/raid1/www/Hosts/bankrupt/TCRAP_Public/100324.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, March 24, 2010, Vol. 13, No. 058
Headlines
A U S T R A L I A
AUSTECH INSTITUTE: Collapses Over Tougher Australian Visa Rules
GENERAL MOTORS: Devereux Appointed as Holden's New Chairman
ROYAL BANK: Losses Top Australian Analysts
H O N G K O N G
B.M. OPTICAL: Creditors Get 5% Recovery on Claims
GUIDANT HK: Lo Yin Hung Steps Down as Liquidator
HANG KEE CONSTRUCTION: Court to Hear Wind-Up Petition on April 14
HK ORIENTAL: Placed Under Voluntary Wind-Up Proceedings
HK TOSHIN: Akinori Orimo Steps Down as Liquidator
HK ZHONG: French Roger Christian Steps Down as Liquidator
HOUSE OF EXCELLENCE: Commences Wind-Up Proceedings
HUNG KEE: Court Enters Wind-Up Order
INCORPORATED OWNERS: Creditors' Proofs of Debt Due April 7
JMI DESIGN: Ha Man Kit Marcus Steps Down as Liquidator
KINGSTON (ASIA): Members' Final Meeting Set for April 20
ROYAL BANK: ANZ Bank Completes Acquisition of RBS Hong Kong
I N D I A
ADHUNIK ALLOYS: Fitch Affirms 'BB+' National Long-Term Rating
BARANI HYDRAULICS: CRISIL Assigns 'D' Ratings on INR17.2MM LT Loan
BISHWANATH FERRO: CRISIL Places 'BB' Ratings on Various Bank Debts
DESMO EXPORTS: Low Net Worth Cues CRISIL 'BB+' Ratings
DEV PRIYA: CRISIL Assigns 'BB-' Rating on INR60 Million Term Loan
DEV PRIYA INDUSTRIES: CRISIL Rates INR260 Mil. Term Loan at 'BB+'
HOUSE OF TRIMS: Delay in Loan Repayment Cues CRISIL Junk Ratings
ICICI BANK: Offloads Stake in 3i Info, Firstsource
JAGANNATH TEXTILE: CRISIL Puts 'B+' Ratings on Various Bank Debts
KINGFISHER AIRLINES: To Double Fleet Strength by 2016
MATHURA NAGAR: CARE Retains 'B' Issuer Rating
MEERUT MUNICIPAL: CRISIL Retains 'BB' Issuer Rating
PURI NAGAR: CARE Retains 'C' Issuer Rating
TATA MOTORS: Offers Early Bond Conversion to Noteholders
TATA MOTORS: To Set Up Heavy Truck Plant in Myanmar
VARANASI MUNICIPAL: CARE Retains 'B+' Issuer Rating
I N D O N E S I A
ANEKA TAMBANG: Profit Fell 56% in 2009 on Lower Nickel Sales
INDOVER BANK: Pays EUR17.5 Million to Bank Mandiri
MATAHARI PUTRA: Seeks Shareholder OK to Sell Department Store
J A P A N
MITSUBISHI MOTORS: To Triple Production of Electric Cars in 2012
K O R E A
KUMHO ASIANA: Unit's Capital Base Falls on Lower Production, Sales
N E W Z E A L A N D
COUNTRY CHANNEL: Placed Into Liquidation
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A U S T R A L I A
=================
AUSTECH INSTITUTE: Collapses Over Tougher Australian Visa Rules
---------------------------------------------------------------
Over 750 international students are looking at an uncertain future
after Sydney-based Austech Institute for Further Studies went into
voluntary liquidation late last week, sifynews reports.
The report says the hospitality college, owned by an Indian taxi
driver-turned-entrepreneur Kharak Singh Bajwa, has become the
latest in the chain of failing colleges which have put a question
mark against the credibility of Australian regulatory bodies.
According to sifynews, New South Wales authorities had given a
notice to de-register the institute late last year for enrolling
around 1,400 international students while it had the permission
for only 124.
An appeal by the institute was upheld in December last year
allowing it to operate before directors called in the voluntary
liquidators, sifynews recalls.
The report notes the collapse of colleges like the Austech is also
being blamed on financial mismanagement, the strong Australian
dollar and changes to the Australian skilled migration policy.
GENERAL MOTORS: Devereux Appointed as Holden's New Chairman
-----------------------------------------------------------
GM Holden, a subsidiary of General Motors Corp., has appointed
Mike Devereux, 44, as the company's new Chairman and Managing
Director. Mr. Devereaux will take over immediately from Alan
Batey, who had been appointed Vice President of Sales and Service
for Chevrolet in the US.
Tim Lee, President of GM International Operations, said
Mr. Devereux's global experience and passion for cars made him
ideally suited to lead Holden in Australia and New Zealand.
Born in Britain and raised in Canada, Mr. Devereux joins Holden
from his previous position as President and Managing Director of
GM Middle East.
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)
ROYAL BANK: Losses Top Australian Analysts
------------------------------------------
John Durie at The Australian reports that Royal Bank of Scotland
in Australia suffered a mass walk out on Tuesday, losing a raft of
top analysts to rival Nomura Australia. The Australian says RBS
lost its top-rated retail analyst David Cook and his team,
industrial analyst Richard Johnson and his team, health analyst
David Stanton and his team, and building analyst Simon Thackery.
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive. The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.
================
H O N G K O N G
================
B.M. OPTICAL: Creditors Get 5% Recovery on Claims
-------------------------------------------------
B.M. Optical International Company Limited, which is in voluntary
liquidation, paid the third interim dividend to its creditors on
March 19, 2010.
The company paid 5% for ordinary claims.
The company's liquidators are:
Roderick John Sutton
Desmond Chung Seng Chiong
c/o Ferrier Hodgson Limited
14/F, The Hong Kong Club Building
3A Chater Road
Central, Hong Kong
GUIDANT HK: Lo Yin Hung Steps Down as Liquidator
------------------------------------------------
Lo Yin Hung stepped down as liquidator of Guidant Hong Kong
Limited on March 8, 2010.
HANG KEE CONSTRUCTION: Court to Hear Wind-Up Petition on April 14
-----------------------------------------------------------------
A petition to wind up the operations of Hang Kee Construction &
Engineering Company Limited will be heard before the High Court of
Hong Kong on April 14, 2010, at 9:30 a.m.
The Construction Industry Council filed the petition against the
company on February 2, 2010.
The Petitioner's solicitors are:
Lovells
11/F, One Pacific Place
88 Queensway, Hong Kong
HK ORIENTAL: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on March 15, 2010,
creditors of H.K. Oriental Orchid Association Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Tang Wing Cheong
Ground Floor
57 Fau Choi Street
Yuen Loan, New Territories
Hong Kong
HK TOSHIN: Akinori Orimo Steps Down as Liquidator
-------------------------------------------------
Akinori Orimo stepped down as liquidator of Hong Kong Toshin Sea
Foods Company Limited on March 6, 2010.
