/raid1/www/Hosts/bankrupt/TCRAP_Public/100625.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, June 25, 2010, Vol. 13, No. 124
Headlines
A U S T R A L I A
ALINTA ENERGY: Receives Takeover Bids; Working With Bank Syndicate
RESEAU INTERNATIONAL: Placed in Voluntary Administration
C H I N A
AGRICULTURAL BANK: Seeks Up to HK$88.4 Billion in Hong Kong IPO
* CHINA: Revenues May Not Be Enough to Pay CNY2.9-Trillion Debt
H O N G K O N G
GALAXY CASINO: S&P Affirms 'B' Long-Term Corporate Credit Rating
SPEEDYGAIN NOMINEES: Commences Wind-Up Proceedings
TOP EARNING: Creditors' Proofs of Debt Due July 19
VENTURER HOLDINGS: Commences Wind-Up Proceedings
VINELAND COMPANY: Members' Final General Meeting Set for July 20
I N D I A
AAKAR FOUNDRY: CRISIL Puts Default Rating on INR245MM Term Loan
AIR INDIA: Banks Won't Give Loan Without Sovereign Guarantee
BHAGWATI DEVI: CRISIL Assigns Default Rating on INR105MM Term Loan
CANARA OVERSEAS: CRISIL Reaffirms 'BB-' Rating on INR150MM Loan
EAGLE STEEL: CRISIL Assigns 'BB-' Rating on INR120MM Cash Credit
GULSHAN CHEMICALS: CRISIL Puts 'BB' Rating on INR60MM Cash Credit
GOPINATH SPINNING: CRISIL Reaffirms 'D' Rating on INR97.6MM Loan
IN-LAND INFRASTRUCTURE: ICRA Reaffirms 'B' Rating on INR150MM Loan
INDEXPO: CRISIL Puts 'P4' Rating on INR50 Million Packing Credit
JUMBO ROOFINGS: CRISIL Assigns 'BB-' Rating on INR94.5MM Term Loan
KRISHNA REGENCY: CRISIL Rates INR30 Million Long Term Loan at 'B'
MARUTI PACKAGERS: CRISIL Rates INR80 Million Cash Credit at 'BB-'
MITTATEX EXPORTS: CRISIL Reaffirms 'P4' Rating on INR250MM Loan
PREMIER ISPAT: CRISIL Places 'BB' Rating on INR43.5MM Term Loan
RAMA SHYMA: CRISIL Puts 'BB+' Rating on INR76.6 Million Term Loan
RELIABLE EXPORTS: CRISIL Rates INR750 Million Term Loan at 'B+'
SHAKAMBARI FASHION: Delays in Loan Payment Cues CRISIL 'D' Ratings
SHRUTI TRADE: CRISIL Rates INR180 Million Letter of Credit at 'P4'
SUPREME BUILDERS: CRISIL Rates INR100 Million Term Loan at 'B'
TATA MOTORS: May Raise Up to INR25 Billion to Cut Debt
TATA STEEL: To Sell 50% Stake in Tata Refractories
VANITA AGROCHEM: CRISIL Assigns 'BB' Rating on INR50MM Cash Credit
VIKRAM KNITTEX: CARE Places 'CARE BB' Rating on INR13.5cr LT Loans
ZAZSONS EXPORTS: CRISIL Assigns 'P4' Ratings on Various Bank Debts
I N D O N E S I A
MOBILE-8 TELECOM: S&P Withdraws 'D' Corporate Credit Rating
J A P A N
CSTR-1 TRUST: Moody's Downgrades Ratings on Five Certificates
MOMENTUM CDO: S&P Raises Ratings on 2006-2 Credit-Linked Notes
TITAN JAPAN: Moody's Downgrades Ratings on Five Classes of Notes
K O R E A
KYONGNAM BANK: Fitch Affirms Individual Rating at 'C/D'
SSANGYONG MOTOR: Nissan CEO Confirms Interest in Buying Stake
N E W Z E A L A N D
CRAFAR FARMS: Landcorp to Submit "Realistic" Offer for 16 Farms
FLY DIRECT: Website Sold; New Owner to Donate One Year Commission
NATHANS FINANCE: Ex-Directors & Auditors Face NZ$66 Million Suit
ST LAURENCE: National Property Trust to Give Up Management Rights
S I N G A P O R E
GLOBAL A&T: S&P Gives Stable Outlook; Affirms 'B-' Rating
T A I W A N
TAIWAN INT'L: Court-Appointed Managers' Takeover Set Today
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
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A U S T R A L I A
=================
ALINTA ENERGY: Receives Takeover Bids; Working With Bank Syndicate
------------------------------------------------------------------
Alinta Energy Group, formerly known as Babcock & Brown Power,
confirmed Wednesday that it has received a number of indicative,
non-binding, and confidential bids for both whole of business and
parts of the business.
"Alinta Energy continues to assess deleveraging options for the
business, including asset sale and capital management
options, with a focus on maximising total enterprise value,"
Alinta Energy said in a statement to the stock exchange.
"No decision has been made on whether any of these options will be
pursued. Pending an outcome on Alinta Energy's assessment of
these options, Alinta Energy has not yet implemented the
equitisation of intra-group loans approved by securityholders in
February 2010."
Alinta Energy said it has made a request to its banking syndicate
for the variation of covenants for the period to March 31, 2011,
as under some trading scenarios, these covenants could come under
pressure and frustrate the deleveraging activities.
"Alinta Energy is not in default of its loan covenants or any
other financial obligations."
The company dismissed report it has considered appointing a
voluntary administrator on failure to receive the covenant
variations requested.
"Alinta Energy has been working closely and co-operatively with
its banking syndicate and is not considering the appointment of a
voluntary administrator," the company added.
Alinta Energy confirms its FY2010 normalised EBITDA guidance of
$288 million.
The company previously advised the market of the restructure of
its finance facilities, of the further need to de-lever the group
and of the appointment of Macquarie Capital Advisers and UBS AG,
Australian Branch as joint advisors for that purpose.
Alinta Energy Group (ASX:AEJ) -- http://www.alintaenergy.com/--
is a power generation business, with assets diversified by
geographic location, fuel source, customers, contract types and
operating mode. The portfolio has interests in 12 operating power
stations representing approximately 3,000MW of installed
generation capacity. In Western Australia, Alinta Energy also
operates the largest integrated private gas and electricity
retailer with over 580,000 customers.
Alinta Energy Group posted a net loss of AU$148.98 million for
the year ended June 30, 2009, compared with a net loss of
AU$426.51 million in 2008.
RESEAU INTERNATIONAL: Placed in Voluntary Administration
--------------------------------------------------------
Russell Emmerson at The Advertiser reports that Reseau
International Trading has been placed into administration with
debts of up to AU$80 million.
The Advertiser relates that Pitcher Partners principal
Michael Basedow said he was still piecing together information
about Reseau International Trading after being appointed
administrator of the company on June 22, 2010.
Initial estimates place the company's debts of up to AU$80 million
owed to about 300 investors and creditors.
"My office has already been contacted by many very concerned
investors with exposures ranging from thousands to millions of
dollars," the Advertiser quoted Mr. Basedow as saying.
Reseau International Trading is engaged in exporting and importing
confectionery and other products. The company is linked to a
twice-bankrupted Adelaide star guitarist Kevin Peek. Mr Peek's
daughter, Frances Peek, and nephew, Richard Smith, are listed as
directors.
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C H I N A
=========
AGRICULTURAL BANK: Seeks Up to HK$88.4 Billion in Hong Kong IPO
---------------------------------------------------------------
Agricultural Bank of China Ltd. will seek to raise as much as
HK$88.4 billion in the Hong Kong portion of its initial public
offering, Bloomberg News reports citing three people with
knowledge of the price range.
Bloomberg News relates the people said Agricultural Bank will
offer 25.4 billion shares in Hong Kong at HK$2.88 to HK$3.48
apiece. The Beijing-based lender may also sell 22.2 billion
shares in Shanghai at a price that hasn't been disclosed.
Meanwhile, Australia's Seven Group has confirmed it had applied
for up to US$250 million worth of shares in the Hong Kong portion
of the ABC's public offering.
"Seven looks forward to its application being successful. The
stake, if allocated, will be a strategic investment intended to
further Seven's links with and assisting its WesTrac business in
North Eastern China," Seven said in statement to the ASX.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 16, 2008, Agricultural Bank of China plans to seek a dual
listing at both Shanghai Stock Exchange and Hong Kong Exchanges
this year. The bank is expected to raise US$25 billion to US$35
billion from the IPO, with 60% of shares sold at the Shanghai
bourse and 40% at the Hong Kong bourse. But the proportion could
also be changed, depending on market situation and the scale of
the IPO. Agricultural Bank was the last of China's large banks to
be recapitalized by the state in preparation for restructuring and
an eventual IPO and it is generally viewed in China as the worst-
performing and worst-managed of all banks, according to The
Financial Times.
About ABC
Agricultural Bank of China -- http://www.abchina.com/-- one of
China's largest state-owned commercial banks, specializes in
financing and providing services to agricultural, industrial,
commercial, and transportation enterprises in rural areas. The
bank also offers personal banking, credit cards, and foreign
exchange services. Founded in 1951, ABC operates approximately
31,000 branches and banking offices, as well as more than 30
provincial-level offices, serving every county in China. Overseas
it operates branches in Hong Kong and Singapore, and
representative offices in London, New York, and Tokyo.
* * *
Agricultural Bank of China continues to carry Moody's 'E+' bank
financial strength rating and Fitch's "E" Individual Rating.
* CHINA: Revenues May Not Be Enough to Pay CNY2.9-Trillion Debt
---------------------------------------------------------------
According to Bloomberg News, the China Securities reported that
China's state revenue may be insufficient to pay the CNY2.9
trillion (US$425.8 billion) of debt owed by local provincial and
city governments.
Bloomberg relates that the Chinese newspaper, citing China's
Auditor General Liu Jiayi, said seven provinces, 10 cities and 14
districts owed debt that exceeded their repayment abilities by
more than 100 percent. The highest debt owed exceeded revenues
by as much as 364.8 percent.
================
H O N G K O N G
================
GALAXY CASINO: S&P Affirms 'B' Long-Term Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Galaxy Casino S.A. The outlook is
negative. S&P also affirmed the 'B' debt rating on the company's
(HK$) 9.0 billion club loan. Both ratings were removed from
CreditWatch, where they had been placed with negative implications
on Nov. 11, 2009. At the same time, S&P withdraw the 'B' issue
rating on the senior unsecured notes issued by Galaxy
Entertainment Finance Co. Ltd. after their full redemption.
