/raid1/www/Hosts/bankrupt/TCRAP_Public/100527.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
Thursday, May 27, 2010, Vol. 13, No. 103
Headlines
A U S T R A L I A
CLVR PTY: In Liquidation; Liquidators Appointed
TRANSURBAN GROUP: Panel Rejects CP2 Bid to Block Capital Raising
C H I N A
CHINA TRACTOR: Posts $2.8 Million Net Loss in Q1 2010
CHINA YOUTH MEDIA: Posts $1.06-Mil. Net Loss in Q1 2010
RENHE COMMERCIAL: Moody's Affirms 'Ba2' Corporate Family Rating
H O N G K O N G
INSTITUTE OF FINANCIAL: Members' Final Meeting Set for June 11
LXL INVESTMENT: Creditors' Proofs of Debt Due June 23
MAGIC HOUSE: Members and Creditors' Meetings Set for June 23
MERSEY MANUFACTURERS: Members' Final Meeting Set for June 21
OMNILIFE ASIA: Members' Final Meeting Set for June 21
PERFECT PARADISE: Members' Final Meeting Set for June 24
PETRO ASIA-GOLDFACE: Final Meetings Set for June 23
POTTERY AGENTS: Members' Final Meeting Set for June 25
REGENT MILLION: Members and Creditors' Meetings Set for June 23
RIGHT TOP INDUSTRIAL: Inability to Pay Debts Prompts Wind-Up
RIGHT TOP: Placed Under Voluntary Wind-Up Proceedings
RINGGIT NAVIGATION: Creditors' Proofs of Debt Due June 21
SCORE MILLION: Members and Creditors' Meetings Set for June 24
SERVICE COMPANY: Commences Wind-Up Proceedings
SILVER KIND: Members and Creditors' Meetings Set for June 24
TAI TUNG: Members and Creditors' Meetings Set for June 24
TAI WO: Commences Wind-Up Proceedings
TEAM BRIGHT: Commences Wind-Up Proceedings
TEAM BRIGHT: Creditors' First Meeting Set for May 31
TOP AIM: Members and Creditors' Meetings Set for June 24
I N D I A
AR AIRWAYS: Fitch Assigns National Long-Term Rating at 'BB-'
AIR INDIA: Delhi High Court Stops Unions' Strike
APIS INDIA: CRISIL Puts 'BB' Rating on INR15MM Cash Credit Limit
BANK OF RAJASTHAN: CARE Retains Bond Ratings on Credit Watch
BHARAT PAPER: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
DELTA CONSTRUCTION: Fitch Cuts National Long-Term Rating to 'BB'
HUL HYDRO: CRISIL Rates INR200 Million Term Loan at 'BB-'
INTEC INFONET: ICRA Assigns 'LBB+' Rating on INR55MM Bank Debts
JAI LAXMI: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities
KERALA CO-OPERATIVE: CRISIL Puts 'BB' Ratings on Bank Debts
MSL IMPEX: Weak Liquidity Prompts CRISIL to Assign 'P4' Ratings
PURSHOTAM ISPAT: CRISIL Assigns 'BB-' Rating on INR105.7MM Loan
RAHUL CONDUCTORS: ICRA Assigns 'LBB' Rating on INR70MM LT Loans
SHREE RAGHUVANSHI: CRISIL Assigns 'B-' Rating on INR22.2MM Loan
SUBHASH FERTILIZERS: ICRA Assigns 'LBB-' Rating on INR70MM Debts
SHUBHYAN MOTORS: CRISIL Assigns 'B' Rating on INR30MM Term Loan
VARDHMAN ELECTRO-MECH: ICRA Rates INR70MM LT Bank Limit at 'LBB'
XL TELECOM: CARE Reaffirms 'CARE B' Rating on INR280.83cr LT Loan
ZV STEELS: CRISIL Rates INR99.5 Million Cash Credit at 'B+'
I N D O N E S I A
BANK DANAMON: Director Herry Hykmanto Sells 50,000 Shares
PERUSAHAAN GAS: Suspends Director Over Corruption & Bribery Cases
J A P A N
JAPAN AIRLINES: To Delay Submission of Rehab Plan Until August
TOSHIBA CORP: Inks Definitive Agreement With Babcock & Wilcox
K O R E A
DAEWOO MOTOR: Injunction Against GM Daewoo Rejected
N E W Z E A L A N D
AIR NEW ZEALAND: Increases Capacity on Improved Demand
BOTRY-ZEN LTD: Two Potential Buyers on Short List
S I N G A P O R E
CHARISLAND PTE: Court to Hear Wind-Up Petition on June 4
POLIMER CHEMICAL: Creditors' Proofs of Debt Due June 9
SINGAPORE COPPER: Creditors' Proofs of Debt Due June 24
- - - - -
=================
A U S T R A L I A
=================
CLVR PTY: In Liquidation; Liquidators Appointed
-----------------------------------------------
CLVR Pty Ltd, trading as CustomVis, has been placed in
liquidation. Cliff Rocke and Brian McMaster of KordaMentha were
appointed as liquidators.
The West Australian reports that creditors of CustomVis voted
unanimously on Tuesday to place the company into liquidation,
paving the way for it to be broken up and its assets sold.
According to the report, Mr. Rocke said a significant number of
questions were raised during the creditors meeting, including a
couple of areas which require further investigation potentially.
"The insolvency of the company and the directors conduct in
particular," Mr. Rocke said of the areas of concern.
Based in Osborne Park, West Australia, CLVR Pty Ltd was put into
administration by its London-listed parent, CustomVis plc, on
April 19, owing nearly $23 million to CustomVis plc, staff and
other creditors. CustomVis Plc is a United Kingdom-based company.
The Company, together with its subsidiaries, is engaged in the
manufacture and sale of laser optical equipment for use within the
laser vision correction industry.
TRANSURBAN GROUP: Panel Rejects CP2 Bid to Block Capital Raising
----------------------------------------------------------------
Geoff Easdown at the Herald Sun reports that the Takeovers Panel
on Tuesday refused to support funds manager CP2 Ltd's application
to block Transurban Group's contentious $542 million capital
raising.
As reported in the Troubled Company Reporter-Asia Pacific on
May 26, 2010, the Sydney Morning Herald said CP2 made an
application to the Takeovers Panel to stop Transurban Group from
selling new shares in a rights issue.
CP2 is seeking final orders from the Takeovers Panel that
Transurban be "restrained from proceeding with the rights issue in
its current form."
CP2 is also seeking orders that:
* the rights issue be made subject to the approval of
security holders by ordinary resolution; and
* should any rights issue be permitted to proceed, "the
institutional entitlement offer be reopened and clear
disclosure be made in relation to the current status
of offers for securities in Transurban.
The rights issue was a $542 million fully underwritten accelerated
renounceable one-for-11 capital raising that Transurban announced
on May 10 to fund the purchase of Sydney's Lane Cove tunnel and
upgrades to the M2 and M5 tollways.
The TCR-AP reported on May 19, 2010, that the Ontario Teachers'
Pension Plan sold its 13% stake in Transurban Group for an
estimated $4.44 a share, 16 cents less than the company's $542
million rights issue. It is also $1.13 a share less than the
takeover offer the three key shareholders -- CP2, Ontario Teachers
and Canadian Pension Plan Investment Board -- put to the company's
board.
About Transurban Group
Melbourne, Australia-based Transurban Group (ASX:TCL)--
http://www.transurban.com.au/-- is engaged in the operation of
CityLink, Hills M2 and the Pocahontas Parkway, provision of the
tolling and customer management system for the Westlink M7
Motorway project, tendering for participation in and/or
acquisition of other toll roads, development of electronic
tolling and other intelligent transport systems for
implementation in both domestic and international markets, and
identification and development of infrastructure projects. The
company also has a controlling interest in the Sydney Roads Group.
* * *
Transurban Group incurred net losses of AU$152.18 million,
AU$105.34 million and AU$16.13 million for the years ended
June 30, 2007, through 2009.
=========
C H I N A
=========
CHINA TRACTOR: Posts $2.8 Million Net Loss in Q1 2010
-----------------------------------------------------
China Tractor Holdings, Inc., filed its quarterly report on Form
10-Q, showing a net loss of $2,773,545 for the three months ended
March 31, 2010, compared with net income of $63,550 for the same
period of 2009.
The Company's balance sheet as of March 31, 2010, showed
$14,947,580 in assets, $4,698,812 of liabilities, and $10,248,768
of stockholders' equity.
