/raid1/www/Hosts/bankrupt/TCRAP_Public/090424.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, April 24, 2009, Vol. 12, No. 80
Headlines
A U S T R A L I A
ABC LEARNING: Sells Some Centres for $1 Each
ALBIDON LIMITED: Appoints Administrators
BRISCONNECTIONS: BTR Calls for Another Unitholders Meeting
BRISCONNECTIONS: Macquarie Stake in Firm May Rise to 10.6%
FAIRFAX MEDIA: To Cut 70 Jobs in New Zealand
KLEENMAID: Customers Has No Chance of Getting Purchased Goods
TIMBERCORP LTD: Calls in Voluntary Administrators
C H I N A
COUNTRY GARDEN: Moody's Cuts Corporate Family Rating to 'Ba2'
GREENTOWN CHINA: Tender Offer Cues Moody's to Junk Corp. Rating
H O N G K O N G
BILLION WIN: Court to Hear Wind-Up Petition on May 20
CITIBOND INDUSTRIAL: Court to Hear Wind-Up Petition on May 27
DESCARTES INVESTMENT: Court to Hear Wind-Up Petition on April 29
GLORY TRINITY: To Nominate Mok Hon Kwong, Thomas as Liquidator
HOP SHING: Pays First and Final Preferential Dividend
HOP YUE: To Nominate Mok Hon Kwong, Thomas as Liquidator
PEACE MARK: Creditors' and Contributories' to Meet on April 28
TSUN HO: Court to Hear Wind-Up Petition on May 27
UNIROSS BATTERIES ET AL: Court Enters Wind-Up Order
I N D I A
DIASTAR JEWELLERY: Low Operating Margin Cues CRISIL 'P4' Ratings
GOPAL GEMS: CRISIL Puts 'P4' Rating on Rs.20.0 Mln Packing Credit
NORTHERN INDIA: CRISIL Assigns 'B' Rating on Rs.73.2 Mln Term Loan
PRABHU SPONGE: CRISIL Places 'BB' Rating on Rs.71 Mln Term Loan
ROSE GEMS: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
VALSON POLYESTER: CRISIL Puts 'B+' Rating on Rs.211.10MM LT Loan
VENKATESH LOGISTICS: CRISIL Rates Rs.340MM Cash Credit at 'BB-'
I N D O N E S I A
PT INDOSAT: Q1 Profit Drops 82.4%
J A P A N
PIONEER CORP: Seeks Investment from Honda Motor
SFCG CO: Court To Start Bankruptcy Proceedings
TAKEEI CO.: JCR Affirms 'BB+' Rating on Senior Debts
* JAPAN: Registers First Trade Balance Deficit in 28 Years
N E W Z E A L A N D
PROPERTYFINANCE: Seeks Court Injunction to Fend Off Receivership
S I N G A P O R E
OPTIMUM-3 INTERNATIONAL: Pays 2nd Dividend to Unsecured Creditors
T A I W A N
ASUSTEK COMPUTER: Plans to Give NT$2/Share Dividend
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
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ABC LEARNING: Sells Some Centres for $1 Each
--------------------------------------------
Some of the nonviable ABC Learning Centres have been sold to
charity for $1 each, The Australian reports citing industry
sources.
The report says Mission Australia paid a token $1 each for several
of the 29 ABC Learning centres it bought from the company's
receiver, PPB.
Mission Australia spokesman Paul Andrews, the report relates,
would not say how many centres had been purchased for a token $1,
citing commercial confidentiality.
The Australian, citing Mr. Andrews, says Mission Australia was
retaining the existing ABC childcare staff and predicted the
centres would be "self-sustaining" within 18 months.
Meanwhile, the report relates PPB is refusing to reveal how much
it received for 210 centres, sold to 65 different buyers last
week.
PPB partner Stephen Parbery said sales figures would be provided
to the court once the sale process was completed.
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.
ALBIDON LIMITED: Appoints Administrators
----------------------------------------
Albidon Limited said it has appointed administrators to keep
operating and help complete funding deal with major shareholder
Jinchuan Group Ltd. The company appointed Mel Ashton and Damian
Templeton, chartered accountants of KPMG, as administrators.
"The Board has concluded that this action is the only available
means for the company to continue operating in order to complete
the financing transaction with Jinchuan Group," Albidon said in a
statement to the Australian Securities Exchange.
Albidon disclosed that it had already received US$1.8 million but
had not received the US$7 million funding as some of the
conditions have yet to be completed.
"Jinchuan has concluded its due diligence on Munali and has
entered into a Heads of Agreement with Barclays Capital and
European Investment Bank and Albidon. They have not yet entered
into a HOA with Barclays Zambia in regard to the equipment
leases."
"As a result, the funding has been delayed and there are no
arrangements in place for Albidon to secure further funding to
meet ongoing costs while an agreement is being negotiated between
Jinchuan and Barclays Zambia," the company said.
"The directors believe the voluntary administration process should
allow the company to continue working to finalise the current
agreements and secure new funding so the company may eventually
recommence trading as a going concern."
The company said the appointment of administrators is limited to
Albidon Limited. No such appointment has been made over any of
Albidon's subsidiaries.
As reported in the Troubled Company Reporter-Asia Pacific on
Mar. 5, 2009, Bloomberg News said Albidon suspended output at its
biggest nickel mine in Munali, Zambia after the price of the metal
slumped 56 percent since its July opening.
"Depressed nickel prices have made ongoing operations at Munali
unsustainable," Albidon said in a stock exchange statement
obtained by Bloomberg News.
Reuters related Albidon said it has received a conditional
financing proposal from its largest shareholder, China's Jinchuan
Group, but its ability to continue was subject to the completion
of the deal.
According to Reuters, Albidon would receive US$1.8 million as an
accelerated payment for nickel concentrate, US$7 million in equity
before March 20, and a later convertible note, under the proposed
funding from Jinchuan.
Australia-based Albidon Limited (ASX:ALB) ---
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.
BRISCONNECTIONS: BTR Calls for Another Unitholders Meeting
----------------------------------------------------------
The Australian' Richard Gluyas reports that a major shareholder in
Brisconnections has requested for another unitholder meeting on a
plan replace the company's trust manager.
According to the report, Brisbane Toll Road Link (BTR)
representative Jim Byrnes said he had posted a requisition for a
unitholder meeting to BrisCon. The report says BTR proposes
Armstrong Corporate Capital, based in Surfers Paradise, as the new
responsible entity.
Mr. Byrnes, as cited by the report, also said that BTR had been
building its BrisCon stake beyond its previously disclosed 13 per
cent.
BTR also plans lodge a class action against BrisCon and
underwriter Macquarie Group, with damages to be sought in the
range of $1.3-$1.8 billion, Mr. Byrnes told The Australian.
The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on April 6, 2009, that BrisConnections, the company
behind a AU$4.8 billion (US$3.4 billion) toll road project in
Australia, said one of the underwriters of its share offer,
Macquarie Bank or Deutsche Bank, may approach unitholders in a bid
to break a deadlock over funding obligations.
Reuters related that unitholders in BrisConnections are liable for
an installment payment of AU$1 per security in April, amounting to
millions of dollars.
However, Reuters said some shareholders have moved to have the
company wound up after the market value of the securities fell to
AU$0.001.
According to Reuters, BrisConnections said it has received
material information from one of its underwriters regarding a
potential approach towards unitholders and their obligations to
pay installments.
Macquarie has launched court action to hold all parties to their
contractual obligations, Reuters said.
Wind Up Bid
As reported in the TCR-AP on April 15, 2009, The Australian said
a vote to wind up BrisConnections failed after renegade investor
Nicholas Bolton sold his voting rights to Leighton Holdings Ltd.
The Australian, citing Leighton Holdings in filing to the
Australian stock exchange, said the company has agreed to pay
AU$4.5 million for the voting rights associated with Mr. Bolton's
19.8 percent stake in BrisConnections.
The Australian said Mr. Bolton voted against his own motion to
wind up BrisConnections. The motion to wind the company up failed
with 63.34% of votes against the motion and 35.66% of votes in
favor, The Australian noted.
Background
BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.
The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, $1 is paid in July and additional payments of $1 must
be met by the unit holders on April 20, 2009 and January 29, 2010.
BrisConnections has promised a payment of 5.95c to unit holders in
2009 before the first $1 installment is due.
However, the units fall in price to 41c on their first day of
listing on the ASX. The issue was undersubscribed, as evidenced
by the large number of shares held by the underwriters after the
listing.
The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.
BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
$1 installment in April 2009.
About BrisConnections
BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company. The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.
BRISCONNECTIONS: Macquarie Stake in Firm May Rise to 10.6%
----------------------------------------------------------
Bloomberg News reports that Macquarie Group Ltd.'s stake in
BrisConnections may rise to 10.6 percent after it offered to
acquire partly paid shares from investors.
