/raid1/www/Hosts/bankrupt/TCRAP_Public/110201.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, February 1, 2011, Vol. 14, No. 22
Headlines
A U S T R A L I A
ADVANCED MEDICAL: Founder Faces Corporate Ban
C H I N A
CHINA DU: Restates 2009 Financial Statements to Correct Errors
CHINA FORESTRY: Moody's Puts 'Ba3' Corp. Family Rating on Review
TEXHONG TEXTILE: Moody's Assigns 'Ba2' Rating to $200MM Sr. Notes
H O N G K O N G
MANDARIN PRINTING: Final Meetings Set for March 3
MANIGOOD INTERNATIONAL: Creditors' Proofs of Debt Due February 28
MSIHK COMPANY: Leong and Mok Step Down as Liquidators
NIKKEN HK: Watanabe and Hsieh Step Down as Liquidators
OPTIMAL TECHNOLOGY: Seng and Lo Step Down as Liquidators
OPTO TECH: Members' Final Meeting Set for March 4
PRAISE LUCK: Yau Yin Ching Steps Down as Liquidator
SANYO OPTRONICS: Leung Mei Fan Steps Down as Liquidator
RC TRADING: Cheung Wing On Rickey Steps Down as Liquidator
STD ELECTRIC: Commences Wind-Up Proceedings
ST. TERESA'S LITHOTRIPTER: Creditors' Proofs of Debt Due Feb. 28
SURE PROFITS: Creditors' Proofs of Debt Due February 28
WELCOMEHOME 86: Placed Under Voluntary Wind-Up Proceedings
YEE TAT: Chan Yui Hang Appointed as Liquidator
I N D I A
ALEKHYA DRUGS: CRISIL Assigns 'D' Rating to INR40.5MM Term Loan
AMAR BROTHERS: CRISIL Assigns 'BB+' Rating to INR10.3MM Term Loan
AMINES AND PLASTICIZERS: CRISIL Reaffirms 'BB+' Cash Credit Rating
AMR ENERGY: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
AGRO: CRISIL Places 'BB' Rating on INR281.8MM Term Loan
BHALARIA METAL: CRISIL Assigns 'BB+' Rating to INR100MM Term Loan
CHAUDHARY NURSING: CRISIL Assigns 'D' Rating to INR37.8MM Loan
CROWN HOTEL: CRISIL Rates INR80 Million Overdraft Facility at 'BB'
HONEST DERIVATIVES: CRISIL Puts 'B-' Ratings on Various Bank Debts
JJ PACKAGERS: CRISIL Assigns 'B+' Rating to INR12.6MM LT Loan
MACROCOSM INDUSTRIES: CRISIL Rates INR250MM Cash Credit at 'B+'
NILKANTH CONCAST: CRISIL Cuts Rating on INR325.4MM Loan to 'B+'
PRECISION ENG'G: CRISIL Assigns 'B' Rating on INR30MM Cash Credit
I N D O N E S I A
PT MITRA: Moody's Withdraws 'Ba1' Rating on Corporate Family
K O R E A
SSANGYONG MOTOR: Creditors Approve Amended Rehabilitation Plan
N E W Z E A L A N D
REYNOLDS GROUP: S&P Puts 'BB' Rating on Proposed $1-Bil. Notes
ROCKFORTE FINANCE: Director Denies Claims in Receiver's Report
S I N G A P O R E
EUDYNA DEVICES: Creditors' Proofs of Debt Due February 28
RAS PREMIUM: Creditors' Proofs of Debt Due February 28
SILICON MATRIX: Creditors' Proofs of Debt Due March 3
SUPPLY BASE: Court Enters Wind-Up Order
TINCEL PROPERTIES: Creditors' Proofs of Debt Due February 10
T A I W A N
KUO HUA: Receivership Extended by Another 9 Months
XODTEC LED: Reports US$795,500 Net Loss in November 30 Quarter
X X X X X X X X
* BOND PRICING: For the Week January 24 to January 28, 2010
- - - - -
=================
A U S T R A L I A
=================
ADVANCED MEDICAL: Founder Faces Corporate Ban
---------------------------------------------
Kate McClymont at The Sydney Morning Herald reports that
Jacov Vaisman, founder of Advanced Medical Institute Pty Ltd, is
facing a ban from corporate life for "unconscionable conduct."
After a year-long investigation, SMH says, the Australian
Competition and Consumer Commission last month began an action in
the Federal Court against Mr. Vaisman, his company AMI, and two of
its doctors, Brian Lonergan and James Vandeleur.
SMH relates that when the ACCC raided the firm's William Street
headquarters early last year, it obtained training material and
scripts authorized by Mr. Vaisman. One of those, entitled "Sales
Techniques," instructed staff to tell reluctant patients they
might suffer adverse medical consequences if they did not sign up
to AMI's program.
According to the report, the ACCC also claims Dr. Lonergan and
Dr. Vandeleur put AMI's profits before their patients' interests,
failed to try to diagnose underlying medical issues, and did not
tell patients that they would only prescribe AMI medication, which
was available at a fraction of the cost from their GP.
"AMI subordinated the medical interests of its patients to AMI's
commercial interests and provided services that were contrary to
the standards of proper, objective and appropriate medical
treatment," said the ACCC in its statement of claim.
SMH notes that the ACCC is seeking to prevent Mr. Vaisman from
having anything to do with AMI or any healthcare company for seven
years and from managing a corporation for five years. ACCC is
also demanding that AMI restructure its business and stop preying
on vulnerable men, SMH adds.
According to SMH, the regulator's legal action against AMI is
causing headaches for the administrators who were appointed to run
AMI on the same day, December 22, as the ACCC launched its action.
"A resolution of the ACCC's concerns is vital to the business of
AMI," SMH quoted Trent Hancock in an affidavit tendered in the
Federal Court on January 25.
Mr. Hancock, as cited by SMH, said AMI's debts were AU$65 million,
but that the company had a positive cash flow, 150,000 customers,
and a turnover of AU$70 million a year.
SMH reports that another blow for the administrators is that
Westpac Bank will withdraw its merchant facilities next month.
According to SMH, AMI receives its payments via direct debits from
patients' credit cards. Mr. Hancock, SMH relates, said in his
affidavit that the company would not be able to trade unless they
could convince Westpac to reverse its decision or find a
replacement.
SMH says Mr. Hancock is continuing to investigate the link between
AMI, its parent company AMI Inc., and the Trio Capital Group.
Justice Nye Perram allowed the administrators to postpone AMI's
second creditors' meeting to no later than March 15 to continue
their investigations, SMH adds.
About Advanced Medical
Advanced Medical Institute Pty Ltd is a service provider company
that arranges for patients with Sexual Dysfunction to be provided
with medical services, pharmaceuticals and associated support
services.
AMI is a wholly owned subsidiary of Advanced Medical Institute
Inc., a publicly held Nevada corporation that currently trades on
the over-the-counter (bulletin board) market under the symbol
AVMD.OB. AVMD operates primarily through its wholly-owned
Australian subsidiary, AMI Australia.
Trent Hancock and Michael Hird, of BDO Australia, were last month
appointed as voluntary administrators of Advanced Medical
Institute and AMI Australia Holdings by Life Science Group Pty
Ltd, a secured creditor of both companies.
=========
C H I N A
=========
CHINA DU: Restates 2009 Financial Statements to Correct Errors
--------------------------------------------------------------
In response to comment letters received from the U.S. Securities
and Exchange Commission on its previously issued financial
statements, China Du Kang Co., Ltd., on January 24, 2011,
submitted to the SEC restated balance sheets as of December 31,
2009, and 2008, statements of operations, statements of changes in
shareholders' equity (deficit), and statements of cash flows for
the years ended December 31, 2009, and 2008.
Management also believes the restatements reflect corrections of
errors and omissions of material disclosures in the historical
financial statements, in accordance with generally accepted
accounting principles in the United States of America.
The Company reported a net loss of $517,109 on $1,987,659 of
revenues for 2009, compared with a net loss of $1,481,027 on
$1,143,195 of revenues for 2008.
The Company's balance sheet at December 31, 2009, showed
$11,453,018 in total assets, $18,154,544 in total liabilities, and
a stockholders' deficit of $6,701,526.
A full-text copy of the Form 10-K/A is available for free at:
http://researcharchives.com/t/s?7293
As reported in the Troubled Company Reporter on April 14, 2010,
Keith Z. Zhen, CPA, in Brooklyn, N.Y., expressed substantial doubt
about China Du Kang's ability to continue as a going concern,
following the Company's 2009 results. The independent auditor
noted that the Company has incurred an operating loss in 2009 and
2008 and has a working capital deficiency and a shareholders'
deficiency as of December 31, 2009.
