/raid1/www/Hosts/bankrupt/TCRAP_Public/091106.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, November 6, 2009, Vol. 12, No. 220
Headlines
C H I N A
CHINA EASTERN: Wins Regulatory Approval to Raise CNY7 Billion
CHINA MINSHENG: Ping An Insurance Agrees to Subscribe HK IPO
CHINA VOICE: Recurring Losses Prompt Going Concern Doubt
H O N G K O N G
LEGG MASON: Commences Wind-Up Proceedings
MACALL COMPANY: Inability to Pay Debts Prompts Wind-Up
MAVER HONG KONG: Members' Final Meeting Set for December 1
MAXTONE ENTERPRISES: Members' Final Meeting Slated for December 1
PIONEER VENTURES: Inability to Pay Debts Prompts Wind-Up
REFCO FUTURES: Members' Final Meeting Set for November 30
RICORE INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
ROLFE & NOLAN: Commences Wind-Up Proceedings
RYODEN SERVICES: Placed Under Voluntary Wind-Up Proceedings
SERASIA LIMITED: Lai and Haughey Step Down as Liquidators
STARLIKE LIMITED: Commences Wind-Up Proceedings
STERIS HONG KONG: Creditors' Proofs of Debt Due on December 1
TIME SUCCESS: Inability to Pay Debts Prompts Wind-Up
UDI LIMITED: Members' Final Meeting Set for December 1
WIN STAR: Creditors' Proofs of Debt Due on December 1
I N D I A
CAPITAL POWER: Fitch Assigns 'BB-' National Long-Term Rating
CARONA INDUSTRIES: CRISIL Puts 'B' Rating on INR189.10MM LT Loan
CIRCUIT SYSTEMS: CRISIL Cuts Ratings on Various Bank Debts to 'B+'
DHANESWAR RATH: Constrained Liquidity Prompts CRISIL 'BB' Rating
EAST INDIA: CRISIL Assigns 'B+' Rating on INR92.3MM Term Loan
GANGA ACROWOOLS: CRISIL Reaffirms 'D' Ratings on Various Debts
JAIRAM MARUTI: CRISIL Assigns 'B-' Rating on INR108 Mln LT Loan
KINGFISHER AIRLINES: To Lay Off Up to 100 Pilots, Report Says
M&G IMPEX: Stretched Liquidity Prompts CRISIL 'BB-' Ratings
MAYUR ELECTRICAL: Fitch Assigns 'B+' National Long-Term Rating
METAL CRAFT: CRISIL Rates INR18.4 Million Term Loan at 'B+'
MINDA CAPITAL: Fitch Assigns 'BB' National Long-Term Rating
PN GADGIL: CRISIL Rates INR17.3 Million Term Loan at 'BB'
REGEN POWERTECH: CARE Rates Various Bank Facilities at 'CARE BB+'
SATYAM MOTORS: CARE Assigns 'CARE BB+' Rating on LT Rupee Loans
SATYAM COMPUTER: ICAI to Withdraw Notice Issued to PW Delhi
SHREE DOODHAGANGA: Delays in Loan Payment Cue CRISIL 'C' Ratings
SRI KIRTHIKA: CRISIL Assigns 'P4' Ratings on Various Bank Debts
SHRI SARVODAY: CRISIL Assigns 'D' Rating on INR112.4MM Term Loan
SRINIDHI COTTONS: CRISIL Places 'B' Rating on INR25MM LT Loan
SWASTIK POLYMERS: CRISIL Places 'B+' Rating on INR90MM Cash Credit
VISWAAT CHEMICALS: Low Net Worth Cues CRISIL 'BB+' Ratings
I N D O N E S I A
BAKRIE LIFE: Customer Group Threatens Legal Action
PERUSAHAAN LISTRIK: To Issue IDR1.5 Tril. Rupiah-bonds by Year-end
J A P A N
ANDANTE LTD: S&P Cuts Ratings on Two Classes of Notes to 'CC'
ELPIDA MEMORY: To Outsource Chip Production to ProMOS Technologies
JAPAN AIRLINES: American & Delta Ratchet Lobbying Effort
JAPAN AIRLINES: Likely Restructuring Cues S&P to Junk Ratings
JAPAN AIRLINES: To Scrap Unprofitable Routes by June 2010
N E P A L
HETAUDA TEXTILES: Placed Into Liquidation
N E W Z E A L A N D
LAKE ESPLANADE: Winding Up Petition Hearing Moved to December 2
SOL SQUARE: IRD Presses Henderson to Stick to Court Timetable
S I N G A P O R E
CHARTERED SEMICONDUCTOR: Shareholders Approve ATIC's Offer
T A I W A N
AU OPTRONICS: October 2009 Revenue Down 3.4% to NT$39.60 Billion
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=========
C H I N A
=========
CHINA EASTERN: Wins Regulatory Approval to Raise CNY7 Billion
-------------------------------------------------------------
China Eastern Airlines has won regulators' approval to raise about
CNY7 billion (US$1.03 billion) through a private placement, in a
bid to turn its net assets to the black before completing a
proposed merger with Shanghai Airlines, China Daily reports.
The Daily relates the company said China Securities Regulatory
Commission (CSRC) on Wednesday approved the air carrier's new
issuance of 1.35 billion A shares and 490 million H shares with a
combined worth of CNY7.02 billion yuan through a private
placement.
Citing a China Business News (CBN) report, the Daily says China
Eastern intends to sell the Shanghai-listed A shares to as many as
ten selected investors, including its parent China Eastern Air
Holding Co.
Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- provides civil
aviation services, including passenger transportation, cargo
transportation and mail delivery services. The company operates
its businesses in domestic and overseas markets. As of Dec. 31,
2008, the company operated 423 airlines, of which 332 were
domestic passenger transportation lines, one domestic cargo
transportation line, 75 international passenger transportation
lines, 14 international cargo transportation lines, 16 regional
passenger transportation lines and one regional cargo
transportation line. The company also involves in operation of
five Taiwan chartered flight passenger transportation lines and
one cargo transportation line. As of December 31, 2008, the
company operated roughly 240 aircrafts, including 214 jumbo
jets and 11 cargo jets.
* * *
China Eastern continues to carry Fitch Ratings' B+ foreign
currency and local currency issuer default ratings, and Xinhua Far
East China Ratings' BB+ issuer credit rating with a stable
outlook.
CHINA MINSHENG: Ping An Insurance Agrees to Subscribe HK IPO
------------------------------------------------------------
Ping An Insurance has agreed to subscribe to the Hong Kong initial
public offering shares of China Minsheng Banking Corp Ltd as a
cornerstone investor, China Knowledge reports, citing Hong Kong
newspaper Ming Pao.
According to the report, the newspaper also said that China
Overseas Land & Investment Ltd, Zijin Mining Group Co and unlisted
grocery store-chain RT-Mart International are competing for a
stake in Minsheng Bank, China's first privately owned lender.
Minsheng Bank on Monday started pre-marketing for its Hong Kong
IPO. The lender is expected to be listed on the Hong Kong bourse
on Nov. 26.
Based in Beijing, China, China Minsheng Banking Corporation Ltd.'s
mainly provides commercial banking services that include absorbing
public deposits, providing short term, medium term, and long term
loans, making domestic and international settlement, discounting
bills and issuing financial bonds.
* * *
China Minsheng Banking Corporation Ltd continues to carry Fitch
Ratings' individual rating of "D" and support rating at "3".
CHINA VOICE: Recurring Losses Prompt Going Concern Doubt
--------------------------------------------------------
Jimmy C.H. Cheung & Co, in Hong Kong, expressed substantial doubt
about China Voice Holding Corp. and subsidiaries' ability to
continue as a going concern after auditing the Company's
consolidated financial statements as of, and for the fiscal years
ended, June 30, 2009, and 2008. The auditors pointed to the
Company's net losses and accumulated deficits during the past two
fiscal years. Additionally, the auditors reported that the
Company has used cash flow in operations of approximately
US$2,519,395 and US$4,170,590 in fiscal 2009 and 2008,
respectively.
China Voice reported a net loss of US$6,281,171 on revenues of
US$751,723 for the year ended June 30, 2009, compared with a net
loss of US$5,277,203 on revenues of US$309,343 for the prior year.
The increase in net loss is primarily the result of the
US$6,214,574 non-cash impairment loss, offset by the US$4,648,937
income arising from the Flint Telecom Group sale and reduced
operating expenses.
At June 30, 2009, the Company's consolidated balance sheets showed
US$19,028,361 in total assets, US$5,394,858 in total liabilities,
and US$13,633,503 in total shareholders' equity.
A full-text copy of the Company's consolidated financial
statements for the year ended June 30, 2009, is available for free
at http://researcharchives.com/t/s?4857
Based in Boca Raton, Fla., China Voice Holding Corp. --
http://www.chvc.com/-- is a U.S. publicly-traded holding company
with a portfolio of next-generation communications products and
services doing business in the People's Republic of China, where
the Company has obtained full legal status as a licensed Chinese
telecommunications company. Through its subsidiaries, the Company
provides Voice over Internet Protocol telephone services, office
automation, wireless broadband, unified messaging, video
conferencing, mobility services and other advanced voice and data
services. CHVC's focus is on providing its innovative and
patented voice and data solutions to government agencies and large
enterprises in China.
================
H O N G K O N G
================
LEGG MASON: Commences Wind-Up Proceedings
-----------------------------------------
Members of Legg Mason Management Services (Hong Kong) Limited,
which is in member's voluntary liquidation, on October 16, 2009,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Natalia K M Seng
Susan Y H Lo
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
MACALL COMPANY: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
Macall Company Limited on October 20, 2009, resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it becomes due.
The company's liquidator is:
Sung Mi Yin
Ritz Plaza, 11th Floor
122 Austin Road
Tsimshatsui
Kowloon, Hong Kong
MAVER HONG KONG: Members' Final Meeting Set for December 1
----------------------------------------------------------
Members of Maver Hong Kong Limited, which is in voluntary
liquidation, will hold their final meeting on Dec. 1, 2009, at
10:30 a.m., at Alliance Building, Room 603, 6/F, 130-136 Connaught
Road Central, in Hong Kong.
At the meeting, Ho Chiu Lung Michael, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
MAXTONE ENTERPRISES: Members' Final Meeting Slated for December 1
-----------------------------------------------------------------
Members of Maxtone Enterprises Limited, which is in voluntary
liquidation, will hold their final meeting on Dec. 1, 2009, at
10:00 a.m., at Alliance Building, Room 603, 6/F, 130-136 Connaught
Road Central, in Hong Kong.
At the meeting, Ho Chiu Lung Michael, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
PIONEER VENTURES: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
Pioneer Ventures Limited on October 14, 2009, resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it becomes due.
The company's liquidators are:
Edward Simon Middleton
Fergal Thomas Power
Prince's Building, 8th Floor
10 Chater Road
Central, Hong Kong
REFCO FUTURES: Members' Final Meeting Set for November 30
---------------------------------------------------------
Members of Refco Futures (Hong Kong) Limited will hold their final
general meeting on November 30, 2009, at 10:00 a.m., at 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.