"S&P affirmed the ratings to reflect its view that Galaxy Casino's
recent closing of its HK$9.0 billion club loan -- a type of
syndicated loan -- has improved the company's debt maturity
profile and with improved terms compared with the redeemed bonds,"
said Standard & Poor's credit analyst Joe Poon. "In S&P's
opinion, Galaxy Casino is now likely to have adequate funding to
complete its Galaxy Macau resort project with interest expenses
lowered materially."
The affirmed ratings also reflect Galaxy Casino's satisfactory
operating performance in the first quarter of 2010 and S&P's
expectation that its flagship hotel, StarWorld, should continue to
perform well this year, given favorable prospects for the Macau
gaming market and continued cost controls.
The strengths are offset by Galaxy Casino's highly leveraged
financial risk profile, the Macau gaming industry's reliance on
the Chinese market for the bulk of its customers, and the
company's inherent industry exposure to economic volatility and
regulatory risks in China.
The closing of the club loan has materially reduced Galaxy
Casino's interest expenses this year after the company fully
redeemed its senior unsecured notes due 2010 and 2012.
Nevertheless, the company remains exposed to construction risks
for its resort, Galaxy Macau, Mr. Poon said.
The resort's current development budget of HK$14.1 billion
associated with the upgrade in facilities has been significantly
revised upward from the initially planned HK$10.5 billion.
Although more than 80% of the construction contracts are already
fixed, any material delay in the timing of the opening, cost
overruns, or a weaker-than-expected operating performance post-
opening will have a negative impact on Galaxy Casino's financial
flexibility and liquidity, in S&P's opinion. The remaining unpaid
project cost on Galaxy Macau resort is approximately
HK$8.7 billion.
Galaxy Casino has a highly leveraged financial risk profile. S&P
expects after Galaxy Casino has fully drawn down on the
US$9.0 billion club loan, the ratio of total debt to total capital
would be about 60%.
The negative outlook on the rating reflects the company's past
experience of project delays and budget increases for the Galaxy
Macau resort, and heightened construction and execution risks. In
S&P's view, the resort will face intense competition from new and
existing facilities at Cotai. S&P believes that significant
delays in opening the resort or weaker-than-expected demand will
have a negative impact on Galaxy Casino's financial performance
and would impair the company's ability to meet its financial
obligations, leaving it with limited financial flexibility.
SPEEDYGAIN NOMINEES: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Speedygain Nominees Limited, on June 11, 2010, passed a
resolution to voluntarily wind-up the company's operations.
The company's liquidator is:
Fung Kit Yee
25/F., Jardine House
1 Connaught Place
Central, Hong Kong
TOP EARNING: Creditors' Proofs of Debt Due July 19
--------------------------------------------------
Creditors of Top Earning Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 19,
2010, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on June 10, 2010.
The company's liquidators are:
Chan Chi Bor
Li Fat Chung
Unit 402, 4/F., Malaysia Building
No. 50 Gloucester Road
Wanchai, Hong Kong
VENTURER HOLDINGS: Commences Wind-Up Proceedings
------------------------------------------------
Sole Member of Venturer Holdings Limited, on June 11, 2010, passed
a resolution to voluntarily wind-up the company's operations.
The company's liquidator is:
Heng Poi Cher
4304, 43/F, China Resources Building
26 Harbour Road
Wanchai, Hong Kong
VINELAND COMPANY: Members' Final General Meeting Set for July 20
----------------------------------------------------------------
Members of Vineland Company Limited will hold their final general
meeting on July 20, 2010, at 10:00 a.m., at 9th Floor, Cheung Kong
Center, 2 Queen's Road Central, in Hong Kong.
At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee,
the company's liquidators, will give a report on the company's
wind-up proceedings and property disposal.
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I N D I A
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AAKAR FOUNDRY: CRISIL Puts Default Rating on INR245MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'D' rating to Aakar Foundry Pvt Ltd's bank
facilities. The rating reflects the delay by AFPL in servicing
its term loan; the delay has been caused by AFPL's weak liquidity.
Facilities Ratings
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INR65.0 Million Cash Credit D (Assigned)
INR245.0 Million Term Loan D (Assigned)
Set up in 2006 by Mr. Bharat Agarwal, AFPL manufactures aluminium
die-casting products such as alloy wheels, cylinder head castings,
and other automobile components. The company is in the process of
setting up its manufacturing unit at a total project cost of about
INR410 million, to be funded by a term loan of INR245 million and
balance by fresh equity infusion and unsecured loans from
promoters. The manufacturing unit is being set up at Pune
(Maharashtra), and will have a capacity of 2000 tonnes per annum
for aluminium die-casting products.
AFPL partially operationalised the plant in November 2009 and
undertook job work during 2009-10 (refers to financial year,
April 1 to March 31). The plant is expected to be fully
operational by July 2010. AFPL is expected to report a net loss of
INR55.0 million on net sales of INR3.7 million for 2009-10.
AIR INDIA: Banks Won't Give Loan Without Sovereign Guarantee
------------------------------------------------------------
The Economic Times reports that Air India's financial woes
continue as banks are not willing to give loan without a sovereign
guarantee.
The report relates that Air India had floated a tender in May to
raise US$1.15 billion to refinance loans that funded the purchase
of 21 Airbus SAS planes. But sources said that various banks told
the Air India management that they won't be able to provide the
loan unless there is a sovereign guarantee from the government of
India, according to the Economic Times.
The date for the tender has been extended to July 16.
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.
* * *
The Troubled Company Reporter-Asia Pacific, 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. Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.
In December 2009, 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.
BHAGWATI DEVI: CRISIL Assigns Default Rating on INR105MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'D' rating to Bhagwati Devi Foundation's
term loan facility. The rating reflects delay by BDF in servicing
its interest payment; the delay has been caused by BDF's stretched
liquidity.
Facilities Ratings
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INR105.0 Million Term Loan D (Assigned)
BDF was set up by Mr. Shri Maan Singh in 1989. Because of delays
in allotment of land the trust's only school, The Indian Heights
School, was established in 2008 at Dwarka, New Delhi; 2008-09
(refers to financial year, April 1 to March 31) was the school's
first academic year. The school has applied to the Central Board
of Secondary Education (CBSE), and provides education from nursery
to eighth standard. BDF's trustees are the owners of Arya Book
Depot, which is a book publisher for the last 6 decades in
northern India.
CANARA OVERSEAS: CRISIL Reaffirms 'BB-' Rating on INR150MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on Canara Overseas Ltd's
long-term bank facilities as 'BB-/Stable', and has reclassified
the rating on the short-term facilities as 'P4+' from 'P4'.
Facilities Ratings
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INR150.0 Million Cash Credit BB-/Stable (Reaffirmed)
INR50.0 Million Packing Credit P4+ (Reclassified from 'P4')
The ratings reflect COL's susceptibility to volatility in iron ore
prices and cyclicality in the end-user industry, the company's
modest scale of operations, and geographical concentration in its
revenue profile. These rating weaknesses are partially offset by
COL's promoters' experience in the iron ore business.
Outlook: Stable
CRISIL believes that COL will maintain its business risk profile,
backed by its promoters' experience in the business and healthy
demand outlook for iron ore in key operating markets. The outlook
may be revised to 'Positive' if COL increases its scale of
operations while maintaining its debt protection indicators and
profitability. Conversely, the outlook may be revised to
'Negative' if COL contracts more-than-expected debt, leading to
deterioration in its financial risk profile, or if there is any
adverse change in regulatory policy with regards to iron ore
exports or iron ore mining.
About Canara Overseas
Incorporated in 2003 by Mr. Pradeep Wodeyar, Mr. G Lakshminarayana
and Ms. K M Sujatha Prabhu, COL procures and exports iron ore
fines from domestic mines in and around Hospet. The company
derives a significant proportion of its revenues from overseas
markets, mainly China.
COL reported a provisional profit after tax (PAT) of INR5.3
million on net sales of INR369.6 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR4.9
million on net sales of INR348.4 million for 2008-09.
EAGLE STEEL: CRISIL Assigns 'BB-' Rating on INR120MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Eagle Steel
Industries Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR120.0 Million Cash Credit BB-/Stable (Assigned)
INR30.0 Million Letter of Credit P4+ (Assigned)
The ratings reflect Eagle Steel's small scale of operations; weak
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics; and susceptibility of its
margins to volatility in raw material prices. These rating
weaknesses are partially offset by Eagle Steel's promoters'
experience in the steel industry.
Outlook: Stable
CRISIL believes that Eagle Steel's scale of operations will remain
small and its financial risk profile, weak, over the medium term,
because of large working capital requirements. The outlook may be
revised to 'Positive' if Eagle Steel's scale of operations
increases substantially, and there is significant improvement in
its capital structure. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile is weakened
because of significant pressures on margins, leading to reduced
cash accruals, or large, debt-funded capital expenditure.
About Eagle Steel
Eagle Steel was set up as a proprietary concern in 2003 by
Mr. Rafiq Ghanchi. It was reconstituted as a private limited
company in 2006. The company is in the business of straightening
and cutting cold-rolled steel. Its primary customers include
shutter, shed, cupboard, and steel drum manufacturers. The
company has a capacity of 15,000 tonnes per annum. Mr. Rafiq
Ghanchi and his brother Mr. Iliyas Ghanchi manage Eagle Steel's
operations.
Eagle Steel reported a profit after tax (PAT) of INR2 million on
net sales of INR446.8 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR1.4 million on net
sales of INR388.1 million for 2008-09.
GULSHAN CHEMICALS: CRISIL Puts 'BB' Rating on INR60MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Gulshan
Chemicals Ltd's bank facilities.
Facilities Ratings
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INR60.0 Million Cash Credit Limit BB/Stable (Assigned)
INR15.0 Million Letter of Credit/ P4+ (Assigned)
Bank Guarantee
The ratings reflect GCL's limited financial flexibility, and its
susceptibility to adverse regulatory changes and cyclicality in
the domestic end-user industries. These rating weaknesses are
partially offset by the benefits that GCL derives from its
promoters' experience in the inorganic chemicals business and its
improving operating efficiencies.
Outlook: Stable
CRISIL believes that GCL will continue to benefit from its
promoters' industry experience and its improving operating
efficiencies, over the medium term. However, GCL's financial
flexibility will remain limited because of mismatch in cash
accruals vis-…-vis debt repayments in 2010-11(refers to financial
year, April 1 to March 31). The company is likely to use its
existing unutilised bank lines to meet debt repayments in a timely
manner. The outlook may be revised to 'Positive' if GCL scales up
its operations, or its financial risk profile and financial
flexibility are better than expected. Conversely, the outlook may
be revised to 'Negative' if GCL's financial risk profile,
particularly financial flexibility, deteriorates, most likely
because of debt-funded capital expenditure or increased working
capital requirements.