On March 15, 2010, the Company signed a stock transfer agreement
to transfer all shares owned by the Company in Chang Tuo to
SOASACC, and the agreement was approved by Changchun government on
April 19, 2010. Chang Tuo was reported as discontinued operation
as the Company lost its control before the end of 2009. After the
completion of the transaction, the Company will have no
substantial business operations until it enters a new industry
through merger or acquires other operational entities. As a
direct result, the Company has experienced significant operating
losses for the three months ended March 31, 2010. The
discontinued operation and the ensuing operating losses raise
substantial doubt as to the Company's ability to continue as a
going concern.
A full-text copy of the quarterly report is available for free at:
http://researcharchives.com/t/s?6334
ChangChun City, P.R. China-based China Tractor Holding, Inc.
currently does not have any operations. On December 1, 2009, the
Company entered into a letter of intent to transfer all shares
owned by the Company in Chang Tuo Agricultural Machinery Equipment
Group Co., Ltd. to State-owned Assets Supervision and
Administration Commission of Changchun ("SOASACC").
Goldman Parks Kurland Mohidin LLP, in Encino Calif., expressed
substantial doubt about the Company's ability to continue as a
going concern after auditing the Company's financial statements
for the year ended December 31, 2009. The independent auditors
noted that the Company has incurred a loss of $3,702,673,
including loss from continuing operations of $488,640.
CHINA YOUTH MEDIA: Posts $1.06-Mil. Net Loss in Q1 2010
-------------------------------------------------------
China Youth Media, Inc., filed its quarterly report on Form 10-Q,
showing a net loss of $1,062,264 on $37,430 of revenue for the
three months ended March 31, 2010, compared with a net loss of
$715,347 on no revenue for the same period of 2009.
The Company's balance sheet as of March 31, 2010, showed
$4,740,149 in assets, $3,856,643 of liabilities, and $883,506 of
stockholders' equity.
Tarvaran Askelson & Company, LLP, in Laguna Niguel, Calif.,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's financial
statements for the year ended December 31, 2009. The independent
auditors noted that the Company has incurred significant losses.
"At March 31, 2010, the Company had an accumulated deficit of
$21.2 million and a working capital deficit of $1.1 million.
During the three months ended March 31, 2010, the Company incurred
a loss of approximately $1.06 million. During the three months
ended March 31, 2010, the Company primarily relied upon financing
activities to fund its operations. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern."
A full-text copy of the quarterly report is available for free at:
http://researcharchives.com/t/s?6338
Headquartered in Marina Del Rey, Calif., China Youth Media, Inc.
(OTC BB: CHYU) -- http://www.chinayouthmedia.com/-- delivers
advertising and content in the People's Republic of China.
RENHE COMMERCIAL: Moody's Affirms 'Ba2' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed Renhe Commercial Holdings
Co Ltd's Ba2 corporate family and senior unsecured bond ratings
with a stable outlook following the successful closing of the
company's US$300 million bond issuance. The bond rating's
provisional status has also been removed.
"Renhe's Ba2 corporate family rating reflects its strong track
record in developing underground shopping centers and then
commercializing their operations," says Peter Choy, a Moody's Vice
President and Senior Credit Officer.
"The rating also reflects the success of its business model which
involves developing underground shopping centers at selected prime
commercial locations with zero land cost and short investment
payback periods," says Choy, also Moody's Lead Analyst for the
company.
"At the same time, Renhe's rating is tempered by the increasing
execution risks and sizable funding requirement associated with
its aggressive geographic expansion plan, which will more than
double its development size in 2010 and 2011 over FY09," says
Choy.
Moody's last rating action on Renhe was taken on 28 April 2010,
when Moody's assigned it first-time Ba2 corporate family and
provisional (P)Ba2 bond ratings on its proposed US$ senior
unsecured notes.
Renhe's ratings were assigned by evaluating factors Moody's
believes are relevant to the credit profile of the issuer, such as
i) business risk and competitive position of the company versus
others within its industry; ii) capital structure and financial
risk of the company; iii) projected performance of the company
over the near to intermediate term; and iv) management's track
record and tolerance for risk.
These attributes were compared against other issuers both within
and outside of Renhe's core industry; Renhe's ratings are believed
to be comparable to those of other issuers of similar credit risk.
Renhe Commercial Holdings Co Ltd specializes in the commercial
operation and development of underground shopping centers which
can also function as civilian air-raid shelters in times of
conflict. The projects are built below city commercial centers
and transportation hubs, and free of land-use premium fees.
As of April 2010, the company operates four underground shopping
centers in Harbin, Heilongjiang Province, three of which are
interconnected, one in Guangzhou, Guangdong Province, and one in
Shenyang, Liaoning Province, with an aggregate gross floor area of
approximately 238,618 sqm. It is also provides management
services for one underground shopping center in Zhengzhou, Henan
Province, with an aggregate GFA of 94,180 sqm.
In addition, the company has 27 projects in 20 cities in the PRC
with an aggregated approved GFA of approximately 3,635,660 sqm
which are either under construction or being held for future
development.
================
H O N G K O N G
================
INSTITUTE OF FINANCIAL: Members' Final Meeting Set for June 11
--------------------------------------------------------------
Members of The Institute of Financial Management Limited will hold
their final general meeting on June 11, 2010, at 10:00 a.m., at
Room 1006, C C Wu Building, 302-8 Hennessy Road, Wan Chai, in
Hong.Kong.
At the meeting, Yeung Chi Wai & Lee Man Yin, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
LXL INVESTMENT: Creditors' Proofs of Debt Due June 23
-----------------------------------------------------
Creditors of LXL Investment Management (Hong Kong) Limited, which
is in members' voluntary liquidation, are required to file their
proofs of debt by June 23, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 14, 2010.
The company's liquidators are:
Jenkin Ching Kei Leung
Alfredo Paulo Lobo
Room 1102 Loke Yew Building
50-52 Queen's Road
Central, Hong Kong
MAGIC HOUSE: Members and Creditors' Meetings Set for June 23
------------------------------------------------------------
Members and creditors of Magic House Enterprises Limited will hold
their meetings on June 23, 2010, at 3:00 p.m., and 3:30 p.m.,
respectively at Room 2109, China Resources Building, 26 Harbour
Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
MERSEY MANUFACTURERS: Members' Final Meeting Set for June 21
------------------------------------------------------------
Members of Mersey Manufacturers Limited will hold their final
meeting on June 21, 2010, at 10:00 a.m., at 8th Floor, Gloucester
Tower, The Landmark, 15 Queen's Road Central, in Hong Kong.
At the meeting, Thomas Andrew Corkhill, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
OMNILIFE ASIA: Members' Final Meeting Set for June 21
-----------------------------------------------------
Members of Omnilife Asia Limited will hold their final general
meeting on June 21, 2010, at 10:00 a.m., at Level 28 Three Pacific
Place, 1 Queen's Road East, in Hong Kong.
At the meeting, Ying Hing Chiu and Chan Mi Har, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
PERFECT PARADISE: Members' Final Meeting Set for June 24
--------------------------------------------------------
Members of Perfect Paradise International Limited will hold their
final general meeting on June 24, 2010, at 11:00 a.m., at 12th
Floor, Tsim Sha Tsui Centre, Salisbury Road, Tsim Sha Tsui, in
Kowloon.
At the meeting, Chan Kit Wang, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
PETRO ASIA-GOLDFACE: Final Meetings Set for June 23
---------------------------------------------------
Members and creditors of Petro Asia-Goldface Petroleum Limited
will hold their meetings on June 23, 2010, at 4:00 p.m., and
4:30 p.m., respectively at Room 2109, China Resources Building, 26
Harbour Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
POTTERY AGENTS: Members' Final Meeting Set for June 25
------------------------------------------------------
Members of Pottery Agents (HK) Limited will hold their final
general meeting on June 25, 2010, at 10:00 a.m., at Rm 1101A,
Causeway Bay Comm. Bldg., 1 Sugar St., in Hong Kong.
At the meeting, Chan Yau Choi, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
REGENT MILLION: Members and Creditors' Meetings Set for June 23
---------------------------------------------------------------
Members and creditors of Regent Million Investment Limited will
hold their meetings on June 23, 2010, at 5:00 p.m., and 5:30 p.m.,
respectively at Room 2109, China Resources Building, 26 Harbour
Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
RIGHT TOP INDUSTRIAL: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------------
Creditors of Right Top Industrial Limited on April 8, 2010,
resolved to voluntarily wind up the company's operations due to
its inability to pay debts when it fall due.
