/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/090416.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 Thursday, April 16, 2009, Vol. 12, No. 74 Headlines A U S T R A L I A ABC LEARNING: Receivers Sell 210 Centres, Close 19 Others DIORO EXPLORATION: Gets Surprise Takeover Bid from Avoca FOREST RESORT: Placed in Receivership FORTESCUE METALS: Seeks More Funding in China C H I N A SANLU GROUP: Fonterra May Buy 15% Stake in Dairy Farm H O N G K O N G CHEER STAR: Creditors' Proofs of Debt Due on May 4 CHONG FU: Creditors' Meeting Set for April 17 COSMIC DIGITAL: Creditors' Meeting Set for April 20 FRONT GROUP: Inability to Pay Debts Prompts Wind-Up GOLDEN CORNER: Placed Under Voluntary Wind-Up IMAGE PRINTING: Placed Under Voluntary Wind-Up JASMAN ASIA: Creditors' Meeting Set for April 28 LAM KWOK: Members' Meeting Set for May 19 PCCW IMS: Creditors' Proofs of Debt Due on May 8 PERFECT CHARTER: Creditors' Proofs of Debt Due on May 11 ROYAL WOLF: Members' Meeting Set for May 11 SAN SHAN: Inability to Pay Debts Prompts Wind-Up STANDARD CHARTERED: Creditors' Proofs of Debt Due on May 8 VICTORY DYEING: Inability to Pay Debts Prompts Wind-Up I N D I A ARCVAC FORGECAST: CRISIL Rates Rs.412.5 Mln Long Term Loan at 'C' MAHIMA FIBRES: CRISIL Puts 'BB-' Rating on Rs.509.7 Mln Term Loan NANGALWALA IMPEX: CRISIL Assigns 'B' Ratings on Various Bank Loans RAIGARH ISPAT: CRISIL Places 'BB+' Rating on Rs.115 Mln Term Loan SHREE RAJMOTI: CRISIL Rates Rs.300 Mln Cash Credit Limit at 'B' SONA WIRES: Low Net Worth Cues CRISIL 'B+' Rating VINAYAK POLYTEX: CRISIL Puts 'B+' Rating on Rs.53.5 Mln Term Loan I N D O N E S I A PERTAMINA: May Buy LPG from Bontang if Price Lower than Petredec J A P A N AEON CO: Posts JPY2.76 Bil. Net Loss in 2008 CITIGROUP INC: May Sell Nikko Citigroup K O R E A SSANGYONG MOTOR: Workers To Strike Over Job Cuts * SOUTH KOREA: Gov't. To Restructure 10 Major Firms K U W A I T GULF BANK: Shares' First Trading Day Greeted With 5.3% Drop M A L A Y S I A PANGLOBAL: Insurance License Cancelled * MALAYSIA: Properties Under Receivership Increases N E W Z E A L A N D AIR NEW ZEALAND: Mediation Talks Over Planned Strike Action Fails P H I L I P P I N E S LEGACY GROUP: Incomplete Documentation Hampers Payment, KPMG Says S I N G A P O R E ACROPOLIS ELECTRONICS: Court Enters Judicial Management Order URBAN CORPORATION: Creditors' Proofs of Debt Due on May 7 * SINGAPORE: Cuts This Year's Economic Forecast for the 3rd Time - - - - - ================= A U S T R A L I A ================= ABC LEARNING: Receivers Sell 210 Centres, Close 19 Others --------------------------------------------------------- Receivers for ABC Learning Centres said they had found buyers for the majority of the 241 centres judged non-viable, The Australian reports. The Australian, citing court-appointed receiver Stephen Parbery, of PPB, says that operators had been found for 210 childcare centres of the original 241 ABC2 group of centres while 19 centres would close. According to The Australian, PPB will continue to explore every possible option to find sustainable solutions for the eight centres that have not attracted buyers. The Age meanwhile relates that of the four remaining centres, two reverted to former receiver McGrath Nicol, and two had already been closed. PPB, as cited by The Age, said that 80% of current employees are expected to be asked to stay on the job. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 16, 2009, the Canberra Times said the receivers of ABC Learning received more than 300 new inquiries from potential buyers for ABC's unviable 241 childcare centres, collectively known as the ABC2 group. Receivers McGrath Nichol, Canberra Times noted, is still managing the remaining 720 ABC Learning centres, while the ABC2 group has been given AU$34 million by the Federal Government to stay open until March 31. About ABC Learning Centres ABC Learning Centres Limited (ASX: ABS) -- http://www.childcare.com.au/-- provides childcare services and education in more than 1,200 centres in Australia, New Zealand, the United States and the United Kingdom. The company's subsidiaries include ABC Developmental Learning Centres Pty Ltd, ABC Early Childhood Training College Pty Ltd, Premier Early Learning Centres Pty Ltd, ABC Developmental Learning Centres (NZ) Ltd., ABC New Ideas Pty. Ltd., ABC Land Holdings (NZ) Limited and Child Care Centres Australia Ltd. On September 25, 2006, the company acquired Hutchison Child Care Services Ltd. On September 7, 2006, it acquired The Children's Courtyard LLP. On December 18, 2006, it acquired Busy Bees Group Ltd. On January 26, 2007, it acquired La Petite Holdings Inc. On February 2, 2007, it acquired Forward Steps Holdings Ltd. On March 23, 2007, it acquired Children's Gardens LLP. In September 2007, the company purchased the Nursery division (Leapfrog Nurseries) from Nord Anglia Education PLC. * * * As reported in the Troubled Company Reporter-Asia Pacific on November 6, 2008, ABC Learning Centres Limited appointed Peter Walker and Greg Moloney of Ferrier Hodgson as voluntary administrators of the company and a number of its subsidiaries. ABC said subsequent to the appointment of administrators, the company's banking syndicate appointed Chris Honey, Murray Smith and John Cronin of McGrathNicol as receivers. DIORO EXPLORATION: Gets Surprise Takeover Bid from Avoca -------------------------------------------------------- Dioro Exploration NL said it has received notification of an intention to make a takeover offer from Avoca Resources Limited ("Avoca"). The Australian relates that Avoca's hostile AU$49 million bid for Dioro has been labeled a surprise move by the target. According to the Australian, Avoca's all-scrip offer -- one of its shares for every 2.82 Dioro shares held -- values the target at about 53c a share, a 34.2 per cent premium to Dioro's closing price on Thursday, April 9. The report, citing Avoca managing director Rohan Williams, says the company had been investigating the deal for several months because the combined group would have the largest gold tenements in the Kalgoorlie to Kambalda districts. Avoca seeks to combine its Higginsville mine with Dioro's nearby Frog's Leg and South Kalgoorlie mines, the report notes. According to the report, the bid is conditional on a 90 per cent acceptance level, but is not open to overseas shareholders. Dioro, which is also listed on the Toronto Stock Exchange, has about 5 per cent of its shareholding in Canada. In a statement, Dioro advised its shareholders to take no action in relation to Avoca’s offer or any document received from Avoca until they receive the Dioro Directors’ formal recommendation. Based in Australia, Dioro Exploration NL (ASX:DIO) -- http://www.dioro.com.au/ -- is a gold mining