/raid1/www/Hosts/bankrupt/TCRAP_Public/101227.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
Monday, December 27, 2010, Vol. 13, No. 254
Headlines
A U S T R A L I A
BECTON CMBS: S&P Downgrades Ratings on Five Classes of Notes
STORM FINANCIAL: Macquarie Bank, BoQ to Defend ASIC'S Legal Suit
C H I N A
CHINA FISHERY: S&P Raises Corporate Credit Rating to 'BB-'
SOLAR ENERTECH: Recurring Losses Prompt Going Concern Doubt
H O N G K O N G
AIRCREW BASING: Commences Wind-Up Proceedings
ARTISTE PERFORMANCE: Creditors' Proofs of Debt Due January 7
ASIA WINNER: Placed Under Voluntary Wind-Up Proceedings
BEAR STEARNS: Creditors' Proofs of Debt Due January 24
BEITE (HONG KONG): Court to Hear Wind-Up Petition on February 9
BEST GROUP: Creditors' Proofs of Debt Due January 25
BETTER ELECTRICAL: Final Meetings Set for January 25
BRIGHTY COMPANY: Court Enters Wind-Up Order
CRESTFIELD INDUSTRIAL: Creditors' Proofs of Debt Due January 25
DOULTON TRADING: Commences Wind-Up Proceedings
EASTLAND INT'L: Creditors' Proofs of Debt Due January 24
FAR EAST: Creditors' Meeting Set for January 4
GALLANT MARK: Cheung Fong Ming Appointed as Liquidator
HINTON TRADING: Creditors' Proofs of Debt Due January 24
INVERNESS CORPORATION: Creditors' Proofs of Debt Due January 26
I N D I A
ADAMS MARKETING: CRISIL Assigns 'BB-' Rating to INR110MM Cash Debt
D. NITIN: ICRA Assigns 'LBB+' Rating to INR54cr Bank Limits
HEMKUND DUPLEX: CRISIL Upgrades Rating on INR33.5MM Loan to 'B-'
KOUTONS RETAIL: Mulls Selling 15% Stake to Pay Excessive Debts
ORIENTAL TEXTILE: CRISIL Assigns 'BB' Rating to INR120MM Term Loan
RAGHAV STEELS: ICRA Puts 'LBB' Rating on INR15.4cr Bank Facilities
RAITANI ENGINEERING: CRISIL Reaffirms 'BB' Rating on Cash Credit
SAHASTRAA EXPORTS: CRISIL Assigns 'B+' Rating to INR75MM Debt
SASA MUSA: CRISIL Reaffirms 'B' Rating on Various Bank Debts
SATYAM COMPUTER: Considers Relisting on New York Exchange
SATYAM COMPUTER: Investors Oppose "Merger" With Tech Mahindra
STANLEY LIFESTYLES: ICRA Puts 'LBB-' Rating to INR21cr Bank Debt
VINAYAK POLYTEX: CRISIL Upgrades Rating on INR53.5MM Loan to 'BB'
WEST FACE: CRISIL Assigns 'D' Rating to INR250 Million Term Loan
J A P A N
ALL NIPPON: Moody's Gives Positive Outlook on 'Ba2' Senior Rating
PEGASUS FUNDING: Moody's Downgrades Ratings on Two Loans to 'Ba2'
* S&P Raises Ratings on Three Tranches from Three Japanese CDOs
M O N G O L I A
TRADE AND DEVELOPMENT: Moody's Gives Stable Outlook on D- Rating
N E W Z E A L A N D
EQUITABLE MORTGAGES: Deloitte Steps Aside as Firm's Receivers
CRAFAR FARMS: Government Rejects Chinese Bid For 16 Crafar Farms
PIKE RIVER: Re-entry to Mine May Take 4 Months, Receivers Say
S I N G A P O R E
EAGLE MONEY: Creditors Get 72% Recovery on Claims
ENSEARCH PETROLEUM: Creditors' First Meeting Set For January 12
FOOSTI PTE: Court to Hear Wind-Up Petition January 14
FRANGO (ASIA PACIFIC): Creditors' Proofs of Debt Due January 24
JL GLOBAL: Court to Hear Wind-Up Petition December 31
MPCT SOLUTIONS: Final Meetings Set for January 25
MONENCO ASIA: Creditors' Proofs of Debt Due January 24
RANODA ELECTRONICS: Creditors' Meeting Slated For January 6
V I E T N A M
DOT VN: Posts US$997,300 Net Loss in October 31 Quarter
- - - - -
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A U S T R A L I A
=================
BECTON CMBS: S&P Downgrades Ratings on Five Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered the
ratings on the five classes of commercial mortgage-backed
securities issued by Becton CMBS No. 1 Pty Ltd., following S&P's
review of the of the transaction. At the same time, the ratings
remain on CreditWatch with negative implications. Becton CMBS is
a single-borrower, CMBS program ultimately supported by interests
in four Australian office buildings located in New South Wales,
Queensland, and the Australian Capital Territory.
In July 2010, the noteholders approved a restructure that extended
the scheduled maturity date to Jan. 31, 2011, from July 18, 2010,
subject to certain milestones being met. However, milestones for
repayments due at Sept. 30, 2010 and Nov. 30, 2010, were not met.
Proceeds from the sale of Elizabeth Plaza in December 2010 have
been applied to partially repay the class A noteholders. The
remaining collateral portfolio consists of four assets that are at
various stages of being marketed for sale. In S&P's view, there
is potential further downward pressure on the value of the
remaining collateral portfolio.
The downgrades reflect S&P's opinion of the uncertain timing and
strategy, and heightened execution risk associated with repayment
of the notes on or before the legal final maturity date, at
Jan. 18, 2012. The size and composition of the remaining asset
pool continues to be a key consideration in S&P's rating analysis.
The CreditWatch is likely to be resolved either: (a) by a rating
affirmation and withdrawal if a repayment of the securities is
completed, or (b) by lowering the ratings on the securities, at
any time, if S&P believes there is an increasing prospect that
repayment or refinancing will not be achieved prior to the legal
final maturity date of the notes.
Ratings Lowered And Remaining On Creditwatch
Becton CMBS No. 1 Pty Ltd.
Rating
------
Class To From
----- -- ----
A BBB+ (sf)/Watch Neg A- (sf)/Watch Neg
B BB+ (sf)/Watch Neg BBB- (sf)/Watch Neg
C BB- (sf)/Watch Neg BB (sf)/Watch Neg
D B (sf)/Watch Neg B+ (sf)/Watch Neg
E B- (sf)/Watch Neg B (sf)/Watch Neg
STORM FINANCIAL: Macquarie Bank, BoQ to Defend ASIC'S Legal Suit
----------------------------------------------------------------
The Australian Associated Press reports that Macquarie Bank and
the Bank of Queensland said they will vigorously defend legal
action commenced against them by the corporate regulator over the
collapse of Storm Financial Limited.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 23, 2010, the Australian Securities and Investments
Commission launched legal action against Commonwealth Bank, Bank
of Queensland Ltd and Macquarie Group Ltd in relation to the
collapse of Storm Financial Ltd.
The legal proceedings are:
* compensation proceedings in the Federal Court of Australia
in ASIC's name and on behalf of two former Storm investors
against Bank of Queensland Limited, the owner and franchisee
of the BoQ's North Ward branch (Senrac Pty Limited) and
Macquarie Bank Limited (MBL) in relation to alleged breach
of contract, contravention of the statutory prohibitions
against unconscionable conduct and liability as linked credit
providers of Storm under section 73 of the Trade Practices
Act 1974; and
* proceedings in the Federal Court of Australia against Storm,
Commonwealth Bank of Australia, BoQ and MBL based on the
operation by Storm of an alleged unregistered managed
investment scheme in which the banks were involved.
In addition, ASIC has filed civil penalty proceedings in the
Federal Court of Australia against Emmanuel and Julie Cassimatis
as directors of Storm in relation to alleged contraventions of
section 180 (duties of directors) of the Corporations Act.
AAP relates that Macquarie Bank responded by saying it will defend
the legal proceedings, which it called "unsustainable and
speculative".
"Macquarie maintains that its conduct and that of its staff has
been ethical, lawful and professional," the company said in a
statement, according to AAP. "There is a fundamental difference
between the role of a margin lender and that of Storm, a financial
adviser licensed by ASIC."
BoQ said it intended to vigorously defend the action based on
legal advice that the bank did not act illegally or dishonestly,
the AAP adds.
About Storm Financial
Storm Financial Limited -- http://www.stormfinancial.com.au/--
operates in the Australian wealth management industry. The
company manages over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser. The
funds are invested through different investment products and
structures, including superannuation, nonsuperannuation managed
funds and life insurance products. Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 14, 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AU$20 million.
Storm later closed its business and fired all of its 115 staff.
The closure, the company's administrators said, was due to the
significant reduction in Storm's income resulting in trading
losses being incurred "at a rate which the company could no longer
absorb."
The TCR-AP reported on Jan. 22, 2009, that the CBA, Storm's
largest creditor, lodged a AU$27.09 million debt claim at a first
meeting of the company's creditors on Jan. 20, 2010. The group's
remaining creditors are owed AU$51 million, plus a provision for
dividends of AU$10 million.
In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up. Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.