The company's liquidator is:
Ho Lok Cheong
Room 1912, West Tower
Shun Tak Centre
168 Connaught Road
Central, Hong Kong
RIGHT TOP: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on May 10, 2010,
creditors of Right Top Technical Service Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Pang Wai Kui
Suite A, 12/F., Ritz Plaza
122 Austin Road
Tsimshatsui, Kowloon
Hong Kong
RINGGIT NAVIGATION: Creditors' Proofs of Debt Due June 21
---------------------------------------------------------
Creditors of Ringgit Navigation Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by June 21, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on May 13, 2010.
The company's liquidators are:
Man Yun Wah
Rm 2105, 21/F., Office Tower
Langham Place
8 Argyle Street
Mongkok, Lln, H.K.
SCORE MILLION: Members and Creditors' Meetings Set for June 24
--------------------------------------------------------------
Members and creditors of Score Million Investment Limited will
hold their meetings on June 24, 2010, at 9:00 a.m., and 9:30 a.m.,
respectively at Room 2109, China Resources Building, 26 Harbour
Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
SERVICE COMPANY: Commences Wind-Up Proceedings
----------------------------------------------
Creditors of Service Company Two Limited, on May 7, 2010, passed a
resolution to voluntarily wind-up the company's operations.
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
8th Floor, Gloucester Tower
The Landmark
15 Queen's Road
Central, Hong Kong
SILVER KIND: Members and Creditors' Meetings Set for June 24
------------------------------------------------------------
Members and creditors of Silver Kind Investment Limited will hold
their meetings on June 24, 2010, at 10:00 a.m., and 10:30 a.m.,
respectively at Room 2109, China Resources Building, 26 Harbour
Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
TAI TUNG: Members and Creditors' Meetings Set for June 24
---------------------------------------------------------
Members and creditors of Tai Tung On Enterprises Company Limited
will hold their meetings on June 24, 2010, at 12:00 p.m., and
12:30 p.m., respectively at Room 2109, China Resources Building,
26 Harbour Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
TAI WO: Commences Wind-Up Proceedings
-------------------------------------
Creditors of Tai Wo Tin Fook Industrial Limited, on May 13, 2010,
passed a resolution to voluntarily wind-up the company's
operations.
The company's liquidator is:
Chan Kin Hang Danvil
Room 2301, 23/F., Ginza Square
565-567 Nathan Road
Yaumatei, Kowloon
Hong Kong
TEAM BRIGHT: Commences Wind-Up Proceedings
------------------------------------------
Creditors of Team Bright Corporation Limited, on May 13, 2010,
passed a resolution to voluntarily wind-up the company's
operations.
The company's provisional liquidator is:
Chan Kin Hang Danvil
Room 2301, 23/F., Ginza Square
565-567 Nathan Road
Yaumatei, Kowloon
Hong Kong
TEAM BRIGHT: Creditors' First Meeting Set for May 31
----------------------------------------------------
Creditors of Team Bright Corporation Limited will hold their
meeting on May 31, 2010, at 2:00 p.m., for the purposes provided
for in Sections 241 (as modified by Section 228A(8)), 242, 243,
244 and 255A of the Companies Ordinance.
The meeting will be held at the Auditorium, Duke of Windsor Social
Service Building, 1/F., No. 15 Hennessy Road, Wanchai, in Hong
Kong.
TOP AIM: Members and Creditors' Meetings Set for June 24
--------------------------------------------------------
Members and creditors of Top Aim Development Limited will hold
their meetings on June 24, 2010, at 2:00 p.m., and 2:30 p.m.,
respectively at Room 2109, China Resources Building, 26 Harbour
Road, Wanchai, in Hong Kong.
At the meeting, Chui Chi Yun Robert, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
=========
I N D I A
=========
AR AIRWAYS: Fitch Assigns National Long-Term Rating at 'BB-'
------------------------------------------------------------
Fitch Ratings has assigned India's AR Airways Private Limited a
National Long-term Rating of 'BB-(ind)' with a Stable Outlook. At
the same time, the agency has assigned 'BB-(ind)' ratings to
ARAPL's outstanding term loans of INR767.6 million.
ARAPL's ratings reflect its long-term agreements with corporate
customers with "take or pay clauses", in which significant amounts
of advance money are provided in return for a committed number of
annual flying hours. Customer advances were INR754.6 million at
FYE09. The long-term contracts constituted 90% of ARAPL's total
actual flying hours in FY09 and nine months of FY10 (9M10). In
most of the agreements, the rate charged per flying hour is
negotiable from time-to-time; however, few contracts are at a
fixed rate which exposes the company to some fuel price
volatility.
As a high operating leverage business, ARAPL has high EBITDA
margins of around 26% (FY09); however, the company suffered net
losses due to high depreciation and interest costs, which resulted
in a low EBITDAR net fixed charge cover of 1.5x in FYE09. The
ratings also reflect ARAPL's status as a member of the U-Flex
Group.
Fitch's concerns include ARAPL's small scale of operations, its
high financial leverage (total adjusted net debt to EBITDAR) of
7.1x at end-march 2009 (FYE09), high receivable days and low
revenue growth over FY09 and 9M10. The company's capacity
utilization was around 45% in FY09, and will require significant
improvement to achieve net profits on a sustained basis. ARAPL's
private air charter industry is characterized by high capital
intensity, volatile business linked to overall economic activity
and highly competitive with various competing operators and large
corporate groups having own aircrafts for their top managements.
The company has high debtor days of around 90 days with over 60%
of debtors at end-December 2009 older than 180 days.
Negative rating triggers include a debt-led capex and/or a decline
in EBITDAR, which would lead to a worsening of ARAPL's financial
leverage. Positive triggers include an increase in the scale of
business, higher utilization and EBITDA margins, which would lead
to an improvement in the company's financial leverage.
ARAPL is primarily engaged in the aircraft charter industry and
provides private aircraft services through its total fleet of 8
aircraft (one taken on lease) to corporates and other customers.
In FY09, revenue rose 1.7% to INR439 million, with an EBITDAR of
INR115 million and a net loss of INR18.8 million.
AIR INDIA: Delhi High Court Stops Unions' Strike
------------------------------------------------
A nationwide strike by some crew members and maintenance engineers
of Air India ended Wednesday after the Delhi High Court stopped
them from continuing, The Wall Street Journal reports.
"The court has imposed a stay on the ongoing strike and also on
the one they had proposed to undertake from May 31," the Journal
quoted Arvind Jadhav, chairman of Air India's parent, National
Aviation Company of India Ltd, as saying.
The Journal says the high court order means the workers can be
sacked if they don't resume work. According to the report, Mr.
Jadhav said the stay will be in place until July 13.
NACIL had filed a suit for injunction against the Air Corporation
Employees Union and the All India Aircraft Engineers Association
seeking to restrain the members of these two unions from
continuing with the ongoing strike resorted to since the morning
of May 25, 2010.
NACIL said the petition was submitted by the Counsel for the
airline before Honorable Delhi High Court that the strike was
illegal, unjustified and would cause enormous damage to the
airline both in terms of loss of revenue as also in terms of loss
of reputation besides causing serious and grave discomfort to the
travelling public.
A section of employees of Air India, including engineers, on
Tuesday went on a flash strike to protest delay in payment of
salaries and problems relating to the working conditions of cabin
crew. The employees also protested against Air India's gag order
advising unions not to air their grievances to the media.
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.
APIS INDIA: CRISIL Puts 'BB' Rating on INR15MM Cash Credit Limit
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Apis India
Ltd's bank facilities.
Facilities Ratings
---------- -------
INR15.0 Million Cash Credit Limit BB/Stable (Assigned)
INR70.0 Million Packing Credit P4+ (Assigned)
INR50.0 Million Bill Discounting P4+ (Assigned)
INR15.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Apis's weak financial risk profile, marked by
small net worth, high gearing and weak debt coverage indicators,
and exposure to risks related to customer concentration in its
revenue profile, and average operating efficiency. These rating
weaknesses are partially offset by the benefits that Apis derives
from its promoters' experience in the honey processing business,
and its moderate financial flexibility.
Outlook: Stable
CRISIL believes that Apis will continue to benefit from its
promoters' experience in the honey processing business over the
near to medium term. The rating outlook may be revised to
'Positive' if Apis' net worth and cash accruals improve, resulting
in improvement in its capital structure. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected
improvement in cash accruals or in case the company undertakes a
larger-than-expected debt-funded capital expenditure programme,
leading to deterioration in the debt protection measures of the
company.
About Apis India
In 2006, the Anand family headed by Mr. Deepak Anand (the director
of Apis) acquired eWeb Univ Ltd. eWeb Univ Ltd's name was later
changed to Apis on September 28, 2007, and Apis acquired the
business of a proprietorship firm Apis India Natural Products on
February 21, 2008.
