/raid1/www/Hosts/bankrupt/TCRAP_Public/101126.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, November 26, 2010, Vol. 13, No. 234
Headlines
A U S T R A L I A
AUSTRIAN ENERGY: Australian Unit Goes Into Administration
CENTRO PROPERTIES: ANZ Bank Sells AU$700 Million of Centro Debt
INDOPHIL RESOURCES: SMC Mulls Buying 100% Stake in Indophil
H O N G K O N G
3CM MEDIA: Creditors' Proofs of Debt Due December 10
ALLIED HONEST: Creditors' Proofs of Debt Due December 20
ALPHADYNE ASSET: Commences Wind-Up Proceedings
BEST WIN: Placed Under Voluntary Wind-Up Proceedings
BONAR FLOORS: Creditors' Proofs of Debt Due December 3
BONNY NICE: Ying and Chan Appointed as Liquidators
BRIDGESTONE CHIAO: Members' Final Meeting Set for December 22
CHEUNG LUK: Creditors' Proofs of Debt Due January 14
CPI APPARELS: Placed Under Voluntary Wind-Up Proceedings
DETERMINED PRODUCTIONS: Members' Final Meeting Set for December 24
EURET LIMITED: Members' Final General Meeting Set for December 21
EVER RISING: Members' Meeting Set for December 12
FRANKO INDUSTRIAL: Members' Final General Meeting Set for Dec. 24
FREIGHT-TRANS INT'L: Members' Final Meeting Set for December 20
GOLDEN WELL: Members' Final Meeting Set for December 20
HILSTON INVESTMENTS: Creditors' Proofs of Debt Due December 15
JAPAN LEASING: Creditors' Meeting Set for December 17
JUPITER NAVIGATION: Members' Final Meeting Set for December 20
KOPERY LIMITED: Creditors' Proofs of Debt Due December 20
LADIES' LAWN: Members' Final Meeting Set for December 23
I N D I A
ANAND TEKNOW: ICRA Reaffirms 'LBB-' Rating on INR16.6cr Term Loan
ANROSE PHARMA: ICRA Assigns 'LBB' Rating to INR6.7cr Bank Debt
EITA INDIA: CRISIL Assigns 'BB-' Rating to INR345MM Bank Debt
GENIUS EDUCATIONAL: CRISIL Rates INR81 Million Term Loan at 'D'
GREATWELD STEEL: ICRA Reaffirms 'LBB-' Rating on INR3.98cr Loan
JAI DADA: CRISIL Assigns 'BB-' Rating to INR132 Million Term Loan
JAIN RICE: ICRA Assigns 'LB+' Rating to INR13cr Bank Lines
JAUSHNA STEELS: CRISIL Reaffirms 'BB-' Rating on INR60MM Debt
KALINGA SPONGE: ICRA Downgrades Rating on INR13.18cr Loan to 'LB-'
KAMARHATTY COMPANY: CRISIL Assigns 'BB+' Rating to INR52.4MM Loan
KVN IMPEX: CRISIL Assigns 'B+' Rating to INR12.5MM Cash Credit
SANDEEP TEXTURISERS: CRISIL Lifts Rating on INR200MM Debt to 'B'
SARAF YARN: CRISIL Upgrades Rating on INR62.5MM Cash Credit to 'B'
TRISTAR GLOBAL: ICRA Assigns 'LBB+' Rating to INR7cr Bank Debts
J A P A N
JAPAN AIRLINES: British Airways Wants to Form Joint Venture
JAPAN AIRLINES: Expands Codeshare Agreement With Jet Airways
JLOC41 LLC: S&P Downgrades Ratings on Class D-1 Notes to 'D'
JLOC XXVIII: S&P Downgrades Ratings on Senior Certificates
OMEGA CAPITAL: S&P Withdraws 'CCC-' Rating on Class A1 Notes
ORSO FUNDING: S&P Downgrades Ratings on Various Certificates
K O R E A
HYUNDAI ENG'G: Hyundai Group to File Suit Against Hyundai Motor
HYUNDAI ENG'G: Shareholders Seek More Information on Buyer's Fund
HYNIX SEMICONDUCTOR: S&P Gives Positive Outlook; Keeps 'B+' Rating
M A L A Y S I A
HOCK SIN: Posts MYR2.66 Million Net Loss in Qtr Ended September 30
KENMARK INDUSTRIAL: Won't Meet Deadline on Financial Reporting
LIMAHSOON BERHAD: Shui-Tai Serves Demand Notice for MYR96.9K Debt
NAM FATT: Unit Sells Lands to Premium Bahagia for MYR8.3 Million
M O N G O L I A
* Fitch Upgrades Mongolia's Issuer Default Ratings to 'B+'
N E W Z E A L A N D
KENSINGTON PARK: Owner Loses NZ$94 Million Bankruptcy Battle
S I N G A P O R E
ALLIANCE TECHNOLOGY: Creditors' Meeting Set for December 1
ALLIANCE TECHNOLOGY: Creditors' Proofs of Debt Due December 6
AMADA LOGISTIC: Creditors' Proofs of Debt Due December 19
ENSEARCH PETROLEUM: Creditors' Proofs of Debt Due December 9
MAXIM KINGDOM: Court Enters Wind-Up Order
MULTI-OIL ASIA: Court to Hear Wind-Up Petition on December 10
ZHONGHUI HOLDINGS: Creditors' Meeting Set for December 1
X X X X X X X X
* Large Companies With Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
AUSTRIAN ENERGY: Australian Unit Goes Into Administration
---------------------------------------------------------
Austrian Energy and Environment's Australian subsidiary is going
into administration.
ABC News reports that more than 500 workers at Worsley Alumina in
Western Australia may be affected. AEE's Australian unit one of
the refinery's subcontractors.
According to ABC News, the Australian subsidiary was constructing
an AU$500 million power station for the refinery in the state's
South West. Three quarters of the project has been completed to
date, the report relates.
The administrator, Business, Reconstruction and Insolvency
Ferrier, said AEE has debts of more than AU$40 million, ABC News
says.
Administrator Martin Green, ABC News notes, said they will be
meeting with key stakeholders to form a strategy to allow the
project to be completed and employment maintained.
The Australian Manufacturing Workers Union's Steve McCartney said
BRI Ferrier can only confirm the workers will receive their next
pay, ABC News adds.
AE&E is a leading international supplier of energy generation and
environmental technology systems, specializing in the design and
production of steam generators, biomass power plants with
fluidized bed firing and flue gas cleaning installations.
Austrian Energy and Environment's Australian subsidiary has around
130 staff at its head office in Sydney.
CENTRO PROPERTIES: ANZ Bank Sells AU$700 Million of Centro Debt
---------------------------------------------------------------
Australia & New Zealand Banking Group Ltd. sold about
AU$700 million of debt owed to it by Centro Properties Group,
Angus Whitley and Sarah McDonald at Bloomberg News report citing a
person familiar with the matter.
The person, declining to be named because the details haven't been
disclosed, told Bloomberg that the sale by ANZ Bank included
AU$495 million of senior debt for 63.5 cents in the dollar.
Bloomberg relates that Commonwealth Bank of Australia said
November 23 it sold AU$110 million of Centro's debt last week for
about 56.5 cents in the dollar. Centro, which had AU$18.4 billion
of debt as of June 30, ceded control to creditors in 2008 as
property prices slumped and debt became harder to refinance,
Bloomberg discloses.
Centro said Nov. 4 several parties had approached it with
expressions of interest in its business and assets, Bloomberg
adds.
About Centro Properties
Centro Properties Group (ASX:CNP)-- http://www.centro.com.au/--
is a retail investment organization specializing in the ownership,
management and development of retail shopping centres. Centro
manages both listed and unlisted retail property and has an
extensive portfolio of shopping centres across Australia, New
Zealand and the United States. Centro has funds under management
of US$24.9 billion.
* * *
Centro Properties Group owes its creditors as much as AU$6.6
billion and its deadline to repay these debts has been extended
four times since December 2007, when the company's market value
plunged.
The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010, to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40). The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.
INDOPHIL RESOURCES: SMC Mulls Buying 100% Stake in Indophil
-----------------------------------------------------------
Philippine conglomerate San Miguel Corp. is looking at acquiring
100% of Indophil Resouces NL, which has a stake in the $5.2-
billion Tampakan copper-gold project in Mindanao, BusinessWorld
Online reports.
BusinessWorld relates San Miguel President Ramon S. Ang said the
company was currently conducting due diligence on Indophil
Resources, where it already has a 10.1% stake.
"We already acquired 10% and we have an agreement until January to
do due diligence. If everything is fine, we'll have to do a
tender offer to buy 100%," BusinessWorld quoted Mr. Ang as saying.
According to BusinessWorld, San Miguel last month announced that
it was purchasing the 10.1% stake in Indophil for $40 million.
The terms included an exclusivity period that will expire on
Jan. 10, 2011.
"After buying 100% of Indophil, we have to talk to Xstrata," Mr.
Ang said, according to BusinessWorld.
Indophil Resources has a 37.5% stake in the Tampakan copper-gold
project while Xstrata Copper, the world's fourth largest copper
producer, holds the remaining 62.5%, according to BusinessWorld.
The Tampakan mine is considered Southeast Asia's largest
undeveloped copper-gold prospect. It is estimated to contain 13.5
million tons of copper and 15.8 million ounces of gold, at a grade
of 0.6% copper and 0.2 grams per ton of gold.
About Indophil Resources
Headquartered in Melbourne, Australia, Indophil Resources NL
-- http://www.indophil.com/-- conducts exploration and
development of gold and copper-gold opportunities in South East
Asia. The Company is a joint venture partner in the Tampakan
Copper-Gold Project in the Southern Philippines. The two segments
of the Company are Australia and the Philippines. The Company has
other exploration interests in the Philippines apart from the
Tampakan project.
* * *
Indophil Resources NL reported three consecutive net losses of
$10.58 million, $14.84 million and $985,107 for the years ended
Dec. 31, 2009, 2008 and 2007, respectively.
================
H O N G K O N G
================
3CM MEDIA: Creditors' Proofs of Debt Due December 10
----------------------------------------------------
Creditors of 3CM Media Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 10, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Wong Teck Meng
602 The Chinese Bank Building
61-65 Des Voeux Road
Central, Hong Kong
ALLIED HONEST: Creditors' Proofs of Debt Due December 20
--------------------------------------------------------
Creditors of Allied Honest Creation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 20, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Lee Kwok On Alexander
Rooms 1901-2, Park-In Commercial Centre
56 Dundas Street, Kowloon
ALPHADYNE ASSET: Commences Wind-Up Proceedings
----------------------------------------------
Member of Alphadyne Asset Management (HK) Limited, on
November 12, 2010, passed a resolution to voluntarily wind up the
company's operations.
