/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/110425.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, April 25, 2011, Vol. 14, No. 80 Headlines A U S T R A L I A ARAFURA PEARLS: Placed in Voluntary Administration OTF 220: NAB Appoints Receivers to Beachfront Complex PETTAVEL WINERY: PricewaterhouseCoopers Appointed as Receivers QUADWEST DEVELOPMENTS: Receivers Appointed to Unsold Apartments C H I N A SHANGHAI IND.: Moody's Puts 'B2' Corp. Family Rating on Review SHANGHAI INDUSTRIAL: S&P Puts 'B' Corp. Credit Rating Under Watch H O N G K O N G HING YIP: Creditors' Meeting Slated for April 27 OG DEVELOPMENT: Creditors' Meeting Slated for April 27 STARLINE INTERNATIONAL: Lau and Lian Appointed as Liquidators STRONG OFFER: Members' and Creditors' Meetings Set for May 12 TAK MING PACKING: Creditors' Proofs of Debt Due April 29 TAK MO: Members' and Creditors' Meetings Set for May 11 TEAMFAIR SHIPPING: Chen Yung Ngai Appointed as New Liquidator TEN PLUS: Lui and Yuen Appointed as Liquidators UNIVERSE LINK: Final Meetings Set for May 16 WELLESON MANAGEMENT: Creditors' Proofs of Debt Due May 3 WIDE TREASURE: Final Meetings Set for May 16 WMC (LIBERIA): Members' Final Meeting Set for May 16 I N D I A AEROFLEX INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR200MM Loan CYBERABAD CITIZEN: Fitch Assigns 'B+(ind)' National LT Rating DELIGHT DAIRY: CRISIL Assigns 'B' Rating to INR60MM Cash Credit DELTA SUGARS: CRISIL Cuts Rating on INR61.8MM LT Loan to 'BB-' GORSI CONSTRUCTIONS: CRISIL Puts 'C' Rating to INR45MM Cash Credit GOYAL ISPAT: CRISIL Reaffirms 'BB-' Rating on INR125MM Cash Credit GREEN CONCRETEX: CRISIL Assigns 'D' Rating to INR55MM Term Loan RIBA TEXTILES: Fitch Assigns 'D(ind)' Rating on INR56.8MM L-T Loan RIJU CEMENT: CRISIL Puts 'B+' Rating to INR450MM Cash Credit RUKMINI POLYTUBE: ICRA Reaffirms 'LBB' Rating on INR4.75cr Loans SHREE ARIHANT: CRISIL Reaffirms 'BB' Rating on INR60MM Cash Credit TIRUPATI LPG: CRISIL Assigns 'BB+' Rating to INR65MM Cash Credit M A L A Y S I A MALAYAN BANKING: Fitch Affirms Individual Rating at 'B/C' N E W Z E A L A N D FELTEX CARPETS: Crown Appeals Nearly NZ$1-Mil. Directors' Costs LOMBARD FINANCE: Investors to Receive $1 Mil. from Northern Crest S I N G A P O R E BELL EQUIPMENT: Creditors' Proofs of Debt Due May 23 HUN RESEARCH: Creditors' Proofs of Debt Due May 6 PENTANUM GLOBAL: Court to Hear Wind-Up Petition on April 29 SEMBMARINE (MIDDLE EAST): Creditors' Proofs of Debt Due May 23 UNCHARTED BUSINESS: Court Enters Wind-Up Order - - - - - ================= A U S T R A L I A ================= ARAFURA PEARLS: Placed in Voluntary Administration -------------------------------------------------- Arafura Pearls Holdings Ltd has appointed Stephen Duncan and Chris Powell of Korda Mentha as administrators of the company as it was unable to reach a standstill agreement with its lenders. PerthNow reported in March that trading in the shares of Arafura Pearls had been suspended as the company's board investigates problems with its half year report released in late February. Arafura said that "certain matters have come to the board's attention which require further investigation concerning the accuracy of those accounts". According to PerthNow, the December results were prepared on a "going concern" basis after Arafura declared a AU$13.8 million loss for the half year, on a AU$9 million write-down of the carrying value of its pearl stock on hand. Arafura said it took in AU$2.8 million from customers in the half year, and paid out AU$5.7 million to suppliers and employees and AU$858,000 in debt repayments, PerthNow reported. Based in Australia, Arafura Pearls Holdings Limited -- http://www.arafurapearls.com.au-- is engaged in the development and operation of a pearl oyster hatchery and farming operation. During the fiscal year ended June 31, 2010, the Company's activities consisted of development and operation of a pearl oyster hatchery and farming operation at Elizabeth Bay in the Northern Territory, together with the management of pearl oyster farming operations at Beagle Bay in the northwest region of Western Australia. Arafura Pearls land base is located at Elizabeth Bay and is 48 kilometers by sea, north-west of Nhulunbuy (Gove) in Arnhem Land, in the Northern Territory. The Company's subsidiaries include Arafura Securities Ltd, Pearl Management Australia Pty Ltd, Arafura Pearls Pty Ltd and Arafura Pearls Licensing Pty Ltd. OTF 220: NAB Appoints Receivers to Beachfront Complex ----------------------------------------------------- Kim Macdonald at The West Australian reports that all nine units in a single beachfront complex developed by OTF 220 Pty will be put on the market after National Australia Bank appointed the insolvency firm McGrathNichol as receivers. OTF 220 Pty, owned by real estate agent Adam Lenegan and accountant Blaine Kidd, bought the property for AU$11 million at the height of the boom in early 2007, The West Australian relates. According to The West Australian, McGrathNicol partner Norm Oehme said the nine apartments would be sold as one complex at an auction next month. PETTAVEL WINERY: PricewaterhouseCoopers Appointed as Receivers -------------------------------------------------------------- Weekly Times Now reports that Pettavel Winery & Restaurant has been placed in receivership with debts of about AU$16.5 million. The report, citing The Geelong Advertiser, says legal action arising from tax debts forced directors Michael and Sandra Fitzpatrick to place their award-winning Victorian winery business in the hands of a liquidator two weeks ago. Weekly Times Now relates that documents lodged with the corporate regulator reveal an AU$11 million bank debt on top of AU$5.5 million owed to unsecured creditors including suppliers and wholesalers across the state and even overseas. Customers have been assured the business will continue to operate while in receivership, Weekly Times Now notes. According to the report, Pettavel's property was now also off the market. The Fitzpatricks put the 45ha winery and its 180-seat restaurant up for sale in late 2009, together with the 128ha Strathmore Vineyard in Sutherlands Creek which supplied the winery's grapes. Weekly Times Now notes that liquidator Gess Rambaldi of Melbourne accounting firm Pitcher Partners said receivers PricewaterhouseCoopers would continue to run the winery to recoup business and assets. Mr. Rambaldi, as cited by Weekly Times Now, said the Australian Tax Office triggered the administration with legal action arising from the winery's $535,000 tax debt. "The immediate reasons (for administration) would pertain to a number of tax liabilities and there was some legal pressure brought to bear by