/raid1/www/Hosts/bankrupt/TCRAP_Public/110128.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, January 28, 2011, Vol. 14, No. 20
Headlines
A U S T R A L I A
BURRUP FERTILISERS: Sale Stalled by Gas Contract Dispute
GRIFFIN COAL: To Seek Bids for Power Assets in March, Reuters Says
H O N G K O N G
MERRY LINK: Creditors' Proofs of Debt Due February 23
OCEAN BEST: Court to Hear Wind-Up Petition on March 16
PAN-PACIFIC SERVICES: Members' Final Meeting Set for February 21
PINE LOGISTICS: Court Enters Wind-Up Order
RATONAL INDUSTRIAL: Creditors' Proofs of Debt Due February 4
RICH TRIUMPH: Placed Under Voluntary Wind-Up Proceedings
SKY EVER: Chan wing Kit Steps Down as Liquidator
STANDARD CAPITAL: Court Enters Wind-Up Order
STARBAY INT'L: Members' and Creditors' Meetings Set for February 1
STORES CITY: Court Enters Wind-Up Order
SOUTH CHINA: Court Enters Wind-Up Order
SUCCESS BRIGHT: Court Enters Wind-Up Order
SUPER ASCENT: Placed Under Voluntary Wind-Up Proceedings
TOMEI SHOJI: Court to Hear Wind-Up Petition on March 16
TRONNOVATION TECH: Court to Hear Wind-Up Petition on March 16
WOOD ONE: Members' Final Meeting Set for February 22
I N D I A
AGARWAL COMPANY: ICRA Assigns 'LBB-' Rating to Bank Limits
AGARTALA MUNICIPAL: Fitch Affirms Long-Term Rating at 'BB-(ind)'
AJEET SEEDS: ICRA Cuts Rating on INR3.5cr Term Loans to 'LBB+'
DIAGOLD CREATIONS: ICRA Puts 'LBB' Rating on INR10cr Bank Debts
APARNA INFRA: ICRA Assigns 'LBB+' Rating to INR75cr Bank Lines
EMPIRE SPICES: CRISIL Assigns 'BB-' Rating to INR40MM Term Loan
GURU KIRPA: ICRA Assigns 'LBB-' Rating to INR5.5cr Bank Lines
GUWAHATI MUNICIPAL: Fitch Affirms Long-Term Rating at 'BB(ind)'
IMAGE HEALTH: CRISIL Assigns 'BB' Rating to INR132MM Term Loan
IMPHAL MUNICIPAL: Fitch Assigns National Long-Term of 'B-(ind)'
JAGDISH CHAND: ICRA Assigns 'LB-' Rating to INR0.55cr Term Loans
MEGHA MARKETING: CARE Rates INR2.5cr Bank Facilities at 'CARE BB'
MILTECH INDUSTRIES: CRISIL Upgrades Rating on INR165.5MM Loan
NAINITAL TARAI: CARE Rates INR7cr LT Bank Facilities at 'CARE BB'
POOJA SOYA: ICRA Assigns 'LBB' Rating to INR35cr Bank Limits
PPR HOTELIERS: CRISIL Rates INR100 Million Term Loan at 'B+'
SHELL & PEARL: CRISIL Cuts Rating on INR504.9MM Loan to 'B+'
SHILLONG MUNICIPAL: Fitch Affirms Long-Term Rating at 'B+(ind)'
SHREE BALAJI: CRISIL Assigns 'B+' Rating to INR9 Million Term Loan
SKYLINE AGRO: ICRA Reaffirms 'LBB' Rating on INR3cr FB Facilities
UNIVERSAL TEXTURISERS: CARE Puts 'CARE BB+' Rating on LT Loan
VAMSHI RUBBER: ICRA Reaffirms 'LBB+' Rating on Various Facilities
* Declare Financial Emergency in Tripura, Congress Demands
I N D O N E S I A
BII: Moody's Withdraws 'D' Bank Financial Strength Rating
J A P A N
SUNSHINE TRUST: S&P Rates Class D Beneficial Interests at BB+(sf)
K O R E A
GENERAL MOTORS: Renames South Korean Unit to GM Korea Company
KOREA LINE: Eagle Bulk Claims Modest Exposure From Receivership
KOREA LINE: DnB NR Says it Has Less Than $35MM Exposure to Firm
N E P A L
NEPAL DEVELOPMENT: Institutional Depositors To Get Deposits Back
N E W Z E A L A N D
BRIDGECORP CORP: Petricevic Trust Seeks NZ$40,000 Security
CRAFAR FARMS: Receiver Refutes Right Group Allegations
CRAFAR FARMS: New Overseas Buyer For Crafar Dairy Farms
TOTAL EXPERIENCE: In Liquidation; Sold to Undisclosed Buyer
T A I W A N
ORIENTAL SECURITIES: Fitch Affirms Individual Rating at 'C/D'
YAUNTA FINANCIAL: Fitch Upgrades Individual Rating to 'C/D'
V I E T N A M
HOANG ANH: S&P Assigns 'B' Corporate Rating, Outlook Positive
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
BURRUP FERTILISERS: Sale Stalled by Gas Contract Dispute
--------------------------------------------------------
Business Spectator, citing The Australian, reports that a gas
contract dispute has stalled ANZ Banking Group Ltd's attempt to
recover up to $800 million owed to it by Burrup Fertilisers, and
the bank's receivers' efforts to sell the company.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has
been placed into receivership with debts of about AU$800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers. ANZ has also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company, Burrup Holdings. The bank is alleging "evidence
of financial irregularities" as well as the usual default triggers
relating to debt facilities established between 2002 and 2007.
According to Business Spectator, receiver PPB Advisory has spent
the past month attempting to sell the company's primary asset, an
800,000 tonne ammonia plant on the Burrup Peninsula. Business
Spectator relates that demand is not an issue, as the unit has
reportedly received interest from some 20 parties, but interest
from bidders have stalled on whether the new owner can be
guaranteed gas prices, as outlined in a long-term contract that
runs until 2030.
The dispute, which pre-dates the move into receivership, could
undermine the price ANZ hopes to get through the sale, according
to The Australian, Business Spectator notes.
Headquartered in Karratha in Western Australia, Burrup Fertilisers
Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest
ammonium producer. The company has a production capacity of 850-
tonnes of liquid ammonia a year.
GRIFFIN COAL: To Seek Bids for Power Assets in March, Reuters Says
------------------------------------------------------------------
Reuters reports that administrators for Griffin Coal expect to
seek bids in March for power assets worth around $1.2 billion, in
a deal expected to attract interest from bidders in Australia,
Asia and the United States.
Reuters relates that sources said the auction of Griffin's
Bluewaters power project in Western Australia would follow an $800
million-plus deal to sell the company's coal mines to Indian
sponsor Lanco Infratech, which is expected to be completed at the
end of February.
About Griffin Coal
Based in Australia, The Griffin Coal Mining Company Pty Ltd --
http://www.griffincoal.com.au/-- is engaged in coal mining and
processing. Griffin Coal operates major mines in the Collie area,
approximately 220 kilometers south east of Perth. The Company is
producing more than three million tons of coal per year. Griffin
Coal has operations at Ewington Mine, Muja Mine and Buckingham
Mine.
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
January 4, 2010, Griffin Coal Mining Co. appointed Kordamentha as
Administrator. The coal supplier defaulted on an interest payment
in December 2009 to bondholders owed US$475 million and also
missed a payment to Australia's tax authority.
================
H O N G K O N G
================
MERRY LINK: Creditors' Proofs of Debt Due February 23
-----------------------------------------------------
Creditors of Merry Link Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 23, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on January 11, 2011.
The company's liquidator is:
Ng Kam Chiu
13A, Tak Lee Commercial Building
113-117 Wanchai Road
Wanchai, Hong Kong
OCEAN BEST: Court to Hear Wind-Up Petition on March 16
------------------------------------------------------
A petition to wind up the operations of Ocean Best International
Holdings Limited will be heard before the High Court of Hong Kong
on March 16, 2011, at 9:30 a.m.
DBS Bank (Hong Kong) Limited filed the petition against the
company on January 6, 2011.
The Petitioner's solicitors are:
Siao, Wen and Leung
7th Floor, Wing On Central Building
26 Des Voeux Road
Central, Hong Kong
PAN-PACIFIC SERVICES: Members' Final Meeting Set for February 21
----------------------------------------------------------------
Members of Pan-Pacific Services Limited will hold their final
meeting on February 21, 2011, at 9:30 a.m., at 35th Floor, 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.
PINE LOGISTICS: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on January 12, 2011,
to wind up the operations of Pine Logistics Co. Limited.
The official receiver is E T O'Connell.
RATONAL INDUSTRIAL: Creditors' Proofs of Debt Due February 4
------------------------------------------------------------
Creditors of Ratonal Industrial Limited, which is in liquidation,
are required to file their proofs of debt by February 4, 2011, to
be included in the company's dividend distribution.
The company's liquidators are:
Stephen Liu Yiu Keung
62nd Floor, One Island East
18 Westlands Road
Island East, Hong Kong
RICH TRIUMPH: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on January 11, 2011,
creditors of Rich Triumph Limited resolved to voluntarily wind up
the company's operations.
The company's liquidator is:
Ng Kam Chiu
13/A, Tak Lee Commercial Building
113-117 Wanchai Road
Wanchai, Hong Kong
SKY EVER: Chan wing Kit Steps Down as Liquidator
------------------------------------------------
Chan wing Kit stepped down as liquidator of Sky Ever Enterprises
Limited on January 21, 2011.
STANDARD CAPITAL: Court Enters Wind-Up Order
--------------------------------------------
The High Court of Hong Kong entered an order on November 9, 2010,
to wind up the operations of Standard Capital Finance Limited.
The company's liquidator is Pui Chiu Wing.
STARBAY INT'L: Members' and Creditors' Meetings Set for February 1
------------------------------------------------------------------
Members and creditors of Starbay International Limited will hold
their annual meetings on February 1, 2011, at 10:30 a.m., and
11:00 a.m., respectively at 602 The Chinese Bank Building,
61-65 Des Voeux Road, Central, in Hong Kong.
At the meeting, Stephen Briscoe, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
STORES CITY: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on January 12, 2011,
to wind up the operations of Stores City Limited.
The official receiver is E T O'Connell.
SOUTH CHINA: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on October 27, 2010,
to wind up the operations of South China Petrochemical Group
Limited.
The company's liquidator is:
Mat Ng
John Lees Associates
20/F Henley Building
5 Queen's Road
Central, Hong Kong
SUCCESS BRIGHT: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on November 9, 2010,
to wind up the operations of Success Bright Limited.
The company's liquidator is Pui Chiu Wing.
SUPER ASCENT: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on January 14, 2011,
creditors of Super Ascent Development Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Chan Chiu Yin
Room 1212, Wing Lung Bank Centre
636 Nathan Road
Mongkok, Kowloon
Hong Kong
TOMEI SHOJI: Court to Hear Wind-Up Petition on March 16
-------------------------------------------------------
A petition to wind up the operations of Tomei Shoji (Hong Kong)
Limited will be heard before the High Court of Hong Kong on
March 16, 2011, at 9:30 a.m.
Shinyei Kaisha (Incorporated in Japan) filed the petition against
the company on January 12, 2011.
The Petitioner's solicitors are:
K. Y. Lo & Co
Room 1502, 15th Floor
Wing On House
71 Des Voeux Road
Central, Hong Kong
TRONNOVATION TECH: Court to Hear Wind-Up Petition on March 16
--------------------------------------------------------------
A petition to wind up the operations of Tronnovation Technologies
Limited will be heard before the High Court of Hong Kong on
March 16, 2011, at 9:30 a.m.
