/raid1/www/Hosts/bankrupt/TCRAP_Public/100115.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, January 15, 2010, Vol. 13, No. 010
Headlines
A U S T R A L I A
COLONIAL FIRST: Freezes AU$850-Mln Mortgage Fund
GRIFFIN COAL: Faces Insolvent Trading Probe; Claims Reach $1 Bil.
MACQUARIE OFFICE: Sells Frankfurt Property for EUR39.5 Mil.
C H I N A
AMERICAN WENSHEN: Auditor Raises Going Concern Doubt
NEW ENERGY: Completes Shenzhen NewPower Acquisition Deal
SHANGHAI PANDA: Toxic Milk Case Turned Over to Prosecutors
SOLAR ENERTECH: Auditors Raise Going Concern Doubt
H O N G K O N G
M2W LIMITED: Placed Under Voluntary Wind-Up Proceedings
MAN FOOK: Members' Final Meeting Set for February 8
MANDARIN AUDIO: Court to Hear Wind-Up Petition on March 10
MANLUX INVESTMENT: Court to Hear Wind-Up Petition on March 10
MEGO TOYS: Court Enters Wind-Up Order
MOBIL OIL: Porntida Boonsa Appointed as New Liquidator
NAL LOGISTICS: Members' and Creditors Meetings Set for February 1
NAMWING FOOD: Court to Hear Wind-Up Petition on February 3
NENG HUA: Members' Final Meeting Set for February 10
OCEAN PROFIT: Court Enters Wind-Up Order
OIKOS INTERNATIONAL: Creditors' Proofs of Debt Due February 8
PERFECT FORTUNE: Creditors' Proofs of Debt Due February 1
PRO STEP: Commences Wind-Up Proceedings
QUODWORTH COMPANY: Members' Final Meeting Set for February 12
SAVE ON FOOD: Court Enters Wind-Up Order
SHUN YICK: Members' Final Meeting Set for February 8
SINO CONCEPT: Court Enters Wind-Up Order
SUNCORP INDUSTRIAL: Liu and Yen Appointed as Liquidators
TWO WAY: Creditors' Proofs of Debt Due February 5
WESTERGREN COMPANY: Chow and Cheng Appointed as Liquidators
WILHELM TEXTILES: Placed Under Voluntary Wind-Up Proceedings
WT DESIGN: Court Enters Wind-Up Order
ZHU SHENG: Court Enters Wind-Up Order
I N D I A
AIR INDIA: NACIL to Shift Alliance Air Unit into Cargo Airline
AIR INDIA: Unlikely to Get INR800cr Bail Out from Gov't.
ARASU JEWELS: CRISIL Assigns 'BB-' on INR7.50 Mil. LT Loan
BRIGHT ENTERPRISES: CRISIL Reaffirms 'BB' Rating on INR5.0BB Loan
CENTAUR PHARMACEUTICALS: CRISIL Cuts Ratings on LT Loan to 'BB+'
GOPALA POLYPLAST: Delay in Loan Repayment Cues CRISIL Junk Ratings
MANPHO EXPORTS: CRISIL Assigns Junk Ratings on Various Bank Debts
MITTAPALLI AGRO: CRISIL Reaffirms 'B' Rating on Cash Credit
PARTH CHEM: CRISIL Rates INR30 Million Cash Credit at 'B-'
POWER MAX: CRISIL Reaffirms 'BB+' Ratings on INR10 Mil. Term Loan
RAIPUR POWER: CRISIL Rates INR250 Million Term Loan at 'B+'
RAITANI ENGINEERING: CRISIL Reaffirms 'BB' Rating on Bank Debts
SESA INTERNATIONAL: CRISIL Reaffirms 'BB' on INR350MM Cash Credit
TATA STEEL: Won't Shut Down Corus TCP Plant; About 120 Jobs Saved
UNIVERSAL POWER: CRISIL Reaffirms 'BB' Ratings on Various Debts
VEER OVERSEAS: CRISIL Lifts Ratings on INR27MM Term Loans to 'B+'
VEER OIL: CRISIL Upgrades Rating on INR11.8MM Term Loans to 'B'
VISHESH ENGINEERING: CRISIL Reaffirms 'BB' Rating on Cash Credit
VIVA BOOKS: Low Net Worth Prompts 'BB+' Rating on INR60MM Debts
I N D O N E S I A
CIKARANG LISTRINDO: Moody's Assigns 'Ba2' Corporate Family Rating
CIKARANG LISTRINDO: S&P Assigns 'BB-' Corporate Credit Ratings
J A P A N
BEST DENKI: JCR Downgrades Ratings on Senior Debts to 'BB'
JAPAN AIRLINES: JCR Downgrades Ratings on Senior Debts to 'C'
JAPAN AIRLINES INT'L: JCR Cuts Ratings on Senior Debts to 'C'
JAPAN AIRLINES: Moody's Downgrades Long-Term Debt Rating to 'Ca'
JAPAN AIRLINES: S&P Downgrades Senior Unsec. Debt Rating to 'CC'
JAPAN AIRLINES: To Get JPY600-Bln Bridge Loans Under Revival Plan
WILLCOM INC: Mulls Reorganizing Under Turnaround Body
M A L A Y S I A
EVERMASTER GROUP: Receivers Appointed to Major Subsidiaries
N E W Z E A L A N D
EASTERN HI FI: Kordamentha Appointed as Receivers
HILL AND STEWART: Closes Four Remaining Stores
P H I L I P P I N E S
RJ VENTURES: High Court Upholds Ruling on Foreclosed Assets
S I N G A P O R E
SINOR INVEST: Creditors' Proofs of Debt Due February 13
X X X X X X X X
* Asia Poised for Growth But Policy Shifts Needed, ADB Says
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
COLONIAL FIRST: Freezes AU$850-Mln Mortgage Fund
------------------------------------------------
Angus Whitley at Bloomberg News reports that Colonial First State,
owned by Commonwealth Bank of Australia, froze an AU$850 million
(US$785 million) mortgage income fund to withdrawals after signs
some of the commercial property loans may sour.
The report, citing Colonial spokesman Matthew Coleman, says that
the Sydney-based fund manager told investors in the Colonial First
State Mortgage Income Fund last week that a "small number" of
mortgages had the potential to become bad debts. Investors will
be updated next month, he said.
"We've commenced a review of the fund's assets to fully assess
these loans and determine the impact on the fund and investors,"
Bloomberg quoted Mr. Coleman as saying. "One borrower in
particular has experienced a sudden deterioration in its ability
to make mortgage repayments." That borrower accounts for 2.5%
percent of the fund, Mr. Coleman added.
According to Bloomberg, Mr. Coleman said Colonial has six funds
with mortgage-related assets, including the Colonial First State
Mortgage Income Fund, worth a combined AU$2.6 billion. Since
those funds were closed to withdrawals in October 2008, the asset
manager has paid about AU$550 million to investors in periods when
redemptions were permitted, Mr. Coleman said, the last of which
started on Nov. 25. Of that total, the Colonial First State
Mortgage Income Fund has paid out AU$185 million, he said.
"We have made no other announcements to investors in relation to
any bad debts that have impacted the other funds with mortgage
assets," Mr. Coleman was quoted by Bloomberg as saying.
Colonial First State is the funds management arm of Commonwealth
Bank of Australia.
GRIFFIN COAL: Faces Insolvent Trading Probe; Claims Reach $1 Bil.
-----------------------------------------------------------------
Rebecca Le May at the Herald Sun reports that administrators of
Griffin Coal Mining Co. are investigating whether the coal miner
was trading while insolvent.
The report also says creditor claims against the Company so far
total about AU$1 billion.
"All claims are subject to investigation and adjudication," the
report quoted administrator Brian McMaster at KordaMentha as
saying at the first meeting of the company's creditors in Perth on
Wednesday. "It is not a recognition that the claims are valid."
According to the report, the question of whether the company could
have been trading while insolvent was raised by a creditor, who
claimed Griffin Coal had not paid a November invoice but continued
to rack up debts.
Mr. McMaster said at the meeting that determining the date of
insolvency was a "very important" part of the administrator's
probe, the report relates.
Mr. McMaster, as cited by the report, disclosed that the
AU$1 billion creditor claims included a "quite complicated" tax
liability of about AU$173 million. Secured debt includes about
AU$30 million in properties mortgaged with Commonwealth Bank and
St George Bank, plus another AU$10 million worth of property
related to Griffin Coal chairman Ric Stowe. "All other claims are
unsecured," Mr. McMaster said.
Mr. McMaster said AU$750,000 in superannuation contributions had
not been paid to workers and formed part of their entitlement
claim, the report relates.
According to the Herald Sun, Mr. McMaster said it was "business as
usual" for Griffin Coal's operations at Collie in WA's south,
which cost about $500,000 a day to operate, while it was
determined whether to sell or restructure the business.
The administrator will abandon a bid to secure a AU$4 million
pre-payment for coal supply from state electricity generator Verve
Energy if settlement on terms cannot be agreed in coming days, the
report adds.
The Troubled Company Reporter-Asia Pacific, citing Bloomberg News,
reported on January 4, 2010, that Griffin Coal Mining Co.
appointed Kordamentha as administrator with total debts amounting
to about AU$700 million.
Bloomberg said the coal supplier defaulted on an interest payment
last month to bondholders owed US$475 million and also missed a
payment to Australia's tax authority.
Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing. Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth. The Company is
producing more than three million tons of coal per year. Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.
MACQUARIE OFFICE: Sells Frankfurt Property for EUR39.5 Mil.
-----------------------------------------------------------
Macquarie Office Trust said it has agreed to sell a property in
Frankfurt for EUR39.5 million (AU$61.7 million).
"The sale is expected to return approximately EUR10 million
(AU$15 million) in cash to the Trust," Macquarie Office Trust said
in a statement Thursday. "The transaction also will eliminate the
potential need for the Trust to inject EUR3.8 million (AU$6.0
million) into the loan facility for this property, which was
expected to occur in February 2010.
Chief Executive Officer of Macquarie Office Trust, Adrian Taylor
said "the sale of the Frankfurt property on a cap rate of 6.5%
represents a progress on the Trust's medium-term strategy to
reweight its portfolio back to Australia."
"Asset sales since December 2008 now totaled more than $522
million, with the latest sale allowing the Trust to continue its
strategy of repaying debt, and further strengthening its balance
sheet, Mr. Taylor said. "Some of the proceeds from the sale may
be invested in the trust's high quality office portfolio in
Australia or in the U.S.," Mr. Taylor added.
The sale is anticipated to reduce the Trust's balance sheet
gearing by approximately 1% to 35%.
The Troubled Company Reporter-Asia Pacific reported on June 17,
2009, that Macquarie Office Trust and its joint venture partner
Maguire Properties Inc have entered into negotiations with the
loan administrator in relation to certain events of default under
the Loan Agreement at Quintana Campus (Quintana) in Irvine,
California. Macquarie Office Trust has an 80 percent interest in
the 414,595 sqft property.
Macquarie Office recalled that in December 2008, the Receiver for
Quintana's primary tenant, Washington Mutual Bank (WAMU), elected
to relinquish the majority of its Quintana lease effective
March 2009 without being obliged to pay any compensation, as
permitted under US law.
The unexpected relinquishment of the leases reduced the occupancy
of Quintana by approximately 250,000 sqft to 40 percent effective
March 2009, resulting in a significant reduction in the cash flows
for the property and a weighted average lease expiry of 2.3 years.
The property has a CMBS loan of US$106 million (Trust share
US$84.8 million), due to mature in December 2011. The loan is not
cross-collateralized or cross-defaulted with any other debt held
by Macquarie Office Trust or Maguire Properties, Inc.
About Macquarie Office Trust
Macquarie Office Trust (ASX:MOF) -- http://www.macquarie.com.au/
-- is an investment trust primarily engaged in property
investment. The Trust's activities include property investment in
prime Australian, United States, European office buildings. On
July 23, 2007, the Trust acquired 59 Goulburn Street, Sydney. On
August 2, 2007, the Trust acquired the remaining 25% interest in
SunTrust Center, Orlando and Pasadena Towers, Pasadena. On August
24, 2007, the Trust sold its 25% interest in 10 & 30 South Wacker
Drive, Chicago. On March 30, 2008, the Trust sold its interest in
The Lang Centre, Parramatta. On April 30, 2008, the Trust sold
its interest in 505 Little Collins Street, Melbourne.
=========
C H I N A
=========
AMERICAN WENSHEN: Auditor Raises Going Concern Doubt
----------------------------------------------------
Kabani & Company, Inc.'s audit report of American Wenshen Steel
Group, Inc. and subsidiaries' consolidated financial statements as
of and for the years ended September 30, 2009, and 2008, contained
an explanatory paragraph which states that the Company's
significant operating losses and insufficient capital raise
substantial doubt about its ability to continue as a going
concern.
The Company reported a net loss of $1,673,447 on net sales of
$264,924 for the year ended September 30, 2009, and a net loss of
$3,476,522 on net sales of $2,253,816 for the year ended
September 30, 2008.
The Company discloses that as a result of the global recession,
construction activities in China have diminished, and so demand
for the Company's products waned. In addition the Company says it
has negative working capital, which prevents it from financing
large orders for its products. As a result, during the year ended
September 30, 2009, the Company realized only $264,924 in revenue,
an 88% reduction from the prior fiscal year.
Balance Sheet
At September 30, 2009, the Company's consolidated balance sheets
showed $1,445,574 in total assets and $1,467,126 in total current
liabilities, resulting in a $21,552 shareholders' deficit.
A full-text copy of the Company's annual report is available at no
charge at http://researcharchives.com/t/s?4d68
About American Wenshen
Headquartered in New York, N.Y., American Wenshen Steel Group,
Inc., through its wholly-owned subsidiary, Chaoyang Liaogang
Special Steel Co., Ltd., is engaged in the business of
manufacturing special steel in the People's Republic of China
("PRC"). On July 30, 2007, the Company acquired all of the equity
in Chaoyang Liaogang, which was organized in 2004 as a joint stock
limited company under the laws of the PRC. Its offices and
manufacturing facilities are located in the City of Chaoyang,
which is in the Liaoning Province in northeast China.
NEW ENERGY: Completes Shenzhen NewPower Acquisition Deal
--------------------------------------------------------
New Energy Systems Group has completed the acquisition of China-
based lithium-ion battery maker Shenzhen NewPower Technology Co.,
Ltd. The company paid US$3.0 million in cash and 1.8 million
shares of its common stock. As of the original agreement, entered
on
Dec. 15, 2009, its shares were trading at US$6.42, resulting in a
total purchase price at the time of US$14.7 million.
Mr. Fushun Li, Chief Executive Officer, commented, "We are pleased
to have successfully completed the acquisition of NewPower, a
rapidly growing manufacturer of lithium ion batteries for cell
phones and other portable devices. The company has a very strong
reputation in the industry for its advanced technology and high
quality manufacturing capabilities. This acquisition is
strategically important in that it completes the vertical
integration of our business and allows us to manufacture batteries
from start-to-finish, an important competitive advantage. We also
welcome the management and employees of NewPower to our
organization, who bring a wealth of technical expertise and
industry experience."
