text: TCRAP_Public/090327.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, March 27, 2009, Vol. 12, No. 61 HeadlinesA U S T R A L I ABABCOCK & BROWN INFRA: Taps Macquarie Capital as AdvisersLEIGHTON HOLDINGS: Middle East Projects Put on Hold, CancelledOZ MINERALS: Debt Repayment Deadline Extension Likely, Lender SaysMACQUARIE COUNTRYWIDE: Sells 5 More Assets to Pay DebtsSTORM FINANCIAL: Court Orders Liquidation of FirmC H I N AICBC: Goldman Sachs Agrees to Keep 80% Stake for Another YearICBC: Reaffirms Cooperative Relationship After Lock-Up PeriodH O N G K O N GALPS PRECISION: Members to Hold Final Meeting on April 20CHAINLUCK ENTERPRISE: Members and Creditors to Meet on April 23CITIC PACIFIC: Posts HK$12.66 Bln Net Loss in 2008DEBTTRADERS LIMITED: Creditors' Meeting Set for April 6FAY TSAI: Members to Hold Final Meeting on April 20FLUIDMASTER/BEMIS: Members to Hold Final Meeting on April 20GARY PRODUCTS: Members and Creditors to Meet on April 23HANG SUNG: Inability to Pay Debts Prompts Wind-UpING SECURITIES: Members to Hold Final Meeting on April 22KERRY INVESTMENTS: Members to Hold Final Meeting on April 27METEOR (HONG KONG): Members to Hold Final Meeting on April 21MINAMI INTERNATIONAL: Members and Creditors to Meet on April 23MOL HOLDINGS: Members to Hold Final Meeting on April 21PENTIX INVESTMENT: Members to Hold Final Meeting on April 24SAN SHAN: Creditors' Meeting Set for March 31SOFMAP CO: Members and Creditors to Hold Meeting on April 28I N D I AASHWIN DIAMONDS: Low Net Worth Prompts CRISIL "P4" RatingsDIAM STAR: CRISIL Rates Rs.260 Mln Export Packing Credit at 'P4'GOLD STAR: CRISIL Places 'P4' Ratings on Various Bank FacilitiesGOLD STAR: CRISIL Puts 'BB' Rating on Rs.22.8 Million Term LoanHYUNDAI MOTOR: Unit Inks Auto Finance Deal With Bank of BarodaKALIKA BUILDCON: CARE Assigns 'CARE BB' Rating on Long Term LoanM/S AGARWALA: CRISIL Puts 'BB' Rating on Rs.80.00 Mln Cash CreditRATHI RE-ROLLERS: CRISIL Rates Rs.130 Mln Term Loan at 'BB-'STAR JEWELLERY: CRISIL Rates Various Bank Facilities at 'P4'TATA MOTORS: S&P Downgrades Corporate Credit Rating to B+'J A P A NNIS GROUP: S&P Downgrades Counterparty Credit Rating to 'CCC-'M A L A Y S I AMECHMAR CORP: Loan Default Totaled MYR229.73 Mln in FebruaryN E W Z E A L A N DPLUS SMS: To Raise Funds Through Rights IssueVTL GROUP: Fined NZ$40,000 for Listing Rules Breaches* NEW ZEALAND: Economy Contracts For 4th Consecutive Quarter* NEW ZEALAND: Exports Fell 6.6% in February 2009* NEW ZEALAND: 2008 Current Account Deficit Rises to 8.9% of GDPS I N G A P O R ESTATS CHIPPAC: S&P Changes Outlook to Negative; Keeps 'BB+' RatingX X X X X X X X* Large Companies with Insolvent Balance Sheets - - - - -=================A U S T R A L I A=================BABCOCK & BROWN INFRA: Taps Macquarie Capital as Advisers---------------------------------------------------------Babcock & Brown Infrastructure said its subsidiary, BBI (DBCT)Management Pty Limited, has engaged Macquarie Capital AdvisersLimited (Macquarie) as advisers for the Dalrymple Bay CoalTerminal (DBCT) sale process.BBI said the price discovery process for DBCT recently concludedand interest was shown at both the minority and 100% level.BBI's Managing Director, Jeff Kendrew said, "The appointment ofMacquarie will provide valuable input for the DBCT sales process.Macquarie's appointment follows the recent engagement of DresdnerKleinwort and RBS (UK Office) as joint advisers for the PD Portscapital optimisation initiative."BBI in conjunction with Macquarie will now proceed with the formaldue diligence process. BBI will update the market on the outcomeof this process in due course.Based in Australian, Babcock & Brown Infrastructure Group(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist infrastructure company, which provides investors accessto a diversified portfolio of quality infrastructure assets.BBI's investment focuses on acquiring, managing and operatingquality infrastructure assets in Australia and internationally.BBI's portfolio is diversified across two asset class segments:Energy Transmission and Distribution, and TransportInfrastructure. The company comprises of Babcock & BrownInfrastructure Trust (BBIT) and Babcock & Brown InfrastructureLimited (BBIL). On July 12, 2007, Benelux Port Holdings S.A,which is a 75% subsidiary of BBIL, acquired Manuport Group NV. OnAugust 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, awholly owned subsidiary of BBIL, acquired an 80% interest in theTRI (Estate) S.p.A group of companies. On October 11, 2007, BBIFinnish Ports Oy, a wholly owned subsidiary of BBIL, acquired thecompanies Rauma Stevedoring and Botnia Shipping. * * *As reported in the Troubled Company Reporter-Asia Pacific onMarch 3, 2009, Moody's Investors Service confirmed Babcock & BrownInfrastructure Group's B1 corporate family rating and B2 seniorsecured rating. The outlook on the ratings is stable.LEIGHTON HOLDINGS: Middle East Projects Put on Hold, Cancelled--------------------------------------------------------------Leighton Holdings projects in the Middle East worth some AU$600million have been put on hold or cancelled because of the globalfinancial crisis, The Australian reports citing a JPMorgananalyst.In a note on Australia's largest construction and property groupcited by the report, JPMorgan equities analyst Alastair Reid saidthis could translate into 20 per cent less revenue in the next twofinancial years.The Australian relates that through its joint venture, Al HabtoorLeighton, the group had a combined work in hand worth AU$5.3billion at December 31, 2008, with more than AU$3.5 billion inDubai.According to the report, Mr. Reid said Leighton's profitability inthe region was "suffering" from an increase in late payments byfinancially stressed developer clients.Mr. Reid said some AU$2 billion worth of projects had beencancelled, with another US$335 billion put on hold, the Australianrelates.Leighton, the Australian recounts, reported last month a 56 percent drop in first-half net profit to AU$111 million.As reported in the Troubled Company Reporter-Asia Pacific onJan. 8, 2009, the Financial Times said Leighton Holdings warnedfirst-half profits will fall by about 60 per cent after thevalue of its listed investment declined by a further AU$200million (US$143 million) in the last three months of 2008.The company's results for this financial year will be impacted bythe values of investments in Connect East, RiverCity Motorway,BrisConnections, Devine and Macmahon, Leighton said in astatement.At December 31, 2008, the value of listed investments had fallenby a further AU$200 million since September 30, 2008. The totalasset write downs for the six months will reduce the half yearresult by AU$170 million after tax.CEO, Mr. Wal King, said that the performance of the Groupoperating companies continues to be strong, with the exception ofLeighton Properties.The operating result for the six months to December 31, prior tothe impact of investment values, is expected to be approximatelyAU$270 million which is an increase of 8% on the previous year.For the full year, the company expects to report an operatingresult after tax of approximately AU$650 million, up 8% comparedto last year's operating result of AU$608 million. The Groupsaid profit will be affected by the write down of investmentvalues.According to Leighton, work in hand has increased to approximatelyAU$37 billion at the end of December compared to AU$35.3 billionat September 30, 2008.Leighton said it expects to maintain both its interim and fullyear dividend per share at the same level as last year.The group's shares, FT relates, dropped 12 per cent to AU$25 onthe warning.Australia-based Leighton Holdings Limited (ASX:LEI) --http://www.leighton.com.au/-- along with its subsidiaries, operates in the infrastructure, resources and property markets.Principal activities of the Company within these markets areconstruction, contract mining, property development and otherservices (including environmental, telecommunications, andoperations and maintenance). Australia/Pacific involvesoperations throughout Australia, New Zealand and the Pacificregion in all business segments. Asia involves operationspredominantly in Hong Kong and Macau, Indonesia, Malaysia, India,the Gulf and the Philippines. The principal activities undertakenin this region are construction, contract mining, propertydevelopment and other services (including environmental,telecommunications and operations and maintenance).OZ MINERALS: Debt Repayment Deadline Extension Likely, Lender Says------------------------------------------------------------------OZ Minerals Ltd.'s lenders are likely to extend a March 31 debtdeadline after the Foreign Investment Review Board delayed adecision on China Minmetals takeover bid for OZ by 90 days,Reuters reports."OZ Minerals lenders will extend the deadline. Most of the banksare currently in the midst of getting their internal approvals,"Reuters cited a lender to OZ who asked not to be named due to thesensitive stage of the talks.According to Reuters, OZ was left at the mercy of its lenders thisweek after the foreign investment regulator extended its probeinto Minmetals' takeover to June 22, well past the deadline for OZto repay its debt due to be repaid by March 31.Meanwhile, the Australian relates that asset sales would be OZ'sonly option if the proposed takeover bid fails."We would have to sell assets that we consider important to thefuture of the business," the Australian quoted Bruce Loveday,executive general manager of business support at OZ Minerals, assaying at a conference in Singapore. "The only way Minmetalswould agree (to refinance OZ Minerals' debt) was if they take over100 per cent of the business and that seems fair enough in thecircumstances."Mr. Loveday, as cited by the Australian, said the company's boardexplored all refinancing options in debt and equity markets beforedeciding the Minmetals takeover was in the shareholders' bestinterests.On Mar. 18, 2009, the Troubled Company Reporter-Asia Pacific,citing The Australian, reported OZ Minerals is seeking furtherbridging finance to cover any cash requirements that may ariseduring China Minmetals Group's bid period.A spokesman for the miner, as cited by The Australian, said it isin talks with its existing lenders on a new facility that could bedrawn on to meet any cash requirements that may emerge during theoffer period."We are seeking an interim financing arrangement just to be on thesafe side," The Australian quoted the spokesman as saying. "It isa contingency plan in the event that the approval process takeslonger, commodity prices come off or there is any delay in theasset sales programs."According to The Australian, the company is seeking an extensionof its loans to September 15, which is two weeks after theMinmetals scheme of arrangement will terminate if it hasn't beenimplemented.OZ, The Australian said, didn't disclose the amount of interimfinancing it is seeking.As reported in the TCR-AP on Feb. 18, 2009, Minmetals offered topurchase all outstanding shares in OZ Minerals at a cash price of82.5 cents per share.Bloomberg News said the extension of OZ Minerals's debt facilitiesis a condition of China Minmetals Group's AU$2.6 billion takeoveroffer. About China MinmetalsChina Minmetals is one of the largest metals and minerals tradingcompanies in the world and the largest iron and steel trader inChina. The company exports coke, coal, and ferroalloys; importsiron ore, steel scraps, and slabs and billets; and sells about 20million tons of steel products annually. It has domestic iron oremining operations and also helps steel producers abroad withfacility construction and equipment