/raid1/www/Hosts/bankrupt/TCRAP_Public/101229.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
Wednesday, December 29, 2010, Vol. 13, No. 256
Headlines
A U S T R A L I A
CENTRO SHOPPING: S&P Withdraws Rating on Class A-1 Notes
GPAC SERIES: Fitch Affirms Ratings on Various 2008-AN1 Notes
MONTEBELLO YACHTS: Placed in Voluntary Administration
* AUSTRALIA: Insolvency Hits Construction and Retail Firms Most
* Moody's Upgrades Ratings on 21 Notes from Five Australian Deals
C H I N A
GOLDEN ELEPHANT: NW Pacific CPA Raises Going Concern Doubt
LDK SOLAR: US$31MM in Notes Participated in US$300MM Exchange Bid
H O N G K O N G
DZAN DESIGN: Law Yui Lun Appointed as Liquidator
HOOVER TECHNOLOGIES: Annual Meetings Set for January 10
HOPPER ASIA: Creditors' Proofs of Debt Due January 24
GAINVIEW HOLDINGS: Creditors' Proofs of Debt Due January 25
GAIN YEAR: Placed Under Voluntary Wind-Up Proceedings
GLOBAL BRANDS: Placed Under Voluntary Wind-Up Proceedings
GLOBAL BRANDS HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
* HONG KONG: Grant Thornton Sues Six Former Partners
I N D I A
APL ENGINEERING: ICRA Assigns 'LBB-' Rating to INR3.25cr Term Loan
ETHNIC SPICES: CRISIL Assigns 'BB' Rating to INR60MM Cash Credit
EVERSHINE TIMBER: ICRA Assigns 'LB+' Rating to INR1.5cr Bank Debts
LAKSHMI COT-GIN: ICRA Assigns 'LB+' Rating to INR9cr Cash Credit
METSIL EXPORTS: CRISIL Assigns 'BB' Rating to INR120MM Term Loan
NEW MODERN: ICRA Reaffirms 'LBB+' Rating on INR18.5cr Bank Loan
PANACHE EXPORTS: ICRA Puts 'LBB+' Rating to INR1.5cr Bank Debts
PRERNA CONSTRUCTIONS: ICRA Assigns 'LB+' Rating to INR9.24cr Loan
SHREE SIDHBALI: ICRA Assigns 'LBB' Rating to INR22.66cr Bank Debts
SRC METALICKS: Fitch Assigns 'D' National Long-Term Rating
SRI VENKATA: ICRA Reaffirms 'LBB' Rating on INR23.4cr Term Loan
TIRUMALA SEVEN: ICRA Places 'LBB' Rating on INR4cr Bank Facilities
UTTAM STRIPS: ICRA Assigns 'LBB' Rating to INR152.5cr Bank Debts
J A P A N
LEOPARD ONE: S&P Affirms Ratings on Structured Secured Notes
M A L A Y S I A
HOCK SIN: Maybank Serves Demand Notices Against Three Units
OCI BHD: Meeting of Unsecured Scheme Creditors Slated For Jan. 3
SELOGA HOLDINGS: Shareholders Seek to Remove Four Directors
VTI VINTAGE: Anshin Steel Demands Payment of MYR59,470 Judgment
N E W Z E A L A N D
FELTEX CARPET: Former Directors Awarded Nearly NZ$1 Million
MCDOUALL STUART: Fined NZ$83,000 for Breaching NZX Rules
S I N G A P O R E
GLOBAL BRANDS: FIFA Fears Impact of Firms' Collapse
V I E T N A M
* S&P Takes Rating Actions on Three Vietnamese Banks
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
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A U S T R A L I A
=================
CENTRO SHOPPING: S&P Withdraws Rating on Class A-1 Notes
--------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn the
rating on the class A-1 notes of Centro Shopping Centre Securities
Ltd. CMBS Series 2006-1, following the repayment of four
underlying obligations. The four obligations that were repaid
were CMCS 17, CMCS 18, CMCS 27, and CER 1. The ratings on the
class A-2, A-3, B, C, D, and E notes remain unchanged.
Standard & Poor's will continue to monitor the collateral
performance as well as developments regarding the refinancing of
the underlying obligations. The remaining nine obligations have
repayment dates in December 2011.
Rating Withdrawn
Class Rating To Rating From
----- --------- -----------
A-1 N.R. AA (sf)
N.R. - Not rated
Ratings Unchanged
Class Rating Current Note Balance (mil.)
----- ------ ---------------------------
A-2 AA (sf) A$286.158
A-3 AA (sf) A$95.386
B A+ (sf) A$23.038
C BBB+ (sf) A$38.605
D BB+ (sf) A$32.876
E BB (sf) A$17.434
GPAC SERIES: Fitch Affirms Ratings on Various 2008-AN1 Notes
------------------------------------------------------------
Fitch Ratings has affirmed all GPAC Series 2008-AN1 Trust's notes,
and simultaneously revised the Outlook to Stable from Negative for
Class E and F notes. The transaction closed in May 2008, and is a
securitization of non-conforming residential mortgages originated
by GMAC-RFC Australia Pty Ltd. The rating actions are:
-- AUD17.3m Class AA (AU3FN0005732) affirmed at 'AAAsf'; Outlook
Stable; Loss Severity Rating revised to 'LS3' from 'LS2';
-- AUD8.9m Class AB-L (AU3FN0005740) affirmed at 'AAAsf';
Outlook Stable; Loss Severity Rating 'LS3';
-- AUD14.0m Class B (AU3FN0005765) affirmed at 'AAAsf'; Outlook
Stable; Loss Severity Rating 'LS3';
-- AUD11.0m Class C (AU3FN0005773) affirmed at 'AAsf'; Outlook
Stable; Loss Severity Rating 'LS3';
-- AUD10.0m Class D (AU3FN0005781) affirmed at 'BBBsf'; Outlook
Stable; Loss Severity Rating 'LS3';
-- AUD7.5m Class E (AU3FN0005799) affirmed at 'BBsf'; Outlook
revised to Stable from Negative; Loss Severity Rating 'LS3';
and
-- AUD7.0m Class F (AU3FN0005807) affirmed at 'B-sf'; Outlook
revised to Stable from Negative; Loss Severity Rating revised
to 'LS4' from 'LS3'.
"The credit enhancement provided by excess spread has been strong
and constant over time and has covered AUD8.8 million of the
AUD13.4 million incurred losses to date. Historical loss severity
on defaulted loans has been in line with expectations at 21%,"
says James Zanesi, Associate Director in Fitch's Structured
Finance team. "Class G and Class H notes currently provide 21.5%
of credit enhancement via subordination. The transaction's high
level of arrears is not expected to impact ratings," added Mr.
Zanesi.
The transaction has paid down from the initial liabilities of
AUD302.8 million to stated liabilities of approximately AUD96.5
million as of December 12, 2010. At the end of November 2010, the
weighted average LVR was 80.6% and low-documentation loans
accounted for 82.7% of the pool. As of November 2010, 30+ days
and 90+ days accounted for 23.83% and 19.55% of the pool
respectively.
As of the December 2010 payment date, outstanding charge-offs
amounted to approximately AUD5.6 million and impacted the Class H
notes. Since closing, only the Class H notes have experienced
charge-offs.
The Outlooks on Classes E and F have been revised to Stable from
Negative, due to these notes having a considerable buffer in terms
of subordination and a strong asset performance in terms of excess
spread and recoveries on the repossessed properties.
As the mortgage portfolio decreases in size, the risk of principal
losses resulting from the default of large loans becomes a
relevant driver for Fitch's analysis. A cash flow analysis was
performed on the transaction, stressing a combination of interest
rates, defaults, default timing and prepayment rates, with each
tranche passing at its respective rating level.
MONTEBELLO YACHTS: Placed in Voluntary Administration
-----------------------------------------------------
Nick Nichols at The Gold Coast Bulletin reports that Montebello
Yachts has been placed into voluntary administration, leaving
about 20 staff jobless.
The Bulletin relates that the high Australian dollar and the
collapse of recent orders have been blamed for the demise of the
company, which opened its doors two years ago.
Montebello Yachts, headed by Gold Coast boating identity
Gary Zamparutti, is understood to have debts of almost
AU$1 million, with AU$450,000 of that debt secured, the Bulletin
says.
According to the Bulletin, administrator David Stimpson of SV
Partners said Montebello's remaining staff had been let go last
week and the business had "effectively ceased trading" to stem its
financial bleeding.
A creditors' meeting is scheduled for January 7, the Bulletin
adds.
Montebello Yachts is a Gold Coast catamaran manufacturer.