About Gulshan Chemicals
Incorporated in 1985 by Mr. Pradeep Kumar Jain, GCL manufactures
sodium hydrosulphite, a bleaching agent used in the paper,
textile, leather, and pharmaceutical industries. GCL has an
installed capacity of 15,000 tonnes per annum (tpa) of sodium
hydrosulphite and 4500 tpa of sodium sulphite at its facilities in
Bhiwadi (Rajasthan).
GCL reported a profit after tax (PAT) of INR45.1 million on net
sales of INR497.0 million for 2008-09, against a loss of INR21.3
million on net sales of INR337.9 million for 2007-08.
GOPINATH SPINNING: CRISIL Reaffirms 'D' Rating on INR97.6MM Loan
----------------------------------------------------------------
CRISIL ratings on Gopinath Spinning Pvt Ltd's bank facilities
continue to reflect delays by GSPL in servicing its term loan; the
delay has been caused by GSPL's weak liquidity and sub-optimal
capacity utilization.
Facilities Ratings
---------- -------
INR20.0 Million Cash Credit Facility D (Reaffirmed)
INR97.6 Million Term loan D (Reaffirmed)
INR13.0 Million Inland/Foreign Bank P5 (Reaffirmed)
Guarantee
Set up in 2003 by the Yogin Patel group, the Atlas group and the
Shiva group, GSPL began commercial operations in July 2007. It
manufactures cotton combed and blended yarn for knitting and
weaving, and has capacity of 19,680 spindles (250 tonnes per
month) at its factory in Dadra (Dadra and Nagar Haveli).
GSPL reported a net loss of INR41.7 million on net sales of INR67
million for 2008-09 (refers to financial year, April 1 to
March 31), against net loss of INR20.3 million on net sales of
INR14.9 million for 2007-08.
IN-LAND INFRASTRUCTURE: ICRA Reaffirms 'B' Rating on INR150MM Loan
------------------------------------------------------------------
CRISIL's rating on In-Land Infrastructure Developers Pvt Ltd's
bank facilities continues to reflect IDPL's exposure to high
funding risk, and moderate implementation risk, for its In-Land
Windsors project. These rating weaknesses are partially offset by
IIDPL's promoters' strong track record in the real estate market
in Mangalore (Karnataka).
Facilities Ratings
---------- -------
INR150.00 Million Cash Credit Limit B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that IIDPL will continue to benefit from its
established position in Mangalore's real estate market. The
outlook may be revised to 'Positive' if IIDPL collects more-than-
expected customer advances against its project, and completes it
without time or cost overruns. Conversely, the outlook may be
revised to 'Negative' in case IIDPL's project faces time and cost
overruns, or the promoters do not bring in sufficient funds for
the project.
IIDPL, incorporated in January 2007 by Mr. Siraj Ahamed, is part
of the Mangalore-based In-Land group, which is into real estate
developing. The company has an ongoing residential complex
project in Mangalore, In-Land Windsors.
The group has been in real estate development since 1986, and has
developed 20 projects in Mangalore and four in Bengaluru. The In-
Land group has three real estate development entities: IIDPL, In-
Land Builders, and In-Land Real Estates.
INDEXPO: CRISIL Puts 'P4' Rating on INR50 Million Packing Credit
----------------------------------------------------------------
CRISIL has assigned its 'P4' rating to Indexpo's bank facilities.
The rating reflects Indexpo's weak financial risk profile, marked
by a small net worth, high gearing, weak debt protection metrics,
and low and volatile operating margin. This weakness is partially
offset by the company's management's experience in the steel
products export business.
Facilities Ratings
---------- -------
INR50 Million Packing Credit P4 (Assigned)
INR45 Million Foreign Bills P4 (Assigned)
Demand Purchase
Indexpo, a partnership firm, was set up in 1997 by Mr. Sanat Sen
as managing partner and Mr. Tushar Upadhyay, in an equal profit
sharing ratio. Mr. Tushar Upadhyay exited from the partnership,
and Mrs. Sarbani Sen (wife of Mr. Sanat Sen), joined in as the new
partner on April 14, 2010.
Indexpo is a 100 per cent export-oriented unit, trading in steel
products, such as mild steel ingots, ferro alloys, moulds, and
sponge iron, as per the customer's orders. Two years ago, the
firm also started exporting fish meal, which is used as feed for
poultry and pigs.
Indexpo posted a provisional net profit of INR0.6 million on
provisional operating income of INR184.0 million for 2009-10
(refers to financial year, April 1 to March 31), against a profit
after tax of INR1.3 million on operating income of INR214.9
million for 2008-09.
JUMBO ROOFINGS: CRISIL Assigns 'BB-' Rating on INR94.5MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to Jumbo Roofings &
Tiles' bank facilities.
Facilities Ratings
---------- -------
INR47.5 Million Cash Credit BB-/Stable (Assigned)
INR94.5 Million Rupee Term Loan BB-/Stable (Assigned)
The rating reflects Jumbo's exposure to risks related to small
scale and start-up nature of operations, to volatility in input
prices and moderate financial risk profile, marked by a small net
worth and moderate debt protection metrics (the gearing, though,
is comfortable). These rating weaknesses are partially offset by
the benefits that Jumbo derives from its promoters' extensive
industry experience and the firm's healthy operating efficiencies,
supported by the fiscal benefits it enjoys.
Outlook: Stable
CRISIL believes that Jumbo will continue to benefit over the
medium term from its promoters' industry experience. However, its
business and financial risk profile will be constrained because of
the start up nature of operations. The outlook may be revised to
'Positive' in case of more-than-expected increase in its scale of
operations leading to better cash accruals. The outlook may be
revised to 'Negative', if the firm undertakes any large debt-
funded capex plan or if there is adverse government regulation
regarding asbestos usage.
About Jumbo Roofings
Jumbo was set up in 2007 by Mr. Deepak Kayal, Mrs. Ritu Kayal,
Mr. Ravi Agarwal, and Mr. Sunil Agarwal, to install an asbestos
cement (AC) sheet manufacturing plant with a capacity of 50000
tonnes per annum (tpa). The total cost of the project was around
INR175 million and was proposed to commence commercial operations
in September 2009. However, due to delay in attaining an
electricity connection from Assam Electricity Board, the project
got delayed by six months and commenced its operations in the
first week of April 2010.
KRISHNA REGENCY: CRISIL Rates INR30 Million Long Term Loan at 'B'
-----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to Krishna Regency's
term loan facility.
Facilities Ratings
---------- -------
INR30.00 Million Long Term Loan B/Stable (Assigned)
The rating reflects Krishna Regency's exposure to risks related to
implementation and commercialization of its ongoing three-star
hotel project in Thrissur (Kerala), intense competition from other
hotels in proximity, and to industrial and economic slowdown.
These rating weaknesses are partially offset by the benefits the
firm derives from its promoters' experience, and healthy business
prospects, in the hotel industry in Kerala, and from its high-
margin liquor business.
Outlook: Stable
CRISIL believes that Krishna Regency will commence operations of
its three-star hotel without cost or time overruns, supported by
its management's industry experience. The outlook may be revised
to 'Positive' if the firm reports higher-than-expected occupancy
rates, and generates more-than-expected revenues from its hotel's
bar, thereby boosting its cash accruals. Conversely, the outlook
may be revised to 'Negative' if the firm's financial risk profile
deteriorates, most likely because of time or cost overruns in its
ongoing project, or fresh, large, debt-funded capital expenditure.
About Krishna Regency
Set up in 2006 as a partnership firm by Mr. K B Jith and his wife,
Mrs. M V Lisha, Krishna Regency is developing a three-star hotel
in Thrissur. The hotel, when complete, will have 30 rooms, a bar,
and three conference rooms. Around 90 per cent of the hotel's
revenues are likely to come from its bar. The hotel is likely to
commence commercial operations in October 2010.
MARUTI PACKAGERS: CRISIL Rates INR80 Million Cash Credit at 'BB-'
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to Maruti
Packagers Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR80 Million Cash Credit BB-/Stable (Assigned)
INR15 Million Letter of Credit P4+ (Assigned)
The ratings reflect MPPL's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics,
and large working capital requirements. These rating weaknesses
are partially offset by the experience of MPPL's promoters in the
polymer trading business.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MPPL, Rateria Laminators Pvt Ltd, Hind
Polyfabs Pvt Ltd, and Jupax Vanichay Pvt Ltd. This is because the
companies, collectively referred to as the Maruti group, are under
a common management, operate in similar lines of business, and
have operational and financial linkages.
Outlook: Stable
CRISIL believes that the Maruti group will maintain its credit
risk profile over the medium term, backed by its promoters'
experience in polymer trading industry. The outlook may be
revised to 'Positive' if the Maruti group scales up its operations
and if its operating margins improve significantly. Conversely,
the outlook may be revised to 'Negative' if the group's revenues
decline sharply, or if it undertakes major debt-funded capital
expenditure, further weakening its financial risk profile.
About the Group
The Maruti group commenced operations around 1996, with one of its
companies Rateria being appointed as the consignee stockist of
GAIL (India) Ltd for eastern India. MPPL initially traded in
hessian cloth made of jute. In 1996, MPPL began dealing in plastic
granules, and gradually increased the share of plastic products
and exited from the jute business. HPPL manufactures high-density
polyethylene and polyphenylene ether bags with capacity of 100
tonnes per month. Jupax also trades in plastic granules.
The Maruti group reported a profit after tax (PAT) of INR1.96
million on net sales of INR790.7 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR1.95
million on net sales of INR796.5 million for 2008-09.
MITTATEX EXPORTS: CRISIL Reaffirms 'P4' Rating on INR250MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Mittatex Exports Pvt Ltd
(Mittatex, part of the MEP group) continues to reflect the MEP
group's moderate financial risk profile, marked by a weak
liquidity because of insufficient cash accruals vis-a-vis debt-
related payments. The ratings also factor in the MEP group's
limited product and geographical diversification, and
susceptibility to adverse regulatory changes in the cotton
industry. These rating weaknesses are mitigated by the MEP
group's established market position in the cotton trading
business, and its sound risk management policies.
Facilities Ratings
---------- -------
INR350.0 Million Packing Credit P4 (Reaffirmed)
INR250.0 Million Short-Term Loan P4 (Reaffirmed)
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Mittatex and MEP Cotton Pvt Ltd (MEP
Cotton), which is Mittatex's joint venture with Welspun India Ltd
(Welspun India). This is because Mittatex and MEP Cotton,
together referred to as the MEP group, are under common promoters,
derive considerable operational synergies from each other, and
have cash flow fungibility between them. MEP Cotton is managed by
the promoters of Mittatex, while Welspun India primarily functions
as a financial investor in MEP Cotton. Moreover, Mittatex has
provided corporate guarantees for MEP Cotton's bank facilities.
