/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100505.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, May 5, 2010, Vol. 13, No. 087 Headlines A U S T R A L I A FOREST ENTERPRISES: Receivers to Sell Bell Bay Mill JAK FRUIT: Voluntary Administrators Appointed LIVING EDGE: Herman Miller Acquires Living Edge For $5 Million SCOTT PRINTING: Enters Into Voluntary Administration C H I N A CHINA EVERBRIGHT: Prepares IPO & May List in Shanghai H O N G K O N G EASE COX: Members' Final Meeting Set for June 8 FAIR & HONEST: Liu Ka Yuen Appointed as Liquidator FINE RUN: Members' Final Meeting Set for June 1 FILTEX INTERNATIONAL: Commences Wind-Up Proceedings FLEMING FAMILY: Lees and Ng Step Down as Liquidators FORTIS INVESTMENT: Ng and Bots Appointed as Liquidators FRONT MASTER: Creditors' Proofs of Debt Due May 30 FUNNY INDUSTRIAL: Creditors' Proofs of Debt Due May 31 GARNET SHIELD: Creditors' Proofs of Debt Due June 1 GEORGE ZEE: Members' Final General Meeting Set for June 1 GLOBAL UNION: Creditors' Proofs of Debt Due May 24 GOODWIN MARINE: Members and Creditors' Meetings Set for May 13 GRAND MARINE: Members and Creditors' Meetings Set for May 13 HANG HEI: Members' Final Meeting Set for May 17 HENU INDUSTRIAL: Creditors' Meeting Set for May 13 HOWARD SCHULTZ: Commences Wind-Up Proceedings HK ASSOCIATION: Chiu and Tam Step Down as Liquidators HK CONSTRUCTION: Briscoe and Borrelli Step Down as Liquidators HUGO EDUCATION: Chan Hung Pan Steps Down as Liquidator SKY CHARMING (CHINA): Creditors' Proofs of Debt Due May 23 I N D I A ALLIED NIPPON: CRISIL Assigns 'BB+' Rating on INR130MM Term Loan DELHI DIAMONDS: CRISIL Rates INR250.0 Million Cash Credit at 'B' FORUM RETAIL: ICRA Assigns 'LB+' Rating on INR1.32BB Term Loan FORUM IT: ICRA Rates INR1.30 Billion Term Loan at 'LBB-' G.P. TRONICS: CRISIL Assigns 'B+' Rating on INR67.5MM Cash Credit GOLDEN ROCK: CARE Assigns 'CARE BB+' Rating on Various Bank Debts HORIZON INFRASTRUCTURE: CARE Rates INR200cr LT Loans at 'CARE BB+' HYUNDAI MOTOR: India Unit to Settle Terminated Workers' Claims HYUNDAI MOTOR: Indian Unit Domestic Sales Up 28.11% in April OM PRAKASH: CRISIL Places 'B+' Rating on INR50 Mil. Cash Credit SHREE RAJASTHAN: CARE Assigns 'CARE BB+' Rating on LT Bank Debts SHIVAM STEELS: ICRA Assigns 'LBB+' Rating on INR30 Mil. Bank Debts TRADECOM INTERNATIONAL: ICRA Reaffirms 'LBB' Rating on Bank Debts VENKATESHWARA SPONGE: Delays in Loan Payment Prompt Junk Ratings I N D O N E S I A BANK DANAMON: To Pay IDR766.26 Billion in Dividends PERUSAHAAN GAS: Posts IDR1.77 Trillion Net Profit in Q1 J A P A N ALL NIPPON: Posts JPY57.39 Billion in Fiscal Year 2009 K O R E A HYUNDAI MOTOR: April Sales Up 27.6% to 310,396 Vehicles KIA MOTORS: Kia America Reports 17.3% Increase in Sales in April N E W Z E A L A N D A2 CORPORATION: Merger Talks With Freedom Nutritional Suspended S I N G A P O R E SINGAM PETRO: Court Enters Wind-Up Order T A I W A N NANYA TECHNOLOGY: April 2010 Sales Up 97% Year-to-Year X X X X X X X X * S&P's Global Corporate Default Tally Remains at 31 * Upcoming Meetings, Conferences and Seminars - - - - - ================= A U S T R A L I A ================= FOREST ENTERPRISES: Receivers to Sell Bell Bay Mill --------------------------------------------------- Receivers and managers of Forest Enterprises Australia Limited and wholly owned subsidiary FEA Carbon Pty Ltd and controllers of Tasmanian Plantations Pty Ltd, Deloitte partners Tim Norman and Sal Algeri, have confirmed that the Group's business model was fundamentally reliant on annual MIS product sales to fund ongoing operations. "With an 80% fall in annual investment scheme product sales in June 2009, and worse expected again in 2010, the business model was simply not able to fund its existing cost base," said Mr. Norman. "There was no financier in place to fund grower subscriptions for the proposed 2010 scheme and late in the process FEA's main MIS distributor withdrew support for FEA Scheme product. "Despite the significant efforts of the board and management team, particularly over the last 12 months, they were unable to submit a restructure plan that showed a return of the business to a viable position that was able to address the significant operating cash outflows over the next few years." Mr. Norman has dismissed criticism of the secured creditors that their actions have been appropriate or premature. "Eventually one needs to face the reality that if the business model could not be restructure, funding continued cash deficits through asset sales and stretching creditor payments was not in the interest of any class of creditor, including the MIS investors, or the FEA shareholders." Mr. Norman confirmed that going forward the receivers have two main priorities: * the receivers will seek to determine the viability and funding requirements of each scheme to assist with the assessment of options for the forestry and plantation assets; and * the receivers will commence a sale process for the Bell Bay Mill which, on a stand alone basis, is a valuable asset. As reported in the Troubled Company Reporter-Asia Pacific on April 15, 2010, Forest Enterprises Australia has been placed into voluntary administration. The FEA said in a statement to the ASX that its financiers, the Commonwealth Bank of Australia Ltd and the Australia and New Zealand Banking Group Ltd, have elected to take action, relying on the event of default previously advised to the market and as a result, each of the charges granted to the Security Trustee are enforceable and the previous floating charges over all of FEA's assets have converted into fixed charges. "As a result, the Company is now required to deposit the proceeds of realization of any charged assets into a separate bank account for the sole benefit of the Banks." FEA said this has placed the Board in an untenable position as it prevents the ability of the Company to access the necessary funds to operate its normal business activities. As such, the Board has no option but to place the Company in Voluntary Administration. BRI Ferrier has been appointed as voluntary administrators of: -- Forest Enterprises Australia Limited; -- FEA Plantations Limited; -- Tasmanian Plantation Pty Ltd; and -- FEA Carbon Pty Ltd. The company has debt facilities totaling AU$240 million with ANZ and the Commonwealth Bank which mature in January 2011. The banks have appointed Deloitte as receivers of FEA. Deloitte partners Tim Norman and Sal Algeri have been appointed as Receivers and Managers of Forest Enterprises Australia Limited and wholly owned subsidiary FEA Carbon Pty Ltd (FEAC). Messrs. Norman and Algeri have also been appointed as 'agents for the mortagee in possession' of Tasmanian Plantations Pty Ltd, another wholly owned property holding subsidiary of FEA. About FEA Forest Enterprises Australia Limited (ASX:FEA) -- http://www.fealtd.com/-- is a vertically integrated forestry and forest products company. It is engaged in the sale of woodlot investments through forestry investments; preparation, establishment and maintenance of plantations; timber harvesting; provision of finance to approved growers; sawmilling and wood chipping of forest produce, and direct exporting of forest produce to Asian markets. FEA operates in two divisions: forest products, which includes forest management services and the processing of forest products, including whole logs, woodchips and sawn timber, and forestry investment, which includes establishment and financing of managed woodlots and provision of related forestry services, including the lease of investment land. Its wholly owned subsidiaries include FEA Plantations Limited, FEA Carbon Pty Ltd, Tasmanian Plantation Pty Ltd, Tasmanian Plantation Unit Trust and FEA Timberlands Fund. JAK FRUIT: Voluntary Administrators Appointed --------------------------------------------- Mildura-based JAK Fruit Pty Ltd. has gone into voluntary administration, with debts of over AU$10 million, fruitnet.com reports citing the Sunraysia Daily. Administrator Wayne Benton of BRI Ferrier was appointed as voluntary administrator on April 27. JAK Fruit, run by managing director Jason Kotz, owes growers AU$4.1 million and their banks AU$6 million, the report says. The report notes the company's Mildura head office has now been put up for sale. According to the report Mr. Benton said that he was hopeful that growers would receive all the money they were owed, but stressed that 'would be contingent on a few things'. JAK Fruit Pty Ltd -- http://www.jakfruit.com/-- is a specialized exporter of Australian Citrus, Table Grapes and Stone Fruit. LIVING EDGE: Herman Miller Acquires Living Edge For $5 Million -------------------------------------------------------------- The Receivers and Managers of Living Edge Group Pty Ltd has sold the Living Edge business to Herman Miller (Aust) Pty Ltd, the Australian subsidiary of Living Edge's U.S.