/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/090602.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, June 2, 2009, Vol. 12, No. 107 Headlines A U S T R A L I A MAXIMUS RESOURCES: To Sell Bird-in-Hand Gold Project OZ MINERALS: FIRB Okays Sale of Martabe Project to China Sci-Tech PAPERLINX LIMITED: Sells Australian Paper Business to Nippon Paper REDBANK PROJECT: S&P Junks Rating on AU$252 Million Bank Debt H O N G K O N G BEST WESTERN: Lai and Haughey Step Down as Liquidators CHINA ECO-HOTEL: Members' Final General Meeting Set for June 29 CHINALANDMARK.COM: Placed Under Voluntary Wind-Up CRYSTAL JADE: Wu and Lam Step Down as Liquidators DRAGON WISE: Placed Under Voluntary Wind-Up FRANSISCO COMPANY: Creditors' Proofs of Debt Due on June 19 GOLDEN GATE: Creditors' Proofs of Debt Due on June 19 HONG KONG SKI: Members' Final General Meeting Set for June 30 MAXTONE ENTERPRISES: Creditors' Proofs of Debt Due on June 29 MAZI (HONG KONG): Creditors' Proofs of Debt Due on June 30 MOBILEGATE LIMITED: Creditors' Meeting Set for June 8 NHH INTERNATIONAL: Placed Under Voluntary Wind-Up PEREGRINE BROKERAGE: Hague and Osborn Step Down as Liquidators THE HONG KONG CEMENT: Placed Under Voluntary Wind-Up WAT HONG KONG: Appoints Leung Chui Mei as Liquidator I N D I A GUJARAT SPICES: CRISIL Reaffirms 'BB+' Ratings on Various Loans JB DIAMONDS: CARE Junks Rating on INR702cr LT Bank Facilities RP BASMATI: Low Net Worth Prompts CRISIL to Assign 'BB' Ratings TATA MOTORS: Names Telang as its New Managing Director TATA MOTORS: Profit Falls 50.7% in Fiscal Year Ended March 31 TATA STEEL UK: Banks Approve Covenant Reset on GBP3.7 Bln Loan TREHAN PROMOTERS: Delay in Loan Repayment Cues CRISIL 'C' Rating VIMAL OIL: CRISIL Reaffirms 'BB+' Ratings on INR19 Mln Term Loans I N D O N E S I A BANK MANDIRI: Expects Low Credit for Financing Companies in 2009 INDIKA ENERGY: Sets Aside US$300 Million for More Acquisitions MOBILE-8 TELECOM: Wants New Business Plan to Attract Investors J A P A N KIRAYAKA BANK: JCR Affirms 'BB+' Rating on Subordinated Bonds SHINGINKO TOKYO: Posts JPY10.5 Billion Net Loss in FY2008 K O R E A SSANGYONG MOTOR: Auto Sales Fell 60% in May M A L A Y S I A IDAMAN UNGGUL: Bourse to Suspend Trading of Securities on June 5 N E W Z E A L A N D DORCHESTER PACIFIC: Posts NZ$25.4 Mln Loss in Year Ended March 31 HANOVER FINANCE: Exposure to Failed Projects May Affect Moratorium * NEW ZEALAND: Building Consents in April 2009 Rise 4.5% S I N G A P O R E HOCEN INTERNATIONAL: Creditors' Proofs of Debt Due on June 12 ISHIKARI SHIPPING: Creditors' Proofs of Debt Due on June 29 MARICA SHIPPING: Creditors' Proofs of Debt Due on June 29 RUSINA SHIPPING: Creditors' Proofs of Debt Due on June 29 X X X X X X X X * BOND PRICING: For the Week May 25 to May 29, 2009 - - - - - ================= A U S T R A L I A ================= MAXIMUS RESOURCES: To Sell Bird-in-Hand Gold Project ---------------------------------------------------- Maximus Resources Limited has put its high-grade Bird-in-Hand gold project in the Adelaide Hills up for sale. The company said the sale is part of the asset rationalisation previously flagged by Maximus to restructure, boost cash reserves and focus on existing or new minerals assets with nearer term production and revenue potential. Joining the Bird-in-Hand sales package is a suite of 12 gold exploration tenements in other Adelaide Hills areas around the project’s Woodside location. The Company also reiterated its intention to dispose of all or some of its stake in the Windimurra uranium resource and the Ironstone Well gold project – both assets located in Western Australia. Maximus said it is currently retaining the Sellheim alluvial gold mine south of Townsville in north Queensland and the Windimurra- Narndee base metals project in Western Australia where a recent airborne electromagnetic survey has delineated 24 first order EM conductors believed to represent strong nickel and copper-zinc prospects. "We anticipate that the sale process, for all or part of the assets offered, can lead to Maximus emerging in a much stronger financial position to progress those opportunities we identify as having the likelihood of nearer term production," Maximus Managing Director, Dr. Kevin Wills said in a statement. "The global financial crisis has severely restricted our ability to drive the transition of Bird-in-Hand to commercial fruition – something more likely possible with a future owner able to ensure the project’s long-term viability," Dr. Wills said. "By offering Bird-in-Hand on a preferred whole-of-project basis, and with a large proven resource, we believe it will have wider market appeal. "While we will entertain part asset disposals, a total project sale for Bird-in-Hand would seem preferable to a joint venture in ensuring this exciting gold project matures as early as possible to its full potential," Dr. Wills said. The Bird-in-Hand deposit contains an Indicated and Inferred JORC- compliant mineral resource with the mineralisation open at depth and potentially also open to the north. In addition, Maximus said it has secured conditional State Government approval to conduct a pumping and injection test to prove the resilience of the local aquifer to withstand depressurisation – that approval is expected to be transferable to any new project owner. The additional exploration rights being offered with Bird-in-Hand cover 12 historic goldfields in the Adelaide Hills area and whose total tenement footprint has a large exploration target for gold. Expressions of Interest for the Bird-in-Hand and the other individual tenements, including the historic Deloraine, New Era, Eureka and Scotts Reef goldfields, close on June 19 ahead of the selection of preferred bidders. About Maximus Resources Maximus Resources Limited (ASX:MXR)-- http://www.maximusresources.com/-- is an Australia-based company engaged in gold, nickel, uranium, copper, platinum and other minerals exploration. Eromanga Uranium Limited is a subsidiary of the Company. The Company has a portfolio of projects with potential for the discovery of uranium, gold, copper, nickel and platinum group element (PGE) deposits. The Company’s projects include Windimurra Uranium Prospect and Bird-in-Hand Gold Prospect. * * * Maximus Resources reported a net loss of AU$1.12 million for the year ended June 30, 2008 -- its third consecutive annual loss. In 2007, the company posted a AU$812,172 net loss. Maximus Resources also reported a AU$659,028 net loss for 2006. OZ MINERALS: FIRB Okays Sale of Martabe Project to China Sci-Tech ----------------------------------------------------------------- OZ Minerals Limited said that the Foreign Investment Review Board ("FIRB") has approved China Sci-Tech (CST) Holdings Limited's proposal to acquire OZ Minerals'sinterest in the Martabe Project, including the Project's subsequent proposed acquisition by Smart Rich Energy Finance (Holdings) Limited (or its wholly owned subsidiary). "This is an important step towards completion of the sale of Martabe and we continue to work with CST in order to complete the transaction towards the end of June" OZ Minerals Chairman Barry Cusack said in a statement. The FIRB approval satisfies one of the conditions precedent to the sale and still requires approval from CST shareholders and the consent of certain OZ Minerals banks. As reported in the Troubled Company Reporter-Asia Pacific on April 27, 2009, OZ Minerals sold its Martabe gold and silver project in North Sumatra, Indonesia, to China Sci-Tech Holdings Limited ("CST") for US$211 million in cash. CST has agreed to pay a deposit of US$10 million upon signing and the balance of US$201 million upon completion of the transaction, which is expected by early June 2009, OZ Minerald said in a statement on April 24. OZ Minerals said it will also be reimbursed by CST for an estimated expenditure of US$7.5 million on the project since April 1 through to the completion date. The sale is not conditional on financing, and CST will fund the acquisition from cash on hand. However, it is conditional on the consent of certain of OZ Minerals' lenders, CST's shareholders and Australia's FIRB. About OZ Minerals OZ Minerals Limited, formerly Oxiana Limited, -- http://www.ozminerals.com/-- is an Australia-based mining company. The company is a producer of zinc, copper, lead, gold and silver. OZ Minerals was formed through a merger of Australia- based international mining companies Oxiana Limited and Zinifex Limited. The company has five mining operations located in Australia and Asia, three new mining projects in development and a portfolio of advanced and early-stage exploration projects throughout Australia, Asia and North America. Its projects include the Century mine in Queensland, Sepon copper operation in Laos, the gold operation at Sepon, the Golden Grove underground base and precious metals mine in Western Australia, the Rosebery mine in Tasmania, the Avebury nickel mine in Tasmania, the Prominent Hill copper-gold project in South Australia, the Martabe gold project in Indonesia, the