=========
C H I N A
=========
CHINA FISHERY: S&P Raises Corporate Credit Rating to 'BB-'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had raised its
long-term corporate credit rating on China Fishery Group Ltd. to
'BB-' from 'B+'. The outlook is stable. At the same time,
Standard & Poor's raised the issue rating on the US$225 million
senior unsecured notes due 2013 issued by China Fishery's
subsidiary CFG Investment S.A.C. to 'BB-' from 'B+'. China
Fishery guarantees the notes.
"We raised the rating on China Fishery to reflect the company's
improved liquidity position and financial flexibility, supportive
credit metrics, and lowered regulatory risk concerning fishing
quotas in Russian waters of the North Pacific and Peru," said
Standard & Poor's credit analyst Frank Lu.
In S&P's view, China Fishery's liquidity position has materially
improved since it entered into a four-year US$425 million club
loan. The loan is amortized on a quarterly basis after 18 months
and includes a US$85 million committed revolving facility. In
addition, China Fishery had US$70 million in committed undrawn
banking facilities for working capital as at Nov. 30, 2010.
Historically, a major rating weakness has been China Fishery's low
level of cash holdings, and limited committed and unused banking
facilities.
In S&P's opinion, China Fishery's financial flexibility has
improved because refinancing risk has fallen for the next two
years and the covenants of its new club loan provide the company
with more financial headroom. China Fishery has prepaid US$122.5
million existing term loans due 2011 and 2012. It also has an
undrawn US$225 million available to refinance its US$225 million
senior notes due 2013 when needed.
S&P anticipates that China Fishery's credit metrics will remain
supportive of a 'BB-' rating for the next two years, due to its
good profitability and cash-generation capability. Short-term
volatility may exist, however. S&P also expect management to
continue to pursue balanced debt and equity financing for
expansion. Despite the volatile nature of the commercial fishing
industry, for the past four years, the company has maintained
supportive credit ratios.
Regulatory risks are attributable to the high influence of
government policies and regulations on the commercial fishing
industry. Nevertheless, uncertainty over fishing quotas in Russia
and Peru has fallen due to the renewal or extension of fishing
quotas in 2009.
Exposure to the volatile nature of the commercial fishing industry
is another key risk factor. China Fishery's performance could be
affected by fish and fish meal price volatility, bad weather, fish
disease, and other negative events. Such risks were highlighted
by China Fishery's disappointing performance in the South Pacific
in fiscal 2010 due to the effects of EI Nino.
In S&P's opinion, the dual listing in Hong Kong, if successful,
would be marginally positive for the rating. While the equity
funding will increase China Fishery's capital base and further
enhance its liquidity position, the company aims to use most of
the proceeds for expansion. In S&P's view, such an aggressive
growth plan will expose the company to execution risk. If the
dual listing does not materialize, S&P expects the company to
scale back some of its capital expenditure because the majority
has not been committed.
China Fishery's liquidity is adequate, in S&P's view. It had a
cash balance of US$34.83 million as at Sept. 28, 2010. Following
the repayment of the majority of its existing loans with funding
through the new club loan facility, it has outstanding loans of
US$46.8 million due on or before the end of September 2011. As at
Nov. 30, 2010, China Fishery had a total of US$320 million in
undrawn committed banking facilities, including a US$225 million
facility under the club loan for refinancing its outstanding
senior unsecured notes.
"The stable outlook reflects S&P's expectation that China
Fishery's revenue will grow moderately in fiscal 2011, due to its
gradually improving performance in the South Pacific and the
contribution from its operations in Mauritanian waters. S&P
anticipates that the company's profitability will remain stable,
given the favorable supply-demand trend and its improved operating
efficiency, which partly offsets rising fuel oil costs. S&P
believes China Fishery will continue to pursue growth
aggressively, but that management will maintain some discipline to
keep credit metrics at a level supportive of a 'BB-' rating in the
next year," said Mr. Lu.
The likelihood is currently limited that S&P would raise the
rating higher than 'BB-' because of China Fishery's exposure to
regulatory and industry risks for commercial fishing. The rating
could be raised, however, if the company establishes a track
record of performing with a much bigger operating scale and more
diversified fishing grounds; and at the same time it can maintain
good credit ratios and a liquidity position that provide a
sufficient financial buffer to absorb industry volatilities.
Rating upside may also be constrained by the credit profiles of
its direct and indirect parent companies, Pacific Andes Resources
Development Ltd. and Pacific Andes International Holdings Ltd.
S&P may lower the rating if China Fishery's debt-funded expansion
is more aggressive than S&P expected or its aggressive expansion
is not well executed, such that its credit metrics materially
weaken, leading to a ratio of FFO to total debt of less than 25%.
The rating could also be lowered if China Fishery's liquidity
position deteriorates. In addition, a material weakening of
credit metrics at its parents could also add downward rating
pressure.
SOLAR ENERTECH: Recurring Losses Prompt Going Concern Doubt
-----------------------------------------------------------
Solar Enertech Corp. filed its annual report on Form 10-K for the
fiscal year ended September 30, 2010.
Ernst & Young Hua Ming, in Shanghai, in the Peoples Republic of
China, expressed substantial doubt about the Company's ability to
continue as a going concern. The independent auditors noted of
the Company's recurring losses from operations.
The Company reported a net loss of US$25.0 million on US$70.0
million of sales for fiscal 2010, compared with a net loss of
US$14.2 million on US$32.8 million of sales for fiscal 2009.
The Company's balance sheet at September 30, 2010, showed
US$29.7 million in total assets, US$22.5 million in total
liabilities, and stockholders' equity of US$7.2 million.
A full-text copy of the Form 10-K is available for free at:
http://researcharchives.com/t/s?713f
About Solar EnerTech
Mountain View, Calif.-based Solar EnerTech Corp. (OTC BB: SOEN)
-- http://www.solarE-power.com/- is a photovoltaic solar energy
cell manufacturing enterprise. The Company has established a
sophisticated 67,107-square-foot manufacturing facility at Jinqiao
Modern Technology Park in Shanghai, China. The Company currently
has two 25MW solar cell production lines and a 50MW solar module
production facility.
Solar EnerTech has also established a Joint R&D Lab at Shanghai
University to develop higher efficiency cells and to put the
results of that research to use in its manufacturing processes.
================
H O N G K O N G
================
AIRCREW BASING: Commences Wind-Up Proceedings
---------------------------------------------
Members of Aircrew Basing Limited, on December 17, 2010, passed a
resolution to voluntarily wind-up the company's operations.
The company's liquidators are:
James Edward Hughes-Hallett
Liu Sui Yuk
33rd Floor, One Pacific Place
88 Queensway, Hong Kong
ARTISTE PERFORMANCE: Creditors' Proofs of Debt Due January 7
------------------------------------------------------------
Creditors of Artiste Performance Platform Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 7, 2011, to be included in the company's
dividend distribution.
The company's liquidator is:
Osman Mohammed Arab
29/F, Caroline Centre
Lee Gardens Two
28 Yun Ping Road
Hong Kong
ASIA WINNER: Placed Under Voluntary Wind-Up Proceedings
-------------------------------------------------------
At an extraordinary general meeting held on December 22, 2010,
creditors of Asia Winner Development Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Cheung Fong Ming
72-76/F, Two International Finance Centre
8 Finance Street
Central, Hong Kong
BEAR STEARNS: Creditors' Proofs of Debt Due January 24
------------------------------------------------------
Creditors of Bear Stearns Hong Kong Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 24, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on December 15, 2010.
The company's liquidators are:
Messrs. Lai Kar Yan (Derek)
Darach E. Haughey
35/F, One Pacific Place
88 Queensway
Hong Kong
BEITE (HONG KONG): Court to Hear Wind-Up Petition on February 9
---------------------------------------------------------------
A petition to wind up the operations of Beite (Hong Kong) Limited
will be heard before the High Court of Hong Kong on February 9,
2011, at 9:30 a.m.
The Petitioner's Solicitor is:
Tsang, Chan & Wong
16th Floor, Wing On House
No. 71 Des Voeux Road Central
Hong Kong
BEST GROUP: Creditors' Proofs of Debt Due January 25
----------------------------------------------------
Creditors of Best Group Management Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 25, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on December 17, 2010.
The company's liquidator is:
Mr. Lee Kwok On Alexander
Rooms 1901-2, Park-In Commercial Centre
56 Dundas Street
Kowloon
BETTER ELECTRICAL: Final Meetings Set for January 25
----------------------------------------------------
Creditors and members of Better Electrical Products (HK) Company
Limited will hold their final meetings on January 25, 2011, at
4:00 p.m., and 4:30 p.m., respectively at Room 602, The Boys' and
Girls' Clubs Association of Hong Kong, No. 3 Lockhart Road,
Wanchai, in Hong Kong.
At the meeting, Kong Chi How Johnson, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
BRIGHTY COMPANY: Court Enters Wind-Up Order
-------------------------------------------
The High Court of Hong Kong entered an order August 31, 2010, to
wind up the operations of Brighty Company Limited.
The company's liquidators are Ho Man Kit Horace and Kong Sze Man
Simone.
CRESTFIELD INDUSTRIAL: Creditors' Proofs of Debt Due January 25
---------------------------------------------------------------
Creditors of Crestfield Industrial Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 25, 2011, to be included in the company's
dividend distribution.