As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 22, 2009, The Sydney Morning Herald said Macquarie Group
offered a lifeline to small investors in Brisconnections by paying
their outstanding installments if they give up their holdings for
free.
According to the Herald, Macquarie Group said it will pay all
remaining liabilities to about 80 per cent of unit holders in the
BrisConnections Investment Trust, including the second instalment
of $1 per BrisConnections unit due on April 29 and a third
instalment of $1 per security on January 29, 2010.
The Herald related Macquarie said the offer is open to eligible
unit holders who held fewer than 50,000 units in BrisConnections
as of April 14. The Herald said unit holders have until May 4 to
accept Macquarie's offer.
If all eligible holders accept the offer, Macquarie's stake in
BrisConnections will rise by 2.5 percentage points, Bloomberg News
cited Paula Hannaford, as Sydney-based spokeswoman for the bank,
in an interview.
Bloomberg News relates that Macquarie in March bought 8.1 percent
of BrisConnections, after selling its shares in October, to allow
it to vote at the shareholder meeting in Brisbane.
Macquarie, as lender, underwriter and shareholder, stood to lose
almost A$300 million if shareholders had voted to terminate
BrisConnections, Bloomberg News notes.
The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on April 6, 2009, that BrisConnections, the company
behind a AU$4.8 billion (US$3.4 billion) toll road project in
Australia, said one of the underwriters of its share offer,
Macquarie Bank or Deutsche Bank, may approach unitholders in a bid
to break a deadlock over funding obligations.
Reuters related that unitholders in BrisConnections are liable for
an installment payment of AU$1 per security in April, amounting to
millions of dollars.
However, Reuters said some shareholders have moved to have the
company wound up after the market value of the securities fell to
AU$0.001.
According to Reuters, BrisConnections said it has received
material information from one of its underwriters regarding a
potential approach towards unitholders and their obligations to
pay installments.
Macquarie has launched court action to hold all parties to their
contractual obligations, Reuters said.
Wind Up Bid
As reported in the TCR-AP on April 15, 2009, The Australian said
a vote to wind up BrisConnections failed after renegade investor
Nicholas Bolton sold his voting rights to Leighton Holdings Ltd.
The Australian, citing Leighton Holdings in filing to the
Australian stock exchange, said the company has agreed to pay
AU$4.5 million for the voting rights associated with Mr. Bolton's
19.8 percent stake in BrisConnections.
The Australian said Mr. Bolton voted against his own motion to
wind up BrisConnections. The motion to wind the company up failed
with 63.34% of votes against the motion and 35.66% of votes in
favor, The Australian noted.
Background
BrisConnections was awarded a 45-year concession to design,
construct, operate, maintain and finance the AU$4.8 billion
Airport Link toll road in Brisbane, according to a report posted
at Core Economics Web site by Sam Wylie.
The Core Economics related the equity financing component of the
AU$4.8 billion project is raised by issuing 390 million units at
AU$3 each, $1 is paid in July and additional payments of $1 must
be met by the unit holders on April 20, 2009 and January 29, 2010.
BrisConnections has promised a payment of 5.95c to unit holders in
2009 before the first $1 installment is due.
However, the units fall in price to 41c on their first day of
listing on the ASX. The issue was undersubscribed, as evidenced
by the large number of shares held by the underwriters after the
listing.
The units continue to fall in price, falling below 5c per unit in
mid September and reaching 0.1c per unit, the lowest possible
price for a listing on the ASX, in November 2008.
BrisConnections had announced that the first distribution to unit
holders will not take place until after the receipt of the first
$1 installment in April 2009.
About BrisConnections
BrisConnections Management Company Limited (ASX:BCSCA) --
http://www.brisconnections.com.au/-- is an Australia-based
company. The company is engaged in designing, constructing,
operating, maintaining and financing Airport Link in Australia.
Airport Link is a 6.7 kilometer toll road, mainly underground,
connecting the North-South Bypass Tunnel, Inner City Bypass and
local road network at Bowen Hills, to the northern arterials of
Gympie Road and Stafford Road at Kedron, Sandgate Road and the
East West Arterial leading to the airport.
FAIRFAX MEDIA: To Cut 70 Jobs in New Zealand
--------------------------------------------
As part of the company's plan to slim down its New Zealand
operations, Fairfax Media Limited is proposing to slash 70 jobs
and a possible move to a nine-day fortnight, The National Business
Review reports.
According to the report, Fairfax announced its plan to shed 70
pre-press and advertising production jobs as the company moves
production into four regional hubs.
Chief executive Joan Withers said the move was due to be completed
at the end of August, the report relates.
The report says the affected staff create and manage advertising
material published in newspapers and are currently based at all
Fairfax publishing sites throughout New Zealand.
The Business Review states that the company was also looking at
further cost-cutting measures including the possibility of signing
up for the Government's nine-day working fortnight. The proposal
could apply to staff across the board, the report adds.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2009, Bloomberg News said Fairfax Media reported its
first loss on record after advertising revenue fell and the
company wrote down the value of newspapers and media licenses.
The loss, Bloombeg News said, was Fairfax's first loss since its
initial share sale in 1992.
For the six months ended December 28, 2008, Fairfax Media reported
a net loss of AU$365.3 million, compared with a profit of AU$187.7
million in the previous corresponding period. First half
underlying net profit was AU$157.61 million, down 23 per cent.
About Fairfax Media Limited
Headquartered in Sydney, Australia, Fairfax Media Limited
(ASX:FXJ) -- http://www.fxj.com.au/-- is engaged in publishing of
news, information and entertainment; advertising sales in
newspaper, magazine and online formats; radio broadcasting, and
film and television production and distribution. In Australia,
the Company's mastheads include The Sydney Morning Herald, The
Age, BRW, The Sun-Herald and The Land. Its New Zealand mastheads
include The Dominion Post, The Press and Cuisine. Fairfax Media
online businesses include Fairfax Digital in Australia (including
the news sites, smh.com.au and theage.com.au, and classified and
transaction Websites), and Trade Me and stuff.co.nz in New
Zealand. On November 9, 2007, it acquired the former Southern
Cross Broadcasting's radio business, (including metropolitan
stations 2UE in Sydney, 3AW and Magic 1278 in Melbourne, 4BC and
4BH in Brisbane, and 6PR and 96FM in Perth), the Southern Star
television production and distribution business, Satellite Music
Australia and associated businesses from Macquarie Media Group.
KLEENMAID: Customers Has No Chance of Getting Purchased Goods
-------------------------------------------------------------
Kleenmaid customers who attended a creditors meeting yesterday,
April 23, walked out after administrators confirmed they had
almost no chance of recovering $27 million worth of customer
deposits, The Sydney Morning Herald reports.
The Herald relates that Deloitte partner and joint administrator
John Greig said stock currently held at Kleenmaid's Sunshine Coast
warehouse was worth $2.9 million. However, the Herald says, the
warehouse provider is owed $2.1 million, leaving little prospect
for customers.
According to Courier Mail, the administrators said customers won't
ever get the appliances they paid for as other creditors of the
failed firm are first in line.
"Consequently, after satisfying the warehouse providers claim
there is likely to be little if any stock available to satisfy the
secured and unsecured customer claims, which are estimated at
$27.6 million and $27 million respectively," Courier Mail quoted
Mr. Greig as saying. "Unfortunately at this stage we do not
forsee that the available assets of the Kleenmaid Group will
provide any return to unsecured creditors."
Courier Mail discloses that secured creditors such as Westpac are
owed about $28 million, customers' deposits total about $27
million, and trade customers and suppliers are owed $16 million.
Another creditors meeting is expected to be held next month to
decide whether the company is liquidated, the Herald notes.
Citing various reports, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2009, that Kleenmaid has been placed into
administration. The company appointed Deloitte partners John
Greig, Richard Hughes and David Lombe as voluntary administrators.
Founded in 1985, Kleenmaid -- http://www.kleenmaid.com.au/--
sells kitchen and laundry appliances.
TIMBERCORP LTD: Calls in Voluntary Administrators
-------------------------------------------------
Timbercorp Limited has called in voluntary administrators to the
company and its subsidiaries. The company appointed Mark Korda
and Leanne Chesser of KordaMentha as voluntary administrators.
"The company had been hurt by the combined impact of declining
global asset values, tightening credit, the economic downturn and
drought," according to a statement issued by Kordamentha.
The administrators would implement a three point plan:
1. Immediate suspension of forestry and horticulture
operations while funding options are determined;
2. develop a strategy for each forestry and horticulture
product, project by project, then execute; and
3. attend to statutory reporting, investigation, creditor
and shareholder liaison.
"The process of voluntary administration is designed to explore
quickly the options for the Company," Kordamentha said.
