/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/080602.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, June 2, 2008, Vol. 11, No. 108 Headlines A U S T R A L I A ALLOYFAB ENGINEERING: Appoints White and Slattery as Liquidators AUSTRALIAN CONSOLIDATED: Declares Dividend for Creditors B D M COMPUTER: Appoints G. S. Andrews as Liquidator BATTENSTONE PTY: Liquidator Presents Wind-Up Report BEACHMERE VIEW: Declares Dividend for Creditors BIZEVSKI PTY: Commences Liquidation Proceedings BRICK INDUSTRY: Liquidator Gives Wind-Up Report CRA CONSTRUCTIONS: Placed Under Voluntary Liquidation DANOMIC INVESTMENTS: Declares Dividend for Creditors EXBT LIMITED: Declares Dividend for Creditors EXJFA LIMITED: Declares Dividend for Creditors JAMIESON FASHION: Liquidator Gives Wind-Up Report KAIRY PTY: Commences Voluntary Wind-up KENTONVALE PTY: Liquidator Gives Wind-Up Report LINTER GROUP: Declares Dividend for Creditors LINTER TEXTILES: Declares Dividend for Creditors LYPPARD HOLDINGS: Liquidator Gives Wind-Up Report LYPPARD SOUTH: Liquidator Gives Wind-Up Report LYPPARD VICTORIA: Liquidator Gives Wind-Up Report MCTAVISH INVESTMENT: Members Hear Wind-Up Report MELBOURNE TRUCK: Appoints G. S. Andrews as Liquidator OYGEVAULT GROUP: Declares Dividend for Creditors OYGEVAULT KNITTING: Declares Dividend for Creditors RED SEAL: Liquidator Presents Wind-Up Report SEDONIS PTY: Liquidator Gives Wind-Up Report C H I N A INDUSTRIAS METALURGICAS: Fitch Rates Proposed US$65MM Notes 'B' JIANXI: Wins US$808MM Mining Contract With China Metallurgical NEO-CHINA: Still On S&P's WatchNeg on Increasing Uncertainties H O N G K O N G COACTIVE TECHNOLOGIES: S&P Holds 'B' Corporate Credit Rating CHUN SING: Court to Hear Wind-Up Proceedings on July 16 EXCEL GOLD: Court to Hear Wind-Up Proceedings on July 16 FUTURE PERFECT: Court to Hear Wind-Up Proceedings on June 25 LUNG KONG: Court to Hear Wind-Up Proceedings on June 25 ORIENTAL WELL: Court to Hear Wind-Up Proceedings on July 9 POWERBRIDGE: Court to Hear Wind-Up Proceedings on July 2 SING PAO: Court to Hear Wind-Up Proceedings on June 25 SUCCESSFUL: Court to Hear Wind-Up Proceedings on June 18 T&C BREWERY: Appoints New Liquidators VIC SUCCESS: Court to Hear Wind-Up Proceedings on June 25 I N D I A CENTRAL BANK: Fitch Holds and Withdraws 'D' Individual Rating I N D O N E S I A PT TRUBA: Fitch Holds 'B' LT Foreign & Local Currency ID Ratings J A P A N NICHIWA SANGYO: JCR Holds BBB-/Stable Rating on Sr. Debts SURUGA CORP: JCR Junks Rating on JPY39 Bil. Senior Debts ZEPHYR CO: JCR Lowers Senior Debt rating to #BB- K O R E A LG TELECOM: S&P Holds 'BB+' Long-Term Corporate Credit Rating NEXUS INVESTMENT: To Issue 20,021,190 Shares of Common Stock NDCORP CO: Largest Shareholders to Sell 41.39% Company Stake SHINWHA INTEREK: Converts First Convertible Bonds into Shares M A L A Y S I A ARK RESOURCES: Posts MYR1.26MM Net Loss in Qtr. Ended March 31 UBG BERHAD: Inks 2 Supplemental Agreements with Swan & Binary WONDERFUL WIRE: Incurs MYR4.98 Mil. Loss in Qtr. Ended March 31 N E W Z E A L A N D A2: Dr. Slorach's "Handling A1/A2 Milk" Report Raises Inquiries ACCESS BROKERAGE: Ex-Boss Gets 3 Years for Firm's Collapse AIR NEW ZEALAND: Sees 25% Decline in 1Q on Higher Fuel Prices AIR NEW ZEALAND: To Establish Aviation Academy BENTON DENTED: Appoints Fatupaito and McCloy as Liquidators CLUBZONE LTD: Fixes August 2 as Last Day to File Claims CONE PEAK: Wind-Up Petition Hearing Set for June 4 CONNEXIONZ LTD: Seals NZ$3.6MM Deal with City of Santa Clarita GNC CONSULTANTS: Creditors' Proofs of Debt Due on June 13 NZ VENDING: Taps Fatupaito and McCloy as Liquidators OCTANE CREATIVE: Taps Brown and Rodewald as Liquidators SUPA CHEAP: Appoints Brown and Rodewald as Liquidators TIGER PROMOTIONS: Names Brown and Rodewald as Liquidators TITAN FOUNDATION: Names Fatupaito and McCloy as Liquidators TRANS PACIFIC: Names Brown and Rodewald as Liquidators WEST PRINTING: Appoints Fatupaito and McCloy as Liquidators P H I L I P P I N E S * PHILIPPINES: Bank Lending Growth Accelerates in March 2008 V I E T N A M * Fitch Says Vietnam's Banks Face Challenging Environment X X X X X X X X * Moody's Has Stable Outlook for Asia-Pacific Metals & Mining - - - - - ================= A U S T R A L I A ================= ALLOYFAB ENGINEERING: Appoints White and Slattery as Liquidators ---------------------------------------------------------------- Alloyfab Engineering & Associates Pty. Ltd.'s members agreed on April 2, 2008, to voluntarily liquidate the company's business. Warren White and Rod Slattery were appointed to facilitate the sale of its assets. The liquidators can be reached at: Warren White PPB Chartered Accountants Level 10, 90 Collins Street Melbourne VIC 3000 AUSTRALIAN CONSOLIDATED: Declares Dividend for Creditors -------------------------------------------------------- Australian Consolidated Hosiery Pty Ltd, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 13, 2008, were included in the company's dividend distribution. The company's liquidator is: Lindsay Philip Maxsted McGrathNicol Level 8, IBM Centre 60 City Road Southbank VIC 3006 Website: www.mcgrathnicol.com B D M COMPUTER: Appoints G. S. Andrews as Liquidator ---------------------------------------------------- B D M Computer Services Pty. Ltd.'s members agreed on March 28,2008, to voluntarily liquidate the company's business. Gregory Stuart Andrews was appointed to facilitate the sale of its assets. The liquidator can be reached at: G. S. Andrews G S Andrews & Associates 22 Drummond Street Carlton VIC 3053 Telephone (03) 9662 2666 Facsimile (03) 9662 9544 BATTENSTONE PTY: Liquidator Presents Wind-Up Report --------------------------------------------------- Battenstone Pty. Ltd. held a joint meeting for its members and creditors on May 16, 2008. At the meeting, the company's liquidator, Adrian Brown at Ferrier Hodgson, provided the attendees with property disposal and winding-up reports. The liquidator can be reached at: Adrian Brown Ferrier Hodgson Level 29, 600 Bourke Street Melbourne VIC 3000 Telephone (03) 9600 4922 Facsimile (03) 9642 5887 About Battenstone Pty Battenstone Pty Ltd provides plumbing, heating, and air- conditioning services. The company is located in Victoria, Australia. BEACHMERE VIEW: Declares Dividend for Creditors ----------------------------------------------- Beachmere View Pty Ltd, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 6, 2008, were included in the company's dividend distribution. The company's liquidator is: George Georges Ferrier Hodgson Level 29, 600 Bourke Street Melbourne VIC 3000 Telephone (03) 9600 4922 Facsimile (03) 9642 5887 BIZEVSKI PTY: Commences Liquidation Proceedings ----------------------------------------------- Bizevski Pty Ltd Pty. Ltd.'s members agreed on April 3,2008, to voluntarily liquidate the company's business. BJ Marchesi was appointed to facilitate the sale of its assets. The liquidator can be reached at: B. J. Marchesi Bent & Cougle Pty Ltd Chartered Accountants Level 5, 332 St Kilda Road Melbourne VIC 3004 BRICK INDUSTRY: Liquidator Gives Wind-Up Report ----------------------------------------------- Brick Industry Group Training Company Pty. Ltd. held a final meeting for its members on May 28, 2008. At the meeting, the company's liquidator, Richard Judson at Members Voluntarys Pty Ltd, provided the attendees with property disposal and winding- up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 About Brick Industry Brick Industry Group Training Company Pty. Ltd. operates vocational schools. The company is located at Redfern, in New South Wales, Australia. CRA CONSTRUCTIONS: Placed Under Voluntary Liquidation ----------------------------------------------------- CRA Constructions Pty Ltd.'s members agreed on March 17,2008, to voluntarily liquidate the company's business. Gregory Stuart Andrews was appointed to facilitate the sale of its assets. The liquidator can be reached at: G. S. Andrews G S Andrews & Associates 22 Drummond Street Carlton VIC 3053 Telephone (03) 9662 2666 Facsimile (03) 9662 9544 DANOMIC INVESTMENTS: Declares Dividend for Creditors ---------------------------------------------------- Danomic Investments Limited, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 13, 2008, were included in the company's dividend distribution. The company's liquidator is: Lindsay Philip Maxsted McGrathNicol Level 8, IBM Centre 60 City Road Southbank VIC 3006 Website: www.mcgrathnicol.com EXBT LIMITED: Declares Dividend for Creditors ---------------------------------------------- EXBT Limited, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 13, 2008, were included in the company's dividend distribution. The company's liquidator is: Lindsay Philip Maxsted McGrathNicol Level 8, IBM Centre 60 City Road Southbank VIC 3006 Website: www.mcgrathnicol.com EXJFA LIMITED: Declares Dividend for Creditors ---------------------------------------------- EXJFA Limited, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 13, 2008, were included in the company's dividend distribution. The company's