/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100308.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 Monday, March 8, 2010, Vol. 13, No. 046 Headlines A U S T R A L I A 7STEEL DISTRIBUTION: Placed in Receivership; Assets Up for Sale ABC LEARNING: Court Approves Sale of Grove's Yacht, Helicopter OCCUPATIONAL & MEDICAL: Seeks Recognition of Aussie Proceedings STORM FINANCIAL: Founders Slam CBA Settlement Offer C H I N A SHANGHAI PUDONG: China Mobile Confirms Talks Over Investment SHANGHAI PUDONG: CML Investment May Have No Neg. Implications H O N G K O N G GOLDCONE PROPERTIES: Creditors' Proofs of Debt Due March 13 GOLDEN HERO: Court Enters Wind-Up Order GOOD ASCENT: Contributories and Creditors to Meet on March 8 HE XING: Court Enters Wind-Up Order IMAG TECHNOLOGY: Court Enters Wind-Up Order IMAGI PRODUCTION: Court to Hear Wind-Up Petition on April 14 INFOSCIENCE HOLDINGS: Court to Hear Wind-Up Petition on March 24 JADE ALLIANCE METAL: Lau and Yuen Appointed as Liquidators JADE ALLIANCE: Lau and Yuen Appointed as Liquidators JOYFUL ENTERPRISES: Court to Hear Wind-Up Petition on March 17 KING SUCCESS: Court Enters Wind-Up Order LING SING: Court Enters Wind-Up Order LUCKY WIN: Court Enters Wind-Up Order MYGUIDEGPS LIMITED: Court to Hear Wind-Up Petition on April 7 NOVACHEM LIMITED: Court to Hear Wind-Up Petition on April 28 OASIS HK AIRLINES: Creditors' Proofs of Debt Due March 31 PEARL YING: Court Enters Wind-Up Order PINE YEAR: Court to Hear Wind-Up Petition on March 17 REGAL FILMS: Creditors Get 13.780% Recovery on Claims SAM'S & ASSOCIATED: Court Enters Wind-Up Order SEGA ENGINEERING: Court Enters Wind-Up Order SKY TECH: Court Enters Wind-Up Order SUN FOOK: Court Enters Wind-Up Order SUN MICRO: Lai and Haughey Appointed as Liquidators TEAM MART: Court Enters Wind-Up Order I N D I A ACTGEN PHARMA: CRISIL Assigns 'B' Rating on INR180MM Term Loan ANNEX GLASS: CRISIL Assigns 'B+' Rating on INR150MM Long-Term Loan DEVGIRI EXPORTS: ICRA Places 'LBB+' Rating on INR130MM Bank Debts INTERNATIONAL LOHA: ICRA Rates INR200MM Bank Facilities at 'LBB' KASHMIR APIARIES: ICRA Puts 'LB+' Rating on INR225.6MM LT Loans NARMADA CEREAL: Delay in Loan Repayment Cues CRISIL Junk Ratings SHRI RAM: Small Net Worth Prompts CRISIL 'BB' Ratings TOSHNIWAL ASSOCIATES: CRISIL Reaffirms 'B+' Rating on Term Loan VIRAJ PROJECTS: ICRA Assigns 'LBB' Rating on INR90MM Bank Debts J A P A N JAPAN AIRLINES: Starts Tokyo-Dubai Codeshare Flights with Emirates JAPAN AIRLINES: Seeks Approval From MLIT for Fuel Surcharge JAPAN AIRLINES: Stock Delisted, Ends Final Trading at JPY1 JMAC4 TRUST: Moody's Downgrades Ratings on Various Classes JVC KENWOOD: To Close Mexico Plant, 200 Jobs at Risks M A L A Y S I A TRACOMA HOLDINGS: Triggers Practice Note 17 Criteria WWE HOLDINGS: To Hold 21st Annual Meeting on March 25 N E W Z E A L A N D ALLIED FARMERS: Announces Key Appointments ALLIED FARMERS: Posts NZ$11.84MM Net Loss in Six Mos. Ended Dec.31 ALLIED FARMERS: Unit Places Property Ventures in Receivership PROPERTY VENTURES: Placed in Receivership Over Loan Guarantee S I N G A P O R E FOUNDATION ASIANA: Creditors' Proofs of Debt Due March 19 GOODRICH CONTROL: Creditors' Proofs of Debt Due April 5 INTERMEDIA NETWORK: Court Enters Wind-Up Order IPACS COMPUTER: Creditors Get 45% Recovery on Claims M+ CORP: Court Enters Wind-Up Order OSCELMARINE PTE: Creditors' Proofs of Debt Due March 19 SHARIKAT KIAN: Court to Hear Wind-Up Petition on March 19 TOYO GLASS: Creditors' Proofs of Debt Due April 5 - - - - - ================= A U S T R A L I A ================= 7STEEL DISTRIBUTION: Placed in Receivership; Assets Up for Sale --------------------------------------------------------------- National steel distribution company 7Steel Distribution has collapsed into receivership and been put up for sale, SmartCompany reports. Receivers Peter Marsden and David Kerr from accounting firm RSM Bird Cameron and administrators Paul Weston and David Young from Pitcher Partners were appointed on March 1, the report says. SmartCompany relates Messrs. Marsden and Kerr have now put the business on the sale block. The company had revenue of AU$110 million in 2008-09, the report says. According to the report, 7Steel Distribution is part of the Consolidated Steel Group, a diversified steel operation which also includes 7Steel Building Products, Hong Kong-based steel trading company Pacific Industrial Group, and Sydney-based steel trader Capital Stee Administrator Paul Weston told SmartCompany that from his perspective, 7Steel was "quite separate" from the other parts of the group. "My only interest is an administrator of 7Steel Distribution," the report quoted Mr. Weston as saying. "The receivers are in control of the assets and we will be working with them to try and maximize the position for all creditors," Mr. Weston added. Offers for the business are due March 12 and the first creditors meeting will be held on March 10. About 7Steel Headquartered in Mount Druitt, Australia, 7Steel Distribution -- http://www.7steeldistribution.com.au/-- provides steel products. It has 11 sites located around Australia, including facilities in NSW, Victoria, Queensland, Northern Territory and Western Australia. ABC LEARNING: Court Approves Sale of Grove's Yacht, Helicopter -------------------------------------------------------------- The Sydney Morning Herald reports that the Federal Court of Australia has approved the sale of a helicopter and yacht on which ABC Learning co-founder Eddy Groves defaulted mortgage repayments. The report relates that the Australian and Securities and Investments Commission had frozen all of Mr. Groves' property and has possession of his passport. But the Sydney court on Friday allowed the sale of the multi-million dollar assets after consent was received from ASIC, Mr. Groves and his wife, the report says. According to the report, the court was told sale processes were underway for both the helicopter and yacht, on which Mr. Groves defaulted late last year and subsequently handed over to receivers. The court was told that more than AU$5.3 million was owed on the 87-foot Warren S87 Sports Yacht named Use'n'Too, while AU$6.4 million was owed on the Italian-made helicopter, the report says. One process was due to end on March 8 and the other on March 31, but specifics were not given as to which assets they related to, the Herald notes. Based in Australia, ABC Learning Centers Limited (ASX: ABS) -- http://www.childcare.com.au/-- provides childcare services and education in more than 1,200 centers in Australia, New Zealand, the United States and the United Kingdom. The Company's subsidiaries include A.B.C. Developmental Learning Centers Pty Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier Early Learning Centers Pty Ltd., A.B.C. Developmental Learning Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings (NZ) Limited and Child Care Centers Australia Ltd. On January 26, 2007, it acquired La Petite Holdings Inc. On February 2, 2007, it acquired Forward Steps Holdings Ltd. On March 23, 2007, it acquired Children's Gardens LLP. In September 2007, the Company purchased the Nursery division (Leapfrog Nurseries) from Nord Anglia Education PLC. In June 2008, the Company completed the sale of a 60% stake in its United States business to Morgan Stanley Private Equity. * * * As reported in the Troubled Company Reporter-Asia Pacific on November 6, 2008, ABC Learning Centers Limited appointed Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary administrators of the company and a number of its subsidiaries. Subsequent to the appointment of administrators, the company's banking syndicate appointed Chris Honey, Murray Smith and John Cronin of McGrathNicol as receivers. OCCUPATIONAL & MEDICAL: Seeks Recognition of Aussie Proceedings --------------------------------------------------------------- Occupational & Medical Innovations Ltd. filed a Chapter 15 petition in Tyler, Texas (Bankr. E.D. Tex. Case No. 10-60181). It said assets are less than $10 million while debt exceeds $100 million. Occupational & Medical is an Australia-based developer of safety products for the health-care industry. OMI is undergoing insolvency proceedings in Australia. It is seeking from the U.S. Bankruptcy Court recognition of the Australian proceedings as a foreign main proceeding under Chapter 15 of the Bankruptcy Code. A hearing on the request is scheduled for March 18. Chapter 15 allows a non-U.S. debtor to seek a stay of creditor actions against it in the U.S. while it reorganizes abroad. OMI had been embroiled in litigation before the U.S. District Court, Eastern District of Texas, Tyler Division, involving alleged patent infringement by OMI of Retractable Technologies, Inc. patent involving retractable syringes. A trial was had on December 14 through 17th, 2009, with a jury verdict in favor of RTI being rendered on December 18, 2009. Currently pending before the district court is a motion for permanent injunction by RTI and a motion for judgment as a matter of law by OMI. As to the Australian proceedings, on February 19, 2010, OMI's administrators received a "Proposal for a Deed of Company Arrangement from AssistMed (Australia) Pty. Ltd." In it, AssistMed Pty., Ltd., proposes to take a 51% equity stake in OMI in exchange for payment of all secured creditors, employee entitlements, and costs of administration. Unsecured creditors will receive either payment or stock in the recapitalized company. The administrators will schedule a second meeting of creditors to obtain approvals for the arrangement in the next couple of weeks, and anticipate that some time in early April the arrangement will be approved. The administrators believe that this arrangement will likely be approved by the creditors. STORM FINANCIAL: Founders Slam CBA Settlement Offer --------------------------------------------------- The Age reports Storm Financial founder Emmanuel Cassimatis said the settlement with Commonwealth Bank favors the bank, not the Storm clients. According to the report, Mr. Cassimatis finds the offer too low. In his letter, Mr. Cassimatis pointed to a ruling in a similar case involving Macquarie Bank and Leveraged Equities and a margin-loan borrower, Sydney barrister Ross Goodridge. According to the report, Mr. Cassimatis wrote to his former clients "as a concerned friend." Mr. Cassimatis accused Commonwealth Bank of spreading false information. He said he had spent his own money on a court case against the banks. The report recalls Slater & Gordon issued the terms of a settlement with Commonwealth Bank, and has been conducting seminars for investors explaining the settlement. According to the report, Slater & Gordon says the settlement, which has