The voluntary administrators will be writing to all creditors to
provide notice of the date of the first meeting of creditors. The
first creditors' meeting will be held within eight business days
after the appointment of a Voluntary Administrator.
Timbercorp had previously announced that the Company's business
model was no longer appropriate in the current environment due to
the capital intensity of the projects and was in the process of
transforming the business into an integrated agribusiness company.
Unfortunately these plans, which included asset sales, could not
be executed in the timeframe to meet the company's debt
obligations.
In the full year accounts issued in November 2008, Timbercorp
reported current debt of $568 million, net debt of $903.1 million
and net assets of $595 million.
Timbercorp has approximately 170 staff based at offices in
Melbourne, Perth, Hamilton, Mildura and Penola.
Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects. The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises. The company is
organized in four business segments: Horticulture, Forestry,
Finance and Asset development. Horticulture segment is engaged in
orchard / vineyard establishment, including securing access to
land, water rights and other infrastructure. Forestry segment is
engaged in land acquisition and management. Finance segment is
engaged in the provision of loan finance to new and existing
project grower investors. Asset development segment develops and
manages orchards and vineyards under contract to third parties.
=========
C H I N A
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COUNTRY GARDEN: Moody's Cuts Corporate Family Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded Country Garden Holdings
Company Limited's corporate family rating to Ba2 from Ba1.
Country Garden's senior unsecured debt rating has been further
downgraded to Ba3 from Ba1 due to increased risk of structural
subordination. The outlook on all the ratings is negative.
This concludes Moody's review for possible downgrade initiated on
February 12, 2009.
"The downgrades have been driven by Country Garden's lower than
expected contracted sales in FY2008 and resulting weakened
liquidity position," says Peter Choy, a Moody's Vice President and
Senior Credit Officer, adding, "Moody's expects that this
situation will persist in 2009 as uncertainty in the Chinese
property market will likely remain."
"Additionally, Moody's expects Country Garden's EBITDA margin to
decline due to pricing pressure which could result in a
deterioration of the company's credit metrics -- with
EBITDA/Interest of 4.0x and Adjusted Debt/EBITDA of around 4.0x,
which are more consistent with the lower rating level of Ba2,"
adds Mr. Choy, also Moody's lead analyst for the company.
In addition, the rating action also reflects Moody's concern that
Country Garden has yet to achieve the expected scale of
development, geographical diversity (it is still largely
concentrated within Guangdong Province) or strength of cash flow.
On the other hand, Country Garden's size, strong sales execution,
large land bank, low land cost and absence of near term offshore
debt payments supports its Ba2 rating.
As Country Garden borrows at the project level to support its
construction spending, the level of subsidiary debts has exceeded
15% of total assets thereby increasing subordination risk. The
rating of the senior unsecured convertible bonds has therefore
been notched down to Ba3.
The negative rating outlook reflects Moody's expectation that
Country Garden will continue to be challenged by the weak property
market and the tight credit market; and this will affect its
property sales and cash flow in the coming 12 -- 18 months.
Upward rating pressure is unlikely in the near term given the
negative outlook.
However, the outlook could return to stable if the company can (1)
improve on its property sales without sacrificing its EBITDA
margin, such that its credit metrics can be sustained at
EBITDA/Interest of 4.5x -- 5x and Adjusted Debt/EBITDA of below
3.0 - 3.5x; and (2) maintain sufficient balance sheet cash and
operating cash flow to meet land payments, dividends and most of
its bank repayments on rolling twelve months basis.
Meanwhile, downward rating pressure could emerge if Country Garden
experiences difficulty in executing its current business plan, or
there is a further weakening in the Chinese property market, such
that the company's operating cash flow generation is less than
anticipated.
In such a situation, a downgrade could be considered if its EBITDA
margin falls below 20%; Debt/EBITDA is at or above 4.5x;
EBITDA/Interest declines below 3.5x -- 4.0x on a sustained basis;
and/or the company reports continuous negative operating cash flow
(before land payments), which further weakens its liquidity
profile.
The last rating action on Country Garden was taken on February 12,
2009, when its Ba1 stable outlook rating was placed on review for
possible downgrade.
Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Limited is one of the leading
integrated property developers in China.
GREENTOWN CHINA: Tender Offer Cues Moody's to Junk Corp. Rating
---------------------------------------------------------------
Moody's Investors Service has downgraded Greentown China Holdings
Limited's corporate family rating to Caa1 from B1. At the same
time, Moody's has downgraded Greentown's senior unsecured bond
rating to Caa2 from B2. The outlook on both ratings is negative.
The rating action follows Greentown's announcement that it has
commenced a tender offer to purchase for cash all the US$400
million notes due 2013 at 85% of face value. In conjunction with
the tender offer, the company is soliciting consent from
bondholders to amend and waive certain restrictive provisions of
the indenture governing the US$ notes.
"The downgrade of the corporate family rating to Caa1 reflects the
fact that the company has technically breached certain provisions
governing the bond indenture. Given the low threshold where
holders of an aggregate 25% of the notes' principal amount can
declare immediate repayment of the debt, the risk of default is
very high if the tender offer is unsuccessful," says Kaven Tsang,
a Moody's AVP/Analyst.
"Though a successful buyback of the US$ notes and consent
solicitation could mitigate the risk of acceleration of repayment
and to some extent reduce Greentown's debt leverage and interest
burden, it would also substantially weaken its liquidity
position," says Tsang, also Moody's lead analyst for Greentown.
"Such weak liquidity profile further heightens Greentown's near-
term refinancing risk, including a potential put of RMB2.3 billion
convertible bonds in May 2010," he adds.
The senior unsecured bond rating of Caa2 reflects legal and
structural subordination risks.
Meanwhile, the negative outlook reflects uncertainty over the
successful completion of the tender offer and consent
solicitation. It also reflects Greentown's weak liquidity with
high exposure to near-term refinancing risk.
If the tender offer and consent solicitation fail to go ahead, the
ratings will be lowered further to reflect the higher probability
of default and lower expected recovery rate for the notes holders.
Moody's last rating action occurred on April 15, 2009, when
Greentown's B1 corporate family rating and B2 senior unsecured
bond rating were put on review for possible downgrade.
Greentown China Holdings Ltd. is one of China's major property
developers with a primary focus in Hangzhou and Zhejiang Province.
It has a land bank spread over 25 cities with an attributable
gross floor area (GFA) of 16 million square meters.
================
H O N G K O N G
================
BILLION WIN: Court to Hear Wind-Up Petition on May 20
-----------------------------------------------------
A petition to have Billion Win International Enterprise Limited's
operations wound up will be heard before the High Court of
Hong Kong on May 20, 2009, at 9:30 a.m.
Hang Seng Bank Limited filed the petition against the company on
March 17, 2009.
The Petitioner's solicitor is:
JSM
Prince's Building, 18th Floor
10 Chater Road, Central
Hong Kong
CITIBOND INDUSTRIAL: Court to Hear Wind-Up Petition on May 27
-------------------------------------------------------------
A petition to have Citibond Industrial Limited's operations wound
up will be heard before the High Court of Hong Kong on May 27,
2009, at 9:30 a.m.,
Hang Seng Bank Limited filed the petition against the company on
March 20, 2009.
The Petitioner's solicitor is:
JSM
Prince's Building, 18th Floor
10 Chater Road, Central
Hong Kong
DESCARTES INVESTMENT: Court to Hear Wind-Up Petition on April 29
----------------------------------------------------------------
A petition to have Descartes Investment Management Limited's
operations wound up will be heard before the High Court of
Hong Kong on April 29, 2009, at 9:30 a.m.
Yen Ling Ning filed the petition against the company on Feb. 4,
2009.
The Petitioner's solicitors are:
T.C. Foo & Co.,
Two Chinachem Plaza, Unit A, 20th Floor
135 Des Voeux Road Central
Hong Kong
GLORY TRINITY: To Nominate Mok Hon Kwong, Thomas as Liquidator
--------------------------------------------------------------
On April 24, 2009, the High Court of Hong Kong will hear Huen Ho
Yin's application to consider the resignation of Leung Wing Keung
as the liquidator of Hop Yue Construction Company Limited and to
nominate Mok Hon Kwong, Thomas as his replacement.
HOP SHING: Pays First and Final Preferential Dividend
-----------------------------------------------------
Hop Shing Loong Lighting Limited paid the first and final
preferential dividend to its creditors on April 24, 2009.
The company paid 34.32% to the admitted preferential claims.
