/raid1/www/Hosts/bankrupt/TCRAP_Public/100521.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 21, 2010, Vol. 13, No. 099
Headlines
A U S T R A L I A
COCKATOO RIDGE: Creditors Agree to Deed of Company Arrangement
ENTELLECT SOLUTIONS: UXC Acquires MXL Consolidated
FORTESCUE METALS: Puts Two Projects on Hold Due to Proposed Tax
SIGMA PHARMACEUTICALS: Chairman & Director to Retire Next Month
WESTPOINT GROUP: KMPG Blocks ASIC AU$200 Mil. Compensation Claims
C H I N A
GREENTOWN CHINA: Moody's Upgrades to Caa1 Unsecured Debt Rating
MCE FINANCE: Moody's Affirms Ba3 Corporate Family Rating
H O N G K O N G
ADVANCE INTERNATIONAL: Nedderman and Yan Appointed as Liquidators
ACHIEVE GLASS: Court Enters Wind-Up Order
AP COMMUNICATIONS: Court Enters Wind-Up Order
BEPEAK LIMITED: Nedderman and Yan Appointed as Liquidators
CENTRILINE ASIA: Stephen Briscoe Steps Down as Liquidator
CHUEN WO: Court Enters Wind-Up Order
CHUN NGAI: Court Enters Wind-Up Order
CHUN YIP: Nedderman and Yan Appointed as Liquidators
CITYFORD DYEING: Court to Hear Wind-Up Petition on June 23
COASTAL POWER: Court to Hear Wind-Up Petition on June 2
CO-PACK PRINTING: Court Enters Wind-Up Order
RAMBLER INVESTMENT: Meetings Slated for June 21
REGENT SUMMIT: Creditors' Meeting Set for June 10
SIU FUNG: Creditors' Proofs of Debt Due May 28
SUCCESS MASTER: Contributories and Creditors to Meet on May 27
TACK FAT: Court to Hear Wind-Up Petition on May 26
TAIKOO AVIATION: Members' Final Meeting Set for June 15
UNIGAIN (P & M): Members and Creditors' Meetings Set for June 21
TOM GROUP: S&P Affirms 'BB' Rating on Long-Term Corporate Credit
UNIQUE PRO: Members and Creditors' Meetings Set for June 21
UNITED PACIFIC: Creditors' Proofs of Debt Due May 31
WELLBOND CONTRACTING: Members' Final Meeting Set for June 15
I N D I A
AIR INDIA: Union to Launch Protest on May 31 Over Delayed Wages
ARVIVA INDUSTRIES: CRISIL Puts 'BB-' Ratings on Various Debts
BELL TOWER: CRISIL Assigns Default Ratings on Various Bank Debts
EJAZ TANNING: CRISIL Assigns 'B' Rating on INR10 Mil. Term Loan
ETA GROUP: CRISIL Keeps Ratings on Negative Watch
GEETA COTTON: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
HHV SOLAR: Delays in Interest Payment Prompts CRISIL 'C' Ratings
INTERNATIONAL TRADE: CRISIL Puts P5 Ratings on Various Debts
KALPTARU PAPERS: ICRA Rates INR254.1MM Long-Term Loan at 'LB+'
KNS OVERSEAS: CRISIL Rates INR240MM Export Credit at 'P4+'
PARACOAT PRODUCTS: ICRA Assigns 'LBB+' Rating on Various Loans
RUCHI ACRONI: ICRA Assigns 'LBB+' Rating on INR40MM Cash Credit
RUCHI GLOBAL: ICRA Assigns 'LBB+' on INR90 Million Cash Credit
SAURASHTRA CALCINE: ICRA Rates INR30MM Cash Credit at 'LB+'
SHORYA EDUCATION: ICRA Puts 'LB+' Rating on INR150MM Term Loan
ST LAURN HOTELS: ICRA Assigns 'LB+' Rating on INR470MM LT Loan
UNNAO DISTILLERIES: CRISIL Revises Rating Outlook to Stable
VIHAAN INFRASYSTEMS: Low Net Worth Cues CRISIL 'B' Ratings
VISHESH OVERSEAS: CRISIL Assigns 'BB-' Rating on INR38.6MM Loan
VIJAY TECHNOLOGIES: Delay in Loan Repayment Cues Default Ratings
WILSON ENGINEERING: CRISIL Puts 'BB-' Ratings on Various Debts
J A P A N
ALL NIPPON: Wants All Four New U.S. Slots at Haneda Airport
CSTR TRUST: Places Class F Trust Certs' B1 Rating Under Review
L-JAC FIVE: S&P Downgrades Ratings on A to C Certificate Classes
RESONA HOLDINGS: Wants to Buy Back Government Shares by November
* Moody's Says Impairment Likelihood Grow for Unresolved Loans
* Moody's Says Japanese RMBS Asset Classes Repurchase Rate Rises
K O R E A
SAMSUNG MOTORS: Creditors May Get KRW1.6-Tril. From Share Sale
N E W Z E A L A N D
SOUTH CANTERBURY: Torchlight to Increase Equity Stake by NZ$15.5MM
S I N G A P O R E
SINO-ENVIRONMENT: Court to Hear Judicial Management Application
X X X X X X X X
* Moody's Changes Global Automotive Industry Outlook to Positive
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
COCKATOO RIDGE: Creditors Agree to Deed of Company Arrangement
--------------------------------------------------------------
At the reconvened second creditors' meeting held May 18, 2010, the
consolidated creditors of Cockatoo Ridge Wines Ltd and its
subsidiaries, Australian Commercial Wines Pty Ltd, Cockatoo Ridge
Sales Pty Ltd, Cockatoo Ridge Pty Ltd and Playford Wine Holdings
Pty Ltd., voted in favor of a Deed of Company Arrangement that was
submitted by the directors of the companies and Taylor Collison.
Joint administrator George Divitkos of BDO Kendalls said the DOCA
proposes:
* to preserve the corporate shell of Cockatoo Ridge Wines
Limited;
* that the directors of the companies and Taylor Collison
to undertake an equity raising and reorganization of
Cockatoo Ridge Wines;
* to establish a Creditors Trust, which will be likely to pay
dividends of the admitted claims of the participating
creditors of the companies. Non-participating creditors will
have the potential to receive payment in full of their debt,
from the future trading of the companies; and
* to retain the employment of all current employees of the
companies who will retain their entitlements, and all other
relevant employees entitlements are likely to be paid in
full from the Creditors Trust.
The objective of the DOCA is to improve the chance of the business
of the companies continuing in existence, outside of formal
administration processes.
In effect, completion of the terms of the DOCA will bring to an
end the official appointment of Voluntary Administrators to the
companies. The current Voluntary Administrators, George Divitkos
and Rusell Henry Heywood-Smith, will become the Deed
Administrators of the Companies under the DOCA, and the Trustees
of the Creditors Trust, upon its establishment.
About Cockatoo Ridge
Based in Melbourne, Australia, Cockatoo Ridge Wines Limited
(ASX:CKR) -- http://www.cockatooridge.com.au/-- is engaged in
the distribution of bottled and bulk wine within Australia and
overseas. CKR produces and sells Australian table and sparkling
wines domestically through an Australia-wide distribution
agreement and abroad, with a focus on Western Europe and Asian
markets. The company operates in three segments: packaged wine,
this includes the bottling and packaging of wine into the various
labels under the CKR control for sale in Australia and overseas;
bulk wines, after the crushing and processing of grapes at the
Monash winery bulk wines sales are made to customers in Australia
and overseas, and other, which includes storage and processing
fees for the use of facilities in Barossa Valley and Monash
winery. CKR's subsidiaries include Cockatoo Ridge Pty Ltd,
Cockatoo Ridge Sales Pty Ltd, Cockatoo Ridge IP Pty Ltd, Playford
Wine Holdings Pty Ltd, International Vintners (Europe) Ltd and
Australian Commercial Wines Pty Ltd.
Cockatoo Ridge Wines Ltd. went into voluntary administration in
January 2010.
ENTELLECT SOLUTIONS: UXC Acquires MXL Consolidated
--------------------------------------------------
Colin Ho at ZDNet Australia reports that technology services
company UXC has acquired MXL Consolidated, a subsidiary of
Entellect Solutions. The administrators, Rogers Reidy, confirmed
that the deal had been completed with a vast majority of the
company sold to UXC, the report says.
"We're pleased with the outcome of the sale," the director of
Rogers Reidy, Geoff Reidy, told ZDNet Australia, adding that the
creditors had been satisfied with the transaction.
As reported in the Troubled Company Reporter-Asia Pacific on
April 12, 2010, MXL Consolidated was placed in voluntary
administration and Rodgers Reidy Chartered Accountants were
appointed as voluntary administrators on April 9, 2010.
According to Computerworld, the move is a major blow to Entellect
as MXL, a provider of web-based student administration and
curriculum management software, conducts the significant majority
of trading operations of the Entellect group.
SmartCompany said MXL's collapse occurred after Entellect
Solutions failed to complete a AU$26.5 million capital raising
which was intended to fund the acquisition of a Canadian education
software company, and the acquisition of a license for another
education software product from listed IT company CSG. Both deals
have now fallen over as a result of the failed capital raising.
About Entellect Solutions
Based in Australia, Entellect Solutions Limited (ASX:ESN) --
http://www.entellectsolutions.com/-- formerly MXL Limited,
is engaged in the development, customization, sale and support of
eMinerva student management systems software, vSTARS curriculum,
assessment and reporting software and vPublisher e-book online
publishing software.
FORTESCUE METALS: Puts Two Projects on Hold Due to Proposed Tax
---------------------------------------------------------------
Fortescue Metals Group said that two its three expansion projects
have been placed on hold due to the financial impact of the
Federal Government's proposed Resource Super Profits Tax.
Fortescue said in a statement on Wednesday that the uncertainty in
the financial markets caused by the proposed tax and the cash
impost that RSPT payments will place on future business revenues
has necessitated an urgent review of the economics surrounding the
development of Fortescue's major projects.
"A key focus within the review process is the funding implications
of a proposed retrospective imposition of a cash drain on projects
that were financed prior to the RSPT.
"Also, the implications for financing new projects within
Fortescue's project pipeline will be reviewed and in particular
clarification sought as to the Government's 'tax guarantee' for
40% of project losses in the event of bankruptcy.
"This initiative has been proposed by the Federal Government as an
incentive for projects to proceed despite the tax however it is
considered of no lending value by project financiers. Therefore
the financial modeling of any future development must account for
the 40% cash flow leakage without any compensatory benefit under
the RSPT."
Fortescue said the planned development of its 160 million tonnes
per annum (Mtpa) Solomon Hub project is to be placed on hold until
the finance impact of the RSPT can be fully determined.
"Until the financial position is certain, the only work to
continue on the Solomon Hub will be the completion of existing
studies," the company said.
