/raid1/www/Hosts/bankrupt/TCRAP_Public/110331.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
Thursday, March 31, 2011, Vol. 14, No. 64
Headlines
A U S T R A L I A
ARISTOCRAT LEISURE: S&P Withdraws 'BB+' Corporate Credit Rating
COLORADO GROUP: Lenders Call In Ferrier Hodgson as Receivers
PERFUME EMPIRE: Westpac Appoints Woodgate as Receiver
C H I N A
CHINA CENTURY: Faruqi & Faruqi Investigates Potential Wrongdoing
CHINA INTELLIGENT: MaloneBailey Resigns Due to Accounting Fraud
FUFENG GROUP: S&P Assigns 'BB' Long-Term Corp. Credit Rating
FUQI INTERNATIONAL: NASDAQ to Delist Securities on March 29
GLOBAL DAIRY: S&P Assigns 'B' Long-Term Corporate Credit Rating
SINOBIOMED INC: CEO Yu Has Option to Buy 5MM Shares of Stock
H O N G K O N G
AGI LOGISTICS: Osman Mohammed Arab Appointed as New Liquidator
AP LEI: Creditors' Proofs of Debt Due April 26
CRYSTAL JADE: Osman Mohammed Arab Appointed as New Liquidator
CHEONG PUI: Osman Mohammed Arab Appointed as New Liquidator
CHINA (INTERNATIONAL): Court to Hear Wind-Up Petition on April 27
DIAMOND COAST: Court to Hear Wind-Up Petition on April 27
FASTWELL KNITWEAR: Creditors' Proofs of Debt Due April 26
FORTUNE ALLY: Creditors' Proofs of Debt Due April 28
GOODWIN MARINE: Members and Creditors' to Meet on April 27
GRAND MARINE: Members and Creditors' to Meet on April 27
KPN WHOLESALE: Members' Final Meeting Set for April 26
MANNIX PRINTING: Placed Under Voluntary Wind-Up Proceedings
PRIME VIEW: Commences Wind-Up Proceedings
SG ASSET: Commences Wind-Up Proceedings
SULAWESI INVESTMENT: Commences Wind-Up Proceedings
TRUE CHILDREN'S: Creditors' Proofs of Debt Due April 26
TRU (HK): Members' Final Meeting Set for April 29
VASSAR CHINESE: Members' Final Meeting Set for April 30
VICTORY CITY: Commences Wind-Up Proceedings
VIGERS HONG KONG: Annual Meetings Set for April 7
WISELION LIMITED: Mok Wai Kwong Appointed as Liquidator
WEATHERFORD HK: Creditors' Proofs of Debt Due April 21
I N D I A
BHAGABAN MOHAPATRA: CARE Assigns 'CARE BB' Rating to INR3.7cr Loan
BLA POWER: ICRA Reaffirms 'LBB+' Rating on INR325.1cr Term Loan
DHANLAXMI SOLVEX: CARE Assigns 'CARE BB+' Rating to LT Bank Loans
DOOR SANCHAR: ICRA Assigns 'LBB' Rating to INR24.15cr Term Loans
HALE ELECTRONICS: Fitch Assigns 'B' National Long-Term Rating
HOLY FAITH: CRISIL Assigns 'BB+' Rating to INR30 Million LT Loan
IAC INTERNATIONAL: ICRA Assigns 'LBB' Rating to INR26cr LT Loans
LAXMI AGRO: ICRA Assigns 'LB+' Rating to INR9.0cr Fund Based Limit
MAHAVEER GINNING: ICRA Assigns 'LBB-' Rating to INR8.45cr Facility
MANAPPURAM JEWELLERS: ICRA Assigns 'LBB+' Rating to INR50cr Loan
SCORPIOS APPARELS: ICRA Reaffirms 'LBB+' Rating on LT Loan
SJLT SPINNING: ICRA Assigns 'LB+' Rating to INR24.91cr Term Loan
S.R.S TRAVELS: ICRA Assigns 'LBB+' Rating to INR20cr LT Loan
UV BOARDS: ICRA Assigns 'LBB' Rating to INR6.6cr Term Loan
VINYL PACKS: ICRA Assigns 'LBB-' Rating to INR10cr LT Loan
VMS INDUSTRIES: CARE Places 'CARE BB' Rating on INR10.16cr LT Loan
N E W Z E A L A N D
BRIDGECORP LTD: Directors Still Awaits Decision on Legal Aid Bid
DESIGNLINE INTERNATIONAL: Faces Second Liquidation Application
NUPLEX INDUSTRIES: Sends Offers of Compensation to Shareholders
PIKE RIVER: Coalmine Entry Still Too Risky, Receivers Say
P H I L I P P I N E S
BANCO FILIPINO: Court Orders BSP to Answer Stockholders' Suit
T H A I L A N D
TRUE CORPORATION: Rights Issue Won't Affect Moody's 'B2' Rating
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A U S T R A L I A
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ARISTOCRAT LEISURE: S&P Withdraws 'BB+' Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'BB+' corporate credit and senior-unsecured debt ratings on
Aristocrat Leisure Ltd. The ratings were withdrawn at the
company's request.
The outlook on the corporate credit rating was negative before the
withdrawal.
COLORADO GROUP: Lenders Call In Ferrier Hodgson as Receivers
------------------------------------------------------------
Colorado Group Limited was placed in receivership on March 30,
2011, following the board's appointment of Deloitte as voluntary
administrators.
Colorado Group incorporates five well-known brands -- JAG, Diana
Ferrari, Colorado, Mathers, Williams -- with 434 stores across
Australia and New Zealand.
Ferrier Hodgson partners James Stewart, Brendan Richards and Will
Colwell were appointed receivers and managers over the group. The
appointment was made by the syndicate of secured creditors owed
AU$400 million.
Receiver James Stewart said the group's decline in performance was
largely driven by the poor performance of the Colorado-branded
stores. The other brands are performing well given market
conditions.
"Mathers and Williams are the largest specialty footwear brands in
Australia, while JAG and Diana Ferrari are also very good
businesses," Mr. Stewart said.
Mr. Stewart said it would be business as usual while the Receivers
look at the restructuring and realization opportunities for the
group.
He also confirmed all employee entitlements are protected and that
all gift cards and lay-bys will be honoured.
* * *
The Australian reports that Colorado Group released a statement
asserting it had put two proposals to its lenders that would have
allowed the group to continue trading without having to call in
administrators.
The proposals, according to The Australian, were not accepted by
all the lenders within the 12-bank syndicate understood to be led
by National Australia Bank, Mizuho Corporate and Rabobank.
"The board and management last week put forward a proposal
formulated with management and our advisers, KPMG, detailing a
plan which recommended a way forward for the company and would
have secured increased returns to lenders," the company said,
according to The Australian.
"Unfortunately, both proposals were not supported by the requisite
number of lenders.
"It remains the firm view of the board that this alternate course
of action would have better served the interests of all the
company's lenders, the business and its brands, the company's
employees and external stakeholders, including suppliers and
landlords."
Colorado Group, which was bought by Affinity Equity Partners in
2007 for AU$430 million, has struggled since last year with poor
consumer sentiment and weak economic conditions hurting its bottom
line, according to The Australian.
About Colorado Group
Colorado Group -- http://www.coloradogroup.com.au/-- is a leading
footwear and apparel retailer and wholesaler with more than 430
stores in Australia and New Zealand operating under the divisions
of Colorado, Mathers, Williams, diana ferrari, Jag, and Pairs.
The group employs approximately 3,800 people.
PERFUME EMPIRE: Westpac Appoints Woodgate as Receiver
-----------------------------------------------------
James Thomson at SmartCompany reports that Perfume Empire has been
placed in the hands of receivers, just six months after its
owners, Richard and Christine Matta, appeared on the BRW Young
Rich list with a fortune of AU$58 million.
SmartCompany relates that the chain, which has 34 stores around
Australia, with the majority in New South Wales, was placed in the
hands of administrator Giles Woodgate of accounting firm Woodgate
& Co on March 28, 2011.
Woodgate told SmartCompany that receiver Quentin Olde of
insolvency firm Taylor Woodings was subsequently appointed to the
business on March 29 and is now in control.
The chain remained open for business Tuesday and was still trading
Wednesday morning.
Mr. Olde told SmartCompany that he could not guarantee the
business would continue to trade in the short-term.
Mr. Olde, who now acts for secured creditor Westpac Bank, said the
appointment of administrators was unexpected, according to
SmartCompany. "The appointment has come as a bit of a surprise to
the bank so obviously our role is assessing what is going on and
what has happened," he stated.
Richard and Christina Matta started Perfume Empire in 2003, a year
after the pair started their first pharmacy business. According
to SmartCompany, sales at the perfume counter were poor and
Richard brought in his wife Christina, who had experience in
retail and fashion, to try and turn things around.
The difficult retail environment combined with razor thin margins
that are typical of discount perfume businesses may have also
contributed to the collapse, SmartCompany notes.
Australia-based Perfume Empire operates a discount perfume chain.
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C H I N A
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CHINA CENTURY: Faruqi & Faruqi Investigates Potential Wrongdoing
----------------------------------------------------------------
Faruqi & Faruqi, LLP, a national law firm concentrating on
investors rights, consumer rights and enforcement of federal
antitrust laws, is investigating potential wrongdoing at China
Century Dragon Media, Inc. Faruqi & Faruqi seeks to determine
whether China Century has violated federal securities laws by
issuing false and misleading financial statements to its
shareholders, in particular in connection with its May 2010
private placement or its February 2011 public offering of its
common stock.
