/raid1/www/Hosts/bankrupt/TCRAP_Public/110909.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, September 9, 2011, Vol. 14, No. 179
Headlines
A U S T R A L I A
METAL STORM: Partners with Seven Companies to Provide FPS
METAL STORM: Maturity Date of Convertible Note Extended to 2012
METAL STORM: Proposes to Issue 25.5 Million Ordinary Shares
OPES PRIME: Jailed Director's Parents Pay AUD340,000
STORM FINANCIAL: Lenders Slow Down Progress of ASIC Suits vs. Firm
* AUSTRALIA: 2011 Has "Highest Ever" Numbers in Corp. Insolvencies
C H I N A
SHENGDATECH INC: Judge Grants Injunction Against Former Chief
SHENGDATECH INC: Asks Until Oct. 3 to File Schedules
H O N G K O N G
GLOBAL SOURCE: Ma and Li Step Down as Liquidators
GRAND SEAS: Commences Wind-Up Proceedings
HUASEN ARCHITECTURAL: Members' Final Meeting Set for Oct. 3
KING RICH: Commences Wind-Up Proceedings
LEGEND INVESTMENT: Final Meeting Slated for Oct. 10
LIK SUN: Members' Final General Meeting Set for Oct. 3
PLASTIC-UNION (HK): Members' Final Meeting Set for Oct. 6
PRESTIGE CORPORATION: Liu and Lam Appointed as Liquidators
RRT ENGINEERING: Lai and Haughey Step Down as Liquidators
SHINING STAR: Creditors' Proofs of Debt Due Oct. 3
SMART ERA: Members' Final General Meeting Set for Oct. 2
I N D I A
ACCORD COMMUNICATION: CRISIL Reaffirms 'CRISIL BB+' LT Rating
AKSHIT ENTERPRISES: CRISIL Reaffirms 'CRISIL B+' Term Loan Rating
GREENDIAMZ BIOTECH: CRISIL Rates INR128.5MM Loan at 'CRISIL BB-'
GURUKRUPA COTGIN: CRISIL Assigns 'CRISIL B' Rating to INR27MM Loan
HYDERABAD EXPRESSWAYS: CRISIL Changes INR2.9BB Loan Rating Outlook
JAYPEE PROJECTS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
KOHINOOR FEEDS: CRISIL Reaffirms 'CRISIL BB-' INR60MM Loan Rating
KSP AUTO: CRISIL Rates INR45 Million Cash Credit at 'CRISIL BB-'
SHRAMAN STRIPS: CRISIL Assigns 'CRISIL B' Rating to INR19.8MM Loan
SIDHI VINAYAK: CRISIL Assigns 'CRISIL BB' Rating to INR53.4MM Loan
SKKP & SVIMS: CRISIL Places 'CRISIL B' Rating to INR4.24BB Loan
SRINATH METAL: CRISIL Rates INR117.5MM LT Loan at 'CRISIL B+'
T.C. SPINNERS: CRISIL Puts 'CRISIL B-' Rating on INR283.5MM Loan
VISUAL & ACOUSTICS: CRISIL Rates INR3MM Term Loan at 'CRISIL B+'
WOCKHARDT LTD: Court Orders Firm to Clear Dues or Face Liquidation
ZUBERI FIBRES: CRISIL Assigns 'CRISIL D' Rating to INR22.5MM Loan
N E W Z E A L A N D
AORANGI SECURITIES: Statutory Management May Cost up to NZ$50MM
CENTURY CITY: Phoenix Backers Urged to Work with Current Owner
TPS ACCOUNTING: Placed in Receivership as Owners Face Fraud Case
S I N G A P O R E
REDGROUP RETAIL: Borders Singapore Put Under Judicial Management
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
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METAL STORM: Partners with Seven Companies to Provide FPS
---------------------------------------------------------
Metal Storm Limited announced that Metal Storm, Inc., is a teaming
partner with seven companies that have received awards to provide
Force Protection Systems for Integrated Base Defence capabilities
for CONUS and OCONUS security of sites and personnel.
These Indefinite Delivery/Indefinite Quantity contracts, issued by
the Department of the Army were in response to the Force
Protection Omnibus solicitation. A total of 19 companies were
awarded a total of 21 awards. Metal Storm, Inc., partnered with
seven of the successful prime contractors on the submissions
representing a total of nine of the 21 awards granted.
The Force Protection contracts have a budget of $997,000,000 to
allocate to the 10 objectives of the program. No contract has an
allocated budget at this stage and prime contractors must now bid
on task orders to receive funding.
Commenting on the awards, Mr Peter D. Faulkner, President of Metal
Storm Inc. said "Of the Army's 10 primary objectives, Metal
Storm's MAUL and FireStorm product lines are very closely aligned
with the Autonomous Unmanned Systems (Remotely Operated Weapons)
and Lethal and Non-Lethal response capabilities."
Metal Storm, Inc., is able to support the two objectives with
their MAUL (Multi-shot Accessory Under-barrel Launcher) and
FireStorm FURY weapons platforms and lethal and less-lethal suite
of munitions. Based on Metal Storm's Electronic Ballistics
Technology, the MAUL, an individual weapon platform, and the
FireStorm FURY, a mounted Remotely Operated Weapons System, have
the ability to fire both lethal and less-lethal munitions at high
rates of fire.
"An ID/IQ Omnibus gives the Army the flexibility to rapidly
generate individual task orders against the ten objectives,"
explained Faulkner. "We will be working closely with the Prime
Contractors who have chosen us for their team to identify and
capture task orders requiring our unique capabilities."
About Metal Storm
Headquartered in Darra, Queensland, Australia, Metal Storm Limited
is a defense technology company with offices in Australia and the
United States. It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.
As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern. The independent
auditors noted that the Company has suffered recurring losses from
operations and has a net capital deficiency.
The Company reported a net loss of AUD8.94 million on
AUD3.35 million of revenue for 2010, compared with a net loss of
AUD11.31 million on AUD1.11 million of revenue for 2009.
The Company's balance sheet at Dec. 31, 2010, showed
AUD2.15 million in total assets, AUD20.64 million in total
liabilities, all current, and an equity deficit of
AUD18.49 million.
METAL STORM: Maturity Date of Convertible Note Extended to 2012
---------------------------------------------------------------
Metal Storm Limited advises that Note Holders have approved the
amendment to the Convertible Note Terms at the meeting of Note
Holders held in Brisbane on Aug. 29, 2011.
Shareholders have approved the amendment to the Convertible Note
Terms. As a result of this resolution and the Note Holder
resolution announced earlier being approved, the maturity date of
the Company's convertible notes has been extended to March 1,
2012. The Company also confirms that the next interest payment on
convertible notes which are Interest Bearing Notes will be made on
Sept. 30, 2011.
Following the approval by Noteholders and Shareholders to the six
month extension to the maturity date of the convertible notes, the
Company intends to offer new options to those persons who hold
quoted options immediately before their expiry. The Company will
initiate that process over the coming months.
While the terms of the new options have not yet been finalised, at
this stage the new options are expected to be offered on
comparable terms to the quoted options. The Company will provide
further information on the proposed offer of new options in due
course.
About Metal Storm
Headquartered in Darra, Queensland, Australia, Metal Storm Limited
is a defense technology company with offices in Australia and the
United States. It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.
As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern. The independent
auditors noted that the Company has suffered recurring losses from
operations and has a net capital deficiency.
The Company reported a net loss of AUD8.94 million on
AUD3.35 million of revenue for 2010, compared with a net loss of
AUD11.31 million on AUD1.11 million of revenue for 2009.
The Company's balance sheet at Dec. 31, 2010, showed
AUD2.15 million in total assets, AUD20.64 million in total
liabilities, all current, and an equity deficit of
AUD18.49 million.
METAL STORM: Proposes to Issue 25.5 Million Ordinary Shares
-----------------------------------------------------------
Metal Storm Limited proposes to issue 13,000,000 ordinary shares
pursuant to a subscription agreement and an additional 12,500,000
ordinary shares pursuant to an equity line of credit facility
agreement.
Metal Storm also entered into a private share placement agreement
for a total of AU$1,000,000. On receipt of funds, the Company
will issue shares at a price of 0.5 cents per share. The funds
will be used for working capital.
Metal Storm Limited's quoted options (MSTO) expire at 5 pm AEST on
Sept. 1, 2011. There are currently 27,856,846 quoted options on
issue. The quoted options were issued under a prospectus in May
2010 following the expiry of the options that were originally
issued with the Company's convertible notes on Sept. 1, 2006.
About Metal Storm
Headquartered in Darra, Queensland, Australia, Metal Storm Limited
is a defense technology company with offices in Australia and the
United States. It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.
As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern. The independent
auditors noted that the Company has suffered recurring losses from
operations and has a net capital deficiency.
The Company reported a net loss of AUD8.94 million on
AUD3.35 million of revenue for 2010, compared with a net loss of
AUD11.31 million on AUD1.11 million of revenue for 2009.
The Company's balance sheet at Dec. 31, 2010, showed
AUD2.15 million in total assets, AUD20.64 million in total
liabilities, all current, and an equity deficit of
AUD18.49 million.
OPES PRIME: Jailed Director's Parents Pay AUD340,000
----------------------------------------------------
The Sydney Morning Herald reports that the parents of disgraced,
jailed Opes Prime director Anthony Blumberg have paid the failed
stock lender AUD340,000, part of AUD4.5 million recovered by the
company's administrator earlier this year.
Citing accounts filed by Opes Prime's administrator, John
Lindholm, of Ferrier Hodgson, SMH discloses that the single
biggest payment collected in the six months between February and
July was about AUD3.5 million -- a payout from Opes Prime's
investment in power management company Energy Response.
SMH notes that former Opes Prime staff also made payments,
totalling about AUD5,000.
According to the report, Mr. Lindholm filed the accounts in his
role as administrator of a scheme of arrangement under which Opes
Prime's bankers, ANZ and Merrill Lynch, have so far paid 37 cents
in the dollar to former customers owed about AUD610 million.
The accounts list the AUD340,200 received from Basil and Carole
Blumberg on June 10 as "accounts receivable (pre-appointment),"
SMH discloses
SMH reports that it is believed the money is the proceeds of the
sale of an apartment at the Brighton on Bay Retirement Village
bought by the couple in March 2008, just before Opes Prime's
collapse.
