/raid1/www/Hosts/bankrupt/TCRAP_Public/080815.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, August 15, 2008, Vol. 11, No. 162
Headlines
A U S T R A L I A
ANYTEX RENDERING: Members and Creditors to Meet on August 19
C L SCOBIE: Proofs of Debt Due on August 22
CANBERRA VISTA: Joint Meeting Slated for August 19
CARE AND RESPITE : Members and Creditors to Meet on August 26
GOURMET ON: Liquidator to Present Wind-Up Report on August 19
HEAVENREEF PTY: Joint Meeting Slate for August 19
MIREAU PTY: To Declare Dividend on August 22
JACKS MOTOR: Proofs of Debt Due on August 22
RAA INVESTMENTS: Member's Final Meeting Set for August 19
REGENCY INVESTMENTS: Members and Creditors to Meet on August 25
SHARPER IMAGE: Settles US$3.8 Mil. Claim Against Quebecor World
SPGPL PTY: To Declare Dividend on August 22
ST GEORGE: ACCC Approves Westpac Merger Offer
PATELEY PTY: Liquidator to Give Wind-Up Report on August 19
QUINSTAR CONSOLIDATED: Joint Meeting Slated for August 19
C H I N A
CHINA MERCHANTS: Confident to Get Regulatory OK for Wing Lung
CHINA EASTERN: Hits 17-Month Low on Passenger Traffic Concerns
HUDA TECHNOLOGY: Expects to Post Loss for Q1 to Q3 of FY 2008
JINAN STEEL: First-Half Net Profit Up 57.86% to CNY1.06 Billion
H O N G K O N G
ABLE REACH: Members' Final Meeting Slated for September 15
PALMY ENTERPRISE: Shareholders Resolve to Wind Up Operations
ASIAN STOCKBROKERS': Members' Final Meeting Slated for Sept. 16
ATARO ELECTRONICS: Shareholders Resolve to Liquidate Business
BRILLIANT GAIN: Placed Under Voluntary Liquidation
CHAIN HERO: Commences Liquidation Proceedings
QUALITY (2000): Commences Liquidation Proceedings
QUALITY LITIGATION: Appoints Seng and Lo and Liquidators
SUN KWOK: Creditors' Proofs of Debt Due on September 10
UNION VOICE: Requires Creditors to File Claims by September 10
I N D I A
GEN. MOTORS: Implements Stern Procedures on Health Care Policy
J A P A N
FORD: Drop in Demand of V-8 Engines Cues 300 Workers Layoff
FORD: Lending Unit Cuts Vehicles for Hire, Fears More Losses
HIROSHIMA BANK: Cuts Profit Forecast by 54% on Urban Bankruptcy
SKYLARK CO: Mulls Closing Up to 350 Outlets in 2009
URBAN CORP: Seeks Bankruptcy Protection, Facing JPY255 Bil. Debt
URBAN CORP: JCR Lowers Senior Debt Ratings to D
N E W Z E A L A N D
BARCHARD TRANSPORT: Commences Liquidation Proceedings
CROSS BROS: Shareholders Appoint Liquidators
DALE FIBREGLASS: Mason and Meltzer Appointed as Liquidators
JUNCTION SKI: Commences Liquidation Proceedings
KINGDON UNDERTAKING: Appointed Liquidators
LE PACIFIC: Commences Liquidation Proceedings
MT FYFFE: Commences Liquidation Proceedings
NETWORK SPECIALISTS: Grant and Khov Appointed as Liquidators
R F & J L: Shareholders Appoint Liquidators
SPM CONTRACTING: Commences Liquidation Proceedings
STRATEGIC FINANCE: Purchasing Consortium Revised Sale Terms
* NEW ZEALAND: Records Lowest Performance MFG. Index in July
P H I L I P P I N E S
CE CASECNAN: Moody's Lifts Sr. Secured Rating to B1 from B2
S I N G A P O R E
ADVANCED SYSTEMS: Posts SGD2.35MM Net Loss in Qtr. Ended June 30
CHUAN SOON: Posts SGD1.69 Mil. Net Loss in Qtr. Ended June 30
ESMART HOLDINGS: Posts SGD4.19 Mil. Net Loss in First Half 2008
K PLAS HOLDINGS: Incurs SGD70,000 Net Loss in First Half 2008
MULTISTAR HOLDINGS: Net Loss Up by 246% to US$3.49MM in 1H2008
SUNMOON FOOD: Incurs SGD11.54MM Net Loss in Qtr. Ended June 30
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
ANYTEX RENDERING: Members and Creditors to Meet on August 19
------------------------------------------------------------
Anytex Rendering Pty Ltd will hold a final meeting for its
members and creditors at 9:00 a.m. on Aug. 19, 2008. During
the meeting, the company's liquidator, Frank Lo Pilato, will
provide the attendees with property disposal and winding-up
reports.
The liquidator can be reached at:
Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Australia
Telephone: (02) 6247 5988
C L SCOBIE: Proofs of Debt Due on August 22
-------------------------------------------
During a general meeting held on June 30, 2008, the members of
C L Scobie & Son Pty Ltd resolved to voluntarily liquidate the
company's business. Roderick Mackay Sutherland was appointed
as liquidator.
Creditors are required to file their proofs of debt by Aug. 22,
2008, to be included in the company's dividend distribution.
The liquidator can be reached at:
Roderick Mackay Sutherland
Jirsch Sutherland
GPO Box 4256
Sydney NSW 2001
Australia
Telephone: (02) 9236 8333
Facsimile: (02) 9236 8334
Email: admin@jirschsutherland.com.au
CANBERRA VISTA: Joint Meeting Slated for August 19
--------------------------------------------------
Canberra Vista Laser Eye Surgery Pty Ltd will hold a final
meeting for its members and creditors at 9:15 a.m. on Aug. 19,
2008. During the meeting, the company's liquidator, Frank Lo
Pilato, will provide the attendees with property disposal and
winding-up reports.
The liquidator can be reached at:
Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Australia
Telephone: (02) 6247 5988
CARE AND RESPITE : Members and Creditors to Meet on August 26
-------------------------------------------------------------
Care and Respite Association Inc will convene a final meeting
for its members and creditors at 10:30 a.m. on Aug. 26, 2008.
During the meeting, the company's liquidator, Loke Ching Wong,
will provide the attendees with property disposal and winding-up
reports.
The liquidator can be reached at:
Loke Ching Wong
Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne VIC 3205
Australia
Telephone: (03) 9696 2885
GOURMET ON: Liquidator to Present Wind-Up Report on August 19
-------------------------------------------------------------
Gourmet On The Fair Pty Ltd will hold a final meeting for its
members and creditors at 9:30 a.m. on Aug. 19, 2008. During the
meeting, the company's liquidator, Frank Lo Pilato, will provide
the attendees with property disposal and winding-up reports.
The liquidator can be reached at:
Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Australia
Telephone: (02) 6247 5988
HEAVENREEF PTY: Joint Meeting Slate for August 19
-------------------------------------------------
Heavenreef Pty Ltd will hold a final meeting for its members and
creditors at 9:45 a.m. on Aug. 19, 2008. During the meeting,
the company's liquidator, Frank Lo Pilato, will provide the
attendees with property disposal and winding-up reports.
The liquidator can be reached at:
Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Australia
Telephone: (02) 6247 5988
MIREAU PTY: To Declare Dividend on August 22
--------------------------------------------
Mireau Pty Limited, which is in liquidation, will declare
dividend on Aug. 22, 2008.
Only creditors who were able to file their proofs of debt by
Aug. 7, 2008, will be included in the company's dividend
distribution.
The company's liquidators are:
John Melluish
Peter Murray Walker
Ferrier Hodgson
GPO Box 4114
Sydney NSW 2001
Australia
JACKS MOTOR: Proofs of Debt Due on August 22
--------------------------------------------
During a general meeting held on June 30, 2008, the members of
Jacks Motor Pty Ltd resolved to voluntarily liquidate the
company's business. Roderick Mackay Sutherland was appointed
as liquidator.
Creditors are required to file their proofs of debt by Aug. 22,
2008, to be included in the company's dividend distribution.
The liquidator can be reached at:
Roderick Mackay Sutherland
Jirsch Sutherland
GPO Box 4256
Sydney NSW 2001
Australia
Telephone: (02) 9236 8333
Facsimile: (02) 9236 8334
Email: admin@jirschsutherland.com.au
RAA INVESTMENTS: Member's Final Meeting Set for August 19
--------------------------------------------------------
Scott Angus Blackwood, RAA Investments Pty Ltd's state
liquidator, will meet with the company's members at 9:00 a.m. on
Aug. 19, 2008, to provide them with property disposal and
winding-up reports.
The liquidator can be reached at:
Scott Angus Blackwood
Ernst & Young
Level 12, 121 King William Street
Adelaide SA 5000
Australia
Telephone: (08) 8417 1600
REGENCY INVESTMENTS: Members and Creditors to Meet on August 25
---------------------------------------------------------------
Regency Investments Pty Ltd will hold a final meeting for its
members and creditors at 10:00 a.m. on Aug. 25, 2008. The
meeting will be held at Level 2, 15 Rheola Street in West
Perth.
During the meeting, the company's liquidator, Kim Wallman, will
provide the attendees with property disposal and winding-up
reports.
SHARPER IMAGE: Settles US$3.8 Mil. Claim Against Quebecor World
---------------------------------------------------------------
Quebecor World (USA) Inc., and TSIC, Inc., formerly Sharper
Image Corporation, are parties to an amended and restated
printing agreement, dated Jan. 5, 2007.
Under the Printing Agreement, QWUSA asserts a US$3,800,000 claim
against TSIC on account of certain printing services it provided
to TSIC. QWUSA argues that its Claim is secured by a valid,
binding, enforceable and duly perfected lien on, and security
interest in certain paper that is currently in its possession.
TSIC disputes that QWUSA's Lien is valid, perfected and
enforceable and asserts that the QWUSA Lien may be a voidable
transfer under the Bankruptcy Code and that TSIC has a priority
security interest in the Paper.
TSIC wishes to sell the Paper to a third-party for a purchase
price of US$460,000 and has requested QWUSA's consent to the
Sale of the Paper free and clear of any liens, claims,
encumbrances.
To effectuate the Sale of the Paper in an expeditious manner and
resolve the disputes relating to the Parties' rights, claims and
interests in the Paper on a consensual basis, the Parties have
agreed to divide the proceeds of the Sale.
The parties agreed that:
(a) QWUSA will consent to the Sale of the Paper by TSIC free
and clear of any liens, claims, encumbrances or other
rights to or claims against the Paper that QWUSA asserts
now or may assert in the future;
(b) upon consummation of the Sale of the Paper, the gross
Proceeds of the Sale will be divided between the Parties,
with QWUSA to receive 80% of the gross Proceeds and TSIC
to receive 20% of the gross Proceeds;
(c) upon consummation of the Sale of the Paper and QWUSA's
receipt of QWUSA's Share, QWUSA will satisfy a brokerage
commission of 3% of the Purchase Price totaling US$13,802
due to Go2Paper, the auctioneer used by TSIC in
connection with the Sale, with the Commission payable
from QWUSA's Share;
(e) QWUSA agrees not to charge any fee to either TSIC or the
Third-Party Purchaser for QWUSA's handling of the Paper;
and
(d) the amount of the QWUSA Claim will be reduced by the
amount of QWUSA's Share net payment of the Commission.
QWUSA, accordingly, asks the U.S. Bankruptcy Court for the
Southern District of New York to approve the stipulation.
