/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100907.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, September 7, 2010, Vol. 13, No. 176 Headlines A U S T R A L I A WILLMOTT FORESTS: Lenders Call In Receivers; Scrap Debt Waiver H O N G K O N G ALLIANCE FOOTWEAR: Members' Final General Meeting Set for Oct. 7 BETTER BUSINESS: Creditors' Meeting Set for September 15 CHEUNG FUNG: Final Meetings Slated for October 5 CHINESE PENTECOSTAL: Ng Sau Wa Sylvia Steps Down as Liquidator FIBERXON (HK): Creditors' Proofs of Debt Due October 4 FINANCE AND CONSULTING: Wan and Fung Step Down as Liquidators GRACEHEART CHARITY: Creditors' Proofs of Debt Due September 17 HK FOUNDRY: Creditors' Proofs of Debt Due October 4 HUNG ON: Creditors' Proofs of Debt Due October 4 KANA SOFTWARE: Placed Under Voluntary Wind-Up Proceedings MACGREGOR GOLF: Members' Final Meeting Set for October 5 MANIVEST CORPORATE: Members' Final Meeting Set for October 6 MICROWAVE RADIO: Members' Final Meeting Set for October 4 MONTANA TIMEPIECES: Placed Under Voluntary Wind-Up Proceedings MONTGOMERY WATSON: Members' Final Meeting Set for October 4 MOULIN GLOBAL: Creditors' Proofs of Debt Due September 16 ORGANTEX ASIA: Members' Final Meeting Set for October 4 OUTDISTANCE DEV'T: Placed Under Voluntary Wind-Up Proceedings PILKINGTON (ASIA): Creditors' Proofs of Debt Due October 3 PIER INTERNATIONAL: Commences Wind-Up Proceedings I N D I A HIND PRAKASH: CARE Places 'CARE B' Rating on INR9cr LT Bank Debts KAYGAON PAPER: ICRA Assigns 'LBB' Rating to INR3.5cr Term Loans M.D. FROZEN: ICRA Assigns 'LBB' Rating to INR15cr Bank Lines PUNEET ENTERPRISES: ICRA Assigns 'LBB' Rating to INR15cr Cash Debt SHREE ARUN: ICRA Reaffirms 'LBB' Rating on INR5.77cr Term Loans SHRI SAKTHI: ICRA Places 'LBB' Rating on Various Bank Facilities SRI VENKATRAM: Fitch Assigns National Long-Term Rating at 'D' TOTEM INFRA: CARE Assigns 'CARE BB+' Rating to INR285cr LT Loan J A P A N JLOC XXXIII: S&P Downgrades Ratings on Class C Certs. to 'B-' ORSO ABS: S&P Downgrades Ratings on Various Classes of Notes SHIN-NIHON TATEMONO: To Enter Out-of-Court Debt Mediation K O R E A HYUNDAI ENGINEERING: Creditors to Re-Invite Fresh Bids This Month M A L A Y S I A KENMARK INDUSTRIAL: Not Seeking More Time to Submit Results LUSTER INDUSTRIES: Reports MYR2.49 Million Net Loss in June 30 Qtr OILCORP BERHAD: Incurs MYR12.68 Million Net Loss in June 30 Qtr SATANG HOLDINGS: Posts MYR258,000 Net Income in Qtr Ended June 30 VTI VINTAGE: Posts MYR964,000 Net Loss in Quarter Ended June 30 N E W Z E A L A N D SOUTH CANTERBURY: Turners and Growers Not Keen on Buying Scales P H I L I P P I N E S PRIMETOWN PROPERTY: SEC Revokes Permit to Sell Securities S I N G A P O R E IONA TECHNOLOGIES: Creditors' Proofs of Debt Due October 4 OAS ENGINEERING: Court to Hear Wind-Up Petition on September 17 SPI TECHNOLOGY: Members' Final Meeting Set for October 4 TAMPINES PROPERTIES: Creditors' Proofs of Debt Due October 3 UNISTEEL PRECISION: Members' Final Meeting Set for October 4 VERTEX GLOBAL: Court Enters Wind-Up Order V I E T N A M VIETNAM SHIPBUILDING: Four More Former Vinashin Officials Arrested X X X X X X X X KABUL BANK: Teetering on Insolvency, Seeks U.S. Bailout * BOND PRICING: For the Week August 30 to September 3, 2010 - - - - - ================= A U S T R A L I A ================= WILLMOTT FORESTS: Lenders Call In Receivers; Scrap Debt Waiver -------------------------------------------------------------- Willmott Forests Ltd has been placed in receivership. The Australian reports that the board of Willmott advised on Monday that its syndicate of banks, including Commonwealth Bank and St. George Bank, had appointed Mark Mentha and Bryan Webster of Korda Mentha as receivers, after scrapping waivers to the $120 million owed. According to the report, the syndicate had granted the company temporary waivers as Willmott undertook a business review, including the sale of land assets to repay debt. "The syndicate advised Willmott Forrests that the temporary waiver is terminated and that all loans are immediately due and payable," the company said. About Willmott Forests Based in Australia, Willmott Forests Limited (ASX:WFL) -- http://www.willmottforests.com.au/-- is engaged in identification and acquisition of land for plantation establishment; site preparation, planting and maintenance of Pine (Pinus radiata), Silky Oak (Grevillea) and She-oak (Casuarina) plantations pursuant to woodlot sales; negotiation and management of plantation harvesting contracts and operations; marketing of forestry investment projects to the public through complying offer documents; management of the loan book generated by woodlot sales; production, processing and sale of landscape and fencing timber products, and research and development for producing ethanol from lignocellulosic material. The Company offers woodlot investment projects in Australian states and territories, and operates timber processing facilities in New South Wales. Its subsidiaries include BioForest Limited, Willmott Timbers Pty Ltd, Willmott Finance Pty Ltd and Willmott Notes Pty Ltd, among others. ================ H O N G K O N G ================ ALLIANCE FOOTWEAR: Members' Final General Meeting Set for Oct. 7 ----------------------------------------------------------------- Members of Alliance Footwear (China) Limited will hold their final general meeting on October 7, 2010, at 11:00 a.m., at 1/F, Milo's Industrial Building, 2-10 Tai Yuen Street, Kwai Chung, N.T. At the meeting, Woo Sin Yee Winnie, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. BETTER BUSINESS: Creditors' Meeting Set for September 15 -------------------------------------------------------- Creditors of Better Business International Hong Kong Limited will hold their meeting on September 15, 2010, at 11:00 a.m., for the purposes provided for in Sections 241, 242, 243, 244 of the Companies Ordinance. The meeting will be held at Room 1702, 17/F, Asian House, 1 Hennessy Rd., H.K. CHEUNG FUNG: Final Meetings Slated for October 5 ------------------------------------------------- Creditors and contributories of Cheung Fung Technology (Holdings) Limited will hold their first meetings on October 5, 2010, at 11:00 a.m., and 11:30 a.m., respectively at the office of Grant Thornton, 6th Floor, Sunning Plaza, 10 Hysan Avenue, Causeway Bay, in Hong Kong. At the meeting, Wong Kwok Man and Alan C W Tang, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. CHINESE PENTECOSTAL: Ng Sau Wa Sylvia Steps Down as Liquidator -------------------------------------------------------------- Ng Sau Wa Sylvia stepped down as liquidator of The Chinese Pentecostal Church Limited on September 3, 2010. FIBERXON (HK): Creditors' Proofs of Debt Due October 4 ------------------------------------------------------ Creditors of Fiberxon (Hong Kong) Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by October 4, 2010, to be included in the company's dividend distribution. The company's liquidators are: Dr. Terence Ho Yuen Wan Mr. Henry Fung Rooms 1001-1003, 10/F Manulife Provident Funds Place 345 Nathan Road Kowloon, Hong Kong FINANCE AND CONSULTING: Wan and Fung Step Down as Liquidators ------------------------------------------------------------- Dr. Terence Ho Yuen Wan and Mr. Henry Fung stepped down as liquidators of Finance and Consulting Asia Limited on August 16, 2010. GRACEHEART CHARITY: Creditors' Proofs of Debt Due September 17 -------------------------------------------------------------- Graceheart Charity Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by September 17, 2010, to be included in the company's dividend distribution. The company's liquidator is: Wong Siu Yee Room 704, 7/F, Gee Tuck Building 18 Bonham Strand Hong Kong HK FOUNDRY: Creditors' Proofs of Debt Due October 4 --------------------------------------------------- Hong Kong Foundry Association Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by October 4, 2010, to be included in the company's dividend distribution. The company's liquidator is: Chen Yung Ngai Kenneth 29th Floor, Caroline Centre Lee Gardens Two 28 Yun Ping Road Hong Kong HUNG ON: Creditors' Proofs of Debt Due October 4 ------------------------------------------------ Hung On Company Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by October 4, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 27, 2010 The company's liquidators are: Cheng Kwok Wai David Chan Yuen Bik Jane 31/F, Gloucester Tower The Landmark, 11 Pedder Street Central, Hong Kong