/raid1/www/Hosts/bankrupt/TCRAP_Public/110701.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
Friday, July 1, 2011, Vol. 14, No. 129
Headlines
C H I N A
CHINA-BIOTICS: To Delist From NASDAQ Due to Officials Resignations
* CHINA: Looks Into Accounting Issues for Foreign-listed Firms
H O N G K O N G
B.M. OPTICAL: John Howard Batchelor Appointed as New Liquidator
BOLD WARE: John Howard Batchelor Appointed as New Liquidator
CORNHILL DEVELOPMENT: Annual Meetings Set for July 18
HELLY-HANSEN (FAR EAST): Members' Final Meeting Set for July 25
LAI FUNG: S&P Affirms 'B+' Corp. Credit Rating; Outlook Negative
LCL CONTRACTING: Members' Final Meeting Set for July 25
PRIME AUTHOR: Creditors' Proofs of Debt Due July 31
QUIXOTE (HK): Members' Final Meeting Set for July 25
RISESOFT LIMITED: Annual Meetings Set for July 18
SEIHUA INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
SMI ENTERTAINMENT: Annual Meetings Set for July 18
SOUTHERN CROSS: Members' Final Meeting Set for July 25
STAR EAST: Annual Meetings Set for July 18
SUPER TWIN: Commences Wind-Up Proceedings
UNION STABLE: Commences Wind-Up Proceedings
WIN CREATION: Members' Final General Meeting Set for July 28
I N D I A
A. KUMAR: ICRA Assigns 'LBB-' Rating to INR38.5cr Bank Facilities
ABHINAV STEEL: CARE Assigns 'CARE BB+' Rating to INR215.51cr Loan
AGARWAL ASSOCIATES: CARE Rates INR49.35cr LT Loan at 'CARE BB+'
ALCON RESORT: ICRA Reaffirms 'LBB+' Rating on INR24.75cr Term Loan
ARAVIND CERAMICS: CRISIL Rates INR300 Million Cash Credit at 'BB-'
COSMOS INFRA: CRISIL Assigns 'B' Rating to INR420 Mil. Term Loan
DOLBI'S GRANITE: CARE Assigns 'CARE BB' Rating to INR13cr LT Loan
ELGI ELECTRIC: ICRA Assigns 'LBB' Rating to INR2.64 Demand Loan
EMERALD ALCHYMICUS: ICRA Assigns 'LBB' Rating to INR4cr Loan
FLEX FOODS: Fitch Assigns 'BB(ind)' National Long-Term Rating
MEGA VITRIFIED: CARE Assigns 'CARE BB+' Rating to INR13.06cr Loan
MOON SPINNERS: CARE Rates INR26cr Long Term Bank Loan at CARE BB+
NAVALAKHA TRANSLINES: ICRA Gives INR25cr Loan '[ICRA]BB+' Rating
PRASAD MULTI: CARE Rates INR26.31cr LT Bank Loan at 'CARE BB+'
ROHIT'S HERITAGE: CRISIL Assigns 'B' Rating to INR30MM LT Loan
RP STEEL: CRISIL Reaffirms 'B' Rating on INR70MM LT Bank Loan
SEYAD COTTON: CARE Assigns 'CARE BB+' Rating to INR22.7cr LT Loan
SIMANDHAR CONSTRUCTION: CARE Rates INR4cr LT Loan at 'CARE BB+'
SHAKTI AGENCIES: ICRA Assigns 'LBB+' Rating to INR22cr LT Loan
VASOO BUILDERS: CARE Assigns 'CARE BB' Rating to INR9.68cr LT Loan
VILSONS PARTICLE: ICRA Rates INR7cr Bank Facilities at 'LBB-'
I N D O N E S I A
BANK COMMONWEALTH: Fitch Affirms Individual 'D' Rating
ENERGI MEGA: S&P Withdraws 'CCC+' Corporate Credit Rating
J A P A N
SIGNUM VANGUARD: S&P Raises Rating on 2006-09 Notes to 'CCC'
TOKYO ELECTRIC: Share Price Drop Hits Dai-ichi Life's Earnings
N E W Z E A L A N D
ALLIED FARMERS: Denies NZ$10 Million Loss Over Failed Fiji Project
AORANGI SECURITIES: A. Hubbard Court Appearance Moved to Aug. 26
IRONGATE PROPERTY: Debenture Holders to Get Up to 83c Payout
OVATION NEW ZEALAND: Closes Boning Plant, Confirms 304 Job Losses
SOHO SQUARE: Receivers Close to Selling Soho Site
S I N G A P O R E
ALLIANZ INSURANCE: Creditors' Proofs of Debt Due July 18
EC-ASIA INTERNATIONAL: Creditors' Proofs of Debt Due July 12
MERLIANZE PTE: Creditors' Proofs of Debt Due July 28
RHL E-VENTURES: Creditors' Proofs of Debt Due July 25
SME CREDITASSIST: Creditors' Proofs of Debt Due July 25
TRUBA JURONG: Creditors' Proofs of Debt Due July 27
WEALTH MANAGEMENT: Creditors' Proofs of Debt Due July 25
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=========
C H I N A
=========
CHINA-BIOTICS: To Delist From NASDAQ Due to Officials Resignations
------------------------------------------------------------------
China-Biotics, Inc. intends to voluntarily delist its common stock
from the Nasdaq Global Stock Market. The Board of Directors of
the Company unanimously determined that maintaining the listing
has imposed difficult burdens on the Company. These burdens have
been compounded by the recent resignations of the Company's former
auditor, BDO Limited, and the Company's Chief Financial Officer,
Travis Cai, as reported by the Company in a Form 8-K filing with
the United States Securities and Exchange Commission on June 23,
2011, and the resignation of Mr. Simon Yick, the former Chairman
of the Audit Committee of the Board, as reported by the Company a
Form 8-K filing with the SEC on June 28, 2011.
On June 29, 2011, the Company provided written notice to Nasdaq of
its intent to file a Notification of Removal from Listing on
Form 25 with the SEC on or around July 11, 2011. The Company
expects the delisting from Nasdaq to become effective on July 21,
2011, ten days after filing a Form 25 with the SEC.
Upon delisting from Nasdaq, the Company expects that trading by
stockholders of shares of the Company's common stock may be
effected through quotations on the Pink OTC Market (a centralized
quotation service that collects and publishes market maker quotes
for securities). This will require at least one market maker to
quote the Company's common stock on the Pink OTC Market after the
market maker complies with the Pink OTC Market rules; there is no
assurance that a market maker will comply with those rules. The
Company has not arranged for its shares to be quoted on any
securities exchange. Notwithstanding any of the foregoing, the
Company will remain subject to the periodic reporting requirements
of the Exchange Act.
The Company previously reported its receipt from Nasdaq of a
letter stating that, because the Company has not yet filed its
Annual Report on Form 10-K for the fiscal year ended March 31,
2011, and based upon disclosures made by the Company in its
recently filed Form 12b-25 and additional information provided to
Nasdaq, the Company no longer complies with Nasdaq Listing Rules
for continued listing. In addition, the Nasdaq Letter requested
that the Company provide to Nasdaq a formal "plan of compliance"
setting forth the steps that the Company proposes to take to
regain compliance for continued listing of the Company's common
stock on the Nasdaq, as well as certain other information relevant
to Nasdaq's evaluation of the plan of compliance. In light of the
Company's decision to seek voluntary delisting of its stock from
Nasdaq, the Company has determined that it will not provide Nasdaq
with such plan of compliance or other requested information.
The Board has determined that the effort required to challenge
Nasdaq's determination, and the uncertain outcome of any such
challenge, as well as the uncertainty of when, if ever, the
Company will be able to satisfy Nasdaq's concerns in light of the
recent resignation of its auditor, support its decision to seek
delisting of its common stock from Nasdaq in the best interests of
the Company and its stockholders.
The Company will comply with all applicable provisions of Delaware
law, under which the Company is incorporated, as well as
applicable provisions of the Nasdaq Marketplace Rules and the SEC
rules applicable to the delisting process.
About China-Biotics
China-Biotics, Inc. -- http://www.chn-biotics.com/-- a leading
manufacturer of biotechnology products and supplements, engages in
the research, development, marketing, and distribution of
probiotics dietary supplements in China. Through its wholly owned
subsidiary, Shanghai Shining Biotechnology Co., Ltd., the Company
develops and produces its proprietary product portfolio, including
live microbial nutritional supplements under the "Shining" brand.
Currently, the products are sold OTC through large distributors to
pharmacies and supermarkets in Shanghai, Jiangsu, and Zhejiang
provinces. In February 2010, China-Biotics began its commercial
production in China's largest probiotics production facility to
meet growing demand in China.
* CHINA: Looks Into Accounting Issues for Foreign-listed Firms
--------------------------------------------------------------
Shanghai Daily reports that Wang Ou, vice head of research at the
China Securities Regulatory Commission, said the government is
looking into accounting issues involving Chinese companies listed
in North America.
According to Shanghai Daily, Mr. Wang said corporate misbehavior,
unfamiliarity with the US market and some practices involved in
overseas listings had all contributed to recent investor distrust
of Chinese companies.
"First, we have to admit that some of our companies may have
flaws. Second, our (companies') understanding of the US market and
the measures to tackle risk there may be inadequate," Shanghai
Daily quotes Mr. Wang as saying at a conference in Beijing held
last week. "We have contacts with the US and its relevant
regulatory bodies and we're studying the issue together."
Investors have sold off foreign-listed Chinese companies in recent
weeks following a flurry of accounting scandals and fraud
allegations, Shanghai Daily notes.
Mr. Wang's comments, Shanghai Daily notes, coincide with a visit
to Beijing by officials from the U.S. Securities and Exchange
Commission and the Public Company Accounting Oversight Board.
Shanghai Daily, citing Xinhua news agency, says the delegation is
meeting Chinese regulators to discuss cross-boarder oversight,
hoping to sign an agreement on accounting supervision by the end
of this year.
================
H O N G K O N G
================
B.M. OPTICAL: John Howard Batchelor Appointed as New Liquidator
---------------------------------------------------------------
John Howard Batchelor on May 31, 2011, was appointed as liquidator
of B.M. Optical International Company Limited.
John Howard Batchelor replaces Desmond Chung Seng Chiong who
stepped down as the company's liquidator.
The liquidators may be reached at:
John Howard Batchelor
Roderick John Sutton
14/F, The Hong Kong Club Building
3A Chater Road
Hong Kong
BOLD WARE: John Howard Batchelor Appointed as New Liquidator
------------------------------------------------------------
John Howard Batchelor on May 31, 2011, was appointed as liquidator
of Bold Ware Optical (Metal) Manufactory Limited.
John Howard Batchelor replaces Desmond Chung Seng Chiong who
stepped down as the company's liquidator.
The liquidators may be reached at:
John Howard Batchelor
Roderick John Sutton
14/F, The Hong Kong Club Building
3A Chater Road
Hong Kong
CORNHILL DEVELOPMENT: Annual Meetings Set for July 18
-----------------------------------------------------
Members and creditors of Cornhill Development Limited will hold
their annual meetings on July 18, 2011, at 9:30 a.m., and 09:45
a.m., respectively at 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.
HELLY-HANSEN (FAR EAST): Members' Final Meeting Set for July 25
---------------------------------------------------------------
Members of Helly-Hansen (Far East) Limited will hold their final
general meeting on July 25, 2011, at 10:00 a.m., at Level 28 Three
Pacific Place, 1 Queen's Road East, in Hong Kong.
