/raid1/www/Hosts/bankrupt/TCRAP_Public/100430.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, April 30, 2010, Vol. 13, No. 084
Headlines
A U S T R A L I A
BASIS YIELD: In Settlement Talks with Goldman Sachs Over CDO
FORTESCUE METALS: To Pay US$78 Mil. in Damages to Zodiac Maritime
GREAT SOUTHERN: Gresham Partners Appointed as Sale Adviser
C H I N A
FANTASIA HOLDINGS: Moody's Assigns 'B1' Corporate Family Rating
FANTASIA HOLDINGS: S&P Assigns 'BB-' Corporate Credit Rating
RENHE COMMERCIAL: Moody's Assigns 'Ba2' Corporate Family Rating
H O N G K O N G
TOPFINE MACHINERY: Chiong and Sutton Step Down as Liquidators
UNDERLINE: FITCH: Wan and Lin Step Down as Liquidators
VCK VANAIR: Leigh Man Sung Camballaw Steps Down as Liquidator
WALTECH PACIFIC: Chiong and Sutton Step Down as Liquidators
WATTON INDUSTRIAL: Court to Hear Wind-Up Petition on May 19
WIN FLASH: Members' and Creditors Final Meeting Set for May 25
WIT TECH: Court to Hear Wind-Up Petition on June 9
WONDERFUL (HK): Creditors' Proofs of Debt Due May 20
XINIX ASIA: Placed Under Voluntary Wind-Up Proceedings
YIN HUA: Placed Under Voluntary Wind-Up Proceedings
I N D I A
AIR INDIA: May Incur INR5,400cr Net Loss in 2009, Patel Says
ALL INDIA: CRISIL Rates INR90 Million Term Loan at 'BB'
BLUE DIAMOND: CRISIL Assigns 'P4' Ratings on Various Bank Debts
CHAHAL SPINTEX: CRISIL Places 'BB-' Rating on INR202MM Term Loan
JAIN UDHAY: Delays in Loan Repayment Cue CRISIL Junk Ratings
JAYESH INDUSTRIES: CRISIL Reaffirms Rating on Term Loan at 'BB'
JET GRANITO: CRISIL Assigns 'BB' Rating on INR220 Mil. Term Loan
SAKTTHI FOOTWEAR: CRISIL Assigns 'B+' Rating on INR20 Mil. LT Loan
VARKS ENGINEERS: CRISIL Rates INR140 Million Cash Credit at 'BB'
VISTEON AUTOMOTIVE (INDIA): CRISIL Cuts Rating on LT Loan to 'BB-'
I N D O N E S I A
BANK DANAMON: Names Henry Ho as New CEO
J A P A N
EAST STREET: Moody's Corrects Ratings on Class D 2002-1 Notes
HUIS TEN: Resume Operations at Start of Golden Week Holidays
JAPAN AIRLINES: To Cut 45 More Routes This Year
JAPAN AIRLINES: Chairman Inamori Determined to Revitalize JAL
JAPAN AIRLINES: Extends Codeshare With Jetstar, British Airways
JAPAN AIRLINES: Aid Must Not Distort Competition, Says IATA
MHTB DISCOVERY: Moody's Changes Ratings on Two Classes of Notes
SHINSEI BANK: Plans Sell to JPY100 Billion Overseas Investments
K O R E A
HYUNDAI MERCHANT: Wasn't Notified on Restructuring, Bloomberg Says
N E W Z E A L A N D
AIR NEW ZEALAND: Confirms Talks With Virgin Blue
NEW ZEALAND WINDFARMS: Shareholders Agree to Underwrite NZ$31.4MM
ST LAURENCE: Placed in Receivership; Trustee Appoints Deloitte
T H A I L A N D
THAI AIRWAYS: Shareholders Agree to Raise Capital; Posts Profit
TMB BANK: Sells THB9.35 Billion of Bad Debt to State-Owned Agency
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
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A U S T R A L I A
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BASIS YIELD: In Settlement Talks with Goldman Sachs Over CDO
------------------------------------------------------------
The Financial Times reports Goldman Sachs Group Inc. is in
settlement talks with Australian hedge fund Basis Yield Alpha
Fund that went out of business and lost money after buying into a
US$1 billion mortgage-backed security. People familiar with the
matter told the FT that Basis Yield Alpha Fund is seeking
compensation over its US$100 million investment in Timberwolf, a
so-called hybrid collateralized debt obligation that Goldman took
to market in March 2007.
The FT says the hedge fund was forced to liquidate after it
claimed it suffered losses of US$56 million as the value of
Timberwolf sank. According to the FT, the talks between the hedge
fund and Goldman are preliminary and there is no certainty they
will lead to a settlement.
As widely reported, Goldman Sachs Group is under criminal
investigation by the Federal prosecutors. The probe is at a
preliminary stage and focuses into whether Goldman Sachs or its
employees committed securities fraud in connection with its
mortgage trading. The U.S. Securities and Exchange Commission has
filed fraud charges against Goldman.
About Basis Yield
Basis Yield Alpha Fund (Master) is a Cayman Islands mutual fund.
It operates as a master-feeder structure that allows investors'
funds to be channeled through two companies operating in a
single jurisdiction to a "master" company operating in the same
jurisdiction. These two feeder funds are Basis Yield Alpha Fund
(US), a US feeder fund for US taxable investors, and Basis Yield
Alpha Fund, a non-US feeder for all other investors.
On Aug. 29, 2007, Hugh Dickson, Stephen John Akers, and Paul
Andrew Billingham filed a chapter 15 petition for Basis Yield
(Bankr. S.D.N.Y. Case No. 07-12762). Karen Dine, Esq. at
Pillsbury Winthrop Shaw Pittman LLP represents the petitioners.
The U.S. Bankruptcy Court dismissed Basis Yield's Chapter 15
case on April 30, 2008.
(Basis Yield Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000)
FORTESCUE METALS: To Pay US$78 Mil. in Damages to Zodiac Maritime
-----------------------------------------------------------------
Fortescue Metals Group said Thursday that it has been unable to
reach a settlement with its suspended shipping contractor Zodiac
Maritime.
"The dispute was the subject of litigation proceedings in the UK
and a judgment has been handed down in favor of Zodiac," the miner
said in a statement. "The litigation commenced when Fortescue
suspended a number of charter contracts in 2008 due to turmoil in
international freight and iron ore markets."
"Other shipping contracts that were in dispute were renegotiated
and settled prior to any court hearing. These settlements enabled
Fortescue to lock in shipping rates at much lower levels than
originally contracted. The conclusion of the Zodiac dispute means
that this contract is now terminated.
Pursuant to the decision of the UK High Court of Justice,
Fortescue is to pay damages to Zodiac of approximately
US$78 million. This sum covers an amount for the charges foregone
when the charter was initially suspended up to the current date,
together with an amount to cover future revenues forgone over the
full contract term.
The payment amount for damages is consistent with the guidance
provided by Fortescue in its ASX release dated February 24, 2009,
when a total potential damages estimate of US$171 million was
provided. In the subsequent settlement of 6 suspended charters, a
total damages amount of US$72.65 million has been paid. The
payment of this Zodiac settlement will take the total paid to
US$150.6 million.
Fortescue had provided US$20 million in its half year 2010
accounts for the Zodiac contract, which was the amount it
reasonably expected would cover damages from the original
suspension date up to an expected settlement date. This process
was consistent with all other negotiated settlements made in the
past. Therefore the remaining US$58m will be expensed within
FY2010. As guidance, this extra amount is expected to take the
total shipping position to a loss of around US$100 million for
FY2010.
In the one remaining dispute to be resolved, the ship owner went
into insolvency in 2009. The issue is now being determined
through an arbitration process. Fortescue is confident that any
amounts that may be determined as owing prior to the company
becoming insolvent, where upon it defaulted under the contract
with Fortescue, will be covered within the original US$171 million
guidance.
About Fortescue Metals
Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, Moody's Investors Service lowered to B2 from B1
the Senior Secured rating of FMG Resources (August 2006) Pty Ltd
(previously FMG Finance Pty Ltd), the financing arm of the
Fortescue Metals Group. The outlook for the rating is negative.
This completes the rating review for possible downgrade commenced
in May 2009 in view of weakness in the iron ore market and
operating challenges at FMG's mining and processing operations.
GREAT SOUTHERN: Gresham Partners Appointed as Sale Adviser
----------------------------------------------------------
Great Southern Ltd. receiver McGrathNicol has appointed Gresham
Partners to advise on a sale of the failed company's land assets,
Bloomberg News reports citing the Australian Financial Review.
The newspaper, citing unnamed timber industry sources, said the
land was valued at about AU$725 million in 2008 and may sell for
about AU$500 million, according to Bloomberg News.
The majority of the land is located in Western Australia and the
Green Triangle region in South Australia/Victoria,
farmonline.com.au says.
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. 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$375 million from
the group banks. The secured creditors include ANZ, Commonwealth
Bank and BankWest.
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C H I N A
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FANTASIA HOLDINGS: Moody's Assigns 'B1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Fantasia Holdings Group Co., Limited. Moody's
has also assigned a provisional (P)B2 rating to Fantasia's
proposed US$ senior unsecured bond issues, the proceeds of which
will be used for land acquisition and working capital
requirements. The outlook for both ratings is stable.
The provisional rating status of the bond rating will be removed
after Fantasia has successfully completed the US$ bonds issuance
based on satisfactory terms and pricing.
"Fantasia's B1 corporate family rating reflects its established
niche business model, which balances the development of commercial
and residential properties and minimizes performance volatility
stemming the negative impact of regulatory measures on the
residential sector," says Peter Choy, a Moody's Vice President and
Senior Credit Officer.
"The company has a good track record of solid execution and
prudent expansion. It has successfully replicated its business
model from Shenzhen to Chengdu, where it is now one of the leading
developers," continues Mr. Choy, also Moody's lead analyst for
Fantasia.
"However, these strengths are counterbalanced by the execution
risk associated with the company's rapid expansion plans, as well
as its geographical concentration in Chengdu, which accounts for
60% of land bank," says Mr. Choy.
"Fantasia's financial management has been disciplined. As more
debt will be raised to fund its planned growth, Moody's expect it
to maintain a financial profile, with debt/total capitalization of
around 50% in the next one to two years, which is appropriate for
the B1 rating," adds Mr. Choy.
Partly mitigating Moody's concerns is Fantasia's diversification
into new cities such as Tianjin, Yixing, Suzhou, Donghua, Dali,
and Huizhou; the expanded land bank should be sufficient to
support for its operations for the next five years.
The bond rating is notched down to B2, reflecting the risks of
structural and legal subordination with the ratio of secured and
subsidiary debt to total assets above 20%.
The stable outlook reflects Moody's expectation that Fantasia will
maintain a stable financial profile, adequate liquidity, and
measured approach to expansion.
In the medium term, however, upward pressure on its ratings could
emerge if Fantasia can 1) build up its track record in markets
outside Chengdu and Shenzhen; 2) consistently achieve its sales
targets; 3) maintain strong financial discipline while
implementing its growth strategy; and 4) maintain sound liquidity.
Moody's sees EBITDA/interest coverage consistently above 4-5x and
adjusted debt/capitalization not exceeding 45-50% as indications
for a potential rating upgrade.
The ratings could be downgraded if (1) Fantasia's sales were to
fall significantly short of Moody's expectations; 2) the company
were to pursue aggressive land acquisitions or expansion
activities that pressure its liquidity; or 3) it failed to
maintain disciplined financial management.
