/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/100507.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, May 7, 2010, Vol. 13, No. 089 Headlines C H I N A KAISA GROUP: Moody's Affirms Corporate Family Rating at 'B1' H O N G K O N G ALOHA COFFEE: Contributories and Creditors to Meet on May 19 AVAN DESIGN: Creditors' Proofs of Debt Due May 17 CHOI FOOK: Creditors and Contributories to Meet on May 14 FEALTY COMPANY: Creditors and Contributories to Meet on May 14 H3C HOLDINGS: S&P Raises Corporate Credit Rating to 'A' From 'BB-' ITACS (HK): Creditors' Proofs of Debt Due May 31 METZLER INTERNATIONAL: Creditors Get 5.9% Recovery on Claims PROFIT HARBOUR: Members' Final Meeting Set for June 4 RYOBOU INTERNATIONAL: Creditors' Proofs of Debt Due May 24 SHANGHAI YUYUAN: Placed Under Voluntary Wind-Up Proceedings SHELL BITUMEN: Creditors' Proofs of Debt Due May 31 SKY BLUE: Members and Creditors' Final Meetings Set for May 20 SIHC TECHNOLOGY: Members' Final Meeting Set for May 31 SUN FAIR: Members' Final Meeting Set for May 31 SUNVILLE INVESTMENT: Creditors' Proofs of Debt Due May 14 SYMMETRICOM HK: Members' Final Meeting Set for May 31 SYSCO RESOURCES: Members' Final Meeting Set for May 31 WATFIELD TECHNOLOGY: Court to Hear Wind-Up Petition on May 19 WINSON HANDTAPS: Creditors and Contributories to Meet on May 14 WINSON TRADING: Creditors and Contributories to Meet on May 14 YOSHIMO INVESTMENT: Members' Final General Meeting Set for June 4 I N D I A BVSR PRP ROAD: CRISIL Assigns 'BB' Rating on INR346 Mil. Term Loan BVSR PAM ROAD: CRISIL Places 'BB' Ratings on INR245MM Term Loan DAMODAR DEVELOPERS: CRISIL Puts 'B+' Rating on INR250M Cash Credit GARGO MOTORS: Delays in Loan Repayment Cue CRISIL 'C' Ratings HINDUSTAN MOTORS: Not Seeking BIFR Help Amid Net Worth Erosion JAGRUTHI EDUCATIONAL: CRISIL Assigns 'B+' Ratings on Various Debts JENIL STEEL: ICRA Rates INR60 Mil. Fund-Based Bank Debts at 'LBB+' JET AIRWAYS: Seeks More Time to Pay Purchased BKC Land MARVEL HOME: CRISIL Rates INR95.00 Million Term Loan at 'C' ORISSA TELEVISION: ICRA Places 'LBB+' Rating on Various Bank Debts P. K. & CO: ICRA Places 'LB+' Rating on INR50 Mil. Long Term Loan PRIYADARSHINI SAHAKARI: CRISIL Puts 'B+' Rating on INR130M LT Loan SEMINDIA SYSTEMS: CRISIL Puts 'B+' Rating on INR400M Bank Debts STP LIMITED: CRISIL Reaffirms 'B' Rating on INR90 Mil. Cash Credit TALBROS ENGINEERING: ICRA Reaffirms 'LBB+' Rating on INR230M Loans TANEJA IRON: ICRA Assigns 'LB' Rating on INR12.7MM Term Loan TATA MOTORS: Finance Arm to Raise INR1-Bil. Via Short-Term Debt TATA STEEL: Corus Appoints Citibank as Adviser on TCP Sale TATA STEEL: Corus Still In Talks to Find Buyer for Teeside Plant ULTIMATE FASHION: CRISIL Assigns 'B+' Rating on INR25.6MM LT Loan UNISOURCE PAPERS: Low Profitability Cues ICRA 'LBB-' Ratings J A P A N LEHMAN BROTHERS: LBI Trustee Wants City-YUWA as Special Counsel K O R E A DAEWOO MOTOR: Lays Off 50% of Auto Sales Staff GENERAL MOTORS: Faces Lawsuit Over Capital Increase in Daewoo HYNIX SEMICONDUCTOR: To Issue KRW557.9BB Convertible Bonds SSANGYONG MOTOR: Will Receive Preliminary Bid For Stake Sale M A L A Y S I A ARK RESOURCES: Auditors Raise Going Concern Doubt RAMUNIA HOLDINGS: Unit's Restraining Order Extended Until August 7 WONDERFUL WIRE: Total Default Reaches MYR82.49 Mil. as of April 30 N E W Z E A L A N D 9999 GOLD: Securities Commission Issues Warning On Offers SOUTH CANTERBURY: Set to Get NZ$15.5 Million Cash Infusion ST LAURENCE FINANCE: SecCom Warns Investors Over Debenture Offers X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ========= C H I N A ========= KAISA GROUP: Moody's Affirms Corporate Family Rating at 'B1' ------------------------------------------------------------ Moody's Investors Service has affirmed Kaisa Group Holdings Ltd's B1 corporate family and B2 senior unsecured bond ratings with a stable outlook following the successful closing of the company's US$350 million bond issuance. The bond rating's provisional status has also been removed. Kaisa's B1 corporate family rating reflects its competitive position and development track record, with nine residential projects in Shenzhen. Its competitive, low-land-cost business model for redevelopment projects predominantly in the Guangdong Province will gradually add to the company's earnings and cash flow. At the same time its rating is limited by its fast-track expansion beyond Shenzhen, which has resulted in relatively high debt leverage and volatile profit margin. In addition, its narrow funding sources and banking relationships further constrain the rating. Moody's last rating action on Kaisa occurred on April 12, 2010, when Moody's assigned a first-time B1 corporate family rating on the company and a provisional (P)B2 bond rating on its proposed US$ senior unsecured notes. Kaisa Group Holdings Ltd is a Shenzhen-based property developer, established in 1999 and listed on the Hong Kong Stock Exchange in December 2009. It has 33 projects under development in the Pearl River Delta, Yangtze River Delta, Bohai Rim, and West China. ================ H O N G K O N G ================ ALOHA COFFEE: Contributories and Creditors to Meet on May 19 ------------------------------------------------------------ Contributories and creditors of Aloha Coffee Company Limited will hold their first meetings on May 19, 2010, at 2:30 p.m., and 3:30 p.m., respectively at Room 2009-10, Nan Fung Tower, 173 Des Voeux Road Central, in Hong Kong. At the meeting, Lau Siu Hung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. AVAN DESIGN: Creditors' Proofs of Debt Due May 17 ------------------------------------------------- Creditors of Avan Design & Consulting Company Limited, which is in compulsory liquidation, are required to file their proofs of debt by May 17, 2010, to be included in the company's dividend distribution. The company's liquidator is: E T O'Connell 10th Floor, Queensway Government Offices 66 Queensway, Hong Kong CHOI FOOK: Creditors and Contributories to Meet on May 14 --------------------------------------------------------- Creditors and contributories of Choi Fook Group Company Ltd will hold their first meetings on May 14, 2010, at 4:00 p.m., and 4:30 p.m., respectively at Room 203, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, in Hong Kong. At the meeting, Pui Chiu Wing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FEALTY COMPANY: Creditors and Contributories to Meet on May 14 -------------------------------------------------------------- Creditors and contributories of Fealty Company Ltd will hold their first meetings on May 14, 2010, at 2:30 p.m., and 3:00 p.m., respectively at Room 203, Duke of Windsor Social Service Building, 15 Hennessy Road, Wanchai, in Hong Kong. At the meeting, Pui Chiu Wing, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. H3C HOLDINGS: S&P Raises Corporate Credit Rating to 'A' From 'BB-' ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it had raised its long-term corporate credit rating on H3C Holdings Ltd. to 'A' from 'BB-'. S&P also removed the rating from CreditWatch, where it had been placed with positive implications on Nov. 13, 2009. The outlook was stable. S&P then withdrew the rating at the company's request. At the same time, S&P withdrew its 'BB+' bank loan rating after H3C repaid its US$430 million senior secured credit facility. "S&P raised the rating on H3C following Hewlett-Packard Co.'s (A/Stable/A-1) completion of its acquisition of H3C's parent, 3Com Corp. (not rated). In S&P's view, H3C has a strategically important role to play in helping HP expand its enterprise networking business," said Standard & Poor's credit analyst Joe Poon. "HP has a track record of integrating and retaining its acquisitions as well as repaying or guaranteeing the outstanding debt of the companies it has acquired; it tends to centralize borrowings at the parent level. Following the acquisition, H3C is now a wholly owned subsidiary of HP, and S&P views it as operationally, strategically, and financially integrated with HP." H3C is a leading supplier of data networking equipment. The company provides a full line of enterprise data networking products, which include local area network switches, routers, and Internet protocol storage, as well as network security and Voice over Internet protocol equipment. ITACS (HK): Creditors' Proofs of Debt Due May 31 ------------------------------------------------ Itacs (HK) 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 20, 2010. The company's liquidators are: Wong Poh Weng Wong Tak Man Stephen 29/F., Caroline Centre Lee Gardens Two 28 Yung Ping Road Hong Kong METZLER INTERNATIONAL: Creditors Get 5.9% Recovery on Claims ------------------------------------------------------------ Metzler International (Asia) Limited, which is in liquidation, will pay the second interim dividend to its creditors today, May 7, 2010. The company will pay 0.5% for ordinary claims. The company's liquidators are: Desmond Chung Seng Chiong Roderick John Sutton The Hong Kong Club Building, 14/F 3A Chater Road Central, Hong Kong PROFIT HARBOUR: Members' Final Meeting Set for June 4 ----------------------------------------------------- Members of Profit Harbour Limited will hold their final meeting on June 4, 2010, at 9:30 a.m., at the 27/F Alexandra House, 18 Chater Road, Central, in Hong Kong. At the meeting, Patrick Cowley, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. RYOBOU INTERNATIONAL: Creditors' Proofs of Debt Due May 24 ---------------------------------------------------------- Creditors of Ryobou International Limited, which is in members' voluntary liquidation, are required 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 SHANGHAI YUYUAN: Placed Under Voluntary Wind-Up Proceedings ----------------------------------------------------------- At an extraordinary general meeting held on April 16, 2010, members of Shanghai Yuyuan Mart Co. (H.K.) Limited resolved to voluntarily wind up the company's operations. The company's liquidator is: Pan Donghui Room 808, ICBC Tower 3 Garden Road Central, Hong Kong SHELL BITUMEN: Creditors' Proofs of Debt Due May 31 --------------------------------------------------- Shell Bitumen (Luzhou) Holding 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 19, 2010. The company's liquidators are: Ying Hing Chiu Chan Mi Har Level 28, Three Pacific Place 1 Queen's Road East Hong Kong SKY BLUE: Members and Creditors' Final Meetings Set for May 20 -------------------------------------------------------------- Members and creditors of Sky Blue Management Limited will hold their final meetings on May 20, 2010, at 3:30 p.m., and 4:00 p.m., respectively at Room 1613, 16/F., Tai Yau Building, 181 Johnston Road, Wanchai, in Hong Kong. At the meeting, Chung Cheuk Ming and Lui Tin Nang, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SIHC TECHNOLOGY: Members' Final Meeting Set for May 31 ------------------------------------------------------ Members of SIHC Technology Co., Limited will hold their final meeting on May 31, 2010, at 10:00 a.m., at the Room 509, Bank of America Tower, 12 Harcourt Road, Central, in Hong Kong. At the meeting, Hue Yat Lun Sansom, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SUN