/raid1/www/Hosts/bankrupt/TCRAP_Public/100409.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, April 9, 2010, Vol. 13, No. 069
Headlines
A U S T R A L I A
JET CONSTRUCTION: In Receivership; Chevron Development in Doubt
C H I N A
BAOSHINN CORP: Reports US$5,159 Net Income in 2009
COUNTRY GARDEN: Moody's Assigns 'Ba3' Rating on Senior Bonds
HONTEX INTERNATIONAL: HK Court Freezes HK$997.4 Mil. Hontex Assets
H O N G K O N G
AROSA FUNDING: S&P Withdraws 'D' Rating on Series 2006-9 Notes
O.P.S. LIMITED: Court Enters Wind-Up Order
PHILMA PETROLEUM: Creditors' Proofs of Debt Due April 19
SAFE TECH: Court Enters Wind-Up Order
SHINWA MAX: Court Enters Wind-Up Order
SINO FAME: Creditors Get 100% Recovery on Claims
SMART INTERNATIONAL: Li and Tsang Appointed as Liquidators
STEEL CASTLE: Stephen Briscoe Steps Down as Liquidator
SURE BRIGHT: Creditors and Contributories to Meet on April 21
TELHOPE INFORMATION: Stephen Briscoe Steps Down as Liquidator
WELLFRED (HAW KEE): Court to Hear Wind-Up Petition on May 26
WIN ALLIANCE: Court Enters Wind-Up Order
I N D I A
AIR INDIA: Seeks US$475-Mil. Long Term Loan to Buy New Planes
AL KABEER: CRISIL Reaffirms 'P4+' Rating on INR624M Packing Credit
AMBUJA PIPES: CRISIL Assigns 'B+' Rating on INR43MM Term Loan
AMIT SALES: CRISIL Rates INR100.0 Mil. Cash Credit Limit at 'BB-'
BIMALDEEP STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings
JAIKA MOTORS: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
GINNI FILAMENTS: Fitch Upgrades National Long-Term Rating to 'B'
JEEVANDAS LALJEE: CRISIL Puts 'B' Rating on INR62.5MM Cash Credit
KANNAPPAN IRON: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
KAYS JEWELS: CRISIL Assigns 'BB+' Rating on INR13.5 Mil. Term Loan
LANCO GREEN: CRISIL Downgrades 'BB' Rating on INR3.35B LT Loan
MAHARASHTRA ENVIRO: CRISIL Assigns 'D' Ratings on INR566M Loan
MEGHA FRUIT: CRISIL Reaffirms 'BB+' Rating on INR20MM Term Loan
MUKAND LIMITED: CRISIL Reaffirms 'B(so)' Rating on INR100MM Debt
NARAIN & COMPANY: CRISIL Rates INR300 Mil. Cash Credit at 'B+'
PCH AGENCIES: CRISIL Rates INR500 Million Cash Credit at 'BB'
PCH DISTRIBUTORS: CRISIL Rates INR400MM Cash Credit at 'BB'
PCH LIFESTYLE: CRISIL Assigns 'BB' Rating on INR100MM Term Loan
R.P. STEEL: CRISIL Assigns 'B' Rating on INR70MM Cash Credit Limit
RAJASTHAN UDYOG: Delays in Loan Payment Cues CRISIL Junk Ratings
RUKMANI POWER: CRISIL Assigns 'BB' Rating on INR225.8MM Term Loan
SEASAGA ENTERPRISES: Weak Liquidity Cues CRISIL 'B-' Rating
SOMA ISOLUX SURAT: CRISIL Rates INR18.14 Bil. Term Loan at 'BB'
SOMA ISOLUX: CRISIL Rates INR9780.0 Million Term Loan at 'BB+'
SONA WIRES: CRISIL Reaffirms 'B+' Rating on INR37.5MM Cash Credit
VAMSHI INDUSTRIAL: CRISIL Cuts Rating on INR431.3MM Loan to 'BB+'
VIDARBHA ENVIRO: CRISIL Rates INR563 Million Term Loan at 'D'
VIJAY SABRE: Stretched Liquidity Cues CRISIL 'B' Ratings
I N D O N E S I A
BANK MANDIRI: Mulls US$220-Mln Rights Issue Late This Year
J A P A N
ELM BV: S&P Corrects Ratings on Secured Credit-Linked Notes to 'D'
MHTB DISCOVERY: Moody's Changes Ratings on Two Classes of Notes
UDMAC-J1 TRUST: Fitch Reviews Negative Watch on Trust
* JAPAN: Corporate Bankruptcies Down 14.5% in March 2010
K O R E A
DAEWOO MOTOR: Seeks Debt Rescheduling Amid Liquidity Crisis
SSANGYONG MOTOR: Foreign Firms Keen on Buying SSangyong Stake
M A L A Y S I A
EON BANK: Moody's Reviews 'D' Bank Financial Strength Rating
OILCORP BERHAD: Unit Gets Winding Up Petition From JB Yew Seng
SOUTHERN ACIDS: Southern Palm Files Writ and Statement of Claim
N E W Z E A L A N D
BOTRY-ZEN LTD: To be Delisted From NZX on April 9
CAPITAL + MERCHANT: Case Against Directors Moved to May 4
KAIMAI PALMS: Placed in Receivership; Project Likely to be Sold
PLUS SMS: Breach of Listing Rules Prompts NZX to Delist Firm
S I N G A P O R E
BENEFIC ASSET: Creditors' Proofs of Debt Due May 10
IBM BUSINESS: Creditors' Proofs of Debt Due May 7
LUM CHANG: Creditors' Proofs of Debt Due May 7
LEADALE PROPERTY: Creditors' Proofs of Debt Due May 7
OXFORD GARDENS: Creditors' Proofs of Debt Due May 7
* SINGAPORE: SGX to Delist Five Firms Under Watchlist
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
JET CONSTRUCTION: In Receivership; Chevron Development in Doubt
---------------------------------------------------------------
Jet Construction Australia Pty Ltd, the company behind the
proposed tallest building on Chevron Island, has been placed into
receivership, goldcoast.com reports. David White and Andrew
Fielding of BDO Business Recovery and Insolvency were appointed
receivers to the company late last month, the report says.
The report, citing documents from The Australian Securities and
Investments Commission, relates that Perpetual Nominees Limited is
the controller of the company.
According to the report, the company was said to be responsible
for spearheading change on Chevron Island with the Chevron Point
building and the AU$47 million Spirit of Chevron development.
The report states that it is unclear if construction for the
proposed development will still go ahead, or whether the site will
be sold.
Jet Construction Australia Pty Ltd -- http://www.jcaustralia.com/
-- develops luxury and prestige lifestyle apartments and
commercial complexes.
=========
C H I N A
=========
BAOSHINN CORP: Reports US$5,159 Net Income in 2009
--------------------------------------------------
Baoshinn Corporation filed its annual report on Form 10-K, showing
net income attributable to The Group of US$5,159 on US$24,307,739
of revenue for 2009, compared with a net loss attributable to
The Group of US$144,173 on US$25,122,887 of revenue for 2008.
The Company's balance sheet as of December 31, 2009, showed
US$1,963,279 in assets, US$1,168,785 of debts, and US$794,494 of
stockholders' equity.
Dominic K.F. Chan & Co., in Hong Kong, expressed substantial
doubt about the Company's ability to continue as a going concern.
The independent auditors noted that of the Company's accumulated
losses.
A full-text copy of the annual report is available for free at:
http://researcharchives.com/t/s?5edd
Based in Kowloon, Hong Kong, Baoshinn Corporation, through its
Hong Kong subsidiary, is a ticket consolidator of major
international airlines. The Company provides travel services such
as ticketing, hotel and accommodation arrangements, tour packages,
incentive tours and group sightseeing.
COUNTRY GARDEN: Moody's Assigns 'Ba3' Rating on Senior Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured rating
of Ba3 to Country Garden Holdings Limited's proposed seven-year
senior unsecured 144A/Regulation S bonds. The outlook on the
rating is negative.
Moody's has also affirmed Country Garden's Ba2 corporate family
rating with a negative outlook.
The bonds will rank pari passu with the company's other senior
unsecured obligations. The bond rating has been lowered by one
notch to reflect the risk of legal and structural subordination,
as subsidiary and secured debt will still comprise more than 20%
of the company's total assets.
Proceeds from the bonds will be used to fund Country Garden's
purchase of its convertible bond with a put option in February
2011.
"Country Garden's Ba2 corporate family rating reflects its strong
sales in the suburban markets of economically strong Guangdong
Province. In addition, the company is large and has the advantage
of low land costs, which offers pricing flexibility," says Peter
Choy, a Moody's Vice President and Senior Credit Officer.
"Furthermore, Country Garden's products -- sold at affordable
prices -- and, in contrast to other developers, its niche markets
in second- and third-tier cities are likely to be less affected by
the current tightening of regulatory measures," says Mr. Choy.
"The company's portfolio, which comprises more than 60 projects,
also provides good diversification and minimizes the risk of a
material decline in sales volume," adds Mr. Choy.
"The proposed bond issuance will also improve its near term
liquidity," adds Mr. Choy.
The rating is tempered by Country Garden's need for debt funding
to support its rapid growth model, which will keep its leverage at
the high end for its rating level. It is also constrained by the
company's execution risk on projects outside Guangdong. The
rating also reflects the company's reliance on cash flow from
Guangdong Province.
The outlook is negative, reflecting the need to overcome the
execution risk on its lower profit margin projects outside
Guangdong province and its somewhat weak credit metrics for the
rating level.
However, the outlook could return to stable if the company can
demonstrate improvement in the profitability of its projects
outside Guangdong. Moreover, its debt needs to decline, such that
Adjusted Debt/Total Capitalization is maintained at 45% or below.
Meanwhile, downward rating pressure could emerge if Country Garden
(1) experiences difficulty in implementing its current business
plan; (2) sees its profit margins erode further; or (3) suffers
from a further weakening in the Chinese property market, such that
its operating cash flow is weaker than expected.
Thus, a downgrade could be considered if its EBITDA margin falls
below 20%; Adjusted Debt/Total Capitalization rises above 50%;
EBITDA/Interest declines below 3.5x-4.0x for a prolonged period;
or the company reports continuous negative operating cash flow
(before land payments), which further weakens its liquidity.
The last rating action on Country Garden was taken on March 23,
2010, when the rating was confirmed with a negative outlook.
Founded in 1997 in China and listed in Hong Kong in April 2007,
Country Garden Holdings Company Limited is one of the leading
integrated property developers in China.
HONTEX INTERNATIONAL: HK Court Freezes HK$997.4 Mil. Hontex Assets
------------------------------------------------------------------
The Hong Kong High Court has continued an order to freeze assets
of up to $997,400,000 in relation to Hontex International Holdings
Co. Ltd. and four of its wholly owned subsidiaries, the Securities
and Futures Commission said.
The order was made by consent and follows an interim injunction
granted to the SFC on an urgent basis on March 29, 2010. The SFC
subsequently commenced proceedings against Hontex alleging that
the prospectus of Hontex contained materially false or misleading
information.
The interim injunction will remain in force until further order.
The amount of assets frozen by the interim injunction represents
the net proceeds raised from the investing public by Hontex in an
initial public offer (IPO) in December 2009.
Since March 29, 2010, the SFC has identified approximately $832
million held in bank accounts of Hontex and its four subsidiaries
in Hong Kong. Funds in these bank accounts are now frozen under
the terms of the interim injunction. The SFC is continuing to
make inquiries to identify more assets up to the value of
$997,400,000.
Hontex is alleged to have disclosed materially false or misleading
information in its prospectus dated December 14, 2009, which was
likely to have induced investors to subscribe for the Hontex
shares. The SFC alleges that Hontex's financial position as
outlined in its IPO prospectus has been materially overstated.
The interim injunction has been obtained to prevent the
dissipation of assets pending the conclusion of the SFC's
investigation and to ensure there are sufficient assets to satisfy
any restoration or compensation orders, if such orders are made
against Hontex.
If the SFC is successful in establishing its allegations, the SFC
will seek orders to restore the funds raised in the IPO to those
who subscribed for the shares and continue to hold them and those
who have purchased shares since the IPO.
On March 30, 2010, the SFC issued a direction to the Stock
Exchange of Hong Kong to suspend trading in the shares of Hontex.
The direction was issued for the purpose of maintaining a fair and
orderly market and to protect investors.
China-based Hontex International Holdings Company Limited
manufactures chemical fiber knitted fabrics, specializing in the
production of multi-functional and high quality fabrics. The
Group develops and manufactures fabrics for sports and leisure
apparel in the PRC and produces garments on an OEM basis for some
overseas premium apparel brand owners such as Decathlon, Kappa and
Mizuno and some PRC apparel brand owners such as Li Ning and Anta.
The Group is also engaged in the design, development and marketing
of fashion and leisure apparel and accessory products sold under
the MXN brand.
================
H O N G K O N G
================
AROSA FUNDING: S&P Withdraws 'D' Rating on Series 2006-9 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its rating on Series
2006-9 notes issued by Arosa Funding Ltd., following the
redemption of all the notes.
The rating action on the affected transaction is:
Rating lowered:
Name Rating To Rating From
---- --------- -----------
Arosa Funding Ltd. N.R. D
Series 2006-9
N.R. ? Not rated
O.P.S. LIMITED: Court Enters Wind-Up Order
------------------------------------------
The High Court of Hong Kong entered an order on March 24, 2010, to
wind up the operations of O.P.S. Limited.