the tax office," Weekly Times Now quotes Mr. Rambaldi as saying. "But we understand that PricewaterhouseCoopers are continuing to operate the affairs of the company as they propose to salvage the business and the assets of the company." Andrew Lewis, managing director of real estate agent Agent Colliers International, confirmed the property had been withdrawn from sale. Pettavel Winery & Restaurant produces premium Geelong wines and operates a fine dining restaurant. QUADWEST DEVELOPMENTS: Receivers Appointed to Unsold Apartments --------------------------------------------------------------- Kim Macdonald at The West Australian reports that KordaMentha has been appointed as receiver to 43 of the 138 apartments in the Elevation tower developed by Sydney-based Quadwest Developments. The West Australian relates that the developer had failed to sell the apartments in the tower quickly enough to meet loan repayments with the Bank of Scotland. Since the appointment of the receiver, The West Australian says, a further six of the 43 apartments on Adelaide Terrace have settled. Sales agent Blackburne Property claims up to 18 apartments in the tower sold at the weekend, leaving 19 on the market. KordaMentha said there was no discount on the sale prices, which ranged from AU$395,000 to AU$4.4 million, because it was obliged to seek a decent value for the homes on behalf of the bank, The West Australian reports. ========= C H I N A ========= SHANGHAI IND.: Moody's Puts 'B2' Corp. Family Rating on Review -------------------------------------------------------------- Moody's Investors Service has put on review for possible upgrade its B2 corporate family and senior unsecured ratings on Shanghai Industrial Urban Development Group Ltd -- formerly, the Neo-China Land Group (Holdings) Ltd. The review was prompted by the company's announcement that it would acquire from Shanghai Industrial Holdings Limited (SIH; unrated), SIUD's controlling shareholder with a 45% stake, 1) its entire 59% stake in Shanghai Urban Development, 2) its shareholder's loan to SUD and 3) interests in dividend receivables, for a total consideration of HK$6.1 billion. The transaction is subject to the approvals of the minority shareholders and the regulatory authority. Shanghai Urban Development, of which SIH owns 59% and the Xuhui District State-owned Assets Administrative Committee owns 41%, had 11 property development projects in five cities in China, with a planned gross floor area of approximately 4.5 million sqm at end- 2010. The company recorded HK$4.3 billion in revenues and HK$601 million in profits after taxes in 2010. "This transaction confirms SIH's plan to progressively consolidate its property development business under SIUD," says Kaven Tsang, a Moody's AVP/Analyst. "The acquisition will also increase SIUD's strategic importance in the group, as it will have a stronger asset base and become a 70%- owned subsidiary of SIH once the transaction is completed," adds Tsang, also Moody's lead analyst for SIUD. At the same time, the injection will enhance SIUD's operating position, further diversifying its land banks and cash-generating projects. "Because the transaction will be funded in full by equity, SIUD's financial and liquidity positions will not be affected materially," says Tsang. Moody's review will focus on SIUD's future business and funding strategies. It will also assess the strategic importance of SIUD to the SIH group, as well as the benefits of the latter's ownership and support for SIUD's operating and financial positions. Shanghai Industrial Urban Development Group Ltd is a Chinese property developer engaged in residential and mixed-use developments. It had 15 major projects under development in 11 cities in China and a land bank of around 12.7 million square meters in gross floor area as of December 2010. Shanghai Industrial Holdings Ltd is a Chinese conglomerate majority-owned by the Shanghai municipal government, with an equity interest of around 53.6%. Listed on the Stock Exchange of Hong Kong in 1996, its main business interests are in real estate, infrastructure facilities, and consumer products. SHANGHAI INDUSTRIAL: S&P Puts 'B' Corp. Credit Rating Under Watch ----------------------------------------------------------------- Standard & Poor's Ratings Services said it had placed its 'B' long-term corporate credit rating on Shanghai Industrial Urban Development Group Ltd. and the 'B-' issue rating on the company's notes on CreditWatch with positive implications. "We placed the ratings on SIUD on CreditWatch following the company's announcement on April 14, 2011, that it will acquire Shanghai Industrial Holdings Ltd.'s (SIH; not rated) 59% stake in Shanghai Urban Development (Holdings) Co. Ltd. (SUD: not rated)," said Standard & Poor's credit analyst Bei Fu. SIUD will also assume SIH's shareholder loan and all of SIH's rights, titles, benefits, and advantage of and interest in dividends receivable. The total consideration of the transaction is Hong Kong dollar (HK$) 6.11 billion. If the transaction, which involves issue of new shares, is successful, SIH would increase its stake in SIUD to 70% from 45%. "The deal would make SIUD more strategically and financially integrated with its parent," said Ms. Fu. "In our view, the proposed transaction is positive for SIUD's credit profile. It demonstrates SIH's strategy to make SIUD the main holding company for its various property interests. Although SIH is unrated, we believe, it has a stronger credit profile than SIUD, given its diversified asset base with the backing of the Shanghai municipal government. As SIH will become SIUD's controlling shareholder after the transaction, we will assess the degree of linkage between the two entities, which could result in an uplift of the rating on SIUD," said S&P. "The proposed transaction will also likely improve SIUD's operating scale and financial strength. Proforma profit margin will likely improve because we believe SUD's profitability is much stronger than SIUD's," said Ms. Fu. SIUD recorded negative EBITDA margin in 2009-2010. SUD is a China-based small-scale property developer with a gross floor area land bank of 4.5 million square meters as of Dec. 31, 2010. Its revenue was HK$4.28 billion, comparable with SIUD's. S&P stated, "We aim to resolve the CreditWatch action in three months. The proposed acquisition is subject to approval from (1) shareholders; (2) the Hong Kong Stock Exchange; and (3) if required, bond holders. If all the approvals are granted, we are likely to raise the rating on SIUD by one or two notches. We will assess SIUD's future growth strategy and group support as a subsidiary of SIH, as well as pro-forma financial performance