supply. Other subsidiariesdeal in financial services, real estate development, andtransportation logistics. China Minmetals' sales networkstretches through Africa, the Americas, Asia, Australia, andEurope. It operates more than 100 offices in China and more than40 companies abroad. About OZ MineralsOZ Minerals Limited, formerly Oxiana Limited, --http://www.ozminerals.com/-- is an Australia-based mining company. The company is a producer of zinc, copper, lead, goldand silver. OZ Minerals was formed through a merger of Australia-based international mining companies Oxiana Limited and ZinifexLimited. The company has five mining operations located inAustralia and Asia, three new mining projects in development and aportfolio of advanced and early-stage exploration projectsthroughout Australia, Asia and North America. Its projectsinclude the Century mine in Queensland, Sepon copper operation inLaos, the gold operation at Sepon, the Golden Grove undergroundbase and precious metals mine in Western Australia, the Roseberymine in Tasmania, the Avebury nickel mine in Tasmania, theProminent Hill copper-gold project in South Australia, the Martabegold project in Indonesia, the Dugald River deposit in Queensland,and the Izok Lake and High Lake copper and zinc deposits in theNunavut territories of Canada. * * *As reported by the Troubled Company Reporter-Asia Pacific onDecember 12, 2008, Fitch Ratings downgraded OZ Minerals Limited'sLong-term foreign currency Issuer Default Rating to 'CC' from'BBB-' (BBB minus), and has simultaneously withdrawn it. Therating remained on Rating Watch Negative at the time ofwithdrawal.MACQUARIE COUNTRYWIDE: Sells 5 More Assets to Pay Debts-------------------------------------------------------Florence Chong at The Australian reports that MacquarieCountryWide Trust has sold five more assets for $92.6 million --bringing the total asset sale since 2006 to $1.1 billion.The report says the sale of four Australian supermarkets and a USasset will help reduce Macquarie CountryWide's debt-to-total-assetratio to 55 per cent."Our stated objective is to bring our gearing to around 40 percent -- a level with which our investors would be comfortablewith," the trust's chief executive, Stephen Sewell, was cited bythe report as saying. U.S. Asset SaleAs reported by the Troubled Company Reporter-Asia Pacific onJan. 28, 2009, Macquarie CountryWide disclosed it entered intocontracts with Inland Real Estate Acquisitions Inc. for the saleof the equity and debt interests of 30 U.S. shopping center assetsfor approximately US$427 million (AU$646 million).The sale included all but five of the assets that were part of thefirst two Regency joint ventures established with the Trust,Macquarie CountryWide said in a statement to the AustralianSecurities Exchange.Proceeds from the sale will be used to reduce debt and positionthe Trust to meet its refinancing obligations in the second halfof 2009.The TCR-AP, citing The Australian, reported on Dec. 12, 2008, thatMacquarie CountryWide may be forced to raise at least AU$1 billionthrough share issues or asset sales to pay down debts totalingAU$3.8 billion."In our view MCW has little option but to sell assets, as cuttingdistributions (even to zero), or raising equity will not be enoughon their own to sufficiently pay down debt," The Australian quotedGoldman Sachs JBWere's David Lloyd as saying.Some AU$450 million in commercial mortgage-backed securities aredue in December 2009, The Australian noted. About Macquarie CountryWide TrustMacquarie CountryWide Trust (ASX:MCW) --http://www.macquarie.com.au/-- is a fully integrated listed property trust investing in retail properties with assets undermanagement of AU$6.1 billion. More than AU$36 billion of realestate assets are managed globally by Macquarie Real Estate andits associates, across a portfolio of listed and unlisted propertytrusts, unlisted development funds and property investmentsyndicates.STORM FINANCIAL: Court Orders Liquidation of Firm-------------------------------------------------The Australian Securities and Investments Commission (ASIC) wonits bid to liquidate Storm Financial Group after the Federal Courtruled yesterday that the company be wound up, various reports say.The Herald Sun relates that federal court Justice John Loganappointed Ivor Worrell and Raj Khatri of Worrells Solvency andForensic Accountants as liquidators to the company. Messrs. Loganand Khatri were called in as administrators to the company inJanuary.According to the Herald Sun, the judge's ruling means thatcreditors will not meet on Monday or vote on a contentious deed ofcompany arrangement backed by Storm co-founders Emmanuel and JulieCassimatis.Justice Logan, according to the report, sided with ASIC's viewthat the deed was a misleading document that held out the falsehope that it offered a "simple solution".Meanwhile, ABC News relates that the corporate regulator said thecourt decision is a victory, but it will continue investigatingthe activities of the company and its directors."This is a major collapse because it affects the lives andlivelihoods of so many people," ABC News quoted ASIC deputychairman Jeremy Cooper as saying. "It'll be probably quite sometime before there's further clarity about what comes next."According to ABC News, ASIC is unwilling to comment on thepossibility of criminal charges against the Cassimatises.ABC News says Storm Financial's assets will now be sold off andthe proceeds divided among creditors, although it is not clear howmuch money is left.Receivers for the Commonwealth Bank will also auction off sixproperties, ABC News adds.As reported in the Troubled Company Reporter-Asia Pacific onMar. 20, 2009, the Herald Sun said ASIC had urgently applied tothe Federal Court to put Storm Financial into liquidation.The corporate regulator, Herald Sun related, said its applicationwas triggered by "misleading" information from Storm co-foundersEmmanuel and Julie Cassimatis, who want creditors to back theirdeed of company arrangement scheme.The TCR-AP, citing The Australian, reported on Mar. 18, 2009, thatthe administrators advised creditors to place the business inliquidation because "it is insolvent" instead of accepting a deedof company arrangement (DOCA) from Storm's founders Emmanuel andJulie Cassimatis.The Cassimatises, the Australian related, had urged clients, staffand creditors to vote in favour of the DOCA, which would see Stormfounders lead a legal action against the Commonwealth Bank ofAustralia for allegedly causing the company's failure."Placing the company into liquidation will provide the liquidatorwith powers to conduct further investigations into the affairs ofthe company; look at the matter of insolvent trading; recover anypreferential payments made to creditors; examine and recover anyother insolvent transactions and examine the general affairs ofthe company," the Australian cited the administrators as saying ina written statement.The Australian said liquidation would also allow Storm employeesto make a claim under the federal Government's General EmployeeEntitlements and Redundancy Scheme. About Storm FinancialStorm Financial Limited -- http://www.stormfinancial.com.au/-- operates in the Australian wealth management industry that managesover one trillion dollars in investment fund assets for over ninemillion investors, distributed through investment administrationproviders and financial advisers. These funds are investedthrough different investment products and structures, includingsuperannuation, nonsuperannuation managed funds and life insuranceproducts. Non-superannuation managed funds, which form themajority of Storm's products, total approximately 26.5% of totalinvestment fund assets in Australia, as of June 30, 2007. * * *As reported in the Troubled Company Reporter-Asia Pacific onJan. 14, 2009, Storm Financial appointed Worrells as voluntaryadministrators after the Commonwealth Bank of Australia Ltd (CBA)demanded debt repayment of around AU$20 million.Storm later closed its business and fired all of its 115 staff.The closure, the company's administrators said, was due to thesignificant reduction in Storm's income resulting in tradinglosses being incurred "at a rate which the company could no longerabsorb."The TCR-AP, citing Sydney Morning Herald, reported on Jan. 22,2009, that the Commonwealth Bank of Australia, Storm's largestcreditor, lodged a AU$27.09 million debt claim at a first meetingof the company's creditors on January 20.According to the Herald, Administrators Worrells Solvency &Forensic Accountants said the group's remaining creditors are owedAU$51 million, plus a provision for dividends of AU$10 million.=========C H I N A=========ICBC: Goldman Sachs Agrees to Keep 80% Stake for Another Year-------------------------------------------------------------Industrial and Commercial Bank of China Limited (ICBC) said thatGoldman Sachs Group, Inc. has committed to a new lock-up inrelation to its investment in ICBC.Under the existing lock-up, the ICBC shares held by Goldman Sachswould have become free in equal installments on April 28, 2009 andOctober 20, 2009. Under the new lock-up, Goldman Sachs will notsell 80% of its ICBC shares at any time prior to April 28, 2010.In addition, ICBC and Goldman Sachs reaffirmed that they willcontinue their collaborative efforts under the existing terms ofthe January 2006 Strategic Cooperation Agreement. These effortsare focused on sharing global best practices in areas such ascredit, market and operational risk management, corporategovernance, corporate and investment banking and asset management.Mr. Jiang Jianqing, Chairman of ICBC, said: "We are delighted thatGoldman Sachs will remain a major strategic investor in ICBC. Ourrelationship over the past three years has proven very successfuland we look forward to continued close cooperation between our twofirms."Mr. Lloyd C. Blankfein, Chairman and Chief Executive Officer ofGoldman Sachs, said: "Today's announcement underscores our firm'sconfidence in ICBC and our commitment to China. We look forwardto working closely with ICBC, one of the most important financialinstitutions in the world, and further developing our strategiccooperation."Goldman Sachs' investment in ICBC represents approximately 4.93%of ICBC's total outstanding shares.If Goldman Sachs pursues a sale of its ICBC shares that will bereleased from the existing lock-up on April 28, 2009, it willexplore all potential methods of sale that would maximize valueand minimize market impact, with a preference for a private saleto investors. Annual ResultsICBC disclosed its annual results for the financial year 2008.Based on International Financial Reporting Standards, ICBC'sprofit after tax for the year ended December 31, 2008, wasRMB 111.2 billion, up 35.2% from the year 2007. Earnings pershare were RMB 0.33.In 2008, ICBC's return on average total assets reached 1.21%, up19 basis points from 2007. Return on weighted average equity was19.43%, up 320 basis points from 2007. Net interest marginreached 2.95%, up 15 basis points from 2007. The Bank continuedto effectively control cost, with its cost-to-income ratiodecreasing by 5.18 percentage points from 2007 to 29.84%. Capitaladequacy ratio was maintained at 13.06%, while core capitaladequacy ratio was 10.75%. The strong capital position ensuredthe bank's sustained development capability.The Board proposed a final dividend of RMB 1.65 per 10 shares(including tax), an increase of 24.06% over 2007. Shares RallyBloomberg News reports that ICBC jumped the most in five months inHong Kong trading after shareholder Goldman Sachs agreed to keepmost of its stake for at least another year. The report saysICBC jumped as much as 12 percent, the biggest intraday gain sinceOct. 