-based supplier Herman Miller Inc. Joint Receiver and Manager Keith Crawford of McGrathNicol said, "We are pleased to have secured a going concern sale which incorporates the transmission of the majority of Living Edge's existing workforce. Both parties worked constructively to conclude this sale as quickly as possible to best preserve business value and to minimize interruption for customers and other stakeholders." The Australian reports that Herman Miller acquired the business for under $5 million. HM Asia-Pacific vice-president Jeremy Hocking confirmed Living Edge will continue to operate and that customers who paid deposits for furniture will have their orders honored, The Australian says. About 45 of the 75 employees have been retained, The Australian adds. About Living Edge The Living Edge Group Pty Ltd -- http://www.livingedge.com.au/-- is an Australian owned company that supplies high design furniture. The company has showrooms in Sydney, Melbourne, Brisbane, Perth, Canberra and Adelaide. Keith Crawford and Matthew Caddy of McGrathNicol were appointed Receivers and Managers of the company by its secured lender National Australia Bank on April 12, 2010. Mr. Crawford said, "Our objective is to work constructively with Living Edge's stakeholders to stabilize and prepare the business for sale." SCOTT PRINTING: Enters Into Voluntary Administration ---------------------------------------------------- Sydney-based printing group Scott Printing has entered voluntary administration, ProPrint reports. Crouch Amirbeaggi was appointed administrators on April 27, director Andrew Scott told ProPrint. According to the report, the Scott Printing Group comprises Hippo Books, Centatime Publishing and Edgecliff Print, though the director said Edgecliff Print was not included in the administration. Mr. Scott told ProPrint the group was continuing to trade, and he expected them to do so into the future. ProPrint relates Mr. Scott said he was aiming for a deed of company arrangement (DOCA), a proposition which would be put to creditors at the first creditors meeting on May 6. "The indications from financiers are that they are willing to support our financial circumstances going forward. We still feel the business is viable at current business levels," the report quoted Mr. Scott as saying. Hippo Books produces paperback books, while Centatime Publishing specializes in colour and B&W manuals, brochures and catalogues. Edgecliff Print offers offset and digital printing, as well as copying and binding. ========= C H I N A ========= CHINA EVERBRIGHT: Prepares IPO & May List in Shanghai ----------------------------------------------------- China Everbright Bank, the Chinese lender preparing for an initial public offering, could potentially list in Shanghai ahead of Agricultural Bank of China, Reuters reports, citing the official China Securities Journal. Reuters relates the IPO underscores the urgency with which banks are aiming to raise capital via share sales, out of concern that markets could quickly tire of the country's needy lenders. According to Reuters, the state-run newspaper, citing sources, said Everbright Bank plans to list in Shanghai first and then later in Hong Kong. Reuters adds that the underwriters will include China Jianyin Investment Securities, Shenyin & Wanguo Securities Co, and China International Capital Corp. About China Everbright Bank Headquartered in Beijing, China, China Everbright Bank Company -- http://www.cebbank.com/-- is the first state-owned commercial bank with shares held by international financial institutions. Everbright Bank is 21%-owned by Hong Kong-listed China Everbright Ltd, an Everbright Group unit. The Asian Development Bank is the only foreign stakeholder, with 2%. * * * China Everbright Bank continues to carry Moody's "Ba1" Foreign LT Bank Deposit rating and "D-" bank Financial Strength rating. The Troubled Company Reporter-Asia Pacific reported on Aug. 9, 2007, that China approved China Everbright Bank's plan for financial restructuring, paving the way for a capital injection and eventual listing. ================ H O N G K O N G ================ EASE COX: Members' Final Meeting Set for June 8 ----------------------------------------------- Members of Ease Cox International Company Limited will hold their final meeting on June 8, 2010, at 10:30 a.m., at the Room 3704, 37th Floor, Hopewell Centre, No. 183 Queen's Road East, Wanchai, in Hong Kong. At the meeting, Lee Tak Cheung Vincent, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FAIR & HONEST: Liu Ka Yuen Appointed as Liquidator -------------------------------------------------- Liu Ka Yuen on April 13, 2010, was appointed as liquidator of Fair & Honest (HK) Limited. The liquidator may be reached at: Liu Ka Yuen Room 2808, 28/F Asia Trade Ctr 79 Lei Muk Road Kwai Chung, N.T. Hong Kong FINE RUN: Members' Final Meeting Set for June 1 ----------------------------------------------- Members of Fine Run Holdings Limited will hold their final general meeting on June 1, 2010, at 9:00 a.m., at the Connaught House 1, Burlington Road, Dublin 4, in Ireland. At the meeting, Richard Joseph Barrett, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FILTEX INTERNATIONAL: Commences Wind-Up Proceedings --------------------------------------------------- Members of Filtex International Trade Limited, on April 26, 2010, passed a resolution to voluntarily wind-up the company's operations. The company's liquidator is: Ng Kwok Cheung Bernard Flat B, 16/F Empire Land Commercial Centre 81-85 Lockhart Road Wanchai, Hong Kong FLEMING FAMILY: Lees and Ng Step Down as Liquidators ---------------------------------------------------- John Robert Lees and Mat Ng stepped down as liquidators of Fleming Family & Partners (Asia) Limited on April 26, 2010. FORTIS INVESTMENT: Ng and Bots Appointed as Liquidators ------------------------------------------------------- Ng Kit Ying Zelinda and Michel Bots on April 26, 2010, were appointed as liquidators of Fortis Investment Management Hong Kong Limited. The liquidators may be reached at: Ng Kit Ying Zelinda Michel Bots 31/F., The Center 99 Queen's Road Central, Hong Kong FRONT MASTER: Creditors' Proofs of Debt Due May 30 -------------------------------------------------- Front Master Development Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by May 30, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2010. The company's liquidators are: Chan Wai Hei Or Wai Lin Winnie Room 1021 Sun Hung Kai Centre 30 Harbour Road Wanchai, Hong Kong FUNNY INDUSTRIAL: Creditors' Proofs of Debt Due May 31 ------------------------------------------------------ Funny Industrial Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by May 31, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 22, 2010. The company's liquidator is: Lau Max Pui Kit Room C, Floor 5 Tower 7, 1 Beacon Hill Road Kowloon Tong, Kowloon GARNET SHIELD: Creditors' Proofs of Debt Due June 1 --------------------------------------------------- Creditors of Garnet Shield Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by June 1, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 26, 2010. The company's liquidator is: Kong Chi How Johnson 25th Floor, Wing On Centre 111 Connaught Road Central, Hong Kong GEORGE ZEE: Members' Final General Meeting Set for June 1 --------------------------------------------------------- Members of George Zee and Company Limited will hold their final general meeting on June 1, 2010, at 10:00 a.m., at the Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Cheung Chui Ping Chaplin, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GLOBAL UNION: Creditors' Proofs of Debt Due May 24 -------------------------------------------------- Global Union Investment Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by May 24, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2010 The company's liquidator is: Yan Tat Wah 5/F., Dah Sing Life Building 99-105 Des Voeux Road Central Hong Kong GOODWIN MARINE: Members and Creditors' Meetings Set for May 13 -------------------------------------------------------------- Members and creditors of Goodwin Marine & Industries Company Limited will hold their meetings on May 13, 2010, at 10:00 a.m., and 10:15 a.m., respectively at Room 3201, 32nd Floor, One Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Dermot Agnew, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GRAND MARINE: Members and Creditors' Meetings Set for May 13 ------------------------------------------------------------ Members and creditors of Grand Marine International Limited will hold their meetings on May 13, 2010, at 10:00 a.m., and 10:15 a.m., respectively at Room 3201, 32nd Floor, One Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Dermot Agnew, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HANG HEI: Members' Final Meeting Set for May 17 ----------------------------------------------- Members of Hang Hei Candle Manufacturing Company Limited will hold their final general meeting on May 17, 2010, at 5:00 p.m., at the 10/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, in Hong Kong. At the meeting, Lam Ying Sui, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HENU INDUSTRIAL: Creditors' Meeting Set for May 13 -------------------------------------------------- Creditors of Henu Industrial Co. Limited will hold their meeting on May 13, 2010, at 10:30 a.m., for the purposes provided for in Sections 241, 242, 243, 244, and 255A of the Companies Ordinance. The meeting will be held at the 32nd Floor, One Pacific Place, 88 Queensway, in Hong Kong. HOWARD SCHULTZ: Commences Wind-Up Proceedings --------------------------------------------- Members of Howard Schultz & Associates (Asia) Limited, on April 26, 2010, passed a resolution to voluntarily wind-up the company's operations. The company's liquidator is: Ng Kwok Cheung Bernard Flat B, 16/F Empire Land Commercial Centre 81-85 Lockhart Road Wanchai, Hong Kong HK ASSOCIATION: Chiu and Tam Step Down as Liquidators ----------------------------------------------------- Chiu Ming Chung Joe and Tam Kwok Kong stepped down as liquidators of Hong Kong Association for the Protection of Water Resources Limited on April 17, 2010. HK CONSTRUCTION: Briscoe and Borrelli Step Down as Liquidators -------------------------------------------------------------- Stephen Briscoe and Cosimo Borrelli stepped down as liquidators of Hong Kong Construction (Works) Limited on April 20, 2010. HUGO EDUCATION: Chan Hung Pan Steps Down as Liquidator ------------------------------------------------------ Chan Hung Pan stepped down as liquidator of Hugo Education Institute Company Ltd on March 31, 2010. SKY CHARMING (CHINA): Creditors' Proofs of Debt Due May 23 ---------------------------------------------------------- Sky Charming (China) Limited, which is in members' voluntary liquidation, requires its creditors to file their proofs of debt by May 23, 2010, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 23, 2010. The company's liquidators are: Chan Chiu Yin Room 1212, Bank Centre 636 Nathan Road Mongkok, Kowloon Hong Kong ========= I N D I A ========= ALLIED NIPPON: CRISIL Assigns 'BB+' Rating on INR130MM Term Loan ---------------------------------------------------------------- CRISIL has assigned its 'BB+/Stable/P4+' ratings to Allied Nippon Ltd's bank facilities. Facilities Ratings ---------- ------- INR388.0 Million Cash Credit Limit BB+/Stable (Assigned) INR130.0 Million Term Loan BB+/Stable (Assigned) INR90.0 Million Letter of Credit P4+ (Assigned) The ratings reflect ANL's exposure to risks related to large working capital requirements, presence in a niche braking components segment, and marginal presence in the four-wheeler segment. These weaknesses are partially offset by ANL's established market position in the two-wheeler braking systems segment, enhanced by strong technical collaboration with Japan Brake Industrial Company Limited (JBI; Japan), ANL's diversified revenue profile, and healthy financial risk profile, marked by healthy revenue growth and, adequate debt protection indicators. Outlook: Stable CRISIL believes that ANL will maintain its healthy business risk profile over the medium term on the back of its tie-up with JBL for manufacturing friction material. The outlook may be revised to 'Positive' if ANL's financial risk profile improves substantially. Conversely, the outlook may be revised to 'Negative' in case of more-than-expected increase in debt-funded capital expenditure, sluggish revenue growth, and decline in profitability, impacting ANL's overall credit risk profile. About Allied Nippon Allied Nippon Ltd, incorporated in 1982 by Mr. Ravi Talwar and his associates, manufactures friction materials from its four plants in Sahibabad (Ghaziabad), Gurgaon (Haryana), and Parwanoo (Himachal Pradesh), for automotive applications and the railways. Its products range comprises brake lining, brake pads, brake shoes, brake blocks, railway blocks, and railway pads. ANL has a technical and financial collaboration with JBI, a Hitachi group company. JBI holds a stake of around 20 per cent in ANL, while the Talwar family and associates hold the remainder. ANL reported a profit after tax (PAT) of INR33 million on net sales of INR1401 million for 2008-09 (refers to financial year, April 1 to March 31) against a PAT of INR50 million on net sales of INR1469 million for 2007-08. DELHI DIAMONDS: CRISIL Rates INR250.0 Million Cash Credit at 'B' ---------------------------------------------------------------- CRISIL has assigned its 'B+/Stable' rating to Delhi Diamonds Pvt Ltd's cash credit facility. Facilities Ratings ---------- ------- INR250.0 Million Cash Credit B+/Stable (Assigned) The rating reflects DDPL's exposure to risks related to the start- up phase of its operations, intense competition in the diamond trading and jewellery industry, the expected weakening in its financial risk profile, and volatility in raw material prices. These rating weaknesses are partially offset by the benefits that DDPL derives from its promoters' experience in the gems and jewellery industry, and low debtor default risk. Outlook: Stable CRISIL believes that DDPL's revenues will remain small and its financial risk profile, weak, over the near term as the company's operations are in the start-up phase. The outlook may be revised to 'Positive' if DDPL generates more-than-expected net cash accruals resulting in significant improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if its inventory position deteriorates, resulting in strained liquidity, or if diamond prices fall, adversely affecting its profitability. About Delhi Diamonds DDPL, incorporated in March 2010, trades in polished diamond and diamond jewellery and manufactures diamond-studded jewellery. Currently, DDPL operates entirely in the domestic market, with customers comprising wholesalers as well as retailers in North India. Mr. Mukesh Soni, the managing director and his brother Mr. Murari Lal Soni manage the day-to-day operations of the company. DDPL's promoters also own Mohan Gems and Jewels Pvt Ltd (MGJPL; rated 'B+/Stable' by CRISIL). MGJPL was incorporated in 2006 and is engaged in the manufacture of gold jewellery ranging from 18 carats to 24 carats. The company specializes in manufacturing 22 carats (around 90 per cent of total sales of the company) handmade antique jewellery. All of its sales are domestic, mostly local. FORUM RETAIL: ICRA Assigns 'LB+' Rating on INR1.32BB Term Loan -------------------------------------------------------------- ICRA has assigned a 'LB+' rating to the INR1.32 billion term loan of Forum Retail Private Limited. The rating factors in the early stage of the project, various pending regulatory approvals and the market risk since no bookings have been achieved so far. Moreover, delays in the project completion coupled with any slowdown in the real estate sector can impact the liquidity and the debt repayment ability of the company in the future. The