/raid1/www/Hosts/bankrupt/TCRAP_Public/100810.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
Tuesday, August 10, 2010, Vol. 13, No. 156
Headlines
A U S T R A L I A
MIRVAC INDUSTRIAL: Defaults on $123.5 Million CMBS Loan
SIGMA PHARMA: Watson Pharmaceuticals Still Keen on Acquiring Firm
H O N G K O N G
ALFRED DUNHILL: Commences Wind-Up Proceedings
AOK LIMITED: Members' Final Meeting Set for September 8
BIKRAM?S YOGA: Chan Yui Hang Michael Appointed as Liquidator
CHIUTACT INVESTMENTS: Kwok Lai Ngor Steps Down as Liquidator
CUHK GLOBAL: Creditors' Proofs of Debt Due September 6
D & B PRINTING: Final Meetings Set for September 10
GEM FAIR: Creditors' Proofs of Debt Due August 23
GOOD MASCOT: Kwok Lai Ngor Steps Down as Liquidator
GREAT PERFECT: Members' Final General Meeting Set for September 7
HAPPY CITY: Creditors' Meeting Set for August 26
H.C.B. INTERNATIONAL: Creditors' Proofs of Debt Due September 6
SUNLINK WAVECOM: Creditors' Proofs of Debt Due September 6
TACK FAT: Members' and Creditors Meetings Set for August 13
TEL-LINE LIMITED: Members' Final Meeting Set for September 15
YUEGANG INVESTMENT: Creditors' Proofs of Debt Due September 6
I N D I A
ALPINE APPARELS: CRISIL Reaffirms 'P4+' Ratings on Various Debts
CADILLAC BUILDWELL: CRISIL Reaffirms 'BB+' Rating on Cash Credit
COLOR COPI: CRISIL Upgrades Ratings on INR150MM Cash Credit
GLOBE FOREX: CRISIL Reaffirms 'BB' Rating on INR97MM Cash Credit
GLOBAL S: CRISIL Assigns 'BB' Ratings to INR17.5MM Cash Credit
HEALTHAID FOOD: CRISIL Cuts Rating on INR12.9MM Loan to 'B+'
JAYANTHI GARMENTS: CRISIL Assigns 'B' Ratings on Various Debts
JAYBHARAT DYEING: CRISIL Reaffirms 'BB' Rating on INR61.4MM Loan
JSS STEELITALIA: CRISIL Reaffirms 'BB-' Rating on Cash Credit
KLJ TOWN: CRISIL Reaffirms 'BB+' Rating on INR450MM Cash Credit
LAMBDA MICROWAVE: CRISIL Cuts Rating on INR75M Cash Credit to 'BB'
LAXMI COTSPIN: CRISIL Reaffirms Ratings on Various Bank Debts
LOMEX INDIA: CRISIL Assigns 'BB-' Rating on INR30MM Cash Credit
NATRAJ PROTEINS: CRISIL Reaffirms 'BB+' Rating on Cash Credit
PRADEEP METALS: CRISIL Cuts Rating on INR87 Mil. LT Loan to 'BB-'
PRECISION CONTROLS: CRISIL Assigns 'BB+' Rating on INR49.8M Loan
SAI SMARAN: CRISIL Reaffirms 'BB-' Ratings on INR20MM Term Loan
SUBH LAXMI: Fitch Affirms National Long-Term Rating at 'BB-'
TRANSTECH GREEN: Fitch Assigns 'BB+' Rating on Senior Loans
J A P A N
CAFES 3: Fitch Affirms Ratings on Six Classes of Certificates
JAPAN AIRLINES: Hotel Okura to Buy Majority Stake in JAL Hotels
JMAC 3: Fitch Downgrades Ratings on Various Trust Interests
KANSAI URBAN: Moody's Confirms 'D' Bank Financial Strength Rating
PIONEER CORP: Swings to JPY598 Million Profit in Qtr Ended June 30
K O R E A
HYNIX SEMICONDUCTOR: To Mass Produce NAND Flash Chips
SSANGYONG MOTOR: Mahindra Board Approves Plan to Submit Bid
SSANGYONG MOTOR: Ruia Group to Present Bid
N E W Z E A L A N D
AIR NEW ZEALAND: Outsourcing Deal with Gen-i Still Not Finalize
BRIDGECORP LTD: Case Against Ex-Directors Moved to September 27
CHECKSUN NZ: Placed In Liquidation Due to Unpaid Rent
STRATEGIC FINANCE: Investors to Receive First Repayment
X X X X X X X X
* BOND PRICING: For the Week August 2 to August 6, 2010
- - - - -
=================
A U S T R A L I A
=================
MIRVAC INDUSTRIAL: Defaults on $123.5 Million CMBS Loan
-------------------------------------------------------
The Sydney Morning Herald reports that Mirvac Group said Monday
that a loan default at Mirvac Industrial Trust will not affect its
earnings or balance sheet for the 2010 financial year. SMH
relates Mirvac said the industrial trust failed to repay a $123.5
million CMBS loan facility which matured on August 7.
The report says Mirvac Group has a 14% ownership interest in the
industrial trust, which it has valued at zero on its balance sheet
since June 2009.
The Mirvac Industrial Trust is an ASX listed property trust, with
64 industrial assets in the greater Chicago region.
SIGMA PHARMA: Watson Pharmaceuticals Still Keen on Acquiring Firm
-----------------------------------------------------------------
Watson Pharmaceuticals has refused to rule out a $600 million
takeover bid for Sigma Pharmaceuticals, and has flagged its
renewed interest to engage in merger and acquisition deals this
year, The Sydney Morning Heralds reports.
According to the report, Watson chief executive Paul Bisaro said
the company was looking for acquisition targets, both domestically
and overseas, and that it would actively consider all
opportunities put before it.
The report relates Mr. Bisaro said Watson had a strong interest in
healthcare products.
?We're probably looking more for product opportunities and
pipeline opportunities and biologic opportunities than we are for
growing into another therapeutic category,? the report quoted
Mr. Bisaro as saying.
An acquisition of all or part of Sigma would increase Watson's
breadth in the region from its current marketing, research and
development activities in Melbourne, the report notes.
About Sigma Pharmaceuticals
Based in Australia, Sigma Pharmaceuticals Limited (ASX:SIP) --
http://www.sigmaco.com.au/-- manufactures, markets and
distributes pharmaceutical products through the pharmacy and
grocery channels and the provision of services to retail
pharmacists. Its Pharmaceuticals segment includes the manufacture
or contract manufacture for Australian and overseas customers.
The Company's Healthcare segment represents its traditional
pharmacy wholesale business. Its subsidiaries include Chemist Club
Pty Limited, Sigma Company Limited, Amcal Pty. Limited,
Commonwealth Drug Company Pty. Ltd., Fawns & McAllan Proprietary
Limited, Guardian Pharmacies Australia Pty. Ltd and Sigma Finance
Pty. Ltd. On October 2, 2009, the Company acquired some parts of
the Australian business operations of Bristol Myers Squibb
Australia (BMSA) and associated assets (BMS Australian Business).
The BMS Australian Business consists of the pharmaceutical and
technical operations division, which operates out of BMS
Australia's Noble Park facility.
* * *
The Troubled Company Reporter-Asia Pacific reported on April 23,
2010, that Sigma Pharmaceuticals Ltd. may face a damages claim of
more than $200 million from shareholders over its annual loss and
alleged breach of continuous disclosure obligations. Tom
Tarasewicz, the vice-president of the US litigation funder
Comprehensive Legal Funding, said his firm had been approached
by Australian institutional shareholders in Sigma, who were
concerned about the company's long trading halt and the end-
of-year adjustments it was about to make to its 2010 accounts.
A damages bill above $200 million would be nearly half of Sigma's
market capitalization of $572 million or almost three times its
2009 full-year profit, The Sydney Morning Herald had noted.
Sigma reported a net loss of AU$389 million for the year ended
Jan. 31, 2010. The Wall Street Journal reported that Sigma said
competition in the generic drug sector was keener than it had
anticipated and slashed the book value of key assets. The Journal
noted Sigma also revealed that the company had breached debt
covenants and that creditors were insisting on assets sales to pay
them AU$90 million by Nov. 30, 2010.
================
H O N G K O N G
================
ALFRED DUNHILL: Commences Wind-Up Proceedings
---------------------------------------------
Members of Alfred Dunhill of London Limited, on July 23, 2010,
passed a resolution to voluntarily wind-up the company's
operations.
The company's liquidators are:
Betty Yuen Yeung
Paul David Stuart Moyes
Level 28, Three Pacific Place
1 Queen?s Road East
Hong Kong
AOK LIMITED: Members' Final Meeting Set for September 8
-------------------------------------------------------
Members of AOK Limited will hold their final general meeting on
September 8, 2010, at 10:00 a.m., at Flat H, 26/F., Block 10,
villa Esplanada, Phase 3, 8 Nga Ying Chau Street, Tsing Yi, New
Territories.
At the meeting, Ng Chun Yin, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
BIKRAM?S YOGA: Chan Yui Hang Michael Appointed as Liquidator
------------------------------------------------------------
Chan Yui Hang Michael on July 24, 2010, was appointed as
liquidator of Bikram?s Yoga College of India Limited.
The liquidator may be reached at:
Chan Yui Hang Michael
Room 515, 5/F
New Mandarin Plaza Tower A
14 Science Museum Road
Tsimshatsui East, Kowloon
Hong Kong
CHIUTACT INVESTMENTS: Kwok Lai Ngor Steps Down as Liquidator
------------------------------------------------------------
Kwok Lai Ngor stepped down as liquidator of Chiutact Investments
Limited on August 2, 2010.
CUHK GLOBAL: Creditors' Proofs of Debt Due September 6
------------------------------------------------------
Creditors of The CUHK Global Business Alumni Association Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by September 6, 2010, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 28, 2010.
The company's liquidator is:
Tsang Wai Kit
6/F, May May Building
Nos. 683-685 Nathan Road
Mongkok, Hong Kong
D & B PRINTING: Final Meetings Set for September 10
---------------------------------------------------
Members and creditors of D & B Printing Company Limited will hold
their final meetings on September 10, 2010, at 2:30 p.m., and 3:00
p.m., respectively at Room 203, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai, in Hong Kong.
At the meeting, Wong Hei Chiu, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
GEM FAIR: Creditors' Proofs of Debt Due August 23
-------------------------------------------------
Gem Fair Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by August 23,
2010, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on July 29, 2010.
The company's liquidators are:
Lee Kin Chor
Rooms 1703-4, The Centre Mark
287-299 Queen?s Road
Central, Hong Kong
GOOD MASCOT: Kwok Lai Ngor Steps Down as Liquidator
---------------------------------------------------
Kwok Lai Ngor stepped down as liquidator of Good Mascot Limited on
August 2, 2010.
GREAT PERFECT: Members' Final General Meeting Set for September 7
-----------------------------------------------------------------
Members of Great Perfect Investment Limited will hold their final
general meeting on September 7, 2010, at 10:00 a.m., at 11/F.,
Manulife Tower, 169 Electric Road, North Point, in Hong Kong.
At the meeting, Kwok-leung Yeung, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
HAPPY CITY: Creditors' Meeting Set for August 26
------------------------------------------------
Creditors of Happy City Limited will hold their meeting on
August 26, 2010, at 2:30 p.m., for the purposes provided for in
Sections 242, 243, 244, 245, 255A(2) and 283 of the Companies
Ordinance.
The meeting will be held at Unit A, 14/F, JCG Building, 16 Mongkok
Road, Mongkok, Kowloon.
H.C.B. INTERNATIONAL: Creditors' Proofs of Debt Due September 6
---------------------------------------------------------------
H.C.B. International Limited, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by September 6, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on August 6, 2010
The company's liquidator is:
Wong Pong Kwok Ivan
Unit 1110, Lippo Sun Plaza
28 Canton Road
Tsimshatsui, Kowloon
Hong Kong
SUNLINK WAVECOM: Creditors' Proofs of Debt Due September 6
----------------------------------------------------------
Creditors of Sunlink Wavecom Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by September 6, 2010, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on July 30, 2010.
