/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080520.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 Tuesday, May 20, 2008, Vol. 11, No. 99 Headlines A U S T R A L I A ANULKA PTY: Placed Under Voluntary Liquidation AUSTJO: Appoints Bruce Needs as Liquidator AUTOSAT AUSTRALIA: Appoints Arthur Yip as Liquidator AVONCARE PTY: To Declare Dividend on May 21 CARBOY (SA): Members' Final Meeting Slated for May 21 CONNECT GLASS: Supreme Court Enters Wind-Up Order ECHUCA ALL: Supreme Court Enters Wind-Up Order ESTATE PROPERTIES: Shareholders' Meeting Set for May 22 FREIGHTLINK: Puts Business for Sale GRIFFITHS CONSTRUCTIONS: Place Under Voluntary Liquidation IBASE GLOBAL: Members to Hear Wind-Up Report on May 27 PARK ‘N’ VIDS: To Declare Dividend on May 26 PARMALAT SPA: Seeks ACCC Clearance for Dairy Farmers Bid PAUL SEGAERT: Liquidator Presents Wind-Up Report PEGASUS PERSONNEL: Appoints Peter Paul Krejci as Liquidator QUANTECRON PTY: Supreme Court Enters Wind-Up Order ST GEORGE: Westpac Open to Possible Bid Increase TIETYENS INVESTMENTS: To Declare Dividend on June 13 TRURIM PTY: Placed Under Voluntary Liquidation WAMAR PTY: Liquidator Gives Wind-Up Report ZINITEX LIMITED: Closes Allegiance Takeover Deal C H I N A AGRICULTURAL: Set for Restructuring Amid US$100BB in Bad Loans BANK OF SHANGHAI: 2007 Net Profit Rose 23.09% to CNY2.934 Bil. CHINA GLASS: Moody's Holds "B1" Ratings and Neg. Outlook CHINA GLASS: S&P Places 'B+' Ratings On Developing Watch SICHUAN CHANGHON: Resumes Production Yesterday After China Quake * CHINA: Moody's Sees no Rating Impact of Quake on Developers H O N G K O N G BETTERISE LIMITED: Commences Liquidation Proceedings DEFOND POWERTOOL: Creditors' Proofs of Debt Due May 23 DEFOND SALES: Commences Liquidation Proceedings DIABELL (INTERNATIONAL): Creditors' Proofs of Debt Due May 29 MANAGEMENT INVESTMENT: Members' Final Meeting Set for May 20 MAXTIME MARINE: Commences Liquidation Proceedings NG TAT HING: Creditors' Proofs of Debt Due June 9 NUMBER ONE: Commences Liquidation Proceedings PROSPECTFUL ASIA: Creditors' Proofs of Debt Due May 30 I N D I A BHARTI AIRTEL: Proposed Merger with MTN Faces Trouble ICICI: Aims to Raise US$3BB for Private Equity & Property Funds ICICI Bank: FIPB Okays ICICI Securities' Proposal TATA MOTORS: To Discuss Price Hike With Key Suppliers I N D O N E S I A PERUSAAHAN LISTRIK: Needs US$3.5 Bil. for Power Plant Project PT PERTAMINA: Inks Credit Pact w/ PTPN X for Sugar Cane Farmers PT PERTAMINA: To Seek Funding for Refinery Upgrade PT PERTAMINA: Legislator Calls for Transparency J A P A N * JAPAN: Moody's Gives Brewery Industry a Negative Outlook K O R E A EG SEMICON: KD Partners Acquires 34.05% Company Stake GENEXEL-SEIN: Completes Rights Issue of 10 Billion Common Shares MAGNACHIP SEM: Enters Distribution Deals With Asian Distributors NDCORP CO: Converts 5th Bonds to 1,315 Shares at KRW7,602 Each M A L A Y S I A IDAMAN UNGGUL: Tokio Marine Seeks Bid Clearance for Tahan LIQUA HEALTH: Appoints Nur Zarina as Director & Audit Member SELOGA HOLDINGS: SC Gives Conditions to Consider Exemption UBG BERHAD: Earns MYR4.74 Million in Quarter Ended March 31 WONDERFUL WIRE: To Seek Shareholders' Okay on Two Resolutions N E W Z E A L A N D BUTE LIMITED: Taps John Michael Gilbert as Liquidator CLEGG & CO: Fixes May 23 as Last Day to File Claims COMMERCIAL TECHNOLOGIES: Wind-Up Petition Hearing Set for May 22 FLETCHER BUILDING: "Unlikely" to Buy Stake in Hyne, Analysts Say GHG SECURITY: Appoints Fisk and Sanson as Liquidators MERSEY LTD: Names John Michael Gilbert as Liquidator NORFOLK MANOR: Commences Liquidation Proceedings PROPERTY IMPROVERS: Taps Hollis and Cain as Liquidators Q-SPD INTERNATIONAL: Names Heath and Lamacraft as Liquidators REUBEN'S WATER: Wind-Up Petition Hearing Set for July 4 VICTORIA MINI: Shareholders Opt to Liquidate Business WHITE ISLE: Fixes May 30 as Last Day to File Claims WOOL EQUITIES: Company Director Keith Sutton Resigns P A K I S T A N AZGARD NINE: S&P Cuts Corporate Credit Rating to "B" PAKISTAN MOBILE: S&P Holds 'B+' Ratings With Negative Outlook * PAKISTAN: S&P Cuts Foreign Currency Debt Rating to 'B' P H I L I P P I N E S UCPB: Government Increases Aid to Php30 Billion * PHILIPPINES: Feb. 2008 Gov't Debt Climbs to Php3.771 Tril. * PHILIPPINES: Jan-Apr 08 Fiscal Deficit Down by Php14.2 Bil. * PHILIPPINES: U/KBs' NPL Ratio Settles at 4.70% in February X X X X X X X X * BOND PRICING: For the Week May 19 to May 23, 2008 - - - - - ================= A U S T R A L I A ================= ANULKA PTY: Placed Under Voluntary Liquidation ---------------------------------------------- Anulka Pty Limited's members agreed on March 14,2008, to voluntarily liquidate the company's business. Aaron R. Randell and Gregory J. Emerson were appointed to facilitate the sale of its assets. The liquidators can be reached at: Aaron R. Randell Gregory J. Emerson Emerson Randell Young Accountants and Business Advisers Level 9, 117 York Street Sydney NSW 2000 AUSTJO: Appoints Bruce Needs as Liquidator ------------------------------------------ Austjo Pty Ltd's members agreed on March 27, 2008, to voluntarily liquidate the company's business. Bruce Needs was appointed to facilitate the sale of its assets. The liquidator can be reached at: Bruce Needs Miller Needs Chartered Accountants 434 Elizabeth Street Surry Hills NSW 2010 Telephone: (02) 9318 2755 Facsimile: (02) 9318 2806 Email: accts@millerneeds.com.au AUTOSAT AUSTRALIA: Appoints Arthur Yip as Liquidator ---------------------------------------------------- Autosat Australia Pty Ltd's members agreed on April 15, 2008, to voluntarily liquidate the company's business. Arthur Yip was appointed to facilitate the sale of its assets. The liquidators can be reached at: Arthur Yip Arthur Yip & Associates Suite 140, Level 3, Regis Towers, 418 Pitt Street Sydney NSW AVONCARE PTY: To Declare Dividend on May 21 ------------------------------------------- Avoncare Pty Ltd will declare dividend on May 21, 2008. Only creditors who were able to file their proofs of debt by May 6, 2008, will be included in the company's dividend distribution. The company's liquidator is: Nick Combis Vincents Chartered Accountants Level 27, 239 George Street Brisbane QLD 4000 Telephone: (07) 3854 4555 Facsimile: (07) 3236 2452 CARBOY (SA): Members' Final Meeting Slated for May 21 ----------------------------------------------------- Carboy (Sa) Credit Union Ltd will hold a final meeting for its members at 11:00 a.m. on May 21, 2008. During the meeting, the company's liquidator, Nick Cooper at SimsPartners, will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: Nick D. Cooper SimsPartners Level 4, 12 Pirie Street Adelaide SA 5000 CONNECT GLASS: Supreme Court Enters Wind-Up Order ------------------------------------------------- On March 28, 2008, the Supreme Court of New South Wales entered an order to have Connect Glass & Aluminium Pty Limited's operations wound up. D. I. Mansfield was appointed as liquidator. The liquidator can be reached at: D. I. Mansfield Moore Stephens Chartered Accountants Level 6, 460 Church Street Parramatta NSW 2150 ECHUCA ALL: Supreme Court Enters Wind-Up Order ---------------------------------------------- On March 31, 2008, the Supreme Court of New South Wales entered an order to have Echuca All Truck Trailer And Tyre Pty Limited's operations wound up. D. I. Mansfield was appointed as liquidator. The liquidator can be reached at: D. I. Mansfield Moore Stephens Chartered Accountants Level 6, 460 Church Street Parramatta NSW 2150 ESTATE PROPERTIES: Shareholders' Meeting Set for May 22 ------------------------------------------------------- Estate Properties Pty Ltd will hold a meeting for its shareholders at 11:00 a.m. on May 22, 2008. During the meeting, the company's liquidator, R. K. Dillon at R.R. Dillon & Co., will provide the attendees with property disposal and winding-up reports. The company's liquidator can be reached at: R.R. Dillon & Co 89 King William Road Unley, SA 5061 FREIGHTLINK: Puts Business for Sale ----------------------------------- FreightLink disclosed in a press release Monday that expressions of interest will be sought from parties in relation to the proposed sale of FreightLink. In 2001 FreightLink was awarded the concession to build a new railway between Alice Springs and Darwin and to operate the 2,240 km Tarcoola to Darwin railway under a 50 year agreement. Since commencing operations in January 2004 FreightLink has achieved outstanding growth. It has carried over 2.5 million tonnes of general freight (excluding minerals) on the corridor between Adelaide and Darwin and for the 12 months ending 30 June 2008 will carry close to 800,000 tonnes of general freight. Around 90% of the freight moving between Adelaide and Darwin is now on carried on rail. FreightLink has secured three major minerals contracts since commencing operations. In April 2006 FreightLink commenced haulage of bulk manganese ore from the OM Holdings Ltd mine at Bootu Creek, 120 km north of Tennant Creek, to Darwin for export. In July 2007 FreightLink commenced the haulage of iron ore for Territory Resources Ltd at Frances Creek in the Northern Territory. FreightLink will begin to carry copper/gold concentrate for Oxiana Ltd from their Prominent Hill mine in South Australia to Darwin when mining operations commence in late 2008. FreightLink’s CEO, Mr. John Fullerton, says that FreightLink has achieved exceptional growth in a very short period and the business is well positioned to further expand its activities in the emerging minerals sector along the Adelaide to Darwin rail corridor. “The sale of the business which we are announcing . . . will provide the opportunity for the new owners of FreightLink to capture substantial growth in the future, especially from the haulage of bulk minerals for export and to participate in new rail opportunities across the interstate network” he says. “Quality rail assets in Australia are highly regarded for their strategic value and this presents a rare opportunity for investors to acquire a rapidly growing business in the transport and logistics industry where rail will play an increasingly significant role”. FreightLink has appointed UBS as its Sale Adviser. Forced Sale AdelaideNow relates that FreightLink's bank lenders forced the sale following years of debt and underperformance. According to AdelaideNow, the banks, led by the Australia and New Zealand Banking Group Limited, have not been swayed in their decision despite a recent turnaround in performance due to a surge in mining cargo volumes out of South Australia and Darwin's increasing popularity as a port. About FreightLink FreightLink owns and operates the railway between Tarcoola and Darwin under a 50-year concession agreement, and provides transport services to Australia and overseas markets centred on the Adelaide–Darwin corridor. FreightLink manages services provision from its Adelaide headquarters, supported at the terminals by locally based managers, all of whom have extensive experience in rail operations and services. The company currently operates five train services a week Adelaide–Darwin, with connecting rail services to other interstate locations. In addition, it hauls bulk minerals destined for China from mines on the Adelaide–Darwin railway to the Port of Darwin. A track access agreement is in place with Great Southern Railway to operate two weekly passenger services (The Ghan) between Adelaide and Darwin. All rail safety, marketing, operational and asset management associated with the business takes place in the Adelaide base, and some activities are outsourced to leading rail service suppliers to leading rail service providers. FreightLink’s shareholders are Kellogg Brown & Root, Carillion, John Holland, Genesee & Wyoming Australia, Macmahon Holdings and a number of other investment shareholders, including the Northern and Central Aboriginal Land Councils. GRIFFITHS CONSTRUCTIONS: Place Under Voluntary Liquidation ---------------------------------------------------------- Griffiths Constructions Pty Ltd's members agreed on April 2, 2008, to voluntarily liquidate the company's business. David Colin Shedden was appointed to facilitate the sale of its assets. The liquidator can be reached at: David Colin Shedden 28/19-21 Central Road Miranda NSW 2228 IBASE GLOBAL: Members to Hear Wind-Up Report on May 27 ------------------------------------------------------ A. L. Dunner, Ibase Global Pty Ltd's appointed estate liquidator, will meet with the company's members on May 27, 2008, to provide them with property disposal and winding-up reports. The liquidator can be reached at: A. L. Dunner Andrew Dunner & Associates Chartered Accountants 23 Erin Street Richmond VIC 3121 PARK ‘N’ VIDS: To Declare Dividend on May 26 -------------------------------------------- Park ‘N’ Vids Pty Ltd will declare dividend on May 26, 2008. Only creditors who were able to file their proofs of debt by May 19, 2008, will be included in the company's dividend distribution. The company's liquidator is: Peter Goodin Brooke Bird & Co Chartered Accountants 471 Riversdale Road Hawthorn East VIC 3123 Telephone: (03) 9882 6666 PARMALAT SPA: Seeks ACCC Clearance for Dairy Farmers Bid -------------------------------------------------------- Parmalat S.p.A. has commenced a regulatory approval process of its offer to acquire or merge with Dairy Farmers. Through a consortium, Italy’s Parmalat and Australian co- operative, Murray Goulburn, requested that the Australian Competition and Consumer Commission indicate whether it has any concerns that would need to be overcome prior to its bid to acquire Dairy Farmers being formally assessed by the Co- operative’s Board. The commencement of the consortium’s regulatory approval process follows similar approaches by Kirin-owned National Foods and New Zealand co-operative, Fonterra. Dairy Farmers Chief Executive Rob Gordon said further interested parties may initiate regulatory clearance processes in coming months. About Dairy Farmers Dairy Farmers -- http://www.dairyfarmers.com.au/-- produces a selection of milk and dairy brands which include Cracker Barrel, COON, dare, OAK, moove, shape, Ski and Dairy Farmers. About Parmalat Headquartered in Milan, Italy, Parmalat S.p.A. -- http://www.parmalat.net/-- sells nameplate milk products that can be stored at room temperature for months. It also has about 40 brand product lines, which include yogurt, cheese, butter, cakes and cookies, breads, pizza, snack foods and vegetable sauces, soups and juices. The company's U.S. operations filed for chapter 11 protection on Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139). Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal & Manges LLP, represent the Debtors. When the U.S. Debtors filed for bankruptcy protection, they reported more than US$200 million in assets and debts. The U.S. Debtors emerged from bankruptcy on April 13, 2005. Parmalat S.p.A. and its Italian affiliates filed separate petitions for Extraordinary Administration before the Italian Ministry of Productive Activities and the Civil and Criminal District Court of the City of Parma, Italy on Dec. 24, 2003. Dr. Enrico Bondi was appointed Extraordinary Commissioner in each of the cases. On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No. 04-14268, in the United States Bankruptcy Court for the Southern District of New York. Three Cayman Islands-based special-purpose vehicles created by Parmalat were placed under separate winding up petitions before the Grand Court of the Cayman Islands in January 2004. Gordon I. MacRae and James Cleaver of Kroll (Cayman) Ltd. serve as liquidators in the cases of Dairy Holdings Ltd., Parmalat Capital Finance Ltd., and Food Holdings Ltd. On Jan. 20, 2004, the Liquidators filed Sec. 304 petitions, Case No. 04-10362, in the United States Bankruptcy Court for the Southern District of New York on behalf of Parmalat Finance, et al. Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq., at Janvey, Gordon, Herlands Randolph, represent the Finance Companies in the Sec. 304 case. The Honorable Robert D. Drain presides over the Parmalat Debtors' U.S. cases. On June 21, 2007, the U.S. Court granted Parmalat permanent injunction. PAUL SEGAERT: Liquidator Presents Wind-Up Report ------------------------------------------------ Paul Andrew Billingham, Paul Segaert Pty Limited's estate liquidator, met with the company's members on April 23, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: P. A. Billingham Grant Thornton Level 17, 383 Kent Street Sydney NSW 2000 PEGASUS PERSONNEL: Appoints Peter Paul Krejci as Liquidator ----------------------------------------------------------- Pegasus Personnel Pty Ltd.'s members agreed on April 4, 2008, to voluntarily liquidate the company's business. Peter Paul Krejci was appointed to facilitate the sale of its assets. The liquidator can be reached at: Peter P. Krejci GHK Ferrier Green Krejci Silvia Level 13, 1 Castlereagh Street Sydney NSW 2000 QUANTECRON PTY: Supreme Court Enters Wind-Up Order -------------------------------------------------- On March 27, 2008, the Supreme Court of New South Wales entered an order to have Quantecron Pty Limited's operations wound up. D. I. Mansfield was appointed as liquidator. The liquidator can be reached at: D. I. Mansfield Moore Stephens Chartered Accountants Level 6, 460 Church Street Parramatta NSW 2150 ST GEORGE: Westpac Open to Possible Bid Increase ------------------------------------------------ Stephen Letts of ABC News reports that Westpac Banking Corporation has not ruled out increasing its AU$19 billion takeover offer for St. George Bank Limited. According to the report, speaking on ABC1's Inside Business program on Sunday morning, Westpac chairman Ted Evans said "never say never" when asked whether the bid would need to be raised. Subsequently Westpac issued a statement to the ABC which said: "Westpac considers that it has made a full and fair offer which is compelling both in terms of its price and terms. However, Westpac reserves the right to review its offer if it considers that circumstances warrant this." As reported in the Troubled Company Reporter-Asia Pacific on May 12, 2008, Westpac's merger proposal states that: * All Westpac and St.George brands, including Bank SA, and branch/ATM networks would be retained. The intention is that there will be no net reduction in branch or ATM numbers. The focus will be on investing more in front-line services; * The combined 10 million customers would benefit from an enhanced offering in terms of product range, expanded distribution and financial strength while preserving their relationships with employees, products, customer touchpoints and branding; and * Shareholders would own the premier AA rated financial institution in Australia, with leading market positions across key lines of business, and share in the benefits of substantial revenue synergies going forward. Westpac also outlined that the combined business would be a market leader in Australia. Specifically, St.George and Westpac would be: * Australia's leading provider of home lending, with a market share of 25% * Australia's largest wealth platform provider with funds under administration of $108 billion St. George's Board of Directors has indicated their intention to recommend shareholders' approval of the proposal. St. George is being advised by UBS as financial adviser and Allens Arthur Robinson as legal adviser. Westpac has engaged Caliburn Partnership as financial adviser and Gilbert + Tobin as legal adviser. About St. George Bank Headquartered in Kogarah, New South Wales, Australia -- http://www.stgeorge.com.au-- St. George Bank Limited is a banking company. The Company operates in four business segments: Retail Bank (RB), Institutional and Business Banking (IBB), BankSA (BSA) and Wealth Management (WM). RB is responsible for residential and consumer lending, provision of personal financial services including transaction services, call and term deposits, small business banking and financial planners. This division manages retail branches, call centers, agency networks and electronic channels, such as electronic funds transfer at point of sale (EFTPOS) terminals, automated teller machines (ATMs) and Internet banking. On September 28, 2007, it disposed of its 100% interest in Scottish Pacific Business Finance Holdings Pty. Limited. * * * As reported in the Troubled Company Reporter-Asia Pacific on May 13, 2008, Moody's Investors Service reviewed, with direction uncertain, the ratings of St.George Bank. It is rated Aa2 for deposits and senior debt, Prime-1 for short-term obligations and carries a bank financial strength rating (BFSR) of B. In addition, Fitch Ratings placed St.George Bank Limited's 'B' Individual Rating and 'BB+' Support Rating Floor on Rating Watch Positive. TIETYENS INVESTMENTS: To Declare Dividend on June 13 ---------------------------------------------------- Tietyens Investments Pty Limited will declare dividend on June 13, 2008. Only creditors who were able to file their proofs of debt by May 7, 2008, will be included in the company's dividend distribution. The company's liquidator is: D. J. F. Lombe Deloitte Touche Tohmatsu PO Box N250 Grosvenor Place Sydney NSW 1217 TRURIM PTY: Placed Under Voluntary Liquidation ---------------------------------------------- Trurim Pty Limited 's members agreed on March 14,2008, to voluntarily liquidate the company's business. Aaron R. Randell and Gregory J. Emerson were appointed to facilitate the sale of its assets. The liquidators can be reached at: Aaron R. Randell Gregory J. Emerson Emerson Randell Young Accountants and Business Advisers Level 9, 117 York Street Sydney NSW 2000 WAMAR PTY: Liquidator Gives Wind-Up Report -------------------------------------------- Philip G. Ryan, Wamar Pty Limited's estate liquidator, met with the company's members on May 17, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: Philip G. Ryan 7 Coranto Street Abbotsford NSW 2046 ZINITEX LIMITED: Closes Allegiance Takeover Deal ------------------------------------------------ The takeover bid by Zinifex Australia Limited for all the ordinary shares in Allegiance Mining NL closed at 7:00 p.m. (Melbourne time) on May 16, 2008. Accordingly, Zinifex and its associates have a relevant interest in 98% of Allegiance shares and Zinifex has one month within which to proceed to compulsory acquisition. For further information about the takeover bid, contact the Zinifex Offer Information Line on 1300 658 985 (within Australia) and +61 2 8986 9352 (outside Australia). About Zinifex Ltd. Zinifex Limited, one of the world's largest integrated zinc and lead companies -- http://www.zinifex.com/-- is headquartered in Melbourne, Australia. The company owns and operates two mines and four smelters. The mines and two of the smelters are located in Australia and supply the growing industrial markets of the Asian-Pacific region, including China. The company also has a zinc smelter in the Netherlands and the United States. The company sells a range of zinc metal, lead metal, and associated alloys in 20 countries. More than 80% of the company's products are distributed outside Australia, particularly in Asia, which is experiencing significant growth in construction activity and vehicle production. Zinc is used for steel galvanizing and die-casting and lead for lead acid batteries used mainly in cars and other vehicles. * * * The Troubled Company Reporter-Asia Pacific reported on Dec. 18, 2007, that Fitch Ratings affirmed Zinifex Limited's 'BB+' long-term foreign currency Issuer Default Rating (IDR), following the announcement of an all cash offer for Allegiance Mining NL (Allegiance). Fitch's Web site as of April 21, 2008, says the rating outlook is positive. ========= C H I N A ========= AGRICULTURAL: Set for Restructuring Amid US$100BB in Bad Loans -------------------------------------------------------------- Agricultural Bank of China President Xiang Junbo said the time is right for the restructuring of the bank, saddled with US$100 billion of bad loans, Luo Jun and Irene Shen of Bloomberg report. "We're ready for the share reform. Agricultural Bank's share reform is the last battle for the nation's commercial bank reform," Mr. Junbo was quoted by Bloomberg as saying. According to the report, China has spent about US$500 billion bailing out its biggest lenders over the past decade. Agricultural Bank's revitalization has been delayed because 23% of its loans aren't getting paid, according to its latest annual report, the report relates. Mr. Xiang Junbo did not specify on when the restructuring will take place. Vice Finance Minister Li Yong said, the same report relates, that Agricultural Bank and China Development Bank will receive US$67 billion from the nation's sovereign wealth fund. Agricultural Bank, which holds 12% of China's US$4.7 trillion of banking assets, has the worst asset quality and most employees among the big four state-owned lenders, Bloomberg notes. The report says that China's government is reorganizing state- owned lenders and policy banks and pushing them to sell shares to the public so that international accounting, disclosure and capital adequacy rules can improve their governance. About Agricultural Bank of China Agricultural Bank of China -- http://www.abchina.com/-- is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. * * * Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of 2006. According to XFN-Asia, at the end of September 2007, Agricultural Bank had outstanding loans of CNY3.44 trillion, of which 22.11% were bad loans. The Troubled Company Reporter-Asia Pacific reported on June 27, 2006, that the National Audit Office found accounting irregularities involving CNY51.6 billion, CNY14.27 billion of which come from deposit business, CNY27.62 billion from loan grants, and CNY9.72 billion from fraudulent bill issuance. Fitch Ratings gave the Bank an Individual rating 'E'. BANK OF SHANGHAI: 2007 Net Profit Rose 23.09% to CNY2.934 Bil. -------------------------------------------------------------- Bank of Shanghai's 2007 net profit increased 23.09% to CNY2.934 billion following an increase in lending, XFN News reports. According to the report, the bank's 2007 operating revenue rose 24.94% to CNY7.664 billion. Net interest income, the report says, rose 27.09% to CNY7.49 billion, while net income from intermediary business was up nearly 86.22% to CNY306.89 million. 