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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, March 2, 2010, Vol. 13, No. 042
Headlines
A U S T R A L I A
BUSINESS FINANCE: S&P Assigns 'BB' Counterparty Credit Ratings
LIFT CAPITAL: Administrators Reveal List of Creditors
RAY GROUP: Receivers Called In to AU$1-Bln Development Project
C H I N A
GENERAL MOTORS: SAIC Acquires Additional Stake in Shanghai GM
SHANGHAI PUDONG: To Sell Strategic Shares to China Mobile
SICHUAN CHANGHONG: Accused of Financial Fraud, Report Says
H O N G K O N G
ALL ADMIRE: Creditors' Proofs of Debt Due March 29
AMERICAN POWER: Creditors' Proofs of Debt Due March 29
ASIAN CONCORD: Francis Wong Man Chung Steps Down as Liquidator
ASIAN CONCORD: Placed Under Voluntary Wind-Up Proceedings
ASIA METAL: Members' Final Meeting Set for March 26
ASIA PACIFIC: Final Meetings Set for March 26
BEAUTY STAR: Members' Final Meeting Set for March 31
BEST DYEING: Members' Final General Meeting Set for March 31
BLOXWORTH ENTERPRISES: Seto Man Fai Steps Down as Liquidator
BRILLIANT GAIN: Middleton and Cowley Step Down as Liquidators
BULLIVANT'S NATURAL: Creditors' Proofs of Debt Due March 26
CITY ZONE: Members' Final Meeting Set for March 31
CHIEFUND INVESTMENT: final Meetings Set for March 30
CHIUTACT INVESTMENTS: Creditors' Proofs of Debt Due April 9
CONCORD EXPRESS: Placed Under Voluntary Wind-Up Proceedings
I N D I A
APEX ROLLER: CRISIL Rates INR75.00 Million Cash Credit at 'BB'
BHAKTIMOYEE COLD: Delay in Loan Repayment Cues CRISIL Junk Ratings
BHOGI AGRO: CRISIL Assigns 'BB' Ratings on INR100MM Cash Credit
GOPIKRISHNA INFRASTRUCTURE: CRISIL Cuts Rating on Debt to 'C'
HANUMAN AGRO: CRISIL Rates INR150 Mil. Cash Credit at 'B'
K VENKATARAJU: Stressed Liquidity Cues CRISIL to Assign 'C' Rating
KESHAV ELECTRICALS: CRISIL Assigns 'BB-' Rating on Cash Credit
KUMA STAINLESS: CRISIL Upgrades Ratings on Various Debts to 'BB'
MAHABIR IMPEX: CRISIL Rates INR90 Mil. Cash Credit at 'BB+'
MAHARASHTRA ALDEHYDES: CRISIL Rates INR70MM Cash Credit at 'B+'
MEGA RUBBER: CRISIL Places 'BB+' Rating on INR50MM Rupee Term Loan
PINAX STEEL: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
PLATINUM PROPERTIES: Weak Liquidity Cues CRISIL Junk Ratings
PRATHAMESH CERAMICS: CRISIL Reaffirms 'B-' Rating on INR283MM Loan
S R FOILS: CRISIL Assigns 'BB-' Rating on INR500MM Term Loan
SALVI CHEMICAL: CRISIL Assigns 'BB' Rating on INR57MM Term Loan
SATHYASREE DEVELOPERS: CRISIL Cuts Ratings on INR80MM Loan to 'D'
SATYAM ISPAT: Delays in Loan Repayment Cues CRISIL Junk Ratings
SUPREME ALLOYS: CRISIL Places 'BB+' Rating on INR210MM Bank Debt
V.S. STEEL: CRISIL Assigns 'B' Rating on INR63.5M Cash Credit
J A P A N
AEGON: Shares to be Delisted From Tokyo Stock Exchange
BEST DENKI: Plans to Slash Workforce by 20%
CAFES 4: Moody's Reviews Ratings on Various Classes of Notes
HELIUM CAPITAL: S&P Downgrades Ratings on Floating Notes to 'D'
JAPAN AIRLINES: Scraps Air Cargo Merger with Nippon Yusen
JLOC 39: Fitch Downgrades Ratings on Four Classes of Notes
M A L A Y S I A
EVERMASTER GROUP: Posts MYR5.99MM Net Loss in Qtr Ended Dec. 31
LIMAHSOON BERHAD: Dec. 31 Balance Sheet Upside-Down by MYR5.35MM
TRANSMILE GROUP: Classified as Affected Listed Issuer Under PN17
N E W Z E A L A N D
A2 CORPORATION: Half-Year Loss Narrows to NZ$717,172
BROADLANDS FINANCE: S&P Assigns 'BB-/B' Counterparty Credit Rating
S I N G A P O R E
COLEMONT SINGAPORE: Creditors' Proofs of Debt Due March 26
GENESIS FORWARDING: Creditors' Proofs of Debt Due March 26
GREEN BIOPOWER: Creditors' Proofs of Debt Due March 26
SENG SOON: Members' Final Meeting Set for March 29
ZENON ENVIRONMENT: Creditors' Proofs of Debt Due March 26
X X X X X X X X
* BOND PRICING: For the Week to February 22 to February 26, 2010
- - - - -
=================
A U S T R A L I A
=================
BUSINESS FINANCE: S&P Assigns 'BB' Counterparty Credit Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
'BB' long-term and 'B' short-term counterparty credit ratings to
Business Finance Ltd., a small New Zealand-based finance company
50% owned by Australian-based Liberty Financial Pty Ltd. (not
rated). At the same time, S&P assigned a negative rating outlook
to BFL. The ratings on BFL reflect S&P's opinion of the
unconditional and irrevocable guarantee provided to the company by
Liberty.
"BFL's risk profile on a stand-alone basis is below that of the
rating assigned, reflecting the transformational nature of BFL's
business profile," Standard & Poor's credit analyst Peter Sikora
said. "S&P expects BFL's credit risk profile to improve over time
as it establishes its business base through growth of its loan
portfolio and re-enters the retail debenture market."
Other factors moderating S&P's assessment of BFL's stand-alone
credit profile include the company's concentrated funding profile
and uncertainty relating to its ability to re-establish its retail
debenture funding base under its new joint-venture structure, and
its modest absolute capital base. Factors supporting BFL's stand-
alone credit profile include S&P's favourable view of the
company's business strategy and its measured growth plans, which
should help BFL effectively manage and limit its risk profile as
it expands its business and establishes its market position.
Mr. Sikora added: "The negative outlook recognizes pressures
across the wider Liberty group, particularly those relating to the
difficult operating environment that has challenged financial
institutions reliant on wholesale funding markets. While S&P
believes that Liberty has so far contended with the difficult
operating environment better than some other companies, any
further market stresses may hurt Liberty's credit standing."
The BFL rating could come under pressure if the company became a
more material contingent liability on Liberty and, consequently,
S&P moderated its view of Liberty's credit profile. BFL's credit
profile could come under pressure if the performance of its
financial assets deteriorates materially such that there is
insufficient excess income to absorb losses in the underlying
assets, or if this results in BFL bearing a material drop in
earnings or principal losses from these investments. The
company's credit profile could also come under pressure if BFL
embarks on an aggressive asset-growth path that contributes to the
deterioration in its key financial metrics. In addition, the
rating would be lowered if cover of the guarantee weakened or if
the guarantee was withdrawn.
LIFT CAPITAL: Administrators Reveal List of Creditors
-----------------------------------------------------
Lift Capital Pty Ltd. has revealed its creditors that include some
famous names in Australia, Vanda Carson at The Sydney Morning
Herald reports.
Ms. Carson says the Lift's creditors include:
-- John Brakey, the Australian boss of the private equity firm
Kohlberg Kravis Roberts;
-- Gerald Dodgson, who sits one rank behind the boss of the
government's debt agency, the Australian Office of Financial
Management;
-- Neil Swindells, the chief executive of the financial adviser
IPAC;
-- Tom Tsipris, the owner of Surf, Dive 'n' Ski;
-- Adrien Whiddett, the former head of the National Crime
Authority and former deputy commissioner of the Australian
Federal Police;
-- Melinda O'Rourke, the former Prada and Chanel executive; and
-- the Canberra Raiders rugby league captain Alan Tongue.
According to the report, they are among the 676 creditors owed
about AU$100 million whose names and addresses were filed by Lift
Capital's administrators in the Federal Court in preparation for
finalizing a scheme of arrangement proposed by Merrill Lynch.
As part of the scheme, say the Herald, the group is set to receive
about 65c on the dollar late next month. Creditors have until
March 1 to appeal against the fairness of the scheme, the report
notes.
The report says the administrator, Joseph Hayes of McGrathNicol,
is writing to all creditors to determine exactly how much each
will receive.
About Lift Capital
Lift Capital -- http://www.liftcapital.com.au/-- is an
Australian owned, independent (non-bank owned) financial
services provider, specializing in lending against structured
equity products principally against listed shares and interests
in managed funds. The company's products enable its clients to
borrow money to invest in a wide range of assets. Lift Capital
may take a mortgage over these assets to secure the loan.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 14,
2008, that Lift Capital was placed under voluntary administration
after reports questioning its viability triggered a run of
investors wanting to liquidate their assets. The administrators
will focus on gathering information to convey to creditors and
investors.
On November 12, 2008, Lift creditors resolved that Lift Capital
Partners Pty Limited and Lift Capital Nominees No. 1 Pty Limited
be wound up and Tony McGrath and Joseph Hayes were appointed Joint
Liquidators.
RAY GROUP: Receivers Called In to AU$1-Bln Development Project
--------------------------------------------------------------
Capital Finance Australia Ltd., a subsidiary of British bank
Lloyds, has called in loans associated with the $1 billion Salt
Village residential project on the northern NSW coast, sending
four project management and marketing companies of property firm
Ray Group into receivership, The Australian reports.
Accounting and insolvency firm Bentleys has been appointed as
receivers to four Ray Group companies -- South Kingscliff
Developments, Salt Developments, Kingscliff South and The
Kingscliff South Discretionary Trust
According to The Australian, Ray Group chief executive Tom Ray
said the companies had been placed in receivership following a
refusal by the development's financier, Capital Finance, to
advance funds for the continued development of the project, which
was about 90% complete.