The official receiver is E T O'Connell.
PHILMA PETROLEUM: Creditors' Proofs of Debt Due April 19
--------------------------------------------------------
Creditors of Philma Petroleum Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by April 19, 2010, to be included in the company's dividend
distribution.
The official receiver & liquidator is:
E T O'Connell
10th Floor, Queensway
Government Offices
66 Queensway, Hong Kong
SAFE TECH: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on March 24, 2010, to
wind up the operations of Safe Tech Biotechnological Products
(H.K.) Limited.
The official receiver is E T O'Connell.
SHINWA MAX: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on March 12, 2010, to
wind up the operations of Shinwa Max Limited.
The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.
SINO FAME: Creditors Get 100% Recovery on Claims
----------------------------------------------
Sino Fame Technology Limited, which is in liquidation, will pay
the first and final preferential dividend to its creditors on
April 16, 2010.
The company will pay 100% for preferential claims.
The company's liquidator is:
Fok Hei Yu
14th Floor, Hong Kong Club Building
3A Chater Road
Central, Hong Kong
SMART INTERNATIONAL: Li and Tsang Appointed as Liquidators
----------------------------------------------------------
Li Man Wai and Tsang Lai Fun on March 24, 2010, were appointed as
liquidators of Smart International & Industries Company Limited.
The liquidators may be reached at:
Li Man Wai
Tsang Lai Fun
Raymond Li & Co., CPA
Room 1001, 10th Floor
Tai Yau Building
181 Johnston Road
Wanchai, Hong Kong
STEEL CASTLE: Stephen Briscoe Steps Down as Liquidator
------------------------------------------------------
Stephen Briscoe stepped down as liquidator of Steel Castle Limited
on October 12, 2009.
SURE BRIGHT: Creditors and Contributories to Meet on April 21
-------------------------------------------------------------
Creditors and contributories of Sure Bright Limited will hold
their first meetings on April 21, 2010, at 3:00 p.m., and 3:15
p.m., respectively at the official receiver's office, 10th Floor,
Queensway Government Offices, 66 Queensway, in Hong Kong.
At the meeting, E T O'Connell, the official receiver & provisional
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
TELHOPE INFORMATION: Stephen Briscoe Steps Down as Liquidator
-------------------------------------------------------------
Stephen Briscoe stepped down as liquidator of Telhope Information
Development Company Limited on March 19, 2010.
WELLFRED (HAW KEE): Court to Hear Wind-Up Petition on May 26
------------------------------------------------------------
A petition to wind up the operations of Wellfred (Haw Kee)
Engineering Company Limited will be heard before the High Court of
Hong Kong on May 26, 2010, at 9:30 a.m.
Bank of China (Hong Kong) Limited filed the petition against the
company on March 18, 2010.
The Petitioner's solicitors are:
Messrs. Liu, Chan and Lam
Rooms 1710-18, 17th Floor
Hutchison House
10 Harcourt Road
Central, Hong Kong
WIN ALLIANCE: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on February 19, 2010,
to wind up the operations of Win Alliance Development Limited.
The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.
=========
I N D I A
=========
AIR INDIA: Seeks US$475-Mil. Long Term Loan to Buy New Planes
-------------------------------------------------------------
The Economic Times reports that Air India has sought a long-term
loan of US$475 million from banks and financial institutions to
acquire three long-haul Boeing-777s. The report relates airline
sources said National Aviation Company of India Limited, which
runs the national carrier, invited offers from Indian and foreign
banks and financial institutions asking them to submit their bids
by May 10, 2010.
While the government has provided guarantee to support the
financing for the project cost, the sources said NACIL would
prefer to obtain this guarantee to the minimum extent to save on
guarantee cost, the report notes.
As reported in the Troubled Company Reporter-Asia Pacific on
June 10, 2009, the National Aviation Co. of India Ltd was seeking
INR14,000 crore in equity infusion, soft loans and grants to cope
up with mounting losses. NACIL is the holding company formed
after the merger of erstwhile Indian Airlines and Air India in
2007.
The TCR-AP, citing the Hindustan Times, reported on June 19, 2009,
that Air India has been bleeding cash due to excess capacity,
lower yield, a drop in passenger numbers, an increase in fuel
prices and the effects of the global slowdown. The carrier
incurred net losses of INR2,226.16 crore in 2007-08 and INR5,548
crore in 2008-09.
In December, the Air India board decided to initiate a series of
major steps to cut costs and enhance savings. The carrier is
focusing on cutting costs by INR1,500 crore and increasing
revenues by INR1,200 crore as per its turnaround plan, according
to the Business Standard.
The airline's turnaround plan has been broadly divided into 0-9
months, 9-18 months and 18-36 months, and has been segregated
under operational efficiency, product improvement, organization
building and financial restructuring, the Business Standard said.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
AL KABEER: CRISIL Reaffirms 'P4+' Rating on INR624M Packing Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Al Kabeer Exports Pvt
Ltd continues to reflect Al Kabeer's weak financial risk profile
because of low debt protection metrics, its working-capital-
intensive operations, and exposure to risks relating to adverse
changes in government regulations. These rating weaknesses are,
however, partially offset by Al Kabeer's established presence in
the processed meat industry, and sound operational efficiencies
derived from fully integrated plant, with abattoir and meat
processing facilities.
Facilities Ratings
---------- -------
INR624 Million Packing Credit P4+ (Reaffirmed)
Incorporated in 1973, and promoted by Mr. Ghulamuddin Shaikh and
Mr. S Subberwal, Al Kabeer is an exporter of frozen buffalo meat
and mutton. The company also manufactures and trades in ready-to-
cook (RTC) products in the domestic and international markets. The
company has a fully integrated meat processing plant at Hyderabad
which is registered with Agriculture and Processed Food Products
Export Development Authority (APEDA). The company has also been
accredited for exports by almost 15 countries, including Saudi
Arabia.
For 2008-09 (refers to financial year, April 1 to March 31), Al
Kabeer reported a profit after tax (PAT) of INR33 million on net
sales of INR3569 million as against a PAT of INR17 million on net
sales of INR2372 million for 2007-08.
AMBUJA PIPES: CRISIL Assigns 'B+' Rating on INR43MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its ratings of 'B+/Stable/P4' to the bank
facilities of Ambuja Pipes Pvt Ltd.
Facilities Ratings
---------- -------
INR113.7 Million Cash Credit Limit^ B+/Stable (Assigned)
INR43.0 Million Term Loan B+/Stable (Assigned)
INR50.0 Million Letter of Credit P4 (Assigned)
^ Including proposed limit of INR21.2 Million
The ratings reflect APPL's weak financial risk profile, and
exposure to risks relating to small scale of operations in the
electric resistance welded (ERW) black and galvanized pipes
industry. These weaknesses are, however, partially offset by the
benefits that the company derives from its established
relationships with customers and suppliers and sound track record
in the ERW pipes segment.
Outlook: Stable
CRISIL believes that APPL will maintain a stable business profile
on the back of its track record in the ERW pipes market in
Rajasthan. However, company's financial risk profile is expected
to remain weak led by high gearing and weak debt protection
measures. The outlook may be revised to 'Positive' if APPL's
financial risk profile improves substantially with considerable
improvement in gearing and high cash accruals. Conversely, the
outlook may be revised to 'Negative' if there is stretch in
receivables or if the company undertakes large, debt-funded
capital expenditure or acquisition.
Incorporated in 1999, APPL manufactures ERW black and galvanised
pipes. The company's plant at Jaipur (Rajasthan) has a capacity
of 21,000 tonnes per annum, for pipes of diameters ranging from «
inch to 10 inches. The company's product has commercial,
industrial, agricultural and residential applications.
APPL reported a profit after tax (PAT) of INR9.0 million on net
sales of INR568.5 million for 2008-09 (refers to financial year,
April 1 to March 31), as against a PAT of INR8.2 million on net
sales of INR407.5 million for 2007-08.
AMIT SALES: CRISIL Rates INR100.0 Mil. Cash Credit Limit at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Amit Sales
Corporation's cash credit facility.
Facilities Ratings
---------- -------
INR100.0 Million Cash Credit Limit BB-/Stable (Assigned)
The rating reflects ASC's weak financial flexibility because of
its small net worth and high bank limit utilization. The below-
average financial risk profile of ASC is marked by moderately-
leveraged capital structure and weak debt coverage indicators.
These rating weaknesses are partially offset by the benefits that
ASC derives from its promoters' experience in the pipe trading
business, and the firm's association with reputed Electric
Resistance Wielded (ERW) and seamless pipe manufacturers in India.
Outlook: Stable
CRISIL believes that ASC will benefit from established
relationships with its principal suppliers and its promoters'
industry experience, over the medium term. The outlook may be
revised to 'Positive' if ASC's debtor and inventory levels decline
significantly, or its profitability improves significantly amidst
healthy revenue growth. Conversely, the outlook may be revised to
'Negative' if ASC's profitability deteriorates significantly,
constraining its debt protection measures, or if the firm
undertakes larger-than-expected debt-funded capital expenditure
program.
ASC is a proprietorship firm set up in 1992. The firm is a
distributor of electrical resistance welding (ERW) pipes (both
black and galvanised) and seamless pipes. The firm is an
authorised distributor for Jindal Pipes Ltd, Jindal (India) Ltd
(rated 'BBB+/Stable/P2' by CRISIL), Maharashtra Seamless Ltd
(AA+/Stable), and Jindal Industries Ltd (A-/Positive/P1). ASC
operates through its five branches located (one each) in Delhi,
Dehradun (Uttarakhand), Kanpur and Ghaziabad (Uttar Pradesh) and
Haryana.
ASC reported a profit after tax (PAT) of INR2.5 million on net
sales of INR560 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.9 million on net sales
of INR607 million for 2007-08.
BIMALDEEP STEEL: Delay in Loan Payment Cues CRISIL Junk Ratings
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bimaldeep Steel Pvt Ltd
continue to reflect the delay by BSPL in servicing its term loan;
the delay has been caused by BSPL's weak liquidity.
Facilities Ratings
---------- -------
INR380 Million Cash Credit Limits* D (Reaffirmed)
INR292.5 Million Term Loan D (Reaffirmed)
INR125 Million Proposed Short-Term P5 (Reaffirmed)
Bank Facility
*Includes proposed limit of INR300 million
Set up in 1994 as an investment company by Mr. Ajay Murarka, BSPL
(formerly, Vee-AR Investment Pvt Ltd) was renamed in 1997. In
2004, the company began manufacturing sponge iron at its 30,000
tonnes per annum facility in the Aditya Industrial area in
Jamshedpur (Jharkhand).
JAIKA MOTORS: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Jaika Motors Ltd's
bank facilities.
Facilities Ratings
---------- -------
INR220.0 Million Cash Credit BB-/Stable (Assigned)
INR13.1 Million Long-Term Loan BB-/Stable (Assigned)
INR16.9 Million Proposed LT BB-/Stable (Assigned)
Bank Loan Facility
The rating reflects JML's weak financial risk profile marked by
high gearing, low bargaining power with principal, Tata Motors Ltd
(TML; rated 'A+/Stable/P1+' by CRISIL), and exposure to intense
competition in the automotive dealership market. These rating
weaknesses are partially offset by the benefits that JML derives
from its promoters' experience, and by the company's strong
position in the automobile dealership business in the Vidarbha
region.
Outlook: Stable
CRISIL believes that JML will maintain its strong market position
in the Vidarbha region of Maharashtra; however, the company's
financial risk profile will remain weak because of working capital
intensive nature of operations. The outlook may be revised to
'Positive' in case of fresh, large equity infusion into the
company, improvement in its debt protection metrics, or increases
in sales, resulting in strengthening of its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company undertakes large debt-funded capital expenditure
program, or if its cash accruals decline, thereby adversely
affecting its financial risk profile.
Incorporated in 1954 by Mr. Purshottam Kale and Mr. Jain, JML is
an authorised dealer of TML vehicles in the Vidarbha region of
Maharashtra. JML was the only authorized dealer of TML's vehicles
in the region, until 2004. JML is the Jaika group's first and
flagship company; the group has business interests in vehicle
dealership (including through other group companies), insurance,
audio systems, number plates, stock broking, and transport and
logistics. JML operates three dealerships-two for passenger cars
in Nagpur and Amravati, and one for commercial vehicles in Nagpur.
It also has branches in Amravati, Wardha, and Chandrapur. The
company has 11 showrooms, 12 workshops, and 3 warehouses.
In the 1980s, the Jain family sold its entire stake in JML and the
Jaika group to the Kale family. Currently, the third and fourth
generations of the Kale family handle the operations of the group
companies.
JML's reported a profit after tax (PAT) of INR0.8 million on net
sales of INR3689 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR11.7 million on net
sales of INR4151 million for 2007-08.
GINNI FILAMENTS: Fitch Upgrades National Long-Term Rating to 'B'
----------------------------------------------------------------
Fitch Ratings has upgraded India-based Ginni Filaments Limited's
National Long-term rating to 'B(ind)' from 'D(ind)'. The Outlook
is Stable. At the same time, Fitch has upgraded the ratings of
Ginni's bank loans:
-- Long-term bank loans of INR2,554 million to 'B(ind)' from
'D(ind)';
-- Fund based working capital limits of INR1,050 million to
'B(ind)'/'F4(ind)' from 'D(ind)'/'F5'(ind)'; and
-- Non-fund based working capital limits of INR220 million to
'F4(ind)' from 'F5(ind)'.
