/raid1/www/Hosts/bankrupt/TCRAP_Public/110712.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, July 12, 2011, Vol. 14, No. 136
Headlines
A U S T R A L I A
BETTINA LIANO: Falls Into Administration, Seeks Buyer
CONNXION LIMITED: Holding Firm & Unit Goes Into Administration
LILLIPUT EARLY: Goes Into Liquidation
TANDERRA WOMEN'S: Administrator Hopes Can Continue Operating
C H I N A
RREEF CHINA: Former Owner Lawsuit May Delay Trust's Liquidation
H O N G K O N G
ADWIN INDUSTRIES: Man and Arab Step Down as Liquidators
CHAMP RICH: Hui Sze Wai Appointed as Liquidator
CONCRETE MASONRY: Chiu and Har Appointed as Liquidators
ECO-OP LIMITED: Chan Chak Ming Steps Down as Liquidator
FARGO PROPERTIES: Seng and Lo Step Down as Liquidators
FINDISNET LIMITED: Lees and Mat Step Down as Liquidators
FRUITFUL LAND: Creditors' Proofs of Debt Due July 29
GLOBAL FINANCIAL: Lees and Ng Step Down as Liquidators
HYATT (HK): Cheung Hok Hin Alan Appointed as Liquidator
INDIAN RESOURCES: Eliza Suk Ying Wu Appointed as Liquidator
INTER OPEN: Creditors' Proofs of Debt Due August 12
KUMAGAI LAND: Creditors' Proofs of Debt Due August 8
L1216 LYNDHURST: Leung Shiu Tong Appointed as Liquidator
MEI WAI: Placed Under Voluntary Wind-Up Proceedings
NOBLE ART: Cheung Hok Hin Alan Appointed as Liquidator
QANTEX LIMITED: Yeung Tak Chun Steps Down as Liquidator
QVS INDUSTRIAL: Members' Final Meeting Set for August 12
TWDC-AP LIMITED: Seng and Lo Step Down as Liquidators
UPLINK CHINA: Francis Young Appointed as Liquidator
VICTORY KNITTING: Man and Arab Step Down as Liquidators
I N D I A
AJAY TRADING: Fitch Rates INR40MM Fund-Based Limits at 'B+(ind)'
AMBICA TIMBERTRADE: CRISIL Rates INR12.5-Mil. Cash Credit at 'B'
ARMAN FINANCIAL: CRISIL Reaffirms 'BB' Rating on INR100MM LT Loan
BHOLASONS JEWELLERS: CRISIL Assigns 'BB' Rating to INR80MM Debt
ESSEL MARKETING: CRISIL Assigns 'BB-' Rating to INR55MM LT Loan
EXCEL OVERSEAS: CRISIL Upgrades Rating on INR405MM Credit to 'P4+'
GNA DURAPARTS: CRISIL Assigns 'BB+' Rating to INR435MM Term Loan
IDEAL DETONATORS: CRISIL Puts 'BB-' Rating on INR50MM Cash Credit
INDIAN WOOD: CRISIL Reaffirms 'BB' Rating on INR89.5MM Cash Credit
J S AUTO: CRISIL Assigns 'BB' Rating to INR13.9MM Rupee Term Loan
JAI MAA: CRISIL Assigns 'B+' Rating to INR50 Million Term Loan
LIPPI SYSTEMS: CARE Assigns 'CARE BB+' Rating to INR7.57cr LT Loan
RABIN SINGHA: CRISIL Reaffirms 'BB-' Rating on INR5-Mil. LT Loan
ROHIT EXTRACTIONS: CRISIL Reaffirms 'BB-' Rating on INR100M Credit
S.R.G. HOUSING: CRISIL Assigns 'B+' Rating to INR75MM LT Loan
SENTHUR SPINNERS: CARE Assigns 'CARE BB-' Rating to INR8.51cr Loan
SHARDA TIMBERS: CRISIL Assigns 'B' Rating to INR15MM Cash Credit
SHREE PRAKASH: CRISIL Reaffirms 'BB+' Rating on INR75MM Cash Limit
SRI BALAJI: CRISIL Assigns 'BB' Rating to INR35MM Long-Term Loan
SONAA ENGINEERS: CARE ASSIGNS 'CARE BB+' Rating to INR1cr LT Loan
STELLAR PARKS: CARE Assigns 'CARE B' Rating to INR27.55cr LT Loan
SUPERFINE SYNTEX: CRISIL Reaffirms 'BB' Rating on INR43.3MM Loan
VDB PROJECTS: CRISIL Puts 'BB' Rating on INR600MM Bank Facility
J A P A N
TAKEFUJI CORP: Borrowers Submit Debt-Repayment Plan
TOKYO ELECTRIC: Banks Won't Consider Debt Waiver for Firm
N E W Z E A L A N D
EQUITY PARTNERS: Pyne Gould Buys EPIC's NZ$14 Million Loan
PAUANUI PROPERTIES: Goes Into Receivership, Owner Owes NZ$58++ MM
UNITED SERVICES: Dunedin High Court Approves Wind up Request
P H I L I P P I N E S
EXPRESS SAVINGS: BSP Closes Bank; PDIC Takes Over
S I N G A P O R E
BOFA PTE: Creditors' Proofs of Debt Due August 9
JS ENGINEERING: Court Enters Wind-Up Order
KAMEWA SINGAPORE: Creditors' Proofs of Debt Due August 8
MUTUAL DEVELOPMENT: Court Enters Wind-Up Order
PRINCESET INTERNATIONAL: Creditors' Proofs of Debt Due July 15
PROCTER & GAMBLE: Creditors' Proofs of Debt Due August 8
S.G. GLOBAL: Court Enters Wind-Up Order
SIN SENG: Creditors Get 3.347% Recovery on Claims
SLG IMPEX: Creditors Get 100% Recovery on Claims
SUNLITE ENTERPRISE: Court to Hear Wind-Up Petition July 22
T A I W A N
* TAIWAN: ProMOS Woes No Impact on DRAM Industry, MOEA Says
X X X X X X X X
* BOND PRICING: For the Week July 4 to July 8, 2011
- - - - -
=================
A U S T R A L I A
=================
BETTINA LIANO: Falls Into Administration, Seeks Buyer
-----------------------------------------------------
SmartCompany reports that Bettina Liano goes into administration
in another blow to the fragile Australian retail sector that is
being buffeted by rising cotton prices and labour costs.
The company declined to comment, referring questions to
administrator Ferrier Hodgson, according to SmartCompany.
In a letter to creditors administrator John Lindholm said the
administrator at this stage intends to keep the company trading,
SmartCompany notes. In a letter to Bettina Liano's 90 employees,
Mr. Lindholm said he is assessing the company's financial position
and working on a report on the financial position at the request
of the company's director, the report adds.
For the moment, Mr. Lindholm said, the administrator's task is to
take control of the company's assets, keep the business operating
as usual, to advertise the business for sale, and to sell the
business as a going concern if possible, SmatCompany relays.
A creditors' meeting will be held on July 20, with creditors
including ANZ Banking Group.
Bettina Liano is a high profile Melbourne jeans label that has
been in business for 28 years with products distributed throughout
Australia, New Zealand, Indonesia and Malaysisa via more than 120
stockists. It also has seven stores across Australia.
CONNXION LIMITED: Holding Firm & Unit Goes Into Administration
--------------------------------------------------------------
Julia Talevski at ARN News reports that ASX-listed company,
Connxion Limited, along with its subsidiary Data 1, formerly known
as Connxion Data, has gone into administration.
Bradley Tonks and John Vouris of Lawler Partners has been
appointed as joint and several administrators on June 30,
according to ARN News. The appointment does not affect operations
of any subsidiary of the company such as Hong Kong, ARN News
relays.
The first creditors meeting will be held on July 12.
ARN News notes that Mr. Vouris said he was confident a Deed of
Company Arrangement will be put in place, but it will depend on
what transpires.
Before the appointment of administrators to the business, the
company sold its e-Billing business, which was part of Connxion
Data, to Speedscan, ARN News cites. Financial details of the
transaction were not disclosed, the report adds.
Mr. Vouris, ARN News relates, said he was reviewing the sale
procedure to determine the sale and is currently looking into
whether it was sold at a valuable consideration. Mr. Vouris
stated he hopes to get a list of note holders, which are owed
about $2.2 million, ARN News discloses.
Share capital was in the order of about AU$38 million, Mr. Vouris
added, according to the report.
According to the creditor's report, Connxion Limited owes
creditors more than AU$1.4 million, ARN News notes. One of its
biggest known creditors is IBM, which is owed NZ$1.03 million,
followed by Cisco Systems Capital, which is owed NZ$127,254, ARN
News relates.
ARN News notes that Data 1 owes more than AU$12 million to
creditors, including AU$11.5 million to holding company Connxion
Limited. Other creditors include:
-- Marcham Consulting owed NZ$130,000;
-- 3D Networks owed NZ$78,977; and
-- Newell Technologies owed NZ$59,360.
In June, the company requested a trading halt stating it was in
discussions with third parties in relation to its business and
assets, ARN News says.
In March, Connxion placed its managed services unit into
administration, the report adds.
LILLIPUT EARLY: Goes Into Liquidation
-------------------------------------
Barrier Daily Truth reports that the struggling Lilliput Early
Learning Centre was handed over to the liquidators on Wednesday
following months of uncertainty about its future.
Barrier Daily Truth relates that the children were still under
care when the centre's remaining three employees were told that
the centre had been handed over to Brisbane-based liquidating firm
Insolvency and Turnaround Solutions.
The closure comes just weeks after owner Kerry Moreton had to
dismiss one employee and stop providing care to infants under two
years of age when the State Government reduced the child to care
ratio to 1:4 earlier this year, according to Barrier Daily Truth.
Based in Broken Hill, New South Wales, Lilliput Early Learning
Centre offered child care services.
TANDERRA WOMEN'S: Administrator Hopes Can Continue Operating
------------------------------------------------------------
ABC News reports that Tanderra Women's and Children's
administrator, Daniel Quinn of SV Partners, is hopeful creditors
will be paid and there will be money for the centre to continue
operating.
The State Government funded's refuge at Woodrising closed a few
months ago and was placed into administration just over a week
ago, according to ABC News. The Department of Community Services
has found a new operator for the centre.
Mr. Quinn said the centre has debts of up to AUD50,000 and the
first creditors meeting will be held in Newcastle on July 11, ABC
News notes.
"We do have funding in the bank account which again has come from
the money that's been given from the DOCS to enable the facility
to be run. We want to try and get as much money back to DOCS so
they can then pass that on to the new auspice people. But again
we do have to run it as a normal administration, find any claims
that might be out there and also deal with employee claims," ABC
News quoted Mr. Quinn as saying.
=========
C H I N A
=========
RREEF CHINA: Former Owner Lawsuit May Delay Trust's Liquidation
---------------------------------------------------------------
Bloomberg News reports that RREEF China Commercial Trust said its
planned liquidation and delisting may be delayed after a former
building owner sued, accusing the trust manager and its parent
Deutsche Bank AG of intimidation and deceit.
Tin Lik, who sold the Gateway Plaza in Beijing to the trust,
accused investment bankers at Deutsche Bank of devising a scheme
to inflate rents and said they later "coerced" him into paying
HK$279 million (US$36 million) to cover the shortfall, according
to a complaint filed in a Hong Kong High Court on July 5. Tin is
seeking to recover the money, Bloomberg says.
Bloomberg relates that the former owner also claimed in court
documents that Deutsche Bank and Deutsche Management
representatives lied to "entrap" Tin into taking responsibility
for the scheme, in order to protect themselves from regulatory
investigations.