30.Before yesterday's share rally, Bloomberg News relates, ICBC hadfallen 12 percent in Hong Kong this year, the worst performanceamong six Chinese banks traded in the city, on speculation Goldmanwould sell its $8.5 billion holding. About Goldman SachsThe Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holdingcompany and global investment banking, securities and investmentmanagement firm that provides services worldwide to acorporations, financial institutions, governments and high-net-worth individuals. Its activities are divided into threesegments: Investment Banking, Trading and Principal Investments,and Asset Management and Securities Services. On December 11,2007, Credit-Based Asset Servicing and Securitization LLC, a sub-prime mortgage investor, completed the sale of its Litton LoanServicing business to Goldman Sachs. In May 2008, MBF HealthcarePartners, LP and Goldman Sachs announced the acquisition of OMNIHome Care (OMNI), a provider of skilled nursing and therapy homehealthcare services. MBF Healthcare Partners, LP and GoldmanSachs will share joint ownership of OMNI. In June 2008, itsdivision, Goldman Sachs Urban Investment Group, and Cordova, Smart& Williams, LLC announced the acquisition of H2O Plus, LLC. About ICBCThe Industrial and Commercial Bank of China (ICBC) --http://www.icbc.com.cn/-- is the largest state-owned commercial bank, and is authorized by the State Council and the People's Bankof China. ICBC conducts operations across China as well as inmajor international financial centers. * * *ICBC continues to carry Fitch Ratings' Individual D rating.On May 4, 2007, Moody's Investors Service affirmed Industrial &Commercial Bank of China Ltd's Bank Financial Strength Rating atD-. The outlook for BFSR is stable. The outlook for the long-term deposit rating is positive.ICBC: Reaffirms Cooperative Relationship After Lock-Up Period-------------------------------------------------------------Industrial and Commercial Bank of China Ltd.(ICBC) and AmericanExpress Company (American Express) reaffirmed their strategiccooperative relationship and addressed plans for the potentialsale of ICBC shares held by American Express.Pursuant to the Shareholder Rights Agreement between ICBC andAmerican Express, the lock-up period for the H-shares held byAmerican Express will expire in two equal installments on April 28and October 20, 2009.American Express said that depending on market conditions thecompany may sell its ICBC shareholding at some point after lock-upperiod, and will explore all potential methods of sale that wouldmaximize value and minimize market impact, with a preference for aprivate sale to investors.Through a network partnership agreement, ICBC has been issuingAmerican Express branded consumer and commercial cards in Chinasince 2004. By the end of 2008, the number of co-brand cardsissued exceeded 600,000, and the total consumption amount exceededRMB 10 billion. The companies plan to expand their cooperation invarious areas including credit card products development,marketing, risk management, customer service, and staff training.Mr. Jiang Jianqing, Chairman of ICBC, said: "The cooperationbetween ICBC and American Express in the past few years has beenfruitful and rewarding, we feel very satisfied with theachievements we made together. We look forward to further anddeeper partnership between our two companies to provide ourclients with better products and services.""China is a key focus for American Express and ICBC is one of ourmost important card issuing partners" said Kenneth I. Chenault,Chairman and Chief executive officer of American Express."Working together we've been able to build a strong card presencein one of the world's fastest growing markets. We look forward toexpanding our partnership in the years to come, by delivering newand innovative payment products to ICBC's customers, andcontinuing to serve them as they travel around the world."The total shareholding in ICBC by American Express representsapproximately 0.38% of ICBC's total outstanding shares. About American ExpressAmerican Express Company (American Express) is a global paymentsand travel company. The Company's principal products and servicesare charge and credit payment card products, and travel-relatedservices offered to consumers and businesses around the world.The Company's Global Consumer Group and Global Business-to-Business Group provide a variety of products and servicesworldwide. The Global Consumer Group offers a range of productsand services, including charge and lending (credit) card productsfor consumers and small businesses worldwide; consumer travelservices, and stored value products, such as Travelers Cheques andprepaid products. On February 29, 2008, Company completed thesale of its international banking subsidiary, American ExpressBank Ltd. (AEB), to Standard Chartered PLC. About ICBCThe Industrial and Commercial Bank of China (ICBC) --http://www.icbc.com.cn/-- is the largest state-owned commercial bank, and is authorized by the State Council and the People's Bankof China. ICBC conducts operations across China as well as inmajor international financial centers. * * *ICBC continues to carry Fitch Ratings' Individual D rating.On May 4, 2007, Moody's Investors Service affirmed Industrial &Commercial Bank of China Ltd's Bank Financial Strength Rating atD-. The outlook for BFSR is stable. The outlook for the long-term deposit rating is positive.================H O N G K O N G================ALPS PRECISION: Members to Hold Final Meeting on April 20---------------------------------------------------------The members of Alps Precision Company Limited will hold theirfinal meeting on April 20, 2009, at 10:00 a.m., at Room 1701 ofOlympia Plaza, 255 King's Road, in North Point, Hong Kong.At the meeting, Lui Wan Ho and To Chi Man, the company'sliquidators, will give a report on the company's wind-upproceedings and property disposal.CHAINLUCK ENTERPRISE: Members and Creditors to Meet on April 23---------------------------------------------------------------The members and creditors of Chainluck Enterprise Limited willhold their final meeting on April 23, 2009, at 11:00 a.m. and11:30 a.m., respectively, at Room 10, 16th Floor of ParklaneCentre, 25 Kin Wing Street, Tuen Mun, in N.T., Hong Kong.At the meeting, Pui Chiu Wing, the company's liquidator, will givea report on the company's wind-up proceedings and propertydisposal.CITIC PACIFIC: Posts HK$12.66 Bln Net Loss in 2008--------------------------------------------------CITIC Pacific Ltd reported a massive full-year loss in 2008 aftermaking wrong-way currency bets.CITIC Pacific posted a HK$12.66 billion net loss in 2008 comparedwith a profit of HK$10.84 billion in 2007.The company said it booked a realized and marked to market loss ofHK$14.63 billion on a number of foreign exchange contracts, whichsignificantly impacted the bottom line of the company.CITIC Pacific said it recommends not paying a final dividend. Ithas also decided that no bonuses will be paid to directors for2008.In a separate statement, CITIC Pacific said the company hasappointed Mr. Zhang Jijing and Mr. Ju Weimin as non-executiveDirectors of the company with effect from April 1, 2009.Mr. Zhang Jijing, is currently a director, the assistant presidentand the director-general of the Strategy and Planning Departmentof CITIC Group.Mr. Ju Weimin, is currently a director and the chief financialofficer of CITIC Group. He is also the chairman of CITIC TrustCo. Ltd., a non-executive director of CITIC Securities Co., Ltd.(listed on the Shanghai Stock Exchange), China CITIC BankCorporation Limited (listed on the Hong Kong Stock Exchange andthe Shanghai Stock Exchange), Asia Satellite TelecommunicationsHoldings Limited (listed on the Hong Kong Stock Exchange), CITICInternational Financial Holdings Limited (listed on the Hong KongStock Exchange until its withdrawal of listing on Nov. 5, 2008, asa result of its privatisation pursuant to a scheme of arrangement)and CITIC Ka Wah Bank Limited.As reported in the Troubled Company Reporter-Asia Pacific onOct. 22, 2008, various reports said Citic Pacific may post anearly US$2 billion loss from unauthorized currency trade by twoof its executives.The Wall Street Journal reported that the company's Group FinanceDirector Leslie Chang and Group Financial Controller Chi Yin Chauwere fired from their post for neglecting to provide properoversight. It was "regrettable that policies and procedures onrisk management were not followed," the same report cited CiticPacific Chairman Larry Yung, as saying.Citic Pacific's bet that the Australian dollar would rise resultedinto losses as the currency tumbled about 30% against its U.S.counterpart from a 25-year high reached in July, Bloomberg Newsreported. According to the WSJ, the hit to the company's bottomline could reach HK$14.7 billion (US$1.89 billion), which isroughly a third more than the company earned in 2007.Citic Pacific's state-owned parent, Citic Group, has agreed tostep in with a standing loan of US$1.5 billion. Citic Group holdsa 29% stake in Citic Pacific. About CITIC PacificHeadquartered in Hong Kong, CITIC Pacific Ltd --http://www.citicpacific.com/-- is engaged in a range of businesses in China and Hong Kong, including steel manufacturing,property development and investment, power generation, aviation,infrastructure, communications and distribution. It is 29%indirectly owned by China International Trust & InvestmentCorporation. * * *As reported in the Troubled Company Reporter-Asia Pacific onFeb. 17, 2009, Standard & Poor's Ratings Services raised its long-term corporate credit rating on CITIC Pacific Ltd. to 'BB+' from'BB'. The outlook is stable. At the same time, Standard & Poor'salso raised its issue rating on the senior unsecured notes issuedby CITIC Pacific Finance (2001) Ltd. to 'BB+' from 'BB'; the notesare guaranteed by CITIC Pacific. Both ratings were removed fromCreditWatch, where they were placed with developing implicationson Nov. 14, 2008. They were originally placed on CreditWatch withnegative implications on Oct. 21, 2008.On Nov. 18, 2008, the TCR-AP reported that Moody's InvestorsService changed the rating review to direction uncertain for bothCITIC Pacific Ltd's Ba2 corporate family rating and the Ba2 ratingof CITIC Pacific Finance (2001) Ltd's US$450 million bonds, whichare guaranteed by CITIC Pacific. The ratings were previouslydowngraded to Ba2 from Ba1 and placed under review for furtherpossible downgrade on Oct. 21, 2008, following the company'sreport of material losses from leveraged foreign exchangecontracts.DEBTTRADERS LIMITED: Creditors' Meeting Set for April 6-------------------------------------------------------The creditors of Debttraders Limited will hold their meeting onApril 6, 2009, at 10:30 a.m., for the purposes provided for onSections 241, 242, 243, 244 and 255A of the Companies Ordinance.The meeting will be held at the 35th Floor of One Pacific Place,in 88 Queensway, Hong Kong.FAY TSAI: Members to Hold Final Meeting on April 20---------------------------------------------------The members of Fay Tsai Cheung Poultry Limited will hold theirfinal meeting on April 20, 2009, at 10:30 a.m., at Room 1701 ofOlympia Plaza, 255 King's Road, in North Point, Hong Kong.At the meeting, Lui Wan Ho and To Chi Man, the company'sliquidators, will give a report on the company's wind-upproceedings and property disposal.FLUIDMASTER/BEMIS: Members to Hold Final Meeting on April 20------------------------------------------------------------The members of Fluidmaster/Bemis Asia Pacific Limited will holdtheir final meeting on April 20, 2009, at 2:00 p.m., at the29th