Ginni's ratings upgrade reflects its improved credit profile after
a corporate debt restructuring for all its bank loans in 2009.
The restructuring agreement was signed with bankers on June 10,
2009, with relaxations on the loan terms under the CDR package
taking effect from July 1, 2008. The company received
INR540 million in additional financial assistance under the
accord. This includes a new INR290 million working capital term
loan from the State Bank of India, and enhanced fund-based working
capital limits of INR250 million.
The relaxations under the CDR have eased the liquidity pressures
on Ginni, which has been pressured by the recession-led downturn
in the textile export business. Fitch notes the improvement in
Ginni's operational performance during 9MFY10, with EBITDA margins
rising to 11.7% (8.2% in FY09) and net profit of INR9.2 million
(net loss of INR243 million in FY09). However, the recovery in
the company's credit profile is contingent on its ability to
sustain the improvements in operating performance.
The ratings continue to be constrained by Ginni's exposure to low
debt service coverage ratios and volatility in margins.
Furthermore, lower-than-expected EBITDA margins could lead to a
sharp deterioration in Ginni's leverage metrics, given its
significant debt (INR3,994 million as at December 31, 2009) and
considerable debt maturities in the medium term. On an annualized
EBITDA basis, Ginni's Net debt/EBITDA ratio stood at 7.2x in
9MFY10.
Sustained improvement in profitability and quicker than expected
deleveraging could be positive ratings triggers. Conversely, an
adverse impact on profitability and cash flows, which could lead
to a pressure on Ginni's debt servicing capability, would be a
negative ratings trigger. In addition, Fitch believes that any
new sizable debt-funded capex in the short-to-medium term could be
onerous on Ginni's credit profile, and could act as a negative
rating trigger.
Set up in 1990, Ginni is a vertically integrated textile
manufacturer with major revenue exposure to the cotton yarn
segment.
JEEVANDAS LALJEE: CRISIL Puts 'B' Rating on INR62.5MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Jeevandas Laljee & Son.
Facilities Ratings
---------- -------
INR62.5 Million Cash Credit B/Stable (Assigned)
INR17.5 Million Bank Guarantee P4 (Assigned)
The ratings reflect JLS's weak financial risk profile marked by a
small net worth and weak debt protection metrics, and exposure to
debtor risk. These rating weaknesses are partially offset by the
benefits that JLS derives from its established relationships with
its suppliers, and from its diversified customer profile.
Outlook: Stable
CRISIL believes that JLS will maintain its moderate revenue
growth, driven by its established market position, over the medium
term. The outlook may be revised to 'Positive' in case of
substantial capital infusion, or sustained improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' if the firm's interest coverage is adversely affected
because of competitive pressures on its profitability or because
of larger-than-expected, debt-funded capital expenditure.
Set up in 1935 as a partnership firm, JLS trades in chemicals,
dyes, and paints used in industries such as pharmaceuticals,
textiles, fertilizers, and automobiles. The firm procures the
traded goods from Transpek Industries Ltd, Transpek-Silox Industry
Ltd, ICI India Ltd, Borax Morarji Ltd, Asian PPG Industries Ltd,
Croda Chemicals (I) Pvt Ltd, and other players in the chemical
industry. JLS derives nearly 50% of its revenues from sales to
small retail customers through its stores in Tamil Nadu, Andhra
Pradesh, and Pondicherry, and the remainder from supply of traded
goods to organized players such as Dr. Reddy's Laboratories Ltd,
Hetro Drugs Ltd, Nagarjuna Agrichem Ltd, and Ambattur Clothing
Ltd.
JLS reported a profit after tax (PAT) of INR0.5 million on net
sales of INR130.0 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR1.2 million on net sales
of INR162.1 million for 2007-08.
KANNAPPAN IRON: CRISIL Assigns 'BB-' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned ratings of 'BB-/Stable/P4+' to the bank
facilities of Kannappan Iron and Steel Co Pvt Ltd.
Facilities Ratings
---------- -------
INR250.0 Million Cash Credit BB-/Stable (Assigned)
INR0.6 Million Term Loan BB-/Stable (Assigned)
INR260.0 Million Letter of Credit P4+ (Assigned)
INR30.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect KISCOL's weak financial risk profile, its
exposure to risks relating to small scale of operations in the
intensely competitive steel industry, and to fluctuations in raw
material prices. These weaknesses are, however, partially offset
by its established presence and promoters' experience in the steel
manufacturing industry.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of KISCOL, Kannappan & Company, and
Kannappan Iron Traders, hereinafter referred to as the KISCOL
group. This is because all the entities share business synergies,
have common management and ownership, and fungible funds.
Outlook: Stable
CRISIL believes that the KISCOL group will maintain a stable
business risk profile, on the back of the promoter's experience in
the steel industry. The outlook may be revised to 'Positive' if
the group's liquidity and debt protection measures improve
significantly, leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the company's realizations and margins decline sharply, or if it
undertakes large debt-funded capital expenditure (capex), or
extends funding support to weaker entities in the group.
About Kannappan Iron
KISCOL, incorporated in 1999 by Mr. TSP Kannappan and his son Mr.
TP Thirumalai Raja, manufactures thermo-mechanically treated (TMT)
bars, cold-twisted deformed (CTD) rods, and mild steel (MS) ingots
in Tamil Nadu, under the 'Kiscol' brand. Its manufacturing
facilities are situated at Karaikal (Pondicherry).
Kannappan & Company and Kannappan Iron Traders, established in
1968 and 1988 respectively, are partnership firms engaged in
trading of TMT bars, CTD rods, and MS ingots. They are the
largest dealers for KISCOL in Tamil Nadu.
The KISCOL group posted a profit after tax (PAT) of INR18.5
million on net sales of INR754 million for 2008-09 (refers to
financial year, April 1 to March 31), as against a reported PAT of
INR28.6 million on net sales of INR660 million for 2007-08.
KAYS JEWELS: CRISIL Assigns 'BB+' Rating on INR13.5 Mil. Term Loan
------------------------------------------------------------------
CRISIL has assigned its ratings of 'BB+/Stable/P4+' to the bank
facilities of Kays Jewels Pvt Ltd.
Facilities Ratings
---------- -------
INR35.0 Million Cash Credit* BB+/Stable (Assigned)
INR13.5 Million Term Loan BB+/Stable (Assigned)
INR20.0 Million Export Packing Credit P4+ (Assigned)
INR40.0 Million Foreign Bills Payable** P4+ (Assigned)
*Includes a metal gold sub limit of INR17.50 million.
**Inter changeability of INR20.0 million exists between
EPC and FBP.
The ratings reflect KJPL's average business risk profile marked by
geographical concentration in sales and competitive pressures in
both domestic and export markets. The ratings also factor in the
company's small scale of operations in the gold and diamond
jewellery business, and limited financial flexibility because of
its small net worth. These weaknesses are partially offset by
KJPL's above-average financial risk profile marked by low gearing
and comfortable debt protection measures, and the benefits that
the company derives from its promoters' experience in the gold and
diamond jewellery industry.
Outlook: Stable
CRISIL believes that KJPL will maintain its financial risk profile
over the medium term on back of low gearing level and comfortable
debt protection measures. However, the company will continue to
be exposed to risks relating to geographical concentration in its
revenues, and small scale of operations. The outlook may be
revised to 'Positive' if KJPL diversifies its export revenues, and
effectively manages gold price volatility while improving its
profitability. Conversely, the outlook may be revised to
'Negative' if the company's capital structure deteriorates because
of large debt-funded capital expenditure, or if its profitability
declines significantly.
Set up by Dr. Ravi Kapoor in 1979, KJPL manufactures, designs, and
sells gold and diamond jewellery in the domestic and export
markets. The company operates through a retail showroom in Kanpur
(Uttar Pradesh). It has also set up a retail showroom/factory
outlet in Noida (Uttar Pradesh), which was inaugurated on March
21, 2010. Domestic sales (at its Kanpur showroom) are expected to
account for approximately 65% of KJPL's total sales in 2009-10
(refers to financial year, April 1 to March 31), while the balance
is expected to be contributed by export sales.
KJPL reported a profit after tax (PAT) of INR10.4 million on net
sales of INR319 million for 2008-09, against a PAT of INR11.5
million on net sales of INR283 million for 2007-08.
LANCO GREEN: CRISIL Downgrades 'BB' Rating on INR3.35B LT Loan
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term loan of Lanco
Green Power Pvt Ltd. to 'BB/Negative' from 'BBB-/Stable'. The
rating downgrade reflects CRISIL's belief that LGPPL may not be
able to commence the commercial operations of its ongoing project
on schedule because of implementation-related delays.
Facilities Ratings
---------- -------
INR3350 Million Long-Term Loan BB/Negative (Downgraded from
'BBB-/Stable')
The rating reflects LGPPL's exposure to project-implementation-
related and hydrology risks, and its weak financial risk profile.
These rating weaknesses are partially offset by the operational
and financial support that LGPPL receives from its promoter Lanco
Infratech Ltd (LITL,rated 'A-/Stable/P2+' by CRISIL), and the
expected stabilization of LGPPL's revenue inflow because of its
power purchase agreement (PPA) with PTC India Ltd (PTCIL)
Outlook: Negative
CRISIL believes that LGPPL may not be able to commence its
commercial operations on schedule. This may result in increase in
project costs, leading to weakening in the company's debt
servicing ability. The ratings could be downgraded in case of
more-than-expected cost overruns in LGPPL's project, leading to
steeper-than-expected deterioration in the company's debt
servicing ability. Conversely, the outlook could be revised to
'Stable' if LGPPL completes the project without any further time
or cost overrun, leading to significant improvement in its
financial risk profile.
About Lanco Green
LGPPL was incorporated in 2002. The company is implementing a
hydroelectric power project across the Budhil nullah, which is a
major tributary of the River Ravi. The project site is in the
Chamba district of Himachal Pradesh. The project is expected to
commence commercial operations by June 2010, instead of March 2010
as estimated earlier. LGPPL has entered into a 35-year PPA with
PTCIL for complete off-take of electricity.
MAHARASHTRA ENVIRO: CRISIL Assigns 'D' Ratings on INR566M Loan
--------------------------------------------------------------
CRISIL has assigned its 'D' rating to Maharashtra Enviro Power
Ltd's term loan, as the company has delayed the servicing of the
facility; the delay has been caused by weak liquidity.
Facilities Ratings
---------- -------
INR566 Million Term Loan D (Assigned)
MEPL has been promoted as a special purpose vehicle by SMS
Infrastructure Ltd to set up a hazardous-waste-treatment plant in
Ranjangaon, in Pune district, on a built, own, operate, and
transfer basis (BOOT), for a total project cost of about INR874
million. The project has received a subsidy of INR140 million
from government authorities. An agreement dated August 2004 has
been signed by Maharashtra Industrial Development Corporation,
Maharashtra Pollution Control Board, and SMSIL, for an operation
period of 20 years from the date of commencement of operation of
the completed project. MEPL has a catchment area of 250 square
kilometres, spread over 18 districts of Maharashtra.
The capacity of the project is landfill of 60,000 tonnes a year,
incineration of 3 tonnes per hour, and power generation of 3
megawatts through waste hot gases and coal-fired boiler. The
project is expected to become operational by May 31, 2010.
MEGHA FRUIT: CRISIL Reaffirms 'BB+' Rating on INR20MM Term Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Megha Fruit Processing
Pvt Ltd continue to reflect MFPPL's limited track record and small
scale of operations in the fruit drinks industry, and exposure to
risks relating to geographical concentration in its revenue
profile. These weaknesses are partially offset by the company's
comfortable financial risk profile, marked by moderate gearing and
healthy debt protection measures.
Facilities Ratings
---------- -------
INR20.0 Million Term Loan BB+/Stable (Reaffirmed)
INR30.0 Million Cash Credit BB+/Stable (Reaffirmed)
INR10.0 Million Letter of Credit P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that MFPPL will maintain its comfortable financial
risk profile on the back of improving cash accruals and healthy
profitability. The outlook may be revised to 'Positive' if the
company scales up its operations materially by expanding its
geographical reach, while maintaining strong profitability.
Conversely, the outlook may be revised to 'Negative' if the
MFPPL's capital structure deteriorates on account of large, debt-
funded capital expenditure, or there is considerable decline in
its profitability.
Set up in 2004 by Mr. K Sathya Shankar, MFPPL manufactures and
sells fruit drinks. The company's facility at Puttur (Karnataka)
has capacity to manufacture around 100,000 cases of fruit drinks
per month. The company also manufactures milkshakes, squashes,
and fizzy drinks. Its products are marketed under the brand Sip
On.
MFPPL reported a profit after tax (PAT) of INR9.5 million on sales
of INR148 million for 2008-09 (refers to financial year, April 1
to March 31), against a PAT of INR6.4 million on sales of INR78
million for 2007-08.
MUKAND LIMITED: CRISIL Reaffirms 'B(so)' Rating on INR100MM Debt
----------------------------------------------------------------
CRISIL's rating on Mukand Ltd.'s priority debt program continues
to reflect Mukand's weak financial risk profile, marked by high
gearing and strained liquidity, and susceptibility to volatility
in raw material prices. These weaknesses are partially offset by
Mukand's above-average market position in, and the positive
outlook for, the steel alloy industry. The rated debt continues to
enjoy credit enhancement in the form of repayment priority, the
structure for the guarantee, and the pledge of shares.