This is estimated to be a US$9 billion investment, employing 6,000
people in operations and 15,000 through construction.
Fortescue's longer term planning includes the potential
development of the Western Hub to provide product for export
through the proposed new Pilbara Port at Anketell Point. This
project has also been put on hold.
About Fortescue Metals
Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited (ASX: FM) -- http://fmgl.com.au/-- is involved in
the exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western Australia
and exporting it from Port Hedland.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 4, 2009, Moody's Investors Service lowered to B2 from B1
the Senior Secured rating of FMG Resources (August 2006) Pty Ltd
(previously FMG Finance Pty Ltd), the financing arm of the
Fortescue Metals Group. The outlook for the rating is negative.
This completes the rating review for possible downgrade commenced
in May 2009 in view of weakness in the iron ore market and
operating challenges at FMG's mining and processing operations.
SIGMA PHARMACEUTICALS: Chairman & Director to Retire Next Month
---------------------------------------------------------------
The Sydney Morning Herald reports that Sigma Pharmaceuticals said
chairman John Stocker and non-executive director Doug Curlewis
will retire from the board after the company's annual general
meeting on June 21. Sigma director Brian Jamieson will replace
Dr. Stocker as chairman, the report says.
According to the Herald, Sigma chief financial officer Mark Smith
last week resigned to pursue other interests. Mr. Smith's
resignation came a month after Sigma chief executive Elmo de Alwis
quit, the report adds.
SMH relates Mr. de Alwis resigned on April 15 following the
company's $390 million loss in fiscal 2010 fiscal year, which was
reported on March 31.
The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations.
Tom Tarasewicz, vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
Mr. Tarasewicz said law firm Slater & Gordon was still several
weeks from finalizing its investigation into Sigma's financial
woes, which included nearly $500 million in goodwill write-downs,
but said that at this stage the shareholder case looked strong.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, according to the Sydney Morning Herald.
About Sigma Pharmaceuticals
Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com-- is engaged in the manufacture, marketing
and wholesale distribution of pharmaceutical products through the
pharmacy and grocery channels and the provision of services to
retail pharmacists. Its Pharmaceuticals segment includes the
manufacture or contract manufacture for Australian and overseas
customers. The Company's Healthcare segment represents its
traditional pharmacy wholesale business. Its subsidiaries include
Chemist Club Pty Limited, Sigma Company Limited, Amcal Pty.
Limited, Commonwealth Drug Company Pty. Ltd., Fawns & McAllan
Proprietary Limited, Guardian Pharmacies Australia Pty. Ltd and
Sigma Finance Pty. Ltd. On October 2, 2009, the Company acquired
some parts of the Australian business operations of Bristol Myers
Squibb Australia (BMSA) and associated assets (BMS Australian
Business). The BMS Australian Business consists of the
pharmaceutical and technical operations division, which operates
out of BMS Australia's Noble Park facility.
WESTPOINT GROUP: KMPG Blocks ASIC AU$200 Mil. Compensation Claims
-----------------------------------------------------------------
Eric Johnston and Adele Ferguson at the Sydney Morning Herald
report that audit firm KPMG will file a High Court appeal in an
attempt to block the Australian Securities and Investments
Commission's efforts to secure a AU$200 million compensation
payout on behalf of investors caught by the collapsed Westpoint
Group.
The report says the audit firm will argue that the corporate
regulator is overstepping its authority by claiming the funds on
behalf of investors exposed to the failed property schemes. The
Sydney Morning Herald states that normally it is companies or a
liquidator that reclaim funds from an auditor for alleged
negligence.
The report recalls that ASIC in 2008 began a lawsuit claiming
AU$200 million in compensation from KPMG for alleged negligent
auditing of Westpoint's accounts.
ASIC said on Wednesday that it would "vigorously defend" the High
Court action. If KPMG is successful, the report relates, ASIC
warned it would not be able to collect the compensation from the
accounting firm on behalf of investors exposed to the collapsed
Westpoint investment scheme.
According to SMH, the case is also shaping up as a test for ASIC's
ability to step in and claim compensation on behalf of investors
from audit firms.
About Westpoint Group
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group. The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings. The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years. These wind-up actions are
still continuing.
In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd. The ASIC had
applied to wind up the company on grounds of insolvency. The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.
The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected. Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.
=========
C H I N A
=========
GREENTOWN CHINA: Moody's Upgrades to Caa1 Unsecured Debt Rating
---------------------------------------------------------------
Moody's Investors Service upgraded to 'B3' from 'Caa1' the
corporate family rating and to 'Caa1' from 'Caa2' the senior
unsecured debt rating of Greentown China Holdings Limited.
The outlook for the ratings is negative.
This concludes the review with direction uncertain initiated on
May 11, 2010.
"The upgrade follows Greentown's payment of its RMB2.1 billion
convertible bond, which were put by investors on May 18, 2010,"
said Kaven Tsang, a Moody's AVP/analyst.
"The debt payment has alleviated Moody's original concern over the
company's refinancing risk and liquidity position, the major
factor suppressing its corporate family rating to the original
Caa1 level," said Mr. Tsang, also Moody's lead analyst for
Greentown.
"Nevertheless, the company's high risk appetite, aggressive land
acquisition strategies, and highly geared balance sheet will
continue to constrain its rating at the low-B rating level," adds
Tsang.
Despite the achievement of strong sales in 2009 and the first
4 months of 2010, liquidity generally remains weak, given its
sizable unpaid land premium and refinancing needs.
The Caa1 senior unsecured bond rating further reflects legal and
structural subordination risks. Greentown's secured and
subsidiary debt-to-total assets ratio stood at 30% as of end-2009
and the ratio will maintain at similar level going forward because
the company has to predominately rely on onshore borrowings at the
PRC subsidiary/project level to fund its operation and investments
given its limited access to offshore funding.
The negative outlook reflects Moody's concerns that Greentown's
liquidity and financial profiles are highly vulnerable to market
volatility due to its high risk appetite and aggressive funding
strategy.
The ratings would be downgraded if Greentown suffers a material
decline in its balance sheet liquidity due to slow sales, tighter
bank credit, or increased land payments.
The ratings are unlikely to be upgraded due to its negative
outlook. However, the outlook would return to stable if Greentown
(1) achieves its sales targets and improves its liquidity profile
and capital structure with Adjusted Debt to Capitalization down to
around 60%.
Moody's last rating action with regard to Greentown took place on
May 11, 2010, when the company's Caa1 corporate family rating and
Caa2 senior unsecured ratings were put on review with direction
uncertain.
Greentown China Holdings Limited is one of China's major property
developers, with a primary focus in Hangzhou city and Zhejiang
Province. As of December 2009, it had a land bank spread over 34
cities with an attributable gross floor area of 20.76 million
square meters.
MCE FINANCE: Moody's Affirms Ba3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family and B1
senior unsecured bond ratings of MCE Finance Limited, with a
negative outlook, after the closing of the company's
US$600 million bond issue.
The bond rating's provisional status was removed.
"MCE Finance's Ba3 corporate family rating, which primarily
reflects the credit profile of Melco Crown Gaming -- the key
operating entity in the group -- captures the company's exposure
to 1) the risk surrounding the rapid evolution of Macau's gaming
market and 2) the operating uncertainty associated with the
expected ramp-up in the operations of the City of Dreams complex,"
says Kaven Tsang, a Moody's AVP/analyst.
The Ba3 corporate family rating is further uplifted from MCE's
stand-alone profile as a result of implied support from
Australian-based Crown Ltd (rated Baa2/Stable).
The B1 bond rating is one notch below the corporate family rating,
reflecting the risk of structural and legal subordination, as
secured and subsidiary debt, situated mainly at Melco Crown
Gaming, represents around 25% of the group's tangible assets.
The rating outlook is negative, reflecting Moody's concerns that
the group's projected financials for the coming one to two years
could turn out to be weaker than expected, given the slow progress
in the ramp-up of the City of Dreams and the modest performance of
Altira Macau.
Moody's last rating action on the group was taken on April 30,
2010, when Moody's assigned a Ba3 corporate family rating to MCE
Finance and a (P)B1 senior unsecured rating to its USD bond issue,
with a negative outlook.
MCE Finance Limited is a subsidiary of NASDAQ-listed Melco Crown
Entertainment Ltd (unrated), which is majority-owned by the
Australian-based gaming operator, Crown Ltd (Baa2/stable) and Hong
Kong-listed Melco International Development Ltd (unrated), with
each company holding a 33.45% equity stake. MCE Finance also owns
100% economic interests in Melco Crown Gaming (Macau) Limited.
Melco Crown Gaming holds one of six gaming concessions/sub-
concessions in Macau. It operates two casinos in Macau -- Altira
Macau and City of Dreams -- and more than 1,500 slot machines
through Mocha Clubs.
================
H O N G K O N G
================
ADVANCE INTERNATIONAL: Nedderman and Yan Appointed as Liquidators
-----------------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Advance International Shipping
Limited. The High Court entered an order on December 27, 2007, to
wind up the operations of Advance International Shipping Limited.
The liquidators may be reached at:
Anthony Nedderman
Yan Miu Ping
11/F., China Hong Kong Tower
8 Hennessy Road
Hong Kong
ACHIEVE GLASS: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on March 10, 2009, to
wind up the operations of Achieve Glass Engineering Company
Limited.
The liquidators are Tso Hei Sing and Lai Chi Kwong.
AP COMMUNICATIONS: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on May 5, 2010, to
wind up the operations of AP Communications Limited.
The Official Receiver is E T O'Connell.
BEPEAK LIMITED: Nedderman and Yan Appointed as Liquidators
----------------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Bepeak Limited. The High Court
entered an order on September 21, 2009, to wind up the operations
of Bepeak Limited.
The liquidators may be reached at:
Anthony Nedderman
Yan Miu Ping
11/F., China Hong Kong Tower
8 Hennessy Road
Hong Kong
CENTRILINE ASIA: Stephen Briscoe Steps Down as Liquidator
---------------------------------------------------------
Stephen Briscoe stepped down as liquidator of Centriline Asia
Limited on May 5, 2010.
CHUEN WO: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 15, 2010, to
wind up the operations of Chuen Wo Transportation Limited.
The company's liquidator is Yuen Tsz Chun Frank.
CHUN NGAI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on April 30, 2010, to
wind up the operations of Chun Ngai Printing Company Limited.
The company's liquidator is:
Mat Ng
c/o John Lees Associates
20/F Henley Building
5 Queen's Road,
Central, Hong Kong
CHUN YIP: Nedderman and Yan Appointed as Liquidators
----------------------------------------------------
Anthony Nedderman and Yan Miu Ping said in notice dated May 14,
2010, they have been appointed by the High Court of Hong Kong as
joint and several liquidators of Chun Yip Electronic Manufacturing
Limited. The High Court entered an order on April 4, 2006, to
wind up the operations of Chun Yip Electronic Manufacturing
Limited.