2007 earnings per share came in at CNY1.13, up from CNY0.92 a year earlier. XFN News relates that the bank had outstanding loans at the end of 2007 of CNY149.78 billion, up from CNY124.68 billion a year earlier, while outstanding deposits were up slightly to CNY220.89 billion from CNY220.37 billion. The bank said non-performing loans (NPL) at the end of 2007 totaled CNY3.617 billion, down by CNY833 million from the end of 2006, with the NPL ratio falling to 2.41% from 3.57%, the report says. XFN News notes that the capital adequacy ratio (CAR) was 11.27% at the end of 2007, compared with 11.97% a year earlier, with core CAR at 9.3%, down from 9.51%. Moreover, the XFN says that the bank forecasts that next year's net profit will rise by 23% year-on-year to CNY3.6 billion, while the NPL ratio is expected to be below 2% and CAR at no less than 10%, and assets are expected to total CNY340 billion at the end of the year, up from CNY308.99 billion at the end of 2007. Meanwhile, the bank has announced an intention to list this year, although it has yet to choose a stock market, the report adds. About Bank of Shanghai As a joint-stock commercial bank set up on Dec. 29, 1995, the Bank of Shanghai features a two-level operating structure within one legal entity, with the paid-up capital booked at RMB2.6 billion, comprising government-owned shares and shares held by corporations and by numerous individuals. As reported by Troubled Company Reporter-Asia Pacific, Fitch Ratings affirmed on August 31, 2007, the ratings of Bank of Shanghai, showing: (a) Long-term foreign currency Issuer Default rating at BB- with Stable Outlook; (b) Short-term foreign currency IDR at B; (c) Individual D; (d) Support at 3; and (e) Support Rating Floor at BB-. CHINA GLASS: Moody's Holds "B1" Ratings and Neg. Outlook -------------------------------------------------------- Moody's Investors Service affirmed the B1 corporate family and senior unsecured ratings of China Glass Holdings Ltd. The ratings outlook remains negative. The action follows the company's announcement of its plan to invest RMB800 million in 3 production lines for low emission glass in China's Jiangsu Province. "The negative outlook reflects the execution and financial risks associated with the new investment," says Renee Lam, a Moody's Vice President/Senior Analyst. "This investment is not yet pre-funded, and it is uncertain whether China Glass could put in place the required funding in a timely and cost-efficient manner under current capital market conditions," adds Lam. "While the new production lines, which would manufacture high value-added low emission glass, would improve the company's product mix and enhance its long-term competitiveness, any cost- overruns or delays would pressure its liquidity profile during the investment phase," says Lam. Moody's was previously concerned over potential strains on liquidity and revenue as a result of its plant relocation project in Weihai, prompted by the local government's resumption of land use rights. However, this concern has been alleviated by the fact that China Glass, according to management, received cash compensation from the local government prior to incurring expenses for the removal undertaken so far. Management also expects the relocated lines to resume production before end-2009. China Glass' results for 2007 showed a material improvement from the prior year. Despite cost pressures due to higher prices for soda ash and heavy oil, a recovery in glass sales prices lifted EBITDA margin to 16% from 9% in 2006. Debt to EBITDA also fell to 2.9x from 10.5x. On a pro-rata consolidated basis for its JV production lines, debt to EBITDA was about 4.2x in 2007. China Glass is finalizing funding plans for the construction of its new plants. While Moody's does not expect this investment, together with the company's other capital expenditures in 2008- 2009, to be fully debt-funded, cash flow to debt measures will likely deteriorate from their 2007 positions. On a pro-rata consolidated basis, debt to EBITDA could range between 5 and 5.5x in 2008-2009, marginal for the rating. The rating is unlikely to be upgraded in the next 12-18 months, given the negative outlook. But the negative outlook will stabilize if China Glass shows it can execute its new investment plans within the planned time line and budget as well as continue to achieve projected results. On the other hand, the rating would be downgraded if the company's debt leverage or liquidity profile deteriorates beyond Moody's expectations, and which could be a result of: 1) upcoming capital expenditures or new investments being significantly debt-funded; 2) material delays or cost overruns occur with its new constructions; 3) material delays occur in relocation cost recoveries from the local government, or higher-than-expected revenue losses or expenses are incurred for the plant removals; or 4) industry glass prices are disrupted. Moody's would consider debt to EBITDA persistently above 5.5-6x, on a pro-rata consolidated basis, as indicative of a possible downgrade. China Glass Holdings Ltd, publicly listed in Hong Kong, is the second largest flat glass manufacturer in China in terms of capacity, with 15 production lines across the country. The flat glass it produces is largely for use in the construction industry. CHINA GLASS: S&P Places 'B+' Ratings On Developing Watch -------------------------------------------------------- Standard & Poor's Ratings Services has placed its 'B+' long-term corporate credit rating on China Glass Holdings Ltd. on CreditWatch with developing implications. This comes after an announcement that the company and its wholly owned subsidiary Jiangsu Suhuada Co. Ltd. plan to set up a new production plant in Dongtai, Jiangsu Province, that is estimated to cost about Chinese renminbi (RMB) 800 million. At the same time, the 'B+' issue rating on the company's senior unsecured notes was placed on CreditWatch developing. "The CreditWatch placement reflects uncertainty about the company's funding plan for the proposed project, positive momentum to move toward high value-added glass products, and the company's improving financial metrics in the year ended Dec. 31, 2007," said Standard & Poor's credit analyst Lawrence Lu. "If the project is financed fully or largely by debt, China Glass' credit profile could be weakened significantly and its debt- servicing capacity would come under pressure in the next 12 months. However, if it is fully funded by equity or internally generated cash, or a combination of both, the impact on its credit profile could be much smaller." Standard & Poor's considers that the announced project is in line with China Glass' stated strategy in migrating to higher- margin, high value-added low-emission glass products, which will improve the company's product diversification, competitiveness, and profitability. Upon completion of the project in second- quarter 2010, the daily melting capacity for low emission glass will be increased by 1,800 tonnes/day, representing about 25% of the group's daily melting capacity. China Glass' credit metrics have improved in fiscal 2007. Its lease-adjusted EBITDA interest coverage rose to 3.3x from 2.7x in 2006, adjusted total debt to EBITDA improved to 3.3x from 11.1x, and adjusted funds from operations to debt increased to 27.5% from 6.1% in the same period. The improvement in China Glass' operating results reflected the overall recovery of glass price in China, and the company's increasing capacity and economies of scale. To resolve the CreditWatch placement, Standard & Poor's said it will conduct a detailed assessment of the project and China Class' financing arrangements, following discussions with management. The CreditWatch resolution will take into consideration whether the move would support the company's profitability and debt-servicing ability in the next few years and whether the funding plan would significantly alter the financial metrics of the company. SICHUAN CHANGHON: Resumes Production Yesterday After China Quake ---------------------------------------------------------------- Sichuan Changhong Electric Co. resumed production yesterday, May 19, after the province was hit by China's earthquake, Eugene Tang of Bloomberg writes. According to the report, the company stopped production on May 14, two days after Sichuan province was hit by a 7.9 magnitude earthquake that killed 22,069 people. The factory is locked and one of its warehouses has been turned into a relief center, housing 1,200 students from three schools that collapsed in quake-hit Beichuan county, the report relates. Bloomberg notes that the company said in a statement on May 14 it's"confident" of reaching the company's 2008 targets, and the quake wouldn't have a significant impact. About Sichuan Chang Hong Based in Mianyang, Sichuan Province, China, Sichuan Chang Hong Electric Co., Ltd. -- http://www.changhong.com/-- is principally engaged in the manufacture and sale of televisions, air conditioners, mobile phones, refrigerators and other household electrical appliances. The company offers its products under 13 categories, including military products, digital televisions, digital display panels, information technology products, air conditioners, digital audio/video products, digital network products, molding products, digital electronic components, environment-friendly power supply systems, electrical equipment, electric engineering products and chemical materials. The company distributes its products in 90 countries/regions, including Russia, the United States, France, and South America. Xinhua Far East China Ratings gave the company a B+ issuer credit rating on February 24, 2006. * CHINA: Moody's Sees no Rating Impact of Quake on Developers ------------------------------------------------------------- Moody's Investors Service says that the devastating earthquake which struck China's Sichuan Province last week is unlikely to immediately impact the ratings of the country's property developers. "Of the 13 Chinese developers rated by Moody's, five show relatively material exposures to the province's affected areas, given their projects in the cities of Chengdu and Chongqing," says Kaven Tsang, an Assistant Vice President/Analyst. The five are: 1. China Overseas Land and Investment Limited (COLI); 2. Agile Property Holdings Limited; 3. China Properties Group Limited; 4. Coastal Greenland Limited; and 5. Neo-China Land Group (Holdings) Limited. "Although the issuers will probably experience some negative repercussions, including likely delays in developments and sales, it appears at this stage that the impact is not likely to be material enough to warrant changes in their ratings or outlooks," says Tsang. "In addition, material and labour costs could rise as demand increases due to recovery and reconstruction work," says Tsang. "While it is too early to accurately assess the actual impact, such higher costs and delays could compress margins and pressure related operating cash flows." "However, mitigating the concern is the fact that cash flow generated from Chengdu and Chongqing does not constitute a material sum for most of the affected issuers," comments Tsang. For instance, only 10-15% of the projected cash property sales for COLI, Agile, Coastal Greenland and Neo-China would have been from these cities in 2008. "Furthermore, developers with broader geographic coverage -- such as COLI -- will have the operational flexibility to make up the planned sales from other regions," adds Tsang. "Of perhaps some concern is the case of China Properties, which is heavily exposed to Chongqing, which will contribute to material projected cash flow generation in 2008. At the same time its projects are not subject to any damage," says Peter Choy, a VP/Senior Credit Officer. "While the company still plans for pre-sales in 4Q 2008, Moody's is mindful of potential delays," says Choy. "At the same time, China Properties' adequate liquidity position could provide it with buffer to withstand the sales delays." "However, if evidence emerges that delays were likely to be significant or if margins suffered prolonged pressure, rating pressure could emerge for this company in respect of this issue,'' adds Choy. In Moody's view, the ability to achieve sales target across China is a larger rating driver for these companies. In addition, a key rating focus in the near term is whether each company maintains financial discipline. ================ H O N