/raid1/www/Hosts/bankrupt/TCRAP_Public/100309.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, March 9, 2010, Vol. 13, No. 047
Headlines
A U S T R A L I A
ABC LEARNING: Probe Into Firm's Collapse Reconvened
GREAT SOUTHERN: Almond Scheme Investors Accept RFM's Proposal
MACAIR AIRLINES: Liquidator Sues Australian Tax Office
MACQUARIE DDR: Lenders Refuse to Roll Over Nearly AU$100M Debt
OPES PRIME: Creditors Still Owed AU$680 Mil., Administrators Say
C H I N A
CHINA EASTERN: Actively Seeking Foreign Strategic Investors
CHINA MERCHANTS: Won't Raise Funds in 3 Years After Rights Issue
CHINA SOUTHERN: To Raise CNY10.75-Bil. to Repay Debts
CHINA SXAN: December 31 Balance Sheet Upside-Down by US$132,486
H O N G K O N G
ACHIEVE BEYOND: Creditors' Proofs of Debt Due April 7
ALTEC LANSING: Members' Final General Meeting Set for April 9
AUDIOTECH LIMITED: Creditors' Proofs of Debt Due March 19
BOLD WARE: Creditors Get 1% Recovery on Claims
CAREER CABLES: Chan Man Chung Steps Down as Liquidator
CHIRIN CAPITAL: Creditors' Proofs of Debt Due April 7
CMR LIFE: Creditors' Meeting Set for March 30
COMMUNITY COLLEGE: Commences Wind-Up Proceedings
COMPONENT I-NET: Placed Under Voluntary Wind-Up Proceedings
COSMOPOLITAN ACADEMY: Members' Final Meeting Set for April 7
CRYSTALTECH ELECTRONICS: Members' Final Meeting Set for April 12
DAH CHONG: Members' Final Meeting Set for April 7
DE CHANG: Creditors' Proofs of Debt Due April 23
DOUBLE COMPONENTS: Commences Wind-Up Proceedings
EASTERN ALPHA: Members' and Creditors Meetings Set for April 12
HUTCHISON TELECOM: Restates FY08 Results; Posts Profit in 2009
FU JI FOOD: In Advance Talks with Cofco Over Asset Sale
TECH UNIVERSAL: Creditors Get HK$888,678.88 Recovery on Claims
TOMLAND INDUSTRIES: Court Enters Wind-Up Order
TRUMP WISDOM: Court Enters Wind-Up Order
WAH YING: Lai and Lau Appointed as Liquidators
XIJIANG DEVELOPMENT: Court Enters Wind-Up Order
I N D I A
DONEAR INDUSTRIES: ICRA Places 'LBB+' Rating on INR1.35BB Loan
GENERAL MOTORS: GM India Sales Up 126% in February 2010
GUPTA EQUITIES: ICRA Reaffirms 'LBB+' Rating on INR105MM LT Debts
JASUBHAI JEWELLERS: CARE Puts 'CARE BB+' Rating on INR60cr LT Loan
MASU BRAKES: CRISIL Assigns 'BB+' Rating on INR48 Mil. Term Loan
NICKUNJ EDM: Fitch Assigns 'B+' National Long-Term Rating
NICKUNJ EXIMP: Fitch Assigns National Long-Term Rating at 'B+'
UNIMED HEALTHCARE: ICRA Assigns 'LBB+' Rating on INR200MM Loan
I N D O N E S I A
BANK NEGARA: Fitch Upgrades 'BB+' Issuer Default Rating
RAJAWALI NUSANTARA: Gets Initial Approval on Debt Restructuring
J A P A N
JAPAN AIRLINES: To Cut 5% of Employees at Core Unit
J-CORE FL1: S&P Downgrades Rating on Class D Notes to 'B-'
* JAPAN: Corporate Bankruptcies Decline 17.29% in February
K O R E A
GENERAL MOTORS: GM Daewoo to Be Renamed Chevrolet Soon
M A L A Y S I A
JPK HOLDINGS: Public Bank Serves Wind-Up Petition on Unit
STAMFORD COLLEGE: Seeks Diversification of Business
STAMFORD COLLEGE: Submits Proposed Regularization Plan
N E W Z E A L A N D
SOUTH CANTERBURY: Pyne Gould Set to Renew NZ$75-Mln Loan
T A I W A N
AU OPTRONICS: Reports NT$32-Bil. February 2010 Revenue
X X X X X X X X
* BOND PRICING: For the Week to March 1 to March 5, 2010
- - - - -
=================
A U S T R A L I A
=================
ABC LEARNING: Probe Into Firm's Collapse Reconvened
---------------------------------------------------
The Age reports that an examination into the collapse of ABC
Learning reconvened in Brisbane on Monday with senior employees
being called to give evidence during the week, along with
controversial associates such as Frank Zullo -- the former
brother-in-law of the company's founder, Eddy Groves.
The report says a lot of attention will be focused on the
examination in Sydney on April 12 when ABC's most prominent
players appear, including Mr. Groves, Sallyanne Atkinson and David
Ryan.
According to the Age, the series of examinations is expected to
arm ABC's administrators, lead by Greg Moloney of Ferrier Hodgson,
for potential legal action over the childcare group's failure to
recoup money for creditor claims now exceeding AU$1.8 billion.
The Age says the Commonwealth Bank of Australia, which headed the
syndicate of banks owed AU$1 billion, has also been summonsed to
appear as part of the Sydney examinations.
The report notes the syndicate secured its debt over ABC's assets
just months before administrators were appointed as the company's
board attempted to stave off collapse. Mr. Moloney is expected to
try to overturn the charge, which would exacerbate the banks'
losses.
Mr. Moloney said all directors who served on ABC's board during
2008, when it imploded, will be called for the Sydney examination.
But since these examinations will not conclude until April 23,
says the Age, Mr. Moloney applied to the Federal Court in Sydney
on Friday to further delay the second meeting of creditors, which
was due to be held before the end of this month.
About ABC Learning
Based in Australia, ABC Learning Centers Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom. The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers 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 Centers 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.
GREAT SOUTHERN: Almond Scheme Investors Accept RFM's Proposal
-------------------------------------------------------------
Growers who invested in Great Southern group's 2008 almond scheme
have agreed to replace Great Southern Managers Australia Ltd. as
the responsible entity of the scheme with Rural Funds Management,
and amend the scheme constitution and grower agreements, a report
posted at tradingroom.com.au says.
According to the report, Great Southern receiver and manager Tony
McGrath of McGrathNicol said growers meeting on February 26 had
voted in favor of resolutions for the RFM proposal.
Based in West Perth, Australia, Great Southern Limited (ASX:GTP)
-- http://www.great-southern.com.au/-- is engaged in the
development, marketing, establishment and management of
agribusiness-based projects. The Company provides finance,
directly and through third party financiers, to approved investors
who wish to invest in the Company's projects. The Company also
acquires and manages farmland and other agribusiness related
properties which are held for long term investment. It operates
an agricultural investment services business offering two key
products: agricultural managed investment schemes, which is
provision of MIS products in the forestry and agribusiness sector,
and agricultural funds management, which are agricultural
investment funds providing investors exposure to a portfolio of
agricultural assets. Great Southern manages about 43,000
investors through 45 managed investment schemes. The group owns
and leases approximately 240,000 hectares of land. It also owns
more than 150,000 cattle across approximately 1.5 million hectares
of owned and leased land.
Great Southern entered into voluntary administration in May 2009.
The directors of Great Southern Limited and Great Southern
Managers
Australia Limited appointed Martin Jones, Andrew Saker, Darren
Weaver and James Stewart of Ferrier Hodgson as administrators of
the two companies and majority of their units. McGrathNicol was
appointed receivers to the company and certain of its subsidiaries
by a security trustee on behalf of a group of secured creditors.
In November, the group's creditors voted to liquidate 27 of Great
Southern's 35 companies that were in administration. Great
Southern administrators have recommended the companies within the
group be wound up. Administrators Ferrier Hodgson said in a
report that each of the companies within the Great Southern group
was insolvent and that there had been no acceptable proposal to
continue to operate the group.
As of April 30, 2009, Great Southern had total liabilities of
AU$996.4 million, including loans and borrowings of AU$833.9
million. The loans and borrowings included AU$375 million from
the group banks. The secured creditors include ANZ, Commonwealth
Bank and BankWest.
MACAIR AIRLINES: Liquidator Sues Australian Tax Office
------------------------------------------------------
The liquidator of the failed regional airline MacAir Airlines is
suing the Australian Tax Office for more than a million dollars,
ABC News reports.
ABC says Jonathan McLeod of McLeod & Partners has filed a
statement of claim in the Supreme Court demanding the tax office
return just over AU$1 million in payments made between August 7,
2008 and January 22, 2009.
