in 2003 in a view to set up a hotel. The company got its
present name in September 2007. The company has constructed a
full-service, four-star hotel, named Chrome, at Kolkata. The
property features 63 rooms, one restaurant, one coffee shop, one
pub, a business centre, and a swimming pool. The hotel is aimed at
corporate customers and tourists. The commercial operations of the
hotel commenced in January 2009.
DELTA FINOCHEM: CRISIL Reaffirms INR18MM Term Loan at 'BB'
----------------------------------------------------------
CRISIL has reclassified its short-term rating on the bank
facilities of Delta Finochem Pvt Ltd as 'P4+', from the earlier
'P4'; the long-term rating has been reaffirmed.
Facilities Ratings
---------- -------
INR18.00 Million Term Loan BB/Stable (Reaffirmed)
INR27.50 Million Cash Credit BB/Stable (Reaffirmed)
INR5.50 Million Ad-hoc Cash P4+ (Reclassified from 'P4')
Credit Limit
INR35.00 Million Letters of P4+ (Reclassified from 'P4')
Credit
INR1.00 Million Bank Guarantee P4+ (Reclassified from 'P4')
The ratings continue to reflect Delta Finochem's small scale of
operations, large working capital requirements, and exposure to
intense competition and to cyclicality in raw material prices.
The impact of these weaknesses is mitigated by Delta Finochem's
established presence in the specialty organic chemicals industry,
especially in quaternary ammonium compounds (QACs) and quaternary
phosphonium compounds (QPCs), its comfortable capital structure,
and diversified end-user base.
Outlook: Stable
CRISIL expects Delta Finochem to maintain its comfortable capital
structure and revenue growth over the medium term. The outlook
may be revised to 'Positive' in case of a substantial and
sustainable increase in the company's margins, and improvement in
its overall business risk profile. Conversely, the outlook may be
revised to 'Negative' if Delta Finochem's gearing is higher than
expected, or if its business or financial risk profile
deteriorates.
About Delta Finochem
Delta Finochem, promoted by Mr. D S Deshmukh in 1990, is a
manufacturer of organic chemicals in three segments - key
specialty chemicals, QACs, and QPCs. The company supplies these
chemicals to the pharmaceuticals, paints and dyes, detergents,
agrochemicals, and industrial chemicals industries. The company
recently started manufacturing active pharmaceutical ingredients
(APIs). Delta Finochem is currently expanding its capacity for
manufacturing APIs. The current capacity of the company's facility
at Igatpuri (near Nasik) is 900 tonnes per annum. The company is
expanding the capacity by 60 per cent at a total cost of
INR20 million, of which 70 per cent (about INR14 million) is
expected to be funded through debt, and the remaining through
internal accruals. For 2008-09 (refers to financial year, April 1
to March 31), Delta Finochem's profit after tax (PAT) is estimated
at INR22 million on net sales of INR400 million; it reported a PAT
of INR12.6 million on net sales of INR270 million for 2007-08.
KAYPEE METALS: CRISIL Places 'B' Rating on INR23.20 Mln LT Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of KayPee Metals and Alloys Pvt Ltd.
Facilities Ratings
---------- -------
INR23.20 Million Long Term Loan B/Stable (Assigned)
INR50.00 Million Cash Credit Limit B/Stable (Assigned)
INR75.00 Million Letter of Credit Limit P4 (Assigned)
INR10.00 Million Bank Guarantee Limit P4 (Assigned)
The ratings reflect KayPee's below-average financial risk profile,
and susceptibility to volatility in raw material prices and
intense competition in the Thermo Mechanically Treated (TMT) bars
market in south Kerala market. The impact of these rating
weaknesses is mitigated by the industry experience of KayPee's
promoters and its partially-integrated operations.
Outlook: Stable
CRISIL believes that KayPee will maintain its stable business risk
profile on the back of its established track record in the
southern Kerala market over the medium term. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves with the improvement in its gearing and operating
margins. Conversely, the outlook may be revised to 'Negative' in
case KayPee's financial risk profile deteriorates because of
reduced cash flows as a result of decline in capacity utilisation
or realisations, or large, debt-funded capital expenditure.
About KayPee Metals
Established by Mr Ramachandran Nair, KayPee started manufacturing
cold twisted bars in 1995. In 2005, it diversified into TMT bars;
it presently has a capacity of 100 metric tonnes per day (tpd).
The company's TMT bars are sold in southern Kerala market under
the brand 'Capcon'. The company has in-house Mild Steel ingots
manufacturing capacity of around 60 tpd, which currently meets 75
per cent of the MS ingots requirement for TMT manufacturing.
KayPee posted a profit after tax (PAT) of INR2.0 million on net
sales of INR422.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.6 million on net sales
of INR315.2 million for 2007-08.
SURYASUMAN SPINNING: CRISIL Rates Various Bank Debts at 'D'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Suryasuman Spinning Mill Pvt Ltd, which is part of the Surya
group. The ratings reflect delays by SSMPL in servicing its rated
debt; the delays have been caused by the company's weak liquidity.
Facilities Ratings
---------- -------
INR86.10 Million Long Term Loan D (Assigned)
INR40.00 Million Cash Credit Limit D (Assigned)
INR2.50 Million Letter of Credit Limit P5 (Assigned)
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SSMPL and Surya Creation. This is
because both the entities, together referred to as the Surya
group, are under a common management team, are in the same line of
business, and have close mutual operational and financial
linkages.
About the Group
Founded in 1980 by Mr. A R Subramaniam, the Tirupur-based Surya
group produces yarn, grey cloth and ready-made garments. The Surya
group is estimated to have posted a consolidated profit after tax
(PAT) of INR2 million on net sales of INR118 million for 2008-09
(refers to financial year, April 1 to March 31), against a PAT of
INR1 million on net sales of INR113 million in 2007-08.
TANIA INDUSTRIES: CRISIL Rates INR150 Million Cash Credit at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Tania Industries Pvt Ltd.
Facilities Ratings
---------- -------
INR150.0 Million Cash Credit BB/Stable (Assigned)
INR6.5 Million Bank Guarantee P4+ (Assigned)
The ratings reflect the intense competition in the soybean solvent
oil and soya de-oiled cakes (DOC) market, Tania's limited presence
in the value chain, its low net worth, and its exposure to
unfavourable government regulations and to fluctuations in raw
material prices. These weaknesses are partially offset by the
strong growth in the company's operating income, its easy access
to raw materials, comfortable debt protection measures, and low
working capital requirements.
Outlook: Stable
CRISIL believes that Tania's business risk profile will continue
to be constrained by its lack of presence in the value-added
products segment. Its net worth is also expected to remain low.
The outlook may be revised to 'Positive' in case of a substantial
improvement in the company's operating margins and cash accruals,
coupled with adequate capacity utilisation and off-take.
Conversely, the outlook may be revised to 'Negative' in case of
higher-than-expected debt-funded capital expenditure (capex), or
deterioration in operating margins.
About Tania Industries
Incorporated in 1980 by Mrs. Kamladevi Mansinghka as an investment
company, Tania switched over to trading in soya in 1998. Since
2002, the company has been manufacturing soybean solvent oil and
soya DOC. Tania's production facility at Saoner (Nagpur), has a
seed-crushing capacity of 500 tonnes per day (tpd). The company
sells crude soy oil to refineries, and soya DOC in Orissa, West
Bengal, Karnataka, Tamil Nadu, and Andhra Pradesh. Currently, the
company is managed by Mr. K C Dawda, who has been with the company
since its inception.