About the Group
Incorporated in 1992 by Mr. K K Mittal, Mittatex trades in raw
cotton and caters primarily to China, Vietnam, Taiwan, and
Malaysia. The company is managed by Mr. Mittal and his son Mr.
Anuj Mittal. In 2007, Mittatex entered into a joint venture with
Welspun India and set up MEP Cotton. MEP Cotton has three ginning
units, a cottonseed crushing unit, and a refining mill. Mr. Ashish
Mittal, the younger son of Mr. Mittal, supervises the day-to-day
operations of MEP Cotton.
For 2009-10 (refers to financial year, April 1 to March 31), the
MEP group reported (provisional) a net loss of INR27.00 million on
net sales of INR8.49 billion, against a net loss of INR128.00
million on net sales of INR1.87 billion for 2008-09.
PREMIER ISPAT: CRISIL Places 'BB' Rating on INR43.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Premier Ispat Ltd, which is part of the Premier
group.
Facilities Ratings
---------- -------
INR52.5 Million Cash Credit Limit BB/Stable (Assigned)
INR43.5 Million Term Loan* BB/Stable (Assigned)
INR30.0 Million Letter of Credit/ P4+ (Assigned)
Bank Guarantee
* Including proposed limit of INR37.5 million
The ratings reflect the Premier group's average financial risk
profile, marked by modest gearing, debt protection measures, and
net worth, and its exposure to risks related to intense
competition in the thermo-mechanically-treated (TMT) steel-bar
industry. These rating weaknesses are partially offset by the
benefits that the Premier group derives from its promoters' strong
track record in the steel industry.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of PIL and its associate companies,
Premier Alloys Ltd, Premier Bars Ltd, and Premier Metcast Pvt Ltd,
collectively referred to as the Premier group. This is because
all these companies have the same promoters and management, and a
common marketing network, and are engaged in similar lines of
business. Furthermore, there are inter-company transactions
within the group.
Outlook: Stable
CRISIL believes that the Premier group will maintain its business
risk profile on the back of its promoters' established track
record in the steel industry. However, its financial risk profile
is expected to remain average due to low margins, leading to
modest debt protection measures. The outlook may be revised to
'Positive' if the Premier group's financial risk profile improves
substantially with considerable improvement in margins and
gearing. Conversely, the outlook may be revised to 'Negative' in
case of reduction in margins, or significant debt-funded capital
expenditure or acquisitions, leading to deterioration in the
Premier group's financial risk profile.
About the Group
Incorporated in 1995 as private limited company by the Jain family
of Kanpur (Uttar Pradesh [UP]), PAL got converted into a closely
held public limited company in 1999. PAL is into manufacturing of
TMT bars, which it sells under its brand name Premier in UP,
primarily eastern UP. Its plant is located at Fathepur (UP), with
an installed capacity of 42,500 tonnes per annum (tpa). The
promoters have also incorporated PIL (in 2000, plant at Kanpur),
and PBL (in 2004, plant at Jaipur [Rajasthan]), which manufacturer
TMT bars under the brand name Premier; and PMPL (in 2005, plant at
Kanpur), which manufacturers mild steel ingots. PIL, PBL, and
PMPL have an installed capacity of 62500 tpa, 72,500 tpa, and
49,200 tpa, respectively.
PIL is estimated to report a profit after tax (PAT) of INR3.5
million on net sales of INR865.9 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR3.2
million on net sales of INR1316.9 million for 2008-09.
RAMA SHYMA: CRISIL Puts 'BB+' Rating on INR76.6 Million Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to Rama Shyma Paper
Ltd's bank facilities.
Facilities Ratings
---------- -------
INR30.0 Million Cash Credit Limit BB+/Stable (Assigned)
INR76.6 Million Term Loan BB+/Stable (Assigned)
The rating reflects RSPL's deteriorating liquidity, susceptibility
to slowdown in end-user industries, and small scale of operations.
These weaknesses are partially offset by RSPL's moderate financial
risk profile, marked by low gearing and comfortable debt
protection measures, and its promoters' established industry
experience.
Outlook: Stable
CRISIL believes that RSPL will generate healthy cash accruals and
continue to benefit from its promoters' longstanding experience in
the industrial paper industry, over the medium term. The outlook
may be revised to 'Positive' if RSPL's working capital management
improves, leading to improvement in its liquidity. Conversely,
the outlook may be revised to 'Negative' if RSPL generates less-
than-expected operating income/profitability, undertakes large,
debt-funded capital expenditure programme, or if its liquidity
tightens further.
About Rama Shyma
Incorporated in 1995, RSPL manufactures kraft paper. The company
undertakes production through waste paper and agro-waste procured
from the domestic market. The manufacturing facility of the
company in Bareilly, Uttar Pradesh, has an installed capacity of
70 tonnes per day.
RSPL reported a profit after tax (PAT) of INR17.9 million on net
sales of INR225.0 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR13.4 million on net
sales of INR143.0 million for 2007-08.
RELIABLE EXPORTS: CRISIL Rates INR750 Million Term Loan at 'B+'
---------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to Reliable Exports'
term loan facility.
Facilities Ratings
---------- -------
INR750.00 Million Term Loan B+/Stable (assigned)
The rating reflects RE's weak financial risk profile, marked by a
small net worth and large debt-funding of its ongoing commercial
real estate project - a corporate park , exposure to demand-
related risks in leasing out space at its upcoming corporate park,
susceptibility to inherent cyclicality in the Indian real estate
industry, and revenues dependent on a single project. These
rating weaknesses are partially offset by the benefits that the
firm derives from the strong track record of the Reliable group,
of which it is part, in timely execution of commercial real estate
projects.
Outlook: Stable
CRISIL believes that RE will remain sensitive to project
implementation risks, execution of lease rental agreements, and
inflow of customer advances till its upcoming corporate park is
entirely leased out. The outlook may be revised to 'Positive'
RE's cash inflows are more than expected, most likely because of
faster-than-expected execution of lease-out agreements and timely
receipt of customer advances. Conversely, the outlook may be
revised to 'Negative' if there are time or cost overruns in
implementation of RE's project, or delays in execution of the
lease-out agreements.
About Reliable Exports
Set up in 1984, RE, a proprietorship concern, is part of the
Reliable group. RE is into construction and leasing of commercial
real estate for the information technology (IT) sector in Navi
Mumbai. The firm ventured into the real estate business in the
middle of 2008-09 (refers to financial year, April 1 to March 31),
prior to which it was manufacturing ready-made garments for the
exports market. The garment manufacturing business has now been
transferred to group entity Reliable Clothing Pvt Ltd. RE is
currently executing one commercial real-estate project, Reliable
Corporate Park, in Navi Mumbai. The project site is located along
the Thane-Belapur road and is being developed in two phases. The
total built-up area of the project would be 149,480 square metres.
Work on Phase I commenced in July 2009, and is likely to be
completed by July 2010. The total cost of Phase I of the project
is INR1460 million, which is expected to be funded through INR870
million term loan, INR40 million promoter's capital, and INR550
million advances from group companies.
RE reported a profit after tax (PAT) of INR7.4 million on net
sales of INR42.2 million for 2008-09, against a PAT of INR4.3
million on net sales of INR53.9 million for 2007-08.
SHAKAMBARI FASHION: Delays in Loan Payment Cues CRISIL 'D' Ratings
------------------------------------------------------------------
CRISIL has downgraded its ratings on Shakambari Fashion Pvt Ltd's
bank facilities to 'D/P5' from 'C/P4' because of the recent delays
by Shakambari in servicing its term loan; the delays have been
caused by weak liquidity.
Facilities Ratings
---------- -------
INR96.5 Million Long-Term Loan D (Downgraded from 'C')
INR195.0 Million Cash Credit Limits D (Downgraded from 'C')
INR5.5 Million Bank Guarantee P5 (Downgraded from 'P4')
Shakambari has a weak financial risk profile, marked by a high
gearing and moderate debt protection indicators, and large working
capital requirements. Shakambari, nevertheless, benefits from its
established market position in the garments manufacturing segment,
supported by an established brand and a strong retail clientele.
Shakambari (formerly Pitamber Creations (India) Private Limited)
was promoted by Mr. Rajendra Goenka in 2005. The company
manufactures readymade garments for men, and trades in garments
and accessories for women and children. The men's garments are
sold under the brand Alan Paine. It has its own manufacturing
unit, with capacity of 3500-4000 pieces per day; in a high-demand
scenario, the company also outsources its production.
Shakambari's distribution network consists of around 100 showrooms
(as on March 31, 2010), including temporary showrooms opened
during festival seasons in Hyderabad, Bangalore, Chennai, and
Mumbai.
For 2009-10 (refers to financial year, April 1 to March 31),
Shakambari reported (provisional) a profit after tax (PAT) of INR7
million on net sales of INR1099 million, against a PAT of INR39
million on net sales of INR980 million for the preceding year.
SHRUTI TRADE: CRISIL Rates INR180 Million Letter of Credit at 'P4'
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to Shruti Trade & Enterprises
Pvt Ltd's letter of credit facility.
Facilities Ratings
---------- -------
INR180 Million Letter of Credit P4 (Assigned)
The rating reflects STEPL's exposure to supplier concentration
risk with high dependence on Malaysian timber imports, below
average financial risk profile and vulnerability of profits to
intense competition in the timber industry. These rating
weaknesses are partially offset by STEPL's promoter's expertise in
procurement of timber.
STEPL was set up in 1991 by Mr. R K Banka. STEPL trades in
imported logs, undertakes only wholesale trading, and usually
imports timber from Malaysia. The company imports only Malaysian
timber while it purchases sawn timber from the local market.
STEPL reported a provisional profit after tax (PAT) of INR1.8
million on net sales of INR569 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1.4
million on net sales of INR462 million for 2008-09.
SUPREME BUILDERS: CRISIL Rates INR100 Million Term Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'B/Negative' rating to the term loan
facility of Supreme Builders, which is part of the Supreme group.
Facilities Ratings
---------- -------
INR100.0 Million Term Loan B/Negative (Assigned)
The rating reflects the pressures on the Supreme group's liquidity
because of the offtake-related risks in its ongoing projects, and
the group's geographically concentrated project profile - all its
projects are in the Hyderabad region. These rating weaknesses are
partially offset by the benefits that the Supreme group derives
from its promoters' experience in the real estate business.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Supreme and Sri Kalki Supreme
Constructions Pvt Ltd, together referred to as the Supreme group.
This is because both the companies are managed by a common
promoter, are in the same business, and have fungibility of funds.