HK ZHONG: French Roger Christian Steps Down as Liquidator
---------------------------------------------------------
French Roger Christian stepped down as liquidator of Hong Kong
Zhong Yi Bathroomware Limited on March 9, 2010.
HOUSE OF EXCELLENCE: Commences Wind-Up Proceedings
--------------------------------------------------
Members of House of excellence Limited, on March 12, 2010, passed
a resolution to voluntarily wind-up the company's operations.
The company's liquidators are:
Puen Wing Fai
Alice Lo Yeuk Ki
6/F., Kwan Chart Tower
6 Tonnochy Road
Wanchai, Hong Kong
HUNG KEE: Court Enters Wind-Up Order
------------------------------------
The High Court of Hong Kong entered an order on March 4, 2010, to
wind up the operations of Hung Kee Cleaning Environment Recycle
Limited.
The company's liquidator is Yuen Tsz Chun Frank.
INCORPORATED OWNERS: Creditors' Proofs of Debt Due April 7
----------------------------------------------------------
Creditors of Incorporated Owners of Nos. 526 and 528 Jaffe Road,
which is in members' voluntary liquidation, are required to file
their proofs of debt by April 7, 2010, to be included in the
company's dividend distribution.
The company's liquidator is:
Mat Ng
c/o John Lees Associates
20/F Henley Building
5 Queen's Road
Hong Kong
JMI DESIGN: Ha Man Kit Marcus Steps Down as Liquidator
------------------------------------------------------
Ha Man Kit Marcus stepped down as liquidator of JMI Design Limited
on March 5, 2010.
KINGSTON (ASIA): Members' Final Meeting Set for April 20
--------------------------------------------------------
Members of Kingston (Asia) Limited will hold their final meeting
on April 20, 2010, at 10:00 a.m., at the 12/F., Tower 1, Tern
Centre, 237 Queen's Road Central, in Hong Kong.
At the meeting, Chan Carmen, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
ROYAL BANK: ANZ Bank Completes Acquisition of RBS Hong Kong
-----------------------------------------------------------
ANZ Banking Group Ltd. has completed the acquisition of Royal Bank
of Scotland's retail and commercial businesses in Hong Kong,
ANTARA News reports. According to the report, the bank also said
the integration of the remaining RBS businesses across five
countries is progressing well.
"The RBS integration is progressing to plan and today [March 22]
we welcome more than 40,000 customers and 350 staff in Hong Kong,"
the report quoted ANZ's chief executive for Asia Pacific, Europe
and America, Alex Thursby, as saying.
The Royal Bank of Scotland Group plc (NYSE:RBS) --
http://www.rbs.com/-- is a holding company of The Royal Bank of
Scotland plc (Royal Bank) and National Westminster Bank Plc
(NatWest), which are United Kingdom-based clearing banks. The
company's activities are organized in six business divisions:
Corporate Markets (comprising Global Banking and Markets and
United Kingdom Corporate Banking), Retail Markets (comprising
Retail and Wealth Management), Ulster Bank, Citizens, RBS
Insurance and Manufacturing. On October 17, 2007, RFS Holdings
B.V. (RFS Holdings), a company jointly owned by RBS, Fortis N.V.,
Fortis SA/NV and Banco Santander S.A. (the Consortium Banks) and
controlled by RBS, completed the acquisition of ABN AMRO Holding
N.V. (ABN AMRO). In July 2008, the company disposed its entire
interest in Global Voice Group Ltd.
* * *
As reported by the Troubled Company Reporter-Europe on Dec. 22,
2009, Fitch Ratings upgraded The Royal Bank of Scotland Group's
(RBS Group) and The Royal Bank of Scotland's Individual Ratings to
'D/E' from 'E' and removed the Rating Watch Positive. The upgrade
of the Individual Ratings reflects improvements in the group's
capital combined with some progress in restructuring the balance
sheet.
=========
I N D I A
=========
ADHUNIK ALLOYS: Fitch Affirms 'BB+' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has affirmed India-based Adhunik Alloys and Power
Limited's National Long-term rating at 'BB+(ind)'. The Outlook is
Stable. Fitch has simultaneously affirmed the ratings of AAPL's
bank loans with enhanced limits:
-- Long-term loans of INR2,836.73 million (previously
INR2,920.0 million): 'BB+(ind)';
-- Cash Credit Limits enhanced to INR750.0 million (previously
INR350.0 million): 'BB+(ind)'; and
-- Non-fund based limits enhanced to INR490.0 million
(previously INR250.0 million): 'F4(ind)'.
The affirmations reflect AAPL's track-record in project
implementation, and the completion of a major part of its
expansion plan on time; The steel melting shops, private railway
siding and captive power plant have already started operations on
schedule. However, AAPL has dropped its plans to set up a
pelletisation plant and rolling mill as there were delays in
securing additional term loans, which made it impossible to
complete the project on schedule. The deferral resulted in a
reduction of project cost to INR4,032.6 million from
INR5,239.3 million, and EBITDA margins have improved to 20.3%
during the nine-month period ending December 2009 (FY09: 11.93%).
Fitch notes that AAPL is exposed to key input risks on the one
hand and volatility of end-product prices on the other. Though
the company has a coal mine allocation in place and the Supreme
Court has asked the Government of Jharkhand to recommend the
central government to allocate AAPL an iron ore mine, raw material
supply remain a key rating concern until the mines become
operational. Furthermore, AAPL has formed a joint venture, North
Dhadhu Mining Co Pvt Ltd, with joint allottees of the coal mine in
FY09. Through the JV, AAPL will hold a 17.55% share in the
development of the coal mine allotted to the JV along with other
steel companies. Any significant investment in the JV, leading to
liquidity pressure and/or high leverage might put pressure on the
rating.
A positive rating factor would be an improvement in EBITDA
margins, resulting in net debt/EBIDTA ratio of less than 5.5x.
Conversely, any major debt-funded investments driving net
debt/EBIDTA up to over 7.0x would have a negative impact on its
ratings.
AAPL recorded revenues of INR2,446.4 million in FY09 (FY08:
INR1,790.6 million) with EBIDTA of 11.9% (FY08: 13.22%), and had a
total debt of INR3,014.49 million over the same period (FY08:
INR1584.42 million). The debt/equity ratio stood at 1.5x at FY09
as compared to the 1.30x in FY06, and it is expected to sustain at
the same level over the next two years. AAPL has been reporting
negative free cash flow in the past four years due to its huge
capex and is expected to remain negative until FY10. The
company's debt protection measures indicated by total adjusted net
debt/operating EBITDAR deteriorated to 10.47x in FY09 from 6.6x in
FY08 on account of its capex plan. That said, the benefits of the
capex have started to accrue and Fitch expects financial leverage
to improve from FY10 onwards.