According to the report, Mr. McLeod claims the airline was
insolvent at the time and the tax office received more than it
should have.
MacAir Airlines was a privately own regional airline based in
Queensland. It operated over 125 flights throughout regional
Queensland, and transported around 13,400 passengers to and from a
variety of regional Queensland destinations.
* * *
MacAir Airlines was placed in receivership in January 2009 due to
rising aviation fuel costs and increased industry competition.
Terry Byrt, the airline's owner, appointed Jonathan McLeod of
McLeod & Partners as voluntary administrator. Subsequently, the
airline's banker Suncorp Metway appointed Justin Walsh of Ernst &
Young as receiver. MacAir owes Suncorp-Metway about AU$10 million
and owes unsecured creditors such as BP and Shell of an estimated
AU$4 million.
MACQUARIE DDR: Lenders Refuse to Roll Over Nearly AU$100M Debt
--------------------------------------------------------------
The Sydney Morning Herald reports that Macquarie DDR Trust's
lenders are refusing to roll over nearly AU$100 million worth of
debts, just weeks before the facility is due to be repaid.
The report says the Macquarie Group-managed fund is scrambling to
find alternative funding sources or to thrash out options with
lenders to extend the loans, which are due to be repaid on
March 26.
The Herald recalls that Macquarie DDR chief executive Luke
Petherbridge last month warned investors that if the maturing
US$87 million worth of loans, known as the Head Trust Loan
facility, could not be extended, it would have a "significant
negative impact on our net tangible assets and our ability to
continue to operate."
According to the report, the six banks behind the Head Trust
facility last week advised Macquarie DDR they were not prepared to
extend the loans on "current terms."
The size of the debt and tight time frame of the debt problems
have sparked speculation that the parent company may be forced to
step in to help with the debt restructuring, the report notes.
The Herald says talks are continuing over the remaining short-term
debt with US$145.1 million and US$268 million due to expire on
April 5 and April 13, respectively.
According to the Herald, Macquarie DDR said that if the talks were
successful, the trust would have greater flexibility to sell off
assets over the long term and use existing cash flow to repay
debt. "However, there can be no assurance given that a successful
outcome will be negotiated," the report cited Macquarie DDR said
in a statement on March 5.
About Macquarie DDR Trust
Macquarie DDR Trust (ASX:MDT) -- http://www.macquarie.com.au/--
is a real estate investment trust with assets totalling AU$2.36
billion. As at 30 September 2008, more than AU$36 billion of real
estate assets are managed globally by Macquarie Real Estate and
its associates, across a portfolio of listed and unlisted real
estate trusts, unlisted development funds and real estate
investment syndicates.
OPES PRIME: Creditors Still Owed AU$680 Mil., Administrators Say
----------------------------------------------------------------
The Sydney Morning Herald reports that the creditors of collapsed
stockbroker Opes Prime Group Ltd. are still owed some AU$680
million in funds, with unsecured creditors making up the bulk of
the claims.
The report says the latest accounts compiled by the Opes
liquidator, Ferrier Hodgson, showed creditors were paid their
first installment as part of a compensation package agreed last
July, with most receiving 30 cents on the dollar shortly before
Christmas.
Ferrier Hodgson however warned the process could take a further
two years before all funds are recovered and paid out, the Herald
notes.
According to the report, accounts for the period covering
September to the end of January show the administrators recovered
AU$261 million and paid out AU$192 million, mostly as part of the
interim payment to creditors.
About Opes Prime
Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients. The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:
1) Opes Prime Stockbroking Limited is a full Market
Participant of the Australian Stock Exchange Ltd, and
holds an Australian Financial Services Licence (#247408)
which enables it to deal and advise in financial
services and products to retail and wholesale clients. The
company was first registered on 10 March 1999, and started
business with its current shareholders in 2005. Opes
Prime Stockbroking is a specialist provider of
securities lending and equity financing services. In
Singapore, the firm operates through Opes Prime Group's
wholly owned subsidiary, Opes Prime International Pte Ltd.
In Australia, Opes Prime Stockbroking has granted
Authorized Representative status to Trader Dealer Pty Ltd,
an on-line non-advisory trading execution service for the
semi-professional and professional trader.
2) Opes Prime Structured Products Pty Ltd develops, manages
and markets specialized leveraged products for the high
net worth market, providing outstanding risk protection
and return potential.
3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
advisory firm specializing in small and mid cap stocks.
4) In Singapore, Opes Prime Asset Management Pte Ltd provides
specialist hedge fund incubation, advisory and trade
management services, and Five Pillars Associates Pte Ltd
provides Islamic finance consultancy.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls. The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.
Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.
The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited. According to the Australian Associated
Press, the decision of the creditors will allow the liquidator to
pursue claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.
About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of Opes
-- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a pool
of nearly AU$1.6 billion in shares soon after the Opes collapse,
in a bid to recover money owed to them by Opes, the AAP said.
Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.
=========
C H I N A
=========
CHINA EASTERN: Actively Seeking Foreign Strategic Investors
-----------------------------------------------------------
China Eastern Airlines Corp. is actively seeking foreign strategic
investors, Bloomberg News reports citing Chairman Liu Shaoyong.
Mr. Liu said at a session of China's annual parliamentary meetings
held in Beijing on Sunday that the carrier hasn't resumed talks
with Singapore Airlines Ltd.
China Eastern scrapped a plan to sell a 24% stake to Singapore
Airlines in 2008 after failing to secure the support of minority
shareholders, Bloomberg recalls.
Bloomberg relates Mr. Liu said the carrier will decide on its
membership in an airline alliance in April. The airline is in
negotiations with SkyTeam, Star Alliance and One World alliance
groups.
According to the report, Mr. Liu also said China Eastern expects
passenger numbers to rise more than 20% this year. Mr. Liu added
that this year's World Expo in Shanghai may attract 11 million to
16 million air passengers, helping fuel the increase in customers
for China Eastern.
About China Eastern
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com/-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services. The company operates
its businesses in domestic and overseas markets. As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line. The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line. As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.
* * *
China Eastern continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating with a stable outlook.
CHINA MERCHANTS: Won't Raise Funds in 3 Years After Rights Issue
----------------------------------------------------------------
China Merchants Bank said it will not need to raise additional
capital for the next three years after its recent launch of a
US$3.2 billion rights issue to shore up its balance sheet,
Shanghai Daily reports.
Shanghai Daily relates Qin Xiao, chairman of both the bank and
China Merchants Group, made the comments on the sidelines of the
annual Chinese People's Political Consultative Conference as many
Chinese banks look to raise capital following aggressive lending
last year under China's economic stimulus program.
The Troubled Company Reporter-Asia Pacific, citing Shanghai Daily,
reported on March 5, 2010, that China Merchants Bank said it would
offer 1.3 shares for every 10 held to issue 2.03 billion yuan-
backed A shares in Shanghai and 449 million H-shares in Hong Kong.
According to the report, China Merchants seeks to raise CNY22
billion (US$3.2 billion) in the planned rights offer. The bank
priced the shares at CNY8.85 each in Shanghai.
China Merchants Bank -- http://www.cmbchina.com/-- is the
second largest bank among China's 12 nationwide shareholding
commercial banks. It was established in 1987 and listed on the
Shanghai Stock Exchange in 2002. The Ministry of
Communications-owned China Merchants Group is the bank's main
shareholder with a 26% stake (through various companies). The
bank had 410 banking outlets nationwide and 17,829 employees
at end-2004.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
February 4, 2010, Fitch Ratings downgraded the Individual ratings
of China Merchants Bank and China CITIC Bank to 'D' from 'C/D',
reflecting both banks' noticeable deterioration in capital and
rising on- and off-balance-sheet credit risk in the wake of last
year's very rapid loan growth. The assessment was conducted in
conjunction with a review of all 16 Chinese commercial banks under
the agency's coverage. The ratings of all other banks were
affirmed.
CHINA SOUTHERN: To Raise CNY10.75-Bil. to Repay Debts
-----------------------------------------------------
Bloomberg News reports that China Southern Airlines Co. will
resume trading today, March 9, after announcing plans to raise as
much as CNY10.75 billion through the issue of new shares in
Shanghai and Hong Kong to repay its debts.
Citing China Southern's filing to the Hong Kong stock exchange on
Monday, Bloomberg relates the carrier will use the proceeds to
help repay CNY14 billion of outstanding bank loans that mature by
the end of next year. The company had CNY60 billion of net debt
at the end of June, 7.2 times its total equity, Bloomberg notes
citing China Southern's first-half earnings report.
"The company is actively seeking ways to strengthen its capital
base and lessen its debt burden," Bloomberg cited China Southern
in the statement. "Given the current financial condition of the
group, the directors believe that taking up further borrowings or
other bank financing would increase the group's finance costs and
in turn will further deteriorate the group's financial position."