On March 28, 2011, China Century disclosed that its independent
auditor, MaloneBailey of Houston, had withdrawn its audit opinions
for 2008 and 2009 and formally resigned, the American Stock
Exchange had issued a delisting notice and the Securities and
Exchange Commission was investigating. MaloneBailey cited
discrepancies noted on customer confirmations and the auditor's
inability to directly verify the bank records. The auditor
believes that accounting irregularities that may create material
errors in previously disclosed financial statements may indicate
falsification of records. MaloneBailey's resignation led AMEX to
delist China Century's common stock and the SEC to initiate a
formal, non-public investigation into whether the Company had made
material misstatements or omissions concerning its financial
statements, including cash accounts and accounts receivable. The
SEC has served a subpoena for documents on China Century. In
response, China Century's Board claims to have formed a special
committee to investigate these matters.
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP -- http://www.faruqilaw.com/-- is a boutique
law firm, representing investors, consumers and companies in the
prosecution of claims under state corporate and consumer laws and
the federal securities and antitrust laws. The firm is focused on
providing exemplary legal services in complex litigation. Founded
in 1995, the firm maintains its principal office in New York City,
with offices in Delaware, California, Florida and Pennsylvania.
About China Century
China Century Dragon Media is a television advertising company in
China that primarily offers blocks of advertising time on certain
channels on China Central Television, the state television
broadcaster of China and China's largest television network. The
Company purchases, repackages and sells advertising time on
certain of the nationally broadcast television channels of CCTV.
CHINA INTELLIGENT: MaloneBailey Resigns Due to Accounting Fraud
---------------------------------------------------------------
China Intelligent Lighting and Electronics, Inc., announced on
March 29, 2011, that the Company's engagement with its registered
independent accounting firm, MaloneBailey LLP has been formally
terminated. On March 23, 2011, the Company provided notice of
termination to MaloneBailey as the Company's auditor, effective
immediately. On March 24, 2011, the Company received a notice of
resignation from MaloneBailey indicating that MaloneBailey is
terminating its engagement with the Company, effective
immediately. The Company has begun to seek to retain a new
auditor.
The Resignation Letter described MaloneBailey's resignation being
due to accounting fraud involving forging of the Company's
accounting records and forging bank statements, in addition to
other discrepancies identified in the Company's accounts
receivable. The Resignation Letter indicated that MaloneBailey
believed that the accounting records of the Company have been
falsified, which constitutes an illegal act. Furthermore,
MaloneBailey's letter notes that the discrepancies could indicate
a material error in previously issued financial statements. As a
result, MaloneBailey stated that it is unable to rely on
management's representations as they relate to previously issued
financial statements and it can no longer support its opinion
related to the Company's financial statements for the year ended
and as of Dec. 31, 2009.
On March 24, 2011, Michael Askew resigned as a member of the Board
of Directors of the Company, effective immediately, including his
position as the Chairman of the Company's Audit Committee.
Mr. Askew submitted his resignation to the Board via email on
March 24, 2011, approximately the twelve month anniversary of
appointment, indicating that his resignation was due to, among
other things, the circumstances relevant to his limited ability to
provide assistance and advice to the Company in the present
situation, including but not limited to the Board not seeking
Mr. Askew's input or professional services during his term on the
Board.
On March 24, 2011, the Company received a preliminary information
request from Amex requesting additional information. The Company
intends to fully cooperate with NYSE Amex regarding this matter.
The Company was also recently notified by the staff of the U.S.
Securities and Exchange Commission that it has initiated a formal,
nonpublic investigation into whether the Company had made material
misstatements or omissions concerning its financial statements,
including cash accounts and accounts receivable. The SEC has
informed the Company that the investigation should not be
construed as an indication that any violations of law have
occurred. On March 24, 2011, the SEC served the Company a
subpoena for documents relating to the matters under review by the
SEC. The Company is committed to cooperating with the SEC. It is
not possible at this time to predict the outcome of the SEC
investigation, including whether or when any proceedings might be
initiated, when these matters may be resolved or what, if any,
penalties or other remedies may be imposed.
In light of these events, the Board of Directors of the Company
has formed a Special Investigation Committee consisting of
independent members of the Board of Directors to launch an
investigation with respect to the concerns of MaloneBailey. The
Committee is authorized to retain experts and advisers, including
a forensic accounting firm and independent legal advisors, in
connection with its investigation. The Company does not intend to
provide further comment regarding the allegations until after the
conclusion of the Special Committee's investigation.
The Company expects the filing of its Annual Report on Form 10-K
for the year ended Dec. 31, 2010, will be delayed until completion
of the internal investigation, engagement of a new auditor and
audit of the Company's financial statements. The Company is
unable to provide an estimated date of filing of the Form 10-K at
this time.
About China Intelligent
China Intelligent Lighting and Electronics, Inc., is a China-based
company that provides a full range of lighting solutions,
including the design, manufacture, sales and marketing of high-
quality LED and other lighting products for the household,
commercial and outdoor lighting industries in China and
internationally. The Company currently offers over 1,000 products
that include LEDs, long life fluorescent lights, ceiling lights,
metal halide lights, super electric transformers, grille spot
lights, down lights, and recessed and framed lighting.
FUFENG GROUP: S&P Assigns 'BB' Long-Term Corp. Credit Rating
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term corporate credit rating to Fufeng Group Ltd., a
China-based manufacturer of corn-based biochemical products. The
outlook is stable. At the same time, Standard & Poor's assigned
its 'BB' issue rating to the proposed issue of senior unsecured
notes due 2016. The rating on the notes is subject to S&P's
review of the final documentation for the notes issuance. The
company intends to use the issue proceeds to primarily fund
expansion in northeast China and for general corporate purposes.
"The rating on Fufeng reflects the company's proposed debt-funded
expansion, its limited geographic and product diversity, and a
potential decline in margins. Fufeng's strong domestic market
position in monosodium glutamate, its good operating efficiency,
and established network temper these weaknesses. The company's
track record of prudent operating and financial management is an
additional strength," said Standard & Poor's credit analyst Joe
Poon.
In S&P's view, Fufeng has a fair business risk profile. S&P
expects the company's debt-funded expansion to increase leverage
and execution risk. Fufeng plans to invest Chinese renminbi 2.40
billion to expand production capacity in northeast China. S&P
believes its track record in developing and operating its
production base in Inner Mongolia partly offsets the risk. The
company's diversified customer base in China and an established
sales and distribution network offer additional support.
S&P expects Fufeng's geographic coverage and product diversity to
be limited over the next few years. The company derives most of
its sales in China, and MSG accounted for about 60% of total sales
in 2010.
S&P believes Fufeng's margins could fluctuate due to volatile raw
material costs. The company has limited pricing power over its
key inputs--corn and coal--and is exposed to agricultural risk.
In the first half of 2010, corn and coal accounted for 72% of the
cost of MSG and 69% of xanthan gum.
"In S&P's opinion, Fufeng's good operating efficiency stems from
its vertically integrated business model. The company's margins
are above average compared with domestic peers' because its
production bases are in lower-cost areas," said Mr. Poon. "We
expect capacity expansion in northeast China to strengthen the
company's market position in China, drive growth, and sustain its
cost advantage over competitors."
Fufeng has a significant financial risk profile, in S&P's view.
Its liquidity is adequate and, despite a material increase in
debt-funded capital spending, its financial performance is in line
with a 'BB' rating. S&P expects Fufeng's cash generation to
remain satisfactory. The growing demand for MSG in China's food,
beverage and food service industry support its cash flow.
In S&P's opinion, the company management has been disciplined
toward expansion. It has a good track record of controlling
leverage while expanding capacity. Despite nearly tripling
revenue from 2007-2010, the company maintained moderate leverage.
Its adjusted ratio of total debt to EBITDA was between 0.5x and
4.2x and the adjusted total debt-to-total-capital ratio was
between 20.0% and 35.1% over the same period.
Fufeng has adequate liquidity, in S&P's view. As of Dec. 31,
2010, it had cash and cash equivalents of about RMB915.2 million,
compared with short-term debt of about RMB555 million. The
company has RMB2.56 billion in available undrawn onshore banking
facilities.
The company has substantial capital expenditure and is likely to
generate negative free operating cash flow over the next two
years. Nevertheless, with the proposed notes issue, S&P expects
cash on hand and cash flow from operations to be sufficient to
service debt and meet capital expenditure and working capital
needs. S&P has not factored any major acquisitions into the
ratings.
The stable outlook reflects S&P's expectation that Fufeng is
likely to strengthen its position in the MSG segment with new
capacity and diversify its product mix. S&P also expect the
company to have sufficient liquidity and cash flow to cope with
capacity expansion. S&P expects Fufeng's ratio of adjusted total
debt to EBITDA to increase to more than 2.5x following the
proposed notes issuance, but gradually decline.