liquidator is: Lindsay Philip Maxsted McGrathNicol Level 8, IBM Centre 60 City Road Southbank VIC 3006 Website: www.mcgrathnicol.com JAMIESON FASHION: Liquidator Gives Wind-Up Report ------------------------------------------------- Jamieson Fashion Group Pty. Ltd. held a final meeting for its members on May 28, 2008. At the meeting, the company's liquidator, Richard Judson at Members Voluntarys Pty Ltd, provided the attendees with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 About Jamieson Fashion Jamieson Fashion Group Pty Ltd, which is also trading as Coronet-Fashion@work, is a distributor of apparel and accessories. The company is located at Port Melbourne, in Victoria, Australia. KAIRY PTY: Commences Voluntary Wind-up -------------------------------------- Kairy Pty Ltd.'s members agreed on March 13,2008, to voluntarily liquidate the company's business. Gregory Stuart Andrews was appointed to facilitate the sale of its assets. The liquidator can be reached at: G. S. Andrews G S Andrews & Associates 22 Drummond Street Carlton VIC 3053 Telephone (03) 9662 2666 Facsimile (03) 9662 9544 KENTONVALE PTY: Liquidator Gives Wind-Up Report ----------------------------------------------- Richard Judson, Kentonvale Pty. Ltd.'s estate liquidator, met with the company's members on May 28, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 About Kentonvale Pty. Kentonvale Pty. Limited operates investment offices. The company is located at St Kilda, in Victoria, Australia. LINTER GROUP: Declares Dividend for Creditors --------------------------------------------- Linter Group Limited, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 13, 2008, were included in the company's dividend distribution. The company's liquidator is: Lindsay Philip Maxsted McGrathNicol Level 8, IBM Centre 60 City Road Southbank VIC 3006 Website: www.mcgrathnicol.com LINTER TEXTILES: Declares Dividend for Creditors ------------------------------------------------ Linter Textiles (Australia) Limited, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 13, 2008, were included in the company's dividend distribution. The company's liquidator is: Lindsay Philip Maxsted McGrathNicol Level 8, IBM Centre 60 City Road Southbank VIC 3006 Website: www.mcgrathnicol.com LYPPARD HOLDINGS: Liquidator Gives Wind-Up Report ------------------------------------------------- Richard Judson, Lyppard Holdings Pty. Ltd.'s estate liquidator, met with the company's members on May 28, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 About Lyppard Holdings Lyppard Holdings Pty Ltd is a distributor of medical and hospital equipments. The company is located in Cheltenham, Victoria, Australia. LYPPARD SOUTH: Liquidator Gives Wind-Up Report ---------------------------------------------- Richard Judson, Lyppard South Australia Pty. Ltd.'s estate liquidator, met with the company's members on May 28, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 LYPPARD VICTORIA: Liquidator Gives Wind-Up Report ------------------------------------------------- Richard Judson, Lyppard Victoria Pty. Ltd.'s estate liquidator, met with the company's members on May 28, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 MCTAVISH INVESTMENT: Members Hear Wind-Up Report ------------------------------------------------ Mctavish Investment Corporation Pty. Ltd. held a final meeting for its members on May 28, 2008. At the meeting, the company's liquidator, Richard Judson at Members Voluntarys Pty Ltd, provided the attendees with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 MELBOURNE TRUCK: Appoints G. S. Andrews as Liquidator ----------------------------------------------------- Melbourne Truck City (Aust) Pty Ltd.'s members agreed on March 14,2008, to voluntarily liquidate the company's business. Gregory Stuart Andrews was appointed to facilitate the sale of its assets. The liquidator can be reached at: G. S. Andrews G S Andrews & Associates 22 Drummond Street Carlton VIC 3053 Telephone (03) 9662 2666 Facsimile (03) 9662 9544 OYGEVAULT GROUP: Declares Dividend for Creditors ------------------------------------------------- Oygevault Group Limited, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 13, 2008, were included in the company's dividend distribution. The company's liquidator is: Lindsay Philip Maxsted McGrathNicol Level 8, IBM Centre 60 City Road Southbank VIC 3006 Website: www.mcgrathnicol.com OYGEVAULT KNITTING: Declares Dividend for Creditors --------------------------------------------------- Oygevault Knitting Mills Pty Ltd, which is in liquidation, declared its dividend for its creditors. Only creditors who were able to file their proofs of debt by May 13, 2008, were included in the company's dividend distribution. The company's liquidator is: Lindsay Philip Maxsted McGrathNicol Level 8, IBM Centre 60 City Road Southbank VIC 3006 Website: www.mcgrathnicol.com RED SEAL: Liquidator Presents Wind-Up Report -------------------------------------------- Richard Judson, Red Seal Investments Pty. Ltd.'s estate liquidator, met with the company's members on May 28, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 About Red Seal Red Seal Investments Pty. Ltd. operates holding companies. The company is located at Hastings, in Victoria, Australia. SEDONIS PTY: Liquidator Gives Wind-Up Report -------------------------------------------- Richard Judson, Sedonis Pty. Ltd.'s estate liquidator, met with the company's members on May 28, 2008, and provided them with property disposal and winding-up reports. The liquidator can be reached at: Richard Judson Members Voluntarys Pty Ltd 1st Floor, 10 Park Road Cheltenham VIC 3192 ========= C H I N A ========= INDUSTRIAS METALURGICAS: Fitch Rates Proposed US$65MM Notes 'B' --------------------------------------------------------------- Fitch Ratings has assigned a 'B' rating to Industrias Metalurgicas Pescarmona S.A.I.C. Y F proposed 1-year US$65 million issuance notes due in 2009. These notes have also been assigned a Recovery Rating of 'RR4', which indicates average recovery prospects in the event of default. Fitch maintains a foreign and local currency Issuer Default Rating of 'B'. The Rating Outlook is Stable. IMPSA's credit rating is supported by sustained global demand for hydroelectric and wind technology and equipment. The increased attractiveness of renewable energy sources has boosted IMPSA's backlog to US$1.7 billion as of January 2008 from $481 million as of April 2006. This has in turn added certainty to the company's cash generation in the medium term. Also considered in the company's ratings are IMPSA's geographic revenue and asset diversification, and its ability to generate funds in hard currency, reducing currency mismatch risk compared to its indebtedness. For the fiscal year ended Jan. 31, 2008, U.S. dollar denominated sales accounted for approximately 65% of its total revenue. This percentage should increase in the future due to the composition of most of the company's backlog. Balanced against these strengths are the company's high leverage, its sound capital needs to finance projects' developments and the concentration of its cash flow in a few large projects in developing countries - namely Brazil, Venezuela, Colombia, and Malaysia. While market conditions are considered favorable for IMPSA at this moment, a sudden downturn in the key markets would negatively impact IMPSA's ability to add new contracts. Additionally, even though Argentina is not an important sales market for IMPSA, an increase in economic uncertainty in that country could lead to a decline in backlog as potential customer shy away from doing business with the company due to concerns about its ability to finance its working capital needs. For the 12 months ended Jan. 31, 2008, IMPSA's revenues grew to US$285 million and EBITDA to US$67 million compared to US$267 million and US$57 million in FY 2007, respectively. This growth was the result of the maturity of several projects. During this time period, IMPSA's cash flow from operations was negative due to the large working capital needs that were required to fund the development of several projects. As of Jan. 31, 2008, IMPSA had US$415 million of total debt, out of which US$ 351 million had recourse against the company, and the remaining balance of US$57 million was structured as a project finance for wind farm developments, funded through a 12 year loan from the Caixa Economica Federal. At that date, IMPSA had US$154 million of cash and marketable securities. These figures translate into a total debt (with recourse)-to-EBITDA of 5.2 times and a net debt-to-EBITDA ratio of 3.1 times. An improvement in credit metrics is foreseen as the company's EBITDA level is expected to reach US$120 million in 2009. The growth in EBITDA should come from the completion of several projects that are currently in backlog. The main hydro projects are Porce III (Colombia), Bakun (Malaysia), Dardanelos (Brazil), Simplicio (Brazil), Macagua (Venezuela) and Tocoma (Venezuela). IMPSA major wind projects are Caera