The Australian says the appointment of receivers Bentleys to the
Ray companies, which have debts of AU$33 million, has put the rest
of the huge coastal development under a cloud.
A spokesman for Lloyds told The Australian that the appointment of
receivers was purely a commercial decision and the bank was
committed to the Australian market. "The (bank's) property group
has been funding development in Australia for more than 15 years
and will continue to do so," he said.
The Australian relates Mr. Ray said the receivership did not
affect separate family companies which operate the Salt Village
commercial precinct.
Salt Village was being developed on 73ha of land, providing 1,500
homes.
=========
C H I N A
=========
GENERAL MOTORS: SAIC Acquires Additional Stake in Shanghai GM
-------------------------------------------------------------
SAIC Motor Corp. has won approval from the Chinese stock regulator
to acquire an additional 1% stake in its car venture with General
Motors, Shanghai Daily reports.
SAIC said in a statement filed with the Shanghai Stock Exchange
that it paid about US$85 million for the stake, which boosted its
total share in Shanghai GM to 51% and enables it to consolidate
the venture's accounts onto its balance sheet, the report says.
The deal, according to the Daily, would also give SAIC the right
to have an additional seat on Shanghai GM's board. GM would also
have an option to buy back the stake later, the report notes.
GM and SAIC also agreed to set up a US$650 million joint venture
in Hong Kong, which will take over GM's India business. The
venture will produce and sell small cars and minivans developed by
Chinese companies Shanghai GM and SAIC-GM-Wuling in India, which
is to start operation in the first quarter of this year.
About General Motors
General Motors Company -- http://www.gm.com/-- is one of the
world's largest automakers, tracing its roots back to 1908. With
its global headquarters in Detroit, GM employs 209,000 people in
every major region of the world and does business in some 140
countries. GM and its strategic partners produce cars and trucks
in 34 countries, and sell and service these vehicles through these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Opel,
Vauxhall and Wuling. GM's largest national market is the United
States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM's OnStar subsidiary is the industry leader
in vehicle safety, security and information services.
GM acquired its operations from General Motors Company, n/k/a
Motors Liquidation Company, on July 10, 2009, pursuant to a sale
under Section 363 of the Bankruptcy Code. Motors Liquidation or
Old GM is the subject of a pending Chapter 11 reorganization case
before the U.S. Bankruptcy Court for the Southern District of New
York.
At September 30, 2009, GM had US$107.45 billion in total assets
against US$135.60 billion in total liabilities.
About Motors Liquidation
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection on June 1, 2009 (Bankr. S.D.N.Y. Lead Case
No. 09-50026). General Motors changed its name to Motors
Liquidation Co. following the sale of its key assets to a company
60.8% owned by the U.S. Government.
The Honorable Robert E. Gerber presides over the Chapter 11 cases.
Harvey R. Miller, Esq., Stephen Karotkin, Esq., and Joseph H.
Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the Debtors
in their restructuring efforts. Al Koch at AP Services, LLC, an
affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice
to the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP.
Bankruptcy Creditors' Service, Inc., publishes General Motors
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by General Motors Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
SHANGHAI PUDONG: To Sell Strategic Shares to China Mobile
---------------------------------------------------------
Shanghai Pudong Development Bank will raise about CNY40 billion by
selling a roughly 20% strategic stake to China Mobile, Reuters
says citing a report from Guotai Junan Securities.
Reuters relates Guotai Junan Securities said Pudong Bank, part-
owned by Citigroup Inc., would sell about 2.2 billion shares to
China Mobile at no less than CNY17.82 each.
"The cooperation would help boost Pudong Bank's profitability and
is beneficial to the lender," Reuters cited Guotai Junan analyst
Wu Yonggang as saying in the report dated Feb. 25.
According to Reuters, Wu expects the fundraising to increase
Pudong Bank's core capital adequacy ratio by about four percentage
points to above 10%, while boosting its capital adequacy ratio to
nearly 14%.
Headquartered in Shanghai, China, Shanghai Pudong Development
Bank Co., Ltd. -- http://www.spdb.com.cn/-- is a commercial
bank involved in personal banking, corporate banking, and inter-
bank business. The bank also offers Internet banking and
telephone banking.
* * *
The bank continues to carry Moody's Investors Service's "Ba1"
long-term bank deposit rating and "D" bank financial strength
rating. It also carries Fitch Ratings' "D" individual rating.
SICHUAN CHANGHONG: Accused of Financial Fraud, Report Says
----------------------------------------------------------
China Daily, citing a report by the China Business News, says
Sichuan Changhong Electric Co., Ltd. has been falsifying its
financial reports for more than 10 years, and authorities have
begun looking into the case.
The Daily says one of the accusations is that the company invented
about CNY5 billion ($732.4 million) in sales.
The Daily relates that according to informants' report obtained by
the China Business News, Sichuan Changhong cheated in its 1998
financial report by listing CNY2.25 billion as trade acceptance,
as it stopped settling accounts through this kind of commercial
papers in 1992.
The informants said in their report that company duplicated sales
revenue of about CNY2 billion in January 1997 into its books for
1998, according to the Daily. The company also failed to record
the full sum of losses into its account in 1998, the Daily adds.
Sichuan Changhong, however, denied the report, the Daily notes.
Based in China, Sichuan Changhong Electric Co., Ltd. (SHA:600839)
is engaged in the manufacture and distribution of household
appliances. The Company primarily provides televisions, air
conditioners, audio/video products, digital products, kitchen and
bathroom products, digital set-top boxes, China Compulsory
Certification (3C) information products, business products,
refrigerators and others. The Company's kitchen and bathroom
products include electric fans, induction cookers, electric
warmers, rice cookers, water fountains, air cleaners, range hoods,
cooking utensils, water heaters, washing machines, vacuums
cleaners and shavers, among others. The Company distributes its
products within the domestic market and to overseas markets.
================
H O N G K O N G
================
ALL ADMIRE: Creditors' Proofs of Debt Due March 29
--------------------------------------------------
All Admire Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by March 26,
2010, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on February 19, 2010
The company's liquidators are:
Au Yeung Tin Wah
Anita Ng Wing Man
Tai Yau Building, 21/F
181 Johnston Road
Wanchai, Hong Kong
AMERICAN POWER: Creditors' Proofs of Debt Due March 29
------------------------------------------------------
American Power Conversion Hong Kong Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by March 29, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on February 17, 2010
The company's liquidator is:
Billy Li Sze Kuen
3 Lockhart Road, 12/F
Wanchai, Hong Kong
ASIAN CONCORD: Francis Wong Man Chung Steps Down as Liquidator
--------------------------------------------------------------
Francis Wong Man Chung stepped down as liquidator of Asian Concord
Investment Limited on February 12, 2010.
ASIAN CONCORD: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on February 12, 2010,
creditors of Asian Concord Investment Limited resolved to
voluntarily wind up the company's operations.
ASIA METAL: Members' Final Meeting Set for March 26
---------------------------------------------------
Members of Asia Metal and Mining Limited will hold their final
meeting on March 26, 2010, at 10:00 a.m., at the 8th Floor,
Gloucester Tower, The Landmark, 15 Queen's Road Central, in Hong
Kong.
At the meeting, Iain Ferguson Bruce, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
ASIA PACIFIC: Final Meetings Set for March 26
---------------------------------------------
Members and creditors of Asia Pacific Information Network Limited
will hold their final meetings on March 26, 2010, at 10:00 a.m.,
at the Room 1206, 12/F, New Victory House, 93-103 Wing Lok Street,
Central, in Hong Kong.
At the meeting, Tang Lai Sheung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
BEAUTY STAR: Members' Final Meeting Set for March 31
----------------------------------------------------
Members of Beauty Star Development Limited will hold their final
meeting on March 31, 2010, at 9:30 a.m., at the 11th Floor, Lai
Sun Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong
Kong.
At the meeting, Yeung Kam Hoi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
BEST DYEING: Members' Final General Meeting Set for March 31
------------------------------------------------------------
Members of Best Dyeing & Finishing Company Limited will hold their
final general meeting on March 31, 2010, at 10:00 a.m., at the
Room 903-908, Kai Tak Commercial Building, 317-319 Des Voeux Road
Central, in Hong Kong.
At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
BLOXWORTH ENTERPRISES: Seto Man Fai Steps Down as Liquidator
------------------------------------------------------------
Seto Man Fai stepped down as liquidator of Bloxworth Enterprises
(HK) Limited on February 17, 2010.
BRILLIANT GAIN: Middleton and Cowley Step Down as Liquidators
-------------------------------------------------------------
Edward Simon Middleton and Patrick Cowley stepped down as
liquidators of Brilliant Gain Investments Limited on February 22,
2010.
BULLIVANT'S NATURAL: Creditors' Proofs of Debt Due March 26
-----------------------------------------------------------
Bullivant's Natural Health Products (HK) Limited, which is in
members' voluntary liquidation, requires its creditors to file
their proofs of debt by March 26, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on February 18, 2010.
The company's liquidators are:
Ho Siu Pik
Paul David Stuart Moyes
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
CITY ZONE: Members' Final Meeting Set for March 31
--------------------------------------------------
Members of City Zone Properties Limited will hold their final
meeting on March 31, 2010, at 10:00 a.m., at the 11th Floor, Lai
Sun Commercial Centre, 680 Cheung Sha Wan Road, Kowloon, in Hong
Kong.
At the meeting, Yeung Kam Hoi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
CHIEFUND INVESTMENT: final Meetings Set for March 30
----------------------------------------------------
Members and creditors of Chiefund Investment Company Limited will
hold their annual meetings on March 30, 2010, at 10:00 a.m., and
10:30 a.m., respectively at the 27th Floor, Alexandra House, 16-20
Chater Road, Central, in Hong Kong.
At the meeting, Jacky CW Muk, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
CHIUTACT INVESTMENTS: Creditors' Proofs of Debt Due April 9
----------------------------------------------------------
Creditors of Chiutact Investments Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 9, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on February 19, 2010.