Facilities Ratings
---------- -------
INR100 Million Priority Debt Programme B(so) (Reaffirmed)
The CRISIL-rated debt enjoys repayment priority over Mukand's all
non-priority debt. It is backed by a partial guarantee from
Jamnalal Sons Pvt Ltd (Jamnalal Sons, a Bajaj group holding
company), to the extent of 37.5% of the outstanding rated debt.
The debt is also supported by a pledge of shares of Bajaj Auto Ltd
(Bajaj Auto), Bajaj Holdings and Investment Ltd (Bajaj Holdings
and Investment), and Bajaj Finserv Ltd (Bajaj Finserv), which is
also to the extent of 37.5% of the outstanding rated debt.
CRISIL believes that the role of the trustees is pivotal to the
functioning of any credit enhancement structure, and that it is,
therefore, imperative that the trustee ensures that in the event
of non-payment by the issuing company, procedural formalities for
invoking the guarantees are initiated as per the specified
mechanism, so that payment to investors is made on the due date
Profile of the Guarantor
Jamnalal Sons, a 100% subsidiary of Bajaj Sevashram Pvt Ltd, is
the investment company of the Bajaj group. Jamnalal Sons has
substantial stakes in Bajaj group companies -- Bajaj Auto (8.95%),
Bajaj Holdings & Investments (13.54%), Bajaj Finserv (9%), Mukand
(17.98%), and Bajaj Electricals Ltd (20.74%). Jamnalal Sons has a
very strong credit risk profile, largely due to the financial
flexibility arising from its unencumbered holdings in Bajaj group
companies. The market value of Jamnalal Sons' investments in Bajaj
Auto, Bajaj Holdings and Investment and Bajaj Finserv was around
INR36 billion as on December 31, 2009. The company was debt-free
as on March 31, 2010.
About Mukand
Mukand has three main operating divisions: alloy steel, industrial
machinery, and road construction. For 2008-09 (refers to
financial year, April 1 to March 31), Mukand at a consolidated
level reported a net loss of INR1460 million (profit after tax
of INR588.3 million for the previous year) on net sales of
INR19.38 billion (INR19.42 billion). For the nine months ended
December 31, 2009, the company reported a standalone net profit of
INR457.3 million (loss of INR392.9 million for the corresponding
period of the previous year) on net sales of INR14.26 billion
(INR15.30 billion).
NARAIN & COMPANY: CRISIL Rates INR300 Mil. Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' rating to the bank
facilities of Narain & Company.
Facilities Ratings
---------- -------
INR300 Million Cash Credit Limit B+/Stable (Assigned)
INR300 Million Letter of Credit P4 (Assigned)
The rating reflects NC's weak financial risk profile marked by
small net worth and large working capital requirements. The
rating also factors in the risk of volatility in steel prices
adversely affecting the firm's trading margins, given the firm's
practice of maintaining large inventory levels. These rating
weaknesses are partially offset by the benefits the firm derives
from its management's experience in the steel trading business.
Outlook: Stable
CRISIL believes that NC will maintain its business risk profile on
the back of its established relationships with supplier,
Visakhapatnam Steel Plant (Vizag Steel), and key customers.
However, the firm's financial risk profile is expected to remain
weak because of its large working capital requirements and small
net worth. The outlook may be revised to 'Positive' if the firm's
financial risk profile, especially capital structure, strengthens.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's profitability or capital structure,
or if the firm undertakes large debt-funded capital expenditure
program, thereby adversely affecting its financial risk profile.
NC was incorporated in 1980 by Mr. Narain Singla. It is one of the
group concerns owned by the Singla and Agarwal families based in
Punjab. The firm is engaged in trading of long iron and steel
products, such as rounds, billets, blooms, pig iron, wire rods,
rebars, and structural and special steel. The firm is an
authorised stockist and trader for Vizag Steel (an entity of
Rashtriya Ispat Nigam Ltd [RINL]). It is the only stockist for
RINL products in the state of Punjab.
NC reported a profit after tax of INR17.5 million on net sales of
INR2821.9 million for 2008-09 (refers to financial year, April 1
to March 31), against INR5.0 million and INR2621.2 million,
respectively, for 2007-08.
PCH AGENCIES: CRISIL Rates INR500 Million Cash Credit at 'BB'
-------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of PCH Agencies Pvt Ltd.
Facilities Ratings
---------- -------
INR500.00 Million Cash Credit* BB/Stable (Assigned)
INR300.00 Million Proposed Letter P4+ (Assigned)
of Credit
*Includes proposed amount of INR200.00 Million
The ratings reflect PCHAPL's expected weak debt protection
measures, due to moderate profitability margins and large working
capital requirements, and exposure to risks associated with
successful stabilization of its brand. The rating also factors in
the competitive nature of the organized crockery industry. These
rating weaknesses are partially offset by the benefits that PCHAPL
derives from its promoter's experience in distribution and
retailing business.
Outlook: Stable
CRISIL believes that PCHAPL will continue to benefit over the
medium term from its promoter's experience in the distribution
business in the Andhra Pradesh (AP) market. However, PCHAPL's
business risk profile would, however, remain constrained by the
start up nature of business and risks associated with establishing
its brand against established organized players in the Indian
crockery market. PCHAPL's financial risk profile is expected to
remain constrained on account of its large working capital
requirements. The outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly because of
healthy cash accruals, stabilization of distribution operations,
and establishment of its own brand in the market. Conversely, the
outlook may be revised to 'Negative' if the company reports lower-
than-expected cash accruals, or if it contracts large debt to fund
its capital expenditure.
About PCH Agencies
PCHAPL was incorporated in June 2009 with the main objective of
dealing in crockery, glassware, kitchenware, gift articles,
watches, and home appliances. PCHAPL is a sister concern of PCH
Retail Ltd (PCH Retail) and is promoted by PCH Retail's promoters:
Mr. Balwinder Singh and Mrs. Baljit Kaur. The company imports
crockery (glassware, kitchenware, tableware) from China and
distributes it to local retailers. Currently, PCHAPL has a local
retailer base of 45. It proposes to launch its own brand of
crockery in 2010-11 (refers to financial year, April 1 to
March 31). The company has exclusively tied up with six crockery
manufacturers, of which, two are based in India and the rest in
China.
PCH DISTRIBUTORS: CRISIL Rates INR400MM Cash Credit at 'BB'
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of PCH Distributors Private Limited.
Facilities Ratings
---------- -------
INR400.00 Million Cash Credit BB/Stable (Assigned)
INR100.00 Million Letter of Credit P4+ (Assigned)
The ratings reflect PCHDPL's estimated weak financial risk
profile, impacted by high gearing on account of high working-
capital requirements and its presence in unbranded IT products
segment which is highly fragmented and competitive. These rating
weaknesses are partially offset by the benefits that PCHDPL
derives from its promoter's experience in distribution and
retailing. The promoter's knowledge of local market conditions
will come in handy in establishing a strong distribution network
for PCHDPL and thus is expected to result in smooth scaling of
operations.
Outlook: Stable
CRISIL believes that PCHDPL will continue to benefit from its
promoter's extensive experience in the distribution business.
PCHDPL's financial risk profile may, however, remain constrained
by its expected leveraged capital structure. The outlook may be
revised to 'Positive' if PCHDPL's financial risk profile improves
considerably because of healthy cash accruals and profit margin.
Conversely, the outlook may be revised to 'Negative' if the PCHDPL
generates lesser-than-expected cash accruals, or if it undertakes
a large debt-funded capital expenditure program.
About PCH Distributors
Incorporated on April 27, 2009, PCHDPL is a wholesale dealer for
various leading manufacturers and suppliers of information
technology (IT) products and unbranded IT products. The company,
sister concern of PCH Retail Ltd and promoted by Mr. Balvinder
Singh and Mrs. Baljit Kaur, commenced operations in mid-September
2009 and has since set up a sub-dealer network comprising 25
people. The company's operations are currently restricted to
Andhra Pradesh. The company proposes to expand operations in
Karnataka.
PCH LIFESTYLE: CRISIL Assigns 'BB' Rating on INR100MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of PCH Lifestyle Private Limited.
Facilities Ratings
---------- -------
INR250.00 Million Cash Credit BB/Stable (Assigned)
INR100.00 Million Term Loan BB/Stable (Assigned)
The rating reflects PCHLPL's estimated weak debt protection
measures due to low profitability margins and high short term debt
as a result of large working capital requirements of the business.
The rating also factors in exposure to risks related to proposed
capital expenditure (capex) plans for setting up retail garment
showrooms and successful stabilization of retail operations,.
These rating weaknesses are partially offset by the benefits that
PCHLPL derives from its promoter's experience in the distribution
and retail business.
Outlook: Stable
CRISIL believes that PCHLPL will continue to benefit over the
medium term from its promoter's experience in the branded garments
distribution business and exclusive tie up arrangements with
garment manufacturers. However, PCHLPL's financial risk profile
may remain constrained by its high working capital requirements.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves significantly because of healthy
cash accruals as a result of timely and successful stabilization
of distribution and retail operations. Conversely, the outlook may
be revised to 'Negative' if the new stores take longer-than-
expected time to attain break even point, or if the company takes
on large debt to fund its capex.
About PCH Lifestyle
Incorporated in September 2009, PCHLPL is in the branded garments
distribution business. It commenced operations in January 2009.
PCHLPL is a sister concern of PCH Retail Ltd (PCH Retail) and is
promoted by PCH Retail's promoters: Mr. Balwinder Singh and Mrs.
Baljit Kaur. Since inception, the company has been distributing
fabrics procured from manufacturers/dealers in Mumbai
(Maharashtra). The company has a sub-dealer network of 100. It
plans to set up 10 to 15 showrooms for retail selling of branded
readymade garments in Andhra Pradesh (AP). The company has also
signed agreements with reputed garment manufacturers like Arvind
Ltd, Turtle Ltd, Levi Strauss & Co for exclusive distribution in
the AP market.
R.P. STEEL: CRISIL Assigns 'B' Rating on INR70MM Cash Credit Limit
------------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' rating to the bank
facilities of R.P. Steel Industries.
Facilities Ratings
---------- -------
INR70 Million Cash Credit Limit B/Stable (Assigned)
INR100 Million Letter of Credit P4 (Assigned)
The rating reflects RP Steel's weak financial risk profile, marked
by a small net worth and large working capital requirements, very
small scale of operations, and vulnerability to fluctuations in
steel prices. These rating weaknesses are partially offset by the
proprietor's extensive experience in the steel trading business.
Outlook: Stable
CRISIL believes that RP Steel will continue to benefit from its
proprietor's extensive experience in steel trading, though the
firm's operations are expected to remain small. However, the
sales are expected to improve over the medium term owing to
availability of bank lines to fund the growth in trading business.
The firm's financial risk profile is expected to remain weak
because of its large working capital requirements and small net
worth. The outlook may be revised to 'Positive' if RP Steel's
financial risk profile strengthens, primarily because of
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' in case of further deterioration in the
firm's profitability or capital structure, or if it undertakes a
debt-funded capital expenditure program over the medium term.
RP Steel was set up in 1984 by Mr. Purushotam Agarwal. However
till 2007-08 (refers to financial year, April 1 to March 31), the
proprietor of the firm has been Mr. Purushotam's wife, Mrs. Radha
Agarwal. Mr. Agarwal became the proprietor in 2008-09. RP Steel
is a group concern managed by the Singla and Agarwal families
based in Punjab. The firm trades in long iron and steel products
such as rounds, billets, blooms, pig iron, wire rods, thermo-
mechanically treated (TMT) bars/rebars, and imported scrap. Prior
to 2008-09, the firm was involved in small-time trading without
actually maintaining a large inventory. The business has grown
since August 2009, when the bank lines were sanctioned to the
firm.
RP Steel reported a profit after tax of INR2 million on net sales
of INR214.2 million for 2008-09, against INR1.5 million and
INR282.5 million, respectively, for 2007-08.
RAJASTHAN UDYOG: Delays in Loan Payment Cues CRISIL Junk Ratings
----------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Rajasthan Udyog and
Tools Ltd's bank facilities. The ratings reflect delays by RUTL
in servicing its term loan; the delays have been caused by RUTL's
weak liquidity.
Facilities Ratings
---------- -------
INR51.0 Million Cash Credit D (Assigned)
INR49.1 Million Rupee Term Loan D (Assigned)
INR16.5 Million Letter of Credit P5 (Assigned)
INR14.5 Million Bank Guarantee P5 (Assigned)
Incorporated in 1946, by Mr. A K Agarwal and his brother, Mr. R K
Agarwal, RUTL manufactures grey iron castings, diamond cutting
tools, and Stone Working Machines for the stone processing
industry. The company's plant is in Jodhpur (Rajasthan).
RUTL reported a Net Loss of INR17.2 million on net sales of
INR145.1 million for 2008-09 (refers to financial year, April 1 to
March 31), against a Net Loss of INR35.7 million on net sales of
INR164.4 million for 2007-08.
RUKMANI POWER: CRISIL Assigns 'BB' Rating on INR225.8MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Rukmani Power and Steel Ltd.
Facilities Ratings
---------- -------
INR30 Million Cash Credit BB/Stable (Assigned)
INR225.8 Million Term Loan BB/Stable (Assigned)
The rating reflects RPSL's exposure to revenue concentration risks
and limited pricing power. These rating weaknesses are partially
offset by RPSL's stable revenues, supported by its long-term power
purchase agreement (PPA) with Chhattisgarh State Electricity Board
(CSEB).