At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
RICORE INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on October 21, 2009,
members of Ricore International Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Chang Tak Ping
Bonham Trade Centre, Room 1404
50 Bonham Strand
Sheung Wan
Kong Kong
ROLFE & NOLAN: Commences Wind-Up Proceedings
--------------------------------------------
The sole member of Rolfe & Nolan International Limited on
October 31, 2009, passed a resolution that voluntarily winds up
the company's operations.
The company's liquidators are:
Alan Chung Wah Tang
Wong Kwok Man
Grant Thornton Specialist Services Limited
Nexxus Building
41 Connaught Road
Central, Hong Kong
RYODEN SERVICES: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on October 27, 2009,
members of Ryoden Services (China) Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Yuk-kum Leung
321 Jave Road, 7th Floor
North Point
Kong Kong
SERASIA LIMITED: Lai and Haughey Step Down as Liquidators
---------------------------------------------------------
Lai Kar Yan (Derek) and Darack E. Haughey stepped down as
liquidators of Serasia Limited on October 22, 2009.
STARLIKE LIMITED: Commences Wind-Up Proceedings
-----------------------------------------------
Members of Starlike Limited, which is in members' voluntary
liquidation on October 23, 2009, passed a resolution to
voluntarily wind up the company's operations.
The company's liquidators are:
Wong Kwok Wai Albert
Chan Kwai Ping
China Hong Kong City
Suite 1801-5, 18/F, Tower 2
33 Canton Road
Tsim Sha Tsui
Kowloon, Hong Kong
STERIS HONG KONG: Creditors' Proofs of Debt Due on December 1
-------------------------------------------------------------
Creditors of Steris Hong Kong Limited are required to file their
proofs of debt by December 1, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 19, 2009.
The company's liquidators are:
Natalia Seng Sze Ka Mee
Cheng Pik Yuk
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
TIME SUCCESS: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
Time Success Industrial Limited on October 14, 2009, resolved to
voluntarily wind up the company's operations due to its inability
to pay debts when it becomes due.
The company's liquidators are:
Edward Simon Middleton
Fergal Thomas Power
Prince's Building, 8th Floor
10 Chater Road
Central, Hong Kong
UDI LIMITED: Members' Final Meeting Set for December 1
------------------------------------------------------
Members of U.D.I. Limited, which is in voluntary liquidation, will
hold their final meeting on Dec. 1, 2009, at 10:30 a.m., at Wing
On Centre, 25/F, 111 Connaught Road Central, in Hong Kong.
At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
WIN STAR: Creditors' Proofs of Debt Due on December 1
-----------------------------------------------------
Creditors of Win Star Industries Limited are required to file
their proofs of debt by December 1, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on October 19, 2009.
The company's liquidator is:
Poon Sze Leung
Yu To Sang Building, Room 703
37 Queen's Road
Central, Hong Kong
=========
I N D I A
=========
CAPITAL POWER: Fitch Assigns 'BB-' National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has assigned India's Capital Power Infrastructure
Private Limited a National Long-term rating of 'BB-(ind)'.
Simultaneously, Fitch has assigned a rating of 'BB-
(ind)'/'F4(ind)' to the company's INR250 million fund based and
INR450 million non-fund based facilities.
The ratings reflect the experience of Capital Power Infrastructure
(Private) Limited's promoters in dealing with state electricity
boards and state power utilities. The ratings also factor in the
comfortable INR1.4 billion order book position CPIL enjoys, and
the reasonable revenue growth it achieved since inception in 2008.
Rating concerns emanate primarily from the modest size of CPIL's
trading operations, limited track record and relatively low
operating margins as compared to other turnkey solutions providers
in the power sector. CPIL provides turnkey solutions (primarily
procurement, installation, erection, testing and commissioning
services) for the transmission and distributions segment, and also
acts as a subcontractor to larger private turnkey solutions
providers. Fitch expects CPIL's business to remain vulnerable to
the credit risks of its customers, such as SPUs, which have weak
credit profiles. This risk, however, is partially mitigated by
the ultimate coverage of CPIL's turnkey services under the
Government of India's sponsored funding schemes and the experience
of the promoters in dealing with SPUs.
In addition, the ratings are constrained by the continual
concentration risk, since the majority of orders that are likely
to be executed in FY10 pertains to a few large SPUs. Positive
rating factors would constitute an increase in operational size
and operating margins from current levels. On the other hand, a
dip in operating EBITDA margins from current levels would affect
CPIL's ratings negatively. Any unplanned capital expenditure or
increase in working capital intensity that leads to additional
debt, and/or heightened support extended to group companies that
could potentially increase leverage would also prompt a negative
rating action.
Incorporated in 2008, CPIL is a Noida-based company, which
provides material, erection, testing and commissioning services in
the power transmission and distribution sectors on a turnkey
basis. As of FYE09, the company reported sales of INR841m and an
operating EBITDA of INR25.6 million.
CARONA INDUSTRIES: CRISIL Puts 'B' Rating on INR189.10MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Carona Industries Pvt Ltd.
Facilities Ratings
---------- -------
INR189.10 Million Long Term Loan B/Stable (Assigned)
INR50.00 Million Cash Credit B/Stable (Assigned)
INR10.00 Million Packing Credit P4 (Assigned)
INR25.00 Million Letter of Credit# P4 (Assigned)
INR5.40 Million Bank Guarantee P4 (Assigned)
#INR12.5 million interchangeable with Cash Credit
The ratings reflect CIPL's weak financial risk profile, small
scale of operations, limited track record, and exposure to
volatility in raw material prices. The impact of these weaknesses
is mitigated by the company's average operating efficiency and its
promoters' textile industry experience.
Outlook: Stable
CRISIL believes that CIPL will maintain its stable business risk
profile over the medium term on the back of the promoters'
industry experience. The outlook may be revised to 'Positive' if
the company's capital structure improves, and revenues and
accruals increase substantially. Conversely, the outlook may be
revised to 'Negative' if CIPL contracts large debt to fund its
capital expenditure, or if its revenue and margins decline
steeply, affecting its cash flows.
Set up in 2006 by Mr. K Saminathan, CIPL began commercial
production of cotton yarn in 2008. The company's unit at Tirupur
has a capacity of 12,000 spindles. CIPL reported a provisional
profit after tax of INR0.6 million on net sales of INR214.9
million for 2008-09 (refers to financial year, April 1 to
March 31).
CIRCUIT SYSTEMS: CRISIL Cuts Ratings on Various Bank Debts to 'B+'
------------------------------------------------------------------
CRISIL has downgraded its rating on the long-term facilities of
Circuit Systems (India) Ltd to 'B+/Negative' from 'BB+/Stable' and
has reaffirmed its 'P4' rating on the company's short-term bank
facilities.
Facilities Ratings
---------- -------
INR72.5 Million Cash Credit Limit * B+/Negative (Downgraded
from BB+/Stable)
INR40.0 Million Working Capital B+/Negative (Downgraded
Demand Loan from BB+/Stable)
INR245.3 Million Term Loan ** B+/Negative (Downgraded
from BB+/Stable)
INR60.0 Million Letter of Credit P4 (Reaffirmed)
INR5.0 Million Bank Guarantee P4 (Reaffirmed)
* Includes a proposed limit of INR40.0 million
** Includes a proposed limit of INR157.5 million
The revision in ratings reflects delays in recovery of receivables
from customers in the US and European markets, decline in
profitability, and burden of high interest and finance expenses
and term loan repayment. The company had used the term loan to
fund a capital expenditure (capex) of INR250 million to install an
export-oriented manufacturing unit at Gandhinagar (Gujarat) in
2008-09 (refers to financial year, April 1 to March 31). The
company faced several delays in completing / commissioning the
project. Currently, the unit remains non-functional despite being
in a ready-to-use state because of sluggish demand from export
customers.
The rating continues to reflect CSIL's exposure to risks relating
to weak liquidity, time overruns in commissioning of new
manufacturing unit and volatility in raw material prices. The
impact of these weaknesses is mitigated by CSIL's established
position in the printed circuit boards (PCB) industry.
Outlook: Negative
CRISIL expects CSIL's liquidity to remain constrained because of
delayed realizations of receivables, and high interest and finance
expenses on term loans contracted for setting up the new unit at
Gandhinagar. The ratings may be downgraded if CSIL's liquidity
deteriorates further, or if its margins continue to decline over
the medium term. Conversely, the outlook may be revised to
'Stable' if CSIL's liquidity improves, or if commencement of
operations at the new unit supports growth in revenues and
operating margins for the company.
About Circuit Systems
Set up as a public limited company in February 1995, CSIL
converted to a private limited company in August 2001. However,
CSIL reconverted to a public limited company in October 2005.
CSIL manufactures PCBs at its plant at Gandhinagar, which has an
annual manufacturing capacity of 84,000 square metres (sq m). The
company is increasing its manufacturing capacity to around 250,000
sq m. The new plant is currently non-functional because of
sluggish demand from export customers.
CSIL reported net loss of INR5.1 million on net sales of INR357
million for 2008-09 (refers to financial year, April 1 to
March 31), against a reported profit after tax (PAT) of INR23.8
million on net sales of INR370 million for 2007-08.
DHANESWAR RATH: Constrained Liquidity Prompts CRISIL 'BB' Rating
----------------------------------------------------------------
CRISIL has assigned its rating of 'BB/Stable' to the term loan
facility of Dhaneswar Rath Institute of Engineering and Management
Studies.
Facilities Ratings
---------- -------
INR250 Million Term Loan BB/Stable (Assigned)
The rating reflects DRIEMS's constrained liquidity position and
the exposure to risks relating to limited track record in
operations. These weaknesses are partially offset by the
diversity in the educational courses it offers, and large student
base.
Outlook: Stable
CRISIL believes that DRIEMS will maintain a comfortable financial
risk profile, and report healthy growth in operating income over
the medium term, led by increase in the number of seats and fees
charged from students. The outlook may be revised to 'Positive'
if DRIEMS scales up its operations while maintaining healthy
profitability. Conversely, the outlook may be revised to
'Negative' if student intake declines substantially, or if the
society takes on large debt to fund capital expenditure, thus
weakening its financial risk profile.
Set up in 1998 as an educational society by Mr. P C Rath, DRIEMS
began operations with 150 students in 1999. The society offers
courses in technology, engineering, science and business
administration. DRIEMS reported a profit after tax (PAT) of INR56
million on net sales of INR217 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a PAT of INR27
million on net sales of INR158 million for 2007-08.
EAST INDIA: CRISIL Assigns 'B+' Rating on INR92.3MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of East India Holdings Pvt Ltd.
Facilities Ratings
---------- -------
INR70 Million Cash Credit B+/Stable (Assigned)
INR92.3 Million Term Loan B+/Stable (Assigned)
INR37.7 Million Letter of Credit P4 (Assigned)
The ratings reflect EIHPL's small scale of operations, weak
financial risk profile marked by small net worth and weak debt
protection measures, and exposure to risks relating to
fluctuations in the prices of raw materials. These weaknesses are
partially offset by EIHPL's improving business risk profile.
