/raid1/www/Hosts/bankrupt/TCRAP_Public/100422.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
Thursday, April 22, 2010, Vol. 13, No. 078
Headlines
A U S T R A L I A
OCCUPATIONAL & MEDICAL: Court Acknowledges Chapter 15 Case
TRIO CAPITAL: Administrators Given More Time to Find Buyer
C H I N A
CHINA EASTERN: Seeks Removal of "Special Treatment" Trading Code
CHINA FRUITS: Lake & Associates Raises Going Concern Doubt
CHINA LOGISTICS: Lakes & Associates Raises Going Concern Doubt
SUNRISE REAL: Kenne Ruan Raises Going Concern Doubt
H O N G K O N G
ALLIED GLORY: Members' Final Meeting Set for May 17
ALTEC LANSING: Seng and Lo Step Down as Liquidators
APPSTREET TECHNOLOGIES: Annual Meetings Set for April 30
BARRETT HK: Members' Final Meeting Set for May 17
BEAUTY STAR: Yeung Kam Hoi Steps Down as Liquidator
BIALETTI (HK): Members' Final Meeting Set for May 17
CHINA MEDIA: Albert Wong Raises Going Concern Doubt
CITY ZONE: Yeung Kam Hoi Steps Down as Liquidator
CRYSTALTECH ELECTRONICS: Seng and Yee Step Down as Liquidators
CYBERLINK LIMITED: Yeung Kam Hoi Steps Down as Liquidator
CYRK ASIA: Arboit and Blade Step Down as Liquidators
EASTERN ALPHA: Jacky Chung Wing Muk Steps Down as Liquidator
EASTERN WOOD: Jacky Chung Wing Muk Steps Down as Liquidator
GETRONICS (HK): Briscoe and Wong Step Down as Liquidators
HUA NENG: Sung Mi Yin Appointed as Liquidator
INFINITY SERVICES: Annual Meetings Set for April 30
INTERBREW ZHEJIANG: Ying Hing Chiu Steps Down as Liquidator
JFAC CORPORATE: Soutar and Ip Step Down as Liquidators
LEAD DELUX: Yeung Kam Hoi Steps Down as Liquidator
LEHMAN BROTHERS: HKMA Says 13,064 Deals Reached on Minibond Cases
SAN SHAN: Creditors' Proofs of Debt Due April 30
UNIVERSAL SHEEN: Creditors' Proofs of Debt Due April 30
I N D I A
ADLEC SYSTEMS: ICRA Assigns 'LBB+' Rating on INR100MM LT Loan
ANANDA ENTERPRISES: CRISIL Assigns 'B+' Rating on INR64.7MM Loan
ANJANI TECHNOPLAST: Delay in Loan Payment Cues CRISIL 'D' Ratings
ANSAL BUILDWELL: ICRA Places 'LBB+' Rating on INR300MM Bank Debts
APARNA CONSTRUCTIONS: CRISIL Rates INR1.87BB Term Loan at 'BB+'
BHARAT COTTAGE: ICRA Rates INR78.9 Mil. Bank Facilities at 'LBB-'
BOMMIDALA PURNAIAH: CRISIL Reaffirms 'P4' Ratings on Bank Debts
KANCHAN GANGA: CRISIL Lifts Ratings on Bank Debts to 'B-'
MAITHAN INTERNATIONAL: CARE Assigns 'PR4' Rating on INR18cr Loan
LAHOTI OVERSEAS: CRISIL Lifts Ratings on Various Debts to 'P4+'
MAHALAXMI DYES: ICRA Assigns 'LBB' Ratings on INR110MM Bank Limits
PRG INTERNATIONAL: CRISIL Assigns 'BB' Rating on INR30MM Term Loan
QUALITY CINE: ICRA Places 'LBB' Rating on INR30MM Term Loan
ROTOMOTIVE POWERDRIVES: Low Net Worth Cues CRISIL 'BB' Ratings
SMC POWER: ICRA Reaffirms 'LB+' Rating on Long Term Bank Debts
UNIFREIGHT INDIA: CRISIL Lifts Rating on INR270MM Cash Credit
J A P A N
GEOS CORP: Files For Bankruptcy; to Close Some Schools
JAPAN AIRLINES: Posts Operating Profit in March
K O R E A
HYUNDAI MOTOR: May Post Higher First Qtr Profit On Strong Sales
KUMHO ASIANA: To Sell KRW200 Billion 3-Year Bonds to Creditors
KUMHO ASIANA: Unit's Creditors May Inject KRW500 Bil. in Funds
N E W Z E A L A N D
BRIDGECORP LTD: Director Suspended After Breaching Code of Ethics
CRAFARS FARMS: Receivers to Take Legal Action Against Allan Crafar
FIVE STAR: Institute of Chartered Accountants Suspends Director
STRATEGIC FINANCE: Considers Selling Entire Loan Book
- - - - -
=================
A U S T R A L I A
=================
OCCUPATIONAL & MEDICAL: Court Acknowledges Chapter 15 Case
----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Texas
recognized Occupational & Medical Innovations Ltd.'s Chapter 15
case as a foreign main proceeding.
Occupational & Medical is an Australia-based developer of safety
products for the health-care industry.
Occupational & Medical Innovations Ltd. filed a Chapter 15
petition in Tyler, Texas (Bankr. E.D. Tex. Case No. 10-60181).
It said assets are less than $10 million while debt exceeds
$100 million. Chapter 15 allows a non-U.S. debtor to seek a stay
of creditor actions against it in the U.S. while it reorganizes
abroad.
OMI had been embroiled in litigation before the U.S. District
Court, Eastern District of Texas, Tyler Division, involving
alleged patent infringement by OMI of Retractable Technologies,
Inc. patent involving retractable syringes. A trial was had on
December 14 through 17th, 2009, with a jury verdict in favor of
RTI being rendered on December 18, 2009.
OMI's Restructuring Plan
As to the Australian proceedings, on February 19, 2010, OMI's
administrators received a "Proposal for a Deed of Company
Arrangement from AssistMed (Australia) Pty. Ltd." In it,
AssistMed Pty., Ltd., proposes to take a 51% equity stake in OMI
in exchange for payment of all secured creditors, employee
entitlements, and costs of administration. Unsecured creditors
will receive either payment or stock in the recapitalized company.
The administrators will schedule a second meeting of creditors to
obtain approvals for the arrangement in the next couple of weeks,
and anticipate that some time in early April the arrangement will
be approved. The administrators believe that this arrangement
will likely be approved by the creditors.
TRIO CAPITAL: Administrators Given More Time to Find Buyer
----------------------------------------------------------
The creditors of Trio Capital Ltd. have given administrator PPB
more time to explore a deed of company arrangement, InvestorDaily
reports.
The report relates PPB spokesperson said a DOCA would include a
sale of Trio Capital's shares to another company and allow that
party to continue as a responsible entity of Trio Capital's 10
managed funds, which are still liquid and have little or no
impairments.
The DOCA would also provide returns to Trio Capital's unsecured
creditors, the report notes.
The PPB spokesperson said creditors made a unanimous decision to
adjourn a creditors' meeting for up to 45 business days.
PPB said on April 8 that there would be no returns to unsecured
creditors -- in the absence of any significant recoveries against
officers or third parties -- if Trio Capital was placed in
liquidation, InvestorDaily recounts.
According to the report, the PPB spokesperson confirmed there were
two firms that had expressed interested in buying out Trio Capital
and taking control of the 10 funds.
The funds collectively had around $281 million under management as
at December 31, 2009.
They include: Astarra Balanced, Astarra Growth, Astarra
Conservative, Astarra Wholesale Property, Astarra Diversified
Fixed Interest, Astarra Australian Equities Pool, Astarra Capital
Protected Pool, Astarra Cash Pool, My Income Plan and My Growth
Plan.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2009, the Australian Prudential Regulation Authority
(APRA) suspended Trio Capital Limited (formerly Astarra Capital
Limited) as the trustee of its four superannuation funds and one
pooled superannuation trust, and appointed an Acting Trustee to
manage these five entities.