The company's liquidator is:
Chan King Lau
21/F, Fee Tat Commercial Centre
No. 613 Nathan Road
Kowloon, Hong Kong
DOULTON TRADING: Commences Wind-Up Proceedings
----------------------------------------------
Members of Doulton Trading Company Limited, on December 17, 2010,
passed a resolution to voluntarily wind-up the company's
operations.
The company's liquidator is:
Mrs. Tam Yim Man Kuen
Unit 903A, 9th Floor
Yue Xiu Building
160-174 Lockhart Road
Wanchai, Hong Kong
EASTLAND INT'L: Creditors' Proofs of Debt Due January 24
--------------------------------------------------------
Creditors of Eastland International Holdings Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by January 24, 2011, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on December 13, 2010.
The company's liquidator is:
Law Kwan Wah George
8th Floor, Chinachem Tower
34-37 Connaught Road
Central, Hong Kong
FAR EAST: Creditors' Meeting Set for January 4
----------------------------------------------
Creditors of Far East Chartering Limited will hold their meeting
on January 4, 2011, at 11:00 a.m., for the purposes provided for
in Sections 241, 242, 243, 244, 251 and 283 of the Companies
Ordinance.
The meeting will be held at 14th Floor, The Hong Kong Club
Building, 3A Chater Road, Central, in Hong Kong.
GALLANT MARK: Cheung Fong Ming Appointed as Liquidator
------------------------------------------------------
Cheung Fong Ming on December 22, 2010, was appointed as liquidator
of Gallant Mark Development Limited.
The liquidator may be reached at:
Cheung Fong Ming
72-76/F., Two International Finance Centre
8 Finance Street
Central, Hong Kong
HINTON TRADING: Creditors' Proofs of Debt Due January 24
--------------------------------------------------------
Creditors of Hinton Trading Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 24, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
Arthur R Penn
c/o Offshore Incorporations (Samoa) Limited
Offshore Chambers
Ground Floor, SNPF Building
Beach Road
P.O. Box 217
Apia, Samoa
INVERNESS CORPORATION: Creditors' Proofs of Debt Due January 26
---------------------------------------------------------------
Creditors of Inverness Corporation Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by January 26, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on December 15, 2010.
The company's liquidator is:
Leung Maggie
Unit 2108-9, CCT Telecom Building
11 Wo Shing Street
Fotan, New Territories
Hong Kong
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I N D I A
=========
ADAMS MARKETING: CRISIL Assigns 'BB-' Rating to INR110MM Cash Debt
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' rating on the bank facilities
of Adams Marketing Pvt Ltd.
Facilities Ratings
---------- -------
INR110.00 Million Cash Credit BB-/Stable (Assigned)
INR16.50 Million Proposed Facility BB-/Stable (Assigned)
The rating reflects AMPL's working-capital-intensive operations
and weak financial risk profile, marked by high gearing, moderate
net worth, and low profitability margin. These weaknesses are
partially offset by the experience of AMPL's promoters in the
distribution and retailing of consumer durables in Howrah (West
Bengal).
Outlook: Stable
CRISIL believes that AMPL will continue to benefit over the medium
term from its promoters' experience in the distribution and
retailing of consumer durables. Its financial risk profile is,
however, likely to remain constrained by the debt-funding of its
proposed capital expenditure (capex) plan, and consequently, by
larger working capital requirements. The outlook may be revised
to 'Positive' if AMPL's financial risk profile improves because of
improved profitability and healthy cash accruals or equity
infusions. Conversely, the outlook may be revised to 'Negative'
if the AMPL generates less-than-expected cash accruals, or in case
of any additional large, debt-funded capex programme, resulting in
deterioration of its financial risk profile.
About Adams Marketing
AMPL was incorporated on April 2007. The company was formed with
the merger of three proprietorship firms (Adams Motors, Adams
Electronics, and Adams Paribar) owned by the promoters of AMPL.
The company is an authorised dealers of electronic goods
(television sets, washing machines, microwaves, vacuum cleaner,
air conditioners, geysers, laptops, personal computers, mixer
grinders, fans, and mobiles) manufactured by L G Electronics India
Pvt Ltd, Samsung India Pvt Ltd, Godrej Industries Ltd, Videocon
Industries Ltd, IFB Industries Ltd, and BPL Electronics Ltd. It
has five showrooms in Howrah and is coming up with a sixth in
Midnapore (Madhya Pradesh). The company plans to set up another
five showrooms in 2011-12 (refers to financial year, April 1 to
March 31).
AMPL reported a profit after tax (PAT) of INR4.9 million on net
sales of INR654.5 million for 2009-10, against a PAT of INR5.2
million on net sales of INR511.8 million for 2008-09.
D. NITIN: ICRA Assigns 'LBB+' Rating to INR54cr Bank Limits
-----------------------------------------------------------
ICRA has assigned an "LBB+" rating to INR54.00 crore fund based
limits and INR14.00 crore proposed limits of D. Nitin & Co. The
outlook assigned to the long term rating is "Stable". ICRA has
withdrawn the rating of "A4+" assigned previously to the fund
based limits of INR54.00 crore at the request of the firm.
The rating takes into account DNC's weak financial profile
characterized by modest profit margins, adverse capital structure
and stretched liquidity position because of high receivables. The
rating remains constrained by the high competitive intensity in
the CPD industry, low value addition in the business which results
in pressure on margins and susceptibility to foreign exchange
fluctuations.
Also, DNC's export revenues remain geographically clustered
thereby increasing dependence on a few countries. The rating
however favorably factors in the experience of the promoters in
the gems & jewellery business and the operational backing from the
group concerns engaged in similar line of business.
About D. Nitin
Incorporated in 1991, D. Nitin & Co is a partnership firm which
was reconstituted in 2002. The firm is engaged in import of rough
diamonds and processing and export of cut and polished Diamonds.
DNC deals in diamonds of sizes ranging from 45 cents to 1 carat.
The firm has two manufacturing units at Surat and a marketing
office in Mumbai. The related concerns of DNC include D. N.
Jewels, D.N Gems BVBA in Belgium, D. N. Diamonds (HK) Ltd in
Hong Kong & D. N. Diamonds & Jewellery DMCC in UAE.
Recent Results:
DNC recorded a net profit of INR5.29 crore on an operating income
of INR157.78 crore for the year ending March 31, 2010, as against
a net loss of INR1.96 crore on an operating income of
INR135.87 crore for the year ending March 31, 2009.
HEMKUND DUPLEX: CRISIL Upgrades Rating on INR33.5MM Loan to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Hemkund Duplex & Boards Pvt Ltd to 'B-/Stable' from 'C', while
reaffirming the short-term rating at 'P4'.
Facilities Ratings
---------- -------
INR33.5 Million Term Loan B-/Stable(Upgraded from 'C')
(Enhanced from INR33.4 Million)
INR35.0 Million Working Capital B-/Stable(Upgraded from 'C')
Demand Loan
INR50.0 Million Cash Credit B-/Stable(Upgraded from 'C')
INR11.5 Million Proposed LT Bank B-/Stable (Upgraded from
Loan Facility (Enhanced from 'C')
INR1.6 Million)
INR1.0 Million Bank Guarantee P4 (Reaffirmed)
The upgrade is driven by HDBPL's improved liquidity, with
regularity in the company's cash credit limits; its cash credit
facility was not overdrawn during the 12 months through
September 2010. The company's working capital cycle has also
improved, with reduction in inventory holding period to 30 to 45
days from 160 to 260 days in the past. The rating upgrade also
factors in maintenance of the operating margin at 13 per cent for
past 2 years.
The ratings reflects HDBPL's weak financial risk profile, marked
by a small net worth, a high gearing, and weak debt protection
metrics, limited financial flexibility, and a small scale of its
operations. These weaknesses are partially offset by the benefits
that the company derives from its promoters' extensive experience
and the healthy prospects for growth in the duplex board industry.
Outlook: Stable
CRISIL believes that HDBPL will continue to benefit over the
medium term from its promoters' extensive experience and the
healthy prospects for growth in the duplex board industry. The
outlook may be revised to 'Positive' if HDBPL significantly
increases its revenues and net cash accruals, while maintaining
its debt protection metrics. Conversely, the outlook may be
revised to 'Negative' if the net cash accruals decline sharply,
thereby weakening HDBPL's ability to service debt, or if the
company is unable to maintain the improvement in its working
capital cycle or there is significant delay in disbursement of
insurance claim.
About Hemkund Duplex
HDBPL was incorporated in 2002 by acquiring the assets of
Mansarovar Paper & Industries Ltd, a manufacturer of coated duplex
boards, which was referred to the Board for Industrial and
Financial Reconstruction. HDBPL was promoted as an equal joint
venture by the Chadha and Chhabra groups. However, in 2005, the
Chadha group acquired the Chhabra group's entire stake in the
company. The company's plant in Moradabad (Uttar Pradesh) has
capacity to produce 50 tonnes per day of duplex boards. HDBPL
incurred a loss of stock worth INR73 million because of an
outbreak of fire at its godown in May 2009; the company is still
to receive the insurance claim amount.
HDBPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR207.5 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR4.5 million on net sales
of INR212.6 million for 2008-09.
KOUTONS RETAIL: Mulls Selling 15% Stake to Pay Excessive Debts
--------------------------------------------------------------
The Economic Times reports that Koutons Retail India Ltd. is
considering selling up to 15% stake to raise cash to pay down
excessive debt and revive its flagging fortunes.
