/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100222.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 Monday, February 22, 2010, Vol. 13, No. 036 Headlines A U S T R A L I A HIH INSURANCE: Legal Action on FAI Takeover Nears Settlement C H I N A SHANGHAI PUDONG: Eyes IPO in Hong Kong Stock Exchange This Year H O N G K O N G AGFAPHOTO HK: Members' Final Meeting Set for March 12 DANASIA LIMITED: Creditors' Meetings Slated for March 1 INNER FLAME: Placed Under Voluntary Wind-Up Proceedings LI MIN: Ng and Chan Step Down as Liquidators M & T INTERNATIONAL: Creditors' Proofs of Debt Due March 5 SCANBA LIMITED: Creditors' Proofs of Debt Due March 8 SHANGHAI ENTERPRISES: Members' Final Meeting Set for March 12 SPARK ACE: Members' Final General Meeting Set for March 12 SYNDICA LIMITED: Creditors' Proofs of Debt Due March 8 WASHINGTON MUTUAL: Final General Meeting Set for March 15 WEDISDALE COMPANY: Placed Under Voluntary Wind-Up Proceedings * Hong Kong January Bankruptcies Fall to Two-year Low I N D I A ARC MARINE: Small Net Worth Prompts CRISIL 'BB' Ratings DHANLAXMI SOLVEX: CRISIL Places 'BB+' Rating on INR710MM Loan DUTCH TECH: CRISIL Assigns 'B' Ratings on Various Bank Facilities GREEN LEAF: CRISIL Assigns 'BB-' Rating on INR150MM Bank Debt KANUNGA EXTRUSION: CRISIL Rates INR140MM Cash Credit at 'BB' MAXTECH SINTERED: CRISIL Rates INR190MM Long Term Loan at 'B+' QUALITY HEIGHTCON: ICRA Places 'LBB+' Rating on INR130cr Bank Debt REGENT RESORTS: Delay in Loan Repayment Cues CRISIL Junk Ratings SANJAYKUMAR SHANKARLAL: CRISIL Rates INR28MM Cash Credit at 'BB' SPICEJET LTD: Sun Network Promoter Mulls $100 Mil. Investment SUDAL INDUSTRIES: CRISIL Assigns 'B+' Rating on INR38MM Term Loan J A P A N JAPAN AIRLINES: Japan's Ruling Party to Start Probe on JAL JAPAN AIRLINES: Moody's Withdraws 'Ca' Long-Term Debt Ratings JAPAN AIRLINES: To Cut Monthly Wages by 5%; Forgo Bonus Payments JLOC41 LLC: Fitch Puts Ratings on Six Classes on Negative Watch K O R E A HYNIX SEMICONDUCTOR: Creditors Start Talks on Shares Sale SSANGYONG MOTOR: Annual Loss Narrows to KRW346.3 Bil. in 2009 M A L A Y S I A RHYTHM CONSOLIDATED: Posts MYR381,000 Net Loss in Q2 2009 N E W Z E A L A N D CLIENT RESERVE: S&P Assigns 'BB' Long-Term & Short-Term Ratings S I N G A P O R E ANTHONY HAIR: Court to Hear Wind-Up Petition on March 5 CITYHUB BUSINESS: Court to Hear Wind-Up Petition on March 5 EFLUX SK: Creditors' Proofs of Debt Due March 19 GLOBAL PACKET: Court to Hear Wind-Up Petition on March 5 IMAGEAIRE PTE: Court to Hear Wind-Up Petition on March 5 KIMBLELIT INTERNATIONAL: Court Enters Wind-Up Order MARINA MERCHANDISING: Creditors' Proofs of Debt Due March 19 MICRO TECH: Court to Hear Wind-Up Petition on March 5 MOOD DESIGN: Court to Hear Wind-Up Petition on March 5 SUPREME ELECTRONICS: Creditors' Proofs of Debt Due March 19 V I E T N A M DOT VN: Member of Strategic Advisory Team Recognized for ICT Work - - - - - ================= A U S T R A L I A ================= HIH INSURANCE: Legal Action on FAI Takeover Nears Settlement ------------------------------------------------------------ Andrew Main at The Australian reports that HIH liquidator Tony McGrath's "epic" legal action against a raft of defendants over HIH's takeover of FAI Insurance in early 1999 is about to settle -- finally. According to The Australian, the peace treaty in Mr. McGrath's quest for about AU$529 million in damages will come before judge Patricia Bergin of the NSW Supreme Court today, February 22, following the decision of a recalcitrant former partner in audit group Andersen to go along with his 149-odd fellow ex-partners and sign the appropriate forms. The Australian notes that if Justice Bergin agrees with the settlement, it will then go to Judge Reg Barrett for final examination and if he finds no difficulties, money will change hands. As reported in the Troubled Company Reporter-Asia Pacific on May 15, 2006, The Australian said Mr. McGrath was planning to sue FAI Insurances Limited and FAI General Insurance Company for hundreds of millions of dollars in damages. The lawsuit is believed to be a move to recover cash for HIH creditors. The Australian related that Mr. McGrath's decision to commence a damages action follows the NSW Supreme Court's appointment of a special purpose liquidator -- Stephen Parbery from PPB -- to FAI Insurances and FAI General. Mr. Parbery's appointment on May 4, 2006, came after Mr. McGrath, who was then liquidator to both HIH and FAI, expressed his concern about a potential conflict of interest. The Australian recalled that HIH took over FAI for AU$300 million in 1998. The takeover has been partly blamed for HIH's collapse in March 2001. Mr. McGrath had earlier initiated suits against reinsurers, from which he has recovered around AU$2 billion. He has also previously named Federal MP and parliamentary secretary Malcolm Turnbull as defendants in a legal action on behalf of HIH creditors. Mr. Turnbull was the chairman of Goldman Sachs Australia, who was FAI's adviser at the time of HIH's takeover. About HIH Insurance HIH Insurance Limited was a publicly listed company in Australia. Prior to its collapse in 2001, the HIH Group was the second largest general insurer in Australia and had operations in many other countries. On March 15, 2001, HIH Insurance Limited and a number of its subsidiaries were placed into provisional liquidation. Subsequently, on Aug. 27, 2001, the companies that were in provisional liquidation were placed into liquidation. Schemes of Arrangement are in place for eight of those companies. The eight licensed insurance companies within the group were placed into Schemes of Arrangement in Australia on May 30, 2006. Four of these companies were also placed into Schemes of Arrangement in the UK on June 13, 2006. The Scheme Administrators have made initial payments to certain creditors and will make further payments over the coming years, HIH said on its Web site. ========= C H I N A ========= SHANGHAI PUDONG: Eyes IPO in Hong Kong Stock Exchange This Year --------------------------------------------------------------- Bloomberg News, citing Ming Pao, reports that Shanghai Pudong Development Bank Co. plans to sell shares to investors on Hong Kong's stock exchange this year as the lender seeks to lift its capital adequacy ratio. According to Bloomberg, Ming Pao, a Hong Kong-based, Chinese- language newspaper, said the plan for the initial public offering is at "an initial stage." Headquartered in Shanghai, China, Shanghai Pudong Development Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial bank involved in personal banking, corporate banking, and inter- bank business. The bank also offers Internet banking and telephone banking. * * * The bank continues to carry Moody's Investors Service's "Ba1" long-term bank deposit rating and "D" bank financial strength rating. It also carries Fitch Ratings' "D" individual rating. ================ H O N G K O N G ================ AGFAPHOTO HK: Members' Final Meeting Set for March 12 ----------------------------------------------------- Members