/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/110510.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, May 10, 2011, Vol. 14, No. 91 Headlines A U S T R A L I A * WA Insolvencies Hit All-Time High, Taylor Woodings Report Shows C H I N A SHENZHEN HUIRUN: Shenzhen Int'l to Raise Stake in Shenzhen Air H O N G K O N G EMH TRANSPORTATION: Creditors' Proofs of Debt Due May 20 ENRON (CHINA): Members' and Creditors' Meetings Set for May 20 ENRON (HK): Members' and Creditors' Annual Meetings Set for May 20 EVER TWINKLE: Members' Final Meeting Set for June 7 GLENEAGLES MARITIME: Members' Final Meeting Set for June 10 GLORYSON LIMITED: Muk and Cowley Step Down as Liquidators HK AQUARIUM: Creditors' Proofs of Debt Due May 31 HK PROFESSIONAL: Members' Final Meeting Set for June 8 HOMA INTERNATIONAL: Members' Final Meeting Set for June 7 HSBC GUYERZELLER: Commences Wind-Up Proceedings LIGHTEX TEXTILES: Members' and Creditors' Meetings Set for May 27 SUPERSHINE LIMITED: Creditors to Get 42% Recovery on Claims I N D I A ANANYA WOOD: CRISIL Reaffirms 'BB' Rating on INR60MM Cash Credit ANTILA CERAMIC: CRISIL Assigns 'B' Rating to INR35MM Term Loan M. K. GHARE: CRISIL Assigns 'BB' Rating to INR15MM LT Bank Loan MUTNEJA RICE: CRISIL Rates INR100 Mil. Cash Credit Limit at 'B' PACIFIC HOSPITALS: CRISIL Assigns 'B+' Rating to INR900MM LT Loan POLYHOSE INDIA: Fitch Affirms National LT Rating at 'BB+(ind)' R.G. LOHA: CRISIL Assigns 'BB-' Rating to INR160MM Cash Credit RAJESHREE COTEX: CRISIL Places 'BB' Rating on INR150MM Cash Credit RAJESHREE FIBERS: CRISIL Rates INR150 Million Cash Credit at 'BB' REPROMEN OFFSET: CRISIL Assigns 'D' Rating to INR114MM LT Loan SHREE RAM: CRISIL Puts 'BB+' Rating on INR50MM Cash Credit Limit SUMMER INDIA WEAVING: CRISIL Cuts Rating on INR196.6M Loan to 'D' SAKHUJA RESORTS: CRISIL Rates INR116.5 Million Term Loan at 'B-' T.K. INT'L: CRISIL Downgrades Rating on INR40MM LT Loan to 'BB-' UMIYA FLEXIFOAM: CRISIL Reaffirms 'BB-' Rating on INR13MM Loan Z V STEELS: CRISIL Reaffirms 'B+' Rating on INR100MM Cash Credit J A P A N TAKEFUJI CORP: Triples Debt to JPY1.5 Trillion on Rising Claims * 66 Japanese Companies Go Bankrupt After March 11 Earthquake N E W Z E A L A N D ALLIED NATIONWIDE: Allied Farmers Sells Remaining Sections PIKE RIVER: Receiver Says Solid Energy Undermining Pike's Value * Class Action Suit Against NZ Finance Firms Swamped P H I L I P P I N E S AOWA ELECTRONIC: High Court Upholds DTI Order to Shut Down Firm S I N G A P O R E ARROW ASIA: Creditors' Proofs of Debt Due June 7 AFFINITY PRECISION: Creditors' Proofs of Debt Due May 20 ASIA COACH: Creditors' Proofs of Debt Due May 20 IVORYCHEM PTE: Court to Hear Wind-Up Petition May 27 ONG & LIM: Creditors' Proofs of Debt Due June 6 O.C.C. HOLDING: Members' Final Meeting Set for June 8 PENTANUM GLOBAL: Court Enters Wind-Up Order SINGAMIP ENTERPRISE: Creditors' Proofs of Debt Due May 20 WBG NETWORK: Creditors' Meetings Set for May 16 V I E T N A M DOT VN: Vietnamese IDN Registrations Exceed 101,000 X X X X X X X X * S&P's Global Corporate Defaults Tally Has Five in 1st Quarter * BOND PRICING: For the Week May 2 to May 6, 2011 - - - - - ================= A U S T R A L I A ================= * WA Insolvencies Hit All-Time High, Taylor Woodings Report Shows ----------------------------------------------------------------- Rebecca Lawson at PerthNow reports that company collapses in Western Australia hit an all-time high, and it's not going to get better, accounting firm Taylor Woodings said in its latest Insolvency Insights report. PerthNow relates that Taylor Woodings found that 72 WA companies collapsed in March, slightly higher than the previous record of 70 that was recorded in May 2009. According to PerthNow, Taylor Woodings Perth-based managing partner Michael Ryan said the firm believes it is due to a combination of three main factors: (1) the effect of the two speed economy in WA on businesses that are not involved in the mining industry. The demand for skilled workers in the mining industry is causing wage pressure in other parts of the economy; (2) softness in a number of sectors including property development, residential building, retail and agriculture; and (3) increased level of activity by the ATO petitioning for the winding-up of companies who have not paid tax debts. PerthNow says WA's figures are in line with the national upward trend, with company collapses jumping 14% from February's 852 to 968 in March, PerthNow says. Taylor Woodings, as cited by PerthNow, said it was the second highest level on record for the month of March, up 7% compared with the same time last year. The highest March figure of 1095 was recorded at the height of the global financial crisis in 2009. PerthNow notes that the report also found that company failures on the back of creditor winding up applications were also at an all- time high, up 27% on March last year to 451. However, Taylor Woodings said, voluntary administrations were at their lowest levels, 129, in 10 years for the month of March. This was due to a change in the Corporations Act in 2008 that streamlined the voluntary liquidation process. ========= C H I N A ========= SHENZHEN HUIRUN: Shenzhen Int'l to Raise Stake in Shenzhen Air -------------------------------------------------------------- Joanne Chiu at Dow Jones Newswires reports that Shenzhen International Holdings Ltd. said it has agreed to raise its stake in Shenzhen Airlines Ltd. to 49% for CNY788.6 million (US$121 million). The Hong Kong-listed company, which currently owns a 24% stake in the Shenzhen-based carrier, said in a statement it will buy a 25% stake in Shenzhen Airlines from Shenzhen Huirun Investment Co. Ltd., which is in receivership and has been declared bankrupt in China's court, according to Dow Jones Newswires. Hong Kong and Shanghai-listed Air China Ltd. owns a 51% controlling stake in Shenzhen Airlines. ================ H O N G K O N G ================ EMH TRANSPORTATION: Creditors' Proofs of Debt Due May 20 -------------------------------------------------------- Creditors of EMH Transportation Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by May 20, 2011, to be included in the company's dividend distribution. The company's liquidator is: Chan Kin Hang Danvil Room 2301, 23/F Ginza Square 565-567 Nathan Road Kowloon ENRON (CHINA): Members' and Creditors' Meetings Set for May 20 -------------------------------------------------------------- Members and creditors of Enron (China) Limited will hold their annual meetings on May 20, 2011, at 2:30 p.m., and 3:00 p.m., respectively at 7/F., Allied Kajima Building, 138 Gloucester Road, Wancahi, in Hong Kong. At the meeting, Heng Victor Ja Wei and Heng Roy Pei Neng, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ENRON (HK): Members' and Creditors' Annual Meetings Set for May 20 ------------------------------------------------------------------ Members and creditors of Enron (HK) Limited will hold their annual meetings on May 20, 2011, at 10:00 a.m., and 10:30 a.m., respectively at 7/F., Allied Kajima Building, 138 Gloucester Road, Wancahi, in Hong Kong. At the meeting, Heng Victor Ja Wei and Heng Roy Pei Neng, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. EVER TWINKLE: Members' Final Meeting Set for June 7 --------------------------------------------------- Members of Ever Twinkle Company Limited will hold their final meeting on June 7, 2011, at 2:00 p.m., at 23rd Floor, Wheelock House, 20 Pedder Street, in Hong Kong. At the meeting, Kevin Chung Ying Hui, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GLENEAGLES MARITIME: Members' Final Meeting Set for June 10 ----------------------------------------------------------- Members of Gleneagles Maritime Medical Centre (China) Limited will hold their final general meeting on June 10, 2011, at 10:00 a.m., at Room 1708 Dominion Centre, 43-59 Queen's Road East, Wanchai, in Hong Kong. At the meeting, Wong Man Hung Windy, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GLORYSON LIMITED: Muk and Cowley Step Down as Liquidators --------------------------------------------------------- Jacky Chung Wing Muk and Patrick Cowley stepped down as liquidators of Gloryson Limited on April 21, 2011. HK AQUARIUM: Creditors' Proofs of Debt Due May 31 ------------------------------------------------- Creditors of Hong Kong Aquarium Association Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by May 31, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on April 25, 2011. The company's liquidator is: Wong Yuek Keung Unit A, 12/F Nathan Commercial Building 430-436 Nathan Road Kowloon HK PROFESSIONAL: Members' Final Meeting Set for June 8 ------------------------------------------------------ Members of Hong Kong Professional Art Supplies Limited will hold their final meeting on June 8, 2011, at 2:25 p.m., at 25/F., Tern Centre Tower 1, 237 Queen's Road Central, in Hong Kong. At the meeting, Li Wai See, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HOMA INTERNATIONAL: Members' Final Meeting Set for June 7 --------------------------------------------------------- Members of Homa International Limited will hold