after consolidating SUD." ================ H O N G K O N G ================ HING YIP: Creditors' Meeting Slated for April 27 ------------------------------------------------ Creditors of Hing Yip Holdings (Hong Kong) Limited will hold a meeting on April 27, 2011, at 4:00 p.m., at 36th/Floor, One Pacific Place, Queensway, in Hong Kong. At the meeting, Lai Kar Yan, Derek and Darak E. Haughey, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. OG DEVELOPMENT: Creditors' Meeting Slated for April 27 ------------------------------------------------------ Creditors of OG Development Company Limited will hold a meeting on April 27, 2011, at 5:00 p.m., at 36th/Floor, One Pacific Place, Queensway, in Hong Kong. At the meeting, Lai Kar Yan, Derek and Darak E. Haughey, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. STARLINE INTERNATIONAL: Lau and Lian Appointed as Liquidators ------------------------------------------------------------- Lau Siu Hung and Lian Yang Keng on March 1, 2011, were appointed as liquidators of Starline International Group Limited. The liquidators may be reached at: Lau Siu Hung Lian Yang Keng Room 1909-10, 19/F Nan Fung Tower 173 Des Vouex Road Central Hong Kong STRONG OFFER: Members' and Creditors' Meetings Set for May 12 ------------------------------------------------------------- Members and creditors of Strong Offer Investment Limited will hold their annual meetings on May 12, 2011, at 3:00 p.m., and 3:30 p.m., respectively at 12/F, Bel Trade Commercial Building, 1-3 Burrows Street, Wanchai, in Hong Kong. At the meeting, Chan Wai Hung, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TAK MING PACKING: Creditors' Proofs of Debt Due April 29 -------------------------------------------------------- Creditors of Tak Ming Packing Product Company Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by April 29, 2011, to be included in the company's dividend distribution. The company's liquidators are: Lau Wu Kwai King, Lauren Yuen Tsz Chun Frank c/o Messrs. KLC Kennic Liu & Co. 5th Floor, Ho Lee Commercial Building 38-44 D'Aguilar Street Central, Hong Kong TAK MO: Members' and Creditors' Meetings Set for May 11 ------------------------------------------------------- Members and creditors of Tak Mo Metal Industries Limited will hold their annual general meetings on May 11, 2011, at 3:00 p.m., and 3:30 p.m., respectively at Room 1601-02, 16th Floor, One Hysan Avenue, Causeway Bay, in Hong Kong. At the meeting, Jackson IP, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TEAMFAIR SHIPPING: Chen Yung Ngai Appointed as New Liquidator ------------------------------------------------------------- Chen Yung Ngai Kenneth on March 25, 2011, was appointed as liquidator of Teamfair Shipping Limited. Chen Yung Ngai Kenneth replaces Wong Kwok Man who stepped down as the company's liquidator. The liquidators may be reached at: Chen Yung Ngai Kenneth Alan C W Tang 43/F., The Lee Gardens 33 Hysan Avenue Causeway Bay, Hong Kong TEN PLUS: Lui and Yuen Appointed as Liquidators ----------------------------------------------- Kennic Lai Hang Lui and Yuen Tsz Chun, Frank on March 22, 2011, were appointed as liquidators of Ten Plus Limited. The liquidators may be reached at: Kennic Lai Hang Lui Frank Yuen Tsz Chun c/o KLC Kennic Lui & Co. Ho Lee Commercial Building, 5/F 38-44 D' Aguilar Street Central, Hong Kong UNIVERSE LINK: Final Meetings Set for May 16 -------------------------------------------- Members and creditors of Universe Link Industries Limited will hold their final meetings on May 16, 2011, at 3:00 p.m., at 62/F, One Island East, 18 Westlands Road, Island East, in Hong Kong. At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. WELLESON MANAGEMENT: Creditors' Proofs of Debt Due May 3 -------------------------------------------------------- Creditors of Welleson Management Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by May 3, 2011, to be included in the company's dividend distribution. The company's liquidators are: E T O'Connell The Official Receiver 10th Floor Queensway Government Offices 66 Queensway Hong Kong WIDE TREASURE: Final Meetings Set for May 16 -------------------------------------------- Members and creditors of Wide Treasure Limited will hold their final meetings on May 16, 2011, at 4:00 p.m., at 62/F, One Island East, 18 Westlands Road, Island East, in Hong Kong. At the meeting, Stephen Liu Yiu Keung and David Yen Ching Wai, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. WMC (LIBERIA): Members' Final Meeting Set for May 16 ---------------------------------------------------- Members of WMC (Liberia) Limited will hold their final general meeting on May 16, 2011, at 4:30 p.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Ho Siu Pik, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AEROFLEX INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR200MM Loan ----------------------------------------------------------------- CRISIL's rating on Aeroflex Industries Ltd's bank facilities continue to reflect delays by Aeroflex in servicing its term loan for the past six months. Aeroflex's accounts with four of its five bankers have been classified as non-performing assets; its lead banker, State Bank of India has transferred the account to its stressed asset recovery branch. Facilities Ratings ---------- ------- INR200.0 Million Term Loan D (Reaffirmed) INR300.0 Million Cash Credit D (Reaffirmed) Update Aeroflex's working capital limits have not been enhanced by its bankers, as the company has been delaying in servicing its term loans. In the absence of adequate working capital funding, Aeroflex's operations have been adversely affected. The company has been operating at around 10 to 20 per cent of its installed capacity and its cash accruals are not sufficient to meet its term debt obligations. Aeroflex reported a profit after tax (PAT) of INR12.3 million on net sales of INR1,343.5 million for 2009-10 (refers to financial year, April 1 to March 31), against a PAT of INR27.8 million on net sales of INR974.4 million for 2008-09. About Aeroflex Industries Incorporated in 2000, Aeroflex manufactures stainless steel corrugated flexible hoses, braids, and assemblies. Aeroflex operates two units, both in the Maharashtra Industrial Development Corporation region in Taloja (Belapur). The company increased its capacity by ten times in December 2009 (six months behind schedule) to 10 million tonnes per annum (tpa) at a cost of around INR1 billion. Aeroflex was promoted by Mr. Yusuf M Kagzi, a first-generation entrepreneur. In 2008, Avigo Capital Partners and the Macquarie group (Australia) invested INR400 million (by way of compulsorily convertible preference shares) in