Outlook: Stable
CRISIL expects East India Holdings Pvt Ltd's scale of operations
to remain small and its financial risk profile weak over the near
to medium term. The outlook may be revised to 'Positive' in case
of significant improvement in the company's scale of operations
and financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case EIHPL's cash accruals decline
because of lower-than-expected capacity utilisation or its capital
structure weakens in case of additional debt-funded capex plans.
About East India
EIHPL, incorporated in 1999 by Mr. O P Agarwal, manufactures mild
steel (MS) ingots. The company commenced commercial production in
July 2007, with one induction furnace with a capacity of 7 metric
tonnes (MT). EIHPL's capacity has been gradually increased with
the addition of another furnace with a capacity of 8 MT in 2007-
08, two more furnaces with capacities of 12 MT each in March 2009,
and concast facility for manufacturing billets.
EIHPL reported a profit after tax (PAT) of INR7.9 million on net
sales of INR642.9 million for 2007-08 (refers to financial year,
April 1 to March 31), as against a net loss of INR0.11 million on
net sales of INR159.4 million for 2006-07.
GANGA ACROWOOLS: CRISIL Reaffirms 'D' Ratings on Various Debts
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Ganga
Acrowools Ltd, as the company's term loan continues to be in
default and cash credit facilities remain overdrawn. The defaults
have been caused by stressed liquidity.
Facilities Ratings
---------- -------
INR190.0 Million Cash Credit* D (Reaffirmed)
INR245.6 Million Term Loan D (Reaffirmed)
INR90.0 Million Letter of Credit** P5 (Reaffirmed)
* Up to INR71.3 million interchangeable with book debt,
INR123.1 million with export packing credit, and INR92.5
million with export bill purchase.
**Interchangeable with bank guarantee of INR5 million.
Promoted by Mr. Ravinder Verma in 1995, Ganga Acrowools began
operations in 1999. The company manufactures worsted acrylic yarn
and other blended yarn. In acrylic yarn, its products include
fine- and medium-count yarn, which are used in machine knitting,
hosiery, hand knitting and weaving; and coarse-count yarn, which
is used in carpets and hand knitting. The company manufactures
both grey and dyed acrylic yarn. Its manufacturing unit in
Ludhiana (Punjab) has a daily production capacity of 16 tonnes of
yarn, and a spindle count of 15,552 (13,000 for fine and medium
yarn, and 2552 for coarse yarn). It also has an in-house dyeing
division, set up in 2005, and a biological treatment unit to
recycle waste water from its dyeing unit; the treated water is
discharged into the company's plantation.
Ganga Acrowools reported a profit after tax (PAT) of INR18.6
million on net sales of INR680.9 million in 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR2.0
million on net sales of INR549.6 million in the previous year.
JAIRAM MARUTI: CRISIL Assigns 'B-' Rating on INR108 Mln LT Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'B-/Negative/P4' to the bank
facilities of Jairam Maruti Mills.
Facilities Ratings
---------- -------
INR108.00 Million Long Term Loan B-/Negative (Assigned)
INR20.00 Million Cash Credit B-/Negative (Assigned)
INR26.70 Million Bank Guarantee P4 (Assigned)
The ratings reflect JMM's weak financial risk profile, small scale
of operations in the textile industry, and volatility in raw
cotton and cotton yarn prices. These weaknesses are partially
offset by the benefits that the company derives from its
promoters' experience in the textile business.
Outlook: Negative
CRISIL believes that JMM's financial risk profile will remain
constrained by its weak liquidity and highly-leveraged capital
structure. The ratings may be downgraded if the liquidity
position further deteriorates or if the company undertakes large
debt-funded capital expenditure, further affecting its capital
structure. Conversely, the outlook may be revised to 'Stable' if
the company scales up its operations, and improves its financial
risk profile considerably.
About Jairam Maruti
Set up in 2006, JMM began commercial operations in June 2009. It
manufactures cotton yarn in counts from 40s to 42s. Its facility
at Coimbatore (Tamil Nadu) has a capacity of 12,000 spindles. JMM
reported a net loss of INR8 million on net sales of INR63.42
million for 2008-09 (refers to financial year, April 1 to
March 31).
KINGFISHER AIRLINES: To Lay Off Up to 100 Pilots, Report Says
-------------------------------------------------------------
Kingfisher Airlines is reportedly dismissing close to 100 pilots,
mostly trainees, due to huge losses and capacity reduction,
according to The Times of India.
The report, citing unnamed sources, says these pilots have
completed their probation and all endorsements, but the company
has decided not to renew their service contracts.
According to The Times, sources said the pilots, who are planned
to be phased out, belong to both Kingfisher and the erstwhile Air
Deccan.
A Kingfisher spokesperson, however, denied "sacking" any pilot,
the report says. Such measures are "however inevitable due to the
market conditions," a company official said.
Quarterly Results
Kingfisher Airlines reported a net loss of INR418.77 crore for the
quarter ended September 30, compared with a net loss of INR483.25
crore in the same period last year, the Hindu BusinessLines
reports.
"The company has changed its method of accounting for costs
incurred on major repairs and maintenance for its engines. Had the
company not changed the method of accounting, the loss for the
quarter and half year would have been higher by INR110.02 crore,"
Kingfisher Airlines said in a filing to the Bombay Stock Exchange.
Income from operations declined to INR1,142.14 crore for the
quarter ended September 30, down 13.64% from INR1,322.64 crore in
the same period last year.
About Kingfisher Airlines
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd, serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops. It maintains bases in major cities such as Delhi and
Mumbai. Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer. UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.
* * *
Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.
In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.
M&G IMPEX: Stretched Liquidity Prompts CRISIL 'BB-' Ratings
------------------------------------------------------------
CRISIL ratings on the bank facilities of M&G Impex (India) Pvt Ltd
continue to reflect M&G's stretched liquidity position due to
increased working capital intensity in operations, small scale of
operations in the intensely-competitive granite processing
industry, and below-average financial risk profile. These
weaknesses are partially offset by the company's sound operating
efficiencies.
Facilities Ratings
---------- -------
INR57.5 Million Cash Credit BB-/Negative (Reaffirmed)
INR59.9 Million Long-Term Loan BB-/Negative (Reaffirmed)
INR10 Million Bank Guarantee P4 (Reaffirmed)
INR45 Million Bill Purchase- P4 (Reaffirmed)
Discounting Facility
INR20 Million Letter of Credit P4 (Reaffirmed)
The above bank facilities are with State Bank of India
Outlook: Negative
CRISIL believes that M&G, with its small scale of operations, will
remain vulnerable to the current slowdown in the construction and
real estate business. Its liquidity position is also expected to
remain stretched on the back of an increased working capital
cycle. The outlook may be revised to 'Stable' if the company
scales up its operations substantially, and improves its financial
risk profile. Conversely, the ratings may be downgraded in case
of a fall in the company's margins and accruals in the medium
term, or if the company undertakes large, debt-funded capital
expenditure that will deteriorate its financial risk profile.
About M&G Impex
Set up in 1992 by Mr. Praveen Tekriwal, M&G processes rough
granite blocks. It currently derives around 55 per cent of its
revenues from exports to the US, Europe, Australia, and South East
Asia. The company has its facilities in Hosur, Tamil Nadu with a
processing capacity of 27 lakh square feet. M&G reported a profit
after tax (PAT) of INR14 million on net sales of INR247 million
for 2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR26 million on net sales of INR170 million for
2007-08.
MAYUR ELECTRICAL: Fitch Assigns 'B+' National Long-Term Rating
--------------------------------------------------------------
Fitch Ratings has assigned India's Mayur Electrical Industries
Private Limited a 'B+(ind)' National Long-Term rating, and ratings
of 'B+(ind)/F4(ind)' to its INR75 million fund based and INR70
million non-fund based facilities.
MEIPL's ratings are derived from the experience of its promoters
in dealing with state electricity boards and state power
utilities, its low leverage levels, reasonable order book
position, and consecutive growth in EBITDA margins over the last
few years.
Fitch notes that rating concerns emanate from the modest size of
operations and small market share (which results in low bargaining
power), and the tender-based nature of the business, which makes
the company prone to order cyclicality. The ratings are also
constrained by exposure to the counter-party credit risk of
MEIPL's customers, many of whom are State Power Utilities with
weak credit profiles. However, the ultimate use of MEIPL's
products, that is power cables under the Government of India
funding schemes for the power sector, partially mitigates this
counterparty credit risk.
The ratings also factor in MEIPL's low profitability margins and
the competitive nature of operations in the industry. MEIPL's
capacity utilization levels in FY09 have been low (FY09: 39%), and
Fitch notes the company remains exposed to input cost and forex
volatility, with the main raw materials being procured at
international spot prices. The existence of price pass-through
clauses in most of the government sale contracts provides partial
comfort against this risk. Fitch also notes that MEIPL has
extended corporate guarantees to group companies, and the quantum
of these guarantees is larger than the company's own net worth.
MEILP is proposing to set up a distribution transformer
manufacturing facility in Greater Noida and has begun the land
acquisition process. Fitch has not factored this project into the
ratings as it is in the preliminary stages and project costing has
yet to be completed.
Positive rating factors are increases in size, capacity
utilization and operating margins. Negative rating triggers
include a fall in operating EBITDA margins, an increase in working
capital intensity, unplanned capital expenditure or contraction of
additional debt particularly to fund the proposed transformer
project or further guarantees extended to group companies that
could potentially increase leverage would also constitute negative
rating guidance.
Incorporated in 1992, MEIPL is a Noida-based company engaged in
the manufacturing of power cables. At FYE09, the company reported
sales of INR374.2 million and an operating EBITDA of INR22.9
million. MEIPL's leverage as denoted by Total Debt/EBITDA was
3.2x as at FYE09 (FYE08:1.82x).
METAL CRAFT: CRISIL Rates INR18.4 Million Term Loan at 'B+'
-----------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Metal Craft Engineering Pvt Ltd.
Facilities Ratings
---------- -------
INR35 Million Cash Credit Limits B+/Stable (Assigned)
INR18.4 Million Term Loan B+/Stable (Assigned)
INR26.1 Million Proposed Long B+/Stable (Assigned)
Term Bank Loan Facility
INR0.5 Million Bank Guarantee P4 (Assigned)
The ratings reflect MCEPL's exposure to risks relating to its weak
financial profile and working-capital-intensive nature of
operations. The impact of these weaknesses is mitigated by the
benefits MCEPL derives from its established relationships with its
clients and promoters' extensive experience in the engineering and
fabrication industry.
Outlook: Stable
CRISIL expects MCEPL to maintain its business risk profile on the
back of its established relationship with its clients over the
medium term. The outlook may be revised to 'Positive' if MCEPL
reports a greater-than-anticipated improvement in cash accruals,
leading to a significant improvement in its capital structure and
better working capital management. Conversely, the outlook may be
revised to 'Negative' if there is an increase in MCEPL's working
capital requirements, leading to a significant decline in its
gearing levels, or if the company undertakes an additional large
debt-funded capital expenditure (capex) project.
