/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/110419.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, April 19, 2011, Vol. 14, No. 77 Headlines A U S T R A L I A CUBBIE STATION: Administrator Fires Cubbie's Founder C H I N A CHINA CENTURY: Murray, Frank & Sailer Begins Probe on Fraud Claims H O N G K O N G MARTIN (FAR EAST): Annual Meeting Set for May 12 MOULIN BUSINESS: Annual Meeting Set for May 12 PRIMETIME HOLDINGS: Annual Meeting Set for May 12 SUN HORSE: Members and Creditors' Annual Meetings Set for May 13 SUNLINK APSON: Annual Meetings Slated for May 13 SUNLINK HI-TECH: Annual Meetings Slated for May 13 SUNLINK MSOLUTIONS: Annual Meetings Slated for May 13 SUN MOTOR: Members and Creditors' Meetings Set for April 27 SUN MOTOR MANUFACTORY: Meetings Slated for April 27 SUN MOTOR OEM: Meetings Slated for April 27 * HONGKONG: Bankruptcy Petitions Drop 7.4% in March I N D I A GUJARAT SPICES: ICRA Assigns 'LBB+' Rating to INR7.31cr Term Loans L.T. KARLE: CRISIL Cuts Rating on INR50MM Letter of Credit to 'P5' LILA DHAR: CRISIL Reaffirms 'BB-' Rating to INR60MM Cash Credit MYSORE FRUIT: CRISIL Upgrades Rating on INR30.6MM LT Loan to 'B' NEW PHALTAN: CRISIL Assigns 'C' Rating to Various Bank Facilities PRABHAT DAIRY: CRISIL Upgrades INR50MM Cash Credit Rating to 'BB-' PRESTIGE FEED: ICRA Reaffirms 'LBB+' Rating on Bank Limits PROCADENCE IMPEX: ICRA Assigns 'LB+' Rating to INR5cr Bank Loans RAGHULEELA LEASING: CARE Assigns 'CARE BB+' Rating to LT Bank Loan RAMA KRISHNA: CRISIL Reaffirms 'B+' Rating on INR144MM Term Loan S. KUMARS: ICRA Reaffirms 'LB' Rating on INR449.82cr Term Loan SRI JAIBALAJI: CRISIL Assigns 'D' Rating to INR149MM Term Loan SYNDICATE BANK: S&P Assigns 'BB+' Rating to Lower Tier II Notes VIMAL DAIRY: ICRA Assigns 'LBB-' Rating to INR2cr Term Loans VIMAL MICRONS: ICRA Assigns 'LB+' Rating to INR6.9cr Term Loans K O R E A DONGYANG ENGINEERING: Files for Court Receivership N E W Z E A L A N D ALLIED NATIONWIDE: Receivers Unsure of Further Repayment to Crown AMI INSURANCE: Treasury Appoints Pritchard as Director CRAFAR FARMS: Shanghai Pengxin Files Application to Buy Crafar MORRIS CONTRACTORS: Pike River Contractor in Receivership S I N G A P O R E AFFINITY PRECISION: Creditors' Meeting Set for April 28 ALTUS TECHNOLOGIES: Court Enters Wind-Up Order AMANDA FOODS: Court Enters Wind-Up Order BOULTON CAPITAL: Creditors' Proofs of Debt Due May 16 DOMINION PENSION: Creditors' Proofs of Debt Due May 15 ETO SINGAPORE: Creditors' Proofs of Debt Due May 15 GLOCAL MEDIA: Court Enters Wind-Up Order HERBALSCIENCE DISTRIBUTORS: Creditors' Proofs of Debt Due May 16 X X X X X X X X * BOND PRICING: For the Week April 11 to April 15, 2011 - - - - - ================= A U S T R A L I A ================= CUBBIE STATION: Administrator Fires Cubbie's Founder ---------------------------------------------------- The Weekend Australian reports that the founder of Australia's largest cotton farm and irrigator, Cubbie Station, is "staggered" at being fired during its biggest ever harvest apparently for appearing on television. Cubbie's long-time managing director, John Grabbe, confirmed Friday to The Weekend Australian that Cubbie Group's administrator, John Cronin of McGrathNicol, had terminated his contract on April 14. "I'm absolutely staggered as to why and I absolutely did not agree with the termination," Mr. Grabbe said. "It was not by mutual agreement; I objected to it and still do," The Weekend Australian quotes Mr. Grabbe as saying. He would not speculate about why he had been sacked. Devastated by drought, The Weekend Australian says, Cubbie Group collapsed into voluntary administration in 2009, owing more than AU$300 million to lenders National Australia Bank and Suncorp. Since then, the administrators have been trying to sell the group, and Mr. Grabbe and his fellow board members have been trying to trade their way out of administration. Recently, The Weekend Australian notes, the administrators appointed Goldman Sachs to find a buyer for the Cubbie Group, which consists of three properties over 93,000ha in southern Queensland. The Weekend Australian reports that Mr. Grabbe appeared on the Nine Network's Brisbane news on Sunday night. The Weekend Australian relates that the story showed him flying over Cubbie Station in a helicopter with journalist Melissa Mallet. "John Grabbe now hopes the existing board can take back control, and responsibility, of repaying the banks that helped build Cubbie," Ms. Mallet said in the story's voiceover, according to The Weekend Australian. Mr. Grabbe is quoted as saying: "That would be very nice, but that's in the hands of others, unfortunately". The Weekend Australian says that it was this rare media appearance by Mr. Grabbe that prompted his sudden dismissal. McGrathNicol confirmed in a statement that Mr. Grabbe was "no longer consulting to the Cubbie Group," The West Australian adds. About Cubbie Group Cubbie Group Ltd -- http://www.cubbie.com.au/-- holds around 93,000 hectares of land on several properties in South West Queensland. The group produces a range of irrigated crops, including cotton, wheat, sorghum, sunflowers, barley, chickpeas and corn. John Cronin, Jamie Harris and Colin Nicol of McGrathNicol were appointed voluntary administrators of Cubbie Group Ltd on Oct. 30, 2009. The group owns Cubbie Station and related farming operations in Dirranbandi and St. George. The Troubled Company Reporter-Asia Pacific, citing The Australian, reported on Oct. 29, 2009, that the National Australia Bank was seeking the urgent repayment of a AU$320 million mortgage over the 93,000ha southern Queensland property. Citing Cubbie Group's latest financial report, The Australian said the company lost AU$33 million in 2007 to 2008. According to The Australian, auditor BDO Kendalls wrote that Cubbie's liabilities exceeded its assets a year ago, that it had breached its banking covenants, and that the bank had guaranteed support only until the end of last year. ========= C H I N A ========= CHINA CENTURY: Murray, Frank & Sailer Begins Probe on Fraud Claims ------------------------------------------------------------------ Murray, Frank & Sailer LLP is investigating securities fraud claims against China Century Dragon Media, Inc. and certain of its officers, on behalf of purchasers of China Century securities between Feb. 8, 2011 and March 26, 2011, inclusive. The investigation concerns violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 that occurred when the Defendants issued materially false and misleading statements or omitted to state material information during the Class Period regarding China Century's financial performance and business prospects. Specifically, it is alleged that during the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that the financial statements for fiscal years 2008 and 2009, included in China Century's Registration Statement, were materially false and misleading. Furthermore, it is alleged that as a result of the Defendants' misstatements, China Century's stock traded at artificially inflated prices throughout the Class Period. On March 28, 2011, the Company issued a press release announcing, among other things, (1) the resignation of the Company's auditor, due to the auditor's belief that it could not rely on the representations of China Century's management, or support its opinions related to the Company's previously issued financial statements for fiscal years 2008 and 2009; (2) that China Century had received notification from NYSE Amex LLC of its intention to delist the Company's stock; (3) that the SEC had initiated a formal, non-public investigation into whether the Company had made material misstatements or omissions concerning its financial statements; (4) that the Company had formed a Special Committee to investigate the concerns of its auditor; and (5) that the Company would be unable to timely issue its financial results for fiscal year 2010. As previously reported, on March 23, 2011, the Company received a delisting notification from the Exchange due to the Company's noncompliance with Sections 1003(f)(iii), 132(e), 1003(d), 1002(e) and 127 of the Company Guide. As a result, the Company was subject to immediate delisting unless it requested an appeal of the Staff's delisting determination. In response, the Company timely appealed the Staff's determination for a hearing before a Listing Qualifications Panel. The notice of noncompliance has no immediate effect on the listing of the Company's common stock on the Exchange. The Company also announced it has engaged the law firm of McKenna Long & Aldridge LLP to serve as its independent counsel in connection with its investigation into the allegations contained in the resignation