According to the report, Ferrier Hodgson and the Blumbergs had
been locked in a dispute over the apartment, with the insolvency
firm insisting the apartment was bought using money from a company
in the Opes Prime group, Leveraged Capital.
A receptionist at the Brighton on Bay Retirement Village said the
couple had bought the apartment but never moved in.
Energy Response executive director Ross Fraser said that a
AUD3.5 million payment from Energy Response was the proceeds of
the sale of the company to US group EnerNOC in early July, SMH
reports.
Mr. Fraser said Opes Prime's private equity arm, Hawkswood,
"invested in Energy Response a number of years ago."
"They therefore received a payment for those shares when EnerNOC
took over the company," SMH quotes Mr. Fraser as saying. Energy
Response is a middleman between power companies and big power
users.
The Australian Securities and Investments Commission said that
former directors of Opes Prime Stockbroking Ltd, Lirim (Laurie)
Emini and Anthony Blumberg, have been jailed following an ASIC
investigation into the stockbroker's 2008 collapse.
About Opes Prime
Opes Prime Group Ltd was an Australian unlisted public company
providing a range of financial services and products for high
net worth individuals, stockbrokers and financial advisors,
asset managers, banks and other firms, both for themselves and
their clients. The Group conducted business via a number of
operating subsidiaries based in Melbourne, Sydney and Singapore:
1) Opes Prime Stockbroking Limited is a full Market
Participant of the Australian Stock Exchange Ltd, and
holds an Australian Financial Services Licence (#247408)
which enables it to deal and advise in financial
services and products to retail and wholesale clients. The
company was first registered on 10 March 1999, and started
business with its current shareholders in 2005. Opes
Prime Stockbroking is a specialist provider of
securities lending and equity financing services. In
Singapore, the firm operates through Opes Prime Group's
wholly owned subsidiary, Opes Prime International Pte Ltd.
In Australia, Opes Prime Stockbroking has granted
Authorized Representative status to Trader Dealer Pty Ltd,
an on-line non-advisory trading execution service for the
semi-professional and professional trader.
2) Opes Prime Structured Products Pty Ltd develops, manages
and markets specialized leveraged products for the high
net worth market, providing outstanding risk protection
and return potential.
3) Opes Prime Paradigm Pty Ltd, is a corporate finance and
advisory firm specializing in small and mid cap stocks.
4) In Singapore, Opes Prime Asset Management Pte Ltd provides
specialist hedge fund incubation, advisory and trade
management services, and Five Pillars Associates Pte Ltd
provides Islamic finance consultancy.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 1,
2008, that Opes Prime was placed under receivership after
directors became aware of a number of cash and stock movement
irregularities in relation to a small number of accounts.
Ferrier Hodgson Partners John Lindholm, Peter McCluskey and
Adrian Brown have been appointed Administrators by the directors
of Opes Prime Group Limited and a number of its subsidiaries and
related entities including, Opes Prime Stockbroking Limited.
Initial investigations indicate that the solvency of the
business was under pressure due to a number of major clients not
meeting significant margin calls.
Sal Algeri and Chris Campbell from the Deloitte Corporate
Reorganization Group were appointed by a secured creditor, ANZ
Banking Group Ltd., as Receivers and Managers of Opes Prime Group
Ltd, Opes Prime Stockbroking Ltd, Leveraged Capital Pty Ltd and
Hawkswood Investments Pty Ltd.
The TCR-AP reported on Oct. 17, 2008, that Opes Prime's creditors
voted on Oct. 15, 2008, to liquidate Opes Prime Stockbroking
Limited. According to the Australian Associated Press, the
decision of the creditors will allow the liquidator to pursue
claims against Opes Prime's secured creditors -- ANZ Bank
and Merrill Lynch -- that were not available to the administrator.
About 1,200 Opes clients lost shares they had placed with Opes in
return for margin loans, when the major secured creditors of
Opes -- ANZ, Merrill Lynch, Dresdner Kleinwort -- began selling a
pool of nearly AUD1.6 billion in shares soon after the Opes
collapse, in a bid to recover money owed to them by Opes, the AAP
said.
Opes Prime owed clients about AUD585 million at the time of the
collapse, but due to fluctuations in the share market that figure
had fallen to about AUD400 million on Sept. 22, 2008, the AAP
noted citing Ferrier Hodgson.
STORM FINANCIAL: Lenders Slow Down Progress of ASIC Suits vs. Firm
------------------------------------------------------------------
Ben Butler at The Sydney Morning Herald reports that the
Australian Securities and Investments Commission has been keenly
pursuing Storm Financial's principals and backers on behalf of the
finance group's thousands of victims. But hard fighting from
banks who lent money to Storm's victims has slowed the progress of
ASIC's three lawsuits, the report says.
Demonstrating how intense that legal battle has become, SMH
relates, Commonwealth Bank has told the Federal Court it is not
sure of the meaning of the word "close."
The news agency notes that the context is that ASIC alleges CBA,
together with Macquarie Bank and Bank of Queensland, were involved
in running managed investment schemes, which are required to be
registered with the regulator, in partnership with Storm.
In a bid to show a managed investment scheme existed, the report
relays, ASIC alleges in its statement of claim the banks "had a
close commercial relationship with Storm," and then goes on to
list three pages of dealings and contact between the banks and
Storm.
"The meaning of the term 'close' is unclear," CBA said in its
defence, according to SMH.
According to the report, a CBA spokesman said the bank's main
defence was that no managed investment scheme existed.
"As is normal in proceedings like this, the bank also defends the
proceedings on several alternate bases, including taking issue
where ASIC's statement of claim contains vague and uncertain
language which clouds the issues in dispute," SMH quotes the CBA
spokesman as saying.
The case, which has been running since before last Christmas,
returns to court this month, but ASIC has already abandoned its
claim for compensation for victims, SMH reports.
The report says investors will also see nothing from a second case
in which ASIC alleges Storm founders Emmanuel and Julie Cassimatis
breached the Corporations Act.
That is because any civil penalties of up to $200,000 for each
breach would be paid to the government, SMH notes.
While most Storm victims who were involved with Commonwealth Bank
have already been compensated under a scheme set up by the bank,
others will have to wait on the result of a test case ASIC has
brought against Macquarie Bank and Bank of Queensland.
* AUSTRALIA: 2011 Has "Highest Ever" Numbers in Corp. Insolvencies
------------------------------------------------------------------
According to Dissolve, a business specializing in low cost company
liquidations, the most recent release of the Australian Securities
and Investments Commission insolvency statistics reveals that 2011
is well on the way to setting new highs in the number of corporate
insolvencies.
Statistics have been kept in the current format since 1999, and
2011 has seen a number of "highest ever" numbers:
* The number of companies entering some form of insolvency
administration in the month of July 2011 was 921. That
figure is down from June, which was 1,027 but is the
highest July ever.
* The months of March, April, June and now July 2011 have
been the highest ever for each of those months.
* The calendar year to July 2011 is the highest ever.
* In the year to July 2011 there were 1,355 appointments
by Secured Creditors, which will be predominantly Banks
appointing Receivers. Again that is the highest number
on record.
Cliff Sanderson, CEO of Dissolve, commented that: "This is more
bad news about the state of corporate Australia. Insolvency
numbers have been on the rise in 2011 and July is yet another
record high."
Mr. Sanderson added that "The same factors are at play which we
have identified previously. The number of liquidations is high and
going higher. Interestingly, the number of Voluntary
Administrations, which have the stated purpose of saving a
business, is the lowest ever on a 12 month basis. This suggests
that we are seeing a lot of companies that have previously ceased
to trade being given their last rights. Most of those companies
originally stuck trouble in GFC part 1. We are yet to see the full
effect of recent troubles in the retail sector. So we expect that
the numbers will continue to be poor through to the end of 2011."
=========
C H I N A
=========
SHENGDATECH INC: Judge Grants Injunction Against Former Chief
-------------------------------------------------------------
Dow Jones' DBR Small Cap reports that facing trouble in
investigating their own company's finances, ShengdaTech Inc.
executives got a preliminary injunction against former Chief
Executive Xiangzhi Chen and other shareholders who are accused of
throwing off their inquiry into the Chinese manufacturer's books.
About Shengdatech Inc.
Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology. NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products. In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.
ShengdaTech Inc. sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.
The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.
The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.
The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP. The Board of Directors Special
Committee's legal representative is Skadden, Arps, Slate, Meagher
& Flom LLP.
SHENGDATECH INC: Asks Until Oct. 3 to File Schedules
----------------------------------------------------
ShengdaTech, Inc., asks the U.S. Bankruptcy Court for the District
of Nevada to extend until Oct. 3, 2011, the time within which it
must file its bankruptcy schedules and statements of financial
affairs.
Among other things, the Debtor discloses that its records are
maintained in China and, to date, access has been restricted.
However, the Debtor believes it will be able to gather the
necessary information to complete the schedules and statements of
financial affairs by Oct. 3, 2011, which is 14 days prior to the
initial meeting of the creditors.
About ShengdaTech
Headquartered in Shanghai, China, ShengdaTech, Inc., makes nano
precipitated calcium carbonate for the tire industry.
ShengdaTech converts limestone into nano-precipitated calcium
carbonate (NPCC) using its proprietary and patent-protected
technology. NPCC products are increasingly used in tires, paper,
paints, building materials, and other chemical products. In
addition to its broad customer base in China, the Company
currently exports to Singapore, Thailand, South Korea, Malaysia,
India, Latvia and Italy.
ShengdaTech Inc. sought Chapter 11 bankruptcy protection from
creditors (Bankr. D. Nev. Case No. 11-52649) on Aug. 19, 2011, in
Reno, Nevada, in the United States.
The Shanghai-China based company said in its bankruptcy filing it
would fire all of its officers and restructure to try to recover
from an accounting scandal.
The Company disclosed US$295.4 million in assets and US$180.9
million in debt as of Sept. 30, 2011.
The Company's legal representative in its Chapter 11 case is
Greenberg Traurig, LLP. The Board of Directors Special
Committee's legal representative is Skadden, Arps, Slate, Meagher
& Flom LLP. On Aug. 23, 2011, the Court entered an interim order
confirm the Board of Directors Special Committee's appointment of
Michael Kang as the Debtor's chief restructuring officer.