The company's liquidators are:
Roderick John Sutton
Desmond Chung Seng Chiong
The Hong Kong Club Building, 14th Floor
3A Chater Road, Central
Hong Kong
HOP YUE: To Nominate Mok Hon Kwong, Thomas as Liquidator
--------------------------------------------------------
On April 24, 2009, the High Court of Hong Kong will hear Huen Ho
Yin's application to consider the resignation of Leung Wing Keung
as the liquidator of Hop Yue Construction Company Limited and to
nominate Mok Hon Kwong, Thomas as his replacement.
PEACE MARK: Creditors' and Contributories' to Meet on April 28
--------------------------------------------------------------
The creditors and contributories of Peace Mark Production Limited
will hold their meeting on April 28, 2009, at 2:00 p.m. and
2:30 p.m., respectively, at the Official Receiver's Office, 10th
Floor of Queensway Government Offices, in 66 Queensway, Hong Kong.
TSUN HO: Court to Hear Wind-Up Petition on May 27
-------------------------------------------------
A petition to have Tsun Ho Industrial Company Limited's operations
wound up will be heard before the High Court of Hong Kong on
May 27, 2009, at 9:30 a.m.
Lau Chi Keung filed the petition against the company on March 20,
2009.
The Petitioner's solicitors are:
Louis K. Y. Pau & Company
The Chinese Club Building, 4th Floor
No. 21-22 Connaught Road
Central, Hong Kong
UNIROSS BATTERIES ET AL: Court Enters Wind-Up Order
---------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:
-- Uniross Batteries (HK) Limited on April 1, 2009;
-- Climax Graphic Arts Company Limited on April 1, 2009;
-- Win Orient Enterprises Limited on April 1, 2009;
-- Alliance (Far East) Holding Limited on April 1, 2009;
-- Coxson Industries (Holdings) Limited on April 1, 2009;
-- Tat Fat Engineering Company Limited on April 1, 2009;
-- Kei Fung (Yarn) Co., Limited on April 1, 2009;
-- Crystal Jade La Mian Xiao Long Bao (Taikoo) Limited on
April 6, 2009; and
-- REHM Suneast International Limited on April 6, 2009.
=========
I N D I A
=========
DIASTAR JEWELLERY: Low Operating Margin Cues CRISIL 'P4' Ratings
----------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Diastar Jewellery Pvt Ltd (DJPL).
Rs.63.4 Million Foreign Bill Purchase P4 (Assigned)
Rs.46.6 Million Packing Credit P4 (Assigned)
Rs.32.5 Million Letter of Credit P4 (Assigned)
Rs.15.5 Million Bank Guarantee P4 (Assigned)
The rating reflects the susceptibility of DJPL's financial risk
profile to substantial write-offs in inventory and debtors,
decline in revenues and low operating margins; and the company's
exposure to risks relating to slowdown in the diamond jewellery
industry. These weaknesses, however, are partially mitigated by
the benefits that DJPL derives from the extensive industry
experience of its promoters.
About Diastar Jewellery
DJPL was incorporated by Mr. Pramod K. Jain in 1987. The company
is in the business of manufacturing gold, diamond and silver
jewellery. DJPL has manufacturing facilities at Andheri (Mumbai);
it mainly caters to the export market. The company was earlier
focusing on the US and European markets. However, it has shifted
its business focus to the markets in the Middle East and the Far
East.
DJPL reported a profit after tax (PAT) of Rs. 0.95 million on net
sales of Rs.438.7 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs. 0.31million on net
sales of Rs.444.2 million for 2006-07.
GOPAL GEMS: CRISIL Puts 'P4' Rating on Rs.20.0 Mln Packing Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Gopal Gems.
Rs.55.0 Million Post Shipment Credit P4 (Assigned)
Rs.20.0 Million Packing Credit P4 (Assigned)
The ratings reflect Gopal Gems' modest scale of operations in the
diamond industry, and moderate financial risk profile. These
weaknesses are, however, partially offset by the extensive
industry experience of the partners.
About Gopal Gems
Gopal Gems, established in 1999, manufactures and exports cut and
polished diamonds. The firm, set up by Mr. Jivraj Khunt and his
nephews, Mr. Deepak Khunt, Mr Ghanshyam Khunt and Mr Jitendra
Khunt as partners. Mr. Valji Khunt, brother of Mr. Jivraj Khunt
joined the firm as the partner in the 2006. The firm has
manufacturing units at Bhavnagar and Surat (Gujarat).
Gopal Gems reported a profit after tax (PAT) of Rs.1.98 million on
net sales of Rs.204.6 million for 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of Rs.1.69 million on
net sales of Rs.95.0 million for 2006-07.
NORTHERN INDIA: CRISIL Assigns 'B' Rating on Rs.73.2 Mln Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Northern India Leather Cloth Manufacturing Co
Pvt Ltd (NILCO).
Rs.128.8 Million Bank Overdraft * B/Stable (Assigned)
Rs.73.2 Million Term Loan B/Stable (Assigned)
Rs.50.0 Million Letter of Credit P4 (Assigned)
* Including a proposed limit of Rs. 8.8 million.
The ratings reflect NILCO's weak financial risk profile marked by
high gearing and low net worth, and exposure to risks relating to
the fragmented nature of the synthetic leather industry and small
scale of operations. These weaknesses are, however, partially
offset by the benefits that NILCO derives from its diversified
end-user industry base.
Outlook: Stable
CRISIL believes that NILCO will maintain a stable business risk
profile over the medium term on the back of established and
diversified customer base. The outlook may be revised to
'Positive' if increasing profitability and cash accruals lead to
improvement in financial risk profile for NILCO. Conversely, the
outlook may be revised to 'Negative' if the company's financial
profile deteriorates owing to lower-than-expected cash accruals.
About Northern India
Incorporated in 1980, NILCO manufactures poly-vinyl chloride (PVC)
coated fabric, also known as synthetic leather used in as
automotive, footwear, furnishing, apparel, leather and sports
goods. Its plant is situated in Faridabad (Haryana) which has a
capacity of 45 lakh metres per annum with a standard thickness of
1 milli-metre (mm) with the product thickness ranging from 0.8 mm
to 1.5 mm. NILCO reported a profit after tax (PAT) of Rs.4.9
million on net sales of Rs.366 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs.2.6
million on net sales of Rs.318 million for 2006-07.
PRABHU SPONGE: CRISIL Places 'BB' Rating on Rs.71 Mln Term Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the bank
facilities of Prabhu Sponge Pvt Ltd (Prabhu Sponge).
Rs.79 Million Cash Credit * BB/Stable (Assigned)
Rs.71 Million Term Loan ** BB/Stable (Assigned)
* Out of this Rs 29 Million is proposed
** Out of this Rs 37.5 Million is proposed
The ratings reflect Prabhu Sponge's marginal market share and
vulnerability to cyclicality in the steel industry, and pressure
on margins on account of the non-integrated nature of its
operations. These weaknesses are, however, partially offset by
Prabhu Sponge's average business risk profile.
Outlook: Stable
CRISIL expects Prabhu Sponge to maintain an average business risk
profile, backed by moderate operating efficiencies and proximity
to raw material suppliers as well as the finished goods market.
The outlook may be revised to 'Positive' if Prabhu Sponge attains
higher-than-expected increase in revenues and profitability, or a
greater degree of integration in operations. Conversely,
deterioration in operating margins on account of low capacity
utilisation, or in capital structure owing to large, debt-funded
capital expenditure, are factors that may drive a revision in
outlook to 'Negative'.
About Prabhu Sponge
Incorporated in 2002, Prabhu Sponge manufactures and sells sponge
iron. Its facility at Rajgangpur (Orissa) has four kilns, with
capacity to manufacture 48,000 tonnes of sponge iron per year.
The company is managed by Mr. Pradeep Saraf, Mr. Mohan Lal
Agarwal, Mr. Natwar Agarwal, Mr. Sunil Kumar Poddar, and Mr. Hari
Mohan Marda. It reported a profit after tax (PAT) of Rs.2.4
million on revenues of Rs.218.7 million for 2007-08 (refers to
financial year, April 1 to March 31), as against a PAT of Rs (2.8)
million on revenues of Rs.184.6 million for 2006-07.
ROSE GEMS: CRISIL Assigns 'P4' Ratings on Various Bank Facilities
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'P4' to the various bank
facilities of Rose Gems.
Rs.60.0 Million Packing Credit P4 (Assigned)
Rs.158.0 Million Export Bill P4 (Assigned)
Rediscounting
Rs.147.0 Million Proposed Short P4 (Assigned)
Term Bank Loan Facility
The ratings reflect Rose Gems' weak financial risk profile, marked
by modest net worth and moderate debt protection indicators; the
ratings also factor in the firm's small scale of operations in the
diamond industry, and the weak global demand for polished
diamonds. These weaknesses are, however, partially offset by the
experience of the promoters in the diamond industry, reflected in
above-average operating margins in business in the past.