About Quebecor World
Based in Montreal, Quebec, Quebecor World Inc. (TSX: IQW) (NYSE:
IQW), -- http://www.quebecorworldinc.com/-- provides market
solutions, including marketing and advertising activities, well
as print solutions to retailers, branded goods companies,
catalogers and to publishers of magazines, books and other
printed media. It has 127 printing and related facilities
located in North America, Europe, Latin America and Asia. In
the United States, it has 82 facilities in 30 states, and is
engaged in the printing of books, magazines, directories, retail
inserts, catalogs and direct mail.
The company has operations in Mexico, Brazil, Colombia, Chile,
Peru, Argentina and the British Virgin Islands.
Quebecor World and 53 of its subsidiaries, including those in
Canada, filed a petition under the Companies' Creditors
Arrangement Act before the Superior Court of Quebec, Commercial
Division, in Montreal, Canada, on Jan. 20, 2008. The Honorable
Justice Robert Mongeon oversees the CCAA case. Francois-David
Pare, Esq., at Ogilvy Renault, LLP, represents the Company in
the CCAA case. Ernst & Young Inc. was appointed as Monitor.
On Jan. 21, 2008, Quebecor World (USA) Inc., its U.S.
subsidiary, along with other U.S. affiliates, filed for chapter
11 bankruptcy on Jan. 21, 2008 (Bankr. S.D.N.Y Lead Case No. 08-
10152). Anthony D. Boccanfuso, Esq., at Arnold & Porter LLP
represents the Debtors in their restructuring efforts. The
Official Committee of Unsecured Creditors is represented by Akin
Gump Strauss Hauer & Feld LLP.
Based in Corby, Northamptonshire, Quebecor World PLC --
http://www.quebecorworldplc.com/-- is the U.K. subsidiary of
Quebecor World Inc. that specializes in web offset magazines,
catalogues and specialty print products for marketing and
advertising campaigns. The company employs around 290 people.
Quebecor PLC was placed into administration with Ian Best and
David Duggins of Ernst & Young LLP appointed as joint
administrators effective Jan. 28, 2008.
As of Sept. 30, 2007, Quebecor World's unaudited consolidated
balance sheet showed total assets of US$5,554,900,000, total
liabilities of US$3,964,800,000, preferred shares of
US$175,900,000,
and total shareholders' equity of US$1,414,200,000.
The Debtors have until Sept. 30, 2008, to file a plan of
reorganization in the chapter 11 case. The Debtors' CCAA stay
has been extended to Sept. 30, 2008. (Quebecor World Bankruptcy
News, Issue No. 23; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
About Sharper Image
Based in San Francisco, California, Sharper Image Corp. --
http://www.sharperimage.com/-- is a multi-channel specialty
retailer. It operates in three principal selling channels: the
Sharper Image specialty stores throughout the U.S., the Sharper
Image catalog and the Internet. The company has operations in
Australia, Brazil and Mexico. In addition, through its Brand
Licensing Division, it is also licensing the Sharper Image brand
to select third parties to allow them to sell Sharper Image
branded products in other channels of distribution.
The company filed for Chapter 11 protection on Feb. 19, 2008
(Bankr. D.D., Case No. 08-10322). Judge Kevin Gross presides
over the case. Harvey R. Miller, Esq., Lori R. Fife, Esq., and
Christopher J. Marcus, Esq., at Weil, Gotshal & Manges, LLP,
serve as the Debtor's lead counsel. Steven K. Kortanek, Esq.,
and John H. Strock, Esq., at Womble, Carlyle, Sandridge & Rice,
P.L.L.C., serve as the Debtor's local Delaware counsel.
An Official Committee of UnsecuredCreditors has been appointed
in the case. Cooley Godward Kronish LLP is the Committee's lead
bankruptcy counsel. Whiteford Taylor Preston LLC is the
Committee's Delaware counsel.
When the Debtor filed for bankruptcy, it listed total assets of
US$251,500,000 and total debts of US$199,000,000. As of
June 30, 2008, the Debtor listed US$52,962,174 in total assets
and US$39,302,455 in total debts.
The Court extended the exclusive period during which the Debtor
may file a Plan through and including Sept. 16, 2008. Sharper
Image sought and obtained the Court's approval to change its
name to "TSIC, Inc." in relation to an an Asset Purchase
Agreement by the Debtor with Gordon Brothers Retail Partners,
LLC, GB Brands, LLC, Hilco Merchant Resources, LLC, and Hilco
Consumer Capital, LLC.
SPGPL PTY: To Declare Dividend on August 22
-------------------------------------------
SPGPL Pty Limited, which is in liquidation, will declare
dividend on Aug. 22, 2008.
Only creditors who were able to file their proofs of debt by
Aug. 5, 2008, will be included in the company's dividend
distribution.
The company's liquidator is:
G. G. Woodgate
Woodgate & Co
Telephone: (02) 9233 6088
Facsimile: (02) 9233 1616
ST GEORGE: ACCC Approves Westpac Merger Offer
---------------------------------------------
The Australian Competition and Consumer Commission said that it
had concluded the proposed acquisition of St George Bank Limited
by Westpac Banking Corporation is unlikely to substantially
lessen competition under section 50 of the Trade Practices Act
1974 in the markets in which they compete.
ACCC Chairman Graeme Samuel said "This conclusion was reached
after conducting a comprehensive review of the proposed
acquisition, including extensive market inquiries with a range
of intereste parties, confidential surveys by the ACCC, and
considering internal documents of the merger parties.”
The ACCC reached the conclusion that, while St George Bank is a
relatively innovative and dynamic competitor with a strong focus
on customer service, other competitors to the merged entity
which remain in the market will continue to play a similar role.
"In particular, the ACCC considered that competition in retail
banking markets provided by the other major banks and regional
banks along with credit unions, building societies and niche
players, would be sufficient to constrain the merge firm after
the acquisition,"Mr. Samuel said.
"The ACCC acknowledges the role that regional banks have played
in challenging the major banks, particularly as they have
entered new states and competed aggressively to gain market
share.”
Westpac Merger Proposal
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 AU$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 Westpac
Headquartered in Sydney, New South Wales, Australia --
http://www.westpac.com.au/-- Westpac Banking Corporation
provides a range of banking and financial services, including
retail, commercial, and institutional banking, as well as wealth
management services to individuals and business customers in
Australia, New Zealand, and the Pacific region.
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.
PATELEY PTY: Liquidator to Give Wind-Up Report on August 19
-----------------------------------------------------------
Pateley Pty Ltd will hold a final meeting for its members and
creditors at 11:45 a.m. on Aug. 19, 2008. During the meeting,
the company's liquidator, Frank Lo Pilato, will provide the
attendees with property disposal and winding-up reports.
The liquidator can be reached at:
Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Australia
Telephone: (02) 6247 5988
QUINSTAR CONSOLIDATED: Joint Meeting Slated for August 19
---------------------------------------------------------
Quinstar Consolidated Pty Ltd will hold a final meeting for its
members and creditors at 10:45 a.m. on Aug. 19, 2008. During
the meeting, the company's liquidator, Frank Lo Pilato, will
provide the attendees with property disposal and winding-up
reports.
The liquidator can be reached at:
Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2612
Australia
Telephone: (02) 6247 5988
=========
C H I N A
=========
CHINA MERCHANTS: Confident to Get Regulatory OK for Wing Lung
-------------------------------------------------------------
China Merchants Bank is confident it will secure regulatory
approval for the acquisition of Hong Kong's Wing Lung Bank,
after extending the completion deadline, Bloomberg News reports.
On July 2, 2008, the Troubled Company Reporter-Asia Pacific,
citing Xinhua News, reported that 91% of China Merchants Bank's
shareholders approved the plan to purchase stakes in Hong Kong-
based Wing Lung Bank for more than CNY17 billion (US$2.5
billion), providing the lender will have greater access to the
Hong Kong market.
The report said that the China Merchants has signed an
agreement with Wing Lung Bank on equity purchase, under which it
would invest CNY17.2 billion, or 2.91 times Wing Lung Bank's
audited net assets in 2007, to buy 53.12% of its equity.
According to XFN-ASIA, China Merchants Bank has postponed the
date of the purchase agreement for Wing Lung Bank in order to
meet conditions required by regulators. China Merchants said
the deal is still pending approval from the securities
regulator, the same report relates.
"We are still in the midst of getting regulatory approvals. We
haven't encountered any snag in that process," Lan Qi, board
secretary of China Merchants, was quoted by Bloomberg News as
saying.
The date of completion has been pushed back to Sept. 14 from
August 15, XFN-ASIA says.
China Merchants told XFN-ASIA that it has already informed Wing
Lung Bank of the extension.
The purchase agreement provides for further postponements beyond
Sept. 14, but cannot be later than Oct. 27, XFN-ASIA adds.
About China Merchants Bank
China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26 percent stake (through various companies).
The bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.
* * *
China Merchants Bank continues to carry Moody's "D+" bank
financial strength rating. The outlook is stable.
On August 3, 2006, the Troubled Company Reporter-Asia Pacific
reported that Fitch Ratings upgraded its Individual rating on
China Merchants Bank to 'D' from 'D/E'. At the same time, the
bank's Support rating was affirmed at '3'.
CHINA EASTERN: Hits 17-Month Low on Passenger Traffic Concerns
--------------------------------------------------------------
China Eastern Airlines Corporation Limited fell 6.2% to CNY5.79,
the lowest in about 17 months, in Shanghai trading on concerns
that this month's Olympics will damp passenger traffic, Irene
Shen of Bloomberg News reports.
China, the report relates, has tightened visa regulations and
curbed regular Beijing flights to boost security and ease
congestion during the games. The country's big three carriers
have all plunged at least 70% this year on concerns that rising
fuel prices, weakening demand and a slowdown in the yuan's gains
will crimp profit, the report notes.
"The airlines' traffic figures have been reduced significantly
by the Olympic Games. The government has asked companies to
restrict business travel to guarantee safety," the news agency
cited Li Jun, an analyst at Everbright Securities Co. in
Shenzhen, as saying.
China Eastern will release its July traffic figures before the
end of the week, the report says.
Meanwhile, according to the report, the country's carriers may
also suffer from the yuan's decline against the dollar, as this
will boost the value of their overseas debt.
About China Eastern
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.
* * *
As of August 5, 2008, China Eastern continues to carry Fitch
Ratings' B+ foreign currency and local currency issuer default
ratings, and Xinhua Far East China Ratings' BB+ issuer credit
rating with a stable outlook.
HUDA TECHNOLOGY: Expects to Post Loss for Q1 to Q3 of FY 2008
-------------------------------------------------------------
Huda Technology & Education Development expects to report a loss
for the first three quarters of fiscal year 2008, compared to
that of fiscal year 2007 (CNY -5,876,735.59), Reuters reports.
According to the report, the company cites no proceeds from its
subsidiary as the main reason for the change.
Headquartered in Shijiazhuang, Hebei Province, Huda Technology &
Education Development Co. Ltd. is principally engaged in the
manufacture and distribution of electrical wires and cables.
During the year ended December 31, 2005, the company established
a subsidiary in Hengyang with an 80% stake, which specializes in
the production and sale of special cables.
JINAN STEEL: First-Half Net Profit Up 57.86% to CNY1.06 Billion
---------------------------------------------------------------
Jinan Iron & Steel Co. Limited's first-half 2008 net profit
increased 57.86% YoY to CNY1.06 billion, Steel Guru News
reports.
The report relates that the company's business income increased
by 42.34% YoY to CNY 22.2 billion, while increased by 45.04% YoY
to CNY 1.47 billion.
According to the report, the mill produced 3.99 million tonne of
pig iron up by 33.8% YoY, 4.9 million tonnes of crude steel up
by 46.45% and 3.83 million tonne of finished products up by 33%
YoY in 2004 and respectively from the year earlier.