According to Bloomberg, China Southern said it will issue as many
as 1.77 billion new Class A shares for at least CNY5.66 per share
to up to 10 investors including parent China Southern Air Holding
Co. It will also issue up to 312.5 million new Class H shares to
Nan Lung Holding Ltd., a unit of the parent, for at least HK$2.73.
About China Southern
Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- operates airlines, as well as
perform aircraft maintenance and air catering operations in the
People's Republic of China and internationally. It provides
commercial airlines, cargo services, logistics operations, air
catering, utility service, hotel operation, travel services,
aircraft leasing, and Internet services.
* * *
China Southern Airlines Co. continues to carry Fitch Ratings 'B+'
Long-term foreign and local currency Issuer Default Ratings.
CHINA SXAN: December 31 Balance Sheet Upside-Down by US$132,486
---------------------------------------------------------------
China Sxan Biotech, Inc. filed its quarterly report on Form 10-Q,
showing a net loss of $306,275 on US$12 of revenue for the three
months ended December 31, 2009, compared with a net loss of
US$256,904 on US$346 of revenue for the same period of 2008.
The Company's balance sheet as of Dec. 31, 2009, showed
US$3.9 million in assets and US$4.0 million of debts, for a
stockholders' deficit of US$132,486. At December 31, 2009, the
Company's balance sheet also showed strained liquidity with
US$1.5 million in current assets available to pay US$2.3 million
in total current liabilities.
A full-text copy of the quarterly report is available for free at:
http://researcharchives.com/t/s?573b
Based in Beijing, P.R. China, China Sxan Biotech, Inc., has one
operating subsidiary, SNX Organic Fertilizers, Inc. SNX Organic
Fertilizers, Inc., was formed and registered in the state of
Delaware in November 2005. Its core business, through its
operating subsidiaries based in China, is to develop, manufacture
and market organic fertilizer.
================
H O N G K O N G
================
ACHIEVE BEYOND: Creditors' Proofs of Debt Due April 7
-----------------------------------------------------
Creditors of Achieve Beyond Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 7, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on February 22, 2010.
The company's liquidator is:
Lam Ying Sui
10/F., Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
ALTEC LANSING: Members' Final General Meeting Set for April 9
------------------------------------------------------------
Members of Altec Lansing Far East Limited will hold their final
general meeting on April 9, 2010, at 1:31 p.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.
At the meeting, Natalia K M Seng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
AUDIOTECH LIMITED: Creditors' Proofs of Debt Due March 19
---------------------------------------------------------
Audiotech Limited, 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 commenced wind-up proceedings on February 19, 2010.
The company's liquidator is:
Patrick Yuen Sik Ming
6/F., Greenwich Centre
260 King's Road
North Point, Hong Kong
BOLD WARE: Creditors Get 1% Recovery on Claims
----------------------------------------------
Bold Ware Optical (Metal) Manufactory Limited, which is in
creditors' voluntary liquidation, paid the third interim dividend
to its creditors on March 5, 2010.
The company paid 1% for ordinary claims.
The company's liquidators are:
Desmond Chung Seng Chiong
Roderick John Sutton
The Hong Kong Club Building, 14/F
3A Chater Road
Central, Hong Kong
CAREER CABLES: Chan Man Chung Steps Down as Liquidator
------------------------------------------------------
Chan Man Chung stepped down as liquidator of Career Cables &
Connectors Limited on February 25, 2010.
CHIRIN CAPITAL: Creditors' Proofs of Debt Due April 7
-----------------------------------------------------
Creditors of Chirin Capital Hong Kong Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 7, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on February 24, 2010.
The company's liquidators are:
Chan Cheuk Ying
Lee Cho Yiu Julia
Suite 1, 8/F
New Henry House
10 Ice House Street
Central, Hong Kong
CMR LIFE: Creditors' Meeting Set for March 30
---------------------------------------------
Creditors of CMR Life (Hong Kong) Limited will hold their meeting
on March 30, 2010, at 4:30 p.m., for the purposes provided for in
Sections 241, 242, 243 and 244 of the Companies Ordinance.
The meeting will be held at the Room 1304, C C Wu Building, 302-8
Hennessy Road, in Hong Kong.
COMMUNITY COLLEGE: Commences Wind-Up Proceedings
------------------------------------------------
Members of The Community College of Hong Kong Limited, on
February 26, 2010, passed a resolution to voluntarily wind-up the
company's operations.
The company's liquidator is:
Heung Sai Kit
11th Floor, Li Ka Shing Tower
The Hong Kong Polytechnic University,
Hung Hom, Kowloon
Hong Kong
COMPONENT I-NET: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on March 1, 2010,
creditors of Component I-Net Limited resolved to voluntarily wind
up the company's operations.
The company's liquidator is:
Au Wing Ip
6B, Cameron Plaza
23 Cameron Road
Tsimshatsui, Kowloon
Hong Kong
COSMOPOLITAN ACADEMY: Members' Final Meeting Set for April 7
------------------------------------------------------------
Members of Cosmopolitan Academy Limited will hold their final
meeting on April 7, 2010, at 10:00 a.m., at the 5/F., Dah Sing
Life Building, 99-105 Des Voeux Road Central, in Hong Kong.
At the meeting, Yan Tat Wah, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
CRYSTALTECH ELECTRONICS: Members' Final Meeting Set for April 12
----------------------------------------------------------------
Members of Crystaltech Electronics Limited will hold their final
general meeting on April 12, 2010, at 10:00 a.m., at the Level 28,
Three Pacific Place, 1 Queen's Road East, in Hong Kong.
At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.
DAH CHONG: Members' Final Meeting Set for April 7
-------------------------------------------------
Members of Dah Chong Hong (F.O.M.) Limited will hold their final
meeting on April 7, 2010, at 10:00 a.m., at the 8th floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.
At the meeting, Thomas Andrew Corkhill, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
DE CHANG: Creditors' Proofs of Debt Due April 23
------------------------------------------------
De Chang Parts and Services Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by April 23, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on February 23, 2010.
The company's liquidators are:
Yip Chee Lan
Regina Tam Lai Ha
12 Science Park
Shatin, New Territories
Hong Kong
DOUBLE COMPONENTS: Commences Wind-Up Proceedings
------------------------------------------------
Members of Double Components Company Limited, on March 5, 2010,
passed a resolution to voluntarily wind-up the company's
operations.
The company's liquidators are:
Messrs. Chin Tak Kei
Lam Kin Hung
Room 1101, 11/F., Tai Yau Building
181 Johnson Road
Wanchai, Hong Kong
EASTERN ALPHA: Members' and Creditors Meetings Set for April 12
---------------------------------------------------------------
Members and creditors of Eastern Alpha Investment Limited will
hold their meetings on April 12, 2010, at 9:00 a.m., and 9:15
a.m., respectively at the 27/F, Alexandra House, 18 Chater Road,
Central, in Hong Kong.
At the meeting, Jacky CW Muk, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
HUTCHISON TELECOM: Restates FY08 Results; Posts Profit in 2009
--------------------------------------------------------------
Hutchison Telecommunications International Ltd. has been in
discussion with the U.S. Securities and Exchange Commission
regarding the accounting treatment of the sale and leaseback of
base station tower sites entered into by the Group's Indonesia
operation.
Hutchison Telecom said at the conclusion of the discussions, the
SEC informed the Company that, in their judgment, the leaseback
transaction should be classified as a finance lease under
International Financial Reporting Standards. In view of the
judgmental aspects of this complex issue, the Company has decided
to amend and restate the previously reported accounts for the year
ended December 31, 2008, to reflect the accounting for the
transaction as a finance lease.
Hutchison Telecom said the effect of this restatement on the 2008
accounts is to reduce the operating profit previously reported of
HK$4.060 million by HK$1.163 million and reduce the profit
attributable to equity holders of the Company for 2008 previously
reported of HK$1.883 million by HK$751 million.
Hutchison Telecom last week announced its 2009 annual results and
its fourth quarter key performance indicators. Profit for the
year was approximately HK$5.8 billion.
Key Highlights:
-- Group mobile customers grew 98% to approximately 13 million
-- Profit for the year of HK$5.8 billion
-- Israel operation disposal in October with a gain o
of approximately HK$6.3 billion
-- Spin-off of Hong Kong and Macau operations in May
Financial Highlights:
2008 2009
(Restated)
HK$ millions HK$ millions
------------ ------------
Turnover 1,808 1,856
Operating loss (813) (2,069)
Loss for the year from continuing
operations (728) (2,736)
Profit from discontinued operations 2,396 8,517
Profit for the year 1,668 5,781
Profit attributable to equity holders 4,940 1,132
of the Company
Basic earnings per share attributable
to equity holders of the Company HK$0.24 HK$1.03
Dennis Lui, Chief Executive Officer of Hutchison Telecom, said:
"2009 saw the Group unlock significant shareholder value again. We
have created, maximized and delivered value for our shareholders
over the five years since listing - an achievement that has been
based on pursuing carefully chosen opportunities with a measured
approach."