their final meeting on June 7, 2011, at 10:00 a.m., at Rm B 16/F Loyong Court Commercial Bldg 212 Lockhart Rd, Wanchai, in Hong Kong. At the meeting, Ho Wai Shun, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HSBC GUYERZELLER: Commences Wind-Up Proceedings ----------------------------------------------- Members of HSBC Guyerzeller Far East Limited, on April 26, 2011, passed a resolution to voluntarily wind up the company's operations. The company's liquidators are: Rainier Hok Chung Lam Anthony David Kenneth Boswell 22/F, Prince's Building Central, Hong Kong LIGHTEX TEXTILES: Members' and Creditors' Meetings Set for May 27 ----------------------------------------------------------------- Members and creditors of Lightex Textiles Company Limited will hold their annual meetings on May 27, 2011, at 11:00 a.m., and 11:30 a.m., respectively at Rm. 1402, On Hong Commercial Bldg., 145 Hennessy Rd., Wanchai, in Hong Kong. At the meeting, Lo Shing Chi, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SUPERSHINE LIMITED: Creditors to Get 42% Recovery on Claims ----------------------------------------------------------- Supershine Limited, which is in creditors' voluntary liquidation, will declare the first and final ordinary dividend to its creditors on May 16, 2011. The company will pay 42% for ordinary claims. The company's liquidator is: Chan Kin Hang Danvil Room 2301, 23/F Ginza Square 565-567 Nathan Road Kowloon ========= I N D I A ========= ANANYA WOOD: CRISIL Reaffirms 'BB' Rating on INR60MM Cash Credit ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of Ananya Wood Pvt. Ltd. continue to reflect the Rajgaria group's weak financial risk profile, marked by small net worth, weak debt protection metrics, and low profitability, and dependence on Malaysia and West Africa for its timber supplies. These rating weaknesses are partially offset by the group's established market position, strong relations with suppliers and customers, and promoters' extensive industry experience. Facilities Ratings ---------- ------- INR60.00 Million Cash Credit BB/Stable (Enhanced from INR40.00 Million) INR140.00 Million Bank Guarantee P4+ (Enhanced from INR40.00 Million) For arriving at its ratings, CRISIL has combined the financial risk profiles of AWPL and Rajgaria Timber Pvt Ltd, collectively referred to as the Rajgaria group. This is because both RTPL and AWPL have a common management team and are in similar lines of business. Outlook: Stable CRISIL believes that the Rajgaria group's financial risk profile will remain constrained by its weak debt protection metrics, over the medium term, as a result of low profitability. The outlook may be revised to 'Positive' in case of considerable improvement in the group's profitability, and if the promoters infuse significant fresh equity to enhance the group's net worth. Conversely, the outlook may be revised to 'Negative' if the group undertakes a large, debt-funded capital expenditure programme or reports a decline in profitability. About the Group Set up as a partnership firm by the Kolkata (West Bengal)-based Rajgaria family, RTPL was reconstituted as a private limited company in 2000. After a family division in 2004, Mr. Pawan Kumar Rajgaria acquired a controlling stake in RTPL. The company sells sawed timber; it imports timber logs from Malaysia and Myanmar. AWPL, also in the same line of business as RTPL, commenced operations in 2006-07 (refers to financial year, April 1 to March 31), and imports timber from West Africa. The Rajgaria group reported a profit after tax (PAT) of INR6.5 million on net sales of INR1371 million for 2009-10 (refers to financial year, April 1 to March 31), as against a PAT of INR3.4 million on net sales of INR999 million for 2008-09. ANTILA CERAMIC: CRISIL Assigns 'B' Rating to INR35MM Term Loan -------------------------------------------------------------- CRISIL has assigned its 'B/Stable/P4' ratings to the bank facilities of Antila Ceramic Pvt Ltd. Facilities Ratings ---------- ------- INR15 Million Cash Credit B/Stable (Assigned) INR35 Million Rupee Term Loan B/Stable (Assigned) INR5 Million Bank Guarantee P4 (Assigned) The ratings reflect ACPL's below-average financial risk profile, marked by small net worth, high gearing, and weak debt protection metrics. These rating weaknesses are partially offset by the advantageous location of ACPL's upcoming facility, marked by easy access to raw material and skilled labor, expected to result in healthy operating efficiencies. Outlook: Stable CRISIL believes that ACPL will benefit from the advantageous location of its facility, in Morbi (Gujarat), and its promoters' experience in the tiles industry. The outlook may be revised to 'Positive' if ACPL reports better-than-expected revenue and profitability. Conversely, the outlook may be revised to 'Negative' if there is a delay in commissioning of its facility or its revenues and profitability are less than expected, once the project is commissioned. Incorporated in 2010, ACPL is setting up a facility for manufacturing glazed wall tiles with a capacity of 21,600 tonnes per annum in Morbi. ACPL is expected to commence operations by June 2011. M. K. GHARE: CRISIL Assigns 'BB' Rating to INR15MM LT Bank Loan --------------------------------------------------------------- CRISIL has assigned its 'BB/Stable' rating to the bank facilities of M. K. Ghare Jewellers. Facilities Ratings ---------- ------- INR62.50 Million Cash Credit BB/Stable (Assigned) INR12.50 Million Bank Overdraft BB/Stable (Assigned) INR15.00 Million Proposed LT Bank BB/Stable (Assigned) Loan Facilities The rating reflects MKGJ's modest scale of operations and exposure to intense competition in the gold jewellery retailing industry. These rating weaknesses are partially offset by MKGJ's established reputation and promoters' experience in gold jewellery retailing. Outlook: Stable CRISIL believes that MKGJ will benefit over the medium term from its established market position and promoters' extensive experience in the gold jewellery retailing industry. The outlook may be revised to 'Positive' if MKGJ reports significant and sustainable improvement in its scale of operations and operating margin, while maintaining or improving its capital structure. Conversely, the outlook may be revised to 'Negative' in case of deterioration in MKGJ's gearing or debt protection metrics. About M. K. Ghare MKGJ, set up 1993, is the proprietorship of Mr. Uday Ghare. MKGJ manufactures and retails gold and diamond-studded jewellery and silverware at its outlet at Kandivali in Mumbai (Maharashtra). The proprietor Mr. Uday Ghare hails from the Ghare family who have been engaged in gold jewellery retailing in Mumbai since 1933. Mr. Uday has more than three decades of experience in gold jewellery retailing. For 2009-10 (refers to financial year, April 1 to March 31), MKGJ reported profit after tax (PAT) of INR12.0 million on net sales of INR253.2 million, against a PAT of INR8.1 million on net sales of INR161.1 million for 2008-09. MUTNEJA RICE: CRISIL Rates INR100 Mil. Cash Credit Limit at 'B' --------------------------------------------------------------- CRISIL has assigned its 'B/Stable' rating to the cash credit limit facility of Mutneja Rice Mills. Facilities Ratings ---------- ------- INR100.0 Million Cash Credit Limit B/Stable (Assigned) The rating reflects MRM's weak financial risk profile, marked by high gearing, small net worth, and weak debt protection metrics, large working capital requirements, small scale of operations, and susceptibility to adverse regulatory changes, vagaries of the monsoon, and fluctuations in raw material prices and foreign currency rates. These rating weaknesses are partially offset by the extensive experience of MRM's promoters in, and the healthy growth prospects for, the rice processing industry. Outlook: Stable CRISIL believes that MRM's financial risk profile will remain weak over the medium term because of its large working capital requirements and small net worth. The outlook may be revised to 'Positive' in case the company substantially improves its operating margin and scale of operations, while maintaining its working capital requirements. Conversely, the outlook may be revised to 'Negative 'if MRM's operating margin declines further, adversely affecting overall profitability, or in case it undertakes a large, debt-funded capital expenditure programme. About Mutneja Rice MRM is engaged in the processing and sale of basmati rice. Its facility in Jalalabad (district Bhatinda, Punjab) has milling and sortex capacity of 5 tonnes per hour. The firm was engaged primarily in the processing of non-basmati rice till 2007-08 (refers to financial year, April 1 to March 31) and began processing basmati rice on job-work basis in the second half of 2008-09. To support the processing of basmati rice, the firm expanded its capacity by modernising its plant over the past three years. The firm worked on job-work basis in the 2008-09 and 2009- 10 seasons and began processing the 1121 variety of basmati rice on its own from October 2010. MRM reported a profit after tax (PAT) of INR1 million on net sales of