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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, October 2, 2009, Vol. 12, No. 195
Headlines
A U S T R A L I A
ACL GROUP: Creditors Opt to Wind Up Firm
BABCOCK & BROWN INFRA: Rejects RBS Refinancing Proposal
CMC CAIRNS: Liquidators Begin Probe on Firm's Collapse
MOBIUS NCM-04: S&P Puts Ratings on Notes on CreditWatch Positive
NEQTAR WINES: Sells Winery Business to Redlands Wine
TIMBERCORP LTD: Forestry Assets Sold to US Fund for AU$345 Million
C H I N A
GITI TIRE: Moody's Downgrades Corporate Family Rating to 'B3'
NINE DRAGONS: S&P Gives Stable Outlook; Affirms 'BB' Rating
H O N G K O N G
ALLCO ASIA: Members' Meeting Set for October 28
ALLCO FINANCE: Members' Meeting Set for October 28
CATTENWOOD COMPANY: Creditors' Proofs of Debt Due on October 30
CDS INTRA-CITY: Chiong and Sutton Cease to Act as Liquidators
CDS MESIA: Chiong and Sutton Cease to Act as Liquidators
CHIA TAI: Creditors' Proofs of Debt Due on October 27
CITIBAGS PRODUCTION: Creditors' Proofs of Debt Due on October 27
FLOATA SEAFOOD: Members and Creditors to Meet on October 28
FOR U CORPORATION: Placed Under Voluntary Wind-Up
HAPRO LIMITED: Placed Under Voluntary Wind-Up
HARDY DEVELOPMENT: Creditors' Proofs of Debt Due on October 19
HARVESTINE COMPANY: Members' Final Meeting Set for October 27
QUODWORTH COMPANY: Creditors' Proofs of Debt Due on October 30
STANDARD CAPITAL: Seng and Lo Step Down as Liquidators
VINELAND COMPANY: Creditors' Proofs of Debt Due on October 27
WORLDLAND SHIPPING: Members' Final Meeting Set for October 27
I N D I A
BALAR EXPORTS: Low Net Worth Prompts CRISIL 'P4' Ratings
GOEL & ASSOCIATES: CRISIL Rates INR30MM Cash Credit Limits at 'B'
ICICI BANK: Sells 4.41% Stake in 3i Infotech
INDIRA SECURITIES: CRISIL Rates INR130MM Bank Facility at 'P4'
JIVANLAL JOITARAM: CRISIL Puts 'BB+' Rating on Cash Credit
KRAFT LAND: CRISIL Assigns 'B/P4' to Various Bank Facilities
MAA BHAGWATI: CRISIL Assigns 'B' Ratings on Bank Facilities
MACHINO TECHNO: CRISIL Assigns 'BB+' Ratings on Bank Facilities
PARADISE PROPERTIES: CRISIL Rates INR164.0 Mln Term Loan at 'B+'
PRADEEP METALS: CRISIL Puts 'BB+' on INR87.0 Million LT Loan
RUNGTA PROJECTS: CRISIL Places 'C' Rating on INR300MM Cash Credit
SANTPURIA ALLOYS: CRISIL Assigns 'B-/P4' Ratings to Bank Debts
SAPNA GEMS: Low Net Worth Cues CRISIL to Assign 'P4' Ratings
SEVEN STAR: CRISIL Assigns 'B+' and 'P4' Ratings on Bank Debts
SISCO RESEARCH: CRISIL Places 'BB-' Rating on INR35MM LT Loan
SOMA TEXTILES: CRISIL Reaffirms Rating on Bank Debt at 'D'
SRI DURGA: Weak Financial Risk Profile Cues CRISIL 'BB+' Ratings
SRINIVASA GAYITHRI: CRISIL Rates INR527.50MM LT Loan at 'B+'
SUNRISE TIMPLY: Low Profitability Prompts CRISIL 'B+' Rating
TROPICOOL FOODS: Delay in Loan Payment Prompts CRISIL Junk Ratings
VS COTTON: CRISIL Assigns 'B+' on Various Bank Facilities
WOCKHARDT LTD: Secures USFDA OK for Prostate Drug Tamsulosin
I N D O N E S I A
BANK CENTURY: Auditors Reveal US$49-Mln Suspicious Withdrawals
J A P A N
ORSO FUNDING: Fitch Downgrades Ratings on Three 2005-1 Notes
SOJITZ CORP: Wins Laos Government Nod to Explore for Copper
K O R E A
KIA MOTORS: Auto Sales Soar 68.8% in September
SSANGYONG MOTOR: Auto Sales Decline 38.7% in September
M A L A Y S I A
RANHILL BERHAD: Court to Hear Wind Up Petition on November 11
TENGGARA OIL: Posts MYR0.29MM Net Loss in July 31 Quarter
N E W Z E A L A N D
HOTEL DU VIN: Sold to Dilworth School for Undisclosed Sum
S I N G A P O R E
UL PTE: Court to Hear Wind-Up Petition on October 9
T H A I L A N D
THANACHART BANK: Fitch Affirms Individual Rating at 'C/D'
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
ACL GROUP: Creditors Opt to Wind Up Firm
----------------------------------------
ABC News reports that ACL Group has gone into liquidation
following a creditors' meeting in Launceston on Wednesday,
September 30.
The report relates that since the company went into administration
in August, 105 workers have been made redundant, 70 staff
volunteered and the rest were forced out.
ABC News notes the company's administrator said liquidation was
the only viable option since there is no money in the company's
finances for workers to get redundancy entitlements and .
According to the report, the administrator and now Liquidator,
Craig Shepard of KordaMentha, said with ACL in liquidation those
workers will now get 16 weeks severance pay.
Automotive Components Limited (ACL) supplies critical components
including engine bearings and gaskets to the automotive industry.
The Company employs more than 300 people across its two sites in
Tasmania and Queensland, Australia.
Craig Shepard and Leanne Chesser of KordaMentha were appointed
voluntary administrators of ACL Group and three of its non-trading
subsidiaries on August 26, 2009. Greg Keith and Matthew Byrnes of
Grant Thornton were subsequently appointed receivers and managers
of the ACL Group on August 26, 2009 by a secured creditor.
BABCOCK & BROWN INFRA: Rejects RBS Refinancing Proposal
-------------------------------------------------------
Babcock & Brown Infrastructure has rejected a refinancing proposal
from The Royal Bank of Scotland, which represents a group of
international hedge funds.
"Following careful assessment and having sought the advice of
Gresham Advisory Partners, the Board of BBI has formed the view
that the RBS Proposal is not superior to the transaction
contemplated with the cornerstone investor," BBI said in a
statement.
BBI said the primary reasons for this decision are:
-- The RBS Proposal does not fundamentally address the debt
position of BBI. Of the total new funding proposed of
AU$1.5 billion, only AU$500 million is equity. The net
new equity raised after transaction costs and other
payments will not materially change the current gearing
levels of BBI or address near term debt maturities at
the operating businesses.
-- There are considerable execution risks associated with a
proposal relying on an equity raising in circumstances
where BBI's debt position is not fundamentally addressed.
BBI would not be in a position to make distributions to
ordinary equity and three levels of convertible debt would
have the capacity to dilute equity holders' interests.
In addition, a transaction relying on a large number of
counterparties to complete due diligence and agree to
transaction terms and documentation in a timely manner
also carries considerable execution risk.
BBI said it continues to progress an equity recapitalization
involving a potential cornerstone investor.
The Troubled Company Reporter-Asia Pacific reported on Sept. 4,
2009, that Babcock & Brown Infrastructure said it is talks with a
potential cornerstone investor. The board believed that the
participation of a well-capitalized investor would significantly
increase the likelihood of a transaction being successfully
completed prior to the group's debt facilities maturing.
"The terms of a transaction with the potential cornerstone
investor have been discussed (although the structure and details
of any such transaction are not yet finalized)," BBI said in a
statement September 4.
"A comprehensive recapitalization on the terms discussed requires
the consent of existing lenders and BBI has approached the lenders
to obtain their consent to the recapitalization. To assist its
recapitalization objectives, BBI has appointed financial advisors
to the proposed recapitalization, and Gresham Advisory Partners
have been appointed as financial advisors to the BBI Boards."
About Babcock & Brown Infrastructure
Based in Australian, Babcock & Brown Infrastructure Group
(ASX:BBI) -- http://www.bbinfrastructure.com/-- is a specialist
infrastructure company, which provides investors access
to a diversified portfolio of quality infrastructure assets.
BBI's investment focuses on acquiring, managing and operating
quality infrastructure assets in Australia and internationally.
BBI's portfolio is diversified across two asset class segments:
Energy Transmission and Distribution, and Transport
Infrastructure. The company comprises of Babcock & Brown
Infrastructure Trust (BBIT) and Babcock & Brown Infrastructure
Limited (BBIL). On July 12, 2007, Benelux Port Holdings S.A,
which is a 75% subsidiary of BBIL, acquired Manuport Group NV. On
August 2, 2007, Babcock & Brown Italian Port Holdings S.r.l, a
wholly owned subsidiary of BBIL, acquired an 80% interest in the
TRI (Estate) S.p.A group of companies. On October 11, 2007, BBI
Finnish Ports Oy, a wholly owned subsidiary of BBIL, acquired the
companies Rauma Stevedoring and Botnia Shipping.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2009, Moody's Investors Service confirmed Babcock & Brown
Infrastructure Group's B1 corporate family rating and B2 senior
secured rating. The outlook on the ratings is stable.
CMC CAIRNS: Liquidators Begin Probe on Firm's Collapse
------------------------------------------------------
CMC Cairns Pty Ltd's liquidators have begun investigations into
the company's collapse, ABC News reports.
The report relates a spokesman for liquidators SV Partners said
investigations into whether the company traded while insolvent and
whether the directors made preferential payments or un-commercial
transactions are ongoing.
CMC Cairns Pty Ltd is a Queensland-based construction company.
The company went into voluntary administration in May, owing
between AU$17 million and AU$18 million to 400 creditors. It also
owed nearly AU$98 million to its financiers.
The company was placed in liquidation two weeks ago after the
directors failed to sign a deed of company arrangement, according
to ABC News.
MOBIUS NCM-04: S&P Puts Ratings on Notes on CreditWatch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed the
ratings on Class C, D, M, E, and F notes issued by Mobius NCM-04
Trust on CreditWatch with positive implications. The CreditWatch
placements follow a review of the restructure proposal put forward
to noteholders of Mobius NCM-04 relating to the lenders' mortgage
insurance deposit account and reserve account. At the same time,
the ratings on the Class A1, A2, and B notes were affirmed. The
notes are backed by a portfolio of subprime and nonconforming
residential mortgage loans.
Standard & Poor's has reviewed the restructure proposal submitted
to the trust manager of Mobius NCM-04 by Mobius Financial Services
Pty Ltd., which is in liquidation with receivers and managers
appointed. Under this proposal, the AU$35 million currently held
in the LMI deposit account would be released to Permanent
Custodians Ltd. in its capacity as trustee of the Mobius NCM-04
Support Trust. In return, Permanent would make a one-off deposit
of AU$6 million into the existing reserve account. These funds
would form additional credit enhancement to cover losses on loans
in Mobius NCM-04.
If the restructure is executed as proposed, S&P believes it will
enhance the current credit support available to rated notes and
provide an additional buffer to help withstand losses.
S&P understands that the restructure proposal has a number of
stages to progress through, including an initial noteholders'
meeting to discuss the proposal and obtain noteholders' feedback.
Should the restructure be adopted and executed as proposed, S&P
expects these outcomes: the rating on the Class C notes could be
raised to the 'A' category, the ratings on the Class D and M notes
could be raised to the 'BB' category, the rating on the Class E
notes could be raised to the 'B' category, and the rating on the
Class F notes could be raised to the 'CCC' category.
S&P expects to resolve the CreditWatch after execution of the
restructure or if the proposal were to be rejected by noteholders.
Ratings Placed on Credit Watch Positive
Class Rating To Rating From
----- --------- -----------
C BBB+/Watch Pos BBB+
D CCC+/Watch Pos CCC+
M CCC+/Watch Pos CCC+
E CCC-/Watch Pos CCC-
F CC/Watch Pos CC
Ratings Affirmed
Class Rating
----- ------
A1 AAA
A2 AAA
B AA
NEQTAR WINES: Sells Winery Business to Redlands Wine
----------------------------------------------------
Sunraysia winery business Neqtar Wines has been sold to a new
consortium of seven investors called Redlands Wine Company, ABC
News reports.
The report says the group includes at least one of Neqtar's major
grower creditors, Mildura businessman Greg Hutchison.
According to the report, Ms. Hutchison is hoping the purchase is
seen as a vote of confidence in the future of the region's wine
industry but said rebuilding the business will be a major task.
