/raid1/www/Hosts/bankrupt/TCRAP_Public/110923.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 23, 2011, Vol. 14, No. 189
Headlines
A U S T R A L I A
AGC FINANCIAL: Owes More Than AUD680,000 to Insurers
DOWNTON & DYER: Goes Into Administration, Looks for Buyer
HOMEWEST: Opposition Calls for Action on Units
C H I N A
CHINA LUMENA: S&P Cuts Corp. Credit Rating to 'B+'; Outlook Stable
H O N G K O N G
ETONE TELECOM: Court Enters Wind-Up Order
HARMON INTERNATIONAL: Lim Yi Ping Steps Down as Liquidator
IMMVIC LIMITED: Wong and Tsui Step Down as Liquidators
LAU PING: Members' Final Meeting Set for Oct. 10
LIGHT SOURCE: Placed Under Voluntary Wind-Up Proceedings
LUNG WAH: Court to Hear Wind-Up Petition on Oct. 26
MUTUAL FIT: Court Enters Wind-Up Order
SENGWOO INDUSTRIAL: Members' Final Meeting Set for Oct. 19
SILVERFACE LIMITED: Court Enters Wind-Up Order
SIU FUNG: Creditors' Proofs of Debt Due Sept. 30
STARGREAT LIMITED: Court Enters Wind-Up Order
STRAW FIELD: Lo and Leung Appointed as Liquidators
TACK FAT: Creditors' Proofs of Debt Due Sept. 30
TEAM GLORY: Annual Meetings Set for Oct. 21
TICKTOCK GRAPHIC: First Meetings Slated for Sept. 27
I N D I A
ALCON ELECTRONICS: CRISIL Ups Rating on INR71MM Loan to CRISIL BB
ARG DEVELOPERS: Fitch Places Rating on Two Loans at Low-B
ARG HOUSING: Fitch Puts Rating on Two Loans at Low-B
BIPICO INDUSTRIES: CRISIL Puts CRISIL BB Rating on INR18.9MM Loan
CHENNAI RADHA: CRISIL Reaffirms 'CRISIL BB+' Cash Credit Rating
DEVENTHIRA SPINNERS: CRISIL Reaffirms 'CRISIL B+' Term Loan Rating
GANGOTRI TEXTILES: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating
GINNI FILAMENTS: Fitch Affirms Low-B Ratings on Two Loans
HAJRA MEDICAL: CRISIL Assigns 'CRISIL BB' Rating to INR35MM Loan
J. D. INDUSTRIES: CRISIL Places 'CRISIL B' Rating on INR7.5MM Loan
KAVISHA MOTORS: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loan
KOHLI AUTO: CRISIL Assigns 'CRISIL B+' Rating to INR5MM LT Loan
PADMANABH HEALTHCARE: CRISIL Rates INR68MM Loan at 'CRISIL B-'
PRESSMACH INFRA: CRISIL Rates INR36MM Loan at ' CRISIL BB-'
ROMET: CRISIL Assigns 'CRISIL B+' Rating to INR10MM Cash Credit
SAPALA ORGANICS: CRISIL Assigns 'CRISIL B' Rating to INR32MM Loan
SEAM INDUSTRIES: Fitch Affirm Rating on Two Term Loans at Low-B
SHIV-NARESH SPORTS: CRISIL Rates INR10MM LT Loan at 'CRISIL B'
SHIV RENEWABLE: CRISIL Rates INR120 Million LT Loan at 'CRISIL B'
TAMILNADU JAIBHARATH: CRISIL Rates INR200MM Key Loan at 'CRISIL D'
WOCKHARDT LTD: Wins More Time to Submit Settlement Plan
WOCKHARDT LTD: CCI Approves Nutrition Business Sale to Danone
I N D O N E S I A
PERUSAHAN LISTRIK: Fitch Puts Rating on Senior Unsecured at 'BB+'
PERUSAHAN LISTRIK: Fitch Puts Issuer Default Rating at 'BB+'
J A P A N
CAFES 2: Fitch Revises Rating Watch on Class E TBIs to Evolving
TOKYO ELECTRIC: Likely to Cut Pension Payments, Workforce by 10%
M A L A Y S I A
MISC BERHAD: Moody's Downgrades Issuer Rating to 'Baa1'
N E W Z E A L A N D
AORANGI SECURITIES: Registrar to Hold Talks on Jean Hubbard's Case
CENTURY CITY: Serepisos, Phoenix Deal "Speculation," FFA Says
CRAFAR FARMS: Glen Crafar Found Not Guilty of Dirty Dairying
CRAFAR FARMS: 16 Farms Will be Owner-Operated Under Fay's Bid
ENERGYSMART LTD: Hutt Mana Appoints Shephard Dunphy as Liquidator
NZF MONEY: Investors Face Shortfall, Receiver Says
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
AGC FINANCIAL: Owes More Than AUD680,000 to Insurers
----------------------------------------------------
Kate Kachor at InvestorDaily reports that an undisclosed personal
illness has forced AGC Financial Services into liquidation,
leaving the dealer group with outstanding debts of more than
AUD680,000.
A report to creditors from the group's liquidator CRS Warner Kugel
said that among the debts, AGC owed more than AUD300,000 to
Australian insurers, including Asteron, AIA Australia, OnePath
(formerly ING Australia), MLC and Zurich Australia, InvestorDaily
discloses
The liquidator's report, dated July 5, said the Australian
Taxation Office was owed AUD60,000 and the Australian Securities
and Investment Commission was owed AUD200, AGC employee and
superannuation entitlements for five staff members stood at
AUD12,000 and AGC director Alex Apostolopoulos was seeking an
outstanding payment of AUD200,000, according to InvestorDaily.
"The director has attributed the failure of the company to
personal illness," Mr. Kugel said in his report. "As the
liquidation has just commenced, we are unable to comment as to the
causes for the failure as proposed by the director. We do note,
however, that our investigations as liquidators will seek to
verify the director's comments."
At a company meeting on July 5, members of the company resolved to
appoint CRS Warner Kugel representatives, Anthony Warner and
Steven Kugel, as liquidators of the company. A day later, ASIC
cancelled AGC's Australian financial services licence.
AGC Financial Services operated a financial service business that
specialised in providing insurance products. As at June 30, 2010,
AGC had six financial advisory groups and 16 advisers, seven of
which were certified financial planners, according to the IFA
Dealer Group Survey 2010.
DOWNTON & DYER: Goes Into Administration, Looks for Buyer
---------------------------------------------------------
Patrick Stafford at SmartCompany reports that Downton & Dyer has
gone into administration with industry experts complaining the
sector is continuing to suffer under some of the worst conditions
in decades.
Downton & Dyer along with A & D Food Services, Venasti and Tatale,
have been put up for sale by administrators Christopher Darin and
Nicholas Melanos, according to SmartCompany.
SmartCompany contacted Downton & Dyer but the news agency says
phone lines appear to be disconnected. The report relates that it
is unknown whether all the assets are integrated and associated
with Downton & Dyer.
The report notes that Domenic Greco, executive director of the
Convenience and Mixed Business Association, says the industry is
suffering under some of the worst conditions he's seen since the
1980s.
"I've watched everything happen from a distance, and from being in
the middle of it, it's gotten worse in the past five years,"
SmartCompany quoted Mr. Greco as saying. The report relates that
Mr. Greco warned that if conditions don't improve, there could be
more closures within the next few years.
Downton & Dyer is one of the country's leading food distributors,
and offers at least 7,000 metres squared of floor space, multiple
loading docks, a fleet of vehicles, a "major" client base and
"huge" custom walk-in freezers.
HOMEWEST: Opposition Calls for Action on Units
----------------------------------------------
ABC News reports that the State Opposition said bureaucracy is
stopping needy people from moving into 30 new Homeswest units in
suburban Perth.
Work on the units in Maddington was stopped in July after the
builder went into administration, according to ABC News.
The report notes that labor's housing spokesman Mark McGowan said
the units, which are virtually completed, will sit empty for
months because the government has to re-tender the contract. ABC
News relates Mr. McGowan said that the government should relax the
rules.
ABC News notes that Housing Minister Troy Buswell said dozens of
elderly people will have to wait at least six months before they
can move into the complex because the building is not finished.
Mr. Buswell said a new builder will be chosen soon and tenants can
expect to move in by February, the report adds.
=========
C H I N A
=========
CHINA LUMENA: S&P Cuts Corp. Credit Rating to 'B+'; Outlook Stable
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on thenardite and polypehnylene sulfide (PPS)
producer China Lumena New Materials Corp. to 'B+' from 'BB-'. The
outlook is stable. "We also lowered the issue rating on the
company's outstanding senior unsecured notes to 'B+' from 'BB-'.
In addition, we affirmed our 'cnBB/--' Greater China scale rating
on Lumena and the notes," S&P said.
"We lowered the ratings on Lumena to reflect our view that the
company's profit margins are likely to decline from levels that
were weaker than we expected in the first half of 2011. In
addition, we believe Lumena's aggressive expansion and acquisition
plans could weaken its business risk profile," said Standard &
Poor's credit analyst Lawrence Lu. "Our view is predicated on the
company's dependence on market growth to meet its growing
production capacity, new product development to expand the
application of its products, and limited channels of distribution
for its thenardite and PPS products."
"We attribute the decline in Lumena's gross margin in the first
half of 2011 to a change in the product mix, rising raw material
costs for PPS, and heightened product competition for both of its
businesses. Margins in the thenardite business fell 1.87%, while
those in the PPS segment declined 1.64% compared with the same
period last year. The company's gross margins have been high for
the past four years (at more than 70% for thenardite and over 60%
for PPS). Nevertheless, we believe that the lack of an established
record in these niche specialty products and the need to develop
new uses to sustain demand will continually challenge Lumena's
ability to maintain such high gross margins," S&P noted.
