/raid1/www/Hosts/bankrupt/TCRAP_Public/090731.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, July 31, 2009, Vol. 12, No. 150
Headlines
A U S T R A L I A
ABC LEARNING: Founder's Frozen Properties in Trust Up for Sale
BENDIGO AND ADELAIDE: Struggles to Meet Guidance as Bad Debts Rise
ELDERSLIE FINANCE: Auditor Trood Pratt to Face Public Probe
ING GROEP: Asian Assets Good Fit for ANZ, Daiwa Institute Says
H O N G K O N G
BESTALL INTERNATIONAL: Appoints Nedderman and Ping as Liquidators
DARWIN IMPORT: Appoints Nedderman and Ping as Liquidators
DIORVA KNITTERS: Court to Hear Wind-Up Petition on August 26
DRAGON KING: Appoints Nedderman and Ping as Liquidators
FORWAY INTERNATIONAL: Appoints Nedderman and Ping as Liquidators
FULLYWAY TECHNOLOGY: Appoints Chan Kin Hang Danvil as Liquidator
GREAT SHANGHAI: Appoints Nedderman and Ping as Liquidators
HARVEST ZONE: Appoints Nedderman and Ping as Liquidators
KRISPY KREME: Creditors' Proofs of Debt Due on August 14
LUEN FUNG: Placed Under Voluntarily Wind-Up
PALMY ENTERPRISE: Members' to Receive Wind-Up Report on August 28
RIGHTMAN INVESTMENT: Members' to Hear Wind-Up Report on Aug. 28
RIL TAIWAN: Members' to Hear Wind-Up Report on Aug. 28
SINO-FOREST CORP: S&P Assigns 'BB' Rating on US$212.33 Mil. Notes
SINO PLACE: Appoints Nedderman and Ping as Liquidators
SONWAY ENGINEERING: Appoints Nedderman and Ping as Liquidators
SRE GROUP: Bond Subscription Won't Affect S&P's 'B' Rating
SRE GROUP: China Town Deal Won't Affect Moody's 'B2' Rating
WING FAI: Removes Borrelli as Liquidator
I N D I A
DECCAN'S PARK: ICRA Assigns 'LBB+' Rating on INR200 Mln Facilities
GLITTEK GRANITES: ICRA Rates INR62 Mln Fund Based Limit at 'LBB'
HY-TUF STEELS: ICRA Assigns 'LBB+' Rating on INR8.4MM Term Loans
PYRAMID SAIMIRA: Court Orders Stay for Firm's Wind Up Proceeding
RAVI TECHNOFORGE: ICRA Places 'LBB' Rating on US$3.39 Mln Limits
J A P A N
AOZORA BANK: FSA Wants Business Improvement Plan by Sept. 11
CHIBA KOGYO: FSA Wants Business Improvement Plan by Sept. 11
CHUO MITSUI: FSA Wants Business Improvement Plan by Sept. 11
GIFU BANK: FSA Wants Business Improvement Plan by Sept. 11
HIGASHI NIPPON: FSA Wants Business Improvement Plan by Sept. 11
RENESAS TECHNOLOGY: Merger Agreement with NEC Delayed
SHINSEI BANK: FSA Wants Business Improvement Plan by Sept. 11
WHITEHORN LIMITED: Moody's Downgrades Rating on Series 2 Notes
* JAPAN: FSA Directs Six Banks to Submit Business Plan by Sept. 11
K O R E A
* SOUTH KOREA: Loan Delinquency Rate Drops 1.19% in June 2009
P H I L I P P I N E S
LEGACY GROUP: PDIC Asks SEC to Turn Over Sequestered Yacht
T A I W A N
E.SUN FINANCIAL: Fitch Assigns Individual Rating at 'C/D'
ROYAL BANK: ANZ Nears Taiwan Unit Acquisition Deal
SHIN KONG: TWD Interest Rates May Offset Capital Raise Benefits
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: Founder's Frozen Properties in Trust Up for Sale
--------------------------------------------------------------
All of the Queensland residential properties owned by a
discretionary trust that the corporate watchdog believes is the
"alter ego" of the former ABC Learning Center chief Eddy Groves
are up for sale, The Sydney Morning Herald reports.
The Herald relates that assets of the trust have been frozen by
the Australian Securities and Investments Commission after the
regulator became concerned they were being dissipated.
According to the report, the sale to a "genuine arm's-length
buyer" has been given the green light, providing that ASIC is
notified before any sale is finalized.
The proceeds of the sale can then be frozen pending a decision on
who the trust belongs to, the report adds.
Nick Combis, a director of the company that acts as the trustee of
the trust, said that the only asset of the trust not for sale was
"a half-share of a unit trust or property in Toowoomba", which was
worth less than AU$500,000.
Mr. Combis replaced Viryan Collins-Rubie, the wife of Mr. Groves,
as the director of the trust.
On July 28, 2009, the Troubled Company Reporter-Asia Pacific,
citing a previous report from The Sydney Morning Herald, said ABC
Learning Center Ltd founder Eddy Groves appeared in a Federal
Court in Sydney on July 27 relating to a AU$12.6 million fund he
transferred to a discretionary trust. The Australian Securities
and Investments Commission alleges that Mr. Groves set up the
trust as an "alter ego."
Counsel for ASIC John Halley told the court that the trust's net
worth had plummeted since Mr. Groves transferred the money to the
trust. Its net value had fallen from AU$15.8 million in June 2008
to AU$3.9 million last month. Mr. Groves denied that he is behind
the trust.
Based in Australia, 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 A.B.C. Developmental Learning Centres Pty
Ltd, A.B.C. Early Childhood Training College Pty Ltd, Premier
Early Learning Centres Pty Ltd, A.B.C. Developmental Learning
Centres (NZ) Ltd, A.B.C. New Ideas Pty Ltd, A.B.C. Land Holdings
(NZ) Limited and Child Care Centres Australia 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. In June 2008, the Company completed the
sale of a 60% stake in its United States business to Morgan
Stanley Private Equity.
* * *
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.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.
BENDIGO AND ADELAIDE: Struggles to Meet Guidance as Bad Debts Rise
------------------------------------------------------------------
Bendigo and Adelaide Bank will struggle to meet the earnings
guidance it gave last April because of rising bad debts associated
with the AU$615 million it lent to investors in managed investment
schemes promoted by the Great Southern, The Australian reports.
According to the report, Citi has predicted that bad debts would
be a large swing factor in Bendigo's annual result, due on
August 10. Citi forecast a cash profit of AU$198 million, below
the bank's guidance of AU$205 million to AU$218 million.
The Australian relates that Bendigo is owed an average of
AU$75,000 by each MIS investor, but has full recourse against
other assets held by the customer.
According to the Australian, Citi analyst Craig Williams said
Bendigo chief executive Mike Hirst would be under some pressure to
outline the bank's expectation of losses arising from its
exposure. He also foreshadowed a goodwill adjustment.
Mr. Williams, as cited by the report, said Mr. Hirst was likely to
outline Bendigo's growth agenda, bearing in mind the bank's
funding constraints and an inability to generate a lot of surplus
capital due to a relatively low return on equity.
"In addition, we think there looms an opportunity to publicly
lobby Canberra for select measures which level the playing field
in the banking market, including a guarantee of the mortgage
securitization market," the report quoted Mr. Williams as saying.
Bendigo and Adelaide Bank Limited (ASX:BEN) --
http://www.bendigobank.com.au-- formerly Bendigo Bank Limited, is
engaged in the provision of a range of banking and other financial
services, including retail banking, business banking and
commercial finance, funds management, treasury and foreign
exchange services, superannuation, financial advisory and trustee
services. At June 30, 2008, the Company operated through more
than 400 branches across Australia. It also offers 100 Bendigo
Bank agencies and 700 automated teller machines (ATMs). The
Company operates in four segments: retail banking, wholesale
banking, wealth solutions, joint ventures and alliances, and
corporate support. On November 30, 2007, Bendigo and Adelaide
Bank Limited acquired Adelaide Bank Limited, which is engaged in
the provision of wholesale mortgages, business lending, wealth
management and retail banking services.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
July 16, 2009, Fitch Ratings affirmed Bendigo and Adelaide Bank's
Long-term foreign currency Issuer Default Rating at 'BBB+', Short-
term foreign currency IDR at 'F2', Individual at 'B/C', Support at
'3' and Support Rating Floor at 'BB'. The Outlook is Stable.
Also, the agency notes the bank's exposure to investors in the
failed managed investment scheme company, Great Southern Limited.
Although the Outlook for BEN's Long-term IDR is Stable, Fitch
remains cognisant of the impact potential losses and/or weakened
recovery prospects could have on earnings, particularly in the
context of the deteriorating economic landscape and the likelihood
of a generally softer financial performance in FY09.
ELDERSLIE FINANCE: Auditor Trood Pratt to Face Public Probe
-----------------------------------------------------------
Anthony Klan at The Australian reports that the corporate watchdog
has approved a public examination into the auditor of Elderslie
Finance Corporation.
The Australian Securities & Investments Commission has approved
the examinations into Trood Pratt & Co, chartered accountants, to
be conducted next month by receivers PricewaterhouseCoopers, the
report said.
The report says the regulator is also separately reviewing the
Company's collapse.
"We have received authorisation from ASIC to perform a public
examination of the auditors at this time," The Australian quoted
PwC as saying in its latest report to Elderslie unitholders. "To
assist with the public examinations, we are in the process of
serving on a number of parties orders for the production of
documents.