The company's liquidator is:
Kwok Lai Ngor
Tal Building, Unit A, 10/F
49 Austin Road
Jordan, Kowloon
Hong Kong
CONCORD EXPRESS: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------------
At an extraordinary general meeting held on February 11, 2010,
creditors of Concord Express International Logistics Limited
resolved to voluntarily wind up the company's operations.
The company's liquidators are:
Yuen Shu Tong
Pang Hon Chung
Malaysia Building, 3/F
50 Gloucester Road
Wanchai, Hong Kong
=========
I N D I A
=========
APEX ROLLER: CRISIL Rates INR75.00 Million Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Apex Roller Flour Mills (P) Ltd.
Facilities Ratings
---------- -------
INR75.00 Million Cash Credit BB/Stable (Assigned)
The rating reflects Apex's small scale of operations, and exposure
to intense competition, resulting in limited pricing power. These
rating weaknesses are partially offset by the benefits that Apex
derives from its promoters' experience in the wheat products
industry.
Outlook: Stable
CRISIL believes that Apex will continue to benefit from the
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant and sustained improvement
in Apex's profitability, or fresh large equity infusion into the
company, thereby increasing its net worth and financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
Apex is unable to maintain its profitability, or in case of fresh,
large, debt-funded capital expenditure, thereby adversely
affecting the company's financial risk profile.
About Apex Roller
Set up in 1975 by Mr. Mahaveer Jain, Coimbatore-based Apex
manufactures wheat products, such as flour and bran. The company
has a production capacity of 36,000 tonnes per annum. It sells
its products under the Chavee brand.
Apex reported a profit after tax (PAT) of INR4 million on net
sales of INR477 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3 million on net sales
of INR372 million for 2007-08.
BHAKTIMOYEE COLD: Delay in Loan Repayment Cues CRISIL Junk Ratings
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Bhaktimoyee Cold Storage Pvt Ltd.
Facilities Ratings
---------- -------
INR36.10 Million Long-Term Loan D (Assigned)
INR25.40 Million Cash Credit P5 (Assigned)
INR3.50 Million Shot-Term Loan P5 (Assigned)
The ratings reflect delay by BCSPL in servicing its debt
obligations; the delay has been caused by BCSPL's weak liquidity.
Set up in 1985 by Mr. Swapan Kumar Mondal and family, BCSPL is a
closely held company engaged in the potato storage, preservation,
trading, and processing business. Its cold storage unit in
Tarkeshwar (Kolkata) has storage capacity of 152,028 quintals
Set up in 1985 by Mr. Swapan Kumar Mondal and family, BCSPL is a
closely held company engaged in the potato storage, preservation,
trading, and processing business. Its cold storage unit in
Tarkeshwar (Kolkata) has storage capacity of 152,028 quintals
BHOGI AGRO: CRISIL Assigns 'BB' Ratings on INR100MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Bhogi Agro Traders Pvt Ltd, which is part of the
Jayesh group.
Facilities Ratings
---------- -------
INR100.0 Million Cash Credit BB/Stable (Assigned)
INR50.0 Million Letter of Credit P4+ (Assigned)
The ratings reflect the Jayesh group's low profitability because
of intense competition in the refined oil trading business, and
revenue susceptibility to adverse changes in government
regulations. The group has a weak financial risk profile marked
by large receivables and high gearing. These weaknesses are
partially offset by the Jayesh group's established market
position, and adequate liquidity.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Jayesh and Bhogi Agro Traders Pvt Ltd,
together referred to as the Jayesh group. This is because the
entities are engaged in the same business, have operational
linkages with each other, and are under common promoters.
Outlook: Stable
CRISIL believes that the Jayesh group will continue to benefit
from its promoters' industry experience and its healthy
relationships with customers and refiners. The outlook may be
revised to 'Positive' if the group's net worth increases, and
financial risk profile strengthens. Conversely, the outlook may
be revised to 'Negative' if the group's profitability declines
considerably, or liquidity deteriorates.
About the Group
The Jayesh group trades in RBD (refined, bleached, and deodorized)
palmolein oil. The group is managed by the Shethia family, which
has been in this business for nearly three decades. Jayesh sources
RBD oil from established refiners, such as Gokul Refoils & Solvent
Ltd, Adani Willmar Ltd, Bunge India Pvt Ltd, and Ruchi Soya
Industries Ltd, and sells it through a network of dealers and
wholesalers.
The Jayesh group reported a profit after tax (PAT) of INR6.6
million on net sales of INR2.4 billion for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR3.5
million on net sales of INR0.9 billion for 2007-08. Bhogi
reported a PAT of INR3.2 million on net sales of INR696.1 million
for 2008-09, against a PAT of INR1.2 million on net sales of
INR343.6 million for 2007-08.
GOPIKRISHNA INFRASTRUCTURE: CRISIL Cuts Rating on Debt to 'C'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Sri
Gopikrishna Infrastructure Pvt Ltd to 'C/P4' from
'BB+/Stable/P4+'.
Facilities Ratings
---------- -------
INR200.0 Million Cash Credit* C (Downgraded from
'BB+/Stable')
INR160.0 Million Letter of Credit^ P4 (Downgraded from
'P4+')
INR140.0 Million Bank Guarantee@ P4 (Downgraded from
'P4+')
*Includes proposed amount of INR110.0 Million
^Includes proposed amount of INR80.0 Million
@Includes proposed amount of Rs60.0 Million
The downgrade reflects the recent instances of devolvement of
SGIPL's letter of credit facility, and the fact that its cash
credit facility has been overdrawn for more than 30 days because
of weak liquidity.
SGIPL began operations as a partnership firm, Sri Gopikrishna
Constructions, in 2005, and converted to a private limited company
in 2007-08 (refers to financial year, April 1 to March 31). The
company erects and commissions 33 and 11 kilovolt (KV)
substations, lays high- and low-tension (HT and LT) distribution
lines under rural electrification programs, undertakes underground
power cabling, upgrades infrastructure, converts LT to HT lines,
and separates supply and distribution systems for agricultural and
residential purposes.
SGIPL reported a profit after tax (PAT) of INR33 million on net
sales of INR818 million for 2008-09, as against a PAT of INR9.2
million on net sales of INR229 million for 2007-08.
HANUMAN AGRO: CRISIL Rates INR150 Mil. Cash Credit at 'B'
---------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of Hanuman Agro Industries Pvt Ltd.
Facilities Ratings
---------- -------
INR150 Million Cash Credit* B+/Stable (Assigned)
* Interchangeable with letter of credit and Buyer's
credit to the extent of INR130 million
The rating reflects Hanuman Agro's weak financial risk profile,
marked by high debt levels and weak debt protection measures, and
exposure to risks relating to a low net worth and small scale of
operations. These weaknesses are partially offset by the benefits
that Hanuman Agro derives from its promoter's extensive experience
in the trading business.
Outlook: Stable
CRISIL believes that Hanuman Agro's credit risk profile will
continue to be constrained by its small scale of operations and
low net worth over the medium term. The outlook may be revised to
'Positive' if Hanuman Agro improves its scale of operations while
maintaining its operating margin. Conversely, the outlook may be
revised to 'Negative' if the company's reliance on debt increases,
or if its revenues and operating margin decline.
About Hanuman Agro
Incorporated in 1991 by Mr. Balwant Rai, Hanuman Agro trades in
plastic and petrochemical-related products. The company's trading
product portfolio comprises ethylene vinyl acetate (EVA),
polyvinyl chloride (PVC) resin, paraffin wax, dicumyl peroxide
(DCP), plastic scraps, coir pith, and others. The company
initially traded in agricultural commodities. It began trading in
petrochemicals in 2000; in 2004, it changed its product mix and
began trading in EVA and other products. Currently, the company
derives around 60 per cent of its revenues from trading in EVA.
Hanuman Agro reported a profit after tax (PAT) of INR1.37 million
on net sales of INR317 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR1.68 million on
net sales of INR316 million for 2007-08.
K VENKATARAJU: Stressed Liquidity Cues CRISIL to Assign 'C' Rating
------------------------------------------------------------------
CRISIL has assigned its 'C/P4' ratings to the bank facilities of K
Venkataraju Engineers & Contractors.
Facilities Ratings
---------- -------
INR70 Million Cash Credit C (Assigned)
INR200 Million Bank Guarantee P4 (Assigned)
The ratings reflect KVEC's stressed liquidity, working-capital-
intensive operations, frequent delays in servicing of unrated
debt, exposure to revenue concentration risks, and small scale of
operations in the civil construction segment. These weaknesses
are partially offset by the benefits that KVEC derives from its
moderate order book, and the promoters' industry experience.
Set up in June 2002 by Mr. T Kishan Kumar, Mr. Murali Mohan, Mr.
NVV Satyanarayana, Mr. T Poorna Chandra Rao, and Ms. Sridevi in
Vijayawada (Andhra Pradesh), KVEC undertakes civil construction
projects, including construction of bridges, road overbridges, and
flyovers in Tamil Nadu, Karnataka, and Andhra Pradesh.
KVEC reported a profit after tax (PAT) of INR26 million on net
sales of INR396 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on net sales
of INR233 million for 2007-08.
KESHAV ELECTRICALS: CRISIL Assigns 'BB-' Rating on Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Keshav
Electricals Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR50.0 Million Cash Credit Limit BB-/Stable (Assigned)
INR5.0 Million Standby Line of Credit BB-/Stable (Assigned)
INR15.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Keshav Electrical's weak financial risk
profile, marked by large working capital requirements, and its
small net worth, and small scale of operations. These rating
weaknesses are partially offset by Keshav Electrical's improving
business risk profile with increasing diversification in its
product profile.
Outlook: Stable
CRISIL expects Keshav Electricals to continue to benefit from its
diversified product profile over the medium term; the financial
risk profile is, however, expected to remain weak because of large
working capital requirements. The outlook maybe revised to
'Positive' if the promoters infuse funds into the company, leading
to improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company undertakes
aggressive debt-funded capital expenditure program, or its
profitability declines sharply, leading to deterioration in its
financial risk profile.