About Metal Craft
Set up in 2004 as a private limited company by Mr. Sanjay Todi and
his father, Mr. Mahabir Prasad Todi, Kolkata-based MCEPL has been
processing and fabricating engineering products since its
inception. The company primarily functions as a vendor, and
supplies boiler auxiliaries to engineering, procurement, and
construction (EPC) contractors in the power sector; besides
manufacturing gear boxes.
MCEPL manufactures gear boxes at its 4320 square foot (sq ft) Unit
1, located at Balitikuri (West Bengal), which has a capacity of
around 100 tonnes per month (tpm). It fabricates boiler
axillaries at Unit 2, its 0.15 million sq ft manufacturing
facility, located at Donjiri (West Bengal), which has a capacity
of around 600 tpm. Currently, MCEPL has around 70 per cent
capacity utilization. It outsources 25 per cent of its work.
MCEPL reported a profit after tax (PAT) of INR1.3 million on net
sales of INR276 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR0.7 million on net
sales of INR109 million for 2007-08.
MINDA CAPITAL: Fitch Assigns 'BB' National Long-Term Rating
-----------------------------------------------------------
Fitch Ratings has assigned India's Minda Capital Limited a
National Long-term rating of 'BB(ind)', as well as a 'BB(ind)'
rating to its existing term loans of INR252.7 million. The
Outlook is Stable.
The ratings reflect the stability of revenues offered by MCL's
lease and royalty agreements with the Ashok Minda Group companies,
high operating and net margins, and occasional financial support
provided by its promoters. Fitch believes the expected business
and financial support MCL derives from its agreements with the AMG
companies would lend stability to its cash flows. The agency
notes the consolidated financial profile of the AMG companies and
MCL's strong linkages with these companies and its promoters.
Rating constraints include the limited scale and size of MCL's
revenues, high leverage over the past few years and the limited
dividend paying track record of investee companies. MCL's
financial leverage has remained high, primarily on account of
investments in real estate and subsidiary/JV companies for AMG's
expansion purposes. Its real estate investments involved the
construction of factory buildings for leasing to AMG companies.
The agency notes that a significant majority of these companies
are in initial stages of operations without much contribution to
MCL's revenues, and that most of MCL's portfolio is not readily
monetisable.
MCL as an investment vehicle obtains financial support from
promoters to pursue the Group's investment plans. The promoters
infused an equity capital of INR329 million and INR140 million in
MCL in FY08 and FY09, respectively, while an equity infusion of
INR150 million is planned for FY10. Although MCL's revenues have
been increasing over the years, the agency expects the growth to
remain moderate till the financial performance of investee
companies improves.
Negative rating drivers would include an increase in leverage due
to a decline in operating profits, any weakening of linkages with
the group companies and a deterioration in the credit profile of
Minda Corporation Limited which results in the altering of MCL's
business or financial profile. Conversely, a decline in financial
leverage along with a significant improvement in MCL's revenue
base and profitability due to an improvement in the financial
performance of investee companies could have a positive impact on
ratings.
The former Minda Group is now divided into two units, namely Ashok
Minda and N K Minda. MCL is part of the Ashok Minda unit (with
Minda Corporation Limited as its flagship company). MCL was born
out of merger of a number of companies operating in the financial
services space. The company handles the expansion plans of the
AMG group, and also acts as its holding company. Also, MCL owns
certain real estate assets which have been leased out to the group
companies. MCL also owns the Minda brand for the purpose of
royalty from AMG.
MCL's revenues rose to INR74.5m in FY09 (FY08: from INR26.8m)
mostly on the back of an increase in lease rentals and royalty
income. Financial leverage (Total Debt /op EBIDTA) stood at 4.5x
in FY09 compared to 3.4x in FY08. In FY09 the operating EBIDTA
margin and net profit margin were 92.5% and 58.4%, respectively,
versus 72.5% and 40.1%, respectively, yoy. MCL derives more than
80% of its revenues from Minda Corporation Limited, AMG's flagship
company, and this is likely to continue unless other AMG companies
start contributing positively to MCL's revenues.
PN GADGIL: CRISIL Rates INR17.3 Million Term Loan at 'BB'
---------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of PN Gadgil & Company, part of the PNG group.
Facilities Ratings
---------- -------
INR350.0 Million Cash Credit BB/Stable (Assigned)
INR17.3 Million Term Loan BB/Stable (Assigned)
INR125.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect the PNG group's stretched financial risk
profile, and exposure to risks related to large capital withdrawal
by partners, fluctuations in gold prices, and geographic
concentration in revenue profile in a fragmented retail jewellery
industry. The impact of these weaknesses is mitigated by the
group's established market position, strong growth in operating
income, and promoters' experience.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PNG and PN Gadgil (Silver),
collectively referred to as the PNG group. This is because both
the firms have common owners and senior management, centralised
operations, shared showroom space in the jewellery business, and
fungible cash flows.
Outlook: Stable
CRISIL expects the PNG group's financial risk profile to remain
stretched over the medium term because of its working capital
intensive operations, and store expansion programmes. The outlook
may be revised to 'Positive' in case of significant improvement in
the group's financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the partners continue to make large
capital withdrawals, leading to further strain on the group's
financial risk profile.
About the Group
Mr. Anant Ganesh Gadgil, Mr. Laxman Gadgil, and Mr. Vishwanath
Gadgil set up PNG in 1958 in Pune (Maharashtra) with a showroom on
Laxmi Road. PNG now operates six showrooms – five in Pune and one
in Nashik.
The PNG group was set up in 1832 by Mr. Ganesh Narayan Gadgil and
Mr. Purushottam Narayan Gadgil, through its first store
Purushottam Narayan Gadgil and Company at Sangli (Maharashtra).
The PNG group reported an estimated profit after tax (PAT) of
INR147 million on net sales of INR5850 million for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of INR57
million on net sales of INR3971 million for 2007-08.
REGEN POWERTECH: CARE Rates Various Bank Facilities at 'CARE BB+'
-----------------------------------------------------------------
CARE has assigned a 'CARE BB+' rating to the long-term bank
facilities of Regen Powertech Private Ltd. Facilities with this
rating are considered to offer inadequate safety for timely
servicing of debt obligations and carry high credit risk. Also,
CARE has assigned 'PR4' rating to the short-term bank facilities
of Regen. Facilities with this rating would have inadequate
capacity for timely repayment of short term debt obligations and
carry very high credit risk. Such instruments are susceptible to
default. These ratings are assigned for an aggregate amount of
INR158.8 cr. CARE assigns '+' or '-' signs after the assigned
rating (wherever necessary) to indicate the relative position
within the band covered by the rating symbol.
Amount
Facilities (INR crore) Rating
---------- ---------- ------
Fund Based facilities 85.8 CARE BB+
Non-Fund based facilities 73.0 CARE BB+/PR4
Rating Rationale
The ratings are constrained by Regen's limited operational
history, operating loss in the first year of operations,
relatively new technology of its wind energy generators,
limited pricing flexibility and limited control on component cost
as a result of dependence on third-party outsourcing. The rating
also factors in Regen's single product offering and growing
competition in the market. The ratings also take into account the
rich experience of the promoters and management team, claimed
technology superiority of its product and growing order book
position. Regen's ability to translate the technology superiority
of its product to grow its market share and manage a profitable
operation is likely to positively impact the credit outlook on the
company.
Regen was incorporated in December 2006 to provide wind power
solutions on turnkey basis and commissioned its first Wind Energy
Converter (WEC) in August 2008. Till March 2009, the company has
commissioned 16 WECs of aggregate capacity 24 MW. The company is
a 66.67% subsidiary of NSL Power Equipment Trading Pvt Ltd in
which Nuziveedu Seeds Ltd (NSL) is a 66.67% shareholder with the
balance being owned by Madhusudhan Khemka & Associates and
Mr.Sundaresh. Private equity firm M/s.Indivision India Partners of
Future Capital Group is the other shareholder with 33.33% stake in
Regen. In its first year of operation (FY09), the company made a
loss of INR23cr on a total income of INR161cr.
SATYAM MOTORS: CARE Assigns 'CARE BB+' Rating on LT Rupee Loans
---------------------------------------------------------------
CARE assigns a 'CARE BB+' rating to the long-term bank
loans/facilities and 'PR4' rating to the short-term bank loans /
facilities of Satyam Motors Pvt. Ltd. for an aggregate amount of
INR15.71 crore. Facilities with 'Double B' rating are considered
to offer inadequate safety for timely servicing of debt
obligations. Such facilities carry high credit risk. This rating
is applicable for facilities having tenure of more than one year.
Facilities with 'PR Four' rating would have inadequate capacity
for timely payment of short-term debt obligations and carry very
high credit risk. Such facilities are susceptible to default.
This rating is applicable for facilities having tenure of less
than one year. CARE assigns '+' or '-' signs to be shown after
the assigned rating (wherever necessary) to indicate the relative
position of the company within the band covered by the rating
symbol.
Amount
Sr. No. Facility (INR crore) Rating
------- -------- ---------- ------
1. Long Term Rupee Loans 3.21 CARE BB+
2. Overdraft 10.00 PR4
3. Letter of Credit 2.50 PR4
Rating Rationale
SMPL's ratings factor in its short track record, lack of
experience of promoters in dealership business, working capital
intensive nature of business, low coverage ratios, low profit
margins and high competition in dealership business. These
weaknesses are, however, partially offset by the dealership with
the market leader viz. Maruti Udyog Ltd. (MUL) and positive PAT
achieved in FY09 (provisional results).
Satyam Motors Pvt Limited was incorporated as a partnership firm,
M/s My Choice, on November 11, 2006 by five partners. Later,
partnership deed was amended on October 3, 2007, and the name of
the firm was changed to M/s Satyam Motors. On September 23, 2008,
the partnership firm was converted into a private limited company
by the name of SMPL under the leadership of Shri Sudeep
Maheshwari. The promoters of the company also run an engineering
institute Globus Engineering College in Bhopal. SMPL is one of
the authorized dealers for vehicles of Maruti Udyog Ltd. in
Bhopal, Madhya Pradesh.
As per the provisional results for FY09, the company has reported
total operating income of INR38.00 crore, PBILDT margin of 4.24%
and PAT margin of 0.80%.
SATYAM COMPUTER: ICAI to Withdraw Notice Issued to PW Delhi
-----------------------------------------------------------
The Economic Times reports that the Institute of Chartered
Accountants of India (ICAI) has agreed to withdraw the show cause
notice it issued last month to the New Delhi arm of audit firm
Price Waterhouse asking it to clarify its alleged role in the
Satyam Computer Services Ltd scam.
Citing Price Waterhouse Delhi's statement after the Delhi High
Court heard its petition against the regulator's notice, the
report relates that the ICAI gave the undertaking to withdraw its
October 8 show-cause notice to Price Waterhouse Delhi as it was in
no way connected to Price Waterhouse Bangalore. Auditors of PW
Bangalore did the audit of Satyam's accounts, according to the ET.
The ICAI is, however, at liberty to issue fresh notices to PW's
New Delhi office, in case it found any evidence regarding
involvement of this firm in the scam, the report notes.