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
8th Floor, Gloucester Tower
The Landmark
15 Queen's Road
Central, Hong Kong
BEST WIN: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on November 16, 2010,
creditors of Best Win (Asia) Limited resolved to voluntarily wind
up the company's operations.
The company's liquidator is:
Mr. Lam Chin Chiu
Room 1501, 15th Floor
Shanghai Industrial Investment Building
48-62 Hennessy Road
Wanchai, Hong Kong
BONAR FLOORS: Creditors' Proofs of Debt Due December 3
------------------------------------------------------
Creditors of Bonar Floors Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 3, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Edward Simon Middleton
Fergal Thomas Power
27th Floor, Alexandra House
16-20 Chater Road
Central, Hong Kong
BONNY NICE: Ying and Chan Appointed as Liquidators
--------------------------------------------------
Ying Hing Chiu and Chan Mi Har on November 9, 2010, were appointed
as liquidators of Bonny Nice Industries Limited.
The liquidators may be reached at:
Ying Hing Chiu
Chan Mi Har
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
BRIDGESTONE CHIAO: Members' Final Meeting Set for December 22
-------------------------------------------------------------
Members of Bridgestone Chiao Fu Company Limited will hold their
final meeting on December 22, 2010, at 10:00 a.m., at 35th Foor,
One Pacific Place, 88 Queensway, in Hong Kong.
At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
CHEUNG LUK: Creditors' Proofs of Debt Due January 14
----------------------------------------------------
Creditors of Cheung Luk Lai Developments Company Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by January 14, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on November 15, 2010.
The company's liquidator is:
Leung Shiu Tong
16th Floor, Jonsim Place
228 Queen's Road East
Wanchai, Hong Kong
CPI APPARELS: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on November 17, 2010,
creditors of C.P.I. Apparels Limited resolved to voluntarily wind
up the company's operations.
The company's liquidator is:
PI Fuk Pak Charles
Room 2002, Tower A
Regent Centre, 63 Wo Yi Hop Road
Kwai Chung, Kowloon
Hong Kong
DETERMINED PRODUCTIONS: Members' Final Meeting Set for December 24
------------------------------------------------------------------
Members of Determined Productions (Hong Kong) Limited will hold
their final general meeting on December 24, 2010, at 10:35 a.m.,
at Level 28, Three Pacific Place, 1 Queen's Road East, in
Hong Kong.
At the meeting, Theodore Lee Boucher, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
EURET LIMITED: Members' Final General Meeting Set for December 21
-----------------------------------------------------------------
Members of Euret Limited will hold their final general meeting on
December 21, 2010, at 10:00 a.m., at 703, Hang Bong Commercial
Centre, 28 Shanghai Street, Kowloon, in Hong Kong.
At the meeting, Tam Shuk Fan Margaret, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
EVER RISING: Members' Meeting Set for December 12
-------------------------------------------------
Members of Ever Rising Investment Limited will hold a meeting on
December 12, 2010, at 9:30 a.m., at 27/F., Alexandra House, 18
Chater Road, Central, in Hong Kong.
At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
FRANKO INDUSTRIAL: Members' Final General Meeting Set for Dec. 24
-----------------------------------------------------------------
Members of Franko Industrial Limited will hold their final general
meeting on December 24, 2010, at 9:00 a.m., at 12/F., No. 3
Lockhart Road, Wanchai, in Hong Kong.
At the meeting, Billy Li Sze Kuen, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
FREIGHT-TRANS INT'L: Members' Final Meeting Set for December 20
---------------------------------------------------------------
Members of Freight-Trans International Co Limited will hold their
final general meeting on December 20, 2010, at 10:00 a.m., at
Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong.
At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
GOLDEN WELL: Members' Final Meeting Set for December 20
-------------------------------------------------------
Members of Golden Well International Limited will hold their final
meeting on December 20, 2010, at 10:00 a.m., at Unit 1202, Mirror
Tower, 61 Mody Road, Tsimshatsui East, in Kowloon.
At the meeting, Ho Siu Kau, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
HILSTON INVESTMENTS: Creditors' Proofs of Debt Due December 15
--------------------------------------------------------------
Creditors of Hilston Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by December 15, 2010, to be included in the company's dividend
distribution.
JAPAN LEASING: Creditors' Meeting Set for December 17
-----------------------------------------------------
Members of Japan Leasing (Hong Kong) Limited will hold a meeting
on December 17, 2010, at 12:30 a.m., at 27/F., Alexandra House,
18 Chater Road, Central, in Hong Kong.
At the meeting, Jacky C W Muk, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
JUPITER NAVIGATION: Members' Final Meeting Set for December 20
--------------------------------------------------------------
Members of Jupiter Navigation Corporation Limited will hold their
final general meeting on December 20, 2010, at 12:15 p.m., at 1902
MassMutual Tower, 38 Gloucester Road, Wanchai, in Hong Kong.
At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
KOPERY LIMITED: Creditors' Proofs of Debt Due December 20
---------------------------------------------------------
Creditors of Kopery Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
December 20, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Lee Yim Kwan
Flat E, 2/F,
7 Yin Hing Street
San Po Kong, Kowloon
Hong Kong
LADIES' LAWN: Members' Final Meeting Set for December 23
--------------------------------------------------------
Members of The Ladies' Lawn Bowls Association of Hong Kong Limited
will hold their final meeting on December 23, 2010, at 10:30 a.m.,
at Rm 601 Kalok Building, 720 Nathan Road, Kowloon, in Hong Kong.
At the meeting, Suen Su Chun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
ANAND TEKNOW: ICRA Reaffirms 'LBB-' Rating on INR16.6cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the "LBB-" rating to the INR16.6 crore term
loan (enhanced from INR 15.0 crore) and INR 25.0 crore cash
credit (enhanced from INR 14.5 crore) facilities of Anand Teknow
Aids Engineering India Limited. The long term rating has been
assigned stable outlook. ICRA has also reaffirmed an "A4"rating
to the INR 25.0 crore non fund based (enhanced from INR 10.0
crore) facilities of ATA. The rating reaffirmations takes into
account strong growth in company's revenues in FY10 on back of
commencement of manufacturing operations and long track record of
operations in trading business.
The ratings, however, remain constrained by modest scale of
operations and weak cash flows limiting financial flexibility.
The company has highly leveraged capital structure and weak
accruals have resulted in weak debt protection and coverage
indicators. Further successful scale up of new distributorship
remains a key challenge in maintaining growth of trading business.
ATA is a Pune based private limited company engaged in trading of
machine tools since 1999 and has also set up a steel rolling mill
and galvanizing facility in 2009. ATA is an authorized
distributor for Grindwell Norton, Lamina Technologies and Siemens.
The company deals in distribution business for cutting/drilling
tools and switchgear of the principal companies. Further the
company commenced operations at its galvanizing facility in
June 2009 and rolling mill in December 2009 with capacity of
24000 MTPA.
ANROSE PHARMA: ICRA Assigns 'LBB' Rating to INR6.7cr Bank Debt
--------------------------------------------------------------
ICRA has assigned a long term rating of "LBB" to the INR 6.7 crore
fund based limits of Anrose Pharma. The rating has been assigned
a stable outlook.
The assigned rating takes into account the company's financial
profile supported by conservative capital structure and the
management's experience in the same line of business. The rating
is, however, constrained by the small scale of operations limiting
the company's ability to compete effectively with larger generic
formulation companies, high competition in the industry and high
working capital intensity on account of high credit period offered
to the distribution channel. The high competitive intensity in the
generics segments has resulted in pressure on company's operating
margins and has limited the company's scale of operations.
Anrose Pharma is a proprietorship firm which is engaged in the
manufacturing and marketing of generic formulations catering to
various therapeutic areas including antibiotics and analgesics.
The company was started in 2005 with the installation of its
manufacturing facility in Barotiwala (tax free zone) where it
manufactures various dosage forms including tablets, capsules,
syrup and injectibles. The 100% income tax exemptions have
expired in FY10 and the company will enjoy only 30% exemption
during next five years in addition to the 100% excise duty
exemption.
Recent Results
The company reported a net profit of INR0.7 crore on an operating
income of INR24.0 crore during 2009-10.
EITA INDIA: CRISIL Assigns 'BB-' Rating to INR345MM Bank Debt
-------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to E I T A India
Ltd's bank facilities.
Facilities Ratings
---------- -------
INR345.00 Million Cash Credit Limit BB-/Stable (Assigned)
INR25.00 Million Letter of Credit P4+ (Assigned)
The ratings reflect EITA's below-average financial risk profile,
marked by small net worth, average gearing, and weak debt
protection metrics, large working capital requirements, and
susceptibility of margins to intense competition and concentration
of revenues in the conventional and low-margin transport business.
These rating weaknesses are partially offset by EITA's established
market position in the full truck load (FTL) segment, and
promoter's experience in the transportation business.
Outlook: Stable
CRISIL believes that EITA will maintain its established market
position in the FTL segment over the medium term. However, its
financial risk profile, particularly liquidity, will remain weak
because of its large working capital requirements and large
quantum of debt contracted for fleet expansion. The outlook may
be revised to 'Positive' if EITA generates large cash accruals,
leading to strong liquidity. Conversely, the outlook may be
revised to 'Negative' if the company undertakes fresh, large debt-
funded capital expenditure, or if its working capital requirements
increase substantially, leading to increased pressures on
liquidity.
About EITA
EITA (formerly, East India Transport Agency) was originally
promoted by Mr. Balgovind Lohia and his brothers in 1955 as a
partnership firm. It was reconstituted as a public limited company
in 1984. The company depends highly on hired vehicles as the
company's owned vehicles (fleet size of 225 trucks), are able to
manage only 10 per cent of its total freight movement. Thus, the
company is in the process of increasing its fleet size and bought
50 new trucks in 2009-10 (refers to financial year, April 1 to
March 31); it plans to buy 100 new trucks each in 2010-11 and
2011-12. EITA provides FTL transport services and has 300
branches across India.
EITA reported a profit after tax (PAT) of INR11.78 million on net
sales of INR2645.63 million for 2009-10, against a PAT of INR8.07
million on net sales of INR2145.65 million for 2008-09.
GENIUS EDUCATIONAL: CRISIL Rates INR81 Million Term Loan at 'D'
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to Genius Educational Society's
term loan facility. The rating reflects delays in interest
payment by GES. The delays have been caused by GES's weak
liquidity.
Facilities Ratings
---------- -------
INR81.00 Million Term Loan D (Assigned)
GES has weak financial risk profile marked by small net worth and
weak debt protection metrics, limited track record, significant
dependence on the engineering stream for revenues, and
susceptibility to adverse regulatory changes in the educational
sector. The society, however, benefits from its promoters'
extensive experience in, and healthy demand prospects for, the
education industry.