About Rose Gems
Rose Gems, a partnership firm set up in 1997, manufactures and
sells rough and polished round diamonds. Head-quartered in
Mumbai, the firm has its manufacturing facility at Surat
(Gujarat). The company had sales of Rs.413 million and a profit
after tax (PAT) of Rs. 5.7 million for 2008-09 (refers to
financial year, April 1 to March 31), as against sales of Rs. 473
million and PAT of Rs. 9.1 million for 2007-08.
VALSON POLYESTER: CRISIL Puts 'B+' Rating on Rs.211.10MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the various
bank facilities of Valson Polyester Ltd (VPL).
Rs.211.10 Million Long Term Loan B+/Negative (Assigned)
Rs.75.00 Million Cash Credit B+/Negative (Assigned)
Rs.10.00 Million Packing Credit P4 (Assigned)
Rs.60.00 Bill Discounting P4 (Assigned)
Rs.20.00 Letter of Credit & Bank P4 (Assigned)
Guarantee
The ratings reflect the weakening in VPL's financial risk profile
on account of aggressive, debt-funded capital expenditure, and its
limited pricing ability owing to its small scale of operations in
an industry marked by dominance of large players. However, these
weaknesses are partially offset by VPL's established market
position and long presence in the polyester yarn business.
Outlook: Negative
CRISIL believes that VPL's financial risk profile will remain weak
over the medium term due to high gearing on account of its
aggressive debt-funded capex. The rating may be revised downwards
if lower-than-expected cash accruals from the expanded capacity
lead to further deterioration in the company's debt servicing
ability. Conversely, the outlook may be revised to 'Stable' if
the company reports more than expected cash accruals following
completion of its proposed capex.
About Valson Polyester
Incorporated in 1985, VPL primarily manufactures and dyes
polyester, nylon, and cotton yarn. It also has small knitting and
weaving capacities. The company is managed by Mr. Shamlal Mehta
and his sons, Mr. Vipin Mehta and Mr. Amit Mehta. The company has
manufacturing facilities at Vapi (Gujarat), Demni, Silvassa (both
in the Union Territory of Dadra and Nagar Haveli), and Daman (the
Union Territory of Daman and Diu). It has texturising, twisting,
and dyeing capacities of 4760 tonnes per annum (tpa), 3780 tpa,
and 4455 tpa, respectively. The company merged group concern,
Mahashakti Silk Industries Private Limited, with itself in
2005-06.
For 2007-08, VPL reported a profit after tax (PAT) of Rs. 31.90
million on net sales of Rs. 638.50 million, as against a PAT of
Rs. 39.02 million on net sales of Rs. 615.92 million for 2006-07.
VENKATESH LOGISTICS: CRISIL Rates Rs.340MM Cash Credit at 'BB-'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Venkatesh Logistics Pvt Ltd (VLPL).
Rs.340 Million Cash Credit * BB-/Stable (Assigned)
Rs.10 Million Bank Guarantee P4 (Assigned)
* Includes proposed limit of Rs 190 Million
The ratings reflect VLPL's exposure to risks relating to the
fragmented nature of the logistics industry, and aggressive
financial risk policy, leading to high gearing. These weaknesses
are, however, partially offset by VLPL's strong clientele base.
Outlook: Stable
CRISIL believes that VLPL will maintain stable business and
financial profiles over the medium term backed by established
relationships with clients, and expected growth in the industry.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves due to higher cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large, debt-funded capital expenditure (capex).
About Venkatesh Logistics
VLPL, set up in 2004 by Mr. Suresh Chandra Khemka provides road
transportation services. In 2008-09 (refers to financial year,
April 1 to March 31), Wayzata Indian Ocean acquired a 51 per cent
stake in the company. VLPL reported a profit after tax (PAT) of
Rs.30.9 million on net sales of Rs.702 million for 2007-08, as
against a PAT of Rs.5.8 million on net sales of Rs.166 million for
2006-07.
=================
I N D O N E S I A
=================
PT INDOSAT: Q1 Profit Drops 82.4%
---------------------------------
PT Indosat Tbk said its net profit in the first quarter of 2009
plunged 82.4 percent to IDR107.9 billion from IDR613.9 billion in
the same period a year earlier, Antara News reports.
According to the report, Indosat President Director Johnny Swandi
attributed the steep decline in profit to the rupiah's
depreciation against the dollar.
Antara News, citing Mr. Swandi, says income only grew 5.3 percent
to IDR4.497 trillion in the January-March 2009 period from
IDR4.269 trillion in the same period last year.
Operating expenses meanwhile rose 6.3 percent to IDR3.42 trillion
from IDR3.22 trillion, the report notes.
PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia
that provides cellular services (Mentari, Matrix and IM3), fixed
telecommunication services or fixed voice (IDD 001, IDD 008 and
FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta. Indosat also provides 3.5 G
with HSDPA technology. Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
February 27, 2009, Fitch Ratings upgraded PT Indosat Tbk's Long-
term foreign currency Issuer Default Rating to 'BB+' from 'BB-'
(BB minus) and Long-term local currency IDR to 'BBB-' (BBB minus)
from 'BB-' (BB minus). The Outlook is Stable. At the same time,
the ratings on Indosat's senior unsecured notes programme have
been upgraded to 'BB+' from 'BB-' (BB minus).
The TCR-AP also reported on March 23, 2009, that Indosat's
announcement that it intends to solicit consent from creditors to
loosen the Debt/Equity covenant and liken the financial
definitions of the covenants across the company's different debt
instruments, will have no immediate impact on the company's Ba1
local currency corporate family and Ba2 senior unsecured ratings.
=========
J A P A N
=========
PIONEER CORP: Seeks Investment from Honda Motor
-----------------------------------------------
Pioneer Corp. is seeking investment from Honda Motor Co to shore
up its capital, Japan Today reports citing sources familiar with
the matter.
Japan Today relates sources said the company hopes to secure
additional funds from Honda, which is believed to be open to the
request, as a supplement to the state-sponsored corporate
revitalization program Pioneer plans to apply for.
According to Bloomberg News, Pioneer rose to the highest in more
than six months in Tokyo trading after Honda Motor said it's
considering an investment in Pioneer.
Bloomberg News says Pioneer on Thursday, April 23, climbed 23
percent to 397 yen on the Tokyo Stock Exchange, the highest close
since Oct. 15.
Honda will decide soon on whether to invest in Pioneer after
having received a request from the electronics company, Yasuhiro
Wada, a spokesman for the carmaker, told Bloomberg News by a
telephone.
The Troubled Company Reporter-Asia Pacific, citing AFP, reported
on Apr. 23, 2009, that Pioneer Corp said it may seek an injection
of public funds, amid reports the government is considering
pumping about 300 million dollars into the company.
According to AFP, Pioneer spokesman Akio Omachi said one of
the management's top priorities is to boost the company's
finances.
"We are considering seeking public funds as one possible measure,"
the report quoted Mr. Omachi as saying. But nothing definite had
been decided yet, he said.
AFP said Pioneer has forecast a net loss of JPY130 billion for the
last financial year which ended in March, its biggest ever.
About Honda
Based in Japan, Honda Motor Co., Ltd. -- http://world.honda.com/
-- develops, produces and manufactures a variety of motor
products, ranging from small general-purpose engines to specialty
sports cars that incorporate Honda's internal combustion engine
technology. Honda's business segments are motorcycle business,
automobile business, financial services business, and power
product and other businesses. Approximately 96% of Honda's
overseas sales are made through its principal foreign sales
subsidiaries, which distribute Honda's products to local
wholesalers and retail dealers. Sales of Honda motorcycles,
automobiles and power products in Japan are made through different
distribution networks. Honda's products are sold to consumers
primarily by independent retail dealers throughout Japan.
About Pioneer
Headquartered in Tokyo, Japan, Pioneer Corporation (TYO:6773) --
http://www.pioneer.co.jp/-- manufactures and sells electronic
products. The company operates in four business segments. The
Home Electronics segment offers plasma televisions, digital
versatile disc players/recorders/drives, blu-ray disc
players/drives, audio systems, telephones, cable television-
related machines and peripheral equipment. The Car Electronics
segment offers navigation systems, stereos, audio systems,
speakers and peripheral products for automobile uses. The Special
Permission segment offers license agreement for optical discs.
The Others segment offers electroluminescence (EL) displays,
factory automation (FA) equipment, electronic components and
commercial audio and visual (AV) systems. The company has a
global network. The company merged with its subsidiary, Pioneer
Design Corporation and another Tokyo-based subsidiary, on Dec. 1,
2008.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
April 22, 2009, Moody's Investors Service downgraded to B1 from
Ba3 the local currency issuer rating for Pioneer Corporation. The
ratings outlook is negative. This concludes the review for
possible downgrade initiated on October 31, 2008.
