/raid1/www/Hosts/bankrupt/TCRAP_Public/110715.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Friday, July 15, 2011, Vol. 14, No. 139
Headlines
C H I N A
CHINA HONGQIAO: Fitch Assigns 'BB' Issuer Default Rating
H O N G K O N G
SHENSTONE LIMITED: Leung Fung Yee Alice Appointed as Liquidator
SHIU HUNG: Court Enters Wind-Up Order
SHIU PONG: Court Enters Wind-Up Order
SOVILLIER TEXTILES: Creditors' Proofs of Debt Due August 12
SUMORE CORPORATION: Pui and Cheung Appointed as Liquidators
SUPER TWIN: Creditors' Proofs of Debt Due July 22
TOKYO BAKERY: Commences Wind-Up Proceedings
TOKYO BAKERY & CAKE: Commences Wind-Up Proceedings
UL INTERNATIONAL: Cowley and Mitchell Appointed as Liquidators
UNITED SOURCE: Creditors' Proofs of Debt Due August 8
WIDEN JOIN: Court Enters Wind-Up Order
YU KEE: Court to Hear Wind-Up Petition on August 3
I N D I A
AIR INDIA: Finance Ministry Refuses to Pay VVIP Flights Dues
AIR INDIA: May Miss Interest Payment on Working Capital Loans
AKBAR TRAVELS: CRISIL Reaffirms 'BB+' Rating on INR368MM Credit
AMRIT EXPORTS: CRISIL Assigns 'BB' Rating to INR81.4MM Term Loan
COCHIN FROZEN: CRISIL Reaffirms 'B' Rating on INR8.8MM LT Loan
DEWAS METAL: CRISIL Reaffirms 'BB' Rating on INR120MM Cash Credit
FRESENIUS KABI: Fitch Affirms 'BB+(ind)' National Long Term Rating
GLOBE CAPACITORS: CRISIL Reaffirms 'BB+' Rating on INR10MM Loan
J.V. STRIPS: CRISIL Reaffirms 'BB-' Rating on INR410MM Credit
JAMNA DASS: CRISIL Rates INR300 Million Cash Credit at 'BB+'
KAVVERI TELECOM: CRISIL Upgrades Rating on INR285MM Loan to 'B-'
KHOKHAR INFRA: CRISIL Reaffirms 'BB+' Rating on INR50MM Credit
MALAXMI WIND: CRISIL Assigns 'B-' Rating to INR479.2MM LT Loan
MODI BUILDERS: CRISIL Reaffirms 'D' Rating on INR135MM Term Loan
NIKKA MAL: CRISIL Assigns 'BB+' Rating to INR120MM Cash Credit
OBERAI AUTO: CRISIL Assigns 'B+' Rating to INR6.5 Mil. Term Loan
PATEL WOOD: CRISIL Assigns 'D' Rating to INR137.3MM Term Loan
RANJEET AUTOMOBILES: CRISIL Rates INR120MM Cash Credit at 'BB'
SAI BALAJI: CRISIL Assigns 'D' Rating to INR198 Million LT Loan
SANGINITA CHEMICALS: CRISIL Assigns 'BB+' Rating to INR19.6MM Loan
SATIA INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR453.6MM Loan
SHIVANI HOT: CRISIL Assigns 'B-' Rating to INR90MM Long-term Loan
SUPER ELECTRO: CRISIL Reaffirms 'BB+' Rating on INR75MM Credit
VBC ASSOCIATES: CRISIL Rates INR190.7MM Long-term Loan at 'B+'
VELLORE ROLLER: CRISIL Assigns 'D' Rating to INR12MM LT Loan
VIKRAM TRADERS: CRISIL Rates INR80 Million Cash Credit at 'B+'
VOGUE VESTURES: CRISIL Rates INR125 Million Cash Credit at 'B+'
I N D O N E S I A
BANK PERMATA: Fitch Withdraws 'C/D' Individual Rating
SULFINDO ADIUSAHA: Fitch Affirms Issuer Default Rating at 'B'
J A P A N
GK L-JAC4: S&P Lowers Rating on Class B-2 Bonds to 'B'
M A L A Y S I A
SWEE JOO: Appoints Provisional Liquidator
N E W Z E A L A N D
ANTHEM HOLDINGS: Receivers Sell Wines; Awaits Court Action Outcome
BLUE STAR: Bondholders to Take Multi-Million Cut on Investment
BRIDGECORP LTD: Ruling Opens Way For Investor Claims, Expert Says
CAPITAL + MERCHANT: Directors Face 11 More Charges From SFO
CENTURY CITY: Owner Faces Bankruptcy Proceedings
FORSYTH BARR: Fitch Withdraws 'BB' Issuer Default Rating
LANE WALKER: SFO Lays 90 Fraud Charges in LWR Collapse
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=========
C H I N A
=========
CHINA HONGQIAO: Fitch Assigns 'BB' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned primary aluminium manufacturer China
Hongqiao Group Limited a Long-Term Foreign Currency Issuer Default
Rating (IDR) of 'BB' with Positive Outlook, and a senior unsecured
rating of 'BB'. The agency has also assigned Hongqiao's proposed
senior unsecured notes an expected 'BB(exp)' rating.
The final rating of the proposed notes is contingent upon the
receipt of documents conforming to information already received.
Net proceeds from the issue will mainly be used to expand capacity
at its aluminium production and captive power plant.
"The ratings reflect Hongqiao's competitive cost advantage over
other major Chinese aluminium producers, particularly in alumina
and electricity cost, which together accounts for roughly 75% of
its aluminium production cost," said Alan Chan, Associate Director
in Fitch's Asia-Pacific Corporates team. "Further, Hongqiao is
expected to reach a 70% self-sufficiency rate for its electricity
requirements within the next 12 to 18 months, up from 55% in 2010
and 33% in 2009, supporting the Positive Outlook."
Hongqiao's overall electricity cost for 2010 was 40% lower than
the standard electricity tariff rate. This was achieved through
its captive power plant and privately-owned power grid. By
supplying electricity through its captive power plant which runs
at a higher utilisation rate, Hongqiao's self-supplied electricity
is about 50% cheaper than rates from major power generators. The
balance of the company's electricity requirements is supplied
exclusively by Gaoxin Aluminium and Power (Gaoxin) with a high
level of stability. Gaoxin is a local state-owned energy company
based in the same Zouping County as Hongqiao with an installed
power generation capacity of 1,880MW and an annual alumina
production capacity of four million tons. Hongqiao has started
building a new power plant, which is expected to be completed by
July 2012 and will bring its electricity self-sufficiency to above
70%.
Hongqiao sourced its alumina at 31% discount to the average spot
alumina price in the Chinese market in 2010. This is because of
its long-term alumina bulk purchase agreement with Gaoxin, and the
lower logistic cost due to their geographic proximity. Gaoxin
supplies alumina at competitively low cost by refining imported
bauxite, which is cheaper and more energy-efficient than domestic
bauxite.
Hongqiao's ratings are further supported by its strong credit
metrics with expected financial leverage (adjusted net
debt/operating EBITDAR) of below 1.0x over the next 12-18 months.
While Hongqiao's aggressive expansion in 2011 will likely lead to
negative free cash flow over the short term, Fitch believes that
the cost advantage achieved by its captive power plant expansion
will further support its profitability and top line growth,
resulting in future positive free cash flow generation. Hongqiao's
large operating scale and strong profitability (FY10: EBITDAR
USD913m) also provide significant headroom to absorb any aluminium
and raw material price fluctuations.
Rating constraints are Hongqiao's limited number of manufacturing
bases and their concentration in Shandong Province, leaving it
exposed to unexpected operational failure of any single factory
and regulatory risk of the province. Currently, Hongqiao has only
three production sites, which are all located in Shandong
Province. Operational failure of any Hongqiao's plants would
severely impact revenue given their capacity utilization is
currently higher than 100%.
The Outlook may be changed to Stable if Hongqiao fails to improve
its electricity self-sufficiency rate over the next 18 months to
above 70%; and/or if EBITDA drops below CNY4,500 per ton on a
sustained basis. Fitch may consider further negative rating action
if there is deterioration in its business profile, including a
weakening of its market-leading position in Shandong Province;
and/or if net debt/ EBITDAR rises above 2.0x on a sustained basis.
The ratings may be upgraded if Hongqiao successfully raises
electricity self-sufficiency above 70% while maintaining financial
leverage below 1.0x.
================
H O N G K O N G
================
SHENSTONE LIMITED: Leung Fung Yee Alice Appointed as Liquidator
---------------------------------------------------------------
Leung Fung Yee Alice on June 30, 2011, was appointed as liquidator
of Shenstone Limited.
The liquidator may be reached at:
Leung Fung Yee Alice
5th Floor, Jardine House
1 Connaught Place
Central, Hong Kong
SHIU HUNG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on May 13, 2011, to
wind up the operations of Shiu Hung Industrial Limited.
The company's liquidator is Chiu Koon Shou.
SHIU PONG: Court Enters Wind-Up Order
-------------------------------------
The High Court of Hong Kong entered an order on June 21, 2011, to
wind up the operations of Shiu Pong Logistic Management Services
Company Limited.
The company's liquidator is Chiu Koon Shou.
SOVILLIER TEXTILES: Creditors' Proofs of Debt Due August 12
-----------------------------------------------------------
Creditors of Sovillier Textiles 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 liquidators are:
Mak Kay Lung Dantes
Rooms 2101-3 China Insurance Group Building
141 Des Voeux Road
Central, Hong Kong
SUMORE CORPORATION: Pui and Cheung Appointed as Liquidators
-----------------------------------------------------------
Messrs. Pui Chiu Wing and Cheung Lai Kuen on Dec. 6, 2010, were
appointed as liquidators of Sumore Corporation Limited.