The company's liquidators are:
Stephen Liu Yiu Keung
David Yen Ching Wai
62/F., One Island East
18 Westlands Road, Island East
Hong Kong
TACK FAT: Members' and Creditors Meetings Set for August 13
-----------------------------------------------------------
Members and creditors of Tack Fat International Holdings Limited
will hold their annual meetings on August 13, 2010, at 4:30 p.m.,
at the offices of FS Asia Advisory Limited, 14th floor, the Hong
Kong Club Building, 3A Chater Road, Central, in Hong Kong.
At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
TEL-LINE LIMITED: Members' Final Meeting Set for September 15
-------------------------------------------------------------
Members of Tel-Line Limited will hold their final general meeting
on September 15, 2010, at 10:00 a.m., at 2310 Dominion Centre, 43-
59 Queen?s Road East, in Hong Kong.
At the meeting, J P Walsh, the company's liquidator, will give a
report on the company's wind-up proceedings and property disposal.
YUEGANG INVESTMENT: Creditors' Proofs of Debt Due September 6
---------------------------------------------------------
Creditors of Yuegang Investment Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by September 6, 2010, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 30, 2010.
The company's liquidators are:
Stephen Briscoe
Wong Teck Meng
602 The Chinese Bank Building
61-65 Des Voeux Road
Central, Hong Kong
=========
I N D I A
=========
ALPINE APPARELS: CRISIL Reaffirms 'P4+' Ratings on Various Debts
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alpine Apparels Pvt Ltd
continue to reflect the company's weak financial risk profile and
stretched liquidity, primarily due to the working-capital-
intensive nature of its operations. The impact of these rating
weaknesses is mitigated by the company's diversified customer and
product profiles.
Facilities Ratings
---------- -------
INR24.5 Million Term Loan BB-/Stable (Reaffirmed)
INR108.0 Million Packing Credit P4+ (Reaffirmed)
INR77.9 Million Bills Discounting P4+ (Reaffirmed)
INR20.0 Million Letter of Credit P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that AAPL will continue to benefit over the medium
term from its focus on expanding its product range, and client
base, and on maintaining client relationships. The company's
financial risk profile, however, is likely to remain weak, with
high gearing and weak debt coverage indicators. The outlook may be
revised to 'Positive' if AAPL's capital structure improves, or if
there is a significant and sustainable increase in its operating
profitability. Conversely, the outlook may be revised to
'Negative' if the company's cash accruals decline, or if the
company undertakes a large, debt-funded capital expenditure
(capex) programme, weakening its capital structure.
Update
AAPL had provisional net sales of around INR696 million for 2009-
10 (refers to financial year, April 1 to March 31), slightly lower
than CRISIL's expectations. It had net sales of around INR559
million for 2008-09. AAPL's operating profit before interest tax
and depreciation (OPBDIT) in 2009-10 was 7.2 per cent, down from
8.6 per cent in 2008-09. The reduced profitability was due mainly
to increase in manufacturing expenses. AAPL spent about INR26
million as capital expenditure (capex), against an estimate of
INR8 million, in 2009-10 mainly towards machinery for footwear
segment. The capex was funded at a debt-equity mix of 80:20. The
company's gearing of about 2.92 times as on March 31, 2010 was
largely in line with CRISIL's expectations, and is expected to
remain at a similar level over the medium term.
About Alpine Apparels
Incorporated in 1986 by Mr. Sanjay Leekha, AAPL manufactures
leather gloves, wallets, bags, caps/hats, belts, flip flops,
footwear, and other related products; it has a production capacity
of about 490,000 pieces per annum. Its facility in Faridabad is
spread over 100,000 square feet and is equipped with the latest
cutting, sewing and finishing machines. The company has a direct
relationship with more than 100 customers, including large fashion
and retail brands such as Next, Debenhams, Marks & Spenser,
Espirit, Mexx, in Europe and the UK, and Wilsons Leather, Liz
Claiborne, Target, DKNY, and Armani Exchange in the US. AAPL's
exports to USA and Europe contribute about 90 per cent to its
total revenue.
AAPL reported a profit after tax of INR4.4 million on net sales of
INR559 million for 2008-09 (refers to financial year, April 1 to
March 31), against a net loss of INR0.1 million on net sales of
INR354 million in 2007-08.
CADILLAC BUILDWELL: CRISIL Reaffirms 'BB+' Rating on Cash Credit
----------------------------------------------------------------
CRISIL's ratings on Cadillac Buildwell Pvt Ltd (Cadillac
Buildwell, part of the KLJ Town Planners group) bank facilities
continue to reflect the KLJ Town Planners group's limited track
record in executing large real estate projects independently,
geographically concentrated revenue profile, and susceptibility to
volatility in Indian real estate industry.
Facilities Ratings
---------- -------
INR150.00 Million Cash Credit Limit BB+/Stable (Reaffirmed)
INR48.40 Million Bank Guarantee P4+ (Reaffirmed)
These rating weaknesses are partially offset by the KLJ Town
Planners group's conservative financial policy, healthy financial
flexibility, and the benefits that the group derives from its
joint venture (JV) with Business Park & Town Planner Pvt ltd.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KLJ Town Planners Pvt Ltd, Cadillac
Buildwell, Prithvi Sound Products Company Pvt Ltd, and other
associate entities in the real estate business. This is because
these entities, collectively referred to as the KLJ Town Planners
group, are in the same line of business, and have common
promoters, and strong business and financial linkages. CRISIL has
factored in funding support of up to INR900 million from the group
promoter's chemicals business to the real estate business over the
next three years. However, CRISIL has not factored in the group's
promoter's chemical business, as it is unrelated to the real
estate business, and the group's management has a policy of not
leveraging the chemicals business beyond a limit to fund the real
estate business; the quantum of funding support that the group
receives from the promoters' chemicals business remain a rating
sensitivity factor.
Outlook: Stable
CRISIL believes that the KLJ Town Planners group's has comfortably
managed to source funds for its initial real estate projects,
notwithstanding the slowdown in the real estate sector; the real
estate business will continue to receive support from the
promoters' chemicals business. However, the group's limited
experience in undertaking large real estate projects independently
exposes it to substantial project completion risks. The outlook
may be revised to 'Positive' if the group achieves key milestones
in its ongoing projects on time, while continuing to fund its new
projects judiciously. Conversely, the outlook may be revised to
'Negative' in the event of significant delays in completing
milestones in ongoing projects, or substantial increase in gearing
of proposed projects that have been deferred.
About KLJ Town
The KLJ Town Planners group was set up by Mr. K L Jain (chairman)
in 1967. Initially, the group manufactured polyvinyl chloride
(PVC) compounds, and in 1985 it backward integrated into
manufacturing plasticiser. In 2004, the promoters entered the
real estate business by forming a JV (through special purpose
vehicles) with BPTP. It has completed three projects Shop-In-Park
East Commercial Complex, Shop-In-Park North Commercial Complex,
Park Centra Information Technology Park, in the past four years.
The promoters set up KLJTP in 2006 for venturing into real estate
business independently. The group has focused its real estate
activities in Delhi and the National Capital Region (NCR), and has
acquired a large plot of land in Faridabad (Haryana). KLJTP is the
flagship company of the KLJ Town Planners group. All the marketing
related activities of the two projects being executed by Prithvi
Sound (commercial complex at Wazirpur, Delhi) and Cadillac
Buildwell (housing project in Bahadurgarh, Haryana) are carried
out by KLJTP. KLJTP's wholly owned subsidiary, Cadillac Buildwell,
is working as a licensing company of the group; the other group
entities are primarily land-owning companies and will not
undertake development activity. The group's Faridabad project has
been delayed by over one year and is expected to be completed over
the medium term. The group has recently started construction for
its new project at Bahadurgarh.
The KLJ Town Planners group reported a profit after tax (PAT) of
INR8 million on an operating income of INR399 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR34 million on net sales of INR119 million for 2008-09.
COLOR COPI: CRISIL Upgrades Ratings on INR150MM Cash Credit
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Color Copi Services & Solutions Private Limited to 'B+/Stable'
from 'B-/Negative'.
Facilities Ratings
---------- -------
INR150.0 Million Cash Credit B+/Stable (Upgraded from B- &
(Enhanced from INR70.0 Mil.) Outlook revised
from Negative)
INR150.0 Mil. Rupee Term Loan B+/Stable (Upgraded from B- &
(Reduced from INR195.0 Million) Outlook revised
from Negative)
The upgrade reflects significant improvement in CSPL's financial
risk profile, driven by improvement in its capital structure
because of equity infusion of INR120 million in 2009-10 (refers to
financial year, April 1 to March 31). CSPL's margins have also
improved and the company is likely to maintain its margins at the
improved level, supported by expected enhancement of operating
efficiencies over the medium term. But the funding-mix of the
company's ongoing capital expenditure (capex) will remain a rating
sensitivity factor. Also, CSPL's liquidity is constrained because
of stretched debtor levels; the company's working capital
management remains another rating sensitivity factor.
CRISIL's ratings on CSPL's bank facilities continue to reflect
CSPL's large working capital requirements, and small scale of
operations. These rating weaknesses are partially offset by CSPL's
improving financial risk profile, supported by increasing cash
accruals and sizeable equity infusion by promoters, and
established relationships with customers.
Outlook: Stable
CRISIL believes that CSPL will maintain its financial risk profile
supported by healthy cash accruals and benefit from equity
infusion from promoters, over the medium term. However, the
company will continue to have large working capital requirements
because of stretched debtor levels. The outlook may be revised to
'Positive' if CSPL increases its scale of operations
significantly, while maintaining its profitability. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
larger-than-expected debt-funded capital expenditure programme,
thereby weakening its debt protection metrics.
About Color Copi
CSPL was set up as a proprietorship concern, Color Copi (India)
Services, in 2001 by Mrs. Kamala Gupta. She is supported by her
son Mr. Sanjeev Gupta in capacity of a CEO. It was reconstituted
as a private limited company in April, 2009. The company
initially traded in printers and other computer hardware. In
2004, the company started providing end-to-end printing services,
such as installing the printer at the customer premises,
undertaking maintenance work for printers and replacement of
cartridges, to its clients.
In 2008, CSPL started providing 'per page printing' services to
customers. The company has a cartridge ink refilling facility at
Andheri (Mumbai) with an installed capacity of 10,000 cartridges
per month. The company is planning to start retail sales of ink
cartridges under its own brand. CSPL also does printing and
scanning works for government agencies.
CSPL reported a profit after tax (PAT) of INR22.8 million on net
sales of INR395.8 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR10.1 million on net
sales of INR246.4 million for 2008-09.
GLOBE FOREX: CRISIL Reaffirms 'BB' Rating on INR97MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Globe Forex and Travels
Ltd continue to reflect GFTL's stretched financial risk profile,
and exposure to risks relating to adverse external events, and
intense competition in the travel industry. These rating
weaknesses are partially offset by the benefits that GFTL derives
from its presence in the travel management segment, with a strong
corporate and retail customer base.
Facilities Ratings
---------- -------
INR97 Million Cash Credit BB/Stable (Reaffirmed)
INR20 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that GFTL will maintain an established market
presence in the travel management segment. The outlook may be
revised to 'Positive' if the company's capital structure improves,
or if substantial scaling up of operations leads to better-than-
expected cash accruals, resulting in improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
major debt-funded capital expenditure programmes lead to further
deterioration in GFTL's capital structure.
Update
GFTL's performance in 2009-10 (refers to financial year, April 1
to March 31) was in line with CRISIL's expectations. GFTL's
profit after tax (PAT) for 2009-10 was estimated at INR8 million,
on operating income of INR3250 million, against a PAT of INR1.1
million on net sales of INR1470 million for 2008-09. Its liquidity
is likely to remain stretched, as reflected in high utilization of
bank limits, due to working-capital-intensive operations. Its term
debt obligations are minimal.