"Looking into 2010, we will continue to work on building out our
principal growth markets to a fully competitive state," Mr Lui
added.
Profit for the year was HK$5.781 billion, which included the gain
of approximately HK$6.333 billion on disposal of the Group's
entire indirect stake in Partner Communications Company Ltd.
Profit attributable to equity holders of the Company was HK$4.940
billion and basic earnings per share was HK$1.03 compared to
HK$0.24 in 2008.
During the year, the Company paid an interim dividend by way of a
distribution in specie of the entire share capital of Hutchison
Telecommunications Hong Kong Holdings Limited. The Board did not
recommend a final dividend for the year ended December 31, 2009.
Hutchison Telecom said the Group has received confirmation from
the offeror, Hutchison Telecommunications Holdings Limited, that
the proposal for privatization remains unaffected by the Company's
decision to restate its previously reported accounts for the year
2008.
About Hutchison Telecom
Based in Hong Kong, Hutchison Telecommunications International
Limited -- http://www.htil.com/-- is a provider of mobile and
fixed-line telecommunications services. Using second generation
global system for mobile communications, code division multiple
access, global packet radio service, and third generation
platforms, it offers customers a variety of telecommunications
services, such as basic voice and data services to multimedia
services using mobile technology. It uses the 3 brand in
Indonesia, and the Hutch brand in Thailand and Sri Lanka. In
Israel, it uses the orange brand, and in Vietnam, it uses the
Vietnamobile brand.
FU JI FOOD: In Advance Talks with Cofco Over Asset Sale
-------------------------------------------------------
According to Bloomberg News, Hong Kong's Ming Pao newspaper
reported that Cofco Ltd. is in "advanced" discussions to buy Fu Ji
Food & Catering Services Holdings Ltd. for at least HK$500 million
(US$64 million).
As reported in the Troubled Company Reporter-Asia Pacific on
October 23, 2009, Fu Ji Food and Catering Services Holdings filed
a petition to wind up the company with the Hong Kong High Court.
Deloitte Touche Tohmatsu has been appointed as the provisional
liquidator.
Bloomberg said financing was too complicated for Fu Ji and it
wants to solve its funding problems by liquidating.
Based in Hong Kong, FU JI Food and Catering Services Holdings
Limited (HKG:1175) -- http://www.fujicatering.com/-- is engaged
in the provision of catering services; the operation of Chinese
Restaurants and theme restaurants, and the production and sale of
convenience food products.
TECH UNIVERSAL: Creditors Get HK$888,678.88 Recovery on Claims
--------------------------------------------------------------
Tech Universal (HK-Macau) Limited, which is in liquidation, will
pay the first and final dividend to its contributories on March
19, 2010.
The company will pay HK$888,678.88 for all claims.
TOMLAND INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on February 17, 2010,
to wind up the operations of Tomland Industries Limited.
The official receiver is E T O'Connell.
TRUMP WISDOM: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on February 10, 2010,
to wind up the operations of Trump Wisdom Limited.
The official receiver is E T O'Connell.
WAH YING: Lai and Lau Appointed as Liquidators
----------------------------------------------
Kennic Lai Hang Lui and Lau Wu Kwai King Lauren on October 20,
2009, were appointed as liquidators of Wah Ying Electronic Company
Limited.
The liquidators may be reached at:
Kennic Lai Hang Lui
Lau Wu Kwai King Lauren
5/F, Ho Lee Commercial Bldg
D'Aguilar Street
Central, Hong Kong
XIJIANG DEVELOPMENT: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on February 17, 2010,
to wind up the operations of Xijiang Development Company Limited.
The official receiver is E T O'Connell.
=========
I N D I A
=========
DONEAR INDUSTRIES: ICRA Places 'LBB+' Rating on INR1.35BB Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR1.35 billion, term
loans and the INR850 million, long-term cash credit facilities of
Donear Industries Limited. ICRA has also assigned an 'A4+' rating
to the INR100 million, non-fund based facilities and the INR570
million, fund-based facilities (sub-limit of cash credit
facilities) of Donear. The outlook on the long-term rating is
stable.
The ratings are constrained by the stretched financial profile;
weak debt and interest coverage indicators and depressed net
margins. Although the working capital intensity of Donear is on
the higher side, it has adequate unutilized bank limits. The
operating margins of the company were adversely affected in FY
2009 by high overhead costs associated with setting up of the new
plant; low capacity utilization and lower-than-expected sales for
the new cotton fabric business. Although capacity utilization and
operating margins improved in H1, 2009-10, sustained improvement
in utilization will be critical to strengthening the financial
profile. ICRA also takes note of the rising costs of cotton as
well as poly-viscose (PV) yarn in the past six months, which could
exert pressure on the company's margins in the short-to-medium
term. The exports sales are expected to remain under pressure
because of competition from low-cost countries and pricing
pressure in key exports markets; and remain vulnerable to any
adverse currency movements, especially in the face of increasing
raw material prices.
ICRA has, nevertheless, favorably factored in the long-standing
presence of Donear in the fabric business; vast experience of the
promoters in the textile business; good brand recognition in the
domestic market and established distribution network. ICRA takes
note of asset-light model for its retail business limiting
downside risk. ICRA also takes comfort from the company's
traditional PV business, which remains moderately profitable.
While diversification into value-added yarn dyed cotton fabrics
business is a positive, ICRA also takes note of the weak
bargaining power of fabric manufacturers against large companies
in the RMG segment.
About Donear Industries
Donear was incorporated on January 1, 1987 as Maniyar India
Limited, which was subsequently acquired by the current promoters
in 1989 and renamed as Donear Industries Limited in the year 1993.
Donear Industries Limited is engaged in the manufacturing and
marketing of fabrics. The fabrics like suiting, bottomwear and
shirtings created by the Company cater to both menswear and
womenswear segments. The company has various brands include
Donear Suitings & Shirtings, Donear Royal Classico, Donear QSF,
Donear Gifts 4U, Donear Soft & Smooth, Donear International, Linen
Fiesta, and Donear International with Fit under its portfolio.
The company had also forayed into retailing with D'COT Stylewear
Chain of retail stores in 2007. The primary focus of the company
is the domestic market which constitutes around 90% of the overall
sales while rest is contributed by exports. DIL's distribution
channel comprises of 44 agents, 290 wholesalers and around 12000
retailers throughout the country catering to the domestic market
and exports are to over 28 countries across the globe through a
network of overseas agents.
GENERAL MOTORS: GM India Sales Up 126% in February 2010
-------------------------------------------------------
The Economic Times reports that General Motors India saw its
February sales soar 126% to 11,111 units against 4,921 units sold
in February 2009, recording an all time high in monthly sales.
According to the report, this is the first time that the company
has crossed 10,000 units sales in a month since the inception of
the company in India in 1996.
The report says the February 2010 sales comprise of 4,431 units of
Chevrolet Beat; 3,412 units of Chevrolet Spark; 1,592 units of
Chevrolet Tavera; 726 units of Chevrolet Cruze; 420 units of Aveo;
411 units of Aveo U-VA; 98 units of Chevrolet Optra and 21 units
of Chevrolet Captiva.
GM India attributed record growth to good demand for the company's
Chevrolet Beat and Spark, the report notes.
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
GUPTA EQUITIES: ICRA Reaffirms 'LBB+' Rating on INR105MM LT Debts
-----------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating to Gupta Equities Private Ltd's
INR 105 million long term fund based bank facilities and A4+
rating to GEPL's INR290 million short term non-fund based bank
facilities. ICRA has also reaffirmed LBB+/A4+ rating to GEPL's
INR 255 million proposed bank limits which are interchangeable
between short term and long term and as such the combined
utilization of bank lines should not exceed INR650 million.
The ratings continue to be constrained by the inherent volatility
in group's prime business of equity broking which is prone to
cyclical downturns, relatively smaller presence in equity broking,
low diversification of the business revenues, moderate operating
profitability and current low capitalization level which is partly
blocked by proprietary trading book. The ratings consider the
group's long experience in equity broking business, adequate risk
management & operational systems for current scale of operations
and improvement in equity broking market share and the relative
positioning among ICRA rated brokerage houses.
About Gupta Equities
Gupta Equities Private Limited is a member of the BSE & NSE and a
dealer at Over the Counter Exchange of India. GEPL is primarily a
retail broking player with more than 90% of the total revenues
being contributed by the retail segment. The company is majorly
owned by the promoter, Mr. Vivek Gupta, who holds close to 88%
stake in the company and the remaining stake is owned by relatives
of the promoters.