and Santa Catarina, both located in Brazil. Total working capital needs for the coming year amount to US$65 MM, which IMPSA intends to finance with the proceeds of the proposed issuance. IMPSA's total debt-to-EBITDA ratio should drop to below 3.5x at the FY end January 2009. The Percarmona family owns 93.73% of Industrias Metalurgicas Percarmona S.A.I.C. y F (IMPSA) through Corporacion IMPSA S.A. IMPSA is engaged in providing integrated solutions for renewable energy, including hydroelectric and wind power projects and associated equipment, as well as in the Port Systems, auto parts and environmental services industries. IMPSA has a solid international presence, marketing and distributing its products and services from its branches and representation offices in Argentina, Brazil, China, Colombia, Ecuador, USA, the Philippines, India, Malaysia and Venezuela. JIANXI: Wins US$808MM Mining Contract With China Metallurgical -------------------------------------------------------------- Jiangxi Copper Co. and China Metallurgical Group Corp won a US$808 million contract to explore and exploit minerals in a copper mine field in Afghanistan, through Aynak Copper Mine, Reuters reports. MCC and Jiangxi Copper, Steel Guru News relates, hold 100% mining rights of this project. According to Reuters, the contract with the Afghan government grants mining rights in the Central and Western mineralised zones for 30 years. Aynak Copper Mine located in Middle East of Afghanistan, is about 35 kilometers from its capital Kabul. Reportedly, the mine has an ore reserve of 705 million tonnes containing 1.56% copper, and copper metal reserves of 11 million tonnes, Steel Guru says. Jiangxi Copper said it would buy at least 50% of the copper concentrate products generated upon operation of the mine, Reuters relates. About Jiangxi Copper Jiangxi Copper Company Limited -- http://www.jxcc.com/-- is an integrated producer of copper in the People's Republic of China. The company's operations consist of copper mining, milling, smelting and refining to produce copper cathode and other related products, including pyrite concentrates, sulphuric acid and electrolytic gold and silver. It also provides smelting and refining services pursuant to tolling arrangements for customers. * * * Xinhua Far East China Ratings gave the company a BB+ issuer credit rating. NEO-CHINA: Still On S&P's WatchNeg on Increasing Uncertainties -------------------------------------------------------------- Standard & Poor's Ratings Services lowered its long-term foreign-currency corporate credit rating on Neo-China Land Group (Holdings) Ltd., and the issue rating on the company's US$400 million senior unsecured notes, to 'B' from 'B+'. The ratings remain on CreditWatch with negative implications, where they were placed on Feb. 1, 2008, following the resignation of Neo- China's company secretary and its qualified accountant. The rating actions reflect the increasing uncertainty as to the health of Neo-China's business situation and the potential impact thereof on the company's operations, financials, and liquidity position. Share trading in Neo-China has been suspended since Jan. 22, 2008. The ratings could be lowered further if negative effects of the currently unclear business situation are evidenced in the next three months. Neo-China Land Group (Holdings) Limited is a Chinese property developer engaged in residential and mixed-use developments. It has 16 major projects under development in 12 cities in China and a land bank of around 13.6 million sqm in gross floor area. ================ H O N G K O N G ================ COACTIVE TECHNOLOGIES: S&P Holds 'B' Corporate Credit Rating ------------------------------------------------------------ Standard & Poor's Ratings Services has revised its outlook on Hong Kong-based CoActive Technologies Inc. to stable from negative. At the same time, S&P affirmed the 'B' corporate credit rating and other ratings on the company. The action follows receipt of the company's financial statements for the fiscal year ended Dec. 31, 2007, within the 30-day grace period for filing such statements by April 29, 2008, as defined in the credit agreements. S&P has revised the outlook to negative on May 6, 2008, following the company's announcement that its financial results for 2007 were delayed beyond April 29, 2008, the date specified in its covenants. The company attributed the delay to the auditor's review of the purchase accounting elements of its financial statements and was not related to any issues of accounting for the company's operations. CoActive, formerly known as DeltaTech Controls Inc., acquired ITT Corp.'s electromechanical and dome array switch businesses, and related products, in mid-2007. "The rating on CoActive reflects the company's estimated 4% share of the highly fragmented and competitive electronic switch market, and its limited track record as an independent company," said Standard & Poor's credit analyst Bruce Hyman. "These factors are offset partially by the company's diverse end markets, broad customer base, and low-cost manufacturing locations." Revenues are in part protected by the costs its customers would incur to change suppliers. CoActive manufactures switches used in a wide variety of electronic products, custom-engineered switches and electromechanical controllers for automotive and industrial equipment, and dome array switches used in cell phones. CHUN SING: Court to Hear Wind-Up Proceedings on July 16 ------------------------------------------------------- On May 9, 2008, Garvie Limited, filed a petition to have Chun Shing Resources Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on July 16, 2008, to hear the petition. The petitioners' solicitors can be reached at: Messrs. Yop & Co Nan Fung Tower, 17th Floor, Room 710 No. 173 Des Voeux Road Central Hong Kong EXCEL GOLD: Court to Hear Wind-Up Proceedings on July 16 -------------------------------------------------------- On May 6, 2008, Bank of China (Hong Kong) Limited, filed a petition to have Excel Gold Investment Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on July 16, 2008, to hear the petition. The petitioners' solicitors can be reached at: Gallant Y. T. Ho & Co. Jardine House, 5th Floor No. 1 Connaught Place, Central Hong Kong FUTURE PERFECT: Court to Hear Wind-Up Proceedings on June 25 ------------------------------------------------------------ On April 23, 2008, Tou Chan Kuau, filed a petition to have Lung Future Perfect Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on June 25, 2008, to hear the petition. The petitioners' solicitors can be reached at: Chong Yan-tung Chris Revenue Tower, 30th Floor 5 Gloucester Tower Wanchai, Hong Kong LUNG KONG: Court to Hear Wind-Up Proceedings on June 25 ------------------------------------------------------- On April 21, 2008, Cheung Chun Huen, filed a petition to have Lung Kong Logistic Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on June 25, 2008, to hear the petition. The petitioners' solicitors can be reached at: Chong Yan-tung Chris Revenue Tower, 30th Floor 5 Gloucester Tower Wanchai, Hong Kong ORIENTAL WELL: Court to Hear Wind-Up Proceedings on July 9 ---------------------------------------------------------- On May 18, 2008, PT Sinar Mas Agro Resources Technology Tbk, filed a petition to have Oriental Well (H.K.) Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on July 9, 2008, to hear the petition. The petitioners' solicitors can be reached at: Jones Day Edinburg Tower, The Landmark 15 Queen's Road, Central Hong Kong POWERBRIDGE: Court to Hear Wind-Up Proceedings on July 2 -------------------------------------------------------- On April 21, 2008, The Hong Kong and Shanghai Banking Corporation Limited, filed a petition to have Powerbridge Enterprises Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on July 2, 2008, to hear the petition. The petitioners' solicitors can be reached at: JSM Prince's Building, 18th Floor 10 Charter Road, Central Hong Kong SING PAO: Court to Hear Wind-Up Proceedings on June 25 ------------------------------------------------------ On April 28, 2008, Karshing Trading Limited, filed a petition to have Sing Pao Newspaper Company Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on July 25, 2008, to hear the petition. The petitioners' solicitors can be reached at: Messrs. Lui, Chan and Lam Hutchison House, 7th Floor Rooms 1710-18, 10- Harcourt Road Central, Hong Kong SUCCESSFUL: Court to Hear Wind-Up Proceedings on June 18 -------------------------------------------------------- On April 16, 2008, Lau Hang Kui, filed a petition to have Successful Restaurant Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on June 18, 2008, to hear the petition. The petitioners' solicitors can be reached at: Chong Yan-tung Chris Revenue Tower, 30th Floor 5 Gloucester Tower Wanchai, Hong Kong T&C BREWERY: Appoints New Liquidators ------------------------------------- The members of T&C Brewery (Singapore) Company Limited appointed Fok Hei Yu, Desmond, Chung Seng Chiong, and