About China Du Kang
Headquartered in Xi'an, Shaanxi, China, Du Kang Co., Ltd. (PNK:
CDKG) was incorporated as U.S. Power Systems, Inc. in the State of
Nevada on January 16, 1987. China Du Kang is the U.S. holding
company for Hong Kong Merit Enterprise Limited, a Hong Kong entity
organized as a limited liability company under the Hong Kong
Companies Ordinance. Currently, the Company is principally
engaged in the business of production and distribution of
distilled spirits with the brand name of "Baishui Dukang". The
Company also franchises the brand name to other liquor
manufacturers.
CHINA FORESTRY: Moody's Puts 'Ba3' Corp. Family Rating on Review
----------------------------------------------------------------
Moody's Investors Service placed China Forestry Holdings Co.,
Ltd's Ba3 corporate family rating and senior unsecured bond rating
on review for possible downgrade.
"The suspension of China Forestry's share trading could imply
developments which may potentially have negative impact on its
credit profile, and access to financing," says Ken Chan, Moody's
VP/Senior Analyst.
Moody's review will focus on the reasons that trigger the
suspension, and the financial performance of the company.
The last rating action for China Forestry was on November 29,
2010, when Moody's assigned the Ba3 corporate family rating and
senior unsecured bond rating to the company.
China Forestry's ratings have been assigned based on factors
that Moody's believe are relevant to the risk profile of China
Forestry, such as the company's (i) business risk and competitive
position compared with other firms within the industry; (ii)
capital structure and financial risk; (iii) projected performance
over the near to intermediate term; and (iv) management's track
record and tolerance for risk. These attributes were compared
against other issuers both within and outside China Forestry's
core industry; Moody's believes the company's ratings are
comparable with those of other issuers of similar credit risk.
China Forestry, listed on the Hong Kong Stock Exchange in 2009, is
one of the largest privately owned upstream forest operators in
China in terms of coverage area of owned forest rights. The
company's forestry assets are located mainly in Sichuan and Yunnan
provinces.
TEXHONG TEXTILE: Moody's Assigns 'Ba2' Rating to $200MM Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service assigned definitive Ba2 senior unsecured
bond rating to the US$200 million 7.625% notes due 2016 issued by
Texhong Textile Group Limited.
Moody's definitive rating on this debt obligation confirms the
provisional rating assigned on January 4, 2011. Moody's rating
rationale was set out in a press release and explored more fully
in a Credit Opinion published on January 12, 2011.
The bond proceeds will be used for refinancing, capex and other
general corporate purposes.
The principal methodology used in this rating was Global
Manufacturing Industry published in December 2010.
The last rating action on Texhong was taken on January 4, 2011,
when Moody's assigned first-time Ba2 corporate family rating to
Texhong and (P)Ba2 to its proposed senior unsecured notes.
Established in 1997, Texhong now operates 12 yarn production bases
-- 11 in the Yangtze River Delta region in China and one in
Vietnam. It specializes in core-spun yarn and textile products.
It has been listed on the Hong Kong Stock Exchange since 2004.
Its founder, Mr. Tianzhu Hong, holds 52.2% of the company.
================
H O N G K O N G
================
MANDARIN PRINTING: Final Meetings Set for March 3
-------------------------------------------------
Members and creditors of Mandarin Printing Company Limited will
hold their final meetings on March 3, 2011, at 9:00 a.m., and
9:30 a.m., respectively at Room 3, 8/F., Yue Xiu Building, 160
Lockhart Road, Wanchai, in Hong Kong.
At the meeting, Leung Chi Wing, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
MANIGOOD INTERNATIONAL: Creditors' Proofs of Debt Due February 28
-----------------------------------------------------------------
Creditors of Manigood International Industrial Limited, which is
in members' voluntary liquidation, are required to file their
proofs of debt by February 28, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on January 18, 2011.
The company's liquidator is:
Chow Kai Yip Lawrence
Room 904, President Commercial Centre
608 Nathan Road
Mong Kok, Kowloon
MSIHK COMPANY: Leong and Mok Step Down as Liquidators
-----------------------------------------------------
Leong Ting Kwok David and Mok Mun Lan Linda stepped down as
liquidators of MSIHK Company Limited on January 18, 2011.
NIKKEN HK: Watanabe and Hsieh Step Down as Liquidators
------------------------------------------------------
Toshizo Watanabe and Hsieh Chung Dao Chris stepped down as
liquidators of Nikken Hong Kong Limited on January 19, 2011.
OPTIMAL TECHNOLOGY: Seng and Lo Step Down as Liquidators
--------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Optimal Technology Limited on January 19, 2011.
OPTO TECH: Members' Final Meeting Set for March 4
-------------------------------------------------
Members of Opto Tech (H.K.) Limited will hold their final meeting
on March 4, 2011, at 3:30 p.m., at Unit 511, 5/F, Tower 1,
Silvercord, 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Ho Man Kit and Kong Sau Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
PRAISE LUCK: Yau Yin Ching Steps Down as Liquidator
---------------------------------------------------
Yau Yin Ching stepped down as liquidator of Praise Luck Limited on
January 19, 2011.
SANYO OPTRONICS: Leung Mei Fan Steps Down as Liquidator
-------------------------------------------------------
Leung Mei Fan stepped down as liquidator of Sanyo Optronics
(Hong Kong) Company Limited on January 20, 2011.
RC TRADING: Cheung Wing On Rickey Steps Down as Liquidator
----------------------------------------------------------
Cheung Wing On Rickey stepped down as liquidator of RC Trading
Education Limited on January 18, 2011.
STD ELECTRIC: Commences Wind-Up Proceedings
-------------------------------------------
Members of STD Electric (H.K.) Company Limited, on January 21,
2011, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Toshimichi Takano
Room 1203, 12th Floor
Capitol Centre
Tower II, 28 Jardine's Crescent
Causeway Bay, Hong Kong
ST. TERESA'S LITHOTRIPTER: Creditors' Proofs of Debt Due Feb. 28
----------------------------------------------------------------
Creditors of St. Teresa's Lithotripter Centre Limited, which is in
members' voluntary liquidation are required to file their proofs
of debt by February 28, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on January 20, 2011.
The company's liquidator is:
Lau Wing Chu
18B, Block 5
Cavendish Heights
33 Perkins Road
Jardine's Lookout
Hong Kong
SURE PROFITS: Creditors' Proofs of Debt Due February 28
-------------------------------------------------------
Creditors of Sure Profits Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 28, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on January 18, 2011.
The company's liquidator is:
Chow Kai Yip Lawrence
Room 904, President Commercial Centre
608 Nathan Road
Mong Kok, Kowloon
Hong Kong
WELCOMEHOME 86: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on January 24, 2011,
creditors of WelcomeHome 86 Property Intech Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Au Wing Ip
6B, Cameron Plaza
23 Cameron Road
Tsimshatsui, Kowloon
Hong Kong
YEE TAT: Chan Yui Hang Appointed as Liquidator
----------------------------------------------
Chan Yui Hang on December 8, 2010, was appointed as liquidator of
Yee Tat Plumbing Drainage Engineering Company Limited.
The liquidator may be reached at:
Chan Yui Hang
Room 515, 5/F
New Mandarin Plaza Tower A
14 Science Museum Road
Tsimshatsui East
Kowloon, Hong Kong
=========
I N D I A
=========
ALEKHYA DRUGS: CRISIL Assigns 'D' Rating to INR40.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Alekhya Drugs Pvt Ltd, which is part of the Rantus group. The
ratings reflect delay by ADPL in servicing its term loan; the
delay has been caused by the group's weak liquidity.
Facilities Ratings
---------- -------
INR40.50 Million Term Loan D (Assigned)
INR30.00 Million Cash Credit D (Assigned)
INR20.00 Million Letter of Credit P5 (Assigned)
The Rantus group's financial risk profile is expected to
deteriorate over the medium term on account of large capital
expenditure plans, and high working capital requirements. The
group has a small scale and limited track record of operations in
fragmented bulk drugs pharmaceutical industry. The group,
however, benefits from its established relationships with
customers and the healthy growth prospects for the pharmaceutical
exports segment.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ADPL and Rantus Pharma Pvt Ltd,
together referred to as the Rantus group. This is because ADPL is
99-per-cent subsidiary of RPPL. Moreover, the two companies are in
the same line of business, under the same management, and have
fungible cash flows.
About the Group
ADPL and its holding company RPPL are both Hyderabad-based
pharmaceutical companies manufacturing active pharmaceutical
ingredients (APIs) and API intermediates. The present promoters
acquired RPPL as a sick unit from the Debt Recovery Tribunal in
2003. As RPPL's plant was old and could not be modified as per
certification requirements, the promoters set up ADPL in 2005-06
(refers to financial year, April 1 to March 31) as a 99%
subsidiary of RPPL. ADPL commenced commercial operations in
April 2008. The group has plans to set up a new unit under RPPL
at Chouttuppal, near Hyderabad. Also ADPL is in a process to
increase the Metformine-HCl capacity to 500 Tones per Month (TPM)
from present level of 120 TPM.
The Rantus group reported a profit after tax (PAT) of INR20.76
million on net sales of INR439.81 million for 2009-10, against a
PAT of INR14.02 million on net sales of INR348.53 million for
2008-09.
