/raid1/www/Hosts/bankrupt/TCRAP_Public/090401.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
Wednesday, April 1, 2009, Vol. 12, No. 64
Headlines
A U S T R A L I A
FORTESCUE METALS: Australia Gives Valin's US$893 Mln Offer a Go
OZ MINERALS: Gets 1 Month Debt Reprieve, Minmetals Revises Offer
H O N G K O N G
ASHLEY 33: Creditors' Proofs of Debt Due on April 30
ATLAS KUMSOK: Creditors' Proofs of Debt Due on April 17
CHEONG LEE: Creditors' Proofs of Debt Due on April 30
CITIMASTER LIMITED: Creditors' Proofs of Debt Due on April 27
CITY TELECOM: Moody's Says Tender Offer Could Move 'B1' Rating
ECERSHINE LIMITED ET AL: Leung Steps Down as Liquidator
EGANAGOLDPFEIL: Appoints Middleton and Power as Liquidators
GOOD VIEW ET AL: Court Enters Wind-Up Order
HENFAIR REMOTE ET AL: Court Enters Wind-Up Order
HOI PO: Inability to Pay Debts Prompts Wind-Up
KENDRO LABORATORY: Creditors' Proofs of Debt Due on April 27
LHI TECHNOLOGY: Leung and Morrison Step Down as Liquidators
SINO FAME: Appoints Yu and Sutton as Liquidators
SPARKVIEW INVESTMENTS: Court to Hear Wind-Up Petition on May 13
SUNLIT METALS: Releases Tam as Liquidator
TAK LEE: Creditors' Proofs of Debt Due on April 28
TIN TIN STORE: Court to Hear Wind-Up Petition on April 29
UOB REALTY: Lee Ho Yiu Thomas Steps Down as Liquidator
VIC SUCCESS: Court to Hear Wind-Up Petition on April 29
WONDERFUL SPEED: Placed Under Voluntary Liquidation
YAN CHEONG: Creditors' Proofs of Debt Due on April 30
I N D I A
ADI ISPAT: CRISIL Rates Rs.105 Mln Term Loans at 'B+'
APM INDUSTRIES: CARE Assigns 'CARE BB+' on LT Bank Facilities
ARWADE STEEL: CRISIL Places 'B' Rating on Rs.50.0 Mln Cash Credit
BALAJI ELECTROSTEELS: CRISIL Rates Rs.103 Mln Term Loan at 'BB'
DARJEELING DOOARS: CRISIL Puts 'BB+' Rating on Rs.14.8MM Term Loan
ESCORTS LIMITED: Fitch Assigns National Long-Term Rating at 'BB'
JET AIRWAYS: CEO Quits Ahead of Schedule
JV STRIPS: Weak Financial Risk Profile Cues CRISIL 'BB-' Ratings
KALPANA FORGINGS: CRISIL Rates Rs.82.0 Mln Long-Term Loan at 'BB+'
M&G IMPEX: CRISIL Assigns 'BB-' Rating on Rs.57.5 Mln Cash Credit
MITTAPALLI AGRO: CRISIL Rates Rs.20 Mln Long Term Loan at 'B'
RASOI LIMITED: Low Operating Margins Prompt CRISIL 'BB-' Ratings
SATYAM COMPUTER: Four Bidders Complete Due Diligence on Firm
SHALINA LABORATORIES: CRISIL Puts 'B-' Rating on Rs.120MM LT Loan
TATA POWER: Gets Rs 316.72cr from Tata Teleservices Stake Sale
VERSATILE POLYTECH: Low Net Worth Cues CRISIL 'BB' Ratings
J A P A N
ALL NIPPON: To Ask Attendants to Take Unpaid Leave
AZEL CORP: Uncollected Sale Proceeds Lead to Bankruptcy Filing
JLOC 37: S&P Downgrades Ratings on Class D1 and D2 Notes to 'B'
SEIYU LTD: Reports 7th Consecutive Annual Loss in 2008
* JAPAN: Auto Production Drops 56.2% in February
* S&P Junks Ratings on 9 Tranches From 16 Japanese CDOs
K O R E A
SSANGYONG MOTOR: Shareholders to File Damages Lawsuit
* KOREA: Kosdaq to Delist 64 Firms in April
M A L A Y S I A
SATANG HOLDINGS: Wants Plan Filing Deadline Extended to Oct. 6
TALAM CORP: Deloitte KassimChan Resigns as Company Auditors
TITAN CHEMICALS: S&P Affirms Corporate Credit Rating to 'BB-'
N E W Z E A L A N D
SAPPHIRE IV: S&P Junks Rating on Class CA of 2007-1 Notes
* NEW ZEALAND: Building Consent Figures at 17-Year Low
N I G E R I A
* Fitch Assigns 'B+' Rating on Nigerian State of Bayelsa
* S&P Changes Outlooks on Four Nigerian Banks to Negative
P A K I S T A N
* PAKISTAN: IMF Approves US$847.1 Million Loan Disbursement
S I N G A P O R E
LANDMARK CHEMICALS: Court Enters Wind-Up Order
SIN BOONLY: Creditors' Proofs of Debt Due on April 11
WBG NETWORK: Creditors' Meeting Set for April 6
X X X X X X X X
* ADB Cuts Economic Growth Forecast for Developing Asia to 3.4%
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
FORTESCUE METALS: Australia Gives Valin's US$893 Mln Offer a Go
---------------------------------------------------------------
Jesse Riseborough and Jason Scott at Bloomberg News report the
Australian government has approved China's Hunan Valin Iron &
Steel Group's AU$1.3 billion (US$893 million) investment in
Fortescue Metals Group Ltd. Hunan Valin will acquire a 17.6
percent stake in Fortescue through new stock and from shareholder
Harbinger Capital Partners.
The approval however comes with conditions to avoid conflicts of
interest over prices, sales and marketing, Bloomberg News says.
Jamie Freed at The Sydney Morning Herald relates among the
conditions was that the Valin nominee to the Fortescue board would
submit a notice of any potential conflict of interest relating to
Fortescue's "marketing, sales, customer profiles, price setting
and cost structures for pricing and shipping".
The investment is subject to "formal and strict undertakings,"
Treasurer Wayne Swan said in an e-mailed statement obtained by
Bloomberg News.
Reuters recalls earlier last month, Fortescue said Australia's
Foreign Investment Review Board (FIRB) had extended its review of
the deal by an extra 30 days from March 25. Fortescue is looking
to reduce a debt burden of AU$4.9 billion as of Dec. 31, Reuters
says. According to The Sydney Morning Herald, Fortescue is
separately seeking AU$3 billion in funds from the China Investment
Corp to expand its iron ore operations.
About Hunan Valin
China-based Hunan Valin Iron & Steel Group Co. Ltd. --
http://www.chinavalin.com/-- makes steel pipes, bars, wires,
sectional products, and hot-rolled steel plates along with copper
plate pipes and inner-twisted pipes. Its annual output is about 9
million tons of steel and 8 million tons of steel products; hot-
rolled steel plate is the company's biggest revenue generator.
Hunan Valin products are distributed in mainland China and
exported throughout much of Asia as well as to the US. It was
formed in 1999. In 2005, the company sold about a one-third stake
in publicly listed subsidiary Hunan Valin Steel Tube & Wire
Company to what is now ArcelorMittal.
About Fortescue Metals
Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore
in the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.
* * *
Fortescue reported consecutive net losses for the past three
fiscal years. Net loss for the year ended June 30, 2008, was
AU$2.52 billion, while net losses for FY2007 and FY2006 were
AU$192.26 million and AU$2.15 million, respectively.
OZ MINERALS: Gets 1 Month Debt Reprieve, Minmetals Revises Offer
----------------------------------------------------------------
Jesse Riseborough at Bloomberg News reports China Minmetals Group
agreed, in a revised offer, to buy most of OZ Minerals Ltd.'s
mines for US$1.2 billion.
As reported in the Troubled Company Reporter-Asia Pacific on Feb.
18, 2009, Minmetals offered to purchase all outstanding shares in
OZ Minerals at a cash price of 82.5 cents per share.
Reuters relates Minmetals made the new offer after Australia
blocked its original US$1.8 billion takeover bid last week on
national security grounds, noting one of OZ Minerals' mines was
close to a sensitive defence facility. According to Bloomberg
News, OZ Minerals's Woomera site is located near its Prominent
Hill copper and gold mine in South Australia state.
As reported in the Troubled Company Reporter-Asia Pacific on Mar.
31, 2009, OZ Minerals said under the alternative proposal,
Minmetals will acquire all of OZ Minerals' assets except for
Prominent Hill, Martabe and the company's portfolio of listed
assets, including Toro Energy Limited.
OZ Minerals may sell the assets for as much as AU$1.6 billion,
enough to repay debt owed to 11 banks, RBC Capital Markets said as
cited by Bloomberg News.
Bloomberg News says OZ Minerals has gained a one-month extension
on about AU$1.2 billion (US$830 million) of debt.
OZ Minerals Chief Executive Andrew Michelmore, as cited by
Reuters, said the company will look to pay off all its loans if
Minmetals's revised offer is approved.
Minmetals's revised proposal will provide a complete solution to
the company's refinancing issues, OZ Minerals said in a statement
Monday.
Bloomberg News said the extension of OZ Minerals's debt facilities
is a condition of Minmetals's takeover offer.
About China Minmetals
China Minmetals is one of the largest metals and minerals trading
companies in the world and the largest iron and steel trader in
China. The company exports coke, coal, and ferroalloys; imports
iron ore, steel scraps, and slabs and billets; and sells about 20
million tons of steel products annually. It has domestic iron ore
mining operations and also helps steel producers abroad with
facility construction and equipment supply. Other subsidiaries
deal in financial services, real estate development, and
transportation logistics. China Minmetals' sales network
stretches through Africa, the Americas, Asia, Australia, and
Europe. It operates more than 100 offices in China and more than
40 companies abroad.
About OZ Minerals
OZ Minerals Limited, formerly Oxiana Limited, --
http://www.ozminerals.com/-- is an Australia-based mining
company. The company is a producer of zinc, copper, lead, gold
and silver. OZ Minerals was formed through a merger of Australia-
based international mining companies Oxiana Limited and Zinifex
Limited. The company has five mining operations located in
Australia and Asia, three new mining projects in development and a
portfolio of advanced and early-stage exploration projects
throughout Australia, Asia and North America. Its projects
include the Century mine in Queensland, Sepon copper operation in
Laos, the gold operation at Sepon, the Golden Grove underground
base and precious metals mine in Western Australia, the Rosebery
mine in Tasmania, the Avebury nickel mine in Tasmania, the
Prominent Hill copper-gold project in South Australia, the Martabe
gold project in Indonesia, the Dugald River deposit in Queensland,
and the Izok Lake and High Lake copper and zinc deposits in the
Nunavut territories of Canada.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
December 12, 2008, Fitch Ratings downgraded OZ Minerals Limited's
Long-term foreign currency Issuer Default Rating to 'CC' from
'BBB-' (BBB minus), and has simultaneously withdrawn it. The
rating remained on Rating Watch Negative at the time of
withdrawal.
================
H O N G K O N G
================
ASHLEY 33: Creditors' Proofs of Debt Due on April 30
----------------------------------------------------
The creditors of Ashley 33 F&B Limited are required to file their
proofs of debt by April 30, 2009, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on March 26, 2009.
The company's liquidator is:
Wong Yuek Keung
Nathan Commercial Building
Unit C, 12th Floor
430-436 Nathan Road
Kowloon
ATLAS KUMSOK: Creditors' Proofs of Debt Due on April 17
-------------------------------------------------------
The creditors of Atlas Kumsok Company Limited are required to file
their proofs of debt by April 17, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 20, 2009.
The company's liquidators are:
Ying Hing Chiu
Chan Mi Har
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
CHEONG LEE: Creditors' Proofs of Debt Due on April 30
-----------------------------------------------------
The creditors of Cheong Lee Construction Company Limited are
required to file their proofs of debt by April 30, 2009, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 13, 2009.
