/raid1/www/Hosts/bankrupt/TCRAP_Public/100127.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
Wednesday, January 27, 2010, Vol. 13, No. 018
Headlines
H O N G K O N G
CITIC PACIFIC: Former Chairman Wins Bid to Use Lawyers
DIANOOR JEWELCRAFT: Provisional Liquidators Appointed
DICKSON (CHINA): Members' and Creditors Meetings Set for Feb. 22
DICKSON CONSTRUCTION: Annual Meetings Set for February 22
DICKSON PROPERTIES: Annual Meetings Set for February 22
ENTROPY FAMILY: Members' Final Meeting Set for March 1
ERAMET CHINA: Yu Shing Ko Steps Down as Liquidator
ERSTE VIENNA: Lees and Ng Step Down as Liquidators
EURODAY INTERNATIONAL: Kwan Kwok Wah Appointed as Liquidator
EXCEL INTERNATIONAL: Creditors' Meeting Set for February 12
FORTUNEARN (HK): Creditors' Proofs of Debt Due February 8
GOLDEN DRAGON: Chiu Fan Wa Appointed as Liquidator
GOWIN TECHNOLOGY: Court to Hear Wind-Up Petition on March 10
HENLY ENGINEERING: Annual Meetings Set for February 23
HK FAR: Creditors' Proofs of Debt Due February 22
HKSC FOODS: Creditors' Proofs of Debt Due February 26
H & N SLIMMING: Court Enters Wind-Up Order
HOUSE OF CHRISTIANIA: Court to Hear Wind-Up Petition on March 3
HUNG TAT: Court to Hear Wind-Up Petition on February 24
IATOPIA FINANCE: Yeung Chi Wai Appointed as Liquidator
IATOPIA GROUP: Yeung Chi Wai Appointed as Liquidator
I N D I A
BIHAR RAFFIA: ICRA Assigns 'LBB+' Rating on INR125MM Cash Credit
COCHIN FROZEN: CRISIL Reaffirms 'B' Rating on INR8.8MM LT Loan
EXPORT-IMPORT BANK: Moody's Assigns Rating on Senior Bonds
GIRIJA MODERN: CRISIL Reaffirms 'BB' Rating on INR50MM Term Loan
JET AIRWAYS: Swings to 3Q Profit on Lower Costs
JUPITER ALLOYS: CRISIL Reaffirms 'BB+' Rating on INR91MM Term Loan
JUPITER WAGONS: CRISIL Assigns 'BB+' Rating on INR170MM Term Loan
KOHINOOR STEEL: CRISIL Places 'BB-' Rating on INR1.07 Bil. Loan
MADRAS HYDRAULIC: CRISIL Assigns 'BB+' Rating on INR61.7MM LT Loan
NEOGEN CHEMICALS: CRISIL Reaffirms 'BB-' Rating on INR40MM LT Loan
PALLAVI ENTERPRISES: CRISIL Reaffirms 'BB' Rating on INR100MM Loan
PARASNATH INDUSTRIES: CRISIL Rates INR99.9MM Cash Credit at 'BB'
RANJITPURA INFRASTRUCTURE: ICRA Rates INR131MM Term Loan at 'LBB+'
RANGA RAJU: ICRA Assigns 'LBB' Rating on INR600MM Long Term Loan
S.K.B. BUILDERS: CRISIL Places 'BB+' Rating on INR70MM Cash Credit
SRC PROJECTS: Weak Liquidity Cues CRISIL to Assign 'C' Ratings
TATA MOTORS: Jaguar Land Rover CEO David Smith to Step Down
TATA STEEL: Inks Strategic Deal with NMDC on Mine Exploration
TRIBHOVANDAS BHIMJI: CRISIL Reaffirms 'BB' Rating on Cash Credit
VANTECH CHEMICALS: CRISIL Assigns 'BB-' on Various Bank Facilities
I N D O N E S I A
LISTRINDO CAPITAL: S&P Affirms 'BB-' Rating on US$300 Mil. Notes
* INDONESIA: Fitch Upgrades Issuer Default Ratings to 'BB+'
J A P A N
JAPAN AIRLINES: Kyocera Asks Workers to Fly with JAL
K O R E A
DAEWOO INT'L: Creditors to Put Firm Up for Sale Soon
HYNIX SEMICONDUCTOR: Moody's Gives Stable Outlook on 'B1' Rating
KUMHO ASIANA: Creditors to Provide KRW170BB Financial Aid
N E W Z E A L A N D
BRIDGECORP LTD: SFO Sets March 31 Deadline To Decide on Probe
CHAMPIONS OF THE WORLD: Wind-Up Application Withdrawn
FIVE STAR: SFO Sets March 31 Deadline to Decide on Probe
P A P U A N E W G U I N E A
PAPUA NEW GUINEA: Fitch Affirms Issuer Default Ratings at 'B+'
P H I L I P P I N E S
ATLAS CONSOLIDATED: Unit to Spend US$40 Million for Mine Upgrade
S I N G A P O R E
CHINA FISHERY: Secondary Listing Won't Affect 'B1' Ratings
G A LAND: Final Meeting Set for February 26
LABRADOR PTE: Court to Hear Wind-Up Petition on February 5
MACH MEDIA: Member and Creditors Meeting Set for February 25
T H A I L A N D
PRESIDENT AGRI: Under Court Receivership; Owes THB6.23 Bil.
X X X X X X X X
* Moody's Says Asia-Pacific Sovereign Ratings Shows Resiliency
* Upcoming Meetings, Conferences and Seminars
- - - - -
================
H O N G K O N G
================
CITIC PACIFIC: Former Chairman Wins Bid to Use Lawyers
------------------------------------------------------
Debra Mao and Kelvin Wong at Bloomberg News report that Larry
Yung, the former chairman of Citic Pacific Ltd., won his bid to
defend Hong Kong shareholders' claims in a court with lawyers.
According to Bloomberg, Hong Kong Small Claims Tribunal
adjudicator Wong Lai Wing said Monday that the case involves
complex legal issues that the tribunal didn't have the resources
to investigate. Legal representation isn't allowed in the
tribunal, which hears claims for less than HK$50,000 ($6,437), the
report notes.
Bloomberg relates Mr. Yung, the son of late Chinese Vice President
Rong Yiren, faces two retirees and a housewife claiming a combined
HK$115,516 in losses on Citic Pacific shares after the company
disclosed losses related to unauthorized currency bets. The
claimants argued against a move to the courts, saying that they
can't afford the legal fees to fight there.
The Troubled Company Reporter-Asia Pacific, citing The New York
Times, reported on April 13, 2009, that Citic Pacific replaced its
top management amid an investigation by regulators into currency
losses at the company in October 2008.
According to Bloomberg, the city's Secretary of Financial Services
and Treasury K.C. Chan said Jan. 20 that Hong Kong police are
still investigating the case for possible criminal prosecutions.
The Securities and Futures Commission, which has concluded its
investigation, may consider civil proceedings if criminal charges
aren't brought, Mr. Chan added.
Citic Pacific chairman, Larry Yung was succeeded by Chang
Zhenming, vice chairman of the parent company, Citic Group.
About CITIC Pacific
Headquartered in Hong Kong, CITIC Pacific Ltd. --
http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel manufacturing,
property development and investment, power generation, aviation,
infrastructure, communications and distribution. It is 29%
indirectly owned by China International Trust & Investment
Corporation.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 27, 2009, Standard & Poor's Ratings Services placed the 'BB+'
long-term corporate credit rating on CITIC Pacific on CreditWatch
with positive implications. At the same time, S&P also put the
'BB+' issue rating on CITIC Pacific's outstanding senior unsecured
bonds on CreditWatch with positive implications.
DIANOOR JEWELCRAFT: Provisional Liquidators Appointed
-----------------------------------------------------
Edward Simon Middleton and Patrick Cowley of KMPG and Kevin Roy
Mawer of KMPG LLP on December 23, 2009, were appointed as
provisional liquidators of Dianoor Jewelcraft Limited.
The liquidators may be reached at:
Edward Simon Middleton
Patrick Cowley
KMPG
Prince's Building, 8th Floor
10 Chater Road
Central, Hong Kong
Kevin Roy Mawer
KMPG LLP
One Embankment
Neville Street, Leeds
LSA 4DW United Kingdom
DICKSON (CHINA): Members' and Creditors Meetings Set for Feb. 22
----------------------------------------------------------------
Members and creditors of Dickson (China) Enterprises Limited will
hold their annual meetings on February 22, 2010, at 9:00 a.m., and
9:30 a.m., respectively at the 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.
At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
DICKSON CONSTRUCTION: Annual Meetings Set for February 22
---------------------------------------------------------
Members and creditors of Dickson Construction (Housing) Limited
will hold their annual meetings on February 22, 2010, at 2:30
p.m., and 3:00 p.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.
At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
DICKSON PROPERTIES: Annual Meetings Set for February 22
-------------------------------------------------------
Members and creditors of Dickson Properties Limited will hold
their annual meetings on February 22, 2010, at 10:00 a.m., and
10:30 a.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.
At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
ENTROPY FAMILY: Members' Final Meeting Set for March 1
------------------------------------------------------
Members of Entropy Family Playland Limited, which is in members'
voluntary liquidation, will hold their final meeting on March 1,
2010, at 2:30 p.m., at Unit 511, 5/F, Tower 1, Silvercord, 30
Canton Road, Tsimshatsui, Kowloon, in Hong Kong.
At the meeting, Kong Sze Man Simone, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
ERAMET CHINA: Yu Shing Ko Steps Down as Liquidator
--------------------------------------------------
Yu Shing Ko stepped down as liquidator of Eramet China Limited on
January 15, 2010.
