Its good name is smeared. Tjiwi Kimia—a member of Sinar Mas Group—has defaulted on bonds worth US$43 million. Prior to this, Sinar Mas had a spotless reputation. While other companies in Indonesia, or even in Asia, were going under, the group was diligently paying off its debts.

Tjiwi Kimia's default is not that strange. But according to Merril Lynch analyst Yuen Chak Lee, the company still had $91 million in cash at the end of 20