/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100423.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, April 23, 2010, Vol. 13, No. 079 Headlines A U S T R A L I A GRIFFIN COAL: Opens Data Room to Potential Buyers LIVING EDGE: Receivers Get Non-binding Offer From Herman Miller METAL STORM: Posts US$11MM 2009 Net Loss; Has Going Concern Doubt PARAGON PRINTING: Administrators in Talks with Potential Buyers SAFETY MEDICAL: Administrators Seek Buyers for SMP Group's Assets SIGMA PHARMACEUTICALS: Faces $200 Million Suit From Shareholders C H I N A AGILE PROPERTY: Moody's Assigns 'Ba3' Rating on Senior Notes AGILE PROPERTY: S&P Assigns 'BB' Rating on Senior Unsecured Notes CHINA DU: Keith Zhen Raises Going Concern Doubt HUNAN TAIZINAI: Chairman Set to Oppose Liquidation TONGJI HEALTHCARE: Kabani & Company Raises Going Concern Doubt H O N G K O N G CHINA DIGITAL: Bongiovanni & Associates Raises Going Concern Doubt FOOD THERAPY: Members' and Creditors Final Meeting Set for May 20 LEESPEED COMPANY: Members' Final Meeting Set for May 17 LEHMAN BROTHERS: HKMA Says Probe of Minibond Complaints Resolved LUCKY BIRD: Yeung Kam Hoi Steps Down as Liquidator MAX PACIFIC: Yeung Kam Hoi Steps Down as Liquidator MAXGEAR INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator MOUNTAIN DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator PEAKSTAR COMPANY: Yeung Kam Hoi Steps Down as Liquidator POLYGON INVESTMENT: Members' Final Meeting Set for May 17 PRETTYLOT COMPANY: Creditors' Proofs of Debt Due May 17 REGENT BONUS: Jacky Chung Wing Muk Steps Down as Liquidator REO LIMITED: Yeung Kam Hoi Steps Down as Liquidator ROUNDTABLE HK: Placed Under Voluntary Wind-Up Proceedings SEVEN SHARDS: Seng and Lo Step Down as Liquidators SCANBA LIMITED: Members' Final Meeting Set for May 20 SCRAP POWER: Placed Under Voluntary Wind-Up Proceedings S.G.S PRODUCTS: Creditors' Proofs of Debt Due May 18 SOLID BLISS: Yeung Kam Hoi Steps Down as Liquidator SYNDICA LIMITED: Members' Final Meeting Set for May 20 TITAN PETROCHEMICALS: S&P Retains 'CC' Rating and Negative Outlook TOPASIA INTERNATIONAL: Members' Final Meeting Set for May 24 TRANS-GLOBAL (ASIA): Placed Under Voluntary Wind-Up Proceedings TRI LONG: Creditors' Proofs of Debt Due May 20 ULTIMATE QUEST: Blaauw and Osborn Step Down as Liquidators UOB FINANCE: Members' Final Meeting Set for May 17 WASHINGTON MUTUAL: Moyes and Yeung Step Down as Liquidators WHOLLY BEST: Yeung Kam Hoi Steps Down as Liquidator WORLD UNIVERSAL: Jacky Chung Wing Muk Steps Down as Liquidator ZAREMBO LIMITED: Members' Final Meeting Set for May 20 I N D I A ABRAHAM MEMORIAL: CRISIL Rates INR241.8 Mil. LT Loan at 'B-' ADANI AGRIFRESH: ICRA Assigns 'LBB+' Rating on INR921.3MM Loan AGSONS AGENCIES: ICRA Assigns 'LBB' Rating on INR40MM Term Loans C. P. & ASSOCIATES: Weak Liquidity Cues CRISIL Junk Ratings CONTROLS AND SCHEMATICS: ICRA Rates INR20MM Bank Debts at 'LBB' DHARAMPAL PREMCHAND: CRISIL Cuts Ratings on Various Bank Ratings DIVYA JYOTI: CARE Assigns 'CARE BB' Rating on INR8.55cr LT Loan EPICENTER TECHNOLOGIES: ICRA Places 'LB+' Rating on INR147.5M Loan ESGI LEATHER: CRISIL Assigns 'D' Ratings on INR10.2MM Term Loan G. SHANKAR: ICRA Assigns 'LBB' Rating on INR300MM Bank Facilities GARGO MOTORS: CRISIL Rates INR60 Mil. Cash Credit at 'B+/Stable' IND-BARATH THERMAL: CARE Assigns 'CARE B' Rating on Term Loan LGW LIMITED: CRISIL Assigns Junk Ratings on Various Bank Debts MABEL ENGINEERS: ICRA Places 'LBB-' Rating on INR35MM Term Loan RATHI DYE: CRISIL Assigns 'BB' Ratings on INR13.90 Mil. Term Loan SHAMILI HYDEL: ICRA Places 'LBB+' Rating on INR282.2MM LT Loans TATA MOTORS: May Surpass Hyundai in India as Nano Factory Opens WAAREE ENERGIES: ICRA Places 'LBB' Rating on INR83MM Term Loan I N D O N E S I A BANK CIMB: Fitch Assigns Expected Rating on Subordinated Debt BAKRIE TELECOM: Fitch Assigns Issuer Default Ratings at 'B' BAKRIE TELECOM: S&P Assigns 'B' Long-Term Corporate Credit Rating J A P A N JAPAN AIRLINES: Holders of Credit-Default Swaps May Recoup 83% L-JAC 7: Moody's Takes Rating Actions on Various Classes of Notes OMEGA CAPITAL: S&P Downgrades Ratings on Secured Notes to 'D' ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates K O R E A HYNIX SEMICONDUCTOR: Posts KRW822B Net Income in Q1 Ended March 31 KUMHO ASIANA: Kumho Tire Creditors to Swap Debt Into Shares N E W Z E A L A N D NUPLEX INDUSTRIES: Shares May Have Fallen 30% on Covenant Breach PERPETUAL TRUSTEE: S&P Raises Ratings on Five Subprime RMBS RURAL PORTFOLIO: Sells 6.39% Stake in PGG Wrightson P H I L I P P I N E S LEPANTO CONSOLIDATED: To Invest PHP600 Mil. in Benguet Mine T A I W A N TAIWAN POWER: Auctions Off NT$11.6 Billion in Corporate Bonds X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ================= A U S T R A L I A ================= GRIFFIN COAL: Opens Data Room to Potential Buyers ------------------------------------------------- Griffin Coal Mining Co.'s sale advisers Macquarie Bank and UBS have allowed potential buyers interested in buying the company's assets to enter a dataroom in the next few weeks, Rebecca Keenan at the Australian reports. According to the Australian, administrator Brian McMaster of KordaMentha, said interested parties for Griffin Group's assets included coalminers, power generators and investors from around the world, including from China and India. The Australian also says the Federal Court in Perth granted a request from the administrator to extend the deadline for a second creditors' meeting until September 28. Prospective buyers would submit offers in the next few months and the sale process would be finalized at the creditors' meeting, the report notes. Based in Australia, The Griffin Coal Mining Company Pty Ltd -- http://www.griffincoal.com.au/-- is engaged in coal mining and processing. Griffin Coal operates major mines in the Collie area, approximately 220 kilometers south east of Perth. The Company is producing more than three million tons of coal per year. Griffin Coal has operations at Ewington Mine, Muja Mine and Buckingham Mine. * * * As reported by the Troubled Company Reporter-Asia Pacific on January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as Administrator. The coal supplier defaulted on an interest payment in December 2009 to bondholders owed US$475 million and also missed a payment to Australia's tax authority. LIVING EDGE: Receivers Get Non-binding Offer From Herman Miller --------------------------------------------------------------- The Receivers & Managers of The Living Edge Group Pty Ltd. said they have received a non-binding offer for the business from major supplier, Herman Miller (Aust) Pty Ltd. McGrathNicol said the non-binding offer, which remains subject to due diligence, contemplates an acquisition of the Living Edge business by April 30, 2010, including the existing customer contracts on hand which Herman Miller intends to fulfill, should the acquisition proceed. "Herman Miller has agreed interim arrangements with the Receivers & Managers to ensure continued trading to April 30, 2010," the receivers said. "This non-binding offer signifies Herman Miller's commitment to both existing and prospective customers in the Australian market and the architectural and design community. The Receivers & Managers are pleased to have received this interest from Herman Miller which offers the opportunity of continuity for employees and other stakeholders. "The Receivers & Managers will continue to explore interest from other parties in parallel and on an accelerated basis," McGrathNicol said. The Living Edge Group Pty Ltd -- http://www.livingedge.com.au/-- is an Australian owned company that supplies high design furniture. The company has showrooms in Sydney, Melbourne, Brisbane, Perth, Canberra and Adelaide. Keith Crawford and Matthew Caddy of McGrathNicol were appointed Receivers and Managers of the company by its secured lender National Australia Bank on April 12, 2010. Mr. Crawford said "Our objective is to work constructively with Living Edge's stakeholders to stabilize and prepare the business for sale." METAL STORM: Posts US$11MM 2009 Net Loss; Has Going Concern Doubt ----------------------------------------------------------------- Metal Storm Ltd. disclosed its annual financial report for the year ended December 31, 2009. The Company reported a net loss of US$11,307,664 on US$1,112,481 of revenue for 2009, compared with a net loss of US$10,656,003 on US$2,201,331 of revenue for 2008. The Company's balance sheet as of December 31, 2009, showed US$829,640 in assets and US$20,030,644 in debts resulting in US$19,201,004 in stockholders' deficit. The Company's balance sheet as of December 31, 2009, also showed strained liquidity with US$376,634 in total current assets available to pay US$20,006,958 in total current liabilities. The Company said there is significant uncertainty in regards to its ability to continue as a going concern for the next 12 months and, therefore whether the Company will realize its assets and settle liabilities at amounts different from those stated in the financial statements. To reduce or eliminate this uncertainty and continue operating for the next 12 months, the Company will continue to seek new or additional sources of funding. The Company has successfully conducted a number of small equity placements during 2009 and is actively working to source a more substantial capital investment. In addition, management intends to focus on careful management of costs associated with business operations and product development. A full-text copy of the annual report is available for free at: http://ResearchArchives.com/t/s?608a About Metal Storm Metal Storm Limited (ASX:MST) (PINKSHEETS: MTSXY) -- http://www.metalstorm.com/-- is a defense technology company with offices in Australia and the United States. The Company specializes in the research, design, development and integration of projectile launching systems utilizing its electronically initiated / stacked projectile technology for use in the defense, homeland security, law enforcement and industrial markets. Metal Storm has entered into a number of partnerships with companies, including Singapore Technologies Kinetics (STK), iRobot, Electro Optic Systems, and Defence Technologies Inc., where partners provide capabilities, such as manufacturing, complementary technology, or access to markets in areas where Metal Storm is not active. PARAGON PRINTING: Administrators in Talks with Potential Buyers --------------------------------------------------------------- ProPrint reports that creditors and workers of Paragon Printing have voted to place the company in liquidation on the recommendation of administrators Hall Chadwick. Administrator Blair Pleash told ProPrint that liquidation was the best option left to creditors, as the other two options -- accepting a deed of company arrangement (DOCA) or taking Paragon out of administration and returning it to directors' control -- were not in the best interests of the company. Mr. Pleash said the liquidation was more of a formality as part of the sales process, the report notes. According to the report, administrators are still in negotiations with a potential buyer for the company, believed to be Victorian printer Ducor. "We're still selling the business as a going concern, and we're still trading it as a going concern," Mr. Pleash told ProPrint. The Australian Manufacturing Workers Union, which is said to be involved in the negotiations, said it hoped a sale to be finalized by April 27, the report notes. ProPrint, meanwhile, says the union is currently organizing a march on the offices of the Australian Securities and Investments Commission on April 30 to protest a lack of action against Paragon director Amir Hyster, who left the country shortly after placing Paragon in administration. Paragon Printing Ltd is an Albury-Wodonga-based printing company. Hall Chadwick partners Richard Albarran, Blair Pleash and David Ross have been appointed as administrators of Paragon Printing Limited, M10 Group Pty Limited, RRR Don 6 Pty Limited (formerly RRD Pty Limited), KKKESEF Manger 88 Limited (formerly Kesef Management Limited and MBSA Limited), RRR Don 96 Pty Limited (formerly RR Donnelley Pty Limited), NXA Pty Limited and MMMM Office 69 Pty Limited (formerly Moore Office Pty Limited). KKKESEF Manger 88 provides internal management support to Paragon Printing and MMMM Office 69 while the other entities do not trade. SAFETY MEDICAL: Administrators Seek Buyers for SMP Group's Assets ----------------------------------------------------------------- The administrators acting for the SMP Group are seeking urgent expressions of interest for the recapitalization or purchase of the business and assets of the Group, comprising: * Safety Medical Products Ltd. -- an ASX-listed company involved in the development and sale of retractable syringes and medical products. Separate interest is also sought for the listed shell; * Pureste Pty Ltd. -- a 50% subsidiary involved in the distribution of Australia's only sterilized tampons, pads and liners; * Baratex Pty Ltd (trading as Procontrol Systems) -- a 100% subsidiary specializing in automation engineering and technology; and * Innovative products and associated intellectual property include retractable Syringe (patent pending), Meditag, one handed medical and stationary tape dispensers, disposable thermometers, surgical face masks, Exel product line including insulin syringes and pen needles. The SMP Group operates from leased premises in Salisbury Plain, South Australia and is a manufacturer and marketer of the Securetouch(TM), single use manual retractable safety syringe as the Safetymed flagship product. The SMP Group owns the Intellectual Property associated with this and is in possession of the specialized assembly machine used to assemble and package the single-use Securetouch(TM) devices. Urgent expressions of interest are sought by 5:00 p.m. on April 29, 2010. Interested parties may obtain further information subject to execution of a Confidentiality Agreement, from McGrathNicol. Safety Medical Products Ltd was placed in voluntary administration on April 15, 2010. Sam Davies and Rob Kirman of McGrathnicol were appointed as the company's voluntary administrators. The Board of SafetyMed said the move was taken as a result of recent negotiations with potential investors not materializing. About Safety Medical Based in Australia, Safety Medical Products Limited (ASX:SFP) -- http://www.safetymed.com.au/-- is primarily involved in the development, manufacture and commercialization of medical products, printing and distribution of products for the pharmaceutical industry, and the provision of industrial control and automation systems, machine vision, robotics and turn-key solutions. It operates in three business segments: Safety Medical Products, which is engaged in the development, production and commercialization of a range of medical products, focusing principally on the SecureTouch single use manual retractable safety syringe; ProControl Systems, which is engaged in the provision of specialist industrial control and automation systems, machine vision, robotics and turn-key solutions for large and small industrial businesses, and Bagot Press, which is a manufacturer and supplier of specialist printing and general consumables to the pharmaceutical industry. SIGMA PHARMACEUTICALS: Faces $200 Million Suit From Shareholders ---------------------------------------------------------------- Sigma Pharmaceuticals Ltd. may face a damages claim of more than $200 million from shareholders over its annual loss and alleged breach of continuous disclosure obligations, The Sydney Morning Herald reports. Tom Tarasewicz, the vice-president of the US litigation funder Comprehensive Legal Funding, said his firm had been approached last month by Australian institutional shareholders in Sigma, who were concerned about the company's long trading halt and the end- of-year adjustments it was about to make to its 2010 accounts. According to the report, Mr. Tarasewicz said law firm Slater & Gordon was still several weeks from finalizing its investigation into Sigma's financial woes, which included nearly $500 million in goodwill write-downs, but said that at this stage the shareholder case looked strong. A damages bill above $200 million would be nearly half of Sigma's market capitalization of $572 million or almost three times its 2009 full-year profit, the Herald notes. Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) -- http://www.sigmaco.com-- is engaged in the manufacture, marketing and wholesale distribution of pharmaceutical products through the pharmacy and grocery channels and the provision of services to retail pharmacists. Its Pharmaceuticals segment includes the manufacture or contract manufacture for Australian and overseas customers. The Company's Healthcare segment represents its traditional pharmacy wholesale business. Its subsidiaries include Chemist Club Pty Limited, Sigma Company Limited, Amcal Pty. Limited, Commonwealth Drug Company Pty. Ltd., Fawns & McAllan Proprietary Limited, Guardian Pharmacies Australia Pty. Ltd and Sigma Finance Pty. Ltd. On October 2, 2009, the Company acquired some parts of the Australian business operations of Bristol Myers Squibb Australia (BMSA) and associated assets (BMS Australian Business). The BMS Australian Business consists of the pharmaceutical and technical operations division, which operates out of BMS Australia's Noble Park facility. ========= C H I N A ========= AGILE PROPERTY: Moody's Assigns 'Ba3' Rating on Senior Notes ------------------------------------------------------------ Moody's Investors Service has assigned a Ba3 rating to Agile Property Holdings Ltd's proposed US$ senior unsecured notes. At the same time, Moody's has affirmed Agile's Ba3 corporate family rating. The rating outlook is positive. Proceeds from the proposed US$ bonds are intended to refinance Agile's US$400 million bonds due 2013 and to fund existing and new property projects. "The proposed bond issuance is in line with Moody's expectation that Agile will have to incur new debt to fund its growth target in 2010 and refinance existing borrowings," says Kaven Tsang, a Moody's AVP/Analyst. "Meanwhile, Agile's financial results for 2009 and the pre-sale for 1Q 2010 are also consistent with Moody's expectations, and continue to support its relatively strong credit profile when compared with other Ba3 rated property peers," adds Tsang, also Moody's Lead Analyst for the company. "Additionally, Agile's Ba3 rating continues to reflect its established market position in China's economically strong Pearl River Delta, track record of cautious expansion, and prudent financial management," he adds. At the same time, Agile's rating position is tempered by the high concentration of its development business in Guangdong Province, as well as the uncertain and evolving character of the operating environment in the China property market. The positive outlook reflects Agile's demonstrated ability to sustain its credit profile through the difficult market conditions in 2H 2008 and 1Q 2009, and its prudent management of its growth. Upward rating pressure could emerge if Agile 1) consistently achieves its planned sales; 2) continues to demonstrate strong financial discipline and prudently monitors its business and financial risks; and 3) maintains a sound liquidity profile. Moody's would regard EBITDA/interest coverage consistently above 5-6x and adjusted leverage below 45% as indications of a potential rating upgrade. The outlook could return to stable if Agile (1) experiences declining sales and profit margins because of a significant downturn in China's property market; (2) materially raises development costs without a corresponding rise in cash inflow; and/or (3) executes an aggressive land acquisition plan beyond Moody's expectations, such that its balance sheet becomes more leveraged, with adjusted leverage above 50% and/or EBITDA/interest under 4-5x. In addition, the bond rating will be downgraded by one notch to reflect the risk of subordination if there is evidence that Agile has increased its onshore borrowings, such that secured and subsidiary debt consistently exceeds 15% of total assets on a sustained basis. The last rating action on Agile was on 27 October 2009 when Moody's assigned a Ba3 rating to Agile's US$ bond issuance. Agile Property Holdings Ltd is one of China's major property developers targeting the mid-to-high-end segment. It has a land bank with gross floor area of around 30.7 million sqm. AGILE PROPERTY: S&P Assigns 'BB' Rating on Senior Unsecured Notes ----------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' issue rating to the proposed issue of U.S.-dollar-denominated senior unsecured notes by Agile Property Holdings Ltd. (BB/Stable/--). The issue rating is subject to S&P's review of the final terms and conditions of the proposed notes. The proceeds will be used to finance the redemption of Agile's existing US$400 million 9% senior unsecured notes due Sept. 22, 2013, and for general corporate purposes or transaction-related fees and expenses. S&P expects the terms and conditions of the proposed issue to be similar to the outstanding US$400 million notes, but with increased flexibility to take on subsidiary debt. Agile is also seeking to amend bond covenants for its outstanding US$300 million 10% senior unsecured notes due Nov. 14, 2016. S&P believes the amendment will give Agile additional financial flexibility because the company and its subsidiaries could take on additional debt. Nevertheless, this flexibility may increase the proposed notes' subordination risk. The issue rating is not one notch lower than the rating on Agile as S&P believes the subsidiary debt ratio to total asset ratio is likely to stay blow S&P's threshold in the next 12 months. S&P expects Agile's debt level to increase further in 2010, given its ongoing land acquisition activities and the ramp-up of property construction. S&P has incorporated this expectation into the rating on Agile. S&P believes the proposed notes and potential covenant change will exert limited pressure on the company's overall financing costs and gearing level. This is because S&P view the proposed issuance as an exchange for the US$400 million notes and the change in covenant as purely opportune. The outlook for China's real estate market is less certain this year due to a tightening of Chinese government policy, but the good visibility over Agile's financial performance in 2010 tempers this risk. The company had locked in 40% of its total expected gross floor area sales for 2010 as at the end of March 2010. This combined with Agile's consistent financial management has somewhat lowered the risk associated with its higher capital spending in 2010. S&P expects Agile to maintain a minimum cash level of no less than RMB2 billion, with a ratio of total debt to EBTIDA of less than 4x, and EBITDA interest coverage above 3x over the next 24 months. CHINA DU: Keith Zhen Raises Going Concern Doubt ----------------------------------------------- China Du Kang Co., Ltd., filed on April 14, 2010, its annual report on Form 10-K for the year ended December 31, 2009. Keith Z. Zhen, CPA, in Brooklyn, N.Y., expressed substantial doubt about the Company's ability to continue as a going concern. The independent auditor noted that the Company has incurred an operating loss in 2009 and 2008 and has a working capital deficiency and a shareholders' deficiency as of December 31, 2009. The Company reported a net loss of US$532,075 on US$1,987,659 of revenue for 2009, compared with a net loss of US$1,502,067 on US$1,143,195 of revenue for 2008. The Company's balance sheet as of December 31, 2009, showed US$9,867,391 in assets and of US$16,999,234 of debts, for a stockholders' deficit of US$7,131,843. A full-text copy of the annual report is available for free at: http://researcharchives.com/t/s?606d Headquartered in Shaanxi, PRC, China Du Kang Co., Ltd. (OTC: CDKG) was incorporated as U.S. Power Systems, Inc. in the State of Nevada on January 16, 1987. The Company manufactures, sells, licenses and distributes a proprietary line of white wines that are generally known in China under the heading Du Kang. Du Kang is a generic description, like "vodka" or "merlot" and is one of the most famous Chinese white wine brands. HUNAN TAIZINAI: Chairman Set to Oppose Liquidation -------------------------------------------------- The chairman of dairy group Hunan Taizinai is set to oppose the company's liquidation, Reuters reports citing a source direct knowledge of the matter. "Taizinai's chairman, Li Tuchun, is expected to resist the liquidation proposal, because he wants to get his business back," the source told Reuters. As reported in the Troubled Company Reporter-Asia Pacific on April 16, 2010, Dow Jones Newswires said Hunan Taizinai Group, backed by U.K. private equity firm Actis, Morgan Stanley, and Goldman Sachs Group Inc., has gone into provisional liquidation leaving its equity holders with a potential loss on their stakes. The Grand Court of the Cayman Islands appointed Hong Kong accountant Borrelli Walsh as provisional liquidator of the company. According to Reuters, sources said liquidators are currently trying to carve out a framework agreement with the Hunan provincial government in China and Taizinai's creditors to push ahead with the liquidation plans. Dow Jones' source said the company also owes creditors more than CNY300 million. The report says the company has a syndicate loan with five banks: Royal Bank of Scotland Group PLC, Singapore's DBS Group Holdings and Citigroup Inc., as well as two domestic banks. About Hunan Taizinai Hunan Taizinai Group Co., Ltd. produces probiotic dairy products, drinking yogurt, milk-based health drinks, and lactobacillus dairy drinks in China. The company was founded in 1996 and is based in Hunan, China. TONGJI HEALTHCARE: Kabani & Company Raises Going Concern Doubt -------------------------------------------------------------- Tongji Healthcare Group, Inc., filed on April 14, 2010, its annual report on Form 10-K for the year ended December 31, 2009. Kabani & Company, Inc., in Los Angeles, expressed substantial doubt about the Company's ability to continue as a going concern. The independent auditors noted that of the Company's significant operating losses and insufficient capital. The Company's balance sheet as of December 31, 2009, showed US$5,886,584 in assets, US$5,703,685 of debts, and US$182,899 of stockholders' equity. A full-text copy of the annual report is available for free at: http://researcharchives.com/t/s?606b Based in Guangxi, People's Republic of China, Tongji Healthcare Group, Inc. was incorporated in the State of Nevada on December 19, 2006. The Company operates Nanning Tongji Hospital, a general hospital with 105 licensed beds in Nanning in the province of Guangxi, PRC. ================ H O N G K O N G ================ CHINA DIGITAL: Bongiovanni & Associates Raises Going Concern Doubt ------------------------------------------------------------------ China Digital Media Corporation filed on April 14, 2010, its annual report on Form 10-K for the year ended December 31, 2009. Bongiovanni & Associates, CPA's, in Cornelius, N.C., expressed substantial doubt about the Company's ability to continue as a going concern. The independent auditors noted that the Company had an accumulated deficit of US$12,136,140 and a working capital deficiency of US$9,905,650 at December 31, 2009. The Company reported net income of US$2,210,139 on US$9,525,141 of revenue for 2009, compared with a net loss of US$13,375,575 on US$7,290,344 of revenue for 2008. The Company's balance sheet as of December 31, 200, showed $25,711,723 in assets, $19,351,627 of debts, and $6,360,096 of stockholders' equity. A full-text copy of the annual report is available for free at: http://researcharchives.com/t/s?606f Headquartered in E. Kowloon, Hong Kong, China Digital Media Corporation was previously known as HairMax International, Inc., a Nevada corporation. The Company is primarily engaged in: 1) cable television operational support services and digital broadcast technology development; and 2) advertising sales. FOOD THERAPY: Members' and Creditors Final Meeting Set for May 20 ----------------------------------------------------------------- Members and creditors of Food Therapy Limited will hold their final meetings on May 20, 2010, at 11:00 a.m., and 11:15 a.m., respectively at the Room 1108, 11/F, Wellborne Commercial Centre, 8 Java Road, North Point, in Hong Kong. At the meeting, Chiu Tak Sing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. LEESPEED COMPANY: Members' Final Meeting Set for May 17 ------------------------------------------------------- Members of Leespeed Company Limited will hold their final general meeting on May 17, 2010, at 11:00 a.m., at the Jalan Sultan Agung No. 63 C-D, Jakarta Selatan 12970, in Indonesia. At the meeting, Ting Chek Swee, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. LEHMAN BROTHERS: HKMA Says Probe of Minibond Complaints Resolved ---------------------------------------------------------------- The Hong Kong Monetary Authority (HKMA) announced that investigation of over 99% of a total of 21,547 Lehman-Brothers- related complaint cases received has been completed. These include: * 13,060 cases which have been resolved by a settlement agreement reached under section 201 of the Securities and Futures Ordinance; * 2,002 cases which have been resolved through the enhanced complaint handling procedures required by the settlement agreement; * 2,624 cases which were closed because insufficient prima facie evidence of misconduct was found after assessment or no sufficient grounds and evidence were found after investigation; * 2,783 cases (including minibond cases) which are under disciplinary consideration after detailed investigation by the HKMA, of which proposed disciplinary notices are being prepared in respect of 2,484 such cases and proposed disciplinary notices or decision notices have been issued in respect of the other 299 cases; and * 930 cases in respect of which investigation work has been completed and are going through the decision process to decide whether there are sufficient grounds for disciplinary actions or whether the cases should be closed because of insufficient evidence or lack of disciplinary grounds. Investigation work is underway for the remaining 147 cases. About Lehman Brothers Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the fourth largest investment bank in the United States. For more than 150 years, Lehman Brothers has been a leader in the global financial markets by serving the financial needs of corporations, governmental units, institutional clients and individuals worldwide. Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008 (Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition listed US$639 billion in assets and US$613 billion in debts, effectively making the firm's bankruptcy filing the largest in U.S. history. Several other affiliates followed thereafter. The Debtors' bankruptcy cases are handled by Judge James M. Peck. Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife, Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq Bankruptcy Solutions serves as claims and noticing agent. On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the U.S. District Court for the Southern District of New York, entered an order commencing liquidation of Lehman Brothers, Inc., pursuant to the provisions of the Securities Investor Protection Act (Case No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as trustee for the SIPA liquidation of the business of LBI The Bankruptcy Court has approved Barclays Bank Plc's purchase of Lehman Brothers' North American investment banking and capital markets operations and supporting infrastructure for US$1.75 billion. Nomura Holdings Inc., the largest brokerage house in Japan, purchased LBHI's operations in Europe for US$2 plus the retention of most of employees. Nomura also bought Lehman's operations in the Asia Pacific for US$225 million. International Operations Collapse Lehman Brothers International (Europe), the principal UK trading company in the Lehman group, was placed into administration, together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and Mike Jervis, partners at PricewaterhouseCoopers LLP, have been appointed as joint administrators to Lehman Brothers International (Europe) on September 15, 2008. The joint administrators have been appointed to wind down the business. Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc. filed for bankruptcy in the Tokyo District Court on September 16. Lehman Brothers Japan Inc. reported about JPY3.4 trillion (US$33 billion) in liabilities in its petition. Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by Lehman Brothers Holdings, Inc., and other insolvency and bankruptcy proceedings undertaken by its affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) LUCKY BIRD: Yeung Kam Hoi Steps Down as Liquidator -------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Lucky Bird Limited on March 31, 2010. MAX PACIFIC: Yeung Kam Hoi Steps Down as Liquidator -------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Max Pacific Trading Limited on March 31, 2010. MAXGEAR INVESTMENT: Yeung Kam Hoi Steps Down as Liquidator ---------------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Maxgear Investment Limited on March 31, 2010. MOUNTAIN DEVELOPMENT: Yeung Kam Hoi Steps Down as Liquidator ------------------------------------------------------------ Yeung Kam Hoi stepped down as liquidator of Mountain Development Limited on March 31, 2010. PEAKSTAR COMPANY: Yeung Kam Hoi Steps Down as Liquidator -------------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Peakstar Company Limited on March 31, 2010. POLYGON INVESTMENT: Members' Final Meeting Set for May 17 --------------------------------------------------------- Members of Polygon Investment Partners HK Limited will hold their final general meeting on May 17, 2010, at 10:30 a.m., at the Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Chan Mi Har and Ying Hing Chiu, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. PRETTYLOT COMPANY: Creditors' Proofs of Debt Due May 17 ------------------------------------------------------- Creditors of Prettylot Company Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by May 17, 2010, to be included in the company's dividend distribution. The company's liquidator is: Cheung Kwan Ho 16/F., V Heun Building 138 Queen's Road Central, Hong Kong REGENT BONUS: Jacky Chung Wing Muk Steps Down as Liquidator ----------------------------------------------------------- Jacky Chung Wing Muk stepped down as liquidator of Regent Bonus Investment Limited on April 12, 2010. REO LIMITED: Yeung Kam Hoi Steps Down as Liquidator --------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Reo Limited on March 31, 2010. ROUNDTABLE HK: Placed Under Voluntary Wind-Up Proceedings --------------------------------------------------------- At an extraordinary general meeting held on March 31, 2010, creditors of Roundtable Hong Kong Avantgarde Policy Research Institute Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Chu Kam Chiu Room 804, 8/F., Lap Fai Building 6-8 Pottinger Street Central, Hong Kong SEVEN SHARDS: Seng and Lo Step Down as Liquidators -------------------------------------------------- Natalia K M Seng and Susan Y H Lo stepped down as liquidators of Seven Shards Productions Limited on April 10, 2010. SCANBA LIMITED: Members' Final Meeting Set for May 20 ----------------------------------------------------- Members of Scanba Limited will hold their final general meeting on May 20, 2010, at 10:00 a.m., at the 2/F., East Ocean Centre, 98 Granville Road, Tsimshatsui East, Kowloon, in Hong Kong. At the meeting, Ho Yau Sing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SCRAP POWER: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------- At an extraordinary general meeting held on April 7, 2010, creditors of Scrap Power Trading Company Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Chui Sze Hung Samuel Room 1006, Unicorn Trade Centre 127-131 Des Voeux Road Central, Hong Kong S.G.S PRODUCTS: Creditors' Proofs of Debt Due May 18 ---------------------------------------------------- S.G.S Products Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by May 18, 2010, to be included in the company's dividend distribution. The company's liquidators are: Isabelle Angeline Young John Chi Wai Wong 21/F., Edinburgh Tower The Landmark 15 Queen's Road Central, Hong Kong SOLID BLISS: Yeung Kam Hoi Steps Down as Liquidator --------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Solid Bliss Company Limited on March 31, 2010. SYNDICA LIMITED: Members' Final Meeting Set for May 20 ------------------------------------------------------ Members of Syndica Limited will hold their final general meeting on May 20, 2010, at 10:00 a.m., at the 2/F., East Ocean Centre, 98 Granville Road, Tsimshatsui East, Kowloon, in Hong Kong. At the meeting, Ho Yau Sing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TITAN PETROCHEMICALS: S&P Retains 'CC' Rating and Negative Outlook ------------------------------------------------------------------ Standard & Poor's Ratings Services said that the rating on Titan Petrochemicals Group Ltd. (CC/Negative/--) is not affected by the company's announcement that it is terminating its exchange offer and consent solicitation for its existing notes. The current rating indicates that the company is highly vulnerable to nonpayment of its financial obligations within the next six months. In S&P's opinion, Titan's cash position is extremely tight. As at Dec. 31, 2009, the company had cash and cash equivalents of about HK$530 million, of which HK$358 million were unrestricted, compared with about HK$761.5 million in short-term debt. In addition, the company generated negative funds from operations of about HK$33.2 million in 2009. Given the current market conditions, S&P believes Titan's operating performance is likely to remain weak, putting further pressure on its already-stretched liquidity position to service its debt obligations. Although the company is still in the process of issuing new shares, they may or may not materialize. S&P has no access to Titan's management. S&P's ratings are based on publicly available information. TOPASIA INTERNATIONAL: Members' Final Meeting Set for May 24 ------------------------------------------------------------ Members of Topasia International Limited will hold their final general meeting on May 24, 2010, at 10:00 a.m., at the 13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, in Hong Kong. At the meeting, Liu Chi Lai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TRANS-GLOBAL (ASIA): Placed Under Voluntary Wind-Up Proceedings -------------------------------------------------------------- At an extraordinary general meeting held on April 7, 2010, creditors of Trans-Global (Asia) Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Chui Sze Hung Samuel Room 1006, Unicorn Trade Centre 127-131 Des Voeux Road Central Hong Kong TRI LONG: Creditors' Proofs of Debt Due May 20 ---------------------------------------------- Tri Long Import & Export Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by May 20, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 1, 2010 The company's liquidators are: James T. Fulton Cordelia Tang 905 Silvercord Tower 2, 30 Canton Road Tsimshatsui, Kowloon ULTIMATE QUEST: Blaauw and Osborn Step Down as Liquidators ---------------------------------------------------------- Jan G. W. Blaauw and Donald Edward Osborn stepped down as liquidators of Ultimate Quest Limited on April 7, 2010. UOB FINANCE: Members' Final Meeting Set for May 17 -------------------------------------------------- Members of UOB Finance (H.K.) Limited will hold their final meeting on May 17, 2010, at 11:00 a.m. At the meeting, Ho Yiu Thomas Lee, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WASHINGTON MUTUAL: Moyes and Yeung Step Down as Liquidators ----------------------------------------------------------- Paul David Stuart Moyes and Betty Yuen Yeung stepped down as liquidators of Washington Mutual Trade Service Limited on April 16, 2010. WHOLLY BEST: Yeung Kam Hoi Steps Down as Liquidator --------------------------------------------------- Yeung Kam Hoi stepped down as liquidator of Wholly Best Company Limited on March 31, 2010. WORLD UNIVERSAL: Jacky Chung Wing Muk Steps Down as Liquidator -------------------------------------------------------------- Jacky Chung Wing Muk stepped down as liquidator of World Universal Investment Limited on April 12, 2010. ZAREMBO LIMITED: Members' Final Meeting Set for May 20 ------------------------------------------------------ Members of Zarembo Limited will hold their final general meeting on May 20, 2010, at 10:00 a.m., at the 35th Floor, Two Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Chim Foong Heng, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= ABRAHAM MEMORIAL: CRISIL Rates INR241.8 Mil. LT Loan at 'B-' ------------------------------------------------------------ CRISIL has assigned its 'B-/Negative' rating to The Abraham Memorial Educational Trust's term loan facility. Facilities Ratings ---------- ------- INR241.80 Million Long-Term Loan B-/Negative (Assigned) The rating reflects AMET's below-average financial risk profile, and limited track record of operations. These rating weaknesses are partially offset by the benefits that AMET derives from its promoters' experience, and good infrastructure facilities. Outlook: Negative CRISIL believes that AMET's liquidity will remain weak because of low cash accruals over the medium term. The rating may be downgraded if the cash flows deteriorate, or the ongoing large debt-funded capex stretches its liquidity further. Conversely, the outlook may be revised to 'Stable' in case the trust's school achieves healthy occupancy rates above break-even levels resulting in more than expected cash accruals, and the trustees infuse more equity, thereby improving its financial risk profile. Set up in 1998 by Dr. Abraham Ebenezer, AMET runs a k-12 school in the name Ebenezer International School. The Bangalore-based school has a student intake capacity of 1500and currently operates with 740 students. AMET reported a profit after tax (PAT) of INR1 million on net sales of INR76 million for 2008-09 (refers to financial year, April 1 to March 31) against a net loss of INR6 million on net sales of INR39 million for 2007-08. ADANI AGRIFRESH: ICRA Assigns 'LBB+' Rating on INR921.3MM Loan -------------------------------------------------------------- ICRA has assigned an 'LBB+' rating to the INR 921.3 million term loans, INR 250.0 million corporate loan and INR 500.0 million fund based limits of Adani Agrifresh Limited. ICRA has assigned a stable outlook to the long term ratings of AAFL. ICRA has also assigned an A4+ rating to the INR 100.0 million non fund based limits of AAFL. The assigned ratings are constrained by the business risk arising out of AAFL's exposure to price risk, vulnerability to agro climatic conditions and the high interest cost arising out of working capital intensive nature of operations. The ratings also take into account the uncertainty over the premium that apples stored in controlled atmosphere (CA) facilities can command compared to imported produce. The rating however, draws comfort from AAFL's strong parentage, growth prospects of the agriculture retail chain with organized retail receiving impetus and the ability demonstrated by the company in procuring apples successfully in 2008-09 which resulted in a peak capacity utilization of 95 percent. AAFL was incorporated in December 2004 and is a 100 per cent subsidiary of Adani Enterprises Limited. Mr. Pranav V. Adani is the present Managing Director of the company. AAFL procures apples during the harvest season (August-October) and stores them in three Controlled Atmosphere (CA) storage facilities, located in Himachal Pradesh with a combined capacity of 18,000 MT. The apples are then sold to various mandis and a distributor network of the company under the brand Farmpik. The company believes that it can capitalize on the superior quality of the apples compared to those which are stored in the traditional cold storages and thereby earn a premium in the market place for its product. The company has also commenced export of fruits like grapes, pomegranate, litchi, mango, kinno, pear, orange and onion in 2008-09. However, sale of apples accounted for 92% of AAFL's turnover in FY09. AAFL plans to offer a complete bouquet of fruits under the brand name "Farmpik" in the future. Recent Results In 2008-09 AAFL was able to procure and store apples aggregating to 17,147 MT resulting in a peak capacity utilization of 95%. AAFL recorded an operating income of INR931.2 million and a loss after tax of INR 121.9 million in 2008-09. AGSONS AGENCIES: ICRA Assigns 'LBB' Rating on INR40MM Term Loans ---------------------------------------------------------------- ICRA has assigned a rating of 'LBB' to the INR 40 million Term Loans and INR50 million fund based facilities of Agsons Agencies (I) Pvt. Ltd. ICRA has also assigned an A4 rating to the INR410 million non fund based facilities of AAIPL. The outlook on the long term rating is stable. The ratings assigned to the company take into account the risks arising out of modest size of operations in its core business of metal trading, which results in limited economies of scale, exposure to price fluctuation risks as the company does not fully hedge scrap prices and moderate exposure to foreign currency fluctuations as significant amount of the loans are in foreign currency denomination. The financial profile of the company is also weak, characterized by low profitability which coupled with high gearing has resulted in weak debt protection indicators. However, the ratings draw comfort from the established track record of the promoters in the scrap trading business and diversified product profile of the company with the company trading in a variety of ferrous and non ferrous scrap catering to various industries like auto sector, steel sector and battery manufacturers. Agsons Agencies (I) Pvt. Ltd. was incorporated in April 1974 and the company started with manufacturing of low carbon Ferro alloys like Low Carbon Iron Manganese, Iron -Titanium, etc. which are the key raw materials used by stainless steel and alloy steel industries. However, with the company facing pressure from low priced china products coupled with pollution problems in manufacturing at its Gurgaon based manufacturing facility, it became more viable for the company to enter into trading rather than manufacturing and therefore, the company shifted to trading since 1996. AAIPL is promoted by Mr. R.C. Agarwal having over 35 years of experience in the metal industry. The other directors of the company are Mr. Ravi Agarwal and Mrs. Rakhi Agarwal. The promoters have another company Himgiri Buildcon & Industries which is in the same line of business. C. P. & ASSOCIATES: Weak Liquidity Cues CRISIL Junk Ratings ----------------------------------------------------------- CRISIL has assigned its ratings of 'D/P5' to the bank facilities of C. P. & Associates Pvt Ltd. The ratings reflect continued over-utilization of cash credit limits by CPA because of weak liquidity. Facilities Ratings ---------- ------- INR50.00 Million Cash Credit Limit D (Assigned) INR360.00 Million Long-Term Loan D (Assigned) INR150.00 Million Bank Guarantee P5 (Assigned) Set up in 2001, CPA undertakes architectural and finishing work for real estate projects. The company has been a regular vendor to Delhi Metro Rail Corporation (DMRC) since 2001 and has completed work on over 20 underground as well as elevated metro stations. Currently, CPA is executing projects worth INR719 million for DMRC on 14 metro stations. The company also undertakes civil construction, and interior and landscaping work (plumbing, electrical, heating ventilating and air-conditioning [HVAC], granite and marble work, sandstone work, and stainless work), on a project basis for shopping malls, hospitality, and infrastructure projects. The company is also developing a luxury resort at Almora (Uttarakhand) for an associate company, Brahma Resorts Pvt Ltd, for INR440 million and a multiplex in Karampura (New Delhi) for INR970 million, under its wholly owned subsidiary, Jasjeet Films Pvt Ltd. CPA reported a profit after tax (PAT) of INR29.4 million on net sales of INR704.9 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR1.97 million on net sales of INR51.92 million for 2007-08. CONTROLS AND SCHEMATICS: ICRA Rates INR20MM Bank Debts at 'LBB' --------------------------------------------------------------- ICRA has assigned a long term rating of 'LBB' to INR20 million fund based and INR100 million non fund based facilities of Controls and Schematics Ltd. Besides, ICRA has assigned stable outlook to it. ICRA has also assigned