Tania reported a profit after tax (PAT) of INR22 million on net
sales of INR1619 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a net loss of INR4.4 million on
net sales of INR400 million for 2006-07.
TELEKONNECTORS LTD: Low Net Worth Prompts CRISIL 'BB-' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Telekonnectors Ltd.
Facilities Ratings
---------- -------
INR25.0 Million Cash Credit BB-/Stable (Assigned)
INR5.0 Million Letter of Credit P4+ (Assigned)
INR3.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect TKL's low net worth, and exposure to risks
relating to small scale of operations and intense competition in
the telecommunication equipment industry. These weaknesses are,
however, partially offset by the company's strong track record in
the communication headset segment, and increasing operating
efficiency.
Outlook: Stable
CRISIL believes that TKL's sustain its financial risk profile over
the medium term owing to low net worth and also its small scale of
operations. The outlook may be revised to 'Positive' if the
company maintains stable revenues and operating margins, and if
substantial equity infusions enhance its net worth. Conversely,
the outlook may be revised to 'Negative' if the company's revenues
continue to decline.
About Telekonnectors
Set up in 1988, TKL manufactures light-weight communication
headsets, modular jacks, telecommunication testers, adaptors, and
other instruments used in call centres, and in the
telecommunications and airline industries. TKL imports basic
headsets from China, and designs and modifies them to suit
customer requirements. It has three facilities in Chennai. The
company has undertaken a capital expenditure of around INR12
million in 2008-09 (refers to financial year, April 1 to March
31), funded from internal accruals, for developing advanced models
of headsets and adapters. The company also exports its products
to Sri Lanka, Philippines, and the United Arab Emirates (UAE).
TKL reported a profit after tax (PAT) of INR2.1 million on net
sales of INR104.0 million for 2008-09, as against a PAT of INR11.8
million on net sales of INR130.9 million for 2007-08.
TRIDENT PROPERTIES: CRISIL Puts 'B' Rating on INR210MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the cash credit
facility of Trident Properties Pvt Ltd.
Facilities Ratings
---------- -------
INR210.00 Million Cash Credit B/Negative (Assigned)
The rating reflects TPPL's exposure to risks inherent in real
estate projects, and revenue concentration. The impact of these
weaknesses is mitigated by the promoters' experience and proven
project-execution capabilities in the real estate business.
Outlook: Negative
The 'Negative' outlook reflects the uncertainty in TPPL's
completion and saleability of the project, and the resultant
impact on cash flows in the wake of the ongoing slowdown in real
estate demand. The rating may be downgraded in case of
deterioration in TPPL's financial risk profile, because of low
revenues from, or time and cost overruns on, its ongoing project.
Conversely, the outlook may be revised to 'Stable' if TPPL
completes its project on schedule, and finalizes sales contracts
for all the saleable units without dilution in realizations.
About Trident Properties
Promoted in August 2007 by Mr.Veerprakash and Mr.Bijay Kumar
Mandhani, TPPL is developing Trident Grande, a residential project
of 220 flats, at Medchal, Hyderabad. The total cost is estimated
at INR800 million, and the project is expected to be completed by
August 2011. The promoters have been in real estate development
for the past 10 years, through group company Oorjita Projects Pvt
Ltd.
VIBGYOR TEXOTECH: CRISIL Assigns 'D' Rating on INR61.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its rating of 'D/P5' to Vibgyor Texotech Ltd's
bank facilities because of delays in debt servicing.
Facilities Ratings
---------- -------
INR61.5 Million Term Loan D (Assigned)
INR430 Million Packing Credit P5 (Assigned)
INR165 Million Letter of Credit P5 (Assigned)
Vibgyor, promoted by Mr. U K Nambiar, is part of the Minar group,
which includes Minar International Ltd, its flagship company.
Vibgyor commenced commercial operations in April 2006. The
company is a 100 per cent export-oriented unit (EOU) engaged in
the production of bed fillings, such as sheets, duvets,
comforters, and coverlets. The company has an installed capacity
of 3000 sheet sets and duvet sets, 1500 comforter sets, and 800
coverlet sets per shift. Mr. Nambiar's son Mr. Vijay Nambiar
currently looks after the company's production and sales. The
promoters have been in the home textiles business for over 20
years. For 2008-09 (refers to financial year, April 1 to
March 31), the company reported a net profit of INR29.7 million
(INR76.6 million for 2007-08) on net sales of INR1.73 billion
(INR 1.49 billion).Minar International Ltd is engaged in the
export of home textiles, mainly to the US. The company mainly
exports bed sheets, bed linen, napkins, and terry towels.
VINAY WIRES: CRISIL Assigns 'BB-' on INR30 Million Term Loan
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Vinay Wires & Poly Products Pvt Ltd.
Facilities Ratings
---------- -------
INR72.5 Million Cash Credit Limit BB-/Stable (Assigned)
INR2.5 Million Stand By Line of Credit BB-/Stable (Assigned)
INR30.0 Million Term Loan BB-/Stable (Assigned)
INR40.0 Million Letter of Credit P4+ (Assigned)
The ratings reflect VWPP's exposure to risks relating to intense
competition in the electronic resistance welded (ERW) pipe
segment, which the company proposes to enter and volatility in
operating margins due to competitive pressure in the flexible
packaging industry. These weaknesses are, however, partially
offset by VWPP's comfortable financial flexibility supported by
low debt repayment obligations.
Outlook: Stable
CRISIL believes that VWPP will maintain a stable credit risk
profile over the medium term on the back of established presence
in the flexible packaging industry. The outlook may be revised to
'Positive' if VWPP's collection cycles, profitability, and cash
accruals improve, and it commissions its ERW pipes project without
time or cost overruns. Conversely, the outlook may be revised to
'Negative' if VWPP's profitability declines, or if the company
incurs large, debt-funded capital expenditure, leading to
deterioration in its debt protection measures.
About Vinay Wires
Set up in 1999 by Mr. Brijesh Kanodia, VWPP manufactures flexible
packaging, including cast polypropylene films (CPP), low-density
polypropylene films (LDPE), multi-layer laminates, and liquid
packaging films. The films manufactured by the company find
application largely in the food and beverages industry. VWPP has
its manufacturing facility in Kanpur (Uttar Pradesh) with an
installed capacity of 4800 tonnes per annum (tpa). Since 2006-07
(refers to financial year, April 1 to March 31), VWPP also
undertakes trading in polypropylene granules and procures around
50 per cent of its granule requirements from the international
market. VWPP is presently completing work on a new ERW pipes
facility that will cater to ERW pipes with commercial production
expected to start by October 2009. VWPP reported a profit after
tax (PAT) of INR 9 million on net sales of Rs 490 million for
2008-09 as against a PAT of INR9 million on net sales of
INR369 million for 2007-08.
=========
J A P A N
=========
AKAI HOLDINGS: Ernst & Young Settles Negligence Claims
------------------------------------------------------
Andrea Tan and Mark Lee at Bloomberg News report that Ernst &
Young LLP settled a lawsuit over its role in Akai Holdings Ltd
and suspended a partner after the accounting firm was accused of
falsifying documents.