The liquidators may be reached at:
Anthony Nedderman
Yan Miu Ping
11/F., China Hong Kong Tower
8 Hennessy Road
Hong Kong
CITYFORD DYEING: Court to Hear Wind-Up Petition on June 23
----------------------------------------------------------
A petition to wind up the operations of Cityford Dyeing &
Printing Industrial Limited will be heard before the High Court of
Hong Kong on June 23, 2010, at 9:30 a.m.
Bank of China (Hong Kong) Limited filed the petition against the
company on April 22, 2010.
The Petitioner's solicitors are:
Anthony Chiang & Partners
3903 Tower 2, Lippo Centre
89 Queensway Central
Hong Kong
COASTAL POWER: Court to Hear Wind-Up Petition on June 2
-------------------------------------------------------
A petition to wind up the operations of Coastal Power Company
Limited will be heard before the High Court of Hong Kong on
June 2, 2010, at 9:30 a.m.
Lim Asia Multi-Strategy Fund Inc. filed the petition against the
company on March 29, 2010.
The Petitioner's solicitors are:
Minter Ellison
15th Floor, Hutchison House
10 Harcourt Road
Hong Kong
CO-PACK PRINTING: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on April 9, 2010, to
wind up the operations of Co-Pack Printing Products Limited.
The company's liquidator is Yuen Tsz Chun Frank.
RAMBLER INVESTMENT: Meetings Slated for June 21
-----------------------------------------------
Members and creditors of Rambler Investment Limited will hold
their meetings on June 21, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 5, 4/F., South Tower, 41 Salisbury Road, YMCA
of Hong Kong, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
REGENT SUMMIT: Creditors' Meeting Set for June 10
-------------------------------------------------
Creditors of Regent Summit Holdings Limited will hold their
meeting on June 10, 2010, at 3:00 p.m., for the purposes provided
for in Sections 241, 242, 243, and 244 of the Companies Ordinance.
The meeting will be held at Room 1601-1602, 16/F., One Hysan
Avenue, Causeway Bay, in Hong Kong.
SIU FUNG: Creditors' Proofs of Debt Due May 28
----------------------------------------------
Creditors of Siu Fung Concept Limited, which is in liquidation,
are required to file their proofs of debt by May 28, 2010, to be
included in the company's dividend distribution.
The company's liquidator is:
Jacky C W Muk
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
SUCCESS MASTER: Contributories and Creditors to Meet on May 27
--------------------------------------------------------------
Creditors and contributories of Success Master Limited will hold
their meetings on May 27, 2010, at 10:30 a.m., and 11:30 a.m.,
respectively at the Official Receiver's Office, 10th Floor,
Queensway Government Offices, 66 Queensway in Hong Kong.
The official receiver is E T O'Connell.
TACK FAT: Court to Hear Wind-Up Petition on May 26
--------------------------------------------------
A petition to wind up the operations of Tack Fat Swimwear
Manufacturing Limited will be heard before the High Court of Hong
Kong on May 26, 2010, at 9:30 a.m.
Bank of America N.A. filed the petition against the company on
October 6, 2010.
The Petitioner's solicitor is:
Allen & Overy
9th Floor
Three Exchange Square
Central, Hong Kong
TAIKOO AVIATION: Members' Final Meeting Set for June 15
-------------------------------------------------------
Members of Taikoo Aviation Technologies Limited will hold their
final meeting on June 15, 2010, at 10:00 a.m., at 35th Floor, Two
Pacific Place, 88 Queensway, in Hong Kong.
At the meeting, James Edward Hughes-Hallett and William Edward
James Barrington, the company's liquidators, will give a report on
the company's wind-up proceedings and property disposal.
UNIGAIN (P & M): Members and Creditors' Meetings Set for June 21
----------------------------------------------------------------
Members and creditors of Unigain (P & M) Limited will hold their
meetings on June 21, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 5, 4/F., South Tower, 41 Salisbury Road, YMCA
of Hong Kong, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
TOM GROUP: S&P Affirms 'BB' Rating on Long-Term Corporate Credit
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Hong Kong-based Chinese-language media operator TOM Group Ltd.
(TOM) to negative from stable. At the same time, S&P affirmed the
'BB' long-term corporate credit rating on TOM.
S&P said, "We revised the outlook to negative based on our view
that TOM's credit metrics will continue to remain under pressure
despite our expectation of revenue growing again in 2010. We
affirmed the rating on TOM to reflect the company's highly
leveraged capital structure, small cash flow base, evolving
business model, and competitive and evolving market conditions."
"These weaknesses are tempered by TOM's fairly strong market
position in the Chinese-language media sector and the explicit
financial support from its major shareholders. The rating on TOM
factors in two notches of support from its controlling
shareholders, because they are represented on the company's board
of directors and they help to develop its business strategies."
"Despite TOM's current market strength across some multimedia
categories, its credit profile is susceptible to strong
competition, particularly within its Internet value-added service
business, where telecommunication service providers have easy and
direct access to the group's potential customer base,"
said Standard & Poor's credit analyst Lawrence Lu. In addition,
the operating performance of the group's Internet business is
vulnerable to technology changes and customer demand patterns.
S&P said, "We expect the new management team to adopt a more
disciplined approach to managing TOM's financial profile, with an
acute focus on improving earnings from key existing businesses."
"TOM's financial performance was weak in 2009, and was below our
expectation. The company's operating profitability declined to
11.4% in 2009 from 12.9% a year ago, despite an aggressive cost-
cutting program being implemented during 2009. In addition, its
capital structure remains highly leveraged. And while TOM's cash
flow position continued to improve due to the company's ongoing
cost-cutting measures, cash flow remains at a small base."
"In our view, TOM has adequate liquidity, underpinned by a cash
balance of about Hong Kong dollar (HK$) 1.2 billion as at Dec. 31,
2009. This is sufficient to cover its short-term debt of HK$119.8
million," S&P said.
UNIQUE PRO: Members and Creditors' Meetings Set for June 21
-----------------------------------------------------------
Members and creditors of Unique Pro Auto Car (HK) Limited will
hold their meetings on June 21, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 5, 4/F., South Tower, 41 Salisbury Road, YMCA
of Hong Kong, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Chan Kin Hang Danvil, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
UNITED PACIFIC: Creditors' Proofs of Debt Due May 31
----------------------------------------------------
Creditors of United Pacific Enterprises Limited, which is in
liquidation, are required to file their proofs of debt by May 31,
2010, to be included in the company's dividend distribution.
The company's liquidator is:
Stephen Liu Yiu Keung
62nd Floor
One Island East
18 Westlands Road
Island East
Hong Kong
WELLBOND CONTRACTING: Members' Final Meeting Set for June 15
-------------------------------------------------------
Members of Wellbond Contracting Limited will hold their final
meeting on June 15, 2010, at 10:00 a.m., at Suite A, 12/F., Ritz
Plaza, 122 Austin Road, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Pang Wai Kui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
AIR INDIA: Union to Launch Protest on May 31 Over Delayed Wages
---------------------------------------------------------------
The Times of India reports that the major workers' union of Air
India Ltd has decided to launch an agitation, which could lead to
a strike, to protest delayed payment of wages.
The report quoted Air Corporation Employees Union general
secretary J B Kadian as saying that: "We have sent a strike notice
to the management and the chief labour commissioner stating our
intention to go on strike on May 31 to protest deferment of our
May salary, ground-handling policy, appointments on compassionate
grounds and other issues."
As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses. NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.
The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown. The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.
In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings. The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard. The airline's turnaround plan has been
broadly divided into 0-9 months, 9-18 months and 18-36 months, and
has been segregated under operational efficiency, product
improvement, organization building and financial restructuring,
the Business Standard said.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
ARVIVA INDUSTRIES: CRISIL Puts 'BB-' Ratings on Various Debts
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to Arviva
Industries (India) Ltd's bank facilities.
Facilities Ratings
---------- -------
INR276.0 Million Cash Credit BB-/Stable (Assigned)
INR92.3 Million Long Term Loan BB-/Stable (Assigned)
INR7.0 Million Proposed LT Bank BB-/Stable (Assigned)
Loan Facility
INR179.0 Million Working Capital BB-/Stable (Assigned)
Foreign Currency Loan
INR84.0 Million Packing Credit P4 (Assigned)
INR104.0 Million Letter of Credit P4 (Assigned)
INR15.0 Million Bank Guarantee P4 (Assigned)
INR36.0 Million Bill Discounting P4 (Assigned)
The ratings reflect Arviva's below-average financial risk profile,
constrained by stretched liquidity and weak debt protection
indicators, and exposure to risks related to intense competition
in the mid-market domestic fabrics segment, and to volatility in
the prices of raw materials. These rating weaknesses are
partially offset by Arviva's established brand image in the
suiting and shirting segment of the textile industry.
Outlook: Stable
CRISIL believes that Arviva will maintain its business risk
profile, on the back of its established brand and the high quality
of its products, resulting in stable revenues over the medium
term. The outlook may be revised to 'Positive' if there is
higher-than expected-improvement in profitability, and if
pressures on its liquidity ease, resulting in substantial
improvement of the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if the company undertakes a
substantial debt-funded capital expenditure programme, if its
operating margins decline substantially, or if its liquidity
deteriorates further.
About Arviva Industries
Arviva manufactures suiting and shirting material for men and
women. It markets its products in Indian and international markets
under the brand name, The Harry Collection, and has manufacturing
facilities in Taloja and Wada (Maharashtra), and Daman (Daman and
Diu), and Bengaluru. The company was set up in 1995 and is part of
the Dubai-based Viva group.
Arviva reported a net loss of INR38 million on net sales of
INR1369 million for 2008-09 (refers to financial year, April 1 to
March 31) against a PAT of INR41 million on net sales of
INR1443 million for 2007-08.
BELL TOWER: CRISIL Assigns Default Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Bell Tower Resorts Pvt
Ltd's bank facilities.
Facilities Ratings
---------- -------
INR23.00 Million Long-Term Loan D (Assigned)
INR332.80 Million Foreign Currency D (Assigned)
Term Loan
INR20.00 Million Overdraft Facility D (Assigned)
INR30.00 Million Bank Guarantee P5 (Assigned)
The ratings reflect delay by Bell in servicing its term loan; the
delay has been caused by Bell's weak liquidity.
About Bell Tower
Bell was set up in 2007 by the Kamani family, which has interests
in floriculture, hospitality, real estate, power generation, and
hotels and resorts in India, the UK, and Kenya. Bell operates a
106-room resort under the brand The Retreat by Zuri, located at
Benaulim beach, Goa.
The Kamani group's promoters are Mr. Chamanlal Kamani and his two
sons, Mr. Rashmi Kamani and Mr. Deepak Kamani, who are based in
Kenya. The Indian operations of the group are looked after by Mr.