Given any of the above situations, adjusted debt/capitalization
consistently above 55-60% and EBITDA/Interest coverage falling
below 2.5-3x would indicate a potential rating downgrade.
Fantasia Holdings Group Co., Limited is a property developer
established in 1996 and listed on the Hong Kong Stock Exchange in
December 2009. It currently has a land bank of five million
square meters GFA, mainly in Chengdu and Shenzhen. It develops
high-end office buildings and residential properties targeting
medium-sized enterprises and affluent individuals.
FANTASIA HOLDINGS: S&P Assigns 'BB-' Corporate Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-' long-term corporate credit rating to China-based property
developer Fantasia Holdings Group Co. Ltd. The outlook is stable.
At the same time, Standard & Poor's also assigned its 'B+' issue
rating to Fantasia's proposed issue of U.S. dollar fixed-rate
senior unsecured notes. The rating on the notes is subject to
S&P's review of the final issuance documentation.
"The rating on Fantasia reflects the execution risk associated
with the company's transformation into a larger-scale and
geographically more diversified property developer from a small
base. Fantasia's strategy -- to develop boutique high-end
residential property and enter new geographical markets -- has
high execution risks, in S&P's view," said Standard & Poor's
credit analyst Bei Fu. "The company is refocusing its residential
development activities in boutique high-end market and away from
the middle market. The company expects boutique high-end
residential projects and commercial projects to support its future
sales. However, it has a limited track record of achieving high
margins on high-end residential projects, most of which are in the
early development stage."
In S&P's view, out of the segments in which Fantasia operates,
China's high-end residential market is the most competitive and
sensitive to regulatory controls. Although Fantasia has
established a market position in Chengdu and Shenzhen, it has
limited presence in new markets where it intends to expand.
These risks are partially mitigated by the company's somewhat
diversified product offerings, including strata-title
(proportional ownership of multi-level buildings) office, retail,
hotel, and residential property. Fantasia obtained its land bank
at low cost and these development reserves are likely to support
its good profitability for the next three to five years.
Fantasia ranks well in both Chengdu and Shenzhen for developing
and selling strata-title commercial properties. Its more varied
product mix, including commercial and residential sales, provides
some flexibility when market conditions shift. As the company
exits the middle-end residential market and expands into the high
end, S&P expects its overall gross margin to improve in the next
three to five years. Historically, the gross margin on commercial
properties was high, at above 50%.
In S&P's view, Fantasia's growth strategy is focused and its
financial management is reasonable. The company's historical
financial metrics were somewhat volatile as it had a smaller
number of projects. S&P now expect to see a more consistent
performance. As at the end of March 2010, up to RMB3 billion of
its target revenue for 2010 was locked in with a gross margin of
45%-50%. S&P expects Fantasia to launch more sales later this
year to achieve substantial growth in revenue and cash flow.
The issue rating on Fantasia's proposed notes is one notch lower
than the corporate credit rating to reflect S&P's opinion that
offshore noteholders would be materially disadvantaged, compared
with onshore creditors, in the event of default. In S&P's view,
the company's ratio of priority borrowings to total assets will
remain above S&P's notching threshold of 15% for speculative-grade
debt.
"S&P expects Fantasia to stay focused on its growth strategy and
maintain disciplined financial management practices. S&P
anticipates that it will improve its financial performance,
including profitability, and maintain adequate liquidity, while
pursuing high growth," said Ms. Fu.
RENHE COMMERCIAL: Moody's Assigns 'Ba2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Renhe Commercial Holdings Company Limited.
At the same time, Moody's has assigned a provisional (P)Ba2 senior
unsecured rating to Renhe's proposed issuance of US$ senior
unsecured bonds.
The outlook for the ratings is stable. This is the first-time
Moody's has assigned ratings to Renhe.
Moody's expects to remove the bond rating from its provisional
status upon completion of the issuance.
The proceeds from the proposed issuance will be used to fund
existing projects, as well as the acquisition and development of
new projects and general working capital.
"Renhe's Ba2 corporate family rating reflects its strong track
record in developing seven underground shopping centers in four
Chinese cities, and then commercializing their operations," says
Peter Choy, a Moody's Vice President and Senior Credit Officer.
"At the same time, the facilities must be able to function as
civilian air-raid shelters during times of conflict, a pre-
condition laid down by National Air Defense Office for project
approval."
"The success of its business model means it is now positioned as a
leading developer of underground shopping centers with zero land
cost and can select prime commercial locations for such projects,"
says Mr. Choy. "Accordingly, it can enjoy robust cash flow from
and short investment payback periods for its projects."
"In addition, it has maintained full occupancy in its completed
projects while achieving both rising renewal rentals and higher
market values for its operating rights," Mr. Choy adds.
Renhe typically sells operating rights for 40 - 45% of the
shopping units at each development, and which generate the bulk of
its operating cash flow, and then retains the rest for long-term
investment purposes.
Moody's considers that the gradual build-up of recurring rental
income will stabilize operating cash flow, but such income at
Renhe remains relatively insignificant at the moment. For now,
the rating reflects the company's exposure to cash flow volatility
over the medium term from its sales of operating rights.
"In addition, despite Renhe's relatively strong financial profile,
the rating is tempered by its aggressive geographic expansion
plan, which will allow it to cover over 20 cities with annual
aggregate development GFA of about one million sqm in both 2010
and 2011, or more than double its development size in FY09," says
Mr. Choy. "Such rapid expansion exposes it to increasing
execution risks and funding needs."
"The rating is further constrained by its limited access to bank
funding and the lack of back-up liquidity arrangements," says Mr.
Choy.
Under China's civil air defense laws and regulations, the company
only has operating rights instead of ownership of its underground
shopping centers. This situation limits its ability to establish
credit facilities with domestic banks and expand its external
funding sources. Accordingly and, as indicated, it has to rely on
proceeds from transfer of operating rights and cash-on-hand, which
could be volatile, to meet its funding needs.
The stable outlook reflects Moody's expectation that there will be
no material adverse changes in laws and regulations that would
impact the company's unique business model in the near term and
that it will maintain a sound balance sheet liquidity to support
its growth.
Upward rating pressure could emerge if it 1) establishes a track
record of maintaining its strong credit metrics and liquidity
profile, while pursuing rapid expansion over the next few years;
2) demonstrates that it can establish on-shore and off-shore
banking relationships and improves its back-up liquidity
arrangements; and 3) grows its recurring rental income, such that
net rental income/interest is greater than 1.5x on a sustainable
basis. .
On the other hand Renhe's ratings could experience downgrade
pressure if it experiences (a) high vacancy rates in its
underground shopping centers; (b) a sharp fall in portfolio
rentals and the market value of its operating rights; (c) a
reduction in its unrestricted cash balance to below RMB 4 billion;
or (d) changes in laws and regulations that negatively impact the
currently favorable conditions for developing underground air-raid
shelters for commercial use.
The key credit metrics that Moody's would consider for a rating
downgrade include Adjusted Debt/Cap above 40% - 45% and
EBITDA/Interest below 5.0x.
Renhe's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) the business risk and competitive position of the company
versus others within its industry, ii) the capital structure and
financial risk of the company, iii) the projected performance of
the company over the near to intermediate term, and iv)
management's track record and tolerance for risk.
These attributes were compared against other issuers both within
and outside of Renhe's core industry and Renhe's ratings are
believed to be comparable to those of other issuers of similar
credit risk.
Renhe Commercial Holdings Co Ltd specializes in the commercial
operation and development of underground shopping centers which
can also function as civilian air-raid shelters in times of
conflict. The projects are built below city commercial centers
and transportation hubs, and free of land-use premium fees. As of
April 2010, the company operates four underground shopping centers
in Harbin, Heilongjiang Province, three of which are
interconnected, one in Guangzhou, Guangdong Province, and one in
Shenyang, Liaoning Province, with an aggregate GFA of
approximately 238,618 sq.m., and are providing management services
for one underground shopping center in Zhengzhou, Henan Province,
with an aggregate GFA of 94,180 sq.m. In addition, the company has
27 projects in 20 cities in the PRC with an aggregated approved
GFA of approximately 3,635,660 sq.m. which are either under
construction or held for future development.
================
H O N G K O N G
================
TOPFINE MACHINERY: Chiong and Sutton Step Down as Liquidators
-------------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of Topfine Machinery Company Limited on June 10, 2009.
UNDERLINE: FITCH: Wan and Lin Step Down as Liquidators
-------------------------------------------------------
Paul Wan Yiu Chung and Wendy Lin Lai Har stepped down as
liquidators of Underline: Fitch Hong Kong Limited on April 19,
2010.
VCK VANAIR: Leigh Man Sung Camballaw Steps Down as Liquidator
-------------------------------------------------------------
Leigh Man Sung Camballaw stepped down as liquidator of VCK Vanair
Logistics International Limited on April 16, 2010.
WALTECH PACIFIC: Chiong and Sutton Step Down as Liquidators
-----------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of Waltech Pacific (Engineering) Limited on March 22,
2010.
WATTON INDUSTRIAL: Court to Hear Wind-Up Petition on May 19
-----------------------------------------------------------
A petition to wind up the operations of Watton Industrial Co.,
Limited will be heard before the High Court of Hong Kong on
May 19, 2010, at 9:30 a.m.
Sincere International Company Limited, filed the petition against
the company on March 17, 2010.
The Petitioner's solicitors are:
Deacons
5th Floor, Alexandra House
18 Chater Road
Central, Hong Kong
WIN FLASH: Members' and Creditors Final Meeting Set for May 25
--------------------------------------------------------------
Members and creditors of Win Flash Industries Limited will hold
their final meetings on May 25, 2010, at 3:45 p.m., and 4:00 p.m.,
respectively at the Unit A, 14/F., JCG Building, 16 Mongkok Road,
Mongkok, Kowloon, in Hong Kong.
At the meeting, Ng Kwok Wai and Lui Chi Kit, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
WIT TECH: Court to Hear Wind-Up Petition on June 9
--------------------------------------------------
A petition to wind up the operations of Wit Tech Engineering &
Equipment Company Limited will be heard before the High Court of
Hong Kong on June 9, 2010, at 9:30 a.m.
Hang Seng Bank Limited filed the petition against the company on
April 9, 2010.
The Petitioner's solicitors are:
Wilkinson & Grist
6th Floor, Prince's Building
Chater Road, Central
Hong Kong
WONDERFUL (HK): Creditors' Proofs of Debt Due May 20
----------------------------------------------------
Creditors of Wonderful (HK) Industrial Company Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by May 20, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on April 16, 2010.
The company's liquidator is:
Wong Pong Kwok Ivan
Unit 1110, Lippo Sun Plaza
28 Canton Road
Tsimshatsui, Kowloon
Hong Kong
XINIX ASIA: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on April 8, 2010,
creditors of Xinix Asia Limited resolved to voluntarily wind up
the company's operations.
The company's liquidators are:
Michel Henricus Bots
Ng, Kit Ying Zelinda
31/F., The Centre
99 Queen's Road
Central, Hong Kong
YIN HUA: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on April 19, 2010,
creditors of Yin Hua Holdings International Company Limited
resolved to voluntarily wind up the company's operations.