Apis processes and sells honey both in the export and domestic
markets. The company has its honey processing facility in Rajpura
(Punjab) and procures raw honey through its network traders and
beekeepers in Punjab, Haryana, Rajasthan, Uttarakhand, Uttar
Pradesh, Bihar, and West Bengal. It also imports a small quantity
of Honey from Poland, China, and Russia. In the domestic market,
the main customers of Apis are Wipro, Dabur (rated
'AAA/Stable/P1+' by CRISIL), and Little Bee Impex.
Apis reported a profit after tax (PAT) of INR16.3 million on net
sales of INR563 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR4.8 million on net sales
of INR136 million for 2007-08.
BANK OF RAJASTHAN: CARE Retains Bond Ratings on Credit Watch
------------------------------------------------------------
On May 18, 2010, the Board of Directors of ICICI Bank Ltd. and
Bank of Rajasthan Ltd at their respective meetings approved an in?
principle all-stock amalgamation of BOR with ICICI Bank subject to
due diligence and valuation by an independent valuer jointly
appointed by both banks. The Board will consider the due
Diligence report and valuation report at a subsequent meeting.
The proposal if approved by the Boards of both ICICI Bank and Bank
of Rajasthan would then be placed before the shareholders of both
banks for approval and would be submitted to Reserve Bank of India
(RBI) for its consideration.
As per CARE's assessment the merger is not going to have any
impact on the credit profile of ICICI Bank given the fact that
BOR's total assets are less than 5% of ICICI bank. The proposed
merger will give ICICI Bank access to a wider branch network and
help it expand its business geographically, specifically in north
& western India where BOR has good presence.
The ratings of existing bonds of BOR continue to remain on credit
watch. The merger would have a clear positive impact on the
outstanding bonds of BOR as it would benefit from the strong
credit profile of ICICI bank.
ICICI Bank
----------
IPDI CARE AAA
Lower Tier II CARE AAA
Upper Tier II CARE AAA
Fixed Deposit CARE AAA (FD)
CD PR1+
Bank of Rajasthan
-----------------
Lower Tier II CARE BBB (Credit Watch)
Upper Tier II CARE BB+ (Credit Watch)
BHARAT PAPER: CRISIL Reaffirms 'D' Ratings on Various Bank Debts
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bharat Paper Ltd
continue to reflect instances of delay by BPL in servicing its
term debt; the delays were because of BPL's stressed liquidity.
Facilities Ratings
---------- -------
INR400.0 Million Cash Credit Limit D (Reaffirmed)
INR1600.0 Million Term Loan D (Reaffirmed)
INR200.0 Million Letter of Credit P5 (Reaffirmed)
BPL was incorporated in 2006 as a wholly owned subsidiary of
Bharat Box Factory Ltd. BPL has set up a 225-tonne per day
capacity waste-paper-based paper and board manufacturing plant in
Logate, near Kathua, in Jammu and Kashmir. The commercial
production of the plant has commenced in January 2010.
DELTA CONSTRUCTION: Fitch Cuts National Long-Term Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has assigned Delta Construction Systems Limited a
National Long-term rating of 'BB(ind)'. The Outlook is Stable.
The agency has also assigned ratings to DCSL's bank loans:
-- INR40 million fund-based working capital limits: 'BB(ind)';
and
-- INR225 million non-fund-based working capital limits:
'F4(ind)'.
DCSL's ratings factor in its technical expertise in the
infrastructure sector and its longstanding relationships with
larger entities, for which it executes sub-contracts. DCSL has a
good financial track record with satisfactory credit metrics. Its
EBITDA margins have been consistent at 14% or more in the past
four years from FY09 and revenues have grown to INR610.2 million
in FY09 (FY07: INR265.5 million).
The ratings also take into account DCSL's concentration risk, as
the company derived 90% or more of its total revenues from its top
five projects, with 50% or more of total revenues each year from a
single client over the past three years from FY09. Consequently,
any payment delays from these clients could stress working capital
limits, as is reflected by the high utilization levels in previous
years. The key to DCSL's success is to manage its working capital
efficiently to maintain its comfortable financial risk profile as
and when it scales up its operations, since the company has built
its operations on relatively modest working capital limits from
banks. DCSL has a moderate order book of INR928m at 1.5x of FY09
revenue.
Negative rating triggers include a sustained increase in DCSL's
debt/EBITDA above 3.0x times. On the other hand, positive rating
triggers comprise a substantial growth in DCSL's order book
coupled with sustained debt/EBITDA levels below 2.0x.
DCSL provides engineering services for underground construction,
irrigation, mining and other infrastructure projects. Its work
orders primarily comprise sub-contracts (80%) and direct orders
(20%, including mining-related works). In FY09, Delta had a
turnover of INR610 million (FY08: INR487 million), an EBITDA of
INR85 million (FY08: INR67 million) and a debt/ EBITDA of 1.6x
(FY08: 1.6x).
HUL HYDRO: CRISIL Rates INR200 Million Term Loan at 'BB-'
---------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Hul Hydro Power
Private Limited's term loan facility.
Facilities Ratings
---------- -------
INR200.00 Million Term Loan BB-/Stable (Assigned)
The rating reflects HHPPL's exposure to risks related to the
implementation of its HUL Khad hydel power project, the project
being in its initial stages, and to uncertainty regarding the
availability of sufficient water flow. These rating weaknesses
are partially offset by HHPPL's power purchase agreement (PPA)
with Himachal Pradesh State Electricity Board (HPSEB) which may
provide stable revenues going forward, and the benefits that HHPPL
derives from its promoters' experience and the expected support
from group companies in-case of exigencies.
Outlook: Stable
CRISIL believes that HHPPL will benefit from the experience and
support of its promoters for timely completion of its project. The
outlook may be revised to 'Positive' if HHPPL completes the
project on time and generates higher-than-expected revenues and
profits after operations stabilize. Conversely, the outlook may
be revised to 'Negative' if the company delays the commissioning
of its project on account of unforeseen events or undertakes
additional debt-funded capital expenditure (capex), leading to
deterioration in its financial risk profile.
About Hul Hydro
HHPPL was incorporated as a private limited company on May 28,
2003, for developing, constructing, and maintaining hydropower
projects. The company is currently setting up a 4.5-megawatt
hydel project across HUL Khad, in Chamba (Himachal Pradesh). HHPPL
is jointly held by Astha Projects (India) Ltd (APIL)(51 per cent
shareholding) and Indus Power & Infrastructure Mauritius (Indus
Mauritius, 49 per cent shareholding).
Indus Power and Infrastructure LLC (Indus USA), through Indus
Power & Infrastructure Mauritius (Indus Mauritius), holds stakes
in three companies including HHPPL in India. The three companies
are in the renewable energy sector, with a focus on hydropower.
Indus USA (holding company) is held by HHPPL's three Indian
promoters (combined stake of 30 per cent),Mr. Lingareddy Venkata
Prasad, Mr. Nagarjun Valluripalli, and Mr. Ramaraju Raudraraju and
a hedge fund, Wexford Capital LLC(Wexford) (70 per cent).The
promoters have received a commitment of INR5 billion from Wexford
to invest in various power projects in India.
INTEC INFONET: ICRA Assigns 'LBB+' Rating on INR55MM Bank Debts
---------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR55.0 million fund-
based facilities of Intec Infonet Private Limited. Outlook on the
rating is stable. ICRA has also assigned an 'A4+' rating to the
INR27.5 million non-fund based facilities of IIPL.
The ratings are constrained by IIPL's modest scale of operations,
susceptibility of its earnings to adverse movements in foreign
exchange rates and its weak debt coverage indicators. The ratings
are also constrained by relatively low entry barriers resulting in
intense competitive pressures in the IT infrastructure business
space, which results in moderate profitability (operating margins
of 5.6% in 9M 2009-10) and high receivable days (110 in 2008-09
and 80 in 9M 2009-10). The ratings, however, derive strength from
IIPL's experienced management, its association with reputed
international technology providers, its diversified and reputed
client base and favorable industry prospects as reflected in
healthy demand expected from sectors such as banking, financial
services & insurance (BFSI), healthcare etc. Going forward, the
company's ability to achieve steady growth in sales while
improving its margins and managing its debtors collections
efficiently, will remain key rating sensitivities.
About Intec Infonet
Intec Infonet Pvt. Ltd. (formerly known as Intec Automation Pvt.
Ltd.) was incorporated on June 6, 1991 by Mr. Rajeev Goel and his
brother Mr. Sanjeev Goel. The company is now entirely owned by
Mr. Rajeev Goel and his family, who is also directly involved in
its management.