The company's liquidator is:
Yau Kim Hung
Wah Ying Cheong Central Building
Room 703, 7th Floor
158-164 Queen's Road Central
Hong Kong
CITIMASTER LIMITED: Creditors' Proofs of Debt Due on April 27
-------------------------------------------------------------
The creditors of Citimaster Limited are required to file their
proofs of debt by April 27, 2009, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on March 25, 2009.
The company's liquidator is:
Lam Chin Chiu
The Kwangtung Provincial Bank Building
Room 2301-02, 23rd Floor
409-415 Hennessy Road
Causeway Bay
Hong Kong
CITY TELECOM: Moody's Says Tender Offer Could Move 'B1' Rating
--------------------------------------------------------------
Moody's Investors Service sees a possible positive impact on City
Telecom (H.K.) Limited's B1/positive senior unsecured and
corporate family ratings from the company's recently announced
tender offer.
CTI has announced a cash-funded tender offer, at 75 cents on the
dollar, for its outstanding US$89.4 million 8.75% senior notes due
2015 which accounts for substantially all of CTI's outstanding
debt.
"CTI's financial metrics are strong for the rating level, with
estimated debt/EBITDA at the interim stage for 2009 of less than
1.6x," says Laura Acres, a Moody's Vice President, adding, "It
continues to generate free cash flow and accumulate cash; thus can
fully fund the bond tender offer and take advantage of lower
market prices and eliminate negative carry for its cash on hand."
If successful, the tender offer will result in CTI having
negligible leverage, as measured by adjusted debt/EBITDA. In
addition, given its policy of funding capex out of EBITDA, it will
also have very strong interest cover metrics as measured by
(EBITDA-capex)/interest for its B1 rating.
In addition to launching a tender offer, CTI has solicited consent
from note holders to amend certain provisions under the notes
indenture, which would eliminate substantially all restrictive
covenants, including limitations on incurring debt, restricted
payments, asset sales and mergers. It will also eliminate
restrictions on changes in ownership.
"While we recognize the increased financial and operational
flexibility CTI would enjoy following the elimination of these
restrictive covenants, we are uncertain about CTI's long-term
optimum capital structure, and what financial policies and
guidelines the company will adhere to without such covenant
disciplines," adds Acres, also Moody's Lead Analyst for CTI.
Moody's will monitor the development and assess the resultant
rating impact in conjunction with the expected further improvement
in the company's financial profile.
The last rating action was taken on 26th August 2008 when Moody's
upgraded CTI's senior unsecured and corporate family rating to B1
with a positive outlook.
Headquartered in Hong Kong, CTI is a wire-line operator in Hong
Kong offering International Direct Dialing, fixed-
telecommunication network, broadband and IP-TV services.
ECERSHINE LIMITED ET AL: Leung Steps Down as Liquidator
-------------------------------------------------------
On March 25, 2009, Man Kwok Keung stepped down as liquidator of:
-- Ecershine Limited; and
-- Larcom Property Management Limited.
EGANAGOLDPFEIL: Appoints Middleton and Power as Liquidators
-----------------------------------------------------------
On March 6, 2009, Edward Simon Middleton and Fergal Thomas Power
were appointed as provisional liquidators of Eganagoldpfeil
(Holdings) Limited.
The Provisional Liquidators can be reached at:
Edward Simon Middleton
Fergal Thomas Power
KPMG
Prince's Building, 8th Floor
10 Chater Road
Central, Hong Kong
GOOD VIEW ET AL: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:
-- Good View Construction Engineering Limited on Feb. 25, 2009;
-– All Right Holdings Limited on March 4, 2009;
-- Wing Rock Construction Company Limited; and
-- Poly Plus International Limited on March 9, 2009.
Mat Ng is the companies' liquidator.
HENFAIR REMOTE ET AL: Court Enters Wind-Up Order
------------------------------------------------
The High Court of Hong Kong entered an order to wind up the
operations of:
-- Henfair Remote Control Technology Research & Development
Limited on March 11, 2009;
-- Ocean Wave International Limited on March 11, 2009;
-- He Xing Telecom Limited on March 11, 2009;
-- Dotex Company Limited on March 11, 2009;
-- Delta Innovative Software Limited on March 11, 2009;
-- Realtors International Investment Limited on March 11, 2009;
-- Goldway 08 Limited on March 11, 2009;
-- Global Harvest Limited on March 11, 2009; and
-- Yip Kun Chemical Development Limited on March 11, 2009.
HOI PO: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------
At an extraordinary general meeting held on March 20, 2009, the
members of Hoi Po Metal Manufactory Company Limited resolved to
voluntarily wind up the company's operations.
The company's liquidators are:
Lai Kar Yan (Derek)
Yeung Lui Ming (Edmund)
One Pacific Place, 35th Floor
88 Queensway
Hong Kong
KENDRO LABORATORY: Creditors' Proofs of Debt Due on April 27
------------------------------------------------------------
The creditors of Kendro Laboratory Products (H.K.) Limited are
required to file their proofs of debt by April 27, 2009, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 23, 2009.
The company's liquidators are:
Lai Kar Yan (Derek)
Darach E. Haughey
One Pacific Place, 35th Floor
88 Queensway
Hong Kong
LHI TECHNOLOGY: Leung and Morrison Step Down as Liquidators
-----------------------------------------------------------
On March 17, 2009, Man Mo Leung and Kenneth Graeme Morrison
stepped down as liquidators of LHI Techology (HK) Company Limited.
SINO FAME: Appoints Yu and Sutton as Liquidators
------------------------------------------------
On March 3, 2009, Fok Hei Yu and Roderick John Sutton were
appointed as liquidators of Sino Fame Technology Limited.
The Liquidators can be reached at:
Fok Hei Yu
Roderick John Sutton
Ferrier Hodgson Limited
The Hong Kong Club Building, 14th Floor
3A Chater Road Central
Hong Kong
SPARKVIEW INVESTMENTS: Court to Hear Wind-Up Petition on May 13
---------------------------------------------------------------
A petition to have Sparkview Investments Limited's operations
wound up will be heard before the High Court of Hong Kong on
May 13, 2009, at 9:30 a.m.
Bank of China (Hong Kong) Limited filed the petition against the
company on March 6, 2009.
The Petitioner's solicitors are:
Tsang, Chan & Wong
Wing On House, 16th Floor
No. 71 Des Voeux Road Central
Hong Kong
SUNLIT METALS: Releases Tam as Liquidator
-----------------------------------------
On March 11, 2009, Gabriel Chi Kok Tam was released as liquidator
of Sunlit Metals & Minerals Limited.
TAK LEE: Creditors' Proofs of Debt Due on April 28
--------------------------------------------------
The creditors of Tak Lee Hong Rice Limited are required to file
their proofs of debt by April 28, 2009, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on March 19, 2009.
The company's liquidator is:
Lin Fa Yau
Milo's Industrial Building, 1st Floor
2-10 Tai Yuen Street
Kwai Chung, N.T.
TIN TIN STORE: Court to Hear Wind-Up Petition on April 29
---------------------------------------------------------
A petition to have Tin Tin Store Limited's operations wound up
will be heard before the High Court of Hong Kong on April 29,
2009, at 9:30 a.m.
Lin Ruping filed the petition against the company on Feb. 23,
2009.
UOB REALTY: Lee Ho Yiu Thomas Steps Down as Liquidator
------------------------------------------------------
On March 18, 2009, Lee Ho Yiu Thomas stepped down as liquidator of
UOB Realty (H.K.) Limited.
VIC SUCCESS: Court to Hear Wind-Up Petition on April 29
-------------------------------------------------------
A petition to have Vic Success Limited's operations wound up will
be heard before the High Court of Hong Kong on April 29, 2009, at
9:30 a.m.
Law Fong Man filed the petition against the company on Feb. 23,
2009.
WONDERFUL SPEED: Placed Under Voluntary Liquidation
---------------------------------------------------
On March 27, 2009, the sole member of Wonderful Speed Limited
resolved to voluntarily liquidate the company's business.
The company's liquidator is:
Cheng Kai Tai, Allen
Beverly House, 19th Floor
Nos. 93-107 Lockhart Road
Wanchai, Hong Kong
YAN CHEONG: Creditors' Proofs of Debt Due on April 30
-----------------------------------------------------
The creditors of Yan Cheong Investment Company Limited are
required to file their proofs of debt by April 30, 2009, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on March 13, 2009.
The company's liquidator is:
Yau Kim Hung
Wah Ying Cheong Central Building
Room 703, 7th Floor
158-164 Queen's Road Central
Hong Kong
=========
I N D I A
=========
ADI ISPAT: CRISIL Rates Rs.105 Mln Term Loans at 'B+'
-----------------------------------------------------
CRISIL has assigned its ratings of 'B+/Negative/P4' to the various
bank facilities of Adi Ispat Pvt Ltd (Adi Ispat).
Rs.105 Million Term Loans B+/Negative (Assigned)
Rs.84.5 Million Cash Credit B+/Negative (Assigned)
Rs.20 Million Letter of Credit P4 (Assigned)
& Bank Guarantee
The ratings reflect Adi Ispat's weak financial risk profile marked
by constrained liquidity, low net worth and moderate debt
protection measures, and its exposure to risks relating to
marginal market share and cyclicality in the steel industry.
These weaknesses are, however, partially offset by Adi Ispat's
moderate business profile backed by benefits derived from its
promoters' experience in the industry.
Outlook: Negative
CRISIL expects Adi Ispat's financial risk profile to remain
constrained over the medium term owing to weak liquidity and large
capital expenditure (capex). The rating may be downgraded further
if low capacity utilisation results in deterioration in operating
margins, or if the company takes on more debt than expected to
fund its capex. Conversely, the outlook may be revised to
'Stable' if the company's revenues and profitability increase
substantially, or if it attains a significant degree of
integration in operations.
About Adi Ispat
Adi Ispat was set up by Mr. Ashok Kumar Sarawgi and his sons in
2004. Mr. Sarawgi has more than three decades of experience in the
iron and steel industry. Adi Ispat has two induction furnaces
with annual capacities of 18,000 tonnes each and one 60,000 tonne
per annum rolling mill. The first induction furnace began
operations in September 2007, the second in November 2008. Trial
runs are currently in progress at the rolling mill. The company
proposes to set up a concast facility involving an estimated
investment of Rs.250 million, to be funded at a debt-equity ratio
of 1:1. For 2007-08 (refers to financial year, April 1 to
March 31), Adi Ispat reported a profit after tax (PAT) of Rs.0.3
million on net sales of Rs.55 million.
APM INDUSTRIES: CARE Assigns 'CARE BB+' on LT Bank Facilities
-------------------------------------------------------------
CARE has assigned 'CARE BB+' [CARE Double B (Plus)] rating to the
Long-term Bank Facilities of APM Industries Limited (APMIL)
aggregating Rs.61.35 crore. This rating is applicable for
facilities having tenure of over one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk. CARE assigns '+' or '-' signs
to be shown after the assigned rating (wherever necessary) to
indicate the relative position within the band covered by the
rating symbol.
Also, CARE assigned a 'PR4' [PR Four] rating to the Short-term
Bank Facilities of APMIL aggregating Rs.5.25 crore. This rating
is applicable for facilities having tenure up to one year.
Facilities with this rating would have inadequate capacity for
timely payment of short-term debt obligations and carry very high
credit risk. Such facilities are susceptible to default.
Amount
Instrument (Rs. Crore) Rating
---------- ----------- ------
Long-term Bank Facilities 61.35 BB+
Short-term Bank Facilities 5.25 PR4
-------------------------- ------ ------
Total 66.60
The ratings are constrained by the working capital-intensive
operations, elevated financial risk profile reflected by operating
losses and inadequate interest coverage. The ratings also factor
in subdued industry outlook in the medium term. However, the
ratings derive strength from experienced management and APMIL's
established relationship with its customers. Going forward, the
ability of the company to sustain profitable operations in the
light of economic slowdown will be the key rating sensitivity.