of Agfaphoto Hong Kong Limited will hold their final general meeting on March 12, 2010, at 10:00 a.m., at the Level 17, Tower 1, Admiralty Centre, 18 Harcourt Road, in Hong Kong. At the meeting, Cosimo Borrelli and G Jacqueline Fangonil Walsh, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. DANASIA LIMITED: Creditors' Meetings Slated for March 1 ------------------------------------------------------- Contributories and creditors of Danasia Limited will hold their meetings on March 1, 2010, at 4:00 p.m., and 4:30 p.m., respectively at the 57th Floor, The Centre, 99 Queen's Road Central, in Hong Kong. At the meeting, Michael John Lintern-Smith and Christopher Edwin Michael Lambert, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. INNER FLAME: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------- At an extraordinary general meeting held on January 29, 2010, creditors of Inner Flame Company Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Philip Bredan Gilligan Alexandra House, 7th Floor 18 Chater Road Central, Hong Kong LI MIN: Ng and Chan Step Down as Liquidators -------------------------------------------- Ng Kwok Tung and Chan Wai Kee stepped down as liquidators of Li Min Timber International Limited on February 2, 2010. M & T INTERNATIONAL: Creditors' Proofs of Debt Due March 5 ---------------------------------------------------------- Creditors of M & T International Limited, which is in creditors' voluntary liquidation, are required to file their proofs of debt by March 5, 2010, to be included in the company's dividend distribution. The company's liquidator is Lau Siu Hung. SCANBA LIMITED: Creditors' Proofs of Debt Due March 8 ----------------------------------------------------- Creditors of Scanba Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 8, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 1, 2010. The company's liquidator is: Ho Yau Sing Nathan Commercial Building Unit B, 20/F 430-436 Nathan Road Yaumati, Kowloon Hong Kong SHANGHAI ENTERPRISES: Members' Final Meeting Set for March 12 ------------------------------------------------------------- Members of Shanghai Enterprises Limited will hold their final general meeting on March 12, 2010, at 10:30 a.m., at the Room 1005, Allied Kajima Building, 138 Gloucester Road, Wanchai, in Hong Kong. At the meeting, Leung Mei Fan, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SPARK ACE: Members' Final General Meeting Set for March 12 ---------------------------------------------------------- Members of Spark Ace Limited will hold their final general meeting on March 12, 2010, at 5:45 p.m., at the Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Susan Y H Lo, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SYNDICA LIMITED: Creditors' Proofs of Debt Due March 8 ------------------------------------------------------ Creditors of Syndica Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 8, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on February 1, 2010. The company's liquidator is: Ho Yau Sing Nathan Commercial Building Unit B, 20/F 430-436 Nathan Road Yaumati, Kowloon Hong Kong WASHINGTON MUTUAL: Final General Meeting Set for March 15 --------------------------------------------------------- Members of Washington Mutual Trade Service Limited will hold their final general meeting on March 15, 2010, at 10:00 a.m., at the Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Paul David Stuart Moyes, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WEDISDALE COMPANY: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------------- At an extraordinary general meeting held on January 29, 2010, creditors of Wedisdale Company Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Philip Bredan Gilligan Alexandra House, 7th Floor 18 Chater Road Central, Hong Kong * Hong Kong January Bankruptcies Fall to Two-year Low ----------------------------------------------------- The number of bankruptcy petitions in Hong Kong fell to 814 in January, the lowest in almost two years, from 907 in December, Bloomberg News reports citing the Official Receiver's Office. The number of compulsory winding-up petitions dropped to 50 in January from 66 in December, Bloomberg relates. ========= I N D I A ========= ARC MARINE: Small Net Worth Prompts CRISIL 'BB' Ratings ------------------------------------------------------- CRISIL has assigned its 'BB/Stable' rating to Arc Marine Pvt Ltd's term loan facility. Facilities Ratings ---------- ------- INR320.0 Million Long Term Loan BB/Stable (Assigned) The rating reflects Arc Marine's constrained financial risk profile, marked by a highly leveraged capital structure and a small net worth, and presence in the low-end spectrum of offshore logistics services for oilfield development and maintenance activities, resulting in stiff pricing pressure. These rating weaknesses are partially offset by the benefits that Arc Marine derives from healthy revenue prospects led by demand in the end- user industry for oil exploration services, promoters' experience in offshore services of ship management, and established relationships with key customers. Outlook: Stable CRISIL believes that Arc Marine will benefit from the increasing demand for offshore oilfield services, over the medium term. The company's capital structure is expected to remain highly leveraged on account of significant debt-funded capital expenditure for purchase of crew boats and an AHTSV (Anchor Handling Tug Supply Vessel). The outlook may be revised to 'Positive' if the company's financial risk profile improves, led by high vessel utilization backed by strong growth in daily charter rates, improving operating margins, and increasing cash accruals. Conversely, the outlook may be revised to 'Negative' if the company's charter rates for the newly acquired vessels decline sharply, resulting in low net cash accruals over the medium term. About Arc Marine Set up in 1995, Arc Marine provides offshore ship management services for companies such as Oil and Natural Gas Corporation (ONGC, rated 'AAA/Stable/P1+' by CRISIL). The company has seven crew boats of its own, and two crew boats are taken on hire from its group company Indus Marine Pvt Ltd. All the nine crew boats are on a charter-hire basis with ONGC for a five-year contract which is to expire in 2013. Arc Marine reported a profit after tax (PAT) of INR18.1 million on net sales of INR171.1 million for 2008-09 (refers to financial year, April 1 to March 31), as against a PAT of INR17.0 million on net sales of INR217.8 million for 2007-08. DHANLAXMI SOLVEX: CRISIL Places 'BB+' Rating on INR710MM Loan ------------------------------------------------------------- CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank facilities of Dhanlaxmi Solvex Pvt Ltd. Facilities Ratings ---------- ------- INR710.0 Million Cash Credit Limit BB+/Stable (Assigned) INR250.0 Million Letter of Credit P4+ (Assigned) INR40.0 Million Bank Guarantee P4+ (Assigned) The ratings reflect DSPL's aggressive expansion plans and exposure to risk related to