/raid1/www/Hosts/bankrupt/TCRAP_Public/101008.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, October 8, 2010, Vol. 13, No. 199
Headlines
A U S T R A L I A
BECTON CMBS: S&P Downgrades Ratings on Five Classes of Notes
FMG RESOURCES: Moody's Upgrades Ratings on Senior Notes to 'B1'
FP TURBO: Moody's Assigns Ratings on Five Classes of Notes
GREYSTANES SHOPPING: In Receivership; Ferrier Hodgson Appointed
SSI GROUP: Receivers Named in 51 Retail & Commercial Properties
H O N G K O N G
SPA BY SLIMMING: Court Enters Wind-Up Order
SPA MANAGEMENT: Court Enters Wind-Up Order
SUM YEUNG: Court Enters Wind-Up Order
SUNNY BILLION: Court Enters Wind-Up Order
TEEMFA COMPANY: Creditors' Proofs of Debt Due October 20
RED PERSONNEL: Court to Hear Wind-Up Petition on October 13
VERITAS SOFTWARE: Members' Final Meeting Set for November 2
WAH TAI: Court to Hear Wind-Up Petition on October 20
WELLICO DEVELOPMENT: Court to Hear Wind-Up Petition on November 17
WINBEST INT'L: Stephen Liu Yiu Keung Steps Down as Liquidators
WIT TECH: Fok and Sutton Appointed as Liquidators
YAU SANG: Creditors' Proofs of Debt Due October 30
YIU FAI WAREHOUSING: Creditors' Proofs of Debt Due October 19
I N D I A
FLOVEL MECAMIDI: CRISIL Lifts Ratings on Bank Debts to 'BB+'
GOODWILL AUTO: CRISIL Puts 'D' Rating on INR50MM Cash Credit Limit
GRM OVERSEAS: CRISIL Reaffirms 'P4+' Ratings on Various Debts
GVNS TOLLWAYS: Fitch Assigns 'BB+' National Long-Term Rating
HI-TECH PIPES: CRISIL Rates INR450 Million Cash Credit at 'BB'
KAMALA GINNING: CRISIL Assigns 'B' Rating to INR6.1 Million Loan
NEULAND LABORATORIES: CRISIL Puts 'D' Rating on INR1.12BB LT Loan
ORBIT REALTY: CRISIL Assigns 'BB' Rating to INR373.3MM Cash Credit
ROLAND EXPORTS: CRISIL Assigns 'B' Rating to INR190MM Cash Credit
ROSE PREMISES: CRISIL Rates INR200 Million Long-Term Loan at 'B+'
RUPA INFOTECH: Fitch Assigns 'B+' National Long-Term Rating
SHRIRAM POWER: CRISIL Assigns 'D' Rating to INR36.7MM Term Loan
SRI CHANDRA: CRISIL Assigns 'B' Rating to INR102.5 Million LT Loan
J A P A N
LA PARLER: Files for Court-Backed Rehabilitation
N E W Z E A L A N D
LEEFIELD VINEYARDS: Bank & South Canterbury Fight Over Vineyard
RENAISSANCE PROJECT: Liquidators Want Sole Director Banned
SOUTH CANTERBURY: Fights Commonwealth Bank Over Leefield Vineyard
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
BECTON CMBS: S&P Downgrades Ratings on Five Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered the
ratings on the five classes of commercial mortgage-backed
securities issued by Becton CMBS No. 1 Pty Ltd., following S&P's
review of the transaction. At the same time, the ratings remain
on CreditWatch with negative implications. Becton CMBS is a
single-borrower, CMBS program ultimately supported by interests in
five Australian office buildings located in New South Wales,
Queensland, and the Australian Capital Territory.
In July 2010, the noteholders approved a restructure that extended
the scheduled maturity date to Jan. 31, 2011, from July 18, 2010,
subject to certain milestones being met. However, a milestone due
at Sept. 30, 2010, was not met. This milestone required that the
total amount outstanding under the loan-note sale agreement be not
greater than A$95.5 million. Additionally, the underlying
portfolio has experienced further capital-value deterioration.
The downgrades reflect S&P's opinion of the uncertain timing and
strategy, and heightened execution risk associated with repayment
of the notes on or before the legal final maturity date, at Jan.
18, 2012. The size and composition of the remaining asset pool
continues to be a key consideration in S&P's rating analysis.
The CreditWatch is likely to be resolved either: (a) by a rating
affirmation and withdrawal if a repayment of the securities is
completed, or (b) by lowering the ratings on the securities, at
any time, if S&P believes there is an increasing prospect that
repayment or refinancing will not be achieved prior to the legal
final maturity date of the notes.
Ratings Lowered And Remaining On Creditwatch
Becton CMBS No. 1 Pty Ltd.
Rating
------
Class To From
----- -- ----
A A- (sf)/Watch Neg A (sf)/Watch Neg
B BBB- (sf)/Watch Neg BBB+ (sf)/Watch Neg
C BB (sf)/Watch Neg BBB- (sf)/Watch Neg
D B+ (sf)/Watch Neg BB (sf)/Watch Neg
E B (sf)/Watch Neg BB- (sf)/Watch Neg
FMG RESOURCES: Moody's Upgrades Ratings on Senior Notes to 'B1'
---------------------------------------------------------------
Moody's Investors Service has upgraded the senior secured rating
of FMG Resources (August 2006) Pty Ltd to B1 from B2. The rating
is assigned to the US$2.0 billion of secured notes issued by FMG
Resources. At the same time, Moody's has assigned a B1 corporate
family rating to Fortescue Metals Group Ltd, the ultimate parent
company of FMG Resources.
The outlook on all ratings is stable
Ratings Rationale
"The rating upgrade to B1 recognizes the strengthening in
Fortescue's financial profile due to the continued progress in its
production ramp-up and the expectation for strong cash flow
generation under its current annualized run rate", says Matt
Moore, a Moody's AVP - Analyst. "The rating upgrade also
considers the solid fundamentals of the iron ore industry, which
should continue to support relatively high iron ore prices
relative to historical levels", Moore adds.
The rating is constrained by the relatively short operating
history, and the uncertainty associated with plans that FMG is
contemplating to substantially expand its production capacity over
the next few years.
Moody's expects Fortescue to continue exploring opportunities to
expand its production considerably beyond the currently approved
55 million tons per annum. "These plans could likely lead to a
considerable increase in financial leverage, as well as high
execution challenges", Moore says, adding "we expect Fortescue to
maintain a strong financial profile at the rating level and, as
such, such uncertainties are incorporated in the rating". The
rating would benefit if Fortescue establishes further track record
of expanding capacity over time.
Fortescue has been expanding its production, which has shown
quarterly increases for the last several quarters. Fortescue had
record levels of production in the June 2010 quarter reaching a
run rate of around 44mtpa. While the company is starting to
establish a track record of stable production, there remains
limited history of operating at project capacity.
Fortescue's rating also benefits from the currently strong
fundamentals for the iron ore industry. Moody's expect demand for
sea borne iron ore to continue to grow as rising demand from
developing economies, such as China, persists. The effect of
strong demand is tempered by the risk associated with new large
supply coming on over the next 2-3 years. Nevertheless, Moody's
base case analysis still assumes an average iron ore price per ton
of at least $90-$100 over the next 1-2 years. Such levels provide
support for Fortescue's overall financial profile.
FMG's strong financial profile is balanced against the
uncertainties around future expansion plans. The company has
announced an intention to significantly expand operations by more
than tripling production capacity to 155mtpa over the next few
years. While these expansions have yet to be board-approved,
Moody's view the likelihood of them materializing as high. The
scope of potential expansion raises uncertainty around the future
financial profile and free cash flow generation in coming years.
The impact of any expansion plan will be assessed based on the
ultimate scale, timeline, complexity of work involved, and final
funding structure.
The stable outlook reflects the expectation that Fortescue will
continue its trend of stable production and maintain its currently
strong financial profile. The outlook also reflects Moody's
expectation that expansions are likely to be largely debt funded
and until the ultimate scope and funding of these initiatives are
known Moody's expect the company to maintain strong credit metrics
to provide an adequate buffer against execution risks and cost
overruns.
The rating could be upgraded over time if Fortescue manages any
expansion plan without major disappointments and in a manner that
preserves a solid credit profile, as indicated by 1) a well-
structured debt maturity profile, and 2) the ratio of Operating
Cash Flow (less Dividends)/Debt staying above 15%, and
FFO/Interest above 2.0x, across the company's investment cycle.
On the other hand, the ratings could be downgraded if expected
expansion plans are financed and delivered in a manner that would
weaken its financial profile such that OCF (less Dividends)/Debt
falls below 10%, and FFO/Interest below 1.5x on a consistent
basis.
On May 12, 2010, Moody's changed the outlook on FMG Resources to
stable from negative. The last rating action was on September 1,
2009 when the ratings of FMG Resources (August 2006) Pty Ltd was
downgraded from B1 to B2 with a negative outlook.
Fortescue Metals Group, based in Perth, is an iron ore producer
engaged in the exploration and mining of iron ore for export,
mainly to China.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning/maintaining a credit rating.
