/raid1/www/Hosts/bankrupt/TCRAP_Public/090310.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 10, 2009, Vol. 12, No. 48
Headlines
C H I N A
CHINA MINSHENG: Temasek Likely to Sell 2.5% Stake in Bank
JINAN IRON: Posts 60% Drop in 2008 Net Profit
SINOPEC CORP: Unit Gets CNY2.3 Bln. Subsidy for Refining Losses
H O N G K O N G
AURORA OFFICE: Creditors' Proofs of Debt Due on April 6
FUTURE MOUNTAIN: Placed Under Voluntary Wind-Up
HONG CHANG: Members and Creditors to Meet on April 6
KENSON PROPERTIES: Creditors' Meeting Set for March 17
KONG SUN: Annual Meetings Set for March 19
MASTER DUKE ET AL: Placed Under Voluntary Wind-Up
MAXBUSY GROUP: Members and Creditors to Meet on April 9
MING FUNG: Members to Receive Wind-Up Report on April 8
OCEAN COURT: Members to Receive Wind-Up Report on April 6
PACIFIC WIN: Creditors' Proofs of Debt Due on April 5
PEAK GARDEN: Members and Creditors to Meet on April 9
PRIMARICA LIMITED: Creditors' Proofs of Debt Due on April 6
SINO AUTOMOTIVE: Members to Receive Wind-Up Report on April 9
SRE GROUP: Moody's Reviews 'B1' Corp. Family Rating for Likely Cut
I N D I A
ASARCO LLC: Agrees to Sell Operate Assets to Sterlite for $1.7-Bil
BALA BALAJEE: CRISIL Rates Rs.80 Mln Cash Credit at 'B'
BIG LION: CRISIL Puts 'B' Rating on Rs.122.80 Mln Term Loan
DECOLIGHT CERAMICS: CRISIL Cuts Bank Loan Ratings to 'D'
RAVALI SPINNERS: CRISIL Puts 'BB+' Ratings on Various Bank Loans
SATYAM COMPUTER: Sets March 20 as Deadline for Interested Bidders
SHILLONG MUNICIPAL: Fitch Assigns Long-Term Issuer Rating to 'B+'
SWADIST OILS: CRISIL Assigns 'BB' Rating on Rs.250MM Cash Credit
TATA MOTORS: Inks Car Financing Deal With Three Indian Banks
J A P A N
CITIGROUP INC: To Sell 26% Stake in Monex, Report Says
JAPAN AIRLINES: Slashes Number of New Recruits for Spring 2010
NIS GROUP: S&P Downgrades Counterparty Credit Rating to 'CCC+'
NOUS I: Moody's Downgrades Ratings on US$320 Mil. Notes to 'Ba1'
ORIX-NRL TRUST: Moody's Changes Ratings on Various Trust 14 Certs.
SAPPORO HOKUYO: May Seek JPY100 Bln. Capital Injection
SHINSEI BANK: To Sell Preferred Securities to Boost Capital
TOYOTA MOTOR: Financial Unit's JBIC Loan Not Intended for Bailout
* JAPAN: Posts First Current Account Deficit in 13 Years
M A L A Y S I A
NIKKO ELECTRONICS: Bourse Suspends Trading of Securities
NIKKO ELECTRONICS: Dec. 31 Balance Sheet Upside-Down by MYR27.85MM
N E W Z E A L A N D
GOLDRIDGE HOTEL: Sold for NZ$8MM, Creditor Books Surplus
NUPLEX INDUSTRIES: Appoints New Advisers to Help Raise Capital
SENSATION YACHTS: Court Orders NZ$40-Mil. Payment for 3 Yachts
* NEW ZEALAND: Posts NZ$5.78BB Deficit in 7 Months Ended Jan. 31
* NEW ZEALAND: Wholesale Trade Sales Drop 2.3% in Dec. 2008 Qtr.
P H I L I P P I N E S
LEGACY GROUP: Central Bank Files PHP487 Million Estafa Case
S I N G A P O R E
AXA INTERNATIONAL: Court Enters Wind-Up Order
CHEMPET ENGINEERING: Creditors' Proofs of Debt Due on March 20
HARK INTERNATIONAL: Pays First and Final Dividend
LABONE: Court to Hear Judicial Management Order on Feb. 10
LANDMARK CHEMICALS: Court to Hear Wind-Up Petition on March 20
T H A I L A N D
G STEEL: Moody's Downgrades Corporate Family Rating to 'Caa3'
Z A M B I A
ALBIDON LIMITED: Unit Receives Default Notice from Senior Lenders
X X X X X X X X
* ASIA: Financial Asset Losses Totaled US$9.6 Trillion, ADB Says
* BOND PRICING: For the Week March 2 to March 6, 2009
- - - - -
=========
C H I N A
=========
CHINA MINSHENG: Temasek Likely to Sell 2.5% Stake in Bank
---------------------------------------------------------
China Minsheng Banking Corp Ltd is seeking new strategic investors
and has been talking with several foreign banks, China Daily
reports citing Dong Wenbiao, chairman of the bank.
Citing Wealth Management Weekly, China Daily relates the bank's
move has triggered speculation that Singapore-based Temasek
Holdings (Private) Limited will quit the bank.
According to the report, local media said Temasek Holdings is
likely to sell its 2.5 percent stake in the bank.
The sale, China Daily says, is to be disclosed when the bank
releases its annual results on April 22.
Temasek Holdings has suffered a loss of US$39 billion from
investing in financial companies since the global financial crisis
hit last year, according to the report.
Based in Beijing, China, China Minsheng Banking Corporation Ltd.'s
mainly provides commercial banking services that include absorbing
public deposits, providing short term, medium term, and long term
loans, making domestic and international settlement, discounting
bills and issuing financial bonds.
* * *
As of March 9, 2008, China Minsheng Banking Corporation Ltd
continues to carry Fitch Ratings individual rating of "D" and
support rating at "4".
JINAN IRON: Posts 60% Drop in 2008 Net Profit
---------------------------------------------
Jinan Iron & Steel Co. Limited posted a 60.13 percent decline in
its 2008 net profit as the financial crisis bit, Xinhua News
Agency reports.
According to the report, net profit stood at more than CNY780.6
million (US$114.1 million) in 2008, down 60.13 percent from a year
earlier. Earnings per share was about CNY0.55 last year, down
from CNY1.45 in 2007.
The news agency relates that the company blamed the financial
crisis for the drop in its profit, saying the downturn had
resulted in drastic contraction in both domestic and overseas
demand for steel in 2008.
Citing Jinan Steel in a March 7 statement to the Shanghai Stock
Exchange, Xinhua News relates the company's prospect for 2009 was
not optimistic in face of the sagging world economy and
uncertainties about the raw material prices.
Headquartered in Jinan, Shandong Province, China, Jinan Iron &
Steel Co., Ltd principally manufactures and sells iron and steel
products. The company mainly offers medium to heavy steel plates
and deformed steel bars.
* * *
The company continues to carry Xinhua Far East China Ratings'
"BB+"issuer credit rating.
SINOPEC CORP: Unit Gets CNY2.3 Bln. Subsidy for Refining Losses
---------------------------------------------------------------
Sinopec Shanghai Petrochemical Co, a unit of China Petroleum and
Chemical Corp. ("Sinopec"), received a government subsidy of over
CNY2.3 billion (US$336 million) in 2008 for refining losses caused
by low state-set fuel prices, Reuters reports.
According to the report, President Rong Guangdao said on Sunday
the subsidy normally accounted for less than 50 percent of
refining losses.
"My feeling is that refiners' profit margin is now guaranteed
under the new fuel pricing mechanism if crude oil prices are below
certain levels," Reuters quoted President Rong as saying. "But
they may still face losses if crude oil prices are too high."
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2008, Shanghai Daily said Sinopec Shanghai may post a
"substantial loss" in 2008 due to decreasing prices of its
product.
Sinopec Shanghai, Shanghai Daily noted, posted a CNY2.31 billion
loss for the third quarter ended October 29, compared with a
CNY94.1 million loss in the same period in 2007.
About Sinopec Corp.
Sinopec Corp. is the first Chinese company that has been listed
in Hong Kong, New York, London and Shanghai. The company is an
integrated energy and chemical company with upstream, midstream
and downstream operations. The principal operations of Sinopec
Corp. and its subsidiaries include: exploring, developing,
producing and trading crude oil and natural gas; processing
crude oil into refined oil products; producing, trading,
transporting, distributing and marketing refined oil products;
and producing and distributing chemical products.
Based on 2007 turnover, Sinopec Corp. is the largest listed
company in China. The company is one of the largest crude oil
and petrochemical companies in China and Asia. It is also one
of the largest gasoline, diesel and jet fuel and other major
chemical products producers and distributors in China and Asia.
* * *
The working capital deficit of China Petroleum & Chemical Corp.
rose by 15%, or CNY10.357 billion, from CNY69.882 billion at
Dec. 31, 2006 to CNY80.239 billion at Dec. 31, 2007.
The company had CNY185.116 billion in current assets and
CNY265.355 billion in current liabilities at Dec. 31, 2007,
compared to CNY146.490 billion in current assets and
CNY216.372 billion in current liabilities at Dec. 31, 2006.
================
H O N G K O N G
================
AURORA OFFICE: Creditors' Proofs of Debt Due on April 6
-------------------------------------------------------
The creditors of Aurora Office Furniture Limited are required to
file their proofs of debt by April 6, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on February 27, 2009.
The company's liquidator is:
Cheng Faat Ting Gary
Gary Cheng & Co., C.P.A.
FUTURE MOUNTAIN: Placed Under Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting held on February 24, 2009, the
members of Future Mountain Technologies Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Chan Chung Wah, Clement
Heng Shan Centre, 5th Floor
145 Queen's Road East
Wanchai, Hong Kong
HONG CHANG: Members and Creditors to Meet on April 6
----------------------------------------------------
The members and creditors of Hong Chang Printing Factory Limited
will hold their meeting on April 6, 2009, at 9:30 a.m. and
9:45 a.m., respectively, at Unit 2, 8th Floor of Kingsford
Industrial Centre, No. 13 Wang Hoi Road,in Kowloon Bay, Kowloon.
At the meeting, Tseng Yih Sun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
KENSON PROPERTIES: Creditors' Meeting Set for March 17
------------------------------------------------------
The creditors of Kenson Properties Limited will hold their meeting
on March 17, 2009, at 3:00 p.m., at Rooms 1621-33, 16th Floor of
Sun Hung Kai Centre, in 30 Harbour Road, Hong Kong.