Neqtar Wines and its partner company SDS Beverages went into
receivership in June owing about AU$65 million.
Neqtar Wines produces and supplies wine and beverages. The
company operates 40,000 tonne winery in Mildura, SE Australia.
TIMBERCORP LTD: Forestry Assets Sold to US Fund for AU$345 Million
------------------------------------------------------------------
Sara Rich at The Australian reports that the forestry assets of
Timbercorp Ltd have been sold for about AU$345 million to
Australian Bluegum Plantations, a wholly owned subsidiary of US
timber investment fund Global Forest Partners.
The report says the Australian Bluegum intends to set up its
headquarters in the Green Triangle region of Victoria and South
Australia, and in southwest Western Australia and retain the
employees currently working for Timbercorp's forestry business.
According to the report, Timbercorp liquidator KordaMentha said it
received seven bids for the forestry assets and Australian Bluegum
Plantations' bid was the highest and best bid by far.
Meanwhile, The Australian reports that a federal court judge
extended Wednesday the default deadline on the grower's leases
until November 3, one day after the proposed settlement date for
the sale.
Based in Melbourne, Australia, Timbercorp Limited (ASX:TIM) --
http://www.timbercorp.com.au/-- is engaged in the establishment,
development, marketing and management of primary industry-based
projects, the acquisition of land, water rights and infrastructure
to support these projects, and the provision of finance to growers
in these projects. The company is also involved in eucalypt and
olive oil processing operations, asset development, asset
management, the sale of agricultural assets and holding
investments in agricultural-related enterprises.
As reported in the Troubled Company Reporter-Asia Pacific on
April 24, 2009, Timbercorp called in voluntary administrators to
the company and its subsidiaries. The company appointed Mark
Korda and Leanne Chesser of KordaMentha as voluntary
administrators. "The company had been hurt by the combined impact
of declining global asset values, tightening credit, the economic
downturn and drought," according to a statement issued by
Kordamentha.
On June 29, 2009, the creditors voted unanimously to wind up the
41 companies in the Timbercorp Group and put them into
liquidation.
=========
C H I N A
=========
GITI TIRE: Moody's Downgrades Corporate Family Rating to 'B3'
-------------------------------------------------------------
Moody's Investors Service has downgraded GITI Tire Ltd's corporate
family rating to B3 from B2 and senior unsecured bond rating to
Caa1 from B3. The ratings outlook is stable. This concludes the
rating review initiated on September 15, 2009.
"The rating action was driven by Moody's concern that GITI's high
financial leverage, which is weak for its previous rating, is
unlikely to improve by any material extent amid the challenging
global automotive market," says Wonnie Chu, a Moody's Analyst.
"While the company's operating performance in recent months is on
an improving trend, it remains uncertain whether it can be
sustained as most of the margin expansion was driven by lower raw
material prices which have since risen again," says Chu, also
Moody's Lead Analyst for the company.
In addition, demand from GITI's export markets remains weak and
recent tariffs imposed by the US government on Passenger Car
Radial imports could further pressure GITI's profitability. As
such, the company's adjusted debt/ebitda (including notes
payables), based on Moody's estimates, is expected to remain high
at around 6x over the next 1-2 years, assuming a moderate increase
in raw material prices.
The rating action also reflects GITI's volatile operating
performance. The company is exposed to commodity price movements
given raw material costs account for approximately 70% of its
total sales. The company's quarterly gross margin has
historically been in the range of 10% and 20% on the back of
volatile raw material prices and pricing pressure resulting from
weak market demand.
Such volatile earnings, together with GITI's weak capital
structure, with adjusted debt/cap in excess of 70% and heavy
reliance on short-term debt, heighten the company's business and
financial risks and position the company more appropriately at the
low single B rating level.
The B3 rating also considers GITI's strong competitive position in
China's growing market, and low-cost structure when compared with
its global peers. In addition, its diversified product mix -- in
FY2008 Truck & Bus Radial accounted for 50% of sales, PCR
accounted for 40%, and Bias 10%, as well as its high proportion of
sales for the replacement market (80% of total sales) and domestic
market (65%) could serve as a stabilizing factor for its operating
performance.
The stable outlook reflects Moody's expectations that GITI will
continue to receive support from its relationship banks and roll
over its short-term debt. It also reflects Moody's expectations
that the company will have sufficient cushion on its balance sheet
to withstand the current challenging global automotive market and
will recover its profitability over the next few years.
The rating could face upward pressure if GITI 1) improves its
capital structure by lengthening its debt maturing profile and/or
reducing its total debt outstanding; and/or 2) prudently manages
its operations and capex, such that adjusted debt/EBITDA falls
below 4.5x on a sustained basis.
GITI's ratings could be downgraded if its 1) quarterly performance
weakens further due to the prolonged industry downturn, such that
debt/EBITDA exceeds 7-8x; 2) liquidity profile tightens as a
result of difficulties rolling over its bank debt; and/or 3)
evidence emerges of cash leakage/upstreaming to group companies
and shareholders.
The last rating action with regard to GITI was taken on
September 15, 2009, when its ratings were put on review for
possible downgrade.
GITI Tire Pte Ltd. the largest motor vehicle tire manufacturer in
China. It is a private company ultimately owned by the Liem
family, which has a Singaporean-Indonesian background. GITI also
has a minority interest in PT Gajah Tunggal TBK (Caa1/stable), an
Indonesian tire producer.
NINE DRAGONS: S&P Gives Stable Outlook; Affirms 'BB' Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on China-
based packaging paperboard manufacturer Nine Dragons Paper
(Holdings) Ltd. to stable from negative. At the same time, S&P
also affirmed the 'BB' long-term corporate credit rating on Nine
Dragons and the 'BB-' issue rating on the company's outstanding
US$47.6 million senior unsecured notes due April 2013.
"We revised the outlook to stable to reflect the improvement in
Nine Dragons' credit profile following a stronger financial
performance over the past six months. Nine Dragons' credit
profile is further supported by the stabilization of the company's
sales performance. This improvement reflects the company's
revised focus on domestic rather than export-related clients, with
the aim of mitigating the sharp drop in overseas demand," said
Standard & Poor's credit analyst Judy Kwok-Cheung.
The company's EBTIDA margin increased materially to 22.6% at the
end of June 2009, compared with 12.3% at the end of December 2008.
Profitability improved because raw material costs returned to a
more modest level as Nine Dragons largely depleted its inventory
of higher-cost raw materials over that period.
Domestic sales represented 80.2% of Nine Dragons' total sales as
at June 30, 2009, compared with 61.6% as at June 30, 2008. S&P
expects the company to continue to leverage on the more favorable
domestic economic conditions, which are attributable in part to
the Chinese government's stimulation package.
"We affirmed the rating because S&P expects Nine Dragons' cash
flow protection measures to remain weak, but gradually recover and
stabilize over the next 12 months. In S&P's view, less-volatile
raw material prices and Nine Dragons' sound market position within
China should be supportive of the company's future earnings and
cash flow generation," said Ms. Kwok-Cheung.
"Nine Dragons has materially scaled back its working capital and
significantly lowered capital spending compared with in fiscal
2008, and these measures provide some support for its current cash
flow position."
In S&P's view, management's aggressive growth appetite, combined
with the capital-intensive and highly cyclical nature of the
industry, continues to constrain the rating. Nine Dragons
operates in a high growth market, and S&P therefore expect the
company to persist with its strategy to expand its presence in
China within the paperboard container manufacturing sector. The
company is likely to retain a high gearing appetite to fund
potential growth. Nine Dragons has higher leverage than its peers
even though it has materially lowered its ratio of net borrowings
to total equity, which stood at 82.4% as at June 30, 2009,
compared with 102.7% as at Dec. 31, 2008. The debt reduction is
attributable to Nine Dragons' repurchase of more than 84% of its
US$300 million senior unsecured notes due April 2013 and the
repayment of a significant amount of bank borrowings over the past
12 months.
Nine Dragons' financial performance over the next 12 months should
benefit from greater demand, given a more entrenched recovery in
the general domestic market, as well as more stabilized raw
material pricing. A stronger financial performance could offset
the impact of the weak external market. In S&P's view, Nine
Dragons' improved financial flexibility and satisfactory liquidity
position should provide some buffer against the possible negative
impact on the company's financial risk profile if the market
deteriorates materially. In addition, S&P expects Nine Dragons to
take a cautious approach to future expansion, with a slower pace
and lower magnitude in the next 12 months compared with in 2008.
================
H O N G K O N G
================
ALLCO ASIA: Members' Meeting Set for October 28
-----------------------------------------------
The members of Allco Asia Limited will hold their meeting on
October 28, 2009, at 9:30 a.m., at the 27th Floor of Alexandra
House, 18 Chater Road, in Central, Hong Kong.
At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
ALLCO FINANCE: Members' Meeting Set for October 28
--------------------------------------------------
The members of Allco Finance (Asia) Limited will hold their
meeting on October 28, 2009, at 10:00 a.m., at the 27th Floor of
Alexandra House, 18 Chater Road, in Central, Hong Kong.
At the meeting, Patrick Cowley, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
CATTENWOOD COMPANY: Creditors' Proofs of Debt Due on October 30
---------------------------------------------------------------
The creditors of Cattenwood Company Limited are required to file
their proofs of debt by October 30, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Kevin Chung Ying Hui
Ocean Centre, 16th Floor
Harbour City, Canton Road
Kowloon, Hong Kong
CDS INTRA-CITY: Chiong and Sutton Cease to Act as Liquidators
-------------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of CDS Intra-City Logistics Company Limited.
CDS MESIA: Chiong and Sutton Cease to Act as Liquidators
--------------------------------------------------------
Desmond Chung Seng Chiong and Roderick John Sutton stepped down as
liquidators of CDS Media Logistics Company Limited.
CHIA TAI: Creditors' Proofs of Debt Due on October 27
-----------------------------------------------------
The creditors of Chia Tai Securities Limited are required to file
their proofs of debt by October 27, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 17, 2009.
The company's liquidator is;
Pang Siu Chik, Alick
China Merchants Building, Room 804
152-155 Connaught Road Central
Hong Kong
CITIBAGS PRODUCTION: Creditors' Proofs of Debt Due on October 27
----------------------------------------------------------------
The creditors of Citibags Production Limited are required to file
their proofs of debt by October 27, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Lau Kwok Kwong Arthur
Tung Ming Building, Room 806
42 Des Voeux Road Central
Hong Kong
FLOATA SEAFOOD: Members and Creditors to Meet on October 28
-----------------------------------------------------------
The members and creditors of Floata Seafood Restaurant Limited
will hold their meeting on October 28, 2009, at 4:00 p.m. and
4:30 p.m., respectively, at Rooms 1703-04 of Asian House, 1
Hennessy Road, in Wan Chai, Hong Kong.
At the meeting, Cho Yim Kan, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
FOR U CORPORATION: Placed Under Voluntary Wind-Up
-------------------------------------------------
At an extraordinary general meeting held on September 15, 2009,
the members of For U Corporation Limited resolved to voluntarily
wind up the company's operations.
The company's liquidators are:
Rainier Hok Chung Lam
Anthony David Kenneth Boswell
Prince's Building, 22nd Floor
Hong Kong
HAPRO LIMITED: Placed Under Voluntary Wind-Up
---------------------------------------------
At an extraordinary general meeting held on September 25, 2009,
the shareholders of Hapro Limited resolved to voluntarily wind up
the company's operations.
The company's liquidator is:
Luk Wing Hay
Surson Commercial Building, 9th Floor
140-142 Austin Road
Tsimshatsui, Kowloon
HARDY DEVELOPMENT: Creditors' Proofs of Debt Due on October 19
--------------------------------------------------------------
The creditors of Hardy Development Company Hong Kong (1981)
Limited are required to file their proofs of debt by October 19,
2009, to be included in the company's dividend distribution.
The company's liquidators are:
Chan Shu Kin
Chow Chi Tong
Tung Ning Building, 9th Floor
249-253 Des Voeux Road Central
Hong Kong
HARVESTINE COMPANY: Members' Final Meeting Set for October 27
-------------------------------------------------------------
The members of Harvestine Company Limited will hold their final
general meeting on October 27, 2009, at 10:00 a.m., at the 20th
Floor of Prince's Building, in Central, Hong Kong.
At the meeting, Lam Hok Chung Rainier, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
QUODWORTH COMPANY: Creditors' Proofs of Debt Due on October 30
--------------------------------------------------------------
The creditors of Quodworth Company Limited are required to file
their proofs of debt by October 30, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Kevin Chung Ying Hui
Ocean Centre, 16th Floor
Harbour City, Canton Road
Kowloon, Hong Kong
STANDARD CAPITAL: Seng and Lo Step Down as Liquidators
------------------------------------------------------
On September 15, 2009, Natalia K M Seng and Susan Y H Lo stepped
down as liquidators of Standard Capital Finance Limited.
