/raid1/www/Hosts/bankrupt/TCRAP_Public/110225.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, February 25, 2011, Vol. 14, No. 40
Headlines
A U S T R A L I A
CENTRO PROPERTIES: 2011 First Half Underlying Profit Falls 42%
CHESAPEAKE ENERGY: BHP Deal Won't Affect Moody's Senior Rating
REDGROUP RETAIL: Pacific Equity Emerges as Largest Creditor
* AUSTRALIA: Business Failures Up 23% in 2010: Dun & Bradstreet
C H I N A
CHINA SOUTH: Moody's Assigns 'B1' Corporate Family Rating
H O N G K O N G
CARLSON INDUSTRIAL: Ho and Kong Appointed as Liquidators
IMAGI PRODUCTION: Creditors' Proofs of Debt Due March 4
MODERN ENGINEERING: Creditors Get 100% & 3.90% Recovery on Claims
NETSOLUTIONS ASIA: Court to Hear Wind-Up Petition on March 16
PETER BLACK: Members' Final General Meeting Set for March 18
SIEMENS BUILDING: Members' Final Meeting Set for March 18
SUCCESS MASTER: Middleton and Jamieson Appointed as Liquidators
SUN ABLE: Court to Hear Wind-Up Petition on March 30
TACK CHEUNG: Court to Hear Wind-Up Petition on March 16
TACK FAI: Court to Hear Wind-Up Petition on March 16
TOP IN: Pui and Cheung Appointed as Liquidators
YING FU: Yiu and Lai Appointed as Liquidators
I N D I A
AMKO EXPORTS: ICRA Assigns 'LBB' Rating to INR10cr Bank Debts
ARKAY FABSTEEL: CARE Assigns 'CARE BB+' Rating to INR10.91cr Loan
BULK LIQUID: ICRA Assigns 'LC' Rating to INR3.2cr Term Loans
DSM INTERNATIONAL: CRISIL Assigns 'P4+' Rating to Packing Credit
G D MANGLAM: CRISIL Assigns 'P4+' Rating to INR80MM Packing Credit
GLOBAL PRINTING: ICRA Assigns 'LBB' Rating to INR6.25cr Loan
JINDAL SOFT: CRISIL Assigns 'BB-' Rating to INR55MM Cash Credit
KHANNA & CO: Fitch Assigns 'BB' National Long-Term Rating
MOHAN GEMS: CRISIL Withdraws Rating on Term Loan Facility
PADMASHRI DR. VITHALRAO: CRISIL Rates INR151MM Loan at 'BB-'
PATEL KENWOOD: CRISIL Reaffirms 'BB' Rating on INR40.1M LT Loan
PRAKASH INDUSTRIAL: CRISIL Cuts Rating on Cash Credit to 'B-'
PUSALA POWER: ICRA Assigns 'LD' Rating to INR15cr Bank Limits
RAJ RAJENDRA: ICRA Reaffirms 'LBB+' Rating to INR20.99CR Loan
SATNAM GLOBAL: CRISIL Cuts Rating on Cash Credit to 'BB'
SPUNPIPE & CONSTRUCTION: CRISIL Rates INR100M Cash Credit at 'BB'
SHREE COKE: CARE Assigns 'CARE BB' Rating to INR5cr LT Loan
THANGA PRATAPH: ICRA Assigns 'LB+' Rating to INR11.25CR Loans
I N D O N E S I A
BERLIAN LAJU: Fitch Gives Stable Outlook; Affirms 'B-' Rating
J A P A N
ORSO FUNDING: S&P Affirms Ratings on Two Trust Certificates
M A L A Y S I A
TRANSMILE GROUP: Bourse to Suspend Trading of Shares on March 7
VASTALUX ENERGY: Winding-Up Order Triggers Additional Criteria
S I N G A P O R E
CLOUD 9 LIFESTYLE: Major Shareholder Calls In Liquidators
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
=================
CENTRO PROPERTIES: 2011 First Half Underlying Profit Falls 42%
--------------------------------------------------------------
Centro Properties Group announced a net profit attributable to
ordinary securityholders of AU$553.4 million for the half year
ended Dec. 31, 2010. Underlying profit for the half year was
AU$48.2 million compared to AU$82.7 million for the previous
corresponding period.
Although Centro has returned to profitability for the half-year,
this net profit is largely the result of gains from the
appreciation in the value of the Australian dollar and some
moderate property valuation improvements. Underlying profit,
which is the more relevant measure for the operating performance
of the business, fell by 42% compared to the prior corresponding
period.
At Dec. 31, 2010, net equity attributable to members of Centro is
negative AU$1.6 billion and NTA per ordinary security is negative
AU$2.43. In view of its negative equity position, Centro does not
underestimate the challenge of delivering value to securityholders
through a restructure process.
Business Update
Centro Chief Executive Officer Robert Tsenin said, "Although we
have enviable retail assets in Australia and the US that have
performed remarkably well through the global financial crisis,
Centro also faces its headstock debt maturity of AU$3.1 billion in
December of this year and therefore must effect a restructure
prior to that maturity."
"The Stabilization Agreement of January 2009 crucially afforded us
time to address the structural challenges facing the company, even
though it did not resolve these challenges. Recent improvements
in property and financial markets have improved the prospects for
the essential restructure of Centro. As always, as we review the
options, our goal and intent remains maximizing value for all
Centro stakeholders."
"Across the entire Centro Group, including Centro and all of its
funds under management, there is AU$16.5 billion of investment
property and AU$16.0 billion of debt at Dec. 31, 2010. This
clearly unsustainable capital structure, combined with our
exposure to volatile foreign exchange and variable interest rates,
presents us with significant financial and operational challenges.
"Centro has approached the restructuring challenge from two broad
directions -- either divesting the assets of Centro, or
recapitalizing the group. There are variants in between," said
Mr. Tsenin.
As announced in November 2010, Centro commenced a formal,
competitive process to evaluate expressions of interests for both
its US and Australian assets. That process remains ongoing.
Concurrent with this process, Centro and its advisers continue to
work through other restructuring and recapitalization
opportunities. These may be combined in part with the competitive
process.
"We enjoy the continued support and open and constructive dialogue
with our lender group in respect of all possible outcomes. It is
important to reiterate that no decisions have been made at this
stage and a successful outcome cannot be guaranteed," said
Mr. Tsenin.
Key Financial Information
Centro's underlying profit for the half year was AU$48.2 million,
in line with guidance provided to the market in December 2010.
The 42% decrease from the prior corresponding period is
predominantly due to unfavorable movements in interest rates and
foreign exchange rates, as they affect income received on US
investments.
As at Dec. 31, 2010, Centro's headstock cash balance was
AU$50.2 million, a decrease of AU$8 million since June 30, 2010,
but after the repayment of AU$13 million of debt.
Centro's Australasian portfolio has performed well in the first
half of FY11 delivering NOI growth of 4.2% and an increase in
occupancy levels increased to 99.5% from 99.2% in December 2009.
Centro General Manager of Property Operations for Australia Mark
Wilson said, "The very pleasing NOI result has been achieved in an
environment where consumers continue to show spending caution.
Retail sales growth has declined but remains positive at 3.7%.
Maintaining full occupancy has been vital to ensuring strong
operating performance of our centres."
Centro's US portfolio at Dec. 31, 2010, was 87.7% leased, compared
with 87.9% for June 2010. The same property NOI growth, including
developments, decreased less than 1% which was the narrowest
decline since June 2008.
Centro US CEO Michael Carroll said, "First half results in the US
continue to demonstrate gradual improvements in portfolio
fundamentals and are tracking in-line with the guidance provided
in August. While we are seeing growing consumer confidence and an
improving sales environment, the unemployment rate remains high
and tight credit markets persist. As such, and as expected,
property level performance in the first half of the year was
tempered. We anticipate this trend to persist through the
remainder of FY2011."
Property Valuations
Between June 2010 and December 2010 property values in the US had
an uplift of 2.6% while Australian property values have also shown
moderate signs of uplift with an increase of 1.0% over the same
period.
"The Australian and US valuation uplifts for the half-year ended
Dec. 31, 2010 compare favorably with -0.1% and -0.7% for the half-
year ended June 30, 2010, and result from improved NOI projections
in Australia and an overall improved outlook on the retail
property environment in the US," Mr. Tsenin said.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 22, 2010, the Sydney Morning Herald said indicative bids for
Centro Properties' AU$13.5 billion worth of assets were lodged on
Dec. 17, 2010, and the list of bidders includes large Australian
retail landlords. Offers for the U.S. assets are said to be
coming mainly from private investors and hedge funds, which pay
lower costs due to the low interest rates in the U.S. but are
happy to take on some of the Centro debt. Another interested
party is said to be the Israel-based Gazit Globe. Among the
interested buyers for some or all of the malls are Westfield, Lend
Lease's Australian Prime Property Fund, CFS Retail Trust,
Queensland Investment Corp, and the Singapore Government
Investment Corp. According to SMH, Centro decided in Nov. 2010 to
put all its assets on the block after having received approval to
refinance the next round of debt.