INR8 million for 2009-10, against a PAT of INR1 million on net sales of INR42 million for 2008-09. PACIFIC HOSPITALS: CRISIL Assigns 'B+' Rating to INR900MM LT Loan ----------------------------------------------------------------- CRISIL has assigned its 'B+/Stable' rating to the long-term bank facilities of Pacific Hospitals Pvt Ltd. Facilities Ratings ---------- ------- INR900.00 Million Long-Term Loan B+/Stable (Assigned) INR3.50 Million Proposed Bank Loan B+/Stable (Assigned) Facility The rating reflects PHPL's below-average financial risk profile, marked by moderate gearing and weak debt protection metrics, and exposure to risks related to implementation and commissioning of its ongoing hospital project. These rating weaknesses are partially offset by the extensive experience of PHPL's promoters in the healthcare industry. Outlook: Stable CRISIL believes that PHPL will commence commercial operations at its upcoming multi-speciality hospital without any significant time or cost overrun, and will continue to benefit from its promoters' extensive experience in the healthcare industry, over the medium term. The outlook may be revised to 'Positive' if PHPL reports more-than-expected cash accruals, most likely because of sooner-than-expected commissioning of the ongoing project. Conversely, the outlook may be revised to 'Negative' if PHPL undertakes a larger-than-expected debt-funded capital expenditure programme, demand for services of its hospital is less-than- expected, or commencement of the hospital's operations gets delayed. About Pacific Hospitals Set up in 2004 and based in Hyderabad (Andhra Pradesh), PHPL is a 100% subsidiary of Vitae Healthcare Pvt Ltd. PHPL operates Vitae Medical Centre, a day-care centre, and is currently setting up a 175-bed tertiary-care multi-specialty hospital in Gachibowli, Hyderabad. The total project cost is INR1.35 billion, being funded in a debt-equity mix of 2:1. The hospital is expected to be commissioned by March 2012. PHPL reported a net loss of INR1.81 million on net sales of INR23.7 million for 2009-10 (refers to financial year, April 1 to March 31), against a net loss of INR65,800 on net sales of INR20.7 million for 2008-09. POLYHOSE INDIA: Fitch Affirms National LT Rating at 'BB+(ind)' -------------------------------------------------------------- Fitch Ratings has affirmed Polyhose India (Rubber) Private Limited's National Long-Term rating at 'BB+(ind)' with a Stable Outlook. The agency has also affirmed the ratings on Polyhose's bank facilities: -- INR230m long-term loans: 'BB+(ind)'; -- INR70m fund-based working capital limits: 'BB+(ind)'/'F4(ind)'; and -- INR35m non-fund based working capital limits: 'BB+(ind)'/'F4(ind)'. The affirmations continue to reflect Polyhose's market position of a key supplier of rubber hoses to Caterpillar's ('A'/Stable/'F1') Italy-based subsidiary - Rapisarda Srl. The ratings also reflect the involvement of Caterpillar as a joint venture (JV) partner for providing equity capital (30.58% stake in the company by Caterpillar Asia Pte Limited) and technical assistance, along with a long-term arrangement with Rapisarda for the worldwide distribution of Polyhose products. The ratings also reflect the company's relatively small scale of operations, vulnerability to raw material cost fluctuations and the delay in completion of its capacity expansion project. Fitch notes that the company reported an improvement in its capacity utilization in FY11 at 76% (FY10: 54%), which resulted in revenue growth of 91% yoy to INR521.9 million in FY11 (FY10: INR273.6 million). The ratings also reflect Polyhose's moderate credit metrics (FY11 total adjusted debt/EBIDTAR at 4.2x and interest coverage at 4.8x). Positive rating guidelines include Polyhose's achievement of projected levels of revenues and EBIDTA margins, resulting in a sustained decline in its total adjusted debt/EBIDTAR to below 3.5x. Any sustained deterioration in the company's gross adjusted debt/EBITDAR to above 4.5x and any adverse movements in the terms of its tie-up with Caterpillar would be negative for the ratings. Polyhose is a JV between the founders of Polyhose India Pvt Ltd. and Caterpillar Asia Pte Ltd. It manufactures rubber hoses at its facility in Chennai. In FY11 (provisional, un-audited), the company reported EBITDA of INR68.2 million (FY10: INR57.1 million) and net income of INR20.07 million (FY10: INR13.6 million). R.G. LOHA: CRISIL Assigns 'BB-' Rating to INR160MM Cash Credit -------------------------------------------------------------- CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank facilities of R.G. Loha Pvt Ltd. Facilities Ratings ---------- ------- INR160 Million Cash Credit BB-/Stable (Assigned) INR90 Million Proposed Long-Term BB-/Stable (Assigned) Bank Loan Facility INR240 Million Letter of Credit P4+ (Assigned) INR510 Million Proposed Short-Term P4+ (Assigned) Bank Loan Facility The ratings reflect RGL's subdued financial risk profile, marked by small net worth and modest debt protection metrics coupled with exposure to inventory price and counterparty risk inherent to the trading activity. These rating weaknesses are partially offset by the extensive industry experience of RGL's promoters in the steel trading industry. Outlook: Stable CRISIL believes that RGL will continue to benefit from the extensive experience of its promoters in the steel trading business, over the medium term. The outlook may be revised to 'Positive' if RGL is able to generate better-than-expected operating revenues and margin, and materially improves its capital structure. Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile deteriorates because of deterioration in its working capital cycle or significantly higher than expected dependence on external debt funding. About R.G. Loha Set up in 2009 as a private limited company by the Gadodia family of Mumbai, RGL trades flat steel products such as hot rolled coils and sheets, and other steel products such as profile and galvanised sheets. It is also one of the authorized dealers of JSW Steel Ltd (JSW) in Mumbai. Apart from JSW, it also procures steel products from other domestic and international steel manufacturers. The company has its stock point at Kalamboli (Maharashtra) from where it caters to customers, mainly in Maharashtra. The Gadodia family has experience of more than three decades in the steel trading business. Currently, Mr. Manmohan Gadodia, the director of RGL, manages the day-to-day operations of the company. RGL reported a profit after tax (PAT) of INR40.0 million on net sales of INR2.4 billion for 2010-11 (provisional figures, refers to financial year, April 1 to March 31), as against a PAT of INR11.5 million on net sales of INR1.62 billion for 2009-10. RAJESHREE COTEX: CRISIL Places 'BB' Rating on INR150MM Cash Credit ------------------------------------------------------------------ CRISIL has assigned its 'BB/Stable' rating to the cash credit facility of Rajeshree Cotex. Facilities Ratings ---------- ------- INR150 Million Cash Credit BB/Stable (Assigned) The rating reflects the Rajeshree group's modest scale of operations in the intensely competitive cotton ginning industry, low operating efficiency, and susceptibility to adverse regulatory changes. These rating weaknesses are partially offset by the extensive experience of the group's promoters in the cotton industry, prudent working capital management, and average financial risk profile, marked by comfortable debt protection measures, moderate gearing constrained by low networth. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of Rajeshree Fibers and RC, together referred to as the Rajeshree group. This is because the two firms are promoted and managed by the Khargone (Madhya Pradesh)-based Mahajan family, are in the same line of business, and have significant operational linkages. Outlook: Stable CRISIL believes that the Rajeshree group will maintain its credit risk profile over the medium term, backed by its promoters' extensive experience in the cotton ginning industry and its average financial risk profile. The outlook may be revised to 'Positive' if the group increases the scale of its operations significantly while maintaining its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the group's profitability declines or in case of more-than-expected withdrawals, leading to deterioration in the financial risk profile. About the Group Set up in 2003, RF, based in Khargone, is a partnership firm with cotton ginning capacity of 500 bales per day and cotton oil production capacity of 80 quintals per day. Set up in 2005, RC, based in Jalgoan (Maharashtra), is a partnership firm with cotton ginning capacity of 300 bales per day. Both firms also trade in ginned cotton and cotton seeds, which account for around 35% of the turnover. The group is promoted by Mr. Narendra Mahajan and his brothers, Mr. Kailash Mahajan and Mr. Rajendra Mahajan. RC reported a book profit of INR6.60 million on net sales of INR1230.4 million for 2009-10, as against a book profit of INR3.30 million on net sales of INR395.9 million for 2008-09. RAJESHREE FIBERS: CRISIL Rates INR150 Million Cash Credit at 'BB' ----------------------------------------------------------------- CRISIL has assigned its 'BB/Stable' rating to the cash credit facility of Rajeshree Fibers. Facilities Ratings ---------- ------- INR150 Million Cash Credit BB/Stable (Assigned) The rating reflects the Rajeshree group's modest scale of operations in the intensely competitive cotton ginning industry, low operating efficiency, and susceptibility to adverse regulatory changes. These rating weaknesses are partially offset by the extensive experience of the group's promoters in the cotton industry, prudent working capital management, and average financial risk profile, marked by comfortable debt protection measures, moderate gearing constrained by low networth. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of RF and Rajeshree Cotex (RC), together referred to as the Rajeshree group. This is because the two firms are promoted and managed by the Khargone (Madhya Pradesh)-based Mahajan family, are in the same line of business, and have significant operational linkages. Outlook: Stable CRISIL believes that the Rajeshree group will maintain its credit risk profile over the medium term, backed by its promoters' extensive experience in the cotton ginning industry and its average financial risk profile. The outlook may be revised to 'Positive' if the group increases the scale of its operations significantly while maintaining its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the group's profitability declines or in case of more-than-expected withdrawals, leading to deterioration in the financial risk profile. About the Group Set up in 2003, RF, based in Khargone, is a partnership firm with cotton ginning capacity of 500 bales per day and cotton oil production capacity of 80 quintals per day. Set up in 2005, RC, based in Jalgoan (Maharashtra), is a partnership firm with cotton ginning capacity of 300 bales per day. Both firms also trade in ginned cotton and cotton seeds, which account for around 35% of the turnover. The group is promoted by Mr. Narendra Mahajan and his brothers, Mr. Kailash Mahajan and Mr. Rajendra Mahajan. RF reported a book profit of INR20.6 million on net sales of INR960.8 million for 2009-10, as against a book profit of INR35.2 million on net sales of INR1071.0 million for 2008-09. REPROMEN OFFSET: CRISIL Assigns 'D' Rating to INR114MM LT Loan -------------------------------------------------------------- CRISIL has assigned its 'D/P5' ratings to the bank facilities of Repromen Offset Printers Madras Pvt Ltd. The ratings reflect instances of delay by ROPM in servicing its debt; the delays have been caused by the company's weak liquidity. Facilities Ratings ---------- ------- INR114.00 Million Long-Term Loan D (Assigned) INR6.00 Million Letter of Credit P5 (Assigned) ROPM's weak liquidity is attributed to the high working capital intensity of operations owing to large inventory and receivable levels. ROPM also has a below-average financial risk profile, marked by high gearing, and weak debt protection metrics, small scale of operations in the printing and packaging industry, and susceptibility to intense industry competition. These weaknesses are partially offset by ROPM's established regional position, healthy customer relationships, and promoters' extensive industry experience. About Repromen Offset Set up in 1998, ROPM undertakes printing activities across pre- press, printing, and post-press functions in Chennai (Tamil Nadu). The Chairman Mr. V. Parameswaran, has over three decades of experience with James Walter Thompson, advertising agency. Further, ROPM's director, Mr. S Ramesh, has experience of two decades in the printing business. ROPM reported a profit after tax (PAT) of INR0.24 million on net sales of INR9.54 million for 2009-10 (refers to financial year, April 1 to March 31), as against a PAT of INR0.05 million on net sales of INR6.61 million for 2008-09. SHREE RAM: CRISIL Puts 'BB+' Rating on INR50MM Cash Credit Limit ---------------------------------------------------------------- CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank facilities of Shree Ram Lime Products Pvt Ltd. Facilities Ratings ---------- ------- INR50.0 Million Cash Credit Limit BB+/Stable (Assigned) INR25.0 Million Bill Discounting P4+ (Assigned) Facility INR10.0 Million Bank Guarantee P4+ (Assigned) The ratings reflect SRLP's small scale of operations and customer concentration, and expected deterioration in its financial risk profile because of its large, ongoing, debt-funded capital expenditure (capex) towards capacity expansion and large working capital requirements. These rating weaknesses are partially offset by the extensive industry experience of SRLP's promoters and the funding support from the promoters. Outlook: Stable CRISIL believes that SRLP will continue to benefit from its promoters' extensive industry experience and funding support over the medium term. The outlook may be revised to 'Positive' if SRLP completes its ongoing capacity expansion project without time or cost overrun, and increases its revenues and profitability after the completion of the project. Conversely, the outlook may be revised to 'Negative' if SRLP's financial risk profile deteriorates, most likely because of significant time or cost overrun in the project or lower-than-expected increase in sales and profitability. About Shree Ram Lime SRLP was set up by Mr. S K Lakhotia in 1994. The company manufactures calcined (quick) lime, dolomite lime, and hydrated lime, and trades calcined lime and fluorspar. The company has four manufacturing units in Rajasthan, with a combined capacity of 139,200 tonnes per annum (tpa). The company is setting up an automated plant in Rajasthan, which is expected to increase the company's capacity to 179,400 tpa. SRLP's clients include alloy steel manufacturers, JSW Steel Ltd, Adhunik Metaliks Ltd, and Ispat Industries Ltd. SRLP is part of the Shree Ram group and was the first group entity to be set up. Other group entities include SRC Chemicals Pvt Ltd (rated 'BB+/Stable/P4+' by CRISIL), Shree Ram Cargo Pvt Ltd, and SVC Carriers Pvt Ltd. SRLP reported a profit after tax (PAT) of INR12.1 million on net sales of INR495.6 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR12.3 million on net sales of INR468.4 million for 2008-09. SUMMER INDIA WEAVING: CRISIL Cuts Rating on INR196.6M Loan to 'D' ----------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Summer India Weaving and Processing Mills Private Limited to 'D' from 'C'. Facilities Ratings ---------- ------- INR196.6 Million Long-Term Loan D (Downgraded from 'C') The downgrade reflects instances of delays by the Summer India group in servicing its debt; the delays have been caused by the group's weak liquidity, which is a result of its large working capital requirements. The Summer India group has a below-average financial risk profile, marked by high gearing and weak debt protection metrics, and its revenues are concentrated in the hospitality segment. Furthermore, the group's margins are susceptible to volatility in raw material prices and foreign exchange rates. The group, however, benefits from its established market position and established customer relationships. For arriving at its ratings, CRISIL has combined the financial and business risk profiles of SIWP and Summer India Textile Mills Pvt Ltd. This is because the two entities, together referred to as the Summer India group, are in the same line of business, under common management, and have fungible cash flows. Promoted by Mr. K S Rangasamy, the Summer India group has been exporting table and bed linen since 1997 under SITM. Set up in 2007, SIWP undertakes job-work for SITM and other weaving companies. SIWP is likely to start executing orders for third parties directly. The group exports its products mainly to hospitality and retail chains in the US and Europe. The group has around 140 Jacquard looms and 40 weaving looms. The Summer India group reported a net loss of INR40.7 million on net sales of INR638.3 million for 2009-10, against a net loss of INR246.8 million on net sales of INR535.1 million for 2008-09. SAKHUJA RESORTS: CRISIL Rates INR116.5 Million Term Loan at 'B-' ---------------------------------------------------------------- CRISIL has assigned its 'B-/Stable' rating to the term loan facility of Sakhuja Resorts Pvt Ltd. Facilities Ratings ---------- ------- INR116.5 Million Term Loan B-/Stable (Assigned) The rating reflects SRPL's weak liquidity following a delay in its hotel project construction, and its exposure to risks inherent in hotel operations, which are vulnerable to economic cyclicality. These rating weaknesses are partially offset by the low funding risk associated with the company's hotel project. Outlook: Stable CRISIL expects SRPL's hotel project to face liquidity constraints during the initial years, due to delay in commencement of operations and loan repayments starting prior to the commencement. However, the loan repayments are expected to be made through timely infusion of funds by the promoters, who have infused funds to repay instalments due in December 2010 and March 