Roderick John Sutton as the company's liquidators. The liquidators can be reached at: Fok Hei Yu Desmond Chung Seng Chiong Roderick John Sutton Hong Kong Club Building, 14th Floor 3A Charter Road, Hong Kong VIC SUCCESS: Court to Hear Wind-Up Proceedings on June 25 --------------------------------------------------------- On April 23, 2008, Tou Chan Kuau, filed a petition to have Lung Vic Success Limited's operations wound up. The High Court of Hong Kong will convene at 9:30 a.m. on June 25, 2008, to hear the petition. The petitioners' solicitors can be reached at: Chong Yan-tung Chris Revenue Tower, 30th Floor 5 Gloucester Tower Wanchai, Hong Kong ========= I N D I A ========= CENTRAL BANK: Fitch Holds and Withdraws 'D' Individual Rating ------------------------------------------------------------- Fitch Ratings has affirmed and withdrawn Central Bank of India's Individual Rating of 'D' and Support rating of '3'. While Fitch will no longer provide specific analytical coverage on Central Bank of India, it expects to continue including it in its benchmark study of key financials for Indian banks, which is a part of its annual performance report on the sector. Fitch continues to maintain Individual and Support ratings on 31 Indian banks, 16 of which are government-owned, and the rest in the private sector. These 31 banks account for over 80% of total loans in the banking system. Fitch has also assigned Long-and-short-term ratings to many of these banks, as Indian banks have increasingly accessed the domestic and international debt capital markets for raising subordinated debt and hybrid capital. The ratings penetration and the sector coverage therefore continue to be strong. ================= I N D O N E S I A ================= PT TRUBA: Fitch Holds 'B' LT Foreign & Local Currency ID Ratings ---------------------------------------------------------------- Fitch has affirmed PT Truba Alam Manunggal Engineering Tbk's Long-term foreign and local currency Issuer Default Ratings at 'B' and its National Long-term rating at 'BBB+(idn)'. The Outlook remains Stable. At the same time, the agency has withdrawn the expected rating of 'B' and expected Recovery Rating of 'RR4' to the previously proposed senior unsecured notes (due 2011) to be issued by TAME Investments Pte. Ltd guaranteed by TAME and certain operating subsidiaries. These notes were not issued. "The failure to raise bond finance may curb the company's plans to aggressively develop an independent power producer business," said Simon Wong, Director in Fitch's Asia-Pacific energy and utilities team. "However, Fitch does not consider that TAME's liquidity is a key credit concern at the moment," added Mr. Wong. TAME is an Engineering, Procurement and Construction related service provider in Indonesia. ========= J A P A N ========= NICHIWA SANGYO: JCR Holds BBB-/Stable Rating on Sr. Debts --------------------------------------------------------- Japan Credit Rating Agency Limited has affirmed its BBB-/Stable rating on senior debts of Nichiwa Sangyo Co. Ltd. Nichiwa Sangyo is a middle-ranking feedstuff manufacturer that has operating base in western Japan. The company's ordinary profit for FY2007 ended March 31, 2008 dropped 41% year-on-year to 900 million yen on the back of the increased burden of compensation for the Feedstuff Price Stabilization Fund. JCR says that although the company will ensure a large enough earnings level for FY2008 ending March 31, 2009 through price hike, the business environment warrants no optimism as shown by that the company will be forced to make special compensation in addition to regular compensation payments for the Fund. Given the business environment, JCR says further enhancement of the earnings power will be an issue for the company. There were occurrences of some accounts of uncollectible receivables for FY2007. However, JCR relates, the bad debt risk of big customers is considered to have ended in FY2007. Although JCR deems it necessary to continue to watch the company's dealing with credit risk and sales policy, JCR believes that the company is well prepared for credit risk, taking into consideration the conservative setting of allowance for bad debt and the good financial structure. Nichiwa Sangyo Co. Ltd -- http://www.nichiwasangyo.co.jp/-- is a Japan-based company mainly engaged in the manufacture and sale of feed mixtures with grains as the main ingredient, for chicken rearing, pig rearing, cow rearing and fish rearing. The Company operates in two business segments. The Feed segment is engaged in the manufacture and sale of feed mixtures for livestock farming and fish rearing. The Livestock Farming segment is engaged in the production of chicken eggs and piglets, as well as the rearing of pigs. Headquartered in Kobe, Hyogo Prefecture, the Company has one subsidiary and one associated company. SURUGA CORP: JCR Junks Rating on JPY39 Bil. Senior Debts -------------------------------------------------------- Japan Credit Rating Agency Limited has downgraded its ratings on Suruga Corporation's senior debts, shelf registration and bonds of the issuer from #BB/Negative, preliminary #BB-/Negative and #BB-/Negative to #CCC/Negative, preliminary #CCC/Negative and #CCC/Negative, respectively, while continuing placing them under Credit Monitor with Negative direction. Senior Debts: #CCC/Negative Issues Amount(bn) Issue Date Due Date Coupon Rating bonds no.1 Y11 Oct. 20, 2006 Oct. 20, 2009 2.89% #CCC/Negative bonds no.2 Y10 Mar. 15, 2007 Mar. 15, 2010 2.95% #CCC/Negative Shelf Registration: #CCC/Negative Maximum: Y39 billion Valid: two years effective from September 28, 2007 Suruga Corp. announced on May 30, 2008 the auditors' disclaimer of opinion on its financial reports for FY2007 ended March 31, 2008. The auditors' report says that they could not decide the reasonableness of the company's plan for seeking assistance and for real estate sales because of the uncertainty right now and that the accounting firm could not obtain reasonable base to express an opinion on the Company's financial reports. JCR made the decision on May 29 to continue to place its ratings on the company under Credit Monitor. In making this decision, JCR did not assume a disclaimer of auditors' opinion. Following this unprecedented situation of the release of the auditors' disclaimer of opinion on May 30, JCR decided to revise its ratings on the company and to continue to place them under Credit Monitor. JCR says it will be difficult for the company to materialize its plans (selection of corporations that can extend financial assistance to it, fundraising from such corporations and sell- offs of the real estate holdings) in short run. For this reason, JCR continues, it is undeniable that the company might have difficulty in making a disclosure, depending on future developments of these plans and that the difficulty then might work against the normalization of business and the smooth fundraising. JCR will verify the outcomes of the company's measures planned to be taken while keeping the Negative direction to the Credit Monitor. Suruga Corporation -- http://www.suruga.com/-- is a Japan-based real estate company engaged in two business segments. The Construction segment is engaged in the contract construction and civil engineering works for private clients and government offices. The Real Estate segment is engaged in the general planning, architectural design, construction, sale and management of mid-to-high-rise buildings, such as housing and commercial facilities, as well as the leasing of real estates. Headquartered in Kanagawa Prefecture, the company has four subsidiaries and one associated company. ZEPHYR CO: JCR Lowers Senior Debt rating to #BB- ------------------------------------------------ Japan Credit Rating Agency Limited has downgraded its BBB- ratings on Zephyr Co. Ltd.'s senior debts, bonds and shelf registration of the issuer to #BB-/Negative for senior debts and #B+/Negative for bonds and shelf registration, respectively, placing them under Credit Monitor with Negative direction. JCR has downgraded its rating on CP program of the issuer from J-2 to NJ. Senior Debts #BB-/Negative Issues Amount(bn) Issue Date Due Date Coupon Rating bonds no.2 Y12 Aug. 22, 2006 Aug. 22, 2008 2.47% #B+/Negative bonds no.3 Y8 June 21, 2007 June 21, 2010 2.94% #B+/Negative Shelf Registration: #B+/Negative Maximum: Y30 billion Valid: two years effective from September 25, 2007 CP: NJ Maximum: Y5 billion Backup Line: 0% Zephyr announced on May 30, 2008 that its consolidated subsidiary, Kondo Sangyo, has filed with Osaka District Court for bankruptcy procedures and that the company's receivables from the subsidiary might become uncollectible. The company is engaged in condominium sales primarily in Kansai region. The cash management has been tight, because sales significantly lagged behind the schedule due to rapid deterioration in real estate market. The company has been financially supporting Kondo Sangyo, making loans and guaranteeing debt. The company thinks that it can no