About Keshav Electricals
Incorporated in 1996, Keshav Electricals manufactures distribution
transformers in the range of 100 to 500 kilovolt ampere (kVA) and
cross-linked polyethylene cables used in power distribution. In
2008-09 (refers to financial year, April 1 to March 31), the
company backward integrated its operations into copper and
aluminium wires, which are used to manufacture transformers. The
company's plant situated in Jaipur (Rajasthan) has a monthly
capacity to manufacture 3000 transformers, 20 kilometres of cables
and 120 tonnes of wires. It supplies transformers to various
electricity boards in Rajasthan, whereas cable and wires are
supplied to wire manufacturers and end users.
Keshav Electricals reported a profit after tax (PAT) of INR3.0
million on net sales of INR303 million for 2008-09, against a PAT
of INR2.6 million on net sales of INR234 million for 2007-08.
KUMA STAINLESS: CRISIL Upgrades Ratings on Various Debts to 'BB'
----------------------------------------------------------------
CRISIL has upgraded its ratings on Kuma Stainless Tube Ltd's bank
facilities to 'BB/Positive/P4+' from 'B+/Stable/P4'.
Facilities Ratings
---------- -------
INR55.0 Million Cash Credit Limit BB/Positive (Upgraded
from 'B+' ;Outlook
revised from 'Stable')
INR82.0 Million Long-Term Loan* BB/Positive (Upgraded
from 'B+' ;Outlook
revised from 'Stable')
INR290.0 Million Letter of Credit P4+ (Upgraded from 'P4')
* Includes proposed facility of INR1 million
The upgrade reflects Kuma's robust business performance in the
first nine months of 2009-10 (refers to financial year, April 1 to
March 31) and expected improvement in its financial risk profile
on the back of healthy cash accruals and improving debt protection
metrics. CRISIL believes that the impending acquisition of a
majority stake in Kuma by Maruichi Steel Tube Ltd (Maruichi) is
likely to improve Kuma's credit risk profile. Kuma is expected to
benefit from the operational and financial support it is likely to
receive from Maruichi.
The ratings also reflect Kuma's large working capital
requirements, and moderate financial risk profile. These
weaknesses are partially offset by Kuma's improved market position
in the stainless steel tubes segment, and high operating
efficiencies.
Outlook: Positive
CRISIL believes that the impending acquisition of a majority stake
in Kuma by Maruichi is likely to improve Kuma's credit risk
profile. Kuma is expected to benefit from the operational and
financial support it is likely to receive from Maruichi. The
rating may be upgraded once the benefits of the acquisition
translate into improvement in business performance and financial
metrics for Kuma. Conversely, the outlook may be revised to
'Stable' if there is significant delay in the acquisition process,
or deterioration in Kuma's financial risk profile.
About Kuma Stainless
Kuma was incorporated in 2003 as a joint venture between Kusakabe
Electric & Machinery Company Ltd, Japan (Kusakabe; 44.44-per cent
stake), Gallium Industries Ltd (Gallium, a subsidiary of Kusakabe;
11.12-per cent stake), both tube mill manufacturers, and SKH
Metals Ltd (SKH Metals; 44.44-per cent stake), an automotive
exhaust manufacturer. Kusakabe acquired SKH Metals' stake in Kuma
in September 2009 and subsequently also acquired Gallium's stake
in Kuma. Kusakabe currently holds a 100-per cent stake in Kuma,
and is in the process of selling 95 per cent of the stake to
Maruichi. Kuma manufactures stainless steel and aluminised steel
tubes for automotive exhaust applications at its facility in
Gurgaon, Haryana.
Set up in 1947, Maruichi is a leading Japanese manufacturer of
electric welded steel tubes, primarily for the construction and
automotive industry. Maruichi has 13 manufacturing facilities in
Japan; the company, through its subsidiaries, also has
manufacturing facilities in China, Indonesia, United States, and
Vietnam. Maruichi is listed on Tokyo Stock Exchange and Osaka
Securities Exchange.
Kuma reported a profit after tax (PAT) of INR13 million on net
sales of INR522 million for 2008-09, as against a PAT of INR23
million on net sales of INR350 million for 2007-08.
MAHABIR IMPEX: CRISIL Rates INR90 Mil. Cash Credit at 'BB+'
-----------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the cash credit
facility of Mahabir Impex Pvt Ltd, which is part of the KKN group.
Facilities Ratings
---------- -------
INR90 Million Cash Credit BB+/Stable (Assigned)
The rating reflects the KKN group's geographical concentration in
revenue profile, and large working capital requirements. These
rating weaknesses are partially offset by the benefits that the
KKN group derives from the strong appeal of its Tripti brand in
the market.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Mahabir, Cotwall Commerce Pvt Ltd, and
Grover Commerce Pvt Ltd. This is because Cotwall, Mahabir, and
Grover, collectively referred to as the KKN group, have a common
management, are in similar lines of business, and sell their
products under a common brand, Tripti.
Outlook: Stable
CRISIL believes that the KKN group will maintain its market
position over the medium term. The outlook may be revised to
'Positive' if the group's financial risk profile improves
significantly, most likely because of equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative'
if the KKN group reports sluggish growth in revenues and
profitability, or undertakes large, debt-funded acquisition.
About the Group
Mahabir, the flagship company of the KKN group, was acquired by
Mr. Kaushik Kumar Nath in 2000. Mahabir trades in edible oil,
tea, and spices; around 70 per cent of its revenues are derived
from the sale of edible oil. The company's products are sold
under the Tripti brand. It has around 200 distributors across
West Bengal. The company also sells its products through retail
outlets. Set up in 1995, Cotwall was acquired by Mr. Nath in
2003. The company has, since inception, traded in tea. It began
trading in edible oils in 2007-08 (refers to financial year, April
1 to March 31), and in pulses, spices, rice, atta, and maida, in
2008-09. Grover, acquired by Mr. Nath in 2001, trades in tea.
The KKN group reported a profit after tax (PAT) of INR6.5 million
on net sales of INR869 million for 2008-09, against a PAT of
INR4.2 million on net sales of INR632 million for 2007-08.
MAHARASHTRA ALDEHYDES: CRISIL Rates INR70MM Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Maharashtra
Aldehydes and Chemicals Ltd's bank facilities.
Facilities Ratings
---------- -------
INR70.0 Million Cash Credit * B+/Stable (Assigned)
INR45.8 Million Long-Term Loan B+/Stable (Assigned)
INR13.5 Million Letter of Credit P4 (Assigned)
* Includes export packing credit and bill discounting sub-limit
of INR20.0 million.
The ratings reflect MACL's high gearing, weak liquidity, and
exposure to intense competition in the diethyl phthalate chemical
industry. These rating weaknesses are partially offset by MACL's
stable operating margin, and well-established relationships with
key customers.
Outlook: Stable
CRISIL believes that MACL's financial risk profile to remain
constrained, owing to high gearing and stretched liquidity. The
outlook may be revised to 'Negative' if MACL reports lower-than-
expected cash accruals, or if there is an increase in its working
capital requirements and debt level, thereby adversely affecting
its financial risk profile. Conversely, the outlook may be
revised to 'Positive' if the company improves its profitability,
or posts higher-than-expected internal accruals, resulting in
improvement in its financial risk profile.
About Maharashtra Aldehydes
Set up in 1983 as a closely held public limited company, MACL is a
part of the Goenka group, which has established market position in
paper trading, chemical manufacturing, and education sectors.
MACL manufactures chemicals, primarily diethyl phthalate, used in
the production of perfumes and incense sticks. MACL has an
established customer base, including N. Rangarao & Sons (of the
Cycle brand incense sticks), with which it has been doing business
for more than eight years. In 2008-09 (refers to financial year,
April 1 to March 31), MACL also started contract manufacturing of
Thione, used for manufacturing anti-dandruff shampoos.
MACL reported a net loss of INR0.1 million on net sales of
INR234.5 million for 2008-09, against a profit after tax of INR1.9
million on net sales of INR217.0 million for 2007-08.
MEGA RUBBER: CRISIL Places 'BB+' Rating on INR50MM Rupee Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to Mega Rubber
Technologies Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR90.0 Million Cash Credit BB+/Stable (Assigned)
INR50.0 Million Rupee Term Loan BB+/Stable (Assigned)
INR15.0 Million Letter of Credit P4+ (Assigned)
The ratings reflect MRTPL's small scale of operations in the
rubber components industry restricting company's financial
flexibility and exposure to risks related to fluctuations in raw
material prices. These weaknesses are partially offset by MRTPL's
above-average financial risk profile and established customer
base.
Outlook: Stable
CRISIL believes that MRTPL will maintain its moderate capital
structure and satisfactory debt protection measures over the
medium term. The outlook maybe revised to 'Positive' if the
company materially scales up its operations while maintaining its
stable profitability. Conversely, the outlook maybe revised to
'Negative' if MRTPL undertakes a large, debt-funded capex
programme leading to a significant weakening of its capital
structure, or if there is a decline in its profitability,
resulting in considerable deterioration of its debt protection
measures.
About Mega Rubber
MRTPL, incorporated in 1996, is part of the Sujan group of
companies. The promoters include members, friends and relatives
of the Sujan family. The company manufactures rubber-moulded and
metal-bonded rubber components for the two-wheeler and four-
wheeler industries. It customers include original equipment
manufacturers (OEMs), Tier I and Tier II manufacturers. The
company has a mixing unit in Thane (Maharashtra) and two
manufacturing units, one each in Thane (Maharashtra) and Gurgaon
(Haryana).
MRTPL reported a profit after tax (PAT) of INR10.9 million on net
sales of INR480.6 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR2.7 million on net
sales of INR358.7 million for 2007-08.
PINAX STEEL: CRISIL Assigns 'BB+' Ratings on Various Bank Debts
---------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Pinax Steel Industries Pvt Ltd.