SMH said the sale of the assets comes almost three years to the
day that Centro's former chief executive, Andrew Scott, and the
board revealed the group did not have the funds needed to pay the
AU$4 billion of debt that was due in December 2007. That resulted
in the shares of the company dropping in value by as much as 90&,
SMH added.
The Troubled Company Reporter-Asia Pacific reported on July 30,
2010, CNP secured a one-year extension from December 31, 2010, to
December 31, 2011, for US$2.3 billion of debt within Super LLC (a
joint venture of CNP, Centro Retail Trust and Centro MCS 40). The
extension includes Super LLC's US$1.7 billion bridge term loan
(US$1.2 billion CNP, US$0.5 billion CER) and US$580.0 million of
additional debt.
About Centro Properties
Centro Properties Group (ASX:CNP)--
http://www.centro.com.au/-- is a retail investment organization
specializing in the ownership, management and development of
retail shopping centres. Centro manages both listed and unlisted
retail property and has an extensive portfolio of shopping centres
across Australia, New Zealand and the United States. Centro has
funds under management of US$24.9 billion.
CHESAPEAKE ENERGY: BHP Deal Won't Affect Moody's Senior Rating
--------------------------------------------------------------
Moody's Investors Service said that BHP Billiton's A1 senior
unsecured rating and Prime-1 short-term rating are not affected by
the company's announcement that it will acquire Chesapeake Energy
Corporation's (rated Ba2/positive) interests in the Fayetteville
Shale, USA. The acquisition cost of US$4.75 billion would be
funded from BHP Billiton's existing cash reserves which totaled
US$16.1 billion as at Dec. 31, 2010.
"BHP Billiton has significant financial flexibility within its
ratings, including a conservative finance leverage, very strong
cash flow generation, and considerable liquidity, says Terry
Fanous, a Moody's Senior Vice President. "The acquisition and
planned development costs, as well as the recently-announced
expanded capital management program of US$10 billion, are
manageable within the ratings", Fanous adds.
Moody's expects these initiatives to be accommodated well within
the tolerance set for the rating, namely Gross Debt/EBITDA not
exceeding 1.5x. Based on BHP Billiton's current capital
investment plan, Moody's expects the Gross Debt/EBITDA ratio for
the year ending 30 June 2011 to remain below 1.0x
Fayetteville is a large US shale resource base which produces over
400 million cubic feet of natural gas per day. The asset, which
is located in the state of Arkansas, USA, has substantial
development potential, which would support a higher production
over a 40 year period.
"Moody's sees BHP Billiton's entry into shale gas as providing
additional diversity benefits, as well as large development
capability over a long period of time" Fanous says. The
acquisition will also expand the group's net reserve and resource
base by 45%. BHP Billiton and Chesapeake have agreed a 12 month
services agreement which will assist with the transfer of
operations to BHP Billiton.
Moody's last rating action for BHP Billiton was on November 15,
2010 when the long-term ratings of BHP Billiton and its
subsidiaries were confirmed following the company's announcement
that it had withdrawn its offer to acquire Potash Corp. of
Saskatchewan Inc.
BHP Billiton is the world's largest diversified natural resources
company, with operations in petroleum, iron ore, metallurgical
coal and manganese, alumina and aluminum, energy coal and base
metals, stainless steel materials, uranium and diamonds.
REDGROUP RETAIL: Pacific Equity Emerges as Largest Creditor
-----------------------------------------------------------
Tamsyn Parker at The New Zealand Herald reports that non-staff
creditors of REDgroup Retail are owed more than AU$170 million
with the largest amount owed to REDgroup's private equity owners,
Pacific Equity Partners.
The NZ Herald relates that partner Steve Sherman, speaking
publicly for the first time in New Zealand since Ferrier Hodgson
was appointed voluntary administrators on Feb. 17, confirmed 75%
of the money was owed to PEP. But he denied the private equity
company would have an unfair say in any proposal put to creditors.
"They are like everyone else that is owed money -- yes, they do
have a major seat at the table and they will keep their options
open but let's not lose sight of the fact they are entitled to
vote, they have paid money into the group," the NZ Herald quotes
Mr. Sherman as saying.
The NZ Herald notes that under New Zealand's voluntary
administration law, any proposal put to creditors must receive at
least 75% approval by monetary value and more than 50% by number
of creditors to go ahead.
According to the Herald, PEP bought Whitcoulls and Angus &
Robertson from British bookseller WH Smith in 2004. It later
acquired 32 Borders stores in New Zealand, Australia and Singapore
and the businesses were consolidated into REDgroup Retail.
Mr. Sherman said any creditor who felt aggrieved by the vote could
ask the court to investigate, "but we would hope never to progress
to that stage," the NZ Herald relates.
The NZ Herald notes that any proposal would not be put to
creditors until a second "watershed" meeting. That meeting is
supposed to take place within 25 working days of the
administrators' appointment but the time can be extended by a
court application.
The first creditors' meeting will be on Tuesday, March 1, at the
Ellerslie Events Centre in Auckland and in Melbourne for
Australian creditors.
Mr. Sherman hoped to have some information on the state of the
company by then but said it was too early to say if there would be
store closures or staff losses in New Zealand, the NZ Herald adds.
About REDgroup Retail
REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand. It acquired Borders stores in
Australia, New Zealand and Singapore in 2008.
REDgroup Retail Pty. Ltd. on Feb. 17, 2011, named Ferrier Hodgson
as voluntary administrators. The appointment comes less than a
day after Borders Group Inc. filed for bankruptcy in the U.S. and
began taking bids for 200 stores, according to Bloomberg News.
The REDgroup companies in Administration include:
* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd
Ferrier Hodgson partner Steve Sherman said as far as possible it
would be business as usual while the Administrators conduct an
urgent assessment of the business's financial status and prepare
for the first meeting of creditors. During this period he called
for regular Angus & Robertson, Borders and Whitcoulls customers to
continue supporting their local outlets.
* AUSTRALIA: Business Failures Up 23% in 2010: Dun & Bradstreet
---------------------------------------------------------------
Claire Heaney at Herald Sun reports that more than 10,000
Australian businesses failed last year in the wake of the global
financial crisis. This represents a 23% increase on 2009, with
rising costs and delays in payment of bills blamed.
Herald Sun relates that the figures, compiled by Dun & Bradstreet,
are considered conservative because the analysis is based on
businesses that had external administration and not those that
closed down. However, more than 160,000 businesses opened their
doors, representing a 13% increase on 2009, the report notes.
During the 2009 global financial crisis, Herald Sun says,
start-ups dropped by 2% as would-be entrepreneurs kept their hands
in their pockets. Small firms accounted for the most failures, at
46%, as well as the most business start-ups.
According to the report, Dun & Bradstreet chief executive officer
Christine Christian said businesses often failed because of poor
cash-flow rather than poor sales.
Herald Sun discloses that deteriorating business-to-business
payments, bumping out to an average 53 days, took their toll, with
businesses having to wait weeks between orders being placed and
bills being paid.
The analysis found that many small businesses had to wait 60 days
to get paid and the level of delinquent payments, over 90 days,
was up 7% in the December 2010 quarter, according to Herald Sun.
"The risk is that in relatively good economic times executives
ignore the critical role of cash flow to the overall health of
their business, focusing instead on revenue and sales numbers,"
Herald Sun quotes Ms. Christian as saying.
She said with more than 80% of business failures a result of
negative cash flow, executives could not afford to take their eye
off the ball, Herald Sun adds.
=========
C H I N A
=========
CHINA SOUTH: Moody's Assigns 'B1' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 corporate
family rating to China South City Holdings Limited and a
definitive B2 senior unsecured rating to its US$250 million,
13.5%, 5-year notes. The outlook on the rating is stable.
The assignment of a definitive corporate family rating reflects
that the US$250 million proceeds raised from the bond issuance
will provide liquidity cushion for the company to develop its
projects and will improve the company's debt maturity profile.
Moody's has also assigned a definitive rating on the bond
instrument, as the final terms and conditions of the bond
indenture are in line with the draft version reviewed by Moody's.
The proceeds from the bond issuance will fund CSC's construction
and expansion of its trade centers as well as ancillary
residential units and support facilities in Shenzhen, Nanning,
Nanchang, Heyuan and Xi'an.
Ratings Rationale
CSC's B1 corporate family rating reflects the company's unique
business model of successfully developing and operating integrated
trade centers in Shenzhen. It also considers its ability to
access large-scale suburban land plots at attractive prices, as
well as the support it receives from governments on infrastructure
improvement and favorable project terms.
As a result, CSC has achieved a high gross margin of above 50% and
is able to recover costs within three to four years.
But its expansion into large-scale developments in new locations
presents an execution risk that constrains its ratings. There is
uncertainty over its ability to replicate its successful Shenzhen
model at new locations. Any delay in selling residential and
trade center units at the new locations could adversely affect the
substantial cash outlay required for construction and expansion.