At the meeting, Paul David Stuart Moyes and Yeung Betty Yuen, the
company's liquidators, will give a report on the company's wind-up
proceedings and property disposal.
LAI FUNG: S&P Affirms 'B+' Corp. Credit Rating; Outlook Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Hong
Kong-based Lai Fung Holdings Ltd. to negative from stable. "At the
same time, Standard & Poor's affirmed its 'B+' long-term corporate
credit rating on Lai Fung, a property development and investment
company, and the 'B+' issue rating on its outstanding $200
million senior unsecured notes due 2014. As a result of our
outlook revision, we have lowered our Greater China scale rating
on Lai Fung to 'cnBB-' from 'cnBB'," S&P said.
Standard & Poor's has revised its rating outlook to reflect the
slower-than-expected sales at Lai Fung's core property development
project, Shanghai May Flower Plaza, and its weaker-than-expected
contracted sales and cash flow for the fiscal year ending July 31,
2011.
"The weak sales will affect Lai Fung's cash flows and leverage
with a material deterioration in its credit metrics," said
Standard & Poor's credit analyst Frank Lu. "We believe Lai Fung's
property sales will likely remain weak because of the company's
exposure to tier-one Chinese cities, where monetary and regulatory
tightening has a more severe effect on investor sentiment, thus
hurting transactions. The company has limited number of projects
and geographic diversity to mitigate the risk of sales remaining
weak."
"We believe China's monetary policy will remain tight in 2012 and
price competition will intensify in the second half of 2011, which
could increase the pressure on developers with high project
concentration risk. Given these factors, the company's annual
sales target of Hong Kong dollars (HK$) 2 billion is aggressive,
in our view," S&P related.
The negative rating outlook reflects Lai Fung's weaker-than-
expected property sales and limited operating flexibility in a
deepening property market downturn in China.
"We may revise our outlook to stable if Lai Fung's contracted
sales improve significantly to at least HK$1.5 billion and
maintains an EBITDA margin of at least 35% in fiscal 2012, and we
expect the sales and profitability trend to continue into fiscal
2013," S&P stated.
"We may lower the rating if Lai Fung's rental income declines more
than we expected, such that net rental income interest coverage is
materially below 1.0x; property sales and delivery do not improve
in the next 12 months; and the company's currently conservative
risk appetite increases, such that the total debt-to-EBTIDA ratio
weakens to above 6.0x on a sustained basis," S&P said.
LCL CONTRACTING: Members' Final Meeting Set for July 25
-------------------------------------------------------
Members of LCL Contracting Limited will hold their final meeting
on July 25, 2011, at 10:00 a.m., at 21st Floor, Wyndham Place, No.
44 Wyndham Street, Central, in Hong Kong.
At the meeting, Leong Hing Loong Rudoff, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
PRIME AUTHOR: Creditors' Proofs of Debt Due July 31
---------------------------------------------------
Prime Author Limited, which is in members' voluntary liquidation,
requires its creditors to file their proofs of debt by July 31,
2011, to be included in the company's dividend distribution.
The company's liquidators are:
Lee Sze Ho
Unit 2605, Island Place Tower
510 King's Road
North Point, Hong Kong
QUIXOTE (HK): Members' Final Meeting Set for July 25
----------------------------------------------------
Members of Quixote (Hong Kong) Limited will hold their final
meeting on July 25, 2011, at 11:00 a.m., at 7th Floor, Alexandra
House, 18 Chater Road, Central, in Hong Kong.
At the meeting, Philip Brendan Gilligan, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
RISESOFT LIMITED: Annual Meetings Set for July 18
-------------------------------------------------
Members and creditors of Risesoft Limited will hold their annual
meetings on July 18, 2011, at 10:15 a.m., and 10:30 a.m.,
respectively at 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.
SEIHUA INTERNATIONAL: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------------
At an extraordinary general meeting held on June 17, 2011,
creditors of Seihua International Holdings Limited resolved to
voluntarily wind up the company's operations.
The company's liquidators are:
James Wardell
Jackson Ip
Room 1601-1602, 16/F
One Hysan Avenue
Causeway Bay
Hong Kong
SMI ENTERTAINMENT: Annual Meetings Set for July 18
--------------------------------------------------
Members and creditors of SMI Entertainment Limited will hold their
annual meetings on July 18, 2011, at 11:00 a.m., and 11:15 a.m.,
respectively at 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.
SOUTHERN CROSS: Members' Final Meeting Set for July 25
------------------------------------------------------
Members of Southern Cross University Alumni Association (Hong
Kong, Guangdong and Macao) Limited will hold their final general
meeting on July 25, 2011, at 9:00 a.m., at Room 1101, 11/F., China
Insurance Group Building, 141 Des Voeux Road Central, in Hong
Kong.
At the meeting, Wong Lung Tak Patrick, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
STAR EAST: Annual Meetings Set for July 18
------------------------------------------
Members and creditors of Star East IT Management Limited will hold
their annual meetings on July 18, 2011, at 11:45 a.m., and 12:00
p.m., respectively at 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.
SUPER TWIN: Commences Wind-Up Proceedings
-----------------------------------------
Members of Super Twin Dragons Limited, on June 17, 2011, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Patrick Cowley
Wing Sze Tiffany Wong
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
UNION STABLE: Commences Wind-Up Proceedings
-------------------------------------------
Members of Union Stable Investment Limited, on June 23, 2011,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidator is:
Lee King Yue
72-76/F., Two International Finance Centre
8 Finance Street
Central, Hong Kong
WIN CREATION: Members' Final General Meeting Set for July 28
------------------------------------------------------------
Members of Win Creation Asia Limited will hold their final general
meeting on July 28, 2011, at 10:00 a.m., at 4304, 43/F, China
Resources Building, 26 Harbour Road, Wanchai, in Hong Kong.
At the meeting, Heng Poi Cher, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
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I N D I A
=========
A. KUMAR: ICRA Assigns 'LBB-' Rating to INR38.5cr Bank Facilities
-----------------------------------------------------------------
ICRA has assigned 'LBB-' rating to the INR38.501 crores fund-based
bank facilities and INR52.03 crores term loans of A. Kumar Milk
Foods Private Limited. The outlook on the long-term rating is
stable.
The rating reflects AKMFL's experienced promoters with more than
five decades of experience in the milk processing industry, its
strong marketing presence in the wholesale market in Khari Baoli
and favorable location of the plant in the milk belt in Uttar
Pradesh with adequate milk supplies. The rating also takes into
account the improvement in AKMFL's operating margins owing to
diversification into relatively high value-addititive activities
like milk processing (from trading activities earlier) and healthy
demand outlook for milk products in India which is expected to
drive the revenue growth of the company. However the rating is
constrained by seasonality in milk availability which impacts the
AKMFL's production during off-season, highly competitive nature of
industry which has put pressure on AKMFL's margins and resulted in
weak debt coverage indicators. While assigning theratin, ICRA has
also taken into account the aggressive capex plans of the company
which expose it to project implementation risks. While the capex
is likely to benefit the company in the medium term, the debt-
funded nature of expansion is likely to impact the gearing and
coverage indicators o the company during the construction period.
Going forward, the company's ability to complete its project
without time and cost over-runs and maintain adequate margins in
an intensely competition industry will be the key rating drivers.
A.Kumar Milk Foods Private Limited is engaged in the business of
milk processing and trading. The company has an operational milk
processing plant in Uttar Pradesh with processing capacity of
3.5 Lacs Litres per Day (LLPD). The main products of the company
are skimmed milk concentrate (SMC) skimmed milk powder (SMP) and
Ghee and the main raw material is Milk AKMFL's capacity
utilization is seasonal and depends on the availability of milk;
it varies from 60-65% during summer (April to September) to 95-
100% during winters (October-March).
Incorporated in 1990, A.Kumar Milk Foods Private Limited is
engaged in the manufacture and marketing of milk products. The
company sells its products under the brand name Sridhar. The
company has been primarily supplying to various traders of milk
products, milk processing companies and other milk producers. The
company has a milk processing capacity of 3.5 lakh litres per day
(LLPD) and is planning to enhance the same to 7.50 LLPD
ABHINAV STEEL: CARE Assigns 'CARE BB+' Rating to INR215.51cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4+' ratings to the bank facilities
of Abhinav Steel Private Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 215.51 'CARE BB+' Assigned
Short-term Bank Facilities 19.50 'PR4+' Assigned
Rating Rationale
The ratings are constrained by relatively small size of operations
of ASPL and residual risk associated with implementation of power
project, geographical concentration of ASPL's steel business in
certain area of Uttar Pradesh (U.P.), counterparty risk on power
sales and cyclical nature of steel industry. The ratings derive
strength from the promoter's reasonable experience in the steel
industry, presence of long term arrangements for supply of coal
and financial support from promoter in form of equity infusion in
ASPL during FY11. ASPL's ability to stabilize operations of its
power plant post commissioning and realize the sales proceeds of
power as envisaged are the key rating sensitivities.
About Abhinav Steel
Incorporated in 1987, Abhinav Steel Private Limited was set-up by
Mr. Phoolchand Yadav, Chairman, with a rolling mill. Thereafter,
the company added furnace and expanded its rolling mill capacity.
Currently ASPL is engaged into manufacturing of long steel
products such as angels, channels and TMT bars etc. catering to
construction and infrastructure industry. ASPL has its
manufacturing facilities located in SIDA, Jaunpur (U.P.) with
electric arc furnace (ingots) capacity of 42,000 tpa and 72,000
tpa rolling mill (unit I and II).
AGARWAL ASSOCIATES: CARE Rates INR49.35cr LT Loan at 'CARE BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+' rating to the bank facilities of
Agarwal Associates (Promoters) Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 49.3 5 'CARE BB+' Assigned
Rating Rationale
The rating is constrained by AAL's comparatively small scale of
operations, low profitability margins and geographical
concentration risk. The rating also factors in AAL's inter-group
advances, presence of high competition in the vicinity where AAL's
majority of land bank is situated and inherent risk associated
with the real estate sector. The rating, however, favorably takes
into account the promoter's experience, demonstrated project
execution record in Delhi & Ghaziabad and high percentage of sales
& construction status in the ongoing projects. The rating also
draws comfort from the consistent improvement in AAL's capital
structure in the recent past. Going forward, ability of AAL to
execute projects and achieve sales in a time-bound manner and
performance of the real estate industry in the NCR (especially in
the Ghaziabad) would be the key rating sensitivities.
AAL was incorporated in March 1986 as a closely-held public
limited company to carry out real estate development. Initially,
AAL focused its real estate development activities primarily in
the NCR, however, lately it has also ventured to other cities and
has launched real estate projects in Dehradun, Lucknow, Aligarh
and Barielly. The main promoter of the company, Mrs Uma Agarwal
has more than 25 years of experience in the real estate industry.
Further, as on March 31, 2011, on consolidated basis, the promoter
group has experience of developing around 3.5 million sq ft (msf)
of area across residential, commercial and retail space in the
NCR.
ALCON RESORT: ICRA Reaffirms 'LBB+' Rating on INR24.75cr Term Loan
------------------------------------------------------------------
ICRA has re-affirmed 'LBB+' rating to INR24.75 crore term loans of
Alcon Resort Holdings Limited. The outlook on the long term rating
is stable.
