/raid1/www/Hosts/bankrupt/TCRAP_Public/111025.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, October 25, 2011, Vol. 14, No. 211
Headlines
A U S T R A L I A
BELLA TRUST: S&P Raises Rating on Class E Notes From 'B' to 'BB'
FAR EAST: Fails to Submit Finc'l. Reports; ASIC Suspends License
METAL STORM: ASOF to Invest $1MM, to Buy $13MM Convertible Notes
METAL STORM: Proposes to Issue 87.5 Million Ordinary Shares
H O N G K O N G
C1 ENGINEERING: Commences Wind-Up Proceedings
CHAMPION CITY: Members' Final General Meeting Set for Nov. 24
CORINTHIAN MARKETING: Creditors' Proofs of Debt Due Nov. 18
FAIRWELL EQUITIES: Members' Final Meeting Set for Nov. 23
HONGKONG SHEN: Creditors' Proofs of Debt Due Nov. 21
KBC INVESTMENTS: Creditors' Proofs of Debt Due Nov. 21
LAUREL INVESTMENT: Final Meetings Set for Nov. 21
MARSMAN HK: Creditors' Proofs of Debt Due Nov. 21
PROWORLD ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
WISE FAITH: Members' Final Meeting Set for Nov. 29
I N D I A
AIR INDIA: Set to Hire COOs, Staff at Various Levels
AIR INDIA: No Disinvestment of Air India, Aviation Minister Says
CADILLAC BUILDWELL: CRISIL Reaffirms 'BB+' Cash Credit Rating
CLIFTON EXPORTS: CRISIL Puts 'CRISIL B' Rating on INR18.7MM Loan
EAGLE STEEL: CARE Rates INR12.5cr Long-Term Loan at 'CARE BB-'
GOLKUNDA DIAMONDS: CARE Ups Rating on INR28cr Loan to 'CARE BB-'
GOVINDA IMPEX: Fitch Withdraws Low-B Ratings
GULSHAN CHEMICALS: CRISIL Reaffirms CRISIL BB Cash Credit Rating
KANDAGIRI SPINNING: CARE Reaffirms 'CARE BB+' LT Bank Loan Rating
LAMBODHARA TEXTILES: Fitch Affirms Nat'l Long Term Rating at 'BB'
MAHAVIR ROLLING: CARE Assigns 'CARE BB+' Rating to INR16.5cr Loan
MOSER BAER: CARE Assigns 'CARE BB+ (SO) Rating to INR50cr LT Loan
NAGARWALA ENTERPRISES: CRISIL Rates INR60MM Cash Credit at 'B+'
NITIN ALLOYS: Comfortable Credit Cues Fitch to Put Low-B Rating
PACNET LIMITED: Fitch Affirms Rating on Long-Term IDR at 'B+'
RASHIMI LIMITED: Fitch Withdraws BB+(ind) Nat'l. Long Term Rating
RICHI RICH: CARE Reaffirms 'CARE B' Rating on INR0.71cr LT Loan
RONIT NIRMAN: Inadequate Info Cues Fitch to Withdraw Low-B Rating
SAI STEEL: CRISIL Rates INR98 Million Cash Credit at 'CRISIL B'
SAMI LABS: CARE Assigns 'CARE BB' Rating to INR23.5cr Term Loan
S. C SHETTAR: CARE Rates INR5cr Long-Term Loan at 'CARE BB'
SHREE SIDDHI: CARE Assigns 'CARE BB-' Rating to INR12.27cr Loan
SHRI MAHAVIR: Fitch Withdraws 'BB-(ind)' Nat'l Long-Term Rating
SOUTHERN STEELS: CRISIL Places CRISIL B+ Rating on INR104MM Loan
TRIDENT TOOLS: CRISIL Assigns 'CRISIL B+' Rating to INR35MM Loan
V. S. MULTIMETAL: CARE Rates INR12.87cr LT Loan at 'CARE BB-'
WINDLASS ENGINEERS: CARE Places CARE BB Rating on INR6.99cr Loan
WINDLASS STEELCRAFTS: CARE Rates INR2.19cr LT Loan at 'CARE BB'
J A P A N
JAPAN COMMERCIAL: S&P Puts B- Ratings on 2 Note Classes on Watch
TOKYO ELECTRIC: To Sell Shares in Wind Power Unit
TOKYO ELECTRIC: Utility, Panel Unveil Draft Business Plan
N E W Z E A L A N D
PIKE RIVER: Receiver Refuses to Reveal Bids
P H I L I P P I N E S
BANCO FILIPINO: CA Junks BSP Bid for Independent Audit
MANUELA CORP.: Wins Court Nod to Continue Rehabilitation Plan
VICTORIAS MILLING: Pays PHP4 Billion to Creditors; Rehab on Track
S I N G A P O R E
ADVANCE MODULES: Creditors' Proofs of Debt Due Nov. 4
ASIA MANAGEMENT: Court Enters Wind-Up Order
CLOUD 9: Creditors Get 100% Recovery on Claims
CORBIS SINGAPORE: Creditors' Proofs of Debt Due Nov. 21
DAI-ICHI: Creditors Get 100% Recovery on Claims
X X X X X X X X
* BOND PRICING: For the Week Oct. 17 to Oct. 21, 2011
- - - - -
=================
A U S T R A L I A
=================
BELLA TRUST: S&P Raises Rating on Class E Notes From 'B' to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class B, C, D and E notes issued by BNY Trust Co. of Australia
Ltd. as trustee of Bella Trust Series 2009-1. "At the same time,
we affirmed the 'AAA (sf)' ratings on the transaction's class A-2
notes. The notes are backed by commercial hire purchase, chattel
mortgage, and secured motor vehicle loan contracts that were
originated by Capital Finance Australia Ltd.," S&P related.
The underlying assets of the trust have performed strongly over
the life of the transaction, with low levels of arrears. As at
Sept. 30, 2011, the transaction's cumulative net losses have been
approximately 0.5% of the original portfolio balance and have
been covered by excess spread. Furthermore, there has been a
build up of credit support to the notes due to the amortization
of the portfolio. About 72% of the portfolio balance has been
paid down.
Ratings Raised
Class Rating to Rating from
Bella Trust Series 2009-1 B AAA (sf) A (sf)
Bella Trust Series 2009-1 C AA (sf) BBB (sf)
Bella Trust Series 2009-1 D BBB (sf) BB (sf)
Bella Trust Series 2009-1 E BB (sf) B (sf)
Ratings Affirmed
Class Rating
Bella Trust Series 2009-1 A-2 AAA (sf)
FAR EAST: Fails to Submit Finc'l. Reports; ASIC Suspends License
----------------------------------------------------------------
The Australian Securities and Investments Commission said that it
has suspended the Australian financial services (AFS) license of
Far East Capital Limited for failing to comply with a number of
key obligations as a financial services licensee.
In particular, ASIC found that Far East:
-- failed to lodge financial statements, auditor reports
and auditor opinions over consecutive years, in breach
of both its legal obligations and license conditions,
despite repeated demands from ASIC to comply; and
-- did not advise ASIC of these breaches.
The suspension of Far East's AFS license is part of ASIC's
ongoing efforts to improve standards across the financial
services industry.
ASIC Commissioner, Dr. Peter Boxall, said, "The compliance of
Australian financial services licensees with their obligations is
central to the informed and confident participation of consumers
in the financial services markets.
"ASIC has a program in place to follow up licence holders
regarding lodgement of their accounts, which seeks compliance in
the first instance but may result in action, such as this, to
suspend or cancel a license," Dr. Boxall said.
ASIC may consider revoking the suspension period in the event Far
East lodges the outstanding reports.
Far East has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.
Sydney-based Far East Capital Limited offers a number of
financial services, including research reports on market trends
for prospective investors.
METAL STORM: ASOF to Invest $1MM, to Buy $13MM Convertible Notes
----------------------------------------------------------------
Metal Storm Limited entered into an agreement with New York-based
investment fund manager, The Lind Partners, LLC, manager of the
Australian Special Opportunity Fund LP. Investors led by ASOF
intend to invest $1,000,000 into the Company for working capital
and acquire approximately $13,000,000 of the Company's existing
secured convertible notes.
This is the first step in a broader strategic reorganization and
capital restructuring plan designed to provide the Company with
current working capital, to reduce the Company's total
outstanding debt balance and to strengthen the Company's balance
sheet for future growth.
Upon completing the Note Purchase and meeting certain other
conditions, ASOF has stated that it intends to extend the
maturity date of the convertible notes for three years from the
current date of maturity. The Company has agreed to seek
approval from its noteholders and shareholders for this
extension.
Lind's Managing Director, Mr. Jeff Easton, said, "The ASOF
investment is strategic and aimed at delivering value for both
ASOF and existing shareholders of Metal Storm. Metal Storm
weapons systems are unique and the Company's focus on non-lethal
technologies places it in an ideal position to capitalize on the
future demands of law enforcement and military agencies."
As a part of the capital restructuring plan, the Company intends
to undertake a rights issue for up to $6 million in the coming
weeks. The pricing, ratio and final amount to be raised under
the rights issue have yet to be determined.
Mr. Easton said, "To support the rights issue, subject to its
successful completion ASOF will forgive up to $4 million of its
outstanding Secured Notes. This would mean that shareholders who
participate in a successful rights issue would not only be
contributing to the Company's capital for product
commercialization, but would also be effectively reducing the
Company's convertible note debt."
Metal Storm's Board welcomes the participation of ASOF and
endorses this transaction as it provides essential, immediate
funding. The Board is of the opinion that an extension of the
maturity date for three years, if approved by the note holders
and ratified by the shareholders, will mean the Company will be
able to more easily seek any further investment that may be
needed, on better terms than might otherwise be the case. Under
the agreement with ASOF, the Board has offered ASOF the right,
but not the obligation, to appoint one board member to the Board
of the Company.
The Company also advises that the subscription for $1 million
announced Sept. 1, 2011, will not proceed.
About Metal Storm
Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States. It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.
As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern. The independent
auditors noted that the Company has suffered recurring losses
from operations and has a net capital deficiency.
The Company reported a net loss of A$8.94 million on
A$3.35 million of revenue for 2010, compared with a net loss of
A$11.31 million on A$1.11 million of revenue for 2009.
The Company's balance sheet at Dec. 31, 2010, showed
A$2.15 million in total assets, A$20.64 million in total
liabilities, all current, and an equity deficit of
A$18.49 million.
METAL STORM: Proposes to Issue 87.5 Million Ordinary Shares
-----------------------------------------------------------
Metal Storm Limited proposes to issue 87,500,000 ordinary shares
pursuant to a Convertible Security Agreement.
The Company relies on case 1 in section 708A (5) of the
Corporations Act 2001 (Act) in respect of the issue of the
Shares.
About Metal Storm
Headquartered in Darra, Queensland, Australia, Metal Storm
Limited is a defense technology company with offices in Australia
and the United States. It specializes in the research, design,
development and integration of projectile launching systems
utilizing its "electronically initiated / stacked projectile"
technology for use in the defense, homeland security, law
enforcement and industrial markets.
As reported by the TCR on July 25, 2011, PricewaterhouseCoopers,
in Brisbane, Australia, expressed substantial doubt about Metal
Storm's ability to continue as a going concern. The independent
auditors noted that the Company has suffered recurring losses
from operations and has a net capital deficiency.
The Company reported a net loss of A$8.94 million on
A$3.35 million of revenue for 2010, compared with a net loss of
A$11.31 million on A$1.11 million of revenue for 2009.
The Company's balance sheet at Dec. 31, 2010, showed
A$2.15 million in total assets, A$20.64 million in total
liabilities, all current, and an equity deficit of
A$18.49 million.
================
H O N G K O N G
================
C1 ENGINEERING: Commences Wind-Up Proceedings
---------------------------------------------
Members of C1 Engineering and Construction Limited, on Oct. 12,
2011, passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Ho Man Kit
Kong Sau Wai
Unit 511, 5th Floor
Tower 1, Silvercord
No. 30 Canton Road
Tsimshatsui, Kowloon
Hong Kong
CHAMPION CITY: Members' Final General Meeting Set for Nov. 24
-------------------------------------------------------------
Members of Champion City Industrial Limited will hold their final
general meeting on Nov. 24, 2011, at 1:00 p.m., at Shop Unit Nos.