KANA SOFTWARE: Placed Under Voluntary Wind-Up Proceedings --------------------------------------------------------- At an extraordinary general meeting held on August 25, 2010, creditors of Kana Software Hong Kong Limited resolved to voluntarily wind up the company's operations. The company's liquidators are: Poon Chi Woo Li Man Fai Room 1307-8 Dominion Centre 43-59 Queen's Road East Wanchai, Hong Kong MACGREGOR GOLF: Members' Final Meeting Set for October 5 -------------------------------------------------------- Members of Macgregor Golf World Sourcing Limited will hold their final meeting on October 5, 2010, at 10:00 a.m., at Units 1005-6, 10/F, Cigna Tower, 482 Jaffe Road, Causeway Bay, in Hong Kong. At the meeting, Leung Yau Wing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MANIVEST CORPORATE: Members' Final Meeting Set for October 6 ------------------------------------------------------------ Members of Manivest Corporate (Nominees) Limited will hold their final meeting on October 6, 2010, at 3:30 p.m., at Unit 511, 5/F, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong. At the meeting, Ho Man Kit and Kong Sau Wai, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. MICROWAVE RADIO: Members' Final Meeting Set for October 4 --------------------------------------------------------- Members of Microwave Radio Communications Hong Kong Limited will hold their final meeting on October 4, 2010, at 10:00 a.m., at Units 3401-2, 34th Floor, AIA Tower, 183 Electric Road, North Point, in Hong Kong. At the meeting, Mok Mun Lan Linda, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MONTANA TIMEPIECES: Placed Under Voluntary Wind-Up Proceedings -------------------------------------------------------------- At an extraordinary general meeting held on August 20, 2010, creditors of Montana Timepieces International Limited resolved to voluntarily wind up the company's operations. The company's liquidators are Roderick John Sutton and John Howard Batchelor. MONTGOMERY WATSON: Members' Final Meeting Set for October 4 ----------------------------------------------------------- Members of Montgomery Watson Asia Limited will hold their final meeting on October 4, 2010, at 10:00 a.m., at 20/F., Henley Building, 5 Queen's Road Central, in Hong Kong. At the meeting, Mat Ng, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MOULIN GLOBAL: Creditors' Proofs of Debt Due September 16 --------------------------------------------------------- Moulin Global Eyecare Services Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by September 16, 2010, to be included in the company's dividend distribution. The company's liquidators are: Roderick John Sutton Desmond Chung Seng Chiong c/o FTI Consulting (Hong Kong) Limited 14/F The Hong Kong Club Building 3A Chater Road Central, Hong Kong ORGANTEX ASIA: Members' Final Meeting Set for October 4 ------------------------------------------------------- Members of Organtex Asia Limited will hold their final general meeting on October 4, 2010, at 10:00 a.m., at Level 28 Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Ying Hing Chiu and Chan Mi Har, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. OUTDISTANCE DEV'T: Placed Under Voluntary Wind-Up Proceedings ------------------------------------------------------------- At an extraordinary general meeting held on August 25, 2010, creditors of Outdistance Development 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 Center, 99 Queen's Road Central, Hong Kong PILKINGTON (ASIA): Creditors' Proofs of Debt Due October 3 ---------------------------------------------------------- Pilkington (Asia) Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by October 3, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on August 25, 2010 The company's liquidators are: Ho Siu Pik Yeung Betty Yuen Level 28m Three Pacific Place 1 Queen's Road East Hong Kong PIER INTERNATIONAL: Commences Wind-Up Proceedings ------------------------------------------------- Members of Pier International Limited, on August 27, 2010, passed a resolution to voluntarily wind-up the company's operations. The company's liquidator is: Philip Brendan Gilligan 7th Floor, Alexandra House 18 Chater Road Central, Hong Kong ========= I N D I A ========= HIND PRAKASH: CARE Places 'CARE B' Rating on INR9cr LT Bank Debts ----------------------------------------------------------------- CARE assigns 'CARE B' and 'PR4' ratings to bank facilities of Hind Prakash International Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ---------- ------- Long-term Bank Facilities 9.00 'CARE B' Assigned Short-term Bank Facilities 15.00 'PR4' Assigned Rating Rationale The ratings are mainly constrained by the weak Corporate Governance and risks associated with trading business like low margins, forex fluctuation and price fluctuation risk. The ratings, however, favorably factor in the vast experience of promoter in dyes and chemical industry, reputed clientele of dye manufacturers and moderate financial risk profile marked by moderate gearing and coverage ratios. The ability of the company to improve Corporate Governance practices and mitigate forex fluctuation and price fluctuation risk are the major key rating sensitivities. About Hind Prakash Ahmedabad-based HIPL commenced its business in January 2003. HIPL is a part of Hind Prakash group having four more companies ? all engaged in the business of dyes, intermediates and chemicals. HIPL's Board consists of three Directors and is led by Shri Santosh Nambiar. The corporate governance practices are weak as reflected by the significant amount of inter-group transactions for which no proper disclosure was given. The company has also delayed in payment of statutory dues consistently in last three years as qualified by their statutory auditors. KAYGAON PAPER: ICRA Assigns 'LBB' Rating to INR3.5cr Term Loans --------------------------------------------------------------- ICRA has assigned an 'LBB' rating to the INR3.5 crore term loans and INR5.5 crore fund based facilities of Kaygaon Paper Mills Limited. ICRA has also assigned an 'A4' rating to the INR0.5 crore short term non fund based facilities of the company. The outlook on the long term rating is stable. The ratings are constrained by the lack of diversification in the product portfolio as the company solely manufactures kraft paper, modest size of operations with low profitability indicators, high gearing level on account of largely debt funded capacity expansion undertaken in the recent past and high competition prevalent in the business from large players as well as several smaller units. The ratings are however supported by healthy plant utilization levels, increase in production levels on account of capacity expansion carried out in FY 2010, improvement in average realization levels on account of healthy demand indicators and the long track record of the promoter group in the kraft paper industry. With the company looking to increase production of kraft paper with higher burst factor, the realization levels and thereby the profitability indicators are expected to witness improvement going forward. ICRA however notes that the contribution margins in the business will continue to remain sensitive to any volatility in the waste paper prices. About Kaygaon Paper KPML started its commercial production in 1992 and is engaged in the manufacture of Kraft paper of various grades viz. Media, 14BF, 16 BF, 18 BF, 22BF and 24BF (BF stands for Burst Factor), which finds its application in the packaging industry, especially for making corrugated boxes. The company's factory premises are located at Kaygaon, Taluka Gangapur Dist- Aurangabad in Maharashtra. Over the years the Company has undergone several phases of expansion and has an installed capacity of 36,000 MT per annum as on June 30, 2010. Recent Results KPML reported a profit after tax (PAT) of INR0.96 crore in FY 2009-10 (prov.) on an operating income of INR47.64 Crore. Higher utilization levels and healthy demand indicators supported improvement in operating income. M.D. FROZEN: ICRA Assigns 'LBB' Rating to INR15cr Bank Lines ------------------------------------------------------------ ICRA has assigned an "LBB" rating to INR15.00 crore bank lines of MD Frozen Food Exports Limited. The outlook on the rating is stable. The rating factors in the modest scale of operations of MDPL; intense competition in the meat export industry and the inherent business risk pertaining to the industry, whereby it remains