Outlook: Negative
CRISIL believes that the Supreme group's financial risk profile
will remain constrained over the near term because of the offtake-
related risks associated with the group's key projects. The
rating may be downgraded if the Supreme group contracts more-than-
expected debt for funding its projects resulting in a further
deterioration of its financial risk profile or faces pressures in
servicing its term loan obligations. Conversely, the outlook may
be revised to 'Stable' if the group's business and financial risk
profiles improve significantly, backed by improvement in demand
for its ongoing projects resulting in high profitability and large
net cash accruals.
About the Group
The Supreme group was set up in 1998 when Mr. T Rama Murthy Iyer
set up Supreme as a proprietorship concern, which is into
residential real estate development in Hyderabad (Andhra Pradesh).
The group has developed six projects in Hyderabad over the past 12
years and has one ongoing residential project.
In 2006, Mr. T Rama Murthy Iyer and his wife, Mrs. T Anjani,
incorporated Sri Kalki Supreme Construction Pvt Ltd, a company
engaged in commercial and residential real estate development in
Hyderabad. It has developed three commercial projects over the
past four years and has one ongoing residential project. In 2008,
Sri Kalki Bricks Ltd was established in Hyderabad by Mr. Rama
Murthy Iyer and Mrs. T Anjani; the company is into manufacturing
red bricks.
The Supreme group reported a profit after tax (PAT) of INR5.10
million on net sales of INR90.60 million for 2008-09 (refers to
financial year, April 1 to March 31), against a PAT of INR0.63
million on net sales of INR3.40 million for 2007-08.
TATA MOTORS: May Raise Up to INR25 Billion to Cut Debt
------------------------------------------------------
Tata Motors is likely to raise up to INR25 billion through global
depository receipts, FCCBs or share sale to qualified
institutional buyers, The Economic Times reports citing a source
close to the matter.
"The funds will be raised to reduce the pressure of debt on the
balance sheet as the debt-equity ratio has moved up considerably,"
The Economic Times quoted Vaishali Jajoo, analyst at Mumbai-based
Angel Broking, as saying.
The Economic Times says Tata Motors, which bought Jaguar Land
Rover unit for $2.3 billion in 2008, has been looking to raise
money to pay off a large portion of its debt of INR188 billion.
The company said on Wednesday that its board will meet on June 28
to consider various options to raise long-term funds, the report
relates.
About Tata Motors
India's largest automobile company, Tata Motors Limited --
http://www.tatamotors.com/-- is mainly engaged in the business
of automobile products consisting of all types of commercial and
passenger vehicles, including financing of the vehicles sold by
the company. The company's operating segments consists of
Automotive and Others. In addition to its automotive products,
it offers construction equipment, engineering solutions and
software operations. TML is listed on the Bombay Stock
Exchange, the National Stock Exchange of India and New York
Stock Exchange. It was ultimately 33.4% owned by the Tata Group
as of December 2007.
Tata Motors has operations in Russia and the United Kingdom.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
April 21, 2010, Moody's Investors Service upgraded Tata Motors
Ltd's corporate family rating to B2 from B3. The outlook on the
rating is positive. This rating action completes the rating review
for possible upgrade initiated on March 2, 2010, when TML
announced its consolidated Q3 FY2010 results.
TATA STEEL: To Sell 50% Stake in Tata Refractories
--------------------------------------------------
Tata Steel Ltd. is seeking strategic partner to sell stake in its
subsidiary Tata Refractories, The Economic Times reports citing
sources. Tata Steel has appointed Enam to look for a refractory
player to sell up to 50% stake in the company, the report says.
Tata Steel owns 71.2% stake in Tata Refractories, which is valued
at around INR800 crore.
The Economic Times says Tata Steel is in talks with many
international players, including Ace Refractories, for the deal.
Tata wants the strategic partner to bring in technical expertise
into the business and also give access to new markets to the
refractory business, the report says.
About Tata Steel
Headquartered in Mumbai, India, Tata Steel Limited --
http://www.tatasteel.com/-- is a diversified steel producer. It
has operations in 24 countries and commercial presence in over 50
countries. Its operations predominantly relate to manufacture of
steel and ferro alloys and minerals business. Other business
segments comprises of tubes and bearings. On April 2, 2007, Tata
Steel UK Limited (TSUK), a subsidiary of Tulip UK Holding No.1,
which in turn is a subsidiary of Tata Steel completed the
acquisition of Corus Group plc. Tata Metaliks Limited, which is
engaged in the business of manufacturing and selling pig iron,
became a subsidiary of the Company with effect from February 1,
2008. In September 2008, the Company acquired a 7.3% interest in
Riversdale Mining Ltd.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
May 14, 2010, Fitch affirmed the Foreign Currency Issuer Default
Rating of 'BB+' and the National Long-term rating of 'AA(ind)' of
Tata Steel Limited. Simultaneously, Fitch also affirmed the
Foreign Currency IDR of Tata Steel UK at 'B+'. The Outlook on all
the ratings continues to be Negative.
VANITA AGROCHEM: CRISIL Assigns 'BB' Rating on INR50MM Cash Credit
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to Vanita Agrochem
(India) Pvt Ltd's bank facilities. The rating reflects VAPL's low
net worth, moderate scale of operations, and leveraged capital
structure. These rating weaknesses are partially offset by VAPL's
product development track record and wide portfolio in fertilizer
and micro-nutrient segments.
Facilities Ratings
---------- -------
INR50.0 Million Cash Credit BB/Stable (Assigned)
INR14.4 Million Rupee Term Loan BB/Stable (Assigned)
Outlook: Stable
CRISIL believes that VAPL will maintain its credit risk profile
over the medium term, on the back of its wide product profile and
adequate debt protection measures. The outlook may be revised to
'Positive' if VAPL maintains its revenue growth, while sustaining
profitability, and if the company's financial risk profile
improves significantly, led by equity infusion. Conversely, the
outlook may be revised to 'Negative' if VAPL's operating
profitability declines materially, or if the company takes on
large debt to fund capital expenditure, adversely affecting its
financial risk profile.
VAPL, incorporated in 2003 by Mr. Netaji P Powar, manufactures
specialty fertilizers and chemicals required for manufacturing
jaggery and water-treatment chemicals. These products are
developed by the company after extensive research in the field of
fertilizers and chemicals. About 75 per cent of the company's
sales come from the specialty fertilizers division, and the
remainder comes from the chemicals division.
VAPL reported a profit after tax (PAT) of around INR16.5 million
on net sales of about INR282.0 million for 2009-10 (refers to
financial year, April 1 to March 31) against a PAT of INR7.4
million on net sales of INR207.1 million for 2008-09.
VIKRAM KNITTEX: CARE Places 'CARE BB' Rating on INR13.5cr LT Loans
------------------------------------------------------------------
CARE has assigned a 'CARE BB' rating to the long-term bank
loans/facilities of Vikram Knittex Pvt. Ltd. This rating is
applicable to facilities having tenure of more than one year.
Facilities with this rating are considered to offer inadequate
safety for timely servicing of debt obligations. Such facilities
carry high credit risk.
Amount
Facility (INR cr) Rating
-------- -------- ------
Long-term loans 13.50 'CARE BB'
Rating Rationale
The rating is constrained by VKPL's small size of operations and
weak financial profile as indicated by low margins, high overall
gearing, stretched liquidity position, customer concentration risk
and exposure to currency fluctuation risk arising out of its
trading operations in the textile industry. The rating, however,
draws strength from wide experience of promoters in trading of
synthetic textiles, its established marketing network in foreign
markets providing regular orders to the company and export
incentives provided by the Government.
Ability of VKPL to manage currency fluctuation risk, continuation
of export incentives from the government and improvement in the
overall financial risk profile are the key rating sensitivities.
VKPL, incorporated in 1994 by Shri Pramod Kumar Chaudhary, is part
of the Pratibha group based in Surat, and is engaged in various
manufacturing, processing and trading activities in synthetic
textile market in Surat. VKPL is mainly engaged in trading of
ready-made garments & finished fabric and selling them in the
export markets. The company has been exporting the products to
various countries in Middle East and Europe depending on the
demand and fashion trend in the local markets and has
established customer base in these countries.
During FY09, the company reported net sales of INR31.35 crore
(FY08: INR43.60 crore) and earned a PAT of INR0.29 crore (FY08:
INR0.53 crore). The company had an overall gearing of 2.18 times
as at Mar.31, 2009. During H1FY10, VKPL reported a PBT of
INR0.14 crore on a total operating income of INR12.92 crore.
ZAZSONS EXPORTS: CRISIL Assigns 'P4' Ratings on Various Bank Debts
------------------------------------------------------------------
CRISIL has assigned its 'P4' rating to Zazsons Exports Ltd's
facilities.
Facilities Ratings
---------- -------
INR170.0 Million Packing Credit P4 (Assigned)
INR120.0 Million Bill Purchase Facility P4 (Assigned)
INR20.0 Million Letter of Credit P4 (Assigned)
INR62.0 Million Stand By Loan * P4 (Assigned)
* Interchangeable with Packing Credit/Bill Purchase facility.
The rating reflects ZEL's below-average financial risk profile,
constrained by large, debt-funded capital expenditure (capex),
large quantum of maturing debt, and large working capital
requirements. This rating weakness is partially offset by ZEL's
established market position in the leather processing industry.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ZEL and its wholly owned subsidiary, Z
Square Shopping Mall Pvt Ltd (Z Square).
ZEL was incorporated in 1985 by Mr. Tahir Hussain. The Hussain
family of Kanpur has been in the leather business since 1862; it
initially traded in raw hides. Mr. Zakir Hussain, Mr. Afzal
Hussain, and Mr. Zahid Hussain were the co-founders of the ZAZ
group, of which ZEL is a part. In 1964, the group established its
first tannery, Zaz Tannery. Currently, the group has installed
capacity for manufacturing finished leather of 2 million square
feet per month, shoe uppers of 120,000 pairs per month, saddles
and bridles of 3000 pieces per month, and finished footwear of
around 60,000 pairs every month. In 2005, the group split.
Currently, Mr. Tahir Hussain and his family wholly owns ZEL
ZEL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR712.3 million for 2008-09 (refers to financial year,
April 1 to March 31), against a PAT of INR10.0 million on net
sales of INR800.0 million for 2007-08.
=================
I N D O N E S I A
=================
MOBILE-8 TELECOM: S&P Withdraws 'D' Corporate Credit Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services said that it has withdrawn its
'D' long-term corporate credit rating on Indonesia-based PT
Mobile-8 Telecom Tbk. Standard & Poor's has also withdrawn the
'D' issue rating on the US$100 million 11.25% guaranteed senior
notes due 2013 issued by Mobile-8's wholly owned special purpose
vehicle, Mobile-8 Telecom Finance B.V.
The withdrawals have been done at Mobile-8's request.