* AUSTRALIA: Insolvency Hits Construction and Retail Firms Most
---------------------------------------------------------------
SmartCompany.com.au, citing a new survey by the Australian
Securities and Investments Commission, reports that businesses in
construction, retail, and personal and business services made up
the majority of corporate insolvencies in the past financial year.
SmartCompany.com.au says the ASIC survey, which takes figures from
statutory reports lodged by external administrators, reveals that
24% of insolvencies occurred in the construction sector followed
by personal and business services at 22% and retail at 10%.
According to SmartCompany.com.au, the three main reasons for
businesses failing were poor strategic management, inadequate
cashflow or high cash use and poor financial controls.
SmartCompany.com.au relates that the top three areas of possible
misconduct -- as reported by administrators -- were insolvent
trading, the obligation to keep financial records, and care and
diligence in relation to directors' and officers' duties.
The number of insolvency reports lodged has increased from 7,715
in the 2007-08 financial year to 8,494 reports lodged in the 2009-
10 financial year, SmartCompany.com.au discloses.
Alarmingly, says SmartCompany.com.au, 77% of insolvency reports in
2009-10 involved businesses with less than 20 employees,
indicating small businesses are more at risk than their larger
counterparts.
* Moody's Upgrades Ratings on 21 Notes from Five Australian Deals
-----------------------------------------------------------------
Moody's Investors Service has upgraded 21 notes from five deals in
the Australian asset-backed securities sector.
The rating actions for four SMART deals and one Crusade deal
follow a regular ratings review of Moody's ABS portfolio, which
focuses on auto loan and equipment lease-backed transactions.
The complete rating actions are:
Issuer: Crusade ABS Series 2008-2 Trust
-- AU$42.8M Class B Notes, Upgraded to Aa2 (sf); previously on
July 24, 2008 Definitive Rating Assigned A1 (sf)
-- AU$22.2M Class C Notes, Upgraded to A2 (sf); previously on
July 24, 2008 Definitive Rating Assigned Baa2 (sf)
-- AU$3.5M Class D Notes, Upgraded to Baa2 (sf); previously on
July 24, 2008 Definitive Rating Assigned Ba2 (sf)
-- AU$3.3M Class E Notes, Upgraded to Ba2 (sf); previously on
July 24, 2008 Definitive Rating Assigned B2 (sf)
Issuer: SMART Series 2007-3E Trust
-- AU$25.3M Class B Notes, Upgraded to Aa2 (sf); previously on
Nov. 23, 2007 Definitive Rating Assigned A1 (sf)
-- AU$7.8M Class C Notes, Upgraded to A2 (sf); previously on
Nov. 23, 2007 Definitive Rating Assigned Baa2 (sf)
-- AU$3.9M Class D Notes, Upgraded to Baa2 (sf); previously on
Nov. 23, 2007 Definitive Rating Assigned Ba2 (sf)
-- AU$3.6M Class E Notes, Upgraded to Ba2 (sf); previously on
Nov. 23, 2007 Definitive Rating Assigned B2 (sf)
Issuer: SMART Series 2008-1E Trust
-- AU$47.4M Class B Notes, Upgraded to Aa2 (sf); previously on
JunE 16, 2008 Definitive Rating Assigned A1 (sf)
-- AU$12.6M Class C Notes, Upgraded to A3 (sf); previously on
June 16, 2008 Definitive Rating Assigned Baa2 (sf)
-- AU$9M Class D Notes, Upgraded to Baa3 (sf); previously on
Nov. 25, 2009 Upgraded to Ba1 (sf)
-- AU$4.2M Class E Notes, Upgraded to Ba3 (sf); previously on
Nov. 25, 2009 Upgraded to B1 (sf)
Issuer: SMART Series 2008-2 Trust
-- AU$17.7M Class B Notes, Upgraded to Aaa (sf); previously on
Nov. 25, 2009 Upgraded to Aa3 (sf)
-- AU$6.2M Class C Notes, Upgraded to A1 (sf); previously on
Nov. 25, 2009 Upgraded to Baa1 (sf)
-- AU$5.7M Class D Notes, Upgraded to A3 (sf); previously on
Nov. 25, 2009 Upgraded to Baa3 (sf)
-- AU$3.1M Class E Notes, Upgraded to Ba1 (sf); previously on
Nov. 25, 2009 Upgraded to B1 (sf)
Issuer: SMART Series 2008-3 Trust
-- AU$14M Class B Notes, Upgraded to Aaa (sf); previously on
Dec. 15, 2008 Definitive Rating Assigned Aa1 (sf)
-- AU$14.7M Class C Notes, Upgraded to Aa2 (sf); previously on
Dec. 15, 2008 Definitive Rating Assigned A2 (sf)
-- AU$3.1M Class D Notes, Upgraded to A3 (sf); previously on
Dec. 15, 2008 Definitive Rating Assigned Baa3 (sf)
-- AU$3.1M Class E Notes, Upgraded to Baa3 (sf); previously on
Dec 15, 2008 Definitive Rating Assigned Ba3 (sf)
-- AU$2.3M Class F Notes, Upgraded to Ba3 (sf); previously on
Dec. 15, 2008 Definitive Rating Assigned B3 (sf)
Ratings Rationale
The upgrades for the SMART transactions and Crusade ABS Series
2008-2 Trust, originated by Macquarie Leasing Pty Limited and
St.George Finance Ltd respectively, reflect a strengthening in the
credit profiles of the notes.
This strengthening is based on the transactions' actual
performance and the build-up of credit enhancement relative to
expected losses in the underlying receivables pools.
SMART transactions
With the exception of SMART Series 2008-1E Trust, the default
rates and net losses for the above SMART transactions are lower
than Moody's initial assumptions for each respective deal. In the
case of SMART 2008-1E, defaults and losses are slightly above
expectations.
All the four transactions, which have been upgraded, have
experienced a strong build-up in subordination, resulting in 2 to
5 times initial subordination across various classes of notes, and
depending on deal seasoning.
Only the SMART Series 2008-2 Trust has experienced some charge-
offs on the seller notes -- approximately 0.26% as of September
2010.
Moody's expected default and recovery rates for the remainder of
the lives of the transactions are:
SMART Series 2007-3E Trust:
* Remaining expected default rate is 0.81% and a fixed recovery of
50%; the latter unchanged from the initial estimate.
SMART Series 2008-1E Trust:
* Remaining expected default rate is 0.86% and a fixed recovery of
50%; the latter unchanged from the initial estimate.
SMART Series 2008-2 Trust:
* Remaining expected default rate is 1.79% and a fixed recovery of
25%.The latter has been revised from the initial recovery rate
of 40% due to lower observed recoveries of 30% to 35% for this
transaction. The recoveries are lower compared to other SMART
deals due to a higher component of non-motor vehicle
receivables.
SMART Series 2008-3 Trust:
* Remaining expected default rate is 1.12% and a fixed recovery of
40%; the latter unchanged from the initial estimate.
The default rates above reflect these factors:
* Historical default timing of the receivables for this issuer
* Seasoning of the receivables in the pool
* Moody's latest expectations of life time default rates for this
program -- around 1.80% for the latest SMART transactions
* Current balance of the receivables in the pool.
The transactions in the SMART program are comprised of Australian
vehicle- and equipment-backed receivables originated by Macquarie
Leasing Pty Ltd (a wholly owned subsidiary of Macquarie Group Ltd
(A2/P-1)). The portfolios backing this program are typically
dominated by finance and novated leases secured by motor vehicles,
which comprise approximately 90% of the collateral.
Crusade transaction
The cumulative net loss for the Crusade ABS Series 2008-2 Trust is
lower than Moody's initial assumption. All losses have been met
by excess spread, and there are no charge-offs on the notes.
Due to healthy levels of CPR-- around 20% in the last eight
months, and 15% previously -- Moody's has seen a strong build-up
in subordination, resulting in around three times the initial
subordination across all classes of notes.
Moody's expected default rate for the remainder of the life of
this transaction is 2.40%. It reflects these factors:
* Historical default timing of the receivables for this issuer
* Seasoning of the receivables in the pool
* Moody's latest expectations of gross losses for this asset class
* Current balance of the receivables in the pool.
The recovery rate is 35%, unchanged from Moody's initial
assumption.
The receivables in the Crusade ABS Series 2008-2 Trust are
Australian consumer finance, goods mortgage, hire purchase and
financial lease receivables secured by motor vehicles, and
originated by St.George Finance Limited, a wholly owned subsidiary
of Westpac Banking Corporation (Aa1/P-1). The portfolio is wholly
comprised of motor vehicles.
Moody's Investors Service 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.