The report, citing liquidator Borrelli Walsh in a statement, says
the firm agreed to pay a "substantial" amount to settle claims of
negligence in its auditing of Akai between 1997 and 1999.
According to Bloomberg, Ernst & Young, which had denied
Mr. Walsh's allegation at the trial's opening on Sept. 16, said it
had started an internal investigation and was "dismayed."
"This investigation has made clear that certain documents
produced for the audits in 1998 and 1999 could no longer be
relied on due to the action of the audit manager in early
2000," Bloomberg cited Ernst & Young in an e-mailed statement.
Bloomberg notes the firm said it has informed the relevant
regulatory body and that a former employee may also have been
involved. It didn't identify the partner who was suspended or
specify the settlement amount.
Akai Holdings declared bankruptcy in 2000 owing creditors about
$1.11 billion. According to Bloomberg, the consumer electronics
maker at its peak employed 100,000 and had annual sales of HK$40
billion ($5.2 billion) of brands including Singer Sewing Machine
Co. of the U.S. Its Shanghai-born, Canadian-educated owner James
Ting, jailed for six years for false accounting in 2005, was freed
the following year because of errors in the prosecution's case,
Bloomberg states.
Akai Holdings' principal activities were investment holding,
manufacturing, distribution and retailing of consumer durables,
consumer electronics, sewing machines and property development.
JAPAN AIRLINES: Seeks Emergency Funding from Japan Government
-------------------------------------------------------------
The Financial Times reports that Japan Airlines has asked the
Japanese government for emergency capital as part of a proposed
US$2.5 billion to US$3 billion fundraising designed to support the
struggling carrier’s operations and pay for a drastic
restructuring.
The FT says Haruka Nishimatsu, JAL’s chief executive, confirmed
that he had asked for the capital injection in a meeting on
Thursday with Seiji Maehara, Japan’s new transportation minister.
According to the FT, Mr. Nishihara did not say how much he
expected the government to contribute. The FT notes JAL’s bankers
said the airline is seeking between US$2.5 billion and US$3
billion in new equity and loans, a portion of which it hopes to
raise from market investors.
The FT states that the bailout, if agreed, would be the fourth
rescue for JAL this decade.
As reported in the Troubled Company Reporter-Asia Pacific on
September 23, 2009, MarketWatch said lenders to Japan Airlines
Corp. are likely to ask the government to separate unprofitable
portions of the company.
JAL's creditors, including the Development Bank of Japan, are
pressing for a move to separate the carrier's profitable
operations and routes from those that are losing money, and to cut
personnel to streamline the company and facilitate an infusion of
public funds.
JAL's lenders also want the government to establish "emergency
legislation" that would allow for a restructuring of its roughly
JPY800 billion (US$8.7 billion) in consolidated, interest-bearing
debt.
About Japan Airlines
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies. The Air
Transportation segment is engaged in the operation of passenger
and cargo planes. The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business. The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages. The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication. The Company has numerous global operating
locations.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
February 11, 2009, Moody's Investors Service changed the outlook
on the Ba3 long-term debt rating and issuer rating of Japan
Airlines International Co. Ltd. to negative from positive. The
outlook change reflects Moody's view that JALI's profitability is
likely to remain pressured amid the recent sharp decline in
airline passenger demand.
Japan Airlines continues to carry Standard & Poor's Ratings 'B+'
LT Foreign & Local Issuer Credit. The outlook is positive.
WILLCOM INC: Seeks to Delay Repayment on JPY100-Bln Debt
--------------------------------------------------------
Willcom Inc. is planning to ask creditor banks to allow a delay in
the payment of some JPY100 billion in debts due to a decline in
subscribers, Kyodo News reports citing sources familiar with the
matter.
Kyodo relates the sources said Willcom plans to apply for a type
of private rehabilitation which combines features of both a court-
mandated liquidation and a voluntary liquidation in order to
revive its business.
Willcom, Inc., provides wireless data and voice services to
corporate and individual customers throughout Japan. Willcom is
the largest operator employing Personal Handyphone System (PHS)
technology.
=========
K O R E A
=========
KUMHO ASIANA: Bids for Stake in Daewoo Eng'g. Due on September 29
-----------------------------------------------------------------
Kumho Asiana Group set a Sept. 29 deadline for bids for a majority
stake in Daewoo Engineering & Construction Co., South Korea's
third-largest builder, Bloomberg News reports citing five people
with knowledge of the matter.
The people, according to Bloomberg, said advisers to Kumho Asiana
sent preliminary sale documents to at least 20 potential bidders
including Posco, Carlyle Group and Affinity Equity Partners Ltd.
The stake could fetch about $3 billion, Bloomberg notes, citing
two of the people.
The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion. In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, three years after acquiring it for KRW6.4 trillion,
according to the Korea Herald.
Bloomberg relates Kumho Asiana has sold properties and stakes in
affiliates to help it repay debt stemming from its 2006 purchase
of Daewoo Engineering. Bloomberg says creditors including Shinhan
Bank may force the company to repay KRW3.9 trillion (US$3.2
billion) by June if they exercise an option to sell Daewoo
Engineering shares they hold back to Kumho Asiana.
Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields. The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.
GENERAL MOTORS: GM Daewoo Files Court Action Against TagAZ
----------------------------------------------------------
GM Daewoo, the South Korean unit of General Motors, said Tuesday
it has launched a court action to prevent a Russian automaker's
local unit from allegedly copying one of its cars, the AFP
reports.
A GM Daewoo spokesman told AFP, "On Monday we filed a petition
with the Seoul central district court to prevent TagAZ Korea from
breaching our intellectual property rights and trade secrets."
According to the report, the spokesman said the petition seeks an
injunction to stop TagAZ from developing, manufacturing, selling
and exporting copied products and from using and disclosing GM
Daewoo's trade secrets.
The Korea Times relates that the court action comes nearly two
weeks after local prosecutors arrested two former GM Daewoo
employees on charges of handing over core information on the
company's popular "Lacetti" sedan before getting jobs at the local
branch of Russian auto firm TagAZ.
Another former GM Daewoo employee and executive of TagAZ Korea
committed suicide as the investigation widened, the Times says.
According to the Times, prosecutors suspect the former employees
of GM Daewoo copied over 6,000 files from their personal computers
containing crucial technology details on engine and parts designs
to build the Lacetti. It is believed the leaks helped TagAZ
introduce its latest "C-100" model sedan in Russia, the Times
states.
The Times notes GM Daewoo officials said it costs around KRW300
billion (US$245 billion) to develop a model such as the Lacetti.
Separately, GM Daewoo on September 22 introduced the 2010 model
year Lacetti Premiere compact sedan, which features a new 1.8-
liter gasoline engine. The new model, which goes by the name of
Lacetti Premiere ID (Identity), will go on sale from October.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp.
(NYSE: GM) -- http://www.gm.com/-- as founded in 1908. GM
employs about 266,000 people around the world and manufactures
cars and trucks in 35 countries. In 2007, nearly 9.37 million GM
cars and trucks were sold globally under the following brands:
Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security and
information services.
