/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/110104.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, January 4, 2011, Vol. 14, No. 2 Headlines A U S T R A L I A BURRUP FERTILISERS: Owner's Mansion May Be Put on the Market C H I N A LDK SOLAR: Reaches 3 Gigawatt Milestone at Wafer Plants H O N G K O N G SECURAIR LIMITED: Creditors' Proofs of Debt Due January 24 SUPERSHINE LTD: Creditors to Get 42% Recovery on Claims UNIVERSAL DEVELOPMENT: John James Toohey Steps Down as Liquidator VEGAS KNITTERS: Lau and Liang Appointed as Liquidators WIDE LINE: Creditors' Proofs of Debt Due February 8 WING YIP: John James Toohey Steps Down as Liquidator UNITED PROSPER: Members' Final Meeting Set for February 15 I N D I A APEX ROLLER: CRISIL Reaffirms 'BB' Rating on INR75MM Cash Credit AMBARWADIKAR & CO: CRISIL Cuts Rating on INR110MM LT Loan to 'D' AMBAY COKE: CRISIL Assigns 'B-' Rating to INR264.3MM Term Loan ASIP PRIVATE: CRISIL Reaffirms 'BB+' Rating on INR200MM Debt AVIRAT COTTON: CRISIL Reaffirms 'B-' Rating on INR7.5MM Term Loan B. ENGINEERS: CARE Assigns 'CARE BB' Rating to INR6.38cr Loan CHHABRA ISPAT: CRISIL Reaffirms 'B+' Rating on INR100MM Term Loan DINURJE JEWELLERY: CRISIL Reassigns 'B+' Rating on INR210MM Debt DIPTI DIAMONDS: CRISIL Reassigns 'B+' Rating to INR150MM Credit EROS MOTORS: CRISIL Reaffirms 'BB+' Rating on INR14.8MM Term Loan GEHLOT ENTERPRISES: CRISIL Cuts Rating on INR25MM Loan to 'BB' GOEL & ASSOCIATES: CRISIL Reaffirms 'B' Rating on INR30MM Debt KAVIA CARBONS: CRISIL Assigns 'B' Rating to INR46.2MM Term Loan MRK PIPES: CARE Assigns 'CARE BB' Rating to INR67.49cr LT Loan NBM IRON: ICRA Places 'LBB' Rating on INR5cr Cash Credit Facility NUTAN ISPAT: ICRA Assigns 'LBB' Rating to INR2.5cr Term Loan OZONE URBANA: CARE Assigns 'CARE BB-' Rating to INR325cr Debt RIDHI SIDHI: ICRA Assigns 'LBB' Rating to INR5cr Bank Facilities J A P A N SILVER SEIKO: To be Delisted in Tokyo Bourse on January 29 M A L A Y S I A NGIU KEE: Units Inks Debt Restructuring Deal With Bank Islam VASTALUX ENERGY: Court Issues Wind-Up Order Against Major Unit N E W Z E A L A N D BLACK ROBIN: Receivers Put Businesses in "Going Concern" Sale QUAYSIDE TRUSTEE: Owes Nearly NZ$15 Million to Creditors RUGBY SOUTHLAND: Insolvency Cues Funders to Seek New Manager P H I L I P P I N E S * PHILIPPINES: 25 Banks Under PDIC Receivership X X X X X X X X * BOND PRICING: For the Week December 27 to December 31, 2010 - - - - - ================= A U S T R A L I A ================= BURRUP FERTILISERS: Owner's Mansion May Be Put on the Market ------------------------------------------------------------ International Business Times reports that Western Australia's so-called Taj-Mahal-on-the-Swan, a mansion built by well-known entrepreneur, Pankaj Oswal, may possibly be up for sale after financial difficulties put Oswal's Burrup Fertilisers Pty Ltd in receivership. IBT says the mansion is located at the suburb of Peppermint Grove with a view of the Swan River. It is scheduled to be done by 2012 complete with temple, a gym, an observatory and parking space enough for 17 cars, IBT notes. According to IBT, Chris Codrington, Oswal spokesperson, said the property may be sold if a good offer comes along. "It's not officially on the market, there's been no real estate agent appointed but they've obviously had a couple of nibbles; one would assume people interested in the block rather than taking the house," IBT quotes Mr. Codrington as saying. "They are under pressure both in terms of the media microscope and obviously the fact that Burrup's gone into receivership," he said." IBT states that the mansion carries no mortgage and was not part of the receivership ordered for the fertilizer company. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd has been placed into receivership with debts of about AU$800 million. ANZ Bank on Friday appointed PPB Advisory as receivers to Burrup Fertilisers. ANZ has also appointed the same receivers, PPB Advisory, over shares held by members of the Oswal Group in related company, Burrup Holdings. The bank is alleging "evidence of financial irregularities" as well as the usual default triggers relating to debt facilities established between 2002 and 2007. According to The Australian, the Oswal Group -- which owns 65% of Burrup Fertilisers -- has been dogged for years by allegations of unusual transactions and has a history of court disputes, most particularly with 35% shareholder, Norwegian group Yara International. Headquartered in Karratha in Western Australia, Burrup Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's largest ammonium producer. The company has a production capacity of 850- tonnes of liquid ammonia a year. ========= C H I N A ========= LDK SOLAR: Reaches 3 Gigawatt Milestone at Wafer Plants ------------------------------------------------------- LDK Solar Co. Ltd. has reached the milestone of 3.0 gigawatts annualized capacity at its wafer plants. Mr. Xiaofeng Peng, the Company's founder, Chairman and CEO hosted a ceremony to celebrate at the Company's facilities in Xinyu City, China. 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 ================ SECURAIR LIMITED: Creditors' Proofs of Debt Due January 24 ---------------------------------------------------------- Creditors of Securair 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 commenced wind-up proceedings on December 24, 2010. The company's liquidators are: Chow Tsui Pik Tan Thomas Kae Jye 33rd Floor, One Pacific Place 88 Queensway, Hong Kong SUPERSHINE LTD: Creditors to Get 42% Recovery on Claims ------------------------------------------------------- Supershine Limited, which is in voluntary liquidation, will declare the first and final dividend to its creditors on Jan. 5, 2011. The company will pay 42% for ordinary claims. The company's liquidator is: Chan Kin Hang Danvil Room 2301 23/F., Ginza Square 565-567 Nathan Road Kowloon, Hong Kong UNIVERSAL DEVELOPMENT: John James Toohey Steps Down as Liquidator ----------------------------------------------------------------- John James Toohey stepped down as liquidator of The Universal Development Company Limited on December 6, 2010. VEGAS KNITTERS: Lau and Liang Appointed as Liquidators ------------------------------------------------------ Lau Siu Hung and Liang Yang Keng on December 6, 2010, were appointed as liquidators of Vegas Knitters Limited. The liquidators may be reached at: Lau Siu Hung Liang Yang Keng Room 1909-1910 19/F Nan Fung, Tower 173 Des Voeux Road Central, Hong Kong WIDE LINE: Creditors' Proofs of Debt Due February 8 --------------------------------------------------- Creditors of Wide Line Industrial Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by February 8, 2011, to be included in the company's dividend distribution. The company commenced wind-up proceedings on December 31, 2010. The company's liquidator is: Chong Lam Por 21/F, Fee Tat Commercial Centre No. 613 Nathan Road Kowloon, Hong Kong WING YIP: John James Toohey Steps Down as Liquidator ---------------------------------------------------- John James Toohey stepped down as liquidator of Wing Yip Company Limited on December 6, 2010. UNITED PROSPER: Members' Final Meeting Set for February 15 ---------------------------------------------------------- Members of United Prosper Limited will hold their final meeting on February 15, 2011, at 9:00 a.m., at Room 1406, King Centre, 23 Dundas Street, Mongkok, Kowloon, in Hong Kong. At the meeting, Cheng Hok Cheung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= APEX ROLLER: CRISIL Reaffirms 'BB' Rating on INR75MM Cash Credit ---------------------------------------------------------------- CRISIL's rating on the bank facilities of Apex Roller Flour Mills Pvt Ltd continues to reflect Apex's small scale of operations, and exposure to intense competition, resulting in limited pricing power. These rating weaknesses are partially offset by the benefits that Apex derives from its promoters' experience in the wheat products industry. Facilities Ratings ---------- ------- INR75.00 Million Cash Credit BB/Stable (Reaffirmed) Outlook: Stable CRISIL believes that Apex will continue to benefit from the industry experience of its promoters and its comfortable liquidity, over the medium term. The outlook may be revised to 'Positive' in case of a significant and sustained improvement in Apex's profitability, or any large equity infusion into the company, thereby resulting in an improved financial risk profile. Conversely, the outlook may be revised to 'Negative' if the company undertakes any large, debt-funded capital expenditure (capex), thereby adversely affecting it's financial risk profile. Update Apex has reported an operating income of INR456 for 2009-10, marginally lower than CRISIL's projections, due to reduced revenues from trading in raw material with group concerns. The company's operating margin for the year, at 3.5%, was in line with CRISIL's projections. Apex's gearing, at 1.3 times as on March 31, 