susceptible to adverse movements in raw material prices; and changes in Government regulations and event risks like disease out-break. The rating is further constrained by the significant working capital requirements of the business, which have resulted in high gearing levels (of 1.7 times as on March 31, 2010) and exposure to fluctuations in exchange rates. The rating, nevertheless, derives comfort from the significant experience of the promoters in this business; the established relationships of the company with overseas clients and favorable location of its facilities, ensuring easy accessibility to raw materials. The rating also takes into account that the company is committed to the quality of processing, as reflected by the certification that it received from the Agricultural and Processed Food Products Export Development Authority. About M.D. Frozen Incorporated in 1996, M.D. Frozen Food Exports Private Limited (MDPL) is engaged in processing and export of frozen meat to various countries in Asia, Middle East, CIS Countries and African Countries like Kuwait, Angola, Oman and Lebanon. MDPL purchases raw meat from various local butchers and government-run slaughter houses. The meat is then given to associate concerns, Sushil Ice Fatory and Cold Storage Private Limited and MD Frozen Food Exports (a partnership firm under same group), for processing the meat on job work basis. The associate company (SPL) has its processing plant and cold storage at Lawrence Road in New Delhi for the past 8-10 years and the partnership concern has recently commenced operations at its processing plant at Ghaziabad in Uttar Pradesh. The old processing facility (which is an acquired facility) of the group (operating under SPL) has the capacity to process upto 85 tonnes per day (TPD) of buffalo meat and the new facility set up at Ghaziabad has the capacity to process upto 332 TPD. Recent Results In the financial year ending March 31, 2010, the company registered an operating income of INR60.01 crore and profit after tax (PAT) of INR0.70 crore. PUNEET ENTERPRISES: ICRA Assigns 'LBB' Rating to INR15cr Cash Debt ------------------------------------------------------------------ ICRA has assigned an 'LBB' rating to the INR15.0 crore cash credit facility of Puneet Enterprises. The rating has been assigned a stable outlook. The rating draws comfort from longstanding experience of the promoter in the cotton industry and the firm's close proximity to the cotton producing belt of Maharashtra, Madhya Pradesh and Gujarat which gives it favorable access to raw material. ICRA notes that recent venture of Puneet into spinning business could improve overall profitability. The rating also reflects Puneet's small scale of operation, its stretched capital structure characterized by high gearing and weak coverage indicators; strained cash flow and low value added activity which has resulted in thin margin. M/s Puneet Enterprises is a proprietorship concern of M/s Rasdeepsingh Manmohansingh Chawla (HUF) a Hindu Undivided Family headed by Mr. Rasdeepsingh Chawla. The firm is engaged in cotton ginning and pressing, and also performs cotton seed oil extraction activity. The firm's current processing facility at Sillod (Aurangabad, Maharashtra) has capacity to produce 375 Bales per day. In addition to above, the firm has also leasehold Oil Mill which has 14 oil expellers with installed capacity of 182MT oil seed crushing per day in 2 shifts running, from Manjeet Oil Products (Family Concern). Recent Result As per FY10 unaudited provisional results, the firm has reported an operating profit of INR2.68 crore on an operating income of INR164.45 crore. SHREE ARUN: ICRA Reaffirms 'LBB' Rating on INR5.77cr Term Loans --------------------------------------------------------------- ICRA has re-affirmed the 'LBB' rating assigned to the INR5.77 crore term loans and INR3.00 crore long term fund based credit facilities of Shree Arun Packaging Company Private Limited. The outlook for the long term rating is stable. ICRA has also re- affirmed the "A4" rating assigned to the INR2.25 crore short-term fund based credit facilities (comprising book debts sub-limit within cash credit limits) of SAPCO. The re-affirmation takes into account the established track record of the company's promoters in the printing & packaging business, its exposure to defensive sectors like Pharmaceuticals & FMCG and the relatively moderate financial profile of the company. However, the ratings are constrained by the company's relatively modest scale of operations and highly fragmented nature of the industry owing to large number of organized as well as unorganized players. The profitability indicators of the company are expected to remain constrained due to lower value added nature of operations, moderate capacity utilizations and high client concentration risks for the company. Moreover, the high working capital intensity and capacity upgradation plans are expected to impact the capital structure and free cash flows for the company over the medium term. About Shree Arun Shree Arun Packaging Company Private limited, a packaging company incorporated in 1995, is engaged in multi-color printing and paper conversions for cartons, boxes, catch covers, wrappers, labels, stickers, leaflets, folders, visual aids, playing cards, and other items of paper and board. SAPCO mainly caters to the requirements of the pharmaceuticals and FMCG sector with some of the leading pharmaceutical companies as its clients. The company is complete solutions provider of cartons to these sectors with high quality offset printing, punching, foil stamping, UV varnishing and laminating capabilities. The company has its manufacturing facilities in Mahape, Navi Mumbai. Recent Results SAPCO has recorded a profit after tax (PAT) of INR1.39 crore on an operating income of INR14.89 crore for the financial year ending March 31, 2010. The company had recorded a net loss of INR0.26 crore on an operating income of INR11.16 crore for previous financial year ending March 31, 2009. SHRI SAKTHI: ICRA Places 'LBB' Rating on Various Bank Facilities ---------------------------------------------------------------- ICRA has assigned an 'LBB' rating to INR6.29 crore fund-based term loans and the INR4.50 crore cash credit facilities of Shri Sakthi Papers India Private Limited the outlook on the rating is Stable. ICRA has also assigned an 'A4' rating to the INR0.75 crore non- fund based letter of credit and the INR0.10 crore bank guarantee facilities of SPPL. The ratings are constrained by the highly fragmented nature of the industry with low entry barriers; modest scale of operations; inherent cyclicality of the paper industry; and the weak financial risk profile characterized by high gearing and tight liquidity position. The ratings, however, favorably factor in the positive demand outlook for Printing & Writing Paper (PWP) in the medium term; the healthy plant capacity utilization and efficiency levels; established relationships with customers in southern India and the significant track record of the promoters in the paper industry. About Shri Sakthi Shri Sakthi Papers India Private Limited, incorporated in 2004, is predominantly engaged in the production of printing and writing paper (PWP) including cream wove paper, maplitho paper and coated paper. The company was promoted by the first generation entrepreneur, Mr. P. Swaminathan, and began commercial production in 2006. The company has a manufacturing unit in Erode District, Tamil Nadu, with a capacity of 7500 metric tonnes per annum (mtpa) and plans to expand the capacity to 13000 mtpa in FY2011. The company is a privately held company and the entire equity stake is held by the promoters. Trinity Papers Private Limited, which is a group company, is a dealer for Ballarpur Industries Limited (BILT) for Coimbatore, Tirupur, Salem and Kerala. The company reported operating income of INR17.1 crore and net profit after tax of INR0.7 crore in FY2010. SRI VENKATRAM: Fitch Assigns National Long-Term Rating at 'D' ------------------------------------------------------------- Fitch Ratings has assigned India's Sri Venkatram Spinners Private Limited a National Long-term rating of 'D(ind)'. The agency has also assigned ratings to SVSPL's bank facilities: - INR262 million long-term loans: 'D(ind)'; - INR160 million fund-based working capital limits: 'D(ind)'/'F5(ind)'; and - INR70 million non-fund based limits: 'D(ind)'/'F5(ind)'. The ratings reflect the continuing delays in