S&P could lower the rating if:
* Fufeng's profitability deteriorates materially such that its
EBITDA margin consistently stays below 15% or ratio of adjusted
total debt to EBITDA stays above 3.5x;
* The company increases its capital expenditure substantially
beyond its current plan or makes major acquisitions;
* The company poorly executes capacity expansion or demand for its
products is significantly lower than S&P's expectation; or
* Shifts in supply or demand significantly reduce sales volume or
change achievable profit margins.
The inherent lack of diversity in Fufeng's business limits the
rating upside in the next few years. Beyond that, S&P could raise
the rating if Fufeng executes its expansion, increases geographic
coverage, and improves product mixes, while maintaining a robust
financial performance.
FUQI INTERNATIONAL: NASDAQ to Delist Securities on March 29
-----------------------------------------------------------
FUQI International, Inc., announced on March 29, 2011, that, as
anticipated, the Company received written notice on March 28,
2011, that the NASDAQ Listing Qualifications Panel has determined
to delist the Company's securities from The NASDAQ Stock Market,
effective with the open of business on Tuesday, March 29, 2011.
As previously announced, the Company has been advised by Pink OTC
Markets Inc., which operates an electronic quotation service for
securities traded over-the-counter, that its securities are
immediately eligible for quotation on the Pink Sheets. The
Company anticipates that its shares will continue to trade under
the symbol FUQI. Investors can view real time stock quotes for
FUQI at http://www.otcmarkets.com.
About FUQI International
Based in Shenzhen, China, FUQI International, Inc. is a leading
designer, producer and seller of high quality precious metal
jewelry in China. FUQI develops, promotes, manufactures and sells
a broad range of products consisting of unique styles and designs
made from gold and other precious metals such as platinum and
Karat gold.
GLOBAL DAIRY: S&P Assigns 'B' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to Global Dairy Holdings
Ltd., a Chinese-based maker of milk powder products. The outlook
is stable. S&P also assigned a 'B' issue rating to GDH's proposed
senior-unsecured notes. The rating on the notes is subject to
S&P's review of the final documentation for the notes issuance.
The company intends to use the issue proceeds for capital
expenditure, working capital, and general corporate purposes.
"The rating on GDH reflects S&P's view of the company's relatively
smaller scale compared to its peers, the highly fragmented and
competitive dairy market, and GDH's aggressive growth strategy to
expand upstream into dairy farm operations," Standard & Poor's
credit analyst Joe Poon said. "These weaknesses are partly
tempered by S&P's opinion of GDH's good profitability and its
dairy-farming location, which benefits from a favorable climate
and vast fertile grasslands. In addition, S&P believes that the
Chinese dairy market exhibits strong growth potential."
The Chinese milk powder market is a highly fragmented and
competitive industry, in S&P's view, and with about 1.5% share in
the Chinese milk power market, GDH is a relatively small player.
In addition, the industry has been plagued by food safety
scandals, and rising input costs in recent years. Nonetheless,
S&P believes that the Chinese milk powder industry has strong
growth potential due to favorable demographics and economic
development. Other favorable characteristics from a credit
perspective include inelastic demand, limited substitution risk,
and relatively low cyclicality and strong cash flow generation
capability in the infant formula milk powder industry.
GDH's liquidity is adequate, in S&P's view. At Dec. 31, 2010, the
company had substantial cash holding of RMB1.3 billion from the
recent IPO, and RMB100 million bank borrowings maturing in May
2013. Nonetheless, the company's capital-expenditure requirements
for the development of dairy farms over the next few years will
result in negative free cash flow. However, S&P note that the
expansion will be conducted in a staged approach.
The stable outlook reflects S&P's expectation that GDH will be
able to maintain sufficient liquidity, including good cash flow
generation, to cope with market competition and the vertical-
integration plan.
S&P could lower the rating if:
* GDH's market position erodes because of increasing competition;
* There were missteps in executing the vertical-integration plan;
* GDH's adjusted ratio of FFO to total debt consistently stays
below 10%;
* GDH's liquidity position weakens; or
* GDH faces a product recall due to food safety concerns.
S&P may raise the rating if GDH successfully implements the dairy-
farm expansion and--more importantly--improves its scale and
market position while maintaining its financial metrics at levels
commensurate with a 'B+' rating (in particular adjusted ratio of
total debt to EBITDA below 3x, and FFO to debt above 25%).
SINOBIOMED INC: CEO Yu Has Option to Buy 5MM Shares of Stock
------------------------------------------------------------
In a Form 3 filing with the U.S. Securities and Exchange
Commission, George Yu, president and chief executive officer at
Sinobiomed Inc., disclosed that he has option to buy 5 million
shares of common stock of the Company, which Option will expire on
Sept. 1, 2015.
About Sinobiomed
Sinobiomed Inc. formerly CDoor Corp. (OTC BB: SOBM)
-- http://www.sinobiomed.com/-- was incorporated in the State of
Delaware. The Company is a Chinese developer of genetically
engineered recombinant protein drugs and vaccines. Based in
Shanghai, Sinobiomed currently has 10 products approved or in
development: three on the market, four in clinical trials and
three in research and development. The Company's products respond
to a wide range of diseases and conditions, including: malaria,
hepatitis, surgical bleeding, cancer, rheumatoid arthritis,
diabetic ulcers and burns, and blood cell regeneration.
Sinobiomed last filed financial statements with the Securities and
Exchange Commission in 2008.
Sinobiomed Inc.'s consolidated balance sheet at March 31, 2008,
showed $8,330,453 in total assets and $15,460,323 in total
liabilities, resulting in a $7,129,870 total stockholders'
deficit.
Going Concern Doubt
Schumacher & Associates Inc., in Denver, expressed substantial
doubt about Sinobiomed Inc.'s ability to continue as a going
concern after auditing the company's consolidated financial
statements for the year ended Dec. 31, 2007. The auditing
firm reported that the Company has experienced losses since
commencement of operations and has negative working capital and a
stockholders' deficit.
The Company is in the process of researching, developing, testing
and evaluating proposed new pharmaceutical products and has not
yet determined whether these products are technically or
economically feasible. Management's plan is to actively search
for new sources of capital, including government and non-
government grants toward research projects and new equity
investment.
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H O N G K O N G
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AGI LOGISTICS: Osman Mohammed Arab Appointed as New Liquidator
--------------------------------------------------------------
Osman Mohammed Arab on Feb. 17, 2011, was appointed as liquidator
of AGI Logistics (Hong Kong) Limited.
Osman Mohammed Arab replaces Chen Yung Ngai Kenneth who stepped
down as the company's liquidator.
The liquidators may be reached at:
Wong Tak Man Stephen
Osman Mohammed Arab
29th Floor, Caroline Centre
Lee Gardens Two
28 Yun Ping Road
Hong Kong
AP LEI: Creditors' Proofs of Debt Due April 26
----------------------------------------------
Creditors of AP Lei Chau Home for the Elderly Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by April 26, 2011, to be included in the company's
dividend distribution.
The company's liquidator is:
Yim Chau Yung
21/F., Fee Tat Commercial Centre
No. 613 Nathan Road
Kowloon, Hong Kong
CRYSTAL JADE: Osman Mohammed Arab Appointed as New Liquidator
-------------------------------------------------------------
Osman Mohammed Arab on Feb. 21, 2011, was appointed as liquidator
of Crystal Jade La Mian Xiao Long Bao (Taikoo) Limited.
Osman Mohammed Arab replaces Chen Yung Ngai Kenneth who stepped
down as the company's liquidator.
The liquidators may be reached at:
Wong Tak Man Stephen
Osman Mohammed Arab
29th Floor, Caroline Centre
Lee Gardens Two
28 Yun Ping Road
Hong Kong
CHEONG PUI: Osman Mohammed Arab Appointed as New Liquidator
-----------------------------------------------------------
Osman Mohammed Arab on Feb. 17, 2011, was appointed as liquidator
of Cheong Pui Limited.
Osman Mohammed Arab replaces Chen Yung Ngai Kenneth who stepped
down as the company's liquidator.
The liquidators may be reached at:
Wong Tak Man Stephen
Osman Mohammed Arab
29th Floor, Caroline Centre
Lee Gardens Two
28 Yun Ping Road
Hong Kong
CHINA (INTERNATIONAL): Court to Hear Wind-Up Petition on April 27
-----------------------------------------------------------------
A petition to wind up the operations of China (International)
Water Proofing Limited will be heard before the High Court of Hong
Kong on April 27, 2011, at 9:30 a.m.
Lau Man Fung Cardy filed the petition against the company on
Feb. 21, 2011.
DIAMOND COAST: Court to Hear Wind-Up Petition on April 27
---------------------------------------------------------
A petition to wind up the operations of Diamond Coast
International Kart Circuit Limited will be heard before the High
Court of Hong Kong on April 27, 2011, at 9:30 a.m.
Kwok Fung Hei Alice filed the petition against the company on
Feb. 23, 2011.
FASTWELL KNITWEAR: Creditors' Proofs of Debt Due April 26
---------------------------------------------------------
At an extraordinary general meeting held on March 18, 2011,
creditors of Fastwell Knitwear Manufacturing Limited resolved to
voluntarily wind up the company's operations.
The company's creditors are required to file their proofs of debt
by April 26, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
Ng Kam Chiu
13A, Tak Lee Commercial Building
113-117 Wanchai Road
Wanchai, Hong Kong
FORTUNE ALLY: Creditors' Proofs of Debt Due April 28
----------------------------------------------------
Creditors of Fortune Ally Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by
April 28, 2011, to be included in the company's dividend
distribution.
