/raid1/www/Hosts/bankrupt/TCRAP_Public/120608.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, June 8, 2012, Vol. 15, No. 114
Headlines
A U S T R A L I A
ALICE SPRINGS: Administrators Recommend Liquidation
CBL INSURANCE: S&P Lowers Financial Strength Rating to 'BB-'
LJ HOOKER: Fair Trading Probes Coolangatta Agency for Fraud
MELDED PRODUCTS: Liquidator Calls for Written Offers by June 15
MOWBRAY COLLEGE: Administrator to Sue Parent for Unpaid Fees
NORTH GROUP: Placed in Voluntary Administration
PERPETUAL TRUSTEE: Moody's Assigns 'Ba1' Rating to Class E Notes
REED CONSTRUCTION: Future in Doubt as Subbies Await Payment
* AUSTRALIA: Business Collapses Rises to 2,655
C H I N A
LONKING HOLDINGS: S&P Puts 'BB' Corp. Credit Rating on Watch Neg
H O N G K O N G
AAA PROFITS: Members' Final General Meeting Set for July 3
ASIAN PACIFIC: Creditors' Meeting Set for June 27
AVALON INVESTMENT: Members' Final General Meeting Set for July 3
CANKING INDUSTRIES: Creditors' Meeting Set for June 27
CONCORD CAMERA: Members' Final General Meeting Set for July 6
E. FAT: Members' Final Meeting Set for July 3
GI PLUS: Creditors' Meeting Set for June 19
HANG FUNG: Annual Meetings Set for June 19
NORTH POLE: Creditors' Meeting Set for June 8
PRIME POLYMER: Seng and Lo Step Down as Liquidators
SELECT FOOD: Final Meetings Set for July 4
TAMAKI INTERNATIONAL: Creditors' Meeting Set for June 27
TEAMPO TECHNOLOGY: Members' Final Meeting Set for July 8
TECRISE DEVELOPMENT: Creditors' Proofs of Debt Due July 5
TRI RUSS: Briscoe and Wong Step Down as Liquidators
VIGERS HK: Annual Meeting Slated for June 12
WONG LO: Creditors' Proofs of Debt Due June 21
YAMAGIWA TRADING: Lam and Boswell Step Down as Liquidators
I N D I A
AEGIS LIMITED: Fitch Affirms 'BB-' LT Issuer Default Rating
BASHIR OIL: CRISIL Rates INR50MM Cash Credit at 'CRISIL B-'
BHOGI AGRO: CRISIL Cuts Rating on INR150MM Loans to 'CRISIL D'
EXIM RAJATHI: Inadequate Info Cues Fitch to Migrate Ratings
GUINESS SECURITIES: CRISIL Puts 'BB-' Rating on INR210.8MM Loan
JAYESH OIL: Delay in Interest Payment Cues CRISIL Junk Ratings
KASATA HOMETECH: CRISIL Rates INR200MM Bank Loan at 'CRISIL B'
KHANNA & CO: Inadequate Info Cues Fitch to Migrate Ratings
MANAV RICE: CRISIL Rates INR80MM Cash Credit at 'CRISIL B'
PURAN MURTI: CRISIL Puts 'CRISIL B-' Rating on INR161MM Loans
RAJINDRA PRASAD: CRISIL Rates INR7.5MM Loan at 'CRISIL B-'
S. T. ENTERPRISES: CRISIL Rates INR140MM Cash Credit at 'B'
SUBHLENE FABRICS: CRISIL Rates INR90MM Cash Credit at 'B'
SUBHTEX (INDIA): CRISIL Puts 'B' Rating on INR99.9MM Loans
TIRUPUR TEXTILES: CRISIL Cuts Rating on INR924.2 Loans to 'D'
TRIVENI ENGICONS: Fitch Puts Rating on INR30-Mil. Limits at 'BB+'
VARDHMAN CHEMTECH: CRISIL Cuts Rating on INR1.79BB Loans to 'D'
VIJLAK PHARMA: CRISIL Cuts Rating on INR119MM Loans to 'D'
Y.N. DHANANI: CRISIL Puts 'BB' Rating on IN60MM Overdraft Loan
J A P A N
ORIX-NRL TRUST: S&P Affirms Ratings on 5 Classes at 'CCC'
TOKYO ELECTRIC: Moody's Affirms 'Ba3' CFR; Outlook Negative
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
ALICE SPRINGS: Administrators Recommend Liquidation
---------------------------------------------------
ABC News reports that administrators for the Alice Springs
Memorial Club have recommended a liquidator be appointed for the
venue.
In a report to creditors of the Memo Club, ABC News relates,
administrators have advised the club be wound up. That would
mean appointing a liquidator to sell assets.
According to the report, administrator Simon Miller said it is
believed all debts could be cleared, if all assets including land
were sold off. "We believe, based on the valuation, that it's
sufficient to pay out the claims that exist at the moment," the
report quotes
Mr. Miller as saying.
ABC News relates that the report shows more than AUD130,000 is
owed to club staff and the club has not made a profit for the
past three years.
The report also looks at the option of subdividing the Memo Club
land but the administrators have advised against it, according to
ABC News.
Creditors will meet this week to determine the club's future, the
report adds.
The Alice Springs Memorial Club is the Premier Family Club in
Alice Springs. The Memo Club is by far the largest Club in the
Alice, offering gaming and recreational facilities.
The Alice Springs Memorial Club was placed into voluntary
administration in March 2012. The club's alcohol and gaming
trading license has been suspended and its doors have closed.
CBL INSURANCE: S&P Lowers Financial Strength Rating to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its financial strength
and issuer credit ratings to 'BB-' from 'BB+', on New Zealand-
based CBL Insurance Ltd. The outlook is negative.
"We believe that the benefits of CBL's acquisition of European
Insurance Services Ltd. (EISL; not rated) on its operating
performance and competitive position have been more than offset
by the resulting deterioration in the company's financial risk
profile. In our opinion, CBL now has reduced tolerance and
ability to absorb shocks because of its weak risk-based
capitalization, financial leverage, modest financial flexibility
from entrepreneurial ownership, as well as concentration and
credit quality risk regarding its investment assets," said credit
analyst Lucy Huynh.
"Total adjusted capital has been materially eroded by goodwill
from the acquisition and increased deferred acquisition costs.
Although the company reported strong underlying business growth
in 2011, the doubling of its total gross exposure has not been
supported by adequate capital growth, in our opinion," S&P said.
"The outlook is negative, reflecting our expectations that it
will take some time for CBL to build up sufficient capital
through retained earnings. We believe that there is a reasonable
probability that the company will not be able to achieve its
forecast earnings because of its increased exposure to a
weakening European economy," S&P said.
The ratings could be lowered if there was:
- Any further erosion of capital; or
- Failure to meet scheduled amortization or repayments on bank
debt or other contingent liabilities.
The outlook could return to stable if CBL demonstrated:
- Sustainable and material improvement in capitalization-
specifically, a Standard & Poor's capital model score above
the 'BBB' category; and
- Evidence of sustainable boost in competitive position and
operating performance resulting from the acquisition of EISL.
LJ HOOKER: Fair Trading Probes Coolangatta Agency for Fraud
-----------------------------------------------------------
Martin Rasini at goldcoast.com.au reports that the Office of Fair
Trading has appointed a forensic accountant to investigate
misappropriation of funds at real estate agency LJ Hooker
Coolangatta.
According to goldcoast.com.au, the misappropriation involved the
agency's property management trust account and took place between
August and December last year.
The sum involved has yet to be determined and no one has been
charged over the matter, the report says.
goldcoast.com.au notes that Julie Williams, of Insolvency
Turnaround Solutions in Brisbane, posted a public notice in the
Gold Coast Bulletin on June 5 advising that dealings in respect
of the agency's trust accounts "must now be conducted with the
receiver or her duly authorized representatives".
According to the report, a spokeswoman for Insolvency and
Turnaround Solutions said Ms. Williams would be investigating how
much had gone missing from the trust account, and which landlords
who leased out properties through LJ Hooker Coolangatta had
suffered losses.
Ms. Williams was appointed receiver to the agency's property
management and sales trust accounts on May 23, the report
discloses.
goldcoast.com.au discloses that the move came a few weeks after
Golden Four Coolangatta Real Estate, the company holding the LJ
Hooker Coolangatta franchise, was placed in liquidation and
receivers were appointed to its business.
According to the report, liquidator Jason Bettles, of Worrells
Solvency and Forensic Accountants, said the company's
difficulties began when principals noted that, between August and
December last year, money had gone missing from the property
management trust account.
"It is suspected that an employee removed the funds and the
company's principals tried to sort out the matter but were unable
to do so, apparently because data was corrupted," the report
quotes Mr. Bettles, whose appointment dates from April 30, as
saying. "The principals had been utilising profits to top up
rent payments and knew that this could not be sustained, and that
is when I was appointed."
Some days later, on May 3, financier BankWest, understood to have
been owed AUD800,000, appointed Stefan Dopking and Quentin Olde,
of Taylor Woodings, as receivers to the business.
Mr. Dopking and Mr. Olde have since sold the rent roll to realise
funds for BankWest, goldcoast.com.au notes.
Taylor Woodings in a statement said "the receivers and managers
have since retired following completion of the sale".
Mr. Bettles, as cited by goldcoast.com.au, said Golden Four
Coolangatta Real Estate held no assets other than those sold by
the receivers and there was nothing in the kitty to pay other
creditors.
MELDED PRODUCTS: Liquidator Calls for Written Offers by June 15
---------------------------------------------------------------
SmartCompany reports that Melded Products Group is being put up
for sale, with liquidator HLBV Mann Judd advertising the sale of
the company.
SmartCompany relates that the advertisement said Melded Products
is the exclusive Australian manufacturer of non-woven fabric and
carpet and that it has an established customer base, specialised
machinery and intellectual property including the company name,
registered trademarks and patents.
Melded Products operates from leased premises in Dandenong and
the liquidator is calling for written offers by June 15, the
report notes.
MOWBRAY COLLEGE: Administrator to Sue Parent for Unpaid Fees
------------------------------------------------------------
Australian Associated Press reports that parents who owe money to
the failed Mowbray College will be sued in a bid to recoup
millions of dollars in unpaid fees.
AAP relates that administrator Jim Downey said there was about
AUD2 million in unpaid school fees that he would be chasing down.
Mowbray College closed on Wednesday for all students except year
11 and 12 who will stay on until the end of the month. The
college entered voluntary administration last week, leaving more
than 200 staff and 1000 students with uncertain futures.
According to the news agency, Mr. Downey said the unpaid school
fees were one among a plethora a problems that led to the
closure.
AAP notes that despite a state government contribution of up to
$1 million in loan funding to enable The Victorian Certificate of
Education or VCE students to continue until mid-year exams, Mr.
Downey said a fortnightly wage bill of AUD500,000 meant running
the whole school was untenable.
"It's just not viable to live this thing through for another six
months," the report quotes Mr. Downey as saying. "You've got a
payroll running at half a million dollars a fortnight. Where are
you going to get that?"