Abhishek Kamani and Mr. Aditya Kamani, sons of Mr. Rashmi Kamani
and Mr. Deepak Kamani, respectively.
Bell reported a provisional net loss of INR26 million on net sales
of INR95 million for 2009-10 (refers to financial year, April 1 to
March 31), against a net loss of INR140 million on net sales of
INR70 million for 2008-09.
EJAZ TANNING: CRISIL Assigns 'B' Rating on INR10 Mil. Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Ejaz Tanning
Company bank facilities.
Facilities Ratings
---------- -------
INR10.0 Million Term Loan B/Stable (Assigned)
INR75.0 Million Packing Credit* P4 (Assigned)
INR50.0 Million Export Bill Discounting P4 (Assigned)
INR20.0 Million Inland Letter of Credit P4 (Assigned)
/Foreign Letter of Credit
*Includes Adhoc limit of INR10 Million
The ratings reflect Ejaz's weak financial risk profile, marked by
small net worth, high gearing and weak debt protection metrics,
and exposure to risks related to large working capital
requirements, small scale of operations, and volatility in raw
material prices and in the value of the Indian rupee. These
rating weaknesses are partially offset by the benefits that Ejaz
derives from its promoters' industry experience and its
established relationships with customers.
Outlook: Stable
CRISIL expects Ejaz's financial risk profile to remain weak and
scale of operations, small, over the medium term. The outlook may
be revised to 'Positive' if Ejaz's scale of operations and
profitability improve, leading to more-than-expected cash accruals
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in the firm's
liquidity on account of large working capital requirements, or if
the firm undertakes large debt-funded capital expenditure
programme.
About Ejaz Tanning
Set up in 1971 as a partnership firm by Mr. A R Ejaz Ahmed, Mr. A
R Imtiaz Ahmed, Mr. A R Istiyaq Ahmed, and Mr. A R Kashif
Mohammad, Ejaz manufactures leather jackets and finished leather.
It has a capacity to manufacture about 3 million square feet of
finished leather and leather garments per annum. Its tannery is in
Vaniyambadi (Tamil Nadu) and its garment manufacturing unit and
godowns are in Chennai (Tamil Nadu). About 90% of the firm's
revenues come from export to European countries. It also
undertakes job work for other companies; however, revenue
generated from those activities is negligible.
Ejaz is expected to report a profit before tax (PBT) of about
INR12 million on net sales of INR473 million for 2009-10 (refers
to financial year, April 1 to March 31), against a PBT of
INR3.4 million on net sales of INR441.5 million for 2008-09.
ETA GROUP: CRISIL Keeps Ratings on Negative Watch
-------------------------------------------------
CRISIL's ratings on the bank facilities of certain entities, which
are part of the ETA Group or in which ETA Group's promoters hold
substantial stakes, continue to be on 'Rating Watch with Negative
Implications'. The ratings were placed on watch on March 25,
2010, following the lowering by Standard & Poor's of its long-term
corporate credit rating (CCR) on ETA Group to 'CCC/Negative' from
'BB-/Watch Negative' to reflect the heightened liquidity risks
facing the group in the near term; the group has to service
substantial debt maturing throughout 2010. The CCR was
subsequently withdrawn at ETA Group's request. CRISIL believes
that the current liquidity issues faced by ETA Group may adversely
affect the entities' credit risk profiles.
CRISIL is in discussion with these entities' management to
understand the implications of ETA Group's liquidity situation,
and will take a final rating decision after evaluating the impact
of the situation on these entities' credit risk profiles.
List of CRISIL-rated ETA Group entities:
ANAND CITI CENTRE HOLDINGS PRIVATE LIMITED
Facilities Ratings
---------- -------
INR500.0 Million Cash Credit BB (Continues to be on 'Rating
Watch with Negative
Implications')
CHENNAI CITI CENTRE HOLDINGS PRIVATE LIMITED
Facilities Ratings
---------- -------
INR530.0 Million Long-Term Loan BBB- (Continues to be on
'Rating Watch with
Negative
Implications')
CRESCENT AUTO REPAIRS AND SERVICES INDIA PRIVATE LIMITED
Facilities Ratings
---------- -------
INR30.0 Million Cash Credit BBB- (Continues to be on
'Rating Watch with
Negative Implications')
INR130.0 Million Inventory P3 (Continues to be on
Funding Limit* 'Rating Watch with
Negative Implications')
INR40.0 Million Proposed P3 (Continues to be on 'Rating
Inventory Funding Limit* Watch with Negative
Implications')
*Can be partly or fully availed and is repayable in 60 days.
ETA ENGINEERING PRIVATE LIMITED
Facilities Ratings
---------- -------
INR120.0 Million Long-Term Loan BBB+ (Continues to be on
'Rating Watch with
Negative
Implications')
INR995.0 Million Cash Credit BBB+ (Continues to be on
'Rating Watch with
Negative
Implications')
INR5221.5 Million Letter of P2 (Continues to be on
Credit/Bank Guarantee 'Rating Watch with
Negative Implications')
ETA GENERAL PRIVATE LIMITED
Facilities Ratings
---------- -------
INR150.0 Million Cash Credit BBB (Continues to be on
'Rating Watch with
Negative
Implications')
INR100.0 Million Letter of Credit P3+ (Continues to be on
'Rating Watch with
Negative
Implications')
INR100.0 Million Bank Guarantee P3+ (Continues to be on
'Rating Watch with
Negative
Implications')
ETA STAR APPLIANCES PRIVATE LIMITED
Facilities Ratings
---------- -------
INR110.0 Million Cash Credit BBB (Continues to be on
'Rating Watch with
Negative Implications')
INR230.0 Million Letter of Credit P3+ (Continues to be on
'Rating Watch with
Negative Implications')
INR10.0 Million Bank Guarantee P3+ (Continues to be on
'Rating Watch with
Negative Implications')
GIEX FOODS PRIVATE LIMITED
Facilities Ratings
---------- -------
INR150.0 Million Term Loan BBB- (Continues to be on
'Rating Watch with
Negative Implications')
INR300.0 Million Packing Credit* P3 (Continues to be on 'Rating
Watch with Negative
Implications')
*Interchangeable with export facility and pre-shipment
facility.
MINCORE RESOURCES PRIVATE LIMITED
Facilities Ratings
---------- -------
INR780.0 Million Overdraft Facility BB+ (Continues to be on
'Rating Watch with
Negative
Implications')
INR20.0 Million Bank Guarantee P4+ (Continues to be on
'Rating Watch with
Negative
Implications')
About the Group
ETA Group is a joint venture between two holding company
structures: the ETA Star group of companies, and the ETA-ASCON
group of companies. The family of Abdullah Al Ghurair, owners of
Al Ghurair group, a Dubai-based conglomerate, hold 52% stake in
ETA Group, while the remaining 48% is ultimately split between the
families of Mr. B S Abdur Rahman and Mr. Syed M Salahuddin. The
ETA Group was established in 1973, and is involved in a wide range
of operations, encompassing engineering and construction
activities, shipping, commodity trading, auto trading, building
material, and property development.
GEETA COTTON: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Geeta Cotton Co (GCC; part of the Geeta group).
Facilities Ratings
---------- -------
INR150 Million Cash Credit BB-/Stable (Assigned)
INR15.5 Million Term Loan BB-/Stable (Assigned)
The rating reflects the Geeta group's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
measures, and susceptibility to changes in government policy.
These rating weaknesses are partially offset by the benefits that
the Geeta group derives from its promoter's industry experience.
For arriving at its ratings, CRISIL has combined the financial
risk profiles of GCC and Krishna Cotton Co, together referred to
as the Geeta group. This is because both the entities have a
common management and are in the same line of business. Moreover,
both the firms sell under a common brand name.
Outlook: Stable
CRISIL believes that the Geeta group will continue to benefit over
the medium term from its promoter's experience in the cotton
ginning business. However, the firm's financial risk profile is
expected to remain constrained because of high gearing and weak
debt protection measures. The outlook may be revised to
'Positive' if the firm's capital structure improves because of
significant improvement in accruals or infusion of funds.
Conversely, the rating may be revised to 'Negative' if the group's
financial risk profile deteriorates because of lower-than-expected
operating margin or debt-funded capital expenditure.
About the Group
Set up as a proprietorship entity in 1983 by Mr. K Nagnath Patel,
Geeta Cotton Co. is engaged in cotton ginning operations. The
firm is involved in cotton ginning operations and processing of
cottonseed to produce cottonseed oil and cottonseed oil cakes.
Set up as a proprietorship concern in 2006, Krishna Cotton Co. was
reconstituted into a partnership firm in 2006 after merger with
Dhananjay Industries. The firm is engaged in cotton ginning and
processing of cottonseed to produce cottonseed oil and cottonseed
oil cake.
The manufacturing facilities of both entities are located at
Bhainsa (Andhra Pradesh).
The Geeta group reported a profit after tax (PAT) of INR2.85
million on net sales of INR494.65 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR11.94
million on net sales of INR797.33 million for 2008-09.
HHV SOLAR: Delays in Interest Payment Prompts CRISIL 'C' Ratings
----------------------------------------------------------------
CRISIL has assigned its 'C' rating to HHV Solar Technologies Pvt
Ltd's bank facilities.
Facilities Ratings
---------- -------
INR140.0 Million Cash Credit C (Assigned)
INR20.0 Million Proposed LT C (Assigned)
Bank Loan Facility
INR192.5 Million Term Loan C (Assigned)
The rating reflects recent delays by HHV Solar in payment of its
interest installments and the company's continuously overdrawn
fund based facilities because of weak liquidity. The rating also
factors in the company's exposure to risks related to the start-up
nature of its operations, to large incremental working capital
requirements, and volatility in the prices of solar photovoltaic
cells and solar module. These rating weaknesses are partially
offset by the benefits that HHV Solar derives from the healthy
growth prospects in the solar energy generation industry.
About HHV Solar
Set up in 2007, HHV Solar is a subsidiary of Hind High Vacuum
Company Pvt Ltd (HHV Company, rated 'BBB/Stable/P3+' by CRISIL).
HHV Solar manufactures solar photovoltaic modules at its
facilities near Bengaluru and markets these in Europe, Northern
America and Australia.
HHV Solar was set-up with the objective of producing and marketing
solar modules manufactured using two different technologies,
namely, Crystalline Silicon technology (c-Si) and Amorphous
Silicon or thin film technology (a-Si). The company has currently
started commercial production from the 25-mega watt (MW) per annum
capacity c-Si line, which it has procured from Spire Technologies,
USA. The 10-MW per annum capacity a-Si line is presently under
construction and is expected to commence commercial production by
June 2010-11 (refers to financial year, April 1 to March 31).
