/raid1/www/Hosts/bankrupt/TCRAP_Public/110520.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, May 20, 2011, Vol. 14, No. 99
Headlines
A U S T R A L I A
DENMAC FORD: Goes Into Receivership on Sale Slump
FINBUILT: Goes Into Voluntary Liquidation
SYDNEY AUSSIE: Appoints Ferrier Hodgson as Voluntary Administrator
SYNERGY PLUS: GE Capital to Receive Full Payout
VICTORY HOTEL: In Liquidation; Hotel, Nightclub Up for Sale
C H I N A
* Top 5 Chinese Power Firms Post CNY10.57 Billion Losses
H O N G K O N G
CITIRICH COMPANY: Court to Hear Wind-Up Petition on June 29
CHUN MAN CHINA: Court to Hear Wind-Up Petition on June 22
FEALTY COMPANY: Creditors' Proofs of Debt Due June 3
LA CASCINA: Court to Hear Wind-Up Petition on June 22
PHYSICAL PROPERTY: Incurs HK$152,000 Net Loss in First Quarter
PROFITABLE PLOTS: Court to Hear Wind-Up Petition on June 22
SHEEN ASIA: Court Enters Wind-Up Order
TONIC APPLIANCE: Court Enters Wind-Up Order
TRADESPEED INDUSTRIAL: Court Enters Wind-Up Order
WELTA LIMITED: Court to Hear Wind-Up Petition on June 22
WISH SKY: Court Enters Wind-Up Order
I N D I A
AMIT MOTOR-CYCLES: CRISIL Reaffirms 'B+' Rating on INR40MM Credit
BABU MOHAN: CRISIL Rates INR240.00 Million Term Loan at 'BB-'
BESTO TRADELINK: CRISIL Reaffirms 'B+' Rating on INR55MM Credit
BOTHRA METALS: CRISIL Reaffirms 'B' Rating on INR6.3MM Term Loan
BVSR PAM: CRISIL Reaffirms 'BB' Rating on INR245 Mil. Term Loan
GURPREET GHALVANISING: CRISIL Reaffirms 'BB+' Cash Credit Rating
HARIKA DRUGS: CRISIL Assigns 'BB-' Rating to INR19MM LT Loan
MAWANA SUGARS: CRISIL Cuts Rating on INR3.31BB LT Loan to 'D'
PCM STRESCON: CRISIL Rates INR1.72 Billion LT Bank Loan at 'B-'
PYOGINAM: CRISIL Assigns 'B+' Rating to INR57MM Bill Purchase
RAMA AGRO: CRISIL Reaffirms 'D' Rating on INR18.2MM Term Loan
SVARN TEX: CRISIL Cuts Rating on INR45MM Cash Credit to 'BB'
VISHAL DIAMONDS: CRISIL Places 'P4+' Rating on INR40MM Credit
WALZEN STRIPS: CRISIL Reaffirms 'BB+' Rating on INR175MM Credit
J A P A N
CSC SERIES: S&P Lowers Ratings on 2 Classes of Bonds to 'D'
* JAPAN: Falls Into Recession as Economy Shrinks in First Quarter
M A L A Y S I A
AYER MOLEK: 93rd Annual General Meeting Slated For June 8
N E W Z E A L A N D
NATHANS FINANCE: Was Fine Before Collapse, Former Director Claims
T A I W A N
PROMOS TECHNOLOGIES: To Sell Money-Losing China Unit
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
DENMAC FORD: Goes Into Receivership on Sale Slump
-------------------------------------------------
SmartCompany reports that Denmac Ford has been placed into
receivership after a sale slump caused by the Brisbane floods.
Denmac was placed into the hands of receivers John Greig and
Richard Hughes of accounting firm Deloitte on May 11.
"While we are yet to form a final view on the reasons for the
appointment, the recent flooding in Brisbane has hurt sales in the
first quarter of this year," Mr. Hughes said in a statement
obtained by the news agency.
The business is continuing to trade while receivers start the
process of selling the business as a going concern, according to
SmartCompany.
"Although it is still very early in the process, we are planning
to continue to operate the business in co-operation with the
director, staff and existing creditors," SmartCompany quotes
Mr. Hughes as saying. "We believe there will be significant
interest in the business and we are working hard to re-establish
the business as we investigate the best way to realise value for
the benefit of the stakeholders," he added.
Expressions of interest in the business are due by May 27,
according to the news agency.
SmartCompany notes that reports suggest Denmac Ford business has
been under pressure for some time with the owners reducing
inventory and shutting down one location in a bid to reduce costs.
However, the report notes that any efforts to turn around the
business would have been made much harder by the poor sales of
Ford Australia's flagship car, the locally-produced Falcon.
Denmac Ford is one of Brisbane's largest and best-known car
dealers.
FINBUILT: Goes Into Voluntary Liquidation
-----------------------------------------
NT News reports that building firm Finbuilt has gone into
voluntary liquidation in the middle of several major contracts.
According to NT News, Finbuilt won a string of federal and
Territory government contracts since being founded three years
ago. The company was halfway through several projects, including
building an extension to the Tennant Creek renal centre, when it
went into liquidation, the report says.
NT News says the Construction Department will now bring in another
contractor to finish the renal unit.
Master Builders NT head Graham Kemp told NT News that building was
a tough business.
"The demise of Finbuilt is a sign of the times," NT News quotes
Mr. Kemp as saying. "We're between major projects and there
aren't a lot of options for builders."
NT News relates that Mr. Kemp said Finbuilt also suffered because
it had been established in the Territory for only three years.
Finbuilt is a building company. It employed 75 permanent contract
workers and had offices in Darwin, Alice Springs and Melbourne.
SYDNEY AUSSIE: Appoints Ferrier Hodgson as Voluntary Administrator
------------------------------------------------------------------
Peter Walker and Morgan Kelly of Ferrier Hodgson were voluntary
appointed administrators to Sydney Aussie Rules Social Club
Limited on May 17, 2011, pursuant to Section 436A of the
Corporations Act 2001.
The Club traded from leased premises at 26 Darlinghurst Road,
Kings Cross.
"Following a review of the financial position of the Club and
viability of the business, the voluntary administrators took the
decision to cease trading the Club from close of business on
May 18, 2011," Ferrier Hodgson said in a statement.
A first meeting of the creditors will be held on May 27, 2011, at
10:30 a.m. The meeting will be held at the Administrators'
office:
Ferrier Hodgson
Level 13, 225 George Street
Sydney NSW 2000
Sydney Aussie Rules Social Club Ltd. owns and operates a club.
SYNERGY PLUS: GE Capital to Receive Full Payout
-----------------------------------------------
Julia Talevski at ARN reports that GE Capital, one of the secured
creditors of Synergy Plus Limited, is set to receive a full
payout.
Synergy Plus Limited and its wholly owned subsidiaries -- Synergy
Plus Operations, Air Data, Air Data Australia and CCP Equity --
went into voluntary administration and appointed Richard Albarran,
David Ingram and David Ross of Hall Chadwick, as voluntary
administrators on March 17, 2011. GE Capital also appointed
receivers Quentin Olde, Andrew Schwarz and Michael Ryan of Taylor
Woodings to Synergy Plus Operations, the main operating
subsidiary.
According to ARN, Mr. Olde said there were sufficient recoveries
to pay GE out in full, but they have not received a payment at
this stage.
The funds are being paid by the debtors of the company and the
receivers and managers will be retiring, ARN reports.
"We'll certainly be retiring as soon as practical in accordance
with the legal obligations and requirements that we're working on
at the moment," ARN quotes Mr. Olde as saying.
Administrators have also had discussions with HP regarding assets
and funds to be forwarded to the vendor. It was also a secured
creditor owed about AU$6 million.
ARN relates that Mr. Ross said HP could potentially appoint Taylor
Woodings as receivers and managers. However, Mr. Olde couldn't
supply any further details on the matter, the report notes.
According to the report, HP said it was currently reviewing its
position in relation to Synergy Plus, and any further queries
should be directed to the administrator.
"We have had ongoing discussions with the second secured creditor,
HP, who is claiming the debtors are subject to their charge, but
we strongly dispute this and we may need to seek court directions
in respect to that,' Mr. Ross said told ARN.
He said if the receivers didn't retire it would cause issues in
respect to proposing a Deed of Company Arrangement (DoCA), ARN
relates.
Mr. Ross told ARN that a DoCA has been so far executed for the
holding company, Synergy Plus Limited, which will go through a re-
capitalization opportunity and will be convening a shareholder
meeting.
About Synergy Plus
Based in West Perth, Australia, Synergy Plus Limited (ASX:SNR) --
http://www.synergy.com.au/-- formerly ComputerCORP Limited, is an
integrator and manager of information and communication technology
(ICT) infrastructure systems. The Company provides solutions and
services to its customers in three core areas: Data Centre,
Network and Personal Systems. Data Centre provides critical
storage and high availability to an organization's data. Network
provides seamless access to data, across all geographies.
Personal Systems provides better end user productivity tools
delivering both voice and data services. Synergy Plus focus on
core information, communication technology provides opportunity in
markets across medium to large corporate, government and education
sectors.