been ratified by an independent panel of legal professionals, allows investors to take advantage of the Goodridge case findings if their margin loans fit the same limited criteria. The Age relates Mr. Goodridge was awarded shares worth $3.2 million after his shares were sold by Leveraged Equities. A court had held Mr. Goodridge still had a contract with his original lender, Macquarie Bank. According to the report, Mr. Cassimatis said he had met Mr. Goodridge's solicitors, Firths the Compensation Lawyers, and had passed on details of Stephen Firth and Mr. Firth's offer of a free assessment. According to the report, Mr. Firth said he believed many Storm Financial investors might have a better case than Mr. Goodridge, because they had not received a margin call when their investments were collapsing. Meanwhile, The Australian reports that litigation specialist Levitt Robinson was hosting public meetings with former Storm investors late last week to urge them not to accept the Commonwealth Bank's current $200 million-plus settlement deal, claiming that they are legally entitled to much more. According to The Australian, Stewart Levitt -- whose law firm Levitt Robinson represents about 100 Storm clients -- said the deals brokered by Slater & Gordon were at the very bottom of the compensation calculations that could be awarded in a court of law. Mr. Levitt said if the CBA was not willing to negotiate better deals, Levitt Robinson would proceed with court action, The Australian relates. Levitt Robinson was holding information meetings last week in Mackay and Brisbane to address the CBA deal and discuss possible alternatives, the report notes. As reported in the Troubled Company Reporter-Asia Pacific on February 24, 2010, the Commonwealth Bank said it has finalized a framework to resolve claims brought by customers affected by the collapse of Storm Financial. The framework will operate within the Storm Resolution Scheme, announced by the Bank in June 2009, in which more than 2,000 affected customers are participating. The Bank agreed to the framework with Slater & Gordon based on an assessment of six test cases, representing a variety of scenarios across home and margin lending, by the Independent Panel established by the Bank to oversee the Scheme. The Panel -- comprising retired High Court Justice Ian Callinan AC, retired Federal Court Justice Roger Gyles AO QC and Robert Gotterson QC -- held that the framework constitutes a fair and reasonable basis for the resolution of claims. Commonwealth Bank CEO Ralph Norris said recipients of offers would still retain all their rights under the Scheme, including the ability to have their claim evaluated and determined by the Independent Panel if they wish. 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 Solvency & Forensic Accountants as voluntary administrators after the Commonwealth Bank of Australia 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 CBA, Storm's largest creditor, lodged a AU$27.09 million debt claim at a first meeting of the company's creditors on January 20. The group's remaining creditors are owed AU$51 million, plus a provision for dividends of AU$10 million. On March 27, 2009, the TCR-AP 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 ========= SHANGHAI PUDONG: China Mobile Confirms Talks Over Investment ------------------------------------------------------------ China Mobile on March 3 confirmed it was in talks with Shanghai Pudong Development Bank over a potential investment in the lender, The Financial Times reports. According to the FT, China Mobile said it was holding preliminary discussions with Pudong Development in relation to the potential subscription of new shares and potential strategic co-operation. However, the report relates the telecoms group said it could not give an indication of the timing of the subscription and the strategic cooperation, adding that the transaction "may or may not proceed". As reported in the Troubled Company Reporter-Asia Pacific on March 2, 2010, Reuters said Shanghai Pudong Development Bank will raise about CNY40 billion by selling a roughly 20% strategic stake to China Mobile. Reuters, citing a report from Guotai Junan Securities, said Pudong Bank, part-owned by Citigroup Inc., would sell about 2.2 billion shares to China Mobile at no less than CNY17.82 each. "The cooperation would help boost Pudong Bank's profitability and is beneficial to the lender," Reuters cited Guotai Junan analyst Wu Yonggang as saying in the report dated Feb. 25. According to Reuters, Wu expects the fundraising to increase Pudong Bank's core capital adequacy ratio by about four percentage points to above 10%, while boosting its capital adequacy ratio to nearly 14%. 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. SHANGHAI PUDONG: CML Investment May Have No Neg. Implications ------------------------------------------------------------- Moody's Investors Service says that it notes the recent announcement made by China Mobile Limited (rated A1/positive) regarding the commencement of preliminary discussions with the Shanghai Pudong Development Bank Co., Ltd (rated Ba1/stable) with the view to taking an equity stake in the company. No further details were provided by CML. "The investment by telecommunications operators into banks and credit card companies is becoming an increasing trend across the region fueled by the rise of mobile payment systems and the growth of remittances in particular," says Laura Acres, a Moody's Vice President/Senior Credit Officer. "However, in this instance, given CML's large cash position and low leverage (RMB256.0 billion and 0.3x respectively as at 30th June 2009), it is expected that a sizeable investment could be funded without any negative implications for the balance sheet," adds Acres, also Moody's Lead Analyst for CML. Press reports have suggested that the investment could total RMB40 billion, however, in Moody's view, any such investment could signal an increased tolerance for risk and prove a distraction for senior management particularly during the rollout of the TD-SCDMA platform. Moody's will continue to monitor the situation for any potential credit implications. The last rating action on CML was on 9th November 2009 when Moody's changed the outlook on CML's local currency issuer rating to positive from stable following a similar rating action on the People's Republic of China's local currency guideline. CML is the leading provider of GSM mobile telecommunications services in China, offering voice and data services in all 31 provinces and autonomous regions, and now also in Hong Kong. As of 31st January 2010, CML had a customer base in excess of 527.4 million subscribers and a market share of approximately 70%. CML's parent, CMCC, owns 74% of the company and is itself in turn 100%-owned by the state-owned Assets Supervision and Administration Commission. The remaining shares are publicly held. ================ H O N G K O N G ================ GOLDCONE PROPERTIES: Creditors' Proofs of Debt Due March 13 ----------------------------------------------------------- Goldcone Properties Limited, which is in voluntary liquidation, requires its creditors to file their proofs of debt by March 13, 2010, to be included in the company's dividend distribution. The company's liquidators are: Lui Wan Ho Lui Yee Lin Room 1701, Olympia Plaza 255 King's Road North Point Hong Kong GOLDEN HERO: Court Enters Wind-Up Order --------------------------------------- The High Court of Hong Kong entered an order on February 17, 2010, to wind up the operations of Golden Hero Industries Limited. The official receiver is E T O'Connell. GOOD ASCENT: Contributories and Creditors to Meet on March 8 ------------------------------------------------------------ Contributories and creditors of Good Ascent Investment Limited will hold their first meeting on March 8, 2010, at 2:00 p.m., and 2:30 p.m., respectively at Unit 511, 5/F, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong. At the meeting, Ho Man Kit Horace and Kong Sze Man Simone, the company's provisional liquidators, will give a report on the company's wind-up proceedings and property disposal. HE XING: Court Enters Wind-Up Order ----------------------------------- The High Court of Hong Kong entered an order November 30, 2009, to wind up the operations of He Xing Telecom Limited. The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit Sammy. IMAG TECHNOLOGY: Court Enters Wind-Up Order ------------------------------------------- The High Court of Hong Kong entered an order on February 10, 2010, to wind up the operations of Imag Technology (Hong Kong) Limited. The official receiver is E T O'Connell. IMAGI PRODUCTION: Court to Hear Wind-Up Petition on April 14 ------------------------------------------------------------ A petition to wind up the operations of Imagi Production Limited will be heard before the High Court of Hong Kong on April 14, 2010, at 9:30 a.m. The Petitioner's Solicitors are: Angela Ho & Associates 1106, Tower 1, Lippo Centre 89 Queensway, Hong Kong INFOSCIENCE HOLDINGS: Court to Hear Wind-Up Petition on March 24 ---------------------------------------------------------------- A petition to wind up the operations of Infoscience Holdings Limited will be heard before the High Court of Hong Kong on March 24, 2010, at 9:30 a.m. Texaco Investments No. 1 Limited filed the petition against the company on January 12, 2010. The Petitioner's Solicitors are: Woo, Kwan, Lee & Lo Sun Hung Kai Centre, Room 2801 30 Harbour Road Wanchai, Hong Kong JADE ALLIANCE METAL: Lau and Yuen Appointed as Liquidators ---------------------------------------------------------- Lau Wu Kwai King Lauren and Yuen Tsz Chun Frank on February 5, 2010, were appointed as liquidators of Jade Alliance Metal Limited. The liquidators may be reached at: Lau Wu Kwai King Lauren Yuen Tsz Chun Frank Messrs. KLC Kennic Lui & Co. Ho Lee Commercial Building, 5/F 38-44 D' Aguilar Street Central, Hong Kong JADE ALLIANCE: Lau and Yuen Appointed as Liquidators ---------------------------------------------------- Lau Wu Kwai King Lauren and Frank Yuen Chun on February 5, 2010, were appointed as liquidators of Jade Alliance Limited. The liquidators may be reached at: Lau Wu Kwai King Lauren Yuen Tsz Chun Frank Messrs. KLC Kennic Lui & Co. Ho Lee Commercial Building, 5/F 38-44 D' Aguilar Street Central, Hong Kong JOYFUL ENTERPRISES: Court to Hear Wind-Up Petition on March 17 -------------------------------------------------------------- A petition to wind up the operations of Joyful Enterprises Limited will be heard before the High Court of Hong Kong on March 17, 2010, at 9:30 a.m. Sunye Textile Company filed the petition against the company