BARANI HYDRAULICS: CRISIL Assigns 'D' Ratings on INR17.2MM LT Loan
------------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Barani Hydraulics India
Pvt Ltd's bank facilities. The ratings reflect delay by BHIPL in
servicing its term loan; the delay has been caused by BHIPL's weak
liquidity, because of low accruals and large working capital
requirements.
Facilities Ratings
---------- -------
INR17.20 Million Long Term Loan D (Assigned)
INR55.00 Million Cash Credit D (Assigned)
INR25.00 Million Bank Guarantee P5 (Assigned)
BHIPL, set up in 1988 as a proprietorship firm by Mr. T K
Karuppanaswamy, was reconstituted as a private limited company in
2004. The Coimbatore-based company manufactures hydraulic
presses, diaphragms, and mounting brackets. It has the capacity
to produce 100 hydraulic presses and 60,000 diaphragms and
mounting brackets per annum. More than 90% of BHIPL's revenues
come from automobile players such as Rane Brake Linings Ltd,
Wheels India Ltd, Brakes India Ltd (rated 'A+/Positive/P1+' by
CRISIL), Ashok Leyland Ltd ( 'AA-/Negative/P1+'), Sundaram
Industries Ltd, and ELGI Tread (India) Ltd.
BHIPL reported a profit after tax (PAT) of INR2 million on net
sales of INR160 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR4 million on net sales
of INR125 million for 2007-08.
BISHWANATH FERRO: CRISIL Places 'BB' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Bishwanath
Ferro Alloys Ltd's bank facilities.
Facilities Ratings
---------- -------
INR250.50 Million Cash Credit BB/Stable (Assigned)
INR50.00 Million Term Loan BB/Stable (Assigned)
INR30.00 Million Letter of Credit P4+ (Assigned)
INR10.00 Million Bank Guarantee P4+ (Assigned)
The ratings reflect BFAL's weak debt protection metrics and large
working capital requirements. These rating weaknesses are
partially offset by the benefits that BFAL derives from its
diversified product portfolio, and promoters' experience in the
steel industry.
Outlook: Stable
CRISIL believes that BFAL will maintain its market position over
the medium term, backed by its promoters' experience and
diversified product profile. The outlook may be revised to
'Positive' if the company scales up its operations and its
operating margin improves significantly. Conversely, the outlook
may be revised to 'Negative' if the company's revenues decline
sharply, or if the debt contracted to fund capital expenditure is
higher than expected, thereby weakening its financial risk
profile.
Set up in 1999, as private limited company, BFAL converted into a
public limited company in 2002. The company manufactures sponge
iron, pig iron and silico/ferro manganese and has a 50 tonnes per
day sponge iron plant. The company is currently increasing its
pig iron capacity and setting up an induction furnace for billets.
BFAL reported a profit after tax (PAT) of INR5 million on
operating income of INR897 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR17
million on operating income of INR675 million for 2007-08.
DESMO EXPORTS: Low Net Worth Cues CRISIL 'BB+' Ratings
------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Desmo Exports
Ltd's bank facilities.
Facilities Ratings
---------- -------
INR45.0 Million Long Term Loan BB+/Stable (Assigned)
INR20.0 Million Cash Credit BB+/Stable (Assigned)
INR85.0 Million Proposed LT Bank BB+/Stable (Assigned)
Loan Facility
INR100.0 Million Letter of Credit P4+ (Assigned)
The ratings reflect Desmo's modest scale of operations, low net
worth, and limited track record of business with the customers in
chemical trading. These rating weaknesses are partially offset by
Desmo's strong sourcing capabilities, diversified product base,
and healthy financial risk profile, marked by low gearing and
comfortable debt protection measures.
Outlook: Stable
CRISIL believes that Desmo will maintain its market presence in
the chemicals trading market on the back of its promoters'
experience in the business. The outlook may be revised to
'Positive' if Desmo's financial risk profile improves
substantially, supported by higher-than-expected revenue
realisations and improved operating profit margin. Conversely, the
outlook may be revised to 'Negative' if there is a larger-than-
expected decline in the company's net cash accruals, resulting in
deterioration in its financial risk profile.
About Desmo Exports
Set up in 1993 by Mr. Dilipkumar Jindal, Desmo is a closely held
public limited company, and is primarily engaged in trading in
nearly 25 types of chemicals, including citric acid, phosphoric
acid, paraffin wax, and dicyandiamide. Desmo's revenues increased
at a compound annual growth rate of 72 per cent over the past
three years.
Desmo reported a profit after tax (PAT) of INR13.9 million on net
sales of INR493.2 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR32.9 million on net sales
of INR185.9 million for 2007-08.
DEV PRIYA: CRISIL Assigns 'BB-' Rating on INR60 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the bank facilities
of Dev Priya Fibres Pvt Ltd.
Facilities Ratings
---------- -------
INR60 Million Cash Credit Limit BB-/Stable (Assigned)
INR60 Million Term Loan BB-/Stable (Assigned)
The rating reflects DPFPL's exposure to risks relating to slowdown
in end-user industries, and weak financial risk profile because of
high gearing and weak debt protection measures. These weaknesses
are partially offset by the benefits that DPFPL derives from its
established customer base and promoters' extensive experience in
the paper industry.
Outlook: Stable
CRISIL believes that DPFPL will continue to benefit from its
promoters' extensive experience in the paper industry and
established dealer network in Uttar Pradesh and National Capital
Region (NCR). The outlook may be revised to 'Positive' if the
company's capital structure improves because of more than expected
growth in operating income or profitability. Conversely, the
outlook may be revised to 'Negative' if the DPFPL's debt
protection measures deteriorate because of higher-than-expected
decline in profitability, or larger-than-expected, debt-funded
capital expenditure.
About Dev Priya
DPFPL (formerly Dev Priya Agro Fibres Pvt Ltd), a part of the Dev
Priya group of Industries, was incorporated in 2005. The company
was set up in 1995-96 (refers to financial year, April 1 to March
31) as a unit of Dev Priya Papers Pvt Ltd (DPPPL). It acquired its
current name when it was de-merged from DPPPL in 2006. Currently,
the company is managed by Mr. Surinder Gupta, Mr. Rakesh Gupta,
and Mr. Sunny Gupta (Mr. Surinder Gupta's son).
DPFPL's manufacturing facility in Meerut (Uttar Pradesh) has
capacity to manufacture 30000 tonnes per annum of Kraft paper
(three shift basis). The company manufactures low-quality kraft
paper with burst factor of 16 to 18. DPFPL markets the kraft paper
under the 'Dev Priya' brand.
DPFPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR413.8 million for 2008-09, against a PAT of INR0.83
million on net sales of INR303.2 million for 2007-08.
DEV PRIYA INDUSTRIES: CRISIL Rates INR260 Mil. Term Loan at 'BB+'
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Dev Priya Industries Ltd.