B13-B18 on the B/F Shun Tak Centre, at 200 Connaught Road
Central, in Hong Kong.
At the meeting, Liu Kai Wing, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
CORINTHIAN MARKETING: Creditors' Proofs of Debt Due Nov. 18
-----------------------------------------------------------
Creditors of Corinthian Marketing HK Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 18, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 3, 2011.
The company's liquidators are:
Wong Tak Man Stephen
Osman Mohammed Arab
29/F, Caroline Centre
Lee Gardens Two
28 Yun Ping Road
Hong Kong
FAIRWELL EQUITIES: Members' Final Meeting Set for Nov. 23
---------------------------------------------------------
Members of Fairwell Equities Limited will hold their final
meeting on Nov. 23, 2011, at 10:00 a.m., at 905 Silvercord, Tower
2, at 30 Canton Road, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, James T. Fulton, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
HONGKONG SHEN: Creditors' Proofs of Debt Due Nov. 21
----------------------------------------------------
Creditors of Hongkong Shen Nong Fashion Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 21, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 3, 2011.
The company's liquidator is:
Ho Chiu Lung Michael
Room 603, Alliance Building
130-136 Connaught Road
Central, Hong Kong
KBC INVESTMENTS: Creditors' Proofs of Debt Due Nov. 21
------------------------------------------------------
Creditors of KBC Investments Asia Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by Nov. 21, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on Oct. 13, 2011.
The company's liquidators are:
Lai Kar Yan (Derek)
Darach E. Haughey
One Pacific Place, 35th Floor
88 Queensway, Hong Kong
LAUREL INVESTMENT: Final Meetings Set for Nov. 21
-------------------------------------------------
Creditors and members of Laurel Investment Limited will hold
their final meetings on Nov. 21, 2011, at 4:00 p.m., and 4:30
p.m., respectively at 16th Floor, Wing On House, at 71 Des Voeux
Road Central, in Hong Kong.
At the meeting, Leung Maggie, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
MARSMAN HK: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------
Creditors of Marsman Hong Kong China Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Nov. 21, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Oct. 20, 2011.
The company's liquidator is:
Fok Hei Yuen Paul
Rooms 1801-3, Tung Ning Building
249-253 Des Voeux Road
Central, Hong Kong
PROWORLD ENTERPRISES: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on Oct. 14, 2011,
creditors of Proworld Enterprises Limited resolved to voluntarily
wind up the company's operations.
The company's liquidators are:
Poon Chi Woo
Poon Chin Chung Philip
Room 1307-8, Dominion Centre
43-59 Queen's Road East
Wanchai, Hong Kong
WISE FAITH: Members' Final Meeting Set for Nov. 29
--------------------------------------------------
Members of Wise Faith Industrial Limited will hold their final
meeting on Nov. 29, 2011, at 9:00 a.m., at Room Flat A, 15/F,
Block 15, Braemar Hill Mansions, at 43 Braemar Hill Road, North
Point, in Hong Kong.
At the meeting, Chan Ah Sin Elite, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
AIR INDIA: Set to Hire COOs, Staff at Various Levels
----------------------------------------------------
The Hindu reports that Air India Ltd has launched a massive drive
to recruit chief operating officers for itself and Air India
Express, along with commanders, co-pilots and cabin crew for
almost all types of aircraft in its fleet.
According to the report, airline sources said experienced and
inexperienced cabin crew are also being recruited for its Boeing
787 Dreamliners, which are yet to be inducted in its fleet, and
the latest Boeing 777s meant for international operations.
The Hindu says this major recruitment drive comes ahead of a
meeting of a Group of Ministers led by Finance Minister Pranab
Mukherjee this week that would review Air India's financial
restructuring and turnaround plans.
The post of Air India's COO fell vacant after Gustav Baldauf quit
the post in February after alleging "political interference" in
the functioning of the ailing national carrier, The Hindu cites.
The highly experienced Austrian pilot was appointed the first COO
of Air India in April 2010, the report notes.
According to The Hindu, the new COO's compensation package would
have a fixed component of between INR40-60 lakh or 60% of the
package. The remaining part would be performance-linked.
While the Air India COO would be based in Mumbai, the one for AI
Charters Limited, which operates low-cost Air India Express to
Gulf and Southeast Asia, would be based in Kochi, The Hindu
reports.
The COO of AI Express would get a fixed package of INR25-30 lakh,
comprising 60% of the entire emoluments, while the remaining
would be performance-linked.
The Hindu relates that the sources said both COOs would be on a
three-year contract, which would be extendable by two years on
the basis of their performance.
The national carrier has also launched a drive for large-scale
recruitment of pilots, flight attendants and other staff like
ramp agents and customer service personnel, The Hindu adds.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes. The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand. The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.
* * *
The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown. The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09. Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.
The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15. The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years. Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.
AIR INDIA: No Disinvestment of Air India, Aviation Minister Says
----------------------------------------------------------------
The Economic Times reports that the Indian government ruled out
Thursday disinvestment of Air India saying it is trying to bring
the cash strapped national carrier to 'no-profit, no-loss'
status.
"There is no plan of disinvestment in Air India or to bring an
IPO in the near future by the government. As a Civil Aviation
Minister my first priority is to bring Air India in no-profit no-
loss," the report quotes Civil Aviation Minister Vayalar Ravi as
saying on the sidelines of a two-day international seminar.
The minister said that the Group of Ministers would meet soon to
discuss the national carrier's health.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle
East, and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes. The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand. The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.
* * *
The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown. The carrier incurred net losses of
INR2,226.16 crore in 2007-08 and INR5,548 crore in 2008-09. Air
India is estimated to have lost INR54 billion in the fiscal year
ended March 31, 2010, according to The Wall Street Journal.
The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000
crore of accumulated losses and INR18,000 crore of debt on its
balance sheet by 2014-15. The plan includes raising the
company's fleet strength to as many as 275 planes from 148 in
five years. Air India Chairman and Managing Director Arvind
Jadhav said the new 100-page turnaround plan for 2010-14, which
ruled out any job cuts or wage reductions, was approved by the
board and would be adopted after incorporating suggestions by
representatives of the airline's 33,500 employees.
CADILLAC BUILDWELL: CRISIL Reaffirms 'BB+' Cash Credit Rating
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cadillac Buildwell
Pvt. Ltd continue to reflect the KLJ Developers group's
conservative financial policy, healthy financial flexibility, and
the benefits that the group derives from its joint venture (JV)
with Business Park & Town Planner Pvt Ltd.
Facilities Ratings
---------- -------
INR200.00 Million Cash Credit CRISIL BB+/Stable
Limit (Enhanced from INR150 Mil) (Reaffirmed)
INR30.00 Million Bank Guarantee CRISIL A4+ (Reaffirmed)
(Reduced from INR48.4 Million)
These rating strengths are partially offset by the KLJ Developers
group's limited track record in executing large real estate
projects independently, its geographically concentrated revenue
profile, and susceptibility to volatility in the Indian real
estate industry.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KLJ Developers Pvt Ltd (KLJ
Developers; formerly known as KLJ Town Planners (P) Ltd.),
Cadillac Buildwell, Prithvi Sound Products Company Pvt Ltd, and
other associate entities in the real estate business. This is
because these entities, collectively referred to as the KLJ
Developers group, are in the same line of business, and have
common promoters, and strong business and financial linkages with
each other. CRISIL has factored in funding support of up to
INR900 million from the group's promoter's chemicals business to
the real estate business over the next three years. CRISIL,
however, has not consolidated KLJ group's chemicals business with
the group's real estate business, as the chemicals business is
unrelated to the real estate business, and the group's management
has a policy of not leveraging the chemicals business beyond a
limit to fund the real estate business; the quantum of funding
support that the group receives from its promoters' chemicals
business remains a rating sensitivity factor.
Outlook: Stable
CRISIL believes that the KLJ Developers group has comfortably
managed to source funds for its initial real estate projects,
notwithstanding the slowdown in the real estate sector; the real
estate business will continue to receive support from the
promoters' chemicals business. However, the group's limited
experience in undertaking large real estate projects
independently exposes it to substantial project completion risks.
The outlook may be revised to 'Positive' if the KLJ Developers
group achieves key milestones in its ongoing projects on time,
while it continues to fund its new projects judiciously.
Conversely, the outlook may be revised to 'Negative' in the event
of significant delays in completing milestones in ongoing
projects, or substantial increase in gearing of proposed projects
that have been deferred.
About the Group
The KLJ Developers group was set up by Mr. K L Jain (chairman) in
1967. Initially, the group manufactured polyvinyl chloride (PVC)
compounds, and in 1985 it backward integrated into manufacturing
plasticisers. In 2004, the promoters entered the real estate
business by forming a JV (through special purpose vehicles
[SPVs]) with BPTP. It has completed three projects Shop-In-Park
East Commercial Complex, Shop-In-Park North Commercial Complex,
and Park Centra Information Technology Park, in collaboration
with BPTP in the past four years. The group also completed its
first independent commercial real estate project in Wazirpur (New
Delhi) in April 2011.
The promoters set up KLJ Developers in 2006 for venturing into
the real estate business independently. The group has focused its
real estate activities in the National Capital Region. KLJ
Developers is the flagship company of the KLJ Developers group.
All the marketing-related activities of the two projects being
executed by Prithvi Sound (commercial complex at Wazirpur) and
Cadillac Buildwell (housing project in Bahadurgarh [Haryana]) are
carried out by KLJ Developers. KLJ Developers' wholly owned
subsidiary, Cadillac Buildwell, is working as a licensing company
of the group; the other group entities are primarily land-owning
companies and will not undertake development activity. The
group's Faridabad (Haryana) project has been delayed by over two
years and is expected to be completed over the medium term. The
group started construction for its project at Bahadurgarh in
2010, and is expected to complete the project by the end of 2013.
The KLJ Developers group reported, on a provisional basis, a
profit after tax (PAT) of INR5.9 million on net sales of INR782
million for 2010-11 (refers to financial year, April 1 to
March 31); it reported a PAT of INR6.5 million on net sales of
INR362 million for 2009-10, against a PAT of INR33.7 million on
net sales of INR119 million for 2008-09.
CLIFTON EXPORTS: CRISIL Puts 'CRISIL B' Rating on INR18.7MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Clifton Exports
Private Limited continue to reflect CEPL's weak financial risk
profile, marked by a high gearing and below-average debt
protection measures, susceptibility of margins to volatility in
cotton yarn prices and foreign exchange rates and revenue
concentration risks.
Facilities Ratings
---------- -------
INR18.70 Million Corporate Loan CRISIL B/Stable (Assigned)
INR13.90 Million Long-Term Loan CRISIL B/Stable (Reaffirmed)
INR10.00 Million Cash Credit CRISIL B/Stable (Reaffirmed)
INR130.00 Million Foreign Bill CRISIL A4 (Assigned)
Discounting
INR140.00 Million Export Packing CRISIL A4 (Reaffirmed)
Credit
INR1.50 Million Bank Guarantee CRISIL A4 (Reaffirmed)
INR10.00 Mil. Letter of Credit CRISIL A4 (Reaffirmed)
These rating weaknesses are partially offset by the experience of
CEPL's management and moderate operating efficiency in the
textile readymade garments business.
For arriving at the ratings, CRISIL has considered the business
and financial risk profile of CEPL on a standalone basis. For the
previous rating exercise for CEPL's bank facilities, CRISIL had
combined CEPL's business and financial risk profiles with that of
Clifton Exports, a proprietary concern of Mr. B. Nadanasabapathy.
The change in analytical approach is driven by the fact that CE
was dissolved with effect from April 2011 and does not carry out
any business activity.