"We believe that Lumena's product concentration and limited
channels of distribution weaken its business risk profile. In
addition, the company has high exposure to the counterparty credit
risks of its distributors. We also believe Lumena's plan to expand
capacity at its specialty PPS fiber and resin plant increases
execution risk. Nevertheless, the company's financial profile is
better than similarly rated peers'. In our view, the company's
interest coverage ratios are clearer indicators of financial
strength because of the large amount of goodwill arising from its
acquisition of Sino Polymer New Materials Co.," S&P continued
"Lumena has adequate liquidity, in our opinion. We expect the
company's liquidity sources, including cash and equivalents, to
exceed liquidity uses by 1.2x or more in the next 12-18 months,"
S&P said.
"The stable outlook reflects our expectation that Lumena's
liquidity position will remain adequate in the next 12-18 months.
It also reflects our view that the company's interest coverage
ratios will still be supportive for the rating, given its still
good EBITDA generation, even if operating margins continue to
weaken, as we expect they will," said Mr. Lu.
"We may lower the rating if: (1) Lumena's expansion plans lead to
a less-than-adequate liquidity position and higher-than-expected
execution risk; or (2) the company's major shareholder undertakes
any transaction to extract value from it," S&P related.
"The rating upside potential in the next 12 month is limited.
Nevertheless, we may consider raising the rating if: (1) Lumena
completes the new PPS capacity expansion on time and within
budget; (2) the market demand for the company's niche products
remains strong; (3) Lumena can materially diversify its revenue
and reduce its counterparty credit risk exposure; and (4) it
maintains its ratio of EBITDA interest coverage at more than
5.0x," S&P noted.
================
H O N G K O N G
================
ETONE TELECOM: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on Sept. 7, 2011, to
wind up the operations of Etone Telecom Limited.
The company's liquidator is Teresa S W Wong.
HARMON INTERNATIONAL: Lim Yi Ping Steps Down as Liquidator
----------------------------------------------------------
Lim Yi Ping stepped down as liquidator of Harmon International
Limited on Sept. 9, 2011.
IMMVIC LIMITED: Wong and Tsui Step Down as Liquidators
------------------------------------------------------
Wong Sun Keung and Tsui Mei Yuk Janice stepped down as liquidators
of Immvic Limited on Sept. 1, 2011.
LAU PING: Members' Final Meeting Set for Oct. 10
------------------------------------------------
Members of Lau Ping Kong & Yan Lan Oi Charity Fund Limited will
hold their final general meeting on Oct. 10, 2011, at 4:00 p.m.,
at 13th Floor, Grand Building, at No. 18 Connaught Road Central,
in Hong Kong.
At the meeting, Yan Lan Oi, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
LIGHT SOURCE: Placed Under Voluntary Wind-Up Proceedings
--------------------------------------------------------
At an extraordinary general meeting held on Sept. 7, 2011,
creditors of Light Source Limited resolved to voluntarily wind up
the company's operations.
The company's liquidator is:
Tam Chung Ping
Room 304, 3/F
222 Queen's Road
Central, Hong Kong
LUNG WAH: Court to Hear Wind-Up Petition on Oct. 26
---------------------------------------------------
A petition to wind up the operations of Lung Wah Imperial
Restaurant Limited will be heard before the High Court of Hong
Kong on Oct. 26, 2011, at 9:30 a.m.
Lee Kwok Keung filed the petition against the company on Aug. 24,
2011.
MUTUAL FIT: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on Sept. 7, 2011, to
wind up the operations of Mutual Fit Company Limited.
The company's liquidator is Teresa S W Wong.
SENGWOO INDUSTRIAL: Members' Final Meeting Set for Oct. 19
----------------------------------------------------------
Members of Sengwoo Industrial Limited will hold their final
meeting on Oct. 19, 2011, at 10:00 a.m., at 36/F., Tower Two,
Times Square, at 1 Matheson Street, Causeway Bay, in Hong Kong.
At the meeting, Ng Kit Ying Zelinda, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SILVERFACE LIMITED: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Hong Kong entered an order on Sept. 7, 2011, to
wind up the operations of Silverface Limited.
The company's liquidator is Teresa S W Wong.
SIU FUNG: Creditors' Proofs of Debt Due Sept. 30
------------------------------------------------
Creditors of Siu Fung Concept Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Sept. 30, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
Jacky C W Muk
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
STARGREAT LIMITED: Court Enters Wind-Up Order
---------------------------------------------
The High Court of Hong Kong entered an order on Sept. 7, 2011, to
wind up the operations of Stargreat Limited.
The company's liquidator is Teresa S W Wong.
STRAW FIELD: Lo and Leung Appointed as Liquidators
--------------------------------------------------
Lo Ka Ying and Leung Ka Lok said in notice dated Sept. 16, 2011,
they have been appointed by the High Court of Hong Kong as
liquidators of Straw Field Holdings Limited on Sept. 4, 2009.
The liquidators may be reached at:
Lo Ka Ying
Leung Ka Lok
Room 1307, Tower 1
Lippo Centre
89 Queensway, Admiralty
Kong Kong
TACK FAT: Creditors' Proofs of Debt Due Sept. 30
------------------------------------------------
Creditors of Tack Fat Swimwear Manufacturing Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Sept. 30, 2011, to be included in the company's
dividend distribution.
The company's liquidators are:
Fok Hei Yu
Roderick John Sutton
Level 22, The Center
99 Queen's Road Central
Central, Hong Kong
TEAM GLORY: Annual Meetings Set for Oct. 21
-------------------------------------------
Members and creditors of Team Glory Trading Limited will hold
their annual meetings on Oct. 21, 2011, at 11:00 a.m., and 11:30
a.m., respectively at Rm. 1402, On Hong Commercial Bldg, at 145
Hennessy Rd., Wanchai, in Hong Kong.
At the meeting, Lo Shing Chi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
TICKTOCK GRAPHIC: First Meetings Slated for Sept. 27
----------------------------------------------------
Creditors and contributories of Ticktock Graphic Equipment Company
Limited will hold their first meetings on Sept. 27, 2011, at 2:30
p.m., and 3:30 p.m., respectively at the Official Receiver's
Office, 10th Floor, Queensway Government, at Offices, 66
Queensway, in Hong Kong.
At the meeting, Teresa S W Wong, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
ALCON ELECTRONICS: CRISIL Ups Rating on INR71MM Loan to CRISIL BB
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Alcon Electronics Pvt Ltd to 'CRISIL BB/Positive' from 'CRISIL BB-
/Positive', while reaffirming the rating on the short-term
facilities at 'CRISIL A4+'.
Facilities Ratings
---------- -------
INR28.5 Million Term Loan CRISIL BB/Positive (Upgraded
from 'CRISIL BB-/Positive')
INR71 Million Cash Credit CRISIL BB/Positive (Upgraded
from 'CRISIL BB-/Positive')
INR33.5 Mil. Letter of Credit CRISIL A4+ (Reaffirmed)
The rating upgrade reflects CRISIL's belief that Alcon's will
improve its business risk profile over the medium term, backed by
continued healthy growth in revenues as a result of increase in
capacities, while sustaining its profitability at current levels,
supported by improving product-mix (in favor of higher margin
film-foil capacitors and higher-voltage electrolytic capacitors).
Alcon has demonstrated a year-on-year growth in revenues of 25 per
cent and improvement in operating profitability to 19 per cent in
2010-11 (refers to financial year, April 1 to March 31), driven by
increase in exports and sale of higher-voltage capacitors. CRISIL
expects Alcon's cash accruals to increase over the medium term,
which would also lead to an improvement in Alcon's liquidity.
The ratings reflect Alcon's moderate financial risk profile,
marked by moderate gearing and debt protection metrics, and
established distribution network in both the Indian and export
markets. These rating strengths are partially offset by Alcon's
small scale of operations, susceptibility to intense market
competition in a highly fragmented industry and to volatility in
foreign exchange rates and raw material prices, and working-
capital-intensive operations.
Outlook: Positive
CRISIL expects an improvement in Alcon's business risk profile
over the medium term, backed by higher sales as a result of
increased capacities while maintaining its profitability; Alcon is
also likely to maintain its moderate financial risk profile. The
ratings may be upgraded if Alcon completes its proposed capacity
expansion plans within the revised timelines and cost, resulting
in increase in its scale of operations and cash accruals, and
improvement in its liquidity. Conversely, the outlook may be
revised to 'Stable' if Alcon's profitability is lower than
expected, leading to less-than-expected cash accruals or any
deterioration in liquidity, or if the company undertakes a larger-
than-expected debt-funded capital expenditure programme, leading
to weakening in its capital structure.
About Alcon Electronics
Incorporated in 1973, Alcon manufactures capacitors, including
aluminium electrolytic capacitors and film capacitors. The company
generates about 70 per cent of its revenues from aluminium
electrolytic capacitors and the remainder from film capacitors.
The company also exports, which contributed about 30 per cent of
its total revenues in 2010-11. Alcon's manufacturing unit in
Satpur (Maharashtra) has an installed production capacity of 1.2
million aluminium electrolytic capacitors and 9.0 million
polypropylene film foil capacitors per annum. The unit's capacity
is being enhanced by around 25 per cent; the expansion project,
which is expected to be completed by end of 2011-12, costs INR80
million.
For 2010-11, Alcon reported, on provisional basis, a profit after
tax (PAT) of INR29.2 million on net sales of INR324.5 million; the
company reported a PAT of INR12.7 million on net sales of INR260.4
million for 2009-10.
ARG DEVELOPERS: Fitch Places Rating on Two Loans at Low-B
---------------------------------------------------------
Fitch Ratings has assigned India-based ARG Developers Pvt. Ltd. a
National Long-Term rating of 'Fitch B(ind)'. The Outlook is
Stable.
Fitch has taken a consolidated view of the business and financial
risk profiles of ARG Developers and ARG Housing Pvt. Ltd. ('Fitch
B(ind)'/Stable) as they share common promoter and management
teams, have similar lines of business, and there is a strong
likelihood of fungibility of funds. The ratings draw comfort from
the over two-decade-long track record of the ARG Group as a real
estate developer and the fast pace of development in both of ARG
Developers' projects - a residential housing complex in Bhankrota
on Ajmer Road, Jaipur and a commercial complex in Vishvkarma
Industrial Area, Jaipur.