agriculture-based-commodity-product businesses. The impact of these weaknesses is partially mitigated by the benefits the company receives from its promoters' experience in the edible oil industry, and by the company's moderately integrated operations leading to healthy operating efficiency. Outlook: Stable CRISIL believes that DSPL will maintain its stable credit risk profile on the back of its efficient operations. The outlook may be revised to 'Positive' if the company is able to stabilize operations of its enhanced capacities earlier than expected, and maintain a stable financial risk profile. Conversely, the outlook may be revised to 'Negative' if there is further significant delay in the company's ongoing project at Harda or steep deterioration in its debt protection measures, caused by a significant decline in operating profitability or significant increase in its working capital requirements leading to large incremental bank borrowings. About Dhanlaxmi Solvex Incorporated in 2006, Dhanlaxmi Solvex Pvt Ltd manufactures and processes soyabean oil and de-oiled cakes. DSPL has three operational plants -- at Shajapur, crushing capacity of 800 tonnes per day (tpd) and refining capacity of 120 tpd, at Kareli, crushing capacity of 400 tpd and refining capacity of 50 tpd, at Devas, crushing capacity of 800 tpd and refining capacity of 100 tpd. Another plant, at Harda, is expected to be commissioned by end of March 2010. DSPL reported a profit after tax (PAT) of INR37 million on net sales of INR3712 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR55 million on net sales of INR2984 million for 2007-08. DUTCH TECH: CRISIL Assigns 'B' Ratings on Various Bank Facilities ----------------------------------------------------------------- CRISIL has assigned its 'B/Stable/P4' ratings to the bank facilities of Dutch Tech Tools Pvt Ltd. Facilities Ratings ---------- ------- INR20 Million Cash Credit B/Stable (Assigned) INR91 Million Term Loan B/Stable (Assigned) INR2 Million Letter Of Credit P4 (Assigned) INR10 Million Bank Guarantee P4 (Assigned) The ratings reflect DTT's exposure to risks relating to a limited track record, small scale of operations, and competition from established players in the cutting tools industry. These weaknesses are partially offset by the benefits DTT derives from its promoters' experience in the cutting tools industry and strong distribution network. Outlook: Stable CRISIL believes that DTT will maintain its business and financial risk profiles over the medium term on the back of promoters' experience and position in the cutting tools industry. The outlook may be revised to 'Positive' if the company's revenues increase, and profitability and net worth improve substantially. Conversely, the outlook may be revised to 'Negative' if DTT's financial risk profile deteriorates because of significant decline in revenues and profitability, or if the company is unable to stabilize its operations and achieve optimal capacity utilization. About Dutch Tech Set up in 2007 as a private limited company, DTT specializes in manufacturing precision solid carbide rotary metal cutting tools. It has its registered office and manufacturing unit in West Bengal. The company has an installed capacity of 30,000 units of solid carbide drills and endmills per month of sizes ranging from 0.20 millimetres (mm) to 32.0 mm. The company commenced commercial operations in July 2009. GREEN LEAF: CRISIL Assigns 'BB-' Rating on INR150MM Bank Debt ------------------------------------------------------------- CRISIL has assigned its 'BB-/Stable' rating to Green Leaf Tobacco Threshers Ltd's export packing credit facility. Facilities Ratings ---------- ------- INR150 Million Export Packing Credit BB-/Stable (Assigned) The rating reflects Green Leaf's average financial risk profile marked by average capital structure and debt protection measures, and large working capital requirements. These rating weaknesses are partially offset by the benefits that Green Leaf derives from its promoters' industry experience and from its own strong relationships with customers. Outlook: Stable CRISIL believes that Green Leaf will continue to benefit from its relationships with customers, and the industry experience of its promoters, over the medium term. Improvement in the company's financial risk profile, through an improved receivables position or better profitability margins on a sustained basis, may result in a revision in the outlook to 'Positive'. Conversely, the outlook may be revised to 'Negative' if there is a substantial increase in the company's debt or steep decline in its profitability, or if there is an unfavorable change in regulations, thereby adversely affecting the company's business and financial risk profiles. About Green Leaf Incorporated as a private limited company in 1985 by Mr. Shyamsundara Rao, Green Leaf was reconstituted as a closely held public limited company in 1990. The company is engaged in the processing of tobacco leaves for Flue-Cured Virginia (FCV) tobacco. The company has an in-house threshing capacity of 4000 kilograms per hour (kg/hour), re-drying capacity of 3200 kg/hour, and storage facilities covering nine acres, in Guntur, Andhra Pradesh. Green Leaf reported a profit after tax (PAT) of INR5.30 million on net sales of INR151.65 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR3.46 million on net sales of INR192.30 million for 2007-08. KANUNGA EXTRUSION: CRISIL Rates INR140MM Cash Credit at 'BB' ------------------------------------------------------------ CRISIL has assigned its ratings of 'BB/Stable/P4+' to Kanunga Extrusion Pvt Ltd's bank facilities. Facilities Ratings ---------- ------- INR140.00 Million Cash Credit BB/Stable (Assigned) INR80.00 Million Letter of Credit P4+ (Assigned) The ratings reflect KEPL's below-average financial risk profile, and its exposure to volatility in steel prices and to intense competition in the ferrous and non-ferrous metals trading industry. These rating weaknesses are partially offset by the benefits that KEPL derives from its promoters' industry experience, and from its diverse product profile. Outlook: Stable CRISIL believes that KEPL will maintain its business risk profile on the back of its established business position and promoters' industry experience. The outlook may be revised to 'Positive' in case of a considerable and sustainable improvement in profitability and realizations. Conversely, the outlook may be revised to 'Negative' if KEPL undertakes a large, debt-funded capital expenditure programme, or if its margins and volumes reduce steeply. About Kanunga Extrusion Set up in 1979 at Bengaluru by Mr. Ranjit Kanunga, Kanunga Extrusion Pvt Ltd trades in ferrous and non-ferrous metals - sheets, angles, flats, channels, rounds, beams, plates, and tubes. The company deals in products manufactured by Essar Steel Ltd, JSW Steel Ltd, and other mills in Raipur. KEPL reported a profit after tax (PAT) of INR3.9 million on net sales of INR1.23 billion for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR4.4 million