HHV Solar reported a net loss of INR1.5 million on net sales of
INR4 million for 2008-09.
INTERNATIONAL TRADE: CRISIL Puts P5 Ratings on Various Debts
------------------------------------------------------------
CRISIL has assigned its 'P5' rating to the bank facilities of
International Trade Links Pvt Ltd.
Facilities Ratings
---------- -------
INR60 Million Export Packing Credit P5 (Assigned)
INR12 Million Standby Line of Credit P5 (Assigned)
INR12 Million Working Capital P5 (Assigned)
Demand Loan
The rating reflects ITLPL's stretched liquidity, marked by
continuously overdrawn export packing credit (EPC) and standby
line of credit facilities and rescheduled working capital demand
loan, and the company's exposure to risk related to the working-
capital-intensive nature of its operations. These rating
weaknesses are partially offset by the benefits that ITLPL derives
from its promoters' experience in the textile business.
About International Trade
Set up in 1991 by Mr. Sanjay Chowdhury and Mr. Bijay Chowdhury,
ITLPL is a 100-per cent export-oriented unit, which manufactures
readymade garments for men, women, and children. The company
mainly exports its garments to the US and Germany.
ITLPL reported a net loss of INR1.2 million on net sales of INR285
million for 2009-10 (refers to financial year, April 1 to
March 31), against a profit after tax of INR2.26 million on net
sales of INR195 million for 2008-09.
KALPTARU PAPERS: ICRA Rates INR254.1MM Long-Term Loan at 'LB+'
--------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR254.10 million long
term fund based and non fund based bank facilities of Kalptaru
Papers Limited. ICRA has also assigned a rating of 'A4' to the
INR10 million, short term non-fund based bank facilities of KPL.
The ratings assigned by ICRA reflect the weak financial profile
and debt coverage indicators of the company arising out of
significant increase in debt levels of the company, following the
large debt funded capital expenditure; and decline in
profitability following the takeover of the Satpuda Paper
plant on lease. The rating is also constrained on account of
limited financial flexibility of the company arising out of
stretched liquidity position; as is reflected in consistently high
working capital limit utilization levels. The rating also taken
into account the ambiguity over the possible recovery of the
investments made in the Satpuda paper plant; as the company has
temporarily deferred its production plans at this unit due to lack
of availability of the raw material, i.e. bagasse. The rating
however positively factors in the long operating history of the
company; the management's experience in paper business and the
substantial funding support demonstrated by the promoter group.
The rating also factors in the improvement in operating
profitability of the company during last few quarters following
the decision to defer its production thereby resulting in
reduction of fixed overhead costs. Going forward, ICRA expects
the operational and financial profile of the company will be
determined based on its successful ability to start its tissue
paper project and recover the investments made towards the
refurbishment of the Satpuda plant; which are crucial for
reduction in debt levels and improvement in financial profile of
the company. Any adverse outcome on these factors will remain the
key rating sensitivities.
About Kalptaru Papers
Kalptaru Papers Limited has been promoted by Mr. J K Gupta and was
established during the year 1993. Since its inception, the
company has increased its installed capacity from 2000 Metric
Tonnes per Annum (MTPA) to current production levels of almost
30000 MTPA. The company's manufacturing facility is located at
Gandhinagar District in the state of Gujarat and has a presence in
the Kraft paper and Newsprint Paper segment which are manufactured
out of waste paper. The company is currently in midst of setting
up a tissue paper machine, which will diversify its existing
product mix. During nine month period ending December 31, 2009,
the company reported a net sale of INR412 million and a net profit
of INR5.12 million as against a net sale of INR522 million in
2008-09 and a loss of INR24.54 million.
KNS OVERSEAS: CRISIL Rates INR240MM Export Credit at 'P4+'
----------------------------------------------------------
CRISIL has assigned its 'P4+' rating to KNS Overseas Pvt Ltd's
packing credit facility.
Facilities Ratings
---------- ------
INR240.00 Million Export Packing Credit P4+ (Assigned)
The rating reflects KNS's exposure to risks related to volatility
in iron ore prices, cyclicality in the end-user industry and
geographical and client concentration in its revenue profile.
These rating weaknesses are partially offset by the benefits that
KNS derives from its promoter's experience in the iron ore trading
business.
Set up in 2008, Bengaluru-based KNS exports iron ore fines of
grades Fe60 to Fe64. The company is named after its promoter, Mr.
K N Surendra, who has been in the business of trading in iron ore,
civil construction, and real estate development through sole
proprietorship concern KN Surendra, KNS Mines and Minerals (a
registered partnership concern), and KNS Infrastructure Pvt Ltd
for nearly a decade.
KNS reported a provisional profit after tax (PAT) of INR23 million
on provisional net sales of INR820 million for 2009-10 (refers to
financial year, April 1 to March 31), against a net loss of INR4
million on net sales of INR5 million for 2008-09.
PARACOAT PRODUCTS: ICRA Assigns 'LBB+' Rating on Various Loans
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR136.4 million term
loans and INR100 million long term fund based bank limits of
Paracoat Products Limited. The outlook on the rating is stable.
ICRA has also assigned an 'A4+' rating to the INR25 million short
term non fund based bank limits of the company.
The ratings factor in the intense competition and susceptibility
of margins to economic cycles that characterize the automobile and
commercial vehicles industries that PCPL caters to, the company's
moderate operating margin, its high level of fixed and working
capital intensity that has resulted in a modest return on capital
employed, and the moderately aggressive capital structure that has
lead to a high interest burden and depressed level of coverage
indicators in the past. The ratings also take into account the
established market presence of the company, the healthy order book
position currently, especially for new products, the strategic
location of its manufacturing units, which are in close proximity
to the plants of its key customers, its technical collaborations
with leading international players, and the positive outlook for
the automobile and commercial vehicles industries that is expected
to result in increased demand for the company's products.
About Paracoat Products
Paracoat Products Limited was founded in 1989. The company is
engaged in the manufacture of noise/vibration/harshness (NVH)
products such as dampeners, insulations, interiors etc. for the
automotive and white goods industries, and has three manufacturing
units located at Kolkata, West Bengal; Bhiwadi, Rajasthan; and
Hosur, Tamil Nadu. It also has depots and customer support
centres at Chennai, Pune, Nasik, Halol and Thailand. The company
has an established presence in India, Thailand, and Australia, and
has acquired a wide client base comprising reputed original
equipment manufacturers (OEMs).
During 2009-10 (provisional), PCPL recorded a net profit of
INR24.21 million on the back of an operating income of
INR816.82 million.
RUCHI ACRONI: ICRA Assigns 'LBB+' Rating on INR40MM Cash Credit
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR40.0 million Cash
Credit Facility of Ruchi Acroni Industries Limited. The outlook
on the rating is stable. ICRA has also assigned an 'A4+' rating
to the INR935.0 million Letter of Credit, INR25.0 million Export
Packing Credit facility of RAIL.
The ratings take into account RAIL's experienced promoters with
long track record in trading of agricultural commodities and steel
items; diversified portfolio of products and its established
relations with key customers which has enabled it to secure repeat
orders from them. The ratings are however constrained by the
intensely competitive nature of the business translating into
modest profitability; vulnerability of RAIL's profits to commodity
price risk. The rating is also constrained by RAIL's modest
scale of operations; its exposure to adverse movement in foreign
exchange movement and the presence of other Ruchi Group entities
in the similar business.
About Ruchi Acroni
Established in 1979, Ruchi Acroni Industries Limited is engaged in
the business of trading in steel items and agricultural
commodities. RAIL is a trading arm of Ruchi Group and is a
closely held company promoted by Mr. Kailash Shahra and his family
members. RAIL is primarily involved in the trading of steel,
edible oil, soya products, soyabean, wheat, pulses, chemicals and
other agro/ non-agro commodities.
Ruchi Group is a reputed industrial conglomerate in India with
interests in businesses ranging from steel to food products. The
Group is actively involved in soya processing, edible oils, dairy
products, cold rolled sheets and coils, galvanized sheets and
coils and a host of other activities.
RUCHI GLOBAL: ICRA Assigns 'LBB+' on INR90 Million Cash Credit
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR90.0 million Cash
Credit Facility of Ruchi Global Limited. The outlook on the
rating is stable. ICRA has also assigned an 'A4+' rating to the
INR2.70 billion bank lines of RGL.
The ratings take into account RGL's experienced promoters with
long track record in trading of agricultural commodities and steel
items; diversified portfolio of products and its established
relations with key customers which has enabled it to secure repeat
orders from them. The ratings are however constrained by the
intensely competitive nature of the business translating into
modest profitability; vulnerability of RGL's profits to commodity
price risk. The rating is also constrained by RGL's modest
scale of operations; its exposure to adverse movement in foreign
exchange movement and the presence of other Ruchi Group entities
in the similar business.
About Ruchi Global
Established in 1996, Ruchi Global Limited Limited is engaged in
the business of trading in steel items and agricultural
commodities. RGL is a trading arm of Ruchi Group and is a closely
held company promoted by Mr. Kailash Shahra and his family
members. RGL is primarily involved in the trading of steel,
edible oil, soya products, soyabean, wheat, pulses, chemicals and
other agro and non-agro commodities.
Ruchi Group is a reputed industrial conglomerate in India with
interests in businesses ranging from steel to food products. The
Group is actively involved in soya processing, edible oils, dairy
products, cold rolled sheets and coils, galvanized sheets and
coils and a host of other activities.
SAURASHTRA CALCINE: ICRA Rates INR30MM Cash Credit at 'LB+'
-----------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR30 million cash credit
facility and INR50 million term loans of Saurashtra Calcine
Bauxite and Allied Industries Limited. The outlook on the long
term rating is stable. ICRA has also assigned an 'A4' rating to
the INR70 million short term fund based limits of SCABAL.
The ratings take into account the recent delays by SCABAL in
servicing its bank borrowings, high working capital requirement in
the business which leads to the working capital limits remaining
fully utilized, thereby reducing financial flexibility and the
exposure to uncertainty that the company faces in terms of exports
of raw bauxite due to the order of the Government of Gujarat
restricting exports without the Government's permission. The
ratings also factor in the existing mining leases with the
company for bauxite reserves of around 9.8 million MT, which given
the current rate of mining would last for sufficiently long
period. However, ICRA notes that all of the company's mines are
currently being operated under deemed renewal and therefore
exposes SCABAL to regulatory risks with respect to renewal of
mining leases. The rating also factors in the long track record
of SCABAL in bauxite mining and calcination business and long
standing relationship with established domestic and export
customers. ICRA notes that the company mitigates its counterparty
risk to an extent by exporting material against letter of credit
and hedges a major portion of its forex exposure, thus mitigating
the forex risk to an extent.