About APM Industries
APM Industries Limited (APMIL) was promoted as Ajay Paper Mills
Private Limited in September 1973 by taking over the partnership
business of M/s. Prayagdas Kanhaiyalal & Co. The company had two
divisions viz Paper and Textile. The paper division was closed
down in 1987. The name of the company was changed to APMIL in
April 1990. It is promoted by Mr. R.K. Rajgarhia. The company is
engaged in the manufacturing of synthetic blended yarn comprising
Polyester/Viscose, Polyester 100%, Acrylic 100% and
Acrylic/Viscose yarn.
APMIL posted total income of Rs.169.44 crore during FY08. It
recorded PBILDT and PAT of Rs.8.97 crore and Rs.0.69 crore,
respectively, during FY08. However, during 9MFY09, the company
posted total income of Rs.135.28 crore and PAT of Rs.0.21 crore.
With the economic slowdown spreading across the globe from the
USA and the EU countries to the emerging economies of South East
Asia, the negative impact is felt in Indian textile market in the
form of slowdown in the consumption. The consequent lower orders
from export markets are putting pricing pressures on textile
players to stay competitive across the industry.
ARWADE STEEL: CRISIL Places 'B' Rating on Rs.50.0 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the various
bank facilities of Arwade Steel Ltd (Arwade).
Rs.50.0 Million Cash Credit B/Stable (Assigned)
Rs.30.0 Million Letter of Credit P4 (Assigned)
The ratings reflect Arwade's small scale of operations, limited
track record, and moderate financial risk profile. These
weaknesses are, however, partially offset by the benefits that
Arwade derives from its relatively disciplined steel-trading
model.
Outlook: Stable
CRISIL believes that Arwade will maintain its business risk
profile, backed by its disciplined management of working capital
requirements in the trading business. The outlook may be revised
to 'Positive' if the company's financial risk profile improves
substantially, backed by fresh equity infusions and sustained
improvement in operating margins. Conversely, the outlook may be
revised to 'Negative' if the company undertakes large debt-funded
capital expenditure or if slowdown in end user industries
significantly impacts the company's debtor collection and
deteriorates its financial risk profile.
About Arwade Steel
Incorporated in 1997 as a private limited company, Arwade is
promoted by Mr. Nitin Arwade and his father Mr. Subhash Arwade.
The company commenced trading in steel products such as angles,
beams, channels, rounds, bars, wire rods, sections and columns in
2003. In 2007, the company converted to a public limited company.
Arwade's sales are currently concentrated in and around Pune
(Maharashtra), while it procures steel products from Mumbai and
other places in Maharashtra as well as Raipur in Chhattisgarh.
Arwade reported a profit after tax (PAT) of Rs.1.6 million on net
sales of Rs.343.5 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a PAT of Rs.1.6 million on net
sales of Rs.261.1 million for 2006-07.
BALAJI ELECTROSTEELS: CRISIL Rates Rs.103 Mln Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Negative/P4' to the various
bank facilities of Balaji Electrosteels Ltd (BEL).
Rs.180 Million Cash Credit Limits BB/Negative (Assigned)
Rs.103 Million Term Loan * BB/Negative (Assigned)
Rs.27 Million Standby Line of Credit P4 (Assigned)
Rs.40 Million Bank Guarantee P4 (Assigned)
Rs.100 Million Letter of Credit P4 (Assigned)
* Includes proposed limit of Rs 62.8 million
The ratings reflect BEL's marginal market share in the steel
industry. The ratings also reflect BEL's exposure to risks
relating to cyclicality in the steel industry, and the working
capital intensive nature of its operations. These weaknesses are,
however, partially offset by the benefits that BEL derives from
its forward integration initiatives.
Outlook: Negative
CRISIL expects BEL's business profile to be impacted adversely by
the current market scenario, marked by slowdown in steel prices.
The rating may be downgraded further in case of lower-than-
expected capacity utilisation levels, which may weaken its
operating margins, or in case of higher-than-expected debt-funded
capital expenditure. Conversely, the outlook may be revised to
'Stable' if the revenues and profitability improve substantially,
or if BEL integrates its operations to a greater degree.
About Balaji Electrosteels
Promoted in 1995 by Mr Sushil Bajaj and Mr Dinesh Agarwal, BEL
started production in 1997 with a rolling mill with 15,000 tonnes
per annum (tpa) capacity. In 1999, another furnace was added;
with a capacity of 24,000 tpa and the rolling mill capacity was
augmented by 10,000 tpa. In 2004, two more furnaces were added
with a capacity of 24,000 tpa. In 2006, a ferro-manganese unit
was set up for backward integration, with a capacity of 9000 tpa.
The operations of the company are currently managed by Mr. Sushil
Bajaj and his brothers Mr. Ajay Bajaj and Mr. Sunil Bajaj. For
2007-08, (refers to financial year, April 1 to March 31) BEL
reported a profit after tax (PAT) of Rs.3 million on net sales of
Rs.818 million, as against a PAT of Rs.8 million on net sales of
Rs.635 million for 2006-07.
DARJEELING DOOARS: CRISIL Puts 'BB+' Rating on Rs.14.8MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4' to the various
bank facilities of Darjeeling Dooars Plantations (Tea) Ltd
(DDPTL).
Rs.110.2 Million Cash Credit @ BB+/Stable (Assigned)
Rs.14.8 Million Term Loan BB+/Stable (Assigned)
Rs.5 Million Bank Guarantee P4 (Assigned)
@ Includes proposed limit of Rs 1 million
The ratings reflect DDPTL's exposure to risks relating to small
scale of operations, seasonality in production, and high operating
leverage restricting the financial risk profile. These weaknesses
are, however, partially offset by DDPTL's moderate operating
efficiency.
Outlook: Stable
CRISIL expects DDPTL to maintain a stable business profile backed
by its operational efficiencies and the promoter's long experience
in the tea industry. The outlook may be revised to 'Positive' if
DDPTL maintains sustained profitability resulting in improvement
in its financial risk profile. Conversely, any large additional
debt-funded capital expenditure or acquisition, or deterioration
in financial risk profile, may drive a revision in outlook to
'Negative'.
About Darjeeling Dooars
DDPTL (formerly, Darjeeling Dooars Plantations Limited) was set up
by the late Sumat Prashad in 1975 as a public limited company.
The company purchased three tea gardens: Zurrantee in 1976,
Mechpara in 1980, and Karala Valley in 1988; these estates are at
Dooars, near Siliguri (North Bengal), having total production
capacity of 40 lacs kg of tea. The company is managed by Mr
Shashank Prashad, who is also President, Tea Association of India.
The company currently has a total tea production capacity of 40
lakh kg.
For 2007-08 (refers to financial year, April 1 to March 31), DDPTL
reported a profit after tax (PAT) of Rs. 0.7 million on net sales
of Rs.302 million, as against a PAT of Rs. 0.9 million on net
sales of Rs. 265 million for 2006-07.
ESCORTS LIMITED: Fitch Assigns National Long-Term Rating at 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned India's Escorts Limited a National
Long-term rating of 'BB(ind)'. Fitch has also assigned a
'BB(ind)' rating to its term loans of INR1639.4 million (including
sanctioned amount of INR390 million yet to be drawn),
'BB(ind)'/'F4(ind)' ratings to its fund based working capital
limits amounting to INR2045 million and 'BB(ind)'/'F4(ind)'
ratings to its non-fund based working capital limits amounting to
INR1085 million. The Outlook is Stable.
The ratings factor in Escorts' long history in tractor
manufacturing, its extensive product portfolio and efforts to
focus on its core business of agri-farm and construction
equipment. Escorts divested its stake in the telecom, healthcare
and IT ventures in order to repay the terms loans it had taken for
capex particularly in the telecom business during June 2004-March
2006. As a result consolidated leverage, Total Adjusted Debt/
Operating EBIDTAR, fell to about 10.7x in FY08 from 23.8x in FY04.
Fitch has taken a consolidated view of the business and financial
position of Escorts.
Escorts registered consolidated revenues of INR26893.4 million
during FYE September 2008, a decline of 3.5% yoy, due to lower
tractor sales. EBIDTA margin at consolidated level fell to about
2.9% in FY08 (FY07: 4.7%), compared to an improvement to 5.0% in
FY08 on a standalone basis (FY07: 4.3%). The drop at consolidated
level was primarily due to losses incurred by subsidiary, Farmtrac
North America LLC. Escorts has witnessed a short cash-conversion
cycle. Fitch, however, notes that the cash-conversion cycle may
increase in future as it transitions to in-house production of
certain components and targets newer markets.
The ratings are constrained by the company's weak financial
profile with significant accumulated losses, low profitability
margins due to high cost of production, limited penetration on a
pan-India basis resulting in lower capacity utilization in the
tractor business, and the poor performance of its subsidiaries.
Escort's market share has almost remained static at about 13%-14%
during the last six years (except for a decline to about 9.7% in
FY06). Thus, low capacity utilization coupled with higher
material cost and high wage bill has resulted in low
profitability. Fitch expects that on-going cost rationalization
initiatives and marketing approach adopted by the new management
team would help improve profitability margins and market share in
the tractor business.
Escorts had a total consolidated debt of INR8350 million at FYE08,
compared to standalone debt of INR4370.7 million, thus resulting
in a leverage of 10.7x and 4.4x, respectively. However, the
consolidated debt includes channel financing to the tune of
INR2050 million with a partial recourse amounting to
US$2.5 million to the company. The debt-equity ratio has improved
to 0.6x in FY08 (FY06: 1.12x) on a standalone basis. The company
has significant debt repayments for each of the next three years
beginning FY09 in relation to its potential operating cashflows.
Fitch notes the company could be exposed to significant
refinancing risk in the medium-term owing to debt repayments and
the non-conversion of convertible debentures due for
conversion/repayment in FY11.
Positive rating factors include improvement in EBIDTA and net
profit resulting in the clearing off accumulated losses, and a
decline in financial leverage on a consolidated basis owing to an
improvement in the performance of its subsidiaries. An inability
to improve profitability margins to anticipated levels or higher
borrowings resulting in increase in leverage, and an inability to
roll over the debt to longer maturity could act as negative
triggers.
Escorts, incorporated in 1944, underwent a series of restructuring
measures to reach its present state of manufacturing agri-
machinery, components and railway equipments. Escorts is also
present in construction equipment, IT and financial services
through its subsidiaries. In Q1FY09 standalone revenues and
profitability (EBIDTA) rose by 16.7% to INR4952 million and 43.8%
to INR296 million, respectively, yoy.
JET AIRWAYS: CEO Quits Ahead of Schedule
----------------------------------------
Jet Airways (India) Ltd said Ravi Chaturvedi has resigned as Group
CEO in March, ahead of his scheduled departure in June, The
Financial Express reports.
Citing Jet Airways in a filing to the Bombay Stock Exchange, the
report says Mr. Chaturvedi has ceased to be the Group CEO of the
company with effect from March 25, 2009, instead of June 1, 2009.
The report relates the carrier also said Satyan G Pitroda has
ceased to be a Director of the company from March 21, 2009.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Reuters said Mr. Chaturvedi resigned for personal
reasons.
"He has resigned citing personal reasons and he is going back to
the United States," a company spokeswoman told Reuters.
Third Qtr Loss
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 20, 2009, Jet Airways incurred a net loss of Rs 2141.80
million for the quarter ended Dec. 31, 2008, compared with a net
loss of Rs 911.20 million for the quarter ended Dec. 31, 2007.
Total Income increased from Rs 25171.80 million for the quarter
ended Dec. 31, 2007 to Rs 30630.70 million for the quarter ended
Dec. 31, 2008.
For the nine months ended December 31, 2008, Jet Airways reported
a net loss of Rs 4553.30 million, compared with a net loss of
Rs 318.8 million in the same period in 2007.
Total income increased from Rs 60512.00 million for the nine
months ended Dec. 31, 2007 to Rs 90113.30 million in the same
period last year.
"The company, during the quarter and nine months ended Dec. 31,
2008, suffered losses mainly on account of high fuel and other
operating costs and lower lead factors resulting into lower
revenues than expected," Jet Airways said in a filing with the
Bombay Stock Exchange.