The rating is supported by ARHL's growth over the past few years,
driven by increase in occupancy and ARRs for its flagship property
Dona Sylvia. Devaaya Resort, which has been making losses in the
past have shown improvement during FY11 and is expected to
turnaround in the near future. The company is also ready to
commercialize its new property "Radisson Blu Cavelossim Beach
Resort" though the project has been delayed due to cost and time
over-runs. The new resort is expected to drive future earnings
growth and profitability though debt funded capex plan have
impacted the capital structure adversely leading to high gearing
and pressure on cash flows. Going forward, as the accruals from
new property start to flow in the financial profile is expected to
improve. The rating is also constrained by concentration of
existing and planned properties to a single location (Goa) and
their susceptibility to economic swings both domestic and
international.
Alcon Resort Holdings Limited belongs to the Alcon Victor Group.
The group was launched in 1970 and has presence in Constructions,
Real Estate, Hospitality and Health care in Goa. ARHL have three
properties, all in South Goa. Dona Sylvia Resort has 191 rooms and
is classified as a 5 Star (as per DoT classification) properties
while Devaaya Ayurvedic resort caters to health tourism and has
60 rooms. The company has recently opened its third 5 star deluxe
property with franchise partner Radisson. The property has 132
rooms and will offer MICE facilities as well.
ARAVIND CERAMICS: CRISIL Rates INR300 Million Cash Credit at 'BB-'
------------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable' ratings to the cash credit
facility of Aravind Ceramics.
Facilities Ratings
---------- -------
INR300.00 Million Cash Credit BB-/Stable (Assigned)
The rating reflects AC's below-average financial risk profile,
marked by a highly leveraged capital structure and weak debt
protection metrics and its moderate scale of operations in the
highly fragmented tile industry. The ratings also factor in
regional concentration in AC's revenue profile and the firm's
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive industry experience of AC's
partners and its established brand.
Outlook: Stable
CRISIL believes that AC will benefit from the extensive experience
of its partners and absence of any term loan obligations, over the
medium term. The outlook may be revised to 'Positive' in case of
more-than-expected increase in AC's scale of operations and
profitability, resulting in higher-than-expected cash accruals and
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' in case there is slowdown in the industry or
an increase in competition, leading to lower cash accruals, or if
AC undertakes any large debt-funded capital expenditure programme,
or if there are instances of withdrawals by the firm's partners
thereby impacting its capital structure.
About Aravind Ceramics
Set up as a partnership firm in 1996 by Mr. R. Kumar and his wife,
Mrs K. Gayathiri in Chennai (Tamil Nadu), AC commenced operations
by trading wall tiles and gradually expanded its product portfolio
to cover a variety of tiles, such as floor tiles, sanitary-ware,
and designer tiles. AC sells around 90% of products under its own
brand, Anuj which was promoted in 2004. The firm has two showrooms
and two display centres in Chennai. The promoters also own a group
entity, Aravind Ceramic Industries Ltd, which manufactures
vitrified floor tiles since 2006.
AC's profit after tax (PAT) and net sales for 2010-11 (refers to
financial year, April 1 to March 31) are estimated at INR16
million and INR991 million respectively. AC reported a PAT of
INR15 million on net sales of INR750 million for 2009-10, as
against a PAT of INR14 million on net sales of INR769 million for
2008-09.
COSMOS INFRA: CRISIL Assigns 'B' Rating to INR420 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term bank
facilities of Cosmos Infra Engineering (India) Ltd.
Facilities Ratings
---------- -------
INR420.0 Million Term Loan B/Stable (Assigned)
INR170.0 Million Cash Credit B/Stable (Assigned)
The rating reflects Cosmos's exposure to high implementation and
saleability risks and inherent cyclicality in the real estate
industry. These rating weaknesses are partially offset by the
extensive industry experience of Cosmos's promoter.
Outlook: Stable
CRISIL believes that Cosmos will continue to benefit over the
medium term from the extensive experience of its promoter in the
construction and real estate industry. However, timely receipt of
customer advances and sale of remaining units in the ongoing
projects will remain a key rating sensitivity factor. The outlook
may be revised to 'Positive' if the company receives customer
advances for its future projects, resulting in timely completion
of the projects and pre-payment of debt obligations. Conversely,
the outlook may be revised to 'Negative' if delays in receipt of
customer advances affect timely completion of the projects and
debt repayments.
About Cosmos Infra
Cosmos was incorporated in 1986 by Mr. Vinod Mittal. The company
develops group housing and residential societies, townships,
malls, hotels, and corporate offices mainly in Punjab, New Delhi,
Gurgaon (Haryana), Himachal Pradesh, Haryana, Uttar Pradesh,
Madhya Pradesh, and Rajasthan. Cosmos has completed seven projects
till date. Currently, the company has undertaken three projects:
Golden Heights in Ghaziabad (Uttar Pradesh) and Cosmos Greens,
Phase I and II, in Bhiwadi (Rajasthan).
Cosmos reported a profit after tax (PAT) of INR15.3 million on net
sales of INR1305.4 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR23.3 million on net
sales of INR773.0 million for 2008-09.
DOLBI'S GRANITE: CARE Assigns 'CARE BB' Rating to INR13cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB'/'PR4' ratings to the bank facilities of
Dolbi's Granite Exports Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 13.00 'CARE BB' Assigned
Short-term Bank Facilities 5.00 'PR4' Assigned
Rating Rationale
The ratings factor in small scale of operations of DGEPL,
volatility in sales in the past, low return ratios and stretched
liquidity position of the company. The ratings also consider
project implementation risks, fragmented & intensely competitive
nature of the industry and vulnerability to exchange rate risk.
Nevertheless, the ratings also factor in the experience of
promoter in the granite business and relatively high margins.
Ability of the company to complete the on-going project within the
scheduled time and cost, achieve the envisaged sales volumes on
successful commissioning of the project, and diversify its
client/geographical base will be the key rating sensitivities.
About Dolbi's Granite
Dolbi's Granite Exports was promoted by Mr. R.K.Ramesh as a
proprietorship firm in 2001. Later in 2006 it was converted into a
partnership firm with Mr. R.K.Ramesh and his wife Mrs. Padmaa
Ramesh as partners. Subsequently, in 2010 the firm was converted
into a private limited company. In the initial years, the firm was
involved in trading and export of rough granite blocks. Later in
2005, the company started its own quarry operations and sells
rough granite blocks catering to both domestic and global markets.
DGEPL also processes rough blocks through third party facilities
located nearby and exports polished granite slabs. This accounts
for a small portion of the company's sales.
ELGI ELECTRIC: ICRA Assigns 'LBB' Rating to INR2.64 Demand Loan
---------------------------------------------------------------
ICRA has assigned 'LBB' rating to the INR2.64 crore working
capital demand loan and the INR10.36 crore long term fund based
facilities of Elgi Electric and Industries Limited. ICRA has also
assigned 'A4' rating to the INR0.26 crore short term fund based
facilities (sublimit) of EEIL. The outlook on the long-term
rating is stable
The assigned ratings draw comfort from the long standing presence
and established position of the Sara Elgi group in Coimbatore and
the operational and financial support extended by the group to
EEIL in the past. The ratings also factor in the diversified
product portfolio of the Company, with EEIL deriving its revenue
from multiple sectors textiles, engineering and railways, though
the company remains vulnerable to cyclicality inherent to these
sectors. EEIL also plans to launch new products in the near term
to diversify its revenues further. The ratings also consider the
Company's strong market share in its products aided by its wide
spread distribution network and a strong brand presence. EEIL
enjoys strong customer relationships with established players like
Southern Railways, Lakshmi Machine Works Limited and Siemens
Limited to name a few.
However, the ratings are constrained by the weak financial profile
of the Company characterized by revenue de-growth and accumulated
losses in the past. However, the company has posted a relatively
healthy operating profit margin of 10.6% (previous year 5.8%) and
PBT margins of 5.6% (previous year -5.8%) in 2010-11 (based on
provisional results) supported by economic upturn and reduction in
employee expenses due to replacement of permanent employees by
casual employees. Although, EEIL also suffers from a leveraged
capital structure, ICRA draws comfort from the expected infusion
of -INR5.0 crores of funds from proposed sale of land in 2011-12.
Although the Company has the ability to pass on increase in raw
material costs to most of its customers, EEIL has limited pricing
flexibility with large tender based players like the Southern
Railways, where orders are booked based on lowest price basis.
Also, the company remains vulnerable to raw material price
fluctuations during the order lead time (three months). The
ratings also factor the significant under utilization of the
manufacturing facility owing to lesser orders for machinery
compared to the installed capacities.
About Elgi Electric
Incorporated in 1963, Elgi Electric and Industries Limited is an
engineering company engaged in the manufacture of auxiliary
textile machinery, point machines (used by the Railways) and
alternating current (AC) and direct current (DC) motors. The
Company also derives a part of its revenue through trading of AC
and DC motors imported from TECO in Germany and some Chinese
players. With an employee strength of about 250 and a
manufacturing plant in Pollachi, near Coimbatore, EEIL is part of
the INR580 crore Sara Elgi group, with interests in diversified
segments including textiles, construction and engineering to name
a few.
Recent results (Unaudited)
EEIL reported profit before tax (PBT) of INR3.6 crore on an
operating income of INR63.9 crore for the fifteen month period
January 2010 - March 2011, against a loss after tax of
INR0.7 crore on operating income of INR39.8 crore during the
fifteen month period of October 2008 - December 2009
EMERALD ALCHYMICUS: ICRA Assigns 'LBB' Rating to INR4cr Loan
------------------------------------------------------------
ICRA has assigned an 'LBB' rating to the fund based facilities of
Emerald Alchymicus P Ltd. aggregating to INR4.00 crore. The
rating carries a stable outlook. ICRA has also assigned an A4
rating to the non-fund based facilities of EAPL aggregating to
INR1.00 crore.
The ratings are constrained by the company's small scale of
operations, and its weak financial risk profile as reflected in
its low profitability, modest debt coverage indicators, and weak
operating cash flows due to high working capital intensity. The
ratings are further constrained by the company's presence in a
highly competitive & fragmented business environment and
vulnerability of its operations to the fluctuations in exchange
rates & volatility in the prices of imported speciality chemical
products. The ratings however favorably take into account the
experienced management profile of the company, established
relationships with its suppliers, wide customer base and its
diversified product portfolio that mitigates demand risks
associated with any single product.
About Emerald Alchymicus
Emerald Alchymicus P Limited was incorporated in the year 2003 as
a trading concern and since its inception EAPL has been involved
in trading of speciality chemicals. The company procures
speciality chemicals from suppliers based in Europe, China, USA,
Singapore, Japan, Malaysia etc. and through a dedicated sales
team, it markets and sells the imported chemicals in domestic
market. All the orders are processed at the company's head office
located in Mumbai, Maharashtra and the goods are dispatched from
the warehouse located at Bhiwandi, Maharashtra. The chemicals
imported by EAPL find wide applications in diverse industries such
as Automotive, Plastic, Decorative, Pharmaceuticals, Wood, Inks,
and Construction.
In FY 2011, EAPL reported Profit After Tax (PAT) of INR0.35 crore
on an operating income of INR30.93 crore.
FLEX FOODS: Fitch Assigns 'BB(ind)' National Long-Term Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Flex Foods Limited a National
Long-Term rating of 'BB(ind)'. The Outlook is Stable. The agency
has also assigned ratings to FFL's bank loans:
-- INR30m long-term loan: 'BB(ind)';
-- INR150m fund-based working capital banking lines:
'BB(ind)'/'F4(ind)'; and
-- INR15m non-fund-based working capital banking lines:
'BB(ind)'/'F4(ind)'.
