/raid1/www/Hosts/bankrupt/TCRAP_Public/100629.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
Tuesday, June 29, 2010, Vol. 13, No. 126
Headlines
A U S T R A L I A
HORIZONS GOLF: In Administration; Resort to Close
INDOPHIL RESOURCES: Zijin Scraps AU$545-Million Bid for Tampakan
SMART SERIES: Fitch Assigns Ratings on 2010-1US Certificates
SMART SERIES: Moody's Assigns Ratings on Series 2010-1US Notes
STORM FINANCIAL: Legal Action Still an Option for Investors
C A M B O D I A
CAMBODIAN PUBLIC: Moody's Gives Negative Outlook on 'D+' Rating
C H I N A
NEO-CHINA LAND: Moody's Upgrades Corporate Family Rating to 'B2'
NEO-CHINA LAND: S&P Puts 'CCC-' Rating on CreditWatch Positive
H O N G K O N G
JETNIC INTERNATIONAL: Creditors' Proofs of Debt Due July 26
KENLORD INDUSTRIES: Court Enters Wind-Up Order
KENNIS LIMITED: Creditors Get 2.000% Recovery on Claims
LANCO INTERNATIONAL: Court to Hear Wind-Up Petition on July 28
MEDA JEWELRY: Creditors Get 30% Recovery on Claims
MUTUAL BOND: Creditors' Proofs of Debt Due July 30
OASIS HK: Creditors Get 100% Recovery on Claims
OCEAN CHAMP: Contributories and Creditors to Meet on June 29
OPULENT INDUSTRIAL: Meetings Slated for July 28
PRO-ONE: Contributories and Creditors' Meetings Set for July 7
SAFE TECH: Court Enters Wind-Up Order
SILVER RAY: Members and Creditors' Meetings Set for July 26
SK CORPORATION: Creditors' Proofs of Debt Due July 26
SMART MEDIA: Members' Final Meeting Set for July 26
START II: S&P Retains CreditWatch Negative on Class B Notes
SUNNY TECH: Court to Hear Wind-Up Petition on August 18
I N D I A
ARTI BAKERY: Delays in Loan Repayment Cues CRISIL Default Ratings
AMSAL CHEM: CRISIL Lifts Rating on Various Bank Debts to 'BB'
B M OILS: CRISIL Assigns 'P4+' Rating on INR70MM Letter of Credit
BHARAT FOODS: CARE Assigns 'CARE BB+' Rating on Various Bank Debts
CAPITHAN EXPORTING: CRISIL Assigns 'B+' Rating on INR33.6MM Loan
DESAI FRUITS: CARE Puts 'CARE BB' Rating on INR5.92cr Term Loan
KALYANI ENGINEERING: CRISIL Puts 'BB-' Rating on INR112MM LT Loan
KANAKA INFRATECH: CRISIL Places 'C' Rating on INR340MM Cash Credit
MANDA DEVELOPERS: CRISIL Places 'D' Rating on INR30 Mil. Term Loan
NIZAM DECCAN: CRISIL Ups Rating on INR919.3MM Term Loan to 'C'
PHOOLCHAND RICE: CRISIL Rates INR75MM Cash Credit Limit at 'B'
RANJANA NEWSPRINT: CRISIL Puts 'B' Rating on INR50MM Cash Credit
RATNAVEER STAINLESS: CRISIL Assigns 'BB' Ratings on Various Debts
RH AGRO: CRISIL Reaffirms 'B' Rating on INR795MM Cash Credit
SAMSONS DISTILLERIES: CRISIL Junks Rating on INR150MM Cash Credit
SHIVANI FLEXIPACK: CRISIL Lifts Rating on INR155MM Loan to 'B+'
SRI DURGA: CRISIL Rates INR57.5 Million Cash Credit at 'BB-'
SUBRATA IRON: CRISIL Reaffirms 'B+' Rating on INR105.3MM Bank Debt
THIEH INGOTS: CRISIL Places 'BB-' Rating on INR35MM Cash Credit
VAIBHAV GEMS: CARE Assigns 'CARE BB' Rating on INR172.74cr Loan
I N D O N E S I A
INDOSAT TBK: Plans to Issue Up to US$700 Million of Bonds
J A P A N
JLOC 41: Moody's Downgrades Ratings on Various Classes of Notes
JLOC XXXIV: Moody's Downgrades Ratings on Three Classes of Notes
JLOC XXX: Moody's Changes Ratings on Various Classes of Certs.
NIS GROUP: S&P Withdraws 'CCC-' Counterparty Credit Rating
SAIZEN REIT: Moody's Gives Stable Outlook; Affirms 'Caa1' Rating
SPANSION INC: Seeks to Recoup $90MM in Payments to Japan Unit
K O R E A
BYUCKSAN ENG'G: Discusses Out-of-Court Restructuring With Creditor
JOONGANG CONSTRUCTION: To Discuss Out-of-Court Debt Restructuring
NAMKWANG ENG'G: In Out-Of-Court Restructuring Talks With Creditor
N E W Z E A L A N D
BIG SKY: Harvard Fund to Buy Farm for NZ$28 Million
BRIDGECORP LTD: Directors Back in Court on SFO Charges
BRIDGECORP LTD: Debt Collectors Chase Petricevic Over NZ$2.2M Loan
DYNASTY GROUP: Creditors Accept 2c on the Dollar Proposed Payout
GRAVITAS WINES: Placed in Receivership; Grant Thornton Appointed
P H I L I P P I N E S
LEPANTO CONSOLIDATED: Metrobank Sells 8.6% Stake to Unit
S I N G A P O R E
FLEXTRONICS DISTRIBUTION: Creditors' Proofs of Debt Due July 26
MSI MANAGEMENT: Creditors' Proofs of Debt Due July 26
NW ENGINEERING: Creditors' Meetings Set for July 14
POINT SOURCE: Creditors' Proofs of Debt Due July 23
T A I W A N
NANYA TECHNOLOGY: Aims to Raise Up to NT$20 Billion in Share Sale
V I E T N A M
DOT VN: Vision Capital Reports 6.2% Equity Stake
X X X X X X X X
* S&P Raises Ratings on Nine Asia-Pacific CDO Tranches
* BOND PRICING: For the Week June 21 to June 25, 2010
- - - - -
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A U S T R A L I A
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HORIZONS GOLF: In Administration; Resort to Close
-------------------------------------------------
Horizons Golf Resort has entered into voluntary administration and
could be closed within a month, according to The Newcastle Herald.
The resort's owner, Le Meilleur Pty Ltd, appointed Ken Whittingham
from PKF Chartered Accountants as the administrator, the report
says.
The Newcastle Herald relates that the greenkeeping staff were sent
home on Friday, June 25, while management held meetings to discuss
their future. Horizons Golf Resort residents also fear for the
value of their luxury on-course homes, the report adds.
According to the report, several staff members left the resort
because of unpaid superannuation, dating back to June 2008,
including former head professional Richard Jumrukovski.
The Newcastle Herald says the Korean-based owners bought the
resort course in 2004 from liquidators and threw a lot of money
into the venture by buying new machinery and equipment for course
maintenance. Former owner, New Horizons Corporation, went broke
in 2004 leaving a trail of bad debts, including AU$5,200 owed to
Port Stephens Council.
Located in Salamander Bay, Port Stephens, Australia, Horizons Golf
Resort -- http://www.horizons.com.au/-- provides leisure,
accommodation and dining alongside a championship 18 hole golf
course.
INDOPHIL RESOURCES: Zijin Scraps AU$545-Million Bid for Tampakan
----------------------------------------------------------------
Indophil Resources is seeking a buyer for its stake in the
Tampakan copper-gold project in the Philippines after China's
Zijin Mining Group abandoned a takeover bid for the company, The
Australian Associated Press reports.
Zijin and Indophil had agreed to abandon the $545 million takeover
following long delays in securing Chinese provincial approvals,
Indophil said in a statement to the stock exchange.
The AAP relates Indophil chief executive Richard Laufmann said the
global appetite for copper and gold would not be met by known
supply and Indophil now was free to consider selling its stake in
the US$5.2 billion (AU$6.0 billion) Tampakan project to other
companies.
According to the AAP, there has been speculation that Swiss-based
miner Xstrata, which owns the remaining 62.5 per cent stake in
Tampakan and in 2008 tried unsuccessfully to take over Indophil,
may be interested in purchasing Indophil's stake in the joint
venture.
As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2010, Indophil Resources suspended its shares from
trading on the ASX until June 23 as it seeks clarity on reports
that a Philippine local government unit may seek to ban on open
pit mining. The implications of this development for the
protracted $540 million takeover bid for Indophil Resources by
Zijin Mining remain to be seen, but it creates uncertainty,
according to The Australian. The Australian noted that one of the
conditions of the Zijin bid was that during the offer there is no
change in Philippine law applicable to any member of the Indophil
group, Sagittarius or the Tampakan project that has a material
adverse effect on Indophil's business.
The Tampakan mining interests are held by Sagittarius Mines.
Indophil owns 37.5% of Sagittarius and the other 62.5% is owned by
Xstrata, which is also the operator.
About Indophil Resources
Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts exploration and
development of gold and copper-gold opportunities in South East
Asia. The Company is a joint venture partner in the Tampakan
Copper-Gold Project in the Southern Philippines. The two segments
of the Company are Australia and the Philippines. The Company has
other exploration interests in the Philippines apart from the
Tampakan project.
* * *
Indophil Resources NL reported three consecutive net losses of
$10.58 million, $14.84 million and $985,107 for the years ended
Dec. 31, 2009, 2008 and 2007, respectively.
SMART SERIES: Fitch Assigns Ratings on 2010-1US Certificates
------------------------------------------------------------
Fitch Ratings has assigned expected ratings to the SMART Series
2010-1US Trust automotive lease receivables-backed securitization
by Macquarie Leasing Pty Limited. Ratings, Outlooks and Loss
Severity Ratings are assigned:
-- US$92.00m Class A-1 notes: 'F1+';
-- US$105.00m Class A-2 (a & b) notes: 'AAA'; Outlook Stable;
Loss Severity Rating assigned at 'LS1';
-- US$210.00m Class A-3 (a & b) notes: 'AAA'; Outlook Stable;
Loss Severity Rating assigned at 'LS1';
-- US$93.00m Class A-4 (a & b) notes: 'AAA'; Outlook Stable;
Loss Severity Rating assigned at 'LS1';
-- AUD14.98m Class B notes: 'AA'; Outlook Stable; Loss Severity
Rating assigned at 'LS3';
-- AUD18.18m Class C notes: 'A'; Outlook Stable; Loss Severity
Rating assigned at 'LS3';
-- AUD16.53m Class D notes: 'BBB'; Outlook Stable; Loss Severity
Rating assigned at 'LS3';
-- AUD16.53m Class E notes: 'BB'; Outlook Stable; Loss Severity
Rating assigned at 'LS3'; and
-- AUD6.61m Seller notes: 'NR'.
The notes will be issued by Perpetual Trustee Company Limited as
trustee for SMART Series 2010-1US Trust (the issuer). The SMART
Series 2010-1US Trust is a legally distinct trust established
pursuant to a master trust and security trust deed.
At the cut-off date, the total collateral pool consisted of 21,378
automotive lease receivables totalling approximately AUD661.06m
(AUD equivalent - Exchange rate: US$1.00:AUD0.85), with an average
size of AUD30,922. The pool is completely comprised of motor
vehicles lease receivables originated by Macquarie Leasing to
Australian residents across the country. The pool comprises
amortising principal and interest leases with varying balloon
amounts payable at maturity. The weighted average balloon payment
for the portfolio is 34.3%. The majority of leases are novated
contracts (69.2%), where the lease is novated to the employer in
salary packaging arrangements. Historical gross loss rates by
quarterly vintage on motor vehicle leases originated by Macquarie
Leasing were found to have ranged between 0.6% and 1.5%.
"Lease receivables originated by Macquarie Leasing have performed
strongly throughout the global financial crisis with the 30+ day
arrears maintaining a level well below 1.0% throughout. This can
be attributed to the portfolio's diversification across various
industries and the notable resilience in the Australian economy."
said James Leung, Associate Director with Fitch's Structured
Finance team. "SMART Series 2010-1US Trust marks the first SMART
Series transaction to be issued in the US market."
The expected 'F1+' rating assigned to the Class A-1 notes and the
expected 'AAA' rating assigned to the A-2a, A-2b, A-3a, A-3b, A-4a
and A-4b notes are based on: the quality of the lease receivables
portfolio; the 11.0% credit enhancement provided by the
subordination of the Class B, C, D, E and seller notes; the excess
spread available to cover losses; the liquidity reserve equivalent
to the greater of (i) 1.0% of the aggregate invested amount of the
outstanding notes, or (ii) AUD300,000; the interest rate swap
provided by Macquarie Bank Limited ('A+'/Outlook Stable/'F1'); the
currency swap provided by Australia and New Zealand Banking Group
Limited ('AA-'/Outlook Positive/'F1+'); and Macquarie Leasing's
underwriting and servicing capabilities.
The expected ratings on the Class B, C, D and E notes are based on
all the strengths supporting the Class A notes, excluding their
credit enhancement levels.
The final ratings are contingent upon the receipt of final
documentation conforming to information already received.
SMART SERIES: Moody's Assigns Ratings on Series 2010-1US Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes issued by Perpetual Corporate Trust Limited in its capacity
as trustee of the SMART Series 2010-1US Trust.
Issuer: SMART Series 2010-1US Trust
-- US$92.0 million Class A-1 Notes, Assigned (P)P-1;
-- US$105.0 million Class A-2 Notes, Assigned (P)Aaa;
-- US$210.0 million Class A-3 Notes, Assigned (P)Aaa;
-- US$93.0 million Class A-4 Notes, Assigned (P)Aaa;
-- AUD 15.0 million Class B Notes, Assigned (P)Aa2;
-- AUD 18.2 million Class C Notes, Assigned (P)A2;
-- AUD 16.5 million Class D Notes, Assigned (P)Baa2;
-- AUD 16.5 million Class E Notes, Assigned (P)Ba2.
The AUD 6.6 million Seller Notes are not rated by Moody's. Each
of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes will
be split into two separate tranches, Class A-2a Notes, Class A-2b
Notes, Class A-3a Notes, Class A-3b Notes, Class A-4a Notes and
Class A-4b Notes respectively. The final issuance amounts of each
of the individual tranches will be determined at closing.