Aeroflex to fund its expansion project. CYBERABAD CITIZEN: Fitch Assigns 'B+(ind)' National LT Rating ------------------------------------------------------------- Fitch Ratings has assigned India's Cyberabad Citizen Health Services (P) Ltd a National Long-Term rating of 'B+(ind)'. The Outlook is Stable. The agency has also assigned a 'B+(ind)' rating to CCHS's INR650m long-term loan. CCHS's ratings reflect its unique business model, which requires lower investment (capex) to acquire specialty equipment, as they will be owned by individual specialists who would practice independently. The ratings also consider the company's experienced management team and its MOU with Cancer Treatment Services Hyderabad (P) Limited -- an Indian subsidiary of Cancer treatment Services Inc, which runs three cancer hospitals in USA - - for a 10-year lease for 36.2% of a 0.27 million sqft integrated medical campus space, to be constructed by CCHS. This will ensure steady revenue stream. The ratings however remain constrained from the uncertainties regarding the timely completion of the project, as it is at the initial stage only, and competition from established brands. These risks are to some extent mitigated by the long track record of the management. Negative rating actions may result if there are any time or cost overruns in the execution of the project or if CCHS is unable to convert the MOU with CTSHPL into a binding contract. A successful demonstration of the business model and the ability to attract reputed doctors and their clientele would result in a positive rating action. CCHS was incorporated in April 2008 for designing, developing and operating an integrated medical campus that would serve a broad patient pool, including medical tourists from abroad. Medical specialists will use this platform to practice their specialty, while general services required for these patients and in-patient room services will be provided by CCHS. All revenues from accommodation, lab, radiology, bedside procedures etc. will belong to CCHS. For space used, the specialists will share their revenues with CCHS as per MoUs. The campus is expected to start operations by Q1FY13. DELIGHT DAIRY: CRISIL Assigns 'B' Rating to INR60MM Cash Credit --------------------------------------------------------------- CRISIL has assigned its 'B/Stable/P4' ratings to the bank facilities of Delight Dairy Ltd. Facilities Ratings ---------- ------- INR60.00 Million Cash Credit B/Stable (Assigned) INR2.50 Million Letter of Credit P4 (Assigned) The ratings reflect DDL's weak financial risk profile, marked by small net worth, high gearing, and weak debt protection metrics, susceptibility to adverse regulatory changes and epidemic-related factors. The ratings also reflect DDL's small scale of operations and presence in low value-added product segments, leading to low operating margin. These weaknesses are partially offset by DDL's established market position in the dairy products industry and the promoters' industry experience. Outlook: Stable CRISIL believes that DDL will maintain a stable business risk profile, owing to its promoters' extensive experience in the dairy business and the proposed expansion of its operations, leading to increased sales. The outlook may be revised to 'Positive' if DDL generates more-than-expected growth in sales and improves its margins and accruals, thereby further improving its business risk profile. Conversely, the outlook may be revised to 'Negative' in case of a larger-than-expected, debt-funded capital expenditure programme or a significant decline in revenues and operating profitability, leading to deterioration in DDL's financial risk profile. About Delight Dairy DDL, incorporated in 2000, is in the dairy business. It sells dairy products, such as pasteurised milk, skimmed milk powder (SMP), whole milk powder, butter, and ghee. The company operates two units: Unit I in Howrah (West Bengal) and Unit II in Dewas (Madhya Pradesh). Unit 1 processes pouched milk and has a capacity of 0.1 million litres per day (mlpd), while Unit 2, which produces SMP, ghee, and butter, has a processing capacity of 0.15 mlpd. DDL reported a profit after tax (PAT) of INR0.9 million on net sales of INR533.2 million for 2009-10, against a PAT of INR1.7 million on net sales of INR546.6 million for 2008-09. DELTA SUGARS: CRISIL Cuts Rating on INR61.8MM LT Loan to 'BB-' -------------------------------------------------------------- CRISIL has downgraded its rating on the bank facilities of Delta Sugars Ltd to 'BB-/Stable' from 'BB/Stable'. The downgrade reflects deterioration in DSL's financial risk profile, on account of significantly lower-than-expected profitability. The downward revision also reflects current pressure on DSL's liquidity. Facilities Ratings ---------- ------- INR61.80 Million Long-Term Loan BB-/Stable (Downgraded from 'BB/Stable') INR500.00 Mil. Cash Credit Limits BB-/Stable (Downgraded from 'BB/Stable') Lower realizations from sale of sugar and by-products have resulted in pressure on DSL's profitability, and weakening in its financial risk profile, and will constrain its cash accruals. The rating continues to reflect DSL's weak financial risk profile, marked by a high gearing and weak debt protection metrics, exposure to risks related to adverse changes in government regulations, absence of integration in operations, and cyclicality in the sugar industry. The impact of these rating weaknesses is mitigated by the company's high production efficiency, as reflected in its comfortable operating margin. Outlook: Stable CRISIL believes that DSL's credit risk profile will remain constrained over the medium term by its highly leveraged capital structure. The outlook may be revised to 'Positive' if DSL's gearing and debt protection metrics improve significantly, due to a substantial increase in accruals or a large equity infusion. Conversely, the outlook may be revised to 'Negative' if DSL's liquidity or debt protection metrics deteriorate, on account of a large, debt-funded capital expenditure programme, or adverse movements in sugar prices. About Delta Sugars DSL, part of the Laila group of companies, is a sugar manufacturing unit at Vijayawada (Andhra Pradesh). The sugar mill was set up in 1983 as Sri Hanuman Co-operative Sugars Ltd, a co- operative society under the Andhra Pradesh Co-operative Societies Act 1964, with an installed capacity to crush 1250 tonnes of cane per day (tcd). The Laila group purchased the unit in 2001 as part of the Government of Andhra Pradesh's initiative to privatise sugar mills. Thereafter, the co-operative society acquired its current name, and enhanced its capacity to 3500 tcd. For 2009-10, DSL provisionally reported a