AMAR BROTHERS: CRISIL Assigns 'BB+' Rating to INR10.3MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Amar Brothers Global Pvt Ltd.
Facilities Ratings
---------- -------
INR10.3 Million Term Loan BB+/Stable (Assigned)
INR60.0 Million Export Packing Credit P4+ (Assigned)
INR60.0 Million Foreign Bill Purchase P4+ (Assigned)
INR60.0 Million Letter of Credit P4+ (Assigned)
The ratings reflect ABGPL's weak financial risk profile, marked by
a small net worth and a high gearing, customer concentration in
revenue profile, and susceptibility to volatility in foreign
exchange rates. These rating weaknesses are partially offset by
the benefits emanating from ABGPL's backward integration into
tannery operations and moderate operating efficiency.
Outlook: Stable
CRISIL believes that ABGPL will continue to benefit over the
medium term from its established customer relationships and its
promoters' experience in the leather goods business. The outlook
may be revised to 'Positive' if the company improves its financial
risk profile, supported by improvement in working capital
management, and diversifies its customer base. Conversely, the
outlook may be revised to 'Negative' if ABGPL contracts a large
quantum of debt to fund its capital expenditure, or reports
decline in its operating income and profitability.
About Amar Brothers
Set up in 1978 as a partnership firm, ABGPL was reconstituted as
private limited company in July 2010. It manufactures leather
accessories such as belts, bags, wallets, purses, and leather
footwear (mainly sandals). These products are sold to
international fashion retailers, mainly in Europe. In July 2007,
the company established a sandal manufacturing unit in Kanpur
(Uttar Pradesh) to cater to customer requirements in the footwear
segment. ABGPL has an in-house tannery (set up in 1991), which
caters to about 80 per cent of its leather requirement; the
company either imports the rest or sources it from local tanneries
in Kanpur and Chennai (Tamil Nadu).
ABGPL reported a profit after tax (PAT) of INR7.6 million on net
sales of INR326.1 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR11.6 million on net
sales of INR299.7 million for 2008-09.
AMINES AND PLASTICIZERS: CRISIL Reaffirms 'BB+' Cash Credit Rating
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Amines and Plasticizers
Ltd continue to reflect APL's weak financial risk profile marked
by small cash accruals and weak debt protection metrics. These
rating weaknesses are partially offset by APL's healthy market
position in the gas-treatment business.
Facilities Ratings
---------- -------
INR310.0 Million Cash Credit BB+/Stable
(Enhanced from INR280 Million)
INR50.0 Million Letter of Credit P4+ (Reaffirmed)
INR80.0 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that APL will maintain its healthy market position
over the medium term. The outlook may be revised to 'Positive' if
there is a significant and sustained improvement in APL's cash
accruals and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if the company undertakes a larger-than-
expected debt-funded capital expenditure programme or reports
substantial deterioration in its business performance.
About Amines and Plasticizers
Incorporated in 1974 in technical collaboration with the erstwhile
Napthachemie, France (now a part of British Petroleum Plc), APL is
engaged in the manufacturing of amines (mainly methyl
diethanolamine) and morpholine oxide. APL recently commissioned
an ethoxylate plant (backward integration of methyl
diethanolamine) and has doubled its manufacturing capacity of
morpholine oxide to 7,200 metric tonnes per annum. APL has
manufacturing plants in Turbhe and Khopoli (both in Maharashtra).
Along with its manufacturing business, APL has also started
trading in ethanolamine.
APL has two subsidiaries: APL Infotech Ltd and APL Engineering
Services Pvt Ltd. APL Infotech Ltd (51 per cent shareholding by
APL) is engaged in development of software for applications in oil
and gas industry. APL Engineering Services Pvt Ltd (wholly owned
by APL) is engaged in providing services for integrated design,
engineering, construction, installation and project management of
industrial, mechanical, electrical, civil and information
technology. Both the companies are expected to start operations by
March 31, 2011.
For 2009-10 (refers to financial year, April 1 to March 31), APL
reported a net profit of INR30.20 million (INR34.80 million for
the previous year) on net sales of INR1.66 billion (Rs.1.50
billion). For the six months ended September 30, 2010, APL
reported a net profit of INR13.10 million (INR15.00 million for
the corresponding period of the previous year) on net sales of
INR831.80 million (INR514.20 million).
AMR ENERGY: CRISIL Assigns 'B+' Rating to INR50MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to AMR Energy
Resources Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR50.00 Million Cash Credit B+/Stable (Assigned)
INR50.00 Million Letter of Credit P4 (Assigned)
INR5.00 Million Bank Guarantee P4 (Assigned)
The ratings reflect AMR's below-average financial risk profile
marked by high gearing and weak debt protection metrics. The
ratings also factor in limited diversification in AMR's revenue
and supplier profiles, and the company's small scale of operations
in the fragmented coal-trading industry. These rating weaknesses
are partially offset by the benefits that AMR derives from its
promoters' industry experience and established relationships with
customers.
Outlook: Stable
CRISIL believes that AMR will continue to benefit from the
experience of its promoters and its established customer
relationships. The outlook may be revised to 'Positive' if AMR
scales up its operations, leading to an improvement in its
revenues and profitability on a sustainable basis, thereby
improving its capital structure. Conversely, the outlook may be
revised to 'Negative' if AMR undertakes a large, debt-funded
capital expenditure programme, or if its revenues and
profitability decline, thereby weakening its financial risk
profile.
About AMR Energy
AMR (formerly, Rafiq International Enterprises Pvt Ltd) was set up
in 2005 by Mr. A M Rafiq in Chennai. The company's name was
changed to the current one in 2008-09 (refers to financial year,
April 1 to March 31). AMR trades in coal; it imports the bulk of
its coal requirement from Indonesia and sells it to customers such
as Hindustan Newsprint Ltd (rated 'A/Negative/P1' by CRISIL),
Chemplast Sanmar Ltd, and EID Parry (India) Ltd ('AA/Stable/P1+')
in Tamil Nadu.
AMR reported a profit after tax (PAT) of INR2.0 million on net
sales of INR475.6 million for 2009-10, against a PAT of INR1.5
million on net sales of INR260.0 million for 2008-09.
AGRO: CRISIL Places 'BB' Rating on INR281.8MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Bambino Agro Industries Ltd, part of the BAIL group.
The ratings reflect the BAIL group's below-average financial risk
profile, marked by high gearing, and average debt protection
metrics and working capital intensive operations. These rating
weaknesses are partially offset by the BAIL group's established
market position and strong brand image in the vermicelli/pasta
market.
Facilities Ratings
---------- -------
INR336.70 Million Cash Credit BB/Stable (Assigned)
INR 281.80 Million Term Loan BB/Stable (Assigned)
INR31.50 Million Letter of Credit P4+ (Assigned)
INR10.00 Million Bank Guarantee P4+ (Assigned)
For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of BAIL with those of Seshasayi Foods Pvt
Ltd, Ghanta Foods Pvt Ltd, Marshal Transport Company, Madhava
Roller Flour Mills, and MLR Industries Pvt Ltd, collectively
referred to as the BAIL group. This is because all these entities
share a common brand, have significant operational linkages and
fungible cash flows, in addition to sharing a common management
team.
Outlook: Stable
CRISIL expects the BAIL group to maintain its stable business risk
profile over the medium term marked by established market position
in India. The outlook may be revised to 'Positive' if the group's
financial risk profile improves, most likely because of equity
infusion or better-than-expected profitability. Conversely, the
outlook may be revised to 'Negative' in case of large additional
debt-funded capex or less-than-expected profitability, leading to
deterioration in the group's financial risk profile.
About the Group
Incorporated in 1983, BAIL produces vermicelli, macaroni, and
pasta products. Its product range comprises wheat flour, semolina,
spaghetti, pasta, instant food mixes, soups, blended spices and
ready-to-eat Indian snacks and sweets. The group has three
manufacturing facilities in Gurgaon (Haryana), Bibinagar
(Hyderabad) and Nagpur, Maharashtra (this plant is under group
company Seshasayi Foods Pvt Ltd) with a total installed capacity
of 156 tonnes per day (tpd). The company sells its products under
the brand name Bambino. BAIL is South East Asia's largest
vermicelli producer. The company has a share of around 65 per
cent in India's vermicelli market.
Ghanta Foods Pvt Ltd manufactures instant foods and has a wide
product range of 45. Marshal Transport Company arranges transport
for the group companies. Madhava Roller Flour Mills, is in the
business of manufacturing corrugated boxes and supplies to its
group companies. MLR Industries Pvt Ltd, is in the process of
setting up a vermicelli plant in Bibinagar (Hyderabad) with a
manufacturing capacity of 72 tpd.
BAIL (standalone) reported a profit after tax (PAT) of INR16.3
million on net sales of INR 1927.1 million for 2009-10 (refers to
financial year, October 1 to September 30), against a PAT of
INR3.7 million on net sales of INR1777.9 million for 2008-09.
