/raid1/www/Hosts/bankrupt/TCRAP_Public/101022.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 22, 2010, Vol. 13, No. 209
Headlines
C H I N A
CHINA VOICE: To File U.S. Annual Report Late; Flint Blamed
CHINA YOUTH: Posts US$543,900 Net Loss in June 30 Quarter
GLORIOUS PROPERTY: S&P Assigns 'B' Rating to $300 Mil. Notes
GUANGZHOU GLOBAL: June 30 Balance Sheet Upside-Down by US$3.5MM
H O N G K O N G
AMERICAN POWER: Members' Final Meeting Set for November 19
ASIAN AREA: Members and Creditors' Meetings Set for November 16
BEST THOUGHT: Final General Meeting Set for November 13
CADILY JEWELRY: Chow Kwen Lim Steps Down as Liquidator
CAPITALAND (HK): Creditors' Proofs of Debt Due November 19
CHAMPION PROJECTS: Placed Under Voluntary Wind-Up Proceedings
CHEUNG FUNG: Tang and Wong Step Down as Liquidators
CHEYNE CAPITAL: Chan and Ying Step Down as Liquidators
COTCO INTERNATIONAL: Creditors' Proofs of Debt Due November 16
CRYSTALRAY HOLDINGS: Chan and Chow Step Down as Liquidators
CUHK GLOBAL: Members' Final Meeting Set for November 15
DAVOR POWER: Members' Final General Meeting Set for November 17
FAST MOMENT: Creditors' Meeting Set for October 28
FOREVER STEP: Creditors' Proofs of Debt Due November 5
GARDEN PACIFIC: Members and Creditors' Meetings Set for Nov. 24
GLOBAL STEP: Final General Meeting Set for November 13
HENCY FINANCE: Commences Wind-Up Proceedings
HIH MANAGEMENT: Members and Creditors' Meetings Set for Nov. 16
HIH UNDERWRITING: Members and Creditors' Meetings Set for Nov. 16
HK GATEWAY: Commences Wind-Up Proceedings
I N D I A
A-ONE INDUSTRIES: Fitch Assigns 'BB' National Long-Term Rating
ARIAN BREWERIES: CRISIL Assigns 'D' Rating to INR180MM Term Loan
BHARAT CHEMICAL: CRISIL Puts 'BB-' Rating on INR55MM Cash Credit
CTRL S: Fitch Assigns 'BB-' National Long-Term Rating
ELKAY CHEMICALS: CRISIL Puts 'B+' Rating on INR62.5MM Cash Credit
GLAZETECH INDUSTRIES: CRISIL Assigns 'B+' Rating to INR40MM Loan
GODAVARI FOUNDATION: CARE Rates LT Bank Facilities at 'CARE BB'
JAI HIND: CRISIL Places 'B+' Rating on INR20.9 Million LT Loan
KHATUSHYAM PROCESSORS: ICRA Assigns 'LBB-' Rating to INR9.1cr Loan
LAMBODHARA TEXTILES: Fitch Affirms 'BB' National Long-Term Rating
MALLUR SIDDESWARA: CRISIL Assigns 'B+' Rating to INR93.7MM Loan
SHREE KRISHNA STEELS: CRISIL Reaffirms 'BB+' Rating on INR60M Debt
SRI AMBAL: ICRA Assigns 'LBB' Rating to INR5cr Term Loan
SRINIVASA GAYITHRI: CRISIL Reaffirms 'B+' Rating on INR527.5M Loan
SURYASUMAN SPINNING: CRISIL Reaffirms 'D' Rating on INR86.1MM Loan
VAS ELECTRONICS: CRISIL Reaffirms 'BB' Ratings on Bank Debts
J A P A N
FORD MOTOR: Mazda Says Ford Partnership Remains Unchanged
JAPAN AIRLINES: Hikes Capital Request From State-Backed Fund
TAKEFUJI CORP: Credit Default Swaps Auction Set for Oct. 28
TCB HOLDINGS: Files For Bankruptcy; Has Debts of JPY258 Million
M A L A Y S I A
KENMARK INDUSTRIAL: Shareholder Opposes Wind-Up Order
HAISAN RESOURCES: Capone Demands Payment of MYR40 Million Loan
VTI VINTAGE: KTS Trading Demands Payment of MYR72,897 Judgment
N E W Z E A L A N D
ALLIED FARMERS: Repays Westpac & Restructures Related Party Debt
ALLIED NATIONWIDE: No Payout for Bond Holders, Receivers Say
GRAVITAS WINE: Delegat's Wine Estate Acquires Vineyard
TERRA VITAE: Expects to Post Third Annual Loss Next Year
P H I L I P P I N E S
PHILIPPINE NATIONAL: S&P Raises Counterparty Credit Rating to 'B'
T H A I L A N D
PATKOL PUBLIC: Court to Hear Reorganizing Plan on November 1
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=========
C H I N A
=========
CHINA VOICE: To File U.S. Annual Report Late; Flint Blamed
----------------------------------------------------------
On September 28, 2010, China Voice Holding Corporation filed a
notification of late filing on Form 12b-25, reporting that it is
unable to complete and file its Form 10-K annual report for the
year ended June 30, 2010, within the time prescribed by the rules
of the U.S. Securities and Exchange Commission. China Voice
stated in the Form 12b-25 that the delay was due to the inability
to complete the audit of its financial statements for the year
then ended.
In a regulatory filing dated October 13, 2010, China Voice
discloses that it will not be able to complete the audit of the
June 30, 2010 financial statements in time to file the Form 10-K
within the 15-day extension period provided under Rule 12b-25 of
the Securities Exchange Act of 1934. The inability to complete
the audit is due mainly to the unavailability of financial
information from Flint Telecom Group, Inc., the results of which
are included in China Voice's financial statements under the
equity method. In a Form 12b-25 filed by Flint on September 28,
2010, Flint reported that "the Registrant's [Flint's] annual
report on Form 10-K for the year ended June 30, 2010, could not be
filed within the prescribed time period because the Registrant,
which has a small accounting staff, has devoted substantial time
and effort to recent business matters affecting the Registrant,
including the discontinuation and disposition of certain
operations. As a result, the Registrant has not yet been able to
finalize the annual report for the year ended June 30, 2010."
China Voice intends to file the Form 10-K when it is able to
obtain the necessary financial information from Flint and complete
the work necessary to obtain an audit.
As of March 31, 2010, the Company's investment in Flint
represented 25.2% of the ownership of Flint. Flint is a U.S.
telecommunications technology and services company which is traded
on the OTC BB market under the symbol FLTT.
About China Voice
Based in Boca Raton, Fla., China Voice Holding Corp. --
http://www.chvc.com/-- is a U.S. publicly-traded holding company
with a portfolio of next-generation communications products and
services doing business in the People's Republic of China, where
the Company has obtained full legal status as a licensed Chinese
telecommunications company. Through its subsidiaries, the Company
provides Voice over Internet Protocol telephone services, office
automation, wireless broadband, unified messaging, video
conferencing, mobility services and other advanced voice and data
services. CHVC's focus is on providing its innovative and
patented voice and data solutions to government agencies and large
enterprises in China.
The Company's balance sheet as of March 31, 2010, showed
$17.39 million in total assets, $7.15 million in total
liabilities, and stockholders' equity of $10.24 million.
* * *
As reported in the Troubled Company Reporter on November 6, 2009,
Jimmy C.H. Cheung & Co, in Hong Kong, expressed substantial doubt
about China Voice Holding Corp. and subsidiaries' ability to
continue as a going concern, following the Company's results for
the fiscal year ended June 30, 2009. The independent auditors
noted of the Company's net losses and accumulated deficits during
the past two fiscal years.
CHINA YOUTH: Posts US$543,900 Net Loss in June 30 Quarter
---------------------------------------------------------
China Youth Media, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$543,858 on US$40,301 of revenue for the
three months ended June 30, 2010, compared with a net loss of
US$1.95 million on US$0 revenue for the same period last year.
The decrease in the net loss recorded for the three months ended
June 30, 2010, as compared to the three months ended June 30,
2009, is primarily attributed to the Company's recent substantial
reduction in its operations.
In addition, the Company has terminated various employees in its
subsidiary, Youth Media (Beijing) Limited ("YMBJ"). "While we are
trying to maintain limited operations, no assurance can be made
that we will be able to continue our business operations for more
than a limited period of time, including but not limited to
maintaining our ITVN media portal called Koobee. Because of these
recent developments, we may be forced to further scale down or
possibly cease all business operations, as a result of which
investors could lose their investment."
At June 30, 2010, the Company had an accumulated deficit of
US$21.76 million and a working capital deficit of US$1.18 million.
The Company's balance sheet at June 30, 2010, showed US$4.51
million in total assets, US$3.85 million in total liabilities, and
stockholders' equity of US$655,172.
Tarvaran Askelson & Company, LLP, in Laguna Niguel, Calif.,
expressed substantial doubt about the Company's ability to
continue as a going concern, following the Company's 2009 results.
The independent auditors noted that the Company has incurred
significant losses.
A full-text copy of the Form 10-Q is available for free at:
http://researcharchives.com/t/s?6cb5
About China Youth
Headquartered in Marina Del Rey, Calif., China Youth Media, Inc.