VICTORY HOTEL: In Liquidation; Hotel, Nightclub Up for Sale
-----------------------------------------------------------
Nigel Adlam at NT News reports that The Victory Hotel and
Discovery Nightclub have been put up for sale. NT News says
Discovery is going for more than $2 million and the Victoria
Hotel's price is more than $1 million.
NT News relates that John Langford, of Brock Commercial, said he
expected "strong interest".
The nightclub and hotel went into voluntary liquidation in April
and are being sold at cut rates, NT New says.
According to NT News, owner Mark Gray said he was devastated by
the two venues getting into such financial strife.
Mr. Gray, as cited by NT News, said the slump in trade had been
caused by a fall in overseas tourist numbers because of the
strength of the Australian dollar, a record wet season and the new
smoking laws.
His other businesses, the Cavanagh Hotel and Kitty O'Shea's, are
not believed to be affected, NT News notes.
Discovery, which has seven bars and can hold 1000 customers, was
hauled before the Licensing Commission earlier this year over TOT
Tits Out Tuesday, renamed Tequila On Tuesday. The commission
decided that the club could continue holding wet t-shirt
competitions, but girls would not be allowed to bare their
breasts.
The Vic, which has pokie machines and a restaurant, drastically
cut its trading hours in February, NT News discloses.
=========
C H I N A
=========
* Top 5 Chinese Power Firms Post CNY10.57 Billion Losses
--------------------------------------------------------
Xinhua News Agency reports that the China Electricity Council
(CEC) on Tuesday said the nation's leading five power producers
reported CNY10.57 billion (US$1.62 billion) of losses in their
thermal power plants in the first four months of the year.
The news agency relates that the CEC said the figure was about
CNY7.29 billion more than the same period last year. The CEC
attributed soaring coal prices as the reason for losses.
They had CNY1.71 billion of losses just in thermal power plants in
April, the CEC said.
According to Xinhua News, CEC said that due to dominating shares
of their thermal power businesses, the five magnates reported
CNY5.98 billion of losses in all businesses in the first four
months, up CNY3.84 billion, year on year.
The CEC warned that the difficult performances in the sector posed
"great risks" to ensure power supplies during the peak season this
summer.
The five power magnates include China Huaneng Group, China Datang
Corp, China Huadian Group, China Guodian Corp and China Power
Investment Corp, providing about half of the power for the
country.
================
H O N G K O N G
================
CITIRICH COMPANY: Court to Hear Wind-Up Petition on June 29
-----------------------------------------------------------
A petition to wind up the operations of Citirich Company Limited
will be heard before the High Court of Hong Kong on June 29, 2011,
at 9:30 a.m.
The Petitioner's solicitors are:
Wong & Fok
Room 605, Admiralty Centre
Tower 1
18 Harcourt Road
Hong Kong
CHUN MAN CHINA: Court to Hear Wind-Up Petition on June 22
---------------------------------------------------------
A petition to wind up the operations of Chun Man China
Hong Kong Express Limited will be heard before the High Court of
Hong Kong on June 22, 2011, at 9:30 a.m.
FEALTY COMPANY: Creditors' Proofs of Debt Due June 3
----------------------------------------------------
Creditors of Fealty Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by June 3, 2011, to be included in the company's dividend
distribution.
The company's liquidators are:
Cheung Lai Kuen
Pui Chiu Wing
Suites 1303-1306
13/F, Asian House
1 Hennessy Road
Wanchai, Hong Kong
LA CASCINA: Court to Hear Wind-Up Petition on June 22
-----------------------------------------------------
A petition to wind up the operations of La Cascina Company Limited
will be heard before the High Court of Hong Kong on June 22, 2011,
at 9:30 a.m.
PHYSICAL PROPERTY: Incurs HK$152,000 Net Loss in First Quarter
--------------------------------------------------------------
Physical Property Holdings, Inc., filed with the U.S. Securities
and Exchange Commission its quarterly report on Form 10-Q,
reporting a net loss and total comprehensive loss of HK$152,000 on
HK$193,000 of total operating revenues for the three months ended
March 31, 2011, compared with a net loss and total comprehensive
loss of HK$141,000 on HK$184,000 of total operating revenues for
the same period during the prior year.
The Company's balance sheet at March 31, 2011, showed HK$10.58
million in total assets, HK$11.23 million in total liabilities,
all current, and a HK$645,000 total stockholders' deficit.
A full-text copy of the Form 10-Q is available for free at:
http://is.gd/Fh3vLu
About Physical Property
Physical Property Holdings Inc. (formerly known as Physical Spa &
Fitness Inc.), through its wholly-owned subsidiary Good Partner
Limited, owns five residential apartments located in Hong Kong.
The Company was incorporated on September 21, 1988, under the laws
of the United States of America.
The Company reported a net loss and total comprehensive loss of
HK$640,000 on HK$765,000 of rental income for the year ended
Dec. 31, 2010, compared with a net loss and total comprehensive
loss of HK$899,000 on HK$602,000 of rental income during the prior
year.
As reported by the TCR on April 7, 2011, Mazars CPA Limited, in
Hongkong, expressed substantial doubt about the Company's ability
to continue as a going concern, following the Company's 2010
financial results. The independent auditors noted that the
Company had a negative working capital as of Dec. 31, 2010 and
incurred loss for the year then ended.
PROFITABLE PLOTS: Court to Hear Wind-Up Petition on June 22
-----------------------------------------------------------
A petition to wind up the operations of Profitable Plots Limited
will be heard before the High Court of Hong Kong on June 22, 2011,
at 9:30 a.m.
SHEEN ASIA: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on May 4, 2011, to
wind up the operations of Sheen Asia International Limited.
TONIC APPLIANCE: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order on March 21, 2011, to
wind up the operations of Tonic Appliance Limited.
The company's liquidator is Pui Chiu Wing of Neil Collins
Corporate Services Limited.
TRADESPEED INDUSTRIAL: Court Enters Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong entered an order on March 24, 2011, to
wind up the operations of Tradespeed Industrial Limited.
The company's liquidator is Pui Chiu Wing of Neil Collins
Corporate Services Limited.
WELTA LIMITED: Court to Hear Wind-Up Petition on June 22
--------------------------------------------------------
A petition to wind up the operations of Welta Limited will be
heard before the High Court of Hong Kong on June 22, 2011, at
9:30 a.m.
WISH SKY: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 1, 2011, to
wind up the operations of Wish Sky (HK) Limited.
=========
I N D I A
=========
AMIT MOTOR-CYCLES: CRISIL Reaffirms 'B+' Rating on INR40MM Credit
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Amit Motor-Cycles Pvt
Ltd's continues to reflect AMPL's below-average capital structure
and debt protection metrics, limited bargaining power with its
principal, Hero Honda Motors Ltd (rated 'AAA/FAAA/Stable/P1+' by
CRISIL), and exposure to intense competition in the automotive
dealership market. These rating weaknesses are partially offset
by the benefits that AMPL derives from its promoters' experience,
and by its established relationship with HHML.
Facilities Ratings
---------- -------
INR40 Million Cash Credit Facility B+/Stable (Reaffirmed)
INR50 Million Inventory Funding B+/Stable (Reaffirmed)
Facility
Outlook: Stable
CRISIL believes that AMPL will continue to benefit from its strong
market position as HHML's dealer in Kolkata. The outlook may be
revised to 'Positive' in case of a significant and sustained
increase in AMPL's sales and operating margin, or improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' if there is a steep decline in the company's revenues
and profitability, or if it undertakes a large debt-funded capital
expenditure (capex) programme, thereby adversely affecting its
financial risk profile.
Update
AMPL's performance for 2009-10 (refers to financial year, April 1
to March 31) and 2010-11 has been in line with CRISIL's
expectation. In 2010-11, AMPL generated a turnover of around
INR824 million and a net profit of around INR 1.6 million.
AMPL has started with dealership in automotive and industrial
lubricants of Bharat Petroleum Corporation Ltd
(AAA/FAAA/Negative/P1+) from October 2010; and dealership of
Indian Oil Corporation Ltd (AAA/Negative/P1+) from November 2010.
AMPL's liquidity is expected to remain weak over the medium term
because of its small net worth (INR34 million as on March 31,
2011), weak current ratio, and high bank limit utilization. Its
bank limits of INR 90 million have been highly utilized, at around
98% on an average, in the fifteen months ended March 31, 2011.
The company also has capex plans of around INR 15-20 million over
the medium term to be funded in the debt equity ratio of 3:1.
However, the company does not have any term debt obligations which
provide some comfort to its liquidity.
AMPL's net profit and net sales are estimated at around INR1.6
million and INR824 million respectively for 2010-11; it reported a
net loss of INR0.05 million on net sales of INR784 million for
2009-10.
About Amit Motor-Cycles
AMPL is an authorised dealer of two-wheelers for HHML in Howrah
(West Bengal) and Kolkata. Incorporated in 1992, the company set
up its first authorised HHML two-wheeler dealership in Howrah, and
a second dealership in South Kolkata in 1996.
BABU MOHAN: CRISIL Rates INR240.00 Million Term Loan at 'BB-'
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the term loan
facility of Babu Mohan Lal Arya Smarak Educational Trust.