net loss of INR17.2 million on net sales of INR621 million, against a profit after tax (PAT) of INR16.5 million on net sales of INR577 million in the previous year. GORSI CONSTRUCTIONS: CRISIL Puts 'C' Rating to INR45MM Cash Credit ------------------------------------------------------------------ CRISIL has assigned its 'C/P4' ratings to the bank facilities of Gorsi Constructions Pvt Ltd. Facilities Ratings ---------- ------- INR45.00 Million Cash Credit C (Assigned) INR6.00 Million Working Capital C (Assigned) Demand Loan INR11.80 Million Proposed LT Bank C (Assigned) Loan Facility INR15.00 Million Bank Guarantee P4 (Assigned) The ratings reflect GCPL's weak liquidity (leading to delays by the company in servicing its equipment loan [not rated by CRISIL]). The ratings also reflect the company's small scale of operations, large working capital requirements, on account of stretched receivables, and geographical concentration in its revenue profile. These weaknesses are partially offset by the extensive experience of GCPL's promoters in the civil construction industry. About Gorsi Constructions GCPL was incorporated in 2000, promoted by Mr. Rajesh Kumar and Mr. Rakesh Kumar at Mandi (Himachal Pradesh). It is engaged in civil construction activities such as excavation, crushing, and tarring. Its management has been in the same line of business since 1985, mainly working as a contractor for Public Works Department and sub contracting for hydro projects in Himachal Pradesh. The company's had an order book of INR300 million as on March 31, 2011. GCPL reported a profit after tax (PAT) of INR10.5 million on net sales of INR180.09 million for 2009-10 (refers to financial year, April 1 to March 31), as against a PAT of INR6.4 million on net sales of INR114.6 million for 2008-09. GOYAL ISPAT: CRISIL Reaffirms 'BB-' Rating on INR125MM Cash Credit ------------------------------------------------------------------ CRISIL has revised its rating outlook on the long-term bank facilities of Goyal Ispat Ltd (GIL, part of the Kamachi group), to 'Stable' from 'Negative', while reaffirming the rating on the same at 'BB-'; the rating on the short-term facility has been upgraded to 'P4+' from 'P4'. Facilities Ratings ---------- ------- INR125 Million Cash Credit BB-/Stable (Reaffirmed; Outlook Revised from 'Negative') INR4.3 Million Long-Term Loan BB-/Stable (Reaffirmed; Outlook Revised from 'Negative') INR20.7 Million Proposed LT BB-/Stable (Reaffirmed; Outlook Bank Loan Facility Revised from 'Negative') INR50 Million Letter of Credit P4+ (Upgraded from 'P4') The rating action is driven by CRISIL's belief that Kamachi Sponge & Power Corporation Ltd will commence commercial operations at its 500,000-tonnes per annum (tpa) rolling mills and its 70-megwatt (MW) captive thermal power plant, comprising the final phase of its capacity expansion project, without any further time or cost overrun. The rating action also reflects the completion and stabilization of operations at KSPCL's 200,000-tpa steel melting plant, also a part of the same expansion project, and advanced stages of completion of the rolling mills division and the captive thermal power plant mentioned above. The ratings, however, continue to reflect the Kamachi group's exposure to risks related to the stabilization of the final phase of the project, below-average financial risk profile marked by a constrained capital structure and average debt protection metrics, and susceptibility to cyclicality in the iron and steel industry and to volatility in input prices. These rating weaknesses are partially offset by the Kamachi group's integrated operations, and efficient supply chain management. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of KSPCL, Kamachi Steels Ltd, KI International Ltd, GIL, Kamachi Granites Pvt Ltd, and Maa Durga Enterprises Pvt. Ltd. This is because these entities, collectively referred to as the Kamachi group, are under the same management, have a common line of business and share operational synergies, including fungible cash flows. Outlook: Stable CRISIL believes that the Kamachi group will commence commercial operations in the final phase of the project without any further cost or time overrun. The outlook may be revised to 'Positive' if the group's scale of operations and operating margin improves considerably post full stabilization of the ongoing project. Conversely, the outlook may be revised to 'Negative' if the group faces delay in stabilization of operations or undertakes a larger- than-expected, debt-funded capital expenditure programme, thereby weakening its capital structure, or if its realizations decline sharply. About the Group The Chennai (Tamil Nadu)-based Kamachi group is a major integrated secondary steel player. The group is a closely held family business and was founded by Mr. G L Kothari in 1978. The Kamachi group has sponge iron manufacturing capacities of 120,000 tpa, and induction furnace and rolling mill capacities of 276,680 tpa (inclusive of 200,000 tpa added at KSPCL in September 2010) and 66,000 tpa, respectively. The group also has a power generation capacity of 11.80 MW using waste heat recovery systems (10 MW) and windmills (1.8 MW). It is setting up a 500,000-tpa rolling mill plant and a 70-MW power plant, under KSPCL, which are expected to be commissioned by July 2011. GIL manufactures thermo-mechanically-treated/cold-twisted bars in sizes ranging from 8 to 25 millimetres; its plant has an installed capacity of 30,000 tonnes per annum. For 2009-10 (refers to financial year, April 1 to March 31), the group reported a profit after tax of INR38.8 million on net sales of INR3.5 billion, against a net profit of INR29.7 million on net sales of INR4.7 billion for 2008-09. GREEN CONCRETEX: CRISIL Assigns 'D' Rating to INR55MM Term Loan --------------------------------------------------------------- CRISIL has assigned its 'D' rating to the bank facilities of Green Concretex RMC Material Pvt Ltd. The rating reflects instances of delay by GCMPL in servicing the interest component of its term loan; the delays have been caused by the company's weak liquidity. Facilities Ratings ---------- ------- INR20.00 Million Cash Credit D (Assigned) INR55.00 Million Term Loan D (Assigned) GCMPL is exposed to risks related to stabilisation and commercialisation of its upcoming project, to cyclicality in the cement and ready-mix concrete industries, and to the commoditised nature of its product. The company, however, benefits from the strong technical background and extensive industry experience of GCMPL's promoters. About Green Concretex GCMPL was established in 2009 as a ready-mix concrete provider by Mr. Partha De. It is expected to commence