on net sales of INR1.04 billion for 2007-08. MAXTECH SINTERED: CRISIL Rates INR190MM Long Term Loan at 'B+' -------------------------------------------------------------- CRISIL has assigned its 'B+/Negative' rating to the bank facilities of Maxtech Sintered Product Pvt Ltd. Facilities Ratings ---------- ------- INR190.0 Million Long Term Loan B+/Negative (Assigned) INR40.0 Million Cash Credit B+/Negative (Assigned) The rating reflects MSPPL's start-up phase of operations, weak financial risk profile because of incremental working capital requirements and capital expenditure, average scale of operations, revenue concentration, and its exposure to volatility in raw material prices and foreign exchange rates. These weaknesses are partially offset by MSPPL's strong order book, and its promoters' experience in the automobile component industry. Outlook: Negative CRISIL believes that MSPPL's liquidity will be under pressure over the next six months because of depressed cash accruals, the start- up phase of its operations, large debt repayment obligations, and incremental working capital requirements. The rating may be downgraded in case of lower-than-expected cash accruals, or failure to tie up funding for working capital requirements, leading to further pressure on the company's liquidity. Conversely, the outlook may be revised to 'Stable' if MSPPL's liquidity improves, most likely through greater-than-expected cash accruals and fresh equity infusion. About Maxtech Sintered Set up in 2007, MSPPL is a joint venture between BRN Industries Ltd (69.3 per cent holding, promoted by Mr. J Raval and Mr. H Banga) and Maxtech Manufacturing Inc (30.7 per cent). The company manufactures automotive components by using the sintering technology. It has a plant in Malval, Pune (Maharashtra), with a production capacity of 400 to 600 tonnes per annum. MSPPL commenced operations in June 2009; it is concentrating on producing automotive components of higher density, ranging between 6.8 gram per cubic centimetre (g/cc) and 7.2 g/cc. The company is TS-16949-certified by International Organization for Standardization (ISO). Maxtech Manufacturing Inc has extensive experience in manufacturing automotive components through sintering technology. It has a sintering technology plant in Quebec, Canada. QUALITY HEIGHTCON: ICRA Places 'LBB+' Rating on INR130cr Bank Debt ------------------------------------------------------------------ ICRA has reaffirmed the long term rating of 'LBB+' and short term rating of A4+, to bank facilities of Quality Heightcon Private Limited. Further, ICRA has assigned a stable outlook to the long-term rating of the company. Amount Facilities (INR cr) Ratings ---------- -------- ------- Fund Based 130.0 LBB+ Non-Fund Based 170.0 LBB+/A4+ The ratings reaffirmation takes into account the QHPL's moderate scale of operation, geographical risk owing to concentration of projects in Mumbai, dependence on a few clients, highly competitive nature of the industry and concentration of order book towards projects from real estate sector. While assigning the initial rating during January 2009, ICRA has taken a note of the risk inherent in the partnership firm, which was also a constraining factor for the rating of QHPL. During 2009-10, the promoters have converted the company into a limited company; however at the same time the promoter's capital account/equity has been significantly reduced and converted into an unsecured loan, thereby resulting in an adverse capital structure. ICRA in this regard has taken a comfort from the promoter's statement of not withdrawing the unsecured loans till the bank loans being rated are outstanding. The ratings favorably factor in the growth witnessed in the operating income of the company in FY09, healthy order-book position of the company and the long track record of the company in the construction sector having experience in executing projects for private and government clients. Quality Heighton Private Limited (erstwhile Quality Construction Company) was founded in 1969 as a partnership firm; partners being Shri Mahendra K Shah, Smt. Bhamini D Shah, Shri Parag D Shah and Smt. Hemalli R Shah. QCC was converted into a private limited company with effect from July 2009. QHPL executes construction projects which spans into areas including Civil, Structural, Plumbing, Sanitation and Finishing Jobs. The company has experience of working with both private and government clients. QHPL's turnover has increased INR893.6 million from INR524.3 million in FY08 and the company posted a profit after tax (PAT) of INR49.2 million in FY 09 as compared to PAT of INR31.3 million in FY 08. REGENT RESORTS: Delay in Loan Repayment Cues CRISIL Junk Ratings ---------------------------------------------------------------- CRISIL has assigned its 'D/P5' ratings to Regent Resorts & Properties Pvt Ltd's bank facilities. The ratings reflect delay in term loan servicing by RRPPL; the delay has been caused by weak liquidity. Facilities Ratings ---------- ------- INR10 Million Cash Credit D (Assigned) INR20 Million Overdraft D (Assigned) INR207.5 Million Term Loan D (Assigned) INR10 Million Proposed LT D (Assigned) Bank Loan Facility INR5 Million Bank Guarantee P5 (Assigned) RRPPL was established in 1998 by Mr. Ravi Parikh, Mr. Atul Taunk, and their families. The company owns a 69-room hotel, The Sonnet, in Jamshedpur, and a 67-room hotel in Kolkata. The Kolkata hotel commenced operations in January 2010. RRPPL reported a profit after tax (PAT) of INR15 million on net sales of INR127 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR13 million on net sales of INR103 million for 2007-08. SANJAYKUMAR SHANKARLAL: CRISIL Rates INR28MM Cash Credit at 'BB' ---------------------------------------------------------------- CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank facilities of Sanjaykumar Shankarlal Export Pvt Ltd. Facilities Ratings ---------- ------- INR28.0 Million Cash Credit BB/Stable (Assigned) INR52.5 Million Letter of Credit P4+ (Assigned) The ratings reflect SSEPL's deteriorating profitability because of bad debts and high interest expenses, and declining sales because of its small scale of operations amid increasing competition. The impact of these weaknesses is mitigated by SSEPL's established market position, and sound working capital management. Outlook: Stable CRISIL believes that SSEPL will maintain its business risk profile on the back of its established market position. The outlook may be revised to 'Positive' in case of higher-than-expected increase in the company's revenue and operating margin, and improvement in its receivables position, resulting in an improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if there is a steep deterioration in the company's receivables position or operating margin, or a substantial increase in its interest expense, resulting in lower-than-expected net cash accruals over the medium term. About Sanjaykumar Shankarlal Set up in 1978 by Mr. Ranchoddas Vasanji Madiyar in Maharashtra, SSEPL is an importer and