The ratings reflect FFL's two-decade long established presence in
the domestic cultivation and processing of mushrooms and
processing of culinary herbs, fruits and vegetables, as well as
its long-standing relationships with its customers. The ratings
also benefit from FFL's conservative financial profile marked by a
track record of low financial leverage (net debt/EBITDA FY10
(financial year ended 31 March 2010): 1.5x; FY11 (unaudited) 0.9x)
and robust coverage indicators.
In FY10, FFL experienced a 16.7% yoy decline in its revenues, led
by a sharp fall in the premium freeze-drying segment where volumes
fell by 22% yoy and sales realization by 7% yoy. However the
company showed a significant recovery in its top line during FY11,
on the back of higher sales contribution from other segments.
Fitch notes that FFL is setting up an INR50 million 1,200 MTPA
(metric tons per annum) cold storage plant at its existing 6,020
MTPA food processing facility at Dehradun which is expected to
improve revenues in the near-term.
Fitch notes that FFL has been witnessing a declining trend in its
operating EBITDA margin since FY05, particularly in FY10 when the
margin reduced to 22.8% from 28.7% in FY09, and further to 17.7%
in FY11 (unaudited). This was because of lower per unit
realizations due to a gradual change in its product mix with
increasing exposure towards the air-dried and frozen food
processing segments. Other factors impacting profitability include
inflation-led high input costs, which are not fully passed on to
customers, and an increase in freight costs as sales are mostly on
a cost and freight basis. Also, there is significant competition
in the export market from China, leading to pricing pressure.
The ratings are constrained by FFL's small scale of operations,
vulnerability to agro-climatic risk, stringent food quality checks
in importing countries and seasonality in production of fruits,
vegetables and herbs. The latter necessitates longer inventory
holding and therefore inventory carrying risks. Fitch notes that
the aforesaid factors can lead to volatility in profit margins.
Moreover, two-thirds of FFL's revenues are derived from exports,
which expose it to forex risks, not hedged by the company. Other
risks include a lengthy working capital cycle and customer
concentration risk.
Positive ratings guidelines include an improvement in FFL's
revenues and profitability coupled with a growing order book.
Negative rating guidelines include a sustained decline in the
company's revenues coupled with a continued weakening of its
margins due to rising input/freight costs, competition and adverse
forex movements.
FFL is a Uflex group company, with Uflex Limited
('BBB(ind)'/Stable) holding 47.15% of its total share capital. The
company recorded net sales (unaudited) of INR440 million in FY11,
with EBITDA of INR78 million and net income of INR35 million.
MEGA VITRIFIED: CARE Assigns 'CARE BB+' Rating to INR13.06cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'PR4' ratings to the bank facilities
of Mega Vitrified Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 13.06 'CARE BB+' Assigned
Short-term Bank Facilities 2.00 'PR4' Assigned
Rating Rationale
The ratings of Mega Vitrified Pvt Ltd are primarily constrained by
its short track record of operations, weak financial risk profile
characterized by high leverage and weak liquidity position. The
ratings are further constrained due to working capital intensive
nature of operations and pressure on realizations due to
competitive nature of the tile industry marked by low entry
barriers. The ratings, however, do take comfort from the wide
experience of the management in the industry, its presence in the
fast-growing vitrified tile cluster of Morbi and its moderate
profitability margins. Improvement in the overall financial risk
profile with better profitability, rationalisation of debt levels
and ability to increase its market presence in light of increasing
competition in the sector are the key rating sensitivities.
Incorporated in March 2007, MVPL is promoted by Mr. Pareshbhai N.
Gopani, Mr. Anilbhai N. Gopani and Mr. Prakashbhai B. Patel.
Mr. Pareshbhai Gopani and Mr. Prakashbhai Patel have an experience
of over 15 years in the ceramic industry through their other group
concerns, M/s. Suncity Tiles & Hardware House and Suzlon Ceramic
which are engaged in wall and floor tile manufacturing. MVPL
is a closely-held private limited company with the promoter and
promoter group having 100% shareholding.
MOON SPINNERS: CARE Rates INR26cr Long Term Bank Loan at CARE BB+
-----------------------------------------------------------------
CARE assigns 'CARE BB+' to the bank facilities of Moon Spinners
Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 26.00 'CARE BB+' Assigned
Rating Rationale
The rating of MSL is constrained by its size of operations and
highly leveraged capital structure coupled with susceptibility to
volatile cotton prices. The rating also factors in the fact that
MSL is a closely held family business and poor power supply
situation in the state of Tamil Nadu. The rating takes into
account the more than two decades of experience of the promoters
in the textile industry, benefit from synergy of operations of
group companies, relatively higher PBILDT margin and demonstrated
support from the group. The ability of the company to sustain
profit margins at the present level in view of volatility in raw
cotton prices and implementation of the present capacity expansion
project without any time or cost overrun are the key rating
sensitivities.
About Moon Spinners
Moon Spinners Limited was established in 1989. The company was
taken over by the Seyadu Group in March 2001 from its erstwhile
promoters. MSL is primarily engaged in manufacture and sale of
cotton yarn with counts ranging from 40s to 60s. As on Feb. 28,
2011 MSL had an installed capacity of 23,520 spindles.
During FY10 the company earned PAT of INR1 crore on total income
of INR33 crore and for the nine months period ended December 2010,
the company reported PBT of INR6 crore on total income of
INR25 crore.
NAVALAKHA TRANSLINES: ICRA Gives INR25cr Loan '[ICRA]BB+' Rating
----------------------------------------------------------------
ICRA has assigned an '[ICRA]BB+' rating with stable outlook to the
INR25.00 crore foreign currency term loan facility of Navalakha
Translines.
The rating draws comfort from NTR's established track record in
transport of chemicals and gases which has resulted in long
standing relationships with large public sector entities and
private companies. The company is able to generate recurring
business from the clients resulting in steady stream of revenues.
The company has also set-up WEGs in various parts in Maharashtra
and Karnataka which are operating at healthy plant load factors
thus making operations of the division profitable. The assigned
rating also takes into consideration healthy financial position of
the company characterized by moderate gearing and steady accruals
from its operations. The ratings are however constrained by NTR's
small scale of operations compared to other players in the
transport industry. With high operating leverage, as fleet is
fully owned by the company, capacity utilization remains critical
to the profitable operations of logistics business. Further
profitability of the company remains vulnerable to unfavorable
movements in fuel prices which is the major component of cost
structure of the company though limited pass through clause is
provided in the contracts. The company avails term loans in
foreign currency which exposes the company to unfavorable
movements in foreign exchange rates. ICRA also notes that the
company has been investing aggressively in setting up WEGs;
however any changes in government policies like termination of
accelerated depreciation policy will curtail benefits availed by
the company.
About Navalakha Translines
NTR is engaged in transport of liquid chemicals and gases. It owns
a fleet of -150 multi axle tankers of different tonnage capacities
varying from 25 MT to 40 MT per tanker. Annual transportation by
the company is in the range of 10,000 to 12,000 MT. The company
primarily operates in western and southern India with branches in
five locations in Maharashtra and Gujarat. Since 2000, NTR has
entered into wind power generation to avail accelerated
depreciation benefits. The company has installed WEGs at different
places in Maharashtra and Karnataka with total installed capacity
of -12 MW. The Navalakha Group is engaged in various activities
like transportation, wind power generation, agriculture activities
like fruits and flowers, gases and chemicals, real estate etc.
Recent Results
NTR has reported an operating profit before depreciation,
interest, amortization and tax (OPBDITA) of INR9.04 crore in FY11
on an operating income of INR24.85 crore as per the provisional
financials.
PRASAD MULTI: CARE Rates INR26.31cr LT Bank Loan at 'CARE BB+'
--------------------------------------------------------------
CARE assigns 'CARE BB+' and PR4 ratings to the bank facilities of
Prasad Multi Services Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 26.31 'CARE BB+' Assigned
Short-term Bank Facilities 3.00 'PR4' Assigned
Rating Rationale
The ratings are primarily constrained by the small scale of
operations of Prasad Multi Services Private Limited (PMS),
fluctuating turnover with consistent decline in profitability in
the last three years and weak liquidity position owing to the high
working capital requirements. Further, the ratings are also
constrained by the low bargaining power of PMS vis-a-vis its major
clients and fragmented nature of the industry. The ratings,
however, favorably take into account the vast experience of the
promoters and established track record of operations. Ability to
improve the liquidity position and the overall financial risk
profile would be the key rating sensitivity.
Incorporated in 1999, Gujarat-based PMS was promoted by the Kavar
family. Prasad group started business in 1996 with Prasad Marine
Services Pvt. Ltd. which is engaged in the marine services. Then
the promoters diversified into infrastructure equipment rentals,
operation and maintenance of equipments, ready mix concrete,
software development and distribution of equipments business
through PMS. There are three directors on the Board of PMS
comprising Mr. Prakash M. Kavar as Chairman & Managing Director,
Mr. Mayur M. Kavar and Mrs Pranjlin P. Kavar as Director. Mr.
Prakash M. Kavar has an industrial experience of around 16 years.
The other directors also have an industrial experience of more
than a decade.
ROHIT'S HERITAGE: CRISIL Assigns 'B' Rating to INR30MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B/Stable' rating to the long-term bank
facilities of Rohit's Heritage Jewellers Pvt Ltd.
Facilities Ratings
---------- -------
INR110 Million Cash Credit B/Stable (Assigned)
INR30 Million Proposed Long-Term B/Stable (Assigned)
Bank Loan Facility
The rating reflects RHJPL's weak financial risk profile, marked by
low net worth, high gearing and weak debt protection metrics,
susceptibility of its operating margin to volatility in gold
prices and foreign exchange (forex) rates, and small scale of the
company's operations in the highly fragmented jewellery industry
along with geographic concentration risk. These weaknesses are
partially offset by the extensive industry experience of RHJPL's
promoters.
Outlook: Stable
CRISIL expects RHJPL's credit risk profile to remain constrained
by its small scale of operations and large working capital
requirements. The outlook may be revised to 'Positive' in case of
substantial improvement in RHJPL's scale of operations, along with
an improvement in profitability leading to improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of any significant pressure on liquidity on account of sharp
increase in the company's working capital requirements or pressure
on its profitability.
About Rohit's Heritage
RHJPL was incorporated in 2001. The company is engaged in the
retail sale of gold and diamond jewellery through its own 2,000
square feet (sq ft) showroom in Ludhiana (Punjab). It is promoted
and currently managed by Mr. Rohit Jain and his wife Mrs. Reema
Jain.
RHJPL reported an estimated profit after tax (PAT) of INR0.9
million on net sales of INR236.2 million for 2010-11 (refers to
financial year, April 1 to March 31), as against a PAT of INR0.3
million on net sales of INR224.3million for 2009-10.
RP STEEL: CRISIL Reaffirms 'B' Rating on INR70MM LT Bank Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of RP Steel Industries
continue to reflect RP Steel's weak financial risk profile, marked
by a small net worth and large working capital requirements, very
small scale of operations, and vulnerability to volatility in
steel prices. These rating weaknesses are partially offset by RP
Steel's proprietor's extensive experience in the steel trading
business.