About Globe Forex
Incorporated in 1994 by Mr. Sanjoy Kumar Sett, GFTL is one of the
leading travel agencies in eastern India. GFTL's range of
services includes ticket booking, hotel reservations, car rental,
visa documentation, railway bookings, foreign exchange, and cargo
services.
GLOBAL S: CRISIL Assigns 'BB' Ratings to INR17.5MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to Global S S
Construction Pvt Ltd's bank facilities.
Facilities Ratings
---------- -------
INR17.5 Million Cash Credit Facility BB/Stable (Assigned)
INR22.5 Million Proposed Long-Term BB/Stable (Assigned)
Bank Loan Facility
INR40.0 Million Bank Guarantee P4+ (Assigned)
INR10.0 Million Proposed Short-Term P4+ (Assigned)
Bank Loan Facility
The ratings reflect Global's small scale of operations and large
working capital requirements, and exposure to risks related to
customer concentration in revenue profile. These rating
weaknesses are partially offset by Global's above-average
financial risk profile marked by a robust capital structure and
healthy debt coverage ratios, and the experience of company's
promoters in the operational and maintenance (O&M) services
business for the oil and gas industry.
Outlook: Stable
CRISIL expects Global SS Construction Pvt Ltd (Global) to maintain
its credit risk profile because of healthy growth prospects in
end-user industry, and established relationships with customers.
The outlook may be revised to 'Positive' in case of better-than-
anticipated improvement in revenues and operating margin.
Conversely, the outlook may be revised to 'Negative' if the
company's credit risk profile deteriorates, due to declining
revenues and margins, or any invocation of guarantee, or if the
company contracts any large debt-funded capex.
About Global S S
Global was established in 1982 as a proprietary concern, under the
name of SS Construction by Mr. Rakesh Sharma. The firm was
subsequently reconstituted into a private limited entity in March
2006. The Mumbai-based entity provides O&M services to the oil
and gas industry and undertakes the laying of city gas
distribution pipelines.
Global reported a profit after tax (PAT) of INR6 million on net
sales of INR162 million for 2008-09 (refers to financial year,
April 1 to March 31) against a PAT of INR6 million on net sales of
INR175 million for 2007-08.
HEALTHAID FOOD: CRISIL Cuts Rating on INR12.9MM Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on Healthaid Food Specialist Pvt
Ltd's bank facilities to 'B+/Stable' from 'BB-/Stable'.
Facilities Ratings
---------- -------
INR180.00 Million Cash Credit B+/Stable (Downgraded from
BB-/Stable)
INR12.90 Million Term Loan B+/Stable (Downgraded from
BB-/Stable)
The downgrade reflects expected deterioration in Healthaid's weak
financial risk profile on account of the ongoing large debt-funded
capital expenditure (capex). The capex at around INR97 million is
nearly 2 times the company's estimated net worth of INR46 million
as on March 31, 2010 (refers to financial year, April 1 to March
31); and is expected to be funded through a term loan of around
INR60 million. Further, the company's capital structure remains
weak owing to low accretion to reserves and large working capital
requirements.
CRISIL's ratings on Healthaid's bank facilities reflect expected
deterioration in Healthaid's financial risk profile, because of
its large debt-funded capex. The rating also reflects the
company's low operating margin owing to presence in a low-value-
added segment, average scale of operations and exposure to risks
relating to unfavourable regulatory changes and epidemic-related
factors. These rating weaknesses are partially offset by the
benefits that Healthaid derives from the experience of its
promoters in the dairy industry.
Outlook: Stable
CRISIL believes that Healthaid's financial risk profile will
remain constrained over the medium term because of large, debt-
funded capex. The outlook may be revised to 'Positive' if the
company's financial risk profile improves significantly because of
large equity infusion or because of improvement in operating
margin, resulting in larger-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case
significant delay in completion of new facility or higher than
expected increase in working capital requirements constrain the
company's financial flexibility.
About Healthaid Food
Set up in 1984, Healthaid manufactures milk products such as ghee,
skimmed milk powder, whole milk powder, and dairy whitener. The
company initially supplied milk to large corporate customers such
as Nestle India Ltd, Milk Food Ltd, and Jagjit Industries Ltd in
Amritsar (Punjab). In 1986-87, Healthaid set up its own milk
processing unit and chilling centre, and began manufacturing ghee.
In 1995, the company started producing milk powder, by drying
surplus milk. The company has a processing capacity of 3.6 lakh
litres per day.
Healthaid reported a profit after tax (PAT) of INR7 million on net
sales of INR611 million for 2008-09 against a PAT of INR3 million
on net sales of INR540 million for 2007-08.
JAYANTHI GARMENTS: CRISIL Assigns 'B' Ratings on Various Debts
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to Jayanthi
Garment's bank facilities.
Facilities Ratings
---------- -------
INR65.00 Million Cash Credit B/Stable (Assigned)
INR5.00 Million Stand By Line B/Stable (Assigned)
of Credit
INR3.60 Million Proposed LT B/Stable (Assigned)
Bank Loan Facility
INR12.50 Million Export Packing P4 (Assigned)
Credit
The ratings reflect JG's weak financial risk profile, marked by a
high gearing and small scale of operations. The ratings also
factor in JG's customer concentration in revenue profile, and
susceptibility to volatility in raw material prices and foreign
exchange rates. These rating weaknesses are partially offset by
JG's promoters' experience in the textile industry and established
relationships with its customers.
Outlook: Stable
CRISIL believes that JG will continue to benefit over the medium
term from steady export revenues, supported by established
relationships with customers. The outlook may be revised to
'Positive' if JG increases its scale of operations, improves its
profitability, and strengthens its capital structure. Conversely,
the outlook may be revised to 'Negative' if JG undertakes a large,
debt-funded capital expenditure programme, or if its profitability
or revenues decline sharply, thereby weakening its financial risk
profile, particularly liquidity.
About Jayanthi Garment
JG, a proprietorship firm, was set up in 1999. The firm
manufactures and exports readymade garments. The firm is promoted
by Mr. R Siva Shanmugam. It has three manufacturing units in
Tirupur (Tamil Nadu), with a combined capacity of producing
300,000 pieces of garments per month. The firm generates about 70
per cent of its revenues from export to the US, Germany, and
Taiwan, among others, and the rest from the Indian market.
JG reported a profit after tax (PAT) of INR4 million on net sales
of INR378 million for 2009-10 (refers to financial year, April 1
to March 31), against a PAT of INR8 million on net sales of INR265
million for 2008-09.
JAYBHARAT DYEING: CRISIL Reaffirms 'BB' Rating on INR61.4MM Loan
----------------------------------------------------------------
CRISIL's rating on Jay Bharat Dyeing and Printing Pvt Ltd's bank
facilities continues to reflect JBDPPL's limited financial
flexibility, small scale of operations in the dyeing industry, and
exposure to risks related to geographical concentration in its
revenue profile.
Facilities Ratings
---------- -------
INR50.0 Million Cash Credit Limit BB/Stable (Reaffirmed)
INR61.4 Million Term Loan BB/Stable (Reaffirmed)
These weaknesses are partially offset by the benefits that JBDPPL
derives from the experience of its promoters in the textile
industry and the company's moderate financial risk profile, marked
by moderate gearing and comfortable debt protection measures
Outlook: Stable
CRISIL believes that JBDPPL will continue to benefit from the
established track record of its promoters, and maintain its
moderate financial risk profile over the medium term. The outlook
may be revised to 'Positive' if JBDPPL's cash accruals improve
significantly, backed by an increase in its scale of operations
and an improvement in its capital structure. Conversely, the
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates owing to sharp decline in profitability.
Update
JBDPPL continues to undertake assignments on job-work basis for
textile companies. It registered estimated net sales of INR346
million for 2009-10 (refers to financial year, April 1 to
March 31), largely in line with CRISIL's expectations. As
envisaged, JBDPPL executed a capital expenditure (capex) programme
of around INR80 million towards setting up additional capacities,
which became operational from November 2009. Currently, the plant
is operating at 70 per cent capacity.
The company's operating margin improved marginally to around 10.6
per cent in 2009-10, from 10 per cent in 2008-09. JBDPPL
maintained its average financial risk profile with estimated
gearing of 1.25 times as on March 31, 2010; and its gearing is
expected to remain comfortable below 1.5 times with absence of
capex plans over the medium term. JBDPPL is estimated to report a
profit before tax (PBT) of INR12 million on net sales of INR346
million for 2009-10, as against a PAT of INR8 million on net sales
of INR282 million for 2008-09.
JBDPPL, incorporated in 1986, is promoted by the Arya family and
has been in the textile business since the 1970s. JBDPPL
undertakes job works in dyeing and printing of grey polyester
fabric. The company's plant in Surat (Gujarat) has a processing
capacity of 185,000 metres per day. The company uses gas-based
and wind-based power to meet its power requirements.
JSS STEELITALIA: CRISIL Reaffirms 'BB-' Rating on Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of JSS Steelitalia Ltd
continue to reflect the start-up nature and small scale of JSS's
operations in the intensely competitive stainless steel tubes and
pipes industry, the company's weak financial risk profile marked
by low net worth, moderate gearing, and weak debt protection
measures, and its exposure to risks relating to volatility in raw
material prices. These weaknesses are partially offset by the
benefits that the company derives from the experience of its
promoters in the steel industry.
Facilities Ratings
---------- -------
INR150.00 Million Cash Credit BB-/Stable (Reaffirmed)
INR100.00 Million Letter of P4+ (Reaffirmed)
Credit and Bank Guarantee
Outlook: Stable
CRISIL believes that JSS's scale of operations will remain small,
and its cash accruals depressed, over the medium term, as the
company has a limited track record and has not fully ramped up its
operations. The outlook may be revised to 'Positive' if the
company's cash accruals improve significantly on a sustainable
basis. Conversely, the outlook may be revised to 'Negative' if
JSS's sales and profitability do not register the expected growth,
or if the company undertakes a large, debt-funded capital
expenditure (capex) programme.
JSS is expected to register an operating income of INR457.2
million in 2009-10 (refers to financial year, April 1 to March
31), which is marginally lower than CRISIL's expectation.
However, the operating margin was significantly lower than
expected, as the company could not ramp up its operations to the
expected level, and the higher fixed cost led to low operating
profitability. JSS is expected to report a cash loss of about
INR1.6 million for 2009-10. There has been support from the
company's joint venture (JV) partners in the form of extended
credit for procurement of raw materials, leading to lower working
capital requirements and low bank limit utilizations. Also, there
was fresh equity infusion of about INR40 million in 2009-10
towards capex for setting up a new unit in Chennai, which led to a
comfortable gearing, estimated at 0.92 times as on March 31, 2010,
which is better than CRISIL's expectations. However, the gearing
is expected to increase on account of incremental working capital
requirements and debt-funded capex plans. The company has plans to
set up a similar manufacturing facility for manufacturing steel
tubes and pipes at Chennai, involving a capex of about INR300
million over the next two years. However, the plan is in the
preliminary stage and has not been factored into the rating. The
future capex and its funding and will remain key rating
sensitivity factors.
JSS is expected to report a loss of INR1.6 million on net sales of
INR457.2 million for 2009-10, as against a loss of INR27.2 million
on net sales of INR38.1 million for 2008-09.
About JSS
Set up in 2007, JSS is a 61:33:16 joint venture (JV) between Inox
Market Service, S.r.l, Italy (Inox), Jindal Stainless Steelway Ltd
(JSSL), and Jensita Holding Ltd (Jensita), Cyprus. The company,
which started operations in October 2008, manufactures stainless
steel tubes and pipes. Its facility at Gurgaon (Haryana) has a
capacity to manufacture around 35,000 tonnes of stainless steel
tubes and pipes per annum. The project cost of about INR310
million was funded by equity of about INR187.8 million from the JV
partners. JSS has procured machinery of around EUR2.2 million on
lease from Inox.