Facilities Ratings
---------- -------
INR165 Million Cash Credit Limit BB+/Stable (Assigned)
INR260 Million Term Loan BB+/Stable (Assigned)
INR10 Million Bank Guarantee P4+ (Assigned)
The ratings reflect DPIL's moderate financial risk profile
constrained by high gearing and moderate debt protection
indicators, and financial flexibility constrained by recently
expanded manufacturing capacity that is yet to stabilize, and low
current ratio on account of large repayments on term loans taken
for funding expansion. These weaknesses are partially offset by
expected improvement in DPIL's product diversity and operating
efficiencies because of entry into high-quality Kraft paper
segment.
Outlook: Stable
CRISIL believes that DPIL will continue to benefit from the
extensive experience of DPIL's promoters in the paper industry and
its established brand. The outlook may be revised to 'Positive' if
DPIL's capital structure improves because of more-than-expected
growth in operating income or profitability. Conversely, the
outlook may be revised to 'Negative' if the company's debt
protection measures deteriorate because of decline in
profitability or larger-than-expected, debt-funded capital
expenditure.
About Dev Priya Industries
Dev Priya Industries Ltd., a part of the Dev Priya group of
industries, was incorporated in 1990 by Mr. Dev Karam Gupta.
Currently, the company is managed by the founder's sons, Mr.
Mahendra Gupta and Mr. Ashok Gupta, and his grandson, Mr. Amit
Gupta (Mr. Mahendra Gupta's son).
The company manufactures Kraft paper with burst factor (bf) of 16
to 35 at its two units in Meerut (Uttar Pradesh). The company
mainly uses imported waste paper for manufacturing Kraft paper.
Imports comprised 88% of total waste paper procured by the company
in FY 2008-09. The plant commenced operations in 1992 and its
capacity was gradually enhanced to its current 100,000 metric
tonnes per annum (MTPA). The company set up another unit
(Capacity-75000 MTPA) for producing Kraft paper of high quality
(28 to 35 bf), which commenced operations in July 2009. The
company markets the Kraft paper under the 'Dev Priya' brand.
DPIL reported a profit after tax (PAT) of INR10.0 million on net
sales of INR628.3 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR14.2 million on net
sales of INR500 million for 2007-08.
HOUSE OF TRIMS: Delay in Loan Repayment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to House of Trims Pvt Ltd's
bank facilities. The rating reflects the delay by HOTPL in
servicing its term loan; the delay has been caused by HOTPL's weak
liquidity.
Facilities Ratings
---------- -------
INR13.1 Million Cash Credit Limit^ D (Assigned)
INR38.0 Million Long Term Loan D (Assigned)
^ Including proposed limit of INR1.1 Million
Incorporated in 2007 by Mr. Aakash Talwar, HOTPL manufactures
standard as well as customised polyester buttons used in readymade
garments. The company's plant in Khandsa (Haryana) has capacity
to manufacture around 6.5 million gross per annum (1 gross is
equal to 144 buttons).
2008-09 was the first year of operations for HOTPL and the company
reported a net loss of INR0.3 million on net sales of INR35.5
million for 2008-09 (refers to financial year, April 1 to
March 31).
ICICI BANK: Offloads Stake in 3i Info, Firstsource
--------------------------------------------------
ICICI Bank Ltd. will reduce its stake in IT firm 3i Infotech and
business process outsourcing company Firstsource to below 5%
within a year, The Financial Express reports citing ICICI Bank MD
and CEO Chanda Kochhar.
Mr. Kochhar told FE that the bank is required to cut its holding
in the two companies to comply with regulations of the US banking
regulator, Federal Reserve. Both the firms have substantial
operations in the U.S., the report notes.
The report relates Mr. Kochhar said 3i Infotech was set up as a
division of ICICI Bank, which later blossomed into a separate
company. However, the FE says, Mr. Kochhar did not elaborate
whether the bank will completely exit these companies or retain
the minimum 5% as permitted under the U.S. Fed regulations.
US$100 Million Loan From Japan
Bloomberg News, citing the Sankei newspaper, reports that Japan
Bank for International Cooperation plans to loan US$100 million to
ICICI Bank to support trade finance. The newspaper said the banks
will sign the loan agreement on March 24 in Hong Kong, Bloomberg
relates.
Full Banking Privileges in Singapore
The Business Standard reports that ICICI Bank has received
qualified full banking (QFB) privileges from the Monetary
Authority of Singapore for its branch operations in the city-
state. The license permits ICICI Bank to conduct business from 25
locations in Singapore, the Standard says.
About ICICI
Headquartered in Mumbai, India, ICICI Bank Limited (NYSE:IBN) --
http://www.icicibank.com/-- is a private sector bank with
consolidated total assets of US$121 billion as of March 31, 2008.
ICICI Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities brokerage
firms, mutual funds and private equity firms. ICICI Bank's
presence currently spans 19 countries, including India.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 28, 2009, Standard & Poor's Ratings Services affirmed
the 'BBB-' rating on ICICI Bank Ltd.'s senior unsecured notes, and
the 'BB' rating on its hybrid Tier 1 notes, under the bank's
revised US$5 billion medium-term note program. At the same time,
Standard & Poor's has withdrawn its indicative ratings on the
upper Tier 2 and the lower Tier 2 bond tranches, which were
available under the previous version of the MTN program.
Following the recent revision to the program, these tranches no
longer exist. There are no outstanding rated issues under these
tranches.
On January 29, 2010, Moody's Investors Service downgraded ICICI
Bank Ltd's Upper Tier 2 Notes to Ba1 from Baa3 and the Hybrid Tier
1 Notes to Ba2 from Ba1.
JAGANNATH TEXTILE: CRISIL Puts 'B+' Ratings on Various Bank Debts
-----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to Jagannath
Textile Company Ltd's bank facilities.
Facilities Ratings
---------- -------
INR450.20 Million Cash Credit Limit B+/Stable (Assigned)
INR1379.60 Million Long Term Loan B+/Stable (Assigned)
INR199.80 Million Working Capital B+/Stable (Assigned)
Term Loan
INR10.00 Million Letter of Credit P4 (Assigned)
Limit
INR97.50 Million Bank Guarantee?EPCG P4 (Assigned)
INR5.00 Million Bank Guarantee P4 (Assigned)
The ratings reflect JTCL's weak financial risk profile marked by
high gearing and weak debt protection measures, and exposure to
risks related to raw material price volatility and power shortage.
These weaknesses are partially offset by the company's healthy
market position in the open-end yarn segment, and the benefit it
derives from promoters' experience in the open-end yarn business.
Outlook: Stable
CRISIL believes that JTCL will maintain its market position over
the medium term on the back of its product specialization and
promoters' industry experience. The outlook could be revised to
'Positive' if JTCL's realizations increase, resulting in higher
cash accruals, or if there is a significant improvement in its
capital structure and debt protection metrics. Conversely, the
outlook could be revised to 'Negative' if the company's margins
and volumes decline steeply, or if the company undertakes a large
debt-funded capital expenditure programme or makes unrelated
diversifications.