(OTC BB: CHYU) -- http://www.chinayouthmedia.com/-- is a China
focused youth marketing and media company whose business is to
provide advertisers and corporations with direct and centralized
access to China's massive but difficult to reach student
population. The cornerstone of the Company's China youth
marketing strategy is Koobee, a large scale, advertising supported
Intranet Television Network (ITVN) media portal that is initially
targeting China's campus-based college students, estimated to
total more than 30 million young people.
GLORIOUS PROPERTY: S&P Assigns 'B' Rating to $300 Mil. Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' issue rating
to Glorious Property Holdings Ltd.'s (B+/Stable/--) US$300 million
senior unsecured notes due 2015.
The issue rating is one notch lower than the long-term corporate
credit rating because offshore noteholders would be materially
disadvantaged, compared with onshore creditors, in the event of
default. S&P anticipates Glorious' ratio of priority debt to
total assets will continue to be above S&P's threshold of 15% for
speculative-grade credits.
The rating on Glorious reflects the company's rapid expansion
plan, large committed capital expenditure, and limited track
record of large-scale operations. These weaknesses are tempered
by the company's established presence in Shanghai and its
improving geographic reach.
Glorious' contract sales of RMB5.8 billion in the nine months to
September 2010 were weaker than S&P's expectation. However, S&P
expects sales to accelerate in the last quarter and the full-year
sales to reach about RMB12 billion, given more projects will be
launched. In S&P's view, the company's property sales may face
challenges in the next one year due to the market uncertainty
following government policy tightening. Nevertheless, Glorious'
flexible pricing strategy and low land cost provide some support
to its sales performance and profitability.
In S&P's view, Glorious' liquidity is adequate in the next 12 to
18 months. Although the company has a hefty land premium due this
year and RMB5.6 billion of debts due in 2011, its recent RMB1.67
billion funding through an onshore trust scheme and the note
issuance should alleviate its liquidity pressure to some degree.
In S&P's view, Glorious' liquidity is highly sensitive to its
sales performance due to its large committed obligations.
Glorious' total adjusted debt has increased significantly and S&P
expects its debt level to rise further in the second half of 2010
due to funding needs for a large outstanding land premium payment
and construction spending. However, following its IPO equity
funding in 2009 and its expanded revenue base, S&P expects the
company's credit metrics will remain appropriate for the 'B+'
corporate credit rating in the next one to two years. S&P
anticipates its adjusted-debt-to-EBITDA ratio to rise to about
4.0x by the end of 2010 from 3.0x on Dec. 31, 2009.
GUANGZHOU GLOBAL: June 30 Balance Sheet Upside-Down by US$3.5MM
---------------------------------------------------------------
Guangzhou Global Telecom, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of US$1.25 million on US$9.19 million
of revenue during the three months ended June 30, 2009, as
compared to a net loss of US$88,042 on US$3.80 million of revenue
during the same period last year.
The Company's SG&A expenses were US$1.47 million during the three
months ended June 30, 2010, as compared to US$130,717 during the
same period of 2009.
The Company's balance sheet at June 30, 2010, showed US$1.83
million in total assets, US$5.38 million in total liabilities, and
a stockholders' deficit of US$3.55 million.
As of June 30, 2010, the Company has an accumulated deficit of
US$6.53 million, has difficulty paying the PRC government Value
Added Tax, and, as of July 30, 2010, has not paid the sum of
US$1.30 million owed to the holders of its convertible debentures
pursuant to a settlement agreement.
A full-text copy of the Form 10-Q is available for free at:
http://researcharchives.com/t/s?6cb1
About Guangzhou Global
Tallahassee, Fl.-based Guangzhou Global Telecom, Inc., was
incorporated as Avalon Development Enterprises, Inc., on March 29,
1999, under the laws of the State of Florida. The Company,
through its subsidiaries, is now principally engaged in the
distribution and trading of rechargeable phone cards, cellular
phones and accessories within cities in the People's Republic of
China.
================
H O N G K O N G
================
AMERICAN POWER: Members' Final Meeting Set for November 19
----------------------------------------------------------
Members of American Power Conversion Hong Kong Limited will hold
their final general meeting on November 19, 2010, at 11:30 a.m.,
at 12/F., 3 Lockhart Road, Wanchai, in Hong Kong.
At the meeting, Li Sze Kuen Billy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
ASIAN AREA: Members and Creditors' Meetings Set for November 16
---------------------------------------------------------------
Members and creditors of Asian Area Reinsurance Company Limited
will hold their final meetings on November 16, 2010, at 10:00
a.m., and 10:15 a.m., respectively at 20th floor, Prince's
Building, Central, in Hong Kong.
At the meeting, Jan G W Blaauw, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
BEST THOUGHT: Final General Meeting Set for November 13
-------------------------------------------------------
Members and creditors of Best Thought Entertainment Ltd will hold
their final general meetings on November 13, 2010, at 9:00 a.m.,
and 9:15 a.m., respectively at Room 1701, 17/F., Fortune
Commercial Building, 362 Sha Tsui Road, Tsuen Wan, New
Territories, in Hong Kong.
At the meeting, Chan Chung Mo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
CADILY JEWELRY: Chow Kwen Lim Steps Down as Liquidator
------------------------------------------------------
Chow Kwen Lim stepped down as liquidator of Cadily Jewelry (Hong
Kong) Company Limited on October 15, 2010.
CAPITALAND (HK): Creditors' Proofs of Debt Due November 19
----------------------------------------------------------
Creditors of Capitaland (HK) Investment Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by November 19, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on October 4, 2010.
The company's liquidator is:
Ha Yue Fuen Henry
Unit A, 5/F., Amtel Building
144-148 Des Voeux Road
Central, Hong Kong
CHAMPION PROJECTS: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------------
At an extraordinary general meeting held on September 24, 2010,
creditors of Champion Projects Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Chung Cheuk Ming
Rooms 1214-1215, 12/F
Tower A, New Mandarin Plaza
14 Science Museum Road
Tsimshatsui East
Kowloon, Hong Kong
CHEUNG FUNG: Tang and Wong Step Down as Liquidators
---------------------------------------------------
Alan C W Tang and Wong Kwok Man stepped down as liquidators of
Cheung Fung Technology (Holdings) Limited on October 5, 2010.
CHEYNE CAPITAL: Chan and Ying Step Down as Liquidators
------------------------------------------------------
Ms. Chan Mi Har and Mr. Ying Hing Chiu stepped down as liquidators
of Cheyne Capital Management (HK) Limited on October 9, 2010.
COTCO INTERNATIONAL: Creditors' Proofs of Debt Due November 16
--------------------------------------------------------------
Creditors of Cotco International Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by November 16, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on October 5, 2010.
The company's liquidator is:
Leung Kwong Kin
Rooms 1008-1012, 10/F
K. Wah Centre, 191 Java Road
North Point, Hong Kong
CRYSTALRAY HOLDINGS: Chan and Chow Step Down as Liquidators
-----------------------------------------------------------
Chan Shu Kin and Chow Chi Tong stepped down as liquidators of
Crystalray Holdings Limited on October 15, 2010.
CUHK GLOBAL: Members' Final Meeting Set for November 15
-------------------------------------------------------
Members of The Cuhk Global Business Alumni Association Limited
will hold their final general meeting on November 15, 2010, at
10:00 a.m., at its registered office.
At the meeting, Tsang Wai Kat, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
DAVOR POWER: Members' Final General Meeting Set for November 17
---------------------------------------------------------------
Members of Davor Power Trade Hong Kong Limited will hold their
final general meeting on November 17, 2010, at 10:00 a.m., at
Rooms 1001-1003, 10/F, Manulife Provident Funds Place, 345 Nathan
Road, in Kowloon.
At the meeting, Henry Fung and Terence Ho Yuen Wan, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
FAST MOMENT: Creditors' Meeting Set for October 28
--------------------------------------------------
Creditors of Fast Moment Limited will hold their meeting on
October 28, 2010, at 11:00 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.
The meeting will be held at 5th Floor, Ho Lee commercial Building,
38-44 D'Aguilar Street, Central, in Hong Kong.
FOREVER STEP: Creditors' Proofs of Debt Due November 5
------------------------------------------------------
Creditors of Forever Step Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Nov. 5,
2010, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on October 4, 2010.
The company's liquidator is:
Lau Chung Sun
Unit 901, 9th Floor Omega Plaza
32 Dundas Street, Kowloon
Hong Kong
GARDEN PACIFIC: Members and Creditors' Meetings Set for Nov. 24
---------------------------------------------------------------
Members and creditors of Garden Pacific Company Limited will hold
their final meetings on November 24, 2010, at 10:00 a.m., and
10:30 a.m., respectively at 5th Floor, Ho Lee Commercial Building,
38-44 D'Aguilar Street, Central, in Hong Kong.
At the meeting, Yuen Tsz Chun Frank, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
GLOBAL STEP: Final General Meeting Set for November 13
------------------------------------------------------
Members and creditors of Global Step Ltd will hold their final
general meetings on November 13, 2010, at 9:45 a.m., and 10:00
a.m., respectively at Room 1701, 17/F., Fortune Commercial
Building, 362 Sha Tsui Road, Tsuen Wan, New Territories, in Hong
Kong.