APRA suspended Trio and appointed an Acting Trustee as a result of
numerous breaches of Trio Capital Limited's license conditions and
Trio not being able to satisfy APRA's concerns regarding the
valuation of superannuation assets. The Acting Trustee of the
superannuation entities is ACT Super Management Pty Ltd, a
subsidiary of McGrathNicol.
The four main superannuation funds -- Astarra Superannuation Plan,
Astarra Personal Pension Plan, My Retirement Plan, and the
Employers Federation of NSW Superannuation Plan -- have
approximately 10,000 members and their last reported assets as at
end September 2009 totalled AU$300 million. Total assets under
management in the various Trio Capital Limited superannuation
entities and registered managed investment schemes, for which Trio
is the Responsible Entity, are approximately AU$426 million. The
total number of non superannuation investors is 732. The
superannuation entities have significant investments in the
Astarra Strategic Fund (ASF), one of the Trio Capital Limited
managed investment schemes. The ASF financial statements for the
year ended June 30, 2009, show total assets of around AU$118
million.
The Australian Securities and Investments Commission has also
suspended the Australian Financial Services Licence held by Trio
Capital Limited, under which it acts as responsible entity of 24
registered managed investment schemes, including the Astarra
Strategic Fund.
Trio Capital Limited has been placed into external administration.
Trio, under the control of its administrators, Stephen James
Parbery, Neil Singleton and Nicholas Martin of PPB, will continue
to act as responsible entity of the registered schemes until a
replacement responsible entity is found or the schemes are wound
up.
APRA and ASIC have been working closely in their separate
investigations into the affairs of the Trio Capital Limited
superannuation entities and managed investment schemes (including
underlying funds of those schemes) and will continue to do so.
ASIC said it will work with PPB to ensure the interests of the
members of the registered schemes are protected during this
period.
The Acting Trustee has been appointed by APRA to protect the
interests of the superannuation fund members. The Acting Trustee
will be required to provide APRA with a report setting out among
other things a plan of its proposed course of action in respect of
the ongoing and future management of the superannuation entities.
The administrators have been similarly appointed to protect the
interests of the members of the registered managed investments
schemes.
=========
C H I N A
=========
CHINA EASTERN: Seeks Removal of "Special Treatment" Trading Code
----------------------------------------------------------------
China Eastern Airlines Co. has applied to the Shanghai Stock
Exchange to lift the "special treatment" tag on its trading code
after reporting a net profit of CNY30 million (US$4.39 million) in
2009, Xinhua News reports.
According to the news agency, China Eastern made the request
because its debt to asset ratio has improved to 95% from 115% at
the end of last year.
Xinhua discloses that the turned a profit of CNY539.74 million in
2009, in contrast to a loss of CNY13.93 billion for 2008. The
company's profit from its core aviation business amounted to
CNY30.01 million, compared to a loss of CNY14.26 billion in 2008,
the report adds.
For the first three months of 2010, Xinhua notes, the carrier
posted profit of CNY769.9 million, 18 times more than the same
period a year earlier.
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited -- http://www.ce-air.com/-- together with its
subsidiaries, is principally engaged in the operation of civil
aviation, including the provision of passenger, cargo, and mail
delivery and other extended transportation services. The Company
is primarily focused in the provision of domestic, regional and
international passenger airline services. China Eastern operated
approximately 6,090 scheduled flights per week (excluding charter
flights), serving a route network that covers 134 cities within
China and abroad. During the year ended December 31, 2008, it
operated a total of approximately 423 routes. As of December 31,
2008, the Company accounted for approximately 19.3% of the total
commercial air traffic handled by Chinese airlines. The Company
operates primarily from Shanghai?s Hongqiao Airport and Pudong
International Airport.
* * *
China Eastern continues to carry Xinhua Far East China Ratings'
BB+ issuer credit rating with a stable outlook.
CHINA FRUITS: Lake & Associates Raises Going Concern Doubt
----------------------------------------------------------
China Fruits Corporation filed on April 15, 2010, its annual
report on Form 10-K for the year ended December 31, 2009.
Lake & Associates CPA's LLC, expressed substantial doubt about the
Company's ability to continue as a going concern. The independent
auditors noted that of the Company's accumulated deficit and
negative cash flow from operations.
The Company reported a net loss of $246,361 on $1,905,030 of
revenue for 2009, compared with net income of $161,902 on
$1,655,503 of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$4,131,690 in assets, $1,808,563 of debts, and $2,323,127 of
stockholders' equity.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?604d
Based in Jiang Xi Province, P. R. China, China Fruits Corporation
is principally engaged in manufacturing, trading and distributing
fresh tangerine, non-alcoholic and alcoholic beverages in the
People's Republic of China.
CHINA LOGISTICS: Lakes & Associates Raises Going Concern Doubt
--------------------------------------------------------------
China Logistics, Inc., filed on April 16, 2010, its annual report
on Form 10-K for the year ended December 31, 2009.
Lake & Associates CPA's LLC expressed substantial doubt about the
Company's ability to continue as a going concern. The independent
auditors noted that of the Company's recurring losses and
accumulated deficit.
The Company reported a net loss of $1,061,366 on $11,992,260 of
revenue for 2009, compared with a net loss of $641 on $13,918,164
of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$10,442,811 in assets, $9,186,119 of debts, $32,950 of redeemable
preferred stock, and $1,223,742 of stockholders' equity.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?604b
Base in Guangzou, P.R. China, China Logistics, Inc., specializes
in logistical services for car manufacturers, car components, food
assortments, chemicals, paper, and machinery in China. The
services cover various aspects of transportation management,
including logistical planning, import and export management,
electronic customs declaration systems, supply chain planning,
transporting products from ports to warehouses or vice versa,
organization of transportation, and storage and distribution of
products.
SUNRISE REAL: Kenne Ruan Raises Going Concern Doubt
---------------------------------------------------
Sunrise Real Estate Group, Inc., filed on April 15, 2010, its
annual report on Form 10-K for the year ended December 31, 2009.
Kenne Ruan, CPA, P.C., in Woodbridge, Conn., expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that the Company has significant
accumulated losses from operations and has a net capital
deficiency.
The Company reported net profit of $3,275,384 on $13,110,591 of
revenue for 2009, compared with a net loss of $6,028,907 on
$8,075,193 of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$14,894,256 in assets, $18,001,743 of debts, and $636,881 of
noncontrolling interests of consolidated subsidiaries, for a
stockholders' deficit of $3,744,368.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?6056
Headquarted in Shanghai, People's Republic of China, Sunrise Real
Estate Group, Inc. through its subsidiaries is engaged in the
property brokerage services, real estate marketing services,
property leasing services and property management services in the
PRC.
================
H O N G K O N G
================
ALLIED GLORY: Members' Final Meeting Set for May 17
---------------------------------------------------
Members of Allied Glory Development (China) Limited will hold
their final meeting on May 17, 2010, at 9:30 a.m., at the Rooms
1901-2, Park-In Commercial Centre, 56 Dundas Street, in Kowloon.
At the meeting, Alexander Lee Kwok On, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
ALTEC LANSING: Seng and Lo Step Down as Liquidators
---------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Altec Lansing Far East, Limited on April 10, 2010.
APPSTREET TECHNOLOGIES: Annual Meetings Set for April 30
--------------------------------------------------------
Creditors and contributories of Appstreet Technologies Limited
will hold their annual meetings on April 30, 2010, at 11:00 a.m.,
and 11:30 a.m., respectively at the 6th Floor, Nexxus Building, 41
Connaught Road Central, in Hong Kong.
At the meeting, Wong Kwok Man and Alan C W Tang, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
BARRETT HK: Members' Final Meeting Set for May 17
-------------------------------------------------
Members of Barrett Hong Kong Developments Limited will hold their
final general meeting on May 17, 2010, at 10:00 a.m., at the Level
28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.
At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
BEAUTY STAR: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Beauty Star
Development Limited on March 31, 2010.