G K O N G ================ BETTERISE LIMITED: Commences Liquidation Proceedings ---------------------------------------------------- Betterise Limited's members agreed on May 3, 2008, to voluntarily liquidate the company's business. The company has appointed Chan Kwok Man and Mok Wai Kwong to facilitate the sale of its assets. The liquidators can be reached at: Tsang Ming Chit Stanely Chaiwan Industrial Centre 5th Floor, 20 Lee Chung Street Chai Wan, Hong Kong DEFOND POWERTOOL: Creditors' Proofs of Debt Due May 23 ------------------------------------------------------ Creditors of Defond Powertool Components Limited are required to file their proofs of debt by May 23, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on May 2, 2008. The company's liquidator is: Ko Chi Keung Sah Sing Life Building, 5th Floor 99-105 Des Voeux Road, Central Hong Kong DEFOND SALES: Commences Liquidation Proceedings ------------------------------------------------- Defond Sales Company Limited's members agreed on May 5, 2008, to voluntarily liquidate the company's business. The company has appointed Tsang Ming Chit Stanely to facilitate the sale of its assets. The liquidator can be reached at: Tsang Ming Chit Stanely Chaiwan Industrial Centre 5th Floor, 20 Lee Chung Street Chai Wan, Hong Kong DIABELL (INTERNATIONAL): Creditors' Proofs of Debt Due May 29 ------------------------------------------------------------- Creditors of Diablell (International) Co. Limited are required to file their proofs of debt by May 29, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 28, 2008. The company's liquidator is: Ko Chi Keung Sah Sing Life Building, 5th Floor 99-105 Des Voeux Road, Central Hong Kong MANAGEMENT INVESTMENT: Members' Final Meeting Set for May 20 ------------------------------------------------------------ Members of Management Investment & Technology Company Limited will have their final general meeting on May 20, 2008, at Duke of Windsor Social Service Building, Room 202, 15 Hennesy Road, Wanchai, in Hong Kong to hear the liquidator's report on the company's wind-up proceedings and property disposal. No liquidator information was disclosed. MAXTIME MARINE: Commences Liquidation Proceedings ------------------------------------------------- Maxtime Marine Products Limited's members agreed on April 22, 2008, to voluntarily liquidate the company's business. The company has appointed William Leung Chi Kwong to facilitate the sale of its assets. The liquidator can be reached at: William Leung Chi Kwong Hong KOng Trade Centre, 1st Floor Unit 102, 161-167 Des Voeux Road Central Hong Kong NG TAT HING: Creditors' Proofs of Debt Due June 9 ------------------------------------------------- Creditors of Ng Tat Hing Development Limited are required to file their proofs of debt by June 9, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on April 25, 2008. The company's liquidator is: Wong Hing Din Flat G, 22nd Floor Block 9, Kornhill 1126 King's Road Hong Kong NUMBER ONE: Commences Liquidation Proceedings --------------------------------------------- Number One Bakery Limited's members agreed on April 23, 2008, to voluntarily liquidate the company's business. The company has appointed Wan Kam Ping to facilitate the sale of its assets. The liquidator can be reached at: Wan Kam Ping Oi Fa House, Room 1528, 15th Floor Yau Oi Estate, Tuen Mun New Territories PROSPECTFUL ASIA: Creditors' Proofs of Debt Due May 30 ------------------------------------------------------ Creditors of Prospectful Asia Limited are required to file their proofs of debt by May 30, 2008, to be included in the company's dividend distribution. The company's liquidators are: Ying Hing Chui Chung Mui Yin, Diana Three Pacific Place, Level 28 1 Queen's Road East Hong Kong ========= I N D I A ========= BHARTI AIRTEL: Proposed Merger with MTN Faces Trouble ----------------------------------------------------- The proposed merger of Bharti Airtel and MTN has hit a regulatory roadblock as FDI norm in India stipulates that foreign holding in a telecom company cannot exceed 74%, Times of India reports. A source told Times of India that MTN wants the deal to be completed at around 175 rand per share, which makes its market capitalisation of the company at about US$50 billion, which MTN management wants the deal to be done with 50% in cash and the other 50% through share-swap. Around 65% of the holdings in Airtel Bharti (M-cap around US$40 billion) is with foreign entities. Issuance of fresh shares of US$25 billion to MTN's shareholders will take foreign holding in the joint entity to over 78%, which is not allowed under Indian FDI norms, Times of India relates. One option however, is to increase cash component. But according to the source, Bharti is not even comfortable with 50% cash component, as it would require them to arrange for US$25 billion. The company has tied up US$12 billion so it needs to raise US$13 billion more. Raising an entire amount under debt would create huge debt liability, which the company would like to avoid, the report says. Raising money through selling equity would also be difficult, as without participation from FIIs, it would not be possible for the company to raise such a large funds from the market. FIIs' subscription in equity would make it difficult to maintain FDI norm in share-swap. As FIIs' holding in Bharti Airtel is around 25%, the source said merger might face regulatory hurdle, Times of India states. The merger would also face problem in clearing the broad-based black economic empowerment norms in South Africa, where 20% of merged entity's shareholding should be with black investors. If cash component is increased, proportion of black investors might go down below statutory requirements, the report added. About Bharti Airtel Headquartered in New Delhi, India, -- Bharti Airtel Limited's -- http://www.bhartiairtel.in-- is a telecom services provider. The company has three business units: Mobile Services, Broadband & Telephone Services and Enterprise Services. * * * Fitch Ratings, on Nov. 19, 2007, affirmed Bharti Airtel Limited's Long-term foreign currency Issuer Default Rating at 'BB+'. Fitch said the outlook on the rating is stable. ICICI: Aims to Raise US$3BB for Private Equity & Property Funds --------------------------------------------------------------- ICICI Bank Ltd. plans to raise as much as US$3 billion to invest in a private equity and real estate fund, Sumit Sharma writes for Bloomberg News. Chief Executive Officer Renuka Ramnath told Bloomberg in an interview that ICICI Venture Fund Management Ltd. will tap investors for a US$1.5 billion the private equity fund and may raise an equal amount for a real estate fund. The division currently manages about US$2.5 billion in assets. According to the report, ICICI Bank joins Blackstone Group LP and local rivals including Kotak Mahindra Bank Ltd. in seeking investment opportunities in India, where private equity funds invested seven times as much as in China in the first quarter. India's economy has grown an average 8.7 percent annually since 2003. Ms. Ramnath also told Bloomberg that ICICI's proposed US$1.1 billion real estate fund, which may be expanded to US$1.5 billion, will be invested in residential and commercial projects in a dozen cities including the capital, New Delhi, and the commercial hub of Mumbai. Most of the funds will be raised from investors in the U.S., Europe, Japan, Canada and the Middle East, she added. About ICICI Bank Limited Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) -- http://www.icicibank.com/-- is a private sector bank with consolidated total assets of US$121 billion as of March 31, 2008. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India. * * * As of May 17, 2008, ICICI Bank Limited continues to carry Moody's Investors Service's "Ba2" Foreign Long Term Bank Deposits rating, which was placed on Feb. 5, 2003. In addition, the bank still carries a "BB" Subordinated Debt rating placed by Fitch Ratings on Feb. 5, 2007. ICICI Bank: FIPB Okays ICICI Securities' Proposal ------------------------------------------------- The Foreign Investment Promotion Board (FIPB) is believed to have given its nod for foreign equity infusion in domestic investment banking firm ICICI Securities, where parent firm ICICI Bank is seeking to unlock value by selling shares to public and institutional investors, Tradingmarkets reports. According to the report, ICICI Bank's board had approved in January an initial public offer (IPO) and private placement of shares to one or more institutional investors. Tradingmarkets' sources say that FIPB considered the proposal by I-Sec to bring in foreign equity capital. ICICI Bank's Joint Managing Director and CFO, Chanda Kochhar said in January that the shares of ICICI Securities would be listed on the bourses in about six months. The board had decided to offload 15% of its shares to retail and institutional investors, the report added. About ICICI Bank Limited Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) -- http://www.icicibank.com/-- is a private sector bank with consolidated total assets of US$121 billion as of March 31, 2008. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India. * * * As of May 17, 2008, ICICI Bank Limited continues to carry Moody's Investors Service's "Ba2" Foreign Long Term Bank Deposits rating, which was placed on Feb. 5, 2003. In addition, the bank still carries a "BB" Subordinated Debt rating placed by Fitch Ratings on Feb. 5, 2007. TATA MOTORS: To Discuss Price Hike With Key Suppliers ----------------------------------------------------- Tata Motors Ltd's senior executives, including chief of strategic sourcing Bharat Parekh, will meet with more than a dozen of key suppliers at the company’s Uttarakhand factory on May 26 and 27, to discuss a hike in previously negotiated prices, Mint News reports citing people close to the development. The meeting, the report says, is crucial for Tata Motors for its year-end launch of the Nano, the world’s cheapest car at INR1 lakh and the company’s most ambitious project yet. "It is impossible for us to continue supplying to the company, especially for the Nano project, at prices that were fixed so long back. Steel has become so expensive that it does not even make sense for us to continue supplying to the project," Mint News quotes a senior vendor for Tata Motors as saying. Steel, which accounts for more than 60% of a car’s value can throw costing calculations into disarray even a small rise in its price, according to experts. The Vendor, who did not want to be identified since he is not authorized to speak on the subject, said that Tata Motors has indicated it would discuss and finalize higher prices during the meeting. He also added that Vendors have asked for a 30-35% rise on the previously negotiated prices, Mint News relates. Morover, another vendor told Mint News that Tata Motors' senior executives for the material and component purchase department recently told him that the company was thinking of revising rate contracts for vendors involved in the Nano. On the other hand, in response to email queries related to the development, Tata Motors' head of corporate communications, Debasis Ray responded that the terms between the company and its suppliers are confidential, Mint News added. 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. Tata Motors has operations in Russia and the United Kingdom. * * * Standard & Poor's Ratings Services, on July 13, 2007, assigned its 'BB+' issue rating to the proposed US$490 million zero-coupon convertible bonds of India's Tata Motors Ltd. (BB+/Stable/--). The bonds represent a direct, unsecured and unsubordinated obligation of the company. Proceeds from the bonds will be used for capital expenditure, overseas investments, acquisitions, and other general corporate purposes. Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1' long-term corporate family and senior unsecured debt ratings. ================= I N D O N E S I A ================= PERUSAAHAN LISTRIK: Needs US$3.5 Bil. for Power Plant Project ------------------------------------------------------------- PT Perusahaan Listrik Negara is seeking US$3.5 billion in loans to fund development of coal-fired power plants, and is negotiating with a consortium of banks led by Barclays Capital, Dow Jones Newswires reports citing PLN Vice President Director Rudiantara. According to the report, PLN is developing 10,000 MW of coal- fired power on Java island and intends to use the loans to fund 7,000 megawatts of new power capacity. Aside from the $3.5 billion it is seeking, Rudiantara also told Dow Jones that PLN needs IDR13 trillion to complete the project. About Perusahaan Listrik Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. * * * As of May 19, 2008, PT Perusahaan Listrik Negara still carries "Ba3" senior unsecured debt and long-term corporate family ratings. The ratings were placed by Moody's Investors Service on Oct. 18, 2007, with a stable outlook. The Troubled Company Reporter-Asia Pacific reported on June 18, 2007, that Standard & Poor's Ratings Services affirmed its 'BB-' foreign currency rating and 'BB' local currency rating on Indonesia's PT Perusahaan Listrik Negara (Persero). The outlook is stable. At the same time, Standard & Poor's assigned its 'BB-' issue rating to the proposed senior unsecured notes to be issued by PLN's wholly owned subsidiary, Majapahit Holding B.V. PT PERTAMINA: Inks Credit Pact w/ PTPN X for Sugar Cane Farmers --------------------------------------------------------------- PT Pertamina (Persero) and PTPN X (Persero) have signed an agreement on credit loan program for sugar cane farmers during planting season in 2008/2009. The fund of IDR160 Billion was from Pertamina's PKBL (Partnership & Environmental Cultivation Program) and will be distributed in the form of credit loan to sugar cane farmers in PTPN X (Persero)'s working area. The fund is expected to be distributed to 6000 farmers. The corporation between Pertamina & PTPN X was held for the second time. The first one was in 2007/2008 with IDR30 Billion fund. The second fund was expected to give maximum benefit for small sugar enterprises in PTPN X areas. The corporation agreement was signed on Monday, May 12, 2008 at 08.30 WIB on the 21st floor of State Ministry of State Owned Enterprises' office and was attended by the Minister of state- owned enterprises. This partnership program has become a part of food sufficiency program held by the Ministry of State-owned Enterprises. The total amount of fund collected from state owned enterprises PKBL for food sufficiency program has reached IDR1.3 trillion. The program was classified into four activities: (1) Direct food donation of IDR200 Billion; (2) Cash donation of IDR200 Billion; (3) Donation for the education of unemployed high school graduates of IDR38 billion; and (4) Partnership loan of IDR815 billion. About PT Pertamina PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No.31/2003 has changed its legal status from a special state owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina implements an integrated system from upstream to downstream. Pertamina operates seven oil refineries with a total output capacity of around 1 million barrels per day. However, these refineries only cover about three-quarters of domestic oil demand, the rest is supplied by imports. Despite reporting a net profit of IDR3.03 trillion for the first six months of 2005, Pertamina's failure to service its financial obligations was pegged as one of the contributors to Indonesia's decreased income for the year. In August 2005, Pertamina's debt to United States firm Karaha Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion. The debt had increased when, in 2003, a U.S. court ordered the Company to pay compensation to KBC, relating to an international arbitration decision, when the Indonesian Government halted a geothermal project in Karaha Bodas, East Java. Since that time, the debt has steadily risen due to the Company's failure to pay the compensation immediately. PT PERTAMINA: To Seek Funding for Refinery Upgrade -------------------------------------------------- PT Pertamina (Persero) will soon seek financial support to add one processing unit to its Cilacap refinery, IOGNews reports citing processing director Rukmi Hadihartini. According to the report, Mr. Rukmi said the company would first complete the Final Decision Investment for the project in October. The report relates that the preliminary cost for the project is about USD1.9 billion but is expected to increase as the price of raw materials, such as steel, has soared. About PT Pertamina PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No.31/2003 has changed its legal status from a special state owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina implements an integrated system from upstream to downstream. Pertamina operates seven oil refineries with a total output capacity of around 1 million barrels per day. However, these refineries only cover about three-quarters of domestic oil demand, the rest is supplied by imports. Despite reporting a net profit of IDR3.03 trillion for the first six months of 2005, Pertamina's failure to service its financial obligations was pegged as one of the contributors to Indonesia's decreased income for the year. In August 2005, Pertamina's debt to United States firm Karaha Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion. The debt had increased when, in 2003, a U.S. court ordered the Company to pay compensation to KBC, relating to an international arbitration decision, when the Indonesian Government halted a geothermal project in Karaha Bodas, East Java. Since that time, the debt has steadily risen due to the Company's failure to pay the compensation immediately. PT PERTAMINA: Legislator Calls for Transparency ----------------------------------------------- Antara News reports that Chairman of the Indonesian Demotratic Party of Struggle faction in the House of Representatives Tjahjo Kumolo said his party rejected the government's fuel oil price hike plan and was asking for the reform of state-owned oil company PT Pertamina (Persero) due to lack of transparency. "It is ironical that Indonesia is an oil producing country whose oil wealth is managed by Pertamina but there were no clear explanations on its oil exports and imports, except the amount of oil subsidy in the state budget," Kumolo told Antara News in an interview. He further told Antara News that the planned fuel oil increases worsened the people's conditions because prices of basic necessaries were now moving up even before the fuel oil prices were really raised. About PT Pertamina PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No.31/2003 has changed its legal status from a special state owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina implements an integrated system from upstream to downstream. Pertamina operates seven oil refineries with a total output capacity of around 1 million barrels per day. However, these refineries only cover about three-quarters of domestic oil demand, the rest is supplied by imports. Despite reporting a net profit of IDR3.03 trillion for the first six months of 2005, Pertamina's failure to service its financial obligations was pegged as one of the contributors to Indonesia's decreased income for the year. In August 2005, Pertamina's debt to United States firm Karaha Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion. The debt had increased when, in 2003, a U.S. court ordered the Company to pay compensation to KBC, relating to an international arbitration decision, when the Indonesian Government halted a geothermal project in Karaha Bodas, East Java. Since that time, the debt has steadily risen due to the Company's failure to pay the compensation immediately. ========= J A P A N ========= * JAPAN: Moody's Gives Brewery Industry a Negative Outlook ---------------------------------------------------------- Moody's Investors Service says in a new report that the credit outlook for the Japanese brewery industry is negative. "In terms of market dynamics, increased prices for beer-tasting beverages will further depress demand, which has already been stagnant in recent years," says Kazusada Hirose, a Moody's VP / Senior Analyst and author of the report. "With declines in the population and social drinking for health reasons, domestic demand has been flat, while material costs have been rising", says Hirose. All beer manufacturers in Japan have announced higher shipping prices to distributors for 2008 as a way to pass on their higher material costs. "In this environment, to resist downward pricing pressure from retailers and maintain profit, strong brands are paramount", says Hirose. "Furthermore, by establishing line-ups which cross product categories, a company can generate stable profit even with changes in consumer tastes." Furthermore, the rated companies are likely to invest in M&As, domestically and globally, to expand revenue, the report says. In the case of significant M&As, Moody's will closely assess the feasibility of any endeavor and the overall risk profile of the new group, as well as the strength and stability of future cash flow. Despite profit pressure, cash flow remains stable, as the beer makers restrain capital expenditures for domestic manufacturing. Consequently, debt is generally declining, except for that associated with acquisitions, supporting Moody's ratings. Moody's rates three of the brewery companies which distribute nationally: 1. Kirin Holdings Co., Ltd. (Aa3, stable); 2. Suntory Limited (A3, positive); and 3. Sapporo Holdings Limited (Ba1, stable). The report -- entitled "Industry Outlook: Japan's Brewery Industry" -- can be found at http://www.moodys.com/ ========= K O R E A ========= EG SEMICON: KD Partners Acquires 34.05% Company Stake ----------------------------------------------------- KD Partners Co. Ltd. has purchased 2,666,667 shares in EG Semicon Co. Limited, Reuters reports. According to the report, KD Partners now holds an equivalent of 34.05% stake of the company. As a result, EG Semicon holds the remaining 41.60% stake. EG Semicon Co., Ltd. -- http://www.osec.co.kr/-- manufactures liquid crystal displays. The company is headquartered in Gyeongsangbuk Province, Korea. It operates two factories in Korea and one in China. On January 4, 2008, the Troubled Company Reporter-Asia Pacific reported that EG Semicon Co. has a shareholders' equity deficit of US$12.34 million on total assets of US$166.70 million. GENEXEL-SEIN: Completes Rights Issue of 10 Billion Common Shares ---------------------------------------------------------------- Genexel-Sein Inc. has completed its rights issue of 10 billion common shares, Reuters reports. As reported by the Troubled Company Reporter - Asia Pacific on May 14, 2008, the company has set the price for the rights issue of its 10 million shares at KRW955 per share. The number of subscribed shares is 8,595,197 and the unclaimed shares will be issued through a public placement, the report relartes. Headquartered in Gyeonggi Province, Korea, Genexel-Sein Inc. is a manufacturer specialized in the provision of medical devices. The company provides its products under two categories: blood pressure monitors and transcutaneous electrical nerve stimulators. Its blood pressure monitors include digital, digital wrist, aneroid, mercury, semi-automatic and automatic blood pressure monitors used in homes and medical institutions. Its TENS are used to treat low back pain, myofascial and arthritic pain and others. On July 31, 2006, Korea Ratings gave the company's US$3,000,000 overseas bond with warrants issue a 'B+' rating with a stable outlook. MAGNACHIP SEM: Enters Distribution Deals With Asian Distributors ---------------------------------------------------------------- MagnaChip Semiconductor, Limited has entered into distribution agreements for its power management products with three premier Asian distributors. MagnaChip's distribution partners are Supreme Electronics based in Taiwan, Plus Good Enterprises based in China/Hong Kong, and Tigerchip based in Korea. MagnaChip's power management solutions enable customers to increase system stability and reduce heat dissipation and energy use, resulting in cost savings for its customers and consumers. Brent Rowe, Senior Vice President of Worldwide Sales at MagnaChip, commented, "Our entry into the power management market is timely given the increasing demand for energy efficient, green solutions. We expect our three new channel partners to expedite our market entry by supporting us in demand creation, the design in process, and other logistics. We are confident that MagnaChip's power management solutions will utilize our advanced analog and mixed-signal technology platform to expand our market opportunity and meet more of our customers' needs." About MagnaChip Semiconductor Based in Korea, MagnaChip Semiconductor Limited-- http://www.magnachip.com/-- is a leading, Asia-based designer and manufacturer of analog and mixed-signal semiconductor products for high volume consumer applications, such as mobile phones, digital televisions, flat panel displays, notebook computers, mobile multimedia devices and digital cameras. The Company has a broad range of analog and mixed-signal semiconductor technology, supported by its 28-year operating history, large portfolio of registered and pending patents and extensive engineering and manufacturing process expertise. * * * The Troubled Company Reporter-Asia Pacific reported on Oct. 10, 2007, that Moody's Investors Service confirmed the B2 corporate family rating of MagnaChip Semiconductor LLC. At the same time, Moody's confirmed the ratings of the debt issued by MagnaChip Semiconductor Finance Co and MagnaChip Semiconductor S.A., including: 1) B1 rating of the US$100 million five-year senior secured credit revolver 2) B2 rating of the US$500 million aggregate