/raid1/www/Hosts/bankrupt/TCRAP_Public/090303.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, March 3, 2009, Vol. 12, No. 43
Headlines
A U S T R A L I A
ALINTA NETWORK: Moody's Confirms Underlying Senior Unsec. Rating
BABCOCK & BROWN INFRA: Moody's Confirms 'B1' Corp. Family Rating
BABCOCK & BROWN POWER: Half-Year Profit Drops 80.2%
CENTRO PROPERTIES: Posts $2.40 Bil. Half-Year Loss
EQUITABLE MORTGAGES: S&P Downgrades Long-Term Ratings to 'BB'
FAIRFAX MEDIA: Raises AU$500 Mln. from Investors; CFO Resigns
H O N G K O N G
BELTON COMPONENTS: Members' Annual Meeting Set for March 27
CHINA HONG KONG: Commences Wind-Up Proceedings
CHIT LEE: Hang and Lui Step Down as Liquidators
CHUN MAN: Court to Hear Wind-Up Petition on March 18
DOUBLE ELEGANT ET AL: Wan and Fung Step Down as Liquidators
JACKEL SERVICES: Creditors' Proofs of Debt Due on March 27
KEI FUNG: Court to Hear Wind-Up Petition on April 1
MAXWILL LIMITED: Members and Creditors to Meet on March 30
MEMORY DEVICES: Court to Hear Wind-Up Petition on April 8
NEWLAND ELECTRONIC: Chan Wai Hing Steps Down as Liquidator
TAI MING: Court to Hear Wind-Up Petition on April 8
TELEVERSE MEDIA: N T C Hill Steps Down as Liquidator
UNITED PACIFIC: Chan Wai Hing Steps Down as Liquidator
UNITED PACIFIC: Chan Wai Hing Steps Down as Liquidator
WAI LEE: Court to Hear Wind-Up Petition on April 8
WILLLINK TECHNOLOGIES: Court to Hear Wind-Up Petition on April 8
* Fitch Comments on Hong Kong Banks' Stability Amidst Slow Economy
I N D I A
AK DAS: CRISIL Rates Rs.50 Million Cash Credit at 'BB-'
AUROFOOD: CRISIL Assigns 'BB' Ratings on Various Bank Facilities
GEETANJALI: CRISIL Cuts Rating on Rs.1.25BB Short-term Debentures
GIRIJA MODERN: CRISIL Puts 'BB' Rating on Rs.50 Mln Cash Credit
MAX HYPERMARKET: CRISIL Assigns 'BB' Ratings on Various Bank Loans
MSP COKES: CRISIL Rates Rs.850 Million Term Loan at 'BB+'
NEDCOMMODITIES: CRISIL Places 'BB' Ratings on Various Bank Loans
OCEANIC TROPICAL: Exposure to Risk Prompts CRISIL's 'BB+' Rating
PALLAVI ENTERPRISES: CRISIL Rates Rs.200 Mln Cash Credit at 'BB'
PRINCE ALLOYS: CRISIL Puts 'BB' Ratings on Various Bank Facilities
RAIN COMMODITIES: Fitch Assigns National Long-Term Rating
RANBAXY LABORATORIES: FDA Halts Review of Drug Applications
SUTLEJ TEXTILES: Fitch Downgrades National Rating to 'BB-'
I N D O N E S I A
BERAU COAL: Fitch Affirms Issuer Default Rating at 'B+'
EXCELCOMINDO PRATAMA: S&P Gives Neg. Outlook; Affirms 'BB-' Rating
INDIKA ENERGY: Moody's Affirms 'B2' Corporate Family Rating
J A P A N
ASAHI MUTUAL: S&P Downgrades Long-Term Counterparty Rating to 'BB'
NISSAN MOTOR: To Skip Some Major Auto Shows to Cut Costs
RESONA BANK: Fitch Affirms Individual Rating at 'D'
M A L A Y S I A
KOSMO TECHNOLOGY: Bourse Grants April 30 Deadline to Submit Plan
MALAYAN BANKING: To Raise MYR6 Bln Through Rights Issue
N E W Z E A L A N D
MASCOT FINANCE: First to Fold Under Gov't Deposit Guarantee
FARMERS MUTUAL: To Exit Finance Market
STRATEGIC FINANCE: Posts NZ$32.8 Mln First-Half Loss
P H I L I P P I N E S
LEGACY GROUP: BSP Places Another Legacy Bank in Receivership
S I N G A P O R E
AVAGO TECHNOLOGIES: S&P Gives Stable Outlook; Keeps 'BB-' Rating
FIRST PACIFIC: Creditors' Proofs of Debt Due on March 27
GUAN GUAN: Pays First Interim Dividend
JONG WAH: Court to Hear Wind-Up Petition on March 13
LEWEI INDUSTRIES: Court to Hear Wind-Up Petition on March 13
OASIS CAPITAL: Creditors' Proofs of Debt Due on March 16
S O U T H A F R I C A
MADAME ZINGARA: To be Placed in Final Liquidation
S R I L A N K A
* Fitch Changes Outlook to Negative on Sri Lanka's 'B+' Rating
T A I W A N
PRIMASIA SECURITIES: Fitch Puts 'D/E' Rating on Negative Watch
Z I M B A B W E
* ZIMBABWE: Needs US$2-Bln Funding to Help Economy, Bloomberg Says
X X X X X X X X
* BOND PRICING: For the Week March 2 to March 6, 2009
- - - - -
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A U S T R A L I A
=================
ALINTA NETWORK: Moody's Confirms Underlying Senior Unsec. Rating
----------------------------------------------------------------
Moody's Investors Service has confirmed Alinta Network Holdings
Pty Ltd's Baa2 underlying senior unsecured rating. The outlook on
the rating is stable.
This concludes the review of downgrade initiated on November 20,
2008 following the downgrade of Babcock & Brown Infrastructure
Group's ratings. BBI is the majority owner of ANH. Moody's was
previously concerned that deterioration in BBI's credit profile
could have a contagion effect on ANH, despite the presence of some
ring-fencing arrangements.
"The confirmation of ANH's Baa2 rating follows the stabilization
in BBI's credit profile, as indicated by the confirmation of the
parent's rating at a corporate family rating of B1," says Clement
Chong, a Moody's VP/Senior Analyst.
In addition, Moody's believes that [1] ring-fencing provisions
within ANH's senior debt documents, [2] governance arrangements
within the shareholder agreement between ANH's two shareholders,
and [3] the meaningful operational and financial separation
between ANH and BBI, moderate ANH's exposure to BBI. That said,
Moody's does not see these arrangements as sufficiently effective
to remove the linkage between the two entities.
The outlook on ANH's Baa2 rating is stable, reflecting the
stability in ANH's business profile and stable cash flow
generation. It further considers a stabilisation in BBI's credit
profile following the rectification of the parent's short-term
liquidity issues.
Given ANH's weak metrics level and its linkage with BBI, Moody's
does not foresee any upward rating momentum on the company's Baa2
rating.
On the other hand, the Baa2 rating could face downward pressure if
BBI's credit profile deteriorates. Furthermore, deterioration in
ANH's financial performance could also pressure rating. Financial
indicators Moody's would look for - on a sustainable basis -
include: FFO/Total Interest falling below 1.8 times, FFO/Total
Debt under 5%, and Debt/Regulated Asset Base over the 100-105%
range.
The existing credit-wrapped ratings on ANH's medium term notes are
unaffected by this rating action.
ANH is a gas distribution network owner based in Western
Australia, Australia. The company is owned 74% by BBI and 26% by
Diversified Utilities and Energy Trusts.
The last rating action was on November 20, 2008 when the Baa2
underlying rating of ANH's medium term notes was placed under
review for possible downgrade.
ANH's Baa2 underlying rating on the medium term notes were
assigned by evaluating factors believed to be relevant to the
credit profile of ANH such as i) the business risk and competitive
position of ANH versus others within the utilities sector, ii) the
capital structure and financial risk of ANH, iii) the projected
performance of ANH over the near to intermediate term, and iv)
ANH's history of achieving consistent operating performance and
meeting budget or financial plan goals. These attributes were
compared against other issuers both within and outside of ANH's
core peer group and ANH's ratings are believed to be comparable to
ratings assigned to other issuers of similar credit risk.
BABCOCK & BROWN INFRA: Moody's Confirms 'B1' Corp. Family Rating
----------------------------------------------------------------
Moody's Investors Service has confirmed Babcock & Brown
Infrastructure Group's B1 corporate family rating and B2 senior
secured rating. The outlook on the ratings is stable.
This concludes the review commenced on November 19, 2008,
following concerns over BBI's challenging liquidity position
relative to its near-term cash requirements.
"The confirmation of BBI's rating takes into account the
completion of the sale of 58% of Powerco NZ business ("the Powerco
sale") to QIC Infrastructure - the proceeds of which have enabled
BBI to meet its near-term maturing obligations," says Ian
ChanChong, a Moody's Vice President and Senior Analyst.
The ratings remain challenged by BBI's aggressive financial
profile and lack of a sustainable liquidity platform. Meanwhile,
a lack of financial flexibility and committed available facilities
means BBI is reliant on additional asset sales to improve its
liquidity profile on a sustainable basis.
However, Moody's is of the view that asset sales will prove
difficult given the deteriorating global economic outlook and
tightness in the capital markets.
At the same time, Moody's recognizes BBI's diverse portfolio of
investment-grade transportation and energy infrastructure assets
which generate relatively predictable cash flows.
The outlook on the rating is stable reflecting progress made in
BBI's liquidity management. The company is committed to a
deleveraging strategy as reflected by an agreement with its
corporate lenders to cash sweep provisions to repay corporate debt
until BBI achieves a stable investment-grade credit rating. BBI
will also not pay any distributions and dividends on the
Exchangeable Preference Shares deferred whilst the cash sweep is
in operation.
A positive rating trend could emerge over time if BBI maintains a
sustainable business strategy and liquidity platform, supported by
continued ownership of good quality assets.
On the other hand, the rating could be downgraded if there are
significant delays in its planned asset sale which would constrain
liquidity.
The BBI companies affected by this rating action are:
* BBI Finance Pty Ltd -- confirm B2 rating with stable outlook
* BBI Networks New Zealand Ltd -- confirm B2 rating with stable
outlook
* BBI (UK) Ltd -- confirm B2 rating with stable outlook
The last rating action with respect to BBI was taken on 28
November, 2008, when the company's ratings were lowered to B1/B2,
on review with direction uncertain.
BBI ratings were assigned by evaluating factors Moody's believe
are relevant to the credit profile of the issuer, such as BBI's i)
business risk and competitive position versus other companies
within the industry; ii) capital structure and financial risk;
iii) projected performance over the near to intermediate term; and
iv) management's track record and tolerance for risk.
These attributes were compared with other issuers both within and
outside BBI's core industry; its ratings are believed to be
comparable with those of other issuers of similar credit risk.
BBI, based in Sydney, is an infrastructure fund which owns a
series of infrastructure assets.
BABCOCK & BROWN POWER: Half-Year Profit Drops 80.2%
---------------------------------------------------
James Bridie at LiveNews says that Babcock & Brown Power reported
an 80.2% drop in half-year profits to AU$17.7 million from the
previous corresponding period.
The company, LiveNews relates, said its EBITDA for the full-year
would likely be in the range of AU$315 million to AU$325 million,
down from the AU$330 million to AU$340 million guidance in
November 2008.
LiveNews states the company also reported EBITDA of AU$139.4
million for the six months, down from AU$153 million from the
previous corresponding period.
Debt Covenants
Babcock & Brown Power (BBP) said it's seeking to avoid defaulting
on its debt covenants after a "soft" start to the year cut
forecast profit, Angela Macdonald-Smith at Bloomberg News reports.
The company is most at risk of defaulting on its debt covenants
during the next two quarters, Bloomberg News cited Chief Financial
Officer Peter Brook in a conference call about first-half
earnings.
Mr. Brook said the company believes the business is "still
solvent," even as a "cash hole" materializes over the next six
months.
Renegotiation of BNB Debt
In a statement to the Australian Securities Exchange, BBP said it
has the renegotiated the terms of $381 million of debt owed to
Babcock & Brown Limited (BNB).
The renegotiated terms are:
-- The repayment date for the debt is March 2010. The debt
was originally repayable in two tranches; AU$179 million
in September 2009 and AU$202 million in January 2010.
-- Interest accruing on the debt will be capitalized, with
payment of the capitalised interest deferred until
March 2010.
BBP said it is currently negotiating to further extend the
maturity date for the debt to a period beyond 2010.
Asset Sale
BBP said the sale of its interests in the Ecogen power generation
business, Uranquinty Power Station and Tamar during HY09 achieved
a net profit after tax of AU$104 million.
Post period end, the sale of BBP's interest in Neerabup Power
Station reached financial close on February 24, 2009, resulting
in the return of a AU$43.3 million Letter of Credit issued under a
Babcock & Brown Limited facility.
According to BBP, the company's remaining interest in the Kwinana
Power Station is anticipated to reach financial close before the
end of March 2009.
On January 12, 2009, BBP also signed a binding agreement for the
sale of all assets of Alinta EATM Pty Ltd (AEATM). Completion is
also anticipated before the end of March 2009
About Babcock & Brown Power
Australia-based Babcock & Brown Power (ASX:BBP) --
http://www.bbpower.com/-- is a power generation business. The
company develops, operates and acquires generation portfolio. As
of June 30, 2008, its portfolio had interests in 12 operating
power stations representing 3,000 megawatts of installed
generation capacity and two power stations under construction.
BBP has interests in a number of other associated power assets,
including the Western Australia retail assets of Alinta. BBP is a
stapled entity comprising Babcock & Brown Power Limited and the
Babcock & Brown Power Trust. In February 2008, BBP acquired 100%
of BBP Neerabup Power Pty Limited from B&B Australia
Infrastructure. On July 4, 2008, the company sold its 100%
interest in the Uranquinty Power Station near Wagga Wagga in
southern New South Wales to Origin Energy Ltd.
Babcock & Brown Power is a listed satellite of Babcock & Brown
Ltd.
CENTRO PROPERTIES: Posts $2.40 Bil. Half-Year Loss
--------------------------------------------------
Centro Properties Group has reported an AIFRS loss attributable to
Centro securityholders of $2.40 billion for the half year ended
December 31, 2008.
Centro said the loss is attributable to a number of significant
non-cash items. These include negative movements in asset
revaluations of $1.01 billion, net foreign exchange and derivative
mark-to-markets of $1.39 billion and other net noncash AIFRS items
of $77 million. As a result, the net asset value attributable to
securityholders decreased to -$346 million. The loss does not
reflect the operating performance of the Group for the period.
After adding back the above items, the underlying earnings were
$72 million.
As at December 31, 2008, Centro's funds under management were
$25.6 billion.