Jinan Iron & Steel Co organized by Jinan Iron & Steel Group was
founded in December 2000. At the end of 2004, their total asset
is up to CNY 10.5 billion and net asset of CNY 3.44 billion.
Headquartered in Jinan, Shandong Province, China, Jinan Iron &
Steel Co., Ltd is principally engaged in the manufacture and
sale of iron and steel products. The company mainly offers
medium to heavy steel plates and deformed steel bars.
* * *
The company continues to carry Xinhua Far East China Ratings'
"BB+"issuer credit rating.
===============
H O N G K O N G
===============
ABLE REACH: Members' Final Meeting Slated for September 15
----------------------------------------------------------
The members of Able Reach Limited will meet on September 15,
2008, at 3:00 p.m., to hear the liquidator's report on the
company's wind-up proceedings and property disposal.
The meeting will be held at Suite No. A, 11th Floor of Ritz
Plaza, 122 Austin Road, Tsimshatsui, in Kowloon, Hong Kong.
PALMY ENTERPRISE: Shareholders Resolve to Wind Up Operations
------------------------------------------------------------
The shareholders of Palmy Enterprise Limited met on July 25,
2008, and resolved to voluntarily wind up the company's
operations. Natalia K M Seng and Susan Y H Lo were appointed as
liquidators.
The Liquidators can be reached at:
Natalia K M Seng
Susan Y H Lo
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
ASIAN STOCKBROKERS': Members' Final Meeting Slated for Sept. 16
---------------------------------------------------------------
The members of Asian Stockbrokers' Awards Dinner Limited will
meet on September 16, 2008, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Kenneth Raymond Deayton
Lippo Centre, 38th Floor, Tower One
89 Queensway
Hong Kong
ATARO ELECTRONICS: Shareholders Resolve to Liquidate Business
-------------------------------------------------------------
At an extraordinary general meeting held on July 31, 2008, the
shareholders of Ataro Electronics Manufacturing Limited resolved
to voluntarily liquidate the company's business. Luk Wing Hay
was appointed as liquidator.
The Liquidator can be reached at:
Luk Wing Hay
Surson Commercial Building, 9th Floor
140-142 Austin Road
Tsimshatsui, Kowlooon
BRILLIANT GAIN: Placed Under Voluntary Liquidation
--------------------------------------------------
On July 31, 2008, the sole shareholder of Brilliant Gain
Enterprise Limited resolved to voluntarily liquidate the
company's business.
The company's liquidators are:
Tam Chun Wan
Tse Chiang Kwok, Nassar
Wing On House, Room 403, 4th Floor
71 Des Voeux Road, Central
Hong Kong
CHAIN HERO: Commences Liquidation Proceedings
---------------------------------------------
At an extraordinary general meeting held on August 1, 2008, the
members of Chain Hero Limited resolved to voluntarily wind up
the company's operations. Hsu Shin Cheung was appointed as
liquidator.
The Liquidator can be reached at:
Hsu Shin Cheung
Cheong Kee Building, Rooms 1201-4
84-86 Des Voeux Road
Central, Hong Kong
QUALITY (2000): Commences Liquidation Proceedings
-------------------------------------------------
Quality (2000) Limited commenced liquidation proceedings on
July 30, 2008. Natalia K M Seng and Susan Y H Lo were appointed
liquidators of the company.
The Liquidators can be reached at:
Natalia K M Seng
Susan Y H Lo
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
QUALITY LITIGATION: Appoints Seng and Lo and Liquidators
--------------------------------------------------------
On July 30, 2008, Natalia K M Seng and Susan Y H Lo were
appointed as liquidators of Quality Litigation Support Services
Limited. The company commenced liquidation proceedings on the
same day.
The Liquidators can be reached at:
Natalia K M Seng
Susan Y H Lo
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
SUN KWOK: Creditors' Proofs of Debt Due on September 10
-------------------------------------------------------
The creditors of Sun Kwok Luen Development Limited are required
to file their proofs of debt by September 10, 2008, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on August 4, 2008.
The company's liquidators are:
Wan Yiu Ching, Paul
Lin Lai Har, Wendy
1301 Eton Tower
8 Hysan Avenue, Causeway Bay
Hong Kong
UNION VOICE: Requires Creditors to File Claims by September 10
--------------------------------------------------------------
Union Voice Limited requires its creditors to file their proofs
of debt by September 10, 2008, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on August 4, 2008.
The company's liquidators are:
Wan Yiu Ching, Paul
Lin Lai Har, Wendy
1301 Eton Tower
8 Hysan Avenue, Causeway Bay
Hong Kong
=========
I N D I A
=========
GEN. MOTORS: Implements Stern Procedures on Health Care Policy
--------------------------------------------------------------
General Motors Corp., in an effort to cut about US$5 billion-a-
year in health-care costs, is cracking down on workers who are
collecting medical benefits for which they aren't eligible, The
Wall Street Journal reports.
The auto maker, according to WSJ, says that 67,000 hourly
workers have until August 20 to voluntarily remove unqualified
dependents from their health policies. After that, employees
must prove that covered family members are eligible, WSJ adds.
WSJ points out that GM spends US$4.6 billion on health care and
it wants to make sure only the eligible employees are receiving
the health care benefit.
According to WSJ, workers may be forced to reimburse the
company, if GM discovered that it paid for health expenses it
shouldn't have. A GM spokeswoman said that GM has audited its
health-care rolls before, but the new effort is more extensive
than in years past, WSJ indicates.
WSJ, citing Paul Fronstin, director of health research and
educational programs for the Employee Benefit Research Institute
in Washington, D.C., says health plan audits like the one GM is
conducting are becoming increasingly common as employers look to
offset soaring medical expenses.
Trimming ineligible dependents from health plans can reduce
medical costs by 2% to 5%, WSJ says according HRAdvance, a
Dallas human-resources company that conducts audits for
employers.
GM last year spent US$1.3 billion on health-care benefits for
active hourly and salaried workers, WSJ adds.
About General Motors
Headquartered in Detroit, Michigan, General Motors Corp. (NYSE:
GM) -- http://www.gm.com/-- was founded in 1908. GM employs
about 266,000 people around the world and manufactures cars and
trucks in 35 countries. In 2007, nearly 9.37 million GM cars
and trucks were sold globally under the following brands: Buick,
Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.
At March 31, 2008, GM's balance sheet showed total assets of
US$145,741,000,000 and total debts of US$186,784,000,000,
resulting in a stockholders' deficit of US$41,043,000,000.
Deficit, at Dec. 31, 2007, and March 31, 2007, was
US$37,094,000,000 and US$4,558,000,000, respectively.
General Motors Corporation offers products under the Chevrolet
brand in India through its wholly owned subsidiary, General
Motors India. GM India has 95 sales points and over 110 service
centers.
General Motors Latin America, Africa and Middle East, with
headquarters in Miramar, Florida, is one of GM's four regional
business units. GM LAAM employs approximately 37,000 people in
18 countries and has manufacturing facilities in Argentina,
Brazil, Colombia, Ecuador, Egypt, Kenya, South Africa and
Venezuela. GM LAAM markets vehicles under the Buick,
Cadillac, Chevrolet, GMC, Hummer, Isuzu, Opel, Saab and
Suzuki brands.
* * *
As reported in the Troubled Company Reporter on June 24, 2008,
DBRS has placed the ratings of General Motors Corporation and
General Motors of Canada Limited Under Review with Negative
Implications. The rating action reflects the structural
deterioration of the company's operations in North America
brought on by high oil prices and a slowing U.S. economy.
Standard & Poor's Ratings Services is placing its corporate
credit ratings on the three U.S. automakers, General Motors
Corp., Ford Motor Co., and Chrysler LLC, on CreditWatch with
negative implications, citing the need to evaluate the financial
damage being inflicted by deteriorating U.S. industry conditions
—largely as a result of high gasoline prices. Included in the
CreditWatch placement are the finance units Ford Motor Credit
Co. and DaimlerChrysler Financial Services Americas LLC, as well
as GM's 49%-owned finance affiliate GMAC LLC.
As related in the Troubled Company Reporter on June 5, 2008,
Standard & Poor's Ratings Services said that its ratings on
General Motors Corp. (B/Negative/B-3) are not immediately
affected by the company's announcement that it will cease
production at four North American truck plants over the next two
years. These closures are in response to the re-energized shift
in consumer demand away from light trucks. GM previously said
only one shift was being eliminated at each of the four truck
plants. Production is being increased at plants producing small
and midsize cars, but the cash contribution margin from these
smaller vehicles is far less than that of light trucks.
=========
J A P A N
=========
FORD: Drop in Demand of V-8 Engines Cues 300 Workers Layoff
------------------------------------------------------------
The Associated Press related that Ford Motor Co. is laying off
300 workers at its Romeo Engine Plant due to a drop in demand
for its V-8 engines.
AP, citing spokeswoman Angie Kozleski, says the personnel
furlough began Monday and will continue indefinitely. Employees
were informed of the job cut several weeks ago and they will be
offered buyouts, AP indicated.
The plant employs 1,075 people, including 950 hourly
manufacturing workers. The plant makes Ford's 4.6-liter and
5.4-liter V-8 engines for trucks and large sedans.
Ford, according to AP, saw an 18% decline in its truck and sport
utility vehicle sales in the first seven months of this year as
consumers shifted to smaller vehicles with more fuel-efficient
four-cylinder engines.
About Ford Motor Co.
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.
* * *
As reported by the Troubled Company Reporter on Aug 05, 2008,
Fitch Ratings downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from
'B'.
The Rating Outlook remains Negative. The downgrade reflects
these:
-- The further deterioration in Ford's U.S. sales as a
result of economic conditions, an adverse product mix
and the most recent jump in gas prices;
-- Portfolio deterioration at Ford Credit and heightened
concern regarding economic access to capital to
support financing requirements; and
-- Escalating commodity costs that will remain a significant
offset to cost reduction efforts.
FORD: Lending Unit Cuts Vehicles for Hire, Fears More Losses
------------------------------------------------------------
Ford Motor Co. disclosed that its lending arm is substantially
reducing the number of vehicles it will lease, and expressed
concern that if market conditions continue to deteriorate,
further losses could place Ford Credit's lending plan at further
risk, The Wall Street Journal reports.
WSJ, citing Ford, says that the decline in auction values, along
with the difficult credit market situation, has made leasing
vehicles less economical than in the past. Ford, according to
WSJ, states that, if the auction values for used vehicles
continue to weaken, there could be increased risk to the lending
arm's funding plan.
The Journal says that the company has traditionally leased many
of its SUVs and crossover vehicles, but a lower percentage of
its pickup trucks.
The decision came a week after Ford officials said that the
percentage of their leased vehicles had dropped from 18% for the
first half of the year to below 13% in July, WSJ points out.
That figure, the company states, is expected to continue
declining below 13%, how long the slide will continue and where
they see it bottoming out.
The report indicates that Ford wrote down US$2.1 billion in
pretax profits as a result of unprofitable leases in the second
quarter.
Ford, like General Motors Corp., Chrysler LLC and Toyota Motor
Corp., is trying to move away from the vehicle lease practice,
WSJ relates.
About Ford Motor Co
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
in 200 markets across six continents. With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda. The company
provides financial services through Ford Motor Credit Company.
The company has operations in Japan in the Asia Pacific region.
In Europe, the company maintains a presence in Sweden, and the
United Kingdom. The company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.
* * *
As reported in the Troubled Company Reporter on Aug. 5, 2008,
Fitch Ratings has downgraded the Issuer Default Rating of Ford
Motor Company and Ford Motor Credit Company LLC to 'B-' from
'B'.