FAIR: Members' Final Meeting Set for May 31 ----------------------------------------------- Members of Sun Fair Electric Wire & Cable Company Limited will hold their final general meeting on May 31, 2010, at 10:30 a.m., at Rooms 1901-2, Park-In Commercial Centre, 56 Dundas Street, in Kowloon. At the meeting, Lee Kwok On Alexander, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SUNVILLE INVESTMENT: Creditors' Proofs of Debt Due May 14 --------------------------------------------------------- Creditors of Sunville Investment Company Limited, which is in compulsory liquidation, are required to file their proofs of debt by May 14, 2010, to be included in the company's dividend distribution. The company's liquidators are Kong Chi How Johnson and Lo Siu Ki. SYMMETRICOM HK: Members' Final Meeting Set for May 31 ----------------------------------------------------- Members of Symmetricom Hong Kong Limited will hold their final meeting on May 31, 2010, at 10:00 a.m., at the Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Natalia Seng Sze Ka Mee and Cheng Pik Yuk, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SYSCO RESOURCES: Members' Final Meeting Set for May 31 ------------------------------------------------------ Members of Sysco Resources Hong Kong Limited will hold their final meeting on May 31, 2010, at 10:00 a.m., at 7th Floor, Alexandra House, 18 Chater Road, Central, in Hong Kong. At the meeting, Philip Brendan Gilligan, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WATFIELD TECHNOLOGY: Court to Hear Wind-Up Petition on May 19 ------------------------------------------------------------- A petition to wind up the operations of Watfield Technology Limited will be heard before the High Court of Hong Kong on May 19, 2010, at 9:30 a.m. Kenworth Engineering Limited filed the petition against the company on March 15, 2010. The Petitioner's solicitors are: Tsang & Lee Room 901, 9th Floor Harcourt House 39 Gloucester Road Wanchai, Hong Kong WINSON HANDTAPS: Creditors and Contributories to Meet on May 14 --------------------------------------------------------------- Creditors and contributories of Winson Handtaps Company Limited will hold their first meetings on May 14, 2010, at 3:00 p.m., and 4:30 p.m., respectively at Room 501, The Boys' & Girls' Clubs Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong Kong. At the meeting, Kong Chi How Johnson, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WINSON TRADING: Creditors and Contributories to Meet on May 14 -------------------------------------------------------------- Creditors and contributories of Winson Trading (H.K.) Company Limited will hold their first meetings on May 14, 2010, at 3:30 p.m., and 4:45 p.m., respectively at Room 501, The Boys' & Girls' Clubs Association of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong Kong. At the meeting, Kong Chi How Johnson, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. YOSHIMO INVESTMENT: Members' Final General Meeting Set for June 4 ----------------------------------------------------------------- Members of Yoshimo Investment Limited will hold their final general meeting on June 4, 2010, at 2:35 p.m., at the Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Natalia K M Seng, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= BVSR PRP ROAD: CRISIL Assigns 'BB' Rating on INR346 Mil. Term Loan ------------------------------------------------------------------ CRISIL has assigned its 'BB/Stable/P4+' ratings to BVSR PRP Road Projects Pvt Ltd's bank facilities. Facilities Ratings ---------- ------- INR346.00 Million Term Loan* BB/Stable (Assigned) INR14.00 Million Bank Guarantee P4+ (Assigned) * Includes proposed amount of INR13.00 million The ratings reflect BPRP's exposure to risks related to the aggressive funding structure and repayment schedule of its road improvement project for the Pulivendula-Ramireddypalli-Palagiri road in Kadapa (Andhra Pradesh) and to time and cost overruns in the project, the project being in initial stages of implementation. These rating weaknesses are partially offset by the benefits that BPRP derives from its promoters' experience in the construction industry, and the annuity nature of the build, operate, and transfer (BOT) project. Outlook: Stable CRISIL believes that BPRP will gain from the experience of its promoters and the low technical complexities involved in the project as well as the fixed-time-and-cost nature of BPRP's engineering, procurement, and construction (EPC) contract with BVSR Construction Pvt Ltd. The outlook may be revised to 'Positive' if BPRP completes the project on schedule and is able to meet its debt repayment obligations on time. Conversely, the outlook may be revised to 'Negative' if there are delays in project completion, or if there is inadequate support from BCPL in case the funds with BPRP are inadequate to meet the repayment obligations About BVSR PRP BPRP is a special-purpose vehicle, promoted by BCPL to design, rehabilitate, upgrade to two-lane carriageway, operate, and maintain the Pulivendula-Ramireddypalli-Palagiri road in Kadapa. The total length of the road under improvement is 23.86 kilometres. The project was awarded to BPRP by Roads and Buildings Department of Andhra Pradesh on an annuity basis. RDB has entered into a 10- year concession agreement, including 18 months of construction period, with BPRP as concessionaire for the implementation, operation, and maintenance of the project. BVSR PAM ROAD: CRISIL Places 'BB' Ratings on INR245MM Term Loan --------------------------------------------------------------- CRISIL has assigned its 'BB/Stable/P4+' ratings to BVSR PAM Road Projects Pvt Ltd's bank facilities. Facilities Ratings ---------- ------- INR245.00 Million Term Loan BB/Stable (Assigned) INR10.00 Million Bank Guarantee P4+ (Assigned) The ratings reflect BPAM's exposure to risks related to the aggressive funding structure and repayment schedule of its road improvement project for the Pulivendula-Ambakapalli-Murarichintala road, in Kadapa (Andhra Pradesh), and to time and cost overruns in the project, the project being in initial stages of implementation. These rating weaknesses are partially offset by the benefits that BPAM derives from its promoters' experience in the construction industry, and the annuity nature of the build, operate, and transfer (BOT) project. Outlook: Stable CRISIL believes that BPAM will gain from the experience of its promoters and the low technical complexities in the project as well as the fixed-time-and-cost nature of BPAM's engineering, procurement, and construction (EPC) contract with BVSR Construction Pvt Ltd. The outlook may be revised to 'Positive' if BPAM completes the project on schedule and is able to meet its debt repayment obligations on time. Conversely, the outlook may be revised to 'Negative' if there are delays in project completion, or if there is inadequate support from BCPL in case the funds with BPAM are inadequate to meet the repayment obligations. About BVSR PAM Road BPAM is a special-purpose vehicle promoted by BCPL to design, rehabilitate, upgrade to two-lane carriageway, operate, and maintain the Pulivendula-Ambakapalli-Murarichintala road in Kadapa. The total length of the road undergoing improvement is 10.80 kilometres. The project was awarded to BPAM by Roads and Buildings Department (RBD) of Andhra Pradesh on an annuity basis. RBD has entered into a 10-year concession agreement, including 18 months of construction period, with BPAM as concessionaire for the implementation, operation, and maintenance of the project. DAMODAR DEVELOPERS: CRISIL Puts 'B+' Rating on INR250M Cash Credit ------------------------------------------------------------------ CRISIL has assigned its 'B+/Stable' rating to Damodar Developers Private Limited's bank facilities. Facilities Ratings ---------- ------- INR250.00 Million Cash Credit B+/Stable (Assigned) INR35.00 Million Standby Line B+/Stable (Assigned) of Credit The rating reflects DDPL's constrained financial risk profile, exposure to risks related to large working capital requirements, and susceptibility to unfavorable regulatory changes in the distillery industry. These rating weaknesses are partially offset by DDPL's established position in the distillery industry with good operating capabilities. Outlook: Stable CRISIL believes that DDPL will maintain its revenue growth and profitability, backed by its healthy market position in West Bengal and its high operating efficiencies, over the medium term. The outlook may be revised to 'Positive' if there is significant capital infusion in the company, or it contracts less-than- expected debt to fund its proposed capital expenditure (capex). Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile deteriorates because of more- than-expected debt contracted for capex. About Damodar Developers DDPL was incorporated in 2002 as an authorized distributor for Shaw Wallace & Co Ltd in West Bengal. After United Spirits Ltd (USL) acquired Shaw Wallace & Co Ltd in 2005, DDPL was appointed the authorized distributor for USL in Kolkata, and was subsequently appointed as USL's distributor for entire West Bengal. DDPL reported a profit after tax (PAT) of INR7 million on operating income of INR1071 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of INR6 million on operating income of INR992 million for 2007-08. GARGO MOTORS: Delays in Loan Repayment Cue CRISIL 'C' Ratings ------------------------------------------------------------- CRISIL has assigned its 'C' rating to Gargo Motors' cash credit facility. Facilities Ratings ---------- ------- INR65.0 Million Cash Credit C (Assigned) The rating reflects instances of delays in repayment of unrated facilities of Gargo, its modest scale of operations, and weak financial risk profile marked by low net worth, high gearing and weak debt protection measures. These rating weaknesses are partially offset by the benefits that Gargo derives from its established relationship with its principal, Tata Motors Ltd (TML, CRISIL rated 'A+/Stable/P1+'). Set up in 1996 by Mr. Kamakhya Borthakur, Gargo, a proprietorship firm, is an authorized dealer of TML's commercial vehicles; Gargo has six showrooms and two stockyards in Assam. The firm sells several variants of commercial vehicles including pick-ups, medium to heavy commercial vehicles, light commercial vehicles, and buses manufactured by TML. Mr. Kamakhya Borthakur has also promoted Gargo Motors Ltd (CRISIL rated 'B+/Stable'), which is authorized dealer of TML's passenger vehicles. Gargo reported a profit after tax (PAT) of INR10.5 million on net sales of INR685.3 million for 2008-09 (refers to financial year, April 1 to March 31) against a PAT of INR6.4 million on net sales of INR836.4 million for 2007-08. HINDUSTAN MOTORS: Not Seeking BIFR Help Amid Net Worth Erosion -------------------------------------------------------------- Nikhil Gulati at Dow Jones Newswires reports that Hindustan Motors Ltd. chief financial officer Yogesh Goenka said Tuesday the company isn't seeking any assistance from the federal government yet. Yogesh Goenka told Dow Jones Newswires that the company is merely