About Jet Airways (India) Ltd
Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- currently operates a fleet of 84 aircraft,which includes 10
Boeing 777-300 ER aircraft, 11 Airbus A330-200 aircraft, 52
classic and next generation Boeing 737-400/700/800/900 aircraft
and 11 modern ATR 72-500 turboprop aircraft. With an average
fleet age of 4.34 years, the airline has one of the youngest
aircraft fleet in the world. Jet Airways operates over 395
flights daily.
Flights to 64 destinations span the length and breadth of India
and beyond, including New York (both JFK and Newark), San
Francisco, Toronto, Brussels, London (Heathrow), Hong Kong,
Singapore, Shanghai, Kuala Lumpur, Colombo, Bangkok, Kathmandu,
Dhaka, Kuwait, Bahrain, Muscat, Doha, Abu Dhabi and Dubai. The
airline plans to extend its international operations to other
cities in North America, Europe, Africa and Asia in phases with
the introduction of additional wide-body aircraft into its fleet.
JV STRIPS: Weak Financial Risk Profile Cues CRISIL 'BB-' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable' to the bank
facilities of JV Strips Ltd (JV Strips).
Rs.300.0 Million Cash Credit BB-/Stable (Assigned)
Rs.60.0 Million Stand-by Line BB-/Stable (Assigned)
of Credit
The ratings reflect JV Strips' weak financial risk profile, marked
by high gearing, low net worth and weak debt protection measures.
The ratings also factor in the company's exposure to risks
relating to volatility in steel prices, and concentration of
revenues in the automobile sector. These weaknesses are partially
offset by the benefits that the company derives from its
promoters' experience in the steel industry.
Outlook: Stable
CRISIL expects JV Strips' financial risk profile to remain weak
over the medium term. The outlook may be revised to 'Positive' if
there is considerable improvement in the company's business and
financial risk profiles. Conversely, the outlook may be revised
to 'Negative' if the company takes on large debt, or increases its
inventory levels substantially.
About JV Strips
JV Strips was incorporated in September 1995 as a closely-held
public limited company. The company is engaged in the manufacture
of cold-rolled coils from hot-rolled coils of thickness ranging
from 2 mm to 5 mm and width of 1400 mm. The cold-rolled coils
produced cater mainly to the automobile sector. Around 60 to 70
per cent of JV Strips' sales are made to original equipment
manufacturers (OEM), and the remaining to traders.
JV Strips reported a profit after tax (PAT) of Rs.6 million on net
sales of Rs.1715 million in 2007-08 (refers to financial year,
April 1 to March 31) as against a PAT of Rs.5 million on net sales
of Rs.1593 million for the previous year.
KALPANA FORGINGS: CRISIL Rates Rs.82.0 Mln Long-Term Loan at 'BB+'
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable' to the bank
facilities of Kalpana Forgings Ltd (KFL).
Rs.82.0 Million Long-Term Loan BB+/Stable (Assigned)
Rs.45.0 Million Cash Credit Limits BB+/Stable (Assigned)
Rs.23.0 Million Proposed Fund-Based BB+/Stable (Assigned)
Limits
The ratings reflect KFL's small scale of operations, low
profitability, working capital-intensive operations, and moderate
financial risk profile. The company had acquired commercial real
estate properties on debt; these properties have been leased out,
in order to meet the term loan obligations. These rating
weaknesses are mitigated by the promoter's experience, and KFL's
long-standing relationships with its customers, majority of them
Tier I auto component manufacturers.
Outlook: Stable
CRISIL expects KFL to maintain its moderate business risk profile
on the back of steady revenues. The outlook may be revised to
'Positive' in case of a significant and sustained improvement in
the company's financial risk profile, marked by increase in its
net worth. Conversely, the outlook may be revised to 'Negative'
in case of pressure on its operating profitability, because of
slackness in demand in the auto sector or decline in lease income,
or if the company undertakes debt-funded capital expenditure.
About Kalpana Forgings
KFL, incorporated in 1995, is engaged in the business of hot
forging of automobile parts; it also earns rental income from its
investments in real estate. The company is headed by Mr. B S
Sharma, Managing Director. For 2007-08 (refers to financial year,
April 1 to March 31), KFL reported a profit after tax (PAT) of
Rs.12.7 million on net sales of Rs.442.5 million, as against a PAT
of Rs.10.1 million on net sales of Rs.308.9 million in the
previous year.
M&G IMPEX: CRISIL Assigns 'BB-' Rating on Rs.57.5 Mln Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Negative/P4' to the bank
facilities of M&G Impex (India) Pvt Ltd (M&G).
Rs.57.5 Million Cash Credit * BB-/Negative (Assigned)
Rs.59.9 Million Long Term Loan BB-/Negative (Assigned)
Rs.10 Million Bank Guarantee P4 (Assigned)
Rs.45 Million Bill Purchase-
Discounting Facility P4 (Assigned)
Rs.20 Million Letter of Credit P4 (Assigned)
* Interchangeable with export packing credit and packing
credit foreign currency
The ratings reflect M&G's large working capital requirements,
small scale of operations, and stretched financial risk profile.
These weaknesses are mitigated by M&G's above-average operating
efficiencies.
Outlook: Negative
CRISIL believes that M&G, with its small scale of operations, will
remain vulnerable to the current slowdown in the construction and
real estate business. The rating may be downgraded if the
company's margins and accruals remain constrained over the medium
term, or if it undertakes large, debt-funded capital expenditure,
leading to deterioration in its capital structure. Conversely,
the outlook may be revised to 'Stable' if the company
substantially scales up its operations, supported by sustainable
improvement in its financial risk profile.
About M&G Impex
Promoted by Mr. Praveen Tekriwal in 1992, M&G is engaged in
processing of rough granite blocks. The company derives 50 to 60
per cent of its revenues from exports to the US, Europe, and
Australia, with the balance being derived from sales to merchant
exporters in India. The company had scrapped its old processing
unit in 2006-07 and continued trading in granite blocks for a
year, leading to losses in 2006-07. Processing activities were
resumed in 2007-08, after setting up of a new processing unit.
For 2007-08 (refers to financial year, April 1 to March 31), M&G
reported a profit after tax (PAT) of Rs.26.45 million (which
includes an extraordinary income of Rs.17.85 million on profit on
sale of an old unit) on net sales of Rs.170.38 million, as against
a net loss of Rs.1.26 million on net sales of Rs.21.31 million for
the previous year.
MITTAPALLI AGRO: CRISIL Rates Rs.20 Mln Long Term Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Mittapalli Agro Products Pvt Ltd (Mittapalli).
Rs.20 Million Long Term Loan B/Stable (Assigned)
Rs.70 Million Packing Credit Limits P4 (Assigned)
The ratings reflect Mittapalli's constrained financial risk
profile, marked by high gearing and weak debt protection measures.
The ratings also factor in Mittapalli's high working capital
intensive operation. These weaknesses are partially offset by
Mittapalli's established presence in the tobacco industry.
Outlook: Stable
CRISIL believes that Mittapalli will maintain its operating
margins and current revenue growth rate over the medium term, on
the back of stable demand for its products in the export markets.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves on account of improvement in
gearing and/or higher-than-expected profitability. Conversely,
the outlook may be revised to 'Negative' if Mittapalli's financial
risk profile deteriorates due to significant increase in debt
levels or a substantial decline in the company's profitability.
About Mittapalli Agro
Mittapalli was formed in 2005 by Mr. Mittapalli Ramesh Babu in
Guntur, Andhra Pradesh. The company is into processing of tobacco
leaves and selling it to both domestic and export markets. Most
of Mittapalli's customers are cigar and cigarette manufacturers.
Mittapalli reported a profit after tax (PAT) of Rs.0.36 million on
net sales of Rs.218.88 million in 2007-08 (refers to financial
year, April 1 to March 31), as against a PAT of Rs.0.35 million on
net sales of Rs.175.93 million for 2006-07.
RASOI LIMITED: Low Operating Margins Prompt CRISIL 'BB-' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4' to the various
bank facilities of Rasoi Ltd (Rasoi).
Rs.70.00 Million Cash Credit BB-/Stable (Assigned)
Rs.10.3 Million Term Loan BB-/Stable (Assigned)
Rs.17.2 Million Proposed Long BB-/Stable (Assigned)
Term Bank Loan Facility
Rs.95.00 Million Letter of Credit P4 (Assigned)
Rs.7.5 Million Bank Guarantee P4 (Assigned)
The ratings reflect Rasoi's weak financial risk profile on account
of low net worth, moderate debt protection measures and low
operating margins. The rating also reflects Rasoi's exposure to
risks relating to the commoditised nature of, and intense
competition in, the Vanaspati industry, and unfavourable changes
in government regulations. These weaknesses are, however,
partially offset by Rasoi's established presence in the Vanaspati
oil industry in eastern India.
Outlook: Stable
CRISIL believes that Rasoi will maintain a stable business risk
profile. The credit profile of the company would however continue
to be constrained by its low profitability. The outlook may be
revised to 'Positive' if the profitability increases
significantly. Conversely, the outlook may be revised to
'Negative' if the operating margins and gearing deteriorate
considerably, or the company increases its exposure to group
companies.
About Rasoi Ltd
Set up in 1905 as Majegram Tea Company by the Lord Inchcape group,
UK, the company was acquired by Mr. Raghu Mody, the current
chairman, in July 1964. Thereafter, he acquired the Vanaspati
business under the Rasoi brand from Mr. P M Talukdar of the
Hindustan Insurance group in 1965. The company acquired its
present name in 1982. It manufactures and sells vanaspati and
refined oils (including palm, soya bean, rice bran, and mustard
oils) under the Rasoi brand. Its plant is at Falta (West Bengal).
For 2007-08 (refers to financial year, April 1 to March 31), Rasoi
reported a profit after tax (PAT) of Rs.6 million on net sales of
Rs.1.5 billion, as against a PAT of Rs.8 million on net sales of
Rs.1.4 billion for 2006-07.
SATYAM COMPUTER: Four Bidders Complete Due Diligence on Firm
------------------------------------------------------------
The Economic Times reported that six bidders have inked non-
disclosure pacts with Satyam Computer Services Limited, a pre-
requisite to do due diligence on the assets and liabilities of the
IT firm.
The Times relates that four out of six bidders have already done
the due diligence and two more are expected to follow suit.
Citing people familiar with the development, the report says the
four bidders who have completed the due diligence are:
–- billionaire investor Wilbur Ross;
-– engineering firm Larsen & Toubro;
-- IT services firm Tech Mahindra; and
-- a US-based IT firm.
The Times says the government-appointed Satyam board had
shortlisted around eight bidders who had expressed interest in the
company. However, according to various reports, Spice Group, one
of the shortlisted bidders announced Friday it was temporarily
withdrawing from the race for Satyam, complaining the bidding
process was not transparent. The Times relates that another
bidder may also have opted out of the race, taking the tally now
to six qualified bidders.
As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts. Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:
(1) inflated (non existent) cash and bank
balances of 50.40 billion rupees (US$1.04 billion)
(as against 53.61 billion reflected in the books);
(2) an accrued interest of 3.76 billion rupees which
is non existent;
(3) an understated liability of 12.30 billion rupees
on account of funds arranged by Mr. Raju; and
(4) an overstated debtors position of
4.90 billion rupees (as against 26.51 billion
reflected in the books).
Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India. Several groups also considered filing class
action suits against the company.
A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for re-
evaluation of the software company's books.
Mr. Raju was later found to have invented more than one quarter of
Satyam's workforce and used fictitious names to siphon Rs200
million (US$4.1 million) a month out of the company, The Financial
Times said in a report last month.
About Satyam
Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.satyam.com/-- is a global
information technology (IT) services provider, offering a range of
services, including systems design, software development, system
integration and application maintenance. It offers a range of IT
services to its customers, including application development and
maintenance, consulting and enterprise business solutions,
extended engineering solutions and infrastructure management
services. Satyam BPO Limited (Satyam BPO), a majority-owned
subsidiary of the Company, is engaged in providing business
process outsourcing (BPO) services. Satyam operates in two
segments: IT services and BPO services. On January 4, 2008, the
Company acquired Nitor global Solutions Ltd. On April 4, 2008, it
acquired Bridge Strategy Group LLC. In November 2008, it
announced the take over of Motorola Inc.'s software development
centre in Malaysia.