"ASIC will retain the right to investigate any other aspect of the
Elderslie Group's operations and any other parties, including
company directors, if it has grounds to suspect that
contraventions have occurred."
A hearing date for the public examinations has been set for
August 18 and 19, The Australian adds.
Elderslie Finance Corporation is an independent, Australian-owned
structured finance and investment management group.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
July 3, 2008, Elderslie Finance Corporation has been placed into
receivership following a Federal Court order allowing its trustee,
Perpetual Trustees WA Ltd, to appoint a receiver, after several
rescue plans for the ailing company fell through.
Perpetual appointed Gregory Hall and Philip Carter of
PricewaterhouseCoopers as the receivers for Elderslie Finance.
ING GROEP: Asian Assets Good Fit for ANZ, Daiwa Institute Says
--------------------------------------------------------------
Citing a report by Daiwa Institute, Ambereen Choudhury at
Bloomberg News says ING Groep NV's Asian private banking
operations could be a "compelling strategic fit" for Australia &
New Zealand Banking Group Ltd.
ANZ's capitalization "puts it in a strong position to pursue
strategic acquisitions in Asia," Bloomberg quoted Daiwa's
Melbourne- based analyst Johan Vanderlugt as saying in a note to
clients on Tuesday.
Citing people familiar with the talks last week, Bloomberg
discloses ING has sent out preliminary sales documents to
potential buyers of its Asian and Swiss private banking assets.
Bloomberg notes one of the people said the combined assets may
fetch about US$1.5 billion.
According to Bloomberg, ING, which received a EUR10-billion (US$14
billion) government rescue in October, is seeking to raise as much
as EUR8 billion by selling assets to boost capital. Bloomberg
says the sale of private banking assets in Asia may attract buyers
seeking to expand wealth-management operations in the region.
Bloomberg relates the people said ING is seeking about US$600
million for its Asian private banking division, which has offices
in Singapore, Hong Kong and the Philippines. In a July 23 report
Bloomberg disclosed JPMorgan Chase & Co. is advising ING on the
sale.
Headquartered in Amsterdam, the Netherlands, ING Groep N.V. (ING)
-- http://www.ing.com/-- is a global financial institution
offering banking, investments, life insurance and retirement
services. The Company serves more than 85 million private,
corporate and institutional customers in Europe, North and Latin
America, Asia and Australia. ING has six business lines:
Insurance Europe, Insurance Americas, Insurance Asia/Pacific,
Wholesale Banking, Retail Banking and ING Direct. In July 2008,
the Company completed the acquisition of CitiStreet LLC, a
retirement plan and benefit service and administration company in
United States. In November 2008, ING Groep N.V. increased its
stake in joint venture Billington Holdings PLC from 50% to 100%.
In February 2009, the Company announced that it closed the sale of
its Taiwanese life insurance business to Fubon Financial Holding
Co. Ltd. In April 2009, the Company sold its non-state pension
fund business and its holding company in Russia to Aviva plc.
================
H O N G K O N G
================
BESTALL INTERNATIONAL: Appoints Nedderman and Ping as Liquidators
-----------------------------------------------------------------
Anthony Nedderman and Yan Miu Ping were appointed as liquidators
of Bestall International Development Limited.
The company commenced wind-up proceedings on December 12, 2008.
The Liquidators can be reached at:
Anthony Nedderman
Yan Miu Ping
Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
DARWIN IMPORT: Appoints Nedderman and Ping as Liquidators
---------------------------------------------------------
Anthony Nedderman and Yan Miu Ping were appointed as liquidators
of Darwin Import & Export Company Limited.
The company commenced wind-up proceedings on September 26, 2008.
The Liquidators can be reached at:
Anthony Nedderman
Yan Miu Ping
Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
DIORVA KNITTERS: Court to Hear Wind-Up Petition on August 26
------------------------------------------------------------
A petition to wind up the operations of Diorva Knitters Limited
will be heard before the High Court of Hong Kong on Aug. 26, 2009,
at 9:30 a.m.
Kang Siu Fai filed the petition against the company on June 22,
2009.
DRAGON KING: Appoints Nedderman and Ping as Liquidators
-------------------------------------------------------
Anthony Nedderman and Yan Miu Ping were appointed as liquidators
of Dragon King Limited.
The company commenced wind-up proceedings on February 1, 2006.
The Liquidators can be reached at:
Anthony Nedderman
Yan Miu Ping
Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
FORWAY INTERNATIONAL: Appoints Nedderman and Ping as Liquidators
----------------------------------------------------------------
Anthony Nedderman and Yan Miu Ping were appointed as liquidators
of Forway International Limited.
The company commenced wind-up proceedings on July 25, 2008.
The Liquidators can be reached at:
Anthony Nedderman
Yan Miu Ping
Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
FULLYWAY TECHNOLOGY: Appoints Chan Kin Hang Danvil as Liquidator
----------------------------------------------------------------
During a meeting held on July 10, 2009, the creditors of Fullyway
Technology Limited appointed Chan Kin Hang, Danvil as the
company's liquidator.
The Liquidator can be reached at:
Chan Kin Hang, Danvil
Ginza Square, 17th Floor
565-567 Nathan Road
Yaumatei, Kowloon
Hong Kong
GREAT SHANGHAI: Appoints Nedderman and Ping as Liquidators
----------------------------------------------------------
Anthony Nedderman and Yan Miu Ping were appointed as liquidators
of Great Shanghai Restaurant Company Limited.
The company commenced wind-up proceedings on Sept. 6, 2004.
The Liquidators can be reached at:
Anthony Nedderman
Yan Miu Ping
Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
HARVEST ZONE: Appoints Nedderman and Ping as Liquidators
--------------------------------------------------------
Anthony Nedderman and Yan Miu Ping were appointed as liquidators
of Harvest Zone Limited.
The company commenced wind-up proceedings on November 21, 2005.
The Liquidators can be reached at:
Anthony Nedderman
Yan Miu Ping
Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
KRISPY KREME: Creditors' Proofs of Debt Due on August 14
--------------------------------------------------------
The creditors of Krispy Kreme Hong Kong Limited are required to
file their proofs of debt by August 14, 2009, to be included in
the company's dividend distribution.
The company's liquidator is:
Wong Teck Meng
1801 Wing On House, 18th Floor
71 Des Voeux Road
Central, Hong Kong
LUEN FUNG: Placed Under Voluntarily Wind-Up
-------------------------------------------
At an extraordinary general meeting held on July 20, 2009, the
members of Luen Fung Electric Wire and Cable Company Limited
resolved to voluntarily wind up the company's operations.
The company's liquidator is:
Lau Yip Leung
C. C. Wu Building
Rooms 2604-06, 26th Floor
302-308 Hennessy Road
Wanchai, Hong Kong
PALMY ENTERPRISE: Members' to Receive Wind-Up Report on August 28
-----------------------------------------------------------------
The members of Palmy Enterprise Limited will hold their meeting on
August 28, 2009, 5:10 p.m., to receive the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Natalia K M Seng
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
RIGHTMAN INVESTMENT: Members' to Hear Wind-Up Report on Aug. 28
---------------------------------------------------------------
The members of Rightman Investment Limited will hold their meeting
on August 28, 2009, 5:15 p.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Natalia K M Seng
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
RIL TAIWAN: Members' to Hear Wind-Up Report on Aug. 28
------------------------------------------------------
The members of RIL Taiwan Services Limited will hold their meeting
on August 28, 2009, 11:15 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Natalia K M Seng
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
SINO-FOREST CORP: S&P Assigns 'BB' Rating on US$212.33 Mil. Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' issue rating to US$212.33 million 10.25% guaranteed senior
unsecured notes due 2014 issued by Sino-Forest Corp.
(BB/Stable/--).
The notes are in exchange for part of Sino-Forest's existing
US$300 million 9.125% guaranteed notes due 2011 (rated 'BB'). The
company completed the bond exchange offer and obtained consent to
amend certain terms in the US$300 million notes. About
US$87.67 million of the US$300 million notes remain outstanding.
The favorable outcome of the exchange offer, in S&P's view,
indicates Sino-Forest's adequate financial flexibility under the
current market conditions, as investors demonstrated a willingness
to provide longer-term funding for the company. The outcome
exchange offer is supportive of Sino-Forest's long-term plantation
expansion strategy in China. The offer essentially extends the
bond maturity to 2014 from 2011 at a higher coupon rate of 10.25%.
At the same time, some restrictive financial covenant will also be
loosened.
SINO PLACE: Appoints Nedderman and Ping as Liquidators
------------------------------------------------------
Anthony Nedderman and Yan Miu Ping were appointed as liquidators
of Sino Place Limited.
The company commenced wind-up proceedings on January 10, 2006.
The Liquidators can be reached at:
Anthony Nedderman
Yan Miu Ping
Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
SONWAY ENGINEERING: Appoints Nedderman and Ping as Liquidators
--------------------------------------------------------------
Anthony Nedderman and Yan Miu Ping were appointed as liquidators
of Sonway Engineering Limited.
The company commenced wind-up proceedings on June 27, 2006.
The Liquidators can be reached at:
Anthony Nedderman
Yan Miu Ping
Messrs. Tony Nedderman & Co. Ltd.