The liquidators may be reached at:
Messrs. Pui Chiu Wing
Cheung Lai Kuen
Suites 1303-1306, 13/F
Asian House
1 Hennessy road
Wanchai, Hong Kong
SUPER TWIN: Creditors' Proofs of Debt Due July 22
-------------------------------------------------
Creditors of Super Twin Dragons Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by July 22, 2011, to be included in the company's dividend
distribution.
The company's liquidators are:
Patrick Cowley
Wing Sze Tiffany Wong
27th Floor, Alexandra House
18 Chater Road
Central, Hong Kong
TOKYO BAKERY: Commences Wind-Up Proceedings
-------------------------------------------
Creditors of Tokyo Bakery Holdings Limited, on June 24, 2011,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Fok Hei Yu
John Howard Batchelor
FTI Consulting (Hong Kong) Limited
14th Floor, The Hong Kong Club Building
3A Chater Road
Central, Hong Kong
TOKYO BAKERY & CAKE: Commences Wind-Up Proceedings
--------------------------------------------------
Creditors of Tokyo Bakery & Cake Limited, on June 24, 2011, passed
a resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Fok Hei Yu
John Howard Batchelor
FTI Consulting (Hong Kong) Limited
14th Floor, The Hong Kong Club Building
3A Chater Road
Central, Hong Kong
UL INTERNATIONAL: Cowley and Mitchell Appointed as Liquidators
--------------------------------------------------------------
Patrick Cowley and Paul Mitchell on June 24, 2011, were appointed
as liquidators of UL International Services Limited.
The liquidators may be reached at:
Patrick Cowley
Paul Mitchell
8th Floor, Prince's Building
10 Chater Road
Central, Hong Kong
UNITED SOURCE: Creditors' Proofs of Debt Due August 8
-----------------------------------------------------
Creditors of United Source International 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:
Lai Kar Yan (Derek)
Darach E. Haughey
35th Floor, One Pacific Place
88 Queensway, Hong Kong
WIDEN JOIN: Court Enters Wind-Up Order
--------------------------------------
The High Court of Hong Kong entered an order on June 23, 2011, to
wind up the operations of Widen Join Trading Limited.
The company's liquidator is:
Mat Ng
John Lees Associates
20/F, Henley Building
5 Queen's Road Central
Hong Kong
YU KEE: Court to Hear Wind-Up Petition on August 3
--------------------------------------------------
A petition to wind up the operations of Yu Kee Food Company
Limited will be heard before the High Court of Hong Kong on
Aug. 3, 2011, at 9:30 a.m.
Profit Hill Holdings Limited filed the petition against the
company on May 31, 2011.
The Petitioner's solicitors are:
T.C. Foo & Co.
Unit A, 20th Floor
Two Chinachem Plaza
135 Des Voeux Road
Central, Hong Kong
=========
I N D I A
=========
AIR INDIA: Finance Ministry Refuses to Pay VVIP Flights Dues
------------------------------------------------------------
The Times of India reports that the Indian Finance Ministry has
turned down the aviation ministry's request to release INR105
crore to Air India as payment for the home and defense ministries'
VVIP flights dues.
The Finance Ministry had earlier asked aviation authorities to
work out a long-term cash requirement for Air India based on some
reliable plan to turn around the airline, The Times of India says.
"[Air India] had taken INR200 crore last month from a bank for 15
days to pay salaries. We had hoped payment of INR105 crore dues
of VVIP flights would help us repay that loan. But that request
has been turned down," The Times of India quotes unnamed sources
as saying.
A group of ministers on Air India will meet next week to discuss
how to keep the airline alive, The Times of India notes.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
* * *
The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown. The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09. Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.
The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15. The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years. Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.
AIR INDIA: May Miss Interest Payment on Working Capital Loans
-------------------------------------------------------------
The Wall Street Journal's livemint.com reports that Air India
plans to raise US$850 million (INR3,791 crore) to part-fund the
purchase of 27 Boeing 787 planes as the state-run carrier battles
to prevent working capital loans from turning into bad debt.
On Tuesday, livemint.com says, Air India told the Finance Ministry
that it may not be able to service working capital loans from
Indian banks if it doesn't get an immediate equity infusion of
INR6,600 crore from the government.
Livemint.com relates that two Air India executives said if the
carrier fails to make payments before July 31, the loans will turn
bad as no payments have been made in the last two months. A loan
turns bad if a borrower doesn't service it for three months.
Without the equity infusion, livemint.com notes, the cost of
borrowing will go up for the proposed US$850 million debt-raising
plan.
"The moment a company defaults in paying interest to banks, its
future fund-raising programme gets affected, but Air India will
get the benefit of being a government entity," livemint.com quotes
Madan Sabnavis, chief economist at rating agency firm Credit
Analysis and Research Ltd, as saying.
Air India, says livemint.com, has submitted a financial
restructuring plan to the Finance Ministry. According to the
plan, at least 60% of the total working capital will be converted
into a long-term loan and the rest into cumulative preference
shares for 15 years. The plan envisages a saving of
INR1,000 crore a year in interest rates, the report notes.
About Air India
Air India -- http://www.airindia.com/-- transports passengers
throughout India and to more than 40 destinations throughout the
world. Affiliate Air India Express operates as a low-fare
carrier, mainly between India and destinations in the Middle East,
and Air India Cargo provides freight transportation. The
government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on domestic
routes. The combined airline, part of a new holding company
called National Aviation Company of India, uses the Air India
brand. The new Air India and its affiliates have a fleet of more
than 110 aircraft altogether.
* * *
The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been bleeding
cash due to excess capacity, lower yield, a drop in passenger
numbers, an increase in fuel prices and the effects of the global
slowdown. The carrier incurred net losses of INR2,226.16 crore in
2007-08 and INR5,548 crore in 2008-09. Air India is estimated to
have lost INR54 billion in the fiscal year ended March 31, 2010,
according to The Wall Street Journal.
The TCR-AP, citing livemint.com, reported on July 27, 2010, that
Air India unveiled a turnaround plan that envisages the airline
reaching operational break-even and wiping out the INR14,000 crore
of accumulated losses and INR18,000 crore of debt on its balance
sheet by 2014-15. The plan includes raising the company's fleet
strength to as many as 275 planes from 148 in five years. Air
India Chairman and Managing Director Arvind Jadhav said the new
100-page turnaround plan for 2010-14, which ruled out any job cuts
or wage reductions, was approved by the board and would be adopted
after incorporating suggestions by representatives of the
airline's 33,500 employees.
AKBAR TRAVELS: CRISIL Reaffirms 'BB+' Rating on INR368MM Credit
---------------------------------------------------------------
CRISIL's ratings on the various bank facilities of Akbar Travels
of India Pvt Ltd continue to reflect the company's established
position in the ticketing segment, and moderate financial risk
profile. These rating strengths are, however, partially offset by
Akbar Travels' strained liquidity because of cash flow mismatch,
and susceptibility of the company's revenues and profitability to
cyclicality in the airline industry.
Facilities Ratings
---------- -------
INR368 Million Cash Credit BB+/Stable (Reaffirmed)
INR60 Million Bank Guarantee P4+ (Reaffirmed)
Outlook: Stable
CRISIL believes that Akbar Travels will maintain its strong
business risk profile over the medium term on the back of its
large agent net work and its established brand name in the airline
ticketing industry. However, its financial risk profile is
expected to remain constrained by its weak liquidity. The outlook
may be revised to 'Positive' if Akbar Travels brings in long-term
funds, considerably improving its liquidity. Conversely, the
outlook may be revised to 'Negative' if Akbar Travels' operating
margin declines significantly, or the company undertakes any
large, debt-funded capital expenditure programme that may
constrain its financial risk profile.
Update
Akbar Travels' performance in 2010-11 (refers to financial year,
April 1 to March 31) was in line with CRISIL's expectations,
supported by higher ticket sales. The company is estimated to have
closed the year with revenues of about INR2.4 billion in 2010-11,
about 47% year-on-year revenue growth. Akbar Travels'
profitability was also stronger because of the increase in scale
of operations and higher annual performance linked bonus (PLB)
received from airlines from May 2011 to June 2011 for the over
achievement of targets in 2009-10. The company is estimated to
have closed the year with net profit of about INR80 million in
2010-11, more than two times the profit in the preceding year. The
performance in 2011-12 is expected to remain healthy as Akbar
Travels is slated to receive a much higher PLB in 2011-12, for the
strong performance in 2010-11. Despite the healthy performance,
the company's liquidity remained weak during the year, because of
large working capital requirements. Akbar Travels' fund-based bank
limits remained fully utilised with frequent reliance on ad-hoc
limits, even after an enhancement of INR200 million to INR500
million in fund-based limits during 2010-11.
Akbar Travels reported a profit after tax (PAT) of INR30.3 million
on net sales of INR1.8 billion for 2009-10, against a PAT of
INR17.8 million on net sales of INR1.6 billion for 2008-09.
About Akbar Travels
Akbar Travels is a leading travel agency registered under the
International Air Transport Association. The company offers a wide
range of travel-related services and facilities such as domestic
and international ticketing, foreign exchange, Haj packages, visa
services, car rentals, and holiday packages through its 64 braches
across India. It also has seven offices outside India, mainly in
the Middle East. Akbar Travels started its operations in 1978, and
was reconstituted as a limited company in 2001. It is promoted by
Mr. K V Abdul Nazar and Ms. Noorjahan Abdul Nazar.
AMRIT EXPORTS: CRISIL Assigns 'BB' Rating to INR81.4MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'BB/Stable/P4+' ratings to the bank
facilities of Amrit Exports Pvt Ltd.