In an RREEF filing to the Hong Kong stock exchange on Thursday,
Bloomberg notes, Deutsche Bank, RREEF CCT and the trustee, HSBC
Holdings Plc, which was also named as a defendant, denied any
wrongdoing.
According to Bloomberg, RREEF China REIT Management Ltd. said it
had discovered in 2007 a discrepancy between rents set out in
leases and the amount of money actually received by the trust.
"An independent investigation clearly established that a complex
fraud was perpetrated against RREEF CCT and in September 2007 Tin
Lik willingly paid HK$278,526,708 in compensation for that fraud,"
Bloomberg cited Michael West, a Deutsche Bank spokesman in an
e-mail Thursday. "No action has been taken by Tin Lik in respect
of this payment in the intervening four years."
RREEF, Bloomberg recalls, said in February 2010 that it would sell
Gateway Plaza, its only material asset, for HK$1.9 billion plus
HK$181.1 million owed by the project and bank debt. It also said
it would terminate the trust and delist. RREEF said the lawsuit
may delay that plan and result in additional costs, Bloomberg
relates.
The defendants are formulating their formal response to the
claims, RREEF said.
RREEF China Commercial Trust (RREEF CCT) is a real estate
investment trust. The Company, along with its subsidiaries, are
engaged in property investment. RREEF CCT provides investors with
exposure to the Chinese real estate market. Its subsidiaries
include Beijing Gateway Plaza (BVI) Limited, HK Gateway Plaza
Company Limited and Gateway Plaza Operations (Beijing) Limited).
RREEF China REIT Management Limited is the manager and HSBC
Institutional Trust Services (Asia) Limited is trustee of the
Company.
================
H O N G K O N G
================
ADWIN INDUSTRIES: Man and Arab Step Down as Liquidators
-------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Adwin Industries Limited on June 23, 2011.
CHAMP RICH: Hui Sze Wai Appointed as Liquidator
-----------------------------------------------
Hui Sze Wai on June 28, 2011, was appointed as liquidator of Champ
Rich Asia Pacific Limited.
The liquidator may be reached at:
Hui Sze Wai
Room 1102, Hang Seng Mongkok Building
677 Nathan Road
Mongkok, Kowloon
CONCRETE MASONRY: Chiu and Har Appointed as Liquidators
-------------------------------------------------------
Ying Hing Chiu and Chan Mi Har on July 4, 2011, were appointed as
liquidators of The Concrete Masonry Producers Association of Hong
Kong Limited.
The liquidators may be reached at:
Ying Hing Chiu
Chan Mi Har
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
ECO-OP LIMITED: Chan Chak Ming Steps Down as Liquidator
-------------------------------------------------------
Chan Chak Ming stepped down as liquidator of Eco-op Limited on
June 28, 2011.
FARGO PROPERTIES: Seng and Lo Step Down as Liquidators
------------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
Fargo Properties Limited on June 25, 2011.
FINDISNET LIMITED: Lees and Mat Step Down as Liquidators
--------------------------------------------------------
John Robert Lees and Mat Ng stepped down as liquidators of
Findisnet Limited on June 28, 2011.
FRUITFUL LAND: Creditors' Proofs of Debt Due July 29
----------------------------------------------------
Creditors of Fruitful Land Real Estate Agency Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by July 29, 2011, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on June 24, 2011.
The company's liquidator is:
Yung Chan Lung Allen
Room 1501, Double Building
22 Stanley Street
Central, Hong Kong
GLOBAL FINANCIAL: Lees and Ng Step Down as Liquidators
------------------------------------------------------
John Robert Lees and Mat Ng stepped down as liquidators of Global
Financial Systems Limited on June 28, 2011.
HYATT (HK): Cheung Hok Hin Alan Appointed as Liquidator
-------------------------------------------------------
Cheung Hok Hin Alan on July 4, 2011, was appointed as liquidator
of Hyatt (HK) Limited.
The liquidator may be reached at:
Cheung Hok Hin Alan
Suite 2302, 23rd Floor
Seaview Commercial Building
21 Connaught Road West
Sheung Wan, Hong Kong
INDIAN RESOURCES: Eliza Suk Ying Wu Appointed as Liquidator
-----------------------------------------------------------
Eliza Suk Ying Wu on June 29, 2011, was appointed as liquidator of
Indian Resources Group Limited.
The liquidator may be reached at:
Eliza Suk Ying Wu
6th Floor, St. John's Building
33 Garden Road
Central, Hong Kong
INTER OPEN: Creditors' Proofs of Debt Due August 12
---------------------------------------------------
Creditors of Inter Open International Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 12, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
Chan Sek Kwan Rays
Unit F, 12/F
Seabright Plaza
9-23 Shell Street
North Point, Hong Kong
KUMAGAI LAND: Creditors' Proofs of Debt Due August 8
----------------------------------------------------
Creditors of Kumagai Land Development Company Limited, which is in
members' voluntary liquidation, are required to file their proofs
of debt by Aug. 8, 2011, to be included in the company's dividend
distribution.
The company's liquidators are:
Thomas Andrew Corkhill
Iain Ferguson Bruce
8th Floor, Gloucester Tower
The Landmark
15 Queen's Road
Central, Hong Kong
L1216 LYNDHURST: Leung Shiu Tong Appointed as Liquidator
--------------------------------------------------------
Leung Shiu Tong on June 29, 2011, was appointed as liquidator of
L1216 Lyndhurst Terrace Limited.
The liquidator may be reached at:
Leung Shiu Tong
16th Floor, Jonsim Place
228 Queen's Road East
Wanchai, Hong Kong
MEI WAI: Placed Under Voluntary Wind-Up Proceedings
---------------------------------------------------
At an extraordinary general meeting held on July 2, 2011,
creditors of Mei Wai Mansion Landlords Association Limited
resolved to voluntarily wind up the company's operations.
The company's liquidator is:
Chiu Pui Fong
Room 1701-2, 17/F
ING Tower, 308 Des Voeux Road
Central, Hong Kong
NOBLE ART: Cheung Hok Hin Alan Appointed as Liquidator
------------------------------------------------------
Cheung Hok Hin Alan on July 4, 2011, was appointed as liquidator
of Noble Art Limited.
The liquidator may be reached at:
Cheung Hok Hin Alan
Suite 2302, 23rd Floor
Seaview Commercial Building
21 Connaught Road West
Sheung Wan, Hong Kong
QANTEX LIMITED: Yeung Tak Chun Steps Down as Liquidator
-------------------------------------------------------
Yeung Tak Chun stepped down as liquidator of Qantex Limited on
June 27, 2011.
QVS INDUSTRIAL: Members' Final Meeting Set for August 12
--------------------------------------------------------
Members of QVS Industrial Company Limited will hold their final
general meeting on Aug. 12, 2011, at 3:00 p.m., at Room 204, Kwong
Kin Trade Centre, 5 Kin Fat Street, Tuen Mun, in New Territories.
At the meeting, Cheung Yuet Ling, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
TWDC-AP LIMITED: Seng and Lo Step Down as Liquidators
-----------------------------------------------------
Natalia K M Seng and Susan Y H Lo stepped down as liquidators of
TWDC-AP Limited on June 1, 2011.
UPLINK CHINA: Francis Young Appointed as Liquidator
---------------------------------------------------
Francis Young on July 1, 2011, was appointed as liquidator of
Uplink China Limited.
The liquidator may be reached at:
Francis Young
20th Floor, Tung Wai Commercial Building
109-111 Gloucester Road
Wanchai, Hong Kong
VICTORY KNITTING: Man and Arab Step Down as Liquidators
-------------------------------------------------------
Wong Tak Man Stephen and Osman Mohammed Arab stepped down as
liquidators of Victory Knitting Factory Limited on June 23, 2011.
=========
I N D I A
=========
AJAY TRADING: Fitch Rates INR40MM Fund-Based Limits at 'B+(ind)'
----------------------------------------------------------------
Fitch Ratings has assigned India's Ajay Trading Company a National
Long-Term rating of 'B+(ind)' with Stable Outlook. The agency has
also assigned these ratings to ATC's bank loans:
-- INR40 million fund-based limits: 'B+(ind)'; and
-- INR100 million non-fund based limits: 'F4(ind)'.
The ratings reflect the trading nature of ATC's business, its
small scale of operations and its unlimited liability of its
partners. The ratings remain constrained by the company's low and
fluctuating EBITDA margin (financial year ended March 31, 2010
(FY10): 1.92%, FY11 (provisional): 1.80%) and its significant
exposure to volatility in coal prices. The ratings, however,
benefit from the long experience of ATC's partners in coal trading
and its comfortable financial leverage (net debt/EBITDA) of below
4.5x in the last four years.
A negative rating action may result if ATC's EBITDA interest
coverage falls below 1.5x. Conversely, the ratings may be upgraded
if ATC is converted into a limited company and its EBITDA interest
coverage is sustained above 3.0x.
Kolkata-based, ATC was founded in 1973 as a partnership firm. It
is engaged in the trading of non-coking coal in addition to acting
as a coal commission agent. In FY10, ATC reported net revenues of
INR537.1 million (FY09: INR249 million), operating EBIDTA of
INR10.3 million (FY09: INR8.2 million) and net income of
INR9.1 million (FY09: INR7.5 million).
AMBICA TIMBERTRADE: CRISIL Rates INR12.5-Mil. Cash Credit at 'B'
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Ambica Timbertrade Pvt Ltd, part of the Sharda
group.
Facilities Ratings
---------- -------
INR12.5 Million Cash Credit B/Stable (Assigned)
INR100 Million Letter of Credit P4 (Assigned)
The ratings reflect the Sharda group's weak financial risk
profile, marked by weak debt protection metrics, its large working
capital requirements, and susceptibility to fluctuations in
foreign exchange (forex) rates. These weaknesses are partially
offset by the extensive experience of the Sharda group's promoters
in the timber processing industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profile of Sharda Timbers and ATPL, together
referred to as the Sharda group. This is because the two entities
have significant business linkages, common promoters, and are in
the same line of business.
Outlook: Stable
CRISIL believes that the Sharda group will maintain its business
risk profile over the medium term, backed by the extensive
industry experience of its promoters and diverse customer base.
Its financial risk profile will, however, remain weak over the
medium term, due to large working capital requirements. The
outlook may be revised to 'Positive' in case of improvement in its
financial risk profile, backed by equity infusion and sustained
improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' if the group's capital structure
weakens, due to withdrawal of capital by partners or larger-than-
expected working capital requirements, or if its profitability
declines due to forex price movements.
About the Group
Set up in 1995 by Mr. Raj Kumar Bansal, ST is a proprietary
concern based in New Delhi. It processes and trades in imported
timber. Incorporated in 2011, ATPL took over the existing business
of Ambica Timbers, a proprietary concern set up by Mr. Ishwar
Chand Bansal, Mr. Raj Kumar Bansal's brother. It is in the same
business as ST. The group also trades in resin which contributes
around 10% to the turnover.
ATPL is estimated to report a Profit After Tax (PAT) of INR1.15
million on net sales INR409.96 million for 2010-11 (refers to the
financial year April 1 to March 31) as against PAT of INR0.48
million on net sales of INR348.16 million for 2009-10.
ARMAN FINANCIAL: CRISIL Reaffirms 'BB' Rating on INR100MM LT Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arman
Financial Services Ltd continues to reflect Arman's moderate asset
quality. This rating strength is partially offset by Arman's
modest scale of operations and constrained operating and funding
environment for microfinance institutions in India.