At the meeting, Chan Chung Mo, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
HENCY FINANCE: Commences Wind-Up Proceedings
--------------------------------------------
Members of Hency Finance Limited, on October 8, 2010, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Mr. Lee King Yue
72/F., Two International Finance Centre
8 Finance Street
Central, Hong Kong
HIH MANAGEMENT: Members and Creditors' Meetings Set for Nov. 16
---------------------------------------------------------------
Members and creditors of HIH Management (Asia) Limited will hold
their final meetings on November 16, 2010, at 9:30 a.m., and 9:45
a.m., respectively at 20th Floor, Prince's building, Central, in
Hong Kong.
At the meeting, Jan G W Blaauw, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
HIH UNDERWRITING: Members and Creditors' Meetings Set for Nov. 16
-----------------------------------------------------------------
Members and creditors of HIH Underwriting Services (Asia) Limited
will hold their final meetings on November 16, 2010, at 10:30
a.m., and 11:00 a.m., respectively at 20th floor, Prince's
Building, Central, in Hong Kong.
At the meeting, Jan G W Blaauw, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
HK GATEWAY: Commences Wind-Up Proceedings
-----------------------------------------
Members of HK Gateway Limited, on October 5, 2010, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Victor Robert Lew
22nd Floor, Tai Yau building
181 Johnston Road
Wanchai, Hong Kong
=========
I N D I A
=========
A-ONE INDUSTRIES: Fitch Assigns 'BB' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's A-One Industries a National
Long-term rating of 'BB(ind)'. The Outlook is Stable. The agency
has also assigned a 'BB(ind)'/'F4(ind)' rating to A-One's INR12.5m
fund-based working capital limits and an 'F4(ind)' rating to its
INR40m non-fund based limits.
A-One's ratings reflect the established track record of its
partners in pre-engineering building construction business and its
high profitability as demonstrated by its EBITDA margins which
have remained above 25% over the last two years (FY09 & FY10).
The higher profitability stems from the fiscal benefits enjoyed by
the firm in the state of Uttarakhand. A-One reported a low
financial leverage (net debt/operating EBITDAR) of 0.45x and
comfortable interest coverage of 16.9x in FY10 due to low-debt
levels, as it pre-paid a significant portion of long-term secured
bank debt from internal accruals.
However, the ratings are constrained by A-One's small size of
operations and low entry barriers in the PEB business as well as
high customer concentration risks; 39% of its total revenues are
generated from its top two customers. Furthermore, the agency
notes A-One's high working capital intensive nature of business as
the company is required to maintain high inventory levels due to a
lack of back-to-back contracts and its high reliance on regular
off-takes from retail clients, which exposes it to inventory
risks.
Negative rating triggers include a greater-than-expected
deterioration in A-One's profitability levels, a lengthening of
its working capital cycle and/or any unplanned debt-led capex
plans, which would increase its financial leverage.
A-One is a partnership firm involved in the manufacturing of metal
roofing and wall cladding systems. It started its commercial
operations in 2008 and owns a manufacturing facility at SIDCUL,
Haridwar. As per FY10 provisional figures, A-One reported
revenues of INR156.6m (FY09: INR146.1m), EBITDA margins of 25.6%
(FY09: 29.6%) and a net income of INR37.7m (FY09: INR34.2m).
ARIAN BREWERIES: CRISIL Assigns 'D' Rating to INR180MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to Arian Breweries and
Distilleries Ltd's term loan facility.
Facilities Ratings
---------- -------
INR180.00 Million Term Loan D (Assigned)
The rating reflects delay by ABDL in servicing its interest
obligations on term loan; the delay has been caused by ABDL's weak
liquidity.
ABDL is exposed to risks associated with implementation of its
ongoing greenfield project and is also susceptible to adverse
regulatory changes. However, once operational, ABDL is expected
to benefit from the proximity of its plant to Haryana and Delhi
and from steady supply of raw materials.
About Arian Breweries
ABDL is setting up a brewery plant in Bhiwadi (Rajasthan).
Initially, the project will have the capacity to manufacture
250,000 hectolitres (HL) of beer per annum. Of the total initial
capacity, 200,000 HL will be on orders from multi-national
corporations and 50,000 HL will be for the company's in-house
brands. The plant is strategically located, with three states
(Rajasthan, Haryana, and Delhi) accessible within a radius of 50
kilometres.
BHARAT CHEMICAL: CRISIL Puts 'BB-' Rating on INR55MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Bharat
Chemical and Paints Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR55 Million Cash Credit BB-/Stable (Assigned)
INR5 Million Standby Line of BB-/Stable (Assigned)
Credit
INR30 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Bharat's large working capital requirements
and weak financial risk profile, marked by small net worth, high
gearing, average debt protection metrics. These rating weaknesses
are partially offset by experience of Bharat's promoters in the
execution of contracts for industrial painting.
Outlook: Stable
CRISIL believes that Bharat will continue to benefit from its
established relationships with customers and its promoters'
experience in the industrial paint segment over the medium term.
The outlook may be revised to 'Positive' if the company's topline
and profitability increase substantially, or if it's net worth
increases, on the back of equity infusion by its promoters.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability declines, or if it undertakes a large,
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.
About Bharat Chemical
Bharat (formerly, Bharat Chemicals and Paints) was set up in
Haldia (West Bengal) as a partnership firm by Mr. Goldar in 1976.
The firm was reconstituted as a private limited company in May
2010. Bharat is in to contracts of industrial paints and civil and
mechanical works businesses. The company undertakes industrial
painting contracts based on tenders. Industrial painting contracts
include painting the outer walls of refineries, structures, and
pipelines at industrial sites. Bharat is also into civil works,
such as warehouse buildings and road works, which contribute
around 20 per cent to the company's revenues.
Bharat reported a profit after tax (PAT) of INR4.1 million on net
sales of INR228.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR3.0 million on net sales
of INR197.4 million for 2008-09.
CTRL S: Fitch Assigns 'BB-' National Long-Term Rating
-----------------------------------------------------
Fitch Ratings has assigned India's Ctrl S Datacenters Limited
(Ctrl S) a National Long-term Rating of 'BB-(ind)'. The Outlook
is Stable. The agency has also assigned 'BB-(ind)' ratings to
Ctrl S' INR2,663 million term-loan facilities.
The ratings reflect the significant size of Ctrl S' INR4,362.4m
capex programme (to set up new Tier IV datacenters in Delhi,
Mumbai, Chennai and Bangalore over the next two years), in
relation to the present size and scale of operations. This large
debt-funded capex plan stretched Ctrl S' leverage (debt/EBITDA) to
very high levels during the project phase (FY10: 8.5x).
The ratings are constrained due to concerns about the execution
risk in the project and the source of additional equity for the
ongoing capex. The ability of the company to lease the newly
built up space in the project in a timely manner is another
uncertainty. However, the company has the flexibility to postpone
a significant part of its capex in line with the demand for space.
The ratings factor in the fact that the land acquisition activity
in Mumbai and Delhi has been completed, and construction has begun
in Mumbai. The national project is expected to start operations
from January 2012, and quarterly repayments for the project are
expected to start from March 2012.
Negative rating triggers include any delay on the part of Ctrl S
in raising equity for the ongoing capex. Positive rating triggers
include achievement of expected levels of utilizations in the
national project in FY12, which would lead to a cash flow
visibility for achieving a debt service coverage ratio of above
1.5x and a debt/EBITDA of below 4x on a sustained basis.
Established in 2007, Ctrl S operates a 26,010 sq.ft capacity of
Tier IV datacenter space, located in Hyderabad. As per CtrlS'
provisional FY10 figures, it reported an operating income of
INR200.8m (FY09: INR60.2m), an operating EBITDA of INR42.8m (FY09:
INR12.75m) and a net income of INR21.5m (FY09: INR4.76m).
ELKAY CHEMICALS: CRISIL Puts 'B+' Rating on INR62.5MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Elkay Chemicals Pvt Ltd, which is part of the Elkay
group.
Facilities Ratings
---------- -------
INR62.5 Million Cash Credit Limit B+/Stable (Assigned)
INR9.0 Million Stand by Line of
Credit B+/Stable (Assigned)
INR60.0 Million Term Loan B+/Stable (Assigned)
INR18.5 Million Letter of Credit P4 (Assigned)
The ratings reflect the Elkay group's small scale of operations in
the silicone-based chemicals industry, which is dominated by a few
large multinational corporations, and its weak financial risk
profile, marked by a small net worth and below-average debt
protection metrics. These rating weaknesses are partially offset
by the industry experience of the Elkay group's promoters.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Elkay and Silicone International
Products (SIP). This is because the two entities, together
referred to as the Elkay group, have common promoters and
management, and are in similar lines of business, with strong
business and financial linkages. Elkay holds a 98 per cent stake
in SIP.