During FY08-09, GEPL, on standalone basis, reported a net loss
after tax of 19.1 million on a total income base of INR165.6
million as compared with a net profit after tax of INR41.8 million
reported on a total income base of INR201.1 million in FY07-08.
During nine months ended December 31, 2009, SSBL, on standalone
basis, reported a net profit after tax of INR1.3 million on an
income base of INR156.5 million.
JASUBHAI JEWELLERS: CARE Puts 'CARE BB+' Rating on INR60cr LT Loan
------------------------------------------------------------------
CARE has assigned 'CARE BB+' rating to the enhanced long-term bank
facilities and 'PR 4' rating to the enhanced short-term bank
facilities of Jasubhai Jewellers Private Limited.
Facilities with 'Double B' rating are considered to offer
inadequate safety for timely servicing of debt obligations. Such
facilities carry high credit risk. This rating is applicable to
facilities having tenure of more than one year. Facilities with
'PR Four' rating would have inadequate capacity for timely payment
of short-term debt obligations and carry very high credit risk.
Such facilities are susceptible to default. This rating is
applicable to facilities having tenure up to one year.
CARE assigns '+' or '-' signs after the assigned rating, wherever
necessary, to indicate the relative position within the band
covered by the rating symbol.
Amount
Facilities (INR crore) Rating
---------- ----------- ------
LT/Short-term Bank Facilities 60.00 'CARE BB+/'PR 4'
Rating Rationale
Ratings continue to be constrained by weak financial profile as
reflected by low margins, stress on liquidity & high overall
gearing, intense competition within industry with impact of global
economic meltdown and working capital intensive nature of
operations. Ratings continue to take comfort from experienced
management and track record of operations.
Ahmedabad based, JJPL was incorporated on July 22, 2002 as C.G.
Jewellers Private Limited after retirement of Mr. Jasubhai Soni
from the partnership firm, M/s Soni Chunilal ovindbhai. JJPL is
engaged in manufacturing, retail trading and wholesale business of
diamond and Silver & Gold bars & its jewellery. Shri Jasubhai V.
Soni, Director, is having more than 40 years of experience in the
filed of gems and jewellery. The company has established two show
rooms in Ahmedabad.
MASU BRAKES: CRISIL Assigns 'BB+' Rating on INR48 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to Masu Brakes
Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR48.0 Million Term Loan BB+/Stable (Assigned)
INR40.0 Million Packing Credit P4+ (Assigned)
INR70.0 Million Foreign Bill Discounting P4+ (Assigned)
INR1.5 Million Bank Guarantee P4+ (Assigned)
INR40.0 Million Foreign Letter of Credit P4+ (Assigned)
The ratings reflect MBPL's average scale of operations, and
exposure to risks relating to customer concentration in revenue
profile, and working-capital-intensive operations. These rating
weaknesses are partially offset by MBPL's above-average financial
risk profile, comfortable operating efficiency, and the benefits
that the company derives from its promoters' experience in the
friction components segment of the automobile industry.
Outlook: Stable
CRISIL believes that MBPL will maintain a stable business and
financial risk profile over the medium term on the back of a
healthy order book, and comfortable operating margin. The outlook
may be revised to 'Positive' if company's scale of operations
improves along with maintenance of financial risk profile and
diversification of customer base. Conversely, the outlook may be
revised to 'Negative' if the company undertakes large, debt-funded
capital expenditure, or if the company's operating revenues and
profitability decline sharply.
Incorporated in 2000, Masu Brakes Pvt Ltd manufactures brake
linings, which have application in heavy commercial vehicles. It
is a 100 per cent export-oriented unit (EOU), exporting largely to
USA and Europe. MBPL's plant in Bahadurgarh (Haryana) has a
capacity of 700,000 units per month and is in the process of
doubling this capacity. The new capacity is expected to commence
operations in 2010-11 (refers to financial year, April 1 to
March 31).
MBPL reported a profit after tax (PAT) of INR13.3 million on net
sales of INR280 million for 2008-09, as against a PAT of INR8.4
million on net sales of INR196 million for 2007-08.
NICKUNJ EDM: Fitch Assigns 'B+' National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned India-based Nickunj EDM Wires &
Consumables Private Limited a National Long-term rating of
'B+(ind)'. The Outlook is Stable. Fitch has also assigned a
'B+(ind)' rating to Nickunj's INR11.6 million term loans and
INR30 million cash credit limits, and a 'F4(ind)' rating to its
INR40 million non-fund based bank limits.
The ratings factor in the company's presence in a niche product
market and a strong customer base, supported by moderate credit
metrics with no significant capex plans in the pipeline. The
market leadership position of the company in manufacturing
Electronic Discharge Machining wires and an increase in turnover
over the past two years, also support the ratings.
However, the ratings are constrained by the very small size of
operations, which increases the risk that commodity price
volatility may erode the company's margins significantly.
Furthermore, the short track record of the company in
manufacturing EDM wires and the scope for improvement in the
quality of the company's reporting standards and management
information systems have also been factored into the rating.
Although the company does try to hedge its forex exposure by
taking forward covers for all transactions to mitigate the impact
of forex volatility, the customer concentration risk can still
have a negative impact on the company's turnover and
profitability.
Fitch also notes that a decline in demand owing to technological
obsolescence or impact of international competition can put
pressure on the company's profitability. However, this downside
risk is partly offset by the company's niche set of customers and
the small size of the overall market for EDM wires. However,
since the product is consumable in the precision cutting process,
Fitch also notes that significant replacement demand may be
generated. The promoters have also decided to strengthen the
balance sheet by infusing a significant amount of fresh equity
into the company in February 2010.
Negative rating factors would include a significant dip in
operating performance, due to a decline in demand or raw material
pricing pressures. On the other hand, a significant and sustained
increase in turnover supported by stable profitability and
leverage could have a positive impact on the ratings.
In FY09, NEWCL's revenues were INR163 million with an EBITDA of
INR15 million. The total debt on the company's books stood at
INR40 million, leading to a leverage of 1.1x and interest coverage
at 3.8x. NEWCL, a part of the Nickunj Group was incorporated in
2008 for the manufacture of EDM wires and consumables, having
applications in the machining and ceramics industry.
NICKUNJ EXIMP: Fitch Assigns National Long-Term Rating at 'B+'
--------------------------------------------------------------
Fitch Ratings has assigned India's Nickunj Eximp Enterprises
Private Limited a National Long-term rating of 'B+(ind)'. The
Outlook is Stable. Fitch has also assigned a 'B+(ind)' rating to
Nickunj's INR6.3 million term loans and INR81.9 million cash
credit limits, and a 'F4(ind)' rating to its INR130 million non-
fund based bank limits.
The ratings factor in the company's diversified presence in niche
product categories like aerospace, defence, abrasives, graphite
and ceramics, and its strong customer base including several
government organizations. The ratings are also supported by
NEEPL's moderate credit metrics with no significant capex plans in
the pipeline. The long track record and existing customer
relationships with the Indian Government and private bodies also
benefit the ratings.
However, the ratings are constrained by the very small size of
trading operations and thin margins, which increases the risk that
commodity price volatility may significantly erode the company's
margins. In addition, the ratings also factored in the high
working capital requirements which could impact liquidity, and the
operational constraints involved in the trading of more than 4000
products. Although the company does try to hedge its forex
exposure by taking forward covers for all transactions to mitigate
the impact of forex volatility, the customer concentration risk
can still have a negative impact on the company's turnover and
profitability. Fitch notes that there is scope for improvement in
the quality of the company's reporting standards and management
information systems.
Fitch also notes that a decline in demand owing to technological
obsolescence of certain products or impact of international
competition can put pressure on the company's profitability.
However, this downside risk is partly offset by the company's
niche product profile, which is highly technological, as well as
the long standing supplier arrangements for the company's
products. Fitch notes that the company is focused on fulfilling
various needs of its existing niche customer base, rather than
looking for new customers. The promoters have also decided to
strengthen the balance sheet by infusing a significant amount of
fresh equity into the company in February 2010.
Negative rating factors would include significant quarterly
volatility in working capital requirements, leading to tight
liquidity and a material hit on margins. On the other hand, a
significant and sustained increase in turnover supported by stable
profitability and leverage could move the ratings upward.
In FY09, NEEPL's revenues were INR630 million with EBITDA of
INR39 million. The total debt on the company's books stood at
INR209 million, leading to a leverage of 4.1x and interest
coverage at 1.8x. NEEPL, the flagship company of the Nickunj
Group was incorporated in 1986 for the trading of a diversified
product portfolio, including products that have applications in
sectors such as aerospace, defence, abrasives, graphite and
ceramics.