Dugald River deposit in Queensland, and the Izok Lake and High Lake copper and zinc deposits in the Nunavut territories of Canada. * * * As reported by the Troubled Company Reporter-Asia Pacific on December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's Long-term foreign currency Issuer Default Rating to 'CC' from 'BBB-' (BBB minus), and has simultaneously withdrawn it. The rating remained on Rating Watch Negative at the time of withdrawal. PAPERLINX LIMITED: Sells Australian Paper Business to Nippon Paper ------------------------------------------------------------------ PaperlinX Limited said it has completed the sale of its Australian manufacturing business, Australian Paper, to Nippon Paper Group, Inc. ("Nippon Paper"). "This sale completes a major step in the transformation of PaperlinX and the receipt of the AU$600 million initial purchase price today strengthens our financial profile at a time of volatility and uncertainty in global economic markets," PaperlinX Chairman David Meiklejohn said in a statement. PaperlinX Managing Director, Tom Park said, "This divestment allows us to concentrate on our core paper merchanting business. There has been continued deterioration across all markets during the year and this has impacted full year performance. We have, however, successfully completed a number of key activities over the past year as we have worked to keep ahead of the sharp deterioration in the global economic environment and its impact on our industry, including property sales, an equity raising and significant internal cost reductions." "PaperlinX is now moving from a period where we have had high internal demand for capital for the completion of the pulp mill at Maryvale, to a period where we expect to be able to further secure our future through tight working capital management and ongoing debt reduction." In addition to the sale proceeds, PaperlinX will share in an earn- out arrangement that allows it to participate in positive earnings growth of the divested operations over the next three years. This is capped at AU$100 million over that period and is a 50:50 sharing of EBITDA above an agreed target level. As previously reported the sale excludes the two Tasmanian mills at Burnie and Wesley Vale. A detailed review of these operations is expected to complete by the end of June 2009. Potential outcomes of the review include retention of the existing business, partial closure, closure or sale. PaperlinX recorded an impairment in the carrying value of the fixed assets of Australian Paper of AU$(567.5) million in its interim results released in February. A loss on sale adjustment of approximately AU$(150) million will be reported in the 2009 accounts. In agreement with PaperlinX’s key lenders, a AU$500 million immediate pay down in debt owing to those lenders will be made. A further AU$70 million (representing approximate net asset adjustments) is expected to be received in 90 - 120 days and will also be used to further pay down debt owing to those lenders. As a part of these pay down arrangements, the terms to apply to the balance of the key lenders’ debt must be agreed and documented by August 31, with the essential principles to govern those terms having been agreed. These principles include requirements for debt owing to PaperlinX’s main lending syndicate to be extended or repaid by February 2011 and PaperlinX’s outstanding US notes to be redeemed on new maturity dates falling in August 2013, August 2014 and August 2015. Permanent waivers by all applicable lenders in relation to covenant breaches at December 2008 and March 2009 have been confirmed. PaperlinX must gain approval from its lending syndicate and holders of its US notes before declaring dividends or making distribution payments on its ordinary shares and PaperlinX SPS Trust securities. Current business conditions remain difficult, with weak economic conditions impacting sales volumes in all markets. This has been exacerbated over recent months by significant inventory reductions throughout the supply chain. The 20-25% approximate reduction in sales volumes versus the prior year being experienced in the second half from the above factors has impacted operating earnings, with full year divisional EBIT (reported EBIT before Corporate and significant items) expected to be 30-35% lower than in the prior year, while reported EBIT before significant items will be further reduced by around AU$95 million in costs relating to ongoing corporate overheads, previously announced FX losses and bank/note holder charges, consultants costs for lenders and related waiver fees. Demand is expected to increase as economic activity improves; however the inventory replenishment cycle is expected to begin earlier. Mill capacity reductions, both temporary and permanent, have helped reduce the impact of demand weakness on market pricing, while cost reductions and mix improvements within PaperlinX have partially mitigated margin impacts. "This has been a complex transaction to undertake, especially in such turbulent markets. I would like to thank all those who have worked so hard to get to this point. I would also like to wish Australian Paper well under the new ownership of Nippon Paper and thank the people in Australian Paper for their support through this unsettling period," Mr. Park said. The Troubled Company Reporter-Asia Pacific on April 2, 2009, reported PaperlinX said its lenders and note holders have extended waivers relating to the company's non-compliance with certain of its financial ratio covenants. The waivers have been extended to May 31, 2009, pending either completion of the sale of Australian Paper or agreement over alternative long term arrangements, PaperlinX said in a statement. PaperlinX said Feb. 16 its lenders and note holders have provided waivers in respect of the non-compliance by the company with certain of its financial ratio covenants for the period ending December 31, 2008. About PaperlinX Australia-based PaperlinX Limited (ASX:PPX) -- http://www.paperlinx.com.au/-- is a fine paper merchant and manufacturer of communication and packaging paper. PaperlinX employs over 9,600 people in 28 countries. REDBANK PROJECT: S&P Junks Rating on AU$252 Million Bank Debt ------------------------------------------------------------- Standard & Poor's Ratings Services said that it had lowered its ratings on Redbank Project Pty Ltd.'s AU$252 million bank debt to 'CCC+', from 'B'. At the same time, the underlying ratings on A$170 million of bonds issued by RB Pass Through Pty Ltd., a debt- repacking vehicle for Redbank's senior debt, were lowered to 'CCC+', from 'B'. The rating outlooks on debt issued by both entities were placed on CreditWatch with negative implications. "The rating downgrades reflect the Redbank project's weak liquidity and the power plant's history of, and risk of, continued poor and unstable operations," Standard & Poor's credit analyst Parvathy Iyer said. "In our opinion, liquidity may be affected in the short term by the potential review in June 2009 of Redbank's liquidity facilities by the project's lenders and any subsequent changes to these facilities. S&P believes these facilities are critical to maintaining the project's liquidity because they provide Redbank the financial flexibility to manage unexpected operational problems." In S&P's view, Redbank has been highly reliant on its liquidity facilities to meet the costs associated with its operational problems; however, debt service continues to be supported by its undrawn six-month debt-service reserve. If the lenders' review of these facilities results in a reduced commitment and Redbank do not replace the facilities with alternate arrangements, the project's liquidity will be severely weakened. Given Redbank's very weak credit metrics, there is minimal headroom to withstand any adverse movements in the pricing or terms and conditions of these facilities. Ms. Iyer added: "The CreditWatch could be resolved and the rating could revert to a stable outlook if Redbank refinances its liquidity facilities at terms and conditions no worse than its existing facilities. If the lenders withdraw or reduce Redbank's liquidity facilities or introduce more onerous terms and conditions, including pricing, another rating downgrade is likely." ================ H O N G K O N G ================ BEST WESTERN: Lai and Haughey Step Down as Liquidators ------------------------------------------------------ On May 19, 2009, Lai Kar Yan, Derek and Darach Eoghan Haughey stepped down as liquidators of Best Western (Hong Kong) Limited. CHINA ECO-HOTEL: Members' Final General Meeting Set for June 29 --------------------------------------------------------------- The members of China Eco-Hotel Investments Limited will hold their final general meeting on June 29, 2009, at 9:00 a.m., at the 29th Floor of Caroline Centre, Lee Gardens Two, in 28 Yun Ping Road, Hong Kong. At the meeting, Chen Yung Ngai Kenneth, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CHINALANDMARK.COM: Placed Under Voluntary Wind-Up ------------------------------------------------- At an extraordinary general meeting held on May 20, 2009, the members of ChinaLandmark.com Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: To Fung Wo Chinachem Century Tower, 31st Floor 178 Gloucester Road Wanchai, Hong Kong CRYSTAL JADE: Wu and Lam Step Down as Liquidators ------------------------------------------------- On April 6, 2009, Wu Shek Chun Wilfred and Lam Siu Wing stepped down as liquidators of Crystal Jade La Mian Xiao Long Bao (Taikoo) Limited. DRAGON WISE: Placed Under Voluntary Wind-Up ------------------------------------------- At an extraordinary general meeting held on May 22, 2009, the shareholders of Dragon Wise Trading Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Cheung Chui Ping Times Media Centre, 9th Floor 133 Wanchai Road Wanchai, Hong Kong FRANSISCO COMPANY: Creditors' Proofs of Debt Due on June 19 ----------------------------------------------------------- The creditors of Fransisco Company Limited are required to file their proofs of debt by June 19, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 19, 2009. The company's liquidators are: Ying Hing Chiu Chan MI Har Three Pacific Place, Level 28 1 Queen's Road East Hong Kong GOLDEN GATE: Creditors' Proofs of Debt Due on June 19 ----------------------------------------------------- The creditors of Golden Gate (Asia Pacific) Limited are required to file their proofs of debt by June 19, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 20, 2009. The company's liquidator is: Hannah Chan Yuen Han EIB Centre, Unit A, 13th Floor No. 40-44 Bonham Strand Sheung Wan, H.K. HONG KONG SKI: Members' Final General Meeting Set for June 30 ------------------------------------------------------------- The members of Hong Kong Ski Club Limited will hold their meeting on June 30, 2009, at 11:00 a.m., at House 41 of Manderly Garden, in 48 Deep Water Bay Road, Hong Kong. At the meeting, Wu Wallen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MAXTONE ENTERPRISES: Creditors' Proofs of Debt Due on June 29 ------------------------------------------------------------- The creditors of Maxtone Enterprises Limited are required to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 18, 2009. The company's liquidators are: Ho Chiu Lung Michael Alliance Building Room 603, 6th Floor 130-136 Connaught Road Central Hong Kong MAZI (HONG KONG): Creditors' Proofs of Debt Due on June 30 ---------------------------------------------------------- The creditors of Mazi (Hong Kong) Limited are required to file their proofs of debt by June 30, 2009, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 19, 2009. The company's liquidators are: Natalia Seng Sze Ka Mee Cynthia Wong Tak Yee Three Pacific Place, Level 28 1 Queen's Road East Hong Kong MOBILEGATE LIMITED: Creditors' Meeting Set for June 8 ----------------------------------------------------- The creditors of Mobilegate Limited will hold their meeting on June 8, 2009, at 11:00 a.m., at the 15th Floor of Hutchison House, 10 Harcourt Road, in Central, Hong Kong. At the meeting, the creditors will be asked to appoint a liquidator and consider matters relevant to creditors' voluntary wind-up. NHH INTERNATIONAL: Placed Under Voluntary Wind-Up ------------------------------------------------- At an extraordinary general meeting held on May 18, 2009, the members of NHH International Trading Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Chan Che Wai Hing Yip Commercial Centre, 17th Floor 272-284 Des Voeux Road Central, Hong Kong PEREGRINE BROKERAGE: Hague and Osborn Step Down as Liquidators -------------------------------------------------------------- On May 20, 2009, David Richard Hague and Donald Edward Osborn stepped down as liquidators of Peregrine Brokerage Limited. THE HONG KONG CEMENT: Placed Under Voluntary Wind-Up ---------------------------------------------------- At an extraordinary general meeting held on May 15, 2009, the members of The Hong Kong Cement Association Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Lui Wan Ho To Chi Man Olympia Plaza, Room 1701 255 King's Road, North Point Hong Kong WAT HONG KONG: Appoints Leung Chui Mei as Liquidator ---------------------------------------------------- On May 19, 2009, the creditors of Wat Hong Kong Limited appointed Leung Chui Mei as the company's liquidator. The Liquidator can be reached at: Leung Chui Mei Prosperous Building Room 502, 5th Floor 48-52 Des Voeux Road Cenral Central, Hong Kong ========= I N D I A ========= GUJARAT SPICES: CRISIL Reaffirms 'BB+' Ratings on Various Loans --------------------------------------------------------------- CRISIL's ratings on the bank facilities of Gujarat Spices & Oil Seeds Growers Cooperative Union Ltd (GSOGCU) continue to reflect the union's weak financial risk profile, low profit margins due to the commoditised nature of the edible oil refining business, and high working capital requirements. These weaknesses are mitigated by incentives provided by the government, favourable location of GSOGCU's manufacturing facility, and healthy growth in revenues. INR153 Million Cash Credit Limits BB+/Stable (Reaffirmed) INR300 Million Term Loans BB+/Stable (Reaffirmed) INR67 Million Working Capital P4 (Reaffirmed) Demand Loan INR1200 Million Letter of Credit P4 (Reaffirmed) Limits INR130 Million Bank Guarantee P4 (Reaffirmed) For arriving at the ratings, CRISIL has combined the business and financial risk profiles of GSOGCU and Vimal Oil & Foods Ltd (VOFL), together referred as the Vimal group. This is because both companies are under the same management and engaged in a similar line of business. Outlook: Stable CRISIL believes that the Vimal group's business growth will remain healthy over the medium term, despite low operating margins. The group's financial risk profile is expected to remain constrained over the medium term due to the working capital-intensive nature of operations. The outlook may be revised to 'Positive' in case of substantial improvement in the group's financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of large debt-funded capital expenditure or decline in the group's profitability, leading to deterioration in its financial risk profile. About the Group GSOGCU, a state-level cooperative union, is engaged in the business of edible oil refining. It was set up in August 2003 in order to avail of the benefits available under the Gujarat Earthquake Relief Programme. GSOGCU's products are sold under the brand names Shreeji (soya oil), Oscar (palm oil), Lijjat (vanaspati), and Shreehari (palmolein). The union uses VOFL's marketing network for its sales and pays a proportionate share of the marketing manpower cost. It also has its own small marketing network in states where VOFL does not have a presence. Incorporated in 1993, VOFL manufactures edible oils from cottonseed, groundnut, soya, and mustard, in addition to exporting de-oiled cake. For 2007-08 (refers to financial year, April 1 to March 31), the Vimal group's consolidated profit after tax stood at INR126.49 million (INR92.45 million in the previous year) on net sales of INR11.21 billion (INR8.60 billion). JB DIAMONDS: CARE Junks Rating on INR702cr LT Bank Facilities ------------------------------------------------------------- CARE has revised the rating assigned to the Long-term Bank Facilities of M/s. JB Diamonds Limited to 'CARE C' [Single C] from 'CARE A-' [Single A Minus]. This rating is applicable for facilities having tenure of over one year. Facilities with this rating are considered to be having very high likelihood of default in the payment of interest and principal. These ratings are assigned to the Long-term Bank Facilities aggregating INR702 crore. The rating revision takes into account the company's inability to realise its receivables resulting in very high proportion of old debtors and in turn abnormal elongation of its working capital cycle, large number of bills remaining overdue with banks, losses on cancellation of forward contracts, overdrawings reported in its credit facilities with some of the banks and delinquency in repayment of its recent dues in respect of term loan from banks. The rating takes cognisance of the vast experience of promoters in the diamond business and the support that the company derives from its associate/group companies. Further, ability of the company to realise export receivables and honour its repayment obligations under the prevailing economic slowdown in the major export markets remains the key rating sensitivity. M/s JB Diamonds was established as a partnership firm in 1981. In June 2007, the firm was converted into a limited company under the name JB Diamonds Limited (JDL). JDL is engaged in the business of importing rough/polished diamonds and exporting polished diamonds. The company has been accorded with DTC Sight holder status since 1994. Also, it is an ISO 9001-2001 certified company. JDL is a closely-held family-controlled public limited company. Mr. J.P Surani, Mr. B.K Kukadia and Mr. V.K Kukadia, the Directors of the company, look