domestic distributor of pulses -- tur, moong, urad, and masoor. Mr. Deepak Madiyar and Mr. R V Madiyar's son Mr. Bhavesh Madiyar look after the company's day-to-day activities. SSEPL reported a profit after tax (PAT) of INR2.34 million on net sales of INR574.2 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR2.96 million on net sales of INR923.4 million for 2007-08. SPICEJET LTD: Sun Network Promoter Mulls $100 Mil. Investment ------------------------------------------------------------- Kalanithi Maran, the promoter of Sun Network, South India's biggest broadcaster, is considering investing close to $100 million in SpiceJet Ltd, DNA reports citing company sources who did not want to be named. Edelweiss Capital is advising Maran on the deal, the report says. Sources told DNA that talks between SpiceJet and Maran began last week. According to the report, "Kalanithi is looking at picking up stake in the airline and may buy the stake sold by Istithmar to mutual funds and financial institutions. Another option being looked at is the issue of fresh equity. The contours of the deal have not yet been finalized." The Dubai government's private equity arm Istithmar reportedly sold off its 13.4% stake in SpiceJet earlier this month, according to DNA. The Troubled Company Reporter-Asia Pacific reported on Jan. 20, 2010, that SpiceJet plans to raise up to US$75 million from the market to fund its fleet and route expansion program. SpiceJet Limited -- http://www.spicejet.com/-- is an India-based airline company. The Company operates 113 flights daily to 18 destinations, offering connectivity between metros and non-metros. During fiscal year ended March 31, 2008 (fiscal 2008), the Company inducted eight new aircrafts to its fleet taking the total fleet strength to 19 aircrafts. Out of the eight new aircraft inducted, two were Boeing 737-900. * * * SpiceJet Limited booked annual net losses of INR707.43 million in 2007 and INR1,335.07 million in 2008. SUDAL INDUSTRIES: CRISIL Assigns 'B+' Rating on INR38MM Term Loan ----------------------------------------------------------------- CRISIL has assigned its 'B+/Stable' rating to the long-term loan of Sudal Industries Ltd, while reaffirming its rating on the other facilities of the company at 'B+/Stable/P4'. The ratings continue to reflect Sudal's limited track record, small scale of operations, and exposure to intense competition. These rating weaknesses are partially offset by Sudal's established position in the aluminium extrusion industry. Facilities Ratings ---------- ------- INR38.0 Million Long-Term Loan B+/Stable (Assigned) INR80.0 Million Bank Overdraft (Reduced from INR130.0 Million) B+/Stable (Reaffirmed) INR82.0 Million Letter Of Credit P4 and Bank Guarantee (Enhanced from INR70.0 Million) Outlook: Stable CRISIL believes that Sudal will maintain its business risk profile on the back of its market position. The company will also benefit from the expected growth in demand for aluminium extrusion products. The outlook may be revised to 'Positive' in case of a significant and sustained improvement in Sudal's revenues and cash accruals. Conversely, the outlook may be revised to 'Negative' if the company is unable to utilize its enhanced capacities at optimal levels, or if it undertakes a large, debt-funded capital expenditure program, leading to deterioration in its capital structure and debt protection metrics. About Sudal Industries Incorporated in 1979 by Mr. Shriram Chokhani, Sudal manufactures aluminium extrusions and aluminium-based alloys. The company's plant at Nashik has a capacity to manufacture 8900 tonnes per annum (tpa) of aluminium extrusions, and 3000 tpa of aluminium- based alloys. It is in the midst of enhancing its aluminium extrusion capacity by 1450 tpa. The company was referred to the Board for Industrial and Financial Reconstruction (BIFR) twice in the past 30 years. It last came out of the BIFR purview in 2008. Sudal reported a profit after tax (PAT) of INR50.3 million on net sales of INR676 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR34.2 million on net sales of INR658.6 million for 2007-08. ========= J A P A N ========= JAPAN AIRLINES: Japan's Ruling Party to Start Probe on JAL ---------------------------------------------------------- Japan's ruling party will launch an investigation into the collapse of Japan Airlines, including a possible cover-up at Asia's biggest carrier, AFP reports citing a party official. AFP relates ruling party member Tsutomu Okubo's office said that Prime Minister Yukio Hatoyama's Democrats will set up a task force this week to study whether the carrier exploited cozy ties with the Transport Ministry or the former conservative government. AFP, citing Mr. Okubo's parliamentary aide, says the probe will also examine whether JAL cooked its books to hide the full extent of its financial difficulties. According to AFP, the office of Okubo, who is set to join the task force, said the politicians' team will also set up hotlines for potential whistle-blowers, including current and former JAL employees. "This is purely a political movement to clarify what caused the bankruptcy," the report quoted Okubo's aide as saying. Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-based company mainly engaged in the provision of air transport services. The Company is active in five business segments through its 203 subsidiaries and 83 associated companies. JAL International Co. Ltd. is a wholly owned operating subsidiary of Japan Airlines Corporation. * * * Japan Airlines Corporation, Japan Airlines International Co., Ltd. and JAL Capital Co., Ltd., on January 19, 2010, filed the petitions to commenced corporate reorganization proceedings with the Tokyo District Court. The Court appointed the Enterprise Turnaround Initiative Corporation of Japan and Eiji Katayama, Esq., as reorganization trustees. Japan Airlines Corp. filed for reorganization January 19 in the Tokyo District Court and filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is US$28 billion. Mr. Katayama is JAL's foreign representative in its Chapter 15 proceeding in the United States. The Foreign Representative's U.S. Counsel is David R. Seligman, Esq., Ryan Blaine Bennett, Esq., Paul Wierbicki, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois. The Foreign Representative's Japan Counsel is Naho Ebata, Esq., at Abe, Ikubo & Katayama, in Tokyo, Japan. Bankruptcy Creditors' Service, Inc., publishes Japan Airlines Bankruptcy News. The newsletter tracks the Chapter 15 proceedings and the bankruptcy proceedings in Tokyo undertaken by Japan Airlines Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) JAPAN AIRLINES: Moody's Withdraws 'Ca' Long-Term Debt Ratings ------------------------------------------------------------- Moody's Investors Service has withdrawn the long-term debt and issuer ratings on Japan Airlines International Co., Ltd. This rating action follows JALI's filing for legal bankruptcy under the Japanese Corporate Rehabilitation Act on January 19, 2010. Moody's last rating action with respect