Outlook: Stable
CRISIL believes that RPSL will continue to generate stable
revenues over the medium term, supported by its long-term PPA with
CSEB. The outlook may be revised to 'Positive' if RPSL's
financial risk profile improves significantly, most likely because
of improved operating efficiency leading to lower cost of
production, or if the company's net worth increases significantly.
Conversely, the outlook may be revised to 'Negative' if CSEB
defaults in payments to RPSL, thereby adversely affecting RPSL's
revenues, or if RPSL undertakes a large, debt-funded capital
expenditure program.
About Rukmani Power
Incorporated in April 2004, RPSL is a closely held public limited
company promoted by Mr. Lakhiram Agrawal, Mr. Brijmohan Agrawal,
and Mr. Sanjay Agrawal. The company has a 10-megawatt bio-mass
power plant, which commenced operations in 2006, with a 6-tonnes
heat induction furnace for manufacturing billets. The billet
plant has been shut down since October 2008 because of weak
demand. The company plans to rent out the induction furnace from
April 2010 onwards.
RPSL reported a profit after tax (PAT) of INR2.9 million on net
sales of INR276 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.3 million on net sales
of INR217 million for 2007-08.
SEASAGA ENTERPRISES: Weak Liquidity Cues CRISIL 'B-' Rating
-----------------------------------------------------------
CRISIL has assigned its 'B-/Stable/P4' ratings to the bank
facilities of Seasaga Enterprises Pvt Ltd.
Facilities Ratings
---------- -------
INR39.5 Million Term Loan B-/Stable (Assigned)
INR40.0 Million Export Packing P4 (Assigned)
Credit Facility
INR20.0 Million Bills Discounted P4 (Assigned)
Facility
INR60.0 Million Letter of Credit P4 (Assigned)
Discounted Facility
The ratings reflect SSEPL's small scale of operations in the
intensely competitive marine exports industry, and weak financial
risk profile marked by low net margin, high gearing, and weak
liquidity because of large working capital requirements. These
rating weaknesses are partially offset by the benefits that SSEPL
derives from its promoters' strong relationships with customers.
Outlook: Stable
CRISIL believes that SSEPL will maintain its market position over
the medium term on the back of its promoters' strong relationships
with customers. The outlook may be revised to 'Positive' if SSEPL
improves its working capital management and capital structure, or
if its sales volumes increase substantially. Conversely, the
outlook may be revised to 'Negative' in case the company's
operating margin comes under pressure, or its financial risk
profile deteriorates, most likely because of weakening of capital
structure.
SSEPL was incorporated as Sky Fish Pvt Ltd in 1993 by Mr. Y M
Elias. The name was changed to the present one in 2007, after the
company commenced commercial operations in September 2007 by
purchasing Hindustan Unilever Ltd's seafood packaging factory for
INR77.5 million. SSEPL processes and exports marine food products,
such as shrimps, lobsters, and squids. About 85% of the company's
exports are to Europe, while the remainder is to the Middle East
and South Africa. Mr. Y M Elias has been in the marine exports
business since 1957. In 1984, he and his son, Mr. Shabaz Elias,
set up Firoz & Co in Mumbai (Maharashtra) to undertake the same
business. In 2008, Firoz & Co's operations were shut down, and the
business was transferred to SSEPL.
SSEPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR273.1 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.8 million on net sales
of INR93.4 million for 2007-08 (SSEPL was operational for only the
second half of 2007-08).
SOMA ISOLUX SURAT: CRISIL Rates INR18.14 Bil. Term Loan at 'BB'
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Soma Isolux Surat
Hazira Tollway Pvt Ltd's term loan facility.
Facilities Ratings
---------- -------
INR18140.0 Million Term Loan BB/Stable (Assigned)
The rating reflects SISH's exposure to risks related to the
initial phase of construction of four lane Surat-Hazira highway,
viz. pending land acquisition for the project and approvals from
various authorities. The project itself has high number of
enroute structures and is also exposed to other implementation
risks. The rating also factors in SISH's low expected debt
protection measures in the initial years of the project. These
rating weaknesses are partially offset by the benefits that SISH
derives from the high economic viability of its project, due to
the presence of an industrial belt along the highway and the
achievement of financial closure on project funding.
Outlook: Stable
CRISIL believes that SISH will maintain a stable credit risk
profile, given the adequate progress in the pre-construction
aspects of the project and the low funding risks for the project.
The project, however, remains in the initial stages of
construction and faces significant risks related to structural
complexity in the form of various railway over bridges, bridges,
and underpasses. The outlook may be revised to 'Positive' if
progress on the project is better than CRISIL's expectation,
leading to early completion of the project. Conversely, the
outlook may be revised to 'Negative' if there are time overruns on
the project owing to issues related to land acquisition or delays
because of the structural complexity of the road.
About Soma Isolux
SISH is a special-purpose vehicle (SPV) formed by the Isolux
Corsan group and Soma Enterprises Ltd in 2009. SISH has entered
into a concession agreement with the National Highways Authority
of India (NHAI; rated 'AAA/Stable' by CRISIL) for execution of the
road project on a build, operate, and transfer (BOT) basis.
SISH is constructing four lanes of the Gujarat and Maharashtra
border Surat?Hazira port section of National Highway 6, State
Highway (SH) 168, and SH 187 (length of around 132.9 kilometres)
in Gujarat, under the National Highways Development Project Phase
III, through public-private partnership on a design, build,
finance, operate, and transfer (DBFOT) basis. The concession
period is of 19 years, including construction period of 2.5 years,
which commences from its appointment date.
The project cost is expected to be around INR24.19 billion, which
is to be funded by a mix of debt, equity, and capital grant from
NHAI in the ratio of 75:12.5:12.5.
SOMA ISOLUX: CRISIL Rates INR9780.0 Million Term Loan at 'BB+'
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Soma Isolux
Kishangarh Beawar Tollway Pvt Ltd.'s term loan facility.
Facilities Ratings
---------- -------
INR9780.0 Million Term Loan BB+/Stable (Assigned)
The rating reflects SIKB's road-construction project risks,
especially those related to the initial phase of construction -
pending land acquisition and approvals from various authorities,
and other project implementation risks. The rating also factors
in CRISIL's expectation that SIKB's debt protection measures will
remain weak in the initial few years. These rating weaknesses are
partially offset by the benefits that SIKB derives from high
economic viability of its project because of the presence of
industrial and tourist destinations on the highway stretch,
achievement of financial closure on the project funding, and low
likelihood of cost overruns because of the fixed-cost structure of
the company's engineering, procurement, and construction
contracts.
Outlook: Stable
CRISIL believes that SIKB will maintain its credit profile over
the medium term, given the absence of funding-related risks, and
low technical complexity, of its road project. The outlook may be
revised to 'Positive' if SIKB's project progresses at a faster
pace than expected, leading to early completion of the project.
Conversely, the outlook may be revised to 'Negative' if there are
significant time overruns in the project.
About Soma Isolux
SIKB is a special-purpose vehicle, jointly promoted by Isolux
Corsan group and Soma Enterprises Ltd. SIKB has entered into a
concession agreement with the National Highway Authority of India
(NHAI; rated 'AAA/Stable' by CRISIL) for execution of the road
project on a design, build, finance, operate, and transfer basis.
The project involves designing, building, financing, operating,
and transferring six lanes of the Kishangarh-Ajmer-Beawar section
of National Highway 8, from kilometre 364.125 to 58.245 (total
length of 93.56 kilometres), in Rajasthan. The concession period
is of 18 years, including construction period of 2.5 years; the
construction period commenced from its appointment date, November
14, 2009.
The project cost is expected to be around INR13.05 billion, to be
funded in a mix of debt and equity in the ratio of 75:25.
SONA WIRES: CRISIL Reaffirms 'B+' Rating on INR37.5MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sona Wires Pvt Ltd
continue to reflect Sona Wires' weak financial risk profile marked
by low net worth and weak debt protection measures and the
company's limited scale of operations. These weaknesses are
partially offset by Sona Wires' moderate business risk profile
backed by strong relationship with customers.
Facilities Ratings
---------- -------
INR37.5 Million Cash Credit Limits B+/Stable (Reaffirmed)
INR34.0 Million Letter of Credit & P4 (Reaffirmed)
Bank Guarantee
Outlook: Stable
CRISIL believes that Sona Wires will maintain its moderate
business risk profile over the medium term, supported by strong
relationship with customers; the company's financial risk profile,
especially debt protection metrics, is likely to remain weak over
the medium term. The outlook may be revised to 'Positive' if Sona
Wires' debt protection metrics improve, because of significant
improvement in profitability and equity infusion resulting in
increase in net worth. Conversely, any large debt-funded capital
expenditure or decline in profitability may lead to a revision in
the outlook to 'Negative'.
About Sona Wires
Incorporated as a closely held company by Mr. S K Jain in 1987,
Sona Wires manufactures galvanised iron (GI) wires and stay wires.
Its manufacturing unit is in Raipur, Chhattisgarh. The day-to-day
operations are managed by Mr. V K Agarwal, who has been with Sona
Wires for the past 15 years.
Sona Wires reported a profit after tax (PAT) of INR1.7 million on
net sales of INR335.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR1.3 million on net
sales of INR199.4 million for the previous year.
VAMSHI INDUSTRIAL: CRISIL Cuts Rating on INR431.3MM Loan to 'BB+'
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term loan of Vamshi
Industrial Power Ltd to 'BB+/Negative' from 'BBB-/Stable'. The
downgrade reflects CRISIL's belief that VIPL may not be able to
commence commercial operations on schedule.
Facilities Ratings
---------- -------
INR431.3 Million Long-Term Loan BB+/Negative (Downgraded from
BBB-/Stable)
The rating continues to reflect VIPL's exposure to project-
implementation risk, hydrology risk, and counter-party risk.
These rating weaknesses are partially offset by the operational
and financial support VIPL receives from its promoter Lanco
Infratech Ltd (LITL, rated 'A-/Stable/P2+' by CRISIL).
Outlook: Negative
CRISIL believes that the commencement of commercial operations of
VIPL's ongoing project may get delayed further. This will result
in increase in project costs that may weaken the company's debt
servicing ability. The ratings could be downgraded if there are
more-than-expected cost overruns in the project, leading to
steeper-than-expected deterioration in VIPL's financial risk
profile. Conversely, the outlook could be revised to 'Stable' if
VIPL completes the project without any further time or cost
overrun, leading to significant improvement in its financial risk
profile.
VIPL was incorporated in 2002 and was acquired by the Lanco group
in 2005. VIPL is setting up two small hydel projects in Upper
Khauli, across the Khauli Khad stream, and in Drinidhar, across
the Brahl Khad stream, in the Kangra district of Himachal Pradesh;
both the streams are tributaries of the Beas river. Both the
projects have necessary statutory approvals. VIPL has signed a
40-year power purchase agreement (PPA) with Himachal Pradesh State
Electricity Board (HPSEB); as per the agreement, power will be
supplied at the rate of INR2.50 per unit; the rate is expected to
be revised to INR2.87 per unit in 2010-11 (refers to financial
year, April 1 to March 31). The projects are now expected to
commence operations by September 2010, after a delay of more than
24 months. The actual project implementation is being undertaken
by LITL.
VIDARBHA ENVIRO: CRISIL Rates INR563 Million Term Loan at 'D'
-------------------------------------------------------------
CRISIL has assigned its 'D' rating to Vidarbha Enviro Protection
Ltd's (VEPL's) term loan, as the company has delayed the servicing
of the facility; the delay has been caused by weak liquidity.
Facilities Ratings
---------- -------
INR563 Million Term Loan D (Assigned)
VEPL has been promoted as a special purpose vehicle by SMS
Infrastructure Ltd (SMSIL) to set up a hazardous-waste-treatment
plant in Butibori, in Nagpur district, on a built, own, operate
and transfer (BOOT) basis, for a project cost of about INR874
million. The project has received a subsidy of INR140 million
from government authorities. An agreement has been signed by the
Maharashtra Industrial Development Corporation, Maharashtra
Pollution Control Board, and SMSIL, in August 2004 for an
operation period of 20 years from the date of commencement of
operation of the completed project. VEPL has a catchment area of
250 square kilometres, spread over 11 districts, in Marathwada and
Vidharbha regions of Maharashtra. The capacity of the project is
landfill of 60,000 tonnes a year, incineration of 3 tonnes per
hour, and power generation of 3 megawatts through waste hot gases
and coal-fired boiler. The project is expected to become
operational by July 31, 2010.
VIJAY SABRE: Stretched Liquidity Cues CRISIL 'B' Ratings
--------------------------------------------------------
CRISIL has assigned its 'B/Negative/P4' ratings to the bank
facilities of Vijay Sabre Safety Pvt Ltd.
Facilities Ratings
---------- -------
INR45.0 Million Cash Credit B/Negative (Assigned)
INR55.0 Million Letter of Credit P4 (Assigned)
and Bank Guarantee
The ratings reflect Vijay Sabre's stretched liquidity because of
high receivables and inventory levels, and exposure to risks
relating to a small scale of operations and intense competition in
the safety systems industry. These rating weaknesses are
partially offset by the benefits that Vijay Sabre derives from its
promoters' experience in the safety systems manufacturing
business, and moderate financial risk profile marked by low
gearing.
Outlook: Negative
CRISIL believes that Vijay Sabre's liquidity will remain
stretched, with increase in scale of operations, until its debtor
realization improves substantially. The rating may be downgraded
in case further delays in realization of receivables, resulting in
continuously overdrawn working capital bank facilities.