================
H O N G K O N G
================
GLOBAL SOURCE: Ma and Li Step Down as Liquidators
-------------------------------------------------
Ma Man Wai and Li Wai See stepped down as liquidators of Global
Source & Design Limited on Aug. 25, 2011.
GRAND SEAS: Commences Wind-Up Proceedings
-----------------------------------------
Members of Grand Seas Fishball Company Limited, on Aug. 26, 2011,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Mak Kay Lung Dantis
Rooms 2101-3 China Insurance Group Building
141 Des Voeux Road
Central, Hong Kong
HUASEN ARCHITECTURAL: Members' Final Meeting Set for Oct. 3
-----------------------------------------------------------
Members of Huasen Architectural & Engineering Designing
Consultants Limited will hold their final general meeting on
Oct. 3, 2011, at 11:00 a.m., at Room 2202, 22/F., Hong Kong Trade
Centre, 163 Des Voeux Road Central, in Hong Kong.
At the meeting, Sek Wai Tong Stonely, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
KING RICH: Commences Wind-Up Proceedings
----------------------------------------
Members of King Rich Enterprises Limited, on Aug. 31, 2011, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidator is:
Lai Wing Kin
22/F., South China Building
1-3 Wyndham Street
Central, Hong Kong
LEGEND INVESTMENT: Final Meeting Slated for Oct. 10
---------------------------------------------------
Legend Investment International Limited will hold a final meeting
on Oct. 10, 2011, at 9:20 a.m., at Room 502, Finance Building,
at No. 256 Des Voeux Road Central, in Hong Kong.
At the meeting, Lo Yau Leung, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
LIK SUN: Members' Final General Meeting Set for Oct. 3
------------------------------------------------------
Members of Lik Sun Holdings Limited will hold their final general
meeting on Oct. 3, 2011, at 12:00 p.m., at Room 1205, 12/F.,
Manulife Provident Funds Place, No. 345 Nathan Road, in Kowloon.
At the meeting, Ng Wai Yee, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
PLASTIC-UNION (HK): Members' Final Meeting Set for Oct. 6
---------------------------------------------------------
Members of Plastic-Union (HK) Limited will hold their final
general meeting on Oct. 6, 2011, at 11:00 a.m., at 1902 MassMutual
Tower, 38 Gloucester Road, Wanchai, in Hong Kong.
At the meeting, Ngan Lin Chun Esther, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
PRESTIGE CORPORATION: Liu and Lam Appointed as Liquidators
----------------------------------------------------------
Liu Tin Chak Arnold and Lam Chi Wai Peter on Aug. 30, 2011, were
appointed as liquidators of Prestige Corporation Limited.
The liquidators may be reached at:
Liu Tin Chak Arnold
Lam Chi Wai Peter
19/F, Henry Centre
131 Wo Yi Hop Road
Kwai Chung, New Territories
Hong Kong
RRT ENGINEERING: Lai and Haughey Step Down as Liquidators
---------------------------------------------------------
Lai Kar Yan (Derek) and Darach E. Haughey stepped down as
liquidators of RRT Engineering Services Philippines Limited on
Aug. 24, 2011.
SHINING STAR: Creditors' Proofs of Debt Due Oct. 3
--------------------------------------------------
Creditors of Shining Star Company Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Oct. 3, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Sept. 2, 2011.
The company's liquidator is:
Ng Hou Man
Room 1205, 12/F
Manulife Provident Funds Place
No. 345 Nathan Road
Kowloon, Hong Kong
SMART ERA: Members' Final General Meeting Set for Oct. 2
--------------------------------------------------------
Members of Smart Era (Hong Kong) Limited will hold their final
general meeting on Oct. 2, 2011, at 3:00 p.m., at 21/F., Tai Yau
Building, at 181 Johnston Road, Wanchai, in Hong Kong.
At the meeting, Sie Ki and Lau Shiu Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
=========
I N D I A
=========
ACCORD COMMUNICATION: CRISIL Reaffirms 'CRISIL BB+' LT Rating
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4+' rating to the short-term bank
facilities of Accord Communication Pvt Ltd and reaffirmed the
company's long-term rating at 'CRISIL BB+/Stable'.
Facilities Ratings
---------- -------
INR36.6 Million Term Loan CRISIL BB+/Stable
(Enhanced from INR3.50 Million)
INR350 Million Cash Credit CRISIL BB+/Stable
(Enhanced from INR250 Million)
INR80 Million Letter of Credit CRISIL A4+ (Assigned)
INR120 Million Bank Guarantee CRISIL A4+ (Assigned)
The ratings continue to reflect ACPL's above-average and stable
margins, driven by healthy operating efficiencies, and moderate
financial risk profile marked by a moderate net worth and largely
short-term borrowings. These rating strengths are partially offset
by the company's limited track record in the transmission and
solar panel supporting structures industry, exposure to risks
inherent in the telecommunication sector, and working-capital-
intensive operations.
Outlook: Stable
CRISIL believes that ACPL will continue to benefit over the medium
term from its diversification into the transmission and solar
panel structures industry. The outlook may be revised to
'Positive' in case the company successfully scales up its
operations and diversifies its customer base without deterioration
in its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if there is significant pressure on ACPL's
operating margin, leading to deterioration in its credit metrics,
or if the company undertakes a larger-than-expected capital
expenditure (capex) programme.
About of Accord Communication
ACPL, based in Vadodara (Gujarat), was incorporated in 2003 by Mr.
Betulla Khan. Till 2010, the company was primarily a
telecommunication tower manufacturer and undertook activities such
as planning, designing, manufacturing, and erecting of
telecommunication towers and maintenance services; the company has
now also started manufacturing transmission tower and solar panel
supporting structures. ACPL also provides trained personnel to
telecommunication entities such as Nokia Siemens. Currently, ACPL
has an installed capacity of 36,000 per annum which is expected to
increase to around 72,000 per annum with the completion of its
ongoing capex for the commissioning of a new facility.
For 2010-11 (refers to financial year, April 1 to March 31), on a
provisional basis, ACPL's profit before tax is estimated at INR36
million on net sales of INR1047 million, against a PAT of INR49.4
million on net sales of INR895 million, respectively, for 2009-10.
AKSHIT ENTERPRISES: CRISIL Reaffirms 'CRISIL B+' Term Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Akshit Enterprises Pvt
Ltd's continues to reflect AEPL's weak financial risk profile,
exposure to risks related to the small scale and nascent stage of
its operations and to intense competition in the ferroalloys
industry.
Facilities Ratings
---------- -------
INR55.0 Mil. Cash Credit Limit CRISIL B+/Stable (Reaffirmed)
INR20.2 Million Term Loan CRISIL B+/Stable (Reaffirmed)
INR4.8 Million Proposed LT CRISIL B+/Stable (Reaffirmed)
Bank Loan Facility
These rating weaknesses are partially offset by the benefits that
AEPL derives from its promoters' experience in the ferroalloys
industry and established relationships with customers.
Outlook: Stable
CRISIL believes that AEPL will take time to stabilize operations
at its new plant and attain optimum scale of operations. The
company's financial risk profile is expected to remain weak during
this period due to its small net worth base and weak debt
protection metrics. However, AEPL is expected to derive some
support from the existing marketing network and the customer base
of its group company (DS Alloys Pvt Ltd, rated CRISIL
BB/Positive/CRISIL A4+ by CRISIL) and owing to revival in the
demand for steel. The outlook may be revised to 'Positive' if AEPL
achieves better than expected level of turnover and operating
margin, thus leading to significant improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case AEPL's debt protection metrics deteriorate, most likely
because of low profitability because of operational inefficiencies
in the initial stages of its operations.
Update
AEPL's performance in 2010-11 (refers to financial year, April 1
to March 31), which was its first full year of operations, has
been in line with CRISIL's expectation. AEPL generated sales of
INR304 million in 2010-11. Its operating profitability is
estimated at around 5 per cent for 2010-11. The company scaled up
its operations, supported by established relationships with its
customers through its group company.
However, AEPL's working capital requirement is large. Its gross
current asset (GCA) level was around 176 days in 2010-11. The
reason for the high GCA level is extended credit period offered to
customers and high inventory level. The average debtor days and
inventory holding period were 85 days and 65 days respectively in
2010-11. Due to large working capital requirement, its bank limit
remained utilized at around 89 per cent during the 12 months ended
July 31, 2011, despite increase in the bank limit by INR15 million
to INR70 million in July 2011. AEPL's operations are expected to
remain working capital intensive over the medium term.
AEPL's gearing is estimated to be high at around 2 times as on
March 31, in 2011, as company repaid share application money of
INR24.1 million in 2010-11. The company will repay the remaining
share application money of INR10.1 million outstanding as on March
31, 2011. AEPL is refunding the share application money by selling
land parcels. However, the company has no incremental capital
expenditure plan for the medium term. AEPL's cash accruals are
expected to be sufficient to meet its term debt obligations in
2011-12.
AEPL reported a net loss of INR0.7 million on net sales of
INR18 million for 2009-10.
About Akshit Enterprises
Incorporated in 2005 by Mr. Raj Kumar Goel and his uncle,
Mr. Hanuman Mittal, AEPL has recently completed setting up of
manufacturing unit to produce stainless steel and mild steel
ingots (capacity of 4800 tonnes per annum [tpa]), ferro-alloys
(2400 tpa), ferrosilico magnesium (1200 tpa) and ferro-aluminium
(3000 tpa). For this, the company is using the premises (land and
building) of its group company DSAPL, and it has installed one
induction furnace (capacity of 1.5 tonnes) and 3 crucibles (one
each for stainless steel and mild steel [1.5 tonnes], aluminium
[0.5 tonnes], and magnesium [0.75 tonnes]). The entire project was
implemented at a cost of around INR35 million (excluding the cost
of land), which was funded through a term loan of INR20 million
from State Bank of India and rest through equity. The plant
started commercial operations in March 2010.
GREENDIAMZ BIOTECH: CRISIL Rates INR128.5MM Loan at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Greendiamz Biotech Pvt Ltd.
Facilities Ratings
---------- -------
INR128.5 Million Rupee Term Loan CRISIL BB-/Stable (Assigned)
INR70 Million Cash Credit CRISIL BB-/Stable (Assigned)
INR72.5 Million Letter of Credit CRISIL A4+ (Assigned)
INR10 Million Bank Guarantee CRISIL A4+ (Assigned)
INR30 Million Packing Credit CRISIL A4+ (Assigned)
The rating reflects strong demand for the company's product driven
by favorable regulatory developments. This rating strength is
partially offset by GBPL's supplier concentration risk, and
working capital intensity of its operations.