Facilities Ratings
---------- -------
INR100 Million Long-Term Bank Facility BB/Stable (Reaffirmed)
INR110 Million Cash Credit Facility BB/Stable (Reaffirmed)
INR140 Million Proposed Long-Term Bank BB/Stable (Reaffirmed)
Loan Facility
Outlook: Stable
CRISIL believes that Arman's asset quality will remain moderate
over the medium term, supported by its conservative lending policy
and effective recovery mechanism. The outlook may be revised to
'Positive' if Arman's market position and earnings profile
improves significantly, without significant deterioration in its
asset quality. Conversely, the outlook may be revised to
'Negative' if there is significant deterioration in the company's
asset quality and profitability, leading to stress on its
capitalization, or in case it diversifies into unrelated
businesses.
About Arman Financial
Arman was incorporated as a private limited company, Arman Lease &
Finance Pvt Ltd, in November 1992, with its registered office in
Ahmedabad (Gujarat). In December 1993, ALFPL was reconstituted as
a public limited company under the name of Arman Lease and Finance
Ltd, and in August 1995 it came out with its public issue; the
company's name was changed to the current one in 2008. AFSL is a
deposit-taking non-banking financial company, but does not
mobilise public deposits. Arman's promoters are Mr. Jayendra Patel
and family (owns 30.4% of Arman's equity shares) and Mr. Amit
Manakiwala and family (5.2%). Arman offers finance for purchase of
two-wheelers and three-wheelers, and personal loans (micro loans)
and microfinance services.
For 2010-11 (refers to financial year, April 1 to March 31), Arman
reported a profit after tax (PAT) of INR18.1 million on a total
income of INR114.2 million, against a PAT of INR7.9 million on a
total income of INR56.1 million for the previous year.
BHOLASONS JEWELLERS: CRISIL Assigns 'BB' Rating to INR80MM Debt
---------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Bholasons Jewellers.
Facilities Ratings
---------- -------
INR80 Million Cash Credit BB/Stable (Assigned)
INR60 Million Letter of credit P4+ (Assigned)
& Bank Guarantee
The ratings reflect Bholasons' small scale of operations in the
intensely competitive jewellery retail industry, geographically
concentrated revenue profile, working-capital-intensive-
operations, and vulnerability to volatility in gold prices and in
foreign exchange rates. The ratings also factor in Bholasons'
below-average financial risk profile, marked by a small net worth,
a moderate gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the benefits that Bholasons
derives from its partners' extensive experience in the jewellery
retail business and its established brand name in a localised
market.
Outlook: Stable
CRISIL believes that Bholasons will continue to benefit over the
medium term from its promoters' extensive experience and its
established brand name in jewellery retail. The outlook may be
revised to 'Positive' if the firm substantially improves its scale
of operations and profitability, leading to higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of any large, incremental working capital
requirements leading to further deterioration in capital structure
or pressure on profitability.
About Bholasons Jewellers
Bholasons, set up in 1982, retails gold and diamond jewellery
under its brand name, Bholasons. It derives around 60% of its
sales from gold jewellery, and the rest from sale of diamond-
studded jewellery. The firm owns a 3700-square-foot showroom in
Delhi. Bholasons is promoted by Mr. Subhash Bhola and his wife,
Ms. Darshan Bhola.
Bholasons's profit after tax (PAT) is estimated at INR5.8 million
on net sales of INR213.5 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR5.0 million on net
sales of INR182.7 million for 2009-10.
ESSEL MARKETING: CRISIL Assigns 'BB-' Rating to INR55MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' rating to the bank
facilities of Essel Marketing & Promotions Pvt Ltd.
Facilities Ratings
---------- -------
INR30 Million Cash Credit BB-/Stable (Assigned)
INR55 Million Proposed Long-Term BB-/Stable (Assigned)
Bank Loan Facility
INR5 Million Bank Guarantee P4+ (Assigned)
The rating reflects EMPL's modest scale of operations and
susceptibility of its operating performance to offtake by its key
clients coupled with subdued financial risk profile, marked by
small net worth. These rating weaknesses are partially offset by
the extensive industry experience of EMPL's promoters and their
strong customer relationships.
Outlook: Stable
CRISIL believes that EMPL will continue to benefit from the
extensive industry experience of its promoters and strong customer
relations, over the medium term. The outlook may be revised to
'Positive' in case of higher-than-expected offtake for EMPL's
products, leading to improved operating revenues and
profitability, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of significant decline in its net cash accruals
due to lower revenues, or decline in margins, or a heavy dividend
payout, resulting in weakening of EMPL's debt protection metrics.
About Essel Marketing
EMPL, incorporated in 2006 by Mr. Rohit Lamba, a first generation
entrepreneur, supplies an assorted range of promotional and allied
products required in promotional campaigns of companies in the
fast moving consumer goods (FMCG) and pharmaceutical industries.
Eminent clients of EMPL include FMCG companies such as Cadbury
India Ltd (rated 'AAA/Stable/P1+' by CRISIL), Britannia Industries
Ltd (rated 'AAA/Stable/P1+' by CRISIL), and Hindustan Unilever Ltd
(rated 'AAA/Stable/P1+' by CRISIL), and pharmaceutical companies
such as Lupin Ltd. The day-to-day operations are managed by Mr.
Lamba along with a team of professionals.
EMPL reported a profit after tax (PAT) of INR7.6 million on net
sales of INR191.7 million for 2010-11 (provisional figures, refers
to financial year, April 1 to March 31), as against a PAT of
INR2.3 million on net sales of INR85.9 million for 2009-10.
EXCEL OVERSEAS: CRISIL Upgrades Rating on INR405MM Credit to 'P4+'
------------------------------------------------------------------
CRISIL has upgraded its rating on the post-shipment credit
facility of Excel Overseas Pvt Ltd to 'P4+' from 'P4', and has
assigned its 'P4+' rating to Excel's packing credit facility.
Facilities Ratings
---------- -------
INR405.0 Million Post-Shipment Credit P4+ (Upgraded from
(Enhanced from INR240.0 Million) 'P4')
INR45.0 Million Packing Credit P4+ (Assigned)
The upgrade reflects improvement in Excel's financial risk
profile. Excel's capital structure improved with an increase in
its net worth to INR218.90 million as on March 31, 2011 from
INR80.40 million as on March 31, 2010, driven by equity infusion
and increase in cash accruals in 2010-11 (refers to financial
year, April 1 to March 31). Excel's scale of operations is
increasing, with an estimated year-on-year revenue growth of 58%
to INR4.21 billion for 2010-11, against INR2.7 billion in 2009-10.
CRISIL expects Excel's revenue growth rate to remain healthy over
the medium term. The upgrade also reflects Excel's healthy debt
protection metrics, with an interest coverage ratio of over 5
times for 2010-11.
The rating continues to reflect Excel's average financial risk
profile marked by a high ratio of total outside liabilities to
tangible net worth, and its customer and supplier concentration.
These rating weaknesses are partially offset by Excel's promoters'
experience in the diamond business.
About Excel Overseas
Excel commenced its business in 2006-07 and was promoted by Mr.
Ramesh Shah. The promoter had established a proprietary concern,
M/s Excel Overseas, in 1988 for import and export of various kinds
of rough and polished diamonds. In 2006-07, the business of M/s
Excel Overseas was transferred to Excel. Excel sells diamonds
mainly in the range of 1.00 to 1.99 carats and above 5.00 carats.
For 2010-11, Excel reported, on provisional basis, a profit after
tax (PAT) of INR58.44 million on net sales of INR4.21 billion,
against a PAT of INR34.78 million on net sales of INR2.67 billion
for 2009-10.
GNA DURAPARTS: CRISIL Assigns 'BB+' Rating to INR435MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of GNA Duraparts Ltd
continue to reflect GNA Dura's large working capital requirements,
and below-average financial risk profile marked by a high gearing
and weak debt protection metrics. These rating weaknesses are
partially offset by GNA Dura's established relationships with
original equipment manufacturers (OEMs).
Facilities Ratings
---------- -------
INR340.0 Million Cash Credit Limit BB+/Stable
(Enhanced from INR220.0 Million)
INR435.0 Million Term Loan BB+/Stable
(Enhanced from INR230.0 Million)
INR5.0 Million Bank Guarantee P4+ (Assigned)
INR220.0 Million Bill Purchase/ P4+ (Reaffirmed)
Discounting
INR30.0 Million Letter of Credit P4+ (Reaffirmed)
For arriving at its ratings, CRISIL has not considered GNA Dura's
revaluation reserve, introduced in the form of bonus shares worth
INR63.1 million in 2006-07 (refers to financial year, April 1 to
March 31), as part of GNA Dura's net worth and fixed assets. As a
result, GNA Dura's net worth is estimated at INR310 million as on
March 31, 2011; if the reserve had been considered, the company's
net worth would have been at INR374 million as on the same date.
Outlook: Stable
CRISIL believes that GNA Dura will continue to benefit over the
medium term from its established client relationships, its strong
market position (as part of the GNA group), and the buoyant demand
scenario in its end-user industry. The outlook may be revised to
'Positive' if GNA Dura improves its working capital management, or
if it infuses significant equity, leading to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if GNA Dura undertakes a larger-than-expected, debt-
funded capital expenditure programme, or if there is steep decline
in its profitability, most likely because of pricing pressures
from OEMs.
About GNA Duraparts
Set up as a partnership firm in 1993, GNA Dura was incorporated as
a private limited company in 2006-07. GNA Dura manufactures gears
and allied products, and supplies around 80% of its output to
OEMs, and the rest to the after-sales segment. The company caters
primarily to the domestic market, with exports accounting for less
than 10% of its total sales. GNA Dura is the second largest
company in the GNA group after GNA Axles Ltd. There are no inter-
company transactions and no fungible cash flows between the group
companies.
GNA Dura reported a profit after tax (PAT) of INR41.1 million on
net sales of INR1.1 billion for 2009-10, against a PAT of INR30.9
million on net sales of INR981.9 million for 2008-09.
IDEAL DETONATORS: CRISIL Puts 'BB-' Rating on INR50MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'BB-/Stable/P4+' ratings to the bank
facilities of Ideal Detonators Pvt Ltd.
Facilities Ratings
---------- -------
INR50 Million Cash Credit BB-/Stable (Assigned)
INR136.5 Million Long-Term Loan BB-/Stable (Assigned)
INR40 Million Letter of Credit & P4+ (Assigned)
Bank Guarantee
The ratings reflect IDPL's weak financial risk profile, marked by
a high gearing and modest debt protection metrics. The ratings
also factor in the company's exposure to intense competition in
the industrial explosives industry. These rating weaknesses are
partially offset by the benefits that IDPL derives from its
promoters' industry experience and its healthy operating
efficiency.
Outlook: Stable
CRISIL believes that IDPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of equity infusion by
the promoters, or if IDPL generates more-than-expected cash
accruals, most likely because of sustained improvement in revenues
and profitability. Conversely, the outlook may be revised to
'Negative' in case IDPL undertakes a larger-than-expected, debt-
funded capital expenditure programme, extends financial support to
group companies, or reports a decline in its accruals.
About Ideal Detonators
IDPL, based in Hyderabad (Andhra Pradesh), manufactures detonators
used in the mining and infrastructure industries. Its facilities
are located in Narketpally (Andhra Pradesh) with a licensed
capacity to manufacture 100 million detonators annually. Earlier
known as Shri Ganesh Anand Explosives, IDPL was acquired by Mr. P
Sadanand Reddy, currently the chairman of the company, in 2002 and
renamed in 2004. The day-to-day operations of the company are
managed by Mr. Srinivasa Rao, currently the managing director of
the company. IDPL has one other associate entity, Ideal Industrial
Explosives Ltd, which manufactures bulk explosives.
IDPL has two windmills of 2.1 megawatt (MW) and 1.5 MW in Tamil
Nadu and Maharashtra, respectively; the total cost of installation
was INR200 million, funded in a debt-to-equity ratio of 70:30.
IDPL's profit after tax (PAT) is estimated at INR38 million on net
sales of INR382 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR13 million on net sales
of INR329 million for 2009-10.