2011. The outlook may be revised to 'Positive' if SRPL's hotel operations witness higher-than-expected occupancy levels, leading to a substantial improvement in its liquidity. Conversely, the outlook may be revised to 'Negative' if there are further delays in commencement of operations, and/or a further stretch in the company's liquidity, due to lack of timely support from the promoters. About Sakhuja Resorts SRPL was promoted by Mr. Anil Sakhuja and his wife Mrs. Madhu Sakhuja in December 2008. The company was incorporated to construct a 3-star hotel at Chatarpur Road, Mehrauli (New Delhi). The promoters are being assisted by their sons, Mr. Yogesh Sakhuja and Mr. Nipun Sakhuja. The hotel will have 40 rooms, with a banquet hall, an open banquet area, a restaurant, a bar, and a conference hall. The project construction started in May 2009, and was expected to be completed by April 2010; however, the project has been delayed and is now expected to become operational by May 2011. SRPL has tied up with the ITC group to provide technical and operational assistance. The hotel will operate under the brand name of Fortune Park. The project cost of INR175 million is to be funded in a debt-to-equity ratio of 2:1. T.K. INT'L: CRISIL Downgrades Rating on INR40MM LT Loan to 'BB-' ---------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of T.K. International Ltd to 'BB-/Negative/P4' from 'BBB-/Negative/P3'. Facilities Ratings ---------- ------- INR65.5 Million Bank Overdraft BB-/Negative (Downgraded from 'BBB-/Negative') INR17.5 Million Cash Credit BB-/Negative (Downgraded from 'BBB-/Negative') INR40.0 Million Long-Term Loan BB-/Negative (Downgraded from 'BBB-/Negative') INR1.0 Mil. Buyer's Credit Limit P4 (Downgraded from 'P3') INR3.0 Million Bank Guarantee P4 (Downgraded from 'P3') The downgrade reflects TKIL's stretched liquidity position because of the large working capital requirements of its tour and travel business, which accounts for 50% of TKIL's total revenues. TKIL's tour and travel business generates more than 90% of its revenues from its corporate customers, wherein the collection period is up to 120 days. Furthermore, the company undertook an expansion and renovation programme at its resort in Puri (Orissa) in FY 2010-11, further weakening its liquidity and resulting in high utilisation of its bank limits. The ratings reflect TKIL's limited financial flexibility because of the large working capital requirements of its travel and tour business, modest scale of operations, and susceptibility to revenue concentration and cyclicality in the hospitality industry. These rating weaknesses are partially offset by TKIL's low gearing, sound debt protection metrics, and improved operating margin on the back of high occupancy levels, average room revenues, and decrease in proportion of timeshare travellers. Outlook: Negative CRISIL believes that TKIL's financial flexibility and liquidity will remain weak over the near term because of the large working capital requirements of its travel and tour business. The outlook may be revised to 'Stable' in case of better-than-expected improvement in TKIL's revenues and profitability, leading to improved cash accruals, and/or significant improvement in the company's financial flexibility by way of fresh equity infusion by the promoters, and improved working capital management. Conversely, the rating may be downgraded if TKIL faces significant pressures on its profitability and/or its liquidity deteriorates because of weak working capital management or larger-than-expected debt-funded capital expenditure. About T.K. International TKIL is in the hospitality business. The company has a four-star resort in Puri, Toshali Sands (set up in 1985), and a three-star resort in Simla (Himachal Pradesh), Toshali Royal View (set up in 2003). The company has a travel and tours division, which sells customised travel packages. TKIL reported a profit after tax (PAT) of INR17.3 million on net sales of INR222.6 million for 2009-10 (refers to financial year, April 1 to March 31), as against a PAT of INR17.1 million on net sales of INR178.1 million for 2008-09. UMIYA FLEXIFOAM: CRISIL Reaffirms 'BB-' Rating on INR13MM Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Umiya Flexifoam Pvt Ltd continue to reflect UFPL's weak financial risk profile, marked by high gearing and weak debt protection indicators, and small scale of operations in the competitive aluminium composite panel (ACP) industry. These rating weaknesses are partially offset by the company's stable profitability and improving marketing network. Facilities Ratings ---------- ------- INR52.0 Million Cash Credit Limit BB-/Stable (Reaffirmed) INR13.0 Million Term Loan BB-/Stable (Reaffirmed) INR17.5 Million Letter of Credit P4+ (Reaffirmed) Outlook: Stable CRISIL believes that UFPL will maintain its stable business risk profile over the medium term, backed by a stable operating margin and improving marketing network. The outlook may be revised to 'Positive' if UFPL registers more-than-expected growth in volumes, while maintaining its operating margin, and improves its financial risk profile supported by promoter's equity infusion. Conversely, the outlook may be revised to 'Negative' if UFPL's revenues are adversely impacted by overall slowdown in the real estate sector, or if the company's debt protection metrics deteriorate further because of any large, debt-funded capital expenditure (capex). About Umiya Flexifoam UFPL, incorporated in 2003, manufactures ACPs in five different finishes: brushed faced, fireproof, marble faced, mirror faced, and wood textured. The company's operations are currently being managed by Mr. Rajesh Patel. UFPL's facility in Sanand (Gujarat) has capacity to manufacture 0.61 million square metres (msm) of ACPs. The management is currently incurring capex of INR17 million to increase its existing capacity to 1.51 msm. ACPs find application in the building of interiors and exteriors for commercial and residential premises in the real estate industry. For 2009-10 (refers to financial year, April 1 to March 31), UFPL's profit after tax (PAT) was INR5.6 million on net sales of INR177 million, against a PAT of INR4.3 million on net sales of INR150 million for 2008-09. Z V STEELS: CRISIL Reaffirms 'B+' Rating on INR100MM Cash Credit ---------------------------------------------------------------- CRISIL's rating on ZV Steels Pvt Ltd's bank facilities continues to reflect ZVS's below-average financial risk profile, marked by small net worth, high gearing and weak debt protection metrics, low value-addition due to trading nature of business and susceptibility to intense competition in the steel trading business. These rating weaknesses are partially offset by ZVS's promoters' experience in the steel trading business and its longstanding relationship with its major supplier, JSW Steel Ltd. Facilities Ratings ---------- ------- INR100 Million Cash Credit B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that ZVS will continue to benefit from its promoters' industry experience over the medium term. The outlook may be revised to 'Positive' if ZVS's financial risk profile improves, most likely driven by equity infusion leading to improvement in capital structure, or higher-than-expected profitability leading to improvement in debt protection metrics. Conversely, the outlook may be revised to 'Negative' if a significant decline in turnover or profitability constrains its debt protection metrics. Update ZVS's revenues for 2010-11(refers to financial year, April 1 to March 31) are estimated at about INR1.11 billion, which is slightly more than CRISIL's earlier expectations, primarily driven by better realization in steel prices. Also, ZVS's operating profitability for 2010-11 is estimated at 2.1%, which is slightly higher than earlier expected, primarily driven by inventory gain. However, the company's profitability is expected to remain vulnerable to volatility in steel prices. ZVS's liquidity is expected to remain moderate; its bank limit utilization (including ad hoc limit of INR30 million for the three months ended March 2011) was about 61% on an average for 2010-11. Liquidity was partially supported by incremental unsecured loans of INR13.6 million in 2010-11. However, the company's financial risk profile continues to be weak, marked by small net worth of INR21.4 million and high gearing of 6.1 times as on March 31, 2011; gearing is high despite lowering in debt levels in March 2011 due to low inventory holding in March end. ZVS reported a profit after tax (PAT) of INR5.9 million on net sales of Rs1112.3 million for 2010-11, against a PAT of INR2.5 million on net sales of INR851.9 million for 2009-10. About ZV Steels ZVS was set up in 1998 by Mr. Riyaz Lokhandwalla and his father Mr. Karim Lokhandwalla; the company is based in Mumbai. ZVS trades in cold-rolled commercial anneal (CRCA) and hot-rolled (HR) coils and sheets. The promoters have more than three decades of experience in steel trading business. ZVS is an authorized dealer of JSW Steel Ltd for its CRCA products. ZVS has its stock point in Taloja (Maharashtra), from