=========
C H I N A
=========
GOLDEN ELEPHANT: NW Pacific CPA Raises Going Concern Doubt
----------------------------------------------------------
Golden Elephant Glass Technology, Inc., filed on December 22,
2010, its annual report on Form 10-K for the fiscal year ended
December 31, 2009.
NW Pacific CPA, LLC, in Newcastle, Washington, expressed
substantial doubt about Golden Elephant Glass Technology's ability
to continue as a going concern. The independent auditors noted
that the Company has accumulated deficits of US$11,561,769 at
December 31, 2009, and also has a working capital deficiency of
US$22,362,695 as of December 31, 2009.
The Company reported a net loss of US$10,756,523 on US$2,267,268
of sales revenues for the year ended December 31, 2009, compared
with a net loss of US$3,748,901 on US$60,723,960 of sales revenues
for the year ended December 31, 2008. The significant decrease in
revenue was mainly attributable to suspension of production since
November 2008.
The Company's balance sheet at December 31, 2009, showed
US$36,046,869 in total assets, US$32,507,393 in total liabilities,
and stockholders' equity of US$3,539,476.
A full-text copy of the Form 10-K is available for free at:
http://researcharchives.com/t/s?7170
Golden Elephant Glass Technology, Inc., is a China-based float
glass manufacturer. The Company's product offerings include float
glass, ultra-clear glass (also called crystal glass), colored
float glass and high grade, glass processed products such as
mirrors, glass artwork, tempered glass, insulated glass, laminated
glass, lacquered glass and similar products. The Company's
production facility is located in Fuxin City, Liaoning Province,
China. The Company sells its products to end users in China,
Asia, Europe, South America and South Africa.
LDK SOLAR: US$31MM in Notes Participated in US$300MM Exchange Bid
-----------------------------------------------------------------
LDK Solar Co., Ltd., unveiled the results of its offer to exchange
up to US$300 million in aggregate principal amount of currently
outstanding 4.75% Convertible Senior Notes due 2013 (CUSIP Nos.
50183L AA 5 and 50183L AB 3). The Company offered to exchange the
Existing Notes for an equal aggregate principal amount of a newly
issued class of 4.75% Convertible Senior Notes due 2013 and cash
in an amount not greater than US$100 nor less than US$85. The
Exchange Offer expired at 11:59 p.m., New York City time, on
December 22, 2010.
The total principal amount of Existing Notes accepted for exchange
was approximately US$31,918,000. Holders of Existing Notes that
validly tendered and did not validly withdraw their Existing Notes
prior to the expiration of the Exchange Offer will receive the
Exchange Consideration, including the Cash Consideration, on the
settlement date of the Exchange Offer, which is expected to be
December 29, 2010.
Pursuant to the terms of the modified "Dutch Auction," the Company
determined the Cash Consideration portion of the Exchange
Consideration to be $100 for each $1,000 principal amount of
Existing Notes. In addition, holders of Existing Notes whose
Existing Notes were accepted for exchange in the Exchange Offer
will be paid cash in an amount equal to the accrued and unpaid
interest on the Existing Notes up to, but excluding, the
settlement date of the Exchange Offer.
As of December 9, 2010, roughly $395 million in aggregate
principal amount of the Existing Notes were outstanding.
The financial advisor for the Exchange Offer was Piper Jaffray &
Co., the information agent for the Exchange Offer was Georgeson
Inc. and the exchange agent for the Exchange Offer was The Bank of
New York Mellon. Holders of the Existing Notes who have questions
may call the information agent at (800) 457-0759. Banks and
brokerage firms may call (212) 440-9800.
About LDK Solar
LDK Solar Co., Ltd. (NYSE: LDK) -- http://www.ldksolar.com/--
manufactures photovoltaic products and multicrystalline wafers.
LDK Solar's headquarters and manufacturing facilities are located
in Hi-Tech Industrial Park, Xinyu City, Jiangxi Province in the
People's Republic of China. LDK Solar's office in the United
States is located in Sunnyvale, California.
The Company's balance sheet at December 31, 2009, showed
US$4.384 billion in assets, US$3.507 billion of liabilities, and
US$876.9 million of stockholders' equity.
Going Concern Doubt
As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2010, LDK Solar said in its annual report on Form 20-F for
the year ended December 31, 2009, that at yearend, the Company had
a working capital deficit of US$833.6 million and an accumulated
deficit of US$32.8 million. The Company said, "During the
year ended December 31, 2009, we incurred a net loss of
US$234.2 million [attributable to LDK Solar Co., Ltd.
shareholders]. As of December 31, 2009, we had cash and cash
equivalents of US$384.8 million, most of which are held by
subsidiaries in China. Most of our short-term bank borrowings and
current installments of our long-term debt totaling US$978.6
million are the obligations of these subsidiaries. We may also be
required by the holders of our convertible senior notes to
repurchase all or a portion of such convertible senior notes with
an aggregate principal amount of US$400.0 million on April 15,
2011. These factors initially raised substantial doubt as to our
ability to continue as a going concern. We are in need of
additional funding to sustain our business as a going concern, and
we have formulated a plan to address our liquidity problem."
The Company cautioned that "we cannot assure you that we will
successfully execute our liquidity plan. If we do not
successfully execute such plan, we may have substantial doubt as
to our ability to continue as a going concern."
================
H O N G K O N G
================
DZAN DESIGN: Law Yui Lun Appointed as Liquidator
------------------------------------------------
Law Yui Lun on December 13, 2010, was appointed as liquidator of
Dzan Design Limited.
The liquidator may be reached at:
Law Yui Lun
Room 502, 5/F
Prosperous Building
48-52 Des Voeux Road
Central, Hong Kong
HOOVER TECHNOLOGIES: Annual Meetings Set for January 10
-------------------------------------------------------
Members and creditors of Hoover Technologies Limited will hold
their annual meetings on January 10, 2011, at 10:00 a.m., and
10:30 p.m., respectively at the 62/F, One Island East, 18
Westlands Road, Island East, in Hong Kong.
At the meeting, David Yen Ching Wai, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
HOPPER ASIA: Creditors' Proofs of Debt Due January 24
-----------------------------------------------------
Creditors of Hopper Asia Limited, which is in members' 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:
Chan Yuen Bik Jane
31/F, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong
GAINVIEW HOLDINGS: Creditors' Proofs of Debt Due January 25
-----------------------------------------------------------
Creditors of Gainview Holdings 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:
Leung Che Wing
Unit B, 17/F
Capital Commercial Building
446-448 Shanghai Street
Mongkok, Kowloon
Hong Kong
GAIN YEAR: Placed Under Voluntary Wind-Up Proceedings
-----------------------------------------------------
At an extraordinary general meeting held on December 22, 2010,
creditors of Gain Year Development Limited resolved to voluntarily
wind up the company's operations.
The company's liquidator is:
Mr. Lee King Yue
72-76/F, Two International Finance Centre
8 Finance Street
Central, Hong Kong
GLOBAL BRANDS: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------------
At an extraordinary general meeting held on December 17, 2010,
creditors of Global Brands Group Limited resolved to voluntarily
wind up the company's operations.
The company's liquidators are:
Cosimo Borrelli
Michael Chan Ho Yin
Level 17, Tower 1
Admiralty Centre
18 Harcourt Road
Hong Kong
GLOBAL BRANDS HOLDINGS: Placed Under Voluntary Wind-Up Proceedings
------------------------------------------------------------------
At an extraordinary general meeting held on December 17, 2010,
creditors of Global Brands Holdings Limited resolved to
voluntarily wind up the company's operations.
The company's liquidators are:
Cosimo Borrelli
Michael Chan Ho Yin
Level 17, Tower 1
Admiralty Centre
18 Harcourt Road
Hong Kong
* HONG KONG: Grant Thornton Sues Six Former Partners
----------------------------------------------------
Kate O'Keeffe And Alice Truong at The Wall Street Journal reports
that Hong Kong audit firm JBPB & Co., formerly called Grant
Thornton, is suing six former partners for a minimum HK$640
million (US$82.3 million), alleging they failed to "act honestly
and in good faith" to advance the plaintiff's business interests.
The Journal says the suit, filed on December 22, 2010, with Hong
Kong's High Court, caps the end of an eventful and litigious year
for Grant Thornton's Hong Kong branch.
In July, four of Grant Thornton's partners who used to work at
fellow auditor Moores Rowland sued the firm over disagreements
related to the 2007 merger of the two entities.
According to the Journal, the defendants in the suit include
Mark Fong, brother of both Eddy Fong, chairman of Hong Kong's
Securities and Futures Commission, and Fong Hup, a former
government-appointed nonexecutive director of Hong Kong Exchanges
& Clearing Ltd. Daniel Lin, the managing partner of Jingdu
Tianhua Hong Kong, a new member firm under Grant Thornton
International, is another defendant. They, along with defendants
Raphael Ding and Michael Sim, are all former Moores Rowland
partners and plaintiffs in a July suit against Grant Thornton.