China Hong Kong Tower, 11th Floor
8 Hennessy Road
Hong Kong
SRE GROUP: Bond Subscription Won't Affect S&P's 'B' Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that the rating and
outlook on SRE Group Ltd. (B/Negative/--) are not affected by its
proposed subscription of a total of Hong Kong dollar
(HK$) 464.4 million in convertible bonds and equity of its
affiliate, China New Town Development Co. Ltd. (not rated). S&P
expects SRE to fund the capital injection internally. CNTD is
expected to use the proceeds to repurchase its speculative-grade
notes.
The rating on SRE has factored in S&P's expectations of SRE
providing financial assistance to CNTD. S&P views SRE and CNTD as
a group and S&P fully consolidated CNTD in the calculation of
SRE's credit ratios. While the group has reduced its total debt
through debt repurchases, S&P believes its credit ratios, which
are weak for the current rating, may not improve materially in the
near term as it plans to increase construction starts and could
start to acquire new land. Its profitability in 2009 will likely
be depressed due to poorer pre-sales in 2008. Although sales have
improved in the first six months of 2009, from first-half 2008,
the visibility of a sustained strengthening in credit ratios is
limited currently.
SRE GROUP: China Town Deal Won't Affect Moody's 'B2' Rating
-----------------------------------------------------------
Moody's Investors Service says it sees no immediate impact on SRE
Group Limited's B2 corporate family rating, B3 bond rating and
negative ratings outlook after it announced it had entered into
agreements with China New Town Development Limited, a 49.19%-owned
associate of SRE, to subscribe for its new shares and convertible
bond issuances for a maximum consideration of around
RMB410 million.
Moody's notes the transaction is subject to regulatory and CNTD's
shareholder approvals.
"While the scale of investments is not material -- compared to the
size of SRE's operation -- it will weaken the company's liquidity.
The impact, however, is mitigated by better-than-expected presales
in 1H 2009 and its fund-raising activities in the past few
months," says Kaven Tsang, a Moody's AVP/Analyst.
"The subscriptions are also evidence of SRE's provisions of
financial support to CNTD and such support to a certain extent was
reflected in Moody's downgrades of the company's ratings in May
2009," adds Tsang, also Moody's lead analyst for SRE.
"SRE will maintain its 49.19% interest in CNTD after the share
subscription but a potential conversion of the convertible bonds
by SRE could eventually increase its stake to above 50%. As a
result, SRE will have to fully consolidate CNTD into its
accounts," comments Tsang.
In its assessments, Moody's has both partially and fully
consolidated CNTD's debt and associated funding costs into SRE's
financial profile. The adjusted key credit metrics, under both
scenarios, remain appropriate for its existing rating level.
CNTD will apply the proceeds to repay its high-cost debt and its
financial positions will improve somewhat after this refunding
exercise, thereby mitigating the financial pressure on SRE.
Nevertheless, CNTD's overall credit profile remains weak and will
continue to constrain SRE's ratings and outlook.
Moody's last rating action occurred on May 4, 2009, when SRE's
corporate family rating and senior unsecured bond rating were
downgraded to B2 and B3 with a negative outlook.
SRE Group Limited was established in 1993 and was listed on the
Hong Kong Stock Exchange in 1999. The company focuses on mid-to-
high-end residential developments in Shanghai, Shenyang and
Haikou. It has attributable land banks of 1.12 million sqm in
Shanghai, 1.49 million sqm in Shenyang and 727,200 sqm in Haikou.
These land banks are sufficient for five years of development.
WING FAI: Removes Borrelli as Liquidator
----------------------------------------
On July 13, 2009, Cosimo Borrelli was removed as liquidator of
Wing Fai Construction Limited.
=========
I N D I A
=========
DECCAN'S PARK: ICRA Assigns 'LBB+' Rating on INR200 Mln Facilities
------------------------------------------------------------------
ICRA has assigned an LBB+ rating to the INR200 million fund based
facilities of Deccan's Park Limited. The rating indicates
inadequate-credit-quality rating in the long term.
ICRA's non investment grade rating factors in the significant fall
in occupancy levels and Revenue per available room of its
operational hotel property called Deccan Plaza during the last six
months of 2008-09, small size of operations, and high geographical
concentration risk with only one operational hotel as on date.
While assigning the rating, ICRA has also factored in the inherent
cyclicality, prevailing negative outlook of the Indian Hotel
Industry and competitive pressures as a result of significant
presence of 3 star hotels in Chennai. The rating is however
supported by the sustainable Average Room Rentals inspite of fall
in occupancy levels, planned diversification into Ooty, Tamil Nadu
which will bring down its geographical concentration risk and
moderate gearing levels.
Deccan's Park Limited was originally incorporated in 1988 as
Deccan Dairy & Fru-Drinks Ltd. and it was renamed as Deccan's Park
Limited in 1997. DPL is a part of Deccan group having businesses
in real estate, hospitality and financial services. Deccan's Park
Limited is running a Deccan Plaza hotel in Chennai and also
redeveloping a resort in Ooty. In FY09, the company earned a net
profit of INR10.3 million on an operating income of INR114.8
million.
GLITTEK GRANITES: ICRA Rates INR62 Mln Fund Based Limit at 'LBB'
----------------------------------------------------------------
ICRA has assigned an LBB rating, indicating inadequate-credit
quality, to the INR62 million fund based limit of Glittek Granites
Limited.
The ratings factor in fragmented and intensely competitive nature
of the industry and the not-so favorable demand outlook for
granite exporters over near-to-medium term because of slowdown
witnessed in construction sector of major importing nations.
Moreover ratings take into consideration, Glittek's weak financial
profile characterized by decline in its revenues, profitability
and debt coverage indicators; and susceptibility of its earnings
to adverse movements in foreign exchange rates. However, the
ratings derive comfort from the significant experience of
Glittek's promoters in the granite industry and its long-term
relationship with its customeINR
Glittek Granites Limited, incorporated in 1990 as a public limited
company, is a 100% EOU engaged in the business of processing and
exporting of granite slabs and tiles. The company is promoted by
Mr. Bimal K Agarwal, Mr. Kamal K Agarwal and Mr. Ashok Agarwal;
the three promoters together hold 52.46 of the equity while the
rest is held by institutional investors and public. In 2008-09,
the company expanded its processing capacity from 93,000sqm to
351,000sqm per annum. Glittek procures raw material from external
parties. In the first nine months of 2008-09, as per provisional
numbers provided by the company, it posted a profit after tax of
INR0.7 million on an operating income of INR56 million.
HY-TUF STEELS: ICRA Assigns 'LBB+' Rating on INR8.4MM Term Loans
----------------------------------------------------------------
ICRA has assigned 'LBB+' ratings to both the INR55 million fund
based bank facilities and INR8.4 million term loans of Hy-Tuf
Steels Private Limited. LBB+ is the inadequate-credit-quality
rating assigned by ICRA.
The ratings factor in the favorable demand outlook for steel long
products in the medium to long term, primarily driven by the
infrastructure and construction sectors. The ratings also factor
in the long experience of the promoters in the industry, HTSPL's
status as an approved vendor of a number of reputed customers and
its established brand name in the state of Gujarat. The ratings,
however, are constrained by the cyclicality inherent in the steel
business which makes cash flows volatile, the ongoing weak
industry condition leading to a sharp fall in prices in the second
half of the previous financial year. HTSPL's profitability of
operations has been low, reflecting a competitive and fragmented
nature of the industry with low entry barriers, limited value
addition in HTSPL's business and the company's small scale of
operations. The rating also considers HTSPL's weak capital
structure, which constrains its debt-service capability in a
cyclical commodity business.
About Hy-Tuf Steels
Hy-Tuf Steels Private Limited was incorporated in the year 1994 to
manufacture cold twisted deformed steel bars in Gujarat. In 2004,
a group company Baroda Ispat Pvt. Ltd. was merged into HTSPL. At
present the company has an annual production capacity of 23,000 MT
of TMT bars in Baroda. During 2007-08, HTSPL reported a net
profit of INR6.70 million on the back of net sales of INR398.10
million. In the first nine months of 2008-09, HTSPL posted a PBT
of INR13.70 million on the back of net sales of INR433.60 million.
PYRAMID SAIMIRA: Court Orders Stay for Firm's Wind Up Proceeding
----------------------------------------------------------------
The Madras high court directed the official liquidator not to take
charge of Pyramid Saimira Theatre Ltd for the time being, Business
Standard reports.
According to the report, the court's direction comes after PSTL
informed the court at the hearing Thursday that it would pay its
entire dues to Patni Financial Services before October 31, 2009.
PSTL also paid INR32.5 lakh, the interest portion, to Patni, on
the same day.
Following this, the report relates, Justice P Jyothimani said the
"appointment of PL stays in abeyance".
Business Standard recalls that on June 19, the Madras high court
had appointed the OL to take charge of Pyramid Saimira's assets.
According to the report, the order was passed on the basis of a
petition filed by Patni Financial Advisors, which had given a loan
of INR5 crore by way of inter-corporate deposit to PSTL.