INDIAN WOOD: CRISIL Reaffirms 'BB' Rating on INR89.5MM Cash Credit
------------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Indian Wood
Products Company Ltd continue to reflect IWPCL's small scale of
operations, large working capital requirements, and susceptibility
to adverse regulatory changes. These rating weaknesses are
partially offset by IWPCL's promoter's industry experience, strong
track record in the katha industry and its established customer
relationships.
Facilities Ratings
---------- -------
INR89.50 Million Cash Credit BB/Stable (Reaffirmed)
INR7.50 Million Standby Line BB/Stable (Reaffirmed)
of Credit
INR9.50 Million Long-Term Loan BB/Stable (Reaffirmed)
INR0.70 Million Working Capital BB/Stable (Assigned)
Demand Loan
INR21.80 Million Proposed LT BB/Stable (Reaffirmed)
Bank Loan Facility
INR70.00 Million Letter of Credit P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that IWPCL will maintain its customer
relationships and continue to benefit from its promoters' industry
experience. The outlook may be revised to 'Positive' if IWPCL
generates more-than-expected cash flow from operations, most
likely driven by increase in revenues and better working capital
management. Conversely, the outlook may be revised to 'Negative'
if the company's financial risk profile deteriorates, most likely
because of decline in profitability or larger-than-expected debt-
funded capital expenditure (capex).
Update
IWPCL's established customer relationship is expected to result in
a moderate year-on-year increase of around 14% in its revenues in
2010-11 (refers to financial year, April 1 to March 31). The
recent ban on use of plastics on guthka sachets by the Government
of India had a marginal impact on the company's revenues. Its
operating margin is estimated at around 5.5% for 2010-11, compared
to 6 to 9% in the past four years.
IWPCL's liquidity is expected to remain under pressure over the
medium term because of its working-capital-intensive operations.
Utilization of its bank lines of INR89.5 million was around 95% on
an average for 2010-11. However the company's cash accruals are
expected to remain adequate to service its debt in 2011-12. IWPCL
does not have any large capex plan for the medium term.
For 2010-11, IWPCL reported, on provisional basis, a profit after
tax (PAT) of INR11.6 million on net sales of INR636.7 million. It
reported a PAT of INR9.3 million on net sales of INR560.0 million
for 2009-10, against a PAT of INR3.4 million on net sales of
INR355.5 million for 2008-09.
About The Indian Wood Products Company
In 1919, IWPCL was promoted by Mr. H N Gladstone, Mr. H Bateson,
Mr. E H Bbray of London and others. The company is a manufacturer
of katha and cutch. Its manufacturing unit is in Izatnagar (Uttar
Pradesh). The company commenced manufacturing in 1920. In the same
year, IWPCL's board of directors appointed Gillanders Arbuthnot
and Company Ltd (Gillanders) as its managing agent to manage its
daily operations.
With the abolition of managing agency system by the Companies Act,
1956, Gillanders ceased to act as the managing agent of the
company. Thereafter, the control and management of IWPCL was
vested with the board of directors consisting of directors of
Gillanders and its associate companies. In 1980, IWPCL's
management acquired controlling interest in IWPCL. The change of
management happened by sale of shares of the company. Since 1980,
Mr. Krishna Kumar Mohta (chairman) and Mr. Bharat Mohta have been
managing the daily operations of the company.
J S AUTO: CRISIL Assigns 'BB' Rating to INR13.9MM Rupee Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of J S Auto Cast Foundry India Pvt Ltd.
Facilities Ratings
---------- -------
INR17.5 Million Cash Credit BB/Stable (Assigned)
INR13.9 Million Rupee Term Loan BB/Stable (Assigned)
INR1.1 Million Proposed Long-Term BB/Stable (Assigned)
Bank Loan Facility
INR50 Million Bill Discounting P4+ (Assigned)
INR15 Million Letter of Credit P4+ (Assigned)
The ratings reflect JS Auto's modest scale of operations, below-
average financial risk profile marked by low net worth and high
gearing, and customer concentration. These rating weaknesses are
partially offset by the industry experience, technical expertise,
and established contacts of JS Auto's promoters, and the company's
moderately diversified end-user industry profile.
Outlook: Stable
CRISIL believes that JS Auto will maintain its business risk
profile, supported by the industry experience of its promoters and
its established contacts with customers and suppliers, over the
medium term. The outlook may be revised to 'Positive' in case JS
Auto increases its scale of operations significantly, while
maintaining its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' if the company's capital
structure weakens, most likely caused by larger-than-expected
debt-funded capital expenditure or increase in working capital
borrowings.
About JS Auto
JS Auto was established in 2004 in Coimbatore (Tamil Nadu) by Mr.
S Jeevanantham. The company manufactures machined iron foundry
castings. These are used in the automobile, hydraulic, and
engineering industries. The company has capacity to manufacture
about 400 tonnes of castings per month, and is operating at
optimum capacity utilization level currently.
For 2010-11 (refers to financial year, April 1 to March 31), JS
Auto reported, on provisional basis, a net profit of INR7.1
million on net revenues of INR409.6 million; it reported a net
profit of INR6.0 million on net revenues of INR320.9 million for
2009-10.
JAI MAA: CRISIL Assigns 'B+' Rating to INR50 Million Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Jai Maa Sharda Agro and Rice Mills Pvt Ltd.
Facilities Ratings
---------- -------
INR50 Million Term Loan B+/Stable (Assigned)
INR47.5 Million Cash Credit B+/Stable (Assigned)
INR5 Million Bank Guarantee P4 (Assigned)
The ratings reflect JMSARM's exposure to risks related to project
implementation, government policies on rice, and to dependence on
monsoon. These rating weaknesses are partially offset by JMSARM's
assured offtake by the Food Corporation of India (FCI) and the
locational advantage of the company's project.
Outlook: Stable
CRISIL believes that JMSARM will benefit over the medium term from
the assured offtake by the FCI and increasing demand for rice in
the domestic market. The outlook may be revised to 'Positive' if
JMSARM reports better-than-expected top line and margins, leading
to improvement in its financial risk profile, and if the company
manages its working capital requirements efficiently. Conversely,
the outlook may be revised to 'Negative' if commissioning of
JMSARM's plant gets delayed or there are cost overruns in the
project.
JMSARM is a private limited company set up in February 2010 by the
Kejriwal family. The company is setting up a rice mill in Burdwan
(West Bengal) at a capacity of 48,000 tonnes per annum. JMSARM
plans to process parboiled rice. The total cost for setting up
the project is INR104.9 million (including working capital margin
of INR17.3 million) which is funded through term loan of
INR50 million and remaining through equity capital. The plant is
currently in construction phase and is expected to commence
commercial production in October 2011.
LIPPI SYSTEMS: CARE Assigns 'CARE BB+' Rating to INR7.57cr LT Loan
------------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4+' ratings to the bank
facilities of Lippi Systems Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 7.57 'CARE BB+' Assigned
Short-term Bank Facilities 13.25 'CARE A4+ Assigned
Rating Rationale
The ratings are mainly constrained by increased focus of Lippi
Systems Ltd. on trading activities resulting in consistent decline
in profit margins, modest liquidity position resulting in high
reliance on bank borrowings, its modest scale of operations and
highly fragmented nature of the industry. The ratings, however,
favorably take into account the vast experience of the promoters
and established operations of LSL with track record of more than
16 years. The ability of LSL to increase its scale of operations
with efficient working capital management and improvement in the
overall financial risk profile would be the key rating
sensitivity.
Ahmedabad-based LSL, incorporated in 1993, was promoted by the
current Chairman & Managing Director, Mr. Nandlal J. Agrawal. He
is a commerce graduate and has good experience of about three
decades. LSL started commercial production in 1995 with most
(almost 80%) of its machinery imported from Germany from
manufacturers like Hell Gravure System, Kaspar Walter GmbH, J.M.
Heaford Ltd, etc. The company is engaged in the engraving process
on rotogravure cylinders which are used for decorative printing
and adhesive coating by packaging and other decorative and gravure
printing industries. From FY09 onwards, LSL has also started
trading of copper rods, papers and TMT bars.
During FY10, LSL reported total operating income of INR31.51 crore
(FY09: INR25.73 crore) with a PAT of INR0.24 crore (FY09: INR0.00
crore). As per provisional results, LSL has reported total
operating income of INR32.26 crore with PAT of INR0.34 crore in
H1FY11.
RABIN SINGHA: CRISIL Reaffirms 'BB-' Rating on INR5-Mil. LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rabin Singha Heavy
Earth Movers Company Pvt Ltd continue to reflect RHEMCO's small
scale of operations, below-average financial risk profile, marked
by weak debt protection metrics and small net worth, and segmental
and geographical concentration in its revenue profile. These
rating weaknesses are partially offset by the benefits that RHEMCO
derives from its comfortable order book.
Facilities Ratings
---------- -------
INR120 Million Cash Credit BB-/Stable (Reaffirmed)
INR5 Million Long-Term Loan BB-/Stable (Reaffirmed)
INR65 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that RHEMCO will benefit from the healthy growth
prospects for the civil construction industry, over the medium
term. The outlook may be revised to 'Positive' if RHEMCO
strengthens its business risk profile, through segmental and
geographical diversification of its revenue profile, while
maintaining its operating margins. Conversely, any large
additional debt-funded capital expenditure programme or
acquisition, leading to deterioration in the company's financial
risk profile, may lead to a revision in the outlook to 'Negative'.
Update
RHEMCO achieved a year-on-year turnover growth of around 16% in
2009-10 (refers to financial year, April 1 to March 31) with
revenues of INR610 million and an operating profitability of
around 5%. Its turnover has increased at a compound annual growth
rate of 78% over the seven years ended 2009-10. The company has an
order book of around INR1 billion, 75% of which is to be executed
in 2011-12.
Since the death of the promoter, Mr. Rabin Singha, in March 2010,
RHEMCO has been managed largely by his son, Mr. Sanjib Singha,
aside from his wife, Mrs. Anupama Singha. The liquidity of the
company remains stretched; its bank limits were utilised at an
average of 92% over the 12 months ended April 2011 and it had
small cash and bank balance. Its accruals are, however, expected
to be adequate to service its debt of about INR2 million in
2011-12.
RHEMCO reported a profit after tax (PAT) of INR5 million on net
sales of INR556 million in 2009-10, against a PAT of INR5 million
on net sales of INR477 million for 2008-09.
About Rabin Singha
Set up as a proprietorship firm in 1985 by Mr. Rabin Singha,
RHEMCO was subsequently reconstituted as a private limited company
in 1990. Since its inception, RHEMCO has undertaken construction
activities, particularly earthwork and civil construction. The
company specializes in border fencing activities in the North East
India, construction of airport hangars, construction of ash ponds
for thermal power plants, and railway embankments. Mr. Sanjib
Singha currently manages the day-to-day operations of RHEMCO.
ROHIT EXTRACTIONS: CRISIL Reaffirms 'BB-' Rating on INR100M Credit
------------------------------------------------------------------
CRISIL's rating on the bank facilities of Rohit Extractions
Private Limited's continues to reflect REPL's below-average
financial risk profile marked by low operating margins, moderate
gearing, and weak debt protection measures, and exposure to risks
related to its moderate scale of operations and intense
competition in the edible oil industry. These rating weaknesses
are partially offset by the benefits that REPL derives from its
promoters' experience and strong track record in the rice bran
processing segment of the solvent extraction business.
Facilities Ratings
---------- -------
INR100 Million Cash Credit BB-/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that REPL will continue to maintain its operating
efficiencies over the medium term. The outlook may be revised to
'Positive' in case of higher-than-expected increase in REPL's
scale of operations, profitability and debt protection measures.
Conversely, the outlook may be revised to 'Negative' if the
company's operating margin declines, or if it undertakes large
debt-funded expenditure.