The Journal discloses that JBPB is seeking damages for the loss of
its accounting practice, which it said is worth at least HK$640
million, as well as loss of profits and goodwill among other
allegations.
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I N D I A
=========
APL ENGINEERING: ICRA Assigns 'LBB-' Rating to INR3.25cr Term Loan
------------------------------------------------------------------
ICRA has assigned an "LBB-" rating to the INR3.25 crore term loan
and INR2.0 crore fund-based bank facilities of APL Engineering
Services Private Limited. The long-term rating has been assigned
a 'stable' outlook. ICRA has also assigned an "A4" rating to the
INR2.5 crore non-fund based bank facilities of APL.
The assigned ratings take into account the funding support from
the parent company Amines & Plasticizers Limited, which has
infused the required project equity; achievement of financial
closure and necessary statutory approvals for APL's project; ready
access to the reputed customer base of Amines and the advantages
accruing to the project by virtue of its location in Khopoli,
Maharashtra, which is in close proximity to steel manufacturers
and Nhava Sheva Port. APL is a wholly owned subsidiary of Amines
and is setting up a project at Khopoli, which would carry out
fabrication work of pressure vessels. The ratings are constrained
by the execution and implementation risks of the project that are
typical of greenfield projects; the aggressive capital structure
expected post commissioning of the project with a project gearing
of 5.25 times; tight repayment schedule of the sanctioned term
loan that would exert pressure on the company's liquidity;
relatively low-tech nature of the fabrication industry leading to
pricing pressures and exposure to raw material price risk as a
result of the inherent volatility in prices of steel, its key
input.
Incorporated in 2008, APL is a wholly owned subsidiary of Amines
and is setting up a fabrication unit for pressure vessels at
Khopoli in the Raigad district of Maharashtra. The estimated cost
of the project is INR6.25 crore which is to be funded by a term
loan of INR3.25 crore, equity of INR1 crore and unsecured loan
from promoter/Directors of INR2 crore.
ETHNIC SPICES: CRISIL Assigns 'BB' Rating to INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its rating on the cash credit facility of
Ethnic Spices Pvt Ltd, part of the Ethnic group, to 'BB/Stable'.
Facilities Ratings
---------- -------
INR60.0 Million Cash Credit BB/ Stable (Assigned)
The ratings reflect the Ethnic group's average financial risk
profile, on account of large working capital requirements and
debt-funded capex, lower profitability as compared with some of
its larger peers, its susceptibility to adverse regulatory
changes, and the vulnerability of its export receivables to
fluctuations in the value of the rupee. These weaknesses are
partially offset by the healthy business prospects for Indian
tobacco traders, the group's professional senior management, and
the extensive experience of its promoters in the tobacco industry.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ESPL with those of its group companies,
Ethnic Tobacco (India) Ltd (ETIL, rated 'BB/Stable' by CRISIL),
Ethnic Argos Ltd (EAL, rated 'BB/Stable'), and Ind Tob
International Pvt Ltd (ITIPL), together referred to as the Ethnic
group. This is because of significant operational, management and
financial synergies between the group entities.
Outlook: Stable
CRISIL believes that the Ethnic group will maintain steady revenue
growth over the medium term, supported by the increasing demand
for Indian tobacco in global markets. The outlook may be revised
to 'Positive' if the Ethnic group's turnover and operating profit
increase substantially, leading to improvement in its business
risk profile or if operations of its threshing plant stabilize,
resulting in lower offtake risk. Conversely, the outlook may be
revised to 'Negative' if equity infusion is lower than expected,
the group contracts large debt to fund its capex, or its turnover
or profitability reduces considerably, weakening its financial
risk profile. Any significant delays in stabilization of
operations of its threshing plant would also lead to a revision in
outlook to 'Negative'.
About the Group
ETIL, based in Guntur (Andhra Pradesh), was incorporated in
January 2006 by Mr. T Venkata Rao and his brother, Mr. T Murali
Mohan. ETIL trades in un-manufactured tobacco and has recently
undertaken capex for commissioning threshing plant which is
expected to start commercial operations from January 2011. EAL
was incorporated as a private limited company in September 2006
and later converted to a public limited company. It is into
trading of un-manufactured tobacco and also undertakes ginning and
trading of cotton lint.
ESPL, incorporated in 2006, was set up to trade in spices, but
currently trades only in un-manufactured tobacco. The company
started its operations in 2009-10 (refers to financial year,
April 1 to March 31). ITIPL was incorporated in 2010-11; it also
trades in un-manufactured tobacco. All the four companies ETIL,
EAL, ESPL and ITIPL are promoted by the Mr. T Venkata Rao and Mr.
T Murali Mohan.
EVERSHINE TIMBER: ICRA Assigns 'LB+' Rating to INR1.5cr Bank Debts
------------------------------------------------------------------
ICRA has assigned 'LB+' rating to the INR1.5 crore fund-based
facilities of Evershine Timber International Private Limited.
ICRA has also assigned "A4" rating to the INR6.5 crore non-fund
based facilities of ETIPL.
The ratings consider ETIPL's small scale of operations restricting
economies of scale and financial flexibility. The ratings also
factor in the weak financial profile of the company characterized
by thin margins owing to the negligible value addition and trading
nature of operations, low coverage indicators and high working
capital intensity. Further, the ratings also take into account
the high competitive business environment due to low entry
barriers and the commoditized nature of ETIPL's product which
restricts the bargaining power of the company. The Company is
also exposed to fluctuations in the raw material prices and
volatility in foreign exchange rate which exert pressure on the
margins. The ratings however, take into account the promoter's
experience in timber trading business.
About Evershine Timber
Evershine Timber International Private Limited was incorporated in
2005 as a private limited company. ETIPL is a closely-managed
business engaged in trading of Medium Density Fibre Boards,
Particle Boards, Timber Logs and other timber & plywoods related
products. The company has a 10,000 sq. feet warehouse facility at
Karanaipuducherry village near Urapakkam in Chennai. It imports
Medium Density Fibre board's from countries like Srilanka,
Malaysia, Thailand & Indonesia and sells to wholesale buyers in
various buyers in Bangalore, Hyderabad, Coimbatore, Trichy,
Vijayawada and other parts of Southern India.
Recent Results
The Company has reported a net profit of INR0.1 crore on operating
income of INR8.2 crore for the year ended March 31, 2010.
LAKSHMI COT-GIN: ICRA Assigns 'LB+' Rating to INR9cr Cash Credit
----------------------------------------------------------------
ICRA has assigned a 'LB+' rating to the INR9.00 crore cash credit
facility and INR0.93 crore term loans of Lakshmi Cot-Gin Private
Limited.
The ratings reflect the modest scale of operations and the
company's weak financial profile reflected by extremely high
gearing and poor debt coverage levels. The ratings also take into
account the lack of diversification, limited value addition
activity resulting in weak operating and net profit margins, high
competitive intensity and fragmentation in the cotton ginning
industry and vulnerability of profitability to any unfavorable
government regulation of cotton seed prices through the minimum
support price (MSP) mechanism.
However, ICRA takes note of the favorable location in Gondal
(Gujarat) which leads to easy access to raw material; experience
of the promoters in the ginning industry and favorable demand
outlook for raw cotton in the domestic as well as international
market.
Lakshmi Cot-Gin Pvt. Ltd., incorporated in 2006, is involved in
the area of cotton ginning and trading in cotton lint/bales and
cotton seed. The company's plant is located in Gondal, Rajkot.
The company is closely held by the promoters, Mr. Nimish Lotiya,
Mr. Vishal Lotiya, and other family members. For the year FY10,
the company reported an operating income of INR79.37 crore and
profit after tax of INR0.08 crore.
METSIL EXPORTS: CRISIL Assigns 'BB' Rating to INR120MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Metsil Exports Pvt Ltd.
Facilities Ratings
---------- -------
INR120 Million Term Loan BB/Stable (Assigned)
INR20 Million Proposed LT BB/Stable (Assigned)
Bank Loan Facility
INR110 Million Export Packing P4+ (Assigned)
Credit
INR30 Million Bank Guarantee P4+ (Assigned)
INR29 Million Letter of Credit P4+ (Assigned)
The ratings reflect Metsil's exposure to risks related to project
implementation, and its constrained financial risk profile, marked
by high gearing and weak debt protection metrics, which is
expected to deteriorate further on account of large, debt-funded
capital expenditure plans. These weaknesses are partially offset
by the extensive experience of Metsil's promoters in the
ferroalloys export business, and its established customer and
supplier relationships.