Facilities Ratings
---------- -------
INR55 Million Cash Credit BB+/Stable (Assigned)
INR26 Million Term Loan BB+/Stable (Assigned)
INR28.30 Million Proposed LT Loan BB+/Stable (Assigned)
INR8.2 Million Standby Line of Credit P4+ (Assigned)
INR2.5 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Pinax's moderate financial risk profile, small
scale of operations, and its marginal market share and exposure to
cyclicality in the steel industry. These weaknesses are partially
offset by Pinax's moderate operating efficiency and backward-
integrated operations.
Outlook: Stable
CRISIL believes that Pinax will maintain a stable business risk
profile over the medium term, supported by its operating
efficiency. The outlook may be revised to 'Positive' if the
company's financial profile and net worth improve substantially.
Conversely, the outlook may be revised to 'Negative' if Pinax's
operating margin declines because of low capacity utilization, or
if it contracts large debt to fund capital expenditure leading to
deterioration in its financial profile.
About Pinax Steels
Incorporated as Pinax Steels Pvt Ltd in October 1995, Pinax
acquired its current name in 1996. The company is promoted by
Mr. Sanjay Kumar Khemka and his family. The Patna-based company
manufactures thermo-mechanically treated (TMT) bars, mild steel
rounds, flats, rods, and angles. It started manufacturing ingots
in February 2008. It has installed capacity of 15,000 tonnes per
annum each for TMT products and ingots.
Pinax reported a profit after tax (PAT) of INR2.8 million on
operating income of INR288 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR3.4
million on operating income of INR142 million for 2007-08.
PLATINUM PROPERTIES: Weak Liquidity Cues CRISIL Junk Ratings
------------------------------------------------------------
CRISIL has assigned its 'D' rating to the cash credit facility of
Platinum Properties Pvt Ltd. The rating reflects delay in loan
servicing by Platinum; the delay has been caused by weak
liquidity.
Facilities Ratings
---------- -------
INR100.00 Million Cash Credit D (Assigned)
Set up in 2005, Platinum is developing Anthem Vistas, a projecst
consisting of 73 residential units, 22 kilometres away from
Secunderabad (Andhra Pradesh). Platinum is owned by two groups:
the Ambience group, promoted by Mr. M P Agarwall, Mr. P K
Agrawall, and Mr. L K Agarwal, and the Ravi group, promoted by Mr.
Anand Agarwal and Mr. R K Agarwal (promoters of Ravi Foods Pvt
Ltd, rated 'BBB-/Stable/P3' by CRISIL).
PRATHAMESH CERAMICS: CRISIL Reaffirms 'B-' Rating on INR283MM Loan
------------------------------------------------------------------
CRISIL has reaffirmed its ratings of 'B-/Negative' to the various
bank facilities of Prathamesh Ceramics Pvt Ltd.
Facilities Ratings
---------- -------
INR283 Million Long Term Loan B-/Negative (Reaffirmed)
INR40 Million Cash Credit B-/Negative (Reaffirmed)
The rating reflects the significant delay in the implementation of
PCPL's project, and its likely impact on the company's debt
servicing ability. The rating is further constrained by the
limited experience of PCPL's promoters in the insulator business,
and the company's exposure to product offtake and revenue
concentration risks. These weaknesses are, however, partially
offset by the favorable business prospects for the insulator
industry.
Outlook: Negative
CRISIL believes that Prathamesh Ceramics Pvt. Ltd.'s credit
profile will continue to be constrained due to its delay in the
commencement of its commercial production. The outlook may be
revised to 'Stable' if the company is able to commence its
commercial production without any further delays and generate
adequate cash accruals to meet its obligations and also improve
the company's financial profile and risk structure. Conversely,
the outlook may be downgraded in case of any delays to service its
maturing debt obligations.
About Prathamesh Ceramics
PCPL was incorporated in 2006 by Mr. Nitin Wagaskar and Mr.
Prakash Wagaskar. The company is in the process of setting up a
plant at Lakhmapur in Nashik (Maharashtra), to manufacture
electrical insulators made of glazed porcelain; the plant is
likely to have an annual capacity of 4100 tonnes. The total
capital expenditure estimated for this project is INR614 milllion.
S R FOILS: CRISIL Assigns 'BB-' Rating on INR500MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of S R Foils and Tissues Ltd.
Facilities Ratings
---------- -------
INR500 Million Cash Credit Facility BB-/Stable (Assigned)
INR400 Million Term Loan Facility BB-/Stable (Assigned)
INR430 Million Letter of Credit Facility P4+ (Assigned)
INR20 Million Bank Guarantee Facility P4+ (Assigned)
The ratings reflect SRFTL's constrained liquidity, aggressive
capital expenditure (capex) plans, and large working capital
requirements. These rating weaknesses are partially offset by the
company's established position in the branded aluminium foils and
paper tissues market, and its promoters' experience in the
industry.
Outlook: Stable
CRISIL believes that SRFTL will maintain its business risk profile
over the medium term on the back of its established market
position backed by strong brands, and good relationships with
customers. However, the company's financial risk profile is
likely to deteriorate, as the company is planning debt-funded
capex. The outlook may be revised to 'Positive' in case of a
higher-than-expected improvement in the company's profitability,
or if there is fresh, large, equity infusion into the company,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
steep deterioration in SRFTL's operating margin or capital
structure.
About S R Foils
Incorporated in 1993, SRFTL, formerly SR Foils Ltd, manufactures
aluminium foils (brand Homefoil), cling film rolls (Clean Wrap),
and tissue paper products (Mistique). The company has two
manufacturing units, one each in Bhiwadi and Sotanala (both in
Rajasthan).
For 2008-09 (refers to financial year, April 1 to March 31), SRFTL
reported a profit after tax of INR95.9 million (INR39.5 million
for 2007-08) on net sales of INR1.43 billion (INR904.8 million).
SALVI CHEMICAL: CRISIL Assigns 'BB' Rating on INR57MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its ratings of 'BB/Stable/P4+' to the bank
facilities of Salvi Chemical Industries Ltd (SCIL, part of the
Salvi Chemical group).
Facilities Ratings
---------- -------
INR60.0 Million Cash Credit BB/Stable (Assigned)
INR57.0 Million Term Loan BB/Stable (Assigned)
INR195.0 Million Letter of P4+ (Assigned)
Credit Facility
INR0.5 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Salvi Chemical group's modest financial risk
profile marked by small size of net worth and moderate debt
protection measures coupled with exposure to risks related to
delayed realization. These weaknesses are partially offset by the
extensive experience of the group's promoters in the
pharmaceutical industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SCIL and M/s Nutracare International,
collectively referred to, herein, as the Salvi Chemical group.
This is because both entities are under a common management and in
similar lines of business.
Outlook: Stable
CRISIL believes that the Salvi Chemical group will maintain a
stable business risk profile over the near term, backed by the
promoter's extensive experience in the pharmaceuticals formulation
industry. The outlook may be revised to 'Positive' if the group
reports a higher-than-expected increase in profitability,
supported by a substantial improvement in its debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
the group's debt protection measures deteriorate because of lower-
than-expected growth in operating revenues, or if it faces time or
cost overruns in its ongoing expansion project.
About the Group
SCIL was set up as a partnership firm in 1978 by Mr. Kantilal
Salvi and his family members. In 2005-06 (refers to financial
year, April 1 to March 31), the firm was incorporated into a
closely held public limited company with Mr. Kantilal Salvi and
his sons, Mr. Nirav Salvi and Mr. Kaushal Salvi, as the key
management personnel. The company manufactures chemical and
pharmaceutical products. SCIL has its registered office in Mumbai
(Maharashtra), while its plants are located in Boisar
(Maharashtra).
Nutracare International, which was set up in 2000 as a
proprietorship firm by Mr. Kaushal Salvi, also manufactures
chemical and pharmaceutical products.
On a standalone basis, Salvi Chemical Industries Ltd reported a
profit after tax (PAT) of INR9.5 million on net sales of INR550.1
million for 2008-09, against a PAT of INR17 million on net sales
of INR349.3 million for 2007-08.
SATHYASREE DEVELOPERS: CRISIL Cuts Ratings on INR80MM Loan to 'D'
-----------------------------------------------------------------
CRISIL has downgraded its rating on Sathyasree Developers Pvt
Ltd's long-term loan to 'D' from 'B/Negative'.
Facilities Ratings
---------- -------
INR80.0 Million Long-Term Loan D (Downgraded from
'B/Negative')
The downgrade reflects delay by SDPL in repayment of its term loan
obligations; the delay was driven by the company's stretched
liquidity because of the slowdown in the real estate sector, and
lower-than-expected bookings for residential flats in the
company's project.
Set up in April 2007 by Mr. J Chandrashekhar, Mr. R Durgaram, and
Mr. Arun Vijaay Malli, SDPL is developing Satya Elite, a
residential apartments project, in Madurai (Tamil Nadu); the
project comprises 92 flats, with a total built up area of 155,222
square feet at a total cost of INR440 million. The promoters have
15 years of experience in the development and construction of
residential apartments. Mr. Chandrashekhar and Mr. Durgaram, also
run construction companies in their individual capacities in
Bengaluru and Madurai, respectively.
SATYAM ISPAT: Delays in Loan Repayment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL has assigned its ratings of 'D/P5' to Satyam Ispat (North-
East) Ltd's bank facilities. The ratings reflect delay by SINEL
in repayment of term loan obligations, owing to weak liquidity.
Facilities Ratings
---------- -------
INR170 Million Cash Credit D (Assigned)
INR125 Million Term Loan D (Assigned)
INR100 Million Letter of Credit P5 (Assigned)
Incorporated in 2005, SINEL, part of the Satyam Group of
Industries, is a private limited company. SINEL commenced
commercial operations in April 2007. It manufactures thermo-
mechanically treated (TMT) bars for sale under its Satyam Super
TMT brand. The company is also the authorized conversion agent for
Steel Authority of India. The company has an integrated steel
plant with capacity to manufacture 67,200 tonnes of TMT per annum
and 74,400 tonnes of mild steel billets per annum.
SINEL reported a profit after tax (PAT) of INR9 million on net
sales of INR652 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR45 million on net
sales of INR1129 million for 2007-08.