Facilities Ratings
---------- -------
INR70.0 Million Proposed Long-Term B/Stable (Reaffirmed)
Bank Loan Facility
INR100.0 Million Proposed Short-Term P4 (Reaffirmed)
Bank Loan Facility
Outlook: Stable
CRISIL believes that RP Steel will continue to benefit from its
proprietor's extensive experience in steel trading, but the firm's
operations will remain small. However, RP Steel's sales are
expected to improve over the medium term, supported by bank lines
funding growth in its trading business. The firm's financial risk
profile is expected to remain weak because of its large working
capital requirements and small net worth. The outlook may be
revised to 'Positive' if RP Steel's financial risk profile
strengthens, primarily because of improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of further deterioration in the firm's profitability or
capital structure, or if it undertakes a debt-funded capital
expenditure (capex) programme over the medium term.
Update
RP Steel reported, on provisional basis, an operating income of
about INR928 million for 2010-11 (refers to financial year,
April 1 to March 31); it reported an operating income of about
INR641 million for the previous year. The firm's sales in 2009-10
were in line with CRISIL's expectations. However, operating income
in 2010-11 was higher than expected, primarily on account of
higher business volumes and an uptrend in steel prices. Operating
margin was around 2.0%, as expected. Profit after tax (PAT)
margin, however, was slightly higher than expected. In 2011-12,
the firm's operating income is expected to improve to over INR1
billion, with operating margin at about 2.0%. The firm's working
capital requirements were high on account of higher-than-expected
debtor level. In 2009-10, debtors were mainly funded through
higher creditors and unsecured loans from group entities (mainly
Narain Steel and Company) in 2009-10. Unsecured loans were small
as on March 31, 2011, and bank limit utilization was high at 79%
on an average in 2010-11. As a result of high creditors, the
firm's ratio of total outside liabilities to tangible net worth
was higher than expected at about 6.40 times as on March 31, 2011.
Its capex was in line with the expected level. RP Steel has
withdrawn its bank lines, and is funding working capital
requirements currently with unsecured loans; the firm is likely to
avail of bank lines in about three months hence.
For 2009-10, RP Steel reported a PAT of INR5.9 million on net
sales of INR641.3 million, against INR2.0 million and INR214.2
million, respectively, for the previous year.
About RP Steel
RP Steel was set up in 1984 by Mr. Purushotam Agarwal. However,
till 2007-08, the proprietor of the firm has been Mr. Purushotam's
wife, Mrs. Radha Agarwal. Mr. Agarwal became the proprietor in
2008-09. RP Steel is a group concern managed by the Singla and
Agarwal families of Punjab. RP Steel trades in iron and steel long
products such as rounds, billets, blooms, pig iron, wire rods,
thermo-mechanically treated (TMT) bars/rebars, and imported scrap.
Before 2008-09, the firm was into trading (small-scale) without
maintaining large inventory. The firm's business has grown since
its bank lines were sanctioned in August 2009.
SEYAD COTTON: CARE Assigns 'CARE BB+' Rating to INR22.7cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' to the bank facilities of Seyad Cotton
Mills Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 22.70 'CARE BB+' Assigned
Rating Rationale
The rating of SCM is constrained by its size of operations and
highly leveraged capital structure coupled with susceptibility to
volatile cotton prices. The rating also factors in the fact that
SCM is a closely held family business and poor power supply
situation in the state of Tamil Nadu. The rating takes into
account the more than two decades of experience of the promoters
in the textile industry, benefit from synergy of operations of
group companies, relatively higher PBILDT margin and
demonstrated support from the group. The ability of the company
to sustain profit margins at the present level in view of
volatility in raw cotton prices and poor power supply situation in
the state of Tamil Nadu are the key rating sensitivities.
Seyad Cotton Mills Ltd, established in 1983 as a private limited
company, is part of Tirunelveli (Tamil Nadu) based Seyadu Group.
SCM was subsequently converted to a public limited company
w.e.f. June 17, 1996. SCM is primarily engaged in manufacture and
sale of cotton yarn. As on February 28, 2011, SCM had an installed
capacity of 24,528 spindles. The company also has installed
windmill capacity of 3MW as on February 28, 2011.
During FY10, the company earned PAT of INR2 crore on total income
of INR36 crore and for the nine months period ended December 2010,
the company reported PBT of INR6 crore on total income of
INR40 crore.
SIMANDHAR CONSTRUCTION: CARE Rates INR4cr LT Loan at 'CARE BB+'
---------------------------------------------------------------
CARE assigns 'CARE BB+ and 'CARE A4+' ratings to the bank
facilities of Simandhar Construction.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 4.00 'CARE BB+' Assigned
Long/Short-term Bank Facilities 14.00 'CARE BB+'/'CARE A4+'
Assigned
Rating Rationale
The ratings of Simandhar Construction are constrained by the
relatively small scale of operations and its constitution as a
partnership firm leading to possibility of withdrawal of capital
and restricted financial flexibility, geographically concentrated
operations in the state of Gujarat, low capital base, fragmented
nature of the industry and increasing level of competition in the
industry. The above weaknesses are partially offset by experience
of partners, average financial risk profile marked by good growth
in total income, moderate leverage ratio and coverage indicators,
lower raw material price fluctuation risk on account of presence
of the price escalation clause in majority of the projects on hand
and the Government's focus on urban infrastructure & rural road
network. Increase in the scale of operations, growth in order
book position and diversification into new revenue segments and
geographies, while maintaining profitability margins, would be the
key rating sensitivities.
Simandhar was formed on April 2, 2007 as a partnership firm
involved in the construction and infrastructure related activities
(mainly roads works). The firm has a status of 'AA' class (highest
in the scale of AA to E) contractor from Road & Building
Department (R&B), Government of Gujarat (GoG), for the execution
of road projects indicating eligibility to bid for contracts of
any amount. It has a long standing association with R&B, Gujarat.
SHAKTI AGENCIES: ICRA Assigns 'LBB+' Rating to INR22cr LT Loan
--------------------------------------------------------------
ICRA has assigned an 'LBB+' rating to the INR22.00 crore long-term
fund based bank limits of Shakti Agencies Private Limited. The
outlook on the long-term rating is stable.
The rating factors in SAPL's long standing market presence and
established position as a retailer of jewellery under the reputed
'Tanishq' brand in Bhubaneswar and Cuttack, as well as the
strategic location of the company's showrooms in high foot-fall
areas. However, the rating also takes into account SAPL's
financial profile which, despite healthy growth in revenues and
return on capital employed, is characterized by low operating
profitability, aggressive gearing and subdued coverage indicators.
SAPL's limited operational flexibility, given its dependence on
the franchiser, Titan Industries Limited, the high level of
inventory that is required to be maintained to support SAPL's
business model, thereby exposing its profitability to adverse
movements in gold prices, and the intense competition present in
the jewellery sector that is likely to limit SAPL's business
growth to some extent, also impact the rating. Moreover, the
company is exposed to significant geographical concentration
risks, with both its showrooms being located in Orissa.
Shakti Agencies Private Limited was established in 2000, as a
franchisee of Titan Industries Limited. The company is engaged in
the retail of gold and diamond jewellery under the brand name
'Tanishq'. Both the brand as well as the jewellery designs belong
to the franchiser, i.e. - TIL. SAPL has 2 showrooms at present,
with the first being located in Station Square, Bhubaneswar,
Orissa and the second being located in Cantonment Chowk, Cuttack,
Orissa. A third showroom is expected to be established on Cuttack
Road, Bhubaneswar, Orissa by 2013. Approximately 82-85% of SAPL's
revenues are generated from sale of gold ornaments, and the
balance from sale of diamond studded ornaments.
Recent Results
During 2009-10, SAPL registered an operating income of
INR92.43 crore with a net profit of INR1.53 crore. In 2010-11
(provisional), SAPL recorded a profit before tax of INR4.89 crore
on the back of an operating income of INR124.43 crore.
VASOO BUILDERS: CARE Assigns 'CARE BB' Rating to INR9.68cr LT Loan
------------------------------------------------------------------
CARE assigns 'CARE BB' and 'CARE A4' rating to bank facilities of
Vasoo Builders Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 9.68 CARE BB Assigned
Short-term Bank Facilities 7.00 CARE A4 Assigned
Rating Rationale
The ratings are constrained by VBPL's small size of operations,
continuous decline in revenue in FY10 and FY11, volatile profit
margins, nascent stage of execution of major outstanding order
book with significant exposure to two projects, geographical
concentration risk and intense competition from various players in
the industry. However, the ratings draw strength from experienced
management and significant improvement in order book in FY11.
Going forward, the ability of the company to expand its
geographical presence, ensure steady flow of orders with improved
margins, tie-up of funds for execution of the large order book and
execution of the same in a timely manner will be key rating
sensitivities.
VBPL was incorporated on September 20, 1982 as a Private Limited
Company. VBPL is a closely-held company founded by Mr. BG Muthappa
(Chairman) and is managed by his son, Mr. B.Sagar Muthappa
(Managing Director). Mr. B.Sagar Muthappa, is a civil engineer,
has nearly two decades of experience in the construction industry.
VBPL undertakes civil construction activities for diverse fields
under both commercial and residential space in the state of
Karnataka. As on April 30, 2011, the company had an order book of
about INR111.0 crore, to be executed by FY13.
VILSONS PARTICLE: ICRA Rates INR7cr Bank Facilities at 'LBB-'
-------------------------------------------------------------
ICRA has assigned 'LBB-' rating to INR7.00 crore Fund based
facilities of Vilsons Particle Board Industries Limited. ICRA has
also assigned 'A4' rating to the INR3.00 crore short term non fund
based facilities of VPBL. The outlook assigned to the long term
rating is Stable.
The ratings factor in VPBL's weak financial risk profile
characterized by a highly leveraged capital structure as well as
low coverage indicators. The ratings also incorporate the
vulnerability of margins to pricing of raw material and its
availability, though ICRA notes that availability of bagasse has
so far not been an issue because of its location. The rating,
however favorably factors in the long track record of VPBL's
promoters in particle board business and its spread out customer
base. ICRA also positively takes note of the positive demand
outlook of laminated boards over plywood and the company's
proximity to raw material sources.
About Vilsons Particle
Vilsons Particle Board Industries Limited was incorporated in
1999. The Company is engaged in manufacturing of Plain and
Laminated Particle Boards from Bagasse (Sugarcane Waste) with
installation capacity of around 12 lakh Boards per annum.
Recent Results:
As per the unaudited provisional financials, for the eight months
ended November 2010, VPBL recorded a net profit of INR0.49 crore
on an operating income of INR35.86 crore.
=================
I N D O N E S I A
=================
BANK COMMONWEALTH: Fitch Affirms Individual 'D' Rating
------------------------------------------------------
Fitch Ratings has affirmed PT Bank Commonwealth's ratings at
National Long-term 'AAA(idn)' with Stable Outlook, Individual 'D'
and Support '3'.
The National and Support ratings reflect the strong financial
support from PTBC's parent, the Commonwealth Bank of Australia
(CBA; 'AA'/Stable). Although PTBC's operating profitability has
been weak over the past five years due to rapid business
expansion, this is mitigated by the proven support from CBA.
CBA's propensity to support PTBC is reflected in its 97.4%
ownership and continuous capital injection totalling
IDR1.2 trillion between 2006 and H111. The latter helped lift the
bank's total capital adequacy ratio (CAR) to 14.8% as of June 21,
2011 from 13.4% as of March 2011. PTBC expects to see another
capital injection from CBA in September 2011 to support further
business expansion. Fitch believes that PTBC should be able to
maintain its Tier 1 ratio of at least 12% given CBA's strong
commitment presently not to seek any dividend payment from PTBC.