where it caters to customers, mainly in Maharashtra. ========= J A P A N ========= TAKEFUJI CORP: Triples Debt to JPY1.5 Trillion on Rising Claims --------------------------------------------------------------- Takako Taniguchi and Shigeru Sato at Bloomberg News report that Takefuji Corp. tripled its debt to JPY1.5 trillion, on rising overcharged-interest repayment claims, its court-appointed lawyer said. Eiichi Obata, the lawyer overseeing the lender's debt-repayment plan, said Takefuji has about 900,000 claims seeking repayment valued at about JPY1.38 trillion, according to Bloomberg. Takefuji's debt also includes JPY93 billion of corporate bonds, Mr. Obata said. Takefuji filed a bankruptcy petition with the Tokyo District Court on Sept. 28, 2010, with debts of JPY433.6 billion. Bloomberg has said the company has become the biggest casualty of Japan's four- year crackdown on coercive lending practices by consumer finance companies. The lender is seeking to restructure as borrower claims of overpaid interest are estimated to exceed JPY1 trillion. Takefuji last month decided to give South Korea's A&P Financial Co. preferential negotiating rights in becoming the sponsor for its rehabilitation, the Troubled Company Reporter-Asia Pacific reported on April 13, 2011, citing the Mainichi Daily News. Bloomberg relates that Mr. Obata said Takefuji plans to compile and submit its debt-repayment plan by July 15 to the Tokyo district court. About Takefuji Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/-- is a Japan-based company mainly engaged in the consumer finance business. The Company operates in two business segments. The Consumer Finance segment covers the loan and credit card businesses. The Others segment is involved in the operation of golf courses, the development, management and leasing of real estate, the venture capital business, as well as the investment business, among others. The Company has eight subsidiaries. * 66 Japanese Companies Go Bankrupt After March 11 Earthquake ------------------------------------------------------------- Bloomberg News, citing credit agency Teikoku Databank Ltd., reports that 66 companies in Japan declared bankruptcy after the March 11 earthquake and tsunami with total liabilities of JPY37.1 billion (US$461 million). Teikoku Databank said in a report that's three times more than the amount of companies bankrupted by the Kobe earthquake in 1995, Bloomberg relates. Twenty of the companies cited reduced consumer spending as a cause, the report said. ==================== N E W Z E A L A N D ==================== ALLIED NATIONWIDE: Allied Farmers Sells Remaining Sections ---------------------------------------------------------- The National Business Review reports that Allied Farmers is selling sections it owns at Clearwater, near Christchurch, to a single buyer for an undisclosed sum. The sections are some of the Hanover assets acquired by Allied Farmers in December 2009, according to The National Business Review. Allied had sold four villas at Clearwater previously. The National Business Review notes that Allied Farmers Chief executive Rob Alloway declined to comment on the sale price or identify the buyer but he said that in total the company had realized NZ$4.7 million from assets at Clearwater. Mr. Alloway said the earthquake had made it more difficult to sell property in Christchurch because bank funding had become more difficult and buyers were reluctant to make a commitment, The National Business Review notes. The National Business Review says that the unconditional contract will settle later in the month, and all proceeds will be applied against term debt, fully repaying ANZ Bank, the first mortgagee on the property. The balance will be used to help pay a term loan from Allied Nationwide Finance, which is in receivership, The National Business Review adds. PIKE RIVER: Receiver Says Solid Energy Undermining Pike's Value --------------------------------------------------------------- BusinessDesk reports that state-owned coal miner Solid Energy Ltd is accused of playing "a clear commercial game" to sink the value of the Pike River Coal mine, which it wants to buy. BusinessDesk says PriceWaterhouseCoopers, the receivers of the Pike River coal mine, has sought a High Court action against the state-owned enterprise and two West Coast land owners. "Pike's creditors will likely suffer significant detriment" if Solid Energy's takeover of leases over crucial coalhandling facilities at Ikamatua, near Greymouth, are allowed to stand," BusinessDesk quotes PricewaterhouseCoopers receiver John Fisk as saying. "Its actions appear to be an attempt to place Solid Energy in a better commercial position than other prospective purchase of the mine by taking over a key infrastructure asset, making the sale process more complex and uncertain and adding a value-destructive element." Solid Energy has rejected the allegations in the receiver's affidavit but said it couldn't respond in detail as the matter was to come before the court, according to BusinessDesk. BusinessDesk relates that Mr. Fisk's affidavit cites a March 20 statement by Solid Energy's chief executive, Don Elder, saying "any solution to invest in and work the mine must address the interests of the unsecured creditors on the West Coast as a top priority." "However," the affidavit said, "Solid Energy's actions in obtaining leases over the land which holds key infrastructure for the mine, at the expense of Pike, is in direct contrast to that statement, BusinessDesk relates. BusinessDesk says the receiver alleges Solid Energy's other actions include: -- onerous penalties Solid Energy has looked to crystallize in respect of the Coal Transportation Agreement with Pike, under which Solid was to allow Pike to send up to one million tonnes of coal by rail to Lyttelton annually. Solid Energy effectively controls the rail links between the West Coast coalfields and Lyttelton; -- initial rejection of Pike's force majeure under the CTA and attempt to cancel the CTA; and -- a material variance in the actual versus market prices Pike has received for coal it has sold to Solid Energy which remains unexplained. According to BusinessDesk, Solid Energy said Thursday it had "recently leased the land at the Pike River rail loadout at Ikamatua to complement its development projects in the Reefton and Greymouth area." BusinessDesk notes that Mr. Fisk's affidavit details the receiver's efforts to keep paying rent on leased, disused farmland where Pike had spent $7 million on new facilities and access roads. "The best value for Pike will be in its ability to sell the Ikamatua facility as a working operation to the successful purchase as part of the overall sale package," in order to "extract the best value for the company and its creditors," Mr. Fisk said, according to BusinessDesk. Mr. Fisk said one of the two lessors, O'Malley Farming, had counter-signed documents on January 31 varying the lease to allow the receiver to keep paying the $50,000 annual ground rent, which is currently paid up to June 16. According to BusinessDesk, trustees of the R W Brown Family Trust, which also owned part of the Ikamatua land, did not respond to the receivers, but sought on March 21, 2011, to cancel its lease with Pike, and an identical cancellation came that day from O'Malley Farming. "On April 1, 2011, the receivers were informed by solicitors acting for O'Malley Farming and the Trust that they had entered into new leases with Solid Energy on substantially similar terms," Mr. Fisk said in his affidavit. While clearly a bidder for the whole Pike operation, Solid had never indicated it had "specific interests in the Ikamatua Facility or that it wished enter into arrangements for it outside of a full purchase of the mine and associated assets." The receivers want the O'Malley cancellation declared void, and to overturn the Trust's cancellation on grounds that the Pike receivership did not constitute grounds for breaking the lease, BusinessDesk adds. Solid Energy said last week it has submitted to the Pike River receivers an expression of interest to acquire the assets of Pike River Coal's West Coast mine. 