About Pyramid Saimira
Based in Chennai, India, Pyramid Saimira Theatre Limited --
http://www.pstl.in/-- is a theatre chain company. The Company's
businesses include exhibition (theatre), film and television
content production, distribution, hospitality, food & beverage,
animation and gaming and cine advertising. It operates in three
segments: Production, Exhibition and Distribution. The Company's
subsidiaries include Pyramid Saimira Entertaiment Limited,
Singapore Pyramid Saimira Entertainment America Inc., United
States, Pyramid Saimira Production International Limited, India,
Dimples Cine Advertising Private Limited, India, Aurona
Technologies Limited, United Kingdom, Aurona Technologies Private
Limited, India and Pyramid Saimira Production Services Limited,
India. It also has a joint venture in Malaysia, Pyramid Saimira
Theatre Chain Malaysia.
RAVI TECHNOFORGE: ICRA Places 'LBB' Rating on US$3.39 Mln Limits
----------------------------------------------------------------
ICRA has assigned a LBB rating to the INR112.9 million and
US$3.39 million fund-based facilities of Ravi Technoforge Private
Limited (RTPL), indicating inadequate-credit-quality. ICRA has
also assigned an A4 rating to short-term bank facilities
(comprising EPC/FBD/FBP sub-limits of cash credit) of INR95.7
million and US$0.73 million, indicating risk-prone-credit-quality
in the short term. Although the FCNR loan of the company is
denominated in foreign currency, ICRA's ratings for the same are
on a national rating scale, as distinct from an international
rating scale.
The assigned ratings are constrained by RTPL's modest scale of
operations and highly fragmented nature of the "bearing races"
industry with large number of organized and unorganized players.
RTPL's client concentration is significantly high with SKF
(assigned A3 rating with negative outlook by Moody's Investor
services) contributing 77% to the revenues in FY09, though the
company is making efforts to diversify its client base. Besides,
the company has a stretched financial risk profile characterized
by high gearing, low coverage indicators, negative fund flow from
operations and high working capital intensity. Steep fall in
export revenues on account of lower demand in global markets is
expected to impact revenue growth and profit margins in the near
term. Moreover, aggressive expansion plans over the next two-
three years is expected to further deteriorate the capital
structure of the company in the medium term. While assigning the
ratings, ICRA has also taken into consideration the vulnerability
of Indian Bearing industry to downturn in the global automobile
industry and competition from cheaper Chinese imports.
However, the ratings factor in RTPL's experienced management and
its long standing expertise in manufacturing quality bearing races
at competitive prices. The company enjoys preferred supplier
status with major bearing companies like SKF and FAG bearings.
The ratings also derive comfort from the fixed conversion prices
the company charges, largely insulating it from raw material price
fluctuations.
Ravi Technoforge Private Limited was established in 1990 by
Mr. Amrutlal Bharadia to manufacture high quality forged & turned
bearing races. The company is based in Rajkot, Gujarat where it
has 2 owned and 3 rented units (installed capacity: 7200 MT/annum)
to produce about 180 varieties of ball, taper roller, cylindrical
and spherical bearings races. The company is Green Flow & Zero
Defect supplier to SKF group and Certified Quality Supplier for
FAG Bearings globally.
For year ending March 2009, the company reported a net profit of
INR32.2 million on a turnover of INR438.5 million. The net profit
was INR11.1 million over a turnover of INR233.7 million in FY08.
=========
J A P A N
=========
AOZORA BANK: FSA Wants Business Improvement Plan by Sept. 11
------------------------------------------------------------
The Financial Services Agency has issued business improvement
orders to six Japanese banks that have received public funds due
to their poor performance, The Japan Times reports.
The six banks include:
-- Shinsei Bank;
-- Aozora Bank;
-- Chuo Mitsui Trust Holdings Inc.;
-- Chiba Kogyo Bank;
-- Higashi Nippon Bank; and
-- Gifu Bank.
According to the report, the financial watchdog said the six banks
had incurred net losses in the fiscal year ended in March, falling
"considerably short" of the profit targets set in their
revitalization plans.
The agency ordered the banks to submit business improvement plans
containing measures to fundamentally improve their profitability
by Sept. 11 and to report progress made in implementing the plans
every quarter until it is confirmed they have been fully
implemented, the report discloses.
About Aozora Bank
Aozora Bank Ltd. (TYO:8304) -- http://www.aozorabank.co.jp/-- is
a Japan-based regional bank that provides a range of banking
services. The Bank operates in two business divisions. The
Banking division is engaged in the provision of banking services,
including deposit, loan, domestic and foreign currency exchange,
as well as debt services for individual and corporate customers.
The Others segment is engaged in the securities business, such as
securities trading and securities investment services, as well as
the trust business, debt management and collection, venture
capital investment, and system development. The Bank has 16
subsidiaries and 18 branch offices.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
June 5, 2009, Fitch Ratings downgraded Aozora Bank Ltd.'s Long-
term foreign and local currency Issuer Default Ratings to 'BBB'
from 'BBB+' and its Individual rating to 'C/D' from 'C'. The
Rating Watch Negative placed on Aozora's ratings on Feb. 12, 2009,
has been resolved, while a Stable Outlook has been assigned to the
Long-term IDRs. Meanwhile, the Short-term foreign and local
currency IDRs have been affirmed at 'F2'.
The TCR-AP also reported on July 6, 2009, that Moody's Investors
Service confirmed Aozora Bank, Ltd.'s ratings. The outlook for
all ratings is stable. The ratings affected are its D+ bank
financial strength rating, Ba1 baseline credit assessment, and
Baa1 long-term deposit rating and senior unsecured debt rating.
At the same time, Moody's affirmed the bank's Prime-2 short-term
deposit rating. This rating action concludes the review for
further possible downgrade initiated on February 12, 2009.
CHIBA KOGYO: FSA Wants Business Improvement Plan by Sept. 11
------------------------------------------------------------
The Financial Services Agency has issued business improvement
orders to six Japanese banks that have received public funds due
to their poor performance, The Japan Times reports.
The six banks include:
-- Shinsei Bank;
-- Aozora Bank;
-- Chuo Mitsui Trust Holdings Inc.;
-- Chiba Kogyo Bank;
-- Higashi Nippon Bank; and
-- Gifu Bank.
According to the report, the financial watchdog said the six banks
had incurred net losses in the fiscal year ended in March, falling
"considerably short" of the profit targets set in their
revitalization plans.
The agency ordered the banks to submit business improvement plans
containing measures to fundamentally improve their profitability
by Sept. 11 and to report progress made in implementing the plans
every quarter until it is confirmed they have been fully
implemented, the report discloses.
The Chiba Kogyo Bank, Ltd. is a regional bank based in Chiba
Prefecture, Japan. The Bank is engaged in banking businesses,
including deposits, loans, domestic and foreign exchange
transactions, as well as the leasing, credit guarantee, credit
card and computer system businesses, through its subsidiaries.
The Chiba Kogyo Bank has four subsidiaries.
CHUO MITSUI: FSA Wants Business Improvement Plan by Sept. 11
------------------------------------------------------------
The Financial Services Agency has issued business improvement
orders to six Japanese banks that have received public funds due
to their poor performance, The Japan Times reports.
The six banks include:
-- Shinsei Bank;
-- Aozora Bank;
-- Chuo Mitsui Trust Holdings Inc.;
-- Chiba Kogyo Bank;
-- Higashi Nippon Bank; and
-- Gifu Bank.
According to the report, the financial watchdog said the six banks
had incurred net losses in the fiscal year ended in March, falling
"considerably short" of the profit targets set in their
revitalization plans.
The agency ordered the banks to submit business improvement plans
containing measures to fundamentally improve their profitability
by Sept. 11 and to report progress made in implementing the plans
every quarter until it is confirmed they have been fully
implemented, the report discloses.
Chuo Mitsui Trust Holdings Inc. is a Japan-based holding company.
The Company is involved in the trust and banking business, as well
as other businesses. Additionally, through its subsidiaries and
associated companies, the Company is also involved in the
provision of various services, including investment advisory,
system development, real estate brokerage, leasing and management,
security investment and management, private equity fund operation,
loan guarantee, financing, credit card and leasing, among others.
GIFU BANK: FSA Wants Business Improvement Plan by Sept. 11
----------------------------------------------------------
The Financial Services Agency has issued business improvement
orders to six Japanese banks that have received public funds due
to their poor performance, The Japan Times reports.
The six banks include:
-- Shinsei Bank;
-- Aozora Bank;
-- Chuo Mitsui Trust Holdings Inc.;
-- Chiba Kogyo Bank;
-- Higashi Nippon Bank; and
-- Gifu Bank.
According to the report, the financial watchdog said the six banks
had incurred net losses in the fiscal year ended in March, falling
"considerably short" of the profit targets set in their
revitalization plans.
The agency ordered the banks to submit business improvement plans
containing measures to fundamentally improve their profitability
by Sept. 11 and to report progress made in implementing the plans
every quarter until it is confirmed they have been fully
implemented, the report discloses.
The Gifu Bank, Ltd. is a Japan-based bank. The Bank is primarily
engaged in the provision of financial banking services.
Additionally, the Bank is also involved in business entrustment,
as well as the provision of consumer financial guarantee, housing
loan guarantee, credit card and consumer credit services, through
its subsidiaries. As of March 31, 2009, the Bank had 39 banking
branches and 10 branch offices.
HIGASHI NIPPON: FSA Wants Business Improvement Plan by Sept. 11
---------------------------------------------------------------
The Financial Services Agency has issued business improvement
orders to six Japanese banks that have received public funds due
to their poor performance, The Japan Times reports.