Outlook: Stable
GBPL is expected to maintain its credit risk profile on back of
healthy demand for the bio-degradable plastic products driven by
favorable regulatory developments. The outlook could be revised to
'Positive' if the company is able to register higher-than-expected
sales and profitability leading to improvement in the financial
risk profile. The outlook might be revised to 'Negative' if the
working capital requirement is higher than expected, or the cash
accruals are lower than expected leading to deterioration in
liquidity of the company.
About Greendiamz Biotech
GBPL, part of the Sanghvi group, was incorporated in 2009 as a
private limited company by Mr. Champat Sanghvi. The company
primarily manufactures and sells biodegradable plastic under the
Truegreen brand. The company is also an exclusive distributor of
Limagrain (France) for 'Biolice', its biodegradable plastic
granules in South East Asia. The company has a manufacturing
capacity of 300 tonnes per month of biodegradable plastic bags.
GURUKRUPA COTGIN: CRISIL Assigns 'CRISIL B' Rating to INR27MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Gurukrupa Cotgin Pvt Ltd.
Facilities Ratings
---------- -------
INR27 Million Term Loan CRISIL B/Stable (Assigned)
INR40 Million Cash Credit CRISIL B/Stable (Assigned)
INR3 Million Proposed LT CRISIL B/Stable (Assigned)
Bank Loan Facility
The rating reflects GCPL's weak financial risk profile, marked by
low net worth, high gearing and weak debt protection metrics,
small scale of operations along with low operating margin. These
rating weaknesses are partially offset by the healthy growth in
GCPL's revenues and the industry experience of its promoters.
CRISIL has treated GCPL's outstanding unsecured loans of INR13.1
million from its promoter and other affiliates, as on March 31,
2011, as neither debt nor equity, and any interest thereof will be
retained in the business; also, the company has provided an
undertaking for non-withdrawal or replacement by equity, of these
loans.
Outlook: Stable
CRISIL believes that GCPL' shall continue to benefit from its
promoters industry experience. The outlook may be revised to
'Positive' in case the company's scale of operations and
profitability improves considerably, leading to better-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative', in case of any further pressure on GCPL's
profitability or increase in working capital requirements, leading
to further deterioration in its financial risk profile and
liquidity.
About Gurukrupa Cotgin
GCPL is engaged in ginning and pressing of raw cotton. Set up in
2008, GCPL has 24 ginning machines and one pressing machine. The
company is managed by Mr. Vishal Vajani and his family. The
promoters were earlier engaged in trading of raw cotton and
undertook ginning on a job-work basis under their partnership firm
Gurukrupa Corporation. The company plans to have an in-house oil
extraction unit; capacity of which is expected at 600 quintals per
day in 2012-13 (refers to financial year, April 1 to March 31).
This additional capex is expected to cost the company INR3.5
million to INR4 million.
GCPL reported a profit after tax (PAT) of INR0.6 million on net
sales of INR293 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.3 million on net
sales of INR172.3 million for 2009-10.
HYDERABAD EXPRESSWAYS: CRISIL Changes INR2.9BB Loan Rating Outlook
------------------------------------------------------------------
CRISIL has revised its rating outlook on the term loan of
Hyderabad Expressways Ltd to 'Stable' from 'Negative', while re-
assigning the rating at 'CRISIL BB+'.
Facilities Ratings
---------- -------
INR2900.00 Million Term Loan CRISIL BB+/Stable
(Reassigned; Outlook Revised
from 'Negative')
The outlook revision reflects the improvement in HEL's liquidity
and debt servicing ability following receipt of INR637.6 million
in July 2011 from Hyderabad Growth Corridor Ltd. The funds
received were towards the first two annuity instalments, the
fourth instalment of the grant, and change in the scope of work
for the road construction project. CRISIL has removed the (so)
suffix from the long-term rating since HEL has, in consultation
with the lenders, parked some of the funds in liquid mutual funds
instead of retaining it in the escrow account. However, the
utilisation of the funds will continue to be governed by the order
mentioned in the concession agreement. The next annuity instalment
is due in October 2011, and timely receipt of future annuities
would remain a key rating sensitivity factor.
The ratings also reflect the limited track record of timely
receipt of annuities. Furthermore, it remains exposed to
operations- and maintenance-related risks associated with
highways.
Outlook: Stable
CRISIL believes that HEL's liquidity would be supported by prudent
use of available funds as per the escrow mechanism, over the near
term. The outlook may be revised to 'Positive' if the company
establishes a track record of timely receipt of annuities.
Conversely, the outlook may be revised to 'Negative' in case of
substantial delays in receipt of future annuities, leading to
weakening of HEL's debt servicing ability.
About Hyderabad Expressways
HEL, a special-purpose vehicle (SPV), was originally promoted by
Gayatri Projects Ltd (GPL) and IL&FS Engineering & Construction
Company Ltd (IL&FS Engg; formerly known as Maytas Infra Ltd [MIL])
in 2006-07 (refers to financial year, April 1 to March 31) to
build the 13-kilometre Bongulur to Tukkuguda section of the eight-
lane Hyderabad outer ring road. GPL and MIL originally had a 50:50
joint venture equity stake in the project; the engineering,
procurement, and construction contract has been executed by GPL.
In July 2009, IL&FS Engg sold part of its share to Terra Projects
Pvt Ltd (TPPL). GPL still holds a 50 per cent stake in HEL,
whereas IL&FS Engg owns 42.7 per cent, and TPPL the remaining.
The total project cost of INR4.31 billion has been financed
through a term loan of INR2.9 billion, grant of INR718 million
from HGCL, and promoters' equity. The concession period is for 15
years, up to December 2022. The project entailed development of
the section on a build-operate-transfer basis, with an annuity of
INR304.9 million payable by HGCL semi-annually. HGCL is an SPV in
which Hyderabad Urban Development Authority (now under Hyderabad
Metropolitan Development Authority) holds a 74 per cent stake,
while the remaining equity is owned by Infrastructure Corporation
of Andhra Pradesh. The annuity is to be deposited in an escrow
account, from which holders of the rated debt will be paid.
HEL has completed the project and the commercial operations date
(COD) certificate was issued on August 16, 2010. The first two
annuity instalments were due in October 2010 and April 2011.
JAYPEE PROJECTS: CRISIL Reaffirms 'CRISIL BB' Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jaypee Projects Ltd
continue to reflect Jaypee's moderate business profile marked by
its promoter's experience and the company's project execution
skills.
Facilities Ratings
---------- -------
INR50 Million Cash Credit CRISIL BB/Stable (Reaffirmed)
INR100 Million Bank Guarantee CRISIL A4+ (Reaffirmed)
These rating strengths are partially offset by Jaypee's large
working capital requirements and small net worth.
Outlook: Stable
CRISIL believes that Jaypee will benefit over the medium term from
a healthy order book and project execution skills. The outlook may
be revised to 'Positive' if Jaypee further strengthens its
business profile through greater diversity or an increase in its
operating margin. Conversely, the outlook may be revised to
'Negative' in case of any large, additional debt-funded capital
expenditure or acquisition plan, leading to deterioration in its
financial risk profile.
About Jaypee Projects
Set up in 2000 by Mr. Jayprakash Mehta, Jaypee undertakes mainly
building construction projects along with other projects such as
roads, air-conditioning, and water treatment plants in various
parts of India. The company has been undertaking key projects in
North East India for reputed educational institutes. It has also
undertaken projects for the Kolkata Public Works Department (PWD)
and the Government of Tripura. The company is a 'Class 1'
contractor for public works and is registered with the Central
PWD.
Jaypee reported a provisional profit after tax (PAT) of INR10.1
million on revenues of INR398 million for 2010-11 (refers to
financial year, April 1 to March 31), against a PAT of INR9.9
million on revenues of INR276 million for 2009-10.
KOHINOOR FEEDS: CRISIL Reaffirms 'CRISIL BB-' INR60MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kohinoor Feeds & Fats
Ltd continue to reflect KFFL's moderate business risk profile
marked by experienced promoters, easy accessibility to raw
materials, and integrated operations.
Facilities Ratings
---------- -------
INR138.50 Million Cash Credit CRISIL BB-/Stable (Reaffirmed)
INR60.00 Million Proposed LT CRISIL BB-/Stable (Reaffirmed)
Bank Loan Facility
INR1.50 Million Bank Guarantee CRISIL A4+ (Reaffirmed)
These rating strengths are partially offset by KFFL's below-
average financial risk profile marked by a small net worth, a high
gearing, and inadequate debt protection metrics. The ratings also
factor in KFFL's working-capital-intensive operations, modest
scale of operations, and exposure to risks related to volatility
in raw material prices, to unfavourable government regulations,
and to intense competition in the highly-fragmented edible oils
industry.
Outlook: Stable
CRISIL believes that KFFL's scale of business will remain modest
and its profitability, constrained, over the medium term. The
outlook may be revised to 'Positive' in case KFFL significantly
ramps up its volumes, while it maintains its capital structure.
Conversely, the outlook may be revised to 'Negative' in case KFFL
faces pressure on its profitability or deterioration in its
working capital cycle, negatively impacting its financial risk
profile.
About Kohinoor Feeds
Incorporated in 1990 by Mr. Ali Mohammed Panjwani, KFFL
manufactures soya bean and sunflower oil, and their by-products
such as de-oiled soya bean and sunflower cakes, and poultry feeds.
The company's unit at Nanded (Maharashtra) has capacity to extract
about 250 tonnes per day (tpd) of solvents, and a refining
capacity of 50 tpd
KFFL reported a profit after tax (PAT) of INR6.8 million on net
sales of INR869 million for 2010-11, against a PAT of INR6.2
million on net sales of INR693 million for 2009-10.
KSP AUTO: CRISIL Rates INR45 Million Cash Credit at 'CRISIL BB-'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long-
term bank facilities of KSP Auto and Forge Pvt Ltd.