SHALINA LABORATORIES: CRISIL Puts 'B-' Rating on Rs.120MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Shalina Laboratories Pvt Ltd (Shalina).
Rs.120 Million Long-Term Loan B-/Negative (Assigned)
Rs.130 Million Proposed Long-Term B-/Negative (Assigned)
Bank Loan Facility
Rs.80 Million Letter of Credit P4 (Assigned)
Rs.10 Million Letter of Credit/ P4 (Assigned)
Bank Guarantee
Rs.540 Million Bill Discounting P4 (Assigned)
The ratings reflect Shalina's exposure to risks related to its
dependence on a single customer, and intense competition in the
African market. These weaknesses are partially mitigated by
Shalina's long track record in the African formulations market.
Outlook: Negative
CRISIL believes that Shalina is likely to face pressures on
profitability and liquidity because of its dependence on a single
customer. The ratings may be downgraded in case of a decline in
its cash accruals, leading to difficulties in managing debt
repayments. Conversely, the outlook may be revised to 'Stable' if
Shalina expands its customer base, thereby reducing its dependence
on a single customer.
About Shalina Laboratories
Incorporated in 1984 by Mr. Shiraz Virji, Shalina is into
manufacture of formulations, primarily in the antibiotic, anti-
malarial, and anti-inflammatory areas. For 2007-08 (refers to
financial year, April 1 to March 31), Shalina reported a net
profit of Rs.12.3 million on net sales of Rs.2.1 billion, as
against a net profit of Rs.77.1 million on net sales of Rs.2.3
billion in the previous year.
TATA POWER: Gets Rs 316.72cr from Tata Teleservices Stake Sale
--------------------------------------------------------------
Two Tata group entities have raised Rs 741.72 crore by selling
part of their holdings in Tata Teleservices Limited ("TTSL"), The
Times of India reports.
According to the report, Tata Communications has sold a 1% stake
in TTSL to Japanese mobile operator NTT DoCoMo for Rs 424 crore
while Tata Power Company Ltd. offloaded some TTSL shares to
realize Rs 316.72 crore. The report relates that the partial
stake sale by both companies forms part of the $2.7 billion
investment by DoCoMo for a 26% stake in TTSL.
The Times states Tata Communications, which holds 14.43% stake in
TTSL, will see its holding reduced to 10.6%. On the other hand,
Tata Power, which also holds 11% stake in TTSL, will see its stake
fall to 8%.
Tata Sons Limited, which owns over 50% stake in TTSL, had earlier
stated that it will get Rs 1,800 crore from the DoCoMo deal, the
report notes.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 14, 2008, Tata Teleservices, Tata Sons and NTT DoCoMo, Inc.,
agreed on a strategic alliance in India, under which DoCoMo will
acquire 26 percent of TTSL's stock for approximately INR130.7
billion (US$2.7 billion).
In addition, DoCoMo, in accordance with regulations of the
Securities and Exchange Board of India, is expected to make an
open offer to acquire up to 20% of outstanding equity shares of
Tata Teleservices Maharashtra Limited (TTML), a Tata
telecommunication company, through a joint tender offer along with
Tata Sons.
About Tata Power
Tata Power Company Ltd. -- http://www.tatapower.com/-- is a
licensee engaged in generation and supply power to bulk consumers
in the Mumbai metropolitan area. The company operates four
thermal plants with a combined capacity of 1,350 MW, and
three hydroelectric plants aggregating 447 MW; all of these supply
power to the Mumbai licence area. The company also has a plant
that supplies power to Tata Steel. In addition, Tata Power has an
81-MW independent power project at Belgaum that sells power to
Karnataka Power Transmission Corporation Limited.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2008, Moody's Investors Service changed the outlook for
Tata Power Company's (TPC) Ba3 corporate family rating and B1
senior unsecured bond ratings to stable from negative.
VERSATILE POLYTECH: Low Net Worth Cues CRISIL 'BB' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4' to the bank
facilities of Versatile Polytech Pvt Ltd (VPPL).
Rs.90.00 Million Cash Credit BB/Stable (Assigned)
Rs.53.50 Million Term Loan BB/Stable (Assigned)
Rs.1.50 Million Bank Guarantee P4 (Assigned)
Rs.5.00 Million Letter of Credit P4 (Assigned)
The ratings reflect VPPL's weak financial risk profile marked by a
low net worth and high gearing, small scale of operations, and
vulnerability of its operating margins to raw material price
fluctuations. These rating weaknesses are mitigated by VPPL's
high revenue visibility because of strong demand from its joint
venture (JV) partners Moon Beverages Ltd (MBL) and Enrich Agro
Food Products Pvt Ltd (EAFPPL), and its improving operating
efficiencies.
Outlook: Stable
CRISIL expects VPPL's financial risk profile to remain weak, and
its scale of operations to remain small. The outlook may be
revised to 'Positive' if the company's capital structure improves
considerably, most likely through fresh equity infusions.
Conversely, the outlook may be revised to 'Negative' if the
company faces unexpected pressure on profitability and cash
accruals, or if it undertakes large, debt-funded capital
expenditure or unrelated diversifications.
About Versatile Polytech
VPPL was incorporated as a JV between the MBL and EAFPPL groups in
2004. MBL and EAFPPL are franchisee bottlers for Coca Cola India
Private Limited. VPPL manufactures and markets preforms of
various sizes for filling with carbonated drinks and drinking
water. VPPL has two manufacturing lines, both located in Jammu &
Kashmir.
For 2007-08 (refers to financial year, April 1 to March 31), VPPL
reported a profit after tax (PAT) of Rs.14 million on net sales of
Rs.219 million, as against a net loss of Rs.9 million on net sales
of Rs. 99 million in the previous year.
=========
J A P A N
=========
ALL NIPPON: To Ask Attendants to Take Unpaid Leave
--------------------------------------------------
All Nippon Airways Co Ltd will begin asking cabin attendants in
April to take voluntary leaves of absence of up to 10 months
without pay amid falling passenger demand, The Japan Times reports
citing company officials.
According to the report, the officials said the program will apply
to some 4,000 attendants on both domestic and international
flights, allowing them to chose a leave of one, five or 10 months.
Annual Loss Expected
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2009, Bloomberg News said ANA may incur a JPY9 billion
(US$101 million) net loss for the year ending March 31, compared
with an earlier projected profit of JPY17 billion. The carrier
also lowered its operating profit forecast and revenue estimates.
Bloomberg News related the airline also lowered its full-year
operating profit forecast to JPY8 billion from JPY55 billion
predicted earlier. ANA, Bloomberg News said, reduced its full-
year revenue forecast to JPY1.4 trillion compared with an earlier
forecast of JPY1.46 trillion.
About All Nippon Airways
All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments. Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets. The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday. This segment
also offers services to travelers and sells travel products and
air tickets. The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others. The company has 112 subsidiaries and 40 associated
companies.
AZEL CORP: Uncollected Sale Proceeds Lead to Bankruptcy Filing
--------------------------------------------------------------
Azel Corp. filed for bankruptcy protection with the Tokyo District
Court after failing to collect proceeds from the sale of two
properties, Bloomberg News reports citing the company in a stock
exchange filing.
The company, which accumulated JPY44.2 billion (US$450 million) in
liabilities, also cited a slump in condominium sales, difficulty
in getting loans, and failures among construction companies for
its collapse, Bloomberg News relates.
Japan-based Azel Corp (TYO:1872) --- http://www.azel.co.jp/--- is
mainly engaged in the construction business. The Company operates
in four business segments. The Condominium segment is engaged in
the planning, development, construction and sale of condominiums
mainly in Tokyo metropolitan and Kansai areas. The Other Real
Estate segment is involved in the leasing and management of real
estate properties of other corporations and the Company's offices,
as well as the sale and management of condominiums. The
Construction segment is engaged in the subcontracting of
construction and repair works. The Leisure segment is engaged in
the operation of game halls and hotels, as well as the management
of resort condominiums and resort properties. The Company has six
subsidiaries.
JLOC 37: S&P Downgrades Ratings on Class D1 and D2 Notes to 'B'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B' from 'BB' its
ratings on JLOC 37 LLC's class D1 and class D2 secured notes and
removed the ratings from CreditWatch with negative implications.
On Feb. 6, 2009, Standard & Poor's had lowered its ratings on the
class D1 and class D2 notes to 'BB' and kept the ratings on
CreditWatch with negative implications, where they had been placed
on Aug. 27, 2008. Meanwhile, Standard & Poor's affirmed its
ratings on the class A1 to C2 and X secured notes issued under the
same transaction.
The downgrades are based on S&P's opinion regarding these: (1)
growing uncertainty over the likely collection amount from the
sale of collateral properties relating to one of the transaction's
underlying loan (representing about 9.1% of the notes' initial
issuance amount) that defaulted in October 2008; and (2)
uncertainty over the recovery prospects of another underlying loan
(representing about 15.8% of the notes' initial issuance amount)
that has matured in March 2009 and defaulted.
The rating affirmations on classes A1 to C2 and X reflect S&P's
view of the prospects for collection from the underlying
properties, as well as credit support provided for the senior
tranches by the subordinate tranches through the
senior/subordinate transaction structure.
Based on this transaction's servicing agreements, collection
procedures relating to the sale of the collateral properties
backing the aforementioned defaulted loans are in progress.
Therefore, Standard & Poor's intends to continue to monitor
progress in the sale of the underlying properties.
In addition, several other loans are due to mature in 2009. At
this point, the ratings on classes C1 and C2 have not been placed
on CreditWatch with negative implications. S&P intends to monitor
progress in the repayment of the aforementioned loans and the
recovery prospects of the underlying properties. However, there
is a possibility that there may be downward pressure on the
ratings on classes C1 and C2, depending on the status of the
repayment of the aforementioned loans and the recovery prospects
of the underlying properties.
This is a multi-borrower CMBS transaction. The notes were
originally secured by loans extended to 10 obligors, which were
backed by 61 real estate properties and real estate trust
certificates. This transaction has been arranged by Morgan
Stanley Japan Securities Co. Ltd. ORIX Asset Management & Loan
Services Corp. acts as the servicer for this transaction.
Ratings Lowered, Removed From Creditwatch Negative
JLOC 37 LLC
JPY81.22 billion floating-rate bonds due January 2015
Class To From Initial Issue Amount
----- -- ---- --------------------
D1 B BB/Watch Neg JPY8,000 mil.
D2 B BB/Watch Neg EUR1.95 mil.
Ratings Affirmed
Class Rating Initial Issue Amount
----- ------ --------------------
A1 AAA JPY53,800 mil.
A2 AAA EUR12.1 mil.
B1 AA JPY7,900 mil.
B2 AA EUR4.85 mil.
C1 A JPY7,000 mil.
C2 A EUR8.45 mil.
X (interest only) AAA JPY81,220 mil. (notional principal)
SEIYU LTD: Reports 7th Consecutive Annual Loss in 2008
------------------------------------------------------
Seiyu Ltd posted a JPY25.79 billion net loss for the year ended
December 31, 2008, its seventh straight annual loss, The Japan
Times reports citing earnings results posted in a government
gazette Monday.
The Times says the company also reported an operating profit of
JPY156 million and logged a pretax loss of JPY4.76 billion on
interest and other expenses.
Company officials, as cited by the report, said the supermarket
operator will shut down 12 more stores as part of its plan to
close around 20 stores by mid-2009 aimed at stemming losses. The
company have already closed nine stores.
In 2002, the Times recalls, Seiyu became a wholly owned subsidiary
of U.S. retail giant Wal-Mart Stores Inc. and was delisted from
the Tokyo Stock Exchange's first section in April 2008. It has
been trying to get back on track since entering its capital tieup
with Wal-Mart, the report notes.
About Seiyu Ltd.