longer support the subsidiary. The uncollectible receivables with loans and guarantees combined together will amount JPY11.9 billion. The company will record an extraordinary loss for this amount along with write-downs of equity securities holdings. The forecasts for operating performance will be revised due to unconsolidation of the subsidiary from the financial statements. The company on a parent only basis has already obtained funds for the immediate future. It says that it will be able to focus on sales activities and improvement in financial structure in the future. However, JCR assessed that the company's financial flexibility has narrowed, because the company lowered significantly its cash flow generation capacity, so it can no longer continue its support to the subsidiary. Accordingly, JCR downgraded its ratings on senior debts, bonds and CP program. JCR also placed its long-term ratings on the company under Credit Monitor with Negative direction. Concerning the ratings on the outstanding unsecured corporate bonds issued by the company and the preliminary rating on the shelf registration system of the company, JCR incorporated their subordination natures, given that the almost all of the company's bank borrowings are secured debts. Zephyr Co. Ltd. -- http://www.zephyr.co.jp/-- is a Japan-based real estate company. The company has four business segments. The Real Estate Property Sale segment is engaged in the planning, development and sale of condominiums and detached housing. The Real Estate Liquidation segment sells investment real estate properties. The Construction Management (CM) segment is engaged in the construction business, utilizing CM method, and the planning and construction of commercial buildings. Through its subsidiaries, the Others segment is involved in the general management of condominiums and buildings for leasing, as well as the sale, leasing, and the provision of agency businesses of real estate properties. Headquartered in Tokyo, the company has 19 subsidiaries and five associated companies. ========= K O R E A ========= LG TELECOM: S&P Holds 'BB+' Long-Term Corporate Credit Rating ------------------------------------------------------------- Standard & Poor's Ratings Services revised the outlook on its long-term corporate credit rating on Korea-based LG TeleCom Ltd. to positive from stable, reflecting its improved financial risk profile. At the same time, Standard & Poor's affirmed its 'BB+' long-term corporate credit and senior unsecured debt ratings on the company. LG TeleCom's financial risk profile has steadily improved over the past two years, backed by reductions in its debt levels and the steady 20% increase in its subscriber base to 7.8 million in 2007 from 6.5 million in 2005. In the same two-year period, the company's debt-to-EBITDA ratio improved to 1.3x from 1.8x. Given LG TeleCom's positive free cash flow position, Standard & Poor's believes the company should be able to maintain its current financial risk profile over the next 12 to 24 months due to its expected moderate capital expenditures. This is based on the assumption that the current intensification in competition will decrease to some extent over the next 12 to 24 months. That notwithstanding, the overall business environment for LG TeleCom has become more challenging. This follows a change in the government's regulatory stance towards the promotion of more competition in the market and away from its previous stance of protecting weaker players through asymmetrical regulations. In addition, the lack of W-CDMA-based 3G licenses is putting LG TeleCom in a disadvantageous position due to the relative inflexibility in providing data services, inconvenience in providing global roaming services, and limitations in the handset line-up they can offer. Furthermore, LG TeleCom's bundled services could become less competitive if other incumbent players begin to aggressively provide their own bundled services. The ratings could be raised if LG TeleCom demonstrates its ability to improve its current business position without compromising its current financial risk profile in this challenging business environment. The outlook could be revised to stable if the company cannot sustain its current market position or if it has to sacrifice its current financial profile through significant capital expenditure or marketing expense increases in order to remain competitive. Ratings List Ratings Affirmed; CreditWatch/Outlook Action To From LG TeleCom Ltd. Corporate Credit Rating BB+/Positive/-- BB+/Stable/-- About LG Telecom Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd. -- http://www.lgtelecom.com/-- is a telecommunications and mobile phone operator controlled by the LG Group, one of the country's largest chaebol. It is Korea's smallest wireless operator. LG Telecom became one of the first companies to launch a commercial 3G service using PCS technology. In 1997, this was followed up by launching the second PCS network, offering greatly increased data transmission speeds. LG Telecom also offers a variety of internet services. BankOn is one of the most popular mobile banking services in South Korea and Musicon is a popular instant messenger. NEXUS INVESTMENT: To Issue 20,021,190 Shares of Common Stock ------------------------------------------------------------ Nexus Investment Corporation has made amendments to the private placement of its 21,212,090 common shares, which was announced on May 21, 2008, Reuters report. Accordingly, the company will now issue 20,021,190 shares of common stock, raising KRW 13,213,985,400 for its operational funds, Reuters says . Pusan, Korea-based Nexus Investment Corporation invests in start-ups primarily for small- and medium-sized companies. The company's investment portfolio includes stocks, funds, project financing and capital loans for Korea-based companies as well as overseas market investment. It also offers management consulting, strategic restructuring of companies, marketing and human resources support. * * * Korea Investors Service rated the company's third offering of unregistered convertible bonds raising funds up to KRW30 billion a B+ with a stable outlook. NDCORP CO: Largest Shareholders to Sell 41.39% Company Stake ------------------------------------------------------------ NDcrop Co. Limited's largest shareholders, Gentech Holdings Co. Limited and Jung Bong Gyu, have signed an agreement to sell off 3,370,990 shares of the company, which is equivalent to 41.39% stake, Reuters reports. According to the report, the shareholders will sell the stake to Huh Tae Bok for KRW23 billion. As a result, Mr. Bok will become the company's largest shareholder, the report relates. 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. SHINWHA INTEREK: Converts First Convertible Bonds into Shares ------------------------------------------------------------- Shinwha Intertek Corporation's first convertible bonds have been converted for 8,117 shares, at the conversion price of KRW2,710 per share, Reuters reports. According to the report, the total number of the company's outstanding common shares is now 18,224,554. The new shares were listed on May 21, 2008, the report notes. Hwasung Kyonggi, South Korea-based Shinwha Intertek Corporation -- http://www.shinwha.com/main01_E.html-- is engaged in the manufacture and sale of adhesive tapes for the electronic, electronic equipment, architecture and other industry fields. * * * Korea Ratings gave the company's convertible bonds a BB rating on Oct. 24, 2006. The company's commercial papers also carry Korea Rating's B rating effective Feb. 2, 2007. =============== M A L A Y S I A =============== ARK RESOURCES: Posts MYR1.26MM Net Loss in Qtr. Ended March 31 -------------------------------------------------------------- Ark Resources Berhad posted a net loss of MYR1.26 million on MYR1.32 million of revenues in the first quarter ended March 31, 2008, as compared to MYR4.80 million net loss on MYR1.42 million of revenues recorded in the same quarter of 2007. As of March 31, 2008, the company's balance sheet showed MYR17.52 of current assets and MYR28.54 million of current liabilities. Prospects The Group said it faces more challenges in an unstable operating environment for 2008. "The current international economic and credit upheavals will surely have an impact on business and consumer confidence in addition to the spiraling cost of building materials," the Group said. About ARK Resources Berhad ARK Resources Berhad, formerly known as Lankhorst Berhad -- http://www.lankhorst.com.my/-- is an investment holding company with headquarters in Shah Alam, Malaysia. Through its subsidiaries, the Company provides civil and geotechnical engineering * * * On April 24, 2006, Lankhorst was classified as an affected listed issuer under the Bourse's Practice Note 17/2005. It was, therefore, required to submit and implement a plan to regularize its financial condition category. UBG BERHAD: Inks 2 Supplemental Agreements with Swan & Binary ------------------------------------------------------------- In