The six banks include:
-- Shinsei Bank;
-- Aozora Bank;
-- Chuo Mitsui Trust Holdings Inc.;
-- Chiba Kogyo Bank;
-- Higashi Nippon Bank; and
-- Gifu Bank.
According to the report, the financial watchdog said the six banks
had incurred net losses in the fiscal year ended in March, falling
"considerably short" of the profit targets set in their
revitalization plans.
The agency ordered the banks to submit business improvement plans
containing measures to fundamentally improve their profitability
by Sept. 11 and to report progress made in implementing the plans
every quarter until it is confirmed they have been fully
implemented, the report discloses.
The Higashi-Nippon Bank, Limited is a Japan-based regional bank.
The Bank is engaged in the banking businesses including the
deposit, loan, domestic and foreign currency exchange, credit
assurance, telephone banking, and other financial services for
individual and corporate customers. Through its subsidiaries, the
Bank is also involved in the provision of credit cards services
and investment trust services, as well as clerical and staffing
services. As of March 31, 2009, the Bank had 74 branches, one
sub-branch office and four subsidiaries.
RENESAS TECHNOLOGY: Merger Agreement with NEC Delayed
-----------------------------------------------------
Renesas Technology Corp. and NEC Electronics Corp. have decided to
postpone the conclusion of a definitive agreement to integrate
business operations until the end of August. The merger was
originally outlined to close at the end of July.
The companies have decided to postpone the contract day due to
delay in completing due-diligence on the companies' assets
including the manufacturing and sales sites worldwide.
The companies will continue to engage in proactive negotiations
aiming to reach a definitive agreement by the end of August.
Renesas is unlisted with a 55% stake held by Hitachi Ltd. while
Mitsubishi Electric Corp. controls the remaining 45%.
NEC Electronics is a unit of NEC Corp.
On April 17, 2009, the Troubled Company Reporter-Asia Pacific,
citing Bloomberg News, reported Renesas's president, Yasushi Akao,
said the company aims to return to profit next fiscal year by
cutting labor, research and productions costs. The company is
consolidating production lines, cutting wages and reducing
research spending to slash costs by about JPY80 billion or
US$813 million in the 12 months started April 1, Mr. Akao told
Bloomberg News in an interview in Tokyo. Renesas already trimmed
its expenditure by as much as JPY40 billion last year, he said.
Bloomberg News said that according to Mr. Akao, after selling
JPY54 billion of its shares last month to Hitachi Ltd. and
Mitsubishi Electric Corp., Renesas may ask the firms for
additional funding. The company may also consider accepting
financial support from Japanese government if available, Mr. Akao
said as cited by Bloomberg News. Renesas expects a JPY206 billion
net loss in the year ended March 31 as the company books
restructuring and tax-related charges, compared with a profit of
JPY9.5 billion a year earlier, according to Bloomberg News.
About NEC Corp.
NEC Corporation (TYO:6701) -- http://www.nec.com/-- is a Japan-
based manufacturer. The Information Technology (IT)/Network (NW)
Solution segment provides system integration, support and
outsourcing services for government offices and communication
companies. It also develops, designs and sells hardware,
software, network systems and broadcasting systems, among others.
The Mobile/Personal Solution segment develops, designs and sells
cellular phones and personal computers, as well as provides
Internet service under the name BIGLOBE. The Electronic Device
segment develops, designs, manufactures, and sells electronic
products, including large-scale integrated circuits, general
devices, system memories, color liquid crystal displays,
capacitors, relays and lithium-ion secondary batteries. In
addition, the Company is also engaged in the development, design,
manufacturing and sale of monitors and liquid crystal projectors.
On October 1, 2008, it dissolved and liquidated a subsidiary,
Changsha NEC Telecommunications Co., Ltd.
About Renesas Technology
Japan-based Renesas Technology Corp --- http://www.renesas.com/
--- a Hitachi Ltd and Mitsubishi Electric Corp joint venture, is a
microchip manufacturer. The company makes many kinds of
semiconductors, including discrete devices, application-specific
integrated circuits (ASICs), microprocessors, memories, and analog
chips; it is also the world's top maker of microcontroller chips.
SHINSEI BANK: FSA Wants Business Improvement Plan by Sept. 11
-------------------------------------------------------------
The Financial Services Agency has issued business improvement
orders to six Japanese banks that have received public funds due
to their poor performance, The Japan Times reports.
The six banks include:
-- Shinsei Bank;
-- Aozora Bank;
-- Chuo Mitsui Trust Holdings Inc.;
-- Chiba Kogyo Bank;
-- Higashi Nippon Bank; and
-- Gifu Bank.
According to the report, the financial watchdog said the six banks
had incurred net losses in the fiscal year ended in March, falling
"considerably short" of the profit targets set in their
revitalization plans.
The agency ordered the banks to submit business improvement plans
containing measures to fundamentally improve their profitability
by Sept. 11 and to report progress made in implementing the plans
every quarter until it is confirmed they have been fully
implemented, the report discloses.
About Shinsei Bank
Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution. The Bank operates mainly in
three business segments. The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others. The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries. The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others. The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2009, Fitch Ratings affirmed Shinsei Bank Ltd's Individual
Rating at 'C/D', Support Rating Floor at 'BB+' and Subordinated
GBP400 million perpetual notes rating at 'BB'.
The TCR-AP reported on July 6, 2009, that Moody's Investors
Service affirmed Shinsei Bank, Limited's ratings, while the
ratings outlook remains negative. The ratings affected are its
D+ bank financial strength rating, Baa3 baseline credit
assessment, A3/P-2 long- and short-term deposit ratings, A3
senior unsecured debt rating, Baa1 senior and junior subordinated
debt ratings, and Baa3 preferred securities rating.
The rating action follows the announcement on July 1, 2009 that
Shinsei and Aozora Bank, Ltd. had reached an agreement to merge in
October 2010.
WHITEHORN LIMITED: Moody's Downgrades Rating on Series 2 Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of a credit-linked loan due 2011 extended to Whitehorn
Limited. The transaction is a synthetic CDO which references 13
global corporate entities.
The rating action is based on the determination of the loss amount
of one of the credit-linked loan's reference entity. This
transaction has no subordination, so the reference entity's loss
becomes this tranche's loss.
Moody's initially analyzed, and continues to monitor this
transaction primarily using the methodology for corporate
synthetic CDOs as described in Moody's Special Report:
-- Moody's Approach to Rating Corporate Collateralized Synthetic
Obligations (March 2009).
The rating action is:
Whitehorn Limited
(1) Series 2 JPY2,000,000,000 Floating-Rate Limited Recourse
Secured Credit-Linked Loan
-- Current Rating: C
-- Prior Rating: Caa2
-- Prior Rating Action Date: October 24, 2008, downgraded to
Caa2 from B3 placed under review for possible downgrade
* JAPAN: FSA Directs Six Banks to Submit Business Plan by Sept. 11
------------------------------------------------------------------
The Financial Services Agency has issued business improvement
orders to six Japanese banks that have received public funds due
to their poor performance, The Japan Times reports.
The six banks include:
-- Shinsei Bank;
-- Aozora Bank;
-- Chuo Mitsui Trust Holdings Inc.;
-- Chiba Kogyo Bank;
-- Higashi Nippon Bank; and
-- Gifu Bank.
According to the report, the financial watchdog said the six banks
had incurred net losses in the fiscal year ended in March, falling
"considerably short" of the profit targets set in their
revitalization plans.
The agency ordered the banks to submit business improvement plans
containing measures to fundamentally improve their profitability
by Sept. 11 and to report progress made in implementing the plans
every quarter until it is confirmed they have been fully
implemented, the report discloses.
=========
K O R E A
=========
* SOUTH KOREA: Loan Delinquency Rate Drops 1.19% in June 2009
-------------------------------------------------------------
KBS News reported that the loan delinquency rate in South Korea
has declined significantly following financial institutions'
write-off of bad debts and a decrease in the amount of new overdue
loans.
The report, citing the Financial Supervisory Service, relates that
as of the end of June, the rate of loans in arrears posted a
yearly low of 1.19 percent, down 0.41 percentage points from the
previous month.
The agency said that the delinquency ratio of:
* corporate loans extended by local banks decreased
0.58 percentage points to 1.69%;
* household loans edged down 0.19 percentage points
to 0.59%; and
* mortgage loans down 0.12 percentage points to 0.43%.
KBS News notes that the default ratio for domestic insurers also
declined to 3.81 percent, down 0.28 percentage points month-on-
month while the default ratio of credit card payments slid 0.51
percentage points in the second quarter to 3.08 percent.
=====================
P H I L I P P I N E S
=====================
LEGACY GROUP: PDIC Asks SEC to Turn Over Sequestered Yacht
----------------------------------------------------------
The Philippine Deposit Insurance Corp. requested the Securities
and Exchange Commission on Wednesday to turn over to the PDIC a
yacht owned by the closed Bank of East Asia Inc. in Minglanilla,
Cebu, an affiliate of the Legacy Group, according to The Daily
Tribune.
According to the report, PDIC told SEC Chairman Fe Barin that
during the inventory conducted at the Bank of East Asia, it found
that the vessel, M/Yacht Vijin, was among the missing assets of
the bank.
The PDIC, says the Tribune, recently learned that the vessel was
sighted inside one of the properties allegedly owned by Legacy
Group founder Celso de los Angeles located in Punta Engano,
Mactan, Cebu. The property, however, was sequestered by the SEC,
the report notes.