reporting the matter to the Board for Industrial & Financial Reconstruction under statutory norms. Various media reports said Hindustan Motors has reported a 50% erosion in peak net worth, resulting from accumulated losses totaling INR1.32 billion. The company has also said that it would shortly report to BIFR following this erosion of net worth. However, Dow Jones relates, the BIFR would take over the company, advising it on steps to turn its fortunes around, only when its net worth becomes zero. But in Hindustan Motors' case, its "net worth has eroded but it is still positive," Mr. Goenka told Dow Jones Newswires. Mr. Goenka said Hindustan Motors will "come out with a detailed revival plan shortly," according to Dow Jones. The company posted a loss of INR428.5 million ($9.6 million) in the year ended March, compared with INR377.8 million a year earlier. Hindustan Motors has accumulated losses of INR1.32 billion and had a net worth of INR1.64 billion at the end of March. About Hindustan Motors Hindustan Motors Limited -- http://www.hindmotor.com/-- is an India-based Company engaged in the manufacture of automobiles and components namely, castings, forgings and stampings. The Company operates in two segments: automobiles, which consist of manufacture and sale of passenger cars, utility vehicles, and components and accessories; other segment comprises of remote service division engaged in engineering services. The Company focuses in Ambassador range of cars and utility vehicles, Mitsubishi range of products, which include Lancer, Cedia, Pajero, Montero and Outlander. Its subsidiaries include Hindustan Motor Finance Corporation Limited, HM Export Limited and Hindustan Motors Limited, USA. JAGRUTHI EDUCATIONAL: CRISIL Assigns 'B+' Ratings on Various Debts ------------------------------------------------------------------ CRISIL has assigned its 'B+/Stable' rating to Jagruthi Educational & Welfare Society bank facilities. Facilities Ratings ---------- ------- INR75.0 Million Term Loan B+/Stable (Assigned) INR5.0 Million Proposed Long-Term B+/Stable (Assigned) Bank Loan Facility The rating reflects JEWS's exposure to risks related to its large ongoing debt-funded capital expenditure (capex), nascent stage of operations, and intense competition from other educational institutions in Hyderabad (Andhra Pradesh). These rating weaknesses are partially offset by the benefits that JEWS derives from its promoters' strong track record in the education sector, and the healthy demand prospects for engineering and management courses. Outlook: Stable CRISIL believes that JEWS will continue to benefit from its promoters' established track record and the healthy demand outlook for engineering and management courses in and around Hyderabad. The outlook may be revised to 'Positive' if JEWS establishes a track record of healthy cash accruals on the back of its ability to attract students for its courses. Conversely, the outlook may be revised to 'Negative' in case of delays in the execution of JEWS's ongoing project or significantly lower-than-expected demand for its courses, adversely impacting the society's debt servicing ability. About the Society JEWS was registered in 1997 under the Societies Registration Act, 1860, with the objective of imparting quality education in technical and management areas to students from rural and backward areas. The society started operations in 2008; it offers graduate and post-graduate courses in engineering and management. The society is affiliated to Jawaharlal Nehru Technological University, and its courses are approved by the All India Council for Technical Education. Dr. Srinivas Reddy is the president and Dr. Venkateshwara Rao is the general secretary of the society. JEWS reported net surplus of INR1.48 million on gross receipts of INR9.45 million for 2008-09 (refers to financial year, April 1 to March 31). JENIL STEEL: ICRA Rates INR60 Mil. Fund-Based Bank Debts at 'LBB+' ------------------------------------------------------------------ ICRA has assigned an 'LBB+' rating to the INR60 million fund-based bank facilities of Jenil Steel Pvt. Ltd. The outlook on the long- term rating is "stable". ICRA has also assigned an 'A4+' rating to the INR70 million non-fund based bank facilities of JSPL. The assigned ratings take into account the highly fragmented nature of the steel trading business of JSPL, as characterized by intense competition which results in weak operating and net profitability; the price risk borne by the company on account of its business requirement of maintaining a steel inventory, given the cyclicality inherent in the steel industry; moderately aggressive gearing and exposure to currency risk related to un- hedged imports. Nevertheless, the ratings factors in positively the experience of the promoters in the steel trading business; the company's procurement capability based on its established relationship with large domestic suppliers; low utilization of bank limits providing financial flexibility; established market position leading to repeat orders and diverse customer base which reduces sales concentration risk. Incorporated in 2002, JSPL is engaged in trading of a wide variety of steel long products like wire rods, rounds, rebars etc. JSPL is an authorized dealer for leading domestic steel suppliers in the long steel products segment. The company also imports material from China and Ukraine. Its warehousing facilities are located at Kalamboli in Navi Mumbai and Panvel in Raigad district of Maharashtra. Recent Results In FY 09, JSPL made a net profit of INR14.2 million on the back of net sales of INR1.4 billion. As per provisional results for FY10, JSPL recorded a profit before tax (PBT) of INR29.7 million on the back of net sales of INR1.68 billion. JET AIRWAYS: Seeks More Time to Pay Purchased BKC Land ------------------------------------------------------ Jet Airways has asked the Mumbai Metropolitan Region Development Authority for six more months to pay for the 1.47-acre Bandra- Kurla Complex plot it bought for INR826 crore in 2008, The Press Trust of India reports. The news agency says Jet Airways has till date paid only the INR10 crore for the land on which it wants to build its headquarters. "They have approached us seeking more time to pay for this land," a MMRDA official told PTI here. "It (the request) is under process," the official said. Last September, PTI relates, MMRDA chief Ratnakar Gaikwad had said that the airline had been given time until September 30, 2009, to cough up 50% of the land cost. The carrier had planned to raise $200 million (about INR900 crore), but there has been no movement forward, PTI notes. About Jet Airways Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/ -- provides air transportation. The geographic segments of the company are domestic and international. The company has a frequent flyer program named Jet Privilege wherein the passengers who uses the services of the airline become services of the airline become members of Jet Privilege and accumulates miles to their credit. The company's subsidiaries include Jet Lite (India) Limited, Jetair Private Limited, Jet Airways LLC, Trans Continental e Services Private Limited, Jet Enterprises Private Limited, Jet Airways of India Inc., India Jetairways Pty Limited and Jet Airways Europe Services N.V. On April 20, 2007, the company acquired Sahara Airlines Limited. * * * Jet Airways posted a consolidated net loss of INR9614.10 million for the year ended March 31, 2009, compared with consolidated net loss of INR6538.70 million for the year ended March 31, 2008. Consolidated total sales increased from INR109907.20 million for the year ended March 31, 2008 to INR134488.60 million for the year ended March 31, 2009. MARVEL HOME: CRISIL Rates INR95.00 Million Term Loan at 'C' ----------------------------------------------------------- CRISIL has assigned its 'C' rating to Marvel Home Constructions Pvt Ltd's term loan facility. Facilities Ratings ---------- ------- INR95.00 Million Term Loan C (Assigned) The rating reflects MHCPL's exposure to risks related to the implementation of its ongoing Marvel Motia Homes project, its weak financial risk profile marked by low net worth and high gearing, concentration of its revenues in a single project, and its vulnerability to risks and cyclicality inherent in the Indian real estate industry. These rating weaknesses are partially offset by the benefits that MHCPL derives from the moderate track record of its promoters in the construction industry. Incorporated in 2002 as Greh Pravesh Estate Services Pvt Ltd, the company's name was changed to its present one on October 2005. MHCPL had only a land bank and no operations until 2008. In 2008, the present promoters, Mr. Sanjeev Garg and associates, acquired a majority stake in MHCPL and started the construction of the Marvel Motia Homes project under the company. The project is a residential complex of 3.5-room (bedrooms, hall, and kitchen) flats in Ludhiana (Punjab). The complex will comprise of 48 fully furnished flats with an area of 1592 square feet (sq ft) each (super built-up area of 1800 sq ft) spread over eight six-storied buildings. The total saleable area is 76,437.84 sq ft. The total project cost is estimated at around INR220 million. MHCPL is expected to report revenues only upon full completion of the project, which is expected in 2011-12 (refers to financial year, April 1 to March 31). ORISSA TELEVISION: ICRA Places 'LBB+' Rating on Various Bank Debts ------------------------------------------------------------------ ICRA has assigned an 'LBB+' rating to the INR87.5 million, term loans and the INR50.0 million, long-term, fund-based bank facilities of Orissa Television Limited. The outlook on the rating is stable. The assigned rating takes into account OTL's strong promoters and management team; distribution benefits and savings on carriage fees derived by virtue of the dominance of ground distribution of its group company, Ortel Communications Limited (Ortel); limited competition from Oriya language channels; and improving margins. The rating is, however, constrained by the small scale of operations of the company; its stretched financial profile as characterized by low profitability and moderate gearing levels; competitive pressures it faces from the Hindi general entertainment channels (GECs); and the debt-funded capital expenditure plans which could further weaken the financial profile unless supported by adequate equity infusion. Orissa Television Limited, a company promoted by the Pandas of the IMFA (Indian Metals and Ferro Alloys Limited) group, was incorporated on April 1, 2005. OTL is into the business of providing broadcasting services, and currently operates three Oriya language channels ? OTV, a news and current affairs (NCA) channel; Tarang, a general entertainment channel (GEC); and Tarang Music, a music channel. Prior to the incorporation of OTL, OTV was incepted as a cable channel in 1997, primarily to be distributed on Ortel Communications Limited's (a group company) own network. Subsequently, the channel was converted to a satellite channel with effect from December 2, 2006 as a news, current affairs and