As with Centro's full year FY08 accounts, these results and the
corresponding financial statements have been prepared on a fully
consolidated basis and therefore incorporate the results announced
by Centro Retail Trust (CER).
Management Update
Glenn Rufrano's appointment as Chief Executive Officer has been
extended for 12 months effective March 1, 2009 and is subject to
further automatic 12 month extensions. Mr. Rufrano will be based
in Centro's US headquarters in New York from April this year and
will be in the Corporate Office in Melbourne as required. Mr.
Rufrano was originally appointed CEO on January 15, 2008.
Tony Clarke and Michael Carroll have been appointed as Chief
Executive Officers of Centro Australia and Centro US respectively.
Each will be responsible for the Group operations based in their
particular country.
Mr. Clarke was previously Chief Financial Officer of Centro, and
he will retain oversight of those responsibilities when a new CFO
is appointed.
Mr. Carroll was previously serving as Chief Operating Officer
Centro US.
Centro Chairman Paul Cooper said, The depth of understanding and
market experience of Glenn, Tony and Mike will bring continued
strength, stability and geographic expertise to our business. The
Board is confident that this leadership team will enable continued
progress and achievement of our strategic objectives.
Debt
On a consolidated basis as at December 31, 2008, Centro's debt on
balance sheet debt totalled $19.7 billion of which $9.5 billion
was refinanced into term loans on January 16, 2009. Upon
completion of the debt stabilisation agreement, Centro's look
through debt was AY$15.4 billion.
2009 Maturities
Of the $2.6 billion of debt maturities across the Group to
December 31, 2009, $1.5 billion relates to CER.
The remainder is comprised of:
-- $333 million of Centro debt associated with Super LLC
-- $150 million related to the Centro Australia Wholesale
Fund
-- $622 million of Australian syndicates
2010 Maturities
Of the $4.9 billion of debt maturities across the Group for the 12
months ending December 31, 2010, $3.8 billion relates to Super
LLC.
The remainder is comprised primarily of:
-- $585 million related to CER
-- $150 million related to the Centro Australia Wholesale
Fund
-- $248 million related to Australian and US syndicates
Managed Property Portfolio Performance
While Centro's managed property portfolio generally performed in
line with expectations, comparable NOI in the US declined more
than anticipated:
United States Property Portfolio
The US portfolio, which accounts for 68% by value of total
properties under management, produced the following results for
the half year to December 2008:
-- Comparable NOI stabilised: -2.8%
-- Comparable NOI including developments: -2.3%
-- Specialty lease renewal rate: 72.1%
-- New lease rental income growth: +5.6%
-- Stabilised portfolio occupancy: 90.7%
-- Weighted average capitalisation rate: 7.49%
The current US$376 million development program represents
approximately 3% of assets under management and is designed to
support productive formats of the retailers.
Australasian Property Portfolio
The Australasian portfolio experienced moderating NOI growth for
the period. Leasing demand has remained strong although occupancy
has declined in the six months.
Key metrics for the Australasian portfolio are as follows:
-- Comparable MAT sales growth: +6.2%
-- Comparable NOI stabilised: +2.5%
-- Comparable NOI including developments: +4.2%
-- Specialty lease renewal rate: 78.1%
-- New lease rental income growth: 6.5%
-- Stabilised portfolio occupancy: 99.2%
-- Weighted average capitalisation rate: 7.16%
Services Business
For the period, the services business generated gross income of
$146.5 million based on:
-- $76 million of gross income derived from the management,
leasing and development of properties in the managed
portfolio. This is slightly higher than the same period
in FY08.
-- The remaining $71 million was contributed by funds
management, primarily arising from recurring responsible
entity fees, custodian fees and cost recoveries.
About Centro Properties
Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the
ownership, management and development of retail shopping
centres. Centro manages both listed and unlisted retail
property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States. Centro has
funds under management of US$24.9 billion.
* * *
The Troubled Company Reporter-Asia Pacific reported on Jan. 4,
2008, that Standard & Poor's Ratings Services lowered its issuer
credit, senior-unsecured debt and preferred stock ratings to
'CCC+' with negative implications reflecting the potential of
the group's assets to be sold in softening market conditions,
particularly in the U.S.
On Jan. 16, 2009, the TCR-AP reported that Centro Properties
obtained a three year extension on its AU$3.9 billion of the
senior syndicated debt facility. It also obtained extension of
the debt facilities within Super LLC (Centro's US joint venture
investment with Centro Retail Trust (CER) and CMCS 40).
EQUITABLE MORTGAGES: S&P Downgrades Long-Term Ratings to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term ratings on Equitable Mortgages Ltd. and Equitable Life
Insurance Co. Ltd. to 'BB' from 'BB+'. The 'B' short-term ratings
on both companies were affirmed. The outlooks on EML and ELIC are
negative. EML and ELIC, along with Equitable Mortgage Income
Trust, are the key issuers and considered core subsidiaries of the
New Zealand Equitable group.
"Equitable's credit profile has been weakened, in our view, by the
greater-than-expected and material deterioration in asset quality
that has occurred over recent months," said Standard & Poor's
credit analyst Mark Legge. "In particular, S&P believes
Equitable's credit quality has been adversely impacted by the
rapid growth in the group's nonperforming assets and the slippage
in the realization of the group's poorly performing loans."
However, Equitable has some protection against higher lending
losses from credit insurance provided by sister company Equitable
General Insurance Co. Ltd. EGIC is currently able to absorb up to
NZ$10 million of lending losses, including capital losses on
lending activities, and interest accrued but not paid by borrowers
up to 90 days. More generally, Equitable is believed to have
access to additional support, including capital and liquidity
support, from its principal shareholder; although these support
mechanisms are largely untested in the current market downturn.
The negative outlook reflects the pressure on Equitable's
financial profile given that unfavorable economic conditions may
further increase arrears and delay realization of poor quality
assets. If support mechanisms, such as from EGIC or the
shareholder, to absorb loan losses are not working or proved
inadequate, the ratings will likely be lowered, potentially by two
or more notches, to the 'B' category. Conversely, negative rating
movement could ease, or potentially reverse, if the Board and the
principal shareholder demonstrate additional support for Equitable
to contend with negative affects on its financial profile in
prevailing difficult market conditions.
Following the securing of the New Zealand Crown guarantee for
debentures issued by Equitable Mortgages Ltd. on Dec. 4, 2008,
Equitable's debenture reinvestment rates and new funds received
have markedly improved. While this short-term improvement
supports credit quality, Standard & Poor's will continue to
monitor any indicators of investor confidence, as well as the
continuing support and confidence of bankers and other
stakeholders, including Equitable's principal shareholder.
FAIRFAX MEDIA: Raises AU$500 Mln. from Investors; CFO Resigns
-------------------------------------------------------------
Fairfax Media Limited has raised AU$500 million by selling stock
to institutional investors, Bloomberg News reports.
The Australian relates that Fairfax said its offer had received
strong support from existing shareholders, with 98 per cent of
domestic institutional shareholders and 90 per cent of all
institutional shareholders taking up their entitlements.
"This successful equity raising considerably enhances the
financial position of the Company in these difficult economic
times and reaffirms our shareholders faith in our great company,"
The Australian cited Fairfax Chairman Ron Walker in a statement.
According to The Australian, the net proceeds of the offer will be
used to pay down a large part of the company's debt maturing in
2011 and 2012.
Bloomberg News says Fairfax is also seeking to raise more through
an offer to retail shareholders that opens March 4. The proceeds
from the retail offer won't be known until early April.
Meanwhile, Fairfax Media disclosed that its Chief Financial
Officer, Sankar Narayan will step down in May 2009 to pursue new
challenges. Mr. Narayan will be replaced by Brian Cassell.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2009, Bloomberg News said Fairfax Media reported its
first loss on record after advertising revenue fell and the
company wrote down the value of newspapers and media licenses.
The loss, Bloombeg News said, was Fairfax's first loss since its
initial share sale in 1992.
For the six months ended December 28, 2008, Fairfax Media reported
a net loss of AU$365.3 million, compared with a profit of AU$187.7
million in the previous corresponding period. First half
underlying net profit was AU$157.61 million, down 23 per cent.
About Fairfax Media Limited
Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution. In Australia,
the Company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land. Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine. Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand. On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.
================
H O N G K O N G
================
BELTON COMPONENTS: Members' Annual Meeting Set for March 27
-----------------------------------------------------------
The members of Belton Components Limited will hold their annual
general meeting on March 27, 2009, at 4:00 p.m., at the 62nd Floor
of One Island East, 18 Westlands Road, in Island East, Hong Kong.
At the meeting, Stephen Lui Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
CHINA HONG KONG: Commences Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on February 21, 2009, the
members of China Hong Kong Petrochemical Logistics Technology
Association Limited resolved to voluntarily wind up the company's
operations.
The company's liquidator is:
Tung Sai Cheong
Metroplaza, Room 1907, Tower II
223 Hing Fong Road
Kwai Chung
New Territories
CHIT LEE: Hang and Lui Step Down as Liquidators
-----------------------------------------------
On January 22, 2009, Kennic Lai Hang and Lui Lau Wu Kwai King
Lauren step down as liquidators of Chit Lee Marble & Minerals
Company Limited.
The company's former Liquidators can be reached at:
Kennic Lai Hang
Lui Lau Wu Kwai King Lauren
Ho Lee Commercial Building, 5th Floor
38-44 D'Aguilar Street, Central
Hong Kong
CHUN MAN: Court to Hear Wind-Up Petition on March 18
----------------------------------------------------
A petition to have Chun Man Logistics & Storage Limited's
operations wound up will be heard before the High Court of
Hong Kong on March 18, 2009, at 9:30 a.m.
Cheung Chun Lung filed the petition against the company on
Jan. 14, 2009.
DOUBLE ELEGANT ET AL: Wan and Fung Step Down as Liquidators
-----------------------------------------------------------
Sze Sau Wan and Lau Wai Fung stepped down as liquidators of:
-- Double Elegant Limited on October 20, 2006;
-- Man Bo Handbag Company Limited on March 7, 2006;
-- Hoi Ning Contractors Limited on October 20, 2006;
-- Billion Star Enterprise Limited on October 20, 2006;
-- Perfect General Limited on March 7, 2006;
-- Catex Footwear Limited on March 7, 2006;
-- Seraph Industries Limited on June 16, 2006;
-- Bright Hero Corporation Limited on June 16, 2006;
-- Scenery Peak Company Limited on June 13, 2006;
-- Mabolo Furniture & Lighting Limited on June 15, 2006;
-- Sunny Light Services Limited on June 19, 2006;
-- Chi Wah Metal & Machinery Company Limited on Sept. 14, 2006;
-- South Horizon Investment Limited on June 16, 2006;
-- Angela Food Court Limited on October 20, 2006;
-- Tung Wing Engineering Company Limited on August 9, 2006;
-- Style Concept Furniture Company Limited on June 19, 2006;
-- Prime Wealth Enterprises Limited on June 16, 2006;
-- Hong Kong High Polystyrene Chemical Industry Company Limited
on June 16, 2006.
-- Loyce Company Limited on June 15, 2006;
-- Brilliance Finance Company Limited on June 16, 2006;
-- Provide Logistics Management Service Company Limited on
June 16, 2006;
-- Everlast Industrial Company Limited on July 10, 2008;
-- E-Med Limited on April 11, 2008;
-- Empire Fortune Sanitywares Limited on January 2, 2008; and
-- XL Machine Limited on October 9, 2007.
The companies' former Liquidators can be reached at:
Sze Sau Wan
Lau Wai Fung
Chung Wai Comm Bldg., Room 602
44-47 Lockhart Road
Hong Kong
JACKEL SERVICES: Creditors' Proofs of Debt Due on March 27
----------------------------------------------------------
The creditors of Jackel Services Limited are required to file
their proofs of debt by March 27, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Feb. 20, 2009.
The company's liquidator is:
Wong Hong Yuen
Hopewell Centre, Room 2501
183 Queen's Road East
Hong Kong
KEI FUNG: Court to Hear Wind-Up Petition on April 1
---------------------------------------------------
A petition to have Kei Fung (Yarn) Co., Limited's operations wound
up will be heard before the High Court of Hong Kong on April 1,
2009, at 9:30 a.m.
Citibank N.A. filed the petition against the company on Jan. 30,
2009.
Citibank's solicitors are:
Wilkinson & Grist
Prince's Building, 6th Floor
10 Chater Road, Hong Kong
Telephone: 2524-6011
Facsimile: 2520-2090
MAXWILL LIMITED: Members and Creditors to Meet on March 30
----------------------------------------------------------
The members and creditors of Maxwill Limited will hold their
meeting on March 30, 2009, at 10:00 a.m. and 10:30 a.m.,
respectively, at Room 2, 4th Floor of Prince Hotel, Harbour City,
23 Canton Road, in Tsim Sha Tsui, Kowloon.
At the meeting, Chan Yau Choi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
MEMORY DEVICES: Court to Hear Wind-Up Petition on April 8
---------------------------------------------------------
A petition to have Memory Devices (HK) Limited's operations wound
up will be heard before the High Court of Hong Kong on April 8,
2009, at 9:30 a.m.
Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on Jan. 22, 2009.
Standard Chartered Bank's solicitors are:
Tsang, Chan & Wong
Wing On House, 16th Floor
No. 71 Des Voeux Road Central
Hong Kong
NEWLAND ELECTRONIC: Chan Wai Hing Steps Down as Liquidator
----------------------------------------------------------
On February 2, 2009, the High Court of Hong Kong entered an order
to for Chan Wai Hing to step down as liquidator of Newland
Electronic Company Limited.
TAI MING: Court to Hear Wind-Up Petition on April 8
---------------------------------------------------
A petition to have Tai Ming Rubber Manufactory Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 8, 2009, at 9:30 a.m.
Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on Jan. 22, 2009.
Standard Chartered Bank's solicitors are:
Tsang, Chan & Wong
Wing On House, 16th Floor
No. 71 Des Voeux Road Central
Hong Kong
TELEVERSE MEDIA: N T C Hill Steps Down as Liquidator
----------------------------------------------------
N T C Hill stepped down as liquidator of:
-- Televerse Media Limited on November 16, 2006; and
-- Path View Limited on January 23, 2009.
UNITED PACIFIC: Chan Wai Hing Steps Down as Liquidator
------------------------------------------------------
On February 2, 2009, the High Court of Hong Kong entered an order
to for Chan Wai Hing to step down as liquidator of United Pacific
Trading Limited.
UNITED PACIFIC: Chan Wai Hing Steps Down as Liquidator
------------------------------------------------------
On February 2, 2009, the High Court of Hong Kong entered an order
to for Chan Wai Hing to step down as liquidator of United Pacific
Enterprises Limited.