Facilities Ratings
---------- -------
INR240.00 Million Term Loan BB-/Stable (Assigned)
The rating reflects expectation of deterioration in BMASET's
financial risk profile, on account of the large, debt-funded
capital expenditure (capex) programme. The rating also reflects
BMASET's small scale of operations, geographic concentration, and
exposure to risks related to project implementation and adverse
regulatory changes. These rating weaknesses are partially offset
by BMASET's moderate market position, promoters' extensive
experience, healthy demand prospects for the education sector, and
funding support from promoters.
Outlook: Stable
CRISIL believes that BMASET will continue to benefit from its
brand visibility and the demand for technical courses, over the
medium term. Its financial risk profile is, however, expected to
remain constrained by the large ongoing debt-funded capex
programme, despite support from promoters. The outlook may be
revised to 'Positive' on timely completion of the project within
the budgeted cost, if the trust's revenues and profitability
improve considerably. Conversely, the outlook may be revised to
'Negative' in case of significant delays in project completion,
cost overruns, or less-than-expected increase in revenues and
profitability.
Set up in 1999, BMASET operates the Babu Mohan Lal Arya Smarak
Engineering College (BMAS) in Agra (Uttar Pradesh). BMAS is
recognised by All India Council for Technical Education and is
affiliated to the Uttar Pradesh Technical University. BMAS
commenced operations in 1999 and offers courses in five
engineering streams and one business management course. The total
annual intake of the college is 540 students; around 1669 students
are enrolled in the various courses offered by the college.
Spread across 21 acres, BMAS also has three hostels with a total
capacity of 700 students. The college has various facilities
including a library, canteen, and transport services.
BMASET is part of the Sharda Group of Institutes (SGI), which also
operates Sharda Educational Trust and Shree Anand Swaroop
Educational Trust. SGI operates six institutes and one university
in North India. SGI is promoted by Mr. Pradeep Kumar Gupta and Mr.
Yatendra Kumar Gupta. Mr. Pradeep Kumar Gupta has been conferred
various awards, including the Udyog Ratna Award and the Uttar
Pradesh Ratna Award for promoting value-based education.
BMASET reported a profit after tax (PAT) of INR19.3 million on net
sales of INR135 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR12.9 million on net
sales of INR106.8 million for 2008-09.
BESTO TRADELINK: CRISIL Reaffirms 'B+' Rating on INR55MM Credit
---------------------------------------------------------------
CRISIL's ratings on Besto Tradelink Pvt Ltd's bank facilities
continue to reflect BTPL's weak financial risk profile, marked by
a small net worth. These rating weaknesses are partially offset
by BTPL's adequate debtor and inventory risk management practices
in the trading business.
Facilities Ratings
---------- -------
INR55.0 Million Cash Credit B+/Stable (Reaffirmed)
INR5.0 Million Packing Credit P4 (Reaffirmed)
Outlook: Stable
CRISIL believes that BTPL's credit risk profile will continue to
be constrained by low profitability and high working capital
intensity; however, the company will continue to benefit from its
promoters' experience in the trading business. The outlook may be
revised to 'Positive' if BTPL demonstrates steady increase in
revenues and maintains stable profitability. Conversely, the
outlook may be revised to 'Negative' if BTPL's financial risk
profile weakens further on account substantial increase in working
capital borrowings.
Update
BTPL's revenues increased 61% year-on-year during 2010-11 (refers
to financial year, April 1 to March 31) due to increased sales of
agro-commodities, which witnessed a significant increase in prices
during the year. The company was initially also engaged in
bauxite trading for Vedanta; however, no revenues were booked
during 2010-11 in this business. The company's profitability
declined in 2010-11 due to increase in raw material prices, and is
estimated at 2% for 2010-11, as compared to 3.8% in 2009-10.
The company's gearing also increased during 2010-11 due to higher
working capital borrowings and increase in unsecured loans from
promoters; the promoters have infused INR13.8 million of interest-
free unsecured loans during the year. Liquidity remains weak due
to high utilization of bank limits; bank limits were often
overdrawn, but cleared within 10-15 days.
BTPL reported, on provisional basis, a profit after tax (PAT) of
INR4.9 million on net sales of INR518 million for 2010-11; it
reported a PAT of INR3.6 million on net sales of INR321 million
for 2009-10.
About Besto Tradelink
Incorporated in 1997, BTPL trades in commodities including agro-
commodities, minerals, and cotton bales. The company is based in
Ahmedabad (Gujarat) and is promoted by Mr. Rakesh Patel and
family.
BOTHRA METALS: CRISIL Reaffirms 'B' Rating on INR6.3MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bothra Metals & Alloys
Pvt Ltd continue to reflect Bothra's weak liquidity and presence
in the intensely competitive secondary aluminium industry. These
weaknesses are partially offset by the benefits that Bothra
derives from the extensive industry experience of its promoters.
Facilities Ratings
---------- -------
INR6.30 Million Term Loan B/Stable (Reaffirmed)
INR90.0 Million Cash Credit B/Stable (Reaffirmed)
INR53.7 Million Letter of Credit P4 (Reaffirmed)
Outlook: Stable
CRISIL believes that Bothra will maintain its credit risk profile
over the medium term on the back of its established relationships
with customers and suppliers, and steady cash accruals. The
outlook may be revised to 'Positive' in case of significant
improvement in liquidity through efficient working capital
management, coupled with improvement in its net worth. Conversely,
the outlook may be revised to 'Negative' if Bothra undertakes any
large, debt-funded capital expenditure programme, or in case of
further deterioration in its liquidity.
About Bothra Metals
Incorporated in 2001, Bothra trades in aluminium scrap, and
manufactures aluminium extrusions. It is promoted by members of
the Bothra family. The company began operations as a trading
concern, and started manufacturing operations in 2007-08 (refers
to financial year, April 1 to March 31). Its manufacturing unit
at Sirmaur (Himachal Pradesh) has a production capacity of 4000
tonnes per annum (tpa) of ingots, ladders, and window frames. It
has set up a plant in Gujarat of 600 tpa to produce ingots and
aluminium shots. Furthermore, it is in the process of setting up
a plant in Sangli (Maharashtra) for aluminium extrusions with a
capacity of 4200 tpa and an alloy plant with a capacity of 7500
tpa. The total cost is estimated at INR90 million, which is
proposed to be funded through a term loan of INR40 million.
For 2010-11, Bothra reported a provisional profit after tax (PAT)
of INR36.93 million on net sales of INR1.00 billion, against a PAT
of INR35.53 million on net sales of INR606.34 million for 2009-10.
BVSR PAM: CRISIL Reaffirms 'BB' Rating on INR245 Mil. Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of BVSR
PAM Road Projects Private Limited at 'BB/Stable/P4+'.
Facilities Ratings
---------- -------
INR245.00 Million Term Loan BB/Stable (Reaffirmed)
INR10.00 Million Bank Guarantee P4+(Reaffirmed)
The ratings reflect BPAM's exposure to risks related to delay in
receipt of payments from Roads and Buildings Department,
Government of Andhra Pradesh (RBD). This weakness is partially
offset by the annuity nature of the build, operate, and transfer
(BOT) project.
Outlook: Stable
CRISIL believes that BPAM's liquidity will remain adequate over
the medium term due to the BOT annuity nature of the project. The
outlook may be revised to 'Positive' in case of more-than-expected
debt repayment by the company. Conversely, the outlook may be
revised to 'Negative' in case of significant delay in receipt of
annuity payments from RBD leading to stretched liquidity for the
company.
BPAM, a special purpose company, promoted by BVSR Construction
Private Limited, has designed and rehabilitated the Pulivendula-
Ambakapalli-Murarichintala road in Kadapa District (Andhra
Pradesh), by upgrading it to a two-lane carriageway. The project
was completed in March 2010, against initial schedule of October
2010, and the company now operates and maintains the same. The
project was awarded to BPAM by RBD on annuity basis. BPAM is
scheduled to receive 17 semi-annual annuities of INR40.05 million
with first installment due in September 2010. The company has
received the first two semi-annuity payments in November 2010 and
March 2011.
GURPREET GHALVANISING: CRISIL Reaffirms 'BB+' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gurpreet Ghalvanising
Pvt Ltd continue to reflect GGPL's modest scale of operations in
the fragmented galvanized telecommunication (telecom) and power
transmission line tower industry, large working capital
requirements, and the susceptibility of its margins to volatility
in raw material prices. These weaknesses are partially offset by
the industry experience of GGPL's promoters, and its comfortable
gearing and debt protection metrics.
Facilities Ratings
---------- -------
INR100.0 Million Cash Credit BB+/Stable (Reaffirmed)
INR10.0 Million Letter of Credit P4+ (Reaffirmed)
INR20.0 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that GGPL will maintain its stable business risk
profile, backed by its improving revenues from power transmission
segment, healthy business opportunities in the segment, and its
promoters' experience in the industry. The company is also
expected to benefit from its recent acquisition of a re-rolling
unit. The outlook may be revised to 'Positive' if GGPL's increases
the scale of its operations, while maintaining its profitability,
thereby strengthening its business and financial risk profiles.
Conversely, the outlook may be revised to 'Negative' in case of
continued pressure on the company's cash accruals or if it
undertakes any large, debt-funded capital expenditure programme
over the medium term.