GM Europe is based in Zurich, Switzerland, while General Motors
Latin America, Africa and Middle East is headquartered in Miramar,
Florida.
As reported by the Troubled Company Reporter, GM reported net loss
of US$6.0 billion, including special items, in the first quarter
of 2009. This compares with a reported net loss of US$3.3 billion
in the year-ago quarter. As of March 31, 2009, GM had
US$82.2 billion in total assets and US$172.8 billion in total
liabilities, resulting in US$90.5 billion in stockholders'
deficit.
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
===============
M A L A Y S I A
===============
EON BANK: Fitch Affirms Support Rating Floor at 'BB'
----------------------------------------------------
Fitch Ratings has affirmed Malaysia-based EON Bank's Long-term
Issuer Default Rating at 'BBB-'with a Stable Outlook. The full
list of rating actions is included at the end of the press
release.
EON Bank's ratings reflect its modest earnings and less
diversified business profile, though these are mitigated by its
satisfactory balance sheet strength. In particular, its capital
position should help the bank preserve its credit profile through
this difficult period.
In Fitch's view, the impact of new delinquencies in H209-2010
should remain an earnings risk for EON Bank (as was the case in
H109) rather than a capital impairment risk. This is because
unemployment rate - a key determinant for delinquencies - is
expected to rise slightly to 4.2% by end-2009 from 3.4% at end-
2008, keeping a check on consumer delinquencies. Like many
Malaysian banks, EON Bank lends mainly to the consumer sector,
although its loan portfolio is concentrated in vehicle financing
and residential mortgages. The two sectors accounted for 31% and
20% of EON Bank's loans as at end-H109, respectively.
Erstwhile concerns on EON Bank's lowly-reserved NPLs have been
substantially addressed in 2008. It incurred substantial specific
provisions that year, which led to a higher NPL reserve coverage
of 81% at end-H109 (end-2007: 58%), but a weaker ROA of 0.3% in
2008 (2007: 0.6%). On balance, EON Bank's solvency position has
improved considerably in light of its reduced net NPL/equity ratio
of 7% as at end-H109 (end-2007: 22%). Its capital position is
also fairly good, with "core" Tier 1 capital adequacy ratio (CAR)
of 9.7% as of end-H109, higher than the peer average of around 8%,
and Tier 1 CAR of a pro-forma 11.2% (after including its
MYR500 million innovative Tier 1 capital securities issued on 10
September 2009). Thanks to these factors and EON Bank's adequate
earnings buffer, Fitch believes that the bank should weather the
potential challenges from the difficult economic environment
satisfactorily. Hence, the Outlook on its ratings continues to be
Stable.
Established in 1963, EON Bank has 139 branches and 211 ATMs in
Malaysia. Through EON Capital (a bank holding company), the
bank's key shareholders are Primus Pacific Partner (20.2%),
government-owned institutions (22.2% via Khazanah Nasional Berhad
and Employees Provident Fund) and RH Development Sdn Bhd (16.3%)
and Kualapura Sdn Bhd (11.1%) as at 15 September 2009.
The list of rating actions on EON Bank is:
-- Long-term foreign currency IDR affirmed at 'BBB-'; Outlook
Stable;
-- Short-term foreign currency IDR affirmed at 'F3';
-- Individual rating affirmed at 'C/D';
-- Support rating affirmed at '3';
-- Support Rating Floor affirmed at 'BB';
-- Deposit rating affirmed at 'BBB'; and
-- Subordinated notes rating of 'BB+' withdrawn (the
subordinated notes have been redeemed on 21 January 2009).
=================
S I N G A P O R E
=================
DURACO INDUSTRIES: Pays First and Final Dividend
------------------------------------------------
Duraco Industries Pte Ltd, which is in liquidation, paid the first
and final dividend on September 22, 2009.
The company paid 42.50 cents to a dollar.
ELDA INSTINCT: Court Enters Wind-Up Order
-----------------------------------------
On September 4, 2009, the High Court of Singapore entered an order
to have Elda Instinct Garments Pte. Ltd's operations wound up.
Max Sun Trading Limited filed the petition against the company.
The company's liquidators are:
Abuthahir Abdul Gafoor
Ebenezer John Lazarus
c/o ELTICI Financial Advisory Services Pte Ltd
1 Raffles Place
#20-02 OUB Centre
Singapore 048616
HIAP KIAN: Pays First and Final Dividend
----------------------------------------
Hiap Kian Hoe Construction Company Pte Ltd. paid the first and
final dividend on December 19, 2007.
The company paid 76.320% to all received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
LANDMARK ENGINEERING: Pays First and Final Preferential Dividend
----------------------------------------------------------------
Landmark Engineering & Water Service Pte Ltd. paid the first and
final preferential dividend to its creditors on September 9, 2009.
The company paid 8.8738% to all received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
SITIME PTE: Creditors' Proofs of Debt Due on October 22
-------------------------------------------------------
The creditors of Sitime Pte. Ltd. are required to file their
proofs of debt by October 22, 2009, to be included in the
company's dividend distribution.
The company's liquidators are:
Chee Yoh Chuang
Eu Chee Wei David
c/o 8 Wilkie Road
#03-08, Wilkie Edge
Singapore 228095
===========
T A I W A N
===========
CHANG HWA: Moody's Withdraws Ratings for Business Reasons
---------------------------------------------------------
Moody's Taiwan Corporation has withdrawn its national scale
ratings on Chang Hwa Commercial Bank for business reasons.
This action does not reflect a change in the creditworthiness of
the issuers. Chang Hwa Bank's global scale ratings are
unaffected.
The rating withdrawal follows Moody's decision to reorganize
certain aspects of its business in Asia, including the closing of
its offices in Taiwan and Indonesia.
These ratings have been withdrawn:
* Aa2.tw national scale long-term deposit rating and TW-1 national
scale short-term deposit rating. The outlook of these ratings
was stable.
These ratings are unaffected:
* D bank financial strength rating, A3 global local currency and
foreign currency long-term deposit rating, and P-1 global local
currency and foreign currency short-term deposit rating. The
outlook of these ratings is stable.
Moody's last rating action with respect to Chang Hwa Bank was
taken on June 4, 2008, when the outlook on its BFSR was changed to
stable from positive, and A3/P-1 local currency long-term/short-
term deposit ratings were assigned. The bank's D BFSR and A3/P-1
foreign currency long-term/short-term deposit rating were
unchanged. The outlook for all ratings was stable.
Chang Hwa Bank, headquartered in Taipei, Taiwan, had assets of
NT$1,431 billion as of end-June 2009 on a consolidated basis.
TAIWAN HIGH: Names Ou Chin-der as New Chairman
----------------------------------------------
Taiwan High Speed Rail Corp. has accepted the resignation of
Chairwoman Nita Ing, according to Taiwan News. Ms. Ing will be
replaced by Ou Chin-der, the representative of the government-
controlled China Aviation Development Foundation, a major
shareholder of THSRC.
Taiwan News says THSRC board members also decided that an
extraordinary shareholders' meeting will be held Nov. 10 to elect
new board directors and supervisors.
The privately run THSRC, Taiwan News discloses, has been running
the country's 345-km high-speed rail system under a build-operate-
transfer (BOT) contract. Taiwan News notes the company is
required to transfer ownership to the government after operating
the rail line for 35 years.