WAI LEE: Court to Hear Wind-Up Petition on April 8
--------------------------------------------------
A petition to have Wai Lee International Industries Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 8, 2009, at 9:30 a.m.
Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on January 22, 2009.
The company's solicitors are:
Tsang, Chan & Wong
Wing On House, 16th Floor
No. 71 Des Voeux Road Central
Hong Kong
WILLLINK TECHNOLOGIES: Court to Hear Wind-Up Petition on April 8
----------------------------------------------------------------
A petition to have Willlink Technologies Limited's operations
wound up will be heard before the High Court of Hong Kong on
April 8, 2009, at 9:30 a.m.
Standard Chartered Bank (Hong Kong) Limited filed the petition
against the company on Jan. 22, 2009.
Standard Chartered Bank's solicitors are:
Tsang, Chan & Wong
Wing On House, 16th Floor
No. 71 Des Voeux Road Central
Hong Kong
* Fitch Comments on Hong Kong Banks' Stability Amidst Slow Economy
------------------------------------------------------------------
Fitch has said in a just released report that it believes Hong
Kong's banks are generally well placed to withstand the
significant level of asset quality stress that is likely to arise
over the next couple of years as the Hong Kong economy slows on
the back of weakening growth globally, and in particular, in
China.
The agency stressed the profitability and balance sheet strength
of the banks it rates, assuming credit costs at around 7% of the
banks' loan books over the two and half years to end-December 2010
(versus negligible credit costs in recent years); significant
impairment and valuation losses on the banks' holdings of equity,
corporate bonds, and structured investment securities; lower
levels of net interest and non-interest income; nil dividend
payouts and nil growth in loans and assets.
The results highlight the generally robust financial standing of
the Hong Kong banks; while most of these banks incur losses and
therefore see a reduction of their capitalization under the stress
test, the effect was mostly limited with the banks still
maintaining generally quite good levels of capitalization, even by
the increasingly demanding standards. This in turn is attributed
to the banks' generally strong starting points in terms of both
asset quality and capitalization, generally low level of loans to
total assets, and satisfactory level of pre-provision or
underlying profitability.
Despite this, Fitch has downgraded a number of its Individual
ratings on Hong Kong banks (as detailed below), as there remain
downside risks that economic conditions may turn out worse than
the stress test conditions, coupled with the fact that these
Individual ratings were relatively high versus international peers
(particularly given the relatively small and geographically
concentrated nature of most Hong Kong banks). Also, over recent
years the banks have increased their risk profiles by gradually
lowering their previously very high levels of capitalization,
while at the same time growing their exposure to higher-risk
borrowers in China.
-- DBS Bank (Hong Kong) Limited: Individual Rating downgraded
to 'B/C' from 'B';
-- Hang Seng Bank: Individual Rating downgraded to 'B' from
'A/B';
-- Dah Sing Bank: Individual Rating downgraded to 'B/C' from
'B';
-- Shanghai Commercial Bank: Individual Rating downgraded to
'B/C' from 'B'.
Also on the basis of the potential downside risks and given their
somewhat less robust financial profiles, Fitch has revised the
Outlooks on these banks:
-- Chong Hing Bank: IDR affirmed at 'BBB+', Outlook revised to
Negative from Stable;
-- Dah Sing Bank: IDR affirmed at 'A-' (A minus), Outlook
revised to Negative from Stable;
-- Wing Hang Bank: IDR affirmed at 'A-' (A minus), Outlook
revised to Negative from Stable;
-- CITIC Ka Wah Bank: IDR affirmed at 'BBB+', Outlook revised to
Stable from Positive.
=========
I N D I A
=========
AK DAS: CRISIL Rates Rs.50 Million Cash Credit at 'BB-'
-------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the bank
facilities of AK Das Associates Ltd (AKDAL).
Rs.50 Million Cash Credit BB-/Stable (Assigned)
Rs.125 Million Bank Guarantee P4 (Assigned)
The rating reflects AKDAL's small scale of operations, low net
worth, and exposure to risks relating to concentration of revenues
in Orissa Power Transmission Corporation Ltd (OPTCL). These
weaknesses are, however, partially offset by the benefits that
AKDAL derives from its promoters' long experience, and its average
business profile and healthy order book.
Outlook: Stable
CRISIL believes that AKDAL will maintain an average business risk
profile over the medium term. The outlook may be revised to
'Positive' if the company's revenues and profitability increase
substantially, or it attains greater integration in operations.
Conversely, the outlook may be revised to 'Negative' if AKDAL's
operating margins deteriorate, or if the company takes on more
debt than expected, or extends further support to group entities,
leading to a weakening in financial risk profile.
About AK Das Associates
Set up as AK Das Associates Pvt Ltd in 1996, the company converted
to a public limited company in 1999. Managed by Mr. Amiya Kanta
Das, the company primarily undertakes construction of transmission
lines and substations and related electrical and civil works.
AKDAL executes electrical contracts of power lines ranging from 11
kilo volts (KV) to 400 KV.
For 2007-08 (refers to financial year, April 1 to March 31), AKDAL
reported a profit after tax (PAT) of Rs.6 million on net sales of
Rs.303 million, as against a PAT of Rs. 3 million on net sales of
Rs.165 million for 2006-07.
AUROFOOD: CRISIL Assigns 'BB' Ratings on Various Bank Facilities
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the various
bank facilities of Aurofood Pvt Ltd (Aurofood).
Rs.46.5 Million Long Term Loan BB/Stable (Assigned)
Rs.16.6 Million FCNRB Long Term Loan BB/Stable (Assigned)
Rs.85.0 Million Cash Credit Limits BB/Stable (Assigned)
Rs.21.9 Million Proposed Long Term BB/Stable (Assigned)
Bank Facility
Rs.10.0 Million Letter of Credit P4 (Assigned)
Limits
The ratings reflect Aurofood's weak financial risk profile marked
by low net worth and weak debt protection measures. The ratings
also factor in Aurofood's small size of operations, high working
capital requirements, and the fragmented nature of the industry.
These weaknesses are, however, partially offset by Aurofood's
long-standing presence in the food products business.
Outlook: Stable
CRISIL believes that Aurofood will maintain a stable business risk
profile backed by its established presence in the food products
business, and steady off-take from reputed customers for its flour
products. The outlook may be revised to 'Positive' if the
company's operating margins improve significantly. Conversely,
the outlook may be revised to 'Negative' if the margins reduce, or
the company undertakes large, debt-funded capital expenditure.
About Aurofood
Incorporated in 1966 by (Late) Mr. M.A.Patel, Aurofood is a
closely-held company engaged in converting wheat into flour
products, and has a capacity of 340 tonnes per day (TPD). It also
manufactures biscuits, pastas, and wafers under the brand name
"True". For 2007-08 (refers to financial year, April 1 to
March 31), Aurofood reported a profit after tax (PAT) of Rs.8.88
million on net sales of Rs.565.10 million, as against a PAT of
Rs.12.84 million on net sales of Rs.590.97 million for 2006-07.
GEETANJALI: CRISIL Cuts Rating on Rs.1.25BB Short-term Debentures
-----------------------------------------------------------------
CRISIL has downgraded its rating on Geetanjali Trading and
Investments Pvt Ltd's Rs.1.25 billion short-term debentures (STD)
to 'P3' from 'P1', and has placed the instruments on 'Rating Watch
with Negative Implications'.
The downgrade reflects a decline in Geetanjali's ability to
refinance its debt given the 36 per cent erosion in Asian Paints
Ltd's (Asian Paints'; rated 'AAA/Stable/P1+' by CRISIL) market
capitalisation over the past seven months; Geetanjali is the
holding company for one of Asian Paints' promoter families. The
rating watch reflects the possibility of accelerated repayment
under the rated facility: loan covenants incorporate a recall
option in the event of the Asian Paints share price falling by 30
per cent from its initial level.
Geetanjali's ability to refinance its debt has reduced sharply
over the seven months since the rated debt was issued. The share
coverage ratio is low: the market value of the shares held is now
estimated to be at just 2.3 times the total outstanding debt
(including secured and unsecured debt, guarantees, convertible
debt and interest). Over the year ahead, the company's total debt
is likely to increase beyond the cap of Rs.4.5 billion specified
in loan documents. This is because Geetanjali's dividend income
from Asian Paints will not cover its interest obligations, and the
borrowings that will be required to make up the difference will
add to the debt that the company already carries.
The rating watch reflects the possibility of further stress if
some of the rated obligations are recalled. CRISIL is monitoring
any potential recall, and Geetanjali's refinancing plans, and will
remove the rating from watch and take an appropriate rating action
once there is greater clarity on either of these fronts.
The rating continues to draw support from the demonstrated
willingness of Mr. Ashwin Dani, the promoter of Asian Paints, to
pledge his shareholding in Asian Paints for the debt of
Geetanjali. Mr. Dani and his family hold 18.82 per cent of Asian
Paints' equity (this includes the shareholding through Geetanjali
and other promoter-owned companies). The market value of these
holdings was Rs.14 billion as on February 26, 2009. The Dani
family also holds majority stakes in Hitech Plast Ltd, Gujarat
Organics Ltd, Resins and Plastics Ltd, Pragati Chemicals Ltd, and
Coatings Specialities (I) Ltd. Of these, Hitech Plast Ltd is a
listed entity; the market value of the promoter group's stake as
on February 26, 2009 stood at Rs.306 million.
About Geetanjali
Geetanjali held 13.43 per cent of Asian Paints' share capital as
of December 31, 2008. Mr. Ashwin Dani and his family hold the
entire share capital of Geetanjali. The family holds much of its
stake in Asian Paints through Geetanjali.
About Asian Paints
Asian Paints is the largest paint manufacturer in India.
Globally, it is one of the top 10 decorative coating companies,
with a presence in 21 markets (through various subsidiaries)
across Southeast Asia, South Asia, the Caribbean, the Middle East,
and the South Pacific regions. Asian Paints is the leader in the
Indian decorative paints industry, with an imposing share of 54
per cent of the organised market. The company's product basket
covers all decorative segments, including interior and exterior
wall finishes, wood finishes, metal paints, and enamels. Asian
Paints is also the market leader in 11 of the 21 markets in which
it is present.
Asian Paints, at a consolidated level, reported a profit after tax
(PAT) of Rs.4.28 billion on net sales of Rs.45.5 billion in 2007-
08 (refers to financial year, April 1 to March 31), as against a
PAT of Rs.2.75 billion on net sales of Rs.37.89 billion in 2006-
07. For the nine months ending December 31, 2008, the company
reported a net profit of Rs.3.1 billion on net sales of Rs.40
billion on a consolidated basis, as against a net profit of Rs.3.4
billion on net sales of Rs.32.7 billion for the corresponding
period of the previous year.
GIRIJA MODERN: CRISIL Puts 'BB' Rating on Rs.50 Mln Cash Credit
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Girija Modern Rice Mill (Girija Mill), a Pallavi
group entity.
Rs.50 Million Cash Credit BB/Stable (Assigned)
Rs.50 Million Term Loan * BB/Stable (Assigned)
* includes proposed limit of Rs.18.3 million.
The ratings reflect the Pallavi group's below-average financial
risk profile marked by a low net worth and high working capital
requirements, and the susceptibility of its operating margins to
changes in the regulated prices of paddy and rice. These rating
weaknesses are mitigated by the promoters' extensive industry
experience, and assured off-take by Food Corporation of India
(FCI).
For arriving at the ratings, CRISIL has combined the business and
financial profiles of Girija Mill and Pallavi Enterprises,
together referred to as the Pallavi group.
Outlook: Stable
CRISIL expects the Pallavi group to maintain its stable business
risk profile on the back of the extensive industry experience of
its promoters. The outlook may be revised to 'Positive' in case
of a significant increase in the group's net worth, through
capital infusion by promoters. Conversely, the outlook may be
revised to 'Negative' in case of decline in the net worth, because
of withdrawals by partners, or if the group undertakes a
significantly debt-funded capital expenditure (capex).
About the Group
The Pallavi group is engaged in the business of paddy and semolina
milling. The group has an installed milling capacity of 32 tonnes
per hour; the facilities are located in Enikepadu, Vijayawada.
The group was promoted by Mr. Tatikonda Viswanadham, his wife
Mrs. Tatikonda Savitri, and daughter Ms. Athuluri Venkata Lakshmi
Girija. For 2007-08 (refers to financial year, April 1 to March
31), the group reported a profit after tax (PAT) of Rs.4.5 million
on net sales of Rs.882 million, as against a PAT of Rs.5.0 million
on net sales of Rs.607 million in the previous year.
MAX HYPERMARKET: CRISIL Assigns 'BB' Ratings on Various Bank Loans
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Max Hypermarket India Pvt Ltd (Max Hyper).
Rs.105 Million Cash Credit Facility BB/Stable (Assigned)
Rs.400 Million Proposed Long Term Loan BB/Stable (Assigned)
Rs.5 Million Bank Guarantee P4 (Assigned)
Rs.30 Million Letter of Credit P4 (Assigned)
The ratings reflect Max Hyper's weak financial risk profile,
marked by operating losses; the financial risk profile is likely
to worsen because of the large ongoing debt-funded capital
expenditure (capex). This rating weakness is mitigated by the
strong operational support Max Hyper receives from its parent, the
Landmark group, and its moderate operating efficiencies because of
the tie-up with Dutch retail giant SPAR International.
Outlook: Stable
CRISIL believes that Max Hyper will maintain its stable business
risk profile on the back of the strong growth prospects of the
retail industry. The company's financial risk profile will remain
weak because of the large debt-funded capex and operational
losses. CRISIL expects any shortfall in Max Hyper's project
funding to be met through equity infusion by promoters. The
outlook could be revised to 'Positive' if Max Hyper stores attain
break-even sooner than expected, or if the promoters infuse
substantial equity to fund its projects. Conversely, the outlook
may be revised to 'Negative' in the event of delays in break-even
or if the company takes on more debt than expected.
About Max Hypermarket
Incorporated in 2004, Max Hyper is part of the Landmark group
which has business interests in the retail segment in the Middle
East. The company has a licence agreement with SPAR
International, which allows it to use the brand name SPAR. At
present, Max Hyper operates one SPAR hypermarket and two SPAR
supermarkets. SPAR stores are targeted at the middle and upper
middle class households. For 2007-08 (refers to financial year,
April 1 to March 31), Max Hyper reported a net loss of Rs.322
million on net sales of Rs.270 million.
MSP COKES: CRISIL Rates Rs.850 Million Term Loan at 'BB+'
---------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the term loan
facility of MSP Cokes Pvt Ltd (MSP Cokes), which is a part of the
MSP group.
Rs.850 Million Term Loan BB+/Stable (Assigned)
The rating reflects MSP Cokes' exposure to risks related to
project stage of operations and the cyclical nature of its end-
user industries. These weaknesses are partially mitigated by MSP
Cokes' moderate business risk profile, supported by the integrated
operations of the MSP group.