floating and fixed-rate second-priority senior secured notes due 2011 3) Caa1 rating of the US$250 million senior subordinated notes due 2014 On Feb. 13, 2007, Standard & Poor's Ratings Services lowered its corporate credit rating on MagnaChip to 'B' from 'B+'. At the same time, S&P lowered the rating on MagnaChip's senior unsecured debt to 'B' from 'B+' and rating on its senior subordinated notes due 2014 to 'CCC+' from 'B-'. NDCORP CO: Converts 5th Bonds to 1,315 Shares at KRW7,602 Each -------------------------------------------------------------- NDcrop Co. Limited's fifth convertible bonds have been converted for 1,315 shares of the company at the exercise price of KRW7,602 per share, Reuters reports. According to the report, it brings the total number of the company's outstanding common shares to 8,145,124. The listing date of the new shares is May 21, 2008, the report notes. With headquarters in Seoul, Korea, NDcorp Co., Ltd. is engaged in the storage area network and communication solutions business. The company has two divisions: Electronic- Telecommunication business, which develops, produces and distributes wired and wireless communication products, including voice-over-Internet protocol residential gateways, VoIP asymmetric digital subscriber line modems and VoIP cable modems, and System Integration business, which provides servers, work stations and data storage systems for digital media services. Korea Ratings gave the company's KRW10.30 billion convertible bonds issue a B- rating with an evolving outlook on July 31, 2006. =============== M A L A Y S I A =============== IDAMAN UNGGUL: Tokio Marine Seeks Bid Clearance for Tahan --------------------------------------------------------- Tahan Insurance Malaysia Berhad, a subsidiary of Idaman Unggul Berhad, has received a letter from Tokio Marine Asia Pte. Ltd. expressing its interest to acquire the general insurance business of Tahan. Tokio Marine has been given approval by Bank Negara Malaysia to enter into negotiations with Idaman group. The company is securing the approval from Bank Negara Malaysia to commence negotiations with Tokio Marine. With this offer from Tokio Marine, Idaman Unggul has now a total of three parties that have been given approval by Bank Negara to negotiate the sale of the company's equity interest/general insurance business of Tahan. About Idaman Unggul Idaman Unggul Berhad is an investment holding company, whose principal activity is the provision of corporate, administrative and management support to its subsidiaries. The company operates in two segments: insurance, which includes underwriting of life insurance and all classes of general insurance business, and other, which includes investment holding. Idaman Unggul's subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and Straight Effort Sdn. Bhd. On July 12, 2006, the company disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek Sdn. Bhd. On July 3, 2006, Tahan Insurance Malaysia Berhad disposed of its Life Insurance Business to AXA Affin Life Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned subsidiary of Idaman Unggul, was also divested as part of the Life Insurance Business disposal. On January 17, 2007, the company disposed IUB Asset Management Sdn Bhd to Capital Intelligence Holdings Sdn Bhd. * * * As reported by Troubled Company Reporter-Asia Pacific on March 6, 2008, the company has been classified as an Affected Listed Issuer under Amended Practice Note 17/2005 of the Listing Requirements of Bursa Malaysia Securities Berhad, since the company's shareholders' fund has dropped to MYR41.204 million which is lower than the 25% of the paid-up share capital and minimum issued and paid up capital of MYR60 milion required under the Listing Requirements. LIQUA HEALTH: Appoints Nur Zarina as Director & Audit Member ------------------------------------------------------------ Liqua Health Corporation Berhad has appointed Nur Zarina Binti Ghazali as director and Audit Committee member. Moreover, the company has redesignated some of its pesonnel: Ahmad Fuad Bin Abdul Wahab from Non-Executive Director to Chairman and Andrew Su Meng Kit from Executive Director to Director. On the other hand, Low Donald Han stepped down as the company's chairman. Liqua Health Corporation Berhad is principally engaged in the businesses of investment holding and provision of management services. Its core business is direct selling of health food and related products, through its subsidiaries. Liqua Health and Liqua Spirulina are the two core health products of the company. The companyï¿½s subsidiaries include Liqua Health Marketing (M) Sdn. Bhd., which is engaged in direct selling of health food and general merchandise; Packcon (Asia) Sdn. Bhd, which is engaged in marketing packaging materials and general trading; Liqua Biotech Sdn. Bhd formerly known as Liqua Heath Dairy Marketing & Supplies Sdn. Bhd.), which is engaged in research and development; Quantum Healing Centre Sdn. Bhd (dormant), which is engaged in the trading and marketing of health food and general merchandise. In February 2007, Liqua Health Marketing acquired the remaining 51% interest in Liqua Health Chain. * * * The company was classified as an Affected Listed Issuer as it has triggered Paragraph 2.1 of the Amended PN17 as the consolidated shareholders' fund has dropped to approximately MYR5.9 million which is below the 25% of the paid-up share capital which stands at MYR144.3 million and the minimum issued and paid up capital of MYR60 million required under paragraph 8.16A(1) of the Listing Requirements. SELOGA HOLDINGS: SC Gives Conditions to Consider Exemption ---------------------------------------------------------- In relation to the Practice Note 2.9.1 of the Malaysian Code on Take-overs and Mergers 1998, wherein Tan Sri Halim Bin Saad and the persons acting in concert with him will be exempted from the obligation to undertake a mandatory offer for the remaining voting shares in Seloga Holdings Berhad not already owned by them after the proposed rights issue to be undertaken by Seloga, the Securities Commission has informed that it will only consider the Proposed Exemption after fulfillment of these conditions: * Approval from the independent holders of voting shares of Seloga, on a poll in a general meeting in which the interested parties are to abstain from voting. The result of the poll has to be confirmed by an independent auditor; * Provision is made for Seloga's shareholders for competent independent advice regarding the Proposed Exemption. The appointment of the independent adviser and the independent adviser’s circular to the shareholders is to be first approved and consented by the Seloga; and * Tan Sri Halim and the persons acting in concert with him, namely Usaha Citra Sdn Bhd and Lucky Lamp International Limited, are required to submit declarations addressed to the Securrities Comission, attesting that they have not purchased any shares in Seloga subsequent to the discussion, in relation to the Proposed Rights Issue and until the granting of the Proposed Exemption by the Securities Commission. Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings Berhad's -- http://www.seloga.com.my/-- principal activities are the provision of civil engineering contracting services, property development, provision of insurance agency services and investment holding. Other activities include mechanical and electrical engineering contracting services and manufacture of timber moldings. The Group operates predominantly in Malaysia. * * * The company is currently classified under the PN-17 list of Companies under the Bursa Malaysia Securities Bhd. UBG BERHAD: Earns MYR4.74 Million in Quarter Ended March 31 ----------------------------------------------------------- UBG Berhad earned MYR4.74 million on MYR7.21 million of revenues in the quarter ended March 31, 2008, as compared to MYR128.82 million net loss on MYR111,000 of revenues in the preceding quarter of 2007. The improved profit for the quarter under review was contributed by higher interest income earned on its increased cash reserves that were placed in short term deposits, lower administrative expenses and absence of gearing. As of March 31, 2008, the company's balance sheet showed MYR818.69 million of total assets, MYR4.73 million of total liabilities resulting to a shareholders' equity of MYR813.97 million. Formerly known as Utama Banking Group Berhad, UBG Berhad's principal activities are banking and related financial services. Other activities include investment holding and provision of nominees services. Operations of the Group are carried out in Malaysia. * * * The company is classified under Amended Practice Note 17 of the Bursa Malaysia Securities Bhd's Listing Requirements after it completed the disposal of its entire investment in Rashid Hussain Berhad, leaving UBG with no significant business Operations. WONDERFUL WIRE: To Seek Shareholders' Okay on Two Resolutions ------------------------------------------------------------- Wonderful Wire & Cable Berhad intends to seek the approval of its shareholders for these resolutions: * renewal of shareholders’ mandate for recurrent related party transactions of a revenue or trading nature pursuant to Paragraph 10.09 of the Listing Requirements of Bursa Malaysia Securities Berhad; and * adoption of a new set of Articles of Association of the company in substitution for and to the exclusion of all the existing Articles of Association of the company to be in line with the amended provisions under Chapter 7 of the Listing Requirements, current statutory and regulatory requirements. About Wonderful Wire Wonderful Wire & Cable Berhad is a Malaysia-based company that is engaged in the manufacture and trading of all kinds of electrical wires and cables. The principal activities of the company's subsidiaries include the investment holding, provision for oil, gas and petroleum engineering, and design engineers and contractors. Its subsidiaries include Wonderful Industries Sdn. Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia) Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M) Sdn. Bhd. and Wonderful Wire & Cable. In November 2006, the company acquired the remaining 40% interest in WWC Sealing (Malaysia) Sdn Bhd. The principal activity of WWC Sealing (Malaysia) Sdn Bhd is to design, manufacture and market different ranges of industrial seal and gasket. * * * On December 3, 2007, the company was classified as an affected listed issuer pursuant to Bursa Malaysia Securities Berhad's Practice Note 17 category as the company's shareholders' equity on a consolidated basis for the unaudited results is less than 25% of the issued and paid-up capital for the third quarter ended Sept. 30, 2007. ==================== N E W Z E A L A N D ==================== BUTE LIMITED: Taps John Michael Gilbert as Liquidator ----------------------------------------------------- On April 17, 2008, John Michael Gilbert was appointed liquidator of Bute Limited. Only creditors who were able to file their proofs of debt by May 15, 2008, will be included in the company’s dividend distribution. The Liquidator can be reached at: John Michael Gilbert c/o C & C Strategic Limited Private Bag 47927 Ponsonby, Auckland New Zealand Telephone:(09) 376 7506 Facsimile:(09) 376 6441 CLEGG & CO: Fixes May 23 as Last Day to File Claims --------------------------------------------------- Clegg & Co Ltd. is accepting creditors’ proofs of debt until May 23, 2008, to be included in the company’s dividend distribution. The company’s liquidators are: Laurence George Chilcott Peter Charles Chatfield Smith Chilcott Bertelsen Harry Chartered Accountants PO Box 5545, Auckland New Zealand Telephone:(09) 379 8035 Facsimile:(09) 307 8892 COMMERCIAL TECHNOLOGIES: Wind-Up Petition Hearing Set for May 22 ---------------------------------------------------------------- The High Court of Dunedin will hear on May 22, 2008, at 10:00 a.m., a petition to have Commercial Technologies Ltd.’s operations wound up. The Commissioner of Inland Revenue filed the petition against the company on April 8, 2008. The CIR’s solicitor is: Julie Newton c/o Inland Revenue Department Legal and Technical Services 1st Floor Reception 224 Cashel Street PO Box 1782, Christchurch 8140 New Zealand Telephone:(03) 968 0807 Facsimile:(03) 977 9853 FLETCHER BUILDING: "Unlikely" to Buy Stake in Hyne, Analysts Say ---------------------------------------------------------------- Analysts are playing down Fletcher Building Limited as a likely suitor for Australian timber group Hyne, which has been put up for a possible trade sale or share float, Kris Hall of The Dominion Post reports. According to the report, ING senior investment analyst Craig Brown said a deal with Fletcher was"unlikely", drawing a parallel with Fletcher's rejection of Carter Holt's timber asset sales. "Fletcher like to have businesses that generally have a number one or number two market share, not an industry with truckloads