BIALETTI (HK): Members' Final Meeting Set for May 17
----------------------------------------------------
Members of Bialetti (Hong Kong) Limited will hold their final
general meeting on May 17, 2010, at 10:00 a.m., at the Via
Fogliano, 1, 25030 Coccaglio, Brescia, in Italy.
At the meeting, Marco Gentili, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
CHINA MEDIA: Albert Wong Raises Going Concern Doubt
---------------------------------------------------
China Media Group Corporation filed on April 14, 2010, its annual
report on Form 10-K for the year ended December 31, 2009.
Albert Wong & Co., in Hong Kong, expressed substantial doubt about
the Company's ability to continue as a going concern. The
independent auditors noted that the Company has deficits
accumulated as at December 31, 2009, of $8,269,302 including net
losses of $2,534,104 for the year ended December 31, 2009.
The Company reported a net loss of $2,534,104 on $139,889 of
revenue for 2009, compared with a net loss of $2,152,909 on
$88,450 of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$5,243,993 in assets, $4,131,396 of debts, $147,975 of minority
interest, and $964,622 of stockholders' equity.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?6066
Based in Wanchai, Hong Kong, China Media Group Corporation (OTC
BB: CHMD) -- http://www.chinamediagroup.net/-- sells mobile phone
devices and advertising in Hong Kong.
CITY ZONE: Yeung Kam Hoi Steps Down as Liquidator
-------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of City Zone Properties
Limited on March 31, 2010.
CRYSTALTECH ELECTRONICS: Seng and Yee Step Down as Liquidators
--------------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee stepped down as
liquidators of Crystaltech Electronics Limited on April 13, 2010.
CYBERLINK LIMITED: Yeung Kam Hoi Steps Down as Liquidator
---------------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Cyberlink Limited on
March 31, 2010.
CYRK ASIA: Arboit and Blade Step Down as Liquidators
----------------------------------------------------
Bruno Arboit and Simon Richard Blade stepped down as liquidators
of CYRK Asia Limited on March 19, 2010.
EASTERN ALPHA: Jacky Chung Wing Muk Steps Down as Liquidator
------------------------------------------------------------
Jacky Chung Wing Muk stepped down as liquidator of Eastern Alpha
Investment Limited on April 12, 2010.
EASTERN WOOD: Jacky Chung Wing Muk Steps Down as Liquidator
-----------------------------------------------------------
Jacky Chung Wing Muk stepped down as liquidator of Eastern Wood
Investment Limited on April 12, 2010.
GETRONICS (HK): Briscoe and Wong Step Down as Liquidators
---------------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Getronics (HK) Limited on April 7, 2010.
HUA NENG: Sung Mi Yin Appointed as Liquidator
---------------------------------------------
Sung Mi Yin on April 16, 2010, was appointed as liquidator of Hua
Neng (Hong Kong) Limited.
The liquidator may be reached at:
Sung Mi Yin
Suite No. A, 11th Floor
Ritz Plaza, 122 Austin Road
Tsimshatsui, Kowloon
Hong Kong
INFINITY SERVICES: Annual Meetings Set for April 30
---------------------------------------------------
Members and creditors of Infinity Services Limited will hold their
annual meetings on April 30, 2010, at 10:30 a.m., and 11:00 a.m.,
respectively at the Room 203, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.
At the meeting, Tang Yau Sing and Pang Fung Ming, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
INTERBREW ZHEJIANG: Ying Hing Chiu Steps Down as Liquidator
-----------------------------------------------------------
Ying Hing Chiu stepped down as liquidator of Interbrew Zhejiang
Holding Limited on April 12, 2010.
JFAC CORPORATE: Soutar and Ip Step Down as Liquidators
------------------------------------------------------
Graham Soutar and Jackson Ip stepped down as liquidators of JFAC
Corporate Finance Limited on March 29, 2010.
LEAD DELUX: Yeung Kam Hoi Steps Down as Liquidator
--------------------------------------------------
Yeung Kam Hoi stepped down as liquidator of Lead Delux Limited on
March 31, 2010.
LEHMAN BROTHERS: HKMA Says 13,064 Deals Reached on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced April 16 that
investigation of over 99% of a total of 21,591 Lehman-Brothers-
related complaint cases received has been completed. These
include:
* 13,064 cases which have been resolved by a settlement
agreement reached under section 201 of the Securities and
Futures Ordinance;
* 2,067 cases which have been resolved through the enhanced
complaint handling procedures required by the settlement
agreement;
* 2,586 cases which were closed because insufficient prima
facie evidence of misconduct was found after assessment or
no sufficient grounds and evidence were found after
investigation;
* 2,783 cases (including minibond cases) which are under
disciplinary consideration after detailed investigation by
the HKMA, of which proposed disciplinary notices are being
prepared in respect of 2,484 such cases and proposed
disciplinary notices or decision notices have been issued
in respect of the other 299 cases; and
* 895 cases in respect of which investigation work has been
completed and are going through the decision process to
decide whether there are sufficient grounds for
disciplinary actions or whether the cases should be closed
because of insufficient evidence or lack of disciplinary
grounds.
Investigation work is underway for the remaining 195 cases.
A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://researcharchives.com/t/s?603b
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
listed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase of
Lehman Brothers' North American investment banking and capital
markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also
bought Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SAN SHAN: Creditors' Proofs of Debt Due April 30
------------------------------------------------
San Shan Rhone Group Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 30, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Kenny King Ching Tam
Room 908, 9/F
Nan Fung Tower
173 Des Voeux Road
Central, Hong Kong
UNIVERSAL SHEEN: Creditors' Proofs of Debt Due April 30
-------------------------------------------------------
Universal Sheen Group Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 30, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Lau Siu Hung
Room 2009-10 Nan Fung Tower
173 Des Voeux Road
Central, Hong Kong
=========
I N D I A
=========
ADLEC SYSTEMS: ICRA Assigns 'LBB+' Rating on INR100MM LT Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB+' to INR100 million
fund based facilities of Adlec Systems Private Limited. The
rating carries a stable outlook. ICRA has also assigned a short
term rating of A4+ to INR120 million non-fund based facilities of
the company.
The ratings take into account ASPL's promoters' long track record
in the electrical industry, and its diversified and strong client
base. The ratings also favorably factor in the positive outlook
for the infrastructure sector, which is the main consumer of
ASPL's products. The ratings are however constrained by the
intensely competitive nature of the industry, medium size of its
operations and vulnerability of its operations to raw material
prices. The ratings also factor in high working capital intensity
of its business which coupled with its moderate profitability has
resulted in high gearing levels and moderate debt protection
indicators for the company. While assigning the ratings, ICRA has
also noted the significant capital expenditure planned by ASPL,
the total size of which is significant as compared to its current
asset base. The risks are further accentuated as the company has
not been able to tie-up debt for its proposed expansion plan as
yet. Going forward, the company's ability to expand its
operations and simultaneously improve its profitability and cash
conversion cycle will remain the key rating sensitivities.
Formerly known as Advance Electro Control Systems Pvt. Ltd, the
company Adlec Systems Private Limited was established in 1995 by
Mr. Uttam Chand Surana. ASPL is engaged in the manufacture of
industrial electrical and custom built low voltage electrical
switchboards/control panel with its prime manufacturing facilities
located in Delhi. The company receives majority of the orders
either through repeat customer request or through Electrical
Consulting Houses who have approved ASPL as a vendor. Majority of
the customer base of ASPL are institutional clients like DLF,
Hyatt etc.
During FY09 the company recorded a profit after tax (PAT) of
INR12.7 million on an operating income (OI) of INR935 million as
against a PAT of INR 23.1 million on OI of INR981 million in FY08.
ANANDA ENTERPRISES: CRISIL Assigns 'B+' Rating on INR64.7MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Ananda Enterprises
(India) Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR64.70 Million Long-Term Loan B+/Stable (Assigned)
INR182.50 Million Cash Credit B+/Stable (Assigned)
The rating reflects AEIPL's below-average financial risk profile,
and limited revenue diversity as the company is a relatively new
player in the aquaculture industry. These rating weaknesses are
partially offset by the benefits the company derives from the
experience of its management in the aquaculture business, and as
part of the Ananda group.