Mr. Li continued, "We expect NewPower alone will contribute more
than $27 million of revenue and over $2.5 million of net income
for 2010. In addition, the NewPower acquisition will enable us to
capture additional margins and increase the profitability of our
own finished battery distribution business. Moreover, NewPower
has sufficient capacity to more than double its current production
with minimal capital expenditure requirements. As a result, we
expect to generate strong incremental margins as we ramp up
production of our newly combined organizations."
About New Energy Systems Group
With offices in New York and Shenzhen, China, New Energy Systems
Group (OTCBB: NEWN) -- http://www.chinadigitalcommunication.com/
-- manufactures and distributes lithium ion batteries. The
company assembles and distributes finished batteries through its
sales network and channel partners. The company also sells high-
quality lithium-ion battery shell and cap products to major
lithium-ion battery cell manufacturers in China. The company's
products are used to power mobile phones, MP3 players, laptops,
digital cameras, PDAs, camera recorders and other consumer
electronic digital devices.
On November 17, 2009, China Digital obtained approval from FINRA
to change its name to New Energy Systems Group. In conjunction
with the name change, the company's CUSIP number was changed to
643847106 and the stock began trading under the ticker symbol
"NEWN" on November 18.
At September 30, 2009, the Company had US$17,622,130 in total
assets against US$3,197,717 in total liabilities, all current. At
September 30, 2009, the Company had accumulated deficit of
US$4,660,858 and stockholders' equity of US$14,424,413.
Going Concern
In its quarterly report on Form 10-Q, the Company said it believes
it has sufficient cash to continue its current business through
September 30, 2010, due to expected increased sales revenue and
net income from operations. "However we have suffered recurring
losses in the past and have a large accumulated deficit. These
conditions raise substantial doubt about the Company's ability to
continue as a going concern," the Company said.
The Company has taken certain restructuring steps to provide the
necessary capital to continue its operations. These steps included
1) acquire profitable operations through issuance of equity
instruments, and 2) to continue actively seeking additional
funding and restructure the acquired subsidiaries to increase
profits and minimize the liabilities.
SHANGHAI PANDA: Toxic Milk Case Turned Over to Prosecutors
----------------------------------------------------------
Police have concluded their investigation into the alleged
production of contaminated milk by Shanghai Panda Dairy Co. Ltd.
and handed the management to the prosecutor's office for criminal
prosecution, Xinhua news agency report.
The news agency said a government inspection conducted in April
found that Shanghai Panda was producing milk powder and condensed
milk with unacceptably high levels of melamine, which can cause
kidney stones and kidney failure.
According to Xinhua, police department said the government shut
down the company and sealed up all its stocks. No damages were
caused in the society as all the products were recalled, it said.
The corporate representative of the company, general manager and
deputy general manager had been arrested following the discovery,
the report notes.
Shanghai Panda Dairy Co. Ltd. is a subsidiary of Zhejiang Panda
Dairy Products Co., Ltd. (Panda Dairy). Panda Dairy is one of the
largest dairy manufacturing enterprises in China.
SOLAR ENERTECH: Auditors Raise Going Concern Doubt
--------------------------------------------------
Shanghai-based Ernst & Young Hua Ming's audit report of Solar
EnerTech Corp.'s consolidate financial statements as of and for
the years ended September 30, 2009, and 2008, contained an
explanatory paragraph which states that the Company's recurring
losses from operations raise substantial doubt about the Company's
ability to continue as a going concern.
In a regulatory filing Tuesday, the Company disclosed financial
results for the fiscal fourth quarter and fiscal year ended
September 30, 2009.
Fourth Quarter 2009 Financial Results
In the 2009 fourth quarter, total module shipments increased 128%
compared to the fourth quarter of the prior year period. Revenue
increased 22% to $13.2 million compared to $10.8 million in the
fourth quarter of the prior year period.
The fourth quarter 2009 gross profit increased to $2.1 million
compared to a gross loss of $2.6 million in the fourth quarter in
the prior year period.
Total operating expenses for the fiscal 2009 fourth quarter were
$1.4 million, or 11% of total net sales, which included a
$1.1 million non-cash stock compensation credit related to the
restructuring of the management team. Excluding these non-cash
items, the operating expense for the fiscal 2009 fourth quarter
was $2.5 million, or 19% of total net sales. Total operating
expense for the fiscal 2008 fourth quarter was $4.1 million, or
38% of total sales, which included $800,000 of non-cash stock
compensation charges related to the hiring and retention of key
executives and $200,000 of non-cash charges for loss on debt
extinguishment. Excluding these non-cash charges, the operating
expenses for the fiscal 2008 fourth quarter were $3.1 million, or
29% of total net sales.
Net income for the fourth quarter of fiscal 2009 was $1.9 million,
or $0.02 per basic share or $0.02 per diluted share after
excluding anti-dilution securities in the fourth quarter of fiscal
2009 compared to a net loss of $2.8 million, or negative $0.03 per
basic and diluted shares in the same period in fiscal 2008. In
the fourth quarter of fiscal 2009, the Company recorded a non-cash
gain totaling $3.2 million associated with a change in the fair
market value of warrant liability and a change in the fair market
value of compound embedded derivative liability compared to a
total non-cash gain of $4.4 million for these two same items in
the fourth quarter of fiscal 2008. Excluding non-cash items, on a
non-GAAP basis, the fourth quarter 2009 net loss was $1.3 million
compared to a net loss of $7.2 million in the prior year period.
Both the compound embedded derivative and warrant liabilities were
recorded in conjunction with the convertible notes transaction
entered into by the Company in March 2007.
Mr. Leo Young, Chief Executive Officer of Solar EnerTech
commented, "We are pleased to report solid fourth quarter results
in what was a transitional year for our business. We made
strategic adjustments to cut costs and maintained our focus on
developing superior products to advance the SolarE brand name into
the marketplace. From a technological standpoint, we made
excellent progress increasing the efficiency of our solar cells
that resulted in higher wattage output panels which creates more
value to our customers and further reduces our production costs.
These efforts resulted in the successful securing orders from new
customers as well as receiving follow-on orders from existing
customers. We were delighted to have achieved positive net income
of $1.9 million and gross margin performance of 16% in our fiscal
2009 fourth quarter compared to a net loss of $2.8 million and
negative 24% gross margin in the previous year period.
We continue to make efforts to enhance our sales opportunity on a
global scale. During our fiscal fourth quarter, we made our debut
in the U.S. market through our participation in the InterSolar
North America Exhibition and Conference. This event allowed us to
showcase our products and value-added services to all relevant
U.S.-based companies in the solar industry. While approximately
90% of our products are shipped to Europe and Australia, we
believe the U.S. market will still play a very important role for
our company in the future."
Fiscal 2009 Financial Results
For the fiscal year ended September 30, 2009, Solar EnerTech
reported total revenue of $32.8 million, compared to $29.4 million
in fiscal 2008. This represents a 12% growth from fiscal 2008.
The increase in revenue resulted from increases in solar module
shipments from 6.67 MW in fiscal year 2008 to 10.50MW in fiscal
year 2009, partially offset by a 25% decrease in average selling
prices from $4.10 per watt in fiscal year 2008 to $3.07 per watt
in fiscal year 2009.
The Company incurred a negative gross margin of $1.0 million in
fiscal 2009 compared to negative $3.7 million in fiscal 2008. The
improvement in fiscal 2009 gross margin compared to fiscal 2008
was due to lower raw material prices, specifically silicon wafer
prices which offset the decrease in module sales prices. Silicon
wafer prices decreased approximately 65% from RMB 46/piece during
fiscal year 2008 to RMB16/piece during fiscal year 2009, as
compared to module sales prices that decreased approximately 41%
from EUR2.2/watt during fiscal year 2008 to EUR1.3/watt during
fiscal year 2009.
Total operating expense for fiscal 2009 was $11.4 million compared
to $16.7 million in the prior year. In fiscal 2009, the Company
recorded $3.2 million of non-cash stock compensation charge,
$1.0 million of non-cash impairment loss on property and
equipment, and $500,000 of non-cash loss on debt extinguishment.
Excluding these non-cash charges of $4.7 million, total operating
expense for the 2009 fiscal year was $6.7 million, or 20% of total
sales. In fiscal 2008, the Company recorded $5.6 million of non-
cash stock compensation charge and $4.2 million of non-cash loss
on debt extinguishment. Excluding these non-cash charges of
$9.8 million, total operating expense for the 2008 fiscal year was
$6.9 million, or 23% of total sales.
In fiscal 2009, the Company recorded a net loss of $14.2 million
compared to net income of $5.5 million in fiscal 2008. The
Company's fiscal 2009 net loss included an $800,000 non-cash gain
associated with a change in the fair market value of compound
embedded derivative liability and a $1.3 million gain associated
with a change in the fair market value of warrant liability. Both
the compound embedded derivative and warrant liabilities were
recorded in conjunction with the convertible notes transaction
entered into by the Company in March 2007. Excluding these non-
cash gains of $2.1 million, on a non-GAAP basis, the Company had a
net loss of $16.3 million in fiscal 2009. Included in the fiscal
2008 net income of $5.5 million was a $27.8 million gain on
issuance of convertible notes. Excluding this non-cash charge of
$27.8 million, the Company had a net loss of $22.3 million, on a
non-GAAP basis. The Company had a loss of $0.16 per diluted share
in fiscal 2009 compared to a loss of $0.18 per diluted share,
after excluding for anti-dilution securities in fiscal 2008.
As of September 30, 2009, the Company had $1.7 million in cash,
$7.4 million of accounts receivables, $800,000 of prepayment
primarily for purchase of raw materials, $4.0 million of
inventories on hand, $1.3 million of deferred financing cost
associated to the convertible notes and $700,000 of VAT and other
receivables. A dditionally, as of September 30, 2009, the Company
had $6.9 million of accounts payable, customer advance payment and
accrued liabilities, $5.6 million of accrued liability due to
related party, $200,000 of derivative liabilities and
$11.6 million in principal of convertible notes outstanding, which
are recorded at carrying value at $3.1 million.
On January 7, 2010, the Company entered into a Series A Notes and
Series B Notes Conversion Agreement with the holders holding over
75% of the outstanding principal amounts owed under the Notes to
modify the terms of the Notes. Pursuant to the terms of the
Conversion Agreement, the Notes will be automatically converted
into shares of the Company's common stock at a conversion price of
$0.15 per share and be amended to eliminate the maximum ownership
percentage restriction prior to such conversion.
In addition, the Company and the holders of over 50% of each of
the outstanding Series A, Series B and Series C Warrants
(collectively the "PIPE Warrants") have agreed to enter into an
Amendment to the Series A, B and C Warrants upon the closing of
the transactions contemplated in the Conversion Agreement.
Pursuant to the terms of the Warrant Amendment, the PIPE Warrants
shall be amended to reduce their exercise prices from $1.21, $0.90
and $1.00, respectively, to $0.15. The PIPE Warrants shall also
be amended to (a) waive the anti-dilution provisions of the PIPE
Warrants that would increase the number of shares issuable
pursuant to the PIPE Warrants in inverse proportion to the
reduction in the exercise price, (b) waive all anti-dilution
protections as to future transactions and (c) eliminate maximum
ownership percentage restrictions.
Pursuant to the Conversion Agreement, after the closing of the
transactions contemplated by it, the Company shall issue to its
employees additional options to purchase shares of the Company's
common stock equal to approximately 30% of each employee's pre-
closing option holdings. The Company says that this is to provide
for additional equity incentives to the Company's employees in
order to account for the dilution from the conversion of the Notes
and re-pricing of the PIPE Warrants. These additional options
shall be priced at $0.15 per share.
Balance Sheet
At September 30, 2009, the Company's consolidated balance sheets
showed total assets of $27.5 million, to liabilities of
$17.9 million, and total stockholders' equity of $9.6 million.
A full-text copy of the Company's annual report on Form 10-K is
available at no charge at http://researcharchives.com/t/s?4d69
About Solar EnerTech
Solar EnerTech Corp. (OTC BB: SOEN) is a photovoltaic solar energy
cell manufacturing enterprise incorporated in the United States
with its corporate office in Mountain View, California. The
Company has established a sophisticated 67,107-square-foot
manufacturing facility at Jinqiao Modern Technology Park in
Shanghai, China. The Company currently has two 25MW solar cell
production lines and a 50MW solar module production facility.
Solar EnerTech has also established a Joint R&D Lab at Shanghai
University to develop higher efficiency cells and to put the
results of that research to use in its manufacturing processes.
Led by one of the industry's top scientists, the Company expects
its R&D program to help bring Solar EnerTech to the forefront of
advanced solar technology research and production.
================
H O N G K O N G
================
M2W LIMITED: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on December 31, 2009,
shareholders of M2W Limited resolved to voluntarily wind up the
company's operations.
The company's liquidators are:
Natalia K M Seng
Susan Y H Lo
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
MAN FOOK: Members' Final Meeting Set for February 8
---------------------------------------------------
Members of Man Fook Han Company Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 8,
2010, at 10:00 a.m., at 18th Floor, World Trust Tower, 50 Stanley
Street, Central, Hong Kong.
At the meeting, Lau Shak Wah, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
MANDARIN AUDIO: Court to Hear Wind-Up Petition on March 10
----------------------------------------------------------
A petition to wind up the operations of Mandarin Audio and Video
Limited will be heard before the High Court of Hong Kong on
March 10, 2010, at 9:30 a.m.
The Bank of China (Hong Kong) Limited filed the petition against
the company.
The Petitioner's Solicitors are:
K.W. Ng & Co.
Wings Building, 11/F
110 Queen's Road Central
Central, Hong Kong
MANLUX INVESTMENT: Court to Hear Wind-Up Petition on March 10
-------------------------------------------------------------
A petition to wind up the operations of Manlux Investment (China)
Limited, formerly known as Mandarin Investment (China) Limited,
will be heard before the High Court of Hong Kong on March 10,
2010, at 9:30 a.m.
The Bank of China (Hong Kong) Limited filed the petition against
the company.
The Petitioner's Solicitors are:
K.W. Ng & Co.
Wings Building, 11/F
110 Queen's Road Central
Central, Hong Kong
MEGO TOYS: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on December 30, 2009,
to wind up the operations of Mego Toys Industrial Company Limited.
The official receiver is E T O'Connell.
MOBIL OIL: Porntida Boonsa Appointed as New Liquidator
------------------------------------------------------
Porntida Boonsa on January 1, 2010, was appointed as liquidator of
Mobil Oil Hong Kong Limited.
Porntida Boonsa replaces Douglas Franklin Wezniak who stepped down
as the company's liquidator.