2010, was lower than CRISIL's expectations, mainly due to the lower working capital borrowings during March 2010. The company has no major capex plans for the medium term, and the gearing is likely to remain adequate for the rating category. Apex's liquidity is adequate, marked by moderate bank limit utilisation. Apex reported a profit after tax (PAT) of INR5.9 million on net sales of INR456 million for 2009-10, against a PAT of INR4.4 million on net sales of INR476.3 million for 2008-09. About Apex Roller Set up in 1975 by Mr. Mahaveer Jain, Coimbatore (Tamil Nadu)-based Apex manufactures wheat products, such as Atta, Maida, Suji and bran. The company has a production capacity of 36,000 tonnes per annum. It sells its products under the Chavee brand. AMBARWADIKAR & CO: CRISIL Cuts Rating on INR110MM LT Loan to 'D' ---------------------------------------------------------------- CRISIL has downgraded its ratings on Ambarwadikar & Co's bank facilities to 'D/P5' from 'BB+/Stable/P4+'. Facilities Ratings ---------- ------- INR110.0 Million Long-Term Loan D (Downgraded from BB+/Stable) INR85.0 Million Cash Credit D (Downgraded from BB+/Stable) INR55.0 Million Proposed LT Bank D (Downgraded from Loan Facility BB+/Stable) INR150.0 Million Bank Guarantee P5 (Downgraded from P4+) The downgrade reflects instances of delays by Ambarwadikar & Co in servicing its term loan obligations. The delays are on account of Ambarwadikar & Co's weak liquidity. Ambarwadikar & Co's working capital cycle is stretched. The firm is also exposed to risks related to small scale of operations, modest net worth, geographical concentration in its revenue profile, and exposure to intense competition in the infrastructure construction segment. These weaknesses are partially offset by Ambarwadikar & Co's established presence, and the extensive experience of its management, in the industry. Ambarwadikar & Co, set up as partnership firm in 1977 in Aurangabad (Maharashtra), was promoted by Mr. Vithlarao R Ambarwadikar and three other partners. Ambarwadikar & Co is a Class I government contractor that undertakes infrastructure projects. It specializes in irrigation works, such as construction of dams and canals, in the Aurangabad region. Over the years, it has also executed projects in Madhya Pradesh and Chhattisgarh. Ambarwadikar & Co reported a profit after tax (PAT) of INR6.9 million on net sales of INR136 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR11 million on net sales of INR175.4 million for 2008-09. AMBAY COKE: CRISIL Assigns 'B-' Rating to INR264.3MM Term Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Ambay Coke Industries Pvt Ltd continue to reflect Ambay's comfortable financial risk profile marked by moderate net worth, low gearing, average debt protection metrics and incremental working capital requirements; the financial risk profile is expected to weaken because of the company's debt-funded capital expenditure (capex) plans for the medium term. The ratings also reflect Ambay's exposure to risks related to implementation of its upcoming ferro-alloy and rolling mill plants. These rating weaknesses are partially offset by Ambay's promoters' experience in the steel industry. Facilities Ratings ---------- ------- INR264.3 Million Term Loan B-/Stable (Assigned) INR375.7 Million Cash Credit B-/Stable (Reaffirmed) (Enhanced from INR75 Million) INR75 Million Letter of Credit B-/Stable (Reaffirmed) (Enhanced from INR45 Million) Outlook: Stable CRISIL believes that Ambay's financial risk profile will remain below-average over the medium term because of its moderate net worth, average debt protection metrics, and high gearing. The outlook may be revised to 'Positive' if Ambay generates more-than- expected revenues and thus, cash accruals. Conversely, the outlook may be revised to 'Negative' if Ambay's financial risk profile weakens more than expected, most likely because of larger-than- expected debt-funded capex or decline in profitability. About Ambay's comfortable Ambay was acquired by its current management in February 2008 and commenced operations in July 2008. The company is in the business of coke processing and sells coke to small vendors and small blast furnaces. Its unit in Burdwan (West Bengal) has 18 coking chambers, with capacity to process 30,000 tonnes of coke per annum. Ambay was reconstituted as a company from a partnership firm in October 2009. The company has capex plans of setting up a rolling mill plant and a ferro-alloy plant over the medium term. Ambay reported a profit after tax (PAT) of INR15.4 million on net sales of INR338.9 million for 2009-10, against a PAT of INR5.3 million on net sales of INR258.6 million for 2008-09. ASIP PRIVATE: CRISIL Reaffirms 'BB+' Rating on INR200MM Debt ------------------------------------------------------------ CRISIL's rating on the bank facilities of ASIP Private Limited continues to reflect the company's small scale of operations in the civil construction business, low net worth, and the working- capital-intensive nature of its operations. These weaknesses are, however, partially offset by ASIP's healthy revenue growth and strong order book. Facilities Ratings ---------- ------- INR200 Million Cash Credit BB+/Stable Limits (Enhanced from INR120 Million) INR500 Million Bank Guarantee P4+ Enhanced from INR250 Million) Outlook: Stable CRISIL believes that ASIP will benefit from the strong growth prospects of the civil construction industry. The outlook may be revised to 'Positive' if ASIP strengthens its business profile by enhancing its revenue diversity, while maintaining current operating margins. Conversely, any large additional debt-funded capital expenditure or acquisition, leading to deterioration in the company's financial risk profile, may drive a revision in outlook to 'Negative'. Update ASIP's performance for 2009-10 (refers to financial year, April 1 to March 31) has been better than CRISIL's expectation mainly because of a higher order book resulting in better than expected accruals. The company has achieved a turnover of around INR 390 million till September 30, 2010. The company has an order book of around INR4500-5000 million as on August 2010 which includes two large orders of around INR 1800 million and INR 1400 million from the Outer Ring Road project in Hyderabad and Greater Hyderabad Municipal Corporation, respectively. Its liquidity is likely to remain stretched, backed by stretched receivables leading to payment stretch to subcontractors, capital expenditure plans of around INR 80-100 million and high bank limit utilisation to fund its working capital requirements. However, CRISIL draws comfort from the company's healthy accruals, comfortable gearing levels and strong order book. The company reported a provisional profit after tax (PAT) of INR42.8 million on net sales of INR1034.2 million for 2009-10 (refers to financial year, April 1 to March 31), as against a PAT of INR42.6 million on net sales of INR755.5 million for 2008-09. About ASIP Private Set up as a partnership concern in 2000, ASIP converted to a private limited company in 2005. The company undertakes civil construction activities, such as construction of roads, canals and dams, and buildings, and erection of windmills. The company has completed projects in Karnataka, Madhya Pradesh, Maharashtra and Andhra Pradesh. AVIRAT COTTON: CRISIL Reaffirms 'B-' Rating on INR7.5MM Term Loan ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Avirat Cotton Industries Pvt Ltd continue to reflect Avirat's weak financial risk profile, marked by a high gearing, large working capital requirements, and exposure to risks related to unfavorable changes in government regulations. These weaknesses are partially offset by the extensive experience of Avirat's promoters in the cotton industry. Facilities Ratings ---------- ------- INR55 Million Cash Credit B-/Stable(Reaffirmed) INR7.5 Million Rupee Term Loan B-/Stable(Reaffirmed) INR27.5 Million Proposed Long-Term B-/Stable(Reaffirmed) Bank Loan Facility Outlook: Stable CRISIL believes that Avirat will continue to benefit over the medium term from its promoters' experience in the cotton ginning industry. The outlook may be revised to 'Positive' if the company's cash accruals increase, thereby leading to an improvement in the company's capital structure. Conversely, the outlook may be revised to 'Negative' if Avirat's operating margin declines sharply, resulting in reduced cash accruals, or in case of deterioration in the capital structure because of large debt- funded capital expenditure over the medium term. Update For 2009-10 (refers to financial year, April 1 to March 31), Avirat's revenues were marginally higher than CRISIL's expectation mainly because of higher cotton prices during the year. The company's operating margin at 2.1% was, however, in line with CRISIL's expectation. The company is expected to generate higher cash accruals during 2010-11 mainly because of inventory gains in the current year. Avirat has