The company's liquidators are:
Paul Mitchell
Patrick Cowley
27th Floor, Alexandra House
18 Chater Road
Central, Hong Kong
GOODWIN MARINE: Members and Creditors' to Meet on April 27
----------------------------------------------------------
Members and creditors of Goodwin Marine & Industries Company
Limited will hold their meetings on April 27, 2011, at 10:30 a.m.,
and 10:45 a.m., respectively at Room 3201, 32nd Floor, One Pacific
Place, 88 Queensway, in Hong Kong.
At the meeting, Dermot Agnew, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
GRAND MARINE: Members and Creditors' to Meet on April 27
--------------------------------------------------------
Members and creditors of Grand Marine International Limited will
hold their meetings on April 27, 2011, at 10:00 a.m., and 10:15
a.m., respectively at Room 3201, 32nd Floor, One Pacific Place, at
88 Queensway, in Hong Kong.
At the meeting, Dermot Agnew, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
KPN WHOLESALE: Members' Final Meeting Set for April 26
------------------------------------------------------
Members of KPN Wholesale Voice Services Hong Kong Limited will
hold their final general meeting on April 26, 2011, at 10:00 a.m.,
at Level 28, Three Pacific Place, at 1 Queen's Road East, in Hong
Kong.
At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
MANNIX PRINTING: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on March 25, 2011,
creditors of Mannix Printing Company Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Tang Kim Chuen
21/F, Fee Tat Commercial Centre
No. 613 Nathan Road
Kowloon, Hong Kong
PRIME VIEW: Commences Wind-Up Proceedings
-----------------------------------------
Members of Prime View Industrial Limited, on March 18, 2011,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Suen Man Fai
Room 2402, 24/F
101 King's Road
Fortress Hill
Hong Kong
SG ASSET: Commences Wind-Up Proceedings
---------------------------------------
Members of SG Asset Management (Hong Kong) Limited, on March 16,
2011, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Patrick Cowley
Paul Edward Mitchell
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
SULAWESI INVESTMENT: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Sulawesi Investment Limited, on March 2, 2011, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Woo Pui Man
Chan Wai Kum
Level 13, 1 Queen's Road
Central, Hong Kong
TRUE CHILDREN'S: Creditors' Proofs of Debt Due April 26
-------------------------------------------------------
True Children's Home Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by April 26, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
Lam Ying Sui
10/F., Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
TRU (HK): Members' Final Meeting Set for April 29
-------------------------------------------------
Members of Tru (HK) Limited will hold their final meeting on
April 29, 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.
VASSAR CHINESE: Members' Final Meeting Set for April 30
-------------------------------------------------------
Members of Vassar Chinese Medical Society Limited will hold their
final general meeting on April 30, 2011, at 10:00 a.m., at 1/F,
Wing Hing Building, 6-12 Spring Garden Lane, Wanchai, in
Hong Kong.
At the meeting, Zee Wen Chun, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
VICTORY CITY: Commences Wind-Up Proceedings
-------------------------------------------
Members of Victory City Group Ltd, on March 2, 2011, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Woo Pui Man
Chan Wai Kum
Level 13, 1 Queen's Road
Central, Hong Kong
VIGERS HONG KONG: Annual Meetings Set for April 7
-------------------------------------------------
Contributories and creditors of Vigers Hong Kong Limited will hold
their annual meetings on April 7, 2011, at 10:30 a.m., and
11:00 a.m., respectively at 602 The Chinese Bank Building, at 61-
65 Des Voeux Road, Central, in Hong Kong.
At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
WISELION LIMITED: Mok Wai Kwong Appointed as Liquidator
-------------------------------------------------------
Mok Wai Kwong on March 14, 2011, was appointed as liquidator of
Wiselion Limited.
The liquidator may be reached at:
Mok Wai Kwong
26/F, Times Media Centre
133 Wanchai Road
Wanchai, Hong Kong
WEATHERFORD HK: Creditors' Proofs of Debt Due April 21
------------------------------------------------------
Weatherford Hong Kong Holdings Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by April 21, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on March 11, 2011
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
8th Floor, Gloucester Tower
The Landmark
15 Queen's Road
Central, Hong Kong
=========
I N D I A
=========
BHAGABAN MOHAPATRA: CARE Assigns 'CARE BB' Rating to INR3.7cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'PR4' ratings to the bank facilities of
Bhagaban Mohapatra Constructions & Engineers Pvt. Ltd.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 3.7 'CARE BB' Assigned
Short-term Bank Facilities 20.0 'PR4' Assigned
Rating Rationale
The ratings are constrained by the company's small scale of
operation, declining order book position, low profitability
levels & margins, high leverage ratios, relatively low
investment in machinery and equipments, volatile input prices,
concentration of revenue in Eastern region (mainly Orissa) and
intense competition in the industry. The ratings also factor in
considerable experience of the promoter in construction sector,
company's proven project execution capability and increased
thrust on infrastructure activities by Govt. of India. Ability of
the company to improve its profitability in the wake of rising raw
material prices, regular receipt of contract proceeds, steady flow
of orders & timely execution of the same and ability to manage
working capital effectively would remain the key rating
sensitivities.
Bhagaban Mohapatra Constructions & Engineers Private Limited was
incorporated in 2001, by Shri Bhagaban Mohapatra of Orissa.
BMCEL is an Orissa based construction company engaged mainly in
execution of civil and mechanical construction projects with
primary focus on piling activities. The company is a relatively
small player vis-…-vis other players in domestic construction
sector but has executed good number of projects for Central &
State Government bodies. As on Nov. 30, 2010, the value of orders
in hand was about INR53.7 crore.
BLA POWER: ICRA Reaffirms 'LBB+' Rating on INR325.1cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the 'LBB+' rating to the INR325.1 crore
(enhanced from INR157.6 crore) term loan of BLA Power Private
Limited. The outlook on the long-term rating is "stable".
The rating reaffirmation takes into account the significant
physical progress made by BPPL in the phase I of its thermal power
project, with a large part of the civil work being already
completed. The company has also embarked upon the process of
setting up the phase II for an additional capacity of 45 MW, which
would share its infrastructure with that of phase I of the power
project with 43 MW capacity. The rating favorably factors in the
advantages accruing to the project by virtue of its location; a
firm coal supply agreement that is in place with one of its group
companies for both the phases and the term loan tie-ups for both
the phases. BPPL has received the necessary statutory clearances
including the Environmental Clearance from the Ministry of
Environment & Forest, Government of India for both the phases. The
relatively small size of the project also mitigates the demand
risk to an extent.
ICRA notes that the proposed commercial operation date (CoD) of
phase I (July 2011) appears a little optimistic despite the
company achieving significant physical progress; but the same is
not expected to result in any significant cost overrun. The rating
also reflects the project implementation risks for the phase II
that are typical of greenfield projects, with the CoD expected in
the year 2012; no prior experience of the promoters of BPPL in the
power generation business and absence of a firm PPA for off-take
of power, although BPPL has signed an MoU with the State
Government of Madhya Pradesh for sale of up to 35% of its
generated power. While the fact that the project is being
structured to operate as a Merchant Power Plant could provide
upside to equity holders, it is also a risk factor from the credit
perspective. The debt repayment capability of the company would
depend on successful commissioning of the project without
significant time or cost overrun and achievement of designed plant
operating parameters subsequent to project commissioning.
Promoted by BLA Power Holdings Private Limited and belonging to
the BLA group, BPPL was incorporated in 2006 for the purpose of
setting up a coal-based power project. The project envisages
setting up of an 88 MW merchant power plant at Gadarwara in Madhya
Pradesh in two phases, with a capacity of 43 MW in phase I and 45
MW in phase II. The total cost of the project is estimated at
INR442.1 crore, which is proposed to be financed by INR325.1 crore
of term loans and INR117 crore of equity. The expected CoDs of
phase I and phase II are July 1, 2011 and April 1, 2012
respectively.
DHANLAXMI SOLVEX: CARE Assigns 'CARE BB+' Rating to LT Bank Loans
-----------------------------------------------------------------
CARE assigns 'CARE BB+' & 'PR4+' ratings to bank facilities of
Dhanlaxmi Solvex Pvt Ltd.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 20.54 'CARE BB+' Assigned
Long-term/Short-term 127.12 'CARE BB+'/'PR4+'
Facilities Assigned
Short-term Facilities 78.00 'PR4+' Assigned
Rating Rationale
The ratings are mainly constrained due to relatively weak
financial risk profile marked by relatively high gearing level,
marginally stressed liquidity position and low & fluctuating
profitability due to its presence in the highly volatile &
fragmented agro-commodity business. The ratings however take into
account the long track record of the promoters in Soya business,
moderately integrated operation, proximity to soyabean growing
region and favorable demand-supply scenario in the edible oil
segment in India. The improvement in the financial risk profile
with effective management of working capital and improving the
profitability, stabilization of its recently added capacities and
DSPL taking up any further largely debt-funded capex are the key
rating sensitivities.