About Legacy Group
Headquartered in Quezon City, Philippines, The Legacy Group --
http://www.legacy.com.ph/thelegacy.html-- was a conglomerate of
banks and pre-need companies. The banks offered various financial
products and the pre-need firms offered pension, education and
memorial plans. Other members of The Group provided credit cards,
micro-lending and automotive financing services.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2009, the Philippine Daily Inquirer said that the Legacy
Group allegedly amassed between PHP15 billion and PHP25 billion in
deposits over the last three years due to an aggressive marketing
scheme, which promised depositors 20 percent in annual returns.
To address risk concerns, the Inquirer stated, the cash deposits
were spread out through the Legacy chain of banks to keep each
deposit within the maximum limit of the PDIC.
Celso G. de los Angeles, Jr. owns 13 banks with 29 branches
nationwide under the Legacy banner.
In 2008, the BSP shuttered the Rural Bank of Paranaque; Rural Bank
of Bais (in Negros Oriental province); Pilipino Rural Bank (in
Cebu); Rural Bank of San Jose (in Batangas); Philippine
Countryside Bank (in Cebu); Dynamic Bank (Rural Bank of Calatagan,
in Batangas); San Pablo City Development Bank; Nation Bank (in
Bacolod City) and the Bank of East Asia (in Cebu) due to
insolvency.
===========
T A I W A N
===========
E.SUN FINANCIAL: Fitch Assigns Individual Rating at 'C/D'
---------------------------------------------------------
Fitch Ratings has assigned Taiwan's E.Sun Financial Holding Co.
Ltd a Long-term foreign currency Issuer Default Rating of 'BBB-',
a Short-term foreign currency IDR of 'F3', a National Long-term
rating of 'A(twn)', a National Short-term rating of 'F1(twn)', an
Individual rating of 'C/D', a Support rating of '5' and a 'NF'
Support Rating Floor. The Outlook is Stable. Meanwhile, the
agency has also assigned National Long-term ratings of 'A-(twn)'
to ESFHC's two subordinated bonds, with a respective size of
TWD5.0 billion and TWD0.5 billion to mature in December 2012 and
December 2014.
ESFHC's ratings reflect its good brand reputation in the Taiwanese
finance industry (particularly in regards to its high customer-
service standards), as well as its stringent risk management
practices (manifested in the group's superior asset quality, among
the best of local banking groups), and its limited financial
leverage and satisfactory liquidity profile. Offsetting factors,
however, are low profitability and a relatively small franchise,
particularly in the corporate segments. ESFHC has positioned
itself as a niche banking service provider, and has a strong
foothold in credit cards, residential mortgages and SME lending.
Leveraging off its retail-oriented customer base, the group aims
to grow non-interest income by cross-selling increasingly fee-
based banking products with an emphasis on bancassurance.
ESFHC's profitability in H109 was low (ROAA of about 0.21%
annualized), albeit up from that for 2008 (ROAA of 0.13%) when the
company was particularly proactive in provisioning in the face of
the sharp economic downturn. NPLs were steady at 0.9% (of gross
loans) at end-Q109, a marginal increase from 0.89% at end-2007.
Meanwhile, loan loss reserve coverage of NPLs was reasonably
strong at 72% (end-2007: 54%). Compressed net interest margins --
a result of the extremely low interest rate environment --
continued to depress bottom-line performance in Q109, although
margins appear to have now bottomed as deposits are gradually re-
priced downward and as the company actively manages down its
costly time deposits. Given the company's well-managed loans
quality, Fitch expects ESFHC to deliver modest profitability in
2009 in spite of the challenging operating environment.
ESFHC has a satisfactory liquidity profile and uses only limited
financial leverage. Its double leverage ratio stood at a low 104%
at end-March 2009. The company's holdings of cash and the
availability of subsidiary upstreaming comfortably covers its
interest expenses. ESFHC is adequately capitalized -- its 125%
regulated sum-of-parts capital ratio at end-March 2009 was
comfortably above the regulatory minimum requirement of 100%. All
operating subsidiaries are satisfactorily capitalized,
particularly its principal subsidiary E. Sun Bank (Individual
rating 'C') with a Tier-1 ratio of 7.8% at end-Q109 (Total CAR of
10.8%).
ESFHC is a bank-centric financial holding company. It provides
banking and securities brokerage, insurance brokerage and venture
capital services through its fully-owned subsidiaries E. Sun Bank,
E. Sun Securities Corporation (National Long-term rating:
'A(twn)') and other smaller subsidiaries. ESFHC has a diversified
shareholding structure, with management and employees owning 20%-
25% of its shares at end-March 2009. Foreign investors Prudential
Plc (Long-term IDR: 'AA-') and Morgan Stanley Apollo Holdings
(Cayman) Limited held around 4% and 2.6% stakes, respectively, at
end-March 2009.
ROYAL BANK: ANZ Nears Taiwan Unit Acquisition Deal
--------------------------------------------------
Andreea Papuc and Iain Wilson at Bloomberg News, citing Dow Jones
Newswires, reports that Australia & New Zealand Banking Group Ltd.
is close to acquiring Royal Bank of Scotland Plc's Taiwanese
banking assets.
According to Bloomberg, Dow Jones reported that ANZ may announce
the purchase of RBS's Taiwanese banking assets as early as next
week. Bloomberg relates Dow Jones said in a report carried in The
Australian newspaper that the Taiwan unit will be the first of
several retail and commercial banking assets in Asia sold by RBS,
which is seeking to trim its operations in 36 countries.
Bloomberg discloses three people familiar with the plan said this
month that ANZ may buy RBS's units in at least five Asian
countries as the government-controlled bank splits its assets in
the region to attract buyers. Bloomberg notes the people said ANZ
is in advanced negotiations to acquire RBS's retail and
commercial-banking units in Hong Kong, Taiwan, Singapore, Vietnam
and Indonesia.
"Discussions with RBS are continuing on selected Asian assets, and
they're progressing well," Paul Edwards, a spokesman for
Melbourne-based ANZ told Bloomberg News, declining to comment
specifically about RBS's Taiwan operations.
About RBS
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
As previously reported in the Troubled Company Reporter-Europe,
risky investing and lending by the previous management brought RBS
close to collapse and required a public bail-out. RBS is now 70%
owned by the government.
SHIN KONG: TWD Interest Rates May Offset Capital Raise Benefits
---------------------------------------------------------------
Fitch Ratings has said that Shin Kong Financial Holding Co. Ltd.'s
successful completion of its new share issue of TWD13.1 billion
(29.7% of its equity at end-Q109) will help strengthen the balance
sheet of its wholly-owned Shin Kong Life Insurance Company Ltd.
The proceeds of the fundraising are to be used solely to add to
SKL's capital.
In Fitch's view, the capital enhancement deed is essential to
restore SKL's capitalization to an adequate level. However, the
agency remains concerned that prevailing extremely low TWD
interest rates will continue to pressure Taiwanese life insurers'
(including SKL) already significant negative interest carry and
earnings performance. This could potentially offset the benefits
of the new capital increase.