on November 30, 2009. The Petitioner's Solicitors are: Messrs. S.C. Chan & Co. Full Win Commercial Centre Unit B, 9th Floor 573 Nathan Road Kowloon, Hong Kong KING SUCCESS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Hong Kong entered an order December 22, 2009, to wind up the operations of King Success International Holdings Limited. The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit Sammy. LING SING: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on February 17, 2010, to wind up the operations of Ling Sing Transportation Limited. The official receiver is E T O'Connell. LUCKY WIN: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order January 18, 2010, to wind up the operations of Lucky Win Enterprises Limited. The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit Sammy. MYGUIDEGPS LIMITED: Court to Hear Wind-Up Petition on April 7 ------------------------------------------------------------- A petition to wind up the operations of MyGuideGPS Limited will be heard before the High Court of Hong Kong on April 7, 2010, at 9:30 a.m. NOVACHEM LIMITED: Court to Hear Wind-Up Petition on April 28 ------------------------------------------------------------ A petition to wind up the operations of Novachem Limited will be heard before the High Court of Hong Kong on April 28, 2010, at 9:30 a.m. Vilmax S.A. filed the petition against the company on February 10, 2010. The Petitioner's Solicitors are: Edward Ko & Company Yue Thai Commercial Building, 18/F No. 128 Connaught Road Central Hong Kong OASIS HK AIRLINES: Creditors' Proofs of Debt Due March 31 --------------------------------------------------------- Oasis Hong Kong Airlines Limited, which is in voluntary liquidation, requires its creditors to file their proofs of debt by March 31, 2010, to be included in the company's dividend distribution. The company's liquidators are: Edward Middleton Patrick Cowley Prince's Building, 8th Floor 10 Chater Road Central, Hong Kong PEARL YING: Court Enters Wind-Up Order -------------------------------------- The High Court of Hong Kong entered an order on February 17, 2010, to wind up the operations of Pearl Ying Fai Logistics Limited. The official receiver is E T O'Connell. PINE YEAR: Court to Hear Wind-Up Petition on March 17 ----------------------------------------------------- A petition to wind up the operations of Pine Year Development Limited will be heard before the High Court of Hong Kong on March 17, 2010, at 9:30 a.m. Richful Engineering Limited filed the petition against the company on January 7, 2010. The Petitioner's Solicitors are: Chiu and Lau Room 42, 4th Floor New Henry House 10 Ice House Street Central, Hong Kong REGAL FILMS: Creditors Get 13.780% Recovery on Claims ----------------------------------------------------- Regal Films Company Limited, which is in liquidation, paid the first and final dividend to its creditors on February 26, 2010. The company paid 13.780% for all claims. SAM'S & ASSOCIATED: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Hong Kong entered an order on February 17, 2010, to wind up the operations of Sam's & Associated Limited. The official receiver is E T O'Connell. SEGA ENGINEERING: Court Enters Wind-Up Order -------------------------------------------- The High Court of Hong Kong entered an order February 3, 2010, to wind up the operations of Sega Engineering Co. Limited. The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit Sammy. SKY TECH: Court Enters Wind-Up Order ------------------------------------ The High Court of Hong Kong entered an order December 7, 2009, to wind up the operations of Sky Tech Circuits Company Limited. The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit Sammy. SUN FOOK: Court Enters Wind-Up Order ------------------------------------ The High Court of Hong Kong entered an order January 28, 2010, to wind up the operations of Sun Fook Yuen Seafood Restaurant Limited. The company's liquidators are Yu Tak Yee Beryl and Choi Tze Kit Sammy. SUN MICRO: Lai and Haughey Appointed as Liquidators --------------------------------------------------- Lai Kar Yan (Derek) and Darach E. Haughey on February 12, 2010, were appointed as liquidators of Sun Micro Motor Technology Limited. The liquidators may be reached at: Lai Kar Yan (Derek) Darach E. Haughey 35/F, One Pacific Place 88 Queensway Hong Kong TEAM MART: Court Enters Wind-Up Order ------------------------------------- The High Court of Hong Kong entered an order on February 10, 2010, to wind up the operations of Team Mart International Limited. The official receiver is E T O'Connell. ========= I N D I A ========= ACTGEN PHARMA: CRISIL Assigns 'B' Rating on INR180MM Term Loan -------------------------------------------------------------- CRISIL has assigned its 'B-/Negative/P4' ratings to the bank facilities of Actgen Pharma Pvt Ltd. Facilities Ratings ---------- ------- INR50 Million Cash Credit B-/Negative (Assigned) INR180 Million Term Loan B-/Negative (Assigned) INR40 Million Letter of Credit P4 (Assigned) The ratings reflect Actgen's low revenue visibility, as the company is yet to commence commercial production, and product concentration in revenue profile -- ciprofloaxacin active pharmaceutical ingredients. These rating weaknesses are partially offset by the industry experience and track record of Actgen's promoters Hiran Orgochem Ltd and Mr. Ajay Dharamshi. Outlook: Negative CRISIL expects a sharp deterioration in Actgen's financial risk profile over the medium term; this is because of the company's low revenue visibility, as it has not commenced commercial production yet, as also because of its large quantum of maturing debt over the same period. The rating may be revised downwards if Actgen fails to generate adequate cash flows, or bring in additional capital, to meet its upcoming debt-related payments. Conversely, the outlook may be revised to 'Stable' if the company secures contracts which could generate substantial revenues, thereby improving its financial risk profile. About Actgen Pharma Actgen was incorporated in 2008 as an equal joint venture between HOL and Mr. Ajay Dharamshi. The company has set up a plant in Ankleshwar, Gujarat that meets the United States Food and Drug Administration (USFDA) requirements; this will enable Actgen to manufacture and sell ciprofloxacin APIs in the regulated markets. Commercial production is expected to commence in March 2010. HOL (rated 'D/P5' by CRISIL) was incorporated in 1983 by Mr. Kantilal Hiran. The company is into manufacturing of various APIs, mainly ciprofloxacin, ofloxacin, and levofloxacin. HOL is the one of the largest manufacturers of ciprofloxacin in India. Mr. Ajay Dharamshi has a track record of setting up USFDA-approved plants for the pharmaceutical industry. ANNEX GLASS: CRISIL Assigns 'B+' Rating on INR150MM Long-Term Loan ------------------------------------------------------------------ CRISIL has assigned its 'B+/Stable' rating to Annex Glass Industries Pvt Ltd's bank facilities. Facilities Ratings ---------- ------- INR150.0 Million Long-Term Loan B+/Stable (Assigned) INR40.0 Million Cash Credit B+/Stable (Assigned) The rating reflects AGIPL's exposure to risks relating to the implementation of its greenfield project, to the nascent stage and small scale of its operations in the highly fragmented architectural float glass industry, and to downturns in the real estate and construction sectors. These rating weaknesses are partially offset by AGIPL's expected moderate financial risk profile. Outlook: Stable CRISIL believes that AGIPL's operations and credit risk profile will remain constrained owing to its exposure to risks relating to project implementation and the start up phase of its operations. The outlook may be revised to 'Positive' if AGIPL completes its project on time and within the budgeted cost, leading to ramp up in operations. Conversely, the outlook may be revised to 'Negative' if AGIPL reports time or cost overruns in the implementation of the project or significant delays in ramping up operations. About Annex Glass AGIPL, incorporated in 2007 by Mr. Parvataneni Bapaiah and his sons, Mr. Krishna Kishore and Mr. Krishna Kiran, (collectively holding 60 per cent of the stake), and Mr. Bapaiah's nephew, Mr. Sunkara Anil Kumar (holding 40% of the stake). The company is setting up an architectural float glass processing unit with a capacity of 170 square metres per hour in Kesaram (Andhra Pradesh). The company will be manufacturing various types of processed glasses such as toughened glass, laminated glass, insulated glass, solar photovoltaic glass and printed glass, which find application in the construction sector. The entire cost of the project is INR280 million; it is expected to start commercial operations in August 2010. DEVGIRI EXPORTS: ICRA Places 'LBB+' Rating on INR130MM Bank Debts ----------------------------------------------------------------- ICRA has assigned "LBB+" rating to the INR 130.0 million Fund Based and Non Fund Based limits of Devgiri Exports. ICRA has also assigned stable outlook to the ratings. ICRA has taken a consolidated view of the group including ABC Industries and Devgiri Exports to analyze business and financial profile. The ratings are constrained by low profitability, exposure to currency fluctuation risk, high working capital intensity, high competitive intensity in the segment given the commoditized nature of the business and inherent risks in a partnership structure. However the ratings draw comfort from the long experience and track record of the promoters, presence of group across the production value chain and favorable government policies allowing fiscal incentives to the firm. The firm is engaged in manufacturing and marketing of bath rugs and woven dhurries. Devgiri Exports is part of ABC group of companies that is having its manufacturing setup in Panipat and Mirzapur. The firm operates its manufacturing facility at Panipat where it leverages support from other group entities that are engaged on job work basis to supply fabric and perform other related activities such as dyeing. The firm caters to retailers like Walmart, Target, COOP, IKEA and Carrefour in U.S and Europe. The firm has achieved sales of INR512.8 million and Profit After Tax of INR49.1 million in the first six months of the financial year 2009-10. INTERNATIONAL LOHA: ICRA Rates INR200MM Bank Facilities at 'LBB' ---------------------------------------------------------------- ICRA has assigned a "LBB" rating to the INR200 million cash credit facilities of International Loha Bhandar Private Limited. The long term rating has a stable outlook. The rating takes into account competitive and fragmented nature of the steel trading industry