Outlook: Stable
CRISIL believes that CEPL will continue to benefit from steady
off-take by key customers, and from its promoters' experience in
the readymade garments industry. The outlook may be revised to
'Positive' if CEPL scales up its operations, resulting in higher
than expected cash flows, and improves its capital structure
significantly. Conversely, the outlook may be revised to
'Negative' if the group's liquidity deteriorates sharply owing to
pressure on margins and accruals, or if large, debt-funded
capital expenditure programmes weaken its financial risk profile.
About Clifton Exports
Set up in 2007, Clifton Exports Private Limited is based out of
Tirupur in Tamilnadu and was promoted by Mr. B. Nadanasabapathy.
The company undertakes manufacturing of readymade bodysuits for
babies and inner garments for men and women and exports these
garments majorly to European countries. The company operates four
units in Tirupur with total capacity of 1.65 million pieces per
month and has its own development team which handles designs and
fashions.
For 2010-11, CEPL reported a net loss of INR69.6 million on net
sales of INR886.4 million, against a net profit of INR1.7 million
on net sales of INR532.4 million in 2009-10.
EAGLE STEEL: CARE Rates INR12.5cr Long-Term Loan at 'CARE BB-'
--------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of Eagle
Steel Industries Pvt Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 12.50 'CARE BB-' Assigned
Rating Rationale
The rating of Eagle Steel Industries Pvt Ltd is constrained by
very low value addition involved in its business of processing
and cutting of the steel sheets, its resultant thin profitability
margins which are further susceptible to the raw material price
fluctuations, high leverage due to working-capital intensive
operations and its modest scale of operations. The rating is also
constrained because of its presence in the highly fragmented
nature of the industry resulting into stiff competition.
The rating, however, takes into account more than a decade of
experience of the promoter and the established track record of
the company.
ESIPL's ability to increase the scale of operations coupled with
diversifying product offering and improvement in the overall
financial risk profile are the key rating sensitivities.
About Eagle Steel
Ahmedabad based ESIPL was originally set up as a proprietorship
firm, named as M/s Eagle Steel, by Mr. Rafiq Ghanchi in 2000 and
subsequently it was reconstituted into a private limited company
under the current name in September 2006. ESIPL is in the
business of straightening and cutting of Cold Rolled (CR) steels
sheets with an installed capacity of 15,000 MTPA as on March 31,
2011.
As against a PAT of INR0.20 crore on a total operating income of
INR44.73 crore in FY10 (refers to April 01 to March 31), ESIPL
earned a PAT of INR0.18 crore on a total operating income of
INR44.33 crore in FY11.
GOLKUNDA DIAMONDS: CARE Ups Rating on INR28cr Loan to 'CARE BB-'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Golkunda Diamonds & Jewellery Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 28.00 CARE BB-
Revised from
CARE B)
Rating Rationale
The revision in the rating takes into account the improvement in
the financial risk profile of Golkunda Diamonds & Jewellery Ltd.
(GDJL) marked by improvement in the profitability and better
working-capital management reflected in the improvement in the
collection period. The rating, however, continues to be
constrained on account of the working-capital intensive nature
of operations leading to a leveraged capital structure and high
linkage to the cyclicality associated with the gems & jewellery
industry. Risks associated with volatility in the gold and
diamond prices further constrain the rating. The rating
continues to take comfort from the benefits derived from the vast
experience of the promoters in the gems and jewellery business of
over three decades, hedging of receivables by taking blanket ECGC
cover on entire receivables and healthy growth in the turnover
during the last three years.
The ability of GDJL to further expand its scale of operations and
maintain the profitability margins at reasonable levels in light
of the price fluctuations associated with precious metals and
effective working-capital management would be the key rating
sensitivities.
About Golkunda Diamonds
GDJL is in the business of manufacturing and export of diamond-
studded gold jewellery. GDJL was incorporated in 1990 and went
public in 1992. The company is largely run as a family-managed
business and has been jointly promoted by Mr. Kantikumar Dadha
and Mr. Karan Singh Baid. GDJL manufactures a wide variety of
gold jewellery products including rings, pendants, earrings,
bracelets, bangles and necklaces. The company has the capacity to
produce more than 500 pieces of studded gold jewellery on a daily
basis at its manufacturing facility located at Santacruz
Electronic Export Processing Zone in Mumbai.
In addition to the export of diamond jewellery the company also
trades in polished diamonds in the export market and revenue from
the diamond trading constitutes a significant proportion (62.5%
in FY11) of the company's revenue.
GOVINDA IMPEX: Fitch Withdraws Low-B Ratings
--------------------------------------------
Fitch Ratings has withdrawn India-based Govinda Impex Limited's
'Fitch B(ind)nm' National Long-Term rating.
The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of GIL.
Fitch migrated GIL to the non-monitored category in April 2011.
Rating actions on GIL's bank loans:
-- INR45.6MM long-term debt: 'Fitch B(ind)nm'; rating withdrawn
-- INR180MM fund based limits: 'Fitch B(ind)nm'; rating
withdrawn
-- INR100MM non-fund based limits: 'Fitch A4(ind)nm'; rating
withdrawn
GULSHAN CHEMICALS: CRISIL Reaffirms CRISIL BB Cash Credit Rating
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gulshan Chemicals Ltd
continue to reflect GCL's healthy financial risk profile, marked
by healthy gearing and debt protection measures, healthy market
position, and the extensive experience of the company's promoter
in the inorganic chemicals business.
Facilities Ratings
---------- -------
INR60 Million Cash Credit CRISIL BB/Stable (Reaffirmed)
INR15 Million Letter of Credit CRISIL A4+ (Reaffirmed)
& Bank Guarantee
These rating strengths are partially offset by GCL's
susceptibility to adverse movements in fuel prices, to adverse
regulatory changes, and to cyclicality in the domestic end-user
industries.
Update
For 2010-11 (refers to financial year, April 1 to March 31), GCL
reported a 2% growth in operating income over 2009-10, driven by
lower realization despite a 5% increase in volumes. It also
reported an operating margin of 8.4%, which was much lower than
CRISIL's expectations. GCL's operating margin in 2010-11 dropped
nearly 50% year-on-year because of a sharp increase in power and
fuel costs, which could not be passed on to the end customers in
the wake of competition from the Chinese market. CRISIL believes
that GCL's operating margin will remain susceptible to adverse
movements in prices of fuel, mainly coal and furnace oil. Though
the anti-dumping duty of USD372 per tonne on sodium hydrosulphite
from China still prevails, any reduction will negatively impact
the margins of domestic players.
GCL's healthy financial risk profile is marked by low debt
levels. During 2010-11, GCL repaid its term debt obligations of
INR65 million and, currently, does not have any long-term debt.
The company had a moderate gearing of around 0.67 times as on
March 31, 2011; the gearing is expected to improve gradually in
the absence of capital expenditure (capex) plans for the medium
term. Its net cash accruals to total debt ratio in 2010-11 was at
0.17 times, deteriorating from 0.25 times in 2009-10. The
interest coverage ratio in 2010-11 stood at 3.83 times improving
from 3.45 times in 2009-10. GCL's liquidity remains adequate with
its bank limits utilised at an average of 35%.
GCL reported a profit after tax (PAT) of INR9.3 million on net
sales of INR509.5 million for 2010-11, against a profit of
INR24.9 million on net sales of INR508.5 million for 2009-10.
Outlook: Stable
CRISIL believes that GCL will continue to benefit from its
promoter's industry experience and its market position, over the
medium term. The outlook may be revised to 'Positive' if GCL
scales up its operations and its operating margin improves on a
sustained basis. Conversely, the outlook may be revised to
'Negative' if GCL's financial risk profile deteriorates, most
likely because of debt-funded capex or increased working capital
requirements, or if GCL faces pressure on profitability because
of global competition or sharp increase in fuel costs.
About Gulshan Chemicals
Incorporated in 1985 and promoted by Mr. Pradeep Kumar Jain, GCL
is one of India's leading manufacturers of sodium hydrosulphite,
a bleaching agent used in the paper, textile, leather, and
pharmaceutical industries. GCL has an installed capacity of
12,000 tonnes per annum (tpa) of sodium hydrosulphite and 3600
tpa of sodium sulphite at its facilities in Bhiwadi (Rajasthan).
KANDAGIRI SPINNING: CARE Reaffirms 'CARE BB+' LT Bank Loan Rating
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Kandagiri Spinning Mills Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 99.99 CARE BB+
(Reduced from Reaffirmed
INR103.18 crore)
Short-term Bank Facilities 16.10 CARE A4+
(Enhanced from Reaffirmed
INR 10.40 crore)
Long/ Short-term Bank 5.00 CARE BB+/CARE A4+
Facilities (Enhanced from Reaffirmed
INR 4.00 crore)
Rating Rationale
Kandagiri Spinning Mills Limited ratings continue to be
constrained by the lack of integration of operations, highly
leveraged capital structure and operations which continue to be
affected by the poor power supply situation in Tamil Nadu. The
ratings also factor in the impact on profit margins on account of
volatile raw material prices and cyclical nature of the textile
industry. The ratings continue to take into account KSL's
established track record along with the promoter's vast
experience in the industry, its diverse products which offer
various counts of yarn and value additions and the longstanding
relationship with the customers and ginners. In view of
volatility associated with the cotton prices, ability of the
company to sustain its operating profit margins at higher level
and ability to improve its capital structure would be the key
rating sensitivities.
LAMBODHARA TEXTILES: Fitch Affirms Nat'l Long Term Rating at 'BB'
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based Lambodhara Textiles
Limited's (LTL) National Long-Term rating at 'Fitch BB(ind)'.
The Outlook is Stable.
The ratings are constrained by LTL's small scale of operations,
low EBITDA margins and moderate financial leverage (debt/EBIDTA).
Fitch notes that the company has planned capex of INR69.3 million
for FY12 for modernization.
The ratings continue to reflect LTL's over 15-year operational
track record in the domestic viscose yarn and polyester yarn
markets. The ratings also reflect the company's long-standing
relationships with customers and its niche position in the market
for value-added products of fancy yarn and slub yarn.
Negative rating action may result from a sustained decline in
LTL's EBIDTA margins, resulting in deterioration in its interest
cover to below 2x and EBIDTA debt service coverage ratio (DSCR)
to below 1.2x. Any cost and time overruns in the capex resulting
in higher-than-projected debt levels, would also impact the
ratings negatively. Conversely, a sustained improvement in the
company's profitability margins, which results in debt/EBIDTA
falling below 4x would be positive for the ratings.
Coimbatore-based LTL commenced operations in 1994, after taking
over a sick industrial unit with capacity of 2,160 spindles;
current capacity is 32,600 spindles. In FY11, the company
reported revenue of INR764.10 million (FY10: INR503.2 million),
an EBITDA margin of 11.5% (10.2%), an EBIDTA of INR86.20 million
(INR56.2 million), a debt/EBIDTA of 4.58x (FY10: 5.76x), interest
cover of 3.06x (2.42x) and EBIDTA DSCR of 1.86x (1.32x).
Outstanding debt as at end-March 2011 was INR393.5 million. As
per LTL's Q1FY12 figures (provisional, unaudited), its revenues
were INR186.8 million and EBIDTA was INR24.6 million (13.2%).
Rating actions on LTL's instruments:
-- INR160MM fund-based working capital limits (enhanced from
INR130MM): assigned at 'Fitch BB(ind)'/' Fitch A4+(ind)'
-- INR55.5MM new term loan: assigned at 'Fitch BB(ind)'
-- INR15MM non-fund based working capital limits (reduced from
INR28MM): affirmed at 'Fitch BB(ind)'/'Fitch A4+(ind)'
-- Outstanding INR237MM long-term loans: affirmed at 'Fitch
BB(ind)'
MAHAVIR ROLLING: CARE Assigns 'CARE BB+' Rating to INR16.5cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Mahavir Rolling Mill Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 16.50 CARE BB+ Assigned
Short-term Bank Facilities 6.00 CARE A4+ Assigned
Rating Rationale
The ratings are constrained by the modest scale of operations of
Mahavir Rolling Mill Ltd, the tender driven nature of its
business, high degree of customer concentration and its presence
in the highly competitive steel products industry. The ratings
are further constrained by the fluctuating trend of income as
well as operating margins due to volatility in the raw material
price.