MOODY'S adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
FP TURBO: Moody's Assigns Ratings on Five Classes of Notes
----------------------------------------------------------
Moody's Investors Service has assigned these definitive long-term
ratings to notes issued by FP Turbo Trust 2007-1 (Australia).
Issuer: FP Turbo Warehouse Trust 2007-1 (Australia)
-- AU$527.7744M A Certificate, Assigned Aaa (sf)
-- AU$25.3605M B Certificate, Assigned Aa2 (sf)
-- AU$18.5063M C Certificate, Assigned A2 (sf)
-- AU$28.7876M D Certificate, Assigned Baa2 (sf)
-- AU$17.1355M E Certificate, Assigned Ba1 (sf)
The AU$13.02M Seller 1 Notes and AU$54.83M Seller 2 Notes are not
rated by Moody's.
FP Turbo Trust 2007-1 (Australia) is Fleet Partners Pty Limited's
second securitization after its first term ABS issued last week.
At the same time, it is the first operating lease securitization
in the Australian market secured by motor vehicles. Due to the
obligation of the lessees to return the vehicle at contract
maturity in order to cover the final lease balance outstanding
under an operating lease, the notes are exposed to both default
and market or residual value risk of the related vehicles.
Ratings Rationale
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 with respect to all
rated notes by the legal final maturity.
The transaction is the securitization of a portfolio of Australian
operating, novated and finance leases extended to Australian
corporates, small and medium-sized businesses and their employees.
The leases are secured by passenger cars, commercial vehicles and
equipment originated by Fleet Partners. The collateral pool is
revolving with substitution of receivables taking place until the
scheduled amortization date.
The pool is around 22 months seasoned. The vehicles securing the
portfolio of receivables stem from a variety of manufacturers,
mitigating potential risks associated with second-hand vehicle re-
sale values caused by manufacturer event risk.
On the flipside, the transaction is exposed to the slightly
elevated risk of single obligor defaults or bankruptcies of
novated lease employers with the largest single obligor
concentration being 5.6% of the aggregate portfolio balance. For
the majority of receivables, Fleet Partners facilitates the
ongoing maintenance of the vehicles via third parties. As a
result, future transaction performance may exhibit a stronger
linkage to the quality of maintenance service being provided.
In order to fund the portfolio and the liquidity reserve, the
Trust will issue seven classes of notes. Subject to minimum
credit support requirements being satisfied at all points, the
Class A, B and C notes will be repaid on a pro-rata basis during
the 12 month revolving period while the remaining notes will not
receive any principal during the revolving stage. During the
amortization period all notes will receive principal on a purely
sequential basis.
Fleet Partners, who performs the servicing of the receivables, is
an unrated entity. Back-up servicing arrangements with Westpac
Administration are in Moody's view sufficient to allow for a
smooth transfer of servicing should a servicer replacement be
required.
The transaction includes a liquidity reserve -- equal to 2.5%, and
which will be funded from note issuance proceeds -- will provide
liquidity support to the transaction. The reserve will amortize
in line with the overall note balance down to an absolute floor of
AU$300,000.
There are two sources of risk in operating lease transactions: (1)
defaults on the lease payments during the terms of the lease, i.e.
credit risk relating to obligors, and (2) losses on the residual
value of the leased vehicles at the termination of the leases,
i.e. the market value risk. Moody's mean residual value loss
assumption on the collateral portfolio is approximately 5%. The
volatility of the mean residual value loss assumed is 140%.
Due to the concentration of large obligor exposures, Monte Carlo
simulation technology was used to generate the default probability
distribution of the underlying receivable pool. The nominal
amount of each obligor exposure, the obligor's industry as well as
its default probability (as implied from Moody's senior unsecured
rating) formed the key inputs for the simulation.
The V Score for this transaction is Medium/High, which indicates a
higher degree of uncertainty around assumptions made when
determining the rating compared to the wider, non-operating lease
Australian ABS sector. The limitations around the historical
performance data provided as well as the fact that this is a first
time issuance for an operating lease pool in Australia, have led
to a lower degree of certainty around the future performance to be
expected.
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 according 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
residual value returns and the coefficient of variation (a metric
of volatility) applicable to this return assumption - 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 FP Turbo Trust 2007-1 (Australia), the Class A
Notes remain investment grade and typically Aa to A when the
residual value loss rises to 10% (double of Moody's assumption of
5%). Similarly, investment grade ratings are maintained when the
coefficient of variation is stressed from the assumed 140% to 160%
(holding other factors constant).
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or
financial instruments in this transaction.
Regulatory Disclosures
Information sources used to prepare the credit rating are these:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service information.
Moody's Investors Service considers the quality of information
available on the issuer or obligation satisfactory for the
purposes of assigning a credit rating.
The issuer has not informed Moody's Investors Service whether the
issuer is publicly disclosing all relevant information about the
product.
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 adopts all necessary measures so that the information it
uses in assigning a credit rating is of sufficient quality and
from sources MOODY'S considers to be reliable including, when
appropriate, independent third-party sources. However, MOODY'S is
not an auditor and cannot in every instance independently verify
or validate information received in the rating process.
GREYSTANES SHOPPING: In Receivership; Ferrier Hodgson Appointed
---------------------------------------------------------------
John Melluish and George Georges of Ferrier Hodgson were appointed
Receivers and Managers to the assets and undertakings of the
Greystanes Shopping Centre on September 20, 2010, by National
Mutual Life Nominees Limited.
The Receivers and Managers are currently trading the Greystanes
Shopping Centre in the ordinary course and are in the process of
putting the centre to market.
SSI GROUP: Receivers Named in 51 Retail & Commercial Properties
---------------------------------------------------------------
The Australian reports that a AU$400 million-plus nationwide
portfolio of 51 retail and commercial properties are either for
sale or about to be placed on the market.
The companies that owned the properties are controlled by the
Queensland-based SSI Group and include The Zone Australia,
Aristocon and SSI Pty Ltd. These companies are not in
receivership.
According to The Australian, the move comes after four banks last
week appointed receivers to assets controlled by Sam Savvas and
Suds Sotiris, directors of the Wow Sight and Sound Superstores.
The Australian relates the receivers stepped in to recoup debts of
more than AU$300 million on properties within Queensland-based
companies of which Messrs. Savvas and Sotiris are the directors.
Wow Sight and Sound Superstores is independent of the property
operations and does not have any cross-guarantees to the property
side of the business, The Australian notes.
Mr. Savvas said in a statement the receivers were appointed to the
properties due to "increasing pressure in global and national
property markets," the report notes.
The report relates that Mr. Savvas said management of the SSI
Group companies remained in the hands of the directors. "These
appointments are directly linked to a general lack of liquidity in
property markets domestically and in no way reflect the financial
situation of the retail business, which continues to trade
strongly throughout Australia," Mr. Savvas said of the Wow Sight
and Sound operations, according to The Australian.
The Australia reports that Mr. Savvas has stepped aside as
chairman and chief executive of Wow and the company's retail
director, Con Nicolas, will assume the role of acting chief
executive.
Mr. Nicolas said WOW operated independently of Mr. Savvas'
property companies.
The Australian discloses that:
* Phil Hennessy and Simon Vertullo from KPMG have been
appointed by Lloyds Bank to recoup more than AU$200
million owed, and will begin settling SSI company
properties;
* John Greig and Nicholas Harwood from Deloitte have been
appointed by St. George Bank, which is owed about
AU$45 million;
* Korda Mentha's John Park has been appointed by the Bank
of Queensland to recover about AU$30 million; and
* McGrath Nicol's John Cronin and William Harris have been
appointed by Suncorp to recover debts of about AU$25
million.
CB Richard Ellis Queensland managing director Bruce Baker has been
appointed to sell the properties, according to The Australian.
================
H O N G K O N G
================
SPA BY SLIMMING: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 15, 2010, to
wind up the operations of The Spa By Slimming Found Consultant
Limited.
The company's liquidator is Chiu Koon Shou.
SPA MANAGEMENT: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on July 16, 2010, to
wind up the operations of The Spa Management Limited.
The company's liquidator is Chiu Koon Shou.
SUM YEUNG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on October 30, 2009,
to wind up the operations of Sum Yeung Investment Company Limited.
The company's liquidator is Chiu Koon Shou.
SUNNY BILLION: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on March 23, 2009, to
wind up the operations of Sunny Billion Limited.
The company's liquidator is Chiu Koon Shou.
TEEMFA COMPANY: Creditors' Proofs of Debt Due October 20
--------------------------------------------------------
Creditors of Teemfa Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by October 20, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Joseph Kin Ching Lo
Dermot Agnew
35th Floor, One Pacific Place
88 Queensway, Hong Kong
RED PERSONNEL: Court to Hear Wind-Up Petition on October 13
-----------------------------------------------------------
A petition to wind up the operations of Red Personnel Limited will
be heard before the High Court of Hong Kong on October 13, 2010,
at 9:30 a.m.