Outlook: Stable
CRISIL believes that Metsil will benefit over the medium term from
its established customer relationships. The outlook may be
revised to 'Positive' if Metsil successfully stabilizes operations
of its new plant while maintaining its operating margin.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile weakens because of a large, debt-
funded capital expenditure programme or significant pressures on
margins, leading to smaller cash accruals.
About Metsil Exports
Metsil was formed as a closely held company in 1993 by Mr. Suresh
Kumar Sharma. The company was engaged in trading and brokerage.
The company started trading in ferroalloys in 2003-04 (refers to
financial year, April 1 to March 31) after Mr. S K Sharma (brother
of Mr. Suresh Sharma) joined the business. The company is a
recognised export house. The company's generates nearly all its
revenues from the export of ferroalloys. The company is setting
up a 9 MVA ferroalloy plant in Durgapur (West Bengal) at a total
project cost of around INR180 million.
Metsil reported a profit after tax (PAT) of INR5.2 million on net
sales of INR450 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR20.65 million on net
sales of INR1012 million for 2008-09.
NEW MODERN: ICRA Reaffirms 'LBB+' Rating on INR18.5cr Bank Loan
---------------------------------------------------------------
ICRA has re-affirmed the "LBB+" rating to the INR18.5 crore
(enhanced from INR15.0 crore earlier) cash credit limits of New
Modern Technomech Private Limited.
The outlook on the long-term rating is stable. ICRA has also
assigned an "A4+" rating to the INR25.0 crore (enhanced from
INR10 crore) non-fund based bank limits of NMTPL2. Of the
INR25 crore non-fund based limits, ICRA had earlier rated
INR10 crore on a long-term scale, as per the request of the
company.
The ratings take into consideration the experience of the
promoters in the transmission tower fabrication business, the
company's established client base which includes major Engineering
Procurement Construction (EPC) contractors, Indian Railways and
various State Electricity Boards, and the favorable demand outlook
for the power sector in the medium to long term. Moreover, regular
infusion of equity resulted in a conservative capital structure
with a gearing of 0.91 time as on March 31, 2010. The ratings
also factor in the high competition intensity in the industry, the
company's relatively small scale of operations, weak financial
health reflected in its low profits and depressed coverage
indicators and high working capital intensity of the business.
ICRA notes that some of the contracts entered into by NMTPL are
fixed priced in nature, which exposes the company to the risk of
adverse movement of raw material prices. Going forward, the
company's ability to scale up its operations to achieve the
planned growth in business, timely execution of the ongoing/future
orders along with effective management of working capital would be
key rating sensitivities.
NMTPL was incorporated as a private limited company in
December 1998. It has been primarily engaged in the fabrication
of transmission towers and substation structures. The company
also executes electrical projects on turnkey basis.
PANACHE EXPORTS: ICRA Puts 'LBB+' Rating to INR1.5cr Bank Debts
---------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
Rs. 1.5 crore Fund based limits of Panache Exports Private Limited
from 'LBB+' to 'LBB'. ICRA has also downgraded the short-term
rating outstanding on the INR12.0 crore fund based limits and
INR5.0 crore Non Fund based limits of the company from 'A4+' to
'A4'. The outlook on the long-term rating is 'stable'.
The rating downgrade reflects the weakening financial position of
the company characterized by declining sales and profitability,
and a deteriorating capital structure arising from the increased
working capital requirements. The rating also continue to remain
constrained by PEPL's small scale of operations; high geographic
concentration on account of 85-90% of sales to U.K and Middle East
countries and high dependence on its overseas subsidiary for
marketing jewellery items resulting into high client
concentration. These, along with the intense competition from a
large number of unorganized and organized players in the export
segment are expected to keep margins under pressure going forward.
The rating however, draws comfort from the experience of the
promoters in the jewellery business, gradual diversification into
domestic markets with an increased thrust towards higher value
jewellery items and expected fiscal benefits accruing on account
of establishment of new manufacturing unit in the SEZ.
About Panache Export
Panache Export Private Ltd was incorporated in 1992 by Mr. Punit
Kapur & Mr. Prem Kapur. PEPL is primarily engaged in the business
of manufacturing and export of diamond studded gold jewellery.
The company has its manufacturing facility at Lower Parel, Mumbai
for manufacturing diamond studded gold jewellery. In September
2009, the company started another manufacturing unit in the
special economic zone of Seepz, Mumbai. Apart from this, the
company has also opened sales offices in Delhi and Punjab to
market its products in the domestic market.
Recent Results
In 2009-10, PEPL achieved total operating income of INR25.09 crore
and net profit of INR0.05 crore in comparison to total operating
income of INR25.44 crore and net profit of INR0.13 crore in
2008-09.
PRERNA CONSTRUCTIONS: ICRA Assigns 'LB+' Rating to INR9.24cr Loan
-----------------------------------------------------------------
ICRA has assigned 'LB+' rating to INR9.24 crore long term fund
based bank limits of Prerna Constructions Private Limited.
The rating reflects delays in debt servicing on account of PCPL's
high working capital intensity. The rating takes into account
PCPL's moderate scale of operations and its stretched financial
profile marked by low profitability, high gearing, and low debt
protection indicators. The rating also factors in the execution
risk and marketing risk faced by the project under development.
However the rating derives comfort form PCPL's experienced
management, favorable location of its current project and the fact
that the debt required for the project has already been tied up.
Prerna Construction Private Limited is an Agra based company,
incorporated in 1989 by Mr. J. K. Mangla. Mr. Mangla has done B.
Sc. (Civil Engineering) from Aligarh Muslim University (AMU) in
1986 and has worked under Dr. Saini as Environmental Engineer on
construction of Effluent Treatment Plants prior to incorporating
PCPL in 1989.
Since inception the company had been involved in construction of
buildings (residential and commercial). During 2002 the promoters
ventured into real estate development activities in other group
companies. Recently PCPL has also ventured into Real Estate
Development activities with its first project Mangalam Shila -
residential building with total saleable area of 2.66 lakh sqft.
Recent Results
PCPL reported an Operating Income of INR6.67 crore and Profit
after Tax of INR0.18 crore in FY2010.
SHREE SIDHBALI: ICRA Assigns 'LBB' Rating to INR22.66cr Bank Debts
------------------------------------------------------------------
ICRA has assigned an "LBB" rating to the INR22.66 crore fund based
limits of Shree Sidhbali Sugar Limited. ICRA has also assigned a
short term rating of "A4" to the INR3.00 crore non fund based bank
limits of SSSL. The outlook on the long term rating is stable.
The rating takes into account cyclicality inherent in the steel
business and the intensely competitive nature of the Thermo
Mechanically Treated (TMT) bar industry and low value addition in
business, both resulting in thin operating profitability. Further,
in spite of moderate working capital (WC) intensity of operations
substantial growth in the turnover has resulted in limited cash
generation from operations (as measured by net cash accruals
adjusted for working capital changes). However the rating finds
comfort from the long experience of promoters in this business,
presence of strong brand in the form of Sidhbali steel and strong
relationship with its client base. These factors have resulted in
healthy growth in its sales, which is likely to be sustained given
the positive demand outlook for steel industry. The assigned
ratings also positively factors in the company's partially
integrated nature of operations through its in-house ingot
manufacturing facility as well as income tax and excise duty
exemptions on its production facility in Kotdwar Uttrakhand .
About Shree Sidhbali
Shree Sidhbali Sugar Limited was incorporated in 1998 however the
business operations started in year 2003 with the establishment of
Induction furnace of capacity 18150 MT per annum for manufacturing
of M.S Ingots in Kotdwar, Uttrakhand. The company was initially
engaged in the manufacturing of mild steel ingots and commenced
the manufacture of thermo mechanically treated (TMT) bars in FY 10
by establishing Re Rolling mill for TMT bar manufacturing with
capacity 75000 MT per annum. It also increased its ingot
manufacturing capacity by 30000 MT per annum at the end of FY 10
from 18150 MT per annum to 48150 MT per annum in order to meet
increased raw material requirement of its TMT bars division. The
company is part of Sidhbali group having business interest in
diverse sectors like steel, pharmaceuticals, paper etc.
SRC METALICKS: Fitch Assigns 'D' National Long-Term Rating
----------------------------------------------------------
Fitch Ratings has assigned India's SRC Metalicks Pvt Ltd. a
National Long-term rating of 'D(ind)'. The agency has also
assigned ratings to SRC's bank facilities:
-- Outstanding INR16.2m long-term loans: 'D(ind)';
-- Sanctioned INR190m fund-based limits: 'D(ind)'; and
-- Sanctioned INR7.5m non-fund-based limits: 'F5(ind)'.