Update
GGPL's revenues are estimated to decline in 2010-11 (refers to
financial year, April 1 to March 31), to INR413 million, from
INR542 million in 2009-10. The decline in sales is attributed to
decrease in orders from telecom companies, due to slowdown in
telecom tower investment; however, GGPL's operating margin
stabilized at around 7.5% in 2010-11. In order to reduce its
dependence on telecom sector, the company has started catering to
the power transmission line segment from 2010-11. The company is
an approved vendor of Power Grid Corporation of India Ltd (PGCIL;
rated at 'AAA/Stable/P1+' by CRISIL) to supply power transmission
line towers up to 400 kilovolts.
The company acquired an existing re-rolling mill (sick unit) in
October 2010 for around INR10 million and renovated it at a cost
of around INR10 million. The entire cost was funded out of
internal accruals. The plant has an installed capacity of 15,000
tonnes per annum (tpa).
GGPL currently has an outstanding order book of around INR138
million, to be executed over the next two to three months. Around
INR76 million of the orders are from the power transmission line
towers division, while INR54 million of the orders are from the
re-rolling mill. The remaining orders are from trading and other
business segments. CRISIL believes that GGPL's revenues will
increase over the medium term, backed by revenues from the re-
rolling mill and increasing orders from power transmission line
tower segment.
About Gurpreet Ghalvanising
Incorporated in 1998, GGPL is in the business of fabrication of
telecom and power transmission line towers; the company started
catering to the power transmission line segment in 2010-11. The
company's facilities are approved by PGCIL, and it has the
capacity to supply transmission line towers up to 400 kilovolts of
transmission line. The company also undertakes job work for
galvanizing fabricated steel structures such as pressed steel
tanks, tubular poles, roofing structure, steel girder bridges, and
garbage containers. It also trades in allied steel components.
GGPL has installed manufacturing capacity of 1200 tonnes per month
(tpm) and galvanising capacity of 3000 tpm. The company has two
plants in Ranga Reddy district (Andhra Pradesh). The company
acquired a re-rolling mill with a capacity of 15000 tpa in
2010-11.
GGPL reported a profit after tax (PAT) of INR14.6 million on sales
of INR501 million for 2009-10, against a PAT of INR16.1 million on
sales of INR476 million for 2008-09. GGPL's estimated revenues for
2010-11 are at about INR413 million.
HARIKA DRUGS: CRISIL Assigns 'BB-' Rating to INR19MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Harika Drugs Pvt Ltd.
Facilities Ratings
---------- -------
INR19.00 Million Long-Term Loan BB-/Stable (Assigned)
INR40.00 Million Cash Credit BB-/Stable (Assigned)
The rating reflects HDPL's small scale of operations, its below-
average financial risk profile, marked by aggressive capital
structure and weak debt protection metrics, and its susceptibility
to intense competition in the bulk drugs industry. These
weaknesses are partially offset by the extensive industry
experience of HDPL's promoters and its established customer
relationships.
Outlook: Stable
CRISIL believes that HDPL will continue to benefit over the medium
term from its promoters' extensive experience in the bulk drug
industry. The outlook may be revised to 'Positive' if the company
enhances its scale of operations and net worth, and diversifies
its revenue profile, while sustaining its profitability.
Conversely, the outlook may be revised to 'Negative' if HDPL's
profitability declines steeply, or if the company undertakes a
large, debt-funded, capital expenditure programme, leading to
deterioration in its financial risk profile.
About Harika Drugs
Incorporated in 1985, Hyderabad (Andhra Pradesh)-based HDPL
manufactures drug intermediates and bulk drugs. The promoter-
directors of the company include Mr. V S N Murthy and
Mr. Uppalapati Amarnath. The company's manufacturing unit, which
has a capacity of 75 tonnes per annum, is located at Gummadidala,
in Medak, near Hyderabad. HDPL has niche chemistry skills in the
Sodium amide reactions which have end use applications in anti-
histamines and anti-depressants therapeutic segment. HDPL's
manufacturing facilities are approved by the good manufacturing
practices (GMP). Further, its bulk drug portfolio has Certificate
of Suitability (CEP) from The European Directorate for the Quality
of Medicines (EQDM).
HDPL reported a profit after tax (PAT) of INR9 million on net
sales of INR137 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR11 million on net
sales of INR94 million for 2008-09.
MAWANA SUGARS: CRISIL Cuts Rating on INR3.31BB LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on Mawana Sugars Ltd's bank
facilities to 'D/P5' from 'B-/Stable/P4'.
Facilities Ratings
---------- -------
INR3967.0 Million Cash Credit Limit D (Downgraded from
'B-/Stable')
INR3312.2 Million Term Loan D (Downgraded from
'B-/Stable')
INR1000.0 Million Proposed Long-Term D (Downgraded from
Bank Loan Facility 'B-/Stable')
INR529.0 Mil. Bank Guarantee/Letter P5 (Downgraded from
of Credit 'P4')
The downgrade reflects current delays in servicing term loan
instalments by Mawana Sugars; Mawana Sugars' liquidity continues
to be weak because of low cash accruals. Mawana Sugars has
submitted a proposal to rework its corporate debt restructuring
package, which envisages, among other things, the sale of its non-
core assets for reduction of its debt.
The ratings reflect Mawana Sugars' weak financial risk profile,
marked by high gearing and sub-par debt protection metrics, and
its susceptibility to adverse regulatory changes and cyclicality
in the sugar industry. However, Mawana Sugars has a moderate
business risk profile, supported by its integrated manufacturing
operations.
About Mawana Sugars
Mawana Sugars (formerly known as Siel Ltd), was promoted by
Mr. Siddharth Shriram. It is an integrated sugar manufacturer,
with capacity of 29,500 tonnes of cane crushed per day. It has a
capacity to produce 47 megawatt of exportable power and 120
kilolitres per day of ethanol. The company also has capacities to
manufacture chlor-alkali chemicals such as caustic soda, caustic
flakes, chlorine, hydrogen, hydrochloric acid, stable bleaching
powder, and sodium hypochlorite. Its sugar production units are in
Mawana, Titawi, and Nanglamal (all in western Uttar Pradesh). Its
chemical unit is in Rajpura (Punjab).
For 2008-09 (refers to financial year, October 1 to September 31),
Mawana Sugars reported a net loss of INR0.57 billion on net sales
of INR6.8 billion. For the 15 months ended December 31, 2010,
Mawana Sugars reported a net loss of INR0.77 billion on net sales
of INR13.5 billion.
PCM STRESCON: CRISIL Rates INR1.72 Billion LT Bank Loan at 'B-'
---------------------------------------------------------------
CRISIL has upgraded its rating on the proposed bank facility of
PCM Strescon Overseas Ventures Ltd to 'B-/Stable' from 'C'.
Facilities Ratings
---------- -------
INR1720 Million Proposed LT B-/Stable (Upgraded from
Bank Loan Facility 'C')
The upgrade follows improvement in PCM's liquidity, as it is close
to completing the projects it had undertaken on inception. Over
2010-11(refers to financial year, April 1 to March 31), PCM is
expected to have generated INR2.1 billion in revenues through the
execution of two orders in hand. Larger revenues and healthy
profitability have resulted in healthy cash accruals, in the range
of INR530 to INR550 million, as against debt repayment of INR114
million. PCM had cash and bank balance of INR160 million as on
March 31, 2011. In the absence of any major ongoing production,
PCM is not using any significant bank funding. It repaid its
entire term loan through accruals; as on date, the only bank
exposure PCM has is nominal outstanding buyers' credit.
Currently, PCM does not have any contract in hand and has bid to
supply sleepers for two large projects in the Middle East.
However, due to lack of clarity on the outcome of the bid, PCM
does not have any revenue visibility over the near term, thereby
constraining its business risk profile.
The ratings reflect PCM's below-average business risk profile,
constrained by lack of revenue visibility and geographic
concentration risk. These weaknesses are mitigated by the
experience of PCM's promoters in executing similar projects in
Saudi Arabia and its average financial risk profile, marked by
healthy debt protection measures, and gearing however constrained
net worth.
Outlook: Stable
CRISIL believes that the business risk profile of PCM, over the
near term, will be constrained due to lack of orders in hand and
high geographic concentration in its revenue profile. The outlook
may be revised to 'Positive' if PCM garners new contracts and
diversifies its revenue profile geographically. Conversely, the
outlook may be revised to 'Negative' if the company fails to win
the Haramain High Speed Rail (HHSR) contract or extends more-than-
expected funding support to group companies.
About PCM Strescon
PCM, incorporated in 2006, manufactures pre-compressed heavy-haul
concrete sleepers. The company is promoted by PCM Cement Concrete
Pvt Ltd and Stresscon Industries Ltd, primarily to execute orders
out of India, especially the Middle East. Since its inception, PCM
has executed two contracts for supply of sleepers to Saudi Arabia.
This work was undertaken as part of the Civil and Tracks Works
contracts undertaken for the North-South Railway of Saudi Arabia.
The supply for both contracts commenced from February 2009 and was
completed in 2010-11. Currently, PCM does not have any contract in
hand.
PCM reported a profit after tax (PAT) of INR63.8 million on an
operating income of INR2.4 billion for 2009-10, against a loss of
INR267.8 million on operating income of INR193.2 million for
2008-09.