=========
J A P A N
=========
CSTR-1 TRUST: Moody's Downgrades Ratings on Five Certificates
-------------------------------------------------------------
Moody's Investors Service has downgraded five classes of CSTR-1
and CSTR-2 Trust Certificates. The final maturity of the Trust
Certificates will take place in July 2012.
The individual rating actions are listed below.
CSTR-1 Trust
-- Class B, downgraded to Aa2 from Aaa; previously, on May 19,
2010, Aaa placed under review for possible downgrade
-- Class C, downgraded to Baa2 from Aa2; previously, on May 19,
2010, Aa2 placed under review for possible downgrade
-- Class D, downgraded to B1 from Baa2; previously, on May 19,
2010, Baa2 placed under review for possible downgrade
CSTR-2 Trust
-- Class E, downgraded to B2 from Ba2; previously, on May 19,
2010, Ba2 placed under review for possible downgrade
-- Class F, downgraded to B3 from B1; previously, on May 19,
2010, B1 placed under review for possible downgrade
CSTR-1 Trust and CSTR-2 Trust, effected in July 2006, represent
the securitization of four non-recourse loans. Two of the loans
have been prepaid; the two outstanding loans (senior and
subordinated) are backed by one property.
The previous rating actions reflected Moody's growing concern
about the performance of the property, a retail outlet in Sendai
(in northern Honshu). The rent and cash flow of the single tenant
are likely to decline, leading to the need to reconsider Moody's
stabilized property value.
Moody's examined the property's performance data. Because the
loans were to have matured this month (June 2010), Moody's also
confirmed the refinancing plans of the asset manager and sponsor.
However, the maturity of the loans has been extended to September
2010.
Moody's is of the view that the fundamental profitability of the
property is likely to be lower than was assumed, and will be for
some time. Moody's has changed its payable rent estimates, to the
same level as the current rents. As a result, Moody's stabilized
value has declined by approximately 46% from Moody's initial
assumptions.
Thus, this rating action reflects Moody's concern about the
likelihood of collateral recovery in light of the re-assessed
value. Moody's will continue to monitor the performance of the
property and the asset manager's refinancing activities in light
of the extended maturity.
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.
MOMENTUM CDO: S&P Raises Ratings on 2006-2 Credit-Linked Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Momentum
CDO (Europe) Ltd. SONATA notes series 2006-2 class AF and Signum
Vanguard Ltd. class A secured floating rate credit-linked notes
series 2005-06 and removed from CreditWatch with positive
implications, where they were placed on June 10, 2010. At the
same time, Standard & Poor's lowered its rating on Eirles Two Ltd.
TAPAS 2004-4 credit default swap and kept the rating on
CreditWatch with negative implications.
The rating actions are part of S&P's regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive or negative implications. These actions incorporate,
among other things, the effect of rating migration within
reference portfolios.
Ratings List
Eirles Two Ltd.
TAPAS 2004-4 credit default swap
To From Amount
-- ---- ------
B+srp/Watch Neg BB-srp/Watch Neg JPY4.0 bil.
Momentum CDO (Europe) Ltd.
SONATA notes series 2006-2
Class To From Issue Amount
----- -- ---- ------------
AF CCC+ CCC/Watch Pos JPY2.0 bil.
Signum Vanguard Ltd.
Class A secured floating rate credit-linked notes series 2005-06
To From Issue Amount
-- ---- ------------
CCCpNRi CCC-pNRi/Watch Pos JPY3.0 bil.
TITAN JAPAN: Moody's Downgrades Ratings on Five Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded five classes of the Titan
Japan, Series1 GK Notes. The final maturity of the notes will
take place in November 2012.
The individual rating actions are listed below.
-- Class A, downgraded to Baa1 from Aa1; previously, on April
23, 2010, Aa1 placed under review for possible downgrade
-- Class B, downgraded to Ba2 from A1; previously, on April 23,
2010, A1 placed under review for possible downgrade
-- Class C, downgraded to B2 from Baa2; previously, on April 23,
2010, Baa2 placed under review for possible downgrade
-- Class D, downgraded to Caa2 from Ba2; previously, on April,
23, 2010, Ba2 placed under review for possible downgrade
-- Class X, downgraded to Baa1 from Aa1; previously, on April,
23, 2010, Aa1 placed under review for possible downgrade
Titan Japan, Series 1 GK, effected in December 2007, represents
the securitization of six non-recourse loans. (Two of the loans
are cross-collateralized and cross-defaulted.) Currently, the
transaction is secured by five non-recourse loans; one of the
loans was prepaid. One of the loans defaulted at maturity and is
under special servicing.
The previous rating actions reflected Moody's growing concerns
about the performance of the properties and the need to reconsider
Moody's recovery assumptions.
Moody's has received additional performance data, including PM
reports, and reviewed the leasing conditions and the performance
of the properties. Moody's also confirmed the asset managers and
sponsors' refinancing and disposal activities, given that all of
the loans mature in 2010.
The rating actions reflect Moody's growing concerns about the
performance of the properties and about the likelihood of
collateral recovery in light of the re-assessed value.
The single tenants of two of the properties that secure two of the
loans (retail properties located throughout the country) are
expected to vacate over the next two months. Furthermore, the
rents and cash flows of the remaining properties are likely to
decline, given the likelihood that the single tenants will vacate
or negotiate rent reductions.
Additionally, the performance of some of the properties -- the
occupancy rates and rents -- securing the three remaining loans
has been deteriorating. Therefore, Moody's is of the view that
the fundamental profitability of these properties is likely to be
lower than previously assumed and will be for some time.
Moody's has re-assessed its recovery stress assumptions for the
four performing loans, in the range of 25% to 48%, and 44% for the
weighted average decline.
Moody's will continue to monitor the performance of the properties
and the asset manager's refinancing and disposal activities in
light of the upcoming maturities, as well as the special
servicer's collection plans and strategies for the loan under
special servicing.
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.
=========
K O R E A
=========
KYONGNAM BANK: Fitch Affirms Individual Rating at 'C/D'
-------------------------------------------------------
Fitch Ratings has downgraded Kyongnam Bank's Long-term Issuer
Default Rating to 'BBB' from 'BBB+'. The Outlook is Stable. The
agency has simultaneously affirmed KNB's Short-term foreign
currency IDR at 'F2', Individual rating 'C/D', Support rating 2,
and Support floor 'BBB'.
The downgrade of KNB's IDR is driven by a fraud case involving the
bank and reflects Fitch's concerns that the strength of the bank's
balance sheet would weaken due to potential losses resulting from
the fraud; this is especially the case given the uncertainty
surrounding the gross fraud amount and net losses. Also, the
agency notes the loss of market confidence in the bank
(particularly its operating risk management system), which may
hamper its operations. This is despite Fitch's expectation that
the Korean government ('A+'/Stable) is highly likely to support
KNB, if required, given its economic and social importance to
Ulsan/Kyongnam province.
Fitch notes that the banker at the center of this case (who
committed fraud at the bank from December 2008-April 2010) issued
guarantees to loans (mostly M&A and real estate project-financing
related loans provided by capital companies and savings banks),
and principal and yields of special money trusts in KNB's name
through forged documents. The gross fraud amount reported so far
has reached KRW435bn, or 30% of the bank's consolidated equity
capital at end-2009.
However, the net loss from the fraud could be much lower than the
reported gross fraud amount, depending upon the level of claims
from the guarantee beneficiaries following defaults of the loans,
the outcome of potential litigations between the bank and the
beneficiaries for the guarantees, and the value of collaterals
embedded in the loans. Nevertheless, Fitch notes that the final
gross fraud amount and the more reliable net loss would remain
uncertain, until the Financial Supervisory Service (FSS) completes
its investigation which began in May 2010. The FSS is also
reviewing KNB's internal risk control system.
Fitch notes that KNB's NPLs remained manageable at end-March 2010,
with an NPL ratio of 0.98% (138% covered), versus 0.91% (157%
covered) at end-2008. However, Fitch expects KNB (like most of
other Korean banks) to face downward pressure on its loan quality,
given its substantial exposure to the weak construction/real
estate sectors (12% of its loans) and to SMEs (67% of total
loans), which in general have moderate or weak financials. Fitch
notes that, if KNB's capitalization is hit hard by the fraud case,
it would not comfortably cushion against higher credit costs, if
any, from those sectors, despite the bank's good margin (Q110:
3.13%; 2009: 2.72%). This is despite KNB having maintained
adequate balance sheet strength, with a Tier 1 ratio of 9.74%
(Total CAR: 13.2%) at end-March 2010. Meanwhile, Fitch notes that
KNB's liquidity is limited, with a high loan-to-deposit ratio of
1.10x (1.16x excluding CDs).
SSANGYONG MOTOR: Nissan CEO Confirms Interest in Buying Stake
-------------------------------------------------------------
Nissan Motor Co. Chief Executive Officer Carlos Ghosn said
Wednesday that Nissan Motor Co. and partner Renault SA are
considering buying a stake in Ssangyong Motor Co. to broaden
production capacity in the area, Xinhua News Agency reports.
"If the cost of this capacity with Ssangyong is better than
expanding the plant operated by Renault in South Korea, we are
interested in making a deal around Ssangyong," the report quoted
Mr. Ghosn as saying. Discussions and analysis of the proposition
are ongoing, he added.
As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Ssangyong Motor Co. selected Nissan Motor Co.,
Renault SA and four other bidders for due diligence on the
company.
Ssangyong Motor began accepting letters of intent on May 10 from
potential buyers, who will take over a majority of its stake
valued at around KRW300 billion. Ssangyong will choose a
preferred bidder in August from the preliminary bidders.
Samjong KPMG, a South Korean unit of the global services firm
KPMG, and Macquarie Securities are managing the sale.
About Ssangyong Motor
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.
====================
N E W Z E A L A N D
====================
CRAFAR FARMS: Landcorp to Submit "Realistic" Offer for 16 Farms
---------------------------------------------------------------
Government-owned Landcorp will make a "realistic" offer for 16
Crafar family dairy farms that are in receivership, The New
Zealand Herald reports.
The Dominion Post reported on June 24 that Landcorp chief
executive Chris Kelly said he had had the farms valued and
Landcorp would be putting in an offer, according to the NZ Herald.
The NZ Herald relates Mr. Kelly said Landcorp would not be
offering the big money Chinese company Natural Dairy was rumoured
to have negotiated with receivers KordaMentha. A Landcorp offer
would also make it a condition of purchase that three farmhouses
at Reporoa occupied by Crafar family members were empty, the
report says.
Receiver Michael Stiassny from KordaMentha said last week that
tenders for the Crafar farms had been extended for two weeks to
July 7, rather than closing on June 23 as previously planned.