The ratings are constrained by the small size of the group's
operations and the competition from similar projects in the
vicinity.
ARG Developers' revenue declined to INR190m in the financial year
ended March 2010 (FY10) from INR290m in FY09 due to a drastic
decrease in customer demand. As demand stabilised, revenue
increased to INR236m in FY11 as per the provisional results. The
company's EBITDA margin has historically fluctuated between 15%
and 20%. Total debt at end-FY11 was INR228 million, including
INR30 million of unsecured loans from directors, as against debt
of INR170 million in FY10 which included INR130m from directors.
Negative rating action may result from the company's inability to
achieve sales in line with Fitch's expectations. Conversely,
higher-than-expected cash flows from operations may lead to
positive rating action.
ARG Developers was incorporated in 2007 by the ARG Group to
construct and develop residential houses, commercial complexes and
townships.
ARG Developers' bank facilities have been assigned ratings as
follows:
-- INR150 million long-term loans: 'Fitch B(ind)'
-- INR50 million fund-based working capital limits:
'Fitch B(ind)'
ARG HOUSING: Fitch Puts Rating on Two Loans at Low-B
----------------------------------------------------
Fitch Ratings has assigned India-based ARG Housing Pvt. Ltd a
National Long-Term rating of 'Fitch B(ind)'. The Outlook is
Stable.
Fitch has taken a consolidated view of the business and financial
risk profiles of ARG Housing and ARG Developers Pvt Ltd ('Fitch
B(ind)'/Stable) as they share common promoter and management
teams, have similar lines of business, and there is a strong
likelihood of fungibility of funds. The ratings draw comfort from
the over two-decade-long track record of the ARG Group as a real
estate developer and the fast pace of construction at ARG
Housing's residential project - ARG Puram - in Jaipur.
The ratings reflect the group's small size of operations and the
inferior location of the ARG Puram project, situated around 20km
from the centre of Jaipur, which could possibly deter potential
buyers.
Negative rating action may result from the company's inability to
achieve sales in line with Fitch's expectations. Conversely,
higher-than-expected cash flows from operations may lead to
positive rating action.
ARG Housing was incorporated in 2008 by the ARG Group to construct
and develop residential houses and townships. The Group has
completed around 20 projects in and around Jaipur.
ARG Housing's bank facilities have been assigned ratings as
follows:
-- INR220 million long-term loans: 'Fitch B(ind)'
-- INR20 million fund-based working capital limits: 'Fitch
B(ind)'
BIPICO INDUSTRIES: CRISIL Puts CRISIL BB Rating on INR18.9MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Bipico Industries (Tools) Pvt Ltd.
Facilities Ratings
---------- -------
INR80 Million Cash Credit CRISIL BB/Stable (Assigned)
INR18.9 Million Long Term Loan CRISIL BB/Stable (Assigned)
INR1 Million Bank Guarantee CRISIL A4+ (Assigned)
The ratings reflect the extensive experience of BITPL's promoters
in manufacturing engineering and industrial tools. This rating
strength is partially offset by BITPL's highly working-capital-
intensive operations, intense competition from imports, and
moderate financial risk profile, marked by a small net worth and
moderate debt protection metrics.
Outlook: Stable
CRISIL believes that BITPL will continue to benefit over the
medium term from the extensive experience of its promoters in
manufacturing engineering and industrial tools. The outlook may be
revised to 'Positive' if BITPL significantly increases its
operating revenues and margins while improving its capital
structure, debt protection metrics, and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the
company's net cash accruals decline significantly or its working
capital cycle deteriorates, or in case there is significant
withdrawal of capital from the company by the promoters, resulting
in weakening in its debt protection metrics or capital structure.
About Bipico Industries
Incorporated in 1972 by Mr. Kanubhai Patel, BITPL manufactures
hacksaw and bandsaw blades that are used across diverse
industries, including ship breaking, iron and steel, mining, and
automotive manufacturing. The company sells its products primarily
through its established network of more than 200 distributors;
direct sale is mainly to customers, such as Steel Authority of
India Ltd and Bharat Heavy Electrical Ltd, which accounted for
just 5 per cent of BITPL's total revenues in 2010-11 (refers to
financial year, April 1 to March 31). BITPL is currently managed
by Mr. Kanubhai Patel's son, Mr. Pramit Patel, and his daughter-
in-law, Mrs. Kinnary Patel.
BITPL reported a profit after tax (PAT) of INR1.4 million on net
sales of INR252.5 million for 2009-10, as against a PAT of
INR0.9 million on net sales of INR223.2 million for 2008-09.
CHENNAI RADHA: CRISIL Reaffirms 'CRISIL BB+' Cash Credit Rating
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chennai Radha
Engineering Works Pvt Ltd continue to reflect the company's
established presence in the bulk-material handling business,
moderate financial risk profile, and expertise in technical
operations.
Facilities Ratings
---------- -------
INR200.00 Million Cash Credit CRISIL BB+/Stable (Reaffirmed)
INR50.00 Million Letter of CRISIL A4+ (Reaffirmed)
Credit
INR395.00 Mil. Bank Guarantee CRISIL A4+ (Reaffirmed)
These strengths are partially offset by Chennai Radha's working-
capital-intensive operations, and customer concentration in its
revenue profile.
Outlook: Stable
CRISIL believes that Chennai Radha will maintain its stable
business risk profile over the medium term, backed by its
established relationships with clients and healthy order book. The
outlook could be revised to 'Positive' if the company
significantly improves its working capital management, ensuring
moderate liquidity. Conversely, the outlook could be revised to
'Negative' if the company undertakes a larger-than-expected debt-
funded capital expenditure programme, or if there is a significant
decline in its order book position, thereby deteriorating its
financial risk profile.
Update
Chennai Radha reported revenues of INR1.42 billion for 2010-11
which was lower than CRISIL's expectations and also lower than
2009-10 revenues; the decline is attributable to deferment of
execution of few orders to the first quarter of 2011-12. The
revenue of Chennai Radha is expected to grow steadily over the
medium term backed by a comfortable order book position of INR7.23
billion as on July 31, 2011 was as compared to order book of
INR5.10 billion in May 2010 The company has posted a revenue of
about INR450 million for the three months ended June 30, 2011
Chennai Radha is estimated to have posted operating margins of
around 15.5 per cent for 2010-11; the margins are expected to
remain comfortable on the back of the company's focus on high
margin operation and maintenance contracts and crane operations.
The estimated gearing was moderate at around 1.18 times as on
March 31, 2011. Although gearing is expected to increase on
account of debt funded capex of INR230 million and incremental
working capital debt over the medium term, it is expected to
remain below 1.50 times. The liquidity of Chennai Radha remains
adequate; the company had unencumbered cash and bank balances of
about INR24 million as on March 31, 2011. Net cash accruals are
expected to be sufficient to meet term debt repayment obligation
of INR40 million during 2011-12. The company had a moderate
average cash credit limit utilisation of about 70.6 per cent for
the twelve month period ended June 2011 and the company is
proposing an enhancement of INR100 million to meet incremental
working capital requirement.
Chennai Radha reported a profit after tax (PAT) of INR71 million
on net revenues of INR1.42 billion for 2010-11, against a PAT of
INR10 million on net revenues of INR1.57 billion for 2009-10.
About Chennai Radha
Chennai Radha was established as a proprietorship firm, Radha
Engineering Works, in 1985; it was reconstituted as a private
limited company in 2005. Chennai Radha undertakes operations and
maintenance of bulk-material handling systems, dealing mainly in
coal and ash handling for thermal power stations and captive power
plants. The company also undertakes turnkey projects for design,
erection, and testing of bulk-material handling systems, and has
completed two such projects till date. It manufactures customer-
specific equipment for electricity boards and captive power
plants. It also sells equipment procured from other manufacturers.
Chennai Radha owns three windmills, each of 250 kilowatts, in
Tirupur (Tamil Nadu), the generation of which is sold to Tamil
Nadu Electricity Board.
DEVENTHIRA SPINNERS: CRISIL Reaffirms 'CRISIL B+' Term Loan Rating
------------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Deventhira Spinners Pvt Ltd.
Facilities Ratings
---------- -------
INR100.0 Million Cash Credit CRISIL B+/Stable
(Enhanced from INR82.0 Million)
INR17.5 Million Term Loan CRISIL B+/Stable
(Enhanced from INR17.2 Million)
The rating reflects DSPL's relatively small scale of operations,
exposure to intense competition in the spinning industry,
susceptibility to volatility in raw material prices, and to risks
related to high dependence on a single supplier. These rating
weaknesses are partially offset by DSPL's comfortable financial
risk profile, marked by moderate gearing and debt protection
measures, and the benefits that the company derives from its
established relationships with its customers, and its promoter's
experience in the textiles industry. .
Outlook: Stable
CRISIL believes that DSPL will maintain its financial risk profile
over the medium term on the back of steady cash accruals over the
medium term. The outlook may be revised to 'Positive' if the
company significantly increases its revenues and operating margins
together with sustained improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' in case DSPL's financial risk
profile deteriorates driven by larger than expected debt-funded
capital expenditure, or adverse movement in input prices impacting
operating margins or dilution in family group synergies.
About Deventhira Spinners
Incorporated in 1980, DSPL manufactures blended polyester viscose
yarn (65 per cent polyester and 35 per cent viscose). DSPL's sales
are primarily to local dealers in Bhiwandi (Maharashtra) and in
Bhilwara (Rajasthan). It commenced operations with 6000 spindles,
and currently has 30,240 spindles. The company is owned by six
different family groups who are related to each other. In 2010-11
(refers to financial year, April 1 to March 31), DSPL bought back
shares from Mr. G Subramaniam and family, who owned 14 per cent of
the shares in the company.
DSPL reported a provisional profit after tax (PAT) of INR0.72
million on net sales of INR548.32 million for 2010-11, against a
PAT of INR5.64 million on net sales of INR380.66 million for
2009-10.