ERSTE VIENNA: Lees and Ng Step Down as Liquidators
--------------------------------------------------
John Robert Lees and May Ng stepped down as liquidators of Erste
Vienna (Asia/Pacific) Limited on January 12, 2010.
EURODAY INTERNATIONAL: Kwan Kwok Wah Appointed as Liquidator
------------------------------------------------------------
Kwan Kwok Wah on January 18, 2010, was appointed as liquidator of
Euroday International Limited.
The liquidator may be reached at:
Kwan Kwok Wah
Tung Hip Commercial Building, Room 803
248 Des Voeux Road
Central, Hong Kong
EXCEL INTERNATIONAL: Creditors' Meeting Set for February 12
-----------------------------------------------------------
Creditors of Excel International Development Limited will hold
their meeting on February 12, 2010, at 11:00 a.m., for the
purposes provided for in Sections 241, 242, 243, 244 and 255A of
the Ordinance.
The meeting will be held at the Room 1103, Hang Seng Mongkok, in
Kowloon.
FORTUNEARN (HK): Creditors' Proofs of Debt Due February 8
---------------------------------------------------------
Creditors of Fortunearn (Hong Kong) Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by February 8, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
Michael Chang Loh Tien
Manulife Provident Funds Place
Rooms 1001-03, 10/F
345 Nathan Road
Kowloon
GOLDEN DRAGON: Chiu Fan Wa Appointed as Liquidator
--------------------------------------------------
Chiu Fan Wa on January 14, 2010, was appointed as liquidator of
Golden Dragon Vibration Technology Limited.
The liquidator may be reached at:
Chiu Fan Wa
Unit A, 5/F
CKK Commercial Centre
289 Hennessy Road
Wanchai, Hong Kong
GOWIN TECHNOLOGY: Court to Hear Wind-Up Petition on March 10
------------------------------------------------------------
A petition to wind up the operations of GoWin Technology
Enterprise Company Limited will be heard before the High Court of
Hong Kong on March 10, 2010, at 9:30 a.m.
HENLY ENGINEERING: Annual Meetings Set for February 23
------------------------------------------------------
Members and creditors of Henly Engineering Limited will hold their
annual meetings on February 23, 2010, at 11:00 a.m., and 11:30
a.m., respectively at the 62/F, One Island East, 18 Westlands
Road, Island East, in Hong Kong.
At the meeting, Stephen Liu Yiu Keung, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
HK FAR: Creditors' Proofs of Debt Due February 22
-------------------------------------------------
Creditors of Hong Kong Far World Technology Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by February 22, 2010, to be included in the company's
dividend distribution.
The company's liquidator is:
Lee Kwok On, Alexander
Park-In Commercial Centre, Rooms 1901-2
56 Dundas Street
Kowloon, Hong Kong
HKSC FOODS: Creditors' Proofs of Debt Due February 26
-----------------------------------------------------
Creditors of HKSC Foods Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 26,
2010, to be included in the company's dividend distribution.
The company's liquidator is:
Stephen Briscoe
Wing On House, 18/F
70 Des Voeux Road
Central, Hong Kong
H & N SLIMMING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order September 4, 2008, to
wind up the operations of H & N Slimming and Beauty Centre Company
Limited.
The company's liquidators are Tsui Ka Kui and Wong Yin Yee.
HOUSE OF CHRISTIANIA: Court to Hear Wind-Up Petition on March 3
---------------------------------------------------------------
A petition to wind up the operations of The House of Christiania
Asia Limited will be heard before the High Court of Hong Kong on
March 3, 2010, at 9:30 a.m.
The Petitioner's Solicitor is:
Paul W. Tse
Bank Centre, Rooms 1008-1012
10th Floor
636 Nathan Road
Mongkok, Kowloon
Hong Kong
HUNG TAT: Court to Hear Wind-Up Petition on February 24
-------------------------------------------------------
A petition to wind up the operations of Hung Tat Warehouse,
Transportation and Shipping Company Limited will be heard before
the High Court of Hong Kong on February 24, 2010, at 9:30 a.m.
IATOPIA FINANCE: Yeung Chi Wai Appointed as Liquidator
------------------------------------------------------
Yeung Chi Wai on January 15, 2010, was appointed as liquidator of
Iatopia Finance Limited.
The liquidator may be reached at:
Yeung Chi Wai
Lucky Building, 12th Floor
39 Wellington Street
Central, Hong Kong
IATOPIA GROUP: Yeung Chi Wai Appointed as Liquidator
----------------------------------------------------
Yeung Chi Wai on January 15, 2010, was appointed as liquidator of
Iatopia Group Limited.
The liquidator may be reached at:
Yeung Chi Wai
Lucky Building, 12th Floor
39 Wellington Street
Central, Hong Kong
==========
I N D I A
=========
BIHAR RAFFIA: ICRA Assigns 'LBB+' Rating on INR125MM Cash Credit
----------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR 125 million cash
credit facilities of Bihar Raffia Industries Ltd. ICRA has also
assigned an A4+ rating to the INR 25 million short term non fund
based bank facilities of BRIL.
The ratings take into consideration the weak financial profile of
BRIL characterized by low profit margins notwithstanding an
improvement in 2008-09, nominal cash accruals and moderate debt
coverage indicators. The ratings also factor in the fragmented
nature of the industry, vulnerability of profitability to raw
material price fluctuation to an extent, high customer and sector
concentration risk of BRIL and its small size of operations. The
Indian poly woven sacks industry is characterized by a large
number of manufacturing units and low entry barriers. Prospect for
the industry is also influenced by regulations governing the use
of bags. BRIL's size of operations is relatively small, which
deprives it from the benefits of economies of scale and also
results in its weak bargaining power with both suppliers and
customers. Currently, BRIL caters to the domestic cement industry
with 95% of its total sales being made to two large private sector
players exposing it to sector and customer concentration risk.
However, long standing relationship and locational advantage
derived by being situated close to the client's premises mitigates
the same to an extent. ICRA takes note of the high working
capital intensity of BRIL's operations, which results in a
stretched liquidity position.
The ratings also reflect BRIL's moderate gearing, the experience
of BRIL's promoters in the packaging material industry, the
company's long standing relationship with the clients resulting in
repeat orders, recent approval for supplies to be made to the
Directorate General of Supplies and Disposals and the presence of
a price variation (PV) clause in contracts with customers enabling
BRIL to pass on raw material price volatility to customers to a
certain extent. While assigning the ratings ICRA has also noted
the favorable demand outlook for BRIL's product, primarily driven
by the expected growth in the cement sector. BRIL clientele
consists of large cement manufacturers in India and long standing
relationship with them has resulted in repeat orders. In addition,
supplies to DGSnD are expected to both diversify the client and
sector concentration risk for BRIL.
About Bihar Raffia
BRIL was established in 1998, and has been engaged in the
manufacture of bulk packing materials made of polypropylene (PP).
BRIL's factory is in Jamshedpur, Jharkhand and has a capacity of
5800 metric tonne per annum. BRIL recorded a production of 3627 MT
during FY09.
During FY09, BRIL recorded a profit after tax (PAT) of INR 6.04
million on an operating income of INR 320.25 million as against a
PAT of INR 2.78 million on an operating income of INR 454.79
million during FY08. BRIL has also reported a profit before tax of
INR 2.71 million on an operating income of INR 179.14 million
during H1 FY10.
COCHIN FROZEN: CRISIL Reaffirms 'B' Rating on INR8.8MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cochin Frozen Food
Exports Pvt Ltd continue to reflect CFFEPL's weak financial risk
profile marked by weak debt protection measures, high gearing
levels, and low profitability, small scale of operations, and
customer concentration in its revenue profile. The ratings also
factor in CFFEPL's exposure to risks related to fluctuations in
the prices of raw materials, and exchange rates and exposure to
risks inherent in the seafood exports industry. These weaknesses
are partially offset by the benefits that CFFEPL derives from its
promoters' track record in the seafood export business.
Facilities Ratings
---------- ------
INR8.8 Million Long-Term Loan B/Stable (Reaffirmed)
INR60.0 Million Packing Credit Limit P4 (Reaffirmed)
INR50.0 Million Post-Shipment Credit P4 (Reaffirmed)
Limit*
*INR5.0 million interchangeable
with packing credit
Outlook: Stable
CRISIL believes that CFFEPL will continue to benefit from its
established customer relationships. However, the company's
financial risk profile will remain leveraged over the medium term
because of its large working capital requirements and small net
worth. The outlook may be revised to 'Positive' if the company
scales up its operations while increasing its cash accruals as
well. Conversely, the outlook may be revised to 'Negative' if the
company undertakes a large, debt-funded capital expenditure
program, leading to deterioration in its capital structure, or if
its volumes or margins decline steeply, resulting in weakening in
its financial risk profile.
CFFEPL, established in 1992 by Mr. K Prabhakaran, exports shrimp
and fish. It has a processing capacity of 45.5 tonnes per day.
CFFEPL reported a profit after tax (PAT) of INR0.39 million on net
sales of INR180.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.66 million on net
sales of INR273.13 million for 2007-08.
EXPORT-IMPORT BANK: Moody's Assigns Rating on Senior Bonds
----------------------------------------------------------
Moody's Investors Service has assigned a Baa3 rating with stable
outlook to the US$ senior unsecured bonds shortly to be issued by
Export-Import Bank of India under its US$1.0 billion Medium-Term
Note programme updated in December 2009. The bonds will have
five-year maturity and will be listed on the Singapore stock
exchange. The exact amount of the issuance has yet to be decided.
According to Moody's, the rating reflects the status of the notes
as senior unsecured obligations of the Bank. Moody's adds that
Exim-Bank would require additional Reserve Bank of India approval
to issue subordinated and hybrid securities. Accordingly, the MTN
programme has only been rated for senior unsecured foreign
currency notes.