letter of its former auditor, MaloneBailey LLP, and the investigation initiated by the U.S. Securities and Exchange Commission. As previously announced on March 28, 2011, the Company's Board of Directors formed a Special Investigation Committee consisting of the independent members of the Board of Directors to launch an investigation with respect to the concerns raised by MaloneBailey and the SEC investigation. About China Century China Century Dragon Media is a television advertising company in China that primarily offers blocks of advertising time on certain channels on China Central Television, the state television broadcaster of China and China's largest television network. The Company purchases, repackages and sells advertising time on certain of the nationally broadcast television channels of CCTV. ================ H O N G K O N G ================ MARTIN (FAR EAST): Annual Meeting Set for May 12 ------------------------------------------------- Members and creditors of Martin (Far East) Optical Company Limited, which is in creditors' voluntary liquidation will hold their annual meeting on May 12, 2011, at 3:00 p.m., at the office of FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club Building, 3A Chater Road, Central, in Hong Kong. At the meeting, Roderick John Sutton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. MOULIN BUSINESS: Annual Meeting Set for May 12 ----------------------------------------------- Members and creditors of Moulin Business Solutions Limited, which is in creditors' voluntary liquidation will hold their annual meeting on May 12, 2011, at 3:30 p.m., at the office of FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club Building, 3A Chater Road, Central, in Hong Kong. At the meeting, Roderick John Sutton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PRIMETIME HOLDINGS: Annual Meeting Set for May 12 ------------------------------------------------- Members and creditors of Primetime Holdings Limited, which is in members' voluntary liquidation, will hold their annual meeting on May 12, 2011, at 4:00 p.m., at the office of FTI Consulting (Hong Kong) Limited, 14th Floor, The Hong Kong Club Building, 3A Chater Road, Central, in Hong Kong. At the meeting, Roderick John Sutton, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SUN HORSE: Members and Creditors' Annual Meetings Set for May 13 ---------------------------------------------------------------- Members and creditors of Sun Horse Technologies (H.K.) Limited will hold their annual meetings on May 13, 2011, at 11:00 a.m., and 11:15 a.m., respectively at the 62/F, One Island East, 18 Westlands Road, Island East, in Hong Kong. At the meeting, David Yen Ching Wai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SUNLINK APSON: Annual Meetings Slated for May 13 ------------------------------------------------ Members and creditors of Sunlink Apson Multi-media Limited will hold their annual meetings on May 13, 2011, at 11:45 a.m., and 12:00 p.m., respectively at the 62/F, One Island East, 18 Westlands Road, Island East, in Hong Kong. At the meeting, David Yen Ching Wai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SUNLINK HI-TECH: Annual Meetings Slated for May 13 -------------------------------------------------- Members and creditors of Sunlink Hi-Tech Limited will hold their annual meetings on May 13, 2011, at 3:15 p.m., and 3:30 p.m., respectively at the 62/F, One Island East, 18 Westlands Road, Island East, in Hong Kong. At the meeting, David Yen Ching Wai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SUNLINK MSOLUTIONS: Annual Meetings Slated for May 13 ----------------------------------------------------- Members and creditors of Sunlink mSolutions Limited will hold their annual meetings on May 13, 2011, at 2:30 p.m., and 2:45 p.m., respectively at the 62/F, One Island East, 18 Westlands Road, Island East, in Hong Kong. At the meeting, David Yen Ching Wai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SUN MOTOR: Members and Creditors' Meetings Set for April 27 ----------------------------------------------------------- Members and creditors of Sun Motor Holding Company Limited will hold their meetings on April 27, 2011, at 11:00 a.m., and 11:30 a.m., respectively at 32nd Floor, One Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SUN MOTOR MANUFACTORY: Meetings Slated for April 27 --------------------------------------------------- Members and creditors of Sun Motor Manufactory Limited will hold their meetings on April 27, 2011, at 2:00 p.m., and 2:30 p.m., respectively at 35th Floor, One Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SUN MOTOR OEM: Meetings Slated for April 27 ------------------------------------------- Members and creditors of Sun Motor OEM Company Limited will hold their meetings on April 27, 2011, at 3:00 p.m., and 3:30 p.m., respectively at 35th Floor, One Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Lai Kar Yan (Derek) and Darach E. Haughey, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. * HONGKONG: Bankruptcy Petitions Drop 7.4% in March --------------------------------------------------- Sophie Leung at Bloomberg News reports that Hong Kong bankruptcy petitions fell 7.4% in March from a year earlier. Bloomberg News, citing data posted in the Official Receiver's Office Web site, discloses that the number of bankruptcy petitions declined to 866 from 935. The number of petitions to wind up companies dropped to 42 from 54 a year earlier, it said. ========= I N D I A ========= GUJARAT SPICES: ICRA Assigns 'LBB+' Rating to INR7.31cr Term Loans ------------------------------------------------------------------ ICRA has assigned an 'LBB+' rating to the INR7.31 crore term loans and the INR30.0 crore fund based facilities of Gujarat Spices and Oilseeds Growers Cooperative Union Limited. ICRA has also assigned an 'A4+' rating to the INR163.0 crore short term non fund based facilities of the company. The outlook on the long term rating is stable. ICRA has combined the operational and financial risk profiles of group company Gujarat Spices and Oilseed Growers Cooperative Union Limited and VOFL to arrive at the ratings. Moreover, these companies are planned to be merged in the near term subject to regulatory approvals. The ratings are constrained by the inherently low margins in this line of business as well as the volatility of the margins on account of pressure on realizations as was witnessed in FY10, moderate market position of the company in the relatively high margin retail segment, highly fragmented nature of industry which exposes GUJOIL to the competition from the unorganized players in the lower end of the products and large players, including multinationals in the branded segment. The ratings are also constrained by the vulnerability of the company's profitability to the duty differential between crude and refined oil and the climatic risks associated with procurement of raw material. Further, the company's lack of seed crushing capacity limits value addition in the edible oil value chain and also restricts its ability to switch to its own crude supply in adverse price scenario for crude oil. The ratings reflect long track record of the promoters in the edible oil industry and diversified product portfolio with flexibility to change the product mix according to price trends. The ratings also factor in the locational advantages arising from the proximity to ports, for crude oil procurement, access to VOFL's extensive distribution network and the favorable growth prospects of the industry. The company's revenues are expected to be boosted by addition of fractionation capacity which will provide an upside to the volumes. Gujarat Spices and Oilseeds Growers' Cooperative Union Ltd., incorporated in 2003, is a union formed by various cooperative societies in order to set up an edible oil refinery at Anjar, Kutch District, Gujarat. The installed refining capacity of the plant is 900 TPD for other edible oils and 100 TPD for Vanaspati oil. The factory was established in Kutch region to get the benefit of sales tax and excise duty exemption from the State and Central Govt as announced by them as rehabilitation package after the massive quake in Gujarat in 2001. GUJOIL is part of the Vimal group of industries based out of Mehsana whose flagship company - Vimal Oils & Foods Ltd. is engaged in the production, refining and marketing of edible oils. Vimal Group of Industries is one of the leading groups of North Gujarat engaged in diversified businesses like Electrical Products, Cable Wires, Winding Wires, Submersible Pumps, Dairy Industry, Edible Oil Industry, Paint Industry and Micronised Mineral Powder. For the year FY2010, the company reported an operating