At the meeting, Ng Hoi Yue Herman, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
KONG SUN: Annual Meetings Set for March 19
------------------------------------------
The members and creditors of Kong Sun Engineering & Construction
Company Limited will hold their annual meetings on March 19, 2009,
at 2:00 p.m. and 2:30 p.m., respectively, at the 18th Floor of
1801 Wing On House, 71 Des Voeux Road, in Central, Hong Kong.
At the meeting, Stephen Briscoe, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
MASTER DUKE ET AL: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on February 28, 2009, the
members resolved to voluntarily wind up the operations of:
-- Master Duke Limited; and
-- Golden Luxery Limited.
The companies' liquidator is:
Kong Chung Kau
Haleson Building, Room M202
1 Jubilee Street
Central, Hong Kong
MAXBUSY GROUP: Members and Creditors to Meet on April 9
-------------------------------------------------------
The members and creditors of Maxbusy Group Company Limited will
hold their meeting on April 9, 2009, at 9:30 a.m. and 10:00 a.m.,
respectively, at the 27th Floor of Alexandra House, 18 Chater
Road, in Central, Hong Kong.
At the meeting, Jacky Chung Wing Muk and Edward Simon Middleton,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.
MING FUNG: Members to Receive Wind-Up Report on April 8
-------------------------------------------------------
The members of Ming Fung Godown Company Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on April 8, 2009, at 10:00 a.m.
The meeting will be held at Room 1001, 10th Floor of Double
Building, 22 Stanley Street, in Central, Hong Kong.
OCEAN COURT: Members to Receive Wind-Up Report on April 6
---------------------------------------------------------
The members of Ocean Court Limited will receive the liquidator's
report on the company's wind-up proceedings and property disposal
on April 6, 2009, at 10:00 a.m.
The meeting will be held at the Room 303 of East Ocean Centre, in
98 Granville Road, Kowloon.
PACIFIC WIN: Creditors' Proofs of Debt Due on April 5
-----------------------------------------------------
The creditors of Pacific Win Properties Limited are required to
file their proofs of debt by April 5, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on February 25, 2009.
The company's liquidators are:
Susanna Bik-Chu Lung
Albert Wai-Shing Lo
2503 Bank of America Tower
12 Harcourt Road
Central, Hong Kong
PEAK GARDEN: Members and Creditors to Meet on April 9
-----------------------------------------------------
The members and creditors of Peak Garden Limited will hold their
meeting on April 9, 2009, at 3:30 p.m. and 4:0 p.m., respectively,
at Rooms 201-3, 2nd Floor of China Insurance Group Building, in
141 Des Voeux Road Central, Hong Kong.
At the meeting, Chow Cheuk Lap, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
PRIMARICA LIMITED: Creditors' Proofs of Debt Due on April 6
-----------------------------------------------------------
The creditors of Primarica Limited are required to file their
proofs of debt by April 6, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on February 23, 2009.
The company's liquidator is:
Yeh King Yeung Albrecht Carl
Wing Hang Finance Centre, 23rd Floor
60 Gloucester Road
Wanchai
Hong Kong
SINO AUTOMOTIVE: Members to Receive Wind-Up Report on April 9
-------------------------------------------------------------
The members of Sino Automotive Parts Limited will receive the
liquidator's report on the company's wind-up proceedings and
property disposal on April 9, 2009, at 10:00 a.m.
The meeting will be held at the 19th Floor of Seaview Commercial
Building, 21-24 Connaught Road West, Hong Kong.
SRE GROUP: Moody's Reviews 'B1' Corp. Family Rating for Likely Cut
------------------------------------------------------------------
Moody's Investors Service has placed the B1 corporate family
rating and the B2 senior unsecured rating of SRE Group Limited on
review for possible downgrade.
"The review follows SRE's announcement that it had entered into an
agreement to subscribe for the new shares of China New Town
Development Limited, an associate of SRE, for a total
consideration of around HK$177 million. As a result, SRE's
interest in CNTD will increase to 49.24% from 32.03% currently,"
says Kaven Tsang, a Moody's AVP/Analyst.
"While the scale of acquisition is not material -- compared to the
size of SRE's operation -- it will add pressure to the company's
liquidity, which has been impacted by weaker-than-expected
property sales," adds Tsang.
"Additionally, Moody's is concerned that SRE may have to provide
further financial support to CNTD in view of 1) its increased
interest in the company and 2) CNTD's fragile financial position,
including 2 consecutive years of net losses since its listing in
2007," says Tsang.
Moody's notes that the transaction is subject to regulatory and
shareholders' approvals and is expected to complete in the next
2-3 months.
The review will focus on SRE's future business plan and its
ability to maintain balance sheet liquidity to support its
business operation, while pursuing its share subscription
exercise.
Moreover, Moody's will assess SRE's 2008 results as well as its
role in CNTD and if it will need to provide additional financial
support to the latter, thereby potentially weakening its own
financial and liquidity positions.
The last rating action with regard to SRE was taken on 6 October,
2008, when the company's bond rating was downgraded to B2 with
negative outlook.
SRE Group Limited was established in 1993 and listed on the Hong
Kong Stock Exchange in 1999. The company focuses on mid-to-high-
end residential development in Shanghai and Shenyang. It has
attributable land banks of 1.12 million sqm in Shanghai, 1.49
million sqm in Shenyang and 727,200 sqm in Haikou. These land
banks are sufficient for five years of development.
=========
I N D I A
=========
ASARCO LLC: Agrees to Sell Operate Assets to Sterlite for $1.7-Bil
------------------------------------------------------------------
Sterlite Industries (India) Limited, a subsidiary of Vedanta
Resources plc, the London-based FTSE 100 metal and mining group,
announced March 7 that it has signed a new agreement with ASARCO
LLC for purchase of substantially all the operating assets of
Asarco.
The purchase consideration comprises (a) a cash payment of US$ 1.1
billion on closing; and (b) a senior secured non-interest bearing
promissory note for US$600 million, payable over a period of nine
years as follows: (i) US$ 20 million per year from the end of
second year for a period of seven years; and (ii) a terminal
payment of US$ 460 million at the end of the ninth year, totaling
to US$ 600 million. In the event that the annual average of daily
copper prices in a particular year increases beyond US$6,000 per
tonne, the annual payment in that year will be proportionately
increased subject to a maximum of US$ 66.67 million and the
terminal payment in the ninth year will be correspondingly
reduced, keeping the total payment at US$ 600 million. The
principal amount of the Note will be adjusted for any variations
in working capital on closing. The obligations under the Note are
secured against the assets being acquired and are without any
recourse to Sterlite.
The agreement is subject to the approval of the U.S. Bankruptcy
Court for the Southern District of Texas, Corpus Christi Division.
Asarco, formerly known as American Smelting and Refining Company,
is a 110 year old company and is currently the third largest
copper producer in the United States of America. It sold
approximately 237,000 tonnes of refined copper in 2008. Asarco's
mines currently have estimated reserves of 5 million tonnes of
contained copper. For the year ended December 31, 2008, Asarco
had total revenues of nearly US$1.9 billion and profit before tax
of US$ 393 million.
The integrated assets to be acquired include three open-pit copper
mines and associated mills and SX-EW in Arizona, USA, a copper
smelter in Arizona, USA and a copper refinery, rod and
cake plants and a precious metals plant in Texas, USA. The asset
acquisition is on a cash free and debt free basis. Sterlite will
assume operating liabilities but not legacy liabilities for
asbestos and environmental claims for ceased operations. The
consideration being paid is towards the gross fixed assets and
working capital of Asarco.
"We are happy that we have reached agreement with ASARCO on these
new terms," said Mr. Anil Agarwal, Chairman, Sterlite. "This
acquisition is in line with our strategy of leveraging our
existing skills to become a diversified global copper producer and
creating long term value for shareholders."
Asarco is expected to create significant long term value for all
stakeholders through:
-- Leveraging Sterlite's proven operational and project skills
to develop and optimise Asarco's mines and plants;
-- Access to attractive mining assets with long life;
-- Geographic diversification in the North American market; and
-- Stable operating and financial platform for Asarco.
RBS Securities acted as financial advisor and Shearman & Sterling
acted as legal advisor to Sterlite in this transaction. Barclays
Capital acted as financial advisor and Baker Botts L.L.P. acted as
legal advisor to Asarco in this transaction.
For further information, please contact:
Sumanth Cidambi
Director - Investor Relations
Sterlite Industries (India) Limited
sumanth.cidambi@vedanta.co.in
Tel: +91 22 6646 1531
Sheetal Khanduja
Manager - Investor Relations
Sterlite Industries (India) Limited
Sheetal.khanduja@vedanta.co.in
Tel: +91 22 6646 1427
About Sterlite Industries
Sterlite Industries is India's largest non-ferrous metals and
mining company with interests and operations in aluminum, copper
and zinc and lead. It is a subsidiary of Vedanta Resources plc, a
Londonbased diversified FTSE 100 metals and mining group. Sterlite
Industries' main operating subsidiaries are Hindustan Zinc Limited
for its zinc and lead operations; Copper Mines of Tasmania Pty
Limited for its copper operations in Australia; and Bharat
Aluminum Company Limited for its aluminum operations. The company
operates its own copper operations in India. The company has
entered the commercial energy generation business and is in the
process of setting up a 2,400MW independent power plant through
its wholly owned subsidiary, Sterlite Energy Limited. Sterlite
Industries is listed on the Bombay Stock Exchange and National
Stock Exchange in India and the New York Stock Exchange in the
United States. For more information, please visit www.sterlite-
industries.com.
About ASARCO LLC
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.
ASARCO LLC filed for Chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
and investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee.
When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.
ASARCO LLC has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525). They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors. Former judge Robert C. Pate
has been appointed as the future claims representative. Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006. (Bankr. S.D. Tex. Case No. 06-20774
to 06-20776).
Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008. (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).
The Debtors submitted to the Court a joint plan of reorganization
and disclosure statement on July 31, 2008. The plan incorporates
the sale of substantially all of the Debtors' assets to Sterlite
Industries, Ltd., for US$2,600,000,000.
Americas Mining Corporation, an affiliate of Grupo Mexico SAB de
CV, submitted a reorganization plan to retain its equity interest
in ASARCO LLC, by offering full payment to ASARCO's creditors in
connection with ASARCO's Chapter 11 case. AMC would provide up to
US$2.7 billion in cash as well as a US$440 million guarantee to
assure payment of all allowed creditor claims, including payment
of liabilities relating to asbestos and environmental claims.