The ratings, however, take into account the over two decades of
experience of the promoters, presence of the group across
different segments of the steel industry and the established
track record of MRML.
MRML's ability to increase the scale of its operations through
diversification of its customer base and expanding its
geographical reach coupled with improvement in the profitability
and maintaining the leverage position are the key rating
sensitivities.
About Mahavir Rolling
Ahmedabad based MRML is a closely-held public limited company
established in 1988. It was originally constituted as a
proprietorship firm, named as M/s Mahavir Rolling Mill, by
Mr. Kishorechand Bansal and subsequently it was converted into a
private limited company in August 1992 and into a Public Ltd
Company with its current name in February 1996. MRML is a part of
the Mahavir Group which also has interests in the ship breaking
business through its various entities.
MRML is mainly engaged in making steel products such as MS
angles, square and round bars. MRML earned a PAT of INR 3.95
crore on a total income of INR 73.87 crore in FY10 (refers to
April 1 to March 31).
MOSER BAER: CARE Assigns 'CARE BB+ (SO) Rating to INR50cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+(SO)' and 'CARE A4+(SO)' rating to bank
facilities of Moser Baer Photo Voltaic Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 350.48 CARE BB+ (SO)
Assigned
Long-term/Short-term 50.00 CARE BB+ (SO)/
Bank Facilities CARE A4+(SO) Assigned
Short-term Bank Facilities 510.00 CARE A4+ (SO)
Assigned
Rating Rationale
The ratings factor in the unconditional and irrevocable corporate
guarantee provided by Moser Baer India Ltd. rated 'CARE BB+/CARE
A4+', for the above bank facilities of Moser Baer Photo
Voltaic Ltd. The ratings continue to be constrained by the weak
financial profile marked by continuing losses and adverse capital
structure of MBIL at a consolidated level. Furthermore, the
ratings also factor in the pricing pressure in the optical media,
risk of volatility in the raw material prices, technology risk
and substantial exposure of the company to its loss-making
subsidiaries.
However, the ratings continue to derive strength from the
experienced promoters and management team, MBIL's dominant
position in the optical storage media, broad product range and
wide geographical presence. Going forward, improving
profitability, prudent management of capital structure and cash
flows in the light of upcoming redemption of FCCBs and the extent
of support to the subsidiary companies would remain the key
rating sensitivities.
About Moser Baer
Moser Baer Photo Voltaic Limited is a wholly-owned subsidiary of
MBSL (Moser Baer Solar Ltd.) and a step-down subsidiary of Moser
Baer India Ltd MBPV is primarily engaged in the design,
manufacture and export of photo voltaic cells, modules
and systems. It has 80MW cell and 100 MW module manufacturing
capacities based on crystalline silicon technology. MBPV
commenced its commercial shipment of PV (Photo Voltaic) cells and
modules in June 2007 and November 2007 respectively.
MBPV has also commenced providing turnkey solutions and EPC
services for the large grid-connect solar farms. The company has
various product certifications which include ISO 14000, ISO 9000,
ISO 18000, OHSAS 2000 by TUV, TUV 5 * certification along with
100% rating for quality systems etc.
During FY10, MBPV reported a total operating income of INR449.82
crore with a net loss of INR176.07 crore. As per FY11
(provisional), MBPV has achieved a total operating income of
INR710.55 crore with a net loss of INR179.63 crore
NAGARWALA ENTERPRISES: CRISIL Rates INR60MM Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the cash credit
facility of Nagarwala Enterprises (NE; flagship company of the
Nagarwala group).
Facilities Ratings
---------- -------
INR60 Million Cash Credit CRISIL B+/Stable (Assigned)
The rating reflects the Nagarwala group's below-average financial
risk profile, marked by modest net worth, high gearing, and
inadequate debt protection metrics, and susceptibility to adverse
regulatory changes. These rating weaknesses are partially offset
by the extensive experience of the group's promoters in the
cotton ginning industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NE, Nagarwala Cotton Processor Pvt
Ltd, and Nagarwala Cottex. These entities are collectively
referred to as the Nagarwala group. This is because the entities
are under a common management and have significant operational
and financial linkages with each other.
Outlook: Stable
CRISIL believes that the Nagarwala group will continue to benefit
from its promoters' experience in the cotton ginning industry
over the medium term. The outlook may be revised to 'Positive' if
the group's capital structure improves, most likely because of
sizeable equity infusion, or if its profitability improves
significantly. Conversely, the outlook may be revised to
'Negative' if the group's liquidity weakens, most likely because
of any unprecedented inventory losses or stretch in working
capital cycle.
About the Group
NE was established in 1980 as a partnership firm, with Mr.
Narendra Nagarwala and his mother as partners. Currently, Mr.
Narendra Nagarwala and his wife, Mrs. Jyoti Nagarwala, are the
partners at the firm. The firm is engaged in ginning and pressing
raw cotton. NCPPL and NC also have the Nagarwala family as
promoters and are in the same line of business as NE. NC's plant
is coming up and is expected to start production from November
2011 onwards. NCPPL does job-work for NE.
The NE reported, on provisional basis, a profit after tax (PAT)
of INR0.5 million on net sales of about INR465 million for 2010-
11 (refers to financial year, April 1 to March 31); the firm
reported a PAT of INR1 million on net sales of INR519 million for
2009-10.
NITIN ALLOYS: Comfortable Credit Cues Fitch to Put Low-B Rating
---------------------------------------------------------------
Fitch Ratings has assigned India's Nitin Alloys Global Limited a
National Long-Term rating of 'Fitch BB+(ind)' with Stable
Outlook.
The ratings reflect NAGL's comfortable credit and liquidity
position in the financial year ended March 31, 2011 (FY11). This
is reflected in its interest coverage (operating EBITDA/net fixed
charges) of 3.97x (FY10: 3.69x) and financial leverage (total
adjusted net debt/operating EBITDAR) of 1.79x (1.95x), and a
three-year track record of positive cash flow from operations
(CFO) and free cash flows (FCFs).
The ratings benefit from the company's strong relationship with
its customers, reflected in its strong sales volume growth of 40%
to 1,086MT in FY11. The ratings also draw comfort from NAGL's
decade-long experience in the castings business and experienced
management.
NAGL has resorted to the bulk buying of raw materials, exposing
it to significant risks associated with price volatility. Raw
materials account for 70%-75% of total sales. In FY11, stainless
steel scrap (key raw material) price increased by 11%. However,
the company benefits from discounts availed from the bulk
purchasing.
NAGL's bulk purchases have resulted in higher inventory days
(FY11: 101days, FY10: 129days) and lower payable days (FY11:
28days, FY10: 43days); Payments for bulk purchases are generally
made in advance, resulting in long cash conversion cycle days
(CCC) of 136 days in FY11 (FY10: 165 days). Fitch expects CCC to
remain stretched in future. NAGL utilization of its fund-based
and non-fund based working capital limits remains low, which
provides a cushion against liquidity pressures, if any.
Fitch expects margin volatility given sharp movements in raw
material prices. Any deterioration in profitability and/ or
debt-funded capex resulting in interest coverage falling below
2.0x and financial leverage exceeding 3x on a sustained basis may
result in negative rating action. Conversely, any improvement in
sales and profitability resulting in interest coverage of above
3x and financial leverage going below 1x on a sustained basis may
result in positive rating action.
NAGL is part of the Kedia Group located at Thane, Maharashtra.
It manufactures castings, which have diverse application in
industries such as cement, steel, heavy engineering and other
industrial applications. The company has an installed capacity
of 3,000 MT in Silvassa. In FY11, NAGL's revenue grew 27.4% to
INR310.9 million (FY10: INR244.2 million) and operating EBITDAR
to INR39.8 million (INR39.6 million). In FY11, CFO was INR10.24
million (FY10: INR10.99 million) and FCF was INR4.04 million
(INR9.07 million).
Fitch has also assigned ratings to NAGL's facilities as follows:
-- INR108.1MM long-term loans: assigned 'Fitch BB+(ind)'
-- INR84MM fund-based limits: assigned 'Fitch BB+(ind)'
-- INR64MM non-fund based limits: assigned 'Fitch A4+(ind)'
PACNET LIMITED: Fitch Affirms Rating on Long-Term IDR at 'B+'
-------------------------------------------------------------
Fitch Ratings has revised Pacnet Limited's Outlook to Negative
from Stable and affirmed its Long-Term Foreign Currency Issuer
Default Rating (IDR) at 'B+'. Fitch has also affirmed the
company's guaranteed USD300 million senior secured notes due
November 9, 2015, at 'BB+' with a Recovery Rating of 'RR1'.
The Negative Outlook reflects the risk that Pacnet's financial
performance may deteriorate due to price competition caused by
significant excess submarine cable capacity. Despite strong
demand growth, significant decrease in selling prices is likely
to restrict Pacnet's revenue growth to below 4% again in 2011.
The 'RR1' Recovery Rating on the guaranteed notes reflects an
expected 100% value recovery for bondholders in the event of
default, based on Fitch's assessment of the liquidation value of
Pacnet in a stressed scenario. In this assessment Fitch has
taken into account that the book value of Pacnet's property,
plant and equipment already reflects a steep discount to these
assets' historical development cost.
Pacnet's revenue growth, EBITDA margin and cash flows weakened in
2010 and H111. Free cashflow (FCF) deficit widened to USD133m in
2010 from USD121m in 2009 due to lower funds from operations
(FFO) and dividends payments not covered by profits or post-capex
cashflow. Fitch expects FCF to remain negative for 2011, but in a
smaller deficit. FFO-adjusted net leverage rose to 3.7x at end-
2010 from 1.6x at end-2009, and is likely to rise above 4.0x at
end-2011.
Pacnet's liquidity remains comfortable due to its cash balance of
more than USD100m, likely smaller FCF deficit (with lower capex
and a moratorium on any further dividends until after 2013), and
limited debt maturities before end-2014. Available undrawn
working capital credit facilities of USD22.9m (as of end-June
2011) provide additional liquidity cushion.
Pacnet's rating is constrained by its small operational scale and
downward pricing trend, although the company's "meshed" network
provides some competitive advantage over other operators' linear
networks. Pacnet's 2010 EBITDA of just USD72m is small compared
with other global telecom service providers rated by Fitch. No
significant change in Pacnet's operational scale is likely in the
medium term.
Despite rising Asian internet traffic -- interregional and
intraregional -- and the increasing use of rich media
applications, the medium-term outlook for prices remains strongly
negative because of the sector's significant excess cable
capacity, cable upgrades lowering unit costs and several new
systems being planned for the intra-Asia market.
Pacnet's expansion into the data centre business is likely to
improve revenue growth and profit margins starting H211, but
these benefits are unlikely to be material in the short term.
The Asia Pacific data centre market is under-served and fast-
growing as rising broadband penetration is leading to a
substantial requirement for data centre space.
With the advantages of double routes to most major locations in
Asia Pacific, Pacnet's "meshed" offering of EAC-C2C network is a
key differentiating factor in comparison with the linear network
design of its three main competitors in the intra-Asia market.
Fitch would consider negative rating action if pricing
competition or debt-funded capex causes FFO interest coverage to
fall below 2.75x, or FFO-adjusted leverage to rise above 5x on a
sustained basis. Conversely, Fitch would consider revising the
Outlook back to Stable if, on a sustained basis, revenue growth
in data/voice services, including successful expansion in data
centre services, enables its FFO interest coverage to rise above
3.25x, or FFO-adjusted leverage to fall below 4.5x. Given the
company's size and pricing challenges, an upgrade to the 'BB'
category is not envisaged in the medium term.
RASHIMI LIMITED: Fitch Withdraws BB+(ind) Nat'l. Long Term Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn India-based Rashmi Cement Limited's
'Fitch BB+(ind)nm' National Long-Term rating.
The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of RCL.
Fitch migrated RCL to the non-monitored category in February
2011.