income of INR729.6 crore (against INR 645.8 crore for FY2009) and profit after tax of INR5.55 crore (against INR 5.15 crore for FY2009). The company has further as on H1FY2011 end reported an operating income of INR380.3 crore and profit after tax of INR4.07 crore. L.T. KARLE: CRISIL Cuts Rating on INR50MM Letter of Credit to 'P5' ------------------------------------------------------------------ CRISIL has downgraded its rating on the bank facilities of L T Karle and Company (LT Karle; part of the Karle group) to 'P5' from 'P4+'. The downgrade reflects instances of delay by the Karle group in servicing its debt; the delays have been caused by the group's weak liquidity. Facilities Ratings ---------- ------- INR50.0 Million Letter of Credit P5 (Downgraded from 'P4+') INR250.0 Million Packing Credit P5 (Downgraded from 'P4+') INR13.0 Million Letter of credit P5 (Downgraded from 'P4+') & Bank Guarantee INR2.0 Million Bank Guarantee P5 (Downgraded from 'P4+') The Karle group has a weak financial risk profile, marked by weak capital structure and below-average debt protection metrics. The group is also exposed to risks related to customer concentration in its revenue profile. The group, however, benefits from its strong track record, backed by global clientele, integrated operations, and efficient supply chain management. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of Karle International Pvt Ltd and LT Karle. This is because the two entities are in the same line of business, and have operational linkages, including fungible cash flows. About the Group The Karle group was promoted in 1972 as a fabric-exporting unit by the late Mr. L T Karle. The group has expanded into the manufacture of readymade garments, with four manufacturing units in Bengaluru; the group has capacity to manufacture around 440,000 pieces of garments per month. The Karle group reported a profit after tax (PAT) of INR38.7 million on net sales of INR1.63 billion for 2009-10, against a PAT of INR38.2 million on net sales of INR2.02 billion for 2008-09. LILA DHAR: CRISIL Reaffirms 'BB-' Rating to INR60MM Cash Credit --------------------------------------------------------------- CRISIL has reaffirmed its 'BB-/Stable/P4+' ratings on the bank facilities of Lila Dhar Devki Nandan. Facilities Ratings ---------- ------- INR60.0 Million Cash Credit BB-/Stable (Reaffirmed) INR100.0 Million Bank Guarantee P4+ (Reaffirmed) The ratings reflect LDDN's small scale of operations, large working capital requirements, geographical concentration in its revenue profile, and small net worth. These rating weaknesses are partially offset by LDDN's established relationships with its customers and its stable operating margin. Outlook: Stable CRISIL believes that LDDN will continue to benefit from established relationships with the state government and public works department. The outlook may be revised to 'Positive' in case of considerable improvement in LDDN's operating income, driven by successful expansion in operations to territories other than Bikaner (Rajasthan). Conversely, the outlook may be revised to 'Negative' in case of further stretch in LDDN's working capital requirements, decline in profitability, or if the firm undertakes a large, debt-funded capital expenditure programmes, thereby deteriorating its liquidity and debt protection metrics. Update The firm's revenues over 2009-10 (refers to financial year, April 1 to March 31) declined by 52 percent year-on-year due to reduction in orders in the first half of 2009-10 from LDDN's main client, Bikaner Public Works Department (PWD). The firm reported revenues of INR160 million for the nine months ended December 2010, and is expected to generate revenues of around INR220 million for 2010-11. Moreover, the company's receivables are stretched, at INR50 million as on Dec. 31, 2010, but have marginally improved from the previous level, of 136 days (Rs.54.6 million), as on March 31, 2010. Incremental working capital requirements have led to the bank limits being highly utilized and, on multiple occasions, overdrawn. About Lila Dhar LDDN, a sole proprietorship firm, is promoted by Mr. Devki Nandan Golyan. It is a Class AA civil contractor and undertakes road construction and road resurfacing projects in Rajasthan (mainly in the Bikaner district); it primarily caters to the Bikaner PWD. LDDN procures key inputs, bitumen and emulsion, from companies such as Indian Oil Corporation Ltd and Essar Oil Ltd. LDDN reported a profit after tax (PAT) of INR11 million on net sales of INR148 million for 2009-10 (refers to financial year, April 1 to March 31), as against a PAT of INR18 million on net sales of INR310 million for 2008-09. MYSORE FRUIT: CRISIL Upgrades Rating on INR30.6MM LT Loan to 'B' ---------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Mysore Fruit Products Pvt Ltd to 'B/Stable' from 'B-/Stable', while reaffirming the rating on the short-term facilities at 'P4'. Facilities Ratings ---------- ------- INR30.60 Million Long-Term Loan B/Stable (Upgraded from 'B-/Stable') INR.10.00 Million Cash Credit B/Stable (Upgraded from 'B-/Stable') INR75.00 Million Packing Credit P4 (Reaffirmed) INR100.00 Mil. Bill Discounting P4 (Reaffirmed) (Letter of Credit) INR70.00 Million Letter of Credit P4 (Reaffirmed) The upgrade reflects increase in MFFPL's revenues and cash accruals, driven by addition of new clients and increased processing of fruits other than mango, in 2010-11 (refers to financial year, April 1 to March 31). The company reported, on provisional basis, revenues of about INR370 million for the 11 months ended Feb. 28, 2011; it reported revenues of INR270 million for 2009-10. Increase in revenues resulted in increased cash accruals for MFFPL in 2010-11. The ratings reflect MFFPL's below-average financial risk profile, marked by a high gearing, large, debt-funded capital expenditure (capex) plans, concentrated revenue profile, and susceptibility to volatility in raw material prices and in foreign exchange rates. The impact of these weaknesses is mitigated by MFFPL's promoters' industry experience, and its moderate operating efficiency. Outlook: Stable CRISIL believes that MFPPL will continue to benefit over the medium term from its promoters' experience in the fruit processing industry. The outlook may be revised to 'Positive' if the company considerably increases its scale of operations and revenue diversity and maintains its margins and capital structure. Conversely, the outlook may be revised to 'Negative' if MFFPL's relationships with its major customers deteriorate, or if the company undertakes a larger-than-expected, debt-funded capex programme or faces decline in revenues and cash accruals, thereby adversely affecting its ability to service debt. About Mysore Fruit Set up in 1957 by the Government of Karnataka, MFFPL was acquired by Mr. D Adikesavulu in 1987. The company was reconstituted as private limited company in 2005. It manufactures fruit juice and pulp from mango, guava, grape, pomegranate, and tomato, at its two processing units in Bengaluru, with capacity of 12,000 tonnes per annum. Around 75 per cent of the company's revenues come from the sale of juice and pulp of mango, and the rest from the sale of juice and pulp of other fruits. The company derives about 90 per cent of its revenues from exports to manufacturers of juices and aerated drinks in France, Russia, the Middle East, and European countries. MFPPL has plans to enhance its capacity for a total capex of INR40.0 million (debt component of INR27.5 million). MFFPL reported a profit after tax (PAT) of INR1.3 million on net sales of INR269 million for 2009-10, against a PAT of INR1.3 million on net sales of INR234 million for 2008-09. NEW PHALTAN: CRISIL Assigns 'C' Rating to Various Bank Facilities ----------------------------------------------------------------- CRISIL has assigned its 'C' rating to the long-term bank facilities of New Phaltan Sugar Works Ltd. Facilities Ratings ---------- ------- INR90.00 Million Cash Credit C (Assigned) INR30.00 Million Long-Term Loan C (Assigned) INR190.00 Million Proposed LT Bank C (Assigned) Loan Facility The rating reflects NPSW's weak financial risk profile, marked by negative net worth (because of sizeable accumulated losses), large working capital requirements, weak operating efficiencies on account of non-integrated operations, and vulnerability to adverse regulatory changes and cyclicality in the sugar industry. These rating weaknesses are partially offset by the extensive industry experience of NPSW's promoters and the strategic location of the company's plant. NPSW was set up in 1985 and took over the assets of group company, Apte Amalgamation Ltd, which had been manufacturing sugar