a weak financial risk profile, marked by a high gearing and small net worth. The company's gearing is expected to remain high over the medium term mainly because of large working capital borrowings. The liquidity is also expected to remain weak marked by high bank limit utilization and low cash accruals. However, the company is expected to generate sufficient cash accruals to service its term debt of around INR1.9 million for 2010-11. Avirat's capex plans of around INR 100 million for 2011-12 are expected to be funded through a debt of INR75.0 million. The planned capex is for forward integration into spinning, with installation of 15,000 spindles. However, the plan is contingent upon any subsidies extended by the Gujarat government for the new spinning capacity. The company plans to install a cold storage facility at the same cost, if they do not receive subsidies from the government for setting up the spinning mill. CRISIL has not factored the impact of the capex in its rating, as the plans are in the initial stage. Avirat reported a net profit of INR0.01 million on net sales of INR310.4 million for 2009-10, against a net loss of INR0.02 million on net sales of INR266.5 million for 2008-09. About Avirat Cotton Set up as a partnership firm in 2006, Avirat commenced commercial operations in January 2007. It was reconstituted as a private limited company on December 1, 2008. Avirat undertakes cotton ginning and pressing in Gondal (Gujarat). The company's plant has the capacity to process 24,000 bales per annum. Avirat also trades in cotton bales and seeds. B. ENGINEERS: CARE Assigns 'CARE BB' Rating to INR6.38cr Loan ------------------------------------------------------------- CARE assigns 'CARE BB' & 'PR4' ratings to the bank facilities of B. Engineers & Builders Ltd. Amount Facilities (INR cr) Amount ---------- -------- ------ Long/Medium term Bank Facilities 6.38 'CARE BB' Assigned Short term Bank Facilities 31.23 'PR4' Assigned Rating Rationale The aforesaid ratings are primarily constrained by small scale of operation of the company, declining order book position, low profitability levels & margins, stretched liquidity position resulting in higher utilization of working capital borrowings, concentration of operation in Eastern region (mainly Orissa), volatile raw material prices and intense competition in the construction industry. The ratings also factor in three decades of experience of the promoters in the construction industry, satisfactory project execution capability and increased thrust on infrastructure related activities by the Government of India. Steady flow of orders & timely execution of the same, regular receipt of contract proceeds from clients and ability to manage working capital effectively would remain the key rating sensitivities. About B. Engineers B. Engineers & Builders Limited, incorporated in 1980, is under the stewardship of Mr. Tusar Mishra (M.D.) and four of his friends. It is an Orissa based construction company engaged mainly in construction of bridges, barrages, dam, canal, roads and real estate. BEBL had executed projects for Central Government, State Government bodies (mainly for Orissa Govt.), railways and public & private sector organisations. In addition, it also manufactures iron ore crusher and motor body part in accordance with the orders received from customers (Humboldt Wedag Minerals India Pvt Ltd. and Alstom Motors Pvt. Ltd.). As on October 28, 2010, the value of orders in hand was about INR 93.2 crore. On total income of INR62.3 crore (FY09: INR36.5 crore), BEBL reported PBILDT of INR4.1 crore (FY09: INR4.1 crore) and PAT of INR0.7 crore (FY09: INR0.4 crore) for FY10. Both debt equity & overall gearing ratios after deteriorating as on March 31, 2009, due to higher borrowings, witnessed marginal improvement as on March 31, 2010, due to accretion of profits to reserve. CHHABRA ISPAT: CRISIL Reaffirms 'B+' Rating on INR100MM Term Loan ----------------------------------------------------------------- CRISIL's rating on the bank facilities of Chhabra Ispat Pvt Ltd's continues to reflect Chhabra Ispat's average financial risk profile, and exposure to risks relating to marginal market share, and cyclicality, in the steel industry. These rating weaknesses are partially offset by Chhabra Ispat's average operating efficiency. Facilities Ratings ---------- ------- INR125.5 Million Cash Credit B+/Stable (Reaffirmed) INR100 Million Term Loan B+/Stable (Reaffirmed) INR14.5 Million Letter of Credit P4(Reaffirmed) Outlook: Stable CRISIL believes that Chhabra Ispat will maintain a stable business risk profile over the medium term, backed by its operational efficiencies. The outlook may be revised to 'Positive' if the company's revenues and profitability increase, or if it achieves greater integration in operations. Conversely, the outlook may be revised to 'Negative' if the company's operating profit declines sharply because of low capacity utilization, or if there are delays in executing capital expenditure (capex) programme, or if it undertakes large debt-funded capex, thereby weakening its financial risk profile. Update The company commenced operations during January 2009 and FY10 was the first year of its commercial operations. During FY10 Chhabra Ispat's capacity utilization got affected by acute power shortage in the vicinity of Durgapur industrial belt. The liquidity of the company continues to remain stretched, due to working capital intensive nature of business coupled with low net worth. Chhabra Ispat reported a profit after tax (PAT) of INR 6 million on net sales of INR 785 million for 2009-10 (refers to financial year, April 1 to March 31), as against a (PAT) of INR0.32 million on net sales of INR187 million for 2008-09. About Chhabra Ispat Set up by Mr. Surendra Kumar Jain, Chhabra Ispat, manufactures mild steel billets, and has a current capacity of 62,400 tonnes per annum (tpa) at its production facilities near Durgapur (West Bengal). DINURJE JEWELLERY: CRISIL Reassigns 'B+' Rating on INR210MM Debt ---------------------------------------------------------------- CRISIL has assigned its 'B+/Stable' rating to the post-shipment credit facility of Dinurje Jewellery Pvt Ltd, which is part of the Dinurje group. The facility was earlier a short-term facility with 'P4' rating by CRISIL. Facilities Ratings ---------- ------- INR210.0 Million Post-Shipment Credit B+/Stable (Reassigned) The rating continues to reflect the Dinurje group's long working capital cycle, geographically concentrated revenue profile (revenues come mainly from the US and Hong Kong), and weak debt protection metrics. These rating weaknesses are partially offset by the extensive experience of the group's promoters in the diamond and jewellery business. For arriving at its rating, CRISIL has combined the business and financial risk profiles of DJPL and Dipti Diamonds and Jewellery Pvt Ltd (DDJPL). This is because the two entities, together referred to as the Dinurje group, have strong inter-company financial, operational, and management linkages. Outlook: Stable CRISIL believes that the Dinurje group will continue to benefit over the medium term from the extensive experience of its promoters in the diamond and jewellery business. The outlook may be revised to 'Positive' if the group's liquidity improves, driven by significant improvement in debtor levels. Conversely, the outlook may be revised to 'Negative' if the group's financial risk profile weakens, most likely because of a decline in its operating margin or further stretch in its working capital cycle. Update The Dinurje group's revenues increased by around 12% year-on-year in 2009-10 (refers to financial year, April 1 to March 31), primarily due to improvement in demand for diamond and jewellery in the global market. The group has generated revenues of around INR1.1 billion for the period April 1 to November 30, 2010; revenues are expected to be around INR1.7 billion for 2010-11. The group's operating margin has remained volatile; it was 3.2% for 2009-10. DDJPL, earlier a proprietorship concern known as Dipti Diamonds, was reconstituted as a private limited company in September 2010, with paid-up capital of INR0.1 million; the remaining capital of INR56.2 million was brought in as interest-free unsecured loans. The Dinurje group's working capital cycle continues to be stretched, with a high debtor level of 300 days as on March 31, 2010; the bank lines were fully utilized during the 12 months through September 2010. The group's gearing was at 0.9 times as on March 31, 2010; the gearing is expected to increase to more than 1 time over the medium term because of reduction in net worth and increasing working capital borrowings. The Dinurje group reported a profit after tax (PAT) of INR11.0 million on net sales of INR1.6 billion for 2009-10, against a PAT of INR134.2 million on net sales of INR1.4 billion for 2008-09. About the Group The Dinurje group, managed by Mrs. Dina Shah, is based in Mumbai. DJPL