/raid1/www/Hosts/bankrupt/TCRAP_Public/100526.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, May 26, 2010, Vol. 13, No. 102
Headlines
A U S T R A L I A
OPES PRIME: Director Laurie Emini Hit With 22 New Charges
PEPPER RESIDENTIAL: S&P Affirms Ratings on All Subrpime Classes
SIGMA PHARMACEUTICALS: Hires Lazard as Adviser on Aspen Bid
TRANSURBAN GROUP: CP2 Seeks to Stop Rights Issue
* AUSTRALIA: Moody's Reports Stable Outlook on Building Sector
C H I N A
BENDA PHARMACEUTICAL: MaloneBailey Raises Going Concern Doubt
CHINA IVY: Posts $352,811 Net Loss in Q1 2010
CHINA VOICE: Posts $496,541 Net Loss in Q3 Ended March 31
H O N G K O N G
APPLAUSE DEVELOPMENTS: Final Meetings Set for June 23
BATAVIA LIMITED: Creditors' Proofs of Debt Due June 21
BEP CORPORATE: Creditors and Members' Meetings Set for June 23
BIKRAM'S YOGA: Commences Wind-Up Proceedings
BIKRAM'S YOGA: Creditors' First Meeting Set for May 31
CHINTAN INVESTMENT: Final Meetings Set for June 23
CITIGOLD DEVELOPMENT: Final Meetings Set for June 23
COMERICA TRADE: Seng and Lo Step Down as Liquidators
COSMOPOLITAN COSMETICS: Commences Wind-Up Proceedings
COSMOPOLITAN COSMETICS CHINA: Commences Wind-Up Proceedings
CROWN FORTUNE: Members and Creditors' Meetings Set for June 23
EASTERN WEALTH: Members and Creditors' Meetings Set for June 23
FORE-Z (H.K.): Placed Under Voluntary Wind-Up Proceedings
FORTIS PRIVATE: Creditors' Proofs of Debt Due June 21
SEA CDO: Moody's Withdraws Ratings on Two Series of Notes
SUZUKI GOLDLY: Creditors' Proofs of Debt Due June 20
GOLD PROUD: Placed Under Voluntary Wind-Up Proceedings
HEMISPHERE VENTURES: Members' Final Meeting Set for June 23
HENU INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings
HKC INSURANCE: Ying and Man Step Down as Liquidators
HK HEALTH: Members and Creditors' Meetings Set for June 24
I N D I A
ACER GRANITO: CRISIL Assigns 'BB-' Rating on INR132MM Term Loan
AIR INDIA: Employees Go On Strike Over Gag Order & Delayed Salary
CHIRCHIND HYDRO: ICRA Places 'LBB-' Rating on INR217.1MM Loans
DEV EDUCATIONAL: CRISIL Cuts Rating on INR55MM Term Loan to 'B+'
DIVIJ INFRAPROJECTS: CRISIL Assigns 'BB-' Rating on INR180MM Loan
ESS ESS KAY: CRISIL Assigns 'B' Ratings on Various Bank Debts
KALPTARU ALLOYS: ICRA Assigns 'LB+' Rating on INR105MM Term Loan
MANPASAND AGRO: CRISIL Rates INR67.5 Million Term Loan 'BB+'
OB INFRASTRUCTURE: CRISIL Cuts INR4.4 Billion Loan Rating to 'B'
PAUL & COMPANY: CRISIL Assigns 'BB+' Rating on INR70MM Cash Credit
RATHI RAJASTHAN: ICRA Assigns 'LBB-' Rating on INR257.5M Term Loan
RUPANA PAPER: CRISIL Assigns Default Ratings on Various Bank Debts
S.R. INDUSTRIES: CRISIL Assigns 'BB-' Rating on INR290MM Term Loan
SAGAR GRANDHI: ICRA Reaffirms 'LBB+' Rating on INR100M Bank Debts
SAI SPONGE: Fitch Upgrades National Long-Term Rating to 'BB-'
SAURABH AGROTECH: ICRA Cuts Rating on INR180MM LT Loan to 'LBB+'
SIMBHAOLI SUGARS: CRISIL Assigns 'B' Rating on Various Bank Debts
SUTLEJ TEXTILES: Fitch Lifts National Long-Term Rating From 'BB-'
VIJAYESWARI TEXTILES: CRISIL Reaffirms 'D' Rating on INR1.7BB Loan
J A P A N
SPANSION INC: Acquires Distribution Business From Former Unit
K O R E A
SSANGYONG MOTOR: Ruia Group Considers Bidding $500 Million
M A L A Y S I A
AKN TECHNOLOGY: Swings to MYR425,000 Net Profit in March 31 Qtr.
ARK RESOURCES: March 31 Balance Sheet Upside-Down by MYR109.55MM
HO HUP CONSTRUCTION: Extraordinary Meeting Set for June 28
IBRACO BERHAD: To Hold 38th Annual General Meeting on June 15
JPK HOLDINGS: Inks Deal to Acquire Manhara Group
OILCORP BHD: Gets Summons From Horwarth for MYR258,000 Claim
N E W Z E A L A N D
CAPITAL + MERCHANT: Directors Remanded Until August 4
RURAL PORTFOLIO: Investors to Recoup 47% Payment From Share Sale
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
OPES PRIME: Director Laurie Emini Hit With 22 New Charges
---------------------------------------------------------
Ben Butler at the Herald Sun reports that Opes Prime director
Laurie Emini has been hit with additional 22 charges involving
about AU$160 million in shares traded before the broker's
collapse. The report says the latest charges bring the total
number of charges against Mr. Emini to 26.
Mr. Emini and Opes Prime's two other directors, Julian Smith and
Anthony Blumberg, already faced four counts each alleging breaches
of their duty as directors, the report says.
In the new charges against Mr Emini, the Herald Sun relates, the
Commonwealth Director of Public Prosecutions alleges he double-
counted stock, keeping them on the books of companies within the
Opes Prime group at the same time as recording that the shares
were held by clients of the company.
According to the report, ten of the new charges against Mr. Emini
allege he used his position "dishonestly with the intention of
directly or indirectly gaining an advantage for yourself or
someone else". The report says the other 12 new charges allege
Mr. Emini was "intentionally dishonest" and failed to discharge
his duties as a director in good faith. Most of the other new
charges relate to transactions in January and February 2008, the
report notes.
About Opes Prime
Opes Prime Group Ltd is an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients. The Group conducts business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:
1) Opes Prime Stockbroking Limited is a full Market
Participant of the Australian Stock Exchange Ltd, and
holds an Australian Financial Services Licence (#247408)
which enables it to deal and advise in financial
services and products to retail and wholesale clients. The
company was first registered on 10 March 1999, and started
business with its current shareholders in 2005. Opes
Prime Stockbroking is a specialist provider of
securities lending and equity financing services. In
Singapore, the firm operates through Opes Prime Group's
wholly owned subsidiary, Opes Prime International Pte Ltd.
In Australia, Opes Prime Stockbroking has granted
Authorized Representative status to Trader Dealer Pty Ltd,
an on-line non-advisory trading execution service for the
semi-professional and professional trader.
2) Opes Prime Structured Products Pty Ltd develops, manages
and markets specialized leveraged products for the high
net worth market, providing outstanding risk protection
and return potential.
3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
advisory firm specializing in small and mid cap stocks.
4) In Singapore, Opes Prime Asset Management Pte Ltd provides
specialist hedge fund incubation, advisory and trade
management services, and Five Pillars Associates Pte Ltd
provides Islamic finance consultancy.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls. The Administrators are
currently examining the Group's affairs to quantify the likely
liability to OPSL's clients.
Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.
The TCR-AP reported on October 17, 2008, that Opes Prime's
creditors voted on October 15, to liquidate Opes Prime
Stockbroking Limited. According to the Australian Associated
Press, the decision of the creditors will allow the liquidator to
pursue claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.
About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of Opes
-- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a pool
of nearly AU$1.6 billion in shares soon after the Opes collapse,
in a bid to recover money owed to them by Opes, the AAP said.
Opes Prime owed clients about AU$585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AU$400 million on September 22, the AAP noted
citing Ferrier Hodgson.
PEPPER RESIDENTIAL: S&P Affirms Ratings on All Subrpime Classes
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the ratings on all
classes of subprime and nonconforming residential mortgage-backed
securities issued by the trustee of Pepper Residential Securities
Trust No. 7. The rating affirmations reflect S&P's view that the
rated notes are adequately supported to withstand stresses that
are commensurate with their current rating levels. Although the
credit enhancements as a percentage of the outstanding balance
have built up as the portfolio amortized, in S&P's opinion, the
current portfolio composition remains susceptible to adverse
selection risk and yield pressure, and the pro-rata pay-down of
the notes may limit further build-up of credit enhancements to the
rated notes.
The housing loan portfolio underlying the RMBS has performed
strongly, as its arrears levels are consistently below the
nonconforming and subprime sector industry average. Further, the
excess spread reserve continues to build up, although at a limited
rate due to the 0.30% per annum cap. There has not been any
charge-offs to the notes to date, and the transaction has
satisfied all the conditions to make pro-rata payments on rated
notes.
As the portfolio amortizes, S&P believes there may be a trade-off
between managing the increasing funding cost and maintaining the
strong portfolio performance at the tail-end of the transaction.
In addition, Pepper Homes Loans intends to exercise its clean-up
call option toward the tail-end; S&P's analysis, however, assumes
the option will not be exercised. Since potential adverse
selection risk and yield pressure may heighten as the portfolio
amortizes, Pepper has committed support as provision for these
potential risks.
Although the remaining portfolio has a weighted-average seasoning
of 33 months, in S&P's opinion, there is still potential exposure
to adverse selection risk, especially in a rising interest rate
environment. About 34% of the loans have loan-to-value ratios
exceeding 80%. Over 68% of the borrowers in the portfolio are
self-employed and approximately 66% are low documentation loans.
Almost 34% of the portfolio are in their interest-only periods,
and are expected to come under principal and interest payment
terms by the end of 2012, which might increase mortgage stress to
borrowers. Although refinancing is an option to ease the
pressure, S&P has observed that borrowers within this sector have
greater difficulties in refinancing their loans.
Ratings Affirmed
Pepper Residential Securities Trust No. 7
Class Rating
----- ------
A1 AAA
A2 AAA
A3 AAA
B A+
C BBB
D BB
E N.R.