Tokyo-based, The Seiyu, Ltd. -- http://www.seiyu.co.jp/-- is a
Japanese company that is involved in two business segments. The
Retailing segment, together with its subsidiaries, develops
daily products, operates general merchandise stores (GMSs),
supermarkets and shopping malls and provides information and
services. This segment is also engaged in the prepared food
business, the operation of specialty stores for mobile phones,
the procurement of overseas original products, as well as the
provision of recruitment services and the ordering of gift
products. The Real Estate segment is involved in the leasing of
real estate properties, in addition to the development and
management of properties, such as commercial facilities.
Seiyu has 17 subsidiaries and two associated companies.
* * *
Seiyu Ltd. incurred a net loss of JPY55.79 billion in the year
ended December 31, 2006, versus a loss of JPY17.77 billion in
2005. It also reported a JPY20.9 billion loss in 2007.
* JAPAN: Auto Production Drops 56.2% in February
-------------------------------------------------
Japan's domestic auto production plunged 56.2 percent in February
2009 from a year earlier to 481,396 units, marking the steepest
fall since comparable data became available in 1967, Japan Today
reports citing the Japan Automobile Manufacturers Association.
According to the report, the industry body said the number of
vehicles produced in Japan was the lowest for February since 1971,
as automakers substantially cut output to cope with falling demand
amid the global economic deceleration.
* S&P Junks Ratings on 9 Tranches From 16 Japanese CDOs
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 22
tranches relating to 16 Japanese synthetic CDO transactions.
Standard & Poor's also removed its ratings on 16 of the 22
tranches from CreditWatch, while keeping the ratings on the other
six of the 22 on CreditWatch with negative implications. At the
same time, Standard & Poor's affirmed its rating on Omega Capital
Investments PLC's Series 10 Class A notes and removed the rating
from CreditWatch with negative implications. In addition,
Standard & Poor's raised its rating on Astra Alpha Ltd.'s Series
2005-1 credit-linked notes and removed the rating from CreditWatch
with positive implications, where it had been placed on March 11.
The rating actions are part of S&P's regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive or negative implications.
Ratings List
Astra Alpha Ltd.
Multi-issuer obligation programme series 2005-01
credit-linked notes
To From Issue Amount
-- ---- ------------
CCC CCC-/Watch Pos JPY15.0 bil.
Corsair (Jersey) No. 2 Ltd.
Fixed rate secured portfolio credit-linked loan series 53
To From Issue Amount
-- ---- ------------
BBB-/Watch Neg BBB+/Watch Neg JPY3.0 bil.
Fixed rate credit-linked loan series 58
To From Issue Amount
-- ---- ------------
A- A/Watch Neg JPY3.0 bil.
Fixed rate credit-linked notes series 64
To From Issue Amount
-- ---- ------------
CCC+ B/Watch Neg $50.0 mil.
Helium Capital Ltd.
Series 49 limited recourse secured synthetic CDO notes
To From Issue Amount
-- ---- ------------
BBB-/Watch Neg BBB/Watch Neg $40.0 mil.
Momentum CDO (Europe) Ltd.
SONATA notes series 2006-2
Class To From Issue Amount
----- -- ---- ------------
AF B- BB-/Watch Neg JPY2.0 bil.
AX B- BB-/Watch Neg JPY1.1 bil.
SONATA floating rate notes series 2006-5
Class To From Issue Amount
----- -- ---- ------------
AF CCC+ B+/Watch Neg EUR5.0 mil.
SONATA notes series 2006-7
Class To From Issue Amount
----- -- ---- ------------
BF CCC+ B-/Watch Neg JPY100.0 mil.
BX CCC+ B-/Watch Neg JPY700.0 mil.
SONATA fixed-rate notes series 2006-10
Class To From Issue Amount
----- -- ---- ------------
AX CCC+ B-/Watch Neg EUR20.0 mil.
SONATA floating rate notes series 2006-11
Class To From Issue Amount
----- -- ---- ------------
AF BB-/Watch Neg BB+/Watch Neg $6.0 mil.
Omega Capital Investments PLC
Series 10 secured floating rate notes
Class To From Issue Amount
----- -- ---- ------------
A BB+ BB+/Watch Neg JPY2.0 bil.
Secured multi rate notes series 21
Class To From Issue Amount
----- -- ---- ------------
A1 B- B/Watch Neg $20 mil.
A2 B- B/Watch Neg JPY300.0 mil.
Series 48 secured notes
Class To From Issue Amount
----- -- ---- ------------
7Y-B1 CCC+ B-/Watch Neg JPY300.0 mil.
Orpheus II Ltd.
Secured credit link notes
Class To From Issue Amount
----- -- ---- ------------
AF BB/Watch Neg BB+/Watch Neg JPY1.1 bil.
AX BB/Watch Neg BB+/Watch Neg JPY1.2 bil.
BF CCC+ B+/Watch Neg JPY2.3 bil.
BX CCC+ B+/Watch Neg JPY400.0 mil
Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan series 2005-04
To From Issue Amount
-- ---- ------------
BB/Watch Neg BB+/Watch Neg JPY4.0 bil.
Secured floating rate credit-linked notes series 2005-07
To From Issue Amount
-- ---- ------------
BB BB+/Watch Neg JPY3.0 bil.
Series 2006-07 secured fixed rate credit-linked notes
To From Issue Amount
-- ---- ------------
CCC- CCC/Watch Neg JPY500.0 mil.
Series secured floating rate credit-linked 2006-09 notes
To From Issue Amount
-- ---- ------------
CCC B-/Watch Neg JPY2.0 bil.
=========
K O R E A
=========
SSANGYONG MOTOR: Shareholders to File Damages Lawsuit
-----------------------------------------------------
Ssangyong Motor Co. union said that a group of minority
shareholders at the company will file a damages lawsuit against
former executives and the company's parent, Shanghai Automotive
Industry Corp. (SAIC), for their alleged mismanagement,
TradingMarkets.com reports citing Yonhap News Agency.
According to the report, the union said that a total of 1,781
small shareholders will lodge the lawsuit with a Seoul court to
seek KRW1 billion (US$712,530) in compensation for damages.
TradingMarkets.com relates that under the court receivership,
Ssangyong Motor is required to meet its creditors and a bankruptcy
judge on May 22 to review its plan to turn the company around.
If the turnaround plan is deemed unfeasible, the report notes, the
carmaker will be liquidated.
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/kr/index.jsp/-- is a manufacturer
of automobiles primarily engaged in production of sports utility
vehicles (SUVs) and recreational vehicles (RVs). The company's
production is grouped into four lines: SUVs under brand names
REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the
brand name ACTYON Sports; passenger cars under brand name
Chairman, and multi-purpose vehicles (MPVs) under the brand name
Rodius. It also provides automobile parts such as coolers,
engine oil filters, headlamp bulb and others. During the year
ended December 31, 2007, the company had a production capacity
of 219,220 units of vehicles and its actual production output
was 122,857 units of vehicles. The company has two
manufacturing factories in Pyeongtaek and Changwon.
* * *
As reported in Troubled Company Reporter-Asia Pacific on Jan. 12,
2009, the International Herald Tribune said Ssangyong filed for
receivership with a Seoul district court in a bid to stave off a
complete collapse. The Tribune related that the decision to file
for receivership, which is similar to bankruptcy protection in the
United States, came a day after the Ssangyong board meet in
Shanghai. "After our talks with the banks failed to produce an
agreement, it became inevitable to file for court receivership to
ease the critical cash flow problem," the company said in a
statement obtained by the Tribune.
* KOREA: Kosdaq to Delist 64 Firms in April
-------------------------------------------
A total of 64 South Korean listed firms maybe delisted from the
Kosdaq market next month, The Korean Herald reports citing the
Korea Exchange.
According to the report, the bourse said that 43 firms are near
delisting because:
-- their capital losses exceeded 50 percent;
-- their equity capital was less than KRW1 billion; or
–- their annual sales failed to reach KRW3 billion last year.
The KRX, as cited by the Herald, said 16 firms were on the watch
list due to adverse audit opinion; four were involved in
embezzlement, misappropriation, or inflation of revenues; and one
is waiting for the bourse to finish a delisting assessment.
In 2008, the Herald recounts, a total of 26 firms were forced out
of the KOSPI and Kosdaq markets, up from 17 in 2007.
===============
M A L A Y S I A
===============
SATANG HOLDINGS: Wants Plan Filing Deadline Extended to Oct. 6
--------------------------------------------------------------
Satang Holdings Berhad asked Bursa Malaysia Securities Bhd to
further extend the deadline to submit the company's regularisation
plan to the approving authorities for six months or until
October 6, 2009.
The Troubled Company Reporter-Asia Pacific reported on Jan. 20,
2009, that the bourse had previously extended the deadline for
Satang Holdings to submit its regularization plan to the
Securities Commission and other relevant authorities to April 6,
2009.
Satang Holdings Berhad, formerly Satang Jaya Holdings Berhad, is
engaged in the maintenance, repair and overhaul of aviation and
safety equipment and operations and principally in Malaysia.
Through its subsidiaries, the company is also engaged in the
supply and distribution of environmental products, providing
training and seminar in respect of environmental management
system and other related services; providing consultancy and
solution services and implementing of high-technology and
surveillance security systems and its related services;
supplying and servicing of pipe cleaning products and equipment,
and supplying and maintenance of marine safety and survival
equipment and accessories. Its subsidiaries include Satang
Environmental Sdn. Bhd., Satang Cylinder Services Sdn. Bhd., SAR
Services (M) Sdn. Bhd., Satang Hi-Tech Security Sdn. Bhd.,
Satsang-ICS global Sdn Bhd. and Port Marine Safety Services Sdn.
Bhd.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
May 13, 2008, the company triggered Paragraph 2.1 of the Amended
Practice Note 17/2005 as its independent auditor, Anuarul Azizan
Chew & Co., has concluded in its Audit Investigative Reports
that out of the MYR39.27 million alleged overstated revenue of
the company, MYR35.43 million represents invalid sales which
should not be recorded in the books for the financial year ended
September 30, 2007.
TALAM CORP: Deloitte KassimChan Resigns as Company Auditors
-----------------------------------------------------------
Talam Corporation Berhad disclosed that Messrs Deloitte KassimChan
have tendered their resignation as auditors of the company. Their
resignation will take effect immediately upon the appointment of a
new auditor.
On March 24, 2009, Talam Corporation received a notice from a
shareholder, Pengurusan Projek Bersistem Sdn Bhd, nominating
Messrs Baker Tilly Monteiro Heng as the auditors of the company
for the financial year ended January 31, 2009, in place of Messrs
Deloitte KassimChan.
The proposed change of auditors is subject to and conditional upon
approval being obtained from the shareholders of the company at an
Extraordinary General Meeting to be convened.
Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development. Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding. Operations of the group are carried out in
Malaysia and China.
* * *
The Troubled Company Reporter-Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended Jan. 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts. As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.
TITAN CHEMICALS: S&P Affirms Corporate Credit Rating to 'BB-'
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' corporate credit rating on Titan Chemicals Corp. Bhd. The
outlook is negative. At the same time, Standard & Poor's removed
the rating from CreditWatch, where it was placed with negative
implications on Oct. 10, 2008. The rating was then withdrawn at
the company's request. There are no rated bonds outstanding.
Titan's operating performance in the fourth quarter of 2008
mirrored that of its regional peers. A sharp decline in demand
for petrochemicals led to a dramatic fall in product prices. As a
result, Titan made inventory and goodwill write-downs of Malaysian
ringgit 107.4 million and MYR42.3 million, respectively. This, in
turn, resulted in negative operating margins and a net loss before
tax of MYR426.6 million.
"We believe the operating environment is likely to remain
challenging and that it will continue to affect Titan's product
prices and operating margins. This is compounded by Titan's
reliance on uncommitted working capital credit facilities, which
are crucial to the company's liquidity," said Standard & Poor's
credit analyst Andrew Wong.
S&P estimates that Titan had access to about MYR1.5 billion in
working capital credit facilities from several Malaysian banks, of
which it utilized about MYR900 million, as at the end of February
2009. Despite some capacity under existing lines for managing
working capital, S&P believes that Titan's uncommitted working
capital credit facilities may have been pared back in recent
times. This indicates a reduced ability for Titan to roll over
its working capital lines, placing added downward pressure on the
company's liquidity and financial flexibility.