About Jagannath Textile
Established in 1987 by Mr. R K Tibrewal, JTCL is engaged in the
manufacture of open-end yarn; as of March 2009, it had 13,260
rotors. The company's manufacturing units are located in
Karumathampatti, near Coimbatore.
JTCL reported a net loss of INR52.2 million on net sales of
INR1.48 billion for 2008-09 (refers to financial year, April 1 to
March 31), against a net profit of INR31.2 million on net sales of
INR2.92 billion for 2007-08.
KINGFISHER AIRLINES: To Double Fleet Strength by 2016
-----------------------------------------------------
The Economic Times reports that Kingfisher Airlines is plans to
double its fleet strength by adding 67 more aircraft by 2016. The
carrier currently operates 61 planes in its fleet, the report
says.
Citing Kingfisher's presentation to investors, the report relates
that the 67 aircraft, including 42 Airbus 320, 15 Airbus 330, and
10 Airbus 350 and 380 planes, are scheduled to be delivered to
Kingfisher over the next six years. Deliveries of these aircraft
are expected to start from 2012, the report notes.
The report adds that Kingfisher said it also plans to use its A330
fleet for medium-and-long-haul international operations.
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., serves about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops. It maintains bases in major cities such as Delhi and
Mumbai. Kingfisher Airlines is a unit of UB Holdings, best known
for its United Breweries unit, and the carrier shares the
Kingfisher brand with a popular Indian beer. UB Holdings also
owns a stake in another domestic carrier, Air Deccan, whose
operations it combined with Kingfisher Airlines in mid-2008.
Kingfisher Airlines began flying in 2005.
* * *
Kingfisher Airlines reported a net loss of INR16.09 billion for
the year ended March 31, 2009, compared with a net loss of
INR1.89 billion in the year ended March 31, 2008.
In the financial year ended June 30, 2007, Deccan Aviation
reported a net loss of INR4.2 billion, up 23% from the
INR3.41 billion loss incurred in FY 2006.
MATHURA NAGAR: CARE Retains 'B' Issuer Rating
---------------------------------------------
CARE has retained the issuer rating of 'CARE B (Is)' assigned to
Mathura Nagar Palika Parishad. The rating is only an opinion on
the general creditworthiness of the entity and not specific to any
particular debt instrument. Issuers with this rating are
considered to offer low safety for timely servicing of debt
obligations and carry very high credit risk. Such issuers are
susceptible to default.
The rating factors in continuation of institutional and systemic
constraints including shortage of key staff and inefficiencies
underlining the revenue collection system.
The rating is also constrained by facets of financial weakness
including low financial self reliance, stagnation in own tax
receipts, fluctuating revenue balance, inadequate funding support
through the capital account and prospects of increased
expenditure pressure due to implementation of a revised pay scale
from FY10. The rating also considers the positive benefits
arising from FY11 onwards due to a proposed revision in guidance
values consequent to the completion of a fresh property tax
survey.
MEERUT MUNICIPAL: CRISIL Retains 'BB' Issuer Rating
---------------------------------------------------
CARE has retained the issuer rating of CARE BB (Is) assigned to
Meerut Municipal Corporation. The rating is only an opinion on
the general creditworthiness of the entity and not specific to any
particular debt instrument. Issuers with this rating are
considered to offer inadequate safety for timely servicing of debt
obligations. Such issuers carry high credit risk.
The rating takes into account the continuing weakness underlining
the fundamentals of MMC. The rating is constrained by low levels
of financial self-reliance, relatively higher financial rigidity,
systemic lacunae in key sources of own revenues and stagnancy in
non tax revenues. The rating also takes into account some
positive facets like the renewed stability in fund flow under
assigned revenues and a strong grant flow in recent years from the
state government lending some strength to the cash balance of MMC.
Potential sources of financial pressure including the
implementation of a revised pay scale and possible moderation of
state grants in the near future have also been taken into account.
PURI NAGAR: CARE Retains 'C' Issuer Rating
------------------------------------------
CARE has retained the issuer rating of 'CARE C (Is)' assigned to
Puri Nagar Palika Parishad. The rating is only an opinion on the
general creditworthiness of the entity and not specific to any
particular debt instrument. Issuers with this rating are
considered to be having very high likelihood of default in the
payment of interest and principal.
The rating considers financial constraints which continue to
weaken PNPP like high financial rigidity, low levels of financial
self-reliance, narrow capital receipt base and existence of
outstanding establishment arrears. The rating also factors in
prospects of expenditure pressure due to increasing maintenance
requirements consequent to higher capital outlay and likely
pressure if the sixth pay commission recommendations are
implemented. The rating also considers the fundamentally weak
nature of the revenue balance despite the generation of a revenue
surplus in FY08.
TATA MOTORS: Offers Early Bond Conversion to Noteholders
--------------------------------------------------------
Bloomberg News reports that Tata Motors Ltd. offered to convert
US$431 million of bonds into shares about a year early to help
reduce debt and preserve cash.
Bloomberg relates Tata said in a statement that bondholders will
get an "enhanced conversion ratio" in the offer, which runs
through March 29. The report says the plan covers JPY11.8 billion
(US$131 million) of zero-coupon notes due March 2011 and US$300
million of 1% bonds due in April 2011.
Standard Chartered Plc, Citigroup Inc., Credit Suisse Group AG and
JPMorgan Securities Ltd. are managing the conversion, the report
notes.
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+'.
Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.
TATA MOTORS: To Set Up Heavy Truck Plant in Myanmar
---------------------------------------------------
Tata Motors on Monday signed a contract with Myanmar Automobile &
Diesel Industries Limited, an enterprise under the Government of
Myanmar's Ministry of Industry-2, to set up a heavy truck plant in
the Southeast Asian country. The project will be funded by a line
of credit from the government of India.
Tata Motors said the plant at Magwe, approximately 480 km from
Yangon, is expected to become operational by the last quarter of
2010-11. The factory will have a capacity of 1,000 vehicles per
year and can be expanded to 5,000 units.
The facilities planned at the plant include a highly flexible
chassis & frame assembly line along with a cab manufacturing,
painting & trimming set-up.
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+'.
Tata Motors continues to carry Moody's Investor Service 'B3' LT
Corp Family Rating.
VARANASI MUNICIPAL: CARE Retains 'B+' Issuer Rating
---------------------------------------------------
CARE has retained the issuer rating of 'CARE B+ (Is)' to Varanasi
Municipal Corporation. The rating is only an opinion on the
general creditworthiness of the entity and not specific to any
particular debt instrument. Issuers with this rating are
considered to offer low safety for timely servicing of debt
obligations and carry very high credit risk. Such issuers are
susceptible to default.