N.R. ? Not rated
SIGMA PHARMACEUTICALS: Hires Lazard as Adviser on Aspen Bid
-----------------------------------------------------------
Sigma Pharmaceuticals Ltd. has hired Lazard Ltd. to advise it on a
AU$707 million takeover offer from Aspen Pharmacare Holdings Ltd.,
Bloomberg News reports citing a person with knowledge of the
matter.
Bloomberg relates Sigma said it was considering the AU$0.60 per
share offer from Durban-based Aspen, Africa's largest drug
company. Bloomberg News, citing The Australian newspaper, says
Lazard may struggle to draw a higher offer for Sigma.
Meanwhile, The Herald Sun reports that Sigma Pharmaceuticals
shareholders face capital losses of at least AU$500 million if
they accept the conditional takeover offer from Aspen Pharmacare.
As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2010, Aspen Pharmacare Holdings Ltd. offered to buy Sigma
Pharmaceuticals for about AU$1.49 billion in cash and assume debt
to expand in Australia. Aspen said it will offer AU$0.60 for each
of Sigma's outstanding 1.18 billion shares and assume net debt of
AU$785 million.
The TCR-AP reported on April 23, 2010, that Sigma Pharmaceuticals
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, the 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.
Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010. The Wall Street Journal reports Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets. The Journal
notes Sigma also revealed that because the company had breached
debt covenants, creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30.
About Sigma Pharmaceuticals
Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- 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.
TRANSURBAN GROUP: CP2 Seeks to Stop Rights Issue
------------------------------------------------
The Sydney Morning Herald reports that CP2 Ltd. has written to the
Takeovers Panel in a bid to stop Transurban Group from selling new
shares in a rights issue.
According to the report, CP2 is seeking final orders from the
Takeovers Panel that Transurban be "restrained from proceeding
with the rights issue in its current form."
The report relates CP2 is also seeking orders that:
* the rights issue be made subject to the approval of
security holders by ordinary resolution; and
* should any rights issue be permitted to proceed, "the
institutional entitlement offer be reopened and clear
disclosure be made in relation to the current status
of offers for securities in Transurban.
According to SMH, the Takeovers Panel said in a statement that a
sitting panel had not been appointed and no decision made on
whether to conduct proceedings.
The report discloses that the rights issue was a $542 million
fully underwritten accelerated renounceable one-for-11 capital
raising that Transurban announced on May 10 to fund the purchase
of Sydney's Lane Cove tunnel and upgrades to the M2 and M5
tollways.
About Transurban Group
Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads Group.
* * *
Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million and AU$16.13 million for the years ended
June 30, 2007, through 2009.
* AUSTRALIA: Moody's Reports Stable Outlook on Building Sector
--------------------------------------------------------------
Moody's Investors Services says in a new report that its industry
outlook for Australia's building society sector is stable,
reflecting sound prospects for the Australian economy, which will
support asset quality metrics.
Moody's rates three Australian building societies:
* The Heritage Building Society -- C BFSR, A3 long-term deposit
rating, stable outlook
* Newcastle Permanent Building Society -- C+ BFSR, A2 long-term
deposit rating, negative outlook
* The Rock Building Society -- D+ BFSR, Baa3 long-term deposit
rating, stable outlook
"The societies' generally conservative business models have
weathered the impact of the global financial crisis," writes
Daniel Yu, Moody's analyst and author of the report, "aided by
favorable economic conditions, which benefited from the
government's stimulus package and investment, as well as resurging
demand in Asia for Australian commodities."
"And, although loan and deposit growth slowed in FY2009, Moody's
do see evidence for improvement in FY2010," Yu writes, adding
that, "the sector is supported by a number of factors --
dependable deposit bases; solid home market franchises;
conservative business models; and a solid economic outlook for the
country."
Throughout the crisis, the building society sector steadily
increased its portion of retail deposit funding, due to the
closure of the RMBS markets. Customer deposits as a proportion of
total funding rose from 62% in FY2006 to 68% in FY2009.
Unemployment has improved markedly, which will support the
sector's credit quality, and asset quality metrics are showing
signs of stabilizing after weakening (off a very low base) at the
start of the crisis.
In addition, the societies' loan books are composed predominantly
of residential mortgages, which continue to perform well, with
significant levels of mortgage insurance coverage.
Furthermore, impairment levels, which had risen significantly
during the crisis, are holding at very low levels. In fact, they
are still below historical standards, and the sector's ratio of
non-performing loans to gross loans of 0.2% would need to
quadruple before moving out of Moody's highest asset quality
category.
Still, raising profitability will be challenged by higher funding
costs and competition in the retail sector -- as such, cost-
cutting will be key. Moreover, the sector's loan portfolio is
composed of mostly residential mortgages and remains vulnerable to
further interest rate increases, given the high levels of consumer
debt in Australia.
=========
C H I N A
=========
BENDA PHARMACEUTICAL: MaloneBailey Raises Going Concern Doubt
-------------------------------------------------------------
Benda Pharmaceutical, Inc., filed on May 18, 2010, its annual
report on Form 10-K, for the year ended December 31, 2009.
MaloneBailey, LLP, in Houston, expressed substantial doubt about
the Company's ability to continue as a going concern. The
independent auditors noted that the Company has incurred losses
for the year ended December 31, 2009, and had a working capital
deficiency at December 31, 2009.
The Company reported a net loss of $2.7 million on $22.0 million
of revenue for 2009, compared with a net loss of $14.5 million on
$25.0 million of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
$63.6 million in assets, $48.2 million of liabilities, and
$15.3 million of stockholders' equity.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?62fc
Based in Wuhan, Hubei Province, PRC, Benda Pharmaceutical, Inc.,
OTC: BPMA) through is wholly owned subsidiary Ever Leader Holdings
Limited, is a pharmaceutical company that identifies, discovers,
develops and manufactures both conventional medications and
Traditional Chinese Medicines for the treatment of some of the
largest common ailments and diseases. The Company is also
dedicated to the development, manufacturing and commercialization
of gene therapy products.
CHINA IVY: Posts $352,811 Net Loss in Q1 2010
---------------------------------------------
China Ivy School, Inc., filed its quarterly report on Form 10-Q,
showing a net loss of $352,811 on $1,601,365 of revenue for the
three months ended March 31, 2010, compared with net income of
$43,820 on $1,487,382 of revenue for the same period of 2009.
The Company's balance sheet as of March 31, 2010, showed
$15,522,072 in assets, $13,830,992 of liabilities, and
$1,691,080 of stockholders' equity.
Michael T. Studer CPA P.C., in Freeport, N.Y., expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009.
As of March 31, 2010, and December 31, 2009, the Company had cash
of $2,264,332 and $46,187, respectively, and working capital
deficit of $9,249,145 and $11,038,871, respectively. The Company
had an accumulated deficit of $5,468,433 as of March 31, 2010.
A full-text copy of the quarterly report is available for free at:
http://researcharchives.com/t/s?6322
Based in Jiangsu Province, P.R. China, China Ivy School, Inc. was
incorporated in the State of Nevada. The Company operates an
educational facility under the name "Blue Tassel School" which
provides a comprehensive curriculum required by the government of
the People's Republic of China, supplemented by a broad range of
elective courses which may be chosen from by the school's
students. To the present date, the Company has only operated
within the People's Republic of China.
CHINA VOICE: Posts $496,541 Net Loss in Q3 Ended March 31
---------------------------------------------------------
China Voice Holding Corp. filed its quarterly report on Form 10-Q,
showing a net loss before preferred dividend of $496,541 on
$1,188,880 of revenue for the three months ended March 31, 2010,
compared with net income before preferred dividend of $2,478,490
on $302,666 of revenue for the same period of 2009.
The Company's balance sheet as of March 31, 2010, showed
$17,391,484 in assets, $7,147,809 of liabilities, and $10,243,675
of stockholders' equity.
As reported in the Troubled Company Reporter on November 6, 2009,
Jimmy C.H. Cheung & Co, in Hong Kong, expressed substantial doubt
about China Voice Holding Corp. and subsidiaries' ability to
continue as a going concern after auditing the Company's
consolidated financial statements for the fiscal years
ended June 30, 2009, and 2008. The auditors noted that of the
Company's net losses and accumulated deficits during the past two
fiscal years.
During the nine months ended March 31, 2010 and 2009, the Company
had significant operating losses which raise substantial doubt
about the Company's ability to continue as a going concern.
During the nine months ended March 31, 2010, and 2009, the Company
has used cash flow in operations of $923,294 and $2,260,216.
Accumulated deficit amounted to $32,779,556 and $29,576,504 as of
March 31, 2010, and June 30, 2009, respectively.
A full-text copy of the quarterly report is available at no charge
at http://researcharchives.com/t/s?6324
About China Voice
Based in Boca Raton, Fla., China Voice Holding Corp. --
http://www.chvc.com/-- is a U.S. publicly-traded holding company
with a portfolio of next-generation communications products and
services doing business in the People's Republic of China, where
the Company has obtained full legal status as a licensed Chinese
telecommunications company. Through its subsidiaries, the Company
provides Voice over Internet Protocol telephone services, office
automation, wireless broadband, unified messaging, video
conferencing, mobility services and other advanced voice and data
services. CHVC's focus is on providing its innovative and
patented voice and data solutions to government agencies and large
enterprises in China.
================
H O N G K O N G
================
APPLAUSE DEVELOPMENTS: Final Meetings Set for June 23
-----------------------------------------------------
Members and creditors of Applause Developments Limited will hold
their meetings on June 23, 2010, at 9:00 a.m., and 9:30 a.m.,
respectively at Room 2109, China Resources Building, 26 Harbour
Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
BATAVIA LIMITED: Creditors' Proofs of Debt Due June 21
------------------------------------------------------
Creditors of Batavia Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by June 21,
2010, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on May 13, 2010.
The company's liquidators are:
Wong Yuk Ying
Chan On Ki
11th Floor, Fortis Tower
77-79 Gloucester Road
Hong Kong
BEP CORPORATE: Creditors and Members' Meetings Set for June 23
--------------------------------------------------------------
Creditors and members of BEP Corporate Management Limited will
hold their meetings on June 23, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 704, The Boys' and Girls' Clubs Association
of Hong Kong, No. 3 Lockhart Road, Wanchai, in Hong Kong.
At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
BIKRAM'S YOGA: Commences Wind-Up Proceedings
--------------------------------------------
Creditors of Bikram's Yoga College of India Limited, on May 13,
2010, passed a resolution to voluntarily wind-up the company's
operations.