Rating actions on RCL's bank loans:
-- INR137.2MM long-term debt: 'Fitch BB+(ind)nm'; rating
Withdrawn
-- INR1,045MM fund based limits: 'Fitch BB+(ind)nm'; rating
Withdrawn
-- INR722MM non-fund based limits: 'Fitch A4+(ind)nm'; rating
withdrawn
RICHI RICH: CARE Reaffirms 'CARE B' Rating on INR0.71cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Richi Rich Agro Foods Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 0.71 CARE B Reaffirmed
Short-term Bank Facilities 16.00 CARE A4 Reaffirmed
Rating Rationale
The ratings continue to take into consideration the weak
financial risk profile of Richi Rich Agro Foods Pvt Ltd
characterized by modest scale of operations, low profitability
margins and moderate net worth base, high overall gearing and
high working capital intensity of operations. The ratings are
also constrained by the inherent risks in an agricultural
commodity business, foreign exchange fluctuation risks and
vulnerability of the international trade to changes in the
government policies. However, the ratings continue to derive
strength from the established track record, experienced
management and healthy growth prospects of the rice industry.
Going forward, the ability of RFPL to manage the working-capital
requirements efficiently and profitably scale up the operations
shall be the key rating sensitivities.
About Richi Rich
RFPL was incorporated in 1997 as a partnership firm under the
name M/s Aggarwal Agro Industries and later converted to a
private limited company on May 25, 2009. RFPL is a closely-held
company with the promoters comprising the family members. RFPL
was initially promoted by Mr S.L. Goel who has a vast experience
in the field of rice milling and currently the management is
vested in the hands of Mr Neeraj Goel and Mr Atul Goel, who look
after the day-to-day affairs of the export market and domestic
market respectively.
RFPL is engaged in the milling, processing and selling of basmati
rice of various types in the export and domestic markets. The
company has a rice mill located at Barara, district Ambala
(Haryana) with the milling and sorting capacity of 70,000 tonnes
per annum.
RONIT NIRMAN: Inadequate Info Cues Fitch to Withdraw Low-B Rating
-----------------------------------------------------------------
Fitch Ratings has withdrawn the 'Fitch B(ind)nm' National Long-
Term rating on India-based Ronit Nirman Pvt. Ltd. and its INR200
million fund-based limits.
The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of RNPL.
Fitch migrated RNPL to the non-monitored category in February
2011.
SAI STEEL: CRISIL Rates INR98 Million Cash Credit at 'CRISIL B'
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Sai Steel Industry.
Facilities Ratings
---------- -------
INR98 Million Cash Credit CRISIL B/Stable (Assigned)
The rating reflects the firm's below-average financial risk
profile, marked by a low capital base and inadequate interest
coverage ratio, and risks related to significant inventory levels
and to lumpiness in cash flows. These rating weaknesses are
partially offset by SSI's improving business risk profile, marked
by an increasing scale of operations.
Outlook: Stable
CRISIL believes that SSI's financial risk profile will remain
constrained by the firm's weak profitability, large working
capital requirements, and lumpiness in cash flows. The outlook
may be revised to 'Positive' if SSI substantially scales up its
operations and profitability, while it maintains its current
capital structure, or if it substantially improves its liquidity
by infusion of equity capital. Conversely, the outlook may be
revised to 'Negative' in case of a stretch in SSI's working
capital requirements, or in case of a decline in the firm's
profitability.
About Sai Steel
Set up in 2009 by Mr. Manoj Mehta, SSI commenced operations in
July 2010. The firm is based in New Delhi, and is primarily a
trader of old machinery and equipment. It also trades in scrap
metal to ensure a steady income. It mainly purchases old
machinery from units undergoing renovation, by participating in
auctions conducted by banks for sale of seized units, and by
participating in auctions conducted by railways to dispose off
old bogies, tracks, and sleepers. It participates in auctions
jointly with Divya Impex.
For 2010-11 (refers to financial year, April 1 to March 31), SSI
reported, on a provisional basis, a net profit of INR1.6 million
on net revenues of INR263.4 million.
SAMI LABS: CARE Assigns 'CARE BB' Rating to INR23.5cr Term Loan
---------------------------------------------------------------
CARE assigns/reaffirms 'CARE BB' and 'CARE A4' ratings to the
bank facilities of Sami Labs Limited.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities
- Fund-based Working Capital 40.00 Nil Withdrawn
- Fund-based Term Loan 23.50 CARE BB Assigned
Short-term Bank Facilities
- Fund-based Working Capital 55.00 CARE A4 Assigned
- Non-fund Based 10.00 CARE A4 Reaffirmed
(enhanced
from 7.00)
Rating Rationale
The above ratings continues to draw strength from the established
track record of the company, experienced promoters, strong
Intellectual Property Rights (IPR) portfolio comprising 65
international patents and comfortable capital structure. The
ratings also factor in 22% growth in income during CY10 (refers
to January 1 to December 31) over CY09 and the growing demand of
nutraceuticals globally. However, the above rating continues to
be constrained by fluctuating sales during the past three years
along with operational losses in CY09 and CY10, product
concentration
risk, exposure to group companies and working-capital intensive
nature of operations. Going forward, ability of SLL to scale up
its operations with timely completion of the proposed expansion
projects, ability to improve profitability margins & liquidity
position and diversify its product profile would be key rating
sensitivities.
About Sami Labs
Sami Labs Limited incorporated in April 1991, was promoted by Dr
Muhammed Majeed, who looks after the day-to-day operations of the
company. It is a 100% Export Oriented Unit primarily engaged in
manufacturing of nutraceuticals, cosmeceuticals, standardized
extracts and specialty chemicals. SLL currently operates four
manufacturing units in India, with three units located in
Bangalore and one in Hyderabad. SLL has a state-of-art Research
and Development centre in Bangalore. SLL mainly markets to export
markets such as North America and Asian countries through its
subsidiary companies. SLL proposes to undertake expansion of
capacities at its existing units in order to keep pace with the
growing demand for its products from export markets. The total
capital cost is estimated at INR26.5 cr, with a D:E of 3.1:1 The
proposed date of completion is December 2012.
In CY10, SLL achieved PAT of INR1.1 cr (net loss of INR4.5 cr in
CY09) on net sales of INR120.2 cr (INR99.7 cr for CY09).
S. C SHETTAR: CARE Rates INR5cr Long-Term Loan at 'CARE BB'
------------------------------------------------------------
CARE assigns 'CARE BB' rating to the bank facilities of M/S S. C
Shettar & Sons.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term (LT) bank facilities 5.00 'CARE BB'
Assigned
Rating Rationale
The rating assigned by CARE is based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The rating may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the proprietor in addition to
the financial performance and other relevant factors. The rating
of M/s S. C Shettar & Sons is constrained by its relatively small
size of operations despite long track record, constitution being
proprietorship firm, volatile prices of traded goods and
inherent cyclicality associated with the steel industry which has
high level of competition due to its fragmented nature. These
constraints far outweigh the benefits derived from considerable
experience of the proprietor, exclusive distributorship of Tata
products in the state of Karnataka on the back of well developed
network of dealers and improving sales. Ability of the firm to
manage working capital requirements efficiently and improvement
in
profitability margins in light of the volatility in prices are
the key rating sensitivities.
About S. C. Shettar
S. C. Shettar & Sons, a proprietorship firm promoted by Late Shri
S. Channappa Shettar, commenced its operation in April, 1904.
Primarily engaged in trading & distribution of iron & steel
related items like GP & GC sheets and colour-coated sheets for
over a century, SCSS, in March, 2008, commenced a 1.25MW windmill
in Gadag district of the State of Karnataka. Since the year
2010, SCSS is the sole distributor of branded galvanised products
and colour coated sheets of Tata Steel and Tata BlueScope Steel
respectively in the State of Karnataka. The firm sells
galvanised products for Tata Steel under the brand name "Tata
Shaktee" and colour coated sheets for Tata BlueScope Steel under
the brand name "Durashine". Given the established brand name of
the products, the firm has gained wide acceptance and has
established a good presence in all the districts of Karnataka.
Prior to this, the firm had distributorship of steel products
from various companies.
SHREE SIDDHI: CARE Assigns 'CARE BB-' Rating to INR12.27cr Loan
---------------------------------------------------------------
CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank
facilities of Shree Siddhi Vinayak Induction Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 12.27 CARE BB- Assigned
Short-term Bank Facilities 2.75 CARE A4 Assigned
Rating Rationale
The ratings are constrained on account of relatively short track
record of operations of Shree Siddhi Vinayak Induction Pvt. Ltd.,
presence in the highly fragmented and competitive steel industry,
customer concentration risk and operating margins being exposed
to the raw material (sponge iron and scrap) price fluctuation
risk. The ratings are further constrained on account of below
average financial risk profile marked by low profitability,
highly leveraged capital structure, stressed liquidity position
and project implementation risk. The ratings, however, favorably
consider the rich experience of SSVIPL's promoters in the steel
industry. Successful implementation of SSVIPL's debt funded on-
going expansion project as well as its ability to increase the
scale of operations while improving its profitability.
About Shree Siddhi
Jaipur-based Shree Siddhi Vinayak Induction Pvt. Ltd., promoted
by Mr. Ashok Dharendra, was incorporated in November 1997 for
undertaking the business of manufacturing Mild Steel (MS) ingots.
The commercial production of MS Ingots, however, started in
August 2008 with FY10 being the first full year of commercial
operations for the company. SSVIPL manufactures MS ingots through
the induction furnace process and has an installed capacity of
producing 24,960 metric tonnes per annum (MTPA). The company is
currently executing an expansion project of installing an
additional furnace and a Continuous Casting Machine (CCM) that
would increase its capacity to 62,400 MTPA and will also enable
the production of billets.
SHRI MAHAVIR: Fitch Withdraws 'BB-(ind)' Nat'l Long-Term Rating
---------------------------------------------------------------
Fitch Ratings has withdrawn India-based Shri Mahavir Ferro Alloys
Pvt. Ltd.'s 'Fitch BB-(ind)nm' National Long-Term rating.
The ratings have been withdrawn due to lack of adequate
information, and Fitch will no longer provide ratings or
analytical coverage of SMFAPL.
Fitch migrated SMFAPL to the non-monitored category in February
2011.
Rating actions on SMFAPL's bank loans:
-- INR658.36MM long-term debt: 'Fitch BB-(ind)nm'; rating
withdrawn
-- INR319.7MM fund-based limits: 'Fitch BB-(ind)nm'; rating
withdrawn
-- INR85MM non-fund based limits: 'Fitch A4+(ind)nm'; rating
withdrawn
SOUTHERN STEELS: CRISIL Places CRISIL B+ Rating on INR104MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Southern Steels and Forgings (SSF; part of
the Kems group).
Facilities Ratings
---------- -------
INR104 Million Cash Credit CRISIL B+/Stable (Assigned)
INR45 Million Letter of Credit CRISIL A4 (Assigned)
INR55 Million Bank Guarantee CRISIL A4 (Assigned)
The ratings reflect the Kems group's below-average financial risk
profile, marked by a high gearing and below-average debt
protection metrics, and susceptibility to customer concentration
risk and cyclicality in the automobile industry. These rating
weaknesses are partially offset by the Kems group's established
position in the forging and machining segment.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSF with Kems Auto Components Ltd and
Kems Forgings Ltd, together referred to as the Kems group. This
is because all the three entities are engaged in similar lines of
business, have common promoters, share significant business
synergies and financial fungibility.
Outlook: Stable
CRISIL believes that the Kems group will maintain a stable credit
risk profile over the medium term, on back of its established
market position in the forging and machining sector and
experienced management. The outlook may be revised to positive,
in case of a sustained improvement in the group's working capital
management in conjunction with an improvement in its capital
structure and debt protection metrics or if Kems group
diversifies its customer profile resulting in greater than
expected increase in scale of operations. Conversely, the outlook
may be revised to negative, in case of a sustained slowdown in
the automobile industry resulting in constrained capacity
utilization levels or if the group undertakes any large debt
funded capex, resulting in deterioration of its financial risk
profile.