The company's liquidator is:
Kam Yiu Shing
Room 1904, 19/F
Rightful Centre
11-12 Tak Hing Street
Kowloon, Hong Kong
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I N D I A
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AIR INDIA: May Incur INR5,400cr Net Loss in 2009, Patel Says
------------------------------------------------------------
National carrier Air India owes more than INR1,200 crore to three
public sector oil companies and is expected to incur a loss of
INR5,400 crore in the last fiscal year, The Times of India
reports, citing India's civil aviation minister Praful Patel.
The report relates Mr. Patel, in a written reply to the Upper
House, said the amount due to the three PSU oil companies as of
April 20 totaled INR1,203.7 crore. The airline is expected to
incur a loss of INR5,400 crore approximately during 2009-10, he
added.
According to the report, Mr. Patel said the carrier has offices in
13 cities abroad but it does not operates its own flights to these
destinations. These cities are Los Angeles, Amsterdam, Milan,
Vienna, Copenhagen, Moscow, Zurich, Cairo, Brussels, Tehran,
Nairobi, Sydney and Chittagong.
Mr. Patel, as cited by the report, also said that 77% of Air
India's expenditure accounts for aviation turbine fuel, staff
costs, interest on working capital borrowings and aircraft loan,
hire of aircraft, maintenance of aircraft and landing, handling
and navigational charges.
As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses. NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.
The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown. The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.
In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings. The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.
The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
ALL INDIA: CRISIL Rates INR90 Million Term Loan at 'BB'
-------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the term loan
facility of All India Arya Samajis Society for Advance Education &
Research, Alwar.
Facilities Ratings
---------- -------
INR90.0 Million Term Loan BB/Stable (Assigned)
The rating reflects AIAS's exposure to risks related to intense
competition and limited track record in the operating management
courses segment, and to regulatory restrictions. These rating
weaknesses are partially offset by AIAS's improving financial risk
profile, driven by improving cash accruals with increase in
student strength.
Outlook: Stable
CRISIL believes that AIAS will continue to benefit over the medium
term from its improving financial risk profile. The outlook may
be revised to 'Positive' if AIAS scales up its operations, while
maintaining healthy profitability. Conversely, the outlook may be
revised to 'Negative' if there is a significant drop in the number
of students taking admission, the society contracts large debt to
fund its capital expenditure, or in case the All India Council for
Technical Education withdraws its approval for various courses of
the society.
All India Arya Samajis Society for Advance Education & Research,
Alwar, was established in 1999 by Mr. Dharam Pal Choudhary for
setting up educational institutions. However, it commenced
operations only in 2007-08 (refers to financial year, April 1 to
March 31). It currently manages the Modern Institute of
Technology and Research at Alwar (Rajasthan), with around 900
students on rolls. AIAS is affiliated with Rajasthan Technical
University (RTU) and its courses (Master of Business
Administration and four engineering courses) are approved by the
AICTE.
AIAS reported a deficit of INR5.2 million on net receipt of
INR21.1 million for 2008-09, against a deficit of INR6.0 million
on net sales of INR9.0 million for 2007-08.
BLUE DIAMOND: CRISIL Assigns 'P4' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of Blue
Diamond Leders, part of the Blue Diamond Leders group.
Facilities Ratings
---------- -------
INR33.00 Million Packing Credit P4 (Assigned)
INR50.00 Million Bill Purchase- P4 (Assigned)
Discounting Facility
INR15.00 Million Letter of Credit P4 (Assigned)
INR2.00 Million Bank Guarantee P4 (Assigned)
The rating reflects BDLG's weak financial risk profile, large
working capital requirements, and exposure to intense competition.
The rating also factors in the group's susceptibility to
volatility in foreign exchange rates and in raw material prices.
These weaknesses are partially offset by BDLG's promoter's
experience in the leather industry.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of BDL, Saktthi Footwear, and Prime Shoes.
This is because the three entities are under common promoters,
have intra-group operational linkages, and are in the same line of
business.
About the Group
BDL was promoted by Mr. Kumaresa Pandian in 1995; the company
manufactures finished leather used for making shoe uppers and
shoes; it has capacity to manufacture up to 12 million square feet
of leather per annum. The manufacturing unit is located in
Chennai. BDL acquired 91% of SF in 2007-08 (refers to financial
year, April 1 to March 31). SF manufactures shoes and shoe
uppers, mainly for export to the European market. Its
manufacturing units are in Chennai, with capacity of 2500 pairs of
shoes and 1000 pairs of shoe uppers per day.
BDLG reported a profit after tax (PAT) of INR12.69 million on net
sales of INR981.14 million for 2008-09, against a PAT of INR9.17
million on net sales of INR647.75 million for 2007-08.
About Prime Shoes
PS manufactures shoe uppers which is 100% exported to countries
like Portugal and Spain. It procures finished leather from BDL and
has a capacity of 3 lacs pairs of shoes uppers per annum with its
units located in Chennai.
CHAHAL SPINTEX: CRISIL Places 'BB-' Rating on INR202MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Negative/P4' ratings to the bank
facilities of Chahal Spintex Ltd.
Facilities Ratings
---------- -------
INR33.5 Million Cash Credit BB-/Negative (Assigned)
INR202.0 Million Term Loan BB-/Negative (Assigned)
INR6.5 Million Proposed Long- BB-/Negative (Assigned)
Term Bank Loan Facility
INR3.0 Million Bank Guarantee P4 (Assigned)
The ratings reflect CSL's limited track record and small scale of
operations; its weak financial risk profile -- marked by a small
net worth, high gearing, and weak debt protection metrics -- which
is expected to deteriorate further because of the company's
expected debt-funded capital expenditure (capex) and incremental
working capital borrowings; and its susceptibility to volatility
in cotton prices. These rating weaknesses are partially offset by
the benefits that CSL derives from its promoters' experience in
the cotton industry.
Outlook: Negative
CRISIL believes that CSL's liquidity will weaken over the medium
term because of the company's large term loan obligations and
future debt-funded capex plans, accentuated by the fact that the
company is in its start-up phase. The ratings may be downgraded
in case of more-than-expected pressure on CSL's liquidity, most
likely because of delay in ramping up cash accruals or significant
time and cost overruns in completing the ongoing project.
Conversely, the outlook may be revised to 'Stable' if CSL's
liquidity problem is alleviated, most likely because of more-than-
expected cash accruals.
About Chahal Spintex
Incorporated in 2007 and promoted by Mr. Sukhdev Singh and family,
CSL commenced operations in December 2008. It manufactures cotton
yarn of counts between 20 and 30 at its unit at Bhatinda (Punjab),
which has an installed capacity of 13,200 spindles. The company
sells to traders and merchant exporters. CSL's promoters also run
a cotton ginning and oil unit under the group concern, Chahal
Cotton Factory.
CSL reported a net loss of INR2.8 million on net sales of
INR32.7 million for 2008-09 (refers to financial year, April 1 to
March 31).
JAIN UDHAY: Delays in Loan Repayment Cue CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Jain Udhay Hosiery Pvt Ltd (part of the Jain Udhay group).
Facilities Ratings
---------- -------
INR240.00 Million Cash Credit Limit D (Assigned)
INR60.60 Million Working Capital D (Assigned)
Demand Loan
INR28.20 Million Corporate Loan D (Assigned)
INR100.00 Million Letter of Credit P5 (Assigned)
INR2.00 Million Bank Guarantee P5 (Assigned)
The ratings reflect JUH's repeated delays in term loan repayment
by 10 to 15 days because of weak liquidity. These delays are
usually regularised by the middle of the subsequent month, and
therefore there are generally no delays at the month end.
The ratings also reflect the Jain Udhay group's high gearing, weak
debt protection measures, and small scale of operations. These
rating weaknesses are partially offset by the group's strong track
record in the knitted fabric and readymade garments (RMG)
manufacturing business and comfortable current ratio.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of JUH, its group company, Jain Udhay
Fabric Ltd, and JUF's subsidiaries, Jain Udhay International Pvt
Ltd and Jain Udhay Apparels Pvt Ltd. This is because the four
entities, together referred to as the Jain Udhay group, are in the
same line of business, under the same promoters, and have common
product lines, marketing network, and customers. These entities
have considerable operational, financial, and business linkages
with each other; JUH supplies fabric to JUF, JUI, and JUA for
manufacturing garments. Also, JUF has extended a corporate
guarantee for the bank lines of JUI.
About the Group
The Jain Udhay group was established by Mr. Tarsem Kumar Jain and
Mr. Ashok Kumar Jain in the 1960s. The group manufactures knitted
fabric from blended yarn, and ready made garments and trades in
knitted fabric; each segment contributes almost equally to the
group's topline. The group mainly caters to the domestic market;
it sells RMGs under its Blue Mount, Jus, and Coffler brands.
JUH shifted its production facility to Doraha from Sunder Nagar
(both in Ludhiana, Punjab) in the third quarter of 2009-10 (refers
to financial year, April 1 to March 31). After shifting to the new
facility, its production capacity increased to 12 tonnes per day;
however, the plant got severely damaged because of a major fire
recently.
JUH reported a profit after tax (PAT) of INR9.3 million on net
sales of INR497 million for 2008-09, against a PAT of INR4 million
on net sales of INR274 million for 2007-08.
The Jain Udhay group reported a PAT of INR24 million on net sales
of INR921 million for 2008-09, against a PAT of INR9 million on
net sales of INR502 million for 2007-08.
JAYESH INDUSTRIES: CRISIL Reaffirms Rating on Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the proposed short-term
bank facility of Jayesh Industries Ltd, while reaffirming its
ratings on the company's other bank facilities at 'BB/Stable/P4+'.
Facilities Ratings
---------- -------
INR75.0 Million Cash Credit Limit* BB/Stable (Reaffirmed)
INR11.8 Million Term Loan BB/Stable
(Enhanced from INR2.4 Million)
INR15.6 Million Proposed Short- P4+ (Assigned)
Term Bank Loan Facility
INR45.0 Million Letter of Credit** P4+ (Reaffirmed)
(Reduced from INR60 Million)
INR2.0 Million Bank Guarantee P4+ (Reaffirmed)
*Includes sub-limit of INR25 million for Export Packing Credit
** Fully interchangeable with buyer's credit
The ratings continue to reflect Jayesh Industries' average
financial risk profile, marked by a small net worth and high
gearing, and its small scale of operations and limited pricing
power. These weaknesses are partially offset by the benefits that
Jayesh Industries derives from its promoters' established track
record in the ferro-alloys industry and its established customer
base.
Outlook: Stable
CRISIL believes that Jayesh Industries will maintain its stable
business risk profile over the medium term, backed by its focus on
increasing exports and its established relationships with clients.
However, the company's financial risk profile may remain leveraged
over the medium term because of incremental working capital
requirements. The outlook may be revised to 'Positive' if Jayesh
Industries enhances its scale of operations significantly, and
reports substantial improvement in profitability. Conversely, the
outlook may be revised to 'Negative' if the company faces
significant pressure on profitability or offtake, or undertakes a
large, debt-funded capital expenditure program, leading to
deterioration in its gearing and debt protection metrics.
About Jayesh Industries
Jayesh Industries is into manufacturing of various types of ferro-
alloy powders and lumps for the electrodes industry and steel
plants, respectively. The company's products are used in various
segments such as welding electrodes, steel plants, foundries, and
engineering. It has an installed capacity of about 2000 tonnes
per annum (tpa) of powder and 360 tpa of lumps.