The liquidator may be reached at:
Porntida Boonsa
Metro Tower, 17/F
30 Tian Yao Qiao Road
Shanghai 200030
People's Republic of China
NAL LOGISTICS: Members' and Creditors Meetings Set for February 1
-----------------------------------------------------------------
Members and creditors of NAL Logistics Company Limited will hold
their annual meetings on February 1, 2010, at 2:00 p.m., and 2:30
p.m., respectively at Room 2604, 26/F, C. C. Wu Building, 302-308
Hennessy Road, Wan Chai, in Hong Kong.
At the meeting, Chan Kam Shing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
NAMWING FOOD: Court to Hear Wind-Up Petition on February 3
----------------------------------------------------------
A petition to wind up the operations of Namwing Food and Beverage
Company Limited will be heard before the High Court of Hong Kong
on February 3, 2010, at 9:30 a.m.
NENG HUA: Members' Final Meeting Set for February 10
----------------------------------------------------
Members of Neng Hua (Hong Kong) Limited, which is in members'
voluntary liquidation, will hold their final meeting on Feb. 10,
2010, at 2:30 p.m., at Room 1201, 12/F, Methodist House, 36
Hennessy Road, Wanchai, in Hong Kong.
At the meeting, Liu Kam Lung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
OCEAN PROFIT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on December 30, 2009,
to wind up the operations of Ocean Profit Engineering Limited.
The official receiver is E T O'Connell.
OIKOS INTERNATIONAL: Creditors' Proofs of Debt Due February 8
-------------------------------------------------------------
Oikos International Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by February 8, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on December 30, 2009.
The company's liquidators are:
Alex So Yin Wai
Wong Chak Lun
Trust Tower, Unit A, 2/F
68 Johnston Road
Wanchai, Hong Kong
PERFECT FORTUNE: Creditors' Proofs of Debt Due February 1
---------------------------------------------------------
Creditors of Perfect Fortune Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 1, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on December 31, 2009.
The company's liquidators are:
Ng Tze Kin
Yuen Shu Tong
Malaysia Building, 3/F
50 Gloucester Road
Wanchai, Hong Kong
PRO STEP: Commences Wind-Up Proceedings
---------------------------------------
Members of Pro Step Limited, on January 4, 2010, passed a
resolution to voluntarily wind-up the company's operations.
The company's liquidator is:
Marcus Ha Man Kit
East Town Building, Room 602
41 Lockhart Road
Wanchai, Hong Kong
QUODWORTH COMPANY: Members' Final Meeting Set for February 12
-------------------------------------------------------------
Members of Quodworth Company Limited, which is in members'
voluntary liquidation, will hold their final general meeting on
February 12, 2010, at 3:00 p.m., at 23rd Floor, Wheelock House, 20
Pedder St., in Hong Kong.
At the meeting, Kevin Chung Ying Hui, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SAVE ON FOOD: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on December 18, 2009,
to wind up the operations of Save On Food Limited.
The company's liquidators are:
Li Man Wai
Tsang Lai Fun
Raymond Li & Co., CPA
Tai Yau Building
Room 1001, 10/F
Wanchai, Hong Kong
SHUN YICK: Members' Final Meeting Set for February 8
----------------------------------------------------
Members of Shun Yick Production Group Limited, which is in
members' voluntary liquidation, will hold their final meeting on
February 8, 2010, at 10:00 a.m., at Room 806, Tung Ming Building,
42 Des Voeux Road Central, in Hong Kong.
At the meeting, Lau Kwok Kwong Arthur, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SINO CONCEPT: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on December 23, 2009,
to wind up the operations of Sino Concept Development Limited.
The official receiver is E T O'Connell.
SUNCORP INDUSTRIAL: Liu and Yen Appointed as Liquidators
--------------------------------------------------------
Stephen Liu Yiu Keung and Davin Yen Ching Wai on November 23,
2009, were appointed as liquidators of Suncorp Industrial Limited.
The liquidators may be reached at:
Stephen Liu Yiu Keung
Davin Yen Ching Wai
One Island East, 62/F
18 Westlands Road
Island East
Hong Kong
TWO WAY: Creditors' Proofs of Debt Due February 5
-------------------------------------------------
Two Way Forwarding & Logistics (Hong Kong) Limited, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by February 5, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on December 31, 2009.
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
Gloucester Tower, 8th Floor
The Landmark
15 Queen?s Road
Central, Hong Kong
WESTERGREN COMPANY: Chow and Cheng Appointed as Liquidators
-----------------------------------------------------------
Chow Cheuk Lap and Cheng Siu Hang on December 18, 2009, was
appointed as liquidator of Westergren Company Limited.
The liquidator may be reached at:
Chow Cheuk Lap
Cheng Siu Hang
China Insurance Group Building
Rooms 201-3, 2/F
141 Des Voeux Road Central
Hong Kong
WILHELM TEXTILES: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------
At an extraordinary general meeting held on January 8, 2010,
shareholders of Wilhelm Textiles Hong Kong Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Werner Wilhelm
Kam Sang Building, 3/F
257 Des Voeux Road
Central, Hong Kong
WT DESIGN: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on December 23, 2009,
to wind up the operations of WT Design Consultants Limited.
The official receiver is E T O'Connell.
ZHU SHENG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on December 23, 2009,
to wind up the operations of Zhu Sheng Maritime (HK) Limited.
The official receiver is E T O'Connell.
=========
I N D I A
=========
AIR INDIA: NACIL to Shift Alliance Air Unit into Cargo Airline
--------------------------------------------------------------
The National Aviation Company Ltd. has been asked to come up with
a strategy to convert Alliance Air, a wholly-owned subsidiary of
Air India, into a cargo airline by the end of February, Business
Standard reports citing a source at Civil Aviation Ministry.
According to the report, the assets of Alliance Air are expected
to be transferred to the newly formed company, Air Alliance
Services, a subsidiary of AI and one of its strategic business
units.
The move comes after Civil Aviation Minister Praful Patel, in a
review meeting last week, directed the board of the airline to
prepare a plan in this regard, the Standard says.
Business Standard says the civil aviation ministry has also
directed AI to increase the utilization of the Airbus 320
aircraft. Among other things, it was decided that Air India
Express will operate as a different entity.
According to the Standard, AI is also setting up two new
companies: Air India Engineering Services Ltd and Air India-
Singapore Airport Transport services.
As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, was seeking INR14,000 crore in
equity infusion, soft loans and grants.
The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown. Air India's losses have
almost doubled to over INR4,000 crore in 2008-09 compared to
INR2,226 crore in 2007-08), according to the Hindustan Times.
In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings. The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.
The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months and has been segregated under
operational efficiency, product improvement, organization building
and financial restructuring, the Business Standard said.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
AIR INDIA: Unlikely to Get INR800cr Bail Out from Gov't.
--------------------------------------------------------
Air India is unlikely to get more than INR800 crore in government
bailout money in the current fiscal ending March 31, livemint.com
reports citing two officials.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 13, 2009, The Times of India said the government agreed to
infuse INR2,000 crore in Air India till March 2010, in a phase-
wise manner of INR400 crore per month, subject to the airline cuts
costs and increases revenue.
The Pranab Mukherjee-headed Group of Ministers (GoM) decided to do
a monthly review of AI's performance before giving the next
tranche of INR400 crore, the Times said.
The government has approved giving Air India INR800 crore after
reviewing its performance for November and December, and a final
clearance from the finance ministry is expected by the end of
January, livemint.com relates.
According to livemint.com, the two officials said the carrier is
not likely to receive any more funds until the Union government
presents its budget for 2010-11.
The money will largely go towards paying off loans taken to
purchase aircraft, one of the officials told livemint.com.
Meanwhile, livemint.com says, Air India has also cleared a
proposal to pay EUR5 million (INR32.5 crore) to Star Alliance.
An executive at the firm told livemint.com that the carrier was
expected to join the global grouping of airlines by June but has
postponed it until December.
According to the report, the airline has to make this payment to
keep its membership request active despite the postponement.
Joining the alliance will enable Air India to offer in a single
ticket seamless connectivity to places where any of the group's
airlines operates flights, livemint.com states.
As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Company of India Ltd., the
holding company for the carrier, was seeking INR14,000 crore in
equity infusion, soft loans and grants.
The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding due to excess capacity, lower
yield, a drop in passenger numbers, an increase in fuel prices and
the effects of the global slowdown. Air India's losses have
almost doubled to over INR4,000 crore in 2008-09 compared to
INR2,226 crore in 2007-08), according to the Hindustan Times.
In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings. The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.
The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
ARASU JEWELS: CRISIL Assigns 'BB-' on INR7.50 Mil. LT Loan
----------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Arasu Jewels
Trendy's bank facilities.
Facilities Ratings
---------- -------
INR7.50 Million Long Term Loan BB-/Stable (Assigned)
INR67.50 Million Cash Credit BB-/Stable (Assigned)
The rating reflects AJT's below-average financial risk profile,
small scale of operations, and exposure to intense competition.
These weaknesses are partially offset by the benefits that the
firm derives from its promoters' industry experience.
Outlook: Stable
CRISIL believes that AJT will maintain its market position over
the medium term on the back of promoters' industry experience.
The outlook may be revised to 'Positive' if the firm increases its
cash accruals and improves its overall financial risk profile.
Conversely, fresh large, debt-funded capital expenditure or
decline in profitability may drive a revision in the outlook to
'Negative'.
Set up in 2009 as a partnership firm by Mr. T. Murugan and family,
AJT is a gold jewellery retailer in Thanjavur (Tamil Nadu). The
promoters have another jewellery showroom in Thanjavur under an
associate firm Arasu Jewels. AJT started operations in June 2009.
The firm is likely to shift operations to a new showroom, of about
2000 square feet, located close to the existing premises, in
January 2010.
BRIGHT ENTERPRISES: CRISIL Reaffirms 'BB' Rating on INR5.0BB Loan
-----------------------------------------------------------------
CRISIL's rating on the term loan facility of Bright Enterprises
Pvt Ltd continues to reflect the risks of time and cost overrun
faced by the company, as its Bengaluru project is in an early
stage of construction; the rating also reflects BEPL's limited
track record in project execution. These weaknesses are partially
offset by the project's low financial risk, with financial closure
having been attained.
Facilities Ratings
---------- -------
INR5070 Million Term Loan Facility BB/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that BEPL will remain in project implementation
phase over the next three years. The outlook may be revised to
'Positive' if early completion of BEPL's mixed-use development
project in Bengaluru leads to sooner than expected cash flows.
Conversely, the outlook may be revised to 'Negative' if delays or
cost overruns in the project impact the company's debt-servicing
ability or if it takes on more-than-expected debt to fund capital
expenditure or undertakes other real estate development projects.
About Bright Enterprises
BEPL is part of the Malhotra Book Depot group. The group is one
of India's leading publishing houses. It has diversified into
various industries, including paper manufacturing, hospitality,
real estate, and mall development; it is also into management
education, and runs a web-based online interactive academy. BEPL
owns and manages the Radisson MBD Hotel in Noida (Uttar Pradesh).
BEPL has entered into a franchise agreement with Radisson Hotels
International, a group company of Carlson Hotels worldwide.
BEPL plans to undertake a mixed-use development project in
Bengaluru. The project comprises a 288-room, 5-star hotel and a
super luxury mall. The project was earlier planned with a total
investment of around INR7.73 billion; however, the management has
revised the plan, and the total investment is now expected to be
INR4.61 billion. The project is expected to be completed in 37
months.
CENTAUR PHARMACEUTICALS: CRISIL Cuts Ratings on LT Loan to 'BB+'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Centaur Pharmaceuticals Pvt Ltd to 'BB+/Negative/P4+' from 'BBB-
/Negative/P3'.
Facilities Ratings
---------- -------
INR280 Million Cash Credit BB+/Negative (Downgraded from
'BBB-/Negative')
INR420 Million Long-Term Loan BB+/Negative (Downgraded from
'BBB-/Negative')
INR35 Million Letter of Credit P4+ (Downgraded from 'P3')
INR20 Million Bank Guarantee P4+ (Downgraded from 'P3')
INR10 Million Proposed Short P4+ (Downgraded from 'P3')
Term Bank Facility
The rating action reflects deterioration in Centaur's financial
risk profile because of continued losses at the company's
Hingewadi (Pune) facility due to delays in obtaining regulatory
approvals. The company's liquidity is also strained, as it posted
net losses in 2008-09 (refers to financial year, April 1 to March
31), and in the first half of 2009-10. The downgrade also
reflects CRISIL's belief that Centaur's expected cash accruals for
2009-10 will be inadequate to meet the company's debt obligations
maturing during that period, and therefore, the company will
resort to refinancing its debt. Also, continued debt-funded
capital expenditure (capex) is expected to add to the company's
overall debt levels.
Centaur's revenues in the first half of 2009-10, from its facility
in Hingewadi were inadequate to cover its fixed costs. The
company's operating margins continue to remain low at 3.9 per cent
in the six months through September 2009. The operating margins
had slipped to 5.5 per cent in 2008-09 from 8.8 per cent in 2007-
08 due to high fixed costs at the Hingewadi facility. It reported
a net loss of 5.1 per cent, in the first half of 2009-10. The
gearing is estimated to have deteriorated to 1.1 times as on
September 30, 2009, from 0.83 times as on March 31, 2009, because
of the larger-than-expected debt-funded capex at all the
facilities of the company.
These weaknesses are partially offset by the benefits that Centaur
derives from its established brands in the domestic formulations
segment, and strong presence in the psychotropic active
pharmaceutical ingredients (APIs) segment.
Outlook: Negative
CRISIL expects the strain in Centaur's financial risk profile,
especially profitability, to continue over the medium term, given
the high funding requirement of the Pune facility. The ratings
could be downgraded in case of further delays in the ramp-up of
operations in Pune. Conversely, the outlook could be revised to
'Stable' if the Pune operations achieve break-even in the near
term, and if the company reports a significant and sustainable
improvement in profitability in the following months.
About Centaur Pharmaceuticals
Centaur was promoted by Mr. S D Sawant, Mr. S K Ranganekar, and
Mr. Padgaonkar, in 1987. The promoters set up Centaur
Laboratories in 1978, Centaur Chemicals Pvt Ltd in 1988, and
Centaur Drug House Pvt Ltd in 1998. By 2007-08, the three
companies were merged into Centaur. The company manufactures
formulations and APIs, and offers contract manufacturing and
contract research outsourcing services. It has two plants in Goa,
and one each in Pune and Ambernath, both in Maharashtra. For
2008-09, Centaur reported a net loss of INR86 million on net sales
of INR1306 million, against a profit after tax of INR1.1 million
on net sales of INR1155 million for the previous year.
GOPALA POLYPLAST: Delay in Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Gopala Polyplast
Ltd's bank facilities. The ratings reflect delay by GPL in
repayment of term loan obligations, owing to weak liquidity.