The ratings reflect SRC's unsatisfactory debt servicing record on
account of delays in principal and interest payment of term loans.
Positive rating triggers include regularity in SRC's debt
servicing, i.e timely payment of interest and installments without
any further delay.
As per SRC's FY10 figures, the company reported revenues of
INR1,741.9 million (FY09: INR1,904 million) with EBITDA margins of
3.12% (FY09: 2.9%). Its total debt of INR1,114.8m (FY09: INR756.2
million) comprises INR18 million of term loans, INR221.7 million
of working capital debt, INR5.4 million of unsecured loans from
promoters and INR869.8 million of off-balance sheet debt. SRC
reported negative free cash flow of INR67.1 million in FY10 (FY09:
negative INR15.8 million), and Fitch expects the company's net FCF
to remain negative over the short- to medium-term due to its
increasing working capital requirements. The agency further notes
the company's weak financial profile characterized by high
leverage (net debt/EBITDA) of 20.4x in FY10 (FY09: 13.2x) on
account of corporate guarantees given by SRC to its group
companies.
SRC was incorporated in July 2006 under the name VSS Electrostat
Pvt Ltd. The change of name took place in July 2009. It is
involved in the manufacturing of ingots and structural rolling
mills with production capacities of 30,000TPA and 60,000 TPA,
respectively.
SRI VENKATA: ICRA Reaffirms 'LBB' Rating on INR23.4cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the "LBB" rating to the INR23.40 crore term
loan facilities and the INR12.75 crore fund based facilities of
Sri Venkata Siva Parvathi Spinning Mills Private Limited. The
outlook on the rating is stable. ICRA has also reaffirmed the A4
(pronounced A four) rating to the INR2.25 crore fund based and
INR3.82 crore non fund based limit facilities of the company.
The rating reaffirmation takes into account the company's
financial risk profile characterized by high gearing, stretched
working capital intensity and negative free cash flows. The
ratings also consider the sharp movements in cotton prices, which
shot up significantly in the last six months and intense
competition prevailing in the highly fragmented industry, given
the commoditized nature of the grey cotton yarn. However, the
ratings also consider experience of the promoter in spinning
business, advantage of being in the vicinity of cotton growing
belt of Guntur and competitive advantage over mills in Tamil Nadu,
in terms of power costs. Revival in demand scenario for cotton
yarn and improved outlook for the spinning industry are expected
to result in better realisations for yarn manufacturers.
About Sri Venkata
Sri Venkata Siva Parvathi Spinning Mills Private Limited,
incorporated in 2003 in Guntur, is engaged in the production of
cotton yarn catering to demands of merchant exporters and domestic
markets. VSP commenced its operations in October 2004 with 9216
spindles and has increased its capacity to the current levels of
31584 spindles.
Recent Results
SVSP reported a net profit (PAT) of INR2.7 crore on an operating
income of INR49.4 crore in 2009-10 as against a net profit (PAT)
INR0.7 crore on an operating income of INR40.4 crore in 2009.
For the first half of 2010-11, the company posted a net sales
of INR31.6 crore.
TIRUMALA SEVEN: ICRA Places 'LBB' Rating on INR4cr Bank Facilities
------------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR4.00 crore fund based
bank facilities of Tirumala Seven Hills Private Limited. The
outlook on the long term rating is stable. ICRA has also assigned
an 'A4' rating to the Rs 42.00 crore non fund based bank
facilities of TSH.
The ratings take into account the low fluctuating profitability of
TSH from core operations, its modest scale of operations, high
working capital intensity because of a high level of receivables
and the company's exposure to foreign currency fluctuation risks.
The company's net profits in the past have been largely supported
by non-operating income. The ratings are further constrained by
TSH's increasing dependence on one of its key customers (Bharat
Sanchar Nigam Limited), which accounted for more than 70% of its
total revenues during 2009-10. The ratings however draw comfort
from the favorable demand outlook on the telecom infrastructure
sector, the established track record of the promoters of TSH, the
company's moderate debt levels leading to low gearing and
comfortable level of coverage indicators.
About Tirumala Seven
TSH was incorporated as a trading company in 1990 and was promoted
by Mr. Vinod Khetawat and his family members. The company is
primarily involved in trading of telecom and transmission
equipment, providing infrastructure support and services for
applications like air-conditioners for a wide range of industries
like telecom, hospitality, and internet data centre. The company
also acts as a commission agent and facilitates trading of telecom
related equipment to other companies located outside India.
Recent Results
The company reported a net profit of INR1.74 crore in FY10 on an
operating income of INR78.90 crore, as compared to a net profit of
INR1.88 crore on an operating income of INR82.69 crore during
FY09.
UTTAM STRIPS: ICRA Assigns 'LBB' Rating to INR152.5cr Bank Debts
----------------------------------------------------------------
ICRA has assigned 'LBB' rating to INR152.50 crore fund based
limits and INR77.50 crore term loans of Uttam Strips Private
Limited. The outlook on the rating is stable. ICRA has also
assigned an 'A4' rating to INR25 crore non-fund based limits (sub
limits of fund based limits) of USPL.
The ratings factor in USPL's stretched financial profile marked by
low profitability, high gearing, and weak debt protection
indicators. It also takes into consideration highly competitive
nature of the industry, exposure to raw material price fluctuation
risk and geographical concentration risk. Further the ratings are
constrained by the project risks namely funding and execution
associated with the project for setting up home products
manufacturing division. However the ratings derive comfort from
USPL's experienced management, established relationship with its
customers and the location advantage for being situated close to
its target market i.e. Delhi NCR region.
About Uttam Strips
Uttam Strips Private Limited is a closely held private limited
company. USPL was established by Mr. Ramesh Kumar Miglani along
with his sons Mr. Rishi Miglani & Mr. Rajat Miglani by converting
a sick unit Munak Galva Limited in October 2006. The promoters
had acquired the above mentioned sick unit in FY2004. The company
is involved in manufacturing of Cold Rolled Closed Annealed (CRCA)
sheets, coils and strips. Company procures HR (Hot Rolled) coils
form domestic market and converts them to CRCA. Besides
manufacturing of CRCA steel, company is also involved in
manufacturing precision tubes and wire rods. It is also setting
up a plant for manufacturing metallichome products such as ironing
boards, space savers, driers and step ladders etc.
Recent Results
For FY2010, USPL reported an operating income of INR 144 crore and
Profit after Tax of INR0.37 crore.
=========
J A P A N
=========
LEOPARD ONE: S&P Affirms Ratings on Structured Secured Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
ratings on Leopard One Funding Ltd. JPY18.354 billion structured
secured notes due 2035 and Leopard Two Funding Ltd. JPY17.702
billion structured secured notes due 2036.
The ratings address the timely and full payment of the interest of
the notes and the full repayment of the principal of the notes by
the legal final maturity. Regarding the note A issued under
Leopard One and the note X and A-2 issued under Leopard Two, which
are paid additional interest from the residual cash if available,
the ratings address the timely payment of the additional interest,
as long as the residual cash is available, until the specified
date for each.
The underlying assets are residential apartment mortgage-loans
that were originated by New Century Finance Co. Ltd. (the name of
the company was changed to Lehman Brothers Commercial Mortgages on
Dec. 1, 2007), an affiliate of Lehman Brothers. The mortgage-
loans were extended to finance the construction costs and
miscellaneous expenses of newly constructed apartments built by
Leopalace21 Corp.
In the transaction's credit analysis, S&P referred to such data as
the public information disclosed by Leopalace21 Corp. relating to
its portfolio and the current rent level of each property it
manages, and the performance data of a similar transaction, in
order to estimate the current rent level of the underlying
properties. In accordance with the estimation, S&P deem that the
current rent level of both transactions is below S&P's initial
forecast. On the other hand, up to the end of November 2010, no
default and delinquency has occurred amongst the underlying loans
and thus the credit enhancement levels of both transactions have
increased since the closing. In addition, the transactions
benefit from other structural features. S&P believes that the
positive factors offset the negative impact on the transactions
due to the lower rent level than initially forecasted. Thus, S&P
affirmed all the notes issued under the transactions.
Ratings Affirmed
Leopard One Funding Ltd. JPY18.354 bil structured secured
notes due 2035
Class Rating Initial issue amount
----- ------ --------------------
A AAA (sf) JPY16.15 bil.
B AA (sf) JPY0.55 bil.
C A (sf) JPY0.55 bil.
D BBB (sf) JPY0.55 bil.
E BB+ (sf) JPY0.151 bil.