The rating takes into account the change in the cash balance
position of the corporation, improvements in certain institutional
systems and the implementation of policy measures strengthening
the economic base of the city. The rating is however constrained
by a fluctuating revenue balance profile, continued dependence on
grants to finance a large part of wage and pension related
expenditure, continued financial rigidity and existence of
undischarged liabilities in establishment. The rating also is
constrained by the prospective financial implications of the
merger of VMC with the Varanasi Jal Sansthan. The implications of
the current economic slowdown on key industries in the city have
also been noted.
=================
I N D O N E S I A
=================
ANEKA TAMBANG: Profit Fell 56% in 2009 on Lower Nickel Sales
------------------------------------------------------------
PT Aneka Tambang Tbk reported a consolidated audited net profit of
IDR604.3 billion for full year 2009, a decrease of 56% over the
previous corresponding period, due largely to decreased nickel
sales and prices. Antam has previously anticipated lower
performance in 2009 as global economic crisis lowered nickel
demand and prices. As such, Antam lowered its ferronickel and
nickel ore production and sales targets for 2009 compared to 2008
actual performance.
Antam's President Director Alwin Syah Loebis said, "In line with
the global economic crisis which lowered nickel demand and prices
at the beginning of 2009, we lowered our ferronickel and nickel
ore production and sales targets in 2009. We have accelerated the
optimisation program of the FeNi III smelter and implemented
agressive cost reduction program to better anticipate lower nickel
prices. We were able to save more than IDR220 billion from
efficiency programs as well as contracts renegotiation with our
suppliers. In 2010, we will target higher ferronickel and nickel
ore production and sales in line with improved demand and sales
prices."
Sales Revenue
Antam's sales revenue decreased 9% to IDR8.71 trillion due to
lower nickel prices and sales. Nickel prices decreased 32% to
US$6.77 per lb. due to a global economic crisis which lowered
nickel demand. The decreased global demand also lowered demand
for Antam's ferronickel and nickel ore. On the contrary, gold
demand and prices increased sharply amidst decreased value of the
US Dollar and increased global insecurity. Despite higher gold
demand, Antam was unable to raise its gold production given the
constraints of the underground gold mining at Pongkor mine. Gold
was Antam's biggest contributor in terms of sales in 2009 with a
value of IDR4.32 trillion or a 58% increase over 2008.
Antam's gold segment (gold, silver and precious metal refinery
services) generated IDR4.78 trillion in revenues in 2009, an
increase of 64% over 2008. The gold segment accounted for 55% of
Antam's total revenues in 2009. Gold sales increased 31% to
12,893 kg due to increased demand. In 2009, gold production
reached 2,626 kg, below the company's target of 2,821 kg due to
lower grades. Due to lower gold production, silver production in
2009 reached 22,589 kg, a decrease of 11% over 2008. Although
Antam's gold and silver increased significantly, this was not
reflected in the profitability margins as 80% of gold and silver
sales came from trading activities. However, due to increased
sales volume and price, revenue from gold increased 58% over 2008
to IDR4.32 trillion. Antam's realized gold price of US$970.97 per
toz. was an 11% increase over 2008. Sales of silver rose 153% to
87,187 kg inline with higher trading activities. Higher sales
volume coupled with a 5% increase of silver price of US$15.01 per
toz. resulted in revenue from silver rising 174% over 2008 to
IDR429 billion.
In 2010 Antam expects gold production of 2,580 kg and additional
500 kg from Cibaliung Project as well as total sales of 7,980 kg,
including trading, respectively. Antam will target silver
production and sales of 23,474 kg and 50,494 kg, including
trading, respectively, in 2010.
Antam's sales of contained nickel decreased 17% over 2008 to
14,191 tonnes. Actual sales were higher than the annual target of
14,000 tonnes. Antam's production of ferronickel reached 12,550
tonnes of contained nickel in ferronickel. Actual ferronickel
production exceeded projection of 12,000 tonnes of contained
nickel in ferronickel due to consistent power output following the
optimisation on FeNi III smelter. Antam currently operates the
FeNi III smelter at 90% of maximum capacity. Due to the lower
sales and a 32% lower average selling price of US$6.77 per lb.,
revenue from ferronickel decreased in 2009 by 39% to IDR2.14
trillion.
In 2009, Antam produced 3,249,413 wmt of high grade nickel ore and
2,601,916 wmt of low grade nickel ore, totaling 5,851,239 wmt.
Annual production of nickel ore exceeded internal target of 5.1
million wmt, albeit an 11% lower over 2008. Antam's sales of high
grade nickel ore and low grade nickel ore amounted to 3,323,876
wmt and 1,577,823 wmt, respectively. Total nickel ore sales of
4,901,699 wmt exceeded internal target of 4.3 million wmt albeit
an 8% lower compared to 2008. In line with lower sales volume and
prices, revenue from nickel ore decreased 43% to IDR1.69 trillion
over 2008.
In 2010, inline with higher expectation of nickel demand and
improved capacity of Antam's FeNi III smelter, Antam expects
ferronickel production of 18,500 tonnes with sales of 19,000
tonnes. Antam targets nickel ore production of 6.15 million wmt
consisting of 3.5 million wmt of high grade nickel ore and 2.65
million wmt of low grade nickel ore. Sales of nickel ore is
estimated at 5.35 million wmt consisting of 3.5 million wmt of
high grade ore and 1.85 million wmt of low grade ore.
Antam's bauxite commodity generated IDR79 billion in sales,
contributing 1% to Antam's consolidated revenues. At the end of
2009 Antam ceased mining activities at Kijang bauxite mine due to
the depletion of bauxite reserves.
Cost of Sales
The cost of sales rose 8% to IDR7.51 trillion. The main factor
for the increase was increased costs related to precious metals
trading. The other four main components of the cost of sales were
ore mining services, fuel, depreciation and materials.
Costs related to precious metals purchase, the largest cost
component, rose 93% to IDR3.78 trillion in line with increased
trading activities of Antam's gold and silver. Around 80% of
Antam's gold and silver sales in 2009 came from purchasing gold
from third parties. Costs related to precious metals purchase
accounted for 51% of total production cost (Antam's cost of sales
before adjustments for inventories).
The second largest cost component was from ore mining services,
which decreased 23% to IDR1.01 trillion due to lower mining
services tariff and nickel ore production, respectively. Ore
mining services accounted for 14% of Antam's production cost.
As Antam produced less ferronickel in 2009 and coupled with lower
MFO and IDO prices, total fuel cost, the third largest cost
component after ore mining, decreased by 39% to IDR612 billion.
Fuel accounted for 8% of Antam's production cost. Around 98% of
total fuel was consumed at Pomalaa to process nickel ore into
ferronickel. In 2009 Antam consumed almost 113 million litres of
fuel, with 94% in the form of Marine Fuel Oil (MFO). Antam also
uses Industrial Diesel Oil (IDO) and High Speed Diesel (HSD). The
average price of MFO was 13% lower over 2008 at IDR4,615 per litre
while the average price of IDO also fell 37% to IDR5,371 per
litre.