UNIMED HEALTHCARE: ICRA Assigns 'LBB+' Rating on INR200MM Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR200 million term loan
and INR20 million fund based working capital limits of Unimed
Healthcare Private Limited.
The rating carries stable outlook. ICRA has also assigned an A4+
rating to INR20 million (sub limit of fund based working capital
limits) short term non fund based working capital limits of UHPL.
The ratings take into account high competitive intensity faced by
the company because of presence of several large and small
hospitals in Hyderabad, the geographical concentration risk
inherent in a single property, revenue concentration risk as 90%
of its revenue come from cardiology and cardio thoracic department
and its moderate occupancy levels owing to limited track record of
operations. Further the ratings also take into account UHPL's
moderate scale of operations, current net losses and high gearing
of 1.9 times as on March 31, 2009. However, the ratings derive
comfort from the presence of reputed consultants in the hospital
and a good catchment area of the hospital as it is located in the
Banjara Hills area of Hyderabad.
Unimed Healthcare Pvt. Ltd. has been promoted by a group of
doctors and entrepreneurs led by Dr. Gopichand Mannam who is a
renowned cardio thoracic surgeon practicing in Hyderabad since
1994. Prior to promoting UHPL, Dr. Mannam was the chief cardio
thoracic surgeon of CARE hospital in Hyderabad. Besides Dr.
Gopichand Mannam, promoter group includes Dr. Nagarjuna Reddy
Ponugoti (practising allergist in USA for past 16 years), Mr. P.
Jairaj Kumar (promoter chairman of Ocean Sparkle Limited ? rated
LA+/A1 by ICRA) and few others.
For FY 2009, the company reported an operating income of INR218.1
million and net loss of INR22.6 million. For the nine month
period ended December 2009, the company reported operating income
of INR288.43 million and net loss of INR 7.99 million.
=================
I N D O N E S I A
=================
BANK NEGARA: Fitch Upgrades 'BB+' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has upgraded PT Bank Negara Indonesia Tbk's Long-
term foreign and local currency Issuer Default Rating to 'BB+'
from 'BB'. The Outlook is Stable. At the same time, the agency
has also affirmed the bank's National Long-term rating at
'AA(idn)'with a Stable Outlook, Individual rating at 'C/D',
Support at '3', Support Rating Floor at 'BB' and Short-term
foreign currency IDR at 'B'.
"The positive revisions to the bank's Long-term IDRs reflect the
bank's improved financial profile, as demonstrated by its stronger
profitability, and better reserved NPLs," notes Humprey Tjia,
Associate Director with the agency's Financial Institutions group.
"The more favorable macro environment in 2010 should also help
underpin Fitch's expectations for loan quality and earnings to
further improve," adds Mr. Tjia. The Indonesian sovereign rating
was upgraded to 'BB+'/Stable from 'BB'/Stable on 25 January 2010
(please refer to the rating action commentary, entitled "Fitch
Upgrades Indonesia to 'BB+'; Outlook Stable").
On a relative basis however, the level of impaired loans at BNI
remained higher and capital ratios weaker, and hence the
affirmation of its National Rating at 'AA(idn)', when compared
with 'AAA(idn)' to 'AA+(idn)' for a few of its larger and stronger
'C/D' rated banking peers.
BNI's core profitability - as measured by pre-provision Return on
Assets - increased to 3.5% in 2009 (2008: 3.2%; 2007: 2.3%),
despite a more difficult operating environment during Q408-H109.
This was on the back of widening net interest margin from a higher
portion of loan assets and lower cost of funds.
NPLs declined to 4.6% (2008: 5.0%; 2007: 10.5%) while reserve
coverage increased to 120% at end-2009 (2008: 101%; 2007: 72%).
However, BNI's capital position remained weaker than its peers
with Tier 1 CAR at 10.2% at end-2009 (Total CAR: 13.7%). Fitch
notes that the bank has made some efforts to conserve capital
through a lower dividend payout on 2008's profits, and it
understands that there are also plans to raise fresh equity
through a rights issuance, possibly in 2011.
BNI, incorporated in 1946, is one of four state-owned banks and
the fourth-largest bank in Indonesia by total assets. After the
divestment program in August 2007, government ownership fell to
76.4% at end-December 2009 from 99.1%.
RAJAWALI NUSANTARA: Gets Initial Approval on Debt Restructuring
---------------------------------------------------------------
State-owned agro industry firm PT Rajawali Nusantara Indonesia has
been given approval to repay the IDR1.2 trillion of debt (US$129.6
million) it owes to the government phased over a period of 20
years, The Jakarta Post reports.
RNI president director Bambang Priyono said the initial approval
was given by the government's special committee appointed to
restructure the bad debts of state-owned companies, the Post
relates.
According to the Post, Bambang said the debts which were taken on
from the government's foreign loans originally amounted to only
IDR300 billion. "Now, the RDI debts have reached IDR1.2 trillion
due to the accumulation of unpaid interest charges," he said.
The Post relates Bambang said the government's decision to allow
the company to repay the debts during 20 years would be quite
helpful because the payment would not then pose a serious problem
to the firm's cash-flow.
Plans to List Units on IDX
Jakarta Globe reports that Rajawali Nusantara Indonesia said it
plans to list some of its subsidiaries on the stock exchange as
early as next year if the government approved its debt-
restructuring scheme.
RNI president director Bambang Priyono said the company would list
subsidiaries rather than the whole group as it was still
struggling to restructure its debt.
"We will seek shareholder approval for the plan but it will not
require permission from the House of Representatives as we're only
[looking to list] subsidiaries," Mr. Bambang said.
He said the plan would be subject to the successful completion of
RNI's debt restructuring scheme, which was submitted to the
government last year and is awaiting approval.
"It's now at the policy committee of the Finance Ministry after
having been approved by the technical committee and the State-
Owned Enterprises Ministry," Mr. Bambang said.
Last October, the Jakarta Globe reported that, according to a
leaked document from the SOE Ministry, it had approved the
proposal from the company to resolve its massive debt, which RNI
has been unable to repay since 2004.
PT Rajawali Nusantara Indonesia is a holding company with assets
worth around IDR4.2 trillion. The company manages 15 subsidiaries
involved in agriculture, the pharmaceutical industry and medical
equipment.
=========
J A P A N
=========
JAPAN AIRLINES: To Cut 5% of Employees at Core Unit
---------------------------------------------------
Japan Airlines Corp., which employs about 51,800 groupwide, aims
to let go of 2,700 employees at its core unit, Japan Airlines
International Co, and the rest at other group firms, Reuters
reported citing the Nikkei Business Daily.
According to Reuters, the carrier, which did not disclose how much
severance pay early retirees are to receive, will start with 400
flight crew and ground staff managers.
Retirements will take effect April 30 and JAL is expected to book
the associated costs as an extraordinary loss for next fiscal
year, the report added.
Earlier in January, JAL filed for protection from creditors with
more than $25 billion in debts, making it Japan's biggest-ever
bankruptcy by a non-financial firm, and vowed to slash 30 percent
of its work force and axe money-losing routes.
Selling off subsidiaries is supposed to eliminate at least 10,000
jobs, but that process could prove difficult, making it necessary
to expand early retirement offerings, Reuters added.
About Japan Airlines
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
$28 billion.
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)
J-CORE FL1: S&P Downgrades Rating on Class D Notes to 'B-'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B-' from 'BB+' its
rating on class D of the J-CORE FL1 Trust Certificate transaction,
and its rating on the class E trust certificates to 'CCC' from
'B-'. At the same time, Standard & Poor's also affirmed its 'AAA'
ratings on classes C and X issued under the same transaction. The
class A and B trust certificates were redeemed on the trust
distribution date in April 2008. Under the J-CORE FL1
transaction, a total of JPY16.6 billion trust certificates were
issued in December 2006.
There remains only one specified bond that backs this transaction.
Although steps were taken to ensure that the specified bond was
redeemed by the maturity date, the asset manager failed to prevent
the bond from defaulting. In August 2009, when S&P reviewed its
ratings on the trust certificates, S&P lowered its assumption with
respect to the likely recovery amount from the related collateral
property from its initial assumption. Now, a recovery plan needs
to be considered as the asset manager was unsuccessful in its
measures to prevent the bond from defaulting. The downgrades of
classes D and E are based on what S&P views as mounting
uncertainty over the recovery prospects of the collateral property
backing the defaulted specified bond; the collateral is a regional
retail property.
The property that ultimately backs the aforementioned defaulted
bond is master leased. S&P does not regard cash flow as a major
potential source of risk at this point. S&P currently assumes
that the property's value would be about 61% of S&P's initial
underwriting value (which is about 84% of the recovery value that
S&P assumed at the rating change in August 2009).