A4 rating to INR 120 million non fund based limits of CSL. The ratings are constrained by the company's small sized operations and intense competitive pressures from established technology players, most of whom are also original equipment manufacturers (OEMs) for components used in LT switchboards, resulting in low profitability. Also, operating profitability levels remains exposed to any unfavorable fluctuations in prices of basic raw materials given the raw material-intensive nature of operations & fixed price nature of all orders. The ratings are further constrained by the high working capital intensity in the operations resulting in moderately high leveraging level as on March 2009. Further, the company's ability to execute ongoing/future orders in a timely manner remains important to its profitability, given the past incidences of liquidated damages claimed by customers. The ratings however consider the company's long track record in supply of Low Tension switchboards to leading Engineering, Procurement and Commission contractors/consulting companies as well as State Electricity Boards and the favorable demand potential for such products from user industry segments such as power, and other process industries. Control and Schematics Ltd. was incorporated in 1971 as a partnership firm by Mr. P.P. Reddy, Mr. A.A. Raje, Mr. A.M. Bendrey, Mr. K.S. Reddy, Mrs. Lalitha Rajmal Davda and Mrs. Vimal Deshmukh and supplied motor starter panels for irrigation pumps, motor control centres for pharmaceutical industries, bottling plants and other process industries. With years of experience in the industry, the company now undertakes total turnkey orders of Low Tension Switchgear projects comprising of providing equipments like Motor Control Centre (MCC), Power Control Centre (PCC), Bus Ducts, Distribution Boards, Push Button stations for process industries. Historically, the company has maintained its focus towards the customers in power sector and to some extent in refineries & petrochemicals. The turnkey orders include design, engineering, manufacturing, supply, erection and commissioning. For the financial year ending 2008-09, CSL reported a profit after tax (PAT) of INR 1.5 million on operating income of INR 220.3 million. DHARAMPAL PREMCHAND: CRISIL Cuts Ratings on Various Bank Ratings ---------------------------------------------------------------- CRISIL has revised its ratings on the bank loan facilities of Dharampal Premchand Ltd to 'BB/Stable/P4+' from 'BBB- /Negative/P3'. Facilities Ratings ---------- ------- INR980 Million Cash Credit* BB/Stable (Downgraded from BBB-/Negative) INR20.0 Million Stand by Line BB/Stable (Downgraded from of Credit BBB-/Negative) INR450 Million Term Loan BB/Stable (Downgraded from BBB-/Negative) INR20 Million Bank Guarantee P4+ (Downgraded from P3) INR150 Million Letter of Credit P4+ (Downgraded from P3) * Includes proposed limit of INR70.0 million The rating action reflects the expected weakening in the financial risk profile of DPL on account of losses from its steel division over the near to medium term. The rating action also factors in the possible further exposure to equity and derivatives, despite the company's history of incurring losses of INR856 million on the same over the three years ended 2008-09 (refers to financial year, April 1 to March 31). CRISIL's ratings continue to reflect DPL's exposure to risks related to negative accruals from the steel division because of operational hurdles, and to intense competition and unfavorable regulatory changes in the tobacco business. These rating weaknesses are partially offset by DPL's established presence in the flavored chewing tobacco segment and moderate financial risk profile, marked by adequate net worth, and low gearing, and the benefits that the company derives from the financial support from its group company, Dharampal Satyapal Ltd. Outlook: Stable CRISIL believes that DPL's financial risk profile will remain constrained over the near to medium term because of continued losses in the company's steel division and possible further exposures to equity and derivatives portfolios. The outlook may be revised to 'Positive' if DPL curtails its speculative activities and successfully scales up its operations in its upcoming steel project, thus improving its financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of more-than-expected losses, either from the company's equity and derivatives portfolios or from its steel division, which will lead to further deterioration in its capital structure and debt protection measures. About the Group DPL, part of the Dharampal Premchand group, was founded by the late Mr. Dharampal in 1929 as a Delhi-based trading house for tobacco and related products. Currently, the company is being managed by the founder's grandson, Mr. Ravinder Kumar. Over the years, DPL has expanded its operations by setting up several manufacturing facilities. In 1995, it set up its engineering division in Noida (Uttar Pradesh) for manufacturing fill and seal machines. In 1999, it set up a tobacco unit at Agartala (Tripura), for manufacturing various grades of its flagship tobacco brand, Baba Zarda. In 2000, it set up a silver unit in Noida for making silver foil/cut silver used in zarda and other products. The company also has a manufacturing unit at Damowala (Himachal Pradesh) for manufacturing zarda, supari, qiwam, and elaichi, and pan chutney. In 2009, DPL set up a steel plant in Agartala, with a capacity of 160,000 tonnes per annum for conversion of hot-rolled (HR) coils into cold-rolled (CR) coils/sheets and 50,000 tonnes per annum, for galvanized plain/corrugated (GP/GC) sheets. Around INR1.85 billion of this INR2.4 billion project was funded out of excise duty reimbursement, earlier available to DPL's and DSL's tobacco operations in the north eastern region of India. DPL reported a loss of INR139.4 million on net sales of INR1.29 billion for 2008-09, against a loss of INR264.3 million on net sales of INR976.5 million for 2007-08. DIVYA JYOTI: CARE Assigns 'CARE BB' Rating on INR8.55cr LT Loan --------------------------------------------------------------- CARE has assigned a 'CARE BB' rating to the Long-term Bank Facilities of Divya Jyoti Industries Limited. Facilities with 'CARE BB' rating are considered to offer inadequate safety for timely servicing of debt obligations and carry high credit risk. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 8.55 CARE BB (Cash Credit)* *the above facilities are in addition to INR20.52 crore of long-term bank facilities rated earlier Rating Rationale The rating is constrained by the poor financial profile of the company as reflected by its low level of margins, comparatively small size of operations, working-capital intensive nature of the industry and presence in the highly volatile agro-commodity business. Deterioration in profitability margins in FY09 further constrains the rating. These outweigh rating strengths like DJIL's proximity to soyabean growing region, its long standing track record and relatively higher capacity utilization compared to the industry average. Improvement in operating risk profile through successfully managing commodity price risk, diversification of revenue mix and significant debt funded project, if any, would be key rating sensitivities. DJIL, incorporated on May 8, 1992, is an established processor, engaged in crushing and processing of soyabean for extraction of soya oil and De Oiled Cake. It has solvent extraction plant at Pithampur, Madhya Pradesh with an installed capacity of 650 TPD for soyabean crushing and extraction of crude oil. For FY09, DJIL reported a profit after tax (PAT) of INR0.05 crore on total income of INR278.98 crore as against a PAT of INR0.33 crore on total income of INR188.16 crore for FY08. During 6MFY10, DJIL reported net loss of INR0.34 crore on total income of INR74.24 crore. EPICENTER TECHNOLOGIES: ICRA Places 'LB+' Rating on INR147.5M Loan ------------------------------------------------------------------ ICRA has assigned 'LB+' rating to the INR 147.5 million long term sanctioned bank limits of Epicenter Technologies Private Limited. ICRA has also assigned A4 rating to the INR 42.5 million short term sanctioned bank limits ETPL. The ratings factor in the relatively small scale of operations of ETPL that limit the scale benefits and customer diversification which are essential to de-risk its voiced based BPO business. The company faces stiff competition from established players in collection services and has high client concentration. The closure of the Providian Financial Corporation account has been a major setback for the company and its ability to scale up remains to be seen. The ratings also take into account the continued losses which have resulted in significant erosion of net-worth and lead to a highly leveraged capital structure. ICRA however favorably factors in the support ETPL gets from the promoter groups that provides financial flexibility. The focus towards newer verticals could provide diversification and entry into late stage collections is expected to improve profitability. The company has recently consolidated its two offices into a single facility which is expected to improve operating efficiency and reduce the rental burden. Epicenter Technologies Private Limited, set up in 2000, is a voice based BPO company providing collection services, and query support and sales. The company had two facilities in Mumbai till recently (located at Powai and Malad-both in Mumbai), which it has consolidated into a new single 700 seat facility at Bhayander, Thane. ETPL is a joint venture between Pune based Kalyani Group, Mr. Kenneth Eldred (Chairman of Ariba Group, USA) and Seignior Exports Private Limited. Recent results For the year ended March 2009 and 9 Months ended December 2009, the company reported an operating income INR654 million and INR343 million respectively. The loss for the year ended March 2009 stood at INR95 million. ESGI LEATHER: CRISIL Assigns 'D' Ratings on INR10.2MM Term Loan --------------------------------------------------------------- CRISIL has assigned its 'D/P5' rating to ESGI Leather Exports' bank facilities. The rating reflects delay by ESGI in servicing its term loan; the delay has been caused by ESGI's weak liquidity. Facilities Ratings ---------- ------- INR10.20 Million Term Loan D (Assigned) INR5.00 Million Open Cash Credit D (Assigned) INR20.00 Million Proposed Long-Term D (Assigned) Bank Loan Facility INR30.00 Million Packing Credit P5 (Assigned) INR47.00 Million Foreign Bill P5 (Assigned) Purchase As part of this rating exercise CRISIL has combined the business and financial risk profiles of ESGI and it subsidiary SG Fashions. This is because both ESGI and SG Fashions, collectively referred to as the ESGI group, are under the same management, and have operational linkages. Set up in 1993 in Chennai by Mr. M Rafiur Rahman, ESGI is a partnership firm manufacturing leather apparel such as jackets, skirts, shorts and trousers. The firm was earlier engaged in the processing of leather, and started manufacturing operations in 2006-07 (refers to financial year, April 1 to March 31). It has a capacity of 3.5 million square feet of finished leather and 90,000 pieces of leather apparel. It is predominantly present in the export market with sales to USA and European region. SG Fashions, based in Delhi, undertakes job work for ESGI and generates its entire income from sale to ESGI. ESGI group reported a profit after tax (PAT) of INR5 million on net sales of INR181 million for 2008-09 (refers to financial year, April 1 to March 31) against a PAT of INR6 million on net sales of INR144 million for 2007-08. G. SHANKAR: ICRA Assigns 'LBB' Rating on INR300MM Bank Facilities ----------------------------------------------------------------- ICRA has assigned 'LBB' rating to the INR300.0 million fund based limits and A4 rating to the INR350.0 million non fund based limits and INR56.0 million short term loan of G. Shankar. The outlook on the assigned ratings is stable. ICRA's rating draws comfort from long track record of the proprietor in the business of civil construction in Karnataka, moderate profitability of G. Shankar and good execution capability in view of adequate resource base. GS has shown 25% compounded growth in revenues in past four years. The rating is, however, constrained by significant business risks arising out of the competitive intensity of the construction industry and high sectoral, geographical and client concentration risks. The rating also takes into account high gearing on account of the debt funded capital expenditure and investments. G. Shankar is largely involved in executing irrigation projects in the state of Karnataka for water utilities namely Karnataka Neeravari Nigam Ltd., Krishna Bhagya Jala Nigam Ltd. and Cauvery Neeravari Nigam Ltd. and this exposes the firm to any slowdown in new orders by these departments. Ability to source and execute more orders and diversify across geographies and clients will be key rating determinants going forward. G Shankar is a sole proprietorship with more than 20 years of experience in civil construction in Karnataka. The firm is promoted by Mr. G Shankar and is a registered Class I contractor with the Karnataka PWD, which allows the firm to bid for the largest projects of the Karnataka PWD. The firm is engaged in excavation, aqua duct work at Canals, dams and is also involved in building bridges/barrages. Majority of the firm's contracts are from the government of Karnataka and the operations are restricted to North Karnataka at places like Athini, Belgaum and Yargiri. In FY09, firm has shown operating income of INR1109.8 million and profit after tax of INR73.2 million. GARGO MOTORS: CRISIL Rates INR60 Mil. Cash Credit at 'B+/Stable' ---------------------------------------------------------------- CRISIL has assigned its 'B+/Stable' rating to the cash credit facility of Gargo Motors Ltd. Facilities Ratings ---------- ------- INR60.0 Million Cash Credit B+/Stable (Assigned) The rating reflects Gargo's exposure to risks relating to an average scale of operations and small net worth, and weak financial risk profile marked by high gearing and weak debt protection measures. These weaknesses are partially offset by Gargo's stable business risk profile, backed by its established relationship with principal, Tata Motors Ltd (Tata Motors, CRISIL rated 'A+/Stable/P1+'). Outlook: Stable CRISIL believes that Gargo will maintain its business risk profile over the medium term, backed by its stable relationship with Tata Motors and established position as the latter's authorized dealer for passenger vehicles in Assam. The outlook may be revised to 'Positive' in case of substantial equity infusion, or sustained improvement in operating margin. Conversely, the outlook may be revised to 'Negative' if Gargo undertakes a large debt-funded capital expenditure program, materially impacting its debt protection measures. Incorporated in 1996 as a closely held public limited entity by Mr. Kamakhya Borthakur, Gargo commenced operations in 2006. It is an authorised dealer for passenger cars of Tata Motors. It has six showrooms and two stockyards at Tinsukia, Guwahati and other locations in Assam. The company sells passenger cars and utility vehicles such as Indica, Indica Vista, Indigo, Indigo Manza, Tata Safari, and Tata Sumo manufactured by Tata Motors. Gargo reported a profit after tax (PAT) of INR1.2 million on net sales of INR366.7 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR0.6 million on net sales of INR429.2 million for 2007-08. IND-BARATH THERMAL: CARE Assigns 'CARE B' Rating on Term Loan ------------------------------------------------------------- CARE has assigned a 'CARE B' rating to the Long-term Bank Facilities of Ind-Barath Thermal Power Ltd aggregating INR1004.60 crore. This rating is applicable for facilities having tenure of more than one year. Facilities with this rating are considered to offer low safety for timely servicing of debt obligations and carry very high credit risk. Such facilities are susceptible to default. CARE assigns '+' or '-' signs to be shown after the assigned rating (wherever necessary) to indicate the relative position within the band covered by the rating symbol. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 1,004.60 'CARE B' Rating Rationale The rating takes into account risk associated with implementation of project, delay in project implementation, re-schedulement of debt, relocation of the project from Karwar to Tuticorin resulting in cost and time overrun, pending approvals for the new project site, long gestation period and fuel supply risk. The rating is however underpinned by promoters' experience, power purchase agreement with PTC India Ltd, financial closure achieved for project and positive outlook for power sector. The ability of IBTPL to obtain the pending approvals, receive timely equity infusion and complete the project as per revised schedule without any cost overrun are the key rating sensitivities. Ind-Barath Thermal Power Limited was incorporated in 2007 as a special purpose vehicle (SPV) for setting up of coal based 300 MW power plant in the state of Karnataka. IBTPL was promoted by Ind- Bharat Power Infra Private Limited which is an investment vehicle for Ind-Bharat group in power sector. IBPIL has presence in power sector through Nine SPVs, out which six are operational while three are under development. Total operating capacity is about 295.5 MW with diversified fuel base such as coal, gas, biomass and hydel across Tamlinadu and Andhra Pradesh while 1660 MW [Utkal ? I : 700 MW; Ind Barath Madras ? 660 MW; Ind Barath Thermal ? 300 MW] is under various stages of implementation in Tamilnadu and Orissa. The project was initially planned at Hankon Village in Uttar kannada district in the state of Karnataka. The company had received all statutory clearances including Environment Clearance and Consent for Establishment for the site. However, commencement of construction activities at project site had been held up on account of protests from local political / environmental groups. In view of the inordinate delay in project construction IBTPL decided to shift the project to new location in Tuticorin in Tamil Nadu. Consequently, the Commercial Operation Date (COD) of the project originally estimated in June 2010 is now expected in June 2012 leading to re-schedulement of Senior and Subordinated Debt which has been approved by lenders. The project is estimated to be completed at a cost of INR1297 cr, revised from earlier projected cost of INR1255.80 cr (before relocation). The means of finance the revised cost stand at debt: sub-debt: equity ratio of 22.6: 72.6:4.8. The company has already achieved financial closure for the project. There is no requirement of additional debt for the project due to change in project location. The annual coal requirement for the project has been envisaged at around 1.03 million tons at 85% PLF. IBTPL has already entered into a contract with PT. Ind-Bharath Energy, a group company. The Company has entered into PPA with PTC India Ltd for a period of six years from the date of commissioning. LGW LIMITED: CRISIL Assigns Junk Ratings on Various Bank Debts -------------------------------------------------------------- CRISIL has assigned its 'D/P5' ratings to the bank facilities of LGW Ltd. The ratings reflect prolonged over-utilization of cash credit limits by LGW because of weak liquidity. Facilities Ratings ---------- ------- INR30 Million Proposed Long-Term D (Assigned) Bank Loan Facility INR30 Million Letter of Credit P5 (Assigned) INR40 Million Bank Guarantee P5 (Assigned) INR290 Million Export Packing Credit P5 (Assigned) INR90 Million Foreign Bill Discounting# P5 (Assigned) # one way interchangeably from FBD to EPC to the extent of INR40 Million. Set up in 1984 by Mr. Sanjay Kumar Gupta, LGW exports raw cotton, primarily, to Bangladesh, China, and Pakistan. It commenced commercial operations in 1988 by trading in cotton yarn. However, this business was adversely affected in 2001 because of economic infeasibility. For the next two years, the company traded in chemicals and machineries. From 2003 onwards, after the inclusion of raw cotton export under the Open General License (OGL) in the export import (EXIM) policy of 2001-02 (refers to financial year, April 1 to March 31), LGW has been exporting raw cotton to meet the increasing global demand. LGW reported a net loss of INR114.71 million on net sales of INR2.06 billion for 2008-09, against a profit after tax of INR8.65 million on net sales of INR2.64 billion for 2007-08. MABEL ENGINEERS: ICRA Places 'LBB-' Rating on INR35MM Term Loan --------------------------------------------------------------- ICRA has assigned an 'LBB-' rating to the INR35 million term loans, INR 15 million fund based facilities, INR90 million non- fund based facilities of Mabel Engineers Private Limited. The outlook on the long term rating is stable. ICRA has also assigned an A4 rating to the INR20 million fund based facilities and INR20 million non-fund based facilities of MEPL. The assigned ratings reflect MEPL's small size of operations restricting its economies of scale, highly concentrated customer profile, volatility of margins to commodity prices and the intensely competitive nature of the industry resulting in low bargaining power with customers. The ratings also factor in the Company's weak financial profile characterized by high leverage, weak coverage indicators and high interest cost on account of debt funded capital expenditure for enhancement of production capacities in the past. The favorable demand for chemical and petro-chemical projects and the company's established track record in the project execution have been factored in the rating. Mabel Engineers Pvt. Limited was started in 1989. Its key strengths lie in fabrication of pressure vessels, storage tanks, silos and carrying out erection, testing and commissioning at the project site. Mabel also undertakes turnkey projects involving engineering, procurement, fabrication, supply and erection of mechanical systems. Mabel is actively serving a wide range of Industries like space, petrochemicals, power, and process & textile dyeing and knitting. In April 2009, the company commissioned a manufacturing unit at Gummudipoondi. Prior to this it was operating from a smaller facility in Ambattur industrial estate, Chennai. Currently, the annual capacity of the company is 750 MT for stainless steel and 1500 MT for carbon steel fabrication. MEPL has recorded a profit after tax (PAT) of INR5.4 million on an operating income of INR 106.7 million, for the year ending March 31, 2009. RATHI DYE: CRISIL Assigns 'BB' Ratings on INR13.90 Mil. Term Loan ----------------------------------------------------------------- CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank facilities of Rathi Dye Chem Pvt Ltd. Facilities Ratings ---------- ------- INR54.1 Million Cash Credit* BB/Stable (Assigned) INR13.90 Million Term Loan BB/Stable (Assigned) INR2.50 Million Bank Guarantee P4+ (Assigned) INR12.50 Million Letter of Credit P4+ (Assigned) *Includes proposed cash credit of INR4.1 million. The ratings reflect Rathi Dye's small scale of operations, exposure to intense competition in the dye industry, the susceptibility of its margins to volatility in raw material prices, and its weak financial risk profile marked by small net worth, high gearing, weak debt protection metrics, and working- capital-intensive operations. These rating weaknesses are partially offset by the benefits that Rathi Dye derives from its promoters' experience and its comfortable market position in the dye industry. Outlook: Stable CRISIL believes that Rathi Dye's scale of operations will remain small, and its financial risk profile, though likely to improve, will remain moderate because of low cash accruals resulting from intense competition in the dye industry, over the medium term. The outlook may be revised to 'Positive' if Rathi Dye scales up its operations significantly without weakening its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the company's operating margin deteriorates, or if it undertakes a large, debt-funded capital expenditure program. About Rathi Dye Incorporated in 1978, Rathi Dye manufactures disperse dyes, solvent dyes, and auxiliary chemicals. The company's unit in Roha (Maharashtra) has capacity to manufacture 1200 tonnes of dyes per annum. The company markets its products in the domestic and export markets. Rathi Dye also operates a windmill with capacity of 0.6 megawatts near Sangli (Maharashtra). The company derives around 50 per cent of its revenues from solvent dyes, 40 per cent from disperse dyes, and the remainder from other products (including auxiliary chemicals). Rathi Dye reported a profit after tax of INR9.45 million on net sales of INR239.35 million for 2008-09 (refers to financial year, April 1 to March 31), against a net loss of INR3.73 million on net sales of INR201.07 million for 2007-08. SHAMILI HYDEL: ICRA Places 'LBB+' Rating on INR282.2MM LT Loans --------------------------------------------------------------- ICRA has assigned rating of 'LBB+' to the INR282.2 million long term loans of Shamili Hydel Power Project Private Limited. The outlook on the assigned rating is stable. The rating factors in the satisfactory operational performance in past eight months, firm power off take agreement with Mangalore Electricity Supply Company (MESCOM) at remunerative tariff level of INR2.8/unit for next ten years for entire 12 MW capacity and good past performance of some other upstream projects on the same diversion canal which points to moderate hydrological risk. ICRA also notes that repayment obligation is lower at only ~50% of total project cost. The rating also draws comfort from possibility of additional revenue generation from the sale of carbon emission reduction certificates and capital subsidy that the project may receive from Ministry of New and Renewable Energy (MNES) in near future. The rating is however constrained by limited past track record of promoters in similar line of business, hydrological risk as this is pure run on the river kind plant and there is limited protection available against low water availability given the single part tariff structure and the absence of a deemed generation clause in the PPA which would result in considerable variability in revenues in line with variability in annual water flows. In such an event, the ability of the project sponsors to infuse additional funds would critically impact Shamili Hydel's debt servicing ability. Good operating profile of the plant and timely servicing of debt will be key rating determinants going forward. Shamili Hydel Power Project Pvt Ltd is an associate company of G. Shankar, the north Karnataka based civil contractor. The company owns and operate a 12 MW mini hydel project on left bank of Varahi Irrigation diversion weir in Kundapur, Udupi district, Karnataka. The company has ownership for 30 years which can be extended by 20 years at company's option. The project has been commissioned in June 2009, after delays due to flood and slower pace of execution which resulted in some cost escalation. In past eight months the plant has worked at an average PLF of 30%. Currently there are no projects planned in this company. TATA MOTORS: May Surpass Hyundai in India as Nano Factory Opens --------------------------------------------------------------- Bloomberg News reports that the opening this month of a Tata Motors Ltd. factory in western India to assemble the $2,500 Nano car may help the company surpass Hyundai Motor Co. this year as India's second-largest automaker. According to Bloomberg, Tata spokesman Debasis Ray said the plant in Sanand will start producing the Nano by April 30 and make up to 250,000 units. Based on industry data, Bloomberg notes, the production will be about 80% of Hyundai's India sales last fiscal year. Bloomberg says Tata now is filling 100,000 advance orders for the Nano. Those sales plus new output may help the truckmaker regain second place after five years in third, Jatin Chawla, an analyst at India Infoline Ltd. in Mumbai, told Bloomberg. "Profit from the Nano project will come only if volumes are significant," Bloomberg quoted Deepesh Rathore, an analyst at IHS Global Insight Inc. in New Delhi, as saying. "The new factory is key to boosting volumes and the sooner it comes, the better for Tata," Mr. Rathore told Bloomberg. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. TML is listed on the Bombay Stock Exchange, the National Stock Exchange of India and New York Stock Exchange. It was ultimately 33.4% owned by the Tata Group as of December 2007. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 21, 2010, Moody's Investors Service upgraded Tata Motors Ltd's corporate family rating to B2 from B3. The outlook on the rating is positive. This rating action completes the rating review for possible upgrade initiated on March 2, 2010, when TML announced its consolidated Q3 FY2010 results. The Troubled Company Reporter-Asia Pacific reported on Aug. 6, 2009, that Standard & Poor's Ratings Services had lowered its long term corporate credit rating on India-based Tata Motors Ltd. to 'B' from 'B+'. The outlook is negative. At the same time, Standard & Poor's lowered the issue rating on the company's senior unsecured notes to 'B' from 'B+'. WAAREE ENERGIES: ICRA Places 'LBB' Rating on INR83MM Term Loan -------------------------------------------------------------- ICRA has assigned 'LBB' rating to the INR 83 million term loan facilities, INR 105 million fund based cash credit facilities and INR 30 million fund based limits of Waaree Energies Private Limited. The outlook on the rating is stable. ICRA has also assigned A4 rating to the INR 30 million fund based facilities and 85 million non fund based facilities of WEPL. The assigned ratings take into consideration the limited operational track record of WEPL, modest order book position and the stretched financial profile of the company as reflected in its weak capital structure and poor coverage indicators. The economic downturn in Europe and USA since 2008 has dried-up financing for solar power projects adversely impacting demand for solar modules, thereby translating into poor capacity utilization levels for WEPL resulting in inadequate return indicators. The assigned ratings however draw comfort from the favorable outlook for the solar power sector in the long term and its strategic tie-up with VT Telematica, Italy that would enable healthy product offtake, going forward once the overall market situation improves The ratings also factor in the benefits accruing to the company by virtue of its presence in the Surat SEZ such as income tax holiday, customs and excise duty exemption as well as the established position of promoter group. Waaree Energies Private Limited, incorporated in December 2007, is a part of the Waaree Group of companies and is engaged in the manufacture of solar panels/modules using mono crystalline silicon wafers. The company is headquartered in Mumbai with its manufacturing facility located in Surat, Gujarat. The company is currently enjoying various incentives such as customs and excise duty exemption, corporate tax holiday -- 100% for the first five years, 50% for the next 5 years, exemption from payment of stamp duties and electricity duty, etc -- by virtue of its location in the Sachin SEZ. WEPL commenced commercial operations in August 2008 with an installed capacity of 30 MW (on a three shift basis). The plant is however yet to commence operations on full scale with production as on 28th February 2010, at 2.52 MW. WEPL derives bulk of its sales from exports and as on February 28, 2010 the company derived ~84% of its turnover from exports with the sales mainly concentrated in the European region. As per the company's audited results as of March 31, 2009, WEPL recorded an operating income of INR 104 million and incurred a net loss of INR 29 million. ================= I N D O N E S I A ================= BANK CIMB: Fitch Assigns Expected Rating on Subordinated Debt ------------------------------------------------------------- Fitch Ratings has assigned an expected rating of 'AA-(idn)' to PT Bank CIMB Niaga Tbk's seven-year Rupiah subordinated debt of approximately IDR1.5 trillion. The final rating is contingent on receipt of final documentation conforming to information already received. The issue rating is two notches below the issuer's National Long- term rating of 'AA+(idn)' and reflects the presence of cumulative deferral conditions, which had not been in previous dated subordinated debt issuances by Indonesian