GANGOTRI TEXTILES: CRISIL Reaffirms 'CRISIL D' Cash Credit Rating
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Gangotri Textiles Ltd
continues to reflect the continued delays by GTL in servicing its
debt; the delays have been caused by the company's weak liquidity
as a result of weak cash generation. GTL is rescheduling its debt
obligations through a corporate debt restructuring programme.
Facilities Ratings
---------- -------
INR177.3 Million Cash Credit CRISIL D (Reaffirmed)
INR2548.8 Million Term Loan CRISIL D (Reaffirmed)
INR545.7 Mil. Working Capital CRISIL D (Reaffirmed)
Term Loan
INR523 Mil. Proposed Term Loan CRISIL D (Reaffirmed)
GTL was set up by Mr. Manoj Kumar Tibrewal in 1989. It spins open-
ended and ring-spun yarn, besides manufacturing fabric and
garments for the domestic market under the brand name, Tibre.
For 2010-11 (refers to financial year, April 1 to March 31), the
company reported a net loss of INR157.2 million on net sales of
INR2.1 billion, against a net loss of INR324.3 million on net
sales of INR1.4 billion in the previous year.
GINNI FILAMENTS: Fitch Affirms Low-B Ratings on Two Loans
---------------------------------------------------------
Fitch Ratings has affirmed India-based Ginni Filaments Limited's
National Long-Term rating at 'Fitch B+(ind)'. The Outlook is
Stable.
The ratings are constrained by inventory losses of INR384 million
incurred in Q1FY12 (quarter end June) and a further loss of
INR150m is expected in Q2 due to volatile cotton/cotton yarn
prices. Ginni had raw material inventory of INR1,358m as of 31
March 2011, and since then cotton prices have fallen 40%. This is
likely to lead to significantly lower EBITDA and net losses in
FY12, further widening Ginni's accumulated losses on the balance
sheet (INR200m as of FY11). Cotton yarn is Ginni's largest sales
contributor (60% in FY11).
The ratings continue to benefit from Ginni's vertically integrated
business model, and improving product mix with reasonable
diversification into higher-growth and -margin textiles (non-woven
fabrics and wipes). Such products accounted for 20% -25% of total
sales during FY08-FY11, protecting revenue and margins from the
cotton cycle to a certain extent. Nevertheless, 60%-70% of the
sales are for export, exposing the company to forex risk, which is
only 30% hedged.
Ginni's EBITDA grew 35% yoy in FY11 to INR896m on account of a
rally in yarn prices, leading to an improvement in net debt/EBITDA
to 4.7x from 5.8x in FY10, 11.4x in FY09. However, with
significant inventory losses burdening EBITDA during FY12, any
further deleveraging is likely to be slow and net leverage for
FY12 is expected to be significantly higher than in FY11.
The ratings continue to be constrained by low debt service
coverage and volatile margins. This means Ginni's leverage
metrics are vulnerable to a fall in EBITDA margins, particularly
given its significant debt (INR4,272 million as of 31 March 2011)
and considerable debt maturities (INR1,330 million) over FY12 to
FY15.
Weaker profitability and cash flows leading to reduced debt
servicing capability may lead to negative rating action. Any new
sizable debt-funded capex in the short-to-medium term could be
onerous on Ginni's credit profile and also act as a negative
rating driver. Recovery of operating profitability on a sustained
basis and corresponding improvement in liquidity would be a
positive rating driver.
Ginni is a vertically integrated textile manufacturer of yarn,
fabrics and garments and has a reasonable diversification into
technical textiles. In FY11, Ginni reported net sales of
INR6.9 billion (FY10: INR5.1 billion), operating EBITDA of
INR896 million (INR663 million) and net income of INR183 million
(INR52 million).
Ginni's bank loan ratings have been affirmed as follows:
-- INR1,886m term loans (reduced from INR2039m): 'Fitch B+(ind)'
-- INR1,300m fund-based working capital limits: 'Fitch B+
(ind)'/'Fitch A4(ind)'
-- INR400m non-fund based working capital limits: 'Fitch
A4(ind)'
HAJRA MEDICAL: CRISIL Assigns 'CRISIL BB' Rating to INR35MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Hajra Medical Agencies Pvt Ltd.
Facilities Ratings
---------- -------
INR55 Million Cash Credit CRISIL BB/Stable (Assigned)
INR35 Million Proposed LT CRISIL BB/Stable (Assigned)
Bank Loan Facility
INR7.5 Million Bank Guarantee CRISIL A4+ (Assigned)
The ratings reflect HMAPL's established presence in the
pharmaceutical distribution business, supported by longstanding
relationships with major pharmaceutical companies, and adequate
infrastructure for distributing drugs and vaccines. These rating
strengths are partially offset by HMAPL's modest scale of
operations, small net worth, and low profitability, in line with
the trading nature of its operations.
Outlook: Stable
CRISIL believes that HMAPL will continue to benefit from its long
track record in the distribution business. However, the company's
credit risk profile will remain constrained by its small scale of
operations. The outlook may be revised to 'Positive' in case of a
significant increase in HMAPL's scale of operations, driven by
significant additions to its base of pharmaceutical companies and
expansion of its distribution network. Conversely, the outlook may
be revised to 'Negative' in case of less-than-expected revenues
and profitability, or in case of any large debt-funded capital
expenditure.
About Hajra Medical
HMAPL is into distribution of pharmaceutical products in Kolkata
and other districts in West Bengal. HMAPL was formed in 1982 as a
proprietorship concern by Mr. Subrata Kumar Hajra (managing
director), and was incorporated as a private limited company in
2001; the company is owned by Mr. Hajra and his family members.
HMAPL is a distributor for major pharmaceutical companies,
including USV Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+'), J B
Chemicals and Pharmaceuticals Ltd (CRISIL AA/Stable/CRISIL A1+),
Orchid Chemicals & Pharmaceuticals Ltd, and Natco Pharma Ltd.
For 2010-11 (refers to financial year, April 1 to March 31), HMAPL
reported a net profit of INR2.0 million on net revenues of
INR373.9 million, against a net profit of INR1.4 million on net
revenues of INR353.4 million in 2009-10.
J. D. INDUSTRIES: CRISIL Places 'CRISIL B' Rating on INR7.5MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of J.D. Industries.
Facilities Ratings
---------- -------
INR7.5 Million Term Loan CRISIL B/Stable (Assigned)
INR40 Million Cash Credit CRISIL B/Stable (Assigned)
INR2.2 Mil. Proposed LT Bank CRISIL B/Stable (Assigned)
Loan Facility
INR20 Million Bank Guarantee CRISIL A4 (Assigned)
The ratings reflect JDI's weak financial risk profile, marked by a
high gearing, small net worth, and below-average debt protection
metrics, small scale of operations, large working capital
requirements, and susceptibility of its operating margin to
adverse government regulations and volatility in raw material
prices. These rating weaknesses are partially offset by the
extensive experience of JDI's promoter in the rice business.
Outlook: Stable
CRISIL believes that JDI's financial risk profile will remain
constrained by its weak financial risk profile over the medium
term because of its proposed debt-funded capital expenditure
(capex) programme. The outlook may be revised to 'Stable' if there
is significant improvement in JDI's capital structure and debt
protection metrics, on account of more-than-expected cash
accruals, improved profitability, or capital infusions.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected revenues and profitability, or if the firm
undertakes a large, more-than-expected debt-funded capex
programme, causing further deterioration in its financial risk
profile.
About J.D. Industries
Set up in 2006, JDI trades paddy and mills, processes, and markets
rice and rice brokens. The firm was set up by Mr. Rajesh Kumar
Khubwani, who was associated with Jai Durga Rice Mill, a family
concern, prior to setting up JDI. JDI started operations by
leasing JDRM's facility, which had capacity of 4 tonnes per hour
(tph) to process raw rice. The firm subsequently expanded its
capacity by setting up an additional 8-tph milling capacity at its
unit in Neora (Chhattisgarh).
KAVISHA MOTORS: CRISIL Assigns 'CRISIL B+' Rating to INR70MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Kavisha Motors Pvt Ltd.
Facilities Ratings
---------- -------
INR55 Million Cash Credit CRISIL B+/Stable (Assigned)
INR70 Million Proposed LT CRISIL B+/Stable (Assigned)
Bank Loan Facility
The rating reflects the limited track record of KMPL's operations
under the new management and the company's exposure to intense
competition in the automotive dealership market. These rating
weaknesses are partially offset by the stability in KMPL's
operating margin because of the company's focus on revenues from
spares and services.
Outlook: Stable
CRISIL believes that KMPL's business risk profile will remain
constrained over the medium term by the company's limited track
record of operations under the new management. The outlook may be
revised to 'Positive' if KMPL ramps up its sales earlier than
expected, leading to high cash accruals along with improvement in
its operating margin. Conversely, the outlook may be revised to
'Negative' in case of further decline in the company's topline or
operating margin, leading to further deterioration of its business
risk profile, or if KMPL contracts a large quantum of debt to fund
its capital expenditure thereby impacting its financial risk
profile.
About Kavisha Motors
KMPL is managed by Mr. Keshav Aggarwal and his family. Mr. Keshav
Aggarwal acquired the company in December 2010 from its previous
owner, Mrs. Sharda Bhargava. Incorporated in 1986, KMPL commenced
operations by bagging the dealership of Maruti Suzuki India Ltd
(rated 'CRISIL AAA/Stable/CRISIL A1+' by CRISIL). Currently, KMPL
has one showroom in Bareilly (Uttar Pradesh) on 3S format (sales,
service, and spares).
KMPL reported a profit after tax (PAT) of INR1.3 million on net
revenue of INR310 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net
revenue of INR561 million for 2008-09.
KOHLI AUTO: CRISIL Assigns 'CRISIL B+' Rating to INR5MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Kohli Auto Company (S).