the repayment of SVSPL's term loan facilities. There have been liquidity pressures due to adverse conditions in the domestic spinning industry in 2009; however, more recently, the company has stated that its margins and cash flows have improved, which would enable it to avoid delays in its debt service obligations in future. The company is characterized by its relatively smaller size, and is therefore vulnerable to adverse variations in prices of cotton and yarn. The industry is working capital intensive and liquidity issues are a prime concern. Positive rating triggers include regularity in the repayment of SVSPL's bank facilities and an improvement in its revenues and profitability. SVSPL is a Rajapalyam-based (near Madurai, Tamil Nadu) company engaged in the manufacturing of cotton yarn with an installed capacity of 43,824 spindles as at FYE10. In FY10, SVSPL reported revenues of INR635.3 million (FY09: INR613.7 million) and an EBITDA of INR121.5 million (FY09: INR80.2 million). TOTEM INFRA: CARE Assigns 'CARE BB+' Rating to INR285cr LT Loan --------------------------------------------------------------- CARE assigns 'CARE BB+' and 'PR 4' rating to bank facilities of Totem Infrastructure Ltd. Amount Facilities (INR crore) Ratings ---------- --------- ------- Long-term Bank Facilities 285 'CARE BB+' Assigned Long/Short-term Bank Facilities 520 'CARE BB+'/'PR 4' Assigned Rating Rationale The rating factors in liquidity strain faced by TIL from higher growth in the turnover, limited track record of operations when compared to other larger and established players in the construction industry, high gearing levels, and significant concentration of the order book in respect of a few projects. The rating derives strength from experienced promoters and professional management, experience of the company in execution of infrastructure projects, healthy order book position, favorable industry scenario and steps taken by the company to diversify into new areas. The ability of the company to manage future growth without further deterioration in its financial risk profile is the key rating sensitivities. About Totem Infrastructure Incorporated in 1997 Totem Infrastructure Ltd. is a civil engineering and Construction Company promoted by Mr.Salalith Tottempudi, currently Managing Director. The company is engaged in construction of national highways, irrigation projects, land development and industrial infrastructure projects. As on December 1, 2009, the order book of TIL was at INR1127 crore. On a total income of INR295 crore, TIL earned a PAT of INR13 crore in FY09. The company achieved a total income of INR546 crore with PAT of INR21 crore in FY10 (Prov). ========= J A P A N ========= JLOC XXXIII: S&P Downgrades Ratings on Class C Certs. to 'B-' ------------------------------------------------------------- Standard & Poor's Ratings Services lowered to 'B- (sf)' from 'BB+ (sf)' (five notches) its rating on class C of the JLOC XXXIII Trust Certificate transaction and affirmed its ratings on the class A, B, D, and X trust certificates issued under the same transaction. Out of the ten loans and specified bonds that initially backed the transaction, only one loan and three specified bonds remain, all of which have defaulted. S&P downgraded class C because: With regard to one of the three remaining specified bonds (the specified bond, which originally represented about 14.2% of the total initial issuance amount of the trust certificates, is backed by rental apartment buildings and office buildings located in Hokkaido), S&P further lowered its assumption with respect to the likely collection amount from the related collateral properties considering the status of collection procedures undertaken by the servicer. S&P currently assume that the combined value of the properties that S&P revised this time is about 41% of its initial underwriting value, whereas S&P assumed that the total value of the properties was about 55% of its initial underwriting value when S&P reviewed its ratings on Sept. 18, 2009. Similarly, S&P further lowered its assumption with respect to the likely collection amount from the transaction's remaining loan (the loan originally represented about 14.5% of the total initial issuance amount of the trust certificates), after considering a number of factors, including the status of collection procedures undertaken by the servicer, the performances of the remaining properties backing the loan (the remaining properties consist of rental apartment buildings in Tokyo), and property cash flow. S&P currently assume that the combined value of the properties that S&P revised this time is about 68% of its initial underwriting value, whereas S&P assumed that the total value of the properties was about 74% of its initial underwriting value when S&P reviewed its ratings on Sept. 18, 2009. Six out of the ten loans and specified bonds that initially backed the transaction have been repaid. As such, credit enhancement has improved as the redemption of principal for the trust certificates has progressed. The affirmations of classes A and B reflect the higher credit enhancement for these two classes. At the same time, S&P affirmed its ratings on the class D and X trust certificates. JLOC XXXIII is a multi-borrower CMBS transaction. The certificates were originally secured by five nonrecourse loans and five specified bonds. The loans and specified bonds were initially backed by a total of 110 real estate properties and real estate beneficial interests owned by nine obligors. This transaction was arranged by Morgan Stanley Japan Securities Co. Ltd., and ORIX Asset Management & Loan Services Corp. is the transaction servicer. The ratings address the full and timely payment of interest and the ultimate repayment of principal by the transaction's legal final maturity date in July 2013 for the class A certificates, the full payment of interest and ultimate repayment of principal by the legal maturity date for the class B to D certificates, and the timely payment of available interest for the interest-only class X certificates. Rating Lowered JLOC XXXIII JPY67.8 billion trust certificates due July 2013 issued on Nov. 16, 2006. Class To From Initial Issue Amount ----- -- ---- -------------------- C B- (sf) BB+ (sf) JPY8.0 bil. Ratings Affirmed Class Rating Initial Issue Amount ----- ------ -------------------- A AAA (sf) JPY43.7 bil. B AA (sf) JPY8.6 bil. D CCC (sf) JPY7.5 bil. X AAA (sf) JPY67.8 bil.* * Initial notional principal. ORSO ABS: S&P Downgrades Ratings on Various Classes of Notes ------------------------------------------------------------ Standard & Poor's Ratings Services lowered its ratings on ORSO ABS Funding Trust1-SFFC's classes C to class E-Deferral beneficiary interests, and affirmed its rating on the class B beneficiary interests. At the same time, S&P removed the ratings on all four classes from CreditWatch with negative implications, where they had been placed on June 10, 2010. Class A has already been redeemed. The negative CreditWatch placements made on June 10, 2010, reflected the following factors: 1) the timing of the liquidation of collateral properties was behind the schedule set out in the initial business plan; 2) under the revised business plan, the schedule for the liquidation of the collateral properties was extended and the assumption with respect to the likely collection amount from the properties was lowered (as of June 10, 2010, the revised business plan had yet to be approved); 3) while some progress had been made in the liquidation of the collateral properties, recoveries by other means were limited and there was no real expectation that they would increase in the future; and 4) delays in liquidating the collateral properties raised concern over a possible increase in negative carry risk that arises when a portion of principal collections is applied to the payment of dividends and transaction costs prior to the repayment of the beneficiary interests, thus decreasing the amount available for repayment. Standard & Poor's has confirmed that the revised business plan was approved, ascertained the reasons behind the revision, and reviewed a number of factors including the content of the business plan, as well as the backup servicer's collection policy through meetings with the backup servicer. The downgrades reflect S&P's view concerning: (1) the revised business plan that was approved in June; (2) the obligors' creditworthiness given that recovery by means other than selling