BHALARIA METAL: CRISIL Assigns 'BB+' Rating to INR100MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Bhalaria Metal Craft Pvt Ltd (BMC; part of the
Bhalaria group). The ratings reflect the Bhalaria group's
constrained liquidity due to the large working capital
requirements; and its average financial risk profile, marked by
small net worth, high gearing, and average debt protection
metrics. These weaknesses are partially offset by the company's
established track record in the stainless steel utensils and
cutlery sector along with its established relationships with its
customers.
Facilities Ratings
---------- -------
INR100.0 Million Term Loan Facility BB+/Stable (Assigned)
INR50.0 Mil. Proposed Long Term Loan BB+/Stable (Assigned)
INR150.0 Million Packing Credit P4+(Assigned)
For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of BMC and Bharat Metal Forming, together
referred to as the Bhalaria group. This is because BMC and BMF
are engaged in same line of business, have same promoters along
with common management, and also have operational and financial
linkages.
Outlook: Stable
CRISIL believes that the BMC will maintain its credit risk
profile, backed by company's established track record in the
stainless steel utensils and cutlery industry. The outlook may be
revised to 'Positive' in case of improvement in liquidity of the
company through better working capital management or through
infusion of significant funds by the promoters in form of equity
in the company. Conversely, the outlook may be revised to
'Negative' in case the company's profitability declines
significantly on account of increase in raw material prices or if
the group undertakes any additional debt-funded capex programme,
leading to deterioration in its financial risk profile.
About the Group
Incorporated in 1994 and promoted by Mr. Hitendra Bhalaria and
Mr. Janak Bhalaria, BMC has its manufacturing facilities in Thane
(Maharashtra), while BMF was established as a partnership concern
in 2003 in a special economic zone in Surat (Gujarat) with
Mr. Hitendra Bhalaria and Mr. Janak Bhalaria as partners. The
Bhalaria group manufactures stainless steel products for
restaurants (contributes around 85 per cent to the group's
revenues) and household kitchens (around 15 per cent).
Initially, the Bhalaria group catered to the domestic market but
later switched to the export market. Over the 10 years ended 2009-
10 (refers to financial year, April 1 to March 31), the group
realised its entire sales from exports. During the current year,
however, the group derived 5 per cent of its sales from the
domestic market. BMF sources all its raw material requirements
(unpolished utensils) from BMC. BMC produces both polished and
unpolished utensils. The Bhalaria group produces stainless steel
utensils which are used in bars, tableware, cooking, beverages and
bathroom accessory. Around 3 per cent of the group's total
revenues are derived from aluminium and brass utensils.
The Bhalaria group is presently undertaking a capex programme to
increase its installed capacities by 300 tonnes per month (tpm)
(existing capacity is around 350 tpm). The increased production
facilities are being installed at a new plant in Umbergaon
(Gujarat). The total cost of the project is INR141.6 million,
which is being funded by a term loan of INR100 million and the
rest by cash accruals and/or unsecured loans from promoters. The
project is expected to be completed by March 2011.
BMC reported a profit after tax (PAT) of INR13.5 million on net
sales of INR438 million for 2009-10, as against a PAT of INR1.5
million on net sales of INR406 million for 2008-09.
CHAUDHARY NURSING: CRISIL Assigns 'D' Rating to INR37.8MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Chaudhary Nursing Home
Pvt Ltd's bank facilities. The ratings reflect delay by CNHPL in
servicing its term loan; the delay has been caused by CNHPL's weak
liquidity.
Facilities Ratings
---------- -------
INR37.8 Million Term Loan D (Assigned)
INR30.0 Million Overdraft Facility D (Assigned)
Rs .5.0 Million Bank Guarantee P5 (Assigned)
CNHPL has large working capital requirements; it is also exposed
to geographical concentration in revenue profile and intense
competition in the local healthcare industry. However, CNHPL
benefits from its promoters' extensive experience in the health
care industry.
Incorporated in 1988, CNHPL operates a 150-bed multi-specialty
hospital named Vinayak Hospital in Noida (Uttar Pradesh). The
hospital provides services such as general surgery, laboratory
testing, radiology and imaging, physiotherapy, rehabilitation, and
treatments in obstetrics and gynaecology, orthopaedics, and
dermatology. It is presently operating at about 70 per cent
occupancy levels.
CNHPL is estimated to report a profit after tax (PAT) of INR8
million on net income of INR54 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR5 million
on net sales of INR53 million for 2008-09.
CROWN HOTEL: CRISIL Rates INR80 Million Overdraft Facility at 'BB'
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the overdraft
facility of Crown Hotel Pvt Ltd.
Facilities Ratings
---------- -------
INR80.0 Million Overdraft Facility BB/Stable (Assigned)
The rating reflects CHPL's small scale of operations, modest net
worth, and its exposure to competition and cyclicality in the
hotel industry. These weaknesses are partially offset by the
industry experience of CHPL's promoters and its longstanding track
record of operations, indicating its ability to survive business
cycles.
Outlook: Stable
CRISIL believes that CHPL will maintain a stable business risk
profile over the medium term, backed by long-standing industry
experience of its promoters. The expected deterioration in its
financial risk profile, on account of the proposed debt-funded
capital expenditure programme is expected to be partially offset
by growth in its operating income and cash accruals. Its scale of
operations and profitability are, however, expected to remain
vulnerable to cyclicality in the hotel industry. The outlook may
be revised to 'Positive' if CHPL is able to complete its planned
capex ahead of schedule within the budgeted costs, or if the hotel
achieves significantly better-than-expected cash accruals. The
outlook may be revised to 'Negative' if the hotel's occupancy
levels and/or profitability levels decline significantly, due to
downturn in the industry or increased competition.
About Crown Hotel
CHPL, based in Indore (Madhya Pradesh), was established as a
partnership concern in 1976 by Mr. Harish Dawra along-with
Mr. Madhusudan Dang. In 1984, the firm was reconstituted as a
private limited company. Mr. Saurabh Dawra (son of Mr. Harish
Dawra) joined the business in 2000, and is currently managing the
operations of the hotel.
CHPL runs a 3-Star hotel called Crown Palace on the Mumbai-Agra
National Highway in Indore (Madhya Pradesh). It is around two
kilometre (km) from the railway station and eight km from airport.
Starting with 24 rooms, 3 restaurants, a banquet hall, garden
hall, and bakery, it now has 51 rooms, 3 conference rooms, 3
banquet halls, 3 restaurants, garden hall, and bakery.
CHPL plans to start a new banquet and garden hall in Indore. The
cost of the project is expected to be INR50 million, and will be
funded in a debt-to-equity mix of 70:30. Construction is expected
to commence in the first quarter of 2011-12 (refers to financial
year, April 1 to March 31), and the new facilities are expected to
commence commercial operations by March-April 2012.
CHPL reported a profit after tax (PAT) of INR3.4 million on net
sales of INR81.2 million for 2009-10, as against a PAT of INR2.6
million on net sales of INR81.0 million for 2008-09.
HONEST DERIVATIVES: CRISIL Puts 'B-' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to Honest
Derivatives Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR70.0 Million Cash Credit B-/Stable (Assigned)
INR147.5 Million Rupee Term Loan B-/Stable (Assigned)
INR35.0 Million Proposed Long Term B-/Stable (Assigned)
Bank Loan Facility
INR10.0 Million Letter of Credit/ P4 (Assigned)
Bank Guarantee
The ratings reflect HDPL's weak financial risk profile, marked by
a leveraged capital structure, modest debt protection metrics,
small net worth, and large working capital requirements. These
rating weaknesses are partially offset by the benefits that HDPL
derives from its widespread distribution network.
Outlook: Stable
CRISIL expects HDPL's financial risk profile to remain stable over
the medium term backed by sufficient cash accruals to service its
term debt. The outlook may be revised to 'Positive' if there is
substantial equity infusion and sustained improvement in its
working capital management. Conversely, the outlook may be
revised to 'Negative' if company undertakes large debt-funded
capex that materially impacts the debt protection measures or if
the company's profitability significantly declines due to high
competition.
About Honest Derivatives
HDPL, incorporated in 2007, is in the business of processing maize
and manufacturing maize derivatives. The company manufactures a
variety of starch, and syrups for the usage in paper, textile and
food-product industries.
HDPL reported a profit after tax (PAT) of around INR6 million on
net sales of INR531 million for 2009-10 (refers to financial year,
April 1 to March 31), against a net loss of INR10 million on net
sales of INR319 million for 2008-09.
JJ PACKAGERS: CRISIL Assigns 'B+' Rating to INR12.6MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of J.J. Packagers Pvt Ltd.
Facilities Ratings
---------- -------
INR55 Million Cash Credit B+/Stable (Assigned)
INR12.6 Million Long Term Loan B+/Stable (Assigned)
INR12 Million Letter of Credit P4 (Assigned)
INR28 Million Bank Guarantee P4 (Assigned)
The ratings reflects JJPPL's small scale of operations, exposure
to risks related to intense competition in the polymer industry,
modest financial risk profile, marked by small net worth, high
gearing, and weak debt protection metrics, and the susceptibility
of its operating margin to raw material price volatility. These
weaknesses are partially offset by the extensive industry
experience of JJPPL's promoters.