GES was set up in March 2006 by the Abhilashi family. The society
commenced operations with an engineering college, T.R. Abhilashi
Memorial Institute of Engineering and Technology in Tanda
(Himachal Pradesh). TRAMIT offers engineering courses in four
streams -- civil, mechanical, computer science and electronics and
communication. The institute's intake capacity is 240 students
(60 students for each of the four streams). TRAMIT's first
academic year was 2009-10 (refers to financial year, April 1 to
March 31). The society's chairman is Mrs. Narvada Devi Abhilashi.
In 2009-10 (refers to financial year, April 1 to March 31), the
Society is expected to report excess of expenditure over income of
INR1.6 million on revenues of INR13.2 million.
GREATWELD STEEL: ICRA Reaffirms 'LBB-' Rating on INR3.98cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the "LBB-" rating to the INR3.98 crore term
loan (reduced from INR 5.33 crore) and INR11.0 crore cash credit
(enhanced from INR 5.0 crore) facilities of Greatweld Steel
Grating Private Limited. The long term rating has been assigned
stable outlook. ICRA has also reaffirmed an "A4" rating to the
INR11.3 crore non fund based (enhanced from INR 9.0 crore)
facilities of GSGL.
The rating reaffirmation takes into account strong revenue growth
since inception, reputed client base and in house availability of
key raw material and galvanizing facility through Group Company.
The rating, however, continues to remain constrained by moderate
scale and limited track record of operations, leveraged capital
structure and limited accruals stretching the liquidity profile.
Further the operations remain vulnerable to commodity price
movement with limited ability to pass on raw material price rises.
GSGL is a Pune based private limited company set up by Mr.Rakesh
Ranjan in 2006-07. It is engaged in manufacturing of electro
forged mild steel gratings. Gratings are industrial floorings,
used mainly in petrochemical and power plants. The company has a
capacity to manufacture 15000 tonnes per annum (TPA) of gratings
with manufacturing facilities located near Pune.
JAI DADA: CRISIL Assigns 'BB-' Rating to INR132 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Jai Dada
Infrastrucre Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR132.0 Million Term Loan BB-/Stable (Assigned)
INR30.0 Million Cash Credit BB-/Stable (Assigned)
The rating reflects JDIPL's average financial risk profile, marked
by moderate credit protection indicators and modest scale of
operations. These rating weaknesses are partially offset by the
benefits that JDIPL derives from its promoters' experience in the
container logistics business, its diversified service portfolio,
and strong operational synergies with Medi Drips Carriers Pvt Ltd
(Medi Drips) and Jai Dada Movers Pvt Ltd (Jai Dada)(both rated
'BB-/Stable/P4+' by CRISIL).
Outlook: Stable
CRISIL believes that JDIPL will maintain its credit risk profile,
backed by established relationships with strong customers and
promoter's experience in this industry. The outlook may be
revised to 'Positive' if the company significantly improves its
cash accruals and debt protection measures. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates due to significant deterioration in its
profitability, or significant debt funded capex resulting in
deterioration in its debt protection indicators.
About Jai Dada
JDIPL, incorporated in July 2010, was set up by the Dayama family
of Kolkata. It provides transportation services in the odd
dimension consignments (ODC) category.
It is a sister concern of Medi Drips and Jai Dada, leading players
in providing intercity Volvo luxury bus connecting Kolkata with
other major towns in East India. Some of its prominent clients
include Reliance Industries Ltd (CRISIL rated 'AAA/Stable/P1+'),
Indian Oil Corporation Ltd (CRISIL rated 'AAA/Negative/P1+'), and
Suzlon Energy (CRISIL rated 'BB+/Stable/P4+').
JAIN RICE: ICRA Assigns 'LB+' Rating to INR13cr Bank Lines
----------------------------------------------------------
ICRA has assigned a long-term rating of "LB+" to the INR 13.0
crore bank lines of Jain Rice Mill.
ICRA's non investment grade rating factors in the highly
competitive nature of the industry, JRM's moderate scale of
operations and its weak profitability metrics. This coupled with
JRM's high gearing (14.26 times as on March 31, 2010) has resulted
in weak debt protection indicators. The rating is also
constrained by its stretched liquidity position as reflected by
consistently high working capital limits utilization arising out
of high working capital intensity of the business. The rating
also takes into consideration the risks inherent in a partnership
firm. The rating is however supported by JRM's experienced
management and positive outlook for the sector.
Jain Rice Mill is a partnership firm established in 1973 and is
currently run by three partners Mr. Sandeep Jain, Mr. Pritam Jain
and Mr. Harish Jain. The firm is primarily engaged in milling of
basmati rice. The firm is also engaged in converting semi
processed rice into parboiled Basmati rice. JRM's milling unit is
based out of Hansi, Distt. Hisar, Haryana which is in close
proximity to the local grain market. JRM sells rice under its 35
different brands -- JRM Shyam, JRM Om, JRM Dulhan, JRM Swastik,
etc in the domestic market.
Recent Results
The firm reported a net profit after tax of INR 0.06 crore on an
operating income of INR 26.85 crore in FY2010.
JAUSHNA STEELS: CRISIL Reaffirms 'BB-' Rating on INR60MM Debt
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jaushna Steels (India)
Pvt Ltd continue to reflect JSPL's small scale of operations and
regional concentration in the steel flat products trading
industry, its working capital-intensive operations, the
vulnerability of its operating margin to fluctuations in steel
prices, and its weak financial risk profile marked by small net
worth, moderate gearing, and weak debt protection measures. These
weaknesses are mitigated by the benefits that the company derives
from its promoters' experience in the steel flat products trading
business, and its adequate liquidity position driven by moderate
bank limit utilization.
Facilities Ratings
---------- -------
INR60 Million Cash Credit BB-/ Stable (Reaffirmed)
INR10 Million Proposed LT Bank BB-/ Stable (Reaffirmed)
Loan Facility
INR30 Million Proposed ST Bank P4+ (Reaffirmed)
Loan Facility
Outlook: Stable
CRISIL believes that JSPL's scale of operations will remain small
over the medium term. The gearing may remain moderately high
because of incremental working capital requirements. The outlook
may be revised to 'Positive' if the company scales up its
operations and improves its financial flexibility, supported by
fresh equity infusion. Conversely, the outlook may be revised to
'Negative' if the company's profitability continues to remain
depressed, thereby weakening its financial risk profile.
Update
In 2009-10 (refers to financial year, April 1 to March 31), JSPL
generated revenues of INR718.2 million, 93 per cent higher than
the previous year, and also higher than CRISIL's projections. The
increase in topline was mainly driven by an increase in customer
base and improvement in demand for its products. However, the
company's operating margin for the year dropped to 0.8 per cent,
which was lower than CRISIL's projections, as against 2.4 per cent
in 2008-09. The decline in profitability was mainly because of
adverse price movement in input prices and lower margins as the
company was primarily focusing on increasing the volume. However,
it has adequate liquidity with no long-term debt obligations and
low bank limit utilization of 53 per cent. Despite a sharp
increase in topline, the incremental working capital requirements
were low as the company availed usance letter of credit (LC) for
procurement of raw materials. However, the LC charges are borne
by the company. The incremental working capital requirements of
about INR14 million were primarily funded through unsecured loans
from group company Yashusha Steels(I) Pvt Ltd (unsecured loans
increased from INR3.4 million as on March 31,2009 to INR21.5
million as on March 31,2010).
JSPL reported net loss of INR0.8 million on net sales of INR717.5
million for 2009-10, against a profit after tax (PAT) of INR2.8
million on net sales of INR369.5 million for 2008-09.
About Jaushna Steels
Set up in 1993 by Mr. Jagdish K Agarwal, JSPL trades in steel flat
products. The company commenced trading activity in 2001, and has
its registered office and godowns in Nagpur (Maharashtra). Its
products include galvanised sheets, and hot-rolled and cold-rolled
coils. JSPL procures steel mainly from JSW Steel Ltd, Uttam Galva
Steels Ltd, and Lloyds Steels Industries Ltd, and sells to
traders, wholesalers, semi-wholesalers, and retailers in the
Nagpur region.
KALINGA SPONGE: ICRA Downgrades Rating on INR13.18cr Loan to 'LB-'
------------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR13.18 crore term loan and INR9 crore fund based facilities of
Kalinga Sponge Iron Ltd. from "LBB" to "LB-". ICRA has reaffirmed
the short-term rating of "A4" outstanding on the INR 5.00 crore of
non-fund based bank limits of KSIL.
The rating revision reflects the recent delay in servicing debt by
the company following the pressures on its liquidity position. The
tightness in liquidity is a result of loss making operations,
which also led to the stoppage of the company's induction furnace
and one of the sponge iron kilns.
KSIL was incorporated in October, 2000 and started commercial
production in July, 2004. It has sponge iron and ingot
manufacturing facilities of 60,000 tpa and 30,000 tpa respectively
at Kalunga Industrial Estate in the Sundargarh district in Orissa.
KAMARHATTY COMPANY: CRISIL Assigns 'BB+' Rating to INR52.4MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Kamarhatty Company Ltd.
Facilities Ratings
---------- -------
INR30 Million Cash Credit BB+/Stable (Assigned)
INR52.4 Million Term Loan BB+/Stable (Assigned)
INR17.5 Million Letter of Credit P4+ (Assigned)
INR25 Million Bank Guarantee P4+ (Assigned)
The ratings reflect KCL's average financial risk profile, marked
by a small net worth, high gearing, and average debt protection
metrics, and its exposure to risks related to the regulated nature
of the jute industry, which is also prone to labor strikes. These
weaknesses are partially offset by the experience of KCL's
promoters in the jute industry, and the company's diversified
revenue profile.
For arriving at its ratings, CRISIL has not combined the financial
and business risk profiles of KCL and its subsidiary Kamarhatty
Power Ltd despite corporate guarantees given by KCL for the loans
contracted by KPL. This is because KPL has been unable to service
the debt contracted from West Bengal Industrial Development
Corporation on account of weak liquidity, and KCL has opted not to
support KPL. The corporate guarantee has not been invoked by
WBIDC.
Outlook: Stable
CRISIL believes that KCL will maintain its business risk profile
over the medium term, backed by the experience of its promoters in
the jute industry, and its diversified revenue profile. The
outlook may be revised to 'Positive' in case of an increase in
jute prices, and if KCL focuses on value-added products, leading
to an improvement in the company's operating margin. Conversely,
the outlook may be revised to 'Negative' if the company contracts
large debt to fund capital expenditure or acquisitions, or if its
revenues decline sharply, most likely due to changes in the
Government of India's policy on the jute sector or significant
decline in jute prices. The invocation of the corporate guarantee
by WBIDC for the debt contracted by KPL, which would lead to a
weakening in KCL's financial risk profile, could also result in a
'Negative' outlook.