Conversely, the outlook may be revised to 'Stable' in case of
significant recovery of receivables or enhancement in working
capital bank facilities.
About Vijay Sabre
Incorporated in 1985 as a private limited company, Vijay Sabre is
promoted by Mr. Jeetendra Salot and family. The company was
converted as a public limited company in 2002, but later in 2003
reconverted as a private limited company. Vijay Sabre
manufactures personal protection equipments (PPEs) like
respiratory masks, protective suits, vests, industrial safety
helmets and nuclear, biological or chemical (NBC) mask. The
company's manufacturing facilities are located at Silvassa (Dadra
and Nagar Haveli). Vijay Sabre has a technical collaboration with
Scott Health & Safety Limited, United Kingdom.
Vijay Sabre reported a profit after tax (PAT) of INR3.9 million on
net sales of INR186.6 million for 2008-09 (refers to financial
year, April 1 to March 31), against a PAT of INR1.9 million on net
sales of INR102.2 million for 2007-08.
=================
I N D O N E S I A
=================
BANK MANDIRI: Mulls US$220-Mln Rights Issue Late This Year
----------------------------------------------------------
PT Bank Mandiri aims to raise more than IDR2 trillion (US$220
million) through a rights issue in the second half of the year or
the first quarter of 2011, the Jakarta Globe reports, citing Bank
Mandiri's chief financial officer Pahala Mansury.
"The value of the rights issue may be the same as a planned
subordinated debt issue," the report quoted Pahala as saying.
Bank Mandiri has said it plans to raise US$300 million in a
subordinated debt issue to strengthen its capital-adequacy ratio
and support an increase in lending, the Globe recalls.
According to the report, the rights issue by the state-controlled
bank is subject to the approval of the House of Representatives
and the government's privatization committee.
PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
September 21, 2009, Moody's Investors Service lowered Bank
Mandiri's global local currency deposit ratings to Baa3 from Baa2.
The revised rating carries a stable outlook. The foreign currency
long-term deposit rating was raised to Ba3 from B1. The revised
rating carries a stable outlook. All other ratings are unaffected
and carry stable outlooks: foreign currency short-term deposit of
Not Prime and BFSR of 'D-'.
The TCR-AP reported on September 2, 2009, that Fitch Ratings
affirmed PT Bank Mandiri (Persero) Tbk's Long-term foreign and
local currency Issuer Default Ratings at 'BB' with a Stable
Outlook, Short-term rating at 'B', National Long-term rating at
'AA+(idn)', Individual at 'C/D', Support rating at '3' and Support
Rating Floor at 'BB-'.
=========
J A P A N
=========
ELM BV: S&P Corrects Ratings on Secured Credit-Linked Notes to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on the
secured credit linked notes issued under ELM B.V.'s series 95 and
97 transactions by lowering its ratings on the notes to 'D' from
'CCC-', following the receipt of cash settlement notices.
On April 2, 2010, the calculation agent notified Standard & Poor's
that the losses from credit events in the transactions' underlying
portfolios had exceeded the available credit enhancement on
August 13, 2009, with respect to the series 95 transaction, and on
March 9, 2010, with respect to the series 97 transaction. S&P
lowered the ratings on the notes to 'D' based on the fact that
noteholders of series 95 and 97 have suffered principal losses.
The rating actions did not occur contemporaneously with the loss
realization because the cash settlement notices were not delivered
to us until April 2010.
Ratings Lowered
ELM B.V.
Elysium class B secured credit linked notes series 95
To From Issue Amount
-- ---- ------------
D CCC- $40.0 mil.
Elysium class B secured credit linked notes series 97
To From Issue Amount
-- ---- ------------
D CCC- $20.0 mil.
MHTB DISCOVERY: Moody's Changes Ratings on Two Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has changed the ratings for the Class D
and E Trust Certificates issued by MHTB Discovery II Trust.
The final maturity of the trust certificates will take place in
July 2013.
The individual rating actions are listed below.
-- Class D, Ba1 placed under review for possible downgrade;
previously, downgraded to Ba1 from Baa2 on June 2, 2009
-- Class E, downgraded to B3 from Ba3 and placed under review
for possible downgrade; previously, downgraded to Ba3 from
Baa3 on June 2, 2009
MHTB Discovery II Trust, effected in September 2006, represents
the securitization of six non-recourse loans. The transaction is
currently secured by one non-recourse loan.
The loan's expected maturity took place in April 2009, when the
maturity date was extended to April 30, 2010, and the property
disposal process started.
The remaining property of the loan is one residential building in
Nagoya.
Moody's was informed, by the transaction's servicer, that the
transaction parties will dispose of the remaining property by
auction before the loan is specially serviced.
These rating actions reflect Moody's concerns over collateral
recovery for the property through the auction process.
In its review, Moody's will question the servicer on the prospects
for the property disposal process and the price in order to decide
whether to confirm or downgrade the ratings of the Class D and
Class E trust certificates.
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.
UDMAC-J1 TRUST: Fitch Reviews Negative Watch on Trust
-----------------------------------------------------
Fitch Ratings has said that it will review the Rating Watch
Negative status on UDMAC-J1 Trust by the end of April 2010.
Fitch previously reviewed this transaction in September 2009, at
which time the class D, E, F and G trust beneficiary interests
were maintained on RWN pending further progress in the collection
activity. For more information, please refer to the rating action
commentary, entitled "Fitch Downgrades All Classes of UDMAC-J1; 4
Classes Remain on RWN", dated 24 September 2009.
Since the last review, loans to the five remaining borrowers have
matured, four of which defaulted at maturity. To date, no
property disposition has been seen from any of the defaulted
loans.
One loan to a Japanese real estate investment trust has had its
maturity extended for six months. The principal of the J-REIT
loan was partially repaid in late March 2010 following the sale of
four collateral properties. At the next TBI payment date in June
2010, the repayment proceeds from the J-REIT loan will be
allocated for principal repayment of TBIs on a sequential basis.
Fitch expects to take further rating actions on this transaction
after reviewing expected recovery amounts from the defaulted
loans, and the performance of the other collateral properties.
The sequential repayment of TBIs principal from the disposition of
properties will be taken into consideration.
The current ratings are:
-- JPY25.6 billion* Class A TBIs 'AA'; Outlook Negative;
-- JPY4.4 billion* Class B TBIs 'BBB'; Outlook Negative;
-- JPY4.4 billion* Class C TBIs 'BB'; Outlook Negative;
-- JPY4.5 billion* Class D TBIs 'B'; RWN;
-- JPY1.5 billion* Class E TBIs 'CCC'; Recovery Rating of 'RR5';
RWN;
-- JPY1.4 billion* Class F TBIs 'CC'; Recovery Rating of 'RR6';
RWN;
and
-- JPY0.34 billion* Class G TBIs 'CC'; Recovery Rating of 'RR6';
RWN.
* as of 8 April 2010
* JAPAN: Corporate Bankruptcies Down 14.5% in March 2010
--------------------------------------------------------
Japanese corporate bankruptcies fell for an eighth month in March
as the economy improved and government lending programs kept
companies afloat, Bloomberg News reports.
Bloomberg News, citing Tokyo Shoko Research Ltd., says business
failures dropped 14.5% from a year earlier to 1,314 cases. For
the fiscal year ended March 31, the report says, failures fell
8.8% from the previous 12 months, the first decline in four years.
=========
K O R E A
=========
DAEWOO MOTOR: Seeks Debt Rescheduling Amid Liquidity Crisis
-----------------------------------------------------------
Daewoo Motor Sales Corp. on Thursday asked its creditors to
reschedule debts as the company struggles with a worsening
liquidity crisis, TradingMarkets.com reports, citing lead creditor
Korea Development Bank.
According to the report, Daewoo Motor Sales, a former auto
retailer for GM Daewoo Auto & Technology Co., has been mired in a
liquidity crisis since early this year after the local unit of
General Motors Corp. severed a contract with it to boost domestic
sales.
The report relates KDB said in a statement that the creditors will
hold a meeting on April 14 to decide on whether to accept the plea
by Daewoo Motor Sales.
Daewoo Motor Sales last year posted an operating loss of KRW47
billion on sales of KRW2.6 trillion, the report notes. Its
liabilities snowballed to KRW1.4 trillion by the end of last year
from KRW772.5 billion at the end of 2008.
Daewoo Motor Sales Corporation is a Korea-based company engaged in
the marketing of automobiles. The Company operates its business
under two segments: automobile marketing and construction. Its
automobile marketing segment sells Daewoo buses and Tata Daewoo
trucks, as well as other imported automobiles such as Volkswagen
and Audi through its subsidiaries. The Company's construction
segment constructs and engineers residential buildings, commercial
buildings and other plants. It is also engaged in the distribution
and exportation of pre-owned cars, as well as provision of after-
market services. The Company announced that its GMDAT auto sale
business has been closed, effective March 10, 2010, as the
supplier GMDAT refused to continue supplying automobiles.
SSANGYONG MOTOR: Foreign Firms Keen on Buying SSangyong Stake
-------------------------------------------------------------
Reuters reports that shares in Ssangyong Motor rose nearly 15%
after a local media report late on Wednesday that a foreign firm
had submitted a letter of intent to buy a stake in the troubled
South Korean automaker.
According to Reuters, a Ssangyong Motor official denied the
report, but said the company had started the sale process and was
currently working on due diligence.
"We will soon issue the official stake sale announcement, and have
already sent out introductory letters, to which a number of
foreign companies have expressed interest," a Ssangyong Motor
spokesperson told Reuters, declining to name the foreign firms.
Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co.
Ltd. -- http://www.smotor.com/-- is a manufacturer of automobiles
primarily engaged in production of sports utility vehicles (SUVs)
and recreational vehicles (RVs). The company's production is
grouped into four lines: SUVs under brand names REXTON, KYRON and
ACTYON; sports utility trucks (SUTs) under the brand name ACTYON
Sports; passenger cars under brand name Chairman, and multi-
purpose vehicles (MPVs) under the brand name Rodius. It also
provides automobile parts such as coolers, diesel engines and
others.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 12, 2009, Ssangyong Motor Co. filed for receivership with the
Seoul Central District Court to stave off a complete collapse. In
February, the Seoul Central District Court accepted Ssangyong's
application to rehabilitate under court protection. The court
named former Hyundai Motor Co. executive Lee Yoo-il and Ssangyong
executive Park Young-tae to run the automaker.
A TCR-AP report on Sept. 16, 2009, said Ssangyong Motor submitted
a revival plans to the Seoul Central District Court seeking
capital reduction and a debt-for-equity swap by creditor. A
South Korean bankruptcy court approved in December Ssangyong
Motor's restructuring plan despite opposition by some bondholders,
the TCR-AP reported on Dec. 18, 2009. Yonhap News said Ssangyong
vowed to get itself in order over the next three years.
===============
M A L A Y S I A
===============
EON BANK: Moody's Reviews 'D' Bank Financial Strength Rating
------------------------------------------------------------
Moody's Investors Service has placed EON Bank Berhad's D bank
financial strength rating, Baa2/P-3 long-term/short-term ratings
on review for possible upgrade.
The rating actions follow EON Capital's Board's decision to call
for a general meeting to seek shareholder approval on Hong Leong
Bank's (A3/P-1/C-) proposed acquisition of its assets and
liabilities. EBB is the main asset of EON Capital.
HLB's proposed assumption of EON Capital's assets and liabilities
-- which remains subject to regulatory and shareholder approvals -
- underpins the Moody's review.
The last rating action on EBB was taken on July 20, 2009, when its
foreign currency long-term/short-term deposit ratings of Baa2/P-3
were confirmed with a stable outlook.
OILCORP BERHAD: Unit Gets Winding Up Petition From JB Yew Seng
--------------------------------------------------------------
A winding up petition had been presented in the Johor Bahru High
Court on March 9, 2010, against Oilcorp Berhad's subsidiary,
Oilfab Sdn. Bhd.
The Petition was served on Oilfab Sdn. on April 7, 2010, by JB Yew
Seng Stationery Sdn. Bhd. for a claim of MYR102,597.00 as payment
due for the goods sold and delivered.
The matter is fixed for hearing on May 12, 2010.
Oilcorp Berhad is a Malaysia-based investment holding company.
The Company operates in five segments: oil and gas and
engineering, which includes engineering, procurement, construction
and contract-related services in oil and gas related industries;
property investment/resort, which includes property and resort
operations and related activities and services; investment
holding, which includes investment holding; fisheries, which
includes deep sea fishing operations and related activities, and
overseas special project (construction), which includes
engineering, procurement, construction and contract-related
sources in non oil and gas industries related industries. Its
wholly owned subsidiaries include Oil-Line Engineering &
Associates Sdn. Bhd., D'Tiara Corp Sdn. Bhd., Layar Visi Sdn. Bhd.
and D'Tiara Corp Limited.
Oilcorp Berhad has been classified as an Affected Listed Issuer
under Practice Note 17/2005 of Bursa Malaysia Securities Berhad
as the Company is unable to provide a solvency declaration to
Bursa Securities following a default in its interest payments
pursuant to Practice Note 1/2001.
SOUTHERN ACIDS: Southern Palm Files Writ and Statement of Claim
---------------------------------------------------------------
Southern Acids (M) Berhad disclosed that its wholly owned
subsidiary, Southern Management Sdn Bhd, has been served with a
Writ and Statement of Claim in respect of Kuala Lumpur High Court
Suit No. S-22-146-2010 filed by Southern Palm Industries Sdn Bhd
against SMSB and 7 other defendants.