The company is involved in planning, design, implementation,
maintenance and optimization of converged networks including IT
Infrastructure. Based out of New Delhi, IIPL has over 15 service
locations and is largely focusing on northern and eastern regions
in the country.
The company derives significant part of its revenues from
implementation of different types of wireless network projects
such as wireless local area networks (LANs), mesh networks, WiMax
etc. Other areas in which the company is operational include
Converged Data & Voice networks and providing network security
solutions.
JAI LAXMI: CRISIL Assigns 'BB+' Ratings on Various Bank Facilities
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Jai Laxmi Cement Co Pvt Ltd.
Facilities Ratings
---------- -------
INR60.0 Million Cash Credit Limit BB+/Stable (Assigned)
INR10.3 Million Term Loan BB+/Stable (Assigned)
INR3.0 Million Bank Guarantee P4+ (Assigned)
The ratings reflect JLCCPL's small scale of operations and
geographic concentration in revenue profile, and below-average
operating efficiency. These rating weaknesses are partially
offset by the benefits that JLCCPL derives from its promoter's
industry experience, operating income growth and established
relationships with its customers.
Outlook: Stable
CRISIL believes that JLCCPL will continue to benefit over the
medium term from its established relationships with its customers
and promoter's experience in the cement manufacturing business.
The outlook may be revised to 'Positive' if JLCCPL's operating
efficiency improves because of improvement in its scale of
business and profitability. Conversely, the outlook may be
revised to 'Negative' if the company undertakes a large,
unexpected, debt-funded capital expenditure program, or if its
operating income growth and profitability declines.
About Jai Laxmi
Incorporated in 1987, JLCCPL initially traded in cement on a
nominal scale and commenced commercial production of cement only
in 1998. The company's manufacturing unit in Varanasi (Uttar
Pradesh) has capacity to manufacture 250 tonnes per day of
ordinary portland cement (OPC) and portland pozolana cement (PPC)
each. JLCCPL derives about 60 per cent of its revenues from PPC
and the remainder from OPC. The company procures clinker, gypsum,
and flyash from the local market to produce cement under its Laxmi
Viraat and Viraat Power brands, and sells to wholesalers in Uttar
Pradesh (accounting for more than 60 per cent of total sales),
Madhya Pradesh, and Jharkhand.
JLCCPL reported a profit after tax (PAT) of INR4.7 million on net
sales of INR327 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR3.4 million on net sales
of INR304 million for 2007-08.
KERALA CO-OPERATIVE: CRISIL Puts 'BB' Ratings on Bank Debts
-----------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Kerala Co-operative
Milk Marketing Federation Ltd's bank facilities.
Facilities Ratings
---------- -------
INR90.00 Million Cash Credit BB/Stable (Assigned)
INR45.80 Million Working BB/Stable (Assigned)
Capital Demand Loan*
* Includes a proposed limit of INR20.80 million
The rating reflects KCMMF's below-average financial risk profile,
marked by high gearing and low profitability, and exposure to
risks related to intense competition in the cattle-feed industry.
These rating weaknesses are partially offset by KCMMF's
established market position in the cattle-feed and dairy industry.
Outlook: Stable
CRISIL believes that KCMMF will maintain its stable business risk
profile over the medium term, backed by its established brand,
Milma, and healthy market position in the dairy and cattle-feed
business. The outlook may be revised to 'Positive' if KCMMF's
profitability and capital structure improve, resulting in a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a decline in the KCMMF's revenues or
profitability, or if it undertakes aggressive, debt-funded
expansion, leading to deterioration in its financial risk profile.
About Kerala Co-operative
KCMMF, set up in 1980, supplies milk and milk products and cattle
feed to producer-farmers. The prime objective of the federation
is to maximise the returns to the milk producer-farmers and to
provide quality milk and milk products to customers. The
federation was promoted by the National Dairy Development Board
(NDDB) in 1980, and commenced operations in 1983 by taking over
three dairies that were under the control of Kerala Livestock
Development Board Ltd, another government agency.
Currently, KCMMF has three member unions, Thiruvananthapuram
Regional Co-operative Milk Producers' Union, Ernakulam Regional
Co-operative Milk Producers' Union, and Malabar Regional Co-
operative Milk Producers' Union. The unions under KCMMF's control
have about 2680 co-operative societies across Kerala, based on the
Anand model of the Gujarat Co-operative Milk Marketing Federation
Ltd (rated 'AAA/Stable/P1+' by CRISIL). All the products of KCMMF
and its member unions are sold under the Milma brand.
KCMMF reported a profit after tax (PAT) of INR12 million on net
sales of INR1.5 billion for 2008-09 (refers to financial year,
April 1 to March 31), against a net loss of INR46 million on net
sales of INR1.4 billion for 2007-08.
MSL IMPEX: Weak Liquidity Prompts CRISIL to Assign 'P4' Ratings
----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to MSL Impex Pvt Ltd's bank
facilities.
Facilities Ratings
---------- -------
INR90.0 Million Letter of Credit P4 (Assigned)
INR10.0 Million Packing Credit P4 (Assigned)
The rating reflects MSL's weak financial risk profile, marked by a
small net worth, high ratio of total outside liabilities to total
net worth and weak liquidity, and vulnerability of its operating
margin to volatility in the value of the Indian rupee. These
rating weaknesses are partially offset by the benefits that MSL
derives from its promoters' experience in the agricultural
commodity trading business.
Set up in 2006, by Mr. Madasamy Thangasamy, MSL trades in
agricultural commodities such as pulses and spices, which have
varied applications in the food and food products industry. MSL
procures around 80 per cent of its requirements from its group
company Jaisree Impex Pvt Ltd in Singapore, which has been in this
business for more than 15 years. The pulses and spices are sold in
the domestic spot markets.
MSL reported a profit after tax (PAT) of INR0.1 million on net
sales of INR1000.6 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR10.1 million on net
sales of INR228.7 million for 2007-08.
PURSHOTAM ISPAT: CRISIL Assigns 'BB-' Rating on INR105.7MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Purshotam Ispat, which is part of the Purshotam
group.
Facilities Ratings
---------- -------
INR90.0 Million Cash Credit Limit BB-/Stable (Assigned)
INR105.7 Million Term Loan BB-/Stable (Assigned)
INR10.0 Million Letter of Credit P4+ (Assigned)
The ratings reflect the Purshotam group's high dependency on a few
customers for growth, its small scale of operations, and its
average business risk profile marked by a declining operating
margin. These weaknesses are partially offset by the group's
promoters' longstanding presence in the pipe industry.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Purshotam Ispat and Purshotam
Industries Ltd. This is because the two entities, together
referred as the Purshotam group, have strong operational linkages
and are under the same management. PIL procures around 60 per
cent of its raw material requirement from Purshotam Ispat.
Outlook: Stable
CRISIL believes that the Purshotam group will maintain its
business risk profile over the medium term, on the back of its
established position in the Uttarakhand region. The outlook may
be revised to 'Positive' if the group increases its scale of
operations, and generates more-than-expected operating income/cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of further decline in the group's profitability, or it
undertakes more-than-expected debt-funded capital expenditure
programme, leading to deterioration in its debt protection
metrics.
About the Group
Promoted by Mr. Purshotam Aggarwal in 1993, the Purshotam group
manufactures galvanised iron (GI) and mild steel (MS) pipes.
Purshotam Ispat was registered as a partnership firm in 2004. The
firm manufactures hot-rolled coils and strips at its facility in
Roorkee (Uttarakhand), which has a capacity of 40,000 tonnes per
annum (tpa). Purshotam Ispat procures its raw material from Steel
Authority of India Ltd, Galwalia Ispat Udyog Ltd, and other
companies, and sells around 60 per cent of its production to PIL.
PIL, incorporated in 1993, is engaged in the manufacture of GI and
MS pipes and has its manufacturing facility in Roorkee with an
installed capacity of 30,000 tpa. PIL undertakes work mainly
under government tenders; 70 per cent of its operating income
during 2008-09 (refers to financial year, April 1 to March 31) was
generated through tenders executed for Uttarakhand Jal Board.
The manufacturing facilities of the Purshotam group in Uttarakhand
enjoy tax incentives with exemptions from payment of excise duty
and income tax (70 per cent of the profits are liable to taxation
with effect from 2010-11).
Purshotam Ispat reported a profit after tax (PAT) of
INR93 million on net sales of INR866 million for 2008-09 (refers
to financial year, April 1 to March 31), against a PAT of
INR41 million on net sales of INR609 million for 2007-08.