KLJ TOWN: CRISIL Reaffirms 'BB+' Rating on INR450MM Cash Credit
---------------------------------------------------------------
CRISIL's ratings on KLJ Town Planners Pvt Ltd's bank facilities
continue to reflect the KLJ Town Planners group's limited track
record in executing large real estate projects independently,
geographically concentrated revenue profile, and susceptibility to
volatility in Indian real estate industry.
Facilities Ratings
---------- -------
INR450.00 Million Cash Credit Limit BB+/Stable (Reaffirmed)
INR220.00 Million Bank Guarantee/ P4+ (Reaffirmed)
Letter of Credit
These rating weaknesses are partially offset by the KLJ Town
Planners group's conservative financial policy, healthy financial
flexibility, and the benefits that the group derives from its
joint venture (JV) with Business Park & Town Planner Pvt ltd
(BPTP).
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KLJTP, Cadillac Buildwell Pvt Ltd
(Cadillac Buildwell), Prithvi Sound Products Company Pvt Ltd
(Prithvi Sound), and other associate entities in the real estate
business. This is because these entities, collectively referred
to as the KLJ Town Planners group, are in the same line of
business, and have common promoters, and strong business and
financial linkages. CRISIL has factored in funding support of up
to INR900 million from the group promoter's chemicals business to
the real estate business over the next three years. However,
CRISIL has not factored in the group's promoter's chemical
business, as it is unrelated to the real estate business, and the
group's management has a policy of not leveraging the chemicals
business beyond a limit to fund the real estate business; the
quantum of funding support that the group receives from the
promoters' chemicals business remain a rating sensitivity factor.
Outlook: Stable
CRISIL believes that the KLJ Town Planners group's has comfortably
managed to source funds for its initial real estate projects,
notwithstanding the slowdown in the real estate sector; the real
estate business will continue to receive support from the
promoters' chemicals business. However, the group's limited
experience in undertaking large real estate projects independently
exposes it to substantial project completion risks. The outlook
may be revised to 'Positive' if the group achieves key milestones
in its ongoing projects on time, while continuing to fund its new
projects judiciously. Conversely, the outlook may be revised to
'Negative' in the event of significant delays in completing
milestones in ongoing projects, or substantial increase in gearing
of proposed projects that have been deferred.
About KLJ Town
The KLJ Town Planners group was set up by Mr. K L Jain (chairman)
in 1967. Initially, the group manufactured polyvinyl chloride
(PVC) compounds, and in 1985 it backward integrated into
manufacturing plasticiser. In 2004, the promoters entered the real
estate business by forming a JV (through special purpose vehicles)
with BPTP. It has completed three projects Shop-In-Park East
Commercial Complex, Shop-In-Park North Commercial Complex, Park
Centra Information Technology Park, in the past four years.
The promoters set up KLJTP in 2006 for venturing into real estate
business independently. The group has focused its real estate
activities in Delhi and the National Capital Region (NCR), and has
acquired a large plot of land in Faridabad (Haryana). KLJTP is the
flagship company of the KLJ Town Planners group. All the marketing
related activities of the two projects being executed by Prithvi
Sound (commercial complex at Wazirpur, Delhi) and Cadillac
Buildwell (housing project in Bahadurgarh, Haryana) are carried
out by KLJTP. KLJTP's wholly owned subsidiary, Cadillac Buildwell,
is working as a licensing company of the group; the other group
entities are primarily land-owning companies and will not
undertake development activity. The group's Faridabad project has
been delayed by over one year and is expected to be completed over
the medium term . The group has recently started construction for
its new project at Bahadurgarh.
The KLJ Town Planners group reported a profit after tax (PAT) of
INR8 million on an operating income of INR399 million for 2009-10
(refers to financial year, April 1 to March 31), against a PAT of
INR34 million on net sales of INR119 million for 2008-09.
LAMBDA MICROWAVE: CRISIL Cuts Rating on INR75M Cash Credit to 'BB'
------------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Lambda
Microwave Technologies to 'BB/Stable/P4+' from 'BBB-/Stable/P3'.
Facilities Ratings
---------- -------
INR75.0 Million Cash Credit Limit BB/Stable (Downgraded from
'BBB-/Stable')
INR45.0 Million Proposed Long Term BB/Stable (Downgraded from
Bank Loan Facility 'BBB-/Stable')
INR50.0 Million Letter of Credit/ P4+ (Downgraded from P3)
Bank Guarantee
The downgrade reflects significant weakening of LMT's liquidity,
driven by delays in receivables collection and in offtake by
customers leading to stretched working capital cycle; substantial
funding support extended to group entities; and withdrawal of
capital by partners. LMT's revenues declined in 2009-10 (refers to
financial year, April 1 to March 31) to about INR370 million from
INR680 million in 2008-09. The downgrade also reflects CRISIL's
belief that LMT's liquidity will remain weak because of continued
funding support to group entities and LMT's working-capital-
intensive operations.
CRISIL, nevertheless, also believes that LMT's revenues will
increase in 2010-11 because of improvement in its revenues in the
first quarter of 2010-11 (compared to that in the corresponding
period of 2009-10) to INR180 million, and because of the firm's
healthy order book of about INR280 million for the medium term.
CRISIL ratings reflect LMT's small scale of operations in the
telecommunications accessories industry, large working capital
requirements, and exposure to risks related customer concentration
in revenue profile. These rating weaknesses are partially offset
by LMT's healthy financial risk profile, marked by healthy capital
structure and debt protection metrics, and established
relationships with telecommunication operators.
Outlook: Stable
CRISIL believes that LMT's liquidity will remain weak because of
its large working capital requirements; nevertheless, the firm,
will continue to benefit from its promoters' large industry
experience. The outlook may be revised to 'Positive' if LMT
increases its scale of operations, and improves its liquidity
significantly, supported by improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if the firm's financial risk profile weakens, because of further
deterioration in liquidity or more-than-expected withdrawal of
capital by partners.
About Lambda Microwave
LMT, a part of the Lambda group, was established in 2004 as a
partnership firm by Mr. Ramesh Kumar, Mr. Kunjan Arora, Ms. Veena
Arora, Ms. Deepti Arora, and Mr. Saurabh Arora. LMT manufactures
telecommunication accessories at its units at Baddi (Himachal
Pradesh).
LMT reported a profit after tax (PAT) of INR47.9 million on net
sales of INR366.6 million for 2009-10, against a PAT of INR126.4
million on net sales of INR677.6 million for 2008-09.
LAXMI COTSPIN: CRISIL Reaffirms Ratings on Various Bank Debts
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Laxmi Cotspin Pvt Ltd
continue to reflect Laxmi Cotspin's small scale of operations,
limited track record in the cotton yarn industry, and weak
financial risk profile marked by low net worth and high gearing.
These weaknesses are partially offset by the benefits that Laxmi
Cotspin derives from its healthy operational efficiencies because
of its fully automated manufacturing facilities.
Facilities Ratings
---------- -------
INR240.0 Million Long-Term Loan BB-/Stable (Reaffirmed)
INR107.5 Million Cash Credit BB-/Stable (Reaffirmed)
INR30.0 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that Laxmi Cotspin's financial risk profile will
remain weak over the medium term on account of its debt-funded
ongoing capacity expansions. The outlook may be revised to
'Positive' if the company's financial risk profile improves,
supported by a correction in its capital structure. Conversely,
the outlook may be revised to 'Negative' if there are delays and
cost overruns in the implementation of Laxmi Cotspin's fresh
capacities.
Update
Laxmi Cotspin's revenues grew significantly to INR663 million in
2009-10 (refers to financial year, April 1 to March 31), from
INR230 million in 2008-09, mainly due to the increased capacity
utilisation of its ginning and spinning units. The ginning unit,
with a capacity of 30,000 tonnes per annum, was commissioned in
December 2008. The spinning unit's capacity was increased to
16,800 spindles from 13,200 spindles in 2009-10. The company has
large capital expenditure (capex) plans for increasing the
spinning capacity by 21,000 spindles and adding 450 rotors, at a
project cost of INR750 million. It is currently working out
various alternatives for funding this project. As these plans are
in a very initial stage, CRISIL has not factored them into its
rating. The timing, funding and phasing of any large capex will be
key rating sensitivity factors.
About Laxmi Cotspin
Laxmi Cotspin is a joint venture (JV) between Rajuri Steel Pvt
Ltd, Kalika Steel, and Gujarat Tea Traders Pvt Ltd. The JV was
started in 2005 under the name Mauli Cotspin Pvt Ltd; the name was
changed to Laxmi Cotspin in 2007.
Laxmi Cotspin manufactures 100 per cent combed cotton warp and
hosiery yarns in counts of 30s, 36s, and 40s. These yarns are used
in manufacturing grey cloth and knitted fabric. The company has a
ring spinning facility with 16,800 spindles. It commissioned a
ginning mill to produce cotton bales in December 2008. In 2009-10,
it started a garmenting unit for manufacture of inner-wear on a
trial basis.
Laxmi Cotspin reported a profit after tax (PAT) of INR30 million
on net sales of INR663 million for 2009-10 as against a net loss
of INR2.5 million on net sales of INR230 million for 2008-09.
LOMEX INDIA: CRISIL Assigns 'BB-' Rating on INR30MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating to the cash credit
facility of Lomex India Pvt Ltd and reassigned its 'P4+' rating to
the company's letter of credit facility from the earlier bank
guarantee facility.
Facilities Ratings
---------- -------
INR30 Million Cash Credit BB-/Stable (Assigned)
INR70 Million Letter of Credit P4+ (Reassigned)
The ratings reflect Lomex's small scale of operations, low net
worth, weak profitability, and exposure to risks relating to
intense competition in the wood panel industry, and to
fluctuations in foreign exchange rates. These weaknesses are
partially offset by the industry experience of the promoters, and
by Lomex's established presence in the wood panel industry.
Outlook: Stable
CRISIL believes that Lomex will maintain its business risk profile
over the medium term on the back of its promoters' established
relations with customers and suppliers. The outlook may be
revised to 'Positive' if Lomex is able to ramp up its scale of
operations, while improving its profitability. Conversely, the
outlook may be revised to 'Negative' if Lomex's incremental
working capital requirement is not supported by infusion of
equity, leading to a higher reliance on debt, or if it undertakes
any large, debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.
About Lomex
Lomex, incorporated in 1992, is part of the Kolkata-based DPG
group, and is managed by Mr. Amit Kumar Goyal. The company
manufactures veneers and plywood used in manufacturing furniture.
Plywood manufactured by the company is sold under the brand
Diyunaply. The manufacturing unit is in Howrah District, West
Bengal.
Lomex reported a provisional profit after tax (PAT) of INR3.3
million on net sales of INR217.5 million for 2009-10 (refers to
financial year, April 1 to March 31), as against a PAT of INR1.1
million on net sales of INR155.9 million for 2008-09.
NATRAJ PROTEINS: CRISIL Reaffirms 'BB+' Rating on Cash Credit
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Natraj Proteins Ltd
continue to reflect the susceptibility of Natraj Proteins'
operating margin to volatility in soya bean prices, and its
exposure to risks relating to intense competition in the soya
industry. These weaknesses are partially offset by the benefits
that Natraj Proteins derives from the experience of its promoters
in the soya industry, its high average capacity utilization, and
comfortable financial flexibility despite repayment obligations.
Facilities Ratings
---------- -------
INR36.0 Million Cash Credit BB+/Stable (Reaffirmed)
INR36.0 Million Working Capital BB+/Stable (Reaffirmed)
Demand Loan
INR96.0 Million Packing Credit P4+ (Reaffirmed)
INR5.0 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that Natraj Proteins will maintain its business
risk profile in the soya business over the medium term, supported
by its experienced promoters and healthy operating efficiencies.