The transaction is a securitization of a portfolio of Australian
novated leases, commercial hire purchase agreements, chattel
mortgages and finance leases secured by motor vehicles, originated
by Macquarie Leasing Pty Limited.
"Coming shortly after three other Australian ABS transactions, the
deal continues the strong revival seen in this sector in recent
weeks", says Ilya Serov, Moody's lead analyst for the transaction.
"It also represents Macquarie Leasing's first visit into the US
markets, pointing to the improving confidence of offshore
investors in Australian securitization transactions. In fact, it
is the first non-AUD denominated transaction by an Australian ABS
issuer since 2008 and the first transaction including US$-
denominated tranches in recent memory", adds Serov.
Transaction Details and Rating Rationale
In broad terms SMART Series 20010-1US Trust replicates structures
seen in previous SMART transactions sponsored by Macquarie.
Notable departures include the conservative composition of the
receivables pool backing the transaction, the US$-denominated
senior notes and the pro-rata principal repayment profile.
The pool includes a higher-than-usual percentage of novated leases
(69%) Moody's considers novated leases to have a lower level of
risk than other contract types and this is a positive feature of
the transaction. At the same time, the deal is exclusively backed
by motor vehicles, predominantly cars. Past SMART and other
Australian ABS transactions typically include 10-15% of other
equipment types. In Moody's opinion, motor vehicles exhibit less
pro-cyclical default patterns and, on average, higher recovery
rates. As a result, Moody's views the SMART 2010-1US Trust pool
as more conservatively structured than peer portfolios.
In order to fund the purchase price of the revolving portfolio,
the Trust will issue twelve classes of notes. The notes will be
repaid on a sequential basis in the initial stages (until the
subordination percentage increases from the initial 11.0% to
18.9%, and from 12.0% to 19.9% including the liquidity reserve)
and during the tail end of the transaction. At all other times,
the structure will follow a pro rata repayment profile. This
principal paydown structure is a departure from earlier SMART
transactions (other than the more recent SMART Series 2009-1
Trust) and other comparable structures in the Australian ABS
market.
The deal will include seven senior, US$-denominated tranches. The
Class A-1 Notes are fast-pay money-market notes, rated P-1. The
Class A-2 Notes, Class A-3 Notes and Class A-4 Notes are each
offered on a fixed or floating coupon basis. The Class A Notes
will be repaid sequentially within the Class A Note allocation.
The ratings are based on the credit enhancement provided by the
subordinated notes and the reserve, in total equal to 12% in the
case of the Class A Notes.
An unusual feature of the transaction is that the maturity dates
of the Class A Notes were set not with reference to the maturity
of the longest dated receivable but rather with reference to the
scheduled principal amortization profile (with a certain buffer to
allow for defaults and delinquencies). Moody's has accounted for
the possibility of losses and delinquencies during the term of the
Class A notes in its assessment of the likelihood of their
repayment and believes scheduled principal amortization to be
sufficient to repay the Class A Notes by the maturity dates in
full.
Moody's base case assumptions are a default rate of 1.80% and a
recovery rate of 40%. These imply a expected (net) loss of 1.08%.
Both the default rate and the recovery rate have been stressed
relative to observed historical levels of 1.33% and 50-55%
respectively.
The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal by the legal final
maturity.
Volatility Assumption Scores and Parameter Sensitivities
The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's note the availability of a substantial
amount of historical performance data in the Australian ABS market
as well as on an issuer-by-issuer basis. Here, for instance,
Moody's has been provided with detailed vintage and individual
default data for the 1998-2009 period. In addition, Moody's
observe that Australian auto ABS, and specifically past SMART
transactions, have to date been performing stably. This allows
Moody's to have a material degree of comfort with regard to
assumptions made in rating the SMART Series 2010-1US Trust.
V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around various
assumptions used in determining the rating. High variability in
key assumptions could expose a rating to more likelihood of rating
changes. The V Score has been assigned accordingly to the report
"V Scores and Parameter Sensitivities in the Asia/Pacific RMBS
Sector", published in March 2009.
Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here, the
expected loss and the Aaa credit enhancement -- differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.
In the case of SMART Series 2010-1US Trust, the Class A Notes
remain strongly investment grade and typically Aa when the default
rate rises to 3.60% (double of Moody's assumption of 1.80%).
Similarly, high investment grade ratings are maintained when the
base recovery rate is stressed from the assumed 40% to 20%
(holding other factors, including the assumed default rate of
1.80%, constant). Where the default rate assumption doubles and
the recovery rate assumption halves, the rating drops to A2.
Rating Methodology
Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.
STORM FINANCIAL: Legal Action Still an Option for Investors
-----------------------------------------------------------
The Australian Securities and Investments Commission said legal
action is still an option over the AU$3 billion collapse of Storm
Financial even as it negotiates compensation for 3,000 investors,
The Sydney Morning Herald reports.
The SMH relates Commission Chairman Tony D'Aloisio said the
commission was pursuing two courses of action over the failure of
the financial adviser.
According to the report, Mr. D'Aloisio said ASIC was in
discussions with parties associated with Storm to seek a
commercial settlement, but declined to give detail on who was
involved in the negotiations or the subjects under discussion,
citing confidentiality agreements.
Mr. D'Aloisio, the report notes, insisted that "a second strand of
work has been, and continues to be, to prepare for proceedings if
proceedings are necessary."
"Our judgment is that we're handling this correctly," Mr.
D'Aloisio told the Parliamentary Joint Committee on Corporations
and Financial Services. "We're giving the commercial negotiations
the best chance of getting a result." The commission was also
looking for other enforcement action it could take, including bans
or other penalties for breaches, he added.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 24, 2010, the Commonwealth Bank said it has finalized a
framework to resolve claims brought by customers affected by the
collapse of Storm Financial. The framework will operate within
the Storm Resolution Scheme, announced by the bank in June 2009,
in which more than 2,000 affected customers are participating.
The bank agreed to the framework with Slater & Gordon based on an
assessment of six test cases, representing a variety of scenarios
across home and margin lending, by the Independent Panel
established by the Bank to oversee the Scheme. Commonwealth Bank
CEO Ralph Norris said recipients of offers would still retain all
their rights under the Scheme, including the ability to have their
claim evaluated and determined by the Independent Panel if they
wish.
About Storm Financial
Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry. The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser. The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products. Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.
Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."
The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010. The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.
In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up. Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.
===============
C A M B O D I A
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CAMBODIAN PUBLIC: Moody's Gives Negative Outlook on 'D+' Rating
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on the "D+" bank
financial strength rating of Cambodian Public Bank to negative
from stable.
At the same time, its Ba1/NP local currency deposit rating, B3/NP
foreign currency deposit rating, Ba1/NP local currency issuer
rating, and B1/NP foreign currency issuer rating remain unchanged
with a stable outlook.
CampuBank's BFSR of D+, which maps into long-term rating of Ba1,
represents Moody's opinion of its intrinsic, or stand-alone,
safety and soundness.
Incorporation of parental support could result in a multi-notch
uplift to CampuBank's deposit and issuer ratings. However, these
ratings are constrained by Cambodia's Ba1 local currency deposit
and bond ceiling, B1 foreign currency bond ceiling and B3 foreign
currency deposit ceiling.
"The change in CampuBank's BFSR outlook to negative mainly
reflects the weakening in its asset quality," says Christine Kuo,
a Moody's Vice President and Senior Credit Officer. "The economic
slowdown in 2009 has materially and adversely impacted the
abilities of its borrowers to repay their loans, resulting in a
significant rise in non-performing loans and loan-loss
provisioning charges."
"In this context, Moody's notes CampuBank reported a 6.7% NPL
ratio at end-2009, up from either zero or insignificant amounts
over the past several years," says Kuo.
"Moreover, the bank was previously able to quickly resolve its
NPLs with little losses, thereby helping it achieve a clean
balance sheet at yearend. But the very weak state of the property
market now means that timely liquidation of collateral at
satisfactory values can be difficult," says Kuo.
Another reason for the material rise in NPLs is the application of
more stringent loan classifications throughout the industry, but
which have impacted each bank differently, depending on its
previous practices.
But, CampuBank continues to report adequate earnings and a strong
capital ratio (26% as of end-2009), while its liquidity profile
has improved, having grown sufficient customer deposits to support
its lending. These strengths support its current BFSR.
Its BFSR could be lowered if its NPL ratio does not improve to
below 3% within twelve months. Aggressive asset growth -- which
prompts a substantial decline in its capital strength relative to
the risks taken -- or keen competition that drives its net
interest margin significantly lower would also be negative for its
BFSR.
The negative outlooks address potential ratings pressure over the
next 12-18 months.
CampuBank's deposit and issuer ratings continue to carry a stable
outlook because these ratings are expected to remain at their
current levels, even if its BFSR is lowered, due to support from
its parent, Malaysia-based Public Bank Berhad (C BFSR, A1/P-1
local currency deposit ratings, A3/P-1 foreign currency deposit
ratings, all ratings have a stable outlook).
Moody's last rating action with regard to CampuBank was taken on
October 10, 2008 when Moody's assigned it first time-ratings with
a stable outlook.
CampuBank, headquartered in headquartered in Phnom Penh, Cambodia,
reported total assets of US$941.4 million as of the end of 2009.
The bank's ratings are:
Cambodian Public Bank
-- Bank Financial Strength D+ (with negative outlook)
-- Long-Term and Short-Term Local Currency Bank Deposits
Ba1/Not-Prime (with stable outlook)
-- Long-Term and Short-Term Foreign Currency Bank Deposits
B3/Not-Prime (with stable outlook)
-- Long-Term and Short-Term Local Currency Bank Issuer Ba1/Not-
Prime (with stable outlook)
-- Long-Term and Short-Term Foreign Currency Bank Issuer B1/Not-
Prime (with stable outlook)
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C H I N A
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NEO-CHINA LAND: Moody's Upgrades Corporate Family Rating to 'B2'
----------------------------------------------------------------
Moody's Investors Service has upgraded Neo-China Land Group
(Holdings) Ltd's corporate family and senior unsecured ratings to
B2 from Caa3. The ratings outlook is positive.
The ratings actions follow 1) Neo-China's announcement that
Shanghai Industrial Holdings Ltd's (unrated) has completed the
acquisition of a 45.02% interest in Neo-China; and 2) the
resumption of trading in the company's shares, which had been
suspended from trading since January 22, 2008.
"The ratings upgrade reflects Moody's expectation that the SIH
acquisition and the resumption of trading in Neo-China's shares
are positive developments and will enable Neo-China to re-
commission its business in China's property market and improve its
overall credit profile," says Kaven Tsang, a Moody's AVP/Analyst.
"The change of major shareholder will also strengthen the
company's liquidity through enhanced funding access, which has
counterbalanced weakened operations over the past two years when
the company's shares were suspended from trading," says Tsang,
also Moody's Lead Analyst for the company.
"SIH will appoint the majority of the board members, which is
expected to strengthen Neo China's operating and financial
management, as well as internal controls," says Tsang.
"In addition, Neo-China's operation with a total land bank of
11.5 million sqm, annual contract sales around RMB4-5 billion, and
an adjusted debt/capitalization ratio of around 46% as of end-2009
are comparable with the mid-B property peers," he adds.
The positive outlook reflects the potential benefits to Neo-
China's B2 stand-alone rating arising from implied support from
SIH given the expectation that SIH will take effective control of
the company, and given the strategic importance of Neo-China's
property business to the group. The extent of rating uplift is
subject to further assessment of benefits derived from Neo-China's
business and management integration with SIH.
Moody's last rating action with regard to Neo-China took place on
June 15, 2010, when Moody's confirmed the company's Caa3 ratings
with a positive outlook.
Neo-China Land Group (Holdings) Ltd is a Chinese property
developer engaged in residential and mixed-use developments. It
has 14 major projects under development in 11 cities in China and
a land bank of around 11.5 million square meters in gross floor
area.
Shanghai Industrial Holdings Ltd is a Chinese conglomerate
majority owned by the Shanghai municipal government with an equity
interest of around 52%. Listed on the Stock Exchange of Hong Kong
in 1996, its main business consists of real estate, infrastructure
facilities and consumer products. The company reported
HK$6.9 billion in revenues in FY2009 and had total assets of
HK$60 billion as at December 31, 2009.
NEO-CHINA LAND: S&P Puts 'CCC-' Rating on CreditWatch Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed its
'CCC-' long-term corporate credit rating on Neo-China Land Group
(Holdings) Ltd. on CreditWatch with positive implications. At the
same time, S&P placed the 'CC' issue rating on Neo-China's
US$400 million senior unsecured notes due 2014 on CreditWatch with
positive implications.
The CreditWatch placement reflects the potentially positive credit
implications on Neo-China of its acquisition by Shanghai
Industrial Holdings Ltd. (not rated). SIH is now Neo-China's
largest shareholder with a 45.05% holding of the issued share
capital. In addition, SIH is making a mandatory general offer for
Neo-China's outstanding shares. SIH will have control of the
board of directors as well as the management once its proposed
changes to the board and the senior management of Neo-China are
completed.
"SIH's credit profile is stronger than Neo-China's, in S&P's view.
In addition, S&P believes the Hong Kong dollars (HK$) 1.59 billion
that Neo-China will receive from the new share sale would
strengthen the company's capital base and support its liquidity
position," said Standard & Poor's credit analyst Lawrence Lu. "In
addition, S&P anticipate Neo-China's liquidity position will
improve significantly following the capital injection from SIH."
S&P expects to resolve the CreditWatch placement in the next three
months, following: (1) a review with the new management on the
company's strategy and financial policy; (2) the outcome of the
mandatory general offer; and (3) the likely improvement of Neo-
China's financial performance in the remainder of 2010.
================
H O N G K O N G
================
JETNIC INTERNATIONAL: Creditors' Proofs of Debt Due July 26
-----------------------------------------------------------
Creditors of Jetnic International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 26, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 15, 2010.
The company's liquidator is:
Sum Wai Ching Helena
19/F., S.B. Commercial Building
478 Nathan Road
Yau Ma Tei, Kowloon
KENLORD INDUSTRIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on May 31, 2010, to
wind up the operations of Kenlord Industries Limited.
The company's liquidator is Mat Ng.
KENNIS LIMITED: Creditors Get 2.000% Recovery on Claims
-------------------------------------------------------
Kennis Limited, which is in liquidation, paid the first dividend
to its creditors on June 21, 2010.
The company paid 2.000% for ordinary claims.