the collateral properties is highly unlikely; and (3) a possible increase in negative carry risk. Meanwhile, S&P affirmed its rating on class B because, as principal redemption on that class has progressed, it is its view that the current rating is commensurate with the likelihood of principal being redeemed before the transaction's legal final maturity date. Classes B to E-Deferral beneficiary interests are ultimately backed by: 1) real estate-backed loan receivables originated by Real Estate Credit Co. Ltd. (the former SF Real Estate Credit Co. Ltd.), a newly established company that took over the real estate backed loan business of SFCG Co. Ltd. through a company spin-off; and 2) real estate-backed loan receivables originated by SFCG prior to the company spin-off. Ratings Lowered, Off Creditwatch Negative ORSO ABS Funding Trust1-SFFC JPY30 billion beneficiary interests due September 2012 Class To From Initial Issue Amount Coupon Type ----- -- ---- -------------------- ----------- C B- (sf) BB (sf)/Watch Neg JPY3.1 bil. Floating D CCC- (sf) B- (sf)/Watch Neg JPY2.8 bil. Floating Initial Class To From Issue Amount Coupon Type ----- -- ---- ------------ ----------- E-Deferral* CCC- (sf) CCC (sf)/Watch Neg JPY3.6 bil. Floating * Conditional deferred dividends Rating Affirmed, Off Creditwatch Negative Class To From Initial Issue Amount Coupon Type ----- -- ---- -------------------- ----------- B BBB (sf) BBB (sf)/Watch Neg JPY4.6 bil. Floating Issue date Sept. 21, 2007. SHIN-NIHON TATEMONO: To Enter Out-of-Court Debt Mediation --------------------------------------------------------- Bloomberg News reports that Shin-Nihon Tatemono Co. will enter out-of-court debt mediation. Shin-Nihon Tatemono said in a statement to the Tokyo Stock Exchange that the Japanese Association of Turnaround Professionals accepted the company's application on September 3, according to Bloomberg. The Company did not disclose the size of its liabilities, the report adds. Shin-Nihon Tatemono Co., Ltd., is a Japan-based company engaged in the real estate business. The Company operates in four business segments. The Liquidation segment sells investment properties for funds, as well as the condominium land to other developers in inner-city district. The Condominium Sales segment sells family residential condominiums. The Detached House Sales segment sells houses in the outskirts of Tokyo, as well as Kanagawa, Chiba and Saitama Prefectures. The Others segment is engaged in the leasing of residential and commercial properties, as well as the provision of real estate-related consulting services. ========= K O R E A ========= HYUNDAI ENGINEERING: Creditors to Re-Invite Fresh Bids This Month ----------------------------------------------------------------- Creditors of Hyundai Engineering & Construction Co. said Sunday that they will re-invite fresh bids for the company later this month, Yonhap News Agency reports. Yonhap relates the creditors said they will send out invitational notices on the Hyundai Engineering sale on Sept. 24, receive bids in early November and select a preferred bidder in December. As reported in the Troubled Company Reporter-Asia Pacific on July 1, 2010, Bloomberg News said Hyundai Engineering's creditors plan to choose a preferred bidder for a KRW2.17 trillion controlling stake in the builder by the end of this year. The debt holders plan to complete the sale, open to both domestic and overseas buyers, by early 2011. About Hyundai Engineering Headquartered in Seoul, South Korea, Hyundai Engineering & Construction Company Limited -- http://www.hdec.co.kr/-- is involved in civil engineering, housing development projects and other contracted construction works in South Korea and internationally. Its operations fall into the following key areas: building, civil works, plant and power works. Within the building and housing section, HDEC is involved in construction and architecture, and has been involved in residential, commercial and institutional building projects. Hyundai Engineering has been under creditors' control. In August 2001, Hyundai Group was split into three -- Hyundai Motor, Hyundai Heavy Industries and one which retained the name, Hyundai Group -- while the remaining businesses were taken over by creditors. =============== M A L A Y S I A =============== KENMARK INDUSTRIAL: Not Seeking More Time to Submit Results ----------------------------------------------------------- Kenmark Industrial Co. (M) Berhad said that it will not apply for extension of time to issue first quarter financial results ended June 30, 2010. The Company told Bursa Malaysia that the reason was because the directors were unable to obtain the financial information from overseas subsidiaries for consolidation as the overseas offices have ceased to operate. The Company has been suspended since August 9, 2010, when it failed to submit its audited financial statements for the financial year ended March 31, 2010, to Bursa Securities for public release within the stipulated timeframe. Due to these reasons, the Company said its directors were unable to advise on the date of the issuance of the results. About Kenmark Industrial Kenmark Industrial Co. (M) Berhad is a Malaysia-based company. The Company is engaged in the manufacturing of computer workstations, cabinets, furniture; printing of packaging materials; the distribution of consumer products, and investment holding. The Company is also engaged in plastic injection for furniture parts, and assembly and distribution of liquid crystal display (LCD). It exports its products to the United States, Europe, Japan and Australia. The Company's wholly owned subsidiaries include Kenmark Paper Sdn. Bhd., which is engaged in manufacturing plastic parts for wooden furniture and cabinets, and investment holding; Kenmark (Labuan) Limited, which is engaged in international trading, commission agent and investment holding; Phoenix International Group Limited, which is engaged in trading in electronic devices, and Billion Dynamic Sdn. Bhd., which is engaged in the assembling and trading of electronic devices. * * * Kenmark Industrial Co. (M) Berhad has been classified a Practice Note 17 company based on the criteria set by the Bursa Malaysia Securities Bhd after it triggered Paragraph 2.1(f) of the Listing Requirements. The Company's major subsidiaries have defaulted on some of their banking facilities. The Company is also unable to provide a solvency declaration. LUSTER INDUSTRIES: Reports MYR2.49 Million Net Loss in June 30 Qtr ------------------------------------------------------------------ Luster Industries Berhad reported a net loss of MYR2.49 million on revenue of MYR14.22 million for the three months ended June 30, 2010, compared with a net loss of MYR2.08 million on revenue of MYR10.54 million in the same quarter of 2009. The higher loss after taxation for current quarter under review was mainly due to the completion of the disposal of Mctronic Group which has resulted in a loss of MYR0.7 million and the disposal of idle plant & machinery which has resulted in a loss of MYR0.9 million. As of June 30, 2010, the Company's consolidated balance sheet showed MYR74.09 million in total assets, MYR79.66 million in total liabilities and a shareholders' deficit of MYR5.56 million. The Company's consolidated balance sheet at June 30, 2010, also showed strained liquidity with MYR36.57 million in total current assets available to pay MYR78.24 million in total current liabilities. A full-text copy of the Company's quarterly report is available for free at http://ResearchArchives.com/t/s?6ac0 Going Concern Doubt The audited report of the preceding annual financial statements of Luster Industries Bhd contained an emphasis of matter on the uncertainties over its ability to continue as a going concern. The going concern of the Group is dependent on the approval and successful implementation of the proposed Regularization Plan. About Luster Industries Luster Industries Berhad is a Malaysia-based investment holding company that provides management services to its subsidiaries. The company is principally engaged in the manufacture of precision plastic parts and components, and sub assembly and full assembly of plastic parts and products. During the year ended December 31, 2005, the company acquired Mctronic Plastic Sdn. Bhd., Mature Step International Limited and Poly Link Limited. On June 29, 2006, the company disposed of its investment in its joint venture, Luster Nakazawa R&D Sdn Bhd, representing 