Leopard Two Funding Ltd. JPY17.702 bil structured secured
notes due 2036
Class Rating Initial issue amount
----- ------ --------------------
A-1 AAA (sf) JPY7.83 bil.
A-2 AAA (sf) JPY7.83 bil.
B AA (sf) JPY0.52 bil.
C A (sf) JPY0.52 bil.
D BBB (sf) JPY0.54 bil.
E BBB- (sf) JPY41 mil.
X AAA (sf) N/A
* Class X is interest only.
===============
M A L A Y S I A
===============
HOCK SIN: Maybank Serves Demand Notices Against Three Units
-----------------------------------------------------------
Hock Sin Leong Group Berhad disclosed in a regulatory filing that
that its wholly owned subsidiaries have received these letters of
demand:
(a) On October 4, 2010, Pan Malaysian Enterprises Sdn.
Bhd., a wholly owned subsidiary of Tele Marketing
Sdn. Bhd., which in turn a wholly owned subsidiary
of HSLGB received a letter of demand for the sum
of MYR2,997,405.18 as at September 30, 2010, from
Malayan Banking Berhad to be repaid on or before
October 15, 2010, for default of banking facilities;
(b) On October 26, 2010, PMSB received a letter of demand
for the sum of MYR2,997,405.18 as at September 30,
2010, together with interest accruing thereon until
full payment is received, at the prescribed interest
rate of Base Lending Rate (currently at 6.30% p.a.)
plus 3.5% p.a., from Maybank to be repaid within
14 days from the date of the letter for default of
banking facilities; and
(c) On December 17, 2010, TMSB which acted as the Corporate
Guarantor to PMSB received a letter of demand for the
sum of MYR3,046,718.08 due as at November 30, 2010,
together with interest thereon at the rate of 9.8% p.a.
from December 1, 2010, to the date of full payment,
from Messrs. Soo Thien Ming & Nashrah acting for
Maybank to be paid within seven days from the date of
the letter dated December 14, 2010, for default of
banking facilities.
The date of the first default is October 4, 2010. The first
default arose from the failure of PMSB in making necessary payment
that was due under the banking facilities. The Company does not
have sufficient funds to settle the principal and interest payment
due.
The Company said it intends to propose a scheme of settlement with
the Bank.
About Hock Sin
Hock Sin Leong Group Berhad -- http://www.hslg.com.my/-- is an
investment holding company. It also provides management services
to its subsidiary companies. The Company, through its
subsidiaries, is engaged in consumer electrical and electronics
industry in Malaysia.
Hock Sin Leong Group Berhad is now listed as an Amended Practice
Note 17 company based on the criteria set by the Bursa Malaysia
Securities Bhd.
According to a disclosure statement with the bourse, the company
triggered the PN17 listing as its external auditors have
expressed, albeit, an unqualified opinion and have emphasized that
the Group incurred a net loss of MYR26,587,834 during the year
ended September 30, 2009, and as of that date, the Group's current
liabilities exceeded its current assets by MYR28,172,442.
OCI BHD: Meeting of Unsecured Scheme Creditors Slated For Jan. 3
----------------------------------------------------------------
A meeting of the Scheme Creditors of OCI Bhd will be held on
January 3, 2011, for the purpose of considering and if thought
fit, to approve, with or without modifications the Proposed Scheme
of Arrangement to be made between OCI and Unsecured Scheme
Creditors. The meeting will be held at Concord Hotel, Shah Alam,
No. 3 Jalan Tengku Ampuan Zabedah C9/C, in 40100 Shah Alam.
About OCI Berhad
OCI Berhad manufactures adhesives used in the production of
shoes for the footwear, toy making, building/construction,
automotive, furniture and packaging industries. OCI manufactures
and markets a range of sealants and adhesives for various
consumer and industrial purposes in 70 countries around the
world. On January 24, 2006, the Company disposed off its entire
51% equity interest in Tongyong Resin Chemical Industry Co. Ltd.
The company is an affected listed issuer as the auditors have
expressed a modified opinion with emphasis on the company's
going concern in the company's audited financial statements for
the financial year ended June 30, 2006 and the shareholders'
equity of the company on a consolidated basis as at June 30,
2006, represented 40.8% of the issued and paid-up capital of the
company.
SELOGA HOLDINGS: Shareholders Seek to Remove Four Directors
-----------------------------------------------------------
Seloga Holdings Berhad on December 27, 2010, received a letter
from major shareholders Usaha Citra Sdn. Bhd. and Zulkefli Bin
Zaidi, giving a special notice of their intention to call and
convene an Extraordinary General Meeting seeking the removal of
Dato' Lim Git Hooi, Dato' Samsudin bin Abu Hassan, Dato' Syed Md.
Amin bin Syed Jan Aljeffri and Derek John Fernandez, as company
directors with immediate effect.
About Seloga Holdings
Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding. Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings. The Group operates predominantly in Malaysia.
* * *
The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.
VTI VINTAGE: Anshin Steel Demands Payment of MYR59,470 Judgment
---------------------------------------------------------------
Vti Vintage Berhad and subsidiary Newsteel Building Systems Sdn
Bhd have received the Notice Pursuant to Section 218 (1) (e) & (i)
of the Companies Act, 1965, from Messrs. Shui-Tai, the solicitors
for Anshin Steel Services Centre Sdn Bhd, demanding payment of
MYR59,470.38.
The circumstances leading to the filing of the Notice against the
Company and Newsteel was due to the fact that the Company has
failed and/or defaulted to settle the sum claimed by Anshin.
The Company said it had, on July 22, 2009, initiated the Proposed
Scheme of Arrangement under Section 176 of the Companies Act,
1965, and has included Anshin as one of the Scheme Creditors under
the Proposed Scheme of Arrangement under Section 176 of the
Companies Act, 1965, which had been approved during the Court
Convened Meeting of the Group held on July 16, 2010.
Based on the legal advice obtained, Anshin as one of the Scheme
Creditors, once the Court sanctions the Scheme of Arrangement
under Section 176 of the Companies Act, 1965, will be bound to
accept the Scheme under the approved Proposed Scheme. Therefore,
pending the completion of the Proposed Scheme, no payment was made
to the Scheme Creditors including Anshin.
The Company is not expected to incur any further loss arising from
the notice.
VVB has given instruction to its solicitor to reply to Anshin's
solicitors to highlight to Anshin's solicitors the outcome of the
CCM.
About VTI Vintage
VTI Vintage Berhad is an investment holding company. It also
provides management services to its subsidiaries. The Company,
through its subsidiaries is principally engaged in the
manufacturing and trading of roof tiles, investment holding and
trading of roof tiles and roof related products, supply and laying
of roof tiles and installation of roofing on a consignment basis
and manufacture, supply and installation of steel related building
materials.
On February 25, 2010, VTI Vintage Berhad was classified as an
Amended Practice Note 17 issuer based on the criteria set by the
Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1
(a) of the PN17.
====================
N E W Z E A L A N D
====================
FELTEX CARPET: Former Directors Awarded Nearly NZ$1 Million
-----------------------------------------------------------
The New Zealand Herald reports that former directors of Feltex
Carpet have been awarded almost NZ$1 million in criminal costs
from the Auckland District Court.
As reported in the Troubled Company Reporter-Asia Pacific on
August 5, 2010, The National Business Review said five former
directors of Feltex Carpets have been found not guilty of
Financial Reporting Act breaches. The five Feltex directors --
Peter Hunter, Peter Thomas, Michael Feeney, John Hagen and former
chairman Tim Saunders -- faced two charges under the Financial
Reporting Act 1993, to which they pleaded not guilty. Those
charges relate to the failure to publish a breach of Feltex's
banking covenants and improper classification of its AU$119.5
million (NZ$157 million) debt facility with the ANZ bank in the
company's December 2005 half-year accounts. The directors, who
accepted the interim accounts but did not meet the new accounting
standards, argued that they took all reasonable and proper steps
to ensure compliance, including employing specialist accounting
firm Ernst & Young to audit the statements.
According to the NZ Herald, Mr. Thomas said during a press
conference held at their lawyers' Bell Gully's offices that they
would be seeking compensation for the ordeal that had been put
through.
The Ministry of Economic Development, which brought the charges,
confirmed on December 22 that Auckland District Court Judge Jan
Doogue awarded Feltex's five former directors with almost
NZ$952,000 in criminal costs, the NZ Herald reports.
The NZ Herald relates that Judge Doogue said in her judgment that
she accepted that the way the prosecution conducted the
investigation into Feltex and the directors fell below what was
reasonably required.
