/raid1/www/Hosts/bankrupt/TCRAP_Public/110216.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, February 16, 2011, Vol. 14, No. 33
Headlines
A U S T R A L I A
COVERS DESIGN: Goes Into Liquidation
FASHION FACTORY: Calls in Jirsch Sutherland as Administrators
LEUMEAH DEVELOPMENT: Placed in Receivership
* Some Queensland Firms in Danger of Collapse, Tourism Chief Warns
C H I N A
AGRISOLAR SOLUTIONS: Posts US$6,500 Net Loss in Dec. 31 Quarter
LDK SOLAR: Offering RMB-Denominated US$-Settled Notes
SOLAR ENERTECH: Reports US$5 Million Net Income in Dec. 31 Quarter
H O N G K O N G
DAILY FINE: Court Enters Wind-Up Order
HONCHIEF INDUSTRIES: Court Enters Wind-Up Order
HWA SUNG: Court to Hear Wind-Up Petition on March 23
IDEA PLATFORM: Court Enters Wind-Up Order
LASCO GROUP: Court Enters Wind-Up Order
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
I N D I A
A.B. MOTIONS: ICRA Reaffirms 'LBB' Rating to INR73.29cr Bank Debt
APEX CONSTRUCTION: ICRA Places 'LBB+' Rating on INR3cr Cash Credit
DHRUV COTTON: ICRA Assigns 'LB+' Rating to INR20cr LT Bank Loan
GSR MOVIES: ICRA Downgrades Rating on INR10cr Term Loan to 'LB'
KARAN POLYPACK: ICRA Assigns 'LBB' Rating to INR9.78cr Cash Credit
KARAN SYNTHETIC: ICRA Assigns 'LBB' Rating to INR15.95cr Loans
MITTAL SECTIONS: ICRA Reaffirms 'LBB-' Rating on INR4.86cr LT Loan
PARVEEN TRAVELS: ICRA Assigns 'LB' Rating to INR19cr Term Loans
PARMANAND AND SONS: ICRA Withdraws 'LBB+' Rating on FB Limits
PGM INFRASTRUCTURES: ICRA Puts 'LBB' Rating to INR14cr Bank Limits
RAKHECHA SECURITIES: ICRA Puts 'LBB' Rating to Overdraft Facility
REAL CONERGY: ICRA Reaffirms 'LB+' Rating to INR4.9cr Bank Loans
SAURAT AUTO: ICRA Assigns 'LBB+' Rating to INR7cr Term Loan
SHIV COTTON: ICRA Assigns 'LB+' Rating to INR10cr Cash Credit
TRADELINE ENTERPRISES: ICRA Reaffirms 'LC' Rating on Term Loan
UMIYA WOOD: ICRA Assigns 'LBB' Rating to INR3cr Cash Credit
WAVE SILVER: ICRA Reaffirms 'LBB' Rating to INR26cr Term Loan
I N D O N E S I A
SULFINDO ADIUSAHA: S&P Downgrades Corp. Credit Rating to 'B-'
XL AXIATA: S&P Withdraws 'BB' Long-Term Corporate Credit Rating
K O R E A
KOREA LINE: Starts Restructuring Process
LEHMAN BROTHERS: Seoul Court Rules in Favor of Lehman
M A L A Y S I A
RANHILL BERHAD: Fitch Downgrades Issuer Default Rating to 'B-'
N E W Z E A L A N D
PIKE RIVER: Receivership Hits NZOG, Trade Creditors
WELLINGTON PHOENIX: Liquidation Proceedings Put on Hold
S I N G A P O R E
METSO MINERALS: Creditors' Proofs of Debt Due March 11
MOSTRANS PTE: Creditors' Proofs of Debt Due February 25
MT. BATTEN: Creditors Get 100% Recovery on Claims
PERIKATAN KEBAJIKAN: Creditors' Proofs of Debt Due February 25
SING-PORT SHIP: Court Enters Judicial Management Order
SMITHS & BARON: Court to Hear Wind-Up Petition on February 25
STD IMPEX: Court to Hear Wind-Up Petition on February 18
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
=================
COVERS DESIGN: Goes Into Liquidation
------------------------------------
James Thomson at SmartCompany reports that women's clothing
manufacturer, designer and retailer, Covers Design, has gone into
administration and liquidation.
According to SmartCompany, the matter is being handled by Sydney-
based accounting and insolvency firm Jirsch Sutherland, which
began advertising Covers Design for sale Tuesday.
SmartCompany, citing records from the Australian Securities and
Investment Commission, says that Covers was placed in the hands
of administrators on December 21, 2010, and was handed to
liquidator Stewart Free from Jirsch Sutherland on February 14.
SmartCompany discloses that the business has had average annual
sales of AU$4 million during the past three years and has been run
by the Taff family for more than 40 years.
One of the company's outlets in Adelaide has been closed down
since the appointment of administrators but the remainder
continues to trade, according to SmartCompany.
SmartCompany relates that Jirsch Sutherland manager Otim Oluk said
most of the stock held by the business when it collapsed has been
sold off, but expects some interest from rag traders in the
business name and goodwill.
About Covers Design
Covers Design trades in six locations in Queensland, Western
Australia, Victoria and New South Wales. Some of the outlets are
based in David Jones stores.
FASHION FACTORY: Calls in Jirsch Sutherland as Administrators
-------------------------------------------------------------
James Thomson at SmartCompany reports that Sydney-based retailer
Fashion Factory Clearance has gone into administration and
liquidation.
According to SmartCompany, the matter is being handled by Sydney-
based accounting and insolvency firm Jirsch Sutherland.
SmartCompany says Fashion Factory Clearance was placed in the
hands of administrator Rod Sutherland on January 18.
The second meeting of creditors is to be held on February 22,
SmartCompany discloses.
Fashion Factory Clearance has outlets in the Sydney suburb of
Liverpool and the towns of Picton and Campbelltown.
LEUMEAH DEVELOPMENT: Placed in Receivership
-------------------------------------------
Ferrier Hodgson partners Morgan Kelly and John Melluish have been
appointed as Receivers over a property development at 6 Grange
Road, Leumeah, in New South Wales.
The property is a children's themed destination centre with plans
for a swimming pool, spa, gym, restaurants, theatre, party
facilities, childcare centre and medical centre. Base building
works at the site are not yet complete.
The Receivers will be working with all stakeholders and continuing
with the construction works in an effort to complete the property
and present it for sale.
"As Receiver, my first job will be to assess the viability of the
concept and to identify any alternative businesses that could
potentially be housed in this facility," Mr. Kelly said.
Mr. Kelly said he is interested in speaking to any potential
purchasers for this unique property.
* Some Queensland Firms in Danger of Collapse, Tourism Chief Warns
------------------------------------------------------------------
SmartCompany reports that the tourism sector in Queensland is
struggling to get back on its feet after the devastating effects
of cyclone Yasi and rampaging floods, with Tourism Whitsundays
chief executive Peter O'Reilly warning that some companies may be
in danger of collapsing if conditions don't improve.
SmartCompany says Qantas chief Alan Joyce has also said the impact
of the natural disasters will affect the company's results in the
second half.
According to SmartCompany, Mr. O'Reilly said while the Whitsundays
region was not directly affected by the cyclone or the floods,
closures of roads and the overall impact of the disasters means
bookings are down and it will be some time before they recover.
"We weren't even physically affected by the floods here, but when
the cyclones happened, we were asked by disaster management groups
to evacuate people off islands. We sent 2,500 people away, and
getting them back is proving problematic," SmartCompany quotes
Mr. O'Reilly as saying. "Our marine industry is down 70% from
January last year, and we have people who are selling their homes
trying to save businesses," Mr. O'Reilly said.
"It's collateral damage. We're doing the best we can to get the
message out there, and to get people coming back, but it's just
very difficult. I'm afraid it may be just some time before the
receivers come knocking on some businesses."
Mr. O'Reilly's comments come as billionaire Bob Oatley has said he
will donate 500 free rooms at his resort on Hamilton Island to
promote more tourism in the region, SmartCompany notes.