a regulatory filing with the Kuala Lumpur Stock Exchange, UBG Berhad disclosed that it entered into two separate supplemental agreements with Swan Symphony Sdn Bhd and Binary Bestari Sdn Bhd on May 29, 2008, to vary the terms and conditions of the Putrajaya Perdana Berhad and the Loh & Loh Corporation Berhad Share Sale Agreement in relation to the company's proposed acquisition to them. The variations contained in the supplemental agreements principally have these effects on the Share Sale Agreement: (a) the confirmations otherwise required from the vendors at completion as set out in clause 4.8 of the Share Sale Agreements of Loh & Loh SSA and Putrajaya Perdana are now required to be provided upon the said Share Sale Agreements' becoming unconditional (where the vendors are required to confirm that none of the Adverse Events have occurred); (b) instead of a simultaneous transaction, the date on which the issuance and allotment of the new UBG shares under the Proposed Restricted Issue to the party nominated by Swan Symphony and Bestari, will occur one working day after the Loh & Loh SSA and Putrajaya Perdana Shares have been transferred to the Central Depository Securities account of UBG; and (c) UBG and the vendors are now required to procure the necessary applications be made for the direct business transaction and the non-application of the Rules for Trading of the Member Companies of Bursa Securities for the transfer of the PPB Shares and the LLCB Shares, will be no later than 15 working days of after the approval of UBG�s shareholders are obtained, vis-�-vis making such applications only after the Share Sale Agreements of Loh & Loh SSA and Putrajaya Perdana becomes unconditional as otherwise stipulated in clause 4.3 of the SSAs. Notwithstanding the variation to the implementation processes, the Proposed Putrajaya Perdana Acquisition, Proposed Loh & Loh Acquisition and the Proposed Restricted Issue remain inter- conditional upon one another. About Utama Banking Group 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: Incurs MYR4.98 Mil. Loss in Qtr. Ended March 31 --------------------------------------------------------------- Wonderful Wire Berhad incurred a net loss of MYR4.98 million on MYR7.59 million of revenues in the quarter ended March 31, 2008, as compared to a net loss of MYR2.54 million on MYR14.62 million of revenues in the same quarter of 2007. As of March 31, 2008, the company's balance sheet showed MYR24.84 million of total current assets and MYR of76.87 million of current liabilities. The company's balance sheet as of March 31, 2008, also reflected MYR69.86 million of total assets, MYR83.01 million of total liabilities resulting in a shareholders' deficit of MYR13.15 million. 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 ==================== A2: Dr. Slorach's "Handling A1/A2 Milk" Report Raises Inquiries --------------------------------------------------------------- A2 Corporation welcomed the review by Dr. Slorach on the New Zealand Food Safety Authority's (NZFSA) procedures in the handling of Professor Swinburn's report on A1/A2 milk. A2 Corporation notes that the Slorach review identifies shortcomings in the procedures of the NZFSA and recommends several areas for improvement. A2 Corporation CEO Anthony Lawler stated that "A2 Corporation is committed to further ongoing research related to a2 milk. We support Dr. Slorach's findings that NZFSA did not take any specific action to encourage more debate and scientific research as recommended by Professor Swinburn's report to the NZFSA". A2 Corporation also welcomes Minister of Food Safety Lianne Dalziel's statement supporting government funding of future research in this important area. Mr. Lawler adds that "A2 Corporation looks forward to taking part in this process". Mr. Lawler comments "one of the key areas of Dr. Slorach's review is the discussion of potential conflict of interest that the NZFSA has in having to both a) promote and protect public health while b) facilitating market access for food". Mr. Lawler adds 'this institutional conflict of interest resulted in the original review not fully considering all the areas of science that support the a2 Milk(TM) proposition". Mr. Lawler also states that "while Dr. Slorach's report discusses the "precautionary principle" it does not investigate why the NZFSA directed Professor Swinburn to disregard the "precautionary principle" in the original Swinburn report". The precautionary principle states "that the absence of full scientific certainty shall not be used as a reason to postpone measures where there is a risk of serious or irreversible harm to public health or the environment". Mr. Lawler adds that "we believe that had NZFSA applied the precautionary principle at the time of the Swinburn report, the public may have received a more positive view of the health benefits of a2 Milk". The Slorach review highlights that the NZFSA chose to deliberately delete the Lay Summary in Professor Swinburn's report on A1/A2 milk. Mr. Lawler comments that "this had a negative effect in achieving a transparent and robust debate amongst both the media and general public at the time". Mr. Lawler adds that the real issue is that the A1/A2 debate is an important population health issue. "We welcome Dr. Slorach's comments that the Ministry of Health, whose main focus is the promotion of health in New Zealand, should have been more involved in the initial review". Mr. Lawler adds "there is a percentage of the population who have a predisposition or concern about serious health conditions such as childhood diabetes, heart health and gut health. A2 Corporation sees no risk and only benefits if these people begin to consume a2 Milk". New Zealand-based A2 Corporation Ltd. -- http://www.a2corporation.com/-- is engaged in the sale and production of beta-casein A2 milk products. The company owns and licenses intellectual property that enables the identification of cattle for the production and subsequent marketing of A2 Milk. a2 milk is naturally produced to contain maximum amounts of a milk protein variant that is associated by a number of studies with potential benefits in some individuals. A2 Corporation Ltd receives royalty income from sales of A2 Milk products and testing for A2 cattle, and shares in the profits or losses of associates and subsidiaries formed for those purposes. * * * The company suffered at consecutive net losses of NZ$5.08 million and NZ$448,800 for the years ended March 31, 2007 and 2006, respectively. ACCESS BROKERAGE: Ex-Boss Gets 3 Years for Firm's Collapse ---------------------------------------------------------- The Wellington District Court has sentenced former Access Brokerage managing director Peter Marshall to three years in jail for defrauding the firm of NZ$4.8 million, The Dominion Post says. According to the report, Mr. Marshall was found guilty in April of 14 charges of false accounting and false reporting leading to the collapse of Access Brokerage. Access Brokerage, The Dominion Post relates, collapsed in September 2004 owing NZ$3.9 million in client accounts. The firm was registered in 1986 and Mr. Marshall became chief executive in 2001. AIR NEW ZEALAND: Sees 25% Decline in 1Q on Higher Fuel Prices ------------------------------------------------------------- Air New Zealand Limited warned that the spiraling cost of jet fuel will cut its annual profit by a quarter. The national carrier expected profit for the year to June of below NZ$200 million. That is at least 25% down on last year's NZ$268 million profit before unusual items and tax. It is also down on Air New Zealand's last forecast, which came as recently as April 23, for annual profit of between NZ$200 million and NZ$220 million. Jet fuel prices have surged more than 50% over the past six months to reach a record high of US$173.55 a barrel. "The cost increase to the business means that our expectations of 2008 normalized earnings before taxation and unusual items is now below NZ$200 million," Air NZ said. April's forecast came with crude oil trading at US$119 a barrel and refining margins at US$24 per barrel. Now, crude oil is valued at more than US$130 a barrel with refining margins at more than US$40 per barrel. The 76.47% government-owned airline said it continued to review all aspects of its business including pricing, its network and costs. It is switching to using Boeing 777s on the return Auckland-Los Angeles-London route from September, replacing the less fuel efficient Boeing 747. About Air New Zealand Based in Auckland, New Zealand, Air New Zealand Ltd is the country's flag air carrier, with domestic and international passenger and freight operations, and an aviation engineering business. Air New Zealand flies to the United States, United Kingdom, Canada, Europe and other Asian cities. * * * Moody's Investors Service, on Sept. 4, 2007, affirmed Air New Zealand Limited's Ba1 senior unsecured issuer rating. At the same time, it has changed the outlook on the rating to positive