and exploration company. The company owns the South Kalgoorlie mining operation (South Kal operation) located 32 kilometers south of Kalgoorlie, which includes 220,000 ounces of open pitable reserves, 1.675 million ounces of measured and indicated resources, the 1.2 million tonne per annum Jubilee processing facility and approximately 1,100 square kilometers of exploration acreage. In addition, Dioro owns a 49% interest in the Frog’s Leg gold project located 20 kilometers west of Kalgoorlie, which includes 605,000 ounces of underground gold reserves. Its subsidiaries include HBJ Minerals Pty Ltd, Hampton Gold Mining Areas Limited and Lodestar Minerals Limited. * * * Dioro Exploration reported a net loss of AU$15.99 million for the year ended Aug. 31, 2008 -- its third consecutive annual loss. In 2007, the company posted a AU$1.32 million net loss. Dioro also reported a AU$0.64 million net loss for 2006. FOREST RESORT: Placed in Receivership ------------------------------------- The Forest Resort at Creswick, Victoria has been placed in receivership, The Courier reports. The report says Leanne Chesser, of corporate restructuring firm Korda Mentha, was appointed receiver and manager to the Forest Resort group of companies including Rytelle Pty Ltd, The Forest Resort Hotel Pty Ltd, The Forest Resort Pty Ltd and Forest Resort Utilities Pty Ltd. The receiver, according to The Courier, has notified creditors and suppliers of the Forest Resort that Korda Mentha intends to "continue to operate the companies on a business as usual basis". The report relates Korda Mentha said it was not in a position to discharge debts incurred before April 1, when the Forest Resort went into receivership. Forest Resort -- http://www.forestresort.com.au/-- is a $250 million residential golf course development located at Creswick, Victoria. The resort includes a Novotel Hotel and a golf course designed by Australian golfer, Robert Allenby. FORTESCUE METALS: Seeks More Funding in China --------------------------------------------- Matt Chambers at The Australian reports that Fortescue Metals Group top executive has held meeting with a Chinese bank in its bid for $3 billion funding. The bank, according to the report, revealed that Fortescue chief executive Andrew Forrest met China Export-Import Bank president and chairman Li Ruogu on March 22. Fortescue, the report recounts, confirmed earlier this month it had discussions with Exim Bank and China Investment Corp for funds to boost its future mining capacity to 120 million tonnes a year. The report says the miner continues to struggle to lift production at its Pilbara iron ore operations, where it hopes to boost the capacity rate to 45 million tonnes a year by the end of this year. According to the Australia, any funds raised by Mr. Forrest from Exim Bank would be in addition to the $645 million injection from Hunan Valin, which is boosting its stake in Fortescue to 17 per cent. About Fortescue Metals Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. * * * Fortescue reported consecutive net losses for the past three fiscal years. Net loss for the year ended June 30, 2008, was AU$2.52 billion, while net losses for FY2007 and FY2006 were AU$192.26 million and AU$2.15 million, respectively. ========= C H I N A ========= SANLU GROUP: Fonterra May Buy 15% Stake in Dairy Farm ------------------------------------------------------ New Zealand's Fonterra Co-operative Group, former partner of Sanlu Group, plans to buy Sanlu's shares in a joint dairy farm, the People's Daily Online reports. According to the Daily Online, Fonterra Chairman Henry van der Heyden said his company, who owns 85 percent of the dairy farm in Tangshan, a city in north China's Hebei Province, plans to buy the remaining 15 percent owned by Sanlu, without mentioning how much it plans to spend. The report relates that Sanlu's shares in the farm was put up for sale in the fourth and planned auction of Sanlu's assets but the auction subsequently failed. According to the report, the dairy farm was established in April 2007 with an investment of CNY144 million (US$21 million) from Fonterra and Sanlu. The report says the farm is Fonterra's first dairy farm outside New Zealand. The Troubled Company Reporter-Asia Pacific, citing Shanghai Daily, reported on Mar. 6, 2009, that Beijing Sanyuan won the bidding for the core assets of the Sanlu Group. According to the Shanghai Daily, Sanyuan bought Sanlu's core assets at auction held March 4 in north China's Hebei Province at the Intermediate People's Court of Shijiazhuang, for CNY616.5 million (US$90.1 million). Beijing Sanyuan, the Daily related, acquired Sanlu's land use rights, buildings, machinery and equipment as well as one of its subsidiaries, the Linhe Dairy. As reported in the TCR-AP on Feb. 16, 2009, China Daily said Sanlu was declared bankrupt by a Chinese local court on Feb. 12, 2009. According to China Daily, the Intermediate People's Court of Shijiazhuang, capital of the northern Hebei Province, accepted the bankruptcy petition for Sanlu, who faced a CNY1.1 billion (US$161 million) debt, last December. On September 25, 2008, the TCR-AP reported that the number of children in China affected by melamine-contaminated milk has reached 53,000, with Sanlu's products found to contain the highest levels of the chemical. Melamine is used to make plastics and fertilizer, and can cause kidney stones and lead to kidney failure when consumed. The TCR-AP, citing the People's Daily Online, reported on Dec. 29, 2008, Sanlu stopped production in September last year and on Oct. 31 recalled more than 10,000 tonnes of baby formula products worth nearly CNY1 billion. About Sanlu Group Sanlu Group Co is a Chinese dairy products company based in Shijiazhuang, the capital city of Hebei Province. The state-owned company is one of the oldest and most popular brands of infant formula in China. Sanlu is 43% owned by Fonterra. ================ H O N G K O N G ================ CHEER STAR: Creditors' Proofs of Debt Due on May 4 -------------------------------------------------- The creditors of Cheer Star Development Limited are required to file their proofs of debt by May 4, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 31, 2009. The company's liquidator is: Yan Tat wah Dah Sing Life Building, 5th Floor 99-105 Des Voeux Road Central Hong Kong CHONG FU: Creditors' Meeting Set for April 17 --------------------------------------------- The creditors of Chong Fu Catering Company Limited will hold their meeting on April 17, 2009, at 2:00 p.m., at Founder's Room, 3rd Floor of South Tower, 41 Salisbury Road, YMCA of Hong Kong, Tsimshatsui, in Kowloon, Hong Kong. The company commenced wind-up proceedings on April 3, 2009. The company's liquidator is: Chan