According to the report, a person familiar with the development
said that a few private equity funds, such as TPG Capital and
Banyan Tree Finance, and a Mumbai-based apparel company are in
talks with the promoters for the deal.
Koutons Chairman DPS Kohli was quoted by the Economic Times as
saying, "We are experiencing difficulty in servicing the debt due
to declining sales." Kohli said the company is also in talks with
lenders to recast its debt in line with the current business
environment, the Economic Times relates.
The Economic Times says that the proposed stake sale, which will
happen through the issue of fresh shares, will reduce the
promoters' stake to 27%, on the expanded capital base, from 32%.
Hit by Recession
The Economic Times reports that Koutons is the latest in the line
of modern Indian retailers, including discount store operators
such as Subhiksha Trading Services and Vishal Retail, to face
pressing cash problems and turn to private investors and debt
recast for help.
According to the Economic Times, Koutons, which went public in
2007, raised long-term debt from a consortium of banks led by
Indian Overseas Bank two years ago to take advantage of the then
booming retail sector. The company, says Economic Times, started
as a men's brand in India, but later extended its portfolio to
accommodate women and children wear.
But the economic slowdown in 2008 had an adverse impact on overall
sales and the company had to stall expansion plans, the report
notes. Inventories piled up and the company fell short of cash.
The Economic Time discloses that Koutons' total debt of about
INR660 crore carries an average cost of 14%. According to the
report, the company said that some interest payments have been
delayed due to slack first-quarter sales, but no bank has stopped
operation of its accounts.
The accumulated debt and high interest cost associated with it
forced the company to downsize operations to 1,020 stores pan-
India from 1,400 stores in early 2008, the Economic Times reports.
Faces Winding-Up Petitions
Meanwhile, livemint.com reports that Koutons Retail India Ltd is
facing at least four lawsuits, of which two are winding-up
petitions filed in the Delhi high court by its suppliers to
recover dues.
Earlier this month, livemint.com relates, Berry Cotts Pvt. Ltd, a
New Delhi-based vendor of fabrics, filed a winding-up petition
against the troubled retailer.
Another winding-up petition was earlier filed by RC Velvet, a
supplier of corduroy fabric based in Gurgaon near New Delhi,
according to livemint.com. Fortunex Ltd, headquartered in
Hong Kong with facilities in Dhaka, Bangladesh, has also moved
court to recover dues, livemint.com adds.
About Koutons Retail
Based in India, Koutons Retail India Limited (BOM: 532901) --
http://www.koutonsparivar.com/-- engages in the business of
manufacturing, trading and selling of textile products,
accessories and shoes. The Company's collection offers a range of
formal and casual wear for women and children. Its brands include
Les Femme, which offers women wear, and Koutons Junior, which
offers kids wear.
ORIENTAL TEXTILE: CRISIL Assigns 'BB' Rating to INR120MM Term Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the bank facilities
of Oriental Textile Processing Company Pvt Ltd.
Facilities Ratings
---------- -------
INR80.0 Million Cash Credit Facility BB/Stable (Assigned)
INR120.0 Million Term Loan BB/Stable (Assigned)
The rating reflects OTPCPL's small scale of operations and the
pressure the ongoing debt-funded capital expenditure (capex)
programme is expected to put on the company's moderate financial
risk profile. These weaknesses are partially offset by OTPCPL's
established customer base, and the experience of its promoters in
the textile industry.
Outlook: Stable
CRISIL believes that OTPCPL will benefit over the medium term from
its established customer base. OTPCPL's financial risk profile is,
however, expected to remain constrained over the medium term due
to the ongoing capex. The outlook may be revised to 'Positive' if
OTPCPL increases its scale of operations without significantly
affecting its financial risk profile or in case of earlier-than-
expected stabilization of the increased capacities. Conversely,
the outlook may be revised to 'Negative' in case the company
contracts more debt to fund the ongoing capex, leading to
deterioration in the company's financial risk profile, or in case
of significant delays in the implementation of the ongoing debt-
funded project.
About Oriental Textile
Incorporated in 1983, OTPCPL manufactures grey polyester fabrics
and is also engaged in the dyeing and printing of grey polyester
fabric. The company has total capacity to manufacture 12 tonnes
per day of grey polyester fabric and a processing capacity of 20
tonnes per day at its plant in Ludhiana (Punjab). It is currently
operating at around 80 per cent capacity utilization. Apart from
selling processed fabric, the company also processes grey fabric
on a job-work basis.
OTPCPL is expected to report a profit after tax (PAT) of INR7.9
million on net sales of INR650.4 million for 2009-10 (refers to
financial year, April 1 to March 31), against a PAT of INR4.2
million on net sales of INR478.4 million for 2008-09.
RAGHAV STEELS: ICRA Puts 'LBB' Rating on INR15.4cr Bank Facilities
------------------------------------------------------------------
ICRA has assigned a long term rating of 'LBB' to the INR 15.40
crore (enhanced from Rs 13.90 crore) fund based facilities of
Raghav Steels. The rating carries a stable outlook. ICRA has
also reaffirmed a short term rating of 'A4' to the INR3.0 crore
non-fund based facilities.
ICRA's ratings factor in intensely competitive and cyclical nature
of the iron and steel industry; RS's modest scale of operations;
and its highly leveraged capital structure, which coupled with
thin profitability, have resulted in average debt protection
metrics for the firm. ICRA however draws comfort from the
experience of the promoters in the business, the firm's long
standing relations with reputed steel manufacturers which has
resulted in repeat orders over the years, and favorable demand
outlook for iron and steel products, driven by infrastructure
growth in the country.
RS was promoted by the Kabra family in 1999 and the firm has been
engaged in trading activity for nearly a decade. The firm's
product portfolio includes ferro alloys (ferro aluminium/ chrome/
manganese/titanium etc), ramming mass and iron and steel products
like cold rolled sheets, galvanized sheets, pig iron, steel bars,
wire rods, etc. RS acts a facilitator between suppliers and
customers for these products and purchases are made against firm
sales orders. Thus the firm remains insulated to adverse movement
in commodity prices. Further, RS is required to hold low
inventory levels because in most cases the product is directly
supplied from the manufacturer to the customer without being
routed through the firm.
About Raghav Steels
Raghav Steels is a sole proprietorship firm engaged in trading of
ferro alloys and iron and steel products. RS was promoted by the
Kabra family in 1999 and currently the operations of the firm are
being managed by Mr. Sanjay Kabra and his brother Mr. Rajesh
Kabra. The warehousing facility of the firm is located in Jaipur
(Rajasthan).
Recent Results
The company reported a net profit of INR0.52 crore in 2009-10 on
an operating income of INR52.96 crore, as compared to a net profit
of INR0.45 crore on an operating income of INR47.11 crore during
2008-09.
RAITANI ENGINEERING: CRISIL Reaffirms 'BB' Rating on Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Raitani Engineering
Works Pvt Ltd continue to reflect REWPL's large working capital
requirements, and customer and geographic concentration in its
revenue profile. These rating weaknesses are partially offset by
REWPL's healthy order book, and moderate gearing and debt
protection metrics.
Facilities Ratings
---------- -------
INR109.5 Million Cash Credit BB/Stable (Reaffirmed)
INR305.5 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that REWPL will continue to benefit from the
growth prospects in the civil construction industry over the
medium term. The outlook may be revised to 'Positive' if the
company strengthens its business risk profile by diversifying its
revenue base, and maintains its operating margin at the current
level. Conversely, the outlook may be revised to 'Negative' if
additional debt-funded capital expenditure or acquisitions
adversely impact the company's financial risk profile.
Update
REWPL's sales in 2009-10 (refers to financial year, April 1 to
March 31) were in line with CRISIL's expectation. In 2009-10,
80% of REWPL's revenues were derived from railway projects, and
the balance from projects undertaken for the Public Works
Department (PWD), Assam. The company had an order book of over
INR1.25 billion as on November 2010, to be executed in the
following 18 to 20 months; out of this, INR400 million to 450
million will be executed by the end of 2010-11. REWPL's term debt
obligations remain high in 2010-11, at around INR70 million, and
the company continues to rely on promoter funding to ensure timely
repayment of term debt. The promoters infused equity of INR22.6
million in 2009-10, and have infused additional equity of INR25
million up to September 2010.
REWPL reported a profit after tax (PAT) of INR18.4 million on net
sales of INR591.3 million for 2009-10, against a PAT of INR12.4
million on net sales of INR460 million for 2008-09.
About Raitani Engineering
REWPL was originally set up in 1974 as a proprietor concern,
Raitani Engineering Works; it was reconstituted as a partnership
firm in 1976, and subsequently as a private limited company in
1992. REWPL, which operates out of Guwahati, Assam, undertakes
infrastructure-related construction activities in North East
India; these activities include bridge building, earth work,
constructing embankments, and track laying. Besides railways, the
company also executes projects for PWD Assam, and National
Building Construction Corporation. The company is currently
managed by Mr. Anand Ram Raitani.
SAHASTRAA EXPORTS: CRISIL Assigns 'B+' Rating to INR75MM Debt
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Sahastraa Exports Pvt Ltd.