entertainment channel. The OTL management, later, decided to shift the entertainment programs to a new channel, Tarang, and made OTV a 24*7 NCA channel. Tarang, was launched on November 6, 2006, while Tarang Music was launched on April 1, 2009. While OTV is an encrypted free-to-air (FTA) channel, both Tarang and Tarang Music are pay channels. For the 12 months ending March 31, 2009, OTL reported profit after tax of INR4.6 million on revenues of INR144.6 million. P. K. & CO: ICRA Places 'LB+' Rating on INR50 Mil. Long Term Loan ----------------------------------------------------------------- ICRA has assigned an 'LB+' rating to the INR50.0 million long term fund based bank limits and INR300.0 million non-fund based bank limits of P. K. & Co. The rating has considered the recent delays in interest servicing by PKC, the highly competitive nature of the construction industry wherein business is procured on an L1 based contract awarding system, which results in low profitability, the modest size of PKC's operation and high client and geographical concentration risks. Moreover, the ratings are further affected by the higher working capital intensity which is primarily due to high level of debtors in the current year which has affected the liquidity of the firm. This apart, the rating also takes into account the over-utilization of working capital limits during the recent past which is largely attributed to delayed payments from its customers. The rating however takes into account the long track record of the firm in the construction business and steady flow of orders from its established clientele including state and central government entities. The ratings also consider the positive outlook for the construction business, given the large number of projects expected in the North East. M/s P. K. & Co., incorporated in 1992 as a partnership firm in Guwahati, is in the business of civil construction and engineering works. The firm is promoted by Mr. Sajan Kumar Agarwala, Mr. Mahabir Prasad Agarwala, Mr. Shyam Sundar Agarwala, Mr. Pawan Kumar Agarwala and North East Cashews Private Ltd, a company promoted by one of the partners in PKC. During 2008-09, PKC reported a net profit of INR32.7 million on net sales of INR556.3 million. PRIYADARSHINI SAHAKARI: CRISIL Puts 'B+' Rating on INR130M LT Loan ------------------------------------------------------------------ CRISIL has assigned its 'B+/Stable/P4' ratings to Priyadarshini Sahakari Soot Girni Ltd's bank facilities. Facilities Ratings ---------- ------- INR130.0 Million Long-Term Loan B+/Stable (Assigned) INR80.0 Million Cash Credit B+/Stable (Assigned) INR20.0 Million Bank Guarantee P4 (Assigned) The ratings reflect the funding risks PSSGL faces, the company's limited track record of operations, and the vulnerability of its operating margins to volatility in cotton prices. These rating weaknesses are partially offset by the expected improvement in PSSGL's operating efficiencies, because of its increasing capacities. Outlook: Stable CRISIL believes that PSSGL will continue to benefit from the experience of its management and its improving operating efficiencies over the medium term. The outlook may be revised to 'Positive' if PSSGL's operations stabilize following the timely completion of its project, resulting in increased and stable revenues, and if the company generates profits consistently over the medium term. Conversely, the outlook may be revised to 'Negative' if there is delay in the completion of the company's project, resulting in lower-than-expected profitability and revenues, constraining its financial risk profile. About Priyadarshini Sahakari PSSGL is a trust established in 1991 in Yavatmal (Maharashtra) to assist the development of the small-scale cotton yarn manufacturing industry in the region. It was formed as a joint initiative of the Government of Maharashtra and the textile ministry. PSSGL manufactures cotton yarn. PSSGL reported a net loss of INR41.6 million on net sales of INR184 million for 2008-09 (refers to financial year, April 1 to March 31), against a net loss of INR17.9 million on net sales of INR4.4 million for 2007-08. SEMINDIA SYSTEMS: CRISIL Puts 'B+' Rating on INR400M Bank Debts --------------------------------------------------------------- CRISIL has assigned its 'B+/Stable/P4' ratings to SemIndia Systems Private Limited's bank facilities. Facilities Ratings ---------- ------- INR400.00 Million Cash Credit Limit B+/Stable (Assigned) INR500.00 Million Letter of Credit P4 (Assigned) INR100.00 Million Bank Guarantee P4 (Assigned) The ratings reflect SISPL's exposure to risks related to customer and supplier concentration and weak financial risk profile, marked by large working capital requirements. These rating weaknesses are partially offset by the SISPL's stable revenues from key customers. Outlook: Stable CRISIL believes that SISPL will continue to benefit from stable demand for its products and established relationships with customers over the medium term. The outlook may be revised to 'Positive' if SISPL's business volumes and profitability improve, and it diversifies its revenue profile. Conversely, any large debt-funded capital expenditure program, lower realizations, or delays in realization of receivables could result in the outlook being revised to 'Negative'. About SemIndia Systems Set up in 2007, SISPL manufactures electronic products such as digital subscriber line modems. Located in Bengaluru, SISPL was set up by Mr. Vinod Agarwal. Subsequently, Mr. Prathap (Bob) Kondomoori, MD of Sandalwood Capital Partners, a venture capital funding company, took over as MD of SISPL. SISPL is a wholly owned subsidiary of SemIndia Mauritius. SISPL plans to cater to microchip enabled products such as set-top boxes, internet protocol televisions and Wi-Max equipment that drive high-speed internet. SISPL reported a profit after tax (PAT) of INR46.4 million on net sales of INR1.04 billion for 2008-09 (refers to financial year, April 1 to March 31) against a PAT of INR8.5 million on net sales of INR1.05 billion for 2007-08. STP LIMITED: CRISIL Reaffirms 'B' Rating on INR90 Mil. Cash Credit ------------------------------------------------------------------ CRISIL's ratings on the bank facilities of STP Ltd continue to reflect STP's weak financial risk profile marked by volatile operating margins, and its small scale of operations in the corrosion protection products industry. These rating weaknesses are partially offset by the company's moderate business profile. Facilities Ratings ---------- ------- INR90 Million Cash Credit B/Stable (Reaffirmed) INR50 Million Letter of Credit P4 (Reaffirmed) INR20 Million Bank Guarantee P4 (Reaffirmed) Outlook: Stable CRISIL believes that STP will maintain its existing credit risk profile over the medium term on the back of support from the Turner Morrison group (of which STP is a part), and its low term debt levels. The outlook may be revised to 'Positive' if STP reports substantial growth in business volumes and profitability, while maintaining a healthy capital structure. Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile weakens on account of losses or low profitability, or if it contracts large debt to fund capital expenditure. About STP Ltd STP, part of the Turner Morrison group, has four business verticals: coal tar products, corrosion protection products, construction additives, and civil construction. It has manufacturing facilities at Goa (for construction chemicals), Chennai (bituminous products), and Jamshedpur (coal tar products). Its customers include the Indian Railways, and companies such as Oil and Natural Gas Corporation Ltd, Reliance Industries Ltd, Indian Oil Corporation Ltd, and Larsen & Toubro Ltd. STP reported a provisional profit after tax (PAT) of INR16.8 million on net sales of INR923.8 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR2.7 million on net sales of INR720.1 million for 2008-09. TALBROS ENGINEERING: ICRA Reaffirms 'LBB+' Rating on INR230M Loans ------------------------------------------------------------------ ICRA has reaffirmed the 'LBB+/ A4+'ratings for the INR230 million bank facilities of Talbros Engineering Limited. The long-term rating has been assigned a "Stable" outlook. The rating reaffirmation takes into account TEL's steady share of business over the years with various domestic and overseas customers including M&M, Spicer India Limited and Tractors and Farm Equipment Limited (TAFE) etc. The rating also takes into account the company's integrated manufacturing set-up encompassing forging and machining and its in-house die manufacturing capability. However, in view of TEL's planned capex over the medium term, its financial risk profile is expected to remain moderate. The ratings are also constrained by TEL's moderate scale of operations, lack of product diversification, high working capital intensity and moderate financial risk profile. TEL has a long track record of operations being engaged in the manufacture of Rear Axle Shafts; however, considering that the product finds application in a relatively small segment of vehicles, the market potential is limited. The company's working capital intensity is high on account of high inventory levels, which also exposes it to the risk of inventory loss in the event of fluctuating steel prices. Recent Results In nine months 2009-10, TEL's Net Sales at INR462 million reported a decline of 4% over the corresponding previous period. The company's profit before depreciation, interest and tax at INR37 million reported a decline of 17% in nine months 2009-10 over the corresponding previous period. TEL's Profit after Tax (PAT) increased from INR5 million in nine months 2008-09 to INR8 million in nine months 2009-10. About Talbros Engineering Talbros Engineering Limited, originally a part of Talbros Automotive Components Limited was hived off into a separate company in 1996. TEL is engaged in the manufacture of automotive Rear Axle Shafts and other Splined Shafts and forgings having application in Commercial Vehicles, Utility Vehicles (UVs) and Tractors. Currently, TEL has a manufacturing capacity of around 800,000 Axle Shafts per annum with its facilities located at Faridabad and Hathin (both in Haryana). The company manufactures and sells its products to domestic Original Equipment Manufacturers (OEMs), Tier-1 suppliers of auto components, Overseas Customers and to the Replacement Market. In 2008-09, TEL's Net Sales at INR617 million reported a growth of 2% over the previous year. The company's operating profit before depreciation, interest and tax at INR53 million reported a growth of 4% in 2008-09 over the previous year. TEL's PAT increased from INR6 million in 2007-08 to INR7 million in 2008-09. TANEJA IRON: ICRA Assigns 'LB' Rating on INR12.7MM Term Loan ------------------------------------------------------------ ICRA has assigned 'LB' rating in long term to the INR12.7 million term loan, INR54.9 million fund based limits, and INR22.4 million unallocated limits of Taneja Iron & Steel Co Ltd. ICRA has also assigned 'A4' rating in short term to the INR10.0 million non-fund based limits of TISCL. ICRA's ratings of TISCL take into account its modest