According to Taiwan News, the high-speed railway went into
operation less than three years ago, but the THSRC had already
incurred an accumulated loss of NT$70.2 billion as of the end of
June this year, or about two-thirds of its total paid-in capital
of NT$105.3 billion (US$3.23 billion).
Taiwan News states that the Ministry of Transportation and
Communications in February agreed to assist the company in
resolving its financial difficulties by seeking new bank loans but
creditor banks are reluctant to approve new loans unless the
THSRC's five original shareholders injected more capital.
The company is likely to be forced to go bankrupt within two years
if the annual loss of around NT$25 billion lingers and if no
additional fund is injected into the firm, according to The China
Post.
Taiwan High Speed Rail Corporation is principally engaged in the
construction, development and operation of the high-speed railway
system in Taiwan. The Company is also involved in other high-
speed railway transportation-related businesses and the
development and usage of train station sites. The Company's high-
speed railway transportation-related businesses include shopping
malls, special stores located in travel agencies, car leasing and
parking lots, among others. The Company developed train station
sites for hotel, restaurant, entertainment, department store,
financial service, tourism service, communication service and
other uses. During the year ended December 31,2008, the Company
carried approximately 30.581 million of passengers by train.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$) (US$)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16,933,460.19 -8,226,075.95
ALLOMAK LTD AMA 40,685,785.47 -5,913,422.67
ALLSTATE EXPL-PP ALXCC 16,169,603.20 -50,619,940.96
ALLSTATE EXPLORA ALX 16,169,603.20 -50,619,940.96
ANTARES ENERGY L AZZ 13,709,735.08 -1,955,765.01
ARC EXPLORATION ARX 58,544,299.40 -15,958,771.93
AUSMELT LTD AET 10,421,943.80 -1,558,622.35
AUSTAR UNITED AUN 508,844,538.84 -310,055,789.75
AUSTRAILIAN Z-PP AZCCA 77,741,918.88 -2,566,335.24
AUSTRALIAN ZIRC AZC 77,741,918.88 -2,566,335.24
BIRON APPAREL LT BIC 19,706,736.59 -2,220,069.65
BISALLOY STEEL G BIS 54,556,820.43 -7,472,108.44
CENTRO PROPERTIE CNP 14,725,100,625.83 -495,299,520.84
CHALLENGER INF-A CIF 2,307,005,549.62 -104,582,562.08
CHEMEQ LIMITED CMQ 25,194,855.59 -24,254,413.72
CITY PACIFIC LTD CIY 171,501,648.08 -6,383,353.75
EIRCOM HOLDINGS ERC 7,606,555,987.32 -533,212,434.19
ELLECT HOLDINGS EHG 18,245,003.37 -15,487,781.92
HYRO LTD HYO 21,498,880.13 -14,825,700.09
MAC COMM INFR-CD MCGCD 8,104,415,200.76 -103,343,256.49
RESIDUAL ASSC-EE RAGXF 597,329,874.01 -126,963,316.48
RUBICON AMERICA RAT 649,532,285.57 -100,605,696.94
RUBICON EUROPE T REU 553,099,503.30 -252,490,904.13
TOOTH & CO LTD TTH 108,860,665.87 -69,404,500.26
VERTICON GROUP VGP 14,221,690.08 -24,604,525.15
VOYAGER RESOURCE VOR 105,239,382.56 -190,859,513.39
CHINA
ALONG TIBET CO-A 600773 10,645,458.33 -1,260,472.65
AMOI ELECTRONI-A 600057 205,714,958.88 -171,265,179.25
ANHUI KOYO GROUP 979 60,010,204.49 -52,445,757.65
BAO LONG ORIENTA 600988 16,803,610.56 -3,002,433.31
CHANG LING GROUP 561 42,473,545.73 -10,486,849.69
CHENGDE DIXIAN-B 200160 52,878,580.08 -15,925,439.90
CHENGDU UNION-A 693 53,505,027.19 -5,241,722.53
CHINA EAST AIR-A 600115 10,663,617,937.55 -669,018,244.31
CHINA EAST AIR-H 670 10,663,617,937.55 -669,018,244.31
CHINA KEJIAN-A 35 80,524,769.63 -182,184,709.66
CHINESE.COM LOGI 805 12,869,661.54 -10,094,949.57
CITIC GUOAN VI-A 600084 348,889,601.71 -125,227,226.74
DANDONG CHEM F-A 498 102,526,072.10 -107,860,689.36
DONGGUAN FANGD-A 600656 64,150,753.72 -8,735,494.67
DONGXIN ELECTR-A 600691 20,608,187.18 -5,028,635.72
GAOXIN ZHANGTO-A 2075 124,776,592.95 -19,821,585.47
GUANGDONG HUAL-A 600242 19,373,034.05 -2,325,690.04
GUANGDONG KEL-A 921 650,072,211.91 -103,760,527.20
GUANGMING GRP -A 587 45,859,984.22 -44,684,252.23
GUANGXI BEISHE-A 600556 110,503,178.27 -144,424,566.92
GUANGXIA YINCH-A 557 19,526,916.97 -37,073,597.54
HEBEI BAOSHUO -A 600155 133,526,389.53 -358,418,197.58
HEBEI JINNIU C-A 600722 227,141,182.32 -223,794,072.17
HISENSE ELEC-H 921 650,072,211.91 -103,760,527.20
HUATONG TIANXI-A 600225 34,542,670.84 -29,942,511.88
HUDA TECHNOLOG-A 600892 20,055,498.84 -2,392,277.80
HUNAN ANPLAS CO 156 53,136,755.69 -81,141,655.20
HUNAN AVA HOLDIN 918 219,048,363.26 -78,476,613.98
JIAOZUO XIN'AN-A 719 14,229,704.96 -7,806,228.22
NINGBO YIDONG-H 8249 55,690,342.44 -22,047,522.03
QINGHAI SUNSHI-A 600381 53,430,938.15 -26,418,232.17
SHANG HONGSHENG 600817 17,195,946.36 -397,044,828.42
SHANG LIANHUA-A 600617 16,629,332.66 -2,816,699.77