The outlook may be revised to 'Positive' if the company registers
higher-than-expected net cash accruals, resulting in substantial
improvement in its overall financial risk profile. Conversely the
rating may be revised to 'Negative' in case of lower-than-expected
profitability levels, higher-than-expected debt-funded capital
expenditure (capex), and/or substantial changes in government
policies, adversely affecting the overall soya industry.
Summary Update
Natraj Proteins' revenues declined by 19 per cent year-on-year in
2009-10 (refers to financial year, April 1 to March 31). Its
operating profit margin has also declined to 2.8 per cent in 2009-
10 from 4.2 per cent in 2008-09. The lower-than-expected revenue
growth and profitability levels were due to volatility in soya
prices and increase in raw material cost.
However, the deterioration in Natraj Proteins' business risk
profile is offset by significant improvement in its financial risk
profile, with a gearing of 0.82 times as on March 31, 2010, a
significant improvement over CRISIL's earlier estimatetimes of 1.3
times. The more-than-expected improvement in the gearing was, in
part, due to the deferment of capex plans. The company has
indicated that it has put its capacity expansion plans on hold for
the moment.
Lower-than-expected debt levels have led to improvement in Natraj
Proteins' debt protection indicators. The company's overall
liquidity has also improved with the enhancement in its bank lines
to INR210 million from INR160 million in Sep 2009. As a result,
the average monthly bank limit utilisations levels in 2009-10 have
been around 49 per cent, as against 60 per cent during the
previous year.
CRISIL expects Natraj Proteins' financial risk profile to remain
stable over the near to medium term.
Natraj Proteins reported a profit after tax (PAT) of INR15 million
on revenues of INR1.33 billion for 2009-10, as against a PAT of
INR28 million on revenues of INR1.68 billion for 2008-09.
About Natraj Proteins
Natraj Proteins was incorporated in 1994 by Mr Kailash Sharma, Mr.
J P Agarwal, and Mr D K Arora. The company is listed on the Mumbai
Stock Exchange. Natraj Proteins manufactures soya bean refined oil
and soya de-oiled cakes. Its manufacturing facilities at Itarsi
(Madhya Pradesh) have a seed-crushing capacity of 350 tonnes per
day (tpd) and a refining capacity of 50 tpd. The company also has
a windmill in Tamil Nadu, with a capacity of 750 kilowatts.
PRADEEP METALS: CRISIL Cuts Rating on INR87 Mil. LT Loan to 'BB-'
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Pradeep Metals Ltd, to 'BB-/Negative/P4' from 'BB+/Stable/P4+'.
Facilities Ratings
---------- -------
INR115.0 Million Cash Credit BB-/Negative (Downgraded from
BB+ & Outlook
revised from
Stable)
INR87.0 Million Long-Term Loan BB-/Negative (Downgraded from
BB+ & Outlook
revised from
Stable)
INR125.0 Mil.Bills Discounting P4 (Downgraded from P4+)
INR110.0 Million Packing Credit P4 (Downgraded from P4+)
INR5.0 Million Bank Guarantee P4 (Downgraded from P4+)
The downgrade reflects PML's weak liquidity on account of
deterioration in its working capital cycle; the downgrade also
factors in decline in PML's revenues, profit margins, net cash
accruals and debt protection metrics. These rating weaknesses are
partially offset by PML's established market position in the
forging industry.
Outlook: Negative
CRISIL believes that PML's working capital cycle and debt
protection metrics will remain weak over the medium term. The
ratings may be downgraded if there is further deterioration in
PML's working capital cycle, if it generates lower-than-expected
revenues and net cash accruals, or if it reports further increase
in gearing. Conversely, the outlook may be revised to 'Stable' if
PML's working capital cycle, gearing, debt protection indicators
and profit margins display substantial and consistent improvement
over the medium term.
About Pradeep Metals
Set up in 1982 as a private limited company, PML manufactures
precision closed die steel forgings; its facility in Rabale (Navi
Mumbai) has an annual capacity of 12,000 tonnes. It manufactures
forgings for defense, automobile, engineering and petrochemical
industries, both for the domestic and international market. PML
reported a profit after tax (PAT) of INR3.3 million on net sales
of INR471.2 million for 2009-10 (refers to financial year, April 1
to March 31) against a PAT of INR87.8 million on net sales of
INR749.2 million for 2008-09.
PRECISION CONTROLS: CRISIL Assigns 'BB+' Rating on INR49.8M Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to Precision
Controls' bank facilities.
Facilities Ratings
---------- -------
INR54.00 Million Cash Credit BB+/Stable (Assigned)
INR49.80 Million Term Loan BB+/Stable (Assigned)
INR30.00 Million Letter of Credit P4+ (Assigned)
INR50.00 Million Bank Guarantee P4+ (Assigned)
The ratings reflect Precon's large working capital requirements,
small scale of operations, and susceptibility to volatility in raw
material prices. These rating weaknesses are partially offset by
Precon's established presence in the industrial furnace business,
and above-average financial risk profile, marked by comfortable
debt protection metrics.
Outlook: Stable
CRISIL believes that Precon will continue to benefit from its
healthy operating efficiency and comfortable capital structure
over the medium term. The outlook may be revised to 'Positive' if
the firm increases its revenues substantially, while maintaining
its profitability. Conversely, the outlook may be revised to
'Negative' if Precon undertakes a larger-than-expected debt-funded
capital expenditure programme, or if its revenues decline sharply
or profitability deteriorates, leading to a weakening of its
financial risk profile.
About Precision Controls
Set up in 1972, Precon, a partnership concern, manufactures and
erects industrial furnaces and ovens that are used for heat
treatment of metals and metallurgical applications. The firm was
promoted by Mr. Shankar and his relative Mr. Sridhar; currently,
it is owned and managed by Mr. Shankar and his wife Mrs. Vidya
Shankar. The firm has its manufacturing facility in Ambattur,
Chennai (Tamil Nadu).
Precon reported a provisional profit after tax (PAT) of INR2
million on net sales of INR131 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR1
million on net sales of INR154 million for 2008-09.
SAI SMARAN: CRISIL Reaffirms 'BB-' Ratings on INR20MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Sai Smaran Foods Ltd
continues to reflect Sai Smaran's small scale of operations in the
highly-fragmented edible oil industry, and weak financial risk
profile marked by small net worth, high gearing and weak debt
protection measures.
Facilities Ratings
---------- -------
INR200.00 Million Cash Credit BB-/Stable (Reaffirmed)
INR20.00 Million Term Loan BB-/Stable (Reaffirmed)
The rating also factors in Sai Smaran's large working capital
requirements and exposure to risks relating to unfavorable
government regulations and increasing raw material prices. These
weaknesses are, however, partially offset by the benefits that Sai
Smaran derives from the experience of its promoters in the edible
oils business, strong operating income growth, and easy access to
raw materials.
Outlook: Stable
CRISIL believes that Sai Smaran's financial risk profile will
remain weak and its scale of operations to remain small over the
medium term. The outlook may be revised to 'Positive' if there is
a substantial increase in the company's scale of operations, or
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company undertakes
large, debt-funded capital expenditure.
Update
Sai Smaran is expected to register strong operating income of
INR1.09 billion in 2009-10 (refers to financial year, April 1 to
March 31), a growth of 45 per cent over the previous year and
higher than CRISIL's expectations. This has been driven by higher
demand from the end user industries. However, the operating
margin declined to 3.3 per cent from 4 per cent in the previous
year because of sharp increase in soya bean prices during the
year. The business risk profile of Sai Smaran continues to be
constrained by its small scale of operations and low operating
profitability. The company's gearing is estimated to have
increased to 2.8 times as on March 31, 2010 as against 2.4 times
as on March 31, 2009. The gearing was higher than CRISIL's
expectations because of large working capital requirements; the
company has relied on higher?than-expected short-term bank
borrowings owing to low cash accruals. Although the company does
not have any large capex plans on the anvil, the gearing is
expected to remain high due to large working capital requirements.
Sai Smaran reported a provisional profit after tax (PAT) of INR8.1
million on an operating income of INR1.09 billion for 2009-10, as
against a PAT of INR5.2 million on net sales of INR0.75 billion
for 2008-09.
About Sai Smaran
Sai Smaran, incorporated in 1993 by the Goenka family,
manufactures soya bean oil and de-oiled cakes (DOC). It also
trades in other edible oils. The company's unit at Nanded
(Maharashtra) has a solvent extraction capacity of around 200
tonnes per day (tpd) and refining capacity of 50 (tpd). The
company also set up an expeller unit for Sunflower Oil in March
2010.
SUBH LAXMI: Fitch Affirms National Long-Term Rating at 'BB-'
------------------------------------------------------------
Fitch Ratings has affirmed India's Subh Laxmi Syntex Ltd.'s
National Long-term rating at 'BB-(ind)'. The Outlook is Stable.
The agency has also affirmed the ratings on SSL's bank facilities:
-- INR80.6 million long-term loans: 'BB-(ind)';
-- INR77 million fund-based working capital limits: 'BB-(ind)';
and
-- INR6.8 million non-fund based limits: 'F4(ind)'.
The ratings reflect SSL's long operational track record and credit
history, as well as its stable profitability over FY06-FY10 even
with yarn price volatility. These in turn reflect some efficiency
benefits which the company has been able to get after replacing
its old weaving machines. The ratings also consider the strong,
long-standing relationships that SSL enjoys with its agents and
dealers. This is reflected in its stable operating EBITDA margins
of 10.1%-11.7% over FY06-FY10. The company's debt repayment
schedule is well spread out, and no significant stress on its
credit metrics, owing to maturities, is foreseen. Also, SSL
showed positive free cash flows during FY09-FY10 (FY05-FY08:
negative FCF) due to better working capital management coupled
with reduced capital expenditure.
The ratings are, however, constrained by SSL's small scale of
operations and relatively high borrowings of its operating cash
flows. SSL depends on yarn prices which contribute to the bulk of
raw material costs. Although it had passed on the price increases
to its customers over the years which helped them maintain their
operating margins of 9.8%-11.5%, the company might find it
difficult to continue the same in the future. Fitch also notes
that the company generated negligible net income over FY07-FY09,
even after maintaining its operating profits, due to high interest
costs on loans and higher depreciation on the new machines
purchased. Although, SSL showed an improvement in its net income
in FY10, it needs to demonstrate consistent profitability over the
next two years. The company plans to undertake capacity expansion
(INR600 million - INR800 million) for its spinning and process
house capacities; however, the required timeline and funding
pattern are still to be finalized. Fitch will evaluate the impact
of any initiative as and when it occurs.
Positive rating triggers include a sustained growth and a
demonstrated improvement in SSL's efficiency and margins, which
would lead to an improved liquidity position and leverage of below
3.0x. Negative rating triggers include any significant capex and
negative impact from SSL's working capital requirements, which
would substantially raise its leverage to 4.5x on a sustainable
basis, and/ or any greater-than-expected decline in end-market
demand, which would affect its margins.
Established in 1987, SSL is a Rajasthan-based manufacturer of
finished bottom wear fabrics. In FY10, SSL reported net revenues
of INR331 million (FY09: INR309 million), an EBITDA margin of
10.7% (FY09: 9.8%), a net debt/EBITDA of 5.04x (FY09: 6.4x) and
interest coverage of 1.14x (FY09: 1.0x). SSL's working capital
utilization has been between 70%-80% over the last 12 months;
however, over the short-to-medium term SSL's liquidity is expected
to be consistent with the ratings.
TRANSTECH GREEN: Fitch Assigns 'BB+' Rating on Senior Loans
-----------------------------------------------------------
Fitch Ratings has assigned a final 'BB+(ind)' rating to India's
Transtech Green Power Pvt Ltd's INR406 million senior project bank
loans following a review of the financing and project documents.
The final rating is an upgrade over the expected rating of
'B(ind)' assigned by the agency on 26 June 2009. The Outlook is
Stable.