Floor of Caroline Centre, Lee Gardens Two, in 28 Yun PingRoad, Hong Kong.At the meeting, Chen Yung Ngai Kenneth, the company's liquidator,will give a report on the company's wind-up proceedings andproperty disposal.GARY PRODUCTS: Members and Creditors to Meet on April 23--------------------------------------------------------The members and creditors of Gary Products Group (H.K.) Limitedwill hold their final meeting on April 23, 2009, at 11:00 a.m. and11:30 a.m., respectively, at Room 10, 16th Floor of ParklaneCentre, 25 Kin Wing Street, Tuen Mun, in N.T., Hong Kong.At the meeting, Pui Chiu Wing, the company's liquidator, will givea report on the company's wind-up proceedings and propertydisposal.HANG SUNG: Inability to Pay Debts Prompts Wind-Up-------------------------------------------------At an extraordinary general meeting held on December 16, 2008, themembers of Hang Sung (Lau's) Industrial Company Limited resolvedto voluntarily wind up the company's operations.The company's liquidators are: Ng Kwok Wai Lui Chi Kit JCG Building, Unit A, 14th Floor 16 Mongkok Road, Mongkok Kowloon, Hong KongING SECURITIES: Members to Hold Final Meeting on April 22---------------------------------------------------------The members of ING Securities (Overseas) Limited will hold theirfinal meeting on April 22, 2009, at 10:00 a.m., at the 39th Floorof One International Finance Centre, 1 Harbour View Street, inCentral, Hong Kong.At the meeting, Barthold Jakob Duco Egressy, the company'sliquidator, will give a report on the company's wind-upproceedings and property disposal.KERRY INVESTMENTS: Members to Hold Final Meeting on April 27------------------------------------------------------------The members of Kerry Investments Limited will hold their finalmeeting on April 27, 2009, at 3:00 p.m., at Suite No. A, 11thFloor of Ritz Plaza, 122 Austin Road, Tsimshatsui, in Kowloon,Hong Kong.At the meeting, Sung Mi Yin, the company's liquidator, will givea report on the company's wind-up proceedings and propertydisposal.METEOR (HONG KONG): Members to Hold Final Meeting on April 21-------------------------------------------------------------The members of Meteor (Hong Kong) Limited will hold their finalmeeting on April 21, 2009, at 10:00 a.m., at Level 28 of ThreePacific Place, in 1 Queen's Road East, Hong Kong.At the meeting, Ying Hing Chiu, the company's liquidator, willgive a report on the company's wind-up proceedings and propertydisposal.MINAMI INTERNATIONAL: Members and Creditors to Meet on April 23---------------------------------------------------------------The members and creditors of Minami International (Hong Kong)Limited will hold their final meeting on April 23, 2009, at11:00 a.m. and 11:30 a.m., respectively, at Room 10, 16th Floor ofParklane Centre, 25 Kin Wing Street, Tuen Mun, in N.T., Hong Kong.At the meeting, Pui Chiu Wing, the company's liquidator, will givea report on the company's wind-up proceedings and propertydisposal.MOL HOLDINGS: Members to Hold Final Meeting on April 21-------------------------------------------------------The members of MOL Holdings Limited will hold their final meetingon April 21, 2009, at 10:00 a.m., at Level 28 of Three PacificPlace, in 1 Queen's Road East, Hong Kong.At the meeting, Ying Hing Chiu, the company's liquidator, willgive a report on the company's wind-up proceedings and propertydisposal.PENTIX INVESTMENT: Members to Hold Final Meeting on April 24------------------------------------------------------------The members of Pentix Investment Limited will hold their finalmeeting on April 24, 2009, at Room 1209, 12th Floor of HSH MongkokPlaza, 794-802 Nathan Road, in Kowloon, Hong Kong.At the meeting, Pang Lai Yan, the company's liquidator, will givea report on the company's wind-up proceedings and propertydisposal.SAN SHAN: Creditors' Meeting Set for March 31---------------------------------------------The creditors of San Shan Rhone Group Limited will hold theirmeeting on March 31, 2009, at 10:30 a.m., for the purposesprovided for on Sections 241, 242, 243, 244 and 255A of theCompanies Ordinance.The meeting will be held at Room 103 of Duke of Windsor SocialService Building, No. 15 Hennessy Road, in Wanchai, Hong Kong.SOFMAP CO: Members and Creditors to Hold Meeting on April 28------------------------------------------------------------The members and creditors of Sofmap Co., Limited will hold theirfinal meeting on April 28, 2009, at 2:30 p.m. and 2:45 p.m.,respectively, at the 2nd Floor of Wing Yee Commercial Buildng, inCentral, Hong Kong.At the meeting, Lau Siu Hung, the company's liquidator, will givea report on the company's wind-up proceedings and propertydisposal.=========I N D I A=========ASHWIN DIAMONDS: Low Net Worth Prompts CRISIL "P4" Ratings----------------------------------------------------------CRISIL has assigned its ratings of "P4" to the various bankfacilities of Ashwin Diamonds. Rs.180.0 Million Packing Credit P4 (Assigned) Rs.320.0 Million Post-Shipment Credit P4 (Assigned)The ratings reflect the expected weakening in Ashwin Diamonds'operating margins on account of slowdown in demand for diamonds,leading to accumulated inventory of polished diamond. The ratingsalso factor in the company's weak financial risk profileconstrained by low net worth, increasing working capitalrequirements, and the partnership nature of business. Theseweaknesses are, however, partially offset by the benefits that thefirm derives from its established market presence and itspromoters' experience in the diamonds business. About Ashwin DiamondsSet up in 1975, Ashwin Diamonds is a partnership firm trading inrough and polished diamonds. Head-quartered in Mumbai, the firmhas sales offices in Tokyo, New York, Dubai, and Hong Kong. Thefirm outsourcers the manufacturing of polished diamonds to itscontract manufacturing facility based at Cambay in Gujarat.For 2007-08 (refers to financial year, April 1 2007 to March 312008), Ashwin Diamonds reported a profit after tax (PAT) of Rs 25million on net sales of Rs. 1.16 billion, as against a PAT of Rs.12 million on net sales of Rs. 683 million for 2006-07.DIAM STAR: CRISIL Rates Rs.260 Mln Export Packing Credit at 'P4'----------------------------------------------------------------CRISIL has assigned its ratings of 'P4' to the various bankfacilities of the Diam Star Jewellery (India) Pvt Limited. Rs.260 Million Export Packing Credit P4 (Assigned) Rs.170 Million Post Shipment Credit P4 (Assigned) Rs.130 Million Letter of Credit and P4 (Assigned) Bank GuaranteeThe ratings reflect the Goldstar group's moderate financial riskprofile, and exposure to risks relating to lengthening of thedebtors cycle due to the current economic slowdown. Theseweaknesses are, however, partially offset by the group'sestablished presence in the gems and jewellery business.For arriving at the ratings, CRISIL has combined the business andfinancial profiles of Goldstar Diamonds Pvt Ltd (GDPL), GoldstarJewellery Ltd (GJL), Goldstar Jewellery Designs Pvt Ltd (GJDPL)and Diamstar Jewellery (I) Pvt Ltd (DJPL) (collectively referredto as the Goldstar group). This is because these entities areunder a common management, have inter-company transactions, andderive operational synergies from each other. About the GroupSet up by Mr. Satish Shah in 1996, the Goldstar group is engagedin trading of diamonds and manufacturing of gold jewellery. Thediamond business is carried on by GDPL, the flagship company ofthe group with manufacturing facilities at Surat and Mumbai. Thecompany is a DTC sight holder and supplies mostly to their groupcompanies doing gold jewellery business besides clients in US,Belgium, Dubai and Hong Kong. The gold jewellery business iscarried on through GJL, GJDPL and DJPL who cater to the exportmarket.GOLD STAR: CRISIL Places 'P4' Ratings on Various Bank Facilities----------------------------------------------------------------CRISIL has assigned its ratings of 'P4' to the various bankfacilities of the Gold Star Jewellery Limited. Rs.500 Million Export Packing Credit P4 (Assigned) Rs.100 Million Post Shipment Credit P4 (Assigned) Rs.100 Million Letter of Credit and P4 (Assigned) Bank GuaranteeThe ratings reflect the Goldstar group's moderate financial riskprofile, and exposure to risks relating to lengthening of thedebtors cycle due to the current economic slowdown. Theseweaknesses are, however, partially offset by the group'sestablished presence in the gems and jewellery business.For arriving at the ratings, CRISIL has combined the business andfinancial profiles of Goldstar Diamonds Pvt Ltd (GDPL), GoldstarJewellery Ltd (GJL), Goldstar Jewellery Designs Pvt Ltd (GJDPL)and Diamstar Jewellery (I) Pvt Ltd (DJPL) (collectively referredto as the Goldstar group). This is because these entities areunder a common management, have inter-company transactions, andderive operational synergies from each other. About Gold StarSet up by Mr. Satish Shah in 1996, the Goldstar group is engagedin trading of diamonds and manufacturing of gold jewellery. Thediamond business is carried on by GSDPL, the flagship company ofthe group with manufacturing facilities at Surat and Mumbai. Thecompany is a DTC sight holder and supplies mostly to their groupcompanies doing gold jewellery business besides clients in US,Belgium, Dubai and Hong Kong. The gold jewellery business iscarried on through GJL, GJDPL and DJPL who cater to the exportmarket.GOLD STAR: CRISIL Puts 'BB' Rating on Rs.22.8 Million Term Loan---------------------------------------------------------------CRISIL has assigned its ratings of 'BB/Negative/P4' to the variousbank facilities of the Gold Star Diamond Private Limited. Rs.22.8 Million Term Loan BB/Negative (Assigned) Rs.552.5 Million Post Shipment P4 (Assigned) Credit Rs.297.5 Million Export Packing P4 (Assigned) Credit * * Interchangeable with Post Shipment CreditThe ratings reflect the Goldstar group's moderate financial riskprofile, and exposure to risks relating to lengthening of thedebtors cycle due to the current economic slowdown. Theseweaknesses are, however, partially offset by the group'sestablished presence in the gems and jewellery business.For arriving at the ratings, CRISIL has combined the business andfinancial profiles of Goldstar Diamonds Pvt Ltd (GDPL), GoldstarJewellery Ltd (GJL), Goldstar Jewellery Designs Pvt Ltd (GJDPL)and Diamstar Jewellery (I) Pvt Ltd (DJPL) (collectively referredto as the Goldstar group). This is because these entities areunder a common management, have inter-company transactions, andderive operational synergies from each other.Outlook: NegativeCRISIL expects Goldstar Group's financial and business profile tobe constrained over the near on account of the slowdown in the keymarkets. The outlook may be revised to Stable in case of betterthan expected operating revenues and margins, and improvement inthe working capital cycle. The rating may be downgraded in caseof a significant deterioration in the debt protection indicators,or further lengthening of the debtors cycle. About Goldstar groupSet up by Mr. Satish Shah in 1996, the Goldstar group is engagedin trading of diamonds and manufacturing of gold jewellery. Thediamond business is carried on by GDPL, the flagship company ofthe group with manufacturing facilities at Surat and Mumbai. Thecompany is a DTC sight holder and supplies mostly to their groupcompanies doing gold jewellery business besides having clients inUS, Belgium, Dubai and Hong Kong. The gold jewellery business iscarried on through GJL, GJDPL and DJPL who cater to the exportmarket.HYUNDAI MOTOR: Unit Inks Auto Finance Deal With Bank of Baroda--------------------------------------------------------------Hyundai Motor Company's Indian