Outlook: Stable
CRISIL believes that JJPPL will benefit over the medium term from
the extensive experience of its promoters in the polymer industry,
and its strong supplier linkages. The outlook may be revised to
'Positive' in case of larger-than-expected net cash accruals,
resulting in improvement in the financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
larger-than-expected debt-funded capital expenditure programme, if
its profitability declines or its liquidity position deteriorates.
About J.J. Packagers
JJPPL, promoted by Mr. Jagdish Jhunjhunwala and his family,
manufactures master batches, anti-filbration compounds, and PET
performs. The company is also a consignment agent of GAIL (India)
Limited (rated 'AAA/Stable' by CRISIL) in eastern Uttar Pradesh
and Jharkhand. Its manufacturing facilities are in Chandauli
(Uttar Pradesh). The company was established in the year 1995
JJPPL group reported a profit after tax (PAT) of INR 3 million on
Operating Income of INR 244 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR 2
million on Operating Income of INR 107 million for 2008-09.
MACROCOSM INDUSTRIES: CRISIL Rates INR250MM Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its B+/Stable rating to the cash credit
facility of Macrocosm Industries Pvt Ltd.
Facilities Ratings
---------- -------
INR250 Million Cash Credit B+/Stable (Assigned)
The rating reflects MIPL's limited track record of operations, and
its exposure to risks related to volatility in copper prices and
commodity-nature of its product. These weaknesses are partially
offset by MIPL's moderate financial risk profile, marked by
moderate net worth and total outside liabilities to total net
worth ratio.
Outlook: Stable
CRISIL believes that MIPL will maintain is moderate financial risk
profile over the medium term, on account of moderate net worth and
moderate gearing levels. The outlook may be revised to 'Positive'
in case of more-than-expected sales and profitability over a
sustained period, resulting in a more-than-expected increase in
net cash accruals. Conversely, the outlook may be revised to
'Negative' if the company generates less-than-expected net cash
accruals or deterioration in its liquidity profile due to greater
than expected working capital requirements.
About Macrocosm Industries
The Macrocosm group is promoted by Mr. Hrishikesh Shah and his
brother, Mr. Jaikishen Shah, each of whom has a direct or indirect
share of 50 per cent in all group companies. The promoters have,
over the past two to three years, incorporated various companies
for different purposes, with a focus on manufacturing and trading.
MIPL trades in copper wires and strips and scraps. Macrocosm
Metals & Energy Pvt Ltd and Macrocosm Infrastructure & Power Pvt
Ltd manufacture copper alloy tubes, copper alloy billets,
sections, and profiles. Their father, Mr. Bharat Kumar Shah, has
been involved in the gems and jewellery business for the past 50
years. Mr. Bharat Kumar Shah is a non-resident Indian based in
London.
MIPL reported a profit after tax (PAT) of INR4 million on net
sales of INR185 million for 2009-10 (refers to financial year,
April 1 to March 31) which was its first year of commercial
operations.
NILKANTH CONCAST: CRISIL Cuts Rating on INR325.4MM Loan to 'B+'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Nilkanth Concast Pvt Ltd to 'B+/Negative/P4' from 'BBB-
/Stable/P3'.
Facilities Ratings
---------- -------
INR110.8 Million Foreign Currency B+/Negative (Downgraded
Term Loan from BBB-/Stable)
INR325.4 Million Long Term Loan B+/Negative (Downgraded
from BBB-/Stable)
INR14 3.8 Million Proposed LT Bank B+/Negative (Downgraded
Loan Facility from BBB-/Stable)
INR300.0 Million Letter of Credit P4 (Downgraded from P3)
The downgrade reflects the deterioration in Nilkanth's liquidity
because of significant increase in the company's working capital
requirements. The increase in working capital requirements are
driven by higher inventory levels. The liquidity was weakened
further by low cash accruals because of lower-than-expected sales
in 2009-10 (refers to financial year, April 1to March 31) and the
first half of 2010-11.
The ratings also reflect Nilkanth's moderate financial risk
profile, mainly because of a large, debt-funded capital
expenditure programme, small scale of operations, and limited
track record in the domestic steel industry. These rating
weaknesses are partially offset by the company's improving
operating efficiencies.
Outlook: Negative
CRISIL believes that Nilkanth's credit risk profile will
deteriorate over the medium, primarily because of increasing
working capital requirements; the impact of this risk is partially
mitigated by the company's improving operating efficiencies. Also,
the company will continue to be a small player in the domestic
steel industry. The rating may be downgraded if Nilkanth's
liquidity deteriorates more than expected, or if the company
reports lower-than-expected sales and profitability. Conversely,
the outlook may be revised to 'Stable' if Nilkanth's liquidity
improves significantly because of infusion of funds in the form of
equity or unsecured loans from promoters, or in case of higher
bank facilities available to the company for working capital
funding.
About Nilkanth Concast
Nilkanth, based in Gandhidham (Gujarat), was incorporated in 2003
by Mr. Chandrashekhar Ayachi. The company has an integrated steel
plant that manufactures thermo mechanically treated (TMT) bars
from iron ore. It has a TMT-bar-manufacturing capacity of 90,000
tonnes per annum (tpa), with integrated sponge iron and billet
capacity of 72,000 tpa and 90,000 tpa respectively. Nilkanth set
up a 10-megawatt coal-based power plant that became operational in
2009-10.
Nilkanth reported a profit after tax (PAT) of INR24.6 million on
net sales of INR2.0 billion for 2009-10, against a PAT of INR78.3
million on net sales of INR2.3 billion for 2008-09.
PRECISION ENG'G: CRISIL Assigns 'B' Rating on INR30MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Precision Engineering Corporation.
Facilities Ratings
---------- -------
INR30.00 Million Cash Credit B/Stable (Assigned)
INR5.40 Million Proposed Long-Term B/Stable (Assigned)
Bank Loan Facility
INR5.00 Million Letter of Credit P4 (Assigned)
INR25.00 Million Bank Guarantee P4 (Assigned)
The ratings reflect PEC's small scale of operations, large working
capital requirements leading to weak financial risk profile,
marked by weak liquidity, small net worth and high gearing, and
geographically concentrated revenue profile. These rating
weaknesses are partially offset by the extensive experience of
PEC's promoters in the business of manufacturing tubular pressure
components for boilers, and the firm's growing product profile.
Outlook: Stable
CRISIL believes that PEC's scale of operations will remain small
and its financial risk profile will remain weak because its large
working capital requirements, over the medium term. The outlook
may be revised to 'Positive' in case PEC significantly increases
its scale of operations, by manufacturing pressure parts for
higher capacity boilers, while improving its financial risk
profile, particularly liquidity. The outlook may be revised to
'Negative' if PEC's liquidity deteriorates because of larger-than-
expected working capital requirements or decline in revenues and
cash accruals.
About Precision Engineering
Established in 1982 by Mr. H D Gupta, PEC manufactures tubular
pressure parts for boilers with capacity of up to 500 megawatt.
The products manufactured and marketed by the firm cater primarily
to the replacement market. The firm, through technological tie-
ups with Thermax Ltd, IJT (Isgec John Thompson), among others, is
attempting to shift to the new products market. The firm also
undertakes installation and erection projects for boilers on
turnkey basis; this segment is expected to be one of the major
revenue drivers for PEC over the medium term.
PEC reported a profit before tax (PBT) of INR7.9million on net
sales of Rs 95.3 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PBT of INR6.9 million on net sales
of INR85.1 million for 2008-09.
=================
I N D O N E S I A
=================
PT MITRA: Moody's Withdraws 'Ba1' Rating on Corporate Family
------------------------------------------------------------
Moody's Investor Services has withdrawn its Ba1 local currency
corporate family rating for PT Mitra Global Telekomunikasi
Indonesia.
Moody's Investors Service has withdrawn the credit rating for its
own business reasons.
MGTI fully redeemed all of its outstanding US-dollar bonds on
January 15, 2011.
The last rating action for MGTI was on September 16, 2009, when
Moody's upgraded MGTI Finance Company Ltd's senior secured bond
rating Ba1 from Ba2 and affirmed MGTI's Ba1 corporate facility
rating with a stable outlook. The bonds issued by MGTI Finance
Company Ltd are guaranteed by MGTI and MGTI Finance B.V.
Established in 1995, MGTI was the original operator of fixed line
services in Central Java and Yogyakarta, Indonesia. MGTI owns the
KSO territory IV concession, which provides the company ownership
over the fixed telecommunication lines in central Java. Under the
KSO agreement, the operating rights for KSO IV are held by P.T.
Telkomunikasi Indonesia, Indonesia's incumbent fixed-line
telecommunications service provider.