About Kamarhatty Company
KCL, set up in 1877 under British managing agency Jardine
Henderson Ltd, is one of the oldest functioning composite jute
mills in the country. The company was acquired by Kolkata-based
Mr. Badri Prasad Agarwal in 1987. KCL is currently managed by his
son Mr. S K Agarwal.
The jute division of the company currently has installed
capacities to produce 110 tonnes per day (tpd) of hessian and
sacking and 15 tpd of fine yarn. In an attempt to de-risk its
jute business and diversify, the company made its foray into kraft
paper manufacturing in 2003 by setting up a 30 tpd facility at the
same premises.
The company also owns and operates developed warehousing space of
over 0.3 million square feet in the premises of the jute mill. In
July 2008, the group commenced power generation by setting up a 6-
megawatts biomass-based thermal power plant in Burdwan (West
Bengal) under KCL's subsidiary -- KPL.
KCL reported a profit after tax (PAT) of INR13.4 million on net
sales of INR843.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR19.0 million on net
sales of INR1148.7 million for 2008-09.
KVN IMPEX: CRISIL Assigns 'B+' Rating to INR12.5MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of KVN Impex Pvt Ltd; a part of the KVN group.
Facilities Ratings
---------- -------
INR12.50 Million Cash Credit B+/Stable (Assigned)
INR2.50 Million Bills Discounting P4 (Assigned)
INR387.50 Million Letter of Credit P4 (Assigned)
The ratings reflect the KVN group's average financial risk
profile, marked by small net worth and high gearing coupled with
susceptibility of its revenues and earnings to exchange rate
fluctuations and volatility in raw material prices. These rating
weaknesses are partially offset by the benefits that KVNI derives
from its promoters' extensive industry experience.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KVNI and KVN Polytech Pvt Ltd, together
referred to as the KVN group. This is because the two companies
have a common management, and considerable business and financial
alignments.
Outlook: Stable
CRISIL believes that the KVN group will continue to benefit over
the medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of a higher-than-
expected increase in the group's operating revenues and earnings
while maintaining its debt protection indicators. Conversely, the
outlook may be revised to 'Negative' in case of a significant
decline in the KVN group's operating margins or accruals leading
to deterioration in its credit risk profile.
About the Group
The KVN group, promoted by Mr. M K Ramesh and Mr. M K Rajesh,
trades in polymers and chemicals, mainly high- and low-density
polyethylene, plastic granules, and polythene bags. The end-user
industries of these products manufacture household plastic and
packing material such as carry bags, water bottles, milk pouches,
mineral water bottles, containers, and pipes. KVNI, established
in 1999, took over Ashwathi Traders, a partnership firm promoted
by the promoter's family members. The group has its head office in
Kozhikode (Kerala) and has branch offices in cities in Kerala and
Tamil Nadu.
The KVN group reported a profit after tax (PAT) of INR40.3 million
on net sales of INR722.9 million for 2009-10 (refers to financial
year, April 1 to March 31), against a net loss of INR21.8 million
on net sales of INR554.8 million for 2008-09.
SANDEEP TEXTURISERS: CRISIL Lifts Rating on INR200MM Debt to 'B'
----------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Sandeep Texturisers Pvt Ltd to 'B/Stable' from 'D'.
Facilities Ratings
---------- -------
INR200.0 Million Cash Credit B/Stable (Upgraded from 'D')
The upgrade reflects the Saraf group's regularization of its
overdrawn fund-based bank facilities, and timely servicing of its
term debt over the six months through September 2010. The upgrade
also factors in CRISIL's belief that the group's operating income
and profitability will grow over the medium term because of
favorable industry demand for blended and texturised yarns.
The rating reflects the Saraf group's exposure to risks related to
the commodity nature of its raw materials, average debt protection
metrics, and large working capital requirements. These weaknesses
are partially offset by the group's established market position
and diversified product portfolio.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of STP and Saraf Yarn Pvt Ltd, together
referred to as the Saraf group. This is because these entities
have significant management linkages, and fungible cash flows.
Moreover, STP has provided corporate guarantees to the credit
facilities availed by SYP.
Outlook: Stable
CRISIL believes that the Saraf group will maintain healthy sales
growth, backed by its established market presence and diversified
product portfolio, over the medium term. The outlook may be
revised to 'Positive' if the group reports more-than-expected
profitability, while maintaining its consolidated capital
structure at moderate levels. Conversely, the outlook may be
revised to 'Negative' if the group undertakes a greater-than-
expected debt-funded capital expenditure programme, or its
liquidity deteriorates.
About the Group
STP, incorporated in April 2004, is promoted by Mr. Maheshkumar
Saraf, who is the director of the company. The company is engaged
in production of texturised and blended yarn, and has its
production facilities at Silvassa and Ahmedabad. Mr. Saraf is
also the director of SYP, which is a contract manufacturer of
blended yarn, fancy yarn, and grey fabric.
The Saraf group (consolidated) reported a profit after tax (PAT)
of INR8 million on net sales of INR1.62 billion for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR2 million on net sales of INR1.13 billion for 2008-09.
SARAF YARN: CRISIL Upgrades Rating on INR62.5MM Cash Credit to 'B'
------------------------------------------------------------------
CRISIL has upgraded its rating on the cash credit facility of
Saraf Yarn Pvt Ltd to 'B/Stable' from 'D'.
Facilities Ratings
---------- -------
INR62.5 Million Cash Credit B/Stable (Upgraded from D)
The upgrade reflects the Saraf group's regularization of its
overdrawn fund-based bank facilities, and timely servicing of its
term debt over the six months through September 2010. The upgrade
also factors in CRISIL's belief that the group's operating income
and profitability will grow over the medium term because of
favourable industry demand for blended and textures yarns.
The rating reflects the Saraf group's exposure to risks related to
the commodity nature of its raw materials, average debt protection
metrics, and large working capital requirements. These weaknesses
are partially offset by the group's established market position
and diversified product portfolio.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SYP and Sandeep Texturisers Pvt Ltd
(STP), together referred to as the Saraf group. This is because
these entities have significant management linkages, and fungible
cash flows. Moreover, STP has provided corporate guarantees to the
credit facilities availed by SYP.
Outlook: Stable
CRISIL believes that the Saraf group will maintain healthy sales
growth, backed by its established market presence and diversified
product portfolio, over the medium term. The outlook may be
revised to 'Positive' if the group reports more-than-expected
profitability, while maintaining its consolidated capital
structure at moderate levels. Conversely, the outlook may be
revised to 'Negative' if the group undertakes a greater-than-
expected debt-funded capital expenditure programme, or its
liquidity deteriorates.
About the Group
SYP, incorporated in 2002, is promoted by Mr. Maheshkumar Saraf,
who is also the director of the company. The company is a contract
manufacturer of blended yarn, fancy yarn, and grey fabric. It is
also engaged in trading in yarn, which contributes about 20 per
cent of its total revenues. The company is also the consignment
agent for a few companies. Mr. Saraf is also the director in STP,
which is engaged in production of texturised and blended yarn, and
has its production facilities at Silvassa and Ahmedabad.
The Saraf group (consolidated) reported a profit after tax (PAT)
of INR8 million on net sales of INR1.62 billion for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR2 million on net sales of INR1.13 billion for 2008-09.
TRISTAR GLOBAL: ICRA Assigns 'LBB+' Rating to INR7cr Bank Debts
---------------------------------------------------------------
ICRA has assigned a long term rating of "LBB+" to the INR 7 crore
fund based limits and INR20 crore non fund based limits of Tristar
Global Infrastructure Pvt. Ltd. In addition, ICRA has also
assigned an "A4+" rating to the INR 3 crore bill discounting
facilities of the company. The long term rating has been assigned
a stable outlook.
The ratings takes into account the experienced management of the
company, proven track record of executing projects for a reputed
client base, a satisfactory order book comprising prestigious
projects, tie-ups with some of the leading players in the world
in expansion joints, impressive revenue growth since inception,
and the limited capex required for executing the order backlog.
However, the ratings are constrained by the limited scale of
operations of the company, its exposure to a few large orders for
bulk of its revenues, high working capital intensity due to the
company's policy of procuring adequate inventory for timely
execution of the project and protecting it from fluctuations in
raw material prices, likely weakening of financial profile due to
the funding of increased working capital requirements on account
of the substantial growth in revenues expected during FY11, and
limited visibility of earnings despite a large order book, as bulk
of the order backlog comprises short-duration contracts that would
be fully executed by FY12.
Tristar Global Infrastructure Pvt. Ltd., established in 1999, is a
fully family-owned construction company. The company has been
involved in waterproofing, expansion joints, thermal insulation,
construction of buildings and roofing activities, and has dealt
with a reputed client base including companies like Procter &
Gamble, GMR, HCC and L&T. In the past, most of the company's
revenues have come from waterproofing activity and construction of
buildings, with TGIPL having executed prestigious projects such as
waterproofing of Bangalore Airport and underground railway
stations for Delhi Metro Rail Corporation (DMRC).
Recent Results
TGIPL reported a profit after tax (PAT) of INR 1.22 crore in FY10
on an operating income of INR 45.69 crore, registering a
substantial improvement over FY09. The growth was supported by a
larger order book during FY10 and high execution of the same.
=========
J A P A N
=========
JAPAN AIRLINES: British Airways Wants to Form Joint Venture
-----------------------------------------------------------
Bloomberg News reports that British Airways Plc wants to form a
venture with Japan Airlines Corp. to pare costs by sharing
facilities.
Chief Executive Officer Willie Walsh told Bloomberg in an
interview that the accord would be similar to a joint services
agreement the carrier has with Qantas Airways Ltd. on U.K.-
Australia routes.
Bloomberg relates Mr. Walsh is seeking ways to offer more services
in Japan as he said he expects a "better economic environment" for
airlines next year. Bloomberg says British Airways, which offered
to expand code-share flights with Japan Airlines this year, has
invited the Tokyo- based carrier to move its Heathrow operations
to BA's Terminal 5.
According to Bloomberg, JAL earlier this year agreed to stay in a
code-sharing agreement with American Airlines, British Airways and
other Oneworld carriers, rejecting an offer from Delta Air Lines
Inc. and its SkyTeam partners to join them.
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.
JAPAN AIRLINES: Expands Codeshare Agreement With Jet Airways
------------------------------------------------------------
Japan Airlines and Jetstar Airways have reached an agreement to
expand their codeshare partnership to include flights operated by
Jetstar on routes linking Japan's two major cities - Tokyo
(Narita) and Osaka (Kansai), with Gold Coast in Queensland,
Australia, from November 25, 2010.