VINELAND COMPANY: Creditors' Proofs of Debt Due on October 27
-------------------------------------------------------------
The creditors of Vineland Company Limited are required to file
their proofs of debt by October 27, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on September 16, 2009.
The company's liquidators are:
Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
WORLDLAND SHIPPING: Members' Final Meeting Set for October 27
-------------------------------------------------------------
The members of Wordland Shipping Limited will hold their final
general meeting on October 27, 2009, at 10:00 a.m., at Flat C,
Block 4, 22nd Floor of Felicity Garden, 111 Shaukiwan Road, in
Saiwanho, Hong Kong.
At the meeting, Ho Miu Ki, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
=========
I N D I A
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BALAR EXPORTS: Low Net Worth Prompts CRISIL 'P4' Ratings
--------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Balar Exports.
Facilities Ratings
---------- -------
INR56.5 Million Post shipment Credit P4 (Assigned)
INR18.5 Million Packing Credit P4 (Assigned)
The rating reflects Balar Exports' weak financial risk profile,
marked by low net worth, and weak debt protection measures; the
firm has delayed servicing of repayments on an unrated term loan
facility in recent months. The rating also factors in the firm's
below-average business risk profile, marked by small scale of
operations in the diamond industry, and exposure to risks relating
to the weak global demand for polished diamonds. These weaknesses
are, however, partially offset by the benefits that the firm
derives from its promoters' experience in the diamond business.
Set up in 1997 as a partnership firm, Balar Exports manufactures
and trades in rough and polished diamonds of all cuts, colors,
carats, and clarity. The firm has its head quarters in Mumbai,
and a manufacturing unit at Surat. The firm is not a sight-holder
and imports its rough requirements from diamond traders in Belgium
and other European countries. Balar Exports reported a profit
after tax (PAT) of INR52.9 million on net sales of INR748.3
million for 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of INR20.9 million on net sales of
INR565.7 million for 2007-08.
GOEL & ASSOCIATES: CRISIL Rates INR30MM Cash Credit Limits at 'B'
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Goel & Associates.
Facilities Ratings
---------- -------
INR30 Million Cash Credit Limits* B/Stable (Assigned)
INR50 Million Bank Guarantee** P4 (Assigned)
* Includes proposed limit of INR5 million
** Includes proposed limit of INR27.5 million
The ratings reflect Goel's small scale of operations in the
construction industry, low net worth, and exposure to risks
relating to geographical concentration in its revenue profile.
These weaknesses are, however, partially offset by Goel's healthy
revenue growth, and comfortable order book position.
Outlook: Stable
CRISIL believes that Goel will benefit from the growth prospects
for the civil construction industry, despite the firm's exposure
to risks relating to revenue concentration in one state —
Chhattisgarh. The outlook may be revised to 'Positive' if Goel
strengthens its business risk profile by diversifying its revenue
base, while maintaining current operating margins. Conversely,
the outlook may be revised to 'Negative' if Goel's financial risk
profile deteriorates on account of additional debt-funded capital
expenditure.
About Goel & Associates
Goel is a partnership firm set up in 1995 by Mr. Navin Goel and
his father Mr. R C Goel. The firm undertakes civil construction
activities such as construction of housing complexes in
Chattisgarh. The firm has executed orders only for Chhatisgarh
Housing Board since 2004. Goel reported a profit after tax (PAT)
of INR1.3 million on net sales of INR134million for 2008-09
(refers to financial year, April 1 to March 31), as against a PAT
of INR0.08 million on net sales of INR74 million for 2007-08.
ICICI BANK: Sells 4.41% Stake in 3i Infotech
--------------------------------------------
The Times of India reports that ICICI Bank Ltd has sold 4.41%
stake in software services provider 3i Infotech for INR46.17 crore
in open market transactions.
Citing Bombay Stock Exchange data, the report discloses the bank
has sold 28.42 lakh equity shares of the IT firm at a price of
INR79.79 per piece aggregating to INR22.67 crore. The bank also
sold 29.35 lakh shares at a price of INR80.05 per piece totalling
INR23.49 crore, the report notes citing data from National Stock
Exchange.
ICICI Bank held 9.62% stake in 3i Infotech for the quarter ended
June, according to a shareholding information obtained by the
Times of India.
Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31,
2008. ICICI Bank's subsidiaries include India's leading private
sector insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms. ICICI
Bank's presence currently spans 19 countries, including India.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, Standard & Poor's Ratings Services affirmed
the 'BBB-' rating on ICICI Bank Ltd.'s senior unsecured notes, and
the 'BB' rating on its hybrid Tier 1 notes, under the bank's
revised US$5 billion medium-term note program. At the same time,
Standard & Poor's has withdrawn its indicative ratings on the
upper Tier 2 and the lower Tier 2 bond tranches, which were
available under the previous version of the MTN program.
Following the recent revision to the program, these tranches no
longer exist. There are no outstanding rated issues under these
tranches.
INDIRA SECURITIES: CRISIL Rates INR130MM Bank Facility at 'P4'
--------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facility of Indira
Securities Pvt Ltd.
Facility Ratings
-------- -------
INR130.0 Million Bank P4 (Assigned)
Guarantee Facility
*Includes INR20 Million of Proposed Bank Guarantee Facility
The rating reflects ISPL's adequate capitalization. This rating
strength is partially offset by ISPL's modest market position in
the retail equity broking business. The rating also factors in
the company's modest earnings profile and exposure to
uncertainties inherent in equity markets.
Indira Securities Pvt Ltd. was set up as a partnership firm in
1994; it received a corporate license in 2007. The company is
engaged in the business of retail equity broking. It offers
broking services in cash market trading, and in futures and
options trading in equities. The company is a member of the
National Stock Exchange, Bombay Stock Exchange, and Multi
Commodity Exchange (MCX). ISPL has 9 branches and 124 sub-
brokers, mainly in Madhya Pradesh. As on March 31, 2009, the
company had 20,483 retail clients.
JIVANLAL JOITARAM: CRISIL Puts 'BB+' Rating on Cash Credit
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of M/s Jivanlal Joitaram Patel.
Facilities Ratings
---------- -------
INR130.0 Million Cash Credit BB+/Stable (Rating Assigned)
INR150.0 Million Bank Guarantee P4+ (Rating Assigned)
The ratings reflect JJP's strong track record in the road
construction business, healthy order book, and average financial
risk profile, supported by interest-free, unsecured loans from
promoters. These strengths are, however, partially offset by the
firm's small scale of operations in the intensely-competitive
construction industry, and exposure to risks relating to
geographical and customer concentration in its revenue profile.
Outlook: Stable
CRISIL believes that JJP will maintain a stable business risk
profile over the medium term, supported by a healthy order book.
The outlook may be revised to 'Positive' if the firm enhances its
operating profitability and diversifies its revenue profile
substantially. Conversely, the outlook may be revised to
'Negative' if the firm's projects face time and cost overruns, or
if its financial profile deteriorates substantially, or if it
undertakes debt-funded capital expenditure.
About Jivanlal Joitaram
Set up in 1979, JJP undertakes civil construction activities such
as construction of bitumen roads for government and semi-
government bodies in Gujarat and parts of Madhya Pradesh. The
firm is an approved 'AA' contractor with the Government of Gujarat
and an 'A-V' contractor with the Public Works Department (PWD) of
the Government of Madhya Pradesh. The firm has also executed
projects for organizations such as Oil and Natural Gas Corporation
(ONGC), Kandla Port Trust, and Roman Tarmat Ltd. JJP reported a
profit after tax (PAT) of INR11.1 million on net sales of INR513.7
million for 2007-08 (refers to financial year, April 1 to
March 31), as against a PAT of INR5.3 million on net sales of
INR 305.2 million for 2006-07.
KRAFT LAND: CRISIL Assigns 'B/P4' to Various Bank Facilities
------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Kraft Land (India).
Facilities Ratings
---------- -------
INR16.5 Million Cash Credit Limit B/Stable (Assigned)
INR5.0 Million Proposed Long Term B/Stable (Assigned)
Bank Loan Facilities
INR15.0 Million Pre Shipment Credit P4 (Assigned)
INR75.0 Million Post Shipment Credit P4 (Assigned)
INR5.0 Million Letter of Credit P4 (Assigned)
INR5.0 Million Bank Guarantee P4 (Assigned)
The ratings reflect Kraft Land's weak financial risk profile
marked by small net worth and average debt protection measures,
and exposure to risks relating to customer concentration in its
revenue profile. These weaknesses are, however, partially offset
by the benefits that Kraft Land derives from the experience of its
promoters in trading in the Ukraine market.
Outlook: Stable
CRISIL believes that Kraft Land will maintain a stable business
risk profile over the medium term on the back of established
relations with customers and suppliers. The outlook may be
revised to 'Positive' in case of more than expected improvement in
Kraft Land's operating income/profitability and/or diversification
of customer base; or to 'Negative' if the firm faces delays in
recovery of dues from customers, or undertakes large debt-funded
capital expenditure, leading to deterioration in its debt
protection measures.
About Kraft Land
Kraft Land, set up in 1987, trades in stainless steel utensils,
readymade garments, toiletries (shaving cream and toothpaste), oil
seeds, rice, and sports goods. The firm has two partners, Mr.
Dilbagh Singh Sachdeva and Ms. Gurjit Kaur. A 100% export-
oriented unit, it derives its revenues entirely from Ukraine. The
firm has two facilities in New Delhi for the packaging of its
products. Kraft Land reported a profit after tax (PAT) of
INR 2 million on net sales of INR 290 million for 2008-09 (refers
to financial year, April 1 to March 31), as against a PAT of
INR 8 million on net sales of INR 300 million for 2007-08.
MAA BHAGWATI: CRISIL Assigns 'B' Ratings on Bank Facilities
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to the bank
facilities of Maa Bhagwati Rice Mill.
Facilities Ratings
---------- -------
INR 95.0 Million Cash Credit B/Stable(Assigned)
INR 8.4 Million Term Loan B/Stable(Assigned)
INR 10.6 Million Letter of Credit P4 (Assigned)
The ratings reflect MBRM's weak financial risk profile, and the
company's exposure to risks relating to the working-capital-
intensive nature, and small scale of its operations in the rice
industry, to unfavorable changes in regulations governing the rice
industry, and to vagaries in the monsoons. These weaknesses are,
however, partially offset by the healthy growth prospects of the
rice industry.
Outlook: Stable
CRISIL believes that MBRM will maintain a stable business risk
profile over the medium term on the back of established
relationships with suppliers and clients. However, the firm's
financial risk profile may remain constrained by high gearing and
weak debt protection measures. The outlook may be revised to
'Positive' if MBRM reports high growth in turnover, while
maintaining stable profitability, or if the promoters infuse funds
into the firm, improving its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the firm undertakes
large, debt-funded capital expenditure, or its revenue declines
owing to a slowdown in rice exports.
About Maa Bhagwati
Set up in 2006 as a partnership firm by Mr. Pawan Kumar Goyal and
Mr. Joginder Pal, MBRM undertakes milling and processing of
basmati rice. It produces parboiled rice. The firm sells via
intermediaries to rice exporters. The firm's plant at Cheeka
(Haryana) has a milling capacity of 7 tonnes per hour (tph), and
sorting capacity of 8 tph. The firm proposes to increase its
sorting capacity to 10 tph. MBRM reported a book profit of INR0.1
million on net sales of INR256.1 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a book profit of
INR3.8 million on net sales of INR168.8 million for 2007-08.
MACHINO TECHNO: CRISIL Assigns 'BB+' Ratings on Bank Facilities
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB+/Stable' to the bank
facilities of Machino Techno Sales Ltd.
Facilities Ratings
---------- -------
INR23 Million Cash Credit BB+/Stable (Assigned)
INR40 Million Term Loan BB+/Stable (Assigned)
INR7 Million Proposed Long BB+/Stable (Assigned)
Term Bank Loan Facility
The rating reflects Machino Techno's lower operating profitability
as compared to its peers and exposure to intense competition in
the automobile dealership industry. These ratings strengths are,
however, partially offset by the company's average position in the
automobile dealership business, and healthy debt protection
measures.
Outlook: Stable
CRISIL expects Machino Techno to maintain a stable credit risk
profile, backed by healthy debt protection measures and
established brand image. Significant improvement in operating
margins may lend a positive bias to the rating; conversely,
increased exposure to group companies may lend a negative bias to
the rating.