commercial operations in April 2011. The company will be supplying ready-mix concrete solutions to infrastructure and real estate players in and around Durgapur (West Bengal). The company's corporate office is in Barakhola (Kolkata), while its manufacturing site is in Durgapur. Green has an installed capacity of 30cubic metres per hour. The promoters have several ventures in the same line of business; however, these cater to other geographies. RIBA TEXTILES: Fitch Assigns 'D(ind)' Rating on INR56.8MM L-T Loan ------------------------------------------------------------------ Fitch Ratings has assigned India's Riba Textiles Limited a National Long-Term rating of 'D(ind)'. The agency has simultaneously assigned these ratings to RTL's bank loans: -- INR56.8m long-term loans: 'D(ind)'; -- INR199m fund-based working capital limits: 'D(ind)'/'F5(ind)'; and -- INR20m non-fund-based working capital limits: 'D(ind)'/'F5(ind)'. The ratings reflect RTL's track record of delayed term debt repayments and over utilization of its working capital credit limits. The company has been facing significant liquidity pressure following the labour unrest and subsequent plant shut down in FY09 along with a fall in profitability. Fitch notes that the company also underwent restructuring of its term loan in FY10. RTL manufactures and exports terry towels across the globe. For the nine months of the financial year ended March 2011 (9MFY11), it reported revenues of INR355.05 million, with EBITDA of INR52.47 million and profit after tax of INR1.64 million. RIJU CEMENT: CRISIL Puts 'B+' Rating to INR450MM Cash Credit ------------------------------------------------------------ CRISIL has assigned its 'B+/Stable' rating to the bank loan facilities of Riju Cement Pvt Ltd. Facilities Ratings ---------- ------- INR450.0 Million Cash Credit Limits B+/Stable (Assigned) INR49.0 Million Term Loan B+/Stable (Assigned) The rating reflects RCPL's limited track record in the cement industry, the competition it faces from established players in West Bengal, and its large working capital requirements. These rating weaknesses are partially offset by its established brand and the industry experience of its promoter. Outlook: Stable CRISIL believes that RCPL's business risk profile will continue to be constrained by its marginal market share in the competitive cement industry over the medium term. The outlook may be revised to 'Positive' if RCPL achieves more-than-expected topline growth while improving its profitability by ramping up its production, or in case of equity infusion, leading to an improved capital structure. Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile weakens, on account of low profitability or support to group entities or larger-than-expected debt funded capital expenditure. About Riju Cement RCPL was taken over by the Kolkata-based ICore group in 2007-08 (refers to financial year, April 1 to March 31). The company, based in Burdwan (West Bengal), is engaged in cement grinding, with capacity of 1600 tonnes per day. The company is operating at around 40 per cent of its capacity. The cement is sold in West Bengal and nearby states under the Durgapur Plus Cement brand. Its associate company, ICore E-Services Pvt Ltd, owns around 50 per cent of RCPL's shares and is engaged in organized retailing, with two shopping malls in West Bengal. The ICore group is owned and managed by Mr. Anukul Maity and his wife, Mrs. Kanika Maity. Several other companies are part of the ICore group. It has interests in the iron and steel, cement, retailing, and fast- moving consumer goods industries. RCPL reported a profit after tax (PAT) of INR0.5 million on net sales of INR86.7 million in 2009-10, as against a PAT of INR0.4 million on net sales of INR84.4 million in 2008-09. RUKMINI POLYTUBE: ICRA Reaffirms 'LBB' Rating on INR4.75cr Loans ---------------------------------------------------------------- ICRA has reaffirmed the 'LBB' rating assigned to INR4.75 crore fund-based limits/term loans of Rukmini Polytube Private Limited. The outlook on the long-term rating is 'stable'. ICRA has also reaffirmed the short-term rating of 'A4' for INR2.25 crore non- fund-based limits of RPPL. The rating reaffirmation takes into account RPPL's experienced management, its diversified client base and its long track record in the Polyvinyl Chloride (PVC) business. The reaffirmation also incorporates the favorable demand outlook for PVC pipes. The rating is however constrained by competitive nature of the industry, RPPL's moderate operating margins and its exposure to crude oil prices. Going forward, ICRA expects RPPL's profitability to remain under pressure owing to intense competition which is likely to lead to modest cash accruals. Rukmini Polytubes Pvt. Ltd commenced its operations in financial year 2000-2001 with the establishment of PVC Pipes manufacturing facilities having capacity of 3600 MT per annum. RPPL is currently into manufacturing of PVC pipes with the production capacity of 6000 MT per annum and into trading of Resin, Calcium Carbonate, CR Sheets and GP Coils. The manufacturing facilities of the company are located at Bahadurgarh in Haryana. Recent Results In FY10, RIL reported operating income of INR26.48 crore and Profit After Tax (PAT) of INR0.09 crore. SHREE ARIHANT: CRISIL Reaffirms 'BB' Rating on INR60MM Cash Credit ------------------------------------------------------------------ CRISIL's ratings on the bank facilities of Shree Arihant Tradelinks India Pvt Ltd continue to reflect SATL's below-average financial risk profile, marked by low profitability, customer concentration, and exposure to risks related to its planned capacity addition project. These rating weaknesses are partially offset by the benefits that the company derives from its promoters' track record. Facilities Ratings ---------- ------- INR60 Million Cash Credit BB/Stable (Reaffirmed) INR179 Million Letter of Credit P4+ (Reaffirmed) Outlook: Stable CRISIL believes that SATL will continue to benefit from its promoters' industry experience and established clientele. The outlook may be revised to 'Positive' if SATL scales up its operations, while improving its profitability without much deterioration in its capital structure. Conversely, the outlook may be revised to 'Negative' if the company faces any time or cost overruns in its planned project, or contracts more-than-expected debt to fund its capital expenditure, leading to further weakening in its financial risk profile. About Shree Arihant Incorporated in 1999, SATL commenced manufacturing operations in June 2005. It manufactures low-ash metallurgical (LAM) coke at its plant in Gandhidham (Gujarat). It has capacity of 72,000 tonnes per