AMC's plan is premised on the estimation of the approximate
allowed amount of the claims against ASARCO.
Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News. The newsletter tracks the chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
BALA BALAJEE: CRISIL Rates Rs.80 Mln Cash Credit at 'B'
-------------------------------------------------------
CRISIL has assigned its rating of 'B/Negative' to the various bank
facilities of Bala Balajee Textiles Ltd (Bala Balajee).
Rs.80 Million Cash Credit B/Negative (Assigned)
Rs.200 Million Term Loan B/Negative (Assigned)
The rating reflects Bala Balajee's below-average financial risk
profile, high working capital requirements, and exposure to risks
relating to fluctuations in the price of cotton, its main raw
material. These weaknesses are partially offset by the company's
stable operations, and moderate operational efficiencies.
Outlook: Negative
CRISIL believes that Bala Balajee's credit profile will remain
constrained because of high working capital requirements, as well
as high maturing term debt obligations. The rating may be
downgraded if the company's liquidity position deteriorates
further, resulting in delays in servicing the debt obligations.
Conversely, the outlook may be revised to 'Stable' if the
company's financial risk profile improves substantially, with
steady improvement in margins.
About the Company
Set up in 2004, Bala Balajee manufactures cotton yarn; its
production unit at Tanuku (Andhra Pradesh) has a capacity of
24,000 spindles. The company sells around 86 per cent of its
output in the domestic market, mostly in Tamil Nadu, Maharashtra
and Gujarat. For 2007-08 (refers to financial year, April 1 to
March 31), Bala Balajee reported a profit after tax (PAT) of Rs.2
million on net sales of Rs.173 million, as against a PAT of Rs.4
million on net sales of Rs.77 million for 2006-07.
BIG LION: CRISIL Puts 'B' Rating on Rs.122.80 Mln Term Loan
-----------------------------------------------------------
CRISIL has assigned its rating of 'B/Negative' to the Rs.122.80
million term loan of Big Lion Entertainment Pvt Ltd (BLEPL). The
rating reflects BLEPL's weak financial risk profile marked by low
cash accruals, project risk involved in setting up 4 new screens,
increasing competition, and vulnerability of revenues to the box-
office success of the movies screened. These rating weaknesses
are partially mitigated by the fact that BLEPL's cinema hall is
located close to a university campus, ensuring a relatively high
occupancy rate.
Outlook: Negative
CRISIL believes that BLEPL's financial risk profile will remain
weak because of the large debt funded capital expenditure
undertaken by the company for setting up of 4 new screens. The
rating will be downgraded if the company is not able to timely
complete its expansion project leading to in-sufficient cash
accruals and delay in meeting its debt repayment obligations.
Conversely, the outlook may be revised to 'Stable' in case of
early commissioning and stabilization of revenues of the company's
four currently under-construction screens.
About Big Lion Entertainment
Set up in 2000, BLEPL operates a single-screen movie hall and a
recreation centre in Anand in Gujarat. The recreation centre
accounted for around 35 per cent of the company's total revenues
in 2007-08 (refers to financial year, April 1 to March 31). The
company reported a profit after tax (PAT) of Rs.4.84 million on
revenues of Rs.19.71 million in 2007-08, as against a PAT of
Rs.3.76 million on revenues of Rs.19.27 in 2006-07.
DECOLIGHT CERAMICS: CRISIL Cuts Bank Loan Ratings to 'D'
--------------------------------------------------------
CRISIL has downgraded its ratings on the term loans and bank
facilities of Decolight Ceramics Ltd (Decolight Ceramics) to
'D/P5' from 'BBB-/Stable/P3' because repayments on the term loans
and interest on the same are overdue.
Rs.174.4 Million Term Loan Facility D (Downgraded from
BBB-/Stable)
Rs.240 Million Cash Credit D (Downgraded from
BBB-/Stable)
Rs.22 Million Bank Guarantee P5 (Downgraded from P3)
Rs.30 Million Letter of Credit P5 (Downgraded from P3)
Rs.50 Million Bill Negotiation P5 (Downgraded from P3)
The company has chosen not to honour its obligations on term loans
to the extent of Rs.2.1 million per month since December 2008,
despite having unencumbered cash balances of Rs.12 million. As on
December 31, 2008, the company had a debt-equity ratio of 0.65
times, and it generated profits in excess of Rs.50 million for the
nine months ended December 31, 2008; these indicate that the
company had sufficient flexibility to borrow additional resources
if necessary, to honour its debt obligations.
About Decolight Ceramics
Decolight Ceramics is the flagship company of the Deco group,
which commenced operations in 2004 under Mr. Girishbhai Pethapara
and his brothers, Mr. Kantibhai Pethapara and Mr. Jayantibhai
Pethapara. The group has a presence in the ceramic wall tiles and
glazed tiles segments. Decolight Ceramics produces vitrified and
porcelain tiles under the brand, Granolite, at its facility at
Morbi, Gujarat. The company has also diversified into production
of aluminium composite panels. For 2007-08 (refers to financial
year, April 1 to March 31), Decolight Ceramics reported a profit
after tax (PAT) of Rs.62 million on net sales of Rs.735.4 million,
as against a PAT of Rs.50.6 million on net sales of Rs.512.1
million for 2006-07. For the nine months ended December 31, 2008,
the company reported a PAT of Rs.50.4 million on net sales of
Rs.553.7 million.
RAVALI SPINNERS: CRISIL Puts 'BB+' Ratings on Various Bank Loans
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the bank
facilities of Ravali Spinners Pvt Ltd (Ravali).
Rs.91.4 Million Cash Credit BB+/Stable (Assigned)
Rs.435.4 Million Term Loan BB+/Stable (Assigned)
Rs.38.3 Million Letter of Credit P4 (Assigned)
The ratings reflect Ravali's below-average financial risk profile
and exposure to fluctuations in cotton prices. These weaknesses
are mitigated by Ravali's modern spinning facility, and the
financial support from group companies RK Hair Products Pvt Ltd
and Indian Hair Industries Pvt Ltd.
Outlook: Stable
CRISIL believes that Ravali will fully utilise its recently
expanded capacities, thus improving its cash flows. The outlook
may be revised to 'Positive' if Ravali's financial risk profile
improves substantially, backed by sustainable improvement in
margins and debt protection measures. Conversely, it may be
revised to 'Negative' in case of under-utilisation of capacity,
inability to pass on increases in costs to customers, or
unexpected debt-funded capital expenditure.
About Ravali Spinners
Promoted by Mr. Vanka Ravindranath and Ms. Vanka Raja Kumari,
Ravali began operations in 2007 with an installed capacity of
16,800 spindles at Tanuku in Andhra Pradesh. An additional
capacity of 16,800 spindles has commenced trial production in
January 2009. The company manufactures carded and combed yarn,
with counts in the 20s to 60s range. For 2007-08 (refers to
financial year, April 1 to March 31), Ravali reported a loss of
Rs.14 million on net sales of Rs.215 million, as against a loss
Rs.3 million on net sales of Rs.16 million in the previous year.
SATYAM COMPUTER: Sets March 20 as Deadline for Interested Bidders
-----------------------------------------------------------------
Satyam Computer Services Ltd. said it is commencing a competitive
bidding process which, subject to receipt of all approvals,
contemplates the selection of an investor to acquire a 51% equity
interest in the company.
Transaction Structure
The acquisition is expected to occur in these related steps:
* An initial subscription by the selected investor of newly
issued equity shares representing 31% of the company's
share capital after giving effect to the share issuance
("enhanced share capital");
1) Upon deposit of the entire subscription amount by the
selected investor with the company and requisite funds
for the public offer in the escrow account as required
under the SEBI Takeover Regulations, the investor will
be required to make a mandatory public offer to purchase
a minimum of 20% of the company's enhanced share capital.
The public offer will be made at the same share price as
the price paid by the investor for the initial
subscription; and
2) If upon the closing of the public offer, the investor
would have acquired less than 51% of the enhanced share
capital of the company through the initial subscription
and the public offer, the investor would have the option
to subscribe to additional newly issued equity shares,
such that the shares acquired by the investor through
the three related steps, the initial subscription,
public offer and the subsequent subscription (if any)
will result in the investor acquiring not more than 51%
of the enhanced share capital of the company. Ability
to subscribe to additional equity shares in the third
related step would be subject to the terms and conditions
specified in the request-for-proposal ("RFP"). The
subsequent subscription, if any, will be required to be
completed within 15 days of the closing of the public
offer and will not result in requiring a further public
offer.
Process for Registration of Interest
* Commencing on March 9, all interested bidders should
register their interest in participating in the bidding
process by accessing
http://www.satyam.com/bidprocess/march09/index.aspand
registering their interest by 5:00 p.m. Indian Standard
Time on Thursday, March 12, 2009, subject to their meeting
the registration requirements set forth on such website.
Interested bidders may see
http://www.satyam.com/bidprocess/march09/index.aspfor
more details.
* The process for selecting a bidder shall be overseen by
a former Chief Justice of India or a former Supreme Court
judge appointed by the company.
Bid Process
* Each interested bidder that has validly registered its
interest in participating in the bid process by 5:00 p.m.
Indian Standard Time on Thursday, March 12, 2009 will be
sent an RFP shortly thereafter, and asked to submit a
detailed Expression of Interest ("EOI") together with the
proof of availability of funds in the amount of at least
Rs. 1,500 crores (US$290 million based on exchange rate
of Rs. 51.635 to US$1) by 5:00 p.m. Indian Standard Time
on Friday, March 20, 2009.
* Based on submitted EOIs, eligible bidders will be short
-listed and given access to certain business, financial
and legal diligence materials relating to the company
provided they have executed a non-disclosure and non-
solicitation agreement, a stand-still agreement and a
'no-claims' undertaking. After completion of the due
diligence process and execution of the pre-financial bid
documents, all short-listed bidders will be asked to
submit their financial bids and an executed copy of the
share subscription agreement.
* Based on an evaluation of the bids, the company will
select the successful bidder, after which the successful
bidder will have four days to deposit with the company the
entire subscription amount, and the requisite funds for
the public offer in an escrow account.
* As a result of a relaxation from SEBI, there is no
requirement to have a minimum floor price that is
otherwise required under Indian law in connection with
the initial subscription.
* Upon selection of the successful bidder, the company will
be required to approach the Company Law Board and SEBI for
approval and, upon receipt thereof, the successful bidder
would be allowed to consummate the subscription.