Facilities Ratings
---------- -------
INR80.0 Million Cash Credit Limit D (Assigned)
INR92.0 Million Working Capital D (Assigned)
Demand Loan
INR10.0 Million Term Loan D (Assigned)
INR5.5 Million Bank Guarantee P5 (Assigned)
Incorporated in 1984 as a private limited company, GPL converted
to a public limited company in 1992-93 (refers to financial year,
April 1 to March 31), and was listed on the Bombay Stock Exchange
(BSE). The company manufactures polypropylene woven sacks, which
are used to package cement. The company also manufactures woven
labels, which are used in garment manufacturing. It has capacity
to manufacture 12,500 tonnes of woven sacks per annum at its
manufacturing facilities at Gandhinagar (Gujarat), and Silvassa
(Dadar and Nagar Haveli). GPL reported net loss of INR67.4 million
on net sales of INR1243.8 million for 2008-09 as against a net
loss of INR41.8 million on net sales of INR1318 million for
2007-08.
MANPHO EXPORTS: CRISIL Assigns Junk Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Manpho Exports' bank
facilities. The ratings reflect delay by Manpho in repayment of
term loan obligations owing to weak liquidity.
Facilities Ratings
---------- -------
INR43.0 Million Cash Credit D (Assigned)
INR17.0 Million Rupee Term Loan D (Assigned)
INR5.0 Million Letter of Credit P5 (Assigned)
Set up in 1989 as a partnership firm by Mr. Lalith Parekh, Manpho
manufactures silk home furnishing products and made-ups, such as
curtains, quilts, cushion covers and bed sheets. The firm also
trades in cotton yarn and polyester fabrics. Manpho's products
are manufactured at its facility in Bangalore, which has 10
imported and 12 Indian looms, and employs around 250 people.
Manpho exports primarily to retailers in UK, Europe and the
Middle-East.
Manpho reported a profit after tax (PAT) of around INR7.0 million
on net sales of around INR125 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a net loss of
INR10.8 million on net sales of INR130.4 million for 2007-08.
MITTAPALLI AGRO: CRISIL Reaffirms 'B' Rating on Cash Credit
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Mittapalli Agro
Products Pvt Ltd continue to reflect MAPL's constrained financial
risk profile marked by high gearing and weak debt protection
measures, and its working-capital-intensive operations. These
weaknesses are partially offset by MAPL's established position in
the tobacco industry.
Facilities Ratings
---------- -------
INR20 Million Cash Credit B/Stable (Reaffirmed)
INR70 Million Packing Credit P4 (Reaffirmed)
Outlook: Stable
CRISIL believes that MAPL will maintain its operating margin and
revenue growth over the medium term, on the back of stable demand
for its products in the export market. The outlook may be revised
to 'Positive' if MAPL's financial risk profile improves on account
of reduction in gearing or higher-than-expected profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates because of
significant increase in debt levels or substantial decline in
profitability.
About Mittapalli Agro
Mittapalli Agro Products Pvt Ltd was formed in 2005 by Mr.
Mittapalli Ramesh Babu in Guntur (Andhra Pradesh). The company
processes tobacco leaves for sale in the domestic and export
markets. Most of MAPL's customers are cigar and cigarette
manufacturers.
MAPL reported a profit after tax (PAT) of INR1.5 million on net
sales of INR441 million in 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net sales
of INR220 million for 2007-08.
PARTH CHEM: CRISIL Rates INR30 Million Cash Credit at 'B-'
----------------------------------------------------------
CRISIL has assigned its 'B-/Negative/P4' ratings to the bank
facilities of Parth Chem Impex Pvt Ltd.
Facilities Ratings
---------- -------
INR30.0 Million Cash Credit B-/Negative (Assigned)
INR30.0 Million Bill Discounting P4 (Assigned)
INR60.0 Million Letter of Credit P4 (Assigned)
The ratings reflect Parth Chem's weak financial risk profile
marked by small net worth and high gearing, and exposure to risks
related to raw material price volatility and debtor default.
These rating weaknesses are partially offset by Parth Chem's long
track record in the chemicals trading business, and its healthy
relationship with its key supplier, the Blue Sword Chemical group,
China, for procurement of sodium tripolyphosphate (STPP).
Outlook: Negative
CRISIL believes that Parth Chem's already weak financial risk
profile will deteriorate over the medium term as the company's
liquidity is expected to weaken. The rating may be downgraded in
case of more-than-expected deterioration in Parth Chem's financial
risk profile, because of decline in profitability or more-than-
expected weakening in liquidity. Conversely, the outlook may be
revised to 'Stable' if Parth Chem's financial risk profile
improves significantly, because of fresh equity infusions or
sustained improvement in profitability.
About Parth Chem
Set up in 1988 by Mr. Mehul Bhuta as a proprietary concern, Parth
Chem was incorporated as a private limited company in February
2005. The company trades in chemicals such as STPP, citric acid,
soda ash, sodium hydrosulphate, hydrogen peroxide, nitric acid,
phenol, and melamine. It imports these chemicals from China,
Taiwan, Korea, Ukraine, Iran, and Turkey.
Parth Chem reported a profit after tax (PAT) of INR4.5 million on
net sales of INR683.0 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR3.0 million on net
sales of INR603.8 million for 2007-08.
POWER MAX: CRISIL Reaffirms 'BB+' Ratings on INR10 Mil. Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Power Max (India) Pvt
Ltd continue to reflect Power Max's working capital intensive
operations, its small scale of operations in the engineering
services industry, and its low net worth. These weaknesses are
partially offset by the benefits that Power Max derives from the
experience of its promoters, and its strong customer profile.
Facilities Ratings
---------- -------
INR10 Million Term Loan BB+/Stable (Reaffirmed)
INR100 Million Cash Credit BB+/Stable (Reaffirmed)
INR10 Million Letter of Credit P4+ (Reaffirmed)
INR80 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that Power Max will maintain a stable credit risk
profile on the back of its established relationships with its
clients. The outlook may be revised to 'Positive' if the company
reports significant improvement in revenues, operating margin, and
capital structure. Conversely, the outlook may be revised to
'Negative' if the company undertakes large debt-funded capital
expenditure programs leading to deterioration in capital
structure.
Power Max, formed in 1977 by Mr. Dilip Kumar Bose, provides
turnkey services in the engineering industry, in segments such as
mechanical, engineering, procurement & construction, design and
engineering, civil, structural and architectural, electrical, and
instrumentation, and infrastructure development.
Power Max reported a profit after tax (PAT) of INR12.4 million on
net sales of INR474.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR7.9 million on net
sales of INR338.0 million for 2007-08.
RAIPUR POWER: CRISIL Rates INR250 Million Term Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the term loan
facility of Raipur Power and Steel Ltd.
Facilities Ratings
---------- -------
INR250 Million Term Loan B+/Stable (Assigned)
The rating reflects RPSL's exposure to project implementation
risks, its small scale of operations and exposure to intense
competition in the sponge iron industry, and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by RPSL's healthy raw material sourcing
capability, and its promoters' experience in the steel industry.
Outlook: Stable
CRISIL believes that RPSL will continue to face pressures because
of its exposure to project implementation risks and its large
debt-funded capital expenditure plans, over the medium term.
Timely completion of capacity additions and better margins may
lead to a revision in the outlook to 'Positive'. Conversely, the
outlook may be revised to 'Negative' in case of any delay in
project implementation or if the company reports lower-than-
expected profitability.
About Raipur Power
Raipur Power and Steel Ltd was promoted in October 2007 by Mr.
Narsi Dass Garg and Mr. Balraj Garg, and is a closely held
company. The company manufactures sponge iron, and has a
production capacity of 60,000 tonnes per annum (tpa). RPSL
started commercial operations in April 2009 at Borai Industrial
Growth Centre Village, Durg, Chhattisgarh. The company plans to
set up a 30,000-tpa sponge iron plant and a 12-megawatt captive
power plant in FY2010-11.
RAITANI ENGINEERING: CRISIL Reaffirms 'BB' Rating on Bank Debts
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raitani Engineering
Works Pvt Ltd continue to reflect REWPL's large working capital
requirements, and exposure to risks related to customer and
geographic concentration in revenue profile. These rating
weaknesses are mitigated by REWPL's healthy order book, and
moderate financial risk profile, marked by average gearing and
debt protection metrics.
Facilities Ratings
---------- -------
INR100 Million Cash Credit BB/Stable (Reaffirmed)
INR315 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that REWPL will continue benefit from the growth
prospects in the civil construction industry. The outlook may be
revised to 'Positive' if the company strengthens its business risk
profile by diversifying its revenue base, and maintains its
operating margin at current level. Conversely, the outlook may be
revised to 'Negative' if additional debt-funded capital
expenditure (capex) or acquisition programs constrain the
company's financial risk profile.
About Raitani Engineering
Set up in 1974, Raitani Engineering Works Pvt Ltd (formerly,
Raitani Engineering Works) was converted into a partnership firm
in 1976, and subsequently, incorporated as a private limited
company in 1992. The company undertakes infrastructure-related
construction activities in North East India; these activities
include bridge, building, and earth work, embankments, and track
laying. Besides railways, the company also executes projects for
Public Works Department (PWD) and National Building Construction
Corporation. The company is currently managed by Mr. Anand
Raitani.
REWPL reported a profit after tax (PAT) of INR12 million on net
sales of INR460 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR16 million on net sales
of INR498 million for 2007-08.
SESA INTERNATIONAL: CRISIL Reaffirms 'BB' on INR350MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sesa International Ltd
continue to reflect Sesa's weak debt protection measures, and
inadequate risk management policies. These weaknesses are
partially offset by Sesa's diversified product portfolio,
established relationships with suppliers and customers, and its
promoters' industry experience.
Facilities Ratings
---------- -------
INR350 Million Cash Credit/ BB/Stable (Reaffirmed)
Packing Credit
INR125 Million FUBP/FDBP P4+ (Reaffirmed)
INR350 Million Bank Guarantee/ P4+ (Reaffirmed)
Letter of Credit
Outlook: Stable
CRISIL believes that Sesa will continue to benefit from its
relationships with its customers and suppliers. The outlook may be
revised to 'Positive' if the company implements adequately strong
risk management policies, and if there is a considerable
improvement in its profitability and debt protection measures.
Conversely, the outlook may be revised to 'Negative' if Sesa
contracts more-than-expected debt, or if its inventory levels
increase significantly.
About Sesa International
Sesa International Ltd, incorporated by Mr. S L Bagri in 2002, is
a star trading house. It is engaged in import and export of steel
intermediate products, such as sponge iron, ingots, and billets.
The company imports steel intermediate products mainly from the
Commonwealth of Independent States, China, and Europe.
Sesa reported a profit after tax (PAT) of INR10.6 million on net
sales of INR1.45 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR9.7 million on net sales
of INR1.5 billion for 2007-08.
TATA STEEL: Won't Shut Down Corus TCP Plant; About 120 Jobs Saved
-----------------------------------------------------------------
Business Standard reports that Tata Steel's European arm Corus has
decided not to shut down one of the mills at its Teesside Cast
Products plant, saving as many as 120 jobs from getting slashed.
"Corus confirmed its intention to continue operating South Bank
Coke Ovens (a TCP mill) following the improvement in market
conditions for coke. As a result of this decision about 120
additional jobs will be retained," the company said in an e-mailed
statement from London, according to the report.
The report recalls Corus last year decided to partially shut down
some of the TCP mills in U.K., threatening to cut 1,700 jobs.
The decision to continue operations of South Bank Coke Ovens was
taken after a recent meeting of the Trade Union Task Force, formed
to look into the issue of closure of the mills, the report
relates.
Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer. It
has operations in 24 countries and commercial presence in over 50
countries. Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings. On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc. Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008. In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.
* * *
As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2. Moody's said the rating
outlook is stable.
UNIVERSAL POWER: CRISIL Reaffirms 'BB' Ratings on Various Debts
---------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'BB/Negative/P4+' on the bank
facilities of Universal Power Transformer Pvt Ltd, which is part
of the UPT group.
Facilities Ratings
---------- -------
INR150.0 Million Cash Credit BB/Negative (Reaffirmed)
INR147.5 Million Term Loan BB/Negative (Reaffirmed)
INR280.0 Million Proposed LT BB/Negative (Reaffirmed)
Bank Loan Facility
INR300.0 Million Letter of P4+ (Reaffirmed)
Credit/Bank Guarantee
INR62.5 Million Proposed Short P4+ (Reaffirmed)
Term Bank Loan Facility
The ratings continue to reflect the UPT group's below-average
financial risk profile, constrained by stressed liquidity, and
exposure to risks relating to volatility in raw material prices,
and to the working-capital-intensive nature, and small scale of
its operations in the power transformers industry. These rating
weaknesses are partially offset by the benefits that the UPT group
derives from the promoters' experience in the transformers
industry.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of UPT and UPT Fabrication Pvt Ltd. This
is because UPT and UPTF, together referred to as the UPT group,
have common promoters, operational synergies, and fungible funds,
and are in the same line of business.
Outlook: Negative
CRISIL expects the UPT group's liquidity to remain constrained
over the near to medium term because of delayed realizations from
receivables, and deferred offtake on orders by key customers.
Although the group's liquidity has improved owing to restructuring
of bank facilities, healthy accruals and improvement in
realization of receivables will remain key rating sensitivity
factors over the near term. The ratings may be downgraded if the
group's liquidity deteriorates further, if its order book reduces,
or in case of unexpected dip in its margins. Conversely, the
outlook may be revised to 'Stable' if UPT's receivables and
inventory positions improve, resulting in comfortable liquidity,
supported by sustainable growth in operating revenues and margins,
and timely execution of orders.
About Magnum Electric
Magnum Electric Machine Manufacturers Pvt Ltd (Magnum), which was
incorporated in January 2002, acquired Universal Transformers, a
proprietorship business formed in 1978, in June 2003. UT was
converted into a private limited company, promoted by Mr. Dhruva
Talwalkar, in 2003. To retain the Universal brand, Magnum was
renamed as UPT in August 2003. UPT manufactures power
transformers and executes turnkey projects. The company initially
manufactured distribution and power transformers ranging from 1
kilovolt-ampere (kVA) to 30 megavolt-ampere (MVA). It currently
manufactures a wide range of products including power and
distribution transformers in both the oil-filled and dry variants,
industrial batteries (both lead acid and dry varieties), and
switch gears. The company caters to both the domestic and
international markets.
The UPT group reported a net loss of INR31 million on net sales of
INR1.25 billion for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR28.4 million on net
sales of INR1.15 billion for 2007-08.
VEER OVERSEAS: CRISIL Lifts Ratings on INR27MM Term Loans to 'B+'
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Veer Overseas Ltd (VOL), which is part of the Veer group, to
'B+/Stable' from 'B/Stable'.
Facilities Ratings
---------- -------
INR50 Million Cash Credit B+/Stable (Upgraded from
'B/Stable')
INR27 Million Term Loans B+/Stable (Upgraded from
'B/Stable')
INR770 Million Packing Credit* P4 (Reaffirmed)
INR150 Million Export Bill P4 (Reaffirmed)
Discounting
*Including a proposed limit of INR170 million.