The Rating Outlook remains Negative. The downgrade reflects
these: (i) the further deterioration in Ford's U.S. sales as a
result of economic conditions, an adverse product mix and the
most recent jump in gas prices; (ii) portfolio deterioration at
Ford Credit and heightened concern regarding economic access to
capital to support financing requirements; and (iii) escalating
commodity costs that will remain a significant offset to cost
reduction efforts.
HIROSHIMA BANK: Cuts Profit Forecast by 54% on Urban Bankruptcy
---------------------------------------------------------------
Hiroshima Bank Limited fell to a four-year low in Tokyo trading
after cutting its profit forecast by 54% after property
developer Urban Corp failed to pay JPY255.8 billion yen in
debts, Bloomberg News reports.
Urban Corp filed for bankruptcy protection Aug. 13, following
Zephyr Co and Suruga Corp.
Hiroshima Bank, Taiga Uranaka of Reuters relates, had more than
halved its net profit forecast for the six months ending in
September due to a writedown of about JPY4.4 billion in
unsecured loans to Urban Corp.
According to Bloomberg News, the bank dropped 2.7% to JPY397 as
of 9:40 a.m., August 14, 2008.
Japan's slowing economy and mounting bankruptcies at real estate
and construction companies are beginning to hurt bank earnings
and cause lenders to reject more loan applications, Bloomberg
News says. Japan's six largest banks, including Mitsubishi UFJ
Financial Group Inc., posted profit declines in the first
quarter, before one-time gains, as bad loan costs rose and
global markets fell.
Hiroshima Bank now expected to report a JPY5 billion net profit
for the six months, Reuters adds.
The Hiroshima Bank, Ltd. -- http://www.hirogin.co.jp -- is a
Japan-based regional bank that provides financial services, with
focus on banking services. The bank provides banking services
for individuals and corporate customers through 145 branches and
21 sub-branches. Additionally, through its subsidiaries and
associated companies, the Bank is mainly engaged in clerical
integrated processing, real estate collateral valuation, debt
management and collection, insurance agency business, securities
business, as well as the provision of financial services, such
as leasing, credit cards and credit guarantee and labor dispatch
services. The bank has six subsidiaries and six associated
companies.
SKYLARK CO: Mulls Closing Up to 350 Outlets in 2009
---------------------------------------------------
Skylark Co. Limited President Makoto Tani plans to shut down 200
to 350 loss-making outlets next year, Jiji Press reports.
Mr. Tani, then Skylark's Managing Director, succeeded Kiwamu
Yokokawa as president. Mr. Yokokawa was dismissed from office
after the company approved a proposal from major shareholders to
dismiss him.
Mr. Tani told Jiji Press that restructuring is indispensable for
Skylark's turnaround. By late September, the company will map
out a business plan for three years from 2009, he said.
According to the report, the company will set up task forces for
five key turnaround steps:
-- closures of loss-making outlets,
-- fiscal reconstruction,
-- business realignment,
-- personnel system reform, and
-- procurement reviews.
The report relates that Mr. Tani said that after it will obtain
approval from major shareholders and creditor banks, the company
aims to implement measures worked out by the task forces.
Mr. Tani has also plans to target the outlet closures in
suburban areas, the same report says.
Skylark, Jiji Press notes, may also sell non-core operations,
and Kozosushi So-Honbu Co., a subsidiary that operates takeout
sushi shops, will be subject to such consideration.
Moreover, Mr. Tani has expressed intention of slashing some 500
jobs in two years, the the report points out.
"To strengthen its financial base, the company eyes a capital
increase worth several tens of billion yen," Mr. Tani was quoted
by Jiji Press as saying.
About Skylark Co
Headquartered in Tokyo, Japan, Skylark Co. Ltd. --
http://www.skylark.co.jp/-- operates a chain of family
restaurants in Japan through the following divisions:
Restaurants and food; Construction and maintenance and Other.
The Restaurants and food division engages in restaurant chain
operations, sale of food materials and prepared foods, food
transportation and cleaning. The Construction division deals
with design, construction and repairs of restaurants and
maintenance of building facilities. The Other business division
deals with wallpaper, manufacture and sale of automobile goods,
real estate buying and selling and hotels and condominium
operations.
* * *
The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that Standard & Poor's Ratings Services lowered
its long-term corporate credit and senior unsecured debt
ratings on Skylark Co. Ltd. by two notches to 'BB' from 'BBB-',
on expectations of weakening profitability and a deterioration
in he company's debt structure over the next one to two years,
due to an increase in bank borrowings to carry out a management
buyout and to enhance the profitability of its existing
restaurants.
URBAN CORP: Seeks Bankruptcy Protection, Facing JPY255 Bil. Debt
----------------------------------------------------------------
Urban Corporation, following a recommendation by its board of
directors, filed a petition for civil rehabilitation before the
Tokyo District Court, which has accepted the petition. The
court immediately issued a preservative disposition order (an
order prohibiting payment of liabilities) and a supervisory
order.
Since its foundation in 1990 for the purpose of planning and
selling apartment units, Urban Corporation has steadily expanded
its businesses, successfully growing itself into a real estate
developer with some of its principal businesses in real estate
securitization, apartment units, and asset management. In the
real estate securitization business, Urban Corporation operated
across the entire spectrum of stages, from acquiring to
planning, developing, selling, financing, and managing. One of
it’s greatest strengths lay in its ability to create new value
in real estate by utilizing its know-how to create rare
properties with high value add.
As the real estate investment market in Japan became more
active, Urban Corporation’s operations in large projects
expanded rapidly and the scale of its business grew. However,
the panic and credit crunch that hit the global financial market
caused by the subprime mortgage crisis in the United States
brought the Japanese real estate investment market to a
standstill. Since last year Urban Corporation has consequently
found it difficult to procure funds through new loans and to
refinance short-term loans, and it has had similar difficulties
in trying to sell developed properties.
Reacting to these conditions, Urban Corporation sought alliances
with other companies, such as capital tie-ups, for the purpose
of supplementing its credit and procuring new funds, but the
situation in the real estate investment market only worsened.
The operating environment then only continued to go from bad to
worse, exemplified from the last part of June through to July
this year, when one after the other petitions to commence
proceedings for legal bankruptcy of mid-size listed developers
started to be filed.
The deterioration of the market meant Urban Corporation was not
able to reach an agreement with any of the candidates for
alliances. For these reasons, Urban Corporation has abandoned
the idea of voluntarily rebuilding itself. And because it is
not possible to develop prospects on repayments of, for example,
loans coming due after August 14, 2008, or on the management of
cash flow for settlement of bills and checks after that date,
Urban Corporation has decided to rebuild itself through civil
rehabilitation.
The company has total liabilities of JPY255,832 million (as of
July 31, 2008).
After promptly selecting sponsors, Urban Corporation will aim
for early rehabilitation with the assistance and cooperation of
the sponsors. After it has acquired supplementary credit from
its sponsors, Urban Corporation will once again reutilize its
ability to create value in real estate, the company’s greatest
strength, which it has built up over the years, and the entire
company will work toward rebuilding its businesses and
diligently moving forward together as one.
Bloomberg News reports that news of the company's bankruptcy
filing sent its shares down by 75 percent, or 24 yen, to 8 yen
at 9:27 a.m. on the Tokyo Stock Exchange, the most since at
least December 2000 and the biggest decline on the Topix Real
Estate Index.
Japanese Property Sales Slide
Investors dumped shares in Japanese property firms and builders
on August 14, after Urban Corp filed for bankruptcy protection,
fanning fears that others could follow, Mariko Katsumura of
Reuters reports.
"Urban failed even after reporting a profit last year, and lots
of firms in this sector have borrowed heavily. How can
investors tell which companies are in danger?" Reuters cited
Tsutomu Yamada, a market analyst at Kabu.com Securities, as
saying. "That's why real estate and related stocks, except for
the biggest companies, have become untouchable," he said.
According to Reuters, the Tokyo Stock Exchange's real estate
sector index, the worst performing in the past year of 33
industry subindexes on the TOPIX index of all first-section
shares on Tokyo stock exchange, sank 2.6%, while the exchange's
REIT index, which tracks real estate investment trusts, fell
3.6%. The index has nearly halved since hitting an all-time
peak in May last year.
Hit also by a sharp fall in banks shares, the TOPIX shed 0.6%
to end at a 4-1/2 month closing low, the Reuters notes.
Property Failures Burden Banks
The collapse of Urban Corps., together with a number of real
estate failures, is putting a heavy burden on banks and builders
because of unrecoverable loans, Reuters says.
Reuters relates that private research firm Tokyo Shoko Research
said that about one-third of Japan's bankruptcies were in the
real estate sector in July, with the number of failures more
than doubling from a year ago to 60 cases.
Shares in building firm Tobishima Corp lost 8.7% to JPY21 a
piece and those in Tokyu Construction Co., tumbled 11.8% to
JPY300, the same report notes.
According to the report, other builders also suffered from heavy
selling of their shares on growing concerns over their financial
health, which is also hurt by soaring prices of construction
materials.
Moreover, Urban's collapse also hit regional lender Shikoku Bank
Ltd , which said after the market closed yesterday it is likely
to miss its net profit forecast for the year to March by 38%,
following write-off of JPY880 million in unsecured loans to
Urban. Prior to the announcement, Shikoku Bank shares closed
down 2% at 389, the report points out.
Urban's main lender Hiroshima Bank Ltd. also saw its shares fall
1.7% to JPY401 after it cut its first-half profit forecast to
write down unsecured loans to Urban, which has some 100 creditor
banks, the report adds.
About Urban Corporation
Urban Corporation -- http://www.urban.co.jp/ -- is a Japanese
real estate company. The Real Estate Liquidation segment is
engaged in the purchase, planning, development and operation of
low-yield buildings, decrepit buildings and land for real estate
investment trust and private placement investment fund markets.
The Real Estate Allotment segment is engaged in the planning,
development and sale of condominiums and the construction and
sale of detached houses. The Asset Management segment is
engaged in the composition of funds, the preparation of schemes,
the document generation for commercial institution, as well as
the operation of fund assets. The Property Management segment
is engaged in the provision of cleaning and facilities
management services for condominiums. The Others segment is
involved in the underground development construction business,
commercial facility operation, environment related construction
work, research and restoration, as well as medical operation
related consultant, among others.
URBAN CORP: JCR Lowers Senior Debt Ratings to D
-----------------------------------------------
JCR has downgraded the rating on senior debts, bonds and shelf
registration of the issuer from #BB+/Negative to D and the CP
program from #J-3/Negative to D.
Issue Amount (billion) Issue Date Due Date Coupon Rating
bonds no.1 JPYY20 12/21/06 12/21/09 2.96% D
Shelf Registration: Preliminary Rating
Maximum: JPYY100 billion D
Valid: two years effective from October 26, 2006
CP: Rating
Maximum: JPYY8 D
Backup Line: 0%
Urban Corp. resolved the filing of a petition for the civil
rehabilitation proceedings at the board of directors' meeting
held today and filed it with the Tokyo District Court and it was
accepted by the Court. JCR has downgraded its ratings on the
Company to D.
Urban Corporation -- http://www.urban.co.jp/ -- is a Japanese
real estate company. The Real Estate Liquidation segment is
engaged in the purchase, planning, development and operation of
low-yield buildings, decrepit buildings and land for real estate
investment trust and private placement investment fund markets.
The Real Estate Allotment segment is engaged in the planning,
development and sale of condominiums and the construction and
sale of detached houses. The Asset Management segment is
engaged in the composition of funds, the preparation of schemes,
the document generation for commercial institution, as well as
the operation of fund assets. The Property Management segment
is engaged in the provision of cleaning and facilities
management services for condominiums. The Others segment is
involved in the underground development construction business,
commercial facility operation, environment related construction
work, research and restoration, as well as medical operation
related consultant, among others.