Update
REPL's revenues grew steadily from 819 million in 2009-10 to 946
million in 2010-11, in line with CRISIL's expectation. The
company's liquidity remained moderate underpinned by lack of large
debt-funded capex and no significant fixed repayment obligations.
The bank lines of the company were utilized highly, oscillating
from 70% to 93% between June 2010 and December 2010. However
better working capital management in the last quarter led to
improved utilization at ~35%. This is expected to lead to an
improvement in gearing to around 0.5 times as on March 31, 2011
from 2.2 times as on March 31, 2010. The gearing levels are
however expected to return back to high levels of 1.5 to 2.0 times
over the medium term driven by increased working capital
requirements.
About Rohit Extractions
Incorporated in 1990 as a Private Limited company, Rohit
Extractions Private Limited is engaged in processing of rice bran
oil. The company is engaged in the manufacturing of unrefined
rice bran oil and De Oiled Rice Bran (DORB) which is used as
animal feed of unrefined rice bran oil. REPL has rice bran
processing capacity of 1.00 lakh metric tones per annum near
Hyderabad in Andhra Pradesh.
REPL reported a profit after tax (PAT) of INR7.54 million on net
sales of INR819.2 million for 2009-10 (refers to financial year,
April 1 to March 31), against a PAT of INR5.4 million on net sales
of INR732.6 million for 2008-09.
S.R.G. HOUSING: CRISIL Assigns 'B+' Rating to INR75MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the long-term bank
facility of S.R.G. Housing Finance Ltd, part of the SRG group.
Facilities Ratings
---------- -------
INR75 Million Long-Term Bank Facility B+/Stable (Assigned)
The rating reflects the SRG group's small scale of operations in
the housing financing business, weak resource profile, and modest
asset quality and earnings. These rating weaknesses are partially
offset by the SRG group's adequate capitalization and the
management's track record in the asset financing business.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SRG Housing with those of SRG
Securities Finance Ltd, Satkar Finance Pvt Ltd, and SRG Insurance
Brokers Pvt Ltd, together referred to as the SRG group. This is
because the entities have a high degree of operational linkages
with each other because of common customer and distribution
networks. In addition, the financial and management support across
the entities is expected to continue.
Outlook: Stable
CRISIL believes that SRG group will steadily increase its loan
portfolio over the medium term, supported by its existing network
through group businesses, its established track record, and its
adequate capitalization level. The outlook may be revised to
'Positive' if the company substantially scales up its operations,
while it improves its asset quality and profitability, and
diversifies its resource profile. Conversely, the outlook may be
revised to 'Negative' if SRG group's asset quality deteriorates
substantially, leading to stress on the company's capitalization
and earnings profile.
About S.R.G. Housing
SRG Housing was set up by its promoters, Mr. Vinod Jain and his
family, who have been involved in the financial services business
since 1989. The first company started by the promoters was SRG
Securities Pvt Ltd in 1999, followed by Satkar Finance Pvt Ltd.
Both these entities are involved in the financing of construction
equipment and used heavy commercial vehicles. SRG Housing was set
up in 2004 as a provider of housing loans to customers in the
rural and semi-urban segments of Rajasthan. Catering largely to
the self-employed category of customers, SRG Housing has recently
started providing mortgage loans as well. The group's clientele
usually find it difficult to procure loans from banks because of
lack of adequate documentation. SRG Housing operates from a single
branch in Rajasthan; however, it uses the existing branch network
of its group companies to reach its customers. The group operates
across Rajasthan, Maharashtra, and Gujarat through 14 branches and
with around 75 employees. Subsequently, in 2005, the promoters
also started SRG Insurance Brokers Pvt Ltd, which provides life
and general insurance broking services across India.
For 2010-11 (refers to financial year, April 1 to March 31), the
SRG group reported a profit after tax (PAT) of INR3.5 million on a
total income of INR38.1 million, compared with a PAT of INR2.3
million on a total income of INR30.4 million for the previous
year.
SENTHUR SPINNERS: CARE Assigns 'CARE BB-' Rating to INR8.51cr Loan
------------------------------------------------------------------
CARE assigns 'CARE BB-' and CARE A4' bank facilities of Senthur
Spinners India Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 8.51 CARE BB- Assigned
Long/Short-term Bank Facilities 6.90 CARE BB- / CARE A4
Assigned
Rating Rationale
The ratings are constrained by the limited operational track
record and the small size of operations of SSI, volatility in
income and profits in the past, tight liquidity position, client
concentration risk and vulnerability to exchange risk due to high
reliance on exports. The ratings also consider the risks
associated with volatility in raw material prices and highly
concentrated supplier market. However, the ratings derive
strength from the promoter's experience in the textile business,
the favorable industry scenario evidenced by good growth in demand
and improved financial performance in FY10. Going forward,
ability of SSI to scale up its operations, manage its operating
cycle efficiently amidst volatile raw material prices, to
optimally utilize its production capacity and ability to pass on
raw material price increase to its customers would be key rating
sensitivities.
Senthur Spinners India Limited is a small-sized company engaged in
the manufacture of yarn mainly producing Polyester and Viscose
(P/V) blended yarn, 100% polyester yarn and 100% viscose yarn in
the counts of 28's, 30's and 40's. The company was promoted in
2004 by Dr V. Ramaswamy, who is currently the Managing Director
of the company. Dr Ramasamy along with Mr. Arun Kumar (a relative
of Dr Ramaswamy) holds the majority stake in the company.
SHARDA TIMBERS: CRISIL Assigns 'B' Rating to INR15MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'B/Stable/P4' ratings to the bank
facilities of Sharda Timbers (ST; part of the Sharda group).
Facilities Ratings
---------- -------
INR15 Million Cash Credit B/Stable (Assigned)
INR100 Million Letter of Credit P4 (Assigned)
The ratings reflect the Sharda group's weak financial risk
profile, marked by weak debt protection metrics, its large working
capital requirements, and susceptibility to fluctuations in
foreign exchange (forex) rates. These weaknesses are partially
offset by the extensive experience of the Sharda group's promoters
in the timber processing industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profile of ST and Ambica Timbertrade Pvt Ltd,
together referred to as the Sharda group. This is because the two
entities have significant business linkages, common promoters, and
are in the same line of business.
Outlook: Stable
CRISIL believes that the Sharda group will maintain its business
risk profile over the medium term, backed by the extensive
industry experience of its promoters and diverse customer base.
Its financial risk profile will, however, remain weak over the
medium term, due to large working capital requirements. The
outlook may be revised to 'Positive' in case of improvement in its
financial risk profile, backed by equity infusion and sustained
improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' if the group's capital structure
weakens, due to withdrawal of capital by partners or larger-than-
expected working capital requirements, or if its profitability
declines due to forex price movements.
About the Group
Set up in 1995 by Mr. Raj Kumar Bansal, ST is a proprietary
concern based in New Delhi. It processes and trades in imported
timber. Incorporated in 2011, ATPL took over the existing business
of Ambica Timbers, a proprietary concern set up by Mr. Ishwar
Chand Bansal, Mr. Raj Kumar Bansal's brother. It is in the same
business as ST. The group also trades in resin which contributes
around 10% to the turnover.
Sharda Timbers is estimated to report a book profit of INR1.67
million on net sales INR349.58 million for 2010-11 (refers to the
financial year April 1 to March 31) as against book profit of
INR0.58 million on net sales of INR275.15 million for 2009-10.
SHREE PRAKASH: CRISIL Reaffirms 'BB+' Rating on INR75MM Cash Limit
------------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the inland/import letter
of credit facility of Shree Prakash Textiles (Gujarat) Pvt Ltd,
while reaffirming the ratings on SPTPL's other bank facilities at
'BB+/Stable'.
Facilities Ratings
---------- -------
INR75.0 Million Cash Credit Limit BB+/Stable (Reaffirmed)
INR58.50 Million Term Loan BB+/Stable
(Enhanced from INR36.7 Million)
INR2.50 Million Inland/Import Letter P4+ (Assigned)
of Credit
The ratings continue to reflect SPTPL's improving operating
efficiency and moderate financial risk profile, marked by moderate
gearing and average debt protection metrics. These rating
strengths are partially offset by SPTPL's small scale of
operations and net worth, and its susceptibility to intense market
competition.
Outlook: Stable
CRISIL believes that SPTPL will continue to improve its operating
efficiency, and will maintain its moderate financial risk profile,
supported by the modernization of its plant and healthy debt
protection measures, over the medium term. The outlook may be
revised to 'Positive' if SPTPL starts relatively higher-value-
added processes, thereby increasing its scale of operations, while
maintaining its profitability and financial risk profile, marked
by moderate gearing and average debt protection measures.
Conversely, then outlook may be revised to 'Negative' if there is
significant pressure on the company's operating margin, if its
promoters withdraw unsecured loans extended to it, or the company
undertakes larger-than-expected debt-funded capital expenditure
(capex) programme, thereby weakening its capital structure.
About Shree Prakash Textiles
SPTPL was incorporated in 1969 and promoted by Mr. Purushottamdas
Somabhai Patel. The company undertakes job-work for processing
fabric; the activities undertaken by the company include
bleaching, dyeing, printing, and finishing of grey cloth. The
company caters to the domestic market (contributes around 50% of
its operating income) and to the export market through orders
provided by agent serving the international market (contributes
the rest). SPTPL has two ISO-9001-certified manufacturing units in
Naroda and Rakhial (both in Gujarat). The company caters largely
to the shirt fabric, for men's and women's wear, in the domestic
market, while for the export oriented orders, it caters largely to
made-ups including bed sheets and pillow covers.
SPTPL reported, on provisional basis, a profit after tax (PAT) of
INR14 million on net sales of INR540 million for 2010-11 (refers
to financial year, April 1 to March 31); it reported a PAT of INR9
million on net sales of INR438 million for 2009-10.
SRI BALAJI: CRISIL Assigns 'BB' Rating to INR35MM Long-Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/ Stable' rating to the long-term bank
facilities of Sri Balaji Assemblies & Plastics Pvt Ltd.
Facilities Ratings
---------- -------
INR15 Million Standby Line of Credit BB/Stable (Assigned)
INR130 Million Cash Credit BB/Stable (Assigned)
INR35 Million Long-Term Loan BB/Stable (Assigned)
The rating reflects SBAPPL's established regional presence in sub-
assemblies, aided by the extensive industry experience of its
promoters and its established customer relationships. These rating
strengths are partially offset by SBAPPL's below-average financial
risk profile, constrained by its weak capital structure, and
revenue concentration risks.
Outlook: Stable
CRISIL believes SBAPPL will continue to benefit over the medium
term from its promoters' extensive experience in the auto
ancillary industry and its established customer relationships. The
outlook may be revised to 'Positive' if the company enhances its
scale of operations and net worth, and diversifies its revenue
profile, while sustaining its profitability. Conversely, the
outlook may be revised to 'Negative' if SBAPPL's profitability
declines steeply, or if the company undertakes a large, debt-
funded, capital expenditure (capex) programme, thereby leading to
deterioration in its financial risk profile.
About Sri Balaji Assemblies
Incorporated in 1988 as a proprietorship concern by Mr. D Sridhar,
SBAPPL (formerly, Balaji Plastics) was reconstituted as a private
limited company in 2003. SBAPPL is engaged in electrical,
electronic and mechanical sub-assemblies for the automobile
industry. It also undertakes the winding of different types of
copper coils. Its products find application in sectors such as
automobile, power, infrastructure, agriculture, and railways.
Further, SBAPPL is a registered vendor of Lucas TVS Ltd, from
which it derives 60 to 70% of its revenues. The company has two
manufacturing units in Chennai. It is currently managed by Mr. D
Parthasarathy and Mr. D Sridhar.