rating however derives comfort from successful completion of a similar project (Forum Shopping Mall) by the group in the past. Forum Retail Pvt. Limited is developing a shopping mall with a total built-up area of 0.66 million sq. ft. in Jamshedpur (Jharkhand). The company has entered into a development agreement with JUSCO (Jamshedpur Utility and Services Company). The project has obtained the clearance for the building plan and is in the process of obtaining other regulatory approvals. The initial phase of the project will consist of a retail shops and a multiplex with the project cost of INR1.97 billion funded by promoter contribution and INR1.32 billion million term loan. FIPL had already incurred INR0.14 Billion in the project till December 2009 which has been funded through largely through unsecured loans from the promoters. FORUM IT: ICRA Rates INR1.30 Billion Term Loan at 'LBB-' -------------------------------------------------------- ICRA has assigned a 'LBB-' rating to the INR1.30 billion term loan of Forum IT Parks Pvt. Limited. The long term rating has a stable outlook. The rating factors in the execution risk arising from the early stage of the project and its exposure to any slowdown in the real estate sector. Moreover, the project is exposed to market risk as no bookings have been achieved in the project so far. The rating however derives comfort from the low land cost of the project, modest funding risk and the promoter's experience of successful completing a similar project (Technopolis-I) in the past. Forum IT Parks Pvt. Limited is developing a commercial complex with a total built-up area of 0.75 million sq. ft. within the SEZ located Bantala district (Kolkata). The project cost for the first phase is INR1.95 billion is funded by promoters' contribution of INR0.65 billion and INR1.30 billion million- term loan (already tied up). The promoters have also tied up with private equity investor for funding the project and have obtained INR0.90 billion for the same. FITPPL had already incurred INR0.34 billion in the project till December 2009 which has been funded by a disbursed loan amount of INR0.21 billion and the rest by promoter's contribution. G.P. TRONICS: CRISIL Assigns 'B+' Rating on INR67.5MM Cash Credit ----------------------------------------------------------------- CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank facilities of G.P. Tronics Pvt Ltd. Facilities Ratings ---------- ------- INR67.50 Million Cash Credit B+/Stable (Assigned) INR30.00 Million Letter of P4 (Assigned) Credit/ Bank Guarantee The ratings reflect GP Tronics' weak financial profile and exposure to risks relating to the small scale and working-capital- intensive nature of its operations in the power products industry, and fluctuations in raw material prices. These weaknesses are, however, partially offset by the company's established customer base, strong growth in revenues, and increasing revenue diversity in the high-growth solar power business. Outlook: Stable CRISIL expects GP Tronics' scale of operation to remain small, and financial risk profile to remain weak over the near to medium term. The outlook may be revised to 'Positive' if the company scales up its operations significantly, and strengthens its financial flexibility most likely through fresh equity infusions. Conversely, the outlook may be revised to 'Negative' if the company's profitability weakens, leading to reduced cash accruals, and the company undertakes large, debt-funded capital expenditure. About GP Tronics Established in 1978 as a partnership firm, GP Tronics became a private limited company in 2004. The company deals in energy- related products, and is the authorized distributor for uninterrupted power supply (UPS) systems manufactured by Emerson Network Power (India) Ltd. GP Tronics also manufactures and installs solar power conditioning units (PCUs) for solar power plants and solar water heaters. It has its factory and godown at Kolkata (West Bengal). Pulse Power Technologies Pvt Ltd, a group company, also manufactures solar PCUs. SSM Techno Pvt Ltd, another group company, has a service franchise of Emerson UPS systems in Kolkata. GP Tronics has also let out part of its office space to Airtel, for which it receives rental income of about INR8 million per annum. GP Tronics reported a profit after tax (PAT) of INR6.8 million on net sales of INR178.9 million for 2008-09 (refers to financial year, April 1 to March 31), as against a PAT of INR4.2 million on net sales of INR128.5 million for 2007-08. GOLDEN ROCK: CARE Assigns 'CARE BB+' Rating on Various Bank Debts ----------------------------------------------------------------- CARE has assigned a 'CARE BB+' rating to the Long-term Bank Facilities of Golden Rock Granites Private Limited. This rating is applicable for facilities having tenure of more than one year. Facilities with this rating are considered to offer inadequate safety for timely servicing of debt obligations and carry high credit risk. CARE assigns '+' or '-' sign after the assigned rating (wherever necessary) to indicate the relative position within the band covered by the rating symbol. Also, CARE has assigned a 'PR4' rating to the Short-term Bank Facilities of GRGPL. This rating is applicable for facilities having tenure up to one year. Facilities with this rating would have inadequate capacity for timely repayment of short-term debt obligations and carry very high credit risk. Such facilities are susceptible to default. Amount Facilities (INR cr) Ratings ---------- -------- ------- Long-term Bank Facilities 1.45 CARE BB+ Short-term Bank Facilities 20.25 PR4 Rating Rationale The ratings are constrained by GRGPL's small size of operations, high dependence on a single customer, low level of net worth, relatively high gearing on account of working capital intensive nature of operations, limited financial flexibility and foreign exchange risk. The ratings also factor in the company's long track record of operation in a niche segment, presence of the group company in granite quarrying business and a team of artisans generating designs for the monuments. Going forward, ability of GRGPL to expand/diversify into various other segments will be crucial for its future growth. In addition, ability of the company to improve margins along with growth in sales volume will be key rating sensitivities. GRGPL belongs to Golden Rock group which has interests in granite blocks and granite monuments. The promoters of this group are Mr.N.Balakrishnan, Mr.K.Balasubramanian, Mr.K.J.Sudhaa and Mr.K.K.Kandhaswamy all belonging to same family. GRGPL is engaged in manufacturing of granite monuments and caters entirely to the export market. The total installed capacity is 350 containers per annum as on March 31, 2009. GRGPL reported a PAT of INR0.94 cr on a total income of INR37 cr during FY09. HORIZON INFRASTRUCTURE: CARE Rates INR200cr LT Loans at 'CARE BB+' ------------------------------------------------------------------ CARE has assigned 'CARE BB+' rating to the Long-term Bank Facilities of Horizon Infrastructure Limited. This rating is applicable for facilities having tenure of over one year. Facilities with this rating are considered to offer inadequate safety for timely servicing of debt obligations. Such facilities carry high credit risk. CARE assigns '+' or '-' signs to be shown after the assigned rating (wherever necessary) to indicate the relative position within the band covered by the rating symbol. These ratings are assigned to the long-term bank facilities aggregating INR200 crore. Rating Rationale The rating is constrained by HIL's limited experience in executing large size construction contracts and consequent dependence on subcontractors, the company's high gearing levels, its reducing profitability margins and exposure to the project risk associated with its Special Purpose Vehicles (SPVs). However, the rating factors in the reasonable revenue visibility for HIL from the proposed infrastructure projects of its group companies. Besides, the rating factors in HIL's promoters' experience in setting up infrastructure projects. HIL's ability to raise the projected equity before its scheduled repayment and to achieve the envisaged revenue and profitability in view of the company's past trend