to JALI was taken on January 13, 2010, when its ratings were downgraded to Ca from Caa1. Headquartered in Tokyo, Japan Airlines International Co., Ltd., is the country's largest airline, and is wholly owned by Japan Airlines Corporation (not rated by Moody's). JAPAN AIRLINES: To Cut Monthly Wages by 5%; Forgo Bonus Payments ---------------------------------------------------------------- Japan Airlines Corp. is planning to cut 5% in monthly wages and forgo bonus payments for its subsidiary employees as part of its restructuring process after it filed for bankruptcy protection in January, Japan Today reports. Sources close to the matter said the move, which also includes suspension of annual wage increases and promotions, will affect about 16,000 employees at its key subsidiary Japan Airlines International Co, according to Japan Today. The report relates sources said JAL will aim to implement the measures from April 1 after submitting the proposal to its eight labor unions for a revision of the company's wage system for the upcoming business year through March 2011. According to the report, the carrier expects to cut more than JPY30 billion in costs by carrying out the wage reduction. It also plans to implement similar measures for its other group employees. Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-based company mainly engaged in the provision of air transport services. The Company is active in five business segments through its 203 subsidiaries and 83 associated companies. JAL International Co. Ltd. is a wholly owned operating subsidiary of Japan Airlines Corporation. * * * Japan Airlines Corporation, Japan Airlines International Co., Ltd. and JAL Capital Co., Ltd., on January 19, 2010, filed the petitions to commenced corporate reorganization proceedings with the Tokyo District Court. The Court appointed the Enterprise Turnaround Initiative Corporation of Japan and Eiji Katayama, Esq., as reorganization trustees. Japan Airlines Corp. filed for reorganization January 19 in the Tokyo District Court and filed a Chapter 15 petition in New York (Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is US$28 billion. Mr. Katayama is JAL's foreign representative in its Chapter 15 proceeding in the United States. The Foreign Representative's U.S. Counsel is David R. Seligman, Esq., Ryan Blaine Bennett, Esq., Paul Wierbicki, Esq., at Kirkland & Ellis LLP, in Chicago, Illinois. The Foreign Representative's Japan Counsel is Naho Ebata, Esq., at Abe, Ikubo & Katayama, in Tokyo, Japan. Bankruptcy Creditors' Service, Inc., publishes Japan Airlines Bankruptcy News. The newsletter tracks the Chapter 15 proceedings and the bankruptcy proceedings in Tokyo undertaken by Japan Airlines Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) JLOC41 LLC: Fitch Puts Ratings on Six Classes on Negative Watch --------------------------------------------------------------- Fitch Ratings has placed six classes of JLOC41 LLC notes due February 2015 on Rating Watch Negative, and maintained the RWN on the remaining two classes. The rating actions are as listed below. The transaction is a securitization of three non-recourse loans collateralized by commercial properties in Japan. -- JPY13,765 million* Class A 'A+' placed on RWN; -- JPY2,700 million* Class B 'BBB-' placed on RWN; -- JPY1,070 million* Class C-1 'BB' placed on RWN; -- JPY860 million* Class C-2 'BB+'; remains on RWN; -- JPY990 million* Class C-3 'BB-'; placed on RWN; -- JPY780 million* Class D-1 'B'; placed on RWN; -- JPY690 million* Class D-2 'B-'; remains on RWN; -- JPY870 million* Class D-3 'B-'; placed on RWN. * as of February 17, 2010 The RWN status reflects Fitch's concern that some collateral properties, which are expected to see deterioration in operating performance, may decline further in value. No collateral properties backing the underlying loan relating to the C-2 and D-2 notes have been sold since the loan defaulted. As of September 15, 2009, the date of the previous rating action, one of the three underlying loans had defaulted. On October 1, 2009, the other two underlying loans defaulted because the asset manager was unable to resolve the sponsor's bankruptcy status, which is a trigger event under the loan terms. In the analysis undertaken in September 2009, the agency revised the property values to reflect the conditions of the real estate trading market and the historical record of property performance up to that time. However, market rent levels and market occupancy rates of some properties may have deteriorated since then. Fitch expects to resolve the RWN status within two months, following a review of the recently received property management and appraisal reports. Fitch assigned ratings to this transaction in June 2008. At closing, the notes were ultimately secured by three loans collateralized by 31 properties. One property has been sold to date. ========= K O R E A ========= HYNIX SEMICONDUCTOR: Creditors Start Talks on Shares Sale --------------------------------------------------------- According to Bloomberg News, Yonhap News reported that creditors of Hynix Semiconductor Inc. will begin discussions later this month on selling part of their combined 28% in the company in block transactions. Yonhap News, citing unnamed officials in the financial Industry, said the creditors plan to reduce their Hynix holdings to 15%, Bloomberg relates. As reported in the Troubled Company Reporter-Asia Pacific on February 15, 2010, The Financial Times said the creditors of Hynix Semiconductor failed for the second time to find a Korean buyer for their controlling stake in the chipmaker. The FT said creditor group, led by Korea Exchange Bank, failed to draw a single bid for a combined 28% stake in Hynix, even after extending the deadline for offers by two weeks. The TCR-AP report on Nov. 27, 2009, said that Hynix Semiconductor's creditors re-invited fresh bids for the sale of a their combined holding in the chipmaker and received letters of intent from potential investors by January after Hyosung Corp. dropped its bid. Hynix's creditors extended the deadline for accepting bids for a controlling stake in the memory chipmaker until February 12 after failing to receive any bids by the January 29 deadline. Dow Jones News reported that a person familiar with the matter said the creditors may consider a block sale if bidding fails for the second time, which analysts agree is the right move. The stake sale, which is estimated to be worth KRW4.5 trillion, is being managed by Credit Suisse Ltd., Woori Investment & Securities Co. and state-run Korea Development Bank. About Hynix Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon, South Korea-based memory semiconductor supplier offering Dynamic Random Access Memory chips and Flash memory chips to a wide range of established international customers. The Company's shares are traded on the Korea Stock Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. * * * As reported in the Troubled Company Reporter-Asia Pacific on Jan. 27, 2010, Moody's Investors Service changed to stable from negative the outlook for Hynix Semiconductor Inc's B1 corporate family and senior unsecured bond ratings. The rating action has been prompted by the sharp rebound in the company's operating performance and improved liquidity profile. Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to stable from negative the outlook on its long-term corporate credit rating on Hynix Semiconductor Inc. following the recovery of the DRAM market and the company's profitability. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate and 'B' senior unsecured debt ratings on Hynix. SSANGYONG MOTOR: Annual Loss Narrows to KRW346.3 Bil. in 2009 ------------------------------------------------------------- Ssangyong Motor Co. posted a net loss of KRW346.3 billion in 2009, lower from a net loss of KRW709.6 billion in the prior year, Yonhap News reports. Sales dropped 57.2% from a year ago to KRW1.06 trillion last year, the report says. Ssangyong reported an operating loss of KRW293.4 billion last year, compared with a loss of KRW227.3 billion in 2008, Yonhap relates. "Last year, losses were inevitable due to a lengthy strike and restructuring efforts," Yonhap quoted Lee Yoo-il, one of the court-appointed managers at Ssangyong, as saying. 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. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the Seoul Central District Court to stave off a complete collapse. In February, the Seoul Central District Court accepted Ssangyong's application to rehabilitate under court protection. The court named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong executive Park Young-tae to run the automaker. A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted a revival plans to the Seoul Central District Court seeking capital reduction and a debt-for-equity swap by creditors. A South Korean bankruptcy court approved in December Ssangyong Motor's restructuring plan despite opposition by some bondholders, the TCR-AP reported on Dec. 18, 2009. Yonhap News said Ssangyong vowed to get itself in order over the next three years. =============== M A L A Y S I A =============== RHYTHM CONSOLIDATED: Posts MYR381,000 Net Loss in Q2 2009 --------------------------------------------------------- Rhythm Consolidated Berhad reported a net loss of MYR381,000 for the second quarter ended December 31, 2009, compared with a net loss of MYR1.26 million in the same quarter of 2008. For the current quarter, the group booked revenue of MYR742,000 as compared to a revenue of MYR1.65 million in the preceding year quarter. Rhythm Consolidated's balance sheet at December 31, 2009, showed total assets of MYR30.36 million and total liabilities of MYR35.29 million, resulting in a shareholders' deficit of MYR4.92 million. The Company's balance sheet at December 31, 2009, also showed strained liquidity with MYR28.06 million in total current assets available to pay MYR$35.29 million in total current liabilities. Based in Malaysia, Rhythm Consolidated Bhd is an investment holding company. The Company operates in five business segments: publishing, trading and distribution of books, paper stationery, printing paper and instruction manuals; manufacturing of music books, novels, educational books and paper stationery; import, wholesale and retail of paper products; marketing of diaries, organizers, leather and polyvinyl chloride (PVC) folders, wallets, bags, rain coats and others, and information and communication technology, which includes credit cards terminal development and solutions, and system application developer and system support. During the fiscal year ended June 30, 2007 (fiscal 2007), the Company acquired an additional 15% of interest in its associated company namely, Rhythm ICT Services Sdn. Bhd., formerly known as IQ Card Services Sdn Bhd, (ICT). As a result, the Company owns 55% interest in ICT, and ICT became a subsidiary of the Company. * * * As reported in the Troubled Company Reporter-Asia Pacific on May 1, 2009, Rhythm Consolidated Berhad was considered as an Affected Listed Issuer under Practice Note No. 17/2005 of the Bursa Malaysia Securities Berhad as the company was unable to provide a solvency declaration to Bursa as per the announcement of default in payment by Monosetia Sdn Bhd. ==================== N E W Z E A L A N D ==================== CLIENT RESERVE: S&P Assigns 'BB' Long-Term & Short-Term Ratings --------------------------------------------------------------- Standard & Poor's Ratings Services assigned its 'BB' long-term and 'B' short-term credit ratings to New Zealand-based Client Reserve Ltd. The outlook is stable. The rating reflects S&P's view of the important role CRL plays in AXA New Zealand's wealth management activities and the high integration of CRL's operations with AXA New Zealand (rated legal entity The National Mutual Life Assoc. of Australasia Ltd. (NZ), A+/Stable/--). CRL is the retail cash investment vehicle for all retail distribution channels that distribute the managed funds in New Zealand for AXA Group (core operating subsidiaries rated AA/Negative/--). "As a result of this close integration, S&P believes AXA New Zealand would provide solvency support to CRL in the future if required, particularly given the potential damage to the local AXA franchise from not doing so," Standard & Poor's credit analyst Peter Sikora said. "Despite the integration, S&P consider CRL to be a non-strategically important company to the global AXA Group." The non-strategic status is due to CRL's small size, the fact that the cash management function could be undertaken by another entity outside of the AXA group, that CRL has no direct name association with AXA, and that a small part of CRL's depositors are sourced from outside of the group. Furthermore, as CRL's future strategy is uncertain because of its ultimate parent's decision to sell its Australian and New Zealand operations, S&P has not incorporated any benefit to the rating from AXA New Zealand's 100% ownership of CRL. Furthermore, the rating is moderated by CRL's exposure to the commercial mortgage property market, which S&P considers to be of higher risk than other sectors. Mr. Sikora said, "The stable rating outlook reflects S&P's expectation that CRL's activities will remain highly integrated with AXA New Zealand's. The rating would be lowered by any weakening of S&P's expectation that AXA New Zealand would provide solvency support to CRL in the event of an unexpected and unremedied loss in its investment portfolio, a material change in its investment risk appetite, or significant underperformance of the investment portfolio. Positive rating momentum could emerge from a material increase in CRL's absolute capital base, of a magnitude that would materially mitigate single-exposure risk relating to its commercial mortgage portfolio." ================= S I N G A P O R E ================= ANTHONY HAIR: Court to Hear Wind-Up Petition on March 5 ------------------------------------------------------- A petition to wind up the operations of Anthony Hair Boutique @ Tower 2 Pte