since 1933. The capacity of the company's plant was enhanced to 1,800 tonnes crushed per day (tcd) in 2010-11 (refers to financial year, April 1 to March 31) from 1,300 tcd, and the company plans to increase the capacity to 2,500 tcd in 2011-12. NPSW incurred substantial losses in 2000-01 because of unavailability of sugarcane and its operations were shut down between 2002 and 2005, resulting in its entire net worth being eroded; consequently, the company defaulted on servicing its debt and went under the purview of the Board for Industrial and Financial Restructuring (BIFR) in May 2003. The company was declared sick in 2010. It is awaiting a restructuring and remains under the purview of BIFR. NPSW reached a one-time settlement with its lenders and made the payment in 2009-10. Since 2007, NPSW has been managed by Mr. Pralhad Salunkhe Patil. NPSW reported a profit after tax (PAT) of INR10.3 million on net sales of INR682.6 million for 2009-10, as against a PAT of INR0.5 million on net sales of INR422.8 million for 2008-09. PRABHAT DAIRY: CRISIL Upgrades INR50MM Cash Credit Rating to 'BB-' ------------------------------------------------------------------ CRISIL has upgraded its rating on Prabhat Dairy Pvt Ltd's bank facilities to 'BB-/Stable' from 'B+/Stable'. Facilities Ratings ---------- ------- INR88.9 Million Term Loan BB-/Stable (Upgraded from 'B+ /Stable') INR50.0 Million Cash Credit BB-/Stable (Upgraded from 'B+/Stable') INR5.0 Million Line of Credit BB-/Stable (Upgraded from 'B+/Stable') The rating upgrade reflects sharp improvement in Prabhat's business risk profile, driven by an increase in its scale of operations amid a buoyant demand scenario and improvement in its profitability. The company sales are estimated to have increased at a year-on-year rate of more than 70% in 2010-11 (refers to financial year, April 1 to March 31); revenues for the year are estimated at over INR2.75 billion. Prabhat's healthy growth in sales has been driven by an increase in supply of sweetened condensed milk (SCM) by the company to Cadbury India Ltd (Cadbury), supported by stabilization of operations at its recently set up capacities. This led to a significant improvement in Prabhat's operating margin in 2010-11 to about to 7% from 5% in 2009-10. CRISIL believes that Prabhat will sustain the topline growth and maintain its profitability by optimally utilising its enhanced capacities, and increasing focus on value-added products The rating reflects Prabhat's small scale of operations with limited geographical diversity, large working capital requirements, susceptibility to adverse regulatory changes and to epidemic-related events, and exposure to project-related risks in its ongoing project. These rating weaknesses are partially offset by Prabhat's established procurement and distribution network, healthy relationships with customers, and moderate financial risk profile marked by strong debt protection metrics and healthy capital structure. Outlook: Stable CRISIL believes that Prabhat will continue to benefit from its established relationships with suppliers and customers. The outlook may be revised to 'Positive' if Prabhat commissions its ongoing capacity expansion project without any time and cost overrun or if there is any large equity infusion which improves the capital structure significantly. Conversely, the outlook may be revised to 'Negative' if the offtake from the company's fresh capacities are lesser than expected or if it undertakes a larger- than-expected, debt-funded capital expenditure (capex) programme, thereby weakening its capital structure. About Prabhat Dairy Incorporated in 1998, Prabhat is promoted by Mr. Sarang Nirmal, Mr. Kishore Nirmal, and Mr. Arvind Nirmal. The company processes and sells milk and milk products. The dairy products marketed by the company include toned milk, raw chilled milk, sterilized condensed milk, milk powder, lassi, butter, and ghee. Its production unit at Shrirampur (Maharashtra) has a milk processing capacity of 0.4 million litres per day (lpd). The company is setting up a new facility, expected to commence commercial production by April 2012, to process milk (0.6 million lpd) and manufacture cheese (capacity of 60,000 tonnes per annum); the cheese produced will be primarily supplied to Kraft Foods Inc. For 2009-10, Prabhat reported a profit after tax (PAT) of INR36.0 million on net sales of INR1.5 billion, against a PAT of INR10.0 million on net sales of INR1.1 billion for 2008-09. PRESTIGE FEED: ICRA Reaffirms 'LBB+' Rating on Bank Limits ---------------------------------------------------------- ICRA has reaffirmed the 'LBB+' rating on the long term scale and 'A4+' rating on the short term scale for the INR37.75 crore bank limits of Prestige Feed Mills Limited. The outlook on the long term rating has been retained at Stable. The ratings continue to be constrained by the high business risks associated with the edible oil (and related products) industry including the high competitive intensity and fragmentation; vulnerability of profitability of domestic edible oil players to import pressure, volatility in global edible oil prices and changes in import duty differential between crude and refined oil; exposure to commodity price and forex risks and; agro-climatic risks associated with the availability of raw material. The ratings are also inhibited by the company's modest financial risk profile as reflected in its low profitability margins; high gearing levels and modest debt protection metrics. Nevertheless, while assigning the ratings, ICRA has favorably factored in the considerable experience of Prestige's promoters in the soya business; the company's locational advantage being situated in the soybelt of the country; favorable domestic and export prospects for soya meal and in particular the current buoyant market scenario and favorable near term outlook; integrated nature of the company's manufacturing operations and presence in the value added edible grade soy product segment. About Prestige Feed Prestige Feed Mills Limited based out of Indore in Madhya Pradesh is engaged in the manufacture and sale of soybean oil and DOC. It also undertakes trading of agro-commodities. The company has been promoted by the Jain family who hold more than two decades of experience in the soya oil and meal business and are a well known business group in the region with their "Prestige" brand. The manufacturing facilities of the company are located in Dewas, Madhya Pradesh and include a 400 tpd solvent extraction unit and a 100 tpd refinery. Recent Results In 2009-10, the company reported an operating income (OI) of INR256 crore with a profit after tax of INR1.36 crore compared to an OI of INR250 crore and a profit after tax of INR1.39 crore in 2008-09. In H1 2010-11, the company has reported an OI of INR150 crore and a PAT of INR0.83 crore as per provisional unaudited results. PROCADENCE IMPEX: ICRA Assigns 'LB+' Rating to INR5cr Bank Loans ---------------------------------------------------------------- ICRA has assigned an 'LB+' rating to the INR5 crore fund based facilities of Procadence Impex Private Limited. ICRA has also assigned 'A4' rating to the INR12.5 crore non-fund based bank facilities of SPCIPL. The ratings are constrained on account of PIPL's initial stage of operation with limited track record, its high gearing level and its significant reliance on single customer as well as supplier at present. In addition, PIPL's business is characterized by thin margin, susceptibility to adverse movement in foreign currency, intense competition from large as well as small established trade houses and counter-party risk at supplier's end such as non- delivery of goods and short shipment, which increases the overall business risk of the company. However, the ratings derive comfort from PIPL's experienced management and its reputed supplier and customer. Procadence Impex Private Limited was incorporated in 2009 with an object of entering into international commodity trading involving importing of fertilizers and chemicals to cater to the requirements of government and private fertilizer companies, steam coke and coal for steel plants in India and exporting iron ore from India to China. Primarily, the company is currently contemplating import of fertilizer from Egypt, Romania, Ukraine, Russia and Middle East for supply to fertilizer companies in India and export of low grade iron ore from India to China. RAGHULEELA LEASING: CARE Assigns 'CARE BB+' Rating to LT Bank Loan ------------------------------------------------------------------ CARE assigns 'CARE BB+' rating to the long-term bank facilities of Raghuleela Leasing And Real Estates Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 