SmartCompany relates that Mr. O'Reilly said there is some more
activity occurring, but it remains slow overall.
SmartCompany quotes Mr. O'Reilly as saying that, "The impact of
the floods is lost on most people. The flow of backpackers has
completely ceased on the east coast. We've had weeks where
highways have been cut off . . . the damage is quite real."
Mr. O'Reilly said he is holding crisis meetings to determine how
some marketing strategies can get people up to Queensland again,
SmartCompany reports.
"We are looking at a few big events where we can pull people in,
trying to help ourselves. But it's extremely difficult. There are
a lot of people operating great deals but it's still very slow."
=========
C H I N A
=========
AGRISOLAR SOLUTIONS: Posts US$6,500 Net Loss in Dec. 31 Quarter
---------------------------------------------------------------
Agrisolar Solutions, Inc., filed with the U.S. Securities and
Exchange Commission its Form 10-Q, reporting a net loss of
US$6,500 on US$1.79 million of revenue for the third quarter ended
Dec. 31, 2010, compared with a net loss of US$817,700 on
US$1.05 million of revenue for the same period of the prior fiscal
year.
The Company's balance sheet at Dec. 31, 2010, showed
US$10.26 million in total assets, US$5.79 million in total
liabilities, and stockholders' equity of US$4.47 million.
As reported in the Troubled Company Reporter on July 20, 2010,
ZYCPA Company Limited, in Hong Kong, China, expressed substantial
doubt about Agrisolar Solutions' ability to continue as a going
concern, following the Company's results for the fiscal year ended
March 31, 2010. The independent auditors noted that the Company
has incurred continuous losses.
A full-text copy of the Form 10-Q is available for free at:
http://researcharchives.com/t/s?7333
About AgriSolar Solutions
Denver, Colo.-based AgriSolar Solutions, Inc. (OTC BB: AGSO)
is principally engaged in the design, manufacture, distribution
and sales of solar energy saving, insect killer and plastic
products in the People's Republic of China and overseas.
The Company was incorporated in the State of Colorado on March 13,
2006, under the name V2K International, Inc. On January 8, 2010,
the Company changed its company name from "V2K International,
Inc." to its current name.
LDK SOLAR: Offering RMB-Denominated US$-Settled Notes
-----------------------------------------------------
LDK Solar Co., Ltd., announced in a press release Thursday its
intention to offer, subject to market and other conditions,
RMB-denominated US$-settled senior notes pursuant to Regulation S
under the United States Securities Act of 1933, as amended. The
Notes will be guaranteed by certain of LDK Solar's offshore
subsidiaries. The interest rate, price and other terms are to be
determined by negotiations between LDK Solar and the underwriters
of the Notes. LDK Solar intends to use the net proceeds of the
offering to repay certain of its existing indebtedness with
remaining maturities of up to one year.
The Company's press release is not an offer to sell or the
solicitation of an offer to buy any of the Company's securities.
Any offers of the above securities will be made only by means of a
private offering memorandum.
The Notes and the Subsidiary Guarantees have not been registered
under the Securities Act or the securities laws of any other
jurisdiction and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements. There will be no public offering of securities in
the United States. The Company does not intend to register any of
the securities in the United States.
In connection with the proposed issue of senior notes, the Company
will provide certain institutional investors with recent corporate
information regarding its business and operations.
An extract of the recent information is available for free at:
http://researcharchives.com/t/s?7334
Has Significant Working Capital Deficit
As of September 30, 2010, the Company had a working capital
deficit of $1.275 billion and retained earnings of $112.8 million.
As of September 30, 2010, the Company had cash and cash
equivalents of $571.9 million, the majority of which are held by
the Company's subsidiaries in China. In addition, the Company had
short-term borrowings and current installments of its long-term
borrowings totaling $1.207 billion as of September 30, 2010, most
of which were the obligations of its subsidiaries in China.
"We may be also required by the holders of our 4.75% convertible
senior notes due 2013, approximately $359.8 million of which are
outstanding as of the date of this extract, or the existing
convertible senior notes, to repurchase all or a portion of their
existing convertible senior notes on April 15, 2011, at a price
equal to 100% of the principal amount of the existing convertible
senior notes plus accrued and unpaid interest up to, but
excluding, the repurchase date," the Company said in the Company
extract. "These factors initially raise substantial doubt as to
our ability to continue as a going concern."
The Company has formulated a plan to address its liquidity
problem. "If we do not successfully execute this plan, we may not
be able to continue as a going concern."
About LDK Solar
LDK Solar Co., Ltd. (NYSE: LDK) -- http://www.ldksolar.com/-- is
a leading vertically integrated manufacturer of photovoltaic (PV)
products and a leading manufacturer of solar wafers in terms of
capacity. LDK Solar manufactures polysilicon, mono and
multicrystalline ingots, wafers, modules and cells. The Company
also engages in project development activities in selected
segments of the PV market. 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 recorded net income of US$147.2 million on net sales
of US$1.588 billion during the nine-month period ended September
30, 2010, as compared to a net loss of US$210.0 million on
US$793.4 million during the same period in 2009.
At September 30, 2010, the Company's unaudited consolidated
balance sheet showed US$5.070 billion in total assets,
US$3.996 billion in total liabilities, and stockholders' equity of
US$1.074 billion.
SOLAR ENERTECH: Reports US$5 Million Net Income in Dec. 31 Quarter
------------------------------------------------------------------
Solar Enertech Corp. filed its quarterly report on Form 10-Q,
reporting net income of $5.0 million on $15.5 million of sales for
the three months ended December 31, 2010, compared with a net loss
of $3.9 million on $17.7 million of sales for the same period of
the prior fiscal year.
The Company's balance sheet at December 31, 2010, showed
$26.5 million in total assets, $13.3 million in total liabilities,
and stockholders' equity of $13.2 million.
As reported in the Troubled Company Reporter on December 22, 2010,
Ernst & Young Hua Ming, in Shanghai, the Peoples Republic of
China, expressed substantial doubt about Solar Enertech's ability
to continue as a going concern, following the Company's results
for the fiscal year ended September 30, 2010. The independent
auditors noted of the Company's recurring losses from operations.
A full-text copy of the Form 10-Q is available for free at:
http://researcharchives.com/t/s?7332
About Solar EnerTech
Mountain View, Calif.-based Solar EnerTech Corp. (OTC BB: SOEN)
-- http://www.solarE-power.com/- is a photovoltaic solar energy
cell manufacturing enterprise. The Company has established a
sophisticated 67,107-square-foot manufacturing facility at Jinqiao
Modern Technology Park in Shanghai, China. The Company currently
has two 25MW solar cell production lines and a 50MW solar module
production facility.
Solar EnerTech has also established a Joint R&D Lab at Shanghai
University to develop higher efficiency cells and to put the
results of that research to use in its manufacturing processes.
================
H O N G K O N G
================
DAILY FINE: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on January 26, 2011,
to wind up the operations of Daily Fine Industrial Limited.
The official receiver is E T O'Connell.
HONCHIEF INDUSTRIES: Court Enters Wind-Up Order
-----------------------------------------------
The High Court of Hong Kong entered an order on January 26, 2011,
to wind up the operations of Honchief Industries Development
Limited.
The official receiver is E T O'Connell.
HWA SUNG: Court to Hear Wind-Up Petition on March 23
----------------------------------------------------
A petition to wind up the operations of HWA Sung Company Limited
will be heard before the High Court of Hong Kong on March 23,
2011, at 9:30 a.m.
Crystal Martin (Hong Kong) Limited filed the petition against the
company on January 11, 2010.
The Petitioner's solicitors are:
Li, Wong, Lam & W. I. Cheung
Suites 909-912, 9th Floor
One Pacific Place
88 Queensway
Hong Kong
IDEA PLATFORM: Court Enters Wind-Up Order
-----------------------------------------
The High Court of Hong Kong entered an order on January 26, 2011,
to wind up the operations of Idea Platform Company Limited.
The official receiver is E T O'Connell.
LASCO GROUP: Court Enters Wind-Up Order
---------------------------------------
The High Court of Hong Kong entered an order on January 26, 2011,
to wind up the operations of Lasco Group Limited.