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, the company that operates the coal mine where 29 miners died in a series of explosions in November 2010, 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. * Class Action Suit Against NZ Finance Firms Swamped ---------------------------------------------------- Interest.co.nz reports that law firm Turner Hopkins has announced that a class action law suit to recover compensation for investors in New Zealand finance companies has received more than 2,200 claims in the six weeks since it was launched. Interest.co.nz says the class action backed by Australian law firm Slater and Gordon is targeting the professional services firms tasked with oversight of finance companies who have lost billions of dollars in St Laurence, Hanover Finance, Capital + Merchant and MFS Pacific. Those firms targeted include trustees, the report notes. According to the report, Turner Hopkins Partner Andrew Hooker said expressions of interest from around 940 individual claimants had been received. "The volume and the nature of claims that we received has been significant. We have had an extremely positive response," Interest.co.nz quotes Mr. Hooker as saying. "Mum and dad investors and family trusts make up a considerable portion of the claims so far, but we have also seen interest from companies and institutional investors in a number of countries," Mr. Hooker said, Interest.co.nz relates. Mr. Hooker, as cited by Interest.co.nz, said more than 30 financial companies were named in the claims received so far. The amounts lost varied, but some investors had registered losses in the vicinity of NZ$1 million, the report says. Mr. Hooker said the majority of investors were from Australia and New Zealand, but claims had also been received from European, Asian and North American investors, Interest.co.nz adds. "We continue to seek interest from investors who sustained losses following the collapses that took place within the New Zealand financial sector between 2006 and 2009," Mr. Hooker said. Slater and Gordon is helping Turner Hopkins to progress potential claims against the trustees of the failed companies. Turner Hopkins said expressions of interest were still open in New Zealand. ===================== P H I L I P P I N E S ===================== AOWA ELECTRONIC: High Court Upholds DTI Order to Shut Down Firm --------------------------------------------------------------- The Philippine Daily Inquirer reports that the Supreme Court has junked the appeal of Aowa Electronic Philippines Inc., which was barred by the Department of Trade and Industry from operating nationwide because of its "overzealous marketing strategies" that violated the Consumer Act. According to the Inquirer, the high court upheld a 2008 DTI decision ordering Aowa Electronic to cease and desist from operating its business in all its outlets nationwide and to refund complaining customers the amount they paid for the purchase of Aowa products as a precondition to claiming the rewards or gifts promised them. "By reason of the special knowledge and expertise of the DTI over matters falling under its jurisdiction, it is in a better position to pass judgment on the issues," the Inquirer cited the high tribunal's Second Division in a recent resolution penned by Associate Justice Antonio Eduardo Nachura. The Inquirer says the DTI received a total of 273 consumer complaints from 2001 to 2007, which "consistently contained a common thread" showing Aowa's sales agents announcing to an unsuspecting customer that he had won a prize but to claim it, he had to first buy a "substantially priced" item from the company's showroom. At the showroom, the Inquirer relates, the customer was told he was qualified for a raffle and another gift but to claim it, he again had to purchase another item. The Inquirer adds that the complaints also alleged that Aowa's representatives would surround the customers akin to "ganging up" on them. It was also alleged that when the customers claimed not to have enough money, the sales agents encouraged them to withdraw from their ATM accounts, or at times, even went to the customers' houses to get the payment, the Inquirer says. Aowa, according to the report, denied having violated the provisions of the Consumer Act, saying it did not employ the marketing schemes alleged by the complainants. The Supreme Court, however, said the "law is clear" as cited by the DTI--Articles 50 and 52 of the Consumer Act prohibit deceptive sales acts or practices and unfair or unconscionable sales acts or practices, the Inquirer reports. Aowa Electronic Phils. Inc. sells electronics, computers, and mobiles. ================= S I N G A P O R E ================= ARROW ASIA: Creditors' Proofs of Debt Due June 7 ------------------------------------------------ Creditors of Arrow Asia Opportunity Fund Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by June 7, 2011, to be included in the company's dividend distribution. The company's liquidator is: Timothy James Reid c/o 8 Robinson Road #12-00 ASO Building Singapore 048544 AFFINITY PRECISION: Creditors' Proofs of Debt Due May 20 -------------------------------------------------------- Creditors of Affinity Precision (S) Pte Ltd, which is in compulsory liquidation, are required to file their proofs of debt by May 20, 2011, to be included in the company's dividend distribution. The company's liquidators are: Goh Thien Phong Chan Kheng Tek c/o PricewaterhouseCoopers LLP 8 Cross Street #17-00 PWC Building Singapore 048424 ASIA COACH: Creditors' Proofs of Debt Due May 20 ------------------------------------------------ Creditors of Asia Coach Builders Pte Ltd, which is in compulsory liquidation, are required to file their proofs of debt by May 20, 2011, to be included in the company's dividend distribution. The company's liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 IVORYCHEM PTE: Court to Hear Wind-Up Petition May 27 ---------------------------------------------------- A petition to wind up the operations of Ivorychem Pte Ltd will be heard before the High Court of Singapore on May 27, 2011, at 10:00 a.m. Changzhou Good-Job Imp. And Exp. Co., Ltd filed the petition against the company on April 1, 2011. The Petitioner's solicitors are: Rodyk & Davidson LLP 80 Raffles Place #33-00 UOB Plaza 1 Singapore 048624 ONG & LIM: Creditors' Proofs of Debt Due June 6 ----------------------------------------------- Creditors of Ong & Lim Enterprise Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by June 6, 2011, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 O.C.C. HOLDING: Members' Final Meeting Set for June 8 ----------------------------------------------------- Members of O.C.C. Holding Pte Ltd will hold their final meeting on June 8, 2011, at 10:00 a.m., at 1 Scotts Road, #21-08 Shaw Centre, Singapore 228208. At the meeting, Madam Chia Lay Beng, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PENTANUM GLOBAL: Court Enters Wind-Up Order ------------------------------------------- The High Court of Singapore entered an order on April 29, 2011, to wind up the operations of Pentanum Global Corporation (Pte) Ltd. Pacific Autocom Enterprise Pte Ltd filed the petition against the company. The company's liquidators are: Chia Soo Hien Leow Quek Shiong 19 Keppel Road #02-01 Jit Poh Building Singapore 089058 SINGAMIP ENTERPRISE: Creditors' Proofs of Debt Due May 20 --------------------------------------------------------- Creditors of Singamip Enterprise Private Limited, which is in court winding up, are required to file their proofs of debt by May 20, 2011, to be included in the company's dividend distribution. The company's liquidator is: Sim Guan Seng C/o Baker Tilly TFW LLP 15 Beach Road #03-10 Beach Centre Singapore 189677 WBG NETWORK: Creditors' Meetings Set for May 16 ----------------------------------------------- WBG Network (Singapore) Pte Ltd, which is in liquidation, will hold a meeting for its creditors on May 16, 2011, at 3:00 p.m., at 37 Geylang Lorong 23, #09-04 Yu Li Industrial Building, Singapore 388371. Agenda of the meeting includes: a. to receive an update on the status of the liquidation; b. to approve both the liquidator's and lawyer's fees and disbursements; and c. discuss other business. The company's liquidator is: Chian Yeow Hang c/o Abacus Business Advisory Pte Ltd 6001 Beach Road #09-09 Golden Mile Tower Singapore 199589 ============= V I E T N A M ============= DOT VN: Vietnamese IDN Registrations Exceed 101,000 --------------------------------------------------- Dot VN, Inc., announced that since its official launch on April 28, 2011, the Vietnamese Native Language Internationalized Domain Names have exceeded 101,000 registrations. The launch, hosted at VNNIC's headquarters in Hanoi, Vietnam on April 28th, featured key note addresses from VNNIC, Key-Systems and Dot VN with additional guests from the government, local partners and resellers and the Vietnamese national media. The Vietnamese IDN launch seems to be following the current trend in native language domain name adoption by non-English speaking countries. Recent native language IDN launches by other countries such as Russia have been well received with over 821,000 Russian IDNs registered since its launch in November of 2010. "We are amazed with the response that we have seen to the Vietnamese IDNs," said Dot VN CEO Thomas Johnson. "The number of registrations has far exceeded both VNNIC's expectations and our own. Based on the response we expect to accelerate our plans to capitalize on the wide spread adoption of the IDNs that we have seen over the past 5 days." About Dot VN Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides Internet and telecommunication services for Vietnam and operates and manages Vietnam's innovative online media web property, www.INFO.VN. The Company is the "exclusive online global domain name registrar for .VN (Vietnam)." Dot VN is the sole distributor of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR Wireless Gigabit Radios to Vietnam and Southeast Asia region. Dot VN is headquartered in San Diego, California with offices in