Facilities Ratings
---------- -------
INR81.4 Million Term Loan BB/Stable (Assigned)
INR10 Million Overdraft Facility BB/Stable (Assigned)
INR100 Million Foreign Bill Purchase P4+ (Assigned)
INR182.5 Million Packing Credit P4+ (Assigned)
INR5 Million Bank Guarantee P4+ (Assigned)
INR10 Million Inland Letter of Credit P4+ (Assigned)
The ratings reflect the extensive experience of AEPL's promoter in
manufacturing industrial garments and its established clientele.
These rating strengths are partially offset by AEPL's below-
average financial risk profile, marked by high gearing, small net
worth, and below-average debt protection metrics, and large
working capital requirements.
Outlook: Stable
CRISIL believes that AEPL will benefit over the medium term from
the extensive industry experience of its promoter and its
established clientele. The outlook may be revised to 'Positive' in
case of higher-than-expected increase in revenues and
profitability and improvement in net worth by equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected profit margins, or if the company undertakes
any large debt-funded capital expenditure programme.
About Amrit Exports
AEPL was incorporated in 1996 but started commercial operations in
1998. The company manufactures and exports all kinds of industrial
garments and safety wear. AEPL is ISO 9001:2008 certified by DNV
Netherlands and has 28 factories all around Kolkata (West Bengal).
The company exports its products to Europe.
AEPL reported a profit after tax (PAT) of INR10 million on net
sales of INR405 million for 2009-10 (refers to financial year,
April 1 to March 31), as against a PAT of INR7 million on net
sales of INR295 million for 2008-09.
COCHIN FROZEN: CRISIL Reaffirms 'B' Rating on INR8.8MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cochin Frozen Food
Exports Pvt Ltd continue to reflect CFFEPL's weak financial risk
profile marked by weak debt protection metrics, a high gearing,
and a low profitability, small scale of operations, and customer
concentrated revenue profile.
Facilities Ratings
---------- -------
INR8.8 Million Long-Term Loan B/Stable (Reaffirmed)
INR60.0 Million Packing Credit Limit P4 (Reaffirmed)
INR50.0 Mil. Post-Shipment Credit Limit P4 (Reaffirmed)
The ratings also factor in CFFEPL's exposure to risks inherent in
the seafood exports industry, and susceptibility to volatility in
prices of raw materials and in foreign exchange rates. These
rating weaknesses are partially offset by CFFEPL's promoters'
track record in the seafood export business.
Outlook: Stable
CRISIL believes that CFFEPL will continue to benefit over the
medium term from its established customer relationships. However,
CFFEPL's gearing is expected to remain high during this period
because of the company's large working capital requirements and
small net worth. The outlook may be revised to 'Positive' if
CFFEPL scales up its operations and increases its cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
company undertakes a large, debt-funded capital expenditure
programme, leading to deterioration of its capital structure, or
if the company's volumes or margins decline steeply, resulting in
weakening of its financial risk profile.
Update
CFFEPL's operating income registered a year-on-year growth rate of
13% in 2010-11 (refers to financial year, April 1 to March 31),
driven by a demand pickup in export markets. The company's
profitability has also improved to 5.9% in 2010-11 from 2.8% in
2009-10. The increase in revenues and profitability over the
previous year has resulted in a stable financial risk profile for
CFFEPL, in line with CRISIL's expectations. CRISIL believes that
CFFEPL will benefit from its unencumbered cash and bank balances
of nearly INR13.0 million, which would be sufficient to service
its maturing term debt over the medium term. CFFEPL reported a
profit after tax (PAT) of INR1.44 million on net sales of INR195.0
million for 2010-11, against a PAT of INR0.73 million on net sales
of INR173.20 million for 2009-10.
About Cochin Frozen
Set up in 1992 by Mr. K Prabhakaran, CFFEPL exports shrimp and
fish. It has a processing capacity of 45.5 tonnes per day.
DEWAS METAL: CRISIL Reaffirms 'BB' Rating on INR120MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dewas Metal Section Ltd
continue to reflect healthy growth in DMSL's scale of operations.
DMSL's revenues increased to INR1.35 billion in 2010-11 (refers to
financial year, April 1 to March 31) from INR660 million in
2009-10. The revenue growth has been driven by large orders for
the automobile and elevator segments of the company. CRISIL
believes that DMSL will improve its business risk profile over the
medium term, supported by optimization of its enhanced capacities
and diversification in its customer profile.
Facilities Ratings
---------- -------
INR120 Million Cash Credit BB/Positive
(Enhanced from INR70 Million)
INR140 Million Letter of Credit P4+
(Enhanced from INR65 Million)
INR10 Million Bank Guarantee P4+
(Enhanced from INR5 Million)
The ratings also reflect DMSL's long track record in the steel
industry, and established relationships with its customers. These
rating strengths are partially offset by DMSL's below-average
financial risk profile marked by a small net worth and a high
gearing.
Outlook: Positive
CRISIL believes that DMSL's business risk profile will continue to
improve over the medium term with the expected optimization of its
enhanced capacities, leading to sustained growth in the company's
scale of operations. The ratings may be upgraded if the company
sustains its topline growth and its profitability without any
deterioration in its capital structure from the current levels.
Conversely, the outlook may be revised to 'Stable' in case DMSL
undertakes any larger-than-expected, debt-funded capital
expenditure programme, or if its reliance on external debt (to
fuel the business growth) increases significantly, thereby
weakening its financial risk profile further.
About Dewas Metal
Incorporated in 1979, DMSL manufactures metal sections, channels,
and angles. Its manufacturing facilities at Dewas (Madhya Pradesh)
and Pune (Maharashtra) have a combined capacity of around 25,000
tonnes per annum. DMSL caters to the automobile, elevator, civil
engineering, textile machinery, and electrical industries among
others. DMSL also plans to enter the railway segment through the
supply of sections for wagons and coaches.
DMSL's profit after tax (PAT) is estimated at INR37 million on net
sales of INR1.35 billion in 2010-11, against a PAT of INR10.0
million on net sales of INR660.6 million for 2009-10.
FRESENIUS KABI: Fitch Affirms 'BB+(ind)' National Long Term Rating
------------------------------------------------------------------
Fitch Rating has revised India-based Fresenius Kabi India Private
Ltd's Outlook to Positive from Stable and simultaneously affirmed
its National Long-Term rating at 'BB+(ind)'. The agency has also
affirmed FKIPL's bank facilities:
-- INR15m fund-based working capital limit: 'BB+(ind)';
-- INR5m non-fund based working capital limit: 'F4(ind)'; and
-- INR451m umbrella working capital limit:
'A(ind)(SO)'/'F1(ind)(SO)'.
The Outlook Revision follows Fitch's similar rating action on
Fresenius SE ('BB'/Positive), the ultimate parent. The ratings of
FKIPL have been arrived based on its legal and strategic linkages
with its parent -- Fresenius Kabi (FK), whose credit profile is
directly linked to Fresenius SE's. The legal linkage is in the
form of an unconditional and irrevocable corporate guarantee
provided by FK for 95% of FKIPL's debt. The strategic linkage
emanates from FK's timely and tangible support to FKIPL.
During the financial year ended March 31, 2011 (FY11), FKIPL's
revenues grew by 16.3% yoy, primarily due to increased
contribution of traded goods (53% of total FY11 revenues).
However, its EBIDTA margins declined on account of increased
primary input costs such as those for granules (used as packaging
material) and raw material (dextrose) as they are linked to global
crude prices. Further, Fitch notes that on a net basis, the
company continued to post a net loss due to depreciation and one-
time loss on write-off of assets in FY11.
FKIPL debt was mainly working capital oriented in FY11. Its
liquidity was supported by interest income received from its loan
and advances as well by an inter-corporate deposit by the parent
to fund a capex of INR74.8 million in FY11.
Fitch expects FKIPL's revenues and operating profit to improve on
account of a substantial 17% growth in its speciality division
(traded goods) and medical devices business in FY11. Its operating
margin will also be aided by product substitution as the company
is undertaking manufacturing of some of its traded products.
However, the agency expects FKIPL's credit profile to remain
dependent on its parent's.
A positive rating action may result from positive movements in
Fresenius SE's ratings as FKIPL's ratings are linked to the
former's. On the other hand, any negative movements in Fresenius
SE's ratings would negatively impact FKIPL's ratings.
FKIPL operates FK's operations in India and its infusion therapy
products are manufactured at its Pune plant. In FY11, FKIPL's
EBITDA was INR22.1 million (FY10: INR36 million) and total debt
stood at INR424.6 million. Its net debt/EBITDA stood at 20.2x in
FY10 (FY09: 10.8x).
GLOBE CAPACITORS: CRISIL Reaffirms 'BB+' Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Globe Capacitors Ltd,
part of the Globe group, continue to reflect the group's
established market position in the capacitor industry and the
increasing share of revenues from its overseas business. These
rating strengths are partially offset by the Globe group's weak
financial risk profile, marked by weak liquidity, moderate
gearing, small net worth, and weak debt protection metrics, large
working capital requirements, and geographical concentration.
Facilities Ratings
---------- -------
INR152.5 Million Cash Credit BB+/Negative (Reaffirmed)
INR10.0 Million Term Loan BB+/Negative (Reaffirmed)
INR60.0 Million Letter of Credit P4+ (Reaffirmed)
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GCL and its associate company, Super
Electro Films Ltd (SEFL), collectively referred to as the Globe
group. This is because both the entities have common promoters and
management. Also, SEFL supplies around 60% of its output to GCL.
Furthermore, the companies have also provided corporate guarantee
for each other's debt.
Outlook: Negative
CRISIL believes that the Globe group's liquidity will remain weak
over the medium term because of its large working capital
requirements. Furthermore, the group's financial risk profile is
expected to weaken in the near term due to SEFL's debt-funded
capital expenditure (capex) plans in 2011-12 (refers to financial
year, April 1 to March 31). The ratings may be downgraded in case
the group's liquidity weakens further because of increased working
capital requirements, or there is more-than-expected deterioration
in its gearing and debt protection metrics because of larger-than-
expected capex borrowings. Conversely, the outlook may be revised
to 'Stable' if the Globe group reports more-than-expected
profitability or improves its working capital management.