JAL has been bilateral partners with Jetstar - also a subsidiary
of oneworld(R) alliance partner Qantas Airways, since May 2007.
JAL currently markets flights operated by Jetstar that connect
Tokyo (Narita) and Osaka (Kansai) with Cairns. The enhanced
codeshare agreement will place Gold Coast, a popular tourist
destination, on JAL's network map alongside Adelaide, Brisbane,
Melbourne and Perth that are already served by codeshare flights
with Qantas Airways via Singapore.
Fares issued by JAL for Jetstar-operated codeshare flights will be
for economy class only, inclusive of meals and soft drinks.
Alcoholic drinks and additional refreshments will be available for
purchase onboard.
On its own, JAL provides service on the route between Tokyo
(Narita) and Sydney once daily, on which the airline's award-
wining seats JAL Shell Flat seat in business class and JAL Sky
Shell seat in premium economy, are available.
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.
JLOC41 LLC: S&P Downgrades Ratings on Class D-1 Notes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CC
(sf)' its rating on the class D-1 floating-rate notes issued under
the JLOC41 LLC transaction, and affirmed its ratings on the class
A, B, C-2, and D-2 notes issued under the same transaction. The
class C-1 notes have been fully redeemed. The ratings on the
class C-3 and D-3 notes were lowered to 'D (sf)' on Aug. 23, 2010.
Under this transaction, principal proceeds from each loan are used
to redeem several predetermined classes of notes. These notes
were originally backed by three loans, all of which have now
defaulted.
S&P lowered to 'D (sf)' its rating on the class D-1 because:
The principal of one of the transaction's two remaining loans (the
loan originally represented about 41% of the total initial
issuance amount of the notes) was impaired. Accordingly, the
principal on the class D-1 was written down.
Meanwhile, collection from the properties backing the other
remaining underlying loan (the loan originally represented about
22% of the total initial issuance amount of the notes) is now
under progress in accordance with the property liquidation report
provided by the servicer in July 2010. S&P intends to continue to
monitor information on the progress of collection that S&P
receives from the servicer.
The notes issued under this transaction were originally secured by
three loans extended to three obligors. The loans were initially
backed by 31 real estate trust certificates or real estate
properties. The transaction was arranged by Morgan Stanley Japan
Securities Co. Ltd., and ORIX Asset Management & Loan Services
Corp. is the transaction servicer.
The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in February 2015 for the class A floating-rate
notes, and the full payment of interest and ultimate repayment of
principal by the legal final maturity date for the class B to D-3
floating-rate notes.
Rating Lowered
JLOC 41 LLC
JPY23.36 billion floating-rate notes due February 2015
Class To From Initial Issue Amount Coupon Type
----- -- ---- -------------------- -----------
D-1 D (sf) CC (sf) JPY0.78 bil. Floating rate
Ratings Affirmed
JLOC 41 LLC
Class Rating Initial Issue Amount Coupon Type
----- ------ -------------------- -----------
A BBB+ (sf) JPY15.4 bil. Floating rate
B BB- (sf) JPY2.7 bil. Floating rate
C-2 CCC (sf) JPY0.86 bil. Floating rate
D-2 CCC- (sf) JPY0.69 bil. Floating rate
JLOC XXVIII: S&P Downgrades Ratings on Senior Certificates
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B and C senior trust certificates issued under the JLOC
XXVIII transaction and removed them from CreditWatch with negative
implications, where they were placed on Oct. 8, 2010. At the same
time, S&P affirmed its ratings on the class D senior trust
certificates and on Harajuku Holding TMK's series 4-2 floating-
rate mezzanine specified bonds. The class A senior trust
certificates and Nakano Holding TMK's series 3-2 floating-rate
mezzanine specified bonds have already been paid in full.
Out of the four specified bonds (two senior and two mezzanine
specified bonds) issued by two obligors that initially backed the
transaction, two specified bonds (one senior and one mezzanine
specified bonds) issued by one obligor (the specified bonds
represented about 51% of the total initial issue amount of the
transaction) remains.
S&P downgraded class B because:
As the transaction's remaining specified bond is backed by many
properties and considering the progress on property sales, it is
S&P's view that completing collection through the sales of the
properties in question will require a certain amount of time.
S&P now sees a lower likelihood of the remaining specified bond
being redeemed by the transaction's legal final maturity date in
October 2012 under the previous rating level assumptions, given
the current situation regarding and the outlook for the sales of
the collateral properties. Nevertheless, the level of credit
enhancement for the class B trust certificates is high.
Accordingly, even if principal and interest payments on the trust
certificates are not made by the legal final maturity date, S&P
believes that the class B trust certificates (principal and
interest) is still very likely to be redeemed eventually.
Meanwhile, S&P lowered its rating on class C because:
S&P reviewed the levels of stress which S&P applied to the likely
collection amount from the aforementioned properties under each
rating scenario after considering a number of factors, including
the situation regarding the sales of the properties, and real
estate deals involving similar types of assets. The revised
levels of stress are higher than the levels of stress that S&P
applied when S&P reviewed its ratings in March 2010. Still, as
S&P considered its assumption for March 2010 with respect to the
likely collection amount from the properties to be roughly valid,
S&P did not make any major revision to the amount itself this
time.
JLOC XXVIII is a property sales-type CMBS transaction. The
transaction was initially secured by two senior specified bonds
and two mezzanine specified bonds. The senior and mezzanine
specified bonds were backed by 567 real estate properties. Morgan
Stanley Japan Securities Co. Ltd. served as the arranger for this
transaction.
The ratings address the full payment of interest and ultimate
repayment of principal by the legal maturity date in October 2012
for the class B to D senior trust certificates and the Harajuku
Holding TMK series 4-2 floating rate specified bonds.
Ratings Lowered. Off Watch Negative
JLOC XXVIII Senior Trust Certificates
JPY88.9 billion trust certificates due October 2012
Class To From Initial Issue Amount
----- -- ---- --------------------
B AA (sf) AAA (sf)/Watch Neg JPY10.1 bil.
C BB- (sf) BBB- (sf)/Watch Neg JPY8.8 bil.
Ratings Affirmed
JLOC XXVIII Senior Trust Certificates
JPY88.9 billion trust certificates due October 2012
Class Rating Initial Issue Amount
----- ------ --------------------
D CCC (sf) JPY7.2 bil.
JLOC XXVIII Mezzanine Specified Bonds
Harajuku Holding TMK
Series 4-2 JPY3.6 billion floating-rate mezzanine specified bonds
due October 2012
Rating Initial Issue Amount
------ --------------------
CCC (sf) JPY3.6 bil.
OMEGA CAPITAL: S&P Withdraws 'CCC-' Rating on Class A1 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC- (sf)' rating
on the series 21 class A1 secured notes by Omega Capital
Investments PLC. The rating withdrawal follows the arranger's
notification to us that the notes have been repurchased by the
issuer and cancelled on Nov. 24, 2010.
Rating Withdrawn
Omega Capital Investments PLC
Secured multirate notes series 21
Class To From Issue Amount
----- -- ---- ------------
A1 NR CCC- (sf) $20 mil.
ORSO FUNDING: S&P Downgrades Ratings on Various Certificates
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B to F trust certificates issued under the Orso Funding CMBS
5 Trust transaction. At the same time, S&P kept the ratings on
classes B and C on CreditWatch with negative implications, and
removed the ratings on classes A, and D to F from CreditWatch
negative. The ratings on classes A to F were placed on
CreditWatch negative on Oct. 7, 2010. S&P also affirmed the
ratings on the class A and X trust certificates.
One of the transaction's four remaining nonrecourse loans (the
loan originally represented a 20.1% or so of the total initial
issuance amount of the trust certificates) have defaulted. With
regard to the defaulted loan, collection operations are proceeding
in accordance with the servicer's collection plan. Meanwhile, all
three remaining performing loans (the three loans originally
represented a combined 62.9% or so of the total initial issuance
amount of the trust certificates) are scheduled to mature between
the beginning of January 2011 and the end of February 2011.
S&P downgraded classes B to F because:
With respect to the defaulted loan, total collection proceeds from
the related collateral properties that have been sold so far are
less than the related portion of the loan principal amount.
Accordingly, S&P has lowered its assumption with regard to the
likely collection amount from the remaining properties backing the
loan. S&P currently assume the likely collection amount from all
the collateral properties to be about 53% of its initial
underwriting value; and
Likewise, S&P lowered its assumption with respect to the likely
collection amount from the properties backing the three performing
loans. S&P currently assume the likely collection amount to be
about 75% of its initial underwriting value. Under the
transaction agreement, principal on the trust certificates is set
to be redeemed pro-rata provided the underlying nonrecourse loans
are repaid as scheduled. Accordingly, should the three performing
nonrecourse loans be fully or partially repaid before collection
operations relating to the defaulted loan are completed, the
principal proceeds from the three performing loans would be used
to make payments not only to the upper-level tranches, but to the
lower-level tranches as well. In reviewing its ratings, S&P
therefore assumed that the credit enhancement levels for the
upper-level tranches would decline.
Orso Funding CMBS 5 Trust is a multiborrower CMBS transaction.
The trust certificates were originally backed by nonrecourse loans
to seven obligors, and the loans were secured by 43 real estate
properties. This transaction was arranged by Bear Stearns (Japan)
Ltd. Tokyo Branch. Premier Asset Management Co. acts as the
servicer for this transaction.
Standard & Poor's ratings address the full and timely payment of
interest and ultimate repayment of principal by the transaction's
legal final maturity date in February 2013 for the class A
certificates, the full payment of interest and ultimate repayment
of principal by the legal final maturity date for the class B to F
certificates, and the timely payment of available interest for the
interest-only class X certificate.
Ratings Lowered, Kept On Creditwatch Negative
Orso Funding CMBS 5 Trust
JPY33.25 billion commercial real estate-backed trust certificates
due February 2013
Class To From Initial Issue Amount
----- -- ---- --------------------
B A (sf)/Watch Neg AA (sf)/Watch Neg JPY3.9 bil.
C BBB- (sf)/Watch Neg A- (sf)/Watch Neg JPY3.8 bil.
Ratings Lowered, Off Creditwatch Negative
Class To From Initial Issue Amount
----- -- ---- --------------------
D B (sf) BB+ (sf)/Watch Neg JPY3.9 bil.
E CCC- (sf) B- (sf)/Watch Neg JPY3.7 bil.
F CCC- (sf) CCC (sf)/Watch Neg JPY0.25 bil.
Rating Affirmed, Off Creditwatch Negative
Class To From Initial Issue Amount
----- -- ---- --------------------
A AAA (sf) AAA (sf)/Watch Neg JPY17.7 bil.