is in the diamond-studded jewellery manufacturing business, and also imports and exports rough and polished diamonds. DDJPL is into diamond trading. The group's jewellery manufacturing unit is located at the Santacruz Electronics Export Processing Zone (SEEPZ), Mumbai; it undertakes diamond trading from its office at the Opera House area of Mumbai. More than 30% of the group's sales are to its associate companies in the US and Hong Kong. The group also procures around 30% of its diamond requirement from these associates. DIPTI DIAMONDS: CRISIL Reassigns 'B+' Rating to INR150MM Credit --------------------------------------------------------------- CRISIL has assigned its 'B+/Stable' rating to the post-shipment credit facility of Dipti Diamonds and Jewellery Pvt Ltd, part of the Dinurje group. The facility was earlier a short-term facility with 'P4' rating by CRISIL. Facilities Ratings ---------- ------- INR150.0 Million Post-Shipment Credit B+/Stable (Reassigned) The rating continues to reflect the Dinurje group's long working capital cycle, geographically concentrated revenue profile (revenues come mainly from the US and Hong Kong), and weak debt protection metrics. These rating weaknesses are partially offset by the extensive experience of the group's promoters in the diamond and jewellery business. For arriving at its rating, CRISIL has combined the business and financial risk profiles of DDJPL and Dinurje Jewellery Pvt Ltd (DJPL). This is because the two entities, together referred to as the Dinurje group, have strong inter-company financial, operational, and management linkages. Outlook: Stable CRISIL believes that the Dinurje group will continue to benefit over the medium term from the extensive experience of its promoters in the diamond and jewellery business. The outlook may be revised to 'Positive' if the group's liquidity improves, driven by significant improvement in debtor levels. Conversely, the outlook may be revised to 'Negative' if the group's financial risk profile weakens, most likely because of a decline in its operating margin or further stretch in its working capital cycle. Update The Dinurje group's revenues increased by around 12% year-on-year in 2009-10 (refers to financial year, April 1 to March 31), primarily due to improvement in demand for diamond and jewellery in the global market. The group has generated revenues of around INR1.1 billion for the period April 1 to November 30, 2010; revenues are expected to be around INR1.7 billion for 2010-11. The group's operating margin has remained volatile; it was 3.2% for 2009-10. DDJPL, earlier a proprietorship concern known as Dipti Diamonds, was reconstituted as a private limited company in September 2010, with paid-up capital of INR0.1 million; the remaining capital of INR56.2 million was brought in as interest- free unsecured loans. The Dinurje group's working capital cycle continues to be stretched, with a high debtor level of 300 days as on March 31, 2010; the bank lines were fully utilized during the 12 months through September 2010. The group's gearing was at 0.9 times as on March 31, 2010; the gearing is expected to increase to more than 1 time over the medium term because of reduction in net worth and increasing working capital borrowings. The Dinurje group reported a profit after tax (PAT) of INR11.0 million on net sales of INR1.6 billion for 2009-10, against a PAT of INR134.2 million on net sales of INR1.4 billion for 2008-09. About the Group The Dinurje group, managed by Mrs. Dina Shah, is based in Mumbai. DJPL is in the diamond-studded jewellery manufacturing business, and also imports and exports rough and polished diamonds. DDJPL is into diamond trading. The group's jewellery manufacturing unit is located at the Santacruz Electronics Export Processing Zone (SEEPZ), Mumbai; it undertakes diamond trading from its office at the Opera House area of Mumbai. More than 30 per cent of the group's sales are to its associate companies in the US and Hong Kong. The group also procures around 30 per cent of its diamond requirement from these associates. EROS MOTORS: CRISIL Reaffirms 'BB+' Rating on INR14.8MM Term Loan ----------------------------------------------------------------- CRISIL's ratings on the bank facilities of Eros Motors Pvt Ltd continue to reflect EMPL's weak financial risk profile, marked by a small net worth and a high total outside liabilities to tangible net worth (TOL/TNW) ratio, and geographic concentration in its revenue profile. These rating weaknesses are partially offset by the benefits that the company derives from its promoters' experience in the automobile dealership business, and its diversified product portfolio. Facilities Ratings ---------- ------- INR64.70 Million Cash Credit Limit BB+/Stable (Reaffirmed) INR14.80 Million Term Loan BB+/Stable (Reaffirmed) INR20.50 Million Bank Guarantee P4+ (Reaffirmed) Outlook: Stable CRISIL believes that EMPL will maintain its market position in Nagpur (Maharashtra) over the medium term, backed by its promoters' experience in the automobile dealership business, and the company's diversified product portfolio. The outlook may be revised to 'Positive' if EMPL improves its capital structure, most likely through infusion of more equity capital, and/or its operating margin. Conversely, the outlook may be revised to 'Negative' if EMPL's cash accruals decline significantly because of increased competition in the automobile market in Nagpur, or in case the company undertakes a debt-funded capital expenditure (capex) programme, further weakening its capital structure. Update In July 2010, EMPL became an authorised dealer for Mahindra & Mahindra Ltd (M&M; rated 'AA+/Stable/P1+' by CRISIL) for distribution of tractors in Nagpur. In 2010-11 (refers to financial year, April 1 to March 31), EMPL has set up two extension counters for dealing in Hyundai Motors India Ltd's (Hyundai Motors'; 'P1+') cars, one each at Wardha and Bhandara (both in Maharashtra), and has also built a 16,000-square foot (sq ft) showroom for distribution of Swaraj Mazda Ltd's (Swaraj Mazda's) commercial vehicles (CVs) in Jabalpur (Madhya Pradesh). The total capex for these expansions was INR15 million, funded entirely out of the internal accruals of the company. Furthermore, the EMPL is building a new 1000-sq ft workshop for Hyundai Motors' cars at Nagpur. The total project cost for this workshop is estimated at around INR30 million, which is expected to be funded in a debt-to-equity mix of 3:1. The company has received a sanction for a term loan of INR22.5 million from Axis Bank Ltd, and expects to fund the balance through its internal accruals. CRISIL expects EMPL's TOL/TNW ratio to increase from the current levels owing to the debt-funded capex, and remain moderately high in the range of 5 to 6 times over the medium term. EMPL reported a profit after tax (PAT) of INR3.4 million on net sales of INR663 million for 2009-10, against a PAT of INR1.7 million on net sales of INR505 million for 2008-09. About Eros Motors Incorporated in 1989 and promoted by Mr. N P Pande, EMPL is a dealer in CVs, passenger cars, and tractors. The company is an authorised dealer for Hyundai Motors' passenger cars, M&M's tractors, Swaraj Mazda's commercial vehicles, and Piaggio Vehicles Pvt Ltd's ('A+/Stable/P1+') three- and four-wheel light commercial vehicles. GEHLOT ENTERPRISES: CRISIL Cuts Rating on INR25MM Loan to 'BB' -------------------------------------------------------------- CRISIL has downgraded its rating on Gehlot Enterprises Pvt Ltd's bank facilities to 'BB/Stable' from 'BB+/Stable'. Facilities Ratings ---------- ------- INR120.0 Million Cash Credit BB/Stable (Downgraded from 'BB+/Stable') INR25.0 Million Rupee Term Loan BB/Stable (Downgraded from 'BB+/Stable') The downgrade is driven by the deterioration in GEPL's total outside liabilities to tangible net worth (TOL/TNW) ratio to 4.28 times as on March 31, 2010, from 3.18 times a year earlier, as its increased business volumes have led to greater reliance on external funding. On the other hand, the company's operating profitability has been constrained at 3.74 per cent for 2009-10 (refers to financial year, April 1 to March 31); this, coupled with dividend payout of INR2.3 million (20 per cent of equity), has resulted in a lower-than-expected growth in net worth during the year. The TOL/TNW ratio continues to remain high in the current financial year, and is expected to remain aggressive over the medium term. The rating continues to reflect GEPL's weak financial risk profile, marked by a modest net worth, high TOL/TNW ratio, and weak debt protection measures; and the company's exposure to risks related to fluctuations in revenues due to close linkages of tractor sales to agricultural performance, which is inherently volatile. These rating weaknesses are partially offset by GEPL's dominant market position, the benefits that the company derives from its promoters' industry experience, and adequate debtor and inventory risk