after manufacturing at its factories in Surat. Among the other directors, Mr. R.J Surani looks after procurement whereas Mr. V.P Surani and Mr. S.V Kukadia are responsible for selling and marketing. In FY08, JBD registered marginal growth in Net Sales from INR1,336.02 crore to INR1,343.13 crore. PAT declined from INR28.59 crore in FY07 to INR21.81 crore in FY08. During H1FY09, JBD reported net sales of INR750 crore and PAT of INR16.43 crore. RP BASMATI: Low Net Worth Prompts CRISIL to Assign 'BB' Ratings --------------------------------------------------------------- CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank facilities of RP Basmati Rice Ltd (RP Basmati). INR100.0 Million Cash Credit Limit BB/Stable (Assigned) INR20.0 Million Term Loan BB/Stable (Assigned) INR200.0 Million Export Packing P4 (Assigned) Credit * INR4.0 Million Letter of Credit ** P4 (Assigned) * Fully interchangeable PCFC ** Interchangeable with Bill discounting The ratings reflect RP Basmati's weak financial risk profile, marked by high gearing, low net worth, and weak debt protection measures. The ratings also factor in the company's small scale of operations in the rice industry, and exposure to risks relating to unfavourable changes in government policies, raw material price fluctuations, and vagaries in the monsoons. These weaknesses are, however, partially offset by the benefits that RP Basmati derives from its promoter's experience in the basmati rice business, and the healthy growth prospects of the rice industry. Outlook: Stable CRISIL expects RP Basmati's financial risk profile to remain stretched over the medium term, owing to the working capital- intensive nature of its operations, and its scale of operations to remain small over the near term. The outlook may be revised to 'Positive' if the company enhances its capital structure and scale of operations considerably. Conversely, the outlook may be revised to 'Negative if the company faces pressures on profitability or further deterioration in its capital structure. About RP Basmati Set up in 1986 as a proprietorship firm, by Raj Pal Singhal, RP Basmati converted to a public limited company in 2001. The company mills, processes, and sells basmati rice. Exports account for over 60 per cent of its revenues. Its plant at Karnal (Haryana) has an installed milling and sorting capacity of 8 tonnes per hour. The company also purchases semi-processed rice from smaller mills in the area, and sorts it, before exporting the same. RP Basmati reported a profit after tax (PAT) of INR13 million on net sales of INR997 million for 2007-08 (refers to financial year, April 1 to March 31), as against a PAT of INR8 million on net sales of INR681 million for 2006-07. TATA MOTORS: Names Telang as its New Managing Director ------------------------------------------------------ Tata Motors Limited has decided to elevate executive director Mr. Prakash M. Telang as managing director for India operations effective June 2, 2009. Mr. Telang will replace managing director Mr. Ravi Kant who will retire from his Executive position on June 1, 2009, on reaching the retirement age of 65 years as per the company's policy. The company will retain Mr. Ravi Kant on the Board as non- executive Vice-Chairman. India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. TML is listed on the Bombay Stock Exchange, the National Stock Exchange of India and New York Stock Exchange. It was ultimately 33.4% owned by the Tata Group as of December 2007. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on March 27, 2009, Standard & Poor's Ratings Services lowered its corporate credit rating on India-based automaker Tata Motors Ltd. to 'B+' from 'BB-'. The rating remains on CreditWatch with negative implications, where it was placed on Dec. 12, 2008. At the same time, S&P lowered its issue rating on the company's senior unsecured notes to 'B+' from 'BB-' and also kept the rating on CreditWatch with negative implications. S&P said the rating action follows material deterioration in Tata Motors' cash flows and related metrics on a consolidated basis, derived from an adverse operating environment, which, combined with significantly high debt levels, will affect its credit protection measures beyond those consistent with a 'BB' rating category. TATA MOTORS: Profit Falls 50.7% in Fiscal Year Ended March 31 ------------------------------------------------------------- Tata Motors Limited has reported a 50.7 percent drop in net profit for fiscal year ended March 31, 2009. The company posted a INR1001.26 crore net profit in 2008-09, compared with a INR2028.92 crore net profit in the previous fiscal. Revenues for the year were INR25660.79 crore, compared to INR28739.41 crore in 2007-08, a decline of 10.7 percent. "The demand contraction was triggered by high interest rates and unavailability of finance throughout the year, particularly in the October-December quarter post the global financial market upheavals. The impact on heavy commercial vehicles was more severe, abetted by reduction in freight movement in different segments and customer concerns on economic conditions," Tata Motors said in a statement. Stimulus packages from the Government in the last quarter of the year have to an extent helped regenerate overall sales, as in the automobile industry, but growth is yet to revive to earlier levels. The company said, "The fall in volumes combined with peak input prices and high interest rates brought margins under pressure. The company accelerated cost reduction measures and proactively managed working capital to contain the impact as best as it could." The total 2008-09 sales volume (including exports) is 506,421 units, compared to 585,649 units in the previous year. Domestic commercial vehicles sales amounted to 265,373 units (2007-08: 312,935 units) while domestic passenger vehicles sales amounted to 207,512 units (2007-08: 218,055 units). The launch of the second generation Tata Indica Vista and the continuing good run of the Tata Indigo CS has helped recover market share in passenger vehicles in the second half which stands at 13.1% for the year (2007-08: 14%) and a March exit share of 14.5%. Tata Motors’ exports were 33,536 numbers (2007-08: 54,659 numbers), impacted by the worldwide downturn in the industry. The Times of India reports that the company said it would cut annual capital expenditure plan for the next two years by between 25 percent and 38 percent due to the slowdown in the market. According to the Times, Chief financial officer C Ramakrishnan said annual capital expenditure over the next two years has been cut to between Rs 2500 crore and Rs 3000 crore, from Rs 4000 crore previously. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. TML is listed on the Bombay Stock Exchange, the National Stock Exchange of India and New York Stock Exchange. It was ultimately 33.4% owned by the Tata Group as of December 2007. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on March 27, 2009, Standard & Poor's Ratings Services lowered its corporate credit rating on India-based automaker Tata Motors Ltd. to 'B+' from 'BB-'. The rating remains on CreditWatch with negative implications, where it was placed on Dec. 12, 2008. At the same time, S&P lowered its issue rating on the company's senior unsecured notes to 'B+' from 'BB-' and also kept the rating on CreditWatch with negative implications. S&P said the rating action follows material deterioration in Tata Motors' cash flows and related metrics on a consolidated basis, derived from an adverse operating environment, which, combined with significantly high debt levels, will affect its credit protection measures beyond those consistent with a 'BB' rating category. TATA STEEL UK: Banks Approve Covenant Reset on GBP3.7 Bln Loan -------------------------------------------------------------- Reuters reports that Tata Steel UK Ltd, a wholly owned subsidiary of Tata Steel Ltd, got approval from banks to ease conditions on GBP3.7 billion of loans it took to buy Anglo-Dutch Corus. According to Reuters, the revised covenant did not include any additional finance from the lenders or rescheduling of debt servicing commitments. "As part of the agreement reached with banks, testing of the facility's earnings-related covenants will largely be suspended until March 2010 and will then resume with significantly higher flexibility than in the case of original covenants," Reuters quoted Tata Steel as saying in a statement. Reuters relates in return Tata Steel pledged to repay about GBP200 million (US$304 million) of debt ahead of schedule and inject GBP425 million into Tata Steel UK in a phased manner. The waiver, which was led by Citigroup, Royal Bank of Scotland and Standard Chartered, is expected to be signed at the end of next week, Reuters says citing two bankers close to the deal. On May 15, 2009, the Troubled Company Reporter-Europe, citing Times of India, reported Tata Steel UK, which bought Corus for GBP6.7 billion in 2006, sought an easing on the terms of the loans as the economic slowdown could hit its earnings, straining its ability to service the loan. About Tata Steel UK Limited Tata Steel UK Limited is the 100% subsidiary of Tata Steel Ltd, and is the holding company for its European steel operations, which principally consists of the Corus group. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 7, 2009, Fitch Ratings downgraded Tata Steel Limited's Long- term foreign currency Issuer Default Rating to 'BB+' from 'BBB-' (BBB minus), and its National Long-term rating to 'AA(ind)' from 'AAA(ind)'. Simultaneously, Fitch also downgraded Tata Steel U.K. Ltd's Long-term foreign currency IDR to 'B+' from 'BB'. Fitch said the Outlook on all the ratings continues to be Negative. The TCR-AP reported on March 6, 2009, that Moody's Investors Service downgraded the corporate family rating of Tata Steel Ltd to Ba2 from Ba1. Moody's said the rating remains on review for possible further downgrade. TREHAN PROMOTERS: Delay in Loan Repayment Cues CRISIL 'C' Rating ---------------------------------------------------------------- CRISIL has assigned its rating of 'C' to the term loan facility of Trehan Promoters & Builders Pvt Ltd (TPBPL). INR250.0 Million Term Loan C (Assigned) The rating reflects instances of delay in repayment of term loan, followed by rescheduling of the loan, because of delay in receipt of advances from customers. The rating also reflects TPBPL's demand and revenue risks because of the current downturn in the realty market. These weaknesses are mitigated by the promoter's longstanding presence in the real estate segment. About Trehan Promoters TPBPL, incorporated as a private limited company in 1994, is a leading player in the real estate sector with the brand IRIS. The company has interests in construction of commercial complexes, information technology (IT) parks, and development of residential townships in Delhi and the National Capital Region. TPBPL is currently undertaking the IRIS Tech Park Sohna Road project (Tikri Project), which involves construction of three towers each for IT offices, food chains, and commercial purposes such as exclusive showrooms. The total project cost is estimated at around INR770 million to be financed through debt of INR 250 million, promoter's contribution of around INR150 million, and balance through advances received from prospective buyers. VIMAL OIL: CRISIL Reaffirms 'BB+' Ratings on INR19 Mln Term Loans ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Vimal Oil & Foods Ltd (VOFL) continue to reflect the company's weak financial risk profile, low profit margins due to the commoditised nature of the edible oil refining business, and high working capital requirements. These weaknesses are mitigated by the favourable location of VOFL's facility and healthy growth in revenues. INR285 Million Cash Credit Limits BB+/Stable (Reaffirmed) INR19 Million Term Loans BB+/Stable (Reaffirmed) INR500 Million Letter of Credit P4 (Reaffirmed) Limits For arriving at the ratings, CRISIL has combined the business and financial risk profiles of VOFL and Gujarat Spices and Oilseeds Growers Co-operative Union (GSOGCU), together referred as the Vimal group. This is because both companies are under the same management and engaged in a similar line of business. Outlook: Stable CRISIL believes that the Vimal group's business growth will remain healthy over the medium term, despite low operating margins. The group's financial risk profile is expected to remain constrained over the medium term due to the working capital-intensive nature of operations. The outlook may be revised to 'Positive' in case of substantial improvement in the group's financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of large debt-funded capital expenditure or decline in the group's profitability, leading to deterioration in its financial risk profile. About Vimal Oil Incorporated in 1993, VOFL manufactures edible oils from cottonseed, groundnut, soya, and mustard, in addition to exporting de-oiled cake. The company's products are sold under the Vimal brand. GSOGCU is a state-level co-operative federation set up in August 2003 in order to avail of the benefits available under the Gujarat Earthquake Relief Programme. GSOGCU's products are sold under the brand names Shreeji (soya oil), Oscar (palm oil), Lijjat (vanaspati), and Shreehari (palmolein). For 2007-08 (refers to financial year, April 1 to March 31), the Vimal group's consolidated profit after tax stood at INR126.49 million (INR92.45 million in the previous year) on net sales of INR11.21 billion (INR8.60 billion). ================= I N D O N E S I A ================= BANK MANDIRI: Expects Low Credit for Financing Companies in 2009 ---------------------------------------------------------------- PT Bank Mandiri is projecting that credit disbursement for financing companies this year would likely fall 16.7 percent to IDR2.5 trillion (US$242 million), compared with last year's IDR3 trillion rise, because of the slowing domestic automotive industry, Jakarta Globe reports. "In the first quarter, credit to financing companies was nearly flat because the automotive industry" was experiencing slow growth, Fransisca Nelwan Mok, Bank Mandiri's senior vice president for Jakarta commercial sales was quoted by the report as saying. The automotive finance sector dominates the financing industry, with on average 80 percent of domestic cars and motorcycles financed directly through bank loans and indirectly through financing companies, the report notes. The report, citing Ms. Mok, says that the weak credit demand was also caused by the inevitable market correction. However, Bank Mandiri could deal with the reduced demand for credit from financing companies as long as nonperforming loan levels remained manageable, the report adds citing Zulkifli Zaini, Bank Mandiri's director of commercial banking, as saying. About Bank Mandiri PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is Indonesia's largest and best capitalized bank in terms of assets, loans and deposits, and provides comprehensive financial services to more than six million corporate and individual consumers, as well as small and medium-sized enterprises in Indonesia. * * * The Troubled Company Reporter-Asia Pacific reported on Dec. 7, 2007, that Fitch Ratings upgraded the Individual Rating of PT Bank Mandiri (Persero) Tbk (Mandiri) to 'C/D' from 'D', and its National Long-term rating to 'AA+ (idn)' from 'AA (idn)'. The outlook on the national rating remains stable. At the same time, Fitch affirmed the company's Long-term foreign and local currency Issuer Default ratings at 'BB-' with a Positive Outlook, Short-term IDR at 'B' and Support Floor at 'B+'. On Oct. 19, 2007, Moody's Investors Service raised Bank Mandiri's foreign currency senior/subordinated debt ratings to Ba2/Ba2 from Ba3/Ba3 and foreign currency long- term deposit rating to B1 from B2. INDIKA ENERGY: Sets Aside US$300 Million for More Acquisitions -------------------------------------------------------------- PT Indika Energy is setting aside a budget of up to US$300 million as it prepares for more acquisitions, including an oil and gas block belonging to British energy giant BP Plc and local coal producer Berau Coal, The Jakarta Post reports. The report, citing finance director Azis Armand, says the company would take the budget from the company's cash reserves, which currently stand at US$377 million. According to the report, President director Arsjad Rasjid unveiled last week a plan to partnering with state oil and gas company PT Pertamina to buy a 46 percent stake in BP's North West Java Sea block in West Java. Mr. Arsjad, the Post says, also mentioned the possibility the company might buy a stake in Berau Coal, the country's fifth largest coal producer. The Post meanwhile reports that Mr. Arsjad said the company has decided to delay the completion of the US$83.8 million deal to acquire 82 percent in Petrosea due to "administrative problems." According to the Post, Indika had previously hoped to close the deal early this month after securing approval in an extraordinary shareholders' meeting, which was supposed to be on Thursday, June 4. However, the report notes, the company decided to move the extraordinary shareholders meeting to June 17. In December, the report discloses, Indika also acquired coal mining rights to 13 sites located in Melawi, West Kalimantan with a total concession area of 53,000 hectares with coal reserves estimated at 150 million tons. Mr. Azis, as cited by the Post, said that the company would spend US$55 million in capital expenditure this year on the development and operation of coal mines. About Indika Energy PT Indika Energy Tbk is an Indonesia-based energy company. The Company is engaged in the provision of energy services, energy resources and infrastructures, specifically in the areas of coal production, engineering, procurement and construction (EPC) services and power generation projects. It has six direct subsidiaries namely PT Tripatra Engineering, PT Tripatra Engineers & Constructors, PT Indika Inti Corpindo, Indo Integrated