Antam's depreciation costs increased 7% to IDR511 billion. The
largest depreciation charges came from machinery depreciation at
Pomalaa and accounted for 73% of Antam's total depreciation costs.
Depreciation at the Pongkor gold mine accounted for 26% of Antam's
total depreciation costs.
Materials costs decreased by 41% to IDR462 billion due to lower
ferronickel production. Materials are associated with consumables
related to ferronickel production.
Gross Profit And Margin
Inline with lower revenue and higher cost of sales, Antam's gross
profit decreased by 55% over 2008 to IDR1.19 trillion. As such,
Antam's gross margin was lowered to 14% from 28% in 2008.
Operating Expenses
Antam's operating expenses decreased 35% to IDR610 billion. The
main factor for the decrease was the expense for exploration,
which decreased 53% to IDR64 billion and a 48% lower sales and
marketing expenses to IDR78 billion. General and administrative
expenses were 28% lower at IDR468 billion. Lower sales and
marketing expenses was due to lower ferronickel sales, as well as
lower shipping tariffs due to lower fuel prices. Lower general
and administrative expenses were due to a 15% reduction of labor
costs at IDR180 billion.
Operating Profit And Margin
Antam's operating profit decreased by 66% over 2008 to IDR588
billion. As such, Antam's operating margin was lowered to 7% from
18% in 2008.
Other Income
Antam's Other Income decreased 3% to IDR196 billion compared to
the IDR202 billion of 2008. The main reason for the decrease was
due to increased finance charges related to translational foreign
exchange losses. Antam booked foreign exchange losses due to
larger US dollar assets and as the Rupiah strengthened in 2009, it
had the effect of making Antam's US dollar assets worth less in
Rupiah terms. Antam posted a IDR287 billion of finance charges
compared to IDR218 billion of charges in 2008. Antam's dividend
income from its JV with Newcrest Australia, PT Nusa Halmahera
Minerals, increased 27% over 2008 to IDR227 billion. Antam also
received IDR119 billion from claims and penalties.
Net Profit And Margin
Antam's net profit of IDR604.3 billion was 56% lower over 2008.
Antam's net margin of 7% was lower compared to 14% in 2008.
Total Assets
Antam's total assets decreased 3% over 2008 to IDR9.94 trillion in
line with the 7% decrease in current assets to IDR5.43 trillion.
In 2009, Antam's current assets and non current assets amounted to
IDR4.50 trillion and IDR4.42 trillion, respectively.
Current Assets
Due to the 15% decrease in cash to IDR2.77 trillion as well as a
16% decrease in inventories to IDR1.17 trillion, albeit higher
trade receivables, other receivables and prepaid taxes, Antam's
current assets decreased 7% to IDR5.43 trillion.
Total Liabilities
Antam's total liabilities decreased 18% to IDR1.74 trillion due to
a 29% lower non current liabilities of IDR1.00 trillion albeit a
4% rise in current liabilities to IDR747 billion.
Current Liabilities
Antam's current liabilities increased 4% to IDR747 billion due to
21% larger trade payables to IDR156 billion, 49% increase of other
payables to IDR71 billion and 11% increase of accrued expenses to
IDR227 billion albeit Antam's current maturities of long term
investment loans decreased by 6% to IDR240 billion and an 18%
decrease at taxes payable at IDR16 billion.
On December 21, 2009, Antam refinanced its loan facilities of
US$51 million which consisted of US$31 million from BCA and US$20
million from Bank Mandiri. Bank of Tokyo Mitsubishi ? UFJ
provided the financing facility. Antam executed the refinancing
to save interests through a more competitive cost structure. The
term of the refinancing facility is for 2 years with a two-years
fixed rate of 3% per annum.
Total Equities
Antam's equities rose 1% to IDR8.14 trillion compared to IDR8.06
trillion in 2008.
About PT Antam
?
PT Aneka Tambang Tbk (JAK:ANTM) -- http://www.antam.com/-- is an
Indonesia-based diversified mining and metals company. The
Company is engaged in the mining of natural deposits,
manufacturing, trading, transportation and other related
activities. The Company undertakes activities from exploration,
excavation, processing to marketing of nickel ore, ferronickel,
gold, silver, bauxite and iron sands. Its nickel operations are
located in Southeast Sulawesi and North Maluku, its gold mine is
in Pongkor in West Java, while its precious metal refinery is in
Jakarta, its bauxite mine is in Riau province and its iron sands
mine is in Central Java. Its largest bauxite deposit is located
at Tayan, West Kalimantan and its largest nickel deposit is at
Buli, North Maluku.
* * *
The company continues to carry Moody's Investors Service 'Ba3'
long-term corporate family rating. It also carries S&P's 'B+'
ratings on long-term foreign and local issuer credit.
INDOVER BANK: Pays EUR17.5 Million to Bank Mandiri
--------------------------------------------------
ANTARA News reports that Bank Mandiri president director Agus
Martowardojo said Indonesische Overzeese Bank N.V. (Indover) had
returned EUR17.5 million in funds owed to the bank.
"We received EUR17.5 million from Indover on March 10, 2010 and so
they still have to hand back EUR19.7 million," the report quoted
Martowardojo as saying at a press conference in Indonesia on
Monday.
Martowardojo said Indover had a commitment to settle its
obligations to Bank Mandiri this year.
A specialized wholesale bank active in trade finance, Indover Bank
is fully owned by the Indonesian central bank, Bank Indonesia.
Indover Bank is based in Amsterdam, has a branch in Hamburg,
wholly owned subsidiaries in Hong Kong and Singapore, and a
representative office in Jakarta.
Indover Bank was declared bankrupt by a Dutch court in December
2008 after suffering a liquidity shortage, which prompted the
court to freeze the bank's assets on Oct. 6, 2008.
According to ANTARA News, Bank Mandiri's exposure to Indover
reached US$31 million, done through money market. Bank BNI's
exposure meanwhile totalled US$27 million. Other banks also have
an exposure to Indover such as Bank BRI, Bukopin, Artha Graha,
Lippo Bank and Bank Ekonomi.
MATAHARI PUTRA: Seeks Shareholder OK to Sell Department Store
-------------------------------------------------------------
The Jakarta Globe reports that the Capital Market and Financial
Institutions Supervisory Agency on Monday approved a plan by PT
Matahari Putra Prima to seek shareholder approval to sell its
90.76% stake in PT Matahari Department Store for IDR7.2 trillion
($790 million) to private equity firm CVC Capital Partners.
Fuad Rahmany, chairman of the agency, also known as Bapepam-LK,
said Matahari Putra had now provided enough information to its
minority shareholders and could hold a meeting to seek approval
for the deal, the report says.
Earlier this month, Bapepam-LK ruled that Matahari Putra could not
hold a meeting because the company's minority shareholders did not
understand the implications of the deal.?
