/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/081104.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, November 4, 2008, Vol. 11, No. 219 Headlines A U S T R A L I A A.C.N. 119 934 806 PTY: Commences Liquidation Proceedings ANDREW PINE: Second and Final Dividend on November 28 AVENTIS ANIMAL: Members' Final Meeting Held BABCOCK & BROWN: Founder Resigns as Director D & J AIRCONDITIONING: Commences Liquidation Proceedings G & S BUILDING: Commences Liquidation Proceedings HERITAGE HILLS: Final Dividend Will Be Declared Tomorrow ITALO PTY: Commences Liquidation Proceedings MINESITE SERVICES: Members' General Meeting Held MONI AUSTRALIA: Members’ Final Meeting Held NEW CAP REINSURANCE: General Meeting & Creditors' Meeting Held PLANET BOLLYWOOD: Commences Liquidation Proceedings POWERMAN COMMUNICATIONS: Final Dividend Declared PUPRUSH PTY: Commences Liquidation Proceedings R & Z FORMWORK: Members Appoint Liquidator REFLECTIONS CLEANING GROUP: Commences Liquidation Proceedings ROBERT UDEN PTY: Members' Meeting Held SAVVIDES PTY: Final Meeting Held C H I N A HOPSON DEVELOPMENT: Fitch Withdraws 'BB' Ratings * Fitch Says China's Securitization Market Is Progressing H O N G K O N G CHIA TAI HAINAN: Members' Final Meeting Slated for Nov. 26 CHIA TAI INTERNATIONAL: Members' Final Meeting Slated for Nov. 26 FRIGAID HK: Creditors' Proofs of Debt Due on November 10 HKSC FOODS: Court to Hear Wind-Up Petition on December 3 KING LONG: Court to Hear Wind-Up Petition on November 5 LEECO TEXTILE: Pays First Dividend to Creditors MELBOURNE GARMENT: Members and Creditors to Meet on November 26 UNITED CHAMPION: Subject to CITIC's Wind-Up Petition WONDERFUL CHINESE: Court to Hear Wind-Up Petition on November 19 WORLD BILLION: Members and Creditors to Meet on November 26 I N D I A TATA MOTORS: October 2008 Vehicle Sales Down 20% TATA MOTORS: Tata Group Takes Rs30BB of the Rs41.5BB Rights Issue I N D O N E S I A INDOVER BANK: Jakarta to Sue Bank Over Alleged Letter of Support M A L A Y S I A * Malaysia Banks Resilient As External Conditions Getting Tougher N E W Z E A L A N D AGGREGATE LTD ET AL: Creditors Must File Claims by November 7 BRENT ATKINSON: Court to Hear Wind-Up Petition on November 17 CHEZ & CO: Court to Hear Wind-Up Petition on November 7 GARDEN CITY: Court to Hear Wind-Up Petition on November 17 L J L LTD: Court to Hear Wind-Up Petition on November 17 LAKE TE ANAU: Court to Hear Wind-Up Petition on November 17 MORE COWS: Faces CIR’s Wind-Up Petition ROSS JAMES: Joint Liquidators Appointed SOUTHLAND STONE: Court to Hear Wind-Up Petition on November 7 ST. GEORGE: John Curtis Appointed as Westpac Deputy Chairman TAG LTD: Faces CIR’s Wind-Up Petition TOTAL LANDSCAPE: Faces CIR’s Wind-Up Petition VTL GROUP: Calls in Colin McCloy as Receivers * NEW ZEALAND: Wholesale Funding Guarantee Details Unveiled * NEW ZEALAND: Annual Wage Rate Growth at 3.6% in September Qtr. X X X X X X X X * BOND PRICING: For the Week October 27 to October 31, 2008 - - - - - ================= A U S T R A L I A ================= A.C.N. 119 934 806 PTY: Commences Liquidation Proceedings --------------------------------------------------------- At a meeting of A.C.N. 119 934 806 Pty Limited held on September 10, 2008, a resolution was passed -- that, as the company is unable to pay its debts as and when they fall due, the company be wound up voluntarily and that Robert Moodie be appointed liquidator for the purpose of that winding up. The liquidator can be reached at: ROBERT MOODIE Rodgers Reidy 333 George Street, Level 8 Sydney NSW 2000 Telephone: (02) 9262 1944 Facsimile: (02) 9262 1933 ANDREW PINE: Second and Final Dividend on November 28 ----------------------------------------------------- A second and final dividend with respect to unsecured creditors of Andrew Pine Furniture Pty Limited is to be declared on November 28, 2008. The deadline for creditors to file claims expired on October 21, 2008. The liquidator is: MURRAY GODFREY Liquidator RMG Partners 88 Pitt Street, Level 12 Sydney NSW 2000 Telephone: (02) 9231 0889 AVENTIS ANIMAL: Members' Final Meeting Held ------------------------------------------- A final meeting of the members of Aventis Animal Nutrition Pty Limited was held at Rodgers Reidy, Level 8, 333 George Street, Sydney on October 31, 2008. The purpose of the meeting was: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books and records of the company. (c) To consider and other business. The liquidator is: GEOFFREY REIDY Liquidator Rodgers Reidy 333 George Street, Level 8 Sydney NSW 2000 BABCOCK & BROWN: Founder Resigns as Director -------------------------------------------- Babcock & Brown Limited founder Jim Babcock has resigned as director of the company effective Nov. 1, 2008. The company said Mr. Babcock has made the decision to step down from the Board for personal reasons; he remains a significant shareholder in the company. A search to recruit new independent directors for the Board is ongoing, Babcock & Brown said in a statement. Headquartered in Sydney, Australia, Babcock & Brown Limited (ASX:BNB) -- http://www.babcockbrown.com/-- creates, syndicates and manages investment products for itself, as a principal, and its investor clients; management of specialised listed and unlisted funds, and advising and arranging leasing, project financing and structured finance transactions. It has five segments: real estate, which engages in principal investment and investment management activities in the real estate sector; infrastructure, which engages in financial advisory, principal finance and funds management activities in the infrastructure and project finance sector; corporate and structured finance, which is engaged in the origination, structuring and participation in and management of equity and debt investments, and operating leasing, which is engaged in asset acquisition and syndication, and ongoing management of portfolios of aircraft, railcars and semi-conductor equipment. In October 2007, it acquired Bluewater. In November 2007, it acquired Coinmach Service Corp. * * * As reported in the Troubled Company Reporter-Asia Pacific on Sept. 19, 2008, Standard & Poor's Ratings Services lowered its long-term issuer credit rating on Australia-based Babcock & Brown International Pty Ltd. (BBIPL) to 'BB' from 'BB+'. The rating outlook is negative. D & J AIRCONDITIONING: Commences Liquidation Proceedings -------------------------------------------------------- At a meeting of D & J Airconditioning Pty Limited held on September 16, 2008, a resolution was passed -- that, as the company is unable to pay its debts as and when they fall due, the company be wound up voluntarily and that Robert Moodie be appointed liquidator for the purpose of that winding up. The liquidator can be reached at: ROBERT MOODIE Rodgers Reidy 333 George Street, Level 8 Sydney NSW 2000 Telephone: (02) 9262 1944 Facsimile: (02) 9262 1933 G & S BUILDING: Commences Liquidation Proceedings ------------------------------------------------- At a general meeting of members of G & S Building Services Pty Limited held on September 15, 2008, it was confirmed that the company be wound up voluntarily and Gavin Moss and Angus Gordon of Macquarie Gordon & Co, Level 11, 179 Elizabeth Street, Sydney NSW 2000 be appointed Joint Liquidators. The liquidators can be reached at: Macquarie Gordon & Co 179 Elizabeth Street, Level 