SBAPPL's profit after tax (PAT) and net sales for 2010-11 (refers
to financial year, April 1 to March 31) are estimated at INR20
million and INR908 million respectively. SBAPPL reported a PAT of
INR16 million on net sales of INR644 million for 2009-10, as
against a PAT of INR3 million on net sales of INR405 million for
2008-09.
SONAA ENGINEERS: CARE ASSIGNS 'CARE BB+' Rating to INR1cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE BB+' and 'CARE A4' ratings to the bank
facilities of Sonaa Engineers Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 1.00 'CARE BB+' Assigned
Short-term Bank Facilities 9.00 'CARE A4' Assigned
Rating Rationale
The ratings of Sonaa Engineers Private Limited are constrained by
its below average financial risk profile marked by small scale of
operation as well as low capitalization, declining profitability
margins and high collection period, working capital intensive
nature of operations and intense competition due to presence in
fragmented nature of industry with many regional and unorganized
players. The above weaknesses are partially offset by its
experienced and technocrat promoters, good clientele and modest
order book position. Increase in scale of operations and
improving profitability margins in face of growing competition
while maintaining existing solvency indicators are the key rating
sensitivities.
SEPL was initially set up as a partnership firm in the year 1976
under the name of M/s. Sonaa Engineers, engaged in providing
industrial and engineering service in the field of
electrification. Subsequently, in the year 1983, the firm was
converted into a private limited company. Later in the year 1990,
SEPL and the promoters of SEPL commenced manufacturing of
electrical panels under a partnership firm named M/s Vikas
Controls and Switchgears. While SEPL has 40% share in
VCS, the rest is equally held by other four partners. SEPL is
promoted by Mr. A. K. Shah, Chairman, who is an electrical
engineer and has experience of four decades.
STELLAR PARKS: CARE Assigns 'CARE B' Rating to INR27.55cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B/CARE A4' ratings to the bank facilities of
Stellar Parks Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 27.55 'CARE B' Assigned
Short-term Bank Facilities 5.00 'CARE A4' Assigned
Rating Rationale
The ratings are constrained by SPPL's elevated financial risk
profile characterized by high gearing level & debt servicing
obligations as well as execution risks associated with the ongoing
real estate project. Further, the rating also factors in the small
scale and cyclical nature of SPPL's club operations and the
expected stress on SPPL's cash flows on account slow off-take of
the real estate project. However, the ratings derive strength from
the experience of the promoters and established operations of the
recreation club with consistent increase in membership. Going
forward, in light of project funding being significantly dependent
on customer advances, the ability of SPPL to successfully
implement and execute the project within the estimated time period
and profitable scaling up of the existing operations shall be the
key rating sensitivities.
Stellar Parks Pvt Ltd was incorporated in 1997 and is presently,
running a club named "Stellar Gymkhanna" in Greater Noida. The
club having 63 residential rooms and facilities like restaurant,
gymnasium, health club, conference rooms, banquet halls, etc is
exclusive for the members. SPPL is also constructing a residential
group housing project of 110 flats in Sector Sigma IV, Greater
Noida.
During FY10, SPPL reported total operating income of INR10.1 cr
with PBILDT and PAT margin of 40.49% and 4.31% respectively. As
per provisional results for FY11, SPPL achieved total operating
income of INR11.92 cr with PBILDT and PAT margin of 36.08% and
10.60% respectively. The overall gearing stood at 1.93x as on
March 31, 2011.
SUPERFINE SYNTEX: CRISIL Reaffirms 'BB' Rating on INR43.3MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Superfine
Syntex Ltd continues to reflect the extensive experience of the
company's promoters in the textile industry. This rating strength
is partially offset by Superfine's small scale and non-integrated
operations that restrict its pricing power, vulnerability to
volatile raw material prices, and moderate financial risk profile
Facilities Ratings
---------- -------
INR43.3 Million Long-Term Loan BB/Stable (Reaffirmed)
INR77.5 Million Cash Credit BB/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that Superfine will maintain its current financial
risk profile over the medium term. The outlook may be revised to
'Positive' if there is a substantial improvement in the company's
capital structure through equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' if Superfine
undertakes large debt-funded capital expenditure programme,
thereby weakening its capital structure and debt protection
metrics.
Update
Superfine's revenues have remained steady and were INR805.2
million for 2010-11 (refers to financial year, April 1 to
March 31). The company's operating margin was moderate, estimated
at 5.1%, during the same year; the operating margin is expected to
improve over the medium term with commencement from 2011-12 of two
new high-speed spinning lines, which will improve the company's
turnover and margins. Superfine's debtors increased to 50 days of
operating income in 2010-11 from 32 days during 2009-10, resulting
in higher reliance on bank limits. The company's bank limit was
utilized more than 90% over the 12 months ended March, 2011,
indicating limited cushion available to Superfine's liquidity. The
company has serviced its loan on time. The company's net cash
accruals to total debt and interest coverage ratios were at 9% and
2.06 times, respectively, as on March 31, 2011.
About Superfine Syntex
Incorporated in July 2001 by Mr. Manoj Kumar Agarwal, Mr. Manish
Kumar Agarwal, and Mr. Kaushik Kumar Agarwal, Superfine
manufactures partially oriented yarn, polyester filament yarn, and
knitted fabrics. The company commenced commercial operations in
August 2002 with an initial production capacity of 3000 tonnes per
annum (tpa). Superfine's current production capacity is 7200 tpa;
the company is expected to start operating two new high-speed
lines with capacity of 4800 tpa from 2011-12.
Superfine reported, on provisional basis, profit after tax (PAT)
of INR12.1 million on net sales of INR805.2 million for 2010-11;
the company reported a PAT of INR11.7 million on net sales of
INR799.2 million for 2009-10.
VDB PROJECTS: CRISIL Puts 'BB' Rating on INR600MM Bank Facility
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities VDB Projects Pvt Ltd
(VDB-P; part of the VDB group) continue to reflect VDB group's
below-average financial risk profile, marked by a high gearing and
moderate debt protection metrics, and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of the VDB group's promoters in the civil
engineering industry and the group's healthy order book.
Facilities Ratings
---------- -------
INR1510.00 Million Long-Term Loan BB/Stable (Reaffirmed)
(Enhanced from INR1410.00 Million)
INR250.00 Million Cash Credit BB/Stable (Assigned)
INR600.00 Million Overdraft Facility BB/Stable (Reaffirmed)
INR1490.00 Million Bank Guarantee P4+ (Reaffirmed)
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VDB-P and VDB Kadapa Pulivenduala Roads
Projects Pvt Ltd, together referred to as the VDB group. This is
because VDB-P holds a 95% stake in VDB-KP and has also given a
corporate guarantee to the bank facilities of VDB-KP.
Outlook: Stable
CRISIL believes that the VDB group will benefit from its robust
order book and from the industry experience of its promoters, over
the medium term. The outlook may be revised to 'Positive' in case
the group generates more-than-expected cash flows, resulting from
earlier-than-expected completion of projects and receipt of
payments from customers, or reports improvement in its capital
structure, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any delays in completion of the VDB group's projects or
receipt of payments from customers, or if the group undertakes any
larger-than-expected, debt-funded capital expenditure (capex)
programme, or in case VDB-P extends any support to its group
company.
About the Group
Set up in May 2005 by Mr. Rajagopal Reddy and his family, VDB-P is
a Bengaluru (Karnataka) based infrastructure company, primarily
engaged in road development. The company's scope of work includes
constructing, widening, rehabilitation, and strengthening of
roads. The company had an order book of INR8 billion as on
March 31, 2011; the projects are for Karnataka, Andhra Pradesh,
Tamil Nadu, and Orissa.
VDB-KP is a special-purpose vehicle, formed to undertake a build-
operate-transfer project. The company signed a concession
agreement with Andhra Pradesh Road Development Corporation in
October 2009. The project, which is expected to be completed by
October 2011, involves financing, designing, upgrading, and
operating the Kadapa-Pulivendula road, a state highway in Andhra
Pradesh.
The promoters also own VDB Sugars Ltd (VDB-S) which is based in
Nellore (Andhra Pradesh) and manufactures sugar. The company has a
crushing capacity of 5000 tones per day. VDB-P has around INR127.6
millions of investments in the nature of preference share in VDB-
S.
The VDB group reported a provisional profit after tax (PAT) of
INR158.1 million on net sales of INR2.7 billion for 2010-11
(refers to financial year, April 1 to March 31), against a PAT of
INR56.4 million on net sales of INR2.6 billion for 2009-10.
=========
J A P A N
=========
TAKEFUJI CORP: Borrowers Submit Debt-Repayment Plan
---------------------------------------------------
Takako Taniguchi at Bloomberg News reports that Takefuji Corp.
borrowers, who are owed repayments for overcharged interest,
submitted a restructuring plan to the Tokyo District Court on
Friday, asking for liquidation of some assets to increase
repayment amounts.
According to Bloomberg, the submission from the group of 265
borrowers was given to the court ahead of a July 15 deadline for
the company's lawyers to submit a plan calling for Takefuji's sale
to South Korea's A&P Financial Co.
Takefuji filed a bankruptcy petition with the Tokyo District Court
on Sept. 28, 2010, with debts of JPY433.6 billion. Bloomberg has
said the company has become the biggest casualty of Japan's four-
year crackdown on coercive lending practices by consumer finance
companies. The lender is seeking to restructure as borrower
claims of overpaid interest are estimated to exceed JPY1 trillion.
In April this year, Takefuji agreed to be acquired by South
Korea's A&P Financial Co. The company had earlier decided to give
A&P preferential negotiating rights in becoming the sponsor for
its rehabilitation, the Troubled Company Reporter-Asia Pacific
reported on April 13, 2011, citing the Mainichi Daily News.
Takefuji plans to compile and submit its debt-repayment plan by
July 15 to the Tokyo district court, according to Bloomberg News.
About Takefuji
Takefuji Corporation (TYO:8564) -- http://www.takefuji.co.jp/--
is a Japan-based company mainly engaged in the consumer finance
business. The Company operates in two business segments. The
Consumer Finance segment covers the loan and credit card
businesses. The Others segment is involved in the operation of
golf courses, the development, management and leasing of real
estate, the venture capital business, as well as the investment
business, among others. The Company has eight subsidiaries.
TOKYO ELECTRIC: Banks Won't Consider Debt Waiver for Firm
---------------------------------------------------------
The Financial Times reports that the Japanese Bankers' Association
Chairman Katsunori Nagayasu said Japanese banks are adamant they
will not waive loans to Tokyo Electric Power, in spite of
suggestions a rescue plan for the utility at the centre of the
Fukushima Daiichi nuclear crisis could hinge on such a move.
"We are not thinking about [waiving loans to Tepco]," Mr. Nagayasu
told the Financial Times. "I consider a debt waiver to be
inconceivable," he said.
The FT says Mr. Nagayasu's comments highlight concerns about the
implication of Tepco's fate for the health of Japan's largest
banks and insurance companies, which have provided the utility
with more than JPY3,400 billion (US$42 billion) in loans and are
believed to be large holders of its JPY4,425 billion in
outstanding bonds.
The government, according to the FT, has suggested that bank
willingness to forgive some loans to TEPCO could be a condition
for state financial support to the utility under a scheme now
being discussed by the Diet, Japan's parliament.
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
====================
EQUITY PARTNERS: Pyne Gould Buys EPIC's NZ$14 Million Loan
----------------------------------------------------------
BusinessDesk reports that Pyne Gould Corp has taken a
NZ$14 million stake in National Australia Bank's loan to a related
fund, Equity Partners Infrastructure Company (EPIC).
EPIC said the deal lets the investment company off the hook on a
likely default and will help the orderly sale of its assets,
BusinessDesk relates.