Kin Hang, Danvil Ginza Square, Room 2301, 23rd Floor 565-567 Nathan Road, Yaumatei Kowloon, Hong Kong COSMIC DIGITAL: Creditors' Meeting Set for April 20 --------------------------------------------------- The creditors of Cosmic Digital Technology Limited will hold their meeting on April 20, 2009, at 3:30 p.m., for the purposes of considering the matters as provided in Sections 241, 242, 243 and 244 of the Companies Ordinance. The meeting will be held at the office of Baker Tilly Hong Kong, 12th Floor of China Merchants Tower, Shun Tak Centre, in 168-200 Connaught Road Central, Hong Kong. FRONT GROUP: Inability to Pay Debts Prompts Wind-Up --------------------------------------------------- At an extraordinary general meeting held on March 27, 2009, the members of Front Group Limited resolved to voluntarily wind up the company's operations due to its inability to pay debts when it fall due. The company's liquidators are: Wong Sun Keung Tsui Mei Yuk Janice Unit 4, 20th Floor Far East Consortium Building 121 Des Voeux Road Central Hong Kong GOLDEN CORNER: Placed Under Voluntary Wind-Up --------------------------------------------- At an extraordinary general meeting held on April 2, 2009, the members of Golden Corner Limited resolved to volunarily wind up the company's operations. The company's liquidator is: Ng Kam Chiu 13A, Tak Lee Commercial Building 113-117 Wanchai Road Wanchai, Hong Kong IMAGE PRINTING: Placed Under Voluntary Wind-Up ---------------------------------------------- At an extraordinary general meeting held on April 3, 2009, the members of Image Printing Company Limited resolved to volunarily wind up the company's operations. The company's liquidator is: Charles Kong Cheung On Ginza Plaza, Room 1705 2A Sai Yeung Choi Street Mongkok, Kowloon Hong Kong JASMAN ASIA: Creditors' Meeting Set for April 28 ------------------------------------------------ The creditors of Jasman Asia Limited will hold their meeting on April 28, 2009, at 10:30 a.m., for the purposes of considering the matters as provided in Sections 241, 242, 243 and 244 of the Companies Ordinance. The meeting will be held at The Auditorium, 1st Floor of Duke of Windsor Social Service Building, 15 Hennessy Road, in Wanchai, Hong Kong. LAM KWOK: Members' Meeting Set for May 19 ----------------------------------------- The members of Lam Kwok Gymnasium Limited will hold their meeting on May 19, 2009, at 11:00 a.m., at Room B, 19th Floor of Wing Hang Insurance Building, 11 Wing Kut Street, in Central, Hong Kong. At the meeting, Ngan Sim Sim, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PCCW IMS: Creditors' Proofs of Debt Due on May 8 ------------------------------------------------ The creditors of PCCW IMS Limited are required to file their proofs of debt by May 8, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 31, 2009. The company's liquidators are: Thomas Andrew Corkhill Iain Ferguson Bruce Goucester Tower, 8th Floor The Landmark 15 Queen's Road Central Hong Kong PERFECT CHARTER: Creditors' Proofs of Debt Due on May 11 -------------------------------------------------------- The creditors of Perfect Charter Properties Limited are required to file their proofs of debt by May 11, 2009, to be included in the company's dividend distribution. The company's liquidator is: Shum Lap Chi Ka Wah Bank Centre Unit 1201, 12th Floor 232 Des Voeux Road Central Hong Kong ROYAL WOLF: Members' Meeting Set for May 11 ------------------------------------------- The members of Royal Wolf (Central Asia) Limited will hold their meeting on May 11, 2009, at 10:00 a.m., at Room 3801-6, 38th Floor of ICBC Tower, Citibank Plaza, in 3 Garden Road, Hong Kong. At the meeting, David John Beaves, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SAN SHAN: Inability to Pay Debts Prompts Wind-Up ------------------------------------------------ At an extraordinary general meeting held on March 31, 2009, the shareholder of San Shan Rhone Group Limited resolved to voluntarily wind up the company's operations due to its inability to pay debts when it fall due. The company's liquidators are: Kenny King Ching Tam Messrs. Kenny Tam & Co. Certified Public Accountants Nan Fung Tower Room 908, 9th Floor 173 Des Voeux Road Central Hong Kong STANDARD CHARTERED: Creditors' Proofs of Debt Due on May 8 ---------------------------------------------------------- The creditors of Standard Chartered Links (HK) Limited are required to file their proofs of debt by May 8, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on March 27, 2009. The company's liquidators are: Thomas Andrew Corkhill Iain Ferguson Bruce Gloucester Tower, 8th Floor The Landmark 15 Queen's Road Central Hong Kong VICTORY DYEING: Inability to Pay Debts Prompts Wind-Up ------------------------------------------------------ At an extraordinary general meeting held on March 27, 2009, the members of Victory Dyeing Factory Limited resolved to voluntarily wind up the company's operations due to its inability to pay debts when it fall due. The company's liquidators are: Wong Tak Man Stephen Chen Yung Ngai Kenneth Caroline Centre, 29th Floor Lee Gardens Two 28 Yun Ping Road Hong Kong ========= I N D I A ========= ARCVAC FORGECAST: CRISIL Rates Rs.412.5 Mln Long Term Loan at 'C' ---------------------------------------------------------------- CRISIL has assigned its ratings of 'C/P4' to the various bank facilities of Arcvac Forgecast Ltd (Arcvac). Rs.412.5 Million Long Term Loan C (Assigned) Rs.250.0 Million Cash Credit C (Assigned) Rs.100.0 Million Letter of Credit P4 (Assigned) Rs.37.5 Million Bank Guarantee P4 (Assigned) The ratings reflect Arcvac's modest financial risk profile, limited financial flexibility, and consequent delays in servicing of term debt instalments. These weaknesses are, however, partially offset by the benefits that Arcvac derives from its established presence, and the vast experience of its promoters, in the industrial forgings segment. About Arcvac Incorporated in 2003, Arcvac commenced commercial production in 2006. The company manufactures ingots and steel forgings. The company has been promoted by the Chhajer family of Kolkata, who have been in the forging business since 1992 under the name of Smithy group of companies. The group, prior to Arcvac, had promoted Vikrant Forge Ltd. which is also in the business of industrial forging and machining. Arcvac has a forging capacity of 7800 tonnes per annum. For 2007-08, (refers to financial year, April 1 to March 31), Arcvac reported a profit after tax (PAT) of Rs. 7.6 million on net sales of Rs. 496 million, as against a PAT of Rs. 3.7 million on net sales of Rs. 27 million for 2006-07. MAHIMA FIBRES: CRISIL Puts 'BB-' Rating on Rs.509.7 Mln Term Loan ----------------------------------------------------------------- CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various bank facilities of Mahima Fibres Pvt Ltd (MFPL). Rs.150.0 Million Cash Credit Limit BB-/Stable (Assigned) Rs.509.7 Million Term Loan BB-/Stable (Assigned) Rs.30.3 Million Proposed Long BB-/Stable (Assigned) Term Facility Rs.140.0 Million Letter of Credit P4 (Assigned) The ratings reflect MFPL's weak financial risk profile, small scale of operations, and exposure to risks relating to volatility in cotton prices. However, these weaknesses are partially offset by the benefits that MFPL derives from the vast experience of its promoters in the textile industry. Outlook: Stable CRISIL expects MFPL's financial risk profile to remain weak over the medium term, owing to high gearing and moderate debt protection measures. The outlook may be revised to 'Positive' if the company reports substantial growth in sales following increase in capacity, along with high profitability leading to improvement in capital structure. Conversely, the outlook may be revised to 'Negative' if the company's profitability and cash accruals reduce significantly or company undertakes debt funded capex, resulting in deterioration in financial risk profile. About Mahima Fibres Incorporated in 1998, MFPL was earlier engaged in the cotton ginning business. The company also promotes organic cotton farming. The promoter Mr. Ashok Kumar Doshi, has been in this business since 1974. In 2005-06, (refers to financial year, April 1 to March 31) it ventured into cotton spinning by establishing a spinning unit with 13 ring frames and 15600 spindles. Further, the company is in the process of doubling up the existing capacity by establishing additional 13 ring frames and 15600 spindles. For 2007-08, MFPL reported a profit after tax (PAT) of Rs.24.3 million on revenues of Rs.1282.5 million, as against a PAT of Rs.20 million on revenues of Rs.758.6 million for 2006-07. NANGALWALA IMPEX: CRISIL Assigns 'B' Ratings on Various Bank Loans ------------------------------------------------------------------ CRISIL has assigned its ratings of 'B/Stable/P4' to the bank facilities of Nangalwala Impex Pvt Ltd (NIPL). Rs.99.00 Million Cash Credit Limit B/Stable (Assigned) Rs.4.60 Million Term Loan B/Stable (Assigned) Rs.3.10 Million Proposed Long Term B/Stable (Assigned) Bank Loan Facility Rs.10.00 Million Bank Guarantee P4 (Assigned) * Includes SME Gold card facility of Rs.9 Million The ratings reflect NIPL's weak financial risk profile marked by high gearing and weak debt protection measures, and its susceptibility to risks related to small scale of operations and revenue concentration. These weaknesses are partially offset by NIPL's established presence in the power cables industry. Outlook: Stable CRISIL believes that NIPL will maintain its stable credit risk profile backed by steady revenue growth and stable margins. The outlook may be revised to 'Positive' if the company reports higher-than-expected revenue growth, and significant improvement in operating margins. Conversely, the outlook may be revised to 'Negative' if the company undertakes large debt-funded capital expenditure, or sustains pressure on its operating margins, leading to deterioration in credit metrics. About Nangalwala Impex NIPL was incorporated in 1995 by Mr. Subhash Agarwal and Mr. Naresh Agarwal. The company started off with manufacturing of poly-vinyl chloride (PVC) auto cables but currently is primarily into manufacturing of rubber coated power cables, which constituted more than 90 per cent of its sales in 2007-08 (refers to financial year, April 1 to March 31). NIPL reported a profit after tax (PAT) of Rs.4.7 million on net sales of Rs.417.9 million for 2007-08, as against a PAT of Rs.3.6 million on net sales of Rs.292.4 million for 2006-07. RAIGARH ISPAT: CRISIL Places 'BB+' Rating on Rs.115 Mln Term Loan ----------------------------------------------------------------- CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various bank facilities of Raigarh Ispat and Power Ltd (RIPL). Rs.45 Million Cash Credit Limits BB+/Stable (Assigned) Rs.115 Million Term Loan BB+/Stable (Assigned) Rs.25 Million Short Term Facility * P4 (Assigned) Rs.30 Million Letter of Credit & P4 (Assigned) Bank Guarantee * includes overdraft against book debts The ratings reflect RIPL's marginal market share in the steel industry, and exposure to risks relating to cyclicality in the steel industry, and to the non-integrated nature of its operations. These weaknesses are, however, partially offset by RIPL's moderate business risk profile. Outlook: Stable CRISIL believes that RIPL will maintain its moderate business profile. The outlook may be revised to 'Positive' if the company reports a substantial increase in revenues or greater integration in operations. Conversely, the outlook may be revised to 'Negative' if lower than expected capacity utilisation levels result in deterioration in operating margins, or if the company undertakes large, debt-funded capital expenditure. About Raigarh Ispat RIPL, promoted by Mr. Kamal Kishor Agrawal, Mr. Sushil Kumar Agrawal and Mr. Sharavan Kumar Agrawal, produces sponge iron. Its manufacturing facility at Raigarh (Chhattisgarh) has two sponge iron kilns with capacities of 100 tonnes each per day. For 2007- 08 (refers to financial year, April 1 to March 31), RIPL reported a profit after tax (PAT) of Rs.22 million on net sales of Rs.306 million, as against a PAT of Rs.7 million on net sales of Rs.130 million for 2006-07. SHREE RAJMOTI: CRISIL Rates Rs.300 Mln Cash Credit Limit at 'B' --------------------------------------------------------------- CRISIL has assigned its ratings of 'B/Stable/P4' to the bank facilities of M/S Shree Rajmoti Industries (Rajmoti). Rs.300.00 Million Cash Credit Limit B/Stable (Assigned) Rs.158.40 Million Short Term Bank P4 (Assigned) Facility Rs.41.60 Million Proposed Short P4 (Assigned) Term Facility The ratings reflect Rajmoti's weak financial risk profile, marked by high gearing and weak debt protection measures, and the firm's exposure to risks relating to seasonality and fragmentation in the edible oil industry, and large working capital requirements. However, these weaknesses are partially offset by the benefits that the firm derives from its promoters' experience, and its established presence in the groundnut oil segment Outlook: Stable CRISIL expects Rajmoti to maintain a stable credit risk profile backed by its position in groundnut oil segment in Gujarat, and strong brand. The outlook may be revised to 'Positive' if Rajmoti reports substantial, sustained profitable growth, and significant improvement in debt protection indicators. Conversely, the outlook may be revised to 'Negative' if the company's capital structure