Outlook: Stable
CRISIL believes that MSP Cokes will continue to benefit from its
association with the group companies. The outlook may be revised
to 'Positive' in case of early completion of the coke oven plant,
or if the accruals of the project are better than expected.
Conversely, the outlook may be revised to 'Negative' if there is
any delay in completion of the project.
About MSP Cokes
MSP Cokes, incorporated in 2008, is setting up a coke oven plant
at Jharsuguda (Orissa). The configuration of the plant will be
non-recovery and eco-friendly; it will produce low-ash
metallurgical coke. The company is expected to start commercial
operations from August, 2009. The project is mainly a backward
integration for the group company MSP Metallics Ltd, which is
implementing an integrated steel plant in an adjacent place. The
coke produced by MSP Cokes is expected to be utilised for
manufacturing pig iron by MSP Metallics Ltd.
NEDCOMMODITIES: CRISIL Places 'BB' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Nedcommodities India Pvt Ltd (NIPL).
Rs.480 Million Cash Credit/Packing BB/Stable (Assigned)
Credit Facility
Rs.40 Million Proposed Cash Credit/ BB/Stable (Assigned)
Packing Credit Facility
The ratings reflect NIPL's below-average financial risk profile,
reflected in its stretched capital structure, due to high working
capital borrowings. This weakness is mitigated by the benefits
that NIPL derives from its low-risk trading business, and the
support from its parent Amtrada Holding BV, the Netherlands
(Amtrada).
Outlook: Stable
CRISIL believes that NIPL's financial risk profile will remain
weak over the medium term; its revenues may remain stable, backed
by the off-take from Amtrada. The outlook may be revised to
'Positive' if NIPL's financial risk profile improves, due to
infusion of capital or higher-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case there
is deterioration in NIPL's revenues or margins, or if the company
takes on more debt than expected.
About Nedcommodities
NIPL, incorporated in 2000, is based in Kushal Nagar, Karnataka.
The company procures coffee cherries, and processes and exports
coffee beans. It is a wholly-owned subsidiary of Amtrada, an
international trading group specialising in coffee, cocoa, nuts,
and other agricultural commodities. For 2007-08 (refers to
financial year, April 1 to March 31), NIPL reported a profit after
tax (PAT) of Rs.17 million on net sales of Rs.1.23 billion, as
against a PAT of Rs.23 million on net sales of Rs.979 million in
the previous year.
OCEANIC TROPICAL: Exposure to Risk Prompts CRISIL's 'BB+' Rating
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Oceanic Tropical Fruits Pvt Ltd (OTFPL).
Rs.75.00 Million Long Term Loan BB+/Stable (Assigned)
Rs.275.00 Million Packing Credit P4 (Assigned)
Rs.100.00 Million Foreign Bill Purchase P4 (Assigned)
Rs.4.50 Million Bank Guarantee P4 (Assigned)
Rs.70.00 Million Letter of Credit P4 (Assigned)
The ratings reflect OTFPL's short span of operations, exposure to
risks relating to variations in tropical fruit yields, and
aggressive capital expenditure plan. They also factor in the
intense competition in the fruit processing industry. These
rating weaknesses are partly offset by OTFPL's strong project
execution skills, and good marketing capabilities reflected in a
healthy order book.
Outlook: Stable
CRISIL expects OTFPL to generate adequate cash flows over the
medium term, given the robust demand for processed fruit products.
The outlook may be revised to 'Positive' if there is a steady
improvement in the company's cash accruals with the timely
completion of its capacity expansion programme. Conversely, the
outlook may be revised to 'Negative' in the event of time and cost
overruns on the programme, or OTFPL's inability to tie up with
off-takers for enhanced capacities.
About OTFPL
Incorporated in September 2007, OTFPL is a part of the Oceanaa
group (previously Oceanic group) promoted by Mr. A Joseph Raj and
Mrs. Vimala Joseph. OTFPL is engaged in fruit pulp extraction and
aseptic packing of processed fruit products. The Oceanaa group,
started in 1990, has a presence in printing; production of aqua
shrimp seeds; aqua farming; individually quick freezing (IQF)
processing of fruits, vegetables and marine products; aseptic
fruit purees and concentrates; retail outlets for processed food
products; information technology; infrastructure; aqua research
foundation; and charities.
PALLAVI ENTERPRISES: CRISIL Rates Rs.200 Mln Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable' to the bank
facilities of Pallavi Enterprises, a Pallavi group entity.
Rs.200 Million Cash Credit BB/Stable (Assigned)
Rs.100 Million Warehouse Receipts BB/Stable (Assigned)
Rs.100 Million Term Loan BB/Stable (Assigned)
The ratings reflect the Pallavi group's below-average financial
risk profile marked by a low net worth and high working capital
requirements, and the susceptibility of its operating margins to
changes in the regulated prices of paddy and rice. These rating
weaknesses are mitigated by the promoters' extensive industry
experience, and assured off-take by Food Corporation of India
(FCI).
For arriving at the ratings, CRISIL has combined the business and
financial profiles of Pallavi Enterprises and Girija Modern Rice
Mill, together referred to as the Pallavi group.
Outlook: Stable
CRISIL expects the Pallavi group to maintain its stable business
risk profile on the back of the extensive industry experience of
its promoters. The outlook may be revised to 'Positive' in case
of a significant increase in the group's net worth, through
capital infusion by promoters. Conversely, the outlook may be
revised to 'Negative' in case of decline in the net worth, because
of withdrawals by partners, or if the group undertakes a
significantly debt-funded capital expenditure (capex).
About the Group
The Pallavi group is engaged in the business of paddy and semolina
milling. The group has an installed milling capacity of 32 tonnes
per hour; the facilities are located in Enikepadu, Vijayawada. The
group was promoted by Mr. Tatikonda Viswanadham, his wife Mrs.
Tatikonda Savitri, and daughter Ms. Athuluri Venkata Lakshmi
Girija. For 2007-08 (refers to financial year, April 1 to
March 31), the group reported a profit after tax (PAT) of Rs.4.5
million on net sales of Rs.882 million, as against a PAT of Rs.5.0
million on net sales of Rs.607 million in the previous year.
PRINCE ALLOYS: CRISIL Puts 'BB' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Prince Alloys Pvt Ltd (Prince Alloys), a Prince
group entity.
Rs.3.6 Million Long Term Loan BB/Stable (Assigned)
Rs.50.0 Million Cash Credit Limit BB/Stable (Assigned)
Rs.10.0 Million Letter of Credit P4 (Assigned)
Rs.8.2 Million Bank Guarantee P4 (Assigned)
The ratings reflect Prince group's below-average financial risk
profile, and exposure to risks relating to fluctuations in the
prices of raw material, the current economic slowdown, and
cyclicality in the steel industry. These weaknesses are mitigated
by the extensive experience of the group's promoters and its
partially integrated operations.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Prince TMT, and its group companies
Prince Alloys Pvt Ltd (Prince Alloys), Prince Rollings Pvt Ltd
(Prince Rollings), and Prince Roller Flour Mills Pvt Ltd (Prince
Mills). This is because all the entities, collectively referred
to as the Prince group, are under common promoters and management
teams, and have intra-group financial linkages, including fungible
funds.
Outlook: Stable
CRISIL believes that the Prince group will maintain a stable
business profile on the back of its established track record in
Kerala market. The outlook may be revised to 'Positive' if the
financial risk profile improves substantially, backed by improved
gearing and margins. Conversely, the outlook may be revised to
'Negative', if reduced capacity utilisation or realisations impact
the group's margins and cash flows, or if capital structure
deteriorates due to large, debt-funded capital expenditure or
acquisitions.
About Prince Alloys
The Kerala-based Prince group comprises Prince TMT, which is
engaged in the business of manufacturing thermo-mechanically
treated (TMT) bars, and trading in mild steel (MS) rounds; Prince
Alloys and Prince Rollings, which produce MS ingots; and Prince
Mills, which manufactures wheat flour and trades in raw wheat.
For 2007-08 (refers to financial year, April 1 to March 31), the
Prince group reported a profit after tax (PAT) of Rs.36.4 million
on a turnover of Rs.1.78 billion, as against loss of Rs.15.5
million on a turnover of Rs.1.13 billion in the previous year.
Prince Alloys has the installed capacity to produce around 22,000
tonnes per annum of MS Ingots. For 2007-08, the company reported
a PAT of Rs.2.89 million on a turnover of Rs.391.4 million, as
against a PAT of Rs.1.57 million on a turnover of Rs.302.4 million
in the previous year.
RAIN COMMODITIES: Fitch Assigns National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned a National Long-term Rating of 'A-
(ind)' (A minus) with a Stable Outlook to India's Rain Commodities
Ltd. At the same time, the agency has also assigned an 'A-(ind)'
(A minus) rating to RCOL's INR2,854 million long-term bank loans
and to its INR80 million Cash Credit limits. Fitch has also
assigned a 'F1(ind)' rating to the company's INR1,765 million
short-term non fund based bank limits.
The ratings reflect the company's turnaround from FY04 which has
been demonstrated by an improvement in profitability and key
credit metrics due to the combination of a positive cement cycle
and the change in management from FY04. During FY02-FY04, the
company faced pressures due to low cement prices, high cost
structure and high leverage (debt/EBITDA) due to debt taken on to
finance past expansions. The company went through a comprehensive
operational and financial restructuring over FY03 and FY04, which
helped improve efficiency. The ratings also reflect the company's
improved cost structure post restructuring and RCOL's successful
commissioning of a 1.5m metric tonnes per annum brownfield
expansion, taking total capacity to 3.16m mtpa in June 2008. The
company currently has no further capex plans. The ratings also
take into account RCOL's position as a mid-market, retail focused
player primarily in southern India with its brand name "Priya
Cement" and its established distribution network. With the bulk
of its capacity located in Kurnool, Andhra Pradesh, the company
has access to multiple markets including northern Karnataka and
Tamil Nadu. The company has located its plant at limestone
pitheads, and has sufficient reserves (around 70 years at current
output levels). Although RCOL's cost structure was impacted in
FY07 and FY08 due to the high cost of imported coal (around 65% of
requirements), these prices have since moderated.
However, RCOL's ratings remain constrained by its high cost
structure in relation to other mid-sized players. This is due to
its reliance on imported coal and high freight costs as its plants
are some distance from key markets. The ratings are also
constrained by the company's past volatility in performance and
losses incurred in FY04 and FY05 which were attributed to a
combination of past operational inefficiencies and a downturn in
the cement cycle. Fitch notes that the cement sector has started
showing signs of slowing down, and expects realizations and demand
growth to come under pressure from H2FY09. With a combination of
moderating demand and new capacities coming on-stream, Fitch
expects the sector to face higher risks from overcapacity in the
short- to medium-term. With pressure on volumes and realizations
going forward, Fitch believes that RCOL's operating performance
could come under pressure. However, these risks are partly offset
by improvements to its cost structure and efficiency which have
been undertaken in recent years. Any material fall in volumes and
prices, and the consequent impact on margins, could put pressure
on the ratings.
RCOL holds 100% in Rain CII Carbon (India) Ltd (RCCIL,
'B'/Stable), which along with its US subsidiary, Rain CII Carbon
LLC (RCC, 'B'/Stable), is the world's largest merchant calciner.
However, Fitch has taken a standalone view of RCOL when assigning
the ratings as the agency believes that the limited legal and
operating linkages outweigh the strategic imperatives. However,
the company has provided support to its US-based holding company,
RC USA, which holds US$92 million of class B non-voting shares in
RCC, and which has around US$72 million of debt on its books, with
an average annual repayment of around US$15 million. RCOL has
currently (as of FYE08) provided INR1.3 billion in advances to
RCUSA to finance its debt repayments. Although the company has
also provided some support to RCCIL for petcoke procurement, this
is more in the form of passing on the credit period offered by
suppliers, and has not had a major incremental liquidity impact on
RCOL. Fitch notes that any material fresh support to either RCCIL
and/or RC USA materially impacting credit metrics and/or liquidity
could put pressure on the ratings. In any case, a net Debt/EBITDA
above 4x on a sustained basis could be a negative rating factor.
In CY08(E), the company reported revenues of INR11.1 billion
compared to INR4.6 billion in 9MCY07 with a fall in EBITDA margins
to 17.4% in CY08 from 29.4% in 9MCY07, due to higher petcoke
trading revenues, higher costs in the new facility and high power
and fuel costs. RCOL's debt rose to INR4,012 million in CY08 from
INR2,134 million in FY07 which is largely attributable to capex
spending over the past two years tied to capacity expansion in
RCOL's Kurnool unit. RCOL reported a net debt/EBITDA of 1.9x for
9mCY07 compared to 1.1x in FY07.
RANBAXY LABORATORIES: FDA Halts Review of Drug Applications
-----------------------------------------------------------
The U.S. Food and Drug Administration(FDA) said that a facility
owned by Ranbaxy Laboratories falsified data and test results in
approved and pending drug applications. The facility, which is
located in Paonta Sahib, India, has been under an FDA Import Alert
since September 2008.
In a press statement, the FDA disclosed it is continuing to
investigate the matter to ensure the safety and efficacy of
marketed drugs associated with Ranbaxy's Paonta Sahib site. To
date, the FDA has no evidence that these drugs do not meet their
quality specifications and has not identified any health risks
associated with currently marketed Ranbaxy products.
The affected applications are for drugs that fall into three
categories:
-- Approved drugs made at the Paonta Sahib site for the
U.S. Market;
-- Drugs pending approval at the FDA that are not yet
marketed; and
-- Certain drugs manufactured in the United States that
relied on data from the Paonta Sahib facility.
"Companies must provide truthful and accurate information in their
marketing applications," said Janet Woodcock, M.D., director of
the FDA's Center for Drug Evaluation and Research (CDER). "The
American public expects and deserves no less."
To address the falsified data, the FDA said it has invoked its
Application Integrity Policy (AIP) against the Paonta Sahib
facility.
According to the FDA, the AIP is invoked when a company's actions
raise significant questions about the integrity of data in drug
applications. This AIP covers applications that rely on data
generated by the Paonta Sahib facility only.
Under the AIP, the FDA has asked Ranbaxy to cooperate with the
agency to resolve the questions of data integrity and reliability.
This would include implementing a Corrective Action Operating Plan
(CAOP) to provide assurance of the integrity and reliability of
data from the Paonta Sahib facility. A CAOP includes, but is not
limited to, conducting a third-party independent audit of
applications associated with Paonta Sahib.
When the AIP is implemented, the FDA stops all substantive
scientific review of any new or pending drug approval applications
that contain data generated by the Paonta Sahib facility.