AAP adds that Mr. Downey also said other education providers had
expressed interest in Mowbray College, but it would be necessary
to shut the school down before it was sold.
"For a variety of practical reasons, it couldn't resurrect until
at least next February," Mr. Downey said. "They'll want to hand-
pick their own staff."
About Mowbray College
Mowbray College is a Melbourne-based private school. It has
three campuses with about 1,000 students, and 200 staff.
The college entered voluntary administration late last month with
debts of AUD18 million and is owed about AUD2 million in unpaid
fees.
NORTH GROUP: Placed in Voluntary Administration
-----------------------------------------------
High-profile Sydney restaurateur Justin North has placed his
portfolio of restaurants (The North Group) in Voluntary
Administration on June 7, 2012.
Becasse Restaurant Pty Ltd, North Food Catering Pty Ltd and Etch
Restaurant Pty Ltd have been placed under the administration of
Ferrier Hodgson partners Jim Sarantinos --
jim.sarantinos@fh.com.au -- and John Melluish --
john.melluish@fh.com.au
The businesses trading under those company names include:
* Becasse Restaurant;
* Becasse Bakery;
* Quarter Twenty One Restaurant;
* Quarter Twenty One Providore;
* The Cookery School;
* Le Grand Cafe;
* Charlie & Co; and
* Etch.
Ferrier Hodgson said: "The Administrators intend to continue to
trade the businesses on an "as usual" basis while they undertake
an urgent assessment of the financial position. The first step
will be to liaise with key stakeholders including employees,
landlords and suppliers to provide them with information about
the future of the business."
The first creditors meeting will be held on June 20, 2012, at
11:00 a.m., at Grace Hotel, 77 York Street, in Sydney NSW 2000.
PERPETUAL TRUSTEE: Moody's Assigns 'Ba1' Rating to Class E Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes to be issued by Perpetual Trustee Company Limited in its
capacity as trustee of the Series 2012-1E REDS EHP Trust.
Issuer: Series 2012-1E REDS EHP Trust
AUD112.00 million Class A-1 Notes, Assigned P-1 (sf);
AUD313.04 million Class A-2A Notes, Assigned Aaa (sf);
GBP100 million Class A-2G Notes, Assigned Aaa (sf)
AUD26.25 million Class B Notes, Assigned Aa2 (sf);
AUD21.00 million Class C Notes, Assigned A2 (sf);
AUD20.12 million Class D Notes, Assigned Baa2 (sf);
AUD18.38 million Class E Notes, Assigned Ba1 (sf).
The AUD 28.00 million Seller Notes are not rated by Moody's.
The ratings address the expected loss posed to investors by the
legal final maturity. The structure allows for timely payment of
interest and ultimate payment of principal with respect to Class
A1, A2 and B Notes by the legal final maturity. As the coupons
for the Class C, D and E Notes are split into senior and
subordinate amounts, where the senior amounts are 1M-BBSW, and
the subordinate amounts are subordinate to all other items in the
interest waterfall, the structure allows for timely payment of
the senior amount of interest and ultimate payment of principal
with respect of the Class C, D and E Notes.
The transaction is a securitisation of a portfolio of Australian
chattel mortgages, bills of sale, finance leases, and hire
purchase contracts secured by motor vehicles originated by Bank
of Queensland Equipment Finance Pty Limited ("BOQEF"), a wholly
owned subsidiary of Bank of Queensland ("BOQ").
This is the first Australian ABS transaction issued by BOQ since
2008 and BOQ's seventh ABS transaction to date.
Ratings Rationale
Series 2012-1E REDS EHP Trust deviates from the previous REDS EHP
transactions in that the composition of the receivables pool
backing the transaction is more conservative by consisting solely
of motor vehicles and there will be short dated P-1 (sf) Class A1
Notes.
The deal is exclusively backed by motor vehicles, predominantly
cars. Past REDS EHP transactions and other Australian ABS
transactions typically include 10-15% of other equipment types.
Moody's believes motor vehicles exhibit less pro-cyclical default
patterns and, on average, higher recovery rates. As a result,
Moody's views this pool is more conservatively structured than
previous portfolios.
In order to fund the purchase price of the portfolio, the Trust
will issue up to eight classes of notes. The notes will be repaid
on a sequential basis in the initial stages, until the
subordination to Class A Notes increases from the initial 16.25%
to 25.35% and from 12.5% to 19.5% for the Class B Notes and
before the outstanding balance of the notes falls below 10% of
the initial note balance at closing. At all other times, all
classes of notes will be repaid on a pro-rata basis. This
principal paydown structure is comparable to other recent ABS
transactions in the Australian market.
The transaction will include 3 senior tranches where the Class A-
2G tranche is denominated in GBP. The Class A-1 Notes are short-
dated notes, rated P-1 (sf). The Class A Notes will be repaid
sequentially within the Class A Notes allocation, prior to
satisfaction of the step down criteria. The ratings are based on
the credit enhancement provided by the subordinated notes, in
total equal to 16.25% for the Class A Notes. Moody's has
accounted for the possibility of losses and delinquencies during
the term of the Class A1 Notes in its assessment of the
likelihood of their repayment and believe scheduled principal
amortisation to be sufficient to repay the Class A-1 Notes by
their maturity dates in full.
Moody's base case assumptions are a default rate of 3.35% and a
recovery rate of 37.5%. These imply an expected (net) loss of
2.09%. Both the default rate and recovery rate have been stressed
relative to observed historical levels of 2.65% and 48.66%
respectively.
Volatility Assumption Scores and Parameter Sensitivities
The V Score for this transaction is Low/Medium, which is in line
with the score assigned for the Australian ABS sector. Among
other factors, Moody's notes the availability of a substantial
amount of historical performance data in the Australian ABS
market as well as on an issuer-by-issuer basis.
Here, for instance, Moody's has been provided with detailed
vintage and individual default data for the 2000-2012 period. In
addition, Moody's observes that Australian auto ABS have to date
been performing stably. Also, in terms of alignment of interest,
Moody's assigns a low rather than the sector average of
low/medium, as BOQ retains a significant proportion of the
transaction which better aligns incentives. With regards to legal
and regulatory uncertainty, Moody's assigns a medium due to the
recent introduction of the Personal Property Securities Act
(PPSA) which may lead to operational issues in the short term.
Overall, the V score of Low/Medium allows us to have a material
degree of comfort with regard to assumptions made in rating the
transaction.
V Scores are a relative assessment of the quality of available
credit information and of the degree of uncertainty around
various assumptions used in determining the rating. High
variability in key assumptions could expose a rating to more
likelihood of rating changes. The V Score has been assigned
accordingly to the report "V Scores and Parameter Sensitivities
in the Asia/Pacific RMBS Sector", published in March 2009.
Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here, the
expected loss and the Aaa credit enhancement - differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the ratings impact of each scenario
from a quantitative/model-indicated standpoint.
In the case of Series 2012-1E REDS EHP Trust, the model indicated
rating for Class A-2 Notes remains investment grade (6 notch
downgrade to A3) when the default rate rises to 6.7% (double of
Moody's assumption of 3.35%) and recovery rates are reduced to
18.75% (half of Moody's assumption of 37.5%). The model indicated
rating for the Class B Notes drops 8 notches to Ba1 in the above
scenario.
Rating Methodology
The principal methodology used in this rating was "Moody's
Approach to Rating Australian Asset-Backed Securities" published
in July 2009.
REED CONSTRUCTION: Future in Doubt as Subbies Await Payment
-----------------------------------------------------------
The Sydney Morning Herald reports that the immediate future of
the Reed construction group has been thrown into doubt amid fears
that subcontractors and suppliers will not be paid what has been
estimated to be up to AUD80 million owed to them.
The report relates that the NSW Department of Education said it
owed nothing to Reed for work done under the Building the
Education Revolution contracts. The prospect of tens of millions
of dollars in BER payments flowing to Reed has been the lifeline
on which subcontractors and other creditors have been relying,
the report says.
SMH notes that it also emerged that subcontractors owed money by
Reed for work on NSW road projects were being asked to sign up to
a possible class action against the state government.
According to the report, Glenn Bower, the managing director of
Recoup Contractor Debt Recovery, said the class action was in
addition to the 20 clients he represented owed nearly
AUS20 million. "I just want to put the pressure on the
government to pay the subbies because we believe Roads and
Maritime Services is culpable," the report quotes Mr. Bower as
saying.
SMH relates that Reed had claims against the government for money
it says it was owed on education and roads projects. The dispute
was dealt with by an expert panel, but its findings about quantum
have not been released, the report notes.
Reed said it was "still in negotiations" with the government
about the panel's determination, adds SMH.
As reported in Troubled Company Reporter-Asia Pacific on May 28,
2012, SmartCompany said that a proceeding has been filed in the
New South Wales Supreme Court to wind up Reed Constructions
Australia after the construction company missed a government-
imposed deadline in May. SmartCompany recalled that the NSW
Government gave Reed until May 21 to prove it could restart work
on key major works projects after the construction company
suffered a severe cashflow crisis and failed to pay
subcontractors on four road projects, causing the workers to down
tools. That the deadline has passed and now BCI Nominees has
commenced proceedings, which will be heard on June 20, to wind up
Reed.
Reed was described by the state opposition as on the verge of
collapse with 1,500 jobs at risk, according to SmartCompany.
Reed Constructions -- http://www.reedgroup.com.au/-- is a
privately owned building, design and construction company,
providing construction, design and engineering services across
Australia.
* AUSTRALIA: Business Collapses Rises to 2,655
----------------------------------------------
SmartCompany reports that statistics from the Australian
Securities and Investment Commission show another rise in
business collapses.
According to the report, ASIC's statistics show that for the most
recent three months, 2,655 businesses have entered external
administration, an increase on the last three months where
administrations were at 2,589.
SmartCompany notes that the statistics can't be dismissed as a
seasonal rise, as at the same time last year the number of
external administrations recorded by ASIC was only 2,275.
The administration figures follow Australian small business
insolvencies reaching record levels, with the number of companies
placed into external administration in February at the highest
level since the statistics were introduced in 1999, SmartCompany
discloses.
=========
C H I N A
=========
LONKING HOLDINGS: S&P Puts 'BB' Corp. Credit Rating on Watch Neg
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating and 'cnBBB-' Greater China credit scale
rating on China-based construction equipment manufacturer Lonking
Holdings Ltd. on CreditWatch with negative implications. "We also
placed our 'BB' and 'cnBBB-' issue ratings on the company's
US$350 million senior unsecured debt on CreditWatch with negative
implications," S&P said.
"We placed the ratings on CreditWatch because Lonking's
profitability and credit protection measures are likely to
deteriorate over the next 12 months," said Standard & Poor's
credit analyst Johnson Ng. "We believe Lonking faces heightened
risk due to its weakening operating conditions. Weakening demand
from infrastructure, mining, and real estate sectors is likely to
continue to hit demand for construction machinery. Lonking's
sales and margins are likely to continue to deteriorate over the
next 12 months at least. The company issued a profit warning on
June 3, 2012."