from stable. ANZ carries Standard & Poor's Ratings Services' 'BB' corporate credit rating, with stable outlook. AIR NEW ZEALAND: To Establish Aviation Academy ---------------------------------------------- Air New Zealand Limited will establish an aviation academy to develop and nurture home-grown pilots, cabin crew, engineers and specialist airline management staff. Air New Zealand General Manager Airline Operations and Safety Captain David Morgan said planning was well underway for the Air New Zealand Aviation Academy. Captain Morgan, who is also Air New Zealand's chief pilot, said the academy was being set up to ensure the steady flow of local talent into Air New Zealand and other airlines within the Asia Pacific region. In the highly competitive aviation industry, Captain Morgan said it was important to ensure that Air New Zealand had the best people available to support its future growth plans. "The academy will form the basis of Air New Zealand's long-term commitment to continuing to build a world-leading airline through a highly skilled and motivated workforce which sees real career prospects and a future in New Zealand." "We already operate a very successful training school offering engineering, tourism and travel programmes. This is an opportunity for us to build on that and create in New Zealand an internationally-recognised and accredited aviation academy that will meet the future needs of Air New Zealand and other airline operators in our region," he says. "It will also provide opportunities and career structure for our people, and help them define and manage their career paths within the aviation business." As well as providing training for those starting out, Captain Morgan said the academy would provide support and training for staff moving through their careers, including aircraft type rating and simulator training. Air New Zealand's goal was to establish the academy in partnership with industry, offering people the ability to train at different locations around the country. This would also provide additional economic benefits to New Zealand regions, Captain Morgan said. Air New Zealand expected to be able to put around 200-300 pilots and engineers each year through the curriculum that it would develop. Captain Morgan said New Zealand-trained pilots, cabin crew and engineers were held in high regard internationally for their expertise, professionalism and attitude. "We expect the Air New Zealand Aviation Academy to further build on and enhance the New Zealand aviation industry's excellent international reputation." Air New Zealand is currently in discussion with a range of potential partners and expects to announce more details about the academy over the coming year. About Air New Zealand Based in Auckland, New Zealand, Air New Zealand Ltd is the country's flag air carrier, with domestic and international passenger and freight operations, and an aviation engineering business. Air New Zealand flies to the United States, United Kingdom, Canada, Europe and other Asian cities. * * * Moody's Investors Service, on Sept. 4, 2007, affirmed Air New Zealand Limited's Ba1 senior unsecured issuer rating. At the same time, it has changed the outlook on the rating to positive from stable. ANZ carries Standard & Poor's Ratings Services' 'BB' corporate credit rating, with stable outlook. BENTON DENTED: Appoints Fatupaito and McCloy as Liquidators ----------------------------------------------------------- On April 24, 2008, Vivian Judith Fatupaito and Colin Thomas McCloy were appointed by the High Court as the liquidators of Benton Dented Carriers Limited. The Liquidators can be reached at: Vivian Judith Fatupaito Colin Thomas McCloy c/o PricewaterhouseCoopers 188 Quay Street Private Bag 92162, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 CLUBZONE LTD: Fixes August 2 as Last Day to File Claims ------------------------------------------------------- Clubzone Ltd. requires its creditors to file their proofs of debt by August 2, 2008, to be included in the company's dividend distribution. The company's liquidators are: Vivian Judith Fatupaito Colin Thomas McCloy c/o PricewaterhouseCoopers 188 Quay Street Private Bag 92162, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 CONE PEAK: Wind-Up Petition Hearing Set for June 4 -------------------------------------------------- A petition to have Cone Peak Muffins Ltd.'s operations wound up will be heard before the High Court of Invercargill on June 4, 2008, at 10:00 a.m. WMBFC Limited filed the petition on April 15, 2008. WMBFC Limited's solicitor is: W. J. Palmer PO Box 322, Christchurch CONNEXIONZ LTD: Seals NZ$3.6MM Deal with City of Santa Clarita -------------------------------------------------------------- Connexionz Limited has secured an NZ$3.6 million (US$ 2.9 million) contract, which includes a three-year maintenance component, for the supply of their Real Time Passenger Information (RTPI) system for the City of Santa Clarita, California. Connexionz will now have seven systems operating in the US however, up until now most have been located on the East Coast. "We are extremely pleased to have achieved this sale as it will become an important reference site for future prospects on the West Coast where there are high levels of interest in RTP,I" Boyce said. This is also the first system won using the NZ Export Credit Office (NZECO) performance bond guarantee programme. Under the programme, Connexionz's performance bond is guaranteed by the NZECO. The NZECO is a branch of NZ Treasury. Connexionz's acceptance into the programme attests to the company's strong track record in reliably delivering its systems to time and budget. "We are building momentum in the US market whilst at the same time receiving enquiries from cities in New Zealand, the UK, Eastern Europe, South America and Malaysia. Our marketing efforts have been particularly focused on the US and we are pleased to see this significant reward in recognition of that investment". This news follows hard on the heels of the successful deployment of a RTPI system for the City of Charlottesville, which was completed earlier in the month. About Connexionz Limited Christchurch, New Zealand-based Connexionz Limited -- http://www.connexionz.co.nz/-- produces real time passenger information systems for public transport. These systems allow passengers to receive up to the minute arrival times at bus stops, allow bus operators to manage their fleets and local government officials to administer their public transport systems. Its systems now operate in the US, UK, Australia and New Zealand. The seven systems in the US include: the City of Charlottesville, the University of Virginia, Arlington County, Virginia; and the University of Maryland; and Santa Clarita, and Corvallis, California; and Portland, Oregon. * * * For the 12 months ended March 31, 2007, Connexionz reported a net loss of NZ$975,463, a 262% increase from the NZ$268,802 loss incurred in the previous fiscal year. GNC CONSULTANTS: Creditors' Proofs of Debt Due on June 13 --------------------------------------------------------- The creditors of GNC Consultants Ltd. are required to file their proofs of debt by June 13, 2008, to be included in the company's dividend distribution. The company's liquidator is: D. C. Parsons c/o Indepth Forensic Limited Insolvency Practitioners PO Box 278, Hamilton New Zealand Telephone:(07) 957 8674 Facsimile:(07) 957 8677 NZ VENDING: Taps Fatupaito and McCloy as Liquidators ---------------------------------------------------- On April 24, 2008, Vivian Judith Fatupaito and Colin Thomas McCloy were appointed by the High Court as the liquidators of NZ Vending Holdings Limited. The Liquidators can be reached at: Vivian Judith Fatupaito Colin Thomas McCloy c/o PricewaterhouseCoopers 188 Quay Street Private Bag 92162, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 OCTANE CREATIVE: Taps Brown and Rodewald as Liquidators ------------------------------------------------------- Kenneth Peter Brown and Thomas Lee Rodewald were appointed liquidators of Octane Creative Productions Limited on May 5, 2008. The Liquidators can be reached at: Kenneth Peter Brown Thomas Lee Rodewald c/o Rodewald Hart Brown Limited 127 Durham Street PO Box 13380, Tauranga New Zealand Telephone:(07) 571 6280 Web site: http://www.rhb.co.nz SUPA CHEAP: Appoints Brown and Rodewald as Liquidators ------------------------------------------------------ Kenneth Peter Brown and Thomas Lee Rodewald were appointed liquidators of Supa Cheap Aluminium Fencing Limited on May 5, 2008. The Liquidators can be reached at: Kenneth Peter Brown Thomas Lee Rodewald c/o Rodewald Hart Brown Limited 127 Durham Street PO Box 13380, Tauranga New Zealand Telephone:(07) 571 6280 Web site: http://www.rhb.co.nz TIGER PROMOTIONS: Names Brown and Rodewald as Liquidators --------------------------------------------------------- Kenneth Peter Brown and Thomas Lee Rodewald were appointed liquidators of Tiger Promotions International Limited on May 5, 2008. The Liquidators can be