The most recent rating action on Exim-Bank was taken on
December 17, 2009, when the long term foreign currency deposit
rating was upgraded to Ba1 from Ba2, following Moody's upgrade of
India's foreign currency deposit ceiling.
Exim-Bank is headquartered in Mumbai and at the end of March 2009
had total assets of INR442.02 billion (US$8.71 billion).
GIRIJA MODERN: CRISIL Reaffirms 'BB' Rating on INR50MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Girija Modern Rice
Mill, a Pallavi group entity, continues to reflect the Pallavi
group's below-average financial risk profile marked by a small net
worth and large working capital requirements, and the
susceptibility of its operating margin to adverse changes in
regulations on prices of paddy and rice. These rating weaknesses
are partially offset by the Pallavi group's established market
position with well-integrated operations, and assured off-take by
Food Corporation of India.
Facilities Ratings
---------- -------
INR50 Million Cash Credit BB/Stable (Reaffirmed)
INR50 Million Term Loan* BB/Stable (Reaffirmed)
* includes proposed limit of INR18.3 Million
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pallavi Enterprises and Girija Modern
Rice Mill, together referred to as the Pallavi group. This is
because of strong operational and financial linkages between the
group entities, and their common management.
Outlook: Stable
CRISIL believes that the Pallavi group will maintain its business
risk profile over the medium term, backed by established market
position and assured off-take by FCI. The outlook may be revised
to 'Positive' in case of a significant improvement in the Pallavi
group's financial risk profile, most likely because of healthy
cash accruals or improvement in capital structure. Conversely,
the outlook may be revised to 'Negative' if the group's net worth
declines, because of capital withdrawal by the partners, or if the
group undertakes a significantly large debt-funded capital
expenditure.
About the Group
The Pallavi group consists of two partnership firms, Pallavi
Enterprises and Girija Mill. Both the firms are located at
Enikepadu, Vijayawada. Pallavi Enterprises was set up in September
1983, with Mr. Tatikonda Viswanadham and his wife. Girija Mill
was established in 2007, and was promoted by Mr. Viswanadham and
his daughter. The group is in the paddy and ravva milling
business, and has an aggregate installed milling capacity of 32
tonnes per hour. The group's 2.5-megawatt (MW) biomass-based
power plant is expected to be commissioned by February 2010.
For 2008-09 (refers to financial year, April 1 to March 31), the
group reported a profit after tax (PAT) of INR18 million on net
sales of INR1.5 billion, as against a PAT of INR4.5 million on net
sales of INR907 million in the previous year.
JET AIRWAYS: Swings to 3Q Profit on Lower Costs
-----------------------------------------------
Jet Airways (India) Ltd. swung to a third-quarter profit due to
the decline in costs, Bloomberg News reports.
The report, citing Jet Airways' statement to the Bombay Stock
Exchange, says the airline posted a net income of INR1.06 billion
(US$23 million) in the three months ended in December, compared
with a loss of INR2.14 billion a year earlier. Sales declined
6.5% to INR27.2 billion.
Bloomberg relates Jet Airways said the company's spending on fuel
declined 19% in the quarter to INR8.88 billion from INR10.94
billion in the quarter, according to the statement obtained by
Bloomberg. Employee remuneration declined 21% to INR2.89 billion,
it said.
About Jet Airways
Jet Airways (India) Ltd (BOM:532617) -- http://www.jetairways.com/
-- is engaged in providing air transportation business. The
geographic segments of the company are domestic and international.
The company has a frequent flyer program named Jet Privilege
wherein the passengers who uses the services of the airline become
services of the airline become members of Jet Privilege and
accumulates miles to their credit. The company's subsidiaries
include Jet Lite (India) Limited, Jetair Private Limited, Jet
Airways LLC, Trans Continental e Services Private Limited, Jet
Enterprises Private Limited, Jet Airways of India Inc., India
Jetairways Pty Limited and Jet Airways Europe Services N.V. On
April 20, 2007, the company acquired Sahara Airlines Limited.
* * *
Jet Airways posted a consolidated net loss of INR9614.10 million
for the year ended March 31, 2009, compared with consolidated net
loss of INR6538.70 million for the year ended March 31, 2008.
Consolidated total sales increased from INR109907.20 million for
the year ended March 31, 2008 to INR134488.60 million for the year
ended March 31, 2009.
JUPITER ALLOYS: CRISIL Reaffirms 'BB+' Rating on INR91MM Term Loan
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jupiter Alloys and
Steel (India) Ltd continue to reflect JASIL's constrained
financial risk profile, marked by large working capital
requirements, stretched liquidity, and exposure to risks relating
to fluctuations in the prices of raw materials. These weaknesses
are partially offset by JASIL's moderate business risk profile,
supported by high integration within the group and healthy growth
prospects.
Facilities Ratings
---------- -------
INR150 Million Cash Credit BB+/Stable (Reaffirmed)
INR24 Million Proposed Cash BB+/Stable (Reaffirmed)
Credit
INR91 Million Term Loan BB+/Stable (Reaffirmed)
INR20 Million Bank Guarantee P4+ (Reaffirmed)
INR65 Million Letter of Credit P4+ (Reaffirmed)
As part of this rating exercise, CRISIL has combined the financial
risk profiles of Jupiter Alloys and Steel (India) Ltd and Jupiter
Wagons Ltd (JWL). This is because JASIL and JWL, together referred
to as the Jupiter group, share a common management, are in the
same line of business, and have operational linkages.
Outlook: Stable
CRISIL believes that the Jupiter group will continue to benefit
from the healthy growth prospects, despite its aggressive gearing.
The outlook may be revised to 'Positive' if the group's financial
risk profile improves backed by large cash accruals, or sizeable
equity infusions. Conversely, the outlook may be revised to
'Negative' if large debt-funded capital expenditure or reduced
revenues lead to deterioration in the group's financial risk
profile.
About the Group
Set up in 2005-06 (refers to financial year, April 1 to March 31)
by Mr. M L Lohia, JASIL is the flagship company of the Jupiter
group. The company is currently managed by Mr. Lohia's sons, Mr.
Vivek Lohia and Mr. Vikash Lohia. JASIL's manufacturing facility
at Hooghly (West Bengal) has an arc furnace and rolling mill, in
addition to bogies and couplers. It commenced operations in 2006-
07. The company also received the approval for CMS crossing in
2007-08.
JWL manufactures wagons and coaches. It received approval from
the Research Design and Standard Organisation, and has
manufactured around 112 wagons in 2008-09.
The Jupiter group reported a profit after tax (PAT) of INR16.5
million on net sales of INR1161 million for 2008-09, against a PAT
of INR8.2 million on net sales of INR965 million for 2007-08.
JUPITER WAGONS: CRISIL Assigns 'BB+' Rating on INR170MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Jupiter Wagons Ltd.
Facilities Ratings
---------- -------
INR70 Million Cash Credit BB+/Stable (Assigned)
INR170 Million Term Loan BB+/Stable (Assigned)
INR150 Million Bank Guarantee P4+ (Assigned)
INR40 Million Letter of Credit P4+ (Assigned)
The ratings reflect JWL's constrained financial risk profile,
marked by large working capital requirements, stretched liquidity,
and exposure to risks relating to fluctuations in the prices of
raw materials. These weaknesses are partially offset by JWL's
moderate business risk profile, supported by high integration
within the group and healthy growth prospects.
As part of this rating exercise, CRISIL has combined the financial
risk profiles of Jupiter Alloys and Steel (India) Ltd and Jupiter
Wagons Ltd. This is because JASIL and JWL, together referred to
as the Jupiter group, share a common management, are in the same
line of business, and have operational linkages.
Outlook: Stable
CRISIL believes that the Jupiter group will continue to benefit
from the healthy growth prospects, despite its aggressive gearing.
The outlook may be revised to 'Positive' if the group's financial
risk profile improves backed by large cash accruals, or sizeable
equity infusions. Conversely, the outlook may be revised to
'Negative' if large debt-funded capital expenditure or reduced
revenues lead to deterioration in the group's financial risk
profile.
About the Group
Set up in 2005-06 (refers to financial year, April 1 to March 31)
by Mr. M L Lohia, JASIL is the flagship company of the Jupiter
group. The company is currently managed by Mr. Lohia's sons,
Mr. Vivek Lohia and Mr. Vikash Lohia. JASIL's manufacturing
facility at Hooghly (West Bengal) has an arc furnace and rolling
mill, in addition to bogies and couplers. It commenced operations
in 2006-07. The company also received the approval for CMS
crossing in 2007-08.
JWL manufactures wagons and coaches. It received approval from the
Research Design and Standard Organisation, and has manufactured
around 112 wagons in 2008-09.
The Jupiter group reported a profit after tax (PAT) of INR16.5
million on net sales of INR1161 million for 2008-09, against a PAT
of INR8.2 million on net sales of INR965 million for 2007-08.
KOHINOOR STEEL: CRISIL Places 'BB-' Rating on INR1.07 Bil. Loan
---------------------------------------------------------------
CRISIL has assigned its rating of 'BB-/Stable' to the bank
facilities of Kohinoor Steel Pvt Ltd.
Facilities Ratings
---------- -------
INR675 Million Cash Credit BB-/Stable (Assigned)
INR1075 Million Term Loan BB-/Stable (Assigned)
The rating reflects Kohinoor Steel's stretched financial risk
profile, marked by high gearing and weak debt protection measures,
and exposure to risks relating to marginal market share and
cyclicality in the steel industry. These weaknesses are, however,
partially offset by the benefits that the company derives from its
healthy operating efficiencies.
Outlook: Stable
CRISIL expects Kohinoor Steel Pvt Ltd's (Kohinoor Steel's)
financial risk profile to remain constrained over the short term,
on account of its weak debt protections measures and incremental
working capital requirements. The company is expected to remain a
small player in the steel industry. The outlook could be revised
to 'Positive' if Kohinoor Steel improves its financial risk
profile on the back of higher profitability and efficient working
capital management. Conversely, significantly debt-funded capex,
or deterioration in the company's financial risk profile, could
result in an outlook revision to 'Negative'.