About Machino Techno
Set up in 1955, Machino Techno initially imported machine tools
and complete plants from Czechoslovakia and Germany. It
diversified in 1965 into manufacturing of box strapping, cold-
rolled strip, and steel wire and wire products. The company
however, discontinued manufacturing operations owing to
unfavourable labour situations in West Bengal. In 1984, the
company was appointed dealer to Maruti Suzuki vehicles in West
Bengal. Machino Techno reported a profit after tax (PAT) of
INR12.3 million on net sales of INR736.9 million for 2008-09
(refers to financial year, April 1 to March 31), as against a
PAT of INR16.7 million on net sales of INR700 million for 2007-08.
PARADISE PROPERTIES: CRISIL Rates INR164.0 Mln Term Loan at 'B+'
----------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable' to the term loan
facility of Paradise Properties.
INR164.0 Million Term Loan B+/Stable (Assigned)
The rating reflects Paradise Properties' limited track record of
hotel operations, and exposure to risks related to the current
slowdown in the economy leading to constrained increase in average
room rents (ARRs). These weaknesses are, however, partially
offset by the benefits that the firm derives from the promoters'
experience in the hospitality industry.
Outlook: Stable
CRISIL expects Paradise Properties to maintain its credit risk
profile on the back of the promoters experience in the hotel
industry, and the tie-ups entered into by the Paradise Hotel,
leading to stable revenues. The outlook may be revised to
'Positive' if the firm generates consistent revenues from the
Paradise Hotel, and improves its market share and profitability.
Conversely, the outlook may be revised to 'Negative' if the
hotel's occupancy rate deteriorates, and if decrease in ARRs leads
to reduced revenue per available room (RevPAR).
Paradise Properties is a partnership firm, owned by Mr. Pankaj
Saboo and his wife, Mrs. Manju Saboo. Paradise Properties has
been floated for constructing and operating the Paradise Hotel in
Jaipur (Rajasthan). The hotel commenced soft operations (limited
capacity) in March 2008, and became fully operational in October
2008. The hotel has 112 rooms (14 club class, 14 executive class,
and the rest deluxe class rooms).
PRADEEP METALS: CRISIL Puts 'BB+' on INR87.0 Million LT Loan
------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Pradeep Metals Ltd.
Facilities Ratings
---------- -------
INR115.0 Million Cash Credit BB+/Stable (Assigned)
INR87.0 Million Long Term Loan BB+/Stable (Assigned)
INR125.0 Million Bills Discounting P4+ (Assigned)
INR110.0 Million Packing Credit P4+ (Assigned)
INR5.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect the modest scale, and working-capital-
intensive nature, of PML's operations, and exposure to risks
relating to slowdown in key operating geographies, and
intensifying competition in the industrial forging market. These
weaknesses are, however, partially offset by the benefits that the
company derives from its strong track record in the forgings
industry and established relations with its customers.
Outlook: Stable
CRISIL expects PML to maintain its business risk profile in the
near to medium term. The outlook may be revised to 'Positive' if
the company's revenue profile and operating margins improve
considerably. Conversely, the outlook may be revised to
'Negative' if the company takes up large, debt-funded capital
expenditure over the medium term.
About Pradeep Metals
Set up in 1982 as a private limited company, PML manufactures
precision-closed die steel forgings. Its manufacturing unit at
Rabale (Maharashtra) has a capacity of 12,000 tonnes per annum
(tpa), PML manufactures forgings for the defense, engineering,
petrochemical and automobile industries, both for the domestic and
international market. The company employs modern technology for
manufacturing press forgings and has sophisticated tool-room
equipment. PML reported a profit after tax (PAT) of INR88 million
on net sales of INR749 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR36 million on
net sales of INR621 million for 2007-08.
RUNGTA PROJECTS: CRISIL Places 'C' Rating on INR300MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Rungta Projects Ltd. The ratings reflect delays by RPL in
servicing its equipment finance obligations.
Facilities Ratings
---------- -------
INR300 Million Cash Credit C (Assigned)
INR20 Million Proposed Long C (Assigned)
Term Bank Loan Facility
INR330 Million Bank Guarantee P4 (Assigned)
The ratings also factor in RPL's moderate financial risk profile
because of significant debt-funded capital expenditure, and its
high dependence on Coal India Ltd for revenue. The impact of these
weaknesses is mitigated by RPL's established presence in coal
mining services, its adequate operating efficiency, and strong
order book.
About Coal India
Set up in 1983 by Mr. R S Rungta, RPL provides open-cast coal
mining services and has a presence in overburden removal,
transportation of coal and overburden, civil construction, and
trading of coal and steel. RPL provides end-to-end and customized
services.
For 2008-09 (refers to financial year, April 1 to March 31), RPL
reported a profit after tax (PAT) of INR165.1 million on net sales
of INR1741.1 million, against a PAT of INR70.2 million on net
sales of INR1400.7 million for the preceding year.
SANTPURIA ALLOYS: CRISIL Assigns 'B-/P4' Ratings to Bank Debts
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Santpuria Alloys Pvt Ltd (Santpuria), which is part
of the Mongia group.
Facilities Ratings
---------- -------
INR50 Million Cash Credit B-/Negative (Assigned)
INR100 Million Term Loan B-/Negative (Assigned)
INR5 Million Bank Guarantee P4 (Assigned)
The ratings reflect Santpuria's exposure to risks relating to the
working capital-intensive nature of its operations, and large
capital expenditure (capex) plans over the medium term. These
weaknesses are, however, partially offset by the company's average
business risk profile, supported by high integration within the
Mongia group and established brand presence in the steel industry.
As part of this rating exercise, CRISIL has consolidated the
business and financial risk profiles of Santpuria and Mongia Hi-
Tech Pvt Ltd (Mongia). This is because the two companies,
collectively referred to as the Mongia group are under a common
management, in similar lines of business, and have fungible funds.
Moreover, Mongia is Santpuria's sole customer; Santpuria enables
backward integration of Mongia's operations.
Outlook: Negative
CRISIL believes that the Mongia group's liquidity will remain
strained on account of its capital expenditure (capex) plans. The
ratings may be downgraded in case accruals are lower than
projected. Conversely, the outlook may be revised to 'Stable' if
accruals are considerably higher than projected, or if the debt
taken to fund capex is lower than expected.
About the Group
Set up in 1974, the Mongia group manufactures sponge iron, ingots,
thermo-mechanically treated (TMT) bars, and other long products.
In 2008, the group acquired Nanak Hi-tech Pvt Ltd, which has the
capacity to manufacture 50-60 tonnes of ingots per day. The group
sells its finished products under the brand 'Mongia'.
Mongia was set up in 1995 and currently has a capacity of 210
metric tonnes. It manufactures Ingot, Bars, Strips, Profile and
Tube.
The Mongia group reported a profit after tax (PAT) of INR18
million on net sales of INR495.4 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR13.1
million on net sales of INR417.6 million for 2007-08.
About Santpuria Alloys
Santpuria was incorporated in 2004 and its operations started in
late 2005-06. It has an installed capacity of 60,000 MT for
manufacturing Sponge Iron.
SAPNA GEMS: Low Net Worth Cues CRISIL to Assign 'P4' Ratings
------------------------------------------------------------
CRISIL has assigned its 'P4' rating to the bank facilities of
Sapna Gems.
Facilities Ratings
---------- -------
INR15.0 Million Packing Credit * P4 (Assigned)
INR60.0 Million Post Shipment Credit ** P4 (Assigned)
* Packing credit facility is fully interchangeable with Post
Shipment Credit Facility.
** Inter changeable with Packing credit to the tune of
INR7.5 million.
The rating reflects Sapna's small scale of operations in the
fragmented diamond industry, and weak financial risk profile
marked by low net worth and weak debt protection measures. The
rating also factors in Sapna's exposure to volatility in diamond
prices and to fluctuation in the value of the Indian rupee. The
impact of these weaknesses is mitigated by the benefits the firm
derives from the industry experience of its promoters.
About Sapna Gems
Set up in 1978 by Mr. Popatlal Shah and Mr. Dayabhai Shah, Sapna
trades in polished diamonds. The partnership firm has offices in
Mumbai and Hong Kong. The firm has a small polished diamond
manufacturing facility, which contributes around 5 per cent to its
revenues. Mr. Dayabhai exited the firm in 1994. Currently,
Mr. Poptalal Shah and Mr. Devendra Shah are the equal partners.
Sapna reported a profit after tax (PAT) of INR1.9 million on net
sales of INR315 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.4 million on net sales
of INR258 million for 2007-08.
SEVEN STAR: CRISIL Assigns 'B+' and 'P4' Ratings on Bank Debts
--------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Seven Star Steels Ltd.
Facilities Ratings
---------- -------
INR85 Million Cash Credit Limits B+/Stable (Assigned)
INR72 Million Term Loan B+/Stable (Assigned)
INR6.3 Million Proposed Long Term B+/Stable (Assigned)
Bank Loan Facility
INR2.5 Million Bank Guarantee P4 (Assigned)
The ratings reflect SSSL's weak financial risk profile,
significant capital expenditure plans over the medium term,
marginal market presence, and exposure to risks relating to
cyclicality in the steel industry. These weaknesses are partially
offset by the benefits that the company derives from its moderate
operating efficiency, and expected forward integration of
operations.
Outlook: Stable
CRISIL believes that SSSL will maintain a stable business risk
profile supported by its operating efficiency. However, SSSL's
financial risk profile will remain constrained owing to its small
scale of operations, low accruals and significant capital
expenditure plans. The outlook could be revised to 'Positive' if
the company's profitability and net worth improve substantially.
Conversely, the outlook could be revised to 'Negative' if SSSL's
operating margins decline due to low capacity utilization, or the
company undertakes additional large, debt-funded capital
expenditure.
About Seven Star
The company acquired by Nirmal Kumar Bathwal and family in
November 2007, manufactures sponge iron. SSSL increased its
capacities in February 2008. SSSL's manufacturing facility at
Jharsuguda (Orissa) has a capacity to produce 60,000 tonnes per
annum of sponge iron. SSSL reported a net loss of INR10 million on
operating income of INR613 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a net loss of
INR3 million on operating income of INR245 million for 2007-08.
SISCO RESEARCH: CRISIL Places 'BB-' Rating on INR35MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'BB-/Stable/P4+' to the bank
facilities of Sisco Research Laboratories Pvt Ltd.
Facilities Ratings
---------- -------
INR35.0 Million Long Term Loan BB-/Stable (Assigned)
INR25.5 Million Cash Credit BB-/Stable (Assigned)
INR2.5 Million Packing Credit P4+ (Assigned)
INR2.0 Million Bills Discounting P4+ (Assigned)
& Bills Purchase
INR1.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect SRLPL's exposure to risks relating to the
small scale, and working-capital-intensive nature, of its
operations as a chemicals manufacturer. These weaknesses are,
however, partially offset by SRLPL's established presence in the
laboratory chemicals business, and average financial risk profile.
Outlook: Stable
CRISIL expects SRLPL to maintain a stable credit risk profile,
supported by a moderate gearing, and its established presence in
the laboratory chemicals segment. The outlook may be revised to
'Positive' if SRLPL improves its working capital management
considerably, and scales up its operations while maintaining
current profitability. Conversely, the outlook may be revised to
'Negative' if the company's liquidity deteriorates further, led by
delay in commissioning of new plant or significant increase in
working capital requirements; any large debt-funded capital
expenditure may also drive a revision in outlook to 'Negative'.
About Sisco Research
Established in 1974, SRLPL is an ISO 9001-2000 certified company
that manufactures laboratory chemicals such as organic and
inorganic reagents, specialty chemicals, and bio chemicals. The
company is managed by Mr. Surendra Kumar Agarwal, his son Mr.
Ramesh Agarwal, and grandson Mr. Akash Agarwal. SRLPL has
manufacturing units at Kashi Meera, Turbhe and Taloja (all around
Mumbai), and an aggregate manufacturing capacity of around 200,000
kilo litres per annum (klpa); the company is commissioning a new
unit at Taloja, with a capacity of 100,000 klpa. SRLPL reported a
profit after tax (PAT) of INR5.35 million on net sales of
INR104.3 million for 2007-08 (refers to financial year, April 1
to March 31), as against a PAT of INR4.8 million on net sales of
INR95.7 million for 2006-07.
SOMA TEXTILES: CRISIL Reaffirms Rating on Bank Debt at 'D'
----------------------------------------------------------
CRISIL has reaffirmed its rating on Soma Textiles and Industries
Ltd's non-convertible debenture program at 'D'.
INR19.1 Million Non-Convertible D (Reaffirmed)
Debenture Programme
The company has rescheduled the payments on the instruments under
a corporate debt restructuring package in March 2009. The
reaffirmation reflects CRISIL's expectation that Soma is likely to
default on the NCDs because of its weak liquidity.
Soma is into spinning, weaving, dyeing, fabric processing/
finishing and garment manufacturing. The company's Ahmedabad unit
produces yarn, regular and denim fabric, along with garment. The
Baramati plant, which was set up as a 100% export-oriented unit,
produces cotton yarn; it caters to both the domestic and the
export markets. The company has a subsidiary SOMA Textile FZE,
Sharjah, UAE, which deals in general trading, import and export.