of declining profitability margins and inherent risk related to time and cost overrun are the key rating sensitivities. HIL is part of the SKIL Group which develops infrastructure projects. HIL is mainly into undertaking small construction contracts. Besides, HIL has planned to implement three projects in the fields of education, hospitality and healthcare costing INR1,963 crore through its various SPVs. The projects are in the various stages of obtaining statutory approval. HIL is also hopeful of receiving part of the construction contracts from these projects which it will sub-contract. During FY09, HIL posted a total income of INR96 crore (a y-o-y growth of 133%) with a PBILDT and PAT margin of 4.71% (9.68% for FY08) and 3.46% (6.25% for FY08), respectively. As a result of the low capital-intensive nature of operations, the gearing levels are minimal. However, HIL's investment in the project stage companies is in excess of its net worth. During H1FY10, HIL posted total income of INR45 crore with PBILDT and PAT margin of 4.78% and 12.22%, respectively. HYUNDAI MOTOR: India Unit to Settle Terminated Workers' Claims -------------------------------------------------------------- Hyundai Motor India Ltd., a wholly owned subsidiary of Hyundai Motor Co., has started direct negotiations with its dismissed employees for a final settlement instead of going through the workers union, The Economic Times reports. The Economic Times relates HMIL said in a statement that some employees who were dismissed on disciplinary grounds had approached for a direct settlement. According to the report, the company has arrived at a settlement with two workers and the process is underway with another 20 employees. Under the settlement, the dismissed workers will get their statutory dues and ex-gratia payment. The company alleged that the Hyundai Motor India Employees Union (HMIEU) was preventing the workers from signing the direct settlement. The report recalls that Hyundai Motor India's workers went on a six day strike last year protesting the wage agreement the management negotiated with a workers committee. About Hyundai Motor Headquartered in Seoul, South Korea, Hyundai Motor Company (SEO:005380) -- http://worldwide.hyundai.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. HYUNDAI MOTOR: Indian Unit Domestic Sales Up 28.11% in April ------------------------------------------------------------ Hyundai Motor India Ltd reported an increased of 28.11% in its domestic sales for April 2010, The Financial Express reports. The company sold 28,501 units last month, compared with 22,247 units in April 2009. The company's total sales soared by 17.24 per cent at 52,020 units as compared to 44,370 units in the year-ago period. Exports of the company grew 6.31 per cent to 23,519 units from 22,123 units in the year-ago period. "HMIL's positive performance is a reflection of its strong product portfolio. The recently launched refurbished i20 has further strengthened its position, as it has received a tremendous response from the market and has become the growth driver for the segment," HMIL Director (Marketing and Sales) Arvind Saxena said. About HMIL Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company, South Korea and is the second largest car manufacturer in India. HMIL presently markets 34 variants of passenger cars across segments. The Santro in the B segment, the Getz Prime and the i10 in the B+ segment, the Accent and the Verna in the C segment, the Sonata Embera in the E segment and the Tucson in the SUV segment. Headquartered in Seoul, South Korea, Hyundai Motor Company (SEO:005380) -- http://worldwide.hyundai.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. OM PRAKASH: CRISIL Places 'B+' Rating on INR50 Mil. Cash Credit --------------------------------------------------------------- CRISIL has assigned its 'B+/Stable/P4' ratings to the bank facilities of M/s Om Prakash Amarnath. Facilities Ratings ---------- ------- INR50 Million Cash Credit B+/Stable (Assigned) INR30 Million Pledge Loan B+/Stable (Assigned) INR70 Million Bank Guarantee P4 (Assigned) The ratings reflect OPA's small scale of operations, weak financial risk profile marked by low net worth and high gearing, and limited revenue visibility because of a small order book. These rating weaknesses are partially offset by the firm's long track record in the civil construction industry. Outlook: Stable CRISIL believes that OPA will continue to benefit over the near to medium term from the promoters' experience in the civil construction industry. The outlook may be revised to 'Positive' if the firm scales up its operations and improves its financial flexibility. Conversely, the outlook may be revised to 'Negative' if the firm's financial risk profile deteriorates because of significant decline in revenues and profitability. About Om Prakash Om Prakash Amarnath is a sole proprietorship concern engaged in civil construction work on contract basis for the past six decades. Mr. Omprakash Khatri is the proprietor of the firm. The firm has executed several projects for companies and government agencies, including the Indore Development Authority. OPA posted a net profit of INR16 million on operating income of INR317 million for 2008-09 (refers to financial year, April 1 to March 31), against a net profit of INR8 million on operating income of INR168 million in 2007-08. SHREE RAJASTHAN: CARE Assigns 'CARE BB+' Rating on LT Bank Debts ---------------------------------------------------------------- CARE has assigned a 'CARE BB+' rating to the Long-term Bank Facilities and 'PR4' rating to the Short-term Bank Facilities of Shree Rajasthan Syntex Ltd. Facilities with 'Double B' rating are considered to offer inadequate safety for timely servicing of debt obligations. Such facilities carry high credit risk. This rating is applicable for facilities having tenure of more than 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. This rating is applicable for facilities having a tenure up to one year. CARE assigns '+' or '-' signs to be shown after the assigned rating (wherever necessary) to indicate the relative position of the company within the band covered by the rating. Amount Facilities (INR cr) Ratings ---------- -------- ------- Long-term Bank Facilities 164.27 CARE BB+ Short-term Bank Facilities 24.60 PR4 Rating Rationale The rating factors in SRSL's weak financial profile as reflected by net loss incurred in FY09 and 9MFY10, high overall gearing, vulnerability of its margins to exchange rate fluctuation risk and highly fragmented and working capital intensive nature of industry. These weaknesses are, however, partially offset by the vast experience of promoters, established track record in yarn industry and efficient receivable management policy. The ability to improve financial risk profile especially overall gearing and profit margins remain the key rating sensitivities. Incorporated in 1979, SRSL was promoted jointly by RIICO and Shri V.K. Ladia, a Textile Engineer and graduate from IIM-A. It is engaged in the production of cotton, synthetic (grey as well as dyed) and Polypropylene Multifilament (PMMF) yarn, with 67,584 spindles for synthetic yarn, 14,520 spindles for cotton yarn and 3,600 MTPA production capacity of Polypropylene Multifilament (PPMF) yarn. The company manufactures yarn in the range of 18-30 counts, averaging at around 25 counts. Its manufacturing facilities for Synthetic and Cotton yarn are located at Dungarpur (Rajasthan) and for PPMF yarn at Bagru Ravan, Jaipur (Rajasthan). SHIVAM STEELS: ICRA Assigns 'LBB+' Rating on INR30 Mil. Bank Debts ------------------------------------------------------------------ ICRA has assigned an 'LBB+' rating to the INR30 million, fund- based bank facilities of Shivam Steels & Tubes Private Limited. The outlook on the long-term rating is "stable". ICRA has also assigned an 'A4+' rating to the INR150 million, non-fund based bank facilities of SSTP. The assigned ratings take into account the high working capital intensity making an adverse impact on its liquidity position; small scale of operations; high customer concentration risks; and significant competition from other pipe manufacturers due to the fragmented nature of the industry. The company also remains exposed to risks arising