The official receiver & Liquidator is E T O'Connell.
LANCO INTERNATIONAL: Court to Hear Wind-Up Petition on July 28
--------------------------------------------------------------
A petition to wind up the operations of Lanco International
Holdings Limited will be heard before the High Court of Hong Kong
on July 28, 2010, at 9:30 a.m.
Li Yuet Ngor Helen filed the petition against the company on
May 24, 2010.
MEDA JEWELRY: Creditors Get 30% Recovery on Claims
--------------------------------------------------
Meda Jewelry Limited, which is in liquidation, paid the first
ordinary dividend to its creditors on June 25, 2010.
The company paid 30% for ordinary claims.
The company's liquidators are:
Fung Chi Keung
Chow Yuen Yi
Unit 1202, Mirror Tower
61 Mody Road
Tsimshatsui East
Kowloon, Hong Kong
MUTUAL BOND: Creditors' Proofs of Debt Due July 30
--------------------------------------------------
Creditors of Mutual Bond International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 30, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 11, 2010.
The company's liquidators are:
Li Fat Chung
Chan Chi Bor
Unit 402, 4/F., Malaysia Building
No. 50, Gloucester Road
Wanchai, Hong Kong
OASIS HK: Creditors Get 100% Recovery on Claims
-----------------------------------------------
Oasis Hong Kong Airlines Limited, which is in liquidation, will
pay the first and final preferential dividend to its creditors on
July 9, 2010.
The company will pay 100% for preferential claims.
The company's liquidators are:
Edward Middleton
Patrick Cowley
27th Floor, Alexandra House
18 Chater Road
Central, Hong Kong
OCEAN CHAMP: Contributories and Creditors to Meet on June 29
------------------------------------------------------------
Contributories and creditors of Ocean Champ Investment Limited
will hold their meetings on June 29, 2010, at 10:30 a.m., and
11:00 a.m., respectively at Unit 511, 5/F., Tower 1, Silvercord,
30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Ho Man Kit Horace and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
OPULENT INDUSTRIAL: Meetings Slated for July 28
-----------------------------------------------
Contributories and creditors of Opulent Industrial (H.K.) Limited
will hold their final meetings on July 28, 2010, at 11:00 a.m.,
and 11:30 a.m., respectively at 602 The Chinese Bank Building, 61-
65 Des Voeux Road, Central, in Hong Kong.
At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
PRO-ONE: Contributories and Creditors' Meetings Set for July 7
--------------------------------------------------------------
Contributories and creditors of Pro-One Computer Limited will hold
their annual meetings on July 7, 2010, at 2:30 p.m., and 3:00
p.m., respectively at Room 203, 2/F, Duke of Windsor Social
Service Building, 15 Hennessy Road, Wanchai, in Hong Kong.
At the meeting, Wong Sun Keung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
SAFE TECH: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 31, 2010, to
wind up the operations of Safe Tech Bio-Technology Products (H.K.)
Limited.
The company's liquidator is Mat Ng.
SILVER RAY: Members and Creditors' Meetings Set for July 26
-----------------------------------------------------------
Sole members and creditors of Silver Ray Investments Limited will
hold their meetings on July 26, 2010, at 11:00 a.m., and 11:30
a.m., respectively at Unit 2002, 20/F., Millennium City 3, 370
Kwun Tong Road, Kowloon, in Hong Kong.
At the meeting, Tam Kan Wing, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
SK CORPORATION: Creditors' Proofs of Debt Due July 26
-----------------------------------------------------
Creditors of SK Corporation Hong Kong Investment Company Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by July 26, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 17, 2010.
The company's liquidators are:
Susanna Bik-Chu Lung
Albert Wai-Shing Lo
2503 Bank of America Tower
12 Harcourt Road
Central, Hong Kong
SMART MEDIA: Members' Final Meeting Set for July 26
---------------------------------------------------
Members of Smart Media Limited, which is in members' voluntary
liquidation, will hold their final general meeting on July 26,
2010, at 10:30 a.m., at 43/F., The Lee Gardens, 33 Hysan Avenue,
Causeway Bay, in Hong Kong.
At the meeting, Lo Wa Kei Roy, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
START II: S&P Retains CreditWatch Negative on Class B Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services said that its rating on the
class B notes issued by START II CLO Ltd. remains on CreditWatch
with negative implications, where it was placed on March 23, 2010.
To assess the creditworthiness of the tranche, S&P reviewed the
credit quality of the securitized assets using the synthetic rated
overcollateralization scores and results from S&P's supplemental
tests. These results measure the degree by which the credit
enhancement of a tranche exceeds the stressed loss rate assumed
for a given rating scenario.
S&P placed the rating on the class B notes On CreditWatch negative
because the tranche had failed its largest industry test.
However, since the underlying portfolio is amortizing, S&P expects
the portfolio to build up subordination over the next 30 days,
which would cure the breach in the largest industry test.
S&P will continue to assess the portfolio in the coming weeks and
will take necessary actions to reflect the appropriate credit
quality of the portfolio.
Rating Remaining On Creditwatch Negative
Transaction Class Rating
----------- ----- ------
Start II CLO Ltd. B AA+/Watch Neg
SUNNY TECH: Court to Hear Wind-Up Petition on August 18
-------------------------------------------------------
A petition to wind up the operations of Sunny Tech (Far East)
Industrial Limited will be heard before the High Court of Hong
Kong on August 18, 2010, at 9:30 a.m.
The Bank of China (Hong Kong) Limited filed the petition against
the company on June 10, 2010.
The Petitioner's solicitors are:
Chow, Griffiths & Chan
6th Floor, South China Building
No. 1 Wyndham Street
Central, Hong Kong
=========
I N D I A
=========
ARTI BAKERY: Delays in Loan Repayment Cues CRISIL Default Ratings
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Arti Bakery Pvt Ltd's
bank facilities. The ratings reflect ABPL's delays and
irregularities in servicing its term loan; the delays have been
caused by the company's constrained liquidity.
Facilities Ratings
---------- -------
INR17.5 Million Cash Credit D (Assigned)
INR55.8 Million Term Loan D (Assigned)
INR1.7 Million Proposed LT D (Assigned)
Instrument
INR5 Million Bank Guarantee P5 (Assigned)
Incorporated in 2007 by the Kolkata-based Chourasia family, ABPL
manufactures biscuits under its own brand Arti, and also for Parle
Products Pvt Ltd. ABPL's manufacturing unit in Asansol (West
Bengal) has a monthly capacity of 1500 tonnes, of which, 1150
tonnes is used to manufacture Parle's biscuits on a job-work
basis. The remaining 350 tonnes is used by the company to
manufacture around 25 varieties of biscuits under its Arti brand.
ABPL plans to increase its manufacturing capacity by 500 tonnes
per month. The expansion is expected to cost around INR30
million, which is likely to be funded in a debt-to-equity ratio of
1:1. The new capacities are estimated to be operational from
November 2010.
ABPL has posted a provisional net profit of INR10 million on a
provisional operating income of INR150 million for 2009-10 (refers
to financial year, April 1 to March 31), against a net loss of
INR3 million on operating income of INR4 million for 2008-09.
AMSAL CHEM: CRISIL Lifts Rating on Various Bank Debts to 'BB'
-------------------------------------------------------------
CRISIL has upgraded its rating on Amsal Chem Pvt Ltd's long-term
bank facilities to 'BB/Stable' from 'BB-/Stable', while
reaffirming its rating on the company's short-term bank facilities
at 'P4+'.
Facilities Ratings
---------- -------
INR6.4 Million Rupee Term Loan BB/Stable (Upgraded from
'BB-/Stable')
INR72.5 Million Cash Credit BB/Stable (Upgraded from
'BB-/Stable')
INR14.0 Million Working Capital BB/Stable (Upgraded from
Demand Loan 'BB-/Stable')
INR51.0 Million Letter of Credit P4+ (Reaffirmed)
INR5.0 Million Bank Guarantee P4+ (Reaffirmed)
The upgrade reflects improvement in Amsal Chem's financial risk
profile and liquidity, on the back of strong cash accruals in
2009-10 (refers to financial year, April 1 to March 31). CRISIL
expects Amsal Chem to maintain its liquidity profile on the back
of steady cash accruals.
CRISIL's ratings reflect Amsal Chem's average financial risk
profile, marked by small net worth, moderately high gearing,
average debt protection metrics, and small scale of operations.
These rating weaknesses are partially offset by Amsal Chem's
established customer relationships and strong track record in the
drug manufacturing business.
Outlook: Stable
CRISIL believes that Amsal Chem will maintain its credit risk
profile over the medium term. The outlook may be revised to
'Positive' if Amsal Chem scales up its operations without
weakening its financial risk profile and sustains its
profitability, or if the promoters infuse fresh equity into the
company. Conversely, the outlook may be revised to 'Negative' if
the company undertakes large debt-funded capital expenditure
programme, weakening its financial risk profile.
About Amsal Chem
Incorporated in 1992, Amsal Chem is a bulk drug manufacturer with
two chief products ? isoniazid and niacin/niacinamide. The
company is promoted by members of the Majithia family. The company
is a government-recognised one-star export house. Amsal Chem's
manufacturing facilities in Ankleshwar (Gujarat) have installed
capacity of 1,200 tonnes per annum (tpa). The company is one of
largest producers of isoniazid, which is used in standard multi-
drug tuberculosis (TB) treatment. Niacin/niacinamide is primarily
used in animal feed products and also in pharmaceutical
formulations and certain cosmetic products.
Amsal Chem's profit after tax (PAT) is estimated at INR15.12
million on estimated net sales of INR507.20 million for 2009-10
against a reported PAT of INR21.03 million on net sales of
INR437.17 million for 2008-09.
B M OILS: CRISIL Assigns 'P4+' Rating on INR70MM Letter of Credit
-----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to B M Oils Pvt Ltd's bank
facilities.
Facilities Ratings
---------- -------
INR70.0 Million Letter of Credit P4+ (Assigned)
INR29.9 Million Proposed ST Bank P4+ (Assigned)
Loan Facility
The rating reflects BMOPL's low profitability and susceptibility
to intense competition in the edible oil industry and unfavorable
regulatory changes. These weaknesses are partially offset by
BMOPL's efficient working capital management, and promoters'
experience in trading in refined oil.
BMOPL was set up in 2000 by Mr. Brij Mohan Aggarwal. It trades in
crude palm oil (CPO) and other edible oils. The company imports
oils from Malaysia and Indonesia and makes high-seas sales to
domestic customers. Mr. Brij Mohan Aggarwal has been trading in
pulses, sugar, edible oil and other agro-commodities since 1977.
The company procures CPO from exporters in Indonesia and Malaysia,
and during the 15-days transit period of ships reaching the port,
the company makes the sales on high-seas basis to refiners.
BMOPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR128.7 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.1 million on net sales
of INR211.9 million for 2007-08.
BHARAT FOODS: CARE Assigns 'CARE BB+' Rating on Various Bank Debts
------------------------------------------------------------------
CARE assigned 'CARE BB+' rating to the long-term bank loans/
facilities and 'PR4' rating to the short-term bank
loans/facilities of Bharat Foods Co-operative Ltd. for an
aggregate amount of INR94.67 crore, including long-term loan of
INR11.67 crore, sanctioned fund-based working capital limit of
INR13 crore and non-fund based limit of INR70 crore. Facilities
with 'Double B' rating are considered to offer inadequate safety
for timely servicing of debt obligations. Such facilities carry
high credit risk. This rating is applicable for facilities having
tenure of more than one year. Facilities with 'PR Four' rating
would have inadequate capacity for timely payment of short-term
debt obligations and carry very high credit risk. Such facilities
are susceptible to default. This rating is applicable for
facilities having tenure up to one year. CARE assigns '+' or '-'
signs to be shown after the assigned rating (wherever necessary)
to indicate the relative position within the band covered by the
rating symbol.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 24.67 'CARE BB+'
Short-term Bank Facilities 70.00 'PR4'
Rating Rationale
The ratings are constrained by BFCL's subdued financial risk
profile with a small net worth base, low profitability which is
also vulnerable to the fluctuations in commodity prices and it's
stressed liquidity position. The ratings however take into
account logistical advantage due to its proximity to Kandla
port resulting into competitive advantage in a price-
sensitive industry. The ability of the entity to protect its
profitability on the back of highly volatile raw material prices
and its ability to increase its scale of operations are key rating
sensitivities.
About Bharat Foods
BFCL is a cooperative society registered on Sept.11, 2003 under
the Multi State Co-operative Societies Act, 2002. The entire
shareholding of BFCL is with 03 members who consist primarily of
professionals from Maharashtra, Madhya Pradesh and Gujarat.
BFCL was constituted as a cooperative society in order to avail
the sales tax exemption available for such units setup in Kutch
district under the scheme of Government of Gujarat. BFCL started
commercial production in Oct. 2005.
BFCL has installed capacity of 90,000 mtpa (metric tonnes per
annum) for edible oil refining and 45,000 mtpa for vanaspati. BFCL
primarily imports CPO (crude palm oil) for refining and production
of vanaspati. Around 90% of the refined oil is sold in bulk form
to various buyers, including the Defense Department, GoI, through
tendering process. Remaining 10% of the refined oil and vanaspati
is sold under the brand name 'Suman'. On a total income of INR464
crore, BFCL earned a PAT of INR4.02 crore in FY09. Overall gearing
stood at 1.34 times as on Mar.31, 2009. During the six months
period ended Sept.30, 2009, BFCL registered total income of INR209
crore with PBT of INR3.36 crore.
CAPITHAN EXPORTING: CRISIL Assigns 'B+' Rating on INR33.6MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Capithan
Exporting Company's bank facilities.
Facilities Ratings
---------- -------
INR33.60 Million Long-Term Loan B+/Stable (Assigned)
INR100.00 Million Packing Credit P4 (Assigned)
INR140.00 Million Bill Discounting P4 (Assigned)
INR3.50 Million Cheque Discounting P4 (Assigned)
The ratings reflect CEC's below-average financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics, susceptibility to volatility in raw material prices and
in the value of the Indian rupee, and exposure to risks inherent
in seafood exports industry. These rating weaknesses are
partially offset by CEC's established track record in seafood
exports industry and moderately integrated operations.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CEC and Veronica Marine Products Pvt
Ltd. This is because both the entities, collectively referred to
as the CEC group, are in the same line of business, have common
promoters, and fungible cash flows.