The official receiver is E T O'Connell.
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority (HKMA) announced that
investigation of over 99% of a total of 21,747 Lehman-Brothers-
related complaint cases received has been completed. These
include:
* 14,376 cases which have been resolved by a settlement
agreement reached under section 201 of the Securities and
Futures Ordinance;
* 2,563 cases which have been resolved through the enhanced
complaint handling procedures required by the settlement
agreement;
* 2,687 cases which were closed because insufficient prima
facie evidence of misconduct was found after assessment or
no sufficient grounds and evidence were found after
investigation;
* 1,535 cases (including minibond cases) which are under
disciplinary consideration after detailed investigation by
the HKMA, of which proposed disciplinary notices are being
prepared in respect of 752 such cases and proposed
disciplinary notices or decision notices have been issued
in respect of the other 783 cases; and
* 494 cases in respect of which investigation work has been
completed and are going through the decision process to
decide whether there are sufficient grounds for
disciplinary actions or whether the cases should be closed
because of insufficient evidence or lack of disciplinary
grounds.
Investigation work is underway for the remaining 90 cases.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
=========
I N D I A
=========
A.B. MOTIONS: ICRA Reaffirms 'LBB' Rating to INR73.29cr Bank Debt
-----------------------------------------------------------------
ICRA has reaffirmed the 'LBB' rating assigned to the INR73.29
crore bank facilities of A.B. Motions Private Limited. The
outlook on the rating is stable.
The rating factors in the leveraged capital structure of the
company, and the vulnerability of its mall operations (in
Ludhiana, Punjab) to risks of economic slowdown. The rating
action also factors in the financial risks arising out of
significant advances made to group companies. The ratings are
however supported by the location advantages and established
position of its existing mall cum multiplex operations, which have
resulted in healthy retail area occupancy levels and satisfactory
revenue streams. Going forward, ICRA expects the significant
advances to associate companies are likely to result in below
average liquidity and coverage indicators.
About A.B. Motions
A.B. Motions Private Ltd, a company promoted by Chadha Group in
2001, owns and operates a multiplex cum mall property under the
name of "The Westend Mall". This mall is located on Ferozpur Road
in the city of Ludhiana and is build on a freehold land (of an
area of 2.16 acres) procured from Punjab Urban Development
Authority (PUDA). The build-up area of the mall is 4.5 lacs
square feet (sq. ft.) which comprises of retail area of
approximately 1.97 lacs sq ft, multiplex area of 0.68 lacs sq ft
and parking area of 1.84 lacs sq ft. The company also runs four
cinema screens in the mall with total seating capacity of 1042
seats, under the name of "Wave Cinemas". This project was
set up with a cost of INR105 Crore (i.e. at an approximate cost of
INR3946 per sq ft) and it commenced operations in August 2007.
For FY 2010, the firm reported Operating income of INR32.54 crore
and PAT of INR0.84 crore.
APEX CONSTRUCTION: ICRA Places 'LBB+' Rating on INR3cr Cash Credit
------------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to INR3.00 crore cash credit
facility of Apex Construction Company. The outlook for the long
term rating is stable. ICRA has also assigned an 'A4+' rating to
INR18.00 crore short-term, non-fund based bank guarantee facility
of ACC.
The assigned ratings take into account ACC's relatively modest
scale of operations; sectoral concentration risk arising from
focus on largely single sector (civil construction); client
concentration risks with majority of the projects being executed
for semi-government authorities; high competitive intensity in the
construction space resulting in pressure on margins and
geographical concentration risk due to concentration of most of
ongoing and future projects in Gujarat. The ratings also take
into account the vulnerability of profitability to raw material
price variation although the same is mitigated to a large extent
on account of presence of escalation clause in the contracts.
While assigning the ratings ICRA has also noted the risks that are
inherent in partnership firms.
The ratings however, favorably factor in ACC's experienced
management; long track record of ACC's partners in the
construction industry; low gearing and moderate profitability
levels; moderate order book position and favorable demand outlook
for the construction sector given the government focus on
infrastructure development. The ratings also factor in the
presence of a diversified and reputed client base of semi-
government authorities leading to relatively lower counter party
credit risks.
About Apex Construction
Apex Construction Company was established in the year 1997 as a
partnership firm. The firm is engaged in civil & construction
engineering and sub-contracting services for improvement and
strengthening of existing roads as well as development of new
roads. ACC has successfully completed multiple road projects
including development of State Roads, National Highways, Airport
Runways & Aprons and Railway Earthwork. ACC is registered class
'AA' contractor and 'Special Category I' contractor with the
government of Gujarat.
Recent Results
For the year ended March 31, 2010, the company reported an
operating income of INR63.23 crore and profit after tax of
INR4.14 crore.
DHRUV COTTON: ICRA Assigns 'LB+' Rating to INR20cr LT Bank Loan
---------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR20.0 crores long term
fund based facilities of Dhruv Cotton Processing Pvt Ltd.
The rating is constrained by the company's highly leveraged
capital structure, low coverage indicators and the fragmented
nature of the industry resulting in high competitive intensity.
Further, the company is exposed to adverse movement in raw
material prices which coupled with low value addition nature of
the work, keeps the profitability metrics and cash accruals at
modest levels. The rating however, favorably factors in the long
standing experience of promoters in the industry and company's
proximity to the raw material sources which ensure easy
availability of cotton.
Dhruv Cotton Processing Pvt Ltd is engaged in Cotton Ginning and
trading of cotton bales, cotton seed, oil and cake. The promoters
of the company have vast experience of cotton ginning business.
DCPPL procures only Shankar-6 cotton, which is easily available in
nearby areas. DCPPL has installed 40 Jumbo Ginning machines, One
Automatic press machine for pressing Cotton lint into Cotton bales
and 20 expellers for Oil extraction from Cotton seed at its
manufacturing facility in Jasdan, Rajkot.
Recent results
DCPPL reported a profit after tax (PAT) of INR0.08 crores on an
operating income of INR93.25 crores in 2009-10, against a PAT of
INR0.14 crores on an operating income of INR75.61 crores in
2008-09. For the unaudited period of 9 months of FY11, DCPPL
reported PAT of INR2.03 crores on an operating income of INR63.74
crores.
GSR MOVIES: ICRA Downgrades Rating on INR10cr Term Loan to 'LB'
---------------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR10
Crore bank term loan facilities of GSR Movies from 'LBB' to 'LB'.
ICRA has reaffirmed the short term rating at 'A4' assigned to the
INR2.06 Crore non-fund based limits of the company.
ICRA's rating action takes into account the delays in servicing of
debt obligations by GSR Movies on account of delays in receipt of
lease rentals from tenants. The ratings also take into account
the market risks which might impact the footfalls of the mall and
the multiplex. The ratings are however supported by the location
advantages of the firm's existing mall cum multiplex, which have
resulted in healthy retail area occupancy levels and satisfactory
revenue streams. Going forward, the company's ability to service
its debt obligations in a timely manner will remain a key rating
sensitivity factor.
About GSR Movies
G.S.R. Movies promoted by Chadha Group was incorporated in March
2001. It is a registered partnership firm with the equity capital
shared equally among the four partners from Chadha family. GSR
Movies' operational project located at Ram Ganga Vihar in
Moradabad city encompasses Mall cum Multiplex by the name of "The
WestEnd Mall" and "The Wave Cinema" respectively. The mall and
multiplex have a built up area of 0.8 Lacs Sq. Ft. and
0.4 Lacs Sq. Ft., respectively. The firm is also engaged in sale
of commercial/residential plots under a project called "The Wave
Greens" at Ram Ganga Vihar in Moradabad city.
For FY 2010, the firm reported Operating income of INR8.43 crore
and PAT of INR1.29 crore.
KARAN POLYPACK: ICRA Assigns 'LBB' Rating to INR9.78cr Cash Credit
------------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR9.78 crore cash
credit/term loan facility of Karan Polypack Private Limited. ICRA
has assigned a 'Stable' outlook on the long term rating. ICRA has
also assigned 'A4' rating to the short term fund based/non fund
based limits of INR2.42 crore of KPPL.