deteriorates considerably, on account of increased working capital requirements. About M/S Shree Rajmoti Set up in 1962 in Rajkot, Rajmoti, is a partnership firm, engaged primarily in the manufacture and trading of double-filtered and refined groundnut oil, and refined cottonseed oil. The firm sells groundnut oil under the brand, Rajmoti. The company is promoted by three partners Mr. Sameer Shah, Mr. Shyam Shah, and Mr. Bhavdeep Vajubhai Vala, with a profit sharing of 28.5 per cent, 28.5 per cent, and 43 per cent respectively. Rajmoti reported a profit after tax (PAT) of Rs.7.1 million on net sales of Rs.2667.2 million in 2007-08 (refers to financial year, April 1 to March 31) as against a PAT of Rs.10.3 million on net sales of Rs.2145.6 million for 2006-07. SONA WIRES: Low Net Worth Cues CRISIL 'B+' Rating ------------------------------------------------- CRISIL has assigned its rating of 'B+/Stable/P4' to the various bank facilities of Sona Wires Pvt Ltd (Sona Wires). Rs.37.5 Million Cash Credit Limits B+/Stable (Assigned) Rs.34.0 Million Letter of Credit P4 (Assigned) & Bank Guarantee The rating reflects Sona Wires' weak financial risk profile, limited scale of operations, and low net worth. These weaknesses are however, partially offset by the company's moderate business risk profile. Outlook: Stable CRISIL believes that Sona Wires' financial risk profile will remain strained, and its debt protection indicators will remain weak over the medium term. The outlook may be revised to 'Positive' if substantial improvement in profitability and further infusions of equity result in higher net worth for Sona Wires. Conversely, large debt-funded capital expenditure or decline in profitability may lead to a revision in outlook to 'Negative'. About Sona Wires Incorporated as a closely-held company by Mr. S K Jain in 1987, Sona Wires manufactures galvanised iron (GI) wires and stay wires with a manufacturing facility at Raipur, Chattisgarh. The day-to- day operations are managed by Mr. V K Agarwal, who has been involved with Sona Wires over the past 15 years. Sona Wires reported a profit after tax (PAT) of Rs.134 million on net sales of Rs.209 million in 2007-08 (refers to financial year, April 1 to March 31), as against a PAT of Rs.114 million on net sales of Rs.158 million for the previous year. VINAYAK POLYTEX: CRISIL Puts 'B+' Rating on Rs.53.5 Mln Term Loan ----------------------------------------------------------------- CRISIL has assigned its ratings of 'B+/Stable/P4' to the various bank facilities of Vinayak Polytex Pvt Ltd (VPPL). Rs.43 Million Cash Credit Limit B+/Stable (Assigned) Rs.53.5 Million Term Loan Facility B+/Stable (Assigned) Rs.3.5 Million Bank Guarantee P4 (Assigned) The ratings reflect VPPL's weak financial risk profile, marked by moderate gearing and weak debt protection measures. The ratings also factor in VPPL's small scale of operations in the high- density poly-ethylene (HDPE) and poly-propylene (PP) bags industry, and exposure to risks relating to the highly fragmented nature of the industry. These weaknesses are, however, partially offset by the benefits that the company derives from its established market presence in the woven sacks segment, and strong customer relationships. Outlook: Stable CRISIL expects VPPL to maintain its business risk profile on the back of strong customer base. The outlook may be revised to 'Positive' if a substantial improvement in margins leads to increase in net cash accruals for VPPL. Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile deteriorates on account of large, debt-funded capital expenditure. About Vinayak Polytex Set up in 1996 as a private limited company, VPPL manufactures HDPE and PP bags. Its facilities at Varanasi (Uttar Pradesh), and Jabalpur (Madhya Pradesh) have an installed capacity of around 6000 tonnes per annum. It supplies to cement companies in Uttar Pradesh, Madhya Pradesh, and Rajasthan. VPPL reported a profit after tax (PAT) of Rs. 1.3 million on net sales of Rs. 166 million for 2007-08 (refers to financial year, April 1 to March 31), as against a PAT of Rs. 0.9 million on net sales of Rs. 132 million for 2006-07. ================= I N D O N E S I A ================= PERTAMINA: May Buy LPG from Bontang if Price Lower than Petredec ---------------------------------------------------------------- PT Pertamina will likely begin purchasing liquefied petroleum gas (LPG) from Bontang's Badak NGL refinery in East Kalimtan in the first quarter of 2010 if the LPG price is lower than the import price from Petredec, Antara News reports citing Pertamina's Deputy Director for Marketing Affairs Hanung Budya. The report relates Mr. Hanung said Pertamina will talk to Bontang LPG producers to keep their gas for the time being at their storing tanks up the first quarter of 2009. The absorption of Bontang LPG would depend on the progress of the government's kerosene-to-LPG conversion program, which this year was targeted to cover 23 million families, Mr. Hanung said as cited by the report. The LPG supplies in 2009 would come from Pertamina's refineries amounting to one million tons, its contractors (KKKS) one million tons and imports from Petredec between 800,000 and 1 mil. tons, according to the report. About PT Pertamina PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No.31/2003 has changed its legal status from a special state owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina implements an integrated system from upstream to downstream. Pertamina operates seven oil refineries with a total output capacity of around 1 million barrels per day. However, these refineries only cover about three-quarters of domestic oil demand, the rest is supplied by imports. * * * In August 2005, Pertamina's debt to United States firm Karaha Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion. The debt had increased when, in 2003, a U.S. court ordered the Company to pay compensation to KBC, relating to an international arbitration decision, when the Indonesian Government halted a geothermal project in Karaha Bodas, East Java. Since that time, the debt has steadily risen due to the Company's failure to pay the compensation immediately. A report by the Troubled Company Reporter-Asia Pacific on Aug. 21, 2008, said the company owes more than IDR300 billion (US$32.72 million) to Indonesian Steel Cylinder Producers Association (Asitab), and the Indonesian Gas Stove Producers Association (Apkogi). ========= J A P A N ========= AEON CO: Posts JPY2.76 Bil. Net Loss in 2008 -------------------------------------------- Aeon Co. reported its first annual loss in seven years due to lackluster consumer spending and special losses linked to its U.S. clothing affiliate Talbots Inc., Japan Today reports. The report says