Bank of China (Hong Kong) Limited filed the petition against the
company on January 10, 2011.
The Petitioner's solicitors are:
Messrs. Wat & Co
12th Floor, Chuang's Tower
30 & 32 Connaught Road
Central, Hong Kong
WOOD ONE: Members' Final Meeting Set for February 22
----------------------------------------------------
Members of Wood One Company Limited will hold their final meeting
on February 22, 2011, at 10:00 a.m., at 602 The Chinese Bank
Building, 61-65 Des Voeux Road, Central, in Hong Kong.
At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
AGARWAL COMPANY: ICRA Assigns 'LBB-' Rating to Bank Limits
----------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR2.6 crore fund based
limits and INR8.0 crore non-fund based limits of Agarwal Company.
The outlook on the rating is 'stable'.
The rating of AgCo factors in its modest scale of operations, low
pending order book position, exposure to geographical and client
concentration risk, and volatility in the raw-material prices as
well as its low net worth which limits its ability to bid for
larger and more complex projects. Further, the rating is
constrained by risks inherent in a partnership firm like limited
ability to raise equity capital, risk of dissolution due to
death/retirement/insolvency of partners etc. The rating, however,
draws comfort from long track record and experience of the
promoter in the construction business, AgCo's healthy
client profile, healthy growth witnessed by the firm and the
positive demand outlook for the civil construction industry.
Agarwal Company is a partnership firm with Mr. V. P. Agarwal, Mr.
Manoj Agarwal and Mr. Vikas Agarwal as partners. AgCo was formed
in 1980 and is engaged in the construction business.
The partners have significant experience having been into the
construction business for more than four decades. AgCo is
registered as an A-class contractor with Agra Development
Authority and various government departments. AgCo is currently
executing projects worth around INR100 crores.
Recent Result
In the financial year ending March 2010 (FY2010), AgCo had
registered operating income of INR28.9 crore on which it earned
profit of INR1.67 crore.
AGARTALA MUNICIPAL: Fitch Affirms Long-Term Rating at 'BB-(ind)'
----------------------------------------------------------------
Fitch Ratings affirmed Agartala Municipal Council's National
Long-term rating at 'BB-(ind)'. The Outlook is Stable.
The rating is underpinned by AgMC's weak institutional and
technical capabilities, moderate service delivery, and moderate
financial performance. Although AgMC is executing INR1.971
billion projects under the Jawaharlal Nehru National Urban Renewal
Mission programme, its zero-debt status remained unchanged as the
entire capital investment will be borne by the federal and state
governments in a 90:10 ratio. However, the council has to bear
the operation and maintenance expenses, and this will have a
significant impact on its financial situation.
Although water supply services have improved in the city, but the
current level of service indicators still fall below the benchmark
levels. The indicators are expected to improve on completion of
24X7 water supply JNNURM project. The sewerage network system is
almost unavailable in the city. Tardy progress in the levy of
user charges has also been a major area of concern.
During FY09 and FY10, the average annual growth rate increased to
21.4%. Various property tax drives were initiated during FY10 to
improvise collection efficiency and coverage ratio. Establishment
expenses have been the major contributor to total revenue
expenditure over FY04-FY10, and grew at a compounded annual growth
rate of 15.4% during FY05-FY10. The increase in establishment
expenditure in FY10 has been phenomenal due to salary revision of
AgMC employees in line with the recommendations of sixth central
pay commission. Salary arrears from January 2009 to July 2009 of
INR18m were paid off in five instalments. AgMC has been
consistently generating revenue surpluses though with an alternate
trend, where surplus surged and declined every alternate year
during FY04-FY10.
Agartala, the capital of Tripura, is situated in the flood plains
of the Haora River. Historically, the city has been an important
border-trading town and has trading linkages with Bangladesh. The
Tripura Municipal Act was passed in 1994, under which AgMC and
other departments of the Government of Tripura are coordinating
and supervising the JNNURM projects. Elections are held after
every five years.
AJEET SEEDS: ICRA Cuts Rating on INR3.5cr Term Loans to 'LBB+'
--------------------------------------------------------------
ICRA has downgraded the rating assigned to the term loans and fund
based facilities of Ajeet Seeds Limited aggregating to INR3.50
crore and INR26.50 crore respectively from 'LBBB-' to 'LBB+'. The
rating carries a stable outlook.
The downgrade in rating takes into account the reduced networth
reported by the company for the fiscal ending on March 2010 as
compared to the previous fiscal ending on July 31, 2009, thus
leading to increase in gearing levels of the company. Further,
the company is implementing debt-funded expansion plans in the
current fiscal for increasing its capacity through a Greenfield
project at Phulambri (Aurangabad) as well as adding windmill
projects, which would keep the capital structure leveraged in the
near term. The rating also remains constrained by the exposure of
operations to agro-climatic conditions, high concentration of
sales towards cotton seed hybrids (forming ~85% of overall
sales) and regulations on cotton seed pricing. The rating however
favourably factors in the established track record of the company
of more than two decades in the seeds business, healthy
utilisation levels, established marketing network and R&D
facilities and improvement in size of operations supported by
the favourable demand for Bt cotton seeds.
About Ajeet Seeds
Ajeet Seeds Ltd. was incorporated in the year 1986 and is entirely
held by the promoter (Mulay family) and promoter group. The
company is in the business of production of seeds, mainly cotton
seeds and cereals such as oil seeds and pulses and its hybrids.
The group, through its other companies, is also involved in the
construction business since 1969 and sugar business since 2001.
ASL setup its research facility in Gangapur within Aurangabad
district in 1988 to work on developing hybrids and better quality
seeds. Currently, the company has released about 100 hybrid
varieties and has registered varieties for 69 different crops. The
main product of the company however remains Bt cotton hybrids like
Ajeet-11, 33, 155, 111, 133.
In FY 2010, ASL reported Profit After Tax (PAT) of INR5.72 crore
on an operating income of INR91.18 crore.
DIAGOLD CREATIONS: ICRA Puts 'LBB' Rating on INR10cr Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR 10.00 Crore
fund-based bank facilities of DiaGold Creations Pvt. Ltd. The
outlook assigned to the long term rating is "Stable".
The rating takes into account the DGCPL's small scale of
operations, low profitability margins and highly leveraged capital
structure given the high external working capital funding. The
rating is also constrained by the susceptibility of profitability
to forex and raw material price fluctuations which are further
exacerbated by the highly competitive and fragmented Gems and
jewellery business with low entry barriers. The rating also
considers the long experience and well established relationships
of the promoters in the industry, taxation benefits, faster custom
clearance and easy availability of raw materials accruing due to
its location in an EPZ.
DiaGold Creations Pvt. Ltd was incorporated in 2002-2003. The
company is engaged in manufacturing and export of diamond studded
jewellery. The company's sales are entirely export driven mainly
to the USA. The manufacturing unit & export office are situated
at SEEPZ, Mumbai.
APARNA INFRA: ICRA Assigns 'LBB+' Rating to INR75cr Bank Lines
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR75.00 crore bank lines of
Aparna Infra Pvt Ltd. The rating has been assigned a Stable
outlook.
ICRA's rating favorably factors in the AIPL's association with the
Aparna Constructions & Estates Pvt Ltd which has successfully
delivered 20 commercial and residential projects in Andhra Pradesh
region and experienced management of the company, factors which
provide credibility to the recently formed entity and helps
leverage established relationships to secure orders. Further, the
rating also draws comfort from the overall low indebtedness and
moderate profits recorded by the company in the last two years
which has led to comfortable capital structure and healthy cash
accruals in the past. However, the rating is constrained by
limited track record of the company which has also inhibited
company's successful qualification for higher value projects.
ICRA also takes into account lack of sectoral and client diversity
in AIPL's work-order portfolio. Further, ICRA also takes note of
the moderate size of the fresh order book which provides limited
visibility of the contract revenues in the medium term. This
apart, the rating also factors in the susceptibility of the
company's profitability to adverse movement in raw material prices
in absence of price variation clauses. Going forward, company's
ability to successfully bid for higher value projects and maintain
a comfortable capital structure despite the intensified working
capital requirements will remain key rating sensitivities.
About Aparna Infra
With a heavy concentration of group's activities in real estate
development activities, the Aparna group as a part of their
strategic initiative set up Aparna Infra Pvt Ltd in-order to
diversify in its service offering and undertake infrastructure
development activities by executing third party contracts. The
company was incorporated in February 2008 by Mr. SS Reddy and
Mr. CV Reddy and is run by professional directors namely Mr. GJ
Nixon and Mr. JVS Anil Kumar who have more than two decades of
experience in the civil construction space. The company reported
revenue of INR84.35 crore and a profit after tax of INR2.96 crore
in FY2010.
EMPIRE SPICES: CRISIL Assigns 'BB-' Rating to INR40MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Empire Spices and Foods Ltd.
Facilities Ratings
---------- -------
INR 70.00 Million Cash Credit BB-/Stable (Assigned)
INR 40.00 Million Term Loan BB-/Stable (Assigned)
The rating reflects ESFL's weak financial risk profile, marked by
small net worth, moderately high gearing, and weak debt protection
metrics, large working capital requirements, susceptibility to raw
material price volatility and small scale of operations with high
geographical concentration. These weaknesses are partially offset
by the extensive experience of ESFL's promoters in the spices
industry, and established market position of its 'Rambandhu' brand
in Maharashtra.
Outlook: Stable
CRISIL believes that ESFL will benefit over the medium term from
its established position in the Maharashtra spices market. Its
financial risk profile is, however, expected to remain constrained
by its small net worth and low cash accruals. The outlook may be
revised to 'Positive' if ESFL significantly increases its scale of
operations while maintaining its profitability or if its capital
structure improves. Conversely, the outlook may be revised to
'Negative' if the company undertakes a large, debt-funded capital
expenditure programme, causing its debt protection metrics to
deteriorate, or if its operating margin declines on account of
volatility in raw material prices.
About Empire Spices
ESFL, a closely held public limited company, is promoted by the
Nasik - based Rathi family. The company manufactures unblended
spices like chili powder, turmeric powder, and coriander powder,
and blended spices like garam masala, and masalas for chicken and
mutton, and pav bhaji, biryani, and chhole masala, among others.
It also manufactures pickles, papads, and seasonal products such
as chivda masala, papad atta, papad masala. The company sells
these under the Rambandhu brand. It operates five units in and
around Nashik and Aurangabad (both in Maharashtra). The company
primarily sells these products in Maharashtra, but has recently
started selling them in Madhya Pradesh, Gujarat, Orissa,
Rajasthan, Chhattisgarh, and some parts of Karnataka and Andhra
Pradesh through its network of 35 stockists and 500 distributors.
ESFL reported a profit after tax (PAT) of INR5.7 million on net
sales of INR374.0 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR6.0 million on net sales
of INR330.8 million for 2008-09.
GURU KIRPA: ICRA Assigns 'LBB-' Rating to INR5.5cr Bank Lines
-------------------------------------------------------------
ICRA has assigned a long-term rating of 'LBB-' to the INR5.50
crore bank lines of Guru Kirpa Agro Foods. The rating carries a
stable outlook.