According to the report, Price Waterhouse said it was pleased with
the decision of the Delhi High Court allowing ICAI to withdraw its
show cause notice. The report says the audit firm contended that
it is a separate legal entity in itself and is not related to
Price Waterhouse Bangalore or any of its other offices in India.
Price Waterhouse has six franchises of the international audit
firm PricewaterhouseCoopers (PwC) in India and they are not
related to each other in any way, the report notes.
Fraud Revelation
As reported in the Troubled Company Reporter-Asia Pacific, on
January 7, 2009, former Satyam Chairman Ramalinga Raju resigned
after saying he manipulated the company's accounts. Specifically,
Mr. Raju said that as of September 30, 2008, the company's balance
sheet carries:
(1) inflated (non existent) cash and bank
balances of 50.40 billion rupees (US$1.04 billion)
(as against 53.61 billion reflected in the books);
(2) an accrued interest of 3.76 billion rupees which
is non existent;
(3) an understated liability of 12.30 billion rupees
on account of funds arranged by Mr. Raju; and
(4) an overstated debtors position of
4.90 billion rupees (as against 26.51 billion
reflected in the books).
Mr. Raju's confession prompted investigations into the company by
different entities including Andhra Pradesh state police, the U.S.
Securities and Exchange Commission and the Securities and Exchange
Board of India. Several groups also considered filing class
action suits against the company.
A three-member board was subsequently created by the government
which appointed KPMG and Deloitte Touche Tohmatsu for
re-evaluation of the software company's books.
Mr. Raju was later found to have invented more than one quarter
of Satyam's workforce and used fictitious names to siphon INR200
million (US$4.1 million) a month out of the company.
The TCR-AP reported on March 9, 2009, that Satyam won approval to
sell stake in itself, as the company seeks to restore investor
confidence and stem client defections.
Satyam said it received approval from the Securities and Exchange
Board of India to facilitate a global competitive bidding process
which, subject to receipt of all approvals, contemplates the
selection of an investor to acquire a 51% interest in the company.
On April 14, 2009, the TCR-AP reported that Tech Mahindra Limited
emerged as the top bidder with an offer of INR58 a share for a 31
per cent stake in Satyam Computer Services Limited, beating strong
rival L&T. Tech Mahindra would acquire the stake in an all-cash
deal, followed by an open offer for a 20 percent stake to take
management control of the company.
On June 21, 2009, Satyam unveiled its new brand identity,
"Mahindra Satyam."
About Satyam Computer
Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance. Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services. The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services. Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services. As
of July 6, 2009, Tech Mahindra Limited had acquired approximately
31.04% of the Company's outstanding shares of common stock.
SHREE DOODHAGANGA: Delays in Loan Payment Cue CRISIL 'C' Ratings
----------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of Shree Doodhaganga Krishna Sahakari Sakkare Karkhane Niyamit
(SDKSSKN).
Facilities Ratings
---------- -------
INR990 Million Cash Credit * C (Assigned)
INR163.3 Million Long Term Loans C (Assigned)
INR240 Million Short Term Loans P4 (Assigned)
* Includes proposed facility of INR200 million
The ratings reflect SDKSSKN's weak liquidity, which, in the past,
had resulted in delays in meeting its term loan obligations; also
the company has delayed servicing its Sugar Development Fund
loans. The ratings also reflect SDKSSKN's weak financial risk
profile and exposure to intense regulatory pressures. The impact
of these weaknesses is mitigated by SDKSSKN's average operating
efficiency, supported by its integrated co-generation and
distillery facilities.
About the Society
SDKSSKN, located in Belgaum, Karnataka, was established in 1974.
The society is registered under the Multi-State Co-operative Act.
The society is in the sugar manufacturing business. It has
capacity to crush 5500 tonnes of sugarcane per day. It also has a
20.7-megawatt (MW) power cogeneration unit and a distillery with
capacity of 30 kilolitres per day. The society uses around 6.5 MW
of power for captive consumption, and sells the surplus to
Karnataka Power Transmission Corporation Ltd.
For 2008-09 (refers to the financial year, April 1 to March 31),
SDKSSKN reported a net profit of INR30 million on net sales of
INR2.0 billion, against a net loss of INR33 million on net sales
of INR1.6 billion in the previous year.
SRI KIRTHIKA: CRISIL Assigns 'P4' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its rating of 'P4' to the bank facilities of
Sri Kirthika International.
Facilities Ratings
---------- -------
INR25.0 Million Packing Credit * P4 (Assigned)
INR30.0 Million Foreign Bill Purchase P4 (Assigned)
INR45.0 Million Proposed Short Term P4 (Assigned)
Bank Loan Facility
* Includes sub limit of Letter of Credit of INR10.0 million
The rating reflects Sri Kirthika's weak financial profile and
small scale of operations in the pipe trading business. These
weaknesses are, however, partially offset by Sri Kirthika's long
track record of operations in the business.
Set up in 1999 by Mr. P Rajeswaran and his family, Sri Kirthika is
a trader and exporter of galvanised pipes, poly vinyl chloride
(PVC) pipes, sand and aggregates. The firm exports primarily to
countries in the Middle East, and East Africa, and to Sri Lanka.
Sri Kirthika reported a profit after tax (PAT) of INR2 million on
net sales of INR176 million for 2007-08 (refers to financial year
April 1 to March 31), against a PAT of INR1 million on net sales
of INR89 million for 2006-07.
SHRI SARVODAY: CRISIL Assigns 'D' Rating on INR112.4MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'D' to the term loan facility of
Shri Sarvoday Kelavani Samaj Trust.
Facilities Ratings
---------- -------
INR112.4 Million Term Loan D (Assigned)
The rating reflects delays by Shri Sarvoday in meeting its term
loan obligations, owing to cash flow mismatch.
Set up in 1963, Shri Sarvoday promotes higher education, as the
academic arm of Yogi Divine Society, Sokhada (Gujarat), and has
been engaged in educational activities for the past 45 years in
Rajkot (Gujarat). Initially, the trust operated two grant-aid
educational institutes—a school named Shri H L Gandhi Vidya Vihar
School, and a college named, Smt. M & N Virani Science College. In
1988, the present trustees took over the management and the trust
has since added more courses and institutes.
Currently, the trust operates five schools: Suharad Bal Mandir,
Atmiya Shishu Vidya Mandir, Shri Sarveshwar Vidya Mandir, Shri
H.L. Gandhi Vidya Vihar School, and Atmiya School Of Science
imparting education, from the nursery to twelfth standard level;
and seven colleges and institutes of higher education: Smt. M & N
Virani Science College and Shri Yogiji Maharaj Arts and Commerce
College, Atmiya Industrial Training Institute, Atmiya Institute of
Technology and Science, Gyanyagna College of Science and
Management, Atmiya Institute of Technology and Science for Diploma
Studies, Atmiya Institute of Pharmacy and Atmiya Institute of
Pharmacy for Diploma Studies.
Shri Sarvoday reported a surplus of INR55 million on fees income
of INR186.4 million for 2008-09 (refers to financial year, April 1
to March 31), as against a surplus of INR65 million on fees income
of INR141.4 million for 2007-08.
SRINIDHI COTTONS: CRISIL Places 'B' Rating on INR25MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B/Stable/P4' to Srinidhi
Cottons Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR25.00 Million Long Term Loan B/Stable (Assigned)
INR100.00 Million Cash Credit B/Stable (Assigned)
INR30.00 Million Letter of Credit P4 (Assigned)
The ratings reflect SCPL's weak financial risk profile marked by
large working capital borrowings, its small scale of operations,
and susceptibility to unfavorable changes in government policy
regarding the cotton industry. The impact of these rating
weaknesses is mitigated by the experience of SCPL's promoters in
the cotton industry.
Outlook: Stable
CRISIL believes that SCPL will stabilise its business risk profile
over the medium term on the back of its promoters' experience in
the cotton industry. The outlook may be revised to 'Positive' in
case of improvement in SCPL's financial risk profile because of
significant increase in its cash accruals. Conversely, the
outlook may be revised to 'Negative' if SCPL's financial risk
profile deteriorates significantly because of lower-than-expected
accruals or larger-than-expected debt-funded capital expenditure.
About Srinidhi Cottons
SCPL was incorporated in March 2008 in Karnataka by Mr. Nathmal
Innani. The promoters of the company were earlier into trading of
cotton and cotton yarn under a partnership concern, Kamal Trading
Company; the firm stopped operating after SCPL was formed.
SCPL started commercial production in December 2008. The company
is in the business of manufacturing cotton bales, involving
ginning and pressing of raw cotton and removal of cotton seeds.
It has a production capacity of 300 to 400 cotton bales per day.
Its main market is South India.
SCPL posted a profit after tax (PAT) of INR4 million on net sales
of INR151 million for 2008-09 (refers to financial year, April 1
to March 31).
SWASTIK POLYMERS: CRISIL Places 'B+' Rating on INR90MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its rating of 'B+/Stable/P4' to the bank
facilities of Swastik Polymers.
Facilities Ratings
---------- -------
INR90.0 Million Cash Credit^ B+/Stable(Assigned)
INR50.0 Million Proposed Term Loan B+/Stable(Assigned)
INR140.0 Million Letter of Credit P4(Assigned)
INR20.0 Million Stand By Letter P4(Assigned)
of Credit
^ INR 40.0 Million interchangeable with EPC
The ratings reflect Swastik's small scale of operations in the
polymer business, and moderate financial risk profile, marked by
moderate gearing and debt protection measures. These weaknesses
are, however, partially offset by the benefits that the firm
derives from its established presence in the compounds industry.
Outlook: Stable
CRISIL expects Swastik to maintain a stable credit risk profile on
the back of established relationships with customers and moderate
financial risk profile. The outlook may be revised to 'Positive'
if Swastik's capital structure and profitability improve
substantially. Conversely, the outlook may be revised to
'Negative' if the firm's gearing increases, and its debt
protection measures weaken on account of fresh debt taken to fund
capital expenditure.
About Swastik Polymers
Set up in 1998 as a partnership firm, Swastik manufactures
polyvinyl chloride (PVC) compounds, ethylene-vinyl acetate (EVA)
compounds, thermoplastic elastomer (TPR) compounds, and
masterbatch compounds. Its facility in New Delhi has capacity to
manufacture 6000 tonnes per annum (tpa) of EVA compounds, 1800 tpa
of PVC compounds, 700 tpa of TPR compound and 1000 tpa of
masterbatch compounds. The firm plans to set up a new unit at
Bahadurgarh (Haryana) in 2009-10 (refers to financial year, April
1 to March 31).
Swastik is estimated to report a book profit of INR 6.1 million on
net sales of INR 479.8 million for 2008-09, as against a book
profit of INR 3.3 million on net sales of INR 325.7 million for
2007-08.
VISWAAT CHEMICALS: Low Net Worth Cues CRISIL 'BB+' Ratings
----------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Viswaat Chemicals Ltd .