Moreover, sales of commercial properties at the new trade centers
may take time and will only materialize when each project has
reached a critical threshold of tenants and commercial activities.
While there is execution risk to replicate the success of CSC
Shenzhen, this risk is partially reduced by the company's
flexibility to accelerate sales of its properties in Shenzhen to
raise liquidity to cushion any unexpected material shortfall in
sales at the new locations over the next two years. Moreover, the
prudent management of this cash reserve supports the current
ratings.
The last rating action for CSC was on the 4th January 2011 when
Moody's assigned a first time provisional B1 corporate family
rating and a provisional B2 senior unsecured bond rating to the
company.
China South City is one of the leading develops and operators of
large-scale integrated logistics and trade centers in China. The
company builds, sells and leases trade center units for business
to display and sell their products. It also provides a full range
of integrated logistics and trade services to tenants. The
company currently operates one integrated logistics and trade
center in Shenzhen and is replicating its business model in
Nanning, Nanchang and Xian. The company has listed its shares on
the stock exchange of Hong Kong in September 2009.
================
H O N G K O N G
================
CARLSON INDUSTRIAL: Ho and Kong Appointed as Liquidators
--------------------------------------------------------
Ho Man Kit Horace and Kong Sze Man Simone on Sept. 9, 2010, were
appointed as liquidators of Carlson Industrial (H.K.) Limited.
The liquidators may be reached at:
Ho Man Kit Horace
Kong Sze Man Simone
Unit 511, 5/F
Tower 1 Silvercord
30 Canton Road
Tsimshatsui, Kowloon
IMAGI PRODUCTION: Creditors' Proofs of Debt Due March 4
-------------------------------------------------------
Creditors of Imagi Production Limited, which is in liquidation,
are required to file their proofs of debt by March 4, 2011, to be
included in the company's dividend distribution.
The company's liquidators are:
Stephen Liu Yiu Keung
David Yen Ching Wai
62nd Floor, One Island East
18 Westland Road
Island East, Hong Kong
MODERN ENGINEERING: Creditors Get 100% & 3.90% Recovery on Claims
-----------------------------------------------------------------
Modern Engineering Limited trading as Wang Hing Engineering
Company will pay the first and final dividend to its creditors on
March 7, 2011.
The company will pay 100% for preferential and 3.90% for ordinary
claims.
The company's liquidator is Yu Shi Kuen.
NETSOLUTIONS ASIA: Court to Hear Wind-Up Petition on March 16
-------------------------------------------------------------
A petition to wind up the operations of Netsolutions Asia Limited
will be heard before the High Court of Hong Kong on March 16,
2011, at 9:30 a.m.
Lam Luen Ki filed the petition against the company on Jan. 10,
2011.
PETER BLACK: Members' Final General Meeting Set for March 18
------------------------------------------------------------
Members of Peter Black Freight (Asia) Limited will hold their
final general meeting on March 18, 2011, at 2:30 p.m., at 20/F,
Prince's Building, Central, in Hong Kong.
At the meeting, Rainier Hok Chung Lam, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SIEMENS BUILDING: Members' Final Meeting Set for March 18
---------------------------------------------------------
Members of Siemens Building Technologies (Hong Kong/China) Limited
will hold their final meeting on March 18, 2011, at 10:00 a.m., at
8th Floor, Gloucester Tower, The Landmark, 15 Queen's Road
Central, in Hong Kong.
At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SUCCESS MASTER: Middleton and Jamieson Appointed as Liquidators
---------------------------------------------------------------
Edward Simon Middleton and Grant Andrew Jamieson on Jan. 4, 2011,
were appointed as liquidators of Success Master Limited.
The liquidators may be reached at:
Edward Simon Middleton
Grant Andrew Jamieson
27/F Alexandra House
16-20 Chater Road
Central, Hong Kong
SUN ABLE: Court to Hear Wind-Up Petition on March 30
----------------------------------------------------
A petition to wind up the operations of Sun Able Limited will be
heard before the High Court of Hong Kong on March 30, 2011, at
9:30 a.m.
Lau Yiu Keung filed the petition against the company on Jan. 24,
2011.
TACK CHEUNG: Court to Hear Wind-Up Petition on March 16
-------------------------------------------------------
A petition to wind up the operations of Tack Cheung Textiles
Limited will be heard before the High Court of Hong Kong on
March 16, 2011, at 9:30 a.m.
Wong Kwan Leung Charles filed the petition against the company on
Jan. 12, 2011.
TACK FAI: Court to Hear Wind-Up Petition on March 16
----------------------------------------------------
A petition to wind up the operations of Tack Fai Textiles Limited
will be heard before the High Court of Hong Kong on March 16,
2011, at 9:30 a.m.
Wong Kwan Leung Charles filed the petition against the company on
Jan. 12, 2011.
TOP IN: Pui and Cheung Appointed as Liquidators
-----------------------------------------------
Pui Chiu Wing and Cheung Lai Kuen on Nov. 18, 2010, were appointed
as liquidators of Top In Construction Company Limited.
The liquidators may be reached at:
Pui Chiu Wing
Cheung Lai Kuen
Suites 1303-1306, 13/F
Asian House 1
Hennessy Road
Wanchai, Hong Kong
YING FU: Yiu and Lai Appointed as Liquidators
---------------------------------------------
Yiu Cho Yan and Lai Jacqueline on Jan. 19, 2011, were appointed as
joint and several liquidators of Ying Fu (China-Hongkong)
Logistics Limited.
The liquidators may be reached at:
Yiu Cho Yan
Lai Jacqueline
Room 1702, Asian House
1 Hennessy Road
Wanchai, Hong Kong
=========
I N D I A
=========
AMKO EXPORTS: ICRA Assigns 'LBB' Rating to INR10cr Bank Debts
-------------------------------------------------------------
ICRA has assigned "LBB" rating to INR10.0 Crore fund based bank
facilities of Amko Exports. The outlook on the rating is stable.
ICRA's rating action takes into account the Amko Exports'
relatively small scale of operations, vulnerability of its sales
and profitability to the currency exchange rate movements as well
as high competitive intensity of the industry. The rating is also
constrained by high working capital intensive nature of the
business which can result in liquidity pressures on the firm. The
rating however draws comfort from the strong relationships which
Amko Exports enjoys with its customers, and favorable government
incentives in terms of duty drawbacks and interest rate
subvention. However, the rating also takes into account the
significant dependence of the sales and profits on these export
incentives, which has provided a fillip to the firm's
profitability in the past. Going forward, the firm's ability to
secure adequate work orders while maintaining its profit margins
and keeping a check on its working capital intensity, will be key
rating sensitivities.
Amko Exports is a proprietorship firm that was incorporated in
1992 by Mr. Mahesh Kumar Singal who has been in the textile
business for over three decades. The firm has its manufacturing
facility in Ghaziabad, UP and is largely engaged in the
manufacturing & export of home furnishing such as curtains,
cushion covers, blankets, table cloths, table mats, quilts, quilt
covers, and bed sheets. During 2009-10, the firm reported an
operating income of INR20.72 crore and PAT of INR0.49 crore.
ARKAY FABSTEEL: CARE Assigns 'CARE BB+' Rating to INR10.91cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the long-term bank facilities of
Arkay Fabsteel Systems Pvt Ltd.
Amount
Facilities (INR cr) Ratings
---------- ------- -------
Long-term Bank Facilities 10.91 CARE BB+
Rating Rationale
The rating is constrained by AFS' small size of operations, high
client concentration risk, huge competition and low entry barriers
for new entrants on account of the low value addition for the end
product. However, the rating draws strength from experienced
management, long standing presence of the group in the
construction industry, adequate support from Arkay Industries
(associate group firm) and presence of diversified product base as
well as long term supply arrangement with L&T Komatsu Private
Limited (LTK), a leading construction equipment manufacturing
company.
Going forward, ability of the company to scale up operations by
expanding the client base and increase in orders from existing
customers as well as prospects of the construction industry will
be the key rating sensitivities.
AFS was incorporated in July 2008 and commenced operations in
February 2009. AFS is promoted by Shri Virendar Kumar Choudari
(Chairman) and managed by his son Shri Rajeev Choudari (MD).
AFS was promoted with a main objective to manufacture and supply
various fabricated structures for construction machinery such as
track frames, buckets and operator cabins to LTK. In
August 2008, AFS has entered into a long term supply agreement
with LTK for a period of five years.
AFS operates two manufacturing units located at Hoskote (own
premises) and Whitefield (leased premises), Bangalore.
In FY10 (6 months ending March 2010), AFS incurred net loss of
INR0.7 cr against net sales of INR1.7 cr. During H1FY11, the
company continued to incur net loss of INR0.6 cr against net sales
of INR3.1 cr.
BULK LIQUID: ICRA Assigns 'LC' Rating to INR3.2cr Term Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of 'LC' to the INR3.2 crore
term loans of Bulk Liquid Solutions (P) Limited. ICRA has also
assigned an 'A5' rating to the INR8.8 crore short term fund based
facilities and INR1 crore non-fund based facilities of the
company.