11 Sydney NSW 2000 HERITAGE HILLS: Final Dividend Will Be Declared Tomorrow -------------------------------------------------------- A first and final dividend for unsecured creditors of Heritage Hills (Australia) Pty Limited will be declared on November 5, 2008. The liquidator is: M. C. DONNELLY Official Liquidator Ferrier Hodgson GPO Box 4114 Sydney NSW 2001 ITALO PTY: Commences Liquidation Proceedings -------------------------------------------- At a meeting of the members of Italo Pty Limited held on September 15, 2008, it was resolved that the company be placed into Liquidation and that Messrs. Ozem Kassem and Bruno Anthony Secatore be appointed Joint and Several Liquidators. The liquidators can be reached at: Cor Cordis Chartered Accountants 76-80 Clarence Street, Level 10 Sydney NSW 2000 Telephone: (02) 8221 8433 Facsimile: (02) 8221 8422 MINESITE SERVICES: Members' General Meeting Held ------------------------------------------------ A general meeting of the members of Minesite Services Pty Limited was held at the offices of Ferrier Hodgson (Newcastle), Chartered Accountants, Level 3, 2 Market Street, Newcastle on October 31, 2008 for the purpose of having an account laid before them showing the manner in which the winding up has been conducted and the property of the company disposed of and of hearing any explanations that may be given by the Liquidator. The liquidator is: P. W. GIDLEY Liquidator Ferrier Hodgson Chartered Accountants PO Box 840 Newcastle NSW 2300 MONI AUSTRALIA: Members’ Final Meeting Held ------------------------------------------- The final meeting of members of Moni Australia Pty Limited will be held at the offices of Ernst & Young, Level 37, 680 George Street, Sydney NSW 2000 on October 30, 2008. The members discussed the manner in which the winding up has been conducted and the property of the company has been disposed of. The liquidators are: KEIRAN WILLIAM HUTCHISON JOHN RAYMOND GIBBONS Liquidators Ernst & Young 680 George Street, Level 37 Sydney NSW 2000 Telephone: (02) 9248 5555 NEW CAP REINSURANCE: General Meeting & Creditors' Meeting Held -------------------------------------------------------------- A general meeting of New Cap Reinsurance Corporation Limited and a meeting of its creditors was held at the Insurance Hall, 20 Aldermanbury, London EC2V 7HY, United Kingdom on October 16, 2008. They discussed the liquidator's acts and dealings and the conduct of the winding up. The liquidator is: John R. Gibbons Liquidator and Scheme Administrator New Cap Reinsurance Corporation Limited Ernst & Young Chartered Accountants 680 George Street Sydney NSW 2000 PLANET BOLLYWOOD: Commences Liquidation Proceedings --------------------------------------------------- At a meeting of members of Planet Bollywood Pty Limited held on September 15, 2008, these Special and Ordinary resolutions were passed: -- that the Company be wound up voluntarily, and -- that Mitchell Ball of Paladin Partners be appointed liquidator of the company. The liquidator can be reached at: MITCHELL BALL Liquidator Paladin Partners 120 Sussex Street, Level 3 Sydney NSW 2000 Telephone: (02) 9290 5300 Facsimile: (02) 9290 5399 POWERMAN COMMUNICATIONS: Final Dividend Declared ------------------------------------------------ A first and final dividend for unsecured creditors of Powerman Communications Pty Ltd was declared on October 24, 2008. The liquidator is: STEVEN NICOLS Nicols + Brien 350 Kent Street, Level 2 Sydney NSW 2000 Telephone: (02) 9299 2289 http://www.bankrupt.com.au/ PUPRUSH PTY: Commences Liquidation Proceedings ---------------------------------------------- At a meeting of Puprush Pty Limited held on September 10, 2008, a resolution was passed -- that, as the company is unable to pay its debts as and when they fall due, the company be wound up voluntarily and that Robert Moodie be appointed liquidator for the purpose of that winding up. The liquidator can be reached at: ROBERT MOODIE Rodgers Reidy 333 George Street, Level 8 Sydney NSW 2000 Telephone: (02) 9262 1944 Facsimile: (02) 9262 1933 R & Z FORMWORK: Members Appoint Liquidator ------------------------------------------ At a meeting of members of R & Z Formwork & Construction Services Pty Limited held on September 15, 2008, these Special and Ordinary resolutions were passed: -- that the Company be wound up voluntarily, and -- that Mitchell Ball of Paladin Partners be appointed liquidator of the company. The liquidator can be reached at: MITCHELL BALL Liquidator Paladin Partners 120 Sussex Street, Level 3 Sydney NSW 2000 Telephone: (02) 9290 5300 Facsimile: (02) 9290 5399 REFLECTIONS CLEANING GROUP: Commences Liquidation Proceedings ------------------------------------------------------------- At a meeting of members of Reflections Cleaning Group Pty Limited duly convened and held on September 15, 2008, these Special and Ordinary resolutions were passed: -- that the Company be wound up voluntarily, and -- that Mitchell Ball of Paladin Partners be appointed liquidator of the company. The liquidator can be reached at: MITCHELL BALL Liquidator Paladin Partners 120 Sussex Street, Level 3 Sydney NSW 2000 Telephone: (02) 9290 5300 Facsimile: (02) 9290 5399 ROBERT UDEN PTY: Members' Meeting Held -------------------------------------- A meeting of the members of Robert Uden Pty Limited was held at the office of Hall Chadwick Chartered Accountants, Level 29, 31 Market Street Sydney NSW 2000 on October 31, 2008. The meeting was a final meeting. Members received a report from the Liquidator, being an account of his acts and dealings and of the conduct of the winding up during the period of the liquidation ending on October 31, 2008. The liquidator is: ROBERT ELLIOTT Liquidator c/o Hall Chadwick 31 Market Street, Level 29 Sydney NSW 2000 SAVVIDES PTY: Final Meeting Held -------------------------------- A final meeting of the members of Savvides Pty Limited was held at Rodgers Reidy, Level 8, 333 George Street, Sydney on October 30, 2008. The purpose of the meeting was: (a) To receive an account from the Liquidator. (b) A resolution to destroy the books and records of the company. (c) To consider and other business. The liquidator is: PETER RODGERS Liquidator Rodgers Reidy 333 George Street, Level 8 Sydney NSW 2000 ========= C H I N A ========= HOPSON DEVELOPMENT: Fitch Withdraws 'BB' Ratings ------------------------------------------------ Fitch Ratings has withdrawn Hopson Development Holdings Limited's (Hopson) Long-term foreign currency Issuer Default Rating (IDR) and senior secured debt rating of 'BB', both of which were placed on Rating Watch Negative on June 27, 2008, due to a lack of sufficient information to allow timely monitoring of credit trends by the agency. Fitch will no longer provide ratings or analytical coverage of this issuer. * Fitch Says China's Securitization Market Is Progressing --------------------------------------------------------- Fitch Ratings has commented in a just published report, "Outlook For Securitisation In China", that China's securitization market is moving forward gradually despite the complex domestic environment and the current global financial crisis. "China's securitization market is in its early stages and is controlled by the government. While the government's strategy to develop the market steadily is clear, coordination among different regulators may dramatically