Outlook: Stable
CRISIL believes that the CEC group will maintain its business risk
profile backed by its established market position and healthy
relationships with suppliers and customers. The outlook may be
revised to 'Positive' if the group improves its working capital
management or reports significant increase in operating margin and
revenues, thereby strengthening its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the group
undertakes large debt-funded capital expenditure, or if its
liquidity weakens because of sharp decline in profitability, or
increase in working capital requirements.
About Capithan Exporting
Set up in 1974 and promoted by Mr. Alphonse Joseph, CEC group
processes and exports cuttle fish, peeled undeveined shrimps, fin
fishes, shell fishes and cooked/blanched fishes. The group has a
processing plant at Kollam (Kerala) with a total processing
capacity of 103 tonnes per day (tpd) and a cold storage capacity
of 2900 tpd. About 70% of the group's sales are to the European
Union nations, 20 per cent to Japan and the remaining to other
Asian countries.
CEC group, on a consolidated basis, reported a profit after tax
(PAT) of INR14.3 million on net sales of INR964 million for 2009-
10 (refers to financial year, April 1 to March 31) against a PAT
of INR13.3 million on net sales of INR798.5 million for 2008-09.
DESAI FRUITS: CARE Puts 'CARE BB' Rating on INR5.92cr Term Loan
---------------------------------------------------------------
CARE assigns A 'CARE BB' rating to the bank facilities of Desai
Fruits and Vegetables Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.92 'CARE BB'
(including term loan
outstanding)
Rating Rationale
The rating is constrained by the short track record in contract
farming business and high financial risk profile of Desai Fruits
and Vegetables Pvt. Ltd characterized by consistent losses and
weak debt servicing parameters. Further, the rating is also
constrained by inherent risk associated with agricultural
business, product concentration risk and highly unorganized nature
of the industry with low entry barriers. Nevertheless, the rating
derives strength from experienced promoter, regular equity
infusion, growth in sales with increased acreage under contract
farming, firm sales contract and Government support to the
industry. The ability of DFV to turnaround from operating losses
to profits remains key rating sensitivity.
Desai Fruits and Vegetables Pvt. Ltd. initially promoted by Mr.
Ajit Desai and Mr. Nikul Desai, is engaged in contract farming and
export of Banana and export of other fruits mainly Pomegranate,
Mango and Grapes. During FY09, DFV reported total sales of
INR31.57 crore and net loss of INR10.93 crore. DFV has
consistently reported operating losses during FY07-FY09.
KALYANI ENGINEERING: CRISIL Puts 'BB-' Rating on INR112MM LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Kalyani Engineering
Works' bank facilities.
Facilities Ratings
---------- -------
INR112.0 Million Long-Term Loan BB-/Stable (Assigned)
INR71.7 Million Cash Credit BB-/Stable (Assigned)
The rating reflects Kalyani Engineering's weak financial risk
profile, marked by a high gearing and a small net worth, and large
working capital requirements. These rating weaknesses are
partially offset by Kalyani Engineering's established
relationships with reputed customers, and superior product
quality.
CRISIL believes that Kalyani Engineering will maintain its
business risk profile over the medium term on the back of its
established market position, longstanding relations with
customers, and diversified product profile. However, its
financial risk profile will remain constrained because of high
bank limit utilization (because of large working capital
requirements). The outlook may be revised to 'Positive' if
Kalyani Engineering's financial risk profile improves
significantly, most likely because of improvement in gearing and
maintenance of profitability. Conversely the outlook may be
revised to 'Negative' if the firm's gearing deteriorates or its
net cash accruals decline sharply, leading to deterioration in
financial risk profile.
About Kalyani Engineering
Kalyani Engineering was set up in 1982 by Mr. G R Makharia. It
manufactures and undertakes fabrication of spares, components and
sub-assemblies. The firm is into machining of spares and critical
components such as cylinders, piston, tie-rods, axle boxes, and
magnet frames of locomotive engines. The firm's manufacturing
workshop is in Ghaziabad in Uttar Pradesh. Currently, Kalyani
Engineering is a partnership firm, with equal stake of two
partners, Mr. Vinod Kumar Makharia (son of Mr. G R Makharia) and
his wife Mrs. Kiran Makharia.
Kalyani Engineering reported a ~ profit after tax (PAT) of INR19
million on operating income of INR378 million for 2009-10 (refers
to financial year, April 1 to March 31), against a PAT of INR12
million on operating income of INR180 million for 2008-09.
KANAKA INFRATECH: CRISIL Places 'C' Rating on INR340MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of
Kanaka Infratech Ltd.
Facilities Ratings
---------- -------
INR340 Million Cash Credit C (Assigned)
INR80 Million Bank Guarantee P4 (Assigned)
INR30 Million Letter of Credit P4 (Assigned)
The ratings reflect Kanaka's below-average financial risk profile,
marked by low profitability, small net worth, and weak liquidity.
These weaknesses are partially offset by Kanaka's healthy revenue
growth, supported by its strong order book, and promoters'
experience in the construction industry.
Kanaka was set up in 1993 by Mr. J A Shetty as Jaikrishna
Electrification Pvt Ltd; the company was renamed in 2007. Kanaka
commenced construction of a mall in Mangalore (Karnataka) in 2010-
11 (refers to financial year, April 1 to March 31) and a shopping
arcade in Goa in 2009-10. The company targets to complete the
shopping arcade project by December 2010, while the mall is
scheduled to be completed by December 2011. The company has
offices in Ankleshwar (Gujarat), Mumbai, and Panaji (Goa).
Kanaka reported a profit after tax (PAT) of INR38.00 million on
net sales of INR1.36 billion for 2009-10, against a PAT of
INR23.00 million on net sales of INR877.00 million for 2008-09.
MANDA DEVELOPERS: CRISIL Places 'D' Rating on INR30 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Manda Developers &
Builders Pvt Ltd's bank facilities. The ratings reflect delays by
MDBPL in servicing its term loan obligations; the delays were
caused by weak liquidity.
Facilities Ratings
---------- -------
INR30.0 Million Term Loan D (Assigned)
INR120.0 Million Bank Guarantee P5 (Assigned)
MDBPL has a small scale of operations, and is exposed to risks
relating to geographical concentration in its revenue profile and
volatility in raw material prices. However, the company benefits
from its promoters' extensive industry experience and its
established position in the canal construction segment in
Rajasthan.
MDBPL was set up in 1982 as a partnership firm (Bharat
Construction Company) by Mr. Ram Gopal Manda and his brother, Mr.
Ram Nivas Manda. The firm was reconstituted as a private limited
company in 2005. MDBPL undertakes civil construction projects
involving the construction of canals, residential buildings, and
roads; it derives 70 to 80 per cent of it revenues from canal
projects. The company undertakes work for government bodies such
as public works departments and Rajasthan Rajya Vidyut Utpadan
Nigam Ltd, as well as for government-controlled projects such as
the Narmada Canal Project.
MDBPL reported a profit after tax (PAT) of INR17.1 million on net
sales of INR468.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR13.3 million on net
sales of INR325.9 million for 2007-08.
NIZAM DECCAN: CRISIL Ups Rating on INR919.3MM Term Loan to 'C'
--------------------------------------------------------------
CRISIL has upgraded its rating on Nizam Deccan Sugars Ltd's term
loan facility to 'C' from 'D', while reaffirming the rating on the
company's cash credit facility at 'C'. The rating on NDSL's
short-term bank facilities has also been upgraded to 'P4' from
'P5'.
Facilities Ratings
---------- -------
INR919.3 Million Term Loan* C (Upgraded from 'D')
INR5 Million Letter of Credit/Bank P4 (Upgraded from 'P5')
Guarantee
INR928 Million Cash Credit C (Reaffirmed)
* Includes proposed limit of INR362.4 million.
The rating upgrade follows the rescheduling of NDSL's term loan in
November 2009, and the company's timely servicing of its debt
obligations since then. However, the ratings also factor in
NDSL's weak financial risk profile and stressed liquidity, as well
as the location disadvantage faced by the company, and its
exposure to regulatory risks. These weaknesses are partially
offset by NDSL's operational capabilities supported by integrated
facilities.
NDSL, incorporated in June 2002, is a 51:49 venture between Dr. G
Ganga Raju's family (promoters of the Laila group of companies)
and Nizam Sugars Ltd (NSL ? 98.8 per cent owned by Government of
Andhra Pradesh). As part of the privatisation of NSL, NDSL took
over three sugar mills, one each in Bodhan, Medak, and Metpally,
all in the Telangana region of Andhra Pradesh, and a distillery.
Currently, the company has aggregate cane crushing capacity of
8500 tonnes per day, a distillery with a capacity of 31,500 BLs,
and a bagasse-based co-generation plant with a capacity of 20
megawatts.
NDSL reported a net loss of INR174.6 million on net sales of
INR1406 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR274.8 million on net sales of
INR1772.7 million for 2007-08.
PHOOLCHAND RICE: CRISIL Rates INR75MM Cash Credit Limit at 'B'
--------------------------------------------------------------
CRISIL has assigned its rating of 'B/Stable' to the cash credit
facility of Phoolchand Rice and General Mills.
Facilities Ratings
---------- -------
INR75.0 Million Cash Credit Limit B/Stable (Assigned)
The rating reflects Phool Chand's weak debt protection measures,
and exposure to risks relating to unfavourable changes in
regulatory policies, to uncertain monsoons, and to small scale and
working capital-intensive nature of operations in the rice
industry. These weaknesses are, however, partially offset by the
benefits that the firm derives from healthy growth prospects in
the rice industry.
Outlook: Stable
CRISIL believes that Phool Chand's operating income will increase
steadily over the medium term, on the back of healthy demand
prospects in the rice industry. The firm's financial risk profile
is, however, expected to remain constrained over the medium term,
owing to high gearing and weak debt protection measures. The
outlook may be revised to 'Positive' if the firm's turnover and
profitability increase considerably, or if equity infusion by
promoters leads to a substantial improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm undertakes large, debt-funded capital expenditure, or if
the basmati export industry experiences a slowdown.
About Phool Chand
Set up in 1986, Phool Chand mills and processes basmati rice. The
firm's plant at Haryana has a capacity to process 0.15 million
quintals of rice per annum. The firm caters to the domestic
market through its network of 500 dealers, and the international
market through its own office in Kuwait.
Phool Chand reported a profit after tax (PAT) of INR0.09 million
on net sales of INR218 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR0.05 million on
net sales of INR102 million for 2007-08.
RANJANA NEWSPRINT: CRISIL Puts 'B' Rating on INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Ranjana Newsprint
Imports Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR50.0 Million Cash Credit B/Stable (Assigned)
INR75.0 Million Letter of Credit P4 (Assigned)
INR25.0 Million Buyer Credit Limit P4 (Assigned)
The ratings reflect RNIPL's weak financial risk profile, marked by
high gearing and low interest coverage, and small scale of
operations. In 2009-10, RNIPL's sales declined by over 70 per
cent as it stopped supplying to a key customer due to stretching
of payments. These rating weaknesses are partially offset by the
benefits that RNIPL derives from its satisfactory inventory risk
management, and established customer base.
Outlook: Stable
CRISIL believes that RNIPL's financial risk profile will remain
constrained by low profitability leading to weak interest coverage
over the medium term. The outlook maybe revised to 'Positive' if
RNIPL's capital structure and debt protection measures improve
substantially, while it maintains stable growth in revenues.
Conversely, the outlook maybe revised to 'Negative' if the
company's liquidity weakens further due to large receivables, or
if it takes on large, debt-funded capital expenditure.
About Ranjana Newsprint
RNIPL was incorporated in 1979 by Mr. Anil Kapoor. The company
trades in paper, such as newsprint, light-weight coated paper, art
paper, and white printing paper. The company imports paper,
mainly from China, for sale to domestic newspaper and magazine
publishers.
RNIPL reported a profit after tax (PAT) of INR0.7 million on net
sales of INR463.7 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR2.5 million on net sales
of INR105.0 million for 2007-08.
RATNAVEER STAINLESS: CRISIL Assigns 'BB' Ratings on Various Debts
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to Ratnaveer
Stainless Products Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR99.9 Million Cash Credit Limit BB/Stable (Assigned)
INR17.1 Million Term Loan BB/Stable (Assigned)
INR10.0 Million Proposed LT Bank BB/Stable (Assigned)
Loan Facility
INR299.9 Million Letter of Credit P4+ (Assigned)
INR1.1 Million Bank Guarantee P4+ (Assigned)
The ratings reflect RSPPL's moderate financial risk profile and
exposure to risks relating to fluctuations in the value of the
Indian rupee. These rating weaknesses are partially offset by the
benefits that RSPPL derives from its promoters' experience in the
stainless steel industry, and improving operating efficiency.
Outlook: Stable
CRISIL believes that RSPPL will maintain a stable business risk
profile over the medium term backed by promoters' experience in
the steel industry and improving operating efficiency. RSPPL's
financial risk profile however is expected to remain constrained
due to average debt protection measures. The outlook may be
revised to 'Positive' if the company's operating margins improve
further leading to improvement in debt protection measures and if
the company increases its product diversification. Conversely,
the outlook may be revised to 'Negative' if the company's
profitability is adversely impacted by volatility in raw material
prices or adverse movements in foreign exchange rates, or if the
company's debt protection measures deteriorate further due to
large debt-funded capital expenditure programmes.
About Ratnaveer Stainless
RSPPL, incorporated in 2002 by Mr. Ramanand Sanghvi, manufactures
stainless steel products in Vadodara (Gujarat). The company
manufactures four types of stainless steel products, namely
stainless steel washer, used along with nuts and bolts for fitting
machinery parts in the automobile and power sectors; solar
mounting hooks used in solar panels; street railings and street
sculptures; and finishing lines used in the elevators, doors, and
home appliances. The company's total capacity for manufacturing
stainless steel washers, solar mounting hooks, and finished steel
sheets is 3600 tonnes per annum (TPA), 1200 TPA, and 3000 TPA,
respectively. The company is currently operating at a capacity
utilisation of 83 per cent for producing stainless steel washers
and about 100 per cent for the other two products. The company
backward integrated by setting up melting capacity of 1200 TPA in
2007-08 (refers to financial year, April 1 to March 31).
RSPPL reported a profit after tax (PAT) of INR2 million on net
sales of INR575 million for 2008-09, as against a PAT of INR9
million on net sales of INR522 million for 2007-08.