As reported in the Troubled Company Reporter-Asia Pacific on
May 25, 2010, Chinese-backed dairy firm UBNZ Funds Management Ltd
moved closer to buying 16 farms formerly owned by the Crafar
family. Receivers Michael Stiassny and Brendon Gibson of
KordaMentha said conditional sale and purchase agreements had
been signed with UBNZ Funds and a "substantial" deposit had been
paid. The sales however are still conditional on approval by the
Overseas Investment Office.
The contract also specifies that the 16 farms will continue to be
marketed until June 23, and if KordaMentha receives a better offer
than UBNZ's it can accept that instead.
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employs 200 staff.
Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance. The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.
The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business. This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.
FLY DIRECT: Website Sold; New Owner to Donate One Year Commission
-----------------------------------------------------------------
The New Zealand Press Association reports that Fly Direct Ltd.'s
Web site has been sold and launched as a new travel booking site.
NZPA relates that Chris Whiteside, the new owner of
flydirect.co.nz, said that as a gesture of goodwill all
commissions made within the first year from the website will be
donated to the customers who were left out of pocket from the
failure of Fly Direct Ltd.
"Liquidators reported at least NZ$120,000 is owed to passengers,
however it is not yet known if there will be a dividend to
unsecured creditors," the report quoted Mr. Whiteside, who has
appeared on TVNZ's The Apprentice NZ, as saying.
The Troubled Company Reporter-Asia Pacific reported on June 4,
2010, that Fly Direct Ltd was placed in liquidation before its
first snow season flight. Damien Grant of Waterstone Insolvency
was appointed as liquidator. The company was due to start flights
from Christchurch and Wellington to Wanaka on July 1 but had not
sold enough tickets to make it a going concern.
NATHANS FINANCE: Ex-Directors & Auditors Face NZ$66 Million Suit
----------------------------------------------------------------
Nathans Finance receiver PricewaterhouseCoopers has filed a
NZ$66 million High Court action against the company's directors
and auditors for alleged breaches of duty, Jenni McManus at
BusinessDay.co.nz reports. The claim is against Nathans directors
Mervyn Doolan, John Hotchin, Roger Moses and Don Young, and
accounting firm Staples Rodway.
The report says the lawsuit is separate from criminal charges laid
against the directors by the Securities Commission. But the
allegations involve similar issues to those raised by the
commission in a depositions hearing against the directors in
Auckland District Court earlier this year, BusinessDay.co.nz
notes.
As reported in the Troubled Company Reporter-Asia Pacific on
December 29, 2008, the Securities Commission laid charges against
Nathans Finance's directors for allegedly making false statements
in company prospectuses. The Securities Commission laid criminal
charges and issued civil proceedings against Nathans Finance
directors Mr. Hotchin, Mr. Young and Mr. Moses. Criminal charges
and civil proceedings have also been filed against Nathans Finance
director Mervyn Doolan. These proceedings follow extensive
investigations by the Commission since Nathans Finance went into
receivership in 2007. The Commission alleged that the directors
made untrue statements in the registered prospectus and investment
statement of Nathans Finance NZ Limited (in receivership) dated
December 13, 2006. These statements concern lending to related
parties (including Nathans' parent company VTL Group), that
Nathans had no bad debts, that it had adequate liquidity, that its
lending was diversified, that it made loans and managed them in
accordance with robust policies and processes, and that all
material matters had been disclosed in the prospectus.
About Nathans Finance
Nathans Finance Ltd went into receivership when the finance
company's trustee, Perpetual Trust Limited, appointed
receivers on August 20, 2007. The company owed approximately
NZ$174 million to some 7,000 investors. Nathans Finance is a
wholly owned subsidiary of VTL Group Limited, which also went into
receivership in November 2008. VTL Group owns a number of vending
machine related businesses which operate in New Zealand,
Australia, North America and Europe.
ST LAURENCE: National Property Trust to Give Up Management Rights
-----------------------------------------------------------------
The Manager of The National Property Trust, The National Property
Trust Limited, has been developing a proposal under which the
management rights held by the Manager will be relinquished, the
units held by the Manager and its associated entities will be
repurchased, and a company will be formed so that unit holders
will exchange their units in the Trust for shares in a company.
The National Property Trust Limited is owned St Laurence Ltd,
which was placed in receivership by its trustee, Perpetual Trust
Ltd on April 29, 2010.
Details of that proposal will be included in the Notice of Annual
Meeting to be sent to all unit holders early in July 2010. The
proposal, if approved by unit holders, will result in:
* The 31,951,274 units held, or to be issued to, by the
Manager and its associated persons being repurchased
for 51 cents each;
* The management rights of the Manager being relinquished
for a payment of NZ$2.5 million (plus GST) with the Manager
and the associated management company transferring all
management systems and information to a new entity;
* A company replacing the unit trust with unit holders then
holding the same proportionate number of shares that were
held in the Trust; and
* Application being made to NZX Limited for the shares of
that new company to be listed.
The Cushing Family, who are part of a group of unit holders that
have requisitioned a special meeting, have advised that they will
support the above proposal subject to it binding the Manager and
other relevant parties and only being subject to approval of unit
holders. In which case they will recommend to the other parties
requisitioning the special meeting the withdrawal of the notice to
requisition a special meeting.
The indicative timetable to implement the proposal is:
* to obtain approval in principle to the proposal at the
Annual Meeting on July 30, 2010;
* to place a full proposal before unit holders at a Special
Meeting before November 30, 2010, to obtain approval to
implement the final proposal; and
* to implement the new structure on 1 April 2011.
About St Laurence Ltd
Headquartered in Wellington, New Zealand, St Laurence Limited
-- http://www.stlaurence.co.nz/st_laurence.php-- is a property-
based funds management and finance company with over NZ$1.2
billion in assets under management. Since 1995 it has been
developing and promoting investments, lending to property
borrowers, and managing its property assets and investments for
its investors.
* * *
St. Laurence Limited has been placed into receivership, owing
9,000 investors NZ$245 million. The company's trustee, Perpetual
Trust, on April 29, 2010, appointed Barry Jordan and David Vance
of Deloitte as receivers of St. Laurence and some of its
subsidiaries. The receivership does not include the companies
which are the managers of The National Property Trust, Irongate
Property Limited and its proportionate ownership schemes and
syndicates.
=================
S I N G A P O R E
=================
GLOBAL A&T: S&P Gives Stable Outlook; Affirms 'B-' Rating
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Singapore-based outsourced assembly and testing service
provider Global A&T Electronics Ltd. to stable from negative and
affirmed the 'B-' long-term corporate credit rating on the
company. S&P also affirmed the 'B-' issue ratings on the
company's US$625 million senior secured first-lien facility and
its US$150 million senior secured revolving credit facility.
The revision in outlook to stable reflects S&P's expectation that
Gate's financial risk profile will improve in the next six to nine
months, following the industry recovery and S&P's projection of a
positive impact on the company's operating performance because of
contributions from UTAC HK (previously known as ASAT Ltd.), which
the company acquired in February 2010.
"The ratings reflect Gate's high leverage, the volatile demand for
the company's services, aggressive competition, and the need to
invest heavily in advanced equipment to support anticipated
customer requirements," said Standard & Poor's credit analyst Wee
Khim Loy. "In S&P's view, the company's adequate liquidity and
the potential growth of the OSAT industry offset these
challenges."
S&P expects the improvement in Gate's revenue to continue in the
short term. S&P projects Gate's revenue in the year ending
Dec. 31, 2010, to be at least 50% higher than that in 2009. In
addition, S&P expects the company's EBITDA margin to improve to
about 30% in 2010, from 28% in 2009.
Gate's near-term liquidity is adequate, in S&P's opinion. The
company had US$327.2 million in cash as at March 31, 2010. This
is more than enough to cover its short-term debt of
US$23.7 million.
In S&P's view, Gate's financial flexibility is limited, given that
there are covenants in the credit facilities that restrict the
company's ability to incur more debt, subject to certain
exceptions.
===========
T A I W A N
===========
TAIWAN INT'L: Court-Appointed Managers' Takeover Set Today
----------------------------------------------------------
Three court-appointed temporary managers, including Capital
Securities Corp. board member Chu Jaw-chyuan, are expected to take
over Taiwan International Securities Corp. today, June 25, after
both of the securities firm's self-?proclaimed chairmen from last
year's board reshuffle dispute gave their consent, The Taipei
Times reports.
The report relates Mr. Chu said after a mediation meeting on
June 23 that: "The mediation went smoother than I'd expected. Both
of TISC's self-proclaimed controlling stakeholders agreed to
facilitate our takeover in the next one to two days."
According to Taipei Times, the mediation meeting was also attended
by securities and exchange regulators, Lawrence Chang, from the
firm's incumbent board, and Willie Tsai of the new stakeholder
China Development Financial Holding Co., which holds more than a
40 percent stake in TISC.
According to the report, Chang's camp, led by his father and TISC
Group chairman Chang Ping-chao, however, has decided to appeal the
Taipei District Court's takeover ruling made on June 15, 2010.
Tsai's camp, supported by the Koo family's China Development, will
not follow suit, Mr. Chu said. "Our custody as TISC's temporary
managers [at its board] will be terminated once court rulings
finalize a legitimate board," Mr. Chu added.
The Troubled Company Reporter-Asia Pacific, citing The Taipei
Times, reported on June 18, 2010, that the Taipei District Court
appointed three temporary managers to take over Taiwan
International Securities Corp., marking the first-ever government
takeover of a securities business. The decision came after the
securities company plunged into a power struggle between two
factions of its majority shareholders, who both claimed victory in
elections for board members and supervisors at the annual general
meeting in June last year. The Taipei Times noted that one
faction was led by the Koo family, who run China Development
Financial Holding Corp., and the other was supported by the chief
executive of Taiwan International Securities Group, Chang Ping-
chao. The district court said management disputes have disrupted
the securities firm's day-to-day operations. The disputes have
also affected market order as the firm is a listed company. The
appointed temporary managers include Chu Jaw-chyuan, a former
chairman of the Securities and Futures Investor Protection
Center. Apart from the temporary manager appointments the court
has also issued an injunction prohibiting Chang's son from
exercising power as the company chairman.
Taiwan-based Taiwan International Securities Corporation --
http://www.tisc.com.tw/-- is engaged in the businesses of
brokerage, underwriting, bond trading, as well as the research,
design and issuing of financial products.
* * *
On Dec. 14, 2009, Fitch Ratings affirmed Taiwan International
Securities Corp.'s Issuer Default Rating affirmed at 'BB', Short-
term foreign currency IDR affirmed at 'B', and Individual rating
affirmed at 'D'.