The ratings assigned by ICRA factor in delays in debt servicing by
BLSPL on account of delays in recovery of payments from customers,
low capacity utilization, high client and geographical
concentration of the company. The ratings also factor in the high
working capital intensity of BLSPL's operations and its stretched
capitalization and coverage indicators with the company reporting
gearing of 2.86 times as on March 31, 2010. The ratings are
however supported by the experienced management of the company
with long track record of operations, and BLSPL's unique product
offering. Going forward, the company's ability to secure
sufficient orders to optimally utilize its capacity, while
improving its profit margins, will remain crucial for future
growth and profitability. Further, ability of the company to
manage its working capital requirements and service its debt in a
timely manner will remain key rating sensitivities.
Bulk Liquid Solutions Pvt. Ltd was started in the year 2005 and is
the first company in India to start the manufacture of Flexitanks
with an installed capacity of 400 Tanks per Month. In due course
of time Bulk has had a steady run up in its career graph with a
present capacity of 2000 Tanks per Month. BLSPL started
production of Flexi tanks in 2005, providing a "Total Logistics"
option by offering "door to door", deep-sea capabilities to the
chemical, food and Logistics management industry. The target
clientele base is blue-chip chemical and food manufacturing
industries, each of whom requires the use of an international
specialist, who is able to deliver their product in a safe,
efficient and environmentally friendly manner. The Company's
focus is to offer high level customized Logistics products to a
select group of clients currently shipping their products around
the world.
Recent Results
BLSPL has reported an operating income of INR16.21 crore and a
profit after tax of INR0.32 crore for 2009-10 as compared to an
operating income of INR16.88 crore and a PAT of INR0.51 crore in
2008-09.
DSM INTERNATIONAL: CRISIL Assigns 'P4+' Rating to Packing Credit
----------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the DSM International's,
part of the GD Manglam group, bank facilities.
Facilities Ratings
---------- -------
INR40.0 Million Packing Credit P4+ (Assigned)
INR70.0 Million Proposed ST P4+ (Assigned)
Bank Loan Facility
The rating reflects the group's weak financial risk profile,
marked by a small net worth and weak debt protection metrics, and
client concentration in revenue profile. These rating weaknesses
are, however, partially offset by the GD Manglam group's
established track record in the trading business and healthy
relationships with customers.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of DSM International, Sidh Designers Pvt
Ltd, GD Manglam Exim Pvt Ltd, Konark Exim Pvt Ltd, and Yogmaya
Traders Pvt Ltd. This is because these entities together referred
to as the GD Manglam group, have a common board of directors and
senior management team, and have common procurement, marketing and
finance functions. The promoters have indicated that all the
entities will support each other in case of any exigency.
The GD Manglam group started trading activities in 1993. All the
entities in the GD Manglam group trade in ready-made garments,
hosiery, handicraft, fabrics, leather goods, and miscellaneous
products. The entities have common customers and suppliers. The
group entities have common bankers (Punjab National Bank) and
auditors (N Garg & Associates). For 2009-10 (refers to financial
year, April 1 to March 31), the group reported a profit after tax
(PAT) of INR0.07 billion on net sales of INR14.72 billion, against
a PAT of INR0.03 billion on net sales of INR6.55 billion in the
previous year.
G D MANGLAM: CRISIL Assigns 'P4+' Rating to INR80MM Packing Credit
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of G D
Manglam Exim Pvt Ltd, part of the GD Manglam group.
Facilities Ratings
---------- -------
INR80.0 Million Packing Credit P4+ (Assigned)
INR100.0 Million Foreign Outward P4+ (Assigned)
Bill Purchased/Foreign Outward
Usance Bill Purchased
INR25.0 Million Proposed ST Bank P4+ (Assigned)
Loan Facility
The rating reflects the group's weak financial risk profile,
marked by a small net worth and weak debt protection metrics, and
client concentration in revenue profile. These rating weaknesses
are, however, partially offset by the GD Manglam group's
established track record in the trading business and healthy
relationships with customers.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GD Manglam, Sidh Designers Pvt Ltd,
Yogmaya Traders Pvt Ltd, Konark Exim Pvt Ltd, and DSM
International. This is because these entities together referred
to as the GD Manglam group, have a common board of directors and
senior management team, and have common procurement, marketing and
finance functions. The promoters have indicated that the all the
entities will support each other in case of any exigency.
About the Group
The GD Manglam group started trading activities in 1993. All the
entities in the GD Manglam group trade in ready-made garments,
hosiery, handicraft, fabrics, leather goods, and miscellaneous
products. The entities have common customers and suppliers. The
group entities have common bankers (Punjab National Bank) and
auditors (N Garg & Associates). For 2009-10 (refers to financial
year, April 1 to March 31), the group reported a profit after tax
(PAT) of INR0.07 billion on net sales of INR14.72 billion, as
against a PAT of INR0.03 billion on net sales of INR6.55 billion
in the previous year.
GLOBAL PRINTING: ICRA Assigns 'LBB' Rating to INR6.25cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of 'LBB' to the INR6.25 crore
fund based limits and INR7 crore Non-funds based limits of Global
Printing & Packaging Company Private Limited. ICRA has also
assigned an 'A4' rating to the INR1.75 crore non-fund based
facilities of the company. The long-term rating carries a stable
outlook.
The ratings take into consideration GPPCPL's long track record in
the printing business, its experienced management and its reputed
client base. However, the ratings are constrained by company's
small scale of operations, low net profit margins, low capacity
utilization and highly fragmented nature of the industry. While
assigning ratings ICRA has also taken note of the company's debt
funded expansion plans which might stretch the capitalization and
coverage indicators and constrain its liquidity owing to high debt
repayment obligations FY12 onwards. However, company's strong
cash and bank balances provide some comfort. Going forward, the
company's ability to expand its scale, shore up margins and keep
its working capital requirements in check will be the key rating
sensitivities.
Global Printing & Packaging Company Private Limited caters to the
needs of printing and packaging industry. The company is a
venture of Rajhans Printers Private Limited, incorporated in the
year 1997 and started production in 1999. The company performs
quality tests on raw materials and products, to ensure flawless
product range. Since 1998, GPPCPL is catering to the demands of
domestic and international markets, with their vast product range.
Recent Results
GPPCPL reported an operating income of INR21.83 crore and a profit
after tax of INR0.57 crore for 2009-10 as compared to an operating
income of INR21.33 crore and a profit after tax of INR1.61 crore
for 2008-09.
JINDAL SOFT: CRISIL Assigns 'BB-' Rating to INR55MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank loan
facilities of Jindal Soft Italia Seating Pvt Ltd.
Facilities Ratings
---------- -------
INR55.00 Million Cash Credit BB-/Stable (Assigned)
INR125.30 Million Term Loan BB-/Stable (Assigned)
INR5.00 Million Letter of Credit P4+ (Assigned)
and Bank Guarantee
The ratings reflect Jindal Soft's weak financial risk profile
marked by a small net worth, a high gearing, and weak debt
protection metrics. The ratings also reflect the company's small
scale of operations, and susceptibility to customer concentration
in revenue profile. These rating weaknesses are partially offset
by the extensive experience of Jindal Soft's promoters in the seat
manufacturing and seating system industry, and healthy growth in
topline.
Outlook: Stable
CRISIL believes that Jindal Soft's liquidity will remain weak over
the medium term because of low cash accruals vis-…-vis large debt
obligations and working capital requirements. The outlook may be
revised to 'Positive' in case of a significant ramp-up in sales
and profitability, leading to larger-than-expected cash accruals
and hence, an improvement in liquidity. Conversely, the outlook
may be revised to 'Negative' in case of any significant pressure
on liquidity because of lower-than-expected cash accruals or
larger-than-expected, debt-funded capital expenditure.
About Jindal Soft
Incorporated in 2006, Jindal Soft is a 74:26 joint venture (JV)
between the Madan Jindal group and Soft Italia, Italy (Soft
Italia). The company manufactures seats and seating systems for
automobiles. Jindal Soft is managed by Mr. Madan Jindal (managing
director) and his son, Mr. Abhishek Jindal. It has its unit at
Chakan in Pune (Maharashtra). Jindal Soft supplies to Bajaj Auto
Ltd for its Discover, Pulsar 135, and KTM vehicles. It also
supplies to Lear Automotive Pvt Ltd, for further supplies to
General Motors and Volkswagon for their Beat and Polo models
respectively.
Jindal Soft reported a profit after tax (PAT) of INR4.4 million on
net sales of INR177.9 million for 2009-10, against a loss of
INR2.7 million on net sales of INR97.3 million for 2008-09.
KHANNA & CO: Fitch Assigns 'BB' National Long-Term Rating
---------------------------------------------------------
Fitch Ratings has assigned India's Khanna & Co. Steel Ltd a
National Long-Term Rating of 'BB(ind)' with Stable Outlook. Fitch
has also assigned Khanna's INR300 million non-fund based limits an
'F4(ind)' rating.