The rating of Guru Kirpa takes into consideration its weak
financial profile characterized by moderate profitability, high
gearing of 6.93 times as on March 31, 2010, and weak debt
protection indicators. The rating also factors in the moderate
scale of operations of the company which limits economies of
scale and financial flexibility; and intensely competitive nature
of industry which puts pressure on profitability. However, the
rating favorably takes into account the company's experienced
management; long track record of operations in the rice industry
and the increased focus on the export of Basmati rice. Further,
ICRA also takes into account the favorable demand prospects of the
industry with India being the second largest producer and consumer
of rice in the world.
Guru Kirpa Agro Foods is involved in rice milling and is based out
of Karnal (Haryana). It is primarily into the milling and
processing of basmati rice and non-basmati rice. It's sales are
majorly concentrated in the domestic region, however it also does
some export to the Gulf region and U.S.A. Export constituted ~15%
of the total operating income in FY10 with major export
destinations being U.S.A. In the domestic market, it sells to big
companies in the Karnal region through commission agents (domestic
sales around 85% of the total turnover in 2009-10). It procures
paddy from the mandis of Punjab and Haryana. The company has
sufficient storage space which allows it to stock large amount of
paddy during the harvest season.
GUWAHATI MUNICIPAL: Fitch Affirms Long-Term Rating at 'BB(ind)'
---------------------------------------------------------------
Fitch Ratings has affirmed Guwahati Municipal Corporation's
National Long-term rating at 'BB(ind)'. The Outlook is Stable.
The rating is underpinned by GMC's moderate financial performance,
which is supported by its consistent revenue surplus post FY07.
The rating is constrained by the corporation's weak institutional
and technical capabilities, and frail "cost recovery" policies.
GMC has also been slow in implementation of reforms in comparison
to other Jawaharlal Nehru National Urban Renewal Mission cities.
Fitch notes that the corporation has no debt, nor is there any
likelihood that it will incur debt in the medium-term, as the
entire capex will be borne by the governments. This places GMC in
an advantageous position, as it gives it the chance to generate
revenue without having to plan for capital investments.
Given GMC's lack of technical and institutional capacity, the
Government of Assam has directed the Guwahati Metropolitan
Development Authority to undertake the implementation of JNNURM
projects of significant size, including water supply, sewerage and
sanitation. On JNNURM project front, there has been a
considerable delay in project completion. The physical completion
for the projects is even below 50%. The impact of cost overrun
has been phenomenal for solid waste management project (190.0%)
and for procurement of buses (273.3%).
Barring FY07, GMC maintained surplus revenues over FY06-FY10,
which increased substantially in FY09 and FY10, due to a sudden
spike in grants contribution and subsidies from GoA. The total
revenue receipts for GMC increased to INR884.7 million in FY10
from INR307.0 million in FY04. The single largest contribution to
the revenue receipts was made by grants contributions and
subsidies.
The revenue expenditure increased to INR605.3 million in FY10
(FY06: INR353.9 million). Barring FY06, GMC showed a consistent
increase over FY03-FY10. This increase was mainly on account of
establishment expenses, which formed an average of 65.9% of the
total revenue expenditure over FY04-FY10. Revision of salaries of
GMC employees in line with the recommendations of the Sixth
Central Pay Commission came into force in March, 2010. Salary
arrears from January 2006 to February 2010 were paid in two
instalments of INR18.1 million and INR29.3 million.
Under the Basic Services for Urban Poor mission, 2,260 houses have
been sanctioned for urban poor, for which work has already
commenced. Out of these, 352 houses are fully completed, and the
remaining are expected to be completed by October 2011.
Guwahati has a reasonably well-developed commercial profile, with
a number of small- and medium-sized agriculture-based industries.
It is the only municipal corporation in Assam to receive a large
proportion of federal assistance.
IMAGE HEALTH: CRISIL Assigns 'BB' Rating to INR132MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Image Health Care Ltd.
Facilities Ratings
---------- -------
INR 132.00 Million Term Loan BB/Stable (Assigned)
INR 150.00 Million Cash Credit BB/Stable (Assigned)
INR 2.50 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Image's weak liquidity on account of delays in
realisation of receivables and geographically concentrated revenue
profile. These rating weaknesses are partially offset by Image's
above-average financial risk profile, marked by low gearing and
comfortable debt protection metrics, and established market
position in the Hyderabad healthcare industry, supported by its
healthy operating capabilities.
Outlook: Stable
CRISIL believes that Image will maintain its business risk profile
over the medium term, supported by its moderate operational
capabilities and healthy capital structure. The outlook may be
revised to 'Positive' if Image increases its scale of operations,
while maintaining its capital structure, or improves its
receivables level, thereby improving its liquidity. Conversely,
the outlook may be revised to 'Negative' if the company's
financial risk profile deteriorates because of a large, debt-
funded capital expenditure programme, unrelated diversification,
or further deterioration in liquidity.
About Image Health
Set up in 1998, Image offers tertiary healthcare services through
two multispecialty hospitals in Hyderabad. The company was
promoted by Mr. C V Rao and his family. The two hospitals are in
Ameerpet and Madhapur, and have capacities of 350 and 150 beds
respectively.
Image reported a profit after tax (PAT) of INR33 million on net
sales of INR410 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR19 million on net sales
of INR315 million for 2008-09.
IMPHAL MUNICIPAL: Fitch Assigns National Long-Term of 'B-(ind)'
---------------------------------------------------------------
Fitch Ratings assigned Imphal Municipal Council a National Long-
term rating of 'B-(ind)'. The Outlook is Stable.
The rating is constrained by ImMC's fledgling finances, poor civic
services delivery, huge outstanding dues, and uncertain political
environment.
The financial position is undermined by the council's very low
income base and high dependence on the assigned revenues and
grants. After the withdrawal of octroi -- an own-revenue source
for the council -- in FY08, the revenue base has dwindled.
Growing dependence on the government support heightens the
dependency risk; however, the assigned revenues and grants
supported the fragile finances. Nonetheless, the surplus booked
remains the lowest in the Fitch-rated universe. ImMC reported a
paltry surplus of INR0.01 million and has a cash balance of
INR2.32 million at FYE10.
Although the council enjoys debt-free status, the finances are
saddled with huge employee-related liabilities. INR140.29 million
of outstanding dues at FY10 encompasses INR52.79 million of salary
backlog, INR58.14 million of pension liabilities, and balance in
form of pending provident fund payments, retirement benefits and
general administration expenses. In Fitch's view, if there is an
increase in own-revenue sources the dues can be curtailed.
Civic services are delivered by multiple agencies - public health
engineering department, public works department and ImMC.
Intertwined functions among various agencies result in lack of
coordination and inefficiency.
Since Manipur is a special category state, Imphal's capital
investments are funded by the central and state governments in a
90:10 ratio. Consequently, ImMC may not require debts to fund
projects under JNNURM. Ongoing projects are hindered by the tardy
progress and uncertain political atmosphere. INR514.57 million
worth of projects are ongoing, as opposed to the city development
plan of INR18.72 billion. Fitch feels the city is in dire need of
infrastructure development and would need concrete support from
the political wing to enhance the city infrastructure.
Given manpower constraints, ImMC could encounter serious troubles
during implementation of large-scale infrastructure projects
planned under JNNURM. The mandated urban local body reform
package roll out is also marred by the slow progress. The agency
expects the reform completion to stretch beyond the mission period
(FY12).
Any increase in income base in conjunction with a reasonable
surplus booking on a continuous basis, creation of sustainable
infrastructure projects and introduction of some of the key
reforms would trigger a rating upgrade.
Imphal is the capital city of Manipur. It is located in the north
east part of India and has 0.25 million inhabitants. The economy
is driven by services sector and the capital outlay planned under
the JNNURM is INR18.72 billion.
JAGDISH CHAND: ICRA Assigns 'LB-' Rating to INR0.55cr Term Loans
----------------------------------------------------------------
ICRA has assigned the long-term rating of 'LB-' to the INR0.55
crore term loans and INR6.00 crore fund based facilities of
Jagdish Chand Gupta, Engineers & Contractors.
The rating is constrained on account of the liquidity pressures
faced by the firm as exhibited by delays in servicing the debt
obligation, its exposure to commodity price risk as all the
contracts do not have price escalation clause, relatively small
scale of its operations and partnership constitution of the firm.
ICRA has also noted JCG's pending order book of INR49.59 crore
(translating into Order Book/OI (FY10) of about 8.6 times) that
has to be executed by December 2011 which exposes the firm to high
execution risk as well as its exposure to project concentration
risk with a single project accounting for over 80% of the pending
order book. The rating is, however, supported by the long
experience of the partners in the construction industry and JCG's
stable operating margins.
About Jagdish Chand
Mr. Jagdish Chand Gupta, the majority partner (51%) had started
the operations of M/s Jagdish Chand Gupta as a sole proprietorship
in Chandigarh, Punjab. The area of operation has been mainly
limited to construction of bridges. However, the firm has
executed other civil construction work in the past. The sole
proprietorship was converted in to a partnership w.e.f. April 1,
2010, when Mr. Jagdish Chand Gupta inducted his son, Mr. Amit
Gupta as a partner.
For FY 2010, the firm reported a profit after tax (PAT) of INR0.39
crore over an operating income (OI) of INR5.71 crore thus
translating into a PAT margins of 6.8%.
MEGHA MARKETING: CARE Rates INR2.5cr Bank Facilities at 'CARE BB'
-----------------------------------------------------------------
CARE assigns 'CARE BB' rating to the long-term bank facilities of
Megha Marketing.
Amount
Facilities (INR cr) Ratings
---------- -------- -------
Long-term Bank Facilities 2.5 'CARE BB' Assigned
Rating Rationale
The above rating is constrained by short track record and small
size of operations, highly seasonal nature of its business, high
but declining concentration in Karnataka region, stiff competition
from other local brands and financial risk arising from high
gearing ratio and low profitability margins. However, the rating
draws strength from diversified business of the firm within food
and beverages segment, strong presence in Karnataka region and
extended credit period available from suppliers. Ability of MM to
improve its profitability margins, increase its distributor
network, decrease regional concentration and manage working
capital requirement efficiently are the key rating sensitivities.
About Megha Marketing
Megha Marketing was incorporated in March 2006 with the objective
of promoting and marketing products manufactured by Megha Springs
Pvt. Ltd, Megha Bottling, Megha Fruit Processing Pvt. Ltd. and
Mahima Shankar Processed Food Pvt. Ltd., all of which belong to
Shankar group. Shankar group ventured into food and beverages
business in the year 2006. The group also has dealership of
automobile tyres and is also involved in vehicle financing. At
present, MM markets its products in four different segments viz
bottled fruit juices under brand Sip On, aerated beverages like
club soda and soft drinks under brand Bindu, packaged drinking
water under brand Bindu and processed food items (mostly potato
chips and fried potato sticks) under the brand Snak up and
Knotties.
MM markets its products in seven states viz Karnataka, Kerala,
Andhra Pradesh, Maharashtra, Tamil Nadu, Goa and Orissa, with
major focus on rural markets.
MILTECH INDUSTRIES: CRISIL Upgrades Rating on INR165.5MM Loan
-------------------------------------------------------------
CRISIL had upgraded its ratings on the bank facilities of Miltech
Industries Pvt Ltd to 'B-/Stable/P4' from 'D/P5'.
Facilities Ratings
---------- -------
INR110.00 Million Cash Credit B-/Stable (Upgraded from D)
INR165.50 Million Term Loan B-/Stable (Upgraded from D)
INR59.50 Million Proposed LT B-/Stable (Upgraded from D)
Bank Loan Facility
INR55.00 Million Letter of Credit P4 (Upgraded from P5)
INR10.00 Million Bank Guarantee P4 (Upgraded from P5)
The rating upgrade reflects Miltech's timely repayment of debt
obligations over the last three months, driven by improvement in
liquidity, though the same continues to be weak. Improvement in
liquidity has been driven by improved working capital management
and comfortable cash accruals.