The multi-notch upgrade reflects the elimination of the green
field project construction risk with the commencement of power
generation from TGPL's INR580 million 12MW biomass power plant in
Jalore, Rajasthan, as of July 28, 2010). Given the sponsor's lack
of prior experience in the sector, completion risk was deemed to
be a major rating constraint in terms of its ability to
successfully build the plant within budgeted time and cost
estimates. Commissioning of the plant three months ahead of the
scheduled commercial operations date (originally slated for
October 2010) and with no cost overrun have allayed this concern
to a large extent.
The ratings are constrained by the lack of firm arrangements for
fuel supply and the possibility of the input costs exceeding base
case assumptions together with the risks associated with its
continued ability to ensure stable operating performance
parameters. The project proposes to use Julie Flora shrub as
primary fuel; financial forecasts have been built assuming a cost
of INR1,216 million (FY09 base price) per tonne. Any potential
increase that is not captured in a corresponding tariff revision
can shrink margins. Limited operational track record of bio-mass
based renewable energy projects in India in general as compared to
conventional thermal projects may give rise to potential
operational uncertainties that were not factored earlier by the
sponsors.
The agency notes that the company has made arrangements to secure
biomass fuel through plantation in the government-allocated 3000ha
of land and partnering with the local farming communities. The
state policy does not allow any other power plant to set up its
operation within 85km radius (from this plant).
Despite concerns on the generally weak financial status of most
Indian state electricity distribution companies, the 20-year power
purchase agreement with Rajasthan state discoms for the off-take
of entire power generated helps mitigate revenue risk and supports
the rating. Payments are secured by an irrevocable, revolving and
a standing letter of credit to be issued by the discom in favor of
TGPL for an amount equivalent to one billing month. Fitch will
monitor the quality and mechanism of the letter of credit once it
is established.
Connectivity setup to the main grid located less than a kilometer
from the plant and the Government of Rajasthan's current policy of
supporting clean energy initiatives lend support to the rating.
Through its bio-mass power policy issued in February 2010, the GoR
has granted special privileges to bio-fuel powered energy
generators through dispensation of merit order system,
preferential tariffs over conventional energy forms, option to
choose indexation mechanism for fuel prices and variable charges
and assistance in terms of reservation of area for bio-mass power
plants to avoid unhealthy competition among other bio-mass power
projects. As with most other project bank debt in India, the
aggressive amortization schedule and the floating interest rates
(12%) constrain the debt service coverage ratios although there is
some resilience to absorb stresses in this regard.
Future rating movements will be governed by the actual operating
and revenue performance of the project. This includes the
project's ability to secure uninterrupted fuel supply, manage fuel
price volatility movements and functioning of the payment
mechanism with the off-taker and TGPL's ability to make timely
debt service payments. Given the characteristics of biomass power
projects, Fitch will monitor for plant availability interruptions
that may hamper the realization of projected revenues.
=========
J A P A N
=========
CAFES 3: Fitch Affirms Ratings on Six Classes of Certificates
-------------------------------------------------------------
Fitch Ratings has affirmed six classes of trust beneficiary
interest from Cafes 3 Trust due August 2014. The agency has
simultaneously removed classes E and F TBIs from Rating Watch
Negative, and withdrawn the rating on Class X TBIs. The details
of the rating actions are:
-- JPY16.92 billion* Class A TBIs affirmed at 'AAA'; Outlook
Stable;
-- JPY2.80 billion* Class B TBIs affirmed at 'A'; Outlook
revised to Stable from Negative;
-- JPY2.23 billion* Class C TBIs affirmed at 'BBB'; Outlook
Negative;
-- JPY1.77 billion* Class D TBIs affirmed at 'B'; Outlook
Negative;
-- JPY0.52 billion* Class E TBIs affirmed at 'CCC'; Recovery
Rating of 'RR4'; Off RWN; and
-- JPY0.15 billion* Class F TBIs affirmed at 'CCC'; Recovery
Rating of 'RR5'; Off RWN.
* as of August 5, 2010
Class X TBIs (dividend-only), rating of 'AAA' with Stable Outlook
has been withdrawn.
The affirmation of classes E and F TBIs at 'CCC' and the removal
of the RWN reflect Fitch's view that negative rating actions are
unlikely in the short term. Three loans backing this transaction
are currently in default, and the special servicer has implemented
work-out activities. With regards to one loan which defaulted in
October 2009, the special servicer intends to sell the two office
properties backing the loan, while at the same time enhancing the
leasing activity for one of them which currently has a high
vacancy rate. Based on the servicer's current work-out strategy,
the agency believes the completion of work-out activities for this
loan will take several months. Two other loans defaulted at their
maturity date in late April 2010.
The affirmations of classes A to D TBIs reflect that the
performance of the remaining loans is generally in line with
Fitch's expectations. As per the trust agreement, principal
repayments from the underlying loans will be applied to the
repayment of the particular TBIs in accordance with the allocated
amount set at closing. However, proceeds from the defaulted loans
will be allocated on a sequential basis. Therefore, principal
proceeds from the three defaulted loans will improve credit
enhancement for the senior classes, resulting in the revision of
Outlooks for the Class B TBIs to Stable from Negative.
The rating on the dividend-only class X TBIs, which only addresses
the likelihood of receiving dividends while principal on the
related classes remain outstanding, has been withdrawn. For
additional information entitled 'Fitch Revises Practice for Rating
IO & Pre-Payment Related Structured Finance Securities', dated
June 23, 2010.
This transaction is a securitization of seven non-recourse loans
extended to six borrowers and four TMK (Tokutei Mokuteki Kaisha)
specified bonds, which were originally ultimately backed by 20
commercial properties. To date, two underlying loans extended to
one borrower have been repaid, with the transaction currently
secured by nine underlying loans backed by 19 properties.
JAPAN AIRLINES: Hotel Okura to Buy Majority Stake in JAL Hotels
---------------------------------------------------------------
Japan Today reports that Hotel Okura Co has decided to purchase a
majority stake in JAL Hotels Co, a hotel operating unit of
struggling Japan Airlines Corp. Hotel Okura said it will acquire
79.6% of the shares in JAL Hotels in late September and will
basically keep on 980 employees of JAL Hotels.
Japan Today relates Hotel Okura did not disclose the price for the
acquisition but sources familiar with the matter put it at roughly
6 billion yen.
The Hotel Okura group runs 16 hotels in Japan and five overseas,
according to the company's Web site. JAL Hotels operates 39 hotels
in Japan and 18 abroad under the Nikko and JALCITY brand names.
About Japan Airlines
Japan Airlines Corporation -- http://www.jal.co.jp/-- is a
Japan-based company mainly engaged in the provision of air
transport services. The Company is active in five business
segments through its 203 subsidiaries and 83 associated companies.
JAL International Co. Ltd. is a wholly owned operating subsidiary
of Japan Airlines Corporation.
Japan Airlines Corporation, Japan Airlines International Co., Ltd.
and JAL Capital Co., Ltd., on January 19, 2010, filed the
petitions to commenced corporate reorganization proceedings with
the Tokyo District Court. The Court appointed the Enterprise
Turnaround Initiative Corporation of Japan and Eiji Katayama,
Esq., as reorganization trustees.
Japan Airlines Corp. filed for reorganization January 19, 2010, in
the Tokyo District Court and filed a Chapter 15 petition in New
York (Bankr. S.D.N.Y. Case No. 10-10198). The Company said debt
is $28 billion.
Bankruptcy Creditors' Service, Inc., publishes Japan Airlines
Bankruptcy News. The newsletter tracks the Chapter 15 proceedings
and the bankruptcy proceedings in Tokyo undertaken by Japan
Airlines Corp. and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
JMAC 3: Fitch Downgrades Ratings on Various Trust Interests
-----------------------------------------------------------
Fitch Ratings has downgraded classes C and D trust beneficiary
interests of JMAC 3 Trust due November 2012, and revised the
Outlook on Class A and B TBIs. Currently, the transaction is a
securitization of one non-recourse loan collateralized by a
commercial property in Japan. The rating actions are listed
below.
-- JPY1.15 billion* Class A TBIs affirmed at 'AAA'; Outlook
revised to Negative from Stable;
-- JPY1.7 billion* Class B TBIs affirmed at 'AA+'; Outlook
revised to Negative from Stable;
-- JPY1.7 billion* Class C TBIs downgraded to 'BBB' from 'A-';
Outlook Negative;
-- JPY1.25 billion* Class D TBIs downgraded to 'B' from 'BB';
Outlook Negative.
* as of August 5, 2010
The rating on Class X1 TBIs (dividend-only) of 'AAA' with Stable
Outlook has been withdrawn.
The Class C and D TBIs have been downgraded reflecting a further
downward revision of the value of the only remaining underlying
asset which is a retail property located in Tokyo. The actual
operating performance of the property is stable and in line with
Fitch's expectation. However, the liquidity of the property has
deteriorated in the currently stressed real estate trading market
and Fitch has therefore revised the value downward using a higher
cap rate than previously. This particular retail property has a
complicated ownership structure, and investors and financial
institutions appear to have a cautious approach when investing in
such properties. As a result, the value for this property is now
26.7% lower than the initial valuation.
Class A and B TBIs have been affirmed due to the improvement in
credit enhancement after the redemption of the other underlying
loans. However, the Outlooks on class A and B have been revised
to Negative, reflecting Fitch's concerns about the liquidity of
the remaining property and uncertainty regarding the time required
to sell it.
The rating on the dividend-only Class X1 TBIs (which only
addresses the likelihood of receiving dividends while principal on
the related classes remains outstanding) has been withdrawn. For
additional information, please see the comment, entitled 'Fitch
Revises Practice for Rating IO & Pre-Payment Related Structured
Finance Securities', dated June 23, 2010.
Fitch assigned ratings to this transaction in March 2005. The
transaction was initially a securitization of 11 loans backed by
14 commercial properties. To date, ten loans backed by 13
properties have been repaid and the transaction is currently
secured by one loan backed by one property.
KANSAI URBAN: Moody's Confirms 'D' Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service has confirmed Kansai Urban Banking
Corporation's ratings.
-- D Bank Financial Strength Rating
-- Aa2 long-term credit / deposits ratings
-- Aa3 senior subordinated debts ratings
-- A1 junior subordinated debts ratings
The outlook for the BFSR is negative and that for the other
ratings is stable.
This concludes the review for possible downgrade initiated on
May 7, 2010.
The confirmation of the bank's BFSR reflects Moody's view that
KUBC's credit loss recognition from its real estate exposures has
peaked, and the bank will maintain its consolidated Tier 1 capital
ratio at a level appropriate to its D BFSR.
KUBC has recorded consolidated net losses in two consecutive
fiscal years -- JPY24.9 billion in FYE March 2009 and
JPY24.1 billion in FYE March 2010 -- due mainly to this
recognition of credit expenses from the depressed real estate
sector.
Moody's considers that KUBC's net exposure to large scale
borrowers in the real estate sector is limited when compared with
its consolidated Tier 1 capital amount at FYE March 2010 --
JPY126.6 billion -- and its Tier 1 ratio was 4.9%. In addition,
under Moody's baseline stress scenario, the Tier 1 capital ratio
would not fall below 4%.
The negative outlook for the BFSR reflects the consideration that
the bank's profits level is still very vulnerable to the property
market, and could prompt it to recognize net losses in three
consecutive years.
The increased likelihood of net losses for another two consecutive
years could trigger a downgrade of its BFSR.
Moody's has confirmed KUBC's credit ratings with a stable outlook
because it sees continued extraordinary support from its parent
bank, Sumitomo Mitsui Banking Corporation (Aa2 long-term deposits
ratings), in case of need. This support was demonstrated in March
2009 when the parent injected JPY35 billion in capital after KUBC
recorded consolidated net losses of JPY24.9 billion, which
corresponded to 21% of consolidated Tier 1 capital.
Moody's last rating action with respect to KUBC was taken on
May 7, 2010, when its BFSR and credit ratings were placed under
review for possible downgrade.
Kansai Urban Banking Corporation, headquartered in Osaka, is a
consolidated subsidiary of the Sumitomo Mitsui Banking
Corporation.