"We aim to resolve the CreditWatch within the next three months
after we review: (1) Lonking's business strategy to mitigate the
impact of the deteriorating operating environment; (2) the
effectiveness of Lonking's policy to manage credit risk exposure
from finance leases and financial guarantees to its customers;
(3) the company's capital expenditure plan; and (4) company's
refinancing scheme for the US$168 million outstanding in
convertible bonds that it issued in 2009," S&P said.
"We could lower the rating by one notch if we believe that
Lonking's debt will remain high, such that its debt-to-EBITDA
ratio is more than 4.0x over the next 12 months," said Mr. Ng.
"We may also lower the rating if Lonking's refinancing risk
further increases, or the company's liquidity position
deteriorates further."
"We could affirm the rating if we believe that Lonking can
strengthen its credit profile through effective implementation of
its mitigation plan, such that its debt-to-EBITDA ratio is less
than 4.0x," S&P said.
================
H O N G K O N G
================
AAA PROFITS: Members' Final General Meeting Set for July 3
----------------------------------------------------------
Members of AAA Profits Limited will hold their final general
meeting on July 3, 2012, at 5:45 p.m., at Level 28, Three Pacific
Place, 1 Queen's Road East, in Hong Kong.
At the meeting, Tadashi Hasegawa and Chen Ching-Yun, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
ASIAN PACIFIC: Creditors' Meeting Set for June 27
-------------------------------------------------
Creditors of Asian Pacific Development Limited will hold their
meeting on June 27, 2012, at 10:30 a.m., for the purposes
provided for in Sections 241, 242, 243, 244, 251 and 255A of the
Companies Ordinance.
The meeting will be held at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.
AVALON INVESTMENT: Members' Final General Meeting Set for July 3
----------------------------------------------------------------
Members of Avalon Investment Company Limited will hold their
final general meeting on July 3, 2012, at 10:00 a.m., at Room
1205, 12/F, Manulife Provident Funds Place, No. 345 Nathan Road,
in Kowloon.
At the meeting, Lai Man Chau James, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
CANKING INDUSTRIES: Creditors' Meeting Set for June 27
------------------------------------------------------
Creditors of Canking Industries Limited will hold their meeting
on June 27, 2012, at 12:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.
The meeting will be held at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.
CONCORD CAMERA: Members' Final General Meeting Set for July 6
-------------------------------------------------------------
Members of Concord Camera HK Limited will hold their final
general meeting on July 6, 2012, at 9:30 a.m., at Suite 4020
Jardine House, 1 Connaught Place, Central, in Hong Kong.
At the meeting, Ira Lampert, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
E. FAT: Members' Final Meeting Set for July 3
---------------------------------------------
Members of E. Fat Investment Company Limited will hold their
final general meeting on July 3, 2012, at 11:00 a.m., at Flat A,
2/F, Chun Fat Factory Building, 3 Tsat Po Street, San Po Kong, in
Kowloon.
At the meeting, Wong Leung Wai, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
GI PLUS: Creditors' Meeting Set for June 19
-------------------------------------------
Creditors of Gi Plus Space Limited will hold their meeting on
June 19, 2012, at 11:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.
The meeting will be held at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.
HANG FUNG: Annual Meetings Set for June 19
------------------------------------------
Members and creditors of Hang Fung Jewellery (International)
Company Limited will hold their annual meetings on June 19, 2012,
at 3:30 p.m., and 4:00 p.m., at 35th Floor, One Pacific Place, 88
Queensway, in Hong Kong.
At the meeting, Lai Kar Yan (Derek) and Ho Kwok Leung (Glen), the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
NORTH POLE: Creditors' Meeting Set for June 8
---------------------------------------------
Creditors of North Pole Limited will hold their meeting on
June 8, 2012, at 2:00 p.m., for the purposes provided for in
Sections 241, 242, 243 and 244 of the Companies Ordinance.
The meeting will be held at Freshfields Bruckhaus Deringer, 11th
Floor, Two Exchange Square, in Hong Kong.
PRIME POLYMER: Seng and Lo Step Down as Liquidators
---------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Prime Polymer Asia Company Limited on May 22, 2012.
SELECT FOOD: Final Meetings Set for July 4
------------------------------------------
Members and creditors of Select Food Limited will hold their
final meetings on July 4, 2012, at 10:30 a.m., and 11:00 a.m.,
respectively at Suite A, 12/F, Ritz Plaza, 122 Austin Road,
Tsimshatsui, in Kowloon.
At the meeting, Pang Wai Kui, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
TAMAKI INTERNATIONAL: Creditors' Meeting Set for June 27
--------------------------------------------------------
Creditors of Tamaki International Limited will hold their meeting
on June 27, 2012, at 11:30 a.m., for the purposes provided for in
Sections 241, 242, 243, 244, 251 and 255A of the Companies
Ordinance.
The meeting will be held at 5th Floor, Ho Lee Commercial
Building, 38-44 D'Aguilar Street, Central, in Hong Kong.
TEAMPO TECHNOLOGY: Members' Final Meeting Set for July 8
--------------------------------------------------------
Members of Teampo Technology (H.K.) Limited will hold their final
general meeting on July 8, 2012, at 10:00 a.m., at 4/F, 75, Sec.
3, Ming-Sheng E. road, Taipei, Taiwan, R.O.C.
At the meeting, Sze Lin Tang, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
TECRISE DEVELOPMENT: Creditors' Proofs of Debt Due July 5
---------------------------------------------------------
Creditors of Tecrise Development Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 5, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 25, 2012.
The company's liquidator is:
Lam Tak Keung
Suite 504, South Tower
World Finance Centre
Harbour City, 17-19 Canton Road
Tsimshatsui, Kowloon
Hong Kong
TRI RUSS: Briscoe and Wong Step Down as Liquidators
---------------------------------------------------
Stephen Briscoe and Wong Teck Meng stepped down as liquidators of
Tri Russ International (Hong Kong) Limited on May 23, 2012.
VIGERS HK: Annual Meeting Slated for June 12
--------------------------------------------
Contributories and creditors of Vigers Hong Kong Limited will
hold their annual meetings on June 12, 2012, at 10:30 a.m., and
11:00 a.m., respectively at 602 The Chinese Bank Building, 61-65
Des Voeux Road, Central, in Hong Kong.
At the meeting, Wong Teck Meng, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
WONG LO: Creditors' Proofs of Debt Due June 21
----------------------------------------------
Creditors of Wong Lo Kat (International) Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 21, 2012, to be included in the company's
dividend distribution.
The company's liquidator is:
Wong Hon Chuen
28/F, Times Tower
393 Jaffe Road
Wanchai, Hong Kong
YAMAGIWA TRADING: Lam and Boswell Step Down as Liquidators
----------------------------------------------------------
Rainier Hok Chung Lam and Anthony David Kenneth Boswell stepped
down as liquidators of Yamagiwa Trading (Hong Kong) Co. Limited
on May 28, 2012.
=========
I N D I A
=========
AEGIS LIMITED: Fitch Affirms 'BB-' LT Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has revised India-based Aegis Limited's Outlook to
Negative from Stable. Its Long-Term Foreign Currency Issuer
Default Rating (IDR) has been affirmed at 'BB-'.
The revision in Outlook reflects higher-than-expected leverage
and also risks as to its ability to maintain its operating
margins in the current global environment, which could further
negatively impact Aegis's liquidity and credit profile. For the
financial year ended March 2012, Aegis's funds from operations
(FFO)-adjusted leverage, contrary to expectations, continued to
exceed 4.0x (FY11: 4.4x) due to higher adjusted debt. Operating
margins declined to 11.9% in FY12 (FY11: 12.9%) as a result of a
change in business mix.
Fitch notes that higher working capital requirements, mainly at
AGC Network, coupled with an increase in rental lease-capitalised
debt and off-balance sheet contingent liability resulted in an
increase in adjusted debt. However, Fitch does not expect major
deterioration in Aegis's working capital cycle in the short- to
medium-term given the project-based nature of AGC Network's
business and revenue cyclicality which tends to lead to working
capital build-up, typically in the last quarter of the financial
year. The agency notes that free cash flows are expected to
remain positive due to lack of significant capex plans post FY12,
although they could be limited by its operating margins
potentially falling below 11%.
The rating reflects Aegis's geographically and vertically
diversified revenue with low client concentration risk, its
strong counterparties, and a high degree of customer loyalty. For
FY12, Aegis's revenue grew 42% to USD1bn. The company has also
been able to significantly grow AGC Network post-acquisition in
terms of products, geographical markets and partners. The rating
also takes into account limited risks of foreign exchange
fluctuations and anti-offshoring regulations as a majority of
Aegis's revenues come from its onshore operations.
Constraints to the rating are Aegis's small size compared with
other Fitch-rated companies in the same and/or related
industries, its limited track record of organic growth, and
volatility in operating margins. Fitch also views Aegis's high
attrition rate as a risk.
The Outlook may be revised to Stable if FFO-adjusted leverage
falls below 4x on a sustained basis. Also, should Aegis enter
into more of a consolidation phase, then FFO-adjusted leverage
below 3.5x on a sustained basis, led by operating margins above
11%, with continued positive free cash flows could result in a
notch upgrade. However, the rating may be downgraded if FFO-
adjusted leverage remains above 4x, led by operating margins
falling below 11% or debt-led capex.
Aegis is a major outsourcing solutions company with a presence in
12 countries across six continents. Services include business
and knowledge process outsourcing businesses and technology
services. North American operations are a major revenue
contributor at 33%. Other major revenue-generating regions
include south Asia at 21% and Australia and New Zealand at 17%.
BASHIR OIL: CRISIL Rates INR50MM Cash Credit at 'CRISIL B-'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the cash
credit facility of Bashir Oil Mills.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B-/Stable (Assigned)
The rating reflects BOM's weak financial risk profile marked by a
small net worth, high gearing and weak debt protection metrics.
The rating is also constrained by the modest scale of operations
and the susceptibility of the margins to the volatility in input
prices. These rating weaknesses are partially offset by the
benefits that the firm derives from its promoters' extensive
industry experience.
Outlook: Stable
CRISIL believes that BOM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm significantly
increases its scale of operations, while it improves or maintains
its profitability margins and capital structure. Conversely, the
outlook may be revised to 'Negative' in case the company's
financial risk profile deteriorates, owing to decline in
revenues, margins, or deterioration in its working capital cycle,
or in case the company undertakes any larger-than-expected debt-
funded capex programme.
About Bashir Oil
Bashir Oil Mills was set up in 1937 as a proprietorship concern
of Mr. Ishak Chini. It was later converted to partnership firm
with other family members in the mid- 1960s. It manufactures and
trades in cotton seed, cotton seed oil, and cotton seed cake; it
also trades in pulses and grain. The firm procures cotton seeds
from ginners. It has a crushing capacity of 100 tons per day. BOM
currently has six partners (all members of the same family). Mr.
Jabbar Chini (son of Mr. Ishak Chini) and his son, Mr. Irfan
Chini, look after the day-to-day operations of the firm. BOM's
crushing unit and registered office are in Warora (Maharashtra).
BOM reported a profit after tax (PAT) of INR0.64 million on net
sales of INR140.3 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.42 million on net
sales of INR114 million for 2009-10.