Facilities Ratings
---------- -------
INR45 Million Cash Credit CRISIL BB-/Stable (Assigned)
INR29.3 Million Rupee Term Loan CRISIL BB-/Stable (Assigned)
The rating reflects extensive experience of KSP Auto and Forge Pvt
Ltd's (KSP's) promoters in the automotive components industry, the
company's continuing capacity additions, moderate plant
utilisation levels, and moderate financial risk profile marked by
above-average debt protection metrics. These rating strengths are
partially offset by KSP's small scale of operations,
susceptibility to volatility in steel prices, and customer
concentration.
Outlook: Stable
CRISIL believes that KSP will maintain its business risk profile
over the medium term, supported by its promoters' experience in
the automotive components industry and established relationships
with customers and suppliers. However, the company's financial
risk profile is expected to remain average use moderate on account
of high debt protection measures. The outlook may be revised to
'Positive' if KSP's scale of operations increase, leading to
increase in cash and improvement in capital structure. Conversely,
the outlook may be revised to 'Negative' if the company generates
lower-than-expected revenues and operating margin or if its
capital structure deteriorates because of stretch in working
capital cycle or larger-than-expected, debt-funded capital
expenditure.
About KSP Auto
KSP, incorporated in 2008, acquired the business of Parth
Industries, run by the same promoters. Parth industry had been in
similar line of business as KSP since 1993. The promoters of KSP,
Mr. Kishorbhai V Kathrotia and Mr. Satishbhai J Bera, have been in
the auto component industry for the past 18 years.
KSP manufactures forged components, such as hubs, flanges,
pressure ring, axels, wheel plates, fuel tank and other forging
parts for three and four wheelers, tractors, and pipe lines. The
company is a supplier for first-tier manufacturers, which in turn
manufacture automotive parts for original equipment manufacturers.
KSP's manufacturing units are located in Rajkot (Gujarat), with a
combined capacity of about 500 tonnes per month.
KSP's profit after tax (PAT) and net sales are estimated at around
INR6.0 million and INR203.1 million respectively for 2010-11
(refers to financial year, April 1 to March 31); the company
reported a PAT of INR4.2 million on net sales of INR119.2 million
for 2009-10.
SHRAMAN STRIPS: CRISIL Assigns 'CRISIL B' Rating to INR19.8MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shraman Strips Pvt Ltd.
Facilities Ratings
---------- -------
INR19.8 Million Term Loan CRISIL B/Stable (Assigned)
INR43.0 Million Cash Credit CRISIL B/Stable (Assigned)
INR17.2 Million Proposed Cash CRISIL B/Stable (Assigned)
Credit Limit
The rating reflects SSPL's weak financial risk profile, marked by
a highly leveraged capital structure and weak debt protection
metrics, small scale of operations, limited financial flexibility,
and susceptibility of its business risk profile to the type of
commodities traded. These rating weaknesses are partially offset
by SSPL's established and diversified clientele and the extensive
experience of its promoters in the steel industry.
Outlook: Stable
CRISIL believes that SSPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established clientele. The outlook may be revised to 'Positive' in
case the company substantially improves its capital structure and
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case there is more-than-expected increase in its
working capital requirements or if the company undertakes large
debt-funded capital expenditure programme, leading to further
weakening in its financial risk profile.
About Shraman Strips
Set up in 1988 in Ludhiana (Punjab), SSPL trades all kinds of iron
and steel products, such as hot rolled/cold rolled coils and
sheets and mild steel rounds, angles, and channels. The company
procures these products and cuts them in sizes ranging from 6
millimetres (mm) to 2000 mm, as per customers' specification. The
company caters to automotive, cycle, and other engineering goods
industries.
SSPL reported a profit after tax (PAT) of INR0.8 million on net
sales of INR702.2 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.2 million on net
sales of INR562.9 million for 2008-09.
SIDHI VINAYAK: CRISIL Assigns 'CRISIL BB' Rating to INR53.4MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Sidhi Vinayak Cotspin Ltd.
Facilities Ratings
---------- -------
INR53.4 Million Term Loan CRISIL BB/Stable (Assigned)
INR75 Million Cash Credit CRISIL BB/Stable (Assigned)
INR17.8 Million Letter of Credit CRISIL A4+ (Assigned)
INR1 Million Bank Guarantee CRISIL A4+ (Assigned)
The ratings reflect SVCL's moderate financial risk profile, marked
by a low gearing and healthy debt protection metrics, and
promoters' extensive experience in cotton spinning industry. These
rating strengths are partially offset by SVCL's weak liquidity
because of its large debt obligations, small scale of operations,
large working capital requirements, and susceptibility to
volatility in raw material prices.
Outlook: Stable
CRISIL believes that SVCL will continue to benefit over the medium
term from its promoters' industry experience and its moderate
financial risk profile marked by low gearing and healthy debt
protection metrics, over the medium term. The outlook may be
revised to 'Positive' if SVCL scales up its operations and
improves its cash accruals. Conversely, the outlook may be revised
to 'Negative' if SVCL's liquidity weakens significantly, most
likely because of less-than-expected cash accruals, or if the
company undertakes a large debt-funded capex programme, thereby
weakening its capital structure.
About Sidhi Vinayak
SVCL was promoted by Mr. Sushpal Garg and his family members in
2004. The company manufactures cotton yarn and has a manufacturing
facility in Samana (Punjab) with installed capacity of 2176
rotors. The company is implementing a capex programme to install
352 rotors, which are expected to become operational by September
2011.
SVCL reported a profit after tax (PAT) of INR18.9 million on net
sales of INR279 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.8 million on net
sales of INR241 million for 2008-09.
SKKP & SVIMS: CRISIL Places 'CRISIL B' Rating to INR4.24BB Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4 ' ratings to
the bank facilities of SKKP & SVIMS, HME & Research Foundation.
Facilities Ratings
---------- -------
INR4.24 Billion Proposed Term Loan CRISIL B/Stable (Assigned)
INR95 Mil. Proposed Bank Guarantee CRISIL A4 (Assigned)
The ratings reflect the trust's exposure to project implementation
risks and high degree of regulation in the education sector. These
rating weaknesses are partially offset by the strong demand
prospects for medical colleges in India and the operational
experience of SKKP's trustees.
Outlook: Stable
CRISIL believes that SKKP will commence operations of its hospital
and medical college without any significant time or cost overrun.
The outlook may be revised to 'Positive' if the trust stabilizes
operations at its medical college and hospital earlier than
expected, resulting in considerable improvement in its capital
structure and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' in case of significant cost or time
overrun in commissioning the project or delays in stabilizing the
operations of its medical college.
About SKKP & SVIMS
Established as a public charitable trust in 2008, SKKP is
currently setting up a medical college and 750-bed hospital in
Tirupathy (Andhra Pradesh). The project would involve civil
construction of 1.8 million square feet. The total project cost of
INR5.8 billion is to be funded through term loan of INR4.24
billion and the rest through the corpus fund of the trust
comprising contributions from Kanchi Mutt [formerly, Sri Kanchi
Kamakoti Peetam, a Hindu monastic institution in Kanchipuram
(Tamil Nadu)]. The hospital is expected to become operational by
December 2011 and the medical college by August 2013.
SKKP is promoted by Kanchi Mutt and includes representatives from
Sri Venkateswara Institute of Medical Sciences who are expected to
provide operational support for running the medical hospital.
SRINATH METAL: CRISIL Rates INR117.5MM LT Loan at 'CRISIL B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
loan facility of Srinath Metal Pvt Ltd.
Facilities Ratings
---------- -------
INR117.5 Million Long-Term Loan CRISIL B+/Stable (Assigned)
The rating reflects SMPL's small scale of operations in the steel
trading industry, its limited revenue diversity, its dependence on
regular lease rental receipts for servicing debt, , and its weak
financial risk profile, marked by small net worth and high
gearing. These rating weaknesses are partially offset by the
extensive experience of SMPL's promoters in the steel trading
business and its assured revenues.
Outlook: Stable
CRISIL believes that SMPL will continue to benefit over the medium
term from its steady cash flows from lease rentals and extensive
experience of promoters in steel trading business. The outlook may
be revised to 'Positive' if SMPL diversifies its revenue profile
and improves it capital structure. Conversely, the outlook may be
revised to 'Negative' in case of unexpected termination of
existing leases, causing the company's revenues and profitability
to decline significantly, or if SMPL undertakes a larger-than-
expected, debt-funded capital expenditure programme, or extends
significant support to its group entities.
About Srinath Metal
Incorporated in 2008, SMPL commenced commercial operations in June
2010. SMPL initially manufactured mild steel billets at its
manufacturing facility, which has an installed capacity of 100
tonnes per day. In October 2010, SMPL entered an operating lease
with its group concern, Devashree Ispat Pvt Ltd. The operating
lease is for seven years, entitling SMPL to a monthly lease rental
of INR 4.0 million.
SMPL reported a profit after tax (PAT) of INR1 million on net
sales of INR259 million for 2009-10 (refers to financial year,
April 1 to March 31).
T.C. SPINNERS: CRISIL Puts 'CRISIL B-' Rating on INR283.5MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISILA4' ratings to
T.C. Spinners Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR202.5 Million Cash Credit CRISIL B-/Stable (Assigned)
INR283.5 Million Term Loan CRISIL B-/Stable (Assigned)
INR570.0 Million Proposed LT CRISIL B-/Stable (Assigned)
Bank Loan Facility
INR50.0 Million Letter of Credit CRISIL A4 (Assigned)
The rating reflects TCSPL's weak financial risk profile, marked by
high gearing, the gearing levels of TCSPL are expected to remain
high in the near term on account of its large debt-funded capital
expenditure (capex) plans. Also, the company's margins are
susceptible to volatility in cotton prices. However, TCSPL
benefits from established relationships with its customers and
recent modernization of its plant with 25,200 spindles.
Outlook: Stable
CRISIL believes that T.C. Spinners Private Limited (TCSPL)
financial risk profile will be constrained owing to high gearing
levels which are expected to remain high over the medium term on
account of large debt funded expansion programme. Nevertheless,
CRISIL expects the promoter's experience in cotton yarn trading
business to help improve efficiencies in cotton procurement and
optimum utilization of installed capacities. The outlook may be
revised to 'Negative' if the company's capital structure
deteriorates because of lower-than-expected profitability and/or
additional debt-funded capex. The outlook may be revised to
'Positive' if its capital structure improves significantly, and in
case of more-than-expected improvement in TCSPL's operating income
and profitability.