RH AGRO: CRISIL Reaffirms 'B' Rating on INR795MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the bank facilities of RH Agro Overseas Pvt
Ltd's continue to reflect RH Agro's weak financial risk profile,
because of its working-capital-intensive operations and small net
worth, and its susceptibility to volatility in raw material prices
and adverse regulatory changes. However, these weaknesses are
partially offset by the benefits that RH Agro derives from its
increasing scale of operations, promoters' experience in the
agricultural commodity industry, and the healthy growth prospects
in the basmati rice industry.
Facilities Ratings
---------- -------
INR795 Million Cash Credit^ B/Stable (Reaffirmed)
INR55 Million Standby Line of Credit B/Stable (Reaffirmed)
INR262.5 Million Term Loan
(Enhanced from INR190.0 Million) B/Stable
INR20 Million Letter of P4 (Reaffirmed)
Credit/Bank Guarantee
^Including proposed limit of INR15.0 million
The rating also reflects improvement in RH Agro's business
performance, marked by increase in its scale of operations and the
expected benefits with the commissioning of its new plant from
July 2010.
Outlook: Stable
CRISIL believes that RH Agro credit risk profile to improve on
back of incremental benefits from the capacity expansion.
However, its financial risk profile is expected to remain weak
over the medium term because of its working-capital-intensive
operations, large debt-funded capital expenditure, and small net
worth. The outlook may be revised to 'Positive' if there is
sustainable increase in revenues and profitability coupled with
significant improvement in capital structure. Conversely,
deterioration in capital structure or pressures on profitability
may drive a revision in the outlook to ' Negative'.
About RH Agro
Set up in 2005-06 (refers to financial year, April 1 to March 31)
by Mr. Dilbagh Rai Chawla and Mr. Sukhchain Chawla, RH Agro mills,
processes, and trades in basmati rice. RH Agro's promoters have
been in the rice business for the past 25 years, through LT Foods
Ltd (owner of Dawat basmati brand). RH Agro's rice milling unit at
Sonepat (Haryana) has rice milling, grading and sorting capacity
of 10 tonnes per hour (tph); the company has added one more
facility in Sonepat with a capacity of 20 tph. The new facility
is expected to commence full operations by July 2010. For 2008-
09, RH Agro reported a profit after tax (PAT) of INR27 million on
revenues of INR2.11 billion, against a PAT of INR26 million on
revenues of INR1.61 billion for 2007-08.
SAMSONS DISTILLERIES: CRISIL Junks Rating on INR150MM Cash Credit
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Samsons Distilleries Pvt Ltd, which is part of the ICPL group, to
'C' from 'BB+', and has reaffirmed the rating on the short-term
facility at 'P4'; the ratings have been removed from 'Rating Watch
with Negative Implications'.
Facilities Ratings
---------- -------
INR150 Million Cash Credit Limit C (Downgraded from 'BB+';
Removed from 'Rating
Watch with Negative
Implications')
INR5 Million Bank Guarantee Limit P4 (Reaffirmed; Removed
from 'Rating Watch
with Negative
Implications')
The downgrade reflects the weakening of SDPL's financial risk
profile following its substantial completion of the amalgamation
process with Indian Cane Power Ltd (Indian Cane; rated 'D' by
CRISIL).
The ratings reflect the ICPL group's weak financial risk profile
and exposure to high degree of regulatory risks in the sugar and
distillery industry. These rating weaknesses are partially offset
by the ICPL group's diversified revenue sources, including
distillery, sugar and power businesses
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SDPL and ICPL, together referred to as
the ICPL group. This is because SDPL has been amalgamated with
ICPL.
Incorporated in 1994 by Mr. Shamanur Shivashankarappa, SDPL
manufactures spirits and bottles blended spirits. SDPL is an
established player in the spirits business in India. For 2008-09
(refers to financial year, April 1 to March 31), SDPL reported
(provisional) a profit after tax (PAT) of INR65 million on net
sales of INR413 million, against a PAT of INR67 million on net
sales of INR405 million for 2007-08.
Incorporated in 2002, and acquired by Mr. Shivashankarappa in
2006, ICPL recently set up a sugar unit with a capacity of 5000
tonnes crushed per day, and a 28-megawatt bagasse-based
cogeneration power plant. ICPL commenced commercial production in
September 2008. For 2008-09, ICPL reported (provisional) a net
loss of INR54 million on net sales of INR1259 million.
SHIVANI FLEXIPACK: CRISIL Lifts Rating on INR155MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its rating on Shivani Flexipack Ltd's bank
facilities to 'B+/Stable/P4' from 'B/Stable/P4'.
Facilities Ratings
---------- -------
INR40.0 Million Cash Credit Facility B+/Stable (Upgraded
from 'B/Stable')
INR155.0 Million Term Loan B+/Stable (Upgraded
from 'B/Stable')
INR38.0 Million Proposed LT Bank Loan B+/Stable (Upgraded
Facility from'B/Stable')
INR10.0 Million Letter of Credit P4 (Reaffirmed)
INR7.0 Million Bank Guarantee P4 (Reaffirmed)
The revision reflects CRISIL's expectation that SFL will increase
its revenues significantly, backed by the capacity expansion in
2009-10 (refers to financial year, April 1 to March 31) for
polyvinyl chloride (PVC) printing and flexible packaging
operations. The upgrade also reflects improvement in SFL's
capital structure, owing to equity infusion of INR41.5 million by
its promoters in 2009-10.
CRISIL ratings on SFL's bank facilities reflect SFL's large
working capital requirements, and susceptibility to customer and
geographic concentration. These rating weaknesses are partially
offset by the promoters' experience in the printing and packaging
business.
Outlook: Stable
CRISIL expects SFL's financial risk profile to remain moderate
constrained by its low debt protection metrics. The outlook may
be revised to 'Positive' if SFL increases its scale of operations,
while sustaining profitability. Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large debt-
funded capital expenditure.
SFL, formerly, Saavi Packers Pvt Ltd, was acquired by Mr. Shankar
Kashid in September 2006 from the Patil family. The company is
engaged in manufacturing of corrugated boxes and in offset and
digital printing. The company has installed a plant with combined
capacity of 9600 tonnes per annum (tpa) for PVC printing and
flexible packaging, and the production from the same is expected
to start by August 2010.
SFL reported a profit after tax (PAT) of INR9 million on net sales
of INR154 million for 2008-09 against a PAT of INR7 million on net
sales of INR86 million for 2007-08.
SRI DURGA: CRISIL Rates INR57.5 Million Cash Credit at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Sri Durga
Enterprises' cash credit facility.
Facilities Ratings
---------- -------
INR57.50 Million Cash Credit BB-/Stable (Assigned)
The rating reflects Sri Durga's below-average financial risk
profile marked by high gearing and weak debt protection measures,
and exposure to risks related to geographic concentration in its
revenue profile, and to significant supplier concentration. These
rating weaknesses are partially offset by Sri Durga's established
market position in the paper products dealership market in Andhra
Pradesh.
Outlook: Stable
CRISIL believes that Sri Durga will continue to benefit from its
established market position as a dealer in ITC Ltd's (ITC's; rated
'AAA/Stable/P1+' by CRISIL) paper and paper-based products in
Andhra Pradesh. The outlook may be revised to 'Positive' in case
of significant and sustained increase in Sri Durga's sales and
operating margin, and improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if there is a
steep decline in the firm's profitability, if it undertakes any
large debt-funded capital expenditure programme, or in case of
significant withdrawal of funds by partners, thereby adversely
affecting its financial risk profile.
Established in 2003 as partnership firm, Sri Durga trades in the
complete range of ITC's paper and paper-based products, including
writing, printing, and industrial paper. The firm is the
authorised dealer for ITC's products in Andhra Pradesh except for
the Hyderabad and Secunderabad region. The firm's managing
partner, Mr. P Srinivas, has around three decades of experience in
similar lines of business.
Sri Durga reported a provisional profit after tax (PAT) of INR4
million on net sales of INR391 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR2
million on net sales of INR277 million for 2008-09.
SUBRATA IRON: CRISIL Reaffirms 'B+' Rating on INR105.3MM Bank Debt
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Subrata Iron Foundry
continue to reflect Subrata's small scale of operations in the
foundry business, low net worth, and working-capital-intensive
nature of business. These weaknesses are partially offset by the
benefits that Subrata derives from the experience of its
promoters, and its favorable business risk profile.
Facilities Ratings
---------- -------
INR105.3 Million Cash Credit* B+/Stable (Reaffirmed)
INR30 Million Bank Guarantee P4 (Reaffirmed)
*Includes proposed limit of INR50.3 million
Outlook: Stable
CRISIL expects Subrata to maintain its stable credit risk profile
over the medium term on the back of its adequate cash accruals and
extensive experience of its promoters in the steel industry. The
outlook may be revised to 'Positive' if there is a substantial
improvement in the firm's scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if Subrata
reports lower-than-expected profit margins, or undertakes a large,
debt-funded capital expenditure programme over the medium term.
About Subrata Iron
Subrata was set up as a partnership firm dealing in foundry
operations in cast iron in 1973. The firm had four partners - Mr.
Asit Karar, Mr. Santu Karar, Mr. Sounava Karar, and Mr. Subrata
Karar; however Mr. Sounava Karar and Mr. Subrata Karar have since
left the firm. Subrata manufactures air-brake components, electro-
mechanic equipment, and spare parts for the Indian Railways. The
firm reported a profit after tax (PAT) of INR6.99 million on net
sales of INR156.8 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR10.4 million on net
sales of INR131.4 million for 2007-08.
THIEH INGOTS: CRISIL Places 'BB-' Rating on INR35MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Thieh Ingots
Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR35.0 Million Cash Credit BB-/Stable (Assigned)
INR6.6 Million Long-Term Loan BB-/Stable (Assigned)
INR50.0 Million Letter of Credit & P4+ (Assigned)
Bank Guarantee
The ratings reflect Thieh Ingots' below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics, and susceptibility to movement in steel prices and
intense competition in the steel industry. These rating
weaknesses are partially offset by Thieh Ingots' promoter's
experience in the steel industry.
Outlook: Stable
CRISIL believes that Thieh Ingots will continue to benefit from
its promoter's industry experience over the medium term. The
outlook may be revised to 'Positive' if the company achieves more-
than-expected revenues and cash accruals. Conversely, the outlook
may be revised to 'Negative' if the company undertakes large,
debt-funded capital expenditure program or its revenues or margins
decline sharply.
About Thieh Ingots
Based in Kerala, Thieh Ingots was set up in 2008. It is a part of
the Kalliyath group which was set up in 1927 by Mr. Kalliyath
Abdul Khadar. Presently, Thieh Ingots and the entire group is
managed by his two of Mr. Khadar's grandsons, Mr. K Abdul Gafoor
and Mr. K M Noorisha. Thieh Ingots was set up to supply all of
the group's finished goods to the group entities Kairali Steels &
Alloys Pvt. Ltd. and Gasha Steels Pvt. Ltd. These companies
manufacture thermo-mechanically treated bars, and use mild steel
ingots as raw material.
Thieh Ingots reported a provisional profit after tax (PAT) of
INR3.9 million on net sales of INR331.1 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT
loss of INR29.8 million on net sales of INR242.3 million for
2008-09.
VAIBHAV GEMS: CARE Assigns 'CARE BB' Rating on INR172.74cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to bank facilities of
Vaibhav Gems Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 172.74 'CARE BB'
Short-term Bank Facilities 20.00 'PR4'
Rating Rationale
The ratings are primarily constrained due to weakened financial
position of Vaibhav Gems Ltd. on account of significant losses
suffered by its overseas subsidiaries over the last two years
resulting in huge write-off of investments and bad debts
pertaining to those subsidiaries and the company resorting to debt
restructuring. The ratings are further constrained due to
continuing cash losses at consolidated level during last three
years ending March 31, 2009 with significant exposure to
subsidiaries having negative net worth, high operating costs,
concentration to US and European markets which are experiencing
recession, and exposure to foreign exchange fluctuations. The
ratings do factor in rich experience of promoters of VGL in Gems &
Jewellery business, especially coloured gemstones, its end-to-end
vertical integration from sourcing to end customer, and slight
improvement in operations at the consolidated level during first
9-months of FY10. Turnaround in operations of all its
subsidiaries and improvement in overall financial position and
compliance with the CDR terms are the key rating sensitivities.
About Vaibhav Gems
VGL, which initially came into being in 1981 as Vaibhav
Enterprises, was incorporated in 1989. In 1996-97, the company
came out with its IPO (Initial Public Offering). During
FY06, VGL embarked upon an aggressive growth plan whereby it
strengthened its global presence in the areas of procurement,
manufacturing and marketing of coloured stones by acquiring STS
Group of Companies. Further, VGL setup large scale jewellery
retail operations in North America and Europe in the form of
'Brick & Mortar' retail stores and telemarketing through TV
Channels.
As on March 31, 2009, VGL had 8 direct wholly-owned subsidiaries
and 7 step down wholly-owned subsidiaries. However, during FY10
the company closed down five of its subsidiaries and 5 of its step
down subsidiaries operating in various countries, which were
primarily into retail store business. Presently, VGL has two
business segments viz. wholesale operations and retail TV channel
operations. VGL has been granted a restructuring package under
the CDR mechanism of the Reserve Bank of India on June 17, 2009
with cutoff date of December 31, 2008
On a standalone basis, during FY09, VGL reported a total operating
income of INR170.96 crore (FY08: INR309.96 crore) and reported net
loss of INR254.18 crore (FY08: INR184.07 crore). During 9MFY10
(ended Dec.31, 2009), VGL reported a total income of INR92.94
crore representing a dipped in growth of 42% compared to 9MFY09
and reported a net loss of INR11.47 crore.
=================
I N D O N E S I A
=================
INDOSAT TBK: Plans to Issue Up to US$700 Million of Bonds
---------------------------------------------------------
Reuters reports that PT Indosat Tbk CEO Harry Sasongko
Tirtotjondro said the company plans to issue between US$500
million and US$700 million of bonds this year for debt refinancing
and capital expenditure.
Reuters relates Mr. Tirtojondro said the funds will be used to
refinance its IDR4.5 trillion debts maturing this year as well as
to partially finance the company's capital expenditure.
Indosat, controlled by Qatar Telecom, plans capital expenditure
this year of between US$550 million and US$700 million, much of it
earmarked for infrastructure development, according to Reuters.