BHOGI AGRO: CRISIL Cuts Rating on INR150MM Loans to 'CRISIL D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
Bhogi Agro Traders Pvt Ltd (part of the Jayesh group to 'CRISIL
D' from 'CRISIL BB/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL D (Downgraded from
'CRISIL BB/Stable)
Working Capital 50 CRISIL D (Downgraded from
Demand Loan 'CRISIL BB/Stable)
The downgrade reflects the instances of delayed interest payment
by Bhogi and Jayesh Oil Trade Pvt Ltd (Jayesh; part of the Jayesh
group); overdrawals in the group's bank limits, and instances of
devolvement of letter of credit (LC). Jayesh group's interest
payment of around INR4.5 million due on April 30, 2012 remained
unpaid as on May 28, 2012. Also, the group's bank limits have
been overdrawn every month since the last six months ended April
2012, with instances of the limit being regularised after 30
days. The LC of INR80 million in Jayesh devolved in January 2012;
the LC outstanding has been converted into a working capital
demand loan by the bank. Furthermore, in Bhogi, the LC of INR30
million is overdue since April 2012. The delays in interest
payment and overdrawal in bank limits are on account of a stretch
in the group's receivables resulting in cash-flow mismatches.
The Jayesh group also has low profitability because of intense
competition in the refined oil trading business and is
susceptible to adverse changes in government regulations;
moreover, the group has a below-average financial risk profile
marked by a weak total outside liabilities to tangible net worth
ratio and low interest coverage ratio. The group, however,
benefits from its promoters' experience in the edible oils
industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Jayesh and Bhogi, together referred to
as the Jayesh group. This is because the two entities are engaged
in the same business, have operational linkages with each other,
and are under common promoters.
Bhogi reported a provisional profit after tax (PAT) of INR1
million on net sales of INR3.9 billion for 2011-12 (refers to
financial year, April 1 to March 31),, against a PAT of INR11.7
million on net sales of INR3.4 billion for 2010-11.
About the Group
The Jayesh group trades in refined bleached deodorised (RBD)
palmolein oil. The group is managed by the Shethia family, which
has been in this business for nearly three decades. Jayesh
sources RBD palmolein oil from established refiners, such as
Gokul Refoils & Solvent Ltd, Adani Willmar Ltd, Bunge India Pvt
Ltd, and Ruchi Soya Industries Ltd, and sells it through a
network of dealers and wholesalers.
EXIM RAJATHI: Inadequate Info Cues Fitch to Migrate Ratings
-----------------------------------------------------------
Fitch Ratings has migrated India-based Exim Rajathi India Private
Limited's 'Fitch D(ind)' National Long-Term rating to the non-
monitored category.
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Exim. The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a Rating Action Commentary.
Fitch has also migrated Exim's bank loan ratings to the non-
monitored category as follows:
-- INR1,500m fund-based working capital limits: migrated to
'Fitch D(ind)nm' from 'Fitch D(ind)'
-- INR50m non-fund-based working capital limits: migrated to
'Fitch D(ind)nm' from 'Fitch D(ind)'
-- INR645m term loans: migrated to 'Fitch D(ind)nm' from 'Fitch
D(ind)'
-- INR460m ICICI Bank term loan: migrated to 'Fitch C(ind)nm'
from 'Fitch C(ind)'
GUINESS SECURITIES: CRISIL Puts 'BB-' Rating on INR210.8MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to
the bank facilities of Guiness Securities Ltd (part of the
Guiness group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 210.8 CRISIL BB-/Stable (Assigned)
Bank Guarantee 279.8 CRISIL A4+ (Assigned)
The ratings reflect the Guiness group's promoter's experience in
the capital market business, the group's good market position for
its current scale of operations and its diversified resource
profile. These rating strengths are partially offset by the
group's weak risk management policies, high level of debtors,
significant dependence on income from penalties, and its exposure
to risks associated with unsecured lending made by the group
entities.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GSL, Guiness Commodities Pvt Ltd,
Guiness Finance & Leasing Pvt Ltd, J S Enclaves Pvt Ltd, Guiness
Merchant Bankers Pvt Ltd, Guiness Portfolio Management Services
Pvt Ltd, and Guiness Insurance broking Services Pvt Ltd. The
entities are collectively referred to as the Guiness group. This
approach has been taken because of the high degree of management,
business and financial integration among the group entities.
Outlook: Stable
CRISIL believes that the Guiness group will continue to benefit
from its promoters' industry experience. The outlook may be
revised to 'Positive' if the group sustains an improvement in its
risk management practices, while maintaining profitable growth
and adequate capitalisation, over the medium term. Conversely,
the outlook may be revised to 'Negative' if the group's
capitalisation comes under pressure, most likely because of
deterioration in its debtor position or in its profitability.
About the Group
The Guiness group was formed in 1986 and has been in various
businesses since its inception. It is owned by Mr. Kamal Kumar
Kothari and his family. GSL was a non-banking finance company
(NBFC-Guiness Properties and Holdings) before it started its
broking business in 2001; the company is a member of the Bombay
Stock Exchange and National Stock Exchange in the capital and
derivative market segments, and is a depository participant with
National Securities Depository Ltd. and Central Depository
Services (India) Ltd. Besides providing cash and derivatives
trading services, GSL offers services such as dematerialisation
of shares, mutual funds, initial public offerings (IPOs) and
insurance. The group also does commodity trading on National
Commodity & Derivatives Exchange Ltd and Multi Commodity Exchange
of India Ltd through GCL. Other key entities in the group include
two NBFCs (GFLL and JSEPL) and a merchant banking entity (GMBPL).
As on March 31, 2011, GSL had 716 channel partners, 48 sub-
brokers and 13 branches in operation across 22 states in India.
For 2010-11 (refers to financial year, April 1 to March 31), the
Guiness group reported a profit after tax (PAT) of INR26 million
on a total income of INR328 million, against a PAT of INR19
million on a total income of INR267 million for 2009-10. GSL
reported a PAT of INR29 million on a total income of INR264
million for 2011-12, against a PAT of INR21 million on a total
income of INR302 million for 2010-11.
JAYESH OIL: Delay in Interest Payment Cues CRISIL Junk Ratings
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jayesh Oil Trade Pvt Ltd (part of the Jayesh group) to 'CRISIL
D' from 'CRISIL BB/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL D (Downgraded from
'CRISIL BB/Stable)
Working Capital 80 CRISIL D (Downgraded from
Demand Loan 'CRISIL BB/Stable)
The downgrade reflects the instances of delayed interest payment
by Jayesh and Bhogi Agro Traders Pvt Ltd (Bhogi; part of the
Jayesh group), overdrawls in the group's bank limits, and
instances of devolvement of letter of credit (LC). Jayesh group's
interest payment of around INR4.5 million due on April 30, 2012
remained unpaid as on May 28, 2012. Also, the group's bank limits
have been overdrawn every month since the last six months ended
April 2012, with instances of the limit being regularised after
30 days. The LC of INR80 million in Jayesh devolved in January
2012; the LC outstanding has been converted into a working
capital demand loan by the bank. Furthermore, in Bhogi, the LC of
INR30 million is overdue since April 2012. The delays in interest
payment and overdrawl in bank limits are on account of a stretch
in the group's receivables resulting in cash-flow mismatches.
The Jayesh group also has low profitability because of intense
competition in the refined oil trading business and is
susceptible to adverse changes in government regulations;
moreover, the group has a below-average financial risk profile
marked by a weak total outside liabilities to tangible net worth
ratio and low interest coverage ratio. The group, however,
benefits from its promoters' experience in the edible oils
industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Jayesh and Bhogi, together referred to
as the Jayesh group. This is because the two entities are engaged
in the same business, have operational linkages with each other,
and are under common promoters.
About the Group
The Jayesh group trades in refined bleached deodorised (RBD)
palmolein oil. The group is managed by the Shethia family, which
has been in this business for nearly three decades. Jayesh
sources RBD palmolein oil from established refiners, such as
Gokul Refoils & Solvent Ltd, Adani Willmar Ltd, Bunge India Pvt
Ltd, and Ruchi Soya Industries Ltd, and sells it through a
network of dealers and wholesalers.
Jayesh reported a provisional profit after tax (PAT) of INR6.1
million on net sales of INR3.6 billion for 2011-12 (refers to
financial year, April 1 to March 31), against a PAT of INR8.6
million on net sales of INR3.7 billion for 2010-11.
KASATA HOMETECH: CRISIL Rates INR200MM Bank Loan at 'CRISIL B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Kasata Hometech (India) Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 200 CRISIL B/Stable (Assigned)
Bank Loan Facility
The rating reflects geographic concentration of KHPL's real
estate projects and its susceptibility to time and cost overruns
and funding-related risks in its ongoing projects, and to risks
inherent in the real estate industry. These rating weaknesses are
partially offset by the extensive experience of KHPL's promoters
in the real estate industry.
Outlook: Stable
CRISIL believes that KHPL will continue to benefit over the
medium term from its promoters' extensive experience in the real
estate development industry. The outlook may be revised to
'Positive' if KHPL receives more-than-expected customer advances
for its ongoing projects, or if the promoters infuse additional
funds into the company, thereby strengthening its financial
flexibility and cash flow adequacies. Conversely, the outlook may
be revised to 'Negative' if KHPL faces any material time or cost
overrun in its ongoing project, or if extent of bookings or
customer advances from the company's ongoing projects are
significantly below expectations.
About Kasata Hometech
Kasata Hometech (India) Pvt Ltd., a Vadodara (Gujarat)-based
company, was incorporated in 2009 by Mr. Ramesh Patel and his
brother, Mr. Naresh Patel. The company constructs residential
apartments in Vadodara. KHPL has two ongoing residential
apartment projects, Kalp Desire and Kalp Nishang -- the total
project cost is INR682.6 million.
KHANNA & CO: Inadequate Info Cues Fitch to Migrate Ratings
----------------------------------------------------------
Fitch Ratings has migrated India-based Khanna & Co. Steel Ltd.'s
National Long-Term 'Fitch BB(ind)' rating with a Stable Outlook
to the non-monitored category. Fitch has also migrated Khanna's
INR300m non-fund based-limits to 'Fitch A4+(ind)nm' from 'Fitch
A4+(ind)'.
The ratings have been migrated to the non-monitored category due
to lack of adequate information, and Fitch will no longer provide
ratings or analytical coverage of Khanna. The ratings will remain
in the non-monitored category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a Rating Action Commentary.
MANAV RICE: CRISIL Rates INR80MM Cash Credit at 'CRISIL B'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Manav Rice Mills.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B/Stable (Assigned)
The rating reflects Manav's weak financial risk profile, marked
by high gearing and weak debt protection metrics, and small scale
of operations in a highly fragmented rice industry. These rating
weaknesses are partially offset by the extensive industry
experience of Manav's partners and its moderate operating margin.
Outlook: Stable
CRISIL believes that Manav will continue to benefit from its
partners' extensive experience in the rice industry. The outlook
may be revised to 'Positive' if Manav's liquidity improves,
driven by higher-than-expected net cash accruals along with
moderation in working capital requirements. Conversely, the
outlook may be revised to 'Negative' if there is significant
deterioration in the firm's liquidity or capital structure or
pressure on its profitability.