SKL's Insurer Financial Strength rating and National IFS rating
remain at 'BB+' and 'A-(twn)', respectively. The Outlook on the
ratings is 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 EXPL-PP ALXCC 16169603.2 -50619940.96
ALLSTATE EXPLORA ALX 16169603.2 -50619940.96
ARC EXPLORATION ARX 58544299.4 -15958771.93
AUSMELT LTD AET 10421943.8 -1558622.35
AUSTAR UNITED AUN 448602007.58 -261905005.38
AUSTRAILIAN Z-PP AZCCA 77741918.88 -2566335.24
AUSTRALIAN ZIRC AZC 77741918.88 -2566335.24
BIRON APPAREL LT BIC 19706736.59 -2220069.65
BISALLOY STEEL G BIS 54556820.43 -7472108.44
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
CITY PACIFIC LTD CIY 171501648.08 -6383353.75
EIRCOM HOLDINGS ERC 7921901248.89 -381294562.59
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
ETW CORP LTD ETW 83708786.34 -58673955.65
FORTESCUE METALS FMG 4293524492 -378456209.91
FULCRUM EQUITY L FUL 19209264.95 -3664831.12
HYRO LTD HYO 19685101.98 -15769362.01
JAMES HARDIE-CDI JHX 1898699904 -108700000
JAMES HARDIE NV JHXCC 1898699904 -108700000
LAFAYETTE MIN LAFDA 105239382.56 -190859513.39
MAC COMM INFR-CD MCGCD 8104415200.76 -103343256.49
RESIDUAL ASSC-EE RAGXF 597329874.01 -126963316.48
RUBICON AMERICA RAT 649532285.57 -100605696.94
RUBICON EUROPE T REU 553099503.3 -252490904.13
TOOTH & CO LTD TTH 108860665.87 -69404500.26
VERTICON GROUP VGP 21729291.58 -11591492.96
CHINA
ALONG TIBET CO-A 600773 10189622.9 -1032833.34
AMOI ELECTRONI-A 600057 208865199.77 -161881131.09
ANHUI KOYO GROUP 979 60010204.49 -52445757.65
BAO LONG ORIENTA 600988 16279600.58 -1854369.56
CHANG LING GROUP 561 37577889.93 -9465740.92
CHENGDU UNION-A 693 55030423.06 -2741222.75
CHINA EAST AIR-A 600115 10702789177.41 -1851807066.86
CHINA EAST AIR-H 670 10702789177.41 -1851807066.86
CHINA KEJIAN-A 35 75056861.57 -184097248.8
CHINESE.COM LOGI 805 12869661.54 -10094949.57
CITIC GUOAN VI-A 600084 362240219.99 -110093269.44
DANDONG CHEM F-A 498 104365074.72 -103885795.87
DONGXIN ELECTR-A 600691 20560051.24 -3771204
FUJIAN SANNONG-A 732 61811813.75 -53114169.28
GAOXIN ZHANGTO-A 2075 127410216.06 -15071836.61
GUANGDONG HUAL-A 600242 19373034.05 -2325690.04
GUANGDONG KEL-A 921 540254350.35 -125797076.1
GUANGMING GRP -A 587 46455752.14 -40019198.72
GUANGXI BEISHE-A 600556 126091499.15 -153594444.24
GUANGXIA YINCH-A 557 21664724.6 -34846155.01
HEBEI BAOSHUO -A 600155 131548104.09 -354980505.73
HEBEI JINNIU C-A 600722 221627306.84 -223054026.56
HISENSE ELEC-H 921 540254350.35 -125797076.1
HUATONG TIANXI-A 600225 70268587.22 -35844635.44
HUDA TECHNOLOG-A 600892 20047637.29 -1792599.78
HUNAN ANPLAS CO 156 53136755.69 -81141655.2
HUNAN AVA HOLDIN 918 190693717.92 -71587580.42
JIANGXI CHANGH-A 600372 316925380.97 -3387818.97
JIAOZUO XIN'AN-A 719 16263330.39 -3681456.28
QINGHAI SUNSHI-A 600381 54209936.07 -27613322.04
SHANG HONGSHENG 600817 18084539.68 -396285379.92
SHANG LIANHUA-A 600617 17393631.02 -1326976.74
SHANG LIANHUA-B 900913 17393631.02 -1326976.74
SHANGHAI WORLDBE 600757 221563153.24 -116684849.78
SHENZ CHINA BI-A 17 27968310.96 -264106065.1
SHENZ CHINA BI-B 200017 27968310.96 -264106065.1
SHENZ SEG DASH-A 7 87929092.73 -12564255.28
SHENZHEN DAWNC-A 863 28956539.07 -151601215.51
SHENZHEN KONDA-A 48 202326403.32 -13552596.4
SHENZHEN SHENXIN 34 28627569.28 -165833104.81
SICHUAN DIRECT-A 757 121641656.08 -112131770.94
SUNTEK TECHNOL-A 600728 35176457.04 -23191875.13
TAIYUAN TIANLO-A 600234 12265615.62 -60715447.57
TIANJIN MARINE 600751 82399198.24 -30394356.74
TIANJIN MARINE-B 900938 82399198.24 -30394356.74
TIBET SUMMIT I-A 600338 72677899.02 -13527522.12
TOPSUN SCIENCE-A 600771 200059655.52 -121606797.74
WINOWNER GROUP C 600681 15621614.17 -72193630.51
WUHAN BOILER-B 200770 413277147.43 -44507992.86
WUHAN GUOYAO-A 600421 11548487.32 -37317665.16
XIAMEN OVERSEA-A 600870 316697544.56 -153952891.08
YUEYANG HENGLI-A 622 37038161.53 -15556588.42
ZHANGJIAJIE TO-A 430 47476905.56 -6608204.52
HONG KONG
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
BINHAI INVESTMEN 8035 73711393.1 -114389190.24
CHINA CYBER PORT 8206 16718083.9 -21712245
CHINA GOLDEN DEV 162 249858442.34 -1458174.64
CHINA HEALTHCARE 673 29513119.73 -7815705.47
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
FULBOND HLDGS 1041 66063004 -11679000
HUTCHISON TELE H 215 2400098040.83 -366059762.21
NEW CITY CHINA 456 113178595.41 -9932226.54
PALADIN LTD 495 160927722.22 -1629398.23
PALADIN LTD -PRE 642 160927722.22 -1629398.23
SANYUAN GROUP LT 140 15148448.77 -1587205.23
INDONESIA
BANK CENTURY TBK BCIC 493235338.87 -135578273.49
BUKAKA TEKNIK UT BUKK 73759284.09 -88378100.23
DAYA SAKTI UNGGU DSUC 20182967.71 -14063966.67
ERATEX DJAJA ERTX 14094093.62 -13644427.04
JAKARTA KYOEI ST JKSW 23855890.79 -36519229.92
KARWELL INDONESI KARW 13459944.34 -7208303.23
MULIA INDUSTRIND MLIA 329626279.29 -438147831.29
PANCA WIRATAMA PWSI 24440350.75 -28494642.1
POLYSINDO EKA PE POLY 413587722.04 -843849953.26
SEKAR BUMI TBK SKBM 16366816.27 -2619135.89
STEADY SAFE TBK SAFE 10838828.11 -4030148.54
SURABAYA AGUNG SAIP 211007388.88 -113611192.14
TEIJIN INDONESIA TFCO 199177024.00 -55412900.00
UNITEX TBK UNTX 13649308.63 -14400120.13
INDIA
ALCOBEX METALS AML 35670319.03 -22443296.68
APPLE FINANCE APL 70832103.73 -29253849.19
ASHIMA LTD ASHM 59922403.11 -47153581.06
BAKELITE HYLAM BKLT 13911138.88 -12867352.6
BALAJI DISTILLER BLD 59974008.41 -50890026.26
BELLARY STEELS BSAL 512415670.4 -101442229.54
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
CFL CAPITAL FIN CEATF 20637497.85 -48884440.84
COMPUTERSKILL CPS 14896780.89 -7560054.57
CORE HEALTHCARE CPAR 185364966.99 -241912027.81
DCM FINANCIAL SE DCMFS 16540889.84 -10988851.47
DIGJAM LTD DGJM 98769193.78 -14623833.58
DISH TV INDIA DITV 422081403.33 -127614551.41
DUNCANS INDUS DAI 164653351.85 -220922929.88
EMTEX INDS INDIA EMTX 11807105.53 -44405235.51
GALADA POWER & T GCC 10899606.76 -27849464.86
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GLOBAL BOARDS GLB 25154303.78 -793024.17
GSL INDIA LTD GSL 37040429.61 -42340564.58
GUJARAT SIDHEE GSCL 59440728.18 -660003.43
GUJARAT STATE FI GSF 30159595.18 -234918081.46
HANJER FIBRES HJF 10720699.56 -310044.87
HARYANA STEEL HYSA 10831176.59 -5909008.81
HFCL INFOTEL LTD HFCL 233136050.86 -59728545.83
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
INDIA FOILS LTD IF 48457142.32 -38013960.39
INTEGRAT FINANCE IFC 57729537.53 -52297155.04
JCT ELECTRONICS JCTE 122542558.6 -49996834.55
JD ORGOCHEM LTD JDO 14537402.78 -69753846.55
JENSON & NIC LTD JN 15734678.26 -92089109.12
JIK INDUS LTD KFS 20633171.5 -5623616.49
JK SYNTHETICS JKS 20208078.76 -2171303.89
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 37538318.01 -41771703.35
LLOYDS FINANCE LYDF 36822038.19 -10290725.19
LLOYDS STEEL IND LYDS 358940191.85 -83135016.16
MILLENNIUM BEER MLB 39726352.09 -732186.48
MILTON PLASTICS MILT 26114050.07 -42391324.19
NATH PULP & PAP NPPM 13588844.93 -39126079.65
NICCO UCO ALLIAN NICU 38788084.34 -61659313
ORIENT PRESS LTD OP 16699814.52 -94789.33
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
PEACOCK INDS LTD PCOK 14682895.47 -18138660.88
PIRAMAL LIFE SC PLSL 32054795.68 -3725239.05
POLAR INDS LTD PLI 17540987.69 -24687678.21
PRECISION CONTAI PCLL 10013065.56 -3669728.21
RAMA PHOSPHATES RMPH 34066789.55 -1192495.62
RATHI ISPAT LTD RTIS 44555929.56 -3933592.5