The upgrade reflects the expected improvement in the Veer group's
gearing to around 6 times as on March 31, 2010, from the high
level of 10.7 times as on March 31, 2008, on account of increase
in net worth. The Veer group's net worth is expected to improve
to INR210 million as on March 31, 2010, from INR103 million as on
March 31, 2008, on account of stable profitability and healthy
sales growth during the period. The rating on VOL's short-term
bank facilities has been reaffirmed at 'P4'.
The ratings reflect the Veer group's weak financial risk profile
because of its working capital-intensive operations, limited size,
and exposure to risks relating to revenue concentration, changes
in government policies, and fluctuations in raw material prices
and climatic conditions. The impact of these weaknesses is
mitigated by the promoters' experience in the rice industry and
the healthy growth prospects for the industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VOL and Veer Oil & General Mills
(VOGM), together referred to as the Veer group; this is because
VOL and VOGM have strong operating and financial linkages, and are
under a common management.
Outlook: Stable
CRISIL believes that the Veer group's financial risk profile will
remain weak over the medium term because of the working-capital-
intensive nature of the rice industry. The outlook may be revised
to 'Positive' if the Veer group reports higher-than-expected
profitability and accruals, resulting in improvement in its net
worth and capital structure. Conversely, the outlook may be
revised to 'Negative' if the group's capital structure
deteriorates or if it reports lower-than-expected profitability.
About the Group
Set up in 1979 as a partnership firm, VOL was converted to a
public limited company in 1994. VOL mills and processes basmati
rice. The company primarily caters to the export market; it
mainly exports par-boiled rice, which has high demand in the
Middle East. VOL also sorts, and subsequently exports, unsorted
rice procured from smaller mills in its unit's vicinity. Its
plant in Gharunda in Karnal (Haryana) has milling capacity of 10
tonnes per hour (tph) and sorting capacity of 20 tph. These
capacities are being increased to 16 tph and 24 tph, respectively.
VOGM has sorting capacity of 8 tph.
For 2008-09 (refers to financial year, April 1 to March 31), the
Veer group reported a profit after tax (PAT) of INR61 million on
net sales of INR3588 million, against a PAT of INR21 million on
net sales of INR2305 million for the previous year.
VEER OIL: CRISIL Upgrades Rating on INR11.8MM Term Loans to 'B'
---------------------------------------------------------------
CRISIL has upgraded the rating on the long term bank facility of
Veer Oil & General Mills from 'B/Stable' to 'B+/Stable'.
Facilities Ratings
---------- -------
INR11.8 Million Term Loans B+/Stable (Upgraded from
B/Stable)
INR204.5 Million Packing Credit* P4 (Reaffirmed)
INR33.7 Million Export Bill P4 (Reaffirmed)
Discounting
*Includes proposed limits of INR114.5 million
The upgrade reflects the expected improvement in the Veer group's
gearing to around 6 times as on March 31, 2010, from the high
level of 10.7 times as on March 31, 2008, on account of increase
in net worth. The Veer group's net worth is expected to improve
to INR210 million as on March 31, 2010, from INR103 million as on
March 31, 2008, on account of stable profitability and healthy
sales growth during the period. The rating on VOGM's short-term
bank facilities has been reaffirmed at 'P4'.
The ratings reflect the Veer group's weak financial risk profile
because of its working capital-intensive operations, limited size,
and exposure to risks relating to revenue concentration, changes
in government policies, and fluctuations in raw material prices
and climatic conditions. The impact of these weaknesses is
mitigated by the promoters' experience in the rice industry and
the healthy growth prospects for the industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VOGM and Veer Overseas Limited,
together referred to as the Veer group; this is because VOL and
VOGM have strong operating and financial linkages, and are under a
common management.
Outlook: Stable
CRISIL believes that the Veer group's financial risk profile will
remain weak over the medium term because of the working-capital-
intensive nature of the rice industry. The outlook may be revised
to 'Positive' if the Veer group reports higher-than-expected
profitability and accruals, resulting in improvement in its net
worth and capital structure. Conversely, the outlook may be
revised to 'Negative' if the group's capital structure
deteriorates or if it reports lower-than-expected profitability.
About VOGM
VOGM is a partnership firm set up in 1980. It sorts and sells
basmati rice, mainly in the international market. The company's
plant at Gharunda, Haryana, has a sorting capacity of 8 tonnes per
hour (tph). Its group company, VOL, also operates in the same
line of business; VOL's plant at Gharunda has an installed milling
and sorting capacity of 10 tph and 20 tph, respectively.
For 2008-09 (refers to financial year, April 1 to March 31), the
Veer group reported a profit after tax (PAT) of INR61 million on
net sales of INR3588 million, against a PAT of INR21 million on
net sales of INR2305 million for the previous year
VISHESH ENGINEERING: CRISIL Reaffirms 'BB' Rating on Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vishesh Engineering
Company continue to reflect VEC's large working capital
requirements, small scale of operations, low net worth and
customer concentration in revenue profile. These weaknesses are
partially offset by the VEC's established position in the seismic
survey and seismic data acquisition services, healthy project-
execution skills, and healthy debt protection measures.
Facilities Ratings
---------- -------
INR75.0 Million Cash Credit Limits BB/Stable (Reaffirmed)
INR20.0 Million Bank Guarantee Limits P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that VEC will maintain its financial and business
risk profiles on the back of its project execution skills. The
outlook may be revised to 'Positive' if VEC substantially
increases its scale of operations and improves its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes a large, debt-funded capital expenditure
program.
About Vishesh Engineering
VEC was set up in 1986 by Mrs. B Jhansi Lakshmi, Mr. P Ashok Raju,
and Mr. N Ramchandra Raju, in Guntur (Andhra Pradesh). The firm
is engaged in the business of providing seismic survey services.
These services include on-shore shot-hole drilling and seismic
data acquisition services. VEC's clients are private and public
sector oil exploration and procurement companies.
VEC reported a profit after tax (PAT) of INR12.54 million on net
sales of INR259.4 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR9.84 million on net
sales of INR195.3 million for 2007-08.
VIVA BOOKS: Low Net Worth Prompts 'BB+' Rating on INR60MM Debts
---------------------------------------------------------------
CRISIL's rating on the cash credit facility of Viva Books Pvt Ltd
(Viva) continues to reflect Viva's weak debt protection measures
owing to large working capital requirements, and the company's
small scale of operations and low net worth. These weaknesses are
partially offset by Viva's established market position supported
by tie-ups with reputed publishing houses, and its comfortable
financial flexibility.
Facilities Ratings
---------- -------
INR60.0 Million Cash Credit Limit BB+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that Viva will continue to benefit from its market
position backed by established relationships with publishing
houses. The outlook may be revised to 'Positive' in case of more-
than?expected increase in the company's cash accruals and
improvement in profitability, or if the unsecured loans from
promoters are converted into equity, resulting in significant
improvement in the company's capital structure. Conversely, the
outlook may be revised to 'Negative' if Viva's profitability
deteriorates, or if it undertakes a larger-than-expected debt-
funded capital expenditure program, resulting in deterioration in
its financial risk profile.
About Viva Books
Viva, incorporated in 1991 by Mr. Vinod Kumar Vasishat, is into
trading, publishing and distribution of books. Its product
profile mainly consists of books for technical education. The
company's customers include educational institutions and
wholesalers. Viva has its head office in New Delhi, and branch
offices in Chennai, Navi Mumbai, Kolkata, Bengaluru, Guwahati and
Hyderabad.
For 2008-09 (refers to financial year, April 1 to March 31), Viva
reported a profit after tax (PAT) of INR5.1 million on net sales
of INR343.7 million, against a PAT of INR4.8 million on net sales
of INR310.8 million for 2007-08.
=================
I N D O N E S I A
=================
CIKARANG LISTRINDO: Moody's Assigns 'Ba2' Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to PT Cikarang Listrindo. At the same time, Moody's has
assigned a provisional (P)Ba2 rating to the senior secured notes
to be issued by Listrindo Capital B.V., and which will be
unconditionally and irrevocably guaranteed by Cikarang. The
outlook on both ratings is stable.
Moody's expects to remove the (P)Ba2 rating for the senior secured
notes from its provisional status upon completion of the issuance.
The majority of the note proceeds will be used to repay existing
bank loans and the remainder to fund the balance of Cikarang's
capacity expansion program and for general corporate purposes.
"Cikarang's ratings reflect its exclusive IPP license for
providing electricity to a large and diversified base of
industrial estate customers, its offtake agreement with PLN
(Ba2/stable), as well as track records of solid demand growth and
payment records from the industrial estate customer base, even
during the Asian financial crisis in 1997 and the more recent
economic slowdown," says Jennifer Wong, Moody's lead analyst for
the company.
"The ratings also reflect the company's strong reliability, strong
operating performance, and its robust tariff structure -- which
allows for foreign exchange and natural gas cost pass-through --
and its strong management team," adds Ms. Wong.
"At the same time, the ratings are constrained by its offtake risk
exposure to PLN and a moderate degree of uncertainty regarding the
extent of demand for the additional capacity that will come from
its expansion program," says Ms. Wong.
"Furthermore, there is certain degree of execution risk associated
with the capacity expansion, even though Cikarang has a track
record in managing such expansion and the fact that the program is
generally on schedule and within budget," says Ms. Wong. "In
addition, a lack of operational flexibility, given the company's
single location plant and relatively small capacity, is apparent."
Moody's also notes that -- post the note issue -- all of
Cikarang's debt will be in one bullet maturity, creating
refinancing risk that is unusual and which would represent a
weakness for the company.
Further, the future financial profile of the company is subject to
a degree of uncertainty, given the move from secured bank lending
and restrictive covenants to the more relaxed high-yield bond
covenants.
Moody's notes that the expansion plan will be completed in 2010,
and while such covenants do provide some restrictions, they do not
completely prevent further debt being raised, if Cikarang so
wishes.
Cikarang's average projected Cash Available for Debt Service
(CAFDS)/Mandatory Debt Service of around 3.0x and FFO/Debt of
around 20% are appropriate for the Ba2 rating, and in line with
Moody's Power Generation Projects methodology.
Moody's believes that Cikarang has a relatively predictable
business, and which has some similarities -- on a small scale --
to that of a utility, given the captive industrial user base.
The stable outlook reflects Moody's expectation that Cikarang will
continue to benefit from the strong demand from the industrial
estates.
Upward rating pressure will be limited in the near to medium term,
given the uncertainty over the offtake arrangement with PLN and
the execution risks associated with the capacity expansion.
But the rating will likely be upgraded in the longer term if
Cikarang concludes new offtake arrangements with PLN, and which
extend the term of the contract for existing capacity, as well as
taking part of the capacity currently being built. In addition,
it will be important that Cikarang maintains its current strong
operational and financial profile.
Key metrics that Moody's would look for in the case of a rating
upgrade include: RCF/Debt in the 15-20% range and Debt/EBITDA in
the 3-4 times range on a consistent basis. Furthermore, an
upgrade in PLN's rating could also positively impact Cikarang's
rating, assuming new offtake arrangements are finalized.
On the other hand, negative rating pressure will emerge if
Cikarang (1) is unable to finalize the offtake arrangements with
PLN at a favorable tariff; (2) cannot execute its capacity
expansion on schedule and within budget; or (3) there is a
significant deterioration in Cikarang's operational and financial
profile.
In this context, financial metrics that would indicate downward
rating pressure include RCF/Debt falling below 10-15% and/or
Debt/EBITDA falling below 4.5 times. A downgrade in PLN's rating
could also pressure the rating.
The last rating action on Cikarang was 4 February 2009 when
Moody's withdrew the Ba3 corporate family rating and the (P)Ba3
senior secured bond rating because of business reasons.
PT Cikarang Listrindo is the exclusive IPP supplier of electricity
to a wide range of mostly foreign-owned companies in five
industrial estates in the Cikarang area outside of Jakarta. It
owns and operates a 518MW natural gas-fired combined cycle power
station, and distributes directly to the companies located on the
industrial estates. Its current capacity expansion plan, upon
completion, will increase the company's installed generation
capacity to 646MW. It also has an offtake agreement for part of
its power with PT Perusahaan Listrik Negara (Ba2/stable).
Cikarang is owned by 3 Indonesian families.
CIKARANG LISTRINDO: S&P Assigns 'BB-' Corporate Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit ratings on Indonesia's PT Cikarang Listrindo, an Indonesian
natural gas-fired electricity power producer. The outlook is
stable.
At the same time, Standard & Poor's assigned its 'BB-' rating on
the senior secured notes to be issued by Listrindo Capital B.V., a
wholly owned special-purpose subsidiary incorporated in The
Netherlands, established solely for issuing this debt instrument.
The rating on Cikarang reflects project completion risk, a single
site concentration, counterparty risk, and weak capital structure.
These risks are partially offset by the company's diverse customer
base, high availability factor, and regulatory protection.
The notes' proceeds are to be contributed to another special-
purpose subsidiary, Signal Capital B.V., which will lend the full
amount to Cikarang.
Cikarang will irrevocably and unconditionally guarantee Listrindo
Capital's notes. These secured notes will constitute the
company's only debt facility. The ratings are subject to final
documentation.
The proceeds from the notes are intended primarily for (1)
refinancing the existing debt, (2) financing the balance of
planned capital expenditure requirements under its capacity
expansion program, and (3) for general corporate purposes.
"Cikarang operates one natural gas-based power plant and any
material disruption in the plant could have a significant impact
on the company's cash flows," said Standard & Poor's credit
analyst Manuel Guerena. "The single-site risk is partly mitigated
by the plant's diversified generating units and track record of
minimal operational disruptions since its initial operation."
Nevertheless, Cikarang has diverse customer base with 1,559
industrial customers (79% of Kilovolt-Ampere sales to foreign-
owned companies), spanning five industrial estates. While there
are no take-or-pay contractual commitments with these clients,
Standard & Poor's believes reliability and acceptable tariffs
mitigate this risk.
In addition, Cikarang's average availability factor has been high
at more than 90% with low network losses of less than 1%. These
customers should provide Cikarang with adequate debt service
coverage, in addition to PLN's take-or-pay monthly payments
(approximately US$4.6 million/month)--regardless of dispatch
levels and Cikarang subjected only to a fixed capacity factor of
72%.
Sales terms include full pass-through of gas costs, limiting
volatility risks, and payments are in Indonesian rupiah linked to
the U.S. dollar at the prevailing rate, thus reducing Cikarang's
foreign exchange exposure. In addition, the power plant has an
exclusive independent power producer license that enables it to
generate and distribute energy to industrial customers within this
specific geographic zone.
=========
J A P A N
=========
BEST DENKI: JCR Downgrades Ratings on Senior Debts to 'BB'
----------------------------------------------------------
Japan Credit Ratings Agency, Ltd., has downgraded the rating on
senior debts and outstanding bonds of Best Denki Co., Ltd. from
BB+ to BB, respectively, revising the rating outlook from Negative
to Stable.