The ratings reflect Miltech's large working capital requirements,
weak financial risk profile, marked by small net worth, high
gearing, and weak debt protection metrics, and small scale of
operations in the intensely competitive moulded plastic products
industry. These rating weaknesses are partially offset by the
established customer relationships and extensive industry
experience of Miltech's promoters.
Outlook: Stable
CRISIL believes that Miltech will benefit from its promoters'
extensive industry experience and established relationships with
its key clients, over the medium term. However, Miltech's credit
risk profile will remain constrained by its tight liquidity,
driven by large working capital requirements. The outlook may be
revised to 'Positive' in case of further improvement in liquidity,
resulting from improved working capital management, higher-than-
expected cash accruals or equity infusion. Conversely, the outlook
may be revised to 'Negative' if Miltech's liquidity deteriorates
further because of larger-than-expected working capital
requirements, capital expenditure or lower cash accruals.
About Miltech Industries
Miltech manufactures plastic moulded components for the defence,
automobile, white goods, electronics, and furniture sectors.
The company also trades in products such as charcoal, thermo-
mechanically treated bars, mild steel beams, channels and sheets.
Miltech was set up in 1991 and has manufacturing units in Nagpur
and Pune (both in Maharashtra). It is promoted by Mr. Pradeep
Agarwal.
Miltech reported a profit after tax (PAT) of INR2.3 million on net
sales of INR570.3 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.6 million on net
sales of INR642.6 million for 2008-09.
NAINITAL TARAI: CARE Rates INR7cr LT Bank Facilities at 'CARE BB'
-----------------------------------------------------------------
CARE assigns 'CARE BB' ratings to the bank facilities of
nainital tarai seeds ltd.
Amount
Facilities (INR cr) Ratings
---------- -------- -------
Long-term Bank Facilities 7.00 'CARE BB' Assigned
Rating Rationale
The rating is mainly constrained by NTSL's short track record of
operations, small size of operations marked by relatively low
turnover & very low net worth and weak financial risk profile
marked by low profit margins, stressed liquidity and weak debt
coverage indicators. The rating also gets constrained by the
risks associated with the nature of the agro industry viz. highly
fragmented, working capital intensive and high seasonality.
The rating, however, favorably takes into account the vast
experience of the promoters in agro business and proximity to the
suppliers i.e. farmers. The ability of NTSL to increase the scale
of operations with improvement in the financial risk profile would
be the key rating sensitivity.
About Nainital Tarai
Nainital Tarai Seeds Limited, based in Kashipur, Uttarakhand was
incorporated in January 2007 for processing and trading of wheat
and paddy seeds. NTSL is promoted by Mr Ajay Kumar Agarwal,
Managing Director having more than 30 years of experience in the
agro industry. The company purchases the seeds from local
farmers, grades them through the installed seed graders and sells
to the retailers and distributors.
During FY10, NTSL registered total operating income of INR15.65
crore (FY09: INR9.80 crore) with a PAT of INR0.05 crore (FY09:
INR0.04 crore).
POOJA SOYA: ICRA Assigns 'LBB' Rating to INR35cr Bank Limits
------------------------------------------------------------
ICRA has assigned an 'LBB' rating on the long term scale and an
'A4' rating on the short term scale to the INR35 crore bank limits
of Pooja Soya Industries Pvt. Ltd. The long term rating has been
assigned a Stable outlook.
The ratings are constrained by the high business risks associated
with the edible oil (and related products) industry including high
competitive intensity and fragmentation; vulnerability of
profitability of domestic edible oil players to import pressure
and changes in import duty differential between crude and refined
oil; exposure to volatility in global price movements of both oil
and soymeal; exposure to commodity price and forex risks apart
from agro-climatic risks associated with the availability of the
main raw material, soybean. Also being focused only on soybean
derivatives the company's operations have a higher vulnerability
to adverse events affecting final product market and/or raw
material availability compared to players with a diversified
product portfolio. These factors apart, the ratings are also
constrained by the company's average financial risk profile as
reflected in its high gearing levels; modest debt protection
metrics and strained liquidity position. Further the company's
performance in the current fiscal (H1 FY 11) has been below par
with low reported turnover and large inventory positions which
exposes it to risk of losses in the event of an adverse movement
in prices.
The company also proposes to undertake moderate scale debt funded
capex over the near term which is likely to have an adverse
bearing on its credit metrics and liquidity. Nevertheless, while
assigning the ratings, ICRA has favorably factored in the
promoters significant experience and long track record in
the soy business; the company's locational advantages being
situated in the soybelt of the country; favorable export prospects
for soy meal in the near term and upsides from proposed forward
integration project.
About Pooja Soya
Incorporated in 2006, Pooja Soya Industries Pvt Ltd is engaged in
solvent extraction and production of soyproducts viz. crude oil
and DOC at its 600 tpd facility located in Ratlam in Madhya
Pradesh. The company also engages in trading of soya DOC, seeds
and other agro-products depending on the market situation. The
promoters of Pooja Soya are the Manglani family who have been
engaged in soya trading business since 1964 and have a good
knowledge and understanding of the market. The unit under Pooja
Soya was bought out by the Manglani family from M/S Kartik Solvex
Limited (a sick company) as a 300 tpd facility, capacity of which
was subsequently enhanced to 600 tpd.
Recent Results
In 2009-10, the company has reported an operating income (OI) of
INR 193 crore with a profit after tax of INR 0.69 crore compared
to an OI of INR107 crore and a profit after tax of INR1.27 crore
in 2008-09. In H1 2010-11, the company has reported an OI of
INR26 crore and a PAT of INR0.60 crore.
PPR HOTELIERS: CRISIL Rates INR100 Million Term Loan at 'B+'
------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the term loan
facility of PPR Hoteliers Pvt Ltd.
Facilities Ratings
---------- -------
INR100 Million Term Loan B+/Stable (Assigned)
The rating reflects PPR's constrained financial risk profile on
account of expected losses in initial years combined with
ballooning repayment structure and vulnerability to cyclicality in
the hotel industry, leading to limited revenue diversity. These
weaknesses are partially offset by promoters' experience in
construction business, and low construction risks with project
nearing completion.
Outlook: Stable
CRISIL believes that PPR Hoteliers Pvt. Ltd. will commence
operations over the next three to four months. However,
successful running of the hotel's operations and generation of
cash accruals in the first couple of years of operations will
remain stretched, resulting in a weak financial risk profile. The
outlook may be revised to 'Positive' if there are more-than-
expected cash accruals from operations, leading to improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if delay or cost overruns on the project impact its
debt-servicing ability, PPR contracts substantial debt to fund its
capital expenditure (capex), or if it undertakes other real estate
development projects.
About PPR Hoteliers
Incorporated in 2010, PPR is currently undertaking construction of
a hotel in Jalandhar (Punjab) under the franchise of Ramada
International Inc. . The project with total room capacity of 81
rooms (1 presidential suite, 6 deluxe suites, 8 executive rooms,
and 66 standard rooms), is expected to start commercial operations
from April 2011. The total estimated cost of the project is
INR193 million will be funded in a debt-equity mix of ~1.27:1. As
per the franchise agreement, PPR will pay a royalty fee of 6% of
the total room revenue to Ramada.
SHELL & PEARL: CRISIL Cuts Rating on INR504.9MM Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Shell
& Pearl Ceramics Ltd to 'B+/Stable/P4' from 'BB-/Stable/P4+'.
Facilities Ratings
---------- -------
INR196.0 Million Cash Credit Limit B+/Stable (Downgraded from
'BB-/Stable')
INR504.9 Million Term Loan B+/Stable (Downgraded from
'BB-/Stable')
INR70.0 Million Letter of Credit P4 (Downgraded from 'P4+')
INR26.0 Million Bank Guarantee P4 (Downgraded from 'P4+')
The downgrade reflects deterioration in SPCL's credit risk profile
after the increase in the scope of the company's aggressive debt-
funded capital expenditure (capex) plans and the subsequent delay
in project completion. It is setting up a facility to manufacture
soluble salt ceramic tiles, with a total capacity of 10,000 square
metres per day (smpd) at a total project cost of INR760 million;
the project was to be completed by May 2010. However, the
completion date was rescheduled to September 2010, with a total
capacity installation of 16,500 smpd at an increased project cost
of INR1.26 billion. With increase in scope of project and delays
in funding arrangement; the commencement of operations has been
rescheduled to mid January 2011. CRISIL believes that SPCL's
increased capacity installation plan in the niche product segment
in the ceramic tiles industry exposes it to high off-take risks.
Furthermore, its financial risk profile is expected to remain
constrained, with high gearing and weak debt protection metrics
over the medium term.
The ratings reflect SPCL's weak financial risk profile, marked by
high gearing and weak debt protection metrics, and its limited
experience in dealing with retail customers. These weaknesses are
partially offset by the established track record of the SPCL's
promoters in the ceramics industry.
Outlook: Stable
CRISIL believes that SPCL will benefit over the medium term from
its promoters' experience in the ceramics industry. Its financial
risk profile is, however, expected to remain constrained, over the
medium term, by its large ongoing debt-funded capex programme. The
outlook may be revised to 'Positive' if earlier than expected
stabilisation of capacities lead to more-than-expected sales and
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of lower offtake in the
manufacturing segment leads to insufficient cash accruals for
meeting debt repayment obligations, resulting in liquidity
constraints.
About Shell & Pearl Ceramics
Incorporated in 2000 by Mr. Prafulla Gattani; SPCL trades in
machineries used in manufacturing ceramic/vitrified tiles, spare
parts of these machineries, ceramic raw material for tiles,
polishing equipment, and diamond-cutting tools. The company also
undertakes implementation of ceramic tile and sanitary ware
manufacturing plants on turnkey basis. SPCL imports machineries
and other ancillary products from manufacturers, based in China,
such as Keda Industrial Co Ltd, Monte Bianco Diamond Application
Co Ltd, and Foshan Scien Ceramics Ltd; SPCL is the exclusive agent
for these manufacturers in India.
SPCL is currently setting up a plant to manufacture value-added
multi-charged and inkjet-printed glazed and vitrified tiles at
Jhagadia (Gujarat); the plant will have a total capacity of 16,500
smpd. The total cost of the project is estimated at INR1.26
billion, which is being funded through a total term loan of INR820
million and the remainder through equity from promoters and
friends.
Of the promoters' contribution of INR440 million, 15% equity has
been infused by Mr. Madhu Dugar (a family friend of the
promoters). Furthermore, 30% of equity has been infused by the
Dharampal Premchand group; the remainder has been contributed by
the promoters.
SPCL reported a profit after tax (PAT) of INR7.8 million on net
sales of INR168.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR7.8 million on net sales
of INR145.8 million for 2008-09.
SHILLONG MUNICIPAL: Fitch Affirms Long-Term Rating at 'B+(ind)'
---------------------------------------------------------------
Fitch Ratings affirmed Shillong Municipal Board's National Long-
term rating at 'B+(ind)'. The Outlook is Stable.
The rating is constrained by SMB's consistently increasing revenue
deficit, lack of autonomy, and feeble cost recovery. The board,
along with various other agencies like Meghalaya Urban Development
Authority, Public Health Engineering Department, is responsible
for providing civic services in Shillong. Fitch observes the
general slackness in provision of adequate services has been due
to various factors ranging from lack of autonomy to financial
constraints and capacity issues. The reform process prescribed
under the Jawaharlal Nehru National Urban Renewal Mission has been
initiated. Though efforts have been made towards the reform
agenda, but SMB needs to convert those efforts into completion
targets.