SPI is a major shareholder of the Company holding a direct
interest of 31.29% and an indirect interest of 1.54%.
The claim is for fraud and breach of trust or fiduciary duty
allegedly committed by the defendants in relation to loans
allegedly given to two companies, Sg Gantung Sdn Bhd and Innorex
Sdn Bhd (the 6th and 7th Defendants) in contravention of Section
133A of the Companies Act 1965. The directors of the 6th and 7th
Defendants are alleged to be employees of SMSB. The other
defendants include the administrators of the Estate of Dato' Low
Mong Hua, who was at the material time, together with 2 other
defendants, a director of the Plaintiff and the Company and
previous executive director of SMSB.
The sums claimed are the repayment of MYR53,994,859 for the
Sg Gantung Loan and MYR8,033,256.48 for the Innorex loan,
interests and costs.
Southern Management has retained solicitors to defend the action.
Southern Acids (M) Berhad is a Malaysia-based company. The
Company is involved in the marketing of oleochemical products for
commercial use and investment holding. The operating divisions of
the Company include manufacturing and marketing; development,
managing and operating of private hospital, plantation, and other
operating divisions. The other operating divisions include
property development and investment holding, warehousing and bulk
conveyor operations, and administrative services. The
geographical segments of the Company include Asia, Malaysia,
Europe, America and other countries. The subsidiaries of the
Company include Pembinaan Gejati Sdn Bhd, Pofachem (M) Sdn Bhd,
Noble Interest Sdn Bhd, PKE (M) Sdn Bhd, SAB Properties
Development Co. Sdn Bhd and P.T. Wanasari Nusantara.
====================
N E W Z E A L A N D
====================
BOTRY-ZEN LTD: To be Delisted From NZX on April 9
-------------------------------------------------
The National Business Review reports that Botry-zen Ltd. will be
de-listed from the NZX on April 9. Receiver Matt Taylor of WHK
principal said he was still talking to parties about selling the
company as a going concern, the report says.
"Negotiations are underway with more than one party. We're still
in there and still trading," NBR quoted Mr. Taylor as saying.
The report relates Mr. Taylor said the company directors had
resigned and believing there would be no return for unsecured
creditors, had applied to the NZX for Botry-zen to be de-listed.
"It's not exactly what I'd want them to do in the middle of a
receivership," he added.
As reported in the Troubled Company Reporter-Asia Pacific on
December 28, 2009, Botry-Zen Ltd. requested its bankers, Bank
of New Zealand Limited, to appoint receivers. The move comes
after the company failed to raise a minimum of NZ$1.5 million
under the Share Purchase Plan offering and other funding
opportunities.
Secured creditors included Bank of New Zealand (NZ$1.2 million),
Melic Innovators (NZ$1.1 million), preferential creditors (staff)
were owed NZ$47,766 and trade creditors NZ$279, 280.
Headquartered in Dunedin, New Zealand, Botry-Zen Limited --
http://www.botryzen.co.nz/-- is engaged in the research,
development and commercialization of biological control agents
for use in the agriculture and horticulture industry. The
company operates in New Zealand, and is engaged in the
production and marketing for sale of the BOTRY-Zen product.
BOTRY-Zen is a live spore preparation of a non-pathogenic
saprophytic fungus.
CAPITAL + MERCHANT: Case Against Directors Moved to May 4
---------------------------------------------------------
A case brought by the Securities Commission against the directors
of the failed finance firm Capital + Merchant has been adjourned
until May 4, Radio New Zealand reports. The report says papers
were filed in court on Thursday, but the directors did not appear
in person.
As reported in the Troubled Company Reporter-Asia Pacific on
March 22, 2010, the Securities Commission laid criminal charges
and issued civil proceedings against Capital + Merchant Finance
directors Neal Nicholls, Owen Tallentire, Colin Ryan and Robert
Sutherland. Criminal charges have also been laid against Wayne
Douglas, who resigned as a director in February 2007.
"The Commission alleges that Capital + Merchant Finance's offer
documents and advertisements misled investors by misrepresenting
the investment risks, especially in relation to related party
lending, insurance cover and liquidity," Commission Chairman Jane
Diplock said.
The Commission alleged that the directors made untrue statements
in the registered prospectus and investment statement dated
August 15, 2006, mainly in respect of related party lending and
loan management.
Capital + Merchant Finance, along with subsidiary Capital +
Merchant Investments Ltd., went into receivership on November 23,
2007, due to breaches in respect of general security agreements
issued by the companies in favor of creditor Fortress Credit
Corporation (Australia) 11 Pty Ltd.
Fortress appointed Tim Downes and Richard Simpson of Grant
Thornton, chartered accountants, while trustee Perpetual Trust
have called in KordaMentha.
Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.
KAIMAI PALMS: Placed in Receivership; Project Likely to be Sold
---------------------------------------------------------------
Felicity Wolfe at The Waikato Times reports that receivers were
called in Tuesday to Kaimai Palms Golf Resort Ltd, which is likely
to be put on the market.
The report relates receiver Stephen Lawrence, of PKF Corporate
Recovery and Insolvency, said that while he had an indication of
how much was owed, he would not discuss it yet and would be
contacting unsecured creditors over the next few days. According
to the report, Mr. Lawrence expected that the development would
eventually be sold.
The development had been in receivership under a previous name,
The Ballantyne International Resort and Golf Club, and was also
known as Pacific Palms International Resort and Golf Club until
2008, the Waikato Times notes.
Kaimai Palms Golf Resort Ltd is a residential and golf resort
project in Katikati, Bay of Plenty, New Zealand.
PLUS SMS: Breach of Listing Rules Prompts NZX to Delist Firm
------------------------------------------------------------
The NZX Regulation said it will cancel the listing of Plus SMS
Holdings Ltd. today, April 9.
NZXR said in a statement that the company's de-listing was due to
"repeated infringing of the Rules, its failure to comply with the
terms of the determination of the NZ Markets Disciplinary Tribunal
dated February 22, 2010, and its inability to meet its financial
obligations to NZX."
The Troubled Company Reporter-Asia Pacific, citing The National
Business Review, reported on March 11, 2010, that Plus SMS
Holdings has been fined NZ$50,000 for breaching NZAX listing rules
and faces further investigation for allegedly passing information
to some shareholders without informing the entire market.
The NZ Markets Disciplinary Tribunal found Plus SMS acted in
breach of two rules when it failed to file its preliminary results
by June 14, 2009.
About Plus SMS Holdings
Plus SMS Holdings Ltd. (NZX: PLS) -- http://www.cre-eight.com/
-- along with its subsidiaries, is principally engaged in the
provision of mobile entertainment and network services. Some of
its wholly owned subsidiaries include CRE8 Limited, which is
engaged in content and network services; Content Technology, S A
De C V, which is engaged in content services, and CRE8
Consultoria, which is engaged in administration services.
* * *
The company incurred three consecutive net losses of
NZ$6.96 million, NZ$11.89 million, and NZ$4.49 million for the
financial years ended March 31, 2008, 2007 and 2006, respectively.
=================
S I N G A P O R E
=================
BENEFIC ASSET: Creditors' Proofs of Debt Due May 10
---------------------------------------------------
Benefic Asset Management Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 10, 2010, to be included in the company's dividend
distribution.
The company's liquidator is:
89 Short Street
#08-11 Golden Wall Centre
Singapore 188216
IBM BUSINESS: Creditors' Proofs of Debt Due May 7
-------------------------------------------------
Creditors of IBM Business Services Asia Pacific Pte Ltd, which is
in members' voluntary liquidation, are required to file their
proofs of debt by May 7, 2010, to be included in the company's
dividend distribution.
The company's liquidators are:
Tam Chee Chong
Lim Loo Khoon
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
LUM CHANG: Creditors' Proofs of Debt Due May 7
----------------------------------------------
Lum Chang Development Private Limited, which is in members'
voluntary liquidation, requires its creditors to file their proofs
of debt by May 7, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Chia Soo Hien
Leow Quek Shiong
c/o Keppel Road
#02-01 Jit Poh Building
Singapore 089058
LEADALE PROPERTY: Creditors' Proofs of Debt Due May 7
-----------------------------------------------------
Leadale Property (Pte) Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 7, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Chia Soo Hien
Leow Quek Shiong
c/o Keppel Road
#02-01 Jit Poh Building
Singapore 089058
OXFORD GARDENS: Creditors' Proofs of Debt Due May 7
---------------------------------------------------
Oxford Gardens Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by May 7, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Chia Soo Hien
Leow Quek Shiong
c/o Keppel Road
#02-01 Jit Poh Building
Singapore 089058
* SINGAPORE: SGX to Delist Five Firms Under Watchlist
-----------------------------------------------------
Todayonline reports that five companies on the Singapore Exchange
loss-making watchlist will be delisted after posting losses for
five straight years. The report says the five companies are
General Magnetics, Chuan Soon Huat Industrial, ASA Group, Fastech
Synergy and Ionics EMS.
According to the report, the companies were put on the Watch-List
two years ago after recording losses for three consecutive years
and they have not returned to profitability since.
SGX said the market capitalization of each firm is also less than
$10 million, the report relates.
SGX also said that "the continuing depletion of resources does not
serve the interest of shareholders" and added that these companies
should "delist and return remaining funds to shareholders instead
of continuing to run down the assets".
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ADVANCE HEAL-NEW AHGN 16.93 -8.23
AUSTAR UNITED AUN 568.69 -325.83