which exerts pressures on ILBPL's margins; company's relatively high gearing levels and its modest debt protection indicators. The rating is also constrained by ILBPL's limited track record, its modest scale of operations and its susceptibility to adverse movements in raw material prices. The rating, however, draws comfort from ILBPL's experienced management and its reputed supplier base. International Loha is a private limited company engaged in trading of HR sheets and coils. The company was incorporated in 2006 and is promoted by Mr. Dharmender Goyal, who has been engaged in the trading business since 1994. The company procures the HR steel coils/plates from various manufacturers like SAIL, Essar, Lloyd Steel, Jindal Steel and ISPAT Steel. The company has its own stockyard in Faridabad (Haryana) and sales offices located in Faridabad (Haryana) and Jaipur (Rajasthan). In FY2009, the company posted a profit before tax of INR5.1 million on a turnover of INR1.43 billion. KASHMIR APIARIES: ICRA Puts 'LB+' Rating on INR225.6MM LT Loans --------------------------------------------------------------- ICRA has assigned a rating of "LB+" to long term fund based limits of Rs 225.6 million of Kashmir Apiaries Exports. ICRA's rating is constrained by vulnerability of profitability to foreign currency fluctuations and exposure to global competition with firm's focus on exports markets. It is also constrained by susceptibility of honey production to ecological conditions such as climatic conditions, flora availability and pest attacks etc. Moreover, seasonality of honey production coupled with relatively high debtor days in exports markets results in high working capital intensity which in turn results in high funding requirements and consequently high gearing. Consequently, the company has generated negative cashflow from operations and the firm's liquidity as reflected by its working capital limits utilization has also remained below average. ICRA rating action however positively factors in its sizable honey manufacturing capacity, its market leadership position in the exports market, adequate demand growth and improved profitability. Kashmir Apiaries Exports is engaged in the business of manufacturing honey over a decade(s). It owns and operates beekeeping farms/apiaries and it also operates around 10,000 MT p.a. unit to process honey. This unit is amongst the large honey processing unit(s) in Asia and it enjoys market leadership position in the exports market. Infact the group's total capacity of 20,000 MT is the third largest honey processing unit(s) in Asia, and together these accounts for 40% of the total honey production in the country and more than 80% of countries total exports. NARMADA CEREAL: Delay in Loan Repayment Cues CRISIL Junk Ratings ---------------------------------------------------------------- CRISIL has assigned its 'D' rating to Narmada Cereal Pvt Ltd's bank facilities. Facilities Ratings ---------- ------- INR150 Million Cash Credit* D (Assigned) INR52 Million Term Loan D (Assigned) INR23 Million Proposed Long-Term D (Assigned) Bank Loan Facilities *Includes preshipment/FBP sublimit of INR80 million. The rating reflects delay by NCPL in repayment of term loan obligations by few days each month; the delay has been because of NCPL's weak liquidity. Incorporated in February 2007 by Mr. Arun Mittal, his brother Mr. Praveen Mittal and Mr. Sundra Gupta, NCPL commenced commercial production on April 1, 2008. The company mills Pusa 1121 basmati rice, sold under its Narmada Rice brand in India; it has a processing unit in Bhopal (Madhya Pradesh) with capacity of 42000 tonnes per annum (tpa). The company also exports rice to UAE, which accounted for around 13 per cent of its turnover in 2009-10 (refers to financial year, April 1 to March 31). NCPL reported a profit after tax (PAT) of INR11 million on net sales of INR208.8 million for 2008-09, which was the first year of operations. SHRI RAM: Small Net Worth Prompts CRISIL 'BB' Ratings ----------------------------------------------------- CRISIL has assigned its 'BB/Stable' rating to the bank facilities of Shri Ram Impex (India) Pvt Ltd. Facilities Ratings ---------- ------- INR220 Million Cash Credit Facility* BB/Stable (Assigned) INR30 Million Term Loan BB/Stable (Assigned) *Includes proposed limit of INR70 million for cash credit. The cash credit facility is interchangeable with letter of credit, foreign currency loan, and buyer's credit facility. The rating reflects SRIPL's low financial flexibility marked by small net worth and high gearing levels, and vulnerability of its profitability to foreign exchange rate fluctuations. These rating weaknesses are partially offset by the industry experience of the company's promoters. Outlook: Stable CRISIL believes that SRIPL will maintain its business risk profile on the back of its focus on improving its trading volumes, and its established client relationships. The outlook may be revised to 'Positive' if SRIPL increases its scale of operations by diversifying its client mix and improvement in capital structure of the company driven by fresh equity infusion by promoters, or the company's cash accruals increase because of more-than-expected growth in operating income. Conversely, the outlook may be revised to 'Negative' in case of deterioration in the company's profitability or capital structure. About Shri Ram Shri Ram Impex (India) Pvt Ltd. was incorporated in 2000 by Mr. Vineet Bhatia; the company took over the business of a firm, Shri Ram Enterprises, incorporated in 1984 by Mr. Vineet Bhatia's father, Mr. Prem Bhatia. Shri Ram Enterprises was engaged in the import and trading of tin plate, hot-rolled, cold-rolled, and galvanised steel. After the acquisition, SRIPL started importing defective tin plates, tin free sheets, tin sheet cuttings, and selling them in India. For 2008-09 (refers to financial year, April 1 to March 31), SRIPL reported a profit after tax (PAT) of INR6 million on net revenues of INR704 million, against a PAT of INR13 million on net revenues of INR532 million for 2007-08. TOSHNIWAL ASSOCIATES: CRISIL Reaffirms 'B+' Rating on Term Loan --------------------------------------------------------------- CRISIL's ratings on the bank facilities of Toshniwal Associates Pvt Ltd continue to reflect Toshniwal's weak financial risk profile marked by low net worth, high gearing, and weak debt protection measures, and susceptibility to volatility in raw material prices, which are linked to weather conditions. These rating weaknesses are partially offset by the healthy growth prospects in the guar gum products industry, and the promoters' track record in the guar gum products business. Facilities Ratings ---------- ------- INR6.1 Million Cash Credit B+/Stable (Reaffirmed) INR4.0 Million Term Loan B+/Stable (Reaffirmed) INR79.9 Million Packing Credit P4 (Reaffirmed) Outlook: Stable CRISIL believes that Toshniwal will maintain its business risk profile over the medium term, supported by steady demand for guar splits and guar gum, and its established relationships with customers. The outlook may be revised to 'Positive' if Toshniwal's profitability and capital structure improve. Conversely, the outlook may be revised to 'Negative' if the company contracts more debt, resulting in deterioration in its debt protection indicators, or if there is any adverse regulatory change. About Toshniwal Associates Incorporated in 1995, Toshniwal manufactures guar gum powder from guar splits. Guar gum meal, a by-product, is sold as cattle feed. Guar gum is used as a binding and thickening agent in food products, besides being used in the mining process and the manufacture of petrochemicals. Toshniwal acquired Lalit Converters, engaged in the manufacture of guar splits, in September 2008. Commercial operations commenced in December 2009, and the unit is expected to stabilise operations by June 2010. Toshniwal reported a profit after tax (PAT) of INR0.56 million on sales of INR758.1 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR0.48 million on net sales of INR337.8 million for 2007-08. VIRAJ PROJECTS: ICRA Assigns 'LBB' Rating on INR90MM Bank Debts --------------------------------------------------------------- ICRA has assigned an "LBB" rating to the INR 90.0 million fund based bank limit and INR 110.0 million non-fund based limit of Viraj Projects (India) Private Limited. ICRA has assigned stable outlook to the rating. The rating is constrained by VPL's limited track record of project execution, moderate scale of operations, modest order-book position and client/geographic concentration. Further, the rating takes into account the decreasing trend in the operating margins (OPBDITA/OI) and net margins (PAT/OI) over the past three years, decline of 10.4% in the company's turnover in FY09 as compared to FY08 and high gearing of 1.79 times as of March 31, 2009. Moreover, VPL booked low revenue of INR 364.6 million in the first nine months of FY10 (provisional) due to inadequate orders and delays in execution of few projects. Nevertheless, the ratings are supported by experienced management team and reputed client base of the company. Viraj Projects (India) Pvt. Ltd (VPL), formerly known as Kamdar Constructions (P) Ltd. is a Pune-based company of Kumar Properties group and is into execution of construction projects. Kumar Properties group was established by Mr. K.H. Oswal in 1966 and has developed 17 million sq. ft. of commercial and Mr. Hitesh K Jain (Director). VPL executes projects in the field of industrial civil work, water treatment/distribution projects, construction of windmills foundations, commercial/residential buildings and IT buildings. Till FY09, VPL had been largely dependent on the windmill foundation projects coming from Suzlon group for which it has executed a number of projects at places like Kanyakumari, Coimbatore, Sangli, Dhule and Pallakkad. The company has also executed real estate projects for its group companies and other groups like Panchsheel on contractual basis besides industrial civil works for clients such as Thermax Limited, Dow Carning Private Limited and Reliance Petrochemicals Limited. As of December 31, 2009, VPL's order-book comprised of projects from segments like water treatment/distribution projects (50%), commercial/residential buildings (30%), industrial buildings/plants (14%) and other civil works (6%). During FY09,VPL reported an operating income (OI) of INR 920.5 million and a profit after tax (PAT) of INR 9.45 million as against an OI of INR 1028.7 million and PAT of INR 15.64 million in FY08, registering a decline of 10.4%. ========= J A P A N ========= JAPAN AIRLINES: Starts Tokyo-Dubai Codeshare Flights with Emirates ------------------------------------------------------------------ Japan Airlines (JAL) and Dubai-based Emirates Airline (EK) reached an agreement to expand their code share partnership between Japan and Dubai. JAL will start placing its "JL" flight indicator on EK- operated flights between Tokyo (Narita) and Dubai from March 28, 2010, when EK will launch the new direct service to Narita, flying five times a week. Both airlines have been offering code share services on the Osaka (Kansai) = Dubai route since 2002. By further strengthening their partnership through the new connection between Tokyo and Dubai, both airlines can build a more extensive network to increase customer convenience and better facilitate business and tourist travel to the Middle East from Japan. In addition to the code share flights, JAL and EK also linked their frequent flyer programs (FFP) in October 2002, enabling members of the JAL Mileage Bank (JMB) and Emirates' Skywards FFP to earn miles on each other's flights. Reservations and ticket purchase for the new code share service start promptly. About Japan Airlines Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-based company mainly engaged in the provision of air transport services. The Company is active in five business segments through its 203 subsidiaries and 83 associated companies. JAL International Co. Ltd. is a wholly owned operating subsidiary of Japan Airlines Corporation. Japan Airlines Corporation, Japan Airlines International Co., Ltd. and JAL Capital Co., Ltd., on January 19, 2010, filed the petitions to commenced corporate reorganization proceedings with the Tokyo District Court. The Court appointed the Enterprise Turnaround Initiative Corporation of Japan and Eiji Katayama, Esq., as reorganization trustees. Japan Airlines Corp. filed for reorganization January 19 in the Tokyo District Court and filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is $28 billion. Bankruptcy Creditors' Service, Inc., publishes Japan Airlines Bankruptcy News. The newsletter tracks the Chapter 15 proceedings and the bankruptcy proceedings in Tokyo undertaken by Japan Airlines Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) JAPAN AIRLINES: Seeks Approval From MLIT for Fuel Surcharge ----------------------------------------------------------- The JAL Group has requested for approval from the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT) to increase the current level of fuel surcharge on all international passenger tickets issued from April 1, 2010. The price of Singapore kerosene-type jet fuel during the 3 month period from November 2009 to January 2010 averaged US$84.66 per barrel. With reference to the fuel surcharge benchmark list for the fiscal year of, this corresponds to Zone C where fuel surcharges range from 500 yen on a Japan - Korea ticket to 13,500 yen on a Japan- Brazil ticket per person per sector flown, on tickets purchased in Japan. This level of surcharge will be applied to all international passenger tickets issued between April 1, and June 30, 2010. The company continues to conduct countermeasures as introducing more fuel-efficient, small and medium-sized aircraft to its fleet, to minimize the full impact of high fuel prices. Despite these measures, the company is reluctantly obliged to ask its international passengers to bear part of the burden caused by the increase in the price of fuel. Fuel Surcharge for the period: April 1 - June 30, 2010* Current Level: Zone B Revised Level: Zone C (As of Jan 01, 2010) (As of Apr 01, 2010) Based on average price of fuel: US$78.04/barrel US$84.66/barrel For sales For sales Route (Per person For sales outside For sales outside per sector flown) in Japan Japan in Japan Japan ---------------- --------------------- --------------------- Japan-Korea JPY300 US$3.00 JPY500 US$5.00 Japan-China, Hong Kong, Taiwan JPY1,500 US$15.00 JPY2,500 US$26.00 Japan-Guam, Philippines, Vietnam JPY2,000 US$20.00 JPY3,000 US$32.00 Japan-Malaysia, Singapore, Thailand JPY3,000 US$30.00 JPY4,500 US$48.00 Japan-Hawaii, India, Indonesia JPY4,000 US$39.00 JPY6,000 US$64.00 Japan-Canada, Europe, Middle East, Oceania, USA (excl. Hawaii) JPY7,000 US$69.00 JPY10,500 US$111.00 Japan - Brazil JPY10,000 US$98.00 JPY13,500 US$143.00 New York - Sao Paulo JPY3,000 US$30.00 JPY3,500 US$37.00 Amsterdam - Madrid JPY500 US$5.00 JPY1,000 US$11.00 Singapore - Australia JPY100 US$1.00 JPY3,000 US$32.00 Within Europe, Oceania (excl. those specified above/incl. some domestic sectors) JPY300 US$3.00 JPY500 US$5.00 Within Asia, Hawaii, North America, (excl. those specified above/ incl. some domestic sectors) JPY100 US$1.00 JPY200 US$2.00 *For full details about JAL's fuel surcharge policy, please refer to http://www.jal.co.jp/en/other/info2006_0714.html -- Applicable to all international passenger tickets issued on or after April 1, to June 30, 2010. -- The surcharge applies to flights operated by Japan Airlines and its subsidiaries, including JAL code-share flights operated by other airlines. -- The planned level of fuel surcharge is subject to government approval. Fuel Surcharge Benchmark List for Fiscal Year 2010 (for the year ending Mar 31, 2011) For the convenience of customers and travel agents, the following chart provides details of the fuel price benchmarks (US$/bbl) JAL uses, to determine the amount of fuel surcharge (JPY) placed on tickets per person per sector flown. Benchmark List A B C D From From From From Fuel Price (US$/bbl) Below US$60- US$70- US$80- US$90- Singapore Kerosene US$60 under under under under Hedge US$70 US$80 US$90 US$100 -------------------- ----- ------ ------ ------ ------ Japan - Korea JPY200 JPY300 JPY500 JPY1,000 Japan - China, Hong Kong, Taiwan JPY500 JPY1,500 JPY2,500 JPY3,500 Japan - Guam, Philippines, Vietnam JPY1,000 JPY2,000 JPY3,000 JPY4,000 Japan - Malaysia, No Singapore, fuel Thailand sur- JPY1,500 JPY3,000 JPY4,500 JPY6,500 charge Japan - Hawaii, India, Indonesia JPY2,000 JPY4,000 JPY6,500 JPY8,500 Japan - Canada, Europe, Middle East, Oceania, USA (excl. Hawaii) JPY3,500 JPY7,000 JPY10,500 JPY14,000 Japan - Brazil JPY6,500 JPY10,000 JPY13,500 JPY17,000 Benchmark List E F G From From From Fuel Price (US$/bbl) Below US$100- US$110- US$120- Singapore Kerosene US$60 under under under Hedge US$110 US$120 US$130 -------------------- ------ ------- ------ ------- Japan - Korea JPY1,500 JPY2,000 JPY2,500 Japan - China, Hong Kong, Taiwan JPY4,500 JPY5,500 JPY7,000 Japan - Guam, Philippines, Vietnam JPY5,000 JPY6,500 JPY8,000 Japan - Malaysia, No Singapore, fuel Thailand sur- JPY8,500 JPY10,500 JPY13,000 charge Japan - Hawaii, India, Indonesia JPY11,000 JPY13,500 JPY16,000 Japan - Canada, Europe, Middle East, Oceania, USA (excl. Hawaii) JPY17,500 JPY21,000 JPY25,000 Japan - Brazil JPY21,000 JPY25,000 JPY29,000 About Japan Airlines Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-based company mainly engaged in the provision of air transport services. The Company is active in five business segments through its 203 subsidiaries and 83 associated companies. JAL International Co. Ltd. is a wholly owned operating subsidiary of Japan Airlines Corporation. Japan Airlines Corporation, Japan Airlines International Co., Ltd. and JAL Capital Co., Ltd., on January 19, 2010, filed the petitions to commenced corporate reorganization proceedings with the Tokyo District Court. The Court appointed the Enterprise Turnaround Initiative Corporation of Japan and Eiji Katayama, Esq., as reorganization trustees. Japan Airlines Corp. filed for reorganization January 19 in the Tokyo District Court and filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is $28 billion. Bankruptcy Creditors' Service, Inc., publishes Japan Airlines Bankruptcy News. The newsletter tracks the Chapter 15 proceedings and the bankruptcy proceedings in Tokyo undertaken by Japan Airlines Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) JAPAN AIRLINES: Stock Delisted, Ends Final Trading at JPY1 ---------------------------------------------------------- Shares of Japan Airlines Corporation was officially delisted from the Tokyo Stock Exchange (TSE) on February 19, 2010. Shares of the cash-strapped carrier finished the company's last trading day on the TSE on February at 1 yen, unchanged since February 2, ending the carrier's almost half a century of presence on the bourse, Xinhuanet reported. According to Reuters, the shares were untraded on February 19 before 27.6 million changed hands for 1 yen apiece at the 3 p.m. close. In November 2007, the stock reached 277 yen and the airline's market value was as high as $8.2 billion, Reuters adds. "This will undoubtedly be a symbolic case in which shareholders are made to take responsibility," Xinhuanet quoted Tsuyoshi Segawa, an equity strategist at Mizuho Securities Co, as saying. "However, I do think that such an end could have been avoided had JAL taken a different path at an earlier point." According to Xinhuanet, JAL was first listed on the TSE's Second Section in 1961 and then moved to the First Section in 1970. After integrating operations with Japan Air System under a new holding company in October 2002, the carrier's shares hit a high of 366 yen in October 2003. The stock fell to the record low of 1 yen for the first time on January 22, three days after JAL filed for bankruptcy protection, Xinhuanet adds. About Japan Airlines Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-based company mainly engaged in the provision of air transport services. The Company is active in five business segments through its 203 subsidiaries and 83 associated companies. JAL International Co. Ltd. is a wholly owned operating subsidiary of Japan Airlines Corporation. Japan Airlines Corporation, Japan Airlines International Co., Ltd. and JAL Capital Co., Ltd., on January 19, 2010, filed the petitions to commenced corporate reorganization proceedings with the Tokyo District Court. The Court appointed the Enterprise Turnaround Initiative Corporation of Japan and Eiji Katayama, Esq., as reorganization trustees. Japan Airlines Corp. filed for reorganization January 19 in the Tokyo District Court and filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is $28 billion. Bankruptcy Creditors' Service, Inc., publishes Japan Airlines Bankruptcy News. The newsletter tracks the Chapter 15 proceedings and the bankruptcy proceedings in Tokyo undertaken by Japan Airlines Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) JMAC4 TRUST: Moody's Downgrades Ratings on Various Classes ---------------------------------------------------------- Moody's Investors Service has downgraded the ratings for the Class B through E trust certificates issued by JMAC4 Trust. The final maturity of the trust certificates