=========
K O R E A
=========
SSANGYONG MOTOR: Creditors Approve Amended Rehabilitation Plan
--------------------------------------------------------------
Creditors and shareholders of Ssangyong Motor Company passed an
Amended Rehabilitation Plan by an overwhelming majority on
Jan. 28, 2011, taking a major step in the finalization of the M&A
process with India's Mahindra & Mahindra Ltd., and establishing a
significant bedrock for revival.
At the assembly on Friday, the Amended Rehabilitation Plan was
passed by 100% of rehabilitation mortgaged creditors, 94.2% of
rehabilitation creditors, and 100% of stockholders -- an approval
rate far surpassing the court required majority.
Ssangyong Motor joint receiver, Yoo-Il Lee, remarked, "I would
like to express my deepest gratitude toward the creditors for
passing the Amended Rehabilitation Plan, thereby ushering in a new
phase of revival and recovery. I would also like to extend thanks
to the employees of Ssangyong who have continued to loyally strive
for the company's betterment during the challenges of the past two
years. Mahindra's international footprint, strengths in R&D and
product development will enable SYMC to emerge as a global SUV
player."
Dr. Pawan Goenka, President, Auto and Farm Sectors, Mahindra &
Mahindra Ltd., commented, "We are delighted that the Amended
Rehabilitation Plan has been approved and now look forward to
developing mid-term and long-term strategies for synergy and
growth. I would like to thank the shareholders and creditors of
Ssangyong Motor Company for their cooperation and employees for
their patience with the process."
"We look forward to regaining SsangYong's past stature as a
leading SUV maker through the cooperation between Mahindra and
SsangYong," remarked Kyu-Han Kim, the Union Leader of SYMC.
The widespread consensus among creditors was based on the view
that an early termination of the rehabilitation procedure would be
most beneficial for Ssangyong Motor Company, and would eliminate
uncertainty for all involved parties. Ssangyong can now seek to
terminate its 2-year long rehabilitation process, which began on
February 6, 2009. In so doing, the company will establish not
only a consistent and stable business foundation, but a platform
upon which it can seek future growth.
New measures, in accordance with the court approved Amended
Rehabilitation Plan, including the issuance of new stocks and
corporate bonds (5 working days after approval counting the Asian
lunar New Year), will occur through February 9.
Mahindra & Mahindra Ltd. in November 2010 agreed to acquire a
controlling stake in Ssangyong Motor Co. for KRW522.5 billion.
Mahindra will acquire a 70% stake in Ssangyong Motor by issuing
new shares worth KRW427.1 billion and it will also purchase
95.4 billion of Ssangyong's existing corporate bonds. The deal is
expected to be concluded by March 2011.
About Ssangyong Motor
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs). The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius. It also
provides automobile parts such as coolers, diesel engines and
others.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse. In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection. The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.
====================
N E W Z E A L A N D
====================
REYNOLDS GROUP: S&P Puts 'BB' Rating on Proposed $1-Bil. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned ratings to $1 billion
of senior secured notes and $1 billion of senior unsecured notes
that subsidiaries of New Zealand-based packaging company Reynolds
Group Holdings Ltd. expect to issue.
Reynolds plans to use the note proceeds primarily to repay certain
senior secured bank debt, and the transaction lengthens debt
maturities somewhat.
S&P assigned a 'BB' senior secured debt rating and a recovery
rating of '1' to the proposed offering of $1 billion of senior
secured notes due 2021 to be issued jointly by Reynolds Group
Issuer Inc., Reynolds Group Issuer LLC, and Reynolds Group Issuer
(Luxembourg) S.A. These ratings indicate S&P's expectation
of very high (90% to 100%) recovery in the event of a payment
default.
In addition, S&P assigned a 'B-' senior unsecured debt rating and
a recovery rating of '6' to the proposed offering of $1 billion of
senior unsecured notes due 2021 by the same issuers. These
ratings indicate S&P's expectation of negligible (0% to 10%)
recovery in the event of a payment default.
At the same time, S&P lowered its senior unsecured debt ratings on
all the Company's existing senior unsecured debt to 'B-' from 'B'
and revised the recovery rating on this debt to '6' from '5'. The
downgrade follows S&P's updated recovery analysis. S&P plans to
publish an updated recovery report upon disclosure of details
regarding Reynolds' planned amendment of its senior secured credit
facilities.
All S&P's other ratings on Reynolds, including the
'B+/Negative/--' corporate credit rating, remain unchanged.
The ratings on Reynolds reflect its strong business risk profile
as one of the world's premier packaging companies, a highly
leveraged financial risk profile, and very aggressive financial
policies. Reynolds is one of the world's leading and most
diversified consumer and foodservice packaging providers, with
more than $9 billion in annual revenues and about a quarter of
total sales coming from Reynolds and Hefty brand products. The
Company's offerings include aseptic and fresh carton packaging,
consumer foil, food bags and wraps, waste bags, disposable
tableware and cookware, beverage closures, and food service
packaging.
Following the November 2010 mostly debt-financed acquisition of
Pactiv Corp., Reynolds' debt leverage is high. Total adjusted debt
is about $13 billion. S&P adjusts debt to include tax-effected
unfunded postretirement obligations, capitalized operating leases,
and off-balance-sheet receivables financing and guarantees.
Adjusted total debt exceeds 7x EBITDA before acquisition synergies
that management expects to total about $200 million and programs
underway at both companies that should produce another
approximately $100 million in cost savings.
To maintain the ratings, Reynolds needs to continue to produce
strong operating results, integrate Pactiv well, and reduce debt
somewhat so that adjusted debt leverage declines to about 6x and
FFO to total adjusted debt approaches 10%. There will not be much
room at the ratings initially for any operating missteps or
unforeseen challenges. In addition, liquidity or covenant
concerns or further sizable debt-financed acquisitions in the near
term could prompt a downgrade.
Ratings List
Reynolds Group Holdings Ltd.
Corporate credit rating B+/Negative/--
New Ratings
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds
Group Issuer
(Luxembourg) S.A.
$1 billion of senior secured notes due 2021 BB
Recovery rating 1
$1 billion senior unsecured notes due 2021 B-
Recovery rating 6
Revised Ratings
To From
Senior unsecured debt B- B
Recovery rating 6 5
ROCKFORTE FINANCE: Director Denies Claims in Receiver's Report
--------------------------------------------------------------
Business Day New Zealand reports that Rockforte Finance director
Nigel O'Leary denies claims made in a damning receiver's report,
including that the company failed to disclose NZ$2 million of
loans made to related parties.
Business Day notes that Rockforte, which is now under Serious
Fraud Office investigation, collapsed in May last year owing more
than 70 investors NZ$3.25 million in secured debentures.
This money, according to Business Day, was guaranteed under the
Government's retail deposit guarantee scheme and 66 investors were
paid out NZ$3.5 million.
But investigations by receiver InDepth Forensic have uncovered
"concerns as to the true nature" of Rockforte's loan book and it's
now unlikely much of that money will be repaid to the government,
the report says.
Business Day relates that the report by InDepth Forensic said it
had found "material" undisclosed related party loans worth NZ$2
million and the unsanctioned transfer of NZ$610,000 of investor
funds to third parties.
About Rockforte Finance
Established in 2003, Rockforte Finance engages in consumer and
asset lending. The company specializes in financing used cars,
mostly second-hand Japanese cars imported by an associated
company, and small personal and business loans.
Rockforte Finance was placed into receivership in May 2010, owing
about NZ$3.2 million to some 70 investors, according to a
BusinessWire article posted at stuff.co.nz. According to the
BusinessWire article, Katherine Kenealy and Dennis Parsons of
Indepth Forensic have been appointed receivers of the Gisborne-
based lender by its trustee Covenant Trust. The Treasury
confirmed all eligible depositors are covered by the government's
guarantee. However, all new deposits or any rolled over after
December 31, 2009, fell outside the scheme because Rockforte
didn't sign the replacement guarantee deed at the end of 2009.
=================
S I N G A P O R E
=================
EUDYNA DEVICES: Creditors' Proofs of Debt Due February 28
---------------------------------------------------------
Creditors of Eudyna Devices Asia Pte. Ltd., which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 28, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
Lai Seng Kwoon
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
RAS PREMIUM: Creditors' Proofs of Debt Due February 28
------------------------------------------------------
Creditors of RAS Premium Catering Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Feb. 28, 2011, to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Abuthahir Abdul
Stone Forest Corporate Advisory Pte Ltd
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
SILICON MATRIX: Creditors' Proofs of Debt Due March 3
-----------------------------------------------------
Creditors of Silicon Matrix Pte. Ltd., which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 3, 2011, to be included in the company's dividend
distribution.
The company's liquidators are:
Leow Quek Shiong
Leong Hon Mun Peter
c/o BDO LLP
19 Keppel Road
#02-01 Jit Poh Building
Singapore 089058
SUPPLY BASE: Court Enters Wind-Up Order
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The High Court of Singapore entered an order on January 21, 2011,
to wind up the operations of Supply Base Corporation Pte Ltd.