The Petitioner's solicitors are:
Oldham, Li & Nie, Solicitors
Suite 503, St. George's Building
2 Ice House Street
Central, Hong Kong
VERITAS SOFTWARE: Members' Final Meeting Set for November 2
-----------------------------------------------------------
Members of Veritas Software Hong Kong Limited will hold their
final meeting on November 2, 2010, at 2:30 p.m., at FTI Consulting
(Asia) Limited, 1008 Shui On Centre, 6-8 Harbour Road, Wanchai, in
Hong Kong.
At the meeting, Bruno Arboit, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
WAH TAI: Court to Hear Wind-Up Petition on October 20
-----------------------------------------------------
A petition to wind up the operations of Wah Tai Transportation Co.
Limited will be heard before the High Court of Hong Kong on
October 20, 2010, at 9:30 a.m.
Lau Wai Ming filed the petition against the company on August 13,
2010.
The Petitioner's solicitors are:
Yip, Tse & Tang
20th Floor, China Overseas Building
No. 139 Hennessy Road
Wanchai, Hong Kong
WELLICO DEVELOPMENT: Court to Hear Wind-Up Petition on November 17
------------------------------------------------------------------
A petition to wind up the operations of Wellico Development
Limited trading as Tung Cheuk Association will be heard before the
High Court of Hong Kong on November 17, 2010, at 9:30 a.m.
Yau Lung Yan filed the petition against the company on September
13, 2010.
WINBEST INT'L: Stephen Liu Yiu Keung Steps Down as Liquidators
--------------------------------------------------------------
Stephen Liu Yiu Keung stepped down as liquidators of Winbest
International Industrial Limited on August 27, 2010.
WIT TECH: Fok and Sutton Appointed as Liquidators
-------------------------------------------------
Mr. Fok Hei Yu and Mr. Roderick John Sutton on September 16, 2010,
were appointed as liquidators of Wit Tech Engineering & Equipment
Company Limited.
The liquidators may be reached at:
Mr. Fok Hei Yu
Mr. Roderick John Sutton
14/F The Hong Kong Club Building
3A Chater Road
Central, Hong Kong
YAU SANG: Creditors' Proofs of Debt Due October 30
--------------------------------------------------
Creditors of Yau Sang Metal Enterprises Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by October 30, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on September 18, 2010.
The company's liquidator is:
Wong Tak Leung Charles
Suites 1706-8, 17th Floor
China Merchants Tower
Shun Tak Centre
168-200 Connaught Road
Central, Hong Kong
YIU FAI WAREHOUSING: Creditors' Proofs of Debt Due October 19
-------------------------------------------------------------
Creditors of Yiu Fai Warehousing Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 19, 2010, to be included in the company's dividend
distribution.
The company's liquidator is Cosimo Borrelli.
=========
I N D I A
=========
FLOVEL MECAMIDI: CRISIL Lifts Ratings on Bank Debts to 'BB+'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Flovel Mecamidi Energy Pvt Ltd to 'BB+/Positive' from 'BB/Stable',
while reaffirming the rating on the short-term facility at 'P4+'.
Facilities Ratings
---------- -------
INR47.5 Million Cash Credit Limit BB+/Positive (Upgraded
(Enhanced from INR40.0 Million) from 'BB/Stable')
INR125.0 Million Term Loan BB+/Positive (Upgraded
from 'BB/Stable')
INR12.5 Million Proposed Long-Term BB+/Positive (Reassigned)
Bank Loan Facility (Reduced from
INR205.0 Million)
INR875.0 Million Letter of Credit P4+ (Reaffirmed)
(Enhanced from INR690.0 Million)
The upgrade reflects an improvement in FMEPL's financial risk
profile. this has been driven by an improvement in the company's
business risk profile after the operations at its manufacturing
facilities stabilised. The upgrade also reflects CRISIL's belief
that FMEPL will sustain the growth in its revenues over the medium
term, supported by its sizeable order book (Rs.1200 million as on
March 31, 2010) and its recent technological collaboration with
Karsbol Consulting AB (Karsbol; based in Sweden). CRISIL also
believes that FMEPL will not undertake any large debt-funded
capital expenditure (capex) programme over the medium term; this
will help FMEPL maintain its capital structure.
The ratings reflect FMEPL's small scale of operations and limited
track record. The impact of these weaknesses is mitigated by
FMEPL's above-average financial risk profile marked by moderate
gearing and healthy debt protection measures, and its high revenue
visibility because of its sizeable order book.
Outlook: Positive
CRISIL expects an improvement in FMEPL's business and financial
risk profiles over the medium term. This will be driven by FMEPL's
sizeable order book, the expected increase in geographical
diversity of its revenue profile, supported by its recent alliance
with Karsbol, and the good growth prospects for the power sector.
The ratings may be upgraded if FMEPL scales up its operations as
per CRISIL's expectation, without adversely affecting its
profitability and capital structure. Conversely, the outlook may
be revised to 'Stable' if the company faces delays in its ongoing
projects or undertakes a larger-than-expected debt-funded capex
programme.
About Flovel Mecamidi
FMEPL was promoted in 2006 by Mr. Maharaj Kar, who had been in
similar businesses since 1970; he has extensive experience in
handling small and medium hydropower projects. FMEPL is a joint
venture between Flovel MG Holdings Pvt Ltd (FMGHPL; 77 per cent
ownership in FMEPL) and MECAMIDI, SA France (Mecamidi; 23 per
cent). FMEPL designs, manufactures, installs, and field tests
hydro-turbines and other relevant auxiliary equipment on turnkey
basis. The promoter is planning to purchase, directly or
indirectly, MECAMIDI's stake for an estimated INR20 million.
FMEPL has recently entered into a technological tie-up with
Karsbol to supply technologies for large and specialized turbines
which are mainly used in large hydro projects.
For 2009-10 (refers to financial year, April 1 to March 31), FMEPL
reported a profit after tax (PAT) of INR37.6 million on net sales
of INR879.53 million, against a PAT of INR25.90 million on net
sales of INR 637.76 million for the preceding year.
GOODWILL AUTO: CRISIL Puts 'D' Rating on INR50MM Cash Credit Limit
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Goodwill Auto Agencies' bank
facilities. The ratings reflect delay by GAA in servicing its
term loan; the delay has been caused by GAA's weak liquidity.
Facilities Ratings
---------- -------
INR50.0 Million Cash Credit Limit D (Assigned)
INR15.0 Million Working Capital
Demand Loan D (Assigned)
Set up in 1991 by Mr. Sushil Kumar Agarwal, GAA is a distributor
of Hero Honda Motors Ltd's (HHML's; rated 'AAA/FAAA/Stable/P1+' by
CRISIL) spare parts and accessories for two wheelers. The firm's
warehouse in Jaipur (Rajasthan) is spread across 15,000 square
feet and caters to service centres and retailers all over
Rajasthan.
GAA reported a book profit of INR 0.5 million on net sales of
INR289 million for 2008-09 (refers to financial year, April 1 to
March 31), against a book profit of INR 0.7 million on net sales
of INR247 million for 2007-08.
GRM OVERSEAS: CRISIL Reaffirms 'P4+' Ratings on Various Debts
-------------------------------------------------------------
CRISIL's rating on GRM Overseas Ltd's bank facilities continues to
reflect GRM's weak financial risk profile marked by its low net
worth, high gearing, and weak debt protection measures, and its
exposure to risks relating to fluctuations in raw material prices,
customer concentration in revenue profile, the vagaries of the
monsoons, and unfavorable changes in government policies. These
weaknesses are partially offset by the benefits that the company
derives from its promoters' experience in the rice exports
industry.
Facilities Ratings
---------- -------
INR500.0 Million Export Packing Credit P4+ (Reaffirmed)
INR15.5 Million Bank Guarantee P4+ (Reaffirmed)
Update
GRM's sales of INR2.76 billion in 2009-10 (refers to financial
year, April 1 to March 31) were at around 2008-09 levels, but
significantly lower than CRISIL's estimates. The previous year's
sales had an export cess component USD160/tonne, which was
discontinued with effect from November 2009, lowering the gross
realizations. Though GRM's sales volumes increased in 2009-10 by
15 per cent to around 60,512 tonnes, the benefit of increased
sales was offset by lower realizations. The company's operating
profitability, at 3.7 per cent, was in line with expectations.
However the lower-than-expected topline has resulted in lower cash
accruals.
GRM's working capital requirements in 2009-10 were higher than
expected, due to high closing inventory of the Pusa 1121 variety
of basmati rice, due its exceptionally high production and
processing in India in 2009-10. Due to lower-than-expected cash
accruals, the company has funded its working capital requirements
primarily through debt, as reflected in its higher-than-expected
gearing at 3.4 times and high bank limit utilization of up to 100
per cent in the peak season (November to March), with liquidity
support from additional bank limits of INR200 million against
pledge of stock. GRM's working capital requirements in the
current year are expected to be lower as inventory is reduced.
This is because basmati prices are expected to be lower in 2010-
11, due to expectation of surplus production. Thus, the company
is not expected to stock up significant inventory due to plentiful
availability and expectation of stable prices in the off-season.
CRISIL believes that in the absence of any capacity addition,
GRM's revenues in the near to medium term will not increase
significantly; its overall business and financial risk profile,
though, will remain stable.