The company's provisional liquidator is:
Chan Kin Hang Danvil
Room 2301, 23/F., Ginza Square
565-567 Nathan Road
Yaumatei, Kowloon
Hong Kong
BIKRAM'S YOGA: Creditors' First Meeting Set for May 31
------------------------------------------------------
Creditors of Bikram's Yoga College of India Limited will hold
their meeting on May 31, 2010, at 2:00 p.m., for the purposes
provided for in Sections 241 (as modified by Section 228A(8)),
242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at the Auditorium, Duke of Windsor Social
Service Building, 1/F., No. 15 Hennessy Road, Wanchai, in Hong
Kong.
CHINTAN INVESTMENT: Final Meetings Set for June 23
--------------------------------------------------
Members and creditors of Chintan Investment Limited will hold
their meetings on June 23, 2010, at 10:00 a.m., and 10:30 a.m.,
respectively at Room 2109, China Resources Building, 26 Harbour
Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
CITIGOLD DEVELOPMENT: Final Meetings Set for June 23
----------------------------------------------------
Members and creditors of Citigold Development Limited will hold
their meetings on June 23, 2010, at 11:00 a.m., and 11:30 a.m.,
respectively at Room 2109, China Resources Building, 26 Harbour
Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
COMERICA TRADE: Seng and Lo Step Down as Liquidators
----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Comerica Trade Services Limited on May 8, 2010.
COSMOPOLITAN COSMETICS: Commences Wind-Up Proceedings
-----------------------------------------------------
Creditors of Cosmopolitan Cosmetics Limited, on May 17, 2010,
passed a resolution to voluntarily wind-up the company's
operations.
The company's liquidator is:
Rainier Hok Chung Lam
Anthony David Kenneth Boswell
22nd Floor, Prince's Building
Central, Hong Kong
COSMOPOLITAN COSMETICS CHINA: Commences Wind-Up Proceedings
-----------------------------------------------------------
Creditors of Cosmopolitan Cosmetics China Limited, on May 12,
2010, passed a resolution to voluntarily wind-up the company's
operations.
The company's liquidator is:
Rainier Hok Chung Lam
Anthony David Kenneth Boswell
22nd Floor, Prince's Building
Central, Hong Kong
CROWN FORTUNE: Members and Creditors' Meetings Set for June 23
--------------------------------------------------------------
Members and creditors of Crown Fortune Development Limited will
hold their meetings on June 23, 2010, at 12:00 p.m., and
12:30 p.m., respectively at Room 2109, China Resources Building,
26 Harbour Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
EASTERN WEALTH: Members and Creditors' Meetings Set for June 23
---------------------------------------------------------------
Members and creditors of Eastern Wealth Investment Limited will
hold their meetings on June 23, 2010, at 2:00 p.m., and 2:30 p.m.,
respectively at Room 2109, China Resources Building, 26 Harbour
Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
FORE-Z (H.K.): Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on May 4, 2010, creditors
of Fore-Z (H.K.) Limited resolved to voluntarily wind up the
company's operations.
The company's liquidators are:
Roderick John Sutton
John Howard Bachelor
14/F, The Hong Kong Club Building
3A Chater Road
Central, Hong Kong
FORTIS PRIVATE: Creditors' Proofs of Debt Due June 21
-----------------------------------------------------
Creditors of Fortis Private Equity (Hong Kong) Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by June 21, 2010, to be included in the company's
dividend distribution.
The company's liquidators are:
Law Yui Lun
Room 502, 5/F., Prosperous Building
48-52 Des Voeux Road
Central, Hong Kong
SEA CDO: Moody's Withdraws Ratings on Two Series of Notes
---------------------------------------------------------
Moody's withdrew its ratings of these two series of notes issued
by SEA CDO Limited. The notes were redeemed with a principal
amount of zero in June 2009.
Issuer: SEA CDO Limited (Series 2005-2 Prelude Asia CDO)
-- US$20,000,000 Secured Fixed Rate Credit Linked Notes due 30
June 2010, Series 2005-2-A1, Withdrawn; previously on Oct 17,
2008 Downgraded to C
-- US$10,360,000 Secured Fixed Rate Credit Linked Notes due 30
June 2010, Series 2005-2-A2, Withdrawn; previously on Oct 17,
2008 Downgraded to C
SUZUKI GOLDLY: Creditors' Proofs of Debt Due June 20
----------------------------------------------------
Creditors of Suzuki Goldly Sky Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 20, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 13, 2010.
The company's liquidator is:
Leung Mei Fan
Room 1005, Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
GOLD PROUD: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------
At an extraordinary general meeting held on May 17, 2010,
creditors of Gold Proud Development International Limited resolved
to voluntarily wind up the company's operations.
The company's liquidator is:
Chang Yu Ting
3/F., Lane 107
9 Chu Hai Road
Pei Tou, Taipei
Taiwan
HEMISPHERE VENTURES: Members' Final Meeting Set for June 23
-----------------------------------------------------------
Members of Hemisphere Ventures Limited will hold their final
general meeting on June 23, 2010, at 11:30 a.m., at 8th Floor
Henley Building 5 Queen's Road Central, in Hong Kong.
At the meeting, Eliza Suk Ying Wu, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
HENU INDUSTRIAL: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on May 13, 2010,
creditors of Henu Industrial Co. Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Lai Kar Yan (Derek)
Yeung Lui Ming (Edmund)
35th Floor, One Pacific Place
88 Queensway, Hong Kong
HKC INSURANCE: Ying and Man Step Down as Liquidators
----------------------------------------------------
Alison Wong Lee Fung Ying and Wong Kwok Man stepped down as
liquidators of HKC Insurance Company Limited on May 11, 2010.
HK HEALTH: Members and Creditors' Meetings Set for June 24
----------------------------------------------------------
Members and creditors of Hong Kong Health Information Centre
Limited will hold their meetings on June 24, 2010, at 5:00 p.m.,
at Room 2109, China Resources Building, 26 Harbour Road, Wanchai,
in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
=========
I N D I A
=========
ACER GRANITO: CRISIL Assigns 'BB-' Rating on INR132MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Acer Granito
Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
Rs.50.0 Million Cash Credit Facility BB-/Stable (Assigned)
Rs.132.0 Million Term Loan BB-/Stable (Assigned)
Rs.14.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect AGPL's small scale and limited track record of
operations and exposure to risks related to intense competition in
the vitrified tiles industry. These rating weaknesses are
partially offset by the benefits that AGPL derives from its
promoters' experience in the tiles industry.
Outlook: Stable
CRISIL believes that AGPL will maintain its credit risk profile
over the medium term on the basis of stable sales backed by steady
off-take of the contracted quantity by Somany Ceramics Ltd. The
outlook may be revised to 'Positive' if the company is able to
stabilize the operations successfully and in a timely manner while
improving its financial profile. Conversely, the outlook may be
revised to 'Negative' if there is a delay in stabilizing the
operations of the company in the envisaged time-frame with the
expected level of profitability, leading to weaker than expected
debt protection measures.
About Acer Granito
Incorporated in April 2008, AGPL is promoted by Mr. Ashvinkumar
Ramnikbhai Savsani and Mr. Dineshbhai Amarbhai Patel. The company
is engaged into manufacture and sales of vitrified tiles (polished
porcelain floor tiles) with an installed capacity of 36,000 tonnes
per annum and one manufacturing unit in Morbi (Gujarat), which is
a ceramic tiles manufacturing hub in India. The company has
started commercial production from April 2010. The company has a
job-work contract with SCL to supply 0.10 million tile boxes per
month.
AIR INDIA: Employees Go On Strike Over Gag Order & Delayed Salary
-----------------------------------------------------------------
A section of employees of Air India, including engineers, on
Tuesday went on a flash strike to protest delay in payment of
salaries and problems relating to the working conditions of cabin
crew, The Press Trust of India reports citing union leaders.
"We have begun a flash strike on delay in payment of salaries and
the problems of the cabin crew, after the management refused to
pay heed to our demands," Air Corporation Employees Union (ACEU)
General Secretary J. B. Kadian told PTI.
According to the report, a National Aviation Company of India
Limited source said the management had issued a circular on Monday
advising unions not to air their grievances to the media, failing
which it would take appropriate action.
The news agency says Kadian termed the move as "anti-democratic."
The PTI relates ACEU President Dinakar Shetty demanded immediate
withdrawal of the gag order saying that it was an infringement on
the right to freedom of speech. The employees would not return to
work unless the order is withdrawn by the management, he said.
Mr. Shetty did not rule out the possibility of other Air India
unions joining in the agitation, the report notes.
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.
CHIRCHIND HYDRO: ICRA Places 'LBB-' Rating on INR217.1MM Loans
--------------------------------------------------------------
ICRA has assigned rating of 'LBB-' to the INR217.1 million long
term loans/fund based limits of Chirchind Hydro Power Limited.
The outlook is stable.
The inadequate-credit-quality rating assigned by ICRA factors in
the fact that the company is still in a project stage and thus
exposed to risks that are associated with projects under
construction including risks of non-timely stablization of
operations. The rating also factors in hydrological risks as CHPL
is not covered under deemed generation clause in case of factors
like shortage of water or loss of generation due to silting. Given
that the revenues of the company are linked to actual unit sales,
this exposes the company to risks of variable cashflows.
Moreover, with the funding of the project tied up in a debt:
equity of 62:38, the financial risk profile is also high. Further,
the profitability of the project will be dependent on the
company's ability to maintain project costs and operating
parameters within the designed levels given that the tariffs are
fixed at INR2.87 per unit and the costs are not a pass-through.
Also, with the debt repayment starting in April, 2010 almost one
month before the commencement of the plant operations exposes the
company to liquidity risks. The rating, however draws comfort
from the fact that with the project nearing completion, the
likelihood of any further time and cost escalations is limited.
The rating also draws comfort from the firm off take arrangement
with Himachal Pradesh State Electricity Board for tenure of 40
years, limited demand risks due to significant energy deficit in
northern India, and eligibility of the project under Ministry of
New and Renewable Energy (MNRE) for receipt of capital subsidy.
The project has been registered with United Nations Framework
Convention on Climate Change (UNFCCC) in October, 2009, which will
provide additional revenue streams. Further, the project is
exempt from providing free power to the Government of Himachal
Pradesh (GoHP) for a period of 12 years. Going forward, the
ability of the company to complete the project with minimal cost
and time overruns, meet the designed performance parameters,
availability of adequate water in the catchment area and timely
repayment of its debt obligations will be the key rating drivers.