Tax income has been the most buoyant source of income for SMB with
average contribution to revenue income of more than 52% over FY05-
FY10. Property tax collections increased substantially in FY09
and FY10 due to the introduction of a new taxation mechanism in
FY08. The collections on account of vehicle entry tax declined
substantially during the same period due to a government order,
restricting the collection of toll on the national highways
without prior permission of the state government.
Establishment expenses largely drove the revenue expenditure by
contributing on average 84% during FY05-FY10, and grew at a CAGR
of 7.6% during the same period. Revision of salaries of SMB
employees in line with the recommendations of the Sixth Central
Pay Commission resulted in an 11.7% hike in the salary expenditure
of SMB for April 2010. However, salary arrears are yet to be paid
off. During FY10, the growth rate of revenue expenditure (10.5%)
exceeded the growth in revenue income (7.1%), resulting in a
higher revenue account deficit (INR10.3 million) in comparison to
FY09 (INR7.6 million).
Shillong is the capital of the state of Meghalaya, one of the
north eastern states of India. The city had a population of 0.26
million according to 2001 census. SMB has been constituted and
governed as a municipal body under the Meghalaya Municipal Act
1972. Elections for SMB, scheduled for September 29, 2010, were
delayed due to political unrest in the city, adversely affecting
the decision-making process. The last elections for SMB were held
in 1966.
SHREE BALAJI: CRISIL Assigns 'B+' Rating to INR9 Million Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Shree Balaji
Aromatics Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR5.40 Million Cash Credit Limit B+/Stable (Assigned)
INR9.00 Million Term Loan B+/Stable (Assigned)
INR25.00 Million Export Packing Credit P4 (Assigned)
INR20.00 Million Foreign Bill Purchase P4 (Assigned)
INR9.00 Million Standby Line of Credit P4 (Assigned)
The ratings reflect SBAPL's below-average financial risk profile,
marked by small net worth, and weak debt protection metrics, and
exposure to risks related to intense competition in the mentha
industry, small scale of operations, customer concentration in
revenue profile, and fluctuations in raw material prices. These
rating weaknesses are partially offset by experience of SBAPL's
promoters in the mentha industry.
Outlook: Stable
CRISIL believes that SBAPL will maintain its business risk profile
over the medium term, supported by its long track record in the
mentha industry. The company's financial risk profile is, however,
expected to remain constrained because of its small net worth and
weak debt protection metrics. The outlook may be revised to
'Positive' if the company registers higher-than-expected growth in
sales while maintaining profitability, leading to improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SBAPL's financial risk profile deteriorates
significantly led by sharp decline in profitability.
About Shree Balaji
SBAPL manufactures and exports menthol crystals, peppermint oil,
and other related products for use in the food, pharmaceutical,
cosmetics, and tobacco industries. The company, incorporated in
2000, is managed by three promoters, namely Mr. Dinesh Agarwal,
Mr. Vivek Kumar and Mr. Atul Kumar. The manufacturing unit is
located in Moradabad (Uttar Pradesh). The company exports more
than 80% of its production to Europe, US and China.
SBAPL reported a profit after tax (PAT) of INR1.2 million on net
sales of INR250.7 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.1 million on net sales
of INR238.7 million for 2008-09.
SKYLINE AGRO: ICRA Reaffirms 'LBB' Rating on INR3cr FB Facilities
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of 'LBB' outstanding on
INR3.0 crore fund based facilities of Skyline Agro Private
Limited. The outlook for the long term rating is stable. ICRA
has also reaffirmed the short term rating of 'A4' to the INR2.0
crore non-fund based facilities of SAPL.
The ratings reaffirmation takes into account the SAPL's moderate
scale of operations and low profitability; and its vulnerability
to agricultural commodity price volatility. This further coupled
with its high gearing (2.5 times as on March 31, 2010, has
translated into average debt protection indicators (Net Cash
Accruals/Debt of 7% and interest coverage of 2.2 times in FY2010).
The ratings however draw comfort from the experience of the
promoters in the agricultural commodity trading business, SAPL's
locational advantage, which ensures easy accessibility to
agricultural commodities; and its reputed customer base.
About Skyline Agro
Skyline Agro Private Limited is a private limited company promoted
by Mr. Vishwa Mohan and his wife Mrs. Ruchi Mohan in 2002 and the
shareholding of SAPL is entirely held by the promoters and
their family members. SAPL is based out of Jabalpur, Madhya
Pradesh and is engaged in the trading of various agricultural
commodities like pulses, soyabean, wheat, etc.
Recent Results
For FY2010, the company has achieved an operating income of
INR 68.3 crore and a Profit After Tax of INR0.2 crore.
UNIVERSAL TEXTURISERS: CARE Puts 'CARE BB+' Rating on LT Loan
-------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Universal Texturisers Pvt Ltd.
Amount
Facilities (INR cr) Ratings
---------- -------- -------
Long-term Bank Facilities 2.46 'CARE BB+' Assigned
Short-term Bank Facilities 20.00 'PR4+' Assigned
Rating Rationale
The ratings are constrained by UTPL's limited presence in the
textile value chain, thin and declining profitability margins
(FY08-FY10), high gearing level and the relatively small size of
operations coupled with low pricing power on account of the
fragmented nature of the industry, limiting the ability of UTPL to
withstand any adverse situation arising out of volatility in raw
material prices and fall in demand.
The ratings however derive strength from the promoters'
significant experience in the industry, locational advantage and
growth in operations over a period of time. Ability of UTPL to
improve profitability margins in an environment characterized by
high volatility in raw material prices and aggressive competition
from other domestic players remain key rating sensitivities.
About Universal Texturisers
Incorporated in 2006, Universal Texturisers Private Limited is
engaged in manufacture of Polyester Texturised Yarn and Twisted
yarns (including various grades of yarn). The manufacturing
facility is located at Daman.
On total operating income of INR117.09 crore in FY10, UTPL
reported PAT of INR0.44 crore. During H1FY11 (Provisional), UTPL
reported PAT of INR0.29 crore on total operating income of
INR52.87 crore.
VAMSHI RUBBER: ICRA Reaffirms 'LBB+' Rating on Various Facilities
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of 'LBB+' for the
INR10.01 Crore (revised from INR8.00 Crore) fund-based facility,
INR1.35 Crore (revised from INR3.38 Crore) and INR1.00 Crore bank
guarantees of Vamshi Rubber Limited. ICRA has also reaffirmed
'A4+' to the INR1.00 crore, short-term non-fund based facilities
(L/C) of VRL. The Rs 1.00 L/C is completely interchangeable with
INR1.00 Crore BG; as such combined utilization of the non-fund
based limits under long-term and short-term utilization should not
exceed INR1.00 Crore at any point of usage. The long-term rating
has a stable outlook.
The rating reaffirmation factors in the significant experience of
the promoters in rubber related business, improvement in margins
and sound distribution network on the back of country-wide
franchisee network. The ratings are, however, constrained by the
high susceptibility of VRL to raw material price fluctuations,
mainly natural/synthetic rubber; its exposure to a high degree of
competition from the unorganized players in the precured rubber
business and the high gearing levels. The assigned ratings also
factor in the modest balance sheet size, which limits its ability
to grow its business and profitability.
About Vamshi Rubber
Vamshi Rubber Limited was incorporated in 1994 and commenced its
operations from October 1995. The company was promoted by first
generation entrepreneurs Mr.M.Ramesh Reddy, Mr.P.Varun Kumar,
Mr.R.Surendra Reddy and Mr.K.V.Sarma. The company has technical
collaboration with M/s.Hercules Tire and Rubber Co. USA and is an
ISO 9001:2000 certified company. The company is engaged in the
manufacture of Precured Tread Rubber, Cushion Gum and Vulcanizing
solution at Lingojigudem Village, Choutuppal Mandal in Nalgonda
District of Andhra Pradesh. For the financial year 2010, VRL
reported an operating income of INR 54.82 Crore and a profit
after tax of INR 1.95 Crore.
Recent Results
VRL reported an operating income of INR30.04 Crore for the half
year ending September 30, FY 2009-10 as compared to INR29.97 Crore
for the corresponding period in the previous year.
* Declare Financial Emergency in Tripura, Congress Demands
----------------------------------------------------------
Outlookindia.com reports that the opposition Congress in Tripura,
India, on January 25 demanded the Central government declare
"financial emergency" alleging that the left-ruled state became
bankrupt.
Outlookindia.com quoted opposition leader Ratan Lal Nath as
saying, "We demand to the central government for declaration of
financial emergency under Article 360 of the constitution because
there is no financial stability in the state due to rampant
corruption by the politicians and a section of bureaucracy. The
state has become bankrupt."
Nath also demanded emergency audit by the Comptroller and Auditor
General of India (CAG) for restoration of fiscal discipline for
saving the people of the state, the article added.
Outlookindia.com relates that Nath alleged that the CPI-M-led left
front government had misappropriated a sum of INR270 crore from
public exchequer since 2008 and diverted the money to party's
politburo fund.
"The CPI-M had only 37 party offices in the state before coming to
power in 1978 and now they have about 700 pucca party offices
which they could build due to diversion of funds from government
exchequer," Nath alleged, according to Outlookindia.com.
According to Outlookindia.com, the leader of the opposition also
demanded publication of a white paper on the financial position of
the state government and alleged that the government had taken
loans from different financial institutions as a result of which
each citizen in the state was carrying a loan of INR19,500.
CPI-M's Tripura state secretary Bijon Dhar, however, refutes the
congress allegation and said that the leader of the opposition
should apologize to people for giving false statements.
=================
I N D O N E S I A
=================
BII: Moody's Withdraws 'D' Bank Financial Strength Rating
---------------------------------------------------------
Moody's said these ratings were withdrawn:
-- Bank financial strength rating: D
-- Global local currency long-term/short-term deposit rating:
Baa3/Prime-3
-- Foreign currency long-term/short-term deposit rating:Ba2/Not-
Prime
-- Foreign currency long-term issuer rating: Ba1
All ratings carry a stable outlook.
The last rating action on BII was taken on January 17, 2011, when
the bank's foreign currency long-term deposit rating was upgraded
to Ba2 from Ba3 with a stable outlook. The rating action was in
line with the upgrade of Indonesia's foreign currency deposit
ceiling to Ba2 from Ba3 on January 17, 2011.
Headquartered in Jakarta, BII reported total consolidated assets
of IDR72.2 trillion as at September 2010.
=========
J A P A N
=========
SUNSHINE TRUST: S&P Rates Class D Beneficial Interests at BB+(sf)
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
fixed-coupon Sunshine Trust beneficial interests class A1 to
class E, due July 2018. The beneficial interests are secured by a
pool of consumer loan receivables originated by Shinsei Financial
Co., Ltd.
The trustee was entrusted with the pool of consumer loan
receivables by the originator, and the originator received the
class A1 to class E beneficial interests, the subordinated
beneficial interests, and the seller's beneficial interests.
Immediately after that, the class A1 to class C beneficial
interests were transferred to investors.
The ratings reflect Standard & Poor's opinion of the likelihood of
full and timely payment of interest and ultimate repayment of
principal by the transaction's legal final maturity date of July
2018.