The rating action takes into account the subordination of the
company's unsecured debt to its loans. The negative outlook
reflects Moody's concerns that Pioneer's core business will
continue to face severe market conditions and that the company
will need some time before it can improve its profitability and
financial position. At the same time, Moody's notes that the
potential capital/business alliances or financial partnerships the
company is seeking may expedite the recovery of its
competitiveness and financial stability.
SFCG CO: Court To Start Bankruptcy Proceedings
----------------------------------------------
The Tokyo District Court will start bankruptcy proceeding for SFCG
Co., which filed for protection from creditors and rehabilitation
in February, The Japan Times reports citing a lawyer for the firm.
The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on Feb. 24, 2009, that SFCG filed for court protection
from creditors with liabilities totaling about JPY338 billion
(US$3.6 billion). "We can't get funding from almost any financial
firm," Bloomberg News quoted SFCG Chairman Kenshin Ohshima as
saying during a press briefing in Tokyo.
Prior to filing for creditor protection, data compiled by
Bloomberg showed SFCG had a market value of JPY15.8 billion. SFCG
owed Citigroup Inc. JPY71 billion as of July 31, Bloomberg News
related citing a company filing on Oct. 27.
Japan-based SFCG Co Ltd (TYO:8597) is principally engaged in the
finance and investment business. The Company has four business
segments. The Finance and Investment segment is engaged in the
corporate finance business, flooring plan business, investment
business, venture capital and servicer business, among others.
The Real Estate segment is involved in the sale, brokerage and
management of real estate, the provision of real estate-related
information, as well as the provision of real estate evaluation
services. The Sports Product and Food segment manufactures and
sells golf products, foods and others. The Others segment is
engaged in the sale of computer components, the development of
systems and the provision of system support, among others. The
Company has 67 subsidiaries and four associated companies.
TAKEEI CO.: JCR Affirms 'BB+' Rating on Senior Debts
----------------------------------------------------
Japan Credit Rating Agency Ltd ("JCR") has affirmed the BB+/Stable
rating on senior debts of Takeei Co., Ltd.
Takeei Co., Ltd. is a construction/ industrial waste disposal firm
and has a large market share in the Tokyo metropolitan area. The
Company conducts its business ranging from collection and
transportation, intermediate treatment to final disposal of
industrial wastes. Its wide range of operations has raised its
creditworthiness and is a strong point of the Company.
JCR considers that a construction/industrial waste market will
expand over the medium and long term, although the market is
influenced by shrinking construction demand in the private sector.
JCR also considers that tightened regulations on industrial waste
disposal and heightened awareness of recycling of industrial
wastes will give the Company more competitive advantages over
companies in its industry.
JCR said the Company needs to raise its profitability and improve
its net assets, as the Company plans to construct landfill sites
for industrial wastes (leachate-controlled type).
* JAPAN: Registers First Trade Balance Deficit in 28 Years
----------------------------------------------------------
Japan's trade balance plunged into a deficit of JPY725.32 billion
in the year through March, registering the first loss for a fiscal
year in 28 years, The Japan Times reports citing the Finance
Ministry.
Citing a preliminary report from the ministry, Japan Times says
exports dropped a record 16.4 percent in fiscal 2008 from the
previous year to JPY71.14 trillion, the first decline in seven
years while imports fell 4.1 percent to JPY71.87 trillion, also
the first fall in seven years.
According to the report, the latest result came as sharp hikes in
oil and other commodity prices in the first half of fiscal 2008
boosted the value of imports, while the global economic downturn
in the second half increasingly hurt exports to such destinations
as the United States, the European Union and China.
Japan Times discloses that Japanese exports shrank significantly
in cars destined for the United States and Europe as well as in
semiconductors and other electronics products exported to other
parts of Asia.
====================
N E W Z E A L A N D
====================
PROPERTYFINANCE: Seeks Court Injunction to Fend Off Receivership
----------------------------------------------------------------
Propertyfinance Securities Limited ("PFSL"), a primary subsidiary
of Propertyfinance Group Limited, has applied for a High Court
injunction to prevent its trustee, Covenant Trustee Company
Limited, from being able to appoint receivers on the company.
PFSL said the injunction is being sought until it can hold a
previously announced special meeting of stockholders.
"The directors of PFSL, supported by the trustee's independent
expert, are strongly of the view that the receivership provides no
better result for PFSL's stockholders than the revised moratorium
that is to be put to the stockholders' for approval," PFSL said in
a statement.
"The directors strongly believe that it is a fundamental principle
that stockholders' should ultimately make the decision whether or
not to approve the revised moratorium."
As reported in the Troubled Company Reporter-Asia Pacific on
Apr. 22, 2009, the Securities Commission banned Propertyfinance
Securities for advertising a proposed restructure of its
moratorium arrangements.
The Commission said that the advertisements were likely to mislead
investors about the relative advantages and disadvantages of the
proposal as compared with the alternative option of receivership
and did not comply with the law.
PFSL has been advertising its proposed restructure in roadshow
presentations to investors and in briefing notes published on its
website.
About Propertyfinance Group
Based in Christchurch, New Zealand (NZE:PFG) --
http://www.propertyfinance.co.nz/-- Propertyfinance Group
Limited is engaged in lending on first mortgage. The company is
also involved in property related financial services. Some of
the company's subsidiaries include Property Finance Securities
Limited, Property Finance Holdings Limited, Property Finance
Operations CM-2006 Ltd, Property Finance Operations LS-2005 Ltd,
Property Finance Operations RML-2005 Ltd, Property Finance
Operations CM-2005 Ltd, Property Finance Operations RM-2005 Ltd,
Avon Number One Investments Limited and Avon Indemnity Company
Limited.
* * *
Propertyfinance Group Limited reported three consecutive annual
net losses of NZ$6.7 million, NZ$134,000 and NZ$935,000 for the
years ended March 31, 2008, 2007 and 2006, respectively.
The company's primary subsidiary, Propertyfinance Securities
Limited (PFSL), went into receivership last August 2007, owing
about 4000 retail investors NZ$79 million in debentures. The
parent company managed to pull its subsidiary out of receivership
in February 2008.
=================
S I N G A P O R E
=================
OPTIMUM-3 INTERNATIONAL: Pays 2nd Dividend to Unsecured Creditors
-----------------------------------------------------------------
Optimum-3 International Pte Ltd, which is in compulsory
liquidation. paid the second dividend to its unsecured creditors
on April 24, 2009.
The company paid 25% to all admitted claims.
The company's liquidator is:
Goh Boon Kok
1 Claymore Drive #08-11
Orchard Towers Rear Block
Singapore 229594
===========
T A I W A N
===========
ASUSTEK COMPUTER: Plans to Give NT$2/Share Dividend
---------------------------------------------------
Asustek Computer Inc said that its board approved a proposal to
distribute NT$2 cash dividends and 0.2 percent stock dividends per
common share based on its 2008 performance, Taipei Times reports.
The report says the board also proposes to pay NT$52.82 million to
its board members and supervisors for last year, down 60 percent
from 2007.
Taipei Times relates the proposals are subject to shareholders'
approval on June 16.
The company has cut the salary for the vice president level and
above by 30 percent after reporting a loss in the fourth quarter,
the report notes.
Based in Taipei, Taiwan, ASUSTeK Computer Inc. --
http://www.asus.com.tw-- is principally engaged in the provision
of computers, communications and consumer electronics (3C)
solutions. The company offers desktop motherboards, server
motherboards, three-dimension graphics display cards, audio cards,
laptops, servers, ultra mobile personal computers (PCs), mobile
telephones, liquid crystal display (LCD) monitors, broadband
products, pocket PCs, peripherals, optical storages and Eee PCs.