Potential Bids
The Hindu Business Line reports that India's Spicecorp and Larsen
& Toubro Ltd (L&T) would bid for Satyam.
"We will convey our expression of interest in a couple of days,"
the Business Line quoted a top L&T official as saying.
According to the Business Line, Spicecorp Chairman, Dr B. K. Modi,
said that the cash criterion of Rs 1,500 crore is "not an issue"
for his Group, as it already has the stipulated amount in the
bank.
"We will register our interest for participating in the bidding
process. I hope an e-auction process would be followed for stake
sale," the Business Line quoted Dr. Modi as saying.
In addition, the Business Line says, Tech Mahindra appears to be
undecided whether to bid.
Tech Mahindra Director-Marketing, Mr. Prasenjit Ghosh Roy, as
cited by the Business Line, said "We are yet to take a view on
whether Tech Mahindra will participate in the process."
Meanwhile, Reuters relates bankers and analysts also listed
Hewlett-Packard Co and Computer Sciences Corp as other U.S.
companies that could be interested in Satyam.
However, bankers and analysts said HP is still digesting its $13.9
billion acquisition of IT services provider Electronic Data
Systems, and CSC may not have the financial wherewithal to buy
Satyam.
IBM Bid
Citing people familiar with the matter, Reuters reports that
International Business Machines Corp ("IBM") is unlikely to bid
for Satyam as the advantage of expanding in India is outweighed by
the legal and financial risks related to Satyam's accounting
scandal.
Earlier this week, citing India's Business Standard newspaper,
Reuters recalls IBM was the "front-runner" to buy Satyam and had
brought in a team of bankers and lawyers from the United States
and Europe to India to assess the deal size and risks.
But two sources familiar with the situation told Reuters that IBM
had not flown a team to India and was unlikely to be interested in
bidding for Satyam.
According to Reuters, buying Satyam could help IBM expand its
geographic presence, but analysts say the Armonk, New York-based
company already has a lead in India with customers that include
top wireless provider Bharti Airtel.
As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts. Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:
(1) inflated (non existent) cash and bank
balances of 50.40 billion rupees (US$1.04 billion)
(as against 53.61 billion reflected in the books);
(2) an accrued interest of 3.76 billion rupees which
is non existent;
(3) an understated liability of 12.30 billion rupees
on account of funds arranged by Mr. Raju; and
(4) an overstated debtors position of
4.90 billion rupees (as against 26.51 billion
reflected in the books).
Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India. Several groups also considered filing class
action suits against the company.
A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.
Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon Rs200
million (US$4.1 million) a month out of the company, The Financial
Times said in a report last month.
About Satyam
Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance. It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services. Satyam operates in two
segments: IT services and BPO services. On January 4, 2008, the
Company acquired Nitor global Solutions Ltd. On April 4, 2008, it
acquired Bridge Strategy Group LLC. In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.
SHILLONG MUNICIPAL: Fitch Assigns Long-Term Issuer Rating to 'B+'
-----------------------------------------------------------------
Fitch Ratings has assigned Shillong Municipal Board a National
Long-term Issuer rating of 'B+(ind)'. The Outlook is Stable.
The rating is constrained by SMB's weak financial profile,
inadequate institutional, technical and managerial capacities,
inefficient cost recovery systems and its slow progress on
important reforms mandated by the Jawaharlal National Urban
Renewal mission programme. SMB's limitations in providing
expected levels of core civic amenities, poor financial management
and reporting systems as well as limited potential in raising
taxes and harnessing its own sources of income also constrain the
ratings. Additionally, the municipality has a mammoth capex plan
of INR25.44 billion, which is grossly disproportionate to its
revenue base; Fitch does not consider this as having an adverse
rating impact since the entire investment is planned under the
JNNURM programme and will come as a grant from state and central
governments.
Fitch views this arrangement favorably, as it allows SMB the
opportunity to create civic infrastructure and build assets that
could potentially serve as long-term revenue sources with
practically no investment of its own. However, execution
challenges in implementing such a large-sized plan remain very
high. The Government of Meghalaya and the Meghalaya Urban
Development Authority have also proposed to incur costs of
operation and maintenance on the existing and proposed civic
assets, which is a positive, considering SMB's strained finances.
Shillong, the capital of the state of Meghalaya, is geographically
isolated on a mountainous terrain and poorly connected with the
rest of India; Guwahati is the only gateway to Shillong by road
and there is neither rail connectivity nor frequent air services.
This has impeded the city's economic growth as compared to cities
of a similar size and profile, therefore straining the municipal's
financials and operating performance. However, the tourism
potential is immense and remains untapped. Fitch believes that
tourism could provide a positive impetus to the city's economic
growth.
The 74th constitutional amendment, relating to urban local bodies,
marks a new generation in the history of Indian ULBs as 12
functions will have to be transferred to them. Meghalaya however
is governed by the sixth schedule to the Constitution, which
supersedes the 74th Constitutional amendment.
As with several other local bodies of similar size, SMB is plagued
by several accounting deficiencies, including the
misclassification of revenue and capital items, the adoption of a
cash-based accounting system and a backlog in finalizing its
accounts; the most recent data is available only up to FY07.
Fitch expects that implementation of the JNNURM-mandated reforms
would redress some of these lacunae in the medium term. SMB's
total revenue stood at INR55.63 million for FY07 (FY06: INR53.3
million), generating a surplus of INR2.67 million (FY06: INR0.69
million). The tax revenue to total revenue income ratio was 53%
in FY07 (FY06: 59%) and its establishment expenses to total
revenue income ratio was 72% in FY07 (FY06: 68%). The agency also
notes that repayment of a loan of INR100 million from the GoME has
reportedly been waived off, though this does not bear any
documentary evidence.
SWADIST OILS: CRISIL Assigns 'BB' Rating on Rs.250MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Swadist Oils Pvt Ltd (SOPL).
Rs.250 Million Cash Credit BB/Stable (Assigned)
Rs.70 Million Term Loan BB/Stable (Assigned)
Rs.130 Million Letter of Credit P4 (Assigned)
The ratings reflect the company's limited financial flexibility
because of its small net worth base and high working capital
requirement, as well as the highly fragmented nature of the edible
oil industry, leading to low operating margins. These weaknesses
are mitigated by the extensive experience of the promoters in the
edible oil industry.
Outlook: Stable
CRISIL expects SOPL to stabilise its oil extraction operations,
supported by the promoters' four decades of experience in the
edible oil industry. The outlook may be revised to 'Positive' if
SOPL stabilises its operations, and generates sustained
profitability at higher-than-expected levels, while maintaining
its capital structure. Conversely, the outlook may be revised to
'Negative' in case the company undertakes more-than-expected debt-
funded capital expenditure, leading to deterioration in its
financial risk profile.
About Swadist Oils
SOPL was originally incorporated as AMG Exports Pvt Ltd in 1996;
the name was changed in April 2004. The company was non-
operational till December 2007, when Mr. Dinesh Arora and
Mr. Tilak Raj Sharma bought the company from its previous
promoters, and started importing crude palm oil on a high-seas
basis. The company has recently set up a solvent extraction plant
of 600 tonnes per day (tpd) capacity at Rania, Kanpur, Uttar
Pradesh. The plant is fully integrated and is currently
undertaking test runs. SOPL expects to begin commercial production
by March 2009.
For 2007-08 (refers to financial year, April 1 to March 31), SOPL
reported a profit after tax of Rs.6.9 million on net sales of
Rs.178 million.
TATA MOTORS: Inks Car Financing Deal With Three Indian Banks
------------------------------------------------------------
Tata Motors Limited said it has entered into an understanding with
three Indian banks to provide financing to consumers of its full
range of passenger vehicles.
The three Indian banks are:
-- the Punjab National Bank
Under the agreement, Punjab National Bank offers car
loans up to 90% of invoice, for tenure ranging up to
7 years, at a very competitive rate of 10.5% to 11%.
The facility will be available at all 4,604 branches
of Punjab National Bank and 329 sales touch points of
Tata Motors.
-- Bank of India
Bank of India offers car loans up to 90 % of invoice,
for loans up to Rs 10.00 lacs for tenure ranging up to
6 years, at a very competitive rate of 10.25% to 10.75 %.
The facility will be available at all Metro, urban and
semi-urban branches of Bank of India and 329 sales touch
points of Tata Motors.
-- State Bank of Patiala.
State Bank of Patiala offers car loans up to 85% on-road
price, for tenure ranging up to 7 years, at a very
competitive rate of interest.
The facility will be available at all branches of State
Bank of Patiala and 329 sales touch points of Tata Motors.
Tata Motors said these tie-ups will provide a single window for
both cars as well as car loans and will make car buying easier for
customers.
About Tata Motors
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company. The company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations. TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange. It was ultimately 33.4% owned by the Tata Group
as of December 2007.
Tata Motors has operations in Russia and the United Kingdom.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
Mar. 9, 2009, Moody's Investors Service downgraded the corporate
family rating of Tata Motors Ltd to B3 from B1. The outlook
remains negative.
"The rating change reflects TML's limited financial flexibility,
high gearing as well as imminent refinancing risk in the context
of weak market conditions in India and overseas," says Elizabeth
Allen, a Moody's Vice President/Senior Credit Officer.
"The significant decline in sales volume challenges the company's
ability to achieve cash flow and profitability breakeven and thus
a reliance on debt funding," says Allen.
The TCR-AP reported on July 9, 2008, that Standard & Poor's
Ratings Services kept its 'BB' corporate credit rating on India's
Tata Motors Ltd. On CreditWatch with negative implications,
pending finalization of the long-term financing plans for funding
the company's purchase of Jaguar and Land Rover from Ford Motor
Co. (B/Watch Neg/--). At the same time, Standard & Poor's ratings
on all Tata Motors' rated debt remain on CreditWatch with negative
implications.
The rating on Tata Motors was lowered on April 4, 2008, to 'BB',
from 'BB+', after the announcement of the agreement with Ford
Motor Co. for the purchase of Jaguar and Land Rover. Tata Motors
paid about US$2.3 billion in cash for Jaguar and Land
Rover (comprising brands, plants, and intellectual property
rights). Ford contributed US$600 million to the Jaguar-Land
Rover (JLR) pension plans.
=========
J A P A N
=========
CITIGROUP INC: To Sell 26% Stake in Monex, Report Says
------------------------------------------------------
Citigroup Inc. plans to sell its 26 percent stake in Japanese
online broker Monex Group Inc as part of Citigroup's efforts to
raise cash, Reuters reports citing the Yomiuri newspaper.