About the Group
Established in 1982, Chennai-based SSF trades carbon steel and
alloy steel long products, such as bars, rods, and billets. SSF
is based in Chennai (Tamil Nadu) and has branch offices in
Karnataka, Andhra Pradesh, Maharashtra, and West Bengal. Around
50-55% of SSF's sales are made to KACL and KFL.
KFL was established when its promoters acquired Sree Lakshmi
Industrial Forge and Engineers Ltd in 1991. The company got its
current name in 2010-11 (refers to financial year, April 1 to
March 31). KFL is engaged in forging of alloy, carbon, and
stainless steel. The company has two plants in Bengaluru
(Karnataka) with a total installed capacity of around 28, 800
tonnes per annum (tpa). KFL produces components that cater
primarily to the automobile, construction/mining, oil and gas,
and chemicals industries.
Incorporated in 1984, KACL (formerly, Karnataka Electrical and
Mechanical Systems Ltd) acquired its current name in 2010-11
(refers to financial year, April 1 to March 31). KACL is engaged
in machining of auto components and caters primarily to the
automotive industry. KACL has two manufacturing facilities with
total manufacturing capacity of 1.2 million components per annum.
The day-to-day operations of the Kems group is managed by its
promoter Mr. S.K Gandhi.
The Kems group reported a profit after tax (PAT) of INR 59.1
million on net sales of INR 1.9 billion for 2010-11, as against a
PAT of INR 19.34 million on net sales of INR 1.47 billion for
2009-10.
TRIDENT TOOLS: CRISIL Assigns 'CRISIL B+' Rating to INR35MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Trident Tools Ltd.
Facilities Ratings
---------- -------
INR90 Million Cash Credit CRISIL B+/Stable (Assigned)
INR35 Million Rupee Term Loan CRISIL B+/Stable (Assigned)
INR12 Million Proposed LT CRISIL B+/Stable (Assigned)
Bank Loan Facility
INR25 Million Letter of Credit CRISIL A4 (Assigned)
The ratings reflect TTL's below-average financial risk profile,
marked by a small net worth, less-than-adequate liquidity and
below-average debt protection metrics, modest scale of
operations, and exposure to intense competition from established
players in the cutting tools industry. These rating weaknesses
are partially offset by TTL's improving operating efficiency and
extensive industry experience of its promoters.
Outlook: Stable
CRISIL believes that TTL will continue to benefit over the medium
term from its promoters' extensive experience and its established
position in the cutting tools industry. The outlook may be
revised to 'Positive' if the company registers higher-than-
anticipated revenue growth and profitability, without further
weakening its capital structure. Conversely, the outlook may be
revised to 'Negative' if TTL undertakes higher than expected debt
funded capital expenditure leading to weakening of financial risk
profile or further stretch in working capital cycle resulting in
deterioration in its liquidity.
About Trident Tools
Established in 2000 as a partnership firm, Singarg Manufactures,
TTL was reconstituted as a private limited company, Trident Tools
Pvt Ltd, in 2004. In 2007-08 (refers to financial year, April 1
to March 31), the promoters acquired another family owned
company, Magicut Tools Ltd, which was subsequently merged with
TTPL; post the merger, the company was renamed TTL with effect
from April 1, 2008. TTL manufactures high-speed steel (HSS)
hacksaw blades and HSS tool bits that are used in diverse
industries. It also trades non-ferrous metals, such as copper
scrap, aluminium scrap, lead ingots, and melting scraps. TTL's
registered office is in Mumbai (Maharashtra) while its unit was
recently shifted to Palaghar (Maharashtra). Mr. Narendra Gupta
and his son, Mr. Ravi Gupta, manage the company's overall
operations.
TTL reported a profit after tax (PAT) of INR7.9 million on net
sales of INR205.1 million for 2010-11, as against a PAT of INR5.2
million on net sales of INR231.4 million for 2009-10.
V. S. MULTIMETAL: CARE Rates INR12.87cr LT Loan at 'CARE BB-'
-------------------------------------------------------------
CARE assigns 'CARE BB-' rating to the bank facilities of V. S.
Multimetal Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 12.87 CARE BB- Assigned
Rating Rationale
The rating is constrained due to the modest scale of operations
of V. S. Multimetal Pvt. Ltd. and its financial risk profile
marked by thin profitability margins and moderate solvency
position. The rating is further constrained due to its limited
geographic presence being mainly concentrated in Gujarat,
volatility associated with the raw material prices, project risk
associated with predominantly debt-funded capex and its presence
in the cyclical and fragmented steel industry. The above
constraints far offset the benefits derived from the experience
of the promoters in the steel products industry along-with the
support from the group companies with the established marketing
and distribution network. Improvement in the overall financial
risk profile while increasing the scale of operations through
diversification in its product portfolio and expanding its
geographical presence would be the key rating sensitivities.
About V. S. Multimetal
VSMPL is part of the Agarwal Group based in Ahmedabad, which has
presence in the metal trading business as well as in the
manufacturing of steel, alloys, etc. It has group entities which
are present in different segments of the value chain in the metal
industry (including both ferrous and ferroalloy metals) ranging
from scrap trading to manufacturing of the rolled components.
Till 2010, VSMPL carried out the trading of various ferrous metal
products like TMT bars, ferro alloy ingots, etc. In October 2010,
VSMPL started the manufacturing of steel rolled products like
Mild Steel (MS) and ferro alloy bars, etc. with establishment of
its manufacturing facility at Changodar near Ahmedabad in Gujarat
having an installed capacity of 18,000 Metric Tonnes Per Annum
(MTPA).
WINDLASS ENGINEERS: CARE Places CARE BB Rating on INR6.99cr Loan
----------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Windlass Engineers & Services Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 6.99 CARE BB Assigned
Short-term Bank Facilities 13.00 CARE A4+ Assigned
Rating Rationale
The ratings of Windlass Engineers & Services Pvt. Ltd. (WESPL)
are constrained by its below-average financial risk profile as
reflected by the high leverage and elongated working-capital
cycle in a highly working-capital intensive business; customer
concentration risk and exposure to foreign exchange fluctuation
risk. The ratings are also constrained by its dependence on the
oil and gas sector fortune of which is in turn linked to the
crude oil prices and its small size of operations. However, the
ratings draw comfort from the experienced promoters and long
track record of the group, healthy profitability margins and
comfortable order book position. Going forward, its ability to
grow the scale of operations, while developing new products in
line with the market requirements without any materially adverse
change in the profitability margins and improvement in capital
structure, would be the key rating sensitivities.
About Windlass Engineers
WESPL, promoted by the Windlass family of Dehradun (Uttarakhand)
is engaged in the business of manufacturing equipments and spares
to be used in Oil & Gas sector. WESPL manufactures products like
Blow Out Preventer (BOP) units, Test units, Water Blaster,
Winches, Flanges, Cross, Tee, Ring Joint gaskets, Adapter and
Spacer Spools, Studs and nuts, Valves, Hammer Unions, Swivel
Joints etc. WESPL enjoys American Petroleum Institute (API)
licences in the four categories (6A, 16A, 16C, 16D) which are
required for exports to foreign countries. WESPL's majority of
sales are targeted towards the foreign countries including UAE,
USA and Algeria. The promoter group (Windlass family) is engaged
in various businesses including swords manufacturing, healthcare,
real estate and hospitality.
WINDLASS STEELCRAFTS: CARE Rates INR2.19cr LT Loan at 'CARE BB'
---------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4+' ratings to the bank
facilities of Windlass Steelcrafts.
Amount
Facilities (INR crore) Ratings
----------- ----------- -------
Long-term Bank Facilities 2.19 CARE BB Assigned
Short-term Bank Facilities 12.50 CARE A4+ Assigned
Rating Rationale
The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo change in the case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
The ratings of Windlass Steelcrafts are constrained by its below-
average financial risk profile as reflected by high leverage and
elongated working-capital cycle in a highly working-capital
intensive business; presence in a niche industry with limited
growth prospects and exposure to foreign exchange fluctuation
risk. The ratings are further constrained by its constitution as
a partnership firm and its small scale of operations. However,
the ratings draw comfort from the experienced promoters and the
long track record of the operations, established relationship
with the suppliers as well as the customers, high profitability
margins and comfortable order book position. Going forward, its
ability to generate repeat business from the existing clients and
adding new customers without any materially adverse change in the
profitability margins and improvement in the capital structure
would be the key rating sensitivities.
About Windlass Steelcrafts
Windlass Steelcrafts, promoted by the Windlass family of Dehradun
in 1943, is engaged in the business of manufacturing swords,
bayonets, daggers and licensed replicas, which it provides to
defence as well as for decorative purpose. WSC started with
manufacturing "Khukri" for British army in the pre-Independence
era in India. Currently, the firm manufactures ceremonial swords
for various countries' defence forces including US, UK, Brunei,
Greece, Columbia and Chile among others. The firm has prepared
licensed replicas for various movies like Phantom, Star Wars and
Kingdom of Heavens etc. The promoter group (Windlass family) is
also engaged in various other businesses including swords
manufacturing, healthcare, real estate and hospitality.
=========
J A P A N
=========
JAPAN COMMERCIAL: S&P Puts B- Ratings on 2 Note Classes on Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on the
class A to E floating-rate notes issued under the Japan
Commercial Real Estate Funding CMBS 2007-1 G.K. (JCREF CMBS 2007-
1) transaction on CreditWatch with negative implications, and
affirmed its 'AAA (sf)' rating on class X TK Investment.
Of the five loans and four specified bonds (hereinafter,
collectively referred to as "loans") extended to/issued by nine
obligors that initially backed the notes issued under this
transaction, eight loans (the eight loans originally represented
about 87% of the total initial issuance amount of the notes)
remain at this point.
"We placed the ratings on classes A to E on CreditWatch negative
because it is our view that the recovery prospects of the real
estate properties backing the transaction's underlying loans are
under downward pressure," S&P said. This view is primarily based
on:
"Some of the remaining properties backing the loans are
underperforming relative to the assumptions we made when we
last reviewed our assessments of the properties' values in
November 2010," S&P related.
In some cases, the minimum sales amounts that the special
servicer plans to recover through property liquidation are
lower than the assumptions we made in November 2010.
"We intend to review our ratings on classes A to E after
considering several factors, including the performance of the
properties backing the loans, a comparison with real estate deals
involving similar asset types, as well as the status of
collection activities relating to defaulted loans that are
undertaken by the special servicer," S&P said.
JCREF CMBS 2007-1 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The notes were originally secured
by five nonrecourse loans and four specified bonds extended
to/issued by nine obligors. The nonrecourse loans and specified
bonds were initially backed by 56 real estate properties. The
transaction was arranged by Barclays Capital Japan Ltd., and
Premier Asset Management Co. acts as the servicer for this
transaction.
"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate full repayment of
principal by the transaction's legal final maturity in December
2015 for the class A notes, the full payment of interest and
repayment of principal by the transaction's legal final maturity
for the class B to E notes, and the timely payment of available
interest for the class X TK Investment," S&P said.
Ratings Placed On CreditWatch Negative
JCREF CMBS 2007-1 G.K.
JPY58.2 billion commercial mortgage-backed
floating rate notes due December 2015
Class To From Initial issue amount Coupon
A AA (sf)/ AA (sf) JPY39.3 bil. Floating
Watch Neg rate
B BBB+ (sf)/ BBB+ (sf) JPY6.2 bil. Floating
Watch Neg rate
C BB- (sf)/ BB- (sf) JPY5.3 bil. Floating
Watch Neg rate
D B- (sf)/ B- (sf) JPY4.7 bil. Floating
Watch Neg rate
E B- (sf)/ B- (sf) JPY2.7 bil. Floating
Watch Neg rate
Rating Affirmed
JCREF CMBS 2007-1 G.K.
Class Rating
X (TK Investment) AAA (sf)
TOKYO ELECTRIC: To Sell Shares in Wind Power Unit
-------------------------------------------------
The Yomiuri Shimbun reports that Tokyo Electric Power Co. plans
to sell some of its shares in a wind power development subsidiary
to raise funds to help pay compensation for damage caused by the
crisis at its Fukushima No. 1 nuclear power plant.