banks. These conditions are now required in compliance with Bank Indonesia's regulation on Minimum Capital Adequacy Requirement for Commercial Banks (PBI No. 10/15/PBI/2008). In Fitch's view, these instruments are now more hybrid-like in nature and are thus subject to greater notching under Fitch's hybrid security rating criteria. Based on information received, payment of interest is subject to two main conditions -- that minimum CAR (currently 8%) is not breached at the time of payment or as a result of payment, and that, either at the time of interest payment or as a result of interest payment, distributable reserves in the equity account are not or would not become negative. Based on Fitch's rating criteria on hybrid securities, the cumulative coupon deferral is considered a form of going concern loss absorption, which the agency reflects in at least a two-notch differential between the hybrid security rating and the issuer's reference rating, which in this case is the National Long-term rating. For CIMB Niaga, its 'BB+' IDR and 'AA+(idn)' National Long-term rating primarily reflect expected institutional support from its parent, CIMB Group. In addition, the issuer ratings are also underpinned by its reasonably strong standalone financial position as reflected in its 'C/D' Individual Rating. Hence, the rupiah sub-debt issue is notched two below its National Rating at an expected rating of 'AA-(idn)'. Although the agency considers the likelihood of activation of the loss absorption feature on this instrument to be low, it notes that the existence of the deferral feature in this subordinated debt issue (as well as on all subordinated debt issued by Indonesian banks since 2009) differentiates it from the 'straight' (i.e. non-deferrable) lower Tier 2 subordinated instruments issued prior to 2009. Consequently, as a result of greater hybrid-like characteristics, the expected rating assigned to the issue is two notches lower, compared with one notch for previous subordinated debt issues (prior to 2009). Should there be a materially increased likelihood of activation of the loss absorption feature (such as an annual net profit test), then a differential of three or more notches would be applied under Fitch's criteria. Established in 1955 and listed in 1989, CIMB Niaga is now the fifth-largest bank in Indonesia. CIMB Group, the second-largest banking group in Malaysia, owns 78.3% of CIMB Niaga, while Khazanah Nasional holds 19.7% as of 31 December 2009. BAKRIE TELECOM: Fitch Assigns Issuer Default Ratings at 'B' ----------------------------------------------------------- Fitch Ratings has assigned Long-term foreign and local currency Issuer Default Ratings of 'B' to PT Bakrie Telecom Tbk. The Outlook is Stable. Fitch has also assigned an expected rating of 'B' and an expected recovery rating of 'RR4' to the proposed US$250m notes due 2015 to be issued by Bakrie Telecom Pte. Ltd. (a wholly-owned subsidiary of BTEL), and guaranteed by BTEL. The final ratings are contingent upon receipt of documents conforming to information already received. BTEL plans to use most of the proceeds from the 2015 Notes to fully repay the outstanding principal of its existing syndicated facility of US$145m and bridging loan of US$45m. The remaining proceeds will be used to finance capital expenditure related to its wireless broadband business and for general purpose. BTEL's debt would comprise mainly the 2015 Notes, capital leases of IDR2.6 trillion and an IDR650 billion bond after the 2015 Notes are issued. BTEL's ratings reflect its position as the fifth-largest cellular telecom operator in Indonesia, with a 5.5% subscriber market share at end-2009. Although the company is Indonesia's second-largest code division multiple access operator, with a 31% market share of this sub-segment at end-2009, the ratings are constrained by BTEL's position as a sub-scale operator in an intensely competitive and fragmented market. Fitch notes that BTEL remains a regional player with about 84% of its subscribers residing in the Jakarta, West Java and Banten provinces. Within the above- named provinces, Fitch estimates that BTEL has a cellular market share of around 20%. Other rating constraints include BTEL's inability to generate sustainable free cash flow, despite strong growth in cash flow from operations. BTEL has undertaken heavy capex outlays totalling IDR6.2 trillion over financial years 2007-09 to build out its network, which led to significant negative FCF averaging IDR1.4trn per annum. FCF is expected to remain negative as BTEL shifts its investment focus to the wireless broadband business. At financial year ended December 2009, net adjusted leverage (total adjusted debt net of cash to operating EBITDAR) was stretched at 3.5x. Fitch expects BTEL's net leverage to remain at 3x to 3.5x in the next 18 to 24 months. The ratings are supported by BTEL's ability to generate robust CFO, and reasonable growth prospects for the Indonesian cellular market, with the penetration rate still low at around 50% at end- 2009 (adjusted for multiple-counting of SIMs). Fitch notes that BTEL's ratings reflect a one-notch downgrade on its stand-alone ratings, based on the agency's concern over the weak financial and liquidity position of PT Bakrie & Brother Tbk, which has 49.04% direct and indirect interest in BTEL (based on BNBR's financial statement as of 31 December 2009). This may have an impact on BTEL's deleveraging process in the case of dividends or other cash outflows to BNBR. The Stable Outlook is based on Fitch's expectation that BTEL will continue to solidify its market position, and that its credit metrics will remain consistent with the rating level in the next 18 to 24 months. Negative rating guidelines include a higher than expected debt- funded capex, a material decline in EBITDA margin due to weak operating environment, a deterioration in BTEL's net adjusted leverage to above 4.0x, and/or funds from operations interest coverage to below 2.5x. A significant deterioration in BNBR's credit metrics, which in the agency's view will increase the risk of BTEL up-streaming cash to BNBR is another negative rating guideline. Conversely, an improvement in cash flow generation leading to positive FCF and net adjusted leverage falling below 3.0x, and FFO interest coverage improving above 3.5x on a sustainable basis would be the basis for a consideration of a positive rating action. BAKRIE TELECOM: S&P Assigns 'B' Long-Term Corporate Credit Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services said that it had assigned its 'B' long-term corporate credit rating to Indonesia-based telecom service provider PT Bakrie Telecom Tbk. The outlook is stable. At the same time, S&P assigned its 'B' issue rating to the proposed senior unsecured notes due 2015 to be issued by Bakrie Telecom Pte. Ltd., which is a wholly owned subsidiary of BTEL. The notes will be irrevocably and unconditionally guaranteed by BTEL. The rating reflects BTEL's small market share in Indonesia (foreign currency BB/Positive/B; local currency BB+/Positive/B; ASEAN Scale axBBB+/--/axA-2), the company's significant capital expenditure plans that could result in negative cash flows, and its weak cash flow protection measures. These weaknesses are tempered by BTEL's stable operating margins, and consistent growth in its subscribers, revenue, and market share. As of Dec. 31, 2009, BTEL had a subscriber market share of 5.5%. This puts BTEL at the fifth position in the Indonesian wireless market, which is dominated by three players that together have a 75% market share. However, S&P understand that BTEL has about 40% market share in the highly populated and prosperous Jakarta, Bandung, and West Java provinces (JBJB) region. "BTEL has significant capital expenditure plans in the next two years toward increasing network coverage and capacity, and setting up of wireless broadband infrastructure. Therefore, S&P expects BTEL to continue registering negative free operating cash flow and weak cash flow protection measures for at least the next two years," said Standard & Poor's credit analyst Manuel Guerena. In S&P's opinion, BTEL has registered good operating performance with subscribers growing at a compounded annual growth rate (CAGR) of about 95%, revenue increasing at a CAGR of more than 50% in the past three years, and fairly stable EBITDA margins of about 35%. BTEL is a limited-mobility fixed-wireless telecom service provider that operates under the "Esia" brand. According to BTEL, PT Bakrie & Brothers Tbk. (not rated) is its largest stakeholder with a shareholding of 39.6%. In S&P's view, BTEL has adequate liquidity. As at Dec. 31, 2009, the company had cash and cash equivalents of IDR1.3 trillion and strong cash flow generation with funds from operations of more than IDR700 million, compared with debt maturing in the next 12 months of about IDR0.8 trillion and equipment payables of about IDR0.7 trillion. The stable outlook on the rating reflects S&P's expectation that BTEL will improve its market position and deliver a stable operating performance. ========= J A P A N ========= JAPAN AIRLINES: Holders of Credit-Default Swaps May Recoup 83% -------------------------------------------------------------- Bloomberg News reports that Shinsei Securities Co. said holders of credit-default swaps on Japan Airlines Corp. may recover 83% of the face value of their insured debt after an auction of the contracts on Thursday. Bloomberg News, citing bid administrators Markit Group Ltd. and Creditex Group Inc., relates that Goldman Sachs Group Inc., Barclays Plc and 12 other banks will fix a settlement price for the swaps after Asia's biggest carrier filed for bankruptcy in January. "The price will be near 17 percent," Yasuhiro Matsumoto, an analyst at Shinsei, told Bloomberg in a telephone interview from Tokyo. Bloomberg relates Mr. Matsumoto said he based his calculation on a preliminary plan by Enterprise Turnaround Initiative Corp. of Japan, the state- affiliated fund leading JAL's reorganization. If JAL debt fetches 17 percent of par, swaps holders would get the remainder. About JAL 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) L-JAC 7: Moody's Takes Rating Actions on Various Classes of Notes ----------------------------------------------------------------- Moody's Investors Service has announced ratings actions for 22 classes of trust certificates and CMBL issued/ borrowed by L-JAC 7 Trust. The final maturity of the trust certificates will take place in October 2014. The individual rating actions: -- Class A, downgraded to Aa2 from Aa1; previously, Aa1 placed under review for possible downgrade on March 12, 2010 -- Class B, downgraded to Baa2 from A2; previously, A2 placed under review for possible downgrade on March 12, 2010 -- Class C, downgraded to B2 from Baa2; previously, Baa2 placed under review for possible downgrade on March 12, 2010 -- Class D-1, downgraded to B2 from Ba1; previously, Ba1 placed under review for possible downgrade on March 12, 2010 -- Class D-2, downgraded to Caa1 from Ba2; previously, Ba2 placed under review for possible downgrade on March 12, 2010 -- Class D-3, downgraded to Caa1 from Ba2; previously, Ba2 placed under review for possible downgrade on March 12, 2010 -- Class E-1, downgraded to B3 from Ba2; previously, Ba2 placed under review for possible downgrade on March 12, 2010 -- Class E-2, downgraded to Caa2 from Ba3; previously, Ba3 placed under review for possible downgrade on March 12, 2010 -- Class E-3, downgraded to Caa2 from Ba3; previously, Ba3 placed under review for possible downgrade on March 12, 2010 -- Class F-1, downgraded to Caa2 from B1; previously, B1 placed under review for possible downgrade on March 12, 2010 -- Class F-2, downgraded to Caa3 from B1; previously, B1 placed under review for possible downgrade on March 12, 2010 -- Class F-3, downgraded to Caa3 from B1; previously, B1 placed under review for possible downgrade on March 12, 2010 -- Class G-1, downgraded to Caa3 from B2; previously, B2 placed under review for possible downgrade on March 12, 2010 -- Class G-2, downgraded to Caa3 from B2; previously, B2 placed under review for possible downgrade on March 12, 2010 -- Class G-3, downgraded to Caa3 from B2; previously, B2 placed under review for possible downgrade on March 12, 2010 -- Class H-2, downgraded to Caa3 from B3; previously, B3 placed under review for possible downgrade on March 12, 2010 -- Class H-3, downgraded to Caa3 from B3; previously, B3 placed under review for possible downgrade on March 12, 2010 -- Class I-2, downgraded to Caa3 from Caa1; previously, Caa1 placed under review for possible downgrade on March 12, 2010 -- Class I-3, downgraded to Caa3 from Caa1; previously, Caa1 placed under review for possible downgrade on March 12, 2010 -- Class J-2, downgraded to Caa3 from Caa2; previously, Caa2 placed under review for possible downgrade on March 12, 2010 -- Class X, downgraded to Aa2 from Aa1; previously, Aa1 placed under review for possible downgrade on March 12, 2010 -- CMBL, downgraded to Aa2 from Aa1; previously, Aa1 placed under review for possible downgrade on March 12, 2010 L-JAC 7 Trust, effected in March 2008, represents the securitization of four non-recourse loans and four TMK bonds. The transaction is currently secured by three non-recourse loans and three specified bonds. The underlying loan portfolio is divided into three loan pools -- A, B, and C. The previous review reflected Moody's concern over further stress for the recovery assumptions of the remaining loans because the rents and cash flows of the main tenants -- in tenant-concentrated properties -- were likely to decline, and the occupancy rates of some properties remain at low levels. In this rating action, Moody's analyzed relevant documents -- such as the PM reports of all 14 properties -- and reviewed the recovery assumption in case of the disposition of remaining properties. This rating action reflects Moody's concern that the resulting losses of loans in each pool could affect the Class C through J-2 trust certificates negatively, and the effect of the loss from Pool C for Class C was considered in particular. In addition, Moody's has downgraded the Class A, B, and X Trust Certificates and CMBL, in light of the deterioration in credit support expected according to the review of recovery assumptions. Results of review on loan pools: < Pool A> -- Recovery stress; 21% of the initial Moody's value at this rating action; 4% as of June 2009 -- Pool comprises two loans and a specified bond backed by five properties in Tokyo and local cities. -- For local properties, Moody's changed the cash flow assumptions lower than estimated at previous rating action because occupancy rates remain at low levels for a long period. -- For a single tenant property in Tokyo, Moody's considered the possibility of future declines in rent. -- For a vacant office building in Tokyo, Moody's estimated further recovery stress in light of the deterioration in its cash flow and the property's liquidity. -- Moody's also reviewed the cash flow assumptions of a property with good occupancy rates because rent remains lower than initially assumed. < Pool B > -- Recovery stress; 41% of the initial Moody's value at this rating action; 19% as of June 2009 -- Pool comprises two specified bonds backed by five properties in Tokyo and Osaka. -- Moody's re-assessed cash flow assumptions of two properties with consistent low occupancy rates, considering that the rents of new tenants will be decreased on lease up. -- Moody's also reviewed the cash flow assumptions of three properties with good occupancy rates in light of actual rent showing levels lower than initially assumed. < Pool C > -- Recovery stress; 52% of the initial Moody's value at this rating action; 17% as of June 2009 -- Pool represents a loan backed by two hotels in local cities and two weekly leasing apartments in Tokyo and suburban. -- Cash flows of the hotel properties are based on fixed rents according to master lease agreements with hotel operators. -- Although the detailed conditions of these hotel operation are not disclosed, Moody's re-considered payable rent assumptions because the RevPARs of hotels in the local area are expected to decline, according to Moody's general analysis of CMBS backed by Japanese hotels. -- Moody's also reviewed the cash flow assumptions of the weekly leasing apartments because RevPARs remain lower than initially assumed. Dividend and principal distributions will be implemented sequentially at the CMBS level. Interest and principal collections from the Loan Assets will be allocated only within the corresponding group of the Trust Certificates. Within each group, the principal distribution cap will be settled for Classes A through C, and the remaining repayments from the Loan Assets will be distributed to the other subordinated Classes, starting with Class D. At the CMBS level, the principal distribution for Classes A through C in each Pool will be added up and allocated sequentially. The loss will then be allocated to the most subordinated Class, corresponding to the defaulted Loan/Bond in reverse order of sequential pay priority. The total amount of losses distributed to the Class A through C Trust Certificates will be re-allocated among them in reverse order of sequential pay, starting with Class C. 