Outlook: Stable
CRISIL believes that AEIPL will maintain its moderate business
risk profile over the medium term on the back of steady demand for
its products and the experience of its promoters in the
aquaculture business. The outlook may be revised to 'Positive' if
the company improves its profitability, and then sustains it,
resulting in more-than-expected cash flows, or if there is fresh
equity infusion into the company, which strengthens its capital
structure. Conversely, the outlook maybe revised to 'Negative' if
the company is unable to utilize its entire capacity, or if there
is decline in its operating margin, resulting in less-than-
expected cash accruals. The outlook could also be revised to
'Negative' if the company undertakes a large debt-funded capital
expenditure program, adversely affecting its financial risk
profile.
About Ananda Enterprises
Established in 2007, AEIPL is part of the Bhimavaram-based (Andhra
Pradesh) Ananda group set up in the 1940s. The company is into
cultivation of fish feed, and aquaculture of pangasius fish. The
aquaculture division has capacity to produce 9000 tonnes per annum
(tpa) of pangasius fish. The division has 298 acres of own and
leased farms, in the ratio of 1:1. The fish-feed division has
production capacity of 72,000 tpa.
AEIPL reported a profit after tax (PAT) of INR0.3 million on net
sales of INR44.8 million for 2008-09 (refers to financial year,
April 1 to March 31).
ANJANI TECHNOPLAST: Delay in Loan Payment Cues CRISIL 'D' Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Anjani Technoplast Ltd.
Facilities Ratings
---------- -------
INR150.0 Million Cash Credit Facility D (Assigned)
INR150.3 Million Term Loan D (Assigned)
INR147.2 Million Proposed Long-Term D (Assigned)
Bank Loan Facility
INR150.0 Million Letter of Credit P5 (Assigned)
INR152.5 Million Bank Guarantee P5 (Assigned)
The ratings reflect delay by Anjani in servicing its term loan;
the delay has been caused by Anjani's weak liquidity.
Incorporated in 1988 by Mr. R K Gupta, Anjani designs and
manufactures ballistic protection products, plastic products, and
precision engineering products. The company has three
manufacturing units-two in Noida (Uttar Pradesh) and one at
Kashipur (Uttaranchal). It sells its products in the domestic
market, and exports them to around 20 countries. Ballistic
product sales contributed an average of 80 per cent to Anjani's
revenues over the past three years. Exports, on an average,
contributed about 50 to 60 per cent of the company's sales during
the same period. Anjani also has a marketing office in Atlanta,
USA.
Anjani reported a profit after tax (PAT) of INR11.5 million on net
sales of INR702.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5.2 million on net sales
of INR491.6 million for 2007-08.
ANSAL BUILDWELL: ICRA Places 'LBB+' Rating on INR300MM Bank Debts
-----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR300 million bank term
loan and INR400 million fund based limits of Ansal Buildwell
Limited. The rating carries stable outlook.
The rating draws comfort from the long track record of the
promoters in the real estate sector; attractive location of the
ongoing projects of ABL; its relatively low land payment
commitments and moderate gearing. However, the rating is
constrained by the significant un-booked space in launched
projects which exposes the company to market risk; concentration
of revenue from a few projects, mainly the Gurgaon project. While
assigning the rating, ICRA has also noted that as construction of
the key projects is still at the nascent stage, any delay in
project execution can impact the profitability of the project.
Going forward, ABL's ability to maintain its sales momentum in the
current real estate scenario as well as to ensure timely
collections from the existing bookings would be key rating
sensitivities.
ABL was incorporated as Utility Builders in December 1983. The
name was changed to the present one in November 1992. It was
promoted by Mr. Naresh Kattar and was taken over by the Ansal
Group in July 1991. The Ansal Group started with the
incorporation of Ansal Properties and Infrastructure Limited
(APIL) in 1967. APIL has been in the business of real estate
construction and development since inception. Until the late
1990s, APIL, Ansal Buildwell Limited and Ansal Housing
Construction Limited (another group company promoted in 1983) were
jointly managed by the three Ansal brothers - Mr. Sushil Ansal,
Mr. Gopal Ansal and Mr. Deepak Ansal. Since 1998, the management
of ABL is exclusively with Mr. Gopal Ansal.
ABL is mainly engaged in development and construction of high-rise
multistoried buildings, commercial complexes, plots etc. Most of
these are developed as part of townships in numerous cities of the
country. The company is also engaged in the construction activity
which has contributed around 14% towards the total operating
income of INR1.21 Billion in FY 2009. The company reported a PAT
of INR64.1 million in FY 2009.
APARNA CONSTRUCTIONS: CRISIL Rates INR1.87BB Term Loan at 'BB+'
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facilities of Aparna Constructions and Estates Pvt Ltd.
Facilities Ratings
---------- -------
INR350 Million Secured Overdrawal BB+/Stable (Assigned)
INR1870 Million Term Loan* BB+/Stable (Assigned)
* Includes proposed value of INR1130 Million
The rating reflects ACEPL's exposure to risks related to revenue
concentration, including geographical concentration, in its
revenue profile, and its weak debt protection metrics and large
quantum of maturing debt. These weaknesses are partially offset
by the benefits that ACEPL derives from its strong market position
and its promoters' sound track record.
Outlook: Stable
CRISIL believes that ACEPL will continue to benefit from its
strong market position. The outlook may be revised to 'Positive'
if ACEPL achieves better-than-expected customer bookings in its
ongoing projects, leading to reduced debt related payments.
Conversely, the outlook may be revised to 'Negative' if ACEPL's
financial risk profile deteriorates, most likely as a result of
lower than expected saleability of its projects, or because the
company contracts more debt than expected.
About Aparna Constructions
Incorporated in 1996 by Mr. S S Reddy and Mr. C V Reddy, ACEPL
executes real estate projects in Hyderabad. Its first project,
Aparna Enclave, was completed in 1997. The company has developed
more than 2 million square feet of built-up area. All its project
sites have third-party project management consultants to ensure
conformance with standards of construction.
For 2008-09 (refers to financial year, April 1 to March 31), ACEPL
reported a profit after tax (PAT) of INR153 million on an
operating income of INR2474 million, against a PAT of INR141
million on an operating income of INR2173 million for 2007-08.
BHARAT COTTAGE: ICRA Rates INR78.9 Mil. Bank Facilities at 'LBB-'
-----------------------------------------------------------------
ICRA has assigned a 'LBB-' rating to the INR78.9 million fund
based limits of Bharat Cottage Industries. The outlook on the
long term rating is stable. ICRA has also assigned an A4 rating
to INR1.0 million non fund based bank limits of BCI.
The assigned ratings reflects BCI's stretched financial position
characterized by low profitability and high debt levels and weak
operating position arising from lack of economies of scale in an
industry characterized by high degree of competition. The rating
is also constrained by BCI's exposure to raw material price
fluctuations and the high working capital intensity of operations
because of the need to maintain high inventory levels. The
ratings, however, favorably factor in the long experience of the
group in the plastic industry along with long standing relations
with distributors throughout India.
Bharat Cottage Industries was established in the year 1961 by late
Shri Mangilalji Danrajji Badamia who was also the brother of Mr.
Gishulalji Danrajji Badamia, the owner of Cello. The company is a
partnership firm with the board panel consisting of Mr. Mahendra
Mangilalji Jain, Mrs. Madhubala Mahendra Jain and Mr. Priyank
Mahendra Jain. BCI is engaged in manufacturing of plastic
household and thermo-ware products. Along with domestic sales,
the company also exports its products to various countries such as
Dubai, Iraq, South Africa and Srilanka. For the financial year
ending FY 2008-09, BCI reported a net profit of INR2.0 million on
net sales of INR124.2 million.