The ratings take into account the weak financial risk profile of
the company as reflected by moderate profitability indicators,
high gearing levels, weak debt coverage indicators and tight
liquidity position. The ratings further take into account the low
margin nature of the business given the fragmented industry
structure and the vulnerability of profitability to fluctuations
in key raw material prices i.e polymers to some extent, although
the company has been able to adequately pass on the input cost
increases in the past.
The ratings however favorably reflect the long experience of the
promoters in the poly woven bags industry, synergistic benefits
arising for KPPL on account of being part of the Veer plastics
group such as centralized procurement of polymers and the
favorable demand outlook for non-woven fabric segment given the
multiple end-user applications in segments such as medical,
retail, personal hygiene, filteration and geo-textiles.
About Karan Polypack
Karan Polypack Private Limited is promoted by the owners of the
Veer Plastics group and is engaged in the production of PP non-
woven fabric with manufacturing capacity of 300 Tonnes per
Month (TPM) located at Nalagarh in Himachal Pradesh. KPPL is
engaged in manufacturing of PP Spun Bonded Non-woven fabrics and
is also dealing PP woven sacks which are being manufactured
by group companies on job work basis. The major group entities
include Veer Plastics Private Limited and Karan Synthetics Private
Limited which are primarily engaged in the manufacturing of poly
woven bags and Flexible Intermediate Bulk Containers (FIBC) with
the group having poly woven bag manufacturing locations at Kadi
and Santej near Ahmedabad in Gujarat, fully integrated facility at
Silvassa in Dadra & Nagar Haveli and at Nalagarh in Himachal
Pradesh. For the year FY2010, the company reported an operating
income of INR25.5 crore (against INR3.2 crore for FY2009) and
profit after tax of INR0.54 crore (against net loss of INR-1.30
crore for FY2009).
KARAN SYNTHETIC: ICRA Assigns 'LBB' Rating to INR15.95cr Loans
--------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR15.95 crore term loans
and INR10 crore cash credit facility of Karan Synthetic India
Private Limited. ICRA has assigned a 'Stable' outlook on the long
term rating. ICRA has also assigned 'A4' rating to the short term
non-fund based limits of INR2 crore of KPPL.
The ratings take into account the weak financial risk profile of
the company as reflected by high gearing levels, weak debt
coverage indicators and tight liquidity position. The ratings
further take into account the fragmented nature of the poly woven
sack industry, the vulnerability of profitability to fluctuations
in key raw material prices i.e polymer to some extent, although
the company has been able to adequately pass on the input cost
increases in the past. The ratings however favorably reflect the
established track record of the promoters in the poly woven bags
industry, synergistic benefits arising for KSIPL on account of
being part of the Veer plastics group such as centralized
procurement of polymers and the favorable demand outlook for poly
woven sacks arising from cement & fertilizer segment as well as
possible partial deregulation of the food grain segment.
About Karan Synthetics
Karan Synthetics India Pvt Ltd was incorporated in 1988 by the
promoters of Veer Plastics Pvt Ltd for the manufacture of poly
woven bags. The company had a minor facility in Kadi, Gujarat,
which was running at negligible capacity utilization. KSIPL
undertook setting up of new facility in Nalagarh, HP in order to
take advantage of excise and sales tax exemption in this region
(valid till 2018) and gain from proximity to cement customers.
The company currently has a combined capacity to produce 1090
tonnes of poly woven bags per month. For the year 2009-10, KSIPL
reported a turnover of INR56.50 crore and net profit of
INR1.79 crore. During the half year ended September 30, 2010,
KSIPL had a turnover of INR35.82 crore and a pre-tax profit of
INR0.45 crore.
MITTAL SECTIONS: ICRA Reaffirms 'LBB-' Rating on INR4.86cr LT Loan
------------------------------------------------------------------
ICRA has reaffirmed the 'LBB-' rating with stable outlook on the
INR4.86 crore (enhanced from INR3.74 crore), long-term loans and
the INR7.50 crore (enhanced from INR5.66 crore), long-term, fund-
based bank facilities of Mittal Sections Limited. ICRA has also
reaffirmed the 'A4' rating on the INR3.50 crore (reduced from
INR4.50 crore) short-term, non-fund based bank facilities of MSL.
The reaffirmation of ratings takes into account the improvement in
operating profitability of the company in FY 2010; the expected
improvement in operational efficiencies through the up gradation
of manufacturing facilities being carried out in the current
fiscal which would partially offset the reduction in the operating
margin witnessed in H1, FY 2011 on account of commodity price
increases; and the backward integration being pursued through
Group Company which is likely to reduce working capital intensity
for MSL and improve the company's competitiveness. The ratings
continue to draw comfort from the locational advantage enjoyed by
MSL on account of its proximity to the customer base and the
exhaustive product profile offered by MSL as compared to its peers
with similar business profile.
The ratings, however, remain constrained by the small scale, low
value add and non-integrated nature of operations leading to low
pricing power for MSL; highly fragmented, cost competitive and low
margin nature of industry exposed to fluctuations in steel prices;
and the stretched financial profile of the company with weak
coverage indicators despite improvement in performance in FY 2010.
About Mittal Sections
Incorporated in December 2006 as a partnership firm under the name
M/s. Mittal Steel Industries, it got converted to a public limited
company, Mittal Sections Limited, with effect from April 2, 2009.
MSL is engaged in the manufacturing of mild steel (MS) structural
products like Channels, Angles, Flat Bars and T-Sections, with
current manufacturing capacity at -30,000 MT/ annum and a capacity
utilization of -67%.
Recent Results
For the twelve months ending March 31, 2010, MSL reported profit
after tax (PAT) of INR0.9 crore on an operating income of
INR53.1 crore as compared to a net loss of INR1.0 crore on an
operating income of INR55.4 crore for the twelve months ending
March 31, 2009.
PARVEEN TRAVELS: ICRA Assigns 'LB' Rating to INR19cr Term Loans
---------------------------------------------------------------
ICRA has assigned an 'LB' rating to the INR19.0 crore term loans
and INR11.0 crore fund based facilities of Parveen Travels Private
Limited. ICRA has also assigned an 'A4' rating to the INR7.0
crore short term fund based sub-limits of the company.
The ratings reflect the delays witnessed in debt servicing owing
to the stretched capital structure and strained liquidity position
of PTPL. PTPL has incurred consistent capital expenditure over the
years for expansion and replacement of its fleet resulting in high
gearing and increasing debt servicing commitments, which coupled
with the stretched receivables position on account of weak
bargaining power, has led to tight liquidity position and
consequent delays in debt servicing and over-drawls in its working
capital facilities. The capitalization levels are expected to be
stretched with the transport business entailing continuous capex
to be incurred for replacement of fleet. Further, heavy
competition from the unorganized segment restricts the pricing
flexibility of PTPL which had impacted margins in the recent past.
PTPL however enjoys strong market position in Tamil Nadu, with
increasing scale of operations across business segments and
established clientele leading to recurring source of revenues.
However, with the customers being leading players in the
Information Technology (IT) and Automobile industry, the
bargaining power of PTPL remains limited leading to delays in
collection and consequent stretched receivables position.
About Parveen Travels
Parveen Travels Private Limited, promoted by Mr. Allah Baksh, is
one of the largest transport operators in Tamil Nadu with fleet
size of 720 vehicles and operations spanning diverse streams
including staff transportation in Chennai, tour operations on a
hire charge basis and inter-city bus operations. PTPL is the
flagship company of the Parveen group which also has interests in
automobile service segment under Parveen Automobiles Private
Limited, travel agent services through Parveen Holidays, and cargo
business under PTE Express Private Limited. The group has been
existent in the transport business since 1980 and is one of the
few organized players in South India.
PARMANAND AND SONS: ICRA Withdraws 'LBB+' Rating on FB Limits
-------------------------------------------------------------
ICRA has withdrawn the 'LBB+' rating assigned to the INR19 crore
fund-based limits of Parmanand and Sons Food Products Private
Limited at the request of the company. The rating was placed on
notice for withdrawal in October 2010.