scale, limited operational track record and modest debt protection indicators. Further, the rating is also constrained by irregularity in payment of interest in the past, vulnerability to adverse movement in raw material prices and high competitive intensity of the industry. However, the rating derives comfort from the experience of promoters in the business and positive demand outlook for automobile sector which is a major consumer of TISCL's products. TISCL is an Indore based steel manufacturer operating in the spring steel segment. The company was incorporated in August 2006 by Mr. Manoj K. Taneja. In the financial year ending March 31, 2009 TISCL registered an operating income (OI) of INR192.9 million on which it earned a profit after tax (PAT) of INR0.2 million. TATA MOTORS: Finance Arm to Raise INR1-Bil. Via Short-Term Debt --------------------------------------------------------------- Tata Motors Finance Ltd. aims to raise INR1 billion via short-term debt, Khushita Vasant at Dow Jones Newswires reports, citing a person familiar with the matter. The vehicle financing arm of Tata Motors Ltd is selling INR500 million of three-month commercial paper and INR500 million of four-month commercial paper, the person told Dow Jones Newswires, asking not to be named. The person said the three-month paper pays a yield of 4.60% and the four-month paper has been priced at 4.80%, Dow Jones reports. Both issues will be privately placed, Dow Jones' source added. About Tata Motors India's largest automobile company, Tata Motors Limited -- http://www.tatamotors.com/-- is mainly engaged in the business of automobile products consisting of all types of commercial and passenger vehicles, including financing of the vehicles sold by the company. The company's operating segments consists of Automotive and Others. In addition to its automotive products, it offers construction equipment, engineering solutions and software operations. TML is listed on the Bombay Stock Exchange, the National Stock Exchange of India and New York Stock Exchange. It was ultimately 33.4% owned by the Tata Group as of December 2007. Tata Motors has operations in Russia and the United Kingdom. * * * As reported in the Troubled Company Reporter-Asia Pacific on April 21, 2010, Moody's Investors Service upgraded Tata Motors Ltd's corporate family rating to B2 from B3. The outlook on the rating is positive. This rating action completes the rating review for possible upgrade initiated on March 2, 2010, when TML announced its consolidated Q3 FY2010 results. TATA STEEL: Corus Appoints Citibank as Adviser on TCP Sale ---------------------------------------------------------- The Press of India reports that Corus, Tata Steel's European unit, has appointed Citibank to advice it on the sale of its Teesside Cast Product (TCP) mills in Redcar, UK. "Yes. We have appointed Citibank," Corus spokesperson Bob Jones told PTI. According to PTI, a leading British trade union had approached Prime Minister Gordon Brown to intervene and save 1,600 jobs at the mills and said that it would also speak to Tata Steel Chairman Ratan Tata directly seeking answers whether the company is serious about selling the TCP mills. About Tata Steel Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- is a diversified steel producer. It has operations in 24 countries and commercial presence in over 50 countries. Its operations predominantly relate to manufacture of steel and ferro alloys and minerals business. Other business segments comprises of tubes and bearings. On April 2, 2007, Tata Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1, which in turn is a subsidiary of Tata Steel completed the acquisition of Corus Group plc. Tata Metaliks Limited, which is engaged in the business of manufacturing and selling pig iron, became a subsidiary of the Company with effect from February 1, 2008. In September 2008, the Company acquired a 7.3% interest in Riversdale Mining Ltd. * * * Tata Steel Ltd. continues to carry a Ba3 corporate family rating from Moody's Investors Service with stable outlook. The rating was downgraded by Moody's from Ba2 in June 2009. TATA STEEL: Corus Still In Talks to Find Buyer for Teeside Plant ---------------------------------------------------------------- Peter Marsh at The Financial Times reports that Kirby Adams, chief executive of Corus, has hit back at union criticism of his management style. "I am a straight shooter, I don't sugar coat and I might irritate some people," the FT quoted Mr. Adams as saying. "If this is what some people might call 'adversarial' then it seems to me that this could be a compliment." The FT relates Mr. Adams has been involved with a long-running row with Michael Leahy, general secretary of the Community steel union, mainly over the decision by Corus to close partly its Teesside factory, throwing into jeopardy 1,700 jobs. Mr. Leahy told the FT that Mr. Adams had an "over-adversarial style", did not understand the normal processes for handling relationships between businesses and unions in Europe and had presided over the "worst period" for industrial relations at the steelmaker for 45 years. Solution According to the FT, Mr. Adams said Corus, owned by Tata Steel of India, was in contact with "a few businesses that have made serious inquiries" over a deal for the site. Mr. Adams, as cited by the FT, said "We are making a serious effort to find a long-term solution for the Teesside plant and for anyone to suggest otherwise is not true." The FT recalls Corus shut down parts of the Teesside plant this year after an Italian-led consortium pulled out of a deal to acquire the site. The FT notes Mr. Adams said it was difficult for Corus to be "fully transparent" on what it was doing when it was involved with delicate negotiations with potential bidders. About Tata Steel Headquartered in Mumbai, India, Tata Steel Limited -- http://www.tatasteel.com/-- is a diversified steel producer. It has operations in 24 countries and commercial presence in over 50 countries. Its operations predominantly relate to manufacture of steel and ferro alloys and minerals business. Other business segments comprises of tubes and bearings. On April 2, 2007, Tata Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1, which in turn is a subsidiary of Tata Steel completed the acquisition of Corus Group plc. Tata Metaliks Limited, which is engaged in the business of manufacturing and selling pig iron, became a subsidiary of the Company with effect from February 1, 2008. In September 2008, the Company acquired a 7.3% interest in Riversdale Mining Ltd. * * * Tata Steel Ltd. continues to carry a Ba3 corporate family rating from Moody's Investors Service with stable outlook. The rating was downgraded by Moody's from Ba2 in June 2009. ULTIMATE FASHION: CRISIL Assigns 'B+' Rating on INR25.6MM LT Loan ----------------------------------------------------------------- CRISIL has assigned its 'B+/Stable/P4' ratings to Ultimate Fashion Maker Ltd bank facilities. Facilities Ratings ---------- ------- INR25.6 Million Long-Term Loan B+/Stable (Assigned) INR5.0 Million Proposed Long-Term B+/Stable (Assigned) Bank Loan Facility INR75.0 Million Packing Credit P4 (Assigned) INR20.0 Million Bill Discounting P4 (Assigned) INR10.0 Million Letter of Credit P4 (Assigned) & Bank Guarantee The ratings reflect UFML's below-average financial risk profile, marked by small net worth, and weak debt protection measures, and the company's exposure to risks related to high degree of financial support to associate companies, and large working capital requirements. These rating weaknesses are partially offset by UFML's strong business risk profile supported by its promoters' long-standing experience and established relationships with customers. Outlook: Stable CRISIL expects UFML to benefit from its promoters' industry experience and established customer base. The outlook may be revised to 'Negative' in case the company's cash accruals decline owing to economic slowdown or increased competition in the leather goods industry, or the company undertakes any large, debt-funded capital expenditure, impacting its capital structure. Conversely, the outlook may be revised to 'Positive' in case of an improvement in UFML's revenues and operating margin, and/or there is an improvement in its overall liquidity position. About Ultimate Fashion UFML was incorporated in 1997 as a closely held public company by Mr. Gajinder Singh (managing director) and Mr. Nirmohan Singh (director). It manufactures and exports leather jackets and purses, and has a capacity of one lakh pieces per annum. The company exports its product to various European countries such as Germany, France, Italy, Spain, the UK, and to the US. UFML reported a profit after tax (PAT) of INR0.95 million on net sales of INR347.4 million for 2008-09 (refers to financial year, April 1 to March 31) against a PAT of INR1.3 million on net sales of INR271.7 million for 2007-08. UNISOURCE PAPERS: Low Profitability Cues ICRA 'LBB-' Ratings ------------------------------------------------------------ ICRA has re-affirmed an 'A4' and 'LBB-' rating to the INR80.30 million working capital facilities of Unisource Papers Pvt Ltd. The outlook assigned to the long term rating is "Stable". The rating affirmation continues to reflect the weak financial profile of the company characterized by low profitability and coverage indicators, leveraged capital structure following high fund based utilization levels and marginal fund flow from operations. The ratings also incorporate the relatively small size of UPPL's operations limiting economies of scale and intense competition faced in the business due to the presence of several unorganized players in the industry. The rating is further constrained by low degree of awareness amongst customers, mainly corrugators, about quality aspects of paper, which is the value proposition of the UPPL and vulnerability of the margins to raw material price fluctuations and foreign exchange fluctuations due to large raw material imports. However, the ratings reflect promoter's long track record in the business of trading and processing paper and its reputed and diversified customer and supplier profile at present. Incorporated in 2006, UPPL was promoted by Mr. Aurora and is engaged in the business of processing paper. The company has a registered office in Mumbai and a processing unit in Pune. UPPL recorded a net loss of INR19.50 million on an operating income of INR64.60 million for the year ending March 31, 2009, and net profit of INR1.50 million on an operating income of INR93 million as per the unaudited figures for quarter ended December 2009. ========= J A P A N ========= LEHMAN BROTHERS: LBI Trustee Wants City-YUWA as Special Counsel --------------------------------------------------------------- James Giddens, trustee for Lehman Brothers Inc., seeks court approval to employ City-Yuwa Partners as his special counsel effective August 10, 2009. Mr. Giddens seeks the services of Tokyo-based City-Yuwa in connection with the settlement of debit and credit obligations between LBI and Lehman Brothers Japan Inc., the recovery of debts owed by LBJ, among other things. City-Yuwa will be paid for its services on an hourly basis and will be reimbursed for its expenses. The hourly rates and the firm's professionals who are tasked to provide the services are: Professionals Hourly Rates ------------- ------------ Masaaki Sawano JPY50,000 Kiyoshi Asada JPY33,000 Rei Funabashi JPY15,000 The rates may be subject to adjustment on January 1, 2011, according to Mr. Giddens, who also requests that fees and expenses incurred by the firm be paid as administrative expenses of LBI's estate. In a declaration, Mr. Sawano, Esq., at City-Yuwa, assures the Court that his firm does not have connection with or interest in LBI and that it does not have interest adverse to LBI's creditors and stockholders. 