BOMMIDALA PURNAIAH: CRISIL Reaffirms 'P4' Ratings on Bank Debts
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Bommidala Purnaiah
Holdings Pvt Ltd continue to reflect BPHPL's small net worth and
weak debt protection indicators, and ongoing delay by the company
subsidiary. These rating weaknesses are partially offset by the
benefits that BPHPL derives from the expected increase in demand
for Indian tobacco in the international markets, and from its
association with the entities in the erstwhile Bommidala group.
Facilities Ratings
---------- -------
INR232.70 Million Packing Credit P4 (Reaffirmed)
INR5.00 Million Bank Guarantee P4 (Reaffirmed)
BPHPL, set up in 1996, sells processed tobacco in the domestic and
overseas markets. BPHPL reported a profit after tax (PAT) of
INR2.03 million on net sales of INR523 million for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of INR0.72
million on net sales of INR423 million for 2007-08.
KANCHAN GANGA: CRISIL Lifts Ratings on Bank Debts to 'B-'
---------------------------------------------------------
CRISIL has upgraded its rating on Kanchan Ganga Seed Company Pvt
Ltd's bank facilities to 'B-/Stable' from 'D'. The rating upgrade
reflects timely payment of all debt obligations by KGSC in the
past five months. The upgrade also reflects CRISIL's belief that
KGSC's promoters will support the company in meeting its maturing
debt obligations over the medium term.
Facilities Ratings
---------- -------
INR112.5 Million Overdraft B-/Stable (Upgraded from 'D')
INR36.6 Million Term Loan B-/Stable (Upgraded from 'D')
The rating reflects the susceptibility of KGSC's operations to
adverse monsoon conditions, and its modest financial risk profile
marked by weak debt protection metrics and moderate capital
structure. These weaknesses are mitigated by the industry
experience of KGSC's promoters, its strong research base, and
healthy growth prospects in the seed industry.
Outlook: Stable
CRISIL believes that KGSC will maintain its business risk profile
on the back of its strong research base and established presence
in the production of hybrid maize seeds. The outlook may be
revised to 'Positive' if there is a significant and sustainable
improvement in profitability and cash accruals, or the promoters
infuse more equity leading to healthy capital structure.
Conversely, the outlook may be revised to 'Negative' in case KGSC
undertakes larger-than-expected debt-funded capital expenditure
program or faces delays in receivables or increase in inventory,
leading to lower-than-expected profitability, thereby adversely
affecting the debt protection metrics.
About Kanchan Ganga
Incorporated in 1984 by Mr. Jivan Thakur, Mr. G Venkaiah, and
Dr. Vimal J Thakur, KGSC processes hybrid seeds, primarily those
of maize and millet. The company procures seeds through tie-ups
with individual growers and agents in Karnataka and Andhra
Pradesh.
KGSC reported a profit after tax (PAT) of INR2 million on net
sales of INR282 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR250 million for 2007-08.
MAITHAN INTERNATIONAL: CARE Assigns 'PR4' Rating on INR18cr Loan
----------------------------------------------------------------
CARE has assigned a 'PR4' rating to the short-term bank facilities
of INR18 crore of Maithan International. 'PR Four' rating is
applicable for facilities having tenure up to one year.
Facilities with 'PR Four' rating would have inadequate capacity
for timely payment of short-term debt obligations and carry very
high credit risk. Such facilities are susceptible to default.
The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or of the unsecured loans brought in by the partners in addition
to changes in the financial performance and other relevant
factors.
Amount
Facilities (INR crore) Rating
---------- ---------- ------
Short-term bank facilities 18.0 'PR4'
Rating Rationale
The aforesaid rating factors in the partnership nature of
constitution of the firm, very small size of operation, very low
profit level & cash accruals leading to low operating margin,
depressed outlook for export business in view of global recession,
working capital intensiveness of operation impacting leverage
ratio, significant competition in export trading business and high
dependence on the fortunes of the global iron & steel industry
which is currently witnessing slow recovery after economic
slowdown. The rating also factors in the considerable experience
of the promoter, assured supply of most of the materials through
group companies and diversified export destination. Ability of the
firm to increase the business volume & cash accruals and
appropriate leveraging of the capital structure of the firm are
the key rating sensitivities.
Maithan International, a Kolkata based registered partnership firm
formed in April, 2001, belongs to Agarwalla family of Asansol in
Burdwan district of West Bengal. The firm is engaged in export
(trading) of mostly steel related products produced by the group
companies. MI is currently involved in export of refractory
bricks, mortar, ferro alloys and billets to countries like
Bangladesh, Singapore, Oman, UAE, Kuwait, Saudi Arabia, Indonesia,
Kenya, Jordan etc.
On a total income of INR19.0 cr, MI earned a PAT of INR0.4 cr in
FY09. Though long term debt equity ratio was nil, the overall
gearing ratio was high at 1.93 as on Mar.31, 2009, indicating
working capital intensive nature of business.
LAHOTI OVERSEAS: CRISIL Lifts Ratings on Various Debts to 'P4+'
---------------------------------------------------------------
CRISIL has upgraded its rating on the short-term bank facilities
of Lahoti Overseas Ltd to 'P4+' from 'P4', and has assigned a
rating of 'BB/Stable' to the company's cash credit and overdraft
facilities.
Facilities Ratings
---------- -------
INR75 Million Cash Credit Facility* BB/Stable (Assigned)
INR60 Million Term Loan BB/Stable (Assigned)
INR180 Million Post Shipment Credit P4+ (upgraded from P4)
Facility@
INR20 Million Pre Shipment Credit P4+ (upgraded from P4)
Facility$
INR10 Million Overdraft P4+ (upgraded from P4)
*Fully interchangeable with EPC/PCFC/EBD/EBN.
@Interchangeable upto INR50 million with packing credit
$Fully interchangeable with post shipment credit
The rating upgrade reflects the improvement in Lahoti's liquidity,
with the rescheduling of the term debt of its associate company
(earlier a subsidiary) Lahoti Terra Knitfab Ltd. In its rating
upgrade, CRISIL has also factored in Lahoti's management's
decision to not extend any financial support to LTKL, and the
cessation of the personal guarantee of Mr. Umesh Lahoti, the
promoter director of Lahoti, for LTKL's term loan. The upgrade
also reflects the improvement in Lahoti's business risk profile
subsequent to its exit from the loss-making knitting/garmenting
business, and CRISIL's belief that Lahoti will sustain the
improved performance of its flagship business, cotton-yarn
trading.
The ratings reflect Lahoti's promoters' experience in the cotton-
yarn trading industry, and Lahoti's healthy financial risk
profile. These rating strengths are offset by the company's
modest scale of operations.
For arriving at its ratings, CRISIL has not combined the financial
and business risk profiles of Lahoti and LTKL, as Lahoti's
management has clearly stated that it will not extend any
financial support to LTKL. In its earlier rating, CRISIL had
combined Lahoti's and LTKL's business and financial risk profiles;
LTKL was then a subsidiary of Lahoti.
Outlook: Stable
CRISIL believes that Lahoti will maintain its business risk
profile over the medium term by focusing on its cotton-yarn
trading business. The financial risk profile is also expected to
remain healthy, as Lahoti is unlikely to extend any financial
support to LTKL. The outlook may be revised to 'Positive' if
Lahoti increases its scale of operations and improves its
profitability, while maintaining its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if Lahoti undertakes a large, debt-funded capital
expenditure program, increases its exposure to associate
companies, or undertakes unrelated diversification, which could
adversely affect its financial risk profile.
About Lahoti Overseas
Promoted by Mr. Umesh Lahoti and Mr. Ujwal Lahoti in 1995, Lahoti
trades in cotton yarn and related commodities. The company is a
government-recognised three-star export house. In 2007, Lahoti
set up a garment-manufacturing unit in Tirupur (Tamil Nadu), which
was sold off after the unit incurred losses in 2008-09 (refers to
financial year, April 1 to March 31). Lahoti Terra KnitFab
Limited was formed in 2007 to set up a knitting and dyeing unit in
Solapur (Maharashtra) with a capital investment of INR410 million.