SHANG LIANHUA-B 900913 16,629,332.66 -2,816,699.77
SHANGHAI WORLDBE 600757 218,813,789.33 -118,596,184.73
SHENZ CHINA BI-A 17 27,968,310.96 -264,106,065.10
SHENZ CHINA BI-B 200017 27,968,310.96 -264,106,065.10
SHENZ SEG DASH-A 7 75,454,296.33 -6,832,811.09
SHENZHEN DAWNC-A 863 28,806,239.39 -155,220,111.20
SHENZHEN KONDA-A 48 198,370,122.93 -14,709,825.62
SHENZHEN SHENXIN 34 25,649,329.38 -166,918,478.37
SHIJIAZHUANG D-A 958 247,135,076.94 -47,057,598.59
SICHUAN DIRECT-A 757 130,066,883.28 -118,258,912.10
SUNTEK TECHNOL-A 600728 36,252,073.49 -23,232,714.83
TAIYUAN TIANLO-A 600234 49,936,366.67 -24,269,532.79
TIANJIN MARINE 600751 82,399,198.24 -30,394,356.74
TIANJIN MARINE-B 900938 82,399,198.24 -30,394,356.74
TIBET SUMMIT I-A 600338 72,677,899.02 -13,527,522.12
TOPSUN SCIENCE-A 600771 183,535,542.89 -132,134,649.22
WINOWNER GROUP C 600681 11,441,386.17 -70,778,286.86
WUHAN BOILER-B 200770 425,205,467.18 -59,127,896.04
WUHAN GUOYAO-A 600421 11,224,148.10 -38,404,923.54
XIAMEN OVERSEA-A 600870 316,697,544.56 -153,952,891.08
YUEYANG HENGLI-A 622 37,450,378.86 -15,337,096.06
YUNNAN MALONG-A 600792 157,520,417.89 -3,274,324.93
ZHANGJIAJIE TO-A 430 47,476,905.56 -6,608,204.52
HONG KONG
ASIA TELEMEDIA L 376 16,618,871.08 -5,369,335.42
BEAUFORTE INV 21 12,327,016.69 -2,955,593.70
CHINA GOLDEN DEV 162 249,858,442.34 -1,458,174.64
CROSBY CAPITAL 8088 25,806,000.00 -6,935,000.00
EGANAGOLDPFEIL 48 557,892,423.39 -132,858,951.98
EMPEROR ENTERTAI 8078 29,921,484.05 -5,924,477.64
FULBOND HLDGS 1041 66,063,004.00 -11,679,000.00
HUTCHISON TELE H 215 2,400,098,040.83 -366,059,762.21
JIAN EPAYMENT 8165 12,943,183.73 -1,516,828.52
NEW CITY CHINA 456 113,178,595.41 -9,932,226.54
PALADIN LTD 495 160,927,722.22 -1,629,398.23
PALADIN LTD -PRE 642 160,927,722.22 -1,629,398.23
PCCW LTD 8 5,990,928,703.57 -394,965,167.61
SANYUAN GROUP LT 140 15,148,448.77 -1,587,205.23
INDONESIA
BANK CENTURY TBK BCIC 493,235,338.87 -135,578,273.49
BUKAKA TEKNIK UT BUKK 73,759,284.09 -88,378,100.23
DAYA SAKTI UNGGU DSUC 18,968,940.39 -16,565,907.15
ERATEX DJAJA ERTX 16,355,782.65 -13,909,830.79
JAKARTA KYOEI ST JKSW 30,395,173.44 -38,677,864.58
KARWELL INDONESI KARW 10,703,306.59 -7,637,325.25
MULIA INDUSTRIND MLIA 342,682,884.88 -423,294,727.62
PANASIA FILAMENT PAFI 51,388,821.53 -3,769,923.94
PANCA WIRATAMA PWSI 24,440,350.75 -28,494,642.10
POLYSINDO EKA PE POLY 413,587,722.04 -843,849,953.26
PRIMARINDO ASIA BIMA 11,142,638.56 -19,773,137.59
SEKAR BUMI TBK SKBM 18,209,576.70 -1,625,327.43
STEADY SAFE TBK SAFE 10,838,828.11 -4,030,148.54
SURABAYA AGUNG SAIP 236,584,686.90 -99,589,026.90
TEIJIN INDONESIA TFCO 187,554,592.00 -62,843,600.00
UNITEX TBK UNTX 15,358,972.53 -13,809,629.56
INDIA
ALCOBEX METALS AML 35,670,319.03 -22,443,296.68
APPLE FINANCE APL 70,832,103.73 -29,253,849.19
ASHIMA LTD ASHM 59,922,403.11 -47,153,581.06
BAKELITE HYLAM BKLT 13,911,138.88 -12,867,352.60
BALAJI DISTILLER BLD 51,161,385.13 -38,383,503.30
BELLARY STEELS BSAL 512,415,670.40 -101,442,229.54
BHAGHEERATHA ENG BGEL 22,646,453.72 -28,195,273.09
CFL CAPITAL FIN CEATF 14,305,706.35 -40,038,022.22
COMPUTERSKILL CPS 14,896,780.89 -7,560,054.57
CORE HEALTHCARE CPAR 185,364,966.99 -241,912,027.81
DCM FINANCIAL SE DCMFS 16,540,889.84 -10,988,851.47
DIGJAM LTD DGJM 98,769,193.78 -14,623,833.58
DISH TV IND-PP DITVPP 422,081,403.33 -127,614,551.41
DISH TV INDIA DITV 422,081,403.33 -127,614,551.41
DUNCANS INDUS DAI 164,653,351.85 -220,922,929.88
GALADA POWER & T GCC 10,899,606.76 -27,849,464.86
GANESH BENZOPLST GBP 77,840,261.61 -41,865,917.86
GLOBAL BOARDS GLB 25,154,303.78 -793,024.17
GSL INDIA LTD GSL 37,040,429.61 -42,340,564.58
GUJARAT SIDHEE GSCL 59,440,728.18 -660,003.43
GUJARAT STATE FI GSF 30,159,595.18 -234,918,081.46
HANJER FIBRES HJF 10,720,699.56 -310,044.87
HARYANA STEEL HYSA 10,831,176.59 -5,909,008.81
HENKEL INDIA LTD HNKL 102,052,835.27 -10,237,657.20
HFCL INFOTEL LTD HFCL 151,650,830.03 -85,807,810.61
HIMACHAL FUTURIS HMFC 406,633,181.85 -210,980,192.12
HINDUSTAN PHOTO HPHT 93,725,753.93 ###
HMT LTD HMT 139,311,695.43 -277,691,144.15
ICDS ICDS 13,300,348.69 -6,171,079.46
INDIA FOILS LTD IF 48,457,142.32 -38,013,960.39
INTEGRAT FINANCE IFC 57,729,537.53 -52,297,155.04
JCT ELECTRONICS JCTE 122,542,558.60 -49,996,834.55
JD ORGOCHEM LTD JDO 14,537,402.78 -69,753,846.55
JENSON & NIC LTD JN 15,734,678.26 -92,089,109.12
JIK INDUS LTD KFS 20,633,171.50 -5,623,616.49
JK SYNTHETICS JKS 20,208,078.76 -2,171,303.89
JOG ENGINEERING VMJ 50,080,964.36 -10,076,436.07
KALYANPUR CEMENT KCEM 37,538,318.01 -41,771,703.35
KERALA AYURVEDA KRAP 13,409,639.48 -586,700.12
LLOYDS FINANCE LYDF 27,683,041.19 -8,642,121.28