PTBC shares its parent's name and its operations are aligned with
CBA in most key areas such as risk management, IT systems,
operating procedures and reporting standards.
PTBC's operating performance has remained weak since it embarked
on rapid expansion in 2005. After having successfully built its
deposit franchise, PTBC is now focusing on loan expansion. Core
operating profit (pre-provision operating profit) was consistently
below 2% of its average assets in 2006-2010, and the industry's
average of above 3%. This was mainly due to investment in its
networks including branches, ATMs, IT systems and manpower to
support its growth.
PTBC has traditionally had sizable exposures to the multi-finance
industry. At end-2010, about 58% of its outstanding loan portfolio
was channelled to borrowers through several finance companies.
However, PTBC closely monitors its asset quality and restricts
such exposures to Indonesia's large finance companies with
established track records. Moreover, PTBC's exposures to its top
20 borrowers remained low at 13% of its loan book at end-2010. The
single largest borrower exposure only accounted for 2.2% of the
total loan book or 10% of equity, which was well within the
regulatory limit on a single obligor of 20% of equity. Loan
quality has remained sound with non-performing loans decreasing to
1.28% in Q111 from 1.45% in 2010, although this was also supported
by more benign economic conditions in 2010-Q111.
The loan-to-deposit ratio increased to 67% at end-Q111 from 47% in
2009 as loan growth outpaced deposit growth. PTBC's deposit
structure has shifted from high-cost funds to low-cost funds. Low-
cost funds -- current and saving accounts -- increased
significantly to about 61% of total deposits at end-Q111 (2009:
45%).
Established in 1996, PTBC focuses on retail consumers and
commercial banking.
ENERGI MEGA: S&P Withdraws 'CCC+' Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC+' corporate
credit rating on Indonesia-based oil and gas producer PT Energi
Mega Persada Tbk. at the company's request.
"At the time of the withdrawal, the developing outlook on EMP
reflected our view that the company's rating hinged on the
resolution of existing covenant breaches. We could have raised the
rating if EMP refinanced existing bank loans, adhered to its
operating budgets and capital expenditure, and improved its
financial performance in line with our expectations of the ratio
of adjusted debt to EBITDA of about 6.5x in 2011. We expected a
maximum one-notch improvement in the rating on EMP under this
scenario, considering the company's vulnerable business risk
profile and highly leveraged financial risk profile," S&P related.
"Conversely, we could have downgraded EMP if its liquidity
deteriorated due to refinancing delays and covenant breaches,
leading the company to alter or restructure any of its debt
instruments. We would have considered this a default, based on our
criteria," S&P added.
=========
J A P A N
=========
SIGNUM VANGUARD: S&P Raises Rating on 2006-09 Notes to 'CCC'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on two
tranches relating to two Japanese synthetic collateralized debt
obligation (CDO) transactions, and at the same time removed these
ratings from CreditWatch with positive implications.
"The rating actions are part of our regular monthly review of
synthetic CDOs for which ratings have been placed on CreditWatch
with positive or negative implications. These actions incorporate,
among other things, the effect of rating migration within
reference portfolios," S&P said.
Ratings Raised, Removed From CreditWatch
Signum Vanguard Ltd.
Class A secured fixed rate credit-linked loan 2005-3
To From Issue amount
A- (sf) BBB+ (sf)/Watch Pos JPY4.0 bil.
Series secured floating rate credit-linked 2006-09 notes
To From Issue amount
CCC (sf) CCC- (sf)/Watch Pos JPY2.0 bil.
TOKYO ELECTRIC: Share Price Drop Hits Dai-ichi Life's Earnings
--------------------------------------------------------------
Kyodo News reports that the president of Dai-ichi Life Insurance
Co. pledged Monday to rebuild the firm's earnings as shareholders
questioned him at length over the profit hit it is taking as Tokyo
Electric Power Co.'s top shareholder.
"Our company will strengthen contact points with customers, while
boosting the efficiency relating to our fixed costs," Kyodo quotes
Koichiro Watanabe as saying at the insurer's general shareholders'
meeting at Makuhari Messe convention hall in Chiba Prefecture.
According to Kyodo, the insurer said last month its group net
profit in fiscal 2010 dived 65.6% to JPY19.14 billion as Tepco's
share price plunged over the crisis at its Fukushima No. 1 nuclear
plant and sagging policy sales.
Asked about its shareholdings in Tepco, Kyodo relates that a board
member said, "We will consider how to respond to the issue by
taking into account how far the accident-stricken nuclear plant
was brought under control and the state of Diet deliberations on a
bill to help Tepco pay compensation."
"We will deal with the matter by taking into account (the status
of) the redress bill," the board member said when asked on
additional lending to the troubled utility, according to Kyodo.
The meeting was Dai-ichi Life's second since being converted to a
stock company from a mutual firm in April 2010, Kyodo notes.
About TEPCO
Tokyo Electric Power Company (TEPCO) is the largest electric
power company in Japan and the largest privately owned electric
utility in the world. TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.
Bloomberg News said the utility is battling radiation leaks at the
Fukushima Dai-Ichi power plant north of Tokyo after a March 11
earthquake and tsunami knocked out its cooling systems, causing
the biggest atomic accident in 25 years. More than 50,000
households were forced to evacuate and Bank of America Corp.'s
Merrill Lynch estimates TEPCO may face compensation claims of as
much as JPY11 trillion (US$135 billion).
As reported in the Troubled Company Reporter-Asia Pacific on
June 3, 2011, Standard & Poor's Ratings Services lowered Tokyo
Electric Power Co. Inc.'s (TEPCO) long-term corporate credit
rating to 'B+' from 'BBB' and its short-term corporate credit
rating to 'B' from 'A- 2'. At the same time, the long-term debt
rating on TEPCO was lowered to 'BB+' from 'BBB'. All ratings
remain on CreditWatch with developing implications. "At the same
time, we lowered TEPCO's stand-alone credit profile (SACP) to
'ccc+' from 'bb-', and we lowered the likelihood that it will
receive extraordinary support from the government of Japan (AA-
/Negative/A-1+) to 'high' from 'very high'," S&P said.
"The rating downgrades reflect Standard & Poor's opinion that
uncertainty over the timeliness of any extraordinary government
support for TEPCO under the current political climate has further
exacerbated TEPCO's deteriorating SACP and TEPCO's worsening
financial position increases the likelihood, in our view, that its
lender banks could restructure its borrowings. Under Standard &
Poor's ratings criteria, any waiver of loans or distressed
restructuring, such as a lowering of interest rates on existing
loans, constitutes a form of default and would trigger a lowering
of the corporate credit ratings on TEPCO to 'SD'--Selective
Default," S&P explained.
====================
N E W Z E A L A N D
====================
ALLIED FARMERS: Denies NZ$10 Million Loss Over Failed Fiji Project
------------------------------------------------------------------
Anne Gibson at nzherald.co.nz reports that Allied Farmers has
denied it will lose about $10 million on a loan for a resort
project in Fiji.
According to nzherald.co.nz, Allied Farmers issued a statement
this week denying any $10 million loss from the Fiji project,
saying speculation it might need to write off that amount as a
result of receivership of Vatulele Joint Venture Trustee was
"widely inaccurate and ill- informed."
However, nzherald.co.nz cites, official court documents reveal the
amount borrowed in 2009 was $11.6 million, without accrued
interest.
ANZ Bank (Fiji) appointed receivers and managers to Vatulele Joint
Venture Trustee, guarantor of a loan made by Allied Farmers to the
Waterfront Fund, which was secured behind the ANZ over the
Vatulele Island Resort and associated development land,
nzherald.co.nz cites Allied Farmers as saying this month.
Allied Farmers bought Hanover's loan book in its ill-fated deal
which was backed by Hanover investors, now Allied Farmers
shareholders.
nzherald.co.nz recalls that last August, Judge Tony Abbott of the
Auckland High Court issued a decision finding that by September
2009, Hanover claimed $11.6 million on the Fiji loan. He ruled in
favor of Hanover in the case brought by Waterfront Capital Trustee
I and others.
"This is a dispute over the enforceability of a loan advanced by
Hanover Finance for the purchase and development of a tourist
resort in Fiji. It is before the court on an application to set
aside statutory demands which Hanover has served on the 18
applicant companies, requiring repayment of the loan," Judge
Abbott said, according to nzherald.co.nz. "The Waterfront Fund
made a number of unsuccessful attempts to refinance the loan,
before and after its due date. It remains outstanding."
"Hanover has made demand on WLL and each of the special purpose
companies for the amount due under the loan agreement --
$11,622,812.09 -- as at September 10, 2009," the judge said.
Allied Farmers still has hopes for the Fiji resort, which
continues to trade and advertise, the report adds.
"The board has not yet determined the level of any writedown as it
awaits more information," Allied Farmers said. "However, the
carrying value of the loan is substantially less than $10 million.
The board considers that resort is an excellent and well-run asset
that should receive excellent value in the event the receivers and
managers elect to sell it."
About Allied Farmers
Based in New Zealand, Allied Farmers Limited (NZE:ALF) --
http://www.alliedfarmers.co.nz/-- is engaged in livestock, real
estate, finance, wool brokering and manufacturing (meat and
timber). Rural Services comprise livestock, merchandise and real
estate operations. The Company's Rural Services activities are
carried out in Taranaki, Waikato, King Country and Manawatu. Its
Financial Services activities are carried out by Allied Nationwide
Finance Limited in Auckland, Wellington and Christchurch. Timber
processing comprises the Company's discontinued sawmilling
operations. On June 29, 2007, Allied Nationwide Finance Limited,
Nationwide Finance Limited and Allied Prime Finance Limited were
amalgamated, with Nationwide Finance Limited being the continuing
entity. Nationwide Finance Limited subsequently changed its name
to Allied Nationwide Finance Limited.
As reported in the Troubled Company Reporter-Asia Pacific on
June 13, 2011, BusinessDesk said Allied Farmers Limited has gained
a nine-month reprieve on repaying a NZ$7.5 million loan to the
receivers of its failed Allied Nationwide Finance unit that was
due on July 1. Allied Farmers entered into two loan agreements
with Allied Nationwide last year, converting its existing debt
factoring, credit enhancement and related party loan arrangements.
All of Allied Farmers' assets are secured by a general deed
covering the loans.
AORANGI SECURITIES: A. Hubbard Court Appearance Moved to Aug. 26
----------------------------------------------------------------
The Timaru Herald reports that Aorangi Securities owner Allan
Hubbard's first scheduled appearance in the Timaru District Court
on 50 fraud charges is set to be adjourned until August 26.
The Serious Fraud Office (SFO) on June 20, 2011, laid 50 charges
under Crimes Act against Mr. Hubbard in relation to its
investigation into the affairs of Aorangi Securities Ltd; Hubbard
Management Funds; and ASL directors Allan and Margaret (Jean)
Hubbard.
According to Timaru Herald, Mr. Hubbard's first appearance was
originally set down for Monday but his lawyer, Mike Heron,
confirmed yesterday that with the consent of the SFO, an
application had been made to the court to adjourn the first
appearance for nearly two months to allow for initial disclosure
and witness statements.
The Timaru Herald relates that Russell McVeagh partner Mr. Heron
said he was waiting for the judge to approve the adjournment.