===============
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
ARASOR INTERNATI ARR 19.21 -26.51
AUSTAR UNITED AUN 568.69 -325.83
AUSTRAILIAN Z-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.50 -13.46
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 13.85 -0.97
HYRO LTD HYO 11.59 -4.73
IVANHOE AUST LTD IVA 49.44 -6.51
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 15.07 -29.20
CHINA
BAO LONG ORIENTA 600988 11.60 -7.44
CHANGAN INFO-A 600706 19.27 -7.62
CHENGDE DALU -B 200160 26.76 -5.73
CHENGDU UNION-A 693 41.39 -12.35
CHINA KEJIAN-A 35 84.21 -182.60
DATONG CEMENT-A 673 21.25 -1.54
DONGGUAN FANGD-A 600656 22.26 -59.02
DONGXIN ELECTR-A 600691 13.53 -19.38
GAOXIN ZHANGTO-A 2075 110.44 -39.93
GUANGMING GRP -A 587 46.25 -38.70
GUANGXIA YINCH-A 557 30.99 -29.72
HAINAN ZHUXIN-A 600515 123.22 -2.37
HEBEI BAOSHUO -A 600155 110.09 -387.99
HEBEI JINNIU C-A 600722 227.88 -230.19
HISENSE KELON-A 921 618.47 -107.13
HUASU HOLDINGS-A 509 86.39 -3.82
HUDA TECHNOLOG-A 600892 21.39 -2.55
HUNAN ANPLAS CO 156 44.13 -69.23
JINCHENG PAPER-A 820 250.82 -5.71
JINHUA GROUP-A 818 335.97 -31.40
LIAOYUAN DEHENG 600699 121.62 -29.14
QINGHAI SUNSHI-A 600381 68.98 -25.40
SHAANXI QINLIN-A 600217 233.70 -34.38
SHANG BROAD-A 600608 74.98 -19.72
SHANG HONGSHENG 600817 15.44 -457.23
SHANGHAI WORLDBE 600757 153.10 -190.22
SHENZ CHINA BI-A 17 24.86 -272.59
SHENZ CHINA BI-B 200017 24.86 -272.59
SHENZHEN DAWNC-A 863 27.13 -150.10
SHENZHEN KONDA-A 48 118.96 -0.71
SHENZHEN SHENX-A 34 23.81 -118.24
SHENZHEN ZERO-A 7 50.66 -9.39
SHIJIAZHUANG D-A 958 225.44 -69.75
SICHUAN DIRECT-A 757 103.79 -134.42
SUNTEK TECHNOL-A 600728 62.08 -15.09
TAIYUAN TIANLO-A 600234 51.10 -25.99
TIANJIN MARINE 600751 78.09 -63.86
TIANJIN MARINE-B 900938 78.09 -63.86
TIBET SUMMIT I-A 600338 87.44 -0.85
TOPSUN SCIENCE-A 600771 170.01 -152.79
WINOWNER GROUP C 600681 10.58 -71.05
WUHAN BOILER-B 200770 286.45 -140.07
WUHAN GUOYAO-A 600421 11.05 -23.63
WUHAN LINUO SOLA 600885 80.33 -0.50
XIAMEN OVERSEA-A 600870 288.01 -142.19
YANBIAN SHIXIA-A 600462 205.51 -13.20
YIBIN PAPER IN-A 600793 113.93 -0.74
YUEYANG HENGLI-A 622 38.14 -14.95
YUNNAN MALONG-A 600792 143.63 -36.68
ZHANGJIAJIE TO-A 430 45.95 -4.59
ZHONGCHANG MAR-A 600242 19.68 -1.33
HONG KONG
ASIA TELEMEDIA L 376 16.62 -5.37
BUILDMORE INTL 108 13.08 -43.45
CHAOYUE GROUP LT 147 42.69 -127.80
CHINA GOLDEN DEV 162 255.15 -4.51
CMMB VISION HOLD 471 38.50 -8.34
EGANAGOLDPFEIL 48 557.89 -132.86
FULBOND HLDGS 1041 80.19 -59.51
JACKIN INTL HLDG 630 50.53 -1.92
KING STONE ENERG 663 483.80 -64.12
MELCOLOT LTD 8198 65.62 -25.95
MITSUMARU EAST K 2358 21.23 -9.04
NEW CITY CHINA 456 112.20 -14.59
NGAI LIK INDL 332 132.82 -4.76
PAC PLYWOOD 767 68.66 -12.31
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
INDONESIA
ASIA PACIFIC POLY 482.03 -831.23
JAKARTA KYOEI ST JKSW 28.61 -45.23
MULIA INDUSTRIND MLIA 341.62 -371.31
PANASIA FILAMENT PAFI 47.01 -6.29
PANCA WIRATAMA PWSI 30.17 -37.32
PRIMARINDO ASIA BIMA 11.00 -21.84
STEADY SAFE TBK SAFE 12.29 -7.96
SURABAYA AGUNG SAIP 262.20 -82.20
UNITEX TBK UNTX 16.67 -14.92
INDIA
ALCOBEX METALS AML 16.59 -21.47
ARTSON ENGR ART 15.63 -1.61
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 43.99 -24.57
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 54.77 -2.70
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 17.91 -84.78
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 37.45 -45.90
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 32.23 -71.91
NK INDUS LTD NKI 49.04 -4.95
ORIENT PRESS LTD OP 16.70 -0.09
PANCHMAHAL STEEL PMS 51.02 -0.33
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
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 12.82 -5.15
TATA TELESERVICE TTLS 1,069.83 -154.99
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
JAPAN
ARDEPRO 8925 310.82 -253.28
DAIWASYSTEM CO 8939 607.68 -259.76
DON CO LTD 8216 147.78 -20.12
HARAKOSAN CO 8894 225.69 -62.68
ICHITAN CO LTD 5645 94.67 -2.19
JIPANGU HOLDINGS 2684 15.05 -8.38
L CREATE CO LTD 3247 42.34 -9.15
LAWSON ENTMEDIA 2416 71.17 -85.64
LCA HOLDINGS COR 4798 49.52 -2.24
NIHON INTER ELEC 6974 218.08 -50.73
PROPERST CO LTD 3236 303.29 -415.76
RAYTEX CORP 6672 61.49 -3.49
SAIKAYA CO LTD 8254 375.83 -72.59
SHINWA OX CORP 2654 41.06 -24.43
SHIOMI HOLDINGS 2414 173.84 -29.47
TERRANETZ CO LTD 2140 11.63 -4.29
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
DAHUI CO LTD 55250 186.00 -1.50
DAISHIN INFO 20180 740.50 -158.45
KEYSTONE GLOBAL 12170 10.61 -0.74
KUKDONG CORP 5320 51.19 -1.39
KUMHO INDUS-PFD 2995 5,837.32 -967.28
KUMHO INDUSTRIAL 2990 5,837.32 -967.28
ORICOM INC 10470 82.65 -40.04
ROCKET ELEC-PFD 425 68.58 -2.14
ROCKET ELECTRIC 420 68.58 -2.14
SAMT CO LTD 31330 303.86 -77.57
TAESAN LCD CO 36210 296.83 -91.03
TONG YANG MAGIC 23020 355.15 -25.77
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
AXIS INCORPORATI AXIS 37.88 -80.60
GULA PERAK BHD GUP 117.66 -0.91
HO HUP CONSTR CO HO 71.29 -5.69
LCL CORP BHD LCL 45.27 -111.27
LIMAHSOON BHD LIMA 26.52 -1.56
LUSTER INDUSTRIE LSTI 35.61 -0.32
MANGOTONE GROUP MTON 10.14 -12.16
MEMS TECHNOLOGY MEMS 10.15 -18.56
OILCORP BHD OILC 134.45 -59.41
TRACOMA HOLDINGS TRAH 75.40 -5.29
WONDERFUL WIRE WW 12.50 -17.91
WWE HOLDINGS BHD WWE 67.19 -4.08
NEW ZEALAND
DOMINION FINANCE DFH NZ Equi 258.90 -55.31
PHILIPPINES
APEX MINING 'B' APXB 45.84 -20.95
APEX MINING-A APX 45.84 -20.95
BENGUET CORP 'B' BCB 78.85 -62.30
BENGUET CORP-A BC 78.85 -62.30
CYBER BAY CORP CYBR 13.30 -83.83
EAST ASIA POWER PWR 42.01 -159.00
FIL ESTATE CORP FC 38.38 -13.37
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 INC MRC 13.26 -5.43
PICOP RESOURCES PCP 105.66 -23.33
PRIME ORION PHIL POPI 90.35 -5.12
STENIEL MFG STN 22.11 -13.42
UNIVERSAL RIGHTF UP 45.12 -13.48
UNIWIDE HOLDINGS UW 52.80 -56.18
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 13.35 -12.49
ADVANCE SCT LTD ASCT 16.05 -43.84
FALMAC LTD FAL 10.12 -6.80
HL GLOBAL ENTERP HLGE 92.82 -11.57
JURONG TECH IND JTL 98.76 -227.28
LINDETEVES-JACOB LJ 145.25 -85.84
SUNMOON FOOD COM SMOON 13.75 -14.24
TT INTERNATIONAL TTI 262.41 -48.15
WESTECH ELECT-10 WTE1 20.26 -13.94
WESTECH ELECTRON WTE 20.26 -13.94
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
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 92.72 -69.37
BANGKOK RUBBER-F BRC/F 92.72 -69.37
BANGKOK RUB-NVDR BRC-R 92.72 -69.37
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-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 35.05 -97.14
ITV PCL-FOREIGN ITV/F 35.05 -97.14
ITV PCL-NVDR ITV-R 35.05 -97.14
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-R 162.04 -79.86
PICNIC CORPORATI PICNI/F 162.04 -79.86
PICNIC CORPORATI PICNI 162.04 -79.86
PONGSAAP PCL PSAAP/F 24.33 -7.95
PONGSAAP PCL PSAAP 24.33 -7.95
PONGSAAP PCL-NVD PSAAP-R 24.33 -7.95
SAFARI WORLD PUB SAFARI 107.40 -17.63
SAFARI WORLD-FOR SAFARI/F 107.40 -17.63
SAFARI WORL-NVDR SAFARI-R 107.40 -17.63
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
THAI-GERMAN PR-F TGPRO/F 53.72 -2.14
THAI-GERMAN PRO TGPRO 53.72 -2.14
THAI-GERMAN-NVDR TGPRO-R 53.72 -2.14
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 110.70 -26.69
UNIVERSAL STARCH USC 110.70 -26.69
UNIVERSAL STAR-F USC/F 110.70 -26.69
DATAMAT PCL DTM 12.69 -6.13
TAIWAN
CHIEN TAI CEMENT 1107 202.42 -33.40
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
PRODISC TECH 2396 253.76 -36.04
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 42.86 -0.71
VERTEX PRECISION 5318 42.86 -0.71
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 ***