RAHUL CONDUCTORS: ICRA Assigns 'LBB' Rating on INR70MM LT Loans
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR70 million long term
fundbased and non-fund based bank limits of Rahul Conductors
Private Limited. ICRA has also assigned a short term rating of
'A4' to the INR10 million non-fund based bank facilities of RCPL.
The outlook on the long term rating is stable.
The ratings assigned by ICRA reflect RCPL's presence in low
voltage distribution transform segment, which is characterized by
small unorganized players thereby resulting in stiff competition
to the company. The ratings are also constrained on account of
small scale of operations of the company, customer concentration
risks and de-growth in the operating income witnessed during FY
2009-10. The ratings are however supported by sufficiently long
operating history of the company and the promoters experience in
the transformer business. The ratings also derive comfort from
the applicability of price variation clause in the orders secured
by the company, which is expected to provide cushion to the profit
margins against any adverse movement in commodity prices. While
assigning the rating, ICRA has factored in the corporate guarantee
extended by RCPL against the debt in its group company, i.e.
Vardhman Electro-Mech Private Limited rated LBB (stable)/A4 by
ICRA. Going forward, ICRA expects the company to benefit from the
healthy prospects in the distribution transformer business arising
out of various investment programmes of state governments
and Government of India, however the company's ability to secure
sufficient orders to optimally utilize its capacity, while
maintaining its profit margins will remain crucial for future
growth and profitability.
About Rahul Conductors
Rahul Conductors Private Limited was incorporated in the year of
1993 and is headed by Mr. S.L. Jainwho has worked as Executive
Engineer with Rajasthan State Electricity Board for more 22 years
before joining RCPL in 1999. The companies manufacture
transformers used in lower voltages for power distribution. Since
its inception, the companies have been supplying to three power
distribution companies in Rajasthan, i.e. Jaipur Discom, Ajmer
Discom and Jodhpur Discom and the orders from these discoms are
secured through competitive bidding route. During FY 2009-10, the
company reported a net sale of INR128 million and a net profit of
INR4.9 million as against a net sale of INR174 million in 2008-09
and net profit of INR5.31 million.
SHREE RAGHUVANSHI: CRISIL Assigns 'B-' Rating on INR22.2MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to Shree Raghuvanshi
Fibers Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR100.0 Million Cash Credit Limit B-/Stable (Assigned)
INR22.2 Million Term Loan B-/Stable (Assigned)
The rating reflects SRFPL's weak financial risk profile, marked by
a small net worth, high gearing and weak debt protection metrics,
and exposure to risks related to speculative transactions and
adverse regulatory changes. These rating weaknesses are partially
offset by SRFPL's promoters' experience in the cotton ginning and
processing industry.
Outlook: Stable
CRISIL believes that SRFPL will continue to benefit from its
promoters' industry experience over the medium term. The
financial risk profile is expected to remain constrained because
of high gearing and weak debt protection metrics. The outlook may
be revised to 'Positive', in case SRFPL achieves higher-than-
expected profitability and improvement in capital structure.
Conversely, the outlook may be revised to 'Negative', if the
company's financial risk profile deteriorates because of large
working capital requirements.
About Shree Raghuvanshi
Incorporated in 2007, SRFPL undertakes cotton ginning and pressing
activities in Gondal (Gujarat). The company's plant has an
installed capacity of processing 75,000 bales per annum, and is
operating at capacity utilization of about 70 per cent.
SRFPL's reported a profit after tax (PAT) of INR1.6 million on net
sales of INR629 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR0.4 million on net sales
of INR163 million for 2007-08.
SUBHASH FERTILIZERS: ICRA Assigns 'LBB-' Rating on INR70MM Debts
----------------------------------------------------------------
ICRA has assigned 'LBB-' rating with stable outlook to the
INR70 million fund based bank facilities and A4 ratings to
INR5 million non fund based bank facilities of Subhash Fertilizers
Private Limited.
The ratings are constrained by the company's small size of
operations in NPK mixture fertilizer manufacturing, competitive
pressures from several other players, regulatory risks involved
and exposure to agro-climatic risks. Regulatory/policy risks are
evident, given the restrictions imposed by the State Government of
Maharashtra on availability of the fertilizers to NPK mixture
fertilizer manufacturers since 2008 onwards, as well as price
control on input raw materials (i.e. DAP, Urea, SSP1) & NPK
mixture. The restrictions on availability of fertilizers in turn
have led to sharp decline in the operating capacity utilization.
The ratings are further constrained by high level of gearing on
account of high working capital intensity and largely debt-funded
capital expenditure. The ratings, however, draw comfort from the
company's long experience in NPK mixtures manufacturing business,
favourable demand potential for both mixtures and micro nutrients
and advantages accruing from the parent - Krishidhan Seeds Limited
(KSL) having strong technical expertise in product developments in
commercial seeds and widely established marketing infrastructure
set-up.
About Subhash Fertilisers
Subhash Fertilisers Private Limited was incorporated in 1999 for
manufacturing of NPK Mix fertilizers of various Government
approved NPK grades (like 18-18-10, 20-20-0 & 20-10-10). In
April 2000, the company started the manufacturing of fertilizers
at manufacturing facility located at Gundewadi at Jalna, near
Aurangabad in Maharashtra State. The plant is having an installed
capacity of 30,000 TPA for NPK-Mixture fertilisers. The company is
a 100% subsidiary of Krishidhan Seeds Limited, KSL (Rated at LBB+
by ICRA), a research based organization belonging to the Karwa
group and in the business of producing and marketing seeds.
During FY 2009 (year ending September 2009), SFPL recorded
operating income of INR85.5 million and PAT of INR1.7 million.
SHUBHYAN MOTORS: CRISIL Assigns 'B' Rating on INR30MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Shubhyan Motors Pvt
Ltd's bank facilities.
Facilities Ratings
---------- -------
INR90.0 Million Cash Credit B/Stable (Assigned)
INR30.0 Million Term Loan B/Stable (Assigned)
The rating reflects Shubhyan's weak financial risk profile, marked
by a small net worth, high gearing, and weak debt protection
metrics, and driven by the high working capital intensity of its
operations; its small scale of operations; and exposure to risks
related to geographical concentration in its revenue profile and
intense competition in the automotive dealership market. These
rating weaknesses are partially offset by the benefits that
Shubhyan derives from its promoter's experience in the automotive
dealership business.
Outlook: Stable
CRISIL believes that Shubhyan will continue to benefit over the
medium term from its promoters' extensive experience in the
business. However, its financial risk profile will remain weak
over this period, driven by the high working capital intensity of
its operations. The outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly, mainly
driven by fresh equity infusion leading to increase in net worth.
Conversely, the outlook may be revised to 'Negative' if Shubhyan
undertakes a large, debt-funded capital expenditure programme, or
its operating margin deteriorates.
About Shubhyan Motors
Shubhyan was incorporated in 1998 by Mr. Ranjeet Pawar. It is an
authorised dealer for commercial vehicles (CVs) manufactured by
Tata Motors Ltd (TML; rated 'A+/Stable/P1+' by CRISIL) and two-
wheelers manufactured by Hero Honda Motors Ltd (Hero Honda). It
operates three showrooms, one each in Ahmednagar and Satara for
TML's CVs, and one for Hero Honda's two-wheelers in Pune (all in
Maharashtra). Shubhyan also deals in spares and provides
automotive services.
Shubhyan reported a net loss of INR2.2 million on net sales of
INR942 million for 2008-09 (refers to financial year, April 1 to
March 31), against a profit after tax of INR3.9 million on net
sales of INR1192 million for 2007-08.
VARDHMAN ELECTRO-MECH: ICRA Rates INR70MM LT Bank Limit at 'LBB'
---------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR70 million long term
fund based and non-fund based bank limits of Vardhman Electro-Mech
Private Limited. ICRA has also assigned a short term rating of
'A4' to the INR10 million non-fund based bank facilities of VEPL.
The outlook on the long term rating is stable.
The ratings assigned by ICRA reflect VEPL's presence in low
voltage distribution transformer segment, which is characterized
by small unorganized players thereby resulting in stiff
competition to the company. The ratings are also constrained on
account of small scale of operations of the company, customer
concentration risks and de-growth in the operating income
witnessed during FY 2009-10. The ratings are however supported by
sufficiently long operating history of the company and the
promoters experience in the transformer business. The ratings
also derive comfort from the applicability of price variation
clause in the orders secured by the company, which is expected to
provide cushion to the profit margins against any adverse movement
in commodity prices. While assigning the rating, ICRA has
factored in the corporate guarantee extended by VEPL against the
debt in its group company, i.e. Rahul Conductors Private Limited
(RCPL) rated LBB (stable)/A4 by ICRA. Going forward, ICRA expects
the company to benefit from the healthy prospects in the
distribution transformer business arising out of various
investment programmes of state governments and Government of
India, however the company's ability to secure sufficient orders
to optimally utilise its capacity, while maintaining its profit
margins will remain crucial for future growth and profitability.