from wide variations in raw material (steel) prices, given the cyclicality inherent in the steel business. Nevertheless, the ratings favorably factor in the experience of the promoters in the pipe manufacturing business; moderate operating profitability supported by high realizations; recent installation of cold rolling mill, which increases the extent of vertical integration in business and is expected to improve margins in future; a favorable outlook on the tube and pipe industry, driven by the automobile industry; moderate capital structure of the company at present following the recent conversion of unsecured loans into equity and its moderate return on capital employed owing to high asset utilization rates. Established in 1998, SSTPL is engaged in the manufacture of Electric Resistance Welded precision steel tubes with its manufacturing facility located at Shahapur in the Thane District of Maharashtra. The installed capacity of the facility is 18,000 MTPA. The products of SSTPL find their applications in automobiles, bicycles and furniture. In 2008-09, SSTPL made a profit of INR15.3 million on the back of net sales of INR384.6 million. In the first nine months of 2009- 10, SSTPL recorded an operating profit of INR20.4 million on the back of gross sales of INR259.7 million. TRADECOM INTERNATIONAL: ICRA Reaffirms 'LBB' Rating on Bank Debts ----------------------------------------------------------------- ICRA has re-affirmed an 'A4' and 'LBB' rating to the INR60.03 million working capital facilities of Tradecom International Pvt Ltd. The outlook assigned to the long term rating is "Stable". The reaffirmed ratings continue to reflect the relatively small size of TI's operations and intense competition faced in the business due to presence of several players in the industry. The working capital intensity remains high on account of high debtor as well as creditor days. The rating factors in the susceptibility of the margins to raw material price fluctuations along with its exposure to foreign exchange fluctuations due to raw material imports. However, the ratings favorably factors in the promoter's long track record in the business of trading and processing paper, its reputed customer and supplier profile and comfortable capital structure at present. Incorporated in 1998, TI was promoted by Mr. Aurora and is engaged in the business of indenting and trading of paper. The company has a registered office in Mumbai. TI recorded a net profit of INR7.70 million on an operating income of INR64.60 million for the year ending March 31, 2009, and net profit of INR4.30 million on an operating income of INR46.60 million as per the unaudited figures for quarter ended Dec 2009. VENKATESHWARA SPONGE: Delays in Loan Payment Prompt Junk Ratings ---------------------------------------------------------------- CRISIL's rating to bank facilities of Venkateshwara Sponge & Iron Company Pvt Ltd continues to reflect delays by Venkateshwara in its repayment of term loan obligations, owing to weak liquidity. Facilities Ratings ---------- ------- INR100 Million Cash Credit* D (Reaffirmed) INR150 Million Term Loan** D (Reaffirmed) INR10 Million Long-Term Bank D (Reaffirmed) Loan Facility *Includes proposed limit of INR40 Million. **Includes proposed limit of INR80 Million. Venkateshwara, a closely held company set up in 2005, manufactures sponge iron. The company commenced commercial production in February 2008, with an installed capacity of 100 tonnes per day (tpd). Venkateshwara reported a loss of INR20 million on net sales of INR194 million for 2008-09 (refers to financial year, April 1 to March 31), as against a loss of INR4.5 million on net sales of INR36.9 million for 2007-08. ================= I N D O N E S I A ================= BANK DANAMON: To Pay IDR766.26 Billion in Dividends --------------------------------------------------- ANTARA News reports that Bank Danamon Indonesia's shareholders had agreed to allocate 50% of last year's net profit as dividends. Bank Danamon finance director Vera Eve Lim said the bank will pay dividends worth IDR766.26 billion in total, or equal with IDR90.97 per share, according to ANTARA. The shareholders at their general meeting also agreed on new boards of directors and commissioners with Ho Hon Cheong (Henry Ho) appointed as a new president director, replacing Sebastian Paredes. Ms. Lim said the bank's net operating income rose 19% to IDR5.65 trillion and net interest margin increased 12% from a year earlier, ANTARA reports. Bank Danamon posted a net profit of IDR1.53 trillion last year. ANTARA relates Ms. Lim said the bank last year channeled IDR63.28 trillion in credits, a 5.41% decline compared to the year before. About Bank Danamon Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia Tbk provides a range of products and services, including Consumer Banking, Small to Medium-Sized Enterprise and Commercial, Trade Finance, Treasury Product, Cash Management, Other Services, Financial Planning and e-Banking. Danamon Syariah is the Bank's business unit that provides its customers with syariah banking products and services. The bank also operates Danamon Simpan Pinjam, which caters to micro banking customers. DSP is divided into two groups: DSP to serve and help enterprises in micro and small-scale banking, and DSP for individual customers with fixed income. As of December 31, 2009, the Bank had 82 domestic branches, 1,405 domestic supporting branches and DSP branches, 11 Sharia branches and one overseas branch. * * * PT Bank Danamon Indonesia continues to carry Fitch Ratings' BB Long-term foreign currency Issuer Default Rating, 'B' Short-term foreign currency IDR and 'C/D' Individual Rating. Bank Danamon also carries Moody's 'Ba3' Long Term Rating, 'Ba3' Foreign LT Bank Deposits and 'D' BFSR. PERUSAHAAN GAS: Posts IDR1.77 Trillion Net Profit in Q1 ------------------------------------------------------- PT Perusahaan Gas Negara Tbk reported an unaudited net profit of IDR1.77 trillion in the first quarter of 2010, ANTARA News reports. ANTARA, citing PGN President Director Hendi P Santoso, says the net profit was supported by the sale of 841 million cubic feet per day (MMSCFD), 17% increase compared to that in last year's same period. Besides gas sales, ANTARA relates, the company's financial performance in the first quarter of this year was also supported by the business of natural gas transmission with a volume of 758 MMSCFD, and the appreciation of the rupiah against other currencies. "In the first quarter of this year the company booked a business profit of IDR4.49 trillion with a net profit of IDR1.77 trillion," the news agency quoted Santoso as saying. About PGN Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk -- http://www.pgn.co.id/-- is a gas and energy company that is comprised of two core businesses: distribution and transmission. For distribution, PGN signs long-term supply agreements with upstream operators, which give the company scheduled and reliable gas volumes and fixed gas prices. These volumes are subsequently sold to commercial and industrial customers under gas sales agreements. Under these agreements, sales volumes are take-or-pay and the gas pricing is fixed and in US dollar. On the transmission business, PGN ships gas on behalf of the upstream suppliers under a fixed US dollar tariff with ship-or- pay volumes agreements. The company is 59.4% owned by the Government of Indonesia. * * * As reported in the Troubled Company Reporter-Asia Pacific on December 9, 2009, Moody's Investors Service affirmed Perusahaan Gas Negara's Ba2 corporate family rating. At the same time, Moody's upgraded the senior unsecured debt rating of PGN Euro Finance 2003 Ltd, which is guaranteed by Perusahaan Gas Negara, to Ba2 from Ba3. The outlook on all ratings is stable. ========= J A P A N ========= ALL NIPPON: Posts JPY57.39 Billion in Fiscal Year 2009 ------------------------------------------------------ All Nippon Airways Co. disclosed its consolidated financial results for the fiscal year ending March 31, 2010. The company posted a net loss of JPY57.39 billion in fiscal 2009 ended in March, compared with a net loss of JPY4.2 billion for 2008. ANA also booked an operating loss of JPY54.25 billion, compared with an operating income of JPY7.59 billion in 