The ratings reflect Khanna's thin operating margins, high price
volatility and intense competition in the mild steel products
trading market. The company's operating EBITDA margin has been
volatile at around 0.67% to 1.64% over FY07-FY10. The ratings
also factor in concentration risks as Khanna's top three customers
account for 94% of its total revenues; however, the company's
long-standing relationship with these customers helps mitigate the
risk to a certain extent.
The ratings benefit from Khanna's positive cash flow from
operation of INR25.8 million and free cash flow of INR29.08
million at FYE10 (end-March 2010). Furthermore, it is a debt-free
company, with cash and bank balance of INR59.57 million at FYE10.
The ratings also benefit from the company's strategies to lower
risk by minimizing its inventory holding period and low level of
receivables. The agency expects Khanna to maintain its zero-debt
status in the near term.
A sustained deterioration in Khanna's interest coverage to below
1.5x could impact the ratings negatively. Conversely, a sustained
improvement in its margins with low leverage could lead to a
positive rating action.
Established in 1951, Khanna is a Mumbai-based company. It is
involved in the trading of a wide spectrum of mild steel products.
In FY10, it had net revenue of INR1,126.6 million (FY09: INR535.24
million), EBITDA margin of 1.22% (FY09: 0.67%) and net income of
INR7.4 million (FY09: INR6.5 million). For H1FY11, the company
reported revenues of at INR624.9 million (H1FY10: INR335.5
million), EBITDA margin of 1.10% (H1FY10: 1.6%) and net income of
INR4.5 million (H1FY10: INR3.5 million).
MOHAN GEMS: CRISIL Withdraws Rating on Term Loan Facility
---------------------------------------------------------
CRISIL has withdrawn its rating on the term loan facility of Mohan
Gems and Jewels Pvt Ltd, as the term loan has been redeemed.
Facilities Ratings
---------- -------
INR500.0 Million Cash Credit B+/Stable
(Enhanced from INR280 Million)
INR20.0 Million Long-Term Loan B+/Stable (Withdrawn)
CRISIL's rating on the cash credit facility of MGJ's continues to
reflect MGJ's weak financial risk profile, and low operating
margin. These rating weaknesses are partially offset by the
benefits that MGJ derives from its healthy growth in revenues, its
efficient working capital management, and its promoters'
experience in the gold jewellery business.
Outlook: Stable
CRISIL believes that MGJ will maintain a stable business risk
profile over the medium term, supported by its promoters' industry
experience, and its healthy growth in revenues from both the
retail and wholesale segments. The outlook may be revised to
'Positive' if MGJ generates high net cash accruals, improving its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if MGJ's inventory position deteriorates resulting in
strained liquidity, or if gold prices decline steeply, impacting
the company's overall profitability, or if MGJ's gearing or
inventory levels increase without corresponding sales growth.
Update
MGJ's sales have increased by 105% to INR2175.7 million because of
an increase in gold prices as well as increase in sale of
quantity. For 2009-10 (refers to financial year, April 1 to March
31), MGJ reported sales of around 3752 kilograms of gold, an
increase of 25.7% from that in 2008-09. However, the company's
operating margin has declined by 143 basis points to 1.6% in 2009-
10 because of higher contribution from wholesale segment. In 2009-
10, contribution from wholesale segment has increased to 78% as
compared to 60% in the previous year. The operating margin is
lower in wholesale segment sales as compared to retail sales.
MGJ's financial risk profile is stable because of equity infusion
of INR31.5 million by promoters, and the absence of term debt
obligations. MGJ has utilised its bank limit of INR280 million at
an average of 67.2% over the 12 months through December 2010. The
company is currently increasing its bank limit by INR220 million
to meet its incremental working capital requirements. MGJ plans to
open a retail store in Gurgaon (Haryana) in 2011-12. The company
will take the store on lease basis and plans to invest around INR7
million to INR10 million for fit outs of the store. The capital
expenditure will be funded through internal accruals or equity
infusion.
MGJ reported a profit after tax (PAT) of INR5.7 million on net
sales of INR2175.7 million for 2009-10, against a PAT of INR3.4
million on net sales of INR1062.7 million for 2008-09.
About Mohan Gems
Set up in 2006 by Mr. Mukesh Soni and Mr. Murari Lal Soni, MGJ
manufactures gold jewellery ranging from 18 carats (cts) to 24
cts. The company specialises in the manufacture of 22 cts, hand-
made antique jewellery.
PADMASHRI DR. VITHALRAO: CRISIL Rates INR151MM Loan at 'BB-'
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Padmashri Dr. Vithalrao Vikhe Patil Foundation.
Facilities Ratings
---------- -------
INR151.0 Million Term Loan BB-/Stable (Assigned)
INR50.0 Million Cash Credit BB-/Stable (Assigned)
INR104.0 Million Proposed LT BB-/Stable (Assigned)
Bank Loan Facility
The rating reflects PVVPF's exposure to risks related to the
stringent regulatory framework governing the education sector.
These rating weaknesses are partially offset by the institute's
established track record, and promoters' reputation within the
education sector.
Outlook: Stable
CRISIL believes that PVVPF will maintain its business risk profile
over the medium term, supported by the steady demand for
professional education courses in Maharashtra. The outlook may be
revised to 'Positive' if PVVPF significantly scales up its
operations while maintaining or improving its capital structure
and debt protection metrics. Conversely the outlook may be
revised to 'Negative' if PVVPF's debt protection metrics weaken,
most likely because of a large, debt-funded capital expenditure or
in case of deterioration in the foundation's operating margin.
Set up in 1982, PVVPF provides professional education in the
medical, engineering, pharmacy, nursing, and management streams.
The foundation presently has around 3,800 students enrolled in its
various courses at its (consolidated) campus facility of about 150
acres at Ahmednagar (Maharashtra). The foundation was set up with
a purpose to offer technical and medical education in the rural
areas and to provide the masses with an access to affordable
professional education.
For 2009-10 (refers to financial year, April 1 to March 31), PVVPF
reported a surplus of INR51.5 million on operating revenues of
INR342.5 million; it reported a deficit of INR10.7 million on
operating revenues of INR305 million for 2008-09.
PATEL KENWOOD: CRISIL Reaffirms 'BB' Rating on INR40.1M LT Loan
---------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Patel Kenwood Pvt Ltd to 'Negative' from 'Stable',
while reaffirming the rating at 'BB'; the rating on the short-term
facility has been reaffirmed at 'P4+'.
Facilities Ratings
---------- -------
INR40.1 Million Long-Term Loan BB/Negative (Reaffirmed;
Outlook Revised From 'Stable')
INR14.0 Million Cash Credit BB/Negative (Reaffirmed;
Limits Outlook Revised From 'Stable')
INR7.5 Million Letter of Credit P4+ (Reaffirmed)
The outlook revision reflects CRISIL's belief that PKPL's
financial risk profile will deteriorate over the medium term,
following its large, ongoing debt-funded capital expenditure
(capex) programme. The company is undertaking a capex to increase
its capacity to 1.5 million square metres (sq mts) from the
existing capacity of 1.0 million sq mts. The total capex is
expected to cost INR147.5 million, INR110.0 million of which is
debt funded. This will result in the weakening of its capital
structure, as gearing is expected to increase to 1.5 times from
0.97 times as on March 31, 2010.
The ratings reflect PKPL's average financial risk profile, marked
by high gearing, and the commoditised nature of its product
offering. These weaknesses are partially offset by the company's
stable business risk profile, supported by high operating margin,
healthy offtake, and stable customer relationships.
Outlook: Negative
CRISIL believes that PKPL's debt protection metrics will weaken
over the medium term on account of its large, debt-funded capex
programme. The rating may be downgraded if there are delays in
project implementation, resulting in cost overruns or weakening of
its capital structure, or if its net cash accruals are lower than
expected, adversely impacting its debt repayment ability.
Conversely, the outlook may be revised to 'Stable' if the company
completes its ongoing capex without time or cost overruns and
generate healthy cash accruals from its expanded capacities while
sustaining its margins.
About Patel Kenwood
Incorporated in 1997, PKPL manufactures wood-free particle boards
in Surat (Gujarat). It was promoted by the Patel family, based in
Ankleshwar (Gujarat), headed by Mr. Chhaganbhai Patel. Between
1997 and 2006, PKPL was into importing and trading of wood. The
wood trading business has been stopped to set up a particle board
unit.
For 2009-10 (refers to financial year, April 1 to March 31), PKPL
reported a profit after tax (PAT) of INR3.3 million on net sales
of INR156.2 million, against a PAT of INR16.8 million and on net
sales of INR135.3 million, respectively, in the preceding year.
For the six months ended September 30, 2010, the company reported
a net profit of INR25.9 million on net sales of INR103.4 million,
against a net profit of INR17.7 million on net sales of INR82.3
million for the corresponding period of the previous year.