Lahoti currently owns 48% stake; work on the unit has been
delayed.
Lahoti reported a profit after tax (PAT) of INR9.6 million on
net sales of INR1484 million for 2008-09, against a PAT of
INR26 million on net sales of INR1.985 billion for 2007-08.
MAHALAXMI DYES: ICRA Assigns 'LBB' Ratings on INR110MM Bank Limits
------------------------------------------------------------------
ICRA has assigned an 'LBB' and A4 ratings to the INR110.0 million
existing bank limits of Mahalaxmi Dyes & Chemicals Ltd. The
outlook on the long term rating is stable. ICRA has also assigned
LBB (Stable)/A4 ratings to the INR 90.0 million proposed limits of
MDCL.
The ratings are constrained by moderate financial risk profile
characterized by low return indicators, moderately high gearing
level and low coverage indicators; and moderate liquidity position
as reflected in high utilization of working capital limits. As is
typical of the industry, the company's profitability is also
vulnerable to the commodity price risk and foreign exchange
fluctuations, although partly mitigated by the hedging systems in
place. The ratings, however, factor in long experience of the
company's promoters in the trading of chemicals; established
presence in trading and distribution of chemicals and building
materials; low concentration risk on account of diversified
product portfolio and customer base and favorable demand growth
prospects especially for building materials in India.
Mahalaxmi Dyes & Chemicals Ltd. is engaged in the business of
import and distribution of Chemicals and Building Materials
(primarily Float Glass). The company, incorporated in the year
1974, started the business of domestic trading of chemicals. Later
in early 1990s, the company expanded presence to trading of
imported chemicals. The company has also obtained agency for
Formic Acid distribution from Rashtriya Chemical Fertilisers and
for Sodium Nitrite with BASF, Germany. MDCL is a closely held
company with entire shareholding held by Mr. C. V. Shah and
family. Mr. C. V. Shah, presently Chairman of MDCL, has an
experience of three decades in the business of trading of
chemicals.
PRG INTERNATIONAL: CRISIL Assigns 'BB' Rating on INR30MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of PRG International Electricals Pvt Ltd, which is part
of the PRG group.
Facilities Ratings
---------- -------
INR110.0 Million Cash Credit BB/Stable (Assigned)
INR30.0 Million Term Loan BB/Stable (Assigned)
INR50.0 Million Letter of P4+ (Assigned)
Credit/Bank Guarantee
The ratings reflect PRG International's moderate financial risk
profile, marked by moderate gearing and debt protection
indicators, low operating margin, and exposure to risks related to
intense competition in the electrical stamping and household
electrical appliances industries. These rating weaknesses are
partially offset by the benefits that the PRG group derives from
its promoters' experience in the electrical stamping and ceiling
fan businesses, and the group's diversified customer base.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PRG International and Raghav Appliances
(Raghav), as both the entities, together referred to as the PRG
group, have common promoters and management, are in the same line
of business, and have strong business and financial linkages.
Further, Raghav procures almost 50% of its raw materials from PRG
International.
Outlook: Stable
CRISIL believes that the PRG group's financial risk profile is
likely to remain weak owing to its large working capital
requirements; however, it will continue to benefit from its
established market position in the electrical-stamping business,
and extensive relationships with its vendors. The outlook may be
revised to 'Positive' in case of significant improvement in its
scale of operations, resulting in higher cash accruals and
accretion to reserves and fresh equity infusion improving the
company's liquidity. Conversely, the outlook may be revised to
'Negative' in case of additional debt-funded capital expenditure
or additional debt due to high working capital requirements.
About the Group
Set up in 1989, and promoted by the Goel family, the PRG group is
engaged in the business of manufacturing electrical stamping and
household electrical appliances, such as ceiling fans. The
electrical-stamping business is undertaken by PRG International
alone whereas ceiling fans are manufactured by both entities. The
domestic market is catered to by Raghav and PRG International
caters to the export market, mainly to countries in the Middle
East.
PRG International reported a profit after tax (PAT) of INR7.5
million on net sales of INR636 million for 2008-09 (refers to
financial year, April 1 to March 31) against a PAT of INR11.2
million on net sales of INR560 million for 2007-08.
QUALITY CINE: ICRA Places 'LBB' Rating on INR30MM Term Loan
-----------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR30 million term loan
and US$1.16 million term loan facility of Quality Cine Labs
Private Limited. The outlook on the long term rating is stable.
The ratings favorably factors in the promoters' established and
proven experience in the movie post-production business, its
reputed client profile and end to end service offerings spanning
sound recording to developing prints for movies, thereby covering
the entire value chain of post production. The ratings are
however constrained by the small scale of operations of the
company in an industry which is characterized by presence of large
organized players leading to stiff competition and high level of
receivables along with consistent bad debts over the years leading
to high working capital intensity. The ratings also incorporate
the moderately stretched capital structure and vulnerabilities of
its business to box-office success of its projects which are
inherently volatile.
Incorporated in 1978 QCL is a one stop processing and post-
production company equipped with facilities for Video and Films at
its three setups spread across Chembur, Juhu Versova Link Rd. and
Veera Desai Industrial estate with an area totaling about 45,000
sq. ft. in Mumbai. Quality Cine Labs P. Ltd. came into being as a
color film processing laboratory in the year 1978, as successors
to the original Quality Labs, started by Ranjit Studios, was taken
over by Mr. Manohar Shetty, the promoter founder of QCL. For the
financial year FY 2008-09, the company reported a profit after tax
of INR2.4 million on an operating income of INR 85.9 million.
ROTOMOTIVE POWERDRIVES: Low Net Worth Cues CRISIL 'BB' Ratings
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Rotomotive
Powerdrives India Ltd's bank facilities.
Facilities Ratings
---------- -------
INR94.0 Million Cash Credit Limit BB/Stable (Assigned)
INR11.9 Million Term Loan BB/Stable (Assigned)
INR3.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect RPIL's weak financial risk profile, marked by
average gearing, moderate debt protection measures, low net worth,
and the susceptibility of its operating margin to fluctuations in
raw material prices and in the value of the Indian rupee. These
rating weaknesses are partially offset by the benefits that RPIL
derives from the technological support it receives from its joint-
venture partner, Motive SRL.
Outlook: Stable
CRISIL believes that RPIL will continue to benefit from its
diversified end-user industry and customer base over the medium
term. RPIL's financial risk profile is expected to remain weak
because of the working capital intensity of its operations. The
outlook may be revised to 'Positive' if RPIL registers higher-
than-expected profitability, or if equity infusion by the
promoters leads to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes large debt-funded capital expenditure, or if
its working capital requirements increase significantly, leading
to further deterioration in its financial risk profile.
About Rotomotive Powerdrives
Incorporated in 2006, RPIL is an Indo-Italian joint venture
between Rotomag Motors and Controls Pvt Ltd (Rotomag; rated 'SE
2B' by CRISIL) and Motive, which hold stakes of 51 per cent and 49
per cent, respectively, in RPIL. RPIL manufactures electric
motors and gearboxes, which find application in diverse industries
such as pharmaceuticals, oil and gas, petroleum, and agricultural
equipments. RPIL's plant in Gujarat has capacity of 8,000 units of
electric motors and 2,000 units of gearboxes per month. The
company has plans of enhancing this capacity to a total of 25,000
units per month in 2010-11.
Motive, incorporated in 2001, manufactures motors and gearboxes
and has operations in 25 countries across the globe. Rotomag was
incorporated in 1993 and manufactures direct current motors that
are sold to original equipment manufacturers in India, Europe, and
USA.
RPIL reported a profit after tax (PAT) of INR6.7 million on net
sales of INR229 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR6 million on net sales of
INR117 million for 2007-08.
SMC POWER: ICRA Reaffirms 'LB+' Rating on Long Term Bank Debts
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the bank
lines of SMC Power Generation Limited at LB+ for an enhanced
amount of INR2.35 billion.