According to the news agency, TEPCO will lower its equity holding
in Eurus Energy Holdings Corp. from the current 60% to about 40%
by selling stock.
Proceeds from the stock sales are expected to total about
JPY10 billion, the report discloses.
The Yomiuri Shimbun notes that the utility has been preparing to
sell its holdings in real estate and housing businesses that are
unrelated to electricity generation. But this will be the first
time for TEPCO to sell its energy-related shares, the report adds
citing unnamed sources.
Headquartered in Minato Ward, Tokyo, Eurus Energy is the largest
wind power company in Japan. In 2002, TEPCO acquired a stake in
Tomen Power Holdings Corp., the predecessor of Eurus Energy,
which was established in 2001. Tomen Power Holdings was renamed
to Eurus Energy in 2002.
Eurus Energy is 60% owned by TEPCO and 40% owned by Toyota Tsusho
Corp., a major trading house affiliated with the Toyota Motor
group.
About Tokyo Electric
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. 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.
TOKYO ELECTRIC: Utility, Panel Unveil Draft Business Plan
---------------------------------------------------------
According to MarketWatch, the Nikkei reported in its Monday
evening edition that Tokyo Electric Power Co. and a public-
private panel unveiled a draft business plan that calls on the
utility to cut director pay, sell assets and seek help from banks
to help pay compensation to victims of a nuclear accident in
March.
MarketWatch says Nuclear Damage Compensation Facilitation Corp.
was set up to support TEPCO's nuclear accident compensation
payments. The panel and TEPCO worked out the plan to gain
government support for helping it pay compensation caused by the
accident at the Fukushima Daiichi nuclear power plant, according
to the report.
MarketWatch relates that the draft calls on TEPCO to slash
director pay and to lease assets it cannot sell. TEPCO and the
panel plan to sell JPY300 billion worth of the power company's
shareholdings later this year.
According to the news agency, the draft also said TEPCO will ask
its partner banks to maintain outstanding loans for 10 years.
TEPCO will also ask the state-owned Development Bank of Japan to
help it secure day-to-day funding. It will cut its dividend
payout as well.
Based on the draft, MarketWatch says, TEPCO will work out an
action plan later this year, which will be monitored by the
public-private body. Pension payments for retired employees will
also be cut, the report adds.
Trade Minister Yukio Edano met with TEPCO President Toshio
Nishizawa on Monday and urged him to carry out a restructuring
program worth JPY2.5 trillion in savings over the next decade,
MarketWatch relays.
About Tokyo Electric
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. 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.
====================
N E W Z E A L A N D
====================
PIKE RIVER: Receiver Refuses to Reveal Bids
-------------------------------------------
Radio New Zealand reports that the receiver for the Pike River
Coal Ltd is refusing to reveal whether any bids have been lodged
for the mining company.
Pike River Coal was put into receivership in December and bids
for the company closed at 5:00 p.m. on Oct. 20, according to
Radio New Zealand.
The report notes that receiver John Fisk, from
PricewaterhouseCoopers, said any information on bids remains
commercially sensitive. Radio New Zealand relates that Mr. Fisk
said how long the sale takes will depend on the complexity of
conditions being sought, which would include a body recovery
process.
Approval from the Overseas Investment Office could also be
required for overseas bidders, Mr. Fisk added, Radio New Zealand
notes.
Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company. The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal. It operates a
coal mine that lies under the Paparoa Ranges.
Pike River Coal Ltd, the company that operates the coal mine
where 29 miners died in a series of explosions in November 2010,
was placed into receivership in December 2010. New Zealand Oil &
Gas, the company's largest shareholder, appointed accountants
PricewaterhouseCoopers as receivers. The company owed NZ$80
million to secured creditors BNZ and NZ Oil & Gas. Pike River
Coal also owed another estimated NZ$10 million to NZ$15 million
to contractors, including some of the men who lost their lives in
the disaster.
=====================
P H I L I P P I N E S
=====================
BANCO FILIPINO: CA Junks BSP Bid for Independent Audit
------------------------------------------------------
ABS-CBN News reports that the Court of Appeals has junked the
Bangko Sentral ng Pilipinas' plea for an independent audit of the
now-shuttered Banco Filipino Savings and Mortgage Bank in
connection with the BSP's closure order.
ABS-CBN News relates that in a six-page resolution by the Former
Special 14th Division penned by Justice Agnes Reyes-Carpio, the
appellate court told the BSP Monetary Board (MB) and the
Philippine Deposit Insurance Company (PDIC) that the issue of
receivership against Banco Filipino could be settled without an
independent audit.
"To our mind, the issue of whether the act of placing Banco
Filipino under receivership was tainted with grave abuse of
discretion could be settled without undergoing another tedious
process of requiring an independent audit and examination. To
allow independent audit would only cause undue delay in the
disposition of this case," the resolution read.
According to the report, the appellate court also pointed out
that expenses will be incurred during an independent audit, and
someone should shoulder the cost of the audit. The BSP and the
MB's plea was silent on the matter.
The BSP ordered Banco Filipino's closure last March 17 and placed
it under receivership of state-run PDIC, saying its liabilities
topped its assets by PHP8.4 billion.
The news agency relates that Banco Filipino, through its
stockholders Metropolis Development Corp. and Apex Mortgage and
Loans, filed a petition before the appellate court alleging that
the closure order was unlawful.
Petitioners argued there was already a preliminary mandatory
preventive injunction issued by the a Makati City trial court
ordering the BSP to implement a business plan for the bank and
the release of a P25-billion financial assistance -- later
affirmed by the appellate court in 2010, according to ABS-CBN
News.
The report note that the BSP, however, maintained that Banco
Filipino cannot continue in business without involving probably
losses to its depositors and creditors.
In its resolution, says ABS-CBN News, the appellate court
directed Banco Filipino to submit its memorandum within a non-
extendible period of 15 days from receipt of notice of the
resolution.
About Banco Filipino
Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964, offers
full domestic banking services, which are five main types,
namely: cash services; commercial services; loans; money market
services; and trust services. It started operations on July 9,
1964.
Bangko Sentral ng Pilipinas closed Banco Filipino after the
bank's liabilities overwhelmed its assets by PHP8.4 billion, and
then filed charges against the bank's directors and officials.
BSP also placed the bank under the receivership of the state-run
Philippine Deposit Insurance Corp. to provide immediate relief to
the bank's 177,652 depositors.
MANUELA CORP.: Wins Court Nod to Continue Rehabilitation Plan
-------------------------------------------------------------
Nathaniel R. Melican at BusinessWorld Online reports that Manuela
Corp. has bagged a court ruling allowing the firm to continue
with its rehabilitation plan despite demands of former employees
for swift compensation.
In a decision promulgated Oct. 14, the Court of Appeal's
Thirteenth Division upheld two orders of Las Pinas Regional Trial
Court (RTC) Branch 253 Presiding Judge Jose F. Caoibes, Jr. which
put in place a stay order that prevented creditors and other
parties from collecting claims while Manuela implemented a court-
approved rehabilitation plan to pay back debts, which soared to
PHP4.87 billion in 2001, according to BusinessWorld.
BusinessWorld relates that Manuela had failed to pay its debts
because of the Asian financial crisis, aggressive expansion, and
physical constraints according to court records.
Back in 2003, the report recalls, Mr. Caoibes approved the
rehabilitation plan, ordering Manuela to follow the terms and
conditions of the program and the receiver to issue quarterly
progress reports on the implementation of the plan.
But two former employees -- Antenor T. Dominguez and Elisa P.
Escobar -- asked the plan and the stay order against creditors be
nullified so they can be paid backwages after winning a separate
case where they were eventually found to have been illegally
terminated, the report relays.
According to the report, Msses. Dominguez and Escobar sought to
nullify the plan at the Court of Appeals on the grounds that
Manuela committed external fraud when it failed to disclose
pending labor cases when the firm filed for rehabilitation.
But the court ruled that nullifying transactions made under the
rehabilitation plan, as what petitioners are seeking, would lead
to serious consequences for other creditors, BusinessWorld notes.
"If we . . . agree to their demand to nullify all the
transactions done under the rehabilitation plan, then we will be
depriving justice to the innocent creditors of respondent
corporation who have dutifully complied with the rules on
corporate rehabilitation in pursuing their claims and who have
also faithfully relied upon the rehabilitation plan for the past
eight years," the decision read.
"The non-inclusion of petitioners' names in the list of creditors
and pending cases attached to the petition for rehabilitation
does not constitute extrinsic fraud," the decision read further.
"Petitioners were not denied their day in court, as they were not
prevented from participating in the proceedings and presenting
their case before the special commercial court."
Manuela Corporation is a shopping mall operator based in Manila,
Philippines. The company owns and operates M Star One, M Star and
Metropolis Star in Muntinlupa, and Starmall and Pacific Mall in
Mandaluyong. Dona Manuela Aguilar Riguera established Manuela
Realty Development Corp. in 1972. It was later renamed as
Manuela Corp. Dona Manuela is the grandmother of Las Pinas Rep.
Cynthia A. Villar, the wife of Sen. Manuel Villar.
VICTORIAS MILLING: Pays PHP4 Billion to Creditors; Rehab on Track
-----------------------------------------------------------------
BusinessWorld Online reports that Victorias Milling Company,
Inc., has reportedly remained true to its rehabilitation plan,
paying creditors some PHP4 billion of its PHP4.417-billion
restructured loan after several asset sales and work force cuts,
documents filed with the Securities and Exchange Commission (SEC)
showed.
Such rehabilitation status reports are part of the monitoring
needed for the firm's petition for the SEC to lift the trading
suspension on its stocks, BusinessWorld notes.
BusinessWorld says the report dated Oct. 13 stated Victorias
Milling has paid bank creditors around PHP2.7 billion by way of
interest and PHP1.45 billion on the restructured loan in line
with a rehabilitation plan approved by corporate regulators in
November 2000.
"The company is expected to continue marching towards financial
health by focusing on continuing the implementation of its
rehabilitation plan," the report read.
BusinessWorld relates that the report read the payment of the
debts comes after the company streamlined its manpower to 851 in
2009 from 3,325 in 1997. The company has also leased and sold
some of its assets.
"It has leased its 1,000-sq.m. property in Bacolod City as well
as its 578,190-sq.m. farm. Together, these are generating about
PHP78,000 monthly in revenues," the report read. "Its
deteriorated barges and tugboats have been sold as scrap for
about PHP8 million."
Just this month, BusinessWorld discloses, the firm converted more
than PHP300 million in debts into common shares as part of its
alternative debt restructuring program according to earlier
reports. The firm recorded PHP399.7 million in consolidated net
income for the quarter ending in May 2011, BusinessWorld adds.
About Victorias Milling
Headquartered in Victorias City, Negros Occidental, Victorias
Milling Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities. Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.
On July 4, 1997, the company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors. On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the company
or any of its subsidiaries to continue to their normal business
operations. The SEC also ordered the formation of a Management
Committee to oversee the company's operations and
rehabilitation.
=================
S I N G A P O R E
=================
ADVANCE MODULES: Creditors' Proofs of Debt Due Nov. 4
-----------------------------------------------------
Creditors of Advance Modules Group Limited, which is in voluntary
liquidation, are required to file their proofs of debt by Nov. 4,
2011, to be included in the company's dividend distribution.
The company's liquidators are:
Chee Yoh Chuang &
Eu Chee Wei David
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
ASIA MANAGEMENT: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Singapore entered an order on Oct. 7, 2011, to
wind up the operations of Asia Management Group Shipping Pte Ltd.
Mentz, Decker GmbH & Co. KG filed the petition against the
company.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
CLOUD 9: Creditors Get 100% Recovery on Claims
----------------------------------------------
Cloud 9 Lifestyle Pte Ltd, which in liquidation, declared the
first and final dividend on Oct. 25, 2011.
The company paid 100% to the received claims.