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 -25431862.1
SHALIMAR WIRES SWRI 30588221.25 -63772177.8
SHAMKEN COTSYN SHC 23127927.75 -6172791.93
SHAMKEN MULTIFAB SHM 60546590.6 -13260108.95
SHAMKEN SPINNERS SSP 42180451.29 -16764934.64
SHARDA ISPAT LTD SHIL 16179943.38 -5040578.35
SHREE RAMA MULTI SRMT 81405835.45 -64134056.23
SIDDHARTHA TUBES SDT 92929926.47 -10719543.54
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SPICE COMMUNICAT SPCM 263692459.52 -19679192.67
STI INDIA LTD STIB 44107456 -300149.59
TAMILNADU TELE TNT 11680819.22 -3373123.87
TATA TELESERVICE TTLS 793627684.28 -74636840.33
TRIVENI GLASS TRSG 34542881.89 -6209872.78
UNIWORTH LTD WW 178225972.59 -131624807.91
USHA INDIA LTD USHA 12064900.61 -54512967.31
WINDSOR MACHINES WML 14952553.73 -29012727.36
WIRE AND WIRELES WNW 106984536.93 -23622538.56
JAPAN
AVIX INC 7836 19009420.72 -2125138.36
COSMOS INITIA CO 8844 2333430615.87 -454804416.82
FDK CORP 6955 465071545.7 -85901797.18
G-TRADING 3348 53439073.69 -19823380.51
GREEN FOODS CO 3367 87003396.49 -48040344.74
L CREATE CO LTD 3247 42344509.56 -9146496.9
MORISHITA CO LTD 3594 168223801.88 -2415401.06
NESTAGE CO LTD 7633 15752022.32 -7045459.62
OPEN INTERFACE I 4302 10824431.23 -25566252.98
PLACO CO LTD 6347 19727184.96 -1662140.28
PLACO CO LTD-WI 63471 19727184.96 -1662140.28
PROPERST CO LTD 3236 854806960.92 -17847055.11
REMIXPOINT CO LT 3825 13032512.99 -1159815.17
SPC ELECTRONICS 6818 124705573.68 -13095644.59
TERRANETZ CO LTD 2140 11633353.37 -4293462.63
ZENTEC TECHNOLOG 4296 61693138.35 -30725846.21
MALAYSIA
BSA INTERNATIONA BSAI 60415146.27 -45433037.17
HARVEST COURT HAR 10626827.67 -6604210.03
LITYAN HLDGS BHD LIT 15777258.11 -28374431.5
MALAYSIAN AIRLIN MAS 2505043640.24 -122541475.48
NEPLINE BHD NL 20464406.2 -25108761.81
NIKKO ELECTRONIC NIKKO 10890137.48 -8147304.11
PECD BHD PECD 247769002.01 -363970343.69
WONDERFUL WIRE WW 11782370.29 -14082081.34
WWE HOLDINGS BHD WWE 67986614.2 -3400656.26
NEW ZEALAND
DOMINION FINANCE DFH 258902749.12 -55312405.88
PHILIPPINES
APEX MINING 'B' APXB 51256351.82 -8972145.85
APEX MINING-A APX 51256351.82 -8972145.85
BENGUET CORP 'B' BCB 75710043.41 -35193170.69
BENGUET CORP-A BC 75710043.41 -35193170.69
CENTRAL AZUC TAR CAT 37806902.52 -2588843.76
CYBER BAY CORP CYBR 12926776.59 -79228223.36
EAST ASIA POWER PWR 50796443.41 -139420756.07
FIL ESTATE CORP FC 37286935.14 -11355841.65
FILSYN CORP A FYN 22000423.4 -10278638.86
FILSYN CORP. B FYNB 22000423.4 -10278638.86
GOTESCO LAND-A GO 18684576.24 -10863822.41
GOTESCO LAND-B GOB 18684576.24 -10863822.41
MRC ALLIED MRC 13040098.81 -3682026.54
PICOP RESOURCES PCP 105659068.5 -23332404.14
STENIEL MFG STN 28673457.47 -1478015.89
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 52802040.71 -56176026.28
VICTORIAS MILL VMC 178060236.02 -36659989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 13594299.01 -8730090.95
ADVANCE SCT LTD ASCT 69486218.18 -11959064.78
CHUAN SOON HUAT CSH 33386752.42 -11485337.08
FALMAC LTD FAL 10288220.94 -6460596.18
HL GLOBAL ENTERP HLGE 92915826.56 -8391185.82
INFORMATICS EDU INFO 21961840.29 -412465.93
LINDETEVES-JACOB LJ 149102492.24 -82583823.03
OCEAN INTERNATIO OCEAN 61659790.45 -13720371.73
PACIFIC CENTURY PAC 84332200.42 -2695477.98
SUNMOON FOOD COM SMOON 37238842.66 -13726971.17
TT INTERNATIONAL TTI 274506594.33 -42323078.96
WESTECH ELECTRON WTE 28290170.94 -12855750.98
SOUTH KOREA
CL LCD CO LTD 35710 55585277.13 -14793655.63
DAHUI CO LTD 55250 186003859.24 -1504246.54
DAISHIN INFO 20180 740500919.3 -158453978.78
ELIM EDU CO LTD 46240 34029159.88 -3747735.09
FIRST FIRE & MAR 610 2044031310.36 -1780221.91
KYSYS CO LTD 15390 10671544.09 -6267111.24
MOBILINK TELECOM 41310 52665694.67 -11474605.44
MOBO CO LTD 51810 196643340.38 -11979182.85
ORICOM INC 10470 82645454.13 -40039161.33
PRIME ENTMT 17170 31473002.9 -19371600.2
ROCKET ELEC-PFD 425 68584186.91 -2140474
ROCKET ELECTRIC 420 68584186.91 -2140474
SAMT CO LTD 31330 303858255.56 -77572655.65
SIMM TECH CO LTD 36710 314177541.38 -34486443.29
SOLAR & TECH CO 30390 11466591.81 -588035.38
STARMAX CO LTD 17050 50131660.74 -25436154.88
SUNNY TRENDS CO 35500 32757713.75 -7323573.46
TAESAN LCD CO 36210 187935112.1 -546263614.46
TONG YANG MAGIC 23020 355147750.92 -25767007.75
YOUILENSYS CORP 38720 166697877.68 -12337148.33
THAILAND
ABICO HLDGS-F ABICO/F 12066621.69 -9544714.91
ABICO HOLD-NVDR ABICO-R 12066621.69 -9544714.91
ABICO HOLDINGS ABICO 12066621.69 -9544714.91
BANGKOK RUB-NVDR BRC-R 81029895.85 -63623979.94
BANGKOK RUBBER BRC 81029895.85 -63623979.94
BANGKOK RUBBER-F BRC/F 81029895.85 -63623979.94
BLISS-TEL PCL BLISS 12552268.65 -1546013.01
BLISS-TEL PCL-F BLISS/F 12552268.65 -1546013.01
BLISS-TEL PCL-NV BLISS-R 12552268.65 -1546013.01
CENTRAL PAPER IN CPICO 10220356.04 -216074904.26
CENTRAL PAPER-F CPICO/F 10220356.04 -216074904.26
CENTRAL PAPER-NV CPICO-R 10220356.04 -216074904.26
CIRCUIT ELE-NVDR CIRKIT-R 61295807.28 -25886476.66
CIRCUIT ELEC PCL CIRKIT 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 31557425.41 -76616907.26
ITV PCL-FOREIGN ITV/F 31557425.41 -76616907.26
ITV PCL-NVDR ITV-R 31557425.41 -76616907.26
K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29
K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29
K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29
KUANG PEI SAN POMPUI 17146363.89 -12117287.24
KUANG PEI SAN-F POMPUI/F 17146363.89 -12117287.24
KUANG PEI-NVDR POMPUI-R 17146363.89 -12117287.24
MALEE SAMPR-NVDR MALEE-R 52662866.04 -6699070.37
MALEE SAMPRAN MALEE 52662866.04 -6699070.37
MALEE SAMPRAN-F MALEE/F 52662866.04 -6699070.37
NATURAL PAR-NVDR NPARK-R 99405582.21 -795660.77
NATURAL PARK PCL NPARK 99405582.21 -795660.77
NATURAL PARK-F NPARK/F 99405582.21 -795660.77
NFC FERTILI-NVDR NFC-R 41394761.31 -328937.74
NFC FERTILIZER P NFC 41394761.31 -328937.74
NFC FERTILIZER-F NFC/F 41394761.31 -328937.74
PATKOL PCL PATKL 56238621.35 -21509387.22
PATKOL PCL-FORGN PATKL/F 56238621.35 -21509387.22
PATKOL PCL-NVDR PATKL-R 56238621.35 -21509387.22
PONGSAAP PCL PSAAP/F 26782248.02 -2033209.65
PONGSAAP PCL PSAAP 26782248.02 -2033209.65
PONGSAAP PCL-NVD PSAAP-R 26782248.02 -2033209.65
SAFARI WORL-NVDR SAFARI-R 98372248.17 -18046379.39
SAFARI WORLD PUB SAFARI 98372248.17 -18046379.39
SAFARI WORLD-FOR SAFARI/F 98372248.17 -18046379.39
SAHAMITR PR-NVDR SMPC-R 31177710.43 -14940579.6
SAHAMITR PRESS-F SMPC/F 31177710.43 -14940579.6
SAHAMITR PRESSUR SMPC 31177710.43 -14940579.6
SUNWOOD INDS PCL SUN 19863687.56 -13033623.14
SUNWOOD INDS-F SUN/F 19863687.56 -13033623.14
SUNWOOD INDS-NVD SUN-R 19863687.56 -13033623.14
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 S-NVDR USC-R 77602986.98 -55435027.3
UNIVERSAL STAR-F USC/F 77602986.98 -55435027.3
UNIVERSAL STARCH USC 77602986.98 -55435027.3
TAIWAN
CHIEN TAI CEMENT 1107 202446919.23 -22407739.4
HELIX TECH-EC 2479T 23385923.43 -24115022.26
HELIX TECH-EC IS 2479U 23385923.43 -24115022.26
HELIX TECHNOL-EC 2479S 23385923.43 -24115022.26
TAIWAN KOL-E CRT 1606U 507206787.88 -147139297.7
TAIWAN KOLIN-EN 1606V 507206787.88 -147139297.7
TAIWAN KOLIN-ENT 1606W 507206787.88 -147139297.7
VERTEX PREC-ENTL 5318T 43037265.55 -2305484.43
VERTEX PRECISION 5318 43037265.55 -2305484.43
YEU TYAN MACHINE 8702 39574168.04 -271070409.72
*********
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.
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