The rating takes into account consistent delays in debt servicing
by the company; its stretched working capital position on account
of high inventory days; susceptibility of the company to adverse
movements in iron ore and coal prices due to lack of backward
integration; and intensely competitive nature of the industry
marked by the presence of several players. The rating is also
constrained by SMC's sizeable expansion plans which face funding
as well as execution risks. However, the rating draws comfort from
SPGL's experienced management; and healthy profitability on
account of proximity to raw material and captive power generation.
SMC Power Generation Ltd., a public limited company, was promoted
in November 2000 by the Aggarwal family, namely Mr. S.C. Aggarwal,
Mr. M.C. Aggarwal, and Mr. C.P. Aggarwal. The company has an
integrated steel plant in Jharsuguda, having a manufacturing
capacity of: sponge iron (200,000 tonnes per year), billets
(250,000 tonnes per annum) and TMT bars (100,000 tonnes per
annum). Moreover the company has a captive power plant of 33 MW
per annum. The company is a part of the SMC group which has
diversified interests including dairy product companies by the
name SMC Foods and Creamy Foods and a tobacco company by the name
of Aggarwal Zarda Factory Private Limited. For FY2009, the
company recorded turnover of INR 3.33 billion and a profit after
tax (PAT) of INR 272 millon.
UNIFREIGHT INDIA: CRISIL Lifts Rating on INR270MM Cash Credit
-------------------------------------------------------------
CRISIL has upgraded its rating on Unifreight India Pvt Ltd's cash
credit facility to 'BB-/Positive' from 'B/Positive'.
Facilities Ratings
---------- -------
INR270 Million Cash Credit BB-/Positive (Upgraded from
'B/Positive')
The upgrade reflects the improvement in Unifreight's revenues
during 2009-10 (refers to financial year, April 1 to March 31) on
the back of integration of operations with AFL Ltd, its major
stakeholder and a leading logistics service provider. The upgrade
also reflects CRISIL's belief that the integration will help
Unifreight improve its overall business profile.
The rating reflects Unifreight's high gearing, small net worth,
large working capital requirements, and exposure to the intensely
competitive and highly fragmented transportation and logistics
industry. These weaknesses are partially offset by Unifreight's
established position in the industry, and its strong and diverse
customer profile.
Outlook: Positive
CRISIL believes that Unifreight's business risk profile will
continue to improve over the medium term on the back of the
benefits of integration of operations with that of AFL. The
rating may be upgraded further if there is a significant increase
in Unifreight's scale of operations or operating margin, or an
improvement in its net worth, most likely because of equity
infusion by its promoters. Conversely, the outlook may be revised
to 'Stable' in case of a decline in Unifreight's profitability, or
if the company undertakes a large, debt-funded capital expenditure
program, thereby deteriorating its financial risk profile.
About Unifreight
Unifreight, set up by five promoters (Mr. N Subramanian, Mr. R P
Mungikar, Mr. Sundaresan Premkumar, Mr. Vinod Sharma, and Mr.
Cyrus Guzder), mainly offers express cargo services to its
clients. The company primarily operates in the less-than-truck-
load (LTL) segment and provides full-truck-load (FTL) services
only to its existing clients in the LTL segment. Unifreight
carries out its road express cargo services on 55 routes all over
India. As on March 31, 2010, the company had a fleet of around 180
vehicles, aged between 0.5 and 6 years and with capacities ranging
from 0.75 to 16 tonnes. The company's fleet has a total capacity
to handle 500 tonnes of cargo per day, and usually operates at 80
per cent capacity throughout the year.
AFL is a logistics service provider. Its operations are
classified into three segments: express courier, logistics, and
express warehousing. AFL provides both domestic and international
services. In June 2008, AFL had infused INR50 million in
Unifreight by way of 8 per cent redeemable preference shares. The
two companies have completed their business integration, which is
expected to generate considerable operational efficiencies for
both.
For 2008-09, Unifreight reported a net loss of INR18 million on
net sales of INR478 million, against a PAT of INR26 million on net
sales of INR541 million for 2007-08.
=========
J A P A N
=========
GEOS CORP: Files For Bankruptcy; to Close Some Schools
------------------------------------------------------
Geos Corp. has commenced bankruptcy proceedings with the Tokyo
District Court, with debts of JPY75 billion, according to
Nikkei.com.
The English school operator will hand more than 230 schools in
Japan to subsidiary G.communication Co. and the rest will be
closed, the report says.
Geos Corp. operates about 300 language schools in Japan.
JAPAN AIRLINES: Posts Operating Profit in March
-----------------------------------------------
Kiyotaka Matsuda and Chris Cooper at Bloomberg News report that
Japan?s transport minister Seiji Maehara said Japan Airlines Corp.
had an operating profit last month after losing money in January
and February.
According to Reuters, the Nikkei business daily said the
Enterprise Turnaround Initiative Corp. of Japan told a Tokyo court
in a report last week that JAL's profitability is recovering,
helped by improving earnings from international routes and cost-
cutting measures.
The Nikkei said subsidiary Japan Airlines International Co.
appears to have secured a small operating profit in March, marking
an improvement from the unit's operating losses in January and
February, Reuters adds.
Bloomberg News notes that Mr. Maehara said in parliament on
Wednesday that the government plans to recover the almost JPY1
trillion (US$11 billion) in public funds being used to help
restructure the carrier.
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
About JAL
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is
$28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
=========
K O R E A
=========
HYUNDAI MOTOR: May Post Higher First Qtr Profit On Strong Sales
---------------------------------------------------------------
Yonhap News Agency, citing analysts, reports that Hyundai Motor
Co. is expected to report a three-fold surge in its first quarter
net profit, helped by strong sales in the United States, China and
emerging markets as global markets recover.
Yonhap says analysts are optimistic about Hyundai's performance
for the three months ended March 31, predicting brisk sales may
offset losses from a moderate rise in the value of the Korean
currency.
According to analysts surveyed by Yonhap Infomax, the financial
news arm of Yonhap News Agency, Hyundai is likely to report a net
profit of some KRW770 billion (US$686.3 million) for the January-
March period, three times higher than the KRW225 billion profit
for the same period last year.
Compared with a preceding quarter, however, Hyundai's profit will
probably fall 19%, the report notes.
For the first quarter, the survey showed Hyundai is also expected
to post sales of KRW7.7 trillion and an operating profit of
KRW544.1 billion, Yonhap adds.
The carmaker is scheduled to report its first quarter earnings
today, April 22, the report notes.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company
(SEO:005380) -- http://www.hyundai-motor.com/-- is an automobile
manufacturer. The company markets the Genesis, Genesis Coupe,
Azera, Sonata, Elantra, Accent, Getz, i30, i30cw, i20 and i10
passenger cars; the Veracruz, Santa Fe, Tucson, Matrix, H-1
recreational vehicles, and commercial vehicles, which include
medium and heavy duty trucks, van trucks, tank lorries, bulk
cement carriers, bulk cement tractors and others.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
December 11, 2009, Fitch Ratings revised the Outlook on Hyundai
Motor's and Kia Motors' foreign currency Long-term Issuer Default
Ratings to Positive from Negative, and simultaneously affirmed
them at 'BB+'. The agency also affirmed the 'BB+' rating on both
companies' senior unsecured debt and the Short-term IDRs at 'B'.
HMC's and Kia's Long-term IDR was downgraded to 'BB+' with
Negative Outlook in January 2009, due to concerns that the global
auto market downturn would negatively impact the profitability and
key credit metrics of the companies to an extent that is not
commensurate to investment grade levels.
KUMHO ASIANA: To Sell KRW200 Billion 3-Year Bonds to Creditors
--------------------------------------------------------------
Korea Kumho Petrochemical Co., a subsidiary of Kumho Asiana Group,
plans to sell KRW200 billion (US$179 million) of three-year
convertible bonds to its creditors, Bloomberg News reports citing
Korea Kumho's regulatory filing.
As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion. In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion. Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.
The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program. Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.
Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap New Agency reported.