About the Group
GCL was established in 1978 in Faridabad and promoted by Mr. S P
Agarwal to manufacture capacitors. The company started its
operations by manufacturing capacitors using the paper/foil
technology and gradually began manufacturing metalized
polypropylene capacitors. GCL uses the globally accepted
dielectric technology, with in-built safety mechanisms, which
prevents bursting and protects the equipment in the event of a
voltage breakdown. The company increased its capacity to 30
million pieces per annum as on March 31, 2011, from 15 million
pieces as on March 31, 2008, to cater to the increasing
requirements of its established clientele.
SEFL was incorporated in 1979 in Faridabad (Haryana) as Super
Electro Capacitors Ltd and promoted by Mr. S P Agarwal to
manufacture capacitors. The company's name was changed to the
current one in 2005, when it started manufacturing metalized
polypropylene films, which is the key raw material for capacitors.
SEFL has installed capacity to manufacture 720 tonnes per annum of
metalised polypropylene films. The company supplies around 60% of
its output to GCL.
The Globe group reported, on provisional basis, a profit after tax
(PAT) of INR27.3 million on net sales of INR587 million for
2010-11; against a PAT of INR26.2 million on net sales of INR491
million for 2009-10.
J.V. STRIPS: CRISIL Reaffirms 'BB-' Rating on INR410MM Credit
-------------------------------------------------------------
CRISIL has assigned its 'P4+' rating to the letter of credit
facility of J.V. Strips Ltd, while reaffirming its rating on the
company's long-term bank facilities at 'BB-/Stable'.
Facilities Ratings
---------- -------
INR410.0 Million Cash Credit BB-/Stable
(Enhanced from INR360.0 Million)
INR50.0 Mil. Standby Line of Credit BB-/Stable (Reaffirmed)
INR65.0 Million Term Loan BB-/Stable (Reaffirmed)
INR50.0 Million Letter of Credit P4+ (Assigned)
The ratings continue to reflect the extensive experience of JVSL's
promoter in the steel business. This rating strength is partially
offset by JVSL's weak financial risk profile, marked by a high
total outside liabilities to tangible net worth ratio, small net
worth, and weak debt protection metrics, and susceptibility to
volatility in steel prices.
Outlook: Stable
CRISIL believes that JVSL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if JVSL reports substantial
improvement its operating profitability and cash accruals, leading
to improvement in its overall financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
any large, debt-funded capital expenditure programme, leading to
weakening of its capital structure, or if it faces significant
pressure on its profitability.
About J.V. Strips
JVSL, promoted by Mr. Jai Bhagwan Bindal, was set up as a closely
held public limited company in September 1995. JVSL manufactures
cold-rolled coils from hot-rolled coils, with thickness ranging
from 2 millimetre (mm) to 5 mm, and a width of 14 mm. The company
caters mainly to the automobile sector. Around 70% of JVSL's
revenues are derived from vendors of original equipment
manufacturers, and the rest from traders. JVSL has a manufacturing
capacity of 40,000 tonnes per annum (tpa).
JVSL's profit after tax (PAT) is estimated at INR4.67 million on
net sales of INR2235.59 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR3.67 million on
net sales of INR1749.08 million for 2009-10.
JAMNA DASS: CRISIL Rates INR300 Million Cash Credit at 'BB+'
------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the long-term bank
facilities of Jamna Dass Nikkamal Jain Saraf Pvt Ltd, part of the
Nikkamal group.
Facilities Ratings
---------- -------
INR300 Million Cash Credit BB+/Stable(Assigned)
The rating reflects the long and established track record of the
Nikkamal group's promoters in the jewellery retail and bullion
trading business, and the group's moderate scale of operations and
diversified revenue profile. These rating strengths are partially
offset by the group's below-average financial risk profile, marked
by small net worth, high gearing, low profitability, and weak debt
protection metrics, and susceptibility to intense market
competition and to volatility in prices of raw material.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of JDNM, Nikka Mal Jewellers, Nikkamal
Jewellers Pvt Ltd, and Nikkamal Jewels Pvt Ltd, collectively
referred to as the Nikkamal group. This is because all the four
entities are in the same line of business, have a common
management, cross holdings and have operational and financial
linkages with each other.
Outlook: Stable
CRISIL believes that the Nikkamal group will continue to benefit
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case the Nikkamal group improves its
capital structure, most likely by generating more-than-expected
cash accruals, driven by improvement in profitability or fresh
equity infusion by promoters. Conversely, the outlook may be
revised to 'Negative' in case of a sharp increase in the group's
working capital requirements or pressure on its profitability.
About the Group
The Nikkamal group derives 80% of its revenues from bullion
trading, and the remaining from jewellery retail through its three
showrooms in Punjab. The operations of Nikkamal group are managed
by Mr. Chanderkant Jain and his brother, Mr. Manakchand Jain, who
represent the sixth generation of the promoter family, which has
been engaged in the jewellery business since 1870.
NJ, set-up in 1991, is engaged in bullion trading. JDNM,
incorporated in 1991, manufactures and retails gold and diamond-
studded jewellery through its showroom in Ludhiana (Punjab). NJPL
retails diamond-studded jewellery in Ludhiana; and Nikkamal Jewels
Pvt Ltd, retails both diamond-studded and gold jewellery in
Jalandhar (Punjab).
The Nikkamal group reported, an estimated profit after tax (PAT)
of INR63.4 million on an estimated net sales of INR7.07 billion
for 2010-11 (refers to financial year, April 1 to March 31); the
group reported a PAT of INR10.2 million on net sales of INR7.49
billion for 2009-10.
KAVVERI TELECOM: CRISIL Upgrades Rating on INR285MM Loan to 'B-'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Kavveri
Telecom Products Ltd, part of the KTPL group, to 'B-/Stable/P4'
from 'D/P5'.
Facilities Ratings
---------- -------
INR285 Million Term Loan B-/Stable (Upgraded from 'D')
INR300 Million Cash Credit B-/Stable (Upgraded from 'D')
INR350 Million Letter of Credit/ P4 (Upgraded from 'P5')
Bank Guarantee
The upgrade follows timely servicing of debt by KTPL since March
2011. The KTPL group has improved its liquidity by raising equity
capital from its promoters and investors in June 2011.
The ratings reflect the KTPL group's short track record of timely
debt repayment, large capital expenditure (capex) plans, working-
capital-intensive operations, and customer and supplier
concentration. These rating weaknesses are partially offset by the
group's established market position in the antenna and radio
frequency (RF) products industry, and strong research and
development capabilities.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KTPL and its subsidiaries Eaicom India
Pvt Ltd, Kavveri Technologies Inc (Kavveri Tech, including its
subsidiaries Tiltek Antennae Inc, Kavveri Realty 5 Inc, DCI
Digital Communication Inc, Spotwave Wireless Ltd, and Kavveri
Telecom Infrastructure Ltd. This is because all the entities,
together referred to as the KTPL group, are in the same line of
business and under a common management. Furthermore, CRISIL
believes that KTPL will extend need-based support to its
subsidiaries.
Outlook: Stable
CRISIL believes that KTPL group will continue to benefit from its
established presence and proven research capabilities in the
antenna and radio frequency (RF) products business. However, its
financial risk profile is likely to remain constrained due to high
working capital intensity and large capex plans. The outlook could
be revised to 'Positive' in case of a sustained improvement in the
capital structure and working capital cycle. Conversely, the
outlook could be revised to 'Negative' if KTPL undertakes a
larger-than-expected debt-funded capex programme or acquisition,
which could adversely affect its financial risk profile.
About the Group
KTPL was promoted in 1996 by Mr. Shivakumar Reddy. It designs,
develops, and manufactures antennae, RF components, and repeaters
for the wireless telecommunication (telecom) industry. The
company's promoter has been in the same line of business through a
proprietorship concern since 1991. KTPL has set up operations in
Canada and the US through its acquisition of Tiltek, DCI, and SWL.
KTI is in the business of providing in-building coverage solutions
(to boost telecom network coverage inside a building) on build-
own-operate-and-lease basis for telecom service providers.
For 2010-11 (refers to financial year, April 1 to March 31), the
KTPL group reported a profit after tax (PAT) of INR394.68 million
on net sales of INR3.01 billion, against a PAT of INR252.79
million on net sales of INR2.37 billion for the previous year.
KHOKHAR INFRA: CRISIL Reaffirms 'BB+' Rating on INR50MM Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Khokhar Infrastructure
Pvt Ltd continue to reflect the Khokhar Infra's marginal market
position in the intensely competitive construction industry, and
geographical and customer concentration in its revenue profile.
Facilities Ratings
---------- -------
INR50 Million Cash Credit BB+/Stable (Reaffirmed)
INR150 Million Proposed LT BB+/Stable (Reaffirmed)
Bank Loan Facility
INR150 Million Bank Guarantee P4+ (Reaffirmed)
These rating weaknesses are partially offset by the Khokhar
Infra's moderate order book, providing medium-term revenue
visibility, and adequate debt protection metrics.
For arriving at its ratings, CRISIL has combined the financial and
business risk profiles of Khokhar and the partnership firm Bharat
Construction, which is owned by Khokhar's promoters. This is
because Khokhar took over Bharat Constructions' operations and
management on March 31, 2010.
Outlook: Stable
CRISIL believes that the Khokhar Infra will maintain its financial
risk profile over the medium term, on the back of lower reliance
on bank borrowings and adequate debt protection metrics. The
outlook may be revised to 'Positive' if the Infra strengthens its
business risk profile by increasing its scale of operations and
enhancing diversity in its order book while maintaining its
operating margin, or further improves its capital structure by
infusion of equity. Conversely, the outlook may revised to
'Negative' if the Khokhar Infra reports sustained decline in
revenues or margins, or undertakes any large, debt-funded capital
expenditure (capex) programme, leading to deterioration in its
financial risk profile.