Chirchind Hydro Power Ltd (referred as CHPL) is a company promoted
by GTV Group to develop, own and operate a 5 MW small hydro power
(SHP) project (referred as Chirchind SHP) in Chamba District
of Himachal Pradesh (HP). This project are backed by MOU with
GoHP for implementing of the 5 MW SHP on Chirchind Nallah, a
tributary of River Ravi.
DEV EDUCATIONAL: CRISIL Cuts Rating on INR55MM Term Loan to 'B+'
----------------------------------------------------------------
CRISIL has downgraded its rating to 'B+' from 'BB' and has revised
the rating outlook to 'Negative' from 'Stable' on the long-term
bank loan facilities of Dev Educational Society.
Facilities Ratings
---------- -------
INR55.0 Million Term Loan B+/Negative (Downgraded from
BB/Stable)
The rating action reflects the deterioration in financial risk
profile and liquidity on account of lower-than-expected fees
collected by DES; the fees fixed by the State Fee Committee
constituted by Department of Technical Education (DoTE), Haryana
were lower than the estimates of DES. Moreover, 46 students
dropped out in the first year of the course (2008-09); this is
expected to further affect DES's revenues, and lead to pressure on
the debt repayment capacity of the society in the near term.
CRISIL's rating also reflects DES's exposure to risks related to
the initial phase of its operations, lack of track record in
providing technical education, regulated nature of the industry,
the society's weak financial risk profile, marked by low net
worth, high gearing, and weak debt protection indicators, and weak
financial management system. These rating weaknesses are
partially offset by the benefits that DES derives from the healthy
demand prospects for its higher education courses.
Outlook: Negative
CRISIL expects DES's financial risk profile to remain weak due to
the fixed fee structure and higher debt repayments in the initial
year of operations. The society's debt repayment capacity over
the near term is expected to remain constrained unless further
support is extended by the members of the society through the
infusion of funds. The rating may be downgraded if DES does not
attract and retain students, thereby affecting its profitability
and debt protection metrics. Conversely, the outlook may be
revised to 'Stable' if DES establishes a track record of healthy
cash accruals backed by its ability to attract students from
surrounding areas and if it also improves its financial management
system, investing its lump sum fee receipts to cater to the
payment of debt obligations around the year.
About the Society
DES operates Dev Polytechnic College, spread across an area of
125,000 square feet in Ambala (Punjab), which offers diploma
courses in civil, computer, electrical, mechanical, and electrical
and computer engineering. The college offers 66 seats for each
course, which were wholly occupied in the first two years of
operations until 2009-10 (academic year). The society is also
eligible to accept an additional 10 students per course every year
in the form of lateral placements in the second year of the
course. The society's managing committee comprises nine members,
including Mr. Vijay Kumar, Ms. Gurmeet Kaur, Mr. Jagjeet Singh,
and Mr. Jang Bahadur Dahia, who run schools in Yamuna Nagar
(Punjab) and Ambala. Dev Polytechnic College is the society's
first venture into the higher education sector.
DES reported an excess of income over expenditure of INR0.17
million in 2008-09 (refers to financial year, April 1 to March 31)
on revenues of INR4.67 million.
DIVIJ INFRAPROJECTS: CRISIL Assigns 'BB-' Rating on INR180MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Divij Infraprojects Pvt Ltd.
Facilities Ratings
---------- -------
INR180 Million Cash Credit Facility BB-/Stable (Assigned)
INR50 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Divij's low financial flexibility marked by a
small net worth and high gearing levels, and working-capital-
intensive operations, leading to stretched liquidity. These
rating weaknesses are partially offset by the company's stable
business risk profile, supported by client and geographical
diversification.
Outlook: Stable
CRISIL believes that Divij will maintain its business risk profile
over the medium term, backed its diversified client base, healthy
order book, and promoters' extensive experience in the
construction business. However, the company's financial risk
profile will remain constrained over this period because of its
low profitability levels and high gearing in comparison with its
peers. The outlook may be revised to 'Positive' if Divij increases
its profitability while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if Divij's
profitability levels deteriorate and/or if there are significant
time/cost overruns in its projects being executed, thereby leading
to deterioration in its debt protection indicators and capital
structure.
About Divij Infraprojects
Divij was incorporated in 2009 by Mr. Girish Chopra and his wife
Mrs. Ashima Chopra. The company started its operations by taking
over the partnership firm Global Creations on July 14, 2009.
Global Creations, which operated in the civil construction
segment, was also managed by Mr. and Mrs. Chopra. Divij is a
registered Class A contractor with the Central Public Works
Department, and the Public Works Departments of Himachal Pradesh
and Haryana.
ESS ESS KAY: CRISIL Assigns 'B' Ratings on Various Bank Debts
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Ess Ess Kay Engineering Co Pvt Ltd.
Facilities Ratings
---------- -------
INR100.00 Million Cash Credit B/Stable (Assigned)
INR10.00 Million Term Loan B/Stable (Assigned)
INR75.00 Million Working Capital B/Stable (Assigned)
Term Loan
INR40.00 Million Bank Guarantee P4 (Assigned)
& Letter of Credit
The ratings reflect EEK's weak financial risk profile, marked by a
small net worth, moderate gearing, and weak debt protection
metrics; large working capital requirements; and small scale of
operations in the intensely competitive electrical equipment
industry. These rating weaknesses are partially offset by EEK's
comfortable market position in the electrical equipment industry,
and its wide dealer network.
Outlook: Stable
CRISIL believes that EEK's large working capital requirements will
continue to constrain its financial risk profile over the medium
term. The outlook may be revised to 'Positive' if EEK's financial
risk profile improves significantly, most likely through
improvement in working capital management and higher-than-expected
cash accruals, driven by revenue growth and improvement in
profitability. Conversely, the outlook may be revised to
'Negative' in case of further deterioration in EEK's financial
risk profile, particularly liquidity, most likely because of
increase in working capital requirements or pressure on cash
accruals.
About Ess Ess Kay
EEK commenced operations in 1935 at Lahore (now in Pakistan) and
shifted facilities to India following the partition. The company
manufactures electrical goods, electrical wires, roof-mounted air
conditioners for the railways, enclosures, panels, and bus bar
systems. EEK's key products include switches, sockets, regulators,
and blades. The company has a collaboration arrangement with
Woehner GmbH & Co. for bus bar systems. It also trades in flexible
conduit pipes, imported from Switzerland. The company has an
established network of more than 3000 dealers.
EEK reported a net loss of INR0.8 million on net sales of INR424.2
million for 2008-09 (refers to financial year, April 1 to March
31), against a net loss of INR2.3 million on net sales of INR420.5
million for 2007-08.
KALPTARU ALLOYS: ICRA Assigns 'LB+' Rating on INR105MM Term Loan
----------------------------------------------------------------
ICRA has assigned an "LB+" rating to the INR105.0 million term
loans, INR25.0 million long term fund based and INR41.0 million of
proposed limits bank facilities of Kalptaru Alloys Private
Limited. ICRA has also assigned a rating of "A5" the INR20
million, short term non-fund based bank facilities of KAPL.
The ratings assigned by ICRA reflect irregularity in debt
repayment, high leverage and intensely competitive nature of the
industry. The rating is also constrained on account of limited
financial flexibility of the company as reflected in consistently
high working capital limit utilization levels and its stretched
liquidity position. The ratings also take into account the
financial support extended by KAPL to a group company, Kalptaru
Papers Limited. The rating however positively factors in the
management's experience and close proximity to ship breaking
market. Going forward, ICRA expects KAPL's liquidity to remain
under pressure owing to limited pricing power and significant
repayments in medium term.
Recent results: As per provisional results, KAPL achieved
operating income of INR244.8 million and net profit of INR2.6
million as against operating income of INR511.7 million and net
profit of INR4.5 million in 2008-09.
Kalptaru Alloys Private Limited has been promoted by Mr J K Gupta
and commenced its operations in financial year 2005-06 with the
establishment of an induction furnace having capacity of 30,000 MT
per annum. KAPL manufactures M. S. Ingot using scrap as raw
material from its facility located in Kheda district in Gujarat.
MANPASAND AGRO: CRISIL Rates INR67.5 Million Term Loan 'BB+'
------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Manpasand Agro Food
bank facilities.
Facilities Ratings
---------- -------
INR75.0 Million Cash Credit Facility BB+/Stable (Assigned)
INR67.5 Million Term Loan BB+/Stable (Assigned)
The rating reflects MAF's large working capital requirements,
small scale of operations, and susceptibility to volatility in
material prices. These rating weaknesses are partially offset by
MAF's established brand in the fruit drinks market, healthy
operating efficiencies, and moderate financial risk profile marked
by above average debt protection measures.
Outlook: Stable
CRISIL believes that Manpasand Agro Food (MAF) will continue to
benefit over the medium term from its growing scale of operations
and improving net cash accruals. The outlook may be revised to
'Positive' if the firm registers higher-than-expected growth in
revenues, while maintaining its operating margin. Conversely, the
outlook may be revised to 'Negative' if the firm's capital
structure deteriorates because of higher-than-expected debt taken
for increased working capital or any additional capex, or in case
of higher-than-expected withdrawal of capital by the proprietor.
About Manpasand Agro
Incorporated in 1997, MAF is a Vadodara (Gujarat)-based
proprietorship firm manufacturing fruit drinks. Headed by
Mr. Dhirendra Singh, the firm has brands such as Manpasand Mango
Sip, Manpasand Apple Sip and others for marketing its products.
MAF has a network of approximately 350 distributors across 13
states. The firm is registered as an 'A category' supplier with
Indian Railways Catering and Tourism Corporation (IRCTC). MAF has
a capacity of 4500 cases of tetrahedral packets per day and 1500
cases of pet bottles per day, which are expected to increase to
9000 cases and 6000 cases per day respectively by end of April
2010.
MAF reported a book profit of INR8.8 million on net sales of
INR224.2 million for 2008-09 (refers to financial year, April 1 to
March 31), against a book profit of INR3.7 million on net sales of
INR127.0 million for 2007-08.
OB INFRASTRUCTURE: CRISIL Cuts INR4.4 Billion Loan Rating to 'B'
----------------------------------------------------------------
CRISIL has downgraded its rating on the term loan of OB
Infrastructure Ltd to 'B' from 'BB'; the rating remains on 'Watch
with Negative Implications'.
Facilities Ratings
---------- -------
INR4.4 Billion Term Loan B (Downgraded from 'BB';
Continues to be on
'Rating Watch with
Negative Implications')
The downgrade reflects OBIL's weak liquidity, imminent debt
repayment obligation (May 27, 2010), and continued uncertainty in
annuity release by National Highways Authority of India (NHAI;
rated 'AAA/Stable' by CRISIL). Also, the management has not yet
applied to its bankers for rescheduling the repayment date.