Outlook: Stable
CRISIL believes that the Elkay group will sustain its market
position in a relatively small industry, and maintain adequate
liquidity, backed by comfortable cash accruals, over the medium
term. Its scale of operations, however, will remain small over
this period. The outlook may be revised to 'Positive' in case the
group increases its scale of operations substantially, without any
significant deterioration in its gearing level. Conversely, the
outlook may be revised to 'Negative' in case of delay in ramp up
of the group's new capacity's utilization levels, or more-than-
expected debt-funded capital expenditure.
About the Group
Set up in 1986 by Mr. Annarao K Lokapur and Mr. R D Kulkarni,
Elkay manufactures specialty silicone products that have
applications in various industries; two of the major applications
of Elkay's products are for lubricants for contraceptives and to
provide shine to fabrics. The company has a facility in Bhosari
(Maharashtra) with an installed capacity of 2350 tonnes per annum.
It has undertaken a capex programme of INR90 million to set up a
new unit at Lote, in Ratnagiri (Maharashtra).
SIP manufactures non-specialty silicone-based products which find
application mainly in effluent treatment plants and in
manufacturing rubber and tyres. SIP procures processed waste
silicon from Dow Corning India Pvt Ltd (Dow Corning India) and
processes the same into commodity-like products, and sells them
back to Dow Corning India.
GLAZETECH INDUSTRIES: CRISIL Assigns 'B+' Rating to INR40MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Glazetech
Industries Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR37.5 Million Cash Credit Limit B+/Stable (Assigned)
INR40.0 Million Term Loan B+/Stable (Assigned)
INR3.0 Million Bank Guarantee P4 (Assigned)
The ratings reflect GIPL's below-average financial risk profile,
marked by average gearing, and limited cash accruals, small scale
of operations and net worth, and exposure to risks related to
intense competition in the aluminium composite panels (ACP)
industry. These rating weaknesses are partially offset by GIPL's
improving turnover and operating margin.
Outlook: Stable
CRISIL believes that GIPL will continue to improve its operating
margin, supported by improving operating efficiencies, and
increase its scale of operations, over the medium term. The
company's financial risk profile, however, is expected to remain
constrained because of large working capital requirements and slow
moving inventory. The outlook may be revised to 'Positive' if
GIPL reports higher-than-expected growth in revenues and operating
margin, leading to more-than-expected cash accruals, and improves
its working capital management. Conversely, the outlook may be
revised to 'Negative' if GIPL's revenues and margins decline
because of slowdown in its end-user industry, or its debt
protection metrics deteriorate further because of larger-than-
expected debt-funded capital expenditure.
About Glazetech Industries
GIPL, incorporated in 2005, manufactures ACP and aluminium
coloured coils. Its plant, located in Jaipur (Rajasthan), has an
installed capacity to manufacture 0.6 square meters of ACP per
month; the current utilisation level of the plant is about 25 per
cent. GIPL also has a facility to manufacture 250 tonnes of
aluminium coloured coils per month. The company manufactures ACPs
which are used in claddings on building facades, signage, and body
panels of vehicles. It sells ACPs in two brands, namely Gembond
and Oropanel.
GIPL reported a profit after tax (PAT) of INR4 million on net
sales of INR115 million for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR3 million on net
sales of INR98 million for 2007-08.
GODAVARI FOUNDATION: CARE Rates LT Bank Facilities at 'CARE BB'
---------------------------------------------------------------
CARE assigns 'CARE BB' to the long-term bank facilities of
Godavari Foundation.
Amount
Facilities (INR crore) Rating
---------- ----------- ------
Long-term Bank Facilities 43.50 'CARE BB'
Rating Rationale
The rating are constrained by weak liquidity position, deficit
reported during FY09, fairly nascent stage of operations of some
of the Institutes and competition from the more established
Engineering and Management Institutes in and around Maharashtra.
However, the rating derives strength from an experienced
Management Council, a fairly large number of Institutes offering
diverse courses, substantial increase in revenues during FY09,
well developed infrastructural facilities and increased demand for
quality technical and management education.
Ability of the foundation to attract students and experienced
faculty to its various institutes and improving its profitability
are the key rating sensitivities.
Godavari Foundation, registered under Bombay Public Trust Act,
1950 was established in the year 1993 by Dr. Ulhas Patil,
President of the Godavari Foundation & ex-member of Parliament.
The foundation runs 16 educational institutes in Jalgaon,
Maharashtra including higher education colleges and pre-primary,
primary and secondary schools with about 2,200 students enrolled
in various courses as on March 31, 2010.
During FY09, the foundation reported total revenue of INR11.73
crore with a deficit of INR2.94 crore. As per provisional FY10
results, the foundation had achieved revenue of INR18 crore with a
surplus of INR0.40 crore.
JAI HIND: CRISIL Places 'B+' Rating on INR20.9 Million LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Jai Hind
Spinning Mills Ltd's bank facilities.
Facilities Ratings
---------- -------
INR20.90 Million Long-Term Loan B+/Stable (Assigned)
INR40.00 Million Cash Credit B+/Stable (Assigned)
INR19.10 Million Letter of Credit P4 (Assigned)
The ratings reflect JHSML's small scale of operations,
geographically concentrated revenue profile, large working capital
requirements, and volatile operating margin; the ratings also
factor in the intense competition that the company faces in the
cotton yarn segment. These rating weaknesses are partially offset
by JHSML's moderate financial risk profile, marked by moderate
debt protection metrics, and its promoter's experience in the
textile industry.
Outlook: Stable
CRISIL believes that JHSML will continue to benefit from its
promoter's industry experience over the medium term. The outlook
may be revised to 'Positive' if the company receives an equity
infusion, or generates more-than-expected cash accruals as a
result of sustainable improvement in revenues and sustained
profitability. Conversely, the outlook may be revised to
'Negative' if the company delays stabilisation of operations post
expansion of its capacity, or if its financial risk profile
weakens, most likely because of sharp decline in cotton yarn
prices or larger-than-expected, debt-funded capital expenditure.
About Jai Hind
Set up in 1992 by Mr. P M Pichai Chettiar, Tamil Nadu-based JHSML
manufactures combed cotton yarn of 80s count with a licensed
spindle capacity of 25,000. The company is currently being
managed by Mr. P Muthuswamy, son of Mr. PMP Chettiar. The
promoter group also manages PMP Textile Spinning Mills Ltd and Sri
Rama Textile Spinning Mills Ltd (rated, 'B/Stable/P4' by CRISIL)
which are also engaged in cotton yarn spinning.
JHSML reported a profit after tax (PAT) of INR3 million on net
sales of INR273 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR11 million on net
sales of INR203 million for 2008-09.
KHATUSHYAM PROCESSORS: ICRA Assigns 'LBB-' Rating to INR9.1cr Loan
------------------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR9.1 crores term loan,
INR2.5 crores fund based limits and INR 0.31 crore proposed bank
limits of Khatushyam Processors (P) Limited. The outlook on the
rating is stable.
The rating factors in the established track record of KPL's
promoters in the fabric dyeing industry, stable business model due
to the company's presence in fabric dyeing on job work basis which
insulates it from price/inventory risk, and presence of group
companies in fabric trading business which ensures sustainability
of order inflow. Further, KPL's proposed backward integration
into trading of fibre is expected to provide a fillip to revenue
growth and profitability going forward. However, the rating is
constrained by intensely competitive and fragmented nature of the
industry, KPL's presence in the lower end of the fabric processing
value chain with operations presently confined to dyeing activity,
currently small scale of operations and limited track record of
operations as the company commenced operations in July 2009 .
Moreover, the rating is also constrained by the relatively high
gearing of the company and vulnerability of its revenues and cash
flows to cyclicality inherent in the
textile industry.
About Khatushyam Processors
Khatushyam Processors (P) Limited was established in 2009 and is
engaged in the business of dyeing fabric for textile players
located in Surat. The promoters of the company have long
experience in the textile industry. The company has set up a
Greenfield project of dyeing unit in Palsana, Surat with
installed capacity of dyeing 150000 meters of cloth per day.
Recent Results
The company reported an Operating Income of INR 14.14 crore and
Profit after tax of INR 0.41 crore during 9 months of operations
in FY2010. The operating margins of the company stood at 17.5%
whereas net profit margins were at 2.9%.
LAMBODHARA TEXTILES: Fitch Affirms 'BB' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed India's Lambodhara Textiles Limited's
National Long-term rating at 'BB(ind)'. The Outlook is Stable.
The agency has also taken these rating actions on LTL's bank
facilities:
-- INR130m fund-based working capital limits (enhanced from
INR100m): affirmed at 'BB(ind)'/'F4(ind)';
-- INR28m non-fund based working capital limits (enhanced from
INR7m): affirmed at 'BB(ind)'/'F4(ind)';
-- INR137.9m existing term loans: affirmed at 'BB(ind)';
-- Proposed INR32.8m term loans: assigned an expected rating of
'BB(ind)'; and
-- Proposed INR73.5m term loans: assigned an expected rating of
'BB(ind)'.
The ratings continue to reflect LTL's over 15-year operational
track record in the domestic viscose yarn and polyester yarn
markets. The ratings also reflect the strength of the company's
relationships with customers and its niche position in the market
for value-added products of fancy yarn and slub yarn.