Update
During 2010-11 (refers to financial year, April 1 to March 31),
the Khokhar Infra posted revenues of INR646 million which is about
an 8.4% increase over the previous year. It has maintained its
operating margin in line with the previous year. CRISIL believes
that the Infra will maintain its healthy growth in revenues,
backed by a strong unexecuted order book of INR1.5 billion as on
May 15, 2011, while maintaining its stable operating margin.
The Khokhar Infra has maintained comfortable gearing and debt
protection metrics driven by lower-than-expected term debt
borrowings and stable operating margin during 2010-11. The gearing
is estimated at below 1 times as on March 31, 2011. The Infra's
gearing is expected to remain comfortable because of the absence
of any significant debt-funded capex over the medium term. The
Khokhar Infra's net worth remains modest and is estimated around
INR90 million as on March 31, 2011. CRISIL believes that the
Khokhar Infra will maintain adequate liquidity backed by
sufficient net cash accruals, moderate bank lines utilizations,
and better working capital management. As informed by the
management, there was no activity in Bharat Construction during
2010-11.
The Khokhar Infra (on a consolidated basis) reported a provisional
profit after tax (PAT) of INR23.5 million on net sales of INR646
million for 2010-11, against a PAT of INR20.0 million on net sales
of INR605 million, for the previous year.
About Khokhar Infrastructure
Khokhar, incorporated in 2007 by the late Mr. Harbhajan Singh
Khokhar along with his family, undertakes civil construction
activities, including construction of roads, bridges, and
buildings, in Jharkhand and Bihar. Bharat Construction, engaged in
similar activity, was set up as a partnership concern by
Mr. Harbhajan Singh Khokhar and his three brothers in 2001. The
firm was acquired by Khokhar on March 31, 2010.
MALAXMI WIND: CRISIL Assigns 'B-' Rating to INR479.2MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the long-term loan
facility of Malaxmi Wind Power.
Facilities Ratings
---------- -------
INR479.20 Million Long-Term Loan B-/Stable (Assigned)
The rating reflects MWP's exposure to risks inherent in its
ongoing project involving the installation of a 2.1-megawatt (MW)
windmill in Bellary district (Karnataka). The rating also factors
in MWP's below-average financial risk profile marked by a high
gearing and weak debt protection metrics. These rating weaknesses
are partially offset by MWP's stable revenues from the power
purchase agreements (PPA) that it has signed with Jodhpur Vidyut
Vitaran Nigam Ltd (JVVNL) & Gulbarga Electricity Supply Company
Ltd (GESCOM); MWP also benefits from its promoter's extensive
experience and fund support.
Outlook: Stable
CRISIL believes that MWP will benefit over the medium term from
the assured off take by JVVNL and GESCOM, and the extensive
experience of its promoter in the power sector. The outlook may be
revised to 'Positive' if MWP stabilizes its project earlier than
expected, leading to a significant increase in power generation,
thereby resulting in higher cash accruals and a consequent
improvement in the firm's capital structure. Conversely, the
outlook may be revised to 'Negative' if there is significant time
or cost overrun in MWP's ongoing project, leading to a delay in
stabilization of operations or delays in receivables from the
state electricity utilities, leading to low cash accruals, or if
the firm undertakes a larger-than-expected, debt-funded capital
expenditure (capex) programme, or reports a significant drop in
its power generation, leading to a decline in its cash accruals,
or a in case of large capital withdrawals by the promoter.
About Malaxmi Wind
MWP was set up as a proprietorship firm in 2008 by Mr. Y Harish
Chandra Prasad. The firm operates windmills and has an installed
capacity of 8.4 megawatts (MW) in Jaisalmer (Rajasthan); it has
signed a PPA with JVVNL for the next 20 years. MWP is currently
setting up a windmill with an installed capacity of 2.1 MW in
Bellary at a total project cost of INR120.0 million. The project
is expected to be commissioned in July 2011. The capex is being
funded at a debt-to-equity ratio of 65:35. The windmill machinery
is being supplied by Suzlon Energy Ltd with whom the firm has
signed a contract for operation and maintenance. MWP's promoter
has over two decades of experience in the power sector and has a
number of other entities such as Raicherla Power Pvt Ltd and
Malaxmi Power Ventures Pvt Ltd engaged in the establishing and
commissioning of conventional energy projects.
MWP reported (on a provisional basis) a profit before tax of
INR14.0 million on net sales of INR19.8 million for 2010-11
(refers to financial year, April 1 to March 31).
MODI BUILDERS: CRISIL Reaffirms 'D' Rating on INR135MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Modi Builders continue
to reflect instances of delay by Modi Builders in servicing its
term loan; the delays have been caused mainly by the firm's weak
liquidity, driven by delays in receipt of rental income from
customers.
Facilities Ratings
---------- -------
INR135 Million Term Loan D (Reaffirmed)
The rating also reflects Modi Builders' weak financial risk
profile marked by small net worth, high gearing and weak debt
protection metrics due to mismatch in cash flows from rental
income, and its small scale of operations. However, the firm
continues to benefit from its promoter's extensive experience in
real estate development and leasing.
Update
Modi Builders' liquidity continues to be weak because of delays in
payment from its customers. Also, Modi Builders' key customer is
getting its debt restructured, which has resulted in the firm
restructuring its lease agreement with the customer, whereby the
customer is paying only INR1.5 million per month against earlier
INR2.3 million per month - this is less than Modi Builders'
monthly repayment obligations of INR1.9 million. Therefore, the
firm is depending on other sources for funds and is facing
liquidity pressures, leading to its delays in debt repayment.
About Modi Builders
Set up in 1979 as a partnership firm by Mr. Ramesh Modi and Mr.
Bharat Modi, Modi Builders is into commercial real estate
development and leasing in Pune. Currently, the firm is earning
rental income from two commercial properties -- Modi Mall and Modi
Towers. The firm also occasionally trades in land plots.
Modi Builders is part of the Modi group, which mainly trades in
land. The group has a total land bank of about 600 acres in and
around Pune. The group is also into residential real estate
development, retailing garments, and runs a petrol pump in Pune.
Modi Builders reported, on provisional basis, a profit after tax
(PAT) of INR7.5 million on net sales of INR24.9 million for
2010-11 (refers to financial year, April 1 to March 31); it
reported a PAT of INR INR7.92 million on net sales of INR36.42
million for 2009-10.
NIKKA MAL: CRISIL Assigns 'BB+' Rating to INR120MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable/P4+' ratings to the bank
facilities of Nikka Mal Jewellers, part of the Nikkamal group.
Facilities Ratings
---------- -------
INR120 Million Cash Credit BB+/Stable (Assigned)
INR30 Million Bank Guarantee P4+ (Assigned)
The rating reflects the long and established track record of the
Nikkamal group's promoters in the jewellery retail and bullion
trading business, and the group's moderate scale of operations and
diversified revenue profile. These rating strengths are partially
offset by the group's below-average financial risk profile, marked
by small net worth, high gearing, low profitability, and weak debt
protection metrics, and susceptibility to intense market
competition and to volatility in prices of raw material.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of NJ, Jamna Dass Nikkamal Jain Saraf Pvt
Ltd, Nikkamal Jewellers Pvt Ltd, and Nikkamal Jewels Pvt Ltd,
collectively referred to as the Nikkamal group. This is because
all the four entities are in the same line of business, have a
common management, cross holdings and have operational and
financial linkages with each other.
Outlook: Stable
CRISIL believes that the Nikkamal group will continue to benefit
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case the Nikkamal group improves its
capital structure, most likely by generating more-than-expected
cash accruals, driven by improvement in profitability or fresh
equity infusion by promoters. Conversely, the outlook may be
revised to 'Negative' in case of a sharp increase in the group's
working capital requirements or pressure on its profitability.
About the Group
The Nikkamal group derives 80% of its revenues from bullion
trading, and the remaining from jewellery retail through its three
showrooms in Punjab. The operations of Nikkamal group are managed
by Mr. Chanderkant Jain and his brother, Mr. Manakchand Jain, who
represent the sixth generation of the promoter family, which has
been engaged in the jewellery business since 1870.
NJ, set-up in 1991, is engaged in bullion trading. JDNM,
incorporated in 1991, manufactures and retails gold and diamond-
studded jewellery through its showroom in Ludhiana (Punjab). NJPL
retails diamond-studded jewellery in Ludhiana; and Nikkamal Jewels
Pvt Ltd, retails both diamond-studded and gold jewellery in
Jalandhar (Punjab).
The Nikkamal group reported, an estimated profit after tax (PAT)
of INR63.4 million on an estimated net sales of INR7.07 billion
for 2010-11 (refers to financial year, April 1 to March 31); the
group reported a PAT of INR10.2 million on net sales of INR7.49
billion for 2009-10.
OBERAI AUTO: CRISIL Assigns 'B+' Rating to INR6.5 Mil. Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'B+/Stable/P4' ratings to the bank
facilities of Oberai Auto Sales.
Facilities Ratings
---------- -------
INR6.5 Million Term Loan B+/Stable (Assigned)
INR32.5 Million Cash Credit B+/Stable (Assigned)
INR12.5 Million Bank Guarantee P4 (Assigned)
The ratings reflect OAS's weak financial risk profile, marked by
high gearing, small net worth, and weak debt protection metrics on
account of large working capital requirements, and its small scale
of operations with low profitability. These weaknesses are
partially offset by the extensive experience of OAS's promoters in
automobile dealership industry and its established relationship
with Skoda Auto India Pvt Ltd.