Facilities Ratings
---------- -------
INR75.0 Million Cash Credit B+/Stable (Assigned)
INR75.0 Million Letter of Credit P4 (Assigned)
The ratings reflect Sahastraa's modest financial risk profile
marked by low interest coverage ratio and low net worth which
restricts its financial flexibility, and high debtor risk. The
rating also reflects the fragmented and competitive nature of
chemical trading industry. These weaknesses are partially offset
by the low inventory levels, largely mitigating risks arising from
fluctuations in prices of the traded chemicals.
Outlook: Stable
CRISIL believes that Sahastraa Exports Pvt Ltd will maintain its
credit risk profile backed by the increasing demand for its
products over the medium term. The outlook may be revised to
'Positive' if the company's operating margin and cash accruals
increase significantly, thereby improving its debt protection
metrics and consequently, its financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of a significant
decline in business volumes, revenues or profitability, or if the
company is unable to manage its liquidity due to larger-than-
expected debt to fund incremental working capital requirements.
About Sahastraa Exports
Incorporated in 2000, Sahastraa trades in chemicals. The
company's product basket is large and diverse, consisting of
petrochemicals, ethanol, chlorinated solvents, pesticides, and
alcohols, among other chemicals. It has a portfolio of around 20
products. The company was initially started by Mr. Sanjay
Agarwaal and Mr. Gopal Agarwaal. Currently, there are two active
promoters: Mr. Suhhail Agarwaal and Mrs. Hyacinth Fernandes manage
the day-to-day operations of Sahastraa. The company has a
registered office in Mumbai and branch offices in Delhi,
Hyderabad, Haryana, and Ahmedabad. It has a warehouse in Navi
Mumbai.
Sahastraa reported a profit after tax (PAT) of INR3.6 million on
net sales of INR1022.6 million for 2009-10 (refers to financial
year, April 1 to March 31), against a PAT of INR2.0 million on net
sales of INR574.5 million for 2008-09.
SASA MUSA: CRISIL Reaffirms 'B' Rating on Various Bank Debts
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Sasa
Musa Sugar Works Ltd at 'B/Stable/P4'.
Facilities Ratings
---------- -------
INR10.0 Million Term Loan B/Stable (Reaffirmed)
INR370.0 Million Cash Credit Limit B/Stable (Reaffirmed)
INR87.3 Million Proposed Long-Term B/Stable (Reaffirmed)
Bank Loan Facility
INR2.7 Million Bank Guarantee P4 (Reaffirmed)
The ratings reflect SMSWL's weak financial risk profile, marked by
small net worth, weak debt protection metrics, and high gearing,
and its exposure to adverse regulatory changes and risks related
to cyclicality in the sugar industry. These weaknesses are
partially offset by the benefits SMSWL derives from its promoters'
extensive industry experience.
Outlook: Stable
CRISIL believes that SMSWL's financial risk profile, marked by
high gearing and weak debt protection metrics will continue to
remain weak over the medium term. The outlook may be revised to
'Positive' in case the capital structure and debt protection
metrics improve significantly, most likely because of equity
infusion by the promoters or higher-than-expected cash accruals.
Conversely, the outlook may have revised to 'Negative' if there is
further decline in profitability or if the company contracts
larger-than-expected debt to fund its working capital
requirements, leading to deterioration in its financial risk
profile.
About Sasa Musa
SMSWL was promoted by the late Mr. Sheikh Mohammad Ibrahim in
1933. The company produces sugar at its factory in Sasa Musa
(Bihar). The company has a crushing capacity of 2450 tonnes of
cane per day. It has 412 villages allocated to it as its command
area by the Cane Commissioner and has no other sugar mill within a
15-kilometre radius of its factory. Also, as there are only eight
operational sugar mills in Bihar, the company is easily able to
sell its produce within Bihar. It sells molasses and bagasse, the
by-products of sugar, in the open market.
SMSWL reported a profit after tax (PAT) of INR6.7 million on net
sales of INR580.2 million for 2009-10, against a PAT of INR13.4
million on net sales of INR394.0 million for 2008-09.
SATYAM COMPUTER: Considers Relisting on New York Exchange
---------------------------------------------------------
Ketaki Gokhale at Bloomberg News reports that Satyam Computer
Services Ltd. will consider relisting on the New York Stock
Exchange after filing its financial accounts as per U.S.
standards.
Chief Marketing Officer Hari Thalapalli told Bloomberg in a phone
interview that the company is "working toward" making the accounts
U.S. GAAP compliant. Satyam hasn't yet made a decision on the
relisting, Thalapalli said, according to Bloomberg.
Bloomberg relates that Satyam said in September its American
depositary receipts would be delisted from the NYSE and may trade
on the over-the-counter market. The company's accounts may become
U.S. GAAP compliant in about six to eight months, Chairman Vineet
Nayyar said on Sept. 29, Bloomberg adds.
As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position. Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India. A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books. Several groups considered filing
class action suits against the company. Mr. Raju was later found
to have invented more than one quarter of Satyam's workforce and
used fictitious names to siphon INR200 million (US$4.1 million) a
month out of the company. In April 2009, Tech Mahindra Ltd.
acquired control of the company and in June 2009 unveiled its new
brand identity, "Mahindra Satyam."
Satyam reported a INR1.25 billion (US$28 million) loss for the 12
months ended March 31, 2010, and an INR81.8 billion loss for 2009.
About Satyam Computer
Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance. Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services. The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services. Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services. As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.
SATYAM COMPUTER: Investors Oppose "Merger" With Tech Mahindra
-------------------------------------------------------------
The Economic Times reports that small shareholders of Satyam
Computer Services Ltd. have raised concern over talk of a merger
of the company with Tech Mahindra, saying that such a move will
affect their interests.
The report relates that vehemently opposing the idea of what they
called a "premature merger", they expressed fears that such a
merger will favor Tech Mahindra shareholders and leave them in the
lurch. The shareholders were speaking at Satyam's first annual
general meeting in Hyderabad after the takeover by Tech Mahindra,
the Economic Times says.
The Economic Times quoted a GN Ravi, a shareholder, saying "We
want the company to come back on its feet before the management
pushes for a merger. If done in a hurry, the merger will not help
investors like us. In order to get a good deal, we want the share
price to reach a reasonable level. This will happen only if
foreign institutional investors start investing and in the current
scenario, no FII would look at the company for investment."
According to the report, Mr. Ravi said the FIIs are looking for
more clarity in the financials. "The company has not settled its
outstanding liabilities. It has to sort out legal issues including
class-action lawsuits in the US. Relisting on NYSE is another
pending issue," Mr. Ravi said, the Economic Times relates.
Tech Mahindra, says the Economic Times, has not announced any plan
for a merger of Mahindra Satyam but that has not stopped
speculation of a merger between the two. The report, citing
C Achuthan, independent director on the Mahindra Satyam board,
says the company will protect the interest of minority
shareholders.
As reported in the Troubled Company Reporter-Asia Pacific, former
Satyam Chairman Ramalinga Raju resigned in January 2009 after
admitting he manipulated the company's accounts, including
inflating cash and bank balances, understating liabilities and
overstating debtors position. Mr. Raju's confession prompted
investigations into the company by different entities including
Andhra Pradesh state police, the U.S. Securities and Exchange
Commission and the Securities and Exchange Board of India. A
three-member board was subsequently created by the government,
which appointed KPMG and Deloitte Touche Tohmatsu to reevaluate
the software company's books. Several groups considered filing
class action suits against the company. Mr. Raju was later found
to have invented more than one quarter of Satyam's workforce and
used fictitious names to siphon INR200 million (US$4.1 million) a
month out of the company. Tech Mahindra Ltd. acquired control of
the company in April 2009.
Satyam reported a INR1.25 billion (US$28 million) loss for the 12
months ended March 31, 2010, and an INR81.8 billion loss for 2009.
About Satyam Computer
Headquartered in Secunderabad, India, Satyam Computer Services
Limited (BOM:500376) -- http://www.mahindrasatyam.net/-- is a
global information technology (IT) services provider, offering a
range of services, including systems design, software development,
system integration and application maintenance. Satyam offers a
range of IT services to its customers, including application
development and maintenance, consulting and enterprise business
solutions, extended engineering solutions and infrastructure
management services. The Company provides services to customers
from various industries, including insurance, banking and
financial services, manufacturing, telecommunications,
transportation and engineering services. Satyam BPO Limited
(Satyam BPO), a majority-owned subsidiary of the Company is
engaged in providing business process outsourcing (BPO) services.
Satyam operates in two segments: IT services and BPO services. As
of July 6, 2009, Tech Mahindra Limited had acquired roughly
31.04% of the Company's outstanding shares of common stock.
STANLEY LIFESTYLES: ICRA Puts 'LBB-' Rating to INR21cr Bank Debt
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR21 crore
bank facilities of Stanley Lifestyles Limited to "LBB-" from
"LBB." The outlook on the rating is stable. ICRA has also
reaffirmed the short term rating assigned to SLL's INR17.0 crore
bank facilities at "A4".
The rating revision takes into account decline in SLL's
profitability in FY 2009-10 which along with its relatively high
gearing levels (2.1x as on March 31, 2010) has translated into
weak debt protection indicators. Moreover, the rating takes into
account high net working capital intensity of SLL (NWC/OI of
52% during FY 2009-10) which affects its cash flow from
operations. The rating continues to factor in SLL's dependence on
domestic auto industry coupled with the fact that SLL's
profitability remains vulnerable to adverse foreign currency
movements due to high raw material import content.