management. Outlook: Stable CRISIL believes that GEPL will continue to benefit from its strong position as an exclusive dealer for Tractor and Farm Equipments Ltd (TAFE) in four districts in Rajasthan. The outlook may be revised to 'Positive' if GEPL's financial risk profile strengthens, with an improved capital structure, driven by higher retention of cash in the business or equity infusion. Conversely, the outlook may be revised to 'Negative' if the company's working capital cycle deteriorates, or it undertakes any debt-funded capital expenditure programmes, thereby adversely impacting its capital structure, or if its revenues decline as a result of weak agricultural performance, constraining its debt servicing ability. About Gehlot Enterprises GEPL was originally established in 1950 as a partnership firm, National Motors, by members of the Gehlot family. In 1981, the operations of the firm were transferred to a public limited company, Gehlot Enterprises Ltd, which was subsequently, in 1985, reconstituted as a private limited company with the present name. GEPL continues to be owned by members of the Gehlot family, and its operations are managed by Mr. Kishore S Gehlot. The company has five dealership outfits and service centres for TAFE tractors, two in Jaipur, and one each in Jetpura, Dausa, and Kotputli (all in Rajasthan). GEPL reported a profit after tax (PAT) of INR5.9 million on net sales of INR863.8 million for 2009-10, against a PAT of INR2.9 million on net sales of INR717.9 million for 2008-09. GOEL & ASSOCIATES: CRISIL Reaffirms 'B' Rating on INR30MM Debt -------------------------------------------------------------- CRISIL has reaffirmed its ratings of 'B/Stable/P4' on the bank facilities of Goel & Associates. Facilities Ratings ---------- ------- INR30 Million Cash Credit B/Stable (Reaffirmed) INR50 Million Bank Guarantee P4 (Reaffirmed) The ratings continue to reflect Goel's small scale of operations and net worth, and geographical concentration in its revenue profile. These weaknesses are partially offset by the healthy growth in Goel's revenues over the past four years, and its moderate order book position. Outlook: Stable CRISIL believes that Goel will benefit over the medium term from the healthy growth prospects for the civil construction industry despite its geographically concentrated revenue profile. The outlook may be revised to 'Positive' if Goel diversifies its revenue base while maintaining its operating margin. Conversely, the outlook may be revised to 'Negative' if Goel's financial risk profile deteriorates, most likely on account of a large, debt- funded capital expenditure programme. About Goel & Associates Goel, a partnership firm, was set up in 1995 by Mr. Navin Goel and his father, Mr. R C Goel. The firm constructs housing complexes in Chattisgarh. The firm has executed orders only for the Chhatisgarh Housing Board since 2004. Goel group reported a profit after tax (PAT) of INR8.26 million on net sales of INR245.57 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR5.88 million on net sales of INR131.25 million for 2008-09. KAVIA CARBONS: CRISIL Assigns 'B' Rating to INR46.2MM Term Loan --------------------------------------------------------------- CRISIL has assigned its 'B/Stable' rating to the bank facilities of Kavia Carbons Chennai Pvt Ltd. The rating reflects the delay in completion of KCCPL's project, and the company's limited track record of operation. These rating weaknesses are partially offset by the low funding risk for the project, and the positive response from potential customers. Facilities Ratings ---------- ------- INR20.0 Million Cash Credit Facility B/Stable (Assigned) INR46.2 Million Term Loan B/Stable (Assigned) Outlook: Stable CRISIL believes that KCCPL will complete its ongoing modernization and capacity expansion project without any further time or cost overrun. The outlook may be revised to 'Positive' if stabilization of operations leads to better-than-expected offtake and cash flows for KCCPL. Conversely, the outlook may be revised to 'Negative' in case of lower-than-expected offtake of the company's products, significantly constraining its cash accruals and hence its debt servicing ability. About Kavia Carbons KCCPL was established by Mr. C P Balasubramaniam in 1996 for manufacturing chemically activated carbon. Because of financial constraints, the company was sold to Mr. P N Agarwal in 2007. After the takeover, the current promoters initiated a capital expenditure programme for modernisation and expansion of KCCPL's facilities. The project, after a delay of around a year, is scheduled to be completed by the end of December 2010. KCCPL reported a net loss of INR1.0 million on net sales of INR0.4 million for 2009-10 (refers to financial year, April 1 to March 31). MRK PIPES: CARE Assigns 'CARE BB' Rating to INR67.49cr LT Loan -------------------------------------------------------------- CARE assigns 'CARE BB' and 'PR4' rating to bank facilities of MRK Pipes Ltd. Amount Facilities (INR cr) Amount ---------- -------- ------ Long-term Bank Facilities 67.49 'CARE BB' Assigned Short-term Bank Facilities 12.00 'PR4' Assigned Rating Rationale The ratings are primarily constrained due to the small size of operation with very low PAT margin and high working capital intensity. The ratings are also constrained due to implementation risk associated with its ongoing capex and high dependence on government sector for off-take of Asbestos Cement (AC) pressure pipes. The ratings, however, factor in the decade long experience of the promoters in the business and well-established distribution network for AC sheets. Continued off-take of AC Pipes from the government sector, ability to improve its profitability in light of increasing competition and successful implementation and stabilization of operations of the on-going capacity expansion are the key rating sensitivities. About MRK Pipes MRK Pipes Ltd., incorporated in July 2000, is promoted by Mr. Rakesh Akar, Mr. Dinesh Parasrampuria and Mr. Manish Kalani. It is a closely-held public limited company with the promoters and the promoters' group holding 100% of the equity capital. MRKPL started off with the manufacture of AC pressure pipes and subsequently added capacity for manufacture of AC sheets in 2006-07. MRKPL has an installed capacity of 54,000 MTPA for AC pressure Pipes and 60,000 MTPA for AC Sheets as on March 31, 2009. MRKPL has undertaken capacity expansions in the AC Sheet unit during 2009-10 subsequent to which its annual capacity will increase by 80,000 MTPA during 2010-11. During FY10 (Audited), MRKPL reported a total operating income of INR67.10 crore [FY09 (Audited): INR56.62 crore] and a PAT of INR1.60 crore [FY09 (Audited): INR0.48 crore]. NBM IRON: ICRA Places 'LBB' Rating on INR5cr Cash Credit Facility ----------------------------------------------------------------- ICRA has assigned an 'LBB' rating to the INR 5.00 crore cash credit facility of NBM Iron and Steel Trading Private Limited. ICRA has also assigned an 'A4' rating to the INR 50.00 crore, short-term, non-fund based facilities of NBM. The outlook for the long term rating is stable. The assigned ratings are constrained by the modest size of operations, the weak profitability indicators and vulnerability of the company's profitability to the fluctuations in steel prices. The ratings also take into account the likely impact of environmental regulatory risks, the exposure to exchange rate fluctuations and the exposure of the working capital intensity to any delays in obtaining requisite approvals. However, the ratings take comfort from the extensive experience of the promoters in the ship breaking business, the comfortable capital structure of the company and the favorable outlook for the ship breaking industry in the near future given the strong outlook for the steel demand. About NBM Iron NBM was originally incorporated in August 1997 as M/s. Hussain Sheth Ship Breakers Pvt. Ltd., in Bhavnagar. After temporarily suspending ship-breaking activities, the company was renamed as NBM Iron and Steel Trading Pvt. Ltd. in 2005 and resumed ship- breaking activities since 2009. Presently, NBM operates from Plot No. 61 at Alang-Sosiya Ship breaking Yard, Bhavnagar on a lease basis from Gujarat Maritime Board (GMB). The area of the plot is around. 