About GRM Overseas
Set up in 1995 by Mr. H C Garg and his son, Mr. Rohit Garg, GRM
processes and exports basmati rice (Pusa 1121 variety). The
company has two processing centres with five fully automatic units
in Panipat (Haryana), which have a total capacity of 20 tonnes per
hour. The company primarily exports basmati rice to the Middle
East.
GRM reported a profit after tax (PAT) of INR36.8 million on net
sales of INR2.76 billion for 2009-10, as against a PAT of INR32.7
million on net sales of INR2.73 billion for 2008-09.
GVNS TOLLWAYS: Fitch Assigns 'BB+' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India-based GVNS Tollways'
INR105 million senior project bank loans a National Long-term
rating of 'BB+(ind)'. The Outlook is Stable.
GVNS, a special purpose company, secured a 15-year concession from
the Government of Andhra Pradesh to design finance build, operate
and transfer (BOT) a two-lane, 600m bridge on the Miryalaguda-
Kodara Andhra Pradesh state highway in February 2009. The
project's sponsor, GVR Infra Projects Ltd, has been in civil
construction business for over nine years. GVNS used a long-term
INR105m bank loan to construct the INR176.7m bridge, which
achieved early completion in February 2010 and since then started
tolling. The concession covers tolling of the bridge, while the
roads by the side of the bridge are not being tolled.
The rating is constrained by several weak creditor-protection
features in the loan documents, including the absence of reserve
accounts such as the debt service reserve account and major
maintenance reserve account. The ratings are further constrained
by the lack of stipulation of minimum coverage ratios and debt-
gearing levels along with the absence of a lock-up covenant,
although an eight-year tail offers considerable flexibility to
restructure, if required. The sponsor's limited track record in
operating BOT projects and the project's exposure to patronage
risks, given that it is already underperforming in terms of
traffic revenues, weaken GVNS' credit quality. Also a shortfall
in toll revenue performance - although for a limited period of
four months - by 18% from the estimated revenue magnifies the
risk, notwithstanding the achievement of commercial operations
date (COD) six months ahead of schedule. That said, even at the
current revenue levels, the project still generates enough cash
flows to service debt.
As an independent traffic study and a detailed project information
memorandum remained unavailable, Fitch based its revenue
assumptions on the actual average toll revenue since the
achievement of COD in February 2010.
GVR has been carrying out the operations and maintenance functions
for the project. The project company expects to sign a fixed
cost-fixed rate escalated O&M contract (including periodic
maintenance) with GVR. Fitch will monitor the O&M agreement on
aspects relating to costs and liability. Future rating movements
will be governed by the traffic ramp-up experience over a full 12-
month period that could also provide meaningful pointers to
seasonality of usage and therefore potential volatility of cash
flows.
HI-TECH PIPES: CRISIL Rates INR450 Million Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL's ratings on Hi-Tech Pipes Ltd's bank facilities continue
to reflect Hi-Tech's weak financial risk profile, marked by low
net worth and high gearing, small scale of operations, exposure to
intense competition in the electronic resistance and welded (ERW)
pipes industry, and its geographically concentrated revenue
profile. These weaknesses are partially offset by Hi-Tech's
diversified product profile, and extensive track record in pipes
segment.
Facilities Ratings
---------- -------
INR450.0 Million Cash Credit BB/Stable
(Enhanced from INR260 Million)
INR84.4 Million Term Loan BB/Stable
(Enhanced from INR40 Million)
INR250.0 Million Letter of Credit P4+
(Enhanced from INR150 Million)
INR80.0 Million Bank Guarantee P4+
(Enhanced from INR30 Million)
Outlook: Stable
CRISIL believes that Hi-Tech will continue to benefit from its
established business relationships with its customers. The
outlook may be revised to 'Positive' if Hi-Tech consolidates its
market position in the ERW pipes segment by entering new markets,
leading to substantial improvement in realizations and
profitability. Conversely, the outlook may be revised to
'Negative' if the company contracts sizeable debt, thereby
weakening its capital structure.
Update
During 2009-10 (refers to financial year, April 1 to March 31),
Hi-Tech's sales were INR3.2 billion. Sales did not increase over
the previous year's level because of decrease in steel prices
during the earlier part of 2009-10; sales, however, increased (in
volumes) in 2009-10 to 120,000 tonnes from 90,000 tonnes in
2008-09. Profitability in 2009-10 remained in line with that in
2008-09, with operating margin and net margin remaining stable at
3.8 per cent and 0.9 per cent respectively. Gearing and debt
protection metrics in 2009-10 remained in line with that in
2008-09. The company plans to undertake a capital expenditure
(capex) programme of INR40 million to INR50 million during 2010-11
for upgrading its existing plant and adding new machinery. The
capex will be funded in a debt-to-equity ratio of 2:1, and is not
expected to adversely affect the company's financial risk profile.
Hi-Tech reported a PAT of INR27.3 million on net sales of INR3.2
billion for 2009-10 on a provisional basis; it reported a PAT of
INR27.1 million on net sales of INR3.2 billion for 2008-09.
About Hi-Tech Pipes
Promoted in 1986 by Mr. H L Bansal and family, Hi-Tech
manufactures cold-rolled, hot-rolled and galvanised coils, and
mild-steel flats, in addition to ERW pipes. Currently, the
company has a combined production capacity of over 250,000 tonnes
per annum at its units in Secundrabad (Uttar Pradesh).
KAMALA GINNING: CRISIL Assigns 'B' Rating to INR6.1 Million Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Kamala Ginning and
Oil Industries' bank facilities.
Facilities Ratings
---------- -------
INR6.10 Million Long Term loan B/Stable (Assigned)
INR120.00 Million Cash Credit B/Stable (Assigned)
The rating reflects KGOI's weak financial risk profile, marked by
aggressive capital structure and weak debt protection metrics, and
susceptibility to volatility in cotton prices. These rating
weaknesses are partially offset by experience of KGOI's promoters'
in the cotton industry.
Outlook: Stable
CRISIL believes that KGOI will continue to benefit from its
promoters' strong track record in the cotton ginning business over
the medium term. However, the firm's financial risk profile is
expected to remain constrained, with high gearing and weak debt
protection metrics, owing to aggressive debt levels and a low
operating profitability margin. The outlook may be revised to
'Positive' if the firm's capital structure improves, most likely
because of significant increase in accruals or infusion of funds.
Conversely, the rating may be revised to 'Negative' if KGOI
reports a lower-than-expected operating margin, or undertakes a
debt-funded capital expenditure programme, resulting in
deterioration of its financial risk profile.
About Kamala Ginning
Incorporated in 1984, as a partnership firm, KGOI undertakes raw
cotton ginning activities, and processes cotton seed into cotton
seed oil and cake. KGOI based in Bhainsa (Andhra Pradesh) has a
ginning capacity of 405,000 quintals per annum and an expelling
capacity of 384,000 quintals per annum.
KGOI reported a profit after tax (PAT) of INR3 million on net
sales of INR704 million for 2009-10, against a PAT of INR1 million
on net sales of INR265 million for 2008-09.
NEULAND LABORATORIES: CRISIL Puts 'D' Rating on INR1.12BB LT Loan
-----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Neuland Laboratories Ltd. The ratings reflect delay by Neuland in
servicing its term loan obligations because of weak liquidity.
Facilities Ratings
---------- -------
INR1,005 Million Cash Credit D (Assigned)
INR1,122 Million Long-Term Loan D (Assigned)
INR473 Million Letter of Credit P5 (Assigned)
Neuland has a weak financial risk profile marked by high gearing,
large debt repayments, and low cash accruals. The company's weak
liquidity is due to low capacity utilization in the newly set-up
research and manufacturing facilities for active pharmaceutical
ingredients (API) and contract research. The company's expansion
was fully funded by debt. Large debt, coupled with the time taken
by the new facilities to generate revenue because of delays in
getting approvals from customers and regulatory authorities, led
to low cash accruals, constraining the company's liquidity.
Neuland is also exposed to the risk of intense competition in the
API business, leading to pressure on its margins. Neuland,
however, benefits from its longstanding presence in the API
industry.
About Neuland Laboratories
Neuland was set up as a private limited company in 1984 by Dr. D R
Rao and Mr. G V K Rama Rao; it was reconstituted as a public
limited company with the current name in 1994. The company
manufactures APIs for global pharmaceutical companies and also
provides end-to-end solutions for the pharmaceutical industry for
chemistry-related services (contract research). It has also
stepped into the growing segment of peptides. Neuland is present
in various therapeutic areas including anti-infective, central
nervous system, and cardio vascular system. It derives more than
60 per cent of its revenues from the chronic segment and the rest
from the acute segment. More than 80 per cent of Neuland's
revenues are from exports, mainly to the regulated markets of
North America and Europe. The company is increasing its focus in
the regulated markets and has filed more than 400 drug master
files (DMFs) worldwide.
For 2009-10 (refers to financial year, April 1 to March 31),
Neuland reported a net loss of INR70 million on net sales of
INR2.8 billion, as against a net profit of INR118 million on net
sales of INR3.1 billion for the previous year.