Incorporated in January 2006, Dhanlaxmi Solvex Pvt. Ltd., promoted
by the Manglani group based out of Indore, is an established
integrated agro-food processor primarily engaged in crushing and
processing of soyabean for extraction of soyaoil and soyameal
(DOC). During the past four years, DSPL had undertaken large
expansion plans mainly by acquiring sick units and turning them
around into viable units. Currently, DSPL has plants situated at
Shajapur, Kareli, Dewas and Harda having combined (including
solvent extraction and refining) installed capacity of 800 tonne
per day (TPD), 400 TPD, 800 TPD and 800 TPD respectively.
DOOR SANCHAR: ICRA Assigns 'LBB' Rating to INR24.15cr Term Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR24.15 crores term
loans and INR0.18 crore non-fund based limits of Door Sanchar
Hydro Power Private Limited. The outlook on the long-term rating
is stable.
The rating takes into account execution risks that are typical of
green-field projects and implementation risks arising out of
factors like risks of geological surprises and seismic risks.
Further, the project once operational will also be subject to
hydrology risks given that there are no deemed generation clauses.
The rating is also constrained by the high proposed gearing of the
project and the group risks arising out of being a part of a group
that has sizeable capital expenditure in relation to their limited
current experience. Further, the profitability of the project
will be dependent on the company's ability to maintain project
costs and operating parameters within the designed levels given
that the tariffs are fixed at INR2.87 per unit2 and the costs are
not a pass-through. Nevertheless, the rating draws comfort from
the firm power purchase agreement (PPA) with the Himachal Pradesh
State Electricity Board (HPSEB) to supply power for 40 years and
limited demand risks given the competitive tariffs and energy
deficit status in northern India. The rating also draws comfort
from the achievement of financial closure, receipt of project
clearances, satisfactory progress without any time or cost over
runs, completion of the evacuation facilities and the project's
eligibility for capital subsidy from Ministry of New and Renewable
Energy (MNRE) and sale of carbon emission reduction (CER's)
certificates. Going forward, the ability of the company to
complete the project with minimal cost and time overruns, meet the
designed performance parameters and availability of adequate water
in the catchment area will be the key rating drivers.
Door Sanchar Hydro Power Private Limited has been promoted by
Rajiv Batra and Sravanthi Group. Mr. Batra and his wife are the
majority share-holders with 51% stake while Sravanthi group is the
minority share-holder holding the remaining 49% share capital.
However, the Sravanthi group is actively involved in the
construction and implementation of the project. Sravanthi group
has been founded by Mr. DV Rao, ex-Joint Managing Director of
Lanco Infratech Ltd, where he was instrumental in developing the
power vertical with aggregate capacity of over 12000MW. The
group's core team mainly includes ex-employees of Lanco and has
wide experience in implementing power projects across India. Apart
from Doorsanchar project, Sravanthi group is also developing a 450
MW gas based power plant in Uttarakhand and 100 MW wind farm in
Madhya Pradesh. Apart from power generation, the group is also
present in EPC business (through Sravanthi Infratech Private
Limited) and power consultancy business (Sravanthi Consultancy
Services Pvt Ltd).
DSHPPL is involved in developing a 5MW (2*2.5 MW) power plant in
Himachal Pradesh. This project is backed by a Memorandum of
understanding (MOU) with Government of Himachal Pradesh for
implementing of 5 MW SHP on Rukti Khad, a tributary of River Baspa
which in turn in a tributary of River Satluj. The project is
expected to commence operations in Apr 2012.
HALE ELECTRONICS: Fitch Assigns 'B' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Hale Electronics India Private
Limited a National Long-Term rating of 'B(ind)'. The Outlook is
Stable. The agency has also assigned ratings to Hale's bank
loans:
-- INR10m fund-based working capital limits: 'B(ind)'/'F4(ind)';
and
-- INR60m non-fund based working capital limits:
'B(ind)'/'F4(ind)'.
The ratings reflect Hale's limited operational and financial track
record, dependence on a sole supplier, the trading nature of its
operations with low EBITDA margins and its susceptibility to
foreign exchange fluctuations. However, the ratings derive
comfort from the fact that Hale is operated by a management team
with domain knowledge as well as from its sound growth prospects
stemming from huge investments in the domestic telecom industry.
Fitch notes that HALE has maintained strong business relationships
with its customers as it is a registered vendor of radio frequency
cables and other telecom infrastructure-related components.
However, the absence of long-term contracts both on the supply and
sales sides remains a concern as it limits revenue visibility
especially in a demand slow down scenario. While prices of
telecom components are based on mutual negotiations on an order-
by-order basis, Hale lacks bargaining power as its customers are
large entities with low switching costs. The ratings are also
constrained by the low EBIDTA margins (for the nine months of the
financial year ending March 2011 (9MFY11): 3%) and high working
capital intensity of its business, in terms of higher credit
period to customers, compared to the credit available from the
suppliers and the higher margin required on letters-of-credit.
Positive rating guidelines include a sustained demonstration of a
strong operational and financial track record, which is indicated
through a sustained improvement in revenues and stable EBIDTA
margins, leading to a sustained decline in gross adjusted
debt/EBIDTAR to below 3x. Negative rating guidelines include a
sustained improvement in gross adjusted debt/EBIDTAR to above 5x.
Hale is a Chennai-based privately held company, involved in the
trading of RF cables and other telecom infrastructure-related
components. Incorporated in June 2009, HALE started its
commercial operations from November 2009. For 9MFY11, it reported
revenues of INR256 million and profit before tax of INR5.3 m
million. HALE's debt/equity was 1x, interest cover was 1.6x, and
leverage (debt/EBIDTA) was 3.3x in 9MFY11.
HOLY FAITH: CRISIL Assigns 'BB+' Rating to INR30 Million LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Holy Faith Builders and Developers Pvt Ltd. The rating
reflects Holy Faith's geographical concentration, small scale of
operations, and susceptibility to downtrends in the Indian real
estate industry. These rating weaknesses are partially offset by
Holy Faith's promoters' extensive experience in real
estate development.
Facilities Ratings
---------- -------
INR30.00 Million Long-Term Loan BB+/Stable (Assigned)
INR60.00 Million Proposed LT Loan BB+/Stable (Assigned)
Outlook: Stable
CRISIL believes that Holy Faith will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if Holy Faith reports more-
than-expected cash flows on account of earlier-than-expected
completion of ongoing projects, improvement in profitability, or
more-than-expected sales realizations from ongoing projects, or if
the company diversifies its revenue profile, while maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' if the company faces delays in project completion or
receipt of payments from customers, if it is unable to sell its
ongoing residential project at profitable rates, or if the company
undertakes larger-than-expected, debt-funded projects, leading to
deterioration in its financial risk profile.
About Holy Faith
Incorporated in 2005 and promoted by Mr. Sany Francis, Holy Faith
is a Kerala-based real estate developer. The company has so far
completed three residential projects with a total saleable area of
190,000 square feet (sq ft).
It is currently undertaking four projects: Tower of Faith (total
saleable area of 207,537 sq ft, project cost of INR360 million),
H2O (176,274 sq ft, INR310 million), Lake View (85,261 sq ft,
INR150 million), and Mansion (18,995 sq ft, INR33 million). Except
H2O, which is located in Kundanoor (Cochin), the projects are
located in Kakkanad (Cochin). The company has completed around 78
per cent of the construction, sold 90 per cent of the space, and
received 76 per cent of sales as advances from the ongoing
projects.
Holy Faith reported a profit after tax (PAT) of INR6.2 million on
net sales of INR279.5 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR2.0 million on net
sales of INR277.2 million for 2008-09.
IAC INTERNATIONAL: ICRA Assigns 'LBB' Rating to INR26cr LT Loans
----------------------------------------------------------------
ICRA has assigned an 'LBB' rating with stable outlook on the
INR26.0 crore long-term loans and the INR7.0 crore long-term fund-
based bank facilities of IAC International Automotive India
Private Limited. ICRA has also assigned an 'A4' rating on the
INR2.0 crore short term non-fund based facilities of IAC.
The assigned ratings reflect strong operational, managerial and
financial linkage with International Automotive Components group;
diversified product mix with presence in major segment of
automotive interiors supported by in-house design and engineering
team, and comfortable capital structure supported by regular
equity infusion from parent entity. The ratings are however
constrained by stiff competition from well entrenched players in
domestic automotive interior market and high client concentration
risk given that company's prospects are closely linked with
success of M&HCV launched by MNAL (rated LA+/Stable by ICRA) and
upcoming SUV to be manufactured by M&M (rated LAA+/Stable/A1+ by
ICRA).
About IAC India
IAC India has been incorporated in India as a wholly owned
subsidiary of IAC U.S. Holdings, Inc. USA through its affiliate
viz. IACNA Mauritius Limited. IAC has been amongst global leader
in automotive interiors with operations spread over North America,
South America, Western and Eastern Europe and Asia.
IAC India is one of the first few companies to set up unit at
Mahindra Supplier Park in Chakan (Pune), wherein it will be the
sole supplier of automotive interiors for Mahindra Navistar
Automotive Limited's (MNAL) M&HCV and upcoming Mahindra World SUV
(W201). In January 2011, IAC India acquired automotive assets of
Multivac India Private Limited, a Tier I supplier of automotive
interior component to leading domestic OEMs like Maruti Suzuki
India Limited, Volkswagen India Private Limited and Eicher Motors
Limited.