of competition," the report quoted Mr. Brown as saying. First NZ Capital analyst Andrew Mortimer told the news agency that the Australian lumber industry doesn't really fit [Fletcher] Building's acquisition criteria, which is to go for a leading industry. Hyne's got some 15% of the softwood lumber market in Australia and you've got others which are probably bigger, if not the same size, he added. United States firm Weyerhaeuser, Carter Holt Harvey and Hyne command about 60% of the softwood lumber market in Australia. About Fletcher Building Headquartered in Penrose, New Zealand, Fletcher Building Limited -- http://www.fletcherbuilding.com/-- is the holding company of the Fletcher Building group. The operating segments of the Company include the Building Products division; the Infrastructure division, and the Laminates & Panels division. The Building Products division comprises six business streams, including insulation, metal roof tiles, roll-forming and coatings, long steel, plasterboard and a single businesses stream comprising four business units. The Infrastructure division is an integrated manufacturer of cement, aggregates, ready mix concrete and concrete products. It is also a general contractor and residential house builder in New Zealand and the South Pacific. The Laminates & Panels division manufactures and sells high pressure and low-pressure decorative surface laminates, raw medium density fiberboard, particle board and kitchen components. It distributes other products, such as hardware and timber in some regions. The company acquired the Dunedin-based O'Brien's Group on May 1, 2006. Fletcher Building's businesses operate at more than 300 sites around New Zealand, Australia, Finland, Slovenia, United Kingdom, Japan, Taiwan, among others. * * * The Troubled Company Reporter-Asia Pacific, on Nov. 13, 2007, listed Fletcher Building's bonds as distressed. The bonds have the following coupon, maturity date, and trading price: Coupon Maturity Price ------ -------- ----- 8.600% 03/15/08 NZ$10.00 7.800% 03/15/09 NZ$9.15 7.550% 03/15/11 NZ$9.00 GHG SECURITY: Appoints Fisk and Sanson as Liquidators ----------------------------------------------------- John Howard Ross Fisk and Craig Alexander Sanson were appointed liquidators of GHG Security International Ltd. on April 28, 2008. Creditors are required to file their proofs of debt by June 30, 2008, to be included in the company’s dividend distribution. The Liquidators can be reached at: John Howard Ross Fisk Craig Alexander Sanson c/o PricewaterhouseCoopers 113-119 The Terrace PO Box 243, Wellington New Zealand Telephone:(04) 462 7489 Facsimile:(04) 462 7492 MERSEY LTD: Names John Michael Gilbert as Liquidator ---------------------------------------------------- John Michael Gilbert was appointed liquidator of Mersey Ltd. on April 17, 2008. Only creditors who were able to file their proofs of debt by May 15, 2008, will be included in the company’s dividend distribution. The Liquidator can be reached at: John Michael Gilbert c/o C & C Strategic Limited Private Bag 47927 Ponsonby, Auckland New Zealand Telephone:(09) 376 7506 Facsimile:(09) 376 6441 NORFOLK MANOR: Commences Liquidation Proceedings ------------------------------------------------ Norfolk Manor Ltd. commenced liquidation proceedings on April 29, 2008. Creditors are required to file their proofs of debt by May 27, 2008, to be included in the company’s dividend distribution. The company’s liquidator is: John Michael Gilbert c/o C & C Strategic Limited Private Bag 47927 Ponsonby, Auckland New Zealand Telephone:(09) 376 7506 Facsimile:(09) 376 6441 PROPERTY IMPROVERS: Taps Hollis and Cain as Liquidators ------------------------------------------------------- Malcolm Grant Hollis and Rhys James Cain were named liquidators of Property Improvers Ltd. on April 28, 2008. Messrs. Hollis and Cain are accepting creditors’ proofs of debt until today, May 19, 2008. The Liquidators can be reached at: Malcolm Grant Hollis Rhys James Cain c/o PricewaterhouseCoopers 119 Armagh Street PO Box 13244, Christchurch New Zealand Telephone:(03) 374 3000 Facsimile:(03) 374 3001 Q-SPD INTERNATIONAL: Names Heath and Lamacraft as Liquidators ------------------------------------------------------------- Arron Leslie Heath and Michael Lamacraft were appointed liquidators of Q-SPD International Ltd. on April 28, 2008. Creditors are required to file their proofs of debt by May 30, 2008, to be included in the company’s dividend distribution. The liquidators can be reached at: Arron Leslie Heath Michael Lamacraft c/o Meltzer Mason Heath Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 New Zealand Telephone:(09) 357 6150 Facsimile:(09) 357 6152 REUBEN'S WATER: Wind-Up Petition Hearing Set for July 4 ------------------------------------------------------- The High Court of Auckland will hear on July 4, 2008, at 10:00 a.m., a petition to have Reuben's Water Taxis Ltd.’s operations wound up. Kerekes Kounting House Limited filed the petition against the company on March 12, 2008. Kerekes Kounting’s solicitor is: Alan Grahame Stuart Webster Malcolm & Kilpatrick Lawlink House Neville Street PO Box 22, Warkworth New Zealand VICTORIA MINI: Shareholders Opt to Liquidate Business ----------------------------------------------------- The shareholders of Victoria Mini Supermarket Ltd. met on March 30, 2008, and resolved to voluntarily liquidate the company’s business. The company’s liquidator is: Kiran Dutt PO Box 9687, Newmarket Auckland New Zealand Telephone:(09) 630 3808 Facsimile:(09) 630 3970 WHITE ISLE: Fixes May 30 as Last Day to File Claims --------------------------------------------------- On April 24, 2008, Arron Leslie Heath and Michael Lamacraft were appointed liquidators of White Isle Development Ltd. Creditors are required to file their proofs of debt by May 30, 2008, to be included in the company’s dividend distribution. The Liquidators can be reached at: Arron Leslie Heath Michael Lamacraft Meltzer Mason Heath Chartered Accountants PO Box 6302, Wellesley Street Auckland 1141 New Zealand Telephone:(09) 357 6150 Facsimile:(09) 357 6152 WOOL EQUITIES: Company Director Keith Sutton Resigns ---------------------------------------------------- Wool Equities Limited disclosed that Keith Sutton, a director of Wool Equities, has resigned effective May 16, 2008. Mr. Sutton has advised the company that due to his commitments to wool industry restructuring, he will be unable to continue in his role as a director. The Board will appoint a replacement. About Wool Equities Wellington, New Zealand-based Wool Equities Ltd. -- http://www.woolequities.co.nz/-- is a technology investment company, with shareholdings in a diverse range of companies, focusing in the biotech sector. The companies include Karatec Limited, which is a manufacturing, marketing/distribution and technology licensing business extracting high-value protein fractions used for applications in personal care, consumer health and medical materials; Canesis Networks Limited, which is engaged in wool science and textile technology; Orico Limited, and Paracco Limited. From June 30, 2006, Covita Limited was a subsidiary of the company. * * * The group had incurred a loss of NZ$1.91 million for the year ended June 30, 2007, compared with the loss of NZ$2.72 million for the previous financial year. =============== P A K I S T A N =============== AZGARD NINE: S&P Cuts Corporate Credit Rating to "B" ---------------------------------------------------- Standard & Poor's Ratings Services lowered its corporate credit rating on Azgard Nine Ltd. to 'B' from 'B+'. The outlook is negative. "This rating action is made in conjunction with our lowering of the sovereign ratings on Pakistan (foreign currency B/Negative/B; local currency BB-/Negative/B)," said Standard & Poor's credit analyst Wee Khim Loy. The downgrade reflects rising pressures on the sovereign's credit fundamentals from the combination of expanding fiscal and external imbalances against a volatile and uncertain political setting. The rating on Azgard reflects the company's small market position, its highly leveraged financial profile, and the competitive and fragmented textile industry. This is partly offset by the company's competitive cost advantage, especially in the fertilizer business, and good operating efficiency, which is expected to result in higher profitability. The fertilizer industry, which is one of Azgard's key business segments, is government regulated and dependent on direct and indirect subsidies from the government. "We consider that, in the current fiscal and macroeconomic environment, Azgard's sensitivity to adverse government policies has increased, and we have reflected this in the lowering of the ratings. Furthermore, Azgard's credit profile remained close to the threshold of 4.5x for downgrade pressure; as of December 2007, the company's debt-to-EBITDA ratio was nearly 4.4x," Ms. Loy said. Azgard said the State Bank of Pakistan has given it permission to acquire a foreign company for EUR23.758 million (2,565 million Pakistan rupees). The target company is a global supplier of many different types of special denim. The acquisition will be completely debt funded. Standard & Poor's has factored this acquisition into the current rating and hence further downward rating pressure is limited. PAKISTAN MOBILE: S&P Holds 'B+' Ratings With Negative Outlook ------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its corporate credit rating for Pakistan Mobile Communications Ltd. (Mobilink) at 'B+' with a negative outlook. At the same time, Standard & Poor's affirmed its issue rating on Mobilink's senior unsecured notes at 'B+'. The rating takes into account material country risks and increasing competition in the wireless market, which are offset partially by Mobilink's leading market position, S&P's expectations of continuing industry growth potential, and the company's adequate cash flow measures for the ratings. "In the medium term, we expect the ratings on Mobilink to be driven by the country's risk environment and the company's ability to maintain adequate internal cash generation in light of rising competition," said Standard & Poor's credit analyst Ms. Yasmin Wirjawan. The negative outlook on Mobilink reflects the risk factors on Pakistan and the business environment, which are also mirrored in S&P's sovereign (foreign currency B/Negative/B; local currency BB-/Negative/B) and transfer and convertibility assessment ratings. In addition, Mobilink may face increased exposure to funding risks and potential overall economic slowdown that may affect the company's credit profile. Any downward movement of the sovereign ratings, implying an increase in the country risk- related factors and more difficult operating conditions, could result in a lowering of the ratings on Mobilink. * PAKISTAN: S&P Cuts Foreign Currency Debt Rating to 'B' -------------------------------------------------------- Standard & Poor's Ratings Services has lowered its long-term foreign currency debt rating on the Islamic Republic of Pakistan to 'B' from 'B+' and its long-term local currency rating to 'BB–' from 'BB'. At the same time, S&P affirmed its 'B' short- term rating on the sovereign. The outlook is negative. In tandem with the lowering of the sovereign credit rating, S&P is also lowering the Transfer and Convertibility Assessment rating on Pakistan to 'BB-' from 'BB'. The downgrade reflects rising pressures on the sovereign's credit fundamentals from the combination of expanding fiscal and external imbalances, against a volatile and uncertain political setting. "Following a year of turbulence accompanying Pakistan's transition to democratic rule, macroeconomic management and policy formulation remain significantly constrained by the precedence of political imperatives in the context of coalition and historical rivalry between the two main partners, the Pakistan Peoples' Party and the Pakistan Muslim League, Nawaz Shariff Faction," said Standard & Poor's credit analyst Agost Benard. The negative outlook reflects S&P's assessment that the sovereign's vulnerabilities may accentuate further, given that the emergence of a stable, cohesive, and effective political environment needed to tackle mounting macroeconomic imbalances doesn't seem to be at hand. In a sharp reversal of years of consolidation, the general government fiscal deficit (excluding grants) is set to reach about 8% of GDP in fiscal 2008 (ending June 2008), well above the 4% official target and the 3.7% average for the past five years. With the disintegration of the recently installed cabinet, fiscal adjustments planned by the administration to stem the marked deterioration will remain wanting. Significant expenditure overruns due to rising subsidy and interest costs, and defense and capital spending are exacerbated by the apparent atrophy of an already weak revenue effort. For the first half of fiscal 2008, total revenues rose by 1.8% year-on- year; if this