will take place in February 2013. The individual rating actions are listed below. -- Class B, downgraded to A3 from Aa2; previously, Aa2 placed under review for possible downgrade on December 4, 2009 -- Class C, downgraded to B3 from Ba2; previously, Ba2 placed under review for possible downgrade on December 4, 2009 -- Class D, downgraded to C from Caa2; previously, Caa2 placed under review for possible downgrade on December 4, 2009 -- Class E, downgraded to C from Caa3; previously, Caa3 placed under review for possible downgrade on December 4, 2009 JMAC4 Trust, effected in March 2006, represents the securitization of 16 non-recourse loans backed by real estate. The transaction currently comprises four non-recourse loans backed by five properties. Moody's had placed the ratings on review for possible downgrade due to growing concerns about recovery stress -- higher than assumed as of last June -- on the specially serviced loan that had defaulted in December 2008. This loan is backed mainly by retail properties in provincial cities. All tenants had vacated. Six properties have already been sold, but the other two including the highest valued, remain on the market. Moody's has received relevant information about recovery activities on the loan from the trustee and the servicer. This rating action reflects Moody's concern that resulting losses of the loan -- upon the completion of the disposal of the properties -- could affect the Class B through E trust certificates negatively. In addition, in the current rating action, Moody's has re-assessed the recovery stress for other loans -- in the range of 24% to 32%, and 28% for the weighted average decline -- to assumptions at the initial rating (excluding the specially serviced loans). Moody's Investors Service is a publisher of rating opinions and research. It is not involved in the offering or sale of any securities, nor is it acting on behalf of the offering party. This release is not a solicitation or a recommendation to buy, hold, or sell securities. JVC KENWOOD: To Close Mexico Plant, 200 Jobs at Risks ----------------------------------------------------- Kyodo News reports that JVC Kenwood Holdings Inc. will stop making flat-screen TVs in North America and will cease operations at its plant in Tijuana, Mexico, as part of its efforts to turn around its loss-making TV business. The report, citing officials at JVC, says the company is considering selling off or closing the Tijuana plant and letting go all 200 workers. JVC Kenwood said in February it would restate earnings after disclosing cumulative losses of JPY17 billion) at its Victor unit's European businesses over the past five years. JVC Kenwood Holdings, Inc. (TYO:6632)-- http://www.jk-holdings.com -- is a Japan-based holding company. JVC Kenwood Holdings focuses on car and home electronics and wireless systems. The Company has 134 subsidiaries and 11 associated companies. JVC Kenwood sells TVs via Victor Co. of Japan Ltd. =============== M A L A Y S I A =============== TRACOMA HOLDINGS: Triggers Practice Note 17 Criteria ---------------------------------------------------- Tracoma Holdings Berhad has been classified as an Affected Listed Issuer under Practice Note 17 of the Listing Requirements of Bursa Malaysia Securities Berhad. The company has triggered PN17's Paragraph 8.04 and Paragraph 2.1(a) as the consolidated shareholders' equity for the full financial year ended December 31, 2009, is less than 25% of the Company's issued and paid-up capital and such shareholders' equity is less than MYR12 million. As an Affected Listed Issuer, the company will be given a time frame of 12 months to submit a regularization plan to the Securities Commission if the plan will result in a significant change in the business direction or policy of the Company; or submit a regularization plan to Bursa Malaysia if the plan will not result in a significant change in the business direction or policy of the Company, and obtain Bursa Malaysia's approval to implement the plan; Morover, Tracoma Holdings will be required to: -- implement the regularization plan within the timeframe stipulated by the SC or Bursa Malaysia, as the case may be; -- announce within three months from this First Announcement, on whether the regularization plan will result in a significant change in the business direction or policy of the Company; -- announce the status of its regularization plan and the number of months to the end of the relevant timeframes on a monthly basis until further notice from Bursa Malaysia; -- announce its compliance or non-compliance with a particular obligation imposed pursuant to the PN17, on an immediate basis; -- announce the details of the regularization plan and sufficient information to demonstrate that the Company is able to comply with all the requirements set out under paragraph 3.1 of PN17 after implementation of the regularizations plan, which shall include a timeline for the complete implementation of the regularization plan. The Requisite Announcement must be made by a corporate Finance adviser that may act as a principal adviser under the Securities Commission's Guidelines on Principal Advisers for Corporate Proposals; and -- where the Company fails to regularize its condition, announce the dates of suspension and de-listing of its listed securities immediately upon notification of suspension and de-listing by Bursa Malaysia. Currently, the company is in the midst of formulating a Regularization Plan. In addition, the Company is still undergoing its debt restructuring exercise whereby a final and holistic "Debt Restructuring Proposal" is still under discussions with the lenders. The Debt Restructuring exercise constitutes as the main function towards the overall Regularization Plan in order to uplift the PN17 status. About Tracoma Holdings Tracoma Holdings Berhad is a Malaysia-based investment holding that is engaged in the provision of management services. The Company is a manufacturer and supplier of automotive parts and components. Some of its wholly owned subsidiary companies include Tracoma Sdn. Bhd., which is engaged in manufacturing of automotive components; Malaysian Die-Makers Sdn. Bhd., which is engaged in die making and servicing; Trends Mecha Sdn. Bhd., which is engaged in parts and car design, and Malaysian Farm Machinery Sdn. Bhd., which is engaged in assembling and distributing agricultural tractors. WWE HOLDINGS: To Hold 21st Annual Meeting on March 25 ------------------------------------------------------ WWE Holdings Bhd will hold its 21st annual general meeting at 9:30 a.m. on March 25, 2010, at the Royal Ballroom, Kelab Golf Sultan Abdul Aziz Shah, No.1, Rumah Kelab, Jalan Kelab Golf 13/6, 40100 Shah Alam, in Selangor Darul Ehsan. At the meeting, the members will be asked to: -- receive the Audited Financial Statements of the Company for the financial year ended September 30, 2009, and the Reports of the Directors and Auditors thereon; -- approve the payment of Directors' fees of MYR39,000.00 for the financial year ended September 30, 2009; -- re-elect these directors retiring in accordance with Article 98 of the Company's Articles of Association: (a) Dr. Abdul Latif Bin Shaikh Mohamed (b) Puan Nurjannah Binti Ali; -- appoint Messrs. BDO Binder (AF 0206) as the Auditors of the Company and to authorize the Directors to fix their remuneration. Special Business: To consider and if thought fit, to pass this resolution as Ordinary Resolution: -- Authority to allot shares About WWE Holdings WWE Holdings Bhd is engaged in investment holding and is a contractor for the provision of engineering services related to design, fabrication, installation and commissioning of water, wastewater treatment, environmental facilities and construction activities. The company's subsidiaries include WWE Construction Sdn. Bhd., a contractor for the provision of engineering services related to design, fabrication, installation and commissioning of water, wastewater treatment, environmental facilities and construction activities; WWE Industries Sdn. Bhd., which provides installation of mechanical and electrical works connected with water, wastewater treatment and environmental engineering, and Quality Water Technology Sdn. Bhd., which undertakes research and development activities to develop new technologies related to water and wastewater * * * As reported by the Troubled Company Reporter-Asia Pacific on March 7, 2008, the company was classified as an Affected Listed Issuer under PN 17 of Bursa Malaysia Securities Berhad's Listing Requirements because the company's auditors were unable to ascertain the recoverability of the amounts and the outcome of the legal suit brought against the company. Thus, the auditors are unable to form an opinion on the financial statements of the Group for the financial year ended September 30, 2007. ==================== N E W Z E A L A N D ==================== ALLIED FARMERS: Announces Key Appointments ------------------------------------------ Allied Farmers Limited has announced a number of changes to its organization structure to align resources and business focus towards achieving its growth strategy in the rural and finance sectors. (A) Legal Counsel & Company Secretary Ross O'Neill has been appointed Legal Counsel & Company Secretary -- Allied Farmers Limited. Mr. O'Neill is a highly regarded corporate lawyer with more than 20 years commercial experience. A former partner of Kensington Swann, in Wellington, Mr. O'Neill serviced a number of high profile corporate clients and more recently he spent five years as Corporate Legal Counsel for Contact Energy, leading a team of professionals. Mr. O'Neill has served on the NZX Legal Advisory Panel and is well versed in market compliance and all aspects of corporate governance. (B) Chief Executive Officer -- Allied Farmers Rural Paul Macfie has been appointed Chief Executive Officer ? Allied Farmers Rural Limited. Mr. Macfie was previously Allied Farmers Group Chief Executive Officer and has an extensive background in rural services that spans over thirty years, and he previously headed Allied Farmers from 1998-2003. He was CEO of Williams and Kettle Limited from 2003-2005 and was the Chair of the merger committee between Williams and Kettle and Wrightson in early 2005. Mr. Macfie was part of the senior management team at PGG Wrightson Limited, with responsibility for North Island District Managers, Agrifeeds and Fruitfed Supplies from 2005-2007. More recently before rejoining Allied Farmers he worked for the investment banking operations of McDouall Stuart, focused on Agribusiness. (C) Chief Financial Officer (Acting) Allied Farmers has commenced a search for a Chief Financial Officer, however