unit, Hyundai Motor India Ltd(HMIL), said Wednesday it is in partnership with Bank of Baroda toprovide financing facility to its customers, the Economic Timesreports.Citing HMIL in a statement, the report says the tie-up is extendedto cover financing by all the branches of the bank in the countryand the two partners will utilise and leverage on each other'sstrengths to cross sell Hyundai vehicles and the bank's car loansand schemes."Considering the slowdown in the auto industry, this associationwith BoB at this juncture is an attempt to ensure that we are ableto reach out with more finance options with rationalised interestrates for the benefit of our customers," HMIL Senior Vice-President (Marketing and Sales) Arvind Saxena was quoted by thereport as saying. About HMILHyundai Motor India Limited (HMIL) is a wholly owned subsidiary ofHyundai Motor Company, South Korea and is the second largest carmanufacturer in India. HMIL presently markets 34 variants ofpassenger cars across segments. The Santro in the B segment, theGetz Prime and the i10 in the B+ segment, the Accent and the Vernain the C segment, the Sonata Embera in the E segment and theTucson in the SUV segment. About Hyundai MotorHeadquartered in Seoul, South Korea, Hyundai Motor Company(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile manufacturer in Korea. The company markets the Atoz Prime, Getz,Accent, Elantra, Hyundai Coupe, Sonata, Grandeur XG and Centennialpassenger cars; the Trajet, Terracan, Tucson, Santa Fe, H-1 andMatrix recreational vehicles, and commercial vehicles, whichinclude trucks, buses, tractors, and specialty vehicles, such asrefrigerated vans, ready mixed concrete (remicon) mixers and oiltankers. It operates overseas plants in North America, India andChina, and research and development centers in North America,Japan and Europe. During the year ended December 31, 2007, thecompany produced 1,706,727 vehicles sold around the globe. * * *As reported by the Troubled Company Reporter-Asia Pacific onJan. 16, 2009, Fitch Ratings downgraded Hyundai Motor's long-termforeign currency Issuer Default Ratings to 'BB+' from 'BBB-' (BBBminus), and the Short-term ratings to 'B' from 'F3'. The agencyrevised the Outlook to Negative from Stable.KALIKA BUILDCON: CARE Assigns 'CARE BB' Rating on Long Term Loan----------------------------------------------------------------CARE assigned 'CARE BB' (Double B) rating to the long-term bankloans facilities of Kalika Buildcon Pvt. Ltd. (KBPL) forsanctioned term loan of Rs.7.25 cr.Facilities with BB rating are considered to offer inadequatesafety for timely servicing of debt obligations. Such facilitiescarry high credit risk.Ratings are constrained by expected impact on saleability ofproject in the current slow down of economy, inherent riskassociated with the real estate industry and low net worth base,which restricts overall financial flexibility. These outweighpromoter's experience in the industry with execution of manyprojects in Ahmedabad without availing bank finance and presenceof project site in the prime location of Ahmedabad city. About KBPLKBPL is Ahmedabad based company promoted by Shri Amrish R.Patel. It commenced business during 1997 to implement a realestate project.Kalika Group had executed various mid sized projects underresidential, commercial and hybrid segment of real estate inAhmedabad. The proposed project called "3rd Eye Two" is locatedfacing C.G.Road, which is considered as the business centre ofAhmedabad city. Cost of project is Rs.18.30 cr which is proposedto be funded through term loan of Rs.7.25 cr, promoter'scontribution of Rs.7.50 cr and member booking of Rs.3.55 cr.Looking at the present slow down and inherent volatilityassociated with the real estate industry, KBPL would be exposed torevenue risk on account of risk associated with saleability.During FY08, KBPL reported total operating income of Rs.3.47 crand PAT of Rs.0.19 cr against total operating income of Rs.2.86 crand PAT of Rs.0.23 cr reported during FY07.M/S AGARWALA: CRISIL Puts 'BB' Rating on Rs.80.00 Mln Cash Credit-----------------------------------------------------------------CRISIL has assigned its ratings of 'BB/Stable/P4' to the bankfacilities of M/S Agarwala's (Agarwala). Rs.80.00 Million Cash Credit Limit BB/Stable (Assigned) Rs.30.00 Million Proposed Long Term BB/Stable (Assigned) Bank Loan Facility Rs.20.00 Million Bank Guarantee P4 (Assigned)The ratings reflect Agarwala's weak financial risk profile, andsmall scale of operations and the partnership nature of itsbusiness, restricting its financial flexibility. These weaknessesare, however, partially offset by the benefits that Agarwaladerives from its status as exclusive distributor for HaldiaPetrochemicals Limited (HPL) in Orissa.Outlook: StableCRISIL expects Agarwala to maintain a stable credit risk profileon the back of its sound risk management policies; Agarwala'sfinancial risk profile may, however, remain constrained by low networth and high gearing. The outlook may be revised to 'Positive'if the firm's capital base and turnover improve considerably,while it ensures adequate risk management. Conversely, theoutlook may be revised to 'Negative' if adverse movements ininterest rates affect its spreads. About AgarwalaAgarwala, set up in 1999, is a partnership firm promoted by Mr.Jinendra Jain and Mrs. Neena Agarwala. The firm is a del credereagent and consignee stockist for HPL's polymer products in Orissa.For 2007-08 (refers to financial year, April 1 to March 31),Agarwala reported a profit after tax (PAT) of Rs.2.34 million onnet sales of Rs.5.58 million, as against a PAT of Rs.1.03 millionon net sales of Rs.3.57 million for 2006-07.RATHI RE-ROLLERS: CRISIL Rates Rs.130 Mln Term Loan at 'BB-'------------------------------------------------------------CRISIL has assigned its ratings of 'BB-/Stable' to the variousbank facilities of Rathi Re-Rollers (India) Ltd (Rathi Re-Rollers). Rs.50 Million Cash Credit Limit BB-/Stable (Assigned) Rs.130 Million Term Loan BB-/Stable (Assigned)The ratings reflect Rathi Re-Rollers' low net worth, small scaleof operations, limited track record in steel bar manufacturing,and moderate financial risk profile, expected to deteriorate overthe near term. The ratings further factor in the company'sexposure to risks relating to downturns in the end-user,construction industry. However, these weaknesses are partiallyoffset by the benefits the company derives from its establishedbrand name in the domestic market.Outlook: StableCRISIL expects Rathi Re-Rollers to maintain a stable business riskprofile over the medium term. The financial risk profile islikely to remain leveraged over the same term owing to increasingworking capital requirements. The outlook may be revised to'Positive' if the company's profitability improves significantly.Conversely, the outlook may be revised to 'Negative' ifsubstantial working capital requirements lead to furtherdeterioration in the Rathi Re-Rollers' financial risk profile. About Rathi Re-RollersIncorporated in 1992, Rathi Re-Rollers is promoted by the Mittaland Rathi families. The company manufactures and marketsconstruction steel bars and thermo-mechanically treated (TMT)bars. Its plant at Silvassa has capacity to manufacture 10,000tonnes of bars per month. For 2007-08, (refers to financial year,April 1 to March 31), Rathi Re-Rollers reported a profit after tax(PAT) of Rs.6.7 million on net sales of Rs.994.3 million, asagainst a PAT of Rs.5 million on net sales of Rs.137.9 million for2006-07.STAR JEWELLERY: CRISIL Rates Various Bank Facilities at 'P4'------------------------------------------------------------CRISIL has assigned its ratings of 'P4' to the various bankfacilities of RT Star Jewellery Pvt. Ltd., which is part of the RTStar group. Rs.182.0 Million Export Packing Credit P4 (Assigned) Rs.168.0 Million Post Shipment Credit P4 (Assigned) Rs.50.0 Million Proposed Short Term P4 (Assigned) Bank Loan FacilityThe ratings reflect the group's weak financial risk profile,expected deterioration in operating profitability and losses fromcancellation of foreign exchange contracts, which are likely toresult in probable loss at net level in 2008-09 (refers tofinancial year, April 1 to March 31). The ratings also factor theexpected pressure on RT Star's revenues and profitability owingdue to the slowdown in global demand for diamonds and diamondjewellery. These weaknesses are, however, partially offset by thebenefits that the firm derives from its promoter's significantexperience in the diamond and jewellery business.For arriving at the ratings, CRISIL has combined the business andfinancial risk profile of M/s RT Star Solitaires, RT StarJewellery Pvt. Ltd., and M/s RT Star Diamonds, together known asthe RT Star group. This is because these entities derivesignificant business and operational synergies from each other,including fungibility of cash flows and common set of promoters. About the RT Star GroupPromoted by Mr. Nitin Shah in 1970, the RT Star group primarilyexports polished diamonds (solitaires) and high-end jewellery.For 2007-08, (refers to financial year, April 1 to March 31), RTStar group reported a profit after tax (PAT) of Rs. 63.64 millionon net sales of Rs. 2048.7 million, as against a PAT of Rs. 66.53million on net sales of Rs. 1263.18 million for 2006-07. About RT Star Jewellery Pvt. Ltd.Started in 2002 by Mr. Nitin Shah, RT Star Jewellery Pvt. Ltd. isinto manufacturing and export of diamond studded jewellery.For 2007-08, (refers to financial year, April 1 to March 31),RT Jewellery Pvt. Ltd. reported a profit after tax (PAT) ofRs. 50.66 million on net sales of Rs. 746.40 million, as against aPAT of Rs.57.55 million on net sales of Rs. 583.79 million for2006-07.TATA MOTORS: S&P Downgrades Corporate Credit Rating to B+'----------------------------------------------------------Standard & Poor's Ratings Services lowered its corporate creditrating on India-based automaker Tata Motors Ltd. to 'B+' from'BB-'. The rating remains on CreditWatch with negativeimplications, where it was placed on Dec. 12, 2008. At the sametime, S&P lowered its issue rating on the company's seniorunsecured notes to 'B+' from 'BB-' and also kept the rating onCreditWatch with negative implications.The rating action follows material deterioration in Tata Motors'cash flows and related metrics on a consolidated basis, derivedfrom an adverse operating environment, which, combined withsignificantly high debt levels, will affect its credit protectionmeasures beyond those consistent with a 'BB' rating category.The CreditWatch with negative implications reflects (1) thepending refinancing for the remaining US$2 billion of bridge loanfacility, which is due on June 2, 2009; and (2) the significantlyhigh level of short-term debt as of Dec. 31, 2008."The rating is likely to be affirmed if the refinancing plan isimplemented," said Standard & Poor's credit analyst ManuelGuerena. "However, even after the CreditWatch resolution, therating is likely to be assigned a negative outlook, reflecting thepossibility of further weakening in the global auto marketconditions."Tata Motors' operating performance has been hit by weak globalauto market conditions although that is partly offset by thegeneral fall in commodity prices. The demand situation in Indiaweakened post September 2008 but has recovered somewhat startingJanuary 2009 because of increased liquidity in the vehicle financemarket and the government's economic stimulus."Although the sustainability of this recovery is uncertain,considering the weak economic environment in India, the market, inS&P's view, is not likely to return to the challenging levels inthe quarter ended December 2008," Mr. Guerena said.The newly launched Nano has the potential to gradually providematerial benefit to Tata Motors cash flows after fiscal 2010 postthe commissioning of the Gujarat plant. Jaguar and Land Rover,which have been much more severely affected globally by weakdemand conditions (with the exception of the Jaguar XF model untillately), continue to register volume declines and that is expectedto prevail for the rest of 2009.The debt levels could further increase as the company is expectedto have negative free operating cash flow on a consolidated basisafter funding significant capital expenditure for fiscal 2009,largely toward new product development. The new products areexpected to benefit Tata Motors' business only in the medium term,Mr. Guerena noted.