2008. For the current fiscal year ending March 31, 2010, ANA expects a net income of JPY5 billion, an operating income of JPY42 billion and operating revenues of JPY1.36 trillion. A full-text copy of the company's financial results is available for free at http://ResearchArchives.com/t/s?2045 All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a Japan-based company engaged in three business segments. Its Air Transportation segment is engaged in the air transportation business, as well as the provision of services at airports, the provision of reservation services through telephones and the maintenance of aircrafts in the country and overseas markets. The Traveling segment develops, plans and sells tour packages under the brand names ANA Hello Tour and ANA Sky Holiday. This segment also offers services to travelers and sells travel products and air tickets. The Others segment is involved in the information communications, real estate, building management, land transportation and airplane fixture repair businesses, among others. The company has 112 subsidiaries and 40 associated companies. * * * As reported in the Troubled Company Reporter-Asia Pacific on Nov. 23, 2009, Moody's Investors Service downgraded the long-term debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3. The outlook is stable. ========= K O R E A ========= HYUNDAI MOTOR: April Sales Up 27.6% to 310,396 Vehicles ------------------------------------------------------- Hyundai Motor Co. sold 310,396 units last month, up 27.6% April 2009, backed by robust sales at home and overseas, according to Yonhap News Agency. Domestic sales gained 16.9% to 55,339 units and exports climbed 30.1% to 255,057 units, the report says. Headquartered in Seoul, South Korea, Hyundai Motor Company (SEO:005380) -- http://worldwide.hyundai.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. KIA MOTORS: Kia America Reports 17.3% Increase in Sales in April ---------------------------------------------------------------- Kia Motors America announced April sales of 30,036 units sold, a 17.3-percent increase over the same period last year. Year-to- date sales are up 12.9-percent with the all-new Sorento CUV topping the list as Kia's best-selling vehicle, continuing its run of impressive sales results since arriving in dealerships in early January. As the brand's first vehicle to be assembled in the U.S., the Sorento posted sales of 8,486 units. Other top-selling models include the recent Insurance Institute for Highway Safety "Top Safety Pick" Forte compact and the highly personalizable Soul, achieving 5,807 and 5,223 units sold, respectively. "Kia Motors' exceptional sales results in April follow our best first quarter in company history and reflect how consumers are noticing the brand's quality products with unparalleled design like the all-new Sorento," said Byung Mo Ahn, group president and CEO of KMA and Kia Motors Manufacturing Georgia (KMMG). "With three all-new vehicle models on the horizon this year, including Sportage, Forte five-door and Optima, the company stands to continue its momentum in 2010." Kia Motors America is the marketing and distribution arm of Kia Motors Corporation. Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a Korea-based automobile manufacturer. The Company provides its products under three categories: sport utility vehicles (SUVs) and multipurpose vehicles (MPVs), passenger vehicles and commercial vehicles. Its SUVs and MPVs include leisure vehicles under the brand name Carens, Carnival, Sportage, Mohave and Sorento. Its passenger vehicles include passenger cars under the brand name Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti. Its commercial vehicles include trucks and buses. The Company also offers concept vehicles and automobile parts. The Company's products are distributed in both domestic and overseas markets. * * * 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. ==================== N E W Z E A L A N D ==================== A2 CORPORATION: Merger Talks With Freedom Nutritional Suspended --------------------------------------------------------------- A2 Corporation Ltd has suspended discussions with Freedom Nutritional Products Ltd. over a full merger. "The parties believe that there may be an outcome preferable to a full merger of equals and, as such, discussions about a full merger have been suspended," A2 Corp. said in a statement to the stock exchange. "The on-going discussions involve a potential merger of FNP's interests in the Australian joint venture (A2 Dairy Products Australia) with A2C, in exchange for shares in A2C." The exclusivity arrangements between FNP and A2C announced have expired. As reported in the Troubled Company Reporter-Asia Pacific on April 13, 2010, The National Business Review said A2 Corporation may quit the NZAX and is looking to move to the ASX if a merger with Australian-based Freedom Nutritional Products goes ahead. A2 Corporation currently lists on the NZX alternative market while Freedom Nutritional Products is listed across the Tasman, NBR said. About A2 Corporation New Zealand-based A2 Corporation Ltd. (NZAX: ATM) -- http://www.a2corporation.com/-- is engaged in the sale and production of beta-casein A2 milk products. The company owns and licenses intellectual property that enables the identification of cattle for the production and subsequent marketing of A2 Milk. a2 milk is naturally produced to contain maximum amounts of a milk protein variant that is associated by a number of studies with potential benefits in some individuals. A2 Corporation Ltd receives royalty income from sales of A2 Milk products and testing for A2 cattle, and shares in the profits or losses of associates and subsidiaries formed for those purposes. * * * A2 Corp. incurred three consecutive net losses of NZ$6.3 million, NZ$5.08 million and NZ$448,800 for the years ended March 31, 2008, 2007 and 2006, respectively. The company also reported a net loss of NZ$3.52 million for the 15 months ended June 30, 2009. The company reported a post-tax loss of NZ$717,172 in the six months ending December 31, 2009. This compared to a loss of NZ$1.99 million for the six months ended September 30, 2008. ================= S I N G A P O R E ================= SINGAM PETRO: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on April 23, 2010, to wind up the operations of Singam Petro Pte Ltd. The company's liquidator is: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road, #06-11 Singapore 069118 =========== T A I W A N =========== NANYA TECHNOLOGY: April 2010 Sales Up 97% Year-to-Year ------------------------------------------------------ Nanya Technology Corp. has announced net sales of NT$5.22 billion in April 2010, an increased of 97% from NT$2.65 billion in April 2009 due to recovering demand for its chips from PC makers, Lisa Wang at The Taipei Times reports. Net sales for April 2010 was slightly lower from March's NT$5.26 billion in sales. Taipei Times relates Nanya Technology said it raised contract prices by 10% last month, from March, matching the chipmaker's forecast as customers built up as much inventory as possible to cope with expected strong PC replacement demand in the second half of this year. Shipments, however, fell about 8% month-on-month last month as output declined during the migration to more cost-efficient 50-nanometer technology and next-generation DD3 chips. The migration is expected to be completed later this quarter, paving the way for a significant increase in output in the second half of the year, the report adds. About Nanya Technology Based in Taiwan, Nanya Technology Corp. (TPE:2408) -- http://www.nanya.com/-- is principally engaged in the manufacture, development and sale of memory products. The company primarily offers dynamic random access memory (DRAM) chips, including double data rate (DDR) DRAM chips, DDR2 DRAM chips and DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline (SO) dual in-line memory modules (DIMMs), 184-pin registered and unbuffered DDR synchronous dynamic random access memory (SDRAM) DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered DDR2 SDRAM DIMMs and others. DRAMs are used as data storage units for computer, communications and consumer (3C) products. Nanya Technology posted a net loss of NT$35.23 billion, or