in the interim, Gary Wong has been appointed Acting Chief Financial Officer. Mr. Wong's most recent position was Chief Financial Officer, Line 7 / Canterbury of New Zealand. Previous positions include senior roles within Tyco New Zealand, U-Bix Business Machines, Reserve Bank of New Zealand and KPMG. Aside from financial management, Mr. Wong brings key strengths in mergers and acquisitions, business restructuring and business system improvements. The company will be making further announcements surrounding the reorganization of its business and subsidiaries in due course. As reported in the Troubled Company Reporter-Asia Pacific on October 23, 2009, Allied Farmers Limited said it has breached its banking covenants for the September quarter. Allied Farmers Chairman John Loughlin said, "We are continuing to experience tough trading conditions, a situation which has been ongoing for a number of months, and we are carefully examining how we can improve operating performance." "The trading conditions have resulted in the company breaching banking covenants for the September quarter, a situation we have discussed with Westpac, who in turn have granted a waiver to the covenant breach and confirmed it will continue to provide banking support under the terms and conditions agreed in August 2009," he said. The company said it is currently undertaking an extensive review of its structure, market presence and operations. About Allied Farmers Based in New Zealand, Allied Farmers Limited (NZE:ALF) -- http://www.alliedfarmers.co.nz/-- is engaged in livestock, real estate, finance, wool brokering and manufacturing (meat and timber). Rural Services comprises livestock, merchandise and real estate operations. The Company's Rural Services activities are carried out in Taranaki, Waikato, King Country and Manawatu. Its Financial Services activities are carried out by Allied Nationwide Finance Limited in Auckland, Wellington and Christchurch. Timber processing comprises the Company's discontinued sawmilling operations. On June 29, 2007, Allied Nationwide Finance Limited, Nationwide Finance Limited and Allied Prime Finance Limited were amalgamated, with Nationwide Finance Limited being the continuing entity. Nationwide Finance Limited subsequently changed its name to Allied Nationwide Finance Limited. ALLIED FARMERS: Posts NZ$11.84MM Net Loss in Six Mos. Ended Dec.31 ------------------------------------------------------------------ Allied Farmers Limited announced an unaudited operating loss after tax of NZ$15.68 million (2008: NZ$3.91 million loss) for the six month period ended December 31, 2009. After accounting for non-operating and non-cash items, including the NZ$3.84 million impairment of goodwill in its investment in subsidiary Allied Nationwide Finance, the Group result was a loss of NZ$11.84 million (2008: NZ$4.76 million loss). Corporate expenses for the period included acquisition costs of NZ$5.12 million, directly related to the purchase of the Hanover Finance and United Finance assets. 31 Dec 2009 31 Dec 2008 Revenue NZ$ NPAT NZ$ Revenue NZ$ NPAT NZ$ '000 '000 '000 '000 -------------------------------------------- Financial Services 21,700 (1,212) 19,742 (1,631) Rural Services 32,943 (905) 48,523 2,704 Asset Management Services 559 362 0 0 Corporate 759 (13,922) (54) (5,831) Discontinued Operations 849 Consolidation Adjustment (2,223) 0 (1,333) 0 -------------------------------------------- 53,738 (15,677) 66,878 (3,909) Chairman John Loughlin said "The Company has been through a challenging time, in which we have witnessed the failure of many businesses. This result is largely in line with expectations, and the acquisition of Hanover and United assets has clearly strengthened our position. This will allow us to take advantage of any opportunities which might arise short to medium term." Managing Director Rob Alloway said that while core business performance has started showing signs of improvement in 2010, the first half year had been extremely difficult for the company. Key rural and financial services sectors have not yet normalized following the global financial crisis, although there were positive signs in sectors such as dairy and asset finance. Finance subsidiary, Allied Nationwide Finance, contributed a group unaudited net loss after tax of NZ$1.21 million for the period. The operating surplus before tax and loan provisioning was NZ$2.91 million with the bottom line result impacted by impaired asset expenses of NZ$4.62 million and the costs of holding surplus cash reserves. The result was also before the recognition of NZ$1.54 million of after tax gains on the revaluation of interest rate derivatives for the period, resulting in an underlying group surplus attributable to the parent of NZ$0.33 million. "Pleasingly arrears levels have remained steady signaling a strengthening position in the market and the number of participants in the segment has declined therefore we are starting to enjoy the benefits of less competition" said Mr. Alloway. Rural services subsidiary, Allied Farmers Rural continued to be effected by the significant reduction in farm income in the dairy sector in the prior period resulting in a net loss after tax of NZ$0.90 million (2008: NZ$2.70 million profit) for the period. Revenue in the rural business was down 32% on the same period last year, predominantly due to weak sales in the merchandising and livestock divisions. Third quarter trading conditions are however exceeding expectations with livestock trading particularly buoyant due to increasing export schedules, good rainfall in some regions, and an improved outlook for dairy commodity prices. Internet trading of livestock through the portal mylivestock.co.nz continues to grow with steady increases in membership numbers resulting in strong interest for listings. This month the company will launch an extension to the service allowing farmers to trade feed such as maize and hay, an industry first in New Zealand. As part of the half year process, the assets of Hanover Finance and United Finance, acquired by Allied Farmers in December 2009 through a share for debenture swap, have been consolidated into the balance sheet at an IFRS accounting fair value of NZ$175.52 million. "The Allied Farmers board with guidance from external advisors has undertaken a provisional fair value assessment on what we still consider to be a challenging group of assets. Since settlement of the transaction, a number of positions have softened further than expected. We have taken the opportunity to review each position incorporating any new developments which have come to hand, when assessing fair value" Mr. Alloway said. "While we are confident a number of realizations can be achieved in the medium term, there is uncertainty attached to some positions. For the purposes of 2010 year end financial statements, the company will complete further fair value assessments which may result in changes to the provisional fair values stated as at December 31, 2009." In the period leading up to settlement, the value of assets transferred was decreased by a net amount of NZ$20.71 million. This decrease related to asset realizations, loan advances, asset restructures, provisioning, and bad debt write offs approved by the board and management of Hanover Finance and United Finance. The initial transaction value was calculated on a gross realization basis; however the New Zealand International Financial Reporting Standards (IFRS) require acquired assets and liabilities to be recorded at acquisition date fair values. This is done with reference to net present value, after discounting the expected realization cash flows at applicable interest rates. The IFRS interest adjustment to recognize the period of expected realization of the loans transferred, results in a NZ$55.95 million net decrease in the value of the acquired assets. Subsequent to these decreases, further fair value adjustments of NZ $27.86 million have been attributed to property assets (held for resale), NZ$16.83 million to investments, and NZ$99.30 million to finance loans, the latter heavily impacted by uncertainties associated with stage 1 of the Kawerau Falls Station project in Queenstown. This in turn has affected prospects for further development on Kawerau Falls Station stages 2 & 3 where the company has major exposures. NZD '000 ---------------------------------------- Attributed Value 396,177 Pre-settlement Adjustments Asset movements including; realisations, advances, restructures, provisioning, bad debt write offs (20,708) Interest Adjustment (IFRS) (55,953) Fair Value Adjustments (IFRS) Property Assets (27,861) Investments (16,827) Loans (99,308) ----------------------------------------- Provisional Fair Value (IFRS) 175,520 The Hanover Finance and United Finance assets are now contained within a new subsidiary, Allied Farmers Investments, which has been fully resourced with a very experienced legal and finance team. The Company said it has moved quickly to commence litigation against a number of borrowers and in some instances formally issued notice to call up guarantees. As reported in the Troubled Company Reporter-Asia Pacific on October 23, 2009, Allied Farmers Limited said it has breached its banking covenants for the September quarter. Allied Farmers Chairman John Loughlin said, "We are continuing to experience tough trading conditions, a situation which has been ongoing for a number of months, and we are carefully examining how we can improve operating performance." "The trading conditions have resulted in the company breaching banking covenants for the September quarter, a situation we have discussed with Westpac, who in turn have granted a waiver to the covenant breach and confirmed it will continue to provide banking support under the terms and conditions agreed in August 2009," he said. The company said it is currently undertaking an extensive review of its structure, market presence and operations. About Allied Farmers Based in New Zealand, Allied Farmers Limited (NZE:ALF) -- http://www.alliedfarmers.co.nz/-- is engaged in livestock, real estate, finance, wool brokering and manufacturing (meat and timber). Rural Services comprises livestock, merchandise and real estate operations. The Company's Rural Services activities are carried out in Taranaki, Waikato, King Country and Manawatu. Its Financial Services activities are carried out by Allied Nationwide Finance Limited in Auckland, Wellington and Christchurch. Timber processing comprises the Company's discontinued sawmilling operations. On June 29, 2007, Allied Nationwide Finance Limited, Nationwide Finance Limited and Allied Prime Finance Limited were amalgamated, with Nationwide Finance Limited