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. OMEGA CAPITAL: S&P Downgrades Ratings on Secured Notes to 'D' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'D' from 'CC' its ratings on the class A1 and A2 secured multi rate notes, due 2014, issued under the Omega Capital Investments PLC series 32 transaction. The transaction is an arbitrage synthetic CDO transaction referencing global names. S&P lowered its rating on the aforementioned notes to 'D' because the amount of accumulated loss for the transaction has exceeded its loss threshold amount. Rating Lowered Omega Capital Investments PLC Secured multi rate notes series 32 Class To From Issue Amount ----- -- ---- ------------ A1 D CC JPY500.0 mil. A2 D CC JPY300.0 mil. ORIX-NRL TRUST: Moody's Changes Ratings on Various Certificates --------------------------------------------------------------- Moody's Investors Service has changed the ratings on the Class B through G Trust Certificates issued by ORIX-NRL Trust 16. The final maturity of the trust certificates will take place in March 2012 (originally September 2013). The individual rating actions are: -- Class B, upgraded to Aaa from Aa2; previously, confirmed at Aa2 on July 6, 2009 -- Class C, upgraded to Aaa from A3; previously, downgraded to A3 from A2 on July 6, 2009 -- Class D, upgraded to Baa1 from Baa3; previously, downgraded to Baa3 from Baa2 on July 6, 2009 -- Class E, downgraded to Ba2 from Ba1; previously, downgraded to Ba1 from Baa3 on July 6, 2009 -- Class F, downgraded to B2 from Ba2; previously, downgraded to Ba2 from Ba1 on July 6, 2009 -- Class G, downgraded to Caa1 from B1; previously, downgraded to B1 from Ba2 on July 6, 2009 ORIX-NRL Trust 16, effected in December 2007, represents the securitization of non-recourse loans and specified bonds to three borrowers. Currently, only two loans remain outstanding: one non-recourse loan (Loan 1) backed by four office buildings in Tokyo, which has been in special servicing since March 2009, and one specified bond (Loan 2) backed by a residential property in Tokyo and an office building in Kanagawa, which has also been in special servicing, since February 2010. Moody's has reviewed its recovery assumptions for these six properties. The occupancy rates of most of these properties have been fairly low, and property cash flows have been declining. Moreover, Moody's believes that the potential sales prices for the properties are declining, and as a result, the recovery assumptions for the six properties have declined. One of the backing loans was paid in full at maturity in February 2010, and Loan 2 was partially paid via a property sale in March 2010. A portion of the Trust Certificates was redeemed by sequential payment via the former in March 2010, and an additional portion will be redeemed via the latter in June 2010. This prompted an increase in credit support for the Class B through D Trust Certificates -- hence, the upgrades on the ratings of these Trust Certificates. The downgrades to the Class E through G Trust Certificates reflect a downward adjustment to Moody's recovery assumptions. 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. ========= K O R E A ========= HYNIX SEMICONDUCTOR: Posts KRW822B Net Income in Q1 Ended March 31 ------------------------------------------------------------------ Hynix Semiconductor Inc. disclosed its earnings results for the first quarter ended March 31, 2010. Consolidated revenues of the first quarter of fiscal year 2010 totaled KRW2.82 trillion slightly increased from KRW2.80 trillion of the previous quarter. Such strong performance resulted in a new quarterly sales record. The increase was mainly due to a favorable memory market condition and shipment growth of DRAM as well as the average selling price improvement. Quarter-over-quarter, DRAM average selling price and bit shipment climbed by 3% and 6% respectively. NAND Flash average selling price declined by 8% sequentially while bit shipment remained flat. Operating profit reached KRW799 billion with operating margin of 28%, further improved from the previous quarter's KRW708 billion. This is the highest operating profit for the first quarter basis mainly due to increased DRAM sales. The technology migration and DDR3 expansion also contributed to this record. Net income for the quarter was KRW822 billion posting a 25% increase compared with KRW657 billion of the previous quarter. The primary reason for the difference between the operating profit and net profit was net interest expense of KRW76 billion and net foreign currency transaction and translation gain of KRW113 billion. About Hynix Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon, South Korea-based memory semiconductor supplier offering Dynamic Random Access Memory chips and Flash memory chips to a wide range of established international customers. The Company's shares are traded on the Korea Stock Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. * * * As reported in the Troubled Company Reporter-Asia Pacific on Jan. 27, 2010, Moody's Investors Service changed to stable from negative the outlook for Hynix Semiconductor Inc's B1 corporate family and senior unsecured bond ratings. The rating action has been prompted by the sharp rebound in the company's operating performance and improved liquidity profile. Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to stable from negative the outlook on its long-term corporate credit rating on Hynix Semiconductor Inc. following the recovery of the DRAM market and the company's profitability. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate and 'B' senior unsecured debt ratings on Hynix. KUMHO ASIANA: Kumho Tire Creditors to Swap Debt Into Shares ----------------------------------------------------------- Yonhap News Agency reports that creditors of Kumho Tire Co., a unit of Kumho Asia Group, have decided to swap their debt holdings into shares worth around KRW600 billion (US$540.5 million) and to conduct a capital reduction as part of efforts to carry out a debt-rescheduling program. The news agency relates the creditors led by Korea Development Bank said they also plan to inject capital worth some KRW600 billion into the company. Yonhap adds that KDB said it will seek approval from other financial institutions for Kumho Tire's business revival plan, which requires a 75% go-ahead from all creditors. As reported in the Troubled Company Reporter-Asia Pacific on August 6, 2009, The Korea Herald said 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, after acquiring it in 2006 for KRW6.4 trillion. Bloomberg News said 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. The creditors decided on Dec. 30 to put two other ailing units -- Kumho Industrial Co. and Kumho Tire Co. -- under a debt rescheduling program. Meanwhile, the group's other two units -- Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will have to improve their financial health through rigorous self- restructuring efforts as earlier agreed with creditors. Kumho Asiana unveiled a restructuring plan on January 5 that involves raising KRW1.3 trillion (US$1.1 billion) by selling off assets, while cutting costs via a 20% reduction in executive positions and wages, Yonhap New Agency reported. According to Bloomberg data, the group's net debt was KRW2.21 trillion as of September 30, 2009 -- more than double the KRW998.5 billion it had at the end of 2005 before Kumho Asiana bought 72% of Daewoo Engineering. Kumho Tire's net debt stood at KRW1.71 trillion at the end of September 2009. About 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. ==================== N E W Z E A L A N D ==================== NUPLEX INDUSTRIES: Shares May Have Fallen 30% on Covenant Breach ---------------------------------------------------------------- The Securities Commission has claimed that shares in Nuplex Industries would have plunged by as much as 30% had the company informed the NZX it was in breach of its banking covenants when the information first became available to its directors, according to the New Zealand Herald. A statement of claim filed by the commission last week in the High Court at Wellington, obtained by the Herald, indicated that on November 16, 2005, Nuplex agreed cash advance facilities with Westpac Institutional Bank, the Commonwealth Bank of Australia, HSBC and Citibank for the provision of AU$350 million. According to the Herald, the commission claimed these agreements came with a number of financial covenants, one of which required Nuplex to ensure -- unless the banks consented in writing -- that the Senior Debt Cover Ratio (SDCR) would not exceed three times. The Herald relates the commission alleged that "on or about" December 17, 2008, Nuplex realized the SDCR for the period ending December 31 would reach 3.30, placing the company in breach of its covenant. The report further says that the statement then claims that on December 22, 2008, Nuplex advised its banks of the breach and "proposed a change to the method of calculating the SDCR that would not result in the SDCR exceeding three times". According to the statement, the Herald relates, the banks advised Nuplex that they would be unable to respond to its request until late January 2009. When they finally did the request was denied and a "re-setting" of the SDCR considered, the report says. The Herald states the commission claimed the NZX was not informed of the alleged breach at that time. The Troubled Company Reporter-Asia Pacific reported on April 15, 2010, that the Securities Commission said it would file civil proceedings against Nuplex Industries Limited and certain current and former directors. The directors involved are John Hirst (Managing Director, Sydney), Robert Aitken (Chairman and non-executive director, Sydney), Barbara Gibson (non-executive director, Melbourne), David Jackson (non-executive director, Auckland), Bryan Kensington (former non- executive director, Auckland) and Michael Wynter (non-executive director, Sydney). The Commission said it was seeking declarations of contravention, pecuniary penalties (maximum penalty of up to NZ$1 million per defendant) and compensatory orders. "The Commission alleges that from December 22, 2008, until February 19, 2009, Nuplex breached its continuous disclosure obligations under the NZX Listing Rules and the Securities Markets Act 1988 by failing to disclose to the market a breach of a banking covenant, and that both Nuplex and the directors are responsible for this failure," Commission Chairman Jane Diplock said. Nuplex denied the allegations and said it will defend the charges vigorously. About Nuplex Industries Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was founded in 1956 and is incorporated in New Zealand. The company is listed on both the New Zealand (NZX) and Australian (ASX) Stock Exchange. Nuplex produces and supplies technical materials used as inputs to a broad range of manufacturing processes. It also provides specialist building products. Nuplex has operations in Australia, China, Malaysia, Brazil, United Kingdom, Netherlands, the U.S., among others and reports in four business segments. PERPETUAL TRUSTEE: S&P Raises Ratings on Five Subprime RMBS ----------------------------------------------------------- Standard & Poor's Ratings Services raised its ratings on five rated classes of subprime and nonconforming residential mortgage- backed securities issued by Perpetual Trustee Company Ltd. as trustee for Q10 Trust. The rating upgrades reflect S&P's opinion that the rated notes are adequately supported to withstand stresses that are commensurate with the higher rating levels. At the same time, S&P affirmed the rating on the class A-2 notes. The prepayment rate of the Australian housing loans in the portfolio has been consistently above the industry average until recent months. Further, the portfolio balance has amortized to A$157 million or less than 16% of the initial balance of A$1 billion. Meanwhile, approximately A$17 million of excess spread, after covering prior portfolio losses, has been accumulated in a reserve to absorb future losses. To date, there have been no charge-offs to any notes, which would not occur until the A$17 million uncapped reserve is depleted. S&P's assessment indicates that the excess spread continues to build up strongly to absorb some future losses, despite the increasing weighted-average funding cost under the current sequential-pay mechanism. The portfolio performance has been severely affected by the economic slowdown, which resulted in declining borrower disposable income and higher unemployment. In contrast with the decreasing arrears trend in the industry, the transaction's arrears levels consistently stayed above the industry average, with the greater- than-90 days arrears rising further. S&P believes this percentage increase in part reflects the reducing portfolio balance, and more significantly, the loss mitigation strategy. Although the loan servicer has entered into payment arrangements with some borrowers in financial distress, the company continues to track them as delinquent borrowers. The foreclosed loans have had minimal losses to date. The remaining portfolio consists of fully amortizing loans that are well-diversified geographically and have a weighted-average seasoning of almost five years. More than 75% of the loans have a loan-to-value ratio of 80% or below, while about 66% are low documentation loans and 30% are for investment purposes. The average loan size is about A$190,000, although there are still some large loans remaining in the pool, with 4.5% have an outstanding balance exceeding A$1,000,000. While the high arrears levels are due to adverse selection at the tail-end of the transaction, the transaction has adequate credit enhancements for the rated notes and minimal negative portfolio- yield risk at the tail-end. The notes can be redeemed at the earlier of December 2010 or when the portfolio reduces to 5% of its original balance; however, S&P's analysis assumes that clean- up calls would not be exercised. Ratings Raised Q10 Trust Class Rating From Rating To ----- ----------- --------- B AA AAA C A+ AA+ D BBB+ A E BB BBB F B BB Rating Affirmed Class Rating ----- ------ A-2 AAA RURAL PORTFOLIO: Sells 6.39% Stake in PGG Wrightson --------------------------------------------------- Rural Portfolio Investments Securities Ltd. has sold 6.39% stake in PGG Wrightson Ltd. for NZ$27.136 million, the National Business Review reports. The Business Review relates that the 48.46 million shares were sold by Rural Portfolio Investments Securities (RPIS) via a stock broker at 56 cents each. Settlement is on April 26. As reported in the Troubled Company Reporter-Asia Pacific on April 20, 2010, the New Zealand Herald said Rural Portfolio Capital, the financing arm of Craig Norgate and the McConnon family's Rural Portfolio Investments, may sell its stake in PGG Wrightson Ltd. after the investment company warned it does not have enough money in its account to meet the next dividend payment to its preference shareholders. Rural Portfolio Capital said it had breached a trust deed by failing to have enough money in its escrow account to make an October payment. According to the Herald, Rural Portfolio Capital, which has 30 days to remedy the breach, said it planned to meet the deadline and had also asked for an extension from its other funders to allow it to pay them back. Headquartered in Dunedin, New