NT$7.54 per diluted share, for the 2008 fiscal year, compared with a net loss of NT$12.46 billion in the prior year. In the fiscal year of 2009, the company posted unaudited sales revenue of NT$42.456 billion with an operating loss of NT$16.076 billion and a net loss of NT$20.742 billion. =============== X X X X X X X X =============== * S&P's Global Corporate Default Tally Remains at 31 ---------------------------------------------------- The 2010 year-to-date tally of global corporate defaults remains unchanged at 31, with no issuers defaulting the week, said an article published April 30 by Standard & Poor's. By region, the current year-to-date default tallies are 22 in the U.S., two in Europe, two in the emerging markets, and five in the other developed region (Australia, Canada, Japan, and New Zealand). So far this year, Chapter 11 filings and distressed exchanges account for 10 defaults each, missed interest or principal payments are responsible for six, regulatory directives and receiverships account for one each, and the remaining three defaulted issuers are confidential. Of the global corporate defaulters in 2010, 38% of issues with available recovery ratings had recovery ratings of '6' (indicating our expectation for negligible recovery of 0%-10%), 12% of the issues had recovery ratings of '5' (modest recovery prospects of 10%-30%), 12% had recovery ratings of '4' (average recovery prospects of 30%-50%), and 19% had recovery ratings of '3' (meaningful recovery prospects of 50%-70%). And for the remaining two rating categories, 15% of the issues had recovery ratings of '2' (substantial recovery prospects of 70%-90%) and 4% of issues had recovery ratings of '1' (very high recovery prospects of 90%- 100%). Ultimate recovery rates displayed considerable cyclicality in 2009, in sync with the ebb and flow of liquidity. A particular instrument's position in the capital structure, its security and collateral, company-specific issues, and economic and credit market conditions are the main factors that influence a recovery rate. Preliminary data for 2009 suggest that the shock to liquidity from events such as the Lehman Brothers' bankruptcy in the fall of 2008 severely affected exit valuations of defaulted securities, as well as the values of nondefaulted securities. Recoveries, which had experienced a golden age of extremely high rates during 2003-2007, dropped precipitously in 2009, in line with our expectations. By early 2009, recovery rates dropped to 39% for loans and revolving credit facilities and 34% for bonds (on a mean discounted basis in the first four months) from 74% and 51%, respectively, for all of 2008. The rebound in capital market sentiment boosted recovery rates later in the year, and by July 2009, recovery rates began to increase from these troughs. * Upcoming Meetings, Conferences and Seminars --------------------------------------------- Apr. 20-22, 2010 TURNAROUND MANAGEMENT ASSOCIATION Sheraton New York Hotel and Towers, New York City Contact: http://www.turnaround.org/ Apr. 29, 2010 AMERICAN BANKRUPTCY INSTITUTE Nuts and Bolts - East Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 29-May 2, 2010 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 29-May 2, 2010 THE COMMERICAL LAW LEAGUE OF AMERICA Midwestern Meeting & National Convention Westin Michigan Avenue, Chicago, Ill. 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Contact: 1-703-739-0800; http://www.abiworld.org/ July 7-10, 2010 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Ocean Edge Resort, Brewster, Massachusetts Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2010 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Conference The Ritz-Carlton Amelia Island, Amelia, Fla. Contact: http://www.abiworld.org/ Aug. 3, 2010 AMERICAN BANKRUPTCY INSTITUTE Atlanta Consumer Bankruptcy Skills Training Georgia State Bar Building, Atlanta, Ga. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 5-7, 2010 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 11-14, 2010 AMERICAN BANKRUPTCY INSTITUTE Hawai.i Bankruptcy Workshop The Fairmont Orchid, Big Island, Hawaii Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 14, 2010 AMERICAN BANKRUPTCY INSTITUTE ABI/NYIC Golf and Tennis Fundraiser Maplewood Golf Club, Maplewood, N.J. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 20, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE Complex Financial Restructuring Program Fordham Law School, New York, N.Y. Contact: 1-703-739-0800; http://www.abiworld.org/ Sept. 23-25, 2010 AMERICAN BANKRUPTCY INSTITUTE Southwest Bankruptcy Conference Four Seasons Las Vegas, Las Vegas, Nev. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 1, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE ABI/UMKC Midwestern Bankruptcy Institute Kansas City Marriott Downtown, Kansas City, Kan. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 6-8, 2010 TURNAROUND MANAGEMENT ASSOCIATION TMA Annual Convention JW Marriott Grande Lakes, Orlando, Florida Contact: http://www.turnaround.org/ Oct. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Chicago Consumer Bankruptcy Conference Standard Club, Chicago, Ill. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 15, 2010 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Hilton New Orleans Riverside, New Orleans, La. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 29, 2010 (tentative) AMERICAN BANKRUPTCY INSTITUTE International Insolvency Symposium The Savoy, London, England Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. __, 2010 AMERICAN BANKRUPTCY INSTITUTE Delaware Views from the Bench and Bankruptcy Bar Hotel du Pont, Wilmington, Del. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 11, 2010 AMERICAN BANKRUPTCY INSTITUTE Detroit Consumer Bankruptcy Conference Hyatt Regency Dearborn, Dearborn, Mich. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 9-11, 2010 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, a JW Marriott Resort & Spa, Scottsdale, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ Dec. 2-4, 2010 AMERICAN BANKRUPTCY INSTITUTE 22nd Annual Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800; http://www.abiworld.org/ Jan. 20-21, 2011 AMERICAN BANKRUPTCY INSTITUTE Rocky Mountain Bankruptcy Conference Westin Tabor Center, Denver, Colo. Contact: 1-703-739-0800; http://www.abiworld.org/ January 26-28, 2011 TURNAROUND MANAGEMENT ASSOCIATION TMA Distressed Investing Conference Aria Las Vegas Contact: http://www.turnaround.org/ Mar. 31-Apr. 3, 2011 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ June 9-12, 2011 AMERICAN BANKRUPTCY INSTITUTE Central States Bankruptcy Workshop Grand Traverse Resort and Spa, Traverse City, Mich. Contact: http://www.abiworld.org/ July 21-24, 2011 AMERICAN BANKRUPTCY INSTITUTE Northeast Bankruptcy Conference Hyatt Regency Newport, Newport, R.I. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 4-6, 2011 (tentative) AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hotel Hershey, Hershey, Pa. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 14, 2011 AMERICAN BANKRUPTCY INSTITUTE NCBJ/ABI Educational Program Tampa Convention Center, Tampa, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Oct. 25-27, 2011 TURNAROUND MANAGEMENT ASSOCIATION Hilton San Diego Bayfront, San Diego, CA Contact: http://www.turnaround.org/ Dec. 1-3, 2011 AMERICAN BANKRUPTCY INSTITUTE 23rd Annual Winter Leadership Conference La Quinta Resort & Spa, La Quinta, Calif. Contact: 1-703-739-0800; http://www.abiworld.org/ Apr. 19-22, 2012 AMERICAN BANKRUPTCY INSTITUTE Annual Spring Meeting Gaylord National Resort & Convention Center, National Harbor, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ July 14-17, 2012 AMERICAN BANKRUPTCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton Amelia Island, Amelia Island, Fla. Contact: 1-703-739-0800; http://www.abiworld.org/ Aug. 2-4, 2012 AMERICAN BANKRUPTCY INSTITUTE Mid-Atlantic Bankruptcy Workshop Hyatt Regency Chesapeake Bay, Cambridge, Md. Contact: 1-703-739-0800; http://www.abiworld.org/ Nov. 29 - Dec. 2, 2012 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference JW Marriott Starr Pass Resort & Spa, Tucson, Ariz. Contact: 1-703-739-0800; http://www.abiworld.org/ ********* 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 ***