Mr. Tirtojondro, as cited by Reuters, said the firm is still
considering selling its telecommunication tower assets, which have
a value of about US$1.9 billion.
About Indosat
PT Indosat Tbk -- http://www.indosat.com/-- is a
telecommunication and information service provider in Indonesia.
The company provides cellular services (Mentari, Matrix and IM3),
fixed telecommunication services or fixed voice (IDD 001, IDD 008
and FlatCall 01016, fixed wireless service StarOne and I-Phone).
Indosat also provides Multimedia, Internet & Data Communication
Services (MIDI) through its subsidiary company, Indosat
Mega Media (IM2) and Lintasarta. Indosat also provides 3.5 G
with HSDPA technology. Indosat's shares are listed in the
Indonesia Stock Exchange (IDX:ISAT) and its American Depository
Shares are listed in the New York Stock Exchange (NYSE:IIT).
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
March 12, 2010, Moody's Investors Service revised to negative from
stable the outlook on PT Indosat Tbk's Ba1 corporate family
ratings and senior unsecured ratings.
=========
J A P A N
=========
JLOC 41: Moody's Downgrades Ratings on Various Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded its ratings on the Class
A through D3 Notes issued by JLOC 41. The final maturity of the
Notes will take place in February 2015.
The individual rating actions are listed below.
-- Class A, downgraded to Baa2 from Aa2; previously, on April
16, 2010, Aa2 placed under review for possible downgrade
-- Class B, downgraded to Ba3 from A3; previously, on April 16,
2010, A3 placed under review for possible downgrade
-- Class C1, downgraded to B3 from Ba3; previously, on April 16,
2010, Ba3 placed under review for possible downgrade
-- Class C2, downgraded to Caa1 from Ba2; previously, on
April 16, 2010, Ba2 placed under review for possible
downgrade
-- Class C3, downgraded to Caa2 from Ba1; previously, on
April 16, 2010, Ba1 placed under review for possible
downgrade
-- Class D1, downgraded to Caa3 from B3; previously, on
April 16, 2010, B3 placed under review for possible downgrade
-- Class D2, downgraded to Caa3 from B2; previously, on
April 16, 2010, B2 placed under review for possible downgrade
-- Class D3, downgraded to Caa3 from B2; previously, on
April 16, 2010, B2 placed under review for possible downgrade
JLOC41, effected in June 2008, represents the securitization of
three liquidating loans, all of which have defaulted and are under
special servicing: one since March 2009 and two since October
2009. The controlling rights for the disposal of the properties
securing two of the loans have been granted to the controlling
parties of the junior notes; for the third loan, the control
period has ended.
The transaction is currently secured by 19 properties, down from
an initial 31. One property was sold before special servicing;
another 11 were sold after special servicing (as of end-April
2010).
The April rating actions reflected Moody's growing concerns about
the performance of the properties. The occupancy rates of some
have been deteriorating, so that their rents and cash flows are
likely to decline. Therefore, Moody's needs to consider applying
further stress to its recovery assumptions.
Moody's received additional performance data, including PM
reports, and reviewed the leasing conditions and the performance
of the properties. Moody's also reviewed appraisal reports, after
which it reconsidered its recovery assumptions.
This rating action reflects Moody's concern over the likelihood of
collateral recovery in light of its re-assessed recovery
assumptions. Moody's has estimated its recovery assumptions
declined by approximately 35% (Loan1), 51%(Loan2) and 42% (Loan3)
from Moody's initial assumptions.
Moody's assumes that the enhanced credit support on the Class A
Notes will improve (due to the sale of the properties), but
considers that the possibility of LTV improvement for the lower
classes has become weaker than initially assumed.
Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.
JLOC XXXIV: Moody's Downgrades Ratings on Three Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings on the Class
B through D Trust Certificates issued by JLOC XXXIV Trust. The
final maturity of the trust certificates will take place in
October 2013.
The individual rating actions are listed below:
-- Class B, downgraded to Baa2 from Aa2; previously, Aa2 placed
under review for possible downgrade on April 1, 2010
-- Class C, downgraded to B2 from Baa3; previously, Baa3 placed
under review for possible downgrade on April 1, 2010
-- Class D, downgraded to Caa1 from B2; previously, B2 placed
under review for possible downgrade on April 1, 2010
JLOC XXXIV Trust, effected in March 2007, represents the
securitization of two TMK bonds and a non-recourse loan. The loan
has been paid in full, and the transaction is currently secured by
two liquidating TMK bonds.
Moody's received a servicer report in March 2010, on the bond
backed by office buildings located in central Tokyo, according to
the report, the asset manager's disposition price assumptions of
some properties are lower than the release prices. The report
also states that the sale of the properties is taking longer than
Moody's initial expectation.
This rating action reflects Moody's concern over the likelihood of
collateral recovery in light of its re-assessed recovery
assumptions. Moody's has estimated its recovery assumptions
declined by approximately 42% from initial Moody's value.
On this rating action, Moody's assumes that the enhanced credit
support on the Class A and B Trust Certificates will improve (due
to the sale of the properties), but considers that the possibility
of LTV improvement for the lower classes has become weaker than
initially assumed.
Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.
JLOC XXX: Moody's Changes Ratings on Various Classes of Certs.
--------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class A
through Class D and Class X Trust Certificates issued by JLOC XXX.
At the same time, Moody's has downgraded the Class 1 through 2
Trust Certificates issued by JLOC XXX Satellite Trust.
The final maturity of the trust certificates will take place in
April 2014.
The individual rating actions:
-- Class A, downgraded to A2 from Aaa; previously, Aaa placed
under review for possible downgrade on April 20, 2010
-- Class B, downgraded to Baa3 from Aa2; previously, Aa2 placed
under review for possible downgrade on March 9, 2010
-- Class C, downgraded to Ba3 from A2; previously, A2 placed
under review for possible downgrade on March 9, 2010
-- Class D, downgraded to Caa1 from Baa2; previously, Baa2
placed under review for possible downgrade on March 9, 2010
-- Class 1 and 2, downgraded to Caa3 from B1; previously, B1
placed under review for possible downgrade on March 9, 2010
-- Class X, downgraded to A2 from Aaa; previously, Aaa placed
under review for possible downgrade on April 20, 2010
JLOC XXX Trust, effected in May 2006, represents the
securitization of five TMK bonds and JLOC XXX Satellite Trust
Certificates.
JLOC XXX Satellite Trust, effected in May 2006, represents the
securitization of one TMK bond.
Four of the TMK bonds have been paid in full, and the transactions
are currently secured by two TMK bonds. One of the two bonds is a
liquidating TMK bond backed by office properties and the other is
backed by hotel properties.
In this rating actions, Moody's reviewed its own
recovery/disposition assumption after analyzing the relevant
reports -- such as a PM report -- while also meeting with the
asset manager.
Result on review on bond pools:
Liquidation TMK Bond
- Almost all backing properties of this liquidating Bond are
offices located in Tokyo. Location area is relatively good,
but the properties are old and occupancy rate remains low.
- 60% of backing properties (42% of initial Moody's value) were
disposed of and the Senior class was partially redeemed
sequentially.
- Moody's received a servicer report in June 2010 on the bond
backed by office buildings located in central Tokyo.
According to the report, the asset manager's disposition price
assumptions of some properties are lower than the release
prices.
- Moody's estimated its recovery assumptions declined by
approximately 40% from Moody's initial assumptions at this
rating action.
- Moody's has reassessed its own disposition assumptions, as
some backing properties will be disposed of by the final
maturity and the Senior class will be partially redeemed
sequentially, and defined rating levels considering some
disposition scenario.
A TMK Bond backed by hotel properties
- Backing properties of this TMK Bond are hotels located across
Japan. The performance of the backing properties remained
steady until 2008, but declined sharply in 2009. Also, on
current payment date, payment default occurred as cash flow
from backing properties declined.
- Three hotels located in Tokyo and Osaka were disposed of at
over the release price in 2009, and the Senior Class was
partially redeemed sequentially.
- Moody's estimated its recovery assumptions declined by
approximately 39% from Moody's initial assumptions at this
rating action.
- In this re-assessment of backing properties, the top line of
backing properties will remain at 2009 levels or higher, and
operating costs and other costs will decrease more than
Moody's initial estimates, as actual costs have been lower
than Moody's estimates. Moody's changed the gross operating
profit estimates of backing properties, resulting in GOP
that is 30% lower than in Moody's initial assumption.
- In addition, in light of the asset type and location, recovery
from backing properties is likely to be under severe pressure
after special servicing. Moody's has re-assessed its own
recovery stress considering severe situations after special
servicing.
NIS GROUP: S&P Withdraws 'CCC-' Counterparty Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' long-term
counterparty credit rating on NIS Group and its 'D' rating on the
U.S.-dollar bonds issued by NIS. Standard & Poor's credit ratings
are forward looking. S&P withdrew the ratings due to concerns
relating to the availability of adequate information to maintain
the ratings, taking into account the potential impact of
foreseeable future events.
SAIZEN REIT: Moody's Gives Stable Outlook; Affirms 'Caa1' Rating
----------------------------------------------------------------
Moody's Investors Service has revised the outlook of Saizen REIT's
Caa1 corporate family rating to stable from negative. At the same
time, Moody's has affirmed Saizen's Caa1 rating.
The outlook revision follows the REIT's announcement that it has
completed the refinancing of a JPY5.9 billion loan with Societe
Generale. The new loan has a term of 3 years and will mature in
June 2013.
"The change in outlook reflects the fact that Saizen's liquidity
position -- except for its defaulted YK Shintoku JPY7.1 billion
CMBS obligation -- has accordingly improved," says Kaven Tsang, a
Moody's AVP/Analyst.
"The completion of the recent refinancing means that Saizen will
not have any material loan repayments in the next 2-3 years," says
Tsang.
"The headroom for covenant compliance (LTV at or below 57%) has
also increased as the addition of more properties as security of
the new loan has reduced the LTV to 48.7%," adds Tsang.
"Additionally, the risk of further substantial declines in asset
values is lower with the property market stabilizing," says Tsang.
For instance, Saizen conducted a revaluation of 44 of its 161
properties in April 2010, and assessed that they had only recorded
a 3% fall from valuations as of 30 June 2009.
At the same time, Saizen's Caa1 rating continues to reflect its
small operating scale, and the default of its special purpose
vehicle YK Shintoku -- with its JPY7.1 billion CMBS -- on November
2, 2009. Discussion with the loan servicer of YK Shintoku is
continuing and a course of action has not yet been finalized.
The Caa1 rating also reflects Saizen's narrow banking
relationship, though Moody's notes that the REIT has been making
progress in establishing new banking relationships in the past few
months.
Saizen operates 9 different individual ring-fenced SPVs. Thus the
default of YK Shintoku's CMBS obligation will not have any direct
impact on the other SPV's operations.
However, in the event of the liquidation of YK Shintoku, Saizen
will lose control of over 21.6% of the assets in its portfolio,
and will also lose 22.4% of its rental income.
Therefore, the rating is unlikely to be upgraded, given the
uncertainties and potential impact on Saizen's operations with the
maturity default of YK Shintoku remained unresolved.
On the other hand, the rating could be further downgraded if there
is material asset devaluation that substantially impairs the asset
coverage positions of lenders.
The last rating action was on 3 November 2009, when Saizen's Caa1
corporate family rating was affirmed with a negative outlook.
Saizen REIT is a multi-family REIT investing in Japanese regional
residential properties. It listed on the Singapore Stock Exchange
in November 2007. Its portfolio has 161 residential properties in
13 Japanese regional cities. The total value of properties under
management is around JPY42 billion (US$460 million). By revenue,
Sapporo is the largest contributor, representing 25%, followed by
Hiroshima (18%), and Kumamoto (15%).
SPANSION INC: Seeks to Recoup $90MM in Payments to Japan Unit
-------------------------------------------------------------
Peg Brickley at Dow Jones Daily Bankruptcy Review reports that an
agent for creditors of Spansion Inc. sued to recover $90 million
the Company paid its Japanese unit in the year before it filed for
bankruptcy protection in the U.S. Spansion exited bankruptcy in
May, but action continues in the Chapter 11 case, where the U.S.
chip maker is dueling over money with Spansion Japan Ltd., its
manufacturing unit.
Dow Jones relates the two cut a new manufacturing deal in January
as they were moving to exit court protection in the U.S. and
Japan. They are still sorting through their mutual old debts,
including the alleged preferential payment of $90 million to the
Japanese unit at a time when the parent company was in deep
financial trouble.
The report relates that for its part, the Japanese unit claims its
parent owes it more than $936 million in damages for exiting a
manufacturing contract. The suit U.S. creditors filed Friday in
the U.S. Bankruptcy Court in Wilmington, Del., is designed as a
defense against the claim by the Japanese unit, which has been
operating under the protection of the Japanese courts since
February 2009. Spansion Japan says it was entitled to rely on its
parent's promise to buy all of its wafer production for years to
come, at a price that meant a 6% profit margin for Spansion Japan.
Dow Jones reports Spansion and its Japanese unit settled some of
their disputes when they entered into a new manufacturing deal "to
govern their mutually beneficial business relations going
forward," court papers say. However, the contract damages claim
from the Japanese manufacturing unit and the U.S. creditors'
counterclaim over alleged "preferential payments" totalling $90
million survived and remain to be litigated. The Japanese unit
has already filed its claim for payment against its parent.
Spansion Japan says its parent caused more than $1.4 billion in
damage when it pulled out of the manufacturing arrangement. The
Japanese unit reduced its claim to account for what it received
under the settlement. The settlement meant $43 million in cash
for the Japanese unit and a credit against debts the Japanese unit
owed the U.S. parent.
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
=========
BYUCKSAN ENG'G: Discusses Out-of-Court Restructuring With Creditor
------------------------------------------------------------------
Bloomberg News reports that Byucksan Engineering & Construction
Co. said in a regulatory filing that it will discuss an out-of-
court debt restructuring with its main creditor bank.
Six South Korean banks said Friday they would put 65 debtor
companies under restructuring, court receivership or outright
liquidation in order to stop their troubles from evolving into an
industry-wide problem, according to The Korea Herald.
The Korea Herald, citing Yoo Sang-ho, an analyst at LIG Securities
Co, relates that the companies selected for restructuring are
already bankrupt, under debt workout or below 150 in industry
rankings in terms of building capacity.
"The number of builders selected for restructuring programs is
smaller than expected, which may lead many to think that there
remain problematic companies yet to be identified," the Korea
Herald cited UBS Securities. The construction sector may need
another round of restructuring, it said.