According to Bloomberg data, the group's net debt was
KRW2.21 trillion as of September 30, 2009 -- more than double the
KRW998.5 billion it had at the end of 2005 before Kumho Asiana
bought 72% of Daewoo Engineering. Kumho Tire's net debt stood at
KRW1.71 trillion at the end of September 2009.
About Kumho Asiana
Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields. The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.
KUMHO ASIANA: Unit's Creditors May Inject KRW500 Bil. in Funds
--------------------------------------------------------------
Kumho Tire Co.'s creditors may supply more than KRW500 billion
(US$447.9 million) in fresh loans to the company as part of an
effort to implement a debt-restructuring program, Yonhap News
Agency reports citing financial sources.
Sources told Yonhap that main creditor Korea Development Bank
plans to meet with other financial firms to discuss the fund
injection, worth up to KRW600 billion, and whether to convert
their debt holdings into shares worth between KRW350 billion and
KRW600 billion.
"Specific details like the debt-to-equity swap and capital
reduction will be fixed later, after consultation with other
creditor financial institutions," the news agency quoted an
official at a creditor bank as saying.
According to Yonhap, the move comes two days after unionized
workers at Kumho Tire tentatively agreed to a job-cut plan, paving
the way for the creditors to resume the stalled debt-restructuring
scheme.
Separately, Yonhap News Agency reports that Kumho Tire Co. said
Wednesday it does not expect its shares to be delisted despite the
erosion of its capital base.
"While a due diligence by creditors showed the company's capital
base is fully eroded, this will not affect the decision on whether
to delist shares," a Kumho Tire official was quoted by Yonhap as
saying.
Creditors have said that Kumho Tire saw its capital completely
wiped out as of the end of fiscal 2009, putting it on a path
toward potential delisting from the local bourse, Yonhap recounts.
As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion. In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion. Bloomberg said
creditors including Shinhan Bank may force the company to repay
KRW3.9 trillion (US$3.2 billion) by June if they exercise an
option to sell Daewoo Engineering shares they hold back to Kumho
Asiana.
The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program. Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.
Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap New Agency reported.
According to Bloomberg data, the group's net debt was
KRW2.21 trillion as of September 30, 2009 -- more than double the
KRW998.5 billion it had at the end of 2005 before Kumho Asiana
bought 72% of Daewoo Engineering. Kumho Tire's net debt stood at
KRW1.71 trillion at the end of September 2009.
About Kumho Asiana
Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields. The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.
====================
N E W Z E A L A N D
====================
BRIDGECORP LTD: Director Suspended After Breaching Code of Ethics
-----------------------------------------------------------------
The New Zealand Herald reports that Bridgecorp director Cornelis
Robert Roest has been suspended from the Institute of Chartered
Accountants after being found guilty of conduct unbecoming to an
accountant and breaching its code of ethics.
According to the Herald, the institute's disciplinary tribunal
found Mr. Roest had brought discredit to the profession by being
banned from being a director for five years by the Companies
Office in May last year and by being made bankrupt in the High
Court at Auckland in September.
The report relates that the tribunal ordered Mr. Roest be
suspended from the institute until either his directorship ban or
bankruptcy order ended, and he was publicly censured.
Mr. Roest must also pay NZ$5,361 to the institute for the costs of
the hearing and its publicity, the report notes.
The Herald adds that Mr. Roest, who is facing 10 charges brought
by the Securities Commission relating to issuing false
prospectuses for the finance company, failed to show up to a
hearing held by the last Tuesday.
About Bridgecorp
Bridgecorp Ltd. is a New Zealand-based property development and
finance company. Bridgecorp was placed into receivership on
July 2, 2007, after failing to pay principal due to debenture
holders. John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers. The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.
Bridgecorp's nine Australian companies were placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).
CRAFARS FARMS: Receivers to Take Legal Action Against Allan Crafar
------------------------------------------------------------------
The receivers acting for the Crafar family farms are preparing to
launch legal action against Allan Crafar in a bid to have him
removed from the land, the New Zealand Herald reports.
According to the report, KordaMentha said it was in negotiations
with its lawyers to start legal proceedings against Allan Crafar,
who has vowed to remain on family land until he is forced out.
A KordaMentha spokesperson said Mr. Crafar, as the director of
Plateau Farms Limited (in receivership), no longer controlled the
properties and therefore had no legal right to be living there,
the report relates.
The Troubled Company Reporter-Asia Pacific, citing Newstalk ZB,
reported on April 13, 2010, that Allan Crafar was defiantly
refusing to leave his home farm in the Waikato, after the
receiver's deadline to vacate the property.
Mr. Crafar said the receivers, KordaMentha, have offered to pay
six months' rent in Rotorua if he moves off the farm, but he does
not want to take up the offer and is staying put. He plans to
continue farming until he believes there is a real reason to move
and is prepared to fight any moves to evict him.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employs 200 staff.
Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance. The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.
The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business. This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.
FIVE STAR: Institute of Chartered Accountants Suspends Director
---------------------------------------------------------------
Five Star Finance director Anthony Walpole Bowden has been
suspended from the Institute of Chartered Accountants after being
found guilty of conduct unbecoming to an accountant and breaching
its code of ethics, the New Zealand Herald reports.
Mr. Bowden, a retired accountant, admitted to bringing discredit
to the profession and pleaded guilty to both of the charges at his
hearing last Tuesday, the report says.
According to the report, the institute's disciplinary tribunal
said in its ruling it "accepted that the member acted in good
faith, albeit to a standard insufficient to satisfy the Register
of Companies".
Mr. Bowden was banned from being a director for five years in May
last year.
The Herald notes that the tribunal suspended Mr. Bowden for the
period of his directorship ban and ordered him to pay NZ$3,000
costs. It suppressed evidence about his current financial and
personal circumstances.
Mr. Bowden faces criminal charges laid by the Companies Office
relating to securities offered to members of the public without a
registered prospectus or investment statement, according to the
Herald.
About Five Star
Established in 1992, Five Star Finance Limited focused on
financing real estate loans following a restructuring exercise
that created Five Star Consumer Finance in New Zealand and Five
Star Consumer Finance Pty in Australia.
Five Star Debenture Nominee Limited acted as debenture holder on
behalf of unsecured depositors and appeared to lend all of the
money it raised to Five Star Finance.
Five Star Finance Limited went into receivership on September 5,
2007. Five Star Debenture Nominee Limited went into liquidation
on November 5, 2007. At the start of the liquidation in June 2009
the shortfall of assets to liabilities was NZ$51.7 million,
according to The Dominion Post. The Post says joint liquidator
Paul Sargison, of Gerry Rea & Associates, said the firm's
directors attributed the group's failure to the economic crisis
but his own appraisal is that Five Star has been insolvent since
no later than March 31, 2005.
STRATEGIC FINANCE: Considers Selling Entire Loan Book
-----------------------------------------------------
The New Zealand Herald reports that Strategic Finance's receiver
is considering selling the entire loan book of the failed
business.
The Herald relates receiver John Fisk of PricewaterhouseCoopers
said he had received expressions of interest from businesses
seeking to buy all the loans.
The report notes Mr. Fisk said this might give the best outcome
for everyone, although no decisions have been taken.
About Strategic Finance
Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector. The Company also
provides specialist financial and advisory services to the
property and corporate sectors. The Company operates in
New Zealand, Australia and Pacific Islands. The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited. The Company's non-operating
subsidiary is Strategic Properties No.1 Limited. In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.
Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.
PricewaterhouseCoopers partners John Fisk and Colin McCloy have
been appointed receivers of Strategic Finance Limited and related
companies Strategic Advisory Limited, Strategic Mortgages Limited,
Strategic Nominees Limited, and Strategic Nominees Australia
Limited. This ends the moratorium arrangement that has been in
place since December 2008.
The companies' trustee, Perpetual Trust Limited, appointed
receivers after SFL failed to generate sufficient loan recoveries
for its milestone payment on January 7, 2010. The company owed
NZ$417 million to 13,000 investors.
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***