About Saurashtra Calcine
SCABAL, incorporated in 1997, is promoted by the Porbandar based
Raichura family. The company is involved in the activity of
mining bauxite, manufacturing calcined bauxite and marketing of
bauxite in India and abroad. The company posted a profit after
tax of INR36.8 million on an operating income of INR512.7 million
in 2008-09. In the nine months, April ? December 2009, SCABAL has
posted a net profit of INR37.2 million on an operating income of
INR229.7 million.
SHORYA EDUCATION: ICRA Puts 'LB+' Rating on INR150MM Term Loan
--------------------------------------------------------------
ICRA has assigned a rating of 'LB+' to the INR 150 million term
loan facilities of Shorya Education and Welfare Society.
The rating of Shorya Education and Welfare Society takes into
account the stretched liquidity profile of the Trust characterized
by poor profitability, high gearing and below average coverage
indicators which has resulted in delays in servicing of debt
obligations. Stretched financial profile has arisen out of the
modest seat occupancy levels in the educational institutions
operated by the society resulting into moderate revenue levels,
coupled with significant debt funded capex of over
INR200 million, which has resulted in high capital charges. The
rating is further constrained by the competition from other
engineering colleges in the state of Uttar Pradesh which can
impact the ability of the society to attract good students in the
initial years of operation. The rating also takes into account
the expected weak financial profile of the society in the initial
years of operation. However, the rating draws comfort from the by
established track record of the promoters in the field of
education and favorable demand prospects for educational
institutes.
About Shorya Education
Shorya Education & Welfare Society was constituted in October 2006
with the objective of setting up institutes and colleges in the
field of engineering, medical sciences, paramedical, hotel
management and hospitality. SEWS is promoted by Mahendra Gupta
and Family who have an established track record of 13 years in the
field of education with another society of the promoters (Health &
Education Society) running Tecnia Group of Institutions Since
1997.
ST LAURN HOTELS: ICRA Assigns 'LB+' Rating on INR470MM LT Loan
--------------------------------------------------------------
ICRA has assigned its 'LB+' rating to the INR470 million long term
sanctioned bank limits of St Laurn Hotels Limited. ICRA has also
assigned 'A5' rating to the INR29 million short term sanctioned
bank limits SLHL.
The ratings reflect the company's small scale of operations and
its high geographical concentration on a single 5-star hotel
property in Ahmedabad. The rating is further constrained by the
highly leveraged capital structure of the company by virtue of
debt funding for the project. Owing to its limited operating
history and yet to be stabilized operation, insufficient liquidity
lead to delays in debt servicing in the recent past. The ratings
also take into account the aggressive expansion plans of the
promoter group in the hospitality industry over the next five
years. The ratings also factor in the inherent cyclicality of
the hospitality industry and the competition the hotel faces from
other 5-star hotels in the vicinity. ICRA however favorably
factors in the location of the hotel in Ahmedabad with proximity
to the CBD of the city, the corporate contracts SLHL has entered
into which can help it generate steady banqueting revenues and
help it in brand building over the long term, and the industry
friendly policies of the Gujarat government which is expected to
attract investments to the state thereby benefiting the business
hotels in the region.
Incorporated in 2007, St Laurn Hotels Limited is a one hotel
company which owns and operates the 5-star hotel St Laurn Towers
at Ahmedabad. The hotel is a 129 key property located at
Ashram Road in Ahmedabad. The hotel is a part of the chain-St
Laurn Hotels & Resorts which currently has two other 5-star hotels
in Pune and is coming up with a resort in Shirdi.
The company is a part of the Lakshman Kariya Group, with business
interests mainly in real estate and hospitality. The group is
promoted by Mr. Lakshman Kariya who has over 15 years of
experience in the real estate industry. SLHL is a closely held
company with the Kariya family holding 100% equity. The
group traditionally conducts all its real estate activities under
various SPVs and the hotels are owned under the two companies SLHL
and Shirdi Country Inn Private Limited (SCIPL; rated LB). SCIPL
owns two 5-star hotels in Pune and is coming up with a resort in
Shirdi. All the existing properties for a part of the St Laurn
Hotels & Resorts chain which is owned by the promoter group. The
group has ambitious expansion plans with 15 more premium hotels to
be built with the St Laurn brand during the next five years. The
group expects an investment of about INR30.0 billion, of which ---
INR10.0 billion is expected to come from internal accruals.
Recent Results
The company posted a net loss of INR 45.6 million on an operating
income of INR 78.5 million during the year 2009-10 (provisional).
UNNAO DISTILLERIES: CRISIL Revises Rating Outlook to Stable
-----------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Unnao Distilleries and Breweries Limited to 'Stable'
from 'Negative', while reaffirming the rating at 'B+'. The short-
term rating has also been reaffirmed at 'P4'.
Facilities Ratings
---------- -------
INR140.0 Million Cash Credit B+/Stable (Outlook Revised
from 'Negative')
INR28.7 Million Term Loan B+/Stable (Outlook Revised
(Reduced from INR43 Million) from 'Negative')
INR7.0 Million Bank Guarantee P4 (Reaffirmed)
(Reduced from INR20 Million)
The outlook revision reflects improvement in Unnao's working
capital position over the past 12 months ended April 2010 due to
faster realization of debtors. CRISIL also believes that the
improved working-capital management will be sustained over the
medium term.
The rating continues to reflect Unnao's exposure to risks relating
to unfavorable regulations in the distillery industry, moderate
scale of operations with low operating margins and tight liquidity
position due to high excise duty payments. These weaknesses are,
however, partially offset by Unnao's strong market position in the
country liquor segment in Uttar Pradesh (UP) and its healthy
capital structure with adequate debt protection metrics.
Outlook: Stable
CRISIL believes that Unnao will maintain its improved working
capital position on the back of faster realisation of debtors. The
business risk profile will continue to be supported by its strong
brand in the country-liquor segment. The outlook may be revised
to 'Positive' in case Unnao is able to further improve its
liquidity position. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates,
most likely because of large borrowings for capital expenditure,
or delay in realizations from customers.
About Unnao Distilleries
Unnao, was formed by taking over the operations of ACT Ltd in
2000. It has an installed capacity of 19 million litres per annum
of commercial spirit and potable liquor. The company manufactures
country liquor under the Madhuri brand, and Indian-made foreign
liquor under the High Choice and Deluxe brands. Unnao is licensed
to sell spirit in UP and has been market leader in the country
liquor segment in the state for the past five years.
For 2009-10 (refers to financial year, April 1 to March 31), Unnao
reported a provisional profit after tax (PAT) of INR13.5 million
on net sales of INR1061 million, as against a loss of INR1.2
million on net sales of INR1131 million for 2008-09.
VIHAAN INFRASYSTEMS: Low Net Worth Cues CRISIL 'B' Ratings
----------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Vihaan Infrasystems India Ltd.
Facilities Ratings
---------- -------
INR40.0 Million Cash Credit Limit B/Stable (Assigned)
INR50.0 Million Proposed Long-Term B/Stable (Assigned)
Bank Loan Facility
INR10.0 Million Packing Credit P4 (Assigned)
INR20.0 Million Letter of Credit P4 (Assigned)
INR10.0 Million Bank Guarantee P4 (Assigned)
INR20.0 Million Proposed Short-Term P4 (Assigned)
Bank Loan Facility
The ratings reflect VIIL's exposure to risks relating to a small
scale of operations in the fragmented telecommunication
infrastructure consultancy services, limited track record, limited
financial flexibility because of large working capital
requirements and low net worth. These weaknesses are partially
offset by the benefits that VIIL derives from the healthy growth
prospects for the end-user telecom industry.
Outlook: Stable
CRISIL believes that VIIL will maintain its credit risk profile
due to stable order book position. The outlook may be revised to
'Positive' if the company's topline growth and profitability
exceed expectations along with efficient working capital
management leading to improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
steep deterioration in VIL's financial risk profile and liquidity
due to debt funded capex or increased working capital
requirements.
About Vihaan Infrasystems
VIIL (formerly, Goldrocks Trading Ltd) was incorporated in 1996 by
Mr. Alok Mukherjee. The company was established to undertake
trading activity. However, it commenced operations only in April
2007, after which it began providing telecommunication
infrastructure consultancy services. VIIL undertakes turnkey
projects in the telecom technology services segment, and provides
consultancy and engineering services to telecom operators.
VIIL reported a profit after tax (PAT) of INR8.1 million on net
sales of INR519.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.5 million on net sales
of INR63.4 million for 2007-08.
VISHESH OVERSEAS: CRISIL Assigns 'BB-' Rating on INR38.6MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4' ratings to the bank
facilities of Vishesh Overseas.
Facilities Ratings
---------- -------
INR38.6 Million Term Loan BB-/Stable (Assigned)
INR85.0 Million Packing Credit P4 (Assigned)
INR50.0 Million Foreign Bill P4 (Assigned)
Discounting
INR20.0 Million Letter of Credit P4 (Assigned)
INR6.4 Million Bank Guarantee P4 (Assigned)
The ratings reflect Vishesh's small scale of operations,
constrained financial risk profile, marked by a low net worth and
weak debt protection measures, and exposure to risks related to
customer concentration in its revenue profile, vulnerability of
profitability to fluctuations in foreign exchange rates, and large
working capital requirements. These rating weaknesses are
partially offset by the benefits that Vishesh derives from its
promoters' industry experience and its moderate operating margin.
Outlook: Stable
CRISIL believes that Vishesh will continue to benefit over the
medium term from its promoters' industry experience and its
moderate operating efficiencies. The outlook may be revised to
'Positive' if the firm diversifies its customer profile, enhances
its scale of business, and improves its cash accruals.
Conversely, the outlook may be revised to 'Negative' if the firm's
cash accruals deteriorate, resulting in weak liquidity, or if the
firm's financial risk profile deteriorates because of large debt-
funded capital expenditure.
About Vishesh Overseas
Set up in 1981 as a partnership firm by Mr. Rajiv Prem Arora and
Mrs. K Krishna, Vishesh manufactures and exports casual wear for
women, such as tops, blouses, and ensembles. In April 2006,
Mrs. K Krishna left the firm, and Mr. Adil Prem Arora (son of Mr.
Rajiv Prem Arora) took her place as partner. Profit and loss
sharing ratio between Mr. Rajiv Prem Arora and Mr. Adil Prem Arora
is at 9:1. Vishesh also derives 30% to 35% of its revenues from
sale of kids' apparel such as t-shirts and tops. Vishesh caters
mainly to the spring and summer collection of international
retailers such as Hennes & Mauritz (H&M), Debenhams Retail plc,
and Mother Works Inc.
Vishesh reported a net loss of INR11.7 million on net sales of
INR199 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax (PAT) of INR10 million on
net sales of INR291 million for 2007-08.