SUPREME ALLOYS: CRISIL Places 'BB+' Rating on INR210MM Bank Debt
----------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to Supreme
Alloys Ltd's bank facilities.
Facilities Ratings
---------- -------
INR210.0 Million Overdraft Facility BB+/Stable (Assigned)
INR140.0 Million Working Capital BB+/Stable (Assigned)
Demand Loan
INR70.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect SAL's exposure to the cyclical steel industry,
volatility in raw material prices, and moderate financial risk
profile. These rating weaknesses are partially offset by the
benefits that SAL derives from its promoters' experience in the
steel business and revenue visibility, led by agreement with Steel
Authority of India Ltd.
Outlook: Stable
CRISIL believes that SAL's business risk profile will remain
stable, backed by strong revenue visibility led by its agreement
with SAIL. The outlook may be revised to 'Positive' if SAL is
able to obtain new contracts from SAIL leading to stabilization of
new capacities, high profitability, and improved debt protection
measures. Conversely, the outlook may be revised to 'Negative' if
SAL undertakes significant debt-funded capital expenditure,
leading to deterioration in the company's capital structure; or in
case high volatility in steel prices leads to a decline in profit
margins for the company.
About Supreme Alloys
SAL, promoted by the Arora family, manufactures steel ingots and
thermo-mechanically treated (TMT) bars and has production
facilities at Ghaziabad (Uttar Pradesh). Currently, the company
has a combined furnace and rolling mill capacity of around 160,000
tonnes per annum (TPA). The company is closely held by the Arora
family and is currently being managed by Mr. Jagjiv Kumar Arora
and his son, Mr. Sahil Arora.
SAL reported a profit after tax (PAT) of INR31.2 million on net
sales of INR1983.9 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR19.4 million on net
sales of INR1529.7 million for 2007-08.
V.S. STEEL: CRISIL Assigns 'B' Rating on INR63.5M Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of V.S. Steel.
Facilities Ratings
---------- -------
INR63.5 Million Cash Credit B/Stable (Assigned)
INR65.0 Million Rupee Term Loan B/Stable (Assigned)
INR30.0 Million Letter of Credit P4 (Assigned)
The ratings reflect V.S. Steel's exposure to risks relating to its
limited track record and to intense competition and cyclicality in
the steel industry, and its weak financial risk profile. These
weaknesses are partially offset by the financial support that V.S.
Steel derives from its promoters.
Outlook: Stable3
CRISIL believes that V.S. Steel's promoters will provide need-
based financial support to the firm during its expansion phase.
The outlook may be revised to 'Positive' in case of more-than-
expected increase in the firm's revenues and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected capacity utilization, or if the firm
undertakes any significant debt-funded capital expenditure
programme, or in case of significant withdrawal of capital by the
partners.
About V.S. Steel
V.S. Steel, a partnership firm, manufactures mild steel (MS)
ingots. The firm is promoted by Mr. R Srinivasan and his brother,
Mr. R Venkatakrishnan. The firm primarily sells to traders in
Chennai and Coimbatore in Tamil Nadu. Its induction furnace,
situated in Kanchipuram (Tamil Nadu), commenced commercial
production in July 2009 and has capacity of 4500 metric tones per
month. The promoters plan to double the capacity of the induction
furnace by June 2011 and also plan to set up a thermo-mechanically
treated (TMT) rolling mill by March 2012.
=========
J A P A N
=========
AEGON: Shares to be Delisted From Tokyo Stock Exchange
------------------------------------------------------
AEGON's common shares are scheduled to be delisted from the Tokyo
Stock Exchange on March 27, 2010. All trading in AEGON common
shares will cease from that date.
This follows the Tokyo Stock Exchange's decision to approve
AEGON's application for a delisting, which was filed in February.
AEGON shares continue to be listed on Euronext Amsterdam, the New
York Stock Exchange and the London Stock Exchange.
As previously announced, AEGON applied for a delisting after
deciding the volume of shares traded on the Tokyo Stock Exchange
did not justify the related expense.
About AEGON
As an international life insurance, pension and investment company
based in The Hague, AEGON has businesses in over twenty markets in
the Americas, Europe and Asia. AEGON companies employ
approximately 28,000 people and have more than 40 million
customers across the globe.
BEST DENKI: Plans to Slash Workforce by 20%
-------------------------------------------
Best Denki Co. Ltd. plans to cut about 1,000 jobs, or nearly 20%
of its workforce, by soliciting early retirements and curbing new
hiring to aid its restructuring efforts, Japan Today reports
citing sources close to the matter.
According to the report, the plan is in line with its
restructuring policy announced in January under which it will
close 50 to 70 of its 570 group outlets over the next two years.
Best Denki has already said it will liquidate Tokyo-based
subsidiary Sakuraya Co by the end of February and will in
principle dismiss all of its 450 employees, the report notes.
The Fukuoka-based retailer has around 5,500 group employees
nationwide.
Best Denki Co., Ltd. (TYO:8175) is a Japan-based company mainly
engaged in the sale of home electric appliances and information
communication equipment. It has five business segments. The
Electrical Home Appliance Retailing segment is involved in the
sale of electrical home appliances and information communications
equipment, as well as the sale of broadband-related information
technology products. The Electrical Home Appliance Wholesaling
segment is engaged in the sale of products to its subsidiaries,
associated companies and franchised stores. The Credit segment is
involved in the consumer loan business. The Service segment is
engaged in the delivery of goods and the provision of post-sale
services, such as repair. The Others segment is involved in the
construction, expansion and renovation of stores and houses, the
sale of land and buildings, as well as the leasing, amusement,
convenience store, printing and recruitment service businesses.
CAFES 4: Moody's Reviews Ratings on Various Classes of Notes
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings for the Class
A through D and X trust certificates issued by Cafes 4. The final
maturity of the trust certificates will take place in November
2011.
The individual rating actions are listed below.
-- Class A, downgraded to A3 from Aa2; previously, Aa2 placed
under review for possible downgrade on January 14, 2010
-- Class B, downgraded to Ba1 from A3; previously, A3 placed
under review for possible downgrade on January 14, 2010
-- Class C, downgraded to B1 from Baa3; previously, Baa3 placed
under review for possible downgrade on January 14, 2010
-- Class D, downgraded to Caa2 from B1; previously, B1 placed
under review for possible downgrade on January 14, 2010
-- Class X, downgraded to A3 from Aa2; previously, Aa2 placed
under review for possible downgrade on January 14, 2010
-- Cafes 4, effected in July 2008, represents the securitization
of a non-recourse loan and cash.
The loan had defaulted in October 2009 and has been placed into
collections by the special servicer.
The underlying property is an office/retail building in central
Tokyo. The occupancy rate has dropped to 70% because the previous
asset manager's operating policy resulted in the eviction of some
of the tenants.
Moody's had placed the ratings on review for possible downgrade
due to growing concerns about further recovery stress on disposal
prices, as the property's fundamental profitability after
defaulting has deteriorated more than estimated in the previous
rating actions in June 2009.
Moody's received the latest PM reports and appraisal report from
the servicer and questioned the special servicer about its leasing
activities and strategies, its recovery policy, and the likelihood
that the loan would be paid down in full.
As a result of the hearing, the special servicer is planning to
find tenants at far more lower rents than estimated by Moody's
because its recovery activities require a resolution of the issue
of the fall in the occupancy rate, as mentioned, and a rise in the
property's cash flow.
Having reconsidered the recovery stress on the property disposal,
Moody's has changed its average rent estimates to the level of
current asking rents, resulting in cash flow 40% lower than in its
initial assumption.
Following the review, the estimated recovery stress on the
property has been re-assessed at 45% less than the initial value.
This rating action reflects Moody's growing concerns regarding the
likelihood of collateral recovery, according to the property's re-
assessed value.
Moody's Investors Service is a publisher of rating opinions and
research. It is not involved in the offering or sale of any
securities, nor is it acting on behalf of the offering party.
This release is not a solicitation or a recommendation to buy,
hold, or sell securities.
HELIUM CAPITAL: S&P Downgrades Ratings on Floating Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D' from 'CCC-' its
rating on the secured floating rate credit-linked notes, issued
under the Helium Capital Ltd. Series 65 transaction. The
transaction is an arbitrage synthetic CDO transaction referencing
global names. S&P lowered S&P's rating on the aforementioned
notes to 'D' because the amount of accumulated loss for the
transaction has exceeded its loss threshold amount.
Rating Lowered
Helium Capital Ltd.
Limited recourse secured floating rate credit-linked notes
series 65
To From Issue Amount
-- ---- ------------
D CCC- ?2.0 bil.
JAPAN AIRLINES: Scraps Air Cargo Merger with Nippon Yusen
---------------------------------------------------------
Dow Jones Newswires reports that Nippon Yusen K.K. and Japan
Airlines Corp. have decided to abandon plans to merge their air
cargo operations.
Nippon Yusen said in a statement that the two firms are still
exploring the possibility of continuing joint operations in such
areas as code sharing, according to Dow Jones.
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 for reorganization January 19 in the
Tokyo District Court and 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)
JLOC 39: Fitch Downgrades Ratings on Four Classes of Notes
----------------------------------------------------------
Fitch Ratings has downgraded JLOC 39 Trust's class C and D trust
beneficiary interests due April 2014, and affirmed class A and B
TBIs. Full details of the rating actions are:
-- JPY19.69 billion* Class A TBIs affirmed at 'AA'; Outlook
Stable;
-- JPY5.4 billion* Class B TBIs affirmed at 'BBB+'; Outlook
Negative;
-- JPY3.9 billion* Class C TBIs downgraded to 'B-' from 'BB';
Outlook Negative; and
-- JPY2.2 billion* Class D TBIs downgraded to 'CCC' from 'B-';
assigned a Recovery Rating of 'RR6'.
* as of February 25, 2010
Fitch has downgraded class C and D TBIs reflecting a further
downward revision of the value of the largest property in the
transaction's portfolio, which is an office building in Tokyo. At
the time of Fitch's previous rating action in October 2009, it was
noted that the property faces low occupancy following the
departure of a major tenant in March 2009. Though a new tenant
had moved in to take up a portion of the space, the rental rate of
the new contract was lower than expected, which resulted in a
downward revision of the property valuation. The agency has
revised the property valuation downwards again, due to the
acceptance of a further reduction in rental levels, as requested
by an existing tenant and under a new rental contract.