About Manav Rice Mills
Manav Rice Mills was established in 1994 as a partnership firm by
in Jalalabad (Punjab). The firm is mainly engaged in milling and
marketing of basmati rice as well as non-basmati varieties, such
as 'Parmal'. The firm has a milling capacity of 3 tonnes per
hour. The current capacity utilisation is about 70 per cent.
Manav derives around 50 per cent of its revenues from sale of
basmati rice, and the remaining from the non-basmati variety. The
firm's day-to-day operations are managed by its key promoter
partner, Mr. Rajesh Nagpal. Manav sells its produce in the
domestic open market to local traders who, in turn, export to the
overseas market. Around 75 per cent of Manav's production is
exported.
PURAN MURTI: CRISIL Puts 'CRISIL B-' Rating on INR161MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Puran Murti Educational Society.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 98.9 CRISIL B-/Stable (Assigned)
Bank Loan Facility
Term Loan 62.1 CRISIL B-/Stable (Assigned)
The rating reflects PMES's weak liquidity profile marked by
continuous capex undertaken by the society and below average
financial risk profile marked by below average debt protection
measures. PMES is also facing intense competition with other
education institutions in the vicinity and is vulnerable to
regulatory risks associated with educational institutions. These
rating weaknesses are partially offset by the healthy demand
prospects for the education sector in India.
Outlook: Stable
CRISIL believes that PMES will continue to benefit from healthy
demand prospects for the education sector in India. The outlook
may be revised to 'Positive' if PMES reports more-than-expected
increase in its operating income and profitability or if the
liquidity of the society improves with infusion of funds.
Conversely, the outlook may be revised to 'Negative' if the
society undertakes larger-than-expected, debt-funded, capex
programme, thereby weakening its debt protection metrics and
capital structure, or if there is a significant drop in student
enrolment at its institutes.
Puran Murti Educational Society was incorporated in 2007 by Mr.
Vijay Pal and his friends, Mr. Bhopal Singh and Mr. Puran Singh.
The society operates two colleges for engineering and polytechnic
in Sonipat (Haryana) on a campus measuring 40 acres. The courses
offered by the society in the engineering college include civil,
mechanical, electrical, electronics & communication, and computer
science. The engineering college is affiliated to the Technical
University, Haryana, and the polytechnic college is under the
polytechnic board of Haryana; all its courses are approved by the
All India Council for Technical Education.
PMES reported surplus of INR1.6 million on net fee income of
INR39 million for 2010-11 (refers to financial year, April 1 to
March 31), as against reported deficit of INR1.4 million on net
fee income of INR23 million for 2009-10. PMES is expected to
report net fee income of about INR 70 million in 2011-12.
RAJINDRA PRASAD: CRISIL Rates INR7.5MM Loan at 'CRISIL B-'
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Rajindra Prasad Parmod Kumar Jain.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 70 CRISIL A4 (Assigned)
Overdraft Facility 7.5 CRISIL B-/Stable (Assigned)
The ratings reflect RPK's weak financial risk profile on account
of large working capital requirements, and the firm's small scale
of operations, exposure to intense completion in the timber
industry, and susceptibility to adverse regulatory changes in the
timber import business. These rating weaknesses are partially
offset by the benefits that RPK derives from its proprietor's
experience in the timber business and financial support.
Outlook: Stable
CRISIL believes that RPK will continue to benefit over the medium
term from its long-standing presence in the timber industry.
CRISIL, however, believes that the firm's financial risk profile
will remain constrained due to working-capital-intensive
operations. The outlook may be revised to 'Positive' if RPK
reports improvement in its working capital management, leading to
better financial flexibility, along with an increase in its net
worth. Conversely, the outlook may be revised to 'Negative' if
the firm reports a significant deterioration in its financial
risk profile because of significant borrowings to fund its
capital expenditure or working capital requirements.
About Rajindra Prasad
Rajindra Prasad Parmod Kumar Jain was set up as a proprietorship
firm by Mr. Rajender Prasad Jain in 1990. Till December 2009, the
firm traded in timber logs. In January 2010, it started
processing timber logs. RPK has nine swan timber mills in
Gandhidham (Gujarat) and New Delhi, where timber logs (imported)
are sawed and sold.
For 2011-12 (refers to financial year, April 1 to March 31),
RPK's book profit is estimated at INR3.4 million on net sales of
INR279.6million, against a book profit of INR2.5 million on net
sales of INR123.9 million for 2010-11.
S. T. ENTERPRISES: CRISIL Rates INR140MM Cash Credit at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of S. T. Enterprises.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 140 CRISIL B/Stable (Assigned)
The rating reflects STE's weak financial risk profile, marked by
a moderate capital structure and weak debt protection metrics,
working-capital-intensive nature of operations, modest scale of
operations in the intensely competitive electronic goods trading
industry, and exposure to risk related to fluctuations in foreign
exchange rates. These rating weaknesses are partially offset by
the benefits that STE derives from its promoters' experience in
the business of trading in electronic goods and their financial
support.
Outlook: Stable
CRISIL believes that STE will continue to benefit over the medium
term from its promoter's experience in the electronic goods
trading industry. CRISIL, however, believes that the firm's
liquidity will remain constrained by working-capital-intensive
nature of operations. The outlook may be revised to 'Positive' if
STE improves its liquidity because of improvement in its working
capital management or in case of fresh capital infusion by its
partners. Conversely, the outlook may be revised to 'Negative' if
the firm reports further deterioration in its liquidity because
of an increase in its working capital requirements, or if its
financial risk profile weakens because of a large, debt-funded
capital expenditure programme.
About S. T. Enterprises
S. T. Enterprises was set up in 2002 by Mr. Arun Suri and his
family members. It trades in electronic goods such as mobile
phones, and other allied products such as drivers, remote
controls, capacitors, batteries, and resistances. In 2011-12
(refers to financial year, April 1 to March 31), the firm derives
about 40 per cent of its sales from mobile phones and the rest
from its other products.
STE is estimated to report a book profit of INR4.8 million on net
sales of INR724.2 million for 2011-12, against a book profit of
INR3.2 million on net sales of INR871.3 million for 2010-11.
SUBHLENE FABRICS: CRISIL Rates INR90MM Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the cash
credit facility of Subhlene Fabrics (part of the Subhtex group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL B/Stable (Assigned)
The rating reflects the Subhtex group's working-capital-intensive
operations, high customer concentration, geographical
concentration, and the susceptibility of the group's operating
margin to volatility in raw material prices; the rating also
factors in the Subhtex group's average financial risk profile
marked by weak debt protection metrics, a comfortable gearing,
and a moderate net worth. These rating weaknesses are partially
offset by the extensive experience of the Subhtex group's
promoters in the textiles industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SF and Subhtex (India) Ltd (SIL),
together referred to as the Subhtex group. This is because both
the entities are in the same line of business. Moreover, both SF
and SIL have common suppliers and customers, and operational and
financial linkages with each other.
Outlook: Stable
CRISIL believes that the Subhtex group will continue to benefit
over the medium term from its promoters' extensive experience in
the textiles industry. The outlook may be revised to 'Positive'
if the group reports substantial improvement in its scale of
operations, while it maintains its profitability. Conversely, the
outlook may be revised to 'Negative' if the Subhtex group reports
a sharp decline in its profitability or scale of operations from
the current levels, or if there is deterioration in its financial
risk profile, most likely driven by debt funding of larger-than-
expected working capital requirements.
About the Group
SIL is part of the Subhtex group, which commenced business
operations through its flagship company, Ravi Synthetics Pvt Ltd,
based in Mumbai (Maharashtra). SIL was established by Mr. Ashok
Gupta and Mr. Vinay Poddar in 1987. The company was initially
engaged in yarn dyeing in Vapi (Gujarat); however, in 1990, the
name of the company was changed to Subhtex (India) Pvt Ltd and
the promoters switched to fabric manufacturing with a new unit in
Silvassa (Dadra & Nagar Haveli). In April 2003, the company was
reconstituted as a closely held public limited company with its
current name. At present, SIL manufactures, and trades in, grey
suitings and shirtings, and has two manufacturing units in
Silvassa with capacity of 0.15 million metres per month each. The
first unit is being solely used for job work for the second unit.
Moreover, SIL also exports around 10 per cent of its products to
Egypt and Saudi Arabia.
Over the years, the group added one more concern, SF, a Hindu
undivided family (HUF) set up by Mr. Mahesh Gupta (brother of Mr.
Ashok Gupta and one of the shareholders in SIL) in 2000 to expand
the business and avail of tax benefits. The HUF is managed by Mr.
Mahesh Gupta and his immediate family members; it also
manufactures, and trades in, grey suitings and shirtings. SF has
two manufacturing units in Silvassa, with the first unit equipped
with capacity of 0.12 million metres per month and the second
unit with capacity of 0.25 million metres per month.
SF reported a profit before tax (PBT) of INR5.7 million on net
sales of INR268.7 million for 2011-12 (refers to financial year,
April 1 to March 31), as against a PBT of INR4.1 million on net
sales of INR189.2 million for 2010-11.
SUBHTEX (INDIA): CRISIL Puts 'B' Rating on INR99.9MM Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Subhtex (India) Limited (part of the Subtex
group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long-Term 9.8 CRISIL B/Stable (Assigned)
Bank Loan Facility
Cash Credit 80 CRISIL B/Stable (Assigned)
Long-Term Loan 10.1 CRISIL B/Stable (Assigned)
The rating reflects the Subhtex group's working-capital-intensive
operations, high customer concentration, geographical
concentration, and the susceptibility of the group's operating
margin to volatility in raw material prices; the rating also
factors in the Subhtex group's average financial risk profile
marked by weak debt protection metrics, a comfortable gearing,
and a moderate net worth. These rating weaknesses are partially
offset by the extensive experience of the Subhtex group's
promoters in the textiles industry.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SIL and Subhlene Fabrics (SF),
together referred to as the Subhtex group. This is because both
the entities are in the same line of business. Moreover, both SF
and SIL have common suppliers and customers, and operational and
financial linkages with each other.
Outlook: Stable
CRISIL believes that the Subhtex group will continue to benefit
over the medium term from its promoters' extensive experience in
the textiles industry. The outlook may be revised to 'Positive'
if the group reports substantial improvement in its scale of
operations, while it maintains its profitability. Conversely, the
outlook may be revised to 'Negative' if the Subhtex group reports
a sharp decline in its profitability or scale of operations from
the current levels, or if there is deterioration in its financial
risk profile, most likely driven by debt funding of larger-than-
expected working capital requirements.
About the Group
SIL is part of the Subhtex group, which commenced business
operations through its flagship company, Ravi Synthetics Pvt Ltd,
based in Mumbai (Maharashtra). SIL was established by Mr. Ashok
Gupta and Mr. Vinay Poddar in 1987. The company was initially
engaged in yarn dyeing in Vapi (Gujarat); however, in 1990, the
name of the company was changed to Subhtex (India) Pvt Ltd and
the promoters switched to fabric manufacturing with a new unit in
Silvassa (Dadra & Nagar Haveli). In April 2003, the company was
reconstituted as a closely held public limited company with its
current name. At present, SIL manufactures, and trades in, grey
suitings and shirtings, and has two manufacturing units in
Silvassa with capacity of 0.15 million metres per month each. The
first unit is being solely used for job work for the second unit.