Rating Affirmed
Class Rating Initial Issue Amount
----- ------ --------------------
X AAA (sf) JPY33.25 bil.*
* Notional principal
The issue date was Aug. 21, 2006.
=========
K O R E A
=========
HYUNDAI ENG'G: Hyundai Group to File Suit Against Hyundai Motor
---------------------------------------------------------------
Kim Yon-se at The Korea Herald reports that Hyundai Group is
considering filing a libel suit against Hyundai Motor Group for
spreading groundless rumors relating to the acquisition of Hyundai
Engineering & Construction.
The Korea Herald says Hyundai Motor Group chairman Chung Mong-koo
and his sister-in-law Hyun Jeong-eun, chairwoman of Hyundai Group,
have seen the feud rekindled over their M&A rivalry.
"A Hyundai Motor official's (baseless) comments (about us) fall
under apparent defamation," Hyundai Group said, according to The
Korea Herald. "We will shortly take legal proceedings."
A group spokesman said that the final decision -- between a civil
and criminal suit, or both of them -- will be made internally
soon, The Korea Herald relates.
According to The Korea Herald, a Hyundai Motor official was quoted
by a newspaper as saying that Hyundai Group changed its position
-- from initially calling takeover funds totaling KRW1.2 trillion
($1.07 billion) "equity capital" to revising it as "borrowing."
The official was also reported to claim that the practice could be
regarded as fraud before Hyundai E&C creditors and the other
figures concerned, The Korea Herald says.
The Korea Herald notes that Hyundai Group said it is a
denouncement without facts and called for the Hyundai E&C sale
broker -- Korea Exchange Bank -- to deprive Hyundai Motor of its
position as the preliminary bidder.
Hyundai Motor Group, The Korea Herald states, clarified that the
official's remarks did not reflect the official stance of the
group, adding that the coming suit is inappropriate while the
union of Hyundai Securities and Hyundai E&C also questioned the
process of Hyundai Group's fundraising.
Amid speculation in the market, The Korea Herald adds, creditors
have requested Hyundai Group make clear the background of its
takeover funds.
Bloomberg News says Hyundai Group and Hyundai Motor Group made
competing offers for the controlling stake in the builder,
extending a decade-long family feud. The group offered to pay
KRW5.5 trillion, surpassing the price of KRW5.1 trillion offered
by Hyundai Motor, The Korea Herald says.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2010, Yonhap News Agency said Hyundai Engineering &
Construction Co.'s creditors selected Hyundai Group as the
preferred bidder for a major stake in the company. Korea Exchange
Bank, state-run Korea Finance Corp., Woori Bank and other creditor
banks have been pushing to find a buyer for the 34.88% stake in
the builder, estimated to fetch up to KRW4 trillion. Creditor
banks plan to sign a preliminary deal with Hyundai Group by the
end of this month and seal a final contract by year-end.
About Hyundai Engineering
Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally. Its operations fall into these key areas:
building, civil works, plant and power works. Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential, commercial
and institutional building projects.
Hyundai Engineering has been under creditors' control. In
August 2001, Hyundai Group was split into three -- Hyundai Motor,
Hyundai Heavy Industries and one which retained the name, Hyundai
Group -- while the remaining businesses were taken over by
creditors.
HYUNDAI ENG'G: Shareholders Seek More Information on Buyer's Fund
-----------------------------------------------------------------
Kyunghee Park and Sookyung Seo at Bloomberg News report that
Hyundai Engineering & Construction Co. shareholders will delay
signing an agreement on the sale of a controlling stake to Hyundai
Group until they receive more information about how the buyer
plans to finance the deal,.
"We are trying to clarify some of the issues that are worrying the
market," Bloomberg cited Korea Exchange Bank, a member of the
group selling the 35 percent stake in South Korea's biggest
builder, in an e-mailed statement on November 23. "We will decide
on what actions to take should there be any false information."
Bloomberg relates the group said in an e-mailed statement that it
had already answered the sellers' request. According to
Bloomberg, Korea Exchange Bank said the shareholders are seeking
more information on a funding plan at Hyundai Merchant's French
unit and about an agreement Hyundai Group signed with Tong Yang
Securities Inc. to participate in the acquisition.
Bloomberg, citing a report from Yonhap News, says Hyundai Group
has borrowed KRW1.2 trillion from Paris-based Natixis SA without
issuing collateral. There had been speculation the group borrowed
the funds against Hyundai Merchant shares or Hyundai Engineering
assets, Yonhap said, according to Bloomberg.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2010, Yonhap News Agency said Hyundai Engineering &
Construction Co.'s creditors selected Hyundai Group as the
preferred bidder for a major stake in the company. Korea Exchange
Bank, state-run Korea Finance Corp., Woori Bank and other creditor
banks have been pushing to find a buyer for the 34.88% stake in
the builder, estimated to fetch up to KRW4 trillion. Creditor
banks plan to sign a preliminary deal with Hyundai Group by the
end of this month and seal a final contract by year-end.
About Hyundai Engineering
Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited -- http://www.hdec.co.kr/-- is
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally. Its operations fall into these key areas:
building, civil works, plant and power works. Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential, commercial
and institutional building projects.
Hyundai Engineering has been under creditors' control. In
August 2001, Hyundai Group was split into three -- Hyundai Motor,
Hyundai Heavy Industries and one which retained the name, Hyundai
Group -- while the remaining businesses were taken over by
creditors.
HYNIX SEMICONDUCTOR: S&P Gives Positive Outlook; Keeps 'B+' Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on its
long-term corporate credit rating on Korea-based Hynix
Semiconductor Inc. to positive from stable, reflecting its
improving financial risk profile. At the same time, Standard &
Poor's affirmed the 'B+' long-term corporate credit rating on
Hynix. In addition, S&P raised the ratings on Hynix's senior
unsecured bonds to 'B+' from 'B', reflecting its opinion that the
potential for recovery in the event of default has improved.
The outlook revision reflects improvements to Hynix's financial
risk profile over the past year. Thanks to the global recovery in
the memory semiconductor industry that was seen until the second
quarter (ended June 2010), Hynix recorded an EBITDA margin of
about 50% and generated good free operating cash flow, thereby
reducing its debt level. S&P estimates that Hynix's debt-to-
EBITDA level will improve to 1.1x in 2010, from 2.4x in 2009; and
its debt-to-total capital ratio will improve to about 45% in 2010,
from 55% in 2009. Although DRAM (dynamic random access memory)
prices started to drop sharply from the third quarter of 2010,
Hynix outperformed its competitors, except Samsung Electronics Co.
Ltd. (A/Stable/A-1). Hynix was helped by its strong technological
capabilities and a high proportion of non-PC DRAM products, which
experience lower price volatility.
The rating affirmation reflects S&P's view that Hynix should be
able to maintain its strong market position in the global DRAM
industry. Although the market is experiencing a downturn, S&P
believes that the possible negative impact should be less
significant than that in past cycles. This is mainly because DRAM
makers have built relatively conservative capacity amid
consolidation. In addition, S&P believes that Hynix's strong
technological capabilities and good product portfolio will help
the company endure the current downturn in the DRAM market. S&P
may raise the rating on Hynix if the company continues to maintain
its current financial risk profile, such as holding a debt-to-
total capital ratio of below 50%, during the aforementioned
downturn. Conversely, S&P may lower the rating if Hynix's debt-
to-EBITDA ratio deteriorates to over 3.0x on a sustained basis,
due to an unexpected prolonged downturn in the global DRAM market.
===============
M A L A Y S I A
===============
HOCK SIN: Posts MYR2.66 Million Net Loss in Qtr Ended September 30
------------------------------------------------------------------
Hock Sin Leong Group Berhad reported a net loss of MYR2.66 million
on revenues of MYR13.28 million in the quarter ended September 30,
2010, compared with a net loss of MYR8.9 million on MYR24.70
million of revenues in the same quarter in 2009.
As of September 30, 2010, the Company had MYR77.62 million in
total assets, MYR67.13 million in total liabilities and
MYR10.49 million in total shareholders' equity.
The company's balance sheet as of September 30, 2010, also showed
strained liquidity with MYR29.15 million in total current assets
available to pay MYR64.65 million in total current liabilities.
A full-text copy of the Company's Quarterly Results is available
for free at:
http://ResearchArchives.com/t/s?6fa3
About Hock Sin
Hock Sin Leong Group Berhad -- http://www.hslg.com.my/-- is an
investment holding company. It also provides management services
to its subsidiary companies. The Company, through its
subsidiaries, is engaged in consumer electrical and electronics
industry in Malaysia.
Hock Sin Leong Group Berhad is now listed as an Amended Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.
According to a disclosure statement with the bourse, the company
triggered the PN17 listing as its external auditors have
expressed, albeit, an unqualified opinion and have emphasized that
the Group incurred a net loss of MYR26,587,834 during the year
ended September 30, 2009, and as of that date, the Group's current
liabilities exceeded its current assets by MYR28,172,442.
KENMARK INDUSTRIAL: Won't Meet Deadline on Financial Reporting
--------------------------------------------------------------
Kenmark Industrial Co. (M) Berhad said it will not be able to
issue the second quarter financial results ended September 30,
2010, by November 30, 2010, as the Company was placed under
liquidation by the High Court of Malaya at Kuala Lumpur on
October 14, 2010.
The Company has been suspended since August 9, 2010, when it
failed to submit its Audited Financial Statements for the
financial year ended March 31, 2010, and its first quarter
financial results ended June 30, 2010, to Bursa Securities for
public release within the stipulated timeframe.
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.
The High Court on October 14, 2010, entered an order to wind up
the operations of Kenmark Industrial Co (M) 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.
LIMAHSOON BERHAD: Shui-Tai Serves Demand Notice for MYR96.9K Debt
-----------------------------------------------------------------
Limahsoon Berhad was served with a Notice pursuant to Section
218(1)(e) & (i) of the Companies Act, 1965, on November 20, 2010,
by Messrs. Shui-Tai requesting for the payment of MYR96,950 within
three weeks from the date of receipt of the Notice, failing which
action will be taken to wind up the Company.
The company said it will instruct its solicitors to defend the
claim filed against them. Limahsoon is currently under
receivership.
About Limahsoon Berhad
Limahsoon Berhad (KUL:LIMAHSN) -- http://www.limahsoon.com/-- is
a Malaysia-based company engaged in investment holding and the
provision of management services to its subsidiaries. The Company
operates in two business segments: manufacturing of laminated
board, which includes pressure treatment, kiln drying and the
manufacture of laminated boards and mouldings, and sawmilling,
which includes sawmilling of green rubberwood.
Limahsoon Berhad has been classified a Practice Note No. 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd after as the Company defaulted in payment and is unable to
provide a Solvency Declaration to Bursa Securities.