PYOGINAM: CRISIL Assigns 'B+' Rating to INR57MM Bill Purchase
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Pyoginam.
Facilities Ratings
---------- -------
INR41 Million Overdraft Facility B+/Stable (Assigned)
INR57 Mil. Foreign Bill Purchase P4 (Assigned)
INR65 Million Packing Credit P4 (Assigned)
INR0.7 Million Bank Guarantee P4 (Assigned)
The ratings reflect Pyoginam's average financial risk profile,
marked by a high gearing and a small net worth, and a small scale
of operations with a geographical concentrated revenue profile.
The ratings also factor in the firm's exposure to risks related to
volatility in raw material prices and to foreign exchange rates,
and constrained financial flexibility because of large working
capital requirements and withdrawals of capital by partners. These
rating weaknesses are partially offset by the extensive experience
of Pyoginam's partners and the firm's moderate debt protection
metrics.
Outlook: Stable
CRISIL believes that Pyoginam will continue to benefit over the
medium term on the back of its promoters' experience in the ready-
made garments business and its established relationships with its
customers. However, the firm's financial risk profile is expected
to remain average, marked by a high gearing, because of high
working capital intensity. The outlook may be revised to
'Positive' if Pyoginam's operating margin improves more than
expected and if the partners' infuse capital in the firm, leading
to improvement in the firm's financial risk profile. Conversely,
the outlook may be revised to 'Negative', if Pyoginam's operating
margin declines further, or if the firm's financial risk profile
deteriorates because of decline in working capital, larger-than-
expected, debt-funded capex, or significant withdrawal of capital
by partners.
About Pyoginam
Pyoginam was set up as proprietorship firm in 1992 by Mr. Yoginder
Mukim. In 2004, the firm was reconstituted as a partnership firm
with the introduction of his wife Ms. Poonam Mukim as partner.
The firm manufactures ready-made garments for women (blouses,
dresses, trousers, tops, tunics, and skirts) using cotton,
polyester, linen, viscose, and other blended fabrics. Pyoginam
has two manufacturing facilities at Gurgaon (Haryana) with annual
capacity of about 2.2 million pieces. Majority of the revenues is
generated from exports to customers in Europe.
Pyoginam reported a book profit of INR15.5 million on net sales of
INR452.7 million for 2009-10 (refers to financial year, April 1 to
March 31), against a book profit of INR12.6 million on net sales
of INR409.8 million for 2008-09.
RAMA AGRO: CRISIL Reaffirms 'D' Rating on INR18.2MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rama Agro and Food
Products continue to reflect delays by RAFP in servicing its term
loan obligations. The firm has been delaying repayment of its
term loan by 15-30 days over the past 12 months through March 2011
because of weak liquidity.
Facilities Ratings
---------- -------
INR130.0 Million Cash Credit D (Reaffirmed)
INR18.20 Million Term Loan D (Reaffirmed)
INR2.50 Million Bank Guarantee P5 (Reaffirmed)
In addition to weak liquidity, RAFP's financial risk profile is
marked by high gearing and weak debt protection metrics. The firm
has small scale of operations. However, the firm benefits from its
established clientele and healthy growth prospects for the grains
processing industry.
Update
RAFP's operating revenues are estimated to have increased by 25%
in 2010-11(refers to financial year, April 1 to March 31) over
that in 2009-10. The firm reported, on provisional basis,
operating revenues of INR700 million, with a low, but stable, net
profitability of around 0.3%, for 2010-11. The increase in
revenues was supported by a recently completed capital expenditure
(capex) of INR12 million (funded by debt of INR8.5 million and
rest by internal accruals) towards setting up a maize processing
plant in May 2010. The liquidity of the firm continues to be weak,
marked by full utilization of bank lines because of large working
capital requirements. RAFP reported, on provisional basis, a
profit after tax (PAT) of INR1.7 million on net sales of INR700
million for 2010-11; it reported a PAT of INR1.2 million on net
sales of INR573 million for 2009-10.
About Rama Agro
RAFP was set up in 2004. The firm process wheat, gram and maize
to produce maida, atta, rava, suzi, gram grit, maize grit etc.
Around 90% of the firm's revenues come from sales to institutional
customers and the rest from sales to traders and distributors.
RAFP's plant in Bijnor (Uttar Pradesh) has wheat processing
capacity of 200 tones per day (tpd) and gram processing capacity
of 100 tpd.
SVARN TEX: CRISIL Cuts Rating on INR45MM Cash Credit to 'BB'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Svarn
Tex Prints Pvt Ltd to 'BB/Negative/P4+' from 'BBB-/Stable/P3'.
Facilities Ratings
---------- -------
INR45 Million Cash Credit BB/Negative (Downgraded from
'BBB-/Stable')
INR144.1 Mil. Rupee Term Loan BB/Negative (Downgraded from
'BBB-/Stable')
INR15 Million Bank Guarantee P4+ (Downgraded from 'P3')
The downgrade reflects expectation of continued pressure on the
Svarn group's operating metrics, which include its revenues and
profitability; the demand for passive telecommunication (telecom)
equipment is expected to remain subdued over the near term due to
restricted growth and limited network expansion in the telecom
sector. The downgrade also reflects expected deterioration in the
group's liquidity due to incremental working capital requirements
arising out of delayed payments from its customers. CRISIL
believes that as the Svarn group's customers are facing liquidity
pressures, the receivables in its telecom companies will remain
under pressure over the medium term.
The ratings reflect the Svarn group's small scale of operations,
limited track record, and susceptibility to intense industry
competition. These rating weaknesses are partially offset by the
group's moderate financial risk profile, marked by low gearing and
moderate debt protection metrics.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of STPPL, Svarn Telecom Ltd, Svarn
Telecom, and Svarn Infratel Ltd, collectively referred to as the
Svarn group. This is because the four entities are under common
management, have operational linkages, and fungible cash flows.
The group's procurement and marketing functions are carried out at
its central corporate office. Three of the group entities are in
the same line of business and use a common brand. Furthermore, the
group companies' cash flows are fungible. Surplus funds available
with one group entity could be utilized for working capital and
capital expenditure requirements of other group entities.
Outlook: Negative
CRISIL believes that Svarn group's business risk profile will be
constrained over the near term on account of its limited track
record in the fabric manufacturing industry. Its financial risk
profile is expected to come under pressure, on account of
financial support the group companies in the telecom sector are
expected to require over the near term. The rating may be
downgraded in case of further delay in stabilization of
operations, significant deterioration in revenues and
profitability of STPPL or group companies in the telecom sector,
thus adversely affecting the group's business and financial risk
profiles and its ability to service its debt. Conversely, the
outlook may be revised to 'Stable' in case of better-than-expected
growth in revenues and operating profitability, prudent management
of its working capital cycle, stabilization of operations, and
sustained revenue growth.
About the Group
STPPL was set up in 2008 in Faridabad (Haryana). It operates a
processing house for dyeing, printing, and processing of various
fabrics. STPPL is part of the Svarn group which manufactures
passive telecom instruments through ST, SIL and STL. The group
companies supply their products to various telecom companies such
as Ericsson India Pvt Ltd, Nokia India Pvt ltd., Siemens Ltd
(rated 'AAA/Stable/P1+' by CRISIL), Bharti Airtel Ltd
('AAA/Negative/P1+'), and Idea Cellular Ltd ('P1+').
STPPL is estimated to report profit after tax (PAT) of INR16.6
million on net sales of INR370 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a net loss of
INR8.8 million on net sales of INR236.8 million for 2009-10. `
VISHAL DIAMONDS: CRISIL Places 'P4+' Rating on INR40MM Credit
-------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the bank facilities of
Vishal Diamonds. The rating reflects Vishal Diamonds' modest scale
of operations in the intensely competitive gems and jewellery
industry, and working-capital-intensive operations. These rating
weaknesses are partially offset by Vishal Diamonds' conservative
capital structure and the benefits that it derives from its
promoters' industry experience.
Facilities Ratings
---------- -------
INR40.0 Million Packing Credit P4+ (Assigned)
INR35.0 Million Post-Shipment Credit P4+ (Assigned)
Set up in 1998 as a partnership firm by Mr. Sunay Gandhi and his
family, Vishal Diamonds manufactures diamond-studded gold
jewellery. It also manufactures, and trades in, cut and polished
diamonds. It has manufacturing units in Mumbai (Maharashtra).
Vishal Diamonds reported a profit after tax (PAT) of INR2.6
million on net sales of INR143.8 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR4.9
million on net sales of INR163.3 million for 2008-09.
WALZEN STRIPS: CRISIL Reaffirms 'BB+' Rating on INR175MM Credit
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Walzen Strips Pvt Ltd
continue to reflect the susceptibility of group's operating
margins to fluctuations in raw material prices, and its large
working capital requirements. These rating weaknesses are
partially offset by the benefits that the Walzen group derives
from its established market position in the steel strapping
segment.
Facilities Ratings
---------- -------
INR175 Million Cash Credit BB+/Stable (Reaffirmed)
INR15 Million Bank Guarantee P4+ (Reaffirmed)
For arriving at the ratings, CRISIL has combined the financial and
business risk profiles of WSPL and Walzen Steel India Pvt Ltd
(WSIPL), together referred to as the Walzen group. This is because
the two companies have a common management, and significant
operational and financial linkages.