The ratings reflect S&P's views primarily on the following
factors:
* The credit risk inherent in the collateral pool based on the
collateral characteristics and historical performance, as
well as the business conditions that S&P have forecast for
the obligors and consumer finance companies;
* The ample credit support provided via overcollateralization;
* The payment structure and cash flow mechanics in the event
that the performance of the underlying assets deteriorates,
including: (1) a default trap, through which excess interest
from the asset pool is used to cover losses from the
defaulted receivables; (2) repurchase by the originator of
defaulted receivables not covered by the default trap; and
(3) the establishment of early amortization triggers that
convert the transaction to a monthly pass-through turbo
structure;
* The creditworthiness of the originator in terms of
performance, including the repurchase of defaulted
receivables;
* The quality and ability of the originator as a servicer for
this transaction;
* The schemes that have been adopted in the event that certain
credit events involving the servicer occur in the future,
including: (1) the appointment of a backup servicer at the
outset of the transaction; (2) the establishment of
commingling risk triggers to mitigate commingling risk; and
(3) the establishment of a cash reserve to provide liquidity
support to the transaction; and
* The legal structure, including the entrustment of the
consumer loan receivables and the assignment of the class A1
to class C beneficial interests that have been structured to
achieve "true sales."
Rating Assigned
Sunshine Trust
JPY317.5 billion beneficial interests due July 2018
Class Rating Amount Coupon type Overcollat. ratio
A1 A (sf) JPY158.5 bil. Fixed rate 57.1%
A2 BBB+ (sf) JPY50.9 bil. Fixed rate 43.3%
B BBB (sf) JPY40.8 bil. Fixed rate 32.2%
C BBB- (sf) JPY13.3 bil. Fixed rate 28.6%
D BB+ (sf) JPY39.0 bil. Fixed rate 18.1%
E BB+ (sf) JPY15.0 bil. Fixed rate 14.0%
The transaction's closing date is Jan. 27, 2011.
=========
K O R E A
=========
GENERAL MOTORS: Renames South Korean Unit to GM Korea Company
-------------------------------------------------------------
Yonhap News Agency reports that General Motors Co. has introduced
a new name for its South Korean unit and brought internationally
renowned brand Chevrolet to boost the company's sales.
The South Korean unit, GM Daewoo Auto & Technology, has been
renamed GM Korea Co., Yonhap relates.
"The company changes its name to GM Korea Company to reflect its
heightened status in global operations of GM," it said.
Michael Arcamone, the unit's chief executive officer, said the
closely held unit, which GM expects to rename from GM Daewoo Auto
& Technology Co. by the end of the first quarter, was profitable
last year for the first time since 2007. Renaming the unit
Chevrolet may help Mr. Arcamone achieve a goal of increasing
market share in South Korea to at least 10 percent, Bloomberg
notes.
About General Motors
With its global headquarters in Detroit, Michigan, General Motors
Company -- http://www.gm.com/-- is one of the world's largest
automakers. GM employs 205,000 people in every major region of
the world and does business in some 157 countries. GM and its
strategic partners produce cars and trucks in 31 countries, and
sell and service these vehicles through the following brands:
Buick, Cadillac, Chevrolet, FAW, GMC, Daewoo, Holden, Jiefang,
Opel, Vauxhall and Wuling. GM's largest national market is China,
followed by the United States, Brazil, Germany, the United
Kingdom, Canada and Italy. GM's OnStar subsidiary is the
industry leader in vehicle safety, security and information
services.
General Motors Co. is 60.8% owned by the U.S. Government. It was
formed to acquire the operations of General Motors Corporation
through a sale under 11 U.S.C. Sec. 363 following Old GM's
bankruptcy filing. The deal was closed on July 10, 2009, and Old
GM changed its name to Motors Liquidation Co. Old GM remains
subject to a pending Chapter 11 reorganization case before the
U.S. Bankruptcy Court for the Southern District of New York.
At September 30, 2010, GM had US$137.238 billion in total assets,
US$106.522 billion in total liabilities, US$6.998 billion in
preferred stock, $971 million in non-controlling interest, and
US$23.718 billion in total equity.
New GM has a 'BB-' corporate credit rating from Standard & Poor's
and a 'BB-' issuer default rating from Fitch.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq.,
and Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP,
assist the Debtors in their restructuring efforts. Al Koch at AP
Services, LLC, an affiliate of AlixPartners, LLP, serves as the
Chief Executive Officer for Motors Liquidation Company. GM is
also represented by Jenner & Block LLP and Honigman Miller
Schwartz and Cohn LLP as counsel. Cravath, Swaine, & Moore LLP is
providing legal advice to the GM Board of Directors. GM's
financial advisors are Morgan Stanley, Evercore Partners and the
Blackstone Group LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis
& Frankel LLP serve as bankruptcy counsel to the Creditors
Committee. Attorneys at Butzel Long serve as counsel regarding
supplier contract matters. FTI Consulting, Inc., serves as
financial advisors to the Creditors Committee. Elihu Inselbuch,
Esq., at Caplin & Drysdale, Chartered, represents the Asbestos
Committee. Legal Analysis Systems, Inc., serves as asbestos
valuation analyst.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
KOREA LINE: Eagle Bulk Claims Modest Exposure From Receivership
---------------------------------------------------------------
Eagle Bulk Shipping, Inc., has issued a statement in response to
the decision by Korea Lines to file for protective receivership:
"We understand that Korea Line Corporation's decision to file for
protective receivership in Seoul was a necessary decision for the
continued trading of that Company. Eagle Bulk's exposure to
current KLC accounts receivable is modest, and indeed the vast
majority of our charters with KLC are fixed at close to current
market rates. To date, none of our charters with KLC have been
restructured.
"Eagle Bulk expects to be engaged in ongoing and constructive
dialogue with KLC as the Company works on its rehabilitation
plans. We will continue to update the market as events warrant."
About Eagle Bulk
Headquartered in New York City, Eagle Bulk Shipping, Inc., is a
leading global owner of Supramax dry bulk vessels, which are dry
bulk vessels that range in size from 50,000 to 60,000 deadweight
tons, or dwt, and transport a broad range of major and minor bulk
cargoes, including iron ore, coal, grain, cement and fertilizer,
along worldwide shipping routes.
About Korea Line
Headquartered in South Korea, Korea Line Corp. is an operator of
dry-bulk ships. Korea Line operated 51 vessels at the end of
September. It ships iron ore, coal and liquefied-natural gas for
customers including Posco, Korea Electric Power Corp. and Korea
Gas Corp., according to its Web site.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2011, Bloomberg News said Korea Line Corp. filed for
receivership after rates tumbled to the lowest in almost
two years because of a global oversupply of vessels. The filing
was made at the Seoul Central District Court on Jan. 25, 2011.
Bloomberg noted that the shipping line, unprofitable in six of the
past seven quarters, halted its shares as it works to restructure
debt. Bloomberg related that dry-bulk rates have plunged 58% in
the past year amid an expanding global fleet and slowing demand
for commodities in China because of government efforts to cool
economic growth.
The company had total debts of KRW2.23 trillion (US$2 billion) at
the end of September, according to its third-quarter financial
statement, Bloomberg said. The shipping line made a KRW104.2
billion loss in the quarter, the statement added.
KOREA LINE: DnB NR Says it Has Less Than $35MM Exposure to Firm
---------------------------------------------------------------
Anna Molin at Dow Jones Newswires reports that Norway's largest
lender DnB NR ASA said Tuesday it has less than US$35 million in
exposure to Korea Line Corp. and that it doesn't expect to book
any losses related to the shipper's troubles.
"We have exposure to two of Korea Line's liquid national gas
carriers, so no dry bulk, on long-term charter contracts, with
excellent counterparty risk," Dow Jones quoted DnB NOR spokesman
Per Sagbakke as saying. "We do not consider ourselves loss
exposed," he added.
About Korea Line
Headquartered in South Korea, Korea Line Corp. is an operator of
dry-bulk ships. Korea Line operated 51 vessels at the end of
September. It ships iron ore, coal and liquefied-natural gas for
customers including Posco, Korea Electric Power Corp. and Korea
Gas Corp., according to its Web site.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2011, Bloomberg News said Korea Line Corp. filed for
receivership after rates tumbled to the lowest in almost
two years because of a global oversupply of vessels. The filing
was made at the Seoul Central District Court on Jan. 25, 2011.
Bloomberg noted that the shipping line, unprofitable in six of the
past seven quarters, halted its shares as it works to restructure
debt. Bloomberg related that dry-bulk rates have plunged 58% in
the past year amid an expanding global fleet and slowing demand
for commodities in China because of government efforts to cool
economic growth.
The company had total debts of KRW2.23 trillion (US$2 billion) at
the end of September, according to its third-quarter financial
statement, Bloomberg said. The shipping line made a KRW104.2
billion loss in the quarter, Bloomberg added.
=========
N E P A L
=========
NEPAL DEVELOPMENT: Institutional Depositors To Get Deposits Back
----------------------------------------------------------------
Myrepublica.com reports that institutional depositors of Nepal
Development Bank -- Employment Provident Fund and Nepal Army --
could get all their deposits back from the bank subjected to
liquidation.
Myrepublica.com relates that Chartered Accountant Narayan Bajaj,
liquidator of the NDB, said he has so far recovered bank-issued
loans worth INR100 million and would start distributing the money
to institutional depositors soon. Moreover, referring to latest
recovery trend, he said he might be able to repay their remaining
deposits as well in the future.
According to myrepublica.com, NDB presently has total outstanding
deposits liability of more than INR490 million, including INR320
million of EPF and INR170 million of NA. The bank,
myrepublica.com discloses, has cash deposit worth INR105 million
in Nepal Cooperatives Bank, loans worth INR400 million and non-
banking assets worth INR140 million.
"It might take time, but these figures indicate that we will be
able to clear all those deposit liabilities," Bajaj told
myrepublica.com.
However, says myrepublica.com, as the fresh collection of
INR100 million stand far less than what the two institutional
depositors had saved at the bank, the liquidator is currently
discussing ways to distribute it among them. Mainly, he needs to
decide on whether to distribute the amount equally or
proportionately, notes the report.
EPF, which has a much larger deposit than NA, is pushing for
proportionate distribution, whereas NA has requested for equal
distribution of the recovered amount, myrepublica.com notes.
Nepal Rastra Bank (NRB) -- the central monetary authority -- had
decided to liquidate the troubled NDB in June 2009, after its
five-year efforts to revive the bank failed owing to incompetent
and defiant management. With the Appellate Court endorsing its
decision, NDB had become the first bank to be liquidated in the
country's banking history.
As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2009, Kantipur Online said Nepal Rastra Bank has decided
to initiate the liquidation process of Nepal Development Bank
after finding NDB's reply to the NRB letter seeking clarification
unsatisfactory. The NRB findings stated that at least
INR690 million is needed to reduce NDB's capital adequacy ratio to
zero. The central bank also revealed that NDB's capital adequacy
ratio is negative by 41%, far below than 11% provisioned by NRB.
The central bank also revealed that NDB's losses have reached
INR690 million.
Established in 1998, Nepal Development Bank is the first national
level development bank established by the private sector in Nepal.
It has commenced its operation since January 31, 1999, as per
Development Bank Act, 2052 (1996). Since May 4, 2006, it has been
imparting its services in accordance with Bank and Financial
Institution Act 2063. The bank caters the demand of medium and
long term finance for the industrial, commercial, agricultural,
tourism, infrastructure sectors and other services by offering
various banking facilities. It mobilizes its sources in the form
of fixed, saving and other short-term deposits with competitive
interest rates.