PRAKASH INDUSTRIAL: CRISIL Cuts Rating on Cash Credit to 'B-'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Prakash Industrial Infrastructure Pvt Ltd to 'B-/Stable' from
'B+/Stable', while reaffirming its rating on the short-term
facility at 'P4'.
Facilities Ratings
---------- -------
INR90.0 Million Cash Credit B-/Stable (Downgraded from
'B+/Stable')
INR15.0 Million Proposed LT B-/Stable (Downgraded from
Bank Loan Facility 'B+/Stable' )
INR50.0 Million Bank Guarantee P4 (Reaffirmed)
The downgrade is driven by the persistent stress on PIIPL's
liquidity, due to its stretched receivables position. PIIPL has
frequently overdrawn its cash credit limits over the past six
months, though the bank has allowed ad-hoc limits to the company
to fund its incremental working capital requirements. CRISIL
believes that PIIPL's liquidity will remain under stress over the
medium term and improve only after sustained realization of
receivables from customers. The utilization levels of PIIPL's
working capital limits will remain a rating sensitivity factor.
In 2009-10 (refers to financial year, April 1 to March 31), the
company reported healthy sales growth of 27%, mainly because of
growth in revenues from steel trading, an unrelated business
activity for the company. The company undertook opportunistic
trading in steel products during the year. However, the low
profitability business of steel trading led to a reduction in the
company's operating profit margin to 7.5% in 2009-10 from 10.2% in
2008-09. CRISIL does not expect PIIPL to trade in steel products
in 2010-11. The company is expected to focus on its core business
of civil construction. The company has an order book position of
around INR800 million of civil works as on date, giving it
moderate revenue visibility for the medium term. PIIPL's working
capital cycle, over the current year, is stretched, because of
delay in recovery of receivables.
The ratings continue to reflect geographical and sectoral
concentration in PIIPL's revenue profile, its small net worth, and
small scale of operations in the civil construction industry.
These rating weaknesses are partially offset by PIIPL's moderate
financial risk profile, marked by satisfactory debt protection
metrics, and the benefits the company derives from its promoters'
experience and industry relationships.
Outlook: Stable
CRISIL believes that PIIPL will maintain a stable credit risk
profile backed by its comfortable debt protection metrics. The
outlook may be revised to 'Positive' if PIIPL scales up and
diversifies its operations while improving its profitability and
strengthening its capital structure. Conversely, the outlook may
be revised to 'Negative' if the company undertakes a large, debt-
funded capital expenditure programme, thereby weakening its
capital structure.
About Prakash Industrial
Set up in 1975 as a partnership firm, PIIPL (formerly, Prakash
Constructions) was reconstituted as a private limited company in
2009; PIIPL is promoted by Mr. Dinesh Agrawal. The company
undertakes civil construction primarily for industrial projects in
the private sector. Its operations are concentrated in
Maharashtra.
PIIPL reported a profit after tax (PAT) of INR12.0 million on net
sales of INR604 million for 2009-10, as against a PAT of INR18
million on net sales of INR476 million for 2008-09.
PUSALA POWER: ICRA Assigns 'LD' Rating to INR15cr Bank Limits
-------------------------------------------------------------
ICRA has assigned 'LD' ratings to the INR15.00 crore fund based
limits of Pusala Power Projects Private Limited. The assigned
ratings take in account Pusala Power Projects Private Limited's
delays in meeting its interest and principal obligations. The
company's financial performance has been very weak owing to
extremely low power generation and high level of receivables,
which has led to large accumulated losses and almost full erosion
of the net worth.
Very poor operating performance of the plant makes the project
unviable. The plant has been operating at very poor PLF level of
2-4% since it started operation as against designed PLF of 47.40%.
Water flow at the plant site, which is dependent on water release
form Tungabhadra Dam and regenerated flow from seven dams, has
been very low which has resulted into low generation numbers over
the years. Also high levels of receivables have resulted into
extremely tight liquidity position for the company.
Pusala Power Projects Private Limited owns and operates 6 MW mini
hydel project on Tungbhadra river in Bellary district of
Karnataka.
RAJ RAJENDRA: ICRA Reaffirms 'LBB+' Rating to INR20.99CR Loan
-------------------------------------------------------------
ICRA has reaffirmed 'LBB+' rating to the INR20.99 crore long term
fund based & non-fund based limits of Raj Rajendra Textile Exports
Ltd. ICRA has also reaffirmed the 'A4+' rating to the INR8.00
crore short term fund based facilities of the company. The
outlook assigned to the long term rating is "Stable".
The reaffirmed rating continues to remain constrained by Raj
Rajendra's low profitability and coverage indicators with the
sales suffering a marginal decline and its moderately stretched
liquidity position arising from receivables. The rating also
considers its relatively small scale of business, and operations
in a highly competitive industry dominated by a large number of
unorganized players. Nevertheless, the rating continues to factor
in Raj Rajendra's diversified client base along with a moderate
improvement in capital structure on account of fund infusion by
promoters in the past. The management has a rich experience of
more than two decades in textile industry.
About Raj Rajendra
Formed in 1994, Raj Rajendra Textile Exports Ltd is engaged in
manufacture of apparel fabrics, primarily used for men's wear
catering to both domestic and export markets. The manufacturing
facility is located in Umergaon and Palghar while the marketing
activities are carried out from Mumbai.
Recent Results:
Raj Rajendra recorded a net profit of INR0.49 crore on an
operating income of INR69.64 crore for the year ending March 31,
2010. For the six months of financial year 2011, Raj Rajendra
recorded a net profit of INR1.12 crore on an operating income of
INR34.09 crore.
SATNAM GLOBAL: CRISIL Cuts Rating on Cash Credit to 'BB'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Satnam
Global Infraprojects Ltd to 'BB/Stable/P4+' from 'BBB+/Stable/P2'.
Facilities Ratings
---------- -------
INR70.0 Million Cash Credit BB/Stable (Downgraded from
'BBB+/Stable')
INR20.0 Million Proposed LT BB/Stable (Downgraded from
Bank Loan Facility 'BBB+/Stable')
INR450.0 Mil. Bank Guarantee P4+ (Downgraded from 'P2')
INR50.0 Mil. Letter of Credit P4+ (Downgraded from 'P2')
The downgrade reflects SGIL's weak liquidity and the decline in
its operating profitability to 7.7% in 2009-10 (refers to
financial year, April 1 to March 31) from 10% in 2008-09. The
company's bank limits were inadequate to cater to the increasing
scale of its operations (SGIL's operating income grew by around
98% in 2009-10), as reflected in multiple instances of overdrawn
limits from August 2010 to December 2010. The company's bank
limits were enhanced from INR70 million to INR160 million in
December 2010, but they continue to remain fully utilised. CRISIL
believes that SGIL's liquidity will remain weak over the medium
term, on account of its large working capital requirements.
The company's operating profitability declined as a large
proportion of its revenues are derived from bought-out items,
which yield lower margins than erection and commissioning
services. Its low profitability has led to a marginal
deterioration in its debt protection metrics.
The ratings reflect SGIL's weak liquidity, owing to large working
capital requirements and constrained business risk profile, due to
fixed price nature of contracts. These weaknesses are, however,
partially offset by SGIL's moderate financial risk profile, marked
by low gearing, healthy debt protection metrics, and moderate net
worth, and varied portfolio of services, catering to diversified
end-user industries, and increasing scale of operations.
Outlook: Stable
CRISIL believes that SGIL's liquidity will remain weak over the
medium term, owing to its large working capital requirements and
increasing revenue trajectory. The outlook may be revised to
'Positive' if SGIL's bank limits utilisation reduces, thereby
maintaining a cushion in case of an exigency, or in case of
significant improvement in the company's operating income and
profitability, leading to stronger cash accruals. Conversely, the
outlook may be revised to 'Negative if the company's bank limits
remain highly utilised, or if its operating income and
profitability decline, adversely affecting its financial risk
profile and cash accruals.
About Satnam Global
SGIL was established as a private limited company in 1987 by Mr.
Satnam Singh Sandhu and Mr. B K Jain. SGIL was reconstituted as a
public limited company in 2008. The company undertakes engineering
contracts involving erection, commissioning, and installation of
machines. SGIL also undertakes erection and commissioning of high
capacity diesel generator sets. SGIL has an established customer
base in the mechanical engineering segment including reputed
clients such as Bharat Heavy Electrical Ltd (rated
'AAA/Stable/P1+' by CRISIL), Nuclear Power Corporation of India
Ltd (rated 'AAA/Stable' by CRISIL), and Indian Farmers Fertiliser
Co-operative Ltd (rated 'AA-/ Stable/P1+' by CRISIL).
SGIL reported a profit after tax (PAT) of INR63.4 million on net
sales of INR1519.4 million for 2009-10, as against a PAT of
INR309.0 million on net sales of INR768.7 million for 2008-09.
SPUNPIPE & CONSTRUCTION: CRISIL Rates INR100M Cash Credit at 'BB'
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of The Spunpipe & Construction Company (Baroda) Pvt
Ltd.