The ratings are constrained by the relatively smaller scale of
LTL's operations and its low EBITDA margins of around 10%-11% in
FY10. The anticipated improvement in the company's margins in
FY10 did not materialize on account of the continuing power
shortage and a levy of penalty by the state electricity board
during the year. Its EBIDTA margins continue to be around 10%.
LTL's leverage (debt/EBIDTA) increased to 5.76x in FY10, but
moderated to 4.04x on an annualized basis in Q1FY11. The company
has planned an INR132.8m capex programme during FY11, which
involves an upgrade of factory infrastructure and installation of
a 1.5 MW wind mill. Although the additional debt of INR106.3m,
undertaken to fund the capex, is expected to increase the
company's debt/EBIDTA to above 4x over the medium-term, the risk
is mitigated by the fact that LTL's debt repayment schedule for
the existing and proposed term loans is well spread out (average
tenor of over 7 years and moratorium period of 18 months). Hence,
Fitch does not expect any significant stress on LTL's interest
coverage and EBIDTA debt service coverage ratio, inspite of the
significantly higher-than-anticipated leverage levels.
Negative rating triggers include a sustained decline in LTL's
EBIDTA margins, which would result in a deterioration in its
interest cover to below 2x and EBIDTA DSCR to below 1.2x. Any
cost and time overruns in the proposed capex, resulting in higher-
than-projected debt levels, would also impact the ratings
negatively. Positive rating triggers include a sustained
improvement in the company's profitability margins, which would
result in its debt/EBIDTA falling below 4x.
Coimbatore-based LTL commenced operations in 1994, after taking
over a sick industrial unit with capacity of 2,160 spindles;
current capacity is 30344 spindles. In FY10, the company reported
revenues of INR503.2m (FY09: INR472.2m), an EBIDTA of INR51.5m
(FY08: INR42.8m), a debt/EBIDTA of 5.76x and interest cover of
2.42x. As per LTL's Q1FY10 figures (provisional, unaudited), its
revenues were INR168.6m, EBIDTA was INR17.9m (10.6%) and interest
coverage was 3.09x.
MALLUR SIDDESWARA: CRISIL Assigns 'B+' Rating to INR93.7MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Mallur
Siddeswara Spinning Mills Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR93.70 Million Long Term Loan B+/Stable (Assigned)
INR100.00 Million Cash Credit B+/Stable (Assigned)
INR24.00 Million Letter of Credit P4 (Assigned)
INR5.00 Million Bank Guarantee P4 (Assigned)
The ratings reflect MSSMPL's large working capital requirements,
susceptibility of its margins to volatility in cotton prices, and
below-average financial risk profile, marked by high gearing
levels. These rating weaknesses are partially offset by the
experience of MSSMPL's promoters in the cotton yarn business, and
the company's established relationships with its customers.
Outlook: Stable
CRISIL believes that MSSMPL will continue to benefit from its
promoters' industry experience, established customer
relationships, and diversified product profile, over the medium
term. The outlook may be revised to 'Positive' if the company
increases its scale of operations and operating margin or it
improves its capital structure, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
MSSMPL undertakes any large, debt-funded capital expenditure
programme, resulting in further deterioration in its financial
risk profile.
About Mallur Siddeswara
MSSMPL, the flagship company of the Mallur group, was incorporated
in 1981. It manufactures cotton yarn in the range of 20s to 80s
counts. The company has a capacity of 17,460 spindles, and sells
cotton yarn to merchandise exporters and fabric manufacturers in
the domestic market. The Mallur group has another company,
Jayaraj Yarns (India) Pvt Ltd, which has a capacity of 3024
spindles. The group is currently managed by Mr. P R Elangkumaran,
son of the promoter Mr. S P Rajendran.
MSSMPL reported a profit after tax (PAT) of INR5.42 million on net
sales of INR311.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR29.8 million on net
sales of INR297.8 million for 2008-09.
SHREE KRISHNA STEELS: CRISIL Reaffirms 'BB+' Rating on INR60M Debt
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Krishna Steels
continue to reflect the company's small scale of operations, weak
financial risk profile marked by a small net worth and low
profitability, and exposure to volatility in steel prices. These
weaknesses are partially offset by the proprietor's industry
experience spanning over two decades.
Facilities Ratings
---------- -------
INR60 Million Cash Credit BB+/Stable (Reaffirmed)
INR50 Million Letter of Credit P4+ (Reaffirmed)
For arriving at the ratings, CRISIL has not factored in any
capital withdrawal over the medium term, following a commitment
from the proprietor that the capital account balance would be
maintained at or over INR44.2 million over this period.
Outlook: Stable
CRISIL believes Shree Krishna will be able to maintain its
business risk profile over the medium term on the back of its
proprietor's industry experience and his relationships with
suppliers and customers. The outlook may be revised to 'Positive'
in case of significant equity infusion, leading to an improvement
the firm's financial risk profile. Conversely, the outlook could
be revised to 'Negative' in case of withdrawals by the proprietor
from the capital account, if there is a sharp decline in the
firm's profitability, or it undertakes any unrelated business
diversification.
Update
Shree Krishna's performance during 2009-10 (refers to financial
year, April 1 to March 31) has been healthy on the back of
inventory gains due to favourable foreign exchange rates. The firm
had booked raw material from its foreign suppliers at low prices
and was able to capitalise on the improved demand scenario by the
time the material touched Indian shores. The firm's performance is
expected to remain moderate in 2010-11 because of stable commodity
prices.
For 2009-10, Shree Krishna reported a net profit of INR26.5
million on net revenues of INR906.1 million, as against a net
profit of INR5.1 million on net revenues of INR646.7 million for
the preceding year.
About Shree Krishna Steels
Promoted by Mr. Vinod Gupta in 1995, Shree Krishna trades in iron
and steel products. It is also a stockist for hot-rolled coils and
plates. The firm imports steel products from Russia, Ukraine, and
China, and sells them in the domestic market.
SRI AMBAL: ICRA Assigns 'LBB' Rating to INR5cr Term Loan
--------------------------------------------------------
ICRA has assigned an LBB rating to the INR 5. 0 crore term loans
and INR 14.0 crore fund based facilities of Sri Ambal & Co. ICRA
has also assigned A4 ratings to the INR 5.0 crore non-fund based
facilities of the company. The outlook on the long-term rating is
stable.
The ratings factor in the highly competitive nature of the
industry, Ambal's modest scale of operations, which coupled with
its low net worth limits its ability to bid for larger and more
complex projects. The ratings also factor in Ambal's small order
book position, exposure to geographical and client concentration
risk as well as its stretched capital structure and coverage
indicators. Further, the rating are constrained by risks inherent
in a partnership firm like limited ability to raise equity
capital, risk of dissolution due to death/retirement/insolvency of
partners etc. The ratings are, nevertheless, supported
by long track record and experience of the promoters in the
industry, cost savings arising from Ambal's backward integration
into blue metal aggregates production, and the adequacy of plant &
equipment for scaling up its operations over the next 1-2 years.
Sri Ambal & Co. is a small scale partnership firm specialized in
construction of roads and bridges. Ambal was promoted as a family
concern by Mr. S.A. Nandakumar and his brother, Mr. S.A.
Palanisamy in 1998 and has a track record of completion of road
projects of value around INR 200 crores over the past 12 years.
Ambal is a qualified Class-I contractor with the Public Works
Department (PWD) of Government of Tamil Nadu and Karnataka and has
presence around Coimbatore in Tamil Nadu (Coimbatore, Salem,
Erode, Tirupur, Karur, etc.) and around Mysore in South Karnataka
(Chamrajnagar, Kollegal, etc.). Apart from the construction
business, Ambal also runs a retail petrol bunk (licensed by
Hindustan Petroleum Corporation Limited) in Annur, near
Coimbatore.
SRINIVASA GAYITHRI: CRISIL Reaffirms 'B+' Rating on INR527.5M Loan
------------------------------------------------------------------
CRISIL's rating on Srinivasa Gayithri Resource Recovery Ltd's bank
facilities continues to reflect SGRRL's exposure to project
implementation risks, and the weak credit risk profiles of its
counterparties. SGRRL is implementing a greenfield municipal solid
waste (MSW)-based power project. The impact of these weaknesses is
mitigated by adequate supply of raw materials to SGRRL by
Bengaluru Mahanagara Palike, and SGRRL's experience in executing
power projects.
Facilities Ratings
---------- -------
INR527.50 Million Long-Term Loan B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that SGRRL will commence commercial operations at
its power plant by December 2010, thereby generating cash flows.
The outlook may be revised to 'Positive' if SGRRL, after
commissioning its power project, reports strong cash flows,
supported by a high plant load factor (PLF), and healthy operating
efficiencies. Conversely, the outlook may be revised to
'Negative' if SGRRL faces fresh time and cost overruns in the
project, or if the company's cash flows are adversely affected by
unplanned plant outages.
Update
The Phase I of SGRRL's project is progressing as per schedule and
is expected to be commissioned in December 2010. CRISIL believes
that SGRRL will receive INR 50 million, which is half of the
subsidy amount, in 2010-11 (refers to financial year, April 1 to
March 31) from the Ministry of Non-Renewable Energy, Government of
India. Furthermore, the commencement of repayment of term loan
instalments has been rescheduled to July 2011 from September 2010,
which further supports the liquidity of the company. The
company's expenditure on the project so far has been INR476.0
million; the total project cost is estimated to be INR720.0
million.