PGM INFRASTRUCTURES: ICRA Puts 'LBB' Rating to INR14cr Bank Limits
------------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR14.00 crore Fund Based
(Cash Credit) Bank Limits of PGM Infrastructures Private Limited.
The outlook on the long-term rating is Stable. ICRA has also
assigned 'A4' rating to the INR3.00 crore Fund Based (Standby Line
of Credit) Bank Limits of PGM.
The ratings are constrained by the company's stretched financial
profile as reflected by modest profitability levels with
operating margins of 5.55% in FY2010, adverse capital structure
with gearing of 3.11 times as on March 31, 2010 and low coverage
indicators. The ratings are further constrained by the high
competitive intensity in the industry arising out of its
fragmented nature coupled with the competitive bidding system; the
high working capital intensity of operations leading to
consistently high fund based limit utilization and the sectoral
concentration risk with the company focusing on construction of
buildings in the past. ICRA notes that the company's
profitability remains vulnerable to escalation in the key raw
material prices; however the provision of Price Variation Clause
in a majority of contracts mitigates the risk to a large extent.
The ratings, however, draw comfort from the established position
and track-record of the promoter group in the construction
industry, diversified geographic presence of the company which is
expected to improve further in the near term and the healthy
order-book position with unexecuted work of over INR400 crore
providing visibility to sales in the near term. Moreover, the
successful completion of the company's order-book, which largely
comprises of projects in sectors like roads and irrigation, is
expected to diversify the company's business mix in the future.
Going forward, with the increase in scale of operations, the
company's ability to manage its capital structure and liquidity
position given the working capital intensive nature of positions
remains critical from a credit perspective.
About PGM Infrastructures
Incorporated in 2007, PGM Infrastructures Private Limited is a
private limited company engaged in the business of civil
construction on a contract basis. The company is based out of
Hyderabad, Andhra Pradesh; with the registered office being
located in Rajahmundry, Andhra Pradesh. PGM was promoted by
Mr. M.V.S. Ramu, Ms. M. Sujatha, Mr. M. Prasad and Mr. G.
Surendranath. The company is a part of the Hyderabad based M-POT
Group, which refers to a consortium of companies held by Mr.
M.V.S. Ramu. The promoter group has been engaged in the
construction business for about two decades through other group
entities like Soubhagya Projects Limited and Sri Balaji Infra Corp
Limited.
For the financial year ending March 2010, PGM reported an
operating income of INR116.50 crore and a net profit of INR2.75
crore as compared to revenues of INR33.60 crore and net profit of
INR0.84 crore in the previous year.
RAKHECHA SECURITIES: ICRA Puts 'LBB' Rating to Overdraft Facility
-----------------------------------------------------------------
ICRA has assigned an 'LBB' with stable outlook to the INR1 crore
overdraft facility of Rakhecha Securities Limited. ICRA also has
an 'A4' rating to INR15 crore of short term non-fund based bank
lines of RSL. The ratings of RSL are constrained by the inherent
volatility in the equity broking business with limited presence &
declining market share, market risk associated with the large
proprietary investments portfolio in relation to its
capitalization levels and current low diversification of the
business revenues. The rating also factors in the company's long
presence in equity broking business, current low gearing level and
adequate risk management systems deployed by the company. The
rating at the current level also reflects RSL's relative
positioning with other ICRA rated brokerage houses.
RSL, incorporated in 1994, is primarily proprietary broking
activities with a small presence in retail broking activities. In
terms of proprietary trading activities, RSL carries out arbitrage
trading and jobbing activities. The company has deployed close to
INR13 crore of funds for such trading activities and earns a net
return of 10-12% on the same. RSL also maintains a proprietary
book of INR3 crore (in the form of long term investments and stock
in trade) wherein it takes a long/ short term call on such
investments based on the fundamentals of the company. While the
company has a positive marked to market on the said investments as
on date, ICRA believes that such proprietary positions not only
exposes the company to the market risk associated with such
investments but the profitability of the company could be impacted
in case of any large mark to market losses on such investments.
In terms of broking presence, RSL has a small presence in retail
equity broking with a small network of 6 company owned branches
servicing a client base of -250 clients as on March 31, 2010 with
no presence in institutional broking business. As per the
management, RSL's retail presence remains small due to competition
from large players in the industry. With limited retail presence,
lesser arbitrage opportunities available in the market and also
due to competition from other larger players in the market, RSL's
client broking market share (including proprietary trading volume)
has declined to 0.0.8% in FY10 from 0.10% in FY09 and 0.17% in
FY08. Going forward, the company will be setting up required
infrastructure for scaling its retail presence through acquisition
of sub-brokers as well as through opening a few company owned
branches.
Traditionally, RSL's revenue profile remains largely
concentrated on trading income and investment income on its
proprietary investments. On account of improving capital market
conditions, RSL's broking income (net) also increases but remains
low at 0.67 crore in FY10 as compared to INR0.15 crore in FY09.
Also, with improved trading income of INR2.39 crore (Rs. 1.55
crore in FY09), the company reported a total revenue of INR3.22
crore in FY10, an increase of 36% as compared to previous year.
However, RSL's operating expenses also grew by 44% to INR2.22
crore in FY10 mainly on account of increased Securities
Transaction tax of INR1.27 crore (Rs. 0.76 crore in FY09).
Consequently, RSL reported a net profit to INR0.75 crore in FY10
as compared to INR0.74 crore in FY09 on account of increase in tax
expenses during FY10.
REAL CONERGY: ICRA Reaffirms 'LB+' Rating to INR4.9cr Bank Loans
----------------------------------------------------------------
ICRA has reaffirmed the 'LB+' rating to the INR4.90 crore fund-
based bank facilities of Real Conergy India Private Limited. ICRA
has also reaffirmed an 'A4' to the INR5.00 crore non-fund based
bank facilities of RCIPL.
The reaffirmation of the ratings reflects RCIPL's modest size,
limited track record of operations, increase in gearing in FY 2010
and high intensity of competition in independent trading owing to
presence of a large number of organized as well as unorganized
players which has in turn resulted in the moderate decline in
operating margins in FY 2010. Further, under the Clearing &
forwarding (C&F) business, collection of payments from the Brick
kiln owners is RCIPL's responsibility, leading to high counter
party credit risk. While the working capital intensity has
reduced in FY 2010, it still remains at higher levels on account
of increased advances given by RCIPL to Uttar Pradesh Small
Industrial Corporation Ltd. for procurement of coal. The ratings
are however supported by the favorable demand prospects arising
out of increasing demand-supply gap for coal in domestic market
and limited of take risk as the quantity of coal to be handled is
fixed as per the Fuel supply agreements with UPSICL which in turn
has led to steady growth in RCIPL's turnover.
About Real Conergy
Real Conergy India Pvt. Ltd was incorporated in August, 2006 and
mainly functions as a coal trader as well as coal distribution
handling agent for the government of Uttar Pradesh and its nodal
agencies. RCIPL primarily undertakes its business in two ways: The
first way is acting as Carrying and Forwarding (Handling) agent on
behalf of government and nodal agencies like Coal India Ltd. (CIL)
authorized by government. The Second way is trading in coal as an
independent coal trader.
Recent results
As per the audited results, RCIPL reported a net profit of
INR0.93 crore on an operating income of INR25.18 crore for the
year ended March 31, 2010 and a net profit of INR0.14 crore on an
operating income of INR11.17 crore for the year ended March 31,
2009.
SAURAT AUTO: ICRA Assigns 'LBB+' Rating to INR7cr Term Loan
-----------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR7 crore term loan and
INR1 crore cash credit facility of Saurat Auto Tech Pvt. Ltd. The
outlook on the long term rating is Stable.