51% of Luster Nakazawa R&D Sdn Bhd. * * * As reported by the Troubled Company Reporter-Asia Pacific on May 8, 2008, the company was considered as an affected listed issuer of the Practice Note No. 17/2005 of Bursa Malaysia Securities Berhad as the external auditors have expressed a modified opinion on the company's going concern and on its consolidated shareholders' equity amounting to MYR25,191,597, which is less than 50% of its total issued and paid-up share capital of MYR61,183,000. OILCORP BERHAD: Incurs MYR12.68 Million Net Loss in June 30 Qtr --------------------------------------------------------------- OilCorp Berhad reported a net loss of MYR12.68 million on revenues of MYR29.68 million for the three months ended June 30, 2010, compared with a net income of MYR170,00 on revenues of MYR69.53 million for the same period ended June 30, 2009. At June 30, 2010, the Company's consolidated balance sheet showed MYR296.54 million in total assets, MYR502.59 million in total liabilities and a shareholders' deficit of MYR206.05 million. The Company's consolidated balance sheet at June 30, 2010, also showed strained liquidity with MYR77.39 million in total current assets available to pay MYR496.06 million in total current liabilities. A full-text copy of the Company's quarterly report is available for free at http://ResearchArchives.com/t/s?6abe About Oilcorp Berhad Oilcorp Berhad is a Malaysia-based investment holding company. The Company operates in five segments: oil and gas and engineering, which includes engineering, procurement, construction and contract-related services in oil and gas related industries; property investment/resort, which includes property and resort operations and related activities and services; investment holding, which includes investment holding; fisheries, which includes deep sea fishing operations and related activities, and overseas special project (construction), which includes engineering, procurement, construction and contract-related sources in non oil and gas industries related industries. Its wholly owned subsidiaries include Oil-Line Engineering & Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd. and D'Tiara Corp Limited. Oilcorp Berhad has been classified as an Affected Listed Issuer under Practice Note 17/2005 of Bursa Malaysia Securities Berhad as the Company is unable to provide a solvency declaration to Bursa Securities following a default in its interest payments pursuant to Practice Note 1/2001. SATANG HOLDINGS: Posts MYR258,000 Net Income in Qtr Ended June 30 ----------------------------------------------------------------- Satang Holdings Berhad reported net income of MYR258,000 on MYR16.41 million of revenues in the quarter ended June 30, 2010, compared with net income of MYR965,000 on MYR12.45 million of revenues in the same quarter in 2009. The Company's balance sheet as of end-June showed MYR53.57 million in total assets, MYR30.93 million in total liabilities and total shareholders' equity of MYR22.64 million. A full-text copy of the Company's quarterly report is available for free at http://ResearchArchives.com/t/s?6ac3 About Satang Holdings Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is engaged in the maintenance, repair and overhaul of aviation and safety equipment and operations and principally in Malaysia. Through its subsidiaries, the company is also engaged in the supply and distribution of environmental products, providing training and seminar in respect of environmental management system and other related services; providing consultancy and solution services and implementing of high-technology and surveillance security systems and its related services; supplying and servicing of pipe cleaning products and equipment, and supplying and maintenance of marine safety and survival equipment and accessories. Its subsidiaries include Satang Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd., Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn. Bhd. * * * As reported by the Troubled Company Reporter-Asia Pacific on May 13, 2008, the company triggered Paragraph 2.1 of the Amended Practice Note 17/2005 as its independent auditor, Anuarul Azizan Chew & Co., has concluded in its Audit Investigative Reports that out of the MYR39.27 million alleged overstated revenue of the company, MYR35.43 million represents invalid sales which should not be recorded in the books for the financial year ended September 30, 2007. VTI VINTAGE: Posts MYR964,000 Net Loss in Quarter Ended June 30 --------------------------------------------------------------- VTI Vintage Berhad posted a net loss of MYR964,000 on revenue of MYR2.44 million for the quarter ended June 30, 2010, compared with a net loss of MYR2.15 million on revenue of MYR2.12 million in the same period last year. At June 30, 2010, the Company's consolidated balance sheet showed MYR54.56 million in total assets, MYR51.72 million in total liabilities and stockholders' equity of MYR2.84 million. The company's consolidated balance sheet at June 30, 2010, showed strained liquidity with MYR9.94 million in total current assets available to pay MYR37.41 million in total current liabilities. A full-text copy of the Company's quarterly report is available for free at http://ResearchArchives.com/t/s?6abd About VTI Vintage VTI Vintage Berhad is an investment holding company. It also provides management services to its subsidiaries. The Company, through its subsidiaries is principally engaged in the manufacturing and trading of roof tiles, investment holding and trading of roof tiles and roof related products, supply and laying of roof tiles and installation of roofing on a consignment basis and manufacture, supply and installation of steel related building materials. On February 25, 2010, VTI Vintage Berhad was classified as an Amended Practice Note 17 issuer based on the criteria set by the Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1 (a) of the PN17. ==================== N E W Z E A L A N D ==================== SOUTH CANTERBURY: Turners and Growers Not Keen on Buying Scales --------------------------------------------------------------- Turners and Growers said it is not interested in buying South Canterbury Finance's apple business, The New Zealand Herald reports. The NZ Herald discloses that South Canterbury Finance owns 79.7% of Scales Corporation, one of New Zealand's largest apple producers, through its subsidiary Mr. Apple New Zealand. The firm, which has 17 orchards in the Hawkes Bay and grows more than two million cartons of apples each year, is expected to be sold as part of South Canterbury's receivership, the report says. Turners and Growers Chairman Tony Gibbs, however, said "We are not interested in being a commodity apple grower." Mr. Gibbs said while Turners had joint ventures with other growers it was more interested in exporting than growing apples, according to the NZ Herald. The report, citing one industry source, says the Scales business was unlikely to be sold as a whole in New Zealand because some of the orchards were not well-positioned. The source said Scale was likely to be either be broken up or sold to an overseas buyer. About South Canterbury Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the provision of financial services. The Company's principal activities are borrowing funds from public and institutional investors and on- lending those funds to the business, plant and equipment, property, rural and consumer sectors. It typically advances funds by means of hire purchase, floor plans, leasing of plant, vehicles and equipment, personal loans, business term loans and revolving credit facilities, mortgages against property, and other financial instruments, including consumer loan insurance. Southbury Group Limited holds a controlling interest in the Company. Its subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd, Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd, Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd, Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd, Walkato Finance Ltd and Wellington Finance Ltd. On August 31, 2010, Trustees Executors Limited, as trustee for South Canterbury Finance charging group, appointed Kerryn Downey and William Black of McGrathNicol as receivers of the charging group's secured assets. "As Trustee, we have had South Canterbury Finance under heightened surveillance since 2008. As part of that, SCF was granted a Trustee waiver in February 2010 to allow it time to recapitalise. Unfortunately, the