About T.C. Spinners
T.C. Spinners Private Limited is engaged in the production of
cotton and polyester yarn of average 20-25 counts. TCSPL is also
engaged in manufacturing of sewing threads (Contributed ~15% of
the operating revenues in FY 2011). T.C. Spinners was acquired by
the Satia group in FY 2008. The Satia group acquired the company
from A.V. Cotex which acquired the company from PNB under an
auction. Previously the company was known as Euro Cotspin Private
Limited which was a sick company and was subsequently auctioned by
PNB under the SARFESI act.
TCSPL reported a profit after tax (PAT) of INR34 million on net
sales of INR917 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a PAT of INR1.2 million on net
sales of INR592 million for 2009-10.
VISUAL & ACOUSTICS: CRISIL Rates INR3MM Term Loan at 'CRISIL B+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Visual & Acoustics Corporation LLP.
Facilities Ratings
---------- -------
INR3 Million Term Loan CRISIL B+/Stable (Assigned)
INR10 Million Cash Credit CRISIL B+/Stable (Assigned)
INR30 Million Foreign Bill CRISIL A4 (Assigned)
Discounting
INR25 Million Packing Credit CRISIL A4 (Assigned)
The ratings reflect VACL's weak financial risk profile, marked by
a small net worth, a high gearing, and weak debt protection
metrics, and large working capital requirements. The ratings also
factor in the firm's small scale of operations, mainly because of
the start-up nature of its operations, in the intensely
competitive electronic equipment industry. These rating weaknesses
are partially offset by the benefits that VACL derives from its
partners' extensive industry experience and its established
customer network.
Outlook: Stable
CRISIL believes that VACL will continue to benefit over the medium
term from its partners' extensive industry experience and its
established customer network. The outlook may be revised to
'Positive' in case of higher-than-expected, ramp-up in scale of
operations or improvement in profitability. Conversely, the
outlook may be revised to 'Negative' in case of any significant
pressure on liquidity because of large working capital
requirements.
About Visual & Acoustics
Set up in November 2009, VACL manufactures electronic equipment,
which includes power solutions, electrical accessories, and public
address (PA) systems. The PA systems account for a major portion
of the firm's revenues; VACL supplies these systems mainly to
churches and mosques. VACL commenced operations by trading in
electronic goods. In January 2011, the firm set up a manufacturing
unit in Mundka (Delhi).
VACL's profit after tax (PAT) is estimated at INR0.3 million on
net sales of INR102.8 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR0.2 million on net
sales of INR35.5 million for 2009-10.
WOCKHARDT LTD: Court Orders Firm to Clear Dues or Face Liquidation
------------------------------------------------------------------
The Economic Times reports that the Bombay High Court has told
Wockhardt Ltd to set a deadline to pay its offshore bondholders,
failing which the debt-laden pharma company may face liquidation.
The case was adjourned on Tuesday after the company sought time
till September 21 to inform the court whether it would be able to
submit a repayment timeframe, the report says.
The Economic Times relates that Mihir Thakore, senior counsel
appearing on behalf of Wockhardt, informed a division bench
comprising Justices DK Deshmukh and Anup Mohta that the company
would discuss the matter with local banks that are rescheduling
loans to it.
According to the report, Mr. Thakore also said Wockhardt is
willing to deposit the money that it will receive from the sale of
its nutrition business to French dairy giant Danone.
Of the INR473crore that has to be paid to bondholders, Wockhardt
has deposited INR115 crore with the court. On September 21, the
company will either give an unconditional undertaking that it will
deposit the balance or spell out its inability to do so. If
Wockhardt is unwilling to give an undertaking the court will hear
its appeal.
The report says Janak Dwarkadash, senior counsel representing the
bondholders, argued the proceeds from the proposed deal with
Danone should not be used to pay off other creditors. But this
was opposed by senior counsel Dinyar Madan, who is representing
CDR lenders, according to The Economic Times. The division bench
then asked the company to work out a plan to resolve the
differences with bondholders, the report relates.
As reported in the Troubled Company Reporter-Asia Pacific on
March 25, 2011, Bloomberg News said the Bombay High Court granted
an interim stay on a petition filed by bondholders to liquidate
Wockhardt Ltd. The company said on March 23, 2011, that it will
deposit INR1.15 billion in court by May 3, 2011.
According to Bloomberg, a group of three bondholders, including
U.S. hedge fund QVT Financial LP, and an overseas unit of Sun
Pharmaceutical Industries Ltd. filed the petition after Wockhardt
defaulted on payments of its $110 million convertible bonds that
matured in October 2009. The claimants are looking to retrieve a
total sum of INR6.34 billion, Janak Dwarkadas, senior counsel for
the creditors, said on March 14.
About Wockhardt Limited
Wockhardt Limited is an India-based pharmaceutical company. The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited. The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratories
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L. In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.
ZUBERI FIBRES: CRISIL Assigns 'CRISIL D' Rating to INR22.5MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Zuberi Fibres Pvt Ltd
continue to reflect instances of delay by Zuberi in servicing its
debt; the delays have been caused by Zuberi's weak liquidity.
Facilities Ratings
---------- -------
INR212.5 Million Cash Credit CRISIL D (Assigned)
INR22.5 Million Proposed LT CRISIL D (Assigned)
Bank Loan Facility
INR150.0 Mil. Letter of Credit CRISIL D (Assigned)
INR375 Million Rupee Term Loan CRISIL D (Reaffirmed)
(Reduced from INR400 Million)
Zuberi has a weak financial risk profile, marked by depressed cash
accruals and weak debt protection metrics, and is susceptible to
volatility in prices of paper and other raw material. The company,
however, benefits from its promoter's extensive experience in the
paper industry.
Update
Zuberi's liquidity remains weak because of the start-up nature of
its operations, as the company commenced commercial production
from February 6, 2011. This has led to depressed cash accruals,
resulting in delays in meeting interest and principal repayment
obligations.
Zuberi has further plans to enhance its capacity to 200 tonnes per
day (tpd) from 150 tpd with a total project outlay of around
INR400 million, which is to be funded at a debt-to-equity ratio of
7:3. The project is expected to commence from December 2011 and
end by March 2014. CRISIL believes that Zuberi's liquidity will
remain weak over the medium term because of the company's upcoming
debt-funded capital expenditure plans.
About Zuberi Fibres
Incorporated in May 2003 and promoted by Mr. Rafat Ullah Khan
Zuberi, Zuberi manufactures and trades in industrial paper and
boards. The company has set up a 150-tpd duplex/kraft paper
manufacturing facility in Aligarh (Uttar Pradesh). The plant
commenced commercial production on February 6, 2011. The unit is
also equipped with a 3 megawatt power plant based on rice husk
combustion, to cater to the company's power requirement.
The capital outlay for the project was initially expected to be
INR640.0 million. However, the project was delayed by eight
months, and was recently completed at a total cost of INR729.3
million, including a cost overrun of INR89.3 million. The entire
project cost has been funded by a term loan of INR400.0 million
and promoter's contribution of INR329.3 million by way of equity.
====================
N E W Z E A L A N D
====================
AORANGI SECURITIES: Statutory Management May Cost up to NZ$50MM
---------------------------------------------------------------
The Timaru Herald, citing a restructuring specialist, reports that
statutory management of Allan and Jean Hubbard could cost an
estimated NZ$50 million.
The Timaru Herald relates that Tur Borren had worked with
Mr. Hubbard since he and his investment vehicles, Aorangi
Securities and Hubbard Management Funds, along with seven
charitable trusts, were put into statutory management by the
Government in June last year.
According to the report, the week before Mr Hubbard's death on
Friday in a head on-collision north of Oamaru, Mr. Borren issued a
report that recommended a commercial solution. A new company
would oversee HMF and Aorangi investments and assets. It would be
chaired by South Canterbury farmer and investor John Acland, with
former Mackenzie mayor Neil Anderson and Diana Pye as part of the
board.
Mr. Acland said he did not know where that left the proposal, with
Mr. Hubbard's estate now likely to need to agree.
"Tur Borren came into my realm last August. He asked Allan to
identify three people in South Canterbury of some standing to
create a group of people there to do the best for the investors,"
the report quotes Mr. Acland as saying. "Right now, I don't know
the way forward. We certainly don't want to stay in statutory
management for five years."
The Timaru Herald notes that Mr. Borren said he would not be
commenting, out of respect for Mr. Hubbard, until after his
funeral.
In Mr. Borren's report, written before Mr Hubbard's death, he
heavily criticised the statutory manager and the cost of the
process to investors.
"I visualise a statutory management process which will not be
concluded inside five years and incur a cost of not less than
NZ$50 million, inclusive of Allan Hubbard's legal representation,"
The Timaru Herald quotes Mr. Borren as saying in his report. "If
the statutory management were bound by the financial reporting
requirements placed on companies listed on the New Zealand Stock
Exchange, they would have been delisted."
Mr. Borren argued that if the Government was found to have acted
inappropriately, it could find itself in a position where it was
accountable for the costs of statutory management, according to
The Timaru Herald.
The Timaru Herald relates that Mr. Borren estimated Mr. Hubbard
lost NZ$250 million of his own money in a bid to shore up South
Canterbury Finance before he was sidelined and it went into
receivership.
Mr. Borren was somewhat critical of the way Mr. Hubbard attempted
to rescue SCF, the report notes.
"Allan Hubbard's attempts to save SCF were not, in my opinion,
well considered, nor well executed. These were the actions of a
man who . . . would not accept that he was in the process of
losing control of his major investments," Mr. Borren said.
About Aorangi Securities
Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.
On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated
persons" of those entities. The seven charitable trusts included
in the statutory management are Te Tua, Otipua, Oxford, Regent,
Morgan, Benmore and Wai-iti. Trevor Thornton and Richard Simpson
of Grant Thornton were appointed as statutory managers.
The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission. Hubbard Churcher Trust
Management and Forresters Nominees Company were also added to the
list of businesses under management by Trevor Thorton, Richard
Simpson and Graeme McGlinn on September 20, 2010.
The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.
On June 20, 2011, the Serious Fraud Office laid 50 charges under
Crimes Act against Allan Hubbard in relation to its investigation
into the affairs of Aorangi Securities Ltd; Hubbard Management
Funds; and ASL directors Allan and Margaret (Jean) Hubbard.
The Serious Fraud Office has announced that it is dropping the
fraud charges against Allan Hubbard following Mr. Hubbard's death.