Ltd will be heard before the High Court of Singapore on March 5, 2010, at 10:00 a.m. HSBC Institutional Trust Services (Singapore) Limited as trustee of Suntec Real Estate Investment Trust filed the petition against the company on February 5, 2010. The Petitioner's solicitors are: Bernard & Rada Law Corporation 143 Cecil Street #18-00 GB Building Singapore 069542 CITYHUB BUSINESS: Court to Hear Wind-Up Petition on March 5 ----------------------------------------------------------- A petition to wind up the operations of Cityhub Business Services (S) Pte Ltd will be heard before the High Court of Singapore on March 5, 2010, at 10:00 a.m. Lantrovision (S) Ltd filed the petition against the company on February 5, 2010. The Petitioner's solicitor is: Sterling Law Corporation 137 Telok Ayer Street #07-205 Singapore 068602 EFLUX SK: Creditors' Proofs of Debt Due March 19 ------------------------------------------------ Eflux SK Pte Ltd, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by March 19, 2010, to be included in the company's dividend distribution. The company's liquidators are: Chia Soo Hien Leow Quek Shiong c/o BDO LLP 19 Keppel Road #02-01 Jit Poh Building Singapore 089058 GLOBAL PACKET: Court to Hear Wind-Up Petition on March 5 -------------------------------------------------------- A petition to wind up the operations of Global Packet Network Pte Ltd will be heard before the High Court of Singapore on March 5, 2010, at 10:00 a.m. Pacnet Global (Singapore) Pte Ltd filed the petition against the company on February 5, 2010. The Petitioner's solicitors are: Drew & Napier LLC 20 Raffles Place #17-00 Ocean Towers Singapore 048620 IMAGEAIRE PTE: Court to Hear Wind-Up Petition on March 5 -------------------------------------------------------- A petition to wind up the operations of Imageaire Pte Ltd will be heard before the High Court of Singapore on March 5, 2010, at 10:00 a.m. Lantrovision (S) Ltd filed the petition against the company on February 10, 2010. The Petitioner's solicitor is: Sterling Law Corporation 137 Telok Ayer Street #07-205 Singapore 068602 KIMBLELIT INTERNATIONAL: Court Enters Wind-Up Order --------------------------------------------------- The High Court of Singapore entered an order on February 12, 2010, to wind up the operations of Kimblelit International Pte Ltd formerly known as Kimblelit Renovation Private Limited. Sapphire Mineral Resources Pte Ltd formerly known as Sapphire Offshore Engineering Pte Ltd filed the petition against the company. The company's liquidator is: The Official Receiver 45 Maxwell Road, #06-11 The URA Centre (East Wing) Singapore 069118 MARINA MERCHANDISING: Creditors' Proofs of Debt Due March 19 ------------------------------------------------------------ Creditors of Marina Merchandising Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by March 19, 2010, to be included in the company's dividend distribution. The company's liquidators are: Chia Soo Hien Leow Quek Shiong c/o BDO LLP 19 Keppel Road #02-01 Jit Poh Building Singapore 089058 MICRO TECH: Court to Hear Wind-Up Petition on March 5 ----------------------------------------------------- A petition to wind up the operations of Micro Tech International Pte Ltd will be heard before the High Court of Singapore on March 5, 2010, at 10:00 a.m. Ingram Micro Asia Ltd filed the petition against the company on February 8, 2010. The Petitioner's solicitors are: Messrs. Wong Tan & Molly Lim LLC 80 Robinson Road #17-02 Singapore 068898 MOOD DESIGN: Court to Hear Wind-Up Petition on March 5 ------------------------------------------------------ A petition to wind up the operations of Mood Design Pte Ltd will be heard before the High Court of Singapore on March 5, 2010, at 10:00 a.m. Poya Communications Pte Ltd filed the petition against the company on February 5, 2010. The Petitioner's solicitor is: M/s Rabi Ahmad & Co 32 Wallich Street #03-59 Wallich Building Singapore 078880 SUPREME ELECTRONICS: Creditors' Proofs of Debt Due March 19 ----------------------------------------------------------- Creditors of Supreme Electronics Private Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by March 19, 2010, to be included in the company's dividend distribution. The company's liquidators are: Chia Soo Hien Leow Quek Shiong c/o BDO LLP 19 Keppel Road #02-01 Jit Poh Building Singapore 089058 ============= V I E T N A M ============= DOT VN: Member of Strategic Advisory Team Recognized for ICT Work ----------------------------------------------------------------- Dot VN, Inc., said a member of the Company's Strategic Advisory Board was named as one of Vietnam's Top 10 ICT Persons of the Decade. Dr. Mai Liem Truc, former chief of the General Department of Post and former Deputy Minister of Post and Telecommunications, was recognized for paying the way for the boom of the Internet in Vietnam. As a strategic advisory board member for Dot VN, Dr. Truc works closely with the Company's management. He most recently assisted with the Dot VN conference and product launch of the EMS mobile data centers, held at Vietnam Internet Network Information Centre's headquarters in Hanoi, Vietnam. In January 2009, Dot VN signed a letter of intent with Web Spider Technologies, Inc., of San Jose, California, a next generation technology company dedicated to providing a scalable, highly effective web marketing experience through search engine optimization, search engine marketing, pay-per-click management and related services to worldwide clients through automated process. In the LOI, Dot VN will receive exclusive rights to market WSpider's advanced search engine optimization and search engine marketing services to its Vietnamese clients and throughout Asia to clients that desire increased web traffic and visibility to their Web sites. About Dot VN Dot VN, Inc. (OTCBB: DTVI) -- http://www.DotVN.com-- provides Internet and Telecommunication services for Vietnam. The Company is currently developing initiatives to offer Internet Data Center services and Wireless applications. At October 31, 2009, the Company had total assets of $2,359,925 against $12,320,152 in total liabilities, resulting in stockholders' deficit of $9,960,227. In a regulatory filing in December 2009, the Company noted that it has had limited revenues from the marketing and registration of '.vn' domain names as it operates in this single industry segment. Consequently, the Company has incurred recurring losses from operations. In addition, the Company defaulted on 3 convertible debentures aggregating $612,500 that were due January 31, 2009, and has not negotiated new terms or an extension of the due date on the Defaulted Debentures. These factors, as well as the risks associated with raising capital through the issuance of equity or debt securities creates uncertainty as to the Company's ability to continue as a going concern. ********* 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. Valerie C. Udtuhan, Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. 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 ***