The company's liquidators are:
Chia Soo Hien
Leow Quek Shiong
c/o BDO LLP
21 Merchant Road
#05-01 Royal Merukh S.E.A. Building
Singapore 058267
CORBIS SINGAPORE: Creditors' Proofs of Debt Due Nov. 21
-------------------------------------------------------
Creditors of Corbis Singapore Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by
Nov. 21, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
Teh Kwang Hwee
c/o 1 Commonwealth Lane
#07-32 One Commonwealth
Singapore 149544
DAI-ICHI: Creditors Get 100% Recovery on Claims
-----------------------------------------------
Dai-Ichi Pte Ltd, which in creditors' voluntary liquidation
declared the first and final dividend on Oct. 21, 2011.
The company paid 100% for preferential and 39.7% for ordinary
claims.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Oct. 17 to Oct. 21, 2011
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ADVANCE ENERGY 9.50 01/04/2015 AUD 1.07
AINSWORTH GAME 8.00 12/31/2011 AUD 1.30
AMITY OIL LTD 10.00 10/31/2013 AUD 2.01
AUSTRALIAN COMM 3.00 07/29/2049 AUD 5.00
BECTON PROP GR 9.50 06/30/2012 AUD 0.22
CHINA CENTURY 12.00 09/30/2012 AUD 0.89
DIVERSA LTD 11.00 09/30/2014 AUD 0.10
EXPORT FIN & INS 0.50 12/16/2019 NZD 68.73
EXPORT FIN & INS 0.50 06/15/2020 AUD 66.24
EXPORT FIN & INS 0.50 06/15/2020 NZD 66.42
FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.60
IMF AUSTRALIA 10.25 12/31/2014 AUD 1.68
NEW S WALES TREA 1.00 09/02/2019 AUD 72.51
NEW S WALES TREA 0.50 09/14/2022 AUD 60.17
NEW S WALES TREA 0.50 10/07/2022 AUD 59.68
NEW S WALES TREA 0.50 10/28/2022 AUD 59.44
NEW S WALES TREA 0.50 11/18/2022 AUD 59.28
NEW S WALES TREA 0.50 12/16/2022 AUD 58.74
NEW S WALES TREA 0.50 02/02/2023 AUD 58.38
NEW S WALES TREA 0.50 03/20/2023 AUD 57.82
PALADIN ENERGY 3.62 11/04/2015 AUD 71.78
RESOLUTE MINING 12.00 12/31/2012 AUD 1.61
TREAS CORP VICT 0.50 08/25/2022 AUD 60.69
TREAS CORP VICT 0.50 11/12/2030 AUD 58.89
TREAS CORP VICT 0.50 11/12/2030 AUD 40.82
CHINA
-----
AIR CHINA 4.50 09/07/2015 CNY 72.08
CHINA GOV'T BOND 1.64 12/15/2033 CNY 63.12
CQ TEXILE 6.48 01/12/2018 CNY 52.60
LY CITY ASSETS 6.88 06/13/2018 CNY 66.00
SHANG EXPO LAND 4.15 02/15/2022 CNY 72.18
ZJ HISUN PHARMAC 6.50 08/25/2016 CNY 60.01
HONG KONG
---------
CHINA SOUTH CITY 13.50 01/14/2016 USD 66.05
CHINA SOUTH CITY 13.50 01/14/2016 USD 69.50
RESPARCS FUNDING 8.00 12/29/2049 USD 23.75
SINO-OCEAN LAND 10.25 12/31/2049 USD 64.66
SINO-OCEAN LAND 10.25 12/31/2049 USD 57.50
INDIA
-----
INDIA GOVT BOND 6.01 03/25/2028 INDR 74.87
PUNJAB INFRA DB 0.40 10/15/2024 INR 25.39
PUNJAB INFRA DB 0.40 10/15/2025 INR 23.03
PUNJAB INFRA DB 0.40 10/15/2026 INR 20.93
PUNJAB INFRA DB 0.40 10/15/2027 INR 19.04
PUNJAB INFRA DB 0.40 10/15/2028 INR 17.34
PUNJAB INFRA DB 0.40 10/15/2029 INR 15.84
PUNJAB INFRA DB 0.40 10/15/2030 INR 14.49
PUNJAB INFRA DB 0.40 10/15/2031 INR 13.29
PUNJAB INFRA DB 0.40 10/15/2032 INR 12.22
PUNJAB INFRA DB 0.40 10/15/2033 INR 11.26
SHIV-VANI OIL 5.00 08/17/2015 USD 73.13
SUZLON ENERGY LT 5.00 04/13/2016 USD 72.74
VIDEOCON INDUS 6.75 12/16/2015 USD 66.19
JAPAN
-----
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 63.60
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 62.85
SHINSEI CORP 9.20 12/29/2049 GBP 68.33
TAKEFUJI CORP 9.20 04/15/2011 USD 5.25
TOKYO ELEC POWER 0.64 04/28/2015 JPY 72.12
TOKYO ELEC POWER 1.11 05/29/2015 JPY 73.25
TOKYO ELEC POWER 1.35 06/15/2015 JPY 73.37
TOKYO ELEC POWER 0.92 07/16/2015 JPY 71.87
TOKYO ELEC POWER 1.36 08/12/2015 JPY 72.62
TOKYO ELEC POWER 1.59 12/28/2015 JPY 70.62
TOKYO ELEC POWER 2.08 05/31/2016 JPY 69.75
TOKYO ELEC POWER 1.97 06/27/2016 JPY 68.25
TOKYO ELEC POWER 2.06 08/31/2016 JPY 69.50
TOKYO ELEC POWER 2.12 03/24/2017 JPY 62.25
TOKYO ELEC POWER 1.78 05/31/2017 JPY 75.00
TOKYO ELEC POWER 3.22 07/28/2017 JPY 71.12
TOKYO ELEC POWER 1.94 08/28/2017 JPY 71.00
TOKYO ELEC POWER 3.07 09/22/2017 JPY 74.25
TOKYO ELEC POWER 1.84 09/25/2017 JPY 66.50
TOKYO ELEC POWER 1.75 09/28/2017 JPY 66.25
TOKYO ELEC POWER 1.77 11/30/2017 JPY 65.00
TOKYO ELEC POWER 2.77 12/22/2017 JPY 74.25
TOKYO ELEC POWER 1.67 01/29/2018 JPY 63.00
TOKYO ELEC POWER 1.59 03/28/2018 JPY 63.87
TOKYO ELEC POWER 1.64 04/25/2018 JPY 64.12
TOKYO ELEC POWER 1.60 04/25/2018 JPY 63.87
TOKYO ELEC POWER 1.97 06/25/2018 JPY 64.87
TOKYO ELEC POWER 1.84 07/25/2018 JPY 67.75
TOKYO ELEC POWER 1.69 10/17/2018 JPY 70.12
TOKYO ELEC POWER 2.05 10/23/2018 JPY 68.00
TOKYO ELEC POWER 2.70 01/29/2019 JPY 66.00
TOKYO ELEC POWER 1.42 09/30/2019 JPY 63.25
TOKYO ELEC POWER 1.37 10/29/2019 JPY 60.00
TOKYO ELEC POWER 2.05 10/29/2019 JPY 61.75
TOKYO ELEC POWER 1.39 05/28/2020 JPY 58.00
TOKYO ELEC POWER 1.31 06/24/2020 JPY 74.75
TOKYO ELEC POWER 1.94 07/24/2020 JPY 64.37
TOKYO ELEC POWER 1.22 07/29/2020 JPY 58.87
TOKYO ELEC POWER 1.15 09/08/2020 JPY 62.12
TOKYO ELEC POWER 1.63 07/16/2021 JPY 55.87
TOKYO ELEC POWER 2.34 09/29/2028 JPY 56.37
TOKYO ELEC POWER 2.40 11/28/2028 JPY 57.00
TOKYO ELEC POWER 2.20 02/27/2029 JPY 53.37
TOKYO ELEC POWER 2.11 12/10/2029 JPY 51.75
TOKYO ELEC POWER 1.95 07/29/2030 JPY 53.25
TOKYO ELEC POWER 2.36 05/28/2040 JPY 50.00
MALAYSIA
--------
ADVANCED SYNERY 2.00 01/26/2018 MYR 0.09
ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.46
ASTRAL SUPREME 3.00 08/0/2021 MYR 0.08
CRESENDO CORP B 3.75 01/11/2016 MYR 1.24
DUTALAND BHD 6.00 04/11/2013 MYR 0.78
DUTALAND BHD 6.00 04/11/2013 MYR 0.46
EASTERN & ORIENT 8.00 07/25/2011 MYR 1.42
ENCORP BHD 6.00 02/17/2016 MYR 0.86
KUMPULAN JETSON 5.00 11/27/2012 MYR 0.95
LION DIVERSIFIED 4.00 12/17/2013 MYR 0.62
MALTON BHD 6.00 06/30/2018 MYR 0.80
MITHRIL BHD 3.00 04/05/2012 MYR 0.65
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.23
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.23
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.42
PANTECH GROUP 7.00 12/21/2017 MYR 0.09
PRESS METAL BHD 6.00 08/22/2019 MYR 1.81
PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.53
REDTONE INTL 2.75 03/04/2020 MYR 0.10
RUBBEREX CORP 4.00 08/14/2012 MYR 0.75
SCOMI ENGINEERING 4.00 03/19/2013 MYR 0.59
SCOMI GROUP 4.00 12/14/2012 MYR 0.07
TATT GIAP 2.00 06/03/2015 MYR 0.68
TRADEWINDS CORP 2.00 02/26/2016 MYR 0.81
TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.60
TRC SYNERGY 5.00 01/20/2012 MYR 1.67
WAH SEONG CORP 3.00 05/21/2012 MYR 2.50
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.46
YTL CEMENT BHD 5.00 11/10/2015 MYR 2.25
NEW ZEALAND
-----------
BLUE STAR GROUP 9.10 09/15/2015 NZD 9.00
DORCHESTER PACIF 5.00 06/30/2013 NZD 68.94
INFRATIL LTD 8.50 09/15/2013 NZD 7.55
INFRATIL LTD 8.50 11/15/2015 NZD 8.60
INFRATIL LTD 4.97 12/29/2049 NZD 58.50
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.08
NEW ZEALAND POST 7.50 11/15/2039 NZD 65.53
NZF GROUP 6.00 03/15/2016 NZD 32.89
TOWER CAPITAL 8.50 04/15/2014 NZD 1.02
TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.50
TRUSTPOWER LTD 8.50 03/15/2014 NZD 6.80
UNI OF CANTERBUR 7.25 12/15/2019 NZD 0.99
SINGAPORE
---------
BAKRIE TELECOM 11.50 05/07/2015 USD 60.25
BAKRIE TELECOM 11.50 05/07/2015 USD 57.75
BLD INVESTMENT 8.62 03/23/2015 USD 74.51
BLUE OCEAN 11.00 06/28/2012 USD 33.00
CAPITAMALLS ASIA 1.00 01/21/2012 SGD 0.97
CAPITAMALLS ASIA 2.15 01/21/2014 SGD 1.00
DAVOMAS INTL FIN 11.00 12/08/2014 USD 48.50
F&N TREASURY PTE 2.48 03/28/2016 SGD 0.97
F&N TREASURY PTE 3.15 03/28/2018 SGD 1.00
SENGKANG MALL 4.00 11/20/2012 SGD 0.60
SENGKANG MALL 8.00 11/20/2012 SGD 0.40
UNITED ENG LTD 1.00 03/03/2014 SGD 1.20
WBL CORPORATION 2.50 06/10/2014 SGD 1.23
SOUTH KOREA
-----------
EXP-IMP BK KOREA 0.50 10/23/2017 TRY 66.02
GREAT KD 1ST ABS 15.00 08/19/2014 USD 30.16
HANJIN SHIPPING 4.00 07/20/2016 USD 72.71
HYUNDAI SWISS II 8.30 01/13/2015 KRW 10.08
SOLOMON MUTUAL B 8.10 06/22/2012 KRW 70.46
SRI LANKA
---------
SRI LANKA GOVT 5.35 03/01/2026 LKR 69.03
THAILAND
--------
THAILAND GOVT 0.75 01/04/2022 THB 73.98
*********
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
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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 ***