"The prosecution failed to have proper regard to or draw the
obvious conclusions from the information provided to it by the
directors," the NZ Herald quoted Judge Doogue as saying. "The
prosecution failed to access and consider all relevant documents
available to it from the Securities Commission, including
documents disclosing serious errors by Ernst & Young in the
conduct of its review."
According to the NZ Herald, the MED has been ordered to pay
NZ$848,000 for the legal cost of defending the charges brought
against them and NZ$101,091 in relation to disbursements.
The NZ Herald relates that MED spokesperson Kate Camp said the
department would be appealing the decision.
Feltex's former chairman Tim Saunders has been quoted by the NZ
Herald as saying that "the court's earlier decision confirmed that
we acted honestly and carefully at all times and were not guilty
of the charges alleged by the Ministry."
"This further judgment now confirms that those charges should
never have been brought, and that we should never have had to face
the ordeal of that criminal trial. This is further vindication of
our conduct and we are very pleased with the outcome," Mr.
Saunders added.
Mr. Saunders said he believed the award was one of the highest for
a criminal case in New Zealand, the NZ Herald adds.
About Feltex Carpets
Headquartered in Auckland, New Zealand, and established more than
50 years ago, Feltex Carpets Limited -- http://www.feltex.com/--
has built a reputation for being one of the world's leading
manufacturers of superior-quality carpet. The Feltex operation
includes a wool scouring plant, six spinning mills, three tufted
carpet mills, a woven carpet mill and offices in New Zealand,
Australia and the United States.
NZ Bank placed the company in receivership on Sept. 22, 2006, and
named Colin Nicol, Peter Anderson and Kerryn Downey, of
McGrathNicol+Partners, as receivers and managers.
The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired
Feltex as a going concern, including its assets and undertakings
in New Zealand, Australia, and the United States. Proceeds of the
sale will be used to ease the company's NZ$128-million debt to ANZ
Bank.
On Dec. 13, 2006, the High Court in Auckland ruled in favor of an
application by the Shareholders Association against Feltex Carpets
putting the carpet maker into liquidation. John Vague was
appointed as liquidator.
MCDOUALL STUART: Fined NZ$83,000 for Breaching NZX Rules
--------------------------------------------------------
The National Business Review reports that McDouall Stuart
Securities Ltd. has been fined NZ$83,000 for breaching stock
exchange market rules.
According to the Business Review, the fine and public censure from
the NZX disciplinary committee relates to five breaches of NZX
participant rules between January and March this year.
The Business Review says the breaches relate to the firm's failure
to have enough liquid capital, as set out by a waiver granted to
the firm.
The largest breach, with a fine of NZ$30,000, was for failing to
hold enough client assets on trust at all times and for not having
notice in writing from its bank about the status of an account
held by an American client Charles Schwab, the Business Review
reveals.
The Business Review relates that McDouall Stuart said the breaches
related to the very rules that saw the firm resign from the
accreditation category as a NZX trading and settlement firm in
mid-March 2010.
According to the report, McDouall Stuart directors said in a
statement that they did not agree with four of the five breaches
and the penalties were "manifestly extreme."
McDouall Stuart Securities Ltd. is Wellington-based sharebroking
firm.
=================
S I N G A P O R E
=================
GLOBAL BRANDS: FIFA Fears Impact of Firms' Collapse
---------------------------------------------------
Agence France-Presse reports that The International Football
Federation (FIFA) said last Thursday that it feared the financial
impact of the collapse of its main product-licensing agent,
Singapore-based Global Brands Group.
"FIFA is very concerned about the situation as it has financial
consequences not only for FIFA, but also for employees and other
third parties as well as seriously damages the reputation of the
FIFA Brand," it said in a statement e-mailed to AFP.
"FIFA is sad to hear about the bankruptcy of GBG and would like to
extend its sympathy to the GBG employees who are affected by this
situation," FIFA added, confirming a report in the Swiss weekly
Handelszeitung, according to AFP.
AFP relates that the world football's governing body said it was
still assessing GBG's bankruptcy and trying to contact companies
that had licensing contracts with the Singapore company.
Global Brands Group is the exclusive worldwide Master Licensee of
FIFA. AFP discloses that FIFA appointed GBG as its exclusive
worldwide licensing representative five years ago under a contract
stretching from 2007 to 2014, also allowing it to operate its
stores. The deal covered licensing for branded products for the
2010 and 2014 World Cups in South Africa and Brazil.
Global Brands Group Pte. Limited provides product licensing, brand
management, and retail development services for sports,
entertainment, and lifestyle brands in Singapore and
internationally.
=============
V I E T N A M
=============
* S&P Takes Rating Actions on Three Vietnamese Banks
----------------------------------------------------
Standard & Poor's Ratings Services said that it had taken S&P's
rating actions on three Vietnam banks:
Downgrade
Bank for Foreign Trade of Vietnam (Vietcombank)
To From
-- ----
BB-/Negative/B BB/Negative/B
Bank for Investment and Development of Vietnam
To From
-- ----
Counterparty credit rating BB-/Negative/B BB/Negative/B
ASEAN regional scale axBB/axB axBB+/axB
Outlook revision
Vietnam Technological And Commercial Joint Stock Bank
To From
-- ----
Counterparty credit rating BB-/Negative/B BB-/Stable/B
ASEAN regional scale axBB/axB axBB+/axB
The rating actions follow the revision of the ratings on Vietnam
(foreign currency BB-/Negative/B; local currency BB/Negative/B;
ASEAN scale axBB+/axB). S&P rarely rates financial institutions
above the long-term sovereign rating on their home country, in
particular because S&P generally consider it unlikely that these
institutions would remain unaffected by developments in their
domestic economy.
S&P's counterparty credit ratings on the two state-owned banks--
Vietcombank and BIDV--have one notch of support, given S&P's
expectation of potential extraordinary support likely from the
government. S&P's view emanates from the banks' systemic
importance, and the government's majority ownership and its
history of periodic capital injections. S&P will, however, review
S&P's notching if any of these elements weaken.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Jan. 26-28, 2011
TURNAROUND MANAGEMENT ASSOCIATION
TMA Distressed Investing Conference
Aria Las Vegas
Contact: http://www.turnaround.org/
Jan. 27-28, 2011
AMERICAN BANKRUPTCY INSTITUTE
Rocky Mountain Bankruptcy Conference
Westin Tabor Center, Denver, Colo.
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 3-5, 2011
AMERICAN BANKRUPTCY INSTITUTE
Caribbean Insolvency Symposium
Westin Casuarina Resort & Spa, Grand Cayman Island
Contact: 1-703-739-0800; http://www.abiworld.org/
Feb. 24-25, 2011
AMERICAN BANKRUPTCY INSTITUTE
Valcon
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 4, 2011
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy Battleground West
Hyatt Regency Century Plaza, Los Angeles, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 7-9, 2011
AMERICAN BANKRUPTCY INSTITUTE
Conrad Duberstein Moot Court Competition
Duberstein U.S. Courthouse, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 10, 2011
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts - Florida
Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 10-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
SUCL/ Alexander L. Paskay Seminar on
Bankruptcy Law and Practice
Marriott Tampa Waterside, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 17-19, 2011
AMERICAN BANKRUPTCY INSTITUTE
Byrne Judicial Clerkship Institute
Pepperdine University School of Law, Malibu, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 27-29, 2011
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott, Chicago, IL
Contact: http://www.turnaround.org/
May 5, 2011
AMERICAN BANKRUPTCY INSTITUTE
Nuts and Bolts - New York City
Association of the Bar of the City of New York,
New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
May 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
New York City Bankruptcy Conference
Hilton New York, New York, N.Y.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 6, 2011
AMERICAN BANKRUPTCY INSTITUTE
Canadian-American Cross-Border Insolvency Symposium
Fairmont Royal York, Toronto, Ont.
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Mich.
Contact: http://www.abiworld.org/
July 21-24, 2011
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 27-30, 2011
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Sanctuary at Kiawah Island, Kiawah Island, S.C.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 4-6, 2011
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 14, 2011
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Tampa Convention Center, Tampa, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. __, 2011
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency Symposium
Dublin, Ireland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 25-27, 2011
TURNAROUND MANAGEMENT ASSOCIATION
Hilton San Diego Bayfront, San Diego, CA
Contact: http://www.turnaround.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, Calif.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 3-5, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
Grand Hyatt Atlanta, Atlanta, Ga.
Contact: http://www.turnaround.org/
Apr. 19-22, 2012
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2012
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800; http://www.abiworld.org/
Aug. 2-4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Md.
Contact: 1-703-739-0800; http://www.abiworld.org/
November 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/
Nov. 29 - Dec. 2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800; http://www.abiworld.org/
April 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
October 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/
*********
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 U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Julie Anne G.
Lopez, 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 ***