The rating remains on watch because of the continuing uncertainty
in OBIL's eligibility to receive annuity from NHAI for the road
project. The annuity is dependent on OBIL getting the provisional
certificate of completion for the project from NHAI; the
certificate has been the subject of prolonged negotiations between
the two parties. CRISIL is in discussion with OBIL's management
on the project's progress and commencement of annuities, and will
take an appropriate rating action once there is clarity on these
aspects.
The road project, initially scheduled to be completed by April
2009, has been delayed by 13 months, primarily due to the delay in
receiving the right of way (ROW) from NHAI. OBIL will be able to
fully complete the road project only if it receives the pending
ROW for the four- to five-kilometre (km) stretch.
However, the revised rating also factors in the experience of
OBIL's promoter in the road construction business, the low
technological complexity of the project, and the strong
counterparty, NHAI.
About OB Infrastructure
OBIL is a special purpose vehicle (SPV) promoted by Nagarjuna
Construction Company Ltd (NCC; 'AA-/Stable/P1+'), and KMC
Constructions (KMC), which hold stakes of 64 per cent and 36 per
cent, respectively, in the SPV. OBIL was incorporated in 2006 to
undertake a road project on the Orai-Bhognipur stretch of National
Highway (NH) 25, and the Bhognipur-Barah stretch of NH 2. The
scope of the project involves strengthening and widening 62.8 km
of the existing two-lane carriageway into a four-lane dual-
carriageway facility at a total cost of INR5.85 billion. This
stretch forms a part of the east-west corridor of NHAI, located
between the major cities of Kanpur and Jhansi. OBIL signed a
concession agreement with NHAI in April 2006 for a period of 17.5
years, undertaking the construction, operation, and maintenance of
the project on an annuity basis.
PAUL & COMPANY: CRISIL Assigns 'BB+' Rating on INR70MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Paul & Company
Steel Merchants Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR70 Million Cash Credit BB+/Stable (Assigned)
INR50 Million Proposed Long-Term BB+/Stable (Assigned
Bank Loan Facility
INR10.5 Million Standby Line of Credit P4+ (Assigned)
The ratings reflect Paul's small scale of operations driven by
small net worth, commodity nature of its product, and
susceptibility of margins to volatility in steel prices. These
rating weaknesses are partially offset by Paul's established
relationships with its principal, Tata Steel Ltd (TSL, rated
'AA/Stable' by CRISIL), and prudent working capital management.
Outlook: Stable
CRISIL believes that Paul will continue to benefit from its
management team's long term experience in the steel trading
industry, over the medium term. The outlook may be revised to
'Positive' if Paul's revenues and profitability improve
significantly, thereby increasing its net worth. Conversely, the
outlook may be revised to 'Negative' if the company's revenues and
profitability decline significantly, leading to deterioration in
its financial risk profile.
About Paul & Company
Paul was set up in 1985 by Mr. Sunil Krishna Paul as a
proprietorship firm. In 2009, the firm converted into closely
held private limited company. Paul trades in thermo-mechanically
treated (TMT) steel bars and cement. It has exclusive dealership
of TSL's brand Tata Tiscon in Howrah and Hooghly (both in West
Bengal).
Paul reported a profit after tax (PAT) of INR7.5 million on net
sales of INR726 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR5 million on net sales
of INR500 million for 2007-08.
RATHI RAJASTHAN: ICRA Assigns 'LBB-' Rating on INR257.5M Term Loan
------------------------------------------------------------------
ICRA has assigned 'LBB-' rating to INR257.5 million term loans and
INR100.0 million cash credit facilities of Rathi Rajasthan Steel
Mills Limited. The rating carries stable outlook. ICRA has also
assigned 'A4' rating to the INR30.0 million non-fund based
facilities of RRSML.
The ratings take into account the limited track record of
operations of the company; intensely competitive nature of the
industry; and the susceptibility of the business to adverse
movements in raw material prices because of lack of adequate
backward integration. However, the ratings are supported
by RRSML's experienced management; established brand image of
Rathi in the steel bars industry in North India; and the
accessibility of the company to Rathi group's wide-spread
distribution network.
Rathi Rajasthan Steel Mills Limited is a public limited company
engaged in the manufacturing of reinforcing Cold twisted deformed
(CTD)/Thermo Mechanically Treated (TMT) bars. RRSML was promoted
in 2004 by Mr. Raj Kumar Rathi and became a 100% subsidiary of
Rathi Graphic Technologies Limited in 2007-08. RGTL is a public
limited listed company promoted by Mr. Raj Kumar Rathi and engaged
in manufacturing toners and developers to be used in
photocopier machines, laser and ink-jet printers. RRSML is a part
of the Rathi groups of companies which have long track record and
an established brand name in manufacturing bars in North India.
RRSML has its manufacturing unit in Bhiwadi (Rajasthan) with
rolling mill capacity of 75,000 tonnes per annum (TPA).
In FY2009-10, the company reported a net profit of INR10.55
million on an operating income of INR1.17 billion (provisional).
RUPANA PAPER: CRISIL Assigns Default Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Rupana Paper Mills Ltd. The ratings reflect the delay by RPML in
servicing its term debt obligations; the delay was because of weak
liquidity.
Facilities Ratings
---------- -------
INR285.0 Million Cash Credit D (Assigned)
INR525.0 Million Term Loan D (Assigned)
INR190.0 Million Letter of Credit P5 (Assigned)
RPML, incorporated in May 2004, was promoted by Mr. M L Agarwal
and Mr. Rajesh Agarwal for the manufacturing of paper. The company
established its first unit at Nalagarh (Himachal Pradesh) for
manufacturing machine-glazed paper, with a capacity of 9000 tonnes
per annum (tpa). The commercial production started in January
2006. In 2006-07 (refers to financial year, April 1 to March 31),
the company undertook expansion of its facilities by installing a
52,500-tpa-capacity plant for printing paper, newsprint, and
copier paper; the plant commenced production in October 2007. In
2009-10, RPML also implemented a 10,500-tpa kraft paper unit to
utilise the in-house waste from sorting of raw material and from
the production at its other two units.
For 2009-10, RPML reported a net loss of INR75.4 million on a net
operating income of INR957.0 million, against a net loss of
INR16.9 million on a net operating income of INR1050.8 million for
the previous year.
S.R. INDUSTRIES: CRISIL Assigns 'BB-' Rating on INR290MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of S.R. Industries Ltd.
Facilities Ratings
---------- -------
INR290.0 Million Term Loan BB-/Stable (Assigned)
INR10.0 Million Cash Credit BB-/Stable (Assigned)
INR70.0 Million Export Packing Credit P4+ (Assigned)
INR4.5 Million Letter of Credit & P4+ (Assigned)
Bank Guarantee
The ratings reflect SRIL's financial risk profile marked by high
gearing post large debt-funded capital expenditure (capex) for
footwear project, its small scale of operations, and absence of a
track record, in the footwear segment. These weaknesses are
partially offset by the benefits that SRIL derives from its
promoters' experience in the terry towel manufacturing and exports
business, and tie-up with PUMA AG (PUMA) for the footwear segment.
Outlook: Stable
CRISIL expects SRIL's financial risk profile to remain moderate
over the medium term, constrained by high gearing. The outlook
may be revised to 'Positive' if the company enhances its scale of
operations considerably, while maintaining stable profitability.
Conversely, the outlook may be revised to 'Negative' if off-take
from the footwear-manufacturing unit is significantly lower than
expectations, or if SRIL's financial risk profile deteriorates
materially, due to large debt taken to fund capex.
About S.R. Industries
Set up by Mr. R C Mahajan and Mr. Yash Mahajan in 1989, SRIL
manufactures and exports terry towels and other home textiles,
primarily to Europe, USA, and Australia. The company's product
range includes plain dyed towels, beach towels, bath mats, and
bath robes. The company's facility at Derabassi (Punjab) has
capacity to produce 2200 tonnes of textile products per annum.
In second half of 2009-10 (refers to financial year, April 1 to
March 31), SRIL set up a footwear-manufacturing unit at Baddi
(Himachal Pradesh) with a contract manufacturing arrangement with
PUMA.
SRIL reported a profit after tax (PAT) of INR6.4 million on net
sales of INR324.7 million for 2008-09, as against a PAT of INR1.0
million on net sales of INR332.2 million for 2007-08.
SAGAR GRANDHI: ICRA Reaffirms 'LBB+' Rating on INR100M Bank Debts
-----------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating to the INR100 million fund
based limits and INR100 million non fund based limit of Sagar
Grandhi Exports Ltd. The long term rating has been assigned a
stable outlook. ICRA has also assigned A4+ rating to the INR165
million short term fund based limits and INR5 million of non fund
based limits of the company.
The ratings draws comfort from the long standing industry
experience of the promoters and the company's established position
in the sea food export business. The company's business is largely
restricted to few customers in the USA and Canadian market and the
profitability remains susceptible to exchange rate fluctuation and
government policies (Duty Entitlement Pass Back (DEPB) rates). The
ratings also factor in the company's exposure to the risks
inherent in the sea food industry. The significant decline in
scampi production in India during 2009-10 owing to climatic
condition has resulted in a fall in the company's revenues during
the last fiscal. The ratings, however draws comfort from the
long standing industry experience of the promoters and the
company's established position in the sea food export business.
Sagar Grandhi is a medium sized processor and exporter of seafood
from India. Main products exported include Shrimps, Prawns, Squid,
Snails, and Crab. The company was promoted by the Grandhi family
patriarch Mr. G.Venkateswara Rao in the early 1980's. The
business is now run by two of his sons-Mr. G Balaji, the current
Managing Director and Mr. G Chella Rao, Executive Director. The
company has a seafood processing factory with a capacity of ~6,000
tpa, in Singarayakonda, in the coastal belt of Andhra Pradesh. The
company sources its raw material, both from the sea and from farms
in the AP coastal belt, through its purchase centers.
Recent results
As per the provisional results for 2009-10, Sagar's sales have
declined by 33% to INR678.0 million (PY INR1,015.0 million) owing
to a fall in scampi production in the country, but the operating
margins have improved by 40 bps to 4.5% due to lower selling
expenses.