Outlook: Stable
CRISIL believes that OAS will benefit from the extensive
experience of its promoters in the automobile dealership business,
over the medium term. The outlook may be revised to 'Positive' in
case the firm improves its scale of operations and profitability
significantly, leading to more-than-expected cash accruals.
Conversely, the outlook may be revised to 'Negative' in case OAS's
financial risk profile, particularly its liquidity, deteriorates
because of larger-than-expected working capital requirements.
About Oberai Auto
Established in 2002, OAS was promoted by Mr. Amrish Kumar Oberai.
It is an authorised dealer of Skoda's passenger cars, in Dehradun
District (Uttarakhand). OAS is one of only two Skoda dealerships
in the state and it also caters to customer demand from
neighbouring Uttar Pradesh. OAS has one showroom and an integrated
workshop in Dehradun. The firm derives around 96% of its revenues
from the sale of cars while the remainder is derived from sale of
spares, accessories, and services. Currently, OAS sells 25 to 30
cars per month, around 60% of which are Skoda's compact car Fabia.
The promoters are also dealers of automobiles manufactured by
other companies, but these dealerships are managed independently
under separate entities.
OAS is expected to report a profit after tax (PAT) of INR1.04
million on sales of INR268.59 for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR1.02 million on
sales of INR268.05 for 2009-10.
PATEL WOOD: CRISIL Assigns 'D' Rating to INR137.3MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Patel Wood Products Ltd.
Facilities Ratings
---------- -------
INR137.3 Million Term Loan D (Assigned)
INR290 Million Cash Credit D (Assigned)
INR622.7 Million Letter of Credit P5 (Assigned)
The ratings reflect PWPL's frequently overdrawn cash credit
account, instances of devolvement of letter of credit, and delays
in servicing debt due to the company's weak liquidity.
PWPL also has a weak financial risk profile, marked by accumulated
losses, negative net worth, and weak debt protection metrics,
small scale of operations, and exposure to intense competition,
regulatory changes in timber industry, and to volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of PWPL's promoters in trading
timber.
About Patel Wood
PWPL was promoted in 1981 as a partnership firm by the Patel
family. It was reconstituted as a private limited company in 1997.
The company got its present name when it was again reconstituted
as a closely held public limited company in 2007. PWPL trades and
saws imported timber and manufactures door frames and ready-to-fit
doors and windows. The company derives around 60% of its revenues
from trading sawn timber and around 40% from sale of door frames
and ready-to-fit doors and windows. PWPL directly imports timber
from Malaysia as well as via Singapore. The company undertakes
shaping and sizing of the timber as per customers' specification
at its saw mill in Gandhidham (Gujarat).
PWPL reported a net loss of INR36.3 million on net sales of
INR592.5 million for 2009-10 (refers to financial year, April 1 to
March 31), as against a PAT of INR179.0 million on net sales of
INR716.6 million for 2008-09.
RANJEET AUTOMOBILES: CRISIL Rates INR120MM Cash Credit at 'BB'
--------------------------------------------------------------
CRISIL has assigned its 'BB/Stable' rating to the cash credit
facility of Ranjeet Automobiles.
Facilities Ratings
---------- -------
INR120.0 Million Cash Credit BB/Stable (Assigned)
The rating reflects RA's average financial risk profile likely to
weaken because of large, debt-funded capital expenditure (capex).
This rating weakness is partially offset by RA's diverse product
profile, established relationships with key suppliers, and
proprietor's extensive experience.
Outlook: Stable
CRISIL believes that RA will continue to benefit over the medium
term from its relationships with its key suppliers, and its
established position automobile components trading business in
Madhya Pradesh. RA's financial risk profile is expected to weaken
because of the firm's large, debt-funded capex over the medium
term. The outlook may be revised to 'Positive' if RA's financial
risk profile improves, driven most likely by improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' in case of deterioration of RA's profitability, or if
the firm undertakes a larger-than-expected debt-funded capex
programme, thereby weakening its capital structure.
About Ranjeet Automobiles
Set up in 1983 by Mr. Gurjeet Singh Bajaj Bhopal (Madhya Pradesh)-
based RA commenced operations by initially manufacturing
batteries; however, in 1984, it started trading in Exide
batteries. The firm currently also trades in Su-Kam, Luminous and
Microtek inverters; Bridgestone, MRF, Goodyear and JK tyres; and
spare parts for earth moving machines manufactured by Lucas TVS,
Denso India, and Seagold. The firm has four branch offices, four
warehouses, and two retail showrooms in Bhopal totalling around
30,000 to 40,000 square feet of operation space in Bhopal.
RA reported a profit after tax of INR3.9 million on estimated net
sales of INR582.4 million for 2009-10 (refers to financial year,
April 1 to March 31), against INR3.1 million and INR414.2 million,
respectively, for 2008-09.
SAI BALAJI: CRISIL Assigns 'D' Rating to INR198 Million LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to the bank facilities of
Sai Balaji Sponge Iron India Pvt Ltd.
Facilities Ratings
---------- -------
INR60 Million Cash Credit D (Assigned)
INR198 Million Long-Term Loan D (Assigned)
INR50 Million Letter of Credit P5 (Assigned)
The ratings reflect instances of delay by SBSIIPL in servicing its
debt; the delays have been caused by the company's weak liquidity,
resulting from the start-up nature of its operations.
SBSIIPL also has a below-average financial risk profile, marked by
a high gearing and weak debt protection metrics, and large working
capital requirements. The company also remains exposed to risks
related to its small scale of operations in the intensely
competitive sponge iron industry. However, SBSIIPL benefits from
its promoter's extensive industry experience.
About Sai Balaji
Incorporated in 2008 by Mr. T Sreemannarayana, SBSIIPL is setting
up a 200-tonnes-per-day sponge iron manufacturing unit in
Ananthapur district (Andhra Pradesh). The total cost of the
project is INR380 million, which was funded through debt of INR200
million, equity of INR120 million and unsecured loans of INR60
million. It commenced commercial operations at one of its kilns,
on April 15, 2011; the second unit is expected to become
operational in July 2011.
Mr. Sreemannarayana, promoter of SBSIIPL, has an overall
experience of 18 years in cotton ginning, stone crushing, and
steel intermediaries. He is one of the directors of Bellary Ispat
Pvt Ltd (rated 'D/P5' by CRISIL), which is a 100-tpd sponge iron
plant. He is also the promoter of three other entities,
Ramanashree cotspin, Shakthi Balaji Industries and Sai
Venkateshwara Stone Crushers, which are engaged in the business of
cotton ginning (Ramanashree cotspin and Shakti Balaji Industries)
and stone crushing (Sai Venkateshwara Stone Crushers).
SANGINITA CHEMICALS: CRISIL Assigns 'BB+' Rating to INR19.6MM Loan
------------------------------------------------------------------
CRISIL has assigned its 'BB+/Stable' rating to the bank facilities
of Sanginita Chemicals Pvt Ltd.
Facilities Ratings
---------- -------
INR19.6 Million Term Loan BB+/Stable (Assigned)
INR160.6 Million Cash Credit BB+/Stable (Assigned)
The rating reflects SCPL's strong revenue growth, and the
promoters' extensive industry experience and funding support.
These rating strengths are partially offset by SCPL's average
financial risk profile, marked by a moderate gearing, driven by
large incremental working capital requirements and continuous
capital expenditure (capex). The rating also reflects the
company's modest scale of operations with high customer and
product concentration.
Outlook: Stable
CRISIL believes that SCPL will continue to benefit from its
promoters' funding support and extensive industry experience, over
the medium term. The outlook may be revised to 'Positive' in case
of improvement in SCPL's gearing driven by equity infusion or
more-than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if SCPL's liquidity is constrained, most
likely because of large incremental working capital requirements
or larger-than-expected, debt-funded capex.
About Sanginita Chemicals
SCPL manufactures metal-based inorganic chemical intermediates. It
has a range of 20 products, including metal-based chemicals from
copper, nickel, cobalt, zinc, and tin. The company primarily
manufactures cuprous chloride, which contributes about 60% of its
net sales. SCPL has two production facilities, with total capacity
of 12,200 tonnes per annum. It also has its own research and
development laboratory. SCPL's products are mostly used as
catalysts for inorganic chemical reactions and hence, are
primarily used in the chemical industry. However, the company also
supplies its products to the paint, dyes and intermediates,
mining, and smelting industries.
SCPL reported a profit after tax (PAT) of INR15.3 million on net
sales of INR1043.8 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR4.9 million on net sales
of INR451.7 million for 2009-10.
SATIA INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR453.6MM Loan
----------------------------------------------------------------
CRISIL's ratings continue to reflect delays of more than 30 days
in term loan servicing by Satia Industries Ltd; the delays have
been caused by financial indiscipline and the company's weak
liquidity, evidenced by almost full utilization of its bank lines
during 2010-11 (refers to financial year, April 1 to March 31).
Facilities Ratings
---------- -------
INR453.6 Million Term Loan D (Reaffirmed)
INR190.0 Million Cash Credit D (Reaffirmed)
INR107.9 Million Proposed LT D (Reaffirmed)
Bank Loan Facility
INR47.0 Million Packing Credit P5 (Reaffirmed)
INR60.0 Million Letter of Credit P5 (Reaffirmed)
INR60.0 Million Bank Guarantee P5 (Reaffirmed)
SIL also has an average scale of operations, and is expected to
face pricing pressures because of capacity additions in the
writing and printing paper industry. The company, however,
benefits from its established market position backed by
established client relationships, and its moderate financial risk
profile marked by high gearing, moderate rate net worth and strong
debt protection measures.
About Satia Industries
Set up by Dr. Ajay Satia in 1980, SIL (formerly, Satia Paper Mills
Ltd) manufactures writing and printing paper; the company's only
production facility, in Muktsar (Punjab), has capacity of 40,000
tonnes per annum. The company has a fully integrated paper mill,
with a pulping facility based on agricultural residue and a
chemical recovery plant. SIL sells 60% of its products to state
textbook boards through open tenders or rate contracts, and the
rest through dealers.