Aeon logged a group net loss of JPY2.76 billion for the business year ended in February 28, compared with a net profit of JPY43.93 billion logged a year earlier. The company's operating profit dropped 20.3% to JPY124.37 billion on sales of JPY5.23 trillion, the report notes. As reported in the Troubled Company Reporter-Asia Pacific on October 14, 2008, Reuters said Aeon' first half profit dropped 13% to JPY16 billion (US$158 million) for the six months ended in August, down from a net profit of JPY23.8 billion a year earlier, after writing down the value of stores and other assets as it faces weak consumer spending and a slowing economy. That report related that the company, which operates Jusco stores and owns a majority stake in struggling U.S. apparel chain Talbots Inc, was pushed into the red by JPY40.2 billion worth of extraordinary losses to write down assets and close unprofitable stores, and a change in the way it accounts for tax credits also ate into its profit by about JPY15 billion. Reuters noted that the company's main general merchandising stores continued to suffer sharp falls in sales of non-grocery items, mainly clothing, but food sales were solid as it expanded its range of private-label goods, a cheaper alternative to national brands. A slump in clothing sales has been especially telling on Aeon and its rivals since clothes carry a far bigger profit margin than other merchandise, the same report said. The firm, Reuters added, was also hurt by a dismal performance at Talbots and other apparel chains. About Aeon Co. Aeon Co., Limited -- http://www.aeon.info/-- is a Japan-based company mainly engaged in the general retail sale business, focusing on the operation of general merchandise stores (GMS). The Company operates in four business segments. The General Retail segment is engaged in the operation of GMS, supermarkets, convenience stores and department stores. The Specialty Store segment is engaged in the operation of specialty stores that offer women's apparel, family casual fashion clothing, health and beauty products, as well as shoes. The Developer segment is engaged in the development and leasing of commercial facilities. The Service and Others segment provides various services, including financial services, restaurant services, store maintenance services and wholesale services. As of Feb. 20, 2008, the company had 140 subsidiaries and 28 associated companies. CITIGROUP INC: May Sell Nikko Citigroup --------------------------------------- Citigroup Inc intends to sell its Japanese banking unit Nikko Citigroup Ltd along with Nikko Cordial Securities Inc and Nikko Asset Management Co in Japan, The Japan Times reports citing Kyodo News. The report, citing an official at a major Japanese commercial bank, says the three Nikko firms combined could be priced at JPY800 billion. The Troubled Company Reporter-Asia Pacific, citing Bloomberg News, reported on April 6, 2009, that Citigroup Inc. started the auction process to sell Nikko Asset Management Co. and invited bids from Japanese banks. According to Reuters, Citigroup has approached Mitsubishi UFJ Financial Group, Mizuho Financial Group and Sumitomo Mitsui Financial Group about the sale of Nikko Asset. Citigroup has also likely approached Nippon Life Insurance Co and major investment funds on the sale of Nikko Asset, Bloomberg News related. Citing The Wall Street Journal, the TCR-AP reported that Mitsubishi UFJ Financial, Sumitomo Mitsui Financial and Mizuho Financial have presented preliminary offers for Citigroup Inc.'s Nikko Cordial Securities. According to WSJ, the winner will get Nikko Cordial's 109 retail branches across Japan and about 7,000 salespeople. People familiar with the matter said that MUFG was an early favorite to win the bidding, WSJ related. WSJ said the second round of bidding is likely to finish around the end of April. About Citigroup Based in New York, Citigroup Inc. (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. ========= K O R E A ========= SSANGYONG MOTOR: Workers To Strike Over Job Cuts ------------------------------------------------ Yonhap News Agency reports that the labor union of Ssangyong Motor Co. said its members had overwhelmingly approved a proposed strike against massive layoffs announced by the company. According to the news agency, the Ssangyong union said 86.1 percent of 5,025 unionized workers supported the strike call. The report notes a walkout would complicate Ssangyong's bid to turn itself around. As reported in the Troubled Company Reporter-Asia Pacific on April 8, 2009, The Chosun Ilbo said Ssangyong Motor Co. was planning to cut some 2,800 employees or 40 percent of its entire workforce in a bid to revive the company. Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer of automobiles primarily engaged in production of sports utility vehicles (SUVs) and recreational vehicles (RVs). The company's production is grouped into four lines: SUVs under brand names REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the brand name ACTYON Sports; passenger cars under brand name Chairman, and multi-purpose vehicles (MPVs) under the brand name Rodius. It also provides automobile parts such as coolers, engine oil filters, headlamp bulb and others. During the year ended December 31, 2007, the company had a production capacity of 219,220 units of vehicles and its actual production output was 122,857 units of vehicles. The company has two manufacturing factories in Pyeongtaek and Changwon. * * * As reported in Troubled Company Reporter-Asia Pacific on Jan. 12, 2009, the International Herald Tribune said Ssangyong filed for receivership with a Seoul district court in a bid to stave off a complete collapse. The Tribune related that the decision to file for receivership, which is similar to bankruptcy protection in the United States, came a day after the Ssangyong board met in Shanghai. "After our talks with the banks failed to produce an agreement, it became inevitable to file for court receivership to ease the critical cash flow problem," the company said in a statement obtained by the Tribune. * SOUTH KOREA: Gov't. To Restructure 10 Major Firms --------------------------------------------------- The South Korea government has come up with measures to restructure the nation's ten major industries for the first time since the 1997 financial crisis, KBS News reports. The Ministry of Knowledge Economy in January presented a report that outlines restructuring measures for major sectors, KBS News recounts. KBS News relates according to the Ministry's report, the government will foster the restructuring of one or two of the nation’s five automakers. According to KBS News, the government also proposed to liquidate insolvent shipbuilders and those with minimal