798.84 'CARE BB+' Rating Rationale The rating is constrained by high gearing levels, higher break even required for the project, dependence on advances from customers to fund the project, residual project execution risk, and the cyclical nature of the industry. The rating however, derives strength from the experience of RLRE's promoters in the real estate industry, strategic location of the property in Bandra Kurla Complex, tie up of the required debt and advanced stage of execution with 65% of the construction cost already incurred. The ability of RLRE to execute the project within the time frame set by Mumbai Metropolitan Regional Development Authority and sell the balance area as envisaged are the key rating sensitivities. Raghuleela Leasing and Real Estates Pvt. Ltd., incorporated in August 2005, is part of Wadhwa group which is involved in commercial, residential, retail and hospitality segments with diverse projects for the last 40 years. RLRE was incorporated with the primary objective of undertaking development, sale and lease of the commercial property 'The Capital' on a plot admeasuring 7,107 sq mtrs. at Bandra Kurla Complex. The proposed property is envisaged to comprise commercial development with a saleable area of approximately 1.15 million square feet (msf). The project is estimated to cost INR2,491 crore to be funded using debt of INR805 crore, promoter contribution of INR573 crore and balance from advances from customers. As on Dec. 31, 2010, RLRE had incurred 65% of the total construction cost and sold 23% of the total saleable area. RAMA KRISHNA: CRISIL Reaffirms 'B+' Rating on INR144MM Term Loan ---------------------------------------------------------------- CRISIL's rating on the bank facilities of Rama Krishna Spintex Pvt Ltd continues to reflect Rama Krishna's weak financial risk profile, marked by aggressive gearing, a small net worth, and inadequate debt protection metrics; and small scale of operations. These rating weaknesses are partially offset by the benefits that Rama Krishna derives from its promoters' experience in the textile industry. Facilities Ratings ---------- ------- INR50.0 Million Cash Credit Limit B+/Stable (Reaffirmed) INR144.0 Million Term Loan B+/Stable (Reaffirmed) INR7.5 Mil. Standby Line of Credit B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that Rama Krishna will remain a small player in the textile industry, and that its financial risk profile will remain weak because of its aggressive capital structure, over the medium term. The outlook may be revised to 'Positive', if the company's cash accruals improve significantly, thereby resulting in a better capital structure, or if it improves its business risk profile by undertaking significant capacity expansion, funded primarily through equity. Conversely, the outlook may be revised to 'Negative', if Rama Krishna's profitability and cash accruals decline, or if the company undertakes a debt-funded capital expenditure (capex) programme, resulting in further deterioration in its financial risk profile. Update Rama Krishna's performance in 2010-11 (refers to financial year, April 1 to March 31) was in line with CRISIL's expectations; the company is estimated to have posted revenues of over INR500 million with an operating margin of close to 13 %. The growth in sales and improvement in profitability were supported by increased export sales from enhanced capacities, as well as price rise during the year. The company's revenues, however, have remained concentrated in its top five customers, which are estimated to have accounted for more than 65 % of its total revenues in 2010-11. Rama Krishna has partially completed the expansion of its manufacturing facility. Till date, it has invested close to INR50 million out of the total outlay of INR110 million. The balance pertains to equipment for which the order has been placed and the delivery is expected by August 2011. Rama Krishna reported a profit after tax (PAT) of INR1.55 million on net sales of INR396.4 million for 2009-10, as against a PAT of INR0.4 million on net sales of INR199.14 million for 2008-09. About Rama Krishna Rama Krishna, incorporated in February 2007, is promoted by Mr. Makhan Lal Mangla. The company manufactures different varieties of yarn including grey cotton yarn, stubbed cotton yarn, and waxed cotton yarn, which are primarily used in manufacturing denim fabric. It has a manufacturing facility in Bhatinda (Punjab) with a capacity of 1960 rotors and a ginning plant. The company is undertaking a INR110-million capex programme to expand its manufacturing capacities to 5000 tonnes per annum (tpa) from the existing 3700 tpa; the expanded capacity is expected to become operational by August 2011. Mr. Mangla is also a partner in Krishna Oil and General Mills, a firm engaged in oil extraction and cotton ginning. S. KUMARS: ICRA Reaffirms 'LB' Rating on INR449.82cr Term Loan -------------------------------------------------------------- ICRA has reaffirmed the 'LB' rating on the INR449.82 crore term loans and the INR560.31 crore long-term, fund-based bank facilities of S. Kumars Nationwide Limited. ICRA has also reaffirmed the 'A4' rating on the INR65.06 crore, short-term, non- fund based bank facilities of the company. Despite robust growth in revenues and healthy profitability, liquidity position of the company remains stretched on account of its high working capital intensity, and large capital expenditure and significant inorganic investments incurred over the previous years. SKNL has been in the process of rapidly scaling up its various businesses, requiring substantial capital outlay. The ratings, however, continue to take into account the strong presence of the company in the domestic organized work wear and worsted suitings segment, SKNL's moderately comfortable capital structure aided by capital infusion from promoters, private investor and qualified institutional buyers (QIBs) and healthy accretion to reserves. The company plans to list equity shares of its subsidiary company - RTIL, which when successful, is likely to further strengthen the capital structure of the company. ICRA notes that the international operations of the company (barring DKNY operations controlled through SKNL UK) have commenced generating positive returns on the back of strong cost control measures implemented by the company and through synergistic benefits with other business segments of the company. These acquisitions of companies with strong brand presence and portfolio in the international market and licensing agreement with leading fashion house are expected to enable the company expand its product and brand portfolio while augmenting the international marketing and distribution base. Incorporated in 1990, S. Kumars Nationwide Limited is the flagship company of the Nitin Kasliwal-led SKNL group; and is one of India's leading branded textile and apparel manufacturers with presence in five segments - Consumer Textiles, Luxury Textiles (under its subsidiary RTIL), Home Textiles, Total Wardrobe Solutions and High Value Fine Cotton, a new line of business added in 2009-10. The company manufactures branded textiles and apparels catering to all socio-economic segments ranging from economy to luxury/super premium. SRI JAIBALAJI: CRISIL Assigns 'D' Rating to INR149MM Term Loan -------------------------------------------------------------- CRISIL has assigned its 'D' rating to the long-term bank facilities of Sri Jaibalaji Steel Rolling Mills Ltd. Facilities Ratings ---------- ------- INR126.0 Million Cash Credit Limit D (Assigned) INR149.0 Million Term Loan D (Assigned) The ratings reflect non-repayment of term loan obligations by SJSR; due to its weak liquidity. The company's liquidity is weak mainly due to a delay in commencing its commercial production, which in turn was caused by a delay in availability of power to run its plant. SJSR also has a weak financial risk profile mainly on account of its start up nature of operations and time and cost overruns in commencing its commercial production. These rating weaknesses are partially offset by the extensive experience of SJSR's management in the iron and steel industry. SJSR was set up in 2008 with the objective of manufacturing TMT bars at its plant in Muzaffarnagar (Uttar Pradesh). The company, with an annual production capacity of 60,000 tonnes per annum, is promoted by Mr. Shashank Jain, Mr. Gaurav Swarup, and Mr. Akash Kumar. SJSR commenced its commercial production in August 2010. SYNDICATE BANK: S&P Assigns 'BB+' Rating to Lower Tier II Notes --------------------------------------------------------------- Standard & Poor's Ratings Services assigned these ratings to various notes proposed under the multi-currency US$1 