NAM FATT: Unit Sells Lands to Premium Bahagia for MYR8.3 Million
----------------------------------------------------------------
Nam Fatt Corporation Berhad disclosed that Agenda Istimewa Sdn
Bhd, a wholly-owned subsidiary of Nam Fatt, on November 23, 2010,
entered into a Sale and Purchase Agreement with Premium Bahagia
Sdn Bhd for the disposal of development lands for a total cash
consideration of MYR8.3 million.
A full-text copy of the Details of the disposal is available for
free at:
http://ResearchArchives.com/t/s?6fa4
About Nam Fatt
Nam Fatt Corporation Berhad is a Malaysia-based company. The
principal activities of the Company consist of investment holding
and construction of bridges, heavy concrete foundations, roads,
factory complexes and other similar construction activities. The
Company operates in four business segments: engineering and
construction, property, leisure, and manufacturing. The Company's
subsidiaries include Nam Fatt Fabricators Sdn. Bhd., which is
engaged in the construction of bridges, heavy concrete
foundations, roads, factory complexes and similar construction
activities; Agenda Istimewa Sdn Bhd, which is engaged in property
development; P & N Construction Sdn. Bhd. which is engaged in the
business of general contractors; Nam Fatt Marketing Sdn. Bhd.,
which is a sales distributor and marketing agent, and Maddusalat
Berhad, which is the owner and developer of golf resort and its
recreational amenities, property developer, and property manager.
* * *
Nam Fatt Corporation Berhad has been classified as an Affected
Listed Issuer under Practice Note 17 of the Listing Requirements
of Bursa Malaysia Securities Berhad.
The Company has triggered Paragraph 2.1(f) of the Practice Note 17
of the Main Market Listing Requirement of Bursa Malaysia following
failure to meet its principal and interest payment of
MYR13,225,037.39 due and payable on March 15, 2010, in respect of
the Asset Sale Agreement dated December 4, 2007, between Bank
Kerjasama Rakyat Malaysia Berhad and Nam Fatt.
===============
M O N G O L I A
===============
* Fitch Upgrades Mongolia's Issuer Default Ratings to 'B+'
----------------------------------------------------------
Fitch Ratings has upgraded Mongolia's Long-term foreign and local
currency Issuer Default Ratings to 'B+' from 'B', and Country
Ceiling to 'B+' from 'B'. The Short-term IDR has been affirmed at
'B'. The Outlook is Stable.
"The upgrades follow Mongolia's successful completion of its IMF
programme, under which official foreign reserves have risen to a
record high, and the economy has returned to growth. The stronger
fiscal policy framework written into law in 2010 boosts Mongolia's
prospects of seeing its huge natural resource endowment deliver
sustained rises in living standards for its people. The key risk
remains a return to unsustainable government spending growth,
which could squander this progress," said Andrew Colquhoun, Head
of Asia Pacific Sovereigns at Fitch.
Mongolia turned to the IMF in April 2009 for a USD229m Stand-By
Arrangement as a drop in prices for its key export, copper,
undercut the balance of payments and the government budget. Fitch
downgraded the sovereign by one notch to 'B' in January 2009 (for
more information please refer to the rating action commentary
entitled "Fitch Downgrades Mongolia to 'B'; Outlook Negative"
dated 18 January 2009). With IMF funds buoyed by a recovery in
copper prices and net FDI inflows, official foreign reserves
recovered to a record USD1.7bn by end-September 2010, up from
USD0.5bn at end-March 2009, while the Mongolian togrog appreciated
16% against the USD by end-October 2010 from its March 2009
trough. Mongolia opted not to draw the final USD46m SBA tranche
at the final review in September. Fitch expects the development
of Mongolia's mineral resources to support the BOP through
stronger net equity FDI inflows over the forecast period to 2012
compared with the 2005-2009 average of about USD0.4bn annually.
Fitch notes that by end-September 2010 annual real economic output
was 3% above the end-2008 pre-crisis peak, after a shallow -1.6%
contraction in 2009, with a broad-based recovery in industry and
services held back only by agriculture (following the hard winter
of 2009-2010). A solid growth outlook in Mongolia's key export
market, China (taking 73% of Mongolia's exports in 2009), supports
Mongolia's economic prospects in 2011 and 2012. Fitch expects
Mongolia to grow 7.5% in 2011 and 8% in 2012, further supported by
investment in the natural resources sector. The country's banking
sector is still recovering from the crisis of 2009 - the IMF
estimates it will cost 6.6% of GDP to clean up - but Fitch notes
the NPL loan ratio is falling and that deposit growth has
recovered.
A generous and diversified endowment of natural resources supports
Mongolia's longer-term economic prospects. Estimated annual
output from the Oyu Tolgoi copper and gold mine complex could be
worth USD3.5bn annually from 2013 at November 2010 prices, over
90% of 2010 GDP, according to the operator and Fitch's
calculations.
Capitalizing effectively on this endowment will require policy
discipline with regard to saving revenues rather than spending
them unsustainably, and thus reducing the chances of a repeat of
the commodity-driven boom-bust cycle seen in 2006-2009. In this
respect, the working of Mongolia's new Fiscal Stability Law (FSL)
will bear close scrutiny. The FSL and an associated medium-term
budgetary framework set out a path for deficit reduction leading
up to 2013, as well as a debt ceiling operational in 2013 and a
rule constraining expenditure growth to GDP growth from 2012, with
budgeting based on an estimated long-term copper price, and excess
revenues to be saved in a Stabilization Fund (to be established in
2011). Implementation of this framework could strengthen
Mongolia's robustness against commodity-price volatility.
However, parliamentary elections in 2012 are likely to test
policymakers' commitment.
While Mongolia's government debt ratios are around 'B' range
medians, the ratings benefit from the sovereign's largely
concessional debt and associated lower debt service ratios,
although this strength may be curtailed by the sovereign's plan to
issue a sovereign bond. The ratings are also supported by
Mongolia's strong governance for its rating level.
Positive ratings triggers include sustained policy discipline
post-IMF SBA, which would boost the sovereign's robustness to
commodity-price volatility. However, policy slippage such as
unsustainably strong public spending growth, the emergence of
further problems in the banking system requiring additional
sovereign resources to clear up, or renewed commodity-driven
volatility in the external finances and real economy could trigger
negative rating actions.
====================
N E W Z E A L A N D
====================
KENSINGTON PARK: Owner Loses NZ$94 Million Bankruptcy Battle
------------------------------------------------------------
Georgina Bond at The National Business Review reports that Patrick
Fontein lost his fight against bankruptcy -- sunk by debt of close
to NZ$94 million from his failed Kensington Park development.
According to The National Business Review, Mr. Fontein was
bankrupted at the High Court at Auckland following an application
from the BNZ, owed NZ$28 million. The bank was among 45 creditors
owed just under NZ$94 million, largely from the housing
development in Orewa, the report relates.
The National Business Review says that those in support of BNZ's
bankruptcy application included Allied Workforce (owed
NZ$112,050), Carters (NZ$281,526), Fleet Partners (NZ$58,300),
Fidelity (NZ$21 million), Orix New Zealand, (NZ$50,414), and
Southern Cross Building Society (NZ$4,418,000).
The court heard Mr. Fontein was still working as a property
consultant, of which Downer New Zealand was a large client, and
had more work than he could cope with, the report says.
The National Business Review discloses that Mr. Fontein remained
the sole director and guarantor of the Kensington Group of
companies -- two of which are in receivership, and the sole
director of Huka Falls -- also in receivership and liquidation.
In his judgment, associate judge John Faire noted the considerable
support for Mr. Fontein in the affidavits filed, but said the
adjudication was no ordinary bankruptcy, given the substantial
size of the debt arising from property development activity that
Mr. Fontein was driving, the report adds.
About Kensington Park
Kensington Park Properties, the company behind a NZ$560 million
Orewa property development and headed by developer Patrick
Fontein, was developing the 800 house Kensington Park subdivision.
Kensington Park was financed by Bank of New Zealand, Fidelity
Finance and NZ Funds Management's Super Yield Fund. Kensington
Park Properties is owned by Titmotu Investments (29%), a company
associated with South Island businessman Ken Cummings; Tesla
Securities (27%); Mr. Fontein's Kensington Properties (26%); and
Allee Holdings (18%), which is part-owned and directed by Allan
Clarke.
* * *
The Troubled Company Reporter-Asia Pacific, citing The National
Business Review, reported on Sept. 16, 2008, that Kensington Park
Properties has been placed into receivership. Kordamentha was
appointed receivers to the company, which owed NZ$41 million from
the Bank of New Zealand.
=================
S I N G A P O R E
=================
ALLIANCE TECHNOLOGY: Creditors' Meeting Set for December 1
----------------------------------------------------------
Alliance Technology and Development Limited, which is in
creditors' voluntary liquidation, will hold a meeting for its
creditors on December 1, 2010, at 10:30 a.m., at One Raffles Quay,
North Tower, Level 18, in Singapore 048583.
Agenda of the meeting includes:
a. to receive an update on the progress of liquidation;
b. to consider the fees, expenses and renumeration of
the liquidators and their solicitors; and
c. discuss other business.
The company's liquidators are:
Seshadri Rajagopalan
Ong Yew Huat
c/o One Raffles Quay
North Tower, Level 18
Singapore 048583
ALLIANCE TECHNOLOGY: Creditors' Proofs of Debt Due December 6
-------------------------------------------------------------
Creditors of Alliance Technology and Development Limited, which is
in liquidation, are required to file their proofs of debt by
December 6, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Seshadri Rajagopalan
Ong Yew Huat
c/o One Raffles Quay
North Tower, Level 18
Singapore 048583
AMADA LOGISTIC: Creditors' Proofs of Debt Due December 19
---------------------------------------------------------
Creditors of Amada Logistic Singapore Pte Ltd, which is in
member's voluntary liquidation, are required to file their proofs
of debt by December 19, 2010, to be included in the company's
dividend distribution.
The company's Liquidator is:
Lau Chin Huat
c/o 6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
ENSEARCH PETROLEUM: Creditors' Proofs of Debt Due December 9
------------------------------------------------------------
Creditors of EnSearch Petroleum Ltd, which is in judicial
management, are required to file their proofs of debt by
December 9, 2010, to be included in the company's dividend
distribution.
The company's Judicial Managers are:
Nicky Tan Ng Kuang
Lim Siew Soo
NTan Corporate Advisory Pte. Ltd.
55 Market Street
#06-01 Singapore 048941
MAXIM KINGDOM: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Singapore entered an order on October 22, 2010,
to wind up Maxim Kingdom Pte. Ltd's operations.