Energy B.V., PT Indika Infrastruktur Investindo and Indika Power Investments Pte. Ltd. Singapore, which are engaged in consultation, EPC, general trading, investment and financing activities. * * * As reported by the Troubled Company Reporter-Asia Pacific on March 4, 2009, Fitch Ratings affirmed PT Indika Energy Tbk's Long- term foreign and local currency Issuer Default Ratings at 'B', following the company's announcement on February 26, 2009 that it plans to acquire a 81.95% stake in PT Petrosea Tbk (an engineering and construction contractor with mining capability) for an indicative purchase price of US$83.8 million. The Outlook remains Positive. Fitch also affirmed its 'B' senior unsecured rating on Indika's US$250 million senior notes due in 2012, with a recovery rating of 'RR4'. MOBILE-8 TELECOM: Wants New Business Plan to Attract Investors -------------------------------------------------------------- PT Mobile-8 Telecom is seeking new investors, new subscribers and a new business plan to help it reduce high levels of debt, Jakarta Globe reports. According to the report, Merza Fachys, Mobile-8's newly elected president director, has tasked PT Mandiri Sekuritas to come up with a business plan that would attract 1 million to 1.5 million new subscribers this year, bringing its total to almost 5 million. "We hope that we can restructure our bond debts, so we can invite other parties to support the company’s funding", Mr. Fachys was quoted by the report as saying. The report, citing Pres. Merza, says that the company's debt restructuring could be done through rescheduling or a combination of debt rescheduling and equity swaps. The company is also considering a rights issue, the report adds. Established in 2002 and operating commercially since the launch of its pre-paid services in 2003, PT Mobile-8 Tbk is the fourth largest mobile cellular operator in Indonesia. It operates in the 800 MHz spectrum on a CDMA2000 1X platform. * * * The Indonesia Stock Exchange suspended trading of shares of Mobile-8 after the company defaulted on interest payments for a 2007 bond worth IDR675 billion US($65.4 million) on March 13, Jakarta Globe reported. In December, Mobile-8 also failed to repay the principal and unpaid interests for 2007 dollar bonds worth US$100 million. The bonds, which were issued by Mobile-8 Telecom Finance, a wholly owned foreign-based unit, matures in 2013, the report added. ========= J A P A N ========= KIRAYAKA BANK: JCR Affirms 'BB+' Rating on Subordinated Bonds ------------------------------------------------------------- Japan Credit Rating Agency Ltd. ("JCR") has affirmed the BBB-/Stable and the BB+ rating on senior debts and subordinated bonds of the issuer, respectively. Senior debts: BBB-/Stable Issue Amount (bn) Issue Date Due Date Coupon Rating ----- ---------- ---------- -------- ------------- callable JPY12 03/22/2006 03/22/2016* BB+ bonds no.1 (subordinated) *2.59% per annum till March 22, 2011. It will switch to 6M Euroyen LIBOR + 2.80% after that date. Kirayaka Bank is a second-tire regional bank with fund volume reaching more than JPY1 trillion, which was created by merger of two banks, Shokusan Bank and Yamagata Shiawase Bank in Yamagata Prefecture, on May 7, 2007. It absorbed the then holding company, Kirayaka Holdings, on October 1, 2008. Although JCR values that the Bank has been increasing the core earnings power, its profitability remains poor. It is likely that its profit will remain low because the effects of the integration of its branches will be limited due to its reaching a certain point and the credit costs will increase. Therefore, JCR considers it necessary to examine carefully its record of performance. On the other hand, the recording of the net loss for FY2008 ended March 31, 2009 and redemption of preferred shares by purchase lowered its capital adequacy level. However, JCR values that the Bank still keeps a problem-free regulated capital adequacy ratio even with the current valuation loss on investment securities held by it and effects of changes in market value calculation method for the floating rate JGBs being taken into consideration. SHINGINKO TOKYO: Posts JPY10.5 Billion Net Loss in FY2008 --------------------------------------------------------- The Japan Times reports that Shinginko Tokyo Ltd posted an unconsolidated net loss of more than JPY10 billion in fiscal 2008, its fourth straight year of losses. According to the report, the JPY10.5 billion loss shrank compared with the JPY16.7 billion net loss it reported the previous year and is below its earlier projected loss of JPY12.6 billion. The report says the operating loss from core banking operations, however, fell to JPY2.7 billion from JPY8.9 billion the previous year. The bank reported a profit of JPY2 billion on the redemption of securities. Shinginko Tokyo expects to further narrow the net loss to JPY700 million by curbing nonperforming loan disposal costs for the current fiscal year ended March 2010, the report notes. Shinginko Tokyo Ltd was founded in April 2005 by the Tokyo Metropolitan Government at the initiative of Tokyo Governor Shintaro Ishihara with an investment of JPY100 billion. The bank provides loans mainly to struggling small firms based in Tokyo. The bank was Mr. Ishihara's promise during his 2003 gubernatorial election campaign. * * * Shinginko Tokyo continues to carry a "BB+" Subordinated Debt rating placed by Japan Credit Rating Agency on March 28, 2008. ========= K O R E A ========= SSANGYONG MOTOR: Auto Sales Fell 60% in May ------------------------------------------- Yonhap News Agency reports that Ssangyong Motor Co. said Monday its auto sales plunged 60 percent in May as consumers shun buying cars from the potentially bankrupt automaker. The news agency relates that Ssangyong sold 2,868 units last month with exports nosediving 85.7 percent to 612 units and domestic sales falling 22.3 percent to 2,256 units. The Troubled Company Reporter-Asia Pacific, citing The Auto Channel, reported on May 25, 2009, that a South Korean court approved Ssangyong Motor Co's restructuring plan. The Auto Channel said the court confirmed a recent Samil PricewaterhouseCoopers assessment that the manufacturer had a greater value as a going concern than its liquidated value, and ordered Ssangyong to submit its full restructuring plan by mid- September. As reported in the 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. On Feb. 6, 2009, the TCR-AP, citing the International Herald Tribune, reported that court spokesman Hong Jun-ho said the Seoul Central District Court accepted Ssangyong's application to rehabilitate under court protection. Mr. Hong said the court named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong executive Park Young-tae to run the automaker, the Tribune related. About Ssangyong Motor Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. -- http://www.smotor.com/-- 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, diesel engines and others. =============== M A L A Y S I A =============== IDAMAN UNGGUL: Bourse to Suspend Trading of Securities on June 5 ---------------------------------------------------------------- Bursa Malaysia Securities Berhad will suspend trading of Idaman Unggul Berhad's securities on Friday, June 5, 2009, due to the failure of the company to submit its regularisation plan to the Securities Commission and other relevant authorities for approval by May 29, 2009, the timeframe stipulated by Bursa Securities. The company further disclosed that: * it has been accorded five market days by Bursa Securities to make written representations to Bursa Securities, supported by documentary evidence, as to why its securities should not be removed from the Official List of Bursa Securities; * that in the event Bursa Securities decides to de-list the company, its securities will be removed from the Official List of Bursa Securities upon the expiry of seven market days from the date of notification of the decision to de- list the company or other date as may be specified by Bursa Securities unless an appeal is made within the prescribed timeframe; and * that in the event Bursa Securities decides not to de-list the company, other appropriate action/penalty(ies) may be imposed pursuant to paragraph 16.17 of the LR. About Idaman Unggul Idaman Unggul Berhad is an investment holding company, whose principal activity is the provision of corporate, administrative and management support to its subsidiaries. The company operates in two segments: insurance, which includes underwriting of life insurance and all classes of general insurance business, and other, which includes investment holding. Idaman Unggul's subsidiaries include Tahan Insurance Malaysia Berhad, F.T. Land Sdn. Bhd., PCM Synergy Sdn. Bhd., PICT Solution Sdn. Bhd. and Straight Effort Sdn. Bhd. On July 12, 2006, the company disposed Advanced Electronics (M) Sdn. Bhd. to Elevale Temasek Sdn. Bhd. On July 3, 2006, Tahan Insurance Malaysia Berhad disposed of its Life Insurance Business to AXA Affin Life Insurance Berhad. Waikiki