"The FDA's investigations revealed a pattern of questionable data
raising significant questions regarding the reliability of certain
applications, and this warrants applying the Application Integrity
Policy," said Deborah Autor, director of CDER's Office of
Compliance. "Today's action reflects the FDA's continued
vigilance and its steadfast commitment to safeguarding the
public's health."
According to Bloomberg News, the decision by the FDA to end
reviews of drugs produced at Ranbaxy's plant in Paonta Sahib,
comes after Tokyo-based Daiichi Sankyo forecast the biggest annual
net loss by a Japanese drugmaker because of writedowns from its
purchase of Ranbaxy Laboratories.
In July 2008, the Troubled Company Reporter-Asia Pacific said the
the U.S. Department of Justice (DOJ) conducted a probe on Ranbaxy
for allegedly bringing adulterated and misbranded medications into
the U.S. Accordingly, the DOJ sought court permission to access
privilege records of Ranbaxy's internal audits and operations.
Ranbaxy, which derived 24% of its 2007's revenue in the U.S.,
denied the allegations.
In September 2008, sale of more than 30 Ranbaxy generic medicines
manufactured in its Dewas and Paonta Sahib plants in India were
blocked by the U.S. Food and Drug Administration (FDA) due to
deficiencies in manufacturing processes, a TCR-AP report on
Sept. 18, 2008 said.
Separately, a Sept. 26, 2008 TCR-AP report said the United States
President's Emergency Plan for AIDS Relief suspended funding for
three generic AIDS drugs made by Ranbaxy until deficiencies at its
plants are cleared. The three Ranbaxy drugs are zidovudine,
lamivudine and nevirapine. The program, which provided
US$8.9 million for Ranbaxy's AIDS drugs last fiscal year, said it
won't use funds to support new orders, according to Bloomberg
News.
On Oct. 10, 2008, the TCR-AP reported that the DOJ dropped its
legal action against Ranbaxy after the Indian drug maker
handed over documents relating to the regulators' concerns over
its manufacturing.
According to a TCR-AP report on Nov. 11, 20008, Ranbaxy completed
its transformational deal with the execution of the final transfer
of the remaining equity shares of the Singh family, in Ranbaxy to
Daiichi Sankyo Company Limited. Pursuant to this, Daiichi Sankyo
has now acquired 63.92% of the equity share capital of Ranbaxy
comprising 268,711,323 shares.
About Ranbaxy Laboratories
Ranbaxy Laboratories Limited -- http://www.ranbaxy.com/-- along
with its subsidiaries and associates operates as an integrated
international pharmaceutical organization with businesses
encompassing the entire value chain in the production, marketing
and distribution of dosage forms and active pharmaceutical
ingredients. It has manufacturing facilities in 11 countries,
namely Brazil, China, India, Ireland, Japan, Malaysia, Nigeria,
Romania, South Africa, the United States of America and Vietnam.
Its major markets include the United States of America, India,
Europe, Russia / CIS, Brazil and South Africa. The major
products include, inter alia, Simvastatin, CoAmoxyclav,
Amoxycillin, Ciprofloxacin, Isotretinon and Cephalexin. Its
research and development activities are principally carried out
at its facilities in Gurgaon, near New Delhi, India. RLL's
segments include Pharmaceuticals and Other businesses. During
the year ended Dec. 31, 2007, RLL acquired 24.91% of Shimal
Research Laboratories Limited.
SUTLEJ TEXTILES: Fitch Downgrades National Rating to 'BB-'
----------------------------------------------------------
Fitch Ratings has downgraded India's Sutlej Textiles and
Industries Limited's National Long-term rating to 'BB-(ind)' (BB
minus(ind)) from 'BBB(ind)'. The agency has also downgraded the
ratings of STIL's long-term bank loans aggregating INR7,297
million and fund based working capital limits (cash credit) of
INR500 million to 'BB-(ind)' (BB minus(ind)) from 'BBB(ind)'. The
agency has also downgraded the ratings of STIL's fund-based limits
(including working capital demand loan and packing credit)
aggregating INR2000 million, gold card export credit limit of
INR310 million, short-term loan of INR300 million and STIL's non-
fund based working capital limits of INR330 million to 'F4(ind)'
from 'F2(ind)'. The Outlook has been revised to Negative from
Stable.
The ratings downgrades reflect the sustained and severe decline in
the company's operating performance and credit metrics over the
past four quarters. The operating EBITDA margins have fallen to
5.25% in the nine months ended December 2008 (9M09) from 12% in
the nine months ended December 2007 (9M08), impacted by lower
sales realisations and input cost pressures (despite revenue
growth of 12.6% yoy). STIL's revenues have been growing despite
the grim industry scenario, as STIL is mainly into synthetic yarn,
the domestic demand for which has been more stable as compared to
cotton yarn. The ratings downgrades also take into account net
losses of INR201.4 million in 9M09, which includes INR81 million
reported forex losses. The narrow profitability and upward
revision in interest rates have squeezed the debt service coverage
ratios to below 1x and interest coverage to 1.2x (from 3.3x in
FY08).
Fitch has a Negative outlook on the Indian textile industry for
2009. Margin and cash flow pressures across the board continue,
coupled with short-term liquidity pressures and higher working
capital requirements. Leverage is already stretched due to long
term borrowings under the Technology Upgradation Fund Scheme, and
credit metrics are not expected to improve significantly in the
near term.
Interest coverage not improving above 1.25x till H1-FY2010
(September 2009) is seen as a negative ratings trigger.
Comfort is drawn from the company's ability to obtain additional
fund based working capital lines despite the ongoing liquidity
crunch and bleak textile sector outlook. However high debt of
INR7,807 million as of December 31, 2008, translating into a Debt/
EBITDA (annualized 9M09) ratio of 17x remains a key credit
concern. Debt has further increased to INR8,323 million as of
January 31, 2009, led by debt-funded capex and debt maturities.
An improvement in operating cash flows alongwith timely
stabilization of new capacity would be crucial for the liquidity
of the company.
The company has deferred INR1,020 million of its original
INR3,500 million capex programme- in view of the sector outlook
and its internal debt position. The capex execution has been
moderately delayed and the spinning capacity enhancements are
under a trial phase with a revised completion timeline of Q109.
STIL manufactures cotton and man-made fibre yarns, fabrics, made-
ups and garments, and has facilities in Rajasthan, Jammu and
Kashmir and Gujarat. In 9M09, STIL had revenue of INR6,569.7
million (before forex translation losses), with an EBIDTA of
INR345 million and net loss of INR201 million.
=================
I N D O N E S I A
=================
BERAU COAL: Fitch Affirms Issuer Default Rating at 'B+'
-------------------------------------------------------
Fitch Ratings has affirmed PT Berau Coal's (Berau) Long-term
foreign and local currency Issuer Default Ratings at 'B+' and
National Long-term rating at 'A(idn)'. The Outlook remains
Stable. At the same time, Fitch has affirmed Berau's senior
unsecured rating of its US$325 million senior notes due in 2011 at
'B+'.
The ratings reflect Berau's strong revenue growth with revenue in
the first nine months to end-September 2008 (9M08) increasing by
71% yoy driven primarily by the significant increase in the
average selling price of coal. This allowed Berau to achieve a
much improved net debt/EBITDA ratio of 1.5x on an annualised basis
at end-September 2008, compared to 3.5x during the same period
last year. The ratings continue to factor in the stability of
Berau's revenues supported by established long-term relationships
with long-term contracts in place, and the natural hedge on its
US$ borrowings arising out of around 80% revenues being
denominated in or linked to US$.
Moreover, the ratings reflect Berau's strategy of contracting out
its entire coal mining activities, which allows it to minimise
capex and working capital. Hence, the agency foresees operating
cash flow to remain steady, while free cash flow is expected to
remain positive.
However, Fitch notes that Berau's free on board cash cost
increased significantly to US$32.2/ton in 9M08 against US$21.8/t
in 2007 primarily due to higher rates demanded by contractors,
coupled with higher handling/demurrage expenses incurred. With
lower coal prices, margins are expected to fall from the
exceptional high levels recorded in 2008, despite fuel expenses
being the major variable component in production costs. Hence,
the ability to control costs is very crucial in sustaining its
overall financial performance.
Berau's ratings continue to be constrained by its exposure to
commoditized coal price, reliance on contractors (in particular on
one of its major contractors, PT Bukit Makmur Mandiri Utama) as
well as by high concentration risk; its top 10 customers
contributing more than 85% to the revenues in 9M08.
Fitch also notes that earlier this year, the Indonesian President
signed a new mining law which created uncertainty on whether
existing concessions will continue to be honored for the remaining
term, or if they will have to be aligned with the new law within a
year. The government will be issuing several supporting
regulations in connection to this law, and the agency will closely
monitor developments.
The Stable Outlook reflects Fitch's expectation that the de-
leveraging will proceed as planned, aided by medium term price and
order visibility. If Berau's leverage as measured by net
debt/EBITDA ratio remains above 3.0x, a negative rating action may
be taken. Any negative implication from the new mining law may
also result in a negative rating action. Conversely, a sustained
net debt/EBITDA ratio below 2.5x may result in a positive rating
action.
Berau is Indonesia's fifth-largest coal producer and operates
under a 30-year Coal Contract of Work. It reported revenues and
EBITDA of US$450.1 million and US$99.5 million, respectively, for
9M08.
EXCELCOMINDO PRATAMA: S&P Gives Neg. Outlook; Affirms 'BB-' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said it revised its outlook on
the long-term corporate credit rating on Indonesian cellular
service provider PT Excelcomindo Pratama Tbk. to negative from
stable.
At the same time, Standard & Poor's affirmed its 'BB-' corporate
credit rating on the company and its 'BB-' rating on the
US$250 million (US$127.7 million currently outstanding) 7.125%
notes due 2013 issued by Excelcomindo Finance Co. B.V., a fully
owned company incorporated in The Netherlands, and which are
unconditionally and irrevocably guaranteed by XL.
The outlook revision reflects (1) S&P's opinion that XL's capital
structure has weakened after a significant increase in debt to
fund its capital expenditure in 2008, and (2) competitive and
operating pressures on its margins, evident toward year end.
"Combining the two factors, the company's main credit ratios
deteriorated from previously stated rating expectations for a
'BB-' level," said Standard & Poor's credit analyst Manuel
Guerena. "We will factor into the rating and outlook an announced
rights issue, when they are exercised, and the company's efforts
to strengthen its main credit metrics."
XL invested approximately Indonesian rupiah 11.4 trillion in
capital expenditures in 2008, primarily through debt. Although
its funds from operations increased 54% from the previous year,
its debt doubled, Mr. Guerena said. In addition, pressure from
competition and reduced consumer spending caused by global
economic conditions lowered XL's October-December 2008 EBITDA
margin significantly.
As at Dec. 31, 2008, XL had cash and equivalents of IDR1.2
trillion, compared with IDR1.3 trillion in short-term debt. S&P
expects that most of this short-term debt will be refinanced with
proceeds from the second tranche of the US$400 million loan
facility from the Swedish Export Credits Guarantee Board EKN
(first tranche of US$214 million was fully drawn at the end of
December 2008). This is likely to help liquidity for XL. As of
December 2008, XL's had 41% of its U.S.-dollar-denominated debt
hedged, exposing the balance to rupiah volatility.
INDIKA ENERGY: Moody's Affirms 'B2' Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has affirmed its B2 corporate family
rating for PT Indika Energy Tbk. At the same time, Moody's has
affirmed its B2 rating for the 5-year, $250 million senior secured
bond issued by Indo Integrated Energy BV and guaranteed by Indika.
The outlook for both ratings is stable.
The affirmation follows Indika's recent announcement that it plans
on acquiring an 81.95% stake in mining contractor PT Petrosea Tbk.
The cost of the acquisition is estimated to be approximately
US$102.3 million (assuming 100% ownership) which Indika will fund
from its cash on hand. As at December 31, 2008, Indika held cash
balances of US$366.8 million including US$91.7 million of
restricted cash.
In the 9 months to September 2008 Petrosea recorded revenues of
US$84.5 million and EBITDA of US$25 million. Debt outstanding
stood at US$42.6 million, as such on a fully consolidated basis,
Indika, will post acquisition have pro forma debt/EBTIDA of
approximately 3.1x which remains low for the rating level.
The last rating action was taken on 11th May 2007 when Indika's
ratings were affirmed at B2 with a stable outlook.
Indika is a listed integrated energy group based in Indonesia. Its
principal investment is its 46% shareholding in Kideco,
Indonesia's third largest domestic coal producer. In addition,
Indika is involved in Engineering, procurement and Construction
and Operations and Maintenance businesses through its wholly owned
subsidiary Tripatra which has a long established history of
successfully completing such projects in Indonesia for major
international oil companies
=========
J A P A N
=========
ASAHI MUTUAL: S&P Downgrades Long-Term Counterparty Rating to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty and financial strength ratings on Asahi Mutual Life
Insurance Co. to 'BB' from 'BB+'. The downgrades reflect a
material erosion of the insurer's capitalization and reduced
financial flexibility amid the turbulent equity and stagnant
credit markets. The outlook on the insurer is negative.
Asahi Life has been accumulating retained earnings in its
insurance business relatively slowly because the insurer has
weaker profitability than its major peers. In addition, the
company's domestic equity and exchange-traded fund holdings are
large relative to its capitalization, making its financial base
sensitive to market conditions. Stock price falls caused the
insurer to post JPY202 billion in write-downs on securities as of
December 2008, and the company incurred unrealized losses on
securities of JPY14.7 billion as of Dec. 31, 2008. It has also
drawn down most of its price fluctuation reserves and catastrophe
reserves, which has significantly diminished its capital. As
such, Standard & Poor's believes that Asahi Life's capital is not
consistent with the previous 'BB+' rating on the insurer. S&P
also expects the global downturn in equity and credit markets to
lead to an increase in hedging and financing costs, thereby
affecting the insurer's financial flexibility. In the insurance
business, the company maintains a certain level of core profit
supported by its third-sector insurance products. However, given
the difficult business environment for Japanese life insurers
and the impact of the economic downturn, it is likely that Asahi
Life will take time to build up and improve its retained earnings.
The negative outlook reflects pressure on Asahi Life's
capitalization from the ongoing instability in the financial
markets. The company has been able to contain capital erosion to
a certain degree by reducing risk assets, hedging against foreign
exchange fluctuations and falling stock prices, and increasing
"kikin" funding, a type of subordinated debt unique to Japanese
mutual life insurers. Standard & Poor's would consider a
downgrade on the company if stock prices continue to decline,
weakening the company's capitalization further, or if the core
profitability of its insurance business significantly declines.
Conversely, the outlook could see upward movement if there is an
improvement in the investment environment, including the Japanese
stock market, and the company's insurance sales are steady,
thereby enhancing its capitalization.
Ratings List
Downgraded
Asahi Mutual Life Insurance Co.