Reuters says Citigroup's stake in the firm was worth about JPY15.3
billion (US$156 million) as of Thursday's close but shares in
Monex, Japan's second-largest online brokerage in terms of
customer accounts, dropped 8 percent on the report, cutting the
value of Citigroup's stake to JPY14.1 billion (US$144 million).
Citigroup, Reuters notes, appears to have already sounded out
several financial institutions on the sale of its stake in Monex.
Sale of Nikko Cordial
As reported in Troubled Company Reporter-Asia Pacific on Feb. 26,
2009, the Mainichi newspaper said that Citigroup may sell its
Japanese investment-banking unit, Nikko Citigroup Ltd.
According to Mainichi, Citigroup is in the process of selling its
Nikko Cordial Securities Inc. unit, which specializes in services
for individual investors. Mainichi said that Citigroup may sell
the two Nikko units together.
Citigroup, Tak Kumakura at Bloomberg News related, said in
January 2009 that Nikko Cordial had a 13 billion yen deficit in
the three months ended December 31, 2008, compared to a 7.6
billion yen profit in 2007. Bloomberg stated that Nikko Citigroup
posted a 4.3 billion yen loss in 2008, compared with a 4.5 billion
yen shortfall in 200.
According to Bloomberg, Citigroup CEO Vikram Pandit included Nikko
Cordial in a list of businesses flagged for eventual sale under a
reorganization plan disclosed January 16, 2009.
Japan's top three banks, Mitsubishi UFJ Financial Group, Mizuho
Financial Group and Sumitomo Mitsui Financial Group have all shown
interest in buying Nikko Cordial, sources have told Reuters.
About Monex Group
Monex Group, Inc., formerly Monex Beans Holdings, Inc., is a
Japan-based holding company mainly engaged in the provision of
financial services. The company also provides management guidance
to its subsidiaries and associated companies, which are involved
in the financial product dealing business, investment advisory
services, investment education programs and other related
services. The company has seven subsidiaries, two associated
companies and two affiliated companies.
About Citigroup
Based in New York, Citigroup (NYSE: C) -- http://www.citigroup.com
-- is organized into four major segments -- Consumer Banking,
Global Cards, Institutional Clients Group, and Global Wealth
Management. Citi had $2.0 trillion in total assets on $1.9
trillion in total liabilities as of Sept. 30, 2008.
As reported in the Troubled Company Reporter on Nov. 25, 2008, the
U.S. government entered into an agreement with Citigroup to
provide a package of guarantees, liquidity access, and capital.
As part of the agreement, the U.S. Treasury and the Federal
Deposit Insurance Corporation will provide protection against the
possibility of unusually large losses on an asset pool of
approximately $306 billion of loans and securities backed by
residential and commercial real estate and other such assets,
which will remain on Citigroup's balance sheet. As a fee for this
arrangement, Citigroup will issue preferred shares to the Treasury
and FDIC. In addition and if necessary, the Federal Reserve will
backstop residual risk in the asset pool through a non-recourse
loan.
JAPAN AIRLINES: Slashes Number of New Recruits for Spring 2010
--------------------------------------------------------------
Japan Airlines Corp has decided to slash the number of new
recruits in an effort to curb labor costs in light of larger-than-
expected drops in revenues, Japan Today reports citing company
officials.
The report says Japan Airlines will recruit only 100 new cabin
attendants in the spring of 2010, including temporary staff,
roughly half the level expected for this April.
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies. The Air
Transportation segment is engaged in the operation of passenger
and cargo planes. The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business. The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages. The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication. The Company has numerous global operating
locations.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 17, 2008, Fitch Ratings revised the Outlook on Japan Airlines
Corporation and its wholly owned operating subsidiary, JAL
International Co. Ltd.'s Long-term Issuer Default ratings to
Stable from Negative. At the same time, Fitch affirmed both
companies' Long-term IDRs and ratings of outstanding bonds at
'BB-'. The Outlook revision follows JAL's operational turnaround
and better liquidity.
Japan Airlines Corporation continues to carry Standard & Poor's
Ratings 'B+' LT Foreign & Local Issuer Credit. The outlook is
positive.
NIS GROUP: S&P Downgrades Counterparty Credit Rating to 'CCC+'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
counterparty credit rating on NIS Group Co. Ltd. to 'CCC+' from
'B', and its long-term senior unsecured debt rating on the company
to 'CCC' from 'B-'. At the same time, Standard & Poor's removed
the ratings from CreditWatch with negative implications, where
they were placed on Oct. 10, 2008. The downgrade reflects S&P's
expectations that NIS group will continue to face a difficult
earnings and financing environment. The long-term senior
unsecured debt rating is one notch lower than the counterparty
credit rating, reflecting a recent increase in the percentage of
pledged assets to total assets, leading to structural
subordination. The outlook on the long-term counterparty credit
rating is negative.
The downgrade is based on S&P's expectations of prolonged severe
earnings and financing conditions, linked to increasingly unstable
operating revenues in tandem with rising delinquencies from real
estate-backed loan receivables, refunds of overpaid interest, and
an increase in financing costs. In addition, Standard & Poor's
believes that it will take time for NIS Group to benefit from its
planned new business model. NIS Group's financial flexibility is
declining due to its weakening capitalization, which resulted from
large net losses and rising short-term debt.
NIS Group posted JPY27.5 billion in ordinary losses in the nine-
month period ended Dec. 31, 2008. The losses were mainly
attributable to a reduction in assets, impairment losses on real
estate amid a stagnant real estate market, and additional
provisions for losses on real estate-backed loan receivables. It
also incurred losses related to the equity conversion of Nissin
Leasing (China) Co. Ltd., in which NIS Group and TPG Capital L.P.
(NIS Group's former largest shareholder) each held a 50% share,
and extraordinary losses including impairment losses on marketable
securities. As a result, its net losses climbed to JPY45.2
billion, and net assets decreased to JPY12.3 billion. Meanwhile,
NIS Group's asset quality continues to deteriorate. Its
delinquency rate rose to 53% as of Jan. 31, 2008, mainly relating
to real estate-backed loan receivables, which accounted for a
large portion of total
loan receivables.
Standard & Poor's sees positive factors in the strategic capital
and business alliance formed between NIS Group and the Guarantee
Organization Of Small And Medium-Size Enterprises Co. Ltd. (NR) in
December 2008 as it strengthens the group's relationship with the
Incubator Bank of Japan Ltd. (NR), as well as its existing main
bank. However, S&P feel that the ratings impact of this alliance
will be limited, as any benefits that might accrue will depend on
the NIS Group's operating performance and the banks' capacity
to support the NIS Group. Through its alliance with the Guarantee
Organization Of Small And Medium-Size Enterprises Co. Ltd., NIS
Group is striving to produce a business model that does not
require significant funds and improves its cost structure.
However, Standard & Poor's expects that the new business plan will
take time to implement. Although NIS Group had reduced its debt
to JPY84.8 billion as of Dec. 31, 2008, by reducing total assets,
its profitability is deteriorating. As such, NIS Group's ability
to repay its debt is increasingly dependent on a favorable
business environment.
The negative outlook reflects the likelihood of further
deterioration in NIS Group's asset quality and profitability amid
the global and domestic economic downturn. It also incorporates
S&P's expectations that issues relating to refunds of overpaid
interest affecting the entire money-lending industry are likely to
take more time to resolve, and that the financing environment
may worsen given current financial and capital market instability.
Standard & Poor's could lower its ratings on NIS Group again if
asset receivables stagnate further and liquidity risk emerges.
Conversely, the ratings or outlook may see upward movement if the
NIS Group's profitability improves and stable financing sources
are secured.
NOUS I: Moody's Downgrades Ratings on US$320 Mil. Notes to 'Ba1'
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Class A
bond and Class B bond issued by Nous I, Ltd. This is balance
sheet synthetic CDO transaction that references mainly global
corporate entities.
The rating action taken is the result of (i) deterioration in the
credit quality of the transaction's reference portfolio and (ii)
the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs.
Moody's announced changes to these assumptions in a press release
titled "Moody's Updates Key Assumptions for Rating Corporate
Synthetic CDOs," on 15 January, 2009. These revisions affect key
parameters -- default probability, asset correlation, and other
credit indicators such as ratings reviews and outlooks -- in
Moody's model for rating Corporate Synthetic CDOs.
Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in these Moody's Special
Reports:
-- Moody's Approach to Rating Corporate Collateralized Synthetic
Obligations (December 2008)
The rating action follows:
Nous I, Ltd.
(1) US$280,000,000 Class A Floating Rate Adjustable Principal
Amount Bond due 22 September 2009
-- Current Rating: Aa1
-- Prior Rating: Aaa
-- Prior Rating Action Date: 10 December, 2007, upgraded to Aaa
from Aa1
(2) US$320,000,000 Class B Floating Rate Adjustable Principal
Amount Bond due 22 September 2009
-- Current Rating: Ba1
-- Prior Rating: Baa2
-- Prior Rating Action Date: 10 December, 2007, upgraded to Baa2
from Baa3
Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.
ORIX-NRL TRUST: Moody's Changes Ratings on Various Trust 14 Certs.
------------------------------------------------------------------
Moody's Investors Service has changed the ratings of the Class C
through H trust certificates of ORIX-NRL Trust 14 as follows. The
final maturity of the certificates will take place in December
2014.
The rating actions follow:
-- Class C: Placed Under Review for Possible Downgrade;
previously on May 31, 2007 Assigned A2
-- Class D: Placed Under Review for Possible Downgrade;
previously on May 31, 2007 Assigned Baa2
-- Class E: Placed Under Review for Possible Downgrade;
previously on May 31, 2007 Assigned Baa3
-- Class F: Downgraded to B1 from Ba2 and Placed Under Review
for Possible Downgrade; previously on December 2, 2008 Ba2
Placed Under Review for Possible Downgrade
-- Class G: Downgraded to B2 from Ba3 and Placed Under Review
for Possible Downgrade; previously on December 2, 2008 Ba3
Placed Under Review for Possible Downgrade
-- Class H: Downgraded to B3 from B2 and Placed Under Review for
Possible Downgrade; previously on December 2, 2008 B2 Placed
Under Review for Possible Downgrade
ORIX-NRL Trust 14, effected in May 2007, represents the
securitization of eight non-recourse loans and two specified bonds
originated or held by Orix Corporation.