VIJAY TECHNOLOGIES: Delay in Loan Repayment Cues Default Ratings
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Vijay Technologies India
Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR70.0 Million Rupee Term Loan D (Assigned)
INR40.0 Million Cash Credit D (Assigned)
INR10.0 Million Letter of Credit P5 (Assigned)
INR5.0 Million Bank Guarantee P5 (Assigned)
The ratings reflect delay by VTIPL in servicing its term loan; the
delay has been caused by VTIPL's weak liquidity.
Incorporated in 1989 by Mr. Jitendra Salot and his family members,
VTIPL (formerly, Nevada Finvestrade Company Pvt Ltd) manufactures
surgical gloves, industrial gloves, and examination gloves. The
company is currently implementing a project to install three lines
for manufacturing gloves, of which one is operational, trial
production runs are underway for the second and the third is
expected to be operationalised in first half of 2010-11 (refers to
financial year, April 1 to March 31).
VTIPL reported a net loss of INR0.4 million on net sales of
INR12.4 million for 2008-09, its first year of operations.
WILSON ENGINEERING: CRISIL Puts 'BB-' Ratings on Various Debts
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Wilson
Engineering Industries Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR75 Million Cash Credit BB-/Stable (Assigned)
INR70 Million Term Loan BB-/Stable (Assigned)
INR25 Million Proposed LT BB-/Stable (Assigned)
Bank Loan Facility
INR100 Million Letter of P4+ (Assigned)
Credit/Bank Guarantee
The ratings reflect WEIPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection measures,
and large working capital requirements. These rating weaknesses
are partially offset by WEIPL's market position in the road
construction equipment segment and the benefits that the company
derives from its promoter's experience in the construction
equipment industry.
Outlook: Stable
CRISIL believes that WEIPL will maintain its market position in
the road construction segment, supported by long presence in the
equipment manufacturing industry. The outlook may be revised to
'Positive' in case WEIPL increases its topline and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's margins decline sharply, on account of losses caused by
fluctuations in the value of the Indian rupee or increase in raw
material prices.
About Wilson Engineering
WEIPL was set up as a partnership entity in 1967 by Mr. Shyam
Sunder Sahay. Subsequently, the firm converted to a closely held
company in 1981. The company manufactures road construction
equipment such as road rollers, wet-mix plants, and drum-mix
plants, with manufacturing facilities in Kolkata, Uttarakhand, and
Patna (Bihar).
WEIPL reported a profit after tax (PAT) of INR3.21 million on net
sales of INR369.70 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR3.03million on net sales
of INR358.07 million for 2007-08.
=========
J A P A N
=========
ALL NIPPON: Wants All Four New U.S. Slots at Haneda Airport
-----------------------------------------------------------
All Nippon Airways has asked Japan's Land, Infrastructure,
Transport and Tourism Ministry to grant it all four daily slots
for U.S.-bound flights from Tokyo's Haneda airport to be allocated
to Japanese carriers when they become available in October, Kyodo
News reports citing sources.
According to the report, sources said that ANA contends that
allowing Japan Airlines to open new routes "will distort the
competitive environment." The source said the transport ministry
has been making arrangements to give two slots each to ANA and JAL
but might review its plan.
About ANA
All Nippon Airways Co. Ltd. -- http://www.ana.co.jp/-- is a
Japan-based company engaged in three business segments. Its Air
Transportation segment is engaged in the air transportation
business, as well as the provision of services at airports, the
provision of reservation services through telephones and the
maintenance of aircrafts in the country and overseas markets. The
Traveling segment develops, plans and sells tour packages under
the brand names ANA Hello Tour and ANA Sky Holiday. This segment
also offers services to travelers and sells travel products and
air tickets. The Others segment is involved in the information
communications, real estate, building management, land
transportation and airplane fixture repair businesses, among
others. The company has 112 subsidiaries and 40 associated
companies.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 23, 2009, Moody's Investors Service downgraded the long-term
debt ratings of All Nippon Airways Co., Ltd., to Ba2 from Baa3.
The outlook is stable.
CSTR TRUST: Places Class F Trust Certs' B1 Rating Under Review
--------------------------------------------------------------
Moody's Investors Service placed the ratings on the Class B
through F Trust Certificates issued by CSTR-1 and CSTR-2 Trusts, a
CMBS transaction, on review for possible downgrade.
The final maturity of the Trust Certificates will take place in
July 2012.
The individual rating actions are listed as:
CSTR-1 Trust
- Class B, Aaa placed under review for possible downgrade;
previously on October 12, 2007 upgraded to Aaa from Aa2
- Class C, Aa2 placed under review for possible downgrade;
previously on October 12, 2007 upgraded to Aa2 from A2
- Class D, Baa2 placed under review for possible downgrade;
previously on July 4, 2006 definitive rating assigned Baa2
CSTR-2 Trust
- Class E, Ba2 placed under review for possible downgrade;
previously on July 4, 2006 definitive rating assigned Ba2
- Class F, B1 placed under review for possible downgrade;
previously on October 12, 2007 upgraded to B1 from B2
CSTR-1 Trust and CSTR-2 Trust, effected in July 2006, represent
the securitization of four non-recourse loans. Two of the loans
have been prepaid; the two outstanding loans (senior and
subordinated) are backed by one property.
Moody's previous rating actions on this transaction, in October
2007, were taken because the credit quality of the Class B, C, and
F trust certificates, had improved due to sequential prepayments
for the CSTR-1 Trust Certificates and prorated payments for the
CSTR-2 Trust Certificates, for the two of the loans.
L-JAC FIVE: S&P Downgrades Ratings on A to C Certificate Classes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on classes
A to C issued under the L-JAC Five Trust Beneficial Interest (L-
JAC Five) transaction and kept the ratings on CreditWatch with
negative implications.
S&P said, "At the same time, we downgraded classes D-2 and D-3 and
removed the ratings on both classes from CreditWatch with negative
implications (also listed below). We also kept the ratings on
classes D-1, E-1, F-1, G-1, and H-1 on CreditWatch negative (also
listed below). In addition, we affirmed the ratings on six other
classes of trust certificates issued under the same transaction."
"On March 24, 2010, we placed classes A to E-1, F-1, G-1, and H-1
on CreditWatch with negative implications. The CreditWatch
placements reflected what we viewed as mounting uncertainty over
the recovery prospects of the properties backing two of the
transaction's underlying loans, which defaulted in March 2009 and
July 2009, respectively, and four other underlying loans maturing
by March 31, 2011. Five of the transaction's eleven remaining
loans have defaulted so far," said S&P.
The rating actions are based on the following factors:
* S&P reviewed two of the four underlying loans (two loans
representing about 4.3% of the total initial issuance amount
of the trust certificates) maturing by the end of March
2011, which are backed by a limited-service extended-stay
apartment and hotel, respectively. S&P has lowered its
assumptions with respect to the likely recovery amount from
the properties backing the two loans based on the
possibility that the loans may not be repaid and the
properties may need to be liquidated.
* Since last year, the servicer has been engaged in collection
procedures relating to the sale of the eight properties that
back the two loans that defaulted in March 2009 and July
2009, in accordance with its business plan. Yet, as S&P sees
uncertainty over the recovery prospects of the properties,
and considering the progress of the liquidation procedures,
S&P has lowered its assumptions with regard to the likely
recovery amount from the properties.
S&P said, "We intend to review our ratings on the eight classes
that remain on CreditWatch with negative implications after
assessing the recovery prospects of the properties backing the two
remaining loans maturing by March 2011 and the transaction's
underlying loan that is due to mature in April 2011, as well as
the progress of collections from the properties backing the two
loans that defaulted."
"L-JAC Five is a multi-borrower CMBS transaction. The trust
certificates were originally backed by 13 loans. The loans were
originally backed by 81 real estate properties and real estate
beneficial interests. The transaction servicer is Premier Asset
Management Co. Standard & Poor's ratings address the full payment
of interest and ultimate payment of principal by the transaction's
legal final maturity date in August 2015 for the class A to J-1
trust certificates, and the timely payment of available interest
for the interest-only class X certificates," said S&P.
Ratings Lowered, Off Creditwatch Negative
L-JAC Five Trust Beneficial Interest
Floating-rate trust certificates due August 2015
Class To From Initial issue amount Coupon type
----- -- ---- -------------------- -----------
D-2 CCC B- /Watch Neg JPY1.75 bil Floating Rate
D-3 B- BBB/Watch Neg JPY 0.64 bil. Floating Rate
Rating Kept on Creditwatch Negative
L-JAC Five Trust Beneficial Interest
Class Rating Initial issue amount Coupon type
----- ------ -------------------- -----------
D-1 B/Watch Neg JPY 1.7 bil. Floating Rate
E-1 B-/Watch Neg JPY 0.5 bil. Floating Rate
F-1 B-/Watch Neg JPY 0.5 bil. Floating Rate
G-1 B-/Watch Neg JPY 0.5 bil. Floating Rate
H-1 B-/Watch Neg JPY 0.53 bil. Floating Rate
Rating Affirmed
L-JAC Five Trust Beneficial Interest
Class Rating Initial issue amount Coupon type
----- ------ -------------------- -----------
E-2 CCC JPY 0.8 bil. Floating Rate
F-2 CCC JPY 0.58 bil. Floating Rate
G-2 CCC JPY 0.4 bil. Floating Rate
I-1 CCC JPY 0.56 bil. Floating Rate
J-1 CCC JPY 0.37 bil. Floating Rate
X* AAA JPY 63.63 bil. (Initial notional principal)
*Interest-only
RESONA HOLDINGS: Wants to Buy Back Government Shares by November
----------------------------------------------------------------
Resona Holdings Inc. said it wants to buy back part of
JPY1.67 trillion ($18 billion) in convertible preference shares
owned by the government by November, Bloomberg News reports.
According to the report, Chairman Eiji Hosoya is pushing the state
to reduce its stake before the bank submits a four-year business
plan to regulators. The government holds a 67% voting stake in
Resona.
Mr. Hosoya told Bloomberg News in an interview that the bank is
seeking to buy back some preference shares at about the same price
the government paid in 2003 when it bailed out the bank while the
state-controlled Deposit Insurance Corp. of Japan is demanding a
"high premium".
Bloomberg News, citing the Nikkei newspaper, reports that Resona
intends to buy back JPY400 billion in preference shares. The
Nikkei said the government will probably set a price 10% higher
than face value for the buyback, Bloomberg relates.
Resona said no agreement has been reached on the size, timing and
terms to buy back shares, according to Bloomberg.
The Troubled Company Reporter-Asia Pacific, citing Japan Today,
reported on March 4, 2009, that Resona Holdings said it will repay
perpetual subordinated loans worth JPY45 billion to the government
by March 31. Japan Today said the repayments will reduce Resona's
outstanding balance of such funds to JPY2.08 trillion.
The bank, effectively nationalized after it nearly collapsed under
a mountain of bad loans, received JPY3 trillion ($30 billion) of
taxpayer money in its 2003 bailout and earlier recapitalizations
of Japanese banks, according to Reuters.