For the year ended March 31, 2009, Soma reported a consolidated
net loss of INR663 million (INR87 million net loss for the
corresponding period of previous year) on net sales of
INR3.1 billion (INR4.4 billion). Net loss for the first quarter
of the year 2009-10 is INR80.6 million on net sales of INR561
million.
SRI DURGA: Weak Financial Risk Profile Cues CRISIL 'BB+' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Sri Durga Condev Pvt Ltd.
Facilities Ratings
---------- -------
INR330 Million Cash Credit Limits BB+/Stable (Assigned)
INR40 Million Term Loan BB+/Stable (Assigned)
INR10 Million Proposed Long Term BB+/Stable (Assigned)
Bank Loan facility
INR20 Million Standby line of Credit P4+ (Assigned)
INR550 Million Bank Guarantee P4+ (Assigned)
The ratings reflect SDCPL's weak financial risk profile, and the
working capital-intensive nature of its operations. These
weaknesses are partially offset by the benefits that the company
derives from its healthy order book.
Outlook: Stable
CRISIL believes that SDCPL will benefit from the growth prospects
in the civil construction industry. The outlook may be revised to
'Positive' if SDCPL strengthens its business risk profile by
enhancing segmental and geographical diversity in its revenue
profile, while maintaining operating margins. Conversely, any
deterioration in SDCPL's financial risk profile owing to large,
additional, debt-funded capital expenditure, or acquisition plans,
may lead to a revision in the outlook to 'Negative'.
About Sri Durga
Set up in 1987 by Mr. Pramod Rath and his family as a partnership
firm, SDCPL (formerly, Sri Durga Construction) undertakes civil
construction activities including the construction of roads, dams,
and railway lines. It has executed National Highway projects, and
several dam and railway projects in Orissa. In 2000, the company
became a closely held company, with its partners continuing as
directors.
SDCPL reported a profit after tax (PAT) of INR37 million on net
sales of INR1085 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR35 million on net
sales of INR723 million for 2007-08.
SRINIVASA GAYITHRI: CRISIL Rates INR527.50MM LT Loan at 'B+'
------------------------------------------------------------
CRISIL's rating on Srinivasa Gayithri Resource Recovery Ltd's bank
facilities continues to reflect SGRRL's exposure to project
implementation risks, and the weak credit profiles of its
counterparties. The company is implementing a greenfield
municipal solid waste (MSW)-based power project. The impact of
these weaknesses is mitigated by adequate supply of raw materials
to the company, and its management's experience in executing power
projects.
Facility Rating
-------- ------
INR527.50 Million Long-Term Loan B+/Stable
(Enhanced from INR387.5 Million)
Outlook: Stable
CRISIL expects SGRRL's power plant to commence commercial
operations by December 2010, thereby supporting the company's cash
flow requirements. The outlook may be revised to 'Positive' if
SGRRL, upon commissioning its power project, reports strong cash
flows as a result of high plant load factor (PLF), and healthy
operating efficiencies. Conversely, the outlook may be revised to
'Negative' in case of further time and cost overruns in the
project, or if the company's cash flows are adversely affected by
unplanned plant outages.
About Srinivasa Gayithri
Srinivasa Gayithri Resource Recovery Ltd, a public-private
partnership project between Bangalore Mahanagara Palike (BMP) and
Mr. Ramesh Bingi and other promoters, was incorporated in 2003.
The company is setting up an MSW processing facility and a power
plant at Mandur (near Bengaluru). The project is likely to begin
commercial production by December 2010.
SUNRISE TIMPLY: Low Profitability Prompts CRISIL 'B+' Rating
------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Sunrise Timply Company Pvt Ltd.
Facilities Ratings
---------- -------
INR25 Million Cash Credit Limits* B+/Stable (Assigned)
INR100 Million Letter of Credit@ P4 (Assigned)
*Includes proposed amount of INR20 million
@Includes proposed amount of INR40 million
The ratings reflect Sunrise Timply's weak financial risk profile,
marked by low profitability and net worth, and exposure to risks
relating to dependence on Malaysia and West Africa for timber
supplies. These weaknesses are partially offset by the promoters'
experience in trading in timber.
Outlook: Stable
CRISIL believes that Sunrise Timply's financial risk profile will
remain strained, and debt protection measures, weak, over the
medium term. The outlook may be revised to 'Positive' if the
company's profitability and financial risk profile improve
significantly owing to increased accruals or equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability declines sharply, or if the company takes
on large debt to fund capital expenditure.
About Sunrise Timply
Set up in 2000 by Mr. Gopal Krishna Bagla, Sunrise Timply trades
in timber logs. It imports timber from Malaysia and South Africa
for sale to local saw mill owners in West Bengal.
Sunrise Timply posted a provisional net profit of INR0.7 million
on operating income of INR160 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a profit after
tax (PAT) of INR0.6 million on operating income of INR74 million
for 2007-08.
TROPICOOL FOODS: Delay in Loan Payment Prompts CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to the bank facilities
of Tropicool Foods Pvt Ltd.
Facilities Ratings
---------- -------
INR38.80 Million Long Term Loan D (Assigned)
INR7.00 Million Cash Credit-Stock* D (Assigned)
INR9.50 Million Cash Credit - Book Debt** D (Assigned)
INR2.00 Million Letter of Credit P5 (Assigned)
INR14.00 Million Bank Guarantee P5 (Assigned)
* includes sub limit of INR6.0 million of Export packing
credit
**includes sub limit of INR8.5 million of Foreign Bills
discounting
The rating reflects the delay by TFPL in servicing its term loan
of State Bank of India. This is because of TFPL's weak liquidity.
Established in 2006 by Mr. Vivek Nayak and Mr. Prakash Kanoor,
TFPL is in the business of processing of vegetables and fruits
through the individually quick frozen (IQF)-based method. Based
at Hubli, TFPL has a processing capacity of around 2 tonnes per
hour and started commercial operations in April, 2009. The
company exports its products to the US, Europe and the Middle
East.
TFPL posted a net loss of INR0.03 million on net sales of
INR1.1 million for 2008-09 (refers to financial year, April 1
to March 31).
VS COTTON: CRISIL Assigns 'B+' on Various Bank Facilities
---------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable' to the bank
facilities of VS Cotton.
Facilities Ratings
---------- -------
INR62.50 Million Cash Credit Limit B+/Stable (Assigned)
INR5.0 Million Overdraft Facility B+/Stable(Assigned)
INR12.50 Million Working Capital B+/Stable (Assigned)
Demand Loan
INR10.0 Million Term Loan B+/Stable (Assigned)
INR4.5 Million Proposed Long Term B+/Stable (Assigned)
Facility
The ratings reflect VSC's weak financial risk profile, and
exposure to risks relating to the partnership nature of its
business, the working-capital-intensive nature of its operations,
and to unfavorable changes in government policy. These weaknesses
are, however, partially offset by the benefits that VSC derives
from the experience of its promoters in the industry.
Outlook: Stable
CRISIL believes that VS Cotton (VSC) will maintain a stable
financial risk profile on the back of improving sales and cash
accruals. The outlook may be revised to 'Positive' if improved
operating margins lead to stronger cash accruals, resulting in
turn, in a stronger capital structure. Conversely, the rating may
have a negative bias if reduced operating margins cause
deterioration in cash accruals for VSC over the medium term.
About VS Cotton
VS Cotton, which began commercial operations in September 2006, is
in the cotton ginning and pressing business. Its facility at
Amreli (Gujarat) has capacity to process around 225 bales of
cotton per day. VSC reported a profit after tax (PAT) of INR1.4
million on net sales of INR350.1 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.2
million on net sales of INR335.8 million for 2007-08.
WOCKHARDT LTD: Secures USFDA OK for Prostate Drug Tamsulosin
------------------------------------------------------------
Wockhardt Ltd. said it has received tentative approval from the
United States Food & Drug Administration to market the 0.4mg
capsules of Tamsulosin Hydrochloride, which is used for treating
Benign Prostatic Hyperplasia (BPH or non-cancerous enlargement of
prostate). Tamsulosin is the generic name for the brand Flomax,
marketed in the United States by Boehringer Ingelheim. The patent
on this product will expire on April 27, 2010 and Wockhardt will
launch the product immediately thereafter.
"Wockhardt has focused on developing products like Tamsulosin,
which involves complex modified-release technologies to gain
competitive advantage," said Wockhardt Chairman Habil Khorakiwala.
"This is our third NDDS product approval in the year and
establishes our competency in such technologies. Both the API and
the capsules require special manufacturing facilities and we are
geared to meet the market demand," Mr. Khorakiwala further added.
The Tamsulosin capsules will be manufactured at the US FDA
certified formulation plant at Chikalthana, Aurangabad and it will
use API, which is also being manufactured by Wockhardt in its FDA
approved plant. Both the API and the capsules were developed
in-house.
About Wockhardt Limited
India-based Wockhardt Limited (BOM:532300) --
http://www.wockhardt.com/--- is a pharmaceutical company. The
Company is a subsidiary of Khorakwala Holdings and Investments
Private Limited. The geographical segments of the Company are
India, the United States/Western Europe and Rest of the World.
The Company's subsidiaries includes Wockhardt Biopharm Limited,
Vinton Healthcare Limited, Wockhardt Infrastructure Development
Limited, Wockhardt UK Holdings Limited, CP Pharmaceuticals
Limited, Wallis Group Limited, The Wallis Laboratory Limited,
Wallis Licensing Limited, Wockhardt UK Limited, Wockhardt France
(Holdings) S.A.S., Girex S.A.S., Niverpharma S.A.S., Laboratoires
Negma S.A.S., DMH S.A.S., Phytex S.A.S., Scomedia S.A.S. and Mazal
Pharmaceutique S.A.R.L. In August 2009, the Company completed the
divestment of its Animal Health Division to Vetoquinol, France.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
June 17, 2009, Fitch Ratings downgraded Wockhardt Limited's
National Long-term rating to 'D' from 'C(ind)'. Fitch
simultaneously downgraded Wockhardt's long-term debt instruments:
-- INR2,000 million long-term non-convertible debenture
programme downgraded to 'D' from 'C(ind)'
-- INR2,500 million long-term loans and INR2,500 million
non fund-based cash credit facilities downgraded to 'D'
from 'C(ind)'
The rating of Wockhardt's INR1,450 million non fund-based limit
was downgraded to 'F5(ind)' on April 8, 2009.
=================
I N D O N E S I A
=================
BANK CENTURY: Auditors Reveal US$49-Mln Suspicious Withdrawals
--------------------------------------------------------------
Jakarta Globe reports that the Supreme Audit Agency has discovered
that undisclosed parties withdrew more than US$49 million from PT
Bank Century just after Bank Indonesia provided it with an
emergency injection of short-term funds last November.
Citing leaked excerpts of a confidential preliminary report by the
audit agency, also known as the BPK, the Globe discloses that
IDR454.398 billion (US$47.2 million) in rupiah deposits was
withdrawn from Bank Century while it was being monitored by the
central bank, as well as US$2.22 million and SGD41,180
(US$29,200).
The Globe says the report did not identify who made the
withdrawals, nor did it reveal the specific dates of the
withdrawals.
As reported in Troubled Company Reporter-Asia Pacific on Sept. 17,
2009, The Jakarta Post said that the BPK aims to conclude its
final report in the audit of Bank Century's bailout that has
swollen to IDR6.76 trillion (US$676 million) before Oct. 19.
BPK Chairman Anwar Nasution said he would focus on examining Bank
Century since its establishment in 2004 from the merger of three
banks -- Bank Danpac, Bank Pikko and Bank CIC -- until the bank
received an injection of IDR6.76 trillion from the Deposit
Insurance Corporation (LPS).
The BPK would scrutinize Bank Century's balance of payments, which
turned negative in November last year and caused the government to
intervene via the LPS.
Bank Century is a relatively small lender with total assets of
IDR15 trillion (US$1.3 billion). The Post said the government
decided to take over Bank Century -- the first such move since the
1997-1998 crisis -- to save it from collapse and restore
confidence in the banking sector.
About Bank Century
Headquartered in Jakarta, Indonesia, PT Bank Century Tbk --
http://www.centurybank.co.id/-- is a financial institution. The
Bank's products and services include deposits, savings, loans,
mutual funds, bank notes, export and import financing, credit and
commercial banking. The Bank is supported by 27 branch offices,
30 supporting offices and eight cash offices nationwide.