2430 sq meters. Recent Results In FY 2010, NBM reported an operating income of INR 42.41 crore and profit after tax of INR 2.09 crore (which includes one-time extra-ordinary income of INR 1.80 crore). NUTAN ISPAT: ICRA Assigns 'LBB' Rating to INR2.5cr Term Loan ------------------------------------------------------------ ICRA has assigned an 'LBB' rating to the INR2.50 crore term loan, INR14.00 crore cash credit and INR4.00 crore bank guarantee limits of Nutan Ispat & Power Private Limited. The outlook on the long term rating is stable. ICRA has also assigned an 'A4' rating to the INR7.50 crore letter of credit limits of NIPPL. Out of which INR2 cr is inter-changeable between LC and BG facilities. The assigned ratings take into consideration the low utilization levels of the direct reduced iron (DRI) capacities, the company's weak financial profile characterized by low levels of net profit margins (NPM) and return on capital employed (RoCE), high working capital intensity exerting pressure on liquidity as indicated by a high cash credit utilization pattern, high sales concentration risk and the company's exposure to the cyclicality inherent in the steel industry. In addition, significant capital expenditure (capex) planned in the company in the near term is expected to keep the company's liquidity under pressure. The ratings, however, factor in the experience of the promoters in the steel industry, the existence of coal linkages for DRI capacities, the company's contractual agreement as a conversion agent with reputed companies in the steel sector and its conservative capital structure. During the current year, NIPPL acquired the mild steel (MS) ingot manufacturing facility of Indo Lahari Bio Power Limited, a group company which was engaged in the manufacturing of steel ingots and power and located adjacent to NIPPL's exisitng manufacturing facilities. ICRA expects NIPPL's operating profile to improve with the increase in its value addition in business going forward. About Nutan Ispat Incorporated in 2002, Nutan Ispat & Power Private Limited is promoted by the Raipur-based Agarwal family. The company is primarily engaged in the production of DRI and structural steel (SS) products. However, majority of its SS production is on a job-work basis. The manufacturing facility of the company is located in Raipur, Chattisgarh. The installed capacities for production of DRI and SS products are 60,000 metric tonnes per annum (MTPA) and 50,000 MTPA respectively. In December, 2010, the company has acquired the MS ingot manufacturing facility with an installed capacity of 25200 MTPA from its group company. Recent Results For the year ended FY 2010, the company reported a net profit after tax (PAT) of INR0.16 crore on the back of OI of INR42.90 crore as against a PAT of INR0.20 crore on net sales of INR59.64 crore in FY 2009. OZONE URBANA: CARE Assigns 'CARE BB-' Rating to INR325cr Debt ------------------------------------------------------------- CARE assigns 'CARE BB-' rating to the long-term facilities of Ozone Urbana Infra Developers Pvt. Ltd. Amount Facilities (INR cr) Amount ---------- -------- ------ Long-term Bank Facilities 325.0 'CARE BB-' Assigned Term Loan From Financial 69.0 'CARE BB-' Assigned Institutions Rating Rationale The above rating is constrained by initial stage of project implementation, risk associated with timely completion of the project and ability to garner customers as well as high dependence of loan servicing on receipt of advance booking money. However, the rating draws strength from the rich experience of the promoters, advantageous location of the project, fully tied up debt component for the project and equity infusion by the promoters. Going forward, timely completion of the project without any cost overrun and timely receipt of advance booking money as envisaged shall remain the key rating sensitivities. About Ozone Urbana OUDL was incorporated in 2006 as Mfar Infrastructure Development Pvt. Ltd. (MIDL), promoted by the Ozone group of Bangalore. Subsequently, Ozone Propex Pvt. Ltd., the flagship company of the group, acquired MIDL in March, 2008 and renamed it as OUDL. The Ozone group is involved in the development of information technology parks, office space, malls, hotels, service apartments, residential apartments and townships. The group has presence in Chennai and Bangalore. The group includes several companies that are joint venture equity partners on project-specific basis. OUDL is essentially a Special Purpose Vehicle (SPV) of the Ozone group for setting up one or more real estate projects. RIDHI SIDHI: ICRA Assigns 'LBB' Rating to INR5cr Bank Facilities ---------------------------------------------------------------- ICRA has assigned an "LBB" rating to the INR 5.00 crore fund based bank facilities of Ridhi Sidhi Tobacco Private Limited. The outlook on the long term rating is stable. The rating takes into account the long experience of the promoters in the distribution business, RSTPL's established relationship with its principal and the moderate working capital intensity of the business. The rating is however constrained by RSTPL's weak financial profile characterized by low profitability and high gearing, leading to weak coverage indicators. The rating also factors in RSTPL's significant product concentration risks, with revenue from cigarettes accounting for more than 90% of its total turnover during 2009-10. The risk is further accentuated by the regional concentration of sales, as the entire sales are made in certain areas of South Kolkata in West Bengal. The rating is also constrained by the limited growth achieved by the company since it operates within a fixed territory earmarked by its principal. About Ridhi Sidhi RSTPL was incorporated in the year 2000 and is promoted by the Kedia family based in Kolkata. The company is an area distributor of cigarettes and other fast moving consumer goods (FMCG) like food products, personal care products, safety matches and joss sticks. Recent Results The company reported a net profit of INR 0.12 crore in FY10 on an OI of INR 54.85 crore, as compared o a net profit of INR 0.10 crore on an OI of INR 49.57 crore during FY09. ========= J A P A N ========= SILVER SEIKO: To be Delisted in Tokyo Bourse on January 29 ---------------------------------------------------------- Kyodo News reports that Silver Seiko Ltd will be delisted from the First Section of the Tokyo Stock Exchange on January 29, 2011, as the company is unable to continue transactions with banks after its promissory notes were dishonored twice, an effective bankruptcy. Kyodo says the company's stock will be designated as an issue for delisting from January 4 until January 28. Kyodo relates that under Japan's commercial code, a company is considered bankrupt when it fails to meet debt or promissory-note payments twice within six months. The company's dishonored notes total JPY1 billion, Kyodo says. According to Kyodo, credit research firm Tokyo Shoko Research said Silver Seiko went down with liabilities totaling JPY1.58 billion. Tokyo Shoko said Silver Seiko will continue doing business while soliciting a sponsor to support its rehabilitation, Kyodo adds. About Silver Seiko Based in Japan, Silver Seiko Ltd. manufactures home use machines and appliances, including knitting machines, sewing machines, vacuum cleaners, air cleaners and dish dryers. The Group is also engaged in the manufacture of environmental equipment such as air cleaner, and information equipment such as printers and shredders. =============== M A L A Y S I A =============== NGIU KEE: Units Inks Debt Restructuring Deal With Bank Islam ------------------------------------------------------------ Ngiu Kee Corporation (M) Berhad said that its subsidiary, Ngiu Kee Sdn. Bhd., on December 29, 2010, signed a Tawarruq Master Facility Agreement with Bank Islam Malaysia Berhad to restructure the outstanding balance of the existing facility with Bank Islam to be repaid over a period of six years. About Ngiu Kee Ngiu Kee Corporation (M) Berhad (NKC) is a Malaysia-based company. The Company is an investment holding company with its subsidiary companies involved in the operation of supermarkets and departmental stores in East Malaysia. The Company's subsidiaries include Ngiu Kee Sdn. Bhd., which is engaged in investment holding, and operating a supermarket and departmental store; B.I.G. Store Sdn. Bhd., which is engaged in investment holding; Pacific-Ngiu Kee Sdn. Bhd., which is engaged in operating a supermarket and departmental store; Ngiu Kee (Sibu) Sdn. Bhd., which is engaged in operating a supermarket and departmental store; Ngiu Kee (Wisma Saberkas)Sdn. Bhd., which is engaged in operating a supermarket and departmental store; Ngiu Kee (Sarikei) Sdn. Bhd., which is engaged in operating a supermarket and departmental store and Ngiu Kee (Mukah) Sdn. Bhd., which is engaged in operating a supermarket and departmental store. * * * Ngiu Kee Corporation (M) Berhad has been classified as a Practice No. 17 company based on the criteria set by the Bursa Malaysia Securities Bhd. According to a disclosure statement with the bourse, NKCB has triggered one of the prescribed criteria under paragraph 2.1(f). The company's subsidiary has defaulted in its loan payment and is unable to provide a solvency declaration to the exchange. VASTALUX ENERGY: Court Issues Wind-Up Order Against Major Unit -------------------------------------------------------------- The High Court of Malaya has issued a winding-up order on Vastalux Sdn. Bhd, a major subsidiary of Vastalux Energy. The court also ordered that the Director General of Insolvency may be