chances to recover while struggling producers of polystyrene will be consolidated. =========== K U W A I T =========== GULF BANK: Shares' First Trading Day Greeted With 5.3% Drop ----------------------------------------------------------- Gulf Bank KSC dropped 5.3 percent to 450 fils on its first trading day Tuesday in Kuwait since being suspended in October and after doubling its capital by issuing new shares, Fiona MacDonald at Bloomberg News reports citing stock exchange data. Not adjusted for the capital increase the shares tumbled 53 percent, the report says citing data compiled by Bloomberg. The shares will not be included in the country’s main index for the first 14 days after trading resumed, the report relates. Bloomberg News recalls Gulf Bank’s stock was stopped from trading on Oct. 26 after it reported losses from derivatives trading. On Nov. 19, 2008, the Troubled Company Reporter-Asia Pacific, citing The Associated Press, reported Gulf Bank lost 375 million dinars (US$1.4 billion) as a result of trading in derivatives and other financial instruments. According to AP, Gulf Bank's level of losses, which were determined by external auditors, was significantly higher than the previously unofficially reported 200 million dinar estimate. Gulf Bank admitted the loss occurred as result of the significant decline in the exchange rate of the Euro against the US dollar. Following the admission, the members of Gulf Bank's board tendered their resignation and recommended boosting the bank's capital by 100 percent through issuance of shares. According to Bloomberg News, the bank doubled its capital by issuing 1.25 billion shares to existing investors in January. Following the capital increase, Bloomberg News says the Kuwait Investment Authority, the emirate’s US$250 billion sovereign wealth fund, owns 16 percent of Gulf Bank and private investors hold 84 percent. Ali Rasheed al-Bader, a former head of the Kuwait Investment Authority, took over as chairman on April 12, according to Bloomberg News. About Gulf Bank KSC Gulf Bank KSC (KUW:GBK) -- http://www.e-gulfbank.com/-- is a Kuwait-based financial institution engaged in carrying out banking activities through a network of 42 branches. Its services and products cover personal, corporate and international banking. The Bank's personal banking products and services include savings, investment and current accounts, time deposits, debit and credit cards, loans and travel insurance. The business banking products and services deal with credit facilities primarily for the trading, manufacturing and services sectors; financial advisory services; contracting finance; special finance primarily for real estate and investment companies, Islamic institutions and high- net-worth investors; margin trading, and credit facilities for small and medium-sized businesses. Gulf Bank also offers international banking services, as well as online banking, online trading, wireless banking and other electronic services. The Bank operates an offshore banking subsidiary in the Kingdom of Bahrain. =============== M A L A Y S I A =============== PANGLOBAL: Insurance License Cancelled -------------------------------------- Bank Negara Malaysia ("BNM") has informed PanGlobal Berhad that the revocation of the company's insurance licence took effect on April 13, 2009, under Section 31(5) Insurance Act 1996 through a revocation notice by the Minister of Finance dated March 30, 2009. PanGlobal said the revocation was in compliance with one of the conditions set out by BNM in its approval of the sale of the company's general insurance business to Tokio Marine Insurans (Malaysia) Berhad (TMIM), and the company's surrender of the insurance license to BNM. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 11, 2008, PanGlobal Berhad said in its regulatory filing with the Kuala Lumpur Stock Exchange that Bank Negara Malaysia (BNM)approved the scheme of transfer of the company's general insurance business to Tokio Marine Insurans (Malaysia) Berhad (TMIM) pursuant to Section 130 of the Insurance Act 1996. The TCR-AP reported on June 9, 2008 that PanGlobal Insurance Berhad, a 99.97% owned subsidiary of Panglobal Berhad, made an application to Bank Negara Malaysia for its approval for the Proposed Disposal comprising the insurance assets and liabilities of PanGlobal Insurance to Tokio Marine Insurans (Malaysia) Berhad, for an indicative purchase consideration of approximately MYR15 million. Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad -- http://home.panglobal.com.my/-- is engaged in underwriting all classes of general insurance business, extracting of logs, sawmilling, manufacturing of veneer and extraction of coal. Other activities include property investment and development and leasing of real estate, investment holding, business management, building and fitness club management. PanGlobal is listed under Practice Note 4/2001. The Bursa Malaysia Securities has required the company to regularize its financial condition, curb huge losses and settle debts in order to continue operating. The company has already submitted a Proposed Restructuring Scheme to the Securities Commission on Sept. 9, 2005. On April 6, 2006, the Securities Commission approved PanGlobal Berhad's proposed restructuring scheme for implementation. * MALAYSIA: Properties Under Receivership Increases --------------------------------------------------- Auctioneers in Malaysia are seeing an increasing trend of properties under receivership this year, as the overall supply of auction properties in the last few months had already risen by 10% to 20% compared with normal times, The StarBiz reports. "The number of (auction) cases for medium-cost apartments costing MYR50,000 to MYR150,000 has risen by 15%, while for high-end condominiums it is up by 10%. For offices the figure is up by 20%," property Auction House Sdn Bhd General Manager Danny Loh was quoted by the report as saying. Landed properties had the smallest increase of 5% and they were saleable, the report relates citing Mr. Loh. Another auctioneer told StarBiz that her company's auctioning activities had risen to between five and 10 cases now, from the five cases a month before the economic crisis. However, Mr. Loh estimated that the number of bidders had dropped by 30% because banks were more stringent on financing and buyers were careful about buying big-ticket items, the report says. ==================== N E W Z E A L A N D ==================== AIR NEW ZEALAND: Mediation Talks Over Planned Strike Action Fails ----------------------------------------------------------------- Strike action by Air New Zealand cabin staff remains a possibility after pay talks held Wednesday, April 15, broke down, a report posted at stuff.co.nz. says. According