SIL reported a profit after tax (PAT) of INR84.8 million on net
revenues of INR2.1 billion for the year ended March 31, 2009,
against a PAT of INR56.1 million on net revenues of INR1.8 billion
for the preceding year.
SHIVANI HOT: CRISIL Assigns 'B-' Rating to INR90MM Long-term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'B-/Stable' rating to the bank loan
facilities of Shivani hot Rolled Steels Pvt Ltd.
Facilities Ratings
---------- -------
INR100 Million Cash Credit B-/Stable (Assigned)
INR90 Million Proposed Long Term B-/Stable (Assigned)
Bank Loan Facility
The rating reflects SHRL's weak financial risk profile marked by
high gearing and weak debt protection metrics and susceptibility
of the operating profitability to fluctuations in the steel
prices. These rating weaknesses are partially offset by the long
standing experience of the promoters in the steel trading
industry.
Outlook: Stable
CRISIL expects SHRL to maintain a stable business risk profile
over the medium term on the back of established industry
experience of its promoters. The outlook may be revised to
'Positive' in case of significant and sustained increase in
operating revenues and margins coupled with significant
improvement in the capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
significant drop in net cash accruals or deterioration in the cash
cycle.
About Shivani Hot
SHRL, initially started in 1990 as Shivani Steels, a sole
proprietorship of Mr. Jang Bahadur Singh and later reconstituted
as a private limited company in 2005, is engaged in trading of
various steel products including HR (Hot Rolled) and CR (Cold
Rolled) coils, sheets, angles, channels, and beams in the domestic
market. SHRL has its registered office and go-down in Mumbai
(Maharashtra).
SHRL reported a profit after tax (PAT) of INR 1.02 million on net
sales of INR 938.6 million for 2009-10 (refers to financial year,
April 1 to March 31) as against a PAT of INR1.0 million on net
sales of INR575.0 million for 2008-09.
SUPER ELECTRO: CRISIL Reaffirms 'BB+' Rating on INR75MM Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Super Electro Films
Ltd, part of the Globe group, continue to reflect the group's
established market position in the capacitor industry and the
increasing share of revenues from its overseas business.
Facilities Ratings
---------- -------
INR75.0 Million Cash Credit BB+/Negative (Reaffirmed)
INR36.6 Million Proposed LT BB+/Negative (Reaffirmed)
Bank Loan Facility
INR24.6 Million Term Loan BB+/Negative (Reaffirmed)
INR60.0 Million Letter of Credit P4+ (Reaffirmed)
These rating strengths are partially offset by the Globe group's
weak financial risk profile, marked by weak liquidity, moderate
gearing, small net worth, and weak debt protection metrics, large
working capital requirements, and geographical concentration.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SEFL and its associate company, Globe
Capacitors Ltd, collectively referred to as the Globe group. This
is because both the entities have common promoters and management.
Also, SEFL supplies around 60% of its output to GCL. Furthermore,
the companies have also provided corporate guarantee for each
other's debt.
Outlook: Negative
CRISIL believes that the Globe group's liquidity will remain weak
over the medium term because of its large working capital
requirements. Furthermore, the group's financial risk profile is
expected to weaken in the near term due to SEFL's debt-funded
capital expenditure (capex) plans in 2011-12 (refers to financial
year, April 1 to March 31). The ratings may be downgraded in case
the group's liquidity weakens further because of increased working
capital requirements, or there is more-than-expected deterioration
in its gearing and debt protection metrics because of larger-than-
expected capex borrowings. Conversely, the outlook may be revised
to 'Stable' if the Globe group reports more-than-expected
profitability or improves its working capital management.
About the Group
SEFL was incorporated in 1979 in Faridabad (Haryana) as Super
Electro Capacitors Ltd and promoted by Mr. S P Agarwal to
manufacture capacitors. The company's name was changed to the
current one in 2005, when it started manufacturing metalised
polypropylene films, which is the key raw material for capacitors.
SEFL has installed capacity to manufacture 720 tonnes per annum of
metalised polypropylene films. The company supplies around 60% of
its output to GCL.
GCL was established in 1978 in Faridabad and promoted by Mr. S P
Agarwal to manufacture capacitors. The company started its
operations by manufacturing capacitors using the paper/foil
technology and gradually began manufacturing metalized
polypropylene capacitors. GCL uses the globally accepted
dielectric technology, with in-built safety mechanisms, which
prevents bursting and protects the equipment in the event of a
voltage breakdown. The company increased its capacity to 30
million pieces per annum as on March 31, 2011, from 15 million
pieces as on March 31, 2008, to cater to the increasing
requirements of its established clientele.
The Globe group reported, on provisional basis, a profit after tax
(PAT) of INR27.3 million on net sales of INR587 million for 2010-
11; against a PAT of INR26.2 million on net sales of INR491
million for 2009-10.
VBC ASSOCIATES: CRISIL Rates INR190.7MM Long-term Loan at 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'B+/Stable' rating to the bank facilities
of VBC Associates.
Facilities Ratings
---------- -------
INR190.7 Million Long-Term Loan B+/Stable (Assigned)
The rating reflects VBCA's weak capital structure as a result of
aggressive debt-funding of its commercial real estate project, and
geographical concentration in its revenue profile. These rating
weaknesses are partially offset by VBCA's stable cash flows from
its tenants and the advantageous location of its property.
Outlook: Stable
CRISIL believes that VBCA will continue to benefit over the medium
term from its steady lease rentals. The outlook may be revised to
'Positive' if VBCA increases its revenues significantly, most
likely by way of higher-than-expected escalation in its lease
rates, and improves its capital structure considerably.
Conversely, the outlook may be revised to 'Negative' in case of
unexpected termination of the firm's lease rentals, decline in its
cash flows because of significant delays in rental receivables
from tenants, weakening in its capital structure because of
larger-than-expected debt-funded capital expenditure (capex), or
pressure on its financial risk profile because of funding support
extended to group entities.
About VBC Associates
Established as a partnership firm in 2006, VBCA owns and operates
a commercial real estate property, VBC Solitaire, in Chennai
(Tamil Nadu). The property became operational in November 2009. It
houses a 12-storey building with a total leasable area of 90,000
square feet. The property has been leased to companies operating
in different sectors such as information technology,
manufacturing, and banking. VBCA's day-to-day operations are
managed by its current partners, Mr. V S Balaji and Mr. V S
Rajesh.
VBCA's group entities include three partnership firms: VBC
Jewellers, VBC Jewellery, and Friendly Services. VBC Jewellery and
VBC Jewellers operate a jewellery showroom each in Chennai.
Friendly Services is a dealer of Indian Oil Corporation Ltd's
products.
VBCA's promoter-partner family is a division of the Vummidi
Bangaru Chetty family. The Vummidi family has been in the
jewellery business for over 100 years and has about eight
different factions.
VBCA reported a loss of INR21.88 million on net sales of INR38.2
million for 2010-11 (refers to financial year, April 1 to March
31), as against a loss of INR19.3 million on net sales of INR6.8
million for 2009-10.
VELLORE ROLLER: CRISIL Assigns 'D' Rating to INR12MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'D/P5' ratings to Vellore Roller Flour
Mills Private Limited's bank facilities.
Facilities Ratings
---------- -------
INR57.5 Million Cash Credit D (Assigned)
INR12 Million Long-Term Loan D (Assigned)
INR23.5 Million Proposed Long-Term D (Assigned)
Bank Loan Facility
INR50 Million Bank Guarantee P5 (Assigned)
The ratings reflect delays by VRFM in servicing its term loan; the
delays have been caused by VRFM's weak liquidity driven by its
large working capital requirements.
VRFM has a weak financial risk profile marked by high gearing and
weak debt protection metrics. The company's scale of operations is
small and it is exposed to risks related to fragmentation and
intense competition in the flour mill industry.
VRFM, however, benefits from its diversified revenue profile and
its promoters' industry experience.
About Vellore Roller
VRFM was set up 1978 by Mr. A M K Jambulinga Mudaliar and his son,
Mr. J Karthikeyan. The company manufactures wheat products, such
as maida, atta, suji, and bran. The company's manufacturing
facility in Vellore (Tamil Nadu) has a capacity of 45,000 tonnes
per annum (tpa), which is expected to be enhanced by 10,000 tpa in
2011-12 (refers to financial year, April 1 to March 31).
The company sells its products to institutional customers such as
Britannia Industries Ltd (rated AAA/Stable/P1+ by CRISIL), ITC Ltd
(rated AAA/Stable/P1+ by CRISIL) and Parle Products Pvt Ltd, and
to distributors and wholesalers spread across Tamil Nadu. The
company also undertakes job work activities which involves
grinding of wheat into flour for public distribution system (PDS)
authorities in Tamil Nadu. The operations of the company are being
managed by Mr. J Karthikeyan.
For 2009-10, VRFM reported a profit after tax (PAT) of INR1.2
million on net sales of INR137.5 million, against a PAT of INR0.8
million on net sales of INR109.2 million for 2008-09.
VIKRAM TRADERS: CRISIL Rates INR80 Million Cash Credit at 'B+'
--------------------------------------------------------------
CRISIL has assigned 'B+/Stable' rating to the long-term bank
facilities of Vikram Traders.
Facilities Ratings
---------- -------
INR80 Million Cash Credit B+/Stable (Assigned)
The rating reflects the Vogue group's below-average financial risk
profile, marked by high gearing and weak debt protection metrics.