Outlook: Stable
CRISIL believes that the Walzen group will maintain its moderate
business risk profile over the medium term, backed by its
established market presence and its promoter's experience in the
steel strapping industry. The outlook may be revised to 'Positive'
in case of greater diversification in revenues or improved demand
from the end-user industry, leading to increased sales and
improved profit margins. Conversely, the outlook may be revised
to 'Negative' if the group undertakes a debt-funded capital
expenditure programme or is unable to manage its working capital
requirements, leading to a significant increase in debt and
deterioration in its debt protection metrics.
About the Group
WSPL and WSIPL are part of the Kolkata-based Lyca group of
companies promoted by Mr. Tejomoy Roychowdhury. WSPL, established
in 1989, manufactures high-tensile steel strips (HTSS) and
hardened and tempered steel strips (HATSS). The manufacturing
facilities of the company in Howrah (West Bengal) have installed
capacity to produce 11,000 tonnes per annum of steel strapping.
The main raw material to produce HTSS and HATSS is cold rolled
steel. In 2006, cold rolling was started in another company, Lyka
Udyog Pvt Ltd, to integrate WSPL's operations backward. In 2007,
Lyka Udyog Pvt Ltd was renamed as WSIPL. WSIPL is located in
Hoogly (West Bengal), and has an installed cold rolling capacity
of 3000 tonnes per month.
The WSPL reported a standalone profit after tax (PAT) of INR13.1
million on operating income of INR527.1 million for 2009-10
(refers to financial year, April 1 to March 31), as against a PAT
of INR14.8 million on operating income of INR576.0 million for
2008-09.
=========
J A P A N
=========
CSC SERIES: S&P Lowers Ratings on 2 Classes of Bonds to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its ratings on the class A-2 and A-3 bonds issued under the
CSC, Series 1 GK transaction, and affirmed its ratings on classes
B-2 to F-3. "We lowered to 'D (sf)' our ratings on the interest-
only class X bonds and the class G-3 bonds, which were issued
under the same transaction, on Feb. 1, 2011, and Feb. 17, 2011,"
S&P related.
The ratings address the full and timely payment of interest for
the class A-2 and A-3 bonds. "We lowered to 'D (sf)' our ratings
on classes A-2 and A-3 because interest payments on these two
classes were not fully made on the interest payment date of
May 12, 2011, and were deferred," S&P noted.
Despite the deferral of interest, the principal on the class A-2
and A-3 bonds was partially redeemed on May 12, 2011. The interest
deferral can be primarily attributed to these factors: (1) The
transaction is structured in such a way that the servicer's
disposition fee relating to the defaulted loans is deducted from
the funds for interest payments on the bonds; and (2) interest
on the bonds stepped up after the expected maturity date. "We
still believe that the principal on classes A-2 and A-3 is very
likely to be fully redeemed by the transaction's legal final
maturity date, and we see a reasonable likelihood that the
deferred interest on these two classes will be fully repaid by the
transaction's legal final maturity date," S&P added.
CSC, Series 1 GK is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The bonds were initially secured by
11 nonrecourse loans, which were actually treated as six loans,
extended to six obligors. The loans were originally backed by 72
real estate trust certificates and real estate properties. The
transaction was arranged by Credit Suisse Securities, and ORIX
Asset Management & Loan Services Corp. is the servicer for the
transaction.
The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date in November 2012 for the class A-2 and A-3
bonds, and the full payment of interest and ultimate repayment of
principal by the legal maturity date for the class B-2 to F-3
bonds.
Ratings Lowered
CSC, Series 1 GK
JPY36.2 billion yen-denominated bonds due November 2012
Class To From Initial issue amount
A-2 D (sf) CCC- (sf) JPY18.1 bil.
A-3 D (sf) CCC- (sf) JPY3.9 bil.
Ratings Affirmed
CSC, Series 1 GK
Class Rating Initial issue amount
B-2 CCC (sf) JPY1.7 bil.
B-3 CCC (sf) JPY1.5 bil.
C-2 CCC- (sf) JPY3.2 bil.
D-2 CCC- (sf) JPY3.2 bil.
E-2 CCC- (sf) JPY0.9 bil.
E-3 CCC- (sf) JPY0.6 bil.
F-3 CCC- (sf) JPY1.9 bil.
* JAPAN: Falls Into Recession as Economy Shrinks in First Quarter
-----------------------------------------------------------------
Bloomberg News reports that Japan's economy shrank more than
estimated in the first quarter after the March 11 earthquake and
tsunami disrupted production and prompted consumers to cut back
spending, sending the nation to its third recession in a decade.
Bloomberg relates that the Cabinet Office said Thursday that gross
domestic product contracted an annualized 3.7% in the three months
through March, following a revised 3% drop in the previous
quarter. The median forecast of 23 economists surveyed by
Bloomberg News was for a 1.9% drop.
According to Bloomberg, the March disaster hit an economy already
weighed down by years of deflation and subdued consumer spending,
and slashed profits at companies including Toyota Motor Corp. as
factories were shut. The economy, says Bloomberg, may further
contract in the second quarter before rebounding later this year
as reconstruction spending kicks in.
"The contraction in the second quarter will probably be even
bigger as consumer spending and exports slump," Bloomberg quotes
Norio Miyagawa, senior economist at Mizuho Securities Research and
Consulting Co. in Tokyo, as saying. "The economy will likely
return to growth from the third quarter once the supply-chain
disruption eases and reconstruction work begins."
The economic contraction may only be a "temporary phenomenon," and
two straight quarters of shrinkage "doesn't necessarily mean the
economy's trajectory has changed," Kaoru Yosano, the economy
minister, told reporters Thursday, according to Bloomberg.
Bloomberg states that economists typically define a recession as
two consecutive quarters of contraction. The Japanese government
instead determines recessions by having a committee of academics
decide when recoveries and retreats begin and end, Bloomberg
notes.
===============
M A L A Y S I A
===============
AYER MOLEK: 93rd Annual General Meeting Slated For June 8
---------------------------------------------------------
The Ayer Molek Rubber Company Berhad will hold its Ninety-Third
Annual General Meeting on June 8, 2011, at 11:30 a.m., at the
Banquet Hall, Kelab Taman Perdana Di-Raja Kuala Lumpur (Royal Lake
Club), Taman Tasik Perdana, Jalan Cenderamulia, Off Jalan
Parlimen, 50480 in Kuala Lumpur.
At the meeting, the members will be asked to:
-- receive the Audited Financial Statements for the financial
year ended Dec. 31, 2010, together with the Reports of
Directors and Auditors;
-- approve the payment of Directors' fees for the financial
year ended Dec. 31, 2010;
-- re-elect Dato' The Kim Seng, who retires in accordance with
Article 90 of the Company's Articles of Association and
being eligible, offers himself for re-election;
-- re-elect En Jasmi Bin Daik, who retires in accordance with
Article 90 of the Company's Articles of Association and
Being eligible, offers himself for re-election;
-- re-appoint Messrs. KPMG as auditors of the Company and to
Authorize the Directors to fix their renumeration for the
ensuing year;
As Special Business, to consider and if thought fit:
-- Authority to Issue Shares;
"That subject to Section 132D of the Companies Act, 1965,
the Directors be and are hereby authorised to issue
shares in the Company from time to time at such price,
upon such terms and conditions, for such purposes and
to such person or persons whomsoever as the Directors
may deem fit provided that the aggregate number of
shares issued in any one financial year of the Company
pursuant to this resolution does not exceed 10% of the
issued capital of the Company for the time being and
that the Directors be also empowered to obtain the
approval for the listing and the quotation of the
additional shares so issued on Bursa Malaysia Securities
Berhad and that such authority shall continue in force
until the conclusion of the next Annual General Meeting
of the Company," and
-- discuss any other business.
About Ayer Molek
Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its entire
plantation land to a third party. It operates solely in the
domestic market.
* * *
The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.
MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.
====================
N E W Z E A L A N D
====================
NATHANS FINANCE: Was Fine Before Collapse, Former Director Claims
-----------------------------------------------------------------
BusinessDay.co.nz reports that former Nathans Finance director
Mervyn Doolan still claims the company's financial positions was
fine just months before it collapsed in August 2007, owing around
7,000 investors NZ$174 million.
According to BusinessDay.co.nz, Mr. Doolan told the High Court at
Auckland Tuesday that even if budget targets weren't being met,
there was enough cash to meet obligations even two months before
it went under.
BusinessDay.co.nz says Mr. Doolan and fellow directors Roger Moses
and Don Young all deny 18 charges relating to distributing
prospectuses, advertisements and investment statements which
included "untrue statements".
Mr. Doolan was the first to take the stand and on Tuesday restated
his position that the advertisements and investment material in
question were true, BusinessDay.co.nz relates.
"I don't believe there were any misleading statements at all. Of
course I deeply regret the investors lost money,"
BusinessDay.co.nz quotes Mr. Doolan as saying.
Mr. Doolan, as cited by BusinessDay.co.nz, said an independent
valuation of the group by Auckland chartered accountants Cole-
Baker and Company in February 2007 gave a conservative valuation
of NZ$224 million which showed the company as solvent. At worst,
the valuation said, a forced liquidation sale would value the
group at least NZ$133 million.