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) ========= K O R E A ========= DAEWOO MOTOR: Lays Off 50% of Auto Sales Staff ---------------------------------------------- The Chosun Ilbo reports that Daewoo Motor Sales has announced a drastic self-rescue plan that involves the laying off of 50% of sales staff. The company earlier this week put some 300 of its 590 auto sales staff on three month's leave without pay, the report says. "According to the restructuring demands of our creditors, we have decided to implement a large-scale layoff at our car sales division, whose operations were impacted by the split from GM Daewoo," Chosun Ilbo quoted a Daewoo Motor Sales as saying. "It's three month's leave without pay, but technically it's a layoff notice," the spokesman said. "After the first round of layoffs at the auto sales division, workers in other departments will have to be let go as well." Chosun Ilbo relates the company has divisions specializing in construction, vehicle sales including buses and trucks, sales of imported cars and a financing wing, which employ a total of 1,400 workers. Meanwhile, Chosun Ilbo reports that Daewoo Motor Sales has sought a court injunction preventing GM Daewoo from selling cars through other outlets, saying its decision to sever ties was unfair. The report says the company hopes to revive itself by regaining the right to sell GM Daewoo cars and operating as a sales agent for Ssangyong Motor as well, but it is uncertain whether that could generate sufficient revenue. As reported in the Troubled Company Reporter-Asia Pacific on April 28, 2010, Dow Jones Newswires said creditors of Daewoo Motor Sales Corp. have reversed their decision to let the company go bankrupt. According to Yonhap News Agency, creditors including Korea Development Bank decided to help Daewoo Motor Sales settle KRW17.66 billion notes held by Daewoo Bus Corp. and Tata Daewoo Commercial Vehicle Co. Dow Jones noted that KDB and other financial creditors in mid- April put Daewoo Motor Sales under a debt-workout plan. As part of that, Dow Jones said, debt-payment obligations to financial institutions were frozen until July 13, but commercial bills still had to be paid. The workout program for Daewoo Motor Sales, which owes KRW2.2 trillion to financial institutions, came after GM Daewoo in March pulled the plug on its partnership with the debt-laden company, Dow Jones noted. About Daewoo Motor Daewoo Motor Sales Corporation is a Korea-based company engaged in the marketing of automobiles. The Company operates its business under two segments: automobile marketing and construction. Its automobile marketing segment sells Daewoo buses and Tata Daewoo trucks, as well as other imported automobiles such as Volkswagen and Audi through its subsidiaries. The Company's construction segment constructs and engineers residential buildings, commercial buildings and other plants. It is also engaged in the distribution and exportation of pre-owned cars, as well as provision of after-market services. The Company announced that its GMDAT auto sale business has been closed, effective March 10, 2010, as the supplier GMDAT refused to continue supplying automobiles. GENERAL MOTORS: Faces Lawsuit Over Capital Increase in Daewoo ------------------------------------------------------------- The Korea Development Bank has threatened to take General Motors to court over a capital increase at its South Korean subsidiary GM Daewoo, The Korea Times reports. "We sent documents, which expressed our views on GM Daewoo's capital increase to the headquarters of GM recently. We said the capital increase should be cancelled as the process is illegal," a spokesman of KDB told The Korea Times. According to the report, KDB plans to file a lawsuit against GM with the International Chamber of Commerce (ICC) Commission on Arbitration, if GM does not accept KDB's appeal. The Korea Times relates KDB said that the lender's right to its stake suffered as the result of GM increasing capital in October 2009 without any outside consideration. The report notes KDB also said GM did not properly discuss the amount of the capital increase at a directors or shareholders meeting. "As GM increased the capital by KRW250 billion at the time, KDB's portion dropped to 17% from 28%. Due to the change, KDB lost leverage to counterbalance GM's management," the report quoted a bank representative as saying GM Daewoo has been in talks with KDB since February to receive about KRW1 trillion in new loans after using up a $2 billion credit line. The negotiations have faltered on GM's refusal to put up part of its stake in GM Daewoo as collateral. GM currently controls 70.12% of GM Daewoo after the capital increase, while KDB has a 17.20% stake. About General Motors General Motors Company -- http://www.gm.com/-- is one of the world's largest automakers, tracing its roots back to 1908. With its global headquarters in Detroit, GM employs 209,000 people in every major region of the world and does business in some 140 countries. GM and its strategic partners produce cars and trucks in 34 countries, and sell and service these vehicles through these brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel, Vauxhall and Wuling. GM's largest national market is the United States, followed by China, Brazil, the United Kingdom, Canada, Russia and Germany. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. GM acquired its operations from General Motors Company, n/k/a Motors Liquidation Company, on July 10, 2009, pursuant to a sale under Section 363 of the Bankruptcy Code. Motors Liquidation or Old GM is the subject of a pending Chapter 11 reorganization case before the U.S. Bankruptcy Court for the Southern District of New York. At December 31, 2009, GM had total assets of US$136.295 billion against total liabilities of US$107.340 billion. At December 31, 2009, total equity was US$21.249 million. About Motors Liquidation General Motors Corporation and three of its affiliates filed for Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case No. 09-50026). General Motors changed its name to Motors Liquidation Co. following the sale of its key assets to a company 60.8% owned by the U.S. Government. The Honorable Robert E. Gerber presides over the Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors in their restructuring efforts. Al Koch at AP Services, LLC, an affiliate of AlixPartners, LLP, serves as the Chief Executive Officer for Motors Liquidation Company. GM is also represented by Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. GM's financial advisors are Morgan Stanley, Evercore Partners and the Blackstone Group LLP. Bankruptcy Creditors' Service, Inc., publishes General Motors Bankruptcy News. The newsletter tracks the Chapter 11 proceeding undertaken by General Motors Corp. and its various affiliates. (http://bankrupt.com/newsstand/or 215/945-7000) HYNIX SEMICONDUCTOR: To Issue KRW557.9BB Convertible Bonds ---------------------------------------------------------- Hynix Semiconductor Inc. said Thursday it plans to sell KRW557.9 billion (US$500 million) worth of convertible bonds in Europe and other overseas markets sometime this year, Yonhap News Agency reports. The news agency says the five-year bond sale is aimed at securing operational fees and expanding its production capacity. Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon, South Korea-based memory semiconductor supplier offering Dynamic Random Access Memory chips and Flash memory chips to a wide range of established international customers. The Company's shares are traded on the Korea Stock Exchange, and the Global Depository shares are listed on the Luxemburg Stock Exchange. * * * As reported in the Troubled Company Reporter-Asia Pacific on Jan. 27, 2010, Moody's Investors Service changed to stable from negative the outlook for Hynix Semiconductor Inc's B1 corporate family and senior unsecured bond ratings. The rating action has been prompted by the sharp rebound in the company's operating performance and improved liquidity profile. Standard & Poor's Ratings Services, on Nov. 17, 2009, revised to stable from negative the outlook on its long-term corporate credit rating on Hynix Semiconductor Inc. following the recovery of the DRAM market and the company's profitability. At the same time, Standard & Poor's affirmed its 'B+' long-term corporate and 'B' senior unsecured debt ratings on Hynix. SSANGYONG MOTOR: Will Receive Preliminary Bid For Stake Sale ------------------------------------------------------------ Ssangyong Motor Co. is planning to open a bid next week to sell a majority of its stake, Yonhap News Agency reports, citing an industry source. Yonhap's sources said that Ssangyong will receive preliminary bids by the end of this month and a preferred bidder will be selected in August. Potential bidders include SM Group and Mahindra & Mahindra Ltd. Ssangyong is expected to make formal announcement on the stake sale on Monday, Yonhap notes. Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles primarily engaged in production of sports utility vehicles (SUVs) and recreational vehicles (RVs). The company's production is grouped into four lines: SUVs under brand names REXTON, KYRON and ACTYON; sports utility trucks (SUTs) under the brand name ACTYON Sports; passenger cars under brand name Chairman, and multi- purpose vehicles (MPVs) under the brand name Rodius. It also provides automobile parts such as coolers, diesel engines and others. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the Seoul Central District Court to stave off a complete collapse. In February, the Seoul Central District Court accepted Ssangyong's application to rehabilitate under court protection. The court named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong executive Park Young-tae to run the automaker. A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted a revival plans to the Seoul Central District Court seeking capital reduction and a debt-for-equity swap by creditor. A South Korean bankruptcy court approved in December Ssangyong Motor's restructuring plan despite opposition by some bondholders, the TCR-AP reported on Dec. 18, 2009. Yonhap News said Ssangyong vowed to get itself in order over the next three years. =============== M A L A Y S I A =============== ARK RESOURCES: Auditors Raise Going Concern Doubt ------------------------------------------------- Ark Resources Bhd said that PKF Chartered Accountants, the Company's External Auditors, have qualified their report for the Audited Financial Statements of the Company for the financial year ended December 31, 2009. PKF said in a report that the Group's and the Company's current liabilities exceeded their current assets by MYR109.8 million and MYR90.4 million, respectively. The Group's and the Company's balance sheet as at December 31, 2009, showed deficit in shareholders' fund of MYR109.5 million and MYR90.2 million, respectively. "These factors raise substantial doubt that the Group and the Company will be able to continue as going concerns," PFK said in its report. A full-text copy of Messrs PKF?s Report is available at no charge at http://ResearchArchives.com/t/s?6189 About ARK Resources ARK Resources Berhad, formerly known as Lankhorst Berhad -- http://www.lankhorst.com.my/-- is an investment holding company with headquarters in Shah Alam, Malaysia. Through its subsidiaries, the Company provides civil and geotechnical engineering * * * On April 24, 2006, ARK Resources Berhad was classified as an affected listed issuer under the Bourse's Practice Note 17/2005. It was, therefore, required to submit and implement a plan to regularize its financial condition category. RAMUNIA HOLDINGS: Unit's Restraining Order Extended Until August 7 ------------------------------------------------------------------ Kenanga Investment Bank Berhad, on behalf of the Board of Directors of Ramunia Holdings Berhad, disclosed that the High Court of Malaya in Johor Darul Takzim had on April 29, 2010, granted an Order extending the Restraining Order to restrain all further proceedings, and any and all actions or proceedings against Ramunia Fabricators Sdn Bhd, a wholly owned subsidiary of the Company until August 7, 2010. Based in Kuala Lumpur, Malaysia, Ramunia Holdings Berhad is engaged in investment holding and provision of management services. Its wholly owned subsidiaries include Ramunia Fabricators Sdn. Bhd., which is engaged in fabrication of offshore oil and gas related structure and other related civil works; Ramunia International Holdings Ltd., which is engaged in offshore investment holding; Ramunia International Services Ltd., which is engaged in upstream activities of the oil and gas industry; Ramunia Optima Sdn. Bhd., which is engaged asset owning company, specifically holding ownership of marine vessels; Globe World Realty Sdn. Bhd., which is engaged in yard development and management of the Company's fabrication yards; Ramunia Training Services Sdn. Bhd., which is provision of training and related services, and O & G Works Sdn. Bhd., which is engaged in provision of management and administration services. * * * Ramunia Holdings Berhad has been considered as an Affected Listed Issuer under Practice Note No. 17 of the Bursa Malaysia Securities Berhad. The Company triggered the PN 17/2005 listing since auditors have expressed a modified opinion with emphasis on the company's going concern status in the latest audited accounts for the financial year ended October 31, 2009, and the company's shareholders equity on a consolidated basis is equal to or less than 50% of the issued and paid-up capital of the company. WONDERFUL WIRE: Total Default Reaches MYR82.49 Mil. as of April 30 ------------------------------------------------------------------ Wonderful Wire & Cable Berhad disclosed that, together with its subsidiary, WWC Oil & Gas (Malaysia) Sdn. Bhd, the company's total default reached MYR82,496,421.93 as of April 30, 2010, which comprises of: Wonderful Wire's loans: Principal & Interest Lender Facility Outstanding (MYR) ------- -------- -------------------- CIMB Bank Berhad Short Term Advance 11,511,250.17 Overdraft 2,585,084.22 CIMB Factor Lease Berhad Leasing 4,486,328.52 Malayan Banking Berhad Term Loan 34,101,047.77 Overdraft 5,796,388.34 RHB Islamic Bank Berhad Term Financing 21,260,553.51 Revolving Credit 2,375,847.58 Bank Muamalat Malaysia Hire Purchase Car Loan 16,393.00 Orix Rentec (M) Rental of office Sdn. Bhd. equipment 66,144.00 Affin Bank Berhad Hire Purchase Car Loan 3,993.00 Public Bank Berhad Hire Purchase Car Loan 17,108.00 ------------- Total: 82,220,138.11 WWC Oil & Gas (Malaysia) Sdn. Bhd.'s loan: Principal & Interest Lender Facility Outstanding (MYR) ------- -------- -------------------- CIMB Factor Lease Bhd. Leasing 276,283.82 About Wonderful Wire Wonderful Wire & Cable Berhad is a Malaysia-based company that is engaged in the manufacture and trading of all kinds of electrical wires and cables. The principal activities of the company's subsidiaries include the investment holding, provision for oil, gas and petroleum engineering, and design engineers and contractors. Its subsidiaries include Wonderful Industries Sdn. Bhd., WWC Oil & Gas (Malaysia) Sdn. Bhd., WWC Sealing (Malaysia) Sdn. Bhd., Transmission Resources Sdn. Bhd., WWC Engineering (M) Sdn. Bhd. and Wonderful Wire & Cable. In November 2006, the company acquired the remaining 40% interest in WWC Sealing (Malaysia) Sdn Bhd. The principal activity of WWC Sealing (Malaysia) Sdn Bhd is to design, manufacture and market different ranges of industrial seal and gasket. On December 3, 2007, the company was classified as an affected listed issuer pursuant to Bursa Malaysia Securities Berhad's Practice Note 17 category as the company's shareholders' equity on a consolidated basis for the unaudited results is less than 25% of the issued and paid-up capital for the third quarter ended Sept. 30, 2007. ==================== N E W Z E A L A N D ==================== 9999 GOLD: Securities Commission Issues Warning On Offers --------------------------------------------------------- The Securities Commission has warned the public to be wary of a company called 9999 Gold Mining Corporation. The Commission said this company may be offering securities to members of the public in New Zealand. The provisions of the Securities Act 1978 prohibit companies that offer securities to members of the public in New Zealand from allotting those securities unless investors have received a copy of the investment statement prior to subscription and the company has registered a prospectus. 9999 Gold Mining Corporation does not have a registered prospectus or investment statement for its offer. In addition, Gold Mining Corporation is forecasting a 100% return on investments. In the Commission's experience the only people who profit from any offer promising unusually high rates of return are the people who organize and promote them. The Commission urged anyone considering this offer to seek professional advice. SOUTH CANTERBURY: Set to Get NZ$15.5 Million Cash Infusion ---------------------------------------------------------- Radio New Zealand reports that South Island businessman George Kerr is set to inject a further NZ$15.5 million into South Canterbury Finance. Mr. Kerr has already invested NZ$22 million into the finance company and there's an option for this to increase to NZ$37.5 million, the report says. According to the report, the details of the transaction are close to being finalized and are due to be announced shortly. Radio New Zealand states that the cash injection comes at a crucial time for the company as credit rating agency Standard and Poor's on Thursday warned it may downgrade South Canterbury's BB rating by a notch or more if it fails to increase its cash balance to at least NZ$150 million by the end of May. South Canterbury Finance chief executive Sandy Maier said he is talking with Mr. Kerr about further investment but nothing has so far been agreed, the report adds. About South Canterbury Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the provision of financial services. The Company's principal activities are borrowing funds from public and institutional investors and on- lending those funds to the business, plant and equipment, property, rural and consumer sectors. It typically advances funds by means of hire purchase, floor plans, leasing of plant, vehicles and equipment, personal loans, business term loans and revolving credit facilities, mortgages against property, and other financial instruments, including consumer loan insurance. Southbury Group Limited holds a controlling interest in the Company. Its subsidiaries include Ashburtin Finance Ltd, Auckland Finance Ltd, Canterbury Finance Ltd, Coversure Guarantee Ltd, Face Finance Ltd, Helicopter Nominees Ltd, Hotnchurch Ltd, Otage Finance Ltd, Palmerston North Finance Ltd, Rental cars Ltd, ZSCFG Systems Ltd, Walkato Finance Ltd and Wellington Finance Ltd. * * * As reported in the Troubled Company Reporter-Asia Pacific on March 4, 2010, Standard & Poor's Ratings Services lowered its long-term rating on New Zealand finance company, South Canterbury Finance Ltd. to 'BB' from 'BB+', and affirmed the 'B' short-term rating. At the same time, the 'BB' long-term rating was placed on CreditWatch with negative implications. ST LAURENCE FINANCE: SecCom Warns Investors Over Debenture Offers ----------------------------------------------------------------- The Securities Commission is warning debenture holders in St Laurence Finance to be wary of an unsolicited offer by Stock and Share Trading Company Pty Ltd to buy their debentures for 8c in the dollar. The commission on Thursday urged debenture holders to seek professional advice before making a decision about the offer. "It is very difficult to accurately assess the value of a finance company's debentures when it is in moratorium or receivership. As these debentures are not trading on any organized market there is no market price for investors to compare the offer against," the commission said in a statement. The commission said they should be especially wary when an unsolicited offer is for well below face-value. "Such an offer does not mean that 8c in the dollar is the true value of the securities," Commission Chairman Jane Diplock said. "Offers sometimes try to exploit doubts about the value of debentures, so it's important that investors get advice from a reputable financial adviser before coming to a decision." The commission noted that while it is not illegal to offer to buy securities below their face value, such offers must not be misleading or deceptive. About St Laurence Ltd Headquartered in Wellington, New Zealand, St Laurence Limited -- http://www.stlaurence.co.nz/st_laurence.php-- is a property- based funds management and finance company with over NZ$1.2 billion in assets under management. Since 1995 it has been developing and promoting investments, lending to property borrowers, and managing its property assets and investments for its investors. * * * St. Laurence Limited has been placed into receivership, owing 9,000 investors NZ$245 million. The company's trustee, Perpetual Trust, on April 29, 2010, appointed Barry Jordan and David Vance of Deloitte as receivers of St. Laurence and some of its subsidiaries. The receivership does not include the companies which are the managers of The National Property Trust, Irongate Property Limited and its proportionate ownership schemes and syndicates. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------ ------------ AUSTRALIA ADVANCE HEAL-NEW AHGN 16.93 -8.23 AUSTAR UNITED AUN 568.69 -325.83 AUSTRAILIAN Z-PP AZCCA 77.74 -2.57 AUSTRALIAN ZIRC AZC 77.74 -2.57 AUTRON CORP LTD AAT 32.50 -13.46 AUTRON CORP LTD AAT 32.50 -13.46 BCD RESOURCES OP BCO 22.09 -61.19 BCD RESOURCES-PP BCOCC 22.09 -61.19 BIRON APPAREL LT BIC 19.71 -2.22 CENTRO PROPERTIE CNP 14,784.56 -461.11 CHALLENGER INF-A CIF 2,307.01 -104.58 CHEMEQ LTD CMQ 25.19 -24.25 CITY PACIFIC LTD CIY 171.50 -6.38 D2 MARKETING LTD DTO 16.70 -4.04 ELLECT HOLDINGS EHG 18.25 -15.49 HEALTH CORP LTD HEA 13.85 -0.97 HYRO LTD HYO 11.59 -4.73 IVANHOE AUST LTD IVA 49.44 -6.51 JAMES HARDIE NV JHXCC 2,130.90 -131.10 JAMES HARDIE-CDI JHX 2,130.90 -131.10 MAC COMM INFR-CD MCGCD 8,104.42 -103.34 ORION GOLD NL ORN 12.37 -24.99 POWERLAN LTD PWR 30.84 -5.94 RESIDUAL ASSC-EE RAGXF 597.33 -126.96 SCIGEN LTD-CUFS SIE 71.22 -25.69 SHELL VILLAGES A SVC 13.47 -1.66 VERTICON GROUP VGP 15.07 -29.20 CHINA BAO LONG ORIENTA 600988 11.60 -7.44 CHANGAN INFO-A 600706 19.27 -7.62 CHENGDE DALU -B 200160 26.76 -5.73 CHENGDU UNION-A 693 41.39 -12.35 CHINA KEJIAN-A 35 84.21 -182.60 DATONG CEMENT-A 673 21.25 -1.54 DONGGUAN FANGD-A 600656 22.26 -59.02 DONGXIN ELECTR-A 600691 13.53 -19.38 GAOXIN ZHANGTO-A 2075 110.44 -39.93 GUANGMING GRP -A 587 46.25 -38.70 GUANGXIA YINCH-A 557 30.99 -29.72 HAINAN ZHUXIN-A 600515 123.22 -2.37 HEBEI BAOSHUO -A 600155 110.09 -387.99 HEBEI JINNIU C-A 600722 227.88 -230.19 HISENSE KELON -H 921 618.47 -107.13 HISENSE KELON-A 921 618.47 -107.13 HUASU HOLDINGS-A 509 86.39 -3.82 HUDA TECHNOLOG-A 600892 21.39 -2.55 HUNAN ANPLAS CO 156 51.58 -70.84 JINCHENG PAPER-A 820 250.82 -5.71 JINHUA GROUP-A 818 335.97 -31.40 LIAOYUAN DEHENG 600699 121.62 -29.14 MUDAN AUTOMOBI-H 8188 30.41 -1.10 NINGBO YIDONG-H 8249 42.61 -30.79 QINGHAI SUNSHI-A 600381 68.98 -25.40 SHAANXI QINLIN-A 600217 233.70 -34.38 SHANG BROAD-A 600608 74.98 -19.72 SHANG HONGSHENG 600817 15.44 -457.23 SHANGHAI WORLDBE 600757 153.10 -190.22 SHENZ CHINA BI-A 17 24.86 -272.59 SHENZ CHINA BI-B 200017 24.86 -272.59 SHENZHEN DAWNC-A 863 27.19 -150.84 SHENZHEN KONDA-A 48 118.96 -0.71 SHENZHEN SHENX-A 34 23.81 -118.24 SHENZHEN ZERO-A 7 50.66 -9.39 SHIJIAZHUANG D-A 958 225.44 -69.75 SICHUAN DIRECT-A 757 108.20 -130.38 SUNTEK TECHNOL-A 600728 62.08 -15.09 TAIYUAN TIANLO-A 600234 51.10 -25.99 TIANJIN MARINE 600751 78.09 -63.86 TIANJIN MARINE-B 900938 78.09 -63.86 TIBET SUMMIT I-A 600338 87.44 -0.85 TOPSUN SCIENCE-A 600771 170.01 -152.79 WINOWNER GROUP C 600681 10.58 -71.05 WUHAN BOILER-B 200770 286.45 -140.07 WUHAN GUOYAO-A 600421 11.05 -23.63 WUHAN LINUO SOLA 600885 80.33 -0.50 XIAMEN OVERSEA-A 600870 288.01 -142.19 YANBIAN SHIXIA-A 600462 205.51 -13.20 YIBIN PAPER IN-A 600793 113.93 -0.74 YUEYANG HENGLI-A 622 38.14 -14.95 YUNNAN MALONG-A 600792 143.63 -36.68 ZHANGJIAJIE TO-A 430 45.95 -4.59 ZHONGCHANG MAR-A 600242 19.68 -1.33 HONG KONG ASIA TELEMEDIA L 376 16.62 -5.37 CHAOYUE GROUP LT 147 42.69 -127.80 CHINA E-LEARNING 8055 12.20 -30.48 CHINA GOLDEN DEV 162 255.15 -4.51 CROSBY CAPITAL 8088 21.11 -10.50 DRAGONLOTT ENTER 8078 39.23 -5.35 EGANAGOLDPFEIL 48 557.89 -132.86 FULBOND HLDGS 1041 80.19 -59.51 JACKIN INTL HLDG 630 50.53 -1.92 JIAN EPAYMENT 8165 15.39 -1.17 KING STONE ENERG 663 483.80 -64.12 MELCOLOT LTD 8198 65.62 -25.95 MITSUMARU EAST K 2358 21.23 -9.04 NEW CITY CHINA 456 112.20 -14.59 NGAI LIK INDL 332 132.82 -4.76 PAC PLYWOOD 767 68.66 -12.31 PALADIN LTD 495 155.31 -10.91 PALADIN LTD -PRE 642 155.31 -10.91 PCCW LTD 8 5,801.75 -261.18 PROVIEW INTL HLD 334 314.87 -294.85 SINO RESOURCES G 223 33.92 -58.77 INDONESIA ASIA PACIFIC POLY 482.03 -831.23 BANK EKSEKUTIF BEKS 150.38 -4.93 ERATEX DJAJA ERTX 10.05 -15.29 JAKARTA KYOEI ST JKSW 28.00 -39.75 KARWELL INDONESI KARW 10.75 -9.36 MULIA INDUSTRIND MLIA 341.62 -371.31 PANASIA FILAMENT PAFI 48.90 -3.97 PANCA WIRATAMA PWSI 28.98 -35.49 PRIMARINDO ASIA BIMA 10.01 -21.31 STEADY SAFE TBK SAFE 12.26 -7.55 SURABAYA AGUNG SAIP 254.61 -85.54 TIFICO FIBER TFCO 185.70 -16.67 UNITEX TBK UNTX 15.15 -14.59 INDIA ALCOBEX METALS AML 16.59 -21.47 ASHIMA LTD ASHM 59.92 -47.15 BALAJI DISTILLER BLD 51.16 -38.38 BELLARY STEELS BSAL 451.68 -108.50 BHAGHEERATHA ENG BGEL 22.65 -28.20 CAMBRIDGE SOLUTI CAMB 156.75 -46.79 CFL CAPITAL FIN CEATF 14.31 -40.04 COMPUTERSKILL CPS 14.90 -7.56 CORE HEALTHCARE CPAR 185.36 -241.91 DCM FINANCIAL SE DCMFS 16.54 -10.99 DIGJAM LTD DGJM 98.77 -14.62 DISH TV INDIA DITV 422.08 -127.61 DUNCANS INDUS DAI 116.96 -183.24 GANESH BENZOPLST GBP 43.99 -24.57 GEM SPINNERS LTD GEMS 15.23 -0.11 GLOBAL BOARDS GLB 25.15 -0.79 GSL INDIA LTD GSL 37.04 -42.34 GSL NOVA PETROCH GSLN 44.39 -0.93 GUJARAT SIDHEE GSCL 59.44 -0.66 HARYANA STEEL HYSA 10.83 -5.91 HENKEL INDIA LTD HNKL 102.05 -10.24 HFCL INFOTEL LTD HFCL 151.65 -85.81 HIMACHAL FUTURIS HMFC 406.63 -210.98 HINDUSTAN PHOTO HPHT 68.94 -1,147.18 HINDUSTAN SYNTEX HSYN 12.68 -1.79 HMT LTD HMT 139.31 -277.69 ICDS ICDS 13.30 -6.17 INDIA FOILS LTD IF 22.01 -2.04 INFOMEDIA 18 LTD INF18 35.80 -1.94 INTEGRAT FINANCE IFC 45.56 -43.27 ITI LTD ITI 1,116.21 -0.80 JCT ELECTRONICS JCTE 122.54 -50.00 JD ORGOCHEM LTD JDO 10.46 -1.60 JENSON & NIC LTD JN 15.93 -74.33 JIK INDUS LTD KFS 20.63 -5.62 JK SYNTHETICS JKS 13.51 -3.03 JOG ENGINEERING VMJ 50.08 -10.08 KALYANPUR CEMENT KCEM 32.04 -26.76 KERALA AYURVEDA KRAP 13.41 -0.59 KINGFISHER AIR KAIR 1,458.64 -418.91 LLOYDS FINANCE LYDF 27.68 -8.64 LLOYDS STEEL IND LYDS 358.94 -83.14 MILLENNIUM BEER MLB 36.39 -3.20 MILTON PLASTICS MILT 18.31 -40.44 NATH PULP & PAP NPPM 13.59 -39.13 NICCO UCO ALLIAN NICU 28.84 -56.77 ORIENT PRESS LTD OP 16.70 -0.09 PANCHMAHAL STEEL PMS 51.02 -0.33 PANYAM CEMENTS PYC 38.84 -0.64 PARASRAMPUR SYN PPS 111.97 -317.11 PAREKH PLATINUM PKPL 61.08 -88.85 PEACOCK INDS LTD PCOK 11.40 -14.40 PIRAMAL LIFE SC PLSL 32.05 -3.73 POLAR INDS LTD PLI 11.61 -22.28 RAMA PHOSPHATES RMPH 34.07 -1.19 RATHI ISPAT LTD RTIS 44.56 -3.93 RELIGARE TECHNOV RTCL 44.13 -1.46 RENOWNED AUTO PR RAP 14.12 -1.25 ROLLATAINERS LTD RLT 22.97 -22.24 ROYAL CUSHION RCVP 20.22 -62.97 SCOOTERS INDIA SCTR 13.29 -0.58 SHALIMAR WIRES SWRI 24.49 -49.90 SHAMKEN COTSYN SHC 23.13 -6.17 SHAMKEN MULTIFAB SHM 60.55 -13.26 SHAMKEN SPINNERS SSP 42.18 -16.76 SHREE RAMA MULTI SRMT 63.73 -52.93 SIDDHARTHA TUBES SDT 70.93 -12.09 SIL BUSINESS ENT SILB 12.46 -19.96 SOUTHERN PETROCH SPET 1,543.61 -35.61 SPICEJET LTD SJET 147.98 -84.65 STERLING HOL RES SLHR 52.91 -0.63 STI INDIA LTD STIB 28.05 -8.04 TAMILNADU TELE TNT 10.26 -4.14 TATA TELESERVICE TTLS 793.63 -74.64 TRIUMPH INTL OXIF 58.46 -14.18 TRIVENI GLASS TRSG 24.39 -8.90 UNIWORTH LTD WW 145.71 -114.87 USHA INDIA LTD USHA 12.06 -54.51 VENTURA TEXTILES VRTL 14.25 -0.33 WINDSOR MACHINES WML 14.50 -28.14 WIRE AND WIRELES WNW 102.42 -37.06 JAPAN ARDEPRO 8925 310.82 -253.28 COMMERCIAL RE 8866 296.85 -0.35 COSMOS INITIA CO 8844 1,652.69 -564.01 DON CO LTD 8216 147.78 -20.12 FLIGHT SYS CONSU 3753 14.88 -1.07 HARAKOSAN CO 8894 225.69 -62.68 ICHITAN CO LTD 5645 99.16 -4.38 JIPANGU HOLDINGS 2684 15.05 -8.38 L CREATE CO LTD 3247 42.34 -9.15 LAWSON ENTMEDIA 2416 71.17 -85.64 LCA HOLDINGS COR 4798 49.52 -2.24 MORISHITA CO LTD 3594 170.16 -6.92 PROPERST CO LTD 3236 303.29 -415.76 RAYTEX CORP 6672 61.49 -3.49 SAIKAYA CO LTD 8254 375.83 -72.59 SHINWA OX CORP 2654 61.39 -12.95 TERRANETZ CO LTD 2140 11.63 -4.29 KOREA AJU MEDIA SOL-PF 44775 13.82 -1.25 DAHUI CO LTD 55250 186.00 -1.50 DAISHIN INFO 20180 740.50 -158.45 KEYSTONE GLOBAL 12170 10.61 -0.74 KUKDONG CORP 5320 51.19 -1.39 KUMHO INDUS-PFD 2995 5,837.32 -967.28 KUMHO INDUSTRIAL 2990 5,837.32 -967.28 ORICOM INC 10470 82.65 -40.04 ROCKET ELEC-PFD 425 68.58 -2.14 ROCKET ELECTRIC 420 68.58 -2.14 SAMT CO LTD 31330 303.86 -77.57 SOLAR & TECH CO 30390 11.47 -0.59 TAESAN LCD CO 36210 296.83 -91.03 TONG YANG MAGIC 23020 355.15 -25.77 YOUILENSYS CORP 38720 166.70 -12.34 MALAYSIA AXIS INCORPORATI AXIS 37.88 -80.60 HO HUP CONSTR CO HO 73.63 -4.31 LCL CORP BHD LCL 78.28 -72.28 LIMAHSOON BHD LIMA 26.52 -1.56 MANGOTONE GROUP MTON 12.44 -9.21 OILCORP BHD OILC 152.96 -35.28 POLY TOWER VENTU PTV 58.06 -5.45 SINOTOP HOLDING SNHB 22.80 -0.41 WONDERFUL WIRE WW 11.70 -16.48 WWE HOLDINGS BHD WWE 66.24 -1.88 NEW ZEALAND DOMINION FINANCE DFH 258.90 -55.31 PHILIPPINES APEX MINING 'B' APXB 45.84 -20.95 APEX MINING-A APX 45.84 -20.95 BENGUET CORP 'B' BCB 75.49 -37.05 BENGUET CORP-A BC 75.49 -37.05 CYBER BAY CORP CYBR 12.93 -79.23 EAST ASIA POWER PWR 50.80 -139.42 FIL ESTATE CORP FC 37.29 -11.36 FILSYN CORP A FYN 22.00 -10.28 FILSYN CORP. B FYNB 22.00 -10.28 GOTESCO LAND-A GO 18.68 -10.86 GOTESCO LAND-B GOB 18.68 -10.86 MRC ALLIED INC MRC 13.04 -3.68 PICOP RESOURCES PCP 105.66 -23.33 PRIME ORION PHIL POPI 90.35 -5.12 STENIEL MFG STN 28.67 -1.48 UNIVERSAL RIGHTF UP 45.12 -13.48 UNIWIDE HOLDINGS UW 52.80 -56.18 VICTORIAS MILL VMC 178.06 -36.66 SINGAPORE ADV SYSTEMS AUTO ASA 11.69 -13.16 ADVANCE SCT LTD ASCT 16.05 -43.84 FALMAC LTD FAL 10.12 -6.80 HL GLOBAL ENTERP HLGE 92.82 -11.57 INFORMATICS EDU INFO 24.56 -0.01 JURONG TECH IND JTL 98.76 -227.28 LINDETEVES-JACOB LJ 151.66 -86.53 SUNMOON FOOD COM SMOON 14.65 -13.74 TIGER AIRWAYS TGR 122.90 -71.92 TT INTERNATIONAL TTI 287.51 -38.28 WESTECH ELECTRON WTE 20.26 -13.94 THAILAND ABICO HLDGS-F ABICO/F 15.28 -4.40 ABICO HOLDINGS ABICO 15.28 -4.40 ABICO HOLD-NVDR ABICO-R 15.28 -4.40 ASCON CONSTR-NVD ASCON-R 59.78 -3.37 ASCON CONSTRUCT ASCON 59.78 -3.37 ASCON CONSTRU-FO ASCON/F 59.78 -3.37 BANGKOK RUBBER BRC 90.30 -65.13 BANGKOK RUBBER-F BRC/F 90.30 -65.13 BANGKOK RUB-NVDR BRC-R 90.30 -65.13 CIRCUIT ELEC PCL CIRKIT 17.39 -88.00 CIRCUIT ELEC-FRN CIRKIT/F 17.39 -88.00 CIRCUIT ELE-NVDR CIRKIT-R 17.39 -88.00 DATAMAT PCL DTM 12.69 -6.13 DATAMAT PCL-NVDR DTM-R 12.69 -6.13 DATAMAT PLC-F DTM/F 12.69 -6.13 ITV PCL ITV 33.88 -90.93 ITV PCL-FOREIGN ITV/F 33.88 -90.93 ITV PCL-NVDR ITV-R 33.88 -90.93 K-TECH CONSTRUCT KTECH 39.74 -33.07 K-TECH CONSTRUCT KTECH/F 39.74 -33.07 K-TECH CONTRU-R KTECH-R 39.74 -33.07 KUANG PEI SAN POMPUI 17.70 -12.74 KUANG PEI SAN-F POMPUI/F 17.70 -12.74 KUANG PEI-NVDR POMPUI-R 17.70 -12.74 PATKOL PCL PATKL 52.89 -30.64 PATKOL PCL-FORGN PATKL/F 52.89 -30.64 PATKOL PCL-NVDR PATKL-R 52.89 -30.64 PICNIC CORPORATI PICNI 162.04 -79.86 PICNIC CORPORATI PICNI/F 162.04 -79.86 PICNIC CORPORATI PICNI-R 162.04 -79.86 PONGSAAP PCL PSAAP 25.95 -6.20 PONGSAAP PCL PSAAP/F 25.95 -6.20 PONGSAAP PCL-NVD PSAAP-R 25.95 -6.20 SAFARI WORLD PUB SAFARI 103.18 -17.83 SAFARI WORLD-FOR SAFARI/F 103.18 -17.83 SAFARI WORL-NVDR SAFARI-R 103.18 -17.83 SAHAMITR PRESS-F SMPC/F 21.99 -4.01 SAHAMITR PRESSUR SMPC 21.99 -4.01 SAHAMITR PR-NVDR SMPC-R 21.99 -4.01 SUNWOOD INDS PCL SUN 19.86 -13.03 SUNWOOD INDS-F SUN/F 19.86 -13.03 SUNWOOD INDS-NVD SUN-R 19.86 -13.03 THAI-DENMARK PCL DMARK 15.72 -10.10 THAI-DENMARK-F DMARK/F 15.72 -10.10 THAI-DENMARK-NVD DMARK-R 15.72 -10.10 TRANG SEAFOOD TRS 12.09 -2.26 TRANG SEAFOOD-F TRS/F 12.09 -2.26 TRANG SFD-NVDR TRS-R 12.09 -2.26 UNIVERSAL S-NVDR USC-R 105.34 -33.13 UNIVERSAL STARCH USC 105.34 -33.13 UNIVERSAL STAR-F USC/F 105.34 -33.13 TAIWAN CHIEN TAI CEMENT 1107 202.45 -22.41 HELIX TECH-EC 2479T 23.39 -24.12 HELIX TECH-EC IS 2479U 23.39 -24.12 HELIX TECHNOL-EC 2479S 23.39 -24.12 TAIWAN KOL-E CRT 1606U 507.21 -147.14 TAIWAN KOLIN-EN 1606V 507.21 -147.14 TAIWAN KOLIN-ENT 1606W 507.21 -147.14 VERTEX PREC-ENTL 5318T 43.04 -2.31 VERTEX PRECISION 5318 43.04 -2.31 YEU TYAN MACHINE 8702 39.57 -271.07 ********* 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 ***