In 2007, the company sold approximately 59 million pieces of
motherboards and 7.1 million notebook computers. The company
distributes its products within the domestic market and to
overseas markets, including Asia-Pacific, the United States,
Canada, Europe and Africa. As of December 31, 2007, the company
had 19 wholly owned subsidiaries.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
March 11, 2009, Fitch Ratings downgraded ASUSTeK Computer Inc.'s
long-term foreign currency issuer default ratings to 'BB+' from
'BBB-' (BBB minus); placed on Rating Watch Negative.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Company Ticker Assets Equity
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16933460.19 -8226075.95
ADVANCE HEALTHCA AHG 16933460.19 -8226075.95
ALLOMAK LTD AMA 40685785.47 -5913422.67
ALLSTATE EXPLORA ALX 16169603.20 -50619940.96
ALLSTATE EXPL-PP ALXCC 16169603.20 -50619940.96
ANTARES ENERGY L AZZ 14174189.76 -6756494.56
ARC EXPLORATION ARX 56414197.69 -20454926.06
AUSMELT LTD AET 10421943.80 -1558622.35
AUSTAR UNITED AUN 448602007.58 -261905005.38
AUSTRAILIAN Z-PP AZCCA 77741918.88 -2566335.24
AUSTRALIAN ZIRC AZC 77741918.88 -2566335.24
BABCOCK & BROWN BCM 7921901248.89 -381294562.59
BIRON APPAREL LT BIC 19706738.17 -2220069.83
BISALLOY STEEL G BIS 54556820.43 -7472108.44
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
CITY PACIFIC LTD CIY 171501648.08 -6383353.75
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
ETW CORP LTD ETW 83708786.34 -58673955.65
FORTESCUE METALS FMG 4293524492.00 -378456209.91
FULCRUM EQUITY L FUL 19209266.15 -3664831.35
JAMES HARDIE NV JHXCC 1827000064.00 -37500000.00
JAMES HARDIE-CDI JHX 1827000064.00 -37500000.00
LAFAYETTE MIN LAF 105239389.93 -190859526.77
MAC COMM INFR-CD MCGCD 8104415200.76 -103343256.49
MACQUARIE COMMUN MCG 8104415200.76 -103343256.49
METAL STORM LTD MST 14309243.10 -5126410.11
TOOTH & CO LTD TTH 143720715.19 -94300033.83
VERTICON GROUP VGP 21729291.58 -11591492.96
VIDELLI LTD VID 78516329.21 -5679479.23
CHINA
ALONG TIBET CO-A 600773 10333935.67 -913954.99
AMOI ELECTRONICS 600057 414934259.50 -30399649.61
ANHUI KOYO GROUP 000979 60298626.62 -47685854.30
CHANG LING GROUP 000561 49675731.32 -115810769.64
CHENGDU UNION-A 000693 59526570.13 -188881.87
CHINA KEJIAN-A 000035 65124488.98 -167311537.11
CHINESE.COM LOGI 000805 13883647.68 -8947568.12
DANDONG CHEM F-A 000498 115942688.34 -91597754.91
FUJIAN SANNONG-A 000732 65238961.39 -54995633.00
FUJIAN START-A 600734 105659572.63 -14337777.19
GUANGDONG HUAL-A 600242 22465173.76 -2740933.18
GUANGDONG KEL-A 000921 710500493.66 -81769686.15
GUANGMING GRP FU 000587 62369338.74 -12083332.13
GUANGXIA YINCH-A 000557 53463085.53 -61325483.02
HEBEI BAOSHUO CO 600155 313380313.25 -212285683.69
HEBEI JINNIU C-A 600722 223470984.32 -222746304.24
HISENSE ELEC-H 921 710500493.66 -81769686.15
HUATONG TIANXI-A 600225 73838152.81 -41138558.42
HUDA TECHNOLOG-A 600892 20117117.87 -1494139.58
HUNAN ANPLAS CO 000156 83999120.28 -81350940.74
HUNAN AVA HOLDIN 000918 176943487.87 -11256248.54
JIAOZUO XIN'AN-A 000719 50815905.85 -25450082.53
MIANYANG GAO-A 600139 30657523.00 -12436839.12
QINGHAI SUNSHI-A 600381 52481259.62 -33816335.98
SHANG WORLDBES-A 600094 327982181.09 -175167931.11
SHANG WORLDBES-B 900940 327982181.09 -175167931.11
SHENZ CHINA BI-A 200017 29379003.11 -244527119.11
SHENZ CHINA BI-B 200017 29379003.11 -244527119.11
SHENZ SEG DASH-A 000007 101024087.57 -1144993.15
SHENZHEN DAWNC-A 000863 36847332.84 -142582249.37
SHENZHEN KONDA-A 000048 155014461.99 -24446764.56
SHENZHEN SHENXIN 000034 44989232.03 -113368102.97
SICHUAN DIRECT-A 000757 128549383.42 -102619767.95
STELLAR MEGAUNIO 000892 64925448.82 -162463426.22
SUCCESS INFORMAT 000517 30118378.44 -14826121.30
SUNTEK TECHNOLOG 600728 44691434.84 -22949595.64
SUNTIME INTERN-A 600084 355378023.17 -100009910.49
TAIYUAN TIANLON 600234 12693007.72 -51581680.70
TIANJIN MARINE 600751 75440814.59 -26602770.52
TIANJIN MARINE-B 900938 75440814.59 -26602770.52
TIBET SUMMIT I-A 600338 63612758.53 -10426824.98
TOPSUN SCIENCE-A 600771 232677660.69 -131983172.54
WINOWNER GROUP C 600681 21498115.00 -81284231.50
XIAMEN OVERSEAS 600870 433188523.84 -13781679.05
YUEYANG HENGLI-A 000622 40266532.05 -14337174.21
ZHANGJIAJIE TO-A 000430 46479019.96 -4406094.66
HONG KONG
APTUS HLDGS LTD 8212 54183295.49 -5233351.51
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
CHIA TAI ENTERPR 121 313740803.76 -49562387.78
CHINA HEALTHCARE 673 29513119.73 -7815705.47
CORE HEALTHCARE 8250 27890609.26 -11660364.96
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
EMPEROR ENTERTAI 8078 35493733.40 -2976735.60
NEW CITY CHINA 456 113178595.41 -9932226.54
PALADIN LTD 495 186461196.61 -9780904.71
PALADIN LTD -PRE 642 186461196.61 -9780904.71
SANYUAN GROUP LT 140 17768260.98 -2131329.68
WAI CHUN MINING 660 20322907.97 -8149450.16
INDIA
ALCOBEX METALS AML 27036820.49 -16751727.41
APPLE FINANCE APL 70832103.73 -29253849.19
ARTSON ENGR ART 10310745.75 -705781.13
ASHIMA LTD ASHM 83553376.09 -43417749.51
BALAJI DISTILLER BLD 59974008.41 -50890026.26
BELLARY STEELS BSAL 512415670.40 -101442229.54
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
CFL CAPITAL FIN CEATF 20637497.85 -48884440.84
CORE HEALTHCARE CPAR 185364966.99 -241912027.81
DIGJAM LTD DGJM 98769193.78 -14623833.58
DISH TV IND-PP DITVPP 239183121.60 -13093854.23
DISH TV INDIA DITV 239183121.60 -13093854.23
DUNCANS INDUS DAI 164653351.85 -220922929.88
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GUJARAT SIDHEE GSCL 59440728.18 -660003.43
GUJARAT STATE FI GSF 30159595.18 -234918081.46
HIMACHAL FUTURIS HMFC 633329926.05 -104792044.71
HINDUSTAN PHOTO HPHT 93725753.93 -1229352757.43
HMT LTD HMT 206932743.85 -263572925.12
ICDS ICDS 13300348.69 -6171079.46
IFB INDS LTD IFBI 50668510.63 -65490798.77
JCT ELECTRONICS JCTE 122542558.60 -49996834.55
JENSON & NIC LTD JN 15734678.26 -92089109.12
JK SYNTHETICS JKS 20208078.76 -2171303.89
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 37538318.01 -41771703.35
LLOYDS METALS LYDM 76625324.31 -409399.15
LLOYDS STEEL IND LYDS 392561769.16 -102160401.76
MILLENNIUM BEER MLB 39726352.09 -732186.48
NATH PULP & PAP NPPM 11602126.35 -34768739.20
ORIENT PRESS LTD OP 15616522.24 -10040802.92
OSWAL SPINNING OWSW 18536688.83 -4258142.35
PANCHMAHAL STEEL PMS 51024827.03 -325116.26
PANYAM CEMENTS PYC 30241162.87 -9403739.61
PARASRAMPUR SYN PPS 111971290.89 -317111727.95
PAREKH PLATINUM PKPL 61081050.43 -88849040.15
PTL ENTERPRIESES PTLE 54293986.93 -397481.92
RATHI ISPAT LTD RTIS 44555929.56 -3933592.50
REMI METALS GUJA RMM 82273746.28 -1650461.11
ROLLATAINERS LTD RLT 22965755.05 -22244556.92