One non-recourse loan has been paid in full, and one non-recourse
loan has been partially prepaid as a result of the expropriation
of land. The transaction is currently secured by seven non-
recourse loans and two specified bonds backed by 38 properties.
The rating actions on December 2, 2008 reflected the need to
reconsider initial assumptions about collateral recovery, as two
non-recourse loans had been placed under special servicing.
Moody's has downgraded the ratings of the Class F through H trust
certificates, and continues to review their ratings for possible
downgrade. Moody's has also placed under review for the ratings
of the Class C through E trust certificates for possible
downgrade. These actions reflect growing concerns about the
collateral recovery of specially serviced loans. It also reflects
concerns about the collateral recovery of the remaining non-
recourse loans and specified bonds that will mature in the future.
Moody's will closely monitor the collecting process of specially
serviced loans, as well as the maturity payment process and the
collateral recovery of the remaining non-recourse loans and
specified bonds to decide whether to confirm or downgrade the
ratings.
Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.
SAPPORO HOKUYO: May Seek JPY100 Bln. Capital Injection
------------------------------------------------------
Sapporo Hokuyo Holdings Inc may ask the government for capital
injection of around JPY100 billion to strengthen its financial
standing, Japan Today reports citing industry sources.
According to the report, sources said the bank may apply for the
injection as early as this week.
Meanwhile, Japan Today relates two other second-tier regional
banks, Minami Nippon Bank and Fukuho Bank, may also apply for an
injection of public funds of about JPY10 billion each this week.
Japan Today notes Sapporo Hokuyo suffered a group net loss of
JPY69.6 billion for the April-December period of 2008 due mainly
to impairment losses on security holdings.
Minami-Nippon, on the other hand, incurred a group net loss of
JPY8.5 billion for the April-December period while Fukuho suffered
a group net loss of JPY400 million for the same period, the report
discloses.
Sapporo Hokuyo Holdings Inc. is a Japan-based holding company
mainly engaged in the banking business. The company operates in
three business segments. The Banking segment provides banking
services, such as deposit, loan, domestic and foreign exchange,
securities investment and other banking services. The Leasing
segment is engaged in the provision of leasing services. The
Others segment is engaged in the provision of clerical services,
credit card services and credit guarantee services. The company
has eight associated companies and one affiliated company.
SHINSEI BANK: To Sell Preferred Securities to Boost Capital
-----------------------------------------------------------
Shinsei Bank Ltd plans to sell preferred securities to shore up
its capital base, various reports say.
Bloomberg News relates the bank announced the plan to sell
preferred securities, without specifying the amount, after trading
closed on March 6.
Shinsei spokesman Eiji Ootaka, as cited by the report, said the
bank expects to raise "several tens of billions of yen" from the
sale of preferred securities this month.
According to Bloomberg News, Shinsei joins larger banks including
Mitsubishi UFJ Financial Group Inc. and Mizuho Financial Group
Inc. in raising capital as losses on investments sap their
financial strength.
The bank's Tier 1 capital ratio, a key indicator of financial
strength, is the lowest of eight nationwide lenders at 6.64
percent at the end of last year, according to Bloomberg data.
Net Loss
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2009, Shinsei incurred a consolidated cash basis net loss
in the first nine months of fiscal year 2008 of JPY23.3 billion,
compared to a consolidated cash basis net income of JPY42.0
billion in the first nine months of the previous fiscal year.
Consolidated net loss in the first nine months of fiscal year 2008
was JPY32.1 billion, compared to a consolidated net income of
JPY33.5 billion in the same period of the previous fiscal year.
The bank attributed the loss to lower revenues and higher net
credit costs.
Total revenue for the first nine months of fiscal year 2008, was
JPY190.3 billion, down 8.9% compared to the same period of the
previous fiscal year.
Net credit costs increased JPY38.8 billion to JPY79.6 billion due
mainly to an increase in credit costs related to the bankruptcy of
a Lehman Brothers subsidiary, reserves for real estate finance and
European asset-backed investments.
Outlook
Citing continuing challenging environment, the bank forecasts
FY2008 consolidated cash basis net loss of JPY31.0 billion
(consolidated reported basis net income of JPY12.0 billion revised
to consolidated reported basis net loss of JPY48.0 billion).
The bank won't be paying dividend on common shares in FY2008 and
expects to break even or better in FY2009.
About Shinsei Bank
Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution. The Bank operates mainly in
three business segments. The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others. The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries. The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others. The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 9, 2009, Fitch Ratings placed on Rating Watch Negative, the
'BBB+' (BBB plus) Long-term foreign and local currency Issuer
Default Ratings, 'F2' Short term foreign and local currency IDRs,
and the 'C' Individual ratings of Japan's Shinsei Bank Ltd and
Shinsei Trust and Banking Co., Ltd.
The decision to place Shinsei's ratings on Rating Watch Negative
reflects Fitch's view that Shinsei faces challenges on multiple
fronts. The rating agency is planning to review Shinsei's
redefined business model, ability to enhance the quality and
quantity of its capital and/or reduction of risk assets, as also
maintain satisfactory asset quality before resolving the Rating
Watch Negative.
Fitch noted the weakening of Shinsei's capital ratios and as well
as the bank's two consecutive quarters of net losses.
TOYOTA MOTOR: Financial Unit's JBIC Loan Not Intended for Bailout
-----------------------------------------------------------------
The JPY200-billion (US$2 billion) loan made by Toyota Financial
Services Corp., the financial arm of Toyota Motor Corp., to the
Japan Bank for International Cooperation (JBIC) will not be used
for operational expenses and that the loan isn't a "bailout",
Bloomberg News reports citing Toyota Financial Chief Executive
Officer George Borst.
"Unlike other companies that have sought government loans to keep
their manufacturing and operations afloat, we are not seeking any
funds for operational expenses", Mr. Borst was quoted by the news
agency as saying.
According to the report, government cash would boost Toyota's
ability to finance auto purchases, especially in the U.S.
Citing the Bloomberg News, the Troubled Company Reporter - Asia
Pacific reported on March 5, 2009, that Toyota Financial had asked
JBIC the JPY200-billion loan as private investors demand up to 50
percent more in interest for the company's debt.
About Toyota
Toyota Motor Corporation (TYO:7203) -- http://toyota.jp/--
primarily conducts automobile, financial and other businesses.
Its business segments are automotive operations, financial
services operations and all other operations. Its automotive
operations include the design, manufacture, assembly and sale of
passenger cars, minivans and trucks and related parts and
accessories. Toyota's financial services business consists
primarily of providing financing to dealers and their customers
for the purchase or lease of Toyota vehicles. Its financial
services also provide retail leasing through the purchase of lease
contracts originated by Toyota dealers. Related to Toyota's
automotive operations is its development of intelligent transport
systems (ITS). Toyota's all other operations business segment
includes the design and manufacture of prefabricated housing and
information technology related businesses, including an e-commerce
marketplace called Gazoo.com. The Company acquired CENTRAL MOTOR
CO., LTD. on October 1, 2008.
* JAPAN: Posts First Current Account Deficit in 13 Years
--------------------------------------------------------
Japan posted a record current account deficit in January for the
first time in 13 years due to plummeting demand for Japanese
exports, Japan Today reports citing the Ministry of Finance.
According to the report, the ministry said the deficit stood at a
record JPY172.8 billion ($1.8 billion) in January, much higher
than the previous deficit record of JPY25.6 billion in January
1996.
The report says exports in January dropped a record 46.3% from a
year earlier to JPY3.28 trillion, marking the fourth consecutive
month of year-on-year declines. Imports fell 31.7% to JPY4.13
trillion, resulting in a trade deficit of JPY844.4 billion in
January, Japan Today notes.
Among exported products, the report states Japan's vehicle
shipments dropped 66.1% with shipments of auto parts down 51.9%
year-on-year in January. Exports of semiconductor and electronics
parts products dropped 52.8%, the report says.
"The current account deficit and the dismal exports data clearly
reflected weakening demand for Japanese goods amid a global
recession," Japan Today quoted Hiroshi Watanabe, an economist at
Daiwa Institute of Research, as saying.
According to Japan Today, the current account is Japan's broadest
measure of trade in goods and services with the rest of the world.
===============
M A L A Y S I A
===============
NIKKO ELECTRONICS: Bourse Suspends Trading of Securities
--------------------------------------------------------
Trading of Nikko Electronics Berhad's securities was suspended
from March 6, 2009, pursuant to Bursa Malaysia Securities
Berhad's Listing Requirements.
The trading halt was imposed after Nikko failed to submit its
regularization plan to relevant authorities for approval within
the stipulated timeframe.
On March 6, the Bourse directed Nikko to make representations to
Bursa Securities as to why its securities should not be delisted
from the Official List of Bursa Securities. Due process is
therefore accorded to Nikko prior to making a decision on whether
to delist its securities.
Upon due consideration of the matter and the conclusion of the
relevant due process accorded, Bursa Securities will decide
whether to delist Nikko. Thereafter, the securities of
Nikko will be removed from the Official List of Bursa
Securities on a date specified by Bursa Securities.
About Nikko
Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products. The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.
* * *
On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad. Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.
The company had ceased its manufacturing operations with immediate
effect on June 30, 2008 to prevent incurring further losses. A
provisional liquidator who was appointed on September 11, 2008,
had also taken over the management affairs of the company and
would ascertain measures to address the default.
NIKKO ELECTRONICS: Dec. 31 Balance Sheet Upside-Down by MYR27.85MM
------------------------------------------------------------------
Nikko Electronics Berhad unaudited balance sheet as of
December 31, 2008, went upside down by MYR27.85 million, on total
assets of MYR40.99 million and total liabilities of MYR68.85
million.
The company's balance sheet as of December 31, 2008, also showed
strained liquidity with MYR6.76 million in total current assets
available to pay MYR68.85 million in total current liabilities.
For the third quarter ended December 31, 2008, the company
incurred MYR888,000 net loss on MYR1.24 million of revenues,
compared with MYR12.06 million net loss on MYR14.83 million of
revenues in the same quarter of the preceding year.
The company had ceased all manufacturing activities since
June 30, 2008. The turnover recorded for the quarter under review
was derived from sales of old stocks. Loss for the quarter under
review was mainly due to fixed costs and production costs to bring
goods to saleable condition.
The reduced loss in the current quarter under review compared to
the preceding quarter was mainly due to impairment loss on assets,
provisions for termination benefits and doubtful debts incurred in
the preceding quarter.
About Nikko
Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products. The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.