CENTURY CITY: Phoenix Backers Urged to Work with Current Owner
--------------------------------------------------------------
The New Zealand Herald reports that former Phoenix chief executive
Tony Pignata is urging a consortium of Wellington businessmen,
planning to take over the club, to work with current owner Terry
Serepisos.
The NZ Herald relates that the call for cooperation comes amid
reports the property investor owes Wellington Phoenix coach and
manager Ricki Herbert more than NZ$100,000. Mr. Serepisos has
denied the reports, the NZ Herald says.
According to the NZ Herald, Mr. Pignata told Newstalk ZB the group
of five Wellington businessmen, understood to be headed by
Kiwibank board member Rob Morrison, is already in talks with
Football Federation Australia in order to keep the club in the
capital.
Mr. Pignata said Mr. Serepisos has done a lot for football in
New Zealand and should be included in any discussions, as he has
earned the right to be included.
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 30, 2011, The Dominion Post said property developer and
Wellington Phoenix football boss Terry Serepisos has crumpled
under the weight of NZ$200 million debt and is putting forward a
proposal to sell his assets. A judge in the High Court at
Wellington was told August 29 that Mr. Serepisos' portfolio of
about 150 residential properties and at least six major commercial
buildings in Wellington is worth NZ$232,472,000. The Dominion
Post said Mr. Serepisos' liabilities are calculated at
NZ$203,095,206. The consequences of these proceedings for the
Wellington Phoenix football club are uncertain at the moment, The
Dominion Post noted.
According to The Dominion Post, Mr. Serepisos has been battling
financial issues within his Century City group of companies for
more than a year during which time he has faced a number of court
actions. They included moves in November to liquidate five
Century City companies over unpaid tax and the Accident
Compensation Corporation of nearly NZ$4 million. That amount was
repaid in a deal that subsequently lead to Mr. Serepisos losing
ownership of his flagship Century City Hotel in Tory St., The
Dominion Post noted.
The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management, and Century City Football, which owns
the Wellington Phoenix football team.
TPS ACCOUNTING: Placed in Receivership as Owners Face Fraud Case
----------------------------------------------------------------
Hamish Rutherford at The Dominion Post reports that TPS
Accounting, the Wellington accountancy firm at the centre of
multimillion-dollar fraud allegations against its owners, has been
placed in receivership and put up for sale.
According to the report, Deloitte has been appointed receiver of
TPS Accounting -- known until recently as Tax Planning Services --
just eight weeks after its directors lost in the Supreme Court a
nine-month battle to prevent their names being published.
In July, The Dominion Post recalls, David Ingram Rowley and Barrie
James Skinner were revealed as the accountants at the centre of a
NZ$9 million tax fraud case, in which Inland Revenue claims it
lost NZ$2.9 million.
Messrs. Rowley and Skinner are accused of submitting false income
and GST returns to the IRD, claiming expenses that had never been
incurred. IRD claims the pair personally reaped NZ$2 million from
their dishonesty, the report says.
The pair faces dozens of charges of fraud from about six counts of
attempting to pervert the course of justice, relating to the IRD's
investigation, according to The Dominion Post.
The report relates that Messrs. Rowley and Skinner, who argued
that publishing their names could cause clients to abandon their
company, have indicated they will plead not guilty, with a trial
expected next year.
According to The Dominion Post, Deloitte partner Barry Jordan said
Deloitte became involved at the request of TPS' bankers last week.
"After a long conversation with the company about repayment [of an
overdraft facility], the bank wasn't satisfied about their [TPS']
ability to repay, so asked us to step in and take control of the
situation."
Mr. Jordan would not name the bank, or how much it was owed,
although public records show Bank of New Zealand holds security
over TPS' chattels, the report notes.
Mr. Jordan, as cited by The Dominion Post, said Deloitte's
involvement was not linked to the court proceedings, instead
focusing on extracting whatever value was possible from the
company's assets, mainly the debtors and client database.
Mr. Jordan said Deloitte had received "half a dozen" expressions
of interest in the company's assets.
TPS Accounting, formerly known as Tax Planning Services, offers
Financial Accounting, Tax Compliance, GST returns, Tax Audits, IRD
Debt Negotiating, Non Resident Returns, Foreign Tax, Cashflows,
Business Valuations, Overseas Investments, Australian Tax
Compliance, Australian Capital Gain Tax, Trust Management,
Accounting Software and Online Accounting.
=================
S I N G A P O R E
=================
REDGROUP RETAIL: Borders Singapore Put Under Judicial Management
----------------------------------------------------------------
ChannelNewsAsia reports that the High Court of Singapore has
placed Borders Singapore under judicial management for six months.
The news agency relates that it was revealed in court that Borders
had taken several steps to improve its financial situation
including the sale of Borders or its assets to Popular Holdings
and negotiating with Everbilt Developers -- its landlord at
Wheelock Place -- to half its rent at Wheelock Place from
S$541,000 per month to S$275,000.
Under judicial management, Borders cannot be sued by any of its
creditors.
The company will explore options, such as talking to potential
buyers to prevent winding up, ChannelNewsAsia says. Borders is
represented by Allen & Gledhill.
"There is still hope the name of Borders will continue as it has
sentimental value for Singaporeans," the report quotes lead
counsel Edward Tiong.
ChannelNewsAsia notes that the company is also in negotiations
with REDgroup Retail -- its parent company in Australia -- to
obtain a formal release from the AUD2.5 million loan from
REDgroup.
Borders' fate was tied up with REDgroup's when it was acquired by
the latter in 2008. REDGroup had also become insolvent and placed
under voluntary administration in Australia in February this year.
This resulted in Borders "no longer being able to leverage on the
economies of scale, established relationships or general
advantages of operating as part of a larger group, as it
previously had," ChannelNewsAsia discloses, citing court
documents.
According to ChannelNewsAsia, Borders will also be looking at the
possibility of an arrangement where REDgroup agrees to assign
their rights to the Borders' debt such that Borders' employees,
gift card holders and creditors can be paid.
It was reported that there are some 1,200 gift card holders with
about S$400,000 in credit with the bookstore, the report notes.
Borders is also hoping to receive proceeds from its S$1.8 million
in rental deposits for its lease at Wheelock and Parkway Parade,
ChannelNewsAsia adds.
About REDgroup Retail
REDgroup Retail Pty, with 260 stores and brands including Angus &
Robertson and Whitcoulls, is the largest book retailer in
Australia and New Zealand. It acquired Borders stores in
Australia, New Zealand, and Singapore in 2008.
* * *
REDgroup Retail Pty Ltd. on Feb. 17, 2011, named Steve Sherman,
John Melluish and John Lindholm of Ferrier Hodgson as voluntary
administrators. The board appointed Steve Sherman, John Melluish
and Ryan Eagle as voluntary administrators of the group's
New Zealand business on the same day. According to Bloomberg
News, the appointment comes less than a day after Borders Group
Inc. filed for bankruptcy in the U.S. and began taking bids for
200 stores.
The REDgroup companies in Administration include:
* REDgroup Retail Pty Ltd
* Spine Holdco Pty Ltd
* A&R Australia Holdings Pty Ltd
* REDgroup Retail Administrative Services Pty Ltd
* Whitcoulls Group Holdings Pty Ltd
* Spine Newco Pty Ltd
* Angus & Robertson Pty Ltd
* Angus & Robertson Bookworld
* Calendar Club Pty Ltd
* WGL Retail Holdings Ltd
* Whitcoulls Group Ltd
* Calendar Club New Zealand Ltd
* Borders New Zealand Ltd
* REDgroup Online Ltd
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ARTURUS CAPITAL AKW 12.27 -0.43
ASTON RESOURCES AZT 469.54 -7.49
AUSTAR UNITED AUN 734.96 -173.09
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.50 -13.46
AUTRON CORP LTD AAT 32.50 -13.46
BCD RESOURCES-PP BCOCC 27.90 -79.33