ORBIT REALTY: CRISIL Assigns 'BB' Rating to INR373.3MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Orbit Realty
Infrastructure Ltd's bank facilities.
Facilities Ratings
---------- -------
INR373.3 Million Cash Credit BB/Stable (Assigned)
INR102.8 Million Proposed Long-Term
Bank Loan Facility BB/Stable (Assigned)
INR158.9 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Orbit Realty's exposure to risks related to
completion and saleability of its township project in Adityapur
(Jharkhand) and expected deterioration in the company's financial
risk profile because of expected deterioration in gearing levels.
These rating weaknesses are partially offset by strong track
record of Orbit Realty's promoters and the company's robust brand
image.
Outlook: Stable
CRISIL believes that Orbit Realty will continue to benefit from
its promoter's experience in the real estate development industry,
strong brand image, and the financial support it derives from its
group companies, over the medium term. The outlook may be revised
to 'Positive' if Orbit Realty reports better-than-expected
revenues and profitability. Conversely, the outlook may be
revised to 'Negative' if the company's financial risk profile
deteriorates because of non-saleability of its township project in
Adityapur.
About Orbit Realty
Orbit Realty (formerly, Steadfast Commercial Co Ltd), was set up
as a wholly owned public company in 1993. Currently, Mr. Basant
Parakh (son of Mr. Ratan Lal Parakh) is actively involved in the
company's day-to-day operations.
The company executes real estate projects under the brand Orbit.
Till date, Orbit Realty has completed one project named 'Orbit
Heights' in South Kolkata; the project comprises a 12-storied
residential cum four-storied residential cum commercial complex,
and has been built over an area of 1.75 lakh square feet.
Currently, the company is developing a township project in
Adityapur in a joint venture with the Jharkhand Housing Board
(JHB) in a 70:30 ratio, respectively. Orbit Realty did not have
any operational revenues in 2009-10 and 2008-09.
ROLAND EXPORTS: CRISIL Assigns 'B' Rating to INR190MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Roland Exports.
Facilities Ratings
---------- -------
INR190.0 Million Cash Credit Limit B/Stable (Assigned)
INR20.0 Million Letter of Credit P4 (Assigned)
The ratings reflect Roland's weak financial risk profile and
limited pricing flexibility because of commodity nature of
business. These weaknesses are partially offset by the benefits
that Roland derives from the stable demand prospects for the yarn
industry.
Outlook: Stable
CRISIL believes that Roland's business risk profile will remain
average, and that its financial risk profile will remain weak as
its pricing flexibility will remain limited, over the medium term.
The outlook may be revised to 'Positive' if there is more-than-
expected improvement in Roland's cash accruals or capital infusion
by the partners, leading to significant improvement in the
financial risk profile of the firm. Conversely, the outlook may be
revised to 'Negative' if there is lower-than-expected growth in
the firm's cash accruals or the firm undertakes larger-than-
expected debt-funded capital expenditure programme, leading to
deterioration in debt protection metrics.
About Roland Exports
Roland was established in 2004 and began operations by trading in
cotton yarn. Until March 31, 2010, the firm was managed by three
equal partners - Mr Harish Gupta, Mr. Rajesh Gupta, and Mr. Sanjay
Goel. Mr. Harish Gupta retired from the partnership in April 2010,
with the two remaining partners having equal shares in profits and
losses. Until 2007-08 (refers to financial year, April 1 to
March 31), the firm traded in cotton yarn. It switched to trading
in polyester yarn subsequently. Currently, the firm trades in
polyester yarn (contributed 78 per cent to its operating income in
2009-10) and is into conversion of one-ply polyester yarn into two
ply-polyester yarn (22 per cent). The firm's registered office is
in Ludhiana, Punjab. Its undertakes conversion operations at its
manufacturing unit in Kathua, Jammu and Kashmir.
Roland reported a profit after tax (PAT) of INR7.7 million on net
sales of INR873.0 million for 2009-10, against a PAT of INR7.6
million on net sales of INR718.0 million for 2008-09.
ROSE PREMISES: CRISIL Rates INR200 Million Long-Term Loan at 'B+'
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Rose Premises Pvt
Ltd's long term loan facility.
Facilities Ratings
---------- -------
INR200.0 Million Long Term Loan B+/Stable (Assigned)
The rating reflects RPPL's weak financial risk profile, marked by
its small net worth, high gearing, and below-average debt
protection metrics; the rating also factors in pressures on the
company's revenues and cash accruals due to demand-supply gap, and
susceptibility of its margins to downtrends in the hospitality
industry and economic slowdown. These rating weaknesses are
partially offset by the strong funding support that RPPL derives
from its promoters and its strategic location.
Outlook: Stable
CRISIL believes that RPPL will continue to benefit from the
funding support it derives from its promoters, over the medium
term; the company's revenues and cash accruals will, however,
remain under pressure due to demand supply mismatch in the
hospitality market in Pune (Maharashtra). The outlook may be
revised to 'Positive' if RPPL generates more-than-expected cash
accruals, led by significant improvement in its occupancy level
and average room revenue (ARR). Conversely, the outlook may be
revised to 'Negative' if the company faces further pressures on
its occupancy level and ARR, thereby weakening its liquidity.
About Rose Premises
RPPL was set up as 100 per cent subsidiary of Vascon Engineers Ltd
(VEL) in 2007, to construct service apartments in Pune. The four-
star service apartments, named Royal Orchid Golden Suites,
commenced commercial operations in June 2007. In 2009-10, (refers
to financial year, April 1 to March 31) VEL sold 50 per cent stake
in RPPL to Mr. Rajan H Khinvasara. Presently, VEL and Mr.
Khinvasara hold equal stake in RPPL. The service apartment is
located in Kalyani nagar, one of the prime locations in Pune with
proximity to the airport and main railway station. The property
features 71 executive and deluxe suites, 24-hour multi cuisine
restaurant, a lounge bar, gymnasium, and a conference room. RPPL
has entered into an agreement with Royal Orchid Hotels Ltd. for
operations and management of the service apartments. Company's
cash accruals are expected to be depressed due to demand supply
mismatch in the Pune hospitality industry and are expected to fall
short of debt repayment obligations. CRISIL expects the mismatch
to be funded through support from promoters.
RPPL reported a profit after tax (PAT) of INR3.52 million on net
sales of INR92.27 million for 2009-10, against a net loss of
INR0.35 million on net sales of INR119.60 million for 2008-09.
RUPA INFOTECH: Fitch Assigns 'B+' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned India's Rupa Infotech & Infrastructure
Pvt Ltd a National Long-term rating of 'B+(ind)'. The Outlook is
Stable. The agency has also assigned a 'B+(ind)' rating to RIIP's
INR750m long-term loan.
The ratings reflect RIIP's success in selling 96% and 42% of total
area in its Mumbai-based commercial properties - Platinum
TechnoPark and Rupa Solitare, respectively. Fitch notes that the
company enjoys locational advantage, which would benefit them in
selling or leasing the remaining area. The ratings also benefit
from the liquidity available to the company in FY11: INR291m from
equity infusion and INR360 million through undrawn portion of
sanctioned loans.
The ratings remain constrained due to the large presence of
investors compared to that of end-users. However, comfort can be
drawn from the fact that the company has collected around 65% of
sold value as advances, and the risk of investor defaulting after
paying 50%+ in advances is limited. Fitch also notes that around
22% of area in Platinum TecknoPark has been sold to the promoter
and promoter group company on the terms and conditions generally
applicable to the outsider sale. The ratings are further
constrained by RIIP's lack of experience in executing large
projects, as Rupa Solitare is by far the only largest project
undertaken by the group. The ratings are also constrained by the
potential risk of delay in completion of the Rupa Solitare
project, which is expected to be in FY12.
The ratings also account for the marginal improvement in the
domestic real estate environment, particularly in the commercial
segment of the metropolitan areas, which may aid realtors in
earning higher revenues from rentals/sale of property. Fitch
notes that while the company has strong liquidity support in FY11,
it will be unable to meet its debt obligations in FY12, unless it
sells around 82% of its space by then. Failure of RIIP in selling
out the remaining space and delays in completion of the project
may act as negative triggers. The agency will monitor the
company's progress in the sale of the remaining space.
RIIP was established in 2005 to focus on commercial real estate
developments. RIIP has already developed one IT commercial
complex - Platinum TechnoPark (245,839 sq.ft) - in Navi Mumbai,
and is developing another IT park - Rupa Solitare (1,300,000
sq.ft) - in Navi Mumbai at the projected total funding cost of
INR2,500 million. This will be funded through equity, debt and
advances in the ratio of 22:30:48, respectively. RIIP has till
date availed about INR485 million of bank loans out of the total
sanction of INR750 million. The repayment has started from Q1FY11
- with INR170 million due in FY11 and INR480 million due in FY12.
RIIP is part of the Rupa Group, a Mumbai-based real estate player,
which specialises in residential buildings. It has a total of
nine successfully completed buildings in Navi Mumbai and Ghatkopar
in its portfolio. It has also constructed one mall and one
commercial building till date.