Facilities Ratings
---------- -------
INR100.0 Million Cash Credit BB/Stable (Assigned)
INR7.5 Million Letter of Credit P4+ (Assigned)
INR32.5 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Spunpipe's modest scale of operations, limited
bargaining power with customers, large working capital
requirements, and exposure to cyclicality in real estate business.
These weaknesses are partially offset by the company's above-
average financial risk profile, marked by healthy debt protection
metrics and low gearing, and the extensive experience of its
promoters in the pipe manufacturing industries.
Outlook: Stable
CRISIL believes that Spunpipe will benefit over the medium term
from its established customer relationships and the healthy demand
outlook for the infrastructure segment. The outlook may be revised
to 'Positive' in case of better-than-anticipated increase in
revenues and sustained improvement in operating margin.
Conversely, the outlook may be revised to 'Negative' in case the
company's credit risk profile deteriorates due to a material
decline in revenues and operating margin, or due to any large,
debt-funded capital expenditure programme, or if it invests
aggressively in real estate ventures.
About The Spunpipe & Construction Company
Established in 1944, Spunpipe manufactures pipes, transformer
tanks and is also engaged in civil construction activities. The
company erects pipelines for corporations, refineries and water
supply boards. It also manufactures carbon steel pipes and
concrete pipes required in these civil works. Around 80% of its
business is tender based. The company has also ventured into the
real estate business, and plans to develop a residential property
on its Baroda factory land.
Spunpipe reported a profit after tax (PAT) of INR22.4 million on
net sales of INR224.2 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR17.6 million on
net sales of INR161.0 million for 2008-09.
SHREE COKE: CARE Assigns 'CARE BB' Rating to INR5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE BB' and 'pr4' ratings to the bank facilities of
Shree Coke Manufacturing Company Private Ltd.
Amount
Facilities (INR cr) Ratings
---------- ------- -------
Long-term Bank Facilities 5.0 'CARE BB' Assigned
Short-term Bank Facilities 20.0 'PR4' Assigned
Rating Rationale
The ratings are constrained by the company's short track record
of manufacturing operations, low scale of operations, working
capital intensive nature of the business, pollution hazardness of
the coke industry, lack of backward integration for basic raw
material (coking coal), risk of volatility in raw material &
finished goods prices, volatility in prices of trading materials,
low profit levels & margin with moderate leverage ratios, high
average collection period, dependence on the fortunes of steel
industry and stiff competition from organized and unorganized
sector players. The ratings also factor in considerable
experience of the promoter and strategic location of the plant in
terms of proximity to market and access to cheap labor. Ability
of the company to improve its profitability, future trend in sales
price realization vis-a-vis demand for the company's products,
price trend of key raw materials & trading materials and future
performance of the steel & coke industry are key rating
sensitivities.
About Shree Coke
Shree Coke Manufacturing Company Private Limited was set up as a
partnership firm in the name of M/s. Coke Manufacturing Company
(CMC) in 2004. In June 2008, the firm was taken over by its
present promoters -- Balaji group (headed by Shri Naresh Sharma).
Subsequent to takeover, the existing LAMC plant at Howrah was
refurbished and it commenced commercial production from
April 2010. Accordingly during the last two years, the firm was
effectively engaged in trading of steel, coking coal and LAMC. On
September 25, 2010, CMC was converted into a private limited
company and was rechristened as SCPL.
The company is engaged in manufacturing of Low Ash Metallurgical
Coke (LAMC) and trading of coking coal, LAMC and iron & steel
products (TMT bars, steel flat, etc.) in the domestic market.
SCPL earned PBILDT of INR1.7 crore (INR0.8 crore in FY09) and PAT
(after defd. tax) of INR0.3 crore (INR0.2 crore in FY09) on net
sales of INR55.9 crore for the year ended March 31, 2010 (INR28.6
crore in FY09). Current ratio was adequate as on March 31, 2010.
Both debt equity and overall gearing ratios were high as on
March 31, 2010, due to interest-free unsecured loans availed from
the promoters & associates with no fixed repayment schedule. If
the same are excluded from term debt, the debt-equity ratio would
be nil while overall gearing ratio would become 1.17 as on
March 31, 2010.
THANGA PRATAPH: ICRA Assigns 'LB+' Rating to INR11.25CR Loans
-------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR11.25 crore fund based
facilities and the INR0.67 crore non-fund based facilities of
Thanga Prataph Spinning Mills Private Limited. ICRA has also
assigned A4 rating to the INR1.0 crore non-fund based facilities
of TPSMPL.
The ratings factor in the Company's small scale of operations
restricting economies of scale and financial flexibility, the
intense competition in the highly fragmented industry restricting
pricing flexibility and vulnerability of the textile industry to
competition from low -cost countries. The ratings also take into
account the stretched financial profile characterized by continued
low profits, high gearing and weak coverage indicators. The
ratings take note of the experience of the promoters in the
textile business of over twenty five years.
Thanga Prataph Spinning Mills Private Ltd was incorporated in 1993
and started its commercial production in 1995 with 3,000 spindles
which was expanded to 14,928 spindles in 2008. The company
manufactures cotton yarns in the counts ranging from 10s to 62s.
During 2009-10, the company shifted it focus towards lower counts.
The company sells its products mainly through brokers to the
markets of Ichalkaranji, Biwandi, New Delhi and Coimbatore. TSPMPL
has a manufacturing facility at Rajapalayam.
Recent Results
For the first eight months of financial year 2010-11, TPSMPL
reported a net profit of INR0.2 crore on an operating income of
INR7.5 crore (unaudited).
=================
I N D O N E S I A
=================
BERLIAN LAJU: Fitch Gives Stable Outlook; Affirms 'B-' Rating
-------------------------------------------------------------
Fitch Ratings has revised Indonesia-based PT Berlian Laju Tanker
Tbk's Outlook to Stable from Negative. Its Long-Term Foreign and
Local Currency Issuer Default Ratings have been affirmed at 'B-',
respectively.
At the same time, the agency has upgraded BLT Finance B.V.'s
US$400 million senior unsecured notes due 2014 to 'CCC' from 'CC'
and revised the Recovery Rating to 'RR5' from 'RR6'. The notes
are guaranteed by BLT.
"The revision of Outlook to Stable reflects the significant
improvement to BLT's liquidity profile due to its successful debt
refinancing, which reduces its debt servicing requirement, and a
material reduction of its capex for 2011 and 2012," said Buddhika
Piyasena, Director in Fitch's Asia-Pacific Corporates team.
BLT announced that it has refinanced US$593 million of offshore
US$ bank debt with a new credit facility of US$685 million. The
refinancing package reduces BLT's debt amortizing burden by US$166
million for 2011-2013. This is a significant reduction given
BLT's weak liquidity profile prior to the refinancing. In
addition, the company has substantially reduced the outlay for
newbuilds to US$122 million from US$240 million in 2011 and to
US$52 million from US$80 million in 2012.
BLT has US$70 million from the new financing package to fund the
majority of its capex in 2011. Fitch expects that BLT will use a
mix of debt and sale-and-lease back to fund the remaining capex
through 2012. In assessing BLT's liquidity, Fitch also factors in
the company's cash reserves of US$160m at end-September 2010 and
its stabilizing operating cash generation. In the nine months to
September 2010, BLT generated an EBITDA of US$189 million.
However, BLT faces some refinancing risks in 2012 and, possibly,
in 2013. It has US$120 million equivalent of Indonesian rupiah
bonds falling due in May and July of 2012, while holders of the
US$125 million convertible bond issued in 2010 have an option to
put the notes to the company in 2013. In addition, BLT has US$400
million notes falling due in 2014. Although the improved
liquidity profile makes it easier for BLT to access funding, Fitch
notes that the non-availability of unencumbered assets limits its
refinancing options. These refinancing risks and BLT's still weak
liquidity make a positive rating action unlikely over the short-
to-medium term.
On the other hand, the ratings could come under pressure from a
deterioration in BLT's liquidity due to weaker-than-expected
operating cash generation, the company not being able to
adequately address its refinancing needs in a timely manner and/or
an unexpected increase in capex.
The revision of the Recovery Rating on the US$ notes reflects
improved recovery prospects following the increased value of BLT
ships in 2010 due to stabilization of the shipping market.
However, the 'RR5' rating indicates that recovery prospects given
default for BLT's unsecured notes are still below average.
=========
J A P A N
=========
ORSO FUNDING: S&P Affirms Ratings on Two Trust Certificates
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on the
class B and C trust certificates issued under the Orso Funding
CMBS 5 Trust transaction, and removed them from CreditWatch with
negative implications, where they were placed on Oct. 7, 2010 and
kept on Nov. 24, 2010. At the same time, S&P affirmed the ratings
on class A, classes D to F, and class X.
Of the loans that initially backed the transaction, only four
loans remain. Three of the four loans have defaulted, one on its
maturity date in April 2009, and the other two on their respective
maturity dates in January 2011.
Under the transaction agreement, principal on the trust
certificates is set to be redeemed pro rata provided that the
underlying nonrecourse loans are repaid as scheduled.