Bloomberg discloses that former Prime Minister Junichiro Koizumi
tapped Hosoya, then vice president of East Japan Railway Co., to
turn around the bank.
About Resona Holdings
Japan-based Resona Holdings Inc. -- http://www.resona-gr.co.jp/--
is a holding company. Through its subsidiaries and associated
companies, the Company is engaged in general banking, trust
operation, credit card and financial services. The company is
comprised of 15 domestic subsidiaries and 21 overseas
subsidiaries, as well as two associated companies. It has
operations in Japan, the United Kingdom, Indonesia, Thailand and
the Cayman Islands.
* Moody's Says Impairment Likelihood Grow for Unresolved Loans
--------------------------------------------------------------
Moody's Investors Service said in a new report that the likelihood
of impairment will grow for loans that remain unresolved for a
prolonged period.
Moody's "Semi-Annual Loan Profiles" updates Japan CMBS loan
profiles as of end-March 2010. Additionally, the report includes
a comparison of the disposition prices of properties sold in
special servicing to Moody's initial value assumptions and
profiles of loans maturing between April 2010 and March 2011.
Among the findings of Moody's monitoring:
Loans maturing in April 2010 and thereafter amounted to about
JPY2.69 trillion. Of this amount, JPY790 billion is scheduled to
mature between April 2010 and December 2010, JPY690 billion in
2011, and 680 billion in 2012, indicating that the amount of
maturing loans will remain at the same high levels seen since
2009.
Three new CMBS deals amounting to JPY128 billion closed between
October 2009 and March 2010.
Of all loans maturing between April 2010 and March 2011, the
largest amount -- over JPY180 billion -- is scheduled to mature in
September 2010.
Defaulting loans rose to JPY270 billion (for 64 loans) as of end-
March 2010, from JPY7 billion (for three loans) as of end-
September 2008. These loans comprise around 9% of the amount of
defaulting loans outstanding as of end-March 2010.
Of loans that had defaulted by end-March 2010, 34 had defaulted in
or after October 2009, amounting to JPY140 billion -- the largest
number and amount thus far.
Moreover, because the recovery period for special servicing is
lengthening, the amount of loans in default for more than one year
rose, to JPY78 billion (15 loans) as of end-March 2010.
Selling properties at the minimum price set at the start of
special servicing has become increasingly difficult. Thus,
special servicers are re-considering their minimum sales prices,
resulting in the growing likelihood of impairment for loans that
remain unresolved for a prolonged period. Amounts recovered
through special servicing may very well fall below Moody's
estimates for some deals -- in which case, Moody's may place the
ratings (of junior tranches mainly) under review for downgrade.
By end-March 2010, 16 defaulted loans (JPY161 billion) had been
recovered, accounting for 36% by amount and 20% by number of total
defaulted loans.
A simple average of the disposition price of the properties
backing defaulting loans equals 72% of Moody's initial value
assumptions, with properties sold at 75%-100% of Moody's initial
value assumptions constituting the largest group by number.
* Moody's Says Japanese RMBS Asset Classes Repurchase Rate Rises
----------------------------------------------------------------
Moody's Investors Service said that the repurchase rate for asset
classes backing Japanese RMBS has risen sharply, according to a
new report, "Japanese RMBS Performance Indices: Updating
Residential Mortgage Loan Indices."
Among the report's highlights:
The loan balance in the Japan performance indices has declined
moderately, due not only to a drop in the number of new deals
(because of the market environment), but also to a decline in the
balance of existing transactions.
LTV has been stable this past year, after a moderate rise the
previous year. TTM is still edging up, while the average loan
balance per receivable is declining.
Dynamic performance, as measured by the default rate, remains
stable. The delinquency ratio has been rising lately, although
the repurchase rate may hold down the default rate.
The repurchase rate has risen sharply as the number of modified
loans has increased. Winter bonuses and salaries have been
declining since last year, resulting in a growing number of
obligors applying for loan modifications, which are on the upswing
also because of the Moratorium Law. Still, another rise in the
repurchase rate will be limited, in Moody's view.
Average dynamic performance (as measured by CPR) from October 2009
to March 2010 was slightly lower than in the same period the
previous year.
Static performance, as measured by default and repurchase rates,
is rising in accordance with seasoning.
Moody's updates and publishes its performance indices for Japanese
RMBS semi-annually since December 2004.
=========
K O R E A
=========
SAMSUNG MOTORS: Creditors May Get KRW1.6-Tril. From Share Sale
--------------------------------------------------------------
Jungmin Hong at Bloomberg News reports that creditors of Samsung
Motors Inc. are closer to getting the money they say they're owed
after Samsung Life Insurance Co. completed its initial public
offering.
Bloomberg News notes that Samsung Group Chairman Lee Kun Hee in
1999 handed Woori Bank, Citibank Korea Inc. and other creditors of
the former auto-making unit shares in Samsung Life in place of
cash payments.
According to Bloomberg, two people familiar with the matter said
the lenders recouped principal from KRW1.6 trillion ($1.4 billion)
gained in the insurer's IPO this month. The lenders also made
demands for KRW2.9 trillion in penalty interest from Samsung,
Bloomberg adds.
Bloomberg says Mr. Lee hopes that the $4.3 billion share sale may
help settle the debt after more than 10 years.
Bloomberg's sources said creditors agreed in March to sell their
combined 11.4% stake in Samsung Life, or 22.78 million shares, at
KRW70,000 apiece to enable the IPO to proceed. Under the terms of
the agreement with Samsung Group, Bloomberg relates, surplus gains
above KRW70,000 would be held in custody pending a court decision.
Shares priced at KRW110,000 in the IPO, the report notes.
Bloomberg reports that regulatory filings show Seoul Guarantee
Insurance Co. sold 7.16 million Samsung Life shares, the largest
stake among creditors. Woori Finance Holdings Co. units Woori
Bank and Kyongnam Bank sold a combined 5.55 million shares, and
nine other creditors including Shinhan Bank, Citibank Korea Inc.,
Hana Bank and Kookmin Bank also sold stock.
Samsung Group in 2009 sought court receivership for its car unit
Samsung Motors. Samsung Group said at the time it would assume
Samsung Motors' entire debt of KRW4.3 trillion ($3.7 billion) and
that group chairman Lee Kun-hee would personally pay KRW2.8
billion of the debt total.
====================
N E W Z E A L A N D
====================
SOUTH CANTERBURY: Torchlight to Increase Equity Stake by NZ$15.5MM
------------------------------------------------------------------
The National Business Review reports that Torchlight Fund has
confirmed it will raise its investment in South Canterbury Finance
by NZ$15.5 million, taking its investment in South Canterbury's
parent company Southbury to $37.5 million.
NBR relates South Canterbury Finance Chairman Allan Hubbard said
the additional investment endorses the repositioning of the
business over the last six months.
"Strategically, South Canterbury Finance is one of only a handful
of finance companies with the ability to provide funds for
business growth and development beyond the traditional banking
sector," the report quoted Mr. Hubbard as saying.
According to the report, Torchlight Fund Chairman George Kerr said
Torchlight was committed to helping South Canterbury execute its
strategy of moving towards three distinct business groups --
traditional finance, private equity, and real estate and asset
management.
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 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.
=================
S I N G A P O R E
=================
SINO-ENVIRONMENT: Court to Hear Judicial Management Application
---------------------------------------------------------------
An application to place Sino-Environment Technology Group Limited
under judicial management will be heard before the High Court of
Singapore at 10:00 a.m. on June 4, 2010.
Mr. Seshadri Rajagopalan and Ms. Ee Meng Yen Angela, both of Ernst
& Young LLP, One Raffles Quay North Tower, Leve l18, in Singapore,
have been nominated as joint and several judicial managers.
The Applicant's Solicitors are:
Messrs. Stamford Law Corporation
9 Raffles Place
Republic Plaza #32-00
Singapore 048619
===============
X X X X X X X X
===============
* Moody's Changes Global Automotive Industry Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service changed the outlook for the global
automotive industry to positive from stable. This outlook
expresses Moody's expectations for the fundamental credit
conditions in the industry over the next 12-18 months.
The change in the industry-wide outlook was prompted by Moody's
view that trends in volumes, demand and prices in the auto
industry have recovered faster than the rating agency had
anticipated earlier in the year. "Indeed, volumes in China and
Brazil in particular have improved, and western Europe is holding
up better than expected so far," says Falk Frey, senior vice
president in Moody's Corporate Finance Group. "Moreover, the US
is on track toward recovery and Japan continues to benefit from
incentives," Mr. Frey adds.
As regards unit sales of global light vehicles, Moody's has raised
its base case forecast for 2010 largely based on continued strong
demand in China. Specifically, the rating agency expects global
unit sales volumes of 67.6 million -- or a 5.5% increase over 2009
unit sales -- compared with its previous forecast of 65.3 million
units, or a 2% increase.
Although Moody's view of light vehicle unit sales in Western
Europe has improved, the rating agency still expect them to
decline vs. 2009, mainly due to the end of government scrapping
schemes. Moody's also expects European volumes to decline by 12%
in 2010, compared with its earlier forecast of a 15% drop.
In terms of Original Equipment Manufacturers, Moody's believes
that greater demand, together with the effect of re-stocking, will
lead to better capacity utilization rates and thus improved
profitability. Moody's views the situation as further developed
in the US, where restructuring has led to meaningful cuts in
capacity, compared with Europe, where structural capacity changes
have yet to occur. Moreover, the rating agency says that rising
prices of raw materials, especially steel, could become a concern
for OEMs towards the end of 2010. "Overall, the industry will
still be operating at below break-even operating profit levels in
2010," predicts Mr. Frey.
According to Moody's, the price/mix effect is becoming more
favourable for auto manufacturers. The government-sponsored
incentives that propped up sales of smaller cars have largely been
phased out. Consumers are again purchasing larger vehicles, or
adding expensive options to smaller, more fuel-efficient cars.
"Overall, in view of the volatile nature of the industry's demand
cycles, the recovery in the global auto sector appears to be
stronger than that of the broader economy in many regions," says
Mr. Frey. However, in Europe, Moody's will monitor the impact of
the sovereign debt crisis in terms of the availability of funding
for the financing arms of the car companies as well as further
economic recovery .
* 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
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 44.13 -69.23
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 27.13 -150.10
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 757 103.79 -134.42
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
GLOBAL FLEX HLDG 471 38.50 -8.34
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
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
UNITEX TBK UNTX 15.15 -14.59
INDIA
ALCOBEX METALS AML 16.59 -21.47
ARTSON ENGR ART 15.63 -1.61
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 1,069.83 -154.99
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
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
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 13.30 -83.83
EAST ASIA POWER PWR 42.01 -159.00
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.
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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.
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