Senior debts: BB+/Negative
Issue
Amount Issue Date Due Date Coupon Rating
------ ---------- -------- ------ ------
euroyen convertible JPY11.5BB 02/09/2004 02/09/2010 0% BB
notes
Rating Rationale
Best Denki Co., Ltd., announced a downward revision of its
earnings forecasts for FY2009 ending February 28, 2010, and its
restructuring plan in association with its liquidation of its
subsidiary, Sakuraya Co., Ltd. Although the rating outlook for
the Company has been "Negative," impact of the liquidation on its
financial structure is not incorporated in this "Negative"
outlook. It is uncertain how much the Company can improve its
performance by restructuring. Furthermore, it is also still
uncertain whether the Company can survive in the consumer
electronics retail store industry, given the sharp reductions in
its business size to be made. Therefore, JCR downgraded the
ratings on the Company by one notch to "BB/Stable."
JAPAN AIRLINES: JCR Downgrades Ratings on Senior Debts to 'C'
-------------------------------------------------------------
Japan Credit Ratings Agency, Ltd., has downgraded the rating on
senior debts of Japan Airlines Corporation from CCC to C,
maintaining it on Credit Monitor with Negative direction (from
#CCC/Negative to #C/Negative). JCR has similarly downgraded the
ratings on the outstanding bonds and shelf registration
(preliminary) from CCC to C, maintaining them on Credit Monitor
with Negative direction (from #CCC/Negative to #C/Negative).
Senior debts: #C/Negative
Amount
Issues (Bln) Issue Date Due Date Coupon Rating
------ ------ --------- -------- ------ ------
bonds no.1 JPY10 12/18/2003 12/18/2013 2.94% #C/Negative
bonds no.3 JPY10 02/04/2004 02/04/2011 1.92% #CNegative
(bonds no.1 and no.3 are guaranteed by Japan Airlines
International.)
Shelf Registration: preliminary #C/Negative
Maximum: JPY150 billion
Valid: two years effective from January 31, 2008
Rationale
JCR downgraded the ratings on Japan Airlines Corp., maintaining
them on Credit Monitor, on January 8, 2010, due to its worse
operating performance and the increasing chances of JAL's filing
for bankruptcy protection. JCR considers that the chances of
filing for bankruptcy protection have increased more than before
in the process of determinations of specific support measures.
Thus, JCR downgraded the ratings on JAL to "C" and maintains them
on Credit Monitor.
JAPAN AIRLINES INT'L: JCR Cuts Ratings on Senior Debts to 'C'
-------------------------------------------------------------
Japan Credit Ratings Agency, Ltd., has downgraded the rating on
senior debts of Japan Airlines International from CCC to C,
maintaining it on Credit Monitor with Negative direction (from
#CCC/Negative to #C/Negative).
Japan Airlines International Co. is a core operating company of
JAL Group, generating the majority of the Group's cash flow on a
consolidated basis. The all executive officers and directors of
the holding Company, Japan Airlines Corporation, concurrently
serve as executive officers and directors of the Company. As the
Company's oneness to the Group is strong, its credit capacity is
considered equivalent to that of Japan Airlines Corporation.
Therefore, JCR downgraded the rating on the Company to "C" and
maintains it on Credit Monitor in the same way as JCR did for JAL.
JAPAN AIRLINES: Moody's Downgrades Long-Term Debt Rating to 'Ca'
----------------------------------------------------------------
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd., to Ca
from Caa1. The outlook is negative.
JALI is fully owned by Japan Airlines Corporation.
The rating action reflects the increasing likelihood that JAL,
which is undergoing business restructuring, will need to
reorganize its obligations in legal bankruptcy proceedings.
Moody's believes that if the company files legal proceedings, it
will show a greater likelihood of defaulting on its bonds in
addition to securing debt forgiveness from its relational banks.
Moody's is concerned over the airline's numerous challenges,
including continued stagnant operations, high leverage,
inefficient routes, and pension liabilities.
Since last year, JAL's restructuring plan has been discussed from
a variety of perspectives within the government and among its
relationship banks. Previously, on October 29, 2009, JAL had
started negotiations with the Enterprise Turnaround Initiative
Corporation of Japan on restructuring and on November 13, 2009, it
had applied for a procedure known in Japan as the out-of-court
process for alternative dispute resolution.
However, to receive support for its restructuring from ETIC, far-
reaching reform in a more transparent manner is required.
Therefore, the possibility of legal proceedings is increasing.
Moody's continues to monitor for the expected new restructuring
plan.
Moody's last rating action with respect to JALI was taken on
November 16, 2009, when its ratings were continued to review for
further possible downgrade.
Headquartered in Tokyo, Japan Airlines International Co., Ltd., is
the country's largest airline, and is fully owned by Japan
Airlines Corporation.
JAPAN AIRLINES: S&P Downgrades Senior Unsec. Debt Rating to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC' its
long-term senior unsecured debt ratings on Japan Airlines Corp.
(SD/--/--) and Japan Airlines International Co. Ltd. (SD/--/--),
its wholly owned subsidiary. At the same time, S&P changed to
negative from developing the CreditWatch placement of the debt
ratings on both companies. The debt ratings on both companies
were placed on CreditWatch with negative implications on Sept. 18,
2009, and revised downward on Oct. 16 and Nov. 4. On Nov. 13,
2009, the debt ratings were lowered again and this time placed on
CreditWatch with developing implications. The placement on
CreditWatch with developing implications means that the rating
could be raised or lowered. Standard & Poor's also affirmed at
'SD' the long-term corporate credit ratings on JAL and Japan
Airlines International.
S&P kept the long-term senior unsecured debt ratings on both
companies on CreditWatch with developing implications, reflecting
S&P's view that no corporate bonds were included in the list of
debt that was subject to the temporary suspension of payments in
the ongoing alternative dispute resolution procedures.
Furthermore, S&P viewed that there was a certain possibility that
JAL would turn its business around through informal workout
restructuring measures. However, taking into consideration the
subsequently reported information regarding the support from the
Enterprise Turnaround Initiative Corporation of Japan, S&P now
believe that restructuring at JAL is highly likely to be
implemented through formal workout proceedings. S&P may lower the
long-term senior unsecured rating on JAL and Japan Airlines
International to 'D' and the long-term corporate credit ratings on
the companies to 'D' from 'SD,' if JAL files for legal bankruptcy
proceedings.
Ratings List
Downgraded; CreditWatch Action
Japan Airlines Corp.
To From
-- ----
Senior Unsecured CC/Watch Neg CCC/Watch Dev
Japan Airlines International Co. Ltd.
To From
-- ----
Senior Unsecured CC/Watch Neg CCC/Watch Dev
Ratings Affirmed
Japan Airlines Corp.
Corporate Credit Rating SD/--/--
Japan Airlines International Co. Ltd.
Corporate Credit Rating SD/--/NR
JAPAN AIRLINES: To Get JPY600-Bln Bridge Loans Under Revival Plan
-----------------------------------------------------------------
Kiyotaka Matsuda and Chris Cooper at Bloomberg News reports that
Japan Airlines Corp. will receive JPY600 billion (US$6.6 billion)
in bridge loans from Enterprise Turnaround Initiative Corp. of
Japan and state-owned Development Bank of Japan under a proposed
turnaround plan.
Bloomberg, citing a person familiar with the matter, relates that
DBJ will also extend the final JPY145 billion of an existing
JPY200 billion credit line to JAL. The lender and ETIC will
provide the planned bridging loans, the person said.
Meanwhile, Bloomberg News reports that Transport Minister Seiji
Maehara said JAL's turnaround plan will aim to allow the
government to recover financial support in the ?near future.?
?A certain amount of public funds will be needed,? Mr. Maehara
told Bloomberg in an interview in Tokyo Thursday. ?I can?t
clearly say how much it will cost.? Mr. Maehara didn't give a time
frame for when the money may be repaid, Bloomberg says.
According to Bloomberg, Mr. Maehara said ETIC can buy a stake,
loan money or provide government guarantees if it helps the
carrier. The turnaround body may make a decision on aid next
week, he said.
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies. The Air
Transportation segment is engaged in the operation of passenger
and cargo planes. The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business. The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages. The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication. The Company has numerous global operating
locations.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
December 4, 2009, Standard & Poor's Ratings Services lowered to
'SD' (selective default) from 'CC' its long-term corporate credit
ratings on Japan Airlines Corp. and Japan Airlines International
Co. Ltd., its wholly owned subsidiary, and removed the ratings
from CreditWatch. At the same time, Standard & Poor's maintained
its senior unsecured debt ratings on both companies at 'CCC' and
kept the ratings on CreditWatch with developing implications. On
Sept. 18, 2009, S&P placed the corporate credit and senior
unsecured debt ratings on both companies on CreditWatch with
negative implications and maintained the CreditWatch status on
Oct. 16, 2009, and Nov. 4, 2009. On Nov. 13, 2009, S&P maintained
its CreditWatch status on the corporate ratings on both companies
and revised to developing its CreditWatch status on the senior
unsecured debt ratings.
The TCR-AP reported on Nov. 3, 2009, that Moody's Investors
Service downgraded the long-term debt rating and issuer rating of
Japan Airlines International Co., Ltd. to Caa1 from B1, and will
continue to review both ratings for further possible downgrade.
WILLCOM INC: Mulls Reorganizing Under Turnaround Body
-----------------------------------------------------
Bloomberg News, citing Nikkei English News, reports that Willcom
Inc. is in talks to reorganize with the support of the state-
backed Enterprise Turnaround Initiative Corp. of Japan.
Company spokesman Shinji Sugiuchi, however, told Bloomberg in an
e-mailed statement that nothing has been decided about
reorganizing with the turnaround agency.
The Nikkei said that under the plan, ETIC is likely to emerge as
the biggest shareholder while Softbank Corp. and Advantage
Partners may also take stakes, according to Bloomberg. Willcom
and the turnaround agency may ask creditors for ten of billions of
yen in debt relief, the Nikkei said.
Willcom, Inc., provides wireless data and voice services to
corporate and individual customers throughout Japan. Willcom is
the largest operator employing Personal Handyphone System (PHS)
technology.
===============
M A L A Y S I A
===============
EVERMASTER GROUP: Receivers Appointed to Major Subsidiaries
-----------------------------------------------------------
Evermaster Group Berhad disclosed that a Receiver and Manager has
been appointed over the charged assets of its a wholly owned
subsidiaries under the terms of the Debenture dated December 18,
2003, executed between the Company and Abrar Discounts Berhad.
Subsidiaries under receivership are:
-- Evermaster Sdn. Bhd., a company incorporated in Malaysia on
June 2, 1986, with an authorized capital of MYR500,000
divided into 500,000 ordinary shares of RM1.00 each and a
paid-up capital of MYR357,145 divided into 357,145 ordinary
shares of MYR1.00 each. ESB had ceased trading of timber
and timber related products. Based on the audited financial
statements of ESB for the financial year ended March 31,
2009, the net book value of the affected assets and floating
assets is approximately MYR23 million.
-- Evermaster Wood Industries Sdn. Bhd., a company incorporated
in Malaysia on August 19, 1998, with an authorized capital
of MYR10,000,000 divided into 10,000,000 ordinary shares of
MYR1.00 each and a paid-up capital of MYR7,500,000 divided
into 7,500,000 ordinary shares of RM1.00 each. EWISB is
principally engaged in manufacturing and marketing of timber
and timber related products. Based on the audited financial
statements of EWISB for the financial year ended March 31,
2009, the net book value of the affected assets and floating
assets is approximately MYR24.5 million.
-- Evermaster Wood Products Sdn. Bhd., a company incorporated
in Malaysia on September 5, 1988, with an authorized capital
of MYR7,500,000 divided into 7,500,000 ordinary shares of
MYR1.00 each and a paid-up capital of MYR3,180,003 divided
into 3,180,003 ordinary shares of MYR1.00 each. EWPSB is
principally engaged in manufacturing and marketing of timber
and timber related products. Based on the audited financial
statements of EWPSB for the financial year ended March 31,
2009, the net book value of the affected assets and floating
assets is approximately MYR118 million.
-- Evermaster Development Sdn. Bhd., a company incorporated in
Malaysia on May 22, 2002, with an authorized capital of
MYR1,000,000 divided into 1,000,000 ordinary shares of
MYR1.00 each and a paid-up capital of MYR750,000 divided
into 750,000 ordinary shares of MYR1.00 each. EDSB is
principally engaged in general constructions. Based on the
audited financial statements of EDSB for the financial year
ended March 31, 2009, the net book value of the affected
assets and floating assets is approximately MYR35.5 million
Evermaster Group said it has defaulted in the repayment of these
facilities:
i) Al Bai? Bithaman Ajil Islamic Debt Securities Issuance
Facility Agreement amounting to MYR16,881,250 (being the
scheduled redemption of the BaIDS facility); and
ii) Murabahah Multi-Option Notes Issuance Facility Agreement
amounting to MYR40,235,972.61.
The Company said the appointment of Receiver and Manager to its
major subsidiaries will have material financial and operational
impact on the operations of each of these units and the Group.
Evermaster Group said it is currently in discussion with the
lender to restructure the debts.
About Evermaster Group
Evermaster Group Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business. It operates through two segments: timber
and timber related operations, and general constructions. Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.
Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.
A Receiver and Manager has been appointed over the asset of the
Evermaster Group. The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003
executed between the company and Abrar Discounts Berhad.
====================
N E W Z E A L A N D
====================
EASTERN HI FI: Kordamentha Appointed as Receivers
-------------------------------------------------
The directors of Eastern Hi Fi Group Limited have asked ASB Bank
Limited, as the first charge holder over the assets of the group,
to appoint receivers to each of the companies in the group. The
directors said they are very disappointed that they have had to
take this action but see no alternative.
Michael Stiassny and Brendon Gibson of KordaMentha were appointed
receivers to Eastern Hi Fi Group Limited and its subsidiaries
Eastern Hi Fi Limited and Avalon-Paci?c Marketing Limited.
"After all of the steps taken during the past year the company
reduced its operating expenses in a satisfactory manner but it has
not been able to rid itself of the leases of unused and slightly
used premises which are now redundant in the company's hands and
cause unprofitable trading," the directors said in a statement to
the stock exchange.
"As the issue made by the company during 2009 was not filled the
funds then obtained to give time to turn around the business
operation and quit the leases have now been used and so the
directors have no ability to continue the company trading in such
circumstances," they said.
Mr. Gibson told BusinessWire the company owed creditors about
NZ$4 million across the entity, including bank loans.
"We're assessing the position and working out how best to
proceed," BusinessWire quoted Mr. Gibson as saying. "It's a
reasonably simple business with limited retail businesses now, and
it's got an import distribution," he said. BusinessWire notes Mr.
Gibson said they're still considering what the best option will
be.
The company posted a loss of NZ$979,761 in the six months to
June last year, and had reduced its retail outlets to three.