Facilities Ratings
---------- -------
INR145 Million Cash Credit CRISIL B+/Stable (Assigned)
INR5 Million Long-Term Loan CRISIL B+/Stable (Assigned)
INR30 Million Proposed LT CRISIL B+/Stable (Assigned)
Bank Loan Facility
The rating reflects firm's weak financial risk profile and
exposure to intense competition in the automobile dealership
market and supplier concentration risk. These rating weaknesses
are partially offset by KAC's longstanding presence in the
industry.
Outlook: Stable
CRISIL believes that KAC will maintain its business risk profile
because of its long standing presence in automobile dealer
industry. The outlook may be revised to 'Positive' if KACs scale
of operations increases significantly along with improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if financial risk profile deteriorates due to increase
in working capital or large debt funded capital expenditure.
About Kohli Auto
KAC, a partnership firm, was set up by Mr. Navinder Singh Kohli
and his family members in October 1968. The firm obtained the
dealership of Mahindra and Mahindra Ltd for sale of spare parts in
1998 and for sale of vehicles in 2001. Prior to the dealership
business, the firm traded in iron and automobile spare parts. It
has service stations and showrooms in Khanna, Ludhiana, Moga,
Delhon, Srihind, and Jagraon (all in Punjab) and on an average 50
vehicles can be serviced a day at these service stations.
KAC reported book profit of INR2.2million on operating income of
INR566.1 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a book profit of INR0.9 million on operating
income of INR230.1 million for 2009-10.
PADMANABH HEALTHCARE: CRISIL Rates INR68MM Loan at 'CRISIL B-'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the term loan
facility of Padmanabh Healthcare Pvt Ltd.
Facilities Ratings
---------- -------
INR68 Million Term Loan CRISIL B-/Stable (Assigned)
The rating reflects the risks associated with the implementation
of PHPL's hospital project, especially delays in the commissioning
of the facilities. This rating weakness is partially offset by the
extensive experience of PHPL's promoters in the healthcare
industry.
Outlook: Stable
CRISIL believes that PHPL will benefit over the medium term from
its promoters' experience in the healthcare industry. CRISIL also
believes that the promoters will provide financial support to the
company to fund any cost run in the project and to meet its debt
obligation without delays. The outlook may be revised to
'Positive' if PHPL operations start within estimated time and cost
and demonstrates higher-than-expected occupancy levels thereby
translating in to higher-than-expected cash inflows. Conversely,
the outlook may be revised to 'Negative' in case the company
reports significantly lower-than-expected offtake or significant
deterioration in capital structure or debt protection metrics,
because of any significant time or cost overrun in its capital
expenditure (capex) programme.
About Padmanabh Healthcare
PHPL, incorporated in June 2009 by Dr. Krishan Avtar, his wife
Dr. Seema Avtar and Sh. Kamal Kant Garg, is currently setting up a
120-bed super-speciality (tertiary) hospital at Ashirwad Enclave,
Dehradun (Uttaranchal). The total project cost is around
INR150 million, which is proposed to be funded in a debt-to-equity
mix of 2:1. The construction of the project started in December
2010; till date, the company has expended a capital of around
INR45 million. The project is expected to commence operations in
April 2012.
PRESSMACH INFRA: CRISIL Rates INR36MM Loan at ' CRISIL BB-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Pressmach Infrastructure Pvt Ltd (PIPL;
part of the Pressmach group).
Facilities Ratings
---------- -------
INR200 Million Cash Credit CRISIL BB-/Stable (Assigned)
INR36 Mil. Proposed Term Loan CRISIL BB-/Stable (Assigned)
INR39 Million Proposed Cash CRISIL BB-/Stable (Assigned)
Credit Limit
INR25 Million Bank Guarantee CRISIL A4+ (Assigned)
The ratings reflect the benefits that the Pressmach group derives
from the healthy growth prospects for the niche pre-fabricated
shelter segment. This rating strength is partially offset by the
Pressmach group's working-capital-intensive operations and
moderate financial risk profile, marked by a high gearing and
small net worth.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Pressmach and PIPL, together referred
to as the Pressmach group. This is because both the entities are
in the same line of business, share significant business
synergies, and have common promoters and fungible cash flows
between them. Furthermore, the group's management plans to merge
both the entities over the medium term.
Outlook: Stable
CRISIL believes that the Pressmach group will continue to benefit
over the medium term from its established position in the pre-
fabricated shelter segment. The outlook may be revised to
'Positive' in case of a sustained improvement in the group's
working capital management, marked by efficient receivables
collection and a significant improvement in its revenues and
capital structure. Conversely, the outlook may be revised to
'Negative' in case of significant delay in receivables, resulting
in stretched liquidity, or in case the group undertakes a larger-
than-expected debt-funded capital expenditure programme, thereby
weakening its financial risk profile.
About the Group
Set up in 1984 as a proprietorship firm by Mr. C A Sunny,
Pressmach is engaged in the erection of pre-fabricated site
offices, guesthouses, and staff hostels. These pre-fabricated
shelters are made of Sintex and steel. Until March 2011, Pressmach
had two segments -- infrastructure and manufacture division. The
infrastructure division erects pre-fabricated shelters and has
accounted for 90 per cent of the firm's total revenues in the
past. The manufacturing division is involved in the production of
roofing sheets, cable trays, and switch bulbs, which are used in-
house for the construction of pre-fabricated shelters.
PIPL was incorporated on July 7, 2010, and has been executing
infrastructure projects since July-August 2010. Post April 2011,
the infrastructure division of Pressmach was hived off and merged
with PIPL. PIPL has been executing new infrastructure orders from
April 2011, while the existing orders are being executed by
Pressmach. The manufacturing division, however, continues to be
with Pressmach. The management of the Pressmach group intends to
consolidate both the entities over the medium term.
The Pressmach group reported a profit after tax (PAT) of
INR50.2 million on net sales of INR658.3 million for 2010-11
(refers to financial year, April 1 to March 31), as against a PAT
of INR31.3 million on net sales of INR337.6 million for 2009-10.
ROMET: CRISIL Assigns 'CRISIL B+' Rating to INR10MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Romet.
Facilities Ratings
---------- -------
INR10 Million Cash Credit CRISIL B+/Stable (Assigned)
INR110 Million Letter of Credit CRISIL A4 (Assigned)
The ratings reflect Romet's modest scale of operations, small net
worth, large working capital requirements, and low profitability
resulting from volatility in prices of the commodities it trades
in. These rating weaknesses are partially offset by extensive
industry experience of Romet's promoter-partners' family.
Mr. Rajendra Agarwal, father of promoter-partner, Mr. Ankit
Agrawal has been into the related businesses for the past 20
years. The family also promotes Nicomet industries Ltd (Nicomet;
rated CRISIL BB/Stable/CRISIL A4+) which is engaged into
extraction of Cobalt, Nickel and Copper from concentrates.
Outlook: Stable
CRISIL believes that Romet will maintain its established industry
linkages and will continue to benefit from the extensive industry
experience of promoter-partners' family. The outlook may be
revised to 'Positive' in case of more-than-expected increase in
Romet's scale of operations and profitability, resulting in more-
than-expected net cash accruals. Conversely, the outlook may be
revised to 'Negative' in case of significant deterioration in the
firm's liquidity because of larger-than-expected working capital
requirements.
About Romet
Romet, partnership firm based in Mumbai, was set up by Mr. Ankit
Agarwal and his mother, Mrs. Usha Agarwal, in 2009. Romet
commenced operations in September 2009. Romet trades in ferrous
and non-ferrous metals and metal scrap, such as nickel, steel
scrap, heavy melting scrap, copper, and tin.
About Nicomet
Incorporated in 1993, Nicomet was promoted by Mr. Rajendra Agrawal
and his associates, Mr. Vijay Porwal and Mr. Bhupat Shah. Nicomet
set up the first plant for cobalt extraction in the country, and
is the second largest producer of cobalt with an installed
capacity of 1000 tonnes per annum (tpa). It has now set up a 2000
tpa nickel extraction facility, the first in the country, at a
cost of INR200 million.
SAPALA ORGANICS: CRISIL Assigns 'CRISIL B' Rating to INR32MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sapala Organics Pvt Ltd.
Facilities Ratings
---------- -------
INR20 Million Cash Credit CRISIL B/Stable (Assigned)
INR32 Million Long-Term Loan CRISIL B/Stable (Assigned)
The rating reflects SOPL's below-average financial risk profile,
marked by a small net worth and weak debt protection measures. It
is also exposed to risks related to a small scale of operations
amid intense competition in the contract research (CR) market.
However, SOPL benefits from its promoters' extensive experience in
the contract research lines of business and its low-risk business
model.
Outlook: Stable
CRISIL believes that SOPL will continue to benefit from its
promoters' extensive industry experience in contract research
industry, over the medium term. The outlook may be revised to
'Positive' in case the company significantly improves its scale of
operations and capital structure, along with sustaining its
profitability. Conversely, the outlook may be revised to
'Negative' if SOPL undertakes any larger-than-expected debt-funded
capital expenditure programme, or its profitability declines
significantly, thereby weakening its financial risk profile.
About Sapala Organics
Incorporated in 2005, SOPL commenced commercial operations in
2007-08 (refers to financial year, April 1 to March 31). The
Hyderabad-based SOPL is a CR organisation engaged in custom
synthesis. The company's core strength is in carrying out organic
synthesis in the pharmaceuticals and material sciences domain.
SOPL derives significant strength from its promoter-directors, Dr.
Masami Nakane and Dr. P Yella Reddy, who have around three decades
of experience in the pharmaceutical domain.
SOPL reported a profit after tax (PAT) of INR4 million on net
sales of INR64 million for 2010-11 (refers to financial year,
April 1 to March 31), as against a net losses of INR4 million on
net sales of INR58 million for 2009-10.
SEAM INDUSTRIES: Fitch Affirm Rating on Two Term Loans at Low-B
---------------------------------------------------------------
Fitch Ratings has affirmed India-based SEAM Industries Pvt. Ltd's
National Long-Term rating at 'Fitch BB+(ind)'. T he Outlook is
Stable.