Beach Hotel Sdn. Bhd., a wholly owned subsidiary of Idaman Unggul, was also divested as part of the Life Insurance Business disposal. On January 17, 2007, the company disposed IUB Asset Management Sdn Bhd to Capital Intelligence Holdings Sdn Bhd. * * * As reported by Troubled Company Reporter-Asia Pacific on March 6, 2008, the company was classified as an Affected Listed Issuer under Amended Practice Note 17/2005 of the Listing Requirements of Bursa Malaysia Securities Berhad, since the company's shareholders' fund has dropped to MYR41.204 million which is lower than the 25% of the paid-up share capital and minimum issued and paid up capital of MYR60 milion required under the Listing Requirements. ==================== N E W Z E A L A N D ==================== DORCHESTER PACIFIC: Posts NZ$25.4 Mln Loss in Year Ended March 31 ----------------------------------------------------------------- Dorchester Pacific disclosed its full year results for the financial year ended March 31, 2009. The company reported a net loss of NZ$25.4 million in the year to March 31 compared to a NZ$18.1 million loss in the previous year. Net revenue of NZ$24.6 million was significantly down on 2008 net revenue of NZ$64.4 million. Chairman Barry Graham said "Obviously comparisons with last year reflect the wind-down of the finance receivable book and no new lending for most of the financial year following the decision in June 2008 to freeze repayments to investors pending approval of the Deferred Repayment Plan." The finance group reported an operating loss of NZ$28.7 million before tax and before the fair value adjustment as a result of the increased provisioning and bad debts written off. The company's accounts have been prepared on a going concern basis. Although an unqualified opinion is expressed, auditors Staples Rodway note fundamental uncertainties with respect to the realisation of property book loans should the property market continue to decline. The directors confirmed that no dividend will be paid. Dorchester Pacific said it will pay debenture holders their next 5 percent principal repayment under the Deferred Repayment Plan a week early on June 23, which will bring total repayments to date to 30 percent. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 19, 2008, Dorchester Pacific Limited disclosed that the deferred repayment plan put to debenture stockholders and noteholders of its finance company, Dorchester Finance, has been approved by investors who voted on the plan at the meeting held in Auckland on Dec. 18. The company said 97% of Debenture Holders and 99% Noteholders voted for the plan that will repay their principal over 3 years. About Dorchester Pacific Headquartered in Auckland, New Zealand, Dorchester Pacific Limited (NZE:DPC)-- http://www.dorchester.co.nz--is a financial solutions provider, offering complementary products and services across finance, insurance, savings and investments. The Finance division provides investment opportunities through secured debenture stock and subordinated unsecured notes, and financing solutions for the property, business, equipment, motor vehicle and personal finance sectors. Its insurance and savings division provides a range of savings, life insurance, reverse annuity mortgages, home equity release loans and other financial products and services. The Investment Service division includes equity investment advisers and sharebrokers, MoneyOnline and NZ Investor Magazine, which provide professional, independent investment advice, sharebroking and financial planning services. Dorchester Pacific holds a 25% shareholding in St. Laurence Limited, the holding company for a property-based investment and finance group of companies, which manages assets for over 16,000 investors. * * * As reported in the Troubled Company Reporter-Asia Pacific on June 27, 2008, Dorchester Finance, a subsidiary of Dorchester Pacific, said it will withdraw and not renew its prospectus and will seek the approval of debenture holders and note holders to a deferred repayment plan, but with continued interest payments. Chairman of Dorchester Finance, Mr. Barry Graham, said "As a result of the rapid decline in the property finance market and a continuing fall in reinvestment rates the Board has formed the view that there is now a risk of a cash flow shortfall arising in future months." As at June 24, 2008, Dorchester Finance had NZ$168 million in debenture stock secured against total assets of NZ$212 million, including NZ$18 million in cash. In addition it had NZ$8 million in subordinated notes on issue. HANOVER FINANCE: Exposure to Failed Projects May Affect Moratorium ------------------------------------------------------------------ Greg Ninness at the Sunday Star Times reports that Hanover Finance have provided about NZ$60 million for the first stage Kawarau Falls Station project at Queenstown, which went into receivership last week. The amount it is owed, according to the report, will continue to grow as the interest bill mounts up. The Troubled Company Reporter-Asia Pacific, citing The National Business Review, reported on May 27, 2009 that Bank of Scotland International (BOS) called in Brendon Gibson and Grant Graham of KordaMentha as receivers to Melview (Kawarau Falls Station) Investments Ltd and Melview (Kawarau Falls Station) Development Ltd, the companies associated with a billion-dollar resort development in Queenstown. The Business Review disclosed that the 6.4ha site at Kawarau Falls Station, the only north-facing high-density residential site in Queenstown, was intended to have 1100 units and 13 buildings, boulevard-style streets, restaurants and parks, when completed in 2011. According to the Business Review, construction of the first stage of the project, two international hotels and an extensive upmarket residential development, was financed by Bank of Scotland International (BOS) and Hanover Finance. The Business Review noted that BOS has a first mortgage securing up to $513 million while Hanover has a second mortgage securing up to $150 million. Funding for a second stage, the Business Review related, was to be provided by Fortress Credit Corp with Hanover as second mortgagee. The Star Times meanwhile says that Hanover have lost more than NZ$20 million from a second mortgage loan it had on a commercial property in Takapuna which was sold by the property's first mortgagee, Commonwealth Bank, last month. Hanover, Star Times relates, also has exposure to another major development, Jamie Peters' Gulf Harbour project north of Auckland, where it also stands second in line behind BOS. Hanover is believed to be owed about NZ$30 million on Gulf Harbour, the Star Times notes. According to the Star Times, Bryan Connor, general manager of Hanover's trustee company Guardian Trust, said he was waiting to receive reports on the Kawarau situation, but was unable to comment on how that, or losses from the Takapuna property, might affect the company's ability to meet its moratorium obligations. The Troubled Company Reporter-Asia Pacific on Dec. 10, 2008, reported that Hanover Finance's investors have voted in favor of the company's Debt Restructure Proposals, including a plan to fully repay NZ$552.6 million principal it owes over five years. About HFL Hanover Finance Limited -- http://www.hanover.co.nz/-- is New Zealand's third-largest privately-owned finance company with total assets of NZ$796 million at December 31, 2007. The company was established in 1984 to provide finance to the rural sector and began lending to property developers and investors in 1995. The loan portfolio has been gradually downsized since 2006 as a result of a more cautious approach to lending in the face of retail funding constraints. * * * As reported in the Troubled Company Reporter-Asia Pacific on Sept. 2, 2008, Fitch Ratings affirmed and simultaneously withdrawn the ratings of Hanover Finance Limited's Long-term and Short-term foreign currency Issuer Default Ratings of 'D', Individual rating of 'F', Support rating of '5' and the Support Rating Floor of 'NF'. A Long-term foreign currency IDR of 'D' indicates that HFL has defaulted on its financial obligations. The withdrawal of the ratings recognizes that HFL is no longer accepting new debentures and is seeking to implement a debt restructure plan for existing debenture holders. As a result, Fitch said it will no longer provide analytical coverage. * NEW ZEALAND: Building Consents in April 2009 Rise 4.5% -------------------------------------------------------- Building consent statistics for the month of April 2009 show the trend for the number of new housing units authorised, excluding apartment units, continues to be at a low level, Statistics New Zealand said. The trend is currently at its lowest level since this series began in January 1992, and has fallen by more than half since June 2007, although there are signs that the decline is easing. The seasonally adjusted number of new housing units authorised, excluding apartments, rose 4.5 percent in April 2009. In April 2009, there were 1,009 new