ROYAL CUSHION RCVP 29192373.45 -73115309.68
RPG CABLES LTD RPG 51431409.37 -20192930.18
SEN PET INDIA LT SPEN 13283611.52 -25431862.10
SHREE RAMA MULTI SRMT 81405835.45 -64134056.23
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SPICE COMMUNICAT SPCM 263692459.52 -19679192.67
STI INDIA LTD STIB 44107456.00 -300149.59
TATA TELESERVICE TTLS 857960649.86 -50009972.82
TRANS FREIGHT TFC 14196928.74 -9623049.18
TRIVENI GLASS TRSG 34542881.89 -6209872.78
UNIWORTH LTD WW 178225972.59 -131624807.91
USHA INDIA LTD USHA 12064900.61 -54512967.31
WIRE AND WIRELES WNW 106984536.93 -23622538.56
INDONESIA
BUKAKA TEKNIK UT BUKK 64091324.54 -99365767.69
DAYA SAKTI UNGGU DSUC 29016063.42 -8041060.32
ERATEX DJAJA ERTX 22390016.89 -5709537.72
JAKARTA KYOEI ST JKSW 37212505.22 -39286774.25
KARWELL INDONESI KARW 22659332.94 -1923983.20
MULIA INDUSTRIND MLIA 329626279.29 -438147831.29
PANCA WIRATAMA PWSI 30758367.68 -30598686.04
POLYSINDO EKA PE POLY 547415431.67 -779982804.73
PRIMARINDO ASIA BIMA 12520821.69 -19874326.35
STEADY SAFE TBK SAFE 15620539.46 -3202860.09
SURABAYA AGUNG SAIP 222819808.76 -101236552.84
TEIJIN INDONESIA TFCO 199177024.00 -55412900.00
UNITEX TBK UNTX 16404917.89 -11637278.20
JAPAN
APRECIO CO LTD 2460 15981315.82 -2395526.71
ATRIUM CO LTD 8993 3004532577.65 -555330991.82
L CREATE CO LTD 3247 42344509.56 -9146496.90
LIFE STAGE CO LT 8991 140521332.90 -4256881.43
LINK CONSULTING 4798 20858257.56 -22890695.36
LINK ONE 2403 12290544.83 -5772835.00
MOC CORP 2363 56468378.86 -18149241.94
MORISHITA CO LTD 3594 168223801.88 -2415401.06
OPEN INTERFACE I 4302 32715547.40 -5699491.16
PION CO LTD 2799 50289757.53 -4685410.43
PLACO CO LTD 6347 26260220.44 -997325.51
SOWA JISHO CO LT 3239 54007939.02 -15643863.67
TERRANETZ CO LTD 2140 11633353.37 -4293462.63
KOREA
COSMOS PLC 053170 19306498.60 -4948161.34
DAHUI CO LTD 055250 186003859.24 -1504246.54
DAISHIN INFO 020180 740500919.30 -158453978.78
FATOMENT 025460 28429133.98 -13916561.10
FIRST FIRE & MAR 000610 2044031310.36 -1780221.91
HECENAT CO LTD 036270 18221252.73 -32166924.53
ORICOM INC 010470 82645454.13 -40039161.33
SEJI CO LTD 053330 37246628.39 -311069.32
SINJISOFT CORP 078700 12760558.03 -21014927.26
STARMAX CO LTD 017050 73128066.52 -5536410.53
TONG YANG MAGIC 023020 355147750.92 -25767007.75
MALAYSIA
BSA INTERNATIONA BSAI 64645666.63 -41780061.34
ENERGREEN CORP ECB 25339141.27 -43055041.82
LITYAN HLDGS BHD LIT 22219653.83 -28844509.51
NIKKO ELECTRONIC NIKKO 11848555.26 -8049133.18
PANGLOBAL BHD PGL 154526312.03 -196600884.35
PECD BHD PECD 192983533.96 -369308385.35
WONDERFUL WIRE WW 13595954.15 -12213873.19
WWE HOLDINGS BHD WWE 67986614.2 -3400656.26
NEW ZEALAND
DOMINION FINANCE DFH 258902749.12 -55312405.88
PHILIPPINES
APEX MINING-A APX 55266898.93 -1972871.63
APEX MINING 'B' APXB 55266898.93 -1972871.63
BENGUET CORP-A BC 77132198.94 -30611028.96
BENGUET CORP 'B' BCB 77132198.94 -30611028.96
CENTRAL AZUC TAR CAT 35737315.17 -1803678.01
CYBER BAY CORP CYBR 14850182.71 -74298813.45
EAST ASIA POWER PWR 72744279.35 -136684406.25
FIL ESTATE CORP FC 43031377.81 -10925320.95
FILSYN CORP A FYN 24839570.79 -11373621.32
FILSYN CORP. B FYNB 24839570.79 -11373621.32
GOTESCO LAND-A GO 18684576.24 -10863822.41
GOTESCO LAND-B GOB 18684576.24 -10863822.41
MRC ALLIED MRC 14947958.51 -747373.28
PICOP RESOURCES PCP 105659068.50 -23332404.14
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 65657779.51 -57306280.77
VICTORIAS MILL VMC 178060236.02 -36659989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 15738651.44 -8778195.07
CHUAN SOON HUAT CSH 35287522.69 -11167501.56
FALMAC LTD FAL 10907421.75 -5669361.14
HL GLOBAL ENTERP HLGE 105185881.93 -8816485.24
INFORMATICS EDU INFO 24731271.45 -5096073.27
LINDETEVES-JACOB LJ 160132958.13 -73605538.13
OCEAN INTERNATIO OCEAN 61659949.85 -13720313.13
SUNMOON FOOD COM SMOON 16158450.92 -13753828.36
WESTECH ELECTRON WTE 28098021.50 -12602338.58
TAIWAN
CHIEF CONST-ENT 2522R 215175465.17 -21152197.10
CHIEF CONST-ENTL 2522S 215175465.17 -21152197.10
CHIEF CONST-ENTL 2522T 215175465.17 -21152197.10
CHIEN TAI CEMENT 1107 213252699.79 -8622456.43
HELIX TECHNOL-EC 2479S 29014861.50 -18177223.18
HELIX TECH-EC 2479T 29014861.50 -18177223.18
HELIX TECH-EC IS 2479U 29014861.50 -18177223.18
PROTOP TECHNOLOG 2410 36409983.56 -22412206.18
UNICAP ELECT-EC 5307R 133883064.40 -19055700.01
UNICAP ELECT-EC 5307S 133883064.40 -19055700.01
UNICAP ELECT-ENT 5307T 133883064.40 -19055700.01
YEU TYAN MACHINE 8702 39574168.04 -271070409.72
THAILAND
ABICO HOLDINGS ABICO 16687406.79 -9849452.81
ABICO HOLD-NVDR ABICO-R 16687406.79 -9849452.81
ABICO HLDGS-F ABICO/F 16687406.79 -9849452.81
BANGKOK RUB-NVDR BRC-R 86059276.81 -66357490.80
BANGKOK RUBBER BRC 86059276.81 -66357490.80
BANGKOK RUBBER-F BRC/F 86059276.81 -66357490.80
CENTRAL PAPER IN CPICO 10220356.04 -216074904.26
CENTRAL PAPER-NV CPICO-R 10220356.04 -216074904.26
CENTRAL PAPER-F CPICO/F 10220356.04 -216074904.26
CIRCUIT ELEC PCL CIRKIT 61295807.28 -25886476.66
CIRCUIT ELE-NVDR CIRKIT-RTB 61295807.28 -25886476.66
CIRCUIT ELEC-FRN CIRKIT/F 61295807.28 -25886476.66
DATAMAT PCL DTM 12690638.93 -6132014.29
DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.29
DATAMAT PLC-F DTM/F 12690638.93 -6132014.29
ITV PCL ITV 32184803.45 -75222598.62
ITV PCL-NVDR ITV-R 32184803.45 -75222598.62
ITV PCL-FOREIGN ITV/F 32184803.45 -75222598.62
K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29
K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29
K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29
KUANG PEI SAN POMPUI 17146363.89 -12117287.24
KUANG PEI-NVDR POMPUI-RTB 17146363.89 -12117287.24
KUANG PEI SAN-F POMPUI/F 17146363.89 -12117287.24
MALEE SAMPRAN MALEE 56829657.96 -6993880.74
MALEE SAMPR-NVDR MALEE-R 56829657.96 -6993880.74
MALEE SAMPRAN-F MALEE/F 56829657.96 -6993880.74
SAFARI WORLD PUB SAFARI 101174462.93 -16589186.57
SAFARI WORL-NVDR SAFARI-RTB 101174462.93 -16589186.57
SAFARI WORLD-FOR SAFARI/F 101174462.93 -16589186.57
SAHAMITR PRESSUR SMPC 31177710.43 -14940579.60
SAHAMITR PR-NVDR SMPC-R 31177710.43 -14940579.60
SAHAMITR PRESS-F SMPC/F 31177710.43 -14940579.60
SUNWOOD INDS PCL SUN 29427364.98 -6703524.31
SUNWOOD INDS-NVD SUN-R 29427364.98 -6703524.31
SUNWOOD INDS-F SUN/F 29427364.98 -6703524.31
THAI-DENMARK PCL DMARK 15715462.27 -10102519.69
THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69
THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69
UNIVERSAL STARCH USC 80642846.98 -54988407.82
UNIVERSAL S-NVDR USC-R 80642846.98 -54988407.82
UNIVERSAL STAR-F USC/F 80642846.98 -54988407.82
*********
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 ***