The rating takes into account the favorable outlook for the medium
and heavy commercial vehicle industry in India, SATPL's healthy
financial profile characterized by moderate capital structure,
healthy coverage indicators and a comfortable liquidity position
due to low working capital intensity of business. ICRA also notes
the established relationship of SATPL with its client - Tata
Motors Limited and its subsidiaries - HV Axles Ltd and HV
Transmissions Ltd., results in repeat orders and a low counter
party risk. The rating takes into consideration SATPL's exposure
to the inherent cyclicality of steel and commercial vehicle
industries, demand risk associated with a high client
concentration, with more than 99% of its sales being derived from
TML and its subsidiaries, and the decline in production volumes
over the past four years despite large capital expenditure
incurred for capacity enhancements that has, adversely impacted
the company's RoCE. The rating also factors in SATPL's small
scale of operations as compared to both its suppliers and buyers,
thereby limiting its bargaining power.
About Saurat Auto
SATPL is engaged in machining of various forgings since 1993 and
has been promoted by the Kolkata based Das family. The company
plants are based in Jamshedpur, Jharkhand and execute orders
primarily for TML.
Recent Results
The company reported a net profit of INR0.88 crores in FY10 on an
OI of INR 18.27 crores, as compared to a net profit of INR0.77
crores on an OI of INR12.68 crores during FY09.
SHIV COTTON: ICRA Assigns 'LB+' Rating to INR10cr Cash Credit
-------------------------------------------------------------
ICRA has assigned an 'LB+' rating to the INR10.00 crore cash
credit facility and INR1.50 crore term loans of Shiv Cotton
Industries. ICRA has also assigned an 'A4 ' rating to the
INR2.00 crore, short-term, warehouse loan facility of SCI.
The ratings are constrained by the limited track record of the
firm, small scale of operations and lack of diversification in the
product profile of the firm. The ratings also take into account
the limited value additive nature of the business in addition to
presence of high competition due to the fragmented industry
structure which has resulted in low operating and net margin; weak
financial profile of the firm as reflected by high gearing levels
and moderate coverage indicators. The ratings are further
constrained by vulnerability of profitability to raw material
prices which are subject to seasonality and crop harvest and
exposure to regulatory risks. ICRA also notes that SCI being a
partnership firm, any significant withdrawals from the capital
account would affect its capital structure.
The ratings positively consider the experience of the promoter in
the cotton ginning industry, advantage by virtue of being located
favorably in Gondal (Gujarat) giving it easy access to raw cotton
and a positive demand outlook for cotton and cottonseed, with
Gujarat being one of the biggest consumer for cottonseed oil.
About Shiv Cotton
Shiv Cotton Industries is a partnership firm established in July,
2009 and is engaged in cotton ginning and pressing. The firm
sells the cottonseed and cotton bales thus produced through
brokers. The firm has its production facility located at Gondal
(Dist: Rajkot), Gujarat. SCI commenced commercial operations from
Feb 2010.
Recent Results
During FY 2010, the firm reported an operating income of INR14.78
Cr. and profit after tax of INR0.04 Cr.
TRADELINE ENTERPRISES: ICRA Reaffirms 'LC' Rating on Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the 'LC' rating outstanding on the INR27.90
crore term loan facilities, the INR10.00 crore fund-based
facilities of Tradeline Enterprises Private Limited. ICRA has
also reaffirmed the 'A5' rating outstanding on the INR6.75 crore
non-fund based facilities of TEPL.
The reaffirmation of ratings factor in the delays in debt
servicing and the stretched liquidity position of the company as
indicated by frequently overdrawn working capital limits. The
company's financial profile remains weak characterized by low
profitability margins, highly leveraged capital structure,
depressed coverage indicators and high working capital intensity.
The company also remains vulnerable to the fluctuations in price
of raw material and volatilities in foreign exchange market.
Further ICRA notes the vulnerability of the company to government
policies affecting the import and export of cotton from U.S and
the competitive pressure from countries enjoying lower costs and
exchange rate fluctuations. The rating take into account the
experience of the promoters in the spinning industry, diversified
clientele base, and the relatively low competitive intensity
faced by the company as a result of its presence in a niche
segment of the textile industry.
About Tradeline Enterprises
Tradeline Enterprises Private Ltd was incorporated in the year
2006 and the commercial production commenced in December 2008.
The company was started by Mr. Prasanth P. Palayam, a third
generation entrepreneur. TEPL offers yarns manufactured from 100%
imported raw cotton from USA. The counts of cotton yarn range
from 20's to 80's with the average count being 40's.
The company has a manufacturing facility at Dist. Kancheepuram,
Tamilnadu and has a registered office and administrative office in
Teynampet, Chennai. The total installed capacity of the unit is
12,000 spindles.
Recent Results
TEPL reported net profit of INR0.8 crore on operating income of
INR59.3 crore in 2009-10 against net loss of INR 2.2 crore on
operating income of INR13.8 crore in 2008-09. For the half-year
ended September 2010, the company reported net sales (unaudited)
of INR37.4 crore.
UMIYA WOOD: ICRA Assigns 'LBB' Rating to INR3cr Cash Credit
-----------------------------------------------------------
ICRA has assigned an 'LBB' rating to the INR3.00 crore cash credit
facility of Umiya Wood Works Private Limited. ICRA has also
assigned an A4 rating to the INR17.00 crore, short-term fund based
Letter of Credit facility of UWWPL. The outlook on the long term
rating is 'stable'
The ratings are constrained by the UWWPL'S modest size of
operations which limits scale economies; weak profitability and
return indicators due to the limited value addition in the
business and the highly competitive business environment on
account of fragmented industry structure with low entry barriers
and sales concentrated towards a single product, pinewood.
However, the ratings favorably consider the long track record of
the promoters and the company in the timber related business; the
favorable demand prospects for Radiata pine in the packaging and
construction industries; the moderate gearing levels and moderate
growth in sales over the years.
About Umiya Wood
Umiya Wood Works Pvt Ltd, incorporated in 1997, is promoted by Mr.
Vinod Goyal and family UWWPL is engaged in the trading and sawing
of timber business, majorly pinewood. Meghna Udyog and Shakti
Industries are other group companies of UWWPL and they are
involved into similar line of timber trading business. The
company's plant is located over a 12 acre facility at Gandhidham
of Kutch District (Gujarat), near to the Kandla port. It has a
sawing capacity of 4000 cubic feet a day.
Recent Results
During FY 2010, the firm reported a profit after tax of INR0.06 Cr
on an operating income of INR22.70 Cr.
WAVE SILVER: ICRA Reaffirms 'LBB' Rating to INR26cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the "LBB" rating to INR26 Crore of term loan
of Wave Silver Tower Private Limited. The long term rating
carries a stable outlook.
The reaffirmation of the rating factors in the established track
record of WSTPL's promoters in development of commercial & retail
projects and the favorable location of the project. The rating
also takes into account satisfactory level of sales booking and
customer advances received by the company against bookings. The
rating is however constrained by project implementation risks
arising from early stages of project development and low average
sales realizations vis-a-vis the high project costs. Further, the
proposed contribution from the promoters is yet to be seen which
subjects the project to funding risk to some extent. Going
forward, the ability of the company to complete the construction
in a timely manner and sell the unsold space at higher
realizations in the project would be key rating sensitivity
factors.
About Wave Silver
Wave Silver Tower Pvt. Ltd. has been promoted by the Chadha Group
which has diverse operations in various sectors like sugar, paper,
liquor, real estate development, operation of multiplexes and film
distribution. Over the last few years, the Chadha Group has
developed retail malls in cities like Noida, Moradabad, Ghaziabad,
Lucknow and Ludhiana. WSTPL is developing a commercial cum retail
complex named 'Wave Silver Tower' with a saleable area of 2.70
lakh sq. ft. in Sector 18 of Noida. The construction of the
project is underway and is expected to be completed by March 2012.
The total project cost of INR208.55 Crore is proposed to be funded
through promoter contribution of INR50.76 crore, term loans of
INR26 Crore and advances against sale of INR131.90 Crore.
=================
I N D O N E S I A
=================
SULFINDO ADIUSAHA: S&P Downgrades Corp. Credit Rating to 'B-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on PT Sulfindo Adiusaha to 'B-' from 'B', and placed
the rating on CreditWatch with negative implications. At the same
time, Standard & Poor's also lowered its issue rating on the
proposed senior secured notes to be issued by Sulfindo Netherlands
B.V. to 'B-' from 'B' and placed the rating on CreditWatch with
negative implications.