Accordingly, should the principal of any performing loan be repaid
before collection operations relating to the defaulted loans are
completed, the principal proceeds from the performing loans would
be used to make payments not only to the upper-level tranches, but
to the lower-level tranches as well. In such a case, the credit
enhancement for the upper-level tranches would decline.
On Nov. 24, 2010, S&P had lowered its ratings on the class B to F
trust certificates and kept the ratings on classes B and C on
CreditWatch negative because S&P had assumed that the principal of
the three loans that continued to perform at that time might be
used to redeem the trust certificates pro rata.
S&P affirmed its ratings on classes B and C and removed them from
CreditWatch negative because:
Two of the three loans that continued to perform as of Nov. 24,
2010 defaulted in January 2011 due to nonrepayment. Accordingly,
the risk of decline in credit enhancement has diminished for the
upper-level tranches. It is S&P's view that, even if the
remaining performing loan is repaid as scheduled on its maturity
date in February 2011 and the trust certificates are redeemed pro
rata, there will be little impact on the credit enhancement for
the upper-level tranches.
Orso Funding CMBS 5 Trust is a multiborrower commercial mortgage-
backed securities transaction. The trust certificates were
originally backed by nonrecourse loans to seven obligors, and the
loans were secured by 43 real estate properties. This transaction
was arranged by Bear Stearns (Japan) Ltd. Tokyo Branch. Premier
Asset Management Co. acts as servicer for this transaction.
Standard & Poor's ratings address the full and timely payment of
interest and ultimate repayment of principal by the transaction's
legal final maturity date in February 2013 for the class A
certificates, the full payment of interest and ultimate repayment
of principal by the legal final maturity date for the class B to F
certificates, and the timely payment of available interest for the
interest-only class X certificates.
Ratings Affirmed, Off Creditwatch Negative
Orso Funding CMBS 5 Trust
JPY33.25 billion commercial real estate-backed trust certificates
due February 2013
Class To From Initial issue amount
----- -- ---- --------------------
B A (sf) A (sf)/Watch Neg JPY3.9 bil.
C BBB- (sf) BBB- (sf)/Watch Neg JPY3.8 bil.
Ratings Affirmed
Orso Funding CMBS 5 Trust
Class Rating Initial issue amount
----- ------ --------------------
A AAA (sf) JPY17.7 bil.
D B (sf) JPY3.9 bil.
E CCC- (sf) JPY3.7 bil.
F CCC- (sf) JPY0.25 bil.
X AAA (sf) JPY33.25 bil.*
* Notional principal
The issue date was Aug. 21, 2006.
===============
M A L A Y S I A
===============
TRANSMILE GROUP: Bourse to Suspend Trading of Shares on March 7
---------------------------------------------------------------
Bursa Malaysia Securities Berhad will suspend trading of Transmile
Group Berhad's securities on March 3, 2011, due to the Company's
failure to submit its regularization plan to the Securities
Commission and other relevant authorities for approval.
The securities of the Company will be de-listed on March 7, 2011,
unless an appeal is submitted to Bursa Securities on or before
March 2, 2011. Any appeal submitted after the appeal timeframe
will not be considered by Bursa Securities.
In the event the Company submits an appeal to Bursa Securities
within the appeal timeframe, the removal of the securities of the
Company from the Official List of Bursa Securities on March 1,
2011, shall be deferred pending the decision on the Company's
appeal.
The bourse said the Company's securities may remain deposited
with Bursa Depository notwithstanding its delisting. However,
shareholders who intend to hold their securities in the form of
physical certificates can withdraw them from the Central
Depository System accounts maintained with Bursa Depository at
anytime after the securities of the companies have been delisted.
Shareholders will be required to submit an application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository. These shareholders can contact any Participating
Organization of Bursa Securities and/or Bursa Securities'
general line at 03-2034 7000.
Upon the delisting, the Company will continue to exist but as an
unlisted entity. The Company will still continue its operations
and business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance.
However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa Securities.
About Transmile Group
Transmile Group Berhad is an investment holding company. The
Company is engaged in provision of air transportation and related
services. The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which provides air transportation and related
services and deals in aircraft, aircraft parts and equipment;
Transmile Thailand Sdn. Bhd., which is engaged in investment
holdings; Transmile Management Sdn. Bhd., which provides
management services; Viunique Corporation Sdn. Bhd., which leases
aircraft; and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.
* * *
Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.
According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.
VASTALUX ENERGY: Winding-Up Order Triggers Additional Criteria
--------------------------------------------------------------
Vastalux Energy disclosed that the Company has triggered an
additional criteria under Paragraph 2.1 (c) of the PN 17 of the
Main Market LR pursuant to the winding-up of the Company's major
subsidiary, Vastalux Sdn. Bhd.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 4, 2011, the High Court of Malaya issued a winding-up order
on Vastalux Sdn. Bhd. The court also ordered that the Director
General of Insolvency may be appointed as provisional liquidator
of VSB and the costs of the petition be paid out of the assets of
VSB. Hot-Hed (M) Sdn. Bhd. served winding-up petition against
Vastalux Sdn. Bhd. in April 2010. The company said the powers of
the Board of Directors and Officers of VSB will cease upon the
appointment of a liquidator.
The financial impact resulting from the Court Order is expected to
be substantial as there would be loss of future income from VSB,
the company added. The operational impact is also expected to be
significant as the VEB Group would not be able to undertake any
activities under VSB.
About Vastalux Energy
Vastalux Energy Berhad (KUL:VASTALX) is a Malaysia-based
investment holding company. The Company, through Vastalux Sdn.
Bhd., is engaged in the provision of offshore and onshore hook-up
and commissioning, offshore topside and onshore facilities
maintenance services, offshore and onshore minor fabrication works
and charter of marine vessel. Its indirect subsidiaries are
Vastalux Fabricators Sdn. Bhd., which is engaged in workshop and
fabrications job; Vastalux Onshore Services Sdn. Bhd., which is
engaged in onshore construction of oil and gas plant; Vastalux
Capital Sdn. Bhd.; Vastalux E&C Sdn. Bhd., which is engaged in the
provision of top side major maintenance works; Vastalux Offshore
Services Sdn. Bhd., which is engaged in hook-up and commissioning
works; Vastalux Marine Sdn. Bhd.; Merak Utama Sdn. Bhd, which is
engaged in under water inspection for structural integrity; PT
Vastalux Energy; V-Factor Sdn. Bhd., and Vastalux-Anpha Company
Limited.
Vastalux Energy Berhad has been considered a PN17 Company pursuant
to Paragraph 2.1(e) of PN17.
The PN17 criteria was triggered as a result of an expressed
modified opinion with emphasis on the company's going concern on
the latest audited consolidated financial statements for the
financial year ended December 31, 2009, and shareholders' equity
of the company on a consolidated basis as at September 30, 2010,
is less than 50% of the issued and paid-up share capital of VEB as
at September 30, 2010.
=================
S I N G A P O R E
=================
CLOUD 9 LIFESTYLE: Major Shareholder Calls In Liquidators
---------------------------------------------------------
Straits Times Indonesia reports that permanent liquidators have
been named to wind up Cloud 9 Lifestyle, the only company that
sold Manolo Blahniks shoes in Singapore.
The Strait Times Indonesia discloses that the shoes are named
after Spanish designer Manolo Blahnik, who is famous for his
stiletto heels, and they can cost up to S$1,000 a pair. They were
sold at two shops, at Marina Bay Sands (MBS) and Hilton Hotel,
owned by Cloud 9 Lifestyle.
According to the report, the firm is run by Jamie Chua, who is
locked in a bitter divorce suit with businessman Nurdian Cuaca.
Cloud 9's majority shareholder is a firm called D'League, which is
substantially owned by Cuaca.
The Strait Times relates that Ms. Chua had appointed temporary
liquidators to wind up Cloud 9 Lifestyle. But D'League voted last
week at a creditors' meeting to replace them with permanent
liquidators Chia Soo Hien and Leow Quek Shiong from international
audit firm BDO, the Strait Times Indonesia says.
According to the Strait Times Indonesia, Ms. Chua's lawyer, Salem
Ibrahim, said the franchise comes to an end the moment the company
is put into liquidation.
The Singapore franchise was obtained from Hong Kong-based Manolo
Blahnik supplier Larry Fong, who also helps the brand's London
head office find new franchisees in the region.
Mr. Fong, who owns and has run the Manolo Blahnik outlets in
Hong Kong for more than 20 years, described the turn of events
here as "unfortunate and embarrassing."
This is the second time a Manolo Blahnik outlet in Asia has
closed. The first happened last October in Jakarta. Mr. Fong said
he is in talks with several companies which are keen to buy and
run the franchise in Singapore.
Cloud 9 Lifestyle owes more than $1.6 million to D'League alone,
official company records show. Other creditors include landlords
MBS and Hilton Hotel for the shop space as well as staff who are
owed wages.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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
*********
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.
*** End of Transmission ***