being the continuing entity. Nationwide Finance Limited subsequently changed its name to Allied Nationwide Finance Limited. ALLIED FARMERS: Unit Places Property Ventures in Receivership ------------------------------------------------------------- Allied Farmers Investments Limited has placed Property Ventures Limited into the hands of receiver Grant Thornton in an attempt to recover a loan to Five Mile Holdings Limited (In Receivership). The loan was guaranteed by Property Ventures Limited. Allied Farmers Managing Director Rob Alloway said that this is the first of many such actions involving borrowers who have failed to meet their obligations. Five Mile Holdings Limited has an outstanding loan to Allied Farmers Investments of more than $41.5 million as at 28 February 2010 and is now accruing interest at more than $23,000 a day. Allied Farmers holds a General Security Agreement over the assets of Property Ventures, which is owned by a number of investors including high profile Christchurch property developer, David Henderson. Property Ventures has interests in more than 30 subsidiaries, including those associated with Hotel So, and the South of Lichfield entertainment and retail precinct in Christchurch. "We will use all reasonable means available to us to collect outstanding principal and interest on loans which were entered into in good faith" said Mr. Alloway. Allied Farmers, through subsidiary 5M No.2 Limited, now owns part (23ha) of the Five Mile site in Queenstown, following a restructure of the asset by Hanover last November, which included the sale of 4ha of land to Queenstown Gateway Trustee Limited. As reported in the Troubled Company Reporter-Asia Pacific on October 23, 2009, Allied Farmers said it has breached its banking covenants for the September quarter. Allied Farmers Chairman John Loughlin said, "We are continuing to experience tough trading conditions, a situation which has been ongoing for a number of months, and we are carefully examining how we can improve operating performance." "The trading conditions have resulted in the company breaching banking covenants for the September quarter, a situation we have discussed with Westpac, who in turn have granted a waiver to the covenant breach and confirmed it will continue to provide banking support under the terms and conditions agreed in August 2009," he said. The company said it is currently undertaking an extensive review of its structure, market presence and operations. About Allied Farmers Based in New Zealand, Allied Farmers Limited (NZE:ALF) -- http://www.alliedfarmers.co.nz/-- is engaged in livestock, real estate, finance, wool brokering and manufacturing (meat and timber). Rural Services comprises livestock, merchandise and real estate operations. The Company's Rural Services activities are carried out in Taranaki, Waikato, King Country and Manawatu. Its Financial Services activities are carried out by Allied Nationwide Finance Limited in Auckland, Wellington and Christchurch. Timber processing comprises the Company's discontinued sawmilling operations. On June 29, 2007, Allied Nationwide Finance Limited, Nationwide Finance Limited and Allied Prime Finance Limited were amalgamated, with Nationwide Finance Limited being the continuing entity. Nationwide Finance Limited subsequently changed its name to Allied Nationwide Finance Limited. PROPERTY VENTURES: Placed in Receivership Over Loan Guarantee ------------------------------------------------------------- Allied Farmers Investments Limited has placed Property Ventures Limited into the hands of receiver Grant Thornton in an attempt to recover a loan to Five Mile Holdings Limited (In Receivership). The loan was guaranteed by Property Ventures Limited. Allied Farmers Managing Director Rob Alloway said that this is the first of many such actions involving borrowers who have failed to meet their obligations. Five Mile Holdings Limited has an outstanding loan to Allied Farmers Investments of more than $41.5 million as at 28 February 2010 and is now accruing interest at more than $23,000 a day. Allied Farmers holds a General Security Agreement over the assets of Property Ventures, which is owned by a number of investors including high profile Christchurch property developer, David Henderson. Property Ventures has interests in more than 30 subsidiaries, including those associated with Hotel So, and the South of Lichfield entertainment and retail precinct in Christchurch. "We will use all reasonable means available to us to collect outstanding principal and interest on loans which were entered into in good faith" said Mr. Alloway. Allied Farmers, through subsidiary 5M No.2 Limited, now owns part (23ha) of the Five Mile site in Queenstown, following a restructure of the asset by Hanover last November, which included the sale of 4ha of land to Queenstown Gateway Trustee Limited. As reported in the Troubled Company Reporter-Asia Pacific on October 23, 2009, Allied Farmers said it has breached its banking covenants for the September quarter. Allied Farmers Chairman John Loughlin said, "We are continuing to experience tough trading conditions, a situation which has been ongoing for a number of months, and we are carefully examining how we can improve operating performance." "The trading conditions have resulted in the company breaching banking covenants for the September quarter, a situation we have discussed with Westpac, who in turn have granted a waiver to the covenant breach and confirmed it will continue to provide banking support under the terms and conditions agreed in August 2009," he said. The company said it is currently undertaking an extensive review of its structure, market presence and operations. About Allied Farmers Based in New Zealand, Allied Farmers Limited (NZE:ALF) -- http://www.alliedfarmers.co.nz/-- is engaged in livestock, real estate, finance, wool brokering and manufacturing (meat and timber). Rural Services comprises livestock, merchandise and real estate operations. The Company's Rural Services activities are carried out in Taranaki, Waikato, King Country and Manawatu. Its Financial Services activities are carried out by Allied Nationwide Finance Limited in Auckland, Wellington and Christchurch. Timber processing comprises the Company's discontinued sawmilling operations. On June 29, 2007, Allied Nationwide Finance Limited, Nationwide Finance Limited and Allied Prime Finance Limited were amalgamated, with Nationwide Finance Limited being the continuing entity. Nationwide Finance Limited subsequently changed its name to Allied Nationwide Finance Limited. About Property Ventures New Zealand-based Property Ventures Limited -- http://www.propertyventures.co.nz/-- is real estate development and investment company. * * * Two secured creditors of Five Mile Holdings have placed the company under receivership for non-payment of a loan said to be about NZ$70 million. Five Mile Holdings is a unit of Property Ventures which is controlled by developer David Henderson. Smith Crane and Construction, a Christchurch crane-hire company, also filed applications in the High Court to liquidate Five Mile and Property Ventures for unpaid debts. ================= S I N G A P O R E ================= FOUNDATION ASIANA: Creditors' Proofs of Debt Due March 19 --------------------------------------------------------- Foundation Asiana Regional Pte Ltd, which is liquidation, requires its creditors to file their proofs of debt by March 19, 2010, to be included in the company's dividend distribution. The company's liquidator is: Yin Kum Choy c/o KC Yin & Co Certified Public Accountants, Singapore 138 Cecil Street, #06-01 Cecil Court Singapore 069538 GOODRICH CONTROL: Creditors' Proofs of Debt Due April 5 ------------------------------------------------------- Creditors of Goodrich Control Systems Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by April 5, 2010, to be included in the company's dividend distribution. The company's liquidators are: Bob Yap Cheng Ghee Tay Puay Cheng c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 INTERMEDIA NETWORK: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on February 26, 2010, to wind up the operations of Intermedia Network Services Pte Ltd. Singapore Telecommunications Limited filed the petition against the company. The company's liquidator is: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 IPACS COMPUTER: Creditors Get 45% Recovery on Claims ---------------------------------------------------- Ipacs Computer Services (S) Pte Ltd will declare the second interim dividend on March 12, 2010. The company will pay 45% to the received claims. The company's liquidator is: Seshadri Rajagopalan c/o Ernst & Young Solutions LLP One Raffles Quay North Tower, Level 18 Singapore 048583 M+ CORP: Court Enters Wind-Up Order ----------------------------------- The High Court of Singapore entered an order on February 26, 2010, to wind up the operations of M+ Corp Pte. Ltd. (formerly known as MBO Capital Pte Ltd). Hsbc Institutional Trust Services filed the petition against the company. The company's liquidator is: The Official Receiver Insolvency & Public Trustee's Office 45 Maxwell Road #05-11/#06-11 The URA Centre (East Wing) Singapore 069118 OSCELMARINE PTE: Creditors' Proofs of Debt Due March 19 ------------------------------------------------------- Oscelmarine Pte Ltd, which is liquidation, requires its creditors to file their proofs of debt by March 19, 2010, to be included in the company's dividend distribution. The company's liquidator is: Goh Thien Phong c/o Price water house Coopers LLP 8 Cross Street #17-00 PWC Building Singapore 048424 SHARIKAT KIAN: Court to Hear Wind-Up Petition on March 19 --------------------------------------------------------- A petition to wind up the operations of Sharikat Kian Tong Pte Ltd will be heard before the High Court of Singapore on March 19, 2010, at 10:00 a.m. Paw Leck Engineering Pte Ltd filed the petition against the company on February 22, 2009. The Petitioner's solicitor is: Christopher Tan Messrs LEE & TAN 151 Chin Swee Road #10-06/08 Manhattan House Singapore 169876 TOYO GLASS: Creditors' Proofs of Debt Due April 5 ------------------------------------------------- Creditors of Toyo Glass Machinery Singapore (Pte) Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by April 5, 2010, to be included in the company's dividend distribution. The company's liquidators are: Bob Yap Cheng Ghee Tay Puay Cheng c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 ********* 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 T. Fernandez, Joy A. Agravante, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. 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 ***