====================
N E W Z E A L A N D
====================
BARCHARD TRANSPORT: Commences Liquidation Proceedings
-----------------------------------------------------
The High Court at Auckland held a hearing on July 25, 2008, to
consider an application putting Barchard Transport Ltd into
liquidation.
The application was filed on April 15, 2008, by the Commissioner
of Inland Revenue.
The plaintiff's address for service is at:
Inland Revenue Department
Legal and Technical Services
1st Floor Reception
224 Cashel Street
Christchurch 8140
Telephone: (03) 968 0807
Facsimile: (03) 977 9853
Julie Newton is the plaintiff's solicitor.
CROSS BROS: Shareholders Appoint Liquidators
--------------------------------------------
Pursuant to Section 241(2)(a) of the Companies Act 1993, the
shareholders of Cross Bros. (1999) Limited have appointed
Malcolm Grant Hollis, chartered accountant, and Rhys James Cain,
insolvency practitioner, both of Christchurch, as liquidators of
the company.
Creditors and shareholders may direct their inquiries to:
Attn: Wendy Somerville
PricewaterhouseCoopers
119 Armagh Street
PO Box 13244
Christchurch
Telephone: (03) 374 3000
Facsimile: (03) 374 3001
DALE FIBREGLASS: Mason and Meltzer Appointed as Liquidators
-----------------------------------------------------------
Pursuant to Section 255(2)(a) of the Companies Act 1993, Karen
Betty Mason and Jeffrey Philip Meltzer, insolvency
practitioners, were appointed liquidators of Dale Fibreglass Ltd
on July 7, 2008.
The liquidators can be reached at:
Meltzer Mason Heath
Chartered Accountants
PO Box 6302
Wellesley Street
Auckland 1141
Telephone: (09) 357 6150
Facsimile: (09) 357 6152
JUNCTION SKI: Commences Liquidation Proceedings
-----------------------------------------------
The High Court at Wanganui convened a hearing on July 30, 2008,
to consider an application putting Junction Ski Shop (1992)
Limited into liquidation.
The application was filed on April 1, 2008, by the Commissioner
of Inland Revenue.
The plaintiff's address for service is at:
Inland Revenue Department
Legal and Technical Services
7-27 Waterloo Quay
PO Box 1462
Wellington
Telephone: (04) 890 1067
Facsimile: (04) 890 0009
Mary Kate Crimp is the plaintiff's solicitor.
KINGDON UNDERTAKING: Appointed Liquidators
------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993, Timothy
Wilson Downes and Stephanie Beth Jeffreys, insolvency
practitioners and chartered accountants of Grant Thornton
Auckland Limited, were appointed as liquidators of Kingdon
Undertaking Limited on July 9, 2008.
Creditors and shareholders may direct their inquiries to:
Stephanie Jeffreys
Grant Thornton Auckland Limited
152 Fanshawe Street
Auckland
Telephone: (09) 308 2570
LE PACIFIC: Commences Liquidation Proceedings
---------------------------------------------
The High Court at Blenheim held a hearing on Aug. 1, 2008, to
consider an application putting Le Pacific Harvest Team Ltd into
liquidation.
The application was filed on June 23, 2008, by the Commissioner
of Inland Revenue.
The plaintiff's address for service is at:
Inland Revenue Department
Legal and Technical Services
1st Floor Reception
224 Cashel Street
Christchurch 8140
Telephone: (03) 968 0807
Facsimile: (03) 977 9853
Julie Newton is the plaintiff's solicitor.
MT FYFFE: Commences Liquidation Proceedings
-------------------------------------------
The High Court at Christchurch convened a hearing on July 28,
2008, to consider an application putting Mt Fyffe Developments
Ltd into liquidation.
The application was filed on June 25, 2008, by Davis Ogilvie &
Partners Limited.
The plaintiff's address for service is at:
Attn: Olly Peers
Buddle Findlay
Level 13
Clarendon Tower
78 Worcester Street
Christchurch
W. J. Palmer is the plaintiff's solicitor.
NETWORK SPECIALISTS: Grant and Khov Appointed as Liquidators
------------------------------------------------------------
Pursuant to section 241(2)(c) of the Companies Act 1993,
Damien Grant and Steven Khov, insolvency practitioners, were
appointed as liquidators of Network Specialists Limited on
July 7, 2008.
The liquidators can be reached at:
Waterstone Insolvency
PO Box 352
Auckland
Freephone: 0800CLOSED
Facsimile: 0800FAXWSI
R F & J L: Shareholders Appoint Liquidators
--------------------------------------------
Pursuant to Section 55(2)(b) of the Companies Act 1993, the
shareholders of R F & J L Holst Limited have appointed
John Trevor Whittfield and Boris van Delden, insolvency
practitioners of Auckland, as liquidators of the company.
SPM CONTRACTING: Commences Liquidation Proceedings
--------------------------------------------------
The High Court at Blenheim held a hearing on Aug. 1, 2008, to
consider an application putting SPM Contracting Limited into
liquidation.
The application was filed on June 6, 2008, by the Commissioner
of Inland Revenue.
The plaintiff's address for service is at:
Inland Revenue Department
Legal and Technical Services
1st Floor Reception
224 Cashel Street
Christchurch 8140
Telephone: (03) 968 0807
Facsimile: (03) 977 9853
Julie Newton is the plaintiff's solicitor.
STRATEGIC FINANCE: Purchasing Consortium Revised Sale Terms
-----------------------------------------------------------
Strategic Finance Limited has been advised by the purchasing
consortium comprising the former owners and current executives
of Strategic Finance and Uberior Ventures (Asia) Pty Limited, an
investment vehicle of BOS International (Australia) Limited that
the consortium and Allco HIT Limited have now entered into a
revised non-binding term sheet for the sale of Strategic
Finance's immediate parent Strategic Investment Group Limited.
This non-binding term sheet replaces the non-binding term sheet
previously entered into between the parties.
The acquisition of Strategic Investment by the consortium is
subject to the parties entering into a binding Sale and Purchase
Agreement which is now being negotiated and finalized.
Strategic Finance said it will make a further announcement once
the Sale and Purchase Agreement has been executed. As
previously advised, the acquisition will be subject to various
conditions including receiving the necessary regulatory
approvals and approval from various parties including Allco HIT
Ltd shareholders, Strategic Finance perpetual preference
shareholders and Strategic Finance debenture and subordinated
note holders.
About Strategic Finance
Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector. It has four main
business activities: Lending within the property sector; Non-
property lending and investments; Corporate advisory and
management services, and Underwriting services. Lending within
the property sector is its primary activity with a focus on
providing finance for property development and property
investment activities. It was offering motor vehicle lending
under non-property lending and investments. The Company, and in
some circumstances through its wholly owned subsidiary Strategic
Advisory Limited, provides specialist advisory and management
services to the property and corporate sectors for which it
receives fee income. It may provide underwriting services.
These services include the underwriting of property related
share or debt securities offered by a promoter through a
registered prospectus. It receives fees for such services.
Strategic Finance's parent company, Strategic Investment Group,
is wholly owned by an Australian-based finance company Allco HIT
Limited.
* NEW ZEALAND: Records Lowest Performance MFG. Index in July
------------------------------------------------------------
The Bank of New Zealand - Business NZ seasonally adjusted
Performance of Manufacturing Index (PMI) for July (48.8) bounced
back from one of it lowest results in June to record its highest
value since April. However, the sector was still in decline
overall, and the latest figure is the lowest recorded for a July
month over the history of the survey.
Three of the five seasonally adjusted main diffusion indices
continued to record weakness, although all improved from the
previous month. Production (50.0) showed significant improvement
from the 42.9 recorded in June, as did deliveries (49.6).
Finished stocks (52.1) was the only sub-index to show expansion
for July, while employment (46.3) displayed a similar
result to the previous month, indicating significant contraction
in those employed in the manufacturing sector.
Unadjusted activity for July showed three of the four regions
still in decline. For the North Island, the Northern region
(46.8) returned to the level recorded in April, while the
Central region (44.9) continued to slip to its second lowest
level for the year. In the South Island, the Canterbury/Westland
region (52.5) displayed expansion for the first time since
March, while Otago/Southland (47.5) remained at similar levels
to June.
Results for the various manufacturing industries generally
showed contraction, although a few sub-sectors remained in
positive territory. The strongest level of activity was again
recorded for the machinery & equipment sector (55.1), which was
at its highest level since November 2007. The food, beverage &
tobacco sector (50.7) also recorded a small increase, while the
remaining sub-sectors were in decline with the metal product
sector (42.4) experiencing the strongest level of contraction.
This was followed by the textile, clothing, footwear & leather
sector (46.5).
In comparison with manufacturing activity offshore, the JPMorgan
Global PMI fell to 49.0, the second consecutive contraction for
global manufacturing for five years. The Australian PMI (46.9)
also continued its decline, while the USA PMI (50.0) showed no
change in activity for July.
The proportion of negative comments made by respondents fell
back slightly from June (74.7%), to sit at 70.6% in July. The
July level of negative comments was similar to that of April,
with actual comments related to a general economic downturn,
lack of orders and rising costs of raw materials and other
goods.
=====================
P H I L I P P I N E S
=====================
CE CASECNAN: Moody's Lifts Sr. Secured Rating to B1 from B2
-----------------------------------------------------------
Moody's Investors Service has upgraded CE Casecnan Water and
Energy Company, Inc.'s (CE Casecnan) senior secured rating to B1
from B2. The rating outlook is positive.
"The rating upgrade has been prompted by the expectation of
improvement in CE Casecnan's debt service coverage ratio (DSCR)
as its debt is gradually repaid; the short remaining period
before the company's debt matures; and the good payment record
of the off-taker, National Irrigation Administration (NIA),"
says Jennifer Wong, Moody's lead analyst for CE Casecnan.
The rating also considers the credit quality of NIA, whose
payment obligation is guaranteed by the Republic of Philippines
(rated B1/positive). Payments from its offtaker have so far
been on time and in accordance with invoices.
"In Moody's view, CE Casecnan will maintain a high DSCR at well
above 2.0x for the next few years, which is high for a B1 credit
when compared to other rated project companies in the region.
The company's rating is also closely linked to the rating of the
Philippine government," adds Wong.
The positive outlook is in line with the Philippine sovereign
outlook.
The rating would be upgraded if the Philippine government's
rating is upgraded, while at the same time CE Casecnan maintains
its strong DSCR.
Downward pressure would emerge if
1) CE Casecnan experiences deterioration in water delivery
leading to a drop in cash flow;
2) the company undertakes more aggressive debt-funded dividend
payout; and/or
3) the Philippine government renegotiates the terms of the
agreement, such that CE Casecnan's operations and cash flow
are materially affected with DSCR falling below 1.5x. The
rating would also be downgraded if the Philippine
government's rating is downgraded.
Philippines-based CE Casecnan develops, constructs, owns and
operates a multi-purpose irrigation and hydroelectric power
facility with a rated capacity of approximately 150MW on the
island of Luzon. It has a 20-year contract to operate the plant
until December 2021, under a Project Agreement with NIA dated
June 1995, and a Supplemental Agreement with NIA signed in
September 2003, which amended certain provisions of the original
Project Agreement.
=================
S I N G A P O R E
=================
ADVANCED SYSTEMS: Posts SGD2.35MM Net Loss in Qtr. Ended June 30
----------------------------------------------------------------
Advanced Systems Automation Limited disclosed with the Singapore
Stock Exchange its financial results for the second quarter and
half year ended June 30, 2008. For the second quarter, the
company incurred SGD2.35 million net loss as compared to SGD1.61
million net loss in the same period of 2007. For the first half
of 2008, the company registered SGD3.88 million net loss as
compared to SGD3.70 million registered net loss in the same
period last year.