Moreover, SIL also exports around 10 per cent of its products to
Egypt and Saudi Arabia.
Over the years, the group added one more concern, SF, a Hindu
undivided family (HUF) set up by Mr. Mahesh Gupta (brother of Mr.
Ashok Gupta and one of the shareholders in SIL) in 2000 to expand
the business and avail of tax benefits. The HUF is managed by Mr.
Mahesh Gupta and his immediate family members; it also
manufactures, and trades in, grey suitings and shirtings. SF has
two manufacturing units in Silvassa, with the first unit equipped
with capacity of 0.12 million metres per month and the second
unit with capacity of 0.25 million metres per month.
SIL, on a provisional basis, reported a profit before tax (PBT)
of INR5.0 million on net sales of INR497.4 million for 2011-12
(refers to financial year, April 1 to March 31), as against a PBT
of INR4.8 million on net sales of INR348.1 million for 2010-11.
TIRUPUR TEXTILES: CRISIL Cuts Rating on INR924.2 Loans to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tirupur Textiles Pvt Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2.5 CRISIL D (Downgraded from
CRISIL A4)
Cash Credit 240.0 CRISIL D (Downgraded from
CRISIL B-/Stable)
Letter of Credit 201.7 CRISIL D (Downgraded from
CRISIL A4)
Long-Term Loan 480.0 CRISIL D (Downgraded from
CRISIL A4)
The downgrade reflects current delays by TTPL in servicing its
term debt; the delays have been caused by the company's weak
liquidity arising out of cash losses incurred during 2011-12
(refers to financial year, April 1 to March 31).
TTPL also has a weak financial risk profile, marked by a high
gearing and weak debt protection metrics; moreover, the company
is vulnerable to power shortages in Tamil Nadu and to volatility
in cotton prices. TTPL, however, benefits from its established
position in the hosiery yarn segment.
About Tirupur Textiles
Tirupur Textiles Pvt Ltd was set up in 1956 by Mr. G T
Krishnaswamy Naidu and his son, Mr. K Sivasubramaniam; it
manufactures hosiery cotton yarn. The company's three
manufacturing units, in Coimbatore and Tirupur (both in Tamil
Nadu), have combined capacity of 59,376 spindles. TTPL also has
10 windmills in Tamil Nadu, with total capacity of 12.5
megawatts.
For 2010-11, TTPL reported a profit after tax (PAT) of INR21.91
million on net sales of INR801.11 million, against PAT of INR0.74
million on net sales of INR615.85 million for 2009-10.
TRIVENI ENGICONS: Fitch Puts Rating on INR30-Mil. Limits at 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned India-based Triveni Engicons Private
Limited's additional INR30m fund-based limits a 'Fitch BB+(ind)'
rating and its additional INR380m non-fund-based limits a 'Fitch
A4+(ind) rating.
TEPL's outstanding ratings (including the above) are as follows:
-- National Long-Term Rating: 'Fitch BB+(ind)'; Outlook Stable
-- INR70m fund-based limits: 'Fitch BB+(ind)'
-- INR740m non-fund-based limits: 'Fitch A4+(ind)'
VARDHMAN CHEMTECH: CRISIL Cuts Rating on INR1.79BB Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities and debt
instrument of Vardhman Chemtech Ltd (part of the Vardhman group)
to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Negative/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 500.0 CRISIL D (Downgraded from
'CRISIL BB-/Negative')
Corporate Loan 68.4 CRISIL D (Downgraded from
'CRISIL BB-/Negative')
Term Loan 602.5 CRISIL D (Downgraded from
'CRISIL BB-/Negative')
Bill Discounting 19.1 CRISIL D (Downgraded from
'CRISIL A4')
Bank Guarantee 160.0 CRISIL D (Downgraded from
'CRISIL A4')
Letter of Credit 440.0 CRISIL D (Downgraded from
'CRISIL A4')
The downgrade reflects instances of delays by VCL in servicing
its term loan and of devolvement of its letters of credit
facilities -- this has been caused by weakening in VCL's liquidity.
The weakening in liquidity was caused by delays in debtor
realisation, suppression of cash accruals because of increase in
cost of imported raw material as a result of depreciation in the
value of the Indian rupee, and delays in execution of its ongoing
project because of cyclone in Cuddalore (Tamil Nadu). Liquidity
has also weakened because VCL's promoters have bought, for INR460
million, the entire equity stake of other shareholders in
Vardhman Life Sciences Pvt Ltd, thereby making VLSPL its wholly
owned subsidiary.
The Vardhman group has weak financial risk profile marked by low
financial flexibility, and product, client and geographic
concentration, and is susceptible to pricing pressures because of
intense competition in the international generics market. The
group is also exposed to implementation-related risks associated
with its ongoing project. However, the group has witnessed a
healthy growth in its operating income over the past 2-3 years,
driven by its established market position in the penicillin-based
active pharmaceutical ingredients (APIs) segment.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VCL and its wholly owned subsidiary,
VLSPL. The entities are together referred to as the Vardhman
group. This is because the companies are in a common line of
business and have common managerial and finance teams.
About the Group
Promoted by Mr. Suyog Jain, VCL manufactures APIs (also known as
bulk drugs) and API intermediates of penicillin in sterile form.
Incorporated in 1996, VCL remained dormant until 2001, when it
took over the existing business of an associate proprietorship
concern, Shram Organic, which was established in 1999 to treat
pharmaceutical waste/effluent. It is one of the largest
manufacturers of cloxacillin sodium in India. VCL has two
manufacturing facilities in Derabassi and Nimbua (Punjab).
VCL is setting up, through VLSPL, a plant for manufacturing
potassium clavulanate in Cuddalore. The capital expenditure
towards this project is estimated at INR2.9 billion. The upcoming
plant is likely to begin commercial production by October 2012.
In February 2012, INR700 million of equity capital was infused
into the group by a private equity investor.
For 2010-11 (refers to financial year, April 1 to March 31), VCL
reported a profit after tax (PAT) of INR109.7 million on net
sales of INR2.27 billion, against a PAT of INR110.7 million on
net sales of INR1.95 billion for 2009-10.
VIJLAK PHARMA: CRISIL Cuts Rating on INR119MM Loans to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vijlak Pharma Ltd to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRSISL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Letter of Credit 30 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Long-Term Loan 29 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
The rating downgrade reflects the instances of delay by VPL in
servicing its debt; the delays have been caused by the company's
weak liquidity. VPL has weak liquidity mainly because of delays
in the execution of its on-going expansion programme. The plant
is expected to become operational in July 2012 instead of the
earlier selected commencement period of March 2011. Furthermore,
the company's scale of operations has increased over the past two
years, with no corresponding increase in its bank lines, leading
to 100 per cent bank limit utilisation.
VPL also has a below-average financial risk profile, marked by a
small net worth and weak debt protection metrics; moreover, the
company is exposed to intense competition in the bulk drugs
industry, and large working capital requirements. VPL, however,
benefits from its established position in the excipients and bulk
drugs segment and its healthy relationships with its customers.
About Vijlak Pharma
Vijlak Pharma Ltd (formerly, Vijlak Engineers Pvt Ltd) was set up
by Mr. Mallikarjun Reddy and Mr. Chandra Reddy in 1988. However,
in March 2009, there was a change in VPL's management and its
current directors, Mr. K Raghava Reddy and Ms. K Rajani, took
charge of the company. VPL manufactures excipients and bulk
drugs. The company's manufacturing units (Unit I and Unit II)
have total capacity of 5000 tonnes per annum and are located at
Anrich Industrial Estates in Bollaram and Gaddapotharan Village
in Medak District (Andhra Pradesh).
VPL, profit after tax (PAT) of INR8.4 million on net sales of
INR385 million for 2010-11 (refers to financial year, April 1 to
March 31), as against a PAT of INR6.1 million on net sales of
INR254.4 million for 2009-10.
Y.N. DHANANI: CRISIL Puts 'BB' Rating on IN60MM Overdraft Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of Y.N. Dhanani.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4+ (Assigned)
Overdraft Facility 60 CRISIL BB/Stable (Assigned)
The ratings reflect the extensive experience of Dhanani's
promoter in the construction activity, and the firm's moderate
financial risk profile, marked by above-average debt protection
metrics and moderate capital structure. These rating strengths
are partially offset by Dhanani's small scale of operations in
the intensely competitive construction industry.
Outlook: Stable
CRISIL believes that Dhanani will continue to benefit over the
medium term from its promoter's extensive experience and its
order book of INR330 million providing near-term revenue
visibility. CRISIL, however, believes that the firm's liquidity
will be constrained by large working capital requirements, during
this period. The outlook may be revised to 'Positive' in case
Dhanani reports significant improvement in its scale of
operations and sustenance of its profitability. Conversely, the
outlook may be revised to 'Negative' if the firm registers less-
than-expected revenues or decline in its profitability, or if it
undertakes any large additional debt-funded capital expenditure
programme, leading to deterioration in its financial risk profile
or pressure on its liquidity because of substantial withdrawal of
funds by its proprietor.
About Y.N. Dhanani
Y.N. Dhanani, set up in 1990, is a proprietorship firm; it is
promoted by Mr. Yashwant N Dhanani. The firm is an AA class
contractor, engaged in construction of roads and bridges, mainly
in Gujarat.
Dhanani reported a book profit of INR21.7 million on net sales of
INR345 million for 2010-11 (refers to financial year, April 1 to
March 31), against a net profit of INR24.9 million on net sales
of INR383 million for 2009-10. The firm has achieved net sales of
INR419 million for 2011-12, on a provisional basis.
=========
J A P A N
=========
ORIX-NRL TRUST: S&P Affirms Ratings on 5 Classes at 'CCC'
---------------------------------------------------------
Standard & Poor's Ratings Services kept its rating on the class B
certificates issued under the ORIX-NRL Trust 14 transaction on
CreditWatch with negative implications. "At the same time, we
affirmed our 'CCC (sf)' ratings on the class C to G trust
certificates. The class A trust certificates issued under the
same transaction were fully redeemed on the trust distribution
date in December 2011, and we withdrew the rating on class X in
the same month, in line with our criteria for rating interest-
only securities. In September 2011, we lowered to 'D (sf)' from
'CC (sf)' our rating on class H," S&P said.
"Of the 10 nonrecourse loans and specified bonds that initially
backed the transaction, two loans and one specified bond remain.
All the properties backing one of the loans, which originally
represented about 6.2% of the total initial issuance of the trust
certificates, have been sold, but the final calculation for this
loan has not yet been completed. As such, the transaction has
effectively only one remaining loan, which has defaulted, and one
remaining specified bond. The remaining loan and specified bond
originally represented about 13.4% and about 8.9%, of the total
initial issuance amount of the trust certificates," S&P said.