"Both we and the SFO have agreed to adjourn it until August 26,
subject to the court, to allow for a number of things to happen
under the criminal disclosure regime," the report quotes Mr. Heron
as saying. "This includes initial disclosure and a number of
witness statements."
About Aorangi Securities
Aorangi Securities Ltd was incorporated in 1974 and is solely
controlled by the Hubbards.
On June 20, 2010, Aorangi Securities and seven charitable trusts
were placed into statutory management, and Allan and Jean Hubbard
were also placed into statutory management as "associated persons"
of those entities. The seven charitable trusts included in the
statutory management are Te Tua, Otipua, Oxford, Regent, Morgan,
Benmore and Wai-iti. Trevor Thornton and Richard Simpson of Grant
Thornton were appointed as statutory managers.
The Temple Bar Family Trust and Barns Charitable Trust were also
put into statutory management in September 2010 on recommendation
from the Securities Commission. Hubbard Churcher Trust Management
and Forresters Nominees Company were also added to the list of
businesses under management by Trevor Thorton, Richard Simpson and
Graeme McGlinn on September 20, 2010.
The Troubled Company Reporter-Asia Pacific reported on May 12,
2011, that the Hubbards filed judicial review proceedings at the
Timaru High Court challenging the decision to place them into
statutory management and seeking orders that they be removed from
statutory management.
IRONGATE PROPERTY: Debenture Holders to Get Up to 83c Payout
------------------------------------------------------------
BusinessDesk reports that receivers of Irongate Property said the
company's debenture holders may have to write off as much as a
third of their investment.
BusinessDesk relates that Barry Jordan and David Vance of Deloitte
said in their first report that they expect to repay between
67 cents and 83 cents in the dollar to 1,500 debenture holders of
Irongate Property owed $46.1 million.
The firm's assets were valued at about $78 million, leaving a
shortfall of almost $20 million from the $97.9 million of total
debt on Irongate's books, BusinessDesk discloses.
BusinessDesk says the receivers don't expect to pay out any
interest owing on the bonds, nor will any funds be left over for
the Inland Revenue Department or unsecured creditors.
According to the report, the debenture holders waiting for their
funds are lined up behind BNZ, Westpac, the failed Allied
Nationwide Finance and Bluestone Mortgages NZ, Irongate's other
lenders. These creditors were collectively owed $50.7 million at
the time of receivership, and $25 million has been repaid,
satisfying two of the four creditors, the report noted.
"The strategic direction the receivers have adopted is to firstly
secure the available assets, and have now moved to realise these
in an efficient manner," Messrs. Jordan and Vance said in their
report.
As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2011, BusinessDay said that control of Irongate Property's
assets and 11 of its charging subsidiaries has been turned over to
receivers David Vance and Barry Jordan of Deloitte. The pair is
also receivers for St Laurence. Irongate, one of the remaining
units of the St Laurence Group, was effectively placed in
receivership after directors Kevin Podmore and Andrew Walker
approached Irongate's corporate trustee, Perpetual Trust.
Irongate asked its trustee to appoint a receiver because its
manager, St Laurence Funds Management, had been unable to raise
enough capital or sell enough assets to remedy two breaches of
trust deed ratios and couldn't pay money due to bondholders on
May 15.
Formerly called St Laurence Property & Finance, Irongate has
1,545 investors with NZ$45 million worth of bonds.
OVATION NEW ZEALAND: Closes Boning Plant, Confirms 304 Job Losses
-----------------------------------------------------------------
The Dominion Post reports that Ovation New Zealand Ltd has
confirmed the closure of its Waipukurau boning facility and
redundancy of 304 staff.
The 26-year-old plant was the second largest employer in the
Hawke's Bay town, according to The Dominion Post.
The Dominion Post relates that when the company announced its
proposal to shut the plant down earlier this month, Central
Hawke's Bay Mayor Peter Butler described it as "another kick in
the guts for rural New Zealand" and would result in a loss of
$7.5 million to $10 million in wages.
The Dominion Post says the firm's decision came after a period of
consultation with the affected employees and their unions.
According to the report, Ovation NZ Managing Director Willem
Sandberg said redundancy entitlements would be paid to all
affected employees on July 6.
The firm's operation is currently in seasonal shutdown and will
not reopen, The Dominion Post notes.
"It has been an incredibly tough decision, and I'm satisfied that
we have thoroughly examined all options," The Dominion Post quotes
Mr. Sandberg as saying. "We are indebted to employees and their
Unions for their contributions to the process which has confirmed
the location, size and layout of this boning facility have made it
uncompetitive when lamb numbers have declined so dramatically."
Ovation NZ will continue to operate its portion control facility
for retail and catering on the Waipukurau site, together with
storage and logistic activities, the report notes.
Ovation New Zealand Ltd is a processor of added value lamb
products.
SOHO SQUARE: Receivers Close to Selling Soho Site
-------------------------------------------------
Anne Gibson at nzherald.co.nz reports that Soho Square, Ponsonby's
abandoned construction eyesore dubbed Sohole, is close to being
sold.
According to the report, Tim Downes, a receiver at Grant Thornton
NZ, said a board meeting was being held Thursday morning by a
party keen to buy the property.
"It's not technically correct to say it's sold. But as we speak,
it subject to negotiations and getting very close in terms of
finality and I expect by the end of the day we will know, one way
or the other," nzherald.co.nz quotes Mr. Downes as saying.
"There's an agreement on it which has been signed subject to board
approval and there's a board meeting on now."
If that deal fell through, nzherald.co.nz notes, Mr. Downes was
confident other parties would offer to buy it. "There's been a
few other people, potential buyers, it's been a good response. It
will be a good outcome for all and I expect the people of Ponsonby
will be happy," he said.
Bruce Whillians of Ray White Commercial, the agent in charge of
the sales process, said he was also delighted with the outcome and
it capped off an excellent year.
"By tomorrow [July 1], in our first year, we will have done
$145 million, the biggest being the Dilworth industrial portfolio
at Penrose for $34 million," Mr. Whillians said.
BusinessDay.co.nz recalls that the 1.3-hectare site was put on the
market early this year after developer Lane Kells's Soho-
associated companies were put into receivership by first-ranked
creditor Fortress Credit Corp, owed just over NZ$23 million, in
November last year.
=================
S I N G A P O R E
=================
ALLIANZ INSURANCE: Creditors' Proofs of Debt Due July 18
--------------------------------------------------------
Creditors of Allianz Insurance Management Asia Pacific Pte Ltd,
which is in members' voluntary liquidation, are required to file
their proofs of debt by July 18, 2011, to be included in the
company's dividend distribution.
The company's liquidator is:
Aaron Loh Cheng Lee
Ernst & Young Solutions LLP
c/o One Raffles Quay
North Tower, 18th Floor
Singapore 048583
EC-ASIA INTERNATIONAL: Creditors' Proofs of Debt Due July 12
------------------------------------------------------------
Creditors of EC-Asia International Ltd, which is in liquidation,
are required to file their proofs of debt by July 12, 2011, to be
included in the company's dividend distribution.
The company's liquidator is:
Neo Ban Chuan
c/o BC Neo Business Advisory Pte Ltd
151 Chin Swee Road
#14-04 Manhattan House
Singapore 169876
MERLIANZE PTE: Creditors' Proofs of Debt Due July 28
----------------------------------------------------
Creditors of Merlianze Pte Ltd, which is in members' voluntary
liquidation, are required to file their proofs of debt by July 28,
2011, to be included in the company's dividend distribution.
The company's liquidators are:
Chee Yoh Chuang
Abuthahir Abdul Gafoor
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
RHL E-VENTURES: Creditors' Proofs of Debt Due July 25
-----------------------------------------------------
Creditors of RHL E-Ventures Pte Ltd, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 25, 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
SME CREDITASSIST: Creditors' Proofs of Debt Due July 25
-------------------------------------------------------
Creditors of SME Creditassist (Singapore) Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 25, 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
TRUBA JURONG: Creditors' Proofs of Debt Due July 27
---------------------------------------------------
Creditors of Truba Jurong Engineering Private Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 27, 2011, to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Abuthahir Abdul Gafoor
c/o 8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
WEALTH MANAGEMENT: Creditors' Proofs of Debt Due July 25
--------------------------------------------------------
Creditors of Wealth Management & Consulting Pte Ltd, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 25, 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