SAI SPONGE: Fitch Upgrades National Long-Term Rating to 'BB-'
-------------------------------------------------------------
Fitch Ratings has upgraded Sai Sponge (India) Limited's National
Long-term rating to 'BB-(ind)' from 'B+(ind)'. The Outlook is
Stable. Simultaneously, the agency has taken these rating actions
on SSL's bank loan facilities:
-- INR5.0 million Long-term loans withdrawn, as they have been
paid in full;
-- INR15.0 million non-fund-based limits affirmed at 'F4(ind)';
and
-- INR80.0 million cash credit limits upgraded to 'BB+(ind)(SO)'
from 'B+(ind)'.
The upgrade of the National Long-term rating reflects Fitch's
assessment of the moderate operational and strategic linkages
between SSL and its parent company Super Smeltors Limited --
despite some deterioration in SSL's standalone performance. SML
has provided guarantees for SSL's working capital facilities.
SSL's specific fund-based limits have been upgraded to 'BB+(ind)'
based on an unconditional and irrevocable guarantee from SML.
The bank loan ratings also take into consideration the long
experience of SSL's promoters and its profitable track record.
EBIDTA margins have been over 5% during FY07-FY09.
Positive rating triggers include an increase in capacity
utilization and interest coverage of over 3x, along with a reduced
gross leverage of below 2x and/or any positive change in the
guarantor's rating view. Negative rating triggers could be any
significant reduction in the operating margins, along with a gross
leverage of over 4x and/or any negative change in the guarantor's
rating view and/or the withdrawal of guarantee.
SSL, a 100% subsidiary of SML, was formed by the Sai group based
out of Kolkata. It has been operating since 2005 and has an
installed capacity of 60000 mtpa of sponge iron. 90-95% of SSL's
production goes to SML's Koderma unit assuring the company of a
fixed revenue stream. While SSL does not fulfill the full
requirement for SML's billet manufacturing operations, it is
significant enough to give SML a cost advantage over its peers.
SML reported revenues of INR6692.1m in FY09 (FY08: INR5128.0m)
with a total adjusted debt of INR1201.2m at FYE09 (FYE08:
INR720.1m), and a total adjusted debt/EBITDA at 3.2x for FYE09
(FY08: 2.7x). SML's revenues are expected to deteriorate from the
significant ongoing debt-funded capex programme, which would help
it becoming an integrated steel plant by the end of FY12. Fitch
believes the credit quality of SML is adequate to support the
rating of SSL's fund-based limits.
SSL had total debts of INR79.6m at the end of FY09. The company's
financial leverage (total adjusted debt net of cash /operating
EBITDAR) has deteriorated marginally to 3.2x in FY09 (FY08: 2.3x)
mainly due to decline in EBITDA; however, its gross interest
coverage improved to 2.6x in FY09 (FY08: 1.9x) due to significant
reduction in long term loans, which led to a lower interest
expense.
SAURABH AGROTECH: ICRA Cuts Rating on INR180MM LT Loan to 'LBB+'
----------------------------------------------------------------
ICRA has downgraded the rating assigned to the INR180 million long
term fund based limits of Saurabh Agrotech Pvt Ltd from 'LBBB-' to
'LBB+'. ICRA has also assigned a Stable outlook on the long term
rating. ICRA has also downgraded the rating assigned rating to
the INR3.5 million non fund based limits from A3 to A4+.
The downgrade reflects lower than anticipated profitability in the
recent past due to subdued price environment of edible oils in
general resulting in pricing pressure on mustard oil, tight
liquidity position as reflected by over-drawl of fund based
limits and significant increase in funding support to the group
companies. The ratings continue to be constrained by the high
competitive intensity in the edible oil industry, vulnerability of
profitability to price fluctuations and reduction of import duties
on edible oils in general, low profitability and moderately high
gearing levels. However, the ratings favorably factor in
the established market position of the company's mustard oil
brands and the promoter's long track record in the edible oils
business.
Saurabh Agrotech Pvt Ltd was incorporated in 1994 as a part of
Data Group and commenced commercial production of edible oils in
the year 2000. SAPL is engaged in manufacturing and sale of
Mustard Oil and Oil Cake under the brands Scooter, Ashoka and
Shivam. The company's plant is located in Alwar, Rajasthan, which
has a crushing capacity of 100 tonnes per day of mustard oilseeds.
The company also installed a 0.46 MW wind mill project in 2003.
Data Group manufactures and markets a range of products such as
Mustard oil, Vanaspati Ghee, Refined Oil (Mustard/Soyabean),
Ground Nut Oil, Iodised Salt, De-Oiled Cake (DOC), Oil Cake, Wind
Power, Internet and IT Services and Software.
SIMBHAOLI SUGARS: CRISIL Assigns 'B' Rating on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to the bank
facilities of Simbhaoli Sugars Ltd.
Facilities Ratings
---------- -------
INR3207.5 Million Cash Credit Limit B/Negative (Assigned)
INR3207.7 Million Term Loan B/Negative (Assigned)
INR1521.0 Million Bank Guarantee/ P4 (Assigned)
Letter of Credit
The ratings reflect SSL's weak financial risk profile marked by
highly leveraged capital structure and weak debt protection
measures, and its susceptibility to adverse regulatory changes and
cyclicality in the sugar industry. These weaknesses are partially
offset by SSL's improving operating efficiencies, backed by
integrated operations.
Outlook: Negative
CRISIL believes that SSL's cash accruals will remain subdued over
the medium term because of continued pressure on sugar
realisations. This, combined with large debt servicing
obligations, will constrain company's debt protection measures
over the medium term. The rating may be revised downwards in case
of a decline in SSL's operating margin, leading to further
deterioration in its debt protection metrics. Conversely, the
outlook may be revised to 'Stable' if significant improvement in
profitability leads to more-than-expected cash accruals, or if
infusion of external funds helps meet debt obligations.
About Simbhaoli Sugars
SSL (formerly, The Simbhaoli Sugar Mills Ltd) was set up as a
partnership firm in 1933 with a sugar unit at Simbhaoli (Uttar
Pradesh). It was reconstituted in 1936 as a private limited
company and went public in 1989. It acquired a distillery and
converted its Simbhaoli sugar plant into a sugar complex in 1992.
SSL is now an integrated sugar unit, with operations in the sugar-
alcohol-power business, and is among the top 10 integrated sugar
companies in India. The company has three plants (at Simbhaoli,
Brijnathpur, and Chilwaria in Uttar Pradesh) with a combined
capacity to crush 20,100 tonnes of cane per day.
SSL reported a profit after tax of INR774 million on net sales of
INR7063 million for 2008-09 (refers to financial year, October 1
to September 30) against a net loss of INR291 million on net sales
of INR4355 million for 2007-08.
SUTLEJ TEXTILES: Fitch Lifts National Long-Term Rating From 'BB-'
-----------------------------------------------------------------
Fitch Ratings has upgraded India's Sutlej Textiles and Industries
Limited's National Long-term rating to 'BBB-(ind)' from 'BB-
(ind)'. The Outlook is Stable. Fitch has also upgraded the
ratings of STIL's bank loans:
-- INR7,297 million long-term bank loans: upgraded to 'BBB-
(ind)' from 'BB-(ind)';
-- INR500 million fund based working capital limits (cash
credit): upgraded to 'BBB-(ind)' from 'BB-(ind)';
-- INR2,000 million fund-based limits (including working capital
demand loan and packing credit): upgraded to 'F3(ind)' from
'F4(ind)';
-- INR310 million gold card export credit limits: upgraded to
'F3(ind)' from 'F4(ind)';
-- INR300 million short-term bank loans: upgraded to 'F3(ind)'
from 'F4(ind)'; and
-- INR330 million non-fund based working capital bank lines:
upgraded to 'F3(ind)' from 'F4(ind)';
The upgrades are driven by the sustained and substantial
improvement in STIL's FY10 profitability, with operating EBITDA
margins almost at FY07's pre-recession levels. An uptick in
profitability resulted in a drastic improvement in leverage and
coverage metrics over FY09; STIL recorded operating EBITDAR margin
of 12.7% in FY10 (FY09: 4.9%), and a net income of INR263m in FY10
(FY09: net loss of INR301m). STIL had a debt: operating EBITDAR
ratio of 20.6x in FY09; which has improved significantly with the
turnaround in profitability. With the company's capex programme
completed, leverage looks sustainable, although still on the
higher side.
The upgrades are underpinned by the significant enhancement in
scale over FY07-FY10, despite an industry downturn. Robust
revenue growth of 36% yoy to INR11,469 million in FY10, and
margins improvements were aided by capex completed in Q1FY10.
Revenue has also been given a boost by the recovery in textile
exports; export sales have increased by 40% yoy in 9MFY10 (nine
months ended December 2009). Also, domestic demand has benefited
from the closure of numerous small spinning mills during FY08-09,
and the deferral of capex by other textile players.
Fitch notes the vast experience of STIL's promoters in the
domestic textiles business, and the majority of revenue exposure
to the stable domestic textile market. Fitch expects STIL to
benefit from the improvement in demand for synthetic yarns given
the softening of prices of natural fibres. Cotton prices are on
an uptrend, which is expected to make synthetic yarn more popular,
especially in the mass-clothing and home textiles segments.
Fitch believes that lower-than-expected EBITDA margins can lead to
a sharp deterioration in STIL's credit profile, given the high
level of debt, high gearing ratio and significant annual debt
maturities in the medium-term. Other risks include an uptrend in
raw cotton prices (15% of the raw material mix), volatility in the
synthetic fiber prices which are linked to crude oil prices
coupled with price risk on inventories and vulnerability to Indian
Rupee-US Dollar movements.
Negative rating drivers include a significant fall in margins,
which would constrain the company's liquidity and debt protection
measures. In addition, another round of significant debt-funded
capex or debt-led acquisition could act as negative ratings
trigger. The rating could be upgraded if the company is able to
improve profit margins, and show significant deleveraging on a
sustained basis.
STIL manufactures synthetic and cotton yarns, fabrics, home
textiles and garments, and has facilities in Rajasthan, Jammu,
Kashmir and Gujarat. STIL had a debt: equity ratio of 6.2x in
FY09.
VIJAYESWARI TEXTILES: CRISIL Reaffirms 'D' Rating on INR1.7BB Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vijayeswari Textiles
Ltd reflect VTX's continued delays in servicing its term loans;
the delays were due to weak liquidity.
Facilities Ratings
---------- -------
INR1734.10 Million Long-Term Loan D (Reaffirmed)
INR120 Million Letter of Credit P5 (Reaffirmed)
INR802.50 Million Packing Credit
and Bills Discounting Facility P5 (Reaffirmed)
Incorporated in 1953, Coimbatore (Tamil Nadu)-based VTX
manufactures and exports high-end made-ups and cotton yarns. VTX
is a vertically integrated textile manufacturing company. It has
facilities for spinning, weaving, processing (dyeing), and
garmenting in Coimbatore. In 2002 and 2003, VTX set up
Vijayeswari USA LLC and Vijayeswari UK Ltd, respectively, as
wholly owned subsidiaries.