Fitch has affirmed class A and B TBIs reflecting increased credit
enhancement levels to date. Although Fitch revised the largest
property's valuation downwards, one underlying loan has been fully
repaid and many properties have been disposed of since the
previous rating action, with proceeds being allocated on a
sequential basis. However, the agency has maintained a Negative
Outlook on the Class B TBIs due to the uncertainty surrounding the
disposition activities for one liquidation-type underlying loan.
This transaction is a securitization of Tokutei Mokuteki Kaisha
specified bonds and non-recourse loans issued by or extended to a
total of 10 borrowers. At closing, these underlying assets were
ultimately secured by 34 commercial real estate properties. To
date, two underlying loans have been fully repaid and partial
prepayments have occurred mainly due to the disposition of
collateral properties. The transaction is currently backed by 12
commercial real estate properties.
For further information on Fitch's surveillance criteria and
methodology, please see the criteria report, "Criteria for
Japanese CMBS Surveillance" and the special report, "Application
and Impact of the Japanese CMBS Surveillance Criteria". Both
reports were published on September 2, 2009, and are available on
the agency's website, www.fitchratings.com. Note that the reports
have been published simultaneously and are intended to be read in
conjunction with each other. The criteria report describes the
approach and framework of the methodology, and the special report
details the application and assumptions adopted in the current
surveillance reviews.
Rating Outlooks have been published for all newly issued Asia
Pacific Structured Finance tranches since June 2008, and
concurrently with rating actions for tranches issued prior to June
2008. Unlike a Rating Watch which notifies investors that there
is a reasonable probability of a rating change in the short term
as a result of a specific event, rating Outlooks indicate the
likely direction of any rating change over a one- to two-year
period.
===============
M A L A Y S I A
===============
EVERMASTER GROUP: Posts MYR5.99MM Net Loss in Qtr Ended Dec. 31
---------------------------------------------------------------
Evermaster Group Berhad reported a net loss of MYR5.99 million, or
MYR8.44 loss per share for the three months ended December 31,
2009, as compared with net loss of MYR8.17 million, or MYR11.51
per share, in the same quarter of 2008.
Revenue for the quarter ended December 31, 2009, increased to
MYR12.33 million as compared to MYR9.55 Million in 2008.
Balance Sheet
At December 31, 2009, the Company's consolidated balance sheet
showed MYR138.3 million in total assets, MYR115.93 million in
total liabilities, and MYR22.38 million in total stockholders'
equity.
The Company's consolidated balance sheet as at December 31, 2009,
showed strained liquidity with MYR32.77 million in total current
assets available to pay MYR115.93 million in total current
liabilities.
About Evermaster Group
Evermaster Group Berhad is a Malaysia-based investment holding
company. Through its subsidiaries, the Company is engaged in
integrated timber activities, which consist of manufacturing and
trading of timber and timber-related products, and general
construction business. It operates through two segments: timber
and timber related operations, and general constructions. Its
major subsidiaries include Evermaster Sdn. Bhd., Evermaster Wood
Industries Sdn. Bhd., Evermaster Wood Products Sdn. Bhd. and
Evermaster Development Sdn. Bhd.
Evermaster Group Berhad has been considered as an Affected
Listed Issuer under Practice Note No. 17/2005 of the Bursa
Malaysia Securities Berhad as it has triggered Paragraph 2.1(b)
of the Amended PN17.
A Receiver and Manager has been appointed over the asset of the
Evermaster Group. The asset accounts for at least 50 percent of
the total assets employed of the listed issuer on a consolidated
basis under the terms of the Debenture dated December 18, 2003
executed between the company and Abrar Discounts Berhad.
LIMAHSOON BERHAD: Dec. 31 Balance Sheet Upside-Down by MYR5.35MM
----------------------------------------------------------------
Limahsoon Berhad unaudited balance sheet as of December 31, 2009,
went upside down by MYR5.35 million, on total assets of MYR91.21
million and total liabilities of MYR96.57 million.
The company's balance sheet as of December 31, 2009, also showed
strained liquidity with MYR6.39 million in total current assets
available to pay MYR88.86 million in total current liabilities.
For the quarter ended December 31, 2009, the Company incurred
MYR20.05 million net loss on MYR1.17 million of revenues, compared
with MYR7.19 million net loss on MYR3.97 million of revenues in
the same quarter of the preceding year.
The Group's performance has been affected by the lack of
profitability in its core products and now further aggravated by
its tight cashflow position and also the numerous delays in the
start up of its green project plants involved in the production of
palm kernel shell charcoal and, which operations are now
suspended. In view of the delays in the start up and the tight
cash flow position, the Group has decided to review its
investments in these project and has prudently provided for a
write-down of the investments in the green projects, resulting in
write downs of MYR18.12 million this quarter.
About Limahsoon
Limahsoon Berhad (KUL:LIMAHSN) -- http://www.limahsoon.com/-- is
a Malaysia-based company engaged in investment holding and the
provision of management services to its subsidiaries. The Company
operates in two business segments: manufacturing of laminated
board, which includes pressure treatment, kiln drying and the
manufacture of laminated boards and mouldings, and sawmilling,
which includes sawmilling of green rubberwood.
Limahsoon Berhad has been classified a Practice Note No. 17
company based on the criteria set by the Bursa Malaysia Securities
Bhd after as the Company defaulted in payment and is unable to
provide a Solvency Declaration to Bursa Securities.
TRANSMILE GROUP: Classified as Affected Listed Issuer Under PN17
----------------------------------------------------------------
Transmile Group Berhad has been considered as an Amended Practice
No. 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.
According to a disclosure statement with the bourse, the PN17
criteria was triggered resulting from Transmile's latest unaudited
quarterly announcement for the full financial year ended Dec. 31,
2009, wherein the shareholders' equity of the Company on a
consolidated basis is less than 25% of the Company's issued and
paid-up capital (excluding treasury shares) and such shareholders'
equity is less than MYR40 million.
Transmile Group's obligations as an Affected Listed Issuer are to:
(a) submit a plan to regularize the company's condition
to the relevant authorities for approval within 12
months;
(b) implement the Regularization Plan within the timeframe
stipulated by the relevant authorities;
(c) announce the company's compliance or non-compliance with
a particular obligation imposed pursuant to PN17 on an
immediate basis; and
(d) announce the details of the Regularization Plan as
referred to in Paragraph 3.1 of PN 17.
Transmile Group Berhad is an investment holding company. The
Company is engaged in provision of air transportation and related
services. The Company's subsidiaries include Transmile Air
Services Sdn. Bhd., which is engaged in provision of air
transportation and related services and dealing in aircraft,
aircraft parts and equipment; Transmile Thailand Sdn. Bhd., which
is engaged in investment holdings; Transmile Management Sdn. Bhd.,
which is engaged in provision of management services; Viunique
Corporation Sdn. Bhd., which is engaged in leasing of aircraft,
and CEN Worldwide Sdn. Bhd., which is engaged in express
distribution and logistics management services.
====================
N E W Z E A L A N D
====================
A2 CORPORATION: Half-Year Loss Narrows to NZ$717,172
----------------------------------------------------
A2 Corporation Limited reported an unaudited Group post-tax loss
of NZ$717,172 for the six months ended December 31, 2009. This
compared to a loss of NZ$1,992,000 for the six months ended
September 30, 2008.
The unaudited Group post-tax loss includes:
* a2C operational loss of NZ$566,476 versus a budgeted loss of
NZ$691,000, and a comparable first half loss in the prior
year of NZ$1,898,920
* Foreign exchange loss of NZ$156,241
* NZ$73,826 non cash cost related to the share based incentive
schemes for a2C's CEO & executive directors
* A New Zealand Trade and Enterprise grant received for
business development of NZ$79,371
The joint venture, A2 Dairy Products Australia Pty Limited,
continues to grow fresh milk sales in line with expectations. a2
fresh milk is available in all Australian states after the recent
launch into Tasmania.
About A2 Corporation
New Zealand-based A2 Corporation Ltd. (NZAX: ATM) --
http://www.a2corporation.com/-- is engaged in the sale and
production of beta-casein A2 milk products. The company owns
and licenses intellectual property that enables the
identification of cattle for the production and subsequent
marketing of A2 Milk. a2 milk is naturally produced to contain
maximum amounts of a milk protein variant that is associated by
a number of studies with potential benefits in some individuals.
A2 Corporation Ltd receives royalty income from sales of A2 Milk
products and testing for A2 cattle, and shares in the profits or
losses of associates and subsidiaries formed for those purposes.
* * *
A2 Corp. incurred three consecutive net losses of NZ$6.3
million, NZ$5.08 million and NZ$448,800 for the years ended
March 31, 2008, 2007 and 2006, respectively.
The company also reported a net loss of NZ$3.52 million for the 15
months ended June 30, 2009.
BROADLANDS FINANCE: S&P Assigns 'BB-/B' Counterparty Credit Rating
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB-/B' counterparty credit rating to the New Zealand finance
company Broadlands Finance Ltd. The outlook on Broadlands is
negative.
"The ratings on Broadlands reflect the company's vulnerable
liquidity, with more than half of its outstanding retail
debentures maturing in the coming 12 months, and its cash position
in part hinging on the collections from its higher-risk consumer
loan portfolio", said Gavin Gunning, credit analyst with Standard
& Poor's. "This said, Broadlands has a fairly diversified
debenture investor base, and the company's sole shareholder has a
track record of providing liquidity support to it where
necessary."
Although Broadlands' credit-loss experience has been fairly well
managed to date, the credit profile is moderated by the higher-
risk nature of the company's loan-receivables portfolio, which
exhibits a high level of loan arrears. Broadlands' funding base
relies heavily on its single shareholder, in the form of debts as
well as equity, and its business profile also links to the
experience and connections of the shareholder. Favorable features
of Broadlands' credit profile include the company's good interest
margins and capital-adequacy ratio, which provide good capacity
for absorbing materially higher credit losses.