Zealand, Rural Portfolio Investments Limited -- http://www.ruralportfolioinvestments.co.nz/-- is an investment company owned 50 percent by Aorangi Laboratories Limited (the McConnon family interests' investment vehicle) and 50 percent by MCN Rural Investments Limited (a Craig Norgate family interests' investment vehicle). RPI was formed on August 6, 2003, with the objective of investing in Wrightson Limited and as a vehicle for other agribusiness investments. ===================== P H I L I P P I N E S ===================== LEPANTO CONSOLIDATED: To Invest PHP600 Mil. in Benguet Mine ----------------------------------------------------------- Lepanto Consolidated Mining Co. will invest PHP600 million this year to increase output in its Benguet mine, BusinessWorld Online reports. Lepanto President and Chief Operating Officer Bryan U. Yap said higher output at the Victoria mine will allow the miner to take advantage of high gold prices and turn around to a PHP100-million profit this year, BusinessWorld relates. The report says Lepanto is also in talks with two foreign miners for a joint development and the operation of the Far Southeast gold and copper project, also in Benguet. Headquartered in Makati City, Lepanto Consolidated Mining Company -- http://www.lepantomining.com/-- was incorporated on September 8, 1986, and operated an enargite copper mine until 1997, after which, LC shifted to gold bullion production through its Victoria Project. LC also operated a copper flotation plant from August 2000 to December 2001, and restarted it in late 2006. LC sells its gold and silver bullion production to Heraeus Ltd. (Hong Kong) while its copper concentrate production are sold to various traders. LC and its subsidiaries are involved in other businesses such as hauling, diamond drilling services, insurance, and manufacture of diamond tools. LC has two Mineral Production and Sharing Agreements for areas located in Mankayan, Benguet. The company's subsidiaries are Shipside, Inc., Diamond Drilling Corporation of the Philippines, Lepanto Investment and Development Corporation, Diamant Boart Philippines, Inc., and Far Southeast Gold Resources, Inc. * * * Lepanto Consolidated Mining posted three consecutive net losses of PHP206.44 million, PHP763.29 million and PHP372 million for the years ended December 31, 2007, 2008 and 2009, respectively. For the first quarter in 2010, Lepanto reported net loss of PHP107 million, wider than the PHP43.6-million net loss during the same period in 2009. =========== T A I W A N =========== TAIWAN POWER: Auctions Off NT$11.6 Billion in Corporate Bonds ------------------------------------------------------------- Taiwan Power Co. has sold NT$11.6 billion (US$369.6 million) worth of unsecured guaranteed corporate bonds in an auction, the Taipei Times reports. The company plans to use the proceeds to support its capital requirements, the report says. The Taipei Times relates that the company auctioned off NT$2.6 billion in five-year bonds, NT$3 billion in seven-year bonds and NT$6 billion in 10-year bonds. According to the report, the latest auction was the company's second sale this year after it sold NT$17.9 billion of bonds on March 12. Taipower said it planned to issue the new corporate bonds in early June. Taipei Fubon Bank and Mega International Commercial Bank will act as the guarantors for the proposed bond issue, with Standard Chartered Bank Taiwan Ltd serving as the main underwriter, the statement said. As reported in the Troubled Company Reporter-Asia Pacific on December 10, 2009, Taiwan Power Co. will come close to breaking even in 2009 after a difficult 2008 but expects to post a stiff loss this year based on an anticipated rise in crude oil prices. Taipower Chairman Edward Chen said the company is set to post a small loss of NT$1 billion (US$30.96 million) this year, far below the record high NT$101.35 billion pre-tax loss and NT$75.6 billion net loss it reported in 2008. Taipower reported net losses of NT$200 million and NT$23.13 billion in 2006 and 2007, respectively. Mr. Chen said Taipower is forecasting a net loss of NT$26.7 billion in 2010, based on projected total revenues of NT$507.3 billion and expenses of NT$534 billion. About Taipower With a generating capacity of more than 38,080 MW, state-owned Taiwan Power Co. serves nearly 11.7 million industrial, commercial, and residential customers. Thermal sources (coal, oil, and liquefied natural gas) fuel most of Taipower's plants; nuclear energy and hydroelectric sources make up the balance. Unable to meet Taiwan's power needs on its own, the utility has opened its market to independent power producers, allowing companies to build power plants and sell to Taipower. Taipower has resumed construction on the nation's fourth nuclear plant, and the government has announced plans to privatize Taipower. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------ ------------ AUSTRALIA ADVANCE HEAL-NEW AHGN 16.93 -8.23 AUSTAR UNITED AUN 568.69 -325.83 AUSTRAILIAN Z-PP AZCCA 77.74 -2.57 AUSTRALIAN ZIRC AZC 77.74 -2.57 AUTRON CORP LTD AAT 32.50 -13.46 AUTRON CORP LTD AAT 32.50 -13.46 BCD RESOURCES OP BCO 22.09 -61.19 BCD RESOURCES-PP BCOCC 22.09 -61.19 BIRON APPAREL LT BIC 19.71 -2.22 CENTRO PROPERTIE CNP 14,784.56 -461.11 CHALLENGER INF-A CIF 2,307.01 -104.58 CHEMEQ LTD CMQ 25.19 -24.25 CITY PACIFIC LTD CIY 171.50 -6.38 D2 MARKETING LTD DTO 16.70 -4.04 ELLECT HOLDINGS EHG 18.25 -15.49 HEALTH CORP LTD HEA 13.26 -0.01 JAMES HARDIE NV JHXCC 2,130.90 -131.10 JAMES HARDIE-CDI JHX 2,130.90 -131.10 HYRO LTD HYO 11.59 -4.73 MAC COMM INFR-CD MCGCD 8,104.42 -103.34 ORION GOLD NL ORN 12.37 -24.99 POWERLAN LTD PWR 30.84 -5.94 RESIDUAL ASSC-EE RAGXF 597.33 -126.96 SCIGEN LTD-CUFS SIE 71.22 -25.69 SHELL VILLAGES A SVC 13.47 -1.66 VERTICON GROUP VGP 15.07 -29.20 CHINA AMOI ELECTRONI-A 600057 100.95 -42.95 BAO LONG ORIENTA 600988 16.38 -3.24 CHENGDU UNION-A 693 41.39 -12.35 CHINA EAST AIR-A 600115 10,663.62 -669.02 CHINA EAST AIR-H 670 10,663.62 -669.02 CHINA EASTRN-ADR CEA 10,663.62 -669.02 CHINA KEJIAN-A 35 83.78 -182.39 DANDONG CHEM F-A 498 100.50 -111.14 DATONG CEMENT-A 673 21.25 -1.54 DONGGUAN FANGD-A 600656 62.02 -10.11 DONGXIN ELECTR-A 600691 13.36 -18.59 GAOXIN ZHANGTO-A 2075 119.52 -30.48 GUANGMING GRP -A 587 48.72 -47.59 GUANGXI BEISHE-A 600556 103.12 -138.38 GUANGXIA YINCH-A 557 30.99 -29.72 HAINAN ZHUXIN-A 600515 127.12 -2.04 HEBEI BAOSHUO -A 600155 133.67 -361.69 HEBEI JINNIU C-A 600722 227.88 -230.19 HISENSE KELON -H 921 650.07 -103.76 HISENSE KELON-A 921 650.07 -103.76 HUASU HOLDINGS-A 509 86.94 -2.12 HUDA TECHNOLOG-A 600892 21.39 -2.55 HUNAN ANPLAS CO 156 51.58 -70.84 JIANGSU CHINES-A 805 12.52 -11.39 JINCHENG PAPER-A 820 250.82 -5.71 LIAOYUAN DEHENG 600699 138.72 -6.69 MUDAN AUTOMOBI-H 8188 30.41 -1.10 NINGBO YIDONG-H 8249 42.61 -30.79 QINGHAI SUNSHI-A 600381 50.90 -26.09 SHAANXI FENGHU-A 561 33.36 -13.70 SHAANXI QINLIN-A 600217 250.40 -32.18 SHANG HONGSHENG 600817 16.78 -451.81 SHANG LIANHUA-A 600617 15.68 -1.54 SHANG LIANHUA-B 900913 15.68 -1.54 SHANGHAI WORLDBE 600757 153.10 -190.22 SHENZ CHINA BI-A 17 27.97 -264.11 SHENZ CHINA BI-B 200017 27.97 -264.11 SHENZHEN DAWNC-A 863 28.09 -157.71 SHENZHEN KONDA-A 48 195.27 -14.90 SHENZHEN SHENX-A 34 23.81 -118.24 SHENZHEN ZERO-A 7 53.21 -7.98 SHIJIAZHUANG D-A 958 235.06 -54.14 SICHUAN DIRECT-A 757 108.20 -130.38 SUNTEK TECHNOL-A 600728 37.92 -21.21 TAIYUAN TIANLO-A 600234 48.94 -25.23 TIANJIN MARINE 600751 78.09 -63.86 TIANJIN MARINE-B 900938 78.09 -63.86 TIBET SUMMIT I-A 600338 86.47 -0.05 TOPSUN SCIENCE-A 600771 183.02 -138.22 WINOWNER GROUP C 600681 11.10 -70.50 WUHAN BOILER-B 200770 307.71 -130.55 WUHAN GUOYAO-A 600421 11.45 -39.41 WUHAN LINUO SOLA 600885 84.68 -0.82 XIAMEN OVERSEA-A 600870 286.40 -145.07 YUEYANG HENGLI-A 622 37.27 -15.53 YUNNAN MALONG-A 600792 143.63 -36.68 ZHANGJIAJIE TO-A 430 45.95 -4.59 ZHONGCHANG MAR-A 600242 19.68 -1.33 ZHONGHONG REAL-A 979 43.55 -32.06 HONG KONG 21 HOLDINGS LTD 1003 43.65 -4.26 ASIA TELEMEDIA L 376 16.62 -5.37 CHAOYUE GROUP LT 147 42.69 -127.80 CHINA E-LEARNING 8055 12.20 -30.48 CHINA GOLDEN DEV 162 253.00 -2.72 EGANAGOLDPFEIL 48 557.89 -132.86 EMPEROR ENTERTAI 8078 39.23 -5.35 FULBOND HLDGS 1041 60.26 -14.42 HONBRIDGE HOLDIN 8137 12.15 -0.89 JIAN EPAYMENT 8165 15.39 -1.17 MELCOLOT LTD 8198 65.62 -25.95 MITSUMARU EAST K 2358 38.17 -1.45 NEW CITY CHINA 456 112.20 -14.59 NGAI LIK INDL 332 132.82 -4.76 PAC PLYWOOD 767 75.64 -5.41 PALADIN LTD 495 155.31 -10.91 PALADIN LTD -PRE 642 155.31 -10.91 PCCW LTD 8 5,801.75 -261.18 PROVIEW INTL HLD 334 314.87 -294.85 SINO RESOURCES G 223 33.92 -58.77 WAI CHUN MINING 660 12.79 -14.60 WAYTUNG GLOBAL G 21 12.33 -2.96 INDONESIA ASIA PACIFIC POLY 482.03 -831.23 BANK EKSEKUTIF BEKS 150.38 -4.93 ERATEX DJAJA ERTX 10.05 -15.29 JAKARTA KYOEI ST JKSW 28.00 -39.75 KARWELL INDONESI KARW 10.75 -9.36 MULIA INDUSTRIND MLIA 341.62 -371.31 PANASIA FILAMENT PAFI 48.90 -3.97 PANCA WIRATAMA PWSI 28.98 -35.49 PRIMARINDO ASIA BIMA 10.01 -21.31 STEADY SAFE TBK SAFE 12.26 -7.55 SURABAYA AGUNG SAIP 254.61 -85.54 TEIJIN INDONESIA TFCO 185.09 -14.27 UNITEX TBK UNTX 15.15 -14.59 INDIA ALCOBEX METALS AML 16.59 -21.47 ASHIMA LTD ASHM 59.92 -47.15 BALAJI DISTILLER BLD 51.16 -38.38 BELLARY STEELS BSAL 451.68 -108.50 BHAGHEERATHA ENG BGEL 22.65 -28.20 CAMBRIDGE SOLUTI CAMB 156.75 -46.79 CFL CAPITAL FIN CEATF 14.31 -40.04 COMPUTERSKILL CPS 14.90 -7.56 CORE HEALTHCARE CPAR 185.36 -241.91 DCM FINANCIAL SE DCMFS 16.54 -10.99 DIGJAM LTD DGJM 98.77 -14.62 DISH TV INDIA DITV 422.08 -127.61 DUNCANS INDUS DAI 116.96 -183.24 GANESH BENZOPLST GBP 43.99 -24.57 GEM SPINNERS LTD GEMS 15.23 -0.11 GLOBAL BOARDS GLB 25.15 -0.79 GSL INDIA LTD GSL 37.04 -42.34 GSL NOVA PETROCH GSLN 44.39 -0.93 GUJARAT SIDHEE GSCL 59.44 -0.66 HARYANA STEEL HYSA 10.83 -5.91 HENKEL INDIA LTD HNKL 102.05 -10.24 HFCL INFOTEL LTD HFCL 151.65 -85.81 HIMACHAL FUTURIS HMFC 406.63 -210.98 HINDUSTAN PHOTO HPHT 68.94 -1,147.18 HINDUSTAN SYNTEX HSYN 12.68 -1.79 HMT LTD HMT 139.31 -277.69 ICDS ICDS 13.30 -6.17 INDIA FOILS LTD IF 22.01 -2.04 INFOMEDIA 18 LTD INF18 35.80 -1.94 INTEGRAT FINANCE IFC 45.56 -43.27 ITI LTD ITI 1,116.21 -0.80 JCT ELECTRONICS JCTE 122.54 -50.00 JD ORGOCHEM LTD JDO 10.46 -1.60 JENSON & NIC LTD JN 15.93 -74.33 JIK INDUS LTD KFS 20.63 -5.62 JK SYNTHETICS JKS 13.51 -3.03 JOG ENGINEERING VMJ 50.08 -10.08 KALYANPUR CEMENT KCEM 32.04 -26.76 KERALA AYURVEDA KRAP 13.41 -0.59 KINGFISHER AIR KAIR 1,458.64 -418.91 LLOYDS FINANCE LYDF 27.68 -8.64 LLOYDS STEEL IND LYDS 358.94 -83.14 MILLENNIUM BEER MLB 36.39 -3.20 MILTON PLASTICS MILT 18.31 -40.44 NATH PULP & PAP NPPM 13.59 -39.13 NICCO UCO ALLIAN NICU 28.84 -56.77 ORIENT PRESS LTD OP 16.70 -0.09 PANCHMAHAL STEEL PMS 51.02 -0.33 PANYAM CEMENTS PYC 38.84 -0.64 PARASRAMPUR SYN PPS 111.97 -317.11 PAREKH PLATINUM PKPL 61.08 -88.85 PEACOCK INDS LTD PCOK 11.40 -14.40 PIRAMAL LIFE SC PLSL 32.05 -3.73 POLAR INDS LTD PLI 11.61 -22.28 RAMA PHOSPHATES RMPH 34.07 -1.19 RATHI ISPAT LTD RTIS 44.56 -3.93 RELIGARE TECHNOV RTCL 44.13 -1.46 RENOWNED AUTO PR RAP 14.12 -1.25 ROLLATAINERS LTD RLT 22.97 -22.24 ROYAL CUSHION RCVP 20.22 -62.97 SCOOTERS INDIA SCTR 13.29 -0.58 SHALIMAR WIRES SWRI 24.49 -49.90 SHAMKEN COTSYN SHC 23.13 -6.17 SHAMKEN MULTIFAB SHM 60.55 -13.26 SHAMKEN SPINNERS SSP 42.18 -16.76 SHREE RAMA MULTI SRMT 63.73 -52.93 SIDDHARTHA TUBES SDT 70.93 -12.09 SIL BUSINESS ENT SILB 12.46 -19.96 SOUTHERN PETROCH SPET 1,543.61 -35.61 SPICEJET LTD SJET 147.98 -84.65 STERLING HOL RES SLHR 52.91 -0.63 STI INDIA LTD STIB 28.05 -8.04 TAMILNADU TELE TNT 10.26 -4.14 TATA TELESERVICE TTLS 793.63 -74.64 TRIUMPH INTL OXIF 58.46 -14.18 TRIVENI GLASS TRSG 24.39 -8.90 UNIWORTH LTD WW 145.71 -114.87 USHA INDIA LTD USHA 12.06 -54.51 VENTURA TEXTILES VRTL 14.25 -0.33 WINDSOR MACHINES WML 14.50 -28.14 WIRE AND WIRELES WNW 102.42 -37.06 JAPAN ARDEPRO 8925 310.82 -253.28 COMMERCIAL RE 8866 296.85 -0.35 COSMOS INITIA CO 8844 1,652.69 -564.01 DON CO LTD 8216 147.78 -20.12 FLIGHT SYS CONSU 3753 14.88 -1.07 HARAKOSAN CO 8894 225.69 -62.68 ICHITAN CO LTD 5645 99.16 -4.38 JIPANGU HOLDINGS 2684 15.05 -8.38 L CREATE CO LTD 3247 42.34 -9.15 LAWSON ENTMEDIA 2416 71.17 -85.64 LCA HOLDINGS COR 4798 49.52 -2.24 MORISHITA CO LTD 3594 170.16 -6.92 PROPERST CO LTD 3236 303.29 -415.76 RAYTEX CORP 6672 61.49 -3.49 SAIKAYA CO LTD 8254 375.83 -72.59 SHINWA OX CORP 2654 61.39 -12.95 TERRANETZ CO LTD 2140 11.63 -4.29 KOREA AJU MEDIA SOL-PF 44775 13.82 -1.25 CL LCD CO LTD 35710 55.59 -14.79 DAHUI CO LTD 55250 186.00 -1.50 DAISHIN INFO 20180 740.50 -158.45 KEYSTONE GLOBAL 12170 10.61 -0.74 KUMHO INDUS-PFD 2995 5,837.32 -967.28 KUMHO INDUSTRIAL 2990 5,837.32 -967.28 ORICOM INC 10470 82.65 -40.04 ROCKET ELEC-PFD 425 68.58 -2.14 ROCKET ELECTRIC 420 68.58 -2.14 SAMT CO LTD 31330 303.86 -77.57 SOLAR & TECH CO 30390 11.47 -0.59 TAESAN LCD CO 36210 187.94 -546.26 TONG YANG MAGIC 23020 355.15 -25.77 YOUILENSYS CORP 38720 166.70 -12.34 MALAYSIA AXIS INCORPORATI AXIS 37.88 -80.60 HO HUP CONSTR CO HO 73.63 -4.31 LCL CORP BHD LCL 78.28 -72.28 LIMAHSOON BHD LIMA 26.52 -1.56 MANGOTONE GROUP MTON 12.44 -9.21 OILCORP BHD OILC 152.96 -35.28 POLY TOWER VENTU PTV 58.06 -5.45 SINOTOP HOLDING SNHB 22.80 -0.41 WONDERFUL WIRE WW 11.70 -16.48 WWE HOLDINGS BHD WWE 66.24 -1.88 NEW ZEALAND DOMINION FINANCE DFH NZ Eq 258.90 -55.31 PHILIPPINES APEX MINING 'B' APXB 45.84 -20.95 APEX MINING-A APX 45.84 -20.95 BENGUET CORP 'B' BCB 75.49 -37.05 BENGUET CORP-A BC 75.49 -37.05 CYBER BAY CORP CYBR 12.93 -79.23 EAST ASIA POWER PWR 50.80 -139.42 FIL ESTATE CORP FC 37.29 -11.36 FILSYN CORP A FYN 22.00 -10.28 FILSYN CORP. B FYNB 22.00 -10.28 GOTESCO LAND-A GO 18.68 -10.86 GOTESCO LAND-B GOB 18.68 -10.86 MRC ALLIED INC MRC 13.04 -3.68 PICOP RESOURCES PCP 105.66 -23.33 PRIME ORION PHIL POPI 90.35 -5.12 STENIEL MFG STN 28.67 -1.48 UNIVERSAL RIGHTF UP 45.12 -13.48 UNIWIDE HOLDINGS UW 52.80 -56.18 VICTORIAS MILL VMC 178.06 -36.66 SINGAPORE ADV SYSTEMS AUTO ASA 11.69 -13.16 ADVANCE SCT LTD ASCT 16.05 -43.84 FALMAC LTD FAL 10.12 -6.80 HL GLOBAL ENTERP HLGE 93.91 -12.96 INFORMATICS EDU INFO 24.56 -0.01 JURONG TECH IND JTL 98.76 -227.28 LINDETEVES-JACOB LJ 151.66 -86.53 SUNMOON FOOD COM SMOON 14.65 -13.74 TIGER AIRWAYS TGR 122.90 -71.92 TT INTERNATIONAL TTI 287.51 -38.28 WESTECH ELECTRON WTE 20.26 -13.94 THAILAND ABICO HLDGS-F ABICO/F 12.07 -9.54 ABICO HOLDINGS ABICO 12.07 -9.54 ABICO HOLD-NVDR ABICO-R 12.07 -9.54 ASCON CONSTR-NVD ASCON-R 59.78 -3.37 ASCON CONSTRUCT ASCON 59.78 -3.37 ASCON CONSTRU-FO ASCON/F 59.78 -3.37 BANGKOK RUBBER BRC 90.30 -65.13 BANGKOK RUBBER-F BRC/F 90.30 -65.13 BANGKOK RUB-NVDR BRC-R 90.30 -65.13 CIRCUIT ELEC PCL CIRKIT 17.39 -88.00 CIRCUIT ELEC-FRN CIRKIT/F 17.39 -88.00 CIRCUIT ELE-NVDR CIRKIT-R 17.39 -88.00 DATAMAT PCL DTM 12.69 -6.13 DATAMAT PCL-NVDR DTM-R 12.69 -6.13 DATAMAT PLC-F DTM/F 12.69 -6.13 ITV PCL ITV 33.88 -90.93 ITV PCL-FOREIGN ITV/F 33.88 -90.93 ITV PCL-NVDR ITV-R 33.88 -90.93 K-TECH CONSTRUCT KTECH 39.74 -33.07 K-TECH CONSTRUCT KTECH/F 39.74 -33.07 K-TECH CONTRU-R KTECH-R 39.74 -33.07 KUANG PEI SAN POMPUI 17.70 -12.74 KUANG PEI SAN-F POMPUI/F 17.70 -12.74 KUANG PEI-NVDR POMPUI-R 17.70 -12.74 PATKOL PCL PATKL 52.89 -30.64 PATKOL PCL-FORGN PATKL/F 52.89 -30.64 PATKOL PCL-NVDR PATKL-R 52.89 -30.64 PICNIC CORPORATI PICNI 162.04 -79.86 PICNIC CORPORATI PICNI/F 162.04 -79.86 PICNIC CORPORATI PICNI-R 162.04 -79.86 PONGSAAP PCL PSAAP 25.95 -6.20 PONGSAAP PCL PSAAP/F 25.95 -6.20 PONGSAAP PCL-NVD PSAAP-R 25.95 -6.20 SAFARI WORLD PUB SAFARI 103.18 -17.83 SAFARI WORLD-FOR SAFARI/F 103.18 -17.83 SAFARI WORL-NVDR SAFARI-R 103.18 -17.83 SAHAMITR PRESS-F SMPC/F 21.99 -4.01 SAHAMITR PRESSUR SMPC 21.99 -4.01 SAHAMITR PR-NVDR SMPC-R 21.99 -4.01 SUNWOOD INDS PCL SUN 19.86 -13.03 SUNWOOD INDS-F SUN/F 19.86 -13.03 SUNWOOD INDS-NVD SUN-R 19.86 -13.03 THAI-DENMARK PCL DMARK 15.72 -10.10 THAI-DENMARK-F DMARK/F 15.72 -10.10 THAI-DENMARK-NVD DMARK-R 15.72 -10.10 TRANG SEAFOOD TRS 12.09 -2.26 TRANG SEAFOOD-F TRS/F 12.09 -2.26 TRANG SFD-NVDR TRS-R 12.09 -2.26 UNIVERSAL S-NVDR USC-R 105.34 -33.13 UNIVERSAL STARCH USC 105.34 -33.13 UNIVERSAL STAR-F USC/F 105.34 -33.13 TAIWAN CHIEN TAI CEMENT 1107 202.45 -22.41 HELIX TECH-EC 2479T 23.39 -24.12 HELIX TECH-EC IS 2479U 23.39 -24.12 HELIX TECHNOL-EC 2479S 23.39 -24.12 TAIWAN KOL-E CRT 1606U 507.21 -147.14 TAIWAN KOLIN-EN 1606V 507.21 -147.14 TAIWAN KOLIN-ENT 1606W 507.21 -147.14 VERTEX PREC-ENTL 5318T 43.04 -2.31 VERTEX PRECISION 5318 43.04 -2.31 YEU TYAN MACHINE 8702 39.57 -271.07 ********* 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 ***