The ratings reflect SEAM's strong revenue growth of 71% yoy in the
financial year ended March 2011 (FY11) due to increased sales of
carbon steel piping (INR427.5 million) and structures
(INR364.5 million), and its strong client profile. SEAM's ratings
also reflect the continued support from and its legal and
operational linkages with its parent Sunil Hitech Engineers Ltd
(SHEL, 'Fitch BBB+(ind)'/Stable), which has an 85% stake in the
former. SHEL extended a corporate guarantee to SEAM's entire term
loan in FY11.
The ratings are, however, constrained by SEAM's weak order book
position of INR520.7m as on July 2011 (0.6x FY11 revenues).
Further, the company faces client concentration risks (albeit
lower than last year) as two of its customers -- Larsen & Toubro
Limited (33.6%) and SHEL (30.8%) -- accounted for a majority of
its July 2011 order book. SEAM's financial leverage (total
debt/EBITDA) increased to 2.8x in FY11 from 1.8x in FY10 due to
capex of INR85 million. Fitch expects leverage to increase
further to 3.0x in FY12 caused by the company's planned capex of
INR100 million.
Positive rating guideline would be net debt/EBITDA falling below
2.0x on a sustained basis along with client diversification.
Negative rating guideline would be net debt/EBITDA exceeding 4.0x
on a sustained basis and weakening of SEAM's linkages with SHEL.
Incorporated in May 2005, SEAM manufactures and fabricates
pressure parts and structural products. In FY11, the company
reported revenue of INR809.7 million (FY10: INR471.6 million), an
operating profit of INR84.4 million (INR59 million), an EBITDA
margin of 10.4% (12.5%), and a net profit of INR39.4 million
(INR23.2 million).
Fitch has also affirmed SEAM's bank facilities as follows:
-- INR60m term loans (enhanced from INR14.4m): 'Fitch BB+(ind)'
-- INR160m fund-based limits (enhanced from INR87.5m): 'Fitch
BB+(ind)'
-- INR75m non-fund based limits: 'Fitch A4+(ind)'
SHIV-NARESH SPORTS: CRISIL Rates INR10MM LT Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shiv-Naresh Sports Pvt Ltd.
Facilities Ratings
---------- -------
INR20 Mil. Cash Credit Limit CRISIL B/Stable (Assigned)
INR10 Million Proposed Long- CRISIL B/Stable (Assigned)
Term Loan Bank Facility
INR50 Million Bank Guarantee CRISIL A4 (Assigned)
INR30 Million Proposed Short- CRISIL A4 (Assigned)
Term Loan Bank Facility
The ratings reflect SNS's working-capital-intensive operations and
small-scale operations in the highly fragmented sportswear
industry, which constrains its operating profitability. These
rating weaknesses are partially offset by SNS's stable revenue
growth in the sportswear segment, supported by its established
distribution network.
Outlook: Stable
CRISIL believes that delay in payments from clients will keep
SNS's operations working capital intensive and consequently its
business risk profile constrained over the medium term. The
outlook may be revised to 'Negative' if there is further
deterioration in SNS's working capital management or decline in
its operating profitability, which could weaken its financial
flexibility. Conversely, the outlook may be revised to 'Positive'
in case there is substantial improvement in SNS's operating margin
along with improvement in its working capital management, leading
to improvement in financial flexibility.
About Shiv-Naresh Sports
SNS was incorporated in 1998 and promoted by Mr. Shiv Prakash
Singh and his family. SNS manufactures sportswear, and executes
sports infrastructure projects such as synthetic athletic track
laying and turf installation. SNS started operations by taking
over the partnership firm, Shiv Naresh Sports. Shiv Naresh Sports
was established in 1987 and used to manufacture sportswear and
accessories.
In 2010-11 (refers to financial year, April 1 to March 31), sports
infrastructure segment contributed around 76 per cent of SNS's
total sales of INR709 million; the rest came from the sportswear
division. The company's manufacturing unit is in Delhi.
For 2009-10, the company reported a PAT of INR4.7 million on net
sales of INR224 million, as against a PAT of INR3.4 million on net
sales of INR255 million for 2008-09.
SHIV RENEWABLE: CRISIL Rates INR120 Million LT Loan at 'CRISIL B'
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
loan facility of Shiv Renewable Energy Pvt Ltd.
Facilities Ratings
---------- -------
INR120 Million Long-Term Loan CRISIL B/Stable (Assigned)
The rating reflects SREPL's exposure to inherent project
implementation risks. This rating weakness is partially offset by
the extensive experience of SREPL's promoter in setting up and
management of windmills.
Outlook: Stable
CRISIL believes that SREPL will benefit over the medium term from
its promoter's extensive in setting up of windmills. The outlook
may be revised to 'Positive' if the company attains higher than
expected power generations. Conversely, the outlook may be revised
to 'Negative' if the time and cost overruns in its ongoing
project, leading to a delay in stabilisation of operations and
generation of cash accruals, or if SREPL undertakes a larger-than-
expected debt-funded capital expenditure programme, or if it faces
significant challenges in attracting customers for its proposed
wind farm.
About Shiv Renewable
SREPL was incorporated in 2008 as a private limited company by
Mr. Nitin Gori. The company is developing a wind power farm in
Beed district (Maharashtra). SREPL will be erecting 12 wind
electrical generators of 250 KWH each, along with the necessary
infrastructure for power evacuation to the nearest grid. The
company's office is located in Navi Mumbai (Maharashtra) and its
wind farm is in Beed. The company is expected to start power
generation from third quarter of FY 2011-12.
TAMILNADU JAIBHARATH: CRISIL Rates INR200MM Key Loan at 'CRISIL D'
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Tamilnadu Jaibharath
Mills Ltd continue to reflect instances of delay by TNJBL in
meeting its term loan obligation; the delays have been caused by
TNJBL's weak liquidity.
Facilities Ratings
---------- -------
INR200.0 Million Key Loan CRISIL D (Assigned)
INR282.5 Million Cash Credit Limit CRISIL D (Reaffirmed)
INR250.5 Million Long-Term Loan CRISIL D (Reaffirmed)
Rs 44.0 Million Short Term Loan CRISIL D (Reaffirmed)
INR22.5 Mil. Letter of Credit Limit CRISIL D (Reaffirmed)
INR5.0 Million Bank Guarantee Limit CRISIL D (Reaffirmed)
TNJBL has a weak financial risk profile, marked by high gearing
and below-average debt protection metrics. The firm is also
exposed to risks related to volatility in raw material prices, and
to power shortage in Tamil Nadu. TNJBL, however, benefits from the
long standing presence of the Ramalinga Mills group in the
textiles industry.
About Tamilnadu Jaibharath
Set up in 1989, TNJBL is part of the Ramalinga group of companies.
The company is currently managed by Mr. D Senthilkumar, son of Mr.
T.R. Dhinakaran and son-in-law of late Dr. D Jayavardhanavelu,
chairman of the LMW group of companies. TNJBL manufactures cotton
yarn and has a current capacity of around 50,208 spindles.
TNJBL reported a profit after tax (PAT) of INR43.9 million on net
sales of INR944.7 million for 2010-11 (refers to financial year,
April 1 to March 31), against a net profit of INR8.3 million on
net sales of INR857.8 million for 2009-10.
WOCKHARDT LTD: Wins More Time to Submit Settlement Plan
-------------------------------------------------------
Moneycontrol.com, citing CNBC-TV18's Ashwin Mohan, reports that
the Bombay High Court granted additional time to Wockhardt Ltd to
arrive at a workable solution to handle litigation from its
foreign currency convertible bond (FCCB) holders.
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 9, 2011, The Economic Times said 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 after the company sought time
till September 21 to inform the court whether it would be able to
submit a repayment timeframe.
According to Moneycontrol.com, Wockhardt on September 21 went to
the Bombay High Court and sought some extra time to seek the
proposal or solution for repayment that would fit all the parties
-- CDR as well as the bond holders.
Moneycontrol.com notes that the Bombay High Court last time had
said that one of the options could be that sale proceeds from the
Danone deal could be deposited in the High Court. And from
High Court would then be dispersed to the sale parties. That is
one option. But Bombay High Court has left the source of the
funding open to Wockhardt, Moneycontrol.com relays.
So, now one needs to look forward to what kind of a solution
Wockhardt comes up with, when the case next comes up for hearing
on September 29, according to Moneycontrol.com. If the solution
that is forwarded by Wockhardt is not acceptable to the Bombay
High Court, the Court will continue hearing the case, as far as
the liquidation proceedings are concerned on October 4, reports
Moneycontrol.com.
As reported in the TCR-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.
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.
WOCKHARDT LTD: CCI Approves Nutrition Business Sale to Danone
-------------------------------------------------------------
The Hindu Business Line reports that the Competition Commission of
India has cleared a proposal by G&K Baby Care -- a subsidiary of
Danone Asia Pacific -- to acquire the nutrition business of
Wockhardt Ltd.
The competition watchdog has also approved two other related
acquisitions. These include G&K's plans to acquire the contract
manufacturing business of Carol Info Services Ltd (a fellow
subsidiary of Wockhardt) as also a proposal by Danone Asia Pacific
Holdings to acquire certain intellectual properties that are used
in nutrition business from Wockhardt EU Operations Swiss AG.
In its latest order, the report relates, the Competition
Commission of India said that the "proposed combination is not
likely to have an appreciable adverse effect on competition in
India."
Early last month, the Hindu Business Lines recounts, the two
companies had formalised an estimated Rs 1,600-crore deal, where
Danone would acquire Wockhardt's nutrition business and brands as
well as its related industrial operations from Carol Info Service,
located in Punjab.
Though the CCI clearance is one regulatory approval for the deal,
the debt-saddled Wockhardt's deal still awaits approval from the
Bombay High Court.
As reported in the TCR-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.
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.
=================
I N D O N E S I A
=================
PERUSAHAN LISTRIK: Fitch Puts Rating on Senior Unsecured at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Perusahaan Listrik
Negara (Persero) a Foreign Currency Senior Unsecured rating of
'BB+'. At the same time, Fitch has also assigned PLN's
USD2 billion global medium term notes (GMTN) programme a 'BB+'
rating.