=========
J A P A N
=========
ORSO FUNDING: Fitch Downgrades Ratings on Three 2005-1 Notes
------------------------------------------------------------
Fitch Ratings has downgraded three classes of trust beneficiary
interest from Orso Funding CMBS 2005-1 Trust due January 2012, and
affirmed the other five classes following the implementation of
recently published criteria for Japanese CMBS surveillance. Full
details of the rating actions are:
-- JPY4.70 billion* Class A TBIs affirmed at 'AAA'; off RWN;
Outlook Stable;
-- JPY1.16 billion* Class B TBIs affirmed at 'AA'; off RWN;
Outlook Stable;
-- JPY1.06 billion* Class C TBIs affirmed at 'A'; off RWN;
Outlook Stable;
-- JPY0.96 billion* Class D TBIs affirmed at 'BBB'; off RWN;
Outlook Stable;
-- JPY1.01 billion* Class E TBIs downgraded to 'BB' from 'BBB-';
off RWN; Outlook Negative;
-- JPY0.15 billion* Class F TBIs downgraded to 'BB-' from 'BB';
off RWN; Outlook Negative;
-- JPY0.20 billion* Class G TBIs downgraded to 'B' from 'BB';
off RWN; Outlook Negative; and
-- Class X TBIs (dividend-only) affirmed at 'AAA'; Outlook
Stable.
* as of September 29, 2009
Classes E, F and G TBIs have been downgraded to reflect Fitch's
concern over potential recovery amounts from the one remaining
underlying loan which is backed by a single-tenanted office
building in Tokyo. In its analysis and in line with recently
published criteria, the agency adopted a value for the property
which is 17.7% lower than the initial value. This takes into
account the short remaining time to loan maturity date of January
2010. The agency has assigned Negative Outlooks for these classes
due to the continued uncertainty about the future of the Japanese
commercial real estate market.
Classes A, B, C and D TBIs have been affirmed as a result of an
expected improvement in credit enhancement levels at the next TBI
payment date (in October 2009). One underlying loan which
defaulted in April 2009 was paid in full in September 2009, and
the proceeds will be allocated for repayment of TBIs' principal on
a sequential basis at the next payment date. Another loan was
also paid in full at its maturity date in September 2009 and the
proceeds will be allocated on a pro rata basis in line with
transaction documents.
Fitch believes the property is of good quality and is generating
strong cash flow which is expected to continue due to the length
and conditions of the current lease. However, the agency has not
upgraded the four most senior classes due to the short time to
loan maturity.
The ratings on the dividend-only Class X TBIs address only the
likelihood of receiving dividend payments, while principal on the
related TBIs remain outstanding.
This transaction is a securitization of seven underlying loans
initially backed by 16 commercial properties. To date, six
underlying loans have been repaid and therefore, the transaction
is currently secured by one underlying loan backed by one
property, together with repayments of the principal from two
underlying loans currently held at the trust account level.
Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008. Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.
SOJITZ CORP: Wins Laos Government Nod to Explore for Copper
-----------------------------------------------------------
Sojitz Corp. and Nittetsu Mining Co. gained government approval
from Laos to explore for copper as demand for commodities
increases, Bloomberg News reports.
The companies will explore an area near the Thai border, about 100
kilometers (62 miles) west of the capital Vientiane, Bloomberg
discloses citing a company executive and a Japanese trade
official, who asked not to be named because the approval, gained
on Sept. 15, has not been made public.
According to the report, four people involved in the talks said
the Tokyo-based companies plan to do preliminary research,
exploration and a feasibility study over six years.
Bloomberg states that Japanese companies are vying with overseas
rivals to secure resources on speculation global demand for raw
materials will increase, fueled by growth in China. According to
Bloomberg, gold and copper account for more than half of Laos'
exports, which make up about a third of the country's economy.
Nittetsu Mining Co., Ltd. is a Japan-based mining company.
About Sojitz Corporation
Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/en/index.html-- is a trading company with
eight offices across the U.S. Sojitz operates in approximately
50 countries around the world through roughly 500 subsidiaries
and affiliated companies. Sojitz's business activities are
wide-ranging, from machinery and aerospace to textiles and food.
* * *
Sojitz Corporation continues to carry Makuni Credit Ratings' "B"
Mortage Debt Rating and "B" Senior Debt Rating.
=========
K O R E A
=========
KIA MOTORS: Auto Sales Soar 68.8% in September
----------------------------------------------
Yonhap News Agency reports that Kia Motors Corp. said its sales
jumped 68.8% in September from a year earlier on higher demand.
The news agency says the automaker sold 163,177 units last month
with domestic sales surging 60.4% to 39,006 units and exports
soaring 71.6% to 124,171 units.
Kia Motors Corporation (SEO:000270) -- http://www.kia.com/-- is a
Korea-based automobile manufacturer. The Company provides its
products under three categories: sport utility vehicles (SUVs) and
multipurpose vehicles (MPVs), passenger vehicles and commercial
vehicles. Its SUVs and MPVs include leisure vehicles under the
brand name Carens, Carnival, Sportage, Mohave and Sorento. Its
passenger vehicles include passenger cars under the brand name
Soul, Picanto, Rio, Cerato, Magentis, Optima, Opirus and Amanti.
Its commercial vehicles include trucks and buses. The Company
also offers concept vehicles and automobile parts. The Company's
products are distributed in both domestic and overseas markets.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 23,
2009, that Moody's Investors Service downgraded Kia Motors Corp's
issuer rating to Ba1 from Baa3 and withdrawn the rating. At the
same time, Moody's has assigned a Ba1 Corporate Family Rating to
KMC. The rating outlook is negative. This concludes Moody's
review for downgrade initiated on January 21, 2009.
SSANGYONG MOTOR: Auto Sales Decline 38.7% in September
------------------------------------------------------
Ssangyong Motor Co.'s September auto sales fell 38.7% from a
year earlier, Yonhap News reports.
According to the report, Ssangyong sold 5,488 vehicles last month.
The report says domestic sales drop 29.1% to 2,481 units, while
exports sank 44.8% to 3,007 units.
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs). The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius. It also
provides automobile parts such as coolers, diesel engines and
others.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse. On
Feb. 6, 2009, the TCR-AP reported that the Seoul Central District
Court accepted Ssangyong's application to rehabilitate under court
protection. The court named former Hyundai Motor Co. executive
Lee Yoo-il and Ssangyong executive Park Young-tae to run the
automaker.
Ssangyong Motor on Sep. 15, 2009 filed revival plans to the Seoul
Central District Court.
===============
M A L A Y S I A
===============
RANHILL BERHAD: Court to Hear Wind Up Petition on November 11
-------------------------------------------------------------
Ranhill Berhad furnished Bursa Malaysia Securities Berhad with
details of the winding-up petition served against Ranhill
Engineers and Constructors Sdn Bhd, a wholly owned subsidiary of
the Company.
Ranhill Berhad said a winding up petition was filed by
Kejuruteraan R.E. Morris Sdn Bhd (KREM) against Ranhill Engineers
in the Kuala Lumpur High Court.
The petition against REC was presented to Court on August 21, 2009
and served on Ranhill on September 11, 2009, for a claim
MYR1,109,969.63 being outstanding payment.
The petition has been slated for hearing on November 11, 2009.
About Ranhill Berhad
Ranhill Berhad is a Malaysia-based company. The company is
engaged in the business of investment holding, provision of
management services to its subsidiaries, and provision of
engineering, procurement and construction services. It is engaged
in the provision of engineering and construction services, as well
as asset management and ownership, with focus on power, utilities
and other infrastructure and resource assets. It has also
undertaken oil and gas exploration, development and production
activities. Ranhill Berhad is organized into four business
segments: EPC & EPCM/PMC, power generation, transmission and
distribution, water and others. In January 2008, the company
acquired a dormant company, Ranhill Global Systems Sdn Bhd, making
it a wholly owned subsidiary of the company. On June 20, 2008,
the company disposed its entire equity interest in Bumi
Parahyangan Ranhill Energi Citarum Pte Ltd and BPE became a 72.72%
subsidiary of the Company through West Java Energy Pte Ltd (WJE).
* * *
As reported by the Troubled Company Reporter-Asia Pacific on
March 26, 2009, Fitch Ratings affirmed Ranhill Berhad's Long-term
foreign currency Issuer Default rating at 'B'. The Outlook is
Stable. At the same time, the agency has affirmed the 'B-' (B
minus) senior unsecured rating on the US$220 million notes due
2011 issued by Ranhill (L) Limited and guaranteed by Ranhill and
its subsidiaries.
On Dec. 11, 2008, the TCR-AP reported that Standard & Poor's
Rating Services affirmed the 'B' corporate credit rating on
Malaysia-based Ranhill Bhd and removed it from CreditWatch with
negative implications. The outlook is negative.
TENGGARA OIL: Posts MYR0.29MM Net Loss in July 31 Quarter
---------------------------------------------------------
Tenggara Oil Bhd posted a net loss of MYR297,000 in the quarter
ended July 31, 2009, compared with a net loss of MYR924,000 in the
same period in 2008.
The company did not have any revenue for the second quarter under
review and the corresponding quarter last year due to the
discontinued operations of its subsidiaries.
As of July 31, 2009, the company's balance sheet showed MYR2.66
million in total assets and MYR46.73 million in total liabilities,
resulting in a MYR44.05 million stockholders' deficit.
Tenggara Oil Berhad is a Malaysia-based investment holding company
engaged in provision of management services. The principal
activities of the subsidiaries are filling, blending and
processing of lubricants. The Company's subsidiaries include
Tenggara Lubricant Sdn. Bhd., which is engaged in filling,
blending and processing lubricants; Tenggara Plaza Sdn. Bhd.,
which is engaged in letting and managing of property, and Tenggara
Concrete Sdn. Bhd., which is engaged in manufacturing and
supplying of ready-mixed concrete.
Tenggara is in the process of implementing a debt-restructuring
scheme with relevant parties.
====================
N E W Z E A L A N D
====================
HOTEL DU VIN: Sold to Dilworth School for Undisclosed Sum
---------------------------------------------------------
Luxury hotel and spa Hotel du Vin has been sold to Dilworth School
for an undisclosed figure and is to be converted into a rural
campus, The New Zealand Herald reports.
The private boys' school revealed Tuesday it was the winning
bidder in a tender process for the hotel, the report says.
According to the Herald, Dilworth Trust Board chairman Derek Firth
said it would reconfigure the hotel and spa buildings to make them
suitable for school use and expected to open the campus in 2012.
As reported in the Troubled Company Reporter-Asia Pacific on
July 9, 2009, Hotel du Vin was placed into receivership in July.
Receivers Kordamentha were called in to manage the business and
all of its assets.
The Bank of New Zealand called in receivers KordaMentha after the
hotel and its associated companies defaulted on a NZ$12 million
loan, according to The New Zealand Herald.
Hotel du Vin is directly owned by Leeward Holdings, the holding
company for Aster Investment Company, which was also put into
receivership in July.
Located south of Auckland, New Zealand, Hotel du Vin features 48
chalets, a vineyard and full spa complex. The hotel caters to the
wealthy, offering activities from archery and claybird shooting to
a team-building arena.
=================
S I N G A P O R E
=================
UL PTE: Court to Hear Wind-Up Petition on October 9
---------------------------------------------------
A petition to wind up the operations of UL Pte. Ltd. will be heard
before the High Court of Singapore on October 9, 2009, at
10:00 a.m.
HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on September 14, 2009.
The Petitioner's solicitors are:
Bernard & Rada Law Corporation
50 Robinson Road
#08-00 VTB Building
Singapore 068882
===============
T H A I L A N D
===============
THANACHART BANK: Fitch Affirms Individual Rating at 'C/D'
---------------------------------------------------------
Fitch Ratings (Thailand) has affirmed Thanachart Bank Public
Company Limited's National Long-term at 'A(tha)' with Stable
Outlook, National Short-term rating at 'F1(tha)', Individual
rating at 'C/D' and Support rating at '4'. The agency has also
affirmed TBANK's holding company, Thanachart Capital Public
Company Limited's National Long-term at 'A-(tha)' with Stable
Outlook, National Short-term rating at 'F2(tha)' and Support
rating at '5'.
The affirmations reflect the benefits of Bank of Nova Scotia's
(Scotia, 'AA-'/'F1+') increased stake in TBANK to 49% in February
2009 (from 25%); Thanachart Capital's holding in TBANK was
subsequently diluted to 50.9% from 74.9%. The agency notes that
greater oversight and support of Scotia should help improve
TBANK's financial strength and performance in the medium-term.
However, key concerns include funding constraints, weaker asset
quality and high sector-concentration.
TBANK reported a net profit of THB1 billion in H109, a 37% drop
yoy despite stronger revenue, due to higher loan loss provisions
and operating expenses from network expansion. The net interest
margin improved to 3.9% in H109 (2008: 3.5%) as a result of lower
funding costs. NIM is expected to remain stable in H209 as
interest rates have bottomed out, but could weaken in 2010 as
monetary tightening begins.