Counterparty Credit Rating
To From
-- ----
Local Currency BB/Negative/-- BB+/Negative/--
Financial Strength Rating
To From
-- ----
Local Currency BB/Negative/-- BB+/Negative/--
NISSAN MOTOR: To Skip Some Major Auto Shows to Cut Costs
--------------------------------------------------------
Nissan Motor Co. Ltd said it would skip some major auto shows this
year to cut costs amid global plunging car demand, Japan Today
reports.
According to the report, Nissan plans to take part in the shows in
New York, Shanghai, Tokyo and Geneva this year, but is putting
others under review to see if the investment is worth the possible
returns.
The other major international auto shows include Detroit, Chicago,
Beijing and Frankfurt, Japan Today notes.
As reported by the Troubled Company Reporter-Asia Pacific on
Feb. 10, 2009, Nissan Motor expects to incur JPY265 billion net
loss for the for the fiscal year ending March 31, 2009. The
company also expects operating loss of JPY180 billion.
For the third quarter of fiscal year 2008, ending March 31, 2009,
Nissan incurred a net loss after tax of JPY83.2 billion (US$0.81
billion, EUR0.55 billion), compared to net income of JPY132.2
billion (US$1.28 billion, EUR0.87 billion) from the same period a
year ago.
Nissan attributed the loss to the severe downturn in the global
economy in the second half of calendar year 2008 and, in
particular, the negative impact of the strong yen, the sharp
decline in consumer confidence in all major markets and product
mix deterioration.
About Nissan Motor
Headquartered in Tokyo, Japan, Nissan Motor Co. Ltd.
(NASDAQ:NSANY) -- http://www.nissan.co.jp/-- is engaged in
providing automotive products and services. The company, through
its subsidiaries, is primarily engaged in the manufacture and
sales of products in the automobile segment and in providing
various financial services to users of the company's products in
the sales financing segment. These products, which are sold in
Japan and overseas, principally in North America and Europe,
include passenger cars, buses and trucks, as well as the related
components. Financial services include primarily leases and
credits principally in Japan and North America. The company has
two segments: automobile and sales financing. The company
provides lithium-ion batteries for automobiles, and has
established a joint-venture company with NEC to develop,
manufacture and market these batteries.
RESONA BANK: Fitch Affirms Individual Rating at 'D'
---------------------------------------------------
Fitch Ratings has affirmed Resona Bank's Individual and Support
ratings at 'D' and '2', respectively.
The Individual rating reflects the bank's modest capitalization
and limited internal capital generation stemming from large
dividend payouts. The rating is also constrained by the worsening
outlook for profitability given Japan's sharp economic slowdown,
which Fitch expects to adversely affect the bank's asset quality.
In Fitch's opinion, Resona's capitalization is modest at present.
Internal capital generation is also limited, despite Resona's
recent profitability above average due to the upstreaming of
dividends to its parent Resona Holdings as a source for future
repayment of the public funds that the group has yet to redeem.
Resona HD still has JPY2.3 trillion of public funds: JPY2.0
trillion in the form of preferred stocks, and JPY262 billion in
form of common stocks as of February 27, 2009.
Resona's profitability remains above average of major Japanese
banks, in part owing to a limited loss on securities investments
as a result of not having any foreign structured product
investments and a limited equity investment portfolio. However,
profitability declined during the nine months to end-December 2008
(Q3FYE09) yoy owing to a decrease in revenues from its core
businesses and a surge in loan loss charges. Net loan loss
charges jumped to JPY109 billion in Q3FYE09 from just JPY3.8
billion in Q3FYE08. Non-consolidated problem loans increased by
13% yoy, mostly from the bank's lending to the real estate,
construction and finance sectors, which however amounts to just
18% of the bank's total lending at end-September 2008.
The Support rating of '2' is based on Fitch's view that there is a
high probability of support for Resona from the state should it be
necessary.
In Fitch's rating criteria, a bank's standalone risk is reflected
in Fitch's Individual ratings and the prospect of external support
is reflected in Fitch's Support ratings.
===============
M A L A Y S I A
===============
KOSMO TECHNOLOGY: Bourse Grants April 30 Deadline to Submit Plan
----------------------------------------------------------------
Bursa Malaysia Securities Berhad has granted Kosmo Technology
Industrial Berhad an extension of its deadline to submit its
regularisation plan to the Securities Commission and other
relevant authorities for approval until April 30, 2009.
Bursa Securities said it had commenced de-listing procedures
against KOSMO on January 6, 2009, as KOSMO had failed to submit
its regularisation plan to the approving authorities for approval
within the prescribed time frame.
After due consideration of all facts and circumstances of the
matter including that KOSMO had signed the Share Sale Agreement in
respect of the companys regularisation plan on January 8, 2009,
Bursa Securities has decided to grant KOSMO an extension of time
to submit its regularisation plan.
The extension of time granted to KOSMO is without prejudice to
Bursa Securities' right to proceed to de-list the securities of
the Company from the Official List of Bursa Securities in the
event:
(1) KOSMO fails to submit the companys regularisation plan
to the Approving Authorities for approval by April 30,
2009;
(2) KOSMO fails to obtain the approval from any of the
approving authorities necessary for the implementation
of the companys regularisation plan and does not appeal
to the approving authorities within the timeframe (or
extended timeframe, as the case may be) prescribed to
lodge an appeal;
(3) KOSMO does not succeed in the companys appeal against
the decision of the Approving Authorities; or
(4) KOSMO fails to implement the companys regularisation
plan within the timeframe or extended timeframes
stipulated by the Approving Authorities.
Upon occurrence of any of the events set out in (1) to (4) above,
the securities of the company shall be removed from the Official
List of Bursa Securities upon the expiry of 7 market days from the
date the company is notified by Bursa Securities or such other
date as may be specified by Bursa Securities.
Kosmo Technology Industrial Bhd., formerly known as Orion Unggul
Sdn. Bhd., is a Malaysia-based investment holding company. The
company operates through two business segments: investment
holding and car accessories, which is engaged in the manufacture
and sale of plastic injection mould car accessories. The
company operates through its subsidiaries Kosmo Motor Company
Sdn. Bhd. and Hexariang Sdn. Bhd. Kosmo Motor Company Sdn. Bhd.
is engaged in importing, assembling, distributing and
maintaining commercial vehicles. Hexariang Sdn. Bhd. is an
investment holding company. Nagatrend Sdn. Bhd., which is a
subsidiary of Hexariang Sdn. Bhd. is engaged in the manufacture
and sale of car accessories. The company also has a 30% equity
interest in M Dot Mobile Sdn. Bhd.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
May 14, 2008, Kosmo Technology Industrial Berhad has been
considered as an Affected Listed Issuer under Practice Note No.
17/2005 of the Bursa Malaysia Securities Berhad as the company
was unable to provide a solvency declaration.
The company is currently encountering cash flow problems and has
been unable to meet its obligations in payment of loans and to
creditors. A notice of demand has been issued to Kosmo by Zul
Rafique & Partners for and on behalf of CapOne Berhad and
Malaysian Trustees Berhad for the repayment of the whole loan
facility together with all interest payable amounting to
MYR52,029,322.
MALAYAN BANKING: To Raise MYR6 Bln Through Rights Issue
-------------------------------------------------------
Soraya Permatasari at Bloomberg News reports that Malayan Banking
Berhad (Maybank) disclosed a 6 billion ringgit ($1.6 billion)
rights issue to boost its capital.
Citing Maybank in a statement, Bloomberg News relates that the
bank will offer shareholders nine shares for every 20 owned. The
new stock, the report says, will be offered at a discount of as
much as 40 percent to its theoretical ex-rights price.
According to Bloomberg News, the bank needs to shore up its
finances after spending at least S$1.77 billion ($1.1 billion)
last year to acquire PT Bank Internasional Indonesia.
The report notes Maybank also paid $742 million for 20 percent of
Pakistans MCB Bank Ltd. and $93 million for a 15 percent stake in
Vietnams An Binh Bank last year.
Maybank, as cited by Bloomberg News, said Permodalan Nasional
Bhd., which controls 56 percent of Maybank, and Employees
Provident Fund, which also owns 14 percent of Maybank, will take
up their portions of the rights offer as the banks biggest
shareholders.
The bank expects to issue as many as 2.2 billion new shares and to
complete the offer by the end of April, the report notes.
Meanwhile, Bloomberg News says JPMorgan cut its forecasts for
Maybanks 2009 and 2010 earnings by 12 percent and 36 percent,
respectively. JP Morgan, the report relates, said management
faces a deteriorating economy and there is little likelihood of
upside surprise in earnings.
About Maybank
Maybank, a trade name for Malayan Banking Berhad is the largest
bank and financial group in Malaysia, with significant personal
banking operations in Brunei, Singapore and the Philippines as
well. The bank also has large interests in Islamic banking and
insurance via its Etiqa subsidiary. Maybank is the largest bank
in Malaysia with 361 domestic branches and 88 international
branches. Maybank is the second largest listed company on the
Malaysian Stock Exchange, Bursa Malaysia, with a market
capitalisation of over MYR46.3 billion as of mid-December 2007.
* * *
The Troubled Company Reporter-Asia Pacific reported on March 31,
2008, that Moody's Affirmed 'C' Bank Financial Strength Rating
but its outlook has been changed to negative from stable.
====================
N E W Z E A L A N D
====================
MASCOT FINANCE: First to Fold Under Gov't Deposit Guarantee
-----------------------------------------------------------
Mascot Finance Limited was placed in receivership on March 2,
2009, making it the first finance company covered by the
government's deposit guarantee scheme to collapse, various reports
say.
The New Zealand Herald says Mascot Finance has 2,558 debenture
holders with NZ$70 million invested.
Trustee Perpetual Trust has appointed Deloitte partners Brett
Chambers and Paul Munro as receivers to the company. The
appointment follows discussions between Perpetual Trust and Mascot
Finance directors.
"In continually reviewing impairments in the loan book the board
has concluded that a major loan is now unlikely to be recovered in
full," the report cited Perpetual Trust in a statement.
"A writedown of that loan would result in a breach of the
company's trust deed. The trustee and the board of directors of
the company concluded receivership was the best option to protect
all investors and to ensure all investors are treated fairly."
According to the Herald, Treasury Secretary John Whitehead said
that all eligible Mascot Finance depositors will get 100 per cent
of the money they are entitled to under the Crown's guarantee.
"The Crown stands behind the deposit guarantee scheme, and Mascot
Finance depositors can be assured that they will get back all of
the money they are entitled to under the guarantee," the Herald
quoted Sec. Whitehead as saying.
Citing the Treasury in a statement, the Herald relates that
deposits covered by the guarantee include the principal sum
deposited, along with interest accruing in accordance with the
terms of the deposit up to NZ$1 million per depositor, per
institution. Deposits made and interest earned both before and
after Mascot Finance's approval are covered, the report says.
Mascot Finance Limited specializes in the provision of financial
services to small to medium sized businesses throughout New
Zealand.
FARMERS MUTUAL: To Exit Finance Market
--------------------------------------
Farmers' Mutual Finance Limited, the finance arm of Farmers'
Mutual Group, has ceased issuing new loans and would stop taking
new investments immediately, The New Zealand Herald reports.
According to the report, the Farmers Mutual Group said ownership
of a finance company was no longer part of its strategy.
In a statement on its website, FMG chief executive Chris Black
said that all existing investments will continue to be backed by
the Crown guarantee, and all debenture holders are due to be paid
in full as their investments mature.
The company said it will also continue on a 'business as usual'
basis to manage down its existing lending book as debt is repaid.
Established in 1905, Farmers Mutual Group -- http://www.fmg.co.nz/
-- provides rural finance services in New Zealand.
STRATEGIC FINANCE: Posts NZ$32.8 Mln First-Half Loss
----------------------------------------------------
The National Business Review reports that Strategic Finance Ltd
has reported a NZ$32.8 million net loss for the half-year ended
December 31, 2008. The company, the report says, has doubled the
NZ$15.7 million net loss it recorded in the year to June 30, 2008.
According to the report, Strategic took a NZ$53 million provisions
and debt write-off. It also wrote off a NZ$17.2 million deferred
tax asset and goodwill of NZ$1.1 million.
The report says that the company's assets of NZ$463 million still
outweigh liabilities of NZ$422 million, but that doesn't leave
much room for Strategic to meet its ambition of fully repaying
investors with interest by the end of 2013.
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 Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
August 8, 2008, Strategic Finance Limited suspended redemptions of
its secured debenture stock and subordinated notes. The company
also ceased accepting subscriptions for debenture stock and
subordinated notes under its current prospectus and investment
statement. The company owed NZ$325 million to 15,000 investors,
according to various reports.
The TCR-AP reported on October 17, 2008, that Strategic Finance
intends to present to Perpetual Trust Limited of New Zealand, the
trustee under SFL's Debenture Trust Deed, a new capital
restructure proposal for SFL, which will endeavor to set out the
best course of action for SFL and its debenture investors, and all
stakeholders after a proposal by a management-led consortium to
buy Strategic Finance Limited's parent, Strategic Investment Group
Limited, from Allco HIT, fell through.
On Dec. 22, 2008, the TCR-AP reported that Strategic Finance
gained the approval from debenture stockholders, depositors and
noteholders of its moratorium proposal.
Under the moratorium plan, the company will, subject to the
availability of funds as the assets of Strategic Finance
are realized, make quarterly repayments of principal and interest
through to December 2013, to its stockholders, deposit holders and
subordinated note holders, in accordance with existing priority
arrangements, as the assets of Strategic Finance are realized.
Under the moratorium proposal, interest on investments will be re-
set at August 7, 2008, to 8.0% across the board for all
securityholders, including BOSIAL for its main bank facility
(interest that accrues on the prior ranking BOSIAL facilities of
NZ$25 million will continue to accrue at the existing ordinary
rate).
=====================
P H I L I P P I N E S
=====================
LEGACY GROUP: BSP Places Another Legacy Bank in Receivership
------------------------------------------------------------
The BusinessWorld Online reports that the Bangko Sentral ng
Pilipinas (BSP) has closed down another rural bank in Albay,
Philippines, the hometown of Mayor Celso G. de los Angeles Jr.,
owner of Legacy Group.
Citing BSP in a memorandum, the report relates that the regulator
said it had placed the Rural Bank of Polangui (Albay) Inc.,
reportedly listed as one of the banks founded by Mr. de los
Angeles, under the Philippine Deposit Insurance Corp.'s (PDIC)
receivership.
"The Monetary Board decided to prohibit the [bank] from doing
business in the Philippines and to place its assets and affairs
under receivership," the report cited BSP memorandum 2009-005.
According to the report, the bank is the fourth bank shuttered by
the BSP this year, after it had closed down two rural banks in
Pampanga and one in Cebu.
House Probe
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said the Legacy Group
allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20 percent in annual returns.