About Kohinoor Steel
Set up in 2005, Kohinoor Steel manufactures sponge iron, ingots,
and billets. It also has a 17-mega-watt (MW) captive power plant
at Saraikela (Jharkhand). The company has a manufacturing
capacity of 0.13 million tonnes per annum of sponge iron and
ingot. It also has a coal washery with a capacity of 150 tonnes
per hour, and a rolling mill. Kohinoor Steel reported a profit
after tax (PAT) of INR16.7 million on net sales of INR1693 million
for 2008-09 (refers to financial year, April 1 to March 31), as
against a PAT of INR41.2 million on net sales of INR2086.5 million
for 2007-08. Also, the company reported a provisional profit
before tax (PBT) of INR127.6 million as against net sales of
INR1029 million.
MADRAS HYDRAULIC: CRISIL Assigns 'BB+' Rating on INR61.7MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Madras Hydraulic Hose (P) Ltd.
Facilities Ratings
---------- -------
INR61.7 Million Long-Term Loans@ BB+/Stable (Assigned)
INR45.0 Million Cash Credit# BB+/Stable (Assigned)
INR18.0 Million Standby Fund Based BB+/Stable (Assigned)
Working Capital^
INR45.0 Million Bills Discounting P4+ (Assigned)
INR50.0 Million Letter of Credit* P4+ (Assigned)
@Includes Proposed limit of INR 17.0 Million
#Interchangeable with Export Packing Credit
*Interchangeable with Bank Guarantee
^Interchangeable with Non Fund Based Limits
The ratings reflect MHHPL's moderate scale of operations and
modest net worth and the vulnerability of its operations to
economic downturns and input price fluctuations. These weaknesses
are partially offset by MHHPL's efficient operating capabilities,
moderate financial risk profile, and adequate liquidity.
Outlook: Stable
CRISIL believes that MHHPL's credit profile will continue to
benefit from its efficient operations and from the gradual
recovery in export demand over the medium term. The outlook could
be revised to 'Positive' if the company reports significant
increase in revenues or improvement in profitability. Conversely,
lower-than-expected business performance, or larger-than-expected
debt-funded capital expenditure, adversely affecting the company's
capital structure, could result in a revision in the rating
outlook to 'Negative'.
About Madras Hydraulic
MHHPL was acquired by its current owner, Mr. T Rama Rao, in 1992.
The company is engaged in the manufacture of stainless steel
flexible corrugated hoses and braids. MHHPL's manufacturing unit
is located in Gummidipoondi, about 50 kilometres from Chennai; it
has installed capacity to manufacture 250,000 metres of hoses, and
225,000 metres of braids, per annum. The company also has an
annual capacity to manufacture 10,000 bellow expansion joints.
MHHPL derived 32 per cent of its revenues from the domestic
market, and 68 per cent through exports, in 2008-09 (refers to
financial year, April 1 to March 31). In the domestic market, the
company's key customers include Essar Construction Ltd, BHEL, JSW
Steel Ltd, Insap Engineers Pvt Ltd. The company exports its
products to the US, Australia, Singapore, Malaysia, Thailand,
Indonesia, Dubai, Qatar, Germany, the UK, Italy, South America,
Spain, Poland, France, South Africa, and other European countries.
For 2008-09, MHHPL reported a net profit of INR13.9 million (net
profit of INR10.7 million in the previous year) on net sales of
INR238.6 million (INR180.6 million). For the six months ended
September 30, 2009, the company reported a profit before tax (PBT)
of INR8.4 million on net sales of INR92.2 million, against a PBT
of INR10.7 million on net sales of INR132.6 million for the
corresponding period of the previous year.
NEOGEN CHEMICALS: CRISIL Reaffirms 'BB-' Rating on INR40MM LT Loan
------------------------------------------------------------------
CRISIL's ratings on Neogen Chemicals Ltd's bank facilities
continue to reflect NCL's moderate financial risk profile, marked
by small net worth, moderate gearing and high bank limit
utilization, and small-scale and working-capital-intensive
operations in the chemical industry. These rating weaknesses are
partially offset by NCL's healthy operating efficiencies, and in-
house product development facility.
Facilities Ratings
---------- -------
INR75 Million Cash Credit* BB-/Stable (Reaffirmed)
INR40 Million Long-Term Loan BB-/Stable (Reaffirmed)
INR27.4 Million Proposed Long-Term BB-/Stable (Reaffirmed)
Bank Loan Facility
INR50 Million Letter of Credit# P4+ (Reaffirmed)
* Includes sub-limits for inland bill discounting of
INR7.5 million, export packing credit (EPC) of INR22.5
million, and export bill purchase (EBP) facility of
INR22.5 million.
# Interchangeable with bank guarantee of INR10 million
Outlook: Stable
CRISIL believes that NCL will continue to benefit from its strong
customer relationships; also, the company's revenues and
profitability margins are expected to improve because of increased
orders for its new compound. The outlook may be revised to
'Positive' if NCL's capital structure improves significantly, most
likely because of fresh equity infusion. Conversely, the outlook
may be revised to 'Negative' if NCL's financial risk profile
deteriorates, most likely because of large, debt-funded capital
expenditure or significant decline in operating margin.
About Neogen Chemicals
Incorporated in 1991 by Mr. Haridas Kanani, NCL manufactures
bromine- and lithium-based organic and organo-metallic compounds.
The company has a portfolio of about 100 products, which are used
in pharmaceutical, agro-chemical and engineering industries. The
company's manufacturing units are located at Mahape, Navi Mumbai.
NCL reported a profit after tax (PAT) of INR12.7 million on net
sales of INR314.8 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR8.1 million on net sales
of INR249.7 million for 2007-08.
PALLAVI ENTERPRISES: CRISIL Reaffirms 'BB' Rating on INR100MM Loan
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Pallavi Enterprises, a
Pallavi group entity, continues to reflect the Pallavi group's
below-average financial risk profile marked by a small net worth
and large working capital requirements, and the susceptibility of
its operating margin to adverse changes in regulations on prices
of paddy and rice. These rating weaknesses are partially offset
by the Pallavi group's established market position with well-
integrated operations, and assured off-take by Food Corporation of
India.
Facilities Ratings
---------- -------
INR200 Million Cash Credit BB/Stable (Reaffirmed)
INR100 Million Warehouse Receipts BB/Stable (Reaffirmed)
INR100 Million Term Loan BB/Stable (Reaffirmed)
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Pallavi Enterprises and Girija Modern
Rice Mill, together referred to as the Pallavi group. This is
because of strong operational and financial linkages between the
group entities, and their common management.
Outlook: Stable
CRISIL believes that the Pallavi group will maintain its business
risk profile over the medium term, backed by established market
position and assured off-take by FCI. The outlook may be revised
to 'Positive' in case of a significant improvement in the Pallavi
group's financial risk profile, most likely because of healthy
cash accruals or improvement in capital structure. Conversely,
the outlook may be revised to 'Negative' if the group's net worth
declines, because of capital withdrawal by the partners, or if the
group undertakes a significantly large debt-funded capital
expenditure.
About the Group
The Pallavi group consists of two partnership firms, Pallavi
Enterprises and Girija Mill. Both the firms are located at
Enikepadu, Vijayawada. Pallavi Enterprises was set up in September
1983, with Mr. Tatikonda Viswanadham and his wife. Girija Mill
was established in 2007, and was promoted by Mr. Viswanadham and
his daughter. The group is in the paddy and ravva milling
business, and has an aggregate installed milling capacity of 32
tonnes per hour. The group's 2.5-megawatt (MW) biomass-based power
plant is expected to be commissioned by February 2010.
For 2008-09 (refers to financial year, April 1 to March 31), the
Pallavi group reported a profit after tax (PAT) of INR18 million
on net sales of INR1.5 billion, against a PAT of INR4.5 million on
net sales of INR907 million for 2007-08.
PARASNATH INDUSTRIES: CRISIL Rates INR99.9MM Cash Credit at 'BB'
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Parasnath Industries Pvt Ltd.
Facilities Ratings
---------- -------
INR99.9 Million Cash Credit BB/Stable (Assigned)
The rating reflects Parasnath's exposure to intense competition in
the cotton-ginning industry. This weakness is partially offset by
Parasnath's average financial risk profile, marked by moderate
debt protection measures and low gearing.
Outlook: Stable
CRISIL believes that Parasnath will maintain its business and
financial risk profiles over the medium term on the back of its
promoters' experience in the cotton ginning business and its
satisfactory debt protection measures. The outlook may be revised
to 'Positive' if Parasnath increases its revenues and improves its
profitability on a sustained basis, or receives substantial fresh
equity, resulting in an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if Parasnath
undertakes large, debt-funded capital expenditure program, thereby
adversely affecting its capital structure.
About Parasnath Industries
Incorporated in 2003 as Parasnath Ginned Cotton Pvt Ltd, the name
of the company was changed in 2007. The company is engaged in
manufacture of cotton bales, cottonseed oil and cotton de-oiled
cake from raw cotton. While the company's cotton bales are mostly
sold in Madhya Pradesh, the cottonseed oil is sold in Gujarat.
Parasnath reported a profit after tax (PAT) of INR5.5 million on
net sales of INR169.7 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR6.4 million on net
sales of INR308.8 million for 2007-08.
RANJITPURA INFRASTRUCTURE: ICRA Rates INR131MM Term Loan at 'LBB+'
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR131 million term loan
facility of Ranjitpura Infrastructure Private Limited. The
outlook on the assigned rating is stable.