"Debt was well covered. There was no need to impair the debt,"
said Mr. Doolan, according to BusinessDay.co.nz. "[I agree] with
the valuers' assessment -- the cash position is strong and the
group enjoyed a positive cash flow."
A valuation of the US assets by Fidelco Advisory Services from New
Jersey on August 2, 2007, was also favourable, Doolan said.
Mr. Doolan said the net assets of Nathans and its parent company
VTL of NZ$16.95 million were sufficient to carry the company,
BusinessDay.co.nz adds.
When it collapsed, BusinessDay.co.nz notes, Nathans' intercompany
loan account with parent company VTL had reached almost NZ$170
million out of a total lending book of NZ$174 million.
Further, the company was looking to seriously reduce intercompany
debt through either the selldown of assets or with the injection
of capital. The valuations were a means of getting to understand,
Mr. Doolan said, what each of its units were worth.
Right up to the company's failure, Mr. Doolan believed the
business was going from strength to strength, BusinessDay.co.nz
reports.
About Nathans Finance
Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed receivers on
August 20, 2007. The company owed approximately NZ$174 million to
some 7,000 investors. Nathans Finance is a wholly owned
subsidiary of VTL Group Limited, which also went into receivership
in November 2008. VTL Group owns a number of vending machine
related businesses which operate in New Zealand, Australia, North
America and Europe.
===========
T A I W A N
===========
PROMOS TECHNOLOGIES: To Sell Money-Losing China Unit
----------------------------------------------------
DIGITIMES reports that ProMOS Technologies has decided to sell off
a 100%-owned subsidiary in Chongqing, western China, which has an
8-inch fab, in order to raise funds to finance its existing 12-
inch fab located at the Central Taiwan Science Park (CTSP).
The announcement was made following speculation that ProMOS is
unlikely to draw investment from Japan's Elpida Memory via its
planned fund-raiser, DIGITIMES says.
As part of the liquidation, DIGITIMES relates, the Chongqing city
government will take back the factory building and the land.
ProMOS has the right to sell production equipment from the
facility, accounts receivable, and intangible assets such as the
trade name, DIGITIMES notes.
According to the report, ProMOS said that disbanding the money-
losing subsidiary will help preserve cash and strengthen its
capital structure.
ProMOS continued operating in the red for the 16th consecutive
quarter, posting net loss of NT$4.26 billion in the first quarter
of 2011, DIGITIMES discloses.
ProMOS Technologies Inc. -- http://www.promos.com.tw-- is a
semiconductor memory solution provider in Taiwan. The Company is
principally engaged in the research, design, development,
manufacture and sale of synchronous dynamic random access memories
(SDRAMs), as well as the related import and export businesses.
The Company provides 64 megabytes (Mb), 128 Mb and 256Mb SDRAMs,
128Mb, 256Mb and 512Mb double data rate (DDR) SDRAMs and others.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16.93 -8.23
ALINTA ENERGY LT AEJ 3,564.36 -383.39
ARTURUS CAPITAL AKW 12.27 -0.43
ARTURUS CAPITA-N AKWN 12.27 -0.43
ASTON RESOURCES AZT 469.54 -7.49
AUSTAR UNITED AUN 679.40 -250.96
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.39 -13.42
AUTRON CORP LTD AAT 32.39 -13.42
BCD RESOURCES OP BCO 23.39 -60.19
BCD RESOURCES-PP BCOCC 23.39 -60.19
BECTON PROPERTY BEC 369.83 -26.80
BIRON APPAREL LT BIC 19.71 -2.22
CENTRO PROPERTIE CNP 15,483.44 -349.73
CHEMEQ LTD CMQ 25.19 -24.25
COMPASS HOTEL GR CXH 88.33 -1.08
ELLECT HOLDINGS EHG 18.25 -15.49
HYRO LTD HYO 11.81 -5.15
MACQUARIE ATLAS MQA 1,894.75 -230.50
MAVERICK DRILLIN MAD 24.66 -1.30
MISSION NEWENER MBT 20.38 -44.05
NATURAL FUEL LTD NFL 19.38 -121.51
NEXTDC LTD NXT 17.46 -0.14
ORION GOLD NL ORN 11.60 -10.91
POWERLAN LTD PWR 28.30 -3.64
RESIDUAL ASSC-EE RAGXF 597.33 -126.96
RIVERCITY MOTORW RCY 386.88 -809.14
SCIGEN LTD-CUFS SIE 65.56 -38.80
SHELL VILLAGES A SVC 13.47 -1.66
STIRLING RESOURC SRE 31.19 -0.62
TAKORADI LTD TKG 13.99 -0.41
VERTICON GROUP VGP 10.08 -29.12
YANGHAO INTERNAT YHL 44.32 -54.68
CHINA
BAOCHENG INVESTM 600892 30.32 -4.51
CHENGDE DALU -B 200160 27.04 -6.64
CHENGDU UNION-A 693 39.10 -17.39
CHINA FASHION CFH 10.11 -0.76
CHINA KEJIAN-A 35 88.96 -189.48
CONTEL CORP LTD CTEL 24.17 -45.31
DONGGUAN FANGD-A 600656 27.97 -57.39
DONGXIN ELECTR-A 600691 13.60 -21.94
FANGDA JINHUA-A 818 389.84 -46.28
GUANGDONG ORIE-A 600988 12.78 -5.53
GUANGXIA YINCH-A 557 30.39 -32.88
HEBEI BAOSHUO -A 600155 127.82 -394.70
HEBEI JINNIU C-A 600722 246.19 -48.05
HUASU HOLDINGS-A 509 98.59 -1.03
HUNAN ANPLAS CO 156 45.14 -45.28
JIANGSU CHINES-A 805 12.70 -12.83
JINCHENG PAPER-A 820 202.45 -107.73
MUDAN AUTOMOBI-H 8188 29.41 -1.38
NINGBO YIDONG-H 8249 15.57 -50.61
QINGDAO YELLOW 600579 219.72 -6.53
QINGHAI SUNSHI-A 600381 110.68 -17.35
SHANG BROAD-A 600608 50.03 -9.23
SHANG HONGSHENG 600817 15.69 -443.71
SHANXI LEAD IN-A 673 23.94 -0.60
SHENZ CHINA BI-A 17 24.86 -272.59
SHENZ CHINA BI-B 200017 24.86 -272.59
SHENZHEN DAWNC-A 863 24.38 -155.20
SHENZHEN KONDA-A 48 116.74 -7.36
SHENZHEN ZERO-A 7 50.45 -4.97
SHIJIAZHUANG D-A 958 224.19 -70.54
SICHUAN DIRECT-A 757 108.57 -146.61
SICHUAN GOLDEN 600678 209.77 -74.90
TAIYUAN TIANLO-A 600234 52.85 -27.82
TIANJIN MARINE 600751 114.38 -61.31
TIANJIN MARINE-B 900938 114.38 -61.31
TOPSUN SCIENCE-A 600771 171.85 -115.05
WUHAN BOILER-B 200770 275.89 -142.53
WUHAN GUOYAO-A 600421 11.05 -27.01
WUHAN LINUO SOLA 600885 107.30 -0.72
XIAMEN OVERSEA-A 600870 225.63 -137.22
YANBIAN SHIXIA-A 600462 204.34 -11.55
YUEYANG HENGLI-A 622 36.49 -16.37
YUNNAN MALONG-A 600792 133.04 -61.60
ZHANGJIAJIE TO-A 430 31.65 -3.43
HONG KONG
ASIA TELEMEDIA L 376 16.62 -5.37
ASIAN CAPITAL RE 8025 13.95 -11.63
BUILDMORE INTL 108 13.48 -69.17
CHINA E-LEARNING 8055 14.33 -6.67
CHINA HEALTHCARE 673 44.13 -4.49
CHINA PACKAGING 572 17.10 -17.49
CMMB VISION HOLD 471 41.31 -5.11
COSMO INTL 1000 120 83.56 -37.93
DORE HOLDINGS LT 628 25.44 -5.34
EGANAGOLDPFEIL 48 557.89 -132.86
FULBOND HLDGS 1041 54.53 -24.07
GUOJIN RESOURCES 630 18.21 -17.00
MELCOLOT LTD 8198 56.90 -46.99
MITSUMARU EAST K 2358 18.15 -11.83
NEW CITY CHINA 456 109.84 -18.05
NGAI LIK INDL 332 22.70 -9.69
PALADIN LTD 495 149.78 -11.62
PCCW LTD 8 6,192.51 -78.22
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 10.01 -41.90
SMART UNION GP 2700 13.70 -43.29
TACK HSIN HLDG 611 27.70 -53.62
TONIC IND HLDGS 978 67.67 -37.85
INDONESIA
ASIA PACIFIC POLY 444.20 -881.20
ERATEX DJAJA ERTX 12.84 -22.99