About Srinivasa Gayithri
SGRRL, a public-private partnership project between Bangalore
Mahanagara Palike (BMP) and Mr. Ramesh Bingi and other promoters,
was incorporated in 2003. The company is setting up an MSW
processing facility and a power plant at Mandur (near Bengaluru).
The project is likely to begin commercial production by December
2010.
SURYASUMAN SPINNING: CRISIL Reaffirms 'D' Rating on INR86.1MM Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Suryasuman Spinning
Mill Pvt Ltd, part of the Surya group, continue to reflect delays
by SSMPL in servicing its rated debt; the delays have been caused
by the company's weak liquidity.
Facilities Ratings
---------- -------
INR86.10 Million Long-Term Loan D (Reaffirmed)
INR40.00 Million Cash Credit Limit D (Reaffirmed)
INR2.50 Million Letter of Credit Limit P5 (Reaffirmed)
The Surya group has a weak financial risk profile marked by high
gearing and weak debt protection measures. Moreover, the group has
a small scale of operations with limited revenue diversity, while
its margins are susceptible to high power costs and intense
competition in the textile industry. The Surya group, however,
benefits from its promoter's experience in the textile industry.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SSMPL and Surya Creation. This is
because both the entities, together referred to as the Surya
group, are under a common management team and in the same line of
business, and have close operational and financial linkages.
Founded in 1980 by Mr. A R Subramaniam, the Tirupur (Tamil Nadu)-
based Surya group produces yarn, grey cloth, and readymade
garments. The Surya group is estimated to have posted a
consolidated profit after tax (PAT) of INR2.7 million on net sales
of INR183 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR2 million on net sales of INR118
million for 2008-09.
VAS ELECTRONICS: CRISIL Reaffirms 'BB' Ratings on Bank Debts
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vas Electronics
continue to reflect Vas's weak financial risk profile, marked by
small net worth and weak debt protection metrics, and its working-
capital-intensive operations. These weaknesses are partially
offset by Vas's moderate business risk profile, backed by its
established relationship with its principal, Philips Electronics
India Ltd (Philips India; rated 'AA/ Stable/ P1+' by CRISIL).
Facilities Ratings
---------- -------
INR75 Million Proposed Cash Credit BB/Stable
(Enhanced from INR50 Million)
INR15 Million Proposed Term Loan BB/Stable
(Enhanced from INR6 Million)
Outlook: Stable
CRISIL believes that Vas will maintain its business risk profile
over the medium term, supported by its healthy relationship with
its principal, Philips India. The outlook may be revised to
'Positive' if Vas improves its financial risk profile, by
improving its gearing or profitability. Conversely, the outlook
may be revised to 'Negative' if there is an unexpected increase in
Vas's debt levels or a sharp decline in its profitability, leading
to deterioration in its financial risk profile.
Update
Vas's performance in 2009-10 (refers to financial year, April 1 to
March 31) was largely in line with CRISIL's expectation. The firm
has renewed its contract with Philips India for supply of
electronic chokes till December 2012. The firm has expanded its
product line by commencing manufacture of electric meter using a
new technology, surface mount technology (SMT). This is expected
to improve the turnover of the firm.
Vas's gearing, at around 3.31 times as on March 31, 2010, was
higher than CRISIL's expectation. This is because the firm
withdrew capital in 2008-09 to purchase land for capacity
expansion. The purchase was made through another partnership firm
(SJS Associates) of the promoters; the land plot is owned by SJS
Associates but used by Vas. Vas's gearing is expected to improve
over the medium term as its management has already brought in
capital of around INR10.8 million in 2010 and has plans of capital
infusion of around INR20.0 million over the medium term.
Vas's liquidity is likely to remain under pressure because of its
large working capital requirements, small net worth and weak debt
protection metrics. The firm's accruals are estimated to be
sufficient to service its term debt over the medium term. The firm
had fully utilised its bank lines during the fifteen months ended
August 2010.
Vas reported, on provisional basis, a profit after tax (PAT) of
INR2.2 million on net sales of INR145.8 million for 2009-10; it
reported a PAT of INR1.8 million on net sales of INR129.5 million
for 2008-09.
About Vas Electronics
Vas is a partnership firm formed in 2003 by Mr. Jitendra Shah and
family. The firm manufactures electronic chokes, which it supplies
to Philips India. Vas procures its key raw material (printed
circuit boards) from approved dealers of Philips India.
=========
J A P A N
=========
FORD MOTOR: Mazda Says Ford Partnership Remains Unchanged
---------------------------------------------------------
Mazda Motor Corp. President and Chief Executive Takashi Yamanouchi
said his company's partnership with Ford Motor Co. remains
unchanged amid speculation the U.S. automaker plans to further
reduce its stake, and ruled out tie-ups with other companies, the
Associated Press reports.
According to the AP, the comments Wednesday from Mr. Yamanouchi
come after Japanese media reports that Ford, which has an 11%
stake in Mazda, is thinking about reducing its stake to raise cash
for investments in booming emerging markets.
The AP relates Mr. Yamanouchi said Mazda and Ford share basic
parts for autos called platforms, and also have joint production
plants in Asia and other regions.
"There is no change to our strategic relations," Mr. Yamanouchi
told reporters at a Tokyo hall, according to the AP. "We are
always talking together about creating a win-win situation."
Mr. Yamanouchi also denied Mazda was thinking about other tie-ups,
stressing that its relationship with Ford spans three decades, the
AP adds.
As reported in the Troubled Company Reporter-Asia Pacific on
October 19, 2010, Kyodo News said Ford Motor Co. has decided to
sell most of its stake in Mazda Motor Corp. Ford's equity stake
is likely to fall to 3% or lower, from the current 11% equity
stake it holds in Mazda. Ford will likely ask Japanese banks and
firms doing business with Mazda to buy its shareholdings,
including Sumitomo Mitsui Banking Corp, Sumitomo Corp and auto
component manufacturers, with an eye to formally deciding on the
sale in November.
About Ford Motor
Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles
across six continents. With about 200,000 employees and about 90
plants worldwide, the company's automotive brands include Ford,
Lincoln, Mercury and Volvo. The Company provides financial
services through Ford Motor Credit Company.
Ford Motor's balance sheet at June 30, 2010, showed $179.75
billion in total assets, $183.29 billion in total liabilities, and
a $3.54 billion stockholders' deficit.
* * *
The Troubled Company Reporter reported on Oct. 12, 2010, that
Moody's Investors Service raised the Corporate Family Rating of
Ford Motor Company to Ba2 from B1. Other ratings that were raised
include Probability of Default to Ba2 from B1; senior secured
credit facility to Baa3 from Ba1; senior unsecured to Ba3 from B2;
and, preferred stock to B1 from B3. In a related action, Moody's
also raised the CFR and senior unsecured ratings of Ford Motor
Credit Company LLC, FCE Bank Plc, and Ford Credit Canada Limited
to Ba2 from Ba3. The rating outlook for Ford and Ford Credit is
stable.
The Ford upgrade reflects a repositioning of the rating based on
operating performance which has significantly exceeded Moody's
expectations during the first half of 2010. Moreover, Moody's
believe that the company is well positioned to continue generating
strong earnings and cash flow through 2011, and to further
strengthen its balance sheet. Ford's ability to achieve this
progress will be supported by the much healthier industry
fundamentals that have resulted from the extensive restructuring
of the US automotive sector during the past two years, and by
Ford's highly competitive product portfolio.
In August 2010, Standard & Poor's Ratings Services raised its
corporate credit rating on Ford Motor Co. and Ford Motor Credit
Co. LLC to 'B+' from 'B-'. "The upgrade reflects S&P's
reassessment of Ford's business risk profile to weak from
vulnerable, and its financial risk profile to aggressive from
highly leveraged," said Standard & Poor's credit analyst Robert
Schulz. S&P believes Ford is making progress in stabilizing, and
perhaps improving, its U.S. market shares. Still, S&P believes
underlying business risks remain high.
Ford Motor and its unit, Ford Motor Credit, carry 'BB-' issuer
default ratings from Fitch Ratings. In August 2010, when Fitch
raised the rating from 'B', it said, Ford's ratings reflect its
continued strong financial performance and the substantial debt
reduction accomplished in the second quarter."
JAPAN AIRLINES: Hikes Capital Request From State-Backed Fund
------------------------------------------------------------
Chris Cooper at Bloomberg News reports that Japan Airlines Corp.
increased a request for capital from a state-backed turnaround
fund to JPY400 billion (US$4.9 billion) as it restructures under
bankruptcy protection. State-backed Enterprise Turnaround
Initiative Corp. of Japan previously agreed to inject JPY350
billion into the airline, the report notes.
Bloomberg relates Chairman Kazuo Inamori said the carrier's
performance in the six months ended September beat expectations as
it worked to pare costs by shedding staff and cutting services.
The carrier's four biggest lenders at the end of March 2009 were
Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial
Group Inc., Mizuho Financial Group Inc. and the Development Bank
of Japan, the report adds.