To address risk concerns, the Inquirer stated, the cash deposits
are spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.
According to the Inquirer, Mr. Delos Angeles is the owner of 13
banks with 29 branches nationwide under the Legacy banner.
In 2008, the Inquirer recalled, the BSP shuttered the Rural Bank
of Paraρaque; Rural Bank of Bais (in Negros Oriental province);
Pilipino Rural Bank (in Cebu); Rural Bank of San Jose (in
Batangas); Philippine Countryside Bank (in Cebu); Dynamic Bank
(Rural Bank of Calatagan, in Batangas); San Pablo City Development
Bank; Nation Bank (in Bacolod City) and the Bank of East Asia (in
Cebu) due to insolvency.
About Legacy Group
Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- is a conglomerate of
banks and pre-need companies. The banks offer various financial
products and pre-need firms have pension, education and memorial
plans. Other members of The Group are companies that provide
credit cards, micro-lending and automotive financing services.
=================
S I N G A P O R E
=================
AVAGO TECHNOLOGIES: S&P Gives Stable Outlook; Keeps 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook on Singapore-based Avago Technologies Finance Pte. Ltd. to
stable from positive.
"The action follows our assessment of the reduced likelihood that
the company will pursue an initial public offering in the near to
intermediate term, given the poor climate in the equity markets,"
said Standard & Poor's credit analyst Lucy Patricola. Some of the
proceeds from the IPO were to be used to reduce debt. Further,
S&P believes the company's recent deleveraging trend is likely to
be reversed in the near term, given the weak demand environment
for semiconductors. The corporate credit and senior unsecured
ratings are affirmed at 'BB-', the senior secured rating is
affirmed at 'BB+' and the subordinated debt is affirmed at 'B'.
Recovery ratings are unchanged.
The ratings on Avago reflect its niche market positions relative
to broad-line suppliers and the size of the target markets
available to it, growth challenges, and expectations for weaker
operating results for the near to mid term. The company enters
the current downturn with leverage that is moderate for the rating
and good liquidity, providing some offset.
FIRST PACIFIC: Creditors' Proofs of Debt Due on March 27
--------------------------------------------------------
The creditors of First Pacific Resources Pte. Ltd. are required to
file their proofs of debt by March 27, 2009, to be included in the
company's dividend distribution.
The company's liquidators are:
Catherine Lim Siok Ching
Low Mei Mei Maureen
c/o 8 Wilkie Road
#03-01 Wilkie Edge
Singapore 228095
GUAN GUAN: Pays First Interim Dividend
--------------------------------------
Guan Guan Plastic Industries Pte Ltd, which is in voluntary
liquidation, paid the first interim dividend on February 27, 2009.
The company paid 5.0% to all received claims.
The company's liquidator is:
Charles Mah Beng Weng
c/o Charles Mah
35 Kallang Pudding Road
#07-06 Tong Lee Building, Block A
Singapore 349314
JONG WAH: Court to Hear Wind-Up Petition on March 13
-----------------------------------------------------
A petition to have Jong Wah Radio & T. V. Pte Ltd's operations
wound up will be heard before the High Court of Singapore on
March 13, 2009, at 10:00 a.m.
Icon Resources and Technologies Pte Ltd filed the petition against
the company on February 19, 2009.
Icon Resources' solicitor is:
M/s G R Law Corporation
133 Cecil Street
#16-03 Keck Seng Tower
Singapore 069535
LEWEI INDUSTRIES: Court to Hear Wind-Up Petition on March 13
------------------------------------------------------------
A petition to have Lewei Industries (Singapore) Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on March 13, 2009, at 10:00 a.m.
Chee Kuan Heng filed the petition against the company on
February 16, 2009.
Chee Kuan' solicitors are:
Khattarwong
No. 80 Raffles Place #25-01 UOB Plaza 1
Singapore 048624
OASIS CAPITAL: Creditors' Proofs of Debt Due on March 16
--------------------------------------------------------
The creditors of Oasis Capital Singapore Pte. Ltd. are required to
file their proofs of debt by March 16, 2009, to be included in the
company's dividend distribution.
The company's liquidators are:
Sajjad A. Akhtar
Chin Sek Peng Michael
c/o PKF ? CAP Advisory Partners Pte Ltd
146 Robinson Road #08-01
Singapore 068909
======================
S O U T H A F R I C A
======================
MADAME ZINGARA: To be Placed in Final Liquidation
-------------------------------------------------
Cape Town's popular dinner theatre, Madame Zingara's Theatre of
Dreams, will be placed into final liquidation amid mounting debts
incurred from expanding its operations to England, the Independent
Online reports.
The report relates that Madam Zingara's CC was provisionally
liquidated in the Cape High Court in January. The application for
liquidation, Independent Online says, was brought by its former
landlords Landmore Property Management Services.
According to the report, Landmore claimed about ZAR50,000 in
unpaid rent and had a "contingent claim" against Madame Zingara's
for rental due for a lease period of 23 months totalling more than
ZAR1.1 million.
Interested and affected parties had until on Thursday, March 5,
2009, to show cause why the provisional liquidation order should
not be made final, the report states.
Based in Cape Town, South Africa, Madame Zingara is a travelling
dinner theatre cirque. Its Theatre of Dreams, performed in a
traditional spiegeltent, or mirror tent, travels from city to city
with their troupe of acrobats, elaborate costumes and a four
course meal. The rose petal strewn, candlelit decor tends towards
the campy.
================
S R I L A N K A
================
* Fitch Changes Outlook to Negative on Sri Lanka's 'B+' Rating
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on the Democratic Socialist
Republic of Sri Lanka's Long-term foreign and local currency
Issuer Default Ratings to Negative from Stable. At the same time,
the agency has affirmed the Long-term foreign and local currency
IDRs and the Country Ceiling at 'B+', and the Short-term IDR at
'B'.
"The revision to Sri Lanka's Outlook reflects heightened concern
regarding the sovereign's external financial position in light of
the marked decline in official foreign exchange reserves," notes
James McCormack, Head of Asia Sovereign ratings. At end-December
2008, Sri Lankan official reserves were US$1.75 billion, down
sharply from their peak of US$3.56 billion in July 2008.
Fitch estimates Sri Lanka's current account deficit widened to
US$3.6 billion in 2008 (8.8% of GDP) from US$1.5 billion in 2007,
with most of the deterioration in the trade deficit, which grew to
an estimated US$4.4 billion from US$2.4 billion. As a net oil
importer, higher international oil prices raised Sri Lanka's oil
import bill substantially last year. International oil prices
have declined in recent months, and so too has Sri Lanka's trade
deficit, but this has not prevented a steady drawdown in official
reserves, as improvements in the trade balance have been more than
offset by external debt repayments and other net capital outflows.
In 2009, Fitch forecasts the trade deficit will fall to US$3.5bn
and the current account will decline to US$2.1 billion, equivalent
to 4.9% of forecast GDP. "In Fitch's view, without a sharp
contraction in domestic demand to curtail imports, or a
significant depreciation of the exchange rate to otherwise correct
the trade imbalance, Sri Lanka may not have access to sufficient
international funding to cover the current account shortfall and
its international debt repayments, resulting in ongoing pressures
on official reserves," adds Mr. McCormack. At end-2008, Sri
Lanka's reserves covered just 1.3 months of current external
payments (including all debit items in the current account of the
balance of payments), one of the lowest coverage ratios of any
emerging market.
Fitch notes that the Central Bank of Sri Lanka has initiated
various measures to bolster capital inflows and official reserves,
including bilateral swaps with other central banks, a further
opening of the domestic Treasury market for non-resident
investors, and higher interest rates on foreign-currency deposits
in Sri Lankan banks. The agency suggests that these measures,
together with international donor funding that could materialize
if Sri Lanka's civil conflict ends, might provide critical support
to the country's external finances, but timing is uncertain, as is
the willingness of non-resident investors and depositors to take
advantage of whatever incentives may be on offer. Fitch believes
there is an increasing likelihood that international financial
support may be necessary.
In addition to the stresses on Sri Lanka's balance of payments,
the country's fiscal position remains strained. Fitch forecasts a
fiscal deficit of 6.7% of GDP in 2009, up from the government's
6.2% of GDP revised estimate for the 2008 deficit, and higher than
the 2009 budget projection of 5.9% (Fitch adjusts official data to
include grants as revenue, not financing). The agency expects GDP
growth to slow to only 3% in 2009, consistent with recessionary
conditions in advanced economies and other emerging markets.
Of equal concern to the large fiscal deficit is the government's
increased reliance on foreign-currency borrowing in recent years.
Fitch estimates that domestic debt accounted for 57% of total
government debt at end-2008, but the share of local-currency
denominated debt was lower, at 50%. The government thus faces
heightened exchange rate risk, as an exchange rate depreciation
would have implications even for some portion of debt issued
domestically.
===========
T A I W A N
===========
PRIMASIA SECURITIES: Fitch Puts 'D/E' Rating on Negative Watch
--------------------------------------------------------------
Fitch Ratings has placed Primasia Securities Co., Ltd.'s National
Long-term rating 'BBB-(twn)' (BBB minus(twn), National Short-term
rating 'F3(twn)' and Individual rating 'D/E' on Rating Watch
Negative and simultaneously affirmed Primasia's Support rating at
'5'. The RWN mainly reflects Fitch's concerns that ongoing poor
market conditions are likely to result in further operating losses
and weaken Primasia's capitalisation. The RWN will be resolved
upon a further assessment of Primasia's liquidity and
capitalisation in the coming six months, amid the ongoing market
volatility. Any major deterioration in its capital position
and/or liquidity relative to Primasia's risk profile could result
in a ratings downgrade.
Primasia's ratings mainly reflect its concentrated business
profile on proprietary trading, high market risk exposures as well
as its weaker but acceptable capital position. Primasia incurred
a hefty net loss in 2008 as the market value of its trading
securities fell sharply amid the severe market downturn.
Fitch notes that Primasia's market risk exposures are relatively
high with high concentration. Its liquidity is relatively weak
compared with local peers', although its liquid assets are just
sufficient to cover its short-term liabilities. Primasia's
leverage has risen sharply - its equity/assets ratio fell to 30%
at end-2008 from 53% at end-2007. Fitch's stress test analysis
indicates that the liquidation value of Primasia's assets based on
large discounts comfortably covers its debt obligations. The test
suggests there remains some buffer against insolvency.
Primasia, established in 1989, is a small securities firm with a
0.1% equity brokerage market share in Taiwan. Its major
shareholders include David Tran (and his associated investment)
with a 60% stake, and Nikko Cordial Securities (IDR 'A+'/Outlook
Stable) with a 34% stake.
===============
Z I M B A B W E
===============
* ZIMBABWE: Needs US$2-Bln Funding to Help Economy, Bloomberg Says
------------------------------------------------------------------
Bloomberg News reports South African Finance Minister Trevor
Manuel said Zimbabwe is seeking aid of US$2 billion over the next
10 months to revive its economy and tackle a humanitarian crisis.
The country is seeking loans to rouse its economy from a decade-
long recession and repair infrastructure, Bloomberg News cited
Minister Manuel as saying in an interview with the Johannesburg-
based SAFM radio station.
Zimbabwe's international debt amounts to about US$5 billion, owed
to the Paris Club, international financial institutions and
private creditors, the report says citing Donald Kaberuka,
president of the Tunis-based African Development Bank.