PIONEER CORP: Swings to JPY598 Million Profit in Qtr Ended June 30
------------------------------------------------------------------
Pioneer Corp. reported net income of JPY598 million for the first
quarter ended June 30, 2010, compared with a net loss of JPY4.09
billion, which included a gain on sale of patents, in the first
quarter of fiscal 2010.
Consolidated net sales increased 14.7% from the first quarter of
fiscal 2010 to JPY109.85 billion. This was mainly the result of
increased sales of Blu-ray Disc drive-related products, and higher
car audio product sales in both OEM and consumer markets. This
was despite decreased sales of plasma displays, from which
business Pioneer withdrew in fiscal 2010, and the impact of the
Japanese yen's appreciation.
Pioneer posted operating income of JPY2.37 billion, compared with
an operating loss of JPY8.75 billion in the first quarter of
fiscal 2010. This mainly reflected substantial improvement in the
gross profit margin owing to the benefits of restructuring, in
addition to higher gross profit in line with sales growth, despite
increased selling, general and administrative (SG&A) expenses
compared with the first quarter of fiscal 2010, when Pioneer
recorded lump-sum income from patents.
During the first quarter of fiscal 2011, the average value of the
Japanese yen appreciated 5.8% against the U.S. dollar and 13.3%
against the euro, compared with the first quarter of fiscal 2010.
Pioneer Corp., which has been making losses for the sixth
consecutive year, posted net loss of JPY58.28 billion in the
fiscal year ended March 31, 2010. In the fiscal year
ended 2009, the company reported JPY130.53 billion net loss.
About Pioneer Corp.
Pioneer Corporation (TYO:6773) -- http://www.pioneer.jp/-- is a
Japan-based company engaged in the manufacturing and sale of
electronic products. The Company operates in three business
segments. The Car Electronics segment offers navigation systems,
stereos, audio systems, speakers and peripheral products for
automobile uses. The Home Electronics segment offers plasma
televisions, digital versatile disc players/recorders/drives, blu-
ray disc players/drives, audio systems, telephones, cable
television-related machines and peripheral equipment. The Others
segment offers electroluminescence (EL) displays, factory
automation (FA) equipment, electronic components and commercial
audio and visual (AV) systems.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 26, 2010, Moody's Investors Service changed to stable from
negative its outlook for the B2 local currency issuer rating of
Pioneer Corporation. This rating action follows Pioneer's
announcement on Feb. 24, 2010, that the net proceeds from its
common stock issuance have been fixed at about JPY29 billion. The
company also plans to issue its new shares through a third-
party allotment, and will raise about JPY5.6 billion in March.
Accordingly, the company will likely receive approximately
JPY35 billion in total by the end of this fiscal year, March 2010.
The rating action reflects Moody's expectation that Pioneer's
stock issuance will help the company mitigate the negative impact
on its balance sheet of a net loss during this fiscal year. The
result will be a reduction in downside risk.
=========
K O R E A
=========
HYNIX SEMICONDUCTOR: To Mass Produce NAND Flash Chips
-----------------------------------------------------
The Korea Herald reports that Hynix Semiconductor is trying to
narrow the gap with its bigger rivals in the NAND flash memory
chip market by joining them in producing the most cost-efficient
products.
The company announced on Sunday the mass production of its 64
gigabit NAND flash chips, which are based on the most advanced 20
nanometer-class technology. It is the fourth memory chip maker
which has started to manufacture 20nm-class NAND chips after
Samsung Electronics, Toshiba and IM Flash Technologies, the joint
venture between Intel and Micron.
?We plan to raise the portion of our 20-nm class NAND flash
products to 10 percent of our total NAND flash output by the end
of this year, while increasing the portion of 20nm, 30nm products
to mid-60 percent, from the current 30 percent,? the report quoted
a Hynix spokesperson as saying.
The report says the move comes as the outlook for the NAND flash
market is bright amid strong demand for smartphones and tablet
PCs. Hynix, although ranking second in the DRAM chip market,
trails a fourth in the NAND flash market.
About Hynix Semiconductor
Hynix Semiconductor Inc. -- http://www.hynix.com/-- is an Icheon,
South Korea-based memory semiconductor supplier offering Dynamic
Random Access Memory chips and Flash memory chips to a wide range
of established international customers. The Company's shares are
traded on the Korea Stock Exchange, and the Global Depository
shares are listed on the Luxemburg Stock Exchange.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Fitch Ratings upgraded Hynix Semiconductor's
Long-term foreign currency Issuer Default Rating to 'BB-' from
'B+'. The Outlook has been revised to Stable from Negative. At
the same time, the agency also upgraded the ratings of its
outstanding senior unsecured debt aggregating US$500m to 'BB-'
from 'B', and assigned a Long-term local currency IDR at 'BB-'.
SSANGYONG MOTOR: Mahindra Board Approves Plan to Submit Bid
-----------------------------------------------------------
Mahindra & Mahindra Ltd. received board approval to submit a
binding bid for a majority stake in Ssangyong Motor Co., Bloomberg
News reports, citing M&M's notice to the Bombay Stock Exchange.
Acquiring the Ssangyong would give Mahindra access to technology
as well new export markets, as it aims to sell more vehicles
overseas while tapping growing demand in India, according to
Bloomberg.
As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Ssangyong Motor Co. selected Nissan Motor Co.,
Renault SA, Mahindra & Mahindra, Ruia Group and two 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.
Samjong KPMG, a South Korean unit of the global services firm
KPMG, and Macquarie Securities are managing the sale.
Deadline for submitting binding bids is today, Aug. 10
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.
SSANGYONG MOTOR: Ruia Group to Present Bid
------------------------------------------
The Economic Times reports that Ruia group decided to bid for
SsangYong Motors. The company's board met Monda in Kolkata and
decided to bid for the Korean auto company.
As reported in the Troubled Company Reporter-Asia Pacific on
June 7, 2010, Ssangyong Motor Co. selected Nissan Motor Co.,
Renault SA, Mahindra & Mahindra, Ruia Group and two 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.
Samjong KPMG, a South Korean unit of the global services firm
KPMG, and Macquarie Securities are managing the sale. Deadline
for submitting binding bids is today, Aug. 10
The Economic Times recalls that Ruia group chairman P K Ruia had
previously found SsangYong Motors' earlier liabilities very high
at US$700 million. However, the company decided to bid for it
after its financial advisor Deloitte submitted its report.
Ruia Group had said that a special purpose vehicle, including
Dunlop India and Falcon Tyres, would be formed if it were to go
ahead to bid for the ailing Korean automaker.
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. Samjong KPMG, a South
Korean unit of the global services firm KPMG, and Macquarie
Securities are managing the sale.
Deadline for submitting binding bids is on Aug. 10
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
====================
AIR NEW ZEALAND: Outsourcing Deal with Gen-i Still Not Finalize
---------------------------------------------------------------
A multimillion-dollar deal under which Air New Zealand would
outsource the hosting of its mainframes to Telecom's Gen-i has not
yet moved beyond a memorandum of understanding that was leaked in
June, Tom Pullar-Strecker at BusinessDay.co.nz reports, citing
unnamed sources.
The Troubled Company Reporter-Asia Pacific, citing The New Zealand
Herald, reported on June 21, 2010, that Air New Zealand is set to
dump IT services company IBM in favor of Telecom's Gen-i business.
An industry insider told the Nz Herald that Gen-i had been signed
to replace IBM for running the airline's Newton data centre. The
airline's 13-year partnership with IBM soured last year when a
power failure at the company's Newton data centre, run by IBM,
crashed online bookings, call centre systems and check-ins,
affecting at least 10,000 passengers on the last day of the school
holidays.
BusinessDay.co.nz says Air NZ spokeswoman Tracy Mills appeared to
confirm the datacentre deal with Gen-i was not yet in the bag.
The airline still plans to move the equipment, she said, and was
"in discussions with vendors for a suitable replacement". She
later clarified the discussions were with only one vendor.
About Air New Zealand
Based in Auckland, New Zealand, Air New Zealand Ltd. --
http://www.airnewzealand.com/--is the country's flag air carrier,
with domestic and international passenger and freight operations,
and an aviation engineering business. Air New Zealand flies to
the United States, United Kingdom, Canada, Europe and other Asian
cities.
* * *
Air New Zealand Ltd. continues to carry Moody's Investors Service
"Ba1" Senior Unsecured Issuer rating with stable outlook.
BRIDGECORP LTD: Case Against Ex-Directors Moved to September 27
---------------------------------------------------------------
The Serious Fraud Office case against ex-Bridgecorp directors Rod
Petricevic and Rob Roest has been adjourned for a second time, The
National Business Review reports.
NBR relates that Mr. Petricevic and Mr. Roest, the managing
director and chief financial officer respectively of the failed
finance company, were due to appear in the Auckland District Court
Monday charged with the fraudulent acquisition of a NZ$1.8 million
luxury boat using Bridgecorp investors' money.
The case has been rescheduled for September 27, NBR says.
Bridgecorp Ltd. is a New Zealand-based property development and
finance company. Bridgecorp was placed into receivership on
July 2, 2007, after failing to pay principal due to debenture
holders. John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers. The
company owes around 1,800 debenture holders, which liquidators
estimate hold approximately NZ$500 million.
Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AU$24 million (NZ$27 million).
CHECKSUN NZ: Placed In Liquidation Due to Unpaid Rent
-----------------------------------------------------
Resellernews reports that Checksun New Zealand has been placed in
liquidation after it failed to appear at the court hearing of a
liquidation application by industrial property firm Expedio Ltd.
Expedio's lawyers filed to put Checksun New Zealand into
liquidation after attempts to secure unpaid rent.
At the Auckland High Court on 23 July, Resellernews relates that
associate judge Anthony Christiansen authorized liquidation
proceedings to commence and the court assigned the liquidation to
the government-run Insolvency and Trustee Service on the same day.
The Service said it shut the company down on July 29 and July 30,
the report says.
Solicitor for Expedio, Michael Sandelin, told Reseller News
Expedio owns the building used by Checksun New Zealand and is owed
NZ$49,000 rent.
Checksun was incorporated locally in 1995 and is part of a group
of computer system and peripheral importers with branches in
Taiwan, China, France and Australia. Among the vendor partners
displayed on its local Web site are Edifier, Kingston, D-Link,
Harmon Kardon, Seagate, LG and Toshiba.
STRATEGIC FINANCE: Investors to Receive First Repayment
-------------------------------------------------------
Strategic Finance debenture investors are to receive their first
payment, an article posted at stuff.co.nz says. Receiver
PriceWaterhouse Coopers announced on Friday an interim
distribution of between 1.5 cents and 2.5 cents in the dollar
would be made by September 3, amounting to a total payout of
between NZ$5.5 million and NZ$9.2 million, the report says.
The report relates the receiver said several parties had made
indicative bids by the due date of June 14 and some had been
invited to the next level of due diligence.
The report adds that updated valuations were a requirement of the
bid process and the receiver's report said: "in the majority of
cases the updated valuations are at levels significantly below the
net loan book value as per [Strategic's] management accounts as at
February 28, 2010. As you will appreciate, this has impacted on
the level of the indicative offers from the interested parties.''
In February, the report notes, the loan book was valued at NZ$229
million, while debenture stock of NZ$367.8 million was
outstanding.
About Strategic Finance
Headquartered in Wellington, New Zealand, Strategic Finance
Limited (NZE:SFLHA) -- http://www.strategicfinance.co.nz/--
operates as a specialist finance company offering financial
services, primarily to the property sector. The Company also
provides specialist financial and advisory services to the
property and corporate sectors. The Company operates in
New Zealand, Australia and Pacific Islands. The Company's
operating subsidiaries include Strategic Advisory Limited,
Strategic Nominees Limited, Strategic Mortgages Limited and
Strategic Nominees Australia Limited. The Company's non-operating
subsidiary is Strategic Properties No.1 Limited. In May 2009, the
Company incorporated a subsidiary, Gulf Property Holdings Limited.