The banks had reviewed finances of 160 constructors to single out
the 16. Among them were 16 builders, including five listed on the
local stock market -- Namkwang Engineering & Construction Co.,
Sungjee Construction Co., Byucksan Engineering & Construction,
JoongAng Construction Co. and Hanil Engineering & Construction Co.
About Byucksan Engineering
Byucksan Engineering & Construction Co., Ltd (SEO:002530) is a
Korea-based company engaged in the architectural and civil
engineering sectors. The Company is involved in the construction
of residential, commercial and industrial buildings; highways,
bridges, tunnels, subways and railroads, and industrial plants,
such as cogeneration facilities, waste treatment facilities and
wastewater treatment facilities, among others. It also carries
social overhead capital (SOC), turn-key (T/K), remodeling and
reconstruction projects, as well as overseas construction works.
JOONGANG CONSTRUCTION: To Discuss Out-of-Court Debt Restructuring
-----------------------------------------------------------------
Bloomberg News reports that Joongang Construction Co. said in a
regulatory filing that it will discuss an out-of-court debt
restructuring with its main creditor bank.
Six South Korean banks said Friday they would put 65 debtor
companies under restructuring, court receivership or outright
liquidation in order to stop their troubles from evolving into an
industry-wide problem, according to The Korea Herald.
The Korea Herald, citing Yoo Sang-ho, an analyst at LIG Securities
Co, relates that the companies selected for restructuring are
already bankrupt, under debt workout or below 150 in industry
rankings in terms of building capacity.
"The number of builders selected for restructuring programs is
smaller than expected, which may lead many to think that there
remain problematic companies yet to be identified," the Korea
Herald cited UBS Securities. The construction sector may need
another round of restructuring, it said.
The banks had reviewed finances of 160 constructors to single out
the 16. Among them were 16 builders, including five listed on the
local stock market -- Namkwang Engineering & Construction Co.,
Sungjee Construction Co., Byucksan Engineering & Construction,
JoongAng Construction Co. and Hanil Engineering & Construction Co.
About JoongAng Construction
JoongAng Construction Co., Ltd. (SEO:015110) is a Korea-based
company involved in construction and civil engineering sectors.
The Company's architectural business is engaged in the
construction of commercial and residential buildings, educational
buildings, hotels, gymnasiums and public facilities. Its civil
engineering business is involved in the construction of roads,
bridges and airports, among others. In addition, the Company
undertakes housing marketing and industrial plant construction, as
well as overseas construction works.
NAMKWANG ENG'G: In Out-Of-Court Restructuring Talks With Creditor
-----------------------------------------------------------------
Namkwang Engineering & Construction Co. said a regulatory filing
it will discuss an out-of-court debt restructuring with its main
creditor bank.
Six South Korean banks said Friday they would put 65 debtor
companies under restructuring, court receivership or outright
liquidation in order to stop their troubles from evolving into an
industry-wide problem, according to The Korea Herald.
The Korea Herald, citing Yoo Sang-ho, an analyst at LIG Securities
Co, relates that the companies selected for restructuring are
already bankrupt, under debt workout or below 150 in industry
rankings in terms of building capacity.
"The number of builders selected for restructuring programs is
smaller than expected, which may lead many to think that there
remain problematic companies yet to be identified," the Korea
Herald cited UBS Securities. The construction sector may need
another round of restructuring, it said.
The banks had reviewed finances of 160 constructors to single out
the 16. Among them were 16 builders, including five listed on the
local stock market -- Namkwang Engineering & Construction Co.,
Sungjee Construction Co., Byucksan Engineering & Construction,
JoongAng Construction Co. and Hanil Engineering & Construction Co.
About Namkwang Eng.
Namkwang Eng. & Construction Co., Ltd. (SEO:001260) is a Korea-
based company engaged in the provision of construction and civil
engineering work. The Company operates its business under four
major sectors: Architecture, Civil Engineering Work, Structural
Steel and Plant. The Architecture sector offers construction
works of residential buildings, commercial buildings and office
buildings. It also sells apartments. The Civil Engineering Work
focuses on the construction of bridges, railroads, harbors, roads
and others. The Company produces structural steel products used
in the construction of commercial buildings, plants, large-sized
bridges and others. The Plant sector constructs power generation,
energy, petrochemical and environment plants. The Company also
conducts construction and engineering works in overseas areas.
====================
N E W Z E A L A N D
====================
BIG SKY: Harvard Fund to Buy Farm for NZ$28 Million
---------------------------------------------------
Big Sky Dairy Farm Ltd is to be sold to Harvard University
endowment fund for NZ$28 million, The New Zealand Herald reports.
The offer is subject to Overseas Investment Office approval, the
report says.
The New Zealand Herald says the fund plans to combine Big Sky's
annual output of 1.1 million kg of milk solids with another dairy
farm it owns in the district to produce about 1.8 million kg a
year by 2013.
According to the Herald, Harvard's investment representative in
New Zealand, former Dunedin-based forestry consultant Philip
Langston, said the Harvard fund had "executed a sale-and-purchase
agreement, but it's still subject to OIO approval", for Big Sky.
About Big Sky Dairy
Based in Central Otago, New Zealand, Big Sky Dairy Farms Ltd was
initially mooted in early 2001 as a super farm running up to 6,000
cows on 1600ha using supplementary feed.
As reported in the Troubled Company Reporter-Asia Pacific on
March 22, 2007, the Bank of New Zealand placed Big Sky Dairy Farms
Ltd in receivership with debts of more than NZ$17 million. BNZ
appointed Murray Frost of Deloitte in Dunedin as the company's
receiver.
Justice Robert Dobson in the High Court at Wellington granted an
application by co-owner Ewan Carr to have Big Sky Dairy Farms Ltd
and Cascade Capital Ltd placed in the hands of the Official
Assignee for liquidation.
BRIDGECORP LTD: Directors Back in Court on SFO Charges
------------------------------------------------------
Bridgecorp Ltd. Managing Director Rod Petricevic and Chief
Financial Officer Rob Roest returned to court Monday on charges
brought by the Serious Fraud Office relating to the fraudulent
acquisition of a NZ$1.8 million luxury vessel, The National
Business Review reports.
The Troubled Company Reporter-Asia Pacific, citing the National
Business Review, reported on May 20, 2010, that the Serious Fraud
Office said Mr. Petricevic is facing charges relating to the
fraudulent acquisition of a NZ$1.8 million luxury boat and another
matter. The SFO said additional charges were also being brought
against Mr. Petricevic and Mr. Roest. SFO director Adam Feeley
said the charges related to two set of circumstances and are the
final charges laid after an investigation. The first charge
relates to an allegedly fraudulent acquisition of a luxury
boat, the Medici, purchased using Bridgecorp funds totaling
NZ$1.8 million and second one concerns allegedly dishonest
payments totalling NZ$1.2 million of Bridgecorp funds authorized
by Mr. Petricevic to a business entity called ABb. The SFO had
also investigated a number of large commercial transactions
involving Bridgecorp and other companies where there were common
shareholders or other related interests.
Messrs. Petricevic and Roest were set to reappear in the Auckland
District Court on July 19.
The NBR relates that the charges are in addition to several laid
under the Crimes Act, Companies Act and Securities Act under which
they have already been committed to trial.
Petricevic, Roest and former directors Bruce Davidson, Gary Urwin
and Peter Steigrad also face 10 charges under the Securities Act.
All charges -- bar those brought by the SFO -- are set to be heard
by a judge alone at a 12-week trial set to start on July 4 next
year, unless an application is made to hear them separately, the
report notes.
About Bridgecorp Ltd.
Bridgecorp Ltd. is a New Zealand-based property development and
finance company. Bridgecorp was placed into receivership on
July 2, 2007, after failing to pay principal due to debenture
holders. John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers. The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.
Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).
BRIDGECORP LTD: Debt Collectors Chase Petricevic Over NZ$2.2M Loan
------------------------------------------------------------------
A debt collector has been chasing Bridgecorp Ltd boss Rod
Petricevic and his wife Mary in connection with more than
NZ$2.2 million transferred to the Petricevic family from a
Bridgecorp-related finance company, The New Zealand Press
Association reports.
NZPA, citing the Weekend Herald, reports that the debt collector
is working for Navigator Finance of which Petricevic and his wife
were the only directors.
Navigator Finance was put into liquidation earlier this month.
The Weekend Herald said the majority shareholder is BFSL 2007 Ltd,
which is in receivership as part of the collapsed Bridgecorp
empire, according to NZPA.
NZPA relates that a Companies Office report said liquidators had a
limited number of Navigator Finance records and could not say how
much would be recovered for creditors.
Liquidator, Andrew McKay of Corporate Finance, was not sure if
there were any assets other than the unsecured advance to
Petricevic's family trust, NZPA notes. Trustees had been asked to
repay the money advanced to the trust.
Navigator Finance was set up as a company in 2007 and the $2.2
million unsecured loan to the family trust was transferred that
year.
The former Bridgecorp chief executive was bankrupted last year
owing NZ$4.7 million. He is also facing charges under the Crimes
Act, Companies Act and Securities Act.
About Bridgecorp Ltd.
Bridgecorp Ltd. is a New Zealand-based property development and
finance company. Bridgecorp was placed into receivership on
July 2, 2007, after failing to pay principal due to debenture
holders. John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers. The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.
Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).
DYNASTY GROUP: Creditors Accept 2c on the Dollar Proposed Payout
----------------------------------------------------------------
The New Zealand Herald reports that creditors in Dynasty Group, a
failed property development company owned by Chinese businesswoman
May Wang, have voted in favor of a deal that will see them get
repaid 2c on the dollar.
Ms. Wang will now wait to have the deal approved by the High Court
-- a process that may take another four weeks, the report says.
As reported in the Troubled Company Reporter-Asia Pacific on
June 16, 2010, Ms. Wang's lawyer Paul Sills said he was confident
creditors in Dynasty Group will accept Ms. Wang's proposal to
repay them just 2c in the dollar to settle NZ$22 million dollar
debt. Ms. Wang plans to use money from consultancy work during
the next three years to pay creditors in the Dynasty group a
minimum payment of NZ$500,000.
Associate Judge Jeremy Doogue adjourned Westpac's application to
bankrupt Wang in the Auckland High Court to give creditors time to
vote on her proposal. Westpac had applied to court to bankrupt
Ms. Wang over debts of NZ$620,000 while Allied Nationwide Finance,
as a supporting creditor, is owed about NZ$250,000.
Ms. Wang is fronting a NZ$1.5 billion bid to buy up New Zealand
dairy farms, including 16 Crafar farms, according to The
New Zealand Herald.
Dynasty Group collapsed in 2008 owing creditors about NZ$22
million.
GRAVITAS WINES: Placed in Receivership; Grant Thornton Appointed
----------------------------------------------------------------
The Marlborough Express reports that Gravitas Wines has been
placed in the hands of receivers Richard Simpson and David Ruscoe
of Grant Thornton New Zealand, in Wellington.
According to the report, Martyn Nicholls, the company's director,
bought sheep farmland in the Upper Wairau in 1996 and established
the Gravitas winery after a worldwide search for land suitable for
a quality vineyard. The report relates that Mr. Nicholls and his
late partner, Debbie Argus, were badly injured during a three-
wheeler motorbike crash in January 2009. Ms. Argus was diagnosed
with cancer afterwards and died about a year ago.
The 40 hectares of sauvignon blanc, chardonnay, pinot noir and
riesling are now being managed by the receivers, the report notes.
Earlier this year, the report recounts, Gravitas was one of three
South Island wineries targeted by California's Saint James company
as part of its growth plans.
=====================
P H I L I P P I N E S
=====================
LEPANTO CONSOLIDATED: Metrobank Sells 8.6% Stake to Unit
--------------------------------------------------------
Metropolitan Bank and Trust Co. sold its 8.6% stake in Lepanto
Consolidated Mining Corp. to unit First Metro Investments Corp. as
part of the group's asset consolidation, The Manila Standard Today
reports citing unnamed sources.
According to the Manila Standard, First Metro said in a filing
with the Philippine Stock Exchange that it bought 2.87 billion
Lepanto Class A shares at Php0.27 apiece. The shares are
equivalent to 8.6% of the outstanding capital of Lepanto. The
deal, done through a special block sale Thursday, increased First
Metro's stake in Lepanto to 19.66%.
Metrobank held 1.96 billion Class B shares equivalent to 12.4% and
2.827 billion Class A shares, representing an 8.6% interest in
Lepanto as of March 31 this year.
About Lepanto Consolidated
Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated on
September 8, 1986, and operated an enargite copper mine until
1997, after which, LC shifted to gold bullion production through
its Victoria Project. LC also operated a copper flotation plant
from August 2000 to December 2001, and restarted it in late
2006. LC sells its gold and silver bullion production to
Heraeus Ltd. (Hong Kong) while its copper concentrate production
are sold to various traders.
LC and its subsidiaries are involved in other businesses such as
hauling, diamond drilling services, insurance, and manufacture
of diamond tools. LC has two Mineral Production and Sharing
Agreements for areas located in Mankayan, Benguet. The
company's subsidiaries are Shipside, Inc., Diamond Drilling
Corporation of the Philippines, Lepanto Investment and
Development Corporation, Diamant Boart Philippines, Inc., and
Far Southeast Gold Resources, Inc.
* * *
Lepanto Consolidated Mining posted three consecutive net losses of
PHP206.44 million, PHP763.29 million and PHP372 million for the
years ended December 31, 2007, 2008 and 2009, respectively.
For the first quarter in 2010, Lepanto reported net loss of
PHP107 million, wider than the PHP43.6-million net loss during the
same period in 2009.
=================
S I N G A P O R E
=================
FLEXTRONICS DISTRIBUTION: Creditors' Proofs of Debt Due July 26
---------------------------------------------------------------
Creditors of Flextronics Distribution Centre (Singapore) Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by July 26, 2010, to be included in the
company's dividend distribution.
The company's liquidators are:
Low Sok Lee Mona
Teo Chai Choo
c/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807
MSI MANAGEMENT: Creditors' Proofs of Debt Due July 26
-----------------------------------------------------
Creditors of MSI Management (Singapore) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 26, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Lai Seng Kwoon
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
NW ENGINEERING: Creditors' Meetings Set for July 14
---------------------------------------------------
NW Engineering and Construction Pte Ltd, which is in liquidation,
will hold a meeting for its creditors on July 14, 2010, at 2:30
p.m., at 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095.