housing units authorised, including 199 apartment units. The value of non-residential consents ($530 million) for April 2009 is the highest recorded since this series began in April 1965, but has been boosted by the Christchurch International Airport development. ================= S I N G A P O R E ================= HOCEN INTERNATIONAL: Creditors' Proofs of Debt Due on June 12 ------------------------------------------------------------- Hocen International Pte Ltd, which is in compulsory liquidation, requires its creditors to file their proofs of debt by June 12, 2009, to be included in the company's dividend distribution. The company's liquidators are: Goh Thien Phong Chan Kheng Tek c/o PricewaterhouseCoopers LLP 8 Cross Street #17-00 PWC Building Singapore 048424 ISHIKARI SHIPPING: Creditors' Proofs of Debt Due on June 29 ----------------------------------------------------------- Ishikari Shipping Pte Ltd, which is in voluntary liquidation, requires its creditors to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 MARICA SHIPPING: Creditors' Proofs of Debt Due on June 29 --------------------------------------------------------- Marica Shipping Pte Ltd, which is in voluntary liquidation, requires its creditors to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 RUSINA SHIPPING: Creditors' Proofs of Debt Due on June 29 --------------------------------------------------------- Rusina Shipping Pte Ltd, which is in voluntary liquidation, requires its creditors to file their proofs of debt by June 29, 2009, to be included in the company's dividend distribution. The company's liquidator is: Lau Chin Huat c/o 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 =============== X X X X X X X X =============== * BOND PRICING: For the Week May 25 to May 29, 2009 --------------------------------------------------- AUSTRALIA --------- A&R Whitcoulls 9.500% 12/15/10 NZS 66.33 Ainsworth Game 8.000% 12/31/09 AUD 0.70 AMP Group Financ 9.803% 04/01/19 NZD 9.00 AMP Group Financ 6.875% 08/23/22 GBP 66.22 Antares Energy 10.000% 10/31/13 AUD 1.50 Aust & NZ Bank 6.540% 06/29/49 GBP 71.50 Babcock & Brown Pty 8.500% 11/17/09 NZD 30.04 Becton Property Group 9.500% 06/30/10 AUD 0.46 Bemax Resources 9.375% 07/15/14 USD 41.75 Bemax Resources 9.375% 07/15/14 USD 41.75 Bounty Industries Ltd 10.000% 06/30/10 AUD 0.02 Capral Aluminum 10.000% 03/29/12 AUD 1.05 Centaur Mining 11.000% 12/01/07 USD 0.00 China Century 12.000% 09/30/10 AUD 0.79 Com BK Australia 4.875% 12/19/23 GBP 68.35 Djerriwarrh Inv 6.500% 09/30/09 AUD 3.92 First Australian 15.000% 01/31/12 AUD 0.56 Griffin Coal Min 9.500% 12/01/16 USD 40.50 Griffin Coal Min 9.500% 12/01/16 USD 40.50 Hanson Australia 5.250% 03/15/13 USD 69.72 Heemskirk Consol 8.000% 04/29/11 AUD 2.15 Insurance Austra 5.625% 12/21/26 GBP 64.50 Jpm Au Enf Nom 1 3.500% 06/30/10 USD 1.62 Macquarie Bank 5.500% 09/19/16 GBP 70.04 Minerals Corp 10.500% 09/30/09 AUD 0.51 Metal Storm 10.000% 09/01/09 AUD 0.07 Nylex Ltd 10.000% 12/08/19 AUD 0.84 Orchard Invest 9.000% 12/15/10 AUD 29.50 Resolute Mining 12.000% 12/31/12 AUD 0.75 Sun Resources NL 12.000% 06/30/11 AUD 0.55 Suncorp-Metway 6.500% 06/22/16 AUD 69.47 Suncorp-Metway 6.625% 10/23/17 GBP 65.57 Suncorp Insuran 6.250% 06/13/27 GBP 61.50 Timbercorp Ltd 8.900% 12/01/10 AUD 26.10 Westfield Fin 5.500% 06/27/17 GBP 71.05 CHINA ----- China Govt Bond 4.860% 08/10/14 CNY 00.00 Chinatrust Comm 5.625% 03/29/49 CNY 70.12 Jiangxi Copper 1.000% 09/22/16 CNY 73.57 HONG KONG --------- Bank East Asia 6.125% 03/29/49 GBP 71.24 Wing Hang BK Ltd 6.000% 04/29/49 USD 67.75 INDIA ----- Aftek Infosys 1.000% 06/25/10 USD 73.00 AKSH Optifibre 1.000% 01/29/10 USD 57.50 Amtek India Ltd 0.500% 11/12/10 USD 71.35 Flex Industries 4.000% 03/09/12 USD 52.75 Gemini Commnica 6.000% 07/18/12 EUR 60.00 GHCL Ltd 1.000% 03/21/11 USD 50.00 Gitanjali Gems 1.000% 11/25/11 USD 69.00 Hindustan Cons 10.000% 10/25/09 INR 20.00 ICICI Bank Ltd 7.250% 08/29/49 USD 70.67 Kei Industries 1.000% 11/30/11 USD 59.25 Subex Azure 2.000% 03/09/12 USD 22.00 Videocon Indus 5.000% 03/07/11 USD 67.25 Wanbury Ltd 1.000% 04/23/12 EUR 64.50 INDONESIA --------- Ciliandra 11.500% 11/27/12 IDR 73.10 JAPAN ----- Aiful Corp 1.900% 10/19/15 JPY 54.52 Aozora Bank 0.560% 08/12/13 JPY 74.83 Aozora Bank 0.560% 08/27/13 JPY 74.56 Aozora Bank 0.560% 09/12/13 JPY 74.26 Aozora Bank 0.560% 09/27/13 JPY 73.98 Aozora Bank 0.560% 10/12/13 JPY 73.72 Aozora Bank 0.560% 10/25/10 JPY 73.46 Aozora Bank 0.560% 11/12/13 JPY 73.13 Aozora Bank 0.560% 11/27/13 JPY 72.85 Aozora Bank 0.400% 12/12/13 JPY 71.97 Aozora Bank 0.400% 12/27/13 JPY 71.68 Aozora Bank 0.400% 01/12/14 JPY 71.42 Aozora Bank 0.400% 01/27/14 JPY 71.10 Aozora Bank 0.400% 02/12/14 JPY 70.79 Aozora Bank 0.400% 02/27/14 JPY 70.51 Aozora Bank 0.400% 03/12/14 JPY 70.26 Aozora Bank 0.400% 03/27/14 JPY 69.98 Aozora Bank 0.400% 04/12/14 JPY 69.69 Aozora Bank 0.400% 04/27/14 JPY 69.43 Aozora Bank 0.400% 05/12/14 JPY 69.11 Aozora Bank 0.400% 05/27/14 JPY 68.82 Aozora Bank 0.400% 06/12/14 JPY 68.68 Belluna Co Ltd 1.100% 03/21/12 JPY 59.62 CSK Corporation 0.250% 09/30/13 JPY 33.10 Daikyo Inc. 1.880% 03/12/12 JPY 72.37 Ebara Corp 1.300% 09/30/13 JPY 74.47 Elpida Memory In 2.100% 11/29/12 JPY 74.98 Fukoku Mutual 4.500% 09/28/25 EUR 50.00 JACCS Co Ltd 1.820% 09/28/15 JPY 74.30 Japan Airlines 3.100% 01/22/18 JPY 72.77 JPN Exp Hld/Debt 0.500% 09/17/38 JPY 57.09 Kenedix Realty I 2.370% 03/15/17 JPY 44.12 Kirayaka Holding 2.590% 03/22/16 JPY 66.05 Orix Corp 2.110% 03/18/16 JPY 73.95 Orix Corp 2.190% 04/18/17 JPY 70.30 Pacific Golf Gro 1.000% 05/01/12 JPY 72.90 Resona Bank 5.986% 08/29/49 GBP 66.28 Resona Bank 4.125% 09/29/49 GBP 69.00 Resona Bank 5.850% 09/29/49 USD 63.50 Shinsei Bank 1.960% 03/25/15 JPY 72.03 Shinsei Bank 2.010% 10/30/15 JPY 69.74 Shinsei Bank 3.750% 02/23/16 EUR 70.00 Shinsei Bank 5.625% 12/29/49 GBP 39.00 Sumitomo Mitsui 4.375% 07/29/49 EUR 71.50 Takefuji Corp 4.500% 10/22/32 JPY 64.47 MALAYSIA -------- Advance Synergy Berhad 2.000% 01/26/18 MYR 0.06 Aliran Ihsan Resources Bhd 5.000% 11/29/11 MYR 0.95 AMBB Capital 6.770% 01/29/49 USD 63.50 Berjaya Land Bhd 5.000% 12/30/09 MYR 3.20 Crescendo Corp B 3.750% 01/11/16 MYR 0.64 Dutaland Bhd 4.000% 04/11/13 MYR 0.73 Dutaland Bhd 4.000% 04/11/13 MYR 0.34 Eastern & Orient 8.000% 04/25/11 MYR 0.60 Huat Lai Resources 5.000% 03/28/10 MYR 0.25 Kamdar Group Bhd 3.000% 11/09/09 MYR 0.20 Kretam Holdings 1.000% 08/10/10 MYR 1.03 Kumpulan Jetson 5.000% 11/27/12 MYR 0.45 LBS Bina Group 4.000% 12/31/09 MYR 0.60 Lion Diversified 4.000% 12/17/13 MYR 0.95 Mithril Bhd 3.000% 04/05/12 MYR 0.63 Nam Fatt Corp 2.000% 06/24/11 MYR 0.35 Olympia Industri 2.800% 04/11/13 MYR 0.18 Olympia Industri 4.000% 04/11/13 MYR 0.22 Plus SPV Bhd 2.000% 03/11/19 MYR 72.36 Puncak Niaga Hld 2.500% 11/18/16 MYR 0.72 Rubberex Corp 4.000% 08/14/12 MYR 0.85 SBB Capital Corp 6.620% 11/29/49 USD 71.12 Tradewinds Corp 2.000% 02/08/12 MYR 0.70 TRC Synergy 5.000% 01/20/12 MYR 1.12 Tradewinds Plant 3.000% 02/28/16 MYR 1.10 Wah Seong Corp 3.000% 05/21/12 MYR 2.50 Wijaya Baru Glob 7.000% 09/17/12 MYR 0.35 YTL Cement Bhd 4.000% 11/10/15 MYR 1.75 MARSHALL ISLANDS ---------------- Navios Maritime 9.500% 12/15/14 USD 73.75 NEW ZEALAND ----------- Allied Farmers 9.600% 11/15/11 NZD 49.00 Allied Nationwid 11.520% 12/29/49 NZD 40.00 BBI Ntwrks NZ Ltd 8.000% 11/30/12 NZD 34.44 Blue Star Print 9.100% 09/15/12 NZD 27.54 Cadmus Devt Ltd 9.900% 01/15/10 NZD 55.12 Capital Prop NZ 8.000% 04/15/10 NZD 12.74 Contact Energy 8.000% 05/15/14 NZD 1.00 Fidelity Capital 9.250% 07/15/13 NZD 64.19 Fletcher Buildin 7.550% 03/15/11 NZD 9.00 Fletcher Buildin 8.500% 03/15/15 NZD 9.50 Fonterra 8.740% 11/29/49 NZD 70.00 Generator Bonds 8.200% 09/07/11 NZD 59.29 Hellaby Holdings 8.500% 06/15/11 NZD 62.55 Infrastr & Util 8.500% 09/15/13 NZD 11.50 Infratil Ltd 8.500% 02/15/20 NZD 74.18 Infratil Ltd 8.500% 11/15/15 NZD 11.00 Infratil Ltd 10.180% 12/29/49 NZD 57.00 Marac Finance 10.500% 07/15/13 NZD 0.98 Rabobank Ned NZ 7.449% 01/29/49 NZD 75.00 Sky Network TV 9.370% 10/16/16 NZD 73.00 South Canterbury 10.500% 06/15/11 NZD 0.99 South Canterbury 10.430% 12/15/12 NZD 0.87 St Laurence Prop 9.250% 07/15/11 NZD 59.64 Tower Capital 8.500% 04/15/14 NZD 0.85 Trustpower Ltd 8.500% 09/15/12 NZD 7.80 Trustpower Ltd 8.500% 03/15/14 NZD 12.50 Vector Ltd 8.000% 12/29/49 NZD 7.85 SINGAPORE --------- Blue Ocean 11.000% 06/28/12 USD 34.91 Capitaland Ltd. 2.950% 06/20/22 SGD 72.94 Sengkang Mall 8.000% 11/20/12 SGD 0.00 United ENG Ltd 1.000% 03/03/14 SGD 1.22 SOUTH KOREA ----------- GS Caltex Corp 6.000% 08/08/16 USD 74.07 Korea Elec Pwr 6.000% 12/01/26 USD 64.29 Korea Elec Pwr 7.000% 02/01/27 USD 73.04 Korea Elec Pwr 6.750% 08/01/27 USD 70.34 Shinhan Bank 6.819% 09/20/36 USD 65.50 SRI LANKA --------- Sri Lanka Govt 7.500% 08/15/18 LKR 70.32 Sri Lanka Govt 7.000% 10/01/23 LKR 61.04 THAILAND -------- Advance Agro Pub 11.000% 12/19/12 USD 74.62 Italian-Thai Dev 4.500% 06/10/13 USD 50.37 Krung Thai Bank 7.378% 10/29/49 USD 69.75 PTT PCL 5.875% 08/03/35 USD 73.38 True Move 10.750% 12/16/13 USD 73.52 ********* 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 ***