IAC India currently have three manufacturing units, largest of
which is under construction at Mahindra Supplier park in Chakan
(Pune) and it will be a dedicated unit for M&M and Mahindra
Navistar vehicles to be manufactured at Chakan plant. Since the
unit at Chakan plant is exclusively for M&M, the company has also
setup another small assembly unit in close vicinity (in Chakan
itself, few Km away from M&M supplier park) to supply components
to Volkswagen India. With recent acquisition of Multivac in
Gurgaon, the company has also marked its presence in Northern
India to cater the OEMs present in that region.
Recent Results During first nine months of current fiscal (9M
FY11), IAC India reported a net loss of INR3.16 crore on an
operating income of INR15.46 crore.
LAXMI AGRO: ICRA Assigns 'LB+' Rating to INR9.0cr Fund Based Limit
------------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR9.0 crore fund based
limits and INR0.53 crore term loans of Laxmi Agro Industries.
The rating of LAI is constrained by its moderate scale of
operations, and modest financial profile as reflected by moderate
profitability, high working capital intensity and high gearing.
The rating also factors in LAI's limited presence in the branded
basmati rice segment, low entry barrier and intensely competitive
nature of the industry which makes margins and cash flows
vulnerable to fluctuations in prices. The rating also takes into
consideration the risks inherent in a partnership firm. However,
the rating drives comfort from strengths of the firm arising from
its long track of operations in the basmati rice business,
experienced management and its stable relationship with clients.
Laxmi Agro Industries is a partnership firm established in the
year 1995 by Mr. Harbans Lal Miglani and his family members. The
firm is engaged in milling and exports of Basmati and non-Basmati
rice. The manufacturing set-up of LAI is located in Karnal Road,
Pundri (Kaithal), Haryana.
Mr. Harbans Lal Miglani has been into this business since 1983 and
has about three decades of experience in the industry. In 1992,
his son, Mr. Rakesh Miglani joined the business and started the
firm Laxmi Agro Industries in 1995. LAI entered into exports
market in 2004 and exports now constitute a significant portion of
its total turnover. In the domestic market LAI sells rice under
its brand "Vatika".
In the financial year ending March 2010 (FY2010), LAI registered
operating income of INR20.6 crore on which it earned net profit of
INR0.39 crore.
MAHAVEER GINNING: ICRA Assigns 'LBB-' Rating to INR8.45cr Facility
------------------------------------------------------------------
Pressing ICRA has assigned an 'LBB-' rating to INR8.45 crore fund-
based facility and INR2.00 crore proposed bank limits of M/s
Mahaveer Ginning and Pressing. The outlook assigned to the long
term rating is "Stable".
The rating reflects M/s Mahaveer Ginning and Pressing's modest
scale of operations in an industry characterised by high
competitive intensity and limited value addition, which impacts
its operating profitability, along with a weak financial profile,
reflected by a highly leveraged capital structure and consequently
weak coverage indicators. The rating also takes into account the
fragmentation in the cotton ginning industry which together with
the susceptibility of the cotton prices to seasonality and
regulatory risks further subdues the profit margins. However, the
rating favorably considers the location advantages resulting in
fiscal benefits as well as easy accessibility to raw material
sources. ICRA also notes the long standing experience of the
promoters in the ginning industry and the company's forward
integration into oil extraction activities.
Set up as a proprietorship concern in 2003, MGP was reconstituted
into a partnership firm in 2005.Managed by two partners, Arvind
Jain and Ajay Jain, MGP is engaged in cotton ginning operations
and processing of cottonseed to produce cottonseed oil and
cottonseed oil cakes. It also trades in cotton bales, cottonseed
oil, cottonseed cakes and other by-products of cottonseed oil
extraction. The firm's manufacturing unit in Bodwad (Maharashtra)
is equipped with 76 cotton gins, 2 pressing machines and 10 oil
expellers and has an installed capacity to produce 40,000 cotton
bales and 1,50,000 tonnes of cottonseed oil. This capacity is
completely utilized during the peak season (October to April).
MGP reported a profit after tax (PAT) of around INR0.05 Crore on
an operating income INR85.94 Crore for 2009-10 and a PAT of around
INR0.07 Crore on net sales of INR81.34 Crore for 2010-11
(Provisional for 9 months).
MANAPPURAM JEWELLERS: ICRA Assigns 'LBB+' Rating to INR50cr Loan
----------------------------------------------------------------
ICRA has assigned 'LBB+' rating to the INR50.0 crores long-term
fund based facility of Manappuram Jewellers Private Limited. The
outlook on the long-term rating is stable.
The rating reflects the experienced management team behind MJPL
which aided by the Company's sound MIS is likely to enable MJPL to
expand scale with relative ease. The Company envisages aggressive
expansion plans which viewed in light of the Company's ability to
tap the large customer base of group concern Manappuram General
Finance and Leasing Limited is a positive. MJPL also enjoys
access to MAGFIL's knowledge of the domestic gold market which
aids in the Company's business strategy formulation. The
Company's supply chain is efficiently managed with access to over
60 goldsmiths, besides leveraging the advantage of accessing
MAGFIL's gold auctions. The rating takes into account MJPL's
association with the brand name Manappuram and its parent Group,
which lends significant financial flexibility to the Company.
The ratings take into account the significant competition that
exists in the domestic jewellery retail industry, which despite
the Company's positioning as an economy retailer is likely to
affect pricing flexibility in the medium term. Owing to small
scale of operations, the high initial selling and interest costs,
the Company has reported losses at the operating level; however
the steady state margins of the Company are also likely to be
relatively thin, as is common across players in the industry. The
ratings also factor in the Company's exposure to the volatility in
gold prices which affects MJPL's profitability. The large quantity
of stock that is required to run the business leads to high
working capital intensity (common for all players in the industry)
and adds to the vulnerability of performance to gold price
fluctuations.
Manappuram Jewellers Private Limited (MJPL/"the Company") is the
jewellery division of the Manappuram Group of companies, based out
of Thrissur, Kerala. The Company was incorporated in November 2008
and began operations with a jewellery showroom in March 2010. MJPL
presently operates 12 showrooms in tier 1, 2 and 3 cities across
Kerala, Karnataka and Tamilnadu. The Company is managed by
professionals with nearly two decades of experience in large
format retailing, marketing and manufacturing of gems and
jewellery.
MJPL is positioned as an economy category jewellery store
targeting the large segment of customers shopping with unorganized
jewellers. The Company is presently engaged in a host of branding
and promotional activities, including brand endorsements by
regional cine actors and has aggressive plans of expanding its
footprint in South India. MJPL also intends to leverage the wide
branch network of group concern Manappuram General Finance and
Leasing Limited towards achieving this target.
SCORPIOS APPARELS: ICRA Reaffirms 'LBB+' Rating on LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of 'LBB+' assigned to the
INR2.9 crore bank facilities of Scorpios Apparels Private Limited.
ICRA has also reaffirmed the short term rating of A4+ assigned to
the INR28.8 crore bank facilities of the company. The long term
rating carries a "stable" outlook.
The reaffirmed ratings take into account the growth in company's
operating income during 2009-10 on back of addition of some new
customers, the strong relationship with Nitya which provides high
margin assured business to the company and continued moderate
financial profile of the company. The ratings, however, are
constrained by the company's high working capital intensity,
decline in operating margins during 2009-10, high client
concentration with majority of the revenues generated through top
three customers, declining business from Nitya and susceptibility
to the foreign exchange fluctuations with limited pricing
flexibility.
Incorporated in 1980, SAPL is in the business of manufacturing and
selling women's garments mainly for international players. SAPL
deals only in woven fabric and manufactures garments for women.
The garments manufactured are made of diverse fabrics including
silks, linen, handloom cotton chambray, poly & viscose georgette,
Lycra and different blends of wools, cotton, rayon and polyester.
SAPL has a manufacturing capacity of 5,000 pieces per day at three
plants - two in Okhla (leased), Delhi and one in Faridabad
(company owned). All the business processes like designing,
procurement, packaging, embroidery, dispatch are undertaken at
Faridabad plant where as Okhla plants have only stitching and
finishing facilities. The facilities have passed the audit of
external inspection agencies like CSCC, STR, Bureau Veritas SGS,
ITS, etc.
Recent Results
The company reported a net profit of INR1.4 crore on the operating
income of INR47.1 crore during 2009-10.
SJLT SPINNING: ICRA Assigns 'LB+' Rating to INR24.91cr Term Loan
----------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR24.91 crore term loan
facilities and the INR20.00 crore fund based facilities of SJLT
Spinning Mills Private Limited. ICRA has also assigned A4 rating
to the INR3.00 crore fund based facilities and the INR10.00 crore
non-fund based facilities of SSMPL.
The ratings consider the Company's stretched financial profile,
characterized by relatively low cash accruals and high gearing.
The ratings also consider the intense competition in the highly
fragmented industry structure with little product differentiation,
which is likely to restrict the pricing power of spinners in the
event of downturn in yarn demand, and the vulnerability of textile
industry to competition from low-cost countries / from countries
with relatively lower foreign exchange fluctuations. While
restriction on yarn exports is likely to impact margins of
spinners in the near term, significant debt-funded capital
expenditure plans of the group is likely to stretch the latter's
financial position. The ratings also consider the experience of
promoters, of more than a decade, in the textile industry and cost
savings expected from bulk procurement for both spinning companies
in the group.