Facilities Ratings
---------- -------
INR80.0 Million Cash Credit BB+/Stable (Assigned)
INR45.0 Million Working Capital BB+/Stable (Assigned)
Demand Loan
INR50.0 Million Rupee Term Loan BB+/Stable (Assigned)
INR20.0 Million Letter of Credit P4+ (Assigned)
INR5.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Viswaat's moderate financial risk profile
marked by low net worth and moderate debt protection measures,
limited pricing flexibility, and susceptibility to volatile
commodity prices. These weaknesses are partially offset by the
benefits that the company derives from its diversified customer
base.
Outlook: Stable
CRISIL expects Viswaat to sustain its financial risk profile over
the medium term. The outlook may be revised to 'Positive' if the
company enhances its scale of operations, while maintaining its
operating margins. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
materially on account of large, debt-funded capital expenditure.
About Viswaat Chemicals
Set up by Mr. Vivek Shetty in 1996, Viswaat commenced commercial
operations as a trader in speciality chemicals. Subsequently, it
set up a plant at Ambernath and started manufacturing speciality
chemicals and drug intermediaries. The products are used in
diverse industries such as leather, pharmaceuticals, textiles,
construction, and agrochemicals.
Viswaat reported a profit after tax (PAT) of INR16.6 million on
gross sales of INR761.5 million for 2008-09 (refers to financial
year, April 1 to March 31), as against a PAT of INR13.1 million on
gross sales of INR612.5 million for 2007-08.
=================
I N D O N E S I A
=================
BAKRIE LIFE: Customer Group Threatens Legal Action
--------------------------------------------------
The Jakarta Globe reports that a group representing Bakrie Life
customers said it would sue the insurer if talks with the company
on paying IDR350 billion (US$37.1 million), plus interest, failed
to produce a resolution.
The Globe relates that the Customer Funds Rescue and Return Group,
which represents about 70 out of 400 clients who put their money
in the company's Diamond Investa product, met with a lawyer in
Jakarta on Tuesday.
"After a long discussion on our case, I think that our chances of
winning in court look good," the report quoted Leonard Sangkaen, a
member of the group, as saying. The group was ready to take legal
action if Bakrie Life failed to set out a clear schedule of
payments, he said.
As reported in the Troubled Company Reporter-Asia Pacific on
September 24, 2009, The Jakarta Post said the Capital Market and
Financial Institutions Supervisory Agency (Bapepam-LK) granted
Bakrie Life the one-month period it had requested to settle a
dispute with customers.
The supervisory body launched an investigation into Bakrie Life
after the company's customers complained to Bapepam-LK they had
not been able to cash in their investment funds since late last
year. According to the Post, the funds are invested in an
investment product called Diamond Investa, in which 80% of the
fund is linked to the performance of shares in the capital market.
Bakrie Life is one of the Bakrie Group's units that specialize in
the life insurance sector. It was established in 1996 in Jakarta,
Indonesia. BNBR owns Bakrie Life through its subsidiary, Bakrie
Capital, which controls 91% of ownership in the insurance company,
the remaining 9% being owned by the company's cooperative network.
PERUSAHAAN LISTRIK: To Issue IDR1.5 Tril. Rupiah-bonds by Year-end
------------------------------------------------------------------
The Jakarta Post reports that PT Perusahaan Listrik Negara will
sell rupiah-denominated bonds with a total value of up to IDR1.5
trillion after successfully selling US$1.25 billion global (dollar
denominated) bonds.
According to the report, PLN's vice president director Rudiantara
said the issuance of the bonds has been registered with the
Capital Market and Financial Institutions Supervisory Agency
(Bapepam-LK).
"We have registered this with Bapepam in the third week of
October. We are looking to sell up to Rp 1.5 trillion of bonds,
but still monitoring market conditions," the report quoted Mr.
Rudiantara as saying. "We expect to offer the bonds to the market
by the end of this year," he added.
The report relates Mr. Rudiantara said the funds generated from
the bonds would be used for general purposes, including for PLN's
capital expenditure.
PLN has appointed Danareksa and Mandiri Sekuritas as the bonds'
underwriters.
Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity
to around 30 million customers, roughly 60% of Indonesia's
population. The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 18, 2009, Moody's Investors Service upgraded to Ba2 from
Ba3 the corporate family rating and senior unsecured bond rating
of PT Perusahaan Listrik Negara. This rating action follows
Moody's decision to upgrade to Ba2 from Ba3 the Indonesian
government's long-term foreign-currency and local-currency
ratings. The ratings outlook is stable, consistent with the
outlook on the government ratings.
=========
J A P A N
=========
ANDANTE LTD: S&P Cuts Ratings on Two Classes of Notes to 'CC'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CC' from 'CCC-' its
ratings on the class A-1 and A-2 collateralized credit-linked
notes, issued under the Andante Ltd. series 2 transaction. This
is an arbitrage synthetic CDO transaction referencing 60 global
names, and it has a total issuance amount of JPY5 billion. S&P
downgraded classes A-1 and A-2 because credit event notices have
been issued under the terms of the transaction and the cash
settlement date is scheduled on Nov. 10, 2009.
Ratings Lowered
Andante Ltd.
JPY5 billion credit-linked secured notes series 2 due 2010
Class To From Issue Amount
----- -- ---- ------------
A-1 CC CCC- JPY1.7 bil.
A-2 CC CCC- JPY1.3 bil.
ELPIDA MEMORY: To Outsource Chip Production to ProMOS Technologies
------------------------------------------------------------------
Elpida Memory Inc. will outsource some production of 65-nanometer
semiconductors to Taiwan's ProMOS Technologies Inc. from the
second of 2010, Bloomberg News reports citing Elpida spokesman
Hiroshi Tsuboi.
Elpida Memory Inc. (TYO:6665) -- http://www.elpida.com/ja/-- is a
Japan-based company principally engaged in the development,
design, manufacture and sale of semiconductor products, with a
focus on dynamic random access memory (DRAM) silicon chips. The
main products are DDR3 SDRAM, DDR2 SDRAM, DDR SDRAM, SDRAM, Mobile
RAM and XDR DRAM, among others. The Company distributes its
products to both domestic and overseas markets, including the
United States, Europe, Singapore, Taiwan, Hong Kong and others.
The company has eight subsidiaries and two associated companies.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 23, 2009, Standard & Poor's Ratings Services lowered to 'B+'
from 'BB-' its long-term corporate credit and senior unsecured
ratings on Elpida Memory Inc., and placed the ratings on
CreditWatch with negative implications.
According to the rating agency, the downgrade and CreditWatch
placement reflect the material weakening of the company's
financial soundness, due to continued losses stemming from
deteriorating market conditions and uncertainty over the company's
short-term liquidity.
JAPAN AIRLINES: American & Delta Ratchet Lobbying Effort
--------------------------------------------------------
Mariko Sanchanta at the Wall Street Journal in Tokyo reports that
American Airlines stepped up its lobbying effort for a stronger
alliance with Japan Airlines Corp. American, according to the
report, told policy makers and industry executives that a deal
could offer $80 million to $100 million in new annual revenue and
cost savings beginning next summer.
The report also notes that people familiar with the matter said
rival Delta Air Lines Inc. is willing to assume costs JAL would
incur if it left its current alliance with American and joined
Delta. Those costs could total $15 million to $20 million, these
people said, according to the report.
Delta is a member of the SkyTeam airline alliance. JAL, like
American, currently belongs to the oneworld alliance.
The alliances permit the airlines to share passengers. JAL's
membership in an alliance would offer members access to its
lucrative Asian routes, the report notes.
Sources told the Journal that American has been showing government
officials and JAL senior management a presentation entitled the
"Oneworld Total Value Proposition." The Journal relates that,
according to people who have seen the document, American's
presentation:
-- shows that an American-JAL alliance would significantly
boost JAL's revenue should the U.S. and Japan reach a new
open-skies deal;
-- underlines the fact that several oneworld members are keen
to expand their relationship with JAL, including British
Airways, which has expressed an interest in a joint
venture with JAL.
-- estimates a switch to the Delta alliance would cost JAL
more than $500 million in lost revenue in the first two
years from disentangling frequent-flier agreements and
lost traffic shared with other airlines.
The Journal says it is unclear what the actual financial impact of
a JAL switch to SkyTeam from oneworld would be, but the process
could be complex. "If JAL had been starting from zero, a SkyTeam
alliance would have made more sense," the Journal quotes Yoshihisa
Akai, the managing director of Japan Aviation Management Research,
a think tank, as saying. "But extricating itself from oneworld
will be a massive task."
American and Delta are offering to buy minority equity stakes in
JAL.
The Journal notes that Edward Bastian, Delta's president, has been
in Tokyo for five of the past six weeks, said one of the people
familiar with the matter. The Journal adds that Delta has hired
investment bank Goldman Sachs Group Inc. and public-relations firm
Fleishman-Hillard to advise it on a possible alliance with JAL.
American has tapped Global Advisory Japan, a unit of Rothschild,
the report says.
About AMR Corp.
Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline. At the end of 2006, American provided scheduled jet
service to about 150 destinations throughout North America, the
Caribbean, Latin America, including Brazil, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.
Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle." American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.
* * *
AMR carries a 'CCC' issuer default rating from Fitch Ratings. It
has 'Caa1' corporate family and probability of default ratings
from Moody's. It has 'B-' corporate credit rating, on watch
negative, from Standard & Poor's.
About Delta Air Lines
With its acquisition of Northwest Airlines, Atlanta, Georgia-based
Delta Air Lines (NYSE: DAL) -- http://www.delta.com/or
http://www.nwa.com/-- became the world's largest airline
following merger with Northwest Airlines in 2008. From its hubs
in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul,
New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its
Northwest subsidiary and Delta Connection carriers offer service
to more than 376 destinations worldwide in 66 countries and serves
more than 170 million passengers each year. The merger closed on
October 29, 2008.
Northwest and 12 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17930).
On May 21, 2007, the Court confirmed the Northwest Debtors'
amended plan. That amended plan took effect May 31, 2007.
Delta and 18 affiliates filed for Chapter 11 protection on
September 14, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-17923).
Marshall S. Huebner, Esq., at Davis Polk & Wardwell, represented
the Delta Debtors in their restructuring efforts. On April 25,
2007, the Court confirmed the Delta Debtors' plan. That plan
became effective on April 30, 2007.
(Bankruptcy Creditors Service Inc. publishes Delta Air Lines
Bankruptcy News, http://bankrupt.com/newsstand/or 215/945-7000).
* * *
Delta Air Lines has $44,480,000,000 in assets against total debts
of $43,500,000,000 in debts as of June 30, 2009.
Delta Air Lines and Northwest Airlines carry a 'B/Negative/--'
corporate ratings from Standard & Poor's. They also continue to
carry 'B2' corporate family ratings from Moody's.
About JAL
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies. The Air
Transportation segment is engaged in the operation of passenger
and cargo planes. The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business. The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages. The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication. The Company has numerous global operating
locations.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
As reported by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.
JAPAN AIRLINES: Likely Restructuring Cues S&P to Junk Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'CCC' from 'B-' its
long-term corporate credit ratings on Japan Airlines Corp. and
Japan Airlines International Co. Ltd., its wholly owned
subsidiary, and to 'CCC+' from 'B' its senior unsecured ratings on
both companies. The ratings remain on CreditWatch with negative
implications, where they were placed on Sept. 18, 2009, and
maintained on Oct. 16, 2009.