SHRIRAM POWER: CRISIL Assigns 'D' Rating to INR36.7MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Shriram Power & Steel
Pvt Ltd's bank facilities. The ratings reflect delay by SPSPL in
servicing its term loan; the delay has been caused by SPSPL's weak
liquidity.
Facilities Ratings
---------- -------
INR30.0 Million Cash Credit Limit D (Assigned)
INR36.7 Million Term Loan D (Assigned)
INR6.0 Million Bank Guarantee P5 (Assigned)
Incorporated in 1994 as an investment company, SPSPL (formerly,
Sumi Vyapaar) was acquired by Mr. Shyam Sunder Sonthalia and Mr.
Anup Kumar Sonthalia in 2004. Sumi Vyapar was renamed to SPSPL in
2008. SPSPL started manufacturing sponge iron in 2005-06 (refers
to financial year, April 1 to March 31) at its plant in Ranchi
(Jharkhand), and has a production capacity of 100 tonnes per day
(tpd) or 30,000 tonnes per annum (tpa). SPSPL directly sells its
products to small steel manufacturing units in Jharkhand and
surrounding states. In 2008-09, SPSPL acquired the assets and
liabilities of a group entity, Siddhi Vinayak Minerals, which has
an iron ore crushing plant.
SPSPL reported a profit after tax (PAT) of INR4.1 million on net
sales of INR245.3 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR2.5 million on net sales
of INR111.2 million for 2007-08.
SRI CHANDRA: CRISIL Assigns 'B' Rating to INR102.5 Million LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Sri Chandra
Moulishvar Spinning Mills Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR102.50 Million Long Term loan B/Stable (Assigned)
INR35.00 Million Cash Credit B/Stable (Assigned)
INR0.90 Million Bank Guarantee P4 (Assigned)
The ratings reflect SCM's small scale of operations, and below-
average financial risk profile, marked by high gearing and weak
debt protection metrics; the ratings also reflect SCM's
susceptibility to volatile input costs and power shortage. These
rating weaknesses are partially offset by the experience of SCM's
promoter's in the textile industry.
Outlook: Stable
CRISIL believes that SCM will maintain its business risk profile,
over the medium term, supported by its established market position
in the cotton textile yarn market. The outlook may be revised to
'Positive' if SCM's capital structure, scale of operation and
profitability improve considerably from the current levels.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a larger-than-expected, debt-funded capital
expenditure programmes, or its revenues and margins decline
sharply.
About Sri Chandra
Set up in September 2004 by Mr. M Ravichandran, SCM manufactures
40's count hosiery yarn. Based at Tirupur (Tamil Nadu), the
company operates with a capacity of 12,672 spindles.
SCM, on a provisional basis, reported a profit after tax (PAT) of
INR10 million on net sales of INR211 million for 2009-10 (refers
to financial year, April 1 to March 31); it had reported a PAT of
INR1 million on net sales of INR111 million for 2008-09.
=========
J A P A N
=========
LA PARLER: Files for Court-Backed Rehabilitation
------------------------------------------------
Kyodo News reports that La Parler Co. has filed for court
protection from creditors as the failure a month ago of its main
lender, the Incubator Bank of Japan, delivered a fatal blow to its
already sagging business.
Kyodo News relates credit research agency Teikoku Databank said
the company's failure is the first chain-reaction bankruptcy of a
publicly traded firm triggered by Incubator Bank's collapse on
Sept. 10.
According to Kyodo News, La Parler said the Tokyo District Court
granted its application Tuesday for court-backed rehabilitation
under the fast-track Civil Rehabilitation Law. Its total
liabilities stand at JPY2.7 billion, it said.
Kyodo New relates company officials said La Parler will continue
its aesthetic salon business, but its 6,700 customers who have
made JPY700 million in advance payments can't be refunded until
the company finds a sponsor for its rehabilitation.
Kyodo News reports that the company's sales plunged after it was
ordered to suspend part of its business operations by the Tokyo
Metropolitan Government in March 2008 over misleading claims such
as "You will definitely slim down," and lying to young consumers
to close expensive contracts with them.
In 2009, the company joined a network for the promotion of small
and medium-sized enterprises led by Incubator Bank. The firm was
estimated to have had a negative net worth at the end of September
after its Incubator Bank shares tanked.
The Osaka Securities Exchange said the company will be delisted
Nov. 6.
About La Parler
Based in Japan, La Parler Co., Ltd. (NJM:4357) is primarily
engaged in the esthetic related business. The Company is engaged
in the provision of esthetic technology such as beauty technology
and dieting technology, as well as the sale of cosmetics, beauty
equipment and health foods. The Company operates in two business
segments. The Esthetic-related segment is involved in the
operation of beauty and dieting esthetic salons, as well as the
retail and wholesale of cosmetics and health foods. The Mail-
order-related segment is involved in the mail-order sale and
wholesale of health foods, cosmetics and miscellaneous goods.
====================
N E W Z E A L A N D
====================
LEEFIELD VINEYARDS: Bank & South Canterbury Fight Over Vineyard
---------------------------------------------------------------
South Canterbury Finance is embroiled in a legal dispute with the
Commonwealth Bank of Australia over the collapsed Leefield
Vineyards, The New Zealand Herald reports. The report relates
that a conference was held in Associate Judge Jan Doogue's
chambers at the High Court at Auckland to discuss who has priority
over Leefield's assets.
According to the report, the Commonwealth Bank has filed
proceedings against South Canterbury to determine who has priority
over the Leefield development, in receivership, which includes
nine houses, farm buildings and 2165ha. The report notes that
South Canterbury's investment into Auckland developer Greg
Olliver's redevelopment of Leefield was one of its largest
exposures.
The New Zealand Herald notes that Leefield's receivers' second
report showed that the Commonwealth Bank was owed NZ$33 million
and South Canterbury NZ$17 million at the time Leefield was placed
into receivership on October 19, 2006. The properties were
mortgaged by loans from both entities, The New Zealand Herald
relates.
South Canterbury's investment into Leefield remains one of its
largest outstanding loans, but it has a security interest over the
development registered in its name, The New Zealand Herald
discloses. It is this security interest, over certain priority
rights of the Leefield development, that the dispute between the
Commonwealth Bank and South Canterbury is centered on, The New
Zealand Herald adds.
The New Zealand Herald notes that High Court action over Mr.
Olliver's bankruptcy showed creditors claimed NZ$92.5 million from
his businesses.
Court records show Mr. Olliver's other creditors include St.
Laurence Lending, Strategic Finance, Westpac, Auguste Holdings, NZ
Finance and Public Trust, The New Zealand Herald relates.
Leefield Vineyards is a winery in Marlborough.
RENAISSANCE PROJECT: Liquidators Want Sole Director Banned
----------------------------------------------------------
Liquidators of Renaissance Project Management (trading as
Renaissance Homes) will ask the Companies Office's national
enforcement unit to determine whether company director Rod Bird
should be prohibited from being a director, Rhonda Mark at The
Timaru Herald reports.
The Timaru Herald says liquidators Keiran Horne and David Crichton
considered prohibiting Mr. Bird from being a company director was
the only course of action that could be taken against him that
would produce any benefit.
According to the Timaru Herald, Mr. Bird was the only director of
the company. The liquidators did not expect any of the more than
NZ$630,000 owed to creditors to be recoverable from him
personally, the report says.
The Timaru Herald reports that the liquidators have spent a
considerable time further analyzing the financial records of the
company to identify the cause of the company's losses. They have
also looked at possible avenues for recovery including
investigating the invoicing between Renaissance Project Management
and Renaissance Developments, the report notes.
According to the report, investigations by the receivers show
Renaissance Project Management was in financial difficulties at
least a year before it was placed in liquidation when it borrowed
NZ$76,633 against land it owned. Those funds were used to cover
normal running costs and payment to trade creditors.
The Timaru Herald states that the liquidators expect to complete
the liquidation reasonably soon.
There could be a small distribution to unsecured creditors, the
report adds.
Renaissance Project Management Limited was put into liquidation on
July 28, 2008. David Donald Crichton and Keiran Anne Horne,
chartered accountants of Crichton Horne & Associates Limited, were
appointed as liquidators.
SOUTH CANTERBURY: Fights Commonwealth Bank Over Leefield Vineyard
-----------------------------------------------------------------
South Canterbury Finance is embroiled in a legal dispute with the
Commonwealth Bank of Australia over the collapsed Leefield
Vineyards, The New Zealand Herald reports. The report relates
that a conference was held in Associate Judge Jan Doogue's
chambers at the High Court at Auckland to discuss who has priority
over Leefield's assets.
According to the report, the Commonwealth Bank has filed
proceedings against South Canterbury to determine who has priority
over the Leefield development, in receivership, which includes
nine houses, farm buildings and 2165ha. The report notes that
South Canterbury's investment into Auckland developer Greg
Olliver's redevelopment of Leefield was one of its largest
exposures.
The New Zealand Herald notes that Leefield's receivers' second
report showed that the Commonwealth Bank was owed NZ$33 million
and South Canterbury NZ$17 million at the time Leefield was placed
into receivership on October 19, 2006. The properties were
mortgaged by loans from both entities, The New Zealand Herald
relates.