About Matahati Putra
Headquartered in Tangerang, Indonesia, PT Matahari Putra Prima
Tbk -- http://www.matahari.co.id/-- is a consumer goods company
engaged in the retail business, providing clothes, jewelries,
bags, shoes, cosmetics, electronics appliances, toys,
stationeries, books, drugs and other everyday needs. It is also
engaged in the family entertainment industry through the
operation of Time Zone, a game center. The company operates
Matahari Supermarket, Hypermart stores, Cut Price stores, Boston
Drugs pharmacies, Baker's Delight bakeries, Deli Bon stores and
Market Place grocery stores. During the year ended
Dec. 31, 2005, the company opened its first store in Shenzhen,
China, 13 Hypermart stores, four Cut Price stores and one
Matahari Supermarket.
* * *
The Troubled Company Reporter - Asia Pacific reported on
January 29, 2010, Standard & Poor's Ratings Services placed its
'B+' corporate credit rating and 'axBB' ASEAN scale rating on PT
Matahari Putra Prima Tbk. on CreditWatch with negative
implications. At the same time, Standard & Poor's also placed the
issue ratings on US$200 million 10.75% senior notes due Aug. 7,
2012, issued by Matahari's wholly owned special-purpose
subsidiary, Matahari International B.V., on CreditWatch
with negative implications.
Moody's Investors Service also placed PT Matahari Putra Prima
Tbk's B1 corporate family and senior unsecured bond ratings on
review for possible downgrade.
=========
J A P A N
=========
MITSUBISHI MOTORS: To Triple Production of Electric Cars in 2012
----------------------------------------------------------------
According to Bloomberg News, the Yomiuri newspaper reported that
Mitsubishi Motors Corp. plans to produce 30,000 i-MiEV electric
vehicles for fiscal 2012, more than three times the number planned
for fiscal 2010, Bloomberg News reports citing the Yomiuri
newspaper. According to Bloomberg News, Yomiuri said Mitsubishi
Motors expects to sell 9,000 units in fiscal 2010, compared with
2,000 the year before.
Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile. The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial machines.
It is also engaged in the checking and maintenance of new
vehicles, as well as the provision of automobile sales financing
and leasing services.
Mitsubishi Motors Corp. continues to carry Standard & Poor's Long
Term Foreign Issuer Credit and Long Term Local Issuer Credit
ratings of 'B+'.
=========
K O R E A
=========
KUMHO ASIANA: Unit's Capital Base Falls on Lower Production, Sales
------------------------------------------------------------------
Kumho Tire Co., a unit of Kumho Asiana Group, said Tuesday that
its capital base has been seriously eroded by lower production and
sales, The Wall Street Journal reports.
Kumho Tire said in a regulatory filing with the Financial
Supervisory Service that the company's capital base slumped to
KRW64.48 billion (US$57 million) for 2009, down 81% from KRW350
billion the previous year, the Journal relates.
According to the report, Kumho Tire's announcement came after
Kumho Industrial Co., the construction affiliate of the group,
also announced a significant erosion in its capital on March 10,
saying its debt exceeded assets by KRW1.13 trillion at the end of
December.
Despite this, says the Journal, restructuring moves by Kumho Tire
Co. remained on track.
As reported in the Troubled Company Reporter-Asia Pacific on
August 6, 2009, The Korea Herald said 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,
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.
The creditors decided on Dec. 30 to put two other ailing units --
Kumho Industrial Co. and Kumho Tire Co. -- under a debt
rescheduling program. Meanwhile, the group's other two units --
Korea Kumho Petrochemical Co. and Asiana Airlines Inc. -- will
have to improve their financial health through rigorous self-
restructuring efforts as earlier agreed with creditors.
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
====================
COUNTRY CHANNEL: Placed Into Liquidation
----------------------------------------
Sky Television's Country Channel has been placed into liquidation
with a debt of more than NZ$1 million to shareholder Andy Tyler,
Chris Gardner writes for the Waikato Times. Dennis Parsons, of
Indepth Forensics in Hamilton, has been appointed liquidator.
Mr. Tyler, who started the channel and also held shares, applied
for the liquidation last year, for debts owed by Sky TV to his
company Digital Masters, the report says.
Sky TV Country Channel is a New Zealand-based agribusiness
television station.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Mar. 18-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Byrne Judicial Clerkship Institute
Pepperdine University School of Law, Malibu, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 20-22, 2010
TURNAROUND MANAGEMENT ASSOCIATION
Sheraton New York Hotel and Towers, New York City
Contact: http://www.turnaround.org/
Apr. 29, 2010
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts - East
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 29-May 2, 2010
THE COMMERICAL LAW LEAGUE OF AMERICA
Midwestern Meeting & National Convention
Westin Michigan Avenue, Chicago, Ill.
Contact: 1-312-781-2000 or http://www.clla.org/
May 21, 2010
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts - NYC
Alexander Hamilton Custom House, SDNY, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
May 24, 2010
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
New York Marriott Marquis, New York, NY
Contact: 1-703-739-0800; http://www.abiworld.org/
May 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
Litigation Skills Symposium
Tulane University, New Orleans, La.
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, Mich.
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. 3, 2010
AMERICAN BANKRUPTCY INSTITUTE
Atlanta Consumer Bankruptcy Skills Training
Georgia State Bar Building, Atlanta, Ga.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 11-14, 2010
AMERICAN BANKRUPTCY INSTITUTE
Hawai.i Bankruptcy Workshop
The Fairmont Orchid, Big Island, Hawaii
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 14, 2010
AMERICAN BANKRUPTCY INSTITUTE
ABI/NYIC Golf and Tennis Fundraiser
Maplewood Golf Club, Maplewood, N.J.
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 20, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Fordham Law School, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Sept. 23-25, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 1, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
ABI/UMKC Midwestern Bankruptcy Institute
Kansas City Marriott Downtown, Kansas City, Kan.
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/
Oct. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
Chicago Consumer Bankruptcy Conference
Standard Club, Chicago, Ill.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 15, 2010
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Hilton New Orleans Riverside, New Orleans, La.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 29, 2010 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
The Savoy, London, England
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. __, 2010
AMERICAN BANKRUPTCY INSTITUTE
Delaware Views from the Bench and Bankruptcy Bar
Hotel du Pont, Wilmington, Del.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 11, 2010
AMERICAN BANKRUPTCY INSTITUTE
Detroit Consumer Bankruptcy Conference
Hyatt Regency Dearborn, Dearborn, Mich.
Contact: 1-703-739-0800; http://www.abiworld.org/
Dec. 9-11, 2010
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Camelback Inn, a JW Marriott Resort & Spa,
Scottsdale, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.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/
Jan. 20-21, 2011
AMERICAN BANKRUPTCY INSTITUTE
Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colo.
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,
National Harbor, Md.
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, Mich.
Contact: http://www.abiworld.org/
July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 4-6, 2011 (tentative)
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Tampa Convention Center, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 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, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
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 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
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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 ***