BusinessDesk says the NAB facility was due for repayment on
April 30, but the lender waived that condition on the provision
that EPIC significantly reduced its debt by the end of June,
according to the NZX Market Supervision decision allowing the
related party deal.
"Reaching agreement on the participation agreement with NAB and
obtaining the NZX waiver are important first steps on the path to
assist EPIC with its restructuring," BusinessDesk quotes chairman
Bryan Mogridge as saying. "The participation also provides a
favorable return to PGC investors in participating in a strong
first registered position over EPIC."
BusinessDesk discloses that EPIC is managed by PGC's Epic Partners
Asset Management, a unit it bought from cornerstone shareholder
George Kerr for NZ$18 million, and through which it holds an
11% stake.
According to BusinessDesk, PGC on Monday put up NZ$7.5 million,
and will pay a second tranche of NZ$6.5 million by July 15. The
investment company will receive interest and fees relative to its
share of debt, and will rank behind NAB if EPIC misses a payment,
the report notes.
The agreement, says BusinessDesk, will expire at the end of April
next year, and PGC expects full repayment will be made before then
once EPIC's assets are sold.
Infrastructure investor Equity Partners Infrastructure Company
No.1 Ltd. has about NZ$155 million in assets and 1,900
shareholders.
PAUANUI PROPERTIES: Goes Into Receivership, Owner Owes NZ$58++ MM
-----------------------------------------------------------------
Tracey Roxburgh at Otago Daily News reports that Dan McEwan, the
bankrupt developer who once had plans to construct the Hilton
Queenstown owes creditors more than NZ$58 million following the
failure of two of his companies.
In July 2003, Mr. McEwan incorporated Pauanui Properties and
bought 3.15 hectares of land at Frankton and Perkins Rd in
Queenstown for a residential development comprising 65 houses,
Otago Daily News recalls. In November 2003, the report relates
Mr. McEwan incorporated Pounamu Prime Ltd as a special purpose
entity to develop a 34-apartment complex on Frankton Rd.
Otago Daily News notes that Pauanui Properties Ltd was the first
to get into financial difficulty, with development ceasing as a
result of insufficient funds. The company was placed into
liquidation in October 2008 and stopped trading, Otago Daily News
says.
Otago Daily News discloses that the final liquidator's report by
Grant Burns and Richard Agnew of PricewaterhouseCoopers noted that
alternative funding for the development was unavailable and
secured creditors Hanover Finance Ltd and Strategic Nominees
rejected a proposed restructuring plan. "Consequently, the
development ceased and the company had no cashflow to meet its
debts," the liquidator's report said, Otago Daily News relates.
The liquidator report further noted that land at Frankton and in
Perkins Rd was sold in a mortgagee sale and the liquidators were
advised there were no surplus funds from the sale, Otago Daily
News relays.
Otago Daily News discloses that Hanover Finance Ltd and Strategic
Nominees Ltd were listed as secured creditors, with a claim for
petitioning creditors' costs of NZ$2884.88 received. Otago Daily
News relates that three non-preferential unsecured claims totaling
NZ$37,282,398.72 were received.
No distribution was made towards petitioning creditors' costs or
non-preferential unsecured creditors and the company has now been
removed from the Register of Companies, Otago Daily News says.
Meanwhile, Otago Daily News recalls that in April 2009 Pounamu
Prime Ltd was placed in receivership, with Grant Graham and
Brendon Gibson of KordaMentha appointed receivers.
At the date of receivership, Pounamu Prime owed:
-- more than NZ$20 million to the Bank of Scotland (Australia);
-- more than NZ$7 million to Strategic Finance Ltd, with an
unsecured creditor's claim of NZ$201,461.27;
-- the Inland Revenue Department was owed NZ$1,984,759.40 in
respect to its preferential claim for GST;
-- BOS International (Australia) was now owed about NZ$14
million plus accrued interest as at April 19; and
-- Strategic Finance Ltd is owed about NZ$7 million.
The receiver's fifth report, dated June 16, noted that 26
apartments had been sold and settled by the receivers, with two
apartments under contract, Otago Daily News adds.
UNITED SERVICES: Dunedin High Court Approves Wind up Request
------------------------------------------------------------
Otago Daily Times reports that the High Court at Dunedin has
granted an application from the United Services and Community Club
Trust, the charitable trust that runs the United Services
Community Club in South Dunedin, to put the trust into
liquidation.
Insolvency Management has been appointed the liquidator and has
begun the process of winding up the trust, the report says.
Part of that process, the report notes, is likely to be the sale
of the trust's main asset - the clubrooms on the corner of Prince
Albert Rd and Bay View Rd next to the Montecillo Veteran's Home
and Hospital in St Kilda.
According to ODT, Trust chairman Paul Chamberlain said the
liquidation of the trust was "unfortunately" symptomatic of
similar clubs and organizations that were struggling on low
memberships and membership fees.
"Trading has not been so flash. The club simply couldn't sustain
keeping a bar and dining room open for the amount of people that
were using it," ODT quotes Mr. Chamberlain as saying.
ODT relates that Mr. Chamberlain wanted it to be clear that most
club members were actually members of the RSA and Ex-Royal
Navalmen's Association, and those memberships were still valid.
There were only "a handful" of people who were direct members of
the United Services Community Club and their NZ$41 annual
membership fees were now in the hands of the liquidators, the
report notes.
The RSA and navalmen's association would be the ultimate
beneficiaries of any money left over after the trust had been
wound up, ODT discloses.
Ian Nellies of Insolvency Management said liquidators were still
working through the information, but there were some creditors
owed money and the best way to meet those debts was to realize the
trust's assets, the main one of which was the building, according
to ODT.
ODT says the liquidator expected all the creditors would be paid
"in the fullness of time", but when that was would probably depend
on the sale of the building, which was also mortgaged.
Mr. Nellies hoped the building would be on the market soon, but
there were "a few things to work through" first, the report adds.
=====================
P H I L I P P I N E S
=====================
EXPRESS SAVINGS: BSP Closes Bank; PDIC Takes Over
-------------------------------------------------
GMA News reports that The Bangko Sentral ng Pilipinas (BSP) has
ordered the closure of Express Savings Bank, which the Local Water
Utilities Administration (LWUA) acquired in 2008 using
PHP780 million from its agency funds.
GMA News relates that BSP Deputy Governor Nestor Espenilla Jr.
said EXSBI was closed because it was unable to pay its liabilities
as they become due in the ordinary course of business. The BSP,
according to GMA News, directed the Philippine Deposit Insurance
Corporation (PDIC) to take over the bank.
EXSBI has deposit liabilities estimated at PHP608.36 million made
up of 2,673 accounts as of last March 31, GMA News discloses.
Depositors whose balances are at PHP10,000 and lower need not file
deposit insurance claims according to the PDIC. This group of
depositors owns 56.7% or PHP4.57 million of the accounts in the
closed bank.
PDIC said it will start mailing postal money orders to these
depositors by the last week of August, the report notes.
However, depositors whose accounts have more than PHP10,000 or who
have incomplete account information must file deposit claims.
Dismissal Order on LWUA officials
GMA News reports that the Office of the Ombudsman ordered the
dismissal of LWUA chaiman Prospero Pichay and two other officials
for their roles in the acquisition of the failed bank.
According to BusinessWorld Online, Express Savings Bank gained
national notoriety after the Finance department filed a criminal
complaint at the Justice department against Mr. Pichay and four
members of the LWUA board for investing agency funds into the bank
in 2008 despite its financial troubles.
Finance Secretary Cesar V. Purisima also accused the five of
violating the General Appropriations Act of 2009 for making the
investment without BSP approval, BusinessWorld notes.
The Ombudsman, acting on a complaint filed by LWUA employees,
suspended Mr. Pichay for six months in May then ordered in June
that he be dismissed. Acting Ombudsman Orlando C. Casimiro also
permanently disqualified Mr. Pichay, as well acting administrator
Daniel Landingin and acting deputy administrator Wilfredo Feleo
from government service.
About Express Savings Bank
Express Savings Bank is a four-unit thrift bank based in Laguna,
Philippines. It engages in the business of granting loans,
receiving deposits and paying interest on such deposits. It has
branches in Santa Rosa, Laguna; Bi¤an, Laguna; and San Pedro,
Laguna. Its main office is located in J.P. Rizal Avenue, Cabuyao,
Laguna.
=================
S I N G A P O R E
=================
BOFA PTE: Creditors' Proofs of Debt Due August 9
------------------------------------------------
Creditors of Bofa Pte Ltd, which is in voluntary liquidation, are
required to file their proofs of debt by Aug. 9, 2011, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2011.
The company's liquidator is:
Jason Kardachi
c/o Borrelli Walsh
36 Robinson Road
#14-04 City House
Singapore 068877
JS ENGINEERING: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on July 1, 2011, to
wind up JS Engineering Industries Ltd's operations.
Dai-Dan Co., Ltd filed the petition against the company.
The company's liquidator is:
Er Boon Chiew
Er & Co
Bock 336 Smith Street
#04-302 New Bridge Centre
Singapore 050336
KAMEWA SINGAPORE: Creditors' Proofs of Debt Due August 8
--------------------------------------------------------
Creditors of Kamewa Singapore Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Aug. 8,
2011, to be included in the company's dividend distribution.
The company's liquidator is:
Lai Seng Kwoon
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
MUTUAL DEVELOPMENT: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on July 1, 2011, to
wind up Mutual Development Pte Ltd's operations.
The Comptroller of Goods and Services Tax filed the petition
against the company.
The company's liquidator is:
Mr Aw Eng Hai
of M/s Foo Kon Tan Thornton LLP
47 Hill Street, #05-01
Singapore Chinese Chamber Of Commerce
& Industry Building
Singapore 179365
PRINCESET INTERNATIONAL: Creditors' Proofs of Debt Due July 15
--------------------------------------------------------------
Creditors of Princeset International Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt
by July 15, 2011, to be included in the company's dividend
distribution.
The company's liquidator is:
The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
PROCTER & GAMBLE: Creditors' Proofs of Debt Due August 8
--------------------------------------------------------
Creditors of Procter & Gamble Holdings Singapore Pte Ltd, which is
in voluntary liquidation, are required to file their proofs of
debt by Aug. 8, 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
S.G. GLOBAL: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on July 1, 2011, to
wind up S.G. Global Holdings Pte Ltd's operations.
DBS Bank Ltd filed the petition against the company.
The company's liquidator is:
Official Receiver
The URA Centre
East Wing #06-11
45 Maxwell Road
Singapore 069118
SIN SENG: Creditors Get 3.347% Recovery on Claims
-------------------------------------------------
Sin Seng Hin Engineering Pte Ltd will declare dividend to
creditors on July 15, 2011.
The company will pay 3.347% to the received claims.
The company's liquidator is:
Bob Yap Cheng Ghee
16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
SLG IMPEX: Creditors Get 100% Recovery on Claims
------------------------------------------------
SLG Impex International Pte Ltd will declare dividend to creditors
on July 13, 2011.
The company will pay 100% for preferential and 10.46% for ordinary
claims.
The company's liquidator is:
Chian Yeow Hang
Abacus Advisory Services Pte Ltd
6001 Beach Road #09-09
Golden Mile Tower
Singapore 199589
SUNLITE ENTERPRISE: Court to Hear Wind-Up Petition July 22
----------------------------------------------------------
A petition to wind up the operations of Sunlite Enterprise Private
Limited will be heard before the High Court of Singapore on
July 22, 2011, at 10:00 a.m.
Carrier Singapore (Pte) Limited filed the petition against the
company on June 29, 2011.