The downgrade reflects Standard & Poor's opinion that the
postponement in Sulfindo's proposed bond issue will put
significant pressure on the company's liquidity in the next six to
nine months.
"In S&P's view, the postponement of the bond issue leads to a
heightened financial risk and credit profile inconsistent with the
previous rating of 'B' on Sulfindo," said Standard & Poor's credit
analyst Xavier Jean. "The previous rating explicitly assumed that
the company's proposed bond issue would proceed in a timely
fashion and the company would use the proceeds to refinance its
US$151 million bonds due 2013."
S&P believes Sulfindo should be able to meet its debt and capital
expenditure commitments in March and June using cash balances and
internal cash flows. Nevertheless, Sulfindo has committed capital
expenditures of US$57 million and debt maturities of US$28 million
between June and December 2011.
"S&P views these amounts as significant compared with its
estimation of the company's cash flow of US$20 million-US$25
million and its discretionary cash balance of about US$25
million," Mr. Jean said.
The one-notch rating downgrade on Sulfindo to 'B-' reflects S&P's
view that, despite liquidity pressures, S&P believes sufficient
timely financing can be arranged, in light of the generally
favorable industry outlook in Indonesia, product pricing, and its
expectation of profitable operations this year.
Standard & Poor's expects to resolve the CreditWatch placement
within the next three months when more information on additional
external financing is made available.
The ratings on Sulfindo may face the prospect of a multiple-notch
downgrade under one or more of these scenarios:
* Sulfindo cannot obtain a level of financing S&P believes is
sufficient to alleviate liquidity pressure within the next three
months;
* The company's internal cash flows over the next two quarters are
weaker than S&P anticipated, leading to a faster-than-expected
depletion of its cash;
* The company faces a covenant breach; or
* The company alters or restructures any debt instrument, which
S&P would consider as a default.
S&P may remove the ratings from CreditWatch if Sulfindo obtains
sufficient additional financing within the next three months.
XL AXIATA: S&P Withdraws 'BB' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had withdrawn its
'BB' long-term corporate credit rating on Indonesia-based wireless
operator PT XL Axiata Tbk. at the company's request.
Standard & Poor's currently does not rate any specific credit
facility on XL Axiata.
=========
K O R E A
=========
KOREA LINE: Starts Restructuring Process
----------------------------------------
Reuters reports that Korea Line Corp said it has started
restructuring after a local court approved placing the
financially-strapped dry bulk group in receivership.
"The main reason for receivership was charter payments. If the
market situation improves, we can graduate from court receivership
within a year," a Korea Line spokesman told Reuters in an
interview.
According to Reuters, under a court-appointed manager and its
Chairman Lee Jin-bang, Korea Line's charter or freight payments
will be subject to court decision as part of corporate
rehabilitation.
About Korea Line
Headquartered in South Korea, Korea Line Corp. is an operator of
dry-bulk ships. Korea Line operated 51 vessels at the end of
September. It ships iron ore, coal and liquefied-natural gas for
customers including Posco, Korea Electric Power Corp. and Korea
Gas Corp., according to its Web site.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 26, 2011, Bloomberg News said Korea Line Corp. filed for
receivership after rates tumbled to the lowest in almost
two years because of a global oversupply of vessels. The filing
was made at the Seoul Central District Court on Jan. 25, 2011.
Bloomberg noted that the shipping line, unprofitable in six of the
past seven quarters, halted its shares as it works to restructure
debt. Bloomberg related that dry-bulk rates have plunged 58% in
the past year amid an expanding global fleet and slowing demand
for commodities in China because of government efforts to cool
economic growth.
The company had total debts of KRW2.23 trillion (US$2 billion) at
the end of September, according to its third-quarter financial
statement, Bloomberg said. The shipping line made a KRW104.2
billion loss in the quarter, Bloomberg added.
LEHMAN BROTHERS: Seoul Court Rules in Favor of Lehman
-----------------------------------------------------
A Seoul court ruled in favor of Lehman Brothers in a damages suit
filed by Korea Investment & Securities Co. seeking KRW352 billion
lost in investment in credit derivatives, according to a
February 11, 2011 report by Yonhap News.
Korea Investment in 2006 bought a credit-linked note (CLN) from a
Dutch branch of Lehman Brothers International Europe. After
issuing asset-backed securities with the underlying credit, the
securities dealer had sold KRW100 billion worth of ABS to
Shinhan Investment Co. and KRW33 billion worth to I Investment
Trust Management while keeping the rest of the KRW167 billion in
bonds.
The securities firm filed the suit against LBIE's Seoul branch
early last year, asserting that its parent company was
responsible to pay the principal as it issued and handled a pool
of underlying assets.
In a ruling, the Seoul Southern District Court dismissed the
securities firm's claim, saying the European unit was not
responsible for the credit derivative loss as Lehman Brothers
Treasury Bond issued the bond.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was the
fourth largest investment bank in the United States. For more
than 150 years, Lehman Brothers has been a leader in the global
financial markets by serving the financial needs of corporations,
governmental units, institutional clients and individuals
worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy September 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy petition
disclosed US$639 billion in assets and US$613 billion in debts,
effectively making the firm's bankruptcy filing the largest in
U.S. history. Several other affiliates followed thereafter.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at Weil,
Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On September 19, 2008, the Honorable Gerard E. Lynch, Judge of the
U.S. District Court for the Southern District of New York, entered
an order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers International
(Europe) on September 15, 2008. The joint administrators have
been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan Inc.
filed for bankruptcy in the Tokyo District Court on September 16.
Lehman Brothers Japan Inc. reported about JPY3.4 trillion
(US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other insolvency
and bankruptcy proceedings undertaken by its affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)
===============
M A L A Y S I A
===============
RANHILL BERHAD: Fitch Downgrades Issuer Default Rating to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded Malaysia-based construction and
utility company Ranhill Berhad's Long-term foreign currency Issuer
Default Rating to 'B-' from 'B' and placed it on Rating Watch
Negative.
The agency has revised the Recovery Rating on the US$220 million
notes (notes) due October 2011 issued by Ranhill's wholly owned
subsidiary, Ranhill (L) Limited, and guaranteed by Ranhill, to
'RR4' from 'RR5'. With the downgrade of the IDR and the revision
to the Recovery Rating of the notes, the Long-term rating on the
notes remains at 'B-'; however, the notes have also been placed on
Rating Watch Negative.
The downgrade and placing on Rating Watch Negative reflect
Ranhill's increasing liquidity risk due to the impending maturity
of the notes. It follows Fitch's revision of Ranhill's Outlook to
Negative on March 18, 2010, to highlight the notes' refinancing
risk. Ranhill has informed Fitch that it is in discussions with a
local bank regarding a refinancing package. The downgrade also
reflects Ranhill's weak cash inflows and the high likelihood that
a refinancing package will absorb much of the dividends Ranhill
receives from its subsidiaries, weakening its long-term liquidity
profile.
If Ranhill does not make significant progress towards arranging an
acceptable refinancing package by April 30, 2011, a further
negative rating action may be taken. The agency does not expect
any rating upgrade on a successful refinancing of the US$ notes
due to the abovementioned concerns.
Fitch notes that Ranhill does not have foreign exchange hedges in
place to mitigate the risk of MYR depreciation against the US$.
Should the MYR -- which is currently trading at an approximate 12-
year high against the US$ -- weaken, the size of the refinancing
package would see a corresponding increase.
The proposed refinancing represents a securitization of future
dividends from Ranhill's various investments, in particular the
regulated assets. Fitch expects the principal source of these
dividends to be SAJ Holdings Sdn Bhd, a 56%-held subsidiary of
Ranhill, and two 180MW gas-fired power generators located in
Sabah.
SAJH acts as operator, sole distributor and collector of treated
water to Johor under a service license. The license is subject to
renewal every three years, which potential financiers may see as a
significant risk. However, Ranhill is confident that the license
will be renewed in 2012 as long as SAJH remains solvent and
continues to meet various key performance indicators.