Titan's moderate leverage levels provide some protection during
the cyclical downturn. In addition, the term loan refinancing in
mid-2008 ensured that the bulk of its term debt matures after
2012. Titan's competitive and integrated production facility at
Pasir Gudang in Johor, Malaysia, significantly reduces its
exposure to olefin price movements. The flexible design of
Titan's crackers also allows a mix of naphtha and LPG as well as
the ability to optimize the product-mix depending on market
conditions. Titan also has good domestic market positions in
Malaysia and Indonesia. This may assist Titan's operating
performance in any market recovery scenario.
"The negative outlook reflects the faster-than-expected and more
intense cyclical downturn for refining and petrochemical companies
and the potential for the current operating environment to result
in a sustained weakening of Titan's financial profile that is not
consistent with the present rating level. The outlook also
assumes the continued availability of Titan's uncommitted working
capital credit facilities despite the continued challenging
operating environment," said Mr. Wong.
====================
N E W Z E A L A N D
====================
SAPPHIRE IV: S&P Junks Rating on Class CA of 2007-1 Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered the ratings on the
Class BZ and CA notes of Sapphire IV NZ Series 2007-1 Trust, and
affirmed the ratings on the Class AA, AZ, MA, MZ, and BA notes.
At the same time, all seven ratings were removed from CreditWatch
with negative implications, where they were placed on Feb. 3,
2009.
The downgrades reflect the performance deterioration of the
underlying New Zealand residential loan portfolio. This is
evidenced by the high level of arrears and losses, which led to
charge-offs to unrated notes and erosion of credit support
available for the rated notes. Also, the proportion of loans in
arrears greater than 90 days is rapidly growing, which S&P
believes is due to the inability of financially stressed borrowers
to refinance. Given the currently weakening NZ economy and
softening property market, S&P considers it likely that the
portfolio will experience further losses rather than recover from
its current position.
On the other hand, S&P affirmed the Class AA, AZ, MA, MZ, and BA
notes because S&P believes that at their current rating levels
they currently have sufficient credit support built-up through
amortization to weather further performance deterioration, despite
the charge-offs to unrated notes to-date.
Ratings Lowered
Transaction Class Rating to Rating
from
----------- ----- ---------
-----------
Sapphire IV NZ Series 2007-1 Trust BZ B+
BB/Watch Neg
Sapphire IV NZ Series 2007-1 Trust CA CCC+ B/Watch
Neg
Ratings Affirmed
Transaction Class Rating to Rating
from
----------- ----- ---------
-----------
Sapphire IV NZ Series 2007-1 Trust AA AAA
AAA/Watch Neg
Sapphire IV NZ Series 2007-1 Trust AZ AAA
AAA/Watch Neg
Sapphire IV NZ Series 2007-1 Trust MA AA
AA/Watch Neg
Sapphire IV NZ Series 2007-1 Trust MZ A A/Watch
Neg
Sapphire IV NZ Series 2007-1 Trust BA BBB
BBB/Watch Neg
* NEW ZEALAND: Building Consent Figures at 17-Year Low
------------------------------------------------------
Building consent statistics for the month of February 2009 show
the trend for the number of new housing units authorised,
excluding apartment units, has continued to fall since June 2007,
Statistics New Zealand said. The trend has fallen more than 50
percent since June 2007, and is currently at its lowest level
since this series began 17 years ago.
The seasonally adjusted number of new housing units authorised,
excluding apartments, rose 0.3 percent in February 2009, but
remains at a low level.
In February 2009, there were 1,059 new housing units authorised,
including 193 apartment units.
In February 2009, the value of consents issued for residential
buildings was below the value of consents issued for non-
residential buildings. This also occurred in January 2009 and
before that in June 1998.
=============
N I G E R I A
=============
* Fitch Assigns 'B+' Rating on Nigerian State of Bayelsa
--------------------------------------------------------
Fitch Ratings has assigned the Nigerian State of Bayelsa Long-term
foreign and local currency ratings of 'B+' and a National Long-
term rating of 'A+(nga)'. The Outlooks for all ratings are
Stable.
The ratings reflect Bayelsa's revenue base pinned on oil sales,
its investment programme aimed at addressing infrastructure
backlog and its low wealth indicators by international standards.
The ratings also take into account Bayelsa's high flexibility to
reduce operating spending and investments to keep debt growth
within the self-imposed limit of about 5% of GDP.
Reduction in the volatility of oil-related revenues, prudent
borrowing practices and a tighter grip on operating spending could
lead to an upgrade. Conversely, lower-than-expected tax growth
preventing a rebound of the operating margin from the 2008 level
amid growing recourse to the debt market could lead to a
downgrade.
Bayelsa suffers from a high degree of concentration of revenues
and economic wealth, exposing the state's finances to fluctuations
in oil-related revenue from the federal account, as well as from
the 13% Derivation Fund and the Excess Crude Account. The
administration's focus to diversify away from the oil sector
should increase taxes and other internally generated revenues to
about NGN15b, or 10% of the revenues, over the medium term, up
from 5% over the past few years. This should partly offset
declining oil revenues, as both oil prices and production levels
falter while ECA transfers in 2009 are likely to be frozen.
To restore a sounder operating performance, Bayelsa is planning to
cut operating spending, which rose threefold over 2005-2008,
leading to a steady decline in the operating margin to 23% in 2008
from about 70% in 2004/05. While Fitch acknowledges that the
reduction of superfluous personnel and overheads spending can
drive down Bayelsa's running costs, which in 2008 accounted for
about NGN92 billion, reversing the downtrend of the operating
margin may prove challenging. The lack of basic infrastructure
and the state's peculiar physical terrain, which is rich of swamps
and heavily exploited for oil extraction, results in local
investment, as well as wage costs and overhead spending, being
substantially above the national average.
By strengthening internal control and planning capabilities, as
highlighted by a gradual decentralization of spending to
ministerial levels, the administration aims to raise investment
above 50% of total spending and to fund two-thirds of the
envisaged NGN250 billion investment over 2009-2011 with operating
resources. Debt growth should therefore remain within the self-
imposed limit of 5% of GDP, or about NGN110 billion, while debt
coverage should not exceed five years of the current balance,
expected by Fitch to be around NGN30 billion over the medium term.
Fitch expects Bayelsa to limit deficit spending to an average of
about 20% of total revenues, by eventually postponing some
projects' implementation.
Debt concentration with few banks exposes Bayelsa to refinancing
risks in an environment where terms and conditions of loans are
continuously being revised. The gradual lengthening of debt
maturities should help strengthen debt management, while the
Fiscal Responsibility Bill, if implemented, could strengthen
accountability and increase transparency on financial accounts,
which are currently based on cash flow statements and incomplete
balance sheets.
With about 2 million residents and a GDP of about NGN2 trillion,
Bayelsa is among Nigeria's wealthiest states as well as among the
least diversified with more than 90% of output attributable to oil
and gas extraction. Infrastructure investments, such as roads,
schools and social housing, funded directly or via public-private
partnership initiatives are expected to drive economic growth of
about 3% per year over the medium term. Challenges remain,
however, with restiveness in the Niger Delta region expected to
limit growth and development below potential.
* S&P Changes Outlooks on Four Nigerian Banks to Negative
---------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlooks on four Nigerian banks. The outlooks on these entities
were revised to negative from stable:
-- First Bank of Nigeria PLC,
-- Zenith Bank PLC,
-- Guaranty Trust Bank PLC, and
-- Intercontinental Bank PLC.
At the same time, the long-term Nigeria national scale ratings on
First Bank, GTB, and Intercontinental were lowered to 'ngA' from
'ngA+' and the long-term Nigeria national scale rating on Zenith
was lowered to 'ngA+' from 'ngAA-'. Furthermore, the 'BB-/B'
long- and short-term counterparty credit ratings and the 'ngA-1'
short-term Nigeria national scale ratings on all these banks were
affirmed.
The outlook revision follows that on the Federal Republic of
Nigeria (foreign currency BB-/Negative/B; local currency
BB/Negative/B), which was mainly motivated by Standard & Poor's
view of the limited institutional policy response to the global
economic downturn and the consequent sharp fall in oil prices, on
which S&P believes Nigeria is overwhelmingly reliant for its
economic strength.
In addition, S&P also expects the quality of banks' credit and
security portfolios to weaken given the turbulence in local
capital markets and the sudden slowdown in economic growth, which
S&P has observed.
Due to a slowdown in private sector demand, which S&P has seen,
and as banks react to the March 2009 interest rate cap imposed by
the Central Bank of Nigeria, S&P believes loan growth is likely to
reduce sharply to 6% in 2009, from the high double figure growth
in the two previous years. Consequently, the loan portfolios of
Nigerian banks, which have experienced strong growth over the past
three years, will, S&P believe, quickly season and become more
vulnerable to any slowdown in the economy. The ongoing downturn
in the Nigerian stock market will, in S&P's view, exacerbate
asset-quality deterioration through the banks' margin lending
exposure. However, Standard & Poor's expects this to have a less
severe impact on most rated Nigerian banks, as many have reduced
their exposure in 2008. The extent to which the whole sector is
affected is, nevertheless, currently unknown and could be open to
speculation due to transparency reasons and is, in S&P's view,
likely to have an adverse overhang on investor confidence.
Nigerian banks are also exposed to significant foreign exchange
lending. Standard & Poor's views FX lending to be high risk in
Nigeria as it exposes the borrowers to changes in the volatile
Nigerian naira exchange rate. However, in S&P's analysis, a
mitigating factor to this risk is that most foreign currency
lending is believed to have been extended to corporates that
operate with a natural hedge of U.S. dollar turnover.
Nevertheless, S&P expects some loan portfolio deterioration in
2009. Furthermore, the movement of large off-balance-sheet credit
exposures on balance sheet, potentially further linking the sector
to margin and foreign currency loans, could in S&P's view have an
impact on credit quality and funding and liquidity.
Throughout 2008, Nigerian banks' liquidity profiles already began
tightening due to rapid credit growth. S&P believes these
profiles could now be further strained by an outflow of
structurally short-term corporate deposits and reduction in public
sector cash, although increasing intermediation among the large
amount of unbanked in Nigeria could, in S&P's analysis, mitigate
this outflow.
Financial performance, which has been robust in S&P's view, is
also set to be tested. Specifically, falling loan volumes and
capped lending rates are likely, in S&P's view, to constrain
revenue generation, with credit risk costs and high staff
expenditure eroding earnings. S&P expects this to weigh on
internal capital generation across the sector, at a time when the
ability of Nigerian banks to raise additional equity has also been
restrained by deep falls in bank equity prices and a squeezing of
global liquidity.
The negative outlook mirrors that on Nigeria, which reflects S&P's
view of the increased risk that the institutional response to
falling oil revenue will result in a continued worsening of the
business environment and a deterioration of Nigeria's balance
sheet beyond S&P's central assumptions. Furthermore, as economic
growth prospects and public sector revenues deteriorate, S&P
believes that domestic banks will have to operate in the most
difficult and volatile financial environments since consolidation,
which is likely to exert pressure on funding and liquidity, asset
quality, and profitability.
S&P's analysis of the ratings on these Nigerian banks will remain
highly correlated with sovereign creditworthiness. In the event
that the sovereign ratings on Nigeria stabilize at their current
levels, the outlooks on the banks would, absent other relevant
factors at the time, be likely to be revised to stable if they
maintain strong capital and liquid asset cushions, with asset-
quality deterioration minimized and profitability resilient. Any
material deterioration in asset quality, strain in funding and
liquidity, or marked deterioration in profitability would, in the
absence of any other relevant factors, be likely to have negative
ratings implications.