affect the path and process of its development. The global financial crisis also hinders the steps the regulators will take to loosen control over the market," said Jet Zhou, Director of the agency's Structured Finance team. In the report, Fitch reviews the market situation over the past few years and points out two current phenomena of the Chinese securitization market, namely, continuous product innovation in the interbank market, and the suspension of corporate ABS (or Specific Asset Management Plan) in the stock exchange market. Although regulators have made efforts to advance the securitization development, and steady progress of the second batch of pilot programs are noticeable, the market is not completely developed as corporate ABS -- which is thought to have the most developmental potential -- is missing from the picture. The low liquidity of securitization notes in the interbank market, mainly as a result of investment restrictions by regulators, is another concern for market development. The global financial crisis has negatively affected China's securitization market with policymakers becoming more cautious in approving new transactions. Also included in the report are questions raised by market participants, as well as Fitch's opinions and suggested solutions on securitization market development. The agency expects an additional securitization transaction to be issued in 2008, and another round of formal reviews on the market by regulators will follow. Fitch hopes to see a certain level of integration between the two securities markets in China, which will help pave the way for further development of the country's securitization market. The special report, "Outlook For Securitisation In China", is available on http://www.fitchratings.com/ =============== H O N G K O N G =============== CHIA TAI HAINAN: Members' Final Meeting Slated for Nov. 26 ---------------------------------------------------------- The members of Chia Tai Hainan Development Company Limited will hold their final general meeting on November 26, 2008, at 11:00 a.m., at the 21st Floor of Far East Finance Centre, 16 Harcourt Road, in Admiralty, Hong Kong. At the meeting, pang Siu Chik, Alick, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CHIA TAI INTERNATIONAL: Members' Final Meeting Slated for Nov. 26 ----------------------------------------------------------------- The members of Chia Tai International (H.K.) Limited will hold their final general meeting on November 26, 2008, at 10:00 a.m., at the 21st Floor of Far East Finance Centre, 16 Harcourt Road, in Admiralty, Hong Kong. At the meeting, pang Siu Chik, Alick, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FRIGAID HK: Creditors' Proofs of Debt Due on November 10 -------------------------------------------------------- The creditors of Frigaid HK & Traders Limited are required to file their proofs of debt by November 10, 2008, to be included in the company's dividend distribution. The company's liquidators are: Chen Yung Ngai Kenneth Wong Tak Man Stephen Caroline Centre, Lee Gardens Two 29th Floor 28 Yun Ping Road Hong Kong HKSC FOODS: Court to Hear Wind-Up Petition on December 3 -------------------------------------------------------- A petition to have HKSC Foods Limited's operations wound up will be heard before the High Court of Hong Kong on December 3, 2008, at 9:30 a.m. Li Kwan Fung Yee Brenda filed the petition against the company on October 2, 2008. Li Kwan's solicitors are: Messrs. Peter C. Wong Chow & Chow Admiralty Centre, Tower I Room 2204, 22nd Floor No. 18 Harcourt Road Hong Kong Telephone: 2520 0383 Facsimile: 2810 0280 KING LONG: Court to Hear Wind-Up Petition on November 5 ------------------------------------------------------- A petition to have King Long Industrial Limited's operations wound up will be heard before the High Court of Hong Kong on August 29, 2008, at 9:30 a.m. CITIC Ka Wah Bank Limited filed the petition against the company on August 29, 2008. CITIC's solicitors are: Messrs. Ip, Kwan & Co. The Center, Suite 1502 99 Queen's Road Central Hong Kong LEECO TEXTILE: Pays First Dividend to Creditors ----------------------------------------------- Leeco Textile Limited paid first dividend to its creditors on or after October 27, 2008. The company paid 7.134% of dividend. MELBOURNE GARMENT: Members and Creditors to Meet on November 26 --------------------------------------------------------------- The members and creditors of Melbourne Garment Limited will meet on November 26, 2008, at 2:00 p.m. and 2:30 p.m., respectively, at the 32nd Floor of One Pacific Place, in 88 Queensway, Hong Kong. At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. UNITED CHAMPION: Subject to CITIC's Wind-Up Petition ---------------------------------------------------- On August 29, 2008, CITIC Ka Wah Bank Limited filed a petition to have United Champion Trading Limited's operations wound up. The petition will be heard before the High Court of Hong Kong on November 5, 2008, at 9:30 a.m. CITIC's solicitors are: Messrs. Ip, Kwan & Co. The Center, Suite 1502 99 Queen's Road Central Hong Kong WONDERFUL CHINESE: Court to Hear Wind-Up Petition on November 19 ---------------------------------------------------------------- A petition to have Wonderful Chinese Cuisine Company Limited's operations wound up will be heard before the High Court of Hong Kong on November 19, 2008, at 9:30 a.m. Wong Chi Wai filed the petition against the company on Sept. 12, 2008. Wong Chi's solicitors are: Ivan Tang & Co. Silvercorp International Tower Units A & B, 22nd Floor 707-713 Nathan Road Kowloon, Hong Kong Telephone: 2388 9389 Facsimile: 2770 1726 WORLD BILLION: Members and Creditors to Meet on November 26 ----------------------------------------------------------- The members and creditors of World Billion Industrial Limited will meet on November 26, 2008, at 3:10 p.m. and 3:30 p.m., respectively, at the 32nd Floor of One Pacific Place, in 88 Queensway, Hong Kong. At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= TATA MOTORS: October 2008 Vehicle Sales Down 20% ------------------------------------------------ Tata Motors Limited's October 2008 total vehicle sales declined 20% to 39,729 from 49,354 in the same month last year. Cumulative sales for the company at 305,414 nos., declined by 2%. Tata says unavailability of finance, coupled with high interest rates, is forcing customers to postpone purchases. Commercial Vehicles The company's sales of commercial vehicles in October 2008 in the domestic market were 19,154 nos., a decline of 29% compared to 27,103 vehicles sold in October last year. M&HCV sales stood at 7,321 nos., a decline of 48% over October 2007, while LCV sales were 11,833 nos., a decline of 10% over October 2007. Cumulative sales of commercial vehicles in the domestic market for the fiscal were 164,894 nos., a growth of 3% over 159,964 nos. last year. Cumulative M&HCV sales stood at 76,117 nos., a decline of 8% over last year, while LCV sales for the fiscal were 88,777 nos., a growth of 15% over last year. Passenger Vehicles Total sales of passenger vehicles at 17,014 vehicles in the domestic market in October 2008 have been growing since July sales of 14,652 nos. They grew by 3% over the previous month of September 2008, but declined by 6% over 18,021 nos. sold in October 2007. Retail sales crossed 18,500 nos. led by