About Vardhman Electro-Mech
Vardhman Electro-Mech Private Ltd. was incorporated in the year of
1997 and is headed by Mr. S.L. Jain, who has worked as Executive
Engineer with Rajasthan State Electricity Board for more 22 years
before joining VEPL in 1999. The companies manufacture
transformers used in lower voltages for power distribution. Since
its inception, the companies have been supplying to three power
distribution companies in Rajasthan, i.e. Jaipur Discom, Ajmer
Discom and Jodhpur Discom and the orders from these discoms are
secured through competitive bidding route. During FY 2009-10, the
company reported a net sale of INR108 million and a net profit of
INR3.24 million as against a net sale of INR230 million in
2008-09 and net profit of INR6.17 million.
XL TELECOM: CARE Reaffirms 'CARE B' Rating on INR280.83cr LT Loan
-----------------------------------------------------------------
CARE reaffirms 'CARE B' and 'PR 4' rating to Bank facilities of
XL Telecom and Energy Ltd. and removes the ratings from credit
watch
Amount
Facilities/Instruments (INR Crore) Ratings Remarks
---------------------- ----------- ------- -------
Long-term Bank Facilities 280.83 'CARE B' Reaffirmed
and removed
from credit
watch
Long/Short-term Bank 155.00 'CARE B'/ Reaffirmed
Facilities 'PR4' and removed
from credit
watch
Rationale
CARE has removed the above ratings from credit watch in view of
the proposed restructuring of XLTEL's bank facilities sanctioned
by the respective banks.
The ratings factors in the tight liquidity conditions being
experienced by XLTEL due to decline in the operational performance
of the company caused by the global economic recession and
consequent restructuring of its bank facilities.
Incorporated in October 1985, XLTEL is engaged in the manufacture
of Fixed Wireless phones (FWPs), CDMA Handsets, SMPS Systems,
Solar Photo Voltaic Modules (SPV) and Ethanol. On a total income
of INR404 crore, XLTEL incurred losses of INR238 crore in FY09
(period ended June 30, 2009).
ZV STEELS: CRISIL Rates INR99.5 Million Cash Credit at 'B+'
-----------------------------------------------------------
CRISIL has assigned its 'B+/Stable' ratings to ZV Steels Pvt Ltd's
bank facilities.
Facilities Ratings
---------- -------
INR99.5 Million Cash Credit* B+/Stable (Assigned)
*includes a flexible sub limit of FCNR loan to the extent
of INR40.0 Million and Letter of credit to the extent of
INR20.0 Million
The ratings reflect ZVS's below-average financial risk profile,
marked by a small net worth, high gearing and weak debt protection
metrics, low value-addition nature of business and susceptibility
to intense competition in the steel trading business. These
rating weaknesses are partially offset by ZVS's promoters'
experience in steel trading business.
Outlook: Stable
CRISIL believes that ZVS will continue to benefit from its
promoters' experience over the medium term. The outlook may be
revised to 'Positive' if ZVS' financial risk profile improves,
driven by equity infusion leading to improvement in capital
structure, or higher-than-expected profitability leading to
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if ZVS undertakes large, debt-funded
capital expenditure, resulting in further deterioration in capital
structure, or if a significant decline in turnover or
profitability constrains its debt protection metrics.
About ZV Steels
Mumbai-based ZVS was set up as a partnership firm in 1978 by
Mr. Riyaz Lokhandwala and his father Mr. Kareem Lokhandwala.
Subsequently, it was reconstituted as a private limited company in
1998 and renamed. ZVS trades in cold-rolled commercial anneal
(CRCA) and hot-rolled (HR) coils and sheets. The promoters have
more than three decades of experience in steel trading business.
ZVS is an authorized dealer of JSW Steel Ltd for its CRCA
products. The company has its stock point at Taloja (Maharashtra)
from where it caters to customers, mainly in Maharashtra.
ZVS reported a profit after tax (PAT) of INR1.89 million on net
sales of INR631.19 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR1.13 million on net
sales of INR415.10 million for 2008-09.
=================
I N D O N E S I A
=================
BANK DANAMON: Director Herry Hykmanto Sells 50,000 Shares
---------------------------------------------------------
Bank Danamon Director Herry Hykmanto said he had sold 50,000 of
his B-series shares in the bank for IDR5,200 per share, ANTARA
News reports.
The news agency relates Herry Hykmanto said in a statement to the
Indonesian Stock Exchange that he sold the shares last May 14,
2010, thus reducing his shares in the bank to 1.17% or 930,000 B-
series shares.
Herry Hykmanto was appointed as Bank Danamon director through the
2008 Annual General Meeting and after joining as the "Head of
Transaction Banking" since 2003, according to ANTARA News.
About Bank Danamon
Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking. Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services. The bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers. DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income. As of December 31, 2009,
the Bank had 82 domestic branches, 1,405 domestic supporting
branches and DSP branches, 11 Sharia branches and one overseas
branch.
* * *
PT Bank Danamon Indonesia continues to carry Fitch Ratings' BB
Long-term foreign currency Issuer Default Rating, 'B' Short-term
foreign currency IDR and 'C/D' Individual Rating.
Bank Danamon also carries Moody's 'Ba3' Long Term Rating, 'Ba3'
Foreign LT Bank Deposits and 'D' BFSR.
PERUSAHAAN GAS: Suspends Director Over Corruption & Bribery Cases
-----------------------------------------------------------------
The Jakarta Post reports that PT Perusahaan Gas Negara has
suspended Djoko Pramono, the director for general affairs and
human resources development, for his alleged role in cases of
corruption and bribery.
The report, citing tempointeraktif.com, relates PGN corporate
secretary Wahid Sutopo said PGN commissioners had issued a letter
suspending Djoko Pramono, who had been non-active since January
2010 when the corruption eradication commission (KPK) began the
investigation into his alleged involvement in the corruption and
bribery case also involving PGN's former president director
Washington Mampe Parulian Simanjuntak. "PGN commissioners have
suspended Djoko Pramono starting May 21," tempointeraktif.com
quoted Wahid as saying, according to Jakarta Post.
The Post adds that Wahid Sutopo said the commissioners will
propose for the dismissal of Djoko Pramono in the company's
shareholders meeting, which will be held on June 17. "Finance
director Riza Fahlevi will be temporarily take over Djoko
Pramono's job," Wahid Sutopo said.
About PGN
Headquartered in Jakarta, Indonesia, Perusahaan Gas Negara Tbk --
http://www.pgn.co.id/-- is a gas and energy company that is
comprised of two core businesses: distribution and transmission.
For distribution, PGN signs long-term supply agreements with
upstream operators, which give the company scheduled and
reliable gas volumes and fixed gas prices. These volumes are
subsequently sold to commercial and industrial customers under
gas sales agreements. Under these agreements, sales volumes are
take-or-pay and the gas pricing is fixed and in US dollar. On
the transmission business, PGN ships gas on behalf of the
upstream suppliers under a fixed US dollar tariff with ship-or-
pay volumes agreements. The company is 59.4% owned by the
Government of Indonesia.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
December 9, 2009, Moody's Investors Service affirmed Perusahaan
Gas Negara's Ba2 corporate family rating. At the same time,
Moody's upgraded the senior unsecured debt rating of PGN Euro
Finance 2003 Ltd, which is guaranteed by Perusahaan Gas Negara, to
Ba2 from Ba3. The outlook on all ratings is stable.
=========
J A P A N
=========
JAPAN AIRLINES: To Delay Submission of Rehab Plan Until August
--------------------------------------------------------------
Yoshio Takahashi at Dow Jones Newswires reports that Japan
Airlines Corp. said Tuesday it will postpone by two months the
submission of a restructuring plan to the court as it seeks to
flesh out details of the plan.
Dow Jones says the airline initially intended to present the plan
to the Tokyo District Court by the end of June. JAL said the
court has agreed to the new deadline, Dow Jones relates.
"We want to compile the plan in a much more detailed and accurate
manner to make it much better," Dow Jones quoted JAL chairman
Kazuo Inamori as saying at a monthly press conference.
According to Dow Jones, Hideo Seto, committee chairman with the a
state-backed turnaround body, the Enterprise Turnaround Initiative
Corp., said the decision to postpone submission of the plan in
part reflects the hopes of some JAL lenders for a solid scheme for
the airline's revival.