Hanoi, Danang and Ho Chi Minh City, Vietnam. Dot VN was incorporated in the State of Delaware on May 27, 1998, under the name Trincomali Ltd. The Company's balance sheet at Jan. 31, 2011, showed $2.74 million in total assets, $10.92 million in total liabilities and $8.18 million in total shareholders' deficit. Dot VN reported a $7.3 million net loss on $1.1 million of revenues for the fiscal year ended April 30, 2010, compared with a $5.4 million net loss on $1.0 million of revenues for the same period a year ago. Following the Company's results for fiscal 2010, Chang G. Park CPA expressed substantial doubt against Dot VN's ability to continue as a going concern, citing the Company's losses from operations. =============== X X X X X X X X =============== * S&P's Global Corporate Defaults Tally Has Five in 1st Quarter --------------------------------------------------------------- Globally, five companies (four public and one confidentially rated) defaulted in the first quarter of 2011, said an article published May 6 by Standard & Poor's Global Fixed Income Research, titled "Quarterly Default Update And Rating Transitions (Premium)." The volume of rated debt affected by defaulters in the first quarter was $3.62 billion, and the U.S. accounted for $3.41 billion (94%) of the total. Of the five defaults in first-quarter 2011, four were domiciled in the U.S., and one was based in the Czech Republic. For details about the defaults in the first quarter, see "First-Quarter 2011 Default Synopses (Premium)," also published May 6. Globally, credit market conditions continue to improve. The quarterly default rate for speculative-grade-rated corporate entities fell to 0.16% at the end of first-quarter 2011, compared with 0.59% in the fourth quarter of 2010 and 0.98% in first- quarter 2010. "On a trailing-12-month basis, the global speculative-grade default rate as of March 2011 was 2.1%, down from 8.4% at the same time this past year and a high of 10% in November 2009," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "The default rate is now at its lowest point since August 2008, the last reading prior to the collapse of Lehman Brothers and the ensuing recession in the U.S." Overall, credit quality has, in our view, continued to stabilize over the past 18 months, though the number of downgrades has increased slightly across all regions. The downgrade-to-upgrade ratio rose to 1.1% in first-quarter 2011 from 0.64% in the fourth quarter of 2010, but it's still close to the parity level of 1%. * BOND PRICING: For the Week May 2 to May 6, 2011 ------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- AINSWORTH GAME 8.00 12/31/2011 AUD 1.24 AMITY OIL LTD 10.00 10/31/2013 AUD 1.95 AMP GROUP FINANC 9.80 04/01/2019 NZD 0.96 AUSTRALIA COMM 3.00 07/29/2049 GBP 5.00 BECTON PROP GR 9.50 06/30/2010 AUD 0.25 EXPORT FIN & INS 0.50 12/16/2019 NZD 63.34 EXPORT FIN & INS 0.50 06/15/2020 AUD 60.34 EXPORT FIN & INS 0.50 06/15/2020 NZD 61.02 FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.60 HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.97 MINERALS CORP 10.50 09/30/2011 AUD 0.25 NEW S WALES TREA 1.00 09/02/2019 AUD 66.53 NEW S WALES TREA 0.50 09/14/2022 AUD 53.77 NEW S WALES TREA 0.50 10/07/2022 AUD 53.53 NEW S WALES TREA 0.50 10/28/2022 AUD 53.15 NEW S WALES TREA 0.50 11/18/2022 AUD 53.38 NEW S WALES TREA 0.50 12/16/2022 AUD 52.86 NEW S WALES TREA 0.50 02/02/2023 AUD 52.51 NEW S WALES TREA 0.50 03/30/2023 AUD 51.96 NEXUS AUSTRALIA 3.60 08/31/2017 AUD 74.63 NEXUS AUSTRALIA 3.60 08/31/2019 AUD 67.97 RESOLUTE MINING 12.00 12/31/2012 AUD 1.16 SUN RESOURCES 0.50 08/25/2022 AUD 0.50 TREAS CORP VICT 0.50 08/25/2022 AUD 54.88 TREAS CORP VICT 0.50 11/12/2030 AUD 53.11 TREAS CORP VICT 0.50 11/12/2030 AUD 36.20 CHINA ----- CHINA GOV'T BOND 1.64 12/15/2033 CNY 61.94 HONG KONG --------- RESPARCS FUNDING 8.00 12/29/2049 USD 58.00 INDIA ----- POWER FIN CORP 8.99 01/15/2021 INR 9.25 PUNJAB INFRA DB 0.40 10/15/2024 INR 25.75 PUNJAB INFRA DB 0.40 10/15/2025 INR 23.36 PUNJAB INFRA DB 0.40 10/15/2026 INR 21.26 PUNJAB INFRA DB 0.40 10/15/2027 INR 19.41 PUNJAB INFRA DB 0.40 10/15/2028 INR 17.75 PUNJAB INFRA DB 0.40 10/15/2029 INR 16.27 PUNJAB INFRA DB 0.40 10/15/2030 INR 14.95 PUNJAB INFRA DB 0.40 10/15/2031 INR 13.76 PUNJAB INFRA DB 0.40 10/15/2032 INR 12.69 PUNJAB INFRA DB 0.40 10/15/2033 INR 11.73 INDONESIA --------- ADIRA FINANCE 14.00 05/13/2012 IDR 64.53 JAPAN ----- AIFUL CORP 1.63 11/22/2012 JPY 54.83 AIFUL CORP 1.74 05/28/2013 JPY 47.88 AIFUL CORP 1.99 10/19/2015 JPY 37.94 COVALENT MATERIA 2.87 02/18/2013 JPY 63.55 JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 59.53 JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 59.18 SHINSEI BANK 5.62 12/29/2049 GBP 73.68 TAKEFUJI CORP 9.20 04/15/2011 USD 7.00 TOKYO ELECTRIC POWER 2.20 02/27/2029 JPY 74.86 TOKYO ELECTRIC POWER 1.95 07/29/2030 JPY 72.59 MALAYSIA -------- ADVANCED SYNERY 2.00 01/26/2018 MYR 0.12 ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.52 CRESENDO CORP B 3.75 01/11/2016 MYR 1.47 DUTALAND BHD 6.00 04/11/2013 MYR 0.41 DUTALAND BHD 6.00 04/11/2013 MYR 0.79 EASTERN & ORIENT 8.00 07/25/2011 MYR 1.36 EASTERN & ORIENT 8.00 11/16/2019 MYR 1.41 ENCORP BHD 6.00 02/17/2016 MYR 0.93 KUMPULAN JETSON 5.00 11/27/2012 MYR 1.13 LION DIVERSIFIED 4.00 12/17/2013 MYR 0.90 MITHRIL BHD 3.00 04/05/2012 MYR 0.59 NAM FATT CORP 2.00 06/24/2011 MYR 0.03 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.56 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.29 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.30 PANTECH GROUP 7.00 12/21/2017 MYR 0.11 PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.51 REDTONE INTL 2.75 03/04/2020 MYR 0.08 RUBBEREX CORP 4.00 08/14/2012 MYR 0.80 SCOMI ENGINEERING 4.00 03/19/2013 MYR 0.85 SCOMI GROUP 4.00 12/14/2012 MYR 0.07 TATT GIAP 2.00 06/03/2015 MYR 0.70 TRADEWINDS CORP 2.00 02/26/2016 MYR 0.85 TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.60 TRC SYNERGY 5.00 01/20/2012 MYR 1.78 WAH SEONG CORP 3.00 05/21/2012 MYR 3.82 WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.25 YTL CEMENT BHD 5.00 11/10/2015 MYR 2.37 NEW ZEALAND ----------- ALLIED FARMERS 9.60 11/15/2011 NZD 24.84 DORCHESTER PACIF 5.00 06/30/2013 NZD 74.77 INFRATIL LTD 8.50 09/15/2013 NZD 8.00 INFRATIL LTD 8.50 11/15/2015 NZD 8.75 INFRATIL LTD 4.97 12/29/2049 NZD 60.50 KIWI INCOME PROP 8.95 12/20/2014 NZD 1.28 NZF GROUP 6.00 03/15/2016 NZD 24.20 SKY NETWORK TV 4.01 10/16/2016 NZD 6.33 ST LAURENCE PROP 9.25 07/15/2010 NZD 30.66 TOWER CAPITAL 8.50 04/15/2014 NZD 0.96 TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.55 TRUSTPOWER LTD 8.50 03/15/2014 NZD 7.00 UNI OF CANTERBUR 7.25 12/15/2019 NZD 1.01 VECTOR LTD 8.00 06/15/2012 NZD 6.50 SINGAPORE --------- BLUE OCEAN 11.00 06/28/2012 USD 43.00 CAPITAMALLS ASIA 1.00 01/21/2012 SGD 0.95 CAPITAMALLS ASIA 2.15 01/21/2014 SGD 0.99 EQUINOX OFFSHORE 20.00 10/13/2011 USD 75.00 F&N TREASURY PTE 2.48 03/28/2016 SGD 1.00 F&N TREASURY PTE 3.15 03/28/2018 SGD 0.99 NEXUS 1 PTE LTD 10.50 03/07/2012 USD 1.02 SENGKANG MALL 4.88 11/20/2012 SGD 0.04 UNITED ENG LTD 1.00 03/03/2014 SGD 1.62 WBL CORPORATION 2.50 06/10/2014 SGD 1.60 SOUTH KOREA ----------- CN 1ST ABS 8.00 02/27/2015 KRW 31.95 COSMOS PLC CO 3.00 05/30/2011 KRW 16.27 DONGYANG TELECOM 6.00 07/02/2013 KRW 52.80 EPIVALLEY CO LTD 3.00 01/14/2014 KRW 60.39 GYEONGGI MUTUAL 8.50 12/11/2014 KRW 70.12 GYEONGGI MUTUAL 8.00 01/22/2016 KRW 65.11 GYEONGGI SOLOMON 8.10 04/19/2015 KRW 70.16 H K MUTUAL SAVIN 9.30 07/27/2011 KRW 72.66 HOPE KOD 1ST 8.50 06/30/2012 KRW 23.43 HOPE KOD 2ND 15.00 08/21/2012 KRW 30.45 HOPE KOD 3RD 15.00 09/30/2012 KRW 30.77 HOPE KOD 4TH 15.00 12/29/2012 KRW 34.13 HOPE KOD 6TH 15.00 03/10/2013 KRW 34.13 IBK 17TH ABS 25.00 12/29/2012 KRW 62.19 KB 13TH ABS 25.00 07/02/2012 KRW 64.82 KB 14TH ABS 23.00 01/04/2013 KRW 61.13 KDB 6TH ABS 20.00 12/02/2019 KRW 73.58 KEB 17TH ABS 20.00 12/28/2011 KRW 44.33 KOREA NAT HOUSING 3.00 05/31/2015 KRW 0.01 KOREA NAT HOUSING 3.00 12/31/2015 KRW 0.01 NACF 17TH ABS 20.00 06/03/2011 KRW 50.65 NACF 17TH ABS 25.00 07/03/2011 KRW 45.04 ONE KDB 1ST ABS 7.60 06/13/2011 KRW 38.31 OSAN MYTOWN 1ST 5.64 04/16/2012 KRW 63.56 OSAN MYTOWN 2ND 5.64 04/16/2012 KRW 69.83 PUSAN MET SUBWAY 2.50 07/31/2015 KRW 0.01 SAM BU CONSTRUCT 8.70 10/15/2011 KRW 20.86 SAM BU CONSTRUCT 7.70 03/11/2012 KRW 50.38 SEGYE TOUR CO 4.00 11/06/2012 KREW 68.97 SINBO 1ST ABS 15.00 07/22/2013 KRW 30.80 SINBO 2ND ABS 15.00 08/26/2013 KRW 33.79 SINBO 3RD ABS 15.00 09/30/2013 KRW 33.74 SINBO 4TH ABS 15.00 12/16/2013 KRW 27.80 SINBO 5TH ABS 15.00 02/23/2014 KRW 30.64 SINBO CO 1ST ABS 15.00 03/15/2014 KRW 30.16 SOLOMON MUTUAL B 8.50 10/29/2014 KRW 55.14 SOLOMON MUTUAL B 8.10 04/19/2015 KRW 50.12 TOMATO MUTUAL SA 8.30 03/12/2012 KRW 70.30 TOMATO MUTUAL SA 7.90 07/18/2015 KRW 60.15 SRI LANKA --------- SRI LANKA GOVT 5.35 03/01/2026 LKR 64.28 THAILAND -------- THAILAND GOVT 0.75 01/04/2022 THB 70.97 VIETNAM -------- VIETNAM GOVT 8.20 01/15/2012 VND 60.36 VIETNAM MACHINE 9.20 06/06/2017 VND 69.96 VIETNAM SHIPBUIL 9.00 04/13/2017 VND 52.62 VIETNAM-PAR 4.00 03/12/2028 USD 73.00 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds 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 ***