The Group's SGD5.87 million revenue in second quarter of 2008
was about the same as the registered SGD5.86 million revenue in
second quarter of 2007 while the increase of 28% in Group's
revenue to SGD13.86 million in 1H2008 from SGD10.86 million
1H2007 arose mainly from higher Equipment sales in 1Q2008.
Selling and marketing expenses for 2Q2008 (SGD543,000) and
1H2008 (SGD1.24 million) were substantially lower compared to
2Q2007 (SGD1.05 million) and 1H2007 (SGD1.94 million) mainly due
to lesser warranty costs as well as lower payroll cost. The
company is currently operating with a leaner sales team and put
more reliance on agents to secure sales.
Research & development expense for 2Q2008 (SGD524,000) and
1H2008 (SGD1.14 million) was higher compared to 2Q2007
(SGD484,000) and 1H2007 (SGD573,000) as the company continued to
spend more efforts in developing and improving features and
quality of its existing products.
General and administrative expense remained grossly the same for
2Q2008 (SGD1.21 million) and 1H2008 (SGD2.49 million) compared
to 2Q2007 (SGD1.11 million) and 1H2007(SGD2.41 million).
The Group suffered foreign exchange loss as a result of
depreciation of US$ against SGD and MYR.
Finance costs for 2Q2008 (SGD301,000) and 1H2008 (SGD632,000)
remained about the same as that of 2Q2007 (SGD351,000) and
1H2007(SGD648,000).
As of June 30, 2008, the company's balance sheet showed
SGD27.88 million of total assets and SGD42.48 million of total
liabilities, resulting in a shareholders' deficit of
SGD14.6 million.
About Advanced Systems Automation
Advanced Systems Automation Limited -- http://www.asa.com.sg/--
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry. The
company's subsidiaries include Avalon Technology Pte. Ltd.;
Microfits Pte. Ltd.; Beijing Microfits Precision Electronics
Engineering Co., Ltd. and Beijing Advanced Precision Electronics
Engineering Co., Ltd., both of which are engaged in the
manufacture of precision tools, dies and moulds; Acetech
Solutions Ltd.; Advanced Systems Automation, Inc., and Advanced
Systems Automation (Europe) Limited, which is engaged in the
sale and provision of services to the European semiconductor
manufacturing market.
* * *
The group incurred significant losses and has been experiencing
severe cash shortage in the past four financial years. The
group incurred a net loss of SGD3.4 million and SGD7.53 million
for the financial years ended March 31, 2006 and 2007
respectively.
CHUAN SOON: Posts SGD1.69 Mil. Net Loss in Qtr. Ended June 30
-------------------------------------------------------------
Chuan Soon Huat Industrial Group Ltd submitted its financial
results for the second quarter and half-year ended June 30,
2008, to the Singapore Stock Exchange Limited.
April-June 2008
The Group registered SGD11.34 million turnover for the second
quarter of 2008, a 10% decline compared to same quarter of 2007.
Less favorable market conditions in the US and Europe and the
continuing weakening of US dollar and Sterling Pound when
compared with that of 2Q 2007 are the key underlying factors
attributing to a decline in sales in 2Q 2008.
The Group's loss before tax reduced to SGD$1.69 million in 2Q
2008 compared to a loss of SGD3.43 million in 2Q 2007. This
substantial reduction of 51% in financial loss was the result of
concerted efforts in cost cutting, tightening of cost controls
as well as various measures implemented since 2007, which led to
a reduced cost structure and gradual improvement in overall
efficiency through process enhancement and material processing.
In 2Q 2008, the Group generated SGD1.0 million net cash from
operating activities, attributed mainly from an increase in
payables. After investment and financing activities, the
Group's net increase in cash and cash equivalents amounted to
SGD0.8 million.
January-June 2008
For year-to-date performance, the Group's total turnover reduced
by 10% to SGD23.11 million in January-June 2008 from SGD25.7
million in January-June 2007.
Despite the overall drop in sales, the Group's loss before tax
reduced by 35% to SGD3.95 million compared to SGD6.1 million,
notwithstanding the inclusion of SGD1.2 million loss in foreign
exchange due mainly to weaker US dollar and higher corporate
expenses relating to debt restructuring fees in 1H 2008.
The reasons for the decline in sales and reduction in financial
loss were the same with that reported in 2Q 2008 above.
Balance Sheet
The Group's non-current assets reduced by SGD2 million, from
SGD24.6 million as at December 31, 2007, to SGD22.6 million as
at June 30, 2008, mainly due to depreciation.
Current assets stood at SGD35.6 million as at June 30, 2008,
with no material change as compared to December 31, 2007, while
current liabilities increased to SGD60.8 million due mainly to
approximately SGD2 million increase in payables. Hence, the
deficit in net current liabilities increased to SGD25.2 million.
The Group's net assets as at June 30, 2008, reduced to a deficit
of SGD8.7 million compared to a deficit of SGD5.2 million as at
December 31, 2007.
About Chuan Soon
Chuan Soon Huat Industrial Group Ltd is engaged in the
manufacture, design and distribution of wooden doors. The
company's product range covers louvre doors, cabinet doors,
bifold doors, sliding doors, solid timber doors, solid core
doors, flush doors, molded doors, engineered doors, designer
doors, conservatories, windows, garden gates, shelvings,
decorative moldings, timber doors and fire-rated entrance doors.
The company operates through three segments. Furniture-related
products comprise doors and components that constitute part of a
complete furniture item. Joinery products comprise timber
finished items and fixtures of building, including doors,
windows and frames. Trading products refer to items not
manufactured by the company. Its manufacturing bases are
located in Indonesia and China. The company's global marketing
and distribution network spans over Europe, North America,
Australia and Asia.
* * *
The company incurred two consecutive annual net losses of
SGD13.34 million and SGD33.09 million for the years ended
December 31, 2007 and 2006 respectively.
ESMART HOLDINGS: Posts SGD4.19 Mil. Net Loss in First Half 2008
---------------------------------------------------------------
Esmart Holdings Limited posted in the Singapore Stock Exchange
its financial results for the first half of 2008. The company
posted a net loss of SGD4.19 million on SGD5.64 million of
revenues in the first half of 2008 as compared to the recorded
SGD2.40 million net loss on SGD8.88 million of revenues in the
same period of 2007. The loss in the first half of 2008 was due
to the decline in revenue and the write-off development costs.
As a result of the loss, cash utilized during the first half of
2008 amounted to SGD0.9 million as compared to cash generated of
SGD0.1 million in first half of 2007. During the period,
proceeds from disposal of associate, Beauchamp Industries
amounted to SGD0.8 million.
The Distribution business decreased to SGD0.2 million in first
half of 2008 from SGD1 million on first half of 2007. The
Design and Supply business also decreased from SGD7.9 million in
first half of 2008, explained by fewer projects undertaken as
compared to first half of 2007. However, the E-tracker business
is showing encouraging signs with revenue generated in first
half of 2008 of SGD0.5 million.
Other income of SGD301,000 includes reversal of trade payables
of SGD290,000 as a result of settlement of the litigation
between a supplier and the company.
Operating expenses include distribution costs, administrative
expenses, other operating expenses and finance costs.
Distribution costs rose 80.3% to SGD1.6 million, explained by
staff costs that were included in deferred development
expenditure in first half of 2007 and which are no longer
capitalized in first half of 2008, In addition, an amount of
SGD300,000 was expensed for research and development. Other
operating expenses include deferred development expenditure of
SGD2.1 million written off and where future benefits are no
longer anticipated.
As of June 30, 2008, the company's balance sheet showed
SGD9.83 million of total assets and SGD6.59 million of total
liabilities resulting in a shareholders' equity of
SGD3.24 million.
About Esmart Holdings
Esmart Holdings Limited is a Singapore-based investment holding
company. Through its subsidiaries, the company focuses on
designing and supplying intermediate products for various
segments of the electronics industry, including multimedia
infotainment, data communications, wireless applications, and
digital video services and systems. Esmart designs and supplies
solutions ranging from designing the entire subsystems of
electronic products, which include hardware design, firmware
development, and printed circuit board layout design, to
supplying the main active devices, chipsets and other electronic
components. It has developed subsystems for television, digital
versatile disc (DVD) players, global positioning system
(GPS)/global system for mobile communication (GSM) location
tracking, video streaming, video surveillance, and video-on-
demand end products. In July 2008, Esmart established a wholly
owned subsidiary company in Xiamen known as Esmart (Xiamen)
Information Technology Limited.
K PLAS HOLDINGS: Incurs SGD70,000 Net Loss in First Half 2008
-------------------------------------------------------------
In a disclosure with the Singapore Stock Exchange, K Plas
Holdings Limited disclosed that the group incurred lower net
loss of SGD70,000 for the first half of 2008 as compared to a
net loss of SGD487,000 in the first half of 2007. These was
mainly due that other credits were higher in 1H2008 due to
reversal for impairment on trade receivables and reversal for
inventories totaling SGD42,000 in 1H2008. Other charges of
SGD0.1m in 1H2007 comprised of allowances for impairment on
trade receivables and allowances for inventories.
Revenue for the half year period ended June 30, 2008, was
SGD3.75 million, decreased marginally as compared to the sales
revenue of SGD3.88 million for corresponding period last year.
Despite the drop in sales revenue, gross profit increased
slightly with improved capacity at one of the plants and
change in customer mix.
Total operating expenses, which include marketing and
distribution costs, administrative expenses and finance costs
amounted to SGD1.08 million during 1H2008, was SGD0.3 million or
18% lower than the total operating expenses of SGD1.44 million
in 1H2007. The decrease was attributable to the results of our
past and continual cost control efforts in the group's
operations, and lower borrowings.
On July 4, 2008, one of our subsidiaries in Shanghai has
received notice from the government to relocate the factory for
redevelopment in early 2009. While the subsidiary is working
with the relevant authority on the quantum of compensation for
relocation, the Board is reviewing the various locations to move
the factory or may choose to close it down. The relocation or
closing down expenses including compensation to employees will
then impact the group results in second half of 2008. The
company will make the requisite announcements when appropriate.
The Group continues to focus in its two core competencies -
plastic injection moulding and mould design and fabrication with
manufacturing facilities in the PRC.
As of June 30, 2008, the group's balance sheet showed SGD8.59
million of total assets and SGD2.43 million of total liabilities
resulting in a shareholders' equity of SGD6.16 million.
About K Plas
K Plas Holdings Limited is an investment holding company. The
company has two segments: plastic injection moulding, and mould
designs and fabrication. The plastic injection moulding segment
is a manufacturer of precision engineering plastic components of
varying shapes and sizes. These components are used as parts or
segments of finished products, such as cameras, game console,
motors, video compact discs, digital versatile discs, audio
systems and motor engines. The mould design and fabrication
segment is a manufacturer of the plastic injection mould
according to the specification of the customers. The mould is
also designed to facilitate the plastic injection moulding and
assembly processes. Once the design of the mould has been
approved by the customers, the mould is fabricated with the aid
of a combination of computer numerically controlled (CNC)-
operated machines, electric discharge machining (EDM), wire
cutting, milling, lathe, surface grinding machines and other
machineries.
* * *
The company incurred two consecutive annual net losses of
SGD4.93 million and SGD4.53 million for the years ended
December 31, 2007, and 2006 respectively.
MULTISTAR HOLDINGS: Net Loss Up by 246% to US$3.49MM in 1H2008
--------------------------------------------------------------
Multistar Holdings Limited disclosed with the Singapore Stock
Exchange its financial results for the first half year ended
June 30, 2008. For the first half of 2008, the company's net
loss increased by 246% to US$3.49 million from the US$1.01
million net loss recorded in the same period of 2007.