* * *
On June 30, 2008, Nikko Electronics Bhd. was classified as an
affected listed issuer under Practice Note 1/2001 (PN1/2001) of
the Listing Requirements of Bursa Malaysia Securities Berhad
because it had defaulted on a bankers' acceptance facility due
on June 27, 2008, for an amount of MYR1,457,084 due to Malayan
Banking Berhad. Nikko is unable to repay the liability to the
bank due to the difficult cash flow position as a result of the
contraction in the remote-control toys industry.
The company had ceased its manufacturing operations with immediate
effect on June 30, 2008 to prevent incurring further losses. A
provisional liquidator who was appointed on September 11, 2008,
had also taken over the management affairs of the company and
would ascertain measures to address the default.
====================
N E W Z E A L A N D
====================
GOLDRIDGE HOTEL: Sold for NZ$8MM, Creditor Books Surplus
--------------------------------------------------------
The National Business Review reported that Equitable Finance, a
creditor of Goldridge Hotel, which is in receivership, said it
will make a small surplus from the NZ$8 million sale of the hotel.
According to the report, Equitable said it will book a small
surplus on realization profit from the NZ$8 million sale against
the NZ$7.7 million Goldridge owed, including capital and interest.
The Business Review says the the Goldridge was a development
associated with bankrupt developer John Leeder.
Meanwhile, the report notes, one of the other troubled
developments in which Equitable Finance was exposed to – Mountain
Lake Holdings – has been resolved with the sale of Mr. Leeder's
interest.
The report relates that receivers are also working through various
options to resolve the debts of a third troubled property in the
Leeder empire, Queenstown Lodge.
NUPLEX INDUSTRIES: Appoints New Advisers to Help Raise Capital
--------------------------------------------------------------
Nuplex Industries Limited revealed that it has hired Bancorp NZ
and First NZ Capital Securities to advise the company on its
capital raising options, The National Business Review reports.
The company also hired McGrath Nicol to review the company's
forecast and current financial position and advise it and the
banks on ongoing appropriate covenants, the report adds.
"By bringing in an independent person it gives everyone a lot more
confidence, including our own board," Managing director John Hirst
was quoted by TVNZ News as saying.
According to the Business Review, the company is looking for fresh
ideas to raise enough capital as it has been forced to renegotiate
its debt covenants with its banks after lower earnings and the
falling New Zealand dollar.
As reported by the Troubled Company Reporter - Asia Pacific on
February 27, 2009, Nuplex reported an after-tax profit of
NZ$6.0 million for the six months to December 31, 2008, down 76
percent from the NZ$24.6 million net profit reported in the
previous comparable period.
Covenant Breach
Under the group's multi-currency cash advance facility agreements
with banks, Nuplex is required to comply at all times with a
senior debt cover ratio to EBITDA of 3.00 times, however, as at
December 31, 2008, the company said it did not comply with this
covenant.
Nuplex said it has been in discussion with its banks to seek an
amendment to the covenant ratio to enable the company to comply.
The facility agreements require that all banks agree to conditions
for an amendment.
"All banks have indicated a willingness to either amend the
covenant or give a waiver from compliance. However as at today
conditions for an amendment or waiver have not been agreed to by
all parties," the company said.
The company said it is reviewing the group's funding arrangements
and the board is considering the merits of issuing ordinary
equity.
Mr. John Hirst, group managing director, said "This has been the
most difficult period in the company's history, with a drop in
global demand at a rate and to an extent we have never seen
before.
"Against this backdrop, the result, although disappointing,
demonstrates that Nuplex remains a sound and profitable Company,
even in such adverse times. While our operations have been
restructured in line with current trading the benefits of this
will not be realised until future periods. However, as global
confidence returns, as it will inevitably do, a leaner and focused
Nuplex will be well positioned to profit from increased demand."
Nuplex said it suspended payment of 2009 interim dividend to
strengthen balance sheet and repay debt.
About Nuplex
Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand. The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.
Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes. It also provides
specialist building products. Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.
According to Reuters, Nuplex is New Zealand and Australia's
largest maker and distributor of resins and polymers for the
paint, paper, and textile industries. It also bought a coating
resins business in Holland.
SENSATION YACHTS: Court Orders NZ$40-Mil. Payment for 3 Yachts
--------------------------------------------------------------
The Court of Appeals has ordered Ivan Erceg, owner of Sensation
Yachts, to pay Balenia NZ$42.6 million for three super yachts, The
National Business Review reports.
The case began in 2004 when Balenia contracted Sensation to build
five super-yachts, The Stuff News relates.
When the relationship broke down in 2007, Mr. Erceg agreed to buy
the three partially completed yachts for US$21.5 million (NZ$43
million), the report said.
Sensation originally had the title to the yachts but Balenia
acquired title to the yachts to the extent of the payments it had
progressively made, the report adds.
Last September the High Court at Auckland ordered Mr. Erceg to pay
a 10% deposit to Balenia but Mr. Erceg refused to do so, and
instead appealed on whether Balenia had provided enough proof of
clear title to the yachts, a condition of purchase, the Business
Review recounts.
But Justice Robert Chambers dismissed the appeal made by Sensation
and also ordered Mr. Erceg to pay Balenia's court costs, the news
agency discloses.
About Sensation Yachts
Established in Auckland, New Zealand in 1978, Sensation Yachts --
http://www.sensation.co.nz/-- has built some of the world's most
expensive pleasure craft at its Henderson yard, wedged between
Auckland's western motorway and the upper reaches of the Waitemata
Harbour. The company also owned a small shipyard at Newcastle in
Australia, which it sold last year when Mr. Erceg announced plans
to move operations to Singapore, Sunday Star Times says.
* NEW ZEALAND: Posts NZ$5.78BB Deficit in 7 Months Ended Jan. 31
----------------------------------------------------------------
New Zealand posted a cash budget deficit of NZ$5.78 billion
(US$2.9 billion) in the seven months ended Jan. 31, or
NZ$1.07 billion wider than forecast in the October pre-election
update, Bloomberg News reports citing the Treasury Department.
According to the report, the budget deficit widened as company and
income-tax receipts are slowing.
"We expect the corporate tax shortfall will persist as the effects
of the recent worldwide economic downturn flow through to New
Zealand firms' profitability," the Treasury Department was quoted
by Bloomberg News as saying.
* NEW ZEALAND: Wholesale Trade Sales Drop 2.3% in Dec. 2008 Qtr.
----------------------------------------------------------------
Seasonally adjusted total wholesale trade sales decreased 2.3
percent (NZ$526 million) for the December 2008 quarter, Statistics
New Zealand said. This is the second consecutive quarterly fall
in total sales, after a 1.0 percent (NZ$237 million) decrease in
the September 2008 quarter.
Part of the sales decrease this quarter was due to a
reclassification of some activity from primary product food
wholesaling to manufacturing.
The largest contributors to this quarter's decrease were falls in
metal and mineral wholesaling, down 19.1 percent (NZ$197 million);
electrical and electronic equipment wholesaling, down 11.4 percent
(NZ$121 million); and primary product food wholesaling, down 5.0
percent (NZ$100 million).
The total wholesale trade sales trend has fallen 2.6 percent since
June 2008, following a five-year period of general increases
averaging 1.5 percent per quarter.
Seasonally adjusted wholesale stocks for the December 2008 quarter
fell 3.8 percent (NZ$444 million), mostly due to falls in
petroleum product wholesaling (down NZ$669 million), and motor
vehicle wholesaling (down NZ$225 million).
=====================
P H I L I P P I N E S
=====================
LEGACY GROUP: Central Bank Files PHP487 Million Estafa Case
-----------------------------------------------------------
The Bangko Sentral ng Pilipinas filed on Friday before the
Department of Justice, the second syndicated estafa case against
the Legacy Group involving a PHP487-million worth of deposits
allegedly stolen by Legacy's officials, Business World reports.
The central bank, as cited by the Business World, said that the
latest case involves a dozen officials of the Rural Bank of
Kananga, Leyte, led by Celso de los Angeles and several John and
Jane Does, who allegedly conspired to commit syndicated estafa
against depositors.
The latest charge was based on the testimony of an anonymous
Legacy bank official, who accused Mr. de los Angeles of ordering
Legacy bank officials to transfer deposit funds to a single
account in Legacy Consolidated Plans, Inc. before the rural banks
were shut down, the news agency relates citing the central bank.
The report, citing the witness, adds that Mr. delos Angeles had
ordered that all evidence implicating him in the "various schemes
they perpetrated" be destroyed.
The central bank also sued Alexis S. Petralba, Namnama Pasetes-
Santos, Carolina G. Hinola, Roy Hilario, Virgilio A. Odejar,
Christine Antenor Cruz-Limpin, Norman Tiongson, Victoria "Binky"
Noel, Arnel Sulquiano, Ronaldo Alix, Mike Basangan and several
unnamed respondents, the report notes.
According to the report, the case is the fourth set of charges
filed by the central bank against the group.
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 Parañaque; 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
=================
AXA INTERNATIONAL: Court Enters Wind-Up Order
---------------------------------------------
On February 20, 2009, the High Court of Singapore entered an order
to have AXA International Holdings Pte Ltd's operations wound up.
Fortune Food Marketing Pte Ltd filed the petition against the
company.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
CHEMPET ENGINEERING: Creditors' Proofs of Debt Due on March 20
--------------------------------------------------------------
The creditors of Chempet Engineering Pte Ltd. are required to file
their proofs of debt by March 20, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
HARK INTERNATIONAL: Pays First and Final Dividend
-------------------------------------------------
Hark International Pte Ltd paid the first and final dividend on
February 24, 2009.
The company paid 0.0899% to all received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
LABONE: Court to Hear Judicial Management Order on Feb. 10
----------------------------------------------------------
The High Court of Singapore will hear an order to place LabOne
Singapore Pte Ltd under judicial management on Feb. 10, 2009, at
10:00 a.m.
LANDMARK CHEMICALS: Court to Hear Wind-Up Petition on March 20
--------------------------------------------------------------
A petition to have Landmark Chemicals (Far Eeast) Pte Ltd's
operations wound up will be heard before the High Court of
Singapore on March 20, 2009, at 10:00 a.m.
===============
T H A I L A N D
===============
G STEEL: Moody's Downgrades Corporate Family Rating to 'Caa3'
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and senior unsecured ratings of G Steel Public Company to
Caa3 from Caa1. The outlook for the ratings remains negative.
"The rating action reflects significant uncertainty over G Steel's
current liquidity position, following recent qualifications and a
disclaimer of opinion by its external auditors, Ernst & Young
Office Limited, on the company's financial statements ended
December 31, 2008," says Kathleen Lee, a Moody's Vice President.