billion medium-term note (MTN) program of Syndicate Bank (BBB-/Stable/A- 3): * 'BBB-' rating to the senior unsecured notes; * 'BB+' rating to the lower Tier II (LT2) subordinated notes; and * 'BB' rating to the upper Tier II (UT2) subordinated and hybrid Tier I notes. Accordingly, the bank's recently announced senior unsecured notes issuance under the MTN program is rated 'BBB-'. The senior notes will constitute direct, unconditional, unsecured, and unsubordinated obligations of the bank, and will rank pari passu among themselves and equally with all other unsecured obligations. The LT2 and UT2 subordinated notes will constitute unsecured and subordinated obligations of the bank. Syndicate Bank's payment obligation toward the hybrid Tier I notes would be junior to the claims of senior and subordinated debt holders, excluding share holders (preference and equity). "We assigned the same rating to the program's senior unsecured debt as our long-term counterparty credit rating on Syndicate Bank. The 'BB+' rating on the program's LT2 subordinated notes reflects the subordinate ranking of the notes to the bank's senior unsecured debt," S&P related. The differential between the 'BBB-' counterparty credit rating and the 'BB' rating on the UT2 and hybrid Tier I securities reflects the subordinated nature of the notes and the embedded interest deferral feature. The interest deferral feature is linked to the bank complying with the capital to risk (weighted) assets ratio (CRAR) requirement and passing a profit test. The profit test is, in turn, linked to the balance in the profit and loss account in the reserves and surplus section of a bank's balance sheet. A net loss is defined as a negative balance in this account. In case of both the UT2 and hybrid Tier I securities, the bank will require permission from the Reserve Bank of India to make interest payments on the notes if the bank meets the CRAR requirement but reports a net loss. On the other hand, skipping interest payments is mandatory for UT2 notes and is optional for hybrid Tier I notes if the bank doesn't meet the CRAR requirement and reports a net loss. As at Dec 31, 2010, Syndicate Bank's CRAR was 11.74%, much more than the minimum requirement of 9%. For investment grade issuers, Standard & Poor's recognizes equity capital credit in the bank's adjusted total equity for hybrid capital instruments with a maturity of at least 20 years. "Hence, we will recognize equity capital credit of up to 33% of Syndicate Bank's adjusted common equity for the proposed hybrid Tier I notes. For UT2 subordinate notes, no capital credit will be recognized, if their tenor is less than 20 years or the step-up is not moderate," S&P related. VIMAL DAIRY: ICRA Assigns 'LBB-' Rating to INR2cr Term Loans ------------------------------------------------------------ ICRA has assigned an 'LBB-' rating to the INR2.0 crore term loans and the INR20.00 crore fund based facilities of Vimal Dairy Limited. The outlook on the long term rating is stable. The rating is constrained by the relatively modest size of operations compared to the cooperative sector undertakings, strong competitive pressures, low profitability and high debt levels resulting in a stretched capital structure. The rating is also constrained by the vulnerability of the profit margins to volatility in raw material procurement prices and seasonality of the raw milk procurement process. However, the rating also factors in the promoters' experience in dairy operations and their ability to leverage on the umbrella brand of the group - "Vimal". The ratings are further supported by the diversification across all milk product segments and own SMP (Skimmed Milk Powder) capacity to ensure uninterrupted production in lean season. Vimal Dairy Limited, incorporated in 1992 is primarily engaged in the production of pasteurized milk and milk products like ghee, butter, cheese, paneer, etc. VDL is one of the largest private sector dairies in Gujarat. It has a processing capacity of two lakh litres of milk per day at its plant located at Mehsana. The company also operates a Milk powder plant on rent from group company - Vimal Oils and Foods Ltd. VDL is part of the Vimal group of industries based out of Mehsana whose flagship - Vimal Oils & Foods Ltd. is engaged in the production, refining and marketing of edible oils. Vimal Group of Industries is one of the leading groups of North Gujarat engaged in diversified businesses like Electrical Products, Cable Wires, Winding Wires, Submersible Pumps, Dairy Industry, Edible Oil Industry, Paint Industry and Micronised Mineral Powder. VDL reported a profit after tax (PAT) of INR0.65 crore in FY 2009-10 on an operating income of INR81.82 crore. VIMAL MICRONS: ICRA Assigns 'LB+' Rating to INR6.9cr Term Loans --------------------------------------------------------------- ICRA has assigned an 'LB+' rating to the INR6.9 crore term loans and the INR12.85 crore fund based facilities of Vimal Microns Limited. ICRA has also assigned an 'A4' rating to the INR1.0 crore short term non fund based facilities of the company. The rating is constrained by the relatively modest size of operations compared to the cooperative sector undertakings, strong competitive pressures, low profitability and high debt levels resulting in a stretched capital structure. The rating is also constrained by the vulnerability of the profit margins to volatility in raw material procurement prices and seasonality of the raw milk procurement process. However, the rating also factors in the promoters' experience in dairy operations and their ability to leverage on the umbrella brand of the group - "Vimal". The ratings are further supported by the diversification across all milk product segments and own SMP (Skimmed Milk Powder) capacity to ensure uninterrupted production in lean season. Vimal Microns Limited, established in 1993 by Shri. Ganpatbhai K. Patel and associates, is engaged in manufacturing of micronised mineral powder used as fillers in various paint and polymer industries. The different products consist of Calcium Carbonate, Dolomite, China Clay, Talc, Baryte and Quartz. The company's manufacturing setup is located at Mehsana district, Gujarat and the production capacity of the plant is 50,000 MTPA. VOFL is the flagship of the Vimal group of industries based out of Mehsana promoted by Mr. Chandubhai Patel and his associates. The Group of Industries is one of the leading groups of North Gujarat engaged in diversified businesses like Electrical Products, Cable Wires, Winding Wires, Submersible Pumps, Dairy Industry, Edible Oil Industry, Paint Industry and Micronised Mineral Powder. VML reported a profit after tax (PAT) of INR 0.66 crore in FY 2009-10 on an operating income of INR 34.57 crore. ========= K O R E A ========= DONGYANG ENGINEERING: Files for Court Receivership -------------------------------------------------- Korea Joongang Daily reports that Dongyang Engineering and Construction Corp. filed for court receivership at Seoul Central District Court on April 15, 2011, underscoring the debt problems created by construction-related financing loans. According to the Joongang Daily, the midsize builder cooperated with Sambu Construction, which also recently filed for court receivership, in building luxury villas in Naegok-dong, southern Seoul. "I can't believe how entangled the situation is," Joongang Daily quotes a Financial Supervisory Service official as saying. "We tried to persuade Sambu to withdraw its court receivership filing but Dongyang went behind our back and filed one instead. Unlike Sambu, Dongyang had neither collateral nor cash." Joongang Daily relates that the property developer of the Naegok-dong luxury villas borrowed KRW427 billion ($391.7 million) in project financing loans and Dongyang and Sambu guaranteed the payment if the developer failed to service the debt. About half the loan was due on April 15, but the developer failed to meet the payment, the report notes. If Dongyang is placed under court receivership, Sambu would have to assume the debt, according to Joongang Daily. Joongang Daily says Dongyang, however, blamed the creditors. "Since Sambu Construction filed for court receivership [on Tuesday], most financial institutions froze our accounts and cut our credit rating and it became impossible to operate our business normally," a Dongyang official said, according to Joongang Daily. Joongang Daily states that Dongyang became the sixth construction firm to file for court receivership after Sambu, Dong Il Construction, World Construction, Chin Hung International and LIG Engineering and Construction. Dongyang ranked 35th last year in terms of its construction orders, just after Sambu at 34th. About Dongyang