annum (one battery of 21 ovens). The charging capacity is 26 tonnes per day of raw material per charge, and the yield is around 70 to 75 per cent of LAM coke and 5 per cent of coke breeze. The company uses a blend of imported coking coal (95 per cent) and Reliance pet coke and coke breeze (5 per cent) as its raw material; the imported coking coal is procured from VISA Comtarde Ltd (VISA). SATL plans to double its existing capacity by setting up another LAM coke manufacturing facility at its existing premises. The total project is expected to cost around INR120 million and would be funded in a debt-to-equity ratio of 3:1. It also has plans, which are in the nascent stage, to set up a 10-megawatt waste-heat recovery power plant over the medium term. SATL reported a profit after tax (PAT) of INR3.7 million on an operating income of INR892.0 million for 2009-10 (refers to financial year, April 1 to March 31), as against a PAT of INR6.0 million on an operating income of INR1,082.0 million for 2008-09. TIRUPATI LPG: CRISIL Assigns 'BB+' Rating to INR65MM Cash Credit ---------------------------------------------------------------- CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank facilities of Tirupati LPG Industries Ltd. Facilities Ratings ---------- ------- INR65.0 Million Cash Credit BB+/Stable (Assigned) INR120.0 Million Bank Guarantee P4+ (Assigned) The ratings reflect the Tirupati group's significant fungibility of cash flows between group companies and its susceptibility to customer and geographic concentration along with exposure to tender based business. These rating weaknesses are partially offset by the group's above-average financial risk profile, marked by low gearing and established presence of the company in the industry. For arriving at the ratings, CRISIL has combined the business and financial risk profiles of TLPG, International Cylinders Pvt Ltd, and Tirupati Cylinders Ltd, collectively referred to as the Tirupati group. This is because all three companies are managed by the same promoters, are in the same line of business, have operational linkages with regards to procurement of goods, and have also extended financial support to each other in exigencies. Besides, there is cross holding between the three companies. Outlook: Stable CRISIL believes that the Tirupati group will maintain its credit risk profile on the back of its above average financial risk profile marked by low gearing. The outlook may be revised to 'Positive' if the Tirupati group sustain its operating margins along with less than expected exposure to group companies leading to improved liquidity profile. Conversely, the outlook may be revised to 'Negative' in case of large debt-funded capital expenditure or its operating margin declines more than expected or larger-than-expected exposure to group companies, leading to further stress on liquidity. About the Group Tirupati Group was started in 1987 with the incorporation of ICPL in 1987 to start cylinder manufacturing at Paonta Sahib (Himachal Pradesh). It expanded its presence in the industry by taking over a sick unit in Muzaffarnagar (Uttar Pradesh) in 1989 under TCL. Later on, in 1994, TLPG was set up and took over a cylinder manufacturing unit from Uttar Pradesh Financial Corporation (UPFC), based in Selaqui, Dehradun (Uttarakhand, then part of Uttar Pradesh). Tirupati group manufactures LPG cylinders for Indian oil marketing companies, i.e. Indian Oil Corporation Ltd (rated AAA/Negative/P1+ by CRISIL), Bharat Petroleum Corporation Ltd (rated AAA/FAAA/Negative/P1+ by CRISIL), and Hindustan Petroleum Corporation Ltd (rated AAA/FAAA/Negative/P1+ by CRISIL). It has a combined manufacturing capacity of over 2 million LPG cylinders on a single shift basis. It manufactures LPG cylinders of various sizes as per the customers' requirement; however, over 90 per cent of its revenues are from the 14.2-kg cylinder. It is the one of the large LPG cylinder manufacturers in India. TLPG reported a profit after tax (PAT) of INR88.4 million on net sales of INR939.6 million for 2009-10 (refers to financial year, April 1 to March 31), as against a PAT of INR55.6 million on net sales of INR663.6 million for 2008-09. =============== M A L A Y S I A =============== MALAYAN BANKING: Fitch Affirms Individual Rating at 'B/C' -------------------------------------------------------- Fitch Ratings has assigned Malayan Banking Berhad's SGD subordinated notes due 2021 an expected 'BBB+(exp)' rating. The proposed issue does not have step-up coupons but is callable in 2016. The final rating is contingent on the receipt of final documents conforming to information already received. At the same time Fitch has affirmed the bank's ratings, including its Long-Term Local and Foreign Currency Issuer Default Ratings (IDRs) of 'A-' with Stable Outlook. The subordinated notes' rating is one notch below Maybank's 'A-' Long-Term Foreign-Currency IDR, and is in line with Fitch's criteria of rating subordinated debt instruments of financial institutions. The subordinated notes, which will qualify as lower tier 2 capital of Maybank will represent the bank's direct, subordinated and unsecured obligations, and will rank equally with other lower tier 2 capital securities. Maybank's credit profile is underpinned by its dominant domestic franchise, sound earnings, reasonably provisioned loans, ready access to low-cost customer deposits, and satisfactory capital position. The Stable Outlook reflects Fitch's expectations that the bank's earnings and core capital buffer should protect its credit profile from a renewed economic downturn. Rating actions taken on Maybank: -- SGD subordinated notes due 2021: assigned at expected 'BBB+(exp)' -- Long-Term Local and Foreign Currency IDRs: affirmed at 'A-'; Outlook Stable -- Individual Rating: affirmed at 'B/C' -- Support Rating: affirmed at '2' -- Support Rating Floor: affirmed at 'BBB' -- Long-term deposits: affirmed at 'A' -- USD subordinated debt: affirmed at 'BBB+' -- SGD tier 1 capital securities: affirmed at 'BBB' ==================== N E W Z E A L A N D ==================== FELTEX CARPETS: Crown Appeals Nearly NZ$1-Mil. Directors' Costs --------------------------------------------------------------- BusinessDay.co.nz reports that the High Court at Auckland heard last week that a costs award of nearly NZ$1 million to five former Feltex Carpets directors was "unreasonable and unjust." BusinessDay.co.nz says the Crown is appealing the award of NZ$925,000 to the directors after they were acquitted last year of charges laid by the Companies Office. According to the report, Simon Moore, acting for the Registrar of Companies, said the trial judge was wrong to order such an "eye- wateringly