=========J A P A N=========NIS GROUP: S&P Downgrades Counterparty Credit Rating to 'CCC-'--------------------------------------------------------------Standard & Poor's Ratings Services lowered its long-termcounterparty credit rating on NIS Group Co. Ltd. to 'CCC-' from'CCC+', and its long-term senior unsecured debt rating on thecompany to 'CC' from 'CCC'. The downgrade is based on S&P'sexpectations that NIS Group's ability to repay its debt isweakening, as the company may not be able to raise funds asplanned due to uncertainty over the business performance ofIncubator Bank of Japan Ltd., which is one of NIS Group's mainbanks as well as being a business partner. The outlook on thelong-term counterparty credit rating remains negative.The financial assistance provided by the Incubator Bank of Japanhas supported the ratings on NIS Group to a certain extent.However, Standard & Poor's believes that the bank's ability tofinance NIS Group may decline, as a result of the recentbankruptcy of SFCG Co. Ltd., a finance company that sold the sameloan receivables to the Incubator Bank of Japan and othercompanies. Total losses incurred by the bank are as yet unknown.Consequently, S&P expects funding pressure on NIS Group to furtherincrease, on top of its already restricted liquidity, due todeteriorating asset quality, declining profitability, and aworsening financing environment.The negative outlook reflects the likelihood that NIS Group'sbusiness relationships with its financial institutions willworsen. In addition, cash flow from receivables may decline dueto further deterioration in asset quality and profitability amidthe global economic downturn. The negative outlook alsoincorporates S&P's expectations that the entire money-lendingindustry will continue to face financial burdens relating torefunds of overpaid interest. Standard & Poor's may considerlowering its ratings on NIS Group if liquidity and bankruptcyrisks emerge. Conversely, S&P could raise the ratings or revisethe outlook upward if NIS Group's profitability improves andstable financing sources are secured.The long-term senior unsecured debt rating is one notch lower thanthe counterparty credit rating, reflecting a recent increase inthe percentage of pledged assets to total assets, leading tostructural subordination. Ratings List Downgraded NIS Group Co. Ltd. To From -- ----Counterparty Credit Rating CCC-/Negative/-- CCC+/Negative/--Sr Unsec (foreign currency) CC CCC===============M A L A Y S I A===============MECHMAR CORP: Loan Default Totaled MYR229.73 Mln in February------------------------------------------------------------Pursuant to Practice Note 1 disclosure obligations, MechmarCorporation (Malaysia) Berhad revealed that as of February 28,2009, its loan default totaled to MYR229.73 million.The company and its subsidiaries' respective default are: Borrower Loan Amount (Mil.) In Default (MYR) -------- ----------------- --------------- Mechmar Corporation MYR50 MYR8,500,000 (Malaysia) Bhd Mechmar Corporation MYR5.386 MYR6,500,000 (Malaysia) Bhd Mechmar Corporation MYR49.4 MYR288,000 (Malaysia) Bhd Mechmar Corporation MYR5.554 MYR300,000 (Malaysia) Bhd Mechmar Corporation MYR3.631 MYR240,000 (Malaysia) Bhd Mechmar Corporation MYR7.288 MYR240,000 (Malaysia) Bhd Mechmar Boilers S/B MYR5 MYR7,500,000 Relau Estates S/B MYR10.0 MYR12,510,000 Mechmar Corporation MYR10.7 MYR13,386,000 (Malaysia) Bhd ------------- Subtotal: MYR49,464,000 Independent Power US$105 US$48,458,000 Tanzania Limited ------------- Total: MYR229,727,760Mechmar said Independent Power Tanzania Ltd (IPTL), a majorsubsidiary of the company, has stop payment on its scheduledinstalment to its lender, Standard Chartered Bank (HK) Limited.Further payment is pending the outcome of its recovery action withthe International Centre for Settlement of Investment Disputes(ICSID)on debts owed by TANESCO and/ or the Government of Tanzaniato IPTL. About Mechmar CorporationMechmar Corporation (Malaysia) Berhad is an investment holdingcompany providing management services to its subsidiaries.Through its subsidiaries, the company is engaged in themanufacture and marketing of industrial boilers, burners, steamgenerating plant, vessels, fabrication and associated productsupport activities; operating of a power generation plant;retailing of solar-heaters, and retailing and leasing of icemachines, and investment holding. Its manufacturing and tradingactivities are located in Malaysia, Great Britain, Hong Kong,Indonesia, Sri Lanka and Singapore. Its power generation activityis based in Tanzania, whereas its property development andfinancing activities are located in Malaysia. In April 2008, thecompany announced that Mekmore Sdn Bhd has a 100% interest in thecompany.Mechmar Corporation has been considered as an Affected ListedIssuer under Practice Note No. 17/2005 of the Bursa MalaysiaSecurities Berhad as: -- the company's major subsidiary, Independent Power of Tanzania (IPTL) has stop payment on its scheduled instalment to its lender; and �- the company was unable to provide a solvency declaration.====================N E W Z E A L A N D====================PLUS SMS: To Raise Funds Through Rights Issue---------------------------------------------Plus SMS Holdings Ltd is seeking to raise just over NZ$600,000from a rights issue to existing shareholders, The NationalBusiness Review reports.According to the report, the issue price has been set at 0.5 centsper share, a discount to the current 1 cent trading price.Each investor can invest a maximum $5,000 for 1 million newshares, the Business Review relates.As reported in the Troubled Company Reporter-Asia Pacific onMar. 5, 2009, the Business Review said Plus SMS made a NZ$2.7million loss for the half year to December 31, 2008. Revenue fell11 percent to NZ$2.4 million.Plus SMS shareholders' equity has dropped to NZ$4.7 million andcash on hand is under the NZ$1 million mark, the report said.The Business Review said the company was planning to raise NZ$5million through a convertible notes issue and was considering anissue to existing shareholders.Citing an auditor's note on the company's last annual report, theBusiness Review stated that if Plus SMS did not meet its operatingtargets it would need to raise extra funds to remain a goingconcern. About Plus SMSPlus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/-- along with its subsidiaries, is principally engaged in theprovision of mobile entertainment and network services. Some ofits wholly owned subsidiaries include CRE8 Limited, which isengaged in content and network services; Content Technology, S ADe C V, which is engaged in content services, and CRE8Consultoria, which is engaged in administration services. * * *The company incurred three consecutive net losses of NZ$6.96million, NZ$11.89 million, and NZ$4.49 million for the financialyears ended March 31, 2008, 2007 and 2006, respectively.VTL GROUP: Fined NZ$40,000 for Listing Rules Breaches-----------------------------------------------------VTL Group has been censured by the New Zealand MarketsDisciplinary Tribunal and ordered to pay NZX $40,000 after VTLbreached listing rules, The National Business Review reports.The Review says that the breach relates to a resolution passed byVTL's board in 2006 to provide a letter of credit in favour ofCapitalSource Finance, which was lending money to All Seasons, acompany in which VTL held notes that if converted would have givenit 66% of All Seasons stock.The breach, according to the report, occurred because a VTLdirector with an interest in the transaction, Mervyn Doolan, votedin favor of the resolution.VTL Group Limited (NZX: VTL) is a global franchisor, with itsfranchised brands represented internationally including inAustralasia, North America, UK and Europe. VTL Group'sfranchise model is supported by a complete management systemincluding its proprietary technology and financing. Thecompany's primary growth strategy for 24seven and Shop24(TM)is based around purchasing quality electronic vending equipmentfor 24seven or the manufacturing of its Shop24 units, installingproprietary control technology and building a network offranchised owner/operators. * * *As reported in the Troubled Company Reporter-Asia Pacific onNov. 4, 2008, VTL Group disclosed that all of its directors haveresigned and that it invited Colin McCloy to become the receiverof the company.VTL Group has declared itself insolvent. Its wholly ownedsubsidiary, Nathans Finance NZ Ltd, went into receivershipin August 2007.* NEW ZEALAND: Economy Contracts For 4th Consecutive Quarter------------------------------------------------------------New Zealand's economy contracted 0.9 percent in the December 2008quarter, Statistics New Zealand said today. This is the fourthconsecutive decline in economic activity, as measured by GrossDomestic Product (GDP).The main drivers of the decline in economic activity in the latestquarter were the manufacturing and wholesale trade industries.Manufacturing activity declined 3.8 percent in the December 2008quarter, with nearly all the manufacturing sub-industriesrecording decreases. The only manufacturing sub-industry toincrease this quarter was food and beverage manufacturing. Valueadded in the wholesale trade industry declined 4.9 percent, thefourth consecutive quarterly decrease. Partly offsetting thedeclines within GDP was finance, insurance and business services,which was up 2.2 percent in the December 2008 quarter.On an annual basis, GDP was up 0.2 percent for the December 2008year. Annual GDP was higher than for the December 2007 year,despite the four quarters of declining activity. This occurredbecause the economy grew at a faster rate in 2007 than itcontracted in 2008.The expenditure measure of GDP, released concurrently with theproduction measure, was down 0.6 percent in the December 2008quarter. Household consumption expenditure, which measures thevolume of goods and services purchased by New Zealand households,was flat this quarter. Household spending on durables (whichincludes cars, furniture and appliances) and non-durables (whichincludes food and beverages) were both down this quarter.Household spending on services offset these decreases.Gross fixed capital formation, which measures capital investmentin fixed assets, decreased 5.3 percent in the December 2008quarter. The main categories in which investment declined wereresidential building (down 14.0 percent), and plant, machinery andequipment (down 4.8 percent). Investment in residential buildinghas decreased for five quarters in a row, reflecting the declinein new housing construction. The decrease in plant, machinery andequipment investment is a result of lower imports of these typesof goods.