Engineering Dongyang Engineering and Construction Corp. is a Korea-based company engaged in the construction market. The Company operates its business under two main divisions: construction work and marketing divisions. Its construction work division constructs roads, harbors and industrial complex site works, as well as apartments, office buildings, studio apartments, museums and exhibition rooms. Its marketing division is involved in the marketing of apartments and multipurpose buildings. The Company is also engaged in the leasing business. ==================== N E W Z E A L A N D ==================== ALLIED NATIONWIDE: Receivers Unsure of Further Repayment to Crown ----------------------------------------------------------------- BusinessDay reports that receivers for Allied Nationwide Finance cannot yet determine how much the Crown will ultimately be repaid after taxpayers have forked out NZ$128 million to repay 4,500 secured debenture-holders in the company under the government's retail deposit scheme. Citing second receivers' report released on Monday, BusinessDay relates that Andrew Grenfell and Kerryn Downey of McGrathNicol said since Allied Nationwide went bust on August 20 last year, two separate distributions of NZ$10 million and NZ$7 million have been made to the Crown. Any further funds realized from the receivership will also go to the Crown, the receivers said. Late last year, BusinessDay recalls, the receivers began a sales process for Allied Nationwide's non-performing consumer loans. An unconditional deal has been struck with an unnamed party and this is expected to settle later this month, BusinessDay says. According to the report, Mr. Grenfell and Mr. Downey have also begun trying to sell specific performing loans from Allied Nationwide's portfolio, including loans made by subsidiary Speirs Ltd. BusinessDay notes that the sales process is expected to be finished in June. BusinessDay says the receivers have again confirmed that perpetual bondholders in Allied Nationwide, owed NZ$15.5 million, will get no payout from the government's retail deposit guarantee scheme. The bonds are being treated as subordinated unsecured debt, BusinessDay notes. About Allied Nationwide Allied Nationwide Finance Ltd. is a New Zealand-based finance and investment company. It is wholly owned subsidiary of NZX-listed Allied Farmers Limited. * * * Allied Nationwide Finance Limited was placed into receivership on August 20, 2010. The company's Trustee, New Zealand Guardian Trust, appointed Kerryn Downey and Andrew Grenfell of McGrathNicol as receivers to the Company. McGrathNicol has been acting as independent advisors to NZGT and prepared a report on ANF which resulted in the alleged breach of its Trust Deed ratio, as advised on August 6, 2010. AMI INSURANCE: Treasury Appoints Pritchard as Director ------------------------------------------------------ The National Business Review reports that John Pritchard has been appointed to the board of AMI Insurance as part of the government's bailout package for the insurer. NBR relates that Mr. Pritchard has more than 40 years insurance industry experience, is a former managing director of State Insurance, a former board member of the New Zealand Insurance Council, and has held numerous other directorships. Mr. Pritchard is also a member of the Technical Advisory Committee of the New Zealand Export Credit Office, which is run by the Treasury. Dr. Brian McCulloch, Treasury's director for commercial transactions, said that Mr. Pritchard's appointment is part of the government's support arrangement for AMI Insurance, NBR says. As reported in the Troubled Company Reporter-Asia Pacific on April 8, 2011, The New Zealand Herald said that New Zealand's government had announced a support package for AMI Insurance that Finance Minister Bill English acknowledges could top NZ$1 billion and leave the Crown liable for up to NZ$200 million a year in ongoing claims. Interest.co.nz said the government stepped in to guarantee AMI policy holders if the insurance company had exhausted its own reserves due to the financial hit caused by the two Christchurch earthquakes on September 4, 2010, and February 22, 2011. AMI Insurance -- http://www.ami.co.nz/-- is the largest general insurer in Christchurch, New Zealand. CRAFAR FARMS: Shanghai Pengxin Files Application to Buy Crafar -------------------------------------------------------------- Cherie Taylor at The Daily Post reports that Shanghai Pengxin International Group Ltd, through its subsidiary Milk New Zealand Holding Ltd, has officially filed an application with the Overseas Investment Office to buy 16 Crafar farms, receivers for the Crafar farms, KordaMentha, announced on April 15. The Chinese business was founded 15 years ago by brothers Jiang Zhaobai and Jiang Lei who made their fortune in property development, The Daily Post discloses. The Daily Post says the company plans to increase production on the 16 Central North Island dry stock and dairy farms and capture a bigger share of the Chinese market with branded, dairy-based products. According to The Daily Post, company spokesman Cedric Allan said it would invest more than $200 million buying and upgrading the farms and would work closely with New Zealand dairy companies to create and manufacture products like baby food, cheeses and ice creams that would appeal to the Asian markets. Mr. Allan, according to the report, said the plan was to spend $100 million in five years marketing new products. Prime Minister John Key has previously said increasingly wealthy China and India would be prepared to pay above-market prices for New Zealand farms to secure the increasing food supplies they needed. Former Plateau Farms Ltd owner Allan Crafar told The Daily Post he didn't have any comment on the sale except to say he knew the company intended to increase production by 10% within three years. KordaMenta's Brendon Gibson said the Chinese offer was the best received for the farms, according to The Daily Post. About Crafar Farms Crafar Farms, New Zealand's largest family owned dairy business, runs about 20,000 milking cows, and carries about 10,000 of other stock. The company employed 200 staff. Crafar Farms was placed in receivership in October 2009, by its lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson Finance. The banks, owed around NZ$200 million, put KordaMentha partners Michael Stiassny and Brendon Gibson in as receivers after Crafar Farms breached covenants on its loans. The New Zealand Herald said CraFarms' banks have been working with the Ministry of Agriculture and Forestry, Federated Farmers and Fonterra to ease the Crafars out of their business. This follows multiple convictions for environmental lapses and animal neglect in recent years and the revelation on September 28, 2009, from interest.co.nz of animal neglect on one of its large farms in the King Country near Benneydale. MORRIS CONTRACTORS: Pike River Contractor in Receivership --------------------------------------------------------- The Marlborough Express reports that Morris Contractors has gone into receivership while owed NZ$58,000 by Pike River Coal Ltd. According to the report, Morris Contractors completed work for the West Coast mining company before the mine explosion of Nov. 19, 2011, which killed 29 miners and contractors. Pike River Coal was placed into receivership in December 2010. John Fisk of PricewaterhouseCoopers is currently managing both companies, The Marlborough Express says. Morris Contractors director John Morris said he could not speak about the business, but he was saddened by its failure. Mr. Morris told The Marlborough Express he had found job options for most of his more than 25 employees. Morris Contractors is a contracting company based in Marlborough. ================= S I N G A P O R E ================= AFFINITY PRECISION: Creditors' Meeting Set for April 28 ------------------------------------------------------- Affinity Precision (S) Pte Ltd, which is in compulsory liquidation, will hold a meeting for its creditors on April 28, 2011, at 10:30 a.m., at 8 Cross Street #17-00, PWC Building, Singapore 048424. Agenda of the meeting include: a. lay before the meeting a report of the liquidators showing how the winding-up was conducted; b. to approve the remuneration of the liquidators; and c. discuss other business. The company's liquidator is: Chan Kheng Tek c/o PricewaterhouseCoopers LLP 8 Cross Street #17-00 PWC Building Singapore 048424 ALTUS TECHNOLOGIES: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on April 8, 2011, to wind up Altus Technologies Pte Ltd's operations. Tay Swee Sze filed the petition against the company. The company's liquidator is: Tay Swee Sze 24 Raffles Place #21-03 Clifford Centre Singapore 048621 AMANDA FOODS: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on March 25, 2011, to wind up Amanda Foods Private Limited's operations. Malayan Banking Berhad filed the petition against the company. The company's liquidator is: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road #05-11/#06-11 Singapore 069118 BOULTON CAPITAL: Creditors' Proofs of Debt Due May 16 ----------------------------------------------------- Creditors of Boulton Capital Asia Pte Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by May 16, 2011, to be included in the company's dividend distribution. The company's liquidators are: Sim Guan Seng Victor Goh C/o Baker Tilly TFW LLP 15 Beach Road #03-10 Beach Centre Singapore 189677 DOMINION PENSION: Creditors' Proofs of Debt Due May 15 ------------------------------------------------------ Creditors of Dominion Pension Plan Trustees (Singapore) Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by May 15, 2011, to be included in the company's dividend distribution. The company's liquidators are: Andrew Grimmett Lim Loo Khoon 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 ETO SINGAPORE: Creditors' Proofs of Debt Due May 15 --------------------------------------------------- Creditors of Eto Singapore Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by May 15, 2011, to be included in the company's dividend distribution. The company's liquidators are: Andrew Grimmett Lim Loo Khoon 6 Shenton Way #32-00 DBS Building Tower Two Singapore 068809 GLOCAL MEDIA: Court Enters Wind-Up Order ---------------------------------------- The High Court of Singapore entered an order on April 8, 2011, to wind up Glocal Media Networks Pte Ltd's operations. Media Development Authority of Singapore filed the petition against the company. The company's liquidator is: The Official Receiver 45 Maxwell Road #06-11 The URA Centre (East Wing) Singapore 069118 HERBALSCIENCE DISTRIBUTORS: Creditors' Proofs of Debt Due May 16 ---------------------------------------------------------------- Creditors of Herbalscience Distributors Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by May 16, 2011, to be included in the company's dividend distribution. The company's liquidator is: Yiong Kok Kong c/o 19 Keppel Road #02-01 Jit Poh Building Singapore 089058 =============== X X X X X X X X =============== * BOND PRICING: For the Week April 11 to April 15, 2011 ------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- AINSWORTH GAME 8.00 12/31/2011 AUD 1.12 AMITY OIL LTD 10.00 10/31/2013 AUD 1.95 AMP GROUP FINANC 9.80 04/01/2019 NZD 0.95 AUST & NZ BANK 2.00 04/15/2018 AUD 74.86 BECTON PROP GR 9.50 06/30/2010 AUD 0.34 CENTAUR MINING 11.00 12/01/2007 USD 0.31 EXPORT FIN & INS 0.50 12/16/2019 NZD 61.96 EXPORT FIN & INS 0.50 06/15/2020 AUD 60.96 EXPORT FIN & INS 0.50 06/15/2020 NZD 59.11 FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.60 HEEMSKIRK CONSOL 8.00 04/29/2011 AUD 2.91 NEW S WALES TREA 1.00 09/02/2019 AUD 66.84 NEW S WALES TREA 0.50 09/14/2022 AUD 52.64 NEW S WALES TREA 0.50 10/07/2022 AUD 51.73 NEW S WALES TREA 0.50 10/28/2022 AUD 52.44 NEW S WALES TREA 0.50 11/18/2022 AUD 52.08 NEW S WALES TREA 0.50 12/16/2022 AUD 52.08 NEW S WALES TREA 0.50 02/02/2023 AUD 51.83 NEW S WALES TREA 0.50 03/30/2023 AUD 50.17 NEXUS AUSTRALIA 3.60 08/31/2017 AUD 73.37 NEXUS AUSTRALIA 3.60 08/31/2019 AUD 66.74 RESOLUTE MINING 12.00 12/31/2012 AUD 1.06 TREAS CORP VICT 0.50 08/25/2022 AUD 54.30 TREAS CORP VICT 0.50 11/12/2030 AUD 52.59 TREAS CORP VICT 0.50 11/12/2030 AUD 36.72 CHINA ----- CHINA GOV'T BOND 1.64 12/15/2033 CNY 61.81 CHINA RAIL GRP 4.72 05/07/2014 CNY 55.00 HONG KONG --------- RESPARCS FUNDING 8.00 12/29/2049 USD 44.68 INDIA ----- POWER FIN CORP 8.99 01/15/2021 INR 9.15 PUNJAB INFRA DB 0.40 10/15/2024 INR 26.24 PUNJAB INFRA DB 0.40 10/15/2025 INR 23.97 PUNJAB INFRA DB 0.40 10/15/2026 INR 21.92 PUNJAB INFRA DB 0.40 10/15/2027 INR 20.07 PUNJAB INFRA DB 0.40 10/15/2028 INR 18.39 PUNJAB INFRA DB 0.40 10/15/2029 INR 16.90 PUNJAB INFRA DB 0.40 10/15/2030 INR 15.55 PUNJAB INFRA DB 0.40 10/15/2031 INR 14.34 PUNJAB INFRA DB 0.40 10/15/2032 INR 13.25 PUNJAB INFRA DB 0.40 10/15/2033 INR 12.27 INDONESIA --------- ARPENI PRATAMA 12.00 03/18/2013 IDR 18.00 JAPAN ----- AIFUL CORP 1.20 01/26/2012 USD 74.92 AIFUL CORP 1.99 03/23/2012 JPY 72.87 AIFUL CORP 1.22 04/20/2012 JPY 67.92 AIFUL CORP 1.63 11/22/2012 JPY 54.92 AIFUL CORP 1.74 05/28/2013 JPY 47.92 AIFUL CORP 1.99 10/19/2015 JPY 37.92 JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 56.83 JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 56.20 SHINSEI BANK 5.62 12/29/2049 GBP 73.35 TAKEFUJI CORP 9.20 04/15/2011 USD 17.25 MALAYSIA -------- ADVANCED SYNERY 2.00 01/26/2018 MYR 0.10 ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.33 CRESENDO CORP B 3.75 01/11/2016 MYR 1.06 DUTALAND BHD 6.00 04/11/2013 MYR 0.41 DUTALAND BHD 6.00 04/11/2013 MYR 0.79 EASTERN & ORIENT 8.00 07/25/2011 MYR 1.05 EASTERN & ORIENT 8.00 11/16/2019 MYR 1.10 KUMPULAN JETSON 5.00 11/27/2012 MYR 0.80 LION DIVERSIFIED 4.00 12/17/2013 MYR 0.60 MITHRIL BHD 3.00 04/05/2012 MYR 0.62 NAM FATT CORP 2.00 06/24/2011 MYR 0.05 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.28 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.54 OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.33 PANTECH GROUP 7.00 12/21/2017 MYR 0.10 PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.52 REDTONE INTL 2.75 03/04/2020 MYR 0.07 RUBBEREX CORP 4.00 08/14/2012 MYR 0.83 SCOMI ENGINEERING 4.00 03/19/2013 MYR 0.82 SCOMI GROUP 4.00 12/14/2012 MYR 0.07 TATT GIAP 2.00 06/03/2015 MYR 0.70 TRADEWINDS CORP 2.00 02/26/2016 MYR 0.83 TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.35 TRC SYNERGY 5.00 01/20/2012 MYR 1.44 WAH SEONG CORP 3.00 05/21/2012 MYR 2.40 WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.24 YTL CEMENT BHD 5.00 11/10/2015 MYR 2.36 NEW ZEALAND ----------- ALLIED FARMERS 9.60 11/15/2011 NZD 32.06 DORCHESTER PACIF 5.00 06/30/2013 NZD 73.86 FLETCHER BUI 8.50 03/15/2015 NZD 7.59 INFRATIL LTD 8.50 09/15/2013 NZD 8.15 INFRATIL LTD 8.50 11/15/2015 NZD 9.00 INFRATIL LTD 4.97 12/29/2049 NZD 58.02 KIWI INCOME PROP 8.95 12/20/2014 NZD 1.29 MANUKAU CITY 6.15 09/15/2013 NZD 1.02 MANUKAU CITY 6.90 09/15/2015 NZD 1.04 MARAC FINANCE 10.50 07/15/2013 NZD 1.02 SKY NETWORK TV 4.01 10/16/2016 NZD 7.83 ST LAURENCE PROP 9.25 07/15/2010 NZD 63.09 TOWER CAPITAL 8.50 04/15/2014 NZD 1.03 TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.90 TRUSTPOWER LTD 8.50 03/15/2014 NZD 8.20 TRUSTPOWER LTD 7.60 12/15/2014 NZD 1.01 TRUSTPOWER LTD 8.60 12/15/2016 NZD 1.04 UNI OF CANTERBUR 7.25 12/15/2019 NZD 1.00 VECTOR LTD 8.00 06/15/2012 NZD 6.95 VECTOR LTD 8.00 10/15/2014 NZD 1.06 SINGAPORE --------- CAPITAMALLS ASIA 1.00 01/21/2012 SGD 0.97 CAPITAMALLS ASIA 2.15 01/21/2014 SGD 0.99 EQUINOX OFFSHORE 20.00 10/13/2011 USD 70.99 NEXUS 1 PTE LTD 10.50 03/07/2012 USD 1.00 UNITED ENG LTD 1.00 03/03/2014 SGD 1.62 WBL CORPORATION 2.50 06/10/2014 SGD 1.60 SOUTH KOREA ----------- CN 1ST ABS 8.00 02/27/2015 KRW 31.53 DONGSAN DEVELOPM 3.50 05/08/2011 KRW 13.26 DONGSAN TELECOM 6.00 07/02/2013 KRW 50.84 HOPE KOD 1ST 8.50 06/30/2012 KRW 23.29 HOPE KOD 2ND 15.00 08/21/2012 KRW 36.12 HOPE KOD 3RD 15.00 09/30/2012 KRW 30.53 HOPE KOD 4TH 15.00 12/29/2012 KRW 31.52 HOPE KOD 6TH 15.00 03/10/2013 KRW 34.62 IBK 12TH ABS 25.00 06/24/2011 KRW 57.65 IBK 17TH ABS 20.00 12/29/2012 KRW 5.98 IBK 17TH ABS 25.00 12/29/2012 KRW 59.23 JOONG ANG DESIGN 6.00 12/18/2012 KRW 59.42 KB 11TH ABS 23.00 07/03/2011 KRW 71.68 KB 11TH ABS 20.00 07/03/2011 KRW 66.71 KB 12TH ABS 25.00 01/21/2012 KRW 65.21 KB 13TH ABS 25.00 07/02/2012 KRW 61.21 KB 14TH ABS 23.00 01/04/2013 KRW 51.81 KDB 6TH ABS 20.00 12/02/2019 KRW 70.53 KEB 17TH ABS 20.00 12/28/2011 KRW 52.10 KOREA LINE CO 6.80 11/30/2011 KRW 60.20 KOREA LINE CO 6.80 12/11/2011 KRW 50.38 KOREA LINE CO 6.80 06/30/2012 KRW 40.62 KOREA MUTUAL SAV 8.10 06/26/2015 KRW 70.18 NACF 17TH ABS 20.00 06/03/2011 KRW 50.24 NACF 17TH ABS 25.00 07/03/2011 KRW 51.84 ONE KDB 1ST ABS 7.60 06/13/2011 KRW 25.71 OSAN MYTOWN 1ST 5.64 04/16/2012 KRW 63.36 OSAN MYTOWN 2ND 5.64 04/16/2012 KRW 71.44 SINBO 1ST ABS 15.00 07/22/2013 KRW 30.61 SINBO 2ND ABS 15.00 08/26/2013 KRW 32.61 SINBO 3RD ABS 15.00 09/30/2013 KRW 33.41 SINBO 4TH ABS 15.00 12/16/2013 KRW 31.25 SINBO 5TH ABS 15.00 02/23/2014 KRW 30.45 SINBO CO 1ST ABS 15.00 03/15/2014 KRW 30.16 SOLOMON MUTUAL B 8.10 04/19/2015 KRW 63.98 TOMATO MUTUAL SA 8.40 01/06/2015 KRW 1.20 SRI LANKA --------- SRI LANKA GOVT 5.35 03/01/2026 LKR 66.36 THAILAND -------- THAILAND GOVT 0.75 01/04/2022 THB 71.43 VIETNAM -------- VIETNAM MACHINE 9.20 06/06/2017 VND 69.97 VIETNAM SHIPBUIL 9.00 04/13/2017 VND 52.63 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 ***