Strategic Finance Limited's parent company, Strategic Investment
Group, is wholly owned by Australian-based finance company Allco
HIT Limited.
* * *
The Troubled Company Reporter-Asia Pacific reported on March 15,
2010, that PricewaterhouseCoopers partners John Fisk and Colin
McCloy were appointed receivers of Strategic Finance Limited and
related companies Strategic Advisory Limited, Strategic Mortgages
Limited, Strategic Nominees Limited, and Strategic Nominees
Australia Limited. This ends the moratorium arrangement that has
been in place since December 2008. The companies' trustee,
Perpetual Trust, appointed receivers after SFL failed to generate
sufficient loan recoveries for its milestone payment on January 7,
2010. The company owed NZ$417 million to 13,000 investors.
Perpetual Trust Ltd. on July 27, 2010, appointed liquidators to
Strategic Finance. The High Court in Wellington made an order
that Corporate Finance's John Cregten and Andrew McKay be
appointed liquidators.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week August 2 to August 6, 2010
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ADVANCED ENERGY 9.50 01/04/2015 AUD 1.07
AINSWORTH GAME 8.00 12/31/2011 AUD 0.90
AMP GROUP FINANC 9.80 04/01/2019 NZD 1.02
ANTARES ENERGY 10.00 10/31/2013 AUD 1.81
BECTON PROP GR 9.50 06/30/2010 AUD 0.34
CBD ENERGY LTD 12.50 01/29/2011 AUD 0.16
CHINA CENTURY 12.00 09/30/2010 AUD 0.90
EXPORT FIN & INS 0.50 12/16/2019 AUD 60.63
EXPORT FIN & INS 0.50 06/15/2020 AUD 58.76
EXPORT FIN & INS 0.50 06/15/2020 AUD 60.29
FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.45
GRIFFIN COAL MIN 9.50 12/01/2016 USD 58.16
GRIFFIN COAL MIN 9.50 12/01/2016 USD 59.00
HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.61
MINERALS CORP 10.50 09/30/2011 AUD 0.25
NEW S WALES TREA 1.00 09/02/2019 AUD 66.75
PRAECO P/L 7.13 07/28/2020 AUD 73.39
RESOLUTE MINING 12.00 12/31/2012 AUD 0.79
SUN RESOURCES NL 12.00 06/30/2011 AUD 0.45
SUNCORP METWAY I 6.75 10/06/2026 AUD 70.62
TREAS CORP VICT 0.50 08/25/2025 AUD 57.54
CHINA
-----
CHINA GOV'T BOND 1.64 12/15/2033 CNY 64.26
HONG KONG
---------
RESPARCS FUNDING 8.00 12/29/2049 USD 33.25
INDIA
-----
KALINDEE RAIL NI 0.50 03/07/2012 USD 71.50
PUNJAB INFRA DB 0.40 10/15/2024 INR 24.66
PUNJAB INFRA DB 0.40 10/15/2025 INR 22.47
PUNJAB INFRA DB 0.40 10/15/2026 INR 20.55
PUNJAB INFRA DB 0.40 10/15/2027 INR 18.32
PUNJAB INFRA DB 0.40 10/15/2028 INR 17.27
PUNJAB INFRA DB 0.40 10/15/2029 INR 15.88
PUNJAB INFRA DB 0.40 10/15/2030 INR 14.63
PUNJAB INFRA DB 0.40 10/15/2031 INR 13.50
PUNJAB INFRA DB 0.40 10/15/2032 INR 12.49
PUNJAB INFRA DB 0.40 10/15/2033 INR 11.58
PYRAMID SAIMIRA 1.75 07/04/2012 USD 12.50
SUBEX AZURE 2.00 03/09/2012 USD 69.81
SUBEX LTD 5.00 03/09/2012 USD 72.83
JAPAN
-----
AIFUL CORP 1.20 01/2602012 JPY 72.83
AIFUL CORP 1.99 03/23/2012 JPY 69.93
AIFUL CORP 1.22 04/20/2012 JPY 65.89
AIFUL CORP 1.63 11/22/2012 JPY 62.02
AIFUL CORP 1.74 05/28/2013 JPY 53.19
AIFUL CORP 1.99 10/19/2015 JPY 44.44
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 63.87
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 62.46
SHINSEI BANK 5.62 12/29/2049 GBP 73.50
TAKEFUJI CORP 9.20 04/15/2011 USD 54.50
TAKEFUJI CORP 9.20 04/15/2011 USD 54.50
TAKEFUJI CORP 4.00 06/05/2022 JPY 53.22
MALAYSIA
--------
ADVANCED SYNERY 2.00 01/26/2018 MYR 0.07
ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.15
CAGAMAS BERHAD 2.47 08/25/2010 MYR 2.70
CRESENDO CORP B 3.75 01/11/2016 MYR 0.99
DUTALAND BHD 6.00 04/11/2013 MYR 0.33
DUTALAND BHD 6.00 04/11/2013 MYR 0.75
EASTERN & ORIENT 8.00 07/25/2011 MYR 1.06
EASTERN & ORIENT 8.00 11/16/2019 MYR 1.10
KRETAM HOLDINGS 1.00 08/10/2010 MYR 1.33
KUMPULAN JETSON 5.00 11/27/2012 MYR 1.20
LION DIVERSIFIED 4.00 12/17/2013 MYR 1.66
MALAKOFF CORP BH 9.00 04/30/2057 MYR 65.43
MITHRIL BHD 3.00 04/05/2012 MYR 0.64
NAM FATT CORP 2.00 06/24/2011 MYR 0.05
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.22
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.51
OLYMPIA INDUSTRI 2.80 04/11/2013 MYR 0.20
PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.65
REDTONE INTL 2.75 03/04/2020 MYR 0.07
RUBBEREX CORP 4.00 08/14/2012 MYR 1.18
SCOMI ENGINEERING 4.00 03/19/2013 MYR 1.22
SCOMI GROUP 4.00 03/19/2013 MYR 0.10
TATT GIAP 2.00 06/06/2015 MYR 0.70
TRADEWINDS CORP 2.00 02/08/2012 MYR 0.65
TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.10
TRC SYNERGY 5.00 01/20/2012 MYR 0.97
WAH SEONG CORP 3.00 05/21/2012 MYR 2.50
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.30
YTL CEMENT BHD 5.00 11/10/2015 MYR 1.91
NEW ZEALAND
-----------
ALLIED FARMERS 9.60 11/15/2011 NZD 67.57
ALLIED NATIONWIDE 11.52 12/29/2049 NZD 40.00
CONTACT ENERGY 8.00 05/15/2014 NZD 1.05
FLETCHER BUI 8.50 03/15/2015 NZD 8.00
FLETCHER BUI 7.55 03/15/2011 NZD 7.25
GMT BOND ISSUER 7.75 06/19/2015 NZD 0.09
INFRATIL LTD 8.50 11/15/2015 NZD 8.60
INFRATIL LTD 8.50 11/15/2015 NZD 9.30
INFRATIL LTD 10.18 12/29/2049 NZD 64.50
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.34
MARAC FINANCE 10.50 07/15/2013 NZD 0.99
NZ FINANCE HLDGS 9.75 03/15/2011 NZD 66.23
SKY NETWORK TV 4.01 10/16/2016 NZD 56.90
SOUTH CANTERBURY 10.50 06/15/2011 NZD 0.94
SOUTH CANTERBURY 10.43 12/15/2012 NZD 0.58
ST LAURENCE PROP 9.25 07/15/2010 NZD 49.66
TOWER CAPITAL 8.50 04/15/2014 NZD 1.02
TRUSTPOWER LTD 8.50 09/15/2012 NZD 7.20
TRUSTPOWER LTD 8.50 03/15/2014 NZD 7.25
TRUSTPOWER LTD 7.60 12/15/2014 NZD 1.02
TRUSTPOWER LTD 8.60 12/15/2016 NZD 1.03
UNI OF CANTERBUR 7.25 12/15/2019 NZD 1.03
VECTOR LTD 7.80 10/15/2014 NZD 1.00
VECTOR LTD 8.00 12/29/2049 NZD 7.00
SINGAPORE
---------
DAVOMAS INTL FIN 5.50 12/08/2014 USD 64.12
UNITED ENG LTD 1.00 03/03/2014 SGD 1.62
WBL CORPORATION 2.50 06/10/2014 SGD 1.99
SOUTH KOREA
-----------
COSMOS PLC CO 3.00 05/30/2011 KRW 9.20
DAEGU BANK LTD 8.60 01/19/2039 KRW 9.79
DONGSAN DEVELOPM 3.50 05/08/2011 KRW 21.33
DONGYANG TELECOM 6.00 07/02/2013 KRW 44.51
HOPE KOD 1ST 8.50 06/30/2012 KRW 30.37
HOPE KOD 2ND 15.00 08/21/2012 KRW 32.97
HOPE KOD 3RD 15.00 09/30/2012 KRW 32.49
HOPE KOD 4TH 15.00 12/29/2012 KRW 31.51
HOPE KOD 6TH 15.00 03/10/2013 KRW 41.67
IBK 2008/12 ABS 25.00 06/24/2011 KRW 60.82
IBK 2008/13 ABS 25.00 06/24/2011 KRW 55.22
IBK 2008/16 ABS 25.00 06/24/2011 KRW 57.11
IBK 2008/17 ABS 25.00 06/24/2011 KRW 45.97
JOONG ANG DESIGN 2.00 04/17/2012 KRW 56.14
KB 10TH SEC SPC 23.00 01/03/2011 KRW 52.18
KB 10TH SEC SPC 20.00 01/03/2011 KRW 72.51
KB 11TH SEC SPC 23.00 07/03/2011 KRW 64.32
KB 12TH SEC SPC 25.00 01/21/2012 KRW 58.63
KB 13TH SEC SPC 25.00 07/02/2012 KRW 48.90
KB 14TH SEC SPC 23.00 01/04/2013 KRW 46.58
KDB 6TH SEC SPC 20.00 12/02/2019 KRW 63.79
KEB SEC 17TH SPC 20.00 12/28/2011 KRW 54.79
KYONGNAM BANK 6.76 03/31/2039 KRW 9.51
NACF-13 ABS SPS 25.00 09/25/2010 KRW 63.23
NACF-14 ABS SPS 25.00 01/15/2011 KRW 57.92
NACF-15 ABS SPS 25.00 03/18/2011 KRW 57.04
ONE KDB 1ST ABS 12.00 12/13/2010 KRW 74.29
ONE KDB 1ST ABS 7.60 06/13/2011 KRW 29.14
OSAN MYTOWN 1ST 5.64 04/16/2012 KRW 62.05
OSAN MYTOWN 2ND 5.64 04/16/2012 KRW 65.97
SAM HO INTL 6.32 03/28/2011 KRW 74.24
SHINHAN 7TH SEC 20.00 12/14/2010 KRW 19.54
SINBO 2010 1ST 15.00 07/22/2013 KRW 30.34
SINBO 2ND ABS 15.00 08/26/2013 KRW 31.23
SINBO 3RD ABS 15.00 09/30/2013 KRW 29.06
SINGOK ABS 7.50 06/18/2011 KRW 68.71
SINGOK NS ABS 7.50 06/27/2011 KRW 68.55
SMI XVI ABS SPC 9.99 04/30/2011 KRW 73.53
SUNG WOO CHE ABS 7.60 09/01/2010 KRW 72.86
SRI LANKA
---------
SRI LANKA GOVT 7.00 10/01/2023 LKR 73.60
THAILAND
--------
THAILAND GOVT 0.75 01/04/2022 THB 72.45
VIETNAM
--------
VIETNAM MACHINE 9.20 06/06/2017 VND 74.60
VIETNAM SHIPBUIL 9.00 04/13/2017 VND 61.66
VIETNAM-PAR 4.00 03/12/2028 USD 74.00
*********
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 ***