reached at: Kenneth Peter Brown Thomas Lee Rodewald c/o Rodewald Hart Brown Limited 127 Durham Street PO Box 13380, Tauranga New Zealand Telephone:(07) 571 6280 Web site: http://www.rhb.co.nz TITAN FOUNDATION: Names Fatupaito and McCloy as Liquidators ----------------------------------------------------------- On April 24, 2008, Vivian Judith Fatupaito and Colin Thomas McCloy were appointed by the High Court as the liquidators of Titan Foundation Limited. The Liquidators can be reached at: Vivian Judith Fatupaito Colin Thomas McCloy c/o PricewaterhouseCoopers 188 Quay Street Private Bag 92162, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 TRANS PACIFIC: Names Brown and Rodewald as Liquidators ------------------------------------------------------ Kenneth Peter Brown and Thomas Lee Rodewald were appointed liquidators of Trans Pacific Fishing Ltd. on May 5, 2008. The Liquidators can be reached at: Kenneth Peter Brown Thomas Lee Rodewald c/o Rodewald Hart Brown Limited 127 Durham Street PO Box 13380, Tauranga New Zealand Telephone:(07) 571 6280 Web site: http://www.rhb.co.nz WEST PRINTING: Appoints Fatupaito and McCloy as Liquidators ----------------------------------------------------------- On April 24, 2008, Vivian Judith Fatupaito and Colin Thomas McCloy were appointed by the High Court as the liquidators of West Printing (NZ) Ltd. The Liquidators can be reached at: Vivian Judith Fatupaito Colin Thomas McCloy c/o PricewaterhouseCoopers 188 Quay Street Private Bag 92162, Auckland New Zealand Telephone:(09) 355 8000 Facsimile:(09) 355 8013 ===================== P H I L I P P I N E S ===================== * PHILIPPINES: Bank Lending Growth Accelerates in March 2008 ------------------------------------------------------------ Based on preliminary data from the new system of bank reporting, the Central Bank of the Philippines says outstanding loans of commercial banks (including reverse repurchase agreements or RRPs) rose further in March, posting a growth of 10.6 percent year-on-year. This was higher than the 5.7 percent growth posted in February. Bank lending�net of banks� RRP placements with the BSP�increased by 15.7 percent year-on-year in March. The Financial Reporting Package (FRP), which replaces the Consolidated Statement of Condition (CSOC) reports, adopts the detailed classification of the amended 1994 Philippine Standard Industrial Classification (PSIC) for international comparability. The system classifies lending by production purposes (which covers 16 economic activities) and by household consumption purposes (with three economic categories). Previously, bank reports classified loans into 17 economic sectors. Loans for production purposes grew by 15.7 percent in March, while consumption loans rose by 4.5 percent during the same period. Production loans were driven largely by credit extended to the financial intermediation and electricity, gas and water sectors. Meanwhile, the growth in consumption loans was dominated by the expansion in credit card receivables. The Central Bank continues to closely monitor bank lending activities to ensure that these are consistent with the economy�s growth and inflation objectives. ============= V I E T N A M ============= * Fitch Says Vietnam's Banks Face Challenging Environment --------------------------------------------------------- Fitch Ratings has said that in the immediate future, Vietnam's banks face a particularly challenging environment, due to sharply higher interest rates and much tighter liquidity, as belatedly imposed by the country's central bank, State Bank of Vietnam, recently to combat the sharp increase in inflation. The special report, "Vietnamese Banks - A Home-Made Liquidity Squeeze?", is to published by the agency. "The higher interest rate environment is likely to result in borrower stress and higher credit costs," says Sabine Bauer, Director in Fitch's Financial Institutions team. "In this regard, the private banks are most exposed given their rapid loan growth over recent years - especially if it has been imprudently - to property developers and stock market investors." Fitch also notes that the high proportion of USD loans - almost a quarter of system-wide loans - is a concern insofar as any sharp depreciation of the Vietnamese Dong, were that to occur, would make repayment more expensive for these borrowers. Following the removal of the 12% ceiling on deposit rates, Fitch expects the relatively strained liquidity situation of the smaller/weaker banks in Vietnam to ease considerably. Fitch expects the trend of squeezed interest margins to continue in the current environment as a result of increasing competition. "Beyond these immediate concerns, over the medium-to-longer term, Vietnam's banking sector should continue to offer good opportunities to its more commercially-oriented prudent operators, due to ongoing robust economic growth," says Peter Tebbutt, Senior Director in Fitch's Financial Institutions team. "This is particularly so in regards to the larger private banks, most of which have already secured a major international bank as a strategic foreign investor." Loan growth for Vietnam's banks has been very strong over recent years at around 30% p.a. (2007: 53%) as a result of rapid economic growth, particularly for private businesses and consumers as the country has transformed itself towards being market-oriented, compared to being oriented towards central planning. In this environment, opportunities have been especially plentiful for Vietnam's roughly 36 smaller but more commercially-driven private banks. As such, they have been growing very rapidly and now account for around 30% of the system assets, vs. around 60% for Vietnam's five main state- owned commercial banks which have historically dominated the system. Whether the smaller private banks have been as prudent as the larger private banks and the SOCBs is unclear, due to limited transparency, which is a particular concern, given that the regulatory and supervisory regime is weak. Notably, some smaller private banks have reportedly been experiencing liquidity problems recently and have had to be supported by the SOCBs, and ultimately the central bank. And while this can be partly attributed to policy actions, it nevertheless highlights weaknesses in the system that the authorities do need to address. =============== X X X X X X X X =============== * Moody's Has Stable Outlook for Asia-Pacific Metals & Mining ------------------------------------------------------------- Moody's Investors Service has a stable outlook for the ratings of base-metals, mining, and steel companies in Asia Pacific over the next 12-18 months, according to a new report from the rating agency. The report says higher output prices, well above long-term averages, will offset pressures from increased operating and capital costs that would ordinarily crimp cash flows. The upward lift to ratings from enhanced revenues balances the downward ratings drag of rising costs. "Despite a stagnant U.S. economy, China should continue to act as the engine of demand that underpins the ratings of metals and bulk commodities, with supporting roles from ongoing infrastructural build-outs in countries like India, Brazil, and Russia," says the report's lead author, Terry Fanous, a Moody's senior vice president. "China's high-speed growth is likely to be slower than in the past, but the combination of production and delivery bottlenecks, tight supply and inventories, higher raw-material costs, and problems with power supplies in certain producing countries will help keep prices well above long-term averages," adds Fanous. The report notes that inflationary pressure on costs is constraining the companies' profit margins and that vertically integrated producers with captive raw material are best positioned to take advantage of such an environment and enjoy relative stability or uplift in their ratings. Other issuers have passed on rising costs to their end consumers and thus avoided any negative rating implications. A contributor to the report, Laura Acres, a vice president and senior analyst, says, "Indonesian coal companies have been relatively insulated from the current instability in regional credit markets, due to rising coal prices which have fueled high levels of liquidity. The overall attractiveness of the sector has enabled producers to successfully target both debt and equity markets in raising funds for expansion and refinancing." Acres adds, "Regulatory risk exists in some of the region's top mineral-and-metal exporting countries, but we do not foresee an imminent impact on any of the rated companies' credit profiles." The report also notes that Australia's plan to implement a trading scheme for carbon emissions by 2010 will have potentially negative rating implications for Australian issuers over the longer term. Entitled "Asia-Pacific Base Metals, Mining, and Steel: Stable Outlook Amid Margin Pressure", the report is available at www.moodys.com. ********* 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 ***