At this point, Standard & Poor's has affirmed its rating on class
X. However, S&P is considering amending the rating methodology
for interest-only certificates, which include class X of this
transaction. If the proposal is adopted, it could affect the
rating on class X.
J-CORE FL1 is a multi-borrower CMBS (commercial mortgage-backed
securities) transaction. The trust certificates were originally
backed by three Tokkin loans extended to Tokkin trustees that each
own one specified bond backed by real estate trust beneficial
interests and by one additional nonrecourse loan, which is backed
by Tokkin beneficial interests and real estate trust beneficial
interests. The transaction was arranged by Deutsche Securities
Inc. ORIX Asset Management & Loan Services Corp. acts as the
servicer for this transaction.
Ratings Lowered
J-CORE FL1 Trust Certificate
JPY16.6 billion floating-rate trust certificates due April 2012
Class To From Initial Issue Amount
----- -- ---- --------------------
D B- BB+ JPY1.0 bil.
E CCC B- JPY0.2 bil.
Ratings Affirmed
Class Rating Initial Issue Amount
----- ------ --------------------
C AAA JPY1.6 bil.
X AAA JPY16.6 bil. (Initial notional principal)
* JAPAN: Corporate Bankruptcies Decline 17.29% in February
----------------------------------------------------------
The number of corporate bankruptcies in February dropped 17.29%
from a year earlier to 1,090 for the seventh consecutive month of
year-on-year decline, with debts left behind by the failed firms
falling sharply, Kyodo News reports citing Tokyo Shoko Research.
The research firm said liabilities that accompanied the corporate
failures plummeted 64.29% to JPY438.83 billion as credit became
more readily available for companies due to government stimulus
measures and a new law which went into force late last year to
help out smaller firms, according to Kyodo.
Kyodo relates Tokyo Shoko said the amount of debts plunged 83.14%
compared with January when Japan Airlines Corp. filed for
bankruptcy protection in the biggest nonfinancial corporate
failure in Japan's postwar history.
The research firm said the number of major bankruptcies with
liabilities of more than JPY1 billion dropped 61.4% compared to
the previous February to 37 cases, declining below 40 for the
first time in 19 years, the report notes.
=========
K O R E A
=========
GENERAL MOTORS: GM Daewoo to Be Renamed Chevrolet Soon
------------------------------------------------------
The Chosun Ilbo reports that GM Daewoo Auto & Technology Co., the
South Korean unit of General Motors Co., will likely be renamed
Chevrolet soon.
A GM Daewoo spokesperson said the carmaker's president Mike
Arcamone has decided to change the name of the company, the report
relates.
"We plan to discuss the matter with dealers and the labor union,"
the report quoted the spokesperson as saying. "An announcement on
the renaming will come before the opening of the Busan Motor Show
on April 29," the spokesperson added.
The report says the labor union worries that GM Daewoo will lose
its identity and become a mere subcontractor for GM if the name is
changed.
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
===============
M A L A Y S I A
===============
JPK HOLDINGS: Public Bank Serves Wind-Up Petition on Unit
---------------------------------------------------------
JPK Holdings Berhad said that a notice of winding-up petition was
served on JPK (Malaysia) Sdn. Bhd. (JPKM), a wholly owned
subsidiary of JPK, on February 17, 2010.
The claim amount is MYR71,140.94 with claimable interest of 8% per
annum.
The case was first filed in March 2006. Public Bank (M) Berhad
has issue process against JPKM. The matter was initially heard
and decided by the Sessions Court. The decision of the Sessions
Court was to dismiss Public Bank (M) Berhad's summary judgement
application against JPKM, which was in favor of JPKM.
Public Bank (M) Berhad then filed for an appeal to the High Court,
which the summary judgment application was granted to Public Bank
(M) Berhad. Consequently, Public Bank (M) Berhad had immediately
proceeded for a winding-up petition against JPKM. The case was to
be heard on April 8, 2010.
The solicitors of JPKM have referred the case to the Court of
Appeal on the basis that Public Bank (M) Berhad has failed to
comply with the relevant bank norms/procedures for the particular
transaction.
The Solicitors of JPKM has filed for an appeal to the Court of
Appeal against the decision of the High Court and JPKM is also in
the process of obtaining a stay of execution pending the hearing
of the appeal of the Court of Appeal.
About JPK Holdings
JPK Holdings Berhad is a Malaysia-based investment holding company
engaged in the provision of management services to its
subsidiaries. The Company's subsidiaries include JPK (Malaysia)
Sdn. Bhd., which is engaged in the manufacture of precision
plastic injection moulded parts; JPK Industries Sdn. Bhd., which
is engaged in property holding; JPK Co. Ltd., which is engaged in
investment holding; JPK (Dongguan) Co. Ltd., which is engaged in
the Manufacture of precision plastic injection moulded parts, and
JPK (Hanoi) Co. Ltd., which is engaged in the manufacture,
assemble, process and design precision plastic injection moulded
parts. The Company's operating businesses are organized and
managed into three geographical locations: Malaysia, The Socialist
Republic of Vietnam and The People's Republic of China.
JPK Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the external auditors of the Company have expressed a
disclaimer opinion on the Company's audited financial statements
for the financial year ended March 31, 2009.
STAMFORD COLLEGE: Seeks Diversification of Business
---------------------------------------------------
Stamford College Berhad said that it proposes to undertake a
proposed diversification of the business of SCB and its
subsidiaries into manufacturing of low alloyed, alloyed and long
steel products.
Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company. It principally engaged in the provision of
executive training. The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program. The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship. Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.
Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.
According to the Company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the Company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008 and the Company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.
STAMFORD COLLEGE: Submits Proposed Regularization Plan
------------------------------------------------------
Public Investment Bank Berhad, on behalf of Stamford College
Berhad, disclosed that the Company proposes to undertake these
proposals to regularize its financial condition:
(i) proposed reduction of the issued and paid-up share
capital of SCB pursuant to Section 64 of the Companies
Act, 1965 involving cancellation of MYR0.50 of the par
value of each existing ordinary share of MYR1.00 each
in SCB; and
(ii) proposed amendments to the memorandum and articles of
association of SCB, collectively referred to as the
Proposed Regularization Plan.
Accordingly, the Company said the application for the Proposed
Regularization Plan has been submitted to Bursa Malaysia
Securities Berhad.
Based in Malaysia, Stamford College Berhad (KUL:STAMCOL) --
http://www.stamford.edu.my/-- is an investment holding and
management company. It principally engaged in the provision of
executive training. The Company offers over 50 courses of study,
which include full Undergraduate Degrees, Masters Degrees and
North American Degree Program. The disciplines offered by
Stamford range from Accounting to Business Administration,
Engineering, Computer Science, Hospitality Management and
Executive Secretaryship. Foreign students have also been part of
Stamford's landscape, and Stamford has more than 1,500 foreign
students from over 40 countries pursuing their higher education.
Stamford College Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17/2005 of the Bursa Malaysia
Securities Berhad as it has triggered Paragraph 2.1(e) of
PN 17/2005.
According to the Company's disclosure statement with the bourse,
it triggered the PN 17/2005 listing since auditors have expressed
a modified opinion with emphasis on the Company's going concern
status in the latest audited accounts for the financial year ended
December 31, 2008 and the Company's shareholders equity on a
consolidated basis is equal to or less than 50% of the issued and
paid-up capital of the company.
====================
N E W Z E A L A N D
====================
SOUTH CANTERBURY: Pyne Gould Set to Renew NZ$75-Mln Loan
--------------------------------------------------------
Pyne Gould Corp. cornerstone shareholder George Kerr is prepared
to renew the NZ$75 million loan to South Canterbury Finance, Marta
Steeman at The Press reports.
The Press relates Mr. Kerr, who chairs the Torchlight Credit Fund,
said the loan by Torchlight matured in May and "all going well we
would like to extend it, assessing things are going down the right
track".
According to the report, Mr. Kerr said SCF still needed to do
significant restructuring and new chief executive Sandy Maier had
seen clearly what to do, which was to consolidate the assets under
one group, Southbury.
Torchlight had been set up to provide credit to stressed
companies, the Press notes.
About South Canterbury
Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- http://www.scf.co.nz/-- is engaged in the provision of
financial services. The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors. It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance. Southbury Group
Limited holds a controlling interest in the Company. Its
subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd,
Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd,
Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd,
Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd,
Walkato Finance Ltd and Wellington Finance Ltd.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 4, 2010, Standard & Poor's Ratings Services lowered its
long-term rating on New Zealand finance company, South Canterbury
Finance Ltd. to 'BB' from 'BB+', and affirmed the 'B' short-term
rating. At the same time, the 'BB' long-term rating was placed on
CreditWatch with negative implications.