About Japan Airlines
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198). The Company estimated
debts at $28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TAKEFUJI CORP: Credit Default Swaps Auction Set for Oct. 28
-----------------------------------------------------------
Steven McPherson at Bloomberg News reports that an auction to
settle credit-default swaps on Takefuji Corp. will be held
Oct. 28, according to a Web site run by bid administrators Markit
Group Ltd. and Creditex Group Inc.
Takefuji Corp. filed a bankruptcy petition with the Tokyo
District Court on September 28, 2010, with debts of JPY433.6
billion. Bloomberg said the Company has become the biggest
casualty of Japan's four-year crackdown on coercive lending
practices by consumer finance companies. The lender is seeking to
restructure as borrower claims of overpaid interest are estimated
to exceed JPY1 trillion.
About Takefuji
Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business. The Company operates in two business segments. The
Consumer Finance segment covers the loan and credit card
businesses. The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others. The Company has eight subsidiaries.
TCB HOLDINGS: Files For Bankruptcy; Has Debts of JPY258 Million
---------------------------------------------------------------
Tak Kumakura at Bloomberg News reports that TCB Holdings Corp.
filed for bankruptcy protection with liabilities of JPY258 million
(US$3 million).
Bloomberg relates the Tokyo Stock Exchange said TCB shares will be
delisted on Nov. 5, 2010.
Based in Japan, TCB Holdings Corp.(TYO:2356), formerly TCB
Technologies Corporation, provides information technology related
products and services.
===============
M A L A Y S I A
===============
KENMARK INDUSTRIAL: Shareholder Opposes Wind-Up Order
-----------------------------------------------------
Liquidators of Kenmark Industrial Co. (M) Berhad received a letter
from the solicitors of Mr. Chin Soon Foo, a shareholder of the
Company advising of Mr. Chin's intention to oppose the winding-up
order granted by the Court.
Pursuant to Section 226(3) of the Companies Act, 1965, when a
winding up order has been made, no action or proceeding shall be
proceeded with except by leave of Court and in accordance with
terms the Court imposes.
The High Court on October 14, 2010, entered an order to wind up
the operations of Kenmark Industrial Berhad under the provisions
of the Companies Act 1965. The court appointed Mak Kum Choon and
Yeoh Siew Ming both of Messrs. Deloitte Corporate Solutions Sdn
Bhd as liquidators for Kenmark Industrial Co. (M) Berhad.
Export-Import Bank of Malaysia Berhad had on June 8, 2010, served
a Notice against the Company demanding payment of MYR16.31
million, which is due and owing to the Bank pursuant to a line of
revolving pre-shipment and post shipment supplier credit facility.
EXIM Bank had on August 18, 2010, through an ex-parte application
through Summons in Chambers received the Court Order for the
appointment of the Provisional Liquidators of the Company pending
the full and final disposal of the winding-up petition or until
further order.
With the appointment of the Liquidators, the power of the Board of
Directors' and officers of the Company ceases.
About Kenmark Industrial
Kenmark Industrial Co. (M) Berhad is a Malaysia-based company.
The Company is engaged in the manufacturing of computer
workstations, cabinets, furniture; printing of packaging
materials; the distribution of consumer products, and investment
holding. The Company is also engaged in plastic injection for
furniture parts, and assembly and distribution of liquid crystal
display (LCD). It exports its products to the United States,
Europe, Japan and Australia. The Company's wholly owned
subsidiaries include Kenmark Paper Sdn. Bhd., which is engaged in
manufacturing plastic parts for wooden furniture and cabinets, and
investment holding; Kenmark (Labuan) Limited, which is engaged in
international trading, commission agent and investment holding;
Phoenix International Group Limited, which is engaged in trading
in electronic devices, and Billion Dynamic Sdn. Bhd., which is
engaged in the assembling and trading of electronic devices.
* * *
Kenmark Industrial Co. (M) Berhad has been classified a Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd after it triggered Paragraph 2.1(f) of the Listing
Requirements. The Company's major subsidiaries have defaulted on
some of their banking facilities. The Company is also unable to
provide a solvency declaration.
HAISAN RESOURCES: Capone Demands Payment of MYR40 Million Loan
--------------------------------------------------------------
Haisan Resources Berhad on October 19, 2010, received a Writ of
Summons and Statement of Claim from Messrs. Zul Rafique &
Partners, on behalf of Capone Berhad and Malaysian Trustees
Berhad, seeking payment of an unsecured fixed rate collateralized
loan facility of MYR40 million.
The filing of the Writ of Summons is a result of the default in
payment of the outstanding sum of the Collateralized Loan Facility
of MYR42,210,461 as at June 28, 2010.
Haisan said the writ of summons will not have any additional
financial and operational impact on the Group currently as the
Collateralized Loan Facility was mainly used to fund the Group's
overseas expansion and it has been fully utilized since more than
a year ago.
The Group is in the midst of taking legal advice from its
solicitors to defend the claim.
The Group has appointed a Scheme Adviser, UHY Diong Advisory
(KL) Sdn Bhd, to formulate a conclusive Debt Restructuring
Proposal. The DRP is expected to form an integral part of the
overall Regularization Plan to revive and reorganize the financial
condition of the Company.
On October 8, 2010, Haisan announced that the Corporate Debt
Restructuring Committee had accepted its application to mediate
between Haisan, its subsidiaries and its financial advisors. The
CDRC has allowed Haisan a period of six months commencing from
October 8, 2010, to complete the Proposed Debt Restructuring
Scheme.
About Haisan Resources
Based in Malaysia, Haisan Resources Berhad --
http://www.haisan.com/-- is principally engaged in the investment
holding and provision of management services to subsidiaries. The
Company operates in three business segments. Its engineering
segment is engaged in the refrigeration, civil, mechanical,
electrical, general engineering works and construction, trading of
refrigerating equipment, spare parts, hot dip metal galvanizing
and electroplating. The temperature controlled logistics/
warehousing segment is engaged in the temperature-controlled
logistics services, handling, value added processing, refrigerated
transportation and distribution services, leasing of cold rooms,
bonded and general warehousing services. Its ice manufacturing
segment is engaged in the manufacturing and marketing of tube ice.
The Company's other segment is engaged in the investment holding,
provision of information technology maintenance and support
services.
Haisan Resources Berhad has been considered a PN17 Company as the
external auditors of the Company, Messrs. BDO had expressed a
modified opinion with emphasis of matter on going concern in the
Company's Audited Financial Statements for financial year ended
December 31, 2009. Based on its quarterly report for the period
ended March 31, 2010, the Company's shareholders' equity is less
than 50% of its issued and paid-up capital.
VTI VINTAGE: KTS Trading Demands Payment of MYR72,897 Judgment
--------------------------------------------------------------
Vintage Tiles Industries Sdn Bhd, a subsidiary of VTI Vintage
Berhad, received on October 18, 2010, a Notice Pursuant to Section
218 (2)(a) of the Companies Act 1965 from Messrs. Chan, Moosdeen &
Partners, the advocates and solicitors for KTS Trading Sdn Bhd.,
demanding payment of MYR72,897.90 -- being the judgment sum of
MYR61,152.00, plus interest of 8% per annum on the total judgment
sum from August 22, 2008, until October 17, 2008, of MYR763.98,
further interest of 8% per annum on the total judgment sum from
October 17, 2008, to October 15, 2010, of MYRR9,770.92 and costs
of MYR1,211.00 -- within three weeks from the date of the Notice.
However, VTI Vintage disclosed that the scheme creditors of the
Company and its subsidiary companies had at the Court Convened
Meeting held on July 16, 2010, approved the Proposed Scheme of
Arrangement under Section 176 of the Companies Act 1965. Based on
the legal advice obtained, KTS will be included as one of the
Scheme Creditors.
"Once the Court sanctions the Scheme of Arrangement under Section
176 of the Companies Act 1965, KTS will be bound to accept the
Scheme under the approved Proposed Scheme. Therefore, pending the
completion of the Proposed Scheme, no payment was made to the
Scheme Creditors including KTS," VTI Vintage told the bourse.
About VTI Vintage
VTI Vintage Berhad is an investment holding company. It also
provides management services to its subsidiaries. The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.
On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.
====================
N E W Z E A L A N D
====================
ALLIED FARMERS: Repays Westpac & Restructures Related Party Debt
----------------------------------------------------------------
Allied Farmers Ltd has repaid its term loan facility with Westpac
New Zealand and reorganized its lending arrangements with its
failed subsidiary, Allied Nationwide Finance, the New Zealand
Press Association reports.
NZPA relates managing director Rob Alloway said the repayment of
the Westpac term loan facility and a reduction in the company's
overdraft facility to NZ$250,000 from NZ$2.5 million was a
milestone for the company.
"We can now turn our attention to restoring value and confidence
to other areas of the business," NZPA quoted Mr. Alloway as
saying.
NZPA says the company had earlier said that it was selling an
ex-Hanover loan to an undisclosed party to raise money to pay off
all of its debt facilities with Westpac.
Allied Farmers, according to NZPA, said it is also converting
existing debtor factoring, credit and related party loan
arrangements with Allied Nationwide Finance to secured loan
facilities under an agreement with receivers.