Marco Polo Shipping Co Pte Ltd filed the petition against the
company.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road, #05-11/#06-11
Singapore 069118
TINCEL PROPERTIES: Creditors' Proofs of Debt Due February 10
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Creditors of Tincel Properties (Private) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Feb. 10, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
Tam Chee Chong
c/o 6 Shenton Way, #32-00
DBS Building Tower Two
Singapore 068809
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T A I W A N
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KUO HUA: Receivership Extended by Another 9 Months
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Crystal Hsu at Taipei Times reports that the Financial Supervisory
Commission said it will extend the government's receivership of
Kuo Hua Life Insurance Co for another nine months, beginning on
Feb. 4, 2011. The report relates that the move marked the second
time the receivership has been extended, as the previous one is
due to expire early next month and there remains no immediate
solution to the personnel impasse that is hindering Taiwan
Financial Holdings Co's plan to acquire the insolvent life
insurer.
As reported in the Troubled Company Reporter-Asia Pacific on
April 27, 2010, Dow Jones Newswires said the Financial Supervisory
Commission has extended the receivership of Kuo Hua by another
nine months to allow investors to bid for the firm. The
receivership period was to end May 3, 2010, Dow Jones' Newswires
related. According to a TCRAP report on Aug. 6, 2009, the
Financial Supervisory Commission took over Kuo Hua due to its weak
finances.
Financial Supervisory Commission appointed the semi-official
Insurance Stabilization Fund as the company's official receiver.
Taipei Times notes that the commission said the fund will be the
receiver until Nov. 3 under the latest extension.
Taiwan Financial chairwoman Susan Chang said her firm's
acquisition bid hit a snag regarding whether Kuo Hua employees
should enjoy benefits and compensation equal to that of Taiwan
Financial staffers, who earn their qualifications after passing
civil service exams, according to Taipei Times.
Taipei Times says the state-owned financial group needs its
largest shareholder, the Ministry of Finance, to approve all
personnel hiring, share releases, procurements and other matters.
Meanwhile, Taipei Times notes that the commission held a third
meeting with chairpersons of six financial holding firms in a
continued bid to better understand the industry and the companies'
views on cross-strait banking deregulation.
The report relates that the commission is slated to embark on
another round of talks with Chinese financial regulators about
further liberalization of cross-strait financial markets, in line
with the Economic Cooperation Framework Agreement signed in June
last year.
Kuo Hua Insurance Co. Ltd. is a Taiwan-based life insurer.
XODTEC LED: Reports US$795,500 Net Loss in November 30 Quarter
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Xodtec LED, Inc., filed its quarterly report on Form 10-Q,
reporting a net loss of US$795,496 on US$335,427 of revenue for
the three months ended November 30, 2010, compared with a net loss
of US$732,993 on US$250,035 of revenue for the same period a year
ago.
Xodtec LED reported a net loss of US$2.25 million on US$823,865 of
revenue for the nine months ended November 30, 2010, compared with
a net loss of US$1.95 million on US$739,849 of revenue for the
same period a year ago.
The Company's balance sheet at November 30, 2010, showed
US$2.05 million in total assets, US$3.44 million in total
liabilities, and a US$1.38 million stockholders' deficit.
A full-text copy of the quarterly report on Form 10-Q is available
for free http://ResearchArchives.com/t/s?725f
About Xodtec LED
Headquartered in Jhonghe City, Taiwan, Xodtec LED, Inc. is a
Nevada corporation incorporated on November 29, 2006, under the
name Sparking Events, Inc. On June 28, 2009, the Company's
corporate name was changed to "Xodtec Group USA, Inc." and on
May 17, 2010, the Company's corporate name was changed to "Xodtec
LED, Inc."
The Company, through its subsidiaries, is engaged in the design,
marketing and selling of advanced lighting solutions which are
designed to use less energy and have a longer life than
traditional incandescent, halogen, fluorescent light sources. The
Company's wholly-owned subsidiaries, Xodtec Technology Co., Ltd.;
Targetek Technology Co., Ltd.; UP Technology Co., Ltd., are
organized under the laws of the Republic of China (Taiwan). The
Company also owns a 35% interest in Radiant Sun Development S.A.,
a company organized under the laws of the Independent State of
Samoa.
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X X X X X X X X
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* BOND PRICING: For the Week January 24 to January 28, 2010
-----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ADVANCED ENERGY 9.50 01/04/2015 AUD 1.07
AINSWORTH GAME 8.00 12/31/2011 AUD 1.13
AMITY OIL LTD 10.00 10/31/2013 AUD 1.95
AMP GROUP FINANC 9.80 04/01/2019 NZD 0.99
BECTON PROP GR 9.50 06/30/2010 AUD 0.24
CBD ENERGY LTD 12.50 01/29/2011 AUD 1.14
EXPORT FIN & INS 0.50 12/16/2019 AUD 61.72
EXPORT FIN & INS 0.50 06/15/2020 AUD 59.61
EXPORT FIN & INS 0.50 06/15/2020 AUD 59.73
FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.45
HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.90
MINERALS CORP 10.05 09/30/2011 AUD 0.25
NEW S WALES TREA 1.00 09/02/2009 AUD 65.08
NEW S WALES TREA 0.50 09/14/2022 AUD 52.53
NEW S WALES TREA 0.50 10/07/2022 AUD 52.33
NEW S WALES TREA 0.50 10/28/2022 AUD 52.15
NEW S WALES TREA 0.50 11/18/2022 AUD 51.97
NEW S WALES TREA 0.50 12/16/2022 AUD 51.68
NEW S WALES TREA 0.50 12/16/2023 AUD 51.69
NEXUS AUSTRALIA 3.60 08/31/2017 AUD 71.80
NEXUS AUSTRALIA 3.60 08/31/2019 AUD 65.40
RESOLUTE MINING 12.00 12/31/2012 AUD 1.30
SUNCORP METWAY I 6.75 09/23/2024 AUD 64.80
SUNCORP METWAY I 6.75 10/06/2026 AUD 67.90
TREAS CORP VICT 0.50 08/25/2022 AUD 53.14
TREAS CORP VICT 0.50 11/12/2030 AUD 35.42
VERO INSURANCE 6.15 09/07/2025 AUD 60.64
CHINA
-----
CHINA GOV'T BOND 1.64 12/15/2033 CNY 59.57
PANZHIHUA ST ASS 5.41 07/29/2020 CNY 53.60
HONG KONG
---------
RESPARCS FUNDING 8.00 12/29/2049 USD 42.12
INDIA
-----
AIRPORTS AUTH IN 7.40 01/22/2013 INR 13.61
DAMODAR VALLEY 7.70 01/03/2013 INR 15.56
GODAVAR IRR 11.25 01/15/2013 INR 20.35
GODAVAR IRR 11.50 01/15/2015 INR 22.59
GODAVAR IRR 13.50 08/16/2015 INR 57.70
HOUSING & UDCL 11.50 09/25/2011 INR 7.13
HOUSING & UDCL 11.50 09/25/2011 INR 7.13
HOUSING & UDCL 11.50 09/25/2011 INR 7.13
HOUSING & UDCL 11.50 09/25/2011 INR 7.13
HOUSING & UDCL 11.50 09/25/2011 INR 7.13
HOUSING & UDCL 12.00 01/07/2012 INR 10.86