SSMPL was incorporated in the year 2004 with an installed capacity
of 24,000 spindles by Mr. V Jagatheesan and Mr. V Selvadurai. Over
the years, the capacities have been increased to 50,688 spindles.
SSMPL derives about 96% of its revenue from domestic sales. The
Company sells through agents and also through its own depots at
Tirupur / Erode (Tamil Nadu). The Company is closely held by the
promoters and their family. The promoters are also engaged in the
business of logistics and granite exports for the past three
decades.
Recent Results (unaudited) The Company reported profit after tax
of INR3.5 crore on operating income of INR39.5 crore for the half-
year ended September 30, 2010.
S.R.S TRAVELS: ICRA Assigns 'LBB+' Rating to INR20cr LT Loan
------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR20 crore long term
fund based limits and INR16 crore Term loans of S.R.S Travels.
The outlook on the long-term rating is stable.
ICRA's rating action positively factors in the long operating
history of the firm, superior operational capabilities and the
promoters experience in the business of over 3 decades which has
resulted in a strong and established client base relationship and
steady turnover growth which is expected to be sustained in the
medium term. The ratings are however constrained by the strong
competitive pressures exerted by a large number of smaller
unorganized players which coupled with limited bargaining power
vis-a-vis customers who are by and large much stronger entities
has resulted in modest profitability indicators. The ratings also
factor in the large capital requirements in the business- both
working capital requirements as well as recurring capex in
vehicles which have been largely debt funded. This has resulted
in relatively high gearing of 5.14 times as on March 2010 and as
bulk of the debt is of relatively short tenure of 3 to 5 years,
this is also resulting in significant debt repayment obligations
in the medium term. Going forward, ICRA expects the firm to
benefit from the healthy demand prospects offered by its customers
especially in the IT/ITeS industry which contributes a significant
portion of the firm's revenues, however the firm's ability to
manage enhanced level of operations and keeping the capitalization
and coverage indicators and liquidity at satisfactory levels
through prudent funding policies will remain key rating drivers.
S.R.S Travels is a private operator involved in the business of
passenger transportation since last three decades. The firm has a
presence in both corporate and public transport and in both inter-
city and intra-city segment. Bulk of firm's revenues is
contributed by the intra city corporate travel and the rest by the
intercity bus services and corporate tours and travels. The firm
operates through it offices in Bangalore, Mysore, Chennai,
Hyderabad, Pune and Hosur. With an aggregate of 3,252 vehicles
(Owned - 1624, Outsourced - 1638) as on March, 2011, the firm has
the one of the largest fleet of owned vehicles among the Indian
passenger transportation companies.
Recent Results
SRST reported an operating income of INR216.93 crore and a net
profit of INR3.71 crore in FY2010 as against an operating income
of INR233.10 crore and net profit of INR3.17 crore in FY2009 .
UV BOARDS: ICRA Assigns 'LBB' Rating to INR6.6cr Term Loan
----------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR6.6 crore term loan
and long-term fund-based facilities of UV Boards Limited; the
outlook on the rating is Stable. ICRA has also assigned an 'A4'
rating to the INR8 crore short-term non-fund based facilities of
UV Boards.
The ratings assigned reflect the modest scale of operations of the
company, coupled with the lack of backward integration; the highly
competitive and fragmented industry structure leading to pressure
on margins as well as the vulnerability of the sector to economic
cyclicality, leading to volatility of margins. The government
regulations on logging have led to the unavailability of timber in
the local market, thereby necessitating the import of timber and
exposing the company to foreign exchange fluctuations. The
financial risk profile of the company is characterized by low
profitability due to lack of backward integration, modest gearing
levels and high working capital intensity, leading to free cash
outflows. The ratings, however, factor the favorable demand
prospects for the wooden panel products industry in India due to
the positive outlook for the end-user sectors, the marketing of
products under the "Uniply" brand aiding revenues and margins due
to premium pricing and the long track record of the promoters in
the industry.
UV Boards Limited was incorporated as M/s Paro Leasing & Finance
Ltd. in December 1988 and began operations in January 1989. The
company was incorporated as a non-banking finance company (NBFC)
with the objective of carrying on financial hire-purchase and
leasing activities. The company had accumulated losses and
subsequently surrendered the NBFC certificate, changed its
objectives and began the business of manufacturing, trading,
importing and exporting plywood, veneers and allied products in
2005. M/s UV Boards Limited and M/s Scorpio Laminates Private
Limited, both group companies of Uniply Industries Limited, merged
with the company and the merged entity became UV Boards Limited
with effect from March 2007. The company reported operating
income of INR26.9 crore and net after-tax profit of INR0.5 crore
in 9m FY2011.
VINYL PACKS: ICRA Assigns 'LBB-' Rating to INR10cr LT Loan
----------------------------------------------------------
ICRA has assigned an 'LBB-' rating to the INR10 crore long term
loan of Vinyl Packs Pvt Ltd. The outlook on the assigned long-
term rating is stable.
The rating factors in past delay in project execution for VPPL's
commercial property which has resulted in cash flow mismatch on
account of commencement of debt repayment before leasing out of
the property, high market and price risk as the commercial space
in the project is yet to be occupied and moderate level of
execution risk as one of the two blocks is still under
construction. The rating favorably takes into account the
prominent location for VPPL's property on the Hosur Road in
Bangalore but notes that the surrounding area has not seen much of
IT/BPO office growth over the past few years. The rating also
positively factors in the financial strength of Sagar Group of
which VPPL is a part, the regular debt servicing in past and
ability of the promoter to infuse funds for financing remaining
execution work.
Going forward, the company's ability to get tenants for its
property at competitive rental will be key rating driver.
Vinyl Packs Pvt. Limited is part of Sagar Group. The company was
incorporated in 1971 and used to manufacture HDPE/PP bags. Later,
it was declared sick and was acquired by Sagar Group. The company
is building a commercial complex of -4 lakh sft in Hongasandra
Hobli on Hosur Road, Bangalore.
VMS INDUSTRIES: CARE Places 'CARE BB' Rating on INR10.16cr LT Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' & 'PR4' ratings to bank facilities of
VMS Industries Limited.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 10.16 'CARE BB' Assigned
Short-term Bank Facilities 62.22 'PR4' Assigned
Long-term/Short-term Bank 2.62 'CARE BB'/'PR4'
Facilities
Rating Rationale
The ratings are constrained by the small size and short track
record of operations of VMS Industries Limited in the ship
breaking/recycling industry, foreign exchange fluctuation risk
associated with purchase of old ships, environmental regulatory
risks and highly competitive & volatile nature of the ship
breaking industry. These constraints far outweigh the benefits
which VMS derives from its moderate capital structure and good
demand for scrap in India.
Increase in scale of operation coupled with successful completion
of its forthcoming IPO and timely renewal of the validity of its
existing ship breaking yards would be the key rating
sensitivities.
Incorporated in 1991 under the name of M/s. Varun Management
Services Private Limited, VMS is promoted by Mr. Ajit Kumar Jain.
VMS was earlier engaged in providing various consulting and
Information Technological (IT) services like computerization of
land revenue records, ration cards and ration shops of Bhavnagar
Municipal Corporation and providing gas supply to the various ship
recycling units at Alang in Gujarat. However, since FY10 it is
engaged in the ship breaking/recycling activity at Alang. With the
purchase of a tug and a speed boat, VMS is also engaged in off
shore activities since May 2008.
VMS has also filed a DRHP for its forthcoming IPO of INR24.00
crore to finance its project of additional machinery to be
installed at its existing site, purchase of corporate office at
Ahmedabad and funding the long-term working capital requirements.
====================
N E W Z E A L A N D
====================
BRIDGECORP LTD: Directors Still Awaits Decision on Legal Aid Bid
----------------------------------------------------------------
The New Zealand Press Association reports that former Bridgecorp
directors Rod Petricevic and Robert Roest are still waiting to
hear if they will receive legal aid as they fight Serious Fraud
Office charges.
Messrs. Petricevic and Roest both appeared in Auckland District
Court on March 29, 2011, for a callover on fraud charges relating
to the alleged acquisition of a $1.8 million luxury boat using
Bridgecorp money.
Mr. Petricevic is also charged with making dishonest payments of
NZ$1.2 million to a business entity called ABb.
Both men appealed a Legal Services decision to deny them legal
aid, but the information had not got to the agency by Tuesday's
appearance.
NZPA says they were both remanded on bail and will reappear in
May.
According to NZPA, Messrs. Petricevic and Roest also face charges
under the Crimes Act and the Companies Act following alleged false
statements while they, along with former Bridgecorp directors Gary
Urwin, Bruce Davidson and Peter Steigrad, also face 10 charges
under the Securities Act. A trial on these charges is due in
July.
About Bridgecorp Ltd
Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company. Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders. John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers. Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZ$500 million.
Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about AU$24
million (NZ$27 million).
DESIGNLINE INTERNATIONAL: Faces Second Liquidation Application
--------------------------------------------------------------
Marta Steeman at BusinessDay reports that Rolleston bus-maker
DesignLine International faces a second liquidation application.
This time it is from glass company Lysaght Limited, based in
Ashburton, which supplies and installs windows on DesignLine
buses.
The application was heard in the High Court on March 29 and
adjourned until April 12, BusinessDay says.