====================
N E W Z E A L A N D
====================
BRIDGECORP CORP: Petricevic Trust Seeks NZ$40,000 Security
----------------------------------------------------------
BusinessDay.co.nz reports that lawyers for Rod Petricevic's family
trust are seeking NZ$40,000 in security from the liquidators of
Bridgecorp subsidiary Navigator Finance to cover any legal costs
that may be awarded if they win a High Court trial next month.
According to BusinessDay.co.nz, the High Court case revolves
around Navigator's liquidators -- Andrew McKay and Aaron Walsh of
Corporate Finance -- seeking to recoup an unsecured NZ$2.25
million loan alleged to have been made to the family trust by
Navigator before it went under.
BusinessDay.co.nz relates that the liquidators have already
successfully lodged a caveat against Mr. Petricevic's
NZ$4.41 million home in Remuera that is owned by the trust to
prevent it from being sold.
BusinessDay.co.nz adds that RM Petricevic Family Trust's lawyer,
Bruce Stewart QC, previously said the caveat was "strangling" his
client's finances.
Mr. Stewart told the High Court at Auckland Tuesday that he was
effectively asking for NZ$2.70 from each of the 14,361 Bridgecorp
investors to guarantee the liquidator could pay costs if ordered
to by the judge, BusinessDay.co.nz notes.
BusinessDay.co.nz says the liquidator's lawyer Murray Tingey
argued that only in "exceptional circumstances" should liquidators
be asked to pay costs, because they often had no assets.
The report notes that both sides conceded that inaccurate and
incomplete record keeping had led to the confusion over who owed
what to whom.
Mr. Stewart, as cited by BusinessDay.co.nz, said the advance did
not involve the family trust.
Mr. Petricevic and his wife May were the only directors of
Navigator until it was placed in liquidation in June 2010,
BusinessDay.co.nz discloses.
About Bridgecorp
Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company. Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders. John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers. Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZ$500 million.
Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about AU$24
million (NZ$27 million).
CRAFAR FARMS: Receiver Refutes Right Group Allegations
------------------------------------------------------
Andrea Fox at BusinessDay.co.nz reports that Crafar farms receiver
KordaMentha said it strongly refutes "factually incorrect" and
"without foundation" allegations by a bank customer rights group
that it has recklessly managed the farming empire resulting in big
losses in milk production, income and land value.
BusinessDay.co.nz relates that the receiver, appointed 15 months
ago by lenders owed around $200 million by the largest family-
owned dairy farming enterprise in the country, said in a statement
it would vigorously defend any accusations of mismanagement
against it.
According to BusinessDay.co.nz, the Companies Office has been
asked to put the Crafar dairy farm empire into statutory
management by the Bank Customer Action Collective, which has made
an official complaint.
BusinessDay.co.nz says the collective has told the Registrar of
Companies Neville Harris it could produce evidence to justify its
claims of serious production losses amounting to more than NZ$18
million as a result of receiver KordaMentha "failing to adhere to
proven farming practices previously followed".
The Companies Office has no power to order a statutory management
but the collective hopes it will refer its complaint to the
Securities Commission and appropriate ministers, BusinessDay.co.nz
notes.
In an official complaint to Mr. Harris, BusinessDay.co.nz says,
collective spokesman Gray Eatwell, a Southland dairy farmer,
claimed lost milk production on Crafar farms this season would be
a minimum 2.6 million kilograms of milksolids.
Mr. Eatwell claimed that with dairy giant Fonterra expecting to
pay around NZ$7/kg to farmers this season, the total income loss
over the 16 farms would top NZ$18.2 million, BusinessDay.co.nz
adds. Individual sharemilkers had lost an average of $273,000 in
production over the 16 farms, Mr. Eatwell claimed.
BusinessDay.co.nz states that the alleged loss of milk revenue had
caused irrecoverable lost income to the Crafar companies, their
sharemilkers, and many downstream businesses that service the
dairy industry.
Mr. Eatwell, as cited by BusinessDay.co.nz, estimated that the
resultant loss of capital value of the farms caused by lost
production would be between NZ$70.2 million and NZ$85.8 million.
According to the report, KordaMentha responded that it has
performed a difficult role in a situation "which has been made
only more difficult by the actions of parties with vested
interests".
BusinessDay.co.nz relates that the action group claimed the
erosion of capital value was now impacting on neighboring property
owners, placing "unwarranted financial pressure on otherwise cash
positive dairy businesses".
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employs 200 staff.
Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance. The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.
The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business. This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.
CRAFAR FARMS: New Overseas Buyer For Crafar Dairy Farms
-------------------------------------------------------
Andrea Fox, writing for BusinessDay.co.nz, reports that Crafar
farm receiver KordaMentha said a new overseas bidder for the
Crafar dairy farm empire has emerged, after UBNZ Funds
Management's offer failed to get approval and was withdrawn.
The new offer, which the receiver has accepted, is from Shanghai
Pengxin Group, the report says.
"It's by far the best offer we have it is now a matter of waiting
for OIO approval. We understand that the lodging of their OIO
application is expected to occur in March," BusinessDay.co.nz
quoted receiver Brendon Gibson as saying.
BusinessDay.co.nz relates that Pengxin chairman Jian Zhaobai said
the company will make a full disclosure of its plans to
participate in the New Zealand and Chinese dairy industries when
it has lodged its OIO application.
According to the report, Pengxin said it has made "proper
arrangements" for financing the purchase of the Crafar farms, if
its application is approved. It has also made proper arrangements
for financing "subsequent development plans," BusinessDay.co.nz
adds.
BusinessDay.co.nz notes that the offer price has not been
disclosed.
UBNZ, headed by Auckland businesswoman May Wang who was declared
bankrupt last month, had a conditional agreement with KordaMentha
to buy the 16 Crafar farms in a complex deal with Hong Kong-listed
Natural Dairy. The Government last month, on the recommendation
of the OIO, declined the UBNZ-Natural Dairy application.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employs 200 staff.
Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance. The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.
The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business. This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.
TOTAL EXPERIENCE: In Liquidation; Sold to Undisclosed Buyer
-----------------------------------------------------------
William Mace at BusinessDay.co.nz reports that Total Experience,
the company that went into liquidation last week leaving
NZ$250,000 of its vouchers irredeemable, has been sold to an
undisclosed buyer.
BusinessDay.co.nz relates that liquidator Paul Sargison has
confirmed the sale and said the Total Experience Web site will
soon be redirected to the new owner's Web site.
He will not give any further details or say if the new owner has
any plans to redeem vouchers which people had paid for but not yet
used, BusinessDay.co.nz adds.
According to The New Zealand Herald, Total Experience was wound up
on January 17 with debts of NZ$1.2 million and NZ$300,000 worth of
vouchers outstanding.
The Herald says the liquidation has come as a shock to people who
paid hundreds of dollars for deals on the company's Web site.
The Herald relates that liquidator Simon Dalton said any vouchers
that had not been redeemed before January 17 for any industry
would be void and customers would not receive refunds.
"Unfortunately vouchers are unsecured creditors. It's quite mean
but that is the procedure," the Herald quoted Mr. Dalton as
saying.
Directors Adrian and Janice Dewey are based in Bedfordshire, in
Britain, but the trading address of the company was in Botany
Downs, Auckland.
According to the Herald, the company was placed into liquidation
following a shareholders' special resolution after the directors
recommended it.
Preferential and unsecured creditors can file a claim with
Gerry Rea until February 21.
Total Experience markets vouchers for adventure activities in
New Zealand.
===========
T A I W A N
===========
ORIENTAL SECURITIES: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------------
Fitch Ratings affirmed Taiwan's Oriental Securities Corporation's
Long-term foreign currency Issuer Default Rating at 'BBB-', Short-
term foreign currency IDR at 'F3', National Long-term rating at
'A(twn)', National Short-term rating at 'F1(twn)', Individual
rating at 'C/D' and Support rating at '5'.
The Outlook is Stable.
The rating affirmations reflect OSC's continued strong capital and
liquidity positions which mitigate its susceptibility to
unpredictable market volatility. To comply with a revised
regulation to rein in related party exposures, OSC has trimmed its
stock investments in group affiliates to 17.5% of its equity at
end-2010. This ratio, as advised by OSC's management, will fall
to below 10% by end-September 2011. The sharp reduction in
related-party exposure helps alleviate Fitch's concerns on OSC's
concentration risk in investments and corporate governance.
The Stable Outlook is underpinned by OSC's strong capital
strength. A significant increase in risk appetite, resulting in a
notable weakened capital buffer, would pressure its long-term
ratings, although its Individual Rating will mostly remain
unchanged. On the other hand, a positive rating action on the
company's long-term ratings and Individual Rating could result
from substantial improvements in its franchise and revenue
diversification; however this is less likely in the short-medium
term.
OSC reported strong profitability with return on equity of
6.3% and 21.2% in 2010 and 2009 respectively, benefiting from
favourable market conditions and its strong trading results.
OSC's capital remains high and superior to its peers', with its
regulatory capital adequacy ratio at 840% at end-2010, providing a
strong capital buffer to absorb adverse shocks. It has also
maintained strong liquidity as indicated by a strong surplus in
net current assets with a current ratio at 326%at end-2010.
OSC is ranked 14th by equity among 47 fully licensed securities
firms in Taiwan. OSC is 99% owned by Far Eastern Group, a large
and diversified conglomerate in Taiwan.
YAUNTA FINANCIAL: Fitch Upgrades Individual Rating to 'C/D'
-----------------------------------------------------------
Fitch Ratings affirmed all the ratings of Taiwan's Yuanta
Financial Holding Co., Ltd. and its securities subsidiaries --
Yuanta Securities Co., Ltd. and Yuanta Securities Finance Co.,
Ltd. At the same time, the agency has upgraded the Individual
Rating of Yuanta Commercial Bank Co., Ltd (YCB) to 'C/D' from 'D',
withdrew its Support Rating Floor of 'NF' and affirmed its other
ratings. The Outlooks of the Long-term Issuer Default Ratings and
National Long-term ratings of these entities remain Stable. A
detailed list of the rating actions can be found at the end of
this commentary.
The rating affirmations of YFH and its securities subsidiaries
reflect the group's continuing dominant market position in
Taiwan's securities industry, resilience through-the-cycle
earnings performance, favorable financial flexibility and sound
liquidity profile. The ratings also indicate the group's
relatively small franchise among regional investment banks.
Yuanta Group's scale benefits, strong market positions in
securities industry and prudent risk governance render the
securities-centric group less vulnerable to capital market
volatility. YS continued to outperform the peer average while
YCB's earnings pressure from credit costs and spread compression
eased in 2009-2010. The group delivered a reasonable annualized
6% return of equity in 9M10, compared with 6.52% in 2009 and 1.56%
in 2008. The Stable Outlooks of YFH, YS and YSF are underpinned
by their moderate risk appetite and favorable earnings momentum on
the back of recovering stock market performance and YCB's
improving bottom line.
An upgrade of the Long-term ratings of YFH, YS and YSF would be
possible if they could achieve diversified and sustainable robust
earnings performance. On the other hand, a severely weakened
capitalization and sharp increase in leverage arising from an
aggressive growth strategy could result in a ratings downgrade,
mostly likely on the IDRs. YFH reported double leverage ratio of
113% at end-Q310 and sum-of-parts capital adequacy ratio (CAR)
of 155% at end Q210. The former will further decline upon
decapitalization of YSF for TWD16.5bn this month. The group's
financial flexibility is manifested in its excess capital in YS
and YSF, particularly upon YS's planned divestment of Singapore-
based Kim-Eng Holding in the coming half year.