Based in New Zealand, Eastern Hi Fi Group Limited -
http://www.easternhifigroup.com-- is engaged in importation,
wholesaling and retailing of audio visual equipment. It operates
retail outlets in New Zealand, in Greater Auckland area and in
Tauranga, Napier and Wellington. The company operates through its
subsidiaries Pacific Audio Limited, Eastern Hi Fi Ltd, Avalon
Pacific Marketing Ltd and Avalon Audio Corporation Limited. Avalon
Pacific Marketing Ltd has sole New Zealand distribution rights for
a select portfolio of brands. This portfolio includes KEF, Polk
Audio, Audioquest, Dynaudio, Goldring and Hitachi. These brands
are marketed throughout the country. Approximately 60% of the
product imported by Avalon Pacific Marketing Ltd is sold at retail
by the Company. Eastern HiFi Ltd operates six stores with outlets
in Auckland (North Shore, Mt Eden, Newmarket and Howick), Tauranga
and Napier. Eastern HiFi Ltd markets brands, such as Denon, Loewe,
Bose, Rotel, Perreaux and Image.
HILL AND STEWART: Closes Four Remaining Stores
----------------------------------------------
Australian company JB Hi-Fi has decided to close its four
remaining Hill and Stewart appliance stores in Auckland.
The Herald relates a spokesman in JB Hi-Fi's Melbourne head office
said the Hill and Stewart stores were a small part of its
New Zealand business and it was "struggling for scale" in that
part of the market.
JB Hi-Fi CEO Richard Uechtritz told current.com.au that the
company wanted to focus on its nine JB Hi-Fi stores around the
North Island. Mr. Uechtritz also said the leases on the Hill and
Stewart stores in New Zealand had expired and the company had
decided not to renew them.
According to the report, Hill and Stewart co-founder John Stewart
said he was sad to see the end of a name that had been around for
almost 60 years.
Hill and Stewart first opened in Auckland in 1951. JB Hi-Fi,
which sells home entertainment and computer products, bought the
chain from its management in 2006.
=====================
P H I L I P P I N E S
=====================
RJ VENTURES: High Court Upholds Ruling on Foreclosed Assets
-----------------------------------------------------------
The Supreme Court has ruled that the Philippine National Bank may
take over Makati and Tagaytay properties owned by a company led by
businessman Ramon P. Jacinto amid a dispute over soured loans,
BusinessWorld Online reports.
Upholding a decision by the appeals court, BusinessWorld relates,
the high tribunal said PNB has a claim or lien over the Makati and
Tagaytay properties of RJ Ventures Realty and Development Corp.
According to BusinessWorld, the Court of Appeals in August last
year nullified an execution order issued by the Makati City
Regional Trial Court that retained the two properties in the
Jacinto firm's possession.
ABS-CBN News recounts that in 1996, First Women's Credit
Corporation won the bid on the sale of the Buendia property in
Makati City at the bid price of PHP3.68 billion but due to its
inability to come up with the entire purchase price, FWCC applied
for financing with PNB.
Prior to the approval of the loan, ABS-CBN relates, FWCC
transferred all its rights and title over the 8,000 square meter-
Buendia property to Jacinto's company RJ Ventures Realty and
Development Corporation, which in turn assumed the right to
purchase the Buendia property and the obligations of FWCC to pay
PNB the balance of the purchase price.
According to ABS-CBN, RJ Ventures applied for, and was granted, a
loan from PNB in the amount of PHP2.94 billion, equivalent to 80%
of the purchase price, with the Buendia property as security
in order to pay for the balance of the purchase price. However,
before granting the loan, PNB required RJ Ventures to deposit an
additional 10 percent downpayment or PHP368 million.
ABS-CBN relates that in order to pay the additional downpayment,
Rajah Broadcasting borrowed PHP350 million from PNB for re-lending
to RJ Ventures, which was secured by a pledge consisting of 70%
shares of stock in Rajah Broadcasting and 40% shares of stock
Jacinto in FWCC.
In addition, says ABS-CBN, Rajah Broadcasting secured another loan
from PNB in the amount of PHP100 million, which was secured by
broadcasting equipment of the radio network, and a real estate
mortgage over certain properties in Tagaytay of RFR Development,
which held itself out as "accommodation mortgagor." Subsequently,
ABS-CBN notes, PNB demanded from the two firms the payment of
PHP5.40 billion and PHP841.46 million, respectively.
PNB instituted foreclosure proceedings on the Buendia and Tagaytay
properties after Jacintos' firms defaulted in their obligations,
according to ABS-CBN News.
=================
S I N G A P O R E
=================
SINOR INVEST: Creditors' Proofs of Debt Due February 13
-------------------------------------------------------
Creditors of Sinor Invest Pte Ltd, which is in creditors'
voluntary liquidation, are required to file their proofs of debt
by February 13, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Lau Chin Huat
c/o 6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
===============
X X X X X X X X
===============
* Asia Poised for Growth But Policy Shifts Needed, ADB Says
-----------------------------------------------------------
Asian economies are poised for accelerated growth as the global
economic crisis recedes, but recovery remains fragile and
carefully calibrated policy adjustments along with increased
integration efforts will be needed to sustain growth and cushion
the region against future shocks, says a new study commissioned by
the Asian Development Bank.
The study, entitled Policy Changes for Asia after the Global
Recession: Impact of the Global Economy and Policy Implications,
notes that growth in the region is set to quicken this year as the
global economy regains strength. But it also cautions that
recovery in Asia is still overly dependent on policy support from
developed economies, while a turnaround in the region's largest
market, the US, has yet to gain traction. Mobile capital flows
which can cause volatility in exchange rates and domestic
liquidity also continue to pose a risk to emerging economies in
the region.
The study, prepared by the Centennial Group International, is one
of a series of reports that will be presented at a two-day
regional forum on the Impact of the Global Economic and Financial
Crisis organized by ADB at its headquarters in Manila starting
today, January 14. Top officials including policymakers, finance
ministers, heads of central banks, business leaders and
development experts from nearly 20 countries from developing Asia
are taking part in the forum.
Opening the forum, ADB President Haruhiko Kuroda said, "The region
is now showing signs of a V-shaped recovery, with a 6.6% growth
outlook for this year. While we believe developing Asia is
leading the global economic recovery, it is still too early to
relax vigorous efforts to restore demand and stabilize financial
systems. In particular, exit strategies for fiscal stimulus must
be carefully timed."
Poverty reduction will not be sustained at the pace of pre-crisis
years unless sources of growth are rebalanced toward more domestic
and regional demand, and made more inclusive. It is imperative for
the region to bring growth back to its higher trajectory to cover
the lost ground on poverty reduction, and to support global
recovery, Mr. Kuroda stressed.
In a second report entitled, Policy Changes for Asia after the
Global Recession: Long Term Implications for Asian Economies, the
study notes that Asia should continue to strengthen cooperation in
the financial sector as a bulwark against future financial turmoil
in developed economies, but also stresses that integration efforts
should be modest in size to ensure they deliver real benefits.
"Policy makers should avoid using up scarce bureaucratic resources
and limited political goodwill on huge initiatives which do not
yield tangible benefits at the ground level but should instead
focus on smaller scale efforts," this report says.
It notes that areas where financial cooperation could be
strengthened are bilateral agreements allowing large financial
institutions in one country to expand or acquire banks in another,
as well as the expansion of sector privileges in subregions, such
as Greater Mekong Subregion.
The report also advised that to support future growth, countries
in the region should increase intraregional trade and take steps
to raise productivity and their capacity for innovation. Smaller
economies should adopt policies which attract low cost
manufacturers, foreign direct investment, and tourism.
*********
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.
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Company Ticker Assets Equity
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16933460.19 -8226075.951
ALLSTATE EXPLORA ALX 21373717.63 -54574080.32
ALLSTATE EXPL-PP ALXCC 21373717.63 -54574080.32
AMA GROUP LTD AMA 39033742.73 -860795.0051
ANTARES ENERGY L AZZ 13709735.08 -1955765.012
ARC EXPLORATION ARX 56832942.08 -15049619.84
AUSTAR UNITED AUN 508844538.8 -310055789.8
AUSTRAILIAN Z-PP AZCCA 77741918.88 -2566335.245
AUSTRALIAN ZIRC AZC 77741918.88 -2566335.245
BIRON APPAREL LT BIC 19706736.59 -2220069.647
CENTRO PROPERTIE CNP 14725100626 -495299520.8
CHALLENGER INF-A CIF 2307005550 -104582562.1
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
CITY PACIFIC LTD CIY 171501648.1 -6383353.748
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
HYRO LTD HYO 21498880.13 -14825700.09
JAMES HARDIE NV JHXCC 2120699904 -153000000
JAMES HARDIE-CDI JHX 2120699904 -153000000
MAC COMM INFR-CD MCGCD 8104415201 -103343256.5
RESIDUAL ASSC-EE RAGXF 597329874 -126963316.5
TERRITORY RESOUR TTY 78228985.46 -3340627.52
TOOTH & CO LTD TTH 108860665.9 -69404500.26
VERTICON GROUP VGP 14221690.08 -24604525.15
CHINA
ALONG TIBET CO-A 600773 10464676.88 -1595236.068
AMOI ELECTRONI-A 600057 186715365.6 -176172893.2
ANHUI KOYO GROUP 979 60095557.3 -52690109.57
BAO LONG ORIENTA 600988 16377750.71 -3240606.176
CHANG LING GROUP 561 38762049.02 -11329795.61
CHENGDU UNION-A 693 52165432.95 -7597323.858
CHINA EAST AIR-A 600115 10663617938 -669018244.3
CHINA KEJIAN-A 35 83777990.18 -182385776.8
CHINESE.COM LOGI 805 12863797.92 -10344736.06
DANDONG CHEM F-A 498 100503616.6 -111136778.3
DONGGUAN FANGD-A 600656 62015004.14 -10113540.83
DONGXIN ELECTR-A 600691 20724702.93 -6133630.207
GAOXIN ZHANGTO-A 2075 119522500.6 -30482708.26
GUANGDONG HUAL-A 600242 19919002.62 -2062133.214
GUANGDONG KEL-A 921 650072211.9 -103760527.2
GUANGMING GRP -A 587 48717132.13 -47591274.78
GUANGXI BEISHE-A 600556 103117750.8 -138381269.7
GUANGXIA YINCH-A 557 19312064.17 -37899432.38
HEBEI BAOSHUO -A 600155 133672291.8 -361688438.1
HEBEI JINNIU C-A 600722 241278846.1 -228118601.8
HUDA TECHNOLOG-A 600892 21311206.3 -2895690.19
HUNAN ANPLAS CO 156 50288007.12 -83158991.31
LIAOYUAN DEHENG 600699 138723006.8 -6687883.607
QINGHAI SUNSHI-A 600381 56020954.09 -25865577.47
SHAANXI QINLIN-A 600217 233974560.1 -21072044.24
SHANG HONGSHENG 600817 17942699.21 -396969508
SHANG LIANHUA-A 600617 15681816.46 -1544918.912
SHANG LIANHUA-B 900913 15681816.46 -1544918.912
SHANGHAI WORLDBE 600757 181367559.6 -127597631.1
SHENZ CHINA BI-A 17 27968310.96 -264106065.1
SHENZ CHINA BI-B 200017 27968310.96 -264106065.1
SHENZ SEG DASH-A 7 61819712.4 -3403468.927
SHENZHEN DAWNC-A 863 28093818.24 -157709151.5
SHENZHEN KONDA-A 48 195270812.6 -14899608.82
SHENZHEN SHENXIN 34 23960824.39 -166323495.4
SHIJIAZHUANG D-A 958 235063468.6 -54144995.52
SICHUAN DIRECT-A 757 128388979.9 -118667098.4
SUNTEK TECHNOL-A 600728 37921349.96 -21207285.88
TAIYUAN TIANLO-A 600234 50402317.95 -25241975.23
TIANJIN MARINE 600751 82399198.24 -30394356.74
TIANJIN MARINE-B 900938 82399198.24 -30394356.74
TIBET SUMMIT I-A 600338 78159663.43 -14223854.17
TOPSUN SCIENCE-A 600771 183017873.3 -138219542.3
WINOWNER GROUP C 600681 10719752.69 -71846635.31
WUHAN BOILER-B 200770 349547198.5 -74888578.37
WUHAN GUOYAO-A 600421 11452683.85 -39410107.27
XIAMEN OVERSEA-A 600870 306958973.7 -146753875.6