Incepted in 1996 and incorporated as a public limited entity in
2008, in Stanley Lifestyles Ltd is a Bangalore based company in
engaged in the pure leather upholstery and furniture business.
Within the automobile upholstery segment, SLL mainly caters to
Original Equipment Manufacturers for major automobile companies
like Toyota Kirloskar Motor Private Limited, Mahindra & Mahindra
Limited and Ford India. The company also has a significant
aftermarket dealer segment (with relatively higher
realizations than the OEM segment) where it caters to individuals.
Within the furniture segment SLL manufactures Sofas and recliners
and sells through retail stores across locations like Delhi,
Mumbai and Bangalore. SLL is also a franchisee for 'La-Z-Boy' and
'Stressless', which are high end international furniture brands.
The company has two manufacturing facilities, one each at
Bommasandra and Mission Road, Bangalore.
Recent Results
For the financial year 2009-10, SLL recognized an operating income
of INR60.42 crore and net profit of INR2.60 crore.
VINAYAK POLYTEX: CRISIL Upgrades Rating on INR53.5MM Loan to 'BB'
-----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Vinayak
Polytex Pvt Ltd to 'BB/Stable/P4+' from 'B+/Stable/P4'.
Facilities Ratings
---------- -------
INR53.5 Million Term Loan Facility BB/Stable (Upgraded from
'B+/Stable')
INR43 Million Cash Credit Limit BB/Stable (Upgraded from
'B+/Stable')
INR3.5 Million Bank Guarantee P4+ (Upgraded from 'P4')
The upgrade follows the sustained increase in revenues and
profitability since last two years on the back of high utilization
of its enhanced capacities at its new facility at Jabalpur (Madhya
Pradesh). For 2009-10 (refers to financial year, April 1 to March
31), VPPL increased its sales to INR355 million, while maintaining
its operating profitability at around 8%. The upgrade also
reflects improvement in VPPL's liquidity marked by larger-than-
expected net cash accruals vis-a-vis term debt obligations, and
moderate bank limit utilization, averaging at 55%, for the 12
months through October 2010.
The ratings reflect VPPL's modest scale of operations and intense
competition in the packaging industry, and large working capital
requirements and small net worth. These weaknesses are partially
offset by VPPL's established market position and strong customer
relationships.
Outlook: Stable
CRISIL believes that VPPL will benefit over the medium term from
its established market position and strong customer relationships.
The outlook may be revised to 'Positive' if the company
significantly enhances its scale of operations, leading to
increase in net cash accruals, while maintaining its capital
structure. Conversely, the outlook may be revised to 'Negative'
if VPPL's financial risk profile weakens because of large, debt-
funded capital expenditure, or decline in margins.
About Vinayak Polytex
VPPL, incorporated in 1996, manufactures high-density polyethylene
(HDPE) and polypropylene (PP) bags. VPPL's manufacturing
facilities in Varanasi (Uttar Pradesh) and Jabalpur have a
combined manufacturing capacity of around 6000 tonnes per annum.
VPPL primarily supplies to cement companies in Uttar Pradesh,
Madhya Pradesh, and Rajasthan.
VPPL reported a profit after tax (PAT) of INR4.5 million on net
sales of INR355.0 million for 2009-10, against a PAT of INR4.1
million on net sales of INR306.2 million for 2008-09.
WEST FACE: CRISIL Assigns 'D' Rating to INR250 Million Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'D' rating to the term loan facility of
West Face Hospitality & Management Pvt Ltd. The rating reflects
delay by WFH in servicing its term loan; the delay has been caused
by WFH's weak liquidity.
Facilities Ratings
---------- -------
INR250.00 Million Term Loan D (Assigned)
WFH has a weak financial risk profile, marked by a high gearing, a
small net worth, and weak debt protection metrics. Besides being
exposed to downturns in the industry, the company is also likely
to face pressure on occupancy and average room rates because of
the start-up nature of its operations. These rating weaknesses
are partially offset by the benefits that WFH derives from its
location and its promoters' experience in the hospitality
industry.
Incorporated in August 2009, WFH is currently setting up a
boutique hotel on a 28,000-square-yard plot at Punjabi Bagh
(New Delhi); the project is expected to commence operations in
January 2011. The hotel, comprising 6 luxury and 36 standard
rooms, will house a restaurant, coffee shop, and a bar, with
seating capacities of 65, 50, and 28 people respectively. It will
also include two banquet halls: one in the basement, measuring
about 6000 square feet with seating capacity of 500 people, and
the other, with capacity of 250 people, on the second floor. The
hotel will be managed by a professional team led by its promoters,
Mr. Inder Pal Singh and Mr. Satvinder Singh Wadhawan.
=========
J A P A N
=========
ALL NIPPON: Moody's Gives Positive Outlook on 'Ba2' Senior Rating
-----------------------------------------------------------------
Moody's Japan K.K. has changed to positive from stable its outlook
for the Ba2 senior unsecured rating of All Nippon Airways Co.,
Ltd.
The change in outlook reflects Moody's view that ANA's performance
and financial leverage will improve because of an increase in
demand and reductions in costs.
It also incorporates Moody's expectation that ANA's strengthened
position in the domestic market -- which is less volatile than the
international passenger service -- will continue, thereby
supporting performance stability.
Moody's notes that the company in October raised its operating
profit forecast for FYE3/2011 to JPY70 billion from its original
JPY42 billion.
ANA's passenger numbers in 1H FYE3/2011 (April to September 2010)
increased by 3.7% for domestic travel and by 19% for international
travel from a year ago, given the general recovery in demand and a
shift from Japan Airlines (unrated by Moody's), which is in
bankruptcy but continues to fly.
Moody's further considers that expansions at the two airports
serving Tokyo will boost operating revenues. Both are operating
at full capacity with a limited number of landing slots.
So far, ANA cut costs by about JPY100 billion in FYE3/2010 and is
aiming for another JPY86 billion during FYE3/2011 on a
consolidated basis.
In addition, its rating incorporates the Japanese market's limited
degree of competition and protected nature based on the high tax
revenues and duties which the government receives from Japanese
airlines, including ANA.
Moody's notes that, relative to its international peers, ANA's
profitability is low because of the extremely high duties -- such
as the fuel tax and landing and navigation fees -- payable to the
government.
And financial leverage is high due to its high level of capital
expenditure for fleet reprogramming in view of the expansion of
Tokyo's two major international airports in 2010.
But, Moody's believes that these investments may improve operating
efficiency and profitability over the medium term, although they
may also constrain financial flexibility. Moody's expects ANA's
financial profile will strengthen gradually.
At the same time, the company will continue to face volatility in
exchange rates, fuel prices, and customer demand. Over the longer
term, the entry of low cost carriers and the expectation of a
financially sounder JAL will present challenges.
Moody's Ba2 senior unsecured rating on ANA also reflects the
company's stable relationships with its main creditor banks as
well as its important economic and policy role. This situation
results in the company's rating being two notches higher than it
would otherwise be.
Accordingly, the senior unsecured rating of Ba2 considers the
combined effect of 1) a two-notch uplift from the support system,
which is one of the regional rating factors in Japan, as stated in
the above paragraph, and 2) one-notch down due to the presence of
a high level of secured debt.
For a rating upgrade, financial leverage needs to improve. Upward
rating pressure could emerge if ANA's earnings and cash flow
continue to improve as a result of further rationalization and
cost cuts, and an increase in demand due to the airport
expansions. The result is improved financial leverage, such that
adjusted debt/capitalization is approaching 70% and adjusted
debt/EBITDA is below 5.0x.
The rating could come under downward pressure if competition
substantially increases, or if ANA's performance deteriorated.
Failure to de-leverage as expected could also pressure the
ratings. In such a situation, Moody's would look for EBITDA
margin below 12% for 18-24 months, adjusted debt/capitalization
around 80%, and Debt/EBITDA above 7.0x on a sustained basis.
Moody's last rating action on ANA was taken on November 18, 2009,
when the rating was downgraded to Ba2 from Baa3.
Headquartered in Tokyo, All Nippon Airways Co., Ltd., is Japan's
second-largest airline by revenue, with domestic and international
passenger and cargo and mail operations, and travel services. Its
total revenue for FYE3/2010 was JPY 1.23 trillion.
PEGASUS FUNDING: Moody's Downgrades Ratings on Two Loans to 'Ba2'
-----------------------------------------------------------------
Moody's Japan K.K. has downgraded to Ba2 (sf) from Baa2 (sf) the
ratings on Pegasus Funding's Class A1 and A2 loans.
At the same time, Moody's continues its review of the ratings for
possible further downgrade.
The complete rating actions are:
Deal Name: Pegasus Funding
-- Class A1, Downgraded to Ba2 (sf) and Remains On Review for
Possible Downgrade; previously on October 8, 2010, Baa2 (sf)
Placed Under Review for Possible Downgrade
-- Class A2, Downgraded to Ba2 (sf) and Remains On Review for
Possible Downgrade; previously on October 8, 2010, Baa2 (sf)
Placed Under Review for Possible Downgrade
-- Class: A1 and A2
-- Issue Amount (commitment line): JPY91.9 billion
-- Dividend: Floating
-- Issued Date: September 29, 2006
-- Final Maturity Date: December 11, 2014
-- Underlying Asset: Real estate-backed loan receivables
The commitment line was established in September 2006 and is
backed by a pool of real estate-backed loans to small- and medium-
sized enterprises.