The rating takes into consideration the start-up nature of
business of RIPL with nominal turnover and losses recorded in
2008-09, its weak financial profile characterized by an aggressive
capital structure and inadequate coverage indicators and
uncertainty on the company's ability to secure business profitably
to generate adequate cash for meeting debt service commitments in
the near to medium term. The rating, however, draws comfort from
the strong financial profile of RIPL's group entities viz Bharat
Mines and Minerals (rated by ICRA at LBBB+/A2+) and BMM Ispat
Limited (rated by ICRA at LBBB+/A2+).
Incorporated in 2007, RIPL is primarily engaged in the business of
providing air charter services. It owns a helicopter which is
operated by Airworks India Engineering Private Limited under an
operation and maintenance arrangement. RIPL has committed a
minimum of 35 hours per month to AIEPL. During 2009-10, till
November 2009, RIPL had operated 284 hrs of charter service.
During the year 2008-09 RIPL reported a net loss after tax of
INR19.98 million on a turnover of INR1.56 million.
RANGA RAJU: ICRA Assigns 'LBB' Rating on INR600MM Long Term Loan
----------------------------------------------------------------
ICRA has assigned rating of 'LBB' to the Rs 600 million long term
loans of Ranga Raju Warehousing Private Limited. The inadequate-
credit-quality rating assigned by ICRA factors in execution risks
that are typical of green-field projects including factors like
risks of geological surprises and seismic risks. Further, the
project once operational will also be subject to hydrology risks
given that there are no deemed generation clauses. The rating is
also constrained by relatively high project cost, high proposed
gearing and the group risks arising out of being a part of a group
that has sizeable capital expenditure (of above 400 MW small hydro
projects) in relation to their limited current experience. The
rating also takes in funding risks arising out of the fact that a
significant portion of the equity has yet to be tied up.
The rating however draws comfort from the upside potential offered
by the power purchase agreement (PPA) with Power Trading
Corporation (PTC) to supply power on a medium/short term basis
at a minimum tariff of Rs3/kwh and limited demand risks given
the energy deficit status in northern India. The rating also
draws comfort from the financial closure of the project, receipt
of project clearances, adequate progress without any time or cost
over runs and the project's eligibility for capital subsidy
from Ministry of New and Renewable Energy (MNRE) and certification
under the Clean Development Mechanism Board. Going forward, the
ability of the company to complete the project with minimal cost
and time overruns, meet the designed performance parameters and
availability of adequate water in the catchment area will be the
key rating drivers.
About Ranga Raju
Ranga Raju Warehousing Private Limited is a company promoted by
JKR Group to develop, own and operate a 14 MW (2x7 MW)) small
hydro power (SHP) project (referred as Sumez) in Shimla District
of Himachal Pradesh (HP). This project is backed by a Memorandum
of understanding (MOU) with Govt of Himachal Pradesh for
implementing of 14 MW SHP on Sechi Khad, a tributary of River
Satluj. JKR group has plans to set up around 400 MW of Small
Hydro Power capacities in by the end of 2011 in three phases.
S.K.B. BUILDERS: CRISIL Places 'BB+' Rating on INR70MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to S.K.B.
Builders & Fabricator's bank facilities.
Facilities Ratings
---------- -------
INR70.0 Million Cash Credit BB+/Stable (Assigned)
INR120.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect SKB's small scale of operations in the
intensely competitive civil and structural construction industry,
and exposure to risks relating to fluctuations in raw material
prices. These rating weaknesses are partially offset by SKB's
established customer base, comfortable order book, moderate
financial risk profile, and adequate financial flexibility.
Outlook: Stable
CRISIL believes that SKB will maintain a stable business risk
profile over the medium term, driven by its comfortable order
book. The outlook may be revised to 'Positive' if the company
improves its operating profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates on account of
significant debt-funded capital expenditure programs and/or strain
on the company's liquidity.
About S.K.B. Builders
Set up in 1982 as a partnership firm by the Mittal family, SKB is
presently managed by Mr. Vinay Mittal and his sons, Mr. Sahil
Mittal and Mr. Saurabh Mittal. SKB undertakes civil and structural
construction-related works with government owned companies,
wherein they take up works such as laying of foundation for pipe
racks, heavy vessels, control rooms, sheds, and gas stations.
SKB reported a profit after tax (PAT) of INR17.7 million on net
sales of INR505.8 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR3.6 million on net
sales of INR222.3 million for 2007-08.
SRC PROJECTS: Weak Liquidity Cues CRISIL to Assign 'C' Ratings
--------------------------------------------------------------
CRISIL has assigned its ratings of 'C/P4' to the bank facilities
of SRC Projects Pvt Ltd (SRC). The ratings reflect SRC's delay in
servicing its hire purchase loan obligations because of weak
liquidity.
Facilities Ratings
---------- -------
INR65.00 Million Overdraft C (Assigned)
INR400.00 Million Bank Guarantee P4 (Assigned)
Started in 1964, SRC is engaged in execution of civil, electrical,
and infrastructure works for government and private sector
companies. The projects are mainly in Tamil Nadu, though the
company also has a presence in other states, including Andhra
Pradesh and Karnataka. It was promoted by Mr. M Paramasivam, Mr. M
Mahudeswaran and Mr. S Ramasamy. SRC has an order book of about
INR660 million as of December 31, 2009.
SRC reported a profit after tax (PAT) of INR49.1 million on net
sales of INR1.8 billion for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR11.6 million on net
sales of INR1.3 billion for 2007-08.
TATA MOTORS: Jaguar Land Rover CEO David Smith to Step Down
-----------------------------------------------------------
Robert Lea at The Times reports that Tata Motors Ltd. said Jaguar
Land Rover chief executive David Smith was leaving the company.
The report relates Jaguar Land Rover, owned since 2008 by Tata
Motors, said Mr. Smith would be replaced by Ravi Kant, a fellow
director.
The company, which is based in Gaydon in Warwickshire, declined to
comment on why Mr. Smith was leaving but insisted that his
departure was not linked to the breakdown of talks with unions
over the weekend.
The report says speculation was growing Monday night that
Mr. Smith's departure was linked to his plans to close at least
one of its West Midlands factories, either in Solihull, where it
makes the Range Rover, or the Jaguar plant in Castle Bromwich, and
impose a series of new working conditions.
Mr. Smith had been trying to force through a 20% cut in salaries
for new employees and end the company's final-salary pension
scheme for new starters, the report discloses.
About Tata Motors
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company. The company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations. TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange. It was ultimately 33.4% owned by the Tata Group
as of December 2007.
Tata Motors has operations in Russia and the United Kingdom.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 6, 2009, Standard & Poor's Ratings Services said that it had
lowered its long term corporate credit rating on India-based Tata
Motors Ltd. to 'B' from 'B+'. The outlook is negative. At the
same time, Standard & Poor's lowered the issue rating on the
company's senior unsecured notes to 'B' from 'B+'. Both ratings
were removed from CreditWatch, where they were placed with
negative implications on December 18, 2009, and refreshed in
March 2009.
The TCR-AP reported on Oct. 26, 2009, that Standard & Poor's
Ratings Services assigned its 'B' rating to the US$375 million 5-
year 4% convertible notes issued by Tata Motors Ltd.
(B/Negative/--) on Oct. 15, 2009.
TATA STEEL: Inks Strategic Deal with NMDC on Mine Exploration
-------------------------------------------------------------
Tata Steel Ltd and NMDC Ltd on Friday signed a Memorandum of
Understanding (MoU) for exploring possibilities of a strategic
alliance. The MoU was signed by Rana Som, CMD of NMDC, and H M
Nerurkar, Managing Director, Tata Steel.
Tata Steel said in a statement that both companies have agreed to
co-operate with each other to explore possibilities of entering
into joint ventures for the purpose of acquisition, exploration
and development of mines, extraction and processing of minerals,
setting up integrated steel plants and any other business which is
of mutual interest to both the organizations.
The two companies will set up a working group to explore and
finalise the areas of co-operation and will submit its report to a
Steering Committee. Thereafter, a decision to enter into joint
ventures will be taken.
Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer. It
has operations in 24 countries and commercial presence in over 50
countries. Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings. On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc. Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008. In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.
* * *
As reported in the Troubled Company Reporter-Asia on June 10,
2009, Moody's Investors Service downgraded the corporate family
rating of Tata Steel Ltd to Ba3 from Ba2. Moody's said the rating
outlook is stable.
TRIBHOVANDAS BHIMJI: CRISIL Reaffirms 'BB' Rating on Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Tribhovandas Bhimji
Zaveri & Sons continues to reflect TBZ & Sons' geographically
concentrated revenue profile, modest financial risk profile marked
by low net worth and small scale of operations, and susceptibility
to volatility in gold prices. These rating weaknesses are
partially offset by TBZ & Sons' established market position in the
jewellery business in Mumbai, supported by its promoters' industry
experience.
Facilities Ratings
---------- -------
INR100.0 Million Cash Credit BB/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that TBZ & Sons will maintain its market share in
the jewellery segment in Mumbai over the medium term, supported by
a strong brand image and its promoters' industry experience. The
outlook may be revised to 'Positive' if TBZ & Sons generates more-
than-expected operating revenues and margins, or there is
substantial equity infusion by the partners. Conversely, the
outlook may be revised to 'Negative' in case the firm undertakes a
large, debt-funded capital expenditure program or its operating
margin declines.
About Tribhovandas Bhimji
TBZ & Sons is a partnership firm promoted by the Pratap Zaveri
faction of the Zaveri family, which has been in the retail
jewellery business since 1864 in Mumbai. TBZ & Sons was formed in
1977, when the firm commenced operations with its first jewellery
showroom at Opera House, Mumbai. The firm launched its second
showroom in October 2008 at Ahmedabad, but closed it in 2009 as
revenues were below expectations. The firm has a shop-in-shop
arrangement with Sreekota Jewellers in Coimbatore. TBZ & Sons is
currently managed by Mr. Pratap Zaveri and his three sons.