LLOYDS STEEL IND LYDS 358,940,191.85 -83,135,016.16
MILLENNIUM BEER MLB 36,392,748.17 -3,197,477.14
MILTON PLASTICS MILT 26,114,050.07 -42,391,324.19
NATH PULP & PAP NPPM 13,588,844.93 -39,126,079.65
NICCO UCO ALLIAN NICU 38,788,084.34 -61,659,313.00
NOVA PETROCHEM NVPC 44,390,476.41 -925,948.57
ORIENT PRESS LTD OP 16,699,814.52 -94,789.33
PANCHMAHAL STEEL PMS 51,024,827.03 -325,116.26
PANYAM CEMENTS PYC 38,841,457.46 -641,194.41
PARASRAMPUR SYN PPS 111,971,290.89 -317,111,727.95
PAREKH PLATINUM PKPL 61,081,050.43 -88,849,040.15
PEACOCK INDS LTD PCOK 11,395,867.81 -14,396,604.39
PIRAMAL LIFE SC PLSL 32,054,795.68 -3,725,239.05
POLAR INDS LTD PLI 11,613,867.70 -22,282,942.24
PRECISION CONTAI PCLL 10,013,065.56 -3,669,728.21
RAMA PHOSPHATES RMPH 34,066,789.55 -1,192,495.62
RATHI ISPAT LTD RTIS 44,555,929.56 -3,933,592.50
ROLLATAINERS LTD RLT 22,965,755.05 -22,244,556.92
ROYAL CUSHION RCVP 29,192,373.45 -73,115,309.68
RPG CABLES LTD RPG 51,431,409.37 -20,192,930.18
SCOOTERS INDIA SCTR 13,288,115.80 -578,097.97
SEN PET INDIA LT SPEN 13,283,611.52 -25,431,862.10
SHALIMAR WIRES SWRI 30,588,221.25 -63,772,177.80
SHAMKEN COTSYN SHC 23,127,927.75 -6,172,791.93
SHAMKEN MULTIFAB SHM 60,546,590.60 -13,260,108.95
SHAMKEN SPINNERS SSP 42,180,451.29 -16,764,934.64
SHARDA ISPAT LTD SHIL 16,179,943.38 -5,040,578.35
SHREE RAMA MULTI SRMT 81,405,835.45 -64,134,056.23
SIDDHARTHA TUBES SDT 92,929,926.47 -10,719,543.54
SIL BUSINESS ENT SILB 12,461,159.02 -19,961,202.41
SOUTHERN PETROCH SPET 1,543,609,373.57 -35,609,423.98
SPICE COMMUNICAT SPCM 263,692,459.52 -19,679,192.67
STI INDIA LTD STIB 44,107,456.00 -300,149.59
TAMILNADU TELE TNT 11,680,819.22 -3,373,123.87
TATA TELESERVICE TTLS 793,627,684.28 -74,636,840.33
TRIVENI GLASS TRSG 34,542,881.89 -6,209,872.78
UNIWORTH LTD WW 178,225,972.59 -131,624,807.91
USHA INDIA LTD USHA 12,064,900.61 -54,512,967.31
WINDSOR MACHINES WML 14,500,894.45 -28,144,999.02
WIRE AND WIRELES WNW 102,422,193.22 -37,057,061.49
JAPAN
AVIX INC 7836 19,009,420.72 -2,125,138.36
COSMOS INITIA CO 8844 2,333,430,615.87 -454,804,416.82
DDS INC 3782 10,683,845.35 -5,696,657.23
FDK CORP 6955 465,071,545.70 -85,901,797.18
G-TRADING 3348 53,439,073.69 -19,823,380.51
L CREATE CO LTD 3247 42,344,509.56 -9,146,496.90
MORISHITA CO LTD 3594 168,223,801.88 -2,415,401.06
NESTAGE CO LTD 7633 15,752,022.32 -7,045,459.62
PLACO CO LTD 6347 19,727,184.96 -1,662,140.28
PRIME NETWORK 2684 15,052,085.28 -8,379,329.03
PROPERST CO LTD 3236 854,806,960.92 -17,847,055.11
RADIA HD 4723 1,145,701,822.41 -213,538,214.60
REMIXPOINT CO LT 3825 13,032,512.99 -1,159,815.17
SPC ELECTRONICS 6818 124,705,573.68 -13,095,644.59
TERRANETZ CO LTD 2140 11,633,353.37 -4,293,462.63
SOUTH KOREA
CL LCD CO LTD 35710 55,585,277.13 -14,793,655.63
DAHUI CO LTD 55250 186,003,859.24 -1,504,246.54
DAISHIN INFO 20180 740,500,919.30 -158,453,978.78
ELIM EDU CO LTD 46240 34,029,159.88 -3,747,735.09
FIRST FIRE & MAR 610 2,044,031,310.36 -1,780,221.91
KYSYS CO LTD 15390 10,671,544.09 -6,267,111.24
MOBILINK TELECOM 41310 52,665,694.67 -11,474,605.44
MOBO CO LTD 51810 196,643,340.38 -11,979,182.85
ORICOM INC 10470 82,645,454.13 -40,039,161.33
PRIME ENTMT 17170 31,473,002.90 -19,371,600.20
ROCKET ELEC-PFD 425 68,584,186.91 -2,140,474.00
ROCKET ELECTRIC 420 68,584,186.91 -2,140,474.00
SAMT CO LTD 31330 303,858,255.56 -77,572,655.65
SIMM TECH CO LTD 36710 314,177,541.38 -34,486,443.29
SOLAR & TECH CO 30390 11,466,591.81 -588,035.38
STARMAX CO LTD 17050 50,131,660.74 -25,436,154.88
TAESAN LCD CO 36210 187,935,112.10 -546,263,614.46
TONG YANG MAGIC 23020 355,147,750.92 -25,767,007.75
YOUILENSYS CORP 38720 166,697,877.68 -12,337,148.33
MALAYSIA
AXIS INCORPORATI AXIS 42,453,772.51 -79,710,389.89
HARVEST COURT HAR 10,993,283.82 -7,102,079.77
LITYAN HLDGS BHD LIT 18,071,124.04 -29,261,166.90
NEPLINE BHD NL 20,755,619.11 -27,545,946.39
NIKKO ELECTRONIC NIKKO 11,189,473.86 -8,723,186.48
WONDERFUL WIRE WW 11,594,594.78 -14,561,593.40
WWE HOLDINGS BHD WWE 66,753,912.87 -904,694.18
NEW ZEALAND
DOMINION FINANCE DFH 258,902,749.12 -55,312,405.88
PHILIPPINES
APEX MINING 'B' APXB 51,256,351.82 -8,972,145.85
APEX MINING-A APX 51,256,351.82 -8,972,145.85
BENGUET CORP 'B' BCB 75,331,140.18 -35,697,080.01
BENGUET CORP-A BC 75,331,140.18 -35,697,080.01
CENTRAL AZUC TAR CAT 37,806,902.52 -2,588,843.76
CYBER BAY CORP CYBR 12,926,776.59 -79,228,223.36
EAST ASIA POWER PWR 50,796,443.41 -139,420,756.07
FIL ESTATE CORP FC 37,286,935.14 -11,355,841.65
FILSYN CORP A FYN 22,000,423.40 -10,278,638.86
FILSYN CORP. B FYNB 22,000,423.40 -10,278,638.86
GOTESCO LAND-A GO 18,684,576.24 -10,863,822.41
GOTESCO LAND-B GOB 18,684,576.24 -10,863,822.41
MRC ALLIED MRC 13,040,098.81 -3,682,026.54