The Petitioner's solicitors are:
Drew & Napier LLC
10 Collyer Quay
#10-01 Ocean Financial Centre
Singapore 049315
===========
T A I W A N
===========
* TAIWAN: ProMOS Woes No Impact on DRAM Industry, MOEA Says
-----------------------------------------------------------
The Taipei Times reports that the Ministry of Economic Affairs
said a financial crisis at ProMOS Technologies Inc, Taiwan's
third-largest DRAM maker, would not have a huge impact because its
output makes up only 10% of Taiwan's DRAM production.
According to Taipei Times, Minister of Economic Affairs Shih
Yen-shiang said the ministry is "completely aware" of ProMOS'
moves and it will "render necessary assistance," if needed.
The minister, as cited by Taipei Times, said Taiwanese DRAM makers
are grappling with debts, and cutting capital is a viable
response.
Amid plunging DRAM prices, Taiwanese manufacturers of computer
memory have been in the red in recent years, the report says.
They have also had to pay high royalties for foreign patents
without ownership of technologies.
The Taipei Times relates that the minister said the DRAM industry
was healthier than it had been during the financial crisis three
years ago because some firms have undertaken different business
approaches to minimize risks.
Mr. Shih cited Powerchip Technology Corp which has phased out DRAM
own-brand manufacturing to focus on contract production, and
Winbond Electronics Corp, which produces niche DRAM instead of the
competitive standard DRAM, according to Taipei Times.
The Taipei Times recalls that the Taiwanese government in 2009
launched a project to revitalize the DRAM industry with fund
injections to assist those that are financially troubled.
However, it was scrapped after the legislature vetoed the plan,
saying the time to help the DRAM industry had passed as memory
prices had rebounded from their low.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 4 to July 8, 2011
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ADVANCE ENERGY 9.50 01/04/2015 AUD 1.01
AINSWORTH GAME 8.00 12/31/2011 AUD 1.25
AMITY OIL LTD 10.00 10/31/2013 AUD 2.07
AUSTRALIAN COMM 3.00 07/29/2049 AUD 5.00
BECTON PROP GR 9.50 06/30/2010 AUD 0.22
CENTAUR MINING 11.00 12/01/2007 USD 0.50
CHINA CENTURY 12.00 09/30/2012 AUD 0.95
DIVERSA LTD 11.00 09/30/2014 AUD 0.12
EXPORT FIN & INS 0.50 12/16/2019 NZD 64.64
EXPORT FIN & INS 0.50 06/15/2020 AUD 62.40
EXPORT FIN & INS 0.50 06/15/2020 NZD 62.44
FIRST AUSTRALIAN 15.00 01/31/2012 AUD 0.60
IMF AUSTRALIA 10.25 12/31/2014 AUD 1.74
NEW S WALES TREA 1.00 09/02/2019 AUD 68.38
NEW S WALES TREA 0.50 09/14/2022 AUD 55.94
NEW S WALES TREA 0.50 10/07/2022 AUD 55.47
NEW S WALES TREA 0.50 10/28/2022 AUD 52.24
NEW S WALES TREA 0.50 11/18/2022 AUD 52.09
NEW S WALES TREA 0.50 12/16/2022 AUD 54.56
NEW S WALES TREA 0.50 02/02/2023 AUD 54.22
NEW S WALES TREA 0.50 03/30/2023 AUD 53.68
NEXUS AUSTRALIA 3.60 08/31/2017 AUD 70.66
RESOLUTE MINING 12.00 12/31/2012 AUD 1.25
SUNCORP METWAY 6.75 10/06/2026 AUD 71.31
TREAS CORP VICT 0.50 08/25/2022 AUD 56.63
TREAS CORP VICT 0.50 11/12/2030 AUD 54.84
TREAS CORP VICT 0.50 11/12/2030 AUD 38.26
CHINA
-----
CHINA GOV'T BOND 1.64 12/15/2033 CNY 62.27
ZHONGHUI INVST 6.18 03/23/2018 CNY 53.80
HONG KONG
---------
RESPARCS FUNDING 8.00 12/29/2049 USD 52.66
INDIA
-----
PUNJAB INFRA DB 0.40 10/15/2024 INR 25.51
PUNJAB INFRA DB 0.40 10/15/2025 INR 23.14
PUNJAB INFRA DB 0.40 10/15/2026 INR 21.03
PUNJAB INFRA DB 0.40 10/15/2027 INR 19.17
PUNJAB INFRA DB 0.40 10/15/2028 INR 17.51
PUNJAB INFRA DB 0.40 10/15/2029 INR 16.02
PUNJAB INFRA DB 0.40 10/15/2030 INR 14.69
PUNJAB INFRA DB 0.40 10/15/2031 INR 13.50
PUNJAB INFRA DB 0.40 10/15/2032 INR 12.43
PUNJAB INFRA DB 0.40 10/15/2033 INR 11.48
INDONESIA
---------
ARPENI PRATAMA 12.00 03/18/2013 IDR 57.33
JAPAN
-----
AIFUL CORP 1.63 11/22/2012 JPY 50.48
AIFUL CORP 1.74 05/28/2013 JPY 50.03
AIFUL CORP 1.99 10/19/2015 JPY 38.02
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 58.91
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 58.30
TAKEFUJI CORP 9.20 04/15/2011 USD 5.25
TOKYO ELEC POWER 2.34 09/29/2028 JPY 72.76
TOKYO ELEC POWER 2.40 11/28/2029 JPY 73.15
TOKYO ELEC POWER 2.20 02/27/2029 JPY 74.16
TOKYO ELEC POWER 2.11 12/10/2029 JPY 68.20
TOKYO ELEC POWER 1.95 07/29/2030 JPY 65.81
TOKYO ELEC POWER 2.36 05/28/2040 JPY 63.95
MALAYSIA
--------
ADVANCED SYNERY 2.00 01/26/2018 MYR 0.10
ALIRAN IHSAN RES 5.00 11/29/2011 MYR 1.54
CRESENDO CORP B 3.75 01/11/2016 MYR 1.35
DUTALAND BHD 6.00 04/11/2013 MYR 0.38
DUTALAND BHD 6.00 04/11/2013 MYR 0.71
EASTERN & ORIENT 8.00 07/25/2011 MYR 1.59
EASTERN & ORIENT 8.00 11/16/2019 MYR 1.53
ENCORP BHD 6.00 02/17/2016 MYR 0.92
KUMPULAN JETSON 5.00 11/27/2012 MYR 1.02
LION DIVERSIFIED 4.00 12/17/2013 MYR 0.94
MITHRIL BHD 3.00 04/05/2012 MYR 0.47
NAM FATT CORP 2.00 06/24/2011 MYR 0.03
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.25
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.32
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.41
PANTECH GROUP 7.00 12/21/2017 MYR 0.10
PUNCAK NIAGA HLD 2.50 11/18/2016 MYR 0.52
REDTONE INTL 2.75 03/04/2020 MYR 0.07
RUBBEREX CORP 4.00 08/14/2012 MYR 0.86
SCOMI ENGINEERING 4.00 03/19/2013 MYR 0.79
SCOMI GROUP 4.00 12/14/2012 MYR 0.07
TATT GIAP 2.00 06/03/2015 MYR 0.70
TRADEWINDS CORP 2.00 02/26/2016 MYR 0.90
TRADEWINDS PLANT 3.00 02/28/2016 MYR 1.60
TRC SYNERGY 5.00 01/20/2012 MYR 2.01
WAH SEONG CORP 3.00 05/21/2012 MYR 2.51
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.31
YTL CEMENT BHD 5.00 11/10/2015 MYR 2.63
NEW ZEALAND
-----------
ALLIED FARMERS 9.60 11/15/2011 NZD 34.25
DORCHESTER PACIF 5.00 06/30/2013 NZD 73.42
GENESIS POWER 8.50 07/15/2041 NZD 8.29
INFRATIL LTD 8.50 09/15/2013 NZD 7.35
INFRATIL LTD 8.50 11/15/2015 NZD 9.00
INFRATIL LTD 4.97 12/29/2049 NZD 64.00
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.26
NEW ZEALAND POST 7.50 11/15/2039 NZD 63.58
SKY NETWORK TV 4.01 10/16/2016 NZD 7.11
TOWER CAPITAL 8.50 04/15/2014 NZD 1.02
TRUSTPOWER LTD 8.50 09/15/2012 NZD 6.20
TRUSTPOWER LTD 8.50 03/15/2014 NZD 6.75
UNI OF CANTERBUR 7.25 12/15/2019 NZD 1.02
SINGAPORE
---------
BLUE OCEAN 11.00 06/28/2012 USD 38.00
CAPITAMALLS ASIA 1.00 01/21/2012 SGD 0.97
CAPITAMALLS ASIA 2.15 01/21/2014 SGD 0.99
F&N TREASURY PTE 2.48 03/28/2016 SGD 1.02
F&N TREASURY PTE 3.15 03/28/2018 SGD 1.00
NEXUS 1 PTE LTD 10.50 03/07/2012 USD 1.00
SENGKANG MALL 8.00 11/20/2012 SGD 0.45
UNITED ENG LTD 1.00 03/03/2014 SGD 1.54
WBL CORPORATION 2.50 06/10/2014 SGD 1.45
SOUTH KOREA
-----------
CN 1ST ABS 8.00 02/27/2015 KRW 30.93
CN 1ST ABS 8.00 11/27/2015 KRW 32.35
EPIVALLEY CO LTD 3.00 01/14/2014 KRW 74.91
GREAT KD 1ST ABS 15.00 08/19/2014 KRW 30.07
GRKABS 2ND ABS 10.00 09/29/2014 KRW 30.01
GYEONGGI MUTUAL 8.00 01/22/2016 KRW 60.14
HOPE KOD 1ST ABS 8.02 06/30/2012 KRW 23.02
HOPE KOD 2ND ABS 15.00 08/21/2012 KRW 30.52
HOPE KOD 3RD ABS 15.00 09/30/2012 KRW 30.41
HOPE KOD 4TH ABS 15.00 12/29/2012 KRW 25.03
HOPE KOD 6TH ABS 15.00 03/10/2013 KRW 33.88
IBK 17TH ABS 25.00 12/29/2012 KRW 54.45
KB 13TH ABS 25.00 07/02/2012 KRW 63.85
KB 14TH ABS 23.00 01/04/2013 KRW 61.13
KDB 6TH ABS 20.00 12/02/2019 KRW 72.66
KEB 17TH ABS 23.00 12/28/2011 KRW 61.00
NACF 18TH ABS 25.00 07/03/2011 KRW 30.00
SCONAB 2ND ABS 10.00 09/29/2014 KRW 30.01
SEGYE TOUR CO 4.00 11/06/2012 KRW 67.43
SINBO 1ST ABS 15.00 07/22/2013 KRW 30.54
SINBO 2ND ABS 15.00 08/26/2013 KRW 33.67
SINBO 3RD ABS 15.00 09/30/2013 KRW 33.54
SINBO 4TH ABS 15.00 12/16/2013 KRW 31.29
SINBO 5TH ABS 15.00 02/23/2014 KRW 30.57
SINBO CO 1ST ABS 15.00 03/15/2014 KRW 30.20
SINBO CO 1ST ABS 10.00 06/30/2014 KRW 30.10
SOLOMON MUTUAL B 8.50 10/29/2014 KRW 60.17
SRI LANKA
---------
SRI LANKA GOVT 5.35 03/01/2026 LKR 66.59
THAILAND
--------
THAILAND GOVT 0.75 01/04/2022 THB 69.34
VIETNAM
--------
VDB BOND 8.40 09/13/2011 VND 9.70
VDB BOND 8.40 01/15/2012 VND 9.50
VDB BOND 8.40 01/22/2012 VND 9.50
VDB BOND 8.40 01/26/2012 VND 9.50
VDB BOND 8.40 09/13/2016 VND 9.50
*********
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 ***