highest retail sales for cars for any month this fiscal. The Indica range sales at 9,484 nos. grew by 10% compared to the previous month, and continue to look up since August, the month in which the Indica Vista was launched, when the sales were at 7,756 nos. The car continues to have a 6-week waiting period, and the company is ramping up production every month to meet the pending demand. As a result, the range still shows a decline of 19% over the same month last year, but it is slated to register a growth as soon as the production reaches a stable ramped up capacity. The Indigo range continues to have a good run with sales of 4,616 nos., a 96% growth over October 2007. Between the Indica and the Indigo range, total sales of 14,100 nos. in the month of October 2008 are marginally up (for the first time this fiscal) than the car sales of 14,011 nos. in October 2007. Retail sales for cars were at the highest this fiscal at over 15,000 nos. The Sumo and Safari accounted for sales of 2,914 nos., a decline of 27% compared to October 2007. The UV/SUV range has been under pressure in the market since the July ad hoc imposition of an additional element of excise duty on vehicles having engine displacement of over 1.5 litre. Cumulative sales of passenger vehicles in the domestic market for the fiscal were 114,919 nos., a decline of 5% over 120,498 nos. in the same period last year, primarily due to the phasing out of the older Indica and the induction of the new Indica Vista. Cumulative sales of the Indica at 59,039 nos., reported a decline of 26%, a situation that has shown an improvement over the last few months since the launch of the Indica Vista. Cumulative sales of the Indigo family were 31,282 nos., a strong growth of 88%. Cumulative sales of Sumo and Safari were 24,598 nos., a growth of 4%. Exports The company's sales from exports at 3,561 vehicles in October 2008 declined by 16% compared to 4,230 vehicles in October 2007. The cumulative sales from exports for the fiscal at 25,601 nos. declined by 20% over 31,832 nos. in the same period last year. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. TML is listed on the Bombay Stock Exchange, the National Stock Exchange of India and New York Stock Exchange. It was ultimately 33.4% owned by the Tata Group as of December 2007. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on July 9, 2008, Standard & Poor's Ratings Services kept its 'BB' corporate credit rating on India's Tata Motors Ltd. on CreditWatch with negative implications, pending finalization of the long-term financing plans for funding the company's purchase of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--). At the same time, Standard & Poor's ratings on all Tata Motors' rated debt remain on CreditWatch with negative implications. The rating on Tata Motors was lowered on April 4, 2008, to 'BB', from 'BB+', after the announcement of the agreement with Ford Motor Co. for the purchase of Jaguar and Land Rover. Tata Motors has paid about US$2.3 billion in cash for Jaguar and Land Rover (comprising brands, plants, and intellectual property rights). Ford has contributed US$600 million to the Jaguar-Land Rover (JLR) pension plans. As reported in the Troubled Company Reporter-Asia Pacific on June 4, 2008, Moody's Investors Service downgraded the corporate family rating of Tata Motors Ltd to Ba2 from Ba1 following the completion of its acquisition of Ford's Jaguar Land Rover. The rating outlook is negative. TATA MOTORS: Tata Group Takes Rs30BB of the Rs41.5BB Rights Issue ----------------------------------------------------------------- Tata Group of India had to cover about Rs 30 billion (US$607 million) of the Rs 41.5 billion rights issued by Tata Motors Limited after investors shunned the offering, The Financial Times reports. The offering's underwriters, JM Financial Consultants of Mumbai and Citigroup Global Markets India, also intervened, absorbing Rs 3 billion, says the report. According to the FT, the issue was part of efforts to refinance a US$3 billion loan the group took for Tata Motors' US$2.4 billion acquisition of Ford's Jaguar and Land Rover marques this year. "Given the unprecedented situation . . . between the promoters and the underwriters, the issue had to be supported," C. Ramakrishnan, chief financial officer of Tata Motors, was quoted by the FT as saying. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 22, 2008, Tata Motors' Rs.4,200-crore twin rights issue failed to get investors' interest amid drastic fall in the company's stock price. The issue, according to The Economic Times, was priced at Rs.340 a share for full voting ordinary rights shares and Rs 305 a share for the differential voting rights component of the issue ('A' ordinary shares). "We did not invest in Tata Motors rights offer as shares are available in the markets 28% cheaper than the offer price. It does not make any economic rationale for us to invest in the offer even though the company has long term prospects," The Economic Times cited an unnamed top official of an Indian financial institution as saying. Sify related that the stock price of Tata Motors, which was Rs.355.85 on September 29, when the rights issue opened, shed Rs.111.95 when the rights issue closed on October 20. A TCR-AP report on Aug. 21, 2008, said Tata Motors reduced its long-term financing plan for the Jaguar-Land Rover acquisition from three to two simultaneous but unlinked securities citing the current situation in the capital market and the change in the level of prices in the stock markets since May 2008. The original rights issue, totaling Rs.7,200 crores, was composed of: a) an issue of ordinary shares of a total amount of about Rs.2,200 crores; b) an issue of 'A' ordinary shares having differential voting rights (viz. 1 vote for every 10 shares held) of a total amount of about Rs.2,000 crores; and c) an issue of 0.5% 5-year convertible preference shares of a total amount of about Rs.3,000 crores, which would be convertible into 'A' ordinary shares at any time after 3 years but before 5 years from the date of allotment. The amended rights issue was restricted to (a) an issue of Ordinary Shares and (b) an issue of 'A' Ordinary Shares having differential voting rights. In place of the issue of Convertible Preference Shares, Tata Motors then proposed to raise the required resources by monetizing a part of the company's investments through a phased divestment of certain investments (preferably as inter-group sales wherever feasible) at prevailing market prices over the next 6 to 8 months. The funds released from such future divestments together with those already sold during the current financial year, will form part of the resources to be raised for repaying the bridging loan taken for the Jaguar-Land Rover acquisition. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. TML is listed on the Bombay Stock Exchange, the National Stock Exchange of India and New York Stock Exchange. It was ultimately 33.4% owned by the Tata Group as of December 2007. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on July 9, 2008, Standard & Poor's Ratings Services kept its 'BB' corporate credit rating on India's Tata Motors Ltd. on CreditWatch with negative implications, pending finalization of the long-term financing plans for funding the company's purchase of Jaguar and Land Rover from Ford Motor Co. (B/Watch Neg/--). At the same time, Standard & Poor's ratings on all Tata Motors' rated debt remain on CreditWatch with negative implications. The rating on Tata Motors was lowered on April 4, 2008, to 'BB', from 'BB+', after the announcement of the agreement with Ford Motor Co. for the purchase of Jaguar and Land Rover. Tata Motors has paid about US$2.3 billion in cash for Jaguar and Land Rover (comprising brands, plants, and intellectual property rights). Ford has contributed US$600 million to the Jaguar-Land Rover (JLR) pension plans. As reported in the Troubled Company Reporter-Asia Pacific on June 4, 2008, Moody's Investors Service downgraded the corporate family rating of Tata Motors Ltd to Ba2 from Ba1 following the completion of its acquisition of Ford's Jaguar Land Rover. The rating outlook is negative. ================= I N D O N E S I A ================= INDOVER BANK: Jakarta to Sue Bank Over Alleged Letter of Support ---------------------------------------------------------------- Jakarta is suing N.V. de Indonesische Overzeese Bank aka Indover Bank for claiming that the government endorsed a letter of support that Bank Indonesia, the central bank, issued this year to help it raise funds, The Financial Times reports, citing Finance Minister Sri Mulyani Indrawati. Indover Bank is a Netherlands-based subsidiary of Bank Indonesia. Ms. Indrawati told the FT the government had "no connection whatsoever with the ownership and activities of Indover Bank" and its collapse has no bearing on "government's ability to manage the state's finances". Separately, Antara News reports Indover Bank is facing liquidation after the Indonesian government failed to meet the October 31 deadline set by the Dutch central bank for a fresh fund injection. According to Antara, the Indonesian central bank's senior deputy governor, Miranda S Goeltom, said in a press conference over the weekend that BI could not inject fresh funds into Indover because no official approval was received from the House of Representatives (DPR) until the end of the deadline. Indover Bank had been frozen by a court of law in the Netherlands on October 7, 2008, after the bank failed to meet its obligations worth US$92 million, Antara recalls. Besides facing liquidation, Antara relates the ailing bank is also facing auditing for alleged misappropriation. =============== M A L A Y S I A =============== * Malaysia Banks Resilient As External Conditions Getting Tougher ----------------------------------------------------------------- Fitch Ratings has noted in an upcoming report that although the financial performance of Malaysian banks remained fairly healthy in H108, the impact of the global downturn and recent turmoil in financial markets has yet to be fully reflected. Rather, a significant slowdown in economic growth in 2009, in response to a worsening global growth climate and the corresponding negative impact on income, spending and employment prospects, is likely to result in much weaker earnings and cause credit quality to deteriorate for the Malaysian banks from end-2008. "While the Malaysian banks are expected to be quite well-placed to weather the weaker growth conditions ahead, given the progress seen in the clean-up of their balance sheets and the build-up of a stronger provision buffer over the last few years, the impact on the real economy and to the financial sector will have to be watched closely given the downside risks to regional economic growth estimates, particularly in 2009," says Tan Lai Peng, Director of the agency's Financial Institutions team. Fitch's Sovereign team is in the process of reviewing global and regional economic estimates, and further downward revisions can be expected. The financial performance of the nine domestic commercial banking groups in Malaysia remained quite good in H108 with ROA slightly higher at 1.2% on an annualized basis (2007: 1.1%) on stronger credit growth and surprisingly rather stable non-interest income (on a collective basis) due to the offsetting impact of increased fee income. Limited exposure to US subprime financial assets as well as to other severely hit financial entities like Lehman Brothers has also helped minimize the direct impact of the fallout in the financial markets of US and Europe for the banks. Loan quality improved in H108 with NPLs lower in absolute and ratio terms (4.5% of gross loans at end-August 2008), while provision cover was raised to 82.6% (2007: 73.5%). However, a more pronounced increase in new NPLs from end-2008 can be expected as the impact of the global downturn will erode repayment capacity of businesses and consumers. System liquidity has so far remained quite satisfactory with a loan-deposit ratio of 74% at end-August 2008 although the Malaysian banking system has not been immune to bouts of volatility in capital flows due to the swings in the global financial markets. The central bank has intermittently injected liquidity into the banking system to keep domestic interbank rates stable in the last few months; also, it took pre-emptive measures to shore up confidence in the financial system by guaranteeing all local and foreign currency deposits of commercial banks and other deposit-taking institutions as of mid-October 2008. This was despite the absence of distress among banking institutions in Malaysia. The banks are also largely customer deposit funded with customer deposits funding about three quarters of total assets for the domestic commercial banks. Fitch calculations of eligible capital (after taking into account the equity credit of hybrid capital issues) suggest that the ratio has remained stable at 9.8% at H108 as corresponding capital replenishment efforts through the issuance of hybrid securities have been undertaken by a few of the larger banks in view of an expanded asset base and other capital management initiatives. However, more needs to be done to restore core capital particularly for one or two of the larger banks due to the regional acquisitions undertaken this year. The execution risks with most of these acquisitions in less creditworthy markets will have to be monitored. The report, 'Malaysian Banks: Resilient Performance in H108 but External Conditions Are Worsening', will be available on the agency's paid Web site http://www.fitchresearch.com/ ==================== N E W Z E A L A N D ==================== AGGREGATE LTD ET AL: Creditors Must File Claims by November 7 ------------------------------------------------------------- On October 10, 2008, it was resolved that these 28 companies be liquidated and that Sinclair Richardson, chartered accountant of Bennett Currie Limited, Palmerston North, be appointed liquidator: -- Aggregate Limited -- Albert Trading Limited -- Alpha Trading Limited -- Beta Trading Limited -- Entertainment Systems Limited -- Hospo Services Limited -- Ichiban Investments Limited -- Karori Apartments Limited -- Murphy’s Main Street Limited -- Spice Investments (Blair St) Limited -- Spice Investments (Empire St) Limited -- Spice Investments (Exchange) Limited -- Spice Investments (Main St) Limited -- Spice Investments (Wanganui) Limited -- Spice Investments (Wellington) Limited -- TPG Old Limited -- Triple J Limited -- WD Holdings Atlanta Limited -- WD Holdings Blair St Limited -- WD Holdings Cambridge Limited -- WD Holdings Deanos Limited -- WD Holdings Empire Limited -- WD Holdings Grand Limited -- WD Holdings Lower Hutt Limited -- WD Holdings Masterton Limited -- WD Holdings PN Limited -- WD Holdings Turks Limited -- WD Holdings Wanganui Limited Creditors have until November 7, 2008, to make their claims and to establish any priority their claims may have. The liquidator can be reached at: SINCLAIR RICHARDSON Liquidator Bennett Currie Limited PO Box 141 Palmerston North 4440 Telephone: (06) 356 5511 Facsimile: (06) 356 5522 BRENT ATKINSON: Court to Hear Wind-Up Petition on November 17 ------------------------------------------------------------- On September 30, 2008, an application to put Brent Atkinson Builders Limited into liquidation was filed in the High Court at Christchurch. The application is to be heard before the High Court at Christchurch on November 17, 2008, at 10:00 a.m. The plaintiff is the Commissioner of Inland Revenue, whose address for service is Inland Revenue Department, Legal and Technical Services, 1st Floor Reception, 224 Cashel Street (PO Box 1782), Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977 9853. The plaintiff's solicitor is Julie Newton. CHEZ & CO: Court to Hear Wind-Up Petition on November 7 ------------------------------------------------------- On June 20, 2008, an application to put Chez & Co Limited into liquidation was filed in the High Court at Auckland. The application is to be heard before the High Court at Auckland on Friday, November 7, 2008, at 10:00 a.m. The plaintiff is the Commissioner of Inland Revenue, whose address for service is Simon John Eisdell Moore, Crown Solicitor, at the offices of Meredith Connell, Level 17, Forsyth Barr Tower, 55-65 Shortland Street (PO Box 2213 or DX CP 24063), Auckland (Enquiries to: R. E. Harvey on telephone (09) 336 7556). The plaintiff’s solicitor is S. J. EISDELL MOORE. GARDEN CITY: Court to Hear Wind-Up Petition on November 17 ---------------------------------------------------------- On September 15, 2008, an application to put Garden City Decorators Limited into liquidation was filed in the High Court at Christchurch. The application is to be heard before the High Court at Christchurch on November 17, 2008, at 10:00 a.m. The plaintiff is the Commissioner of Inland Revenue, whose address for service is Inland Revenue Department, Legal and Technical Services, 1st Floor Reception, 224 Cashel Street (PO Box 1782), Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977 9853. The plaintiff's solicitor is Julie Newton. L J L LTD: Court to Hear Wind-Up Petition on November 17 -------------------------------------------------------- On September 19, 2008, an application to put L J L Limited into liquidation was filed in the High Court at Hamilton. The application is to be heard before the High Court at Hamilton on November 17, 2008, at 10:45 a.m. The plaintiff is E & H Enterprises Limited, whose address for service is at the offices of Whitlock & Co., c/o Level 2, Baycorp House, 15 Hopetoun Street, Auckland. The plaintiff’s solicitor is Malcolm David Whitlock. LAKE TE ANAU: Court to Hear Wind-Up Petition on November 17 ----------------------------------------------------------- On September 17, 2008, an application to put Lake Te Anau View Limited into liquidation was filed in the High Court at Christchurch. The application is to be heard before the High Court at Christchurch on November 17, 2008, at 10:00 a.m. The plaintiff is the Commissioner of Inland Revenue, whose address for service is Inland Revenue Department, Legal and Technical Services, 1st Floor Reception, 224 Cashel Street (PO Box 1782), Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977 9853. The plaintiff's solicitor is Julie Newton. MORE COWS: Faces CIR’s Wind-Up Petition --------------------------------------- On September 15, 2008, an application to put More Cows (Canterbury) Limited into liquidation was filed in the High Court at Christchurch. The application is to be heard before the High Court at Christchurch on November 17, 2008, at 10:00 a.m. The plaintiff is the Commissioner of Inland Revenue, whose address for service is Inland Revenue Department, Legal and Technical Services, 1st Floor Reception, 224 Cashel Street (PO Box 1782), Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977 9853. The plaintiff's solicitor is Julie Newton. ROSS JAMES: Joint Liquidators Appointed --------------------------------------- Thomas Lee Rodewald and Robert James Neilson were appointed joint and several liquidators of Ross James Unique Developments Limited and Warehouse Storage Limited on October 14, 2008. The liquidators can be reached at: Rodewald Hart Brown Limited PO Box 15660 Tauranga 3144 Telephone: (07) 571 6280 Website: http://www.rhb.co.nz/ SOUTHLAND STONE: Court to Hear Wind-Up Petition on November 7 ------------------------------------------------------------- On July 11, 2008, an application to put Southland Stone and Marble Co Limited into liquidation was filed in the High Court at Auckland. The application is to be heard before the High Court at Auckland on Friday, November 7, 2008, at 10:45 a.m. The plaintiff is the Commissioner of Inland Revenue, whose address for service is Simon John Eisdell Moore, Crown Solicitor, at the offices of Meredith Connell, Level 17, Forsyth Barr Tower, 55-65 Shortland Street (PO Box 2213 or DX CP 24063), Auckland (Enquiries to: R. E. Harvey on telephone (09) 336 7556). The plaintiff’s solicitor is S. J. Eisdell Moore. ST. GEORGE: John Curtis Appointed as Westpac Deputy Chairman ------------------------------------------------------------ Westpac Banking Corporation has appointed St George Bank chairman John Curtis as deputy chairman of the company. Westpac has also appointed St George directors Peter Hawkins and Graham Reaney as directors. According to the Sydney Morning Herald, Westpac chairman Ted Evans said that the appointments would take effect on December 1, subject to St George shareholders approving its takeover of the smaller bank on November 13. Under the merger proposal, the report relates, Westpac agreed to appoint three current St George directors to its board. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 24, 2008, citing Sarah McDonald of The National Business Review, the Treasury approved the merger between Westpac and St. George on these conditions set by Treasurer Wayne Swan: -- Westpac will have to maintain the existing number of Westpac and St George branches and ATMs, including those in non-urban areas; -- Westpac must also keep all Westpac and St George retail banking brands, including Bank SA; -- Westpac must maintain dedicated management teams for St George and Westpac retail banking distribution; -- Westpac must retain a corporate presence in the southern Sydney suburb of Kogarah; and -- Foreign ATM fees for Westpac customers using St George ATMs and vice-versa must be removed. The Busines Review noted that together Westpac and St George would have over 1,200 branches and 2,700 ATMs in Australia, and 10 million customers. Ms. McDonald recounted that the Australian Competition and Commerce Commission has already approved the AU$17 billion deal. 