trend persists throughout the year, Pakistan's revenue-to-GDP ratio would decline to about 14% from 15.3% in 2007. Fiscal shortfalls of this magnitude, in conjunction with adverse changes in the financing mix toward short-term higher-cost domestic borrowing and commercial external borrowing, jeopardize Pakistan's hitherto favorable debt dynamics. With a still substantial public leverage at an estimated 59% of GDP, Pakistan's debt-to-revenue ratio could rise to about 400% against the median 171% for similarly rated countries. Similarly, Pakistan's once favorable and improving external liquidity is suffering a serious reversal, highlighted by the recent sharp fall in foreign reserves. A rapid rise in the oil import bill and stagnant exports are yielding record current account deficits, projected to reach 7.3% of GDP for fiscal 2008. Unlike in previous years, these deficits are no longer covered by foreign direct investment and portfolio inflows, both of which have declined due to the domestic political uncertainty and adverse global liquidity conditions. Thus, from a peak of US$14.2 billion in October 2007, central bank foreign exchange reserves have fallen by 30% to US$9.9 billion at the beginning of May, sharply eroding Pakistan's liquidity cushion and prompting some restrictions on foreign exchange transactions and offshore accounts. "With the underlying negative political setting partly causing, as well as prolonging, the fiscal and external deterioration, an improvement in the rating or outlook is not envisaged unless a fundamental shift occurs, with concerted and sustainable policy measures focusing in particular on fiscal revenues and expenditures, and on debt management to reduce central bank financing of fiscal deficits," said Mr. Benard. The lowering of the Transfer and Convertibility Assessment rating assumes that current exchange controls will not impair the debt service payment mechanism and ability for the country's corporate sector. ===================== P H I L I P P I N E S ===================== UCPB: Government Increases Aid to Php30 Billion ----------------------------------------------- The Philippine government has raised its assistance package to sequestered United Coconut Planters Bank to Php30 billion from Php25 billion in case the bank’s request for exemption from the reserve requirement is rejected by the central bank, Eileen A. Mencias of Manila Standard reports citing government sources. The report says UCPB has sought an exemption from the reserve requirement to obtain more funds for investment and increase its earning prospects. The government under its rescue plan will transfer its deposits from the Bangko Sentral ng Pilipinas to UCPB, which will then invest the money in government securities, the report says. Manila Standard relates that the government and UCPB officials met Wednesday to discuss the bank’s rehabilitation plan, which was presented to the Monetary Board the following day. According to the report, UCPB has incurred financial difficulties due to its inability to raise new capital and its sequestered status. It reported in June 2007 a non-performing loans ratio of 29.8 percent and a negative 36.3 percent return on equity, the report added. United Coconut Planters Bank -- http://www.ucpb.com/-- provides financial products and services to corporations, middle market companies, small- and medium- sized businesses, and consumers in the Philippines. * PHILIPPINES: Feb. 2008 Gov't Debt Climbs to Php3.771 Tril. ------------------------------------------------------------ As of February 2008, the National Government debt increased by 1% or Php39 billion from the end January 2008 level. Total outstanding debt stood at Php3.771 trillion of which, Php1.521 trillion or 40% is owed to foreign creditors and Php2.250 trillion or 60% to domestic creditors. The domestic debt increased by Php23 billion or 1.1% from the recorded end January 2008 level arising from the net issuance of government securities made by NG. The increase in NG’s foreign debt of Php16 billion or 1% from the level as of end January 2008 was due to the Php17 billion net availments and Php6 billion depreciation of the third currencies against the US dollar. However, this was partially offset by the Php7 billion appreciation of the peso against the US Dollar. On the other hand, the contingent debt of the National Government, composed mainly of guarantees issued by the National Government, increased to Php495 billion, higher by Php8 billion from end January 2008 level of P487. * PHILIPPINES: Jan-Apr 08 Fiscal Deficit Down by Php14.2 Bil. ------------------------------------------------------------- The Bureau of the Treasury says the January to April fiscal deficit of the National Government reached Php25.8 billion. The National Government registered a surplus in April amounting to Php25.8 billion. Revenue Performance Revenue collections reached Php122.0 billion for the month of April. It grew by 21% compared to the same period of last year’s Php101.2 billion. For January to April, revenues grew by 11% compared to the same period last year from Php338.4 billion. The Bureau of Internal Revenue and Bureau of Customs registered a growth of 21% and 26%, respectively for the month of April compared to same month last year. Actual collections for the month were recorded at Php91.3 billion for BIR and Php21.7 billion for BOC. Likewise, the Bureau of the Treasury income was recorded at Php4.7 billion while other offices, registered an income of Php4.2 billion. For the January to April period, BIR and BOC cash collections reached to Php258.0 billion and Php70.6 billion, respectively. BTr income amounted to Php21.8 billion, and other offices Php25.2 billion. Expenditures For January to April 2008, total disbursements amounted to Php401.3 billion, 6% higher than the comparable disbursements in 2007. Excluding interest payments, total disbursements increased by 5%. Actual disbursements in April amounted to Php96.3 billion. Primary Surplus/(Deficit) Netting out the interest payments in the expenditures, the National Government recorded a primary surplus for the month amounting to Php44.5 billion. Cumulatively, the primary surplus reached to Php93.2 billion for January to April. * PHILIPPINES: U/KBs' NPL Ratio Settles at 4.70% in February ------------------------------------------------------------ As of end-February 2008, the non-performing loans (NPL) ratio of universal and commercial banks (U/KBs) settled at 4.70 percent, Philippine Central Bank data says. The figure is slightly higher by 0.03 percentage point than the previous month’s 4.67 percent but favorably lower by by 0.83 percentage point than year ago’s 5.53 percent ratio. The month-on-month increase in the ratio occurred as the 0.17 percent hike in NPLs was accompanied by the 0.64 percent drop in total loan portfolio (TLP). NPLs rose to P97.82 billion from last month’s P97.65 billion while TLP was reduced to P2,079.57 billion from P2,093.04 billion. Net of interbank loans, the NPL ratio also went up to 5.59 percent from last month’s 5.53 percent but eased from year ago’s 6.97 percent ratio. The increase in the ratio from last month was attributed to the combined effect of the growth in NPLs and the 0.84 percent decline in regular loans to P1,751.03 billion. Meantime, the restructured loans (RLs) to TLP ratio went down to 3.03 percent from last month’s 3.09 percent and year ago’s 3.82 percent ratios. The drop in the ratio from last month was fueled by the 2.87 percent reduction in gross RLs to P63.20 billion. The real and other properties acquired (ROPA), gross to gross assets (GA) ratio was maintained at 3.39 percent from last month but improved from year ago’s 3.82 percent ratio. The ratio remained unchanged from last month as the 0.68 percent drop in ROPA to P151.73 billion was almost matched by the contraction in GAs. The non-performing assets (NPA) to GA ratio climbed to 5.36 percent from last month’s 5.33 percent but eased from year ago’s 6.19 percent ratio. The increase in the ratio from last month transpired as the 0.03 percent growth in NPAs came with the 0.46 percent drop in GAs. The NPA level at P239.45 billion, which barely changed from last month, was favorably lower than year ago’s P272.01 billion. The NPL coverage ratio widened to 92.95 percent from 92.41 percent last month. Similarly, the NPA coverage ratio strengthened to 44.19 percent from 43.76 percent. Meanwhile, this month’s NPL and NPA coverage also stood higher than the year ago ratios of 80.09 percent and 39.20 percent, respectively. =============== X X X X X X X X =============== * BOND PRICING: For the Week May 19 to May 23, 2008 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA & NEW ZEALAND ----------- Ainsworth Game Technology Ltd 8.000% 12/31/09 AUD 0.75 A&R Whitcoulls Group 9.500% 12/15/10 NZD 12.45 Allco Hit Ltd 9.000% 08/17/09 AUD 23.00 Antares Energy Limited 10.000% 10/31/13 AUD 0.70 Babcock & Brown Pty Ltd 9.010% 09/15/16 NZD 17.00 Becton Property Group 9.500% 06/30/10 AUD 0.58 Bounty Industries Limited 10.000% 06/30/10 AUD 0.08 Capital Properties NZ Ltd 8.500% 04/15/09 NZD 11.00 Capital Properties NZ Ltd 8.000% 04/15/10 NZD 11.80 China Century 12.000% 09/30/10 AUD 0.82 Djerriwarrh Investments Ltd 6.500% 09/30/09 AUD 4.35 Fletcher Building Ltd 7.800% 03/15/09 NZD 9.80 Fletcher Building Ltd 7.550% 03/15/11 NZD 9.80 Heemskirk Consolidated Limited 8.000% 04/29/11 AUD 2.97 Hy-Fi Securities Ltd 7.000% 08/15/08 NZD 13.00 Hy-Fi Securities Ltd 8.750% 08/15/08 NZD 10.25 Infrastructure & Utilities 8.500% 09/15/13 NZD 9.60 Jem Warehouse 3.000% 08/01/14 AUD 71.91 LongReach Group Limited 10.000% 10/31/08 AUD 0.32 Nylex Ltd. 10.000% 12/08/09 AUD 1.75 Metal Storm Ltd 10.000% 09/01/09 AUD 0.11 Minerals Corp 10.500% 09/30/08 AUD 0.89 Record Funds Man 11.000% 09/01/10 AUD 48.00 Salomon SB Aust 4.250% 02/01/19 USD 6.07 South Canterbury 10.430% 12/15/12 NZD 1.00 Speirs Group Ltd. 13.160% 06/30/49 NZD 50.00 TrustPower Ltd 8.300% 12/15/08 NZD 10.50 TrustPower Ltd 8.500% 09/15/12 NZD 8.80 TrustPower Ltd 8.500% 03/15/14 NZD 9.15 CHINA ----- Cosco Shipping 0.800% 01/28/14 CNY 74.20 Tsingtao Brewery 0.800% 04/02/14 CNY 73.42 JAPAN ----- Cent Japan Rail 1.310% 03/18/33 JPY 74.80 NIS Group 2.730% 02/25/10 JPY 72.10 Suruga Corp 2.890% 10/20/09 JPY 47.93 KOREA ----- Korea Dev. Bank 7.350% 10/27/21 KRW 48.83 Korea Dev. Bank 7.450% 10/31/21 KRW 48.80 Korea Dev. Bank 7.400% 11/02/21 KRW 48.78 Korea Dev. Bank 7.310% 11/08/21 KRW 46.73 Korea Dev. Bank 8.450% 12/15/26 KRW 72.05 Korea Elec Pwr 7.950% 04/01/96 USD 67.86 MALAYSIA -------- Advance Synergy Berhad 2.000% 01/26/18 MYR 0.05 Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.92 Berjaya Land Bhd 5.000% 12/30/09 MYR 5.50 Bumiputra-Commerce Holdings Bhd 2.500% 07/16/08 MYR 1.35 Cagamas Berhad 3.650% 05/28/08 MYR 14.00 Cagamas Berhad 3.610% 10/10/08 MYR 7.00 Eastern & Orient 8.000% 07/25/11 MYR 2.45 EG Industries Berhad 5.000% 06/16/10 MYR 0.30 Equine Capital 3.000% 08/26/08 MYR 1.63 Greatpac Holdings 2.000% 12/11/08 MYR 0.30 Huat Lai Resources Bhd 5.000% 03/28/10 MYR 0.36 Insas Berhad 8.000% 04/19/09 MYR 0.60 Kamdar Group Bhd 3.000% 11/09/09 MYR 0.25 Kretam Holdings 1.000% 08/10/10 MYR 1.33 Kumpulan Jetson 5.000% 11/27/12 MYR 0.46 Lebuhraya Kajang 2.000% 06/12/19 MYR 67.75 Lebuhraya Kajang 2.000% 06/12/20 MYR 64.97 Lebuhraya Kajang 2.000% 06/12/19 MYR 62.27 LBS Bina Group Bhd 4.000% 12/31/08 MYR 0.39 Malaysian Gov't 6.450% 11/30/08 MYR 62.00 Malaysian Gov't 4.053% 12/04/12 MYR 61.00 Malaysian Gov't 8.000% 10/30/13 MYR 62.00 Malaysian Gov't 7.300% 10/01/14 MYR 46.00 Media Prima Bhd 2.000% 07/18/08 MYR 1.54 Mithril Bhd 8.000% 04/05/09 MYR 0.12 Mithril Bhd 3.000% 04/05/12 MYR 0.57 Nam Fatt Corp 2.000% 06/24/11 MYR 0.32 Pelikan International 3.000% 04/08/10 MYR 1.60 Pilecon Engineering Bhd 5.000% 12/19/11 MYR 0.09 Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.79 RCE Advance 8.000% 11/15/12 MYR 31.00 Rhythm Consolidated Berhad 5.000% 12/17/08 MYR 0.12 Rubberex Corporation Berhad 4.000% 08/14/12 MYR 0.65 Silver Bird Group 1.000% 02/15/09 MYR 0.56 Southern Steel 5.500% 07/31/08 MYR 3.36 Tenaga Nasional Bhd 3.050% 05/10/09 MYR 1.00 Tradewinds Corp. 2.000% 02/08/12 MYR 0.72 Tradewinds Plantation Berhad 3.000% 02/28/16 MYR 1.30 TRC Synergy Berhad 5.000% 01/20/12 MYR 1.31 Wah Seong Corp. 3.000% 05/21/12 MYR 5.07 YTL Cement Bhd 4.000% 11/10/15 MYR 1.94 SRI LANKA --------- Sri Lanka Govt 6.850% 04/15/12 LKR 74.40 Sri Lanka Govt 6.850% 10/15/12 LKR 72.58 Sri Lanka Govt 8.500% 07/15/13 LKR 72.53 Sri Lanka Govt 7.500% 08/01/13 LKR 72.30 Sri Lanka Govt 7.500% 11/01/13 LKR 69.19 Sri Lanka Govt 8.500% 02/01/18 LKR 73.39 Sri Lanka Govt 8.500% 07/15/18 LKR 68.01 Sri Lanka Govt 7.500% 07/15/18 LKR 61.26 ********* 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. Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Marie Therese V. Profetana, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2008. 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 ***