The group recorded a gross loss of US$0.8 million for HY2008 as
compared to gross loss of US$3.0 million for HY2007. The losses
for the current period were due to provisions for additional
project costs claimed by the main contractors upon completion of
certain construction projects.
The Group's loss before taxation has increased by 195% from
US$1.0 million in HY2007 to US$3.0 million in HY2008. The
reported loss is mainly due to:
* Provisions for additional project costs claimed by the main
contractors upon completion of certain construction
projects amounting to US$1.2 million;
* General and administrative expenses totalling US$0.8
million;
* Net accounting impact of US$0.8 million arising from
recognition of derivative financial instrument embedded in
the convertible notes in compliance with the applicable
financial reporting standards; and
* Provision for a call on performance bond amounting to
US$0.5 million by a main contractor of a former subsidiary
company wherein the company is one of the guarantors.
Group revenue decreased by 55% from US$1.4 million in HY2007 to
US$0.6 million in HY2008 due mainly yo the wind up of the
construction business by the Group and exclusion of results of
Sincam for HY2008.
Other Income
Other income has declined by 99% as compare to the previous
corresponding period. This is because there was a gain of
US$0.6 million recognized in HY2007 arising from the disposal of
construction equipment and machineries. There was no such
income in the current period.
General and Administrative Expenses
The decrease in general and administrative expenses was due
mainly to the wind up of the construction business by the Group.
In the current period, the general and administrative expenses
comprise mainly staff salaries of US$0.3 million, professional
fess of US$0.1 million relating to the convertible notes, public
relation services and legal fees in relation to used steels.
The balance was due to operating overheads.
Other Operating Expenses
In HY2007, the Group made allowances for doubtful debts of
US$0.5 million in respect of receivables from a former
subsidiary company and a subsidiary company under liquidation.
In the current period, other operating expenses consists mainly
amortization of commitment fees and provision of fat value of
derivative instrument for convertible notes amounting to US$0.6
million and US$0.1 million respectively.
Depreciation for property, plant and equipment dropped by 86% as
compared to HY2007 is mainly due to the deconsolidation of
Sincam financial results in the current financial period.
Finance Costs
Finance costs increased by 13% due to the amortization of
structured fees of convertible notes. The increase is partially
offset by a decrease in overdraft interest and nil finance lease
interest expense for HY2008 as compared to HY2007.
Exceptional Items
In HY2007, there as a one-time write back of losses arising from
deconsolidation of the results of Innovative (in liquidation)
which was placed under compulsory liquidation in July 2007.
There was no such item in HY2008.
In the current period, exceptional items mainly include the
provision for call on performance bond amounting to
US$0.5 million by a main contractor of a former subsidiary
company wherein the company is one of the guarantors.
Balance Sheet
As of June 30, 2008, the company's balance sheet showed
US$13.65 million of total assets, US$14.20 million of total
liabilities resulting to a shareholders' equity deficit of
US$551,000.
About Multistar Holdings
Multistar Holdings Limited, formerly Multi-Con Systems Limited,
is engaged in the provision of general building, construction
engineering, consultancy services and investment holding. It
operates in four main business segments: ground engineering,
which is engaged in laying the foundation of structures, road
and buildings; structural engineering, which involves the design
and construction of buildings and bridges; civil engineering and
infrastructure works, which is engaged in the construction of
flyovers, drainage and sewage systems, and water treatment,
which involves the sales of water and connection fee. Its
wholly owned subsidiaries include Multi-Con Resources Pte. Ltd.,
Innovative Structural Systems Sdn Bhd, New Con Pte. Ltd. and
Innovative Development Co., Ltd. In July 2007, Innovative
Structural Systems Pte Ltd was wound up by an Order of the High
Court of the Republic of Singapore.
* * *
The company incurred two consecutive annual net losses of
US$120,000 and US$8.63 million for the years ended December 31,
2007 and 2006 respectively.
SUNMOON FOOD: Incurs SGD11.54MM Net Loss in Qtr. Ended June 30
--------------------------------------------------------------
In a filing with the Singapore Stock Exchange Limited, Sunmoon
Food Company Limited disclosed its financial results for the
fourth quarter and full year ended June 30, 2008. The company
incurred SGD11.54 million net loss in the fourth quarter, lower
than the recorded SGD32.72 million net loss incurred in the same
period.
The gross loss of the group for the fourth quarter of 2008 was
SGD5.25 million as compared with gross profit of SGD0.91 million
for Q4 2007. This was mainly due to:
(a) Provision for stock obsolescence for dehydrated products
of SGD3.0 million;
(b) Recognition of the estimated current year operation
deficit of SGD2.3 million from plantations.
For YTD 2008, the group's gross loss was SGD3.22 million
compared with gross loss of SGD1.79 million for YTD2007. This
was mainly due to lower sales and gross profit margin from
dehydrated products.
The group's revenue for the fourth quarter of 2008 was SGD13.45
million as compared with SGD9.76 million in the previous
corresponding quarter, an increase of SGD3.7 million (37.8%).
This was mainly due to the higher sales of fruit but was partly
offset by the lower sales of dehydrated products. The higher
fruit sales were due to availability of cashflow for procurement
and distribution of fruits. The lower sales of dehydrated
products were due to limited availability of specific products
for sale to United States.
For year-to-date, the group's revenue was SGD47.37 million as
compared with SGD47.44 million in the previous corresponding
period. The higher sales of fruits were offset by the lower
sales of dehydrated products.
Loss attributable to shareholders is lower for this year as
compared with last year, due mainly to lower provision for
assets impairment.
As of June 30, 2008, the company's balance sheet showed
SGD81.18 million of total assets, SGD79.53 million of total
liabilities resulting to a shareholders' equity of
SGD1.65 million.
About Sunmoon Food
Sunmoon Food Company Limited, formerly FHTK Holdings Ltd, is an
investment holding company. It operates in two business
segments: agricultural products and fruits. The agricultural
products division distributes fresh garlic and manufactures
dehydrated garlic and onion products. The production facilities
are located in People's Republic of China while the products are
mainly distributed to the markets in United States of America,
Europe, People's Republic of China and the ASEAN countries. The
fruits division operates mainly through distribution of fruits
and its coldroom facilities and plantations located in People's
Republic of China. The produce is mainly distributed to the
markets in People's Republic of China, Europe and the ASEAN
countries. As of June 30, 2007, it leased and managed 15
plantations in Shandong totaling 1,769.3 hectares to cultivate a
variety of premium fruits. Its subsidiaries include Fook Huat
Tong Kee Pte Ltd, UGC 2003 Inc and United Fruit Company Limited.
* * *
The company incurred two consecutive annual net losses of
SGD22.53 million and SGD49.24 million for the years ended
June 30, 2008 and 2007, respectively.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ALLSTATE EXPLORA ALX 19.48 -55.70
ARC EXPLORATION ARX 62.79 -15.89
AUSTAR UNITED AUN 525.79 -234.92
ANTARES ENERGY L AZZ 16.21 -4.36
BIRON APPAREL LT BIC 19.71 -2.22
CROESUS MINING CRS 16.00 -13.81
ETW CORP LTD ETW 103.80 -50.24
FULCRUM EQUITY L FUL 40.08 -8.01
IRONCLAD MINING IFE 20.07 -0.12
INTELLECT HLDGS IHG 18.25 -15.49
KH FOODS LTD KHF 38.40 -6.79
KH FOODS LTD-PRF KHFPA 38.40 -6.79
LAFAYETTE MIN LAF 105.24 -190.87
METAL STORM LTD MST 16.48 -2.90
RESIDUAL ASSC-EE RAGXF 597.81 -127.07
TOOTH & CO LTD TTH 127.96 -90.23
VERTICON GROUP VGP 48.50 -2.67
CHINA
SHENZ SEG DASH-A 00000 101.02 -1.14
SHENZ CHINA BI-A 000017 29.38 -244.53
SHENZHEN SHENXIN 000034 44.99 -113.37
CHINA KEJIAN-A 000035 65.12 -167.31
SHENZHEN KONDA-A 000048 155.01 -24.45
HUNAN ANPLAS CO 000156 84.00 -81.35
ZHANGJIAJIE TO-A 000430 51.01 -8.25