TBZ & Sons reported a profit after tax (PAT) of INR4.1 million on
net sales of INR316 million for 2007-08 (refers to financial year,
April 1 to March 31), against a PAT of INR4.9 million on net sales
of INR272 million for 2007-08.
VANTECH CHEMICALS: CRISIL Assigns 'BB-' on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Vantech Chemicals Ltd.
Facilities Ratings
---------- -------
INR10.00 Million Cash Credit BB-/Stable (Assigned)
INR25.00 Million Proposed LT Loan BB-/Stable (Assigned)
INR13.00 Million Letter of Credit P4+ (Assigned)
INR1.00 Million Bank Guarantee P4+ (Assigned)
The ratings reflect VCL's large working capital requirements,
susceptibility to volatility in raw material prices, and customer
concentration in revenue profile. These weaknesses are partially
offset by VCL's promoters' industry experience and the company's
long track record in the pesticides business.
Outlook: Stable
CRISIL believes that VCL will continue to benefit from its
established customer relationships over the medium term. The
outlook may be revised to 'Positive' if VCL scales up its
operations considerably, thereby enhancing its market share, and
significantly improves its liquidity, most likely by generating
more-than expected cash accruals or through equity infusion by
promoters. Conversely, the outlook may be revised to 'Negative' if
the company faces a slowdown in revenue growth or decline in
margins, undertakes a large, debt-funded capital expenditure
program, or faces an unfavorable outcome from its outstanding
litigation with the excise department.
About Vantech Chemicals
Set up in 1994 by Mr. J A Rama Rao in Hyderabad (Andhra Pradesh),
VCL manufactures pesticides. The company has annual capacities to
manufacture 900 kilolitres of liquid formulations, 400 tonnes of
formulations, and 3000 tonnes of granules. It also undertakes job-
work contracts, wherein customers provide the raw materials and
the company gets fixed conversion charges. At present, the company
derives around 35 per cent of its revenues from job-work
contracts.
VCL reported a profit after tax (PAT) of INR6.7 million on a
turnover of INR136.3 million for 2008-09 (refers to financial
year, April 1 to March 31), against a loss of INR2.5 million on a
turnover of INR84.6 million for 2007-08.
=================
I N D O N E S I A
=================
LISTRINDO CAPITAL: S&P Affirms 'BB-' Rating on US$300 Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' rating on
the US$300 million 9.25% senior notes due Jan. 29, 2015, issued by
Listrindo Capital B.V., and unconditionally and irrevocably
guaranteed by PT Cikarang Listrindo (BB-/Stable/--).
The notes' final terms include a partial amortization schedule
whereby US$50 million will be paid on the anniversary date in 2013
and 2014, and the balance at maturity. In addition, the proposed
pledging of the intercompany loan between Signal Capital B.V. and
PT Cikarang Listrindo has been removed. However, the rating
originally assigned to these notes was not affected by these
changes, and has been affirmed on the finalization of the
documentation, confirmation of amounts and terms, and a
satisfactory review of the legal opinions.
* INDONESIA: Fitch Upgrades Issuer Default Ratings to 'BB+'
-----------------------------------------------------------
Fitch Ratings has upgraded the Republic of Indonesia's Long-term
foreign and local currency Issuer Default ratings to 'BB+' from
'BB', respectively. The Outlooks on the ratings are Stable. At
the same time, the agency upgraded the Country Ceiling to 'BBB-'
from 'BB+' and affirmed the Short-term foreign currency IDR at
'B'.
"The rating action reflects Indonesia's relative resilience to the
severe global financial stress test of 2008-2009 which has been
underpinned by continued improvements in the country's public
finances, a fundamental sovereign rating strength, and a material
easing of external financing constraints," says Ai Ling Ngiam,
Director, in Fitch's Sovereign Ratings team.
Public debt ratios continued to decline throughout 2009, falling
to 30% of GDP (compared to a 'BB' median of 40%), and
international reserves including gold, rose 28% to US$66bn, as the
economy recorded the eighth-highest economic growth rate (4.6%)
among all Fitch-rated sovereigns.
Indonesia's sovereign creditworthiness is backed by its strong
public finance track record relative to its peers. Indonesia was
one of 15 Fitch-rated sovereigns which registered a year-on-year
decline in the general government debt position as a share of GDP
in 2009. With the current macroeconomic path and fiscal policy
framework, Indonesia's public debt/GDP looks set to continue on a
downward trend during Fitch's forecast period. "There is fiscal
flexibility for the authorities to embark on an ambitious agenda
to tackle longer-term developmental issues, such as addressing
infrastructure constraints and investment promotion as well as
raising industrial and export competitiveness, which are central
to further alleviating Fitch's concerns on risks surrounding
Indonesia's external finances," adds Miss Ngiam.
However, Fitch says longer-term developmental priorities risk
becoming sidelined if fiscal expenditure inefficiencies remain
unresolved due to delays in electricity tariff and fuel price
adjustments. As a result, incentivised smuggling of oil may add
volatility to the balance of payments through abnormal spikes in
oil imports. Further, sudden investor risk aversion and capital
outflows may arise on the back of more severe or abrupt
administrative price adjustments in 2011. Looking ahead,
Indonesia's relatively shallow capital markets remain vulnerable
to risks surrounding a reversal of high-yield carry trades or
sudden emerging-market risk aversion. Policy credibility against
potential "hot money" reversals would be bolstered by further
strengthening of the monetary policy framework, including
achieving greater price and exchange rate stability; deepening of
the country's debt and capital markets; and building additional
foreign exchange buffers.
The economy is better placed than before to face abrupt portfolio
outflows on the back of sudden investor risk aversion or oil price
hikes, due to exchange rate flexibility, further improvement in
external finances resulting from foreign reserves accumulation,
lower gross external financing requirements, and a stronger
international liquidity position. Fitch forecasts Indonesia's
gross external financing requirement, including short-term
external debt, at 43% of FXR in 2010, compared with the 'BB'
median of 82%. Indonesia's international liquidity ratio is
forecast at 192% in 2010 (liquid external assets > liquid external
liabilities), the highest since 1990 and higher than the 'BB'
median of 185%. This provides a buffer against temporary closures
of international capital markets or sudden reversals in capital
flows.
In contrast to heightened market volatility and corporate sector
loan restructuring during previous periods of global stress,
Indonesia fared relatively well during the global financial
crisis, which proved to be an important test case for dollar
demand pressures, exchange rate stresses and capital flows. Fitch
estimates that rollover rates on private sector external debt
exceeded 160% during Q109-Q309 as corporates secured sufficient
financing from abroad to meet scheduled debt repayment.
Corporates likely benefited from improved profitability, external
debt leveraging since the Asian financial crisis and favorable
relationships with affiliate foreign parent companies and
affiliates. In addition, the systemically important larger banks'
low reliance on wholesale funding did not require sovereign
support measures and are now well-placed for stronger credit
expansion.
=========
J A P A N
=========
JAPAN AIRLINES: Kyocera Asks Workers to Fly with JAL
----------------------------------------------------
Masatsugu Horie at Bloomberg News reports that Kyocera Corp., an
electronics maker whose founder will lead Japan Airlines Corp.'s
reorganization, asked the company's domestic employees to fly on
the bankrupt carrier for both business and pleasure.
Kyocera spokeswoman Chikako Morioka told Bloomberg that
Chairman Makoto Kawamura encouraged Kyocera's 12,000 Japanese
workers in a memo to choose Japan Airlines to help revive the
carrier. Kyocera's request to choose JAL applies to both domestic
and international travel, Morioka said.
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
* * *
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is
$28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
=========
K O R E A
=========
DAEWOO INT'L: Creditors to Put Firm Up for Sale Soon
----------------------------------------------------
Creditors of Daewoo International Corp. plan to put the company up
for sale soon, Yonhap News reports citing industry sources.
The news agency says the state-run Korea Asset Management Corp.
(KAMCO), the biggest shareholder in Daewoo International, has been
moving to sell a 68% stake that is jointly held by the Export-
Import Bank of Korea, the state-run Korea Development Bank and
other state agencies.
KAMCO, which holds a 35.5% stake in Daewoo International, aims to
select preferred bidders for the local trading company by June
this year, the report relates. The stake is valued at KRW2.2
trillion (US$1.92 billion).
Other interested buyers include POSCO and Hanwha Group.
Daewoo International Corporation (SEO:047050) is a Korea-based
company specialized in the provision of trade services. The
Company operates its business through two divisions: trade, and
manufacturing and distribution. Its trade division provides
distributors and retailers with steels, metals, chemicals,
automobile parts, machines, electronics, fibers, energy and other
related products. Its manufacturing and distribution division
manufactures automobile seats, polyurethane, raw fabric and other
related products, and distributes goods through a department store
in Gyeongsangnam Province, Korea. On August 31, 2009, the Company
established a Australia-based wholly owned subsidiary, Daewoo
International Australia Holdings Pty Ltd, to acquire 5% stake in
Australia-based Narrabri coal mine.
HYNIX SEMICONDUCTOR: Moody's Gives Stable Outlook on 'B1' Rating
----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook for Hynix Semiconductor Inc's B1 corporate family and
senior unsecured bond ratings. The rating action has been
prompted by the sharp rebound in the company's operating
performance and improved liquidity profile.
"The stable outlook reflects the expectation that Hynix's credit
profile -- with adjusted Debt/Capitalization of 55% and
EBIT/Interest of around 3.0x -- will be sustainable over the next
12-18 months," says Ken Chan, a Moody's Vice President, adding
that "this is driven by Hynix's strong market position and a more
favorable outlook for average memory prices."