YUEYANG HENGLI-A 622 37274086.29 -15525013.51
YUNNAN MALONG-A 600792 144996362.5 -10651003.29
ZHANGJIAJIE TO-A 430 52226364.35 -5625101.137
HONG KONG
21 HOLDINGS LTD 1003 43646556.17 -4262036.568
ASIA TELEMEDIA L 376 16618871.08 -5369335.425
CHAOYUE GROUP LT 147 42686690.41 -127804328.9
CHINA CYBER PORT 8206 12615789 -25845509.5
CHINA EAST AIR-H 670 10663617938 -669018244.3
CHINA GOLDEN DEV 162 252996682 -2720111.36
EGANAGOLDPFEIL 48 557892423.4 -132858952
FULBOND HLDGS 1041 60255000 -14419000
HISENSE ELEC-H 921 650072211.9 -103760527.2
HUTCHISON TELE H 215 2400098041 -366059762.2
MITSUMARU EAST K 2358 38170722.85 -1449668.001
NEW CITY CHINA 456 113178595.4 -9932226.543
NGAI LIK INDL 332 132818617.9 -4763065.829
PAC PLYWOOD 767 75639000 -5411000
PALADIN LTD 495 157691358.5 -6232217.574
PALADIN LTD -PRE 642 157691358.5 -6232217.574
PCCW LTD 8 5990928704 -394965167.6
PERCEPTION DIG 8248 31208931.14 -4636546.343
PROVIEW INTL HLD 334 412845082.4 -191257992.5
WAI CHUN MINING 660 12791013.67 -14603647.06
WAYTUNG GLOBAL G 21 12327016.69 -2955593.701
INDONESIA
ASIA PACIFIC POLY 413587722 -843849953.3
DAVOMAS ABADI DAVO 272586507.5 -17188598.19
ERATEX DJAJA ERTX 10046910.69 -15287833.76
JAKARTA KYOEI ST JKSW 27995871.44 -39747802.26
KARWELL INDONESI KARW 10279359.22 -8092809.676
MULIA INDUSTRIND MLIA 349542495.3 -393202695.2
PANASIA FILAMENT PAFI 51269814.6 -4304035.406
PANCA WIRATAMA PWSI 28574747.93 -34354941.95
PRIMARINDO ASIA BIMA 10969821.52 -20004812.09
STEADY SAFE TBK SAFE 10838828.11 -4030148.539
SURABAYA AGUNG SAIP 248504328.8 -92414388.08
TEIJIN INDONESIA TFCO 185089600 -14273900
UNITEX TBK UNTX 15674797.91 -14254278.79
INDIA
ALCOBEX METALS AML 16589928.01 -21468099.3
ASHIMA LTD ASHM 59922403.11 -47153581.06
BAKELITE HYLAM BKLT 13911138.88 -12867352.6
BALAJI DISTILLER BLD 51161385.13 -38383503.3
BELLARY STEELS BSAL 451679252.4 -108504755.3
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
CFL CAPITAL FIN CEATF 14305706.35 -40038022.22
COMPUTERSKILL CPS 14896780.89 -7560054.566
CORE HEALTHCARE CPAR 185364967 -241912027.8
DCM FINANCIAL SE DCMFS 16540889.84 -10988851.47
DIGJAM LTD DGJM 98769193.78 -14623833.58
DISH TV INDIA DITV 422081403.3 -127614551.4
DISH TV IND-PP DITVPP 422081403.3 -127614551.4
DUNCANS INDUS DAI 116957150.4 -183237814.5
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GEM SPINNERS LTD GEMS 15233308.38 -112427.3203
GLOBAL BOARDS GLB 25154303.78 -793024.1747
GSL INDIA LTD GSL 37040429.61 -42340564.58
GSL NOVA PETROCH GSLN 44390476.41 -925948.5714
GUJARAT SIDHEE GSCL 59440728.18 -660003.4341
HARYANA STEEL HYSA 10831176.59 -5909008.813
HENKEL INDIA LTD HNKL 102052835.3 -10237657.2
HFCL INFOTEL LTD HFCL 151650830 -85807729.87
HIMACHAL FUTURIS HMFC 406633181.9 -210980393.9
HINDUSTAN PHOTO HPHT 93725753.93 -1229352757
HMT LTD HMT 139311695.4 -277691144.1
ICDS ICDS 13300348.69 -6171079.463
INDIA FOILS LTD IF 22012692.82 -2043934.201
INFOMED18-RIGHT INF18R 35798533.98 -1937646.706
INFOMEDIA 18 LTD INF18 35798533.98 -1937646.706
INTEGRAT FINANCE IFC 45562399.88 -43272851.09
ITI LTD ITI 1116207772 -800236.5362
JCT ELECTRONICS JCTE 122542558.6 -49996834.55
JD ORGOCHEM LTD JDO 10461151.8 -1602493.295
JENSON & NIC LTD JN 15927860.08 -74328787.58
JIK INDUS LTD KFS 20633171.5 -5623616.495
JK SYNTHETICS JKS 13506415.91 -3030846.605
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 32038613.71 -26757740.06
KERALA AYURVEDA KRAP 13409639.48 -586698.147
LLOYDS FINANCE LYDF 27683041.19 -8642121.281
LLOYDS STEEL IND LYDS 358940191.9 -83135016.16
MILLENNIUM BEER MLB 36392748.17 -3197477.139
MILTON PLASTICS MILT 18310810.9 -40438966.11
NATH PULP & PAP NPPM 13588844.93 -39126079.65
NICCO UCO ALLIAN NICU 28843462.7 -56773550.08
ORIENT PRESS LTD OP 16699814.52 -94789.32829
PANCHMAHAL STEEL PMS 51024827.03 -325116.2599
PANYAM CEMENTS PYC 38841457.46 -641194.4128
PARASRAMPUR SYN PPS 111971290.9 -317111728
PAREKH PLATINUM PKPL 61081050.43 -88849040.15
PEACOCK INDS LTD PCOK 11395867.81 -14396604.39
PIRAMAL LIFE SC PLSL 32054795.68 -3725239.048
POLAR INDS LTD PLI 11613867.7 -22282942.24
RAMA PHOSPHATES RMPH 34066789.55 -1192495.624
RATHI ISPAT LTD RTIS 44555929.56 -3933592.495
RELIGARE TECHNOV RTCL 44130883.78 -1460238.518
RENOWNED AUTO PR RAP 14120061.57 -1253759.752
ROLLATAINERS LTD RLT 22965755.05 -22244556.92
ROYAL CUSHION RCVP 20224401.47 -62973589.12
RPG CABLES LTD RPG 51431409.37 -20192930.18
SCOOTERS INDIA SCTR 13288115.8 -578097.9694
SHALIMAR WIRES SWRI 24489676.4 -49901704.65
SHAMKEN COTSYN SHC 23127927.75 -6172791.934
SHAMKEN MULTIFAB SHM 60546590.6 -13260108.95
SHAMKEN SPINNERS SSP 42180451.29 -16764934.64
SHARDA ISPAT LTD SHIL 16179943.38 -5040578.353
SHREE RAMA MULTI SRMT 63725987.44 -52933262.4
SIDDHARTHA TUBES SDT 70930817.05 -12088972.62
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SOUTHERN PETROCH SPET 1543609374 -35609423.98
SPICE COMMUNICAT SPCM 263692459.5 -19679192.67
SPICEJET LIMITED SJET 147982655.5 -84645514.58
STERLING HOL RES SLHR 52909027.3 -631043.6291
STERLING HOL-FOR SLHR/F 52909027.3 -631043.6291
STI INDIA LTD STIB 28053652.1 -8042948.313
TAMILNADU TELE TNT 10255346.42 -4139864.067
TATA TELESERVICE TTLS 793627684.3 -74636840.33
TRIUMPH INTL OXIF 58459632.86 -14175270.62
TRIVENI GLASS TRSG 24390836.23 -8896934.885
UNIWORTH LTD WW 145706493.3 -114873890.1
USHA INDIA LTD USHA 12064900.61 -54512967.31
VENTURA TEXTILES VRTL 14254627.45 -325402.5874
WINDSOR MACHINES WML 14500894.45 -28144999.02
WIRE AND WIRELES WNW 102422193.2 -37057061.49
WIRE AND WIRE-PP WNWPP 102422193.2 -37057061.49
JAPAN
ARDEPRO 8925 345613037.1 -207111362.4
COMMERCIAL RE 8866 296849343.4 -346788.567
COSMOS INITIA CO 8844 1652687334 -564005337.2
DDS INC 3782 10683845.35 -5696657.231
FLIGHT SYS CONSU 3753 14883586.17 -1071275.602
HARAKOSAN CO 8894 265026322 -21407690.82
ICHITAN CO LTD 5645 99161219.02 -4383920.244
JIPANGU HOLDINGS 2684 15052085.28 -8379329.034
L CREATE CO LTD 3247 42344509.56 -9146496.902
LCA HOLDINGS COR 4798 49522402.78 -2236206.516
NESTAGE CO LTD 7633 11772250.32 -12201325.38
PLACO CO LTD 6347 16492585.21 -1881199.742
PROPERST CO LTD 3236 854806960.9 -17847055.11
SAIKAYA CO LTD 8254 398458490.7 -17564816.07
SHINWA OX CORP 2654 61394021.32 -12954325.95
SUMIYA CO 9939 54843407.5 -9480273.642
TERRANETZ CO LTD 2140 11633353.37 -4293462.631
KOREA
AJU MEDIA SOL-PF 44775 13822171.46 -1245278.051
CL LCD CO LTD 35710 55585277.13 -14793655.63
DAHUI CO LTD 55250 186003859.2 -1504246.542
DAISHIN INFO 20180 740500919.3 -158453978.8
ELIM EDU CO LTD 46240 34029159.88 -3747735.089
FIRST FIRE & MAR 610 2044031310 -1780221.911
KYSYS CO LTD 15390 10671544.09 -6267111.236
MOBO CO LTD 51810 196643340.4 -11979182.85
ORICOM INC 10470 82645454.13 -40039161.33
PAPERCOREA INC 1020 310528990.1 -154086330.6
PRIME ENTMT 17170 31473002.9 -19371600.2
ROCKET ELEC-PFD 425 68584186.91 -2140473.997
ROCKET ELECTRIC 420 68584186.91 -2140473.997
SAMT CO LTD 31330 303858255.6 -77572655.65
SIMM TECH CO LTD 36710 314177541.4 -34486443.29
SOLAR & TECH CO 30390 11466591.81 -588035.3785
STARMAX CO LTD 17050 50131660.74 -25436154.88
TAESAN LCD CO 36210 187935112.1 -546263614.5
TONG YANG MAGIC 23020 355147750.9 -25767007.75
YOUILENSYS CORP 38720 166697877.7 -12337148.33
MALAYSIA
AXIS INCORPORATI AXIS 35439077.46 -79330358.6
HARVEST COURT HAR 11122745.59 -7475186.8
HO HUP CONSTR CO HO 71664888.88 -1269790.927
LITYAN HLDGS BHD LIT 14275991.47 -29485796.94
RHYTHM CONSOLIDA RCB 11079452.15 -1316222.074
WONDERFUL WIRE WW 11541456.48 -15637491.13
WWE HOLDINGS BHD WWE 66483348.25 -1524729.646
NEW ZEALAND
DOMINION FINANCE DFH 258902749.1 -55312405.88
PHILIPPINES
APEX MINING 'B' APXB 51256351.82 -8972145.845
APEX MINING-A APX 51256351.82 -8972145.845
BENGUET CORP 'B' BCB 75486651.08 -37047223.67
BENGUET CORP-A BC 75486651.08 -37047223.67
CYBER BAY CORP CYBR 12926776.59 -79228223.36
EAST ASIA POWER PWR 50796443.41 -139420756.1
FIL ESTATE CORP FC 37286935.14 -11355841.65
FILSYN CORP A FYN 22000423.4 -10278638.86
FILSYN CORP. B FYNB 22000423.4 -10278638.86
GOTESCO LAND-A GO 18684576.24 -10863822.41
GOTESCO LAND-B GOB 18684576.24 -10863822.41
MRC ALLIED MRC 13040098.81 -3682026.536
PICOP RESOURCES PCP 105659068.5 -23332404.14
PRIME ORION PHIL POPI 90349299.63 -5122560.281
STENIEL MFG STN 28673457.47 -1478015.892
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 52802040.71 -56176026.28
VICTORIAS MILL VMC 178060236 -36659989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 11785309.58 -12808326.82
ADVANCE SCT LTD ASCT 67584937.13 -14047619.58
CARRIERNET GLOBA CARG 14286897.57 -17258.0421
CHUAN SOON HUAT CSH 29973005.08 -19287440.5
FALMAC LTD FAL 10117655.63 -6803815.352
HL GLOBAL ENTERP HLGE 93731888.39 -15671356.22
JURONG TECH IND JTL 98760092.87 -227275152.1
LINDETEVES-JACOB LJ 160478836.6 -86703612.98
OCEAN INTERNATIO OCEAN 61659790.45 -13720371.73
PACIFIC CENTURY PAC 17857346.66 -4522591.854
SUNMOON FOOD COM SMOON 19286019.65 -10665672.56
TT INTERNATIONAL TTI 303817166.6 -38088237.05
WESTECH ELECTRON WTE 28290170.94 -12855750.98
THAILAND
ABICO HLDGS-F ABICO/F 12066621.69 -9544714.911
ABICO HOLDINGS ABICO 12066621.69 -9544714.911
ABICO HOLD-NVDR ABICO-R 12066621.69 -9544714.911
BANGKOK RUBBER BRC 86997154.46 -64963399.72
BANGKOK RUBBER-F BRC/F 86997154.46 -64963399.72
BANGKOK RUB-NVDR BRC-R 86997154.46 -64963399.72
CENTRAL PAPER IN CPICO 10220356.04 -216074904.3
CENTRAL PAPER-F CPICO/F 10220356.04 -216074904.3
CENTRAL PAPER-NV CPICO-R 10220356.04 -216074904.3
CIRCUIT ELEC PCL CIRKIT 17385099.26 -87998004.08
CIRCUIT ELEC-FRN CIRKIT/F 17385099.26 -87998004.08
CIRCUIT ELE-NVDR CIRKIT-R 17385099.26 -87998004.08
DATAMAT PCL DTM 12690638.93 -6132014.289
DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.289
DATAMAT PLC-F DTM/F 12690638.93 -6132014.289
ITV PCL ITV 33788130.19 -87508840.66
ITV PCL-FOREIGN ITV/F 33788130.19 -87508840.66
ITV PCL-NVDR ITV-R 33788130.19 -87508840.66
KINGFISHER AIR KAIR 1458636203 -418911009.7
K-TECH CONSTRUCT KTECH 83204235.85 -5693045.294
K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.294
K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.294
KUANG PEI SAN POMPUI 17146363.89 -12117287.24
KUANG PEI SAN-F POMPUI/F 17146363.89 -12117287.24
KUANG PEI-NVDR POMPUI-R 17146363.89 -12117287.24
MALEE SAMPRAN MALEE 56296560.19 -3455814.535
MALEE SAMPRAN-F MALEE/F 56296560.19 -3455814.535
MALEE SAMPR-NVDR MALEE-R 56296560.19 -3455814.535
PATKOL PCL PATKL 51025749.96 -29867507.54
PATKOL PCL-FORGN PATKL/F 51025749.96 -29867507.54
PATKOL PCL-NVDR PATKL-R 51025749.96 -29867507.54
PICNIC CORPORATI PICNI 162041208.3 -79858191.23
PICNIC CORPORATI PICNI/F 162041208.3 -79858191.23
PICNIC CORPORATI PICNI-R 162041208.3 -79858191.23
PONGSAAP PCL PSAAP 25968933.8 -4736785.734
PONGSAAP PCL PSAAP/F 25968933.8 -4736785.734
PONGSAAP PCL-NVD PSAAP-R 25968933.8 -4736785.734
SAFARI WORLD PUB SAFARI 102742654 -23192106.86
SAFARI WORLD-FOR SAFARI/F 102742654 -23192106.86
SAFARI WORL-NVDR SAFARI-R 102742654 -23192106.86
SAHAMITR PRESS-F SMPC/F 31177710.43 -14940579.6
SAHAMITR PRESSUR SMPC 31177710.43 -14940579.6
SAHAMITR PR-NVDR SMPC-R 31177710.43 -14940579.6
SUNWOOD INDS PCL SUN 19863687.56 -13033623.14
SUNWOOD INDS-F SUN/F 19863687.56 -13033623.14
SUNWOOD INDS-NVD SUN-R 19863687.56 -13033623.14
THAI-DENMARK PCL DMARK 15715462.27 -10102519.69
THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69
THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69
TRANG SEAFOOD TRS 11523557.41 -1253602.351
TRANG SEAFOOD-F TRS/F 11523557.41 -1253602.351
TRANG SFD-NVDR TRS-R 11523557.41 -1253602.351
UNIVERSAL S-NVDR USC-R 97741967.74 -40287801.61
UNIVERSAL STARCH USC 97741967.74 -40287801.61
UNIVERSAL STAR-F USC/F 97741967.74 -40287801.61
TAIWAN
CHIEN TAI CEMENT 1107 202446919.2 -22407739.4
HELIX TECH-EC 2479T 23385923.43 -24115022.26
HELIX TECH-EC IS 2479U 23385923.43 -24115022.26
HELIX TECHNOL-EC 2479S 23385923.43 -24115022.26
TAIWAN KOL-E CRT 1606U 507206787.9 -147139297.7
TAIWAN KOLIN-EN 1606V 507206787.9 -147139297.7
TAIWAN KOLIN-ENT 1606W 507206787.9 -147139297.7
VERTEX PREC-ENTL 5318T 43037265.55 -2305484.433
VERTEX PRECISION 5318 43037265.55 -2305484.433
YEU TYAN MACHINE 8702 39574168.04 -271070409.7
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***