large" payout. Tim Saunders, John Hagen, Peter Thomas, Peter Hunter and John Feeney had denied the charges, which Auckland District Court Judge Jan Doogue said should never have been brought, BusinessDay.co.nz states. The award, notes BusinessDay.co.nz, represents 70% of the defence's actual legal costs. BusinessDay.co.nz relates that Mr. Moore said the Crown probably would have accepted an award in the range of NZ$200,000 to NZ$300,000, but NZ$952,000 was more than six times the amount spent on the prosecution's legal team. He said the fact that the Feltex directors had hired particularly high-priced lawyers should not be a determining factor in awarding costs, BusinessDay.co.nz says. According to BusinessDay.co.nz, Mr. Moore argued the award gave the public a perception that the regulator had been punished for a frivolous prosecution when that was not the case and the award was not punitive. The high level of costs might also discourage regulators from taking such action in the future. An award of that size had "attracted significant negative publicity" and "condemnation of the department's performance", Mr. Moore said, BusinessDay.co.nz adds. About Feltex Carpets Headquartered in Auckland, New Zealand, and established more than 50 years ago, Feltex Carpets Limited -- http://www.feltex.com/-- has built a reputation for being one of the world's leading manufacturers of superior-quality carpet. The Feltex operation includes a wool scouring plant, six spinning mills, three tufted carpet mills, a woven carpet mill and offices in New Zealand, Australia and the United States. NZ Bank placed the company in receivership on Sept. 22, 2006, and named Colin Nicol, Peter Anderson and Kerryn Downey, of McGrathNicol+Partners, as receivers and managers. The TCR-AP reported on Oct. 4, 2006, that Godfrey Hirst acquired Feltex as a going concern, including its assets and undertakings in New Zealand, Australia, and the United States. Proceeds of the sale will be used to ease the company's NZ$128-million debt to ANZ Bank. On Dec. 13, 2006, the High Court in Auckland ruled in favor of an application by the Shareholders Association against Feltex Carpets putting the carpet maker into liquidation. John Vague was appointed as liquidator. LOMBARD FINANCE: Investors to Receive $1 Mil. from Northern Crest ----------------------------------------------------------------- The National Business Review reports that Northern Crest Investments will repay Lombard Finance and Investment investors $1 million over two years to square off any outstanding debt to the failed property financier. The repayments, according to the report, follow a settlement agreement with Lombard Finance receivers, PricewaterhouseCoopers, to remove doubt over potential for claims linked to Northern Crest's unsettled loan facility with Lombard. The payments will start this month, NBR notes. NBR says the issue stretches back to a guarantee Northern Crest made when Lombard financed the sale of Northern Crest's New Zealand operations to companies controlled by its former senior managers. According to NBR, Northern Crest, once known as Blue Chip Financial Solutions, said in a statement to the Australian Stock Exchange that it had taken the position its parent company did not guarantee the facilities claimed by Lombard in respect to obligation to its New Zealand subsidiaries. "The settlement has been reached with the receiver of Lombard to put the matter fully and finally beyond doubt and to derive certainty in respect to the future direction of Northern Crest." Last month, NBR recalls, PWC wrote to Lombard investors forecasting a 15% to 24% return to secured debenture holders on their original investment, and said they had found more ground for claims. About Lombard Finance Lombard Finance & Investments Limited is a wholly owned subsidiary of Lombard Group, a diversified company specializing in the financial services sector offering a number of lending options and providing investment opportunities for its shareholders and investors. Lombard Finance was placed into receivership on April 10, 2008, by its trustee, Perpetual Trust Limited. PricewaterhouseCoopers partners John Fisk and John Waller have been appointed receivers of the company. The receivership also applies to three other subsidiaries of Lombard Group, being Lombard Asset Finance Limited, Lombard Property Holdings Limited and Lombard Asset Finance No 2 Limited. The receivership does not impact on Lombard Group Limited. ================= S I N G A P O R E ================= BELL EQUIPMENT: Creditors' Proofs of Debt Due May 23 ---------------------------------------------------- Creditors of Bell Equipment (S.E.A.) Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by May 23, 2011, to be included in the company's dividend distribution. The company's liquidators are: Leow Quek Shiong Leong Hon Mun Peter c/o BDO LLP 19 Keppel Road #02-01 Jit Poh Building Singapore 089058 HUN RESEARCH: Creditors' Proofs of Debt Due May 6 ------------------------------------------------- Creditors of Hun Research Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by May 6, 2011, to be included in the company's dividend distribution. The company's liquidators are: Sajjad A. Akhtar Chin Sek Peng Michael C/o PKF-CAP Advisory Partners Pte Ltd 146 Robinson Road #08-06 Singapore 068909 PENTANUM GLOBAL: Court to Hear Wind-Up Petition on April 29 ----------------------------------------------------------- A petition to wind up the operations of Pentanum Global Corporation (Pte) Ltd will be heard before the High Court of Singapore on April 29, 2011, at 10:00 a.m. Pacific Autocom Enterprise Pte Ltd filed the petition against the company on April 5, 2011. The Petitioner's solicitors are: TSMP Law Corporation 6 Battery Road, #33-01 Singapore 049909 SEMBMARINE (MIDDLE EAST): Creditors' Proofs of Debt Due May 23 -------------------------------------------------------------- Creditors of Sembmarine (Middle East) Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by May 23, 2011, to be included in the company's dividend distribution. The company's liquidators are: Leow Quek Shiong Leong Hon Mun Peter c/o BDO LLP 19 Keppel Road #02-01 Jit Poh Building Singapore 089058 UNCHARTED BUSINESS: Court Enters Wind-Up Order ---------------------------------------------- The High Court of Singapore entered an order on April 8, 2011, to wind up Uncharted Business Pte Ltd's operations. Asiasoft Online Pte Ltd filed the petition against the company. The company's liquidator is: Official Receiver Insolvency & Public Trustee's Office 45 Maxwell Road #06-11 The URA Centre (East Wing) Singapore 069118 ********* 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 ***