About Japan Airlines
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19 in the
Tokyo District Court and filed a Chapter 15 petition in New York
(Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt is
$28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
TOSHIBA CORP: Inks Definitive Agreement With Babcock & Wilcox
-------------------------------------------------------------
Toshiba Corp. and Babcock & Wilcox Investment Company, an
affiliate of The Babcock & Wilcox Company, have signed a
definitive agreement to make an investment in USEC Inc. over three
phases, each of which is subject to satisfaction of specific
preconditions, including regulatory approvals.
The $200 million investment, shared equally between Toshiba and
B&W, will strengthen the deployment of the American Centrifuge
Plant and create key new business opportunities throughout the
nuclear fuel cycle. Both companies, with their deep experience in
the nuclear field, consider the investment agreement as an
important strategic initiative.
"We have decided to make this investment in American know-how and
American technology in order to produce more uranium fuel for the
growing worldwide nuclear power market with high confidence in
USEC as a leading supplier of low enriched uranium. Toshiba has
intensified its front-end supply chain by executing various
programs. Along with these efforts, the investment in USEC will
strengthen the nuclear fuel supply chain," said Yasuharu Igarashi,
corporate senior vice president of Toshiba. "The nuclear
renaissance is moving forward and this investment will help power
its growth by securing the supply of uranium fuel for existing and
potential customers."
Brandon Bethards, president and CEO of B&W, said, "This agreement
will allow B&W to explore broader energy opportunities globally
through expanded strategic relationships with Toshiba and USEC, as
well as further enhance our already-strong relationship with the
U.S. Department of Energy. This initiative further solidifies our
position as a key contributor to a successful nuclear
renaissance."
USEC Inc. is a leading supplier of enriched uranium fuel for
commercial nuclear power plants. USEC 2009 revenues were more
than $2 billion.
"This is a new day for USEC in the era of nuclear power, and we're
heartened by these votes of confidence in USEC and the American
Centrifuge Project from two global leaders in the nuclear power
industry," said John Welch, USEC president and CEO. "The
agreement accelerates our recent momentum and addresses a key
issue in our sustained drive to deploy the innovative American
Centrifuge technology. The strategic relationship between our
companies will also create new business opportunities across the
entire nuclear fuel cycle."
The agreement comes at a time when the federal government is
considering issuing a loan guarantee to support completion of
USEC's American Centrifuge Project, a next-generation uranium
enrichment facility to be built in Piketon, Ohio. The project is
based on the use of highly efficient centrifuges to produce
uranium fuel. USEC is operating a cascade of centrifuge machines
in a commercial plant configuration, collecting data and
experience in preparation for transitioning into full commercial
operation. USEC employees in several states are also involved in
the design, development, testing and manufacturing of the
centrifuge machines. If successful in obtaining a loan guarantee,
the American Centrifuge Project could create at the peak of
construction nearly 8,000 jobs, with almost half located in Ohio.
The investment is subject to applicable regulatory reviews.
About Toshiba Corp.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others. The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others. The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment. The Others segment
leases and sells real estate.
* * *
Toshiba Corporation continues to carry Fitch Ratings 'BB' Long-
term FC and LC Issuer Default Ratings, 'B' Short-term FC and LC
Issuer Default Ratings and 'BB' Senior unsecured notes ratings.
=========
K O R E A
=========
DAEWOO MOTOR: Injunction Against GM Daewoo Rejected
---------------------------------------------------
A South Korean district court dismissed on Wednesday an injunction
request filed by Daewoo Motor Sales to order GM Daewoo Auto and
Technology to revive a car sales contract with it, Yonhap News
Agency reports.
Yonhap recalls that GM Daewoo, a subsidiary of General Motors
Corp., terminated its sales contract with Daewoo Motor in March,
citing delayed sales payments and failure to fulfill other
contract terms. The company has since signed contracts with three
local retailers -- Daehan Motors, Samhwa Motors and Aju Motors --
while also providing vehicles directly to sales agents previously
managed by Daewoo Motor Sales, the report notes.
According to Yonhap, Daewoo Motor filed the injunction last month,
asking to maintain its sales rights and to prevent GM Daewoo from
signing new sales contracts.
The news agency relates the court said GM Daewoo had a right to
void the contract with Daewoo Motor Sales as the retailer failed
to fulfill its terms.
As reported in the Troubled Company Reporter-Asia Pacific on
April 28, 2010, Dow Jones Newswires said Daewoo Motor's creditors
reversed their decision to let the company go bankrupt. Creditors
including Korea Development Bank decided to help Daewoo Motor
settle KRW17.66 billion notes held by Daewoo Bus Corp. and Tata
Daewoo Commercial Vehicle Co. Dow Jones noted that KDB and other
financial creditors in mid-April put Daewoo Motor Sales under a
debt-workout plan. As part of that, Dow Jones said, debt-payment
obligations to financial institutions were frozen until July 13,
but commercial bills still had to be paid. The workout program
for Daewoo Motor Sales, which owes KRW2.2 trillion to financial
institutions, came after GM Daewoo in March pulled the plug on its
partnership with the debt-laden company, Dow Jones noted.
About Daewoo Motor
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.
====================
N E W Z E A L A N D
====================
AIR NEW ZEALAND: Increases Capacity on Improved Demand
------------------------------------------------------
Air New Zealand said it is increasing its international and
domestic capacity by 4.9% and 3.8% respectively for its upcoming
Northern Winter 2010 schedule.
International capacity growth for the November 2010 ? March 2011
period includes San Francisco up 17.9%, Vancouver up 7.9% and Los
Angeles up 4%. Capacity on the Japan routes will increase by 6.7%,
while UK and China services remain unchanged.
The long-haul capacity increases are primarily through increased
frequency.
Air New Zealand Deputy CEO Norm Thompson said the extra capacity
is being added as the airline starts to see a recovery in air
travel, albeit one that is still well below the highs of 2008.
"We are seeing a slow, but definite sign of a recovery from the
reduction in travel in 2009, however these are still 13% below
levels in 2008."
Demand improvement coupled with the arrival of new larger Airbus
A320 aircraft and the reconfiguration of the existing A320 fleet,
means capacity will also be increased across the short-haul
international network.
"Some routes in particular are showing very positive signs, with
Queenstown capacity up 88% over the same time a year ago," says
Mr. Thompson. "Additional frequencies from Melbourne, Sydney and
Brisbane to Queenstown reflect the growth in the region as a
summer destination for Australians," says Mr. Thompson. "Overall
Tasman seat capacity is being increased by 10.2% on 2009 levels,
although this is still down by 6.6% on the same period in 2008."
Domestic capacity will be up 3.8% across the network.
About Air New Zealand
Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business. Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.
* * *
Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.
BOTRY-ZEN LTD: Two Potential Buyers on Short List
-------------------------------------------------
Simon Hartley at the Otago Daily Times reports that the receivers
of Botry-Zen Ltd have short listed two buyers for the failed
biotech company.
The report says negotiations in recent months with several suitors
have come down to a short list of two companies, one from New
Zealand and another from overseas.
Receiver Matt Taylor of WHK said several companies had shown
interest in Botry-Zen and he expected an outcome in about a month,
once both companies had completed due diligence, according to the
Otago Daily Times.
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.
=================
S I N G A P O R E
=================
CHARISLAND PTE: Court to Hear Wind-Up Petition on June 4
--------------------------------------------------------
A petition to wind up the operations of Charisland Pte Ltd will be
heard before the High Court of Singapore on June 4, 2010, at
10:00 a.m.
Yeo Hiap Seng (Malaysia) Bhd filed the petition against the
company on May 17, 2010.
The Petitioner's solicitor is:
Allen & Gledhill LLP
One Marina Boulevard #28-00
Singapore 018989
POLIMER CHEMICAL: Creditors' Proofs of Debt Due June 9
------------------------------------------------------
Polimer Chemical (S) Pte Ltd, which is in liquidation, requires
its creditors to file their proofs of debt by June 9, 2010, to be
included in the company's dividend distribution.
The company's liquidator is:
Mr. Don M Ho
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza 20 Cecil Street #12-02
Singapore 049705
SINGAPORE COPPER: Creditors' Proofs of Debt Due June 24
-------------------------------------------------------
Singapore Copper Technologies Pte Ltd, which is in creditors'
voluntary liquidation, requires its creditors to file their proofs
of debt by June 24, 2010, to be included in the company's dividend
distribution.
The company's liquidators are:
Neo Ban Chuan
Cameron Duncan
c/o KordaMentha Neo
30 Robinson Road
Robinson Towers, #12-01
Singapore 048546
*********
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 ***