Jayesh Industries was earlier known as Amson Polymer Pvt Ltd, a
company which was taken over by the current management in 1995,
when the name was changed to Jayesh Industries Pvt Ltd. In 2000,
it was reconstituted as a public limited company with the present
name. Jayesh Industries' promoters have been trading in fluorspar
and ferro-alloys since 1967, and have established relationships
with customers.
For 2008-09, (refers to financial year, April 1 to March 31),
Jayesh Industries reported a profit after tax (PAT) of INR8.8
million on net sales of INR432.6 million, against a PAT of
INR21.3 million on net sales of INR354 million for 2007-08.
JET GRANITO: CRISIL Assigns 'BB' Rating on INR220 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Jet Granito Pvt
Ltd's bank facilities.
Facilities Ratings
---------- -------
INR80.0 Million Cash Credit Limit BB/Stable (Assigned)
INR220.0 Million Term Loan BB/Stable (Assigned)
INR10.0 Million Letter of Credit P4+ (Assigned)
The ratings reflect JGPL's exposure to risks related to customer
concentration in revenue profile, small scale of operations, and
intense competition in the vitrified tiles industry, and the
company's average financial risk profile, marked by high gearing,
average debt protection measures, and low net worth. These rating
weaknesses are partially offset by the benefits that JGPL derives
from its promoters' experience in the tiles industry.
Outlook: Stable
CRISIL believes that JGPL will benefit from its promoters'
industry experience over the medium term. The outlook may be
revised to 'Positive' if JGPL increases its scale of operations,
backed by timely completion of its expansion project, while
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if there is a significant decline in the
company's profitability, adversely affecting its financial risk
profile, or if slowdown in the real estate industry impacts demand
for the company's product.
About Jet Granito
Incorporated in 2006 by the Amarshibhai, Jerambhai, Chunilal, and
Ramnikbhai groups, JGPL manufactures vitrified tiles. The company
commenced commercial operations in 2007 and has capacity to
manufacture 36,000 tonnes per annum (around 6000 square meters per
day) of vitrified tiles at its plant in Rajkot (Gujarat).
The company has undertaken a capital expenditure (capex) programme
of INR180 million to increase its capacity by 7200 square meters
per day during the current year. The capex is being funded in a
debt-to-equity ratio of 1.1:1.
JGPL reported a profit after tax (PAT) of INR6.6 million on net
sales of INR386.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.6 million on net sales
of INR175.6 million for 2007-08.
SAKTTHI FOOTWEAR: CRISIL Assigns 'B+' Rating on INR20 Mil. LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' rating to the bank
facilities of Saktthi Footwear (part of the Blue Diamond Leders
group.
Facilities Ratings
---------- -------
INR20.00 Million Long-Term Loan B+/Stable (Assigned)
INR20.00 Million Packing Credit P4 (Assigned)
INR55.00 Million Bill Purchase- P4 (Assigned)
Discounting Facility
INR25.00 Million Standby Line P4 (Assigned)
of Credit
INR60.00 Million Letter of Credit P4 (Assigned)
The rating reflects BDLG's weak financial risk profile, large
working capital requirements, and exposure to intense competition.
The rating also factors in the group's susceptibility to
volatility in foreign exchange rates and in raw material prices.
These weaknesses are partially offset by BDLG's promoter's
experience in the leather industry.
CRISIL has combined the business and financial risk profiles of
Blue Diamond Leders (BDL), SF, and Prime Shoes. This is because
the three entities are under common promoters, have intra-group
operational linkages, and are in the same line of business.
Outlook: Stable
CRISIL believes that BDLG will continue to benefit from the
industry experience of its promoters over the medium term. The
outlook may be revised to 'Positive' if BDLG scales up operations,
diversifies revenue base, and improves its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if BDLG
undertakes large debt-funded capital expenditure programs, if its
revenues and accruals decline, or if its relationships with its
major customers deteriorate.
About the Group
BDL was promoted by Mr. Kumaresa Pandian in 1995; the company
manufactures finished leather used for making shoe uppers and
shoes; it has capacity to manufacture up to 12 million square feet
of leather per annum. The facility is located in Chennai. BDL
acquired 91% stake in SF in 2007-08 (refers to financial year,
April 1 to March 31). SF manufactures shoes and shoe uppers,
mainly for export to the European market. Its manufacturing units
are in Chennai, with capacity of 2500 pairs of shoes and 1000
pairs of shoe uppers per day.
BDLG reported a profit after tax (PAT) of INR12.69 million on net
sales of INR981.14 million for 2008-09, against a PAT of INR9.17
million on net sales of INR647.75 million for 2007-08.
About Prime Shoes
PS manufactures shoe uppers which is 100% exported to countries
like Portugal and Spain. It procures finished leather from BDL
and has a capacity of 3 lacs pairs of shoes uppers per annum with
its units located in Chennai.
VARKS ENGINEERS: CRISIL Rates INR140 Million Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Varks Engineers
Private Ltd's bank facilities.
Facilities Ratings
---------- -------
INR140 Million Cash Credit BB/Stable (Assigned)
INR100 Million Bank Guarantee P4+ (Assigned)
The ratings reflect the limited diversity in VEPL's revenue
profile, its working-capital-intensive operations, and exposure to
intense competition in the civil construction segment. These
rating weaknesses are partially offset by VEPL's sound track
record in the segment aided by the extensive experience of the
promoters, strong order book, and moderate financial risk profile.
Outlook: Stable
CRISIL believes that VEPL will maintain a stable business risk
profile over the medium term, backed by a strong order book. The
outlook may be revised to 'Positive' if the diversification of
revenues across segments, and improved revenue visibility help
strengthen VEPL's business risk profile. Conversely, the outlook
may be revised to 'Negative' if delays in recovery of receivables
impact VEPL's financial risk profile, or if large debt-funded
capital expenditure weakens its capital structure.
Set up in 1996 as a partnership firm, VEPL (formerly Varks
Engineers) was reconstituted as a private limited company in 2005.
VEPL is a closely held company managed by Mr. Nimma Sudarshan
Reddy, its promoter-director. It undertakes civil engineering and
construction projects, and specializes in underground and
tunneling work, hydropower and lift-irrigation projects, and
construction of special-purpose structures.
VEPL reported a profit after tax (PAT) of INR43.90 million on net
sales of INR871.90 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR40.20 million on net
sales of INR748.90 million for 2007-08.
VISTEON AUTOMOTIVE (INDIA): CRISIL Cuts Rating on LT Loan to 'BB-'
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Visteon Automotive (India) Pvt Ltd (VAPL; formerly, Tata
Visteon Automotive Pvt Ltd to 'BB-/Stable' from 'BB+/Stable'; the
rating on VAPL's short-term bank facilities has been reaffirmed at
'P4+'.
Facilities Ratings
---------- -------
INR425 Million Long-Term Loan BB-/Stable (Downgraded from
'BB+/Stable')
INR40 Million Cash Credit Limit BB-/Stable (Downgraded from
'BB+/Stable')
INR20 Million Letter of Credit P4+ (Reaffirmed)
INR120 Million Bank Guarantee P4+ (Reaffirmed)
The downgrade reflects the continued weak operating performance of
VAPL, resulting in deterioration in the company's already sub-par
financial risk profile. For 2009-10 (refers to financial year,
April 1 to March 31), VAPL is expected to report continued
operating losses and CRISIL believes that the company will take
more time than earlier expected to attain break-even, and
therefore, may require additional capital infusion to make up for
its operational losses.
These rating weaknesses are partially offset by the expected
financial support from VAPL's parent, Visteon Technical and
Services Centre Pvt Ltd, an Indian subsidiary of the US-based
Visteon Corp, continued off-take of VAPL's products by Tata Motors
Ltd (rated 'A+/Stable/P1+' by CRISIL), and technological support
from Visteon.
In February 2010, Tata AutoComp Systems Ltd (TACO, rated 'AA-
/Negative/P1+' by CRISIL), sold its 49 per cent stake in TVAPL to
VTSC, following which the name of the company was changed to the
present one. TACO now holds a 1% stake in VAPL. Despite
Visteon's US entities remaining under bankruptcy, CRISIL believes
VAPL will continue to receive timely support from VTSC, which is
not bound by the US bankruptcy ruling.
Outlook: Stable
CRISIL expects VAPL's credit risk profile to remain under stress
over the near to medium term, as the company is expected to take
longer than earlier anticipated to break even, despite improvement
in the demand outlook for the passenger car segment. However,
CRISIL believes that VAPL will receive support from its parent,
VTSC, to tide over financial exigencies. A better-than-expected
operating performance could result in the outlook being revised to
'Positive'. Conversely, lack of timely support from the parent or
a weaker-than-expected operating performance, including due to
reduction in business levels, resulting in further deterioration
of the company's credit risk profile, could result in the outlook
being revised to 'Negative'.
About Visteon Automotive (India)
VAPL was incorporated in 2005 as an equal joint venture, TVAPL,
between the US-based Visteon Holdings International Inc (a
subsidiary of Visteon) and TACO. VAPL manufactures automotive
lighting and engine induction systems at its plant at Pune
(Maharashtra).
For 2008-09 (refers to financial year, April 1 to March 31), VAPL
reported a net loss of INR200.2 million on net revenues of
INR200.6 million, compared with a net loss of INR148.6 million on
net revenues of INR90.2 million for 2007-08. For the nine months
ended December 31, 2009, the company reported a net loss of
INR53.7 million on net sales of INR437.5 million, against a net
loss of INR169.7 million on net sales of INR137.9 million for the
corresponding period of the previous year.
=================
I N D O N E S I A
=================
BANK DANAMON: Names Henry Ho as New CEO
---------------------------------------
PT Bank Danamon on Thursday appointed Henry Ho as the company's
new president director after shareholder approval, Reuters
reports.
Outgoing CEO Sebastian Paredes announced his resignation in
January after leading the bank since 2005, Reuters notes.
Mr. Ho is the former president director of PT Bank Internasional
Indonesia.
Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking. Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services. The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers. DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income. As of December 31, 2009,
the Bank had 82 domestic branches, 1,405 domestic supporting
branches and DSP branches, 11 Sharia branches and one overseas
branch.
* * *
PT Bank Danamon Indonesia continues to carry Fitch Ratings' BB
Long-term foreign currency Issuer Default Rating, 'B' Short-term
foreign currency IDR and 'C/D' Individual Rating.
Bank Danamon also carries Moody's 'Ba3' Long Term Rating, 'Ba3'
Foreign LT Bank Deposits and 'D' BFSR.
=========
J A P A N
=========
EAST STREET: Moody's Corrects Ratings on Class D 2002-1 Notes
-------------------------------------------------------------
Correction to a rating action on East Street Referenced Linked
Notes, 2002-1 Limited Series 1 Class D.
The text was "Downgraded to B2 and Placed Under Review for
Possible Downgrade", but should read "B2 Placed Under Review for
Possible Downgrade".