* NEW ZEALAND: Exports Fell 6.6% in February 2009-------------------------------------------------Merchandise exports fell $243 million (6.6 percent) in February2009 compared with February 2008, Statistics New Zealand saidtoday. The value of merchandise imports fell $490 million (14.2percent) over the same period.This is the first fall in exports since August 2007. The fall wasled by decreases in milk powder, butter and cheese, down $288million mainly due to a decrease in whole milk powder. Priceswere generally lower for commodities throughout this category.The largest offsetting increase was from a $120 million rise inmeat and edible offal, led by lamb cuts.This month's fall in imports (14.2 percent) is the largest in 16years, and was led by a fall in crude oil imports of $265 million(70.1 percent). The fall in crude oil was mainly due to muchlower quantities being imported. The timing of crude oilshipments is irregular and can cause large percentage fluctuationsin the total imports series. Passenger motor cars were down $158million (62.5 percent) to their lowest value for any month sinceJanuary 1994.In February 2009, the monthly trade balance was a surplus of $489million, or 14.2 percent of exports. The trade balance tends tobe in surplus in February months, however, as a percentage ofexports, this month recorded the highest February surplus since2001.The New Zealand exchange rate as measured by the Reserve Bank'sTrade Weighted Index (TWI) has fallen 28.3 percent since February2008. A decreased dollar value has an upward influence on pricesfor both exports and imports.* NEW ZEALAND: 2008 Current Account Deficit Rises to 8.9% of GDP----------------------------------------------------------------The current account deficit for the year ended December 2008 was$16.1 billion (8.9 percent of GDP), according to the StatisticsNew Zealand. This compares with a deficit of $15.5 billion (8.6percent of GDP) for the year ended September 2008, and a deficitof $14.4 billion (8.2 percent of GDP) for the year ended December2007.The main reasons for the increase in the deficit between the yearended September 2008 and the year ended December 2008 were a risein the value of imports of transportation services and a fall inthe value of exports of travel services. The increased imports oftransportation services was mainly due to higher freight costs,while the decrease in exports of travel services was caused byfewer visitors coming to New Zealand. Exports of goods increased,with higher values of dairy products behind the rise. This wasoffset by an increase in goods imports, which was due to anincrease in the prices of imports of petroleum and petroleumproducts.The seasonally adjusted current account deficit for the December2008 quarter was $3,772 million, $236 million smaller than thedeficit in the September 2008 quarter. The smaller deficit in thelatest quarter was due to an increase in the value of exports ofgoods, which was partly offset by increased value of imports ofservices. Exports of goods increased due to higher exports ofdairy and forestry products.The December 2008 quarter investment income deficit of $3,199million is $58 million smaller than the September 2008 quarterdeficit. This is the second consecutive fall in the quarterlyinvestment income deficit. In the December 2008 quarter, foreigninvestors' earnings in New Zealand were $160 million lower than inSeptember 2008, and New Zealand investors' earnings from abroadwere down $102 million.New Zealand's current account deficit has the effect of increasingits net overseas liabilities, as external funding is required tofinance the deficit. At December 31, 2008, New Zealand's overseasliabilities exceeded its overseas assets by $167.7 billion (92.9percent of GDP). This compares with net overseas liabilities of$152.6 billion (87.1 percent of GDP) at 31 December 2007.=================S I N G A P O R E=================STATS CHIPPAC: S&P Changes Outlook to Negative; Keeps 'BB+' Rating------------------------------------------------------------------Standard & Poor's Ratings Services said it revised its ratingoutlook on Singapore-based STATS ChipPAC Ltd. to negative fromstable. At the same time, Standard & Poor's affirmed its 'BB+'long-term corporate credit rating on STATS ChipPAC and the 'BB+'issue rating on the senior unsecured notes."The outlook revision on STATS ChipPAC reflects the challengingconditions in the outsourced semiconductor assembly and testingservices industry and the possible adverse impact on the company'sfinancial metrics if the downturn becomes prolonged," saidStandard & Poor's credit analyst Wee Khim Loy.STATS ChipPAC reported flat revenue of US$1,658.2 million for theyear ended Dec. 28, 2008, compared with 2007, and a significantlylower net profit of US$25.7 million for 2008 versus US$93.7million previously. It was the unprecedented contraction inworldwide demand for semiconductors, particularly in the lastquarter of 2008, that more than offset the performance of STATSChipPAC in the first three quarters.Gross profit margin for fourth quarter 2008 deteriorated sharplyto 11.6%, from 18.5% in the prior quarter and 19.5% in the lastquarter of 2007. "This reflects the extremely challenging OSATSenvironment that STATS ChipPAC is facing, in which customers havegenerally responded to the current global downturn by aggressivelyreducing inventory and new-build orders," Ms. Loy said. S&Pexpects further downward pressure on STATS ChipPAC's profitabilityif the semiconductor downturn prolongs, she added.The rating on STATS ChipPAC reflects the company's involvement inthe high-risk and capital-intensive OSATS business. STATS ChipPACinvests continually in new equipment and technology to remainamong the industry leaders, despite the industry's cyclicality.Since 2006, the company has, in S&P's view, been disciplined inits capital expenditure, which lowered its lease-adjusted debt-to-EBITDA ratio to 1.4x in 2008 from a high of 2.7x in 2005.However, capital expenditure controls may not be sustainablewithout adversely affecting revenue, profitability, andcompetitiveness. In addition, S&P consider STATS ChipPAC'scustomer concentration risk to be high; its top-10 customersgenerated more than 60% of total revenue in 2008. Loss of ordersfrom one of them could have a major impact on cash flow.===============X X X X X X X X===============* Large Companies with Insolvent Balance Sheets----------------------------------------------- Total Total Shareholders Company Ticker Assets Equity ------- ------ ------ ------------AUSTRALIAADVANCE HEAL-NEW AHGN 16933460.19 -8226075.95ADVANCE HEALTHCA AHG 16933460.19 -8226075.95ALLOMAK LTD AMA 40685785.47 -5913422.67ALLSTATE EXPLORA ALX 16169603.20 -50619940.96ALLSTATE EXPL-PP ALXCC 16169603.20 -50619940.96ANTARES ENERGY L AZZ 14174189.76 -6756494.56ARC EXPLORATION ARX 56414197.69 -20454926.06AUSMELT LTD AET 10421943.80 -1558622.35AUSTAR UNITED AUN 448602007.58 -261905005.38BABCOCK & BROWN BCM 7921901248.89 -381294562.59BIRON APPAREL LT BIC 19706738.17 -2220069.83BISALLOY STEEL G BIS 54556820.43 -7472108.44CHEMEQ LIMITED CMQ 25194855.59 -24254413.72ELLECT HOLDINGS EHG 18245003.37 -15487781.92ETW CORP LTD ETW 83708786.34 -58673955.65FORTESCUE METALS FMG 4293524492.00 -378456209.91FULCRUM EQUITY L FUL 19209266.15 -3664831.35JAMES HARDIE NV JHXCC 2357299968.00 -237600000.00JAMES HARDIE-CDI JHX 2357299968.00 -237600000.00LAFAYETTE MIN LAF 105239389.93 -190859526.77MAC COMM INFR-CD MCGCD 8104415200.76 -103343256.49MACQUARIE COMMUN MCG 8104415200.76 -103343256.49METAL STORM LTD MST 14309243.10 -5126410.11TOOTH & CO LTD TTH 143720715.19 -94300033.83VERTICON GROUP VGP 21729291.58 -11591492.96VIDELLI LTD VID 180731676.67 -11205963.43CHINAALONG TIBET CO-A 600773 10333935.67 -913954.99AMOI ELECTRONICS 600057 414934259.50 -30399649.61ANHUI KOYO GROUP 000979 60298626.62 -47685854.30CHANG LING GROUP 000561 49675731.32 -115810769.64CHENGDU UNION-A 000693 59526570.13 -188881.87CHINA KEJIAN-A 000035 65124488.98 -167311537.11CHINESE.COM LOGI 000805 13883647.68 -8947568.12CHONGWING INTL-A 000736 24753183.26 -13379849.30DANDONG CHEM F-A 000498 115942688.34 -91597754.91FUJIAN SANNONG-A 000732 64417775.39 -90239301.91FUJIAN START-A 600734 105659572.63 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ENTERPR 121 313740803.76 -49562387.78CHINA GRAND PHAR 512 23135825.94 -7596740.75CHINA HEALTHCARE 673 29513119.73 -7815705.47CORE HEALTHCARE 8250 27890609.26 -11660364.96EGANAGOLDPFEIL 48 557892423.39 -132858951.98EMPEROR ENTERTAI 8078 35493733.40 -2976735.60NEW CITY CHINA 456 113178595.41 -9932226.54PALADIN LTD 495 186461196.61 -9780904.71PALADIN LTD -PRE 642 186461196.61 -9780904.71SANYUAN GROUP LT 140 17768260.98 -2131329.68WAI CHUN MINING 660 20322907.97 -8149450.16INDIAALCOBEX METALS AML 27036820.49 -16751727.41APPLE FINANCE APL 70832103.73 -29253849.19ARTSON ENGR ART 10310745.75 -705781.13ASHIMA LTD ASHM 83553376.09 -43417749.51BALAJI DISTILLER BLD 59974008.41 -50890026.26BELLARY STEELS BSAL 512415670.40 -101442229.54BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09CFL CAPITAL FIN CEATF 20637497.85 -48884440.84CORE HEALTHCARE CPAR 185364966.99 -241912027.81DIGJAM LTD DGJM 98769193.78 -14623833.58DISH TV IND-PP DITVPP 229160606.28 -8850096.00DISH TV INDIA DITV 229160606.28 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053170 19306498.60 -4948161.34DAHUI CO LTD 055250 186003859.24 -1504246.54DAISHIN INFO 020180 740500919.30 -158453978.78FATOMENT 025460 28429133.98 -13916561.10FIRST FIRE & MAR 000610 2044031310.36 -1780221.91HECENAT CO LTD 036270 18221252.73 -32166924.53MEDIACORP INC 053890 53306304.99 -32219360.77ORICOM INC 010470 82645454.13 -40039161.33SEJI CO LTD 053330 37246628.39 -311069.32SINJISOFT CORP 078700 12760558.03 -21014927.26STARMAX CO LTD 017050 73128066.52 -5536410.53TONG YANG MAGIC 023020 355147750.92 -25767007.75MALAYSIAENERGREEN CORP ECB 25339141.27 -43055041.82LITYAN HLDGS BHD LIT 20867100.91 -27979954.44NIKKO ELECTRONIC NIKKO 12072911.27 -7832098.21PANGLOBAL BHD PGL 154526312.03 -196600884.35PECD BHD PECD 377122467.92 -295360985.56WONDERFUL WIRE WW 22721443.48 -1936371.54WWE HOLDINGS BHD WWE 67986614.2 -3400656.26NEW ZEALANDDOMINION FINANCE DFH 258902749.12 -55312405.88PHILIPPINESAPEX MINING-A APX 55266898.93 -1972871.63APEX MINING 'B' APXB 55266898.93 -1972871.63BENGUET CORP-A BC 77132198.94 -30611028.96BENGUET CORP 'B' BCB 77132198.94 -30611028.96CENTRAL AZUC TAR CAT 35737315.17 -1803678.01CYBER BAY CORP CYBR 14850182.71 -74298813.45EAST ASIA POWER PWR 72744279.35 -136684406.25FIL ESTATE CORP FC 43031377.81 -10925320.95FILSYN CORP A FYN 24839570.79 -11373621.32FILSYN CORP. B FYNB 24839570.79 -11373621.32GOTESCO LAND-A GO 18684576.24 -10863822.41GOTESCO LAND-B GOB 18684576.24 -10863822.41MRC ALLIED MRC 14947958.51 -747373.28PICOP RESOURCES PCP 105659068.50 -23332404.14UNIVERSAL RIGHTF UP 45118524.67 -13478675.99UNIWIDE HOLDINGS UW 65657779.51 -57306280.77VICTORIAS MILL VMC 178060236.02 -36659989.09SINGAPOREADV SYSTEMS AUTO ASA 18177825.52 -7877731.57CHUAN SOON HUAT CSH 39144678.93 -7539646.47FALMAC LTD FAL 10907421.75 -5669361.14HL GLOBAL ENTERP HLGE 105185881.93 -8816485.24INFORMATICS EDU INFO 24731271.45 -5096073.27LINDETEVES-JACOB LJ 192873034.63 -73862882.72OCEAN INTERNATIO OCEAN 61659949.85 -13720313.13SUNMOON FOOD COM SMOON 16158450.92 -13753828.36TAIWANCHIEF CONST-ENT 2522R 215175465.17 -21152197.10CHIEF CONST-ENTL 2522S 215175465.17 -21152197.10CHIEF CONST-ENTL 2522T 215175465.17 -21152197.10CHIEN TAI CEMENT 1107 213252699.79 -8622456.43DAHIN-ENTL CERT 1320V 276478727.91 -230266155.05HELIX TECHNOL-EC 2479S 29014861.50 -18177223.18HELIX TECH-EC 2479T 29014861.50 -18177223.18HELIX TECH-EC IS 2479U 29014861.50 -18177223.18PROTOP TECHNOLOG 2410 36409983.56 -22412206.18UNICAP ELECT-EC 5307R 133883064.40 -19055700.01UNICAP ELECT-EC 5307S 133883064.40 -19055700.01UNICAP ELECT-ENT 5307T 133883064.40 -19055700.01YEU TYAN MACHINE 8702 39574168.04 -271070409.72THAILANDABICO HOLDINGS ABICO 16687406.79 -9849452.81ABICO HOLD-NVDR ABICO-R 16687406.79 -9849452.81ABICO HLDGS-F ABICO/F 16687406.79 -9849452.81BANGKOK RUB-NVDR BRC-R 86059276.81 -66357490.80BANGKOK RUBBER BRC 86059276.81 -66357490.80BANGKOK RUBBER-F BRC/F 86059276.81 -66357490.80CENTRAL PAPER IN CPICO 13252670.48 -241782725.56CENTRAL PAPER-NV CPICO-R 13252670.48 -241782725.56CENTRAL PAPER-F CPICO/F 13252670.48 -241782725.56CIRCUIT ELEC PCL CIRKIT 61295807.28 -25886476.66CIRCUIT ELE-NVDR CIRKIT-RTB 61295807.28 -25886476.66CIRCUIT ELEC-FRN CIRKIT/F 61295807.28 -25886476.66DATAMAT PCL DTM 12690638.93 -6132014.29DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.29DATAMAT PLC-F DTM/F 12690638.93 -6132014.29ITV PCL ITV 32184803.45 -75222598.62ITV PCL-NVDR ITV-R 32184803.45 -75222598.62ITV PCL-FOREIGN ITV/F 32184803.45 -75222598.62K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29KUANG PEI SAN POMPUI 18782550.85 -14068562.52KUANG PEI-NVDR POMPUI-RTB 18782550.85 -14068562.52KUANG PEI SAN-F POMPUI/F 18782550.85 -14068562.52MALEE SAMPRAN MALEE 62534877.53 -6947140.27MALEE SAMPR-NVDR MALEE-R 62534877.53 -6947140.27MALEE SAMPRAN-F MALEE/F 62534877.53 -6947140.27NEW PLUS KNITT NPK 10075187.17 -2034472.09NEW PLUS KN-NVDR NPK-R 10075187.17 -2034472.09NEW PLUS KNITT-F NPK/F 10075187.17 -2034472.09SAFARI WORLD PUB SAFARI 105846131.92 -13361065.40SAFARI WORL-NVDR SAFARI-RTB 105846131.92 -13361065.40SAFARI WORLD-FOR SAFARI/F 105846131.92 -13361065.40SAHAMITR PRESSUR SMPC 27259301.93 -34589170.90SAHAMITR PR-NVDR SMPC-R 27259301.93 -34589170.90SAHAMITR PRESS-F SMPC/F 27259301.93 -34589170.90SUNWOOD INDS PCL SUN 29427364.98 -6703524.31SUNWOOD INDS-NVD SUN-R 29427364.98 -6703524.31SUNWOOD INDS-F SUN/F 29427364.98 -6703524.31THAI-DENMARK PCL DMARK 15715462.27 -10102519.69THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69UNIVERSAL STARCH USC 86972750.14 -49004706.42UNIVERSAL S-NVDR USC-R 86972750.14 -49004706.42UNIVERSAL STAR-F USC/F 86972750.14 -49004706.42 *********Tuesday's edition of the TCR-AP delivers a list of indicativeprices for bond issues that reportedly trade well below par.Prices are obtained by TCR-AP editors from a variety of outsidesources during the prior week we think are reliable. Thosesources may not, however, be complete or accurate. The TuesdayBond Pricing table is compiled on the Friday prior topublication. Prices reported are not intended to reflect actualtrades. Prices for actual trades are probably different. Ourobjective is to share information, not make markets in publiclytraded securities. Nothing in the TCR-AP constitutes an offeror solicitation to buy or sell any security of any kind. It islikely that some entity affiliated with a TCR-AP editor holdssome position in the issuers' public debt and equity securitiesabout which we report.A list of Meetings, Conferences and Seminars appears in eachWednesday's edition of the TCR-AP. Submissions about insolvency-related conferences are encouraged. Send announcements email@example.com's edition of the TCR-AP features a list of companies withinsolvent balance sheets obtained by our editors based on thelatest balance sheets publicly available a day prior topublication. At first glance, this list may look like thedefinitive compilation of stocks that are ideal to sell short.Don't be fooled. Assets, for example, reported at historicalcost net of depreciation may understate the true value of afirm's assets. A company may establish reserves on its balancesheet for liabilities that may never materialize. The prices atwhich equity securities trade in public market are determined bymore 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 NTroubled Company Reporter-Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., FairlessHills, Pennsylvania, USA, and Beard Group, Inc., Frederick,Maryland, USA. Pius Xerxes V. Tovilla, Valerie C. Udtuhan,Marites O. Claro, Rousel Elaine C. Tumanda, Joy A. Agravante,Marie Therese V. Profetana, Frauline S. Abangan, and Peter A.Chapman, Editors.Copyright 2009. All rights reserved. ISSN: 1520-9482.This material is copyrighted and any commercial use, resale orpublication in any form (including e-mail forwarding,electronic re-mailing and photocopying) is strictly prohibitedwithout prior written permission of the publishers.Information contained herein is obtained from sources believedto 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 samefirm for the term of the initial subscription or balancethereof are US$25 each. For subscription information, contactChristopher Beard at 240/629-3300. *** End of Transmission ***


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- 85 Views
Lancee Perfector Cream:Control the discoloration, cracking and brown spots
- posted by Jamesfeddrrics |
- Saturday, March 21, 2020
- Category: Desserts, Catering & Supplies
I expect to find gold with it. To the best of my knowledge, you might begin to see the big concept. You'll have a striking reputation just like me. They should dodge that bullet. Sometimes Lancee Perfector Cream won't work out as well as you thought it would. Exactly! So, my buddy announces, "Fifth time's the charm." I should take my Lancee Perfector Cream show on the road. Lancee Perfector Cream was really customizable. Lancee Perfector Cream isn't reaching the Lancee Perfector Cream audience, which is a shame. Whose wisdom on Lancee Perfector Cream is correct? This is a way for giving up on Lancee Perfector Cream. This was just impeccable. Now I'm off to have several fun. As I said, my plate is very full at this time. Even though, where could apprentices go astray? I like to read magazines dealing with Lancee Perfector Cream. Gangs don't agree on this. Different advisors have different needs for Lancee Perfector Cream to simply go away. Lancee Perfector Cream starts with a couple of paramount coincidences. That is going to sound like heresy coming from me. It does require a little supervision.Details

subset: commoncrawl


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Airtel is now joining the growing list of cable and DTH operators to streamline the process of selecting channels and understand pricing. The announcement from Airtel comes after Tata Sky simplified the process into three steps early this week. Leading cable and DTH companies are now scrambling to make it easier for their customers to select channels and understand the charges before TRAI's mandatory switch to the new TV pricing gets implemented on February 1, 2019. Starting next month, TV viewers will be able to opt to pay only for the channels they want to watch, as per a new regulation from Telecom Regulatory and Authority of India. Also Read - Airtel announces partnership with VOOT for premium content on Airtel XstreamAlso Read - Vodafone Idea now rebranded as Vi in India to take on Jio and Airtel
In order to streamline the switch, Airtel Digital TV announced the a-la-carte pricing of the channels on its website last month. Back then, the company said that it will make it easier for customers to easily switch their plans on Airtel website or via the My Airtel App or by calling the customer care service. Now, in an effort to make the process even more easier, it has announced option to subscribe to their favorite channels with just a QR code scan on their television screen. Also Read - After Jio Fiber, now Airtel updates Xstream Fiber plans with 'Unlimited' data
With the new process, Airtel says its digital TV users can make their own plans or select from a range of recommended plans offered as per TRAI guidelines on channel 998. Once they have selected their plan and price, they can finally scan a QR code to activate their selection. "Customers can view the complete list of channels along with its a-la carte price as well as the broadcaster packs. They can also opt for the Airtel value plans which have been specially designed for customers based on their current channel selection or current monthly recharge value," the company said in a statement.
Airtel says after selecting the channel or pack, customers have to just scan the QR code and send it to 54325. Post sending the SMS, the pack will automatically get activated starting February 1. In order to scan the code, Airtel Digital TV users have to use their smartphone camera. In case your smartphone does not support QR scanner then you can download a third-party QR scanner app from the Google Play Store or the App Store. Airtel has also created a quick demonstration video of the process.
Watch: Vivo NEX Dual Display Edition First Look
TRAI has also created a dedicated channel selector tool on its website. The tool is one of the easiest way to look at channels that you plan to subscribe, select the streaming quality, filter by broadcaster among other options. It shows the final pricing including all tariffs and includes an optimize button, which will automatically opt for channels packs and thus lower the final cost.


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Library Staff
- Debra Olds — Library Director
- Michelle Harder – Assistant Librarian
- Scotty McCartney
The Library Board of Trustees
- — President
- Myrna Williams — Vice President
- Jan Graves — Secretary
- Jeri Jacobs — Treasurer
- Bob Hottman
- Joy Thetge
- Elaine Esparza
The regular meeting of the library board shall be the fourth Wednesday of the month at the Harper Public Library. All Public Library Board meetings shall be open to the public in accordance with State law (K.S.A. 75-4317 and 75-4318)


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|Image: Srilata Krishnan
Poethead has been celebrating the achievements of women writers, editors and translators for over a decade. International Women's Day 2019 is no exception. This year I have decided to highlight the work of women poets from my international index and to introduce my readers to some new Irish poets. I am very grateful to all the poets who submit to the site, especially for their patience. I do not think we would be heading into eleven years this March 2019 without the generous support and uplift that comes from my daily correspondence.
Thank you,
C. Murray, March 2019
'Birth Mother' by Srilata Krishnan
View original post 1,543 more words


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Everything under control
K-station controls:
# Hardware
# Operating Systems
# Software Application
K-station's Benefits:
# Flexibility
# Protect your IP
# Full Customization
# Fast Time-to-market
# Independence
# Full Control
# Sustainability
Powerful software toolkit and library for Computer-on-Modules In the past few years, ready-to-use software utilities have become an outstanding key issue in embedded solutions and applications. Kontron supports you with a powerful toolkit and developer library which is designed to perfectly fulfill perfectly the needs in Computer-on-Modules business.
What is K-station?
K-station is a software toolkit and API designed for:
Folder K-station, english
[ k_station_2010_einzeln_150_112010.pdf, 1.67 MB, Aug.31.2017 ]
General Safety Instruction
[ 0_0096_4370_v2_2_d_e_2019-10-15.pdf, 111.84 KB, Oct.29.2019 ]
Kontron Services Brochure
[ kontron-services-brochure.pdf, 390.7 KB, Sep.06.2019 ]
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Innovation for the art & entertainment worlds
Here is a link to a great article about one of my favorite 3d printing artists
These amazing works by Eric Van Straaten were made using "rapid manufacturing" on a three dimensional printer, which lets him achieve a whimsical light-hearted feel to his works. The results are like fondant cake topping, sweet and sugary and a perfect medium for the subject matter. Dontcha just want to bite it?