Ratings List
First Bank of Nigeria PLC
Counterparty credit rating
To From
-- ----
BB-/Negative/B BB-/Stable/B
Long-Term Nigeria national scale ratings
To From
-- ----
ngA ngA+
Short-term Nigeria national scale ratings
To From
-- ----
ngA-1 ngA-1
Zenith Bank PLC
Counterparty credit rating
To From
-- ----
BB-/Negative/B BB-/Stable/B
Long-Term Nigeria national scale ratings
To From
-- ----
ngA+ ngAA-
Short-term Nigeria national scale ratings
To From
-- ----
ngA-1 ngA-1
Guaranty Trust Bank PLC
Counterparty credit rating
To From
-- ----
BB-/Negative/B BB-/Stable/B
Long-Term Nigeria national scale ratings
To From
-- ----
ngA ngA+
Short-term Nigeria national scale ratings
To From
-- ----
ngA-1 ngA-1
Intercontinental Bank PLC
Counterparty credit rating
To From
-- ----
BB-/Negative/B BB-/Stable/B
Long-Term Nigeria national scale ratings
To From
-- ----
ngA ngA+
Short-term Nigeria national scale ratings
To From
-- ----
ngA-1 ngA-1
NB: This list does not include all ratings affected.
===============
P A K I S T A N
===============
* PAKISTAN: IMF Approves US$847.1 Million Loan Disbursement
-----------------------------------------------------------
The International Monetary Fund (IMF) said it has completed the
first review of Pakistan's economic performance under a program
supported by a 23-month Stand-By Arrangement (SBA). The
completion of the review enables the immediate disbursement of an
amount equivalent to SDR 568.5 million (about US$ 847.1 million),
bringing total disbursements under the program to an amount
equivalent to SDR 2.64 billion (about US$3.93 billion).
The Executive Board also approved Pakistan's request for a waiver
for the non-observance of the continuous performance criterion on
non-imposition or intensification of exchange restrictions, on the
basis of the authorities' plan to reverse the intensification by
end-June.
The SBA was approved on November 24, 2008 for an amount equivalent
to SDR 5.169 billion (about US$7.7 billion). The arrangement
entails exceptional access to IMF resources, amounting to 500
percent of Pakistan's quota.
Following the Executive Board's discussion on Pakistan,
Mr. Murilo Portugal, Deputy Managing Director and Acting Chair,
stated:
"Pakistan's economy is gradually recovering from the macroeconomic
and external imbalances of 2007–08. Policy steps taken by the
authorities under the SBA-supported stabilization program, which
aims at restoring financial stability while protecting the poor,
have been instrumental in this regard.
"The program is firmly on track. The end-December fiscal deficit
target, which proved challenging, was achieved through a
combination of revenue and expenditure measures. The authorities
also made good progress toward addressing the circular debt
problem in the energy sector. And, they are taking important
steps toward expanding the Benazir Income Support Program in order
to provide targeted cash transfers for the poor households.
"Initial developments under the program have been positive. The
exchange rate has been broadly stable, enabling the State Bank of
Pakistan (SBP) to nearly double its gross reserves since late
2008. Inflation has been falling more rapidly than expected and
the external current account deficit has been narrowing. T-bill
auctions have been consistently oversubscribed, following the
200-basis point increase in the SBP discount rate last November,
and the government has retired some of its debt to the SBP.
However, despite improved confidence, credit and money growth have
been slow.
"Looking ahead, despite the achievements made in recent months,
domestic economic activity has weakened and the global environment
has deteriorated significantly. Accordingly, the near-term growth
outlook has been revised downward, and economic performance is
subject to downside risks.
"Banks have weathered the crisis well, but need to continue to be
monitored carefully as the worsening macroeconomic environment may
affect banks' asset quality and profitability. The SBP's
contingency planning will help detect and address emerging risks.
"Given the limited scope for countercyclical fiscal policy, the
authorities have chosen to adhere to the program's fiscal target
for 2008/09 and to continue with fiscal adjustment in 2009/10.
They also aim to raise government revenues over the medium term to
allow for more public investment and social spending. The
authorities' medium-term fiscal strategy will depend on the
success of the envisaged ambitious tax reforms.
"The SBP discount rate remains on hold, but there could be scope
in the future to lower it if inflation abates further, the
external reserve position continues to improve, and the government
can sell its T-bills to banks and nonbank private investors.
Exchange rate flexibility will continue to facilitate external
adjustment.
"Pakistan needs additional external assistance to reduce risks,
and provide for greater development and social spending. The
upcoming donor meeting provides an important opportunity for
mobilizing additional assistance," Mr. Portugal said.
=================
S I N G A P O R E
=================
LANDMARK CHEMICALS: Court Enters Wind-Up Order
----------------------------------------------
On March 20, 2009, the High Court of Singapore entered an order to
have Landmark Chemicals (Far East) Pte Ltd's operations wound up.
The company's liquidator is:
The Official Receiver
45 Maxwell Road
#06-11 The URA Centre, East Wing
Singapore 069118
SIN BOONLY: Creditors' Proofs of Debt Due on April 11
-----------------------------------------------------
The creditors of Sin Boonly Electrical Pte Ltd are required to
file their proofs of debt by April 11, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Goh Boon Kok
c/o Goh Boon Kok & Co.
1 Claymore Drive #08-11
Orchard Towers Rear Block
Singapore 229594
WBG NETWORK: Creditors' Meeting Set for April 6
-----------------------------------------------
The creditors of WBG Network (Singapore) Pte Ltd will hold their
first meeting on April 6, 2009, at 3:00 p.m., at Camellia Room,
Level 4, River View Hotel, in 382 Havelock Road, Singapore 169629.
At the meeting, the creditors will be asked to:
-- consider the company's statement of affairs and provide an
update on the status of the liquidation;
-- appoint a Committee of Inspection; and
-- discuss other matters.
The company's liquidator is:
Chian Yeow Hang
c/o Abacus Business Advisory Pte Ltd
6001 Beach Road #09-09
Golden Mile Tower
Singapore 199589
===============
X X X X X X X X
===============
* ADB Cuts Economic Growth Forecast for Developing Asia to 3.4%
---------------------------------------------------------------
Developing Asia's economic growth will slow in 2009 to its most
sluggish pace since the 1997/1998 Asian financial crisis, the
Asian Development Bank (ADB) says in a new major report.
ADB's flagship annual economic publication, Asian Development
Outlook 2009 (ADO 2009), released on March 31, forecasts economic
growth in developing Asia will slide to just 3.4% in 2009, down
from 6.3% last year and 9.5% in 2007. If the global economy
experiences a mild recovery next year, the outlook for the region
will improve to 6% in 2010.
Deteriorating economic prospects will hinder the efforts to reduce
poverty. With the slow growth, more than 60 million people in
2009, and close to 100 million people in 2010, will remain trapped
in poverty – living on less than US$1.25 a day - than would have
been if growth had continued at its earlier pace.
"The short term outlook for the region is bleak as the full impact
of the severe recession in industrialized economies is transmitted
to emerging markets," says ADB Acting Chief Economist Jong-Wha
Lee.
Despite the dismal outlook, the report says that the region is in
a much better position to cope with this crisis than it was in
1997/98.
Large foreign currency reserves and steadily declining inflation
rates will provide policymakers with the necessary tools to nurse
their economies through the hard times ahead.
Many Asian governments have already responded quickly to the
crisis with appropriate financial, monetary and fiscal policies
and so far the impact on financial stability has been limited, the
report adds.
But the report warns that there are significant downside risks to
the global outlook, which could further impact on the already
gloomy regional outlook.
"The concern for the region, and especially for the region's poor,
is that it is not yet clear that the US, European Union and Japan
will recover as soon as next year," says Dr. Lee.
ADO 2009 says that the region's slowdown underlines the risks of
excessive dependence on external demand, and developing Asia must
adopt a mix of policies that will bolster demand and use resources
more efficiently.
"Rebalancing growth is in developing Asia's interest. A more
balanced approach can boost social welfare by using its savings
more productively and help to reduce global imbalances that helped
feed the current crisis," says Dr. Lee.
Economic growth in East Asia will slow to 3.6% in 2009, down from
6.6% in 2008 and a blistering 10.4% in 2007.
While the People's Republic of China is expected to expand by 7%
in 2009 on the back of massive fiscal stimulus measures rolled out
by the Government, three economies in the subregion - Hong Kong,
China; the Republic of Korea; and Taipei,China – are likely to
contract as their economies are hit hard by a sharp drop in demand
for exports. The report forecasts that in 2009 Hong Kong, China
will record -2% growth; the Republic of Korea -3%; and
Taipei,China -4%.
Southeast Asia's growth is projected to dwindle to just 0.7% in
2009, down from 4.3% in 2008, and the three most export-orientated
economies in the subregion – Malaysia, Singapore and Thailand –
will also contract, with the most open of these economies,
Singapore, likely to shrink by 5%.
South Asia, though not as open to trade as other regional
economies, is also expected to lose steam. India's growth slowed
to 7.1% for 2008, well below the torrid 9% growth of recent years,
and it is expected to fall further to 5% in 2009 as the
intensifying crisis further dents business and consumer confidence
and causes a major reduction in capital inflows.
Growth in Central Asia will drop to 5.7% in 2008, down from 12% in
2007, and is expected to decelerate further to 3.9% in 2009. Oil
producing nations are being hurt by the fall in oil prices, while
declining remittance flows pose a risk to the smaller countries in
the subregion.
Economic expansion in the Pacific Islands is anticipated to slow
to about 3% in 2009, largely as a result of the subregion's
biggest economy, Papua New Guinea, slipping after two years of
strong growth driven by the commodity boom.
About ADB
ADB, based in Manila, is dedicated to reducing poverty in the Asia
and Pacific region through inclusive economic growth,
environmentally sustainable growth, and regional integration.
Established in 1966, it is owned by 67 members – 48 from the
region.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Apr. 1-4, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 16-19, 2009
COMMERICAL LAW LEAGUE OF AMERICA
2009 Chicago/Spring Meeting
Westin Hotel on Michigan Ave., Chicago, Ill.
Contact: (312) 781-2000; http://www.clla.org/
Apr. 17-18, 2009
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
NABT Spring Seminar
The Peabody, Orlando, Florida
Contact: http://www.nabt.com/
Apr. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
Consumer Bankruptcy Conference
John Adams Courthouse, Boston, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 27-28, 2009
TURNAROUND MANAGEMENT ASSOCIATION
Corporate Governance Meetings
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
Apr. 28-30, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Intercontinental Hotel, Chicago, Illinois
Contact: www.turnaround.org
May 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts for Young Practitioners
Alexander Hamilton Custom House, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
May 4, 2009
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
New York Marriott Marquis, New York City
Contact: 1-703-739-0800; http://www.abiworld.org/
May 7-8, 2009
RENASSANCE AMERICAN MANAGEMENT, INC.
6th Annual Conference on
Distressted Investing - Europe
The Le Meridien Piccadilly Hotel, London, U.K.
Contact: 1-903-595-3800 or
http://www.renaissanceamerican.com/
May 7-10, 2009
AMERICAN BANKRUPTCY INSTITUTE
27th Annual Spring Meeting
Gaylord National Resort & Convention Center
National Harbor, Maryland
Contact: http://www.abiworld.org/
May 12-15, 2009
AMERICAN BANKRUPTCY INSTITUTE
Litigation Skills Symposium
Tulane University, New Orleans, La.
Contact: http://www.abiworld.org/
May 14-16, 2009
ALI-ABA
Chapter 11 Business Reorganizations
Langham Hotel, Boston, Massachusetts
Contact: http://www.ali-aba.org
June 10-13, 2009
ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
25th Annual Bankruptcy & Restructuring Conference
The Ritz-Carlton Orlando Grande Lakes
Orlando, Florida
Contact: http://www.aria.org/
June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Westin Hilton Head Island Resort & Spa,
Hilton Head Island, S.C.
Contact: http://www.abiworld.org/
Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Conference
Hotel Hershey, Hershey, Pa.
Contact: http://www.abiworld.org/
Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC "Views from the Bench"
Georgetown University Law Center, Washington, D.C.
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Paris Las Vegas, Las Vegas, Nev.
Contact: http://www.abiworld.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via
e-mail to conferences@bankrupt.com are encouraged.
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. 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 or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***