For 2008-09 (refers to financial year, April 1 to March 31), VTX
reported a consolidated net loss of INR188.9 million on net sales
of INR1.37 billion, against a net profit of INR88.5 million on net
sales of INR1.44 billion for the previous year.
=========
J A P A N
=========
SPANSION INC: Acquires Distribution Business From Former Unit
-------------------------------------------------------------
Spansion Inc. disclosed that its new Japanese subsidiary, Spansion
Nihon Limited, has acquired the distribution business of Spansion
Japan, Spansion's former subsidiary. The applications
engineering, customer service, marketing, quality and sales
functions from Spansion Japan seamlessly transition to Spansion
Nihon and will continue to operate from their current Kawasaki
location. Leading the new organization is Shinji Suzuki,
president of Spansion Nihon, who rejoins Spansion after retiring
in July of 2006.
"Japan is a strategic market for Spansion Inc. and we are pleased
to welcome Shinji Suzuki to lead our organization," said John
Kispert, Spansion president and CEO. "With the acquisition
complete, Spansion Nihon will be exclusively focused on serving
the unique needs of our Japanese customers."
Spansion Nihon will continue to serve the Japan market primarily
through the Fujitsu sales channel, extending a longstanding
partnership between Spansion and Fujitsu that dates back to 2003
when AMD and Fujitsu created Spansion. Spansion Japan, located in
Aizu-Wakamatsu, continues to manufacture wafers and provide sort
services for Spansion on a foundry basis.
"I'm honored to be working with Spansion again and look forward to
providing our Japanese customers with the high levels of quality
and support they have come to expect from Spansion," said Shinji
Suzuki, president, Spansion Nihon.
The acquisition of the Spansion Japan distribution business
follows a successful corporate reorganization of Spansion Inc.,
which resulted in the emergence from U.S. Chapter 11 restructuring
on May 10, 2010.
On February 9, 2009, Spansion Japan voluntarily entered into a
proceeding under the Corporate Reorganization Law (Kaisha Kosei
Ho) of Japan to obtain protection from its creditors as part of
the company's restructuring efforts. During the Chapter 11
process, Spansion separated from Spansion Japan operationally and
for financial reporting purposes. As of today, Spansion continues
to own the stock of Spansion Japan. Spansion Japan filed its plan
of reorganization on April 26, 2010 and continues to work through
approval of its plan.
About Spansion Inc.
Spansion Inc. (NASDAQ: SPSN) -- http://www.spansion.com/-- is a
Flash memory solutions provider, dedicated to enabling, storing
and protecting digital content in wireless, automotive,
networking and consumer electronics applications. Spansion,
previously a joint venture of AMD and Fujitsu, is the largest
company in the world dedicated exclusively to designing,
developing, manufacturing, marketing, selling and licensing Flash
memory solutions.
Spansion Inc. and its affiliates filed voluntary petitions for
Chapter 11 on March 1, 2009 (Bankr. D. Del. Lead Case No.
09-10690). On February 9, 2009, Spansion's Japanese subsidiary,
Spansion Japan Ltd., voluntarily entered into a proceeding under
the Corporate Reorganization Law (Kaisha Kosei Ho) of Japan to
obtain protection from its creditors as part of the company's
restructuring efforts. None of Spansion's subsidiaries in
countries other than the United States and Japan are included in
the U.S. or Japan filings. Michael S. Lurey, Esq., Gregory O.
Lunt, Esq., and Kimberly A. Posin, Esq., at Latham & Watkins LLP,
have been tapped as bankruptcy counsel. Michael R. Lastowski,
Esq., at Duane Morris LLP, is the Delaware counsel. Epiq
Bankruptcy Solutions LLC, is the claims agent. As of Sept. 30,
2008, Spansion had total assets of US$3,840,000,000, and total
debts of US$2,398,000,000.
Spansion Japan Ltd. filed a Chapter 15 petition on April 30, 2009
(Bankr. D. Del. Case No. 09-11480). The Chapter 15 Petitioner's
counsel is Gregory Alan Taylor, Esq., at Ashby & Geddes. It said
that Spansion Japan had US$10 million to US$50 million in assets
and US$50 million to US$100 million in debts.
Judge Kevin J. Carey confirmed Spansion's Plan of Reorganization
on April 16, 2010. A group of holders of Convertible notes and
equity in Spansion presented an alternative plan, which would pay
senior noteholders in full and has funding commitment of in excess
of $425 million, but the plan was rejected.
=========
K O R E A
=========
SSANGYONG MOTOR: Ruia Group Considers Bidding $500 Million
----------------------------------------------------------
Pawan Kumar Ruia, owner of Dunlop India, is considering bidding
for SsangYong Motor Co., The Telegraph reports citing unnamed
sources. According to the report, sources said Ruia is ready to
pay up to $500 million for the Korean company.
"We are exploring a good number of acquisitions globally. We are
not denying, but can't confirm any specific deal until it's
finalized," an official of the Ruia group told The Telegraph.
The Telegraph says that a top-level official of the Ruia group is
in Korea for specific discussions on a possible deal.
PricewaterhouseCoopers is advising Ruia, while KPMG and Macquarie
are the Korean company's consultants, The Telegraph discloses.
As reported in the Troubled Company Reporter-Asia Pacific on
May 7, 2010, Ssangyong Motor Co. is selling a majority of its
stake. Ssangyong will receive preliminary bids by the end of this
month and a preferred bidder will be selected in August.
Potential bidders include SM Group and Mahindra & Mahindra Ltd.
About Ssangyong Motor
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs). The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius. It also
provides automobile parts such as coolers, diesel engines and
others.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse. In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection. The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.
A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor. A
South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009.
===============
M A L A Y S I A
===============
AKN TECHNOLOGY: Swings to MYR425,000 Net Profit in March 31 Qtr.
----------------------------------------------------------------
AKN Technology Berhad filed its quarterly results showing net
income of MYR425,000 on MYR11.38 million of revenue for the
quarter ended March 31, 2010, a turnaround from the
MYR4.79 million net loss on MYR7.48 million of revenue for the
same quarter in 2009.
The Company's balance sheet as of March 31, 2010, showed
MYR126.22 million in total assets, MYR75.45 million of debts and
MYR50.77 million of stockholders' equity.
A full-text copy of the Company's quarterly results is available
for free at: http://ResearchArchives.com/t/s?631f
About AKN Technology
AKN Technology Berhad -- http://www.akn.com.my/-- is a Malaysia-
based investment holding company. The Company operates in two
business segments: manufacturing and DDD division. The
manufacturing segment includes electroplating and provision of
metal surface protection services, recycling of parts and
components, manufacturing and trading of coating products. This
segment offers products and services in areas of electronics,
consumer and healthcare industry. The DDD division includes
designing, development and engineering of application systems and
distribution of related semiconductor chips/ products and
application software. The DDD division is classified as
discontinued operation. The wholly owned subsidiaries of the
Company include Paramount Discovery Sdn. Bhd. (PDSB) and CTE
Technology (M) Sdn. Bhd. On January 20, 2009, PDSB, a wholly
owned subsidiary of the Company completed the disposal of all its
wholly owned subsidiary companies.
AKN Technology Berhad has been listed as an Amended Practice
Note 17 company as its auditors have expressed disclaimer opinion
on the Company's annual audited accounts for the financial year
ended June 30, 2008.
ARK RESOURCES: March 31 Balance Sheet Upside-Down by MYR109.55MM
----------------------------------------------------------------
ARK Resources Berhad's unaudited balance sheet as of March 31,
2010, went upside down by MYR109.55 million, on total assets of
MYR9.52 million and total liabilities of MYR119.07 million.
For the quarter ended March 31, 2010, the company posted a
net loss of MYR116,000 on MYR31,000 in revenues, compared with a
net income of MYR491,000 on MYR61,000 in revenues recorded in the
same quarter in 2009.
ARK Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia. Through its
subsidiaries, the Company provides civil and geotechnical
engineering
* * *
On April 24, 2006, ARK Resources Berhad was classified as an
affected listed issuer under the Bourse's Practice Note 17/2005.
It was, therefore, required to submit and implement a plan to
regularize its financial condition category.
HO HUP CONSTRUCTION: Extraordinary Meeting Set for June 28
----------------------------------------------------------
Ho Hup Construction Company Berhad will hold an extra ordinary
meeting on June 28, 2010, at 10:30 a.m., for the Thirty-Sixth
Annual General Meeting of the Company. The meeting will be held
at Bukit Jalil Golf & Country Resort, Langkawi Room, Jalan 3/155B,
Bukit Jalil, in Kuala Lumpur.
At the meeting, members will be asked to pass this resolution:
Proposed disposal by Bukit Jalil Development Sdn Bhd,
a 70% owned subsidiary of the company, of a parcel of
freehold land measuring approximately 13,398 square
meters held under Geran 55265, Lot 38472 in the Mukim
Petaling, District of Kuala Lumpur and State of Wilayah
Persekutuan Kuala Lumpur to Action Master Sdn. Bhd. for
MYR7,641,731.
About Ho Hup
Ho Hup Construction Company Berhad is engaged in foundation
engineering, civil engineering, building contracting works and
hire of plant and machinery. The Company operates in four
segments: construction, which is engaged in foundation and civil
engineering, building contracting works and engineering,
procurement, construction and commissioning of pipeline system;
property development, which includes the development of
residential and commercial properties, manufacturing, which
includes manufacturing and distribution of ready-mixed concrete,
and other business segment, which represents hire of plant and
machinery. The Company's subsidiaries include H2Energy
Corporation Sdn Bhd, Tru-Mix Concrete Sdn Bhd, Bukit Jalil
Development Sdn Bhd and Ho Hup Equipment Rental Sdn Bhd.
* * *
Ernst & Young expressed a disclaimer opinion in the Company's 2007
audited financial statements. As a result, the Company became an
affected listed issuer pursuant to paragraph 2.1 of the PN17/2005.
The auditors cited factors that indicate the existence of material
uncertainties, which may cast significant doubt on the ability of
the group and the company to continue as a going concern.
IBRACO BERHAD: To Hold 38th Annual General Meeting on June 15
-------------------------------------------------------------
Ibraco Berhad will hold its 38th annual general meeting on
June 15, 2010, at 2:30 p.m. at the Lobby Floor, IBRACO HOUSE, No.