DANDONG CHEM F-A 000498 115.94 -91.60
SUCCESS INFORMAT 000517 30.12 -14.83
GUANGDONG MEIYA 000529 66.44 -62.41
GUANGXIA YINCH-A 000557 53.46 -61.33
CHANG LING GROUP 000561 49.68 -115.81
QINGHAI SALT L-A 000578 105.64 -4.91
GUANGMING GRP FU 000587 62.37 -12.08
FUJIAN CFC IND-A 000592 24.20 -19.62
YUEYANG HENGLI-A 000622 40.27 -14.34
LAN BAO TECH INF 000631 29.44 -22.70
CHINA LIAONING-A 000638 15.43 -5.70
CHENGDU UNION-A 000693 59.53 -0.19
JIAOZUO XIN'AN-A 000719 50.82 -25.45
FUJIAN SANNONG-A 000732 64.42 -90.24
CHONGWING INTL-A 000736 24.75 -13.38
SICHUAN DIRECT-A 000757 128.55 -102.62
CHINESE.COM LOGI 000805 12.72 -20.57
SHENZHEN DAWNC-A 000863 36.85 -142.58
STELLAR MEGAUNIO 000892 64.93 -162.46
HUNAN AVA HOLDIN 000918 176.94 -11.26
GUANGDONG KEL-A 000921 604.98 -86.30
ANHUI KOYO GROUP 000979 64.28 -30.78
SHENZ CHINA BI-B 200017 29.38 -244.53
AMOI ELECTRONICS 600057 414.93 -30.4 0
SUNTIME INTERN-A 600084 372.80 -50.59
SHANG WORLDBES-A 600094 327.98 -175.17
MIANYANG GAO-A 600139 30.66 -12.44
HEBEI BAOSHUO CO 600155 313.38 -212.29
HUATONG TIANXI-A 600225 73.84 -41.14
TAIYUAN TIANLON 600234 12.69 -51.58
TIBET SUMMIT IND 600338 73.50 -16.42
CHONGQING CHANG 600369 98.87 -0.06
QINGHAI SUNSHI-A 600381 47.31 -49.66
WINOWNER GROUP C 600681 21.50 -81.28
HEBEI JINNIU C-A 600722 379.30 -2.89
SUNTEK TECHNOLOG 600728 44.69 -22.95
FUJIAN START-A 600734 105.66 -14.34
TIANJIN MARINE 600751 75.44 -26.60
TOPSUN SCIENCE-A 600771 232.68 -131.98
XIAMEN OVERSEAS 600870 433.19 -13.78
HUDA TECHNOLOG-A 600892 18.46 -1.90
NINGBO YIDONG-H 8249 86.83 -0.19
TIANJIN MARINE-B 900938 75.44 -26.60
SHANG WORLDBES-B 900940 327.98 -175.17
HISENSE ELEC-H 921 604.98 -86.30
HONG KONG
SUNCORP TECH LTD 1063 31.94 -35.07
FE GOLDEN RES 1188 52.49 -9.92
CHIA TAI ENTERPR 121 316.11 -40.95
CHINA BEST GROUP 370 55.54 -1.84
ASIA TELEMEDIA L 376 16.97 -7.53
WELLING HOLDING 382 303.95 -44.65
NEW CITY CHINA 456 110.83 -6.78
PALADIN LTD 495 167.43 -6.23
MAXX BIOSCIENCE 512 25.48 -5.36
PALADIN LTD -PRE 642 167.43 -6.23
CHINA HEALTHCARE 673 25.44 -3.37
WAH SANG GAS 8035 61.51 -106.48
INDIA
ANDREW YULE & CO ANY 81.41 -30.90
ARTSON ENGR ART 10.31 -0.71
ASHIMA LTD ASHM 96.57 -42.59
BHAGHEERATHA ENG BGEL 22.65 -28.20
BALAJI DISTILLER BLD 45.66 -74.20
BELLARY STEELS BSAL 395.36 -41.25
CFL CAPITAL FIN CEATF 20.64 -48.88
CORE HEALTHCARE CPAR 185.36 -241.91
DIGJAM LTD DGJM 98.77 -14.62
DISH TV INDIA DITV 228.93 -9.08
ELQUE POLYESTERS ELQP 13.80 -25.63
FACOR ALLOYS LTD FACA 17.34 -1.39
GANESH BENZOPLST GBP 82.16 -38.25
SURAT TEXTILE MI GCTY 15.97 -8.85
GUJARAT SIDHEE GSCL 59.44 -0.66
GUJARAT STATE FI GSF 43.60 -195.24
HIMACHAL FUTURIS HMFC 603.36 -13.34
HMT LTD HMT 316.41 -175.33
HINDUSTAN PHOTO HPHT 95.12 -953.35
IFB INDS LTD IFBI 50.67 -65.49
INDIA STEEL WORK ISI 56.76 -1.47
JCT ELECTRONICS JCTE 117.60 -50.17
JK SYNTHETICS JKS 20.21 -2.17
JENSON & NIC LTD JN 14.81 -81.79
KALYANPUR CEMENT KCEM 38.11 -48.48
LML LTD LML 86.80 -27.97
LLOYDS METALS LYDM 76.63 -0.41
LLOYDS STEEL IND LYDS 392.56 -102.16
MODI RUBBER LTD MDR 39.76 -24.30
MAFATLAL INDS MFI 123.63 -83.84
MILLENNIUM BEER MLB 38.26 -3.52
NATH PULP & PAP NPPM 11.60 -34.77
PAREKH PLATINUM PKPL 59.66 -75.55
PANCHMAHAL STEEL PMS 51.02 -0.33
PSI DATA SYSTEMS PSI 11.68 -2.48
PTL ENTERPRIESES PTLE 54.29 -0.40
PANYAM CEMENTS PYC 30.24 -9.40
ROLLATAINERS LTD RLT 22.97 -22.24
REMI METALS GUJA RMM 45.06 -51.10
RPG CABLES LTD RPG 51.43 -20.19
SIL BUSINESS ENT SILB 12.46 -19.96
SANDUR MANGANESE SMIO 32.57 -2.61
SPICE COMMUNICAT SPCM 263.69 -19.68
SIMPLEX REALTY SPLX 16.49 -0.44
SHREE RAMA MULTI SRMT 71.22 -29.91
USHA INDIA LTD USHA 12.06 -54.51
JOG ENGINEERING VMJ 50.08 -10.08
VXL INSTRUMENT VXLI 12.20 -0.62
WIRE AND WIRELES WNW 106.98 -23.62
YASHRAJ CONTAINE YRCT 17.49 -2.09
INDONESIA
PRIMARINDO ASIA BIMA 10.35 -20.51
BUKAKA TEKNIK UT BUKK 64.09 -99.37
DAYA SAKTI UNGGU DSUC 30.24 -6.93
ERATEX DJAJA ERTX 30.29 -1.65
JAKARTA KYOEI ST JKSW 29.85 -41.60
KARWELL INDONESI KARW 29.56 -2.03
KERAMIKA INDO AS KIAS 87.06 -202.18
MULIA INDUSTRIND MLIA 403.05 -444.83
POLYSINDO EKA PE POLY 585.34 -764.29
PANCA WIRATAMA PWSI 32.08 -33.33
STEADY SAFE TBK SAFE 16.61 -3.31
SURABAYA AGUNG SAIP 285.50 -73.67
TEXMACO JAYA TBK TEJA 42.85 -181.04
TEIJIN INDONESIA TFCO 259.68 -37.29
UNITEX TBK UNTX 16.9 -11.29
JAPAN
TSUCHIYA TWOBY 1753 24.22 -2.24
LINK ONE 2403 16.60 -3.12
NEXUS 2799 25.44 -18.58
LINK CONSULTING 4798 50.71 -10.14
YOZAN INC 6830 28.63 -94.74
AIREX INC 6944 44.25 -7.05
SUMIYA CO 9939 70.82 -10.21
MALAYSIA
CNLT FAR EAST CNLT 42.36 -6.34
FOREMOST HLDGS FMST 11.04 -0.11
HARVEST COURT HAR 10.68 -5.71
LITYAN HLDGS BHD LIT 23.33 -26.71
MANGIUM INDUSTRI MANG 14.36 -18.65
PUTERA CAP BHD PCAP 10.56 -4.70
PANGLOBAL BHD PGL 179.11 -170.79
SUNWAY INFRASTRU SIB 399.84 -10.80
TECHVENTURE BHD TECH 37.23 -11.29
WEMBLEY INDS WMY 125.94 -283.62
WONDERFUL WIRE WW 22.80 -2.47
PHILIPPINES
APEX MINING-A APX 55.27 -1.97
APEX MINING 'B' APXB 55.27 -1.97
BENGUET CORP-A BC 82.27 -32.34
BENGUET CORP 'B' BCB 82.27 -32.34
CENTRAL AZUC TAR CAT 35.74 -1.8 0
CYBER BAY CORP CYBR 14.85 -74.3 0
FIL ESTATE CORP FC 43.03 -10.93
FILSYN CORP A FYN 24.84 -11.37
FILSYN CORP. B FYNB 24.84 -11.37
GOTESCO LAND-A GO 18.68 -10.86
GOTESCO LAND-B GOB 18.68 -10.86
MRC ALLIED MRC 14.95 -0.75
PICOP RESOURCES PCP 105.66 -23.33
PRIME ORION PHIL POPI 99.69 -82.12
EAST ASIA POWER PWR 72.74 -136.68
UNIVERSAL RIGHTF UP 45.12 -13.48
UNITED PARAGON UPM 27.11 -36.05
UNIWIDE HOLDINGS UW 65.66 -57.31
VICTORIAS MILL VMC 175.01 -38.64
SINGAPORE
ADV SYSTEMS AUTO ASA 23.57 -8.97
CHUAN SOON HUAT CSH 41.94 -5.18
FALMAC LTD FAL 10.57 -4.70
GUL TECHNOLOGIES GUL 172.80 -3.04
HL GLOBAL ENTERP HLGE 126.65 -9.03
INFORMATICS EDU INFO 29.27 -3.48
LINDETEVES-JACOB LJ 212.82 -71.25
L&M GROUP INV LNM 56.91 -10.59
PACIFIC CENTURY PAC 76.36 -9.38
SOUTH KOREA
FIRST FIRE & MAR 000610 2,044.03 -1.78
ORICOM INC 010470 82.65 -40.04
UNICK CORP 011320 36.54 -4.45
STARMAX CO LTD 017050 73.13 -5.54
DAISHIN INFO 020180 740.50 -158.45
TONG YANG MAGIC 023020 355.15 -25.77
FATOMENT 025460 28.43 -13.92
NANO MINING CO L 036270 18.22 -32.17
COSMOS PLC 053170 19.31 -4.95
SEJI CO LTD 053330 37.25 -0.31
MEDIACORP INC 053890 53.31 -32.22
DAHUI CO LTD 055250 186.00 -1.50
INNO METAL IZIRO 070080 28.56 -0.33
SINJISOFT CORP 078700 12.76 -21.01
TAIWAN
CHIEN TAI CEMENT 1107 213.25 -8.62
DAHIN-ENTL CERT 1320V 276.48 -230.27
PROTOP TECHNOLOG 2410 55.69 -13.46
HELIX TECHNOL-EC 2479S 29.01 -18.18
HELIX TECH-EC 2479T 29.01 -18.18
HELIX TECH-EC IS 2479U 29.01 -18.18
CHIEF CONST-ENT 2522R 215.18 -21.15
CHIEF CONST-ENTL 2522S 215.18 -21.15
CHIEF CONST-ENTL 2522T 215.18 -21.15
OPTODISC TECHNOL 3142 70.41 -139.97
UNICAP ELECT-EC 5307R 133.88 -19.06
UNICAP ELECT-EC 5307S 133.88 -19.06
UNICAP ELECT-ENT 5307T 133.88 -19.06
PACCO TECH CO 5501 16.01 -7.00
YEU TYAN MACHINE 8702 39.57 -271.07
THAILAND
ABICO HOLDINGS ABICO 16.69 -9.85
ABICO HOLD-NVDR ABICO-R 16.69 -9.85
ABICO HLDGS-F ABICO/F 16.69 -9.85
BANGKOK RUBBER BRC 87.67 -76.10
BANGKOK RUB-NVDR BRC-R 87.67 -76.10
BANGKOK RUBBER-F BRC/F 87.67 -76.1 0
BANGKOK STEEL IN BSI 458.73 -136.44
BANGKOK STE-NVDR BSI-R 458.73 -136.44
BANGKOK STEEL-F BSI/F 458.73 -136.44
CIRCUIT ELEC PCL CIRKIT 61.30 -25.89
CIRCUIT ELE-NVDR IRKIT-RTB 61.30 -25.89
CIRCUIT ELEC-FRN CIRKIT/F 61.30 -25.89
CENTRAL PAPER IN CPICO TB 13.25 -241.78
CENTRAL PAPER-NV CPICO-R 13.25 -241.78
CENTRAL PAPER-F CPICO/F 13.25 -241.78
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 42.10 -72.43
ITV PCL-NVDR ITV-R 42.10 -72.43
ITV PCL-FOREIGN ITV/F 42.10 -72.43
K-TECH CONSTRUCT KTECH 83.20 -5.69
K-TECH CONTRU-R KTECH-R 83.20 -5.69
K-TECH CONSTRUCT KTECH/F 83.20 -5.69
NEW PLUS KNITT NPK 10.08 -2.03
NEW PLUS KN-NVDR NPK-R 10.08 -2.03
NEW PLUS KNITT-F NPK/F 10.08 -2.03
PREMIER MARKET PM 41.96 -2.35
PREMIER MAR-NVDR PM-R 41.96 -2.35
PREMIER MARK-FOR PM/F 41.96 -2.35
KUANG PEI SAN POMPUI 18.78 -14.07
KUANG PEI-NVDR POMPUI-RTB 18.78 -14.07
KUANG PEI SAN-F POMPUI/F 18.78 -14.07
SAFARI WORLD PUB SAFARI 113.06 -12.05
SAFARI WORL-NVDR SAFARI-RTB 113.06 -12.05
SAFARI WORLD-FOR SAFARI/F 113.06 -12.05
SIAM GEN FACTOR SGF 14.93 -18.64
SIAM GENERA-NVDR SGF-R 14.93 -18.64
SIAM GEN FACT-F SGF/F 14.93 -18.64
SIAM GENERAL-PFD SGF/P1 14.93 -18.64
SIAM GENERAL-PNV SGF/P1-RTB 14.93 -18.64
SAHAMITR PRESSUR SMPC 27.26 -34.59
SAHAMITR PR-NVDR SMPC-R 27.26 -34.59
SAHAMITR PRESS-F SMPC/F 27.26 -34.59
TUNTEX THAILAND TUNTEX 249.51 -15.17
TUNTEX THAI-NVDR TUNTEX-RTB 249.51 -15.17
TUNTEX THAILAN-F TUNTEX/F 249.51 -15.17
UNIVERSAL STARCH USC 104.16 -34.15
UNIVERSAL S-NVDR USC-R 104.16 -34.15
UNIVERSAL STAR-F USC/F 104.16 -34.15
*********
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. Marites M. Claro, 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 ***