A servicer -- which is other than the initial servicer -- conducts
servicing and special servicing of all the loan receivables in the
transaction.
Rating Rationale
These rating actions mainly reflect 1) Moody's view that the
recovery rates for the collateral properties will remain at their
current low levels or will decline further, given actual
collection results and collection policies, and 2) an increase in
substantial losses in the underlying receivables pool.
On October 8, 2010, Moody's placed under review for possible
downgrade the ratings of the Class A 1 and A2 loans because the
actual recovery rates for the collateral properties have been
slightly lower than Moody's expectations. And there are
expectations that the recovery rates may further decline.
Moody's monitoring of the actual results of servicing from the
properties reveals that the cumulative recovery rate on the loan
receivables from April 2009 to October 2010 was lower than Moody's
expectation of 50-60%. Accordingly, if the remaining properties
are sold at prices lower than expected or at auction, then this
cumulative recovery rate may further decline.
A business plan for the properties, including expected collection
amounts, is now being developed.
Moody's has been informed by the arranger of its progress and
receives any relevant information, including expected collection
amounts for large outstanding loans (top 50 loans), although the
amounts can change as it is not yet fixed.
Loan receivables with large outstanding balances (JPY1.0 billion
or more, for example) comprise a substantial portion of the pool,
and the cumulative recovery rate will depend on their recovery
rates.
The expected collection amount -- as provided by the arranger --
does not exceed Moody's assumptions. Therefore, the probability
that the cumulative recovery rate may further increase -- and
exceed Moody's expectation -- is low.
Furthermore, the arranger has explained that it will increase the
pace of property sales and a certain number will be auctioned, if
needed.
Sales have progressed, and the Class A1 and A2 loans have been
redeemed slowly. As of November 2010, the total outstanding
balance of these classes was around 80% of the amount in February
2009.
However, with the ongoing sale of the properties, uncollected loan
receivables have emerged. This situation has led to a substantial
decline in credit enhancement, as Moody's assumes that payments
from obligors cannot be expected.
Moody's assumes that the recovery rates for the collateral
properties will remain at current low levels, or decline further,
given the fall in the actual recovery rates, an increase in
substantial losses in the underlying receivables pool, the
character of the servicing policies, and the probability that
properties will be sold in a depressed market, etc.
Hence, Moody's has downgraded the Class A1 and A2 loans. In
addition, Moody's continues to review the ratings for possible
further downgrade because it still needs to examine the expected
collection amounts and collection schedules in the new business
plan. As stated, this has not yet been fixed.
Moody's will decide on the ratings after reviewing the business
plan and servicing policies.
The final maturity takes place in December 2014. As of November
2010, the number of obligors in this transaction was around 100
and the number of properties around 350.
Moody's did not receive or take into account a third-party due
diligence report on the underlying assets or financial instruments
related to the monitoring of this transaction in the past six
months.
* S&P Raises Ratings on Three Tranches from Three Japanese CDOs
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on three
tranches relating to three Japanese synthetic CDO transactions,
and at the same time removed the ratings from CreditWatch with
positive implications. In addition, Standard & Poor's affirmed
its rating on one tranche relating to one Japanese synthetic CDO
transaction and removed the rating from CreditWatch with negative
implications.
The rating actions are part of S&P's regular monthly review of
synthetic CDOs whose ratings have been placed on CreditWatch with
positive or negative implications. These actions incorporate,
among other things, the effect of rating migration within
reference portfolios.
Ratings List
Corsair (Jersey) No. 2 Ltd.
Series 46 credit default swap
To From Amount
-- ---- ------
B+srp (sf) Bsrp (sf)/Watch Pos JPY3.0 bil.
Momentum CDO (Europe) Ltd.
SONATA notes series 2006-2
Class To From Issue Amount
----- -- ---- ------------
AF B+ (sf) B- (sf)/Watch Pos JPY2.0 bil.
Signum Vanguard Ltd.
Secured floating rate credit-linked notes series 2006-03
To From Issue Amount
-- ---- ------------
B+ (sf) B (sf)/Watch Pos $10.0 mil.
Eirles Two Ltd.
TAPAS 2004-4 credit default swap
To From Amount
-- ---- ------
B+srp (sf) B+srp(sf)/Watch Neg JPY4.0 bil.
===============
M O N G O L I A
===============
TRADE AND DEVELOPMENT: Moody's Gives Stable Outlook on D- Rating
----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on these ratings of Trade and Development Bank of Mongolia
LLC's:
* D- Bank Financial Strength Rating (mapping to a Baseline
Credit Assessment of Ba3)
* Ba3 long-term local currency deposit rating
* Ba3 long-term local and foreign currency issuer ratings
* Ba3 foreign currency senior unsecured debt rating
* B1 foreign currency subordinated debt rating
The outlook on the B2 foreign currency deposit rating, which is
constrained by the country ceiling for foreign currency deposits,
remains stable.
"The change in TDB's rating outlook to stable is driven by the
bank's improvement in liquidity, capital position, and asset
quality trend," says Yvonne Zhang, a Moody's Vice President and
Senior Analyst.
The bank has strengthened its liquidity position compared to 3Q
2009 when Moody's changed the outlook to negative. To further
diversify its funding sources and support future growth, the bank
issued US$150 million of senior notes and US$25 million of
subordinated notes in October and November 2010 respectively.
TDB has also improved its capital position. Driven by higher
retained earnings, the reported tier 1 ratio and total capital
adequacy ratio were 11.3% and 13.8% as of end-July 2010, higher
than the 10.1% and 12.7% reported at the end of 2009. With the
subordinated debt issuance in November 2010, the total capital
adequacy ratio has exceeded 16%. TDB has no plan to pay out
dividends in 2010 and 2011. More retained earnings would be
positive for its credit profile.
In addition, loan quality has been stabilizing since the non-
performing loan ratio peaked at 7.1% in 3Q2009. Hard-hit sectors
that caused high NPLs during the economic downturn include
building and construction, wholesale and retail, manufacturing,
and mining. As of July 2010, the overall NPL ratio was about 5%
following the recovery in the Mongolian economy.
In changing the outlook to stable, Moody's has recognized the
improvement in the Mongolian economy and the bank's financial
position, though risks from customer concentration and potential
corporate governance issues remain high. Moreover, while the
Mongolian economy is set to grow rapidly in coming years, driven
by the mining sector, the banking sector will be faced with risks
as well as opportunities. While a growing economy will be
positive for TDB's revenue prospects, it will need to manage its
capital and liquidity carefully, as well as guarding against asset
quality shocks given the potential for "boom-bust" cycles in
commodity price dependent Mongolia.
Moody's last rating action on TDB was taken on November 17, 2010,
when the B1 rating was assigned to the foreign currency
subordinate EMTN.
TDB is headquartered in Ulaanbaatar, Mongolia. It reported total
assets of MNT810 billion (approximately US$561 million) as of
December 2009.
====================
N E W Z E A L A N D
====================
EQUITABLE MORTGAGES: Deloitte Steps Aside as Firm's Receivers
-------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Rod Pardington and David
Levin of Deloitte have stepped aside as receivers of the Equitable
Mortgages after missing a conflict of interest with their audit
team during the tender process.
According to BusinessDesk, the Deloitte team said that they wanted
to take a "conservative view" to ensure the firm maintained
auditor independence and had no choice but to resign.
BusinessDesk says KordaMentha's Brendon Gibson and Grant Graham
will now oversee the wind-down of Equitable Mortgages, which
called on the government's extended retail deposit guarantee last
month.
"There was a conflict of interest with their audit people that
didn't come out in the initial tender," BusinessDesk quotes
Clynton Hardy, northern regional manager of Trustees Executors, as
saying.
BusinessDesk notes that Deloitte's recovery team had attracted
five of the major finance company collapses over the past four
years, the biggest being the Dominion Finance and St Laurence
groups, prior to the Equitable withdrawal.
As reported in the Troubled Company Reporter-Asia Pacific on
November 30, 2010, Equitable Mortgages have called in receivers
for the company. According to The New Zealand Herald, institution
has around 6,000 depositors and approximately NZ$178 million in
Crown-guaranteed deposits. Treasury's deputy secretary of
financial operations Phil Combes said eligible depositors with
Equitable Mortgages can claim repayment from the Crown, the report
related. The New Zealand Herald reported that Equitable Mortgages
asked its trustee to appoint receivers to the company, which is a
default triggering the Crown's guarantee under the terms of the
Extended Retail Deposit Guarantee Scheme. The New Zealand Herald
said that the company also had about NZ$12 million of non-
guaranteed deposits it marketed as "Classic Debentures."
Mr. Combes said the Crown would not repay deposits it had not
guaranteed, the report added.
Headquartered in Auckland, Equitable Mortgages is a financial
institution that has around 6000 depositors and approximately
NZ$178 million in Crown-guaranteed deposits. It is a government
guaranteed firm.