"On March 6, 2012, we placed our rating on class B on CreditWatch
with negative implications to reflect our view that the rating on
that class would come under downward pressure. Since then, the
sale of one of the three properties backing the transaction's
remaining loans (an office building in Fukuoka City, Fukuoka
Prefecture) has been completed in line with the servicer's
property sales plan. In addition, it is our view that another of
the three properties (an office building in Minato Ward, Tokyo)
is now more likely to be sold in the near future. In such a case,
we believe that the redemption of class B--currently the
transaction's highest-level tranche--will progress, although we
do not expect class B to be fully redeemed," S&P said.
"We kept our rating on class B on CreditWatch negative because,"
S&P said, "although we have learned that sales activities
regarding the office building in Minato Ward, Tokyo, have
progressed, the sale of the property has not yet been completed.
If the sale is completed, the loan-to-value (LTV) ratio for class
B is set to decline markedly. Even so, it is our view that
selling the last of the three properties (an office building in
Kitakyushu City, Fukuoka Prefecture) will require some time.
Accordingly, the rating on class B will come under downward
pressure if we do not see any progress in selling the property as
the transaction's legal final maturity date (December 2013) draws
closer."
"We intend to review our rating on class B after ascertaining the
progress of the sale of the office buildings in Tokyo's Minato
Ward and in Kitakyushu City," S&P said.
"We affirmed our ratings on classes C to G, which were already
rated 'CCC', after considering our assumption for the likely
collection amounts from the transaction's collateral properties,"
S&P said.
"We have lowered our assumption for the likely collection amount
from the sale of the office building in Kitakyushu City after
taking into account a number of factors, such as the status of
the sale of the property, which the servicer is undertaking, and
the performance of the property in question. We currently assume
the value of the property to be about 22% of our initial
underwriting value, whereas we estimated the value of the
property to be about 32% of our initial underwriting value when
we reviewed our ratings in September 2011," S&P said.
"ORIX-NRL Trust 14 is a multiborrower commercial mortgage-backed
securities (CMBS) transaction. The trust certificates were
initially secured by 10 nonrecourse loans and specified bonds
extended to eight obligors. The 10 nonrecourse loans and
specified bonds were originally backed by 39 real estate
certificates and real estate properties. The transaction was
arranged by ORIX Corp., and ORIX Asset Management & Loan Services
Corp. acts as the servicer for this transaction," S&P said.
"The ratings reflect our opinion on the likelihood of the full
payment of interest and the ultimate repayment of principal by
the transaction's legal final maturity date in December 2013 for
the class B to G certificates," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATING KEPT ON CREDITWATCH NEGATIVE
ORIX-NRL Trust 14
JPY20.7 billion trust certificates due December 2013
Class Rating Initial issue amount
B A+ (sf)/Watch Neg JPY2.0 bil.
RATINGS AFFIRMED
ORIX-NRL Trust 14
Class Rating Initial issue amount
C CCC (sf) JPY1.2 bil.
D CCC (sf) JPY0.7 bil.
E CCC (sf) JPY0.3 bil.
F CCC (sf) JPY0.5 bil.
G CCC (sf) JPY0.1 bil.
TOKYO ELECTRIC: Moody's Affirms 'Ba3' CFR; Outlook Negative
-----------------------------------------------------------
Moody's Japan K.K. has affirmed the ratings of Tokyo Electric
Power Company, Incorporated.
Ratings affirmed include its senior secured rating of Ba2; long-
term issuer rating of B1; and corporate family rating of Ba3.
The rating outlook remains negative.
The rating affirmation reflects Moody's view that the Japanese
government's strong commitment to TEPCO's management, as
indicated by the government's approval of the company's
Comprehensive Special Business Plan (Comprehensive Plan) on May
9, will support the company's current credit profile.
The provisions of the Plan considered most critical include the
liquidity provided to TEPCO through a government capital
injection to be made through the Nuclear Damage Liability
Facilitation Fund (the Fund), the control over TEPCO demonstrated
by the majority ownership by the Fund, the additional liquidity
to be provided by banks, the cost cutting measures, and the
intention to seek the restart of selected nuclear power plants in
order to reduce the company's energy cost structure.
At the same time, the continued negative rating outlook reflects
Moody's view that significant uncertainties and impediments
remain for TEPCO's ability to execute certain aspects of the
Comprehensive Plan in a timely manner.
Government support is critical to the rating. Without the direct
and indirect support of regulatory authorities and the Fund,
TEPCO would be unable to meet its obligations and creditors would
question their continued commitment to the company. The
Comprehensive Plan represents a path toward the normalization of
the company's financial risk profile, a process that will take
several years. In the interim, Moody's ratings will continue to
incorporate the benefits of the direct and indirect support
provided by the public sector.
The Fund will inject JPY1 trillion in new capital into TEPCO by
July 25 conditioned on the approval by existing equity investors
at TEPCO's annual shareholders meeting on June 27. Following this
capital injection, the Fund will command 50.1% voting rights.
Provisions under newly issued preferred stock will also allow the
Fund to unilaterally increase its ownership to 75.8%.
Furthermore, the Fund has assigned a new chairman and other board
members, and the new board members are informally determined.
According to the Comprehensive Plan, additional financial support
-- around JPY1 trillion -- from financial institutions is also
requested.
While the entire plan is subject to various approvals, including
that of shareholders, Moody's believes the structure of the plan
will be approved and implemented.
The maintenance of the negative rating outlook reflects concern
that there is some uncertainty for the timely execution of some
of the aspects of the Comprehensive Plan. Greater clarity that
the plan will be implemented and that additional financial and
liquidity support will materialize might lead to a stable rating
outlook.
Longer-term, a return to profitability through rationalization
and cost cutting will be key to any improvement in TEPCO's
financial profile. The measures incorporated into the
Comprehensive Plan to return to profitability include cost
cutting initiatives, increases in electricity rates and the
restarting of nuclear power generation.
Cost cutting is to some degree within the company's control and
should occur with the consistent attention of new management.
Moody's views moderate increases in electricity rates to be
realizable -- although there may be some delay before full
implementation. Most customers in the deregulated sector now
accept the prospect of higher prices, although economic
conditions and political opposition could affect both the size
and timing of rate increases.
However, the prospects for restarting a meaningful number of
nuclear power plants is less certain. The current plan envisions
restarting the first nuclear reactor in Kashiwazaki-Kariwa in
April 2013 and then five others by March 2015. This schedule is
considered uncertain, given continued negative public sentiment.
If TEPCO can't restart its nuclear facilities, it will be forced
to request additional increases in electricity rates, which could
lead to more social and political resistance.
The long term financial impact of the events of March 2011 will
place tremendous stress on TEPCO's balance sheet and cash flow
for several years. While the Comprehensive Plan incorporates cost
estimates for decommissioning the damaged four reactors at
Fukushima Daiichi Plant, these may rise over time. The scale of
the accident and the unprecedented complexity of the tasks at
hand make estimates of the costs highly speculative. In the case
of substantially increased costs, the Plan would have to be
amended significantly.
Given the negative rating outlook, an upgrade of TEPCO's rating
is unlikely in the near term, absent significant new events. The
rating outlook could return to stable if key parts of the
Comprehensive Plan are successfully implemented and the
government continues to demonstrate its commitment and support
for the ongoing financial and operational viability of the
company.
The ratings could face further downward pressure if the
government's intention to support TEPCO changes or becomes less
certain, if additional sources of liquidity do not materialize,
if there is an unexpected increase in decommissioning costs
and/or compensation costs, or if various political issues cause
delays or substantial uncertainty in the implementation of the
measures incorporated in the Comprehensive Plan.
The ratings also may be downgraded if the banks show signs of
reducing their support.
The principal methodology used in rating these electricity
issuers was Moody's Regulated Electric and Gas Utilities,
published on September 30, 2010.
Tokyo Electric Power Co., Inc. (TEPCO) is the largest integrated
electricity supplier in Japan and is headquartered in Tokyo.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