South Canterbury's investment into Leefield remains one of its
largest outstanding loans, but it has a security interest over the
development registered in its name, The New Zealand Herald
discloses. It is this security interest, over certain priority
rights of the Leefield development, that the dispute between the
Commonwealth Bank and South Canterbury is centered on, The New
Zealand Herald adds.
The New Zealand Herald notes that High Court action over Mr.
Olliver's bankruptcy showed creditors claimed NZ$92.5 million from
his businesses.
Court records show Mr. Olliver's other creditors include St.
Laurence Lending, Strategic Finance, Westpac, Auguste Holdings, NZ
Finance and Public Trust, The New Zealand Herald relates.
Leefield Vineyards is a winery in Marlborough.
About South Canterbury
Based in New Zealand, South Canterbury Finance Limited (NZE:SCFHA)
-- <http://www.scf.co.nz/>http://www.scf.co.nz/-- is engaged in the provision of
financial services. The Company's principal activities are
borrowing funds from public and institutional investors and on-
lending those funds to the business, plant and equipment,
property, rural and consumer sectors. It typically advances funds
by means of hire purchase, floor plans, leasing of plant, vehicles
and equipment, personal loans, business term loans and revolving
credit facilities, mortgages against property, and other financial
instruments, including consumer loan insurance.
On August 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.
"As Trustee, we have had South Canterbury Finance under heightened
surveillance since 2008. As part of that, SCF was granted a
Trustee waiver in February 2010 to allow it time to recapitalize.
Unfortunately, the Company's Directors have advised us that they
have not been successful with respect to a recapitalization and
requested us to appoint a receiver. At this point we, as Trustee,
agree that it is the best interests of debenture, deposit and bond
holders to do that," said Yogesh Mody, Southern Regional Manager
for Trustees Executors Limited.
The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16.93 -8.23
ARASOR INTERNATI ARR 19.21 -26.51
AUSTAR UNITED AUN 502.05 -284.60
AUSTRAILIAN Z-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.39 -13.42
BCD RESOURCES OP BCO 22.09 -61.19
BCD RESOURCES-PP BCOCC 22.09 -61.19
BIRON APPAREL LT BIC 19.71 -2.22
CENTRO PROPERTIE CNP 14,253.26 -825.84
CHALLENGER INF-A CIF 2,161.41 -339.11
CHEMEQ LTD CMQ 25.19 -24.25
ELLECT HOLDINGS EHG 18.25 -15.49
HEALTH CORP LTD HEA 13.85 -0.97
HYRO LTD HYO 11.81 -5.15
IVANHOE AUST LTD IVA 49.44 -6.51
JAMES HARDIE-CDI JHX 2,132.00 -26.70
JAMES HARDIE NV JHXCC 2,132.00 -26.70
MAC COMM INFR-CD MCGCD 8,104.42 -103.34
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 12.37 -24.99
POWERLAN LTD PWR 30.84 -5.94
SCIGEN LTD-CUFS SIE 69.94 -29.79
SHELL VILLAGES A SVC 13.47 -1.66
TAKORADI LTD TKG 13.99 -0.41
VERTICON GROUP VGP 10.08 -29.12
CHINA
BAOCHENG INVESTM 600892 22.47 -3.17
CHANGAN INFO-A 600706 20.37 -7.96
CHENGDE DALU -B 200160 26.84 -6.15
CHENGDU UNION-A 693 39.91 -14.85
CHINA KEJIAN-A 35 85.26 -186.04
DATONG CEMENT-A 673 20.42 -2.75
DONGGUAN FANGD-A 600656 22.37 -60.70
DONGXIN ELECTR-A 600691 13.31 -20.95
GUANGDONG ORIE-A 600988 11.79 -7.36
GUANGMING GRP -A 587 46.84 -39.50
GUANGXIA YINCH-A 557 30.00 -31.75
HEBEI BAOSHUO -A 600155 114.87 -390.50
HEBEI JINNIU C-A 600722 231.07 -236.93
HUASU HOLDINGS-A 509 81.80 -4.82
HUNAN ANPLAS CO 156 39.16 -65.29
JIANGSU CHINES-A 805 12.46 -12.21
JINCHENG PAPER-A 820 255.17 -31.31
JINHUA GROUP-A 818 334.60 -45.66
LIAOYUAN DEHENG 600699 120.45 -31.43
MUDAN AUTOMOBI-H 8188 36.26 -0.61
NINGBO YIDONG-H 8249 43.21 -33.74
QINGHAI SUNSHI-A 600381 108.89 -24.71
SHAANXI QINLIN-A 600217 233.75 -37.00
SHANG BROAD-A 600608 69.72 -20.98
SHANG HONGSHENG 600817 15.37 -460.74
SHANGHAI WORLDBE 600757 154.83 -257.96
SHENZ CHINA BI-A 17 24.86 -272.59
SHENZ CHINA BI-B 200017 24.86 -272.59
SHENZHEN DAWNC-A 863 26.90 -151.27
SHENZHEN KONDA-A 48 116.05 -0.97
SHENZHEN SHENX-A 34 21.92 -118.85
SHENZHEN ZERO-A 7 51.44 -6.96
SHIJIAZHUANG D-A 958 216.46 -76.14
SICHUAN DIRECT-A 757 103.56 -138.84
SICHUAN GOLDEN 600678 233.64 -37.42
TAIYUAN TIANLO-A 600234 52.47 -27.08
TIANJIN MARINE 600751 78.09 -63.86
TIANJIN MARINE-B 900938 78.09 -63.86
TIBET SUMMIT I-A 600338 83.10 -1.66
TOPSUN SCIENCE-A 600771 155.93 -158.88
WINOWNER GROUP C 600681 11.13 -72.07
WUHAN BOILER-B 200770 269.09 -143.61
WUHAN GUOYAO-A 600421 11.02 -24.12
XIAMEN OVERSEA-A 600870 338.03 -139.08
XINHUA FINANCE 9399 35.80 -1.17
YANBIAN SHIXIA-A 600462 208.72 -14.53
YIBIN PAPER IN-A 600793 111.63 -0.13
YUEYANG HENGLI-A 622 36.02 -16.09
YUNNAN MALONG-A 600792 122.13 -50.67
ZHANGJIAJIE TO-A 430 45.95 -4.59
ZHONGCHANG MAR-A 600242 20.42 -1.12
HONG KONG
ASIA TELEMEDIA L 376 16.62 -5.37
ASIAN CAPITAL RE 8025 21.97 -0.68
BUILDMORE INTL 108 13.08 -43.45
CHINA HEALTHCARE 673 37.98 -2.81
CMMB VISION HOLD 471 41.31 -5.11
COSMO INTL 1000 2930 83.67 -25.33
COSMO INTL 1000 120 83.67 -25.33
CROSBY CAPITAL 8088 13.84 -14.46
EGANAGOLDPFEIL 48 557.89 -132.86
FULBOND HLDGS 1041 54.53 -24.07
HAO WEN HOLDINGS 8019 22.57 -0.46
IMAGI INTERNATIO 585 11.29 -21.23
JIAN EPAYMENT 8165 14.66 -1.12
MELCOLOT LTD 8198 63.25 -34.53
MITSUMARU EAST K 2358 21.23 -9.04
NEW CITY CHINA 456 112.20 -14.59
NGAI LIK INDL 332 21.16 -3.64
PAC PLYWOOD 767 68.66 -12.31
PALADIN LTD 495 155.31 -10.91
PCCW LTD 8 5,350.25 -416.24
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 25.07 -39.10
TACK HSIN HLDG 611 27.01 -62.70
TLT LOTTOTAINMEN 8022 25.21 -8.78
TONIC IND HLDGS 978 56.17 -54.52
INDONESIA
ASIA PACIFIC POLY 485.05 -844.50
ERATEX DJAJA ERTX 11.30 -18.23
JAKARTA KYOEI ST JKSW 28.61 -45.23
MITRA INTERNATIO MIRA 990.92 -217.75
MITRA RAJASA-RTS MIRA-R2 990.92 -217.75
MULIA INDUSTRIND MLIA 360.87 -368.54
PANASIA FILAMENT PAFI 45.10 -8.20
PANCA WIRATAMA PWSI 30.32 -37.84
PRIMARINDO ASIA BIMA 12.22 -21.89
STEADY SAFE TBK SAFE 11.85 -5.88
SURABAYA AGUNG SAIP 265.80 -83.61
UNITEX TBK UNTX 16.09 -16.28
INDIA
ALCOBEX METALS AML 16.59 -21.47
ARTSON ENGR ART 15.63 -1.61
ASHIMA LTD ASHM 63.65 -55.81
ATV PROJECTS ATV 60.46 -55.04
BALAJI DISTILLER BLD 66.32 -25.40
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
CAMBRIDGE SOLUTI CAMB 156.75 -46.79
CFL CAPITAL FIN CEATF 15.35 -46.89