According to the report, the cash-strapped bus-maker, now
American-owned, last week settled with Industrial Holdings which
withdrew its application for liquidation.
BusinessDay notes that DesignLine has been strapped for cash both
in the New Zealand and at the operations in the U.S.
BusinessDay relates that the company announced in December last
year a refinancing package from a group of international lenders
led by Guggenheim Venture Partners and Orix Venture Finance.
Filings with American regulators reveal it had issued more than
US$11 million (NZ$15 million) in securities in December.
DesignLine International was founded in 1985 by Ashburton
entrepreneur John Turton. The buses were sold locally and also
exported. BusinessDay says Mr. Turton sold a large part of the
company to U.S. investors Buster and Brad Glosson at the end of
2006.
NUPLEX INDUSTRIES: Sends Offers of Compensation to Shareholders
---------------------------------------------------------------
BusinessDay.co.nz reports that some Nuplex Industries shareholders
have been sent offers of compensation by the company following its
recent $3 million settlement with the Securities Commission.
Under the deal announced in February, BusinessDay.co.nz relates,
Nuplex agreed to pay compensation to shareholders after failing to
disclose a breach of debt covenants in December 2008 which
resulted in the commission taking a lawsuit against Nuplex and six
of its past and present directors.
According to the report, the offer of 53.7c per share in
compensation applies only to those who bought shares between
Dec. 22, 2008, and Feb. 18, 2009, and investors have 60 days in
which to accept it.
BusinessDay.co.nz notes that some 5.7 million shares are affected,
according to the New Zealand Shareholders' Association's
estimates.
BusinessDay.co.nz says association director Alan Best is concerned
some shareholders may be confused by recent media reports
suggesting only about 3 million shares were bought during the
affected period, which would mean each share attracted over $1 of
compensation.
"It appears to us that the media figure failed to include both
Australian and trade sales. This has resulted in a significant
error," BusinessDay.co.nz quotes Mr. Best as saying.
Although the methodology was outlined in the settlement over the
lawsuit, the association thinks Nuplex should disclose the number
of shares actually traded during the period to avoid speculation,
BusinessDay.co.nz says.
The calculations have been independent checked by two outside
consultants and will also be scrutinized by legal counsel and the
commission.
About Nuplex Industries
Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was
founded in 1956 and is incorporated in New Zealand. The company
is listed on both the New Zealand (NZX) and Australian (ASX)
Stock Exchange.
Nuplex produces and supplies technical materials used as inputs
to a broad range of manufacturing processes. It also provides
specialist building products. Nuplex has operations in
Australia, China, Malaysia, Brazil, United Kingdom, Netherlands,
the U.S., among others and reports in four business segments.
PIKE RIVER: Coalmine Entry Still Too Risky, Receivers Say
---------------------------------------------------------
Amy Glass at The Press reports that Pike River Coal receivers said
the coalmine is still too dangerous to enter.
The Press relates that PricewaterhouseCoopers receiver John Fisk
on Tuesday responded to a call from Grey District Mayor Tony
Kokshoorn that the receivers enter the mine or stand aside.
The mine has not been entered since a series of explosions killed
29 men last November, The Press notes.
Mr. Fisk, according to The Press, said he understood the
community's frustration at the lack of progress, but while the
mine was now inert, it was still not stable.
"Mines Rescue have to give the green light, and the mine is still
unsafe at the moment," The Press quotes Mr. Fisk as saying. If
oxygen entered the mine it could be explosive, he said.
According to The Press, because a fifth robot had last week failed
to transmit images of the mine, drilling had started on a borehole
to give the rescue team visual access. The borehole will allow
the team to assess a rockfall that it believes is blocking the
mine, The Press discloses.
The Press notes that Mr. Fisk expected the drilling to be
completed by this weekend, and a laser scan of the rockfall to be
done by next Wednesday.
He expected the sale process for the mine to start "shortly", with
the receivers seeking expressions of interest, The Press says.
A preliminary hearing for the royal commission of inquiry into the
disaster will be held in Greymouth on April 5. The inquiry is
scheduled to finish hearings on November 4.
About Pike River
Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company. The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal. It operates a
coal mine that lies under the Paparoa Ranges.
Pike River Coal Ltd was placed into receivership in December 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers. The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas. Pike River also owed another estimated NZ$10 million to
NZ$15 million to contractors, including some of the men who lost
their lives in the disaster.
The TCR-AP, citing a TVNZ report, said PricewaterhouseCoopers'
strategy now is to stabilize the mine with a view to either
restructuring the company or selling the assets while at the same
time maintaining a core team of workers to maintain the mine site
and pursuing insurance claims. The receivers have had
"unsolicited expressions of interest" in Pikes assets, though they
are still considering options for the mine. Under the terms of a
Deed of Priority, BNZ and NZOG rank equally and have priority over
Solid Energy among secured creditors, TVNZ added.
=====================
P H I L I P P I N E S
=====================
BANCO FILIPINO: Court Orders BSP to Answer Stockholders' Suit
-------------------------------------------------------------
Benjamin B. Pulta at The Daily Tribune reports that the Court of
Appeals has ordered the Bangko Sentral ng Pilipinas, Monetary
Board and the Philippine Deposit Insurance Corp. to answer a suit
filed by stockholders of Banco Filipino.
In a two-page resolution, the Daily Tribune relates, the appellate
court ordered the financial regulators to comment within five days
to claims by the bank's stockholders that regulators committed
unlawful acts in seizing and disposing the latter's real estate
assets and placing it under receivership.
"Without necessarily giving due course to the instant petition,
respondents are required to file their comment, and not a motion
to dismiss, to the petition within a non-extendible period of five
days from notice, likewise addressing therein the propriety of the
issuance of a temporary restraining order and writ of preliminary
mandatory and preventive injunction," the CA ruled, according to
the Daily Tribune.
Associate Justice Fernanda Lampas-Peralta and Priscilla Baltazar-
Padilla concurred with the order issued by Associate Justice Agnes
Carpio, the Daily Tribune states.
The Daily Tribune says BSP placed BF under receivership to provide
immediate relief to the bank's 177,652 depositors on the ground
that it has supposedly been on a bank holiday since March 15, but
this has been denied by the bank as a mere smear campaign started
by BSP, causing heavy withdrawals in some branches.
The BF stockholders, in their petition, had sought the issuance of
a TRO and writ of preliminary injunction against the
implementation of the MB's Resolution No. 372-A, issued on
March 17, which placed BF under receivership and barred it from
continuing its operations, the Tribune Daily reports.
About Banco Filipino
Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
offers full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services. It started operations on July 9,
1964.
===============
T H A I L A N D
===============
TRUE CORPORATION: Rights Issue Won't Affect Moody's 'B2' Rating
---------------------------------------------------------------
Moody's Investors Service says there is no immediate impact on the
B2 corporate family rating of True Corporation Public Company
Limited and the B2 corporate family and senior unsecured bond
ratings of True Move Company Limited after the rights issue by
True Corp.
Any longer term credit impact will depend on the amount raised
from the rights issue as well as how the proceeds are used.
Positive implications could arise if True Corp successfully rolls
out its 3G initiative, recapitalizes True Move and eases its
ongoing liquidity pressures, and permanently resolves True Move's
ongoing need for continuous covenant waivers.
Nevertheless, any positive implications could be negated by
broader considerations including Thailand's uncertain regulatory
environment.
The outlook on all ratings remains negative.
True Corp announced that it expected to raise up to THB13.1
billion through the rights issue to existing shareholders on a
pro-rata basis. If successful, the proceeds will be used to fund
True Corp's 3G capital expenditure and repay outstanding debt.
True Corp has budgeted THB10 billion for the group's 2011 capital
expenditure program.
Moody's notes that the rights issue has not been underwritten and
the major shareholder has not indicated their intention to retain
their shareholding portion.
The proposed rights issue of 6,727,436,752 new ordinary shares
comprises the unsubscribed shares from the previous rights issue
in February 2009.
The negative outlook reflects True Move's poor liquidity, its
ongoing need to seek covenant waivers from its bankers, the need
for further equity injections, as well as the regulatory
uncertainty in Thailand.
True Move's credit profile is highly correlated with True Corp's,
given their strong financial and operating links, and as such
their ratings are equalized.
Moody's is also concerned about the execution risks in the HSPA 3G
upgrade and the migration of subscribers from the CDMA network to
the new HSPA platform.
Thailand's regulatory environment remains uncertain and there is
no indication whether True Move could migrate its subscribers to
the new network before its concession expires in September 2013.
Moody's last rating actions on True Corp and True Move were taken
on Jan. 31, 2011, when the ratings of both companies were affirmed
at B2, with a negative outlook.
Headquartered in Bangkok, True Corp is an integrated provider of
fixed-line, broadband, internet, and mobile services, and pay TV.
True Corp is listed on the Thai Stock Exchange; the Charoen
Pokphand Group (CP Group) is the major shareholder (64.74%).
Its wireless business is conducted predominantly through its
98.9%-owned subsidiary, True Move, Thailand's third largest mobile
telecommunications operator. Its pay TV business is conducted
through 99.3%-owned True Visions Public Company Limited (and
99.0%-owned True Visions Cable Public Company Limited), which is
currently the only nationwide provider of pay television services
in the country.
*********
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 ***