AAT CORP LTD AAT 32.50 -13.46
ALTIUM LTD ALU 24.26 -3.62
APN EUROPEAN PRO AEZ 321.75 -106.88
ARASOR INTERNATI ARR 19.21 -26.51
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BIRON APPAREL LT BIC 19.71 -2.22
CLARITY OSS LTD CYO 31.64 -5.75
CNPR GROUP CNP 15,483.44 -349.73
MACQUARIE ATLAS MQA 1,671.52 -842.29
MISSION NEWENER MBT 22.05 -27.72
NATIONAL LEISURE NLG 154.59 -34.49
NATURAL FUEL LTD NFL 19.38 -121.51
ORION GOLD NL ORN 10.91 -0.31
RANGE RIVER GOLD RNG 13.53 -22.79
RENISON CONSOLID RSN 10.15 -22.74
RENISON CONSO-PP RSNCL 10.15 -22.74
RIVERCITY MOTORW RCY 386.88 -809.14
STERLING BIOFUEL SBI 31.12 -7.52
SVC GROUP LTD SVC 13.47 -1.66
CHINA
ACHENG RELAY-A 922 54.63 -0.83
ANHUI GUOTONG-A 600444 72.38 -2.15
BAOCHENG INVESTM 600892 38.24 -4.15
CHANG JIANG-A 520 1,396.09 -3.63
CHENGDE DALU -B 200160 35.27 -4.01
CHENGDU UNION-A 693 29.46 -22.21
CHINA KEJIAN-A 35 100.91 -192.82
CONTEL CORP LTD CTEL 59.32 -45.72
DONGXIN ELECTR-A 600691 13.73 -28.65
GUANGDONG ORIE-A 600988 14.53 -3.97
GUANGXIA YINCH-A 557 64.02 -81.42
GUANGZHOU IRON-A 600894 542.50 -70.92
HEBEI BAOSHUO -A 600155 110.77 -78.03
HEBEI JINNIU C-A 600722 250.44 -85.87
HUASU HOLDINGS-A 509 91.19 -18.53
HUNAN ANPLAS CO 156 48.17 -43.11
HUNAN TIANYI-A 908 65.87 -1.55
JILIN PHARMACE-A 545 30.17 -6.95
JINCHENG PAPER-A 820 179.74 -114.18
QINGDAO YELLOW 600579 188.23 -59.95
SHANDONG DACHE-A 600882 206.33 -10.84
SHANDONG HELON-A 677 860.38 -154.31
SHANG BROAD-A 600608 43.41 -6.72
SHANXI GUANLU-A 831 299.13 -7.60
SHENZ CHINA BI-A 17 21.55 -267.13
SHENZ CHINA BI-B 200017 21.55 -267.13
SHENZ INTL ENT-A 56 281.74 -60.20
SHENZ INTL ENT-B 200056 281.74 -60.20
SHIJIAZHUANG D-A 958 213.66 -111.34
SICHUAN GOLDEN 600678 152.07 -87.92
TAIYUAN TIANLO-A 600234 64.35 -10.61
TIANJIN MARINE 600751 86.23 -89.05
TIANJIN MARINE-B 900938 86.23 -89.05
TIBET SUMMIT I-A 600338 71.21 -8.42
TOPSUN SCIENCE-A 600771 129.64 -106.79
WUHAN BOILER-B 200770 255.82 -182.03
WUHAN LINUO SOLA 600885 97.03 -23.36
XIAMEN OVERSEA-A 600870 214.41 -136.52
XIAN HONGSHENG-A 600817 15.81 -278.59
XINJIANG CHALK-A 972 693.71 -4.07
YANBIAN SHIXIA-A 600462 96.06 -134.10
YIBIN PAPER IN-A 600793 131.24 -4.84
YOUCAN FOODS INT YCAN 102.82 -9.02
YUEYANG HENGLI-A 622 32.62 -25.60
HONG KONG
BEP INTL HLDGS L 2326 11.98 -1.14
BUILDMORE INTL 108 16.57 -57.57
CHINA HEALTHCARE 673 46.24 -3.08
CHINA OCEAN SHIP 651 408.06 -51.68
CHINA SEVEN STAR 245 90.25 -2.25
CNI 23 INT'L 611 68.05 -67.58
CROSBY CAPITAL 8088 25.70 -17.43
CYPRESS JADE 875 38.61 -10.78
FIRST NTUL FOODS 1076 17.14 -56.90
FU JI FOOD & CAT 1175 73.43 -389.20
ICUBE TECHNOLOGY 139 25.54 -2.12
MELCOLOT LTD 8198 39.21 -76.03
MITSUMARU EAST K 2358 24.72 -18.95
PALADIN LTD 495 175.99 -12.97
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 15.64 -34.61
SUNCORP TECH LTD 1063 11.78 -8.30
SUNLINK INTL HLD 2336 15.63 -36.91
SURFACE MOUNT SMT 86.34 -8.13
U-RIGHT INTL HLD 627 10.86 -204.99
INDONESIA
ARPENI PRATAMA APOL 466.54 -308.89
ASIA PACIFIC POLY 386.26 -814.44
ERATEX DJAJA ERTX 17.57 -10.49
HANSON INTERNATI MYRX 96.12 -0.89
HANSON INT-PREF MYRXP 96.12 -0.89
JAKARTA KYOEI ST JKSW 31.61 -44.38
MATAHARI DEPT LPPF 196.31 -290.04
MITRA INTERNATIO MIRA 1,076.79 -446.64
MITRA RAJASA-RTS MIRA-R2 1,076.79 -446.64
PANASIA FILAMENT PAFI 30.57 -20.41
PANCA WIRATAMA PWSI 31.13 -38.63
PRIMARINDO ASIA BIMA 10.65 -20.85
SUMALINDO LESTAR SULI 180.19 -1.15
TOKO GUNUNG AGUN TKGA 12.27 -0.93
UNITEX TBK UNTX 18.41 -18.45
INDIA
ALPS INDUS LTD ALPI 288.11 -7.01
AMIT SPINNING AMSP 20.43 -1.96
ARTSON ENGR ART 16.52 -3.14
ASHAPURA MINECHE ASMN 191.87 -68.03
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.17 -54.25
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
BLUE BIRD INDIA BIRD 122.02 -59.13
CELEBRITY FASHIO CFLI 36.61 -6.76
CFL CAPITAL FIN CEATF 12.36 -49.56
CHESLIND TEXTILE CTX 20.51 -0.03
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 18.46 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DIGJAM LTD DGJM 99.41 -22.59
DISH TV INDIA DITV 517.03 -18.42
DISH TV INDI-SLB DITV/S 517.03 -18.42
DUNCANS INDUS DAI 122.76 -227.05
FIBERWEB INDIA FWB 12.15 -15.81
GANESH BENZOPLST GBP 49.24 -21.14
GEM SPINNERS LTD GEMS 14.58 -1.16
GSL INDIA LTD GSL 29.86 -42.42
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 69.07 -31.72
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 15.21 -3.78
HMT LTD HMT 133.66 -500.46
ICDS ICDS 13.30 -6.17
INDAGE RESTAURAN IRL 15.11 -2.35
INTEGRAT FINANCE IFC 49.83 -51.32
JAGSON AIRLINES JGA 11.31 -0.41
JCT ELECTRONICS JCTE 104.55 -68.49
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 18.05 -86.40
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 33.31 -30.53
KDL BIOTECH LTD KOPD 14.66 -9.41
KERALA AYURVEDA KRAP 13.97 -1.69
KIDUJA INDIA KDJ 14.85 -1.71
KINGFISHER AIR KAIR 1,935.94 -661.89
KINGFISHER A-SLB KAIR/S 1,935.94 -661.89
KITPLY INDS LTD KIT 37.68 -45.35
LLOYDS FINANCE LYDF 21.65 -11.39
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MADRAS FERTILIZE MDF 143.14 -99.28
MAHA RASHTRA APE MHAC 22.23 -15.85
MARKSANS PHARMA MRKS 110.32 -14.04
MILTON PLASTICS MILT 17.67 -51.22
MODERN DAIRIES MRD 38.41 -0.45
MTZ POLYFILMS LT TBE 31.94 -2.57
MURLI INDUSTRIES MRLI 275.90 -20.19
MYSORE PAPER MSPM 97.02 -15.69
NATH PULP & PAP NPPM 14.50 -0.63
NICCO CORP LTD NICC 78.28 -4.14
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 141.35 -7.71
NUCHEM LTD NUC 24.72 -1.60
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PIRAMAL LIFE SC PLSL 51.20 -64.85
QUADRANT TELEVEN QDTV 188.57 -116.81
QUINTEGRA SOLUTI QSL 16.76 -17.45
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIANCE MEDIAWO RMW 425.22 -21.31
RELIANCE MED-SLB RMW/S 425.22 -21.31
REMI METALS GUJA RMM 101.32 -17.12
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 18.88 -81.42
SADHANA NITRO SNC 18.21 -0.73
SAURASHTRA CEMEN SRC 89.32 -6.92
SCOOTERS INDIA SCTR 19.43 -10.78
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 213.69 -39.95
SHALIMAR WIRES SWRI 25.78 -38.78
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 35.96 -1.80
SHREE KRISHNA SHKP 19.89 -0.71
SHREE RAMA MULTI SRMT 62.15 -42.08
SIDDHARTHA TUBES SDT 75.90 -11.45
SOUTHERN PETROCH SPET 407.16 -200.86
SQL STAR INTL SQL 10.58 -3.28
STELCO STRIPS STLS 14.90 -5.27
STERLING HOL RES SLHR 66.77 -2.85
STI INDIA LTD STIB 24.64 -0.44
STORE ONE RETAIL SORI 15.48 -59.09
SUN PHARMA ADV SPADV 17.41 -13.07
SUPER FORGINGS SFS 17.83 -6.37
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TODAYS WRITING TWPL 44.08 -5.32
TOTAL EXPORTS TTL 1,069.83 -154.99
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.23 -12.34
TUTICORIN ALKALI TACF 19.13 -16.31
UNIFLEX CABLES UFC 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNIMERS INDIA LT HDU 18.05 -5.87
UNITED BREWERIES UB 3,067.32 -137.09
UNIWORTH LTD WW 169.51 -155.79
UNIWORTH TEXTILE FBW 20.57 -37.60
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
WIRE AND WIRELES WNW 110.69 -14.26
JAPAN
CREST INVESTMENT 2318 65.01 -3.55
HIMAWARI HD 8738 412.87 -13.56
ISHII HYOKI CO 6336 151.15 -28.05
KANMONKAI CO LTD 3372 59.00 -10.08
L CREATE CO LTD 3247 42.34 -9.15
MEIHO ENTERPRISE 8927 80.76 -11.33
MISONOZA THEATRI 9664 71.18 -4.66
NIS GROUP CO LTD 8571 444.72 -158.85
PROPERST CO LTD 3236 305.90 -330.20
TOYO KNIFE CO 5964 75.99 -3.68
WORLD LOGI CO 9378 119.36 -2.48
KOREA
CHIN HUNG INT-2P 2787 571.91 -9.34
CHIN HUNG INTL 2780 571.91 -9.34
CHIN HUNG INT-PF 2785 571.91 -9.34
DAISHIN INFO 20180 740.50 -158.45
DVS KOREA CO LTD 46400 17.40 -1.20
KOREA PACIFIC 05 93400 19.23 -3.67
KOREA PACIFIC 06 93410 11.56 -2.37
KOREA PACIFIC 07 99210 26.66 -7.95
NAMKWANG ENGINEE 1260 762.58 -56.69
MALAYSIA
HAISAN RESOURCES HRB 46.16 -3.53
HO HUP CONSTR CO HO 48.52 -13.65
LINEAR CORP BHD LINE 14.01 -6.45
LUSTER INDUSTRIE LSTI 18.37 -7.57
MITHRIL BHD MITH 23.78 -5.65
VTI VINTAGE BHD VTI 16.01 -3.34
NEW ZELAND
NZF GROUP LTD NZF NZ Eq 142.71 -0.26
PHILIPPINES
CYBER BAY CORP CYBR 14.31 -100.17
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.11 -11.69
FILSYN CORP. B FYNB 23.11 -11.69
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 21.07 -11.96
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 18.83 -9.25
HL GLOBAL ENTERP HLGE 89.50 -11.36
LINDETEVES-JACOB LJ 25.10 -8.96
NEW LAKESIDE NLH 19.34 -5.25
SCIGEN LTD-CUFS SIE 68.70 -42.35
SUNMOON FOOD COM SMOON 19.33 -14.30
TT INTERNATIONAL TTI 232.83 -79.27
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 77.91 -114.37
BANGKOK RUBBER-F BRC/F 77.91 -114.37
BANGKOK RUB-NVDR BRC-R 77.91 -114.37
CALIFORNIA W-NVD CAWOW-R 28.07 -11.94
CALIFORNIA WO-FO CAWOW/F 28.07 -11.94
CALIFORNIA WOW X CAWOW 28.07 -11.94
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 36.02 -121.94
ITV PCL-FOREIGN ITV/F 36.02 -121.94
ITV PCL-NVDR ITV-R 36.02 -121.94
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP/F 11.83 -0.91
PONGSAAP PCL PSAAP 11.83 -0.91
PONGSAAP PCL-NVD PSAAP-R 11.83 -0.91
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TONGKAH HARBOU-F THL/F 62.30 -1.84
TONGKAH HARBOUR THL 62.30 -1.84
TONGKAH HAR-NVDR THL-R 62.30 -1.84
TRANG SEAFOOD TRS 15.18 -6.61
TRANG SEAFOOD-F TRS/F 15.18 -6.61
TRANG SFD-NVDR TRS-R 15.18 -6.61
TT&T PCL TTNT 589.80 -223.22
TT&T PCL-NVDR TTNT-R 589.80 -223.22
TT&T PUBLIC CO-F TTNT/F 589.80 -223.22
TAIWAN
BEHAVIOR TECH CO 2341S 30.60 -1.13
BEHAVIOR TECH CO 2341 30.60 -1.13
BEHAVIOR TECH-EC 2341O 30.60 -1.13
CHIEN TAI CEMENT 1107 203.00 -60.11
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
*********
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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 240/629-3300.
*** End of Transmission ***