The main concerns raised by the auditors relate to the quality and
sufficiency of allowances provided on the company's outstanding
trade receivables; expected future losses, in view of committed
higher prices for its consigned/ purchases of raw materials versus
prevailing market prices; the absence of impairment charges, given
long-dated appraised values of its assets; and a shortage of
liquidity at its subsidiary for meeting debt payments in 2009.
On a consolidated basis, G Steel had trade receivables of
Bht3,957 million outstanding as at Dec. 31, 2008. Of this total,
Bht3,582 million pertained to 3 unrelated parties, had incomplete
documentation for authorization of sales, lacked evidence of
delivery of goods, and did not have signatures acknowledging
receipt of goods.
"The uncertainty of collection on these trade receivables of Bht
3,582 million will exacerbate the company's already poor liquidity
and its access to bank funding will be further constrained," adds
Lee.
The negative outlook reflects the continuing challenging nature of
the operating environment facing G Steel over the medium term, as
well as the company's weak liquidity position. It also takes into
account the near-term financing risk evident under its scheduled
semi-annual loan maturities in 2009, and which do not have the
support of available committed facilities.
The previous rating action was on January 8, 2009, when G Steel's
corporate family rating and unsecured debt rating were downgraded
to Caa1 with a negative outlook.
Headquartered in Bangkok, G Steel Public Company Limited is
Thailand's second largest hot rolled coil steel manufacturer and
distributor.
Founded in 1995, the company's steel products were eventually
produced in late 1999; the start-up thus straddled the worst
period of the Asian crisis. The company completed a
rehabilitation program in September 2003 and changed its name to G
Steel Public Co Ltd in March 2004 from Siam Strip Mill Public Co
Ltd. Restructured debt was subsequently pre-paid and an IPO
completed in January 2006.
===========
Z A M B I A
===========
ALBIDON LIMITED: Unit Receives Default Notice from Senior Lenders
-----------------------------------------------------------------
Albidon Limited said it's wholly owned subsidiary, Albidon Zambia
Limited, has received notice of default from the senior lenders to
the Munali Nickel Project. The default has arisen because the
Munali Nickel Project has been placed on care and maintenance.
The company said it has been advised that the senior lenders were
reserving their rights and may exercise their security rights at
any time and without further notice.
Financing Proposal
In a prior press statement, Albidon said it has received a
conditional financing proposal from its major shareholder,
Jinchuan Group Limited. This is an alternative to the Pacific
Road Resources Funds proposal and the company has elected to
pursue the Jinchuan proposal.
The proposed funding is via three tranches. The major terms of
the funding are:
1. Tranche 1: US$1.8 million by way of payments for January
and February 2009 concentrate deliveries payable by
March 3, 2009. These funds will be used to place Munali
on care and maintenance.
2. Tranche 2: US$7 million in equity at AU$0.08 per share
payable by March 20, 2009. These funds will be used for
working capital.
3. Tranche 3: A convertible note facility at AU$0.10 per
share with a coupon equivalent to the interest rate on
Jinchuan's subordinated debt. These funds will be used
for working capital and possibly limited mine development.
The Tranche 2 and 3 funding is conditional upon a number of items
including:
-- Satisfactory agreement being reached with the company's
secured and unsecured creditors;
-- Jinchuan completing full due diligence on Munali including
a review of the care and maintenance and restart plan;
-- reaching agreement on the composition of Albidon's board
and management;
-- Albidon obtaining shareholder approval; and
-- all of the above conditions being completed by March 20,
2009.
Due diligence by Jinchuan Group and discussions with senior
lenders are continuing as the company works to secure a funding
arrangement suitable to all parties to allow the idling of the
project during the current low nickel prices and preparation for a
return to production at some time in the future.
The company's viability remains subject to the completion of the
transaction with Jinchuan.
Albidon Limited (LON:ALD) -- http://www.albidon.com-- is engaged
in the exploration and evaluation of mineral interests. The
company's development activities is focussed on the Munali Nickel
project in Zambia, which comprises the Enterprise deposit and a
number of other nickel prospects in the Munali Intrusion, the most
advanced of which is the Voyager prospect along strike to the
north of Enterprise. Its licence holdings in southern and eastern
Zambia also have potential for substantial uranium deposits. Its
other properties include Selebi-Phikwe Nickel Project, Botswana;
Songea Nickel and Luwumbu Platinum Joint Ventures, Tanzania, and
Nefza Zinc Project, Tunisia. The Selebi-Phikwe project comprises
20 contiguous prospecting licences covering approximately 17,466
square kilometers in the eastern part of the Central District of
Botswana. The project covers prospective ground to the west,
south and east of the Selebi-Phikwe Nickel Mining District and
includes nickel-copper occurrences, including the Lipadi Hill
deposit.
===============
X X X X X X X X
===============
* ASIA: Financial Asset Losses Totaled US$9.6 Trillion, ADB Says
----------------------------------------------------------------
Losses on financial assets in developing Asia in 2008 totaled
US$9.6 trillion, or just over one year's worth of gross domestic
product (GDP), according to a new study commissioned by the Asian
Development Bank (ADB).
ADB said Asia was hit harder than other parts of the developing
world because the region's markets have expanded much more
rapidly. The value of financial assets to GDP rose to 370% of GDP
in developing Asia in 2007 from 250% of GDP in 2003.
In Latin America, the ratio only rose by 30%, with the result that
estimated losses on financial assets were a much lower US$2.1
trillion, or 57% of GDP.
"This is by far the most serious crisis to hit the world economy
since the Great Depression. While this crisis originated in the
US and some European countries, by now no region or country is
insulated. I am afraid things may get worse before they get
better. However, I remain confident that Asia will be one of the
first regions to emerge from it, and it will emerge stronger than
ever before," ADB President Haruhiko Kuroda said.
The ADB estimates measure the losses in equity and bond markets,
including those backed by mortgages and other assets, and the
depreciation of many currencies against the U.S. dollar. Not
included are financial derivatives such as credit default swaps
that further multiplied the size of the financial markets.
The data provide clear proof of the close connections between the
markets and the economies around the world, leaving few, if any,
countries immune to financial or economic fallouts elsewhere. A
recovery can only now be envisaged for late 2009 or early 2010,
according to the study.
"Most emerging market economies, including in developing Asia and
Latin America are at a crossroads, and the next 12 to 18 months
will be very difficult," the study says. "However, there has been
no destruction of physical and human capital, boding well for a
strong recovery, possibly more cautious and sustainable, after the
adjustments in the financial markets are worked through over the
next year or so."
* BOND PRICING: For the Week March 2 to March 6, 2009
-----------------------------------------------------
AUSTRALIA
---------
Ainsworth Game 8.000% 12/31/09 AUD 0.68
Alumina Finance 2.000% 05/16/13 USD 62.73
AMP Group Financ 6.875% 08/23/22 GBP 73.48
Antares Energy 10.000% 10/31/13 AUD 1.25
Babcock & Brown Pty 8.500% 11/17/09 NZD 10.49
Becton Property Group 9.500% 06/30/10 AUD 0.12
Bemax Resources 9.375% 07/15/14 USD 39.62
Bemax Resources 9.375% 07/15/14 USD 39.62
Bounty Industries Ltd 10.000% 06/30/10 AUD 0.02
Capral Aluminum 10.000% 03/29/12 AUD 58.90
China Century 12.000% 09/30/10 AUD 0.87
CIT Group AU Ltd 6.000% 03/03/11 AUD 67.06
Com BK Australia 4.875% 12/19/23 GBP 74.09
CSR Finance Ltd 7.700% 07/21/25 USD 24.25
Djerriwarrh Inv 6.500% 09/30/09 AUD 3.96
First Australian 15.000% 01/31/12 AUD 0.30
FMG Finance 9.750% 09/01/13 EUR 74.25
FMG Finance 9.750% 09/01/13 EUR 74.25
GE Cap Australia 6.000% 04/15/15 AUD 71.47
GE Cap Australia 6.000% 03/15/19 AUD 58.01
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 54.28
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 62.37
Canara Bank 6.365% 11/28/21 USD 74.90
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 69.87
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 58.14
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 59.44
CSK Corporation 0.250% 09/30/13 JPY 23.60
Daikyo Inc. 1.800% 03/12/12 JPY 74.86
Ebara Corp 1.700% 09/30/11 JPY 54.35
Ebara Corp 1.300% 09/30/13 JPY 39.82
ES-Con Japan Ltd 3.360% 05/10/10 JPY 42.94
Fukoku Mutual 4.500% 09/28/25 EUR 68.28
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% 10/15/15 USD 71.22
GS Caltex Corp 5.500% 10/15/15 USD 71.22
GS Caltex Corp 6.000% 08/08/16 USD 67.74
GS Caltex Corp 5.500% 04/24/17 USD 66.26
GS Caltex Corp 5.500% 04/24/17 USD 64.46
Hana Bank 5.875% 09/14/16 USD 70.00
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 0.78
Berjaya Land Bhd 5.000% 12/30/09 MYR 3.00
Cagamas Berhad 3.640% 05/05/09 MYR 2.70
Crescendo Corp B 3.750% 01/11/16 MYR 0.07
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 41.97
Allied Nationwid 11.520% 12/29/49 NZD 31.00
BBI Ntwrks NZ Ltd 8.000% 11/30/12 NZD 10.64
Blue Star Print 9.100% 09/15/12 NZD 15.31
Capital Prop NZ 8.500% 04/15/09 NZD 20.00
Capital Prop NZ 8.000% 04/15/10 NZD 25.00
Fidelity Capital 9.250% 07/15/13 NZD 59.58
Fletcher Buildin 7.800% 03/15/09 NZD 15.00
Fletcher Buildin 7.550% 03/15/11 NZD 12.50
Fonterra 8.740% 11/29/49 NZD 55.00
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 44.27
Rizal Comm Bank 9.875% 10/31/49 USD 75.00
SINGAPORE
---------
Avago Tech Fin 11.875% 12/01/15 USD 74.12
Capitaland Ltd. 2.950% 06/20/22 SGD 60.35
Chartered Semico 6.250% 04/04/13 USD 74.39
Chartered Semico 6.375% 08/03/15 USD 60.15
Ciliandra P Fin 10.750% 12/08/11 USD 72.12
Davomas Intl. Fin. 11.000% 05/19/11 USD 39.93
Empire Cap Res 9.375% 12/15/11 USD 72.00
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 ***