The stable outlook also reflects Moody's expectation that the
company still has strong access to the domestic bank capital
market despite its relative weak liquidity position.
Despite the financial crisis, Hynix remains competitive in scale
and processing technology in the global DRAM business. Its
operating performance rebounded sharply along with the industry
recovery, as evidenced in 4Q09. Balance sheet liquidity also
improved moderately, as the company ended the quarter with
KRW1.5 trillion in cash after a KRW850 billion debt payment.
"The lasting industry-wide production cut will rationalize memory
supply in 2010. Moreover, the launch of Windows 7 will fuel
corporate PC replacement. The stronger-than-expected PC shipment
growth is on track to grow at a low double-digit rate this year,
which will support memory prices," added Mr. Chan.
However, the B1 rating continues to reflect concerns about the
cash flow volatility and capital intensive-nature of the memory
business. It also reflects the company's weak balance sheet
liquidity, despite the moderate improvement in 4Q09.
Upward rating pressure could arise if Hynix can 1) lengthen its
debt maturity profile such that there is less reliance on short-
term debt; and 2) improve its operating performance, through
strengthening of market position and recovery of memory markets,
such that adjusted Debt/Capitalization falls below 45% and
EBIT/interest coverage rises above 5.0x on a sustained basis.
Hynix's ratings could be downgraded if 1) demand and memory price
recovery momentum weakens over the next few quarters, affecting
Hynix's credit profile, such that its adjusted Debt/Capitalization
trends above 55-60%; 2) the company's liquidity profile weakens
significantly; and/or 3) it experiences material delays in its
technology migration process that would negatively affect its
relative competitiveness against peers.
In addition, evidence of weakening creditor support following the
sale of a creditor's stake would be negative for the ratings.
The last rating action with respect to Hynix was taken on
December 22, 2008, when its ratings were downgraded to B1 from
Ba3, with a negative outlook.
Hynix Semiconductor Inc, headquartered in Kyongki-do, Korea, is
the world's second-largest dynamic random access memory
manufacturer.
KUMHO ASIANA: Creditors to Provide KRW170BB Financial Aid
---------------------------------------------------------
Bloomberg News, citing Edaily, reports that creditors of
Asiana Airlines Inc. and Korea Kumho Petrochemical Co., units of
Kumho Asiana Group, are considering providing KRW170 billion ($147
million) of financial support before completing due diligence on
the companies.
The Korean-language online newspaper said Kumho Asiana told
creditors earlier this month that Kumho Petrochemical will need
KRW100 billion and Asiana KRW70 billion to pay off maturing debt,
according to Bloomberg.
The report also says that Kumho Industrial Co.'s creditors
plan to provide more than JPY200 billion (US$174 million) of
financial support to help the company pay off debt.
The Troubled Company Reporter-Asia Pacific, citing The Korea
Herald, reported on August 6, 2009, that Kumho Asiana has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion. In a bid to ease a cash
shortage, the conglomerate in July decided to re-sell the
controlling stakes and management rights of Daewoo Engineering &
Construction, after acquiring it in 2006 for KRW6.4 trillion.
Bloomberg said creditors including Shinhan Bank may force the
company to repay KRW3.9 trillion (US$3.2 billion) by June if they
exercise an option to sell Daewoo Engineering shares they hold
back to Kumho Asiana.
Kumho Asiana is seeking to sell between 50% and 72% of the
builder, Bloomberg said citing people with knowledge of the
matter.
Kumho Asiana unveiled a restructuring plan on January 5 that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages, Yonhap reported.
According to Bloomberg data, the group's net debt was KRW2.21
trillion as of September 30, 2009 -- more than double the KRW998.5
billion it had at the end of 2005 before Kumho Asiana bought 72%
of Daewoo Engineering for KRW6.43 trillion. Kumho Tire's net debt
stood at KRW1.71 trillion at the end of September 2009.
About Kumho Asiana
Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields. The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.
====================
N E W Z E A L A N D
====================
BRIDGECORP LTD: SFO Sets March 31 Deadline To Decide on Probe
-------------------------------------------------------------
The New Zealand Herald reports that the Serious Fraud Office
expects to make a decision in the coming weeks over bringing
charges against the directors of Bridgecorp.
New SFO chief executive Adam Feeley has set his sights on meeting
a March 31 deadline for decisions in all its finance company
investigations, the report says. Headway has already been made in
some cases, he said.
"We have now made some very good progress on Five Star and with
Bridgecorp," the report quoted Mr. Feeley as saying.
According to the report, the SFO has not officially laid any
charges despite it being two and a half years since the collapse
of Bridgecorp, and longer for National Finance and Western Bay
Finance.
Mr. Feeley said he hoped to make a decision on Bridgecorp in the
next few weeks, the report relates. The office would then seek
external legal counsel before making a final decision.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 29, 2008, the Securities Commission laid criminal charges
against the chairman of Bridgecorp Bruce Davidson and non-
executive directors Gary Urwin and Peter Steigrad.
Criminal charges were also laid by the Registrar of Companies
in 2008 against the executive directors, Rodney Petricevic and
Robert Roest. These new charges follow further investigations by
the Commission. The Commission has also issued civil proceedings
against all five directors.
Commission Chairman Jane Diplock said in a press release that all
the directors are responsible for Bridgecorp's offer documents.
The Commission believed that the offer documents misled investors
by misrepresenting the overall financial position of those
companies and the risk of investing in them.
About Bridgecorp
Bridgecorp Ltd. is a New Zealand-based property development and
finance company. Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders. John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers. The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.
Bridgecorp's nine Australian companies were placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).
CHAMPIONS OF THE WORLD: Wind-Up Application Withdrawn
------------------------------------------------------
C-Force Textile Industries, one of the suppliers to the Champions
of the World sportswear chain, withdrew on Monday its application
to liquidate the company before the High Court at Christchurch
because a settlement had been reached, Ben Heather at The Press
reports.
According to the report, businessman Ken Anderson has sold the
Champions chain after C-Force applied to liquidate the company.
The Press, citing the Companies Office, says Mr. Anderson still
owns Champions but the business and assets, including eight stores
and all stock, were sold to SportNZ in December last year.
According to the report, Mr. Anderson has been under financial
pressure since one of its Christchurch clothing manufacturer Lane
Walker Rudkin Industries (LWR) and related companies were placed
into receivership last April, owing Westpac Bank about $120
million.
Champions of the World has eight stores in New Zealand and sells
sports-related clothing.
FIVE STAR: SFO Sets March 31 Deadline to Decide on Probe
--------------------------------------------------------
The Serious Fraud Office had a major breakthrough with Five Star
after it struck a deal to gain access to information associated
with the collapsed company, according to The New Zealand Herald.
The report relates new SFO chief executive Adam Feeley said that
information was expected to be pivotal to its decision on whether
to pursue further action.
Mr. Feeley has set his sights on meeting a March 31 deadline for
decisions in all its finance company investigations, the report
says. Headway has already been made in some cases, he said.
"We have now made some very good progress on Five Star and with
Bridgecorp," the report quoted Mr. Feeley as saying.
The Troubled Company Reporter-Asia Pacific reported on Nov. 13,
2009, that the Companies Office laid criminal charges in the
Auckland District Court against directors of Five Star Consumer
Finance Ltd. The charges were laid against Marcus MacDonald,
Anthony Bowden and Nicholas Kirk and De facto director Neill
Williams.
The charges relate to false and misleading statements contained in
investment statements and the September 2006 registered
prospectus. The prosecution is being carried out by the National
Enforcement Unit of the Companies Office.
Incorporated in 1988, Five Star Consumer Finance Limited is a
wholly owned subsidiary of Antares Finance Holdings Ltd, owned
by North Island shareholders.
As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 31, 2007, Covenant Trustee Co. appointed Richard Agnew and
Anthony Boswell, partners at PricewaterhouseCoopers, as receivers
to Five Star and its subsidiaries.
Five Star's board of directors sought the appointment because of
serious concerns as to the state of the debenture market and the
ability of the company to attract new funds and retain existing
investments. The board, after consulting with the Five Star's
auditors and advisers concluded that the company was unable to
operate in this market.
=============================
P A P U A N E W G U I N E A
=============================
PAPUA NEW GUINEA: Fitch Affirms Issuer Default Ratings at 'B+'
--------------------------------------------------------------
Fitch Ratings has affirmed Papua New Guinea's Long-term foreign
and local currency Issuer Default Ratings at 'B+' with Stable
Outlooks respectively, Country Ceiling at 'B+' and its Short-term
foreign currency IDR at 'B'. All the ratings have been withdrawn.
Fundamental rating strengths of the PNG sovereign include its net
external creditor position, strong international liquidity as well
as low external debt and interest service ratios due to
concessional multilateral and bilateral loans which make up about
47% of public debt.
Rating constraints are structural challenges of maintaining law
and order, political instability and weak investment climate.
Fitch will no longer provide rating or analytical coverage of this
issuer.
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Unit to Spend US$40 Million for Mine Upgrade
----------------------------------------------------------------
Carmen Copper Corp., a subsidiary of Atlas Consolidated Mining and
Development Corp., will spend as much as $40 million this year to
complete the upgrade of its copper and gold project in Central
Visayas, BusinessWorld Online reports.
"We will need an additional $30 million to $40 million [to upgrade
the mine]. That will be put in by [Crescent Asian Special
Opportunities Portfolio] and Atlas," Rodrigo C. Cal, vice-
president and resident manager of Carmen Copper Corp., told
BusinessWorld.
Atlas subsidiary Carmen Copper operates the Toledo copper and gold
project in Cebu, BusinessWorld discloses. The firm plans to
increase mining and milling capacity to 42,000-45,000 metric tons
(MT) per day from the current 35,000 MT per day.
A company official said last week higher output will allow the
miner to take advantage of increasing metal prices, according to
BusinessWord.