appointed as provisional liquidator of VSB and the costs of the petition be paid out of the assets of VSB. Hot-Hed (M) Sdn. Bhd. served winding-up petition against Vastalux Sdn. Bhd. in April 2010. The company said the powers of the Board of Directors and Officers of VSB will cease upon the appointment of a liquidator. The financial impact resulting from the Court Order is expected to be substantial as there would be loss of future income from VSB, the company added. The operational impact is also expected to be significant as the VEB Group would not be able to undertake any activities under VSB. The company said it is currently formulating the steps to be undertaken in respect of the winding-up Petition. About Vastalux Energy Vastalux Energy Berhad (KUL:VASTALX) is a Malaysia-based investment holding company. The Company, through Vastalux Sdn. Bhd., is engaged in the provision of offshore and onshore hook-up and commissioning, offshore topside and onshore facilities maintenance services, offshore and onshore minor fabrication works and charter of marine vessel. Its indirect subsidiaries are Vastalux Fabricators Sdn. Bhd., which is engaged in workshop and fabrications job; Vastalux Onshore Services Sdn. Bhd., which is engaged in onshore construction of oil and gas plant; Vastalux Capital Sdn. Bhd.; Vastalux E&C Sdn. Bhd., which is engaged in the provision of top side major maintenance works; Vastalux Offshore Services Sdn. Bhd., which is engaged in hook-up and commissioning works; Vastalux Marine Sdn. Bhd.; Merak Utama Sdn. Bhd, which is engaged in under water inspection for structural integrity; PT Vastalux Energy; V-Factor Sdn. Bhd., and Vastalux-Anpha Company Limited. Vastalux Energy Berhad has been considered a PN17 Company pursuant to Paragraph 2.1(e) of PN17. The PN17 criteria was triggered as a result of an expressed modified opinion with emphasis on the company's going concern on the latest audited consolidated financial statements for the financial year ended December 31, 2009, and shareholders' equity of the company on a consolidated basis as at September 30, 2010, is less than 50% of the issued and paid-up share capital of VEB as at September 30, 2010. ==================== N E W Z E A L A N D ==================== BLACK ROBIN: Receivers Put Businesses in "Going Concern" Sale ------------------------------------------------------------- The Timaru Herald reports that problems with the purchase of a second ship and a subsequent loan default are behind the failure of Timaru shipping firms Black Robin Shipping and Black Robin Freighters. The Timaru Herald says Black Robin Shipping and Black Robin Freighters have run regular services to the Chatham Islands for the past decade and have built a trade worth about NZ$10 million a year to South Canterbury. Both firms were placed into receivership in October in a blow to both the Chathams and South Canterbury, the Timaru Herald reports. According to the report, the receiver, BDO, is trying to sell the shipping businesses as a going concern. Citing first receiver's report, Timaru Herald discloses that Black Robin Freighters had total assets of NZ$491,006 and total liabilities of NZ$2.9 million, leaving a deficit of NZ$2.4 million. The associated company, Black Robin Shipping, has total assets close to NZ$4.9 million, and total liabilities of NZ$5 million, leaving a deficit of NZ$132,318. Among the debtors is South Canterbury Finance, which is owed NZ$4.4 million. The Timaru Herald adds that the receiver said the primary reason for the failure was costs associated with the purchase of a ship from South America, which was estimated to exceed US$3.2 million (NZ$4.17 million) and a loan default. Black Robin director Kelvyn Leslie, who founded the company, is continuing to run the service. QUAYSIDE TRUSTEE: Owes Nearly NZ$15 Million to Creditors -------------------------------------------------------- The National Business Review reports that Quayside Trustee had left a debt of almost NZ$15 million. The Business Review relates Quayside receivers said the company's debts exceed NZ$14.7 million, too high to be offset by the sale of unsold apartments, which have been marked down substantially in a saturated Whakatane property market. Quayside Trustee was placed in receivership on September 8, 2010, by secured creditors ANZ Bank and Fidelity Finance, which were owed NZ$10.8 million and NZ$4.0 million, respectively. Andrew McKay and John Cregton of Corporate Finance were appointed receivers. At that time, says Business Review, the receivers said preferential creditors -- which include Inland Revenue and employees -- were owed NZ$1.5 million, while unsecured creditors were estimated to be owed NZ$1.6 million. According to Business Review, the receivers said it was unlikely there would be sufficient funds to meet the claims of unsecured creditors. Deloitte's court-ordered liquidation report on behalf of all creditors showed Quayside debts had been reduced from nearly $18 million to $14.7 million by October 14. Quayside Trustee is the developer of the luxury Quayside apartment complex in Whakatane. Quayside Trustee is owned and directed by Whakatane businessman and accountant Greg Robison, Tauranga developer John McColl and Tauranga architect Mark Tatton. RUGBY SOUTHLAND: Insolvency Cues Funders to Seek New Manager ------------------------------------------------------------ Nathan Burdon at The Southland Times reports that Rugby Southland is broke after a season of overspending. According to the Southland Times, the union owes about NZ$700,000 to creditors, with no ability to pay, and is forecasting a deficit between NZ$350,000 and NZ$478,000 for the 2010 financial year. The Southland Times says the Community Trust of Southland has agreed to advance Rugby Southland NZ$126,000 on next year's funding to help get it through the next few weeks. The NZRU, according to the Southland Times, has also advanced NZ$150,000, while the Invercargill Licensing Trust has not decided what level of immediate support it will provide. The Southland Times notes that a "change manager", paid for by the funders, will be appointed to oversee all aspects of Rugby Southland's finances following a series of meetings with the community funders, and discussions with the New Zealand Rugby Union. Rugby Southland will submit a list of potential candidates to the funders next week and an appointment will be made by mid to late January, the Southland Times notes. According to the Southland Times, the change manager will have three months to provide an interim report detailing the level of financial difficulty the union has put itself into, along with a way forward for Rugby Southland. Community Trust chairman Tracy Hicks said Rugby Southland was insolvent and had arguably been in that position for some time, the Southland Times reports. Mr. Hicks said the dire financial situation at Rugby Southland had prompted the Community Trust to reassess what its role in funding rugby would be, and what it would do in the short term to ensure the game did not fold. Rugby Southland is a New Zealand based football team. ===================== P H I L I P P I N E S ===================== * PHILIPPINES: 25 Banks Under PDIC Receivership ----------------------------------------------- GMA News reports that Philippine regulators said twenty-five banks went belly-up this year, prompting the policy-setting Monetary Board to place them under receivership of the Philippine Deposit Insurance Corp. The report relates that the board, chaired by the Bangko Sentral ng Pilipinas Gov. Amando Tetanco Jr., also tasked PDIC to assess the condition of each bank -- whether temporary and salvageable or permanent and, thus, should be liquidated. PDIC president Jose Nograles, who has made it a personal crusade to save as many banks as possible on the brink of bankruptcy, maintains this position: regulatory intervention has a higher chance of success when a bank in dire straits is still operating, according to GMA News. The report, quoting Mr. Nograles, said that rehabilitation efforts usually fail when a bank has already ceased operations. Still, regulatory intervention comes after a bank has been taken over, either by BSP or PDIC, and not before, Mr. Nograles added. Of the 25 banks, only one was a thrift bank, says the report. GMA News notes the regulators said many rural banks usually thrive for a few years before going out of business, often victims of mismanagement either by shareholders or the professional managers that run them. Pasig City-based First Country Bank was the latest failed bank, shut close by the Monetary Board this month, the report discloses. =============== X X X X X X X X =============== * BOND PRICING: For the Week December 27 to December 31, 2010 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ADVANCED ENERGY 9.50 01/04/2015 AUD 1.07 AINSWORTH GAME 8.00 12/31/2011 AUD 1.12 AMITY OIL LTD 10.00 10/31/2013 AUD 2.00 AMP GROUP FINANC 9.80 04/01/2019 NZD 0.97 AUST & NZ BANK 