"The negative rating outlook incorporates the uncertainty around
Broadlands' ability to manage its liquidity position through 2010?
stemming from changes to New Zealand's deposit-guarantee scheme
and the imposition of other regulatory requirements on New Zealand
nonbank deposit-taking companies?and an expectation that
profitability may come under pressure from some contraction in
interest margins and potentially higher credit costs," said Mr.
Gunning. Further explicit support for Broadlands from its
shareholder, however, could contribute to upwards rating momentum,
or, at a minimum, greater ratings rigidity at the current rating
level.
=================
S I N G A P O R E
=================
COLEMONT SINGAPORE: Creditors' Proofs of Debt Due March 26
----------------------------------------------------------
Creditors of Colemont Singapore Pte Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 26, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
c/o 47 Hill Street #05-01
Singapore Chinese Chamber of Commerce & Industry Building
Singapore 179365
GENESIS FORWARDING: Creditors' Proofs of Debt Due March 26
----------------------------------------------------------
Creditors of Genesis Forwarding Group (Asia) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 26, 2010, to be included in the company's
dividend distribution.
The company's liquidators are:
Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
c/o 47 Hill Street #05-01
Singapore Chinese Chamber of Commerce & Industry Building
Singapore 179365
GREEN BIOPOWER: Creditors' Proofs of Debt Due March 26
------------------------------------------------------
Creditors of Green Biopower Holdings Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by March 26, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Kelvin Thio
Terence Ng
c/o Ardent Business Advisory Pte Ltd
146 Robinson Road #12-01
Singapore 068909
SENG SOON: Members' Final Meeting Set for March 29
--------------------------------------------------
Seng Soon Hock Co. (Pte) Ltd, which is in members' voluntary
liquidation, will hold their final meeting for its members' on
March 29, 2010, at 10:00 a.m., at 1 Scotts Road, #21-08 Shaw
Centre, Singapore 228208.
The company's liquidator is Madam Chia Lay Beng.
ZENON ENVIRONMENT: Creditors' Proofs of Debt Due March 26
---------------------------------------------------------
Zenon Environment (Asia) Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by March 26, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Chia Soo Hien
Leow Quek Shiong
c/o BDO LLP
19 Keppel Road
#02-01 Jit Poh Building
Singapore 089058
===============
X X X X X X X X
===============
* BOND PRICING: For the Week to February 22 to February 26, 2010
----------------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ADVANCE ENERGY 9.50 01/04/2015 AUD 1.05
AINSWORTH GAME 8.00 12/31/2011 AUD 0.80
AMP GROUP FINANC 9.80 04/01/2019 NZD 0.92
ANTARES ENERGY 10.00 10/31/2013 AUD 2.00
AUROX RESOURCES 7.00 06/30/2010 AUD 0.77
BECTON PROP GR 9.50 06/30/2010 AUD 0.50
BOUNTY INDUSTRIES 10.00 06/30/2010 AUD 0.03
CBD ENERGY LTD 12.50 01/29/2011 AUD 0.12
CHINA CENTURY 12.00 09/30/2010 AUD 0.82
FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.50
GRIFFIN COAL MIN 9.50 12/01/2016 USD 57.00
HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.25
JPM AU ENF NOM 1 3.50 06/30/2010 USD 9.25
MINERALS CORP 10.50 09/30/2011 AUD 0.67
NATIONAL WEALTH 6.75 06/16/2026 AUD 64.82
NEW S WALES TREA 1.00 09/02/2019 AUD 63.98
ORCHARD INVEST 7.36 12/15/2010 AUD 29.50
PRAECO P/L 7.13 07/28/2020 AUD 71.51
RESOLUTE MINING 12.00 12/31/2012 AUD 1.06
SUN RESOURCES NL 12.00 06/30/2011 AUD 0.25
TIMBERCORP LTD 8.90 12/01/2010 AUD 26.10
VERO INSURANCE 6.15 09/07/2025 AUD 71.72
CHINA
-----
JIANGXI COPPER 1.00 09/22/2016 CNY 73.62
TSINGHUA HOLDING 4.78 05/19/2016 CNY 53.40
HONG KONG
---------
RESPARCS FUNDING 8.00 12/29/2049 USD 27.25
INDIA
-----
AFTEK INFOSYS 1.00 06/25/2010 USD 60.00
AKSH OPTIFIBRE 1.00 01/29/2010 USD 55.00
GEMINI COMMUNICA 6.00 07/18/2012 EUR 41.25
SUBEX AZURE 2.00 03/09/2012 USD 61.50
INDONESIA
---------
MOBILE-8 TELECOM 12.37 06/15/2017 IDR 50.00
TRUBA JAYA 11.75 07/08/2010 IDR 60.65
JAPAN
-----
AIFUL CORP 1.50 10/20/2011 JPY 64.93
AIFUL CORP 1.20 01/26/2012 JPY 58.82
AIFUL CORP 1.99 03/23/2012 JPY 57.03
AIFUL CORP 1.22 04/20/2012 JPY 53.89
AIFUL CORP 1.63 11/22/2012 JPY 50.93
AIFUL CORP 1.74 05/28/2013 JPY 49.91
AIFUL CORP 1.99 10/19/2015 JPY 44.85
COVALENT MATERIAL 2.87 02/18/2013 JPY 57.30
CSK CORPORATION 0.25 09/30/2013 JPY 73.00
FUKOKU MUTUAL 4.50 09/28/2025 EUR 72.00
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 56.89
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 56.32
SHINSEI BANK 5.63 12/29/2049 GBP 72.50
TAKEFUJI CORP 9.20 04/15/2011 USD 45.87
TAKEFUJI CORP 9.20 04/15/2011 USD 45.87
TAKEFUJI CORP 8.00 11/01/2017 USD 8.12
TAKEFUJI CORP 1.50 06/19/2018 JPY 75.00
TAKEFUJI CORP 4.00 06/05/2022 JPY 53.15
WILLCOM INC 2.35 06/27/2012 JPY 9.93
MALAYSIA
--------
ADVANCE SYNERGY 2.00 01/26/2018 MYR 0.07
ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.13
CRESCENDO CORP B 3.75 01/11/2016 MYR 1.00
DUTALAND BHD 4.00 04/11/2013 MYR 0.35
DUTALAND BHD 4.00 04/11/2013 MYR 0.72
EASTERN & ORIENT 8.00 07/25/2011 MYR 0.98
EASTERN & ORIENT 8.00 11/16/2019 MYR 0.98
HUAT LAI RESOURC 5.00 03/28/2010 MYR 0.50
KRETAM HOLDINGS 1.00 08/10/2010 MYR 1.15
KUMPULAN JETSON 5.00 11/27/2012 MYR 1.81
LION DIVESIFIED 4.00 12/17/2013 MYR 1.69
MITHRIL BHD 3.00 04/05/2012 MYR 0.68
NAM FATT CORP 2.00 06/24/2011 MYR 0.25
OLYMPIA INDUSTRI 2.80 04/11/2013 MYR 0.20
OLYMPIA INDUSTRI 4.00 04/11/2013 MYR 0.23
PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.63
RUBBEREX CORP 4.00 08/14/2012 MYR 1.58
SCOMI GROUP BHD 4.00 12/14/2012 MYR 0.10
TRADEWINDS PLANT 2.00 02/08/2012 MYR 0.60
TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.10
TRC SYNERGY 5.00 01/20/2012 MYR 1.00
WAH SEONG CORP 3.00 05/21/2012 MYR 2.60
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.29
YTL CEMENT BHD 5.00 11/10/2015 MYR 1.92
NEW ZEALAND
-----------
ALLIED NATIONWID 11.52 12/29/2049 NZD 50.00
BLUE STAR PRINT 9.10 09/15/2012 NZD 64.00
CAPITAL PROP NZ 8.00 04/15/2010 NZD 8.40
CONTACT ENERGY 8.00 05/15/2014 NZD 1.02
FLETCHER BUI 8.50 03/15/2015 NZD 7.40
GMT BOND ISSUER 7.75 06/19/2015 NZD 0.12
INFRASTR & UTIL 8.50 09/15/2013 NZD 9.50
INFRATIL LTD 8.50 11/15/2015 NZD 9.40
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.36
MANUKAU CITY 6.15 09/15/2013 NZD 1.02
MANUKAU CITY 6.90 09/15/2015 NZD 1.02
MARAC FINANCE 10.50 07/15/2013 NZD 0.99
NZ FINANCE HLDGS 9.75 03/15/2011 NZD 51.36
SKY NETWORK TV 4.01 10/16/2016 NZD 55.70
SOUTH CANTERBURY 10.50 06/15/2011 NZD 0.64
SOUTH CANTERBURY 10.43 12/15/2012 NZD 0.57
ST LAURENCE PROP 9.25 05/15/2011 NZD 64.78
TOWER CAPITAL 8.50 04/15/2014 NZD 1.01
TRUSTPOWER LTD 8.50 09/15/2012 NZD 8.20
TRUSTPOWER LTD 8.50 03/15/2014 NZD 8.25
UNI OF CANTERBUR 7.25 12/15/2019 NZD 0.95
VECTOR LTD 7.80 10/15/2014 NZD 1.01
VECTOR LTD 8.00 12/29/2049 NZD 7.40
SINGAPORE
---------
BLUE OCEAN 11.00 USD 34.00
DAVOMAS INTL FIN 5.50 12/08/2014 USD 54.33
SENGKANG MALL 8.00 11/20/2012 SGD 0.10
UNITED ENG LTD 1.00 03/03/2014 SGD 1.38
WBL CORPORATION 2.50 06/10/2014 SGD 2.16
SOUTH KOREA
-----------
KUMHO INDUSTRIAL 10.80 12/14/2010 KRW 70.50
SRI LANKA
---------
SRI LANKA GOVT 7.00 10/01/2023 LKR 65.37
THAILAND
--------
G STEEL 10.50 10/04/2010 USD 20.49
*********
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 T. Fernandez, 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 ***