to the report, EPMU national secretary Andrew Little said mediation talks between Air New Zealand and the EPMU, the union representing the workers, concluded without agreement. The report relates Mr. Little said the union would now hold meetings with members to discuss future action. The report, citing Air New Zealand, says the airline was disappointed the EPMU walked out of mediation. Air New Zealand said "some progress" was being made and management were ready to return to mediation to negotiate a commercially sustainable deal "whenever EPMU next makes itself available," the report relates. The Troubled Company Reporter-Asia Pacific, citing Bloomberg News, reported on Mar. 25, 2009, the EPMU said attendants will stop work from April 8 to April 11 after being unable to agree on a pay deal. The union said about 250 workers who are employed by Air New Zealand subsidiary Zeal 320, failed to agree to new terms with the airline after six months of talks, Bloomberg News related. These attendants, Bloomberg News noted, are paid less than colleagues hired directly by Air New Zealand and don't get the same allowances. The threatened strike action will affect flights to Australia and some Pacific Islands, Bloomberg News said. About Air New Zealand Based in Auckland, New Zealand, Air New Zealand Ltd -- http://www.airnewzealand.com/--is the country's flag air carrier, with domestic and international passenger and freight operations, and an aviation engineering business. Air New Zealand flies to the United States, United Kingdom, Canada, Europe and other Asian cities. * * * On Aug. 5, 2008, Moody's Investor's Service affirmed Air New Zealand Limited's Ba1 Senior Unsecured Issuer rating. At the same time, it changed the outlook on the rating to stable from positive. ===================== P H I L I P P I N E S ===================== LEGACY GROUP: Incomplete Documentation Hampers Payment, KPMG Says ----------------------------------------------------------------- KPMG Manabat Sanagustin, the independent audit firm engaged by the Philippine Deposit Insurance Corporation (PDIC) to help speed up the pre-settlement examination of deposit accounts in the 12 Legacy-affiliated banks placed under PDIC receivership in December 2008, confirmed that bulk of the PHP6.05 billion doubtful accounts in said banks had incomplete documentation due to missing bank records and discrepancies in recording done by accountable officers. "Documentation of bank transactions is the responsibility of the bank officers. It is incumbent upon bank officers to comply with the regulations on deposit-taking", PDIC President Jose C. Nograles said. In its report to PDIC, KPMG Manabat Sanagustin said that some bank records required in the validation of deposit accounts such as teller's blotters, proofsheets, bank copies of certificates of time deposit, among others, were found to be missing as of takeover dates. These documents are needed to show evidence of funds inflow to the banks. "Under the PDIC Charter, PDIC is mandated not only to determine the legitimate depositors on record but also to validate that the deposit account had actual funds inflow", Mr. Nograles said. PDIC had earlier reported that of the Php6.05 billion classified as doubtful, the examination of Php5.42 billion worth of deposit accounts is being hampered by incomplete documentation. Mr. Nograles said that the verification process for these accounts have significantly slowed down because of incomplete bank records. He clarified that bank records turned over by accountable bank officers to PDIC when these banks were placed under receivership in December 2008, were insufficient to enable PDIC to determine the validity of the bulk of the deposits. The bank records turned over to PDIC were inventories as part of standard receivership procedures. The PDIC had issued demand letters to Legacy bank officers to turn over documents still in their possession. The PDIC President also appealed to former officers and employees of the Legacy banks to turn over bank documents still in their possession to either the PDIC or the Senate committee on trade and commerce, which is conducting an investigation on the failure of the banks. Mr. Nograles said that under Section 21(f) of the PDIC Charter, PDIC can file charges against the accountable officers and employees of the Legacy Banks for non-compliance with bank regulations and their refusal to turn over bank records. In the past, PDIC has successfully prosecuted officers for violating this provision. The PDIC President explained that Legacy depositors whose accounts cannot be validated due to incomplete documentation may run after agents or solicitors whom they entrusted their money. "The depositors and the PDIC are both victims here. PDIC will remiss in its mandate of paying only valid deposit insurance claims if it pays without bases set by law", Mr. Nograles said. 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 ================= ACROPOLIS ELECTRONICS: Court Enters Judicial Management Order ------------------------------------------------------------- On April 3, 2009, the High Court of Singapore entered an order to place Acropolis Electronics Pte Ltd under judicial management. United Overseas Bank Limited filed the petition against the company on February 4, 2009. Rajah & Tann LLP is the company's solicitor. URBAN CORPORATION: Creditors' Proofs of Debt Due on May 7 --------------------------------------------------------- The creditors of Urban Corporation Asia Pte. Ltd. are required to file their proofs of debt by May 7, 2009, to be included in the company's dividend distribution. The company's liquidator is: Tam Chee Chong 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 * SINGAPORE: Cuts This Year's Economic Forecast for the 3rd Time ---------------------------------------------------------------- Bloomberg News reports Singapore's trade ministry said economy may contract 6 percent to 9 percent, reducing its forecast for the third time this year. The government previously predicted a decline of as much as 5 percent, the report says. The report says according to the trade ministry, Singapore’s gross domestic product last quarter declined an annualized 19.7 percent from the previous three months and 11.5 percent from a year earlier. Also last quarter, the report says manufacturing fell 29 percent and services shrank 5.9 percent. Exports meanwhile fell 17 percent in March from a year earlier, the report relates citing the trade promotion agency. Overseas shipments may drop as much as 13 percent in 2009, the government said as cited by Bloomberg News, revising a previous estimate for a decline of 9 percent to 11 percent. ********* 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 ***