Impaired loans at TBANK rose significantly to THB9.7 billion (3.5%
of total loans) at end-June 2009 from THB7.9 billion (2.9%) at
end-2008. While reserve coverage appears strong (end-June 2009:
92.8%), the severe economic downturn could result in further
increases in NPLs and provisioning in H209 and 2010.
TBANK's Tier 1 and total capital ratios rose to 8.9% and 12.9%,
respectively, at end-June 2009 (2008: 8% and 11.2%, respectively)
mainly due to a THB2bn rights issue in May 2009. The bank's plan
to acquire Siam City Bank, if successful, is expected to have
minimal impact on its Tier 1 capital as most of the funding is
likely to be supported by a capital injection from both TCAP and
Scotia.
TBANK is now the main operating entity within the Thanachart Group
(formerly National Finance) for commercial banking and other
related financial services in securities, fund management and
insurance. Scotia is Canada's third-largest bank, with assets of
over USD500bn and major businesses in Canadian and international
banking as well as global capital markets and investment banking.
TCAP's ratings reflect its continued low leverage, with scope to
increase leverage to fund acquisitions. As TCAP's remaining hire
purchase portfolio runs down, the company will be more reliant on
earnings growth and dividend payments from TBANK.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Company Ticker Assets Equity
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16933460.19 -8226075.95
ALLOMAK LTD AMA 40685785.47 -5913422.67
ALLSTATE EXPL-PP ALXCC 16169603.2 -50619940.96
ALLSTATE EXPLORA ALX 16169603.2 -50619940.96
ANTARES ENERGY L AZZ 13709735.08 -1955765.01
ARC EXPLORATION ARX 58544299.4 -15958771.93
AUSMELT LTD AET 10421943.8 -1558622.35
AUSTAR UNITED AUN 508844538.84 -310055789.75
AUSTRAILIAN Z-PP AZCCA 77741918.88 -2566335.24
AUSTRALIAN ZIRC AZC 77741918.88 -2566335.24
BIRON APPAREL LT BIC 19706736.59 -2220069.65
BISALLOY STEEL G BIS 54556820.43 -7472108.44
CENTRO PROPERTIE CNP 14725100625.83 -495299520.84
CHALLENGER INF-A CIF 2307005549.62 -104582562.08
CHEMEQ LIMITED CMQ 25194855.59 -24254413.72
CITY PACIFIC LTD CIY 171501648.08 -6383353.75
EIRCOM HOLDINGS ERC 7606555987.32 -533212434.19
ELLECT HOLDINGS EHG 18245003.37 -15487781.92
HYRO LTD HYO 21498880.13 -14825700.09
MAC COMM INFR-CD MCGCD 8104415200.76 -103343256.49
RESIDUAL ASSC-EE RAGXF 597329874.01 -126963316.48
RUBICON AMERICA RAT 649532285.57 -100605696.94
RUBICON EUROPE T REU 553099503.3 -252490904.13
TOOTH & CO LTD TTH 108860665.87 -69404500.26
VERTICON GROUP VGP 14221690.08 -24604525.15
VOYAGER RESOURCE VOR 105239382.56 -190859513.39
CHINA
ALONG TIBET CO-A 600773 10645458.33 -1260472.65
AMOI ELECTRONI-A 600057 205714958.88 -171265179.25
ANHUI KOYO GROUP 979 60010204.49 -52445757.65
BAO LONG ORIENTA 600988 16803610.56 -3002433.31
CHANG LING GROUP 561 42473545.73 -10486849.69
CHENGDE DIXIAN-B 200160 52878580.08 -15925439.9
CHENGDU UNION-A 693 53505027.19 -5241722.53
CHINA EAST AIR-A 600115 10663617937.55 -669018244.31
CHINA EAST AIR-H 670 10663617937.55 -669018244.31
CHINA KEJIAN-A 35 80524769.63 -182184709.66
CHINESE.COM LOGI 805 12869661.54 -10094949.57
CITIC GUOAN VI-A 600084 348889601.71 -125227226.74
DANDONG CHEM F-A 498 102526072.1 -107860689.36
DONGGUAN FANGD-A 600656 64150753.72 -8735494.67
DONGXIN ELECTR-A 600691 20608187.18 -5028635.72
GAOXIN ZHANGTO-A 2075 124776592.95 -19821585.47
GUANGDONG HUAL-A 600242 19373034.05 -2325690.04
GUANGDONG KEL-A 921 650072211.91 -103760527.2
GUANGMING GRP -A 587 45859984.22 -44684252.23
GUANGXI BEISHE-A 600556 110503178.27 -144424566.92
GUANGXIA YINCH-A 557 19526916.97 -37073597.54
HEBEI BAOSHUO -A 600155 133526389.53 -358418197.58
HEBEI JINNIU C-A 600722 227141182.32 -223794072.17
HISENSE ELEC-H 921 650072211.91 -103760527.2
HUATONG TIANXI-A 600225 34542670.84 -29942511.88
HUDA TECHNOLOG-A 600892 20055498.84 -2392277.8
HUNAN ANPLAS CO 156 53136755.69 -81141655.2
HUNAN AVA HOLDIN 918 219048363.26 -78476613.98
JIAOZUO XIN'AN-A 719 14229704.96 -7806228.22
NINGBO YIDONG-H 8249 55690342.44 -22047522.03
QINGHAI SUNSHI-A 600381 53430938.15 -26418232.17
SHANG HONGSHENG 600817 17195946.36 -397044828.42
SHANG LIANHUA-A 600617 16629332.66 -2816699.77
SHANG LIANHUA-B 900913 16629332.66 -2816699.77
SHANGHAI WORLDBE 600757 218813789.33 -118596184.73
SHENZ CHINA BI-A 17 27968310.96 -264106065.1
SHENZ CHINA BI-B 200017 27968310.96 -264106065.1
SHENZ SEG DASH-A 7 75454296.33 -6832811.09
SHENZHEN DAWNC-A 863 28806239.39 -155220111.2
SHENZHEN KONDA-A 48 198370122.93 -14709825.62
SHENZHEN SHENXIN 34 25649329.38 -166918478.37
SHIJIAZHUANG D-A 958 247135076.94 -47057598.59
SICHUAN DIRECT-A 757 130066883.28 -118258912.1
SUNTEK TECHNOL-A 600728 36252073.49 -23232714.83
TAIYUAN TIANLO-A 600234 49936366.67 -24269532.79
TIANJIN MARINE 600751 82399198.24 -30394356.74
TIANJIN MARINE-B 900938 82399198.24 -30394356.74
TIBET SUMMIT I-A 600338 72677899.02 -13527522.12
TOPSUN SCIENCE-A 600771 183535542.89 -132134649.22
WINOWNER GROUP C 600681 11441386.17 -70778286.86
WUHAN BOILER-B 200770 425205467.18 -59127896.04
WUHAN GUOYAO-A 600421 11224148.1 -38404923.54
XIAMEN OVERSEA-A 600870 316697544.56 -153952891.08
YUEYANG HENGLI-A 622 37450378.86 -15337096.06
YUNNAN MALONG-A 600792 157520417.89 -3274324.93
ZHANGJIAJIE TO-A 430 47476905.56 -6608204.52
HONG KONG
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
BEAUFORTE INV 21 12327016.69 -2955593.7
CHINA GOLDEN DEV 162 252996681.97 -2720111.36
CROSBY CAPITAL 8088 25806000 -6935000
EGANAGOLDPFEIL 48 557892423.39 -132858951.98
EMPEROR ENTERTAI 8078 29921484.05 -5924477.64
FULBOND HLDGS 1041 66063004 -11679000
HUTCHISON TELE H 215 2400098040.83 -366059762.21
JIAN EPAYMENT 8165 12943183.73 -1516828.52
NEW CITY CHINA 456 113178595.41 -9932226.54
PALADIN LTD 495 160927722.22 -1629398.23
PALADIN LTD -PRE 642 160927722.22 -1629398.23
PCCW LTD 8 5990928703.57 -394965167.61
SANYUAN GROUP LT 140 15148448.77 -1587205.23
WAI CHUN MINING 660 12791013.67 -14603647.06
INDONESIA
BANK CENTURY TBK BCIC 493235338.87 -135578273.49
BUKAKA TEKNIK UT BUKK 73759284.09 -88378100.23
DAYA SAKTI UNGGU DSUC 18968940.39 -16565907.15
ERATEX DJAJA ERTX 16355782.65 -13909830.79
JAKARTA KYOEI ST JKSW 30395173.44 -38677864.58
KARWELL INDONESI KARW 10703306.59 -7637325.25
MULIA INDUSTRIND MLIA 342682884.88 -423294727.62
PANASIA FILAMENT PAFI 51388821.53 -3769923.94
PANCA WIRATAMA PWSI 24440350.75 -28494642.1
POLYSINDO EKA PE POLY 413587722.04 -843849953.26
PRIMARINDO ASIA BIMA 11142638.56 -19773137.59
SEKAR BUMI TBK SKBM 18209576.7 -1625327.43
STEADY SAFE TBK SAFE 10838828.11 -4030148.54
SURABAYA AGUNG SAIP 236584686.9 -99589026.9
TEIJIN INDONESIA TFCO 192946176 -12344400
UNITEX TBK UNTX 15358972.53 -13809629.56
INDIA
ALCOBEX METALS AML 35670319.03 -22443296.68
APPLE FINANCE APL 70832103.73 -29253849.19
ASHIMA LTD ASHM 59922403.11 -47153581.06
BAKELITE HYLAM BKLT 13911138.88 -12867352.6
BALAJI DISTILLER BLD 51161385.13 -38383503.3
BELLARY STEELS BSAL 451679252.4 -108504755.34
BHAGHEERATHA ENG BGEL 22646453.72 -28195273.09
CFL CAPITAL FIN CEATF 14305706.35 -40038022.22
COMPUTERSKILL CPS 14896780.89 -7560054.57
CORE HEALTHCARE CPAR 185364966.99 -241912027.81
DCM FINANCIAL SE DCMFS 16540889.84 -10988851.47
DIGJAM LTD DGJM 98769193.78 -14623833.58
DISH TV IND-PP DITVPP 422081403.33 -127614551.41
DISH TV INDIA DITV 422081403.33 -127614551.41
DUNCANS INDUS DAI 164653351.85 -220922929.88
GALADA POWER & T GCC 10899606.76 -27849464.86
GANESH BENZOPLST GBP 77840261.61 -41865917.86
GEM SPINNERS LTD GEMS 15233308.38 -112427.32
GLOBAL BOARDS GLB 25154303.78 -793024.17
GSL INDIA LTD GSL 37040429.61 -42340564.58
GUJARAT SIDHEE GSCL 59440728.18 -660003.43
GUJARAT STATE FI GSF 30159595.18 -234918081.46
HANJER FIBRES HJF 10720699.56 -310044.87
HARYANA STEEL HYSA 10831176.59 -5909008.81
HENKEL INDIA LTD HNKL 102052835.27 -10237657.2
HFCL INFOTEL LTD HFCL 151650830.03 -85807810.61
HIMACHAL FUTURIS HMFC 406633181.85 -210980393.95
HINDUSTAN PHOTO HPHT 93725753.93 -1229352757.43
HMT LTD HMT 139311695.43 -277691144.15
ICDS ICDS 13300348.69 -6171079.46
INDIA FOILS LTD IF 48457142.32 -38013960.39
INFOMEDIA 18 LTD INF18 35798533.98 -1937646.71
INTEGRAT FINANCE IFC 57729537.53 -52297155.04
JCT ELECTRONICS JCTE 122542558.6 -49996834.55
JD ORGOCHEM LTD JDO 14537402.78 -69753846.55
JENSON & NIC LTD JN 15734678.26 -92089109.12
JIK INDUS LTD KFS 20633171.5 -5623616.49
JK SYNTHETICS JKS 20208078.76 -2171303.89
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 37538318.01 -41771703.35
KERALA AYURVEDA KRAP 13409639.48 -586700.12
KINGFISHER AIR KAIR 1458636203.2 -418911009.67
LLOYDS FINANCE LYDF 27683041.19 -8642121.28