BECTON PROPERTY BEC 369.83 -26.80
BIRON APPAREL LT BIC 19.71 -2.22
BREMER PARK LTD BPK 16.00 -6.90
CENTRO PROPERTIE CNP 15,483.4 -349.73
MAC COMM INFR-CD MCGCD 8,104.42 -103.34
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
ORION GOLD NL ORN 11.60 -10.91
POWERLAN LTD PWR 28.30 -3.64
REDBANK ENERGY L AEJ 3,564.36 -383.39
RIVERCITY MOTORW RCY 386.88 -809.14
SCIGEN LTD-CUFS SIE 68.70 -42.35
SHELL VILLAGES A SVC 13.47 -1.66
STIRLING RESOURC SRE 31.19 -0.62
VIEW RESOURCES L VRE 11.81 -37.51
CHINA
BAOCHENG INVESTM 600892 36.34 -4.47
CHENGDE DALU -B 200160 31.82 -4.49
CHENGDU UNION-A 693 32.68 -15.13
CHINA FASHION CFH 10.11 -0.76
CHINA KEJIAN-A 35 95.65 -187.91
CONTEL CORP LTD CTEL 59.32 -45.72
CONTEL CORP LTD CTEL1 59.32 -45.72
DONGXIN ELECTR-A 600691 14.31 -22.80
GUANGDONG ORIE-A 600988 15.24 -3.98
GUANGDONG SUNR-A 30 111.22 0.00
GUANGDONG SUNR-B 200030 111.22 0.00
GUANGXIA YINCH-A 557 19.25 -44.22
HEBEI BAOSHUO -A 600155 129.70 -408.35
HEBEI JINNIU C-A 600722 249.41 -53.61
HUASU HOLDINGS-A 509 87.92 -9.52
HUNAN ANPLAS CO 156 43.92 -35.46
JILIN PHARMACE-A 545 32.35 -8.44
JINCHENG PAPER-A 820 206.33 -122.34
MUDAN AUTOMOBI-H 8188 24.73 -3.40
NINGBO YIDONG-H 8249 18.29 -53.42
QINGDAO YELLOW 600579 222.76 -9.10
SHANG HONGSHENG 600817 15.94 -291.38
SHANGHAI WORLDBE 600757 14.70 -0.04
SHANXI GUANLU-A 831 331.55 -0.17
SHANXI LEAD IN-A 673 20.47 -1.89
SHENZ CHINA BI-A 17 20.97 -266.50
SHENZ CHINA BI-B 200017 20.97 -266.50
SHENZ INTL ENT-A 56 233.81 -22.28
SHENZ INTL ENT-B 200056 233.81 -22.28
SHENZHEN DAWNC-A 863 26.10 -161.49
SHENZHEN KONDA-A 48 119.65 -7.72
SHIJIAZHUANG D-A 958 212.59 -80.91
SICHUAN DIRECT-A 757 95.94 -166.82
SICHUAN GOLDEN 600678 207.17 -92.10
TAIYUAN TIANLO-A 600234 65.74 -21.06
TIANJIN MARINE 600751 114.38 -61.31
TIANJIN MARINE-B 900938 114.38 -61.31
TIBET SUMMIT I-A 600338 79.44 -4.50
TOPSUN SCIENCE-A 600771 146.23 -99.32
WINOWNER GROUP C 600681 21.76 -55.00
WUHAN BOILER-B 200770 304.50 -154.96
WUHAN GUOYAO-A 600421 11.15 -27.68
WUHAN LINUO SOLA 600885 110.61 -2.84
XIAMEN OVERSEA-A 600870 243.85 -138.59
YANBIAN SHIXIA-A 600462 201.95 -14.07
YANTAI YUANCHE-A 600766 65.62 -6.34
YUEYANG HENGLI-A 622 39.37 -20.80
YUNNAN MALONG-A 600792 145.42 -68.19
HONG KONG
ASIA TELEMEDIA L 376 15.67 -14.24
ASIAN CAPITAL RE 8025 10.89 -11.02
BEP INTL HLDGS L 2326 10.32 -1.83
BUILDMORE INTL 108 16.19 -50.25
CHINA E-LEARNING 8055 19.66 -1.27
CHINA HEALTHCARE 673 44.13 -4.49
CHINA OCEAN SHIP 651 454.18 -13.94
CHINA PACKAGING 572 18.18 -16.83
CMMB VISION HOLD 471 37.41 -10.99
EGANAGOLDPFEIL 48 557.89 -132.86
FU JI FOOD & CAT 1175 73.43 -389.20
FULBOND HLDGS 1041 117.50 -6.87
GUOJIN RESOURCES 630 18.21 -17.00
LUNG CHEONG INTL 348 62.04 -0.37
MELCOLOT LTD 8198 56.90 -46.99
MITSUMARU EAST K 2358 30.04 -15.37
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 15.55 -33.59
SMART UNION GP 2700 32.14 -40.01
SURFACE MOUNT SMT 95.95 -2.48
TACK HSIN HLDG 611 53.95 -88.74
INDONESIA
ARPENI PRATAMA APOL 613.56 -124.15
ASIA PACIFIC POLY 471.38 -869.26
ERATEX DJAJA ERTX 13.48 -24.83
HANSON INTERNATI MYRX 35.46 -9.01
HANSON INT-PREF MYRXP 35.46 -9.01
JAKARTA KYOEI ST JKSW 33.33 -45.06
MITRA INTERNATIO MIRA 1,070.80 -443.66
MITRA RAJASA-RTS MIRA-R2 1,070.80 -443.66
MULIA INDUSTRIND MLIA 524.73 -39.06
PANASIA FILAMENT PAFI 37.96 -15.94
PANCA WIRATAMA PWSI 31.51 -39.11
PRIMARINDO ASIA BIMA 10.37 -21.92
SURABAYA AGUNG SAIP 248.21 -94.27
TOKO GUNUNG AGUN TKGA 13.37 -0.60
UNITEX TBK UNTX 18.22 -17.81
INDIA
ALPS INDUS LTD ALPI 292.76 -12.44
AMIT SPINNING AMSP 20.43 -1.96
ARTSON ENGR ART 23.87 -0.60
ASHAPURA MINECHE ASMN 191.87 -68.03
ASHIMA LTD ASHM 63.23 -48.94
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 149.58 -56.66
CANTABIL RETAIL CANT 55.23 -8.54
CELEBRITY FASHIO CFLI 36.61 -6.76
CFL CAPITAL FIN CEATF 12.36 -49.56
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 12.23 -16.21
GANESH BENZOPLST GBP 48.95 -22.44
GEM SPINNERS LTD GEMS 14.58 -1.16
GLOBAL BOARDS GLB 14.98 -7.51
GSL INDIA LTD GSL 29.86 -42.42
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 15.20 -3.81
HMT LTD HMT 140.14 -493.73
ICDS ICDS 13.30 -6.17
INTEGRAT FINANCE IFC 49.83 -51.32
JAGSON AIRLINES JGA 12.31 -0.25
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 18.05 -86.40
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 33.31 -30.53
KERALA AYURVEDA KRAP 13.99 -1.18
KIDUJA INDIA KDJ 17.15 -2.28
KINGFISHER AIR KAIR 1,883.62 -661.89
KINGFISHER A-SLB KAIR/S 1,883.62 -661.89
KITPLY INDS LTD KIT 37.68 -45.35
LLOYDS FINANCE LYDF 21.65 -11.39
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MADRAS FERTILIZE MDF 143.14 -99.28
MAHA RASHTRA APE MHAC 24.13 -14.27
MARKSANS PHARMA MRKS 110.15 -14.04
MILLENNIUM BEER MLB 52.23 -5.22
MILTON PLASTICS MILT 18.65 -52.29
MODERN DAIRIES MRD 38.41 -0.45
MTZ POLYFILMS LT TBE 31.94 -2.57
NATH PULP & PAP NPPM 14.50 -0.63
NICCO CORP LTD NICC 75.56 -6.49
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 141.35 -7.71
NUCHEM LTD NUC 24.72 -1.60
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
PIRAMAL LIFE SC PLSL 51.20 -64.85
QUADRANT TELEVEN QDTV 188.57 -116.81
RAJ AGRO MILLS RAM 10.21 -0.61
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 18.88 -81.42
SADHANA NITRO SNC 18.21 -0.73
SAURASHTRA CEMEN SRC 106.01 -2.81
SCOOTERS INDIA SCTR 18.63 -6.88
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 212.81 -9.74
SHALIMAR WIRES SWRI 24.58 -39.14
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 64.03 -44.99
SIDDHARTHA TUBES SDT 76.98 -12.45
SOUTHERN PETROCH SPET 1,584.27 -4.80
SQL STAR INTL SQL 11.69 -1.14
STI INDIA LTD STIB 35.39 -0.54
STL GLOBAL LTD SHGL 45.61 -10.59
SUPER FORGINGS SFS 17.83 -6.37
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 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNIMERS INDIA LT HDU 18.08 -5.86
UNITED BREWERIES UB 2,652.00 -242.53
UNIWORTH LTD WW 168.36 -155.74
UNIWORTH TEXTILE FBW 20.57 -37.60
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
JAPAN
ARRK CORP 7873 1,221.45 -37.80
C&I HOLDINGS 9609 25.89 -43.12
CROWD GATE CO 2140 11.63 -4.29
KANMONKAI CO LTD 3372 68.26 -2.44
KFE JAPAN CO LTD 3061 17.86 -2.27
L CREATE CO LTD 3247 42.34 -9.15
NIS GROUP CO LTD 8571 477.70 -75.44
PROPERST CO LTD 3236 305.90 -330.20
S-POOL INC 2471 18.11 -0.41
STRAWBERRY CORP 3429 14.17 -4.48
TOYO KNIFE CO 5964 74.73 -5.55
KOREA
DAISHIN INFO 20180 740.50 -158.45
HANIL CONSTRUCT 6440 880.70 -22.42
HYUNDAI BNG STEE 4560 476.66 -70.65
HYUNDAI BNG STEE 4565 476.66 -70.65
KUKDONG CORP 5320 53.07 -1.85
ORICOM INC 10470 82.65 -40.04
PLA CO LTD 82390 14.95 -21.43
SEOUL MUTL SAVIN 16560 874.79 -34.13
SUNGJEE CONSTRUC 5980 114.91 -83.19
TONG YANG MAGIC 23020 355.15 -25.77
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
BANENG HOLDINGS BANE 40.49 -17.14
HAISAN RESOURCES HRB 67.05 -0.92
HO HUP CONSTR CO HO 70.66 -9.24
LUSTER INDUSTRIE LSTI 19.28 -7.15
MITHRIL BHD MITH 29.79 -0.75
NGIU KEE CO-BHD NKC 14.19 -12.76
TRACOMA HOLDINGS TRAH 60.31 -26.28
VTI VINTAGE BHD VTI 17.97 -3.68
PHILIPPINES
CYBER BAY CORP CYBR 14.14 -94.36
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.81 -11.69
FILSYN CORP. B FYNB 23.81 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 17.61 -11.14
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 18.93 -11.69
ADVANCE SCT LTD ASCT 25.29 -10.05
HL GLOBAL ENTERP HLGE 93.40 -15.38
LINDETEVES-JACOB LJ 20.64 -6.07
NEW LAKESIDE NLH 19.34 -5.25
SUNMOON FOOD COM SMOON 17.93 -15.74
TT INTERNATIONAL TTI 249.17 -73.30
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 91.32 -113.78
BANGKOK RUBBER-F BRC/F 91.32 -113.78
BANGKOK RUB-NVDR BRC-R 91.32 -113.78
CALIFORNIA W-NVD CAWOW-R 33.30 -10.09
CALIFORNIA WO-FO CAWOW/F 33.30 -10.09
CALIFORNIA WOW X CAWOW 33.30 -10.09
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 37.10 -118.46
ITV PCL-FOREIGN ITV/F 37.10 -118.46
ITV PCL-NVDR ITV-R 37.10 -118.46
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONSTRUCT KTECH/F 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 13.02 -1.77
PONGSAAP PCL PSAAP/F 13.02 -1.77
PONGSAAP PCL-NVD PSAAP-R 13.02 -1.77
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
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
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
TT&T PCL TTNT 615.73 -210.36
TT&T PCL-NVDR TTNT-R 615.73 -210.36
TT&T PUBLIC CO-F TTNT/F 615.73 -210.36
TAIWAN
BEHAVIOR TECH CO 2341S 41.94 -1.02
BEHAVIOR TECH-EC 2341O 41.94 -1.02
CHIEN TAI CEMENT 1107 214.12 -49.02
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
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 42.24 -5.08
VERTEX PRECISION 5318 42.24 -5.08
*********
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, 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 ***