The ratings action is based on S&P's view that the likelihood has
increased that restructuring at JAL, which will be led by the
Enterprise Turnaround Initiative Corporation of Japan, will
include debt forgiveness, a debt-for-equity swap, or some other
form of debt reduction.
Standard & Poor's sees a strong likelihood that JAL will opt for
debt forgiveness by its creditor financial institutions or for DES
in its restructuring plan, which is now being drafted. The
government has announced its policy to support JAL's short-term
cash management, which is expected to underpin JAL's liquidity for
a short period. However, Standard & Poor's is of the opinion that
JAL needs to take drastic financial as well as operational
measures, which could include decreasing unprofitable routes and
reducing operational expenses, at the earliest possible stage to
achieve its rehabilitation under difficult business circumstances.
Should JAL announce debt forgiveness or DES as a part of its
restructuring plan, Standard & Poor's will lower its long-term
corporate credit rating on JAL and its subsidiary to 'CC'. The
rating will then be lowered to 'SD' upon implementation of debt
forgiveness or DES. S&P has maintained a one-notch gap between
the corporate credit and senior unsecured ratings based on S&P's
view that debt reduction is more likely to take the form of debt
forgiveness or DES. However, Standard & Poor's also believes it
is difficult to completely rule out the possibility that debt
reduction measures might include the cancellation of existing
corporate bonds issued by the company, which account for slightly
over 10% of the company's outstanding debt on its balance sheet.
Standard & Poor's will lower both its corporate credit and senior
unsecured ratings to 'D' if creditor banks fail to reach an
agreement on the restructuring plan and JAL chooses to file for
bankruptcy protection.
JAPAN AIRLINES: To Scrap Unprofitable Routes by June 2010
---------------------------------------------------------
Mariko Sanchanta at the Wall Street Journal in Tokyo reports that
Japan Airlines Corp. said it would scrap a total of 17
unprofitable domestic and international routes by June. The route
cuts -- including 13 announced previously -- will enable the
company to improve its operating income by JPY12.2 billion ($135
million), according to a spokeswoman, the report notes.
The Journal notes that American Airlines and Delta Air Lines have
stepped up lobbying effort for a stronger alliance with JAL.
American and Delta are offering to buy minority equity stakes in
JAL, which could give the cash-strapped carrier some badly needed
funds, the report says.
About JAL
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a Japan-
based holding company that is active in five business segments
through its 225 subsidiaries and 82 associated companies. The Air
Transportation segment is engaged in the operation of passenger
and cargo planes. The Air Transportation-Related segment is
engaged in the transportation of passengers and cargoes, the
preparation of in-flight food catering, the maintenance of
aircraft and land equipment, as well as the fueling business. The
Travel Planning and Marketing segment is involved in the planning
and sale of travel packages. The Card and Leasing segment is
engaged in the provision of finance, cards and leasing services.
The Others segment is involved in businesses related to hotels,
resorts, logistics, wholesale, retail, real estate, printing,
construction, manpower dispatch, as well as information and
communication. The Company has numerous global operating
locations.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
As reported by the Troubled Company Reporter on November 3, 2009,
Moody's Investors Service has downgraded the long-term debt rating
and issuer rating of Japan Airlines International Co., Ltd. To
Caa1 from B1, and will continue to review both ratings for further
possible downgrade.
=========
N E P A L
=========
HETAUDA TEXTILES: Placed Into Liquidation
-----------------------------------------
The government of Nepal has decided to send Hetauda Textiles
Factory (HTF) into liquidation, citing that the revival of the
dead industry was not possible, a report posted at myrepublica.com
says.
A senior official at Ministry of Industry told myrepublica.com
that "We had to admit to the cabinet that past attempts to revive
the failed and long-closed industry only added financial loss and
burden to the government."
According to the report, HTF was closed eight years ago after it
posted a huge financial loss due to its failure to compete with
imported textiles, mainly from India. Prior to the closure, says
myrepublica.com, the factory used to consume 1,200 tons of cotton
and was employing about 1,200 people.
The report says the government had decided to privatize the
factory but its privatization effort hit snag after no one applied
to the bid that the government called some four years ago.
Hetauda Textiles Factory is a state-owned textile company.
====================
N E W Z E A L A N D
====================
LAKE ESPLANADE: Winding Up Petition Hearing Moved to December 2
---------------------------------------------------------------
Jazial Crossley at The National Business Review reports that it
will be at least one more month before Strategic Nominees gets its
chance to try winding up Nielsen-brothers development company Lake
Esplanade Management Company (QT).
NBR says the lender's application to wind up the development
company, which was behind several Queenstown property projects,
was due to be heard in the High Court at Auckland on November 4.
However, Associate Judge Hannah Sargisson granted Lake Esplanade
Management (QT) more time to prepare documentation, with the case
adjourned for one month, the report states.
The liquidation hearing will now take place on December 2, NBR
says.
According to NBR, Strategic Nominees and Strategic Finance both
have not been repaid funds leant to the Nielsen-brothers company
for the Queenstown properties.
Many Nielsen-brothers companies are already in receivership and/or
liquidation including Ayr Street Townhouses, Queenstown Villas
(NZ) and Mondrian Property Holdings.
SOL SQUARE: IRD Presses Henderson to Stick to Court Timetable
-------------------------------------------------------------
Karen Clark, QC, told Associate Judge Rob Osborne at The High
Court in Christchurch on Monday that flagrant disregard for court
timetables by companies connected with developer David Henderson
warranted their liquidation, Martin Van Beynen writes for The
Press.
According to the report, the court heard an application by Inland
Revenue to liquidate two of Mr. Henderson's SOL Square companies,
Char Char and Yellow Cross Brewing Company (in receivership), over
tax debts.
The Press says the timetable had been set for an action by the
department against two related Mr. Henderson companies -- Edward J
Schwartz Entertainment (in receivership) and Atlas Food and
Beverage.
The action challenges a payment proposal agreed by creditors of
the companies on October 2, according to the report.
The Press states Ms. Clark pointed out that Mr. Henderson had
agreed to a timetable on September 8 that required him to file
essential court documents by October 16. However, Ms. Clark said
the proceedings had been marred by "serial delays and
prevarications" by the defendants, the Press relates.
The Press notes Ms. Clark said the defendants' breaches of their
obligations to pay tax and to adhere to the court timetable were
flagrant, serious and an abuse of process.
The Press meanwhile relates that Austin Forbes, QC, for Mr.
Henderson and his companies, said he could not argue the date had
been met, but the matter had always needed more time.
The Press further says Mr. Forbes disputed the need for urgency as
Char Char owed only about NZ$20,000 in tax, which would be paid in
14 days, and tax debts for Yellow Cross (about NZ$68,000) were in
the hands of the receivers.
As reported in the Troubled Company Reporter-Asia Pacific on
October 27, 2009, The Press said six SOL Square bars in central
Christchurch are for sale after being placed in the hands of
receivers PricewaterhouseCoopers.
The bars were placed into receivership in July when three of
Mr. Henderson's SOL Square companies were placed in receivership
by Dominion Breweries, which is owed about NZ$1.1 million.
The six SOL Square bars for sale are Yellow Cross, La Petite
Croix, Vinum, Fat Eddie's, Cleaners Only and The Fish & Chip Shop.
=================
S I N G A P O R E
=================
CHARTERED SEMICONDUCTOR: Shareholders Approve ATIC's Offer
----------------------------------------------------------
Shareholders of Chartered Semiconductor Manufacturing on Wednesday
voted in favor of Advanced Technology Investment Company LLC's
takeover offer.
The proposal was approved by 82.56% of the shareholders present
and voting in person or by proxy, representing 99.83% of the
shares held by shareholders, Chartered Semiconductor and ATIC said
in a joint statement.
"Chartered shareholders have spoken overwhelmingly in favor of the
acquisition, and I believe this reflects their recognition that
the offer by ATIC provides them with an opportunity to realize
their investment. While the acquisition still requires other
customary approvals, today's vote was an important milestone in
the overall process. We want to thank Chartered shareholders for
their careful consideration, participation, and support, as we
believe this offer enables Chartered to accelerate its goal of
becoming a leading player in the semiconductor industry," said Jim
Norling, chairman of the board of directors at Chartered.
On September 7, ATIC made its offer by way of a Scheme under
section 210 of the Companies Act of Singapore. Following
shareholder approval, the Scheme still requires approval by the
High Court and other certain approvals. The Scheme shall become
effective and binding upon the lodgement of a copy of the order of
the Court approving the Scheme with the Accounting and Corporate
Regulatory Authority of Singapore.
"This is another positive step toward the combination of two great
companies, Chartered and Globalfoundries," said Ibrahim Ajami,
chief executive officer of ATIC. "By bringing together the
talent, technology and experience of both companies and supporting
it with our long-term philosophy and patient capital, we offer
something unique and competitive to customers and partners in this
industry."
ATIC is a technology investment company wholly owned by the
government of Abu Dhabi. This acquisition is its second major
investment in the semiconductor industry and follows the company's
March 2009 creation of GLOBALFOUNDRIES, a U.S.-headquartered,
leading-edge semiconductor manufacturing company and a joint
venture with AMD. The acquisition of Chartered is made through
ATIC International Investment Company LLC, a wholly owned
subsidiary of ATIC. Once the transaction is completed, ATIC will
be the sole owner of Chartered.
About Chartered Semiconductor
Chartered Semiconductor Manufacturing Ltd. (Nasdaq: CHRT and SGX-
ST: CHARTERED) -- http://www.charteredsemi.com/-- based in
Singapore, is a semiconductor foundry, which provides wafer
fabrication services and technologies to semiconductor suppliers
and systems companies. The company focuses on providing foundry
services to customers that serve technologically advanced
applications for the communication, computer and consumer sectors.
As of December 31, 2008, Chartered owns, or have an interest in,
six fabrication facilities, Fabs 2, 3, 3E, 5, 6 and 7, all of
which are located in Singapore. Fab 7 is its only 300-mm
facility. The company have service operations in 9 locations in 7
countries throughout North America, Europe and Asia. In March
2008, the company completed its acquisition to purchase 100% of
the shares in Chartered Tampines, which owns and operates an
eight-inch wafer fabrication facility, or Fab 3E, located in
Singapore.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
October 29, 2009, Moody's Investors Service downgraded Chartered
Semiconductor's corporate family and senior unsecured bond ratings
to B1 from Ba2. The ratings also remain under review with
uncertain direction.
On Sept. 10, 2009, the TCR-AP reported that Fitch Ratings placed
Chartered Semiconductor's Long-term foreign currency Issuer
Default Rating and outstanding senior unsecured debt rating of
'BB-' on Rating Watch Evolving, following news of its proposed
acquisition by Advanced Technology Investment Corporation, which
is wholly owned by the government of Abu Dhabi.