HANSON INTERNATI MYRX 14.84 -12.45
HANSON INT-PREF MYRXP 14.84 -12.45
JAKARTA KYOEI ST JKSW 31.92 -43.20
MITRA INTERNATIO MIRA 970.13 -256.04
MITRA RAJASA-RTS MIRA-R2 970.13 -256.04
MULIA INDUSTRIND MLIA 338.82 -334.75
PANASIA FILAMENT PAFI 42.43 -11.04
PANCA WIRATAMA PWSI 30.79 -38.79
SMARTFREN TELECO FREN 499.34 -13.31
SURABAYA AGUNG SAIP 246.32 -97.03
TOKO GUNUNG AGUN TKGA 11.65 -0.30
UNITEX TBK UNTX 17.14 -18.22
AMIT SPINNING AMSP 22.70 -1.90
ARTSON ENGR ART 15.63 -1.61
ASHIMA LTD ASHM 63.65 -55.81
ATV PROJECTS ATV 60.46 -55.04
BALAJI DISTILLER BLD 66.32 -25.40
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
CAMBRIDGE SOLUTI CAMB 156.75 -46.79
CFL CAPITAL FIN CEATF 15.35 -46.89
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 17.10 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DIGJAM LTD DGJM 99.41 -22.59
DUNCANS INDUS DAI 133.65 -205.38
FIBERWEB INDIA FWB 13.25 -8.17
GANESH BENZOPLST GBP 48.95 -22.44
GEM SPINNERS LTD GEMS 16.44 -1.53
GLOBAL BOARDS GLB 14.98 -7.51
GSL INDIA LTD GSL 37.04 -42.34
GUJARAT SIDHEE GSCL 59.44 -0.66
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 102.05 -10.24
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 14.15 -3.66
HMT LTD HMT 142.67 -386.80
ICDS ICDS 13.30 -6.17
INTEGRAT FINANCE IFC 49.83 -51.32
JAYKAY ENTERPRIS JEL 13.51 -3.03
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 17.91 -84.78
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 37.45 -45.90
KERALA AYURVEDA KRAP 13.99 -1.18
KIDUJA INDIA KDJ 17.15 -2.28
KINGFISHER AIR KAIR 1,781.30 -861.06
KINGFISHER A-SLB KAIR/S 1,781.30 -861.06
KITPLY INDS LTD KIT 48.42 -24.51
LLOYDS FINANCE LYDF 21.65 -11.39
LLOYDS STEEL IND LYDS 415.66 -63.93
LML LTD LML 65.26 -56.77
MAHA RASHTRA APE MHAC 24.13 -14.27
MILLENNIUM BEER MLB 52.23 -5.22
MILTON PLASTICS MILT 18.65 -52.29
MTZ POLYFILMS LT TBE 31.94 -2.57
NICCO CORP LTD NICC 82.41 -2.85
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 49.04 -4.95
ORIENT PRESS LTD OP 16.70 -0.09
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PEACOCK INDS LTD PCOK 11.40 -14.40
PIRAMAL LIFE SC PLSL 45.82 -32.69
QUADRANT TELEVEN QDTV 173.52 -101.57
RAJ AGRO MILLS RAM 10.21 -0.61
RAMA PHOSPHATES RMPH 34.07 -1.19
RATHI ISPAT LTD RTIS 44.56 -3.93
REMI METALS GUJA RMM 102.64 -5.29
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 20.62 -75.53
SCOOTERS INDIA SCTR 18.63 -6.88
SEN PET INDIA LT SPEN 12.99 -25.24
SHAH ALLOYS LTD SA 212.81 -9.74
SHALIMAR WIRES SWRI 24.87 -51.77
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 44.50 -2.89
SHREE RAMA MULTI SRMT 62.72 -45.92
SIDDHARTHA TUBES SDT 76.98 -12.45
SOUTHERN PETROCH SPET 1,584.27 -4.80
SPICEJET LTD SJET 220.03 -76.12
SQL STAR INTL SQL 11.69 -1.14
STI INDIA LTD STIB 30.87 -10.59
TAMILNADU TELE TNT 12.82 -5.15
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.55 -8.57
TUTICORIN ALKALI TACF 14.15 -11.20
UNIFLEX CABLES UFC 45.05 -0.90
UNIFLEX CABLES UFCZ 45.05 -0.90
UNIMERS INDIA LT HDU 19.23 -3.23
UNITED BREWERIES UB 2,652.00 -242.53
UNIWORTH LTD WW 145.71 -114.87
USHA INDIA LTD USHA 12.06 -54.51
VENTURA TEXTILES VRTL 15.19 -0.99
VENUS SUGAR LTD VS 11.06 -1.08
WINDSOR MACHINES WML 15.52 -24.34
WIRE AND WIRELES WNW 115.34 -34.49
JAPAN
C&I HOLDINGS 9609 32.82 -39.23
CROWD GATE CO 2140 11.63 -4.29
FIDEC 8423 182.86 -11.14
FUJI TECHNICA 6476 175.22 -18.71
L CREATE CO LTD 3247 42.34 -9.15
LCA HOLDINGS COR 4798 55.65 -3.28
PROPERST CO LTD 3236 305.90 -330.20
SHIN-NIHON TATEM 8893 124.85 -39.12
SHINWA OX CORP 2654 43.91 -30.19
SHIOMI HOLDINGS 2414 201.19 -33.62
S-POOL INC 2471 18.11 -0.41
TAIYO BUSSAN KAI 9941 171.45 -3.35
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
DAISHIN INFO 20180 740.50 -158.45
KUKDONG CORP 5320 51.19 -1.39
KUMHO INDUS-PFD 2995 5,837.32 -967.28
KUMHO INDUSTRIAL 2990 5,837.32 -967.28
ORICOM INC 10470 82.65 -40.04
SAMT CO LTD 31330 200.83 -152.09
SEOUL MUTL SAVIN 16560 874.79 -34.13
SUNGJEE CONSTRUC 5980 114.91 -83.19
TAESAN LCD CO 36210 296.83 -91.03
TONG YANG MAGIC 23020 355.15 -25.77
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
AXIS INCORPORATI AXIS 32.82 -103.86
BANENG HOLDINGS BANE 50.30 -3.48
GULA PERAK BHD GUP 94.86 -51.47
HAISAN RESOURCES HRB 64.66 -0.15
HO HUP CONSTR CO HO 67.48 -8.90
JPK HOLDINGS BHD JPK 20.34 -0.50
LUSTER INDUSTRIE LSTI 22.93 -3.18
MITHRIL BHD MITH 29.69 -0.27
NAM FATT BERHAD NAF 322.80 -27.08
NGIU KEE CO-BHD NKC 14.81 -12.42
TRACOMA HOLDINGS TRAH 57.09 -24.60
TRANSMILE GROUP TGB 151.94 -48.10
VTI VINTAGE BHD VTI 15.71 -1.28
PHILIPPINES
APEX MINING 'B' APXB 45.79 -23.46
APEX MINING-A APX 45.79 -23.46
BENGUET CORP 'B' BCB 84.71 -38.98
BENGUET CORP-A BC 84.71 -38.98
CYBER BAY CORP CYBR 13.98 -88.63
EAST ASIA POWER PWR 36.35 -177.28
FIL ESTATE CORP FC 40.29 -14.05
FILSYN CORP A FYN 23.37 -11.33
FILSYN CORP. B FYNB 23.37 -11.33
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
MRC ALLIED INC MRC 13.92 -6.18
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 20.43 -15.89
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 17.79 -11.60
ADVANCE SCT LTD ASCT 25.29 -10.05
HL GLOBAL ENTERP HLGE 97.43 -13.31
JAPAN LAND LTD JAL 203.24 -14.68
LINDETEVES-JACOB LJ 17.16 -6.76
NEW LAKESIDE NLH 19.34 -5.25
SUNMOON FOOD COM SMOON 16.69 -15.01
TT INTERNATIONAL TTI 266.39 -59.41
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 97.98 -81.80
BANGKOK RUBBER-F BRC/F 97.98 -81.80
BANGKOK RUB-NVDR BRC-R 97.98 -81.80
CALIFORNIA W-NVD CAWOW-R 36.95 -7.36
CALIFORNIA WO-FO CAWOW/F 36.95 -7.36
CALIFORNIA WOW X CAWOW 36.95 -7.36
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 37.14 -110.85
ITV PCL-FOREIGN ITV/F 37.14 -110.85
ITV PCL-NVDR ITV-R 37.14 -110.85
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP/F 24.61 -10.99
PONGSAAP PCL PSAAP 24.61 -10.99
PONGSAAP PCL-NVD PSAAP-R 24.61 -10.99
SAHAMITR PRESS-F SMPC/F 21.99 -4.01
SAHAMITR PRESSUR SMPC 21.99 -4.01
SAHAMITR PR-NVDR SMPC-R 21.99 -4.01
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
THAI-GERMAN PR-F TGPRO/F 55.31 -8.54
THAI-GERMAN PRO TGPRO 55.31 -8.54
THAI-GERMAN-NVDR TGPRO-R 55.31 -8.54
TRANG SEAFOOD TRS 13.90 -3.59
TRANG SEAFOOD-F TRS/F 13.90 -3.59
TRANG SFD-NVDR TRS-R 13.90 -3.59
TAIWAN
CHIEN TAI CEMENT 1107 202.42 -33.40
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
PRODISC TECH 2396 253.76 -36.04
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
VERTEX PREC-ENTL 5318T 42.86 -0.71
VERTEX PRECISION 5318 42.86 -0.71
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
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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.
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*** End of Transmission ***