Ranhill has two power generators in Sabah, one fully operational
and the other partially operational. The latter is scheduled to
increase available capacity to full designed capacity in March
2011. This generator is partially funded by a limited recourse
construction facility with customary restrictions over cash
distributions. The amount of future dividends paid by this
generator partly relies on the construction facility being
refinanced by term debt at a higher leverage ratio and with fewer
restrictions over cash distribution.
Ranhill also faces ongoing delays on its Tajura housing project in
Libya, which accounts for the bulk of its order book. Ranhill has
informed Fitch that progress on the project is likely to
accelerate and that the Libyan client will fund any material
purchases through the provision of letters of credit. If such
funding is not forthcoming, Ranhill will face additional working
capital requirements that may exacerbate its liquidity risk.
The Recovery Rating of 'RR4' on the notes reflects average
recovery prospects in the event of a default, given the
subordination of unsecured creditors.
====================
N E W Z E A L A N D
====================
PIKE RIVER: Receivership Hits NZOG, Trade Creditors
---------------------------------------------------
TVnz reports that the first report from PricewaterhouseCoopers
revealed trade creditors and New Zealand Oil & Gas may be the
biggest losers from the receivership of Pike River Coal Ltd.
Unsecured creditors owed NZ$31.9 million are unlikely to get
anything back, according to the assessment from John Fisk, David
Bridgman and Malcolm Hollis, TVnz relates. Of that, trade
creditors are owed NZ$15.4 million, and NZ Oil & Gas is owed
NZ$13.2 million, PricewaterhouseCoopers' report shows, TVnz says.
As reported in the Troubled Company Reporter-Asia Pacific on
December 14, 2010, Bloomberg News said that Pike River Coal Ltd,
the New Zealand Company that operates the coal mine where 29
miners died in a series of explosions in November 2010, has been
placed into receivership. Bloomberg related that Pike River
Chairman John Dow said its largest shareholder, NZ Oil & Gas,
appointed accountants PricewaterhouseCoopers as receivers. The
company owed NZ$80 million to secured creditors BNZ and New
Zealand Oil and Gas. Pike River also owed another estimated NZ$10
million to NZ$15 million to contractors, including some of the men
who lost their lives in the disaster.
TVnz notes that PricewaterhouseCoopers' strategy now is to
stabilize the mine with a view to either restructuring the company
or selling the assets while at the same time maintaining a core
team of workers to maintain the mine site and pursuing insurance
claims. Tvnz relates that the receivers have had "unsolicited
expressions of interest" in Pikes assets, though they are still
considering options for the mine.
Under the terms of a Deed of Priority, BNZ and NZOG rank equally
and have priority over Solid Energy among secured creditors, the
report adds.
About Pike River
Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company. The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal. It operates a
coal mine that lies under the Paparoa Ranges.
WELLINGTON PHOENIX: Liquidation Proceedings Put on Hold
-------------------------------------------------------
Dave Burgess at The Dominion Post reports that the tax department
has put on hold threats to liquidate five of football club owner
and developer Terry Serepisos' companies, which include Wellington
Phoenix.
The Post relates that Mr. Serepisos said the Wellington Phoenix
were here to stay in front of 12,718 fans at Westpac Stadium on
Sunday. Mr. Serepisos made the promise after the team's 3-1
victory over North Queensland Fury in their last home game of the
Aleague season, the Post says.
The Troubled Company Reporter-Asia Pacific, citing The New Zealand
Press Association, reported on Feb. 9, 2011, that Mr. Serepisos
was heading to Switzerland in a bid to save the Phoenix soccer
team and four of his other businesses as the Inland Revenue
Department seeks to liquidate them over debts of more than NZ$3.5
million. At a hearing at the High Court at Wellington on
February 4, Mr. Serepisos tried to stop the IRD from advertising
plans to liquidate his companies, but Justice Forrie refused and
the IRD is going ahead with its advertisements, NZPA related.
NZPA said the court was told Mr. Serepisos was flying to Zurich
last week to sign loan documents enabling him to pay back IRD and
other creditors within three weeks -- assuming certain conditions
were met. However, the IRD said Mr. Serepisos could not meet the
conditions -- which include that the companies being bailed out be
solvent at present -- and is going ahead with plans to recoup
money which includes unpaid Phoenix player's KiwiSaver
contributions and PAYE, according to NZPA. NZPA noted that
Mr. Seripisos's proposed repayment arrangement also depended on
some creditors accepting shortfalls, which some had already agreed
to do, the court was told.
According to the Dominion Post, Phoenix head of commercial
operations Nathan Greenham said no announcements on the Swiss
funding would be made until "we're comfortable that the
arrangements that have been made are locked in".
The Post relates that court proceedings to start liquidation
proceedings were scheduled for Monday next week, February 21.
However, the Post notes, a statutory requirement for adverts to be
published at least five working days before the court date was not
met by the tax department.
The IRD said it was unable to comment on individual taxpayers'
affairs but confirmed that liquidation action was on hold, the
Post notes.
As reported in the TCR-AP on Dec. 14, 2010, the National Business
Review said that the Inland Revenue Department applied to
liquidate five of Mr. Serepisos' companies in October 2010. The
debt claimed by the IRD is understood to be about NZ$3.58 million,
the Business Review said.
The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management and Century City Football, which owns the
Phoenix.
Wellington Phoenix FC is a professional football team based in
New Zealand.
=================
S I N G A P O R E
=================
METSO MINERALS: Creditors' Proofs of Debt Due March 11
------------------------------------------------------
Creditors of Metso Minerals (Asia-Pacific) Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by March 11, 2011, to be included in the company's
dividend distribution.
The company's liquidators are:
Low Mei Mei Maureen
Catherine Lim Siok Ching
C/o 8 Wilkie Road
#03-01 Wilkie Edge
Singapore 228095
MOSTRANS PTE: Creditors' Proofs of Debt Due February 25
-------------------------------------------------------
Creditors of Mostrans Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by Feb. 25,
2011, to be included in the company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
MT. BATTEN: Creditors Get 100% Recovery on Claims
------------------------------------------------
Mt. Batten Private Limited declared the first and final dividend
on January 24, 2011.
The company paid 100% to the received claims.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
PERIKATAN KEBAJIKAN: Creditors' Proofs of Debt Due February 25
--------------------------------------------------------------
Creditors of Perikatan Kebajikan Islam Sembawang Singapura, which
is in members' voluntary liquidation, are required to file their
proofs of debt by February 25, 2011, to be included in the
company's dividend distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
SING-PORT SHIP: Court Enters Judicial Management Order
------------------------------------------------------
The High Court of Singapore entered an order on January 31, 2011,
to place Sing-Port Ship Services Pte Ltd under judicial
management.
The applicant's solicitors are JLim & Chew Law Corporation.
SMITHS & BARON: Court to Hear Wind-Up Petition on February 25
-------------------------------------------------------------
A petition to wind up the operations of Smiths & Baron Pte Ltd
will be heard before the High Court of Singapore on February 25,
2011, at 10:00 a.m.
HSBC Institutional Trust Services (Singapore) Limited filed the
petition against the company on February 2, 2011.
The Petitioner's solicitors are:
Messrs Wong Partnership LLP
63 Market Street #02-01
Singapore 048942
STD IMPEX: Court to Hear Wind-Up Petition on February 18
--------------------------------------------------------
A petition to wind up the operations of STD Impex Markketing (S)
Pte Ltd will be heard before the High Court of Singapore on
February 18, 2011, at 10:00 a.m.
Tomaz Kne filed the petition against the company on January 25,
2011.
The Petitioner's solicitors are:
M/s Abraham Low LLC
24 Raffles Place #07-02
Clifford Centre
Singapore 048621
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Feb. 18, 2011
WHARTON RESTRUCTURING CLUB
7th Annual Wharton Restructuring and Turnaround Conference
The Union League, Philadelphia, Pa.
Contact: http://whartonrestructuringconference.org/
Colin McGinnis -- mcginnic@wharton.upenn.edu
Adam Piekarski -- adamjp@wharton.upenn.edu
Avi Robbins -- arobb@wharton.upenn.edu
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 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 ***