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ARASOR INTERNATI ARR 19.21 -26.51
ARTURUS CAPITAL AKW 12.27 -0.43
ARTURUS CAPITA-N AKWN 12.27 -0.43
ASTON RESOURCES AZT 469.54 -7.49
AUSTAR UNITED AUN 679.40 -250.96
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.50 -13.46
AUTRON CORP LTD AAT 32.50 -13.46
BCD RESOURCES OP BCO 27.90 -79.33
BCD RESOURCES-PP BCOCC 27.90 -79.33
BECTON PROPERTY BEC 369.83 -26.80
BIRON APPAREL LT BIC 19.71 -2.22
CENTRO PROPERTIE CNP 15,483.4 -349.73
CHEMEQ LTD CMQ 25.19 -24.25
COMPASS HOTEL GR CXH 88.33 -1.08
JAMES HARDIE-CDI JHX 1,971.80 -450.10
JAMES HARDIE NV JHXCC 1,971.80 -450.10
MACQUARIE ATLAS MQA 1,894.75 -230.50
MAVERICK DRILLIN MAD 24.66 -1.30
MISSION NEWENER MBT 20.38 -44.05
NATURAL FUEL LTD NFL 19.38 -121.51
NEXTDC LTD NXT 17.46 -0.14
ORION GOLD NL ORN 11.60 -10.91
POWERLAN LTD PWR 28.30 -3.64
REDBANK ENERGY L AEJ 3,564.36 -383.39
RIVERCITY MOTORW RCY 386.88 -809.14
SCIGEN LTD-CUFS SIE 65.56 -38.80
SHELL VILLAGES A SVC 13.47 -1.66
STIRLING RESOURC SRE 31.19 -0.62
TAKORADI LTD TKG 13.99 -0.41
VERTICON GROUP VGP 10.08 -29.12
VIEW RESOURCES L VRE 12.47 -31.06
YANGHAO INTERNAT YHL 44.32 -54.68
CHINA
BAOCHENG INVESTM 600892 30.32 -4.51
CHENGDE DALU -B 200160 29.42 -3.92
CHENGDU UNION-A 693 34.23 -11.72
CHINA FASHION CFH 10.11 -0.76
CHINA KEJIAN-A 35 95.09 -182.83
CONTEL CORP LTD CTEL 59.31 -46.86
CONTEL CORP-RT CTELR 59.31 -46.86
DONGGUAN FANGD-A 600656 34.84 -41.32
DONGXIN ELECTR-A 600691 15.96 -19.92
GUANGDONG ORIE-A 600988 12.78 -5.53
GUANGDONG SUNR-A 30 111.22 0.00
GUANGDONG SUNR-B 200030 111.22 0.00
GUANGXIA YINCH-A 557 19.01 -42.85
HEBEI BAOSHUO -A 600155 132.22 -401.91
HEBEI JINNIU C-A 600722 246.19 -48.05
HUASU HOLDINGS-A 509 90.78 -4.91
HUNAN ANPLAS CO 156 45.29 -45.53
JILIN PHARMACE-A 545 35.52 -6.20
JINCHENG PAPER-A 820 212.09 -116.17
MUDAN AUTOMOBI-H 8188 29.41 -1.38
QINGDAO YELLOW 600579 219.72 -6.53
SHANG BROAD-A 600608 50.03 -9.23
SHANG HONGSHENG 600817 15.87 -286.48
SHANXI LEAD IN-A 673 23.94 -0.60
SHENZ CHINA BI-A 17 20.97 -266.50
SHENZ CHINA BI-B 200017 20.97 -266.50
SHENZ INTL ENT-A 56 233.81 -22.28
SHENZ INTL ENT-B 200056 233.81 -22.28
SHENZHEN DAWNC-A 863 26.00 -157.48
SHENZHEN KONDA-A 48 116.99 -7.20
SHENZHEN ZERO-A 7 42.69 -5.05
SHIJIAZHUANG D-A 958 227.37 -68.82
SICHUAN DIRECT-A 757 95.94 -166.82
SICHUAN GOLDEN 600678 209.26 -82.69
TAIYUAN TIANLO-A 600234 52.85 -27.82
TIANJIN MARINE 600751 114.38 -61.31
TIANJIN MARINE-B 900938 114.38 -61.31
TOPSUN SCIENCE-A 600771 171.85 -115.05
WUHAN BOILER-B 200770 272.46 -141.76
WUHAN GUOYAO-A 600421 11.05 -27.01
WUHAN LINUO SOLA 600885 107.30 -0.72
XIAMEN OVERSEA-A 600870 225.63 -137.22
YANBIAN SHIXIA-A 600462 204.34 -11.55
YANTAI YUANCHE-A 600766 67.22 -5.72
YUEYANG HENGLI-A 622 38.46 -19.46
YUNNAN MALONG-A 600792 133.04 -61.60
ZHANGJIAJIE TO-A 430 31.65 -3.43
HONG KONG
ASIA TELEMEDIA L 376 16.62 -5.37
BUILDMORE INTL 108 16.19 -50.25
CHINA HEALTHCARE 673 44.13 -4.49
CHINA OCEAN SHIP 651 454.18 -13.94
CHINA PACKAGING 572 18.18 -16.83
CMMB VISION HOLD 471 37.41 -10.99
COSMO INTL 1000 120 83.56 -37.93
DORE HOLDINGS LT 628 25.44 -5.34
EGANAGOLDPFEIL 48 557.89 -132.86
FULBOND HLDGS 1041 117.50 -6.87
GUOJIN RESOURCES 630 18.21 -17.00
MELCOLOT LTD 8198 56.90 -46.99
MITSUMARU EAST K 2358 30.04 -15.37
NGAI LIK INDL 332 22.70 -9.69
PALADIN LTD 495 149.78 -11.62
PCCW LTD 8 6,192.51 -78.22
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 10.01 -41.90
SMART UNION GP 2700 32.14 -40.01
TACK HSIN HLDG 611 27.70 -53.62
TONIC IND HLDGS 978 67.67 -37.85
INDONESIA
ARPENI PRATAMA APOL 666.87 -31.20
ASIA PACIFIC POLY 485.51 -861.80
ERATEX DJAJA ERTX 11.72 -23.99
HANSON INTERNATI MYRX 15.31 -12.34
HANSON INT-PREF MYRXP 15.31 -12.34
JAKARTA KYOEI ST JKSW 32.30 -42.35
MITRA INTERNATIO MIRA 970.13 -256.04
MITRA RAJASA-RTS MIRA-R2 970.13 -256.04
MULIA INDUSTRIND MLIA 504.77 -54.04
PANASIA FILAMENT PAFI 37.96 -15.94
PANCA WIRATAMA PWSI 31.51 -39.11
SMARTFREN TELECO FREN 499.34 -13.31
SURABAYA AGUNG SAIP 248.01 -94.93
TOKO GUNUNG AGUN TKGA 11.65 -0.30
UNITEX TBK UNTX 18.22 -17.81
INDIA
ARTSON ENGR ART 23.87 -0.60
ASHAPURA MINECHE ASMN 191.87 -68.03
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.46 -55.04
BALAJI DISTILLER BLD 66.32 -25.40
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
CAMBRIDGE SOLUTI CAMB 149.58 -56.66
CANTABIL RETAIL CANT 55.23 -8.54
CFL CAPITAL FIN CEATF 15.35 -46.89
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 17.10 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DIGJAM LTD DGJM 99.41 -22.59
DUNCANS INDUS DAI 133.65 -205.38
FIBERWEB INDIA FWB 12.23 -16.21
GANESH BENZOPLST GBP 48.95 -22.44
GEM SPINNERS LTD GEMS 16.44 -1.53
GLOBAL BOARDS GLB 14.98 -7.51
GSL INDIA LTD GSL 29.86 -42.42
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 102.05 -10.24
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 15.20 -3.81
HMT LTD HMT 142.67 -386.80
ICDS ICDS 13.30 -6.17
INTEGRAT FINANCE IFC 49.83 -51.32
JAYKAY ENTERPRIS JEL 13.51 -3.03
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 17.91 -84.78
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 33.31 -30.53
KERALA AYURVEDA KRAP 13.99 -1.18
KIDUJA INDIA KDJ 17.15 -2.28
KINGFISHER AIR KAIR 1,883.62 -661.89
KINGFISHER A-SLB KAIR/S 1,883.62 -661.89
KITPLY INDS LTD KIT 48.42 -24.51
LLOYDS FINANCE LYDF 21.65 -11.39
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MAHA RASHTRA APE MHAC 24.13 -14.27
MILLENNIUM BEER MLB 52.23 -5.22
MILTON PLASTICS MILT 18.65 -52.29
MTZ POLYFILMS LT TBE 31.94 -2.57
NICCO CORP LTD NICC 75.56 -6.49
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 49.04 -4.95
NUCHEM LTD NUC 24.72 -1.60
ORIENT PRESS LTD OP 16.70 -0.09
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PEACOCK INDS LTD PCOK 11.40 -14.40
PIRAMAL LIFE SC PLSL 45.82 -32.69
QUADRANT TELEVEN QDTV 188.57 -116.81
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
REMI METALS GUJA RMM 102.64 -5.29
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 20.62 -75.53
SCOOTERS INDIA SCTR 18.63 -6.88
SEN PET INDIA LT SPEN 12.99 -25.24
SHAH ALLOYS LTD SA 212.81 -9.74
SHALIMAR WIRES SWRI 24.87 -51.77
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 44.50 -2.89
SHREE RAMA MULTI SRMT 64.03 -44.99
SIDDHARTHA TUBES SDT 76.98 -12.45
SOUTHERN PETROCH SPET 1,584.27 -4.80
SQL STAR INTL SQL 11.69 -1.14
STI INDIA LTD STIB 30.87 -10.59
TAMILNADU TELE TNT 12.82 -5.15
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.55 -8.57
TUTICORIN ALKALI TACF 14.15 -11.20
UNIFLEX CABLES UFC 45.05 -0.90
UNIFLEX CABLES UFCZ 45.05 -0.90
UNIMERS INDIA LT HDU 18.08 -5.86
UNITED BREWERIES UB 2,652.00 -242.53
UNIWORTH LTD WW 161.65 -143.41
USHA INDIA LTD USHA 12.06 -54.51
VENTURA TEXTILES VRTL 15.19 -0.99
VENUS SUGAR LTD VS 11.06 -1.08
WIRE AND WIRELES WNW 115.34 -34.49
JAPAN
ARRK CORP 7873 1,221.45 -37.80
C&I HOLDINGS 9609 32.82 -39.23
CROWD GATE CO 2140 11.63 -4.29
KFE JAPAN CO LTD 3061 17.86 -2.27
L CREATE CO LTD 3247 42.34 -9.15
LCA HOLDINGS COR 4798 55.65 -3.28
NIS GROUP CO LTD 8571 477.70 -75.44
PROPERST CO LTD 3236 305.90 -330.20
SHIOMI HOLDINGS 2414 201.19 -33.62
S-POOL INC 2471 18.11 -0.41
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
DAISHIN INFO 20180 740.50 -158.45
KUKDONG CORP 5320 53.07 -1.85
KUMHO INDUS-PFD 2995 5,837.32 -967.28
KUMHO INDUSTRIAL 2990 5,837.32 -967.28
ORICOM INC 10470 82.65 -40.04
SAMT CO LTD 31330 200.83 -152.09
SEOUL MUTL SAVIN 16560 874.79 -34.13
SUNGJEE CONSTRUC 5980 114.91 -83.19
TONG YANG MAGIC 23020 355.15 -25.77
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
BANENG HOLDINGS BANE 50.30 -3.48
HAISAN RESOURCES HRB 64.66 -0.15
HO HUP CONSTR CO HO 67.48 -8.90
JPK HOLDINGS BHD JPK 20.34 -0.50
LUSTER INDUSTRIE LSTI 22.93 -3.18
MITHRIL BHD MITH 29.69 -0.27
NGIU KEE CO-BHD NKC 14.81 -12.42
TRACOMA HOLDINGS TRAH 57.09 -24.60
VTI VINTAGE BHD VTI 15.71 -1.28
PHILIPPINES
CYBER BAY CORP CYBR 14.16 -92.96
EAST ASIA POWER PWR 31.58 -185.31
FIL ESTATE CORP FC 40.29 -14.05
FILSYN CORP A FYN 23.37 -11.33
FILSYN CORP. B FYNB 23.37 -11.33
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 20.43 -15.89
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 18.93 -11.69
ADVANCE SCT LTD ASCT 25.29 -10.05
HL GLOBAL ENTERP HLGE 93.13 -13.57
JAPAN LAND LTD JAL 203.24 -14.68
LINDETEVES-JACOB LJ 20.64 -6.07
NEW LAKESIDE NLH 19.34 -5.25
SUNMOON FOOD COM SMOON 17.25 -15.34
TT INTERNATIONAL TTI 266.39 -59.41
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 97.98 -81.80
BANGKOK RUBBER-F BRC/F 97.98 -81.80
BANGKOK RUB-NVDR BRC-R 97.98 -81.80
CALIFORNIA W-NVD CAWOW-R 36.95 -7.36
CALIFORNIA WO-FO CAWOW/F 36.95 -7.36
CALIFORNIA WOW X CAWOW 36.95 -7.36
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 37.14 -110.85
ITV PCL-FOREIGN ITV/F 37.14 -110.85
ITV PCL-NVDR ITV-R 37.14 -110.85
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP/F 24.61 -10.99
PONGSAAP PCL PSAAP 24.61 -10.99
PONGSAAP PCL-NVD PSAAP-R 24.61 -10.99
SAHAMITR PRESS-F SMPC/F 21.99 -4.01
SAHAMITR PRESSUR SMPC 21.99 -4.01
SAHAMITR PR-NVDR SMPC-R 21.99 -4.01
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
THAI-GERMAN PR-F TGPRO/F 55.31 -8.54
THAI-GERMAN PRO TGPRO 55.31 -8.54
THAI-GERMAN-NVDR TGPRO-R 55.31 -8.54
TRANG SEAFOOD TRS 13.90 -3.59
TRANG SEAFOOD-F TRS/F 13.90 -3.59
TRANG SFD-NVDR TRS-R 13.90 -3.59
TT&T PCL TTNT 656.18 -194.61
TT&T PCL-NVDR TTNT-R 656.18 -194.61
TT&T PUBLIC CO-F TTNT/F 656.18 -194.61
TAIWAN
CHIEN TAI CEMENT 1107 214.12 -49.02
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
VERTEX PREC-ENTL 5318T 42.24 -5.08
VERTEX PRECISION 5318 42.24 -5.08
*********
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, 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 ***