Company's Directors have advised us that they have not been successful with respect to a recapitalization and requested us to appoint a receiver. At this point we, as Trustee, agree that it is the best interests of debenture, deposit and bond holders to do that," said Yogesh Mody, Southern Regional Manager for Trustees Executors Limited. The New Zealand government said it would repay South Canterbury's 35,000 depositors and stockholders NZ$1.6 billion under the crown retail deposit guarantee scheme. ===================== P H I L I P P I N E S ===================== PRIMETOWN PROPERTY: SEC Revokes Permit to Sell Securities --------------------------------------------------------- BusinessWorld Online reports that the Securities and Exchange Commission has revoked Primetown Property Group, Inc.'s registration and permit to sell securities because of failure to submit financial statements. BusinessWorld discloses that Primetown Property did not file its financial reports for 2008 and the first to third quarters of last year, resulting in a penalty of PHP154,100. According to the report, Primetown Property also failed to submit subsequent reports which were already due, such as the 2009 annual report and 2010 first quarter report. BusinessWorld says the listed property firm on July 21 requested more time to allow external auditors to complete the audit of its financial statement. But in an en banc meeting on Aug. 26, the corporate regulator denied the petition of Primetown Property. In May this year, the SEC suspended Primetown Property's registration and permit to sell securities for 60 days due to its failure to submit financial statements. About Primetown Property Primetown Property Group Inc. was incorporated on May 16, 1989 as an owner and developer of real estate properties. Its first project was the Century Citadel Inn Makati, which was completed in 1993. The success of this maiden project led PMT to launch another condotel project in 1994, the Makati Prime Century Tower. That same year, PMT also launched the Makati Prime City, a mixed-use residential and commercial development on a 1.7- hectare property located near San Antonio Village, Makati City. PMT went into a rapid expansion mode in 1996, but after having launched several big projects, the company was caught flat- footed when the Asian financial crisis hit the Philippines in July 1997 and continued through 1998. The company was forced to enter into various restructuring and dacion en pago arrangements with its creditors to reduce its debt, to downsize substantially its operations to cut costs, and to suspend construction on all projects, except those already transferred to the banks to conserve cash. PMT was also forced to suspend contracting of new sales and collection of receivables from the affected projects pending the resumption of project construction. The last five years from 2002 to 2006 were a period of further downsizing, cost-cutting, debt- retirement, searching and negotiating with prospective joint venture partners for possible takeover of PMT's projects. As a result, the company's operations have been substantially reduced. On December 15, 2003, the Board and stockholders of PMT approved the shortening of term of corporate existence of PMT's subsidiaries up to December 31, 2003, thereby dissolving all subsidiaries, except Billion Land Inc. These subsidiaries have not yet started commercial operations since their incorporation in 1997. The SEC approved the dissolution in March 2004. ================= S I N G A P O R E ================= IONA TECHNOLOGIES: Creditors' Proofs of Debt Due October 4 ---------------------------------------------------------- Iona Technologies Pte Ltd, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by October 4, 2010, to be included in the company's dividend distribution. The company's liquidator is: Timothy James Reid c/o 8 Robinson Road #12-00 ASO Building Singapore 048544 OAS ENGINEERING: Court to Hear Wind-Up Petition on September 17 --------------------------------------------------------------- A petition to wind up the operations of OAS Engineering Pte Ltd will be heard before the High Court of Singapore on September 17, 2010, at 10:00 a.m. The Comptroller of Goods and Services Tax filed the petition against the company on August 26, 2010. The Petitioner's solicitors are: Infinitus Law Corporation 77 Robinson Road #16-00, Robinson 77 Singapore 068896 SPI TECHNOLOGY: Members' Final Meeting Set for October 4 -------------------------------------------------------- Members of Spi Technology Pte Ltd, will hold their final meeting on October 4, 2010, at 10:00 a.m., at 10 Jalan Besar, #11-05, Sim Lim Tower, Singapore 208787. At the meeting, Akber Ali S/O Thajudeen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TAMPINES PROPERTIES: Creditors' Proofs of Debt Due October 3 ------------------------------------------------------------ Tampines Properties Pte Ltd, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by October 3, 2010, to be included in the company's dividend distribution. The company's liquidators are: Tam Chee Chong Andrew Grimmett 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 UNISTEEL PRECISION: Members' Final Meeting Set for October 4 ------------------------------------------------------------ Members of Unisteel Precision Pte Ltd, will hold their final meeting on October 4, 2010, at 10:00 a.m., at 10 Jalan Besar, #11- 05, Sim Lim Tower, Singapore 208787. At the meeting, Akber Ali S/O Thajudeen, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. VERTEX GLOBAL: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on August 20, 2010, to wind up the operations of Vertex Global Holdings Pte Ltd. Chartered Architects International filed the petition against the company. The company's liquidator is: The Official Receiver Insolvency & Public Trustee's Office 45 Maxwell Road, #05-11/#06-11 The URA Centre (East Wing) Singapore 069118 ============= V I E T N A M ============= VIETNAM SHIPBUILDING: Four More Former Vinashin Officials Arrested ------------------------------------------------------------------ Bloomberg News reports that Vietnamese police arrested four former officials of Vietnam Shipbuilding Industry Group, known as Vinashin, as the government extended its investigation into financial difficulties at the state-owned company. Bloomberg relates the Ministry of Public Security said the people arrested on Sept. 3 include two former board members, Tran Quang Vu and Tran Van Liem, and ex-general directors of two of Vinashin's subsidiaries, Nguyen Van Tuyen and Nguyen Tuan Duong. Bloomberg notes that Pham Thanh Binh, the company's former chairman and chief executive officer, was arrested a month ago. The officials "have intentionally violated state regulations on economic management that have resulted in serious consequences," the Ministry of Public Security in the statement, according to Bloomberg. The findings are "based on investigation results, evidence and confessions from Pham Thanh Binh." As reported in the Troubled Company Reporter-Asia Pacific on July 16, 2010, Prime Minister Nguyen Tan Dung decided to suspend Phan Thanh Binh from his Chairmanship of Vinashin as the government started an investigation into financial dilemma of the state-owned company. Prime Minister Nguyen Tan Dung ordered to investigate responsibilities and detect faults of Mr. Binh when he carried out the assigned tasks. Deputy Minister of Transport Nguyen Hong Truong was appointed to replace Mr. Binh as the Chairman of Vinashin. Vinashin doesn't have enough funds for some projects after its customers and lenders were hit by the global recession that started in 2008. The company also over-diversified its business activities and hasn't managed its cash flow and debt. Vietnam Shipbuilding Industry Group is a state-owned shipbuilding company. =============== X X X X X X X X =============== KABUL BANK: Teetering on Insolvency, Seeks U.S. Bailout ------------------------------------------------------- The Wall Street Journal's Matthew Rosenberg reports that Mahmood Karzai, brother of Afghanistan's president and the third-largest shareholder in Kabul Bank, the country's largest bank, called on the United States to shore up the lender after depositors withdrew about a third of its cash reserves in two days, while the country sought to avert a destabilizing crisis at a crucial moment in the fight against the Taliban. Depositors have withdrawn about $177 million from the lender -- about a third of its available cash -- in the two days since Afghan regulators forced out the bank's two top executives and placed a central bank official in charge, amid allegations that they made hundreds of millions of dollars in often-clandestine loans to themselves and Afghan government insiders. The Journal says Mr. Karzai urged the U.S. to calm the situation, saying the lender could keep up with the pace of withdrawals for only a few more days. According to the Journal, the U.S. said it has no plans to prop up Kabul Bank and has only sent in a small team of experts to help the Afghan central bank sort out the mess. "While we are providing technical assistance to the Afghan government, we are taking no steps to bail out Kabul Bank," said White House spokesman Robert Gibbs, according to the Journal. The Journal reports Mr. Karzai said if the withdrawals continue apace, the bank would be effectively insolvent by early next week. The Journal relates the bank has $1.3 billion in deposits, and its total assets are almost equal to its liabilities. But the lender only had $500 million in cash on hand at the start of the crisis, Mr. Karzai said. Its other assets -- including Dubai real estate investments of uncertain value -- aren't easily convertible into cash. The Journal also reports Kabul Bank's woes pose a threat to Afghanistan's nine other private banks, potentially foiling years of American-backed efforts to build from scratch the kind of banking system seen as essential to a healthy economy. The Journal further relates some U.S. officials expressed doubt that the Afghan government could bear the strain of propping up Kabul Bank without outside help. The government took in less than $1 billion in revenue last year and relies on the U.S. and other donors for much of its budget. If Kabul Bank were to run short of money, the cash for depositors "may well come from the coffers of U.S. taxpayers and other international donors," said one U.S. official. * BOND PRICING: For the Week August 30 to September 3, 2010 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ADVANCED ENERGY 9.50 01/04/2015 AUD 1.07 AINSWORTH GAME 8.00 12/31/2011 AUD 1.00 AMP GROUP FINANC 9.80 04/01/2019 NZD 1.03 ANTARES ENERGY 10.00 10/31/2013 AUD 1.98 BECTON PROP GR 9.50 06/30/2010 AUD 0.25 CBD ENERGY LTD 12.50 01/29/2011 AUD 0.14 CHINA CENTURY 12.00 09/30/2010 AUD 0.85 EXPORT FIN & INS 0.50 12/16/2019 AUD 61.70 EXPORT FIN & INS 0.50 06/15/2020 AUD 62.40 EXPORT FIN & INS 0.50 06/15/2020 AUD 59.84 FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.45 GRIFFIN COAL MIN 9.50 12/01/2016 USD 61.00 GRIFFIN COAL MIN 9.50 12/01/2016 USD 58.91 HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.72 MINERALS CORP 10.50 09/30/2011 AUD 0.25 NEW S WALES TREA 1.00 09/02/2019 AUD 68.93 NEW S WALES TREA 0.50 09/14/2022 AUD 57.07 RESOLUTE MINING 12.00 12/31/2012 AUD 0.97 SUN RESOURCES NL 12.00 06/30/2011 AUD 0.45 TREAS CORP VICT 0.50 08/25/2025 AUD 55.90 CHINA ----- CHINA GOV'T BOND 1.64 12/15/2033 CNY 65.47 HONG KONG --------- RESPARCS FUNDING 8.00 12/29/2049 USD 34.00 INDIA ----- L&T FINANCE LTD 8.40 03/08/2013 INR 8.15 PUNJAB INFRA DB 0.40 10/15/2024 INR 26.25 PUNJAB INFRA DB 0.40 10/15/2025 INR 24.00 PUNJAB INFRA DB 0.40 10/15/2026 INR 22.02 PUNJAB INFRA DB 0.40 10/15/2027 INR 20.22 PUNJAB INFRA DB 0.40 10/15/2028 INR 18.15 PUNJAB INFRA DB 0.40 10/15/2029 INR 17.14 PUNJAB INFRA DB 0.40 10/15/2030 INR 15.83 PUNJAB INFRA DB 0.40 10/15/2031 INR 14.64 PUNJAB INFRA DB 0.40 10/15/2032 INR 13.57 PUNJAB INFRA DB 0.40 10/15/2033 INR 12.60 PYRAMID SAIMIRA 1.75 07/04/2012 USD 12.43 JAPAN ----- AIFUL CORP 1.20 11/22/2012 JPY 59.88 AIFUL CORP 1.99 05/28/2012 JPY 64.78 AIFUL CORP 1.22 10/19/2015 JPY 46.01 JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 62.25 JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 61.61 KIRAYAKA BUILDING 2.59 03/22/2016 JPY 67.50 SHINSEI BANK 5.62 12/29/2049 GBP 72.22 TAKEFUJI CORP 9.20 04/15/2011 USD 59.75 TAKEFUJI CORP 9.20 04/15/2011 USD 59.75 TAKEFUJI CORP 4.00 06/05/2022 JPY 53.47 MALAYSIA -------- ADVANCED SYNERY 2.00 01/26/2018 MYR 0.07 ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.21 CRESENDO CORP B 3.75 01/11/2016 MYR 0.84 DUTALAND BHD 6.00 04/11/2013 MYR 0.35 DUTALAND BHD 6.00 04/11/2013 MYR 0.71 EASTERN & ORIENT 8.00 07/25/2011 MYR 1.09 EASTERN & ORIENT 8.00 11/16/2019 MYR 1.11 KUMPULAN JETSON 5.00 11/27/2012 MYR 1.00 LION DIVERSIFIED 4.00 12/17/2013 MYR 1.66 MITHRIL BHD 3.00 04/05/2012 MYR 0.59 NAM FATT CORP 2.00 06/24/2011 MYR 0.06 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.23 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.53 OLYMPIA INDUSTRI 2.80 04/11/2013 MYR 0.20 PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.65 REDTONE INTL 2.75 03/04/2020 MYR 0.08 RUBBEREX CORP 4.00 08/14/2012 MYR 1.01 SCOMI ENGINEERING 4.00 03/19/2013 MYR 1.05 SCOMI GROUP 4.00 03/19/2013 MYR 0.95 TATT GIAP 2.00 06/06/2015 MYR 0.70 TRADEWINDS CORP 2.00 02/08/2012 MYR 0.77 TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.10 TRC SYNERGY 5.00 01/20/2012 MYR 1.10 WAH SEONG CORP 3.00 05/21/2012 MYR 2.50 WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.29 YTL CEMENT BHD 5.00 11/10/2015 MYR 1.93 NEW ZEALAND ----------- ALLIED FARMERS 9.60 11/15/2011 NZD 0.97 ALLIED NATIONWIDE 11.52 12/29/2049 NZD 28.00 CONTACT ENERGY 8.00 05/15/2014 NZD 1.04 FLETCHER BUI 8.50 03/15/2015 NZD 7.50 FLETCHER BUI 7.55 03/15/2011 NZD 7.25 GMT BOND ISSUER 7.75 06/19/2015 NZD 0.09 INFRATIL LTD 8.50 09/15/2013 NZD 8.60 INFRATIL LTD 8.50 11/15/2015 NZD 8.90 INFRATIL LTD 10.18 12/29/2049 NZD 60.00 KIWI INCOME PROP 8.95 12/20/2014 NZD 1.33 MARAC FINANCE 10.50 07/15/2013 NZD 0.96 SKY NETWORK TV 4.01 10/16/2016 NZD 5.65 SOUTH CANTERBURY 10.50 06/15/2011 NZD 0.96 SOUTH CANTERBURY 10.43 12/15/2012 NZD 0.71 ST LAURENCE PROP 9.25 07/15/2010 NZD 52.68 TOWER CAPITAL 8.50 04/15/2014 NZD 1.03 TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.90 TRUSTPOWER LTD 8.50 03/15/2014 NZD 7.30 TRUSTPOWER LTD 7.60 12/15/2014 NZD 1.03 TRUSTPOWER LTD 8.60 12/15/2016 NZD 1.01 UNI OF CANTERBUR 7.25 12/15/2019 NZD 1.03 VECTOR LTD 7.80 10/15/2014 NZD 1.00 VECTOR LTD 8.00 12/29/2049 NZD 7.00 SINGAPORE --------- DAVOMAS INTL FIN 5.50 12/08/2014 USD 65.75 NEXUS 1 PTE LTD 10.50 03/07/2012 USD 0.21 SENGKANG MALL 4.88 11/20/2012 USD 0.10 SENGKANG MALL 8.00 11/20/2012 USD 0.10 UNITED ENG LTD 1.00 03/03/2014 SGD 1.52 WBL CORPORATION 2.50 06/10/2014 SGD 1.80 SOUTH KOREA ----------- COSMOS PLC CO 3.00 05/30/2011 KRW 16.05 DAEWOO MTR SALES 6.55 03/17/2011 KRW 71.45 DONGSAN DEVELOPM 3.50 05/08/2011 KRW 12.44 DONGYANG TELECOM 6.00 04/28/2012 KRW 69.04 DONGYANG TELECOM 6.00 07/17/2012 KRW 69.08 DONGYANG TELECOM 6.00 07/02/2013 KRW 45.28 HOPE KOD 1ST 8.50 06/30/2012 KRW 30.42 HOPE KOD 2ND 15.00 08/21/2012 KRW 30.43 HOPE KOD 3RD 15.00 09/30/2012 KRW 30.03 HOPE KOD 4TH 15.00 12/29/2012 KRW 32.03 HOPE KOD 6TH 15.00 03/10/2013 KRW 35.96 IBK 2008/12 ABS 25.00 06/24/2011 KRW 62.03 IBK 2009/13 ABS 25.00 02/03/2012 KRW 64.76 IBK 2009/14 ABS 25.00 03/30/2012 KRW 5.77 IBK 2008/15 ABS 25.00 06/25/2012 KRW 6.19 IBK 2009/16 ABS 25.00 09/24/2012 KRW 58.77 IBK 2009/16 ABS 25.00 09/24/2012 KRW 48.61 IBK 2009/17 ABS 25.00 12/29/2012 KRW 55.26 KB 10TH SEC SPC 23.00 01/03/2011 KRW 41.61 KB 10TH SEC SPC 20.00 01/03/2011 KRW 70.36 KB 11TH SEC SPC 23.00 07/03/2011 KRW 65.35 KB 12TH SEC SPC 25.00 01/21/2012 KRW 60.10 KB 13TH SEC SPC 25.00 07/02/2012 KRW 57.19 KB 14TH SEC SPC 23.00 01/04/2013 KRW 55.44 KDB 1ST SEC SPC 20.00 06/20/2013 KRW 72.83 KDB 5TH SEC SPC 15.00 01/04/2013 KRW 72.98 KDB 6TH SEC SPC 20.00 12/02/2019 KRW 65.65 KEB SEC 17TH SPC 20.00 12/28/2011 KRW 47.68 KEDCOM CO LTD 8.00 05/29/2012 KRW 44.98 NACF-13 ABS SPS 25.00 09/25/2010 KRW 67.14 NACF-14 ABS SPS 25.00 01/15/2011 KRW 59.46 NACF-15 ABS SPS 25.00 03/18/2011 KRW 58.50 ONE KDB 1ST ABS 7.60 06/13/2011 KRW 29.17 OSAN MYTOWN 1ST 5.64 04/16/2012 KRW 62.37 OSAN MYTOWN 2ND 5.64 04/16/2012 KRW 66.96 SAM HO INTL 6.32 03/28/2011 KRW 74.73 SHINHAN 7TH SEC 20.00 12/14/2010 KRW 18.89 SINBO 2010 1ST 15.00 07/22/2013 KRW 30.38 SINBO 2ND ABS 15.00 08/26/2013 KRW 32.05 SINBO 3RD ABS 15.00 09/30/2013 KRW 29.97 SINGOK ABS 7.50 06/18/2011 KRW 69.61 SINGOK NS ABS 7.50 06/27/2011 KRW 51.22 SMI XVI ABS SPC 9.99 04/30/2011 KRW 74.00 XROAD CO LTD 5.00 10/08/2012 KRW 35.74 VIETNAM -------- VDB BOND 8.40 01/12/2012 VND 9.80 VIETNAM MACHINE 9.20 06/06/2017 VND 74.61 VIETNAM SHIPBUIL 9.00 04/13/2017 VND 61.66 VIETNAM-PAR 4.00 03/12/2028 USD 74.00 ********* 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 ***