HOUSING & UDCL 12.00 01/07/2012 INR 10.86
HOUSING & UDCL 12.00 01/07/2012 INR 10.86
HOUSING & UDCL 9.25 03/06/2012 INR 15.26
HOUSING & UDCL 10.00 03/27/2012 INR 17.44
HOUSING & UDCL 9.75 03/28/2012 INR 17.05
HOUSING & UDCL 9.75 06/28/2012 INR 13.59
HOUSING & UDCL 6.05 02/11/2013 INR 13.53
HOUSING & UDCL 6.90 03/03/2013 INR 12.14
HOUSING & UDCL 7.30 03/03/2013 INR 12.84
HOUSING & UDCL 5.90 03/08/2013 INR 13.38
HOUSING & UDCL 6.30 03/08/2013 INR 15.66
HOUSING & UDCL 7.70 03/26/2013 INR 17.56
HOUSING & UDCL 10.00 06/28/2014 INR 28.72
KONKAN RAILWAY 9.30 10/19/2012 INR 14.84
KONKAN RAILWAY 8.50 09/01/2011 INR 6.25
KONKAN RAILWAY 6.90 03/30/2012 INR 0.82
KONKAN RAILWAY 6.65 05/01/2013 INR 15.34
KONKAN RAILWAY 6.65 05/01/2013 INR 15.34
NUCLEAR POWER CL 6.15 08/14/2011 INR 3.31
NUCLEAR POWER CL 8.20 02/20/2012 INR 9.31
NUCLEAR POWER CL 6.10 08/14/2012 INR 8.73
POWER FIN CORP 8.99 01/15/2021 INR 9.15
PUNJAB INFRA DB 0.40 10/15/2024 INR 67.64
PUNJAB INFRA DB 0.40 10/15/2025 INR 67.59
PUNJAB INFRA DB 0.40 10/15/2026 INR 67.64
PUNJAB INFRA DB 0.40 10/15/2027 INR 67.73
PUNJAB INFRA DB 0.40 10/15/2028 INR 67.81
PUNJAB INFRA DB 0.40 10/15/2029 INR 67.89
PUNJAB INFRA DB 0.40 10/15/2030 INR 67.95
PUNJAB INFRA DB 0.40 10/15/2031 INR 68.01
PUNJAB INFRA DB 0.40 10/15/2032 INR 68.07
PUNJAB INFRA DB 0.40 10/15/2033 INR 68.12
WEST BENGAL INFR 8.75 10/16/2013 INR 8.39
JAPAN
-----
AIFUL CORP 1.20 01/26/2012 USD 72.76
AIFUL CORP 1.99 03/23/2012 JPY 69.15
AIFUL CORP 1.22 04/20/2012 JPY 66.10
AIFUL CORP 1.74 05/28/2013 JPY 48.02
AIFUL CORP 1.99 10/19/2015 JPY 38.02
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 60.06
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 59.69
KIRAYAKA HOLDING 2.59 03/22/2016 JPY 73.48
SHINSEI BANK 5.62 12/29/2049 GBP 73.48
TAKEFUJI CORP 9.20 04/15/2011 USD 11.00
TAKEFUJI CORP 4.00 06/05/2022 USD 9.94
MALAYSIA
--------
ADVANCED SYNERY 2.00 01/26/2018 MYR 0.11
ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.35
CRESENDO CORP B 3.75 01/11/2016 MYR 1.28
DUTALAND BHD 6.00 04/11/2013 MYR 0.38
DUTALAND BHD 6.00 04/11/2013 MYR 0.70
EASTERN & ORIENT 8.00 07/25/2011 MYR 1.18
EASTERN & ORIENT 8.00 11/16/2019 MYR 1.21
KUMPULAN JETSON 5.00 11/27/2012 MYR 0.84
LEBUHRAYA KAJANG 2.00 06/12/2019 MYR 47.73
LION DIVERSIFIED 4.00 12/17/2013 MYR 1.50
MITHRIL BHD 3.00 04/05/2012 MYR 0.62
NAM FATT CORP 2.00 06/24/2011 MYR 0.07
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.31
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.52
OLYMPIA INDUSTRI 2.80 04/11/2013 MYR 0.35
PANTECH GROUP 7.00 12/21/2017 MYR 0.11
PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.53
REDTONE INTL 2.75 03/04/2020 MYR 0.08
RUBBEREX CORP 4.00 08/14/2012 MYR 0.88
SCOMI ENGINEERING 4.00 03/19/2013 MYR 0.85
SCOMI GROUP 4.00 12/14/2012 MYR 0.09
TATT GIAP 2.00 06/06/2015 MYR 0.70
TRADEWINDS CORP 2.00 02/08/2012 MYR 0.93
TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.55
TRC SYNERGY 5.00 01/20/2012 MYR 1.66
WAH SEONG CORP 3.00 05/21/2012 MYR 3.15
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.26
YTL CEMENT BHD 5.00 11/10/2015 MYR 2.35
NEW ZEALAND
-----------
ALLIED FARMERS 9.60 11/15/2011 NZD 52.68
DORCHESTER PACIF 5.00 06/30/2013 NZD 71.84
FLETCHER BUI 8.50 03/15/2015 NZD 7.25
FLETCHER BUI 7.55 03/15/2011 NZD 8.00
GMT BOND ISSUER 7.75 06/19/2015 NZD 6.07
INFRATIL LTD 8.50 09/15/2013 NZD 8.20
INFRATIL LTD 8.50 11/15/2015 NZD 9.25
INFRATIL LTD 10.18 12/29/2049 NZD 62.50
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.30
MARAC FINANCE 10.50 07/15/2013 NZD 1.00
SKY NETWORK TV 4.01 10/16/2016 NZD 6.03
SOUTH CANTERBURY 10.50 06/15/2011 NZD 1.00
SOUTH CANTERBURY 10.43 12/15/2012 NZD 0.75
ST LAURENCE PROP 9.25 07/15/2010 NZD 62.01
TOWER CAPITAL 8.50 04/15/2014 NZD 1.03
TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.80
TRUSTPOWER LTD 8.50 03/15/2014 NZD 10.00
TRUSTPOWER LTD 7.60 12/15/2014 NZD 1.02
TRUSTPOWER LTD 8.60 12/15/2016 NZD 1.04
UNI OF CANTERBUR 7.25 12/15/2019 NZD 0.99
VECTOR LTD 8.00 06/15/2012 NZD 7.50
VECTOR LTD 8.00 10/15/2014 NZD 1.05
SINGAPORE
---------
DAVOMAS INTL 5.50 12/08/2014 USD 74.50
EQUINOX OFFSHORE 20.00 10/13/2011 USD 71.06
SENGKANG MALL 4.88 11/20/2012 SGD 0.04
UNITED ENG LTD 1.00 03/03/2014 SGD 1.82
WBL CORPORATION 2.50 06/10/2014 SGD 1.02
SOUTH KOREA
-----------
BUSAN SOLOMON MU 8.10 04/19/2015 KRW 1.05
CN 1ST ABS 8.00 02/27/2015 KRW 30.23
COSMOS PLC CO 3.00 05/30/2011 KRW 35.55
DAEWOO MTR SALES 6.55 03/17/2011 KRW 49.66
HOPE KOD 1ST 8.50 06/30/2012 KRW 31.21
HOPE KOD 2ND 15.00 08/21/2012 KRW 30.64
HOPE KOD 3RD 15.00 09/30/2012 KRW 31.22
HOPE KOD 4TH 15.00 12/29/2012 KRW 28.35
HOPE KOD 6TH 15.00 03/10/2013 KRW 34.54
HYUNDAI SWISS BK 8.50 07/15/2014 KRW 2.20
HYUNDAI SWISS BK 7.90 07/23/2015 KRW 1.07
HYUNDAI SWISS S 7.90 07/23/2015 KRW 1.07
IBK 12TH ABS 25.00 06/24/2011 KRW 66.93
IBK 16TH ABS 25.00 09/24/2012 KRW 62.36
IBK 16TH ABS 25.00 09/24/2012 KRW 18.18
IBK 17TH ABS 25.00 12/29/2012 KRW 58.68
JEIL SAVINGS BK 8.50 01/22/2015 KRW 1.04
JEIL SAVINGS BK 8.10 07/16/2015 KRW 70.11
JINHEUNG SAVINGS 8.50 10/17/2014 KRW 1.02
JINHEUNG SAVINGS 8.50 01/23/2015 KRW 1.02
KB 11TH ABS 23.00 07/03/2011 KRW 67.38
KB 12TH ABS 25.00 01/21/2012 KRW 64.10
KB 13TH ABS 25.00 07/02/2012 KRW 61.24
KB 14TH ABS 23.00 01/04/2013 KRW 58.89
KDB 5TH ABS SEC SPC0 15.00 12/13/2012 KRW 61.52
KDB 6TH ABS 20.00 12/02/2019 KRW 62.87
KEB 17TH ABS 20.00 12/28/2011 KRW 58.93
NACF 15TH ABS S 25.00 03/18/2011 KRW 65.93
NACF 16TH ABS S 25.00 02/03/2011 KRW 67.67
ONE KDB 1ST ABS 7.60 06/13/2011 KRW 37.60
OSAN MYTOWN 1ST 5.64 04/16/2012 KRW 68.31
OSAN MYTOWN 2ND 5.64 04/16/2012 KRW 68.10
SAM HO INTL 6.32 03/28/2011 KRW 71.76
SHINHAN 2ND SEC 25.00 06/11/2011 KRW 29.79
SINBO 1ST ABS 15.00 07/22/2013 KRW 30.54
SINBO 2ND ABS 15.00 08/26/2013 KRW 32.78
SINBO 3RD ABS 15.00 09/30/2013 KRW 33.31
SINBO 4TH ABS 15.00 12/16/2013 KRW 31.34
SINBO 5TH ABS 15.00 02/23/2014 KRW 30.59
SINBO CO 1ST ABS 15.00 03/15/2014 KRW 30.28
SINGOK ABS 7.50 06/18/2011 KRW 52.87
SINGOK NS ABS 7.50 06/27/2011 KRW 70.92
SOLOMON SAVINGS 8.50 10/29/2014 KRW 69.94
SOLOMON SAVINGS 8.10 04/19/2015 KRW 1.08
YOUNGNAM MUTUAL 8.00 04/28/2016 KRW 0.62
THAILAND
--------
THAILAND GOVT 0.75 01/04/2022 THB 70.57
VIETNAM
--------
VIETNAM MACHINE 9.20 06/06/2017 VND 74.61
VIETNAM SHIPBUIL 9.00 04/13/2017 VND 61.66
VIETNAM-PAR 4.00 03/12/2028 USD 73.00
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
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about which we report.
A list of Meetings, Conferences and Seminars appears in each
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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
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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.
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*** End of Transmission ***