Revised press release is:
Moody's Investors Service has announced these rating actions:
Issuer: East Street Referenced Linked Notes, 2002-1 Limited
(1) Series 1 JPY10,000M Class A Notes, Aa1 Placed Under Review for
Possible Downgrade; previously on August 5, 2009 Confirmed at
Aa1
(2) Series 1 JPY6,000M Class B Notes, A2 Placed Under Review for
Possible Downgrade; previously on August 5, 2009 Confirmed at
A2
(3) Series 1 JPY5,000M Class C Notes, Ba1 Placed Under Review for
Possible Downgrade; previously on August 5, 2009 Confirmed at
Ba1
(4) Series 1 JPY1,500M Class D Notes, B2 Placed Under Review for
Possible Downgrade; previously on August 5, 2009 Downgraded to
B2
(5) Series 1 JPY500M Class E Notes, Caa2 Placed Under Review for
Possible Downgrade; previously on August 5, 2009 Downgraded to
Caa2
Issuer: East Street Referenced Linked Notes, 2002-1 Limited
(1) Series 2 JPY9,000M Class X1 Notes, Downgraded to Aa2 and
Placed Under Review for Possible Downgrade; previously on
August 5, 2009 Downgraded to Aa1
(2) Series 2 JPY4,875M Class A Notes, Downgraded to A3 and Placed
Under Review for Possible Downgrade; previously on August 5,
2009 Confirmed at Aa3
(3) Series 2 JP Y4,500M B Bond, Caa1 Placed Under Review for
Possible Downgrade; previously on August 5, 2009 Confirmed at
Caa1
Issuer: East Street Referenced Linked Notes, 2004-1 Limited
(1) JPY18,750M Class X1 Notes, Downgraded to Aa1; previously on
August 5, 2009 Confirmed at Aaa
(2) JPY7,500M Class A Notes, Downgraded to Baa1 and Placed Under
Review for Possible Downgrade; previously on August 5, 2009
Downgraded to Aa3
(3) JPY3,750M Class B Notes, Downgraded to Ba3 and Placed Under
Review for Possible Downgrade; previously on August 5, 2009
Confirmed at Baa1
(4) JPY3,000M Class C Notes, Downgraded to Caa2; previously on
August 5, 2009 Confirmed at Ba2
(5) JP Y1,500M Class D Notes, Downgraded to Caa3; previously on
August 5, 2009 Confirmed at B2
(6) JPY1,500M Class E Notes, Downgraded to Caa3; previously on
August 5, 2009 Confirmed at Caa1
These rating actions reflect mainly downgrades and rating reviews
of several Japanese ABS and CMBS assets.
These transactions are structured finance CDOs referencing ABS,
RMBS, CMBS, and CDO assets, more than 70% of which are Japanese
assets.
As announced in "Japan CMBS: Surveillance Review 2H2009" (March
2010), additional rating actions on Japanese CMBS assets have been
taken due to concerns about the effect of stressed collections on
collateral recovery for loans and the need to reconsider property
values.
In deriving its ratings for structured finance assets, Moody's
uses the collateral instrument's current rating-based expected
loss, Moody's recovery rate table, and the original rating of the
instrument along with its average life to infer an unadjusted
default probability. In addition to the quantitative factors that
are explicitly modeled, qualitative factors are part of rating
committee considerations. These qualitative factors include the
structural protections in each transaction, the recent deal
performance in the current market environment, the legal
environment, and specific documentation features. All information
available to rating committees, including macroeconomic forecasts,
input from other Moody's analytical groups, market factors, and
judgments regarding the nature and severity of credit stress on
the transactions, may influence the final rating decision.
HUIS TEN: Resume Operations at Start of Golden Week Holidays
------------------------------------------------------------
Huis Ten Bosch, the struggling theme park in Sasebo, Nagasaki
Prefecture, reopened Wednesday at the start of Japan's Golden Week
holidays, Kyodo News reports.
The news agency relates that some 250 staff welcomed visitors in
front of the main gate, with Hideo Sawada, president of the
operator, saying, "I hope we will be loved by local people."
Mr. Sawada, also chairman of travel agency H.I.S. Co., which is
leading the theme park's rehabilitation effort, said he is
counting on 100,000 visitors during Golden Week through early May.
The park drew only 70,000 people during the Golden Week holiday
last year.
As reported in the Troubled Company Reporter-Asia Pacific on
February 16, 2010, H.I.S. Co. said it will provide financial
assistance to Huis Ten Bosch to help its turnaround efforts.
H.I.S. made the decision to help in the rehabilitation of the
theme park after judging that it will help promote tourism in the
region. H.I.S. said it will also be beneficial for its travel
operations particularly for visitors from Asian countries such as
China and South Korea.
Huis Ten Bosch's rehabilitation administrator submitted in
February submitted a revised turnaround plan to the Tokyo District
Court.
Headquartered in Nagasaki, Japan, Huis Ten Bosch is a popular
theme park, which imitates Holland villages allowing travelers to
experience the culture and atmosphere of Europe. It is located in
Kyushu.
The Troubled Company Reporter-Asia Pacific reported on July 5,
2004, that the Tokyo District Court approved Huis Ten Bosch Co.'s
rehabilitation plan under the support of Nomura Principal Finance
Co., an investment firm controlled by Nomura Holdings Inc. Huis
Ten Bosch inked a rehabilitation sponsorship contract with Nomura
Principal in December 2003.
JAPAN AIRLINES: To Cut 45 More Routes This Year
-----------------------------------------------
Japan Airlines Corp. said Wednesday that revisions will be made to
a part of the route, flight frequency and fleet plan for the first
half of fiscal year 2010, and decided on plans for the second half
of the year ending March 31, 2011.
JAL said it has restructured its overall network with the clear
objective of returning to profitability as swiftly as possible by
creating a solid business model that can withstand the
fluctuations in economic conditions and by generating profits
without overly relying on future traffic demand. This plan
includes the retirement of the Boeing 747-400 and Airbus 300-600
aircraft by the end of this fiscal year, bold withdrawal from
several overseas regions, and the drastic contraction in the size
of operations. It is formulated to achieve within one year,
substantial reductions in the airline's fixed costs, a target
which was initially planned to be accomplished over a period of 3
years.
The airline has decided to discontinue services on 15
international routes with 86 weekly roundtrip flights, as well as
on 30 domestic routes with a maximum of 58 daily roundtrip
flights. Totaling the changes made since fiscal year 2009, JAL
will end operations on 28 international routes with the closure of
11 overseas bases while domestically, 50 routes will be terminated
along with 8 offices. The international and domestic passenger
capacity (measured in available seat kilometer) will as a result
be reduced by 40% and 30% respectively compared to levels in
fiscal year 2008.
The extent to which the route and flight frequency plan has been
streamlined is vital to achieving a swift revival of the JAL
Group. JAL seeks the understanding of its customers who will be
inconvenienced by the changes announced.
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)
JAPAN AIRLINES: Chairman Inamori Determined to Revitalize JAL
-------------------------------------------------------------
Amid heavy pressures from lenders and creditors regarding the
company's struggles to emerge from bankruptcy, Japan Airline's
chairman Kazou Inamori has made a stand: He won't cut more jobs
or routes, Bloomberg News reported.
During his first meeting with the press since his appointment as
JAL chairman, Mr. Inamori expressed his defiance to clamors from
government and JAL's prospective lenders and creditors to
drastically cut costs by severing its workforce and canceling JAL
routes.
"JAL was originally established as a national carrier and
eventually it was listed in the stock market," Mr. Inamori told
Bloomberg. "All the while that was happening, the top management
was former government officials. They were running the company as
if they were running a government agency."
Mr. Inamori is an ordained Buddhist monk, entrepreneur and a
management specialist. He founded Kyocera, a leading manufacturer
of electrical parts in Japan, and a Japanese telecommunications
company known today as KDDI.
At 78, Mr. Inamori is retired, but he took the great restructuring
task to support Japan's Prime Minister Yukio Hatoyama offer of the
job. Mr. Inamori has declined salary for this feat, Bloomberg
said.
"JAL is a company that represents one industry of Japan. Are we
going to let the company fail or are we going to restore its
viability? That was an important question at a time when the
Japanese economy was stagnant," said Mr. Inamori. "For the
country as a whole, I felt it was vitally important that JAL be
revived. I felt it was necessary for the Japanese economy and for
society."
JAL's creditor banks, which include Mizuho Corporate Bank, Bank of
Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp., are
forgiving the airline of more than $8 billion in debts, on a
compromise that the airline will have to undertake harsh cost-
cutting measures including the severance of more than 16,000 jobs
and cancellation of about 16 international routes.
Mr. Inamori and JAL's management are now embattled in the
negotiating table with the carrier's main lenders and the
government, to determine how JAL will be financially reshaped,
Bloomberg said.
"It is true that I am faced with a difficult decision, and I am
struggling with it as I speak. Syndicated banks and government
tell me we need to do more by drastically reducing more flight
routes and jobs," Bloomberg quoted Mr. Inamori as saying. "I am
trying to keep the reduction level as planned."
As a Buddhist monk, Mr. Inamore's core philosophy is "to do the
'right thing' as a human being, in both life and business,"
Bloomberg related. "JAL was not the kind of company to look at
its [profit and loss statement]. I am in the middle of a huge
transformation at JAL," Mr. Inamori said. "I am looking at
numbers on a weekly and monthly basis. In this organization I will
hold each head of the division accountable."
"It improves the quality of my heart and mind and enriches myself
as a human being," Mr. Inamori told said. "This enhanced spirit
is useful when it comes to revitalizing JAL."
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)
JAPAN AIRLINES: Extends Codeshare With Jetstar, British Airways
---------------------------------------------------------------
Japan Airlines (JAL) expanded its codeshare agreement with Jetstar
Airways (JQ) from April 1, 2010, when JAL will place its 'JL'
indicator on JQ- operated flights between Osaka (Kansai) and
Cairns -- a service with four weekly flights commencing the same
day. JAL and Jetstar have been bilateral partners since May 2007
and currently codeshare on flights operated by the latter between
Tokyo (Narita) and Cairns.
In addition, Japan Airlines and British Airways (BA), both members
of leading quality airline alliance oneworld(R), have reached an
agreement to expand their codeshare partnership. Beginning
March 28, 2010, JAL will codeshare with BA on nine new routes and
from April 28, 2010, 4 new routes, all in the European region.
Including current codeshare flights within the United Kingdom and
within Europe, the total number of codeshare flights between the
two airlines will be 23, broadening JAL's Europe network to cover
36 cities with 54 routes.
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)
JAPAN AIRLINES: Aid Must Not Distort Competition, Says IATA
-----------------------------------------------------------
The International Air Transport Association is raising concern
whether the state-backed Japan Airlines' JPY900 billion
($9.7 billion) plan will not allow government support to alter
the airline competitive atmosphere, Bloomberg reported.
Schinichiro Ito, president of All Nippon Airways, is also raising
the same question, as JAL receives government aid to ensure its
survival as it goes through bankruptcy restructuring. ANA is one
of the two largest Airlines in Japan next to JAL, ATWonline.com
reported on April 16.
Quoting a report from the Nikkei Daily newspaper, ATWonline said
Mr. Ito raised his query in an appearance before a government
committee stating that JAL's restructuring process is
"haphazardly."
According to ATWonline, JAL CEO Kazuo Inamori is concerned at the
inefficient method the company is being run and asserted that more
severe means of cost slashing are expected.
With respect to the airfare cuts that JAL implemented since it
entered bankruptcy, Mr. Ito commented that the airfare reductions
only add harm to JAL's struggling financial condition more than it
creates market imbalance, ATWonline said.
Costs Should be Addressed
Following a meeting with Seiji Maehara, Japan's Minister for Land,
Infrastructure, Transport and Tourism, the IATA issued this
statement:
"IATA fully supports Minister Maehara's vision to increase
the competitiveness of Japan's air transport sector with more
efficient infrastructure. To turn the vision into reality, urgent
action is needed to address cost issues. Today marks the start of
a new dialogue with the Japanese government which will play a
critical role in rebuilding Japan's aviation competitiveness,"
said Giovanni Bisignani, IATA's Director General and CEO.