The country owes African Development Bank around US$460 million,
Mr. Kaberuka said as cited by the report.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 2 to March 6, 2009
-----------------------------------------------------
AUSTRALIA
---------
Ainsworth Game 8.000% 12/31/09 AUD 0.67
Alumina Finance 2.000% 05/16/13 USD 65.52
Antares Energy 10.000% 10/31/13 AUD 1.27
Babcock & Brown Pty 8.500% 11/17/09 NZD 8.20
Becton Property Group 9.500% 06/30/10 AUD 0.12
Bemax Resources 9.375% 07/15/14 USD 44.75
Bemax Resources 9.375% 07/15/14 USD 44.75
Bounty Industries Ltd 10.000% 06/30/10 AUD 0.01
Capral Aluminum 10.000% 03/29/12 AUD 1.00
China Century 12.000% 09/30/10 AUD 0.89
CSR Finance Ltd 7.700% 07/21/25 USD 24.25
Djerriwarrh Inv 6.500% 09/30/09 AUD 3.97
First Australian 15.000% 01/31/12 AUD 0.45
FMG Finance 9.750% 09/01/13 EUR 69.25
FMG Finance 9.750% 09/01/13 EUR 69.25
Griffin Coal Min 9.500% 12/01/16 USD 33.37
Griffin Coal Min 9.500% 12/01/16 USD 33.37
Heemskirk Consol 8.000% 04/29/11 AUD 2.25
Insurance Austra 5.625% 12/21/26 GBP 69.76
Jpm Au Enf Nom 1 3.500% 06/30/10 USD 1.12
Macquarie Bank 5.500% 09/19/16 GBP 70.82
Metal Storm 10.000% 09/01/09 AUD 0.08
Minerals Corp 10.500% 03/31/09 AUD 0.80
Myer Group Fin 10.194% 03/15/13 AUD 61.10
Nylex Ltd. 10.000% 12/08/09 AUD 0.84
Orchard Invest 9.000% 12/15/10 AUD 56.00
Paladin Energy 4.500% 12/15/11 USD 73.09
Paladin Energy 5.000% 03/11/13 USD 65.19
Resolute Mining 12.000% 12/31/12 AUD 0.65
Sun Resources NL 12.000% 06/30/11 AUD 0.30
Suncorp-Metway 6.625% 10/23/17 AUD 64.63
Timbercorp Ltd 8.900% 12/01/10 AUD 52.50
Westfield Fin 3.625% 06/27/12 EUR 74.54
Westfield Fin 5.500% 06/27/17 GBP 65.92
CHINA
-----
China Govt Bond 4.860% 08/10/14 CNY 0.00
Chinatrust Comm 5.625% 03/29/49 CNY 54.75
Jiangxi Copper 1.000% 09/22/16 CNY 73.52
HONG KONG
---------
Resparcs Funding 8.000% 12/29/49 USD 24.45
INDIA
-----
Amtek Auto 0.500% 06/03/10 USD 69.04
Canara Bank 6.365% 11/28/21 USD 74.25
Gitanjali Gems 1.000% 11/25/11 USD 69.00
Hindustan Cons 10.000% 10/25/09 INR 33.35
ICICI Bank Ltd 6.375% 04/30/22 USD 55.67
ICICI Bank Ltd 7.250% 08/30/22 USD 55.87
ICICI Bank Ltd 7.250% 08/29/49 USD 43.00
JCT Ltd 2.500% 04/08/11 USD 19.50
State BK India 6.439% 02/28/49 USD 72.32
Strides Arcolab 0.500% 04/19/10 USD 72.00
Subex Azure 2.000% 03/09/12 USD 12.25
Tata Motors Ltd 1.000% 04/27/11 USD 54.34
UTI Bank Ltd 7.250% 05/16/13 USD 65.55
Videocon Indus 4.500% 07/25/11 USD 35.75
INDONESIA
---------
Bank Lippo TB PT 7.375% 11/22/16 USD 69.88
Indonesia Gov't 9.000% 09/15/18 IDR 74.55
Indonesia Gov't 9.500% 07/15/23 IDR 70.70
Indonesia Gov't 10.000% 09/15/24 IDR 73.05
Indonesia Gov't 9.000% 09/15/18 IDR 73.90
Indonesia Gov't 10.000% 02/15/28 IDR 72.18
Indonesia Gov't 9.750% 05/15/37 IDR 67.99
Indonesia Gov't 10.500% 07/15/38 IDR 72.85
Indonesia Gov't 6.625% 02/17/37 IDR 63.75
Indonesia Gov't 6.625% 02/17/37 IDR 65.81
Indonesia Gov't 7.750% 01/17/38 IDR 69.94
Indonesia Gov't 7.750% 01/17/38 IDR 70.37
JAPAN
-----
Aiful Corp 1.220% 04/20/12 JPY 74.85
Aiful Corp 1.630% 11/22/12 JPY 72.06
Aiful Corp 1.990% 10/19/15 JPY 58.13
Aozora Bank 1.400% 02/27/12 JPY 74.99
Aozora Bank 1.300% 03/27/12 JPY 74.11
Aozora Bank 1.400% 04/27/12 JPY 73.98
Aozora Bank 0.560% 05/12/12 JPY 74.91
Aozora Bank 1.400% 05/25/12 JPY 73.44
Aozora Bank 0.560% 05/27/12 JPY 74.65
Aozora Bank 0.560% 06/12/12 JPY 74.32
Aozora Bank 0.560% 06/27/12 JPY 74.05
Aozora Bank 1.600% 06/27/12 JPY 73.33
Aozora Bank 0.660% 07/12/12 JPY 74.07
Aozora Bank 0.600% 07/27/12 JPY 73.80
Aozora Bank 1.700% 07/27/12 JPY 73.06
Aozora Bank 0.660% 08/12/12 JPY 73.55
Aozora Bank 0.660% 08/27/12 JPY 73.26
Aozora Bank 0.660% 08/27/12 JPY 73.26
Aozora Bank 1.700% 08/27/12 JPY 72.53
Aozora Bank 0.660% 09/12/12 JPY 72.96
Aozora Bank 0.660% 09/27/12 JPY 72.69
Aozora Bank 1.400% 09/27/12 JPY 71.09
Aozora Bank 0.660% 10/12/12 JPY 72.43
Aozora Bank 1.600% 10/26/12 JPY 71.11
Aozora Bank 0.660% 10/27/12 JPY 72.19
Aozora Bank 0.660% 11/22/12 JPY 71.89
Aozora Bank 0.660% 11/27/12 JPY 71.63
Aozora Bank 1.350% 11/27/12 JPY 69.72
Aozora Bank 0.660% 12/12/12 JPY 71.38
Aozora Bank 0.660% 12/27/12 JPY 71.12
Aozora Bank 1.450% 12/27/12 JPY 69.51
Aozora Bank 0.660% 01/12/13 JPY 70.86
Aozora Bank 1.250% 01/25/13 JPY 68.35
Aozora Bank 0.660% 01/27/13 JPY 70.62
Aozora Bank 0.560% 02/12/13 JPY 69.99
Aozora Bank 0.560% 02/27/13 JPY 69.75
Aozora Bank 1.300% 02/27/13 JPY 67.97
Aozora Bank 0.560% 03/12/13 JPY 69.51
Aozora Bank 0.560% 03/27/13 JPY 69.25
Aozora Bank 1.250% 03/27/13 JPY 67.17
Aozora Bank 0.560% 04/12/13 JPY 68.98
Aozora Bank 1.300% 04/26/13 JPY 66.73
Aozora Bank 0.560% 04/27/13 JPY 68.74
Aozora Bank 0.560% 05/12/13 JPY 68.50
Aozora Bank 0.560% 05/27/13 JPY 68.21
Aozora Bank 1.600% 05/27/13 JPY 67.15
Aozora Bank 0.560% 06/12/13 JPY 67.94
Aozora Bank 0.560% 06/27/13 JPY 67.69
Aozora Bank 1.650% 06/27/13 JPY 66.79
Aozora Bank 0.560% 07/12/13 JPY 67.44
Aozora Bank 1.700% 07/26/13 JPY 66.49
Aozora Bank 0.560% 07/27/13 JPY 67.21
Aozora Bank 0.560% 08/12/13 JPY 66.92
Aozora Bank 0.560% 08/27/13 JPY 66.69
Aozora Bank 1.600% 08/27/13 JPY 65.64
Aozora Bank 0.560% 09/12/13 JPY 66.41
Aozora Bank 0.560% 09/27/13 JPY 66.16
Aozora Bank 1.800% 09/27/13 JPY 65.77
Aozora Bank 0.560% 10/12/13 JPY 65.93
Aozora Bank 0.560% 10/25/13 JPY 65.70
Aozora Bank 0.560% 11/12/13 JPY 65.41
Aozora Bank 0.560% 11/27/13 JPY 65.17
Aozora Bank 0.400% 12/12/13 JPY 64.32
Aozora Bank 0.400% 12/27/13 JPY 64.07
Aozora Bank 0.400% 01/12/14 JPY 63.85
Aozora Bank 0.400% 01/27/14 JPY 63.85
Aozora Bank 0.400% 02/12/14 JPY 63.31
Aozora Bank 0.400% 02/27/14 JPY 63.08
Belluna Co Ltd 1.100% 03/21/12 JPY 59.15
CSK Corporation 0.250% 09/30/13 JPY 39.00
Daikyo Inc. 1.800% 03/12/12 JPY 74.75
Ebara Corp 1.700% 09/30/11 JPY 63.00
Ebara Corp 1.300% 09/30/13 JPY 45.00
ES-Con Japan Ltd 3.360% 05/10/10 JPY 45.86
Hitachi Zosen 1.500% 09/30/12 JPY 62.00
JACCS Co Ltd 1.820% 09/28/15 JPY 74.96
Kenedix Inc 2.090% 11/09/10 JPY 57.66
Nichiei Co Ltd 1.750% 03/31/14 JPY 55.00
NIS Group 2.730% 02/26/10 JPY 68.96
NIS Group 8.060% 06/20/12 USD 68.87
Pacific Manageme 2.800% 03/16/11 JPY 20.05
Resona Bank 3.750% 04/15/15 EUR 73.08
Resona Bank 4.125% 09/29/49 EUR 37.00
Resona Bank 5.986% 08/29/49 GBP 59.98
Resona Bank 5.850% 09/29/49 USD 45.05
Shinsei Bank 1.350% 11/27/12 JPY 74.19
Shinsei Bank 1.450% 12/27/12 JPY 74.01
Shinsei Bank 1.250% 01/25/13 JPY 72.91
Shinsei Bank 1.300% 02/27/13 JPY 72.56
Shinsei Bank 1.250% 03/27/13 JPY 71.94
Shinsei Bank 1.350% 04/26/13 JPY 71.78
Shinsei Bank 1.600% 05/27/13 JPY 72.14
Shinsei Bank 1.650% 06/27/13 JPY 71.83
Shinsei Bank 1.700% 07/26/13 JPY 71.58
Shinsei Bank 1.600% 08/27/13 JPY 70.77
Shinsei Bank 1.700% 09/27/13 JPY 70.66
Shinsei Bank 1.960% 03/25/15 JPY 68.33
Shinsei Bank 2.010% 10/30/15 JPY 65.93
Shinsei Bank 3.750% 02/23/16 JPY 32.00
Shinsei Bank 5.625% 12/29/49 JPY 26.00
Softbank Corp 7.750% 10/15/13 EUR 67.54
Sumitomo Mitsui 4.375% 07/29/49 EUR 52.00
Sumitomo Mitsui 5.625% 07/29/49 EUR 71.00
SOUTH KOREA
-----------
GS Caltex Corp 5.500% 08/25/15 USD 73.18
GS Caltex Corp 5.500% 10/15/15 USD 70.95
GS Caltex Corp 6.000% 08/08/16 USD 67.74
GS Caltex Corp 5.500% 04/24/17 USD 63.49
GS Caltex Corp 5.500% 04/24/17 USD 64.46
Hana Bank 5.875% 09/14/16 USD 72.43
Hana Bank 5.375% 04/12/17 USD 70.12
Hynix Semi Inc. 4.500% 12/14/12 USD 67.26
Hynix Semi Inc. 7.875% 06/27/17 KRW 39.21
Hynix Semi Inc. 7.857% 06/27/17 USD 39.21
Korea Dev Bank 7.350% 10/27/21 KRW 49.21
Korea Dev Bank 7.400% 10/27/21 KRW 49.21
Korea Dev Bank 7.450% 10/31/21 KRW 49.18
Korea Dev Bank 7.400% 11/02/21 KRW 49.17
Korea Dev Bank 7.310% 11/08/21 KRW 49.12
Korea Dev Bank 8.450% 12/15/26 KRW 72.63
Korea Elec Pwr 6.000% 12/01/26 USD 69.65
LG-Caltex Oil 5.500% 08/25/14 USD 73.18
NACF 5.375% 04/26/17 USD 69.89
Shinhan Bank 5.663% 03/02/35 USD 45.50
Shinhan Bank 6.819% 09/20/36 USD 48.13
Woori Bank 6.125% 05/03/16 USD 68.25
Woori Bank 6.208% 05/02/37 USD 34.00
MALAYSIA
--------
Advance Synergy Berhad 2.000% 01/26/18 MYR 0.04
Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.90
Berjaya Land Bhd 5.000% 12/30/09 MYR 3.02
Cagamas Berhad 3.640% 05/05/09 MYR 2.87
Crescendo Corp B 3.750% 01/11/16 MYR 1.06
Huat Lai Resources 5.000% 03/28/10 MYR 0.21
Insas Berhad 8.000% 04/19/09 MYR 0.27
Kamdar Group Bhd 3.000% 11/09/09 MYR 0.10
Kretam Holdings 1.000% 08/10/10 MYR 1.04
Kumpulan Jetson 5.000% 11/27/12 MYR 0.44
Lion Diversified 4.000% 12/17/13 MYR 0.63
Mithril Bhd 8.000% 04/05/09 MYR 0.10
Mithril Bhd 3.000% 04/05/12 MYR 0.66
Nam Fatt Corp 2.000% 06/24/11 MYR 0.16
Puncak Niaga Holdings Bhd 2.500% 11/18/16 MYR 0.73
Rubberex Corporation Berhad 4.000% 08/14/12 MYR 0.75
Tenaga Nasional 3.050% 05/10/09 MYR 0.92
Tradewinds Plant 3.000% 02/28/16 MYR 1.12
Wah Seong Corp 3.000% 05/21/12 MYR 2.00
Wijaya Baru Glob 7.000% 09/17/12 MYR 0.52
YTL Cement Bhd 4.000% 11/10/15 MYR 1.13
MARSHALL ISLANDS
----------------
Navios Maritime 9.500% 12/15/14 USD 59.62
NEW ZEALAND
-----------
Allied Farmers 9.600% 11/15/11 NZD 41.57
Allied Nationwid 11.520% 12/29/49 NZD 50.00
BBI Ntwrks NZ Ltd 8.000% 11/30/12 NZD 20.59
Blue Star Print 9.100% 09/15/12 NZD 26.78
Capital Prop NZ 8.500% 04/15/09 NZD 20.00
Capital Prop NZ 8.000% 04/15/10 NZD 22.50
Fidelity Capital 9.250% 07/15/13 NZD 51.06
Fletcher Buildin 7.800% 03/15/09 NZD 15.00
Fletcher Buildin 7.550% 03/15/11 NZD 9.40
Hellaby Holdings 8.500% 06/15/11 NZD 34.77
Infrastr & Util 8.500% 11/15/13 NZD 11.00
Infratil Ltd 10.180% 12/29/49 NZD 57.00
Marac Finance 10.500% 07/15/13 NZD 0.93
Nuplex Industrie 9.300% 09/15/12 NZD 63.74
NZ Finance Hldgs 9.750% 03/15/11 NZD 72.23
Orix Corp 5.480% 11/2/11 USD 68.09
Pins Securities 9.250% 01/31/14 NZD 28.25
Sky Network TV 9.370% 10/16/16 NZD 71.10
South Canterbury 10.430% 12/15/12 NZD 0.09
St Laurence Prop 9.250% 07/15/10 NZD 46.60
Trustpower Ltd 8.500% 09/15/12 NZD 8.00
Trustpower Ltd 8.500% 03/15/14 NZD 7.70
Vector Ltd 8.000% 12/29/49 NZD 8.30
PHILIPPINES
-----------
First Gen Corp 2.500% 02/11/13 USD 39.76
Rizal Comm Bank 9.875% 10/31/49 USD 75.00
SINGAPORE
---------
Avago Tech Fin 11.875% 12/01/15 USD 74.74
Capitaland Ltd. 2.950% 06/20/22 SGD 62.13
Chartered Semico 6.250% 04/04/13 USD 74.40
Chartered Semico 6.375% 08/03/15 USD 59.86
Davomas Intl. Fin. 11.000% 05/19/11 USD 39.93
Empire Cap Res 9.375% 12/15/11 USD 70.50
Giti Tire 12.250% 01/26/12 USD 24.96
SRI LANKA
---------
Rep of Sri Lanka 8.250% 10/24/12 USD 67.79
Sri Lanka Govt 6.850% 04/15/12 LKR 73.90
Sri Lanka Govt 6.850% 10/15/12 LKR 71.03
Sri Lanka Govt 8.500% 01/15/13 LKR 74.15
Sri Lanka Govt 8.500% 07/15/13 LKR 72.16
Sri Lanka Govt 7.500% 08/01/13 LKR 69.03
Sri Lanka Govt 7.500% 11/01/13 LKR 68.03
Sri Lanka Govt 8.500% 02/01/18 LKR 62.25
Sri Lanka Govt 8.500% 07/15/18 LKR 61.84
Sri Lanka Govt 7.500% 08/15/18 LKR 57.22
Sri Lanka Govt 7.000% 10/01/23 LKR 51.33
THAILAND
--------
Advance Agro Pub 11.000% 12/19/12 USD 44.87
G Steel 10.500% 10/04/10 USD 39.98
Italian-Thai Dey 4.500% 06/10/13 USD 48.07
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Pius Xerxes V. Tovilla, Valerie C. Udtuhan,
Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,
Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2009. 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 ***