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 16.06 -9.47
DIGJAM LTD DGJM 98.77 -14.62
DISH TV INDIA DITV 422.08 -127.61
DUNCANS INDUS DAI 133.65 -205.38
GANESH BENZOPLST GBP 43.99 -24.57
GEM SPINNERS LTD GEMS 15.23 -0.11
GLOBAL BOARDS GLB 14.98 -7.51
GSL INDIA LTD GSL 37.04 -42.34
GSL NOVA PETROCH GSLN 44.39 -0.93
GUJARAT SIDHEE GSCL 59.44 -0.66
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 102.05 -10.24
HFCL INFOTEL LTD HFCL 173.52 -101.57
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 68.94 -1,147.18
HINDUSTAN SYNTEX HSYN 14.15 -3.66
HMT LTD HMT 142.67 -386.80
ICDS ICDS 13.30 -6.17
INDIA FOILS LTD IF 54.77 -2.70
INTEGRAT FINANCE IFC 45.56 -43.27
ITI LTD ITI 1,116.21 -0.80
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 17.91 -84.78
JIK INDUS LTD KFS 20.63 -5.62
JK SYNTHETICS JKS 13.51 -3.03
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 37.45 -45.90
KERALA AYURVEDA KRAP 13.99 -1.18
KINGFISHER AIR KAIR 1,781.30 -861.06
LLOYDS FINANCE LYDF 23.77 -10.87
LLOYDS STEEL IND LYDS 415.66 -63.93
MAHA RASHTRA APE MHAC 24.13 -14.27
MILLENNIUM BEER MLB 36.39 -3.20
MILTON PLASTICS MILT 18.31 -40.44
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 49.04 -4.95
ORIENT PRESS LTD OP 16.70 -0.09
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 111.97 -317.11
PAREKH PLATINUM PKPL 61.08 -88.85
PEACOCK INDS LTD PCOK 11.40 -14.40
PIRAMAL LIFE SC PLSL 45.82 -32.69
POLAR INDS LTD PLI 11.61 -22.28
RAMA PHOSPHATES RMPH 34.07 -1.19
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIGARE TECHNOV RTCL 44.13 -1.46
REMI METALS GUJA RMM 102.64 -5.29
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 20.62 -20.95
SCOOTERS INDIA SCTR 13.29 -0.58
SHALIMAR WIRES SWRI 24.49 -49.90
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 44.50 -2.89
SHREE RAMA MULTI SRMT 63.73 -52.93
SIDDHARTHA TUBES SDT 70.93 -12.09
SIL BUSINESS ENT SILB 12.46 -19.96
SOUTHERN PETROCH SPET 1,584.27 -4.80
SPICEJET LTD SJET 220.03 -76.12
STERLING HOL RES SLHR 52.91 -0.63
STI INDIA LTD STIB 28.05 -8.04
TAMILNADU TELE TNT 12.82 -5.15
TATA TELESERVICE TTLS 1,069.83 -154.99
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.39 -8.90
TUTICORIN ALKALI TACF 14.15 -11.20
UNIFLEX CABLES UFC 45.05 -0.90
UNIFLEX CABLES UFCZ 45.05 -0.90
UNIWORTH LTD WW 145.71 -114.87
USHA INDIA LTD USHA 12.06 -54.51
VENTURA TEXTILES VRTL 14.25 -0.33
WINDSOR MACHINES WML 14.50 -28.14
WIRE AND WIRELES WNW 115.34 -34.49
JAPAN
DAIWASYSTEM CO 8939 607.68 -259.76
DPG HOLDINGS INC 3781 11.77 -3.99
HARAKOSAN CO 8894 225.69 -62.68
JIPANGU HOLDINGS 2684 15.05 -8.38
KNT 9726 1,058.18 -13.37
L CREATE CO LTD 3247 42.34 -9.15
LCA HOLDINGS COR 4798 51.30 -2.57
NIHON INTER ELEC 6974 218.08 -50.73
PROPERST CO LTD 3236 305.90 -330.20
RAYTEX CORP 6672 41.66 -28.52
SAIKAYA CO LTD 8254 375.83 -72.59
SHINWA OX CORP 2654 41.06 -24.43
SHIOMI HOLDINGS 2414 190.97 -22.81
SUMITOMO MITSUI 1821 2,382.17 -98.97
TERRANETZ CO LTD 2140 11.63 -4.29
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
DAHUI CO LTD 55250 186.00 -1.50
DAISHIN INFO 20180 740.50 -158.45
KEYSTONE GLOBAL 12170 10.61 -0.74
KUKDONG CORP 5320 51.19 -1.39
KUMHO INDUS-PFD 2995 5,837.32 -967.28
KUMHO INDUSTRIAL 2990 5,837.32 -967.28
ORICOM INC 10470 82.65 -40.04
SAMT CO LTD 31330 200.83 -152.09
SEOUL MUTL SAVIN 16560 874.79 -34.13
TAESAN LCD CO 36210 296.83 -91.03
TONG YANG MAGIC 23020 355.15 -25.77
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
AXIS INCORPORATI AXIS 39.22 -86.70
GULA PERAK BHD GUP 91.03 -38.57
HO HUP CONSTR CO HO 68.68 -7.10
LCL CORP BHD LCL 45.27 -111.27
LIMAHSOON BHD LIMA 26.52 -1.56
LUSTER INDUSTRIE LSTI 22.97 -1.72
MEMS TECHNOLOGY MEMS 10.41 -20.77
NGIU KEE CO-BHD NKC 22.98 -0.16
OILCORP BHD OILC 91.94 -63.88
TRACOMA HOLDINGS TRAH 72.64 -6.19
NEW ZEALAND
DORCHESTER PAC DPC 77.28 -2.01
PHILIPPINES
APEX MINING 'B' APXB 45.84 -20.95
APEX MINING-A APX 45.84 -20.95
BENGUET CORP 'B' BCB 80.66 -37.36
BENGUET CORP-A BC 80.66 -37.36
CYBER BAY CORP CYBR 13.30 -83.83
EAST ASIA POWER PWR 42.01 -159.00
FIL ESTATE CORP FC 38.38 -13.37
FILSYN CORP A FYN 22.72 -10.89
FILSYN CORP. B FYNB 22.72 -10.89
GOTESCO LAND-A GO 18.68 -10.86
GOTESCO LAND-B GOB 18.68 -10.86
MRC ALLIED INC MRC 13.26 -5.43
PICOP RESOURCES PCP 105.66 -23.33
PRIME ORION PHIL POPI 90.35 -5.12
STENIEL MFG STN 22.11 -13.42
UNIVERSAL RIGHTF UP 45.12 -13.48
UNIWIDE HOLDINGS UW 52.80 -56.18
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA SP Equit 14.49 -12.12
ADVANCE SCT LTD ASCT SP Equi 16.05 -43.84
HL GLOBAL ENTERP HLGE SP Equi 93.41 -11.84
JURONG TECH IND JTL SP Equit 98.76 -227.28
LINDETEVES-JACOB LJ SP Equity 135.79 -90.16
SUNMOON FOOD COM SMOON SP Equ 14.19 -14.22
TT INTERNATIONAL TTI SP Equit 256.51 -50.62
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 95.77 -72.05
BANGKOK RUBBER-F BRC/F 95.77 -72.05
BANGKOK RUB-NVDR BRC-R 95.77 -72.05
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
GRANDE ASSE-NVDR GRAND-R 206.18 -3.80
GRANDE ASSET H-F GRAND/F 206.18 -3.80
GRANDE ASSET HOT GRAND 206.18 -3.80
ITV PCL ITV 34.83 -100.25
ITV PCL-FOREIGN ITV/F 34.83 -100.25
ITV PCL-NVDR ITV-R 34.83 -100.25
K-TECH CONSTRUCT KTECH/F 39.74 -33.07
K-TECH CONSTRUCT KTECH 39.74 -33.07
K-TECH CONTRU-R KTECH-R 39.74 -33.07
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORPORATI PICNI 162.04 -79.86
PICNIC CORPORATI PICNI-R 162.04 -79.86
PICNIC CORPORATI PICNI/F 162.04 -79.86
PONGSAAP PCL PSAAP/F 23.00 -9.14
PONGSAAP PCL PSAAP 23.00 -9.14
PONGSAAP PCL-NVD PSAAP-R 23.00 -9.14
SAHAMITR PRESS-F SMPC/F 21.99 -4.01
SAHAMITR PRESSUR SMPC 21.99 -4.01
SAHAMITR PR-NVDR SMPC-R 21.99 -4.01
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
THAI-GERMAN PR-F TGPRO/F 53.47 -4.49
THAI-GERMAN PRO TGPRO 53.47 -4.49
THAI-GERMAN-NVDR TGPRO-R 53.47 -4.49
TRANG SEAFOOD TRS 13.34 -4.01
TRANG SEAFOOD-F TRS/F 13.34 -4.01
TRANG SFD-NVDR TRS-R 13.34 -4.01
UNIVERSAL S-NVDR USC-R 114.26 -20.53
UNIVERSAL STARCH USC 114.26 -20.53
UNIVERSAL STAR-F USC/F 114.26 -20.53
TAIWAN
CHIEN TAI CEMENT 1107 202.42 -33.40
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
PRODISC TECH 2396 253.76 -36.04
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
VERTEX PREC-ENTL 5318T 42.86 -0.71
VERTEX PRECISION 5318 42.86 -0.71
*********
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 ***