The Long-term ratings of YCB reflect the group's support emanating
from its principal affiliate, YS. Group support is evident from a
series of decapitalization at YS and recapitalization at YCB in
recent years. The upgrade of YCB's Individual Rating to "C/D"
from "D" primarily reflects its gradually improving, albeit weak,
profitability, and enhanced risk profile following a gradual
clean-up of legacy problem loans and a largely revamped risk
management system. YCB has returned to profitability since 2009
and contributed over 10% of the group earnings.
The Stable Outlook of YCB's Long-term ratings is aligned with that
of YFH and YS. Consistent improvement in profitability and
sustainably prudent asset quality along with the course of loan
seasoning will benefit YCB's Individual Rating. Conversely,
uncontrolled growth risk resulting in severe deterioration in
asset quality and capitalization will weigh on its Individual
Rating. The bank's IDR will most likely be in tandem with that of
YFH and YS.
The bank posted a ROE of 4.7% in 9M10, compared with 2% in 2009
and -15.5% in 2008. Its asset quality profile compared favorably
to its major rivals with a record low non-performing loan ratio of
0.62% and record high coverage ratio of 343.2% in Q310. This
provides more than sufficient cover for the potential losses in
NPLs, restructured loans and performing loans, and complies with
the newly adopted accounting rules of the International Financial
Reporting Standards. On the capitalization front, while the
bank's loan growth and acquisition of Chinfon Commercial Bank
brought down its tier 1 ratio to 7.67% at end-Q310 from 9.67% at
end-2009, the group's excess capital could bolster the bank's
growth momentum.
YFH is a small to mid-sized financial holding group in Taiwan.
Unlike its mostly bank-centric local rivals, YFH is one of the few
securities-centric holding groups. The group provides diversified
financial services through its wholly-owned subsidiaries engaged
in securities (YS), securities finance (YSF), banking (YCB),
investment trust, asset management and venture capital. YS
commands a dominant 11.2% market share in local stock brokerage in
9M10. YSF is the distant leader of the only two securities
finance companies in Taiwan. YCB has 81 branches and a small
deposit market share of 1.36% in Taiwan at end-September 2010.
A credit update on YS, YSF and YCB and a credit analysis of YFH
will be published shortly and available at www.fitchratings.com.
The rating actions on YFH, YS, YSF and YCB are as follows:
YFH:
-- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
Stable;
-- Short-term foreign currency IDR affirmed at 'F2';
-- National Long-term rating affirmed at 'AA-(twn)'; Outlook
Stable;
-- National Short-term rating affirmed at 'F1(twn)';
-- Individual Rating affirmed at 'C';
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF'; and
-- Senior unsecured debt rating affirmed at 'AA-(twn)'
YS:
-- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
Stable;
-- Short-term foreign currency IDR affirmed at 'F2';
-- National Long-term rating affirmed at 'AA-(twn)'; Outlook
Stable;
-- National Short-term rating affirmed at 'F1(twn)';
-- Individual Rating affirmed at 'B/C';
-- Support Rating affirmed at '5'; and
-- Support Rating Floor affirmed at 'NF'
YSF:
-- Long-term foreign currency IDR affirmed at 'BBB+'; Outlook
Stable;
-- Short-term foreign currency IDR affirmed at 'F2';
-- National Long-term rating affirmed at 'AA-(twn)'; Outlook
Stable;
-- National Short-term rating affirmed at 'F1(twn)';
-- Individual Rating affirmed at 'B/C';
-- Support Rating affirmed at '5';
-- Support Rating Floor affirmed at 'NF'; and
-- Senior unsecured debt rating affirmed at 'AA-(twn)'
YCB
-- Long-term foreign currency IDR affirmed at 'BBB'; Outlook
Stable;
-- Short-term foreign currency IDR affirmed at 'F3';
-- National Long-term rating affirmed at 'A+(twn)'; Outlook
Stable;
-- National Short-term rating affirmed at 'F1(twn)';
-- Individual Rating: upgraded to 'C/D' from 'D';
-- Support Rating affirmed at '2'; and
-- Support Rating Floor: 'NF' & withdrawn
=============
V I E T N A M
=============
HOANG ANH: S&P Assigns 'B' Corporate Rating, Outlook Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
corporate credit rating to Vietnam-based Hoang Anh Gia Lai Joint
Stock Co. The outlook is positive. At the same time, S&P
assigned its 'axBB-' ASEAN regional scale rating to the Company.
The rating on HAGL reflects the Company's exposure to: the
cyclicality inherent in the mining and real estate industries; and
the capital intensity and project execution risk associated with
its diversification into hydropower generation and rubber
manufacturing. The rating also reflects the economic, political,
and regulatory risks of the countries in which HAGL operates.
These weaknesses are tempered by the Company's established brand
name, favorable cost structure, and positive business outlook,
particularly for its real estate business. The rating also
incorporates "our" assumption that HAGL would be able to raise
capital to finance its capital expenditure projects over the
next couple of years.
"We view HAGL's real estate business favorably given that the
Company has already completed six projects and it has a low cost
structure, in addition to growth in the residential property
market in Vietnam," said Standard & Poor's credit analyst Allan
Redimerio. "We believe, however, that the Company's entry
into new business segments could put pressure on its credit
profile, as these are still largely unproven."
While S&P expects HAGL's real estate development segment to remain
the key contributor to its cash flow over the next 12 months, S&P
anticipates that HAGL will increasingly face margin pressures due
to intensifying competition in this sector. HAGL's iron ore
mining operations are targeted to contribute soon to the Company's
overall cash flows in 2011. However, its operating efficiency is
still largely unproven.
HAGL's liquidity position is adequate. S&P expects HAGL's capital
expenditure to be close to VND4.0 trillion in 2011, mainly toward
funding its real estate projects, hydropower business, and rubber
plantations. HAGL is contemplating a U.S.-dollar-denominated bond
issuance or other financing options to fund a portion of this
capital expenditure. The Company's liquidity may be pressured if
it is unable to raise funding for these projects, although S&P
understands that the Company has the flexibility to scale back on
some of these projects.
The positive outlook reflects "our" expectation of a potential
improvement in HAGL's credit profile, as the Company's mining and
hydropower businesses, and its rubber plantations begin to
contribute meaningfully to its cash flows. Nevertheless, S&P
believes there is a degree of uncertainty in HAGL's mining
business, and think that the execution risk for the Company's
hydropower projects and rubber plantations is high.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16.93 -8.23
ARASOR INTERNATI ARR 19.21 -26.51
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
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
NEXTDC LTD NXT 17.46 -0.14
ORION GOLD NL ORN 11.06 -4.86
RESIDUAL ASSC-EE RAGXF 597.33 -126.96
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
VERTICON GROUP VGP 10.08 -29.12
YANGHAO INTERNAT YHL 44.32 -54.68
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
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
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 COMMUNICAT 8206 36.62 -6.93
CHINA HEALTHCARE 673 44.13 -4.49
CHINA PACKAGING 572 24.91 -18.73
CMMB VISION HOLD 471 41.31 -5.11
COSMO INTL 1000 120 83.56 -37.93
DORE HOLDINGS LT 628 25.44 -5.34
EGANAGOLDPFEIL 48 557.89 -132.86
FULBOND HLDGS 1041 54.53 -24.07
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 22.70 -9.69
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 10.01 -41.90
SMART UNION GP 2700 13.70 -43.29
TACK HSIN HLDG 611 27.70 -53.62
TONIC IND HLDGS 978 67.67 -37.85
TONIC IND HLDGS 2959 67.67 -37.85
INDONESIA
ARGO PANTES ARGO 160.07 -2.77
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 31.92 -43.20
MITRA INTERNATIO MIRA 970.13 -256.04
MITRA RAJASA-RTS MIRA-R2 970.13 -256.04
MOBILE-8 TELECOM FREN 520.80 -6.99
MOBILE-8-RTS FREN/R 520.80 -6.99
MULIA INDUSTRIND MLIA 338.82 -334.75
PANASIA FILAMENT PAFI 42.43 -11.04
PANCA WIRATAMA PWSI 30.79 -38.79
PRIMARINDO ASIA BIMA 11.14 -21.39
STEADY SAFE TBK SAFE 11.46 -6.01
SURABAYA AGUNG SAIP 267.24 -83.34
UNITEX TBK UNTX 17.29 -17.14
INDIA
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 48.95 -22.44
GEM SPINNERS LTD GEMS 16.44 -1.53
GLOBAL BOARDS GLB 14.98 -7.51
GSL INDIA LTD GSL 37.04 -42.34
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
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
KIDUJA INDIA KDJ 17.15 -2.28
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 18.65 -52.29
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 99.06 -307.14
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
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 76.98 -12.45
SOUTHERN PETROCH SPET 1,584.27 -4.80
SPICEJET LTD SJET 220.03 -76.12
SQL STAR INTL SQL 11.69 -1.14
STI INDIA LTD STIB 30.87 -10.59
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 15.52 -24.34
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
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 55.65 -3.28
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 201.19 -33.62
TAIYO BUSSAN KAI 9941 171.45 -3.35
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 32.82 -103.86
GULA PERAK BHD GUP 93.99 -51.05
HO HUP CONSTR CO HO 65.19 -7.21
JPK HOLDINGS BHD JPK 20.34 -0.50
LCL CORP BHD LCL 35.64 -130.16
LUSTER INDUSTRIE LSTI 22.93 -3.18
NGIU KEE CO-BHD NKC 19.05 -4.89
OILCORP BHD OILC 93.18 -70.42
TRACOMA HOLDINGS TRAH 74.10 -12.24
TRANSMILE GROUP TGB 157.66 -35.52
PHILIPPINES
APEX MINING 'B' APXB 45.79 -23.46
APEX MINING-A APX 45.79 -23.46
BENGUET CORP 'B' BCB 84.71 -38.98
BENGUET CORP-A BC 84.71 -38.98
CYBER BAY CORP CYBR 13.98 -88.63
EAST ASIA POWER PWR 36.35 -177.28
FIL ESTATE CORP FC 40.29 -14.05
FILSYN CORP A FYN 23.37 -11.33
FILSYN CORP. B FYNB 23.37 -11.33
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
MRC ALLIED INC MRC 13.92 -6.18
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 20.43 -15.89
UNIVERSAL RIGHTF UP 45.12 -13.48
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 18.08 -11.82
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 16.86 -6.64
NEW LAKESIDE NLH 19.34 -5.25
SUNMOON FOOD COM SMOON 14.93 -14.71
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 97.98 -81.80
BANGKOK RUBBER-F BRC/F 97.98 -81.80
BANGKOK RUB-NVDR BRC-R 97.98 -81.80
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 37.14 -110.85
ITV PCL-FOREIGN ITV/F 37.14 -110.85
ITV PCL-NVDR ITV-R 37.14 -110.85
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
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/F 110.91 -149.25
PICNIC CORPORATI PICNI 110.91 -149.25
PONGSAAP PCL PSAAP/F 24.61 -10.99
PONGSAAP PCL PSAAP 24.61 -10.99
PONGSAAP PCL-NVD PSAAP-R 24.61 -10.99
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 55.31 -8.54
THAI-GERMAN PRO TGPRO 55.31 -8.54
THAI-GERMAN-NVDR TGPRO-R 55.31 -8.54
TRANG SEAFOOD TRS 13.90 -3.59
TRANG SEAFOOD-F TRS/F 13.90 -3.59
TRANG SFD-NVDR TRS-R 13.90 -3.59
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
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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 U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, Ivy B. Magdadaro, Frauline S. Abangan, and Peter A.
Chapman, Editors.
Copyright 2011. 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.
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