2.00 04/15/2018 AUD 74.13 BECTON PROP GR 9.50 06/30/2010 AUD 0.24 CBD ENERGY LTD 12.50 01/29/2011 AUD 0.14 ENVESTRA LTD 3.04 08/20/2025 AUD 74.95 EXPORT FIN & INS 0.50 12/16/2019 AUD 59.05 EXPORT FIN & INS 0.50 06/15/2020 AUD 56.99 EXPORT FIN & INS 0.50 06/15/2020 AUD 58.73 FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.40 HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.86 MINERALS CORP 10.50 09/30/2011 AUD 0.25 NEW S WALES TREA 1.00 09/02/2019 AUD 63.91 NEW S WALES TREA 0.50 09/14/2022 AUD 51.79 NEW S WALES TREA 0.50 10/07/2022 AUD 51.59 NEW S WALES TREA 0.50 10/28/2022 AUD 51.41 NEW S WALES TREA 0.50 11/18/2022 AUD 51.17 NEW S WALES TREA 0.50 12/16/2022 AUD 50.95 NEXUS AUSTRALIA 3.60 08/31/2017 AUD 71.09 NEXUS AUSTRALIA 3.60 08/31/2019 AUD 64.91 RESOLUTE MINING 12.00 12/31/2012 AUD 1.42 TREAS CORP VICT 0.50 08/25/2022 AUD 52.61 TREAS CORP VICT 0.50 11/12/2030 AUD 34.68 CHINA ----- CHINA GOV'T BOND 1.64 12/15/2033 CNY 64.35 CHINA THREE GORG 3.45 04/08/2014 CNY 70.00 CHINA THREE GORG 4.05 04/08/2016 CNY 69.65 HONG KONG --------- RESPARCS FUNDING 8.00 12/29/2049 USD 34.50 INDIA ----- AIRPORTS AUTH IN 7.40 01/22/2013 INR 12.59 DAMODAR VALLEY 7.70 01/03/2013 INR 16.11 DELHI TRANSCO LT 9.50 03/02/2016 INR 40.15 DELHI TRANSCO LT 9.50 03/02/2017 INR 47.05 DELHI TRANSCO LT 9.50 03/02/2018 INR 53.49 DELHI TRANSCO LT 9.50 03/02/2019 INR 59.84 DELHI TRANSCO LT 9.50 03/02/2020 INR 66.19 DELHI TRANSCO LT 9.50 03/02/2021 INR 72.13 GODAVAR IRR 11.25 01/15/2013 INR 18.63 GODAVAR IRR 11.50 01/15/2015 INR 19.04 GODAVAR IRR 13.50 08/16/2015 INR 48.93 HOUSING & UDCL 12.00 01/19/2011 INR 0.63 HOUSING & UDCL 11.50 09/25/2011 INR 8.44 HOUSING & UDCL 11.50 09/25/2011 INR 8.44 HOUSING & UDCL 11.50 09/25/2011 INR 8.44 HOUSING & UDCL 11.50 09/25/2011 INR 8.44 HOUSING & UDCL 11.50 09/25/2011 INR 8.44 HOUSING & UDCL 12.00 01/07/2012 INR 12.18 HOUSING & UDCL 12.00 01/07/2012 INR 12.18 HOUSING & UDCL 12.00 01/07/2012 INR 12.18 HOUSING & UDCL 9.00 01/30/2012 INR 17.71 HOUSING & UDCL 9.25 03/06/2012 INR 18.00 HOUSING & UDCL 10.00 03/27/2012 INR 20.53 HOUSING & UDCL 9.75 03/28/2012 INR 20.07 HOUSING & UDCL 9.00 03/28/2012 INR 18.65 HOUSING & UDCL 10.00 03/28/2012 INR 20.51 HOUSING & UDCL 7.30 03/29/2012 INR 11.26 HOUSING & UDCL 7.00 03/29/2012 INR 10.79 HOUSING & UDCL 7.00 03/29/2012 INR 11.10 HOUSING & UDCL 9.75 06/28/2012 INR 14.12 HOUSING & UDCL 6.05 02/11/2013 INR 13.85 HOUSING & UDCL 6.90 03/03/2013 INR 12.49 HOUSING & UDCL 7.30 03/03/2013 INR 13.22 HOUSING & UDCL 5.90 03/08/2013 INR 13.69 HOUSING & UDCL 6.30 03/08/2013 INR 15.97 HOUSING & UDCL 7.70 03/26/2013 INR 17.97 HOUSING & UDCL 8.30 04/28/2013 INR 19.37 HOUSING & UDCL 10.00 06/28/2014 INR 29.44 HOUSING & UDCL 7.30 01/17/2016 INR 37.46 HOUSING & UDCL 7.50 01/17/2016 INR 20.33 HOUSING & UDCL 7.80 01/17/2016 INR 40.16 HOUSING & UDCL 8.35 03/24/2016 INR 44.28 HOUSING & UDCL 8.05 03/24/2016 INR 1.91 HOUSING & UDCL 8.12 03/24/2016 INR 22.99 HOUSING & UDCL 8.85 08/29/2016 INR 10.74 HOUSING & UDCL 9.10 08/29/2016 INR 28.38 HOUSING & UDCL 8.75 11/29/2016 INR 8.74 KONKAN RAILWAY 9.30 10/19/2012 INR 14.73 KONKAN RAILWAY 8.50 09/01/2011 INR 7.10 KONKAN RAILWAY 6.90 03/30/2012 INR 1.12 KONKAN RAILWAY 6.65 05/01/2013 INR 14.12 KONKAN RAILWAY 6.65 05/01/2013 INR 14.12 KONKAN RAILWAY 6.65 05/01/2013 INR 14.12 NUCLEAR POWER CL 6.15 08/14/2011 INR 4.02 NUCLEAR POWER CL 8.20 02/20/2012 INR 10.45 NUCLEAR POWER CL 6.10 08/14/2012 INR 9.08 PUNJAB INFRA DB 11.45 01/19/2024 INR 60.04 PUNJAB INFRA DB 11.45 02/16/2024 INR 60.91 PUNJAB INFRA DB 0.40 10/15/2024 INR 3.34 PUNJAB INFRA DB 0.40 10/15/2025 INR 3.48 PUNJAB INFRA DB 0.40 10/15/2026 INR 3.64 PUNJAB INFRA DB 0.40 10/15/2027 INR 3.80 PUNJAB INFRA DB 0.40 10/15/2028 INR 3.96 PUNJAB INFRA DB 0.40 10/15/2029 INR 4.12 PUNJAB INFRA DB 0.40 10/15/2030 INR 4.26 PUNJAB INFRA DB 0.40 10/15/2031 INR 4.39 PUNJAB INFRA DB 0.40 10/15/2032 INR 4.51 PUNJAB INFRA DB 0.40 10/15/2033 INR 4.61 PYRAMID SAIMIRA 1.75 07/04/2012 INR 12.43 TOURISM FIN CORP 9.50 04/30/2019 INR 60.62 WEST BENGAL INFR 8.75 10/16/2013 INR 4.63 WEST BENGAL INFR 9.00 10/16/2016 INR 19.53 WEST BENGAL INFR 9.10 10/16/2016 INR 40.60 WEST BENGAL INFR 9.30 10/16/2017 INR 47.60 WEST BENGAL INFR 9.20 04/07/2020 INR 64.65 JAPAN ----- AIFUL CORP 6.00 12/12/2011 USD 73.12 AIFUL CORP 6.00 12/12/2011 USD 73.12 AIFUL CORP 1.99 03/23/2012 JPY 72.13 AIFUL CORP 1.22 04/20/2012 JPY 69.13 AIFUL CORP 1.63 11/22/2012 JPY 58.10 AIFUL CORP 1.74 05/28/2013 JPY 48.92 AIFUL CORP 1.99 10/19/2015 JPY 42.01 CSK CORPORATION 0.25 09/30/2013 JPY 72.40 JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 61.67 JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 61.26 SHINSEI BANK 5.62 12/29/2049 GBP 73.41 TAKEFUJI CORP 9.20 04/15/2011 USD 10.25 MALAYSIA -------- ADVANCED SYNERY 2.00 01/26/2018 MYR 0.09 ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.30 CRESENDO CORP B 3.75 01/11/2016 MYR 1.11 DUTALAND BHD 6.00 04/11/2013 MYR 0.52 DUTALAND BHD 6.00 04/11/2013 MYR 0.31 EASTERN & ORIENT 8.00 07/25/2011 MYR 1.15 EASTERN & ORIENT 8.00 11/16/2019 MYR 1.16 LEBUHRAYA KAJANG 2.00 06/12/2019 MYR 47.73 LION DIVERSIFIED 4.00 12/17/2013 MYR 1.45 MITHRIL BHD 3.00 04/05/2012 MYR 0.60 NAM FATT CORP 2.00 06/24/2011 MYR 0.03 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.23 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.23 OLYMPIA INDUSTRI 2.80 04/11/2013 MYR 0.52 PANTECH GROUP 7.00 12/21/2017 MYR 0.10 PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.53 REDTONE INTL 2.75 03/04/2020 MYR 0.07 RUBBEREX CORP 4.00 08/14/2012 MYR 0.92 SCOMI ENGINEERING 4.00 03/19/2013 MYR 0.96 SCOMI GROUP 4.00 12/14/2012 MYR 0.09 TATT GIAP 2.00 06/06/2015 MYR 0.70 TRADEWINDS CORP 2.00 02/08/2012 MYR 0.92 TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.55 TRC SYNERGY 5.00 01/20/2012 MYR 1.55 WAH SEONG CORP 3.00 05/21/2012 MYR 3.15 WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.25 YTL CEMENT BHD 5.00 11/10/2015 MYR 2.26 NEW ZEALAND ----------- ALLIED FARMERS 9.60 11/15/2011 NZD 43.87 CONTACT ENERGY 8.00 05/15/2014 NZD 1.05 DORCHESTER PACIF 5.00 06/30/2013 NZD 63.80 FLETCHER BUI 8.50 03/15/2015 NZD 6.70 FLETCHER BUI 7.55 03/15/2011 NZD 7.40 GMT BOND ISSUER 7.75 06/19/2015 NZD 0.06 INFRATIL LTD 8.50 09/15/2013 NZD 8.40 INFRATIL LTD 8.50 11/15/2015 NZD 9.25 INFRATIL LTD 10.18 12/29/2049 NZD 61.70 KIWI INCOME PROP 8.95 12/20/2014 NZD 1.30 MARAC FINANCE 10.50 07/15/2013 NZD 1.00 SKY NETWORK TV 4.01 10/16/2016 NZD 5.93 SOUTH CANTERBURY 10.50 06/15/2011 NZD 1.00 SOUTH CANTERBURY 10.43 12/15/2012 NZD 0.74 ST LAURENCE PROP 9.25 07/15/2010 NZD 51.44 TOWER CAPITAL 8.50 04/15/2014 NZD 1.02 TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.80 TRUSTPOWER LTD 8.50 03/15/2014 NZD 6.60 TRUSTPOWER LTD 7.60 12/15/2014 NZD 1.03 TRUSTPOWER LTD 8.60 12/15/2016 NZD 1.06 UNI OF CANTERBUR 7.25 12/15/2019 NZD 1.00 VECTOR LTD 8.00 06/15/2012 NZD 7.50 VECTOR LTD 8.00 10/15/2014 NZD 6.50 SINGAPORE --------- DAVOMAS INTL 5.50 12/08/2014 USD 67.07 EQUINOX OFFSHORE 20.00 10/13/2011 USD 71.10 SENGKANG MALL 4.88 11/20/2012 SGD 0.04 UNITED ENG LTD 1.00 03/03/2014 SGD 1.93 WBL CORPORATION 2.50 06/10/2014 SGD 1.85 SOUTH KOREA ----------- DAEWOO MTR SALES 6.55 03/17/2011 KRW 60.00 DONGYANG TELECOM 6.00 07/02/2013 KRW 49.55 HOPE KOD 1ST 8.50 06/30/2012 KRW 30.71 HOPE KOD 2ND 15.00 08/21/2012 KRW 30.74 HOPE KOD 3RD 15.00 09/30/2012 KRW 30.54 HOPE KOD 4TH 15.00 12/29/2012 KRW 30.60 HOPE KOD 6TH 15.00 03/10/2013 KRW 34.70 IBK 12TH ABS 25.00 06/24/2011 KRW 74.74 IBK 16TH ABS 25.00 09/24/2012 KRW 62.79 IBK 17TH ABS 25.00 12/29/2012 KRW 59.24 KB 10TH SEC SPC 23.00 01/03/2011 KRW 59.38 KB 11TH SEC SPC 20.00 07/03/2011 KRW 67.29 KB 11TH SEC SPC 20.00 07/03/2011 KRW 64.67 KB 12TH ABS 25.00 01/21/2012 KRW 65.36 KB 13TH ABS 25.00 07/02/2012 KRW 61.56 KB 14TH ABS 23.00 01/04/2013 KRW 59.23 KDB 6TH ABS 20.00 12/02/2019 KRW 67.08 KEB 17TH ABS 20.00 12/28/2011 KRW 59.38 NACF-15 ABS SPS 25.00 03/18/2011 KRW 65.37 NACF-16 ABS SPS 15.00 01/03/2011 KRW 23.31 NACF-16 ABS SPS 25.00 02/03/2011 KRW 60.78 ONE KDB 1ST ABS 7.60 06/13/2011 KRW 29.65 OSAN MYTOWN 1ST 5.64 04/16/2012 KRW 63.30 OSAN MYTOWN 2ND 5.64 04/16/2012 KRW 70.02 SAM HO INTL 6.32 03/28/2011 KRW 72.18 SHINSHAN 2ND SEC 25.00 06/11/2011 KRW 30.03 SINBO 1ST ABS 15.00 07/22/2013 KRW 30.51 SINBO 2ND ABS 15.00 08/26/2013 KRW 33.52 SINBO 3RD ABS 15.00 09/30/2013 KRW 31.80 SINBO 4TH ABS 15.00 12/16/2013 KRW 29.98 SINBO 5TH ABS 15.00 02/23/2014 KRW 28.97 SINBO CO 1ST ABS 15.00 03/15/2014 KRW 30.34 SINGOK ABS 7.50 06/18/2011 KRW 52.99 SINGOK NS ABS 7.50 06/27/2011 KRW 70.15 SOLOMON SAVINGS 8.10 04/19/2015 KRW 11.18 UBOTRON CO LTD 8.00 07/30/2012 KRW 32.42 YOUNGNAM SAVINGS 8.50 12/18/2014 KRW 12.69 THAILAND -------- THAILAND GOVT 0.75 01/04/2022 THB 71.35 VIETNAM -------- VIETNAM MACHINE 9.20 06/06/2017 VND 74.61 VIETNAM SHIPBUIL 9.00 04/13/2017 VND 61.66 VIETNAM-PAR 4.00 03/12/2028 USD 73.00 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Valerie 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 2011. 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 ***