PLN has a large capex programme to increase generation capacity
and related network assets, under its fast track programme phases
I and II. Proceeds from issuances from the GMTN programme will be
used to fund this capital expenditure and for general corporate
purposes.
PERUSAHAN LISTRIK: Fitch Puts Issuer Default Rating at 'BB+'
------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Perusahaan Listrik
Negara (Persero) a Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'BB+' with a Positive Outlook.
"PLN's rating reflects very strong legal, operating and strategic
linkages with its parent - Republic of Indonesia ('BB+'/Positive),
which warrants an equalisation of ratings with those of Indonesia
under Fitch's parent and subsidiary linkage methodology," said
Sajal Kishore, Director in Fitch's Asia Pacific Energy & Utilities
team.
PLN's IDR benefits from strong tangible support from the
sovereign, in particular, the substantial subsidies it receives
through an established mechanism. As the electricity tariffs that
PLN is allowed to charge - approved by the Indonesian Parliament -
are below its costs of production, the government pays PLN a
compensating subsidy and a public service obligation margin. This
allows PLN to cover its operating expenses, including
depreciation, interest and financing costs and to partially meet
its capex requirements. In addition, the government provides
support in the form of direct loans at concessional terms, with
loans from multinational agencies, equity, through soft loans from
its development funds, assistance in fuel supplies by mitigating
some of PLN's volume and price risks and guarantees for bank loans
related to the first phase of its fast track programme.
PLN's dominant generation capacity and position as the owner and
operator of the monopoly network and electricity supply businesses
underpin its economic and strategic importance to the functioning
of the Indonesian economy. PLN is critical to the execution of
the national electricity policy and for Indonesia to meet its
industrialisation and economic growth objectives.
However, its standalone credit profile is weaker than that of its
parent due to high leverage levels and exposure to high fuel
costs. PLN has a large debt-funded capex programme to increase
generation capacity and related network assets. Provided that
project execution risk is successfully managed, PLN's operating
margins should improve over the next five years, with new
generation capacity fuelled by cheaper coal supplies.
PLN's rating will be negatively affected by any negative rating
action on Indonesia. A negative rating action can also arise if
the linkages with the sovereign weaken, although Fitch does not
expect PLN's policy role or support from the sovereign to wane in
the medium term. Conversely, PLN's ratings will be upgraded if
Indonesia's ratings are upgraded, provided there is no weakening
of the legal, operational and strategic ties with the state.
=========
J A P A N
=========
CAFES 2: Fitch Revises Rating Watch on Class E TBIs to Evolving
----------------------------------------------------------------
Fitch Ratings has revised the Rating Watch on Cafes 2's class E
trust beneficiary interests (TBIs) due August 2013 to Evolving
from Negative and affirmed the rest. The transaction is a
Japanese multi-borrower type CMBS securitisation. The rating
actions are as follows:
-- JPY0.39bn Class C TBIs affirmed at 'Asf'; Outlook Stable
-- JPY0.96bn Class D TBIs affirmed at 'BBBsf'; Outlook Stable
-- JPY0.16bn Class E TBIs 'BBsf'; revised to Rating Watch
Evolving (RWE) from Rating Watch Negative
The RWE reflects that transaction parties' negotiation to avoid
principal loss on the class E TBIs is progressing. After the last
rating action in June 2011, one remaining underlying loan
defaulted in July 2011 but was fully collected in terms of both
principal and default interest by end-August 2011. As a result,
the next payment date in November 2011 will be final for the
transaction. The special servicing fee, relating to the
collection of the defaulted underlying loan principal, is
structured to be paid from the default loan interest and reserved
cash in the trustee account. Fitch recognizes that the
transaction parties are in the process of calculating the final
payment with consideration to avoiding principal loss on the class
E TBIs, although the final outcome is yet to be confirmed.
The affirmation of class C and D TBIs reflect the full repayment
of all underlying loans. These classes will be fully redeemed at
the November 2011 payment date.
The TBIs were issued in October 2006 and the transaction was
initially a securitisation of nine loans backed by 29 properties.
All underlying loans have been repaid to date.
TOKYO ELECTRIC: Likely to Cut Pension Payments, Workforce by 10%
----------------------------------------------------------------
The Daily Yomiuri reports that Tokyo Electric Power Co. will
likely cut corporate pension payments and reduce its workforce as
part of efforts to raise funds to finance compensation payments
for damages caused by the ongoing crisis at the Fukushima No. 1
nuclear power plant.
The news agency relates that TEPCO President Toshio Nishizawa on
Tuesday told reporters of the cost-cutting plan after a meeting of
a third-party government panel tasked with reviewing the utility's
financial situation.
The Daily Yomiuri says the panel hopes to draw up its report by
the end of this month. However, the announcement of the report
may be delayed as TEPCO and the panel does not agree on the
utility's wish to raise electricity charges.
Mr. Nishizawa, who attended the panel for the first time,
explained to its members the extent of progress in reducing its
workforce, according to the report.
After the meeting, the Daily Yomiuri relates, Mr. Nishizawa hinted
that TEPCO might seek to reduce its operating and other costs by
more than JPY500 billion annually, the amount originally planned.
"While taking into consideration the advice [of the third-party
panel], we've been further scrutinizing the details [about cutting
costs]," the report quotes Mr. Nishizawa as saying.
Mr. Nishizawa, as cited by Daily Yomiuri, said the company would
consider cutting pension payments, not regarding them as a sacred
cow. He suggested TEPCO retirees, who already have pension
rights, will also be subject to the cuts. The power utility will
also study the possibility of cutting its workforce by 10%, the
report adds.
About TEPCO
Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world. TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.
Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years. More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 11, 2011, Moody's Japan K.K. confirmed the ratings of Tokyo
Electric Power Co., Inc. (TEPCO). The ratings confirmed include
its senior secured rating of Ba2, long-term issuer rating of B1,
and Corporate Family Rating of Ba3. The ratings outlook is
negative.
===============
M A L A Y S I A
===============
MISC BERHAD: Moody's Downgrades Issuer Rating to 'Baa1'
-------------------------------------------------------
Moody's Investors Service has downgraded the issuer and senior
unsecured ratings of MISC Berhad from A3 to Baa1.
The outlook of the ratings is negative.
Ratings Rationale
This rating action concludes the review for downgrade initiated on
June 27, 2011. The prolonged weakness in MISC's credit metrics,
operating losses in its liner, chemical and petroleum segments,
and large capital expenditure plans -- amidst a difficult
operating environment -- had triggered the review.
The downgrade encompasses the change in MISC's standalone rating
to Ba1 from Baa3, while maintaining a 3-notch uplift based on
strong parental support from Petronas (A1/Stable).
"The downgrade of the standalone rating reflects the deterioration
in MISC's credit metrics over the last two financial years, and
its limited ability to deleverage due to its high committed capex
plans in FY2011 and FY2012," says Simon Wong, a Moody's Vice
President and Senior Analyst.
"Furthermore, the petroleum, chemical and liner segments are not
expected to break even in the near term due to the challenging
nature of the operating environment. MISC's strategy to minimize
losses and volatility -- through growing the contracted versus
spot revenue mix for its petroleum and chemical segments, and the
rationalization of its poor-performing liner trade routes -- is
unlikely to be sufficient to offset the negative dynamics of the
market," adds Wong, also Moody's Lead Analyst for MISC.
MISC's adjusted Debt/EBITDA of 6x and EBIT/interest of 1.6x for
FYE 31 March 2011 remain stretched for its current standalone
rating. The company is also projected to incur US$1.8 billion of
capex -- from FY2011 to FY2012 -- for new vessel deliveries,
offshore and heavy engineering projects. In addition, its
liquidity profile has weakened, with maturing debt of RM1.58
billion requiring refinancing as at 30 June 2011.
Moody's expects MISC's adjusted Debt/EBIDTA to remain above 6x for
the 9-month period ending 31 December 2011, and which currently
remains outside Moody's expectation of less than 5.5x, a level
more commensurate with MISC's present rating.
MISC's standalone rating of Ba1 reflects (a) its ability to secure
employment of vessels through aligning its business development
with that of its parent, Petronas; (b) the diversified nature of
its fleet and leading market position in liquefied natural gas
("LNG") transportation and chartering of offshore floating
solutions which provides it with stable income; (c) the fact that
about half of its revenue is derived from term contracts which
protects it against cyclical freight rates; and (d) its good
management track record.
Moody's continues to recognize the strong linkage with and support
from MISC's parent, Petronas, which is reflected in the 3-notch
parental uplift to final Baa1 rating from Ba1.
This uplift is supported by the 62.7% level ownership held by
Petronas, strong management oversight, and operational linkages
between MISC and Petronas, and an increasing tangible level of
extraordinary financial support from Petronas. These include the
injection of the LNG fleet in 1998, which currently contributes to
over 100% of MISC's profit before tax, extending a shareholder's
loan in 2009, undertaking to subscribe any unsubscribed rights
issue in 2010, as well as subscribing to MISC's issuance out of
its MTN programmes.
The negative outlook reflects Moody's concern that the company's
high level of debt-funded capex as well as the challenging nature
of its operating environment could further pressure MISC's
standalone credit profile.
The outlook may return to stable, if the company is able to
prudently manage debt-funded capex, such that adjusted Debt/EBITDA
falls back below 5.5x over the near term, and EBIT interest rises
above 2x on a sustainable basis. At the same time, MISC will take
actions to comply with the financial covenants.
Upward rating pressure is unlikely, given the challenging
conditions in the shipping market and the losses in MISC's
petroleum, chemical and liner segments.
Downward rating pressures could emerge (a) if MISC's financial
profile fails to improve from its current levels, or further
deteriorates due to ongoing pressure on its profit margins, in
turn due to protracted weak shipping market conditions, (b) if
debt-funded capital outlays are higher than currently committed,
such that its credit metrics weaken, as evidenced by persistent
negative free cash flow; Debt/EBITDA consistently above 5.5x; or
EBIT interest coverage consistently below 1.5x-2.0x in the medium
term; or (c) in the unlikely event that there are changes in the
relationship between Petronas and MISC that weaken support for
MISC.