PICOP RESOURCES PCP 105,659,068.50 -23,332,404.14
STENIEL MFG STN 28,673,457.47 -1,478,015.89
UNIVERSAL RIGHTF UP 45,118,524.67 -13,478,675.99
UNIWIDE HOLDINGS UW 52,802,040.71 -56,176,026.28
VICTORIAS MILL VMC 178,060,236.02 -36,659,989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 11,992,958.61 -11,223,940.95
ADVANCE SCT LTD ASCT 69,486,218.18 -11,959,064.78
CARRIERNET GLOBA CARG 14,286,897.57 -17,258.04
CHUAN SOON HUAT CSH 31,243,269.09 -16,230,153.11
FALMAC LTD FAL 10,288,220.94 -6,460,596.18
HL GLOBAL ENTERP HLGE 93,947,954.45 -12,514,151.49
INFORMATICS EDU INFO 23,073,311.96 -831,837.63
JURONG TECH IND JTL 98,760,092.87 -227,275,152.06
LINDETEVES-JACOB LJ 155,633,719.48 -88,389,478.73
OCEAN INTERNATIO OCEAN 61,659,790.45 -13,720,371.73
PACIFIC CENTURY PAC 21,863,868.37 -2,767,499.46
SUNMOON FOOD COM SMOON 18,725,666.00 -10,079,386.91
TT INTERNATIONAL TTI 293,865,103.05 -37,711,583.27
WESTECH ELECTRON WTE 28,290,170.94 -12,855,750.98
THAILAND
ABICO HLDGS-F ABICO/F 12,066,621.69 -9,544,714.91
ABICO HOLD-NVDR ABICO-R 12,066,621.69 -9,544,714.91
ABICO HOLDINGS ABICO 12,066,621.69 -9,544,714.91
BANGKOK RUB-NVDR BRC-R 85,509,149.46 -65,276,912.00
BANGKOK RUBBER BRC 85,509,149.46 -65,276,912.00
BANGKOK RUBBER-F BRC/F 85,509,149.46 -65,276,912.00
BLISS-TEL PCL BLISS 12,646,465.40 -2,089,674.34
BLISS-TEL PCL-F BLISS/F 12,646,465.40 -2,089,674.34
BLISS-TEL PCL-NV BLISS-R 12,646,465.40 -2,089,674.34
CENTRAL PAPER IN CPICO 10,220,356.04 -216,074,904.26
CENTRAL PAPER-F CPICO/F 10,220,356.04 -216,074,904.26
CENTRAL PAPER-NV CPICO-R 10,220,356.04 -216,074,904.26
CIRCUIT ELE-NVDR CIRKIT-R 17,385,099.26 -87,998,004.08
CIRCUIT ELEC PCL CIRKIT 17,385,099.26 -87,998,004.08
CIRCUIT ELEC-FRN CIRKIT/F 17,385,099.26 -87,998,004.08
DATAMAT PCL DTM 12,690,638.93 -6,132,014.29
DATAMAT PCL-NVDR DTM-R 12,690,638.93 -6,132,014.29
DATAMAT PLC-F DTM/F 12,690,638.93 -6,132,014.29
ITV PCL ITV 32,845,084.57 -82,941,414.71
ITV PCL-FOREIGN ITV/F 32,845,084.57 -82,941,414.71
ITV PCL-NVDR ITV-R 32,845,084.57 -82,941,414.71
K-TECH CONSTRUCT KTECH 83,204,235.85 -5,693,045.29
K-TECH CONSTRUCT KTECH/F 83,204,235.85 -5,693,045.29
K-TECH CONTRU-R KTECH-R 83,204,235.85 -5,693,045.29
KUANG PEI SAN POMPUI 17,146,363.89 -12,117,287.24
KUANG PEI SAN-F POMPUI/F 17,146,363.89 -12,117,287.24
KUANG PEI-NVDR POMPUI-R 17,146,363.89 -12,117,287.24
MALEE SAMPR-NVDR MALEE-R 53,933,645.39 -6,900,644.95
MALEE SAMPRAN MALEE 53,933,645.39 -6,900,644.95
MALEE SAMPRAN-F MALEE/F 53,933,645.39 -6,900,644.95
NFC FERTILI-NVDR NFC-R 41,433,204.74 -2,287,708.95
NFC FERTILIZER P NFC 41,433,204.74 -2,287,708.95
NFC FERTILIZER-F NFC/F 41,433,204.74 -2,287,708.95
PATKOL PCL PATKL 53,430,390.26 -26,540,095.34
PATKOL PCL-FORGN PATKL/F 53,430,390.26 -26,540,095.34
PATKOL PCL-NVDR PATKL-R 53,430,390.26 -26,540,095.34
PICNIC CORPORATI PICNI-R 162,041,208.32 -79,858,191.23
PICNIC CORPORATI PICNI 162,041,208.32 -79,858,191.23
PICNIC CORPORATI PICNI/F 162,041,208.32 -79,858,191.23
PONGSAAP PCL PSAAP/F 26,599,991.38 -3,496,872.90
PONGSAAP PCL PSAAP 26,599,991.38 -3,496,872.90
PONGSAAP PCL-NVD PSAAP-R 26,599,991.38 -3,496,872.90
SAFARI WORL-NVDR SAFARI-R 101,048,401.65 -21,027,662.26
SAFARI WORLD PUB SAFARI 101,048,401.65 -21,027,662.26
SAFARI WORLD-FOR SAFARI/F 101,048,401.65 -21,027,662.26
SAHAMITR PR-NVDR SMPC-R 31,177,710.43 -14,940,579.60
SAHAMITR PRESS-F SMPC/F 31,177,710.43 -14,940,579.60
SAHAMITR PRESSUR SMPC 31,177,710.43 -14,940,579.60
SUNWOOD INDS PCL SUN 19,863,687.56 -13,033,623.14
SUNWOOD INDS-F SUN/F 19,863,687.56 -13,033,623.14
SUNWOOD INDS-NVD SUN-R 19,863,687.56 -13,033,623.14
THAI-DENMARK PCL DMARK 15,715,462.27 -10,102,519.69
THAI-DENMARK-F DMARK/F 15,715,462.27 -10,102,519.69
THAI-DENMARK-NVD DMARK-R 15,715,462.27 -10,102,519.69
TRANG SEAFOOD TRS 13,251,979.73 -3,373.42
TRANG SEAFOOD-F TRS/F 13,251,979.73 -3,373.42
TRANG SFD-NVDR TRS-R 13,251,979.73 -3,373.42
UNIVERSAL S-NVDR USC-R 85,671,220.21 -49,479,729.86
UNIVERSAL STAR-F USC/F 85,671,220.21 -49,479,729.86
UNIVERSAL STARCH USC 85,671,220.21 -49,479,729.86
TAIWAN
CHIEN TAI CEMENT 1107 202,446,919.23 -22,407,739.40
HELIX TECH-EC 2479T 23,385,923.43 -24,115,022.26
HELIX TECH-EC IS 2479U 23,385,923.43 -24,115,022.26
HELIX TECHNOL-EC 2479S 23,385,923.43 -24,115,022.26
TAIWAN KOL-E CRT 1606U 507,206,787.88 -147,139,297.70
TAIWAN KOLIN-EN 1606V 507,206,787.88 -147,139,297.70
TAIWAN KOLIN-ENT 1606W 507,206,787.88 -147,139,297.70
VERTEX PREC-ENTL 5318T 43,037,265.55 -2,305,484.43
VERTEX PRECISION 5318 43,037,265.55 -2,305,484.43
YEU TYAN MACHINE 8702 39,574,168.04 -271,070,409.72
*********
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 ***