===========
T A I W A N
===========
AU OPTRONICS: Reports NT$32-Bil. February 2010 Revenue
------------------------------------------------------
AU Optronics Corp. reported preliminary consolidated February 2010
revenue of NT$32.66 billion, down by 14.5% from January and up by
112.4% year-over-year.
Due to the Chinese New Year holidays and fewer workdays in
February, large-sized panel shipments for February 2010, with
applications as desktop monitors, notebook PCs, and LCD TVs,
totaled around 8.01 million units, a 15.3% drop month-over-month.
As for small- and medium-sized panels, the shipments amounted to
around 16.09 million units, down by approximately 17.6% from the
previous month.
Consolidated Unconsolidated
Net Sales (NT$ million) (NT$ million)
--------- ------------ ------------
February 2010 32,666 31,182
January 2010 38,225 36,260
M-o-M Growth (14.5%) (14.0%)
February 2009 15,381 15,323
Y-o-Y Growth 112.4% 103.5%
Jan to Feb 2010 70,891 67,441
Jan to Feb 2009 28,626 28,522
Y-o-Y Growth 147.6% 136.5%
Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels. Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays. The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers. The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays. In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2009, Fitch Ratings upgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'BB-' from 'B+', and its National Long-term rating to 'BBB(twn)'
from 'BBB-(twn)'. The Outlook is revised to Stable from Negative.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week to March 1 to March 5, 2010
--------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ADVANCE ENERGY 9.50 01/04/2015 AUD 0.90
AINSWORTH GAME 8.00 12/31/2011 AUD 0.82
AMP GROUP FINANC 9.80 04/01/2019 NZD 0.92
ANTARES ENERGY 10.00 10/31/2013 AUD 2.02
AUROX RESOURCES 7.00 06/30/2010 AUD 0.79
BECTON PROP GR 9.50 06/30/2010 AUD 0.50
BOUNTY INDUSTRIES 10.00 06/30/2010 AUD 0.03
CBD ENERGY LTD 12.50 01/29/2011 AUD 0.13
CHINA CENTURY 12.00 09/30/2010 AUD 0.86
FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.50
GRIFFIN COAL MIN 9.50 12/01/2016 USD 58.00
HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.31
JPM AU ENF NOM 1 3.50 06/30/2010 USD 8.08
MINERALS CORP 10.50 09/30/2011 AUD 0.66
NEW S WALES TREA 1.00 09/02/2019 AUD 63.75
ORCHARD INVEST 7.36 12/15/2010 AUD 29.50
PRAECO P/L 7.13 07/28/2020 AUD 71.93
RESOLUTE MINING 12.00 12/31/2012 AUD 0.87
SUN RESOURCES NL 12.00 06/30/2011 AUD 0.25
TIMBERCORP LTD 8.90 12/01/2010 AUD 26.10
VERO INSURANCE 6.15 09/07/2025 AUD 71.88
CHINA
-----
JIANGXI COPPER 1.00 09/22/2016 CNY 74.23
HONG KONG
---------
RESPARCS FUNDING 8.00 12/29/2049 USD 27.25
INDIA
-----
AFTEK INFOSYS 1.00 06/25/2010 USD 60.00
GEMINI COMMUNICA 6.00 07/18/2012 EUR 55.00
SUBEX AZURE 2.00 03/09/2012 USD 61.50
INDONESIA
---------
BAKRIELAND DEV 12.85 03/11/2013 IDR 75.00
BANK DKI 12.25 03/04/2018 IDR 74.54
MOBILE-8 TELECOM 12.37 06/15/2017 IDR 50.00
TRUBA JAYA 11.75 07/08/2010 IDR 60.60
JAPAN
-----
AIFUL CORP 1.50 10/20/2011 JPY 68.82
AIFUL CORP 1.20 01/26/2012 JPY 60.08
AIFUL CORP 1.99 03/23/2012 JPY 58.24
AIFUL CORP 1.22 04/20/2012 JPY 55.08
AIFUL CORP 1.63 11/22/2012 JPY 50.94
AIFUL CORP 1.74 05/28/2013 JPY 49.93
AIFUL CORP 1.99 10/19/2015 JPY 44.85
COVALENT MATERIAL 2.87 02/18/2013 JPY 57.59
CSK CORPORATION 0.25 09/30/2013 JPY 74.77
FUKOKU MUTUAL 4.50 09/28/2025 EUR 72.00
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 56.75
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 56.20
SHINSEI BANK 5.63 12/29/2049 GBP 73.00
TAKEFUJI CORP 9.20 04/15/2011 USD 54.00
TAKEFUJI CORP 9.20 04/15/2011 USD 54.00
TAKEFUJI CORP 8.00 11/01/2017 USD 10.37
TAKEFUJI CORP 4.00 06/05/2022 JPY 53.15
MALAYSIA
--------
ADVANCE SYNERGY 2.00 01/26/2018 MYR 0.07
ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.01
CRESCENDO CORP B 3.75 01/11/2016 MYR 1.00
DUTALAND BHD 4.00 04/11/2013 MYR 0.35
DUTALAND BHD 4.00 04/11/2013 MYR 0.72
EASTERN & ORIENT 8.00 07/25/2011 MYR 0.95
EASTERN & ORIENT 8.00 11/16/2019 MYR 0.97
HUAT LAI RESOURC 5.00 03/28/2010 MYR 0.51
KRETAM HOLDINGS 1.00 08/10/2010 MYR 1.15
KUMPULAN JETSON 5.00 11/27/2012 MYR 1.90
MITHRIL BHD 3.00 04/05/2012 MYR 0.68
NAM FATT CORP 2.00 06/24/2011 MYR 0.16
OLYMPIA INDUSTRI 2.80 04/11/2013 MYR 0.19
OLYMPIA INDUSTRI 4.00 04/11/2013 MYR 0.23
PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.63
RUBBEREX CORP 4.00 08/14/2012 MYR 1.56
SCOMI GROUP BHD 4.00 12/14/2012 MYR 0.09
TRADEWINDS PLANT 2.00 02/08/2012 MYR 0.60
TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.10
TRC SYNERGY 5.00 01/20/2012 MYR 1.00
WAH SEONG CORP 3.00 05/21/2012 MYR 2.51
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.33
YTL CEMENT BHD 5.00 11/10/2015 MYR 2.00
NEW ZEALAND
-----------
ALLIED NATIONWID 11.52 12/29/2049 NZD 50.50
BLUE STAR PRINT 9.10 09/15/2012 NZD 65.00
CONTACT ENERGY 8.00 05/15/2014 NZD 1.03
FLETCHER BUI 8.50 03/15/2015 NZD 8.50
FLETCHER BUI 7.55 03/15/2011 NZD 7.40
GMT BOND ISSUER 7.75 06/19/2015 NZD 0.12
INFRASTR & UTIL 8.50 09/15/2013 NZD 9.20
INFRATIL LTD 8.50 11/15/2015 NZD 9.50
INFRATIL LTD 10.18 12/29/2049 NZD 66.00
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.36
MANUKAU CITY 6.15 09/15/2013 NZD 1.02
MANUKAU CITY 6.90 09/15/2015 NZD 1.03
MARAC FINANCE 10.50 07/15/2013 NZD 0.99
SKY NETWORK TV 4.01 10/16/2016 NZD 55.41
SOUTH CANTERBURY 10.50 06/15/2011 NZD 0.64
SOUTH CANTERBURY 10.43 12/15/2012 NZD 0.57
ST LAURENCE PROP 9.25 05/15/2011 NZD 72.11
TOWER CAPITAL 8.50 04/15/2014 NZD 1.01
TRUSTPOWER LTD 8.50 09/15/2012 NZD 7.90
TRUSTPOWER LTD 8.50 03/15/2014 NZD 8.25
TRUSTPOWER LTD 7.60 12/15/2014 NZD 1.00
TRUSTPOWER LTD 8.00 12/15/2016 NZD 1.00
UNI OF CANTERBUR 7.25 12/15/2019 NZD 0.94
VECTOR LTD 7.80 10/15/2014 NZD 1.01
VECTOR LTD 8.00 12/29/2049 NZD 7.50
SINGAPORE
---------
BLUE OCEAN 11.00 06/28/2012 USD 34.00
SENGKANG MALL 8.00 11/20/2012 SGD 0.10
UNITED ENG LTD 1.00 03/03/2014 SGD 1.46
WBL CORPORATION 2.50 06/10/2014 SGD 2.17
SOUTH KOREA
-----------
KOREA MUTUAL BK 9.00 07/31/2010 KRW 41.18
KOREA MUTUAL BK 8.00 01/23/2012 KRW 40.34
SRI LANKA
---------
SRI LANKA GOVT 7.00 10/01/2023 LKR 65.66
THAILAND
--------
G STEEL 10.50 10/04/2010 USD 14.99
*********
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
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related conferences are encouraged. Send announcements to
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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.
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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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