898, Jalan Wan Alwi, Tabuan Jaya, 93350 Kuching, in Sarawak.
At the meeting, members will be asked to:
* receive the Audited Financial Statements for the financial
year ended December 31, 2009, together with the Reports of
the Directors and Auditors thereon;
* approve Directors' Remunerations for the financial year
ending December 31, 2010;
* re-elect these Directors who retire in accordance with
Article 83 of the Company's Articles of Association, as
Directors of the Company:
i. Puan Sharifah Deborah Sophia Ibrahim
ii. Datuk (Dr.) Philip Ting Ding Ing
* re-elect these Directors who retire in accordance with
Article 75 of the Company's Articles of Association, as
Directors of the Company:
i. Mr. Chew Chiaw Han
ii. Mr. Ng Cheng Chuan
iii. Datuk (Dr.) Haji Nor Bin Daim @ Matnor Bin Daim
iv. Mr. Ng Kee Tiong
* re-appoint Messrs. Ernst & Young as the Auditors of the
Company and to authorize the Directors to determine their
Remuneration.
As special business:
* consider and, if thought fit, to pass the this Ordinary
Resolution:
"Authority to Allot and Issue Shares Pursuant to Section
132D of the Companies Act, 1965"
About Ibraco Bhd
Ibraco Berhad is engaged in property development and investment
holding. The Company is specializing in real estate and property
development comprising mainly residential, commercial and
industrial properties. Some of the Company's subsidiaries are
specializing in the development of industrial estate, residential
schemes and social housing. The Company operates in Malaysia.
The Company's subsidiaries include Ibraco-LCDA Sdn. Bhd., Ibraco
Shine Sdn. Bhd., Syarikat-Ibraco Peremba Sdn. Bhd., Foso One Sdn.
Bhd., Ibraco Construction Sdn. Bhd. and Ibraco Shine Sdn. Bhd.
* * *
Ibraco Berhad has been considered a PN17 Company based on the
criteria set by the Bursa Malaysia Securities Bhd. The company
triggered Paragraph 2.1(h) of the Listing Requirements as a result
of low revenue on a consolidated basis that represents 5% or less
of the issued and paid-up capital of the Company for the year
ended December 31, 2009.
JPK HOLDINGS: Inks Deal to Acquire Manhara Group
------------------------------------------------
JPK Holdings Berhad disclosed in regulatory filing that it has
entered into a Memorandum of Understanding with Cheang Kok Heng
and Chen Wooi Fang, being the vendors of Manhara Group (M) Sdn
Bhd, Manhara Fashion Sdn Bhd and Myscan Technology (M) Sdn Bhd, to
participate in the Company's restructuring exercise through a
corporate exercise to be determined later.
The MOU will entail the acquisitions by JPK of Manhara Group (M)
Sdn Bhd, Manhara Fashion Sdn Bhd, Myscan Technology (M) Sdn Bhd
which are companies incorporated in Malaysia under the Companies
Act, 1965 and are mainly involved in trading business.
JPK will provide updates to Bursa Securities on the developments
of the proposed restructuring of JPK with the Vendors in due
course.
About JPK Holdings
JPK Holdings Berhad is a Malaysia-based investment holding company
engaged in the provision of management services to its
subsidiaries. The Company's subsidiaries include JPK (Malaysia)
Sdn. Bhd., which is engaged in the manufacture of precision
plastic injection moulded parts; JPK Industries Sdn. Bhd., which
is engaged in property holding; JPK Co. Ltd., which is engaged in
investment holding; JPK (Dongguan) Co. Ltd., which is engaged in
the Manufacture of precision plastic injection moulded parts, and
JPK (Hanoi) Co. Ltd., which is engaged in the manufacture,
assemble, process and design precision plastic injection moulded
parts. The Company's operating businesses are organized and
managed into three geographical locations: Malaysia, The Socialist
Republic of Vietnam and The People's Republic of China.
JPK Holdings Berhad has been considered as an Affected Listed
Issuer under Practice Note No. 17 of the Bursa Malaysia Securities
Berhad as the external auditors of the Company have expressed a
disclaimer opinion on the Company's audited financial statements
for the financial year ended March 31, 2009.
OILCORP BHD: Gets Summons From Horwarth for MYR258,000 Claim
------------------------------------------------------------
OilCorp Berhad has been served a Writ of Summons from Crowe
Horwath, formerly known as Horwath, claiming a total of MYR258,750
purportedly being outstanding fees due and owed to Crowe Horwarth
for professional services rendered to Oilcorp.
These proceedings will have a major impact on the financial and
operational aspects of the group if Oilcorp is eventually wound
up.
About Oilcorp Berhad
Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries. Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.
Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.
====================
N E W Z E A L A N D
====================
CAPITAL + MERCHANT: Directors Remanded Until August 4
-----------------------------------------------------
Five directors of Capital + Merchant have been remanded at large
until August 4 after appearing in the District Court at Auckland
on Tuesday following criminal charges laid against them by the
Securities Commission, BusinessDay.co.nz reports.
As reported in the Troubled Company Reporter-Asia Pacific on
March 22, 2010, the Securities Commission laid criminal charges
and issued civil proceedings against Capital + Merchant Finance
directors Neal Nicholls, Owen Tallentire, Colin Ryan and Robert
Sutherland. Criminal charges have also been laid against Wayne
Douglas, who resigned as a director in February 2007.
"The Commission alleges that Capital + Merchant Finance's offer
documents and advertisements misled investors by misrepresenting
the investment risks, especially in relation to related party
lending, insurance cover and liquidity," Commission Chairman Jane
Diplock said.
The Commission alleged that the directors made untrue statements
in the registered prospectus and investment statement dated
August 15, 2006, mainly in respect of related party lending and
loan management.
According to BusinessDay.co.nz, four of the directors, Messrs.
Nicholls, Ryan, Sutherland and Douglas, have made an application
to dismiss the criminal charges filed against them by the
Commission. This is due to be heard on August 4.
BusinessDay.co.nz relates Crown Prosecutor Brian Dickie said the
application to dismiss related to a procedural matter.
The Crown Prosecutor now has 42 days to file evidence briefings,
at which time the five may be committed for trial.
About Capital + Merchant
Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on November 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.
Fortress appointed Tim Downes and Richard Simpson of Grant
Thornton, chartered accountants, while trustee Perpetual Trust
have called in KordaMentha.
Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.
RURAL PORTFOLIO: Investors to Recoup 47% Payment From Share Sale
----------------------------------------------------------------
Investors in the Rural Portfolio group of companies are likely to
get less than half the principal they put into the company, Paul
McBeth at BusinessWire reports.
According to the report, receiver Kerryn Downey of McGrathNicol
and Trustee Executors' Yogesh Mody told investors they will get a
47 cent payment from the sale of RPC's shares in PGG Wrightson and
NZ Farming Systems Uruguay.
Downey and Mody expect any further payments will be less than 1.25
cents, the report says.
BusinessWire says the letter to investors defended the trustee's
decision not to distribute the company's assets among investors,
saying the Trust Deed didn't specifically permit a distribution.
"In the trustee's view, there appeared to be no investor consensus
with respect to an asset distribution, hence the outcome of any
meeting would be uncertain while the costs of the process would
have been borne totally borne by the investors," the report cited
Downey's and Mody's letter.
"Time, cost, and market risks were considered by the receivers and
any perceived benefits to investors (given that the secured shares
can be freely acquired on the NZX) did not justify the receivers
taking an alternative approach of seeking court approval for an
asset distribution to investors," they said.
As reported in the Troubled Company Reporter-Asia Pacific on
May 4, 2010, the secured assets of Rural Portfolio Investments and
Rural Portfolio Capital, the investment companies run by Craig
Norgate and the McConnon family, were placed into the hands of
receivers after the company said it has breached its trust deed.
Trustee Executors have appointed Kerryn Downey and Andrew
Grenfell of McGrathNicol to enforce the security against RPI and
RPC for investors in the preference shares of Rural Portfolio
Capital. RPC has $60 million preference shares on issue, which
are under the guarantee of sister company Rural Portfolio
Investments.
The trustee said the preference shares were automatically
redeemed, cancelled and delisted.
According to BusinessDay.co.nz, the receivers took control of the
available securities and secured accounts, including 46.8 million
shares in PGG Wrightson, 10 million shares in New Zealand Farming
Systems Uruguay and $742,314 in an escrow account.
About RPI
Headquartered in Dunedin, New Zealand, Rural Portfolio Investments
Limited -- http://www.ruralportfolioinvestments.co.nz/-- is an
investment company owned 50 percent by Aorangi Laboratories
Limited (the McConnon family interests' investment vehicle) and 50
percent by MCN Rural Investments Limited (a Craig Norgate family
interests' investment vehicle). RPI was formed on August 6, 2003,
with the objective of investing in Wrightson Limited and as a
vehicle for other agribusiness investments.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
May 24, 2010
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
New York Marriott Marquis, New York, NY
Contact: 1-703-739-0800; http://www.abiworld.org/
May 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
Litigation Skills Symposium
Tulane University, New Orleans, La.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Mich.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
Atlanta Consumer Bankruptcy Skills Training
Georgia State Bar Building, Atlanta, Ga.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
Hawai.i Bankruptcy Workshop
The Fairmont Orchid, Big Island, Hawaii
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
ABI/NYIC Golf and Tennis Fundraiser
Maplewood Golf Club, Maplewood, N.J.
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Fordham Law School, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
ABI/UMKC Midwestern Bankruptcy Institute
Kansas City Marriott Downtown, Kansas City, Kan.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
Chicago Consumer Bankruptcy Conference
Standard Club, Chicago, Ill.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Hilton New Orleans Riverside, New Orleans, La.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
The Savoy, London, England
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
Delaware Views from the Bench and Bankruptcy Bar
Hotel du Pont, Wilmington, Del.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
Detroit Consumer Bankruptcy Conference
Hyatt Regency Dearborn, Dearborn, Mich.
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Camelback Inn, a JW Marriott Resort & Spa,
Scottsdale, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colo.
Contact: 1-703-739-0800; http://www.abiworld.org/
January 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
TMA Distressed Investing Conference
Aria Las Vegas
Contact: http://www.turnaround.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Mich.
Contact: http://www.abiworld.org/
July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 4-6, 2011 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Tampa Convention Center, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
Hilton San Diego Bayfront, San Diego, CA
Contact: http://www.turnaround.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine T. Fernandez, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***