LLOYDS STEEL IND LYDS 358940191.85 -83135016.16
MILLENNIUM BEER MLB 36392748.17 -3197477.14
MILTON PLASTICS MILT 26114050.07 -42391324.19
NATH PULP & PAP NPPM 13588844.93 -39126079.65
NICCO UCO ALLIAN NICU 38788084.34 -61659313
NOVA PETROCHEM NVPC 44390476.41 -925948.57
ORIENT PRESS LTD OP 16699814.52 -94789.33
PANCHMAHAL STEEL PMS 51024827.03 -325116.26
PANYAM CEMENTS PYC 38841457.46 -641194.41
PARASRAMPUR SYN PPS 111971290.89 -317111727.95
PAREKH PLATINUM PKPL 61081050.43 -88849040.15
PEACOCK INDS LTD PCOK 11395867.81 -14396604.39
PIRAMAL LIFE SC PLSL 32054795.68 -3725239.05
POLAR INDS LTD PLI 11613867.7 -22282942.24
PRECISION CONTAI PCLL 10013065.56 -3669728.21
RAMA PHOSPHATES RMPH 34066789.55 -1192495.62
RATHI ISPAT LTD RTIS 44555929.56 -3933592.5
RELIGARE TECHNOV RTCL 44130883.78 -1460240.41
ROLLATAINERS LTD RLT 22965755.05 -22244556.92
ROYAL CUSHION RCVP 29192373.45 -73115309.68
RPG CABLES LTD RPG 51431409.37 -20192930.18
SCOOTERS INDIA SCTR 13288115.8 -578097.97
SEN PET INDIA LT SPEN 13283611.52 -25431862.1
SHALIMAR WIRES SWRI 24489676.4 -49901704.65
SHAMKEN COTSYN SHC 23127927.75 -6172791.93
SHAMKEN MULTIFAB SHM 60546590.6 -13260108.95
SHAMKEN SPINNERS SSP 42180451.29 -16764934.64
SHARDA ISPAT LTD SHIL 16179943.38 -5040578.35
SHREE RAMA MULTI SRMT 81405835.45 -64134056.23
SIDDHARTHA TUBES SDT 92929926.47 -10719543.54
SIL BUSINESS ENT SILB 12461159.02 -19961202.41
SOUTHERN PETROCH SPET 1543609373.57 -35609423.98
SPICE COMMUNICAT SPCM 263692459.52 -19679192.67
STI INDIA LTD STIB 44107456 -300149.59
TAMILNADU TELE TNT 11680819.22 -3373123.87
TATA TELESERVICE TTLS 793627684.28 -74636840.33
TRIVENI GLASS TRSG 34542881.89 -6209872.78
UNIWORTH LTD WW 178225972.59 -131624807.91
USHA INDIA LTD USHA 12064900.61 -54512967.31
WINDSOR MACHINES WML 14500894.45 -28144999.02
WIRE AND WIRE-RT WNWR 102422193.22 -37057061.49
WIRE AND WIRELES WNW 102422193.22 -37057061.49
JAPAN
AVIX INC 7836 19009420.72 -2125138.36
COSMOS INITIA CO 8844 2333430615.87 -454804416.82
DDS INC 3782 10683845.35 -5696657.23
FDK CORP 6955 465071545.7 -85901797.18
G-TRADING 3348 53439073.69 -19823380.51
L CREATE CO LTD 3247 42344509.56 -9146496.9
NESTAGE CO LTD 7633 15752022.32 -7045459.62
PLACO CO LTD 6347 19727184.96 -1662140.28
PRIME NETWORK 2684 15052085.28 -8379329.03
PROPERST CO LTD 3236 854806960.92 -17847055.11
RADIA HD 4723 1145701822.41 -213538214.6
REMIXPOINT CO LT 3825 13032512.99 -1159815.17
SPC ELECTRONICS 6818 124705573.68 -13095644.59
TERRANETZ CO LTD 2140 11633353.37 -4293462.63
KOREA
CL LCD CO LTD 35710 55585277.13 -14793655.63
DAHUI CO LTD 55250 186003859.24 -1504246.54
DAISHIN INFO 20180 740500919.3 -158453978.78
ELIM EDU CO LTD 46240 34029159.88 -3747735.09
FIRST FIRE & MAR 610 2044031310.36 -1780221.91
KYSYS CO LTD 15390 10671544.09 -6267111.24
MOBILINK TELECOM 41310 52665694.67 -11474605.44
MOBO CO LTD 51810 196643340.38 -11979182.85
ORICOM INC 10470 82645454.13 -40039161.33
PRIME ENTMT 17170 31473002.9 -19371600.2
ROCKET ELEC-PFD 425 68584186.91 -2140474
ROCKET ELECTRIC 420 68584186.91 -2140474
SAMT CO LTD 31330 303858255.56 -77572655.65
SIMM TECH CO LTD 36710 314177541.38 -34486443.29
SOLAR & TECH CO 30390 11466591.81 -588035.38
STARMAX CO LTD 17050 50131660.74 -25436154.88
TAESAN LCD CO 36210 187935112.1 -546263614.46
TONG YANG MAGIC 23020 355147750.92 -25767007.75
YOUILENSYS CORP 38720 166697877.68 -12337148.33
MALAYSIA
AXIS INCORPORATI AXIS 42453772.51 -79710389.89
HARVEST COURT HAR 10993283.82 -7102079.77
LITYAN HLDGS BHD LIT 18071124.04 -29261166.9
NEPLINE BHD NL 20755619.11 -27545946.39
NIKKO ELECTRONIC NIKKO 11189473.86 -8723186.48
WONDERFUL WIRE WW 11594594.78 -14561593.4
WWE HOLDINGS BHD WWE 66753912.87 -904694.18
NEW ZEALAND
DOMINION FINANCE DFH 258902749.12 -55312405.88
PHILIPPINES
APEX MINING 'B' APXB 51256351.82 -8972145.85
APEX MINING-A APX 51256351.82 -8972145.85
BENGUET CORP 'B' BCB 75331140.18 -35697080.01
BENGUET CORP-A BC 75331140.18 -35697080.01
CENTRAL AZUC TAR CAT 37806902.52 -2588843.76
CYBER BAY CORP CYBR 12926776.59 -79228223.36
EAST ASIA POWER PWR 50796443.41 -139420756.07
FIL ESTATE CORP FC 37286935.14 -11355841.65
FILSYN CORP A FYN 22000423.4 -10278638.86
FILSYN CORP. B FYNB 22000423.4 -10278638.86
GOTESCO LAND-A GO 18684576.24 -10863822.41
GOTESCO LAND-B GOB 18684576.24 -10863822.41
MRC ALLIED MRC 13040098.81 -3682026.54
PICOP RESOURCES PCP 105659068.5 -23332404.14
STENIEL MFG STN 28673457.47 -1478015.89
UNIVERSAL RIGHTF UP 45118524.67 -13478675.99
UNIWIDE HOLDINGS UW 52802040.71 -56176026.28
VICTORIAS MILL VMC 178060236.02 -36659989.09
SINGAPORE
ADV SYSTEMS AUTO ASA 11992958.61 -11223940.95
ADVANCE SCT LTD ASCT 69486218.18 -11959064.78
CARRIERNET GLOBA CARG 14286897.57 -17258.04
CHUAN SOON HUAT CSH 31243269.09 -16230153.11
FALMAC LTD FAL 10288220.94 -6460596.18
HL GLOBAL ENTERP HLGE 93947954.45 -12514151.49
INFORMATICS EDU INFO 23073311.96 -831837.63
JURONG TECH IND JTL 98760092.87 -227275152.06
LINDETEVES-JACOB LJ 155633719.48 -88389478.73
OCEAN INTERNATIO OCEAN 61659790.45 -13720371.73
PACIFIC CENTURY PAC 21863868.37 -2767499.46
SUNMOON FOOD COM SMOON 18725666 -10079386.91
TT INTERNATIONAL TTI 293865103.05 -37711583.27
WESTECH ELECTRON WTE 28290170.94 -12855750.98
THAILAND
ABICO HLDGS-F ABICO/F 12066621.69 -9544714.91
ABICO HOLD-NVDR ABICO-R 12066621.69 -9544714.91
ABICO HOLDINGS ABICO 12066621.69 -9544714.91
BANGKOK RUB-NVDR BRC-R 85509149.46 -65276912
BANGKOK RUBBER BRC 85509149.46 -65276912
BANGKOK RUBBER-F BRC/F 85509149.46 -65276912
BLISS-TEL PCL BLISS 12646465.4 -2089674.34
BLISS-TEL PCL-F BLISS/F 12646465.4 -2089674.34
BLISS-TEL PCL-NV BLISS-R 12646465.4 -2089674.34
CENTRAL PAPER IN CPICO 10220356.04 -216074904.26
CENTRAL PAPER-F CPICO/F 10220356.04 -216074904.26
CENTRAL PAPER-NV CPICO-R 10220356.04 -216074904.26
CIRCUIT ELE-NVDR CIRKIT-R 17385099.26 -87998004.08
CIRCUIT ELEC PCL CIRKIT 17385099.26 -87998004.08
CIRCUIT ELEC-FRN CIRKIT/F 17385099.26 -87998004.08
DATAMAT PCL DTM 12690638.93 -6132014.29
DATAMAT PCL-NVDR DTM-R 12690638.93 -6132014.29
DATAMAT PLC-F DTM/F 12690638.93 -6132014.29
ITV PCL ITV 32845084.57 -82941414.71
ITV PCL-FOREIGN ITV/F 32845084.57 -82941414.71
ITV PCL-NVDR ITV-R 32845084.57 -82941414.71
K-TECH CONSTRUCT KTECH 83204235.85 -5693045.29
K-TECH CONSTRUCT KTECH/F 83204235.85 -5693045.29
K-TECH CONTRU-R KTECH-R 83204235.85 -5693045.29
KUANG PEI SAN POMPUI 17146363.89 -12117287.24
KUANG PEI SAN-F POMPUI/F 17146363.89 -12117287.24
KUANG PEI-NVDR POMPUI-R 17146363.89 -12117287.24
MALEE SAMPR-NVDR MALEE-R 53933645.39 -6900644.95
MALEE SAMPRAN MALEE 53933645.39 -6900644.95
MALEE SAMPRAN-F MALEE/F 53933645.39 -6900644.95
NFC FERTILI-NVDR NFC-R 41433204.74 -2287708.95
NFC FERTILIZER P NFC 41433204.74 -2287708.95
NFC FERTILIZER-F NFC/F 41433204.74 -2287708.95
PATKOL PCL PATKL 53430390.26 -26540095.34
PATKOL PCL-FORGN PATKL/F 53430390.26 -26540095.34
PATKOL PCL-NVDR PATKL-R 53430390.26 -26540095.34
PICNIC CORPORATI PICNI-R 162041208.32 -79858191.23
PICNIC CORPORATI PICNI/F 162041208.32 -79858191.23
PICNIC CORPORATI PICNI 162041208.32 -79858191.23
PONGSAAP PCL PSAAP/F 26599991.38 -3496872.9
PONGSAAP PCL PSAAP 26599991.38 -3496872.9
PONGSAAP PCL-NVD PSAAP-R 26599991.38 -3496872.9
SAFARI WORL-NVDR SAFARI-R 101048401.65 -21027662.26
SAFARI WORLD PUB SAFARI 101048401.65 -21027662.26
SAFARI WORLD-FOR SAFARI/F 101048401.65 -21027662.26
SAHAMITR PR-NVDR SMPC-R 31177710.43 -14940579.6
SAHAMITR PRESS-F SMPC/F 31177710.43 -14940579.6
SAHAMITR PRESSUR SMPC 31177710.43 -14940579.6
SUNWOOD INDS PCL SUN 19863687.56 -13033623.14
SUNWOOD INDS-F SUN/F 19863687.56 -13033623.14
SUNWOOD INDS-NVD SUN-R 19863687.56 -13033623.14
THAI-DENMARK PCL DMARK 15715462.27 -10102519.69
THAI-DENMARK-F DMARK/F 15715462.27 -10102519.69
THAI-DENMARK-NVD DMARK-R 15715462.27 -10102519.69
TRANG SEAFOOD TRS 13251979.73 -3373.42
TRANG SEAFOOD-F TRS/F 13251979.73 -3373.42
TRANG SFD-NVDR TRS-R 13251979.73 -3373.42
UNIVERSAL S-NVDR USC-R 85671220.21 -49479729.86
UNIVERSAL STAR-F USC/F 85671220.21 -49479729.86
UNIVERSAL STARCH USC 85671220.21 -49479729.86
TAIWAN
CHIEN TAI CEMENT 1107 202446919.23 -22407739.4
HELIX TECH-EC 2479T 23385923.43 -24115022.26
HELIX TECH-EC IS 2479U 23385923.43 -24115022.26
HELIX TECHNOL-EC 2479S 23385923.43 -24115022.26
TAIWAN KOL-E CRT 1606U 507206787.88 -147139297.7
TAIWAN KOLIN-EN 1606V 507206787.88 -147139297.7
TAIWAN KOLIN-ENT 1606W 507206787.88 -147139297.7
VERTEX PREC-ENTL 5318T 43037265.55 -2305484.43
VERTEX PRECISION 5318 43037265.55 -2305484.43
YEU TYAN MACHINE 8702 39574168.04 -271070409.72
*********
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 C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2009. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***