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's 'B' Individual Rating and 'BB+' Support Rating Floor on Rating Watch Positive. TAG LTD: Faces CIR’s Wind-Up Petition ------------------------------------- On October 1, 2008, an application to put Tag Limited into liquidation was filed in the High Court at Whangarei. The application was heard before the High Court at Whangarei on November 3, 2008. The plaintiff is the Commissioner of Inland Revenue, whose address for service is Simon John Eisdell Moore, Crown Solicitor, at the offices of Meredith Connell, Level 17, Forsyth Barr Tower, 55-65 Shortland Street (PO Box 2213 or DX CP 24063), Auckland (Enquiries to: R. E. Harvey on telephone (09) 336 7556). The plaintiff’s solicitor is S. J. EISDELL MOORE. TOTAL LANDSCAPE: Faces CIR’s Wind-Up Petition --------------------------------------------- On September 15, 2008, an application to put Total Landscape Construction (CH) Limited into liquidation was filed in the High Court at Christchurch. The application is to be heard before the High Court at Christchurch on November 17, 2008, at 10:00 a.m. The plaintiff is the Commissioner of Inland Revenue, whose address for service is Inland Revenue Department, Legal and Technical Services, 1st Floor Reception, 224 Cashel Street (PO Box 1782), Christchurch 8140. Telephone: (03) 968 0807. Facsimile: (03) 977 9853. The plaintiff's solicitor is Julie Newton. VTL GROUP: Calls in Colin McCloy as Receivers --------------------------------------------- VTL Group Limited disclosed that all of its directors have resigned and that it has invited Colin McCloy to become the receiver of the company. The company said that its directors continue to believe that Remote Technology Systems LLC, Shop24 and the vending franchise programme have value and hope that the restructuring programme will continue for the benefit of the stakeholders. VTL Group Limited (NZX: VTL) is a global franchisor, with its franchised brands represented internationally including in Australasia, North America, UK and Europe. VTL Group's franchise model is supported by a complete management system including its proprietary technology and financing. The company's primary growth strategy for 24seven and Shop24(TM) is based around purchasing quality electronic vending equipment for 24seven or the manufacturing of its Shop24 units, installing proprietary control technology and building a network of franchised owner/operators. VTL Group Limited has declared itself insolvent. Its wholly owned subsidiary, Nathans Finance NZ Ltd went into receivership in August 2007. * NEW ZEALAND: Wholesale Funding Guarantee Details Unveiled ----------------------------------------------------------- Following the announcement by the Minister of Finance that the Crown will offer a wholesale funding guarantee facility to investment-grade financial institutions in New Zealand, the Treasury and the Reserve Bank have released further details of the facility. Treasury Secretary John Whitehead and Reserve Bank Governor Alan Bollard said "The primary goal of the facility is to support the re-entry of New Zealand banks to regular foreign markets, on a scale commensurate with our economy's overall financing needs. At the same time, we've structured the guarantee facility in a way that will encourage issuers to graduate from using a government guarantee as soon as reasonably possible." The facility will be available to financial institutions that have an investment grade credit rating and have substantial New Zealand borrowing and lending operations. The facility will operate on an opt-in basis, by institution and by instrument. New issues of senior unsecured negotiable or transferable debt securities will be eligible for inclusion. A guarantee fee will be charged, differentiated by the credit rating of the issuer and the term of the security being guaranteed. "The fee schedule is designed to ensure that the facility is used while it is needed, but to encourage issuers to graduate from using the guarantee as market conditions permit. The guarantee fee will be reviewed regularly and may be adjusted in future for new issues, in light of experience with the scheme." No instruments will be covered by both this scheme and the deposit guarantee scheme. Dr. Bollard and Mr. Whitehead noted that "As a condition of continuing to receive fresh guarantees on new issues, banks utilizing this guarantee facility will be required to maintain an additional 2 per cent capital buffer, on top of the existing required 4 per cent Tier 1 capital. Banks all have at least this much additional capital at present, and maintaining current levels of capital will help protect the Crown’s position as guarantor." Applications to join the facility should be addressed in the first instance to The Treasury which has overall delegated responsibility for management of the scheme. Mr. Whitehead noted that draft legal documentation has been prepared and will be finalized in the next few days. "We expect to be in a position to sign issuers up to the facility within the next week or so. Policy guidelines, which will outline formally the way in which we will exercise our discretion under the scheme, will also be published shortly." * NEW ZEALAND: Annual Wage Rate Growth at 3.6% in September Qtr. ---------------------------------------------------------------- The Labour Cost Index (LCI) recorded an increase of 3.6 percent in salary and wage rates (including overtime) in the year to the September 2008 quarter, Statistics New Zealand said. This is the largest annual increase recorded since the series began in the December 1992 quarter. The Quarterly Employment Survey (QES) results for the September 2008 quarter show the annual increase in total gross earnings continued to exceed the annual increase in total paid hours. This resulted in a 5.5 percent increase in average total hourly earnings, to NZ$24.37. The LCI increase for the September 2008 quarter was 1.1 percent, up from increases of 0.8 percent and 0.7 percent in the June 2008 and March 2008 quarters, respectively. The latest quarterly increase matches the record quarterly increase of 1.1 percent recorded in the December 2007 quarter. For all surveyed salary and ordinary time wage rates that rose in the year to the September 2008 quarter, the mean increase was 6.1 percent. This compares with a mean increase of 5.8 percent in the year to the June 2008 quarter, and is the largest annual mean increase since the series began. QES results show that while annual earnings growth remained strong, the growth in demand for labor slowed. Total gross earnings increased 7.0 percent for the September 2008 year. Employment as measured by full-time equivalent employees (FTEs) increased 1.6 percent for the year to September 2008. This is the smallest annual increase in FTEs since March 2007. =============== X X X X X X X X =============== * BOND PRICING: For the Week October 27 to October 31, 2008 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA & NEW ZEALAND ----------- Ainsworth Game Technology Ltd 8.000% 12/31/09 AUD 0.65 A&R Whitcoulls Group 9.500% 12/15/10 NZD 10.65 Allco Hit Ltd 9.000% 08/17/09 AUD 24.10 Alumna Finance 2.000% 05/16/13 USD 54.77 Antares Energy 10.000% 10/31/13 AUD 0.75 Babcock & Brown Pty Ltd 8.500% 11/17/09 NZD 44.69 BBI Ntwrks NZ Limited 8.000% 11/30/12 NZD 30.00 Becton Property Group 9.500% 06/30/10 AUD 0.35 Bounty Industries Limited 10.000% 06/30/10 AUD 0.04 Capital Properties NZ Ltd 8.500% 04/15/09 NZD 13.50 Capital Properties NZ Ltd 8.000% 04/15/10 NZD 13.50 Carpal Aluminum 10.000% 03/29/12 AUD 65.10 China Century 12.000% 09/30/10 AUD 