CRAFAR FARMS: Government Rejects Chinese Bid For 16 Crafar Farms
----------------------------------------------------------------
Andrea Vance at Stuff reports that Land Information Minister
Maurice Williamson and Kate Wilkinson, who is acting for the
finance minister Bill English, said Thursday they have declined
consent to Hong-Kong listed Natural Dairy (NZ) Holdings to acquire
16 Crafar farms.
Stuff says the decision covers the applications by Natural Dairy
to acquire UBNZ Assets Holdings Limited and a retrospective
application to acquire four Crafar farms which UBNZ purchased in
February 2010.
"We concur with the Overseas Investment Office's recommendation
that consent should be declined," the ministers said in a joint
statement, according to Stuff.
Businesswoman May Wang, who was fronting the bid for a group of
Chinese investors who wanted to buy the dairy farms, last week
she would no longer front the bid. Ms. Wang was made bankrupt and
her affairs put in the hands of the Official Assignee after her
hotel and property business collapsed, owing NZ$22 million.
Separately, ONE News reports that Waikato iwi Tainui and Crown-
owned Landcorp could make a joint bid to buy the Crafar farm
empire.
According to One News, Landcorp chief executive Chris Kelly said
talks had been underway with Tainui which has more than 50,000
registered members and assets worth around $500 million.
One News relates Mr. Kelly said he understood Tainui had not put
in an offer for Crafar, but was "keen to talk if we proceed with
ours."
About Crafar Farms
Crafar Farms, New Zealand's largest family owned dairy business,
runs about 20,000 milking cows, and carries about 10,000 of other
stock. The company employs 200 staff.
Crafar Farms was placed in receivership by its lenders Westpac
Banking Corp., Rabobank Groep and PGG Wrightson Finance. The
banks are owed around NZ$200 million and put KordaMentha partners
Michael Stiassny and Brendon Gibson in as receivers after Crafar
Farms breached covenants on its loans.
The New Zealand Herald said CraFarms' banks have been working with
the Ministry of Agriculture and Forestry, Federated Farmers and
Fonterra to ease the Crafars out of their business. This follows
multiple convictions for environmental lapses and animal neglect
in recent years and the revelation on September 28, 2009, from
interest.co.nz of animal neglect on one of its large farms in the
King Country near Benneydale.
PIKE RIVER: Re-entry to Mine May Take 4 Months, Receivers Say
-------------------------------------------------------------
New Zealand Press Association reports that Pike River Coal's
receivers said it could be up to four months to re-enter the mine
in which 29 workers died in an explosion last month.
NZPA relates that receivers PricewaterhouseCoopers on December 23
presented a draft plan for re-entry to the ill-fated mine at a
meeting with police.
The draft plan was prepared by a panel of technical experts
including company staff, mines rescue personnel from New Zealand
and Australia and other subject expertise, NZPA says.
A representative for the receivers told NZPA it could be up to
four months before re-entry to the mine was possible.
As reported in the Troubled Company Reporter-Asia Pacific on
December 14, 2010, Bloomberg News said that Pike River Coal Ltd,
the New Zealand company that operates the coal mine where 29
miners died in a series of explosions last month, has been placed
into receivership. Bloomberg related that Pike River Chairman
John Dow said that its largest shareholder, NZ Oil & Gas,
appointed accountants PricewaterhouseCoopers as receivers.
The company owed NZ$80 million to secured creditors BNZ and
New Zealand Oil and Gas. Pike River also owed another estimated
NZ$10 million to NZ$15 million to contractors, including some of
the men who lost their lives in the disaster.
About Pike River
Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company. The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal. It operates a
coal mine that lies under the Paparoa Ranges.
=================
S I N G A P O R E
=================
EAGLE MONEY: Creditors Get 72% Recovery on Claims
-------------------------------------------------
Environment Management Technologies Pte Ltd declared the first and
final dividend to creditors on December 22, 2010.
The company paid 100% for preferential claims and 8.27% for
unsecured claims.
The company's liquidators are:
Neo Ban Chuan
Cameron Duncan
Korda Mentha Pte. Ltd.
30 Robinson Road
#12-01 Robinson Towers
Singapore 048546
ENSEARCH PETROLEUM: Creditors' First Meeting Set For January 12
---------------------------------------------------------------
EnSearch Petroleum Ltd, which is in judicial management, will hold
a meeting for its creditors on January 12, 2011, at 3:00 p.m., at
One George Street, 19th Floor, in Singapore 049145.
Agenda of the meeting includes:
a. to consider and, if thought fit, approve these resolutions:
1. That the proposals in the Judicial Managers' statement
of proposals be approved (with or without modifications)
and that the Judicial Managers be authorized to
implement any proposals;
2. That the Investment Agreement entered into between the
company and Flat Ocean Pte Ltd be approved; and
3. That a committee of creditors be established pursuant to
Section 2270 of the Companies Act (Cap. 50).
b. discuss other business.
The company's Judicial Manager is:
Lim Siew Soo
Tan Corporate Advisory Pte Ltd
55 Market Street, #06-01
Singapore 048941
FOOSTI PTE: Court to Hear Wind-Up Petition January 14
-----------------------------------------------------
A petition to wind up the operations of Foosti Pte Ltd will be
heard before the High Court of Singapore on January 14, 2011, at
10:00 a.m.
Starhub Mobile Pte Ltd filed the petition against the company on
December 14, 2010.
The Petitioner's solicitors are:
M/S Guan Teck & Lim
138 Robinson Road
#14-01/02 The Corporate Office
Singapore 068906
FRANGO (ASIA PACIFIC): Creditors' Proofs of Debt Due January 24
---------------------------------------------------------------
Creditors of Frango (Asia Pacific) Pte Ltd, which is in member's
voluntary liquidation, are required to file their proofs of debt
by Jan. 24, 2011, to be included in the company's dividend
distribution.
The company's liquidators are:
Andrew Grimmett
Lim Loo Khoon
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
JL GLOBAL: Court to Hear Wind-Up Petition December 31
-----------------------------------------------------
A petition to wind up the operations of JL Global Investments Pte
Ltd will be heard before the High Court of Singapore on Dec. 31,
2010, at 10:00 a.m.
River Valley Tower Pte Ltd filed the petition against the company
on December 6, 2010.
The Petitioner's solicitors are:
Messrs Wee Swee Teow & Co
11 Unity Street
#02-03 Robertson Walk
Singapore 237995
MPCT SOLUTIONS: Final Meetings Set for January 25
-------------------------------------------------
Members and creditors of MPCT Solutions Pte Limited will hold
their final meetings on January 25, 2011, at 11:00 a.m., and 11:30
a.m., respectively at Level 17, Tower 1, Admiralty Centre, 18
Harcourt Road, in Hong Kong.
At the meeting, G Jacqueline Fangonil Walsh, the company's
liquidator, will give a report on the company's wind-up
proceedings and property disposal.
MONENCO ASIA: Creditors' Proofs of Debt Due January 24
------------------------------------------------------
Creditors of Monenco Asia Pte Ltd, which is in member's voluntary
liquidation, are required to file their proofs of debt by Jan. 24,
2011, to be included in the company's dividend distribution.
The company's liquidator is:
Lau Chin Huat
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
RANODA ELECTRONICS: Creditors' Meeting Slated For January 6
-----------------------------------------------------------
Ranoda Electronics Pte Ltd, which is in judicial management, will
hold a meeting for its creditors on January 6, 2011, at 3:00 p.m.,
at 1 Changi Business Parl Ave 1 #05-01 Ultro Building, in
Singapore 486058.
The company's Judicial Manager is:
Lin Mee Huat Casey
c/o M/s Casey Lin & Company
10 Anson Road #35-11
International Plaza
Singapore 079903
=============
V I E T N A M
=============
DOT VN: Posts US$997,300 Net Loss in October 31 Quarter
-------------------------------------------------------
Dot VN, Inc., filed its quarterly report on Form 10-Q, reporting a
net loss of $997,335 on $244,802 of revenue for the three months
ended October 31, 2010, compared with a net loss of $1.35 million
on $290,228 of revenue for the same period a year earlier.
The Company's balance sheet at October 31, 2010, showed
$2.43 million in total assets, $10.83 million in total
liabilities, and a stockholders' deficit of $8.39 million.
As reported in the Troubled Company Reporter on August 3, 2010,
Chang G. Park CPA expressed substantial doubt about Dot VN's
ability to continue as a going concern, following the Company's
results for the fiscal year ended April 30, 2010. The independent
auditors cited the Company's losses from operations.
A full-text copy of the Form 10-Q is available for free at:
http://researcharchives.com/t/s?7132
About Dot VN
Dot VN, Inc. (OTC BB: DTVI) -- http://www.DotVN.com/-- provides
Internet and telecommunication services for Vietnam and operates
and manages Vietnam's innovative online media web property,
www.INFO.VN. The Company is the "exclusive online global domain
name registrar for .VN (Vietnam)." Dot VN is the sole distributor
of Micro-Modular Data Centers(TM) solutions and E-Link 1000EXR
Wireless Gigabit Radios to Vietnam and Southeast Asia region. Dot
VN is headquartered in San Diego, California with offices in
Hanoi, Danang and Ho Chi Minh City, Vietnam.
Dot VN was incorporated in the State of Delaware on May 27, 1998,
under the name Trincomali Ltd.
*********
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, Ivy B. Magdadaro, 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 ***