Jack Investment Pte Ltd filed the petition against the company.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
MULTI-OIL ASIA: Court to Hear Wind-Up Petition on December 10
-------------------------------------------------------------
A petition to wind up the operations of Multi-Oil Asia Trading Pte
Ltd, formerly known as CLK Asia Shipping Company Pte Ltd, will be
heard before the High Court of Singapore on December 10, 2010, at
10:00 a.m.
CS-Eurasia Leasing (Sea) Pte Ltd filed the petition against the
company on November 1, 2010.
The Petitioner's solicitors are:
Attorneys Inc. LLC
24 Raffles Place
#25-06A Clifford Centre
Singapore 048621
ZHONGHUI HOLDINGS: Creditors' Meeting Set for December 1
--------------------------------------------------------
ZhongHui Holdings Ltd, which is under judicial management, will
hold a meeting for its creditors on December 1, 2010, at
3:00 p.m. The meeting will be held at 8 Cross Street #17-00, PWC
Building, in Singapore 048424.
At the meeting, the creditors will be asked to consider and
approve the Statement of Proposals dated November 16, 2010,
pursuant to Section 227N of the Companies Act (Chapter 50).
The company's Judicial Manager is:
Goh Thien Phong
c/o PricewaterhouseCoopers LLP
8 Cross Street #17-00
PWC Building
Singapore 048424
===============
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
ASTON RESOURCES AZT 469.54 -7.49
AUSTAR UNITED AUN 502.05 -284.60
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.39 -13.42
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
COMPASS HOTEL GR CXH 88.33 -1.08
ELLECT HOLDINGS EHG 18.25 -15.49
HEALTH CORP LTD HEA 11.97 -2.66
HYRO LTD HYO 11.81 -5.15
IVANHOE AUST LTD IVA 49.44 -6.51
MAC COMM INFR-CD MCGCD 8,104.42 -103.34
MAVERICK DRILLIN MAD 24.66 -1.30
MISSION NEWENER MBT 32.23 -21.48
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 11.06 -4.86
RIVERCITY MOTORW RCY 386.88 -809.14
SCIGEN LTD-CUFS SIE 69.94 -29.79
SHELL VILLAGES A SVC 13.47 -1.66
TAKORADI LTD TKG 13.99 -0.41
THOMAS BRYSON TBI 44.32 -54.68
VERTICON GROUP VGP 10.08 -29.12
CHINA
BAOCHENG INVESTM 600892 23.14 -3.54
CHANGAN INFO-A 600706 20.86 -8.49
CHENGDE DALU -B 200160 27.04 -6.64
CHENGDU UNION-A 693 39.10 -17.39
CHINA KEJIAN-A 35 88.96 -189.48
DATONG CEMENT-A 673 20.41 -3.25
DONGGUAN FANGD-A 600656 27.97 -57.39
DONGXIN ELECTR-A 600691 13.60 -21.94
FANGDA JINHUA-A 818 389.84 -46.28
GAOXIN ZHANGTO-A 2075 153.10 -6.31
GUANGDONG ORIE-A 600988 12.25 -5.34
GUANGMING GRP -A 587 49.10 -40.40
GUANGXIA YINCH-A 557 30.39 -32.88
HEBEI BAOSHUO -A 600155 127.82 -394.70
HEBEI JINNIU C-A 600722 238.23 -243.80
HUASU HOLDINGS-A 509 86.70 -4.20
HUNAN ANPLAS CO 156 38.70 -65.44
JIANGSU CHINES-A 805 12.70 -12.83
JINCHENG PAPER-A 820 258.98 -37.74
MUDAN AUTOMOBI-H 8188 36.26 -0.61
QINGDAO YELLOW 600579 214.64 -1.88
QINGHAI SUNSHI-A 600381 110.68 -17.35
SHAANXI QINLIN-A 600217 234.36 -36.75
SHANG BROAD-A 600608 69.46 -17.67
SHANG HONGSHENG 600817 15.69 -443.71
SHANGHAI WORLDBE 600757 143.11 -291.80
SHENZ CHINA BI-A 17 24.86 -272.59
SHENZ CHINA BI-B 200017 24.86 -272.59
SHENZHEN DAWNC-A 863 24.38 -155.20
SHENZHEN KONDA-A 48 117.23 -0.23
SHENZHEN ZERO-A 7 44.00 -7.96
SHIJIAZHUANG D-A 958 224.19 -70.54
SICHUAN DIRECT-A 757 108.57 -146.61
SICHUAN GOLDEN 600678 232.67 -48.05
TAIYUAN TIANLO-A 600234 51.64 -28.38
TIANJIN MARINE 600751 78.09 -63.86
TIANJIN MARINE-B 900938 78.09 -63.86
TIBET SUMMIT I-A 600338 91.86 -3.73
TOPSUN SCIENCE-A 600771 162.47 -163.30
WINOWNER GROUP C 600681 11.30 -70.39
WUHAN BOILER-B 200770 275.89 -142.53
WUHAN GUOYAO-A 600421 11.01 -24.78
XIAMEN OVERSEA-A 600870 319.68 -138.16
XINHUA FINANCE 9399 35.80 -1.17
YANBIAN SHIXIA-A 600462 197.99 -16.19
YIBIN PAPER IN-A 600793 110.12 -0.47
YUEYANG HENGLI-A 622 36.49 -16.37
YUNNAN MALONG-A 600792 145.58 -51.15
ZHANGJIAJIE TO-A 430 37.34 -1.16
HONG KONG
ASIA TELEMEDIA L 376 16.62 -5.37
BUILDMORE INTL 108 13.48 -69.17
CHINA 3D DIGITAL 8078 42.27 -0.34
CHINA COMMUNICAT 8206 36.62 -6.93
CHINA HEALTHCARE 673 37.98 -2.81
CMMB VISION HOLD 471 41.31 -5.11
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 63.10 -34.44
MITSUMARU EAST K 2358 18.15 -11.83
NEW CITY CHINA 456 112.20 -14.59
NGAI LIK INDL 332 21.16 -3.64
PAC PLYWOOD 767 72.60 -12.31
PALADIN LTD 495 146.73 -8.91
PCCW LTD 8 5,350.25 -416.24
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 25.07 -39.10
SMART UNION GP 2700 13.70 -43.29
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 475.69 -841.22
ERATEX DJAJA ERTX 11.30 -18.23
HANSON INTERNATI MYRX 10.84 -14.73
HANSON INT-PREF MYRXP 10.84 -14.73
JAKARTA KYOEI ST JKSW 31.25 -42.74
MITRA INTERNATIO MIRA 970.13 -256.04
MITRA RAJASA-RTS MIRA-R2 970.13 -256.04
MULIA INDUSTRIND MLIA 347.35 -351.40
PANASIA FILAMENT PAFI 45.10 -8.20
PANCA WIRATAMA PWSI 30.79 -38.79
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
AMIT SPINNING AMSP 22.70 -1.90
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
DUNCANS INDUS DAI 133.65 -205.38
FIBERWEB INDIA FWB 13.25 -8.17
GANESH BENZOPLST GBP 43.99 -24.57
GEM SPINNERS LTD GEMS 16.44 -1.53
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
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 49.83 -51.32
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
KITPLY INDS LTD KIT 48.42 -24.51
LLOYDS FINANCE LYDF 23.77 -10.87
LLOYDS STEEL IND LYDS 415.66 -63.93
LML LTD LML 65.26 -56.77
MILLENNIUM BEER MLB 52.23 -5.22
MILTON PLASTICS MILT 18.31 -40.44
MTZ POLYFILMS LT TBE 31.94 -2.57
NICCO CORP LTD NICC 82.41 -2.85
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 49.04 -4.95
NRC LTD NTRY 92.88 -36.76
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
QUADRANT TELEVEN QDTV 173.52 -101.57
RAJ AGRO MILLS RAM 10.21 -0.61
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 -75.53
SCOOTERS INDIA SCTR 18.63 -6.88
SEN PET INDIA LT SPEN 12.99 -25.24
SHAH ALLOYS LTD SA 212.81 -9.74
SHALIMAR WIRES SWRI 24.87 -51.77
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 62.72 -45.92
SIDDHARTHA TUBES SDT 70.93 -12.09
SIL BUSINESS ENT SILB 12.46 -19.96
SOUTHERN PETROCH SPET 1,584.27 -4.80
SQL STAR INTL SQL 11.69 -1.14
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 24.55 -8.57
TUTICORIN ALKALI TACF 14.15 -11.20
UNIFLEX CABLES UFC 45.05 -0.90
UNIFLEX CABLES UFCZ 45.05 -0.90
UNIMERS INDIA LT HDU 19.23 -3.23
UNITED BREWERIES UB 2,652.00 -242.53
UNIWORTH LTD WW 145.71 -114.87
USHA INDIA LTD USHA 12.06 -54.51
VENTURA TEXTILES VRTL 14.25 -0.33
VENUS SUGAR LTD VS 11.06 -1.08
WINDSOR MACHINES WML 14.50 -28.14
WIRE AND WIRELES WNW 115.34 -34.49
JAPAN
CREDIT ORG S&M 8489 97.07 -9.98
DPG HOLDINGS INC 3781 11.77 -3.99
FIDEC 8423 182.86 -11.14
FUJI TECHNICA 6476 175.22 -18.71
HARAKOSAN CO 8894 190.27 -19.80
JIPANGU HOLDINGS 2684 95.44 -8.38
KNT 9726 1,058.18 -13.37
L CREATE CO LTD 3247 42.34 -9.15
LAND 8918 293.88 -53.39
LCA HOLDINGS COR 4798 51.30 -2.57
PROPERST CO LTD 3236 305.90 -330.20
RAYTEX CORP 6672 41.66 -28.52
SHIN-NIHON TATEM 8893 124.85 -39.12
SHINWA OX CORP 2654 43.91 -30.19
SHIOMI HOLDINGS 2414 190.97 -22.81
TERRANETZ CO LTD 2140 11.63 -4.29
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
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
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
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 14.49 -12.12
ADVANCE SCT LTD ASCT 16.05 -43.84
HL GLOBAL ENTERP HLGE 97.30 -11.43
JAPAN LAND LTD JAL 191.62 -10.91
LINDETEVES-JACOB LJ 135.79 -90.16
NEW LAKESIDE NLH 19.34 -5.25
SUNMOON FOOD COM SMOON 14.19 -14.22
TT INTERNATIONAL TTI 272.51 -57.42
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 217.95 -9.04
GRANDE ASSET H-F GRAND/F 217.95 -9.04
GRANDE ASSET HOT GRAND 217.95 -9.04
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 CORP-NVDR PICNI-R 110.91 -149.25
PICNIC CORPORATI PICNI 110.91 -149.25
PICNIC CORPORATI PICNI/F 110.91 -149.25
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 ***