Mr. Bisignani urged the government to re-think the JPY 2,400
per tonne charge for international operations at Haneda Airport.
"Charges must follow ICAO principles. That means transparent
charges, no cross subsidization and consultation with users.
International and domestic operations use the same infrastructure.
There is no justification for international charges to be higher.
In fact, the increased traffic should reduce unit costs," said Mr.
Bisignani.
"Setting such a high charge for Haneda ignores the natural
impact of added capacity to reduce unit costs. And it misses a
great opportunity to drive efficiencies at both Haneda and Narita
which should compete on costs and services to serve the Tokyo
market. Moreover, these airports must be able to compete for hub
traffic at Hong Kong, Incheon, Shanghai and Beijing to serve the
growing Chinese market. But that won't happen with costs double
that of successful airports like Singapore's Changi," said Mr.
Bisignani.
IATA called for a more coherent aviation policy. "Infrastructure
must meet the demands of passengers. Airlines cannot continue to
pay for airport infrastructure that is developed for political
purposes. We need, for example, to sort out the situation in the
Kansai region. The five runways of Itami, Kansai and Kobe serve
36 million passengers a year. Singapore runs its successful hub
serving 37 million passengers on just 2 runways and with much
cheaper costs," said Bisignani.
Japan is a mature market on the doorstep of the world's fastest
growing aviation market -- China. Over the last decade the
Chinese international market has grown from 500,000 seats per week
to 1.4 million, while Japan has remained virtually unchanged with
weekly international seats growing from 1.2 million to
1.3 million. "Japan must urgently put its aviation house in order
to compete in the Asia-Pacific market. The open skies bilateral
with the US was an historic achievement. I encourage the
Government to continue to push for liberalization and join IATA's
Agenda for Freedom initiative to free up antiquated restrictions
on market access and ownership. With the country's largest
international carrier in bankruptcy, in parallel to
liberalization, the government must aggressively and urgently
address cost issues to rebuild competitiveness."
IATA is closely monitoring the restructuring of Japan Airlines.
"IATA continues to work closely with Japan Airlines in the
restructuring process. Financial guarantees provided by Japan
Airlines have allowed for business as usual through IATA's global
financial systems. Tough decisions will need to be made quickly
to cut costs and close the gap with regional competitors. Japan's
expensive airport infrastructure costs impede improved
competitiveness and must also be addressed as part of building a
successful future for the company," said Mr. Bisignani.
Mr. Bisignani also praised Japan's industry -- airports and
airlines -- for working together to meet the 100% Bar Coded
Boarding Pass target at the end of 2010. "Japan has always been a
leader in new technology for passenger processing. Now this
leadership must be extended to freight operations with support
from all stakeholders -- including customs -- to increase the
adoption of e-freight. Its reduced costs and faster processing
times will make a much-needed contribution to the competitiveness
of Japan's air freight sector," said Mr. Bisignani.
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)
MHTB DISCOVERY: Moody's Changes Ratings on Two Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class D
and E Trust Certificates issued by MHTB Discovery II Trust.
The final maturity of the trust certificates will take place in
July 2013.
The individual rating actions are listed below.
-- Class D, confirmed at Ba1; previously, Ba1 placed under
review for possible downgrade on April 7, 2010
-- Class E, downgraded to Ca from B3; previously, downgraded to
B3 from Ba3 and placed under review for possible downgrade on
April 7, 2010
MHTB Discovery II Trust, effected in September 2006, represents
the securitization of six non-recourse loans. The transaction is
currently secured by one non-recourse loan.
The loan's expected maturity took place in April 2009, when the
maturity date was extended to April 30, 2010, and the property
disposal process started.
The last remaining property of the loan was one residential
building in Nagoya.
Moody's had been informed, by the transaction's servicer, that the
transaction parties would dispose of the remaining property by
auction before the loan is specially serviced.
The rating actions on April 7, 2010, reflected Moody's concerns
over collateral recovery for the property through the auction
process.
Moody's was informed, by the transaction's servicer, that as a
result of the property disposal process, the property was disposed
of on April 23, 2010, and accordingly the loan will be partially
paid on April 30, 2010, by the sales proceed.
Moody's was also informed, again by the servicer, that as a result
of the loan repayment, the Class D Trust Certificates will be
fully redeemed in July 2010, but concurrently a part of the Class
E Trust Certificates will suffer from impairments of their
principal redemption. These latest rating action reflect the
prospects for these redemptions.
SHINSEI BANK: Plans Sell to JPY100 Billion Overseas Investments
---------------------------------------------------------------
Shinsei Bank Ltd., the Japanese lender backed by U.S. investor
J. Christopher Flowers, plans to sell more than JPY100 billion
($1.1 billion) of overseas investments, Bloomberg News reports,
citing two people with knowledge of the matter.
Bloomberg News' sources said the bank will sell mortgage
securities and asset-backed loans over the next one to two years.
Shinsei expects the sales will help bolster its core Tier 1
capital ratio, a measure of financial strength, to 6 percent by
March 31 next year, from 4.9 percent in September, the people told
Bloomberg News.
According to Bloomberg News, Chief Executive Officer Masamoto
Yashiro is selling assets after two straight annual losses.
About Shinsei Bank
Shinsei Bank Ltd (TYO:8303) -- http://www.shinseibank.com/-- is a
Japan-based financial institution. The Bank operates mainly in
three business segments. The Banking segment provides savings
accounts services, foreign currency products and loan services,
merger and acquisition services, investment, domestic and foreign
exchange services, corporate revival services, debt guarantee
services and securities trading services, among others. The
Securities segment is involved in activities that include
securitization and debt underwriting and sale through its domestic
consolidated subsidiaries. The Fiduciary segment provides
products that encompass monetary claim trusts, securities trusts
and fund trusts through its domestic consolidated subsidiary such
as Shinsei Trust & Banking Co., Ltd. In addition, Shinsei Bank
provides investment trust management and consultation services,
credit collection services and others. The Bank completed the
acquisition of GE Consumer Finance Co., Ltd. on September 22,
2008.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 29, 2010, Standard & Poor's Ratings Services lowered the
debt rating on the preferred securities issued by Shinsei to 'BB-'
from 'BBB-', and placed it on CreditWatch with negative
implications.
=========
K O R E A
=========
HYUNDAI MERCHANT: Wasn't Notified on Restructuring, Bloomberg Says
------------------------------------------------------------------
Bloomberg News reports that Hyundai Merchant Marine Co. said it
hasn't been notified that creditors will seek a restructuring
plan.
Hyundai Merchant said in a regulatory filing that main creditor
Korea Exchange Bank is conducting a regular review of Hyundai
Group's finances.
Bloomberg News, citing the Chosun Ilbo newspaper, earlier reported
that the creditors of Hyundai Merchant Marine Co. and its
affiliates may seek restructuring after shipping demand slumped
and Hyundai Asan Corp. lost money on its businesses in North
Korea.
Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specialized in the provision of shipping services. The Company
provides its services under two main segments: container and bulk.
Its container segment provides container carrier transportation
services, which include transpacific services, Asia-Europe
services, transatlantic services, intra-Asia services and Latin
America services, with more than 40 sea routes. Its bulk segment
provides transportation services with vessels such as tankers,
liquid natural gas (LNG) carriers, liquid petroleum gas (LPG)
carriers and trampers for LNG, LPG, steel mills, power plants,
coals and iron ores suppliers.
====================
N E W Z E A L A N D
====================
AIR NEW ZEALAND: Confirms Talks With Virgin Blue
------------------------------------------------
Air New Zealand on Wednesday confirmed that it has been in ongoing
talks with Virgin Blue for several months but no agreement has
been reached.
The carrier said in a statement to the stock exchange that it had
become aware of media speculation that it was in discussions with
Virgin Blue regarding a potential trans-Tasman alliance.
Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business. Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.
* * *
Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.
NEW ZEALAND WINDFARMS: Shareholders Agree to Underwrite NZ$31.4MM
-----------------------------------------------------------------
New Zealand Windfarms said it has received commitments from major
shareholders as part of its NZ$31.4 million rights issue, the
National Business Review reports.
Shareholders who had committed to buy shares are:
-- Vector Ltd., who will take up NZ$6.28 million worth of
shares and could buy a further NZ$6.28 million worth
under an underwriting commitment,
-- AMP Investors (New Zealand) Ltd., who has committed to
buy NZ$3.96 million of shares and could buy up to
NZ$3.26 million more under the commitment;
-- Tyndall Investment Management NZ Ltd., who will take up
NZ$3.62 million and could double that as part of the
commitment;
-- Accident Compensation Corp., who has committed to buy
NZ$713,644 worth of shares and the same amount again
if there is a shortfall; and
-- Rotorua Perpetual Capital Fund Ltd, who has taken up
rights worth NZ$400,000 and has an commitment of the
same amount.
The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported last month that NZ Windfarms will sell shares at a 62%
discount to help fund the expansion of its wind farm on New
Zealand's North Island.
According to Bloomberg, the company plans to raise NZ$31.4 million
offering shareholders eight new shares for every three held at a
price of 15 New Zealand cents apiece. The sale is not
underwritten and a placement may be made to institutions and
shareholder Vector Ltd. to meet any shortfall, Bloomberg said.
The National Business Review, citing an independent report from
Northington Partners, reported at the time that NZ Windfarms would
become insolvent without additional capital.
About NZ Windfarms
Christchurch, New Zealand-based NZ Windfarms Limited --
http://www.nzwindfarms.co.nz/-- is engaged in the development
and operation of wind power generation assets for the purpose of
generating and selling electricity. The company's Te Rere Hau
Wind Farm is a 48.5-megawatt wind farm situated on the Tararua
Ranges near Palmerston North. The first stage of the Te Rere
Hau wind farm consists of five New Zealand-made Windflow 500
turbines (2.5 megawatts capacity). NZ Windfarms has arranged a
connection to the local network for the first stage of the Te
Rere Hau wind farm. The company offers a variety of services
associated with wind farm development and operation, such as new
wind farm site identification; wind resource surveying and
assessment; securing wind generation rights; obtaining resource
consents, developing wind farm infrastructure, such as roading,
and onsite and offsite electricity networking; procuring
appropriate wind turbines; providing ongoing support and
maintenance of the wind farm installation, and marketing the
electricity production.
ST LAURENCE: Placed in Receivership; Trustee Appoints Deloitte
--------------------------------------------------------------
St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million. The company's trustee, Perpetual
Trust, on Thursday appointed Barry Jordan and David Vance of
Deloitte as receivers of St. Laurence and some of its
subsidiaries.
The New Zealand Herald reports that the receivers yesterday took
control of the Company and its assets, and will report to
investors in six to eight weeks.
The Herald says St. Laurence earlier this week proposed a debt-
for-equity swap, saying it would soon run out of equity due to an
extremely difficult property market.
Matthew Lancaster, head of corporate trust for Perpetual Trust,
said the appointment of a receiver would provide more certainty
than any other proposal, the Herald relates.
SLL Director, Kevin Podmore said in statement, "Perpetual has
declined to give us reasons for its decision and did not consult
with us as to the likely value outcomes for investors before
making it.
"We are extremely disappointed that the Trustee has deprived
investors of the opportunity to decide themselves on whether our
proposed debt for equity swap plan is in their best interest. The
letter we sent to investors yesterday was neither misleading nor
did it require Trustee approval. The Trustee should not suggest
otherwise.