A TCR-AP report on Sept. 15, 2009, said Standard & Poor's Ratings
Services owered the long-term corporate credit rating on Chartered
Semiconductor Manufacturing Ltd. to 'BB-' from 'BB'. At the same
time, S&P also lowered the issue rating on the company's senior
unsecured notes to 'BB-' from 'BB'. S&P revised the CreditWatch
implications of both ratings to developing from negative. The
ratings were originally placed on CreditWatch on July 3, 2009.
===========
T A I W A N
===========
AU OPTRONICS: October 2009 Revenue Down 3.4% to NT$39.60 Billion
----------------------------------------------------------------
AU Optronics Corp. announced its preliminary consolidated October
2009 revenue of NT$39.60 billion, down by 3.4% from the previous
month but up 45.3% from the same period last year.
AU Optronics said in a statement that since some IT panels
applications are in seasonal slowdown, the large-sized panel
shipments for October 2009, with applications on desktop monitor,
notebook PC, LCD TV and other applications, were close to 8.96
million units, a decrease of 4.5% from September 2009. As for
small- and medium-sized panels, the shipments grew to 25.93
million units, up 9.9% compared to last month.
Alliance Talks with Haier Group
Bloomberg News, citing the Commercial Times, reports that AU
Optronics Corp. and Haier Group Corp. have entered talks for a
strategic alliance.
Bloomberg relates the Times said Haier Chief Executive Officer
Zhang Ruimin recently finished a six-day trip to Taiwan while AUO
Chairman KY Lee was cited as saying that Haier is a customer while
the possibility of further cooperation exists.
About AU Optronics
Based in Taiwan, AU Optronics Corp. -- http://www.auo.com/--
designs, develops, manufactures, assembles and markets flat panel
displays. The Company's principal products are thin-film
transistor-liquid crystal display (TFT-LCD) panels. Its panels
are used in computer products, such as notebook computers and
desktop monitors; consumer electronics products, such as mobile
phones, digital photo frames, digital still cameras, portable
navigation display, portable digital video disc players, LCD
televisions, and industrial displays. The Company sells its
panels primarily to original equipment manufacturing service
providers or brand customers. The Company groups its business
into three marketing channels: Information Technology Displays,
Consumer Products Displays and Television Displays. In March 2008
and June 2008, the Company acquired 45% and 26% of equity
interests in Verticil Electronic Corp. and Dazzo Technology
Corporation, respectively.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2009, Fitch Ratings downgraded AU Optronics Corporation's
Long-term foreign and local currency Issuer Default Ratings to
'B+' from 'BB-', and its National Long-term Rating to 'BBB-(twn)'
from 'BBB(twn)'. The Outlook remains Negative. The rating
actions reflect the agency's view that the company's projected
credit metrics for 2009 will not be comparable to its peers in the
'BB' category.
===============
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 39033742.73 -860795.01
ALLSTATE EXPL-PP ALXCC 16169603.2 -50619940.96
ALLSTATE EXPLORA ALX 16169603.2 -50619940.96
ANTARES ENERGY L AZZ 13709735.08 -1955765.01
ARC EXPLORATIO-N ARXN 58544299.4 -15958771.93
ARC EXPLORATION ARX 58544299.4 -15958771.93
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
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
TERRITORY RESOUR TTY 78228985.46 -3340627.52
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 186715365.62 -176172893.15
ANHUI KOYO GROUP 979 60095557.3 -52690109.57
BAO LONG ORIENTA 600988 16377750.71 -3240620.82
CHANG LING GROUP 561 38762049.02 -11329795.61
CHENGDU UNION-A 693 52165432.95 -7597337.92
CHINA EAST AIR-A 600115 10663617937.55 -669018244.31
CHINA KEJIAN-A 35 83777990.18 -182385776.83
CHINESE.COM LOGI 805 12863797.92 -10344736.06
DANDONG CHEM F-A 498 100503616.6 -111136778.31
DONGGUAN FANGD-A 600656 62015004.14 -10113540.83
DONGXIN ELECTR-A 600691 20724702.93 -6133630.21
GAOXIN ZHANGTO-A 2075 119522500.57 -30482708.26
GUANGDONG HUAL-A 600242 19919002.62 -2062133.21
GUANGDONG KEL-A 921 650072211.91 -103760527.2
GUANGMING GRP -A 587 48717132.13 -47591274.78
GUANGXI BEISHE-A 600556 103117750.75 -138381185.31
GUANGXIA YINCH-A 557 19312064.17 -37899432.38
HEBEI BAOSHUO -A 600155 133526389.53 -358418197.58
HEBEI JINNIU C-A 600722 241278846.12 -228118601.81
HUDA TECHNOLOG-A 600892 21311206.3 -2895690.19
HUNAN ANPLAS CO 156 50288007.12 -83158991.31
JIAOZUO XIN'AN-A 719 14229704.96 -7806228.22
QINGHAI SUNSHI-A 600381 53430938.15 -26418232.17
SHAANXI QINLIN-A 600217 233974560.07 -21072058.3
SHANG HONGSHENG 600817 17195946.36 -397044828.42
SHANG LIANHUA-A 600617 15681816.46 -1544918.91
SHANG LIANHUA-B 900913 15681816.46 -1544918.91
SHANGHAI WORLDBE 600757 181367559.65 -127597593.64
SHENZ CHINA BI-A 17 27968310.96 -264106065.1
SHENZ CHINA BI-B 200017 27968310.96 -264106065.1
SHENZ SEG DASH-A 7 61819712.4 -3403468.93
SHENZHEN DAWNC-A 863 28806239.39 -155220111.2
SHENZHEN KONDA-A 48 195270812.62 -14899608.82
SHENZHEN SHENXIN 34 23960824.39 -166323495.41
SHIJIAZHUANG D-A 958 235063468.55 -54144939.27
SICHUAN DIRECT-A 757 128388979.9 -118667098.38
SUNTEK TECHNOL-A 600728 37921349.96 -21207299.94
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 78159663.43 -14223854.17
TOPSUN SCIENCE-A 600771 183017873.28 -138219542.25
WINOWNER GROUP C 600681 11441386.17 -70778286.86
WUHAN BOILER-B 200770 425205467.18 -59127896.04
WUHAN GUOYAO-A 600421 11452683.85 -39410107.27
XIAMEN OVERSEA-A 600870 316697544.56 -153952891.08
YUEYANG HENGLI-A 622 37274086.29 -15525013.51
YUNNAN MALONG-A 600792 144996362.47 -10651003.29
ZHANGJIAJIE TO-A 430 52226364.35 -5625101.14
HONG KONG
21 HOLDINGS LTD 1003 43646556.17 -4262036.57
APTUS HLDGS LTD 8212 49964062.48 -11190766
ASIA TELEMEDIA L 376 16618871.08 -5369335.42
BEAUFORTE INV 21 12327016.69 -2955593.7
CHINA EAST AIR-H 670 10663617937.55 -669018244.31
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 60255000 -14419000
HISENSE ELEC-H 921 650072211.91 -103760527.2
HUTCHISON TELE H 215 2400098040.83 -366059762.21
JIAN EPAYMENT 8165 12943183.73 -1516828.52
MITSUMARU EAST K 2358 38170722.85 -1449668
NEW CITY CHINA 456 113178595.41 -9932226.54
NINGBO YIDONG-H 8249 55690342.44 -22047522.03
PAC PLYWOOD 767 75639000 -5411000
PALADIN LTD 495 157691358.46 -6232217.57
PALADIN LTD -PRE 642 157691358.46 -6232217.57
PCCW LTD 8 5990928703.57 -394965167.61
PROVIEW INTL HLD 334 412845082.41 -191257992.5
SANYUAN GROUP LT 140 15148448.77 -1587205.23
WAI CHUN MINING 660 12791013.67 -14603647.06
INDONESIA
BANK MUTIARA 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 28574747.93 -34354941.95
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 248504328.81 -92414388.08
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 114362122.22 -185510212.55
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
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 45562399.88 -43272851.09
ITI LTD ITI 1116207771.94 -800236.54
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 13506415.91 -3030846.61
JOG ENGINEERING VMJ 50080964.36 -10076436.07
KALYANPUR CEMENT KCEM 32038613.71 -26757740.06
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 18310810.9 -40438966.11
NATH PULP & PAP NPPM 13588844.93 -39126079.65
NICCO UCO ALLIAN NICU 28843462.7 -56773550.08
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
RAMA PHOSPHATES RMPH 34066789.55 -1192495.62
RATHI ISPAT LTD RTIS 44555929.56 -3933592.5
RELIGARE TECHNOV RTCL 44130883.78 -1460240.41
RENOWNED AUTO PR RAP 14120061.57 -1253759.75
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
STERLING HOL RES SLHR 52909027.3 -631043.63
STERLING HOL-FOR SLHR/F 52909027.3 -631043.63
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 145706493.29 -114873890.12
USHA INDIA LTD USHA 12064900.61 -54512967.31
VENTURA TEXTILES VRTL 14254627.45 -325402.59
WINDSOR MACHINES WML 14500894.45 -28144999.02
WIRE AND WIRELES WNW 102422193.22 -37057061.49
JAPAN
ARDEPRO 8925 345613037.14 -207111362.39
AVIX INC 7836 19009420.72 -2125138.36
COSMOS INITIA CO 8844 2333430615.87 -454804416.82
DDS INC 3782 10683845.35 -5696657.23
G-TRADING 3348 32944112.56 -22016255.44
HARAKOSAN CO 8894 265026322.03 -21407690.82
L CREATE CO LTD 3247 42344509.56 -9146496.9
NESTAGE CO LTD 7633 11772250.32 -12201325.38
PLACO CO LTD 6347 19727184.96 -1662140.28
PRIME NETWORK 2684 15052085.28 -8379329.03
PROPERST CO LTD 3236 854806960.92 -17847055.11
REMIXPOINT CO LT 3825 13032512.99 -1159815.17
SAIKAYA CO LTD 8254 398458490.74 -17564816.07
SPC ELECTRONICS 6818 124705573.68 -13095644.59
TERRANETZ CO LTD 2140 11633353.37 -4293462.63
KOREA
AJU MEDIA SOL-PF 44775 13822171.46 -1245278.05
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
HARVEST-RIGHTS- HARR1 10993283.82 -7102079.77
LITYAN HLDGS BHD LIT 14275991.47 -29485796.94
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
PRIME ORION PHIL POPI 90349299.63 -5122560.28
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 162041208.32 -79858191.23
PICNIC CORPORATI PICNI/F 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 TECHNOL-EC 2479S 23385923.43 -24115022.26
HELIX TECH-EC IS 2479U 23385923.43 -24115022.26
HELIX TECH-EC 2479T 23385923.43 -24115022.26
TAIWAN KOLIN-ENT 1606W 507206787.88 -147139297.7
TAIWAN KOLIN-EN 1606V 507206787.88 -147139297.7
TAIWAN KOL-E CRT 1606U 507206787.88 -147139297.7
VERTEX PRECISION 5318 43037265.55 -2305484.43
VERTEX PREC-ENTL 5318T 43037265.55 -2305484.43
YEU TYAN MACHINE 8702 39574168.04 -271070409.72
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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.
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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.
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