The principal methodology used in rating MISC Berhad was the
Global Shipping Industry Methodology, published December 2009.
MISC Berhad was established in 1968 as a liner company and was
listed on the Kuala Lumpur Stock Exchange in 1987. In 1998, it
became a subsidiary of Petroliam Nasional Berhad ("Petronas"), for
which it now serves as one of its logistics solutions provider and
its provider of exclusive liquefied natural gas transportation.
====================
N E W Z E A L A N D
====================
AORANGI SECURITIES: Registrar to Hold Talks on Jean Hubbard's Case
------------------------------------------------------------------
The Timaru Herald reports that the Registrar of Companies, Neville
Harris, plans to talk to Jean Hubbard's lawyers this week
regarding her future in statutory management.
Meanwhile, an independent report into the statutory management of
Mrs. Hubbard and her late husband, Allan, remains under wraps,
despite being completed in July, according to the report.
The Hubbards, their companies Aorangi Securities and Hubbard
Management Funds, along with seven charitable trusts, were placed
into statutory management by the Government on June 20 last year.
The Timaru Herald relates that a spokesperson for Mr. Harris said
after a meeting had been held with Mrs. Hubbard's counsel, the
Commerce Minister, Simon Power, would be consulted.
"The Registrar of Companies, Neville Harris, and Mrs. Hubbard's
lawyers are working towards a meeting this week," the spokesperson
told The Timaru Herald. "Once a conversation is held with
Mrs. Hubbard and her lawyers, Mr. Harris expects it will be
possible to complete his consideration, consult with the
reviewers, and provide advice to the minister in a week to
10 days."
In May, the report recounts, Mr. Harris sought an independent
report on the statutory management of Mr. and Mrs. Hubbard and
whether it needed to continue. The report was undertaken by
Sir John Anderson and Rod Pardington and was received in July.
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 SFO has dropped the fraud charges against Allan Hubbard
following Mr. Hubbard's death on September 2.
CENTURY CITY: Serepisos, Phoenix Deal "Speculation," FFA Says
-------------------------------------------------------------
The Dominion Post reports that Football Federation Australia and
the Wellington Phoenix are tight-lipped after a report that Terry
Serepisos "is poised to retain control" of the A-League club.
Both the FFA and the Phoenix said the Sydney Morning Herald
report, which claimed Mr Serepisos had been able to refinance
through Asian lenders, was "speculation," according to the Post.
The Post says the Phoenix owner has debts of NZ$203 million and
his creditors are due to meet today to consider a proposal that
would see an "orderly" sale of his property.
The FFA and Mr. Serepisos are in talks over the ownership of the
Phoenix, the Post notes.
While no deadline has been set, the FFA wants a resolution before
the start of the Phoenix season, which kicks off against Gold
Coast United on October 9. An announcement is possible by the end
of the week.
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.
CRAFAR FARMS: Glen Crafar Found Not Guilty of Dirty Dairying
------------------------------------------------------------
The Dominion Post reports that Reporoa dairy farmer Glen Walter
Crafar has been found not guilty by a Rotorua District Court jury
of one charge of dirty dairying.
The decision was not unanimous with 11 of the 12 jurors favoring
it, the report says.
The Dominion Post says when Mr. Crafar's trial began in the
Rotorua District Court on Monday he denied discharging
contaminants on land at Reporoa between June and September 2008.
Outside the court Mr. Crafar said he was ecstatic he had been
acquitted. "If you are right, you fight," Crafar said.
Mr. Crafar also said it was crazy Resource Management Act matters
were tried in the criminal court.
His father, Allan Crafar, described the verdict as a victory for
farmers generally. He praised his son for holding out for justice
for three years. Most people would have pleaded guilty to have
the matter over and done with, he said.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employed 200 staff.
Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance. The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.
The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business. This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on Sept. 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.
CRAFAR FARMS: 16 Farms Will be Owner-Operated Under Fay's Bid
-------------------------------------------------------------
Andrea Fox at BusinessDay reports that Crafar farms underbidder
frontman Sir Michael Fay said the 16 farms in the dairying empire
would be individually owned and operated by farmers in the bidding
group.
"We don't want a corporate model -- I personally have a view on
that and we all do -- these particular farms are going to be a lot
more successful if they are owner-operated by long-term owners,"
BusinessDay quotes Mr. Fay as saying.
BusinessDay says Mr. Fay fronts a group of central North Island
dairy farmers that this week increased its partial offer to buy
the in-receivership Crafar farms to include all 16 properties in
the portfolio. According to the report, the group, thought to
include several Waikato farmers, is offering NZ$171.5 million for
all the farms -- an average of more than NZ$28,500 a hectare for
the 8000ha central and southern North Island estate.
The offer includes 4.6m Fonterra supply shares and 16,000 cows.
Fourteen dairy farms comprise 6900ha; another two farms carry
sheep and beef.
Mr. Fay, as cited by BusinessDay, said the group had to make a
single bid -- 40% of which is from central North Island iwi -- to
satisfy the receiver's requirement, but members have identified
farms in the estate they want to own and operate.
Mr. Fay declined to say how many parties were in the group, the
report notes.
Receivers KordaMentha have accepted an offer from Chinese company
Shanghai Pengxin, understood to be for more than NZ$200 million.
The Chinese offer is conditional on Overseas Investment Office
consent, according to BusinessDay.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employed 200 staff.
Crafar Farms was placed in receivership in October 2009, by its
lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson
Finance. The banks, owed around NZ$200 million, put KordaMentha
partners Michael Stiassny and Brendon Gibson in as receivers after
Crafar Farms breached covenants on its loans.
The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business. This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on Sept. 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.
ENERGYSMART LTD: Hutt Mana Appoints Shephard Dunphy as Liquidator
-----------------------------------------------------------------
Hutt News reports that EnergySmart Ltd is in the hands of
liquidators.
The Hutt Mana Charitable Trust, which owns EnergySmart through
HMCT Holdings Ltd, called in Wellington liquidators Shephard
Dunphy on Monday after deciding they would not put more capital
into the company.
Hutt News relates that liquidator Chris Dunphy said in a prepared
statement the status quo is being maintained, "with all seven
branches remaining open in the short term to both complete
existing contracts and undertake new business."
"All but four of the 79 staff have been offered short term
contracts with the liquidators."
According to Hutt News, Mr. Dunphy said liquidators will seek to
sell as a going concern all of EnergySmart, or individual branches
around New Zealand, and are confident of a successful outcome.
A full report will be filed with creditors and the Companies
Office in the near future, Hutt News notes.
Hutt News relates that Hutt Mana trust chairman Ian Hutchings said
trading results from EnergySmart had been disappointing for a
while. Extra "competent commercial directors" were appointed and
there was an improvement in financial results, "but clearly [the
company] wasn't able to continue for any significant period of
time without a reasonably significant injection of funds," he
said.
According to the report, EnergySmart had been retrofitting
insulation in several hundred homes a month, but capital was
needed for stock and other plant. After discussions with
directors and managers, trustees decided not to invest more
capital and to call in liquidators, Hutt New reveals.
Hutt News notes that the trust, which looks after about
NZ$38 million of former power board assets on behalf of Hutt
Valley, Porirua and North Wellington residents, paid nearly
NZ$800,000 for EnergySmart five years ago. It aligned with the
trust's interest in promoting energy efficiency. The trust put
another NZ$750,000 into EnergySmart in 2009.
EnergySmart's turnover in 2009/10 was NZ$13.6 million, but it
still made a loss of NZ$750,000, according to Hutt News.
Based in Lower Hutt, New Zealand, EnergySmart Ltd --
http://www.energysmart.co.nz/-- is an insulation installer.
NZF MONEY: Investors Face Shortfall, Receiver Says
--------------------------------------------------
BusinessDesk reports that debenture holders in failed lender NZF
Money face a likely shortfall as the receivers expect to write
down the value of loans on its books.
Receivers Grant Graham and Brendon Gibson of KordaMentha expect to
make a "material" impairment to the NZ$28.3 million loan book,
which will probably lead to a shortfall for debenture holders owed
some NZ$16.4 million, according to BusinessDesk.
BusinessDesk notes that unsecured creditors owed NZ$115,000 will
probably go away empty-handed, they said in their first report.
"We are continuing to review the loan book and have commenced the
process of collection of outstanding loans. . . . We note however
that several loans of significant size have already been subject
to previous restructuring, and in many cases valuations for
security properties are well out date. . . .These factors,
logically give rise to concerns that there will be a material
level of impairment in the loan book." the receivers' report said,
BusinessDesk relates.
NZF Money, the deposit-taking subsidiary of NZF Group, was put in
receivership in July after its parent failed to secure short-term
funding needed to keep the finance company afloat, BusinessDesk
recalls. The report relates that the shortfall arose after the
Financial Markets Authority forced the company to pull its
debenture prospectus which hoped to raise NZ$350 million over the
issues around asset quality and liquidity disclosure.
Since the receivership began, some NZ$33,000 in employee
entitlements have been paid, BusinessDesk says.
The receivers' report said the company has several security
interests with Motor Trade Finance Ltd., Marac Finance, Magnolia
Lee Lease & Rentals, and UDC Finance, BusinessDesk discloses.
Receivers noted that they had yet to receive a claim from the
Inland Revenue Department, BusinessDesk says.
BusinessDesk relays that in addition to its loan book, Korda
Mentha said the company had an estimated NZ$1.7 million in other
assets which would be realize, consisting of inter-company loans,
subordinated notes owned by NZF Mortgages, cash holdings and fixed
assets.
About NZF Money
NZF Money Limited, previously known as New Zealand Finance
Limited, has been in operation since 1997. The company provides
financial services with its core activity being a diversified
range of services including; investment, lending, insurance and
mortgage broking.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$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 ***