Agenda of the meeting includes:
a. to update on the status of liquidation;
b. to approve a dividend to preferential creditors;
c. to consider and if thought fit, to approve the Liquidators'
fees; and
d. discuss other business.
The company's liquidators are:
Chee Yoh Chuang
Lim Lee Meng
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
POINT SOURCE: Creditors' Proofs of Debt Due July 23
---------------------------------------------------
Point Source Pte. Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by July 23, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Eu Chee Wei David
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
===========
T A I W A N
===========
NANYA TECHNOLOGY: Aims to Raise Up to NT$20 Billion in Share Sale
-----------------------------------------------------------------
Nanya Technology Corp. has approved a plan to sell 600 million
shares to finance capacity expansion and repay debts, The Taipei
Times reports.
The company aims to raise between NT$10 billion and NT$20 billion
from the share sale and hopes to complete the deal at the end of
the next quarter, the report says.
About Nanya Technology
Based in Taiwan, Nanya Technology Corp. (TPE:2408) --
http://www.nanya.com/-- is principally engaged in the
manufacture, development and sale of memory products. The company
primarily offers dynamic random access memory (DRAM) chips,
including double data rate (DDR) DRAM chips, DDR2 DRAM chips and
DDR3 DRAM chips; DRAM modules, such as 200-pin DDR small outline
(SO) dual in-line memory modules (DIMMs), 184-pin registered and
unbuffered DDR synchronous dynamic random access memory (SDRAM)
DIMMs, 200-pin DDR2 SODIMMs, 240-pin unbuffered and registered
DDR2 SDRAM DIMMs and others. DRAMs are used as data storage units
for computer, communications and consumer (3C) products.
Nanya Technology posted a net loss of NT$35.23 billion, or NT$7.54
per diluted share, for the 2008 fiscal year, compared with a
net loss of NT$12.46 billion in the prior year.
In the fiscal year of 2009, the company posted unaudited sales
revenue of NT$42.456 billion with an operating loss of NT$16.076
billion and a net loss of NT$20.742 billion.
=============
V I E T N A M
=============
DOT VN: Vision Capital Reports 6.2% Equity Stake
------------------------------------------------
Vision Opportunity Master Fund, Ltd., a Cayman Islands company;
Vision Capital Advisors, LLC, a Delaware limited liability
company; and Adam Benowitz, the Managing Member of Vision Capital
Advisors as Investment Manager, disclosed that as of June 17,
2010, they may be deemed to beneficially own 2,642,337 shares or
roughly 6.2% of the common stock of Dot VN Inc.
As of June 17, 2010, the Master Fund (i) owned 2,778 shares of
Common Stock, (ii) had the ability to acquire an additional
2,639,559 shares of Common Stock within 60 days through the
exercise or conversion of derivative securities, and (iii) thus
beneficially owned 2,642,337 shares of Common Stock, representing
6.2% of all of the outstanding shares of Common Stock.
The Master Fund is a private investment vehicle engaged in
investing and trading in a wide variety of securities and
financial instruments for its own account. The Master Fund
directly beneficially owns all of the shares reported in this
Statement. Mr. Benowitz and the Investment Manager may be deemed
to share with the Master Fund voting and dispositive power with
respect to such shares. Each Filer disclaims ben
About Dot VN
Dot VN, Inc. -- http://www.DotVN.com/-- provides innovative
Internet and telecommunication services for Vietnam. The Company
was awarded an "exclusive long term contract" by the Vietnamese
government to register ".vn" (Vietnam) domains and commercialize
Parking Page Marketing/Online Advertising worldwide via the
Internet. Also, Dot VN has exclusive rights to distribute and
commercialize Micro-Modular Data CentersTM solutions and Gigabit
Ethernet Wireless applications to Vietnam and Southeast Asia
region.
At January 31, 2010, the Company's balance sheet showed
$2.5 million in total assets and $10.0 million in total
liabilities for a $7.5 million stockholders' deficit.
Chang G. Park, CPA, in its March 17, 2010 report, said the
Company's losses from operations raise substantial doubt about its
ability to continue as a going concern.
===============
X X X X X X X X
===============
* S&P Raises Ratings on Nine Asia-Pacific CDO Tranches
------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on nine
Asia-Pacific (ex-Japan) collateralized debt obligation tranches
and removed them from CreditWatch with positive implications,
where they were placed on June 9, 2010. The ratings on the
affected Athenee CDO PLC tranches were previously placed on
CreditWatch positive following a series of portfolio substitutions
that has improved the credit quality of the respective portfolios.
To assess the creditworthiness of each class, S&P reviewed the
credit quality of the securitized assets using synthetic rated
overcollateralization scores and results from supplemental tests.
These results measure the degree by which the credit enhancement
of a tranche exceeds the stressed loss rate assumed for a given
rating scenario.
The rating upgrades reflect that the tranches had SROC scores
greater than 100% at the higher rating level, based on the maximum
scenario loss rate, largest obligor, and largest industry tests.
SROC scores rising above 100% reflect an improvement in the credit
quality of the underlying portfolio.
Transaction Rating To Rating From
----------- --------- -----------
Athenee CDO PLC Series 2007-2 BB- B+/Watch Pos
Athenee CDO PLC Series 2007-4 B+ B/Watch Pos
Athenee CDO PLC Series 2007-5 B B-/Watch Pos
Athenee CDO PLC Series 2007-6 B+ B/Watch Pos
Athenee CDO PLC Series 2007-9 BB- B+/Watch Pos
Athenee CDO PLC Series 2007-12 B B-/Watch Pos
Athenee CDO PLC Series 2007-14 B+ B/Watch Pos
Athenee CDO PLC Series 2007-15 BB- B+/Watch Pos
Beech Trust Series 2 A- BBB+/Watch Pos
Notes:
1. Where the final price on defaulted reference names in CDO
portfolios is not known, S&P's analysis takes into
consideration the auction results for these names from the
International Swaps and Derivatives Association, Inc.
2. In accordance with the criteria for rating CDO transactions,
certain factors such as credit stability and rating
sensitivity to modeling parameters may be considered in
assigning ratings to CDO tranches, in addition to the
supplemental tests, the Monte Carlo default simulation
results, and the associated cash flow modeling. Such risks in
transactions may be assessed on a case-by-case basis and the
ratings may be qualitatively adjusted to a rating level
different than that indicated by the various quantitative
results. The tranches' final ratings reflect the result of
any such qualitative adjustments.
* BOND PRICING: For the Week June 21 to June 25, 2010
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ADVANCED ENERGY 9.50 01/04/2015 AUD 1.07
AINSWORTH GAME 8.00 12/31/2011 AUD 0.76
AMP GROUP FINANC 9.80 04/01/2019 NZD 0.99
ANTARES ENERGY 10.00 10/31/2013 AUD 1.90
AUROX RESOURCES 7.00 06/30/2010 AUD 0.94
BECTON PROP GR 9.50 06/30/2010 AUD 0.30
CBD ENERGY LTD 12.50 01/29/2011 AUD 0.12
CHINA CENTURY 12.00 09/30/2010 AUD 0.91
EXPORT FIN & INS 0.50 12/16/2019 AUD 59.62
EXPORT FIN & INS 0.50 06/15/2020 AUD 57.79
EXPORT FIN & INS 0.50 06/15/2020 AUD 59.01
FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.45
GRIFFIN COAL MIN 9.50 12/01/2016 USD 58.00
GRIFFIN COAL MIN 9.50 12/01/2016 USD 58.65
HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.45
JPM AU ENF NOM 1 3.50 06/30/2010 USD 4.62
MINERALS CORP 10.50 09/30/2011 AUD 0.25
NEW S WALES TREA 1.00 09/02/2019 AUD 65.70
PRAECO P/L 7.13 07/28/2020 AUD 72.05
RESOLUTE MINING 12.00 12/31/2012 AUD 1.01
SUN RESOURCES NL 12.00 06/30/2011 AUD 0.45
SUNCORP METWAY I 6.75 10/06/2026 AUD 72.98
CHINA
-----
BAIIAN GROUP 4.15 03/26/2012 CNY 74.21
CHINA GOV'T BOND 1.64 12/15/2033 CNY 63.23
HONG KONG
---------
RESPARCS FUNDING 8.00 12/29/2049 USD 33.00
INDIA
-----
AFTEK INFOSYS 1.00 06/25/2010 USD 70.00
GEMINI COMMUNICATION 6.00 07/18/2012 EUR 66.75
KALINDEE RAIL NI 0.50 03/07/2012 USD 71.50
MASCON GLOBAL LT 2.00 12/28/2012 USD 36.25
PUNJAB INFRA DB 0.40 10/15/2024 INR 24.07
PUNJAB INFRA DB 0.40 10/15/2025 INR 21.81
PUNJAB INFRA DB 0.40 10/15/2026 INR 19.93
PYRAMID SAIMIRA 1.75 07/04/2012 USD 12.50
SUBEX LTD 5.00 03/09/2012 USD 73.50
JAPAN
-----
AIFUL CORP 1.50 10/20/2011 JPY 71.90
AIFUL CORP 6.00 12/12/2011 JPY 74.37
AIFUL CORP 6.00 12/12/2011 JPY 74.37
AIFUL CORP 1.22 04/20/2012 JPY 67.98
AIFUL CORP 1.63 11/22/2012 JPY 57.99
AIFUL CORP 1.74 05/28/2013 JPY 51.93
AIFUL CORP 1.99 10/19/2015 JPY 43.87
COVALENT MATERIALS 2.87 02/18/2013 JPY 72.67
CSK CORPORATION 0.25 09/30/2013 JPY 75.00
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 61.69
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 61.08
SHINSEI BANK 5.62 12/29/2049 GBP 70.00
TAKEFUJI CORP 9.20 04/15/2011 USD 62.00
TAKEFUJI CORP 9.20 04/15/2011 USD 62.00
TAKEFUJI CORP 4.00 06/05/2022 JPY 52.40
MALAYSIA
--------
ADVANCED SYNERY 2.00 01/26/2018 MYR 0.07
ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.00
CAGAMAS BERHAD 2.47 08/25/2010 MYR 2.70
CRESENDO CORP B 3.75 01/11/2016 MYR 1.02
DUTALAND BHD 6.00 04/11/2013 MYR 0.31
DUTALAND BHD 6.00 04/11/2013 MYR 0.73
EASTERN & ORIENT 8.00 07/25/2011 MYR 0.93
EASTERN & ORIENT 8.00 11/16/2019 MYR 0.93
KRETAM HOLDINGS 1.00 08/10/2010 MYR 1.27
KUMPULAN JETSON 5.00 11/27/2012 MYR 1.60
LION DIVERSIFIED 4.00 12/17/2013 MYR 1.66
MALAKOFF CORP BH 9.00 04/30/2057 MYR 65.43
MITHRIL BHD 3.00 04/05/2012 MYR 0.64
NAM FATT CORP 2.00 06/24/2011 MYR 0.03
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.18
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.51
OLYMPIA INDUSTRI 2.80 04/11/2013 MYR 0.19
PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.64
REDTONE INTL 2.75 03/04/2020 MYR 0.07
RUBBEREX CORP 4.00 08/14/2012 MYR 1.16
SCOMI ENGINEERING 4.00 03/19/2013 MYR 1.07
SCOMI GROUP 4.00 03/19/2013 MYR 0.10
TRADEWINDS CORP 2.00 02/08/2012 MYR 0.60
TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.10
TRC SYNERGY 5.00 01/20/2012 MYR 0.98
WAH SEONG CORP 3.00 05/21/2012 MYR 1.06
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.30
YTL CEMENT BHD 5.00 11/10/2015 MYR 1.86
NEW ZEALAND
-----------
ALLIED FARMERS 9.60 11/15/2011 NZD 71.39
ALLIED NATIONWIDE 11.52 12/29/2049 NZD 15.00
CONTACT ENERGY 8.00 05/15/2014 NZD 1.04
FLETCHER BUI 8.50 03/15/2015 NZD 8.00
FLETCHER BUI 7.55 03/15/2011 NZD 7.00
GMT BOND ISSUER 7.75 06/19/2015 NZD 0.10
INFRATIL LTD 8.50 11/15/2015 NZD 8.60
INFRATIL LTD 8.50 11/15/2015 NZD 8.30
INFRATIL LTD 10.18 12/29/2049 NZD 65.00
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.34
MARAC FINANCE 10.50 07/15/2013 NZD 1.02
NZ FINANCE HLDGS 9.75 03/15/2011 NZD 68.37
SKY NETWORK TV 4.01 10/16/2016 NZD 54.36
SOUTH CANTERBURY 10.50 06/15/2011 NZD 0.90
SOUTH CANTERBURY 10.43 12/15/2012 NZD 0.38
ST LAURENCE PROP 9.25 07/15/2010 NZD 41.55
TOWER CAPITAL 8.50 04/15/2014 NZD 1.02
TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.85
TRUSTPOWER LTD 8.50 03/15/2014 NZD 7.15
TRUSTPOWER LTD 7.60 12/15/2014 NZD 1.02
TRUSTPOWER LTD 8.60 12/15/2016 NZD 1.03
UNI OF CANTERBUR 7.25 12/15/2019 NZD 1.01
VECTOR LTD 7.80 10/15/2014 NZD 1.00
VECTOR LTD 8.00 12/29/2049 NZD 7.25
SINGAPORE
---------
DAVOMAS INTL FIN 5.50 12/08/2014 USD 63.50
SENGKANG MALL 8.00 11/20/2012 SGD 0.10
SENGKANG MALL 4.88 11/20/2012 SGD 0.10
UNITED ENG LTD 1.00 03/03/2014 SGD 1.55
WBL CORPORATION 2.50 06/10/2014 SGD 2.01
SRI LANKA
---------
SRI LANKA GOVT 7.00 10/01/2023 LKR 72.40
TAIWAN
------
FIRST FINANCIAL 1.60 06/24/2015 TWD 1.83
FIRST FINANCIAL 2.25 06/27/2017 TWD 2.21
THAILAND
--------
THAILAND GOVT 0.75 01/04/2022 THB 72.50
VIETNAM
--------
VIETNAM MACHINE 9.20 06/06/2017 VND 74.60
VIETNAM SHIPBUIL 9.00 04/13/2017 VND 61.65
VIETNAM-PAR 4.00 03/12/2028 USD 75.00
*********
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 ***