"This agreement provides Allied Farmers assurance around its
funding arrangements over the medium to long term and aligns with
the company's forecasts for its operating businesses and non-core
asset realizations," said Mr. Alloway, according to NZPA.
As reported in the Troubled Company Reporter-Asia Pacific on
July 21, 2010, Allied Farmers Ltd. gained a six-month extension of
its loan facility with Westpac, giving the finance company more
time to repay debt and restructure its business. Allied Farmers
had NZ$21 million outstanding on the facility as at June 30 and
had an overdraft facility of NZ$2.5 million that was set to expire
on July 1. The latest agreement pushes out the due date to
March 31 next year from September 24, 2010.
About Allied Farmers
Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber). Rural Services comprises livestock, merchandise and real
estate operations. The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu. Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch. Timber
processing comprises the Company's discontinued sawmilling
operations. On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity. Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.
ALLIED NATIONWIDE: No Payout for Bond Holders, Receivers Say
------------------------------------------------------------
Duncan Bridgeman at The National Business Review reports that
Allied Nationwide Finance's receivers have told holders of the
company's perpetual bonds they will not receive repayment under
the government's retail deposit guarantee scheme.
The company has NZ$13.5 million of listed perpetual bonds and
NZ$2 million worth of unlisted perpetual bonds on issue, NBR
discloses.
According to NBR, receivers Andrew Grenfell and Kerryn Downey of
McGrathNicol, in their first report since Allied Nationwide was
placed in receivership on August 20, sought to clear up any
confusion on the status of the bondholders.
NBR relates the receivers confirmed the perpetual bonds were
subordinated unsecured debt and therefore excluded from coverage
by the Crown deed of Guarantee.
Conversely, NBR notes, Allied Nationwide's secured debenture
holders, owed NZ$128 million, will be reimbursed under the scheme.
The Treasury has Allied Nationwide's debenture register necessary
to begin the payment process, NBR notes.
The receivers, as cited by NBR, said they were developing a
realization strategy for the company's assets but did not give a
recovery estimate.
"At this stage of the receivership we are unable to determine if
there will be any surplus funds available from the realisation of
assets to meet the claims of unsecured creditors," NBR quoted the
receivers as saying.
About Allied Nationwide
Allied Nationwide Finance Ltd. is a New Zealand-based finance and
investment company. It is wholly owned subsidiary of NZX-listed
Allied Farmers Limited.
* * *
Allied Nationwide Finance Limited was placed into receivership on
August 20, 2010. The company's Trustee, New Zealand Guardian
Trust, appointed Kerryn Downey and Andrew Grenfell of McGrathNicol
as receivers to the Company. McGrathNicol has been acting as
independent advisors to NZGT and prepared a report on ANF which
resulted in the alleged breach of its Trust Deed ratio, as advised
on August 6, 2010.
GRAVITAS WINE: Delegat's Wine Estate Acquires Vineyard
------------------------------------------------------
Delegat's Wine Estate has bought the vineyard of failed
Marlborough wine company Gravitas for an undisclosed amount,
Business Day reports. The report relates that the 23-hectare
vineyard at the corner of State Highway 63 and Lanark Lane was
passed in at NZ$2 million when it went to auction last month.
According to the report, Bayleys Marlborough agent John Hoare said
the final sale price, settled on October 18, 2010, was
confidential. However, Business Day notes, it was more than the
NZ$2 million bid. The property was valued at NZ$3.6 million in
2008.
The Gravitas sale was one of only a few vineyard purchases in
Marlborough this year, Mr. Hoare said.
About Gravitas Wine
Gravitas Wine is in the wine-producing neighbourhood of Oyster
Bay, Nautilus, Pernod Ricard and Clos Henri. The Gravitas label
was founded in 1993 by ex-banker Martyn Nicholls, who remains
listed in Companies Office records as director and shareholder.
TERRA VITAE: Expects to Post Third Annual Loss Next Year
--------------------------------------------------------
Terra Vitae Vineyards, which exclusively grows grapes for Villa
Maria Estate, expects to post a third straight loss next year and
is facing an uncertain future amid a deeper downturn in the wine
sector than expected, Paul McBeth at BusinessDesk.
Terra Vitae Vineyards posted a loss of NZ$4.5 million in the 12
months through June 30, 2010, after a loss of NZ$3.1 million a
year earlier, BusinessDesk says.
According to BusinessDesk, though both deficits were widened by a
slump in the fair value of land and grape vines, the vineyard
reported operating losses in each year and doesn't expect to
return to the black until 2012.
"The directors have considered the company's future position and
have established that it can reasonably be considered a going
concern," BusinessDesk cited Terra Vitae's annual report. "The
operating loss before fair value adjustments is forecast to reduce
further in 2011, with a profit being achieved from 2012."
BusinessDesk relates Chairman Joe Ferraby said the operating loss
came with global wine prices still under pressure from a glut of
sauvignon blanc in 2008 and sagging demand in the UK and US, which
were both hit hard by the global economic downturn. This was
compounded by land values coming under pressure, with unrealized
movements having to be recognized in the bottom line under
International Financial Reporting Standards rules, BusinessDesk
adds.
BusinessDesk says Terra Vitae is looking to extend its
NZ$25.3 million banking facilities with Rabobank and may have to
sell assets or undertake a rights issue if it can't secure new
funding.
Shareholders will miss out on a dividend payment for a second
year, BusinessDesk adds.
Terra Vitae Vineyards Limited -- http://www.terravitae.co.nz/--
runs well established vineyards in Hawkes Bay and Marlborough,
with long term supply arrangements in place with Villa Maria
Estate Limited, New Zealand's largest locally owned wine company.
=====================
P H I L I P P I N E S
=====================
PHILIPPINE NATIONAL: S&P Raises Counterparty Credit Rating to 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised the
long-term and short-term counterparty credit ratings on Philippine
National Bank to 'B' from 'B-'. The outlook is stable.
S&P raised the rating on PNB to reflect the continued improvement
in the bank's financial profile in recent years, and its strong
franchise. The bank's asset quality has improved considerably,
but still remains comparatively weak by domestic and international
standards. While PNB's capitalization is weak, weighed down by
its asset quality problems, it has been improving mainly due to
contributions from retained earnings.
"PNB's financial profile has improved significantly in the past
few years. This has been through management's focus on the three
priority areas of strengthening core businesses; increasing
profitability; and reducing nonperforming assets," said Standard &
Poor's credit analyst Paul Clarkson. The bank is looking to
recapture some of its leading positions in different market
segments that were lost when it was rehabilitating from its legacy
poor asset quality position. While PNB's asset quality has
strengthened in recent years, it continues to be weak compared
with peers'. In addition, the bank is also attempting to build up
its lending to higher-yielding consumer and small and midsize
enterprise businesses.
S&P believes that PNB's profitability has been improving since its
turnaround in 2003. The bank's aftertax return on average
adjusted assets was 1.25% at June 30, 2010, comparable to the
industry average of 1.3%. Its capitalization, however, remains
weak after taking into account the bank's still-high (albeit
declining) level of nonperforming assets and associated credit
costs. The bank's ratio of adjusted total equity to assets was
10.5% as at June 30, 2010.
The stable outlook on PNB reflects S&P's expectation that the bank
will maintain its improved financial profile and its strong
domestic franchise.
===============
T H A I L A N D
===============
PATKOL PUBLIC: Court to Hear Reorganizing Plan on November 1
------------------------------------------------------------
Creditors of Patkol Public Company Limited have passed a
resolution accepting the company's Business Reorganizing Plan in
the creditor meeting held on September 10, 2010, whereby the
official receiver submitted a Report and Analysis of the Company's
Business Reorganizing Plan for consideration of the Central
Bankruptcy Court.
There are three creditors who submitted objection petition on the
Business Reorganizing Plan to the Central Bankruptcy Court. The
court has ordered the Plan preparer to submit a plea against
objecting parties within October 19, 2010, to the Central
Bankruptcy.
Patkol said the court made appointment for hearing order in
consideration of the Company's Business Reorganizing Plan for
November 1, 2010, at 9:30 a.m.
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 12, 2009, Thailand news agency The Nation said Patkol Public
Company Limited filed for business reorganization with the Central
Bankruptcy Court in Thailand. The company has high debts and is
short of cash but remains capable of finding business and turning
a profit in the future.
Based in Thailand, Patkol Public Company Limited (BAK:PATKL) --
http://www.patkol.com/-- is engaged in the production of
refrigeration and food processing machinery. The Company provides
one-stop services, starting from the consulting and planning
through blueprint to design, installation and operation of
projects for numerable customers in the ice making machines,
beverage, cold storage, dairy, and food processing industries. Its
products and services include ice making machines, food processing
engineering, turnkey projects, refrigeration, as well as
electrical and automation services. It is also involved in the
operations of an ethanol plant. It distributes its products in
both domestic and overseas markets. The Company has investments
in six companies: Patkol (1984) Company Limited; PKB Enterprise
Company Limited; Siam Patkol Company Limited; Kasetpet Company
Limited; Patkol Manufacturing Company Limited and Patkol R and D
Company Limited.
===============
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 ***