The Directors remain of the opinion that the plan we intended to
put to investors in June would provide a significantly better
overall result for investors than a receivership. Investors still
have the right in a meeting to change the Trustee's decision if
investors consider that appropriate.
"We will of course cooperate with the receiver because our
commitment remains, as always, to maximize investors' recovery,"
Mr. Podmore said.
The receivership does not include the companies which are the
managers of The National Property Trust, Irongate Property Limited
and its proportionate ownership schemes and syndicates.
About St Laurence Ltd
Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management. Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
July 4, 2008, St Laurence Limited stopped repaying principal
investments ahead of a vote on a scheme of repayment. The company
had halted repayments of principal after it received legal advice
which said all debenture holders needed to be treated equally and
fairly.
The TCR-AP reported on Dec. 5, 2008, that St Laurence Limited said
its recapitalization plan and proposal to amend the Trust Deed has
been approved by secured debenture stock and capital note holders.
Some 9,000 investors owed NZ$250 million in frozen funds agreed to
give the company until 2013 to repay 70% of its debentures,
according to the New Zealand Herald.
===============
T H A I L A N D
===============
THAI AIRWAYS: Shareholders Agree to Raise Capital; Posts Profit
---------------------------------------------------------------
The Bangkok Post reports that Thai Airways International's
shareholders have agreed to raise the flag carrier's registered
capital by THB10 billion to THB26.99 billion to meet financial
needs.
The report says the additional funds will used for:
-- investments in business expansion and improvement;
-- debt repayment;
-- strengthening the company's capital structure; and
-- improving liquidity during periods of high volatility
in the airline business.
According to the report, a dividend payment of 25 satang per share
was also approved at the annual general meeting held Wednesday for
1,698,900,950 shares, totaling THB424.72 million, representing
10.17% of 2009 consolidated income before foreign currency
adjustment. The dividend will be paid on May 27.
Bangkok Post relates THAI's shareholders also acknowledged a net
profit of THB7.34 billion last year, compared to a net loss of
THB21.38 billion in the previous year.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 21, 2009, Thai Airways asked the government for emergency
funds to resolve a cash shortage after being hit by a surge in
fuel prices, the global economic slowdown and shutdowns of Bangkok
airports in 2008.
Citing Raj Tanta-Nanta, Thai Airways's vice-president for investor
relations, The Financial Times reported that the funds would go
towards covering the airline's short-term borrowing requirements,
with the rest going to balance sheet support.
Thai Airways, whose stock has fallen 80% in 2008, has "problems
with cash flow because we lost THB19 billion in cash during the
closures of airports," acting President Narongsak Sangapong told
Reuters.
About Thai Airways
Thai Airways International PCL (BAK:THAI) --
http://www.thaiairways.co.th/-- is the national carrier of
Thailand. The company operates domestic, regional and
intercontinental flights radiating from its home base in Bangkok
to key destinations around the world and within Thailand. During
the fiscal year ended September 30, 2007, the company owned a
total of 90 aircrafts and provided flights to 11 destinations
domestically, excluding Bangkok, and 62 destinations in 35
countries throughout the world. Through its subsidiaries, THAI
provides a variety of services, including cargo and mail services,
technical services, catering services, ground support equipment
services and ground customer services. In addition, the company
offers support services such as dispatch services, sales on board
and Thai shop. Headquartered in Bangkok, THAI has a subsidiary
and 10 affiliated companies.
* * *
This concludes the Troubled Company Reporter-Asia Pacific's
coverage of Thai Airways International PCL until facts and
circumstances, if any, emerge that demonstrate financial or
operational strain or difficulty at a level sufficient to warrant
renewed coverage.
TMB BANK: Sells THB9.35 Billion of Bad Debt to State-Owned Agency
-----------------------------------------------------------------
Bloomberg News, citing Post Today, reports that TMB Bank Pcl sold
THB9.36 billion (US$289 million) of non-performing loans to a
state-owned agency to cut bad debt.
Bloomberg relates the newspaper said Bangkok Commercial Asset
Management Co., a state-owned bad loan manager, paid THB3 billion,
or a 68% discount, for the loans.
Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- provides personal and corporate banking
services, including deposit accounts, savings accounts, fixed-
deposit accounts and current accounts. It also offers commercial
finance products, such as home loans, post-graduate study loans
and international trade finance services. The Bank is comprised
of various groups: corporate banking group; corporate finance;
trade finance; loan syndication; small and medium enterprise (SME)
banking, and retail banking, including consumer credit. It also
offers treasury products. As of December 31, 2009, the Bank
operated 483 domestic branches and three international branches.
* * *
As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2009, Fitch Ratings downgraded TMB Bank Public
Company Limited's foreign currency hybrid Tier 1 securities rating
to 'B' from 'B+'. At the same time, the agency affirmed TMB's
Long-term foreign currency Issuer Default Rating at 'BBB-' with a
Negative Outlook, Short-term foreign currency IDR at 'F3',
Individual Rating at 'C/D', Support Rating at '3', National Long-
term Rating at 'A+ (tha)' with a Stable Outlook, National Short-
term Rating at 'F1(tha)', foreign currency subordinated debt at
'BB+' and National subordinated debt rating at 'A(tha)'. The
support rating floor was revised to 'BB+' from 'BB' due to a
reassessment of its systemic importance and partial state
ownership.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16.93 -8.23
AUSTAR UNITED AUN 568.69 -325.83
AUSTRAILIAN Z-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.50 -13.46
AUTRON CORP LTD AAT 32.50 -13.46
BCD RESOURCES OP BCO 22.09 -61.19
BCD RESOURCES-PP BCOCC 22.09 -61.19
BIRON APPAREL LT BIC 19.71 -2.22
CENTRO PROPERTIE CNP 14,784.56 -461.11
CHALLENGER INF-A CIF 2,307.01 -104.58
CHEMEQ LTD CMQ 25.19 -24.25
CITY PACIFIC LTD CIY 171.50 -6.38
D2 MARKETING LTD DTO 16.70 -4.04
ELLECT HOLDINGS EHG 18.25 -15.49
HEALTH CORP LTD HEA 13.26 -0.01
JAMES HARDIE NV JHXCC 2,130.90 -131.10
JAMES HARDIE-CDI JHX 2,130.90 -131.10
HYRO LTD HYO 11.59 -4.73
MAC COMM INFR-CD MCGCD 8,104.42 -103.34
ORION GOLD NL ORN 12.37 -24.99
POWERLAN LTD PWR 30.84 -5.94
RESIDUAL ASSC-EE RAGXF 597.33 -126.96
SCIGEN LTD-CUFS SIE 71.22 -25.69
SHELL VILLAGES A SVC 13.47 -1.66
VERTICON GROUP VGP 15.07 -29.20
CHINA
AMOI ELECTRONI-A 600057 100.95 -42.95
BAO LONG ORIENTA 600988 16.38 -3.24
CHENGDU UNION-A 693 41.39 -12.35
CHINA EAST AIR-A 600115 10,663.62 -669.02
CHINA EAST AIR-H 670 10,663.62 -669.02
CHINA EASTRN-ADR CEA 10,663.62 -669.02
CHINA KEJIAN-A 35 83.78 -182.39
DANDONG CHEM F-A 498 100.50 -111.14
DATONG CEMENT-A 673 21.25 -1.54
DONGGUAN FANGD-A 600656 62.02 -10.11
DONGXIN ELECTR-A 600691 13.36 -18.59
GAOXIN ZHANGTO-A 2075 119.52 -30.48
GUANGMING GRP -A 587 48.72 -47.59
GUANGXI BEISHE-A 600556 103.12 -138.38
GUANGXIA YINCH-A 557 30.99 -29.72
HAINAN ZHUXIN-A 600515 127.12 -2.04
HEBEI BAOSHUO -A 600155 133.67 -361.69
HEBEI JINNIU C-A 600722 227.88 -230.19
HISENSE KELON -H 921 650.07 -103.76
HISENSE KELON-A 921 650.07 -103.76
HUASU HOLDINGS-A 509 86.94 -2.12
HUDA TECHNOLOG-A 600892 21.39 -2.55
HUNAN ANPLAS CO 156 51.58 -70.84
JIANGSU CHINES-A 805 12.52 -11.39
JINCHENG PAPER-A 820 250.82 -5.71
LIAOYUAN DEHENG 600699 138.72 -6.69
MUDAN AUTOMOBI-H 8188 30.41 -1.10
NINGBO YIDONG-H 8249 42.61 -30.79
QINGHAI SUNSHI-A 600381 50.90 -26.09
SHAANXI FENGHU-A 561 33.36 -13.70
SHAANXI QINLIN-A 600217 250.40 -32.18
SHANG HONGSHENG 600817 16.78 -451.81
SHANG LIANHUA-A 600617 15.68 -1.54
SHANG LIANHUA-B 900913 15.68 -1.54
SHANGHAI WORLDBE 600757 153.10 -190.22
SHENZ CHINA BI-A 17 27.97 -264.11
SHENZ CHINA BI-B 200017 27.97 -264.11
SHENZHEN DAWNC-A 863 28.09 -157.71
SHENZHEN KONDA-A 48 195.27 -14.90