0.70 Cit Group Au Limited 6.000% 03/03/11 NZD 55.23 Djerriwarrh Investments Ltd 6.500% 09/30/09 AUD 3.96 FBG Finance Limited 5.875% 06/15/35 USD 72.53 Fletcher Building Ltd 7.550% 03/15/11 NZD 9.40 Fletcher Building Ltd 7.800% 03/15/09 NZD 10.50 Ge Cap Australia 6.000% 04/15/15 AUD 73.06 Ge Cap Australia 6.000% 03/15/19 AUD 60.08 Gpt Management 6.500% 08/22/13 AUD 73.97 Heemskirk Consolidated Limited 8.000% 04/29/11 AUD 2.20 Infrastructure & Utilities 8.500% 09/15/13 NZD 10.50 Insurance Australia 5.625% 12/21/26 GBP 73.44 Jpm Au Enf Nom 1 3.500% 06/30/10 USD 1.41 Lane Cove Tunnel 6.800% 12/09/15 AUD 60.76 LongReach Group Limited 10.000% 10/31/08 AUD 0.36 Nylex Ltd. 10.000% 12/08/09 AUD 1.11 Macquarie Bank 6.500% 05/31/17 AUD 42.65 Macquarie Comm 2.500% 08/23/13 USD 69.63 Marac Finance 10.500% 07/15/13 NZD 1.02 Metal Storm Ltd 10.000% 09/01/09 AUD 0.09 Minerals Corp 10.500% 03/31/09 AUD 0.20 Paladin Energy 4.500% 12/15/11 USD 46.81 Paladin Energy 5.000% 03/11/13 USD 44.51 Publ & Broad Fin 6.280% 05/06/11 AUD 8.59 South Canterbury 10.430% 12/15/12 NZD 1.01 St. Laurence Prop 9.250% 07/15/01 NZD 72.93 Suncorp Metway I 6.750% 09/23/24 AUD 72.47 Suncorp Metway I 6.750% 10/06/26 AUD 71.90 Sun Resources NL 12.000% 06/30/11 AUD 0.25 TrustPower Ltd 8.300% 12/15/08 NZD 10.00 TrustPower Ltd 8.500% 09/15/12 NZD 8.36 TrustPower Ltd 8.500% 03/15/14 NZD 8.50 Westfield Fin 5.500% 06/27/17 GBP 72.12 CHINA ----- China Govt Bond 4.860% 08/10/14 CNY 0.00 Jianxi Copper 1.000% 09/22/16 CNY 69.13 HONG KONG --------- Chinatrust Comm 5.625% 03/29/49 USD 73.52 Noble Group Ltd 6.625% 03/17/15 USD 39.80 Noble Group Ltd 6.625% 03/17/15 USD 72.62 Respacrcs Funding 8.000% 12/29/49 USD 26.95 Treasure Source 2.000% 05/23/11 HKD 66.57 INDIA ----- Amtek Auto 0.500% 06/03/10 USD 71.20 Astrazeneca Phar 8.000% 01/11/09 INR 25.00 Hindustan Cons 10.000% 10/25/09 INR 33.35 JCT Limited 2.500% 04/08/11 USD 69.25 State Bank India 6.439% 02/28/49 USD 45.77 Tata Motors 1.000% 04/27/11 USD 73.45 Tata Steel Limited 1.000% 09/05/12 USD 67.36 UTI Bank Limited 7.250% 08/12/21 USD 62.10 Videocon Industry 4.500% 07/25/11 USD 54.75 INDONESIA --------- Indonesia (Rep) 6.625 02/17/37 USD 43.50 Indonesia (Rep) 6.750 03/10/14 USD 66.50 Indonesia (Rep) 6.875 01/17/18 USD 58.58 Indonesia (Rep) 7.750 01/17/18 USD 56.00 Indonesia (Rep) 7.250 04/20/15 USD 65.00 Indonesia (Rep) 7.500 01/15/16 USD 69.28 Indonesia (Rep) 7.750 01/17/38 USD 58.50 Indonesia (Rep) 8.500 10/12/35 USD 53.85 Indonesia (Rep) 8.500 10/12/35 USD 54.57 Indonesia Government 9.000% 09/15/13 IDR 74.78 Indonesia Government 9.000% 09/15/18 IDR 62.52 Indonesia Government 9.500% 06/15/15 IDR 71.32 Indonesia Government 9.500% 07/15/23 IDR 60.20 Indonesia Government 9.750% 05/15/37 IDR 57.49 Indonesia Government 10.000% 07/15/17 IDR 68.75 Indonesia Government 10.000% 09/15/24 IDR 61.90 Indonesia Government 10.000% 02/15/28 IDR 65.58 Indonesia Government 10.250% 07/15/22 IDR 64.83 Indonesia Government 10.250% 07/15/27 IDR 62.57 Indonesia Government 10.500% 07/15/38 IDR 60.60 Indonesia Government 10.750% 05/15/16 IDR 74.79 Indonesia Government 11.000% 11/15/20 IDR 69.89 Indonesia Government 11.000% 09/15/25 IDR 67.15 Indonesia Government 11.500% 09/15/19 IDR 73.58 Indonesia Government 11.600% 08/15/18 IDR 74.61 Indonesia Government 11.750% 08/15/23 IDR 71.67 Indonesia Government 12.000% 09/15/26 IDR 72.56 JAPAN ----- Belluna Co Limited 1.100% 03/31/12 JPY 72.62 Chuo Mitsui 5.506% 12/29/49 USD 69.79 Csk Corporation 0.250% 09/3013 JPY 75.00 ES-Con Japan Limited 3.260% 05/10/10 JPY 45.12 Fukoku Mutual 4.500% 09/28/25 EUR 70.23 Hiroshima Bank 1.890 09/20/17 JPY 67.73 Resona Bank 4.125% 09/29/49 EUR 73.16 Resona Bank 5.850% 09/29/49 EUR 61.70 Shinsei Bank Ltd. 2.010% 10/20/17 JPY 67.73 Shinsei Bank Ltd. 3.750% 02/23/16 GBP 48.75 Shinsei Bank Ltd. 5.625% 12/29/49 GBP 30.24 Sumitomo Mitsui 4.375% 07/29/49 EUR 62.87 Sumitomo Mitsui 5.625% 07/29/49 EUR 65.91 KOREA ----- Exp-Imp Bk Korea 5.375% 10/04/16 USD 72.65 GS Caltex Corp 5.500% 04/24/17 KRW 70.75 GS Caltex Corp 5.500% 10/15/15 KRW 70.76 GS Caltex Corp 5.500% 04/24/17 KRW 72.03 Korea Dev. Bank 7.310% 11/08/21 KRW 43.30 Korea Dev. Bank 7.350% 10/27/21 KRW 43.40 Korea Dev. Bank 7.400% 10/27/21 KRW 43.40 Korea Dev. Bank 7.400% 11/02/21 KRW 43.35 Korea Dev. Bank 7.450% 10/31/21 KRW 43.37 Korea Dev. Bank 8.450% 12/15/26 KRW 70.22 Hanarotelecom 7.000% 02/01/12 USD 57.52 Hynix Semi Inc. 7.875% 06/27/17 USD 46.38 Rep of Korea 5.625% 11/03/25 USD 64.71 Woori Bank 6.208% 05/02/37 USD 56.57 MALAYSIA -------- Advance Synergy Berhad 2.000% 01/26/18 MYR 0.03 Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.87 Berjaya Land Bhd 5.000% 12/30/09 MYR 3.50 Cagamas Berhad 3.640% 05/05/09 MYR 4.07 Cheating Capital 2.000% 07/05/12 USD 71.00 Eastern & Orient 8.000% 07/25/11 MYR 0.65 EG Industries 5.000% 06/16/10 MYR 0.16 Greatpac Holdings 2.000% 12/11/08 MYR 0.11 Huat Lai Resources 5.000% 03/28/10 MYR 0.45 Insas Berhad 8.000% 04/19/09 MYR 0.28 Kamdar Group Bhd 3.000% 11/09/09 MYR 0.17 Kretam Holdings Bhd 1.000% 08/10/10 MYR 0.70 Kumpulan Jetson Berhad 5.000% 11/27/12 MYR 0.45 LBS Bina Group Bhd 4.000% 12/31/08 MYR 0.23 Mithril Bhd 3.000% 04/05/12 MYR 0.50 Mithril Bhd 8.000% 04/05/09 MYR 0.11 Nam Fatt Corp 2.000% 06/24/11 MYR 0.25 Pelikan International 3.000% 04/08/10 MYR 1.10 Pilecon Engineering Bhd 5.000% 12/19/11 MYR 0.08 Plus Spv Bhd 2.000% 06/27/17 MYR 70.31 Plus Spv Bhd 2.000% 06/27/18 MYR 67.12 Plus Spv Bhd 2.000% 06/27/19 MYR 68.32 Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.77 Rhythm Consolidated Berhad 5.000% 12/17/08 MYR 0.06 Rubberex Corporation Berhad 4.000% 08/14/12 MYR 0.63 Tenaga Nasional Bhd 3.050% 05/10/09 MYR 0.91 Tradewinds Corp. 2.000% 02/08/12 MYR 0.69 Wah Seong Corp. 3.000% 05/21/12 MYR 2.01 Wijaya Baru Global Berhad 7.000% 09/17/12 MYR 0.33 YTL Cement Bhd 4.000% 11/10/15 MYR 1.10 PHILIPPINES ----------- First Gen Corp 2.500% 02/11/13 USD 53.75 Philippines (Rep) 6.375% 01/15/32 USD 59.00 Philippines (Rep) 7.500% 09/25/24 USD 67.50 Philippines (Rep) 7.750% 01/14/31 USD 65.50 National Power Corporation 6.875% 11/02/16 USD 73.81 National Power Corporation 6.875% 11/02/16 USD 71.09 SINGAPORE --------- Capitaland Ltd. 2.100% 11/15/16 SGD 57.87 Capitaland Ltd. 2.950% 06/20/22 SGD 51.81 Capitaland Trust 1.000% 07/14/31 SGD 65.50 Flextronics International 6.250% 11/15/14 USD 74.09 Hynix Semiconductor Inc. 4.500% 12/14/12 USD 36.75 ICICI Bank Limited 5.875% 10/20/11 USD 74.28 Olam International Limited 1.000% 07/03/13 SGD 48.81 Sengkang Mall 8.000% 11/20/12 SGD 1.65 Wah Hai S Pte 5.000% 06/29/15 USD 69.13 SRI LANKA --------- Sri Lanka Govt 7.500% 08/01/13 LKR 64.72 Sri Lanka Govt 7.500% 08/15/18 LKR 54.89 Sri Lanka Govt 7.500% 11/01/13 LKR 64.00 Sri Lanka Govt 6.850% 04/15/12 LKR 68.84 Sri Lanka Govt 6.850% 10/15/12 LKR 65.91 Sri Lanka Govt 7.000% 08/01/11 LKR 73.87 Sri Lanka Govt 7.000% 10/15/11 LKR 72.43 Sri Lanka Govt 7.000% 10/01/23 LKR 47.08 Sri Lanka Govt 8.500% 01/15/13 LKR 69.37 Sri Lanka Govt 8.500% 02/01/18 LKR 60.08 Sri Lanka Govt 8.500% 07/15/13 LKR 67.86 Sri Lanka Govt 8.500% 07/15/18 LKR 59.48 Sri Lanka Govt 10.500% 04/01/13 LKR 74.46 TAIWAN ------ Cathay United 5.500% 10/05/20 USD 72.99 THAILAND -------- Italian-Thai Dey 4.500% 06/10/13 USD 44.50 Ptt Pcl 5.875% 08/03/35 USD 71.71 VIETNAM ------- Vietnam (Rep of) 6.875% 01/15/16 USD 67.25 ********* 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 ***