AUSTRAILIAN Z-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
BCD RESOURCES OP BCO 22.09 -61.19
BCD RESOURCES-PP BCOCC 22.09 -61.19
BIRON APPAREL LT BIC 19.71 -2.22
CENTRO PROPERTIE CNP 14,784.56 -461.11
CHALLENGER INF-A CIF 2,307.01 -104.58
CHEMEQ LTD CMQ 25.19 -24.25
CITY PACIFIC LTD CIY 171.50 -6.38
D2 MARKETING LTD DTO 16.70 -4.04
ELLECT HOLDINGS EHG 18.25 -15.49
HEALTH CORP LTD HEA 13.26 -0.01
HYRO LTD HYO 11.59 -4.73
JAMES HARDIE NV JHXCC 2,130.90 -131.10
JAMES HARDIE-CDI JHX 2,130.90 -131.10
MAC COMM INFR-CD MCGCD 8,104.42 -103.34
ORION GOLD NL ORN 12.37 -24.99
POWERLAN LTD PWR 30.84 -5.94
RESIDUAL ASSC-EE RAGXF 597.33 -126.96
SCIGEN LTD-CUFS SIE 71.22 -25.69
SHELL VILLAGES A SVC 13.47 -1.66
VERTICON GROUP VGP 14.22 -24.60
CHINA
AMOI ELECTRONI-A 600057 100.95 -42.95
BAO LONG ORIENTA 600988 16.38 -3.24
CHENGDU UNION-A 693 42.59 -10.05
CHINA EAST AIR-A 600115 10,663.62 -669.02
CHINA EAST AIR-H 670 10,663.62 -669.02
CHINA KEJIAN-A 35 83.78 -182.39
DANDONG CHEM F-A 498 100.50 -111.14
DONGGUAN FANGD-A 600656 62.02 -10.11
DONGXIN ELECTR-A 600691 20.72 -6.13
GAOXIN ZHANGTO-A 2075 119.52 -30.48
GUANGMING GRP -A 587 48.72 -47.59
GUANGXI BEISHE-A 600556 103.12 -138.38
GUANGXIA YINCH-A 557 19.31 -37.90
HAINAN ZHUXIN-A 600515 127.12 -2.04
HEBEI BAOSHUO -A 600155 133.67 -361.69
HEBEI JINNIU C-A 600722 227.50 -226.06
HISENSE KELON -H 921 650.07 -103.76
HISENSE KELON-A 921 650.07 -103.76
HUASU HOLDINGS-A 509 86.94 -2.12
HUDA TECHNOLOG-A 600892 21.31 -2.90
HUNAN ANPLAS CO 156 51.58 -70.84
JIANGSU CHINES-A 805 12.52 -11.39
LIAOYUAN DEHENG 600699 138.72 -6.69
MUDAN AUTOMOBI-H 8188 30.41 -1.10
NINGBO YIDONG-H 8249 42.61 -30.79
QINGHAI SUNSHI-A 600381 50.90 -26.09
SHAANXI FENGHU-A 561 33.36 -13.70
SHAANXI QINLIN-A 600217 250.40 -32.18
SHANG HONGSHENG 600817 16.78 -451.81
SHANG LIANHUA-A 600617 15.68 -1.54
SHANG LIANHUA-B 900913 15.68 -1.54
SHANGHAI WORLDBE 600757 156.45 -181.42
SHENZ CHINA BI-A 17 27.97 -264.11
SHENZ CHINA BI-B 200017 27.97 -264.11
SHENZHEN DAWNC-A 863 28.09 -157.71
SHENZHEN KONDA-A 48 195.27 -14.90
SHENZHEN SHENX-A 34 22.09 -118.12
SHENZHEN ZERO-A 7 61.82 -3.40
SHIJIAZHUANG D-A 958 235.06 -54.14
SICHUAN DIRECT-A 757 128.39 -118.67
SUNTEK TECHNOL-A 600728 37.92 -21.21
TAIYUAN TIANLO-A 600234 48.94 -25.23
TIANJIN MARINE 600751 82.40 -30.39
TIANJIN MARINE-B 900938 82.40 -30.39
TIBET SUMMIT I-A 600338 86.47 -0.05
TOPSUN SCIENCE-A 600771 183.02 -138.22
WINOWNER GROUP C 600681 10.72 -71.85
WUHAN BOILER-B 200770 307.71 -130.55
WUHAN GUOYAO-A 600421 11.45 -39.41
XIAMEN OVERSEA-A 600870 286.40 -145.07
YUEYANG HENGLI-A 622 37.27 -15.53
YUNNAN MALONG-A 600792 145.38 -30.28
ZHANGJIAJIE TO-A 430 45.95 -4.59
ZHONGCHANG MAR-A 600242 19.85 -1.62
ZHONGHONG REAL-A 979 43.55 -32.06
HONG KONG
21 HOLDINGS LTD 1003 43.65 -4.26
ASIA TELEMEDIA L 376 16.62 -5.37
CHAOYUE GROUP LT 147 42.69 -127.80
CHINA E-LEARNING 8055 12.20 -30.48
CHINA GOLDEN DEV 162 253.00 -2.72
EGANAGOLDPFEIL 48 557.89 -132.86
EMPEROR ENTERTAI 8078 39.23 -5.35
FULBOND HLDGS 1041 60.26 -14.42
HONBRIDGE HOLDIN 8137 12.15 -0.89
JIAN EPAYMENT 8165 15.39 -1.17
MELCOLOT LTD 8198 65.62 -25.95
MITSUMARU EAST K 2358 38.17 -1.45
NEW CITY CHINA 456 112.20 -14.59
NGAI LIK INDL 332 132.82 -4.76
PAC PLYWOOD 767 75.64 -5.41
PALADIN LTD 495 155.31 -10.91
PALADIN LTD -PRE 642 155.31 -10.91
PCCW LTD 8 5,801.75 -261.18
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 33.92 -58.77
WAI CHUN MINING 660 12.79 -14.60
WAYTUNG GLOBAL G 21 12.33 -2.96
INDONESIA
ASIA PACIFIC POLY 482.03 -831.23
ERATEX DJAJA ERTX 10.05 -15.29
JAKARTA KYOEI ST JKSW 28.00 -39.75
KARWELL INDONESI KARW 10.28 -8.09
MULIA INDUSTRIND MLIA 349.54 -393.20
PANASIA FILAMENT PAFI 51.27 -4.30
PANCA WIRATAMA PWSI 28.57 -34.35
PRIMARINDO ASIA BIMA 10.97 -20.00
STEADY SAFE TBK SAFE 12.27 -4.84
SURABAYA AGUNG SAIP 254.61 -85.54
TEIJIN INDONESIA TFCO 185.09 -14.27
UNITEX TBK UNTX 15.67 -14.25
INDIA
ALCOBEX METALS AML 16.59 -21.47
ASHIMA LTD ASHM 59.92 -47.15
BALAJI DISTILLER BLD 51.16 -38.38
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
CAMBRIDGE SOLUTI CAMB 156.75 -46.79
CFL CAPITAL FIN CEATF 14.31 -40.04
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 16.54 -10.99
DIGJAM LTD DGJM 98.77 -14.62
DISH TV INDIA DITV 422.08 -127.61
DUNCANS INDUS DAI 116.96 -183.24
GANESH BENZOPLST GBP 77.84 -41.87
GEM SPINNERS LTD GEMS 15.23 -0.11
GLOBAL BOARDS GLB 25.15 -0.79
GSL INDIA LTD GSL 37.04 -42.34
GSL NOVA PETROCH GSLN 44.39 -0.93
GUJARAT SIDHEE GSCL 59.44 -0.66
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 102.05 -10.24
HFCL INFOTEL LTD HFCL 151.65 -85.81
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 68.94 -1,147.18
HINDUSTAN SYNTEX HSYN 12.68 -1.79
HMT LTD HMT 139.31 -277.69
ICDS ICDS 13.30 -6.17
INDIA FOILS LTD IF 22.01 -2.04
INFOMEDIA 18 LTD INF18 35.80 -1.94
INTEGRAT FINANCE IFC 45.56 -43.27
ITI LTD ITI 1,116.21 -0.80
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 15.93 -74.33
JIK INDUS LTD KFS 20.63 -5.62
JK SYNTHETICS JKS 13.51 -3.03
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 32.04 -26.76
KERALA AYURVEDA KRAP 13.41 -0.59
KINGFISHER AIR KAIR 1,458.64 -418.91
LLOYDS FINANCE LYDF 27.68 -8.64
LLOYDS STEEL IND LYDS 358.94 -83.14
MILLENNIUM BEER MLB 36.39 -3.20
MILTON PLASTICS MILT 18.31 -40.44
NATH PULP & PAP NPPM 13.59 -39.13
NICCO UCO ALLIAN NICU 28.84 -56.77
ORIENT PRESS LTD OP 16.70 -0.09
PANCHMAHAL STEEL PMS 51.02 -0.33
PANYAM CEMENTS PYC 38.84 -0.64
PARASRAMPUR SYN PPS 111.97 -317.11
PAREKH PLATINUM PKPL 61.08 -88.85
PEACOCK INDS LTD PCOK 11.40 -14.40
PIRAMAL LIFE SC PLSL 32.05 -3.73
POLAR INDS LTD PLI 11.61 -22.28
RAMA PHOSPHATES RMPH 34.07 -1.19
RATHI ISPAT LTD RTIS 44.56 -3.93
RELIGARE TECHNOV RTCL 44.13 -1.46
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 20.22 -62.97
RPG CABLES LTD RPG 51.43 -20.19
SCOOTERS INDIA SCTR 13.29 -0.58
SHALIMAR WIRES SWRI 24.49 -49.90
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE RAMA MULTI SRMT 63.73 -52.93
SIDDHARTHA TUBES SDT 70.93 -12.09
SIL BUSINESS ENT SILB 12.46 -19.96
SOUTHERN PETROCH SPET 1,543.61 -35.61
SPICEJET LTD SJET 147.98 -84.65
STERLING HOL RES SLHR 52.91 -0.63
STI INDIA LTD STIB 28.05 -8.04
TAMILNADU TELE TNT 10.26 -4.14
TATA TELESERVICE TTLS 793.63 -74.64
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.39 -8.90
UNIWORTH LTD WW 145.71 -114.87
USHA INDIA LTD USHA 12.06 -54.51
VENTURA TEXTILES VRTL 14.25 -0.33
WINDSOR MACHINES WML 14.50 -28.14
WIRE AND WIRELES WNW 102.42 -37.06
WIRE AND WIRE-PP WNWPP 102.42 -37.06
JAPAN
ARDEPRO 8925 310.82 -253.28
COMMERCIAL RE 8866 296.85 -0.35
COSMOS INITIA CO 8844 1,652.69 -564.01
FLIGHT SYS CONSU 3753 14.88 -1.07
HARAKOSAN CO 8894 265.03 -21.41
ICHITAN CO LTD 5645 99.16 -4.38
JIPANGU HOLDINGS 2684 15.05 -8.38
L CREATE CO LTD 3247 42.34 -9.15
LCA HOLDINGS COR 4798 49.52 -2.24
MORISHITA CO LTD 3594 170.16 -6.92
NESTAGE CO LTD 7633 11.77 -12.20
PROPERST CO LTD 3236 303.29 -415.76
RAYTEX CORP 6672 61.49 -3.49
SAIKAYA CO LTD 8254 398.46 -17.56
SHINWA OX CORP 2654 61.39 -12.95
SOWA JISHO CO LT 3239 17.45 -33.84
TERRANETZ CO LTD 2140 11.63 -4.29
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
CL LCD CO LTD 35710 55.59 -14.79
DAHUI CO LTD 55250 186.00 -1.50
DAISHIN INFO 20180 740.50 -158.45
HANSHIN DNP 12170 10.61 -0.74
KORES CO LTD 8340 49.04 -4.03
KUMHO INDUS-PFD 2995 5,837.32 -967.28
KUMHO INDUSTRIAL 2990 5,837.32 -967.28
MOBO CO LTD 51810 196.64 -11.98
ORICOM INC 10470 82.65 -40.04
PAPERCOREA INC 1020 310.53 -154.09
ROCKET ELEC-PFD 425 68.58 -2.14
ROCKET ELECTRIC 420 68.58 -2.14
SAMT CO LTD 31330 303.86 -77.57
SOLAR & TECH CO 30390 11.47 -0.59
TAESAN LCD CO 36210 187.94 -546.26
TONG YANG MAGIC 23020 355.15 -25.77
UTX CO LTD 45880 19.76 -2.85
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
AXIS INCORPORATI AXIS 37.88 -80.60
HO HUP CONSTR CO HO 73.63 -4.31
LCL CORP BHD LCL 78.28 -72.28
LIMAHSOON BHD LIMA 26.52 -1.56
MANGOTONE GROUP MTON 12.44 -9.21
OILCORP BHD OILC 152.96 -35.28
POLY TOWER VENTU PTV 58.06 -5.45
SINOTOP HOLDING SNHB 22.80 -0.41
WONDERFUL WIRE WW 11.70 -16.48
WWE HOLDINGS BHD WWE 66.24 -1.88
NEW ZEALAND
DOMINION FINANCE DFH 258.90 -55.31
PHILIPPINES
APEX MINING 'B' APXB 51.26 -8.97
APEX MINING-A APX 51.26 -8.97
BENGUET CORP 'B' BCB 75.49 -37.05
BENGUET CORP-A BC 75.49 -37.05
CYBER BAY CORP CYBR 12.93 -79.23
EAST ASIA POWER PWR 50.80 -139.42
FIL ESTATE CORP FC 37.29 -11.36
FILSYN CORP A FYN 22.00 -10.28
FILSYN CORP. B FYNB 22.00 -10.28
GOTESCO LAND-A GO 18.68 -10.86
GOTESCO LAND-B GOB 18.68 -10.86
MRC ALLIED MRC 13.04 -3.68
PICOP RESOURCES PCP 105.66 -23.33
PRIME ORION PHIL POPI 90.35 -5.12
STENIEL MFG STN 28.67 -1.48
UNIVERSAL RIGHTF UP 45.12 -13.48
UNIWIDE HOLDINGS UW 52.80 -56.18
VICTORIAS MILL VMC 178.06 -36.66
SINGAPORE
ADV SYSTEMS AUTO ASA 11.69 -13.16
ADVANCE SCT LTD ASCT 19.14 -40.40
FALMAC LTD FAL 10.12 -6.80
HL GLOBAL ENTERP HLGE 93.30 -12.86
INFORMATICS EDU INFO 24.56 -0.01
JURONG TECH IND JTL 98.76 -227.28
LINDETEVES-JACOB LJ 151.65 -86.53
PACIFIC CENTURY PAC 26.87 -3.66
SUNMOON FOOD COM SMOON 14.65 -13.74
TIGER AIRWAYS TGR 122.90 -71.92
TT INTERNATIONAL TTI 287.51 -38.28
THAILAND
ABICO HLDGS-F ABICO/F 12.07 -9.54
ABICO HOLDINGS ABICO 12.07 -9.54
ABICO HOLD-NVDR ABICO-R 12.07 -9.54
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 90.30 -65.13
BANGKOK RUBBER-F BRC/F 90.30 -65.13
BANGKOK RUB-NVDR BRC-R 90.30 -65.13
CIRCUIT ELEC PCL CIRKIT 17.39 -88.00
CIRCUIT ELEC-FRN CIRKIT/F 17.39 -88.00
CIRCUIT ELE-NVDR CIRKIT-R 17.39 -88.00
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 33.88 -90.93
ITV PCL-FOREIGN ITV/F 33.88 -90.93
ITV PCL-NVDR ITV-R 33.88 -90.93
K-TECH CONSTRUCT KTECH 39.74 -33.07
K-TECH CONSTRUCT KTECH/F 39.74 -33.07
K-TECH CONTRU-R KTECH-R 39.74 -33.07
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORPORATI PICNI 162.04 -79.86
PICNIC CORPORATI PICNI/F 162.04 -79.86
PICNIC CORPORATI PICNI-R 162.04 -79.86
PONGSAAP PCL PSAAP 25.95 -6.20
PONGSAAP PCL PSAAP/F 25.95 -6.20
PONGSAAP PCL-NVD PSAAP-R 25.95 -6.20
SAFARI WORLD PUB SAFARI 103.18 -17.83
SAFARI WORLD-FOR SAFARI/F 103.18 -17.83
SAFARI WORL-NVDR SAFARI-R 103.18 -17.83
SAHAMITR PRESS-F SMPC/F 21.99 -4.01
SAHAMITR PRESSUR SMPC 21.99 -4.01
SAHAMITR PR-NVDR SMPC-R 21.99 -4.01
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
TRANG SEAFOOD TRS 12.09 -2.26
TRANG SEAFOOD-F TRS/F 12.09 -2.26
TRANG SFD-NVDR TRS-R 12.09 -2.26
UNIVERSAL S-NVDR USC-R 97.74 -40.29
UNIVERSAL STARCH USC 97.74 -40.29
UNIVERSAL STAR-F USC/F 97.74 -40.29
TAIWAN
CHIEN TAI CEMENT 1107 202.45 -22.41
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
VERTEX PREC-ENTL 5318T 43.04 -2.31
VERTEX PRECISION 5318 43.04 -2.31
YEU TYAN MACHINE 8702 39.57 -271.07
*********
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 ***