SHENZHEN SHENX-A 34 23.81 -118.24
SHENZHEN ZERO-A 7 53.21 -7.98
SHIJIAZHUANG D-A 958 235.06 -54.14
SICHUAN DIRECT-A 757 108.20 -130.38
SUNTEK TECHNOL-A 600728 37.92 -21.21
TAIYUAN TIANLO-A 600234 48.94 -25.23
TIANJIN MARINE 600751 78.09 -63.86
TIANJIN MARINE-B 900938 78.09 -63.86
TIBET SUMMIT I-A 600338 86.47 -0.05
TOPSUN SCIENCE-A 600771 183.02 -138.22
WINOWNER GROUP C 600681 11.10 -70.50
WUHAN BOILER-B 200770 307.71 -130.55
WUHAN GUOYAO-A 600421 11.45 -39.41
WUHAN LINUO SOLA 600885 84.68 -0.82
XIAMEN OVERSEA-A 600870 286.40 -145.07
YUEYANG HENGLI-A 622 37.27 -15.53
YUNNAN MALONG-A 600792 143.63 -36.68
ZHANGJIAJIE TO-A 430 45.95 -4.59
ZHONGCHANG MAR-A 600242 19.68 -1.33
ZHONGHONG REAL-A 979 43.55 -32.06
HONG KONG
21 HOLDINGS LTD 1003 43.65 -4.26
ASIA TELEMEDIA L 376 16.62 -5.37
CHAOYUE GROUP LT 147 42.69 -127.80
CHINA E-LEARNING 8055 12.20 -30.48
CHINA GOLDEN DEV 162 253.00 -2.72
EGANAGOLDPFEIL 48 557.89 -132.86
EMPEROR ENTERTAI 8078 39.23 -5.35
FULBOND HLDGS 1041 60.26 -14.42
HONBRIDGE HOLDIN 8137 12.15 -0.89
JIAN EPAYMENT 8165 15.39 -1.17
MELCOLOT LTD 8198 65.62 -25.95
MITSUMARU EAST K 2358 38.17 -1.45
NEW CITY CHINA 456 112.20 -14.59
NGAI LIK INDL 332 132.82 -4.76
PAC PLYWOOD 767 75.64 -5.41
PALADIN LTD 495 155.31 -10.91
PALADIN LTD -PRE 642 155.31 -10.91
PCCW LTD 8 5,801.75 -261.18
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 33.92 -58.77
WAI CHUN MINING 660 12.79 -14.60
WAYTUNG GLOBAL G 21 12.33 -2.96
INDONESIA
ASIA PACIFIC POLY 482.03 -831.23
BANK EKSEKUTIF BEKS 150.38 -4.93
ERATEX DJAJA ERTX 10.05 -15.29
JAKARTA KYOEI ST JKSW 28.00 -39.75
KARWELL INDONESI KARW 10.75 -9.36
MULIA INDUSTRIND MLIA 341.62 -371.31
PANASIA FILAMENT PAFI 48.90 -3.97
PANCA WIRATAMA PWSI 28.98 -35.49
PRIMARINDO ASIA BIMA 10.01 -21.31
STEADY SAFE TBK SAFE 12.26 -7.55
SURABAYA AGUNG SAIP 254.61 -85.54
TEIJIN INDONESIA TFCO 185.09 -14.27
UNITEX TBK UNTX 15.15 -14.59
INDIA
ALCOBEX METALS AML 16.59 -21.47
ASHIMA LTD ASHM 59.92 -47.15
BALAJI DISTILLER BLD 51.16 -38.38
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
CAMBRIDGE SOLUTI CAMB 156.75 -46.79
CFL CAPITAL FIN CEATF 14.31 -40.04
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 16.54 -10.99
DIGJAM LTD DGJM 98.77 -14.62
DISH TV INDIA DITV 422.08 -127.61
DUNCANS INDUS DAI 116.96 -183.24
GANESH BENZOPLST GBP 43.99 -24.57
GEM SPINNERS LTD GEMS 15.23 -0.11
GLOBAL BOARDS GLB 25.15 -0.79
GSL INDIA LTD GSL 37.04 -42.34
GSL NOVA PETROCH GSLN 44.39 -0.93
GUJARAT SIDHEE GSCL 59.44 -0.66
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 102.05 -10.24
HFCL INFOTEL LTD HFCL 151.65 -85.81
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 68.94 -1,147.18
HINDUSTAN SYNTEX HSYN 12.68 -1.79
HMT LTD HMT 139.31 -277.69
ICDS ICDS 13.30 -6.17
INDIA FOILS LTD IF 22.01 -2.04
INFOMEDIA 18 LTD INF18 35.80 -1.94
INTEGRAT FINANCE IFC 45.56 -43.27
ITI LTD ITI 1,116.21 -0.80
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 15.93 -74.33
JIK INDUS LTD KFS 20.63 -5.62
JK SYNTHETICS JKS 13.51 -3.03
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 32.04 -26.76
KERALA AYURVEDA KRAP 13.41 -0.59
KINGFISHER AIR KAIR 1,458.64 -418.91
LLOYDS FINANCE LYDF 27.68 -8.64
LLOYDS STEEL IND LYDS 358.94 -83.14
MILLENNIUM BEER MLB 36.39 -3.20
MILTON PLASTICS MILT 18.31 -40.44
NATH PULP & PAP NPPM 13.59 -39.13
NICCO UCO ALLIAN NICU 28.84 -56.77
ORIENT PRESS LTD OP 16.70 -0.09
PANCHMAHAL STEEL PMS 51.02 -0.33
PANYAM CEMENTS PYC 38.84 -0.64
PARASRAMPUR SYN PPS 111.97 -317.11
PAREKH PLATINUM PKPL 61.08 -88.85
PEACOCK INDS LTD PCOK 11.40 -14.40
PIRAMAL LIFE SC PLSL 32.05 -3.73
POLAR INDS LTD PLI 11.61 -22.28
RAMA PHOSPHATES RMPH 34.07 -1.19
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIGARE TECHNOV RTCL 44.13 -1.46
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 20.22 -62.97
SCOOTERS INDIA SCTR 13.29 -0.58
SHALIMAR WIRES SWRI 24.49 -49.90
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE RAMA MULTI SRMT 63.73 -52.93
SIDDHARTHA TUBES SDT 70.93 -12.09
SIL BUSINESS ENT SILB 12.46 -19.96
SOUTHERN PETROCH SPET 1,543.61 -35.61
SPICEJET LTD SJET 147.98 -84.65
STERLING HOL RES SLHR 52.91 -0.63
STI INDIA LTD STIB 28.05 -8.04
TAMILNADU TELE TNT 10.26 -4.14
TATA TELESERVICE TTLS 793.63 -74.64
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.39 -8.90
UNIWORTH LTD WW 145.71 -114.87
USHA INDIA LTD USHA 12.06 -54.51
VENTURA TEXTILES VRTL 14.25 -0.33
WINDSOR MACHINES WML 14.50 -28.14
WIRE AND WIRELES WNW 102.42 -37.06
JAPAN
ARDEPRO 8925 310.82 -253.28
COMMERCIAL RE 8866 296.85 -0.35
COSMOS INITIA CO 8844 1,652.69 -564.01
DON CO LTD 8216 147.78 -20.12
FLIGHT SYS CONSU 3753 14.88 -1.07
HARAKOSAN CO 8894 225.69 -62.68
ICHITAN CO LTD 5645 99.16 -4.38
JIPANGU HOLDINGS 2684 15.05 -8.38
L CREATE CO LTD 3247 42.34 -9.15
LAWSON ENTMEDIA 2416 71.17 -85.64
LCA HOLDINGS COR 4798 49.52 -2.24
MORISHITA CO LTD 3594 170.16 -6.92
PROPERST CO LTD 3236 303.29 -415.76
RAYTEX CORP 6672 61.49 -3.49
SAIKAYA CO LTD 8254 375.83 -72.59
SHINWA OX CORP 2654 61.39 -12.95
TERRANETZ CO LTD 2140 11.63 -4.29
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
CL LCD CO LTD 35710 55.59 -14.79
DAHUI CO LTD 55250 186.00 -1.50
DAISHIN INFO 20180 740.50 -158.45
KEYSTONE GLOBAL 12170 10.61 -0.74
KUMHO INDUS-PFD 2995 5,837.32 -967.28
KUMHO INDUSTRIAL 2990 5,837.32 -967.28
ORICOM INC 10470 82.65 -40.04
ROCKET ELEC-PFD 425 68.58 -2.14
ROCKET ELECTRIC 420 68.58 -2.14
SAMT CO LTD 31330 303.86 -77.57
SOLAR & TECH CO 30390 11.47 -0.59
TAESAN LCD CO 36210 187.94 -546.26
TONG YANG MAGIC 23020 355.15 -25.77
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
AXIS INCORPORATI AXIS 37.88 -80.60
HO HUP CONSTR CO HO 73.63 -4.31
LCL CORP BHD LCL 78.28 -72.28
LIMAHSOON BHD LIMA 26.52 -1.56
MANGOTONE GROUP MTON 12.44 -9.21
OILCORP BHD OILC 152.96 -35.28
POLY TOWER VENTU PTV 58.06 -5.45
SINOTOP HOLDING SNHB 22.80 -0.41
WONDERFUL WIRE WW 11.70 -16.48
WWE HOLDINGS BHD WWE 66.24 -1.88
NEW ZEALAND
DOMINION FINANCE DFH NZ Eq 258.90 -55.31
PHILIPPINES
APEX MINING 'B' APXB 45.84 -20.95
APEX MINING-A APX 45.84 -20.95
BENGUET CORP 'B' BCB 75.49 -37.05
BENGUET CORP-A BC 75.49 -37.05
CYBER BAY CORP CYBR 12.93 -79.23
EAST ASIA POWER PWR 50.80 -139.42
FIL ESTATE CORP FC 37.29 -11.36
FILSYN CORP A FYN 22.00 -10.28
FILSYN CORP. B FYNB 22.00 -10.28
GOTESCO LAND-A GO 18.68 -10.86
GOTESCO LAND-B GOB 18.68 -10.86
MRC ALLIED INC MRC 13.04 -3.68
PICOP RESOURCES PCP 105.66 -23.33
PRIME ORION PHIL POPI 90.35 -5.12
STENIEL MFG STN 28.67 -1.48
UNIVERSAL RIGHTF UP 45.12 -13.48
UNIWIDE HOLDINGS UW 52.80 -56.18
VICTORIAS MILL VMC 178.06 -36.66
SINGAPORE
ADV SYSTEMS AUTO ASA 11.69 -13.16
ADVANCE SCT LTD ASCT 16.05 -43.84
FALMAC LTD FAL 10.12 -6.80
HL GLOBAL ENTERP HLGE 93.91 -12.96
INFORMATICS EDU INFO 24.56 -0.01
JURONG TECH IND JTL 98.76 -227.28
LINDETEVES-JACOB LJ 151.66 -86.53
SUNMOON FOOD COM SMOON 14.65 -13.74
TIGER AIRWAYS TGR 122.90 -71.92
TT INTERNATIONAL TTI 287.51 -38.28
WESTECH ELECTRON WTE 20.26 -13.94
THAILAND
ABICO HLDGS-F ABICO/F 12.07 -9.54
ABICO HOLDINGS ABICO 12.07 -9.54
ABICO HOLD-NVDR ABICO-R 12.07 -9.54
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 90.30 -65.13
BANGKOK RUBBER-F BRC/F 90.30 -65.13
BANGKOK RUB-NVDR BRC-R 90.30 -65.13
CIRCUIT ELEC PCL CIRKIT 17.39 -88.00
CIRCUIT ELEC-FRN CIRKIT/F 17.39 -88.00
CIRCUIT ELE-NVDR CIRKIT-R 17.39 -88.00
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 33.88 -90.93
ITV PCL-FOREIGN ITV/F 33.88 -90.93
ITV PCL-NVDR ITV-R 33.88 -90.93
K-TECH CONSTRUCT KTECH 39.74 -33.07
K-TECH CONSTRUCT KTECH/F 39.74 -33.07
K-TECH CONTRU-R KTECH-R 39.74 -33.07
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORPORATI PICNI 162.04 -79.86
PICNIC CORPORATI PICNI/F 162.04 -79.86
PICNIC CORPORATI PICNI-R 162.04 -79.86
PONGSAAP PCL PSAAP 25.95 -6.20
PONGSAAP PCL PSAAP/F 25.95 -6.20
PONGSAAP PCL-NVD PSAAP-R 25.95 -6.20
SAFARI WORLD PUB SAFARI 103.18 -17.83
SAFARI WORLD-FOR SAFARI/F 103.18 -17.83
SAFARI WORL-NVDR SAFARI-R 103.18 -17.83
SAHAMITR PRESS-F SMPC/F 21.99 -4.01
SAHAMITR PRESSUR SMPC 21.99 -4.01
SAHAMITR PR-NVDR SMPC-R 21.99 -4.01
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TRANG SEAFOOD TRS 12.09 -2.26
TRANG SEAFOOD-F TRS/F 12.09 -2.26
TRANG SFD-NVDR TRS-R 12.09 -2.26
UNIVERSAL S-NVDR USC-R 105.34 -33.13
UNIVERSAL STARCH USC 105.34 -33.13
UNIVERSAL STAR-F USC/F 105.34 -33.13
TAIWAN
CHIEN TAI CEMENT 1107 202.45 -22.41
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
VERTEX PREC-ENTL 5318T 43.04 -2.31
VERTEX PRECISION 5318 43.04 -2.31
YEU TYAN MACHINE 8702 39.57 -271.07
*********
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 ***