The report relates Mr. Cal said the miner will be able to extract
higher grade ores this year. "Metal prices are currently high so
we are bullish on copper," he said.
"Our capital cost has already been $230 million. Out of that, $100
million was [raised] through debts and the rest through equity,"
the report quoted Mr. Cal as saying.
Third-quarter net losses of Atlas widened to P464.32 million from
P145.523 million year on year, given higher cost of sales and
operating expenses.
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. The
company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located. The Cebu copper
mine ceased operations in 1994. Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite. The closure has brought huge
losses to the mining firm.
In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.
As of December 31, 2006, Atlas' total liabilities of
PHP3.81 billion exceeded total assets of PHP2.99 billion,
resulting in a capital deficiency of PHP820.5 million. Total
current liabilities of PHP1.91 billion as of December 31, 2006,
also exceeded total current assets of PHP305.22 million.
=================
S I N G A P O R E
=================
CHINA FISHERY: Secondary Listing Won't Affect 'B1' Ratings
----------------------------------------------------------
Moody's Investors Service sees no immediate impact on China
Fishery Group Ltd's B1 corporate family and senior unsecured
ratings stemming from its proposed secondary listing on Oslo Bors
of Norway. The secondary listing is subject to regulatory
approvals.
"As the size of the offering and the intended use of the proceeds
remain unclear at this stage, this event has no immediate impact
on the rating," says Ken Chan, a Moody's Vice President.
"However, positive rating momentum could arise if the company uses
the new equity raised either to pay down a material portion of its
debt or for new investments that would enhance its cash flow and
business diversification," says Mr. Chan.
Moody's will monitor these developments and evaluate both the
effect on CFG's credit profile of the successful completion of the
secondary listing and the company's use of the proceeds.
The last rating action with respect to China Fishery was taken on
February 16, 2007, when its ratings were affirmed at B1, with a
stable outlook.
China Fishery Group Ltd, listed in Singapore, is engaged mainly in
deep sea industrial fishing in Russian and Peruvian waters. Its
catches are processed on board and frozen, packed, and delivered
to market. It is 41% effectively owned by Pacific Andes
International Holdings Ltd, a Hong Kong-listed integrated fish and
seafood product processor.
G A LAND: Final Meeting Set for February 26
-------------------------------------------
G A Land Pte Ltd, which is in members' voluntary liquidation, will
hold a final meeting for its members on February 26, 2010, at
10:00 a.m., at the 1 Scotts Road, #21-08 Shaw Centre, Singapore
228208.
The company's liquidator is Madam Chia lay Beng.
LABRADOR PTE: Court to Hear Wind-Up Petition on February 5
----------------------------------------------------------
A petition to wind up the operations of Labrador Pte Ltd will be
heard before the High Court of Singapore on February 5, 2010, at
10:00 a.m.
Chew Huat Chye Wilson filed the petition against the company on
January 8, 2010.
The Petitioner's solicitors are:
Drew & Napier LLC
20 Raffles Place
#17-00 Ocean Towers
Singapore 048620
MACH MEDIA: Member and Creditors Meeting Set for February 25
------------------------------------------------------------
Mach Media Pte Ltd, which is in creditors' voluntary liquidation,
will hold their final meeting for its member and creditors on
February 25, 2010, at 3:30 p.m., at the 30 Robinson Road, Robinson
Towers #12-01, Singapore 048546.
The company's liquidator is:
Neo Ban Chuan
c/o BC Neo Business Advisory Pte Ltd
30 Robinson Road
Robinson Towers #12-01
Singapore 048546
===============
T H A I L A N D
===============
PRESIDENT AGRI: Under Court Receivership; Owes THB6.23 Bil.
-----------------------------------------------------------
Nine state-owned and private banks have filed claims with the
Legal Execution Department after the Bankruptcy Court in Thailand
earlier this month placed assets of rice exporter President Agri
Trading and its managing director, Apichart Chansakulporn, into
receivership, The Bangkok Post reports. The court order took
effect on January 12, 2010, the report says.
According to the report, bank claims against President Agri are:
-- THB2.2 billion to TMB Bank;
-- THB2 billion to Krung Thai Bank;
-- THB1.7 billion to CIMB Thai;
-- THB1.4 billion to Bangkok Bank;
-- THB1 billion to HSBC Thailand;
-- THB580 million to United Overseas Bank (Thai);
-- THB220 million to the Islamic Bank of Thailand;
-- THB140 million to Kasikornbank; and
-- THB29 million to ACL Bank.
The Post relates Bank of Thailand (BOT) Assistant Governor Sorasit
Soontornkes said the losses of the nine creditors totaled THB6.23
billion in loan principal. Mr. Soontornkes said local banks have
fully set aside provisions and written off the losses since 2007.
The report, citing one banker, says that even with the foreclosure
decision, none of the creditors expect to recover any significant
amount.
The Bangkok Post reports that the central bank has asked the
Department of Special Investigation (DSI) to further pursue the
case, both against President Agri and to look into any possible
negligence by bank executives themselves in approving loans to the
group. The Anti-Money Laundering Office is also working to trace
financial flows by the company as well as its management, the
report says.
According to the Post, CIMB Thai and TMB also filed criminal
claims against President Agri with the DSI, while HSBC is also
pursuing a civil claim. TMB has since withdrawn its case on
technical grounds.
Ekajai Tivutanond, a CIMB Thai executive vice-president, told the
Post that the bank was waiting for the conclusion of the DSI
investigation. The bank, which filed its petition more than two
years ago, has no plans to withdraw its case, he said.
Based in Bangkok, Thailand, President Agri Trading Co. Ltd.
operates as a distributor and exporter of rice.
===============
X X X X X X X X
===============
* Moody's Says Asia-Pacific Sovereign Ratings Shows Resiliency
--------------------------------------------------------------
Moody's Investors Service says in its just-published "Asia-Pacific
Regional Outlook - January 2010" that regional sovereign ratings
will likely remain resilient to economic risks coming to the
foreground as the global economy recovers from the crisis that
emanated from the US and Europe.
Regional rating trends were generally positive in 2009 with no
downgrades originating exclusively from the global crisis.
Indeed, Indonesia and the Philippines were upgraded to Ba2 and
Ba3, respectively, last year, while A1 China, Aa2 Hong Kong, and
India (its Ba2 local currency government rating only) have
positive outlooks.
The three countries with negative outlooks -- Baa1 Thailand, Ba3
Vietnam and B1 Fiji -- have long-standing underlying imbalances or
political tensions which precede the onset of the global crisis.
Growth potential in the Asia-Pacific remains robust, benefiting
from fiscal and monetary stimulus programs, liquid banking systems
capable of extending credit, intra-regional trade, and foreign
exchange reserve defenses built up after the Asian financial
crisis of late 1990s.
"Moreover, recovery from the global crisis is appearing similar to
previous recovery periods, in contrast to prospects for a sluggish
rebound in the US and EU," says Tom Byrne, a Senior Vice President
and Regional Credit Officer in Moody's Sovereign Risk Group.
"Despite the crucial role played by fiscal stimulus programs in
supporting growth in 2009, most Asia-Pacific countries (ex-Japan)
have begun or will likely start to wind down expansionary policies
this year," says Mr. Byrne.
"Because of relatively less encumbered public finances in the
region, with the exception of Japan, the build-up in debt over the
past couple of years has been relatively moderate, a key factor in
supporting the generally positive trend in ratings in Asia-
Pacific," says Mr. Byrne. "Also, most countries' fiscal positions
can absorb a moderate rise in interest rates in the year ahead,"
Byrne added.
Moody's notes that China is playing a lead role as a driver of
growth in the region, while Japan sits on the sideline as it
struggles to overcome stubborn deflation and lackluster domestic
demand.
Despite the subdued outlook for Japan, the weakest in the region,
Asia-Pacific GDP growth may reach 4.9 percent in 2010, up from 1.2
percent in 2009 and slightly stronger than previous recovery
periods in 1999 and 2002.
Accordingly, the growth outlook for Asia-Pacific is more robust
than that of Europe or Latin America. Excluding Japan, regional
GDP growth is expected to be even stronger at 6.6 percent in 2010.
This economic robustness has also underpinned the relatively
positive rating trend in the region.
Risks to the economic outlook for the region include a relapse in
the recovery in external trade and a rise in inflation. The
latter could prove challenging to regional policymakers with the
return of risk appetite and strong capital inflows, and could
prompt more urgent exit strategies from counter-cyclical policies.
In addition, an endogenous risk to the regional outlook is an
asset bubble which careens into a boom-bust cycle in China.
Moody's central scenario, however, is that regional governments
and monetary authorities will maintain a grip on policy, squeezing
as tight as needed to prevent an inflationary destabilization.
The January 2010 edition of the "Asia-Pacific Sovereign Outlook"
is the first of a regular publication explaining Moody's views and
perspectives on sovereign ratings in the region. It is one of
three regional outlooks being published by Moody's Sovereign Risk
Group this month, the other two covering Latin America and Europe.
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
January 27-29, 2010
TURNAROUND MANAGEMENT ASSOCIATION
Distressed Investing Conference, Bellagio, Las Vegas
Contact: http://www.turnaround.org/
Feb. 21-23, 2010
INSOL
International Annual Regional Conference
Madinat Jumeirah, Dubai, UAE
Contact: 44-0-20-7929-6679 or http://www.insol.org/
April 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
Sheraton New York Hotel and Towers, New York, NY
Contact: http://www.turnaround.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 6-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
October 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
Hilton San Diego Bayfront, San Diego, CA
Contact: http://www.turnaround.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Valerie C. Udtuhan, Marites O. Claro,
Rousel Elaine C. Tumanda, Joy A. Agravante, Frauline S. Abangan,
and Peter A. Chapman, Editors.
Copyright 2010. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***