The rating also factors in working-capital-intensive operations,
and susceptibility to intense competition in the readymade
garments industry. These rating weaknesses are partially offset by
the extensive industry experience of the group's promoters and its
established relationships with reputed suppliers and customers.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Vikram Traders, Vogue Vestures Private
Limited, Vogue Clothing, and Vogue Craft, collectively referred to
as the Vogue group. This is because all the four entities are in
similar businesses, and have the same promoters and fungible cash
flows.
Outlook: Stable
CRISIL believes that the Vogue group will continue to benefit over
the medium term from the extensive experience of its promoters and
established relationships with its customers and suppliers. The
outlook may be revised to 'Positive' if the group sustains an
increase in its scale of operations and improvement in its
profitability over the medium term. Conversely, the outlook may be
revised to 'Negative' if the Vogue group undertakes a large debt-
funded capital expenditure programme, thereby weakening its
capital structure, if its revenues and profitability decline, or
if its relationships with customers and suppliers deteriorate.
About the Group
The Vogue group, headquartered in Bangalore (Karnataka), is
engaged in trading in denim fabric and apparel accessories. The
group also manufactures ready-made denim jeans. It operates five
retail apparel showrooms in Karnataka. The group has well-
established relationships with popular brands, including Levis,
Adidas, Fila, Crocodile, Reid & Taylor, and Color Plus. The day-
to-day operations of the group are managed by Mr. Suresh Bhandari
and his family members.
VVPL was incorporated in 2003 as the flagship entity of the Vogue
group. The company trades in denim fabric, readymade denim jeans,
and accessories. VVPL has three business divisions: Vastra
Concepts, Vogue Apparels, and Proton Plus.
VT is a partnership concern and is one of the oldest entities of
the Vogue group. It was set up in 1985 and trades in rolled denim
fabrics. The firm derives around 20% of its sales from VVPL and
the remaining 80% from other customers.
Vogue Clothing was set up as a partnership firm in 2003. It
retails apparels for brands such as Levis, Adidas, and Fila. In
addition, the firm manages five retail outlets in Karnataka.
Vogue Craft commenced operations in July 2010. It has a ready-made
denim jeans manufacturing unit in Bangalore with processing
capacity of 40,000 pieces per month. The firm undertakes job-work,
primarily for VVPL.
The Vogue group reported, on provisional basis, a profit after tax
(PAT) of INR13.0 million on net sales of INR1.06 billion for 2010-
11 (refers to financial year, April 1 to March 31); the group
reported a PAT of INR13.8 million on net sales of INR709.9 million
for 2009-10.
VOGUE VESTURES: CRISIL Rates INR125 Million Cash Credit at 'B+'
---------------------------------------------------------------
CRISIL has assigned 'B+/Stable' rating to the long-term bank
facilities of Vogue Vestures Pvt Ltd, part of the Vogue group.
Facilities Ratings
---------- -------
INR125 Million Cash Credit B+/Stable (Assigned)
The rating reflects the Vogue group's below-average financial risk
profile, marked by high gearing and weak debt protection metrics.
The rating also factors in working-capital-intensive operations,
and susceptibility to intense competition in the readymade
garments industry. These rating weaknesses are partially offset by
the extensive industry experience of the group's promoters and its
established relationships with reputed suppliers and customers.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of VVPL, Vikram Traders, Vogue Clothing,
and Vogue Craft, collectively referred to as the Vogue group. This
is because all the four entities are in similar businesses, and
have the same promoters and fungible cash flows.
Outlook: Stable
CRISIL believes that the Vogue group will continue to benefit over
the medium term from the extensive experience of its promoters and
established relationships with its customers and suppliers. The
outlook may be revised to 'Positive' if the group sustains an
increase in its scale of operations and improvement in its
profitability over the medium term. Conversely, the outlook may be
revised to 'Negative' if the Vogue group undertakes a large debt-
funded capital expenditure programme, thereby weakening its
capital structure, if its revenues and profitability decline, or
if its relationships with customers and suppliers deteriorate.
About the Group
The Vogue group, headquartered in Bangalore (Karnataka), is
engaged in trading in denim fabric and apparel accessories. The
group also manufactures ready-made denim jeans. It operates five
retail apparel showrooms in Karnataka. The group has well-
established relationships with popular brands, including Levis,
Adidas, Fila, Crocodile, Reid & Taylor, and Color Plus. The day-
to-day operations of the group are managed by Mr. Suresh Bhandari
and his family members.
VVPL was incorporated in 2003 as the flagship entity of the Vogue
group. The company trades in denim fabric, readymade denim jeans,
and accessories. VVPL has three business divisions: Vastra
Concepts, Vogue Apparels, and Proton Plus.
VT is a partnership concern and is one of the oldest entities of
the Vogue group. It was set up in 1985 and trades in rolled denim
fabrics. The firm derives around 20% of its sales from VVPL and
the remaining 80% from other customers.
Vogue Clothing was set up as a partnership firm in 2003. It
retails apparels for brands such as Levis, Adidas, and Fila. In
addition, the firm manages five retail outlets in Karnataka.
Vogue Craft commenced operations in July 2010. It has a ready-made
denim jeans manufacturing unit in Bangalore with processing
capacity of 40,000 pieces per month. The firm undertakes job-work,
primarily for VVPL.
The Vogue group reported, on provisional basis, a profit after tax
(PAT) of INR13.0 million on net sales of INR1.06 billion for 2010-
11 (refers to financial year, April 1 to March 31); the group
reported a PAT of INR13.8 million on net sales of INR709.9 million
for 2009-10.
=================
I N D O N E S I A
=================
BANK PERMATA: Fitch Withdraws 'C/D' Individual Rating
-----------------------------------------------------
Fitch Ratings has affirmed PT Bank Permata Tbk's (Permata)
Individual Rating at 'C/D' and its Support Rating at '3' and
simultaneously withdrawn the ratings.
The ratings have been withdrawn as they are no longer considered
by Fitch to be relevant to the agency's coverage. Fitch will no
longer provide analytical coverage or ratings of the issuer.
Permata's Individual Rating reflects improvement in the bank's
capital position and asset quality, despite its modest
profitability. The Support Rating reflects Fitch's expectations of
limited support from Standard Chartered Bank (SCB, 'AA-'/Stable),
which together with Astra International jointly own 89.03% of
Permata through a 50:50 JV. SCB's and AI's subscription to
Permata's subordinated debt issues in June 2009 and March 2010 and
its rights issue in November 2010 are evidence of their commitment
and support.
The bank's Tier 1 and total capital adequacy ratio (CAR) increased
to 11.1% and 14.9% respectively at end-March 2011 (December 2009:
8.3% and 12.2%), supported by the subordinated debt and right
issues as well as retained earnings. This was despite continued
loan expansion and implementation of capital charge for
operational risk under Basel II. Permata's most recent
subordinated debt issue of IDR1.75 billion at end-June 2011 is
expected to further raise total CAR to 17.7% (pro-forma at end-
March 2011). Fitch believes that Permata's ability to maintain
its Tier 1 capital ratio at these levels is crucial to its credit
profile given its strong loan growth.
Gross non performing loans declined to 2.7% of gross loans at end-
2010 and end-Q111, from 4% at end-2009, due to more favorable
economic conditions. Return on assets improved to 1.5% in 2010
(end-2009: 1.4%) as a result of strong loan growth, and lower
operating costs and provision expenses.
Permata is Indonesia's eighth-largest bank by assets and was
formed in September 2002 as a result of the merger of four IBRA
(Indonesian Bank Restructuring Agency)-owned banks with Bank Bali.
SCB and AI acquired 51% of Permata in 2004, and subsequently
increased it to 89.03% at end-March 2011.
SULFINDO ADIUSAHA: Fitch Affirms Issuer Default Rating at 'B'
-------------------------------------------------------------
Fitch Ratings has affirmed PT Sulfindo Adiusaha's Long-Term
Foreign Issuer Default Rating (IDR) and senior unsecured debt at
'B'. The Outlook has been revised to Negative from Stable due to
potential liquidity risks in FY12 in the event that the financing
for the ongoing construction of the power plant does not proceed
as planned. The ratings have simultaneously been withdrawn.
The withdrawal is due to the likely lack of sufficient information
to maintain the ratings going forward as the company is privately
owned. Fitch will no longer provide ratings or analytical coverage
of this issuer.
=========
J A P A N
=========
GK L-JAC4: S&P Lowers Rating on Class B-2 Bonds to 'B'
------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BBB (sf)' from 'A+
(sf)' its rating on the class A-2 bonds, and to 'B (sf)' from 'BB+
(sf)' its rating on the class B-2 bonds, that were issued under
the G.K. L-JAC4 Funding (L-JAC4) transaction. "At the same time,
we affirmed our ratings on the class C-2 to G-3 bonds and removed
from CreditWatch with negative implications our ratings on classes
A-2 to G-3, where they were placed on April 18, 2011," S&P said.
Of the five underlying loans (effectively three loans) that
initially backed the bonds when they were issued in May 2007, a
single loan remains (the loan, which is due to mature in May 2013,
originally represented about 34% of the total initial issuance
amount of the bonds).
The transaction's remaining loan is backed by a metropolitan
resort hotel in Urayasu City, Chiba Prefecture. The hotel, which
had been temporarily closed because facilities located nearby
suspended operations following the Great East Japan earthquake
that struck Northeastern Japan on March 11, 2011, reopened in mid-
April. Although the hotel's occupancy rate appears to have
gradually improved since the reopening, it is still far lower than
before the earthquake. "In addition, it is our view that it may
require a certain amount of time for the property to achieve
stable cash flow," S&P said.
"As of October 2010, we estimated the value of the property
backing the transaction's remaining loan, which we had revised
downward, to be about 54% of our initial underwriting value. This
time, we have applied levels of stress that are higher than the
levels of stress that we applied in October 2010 to the revenue
generated from the property in question, and lowered our
assumption with regard to the likely collection amount
accordingly. We currently estimate the likely collection amount to
be about 44% of our initial underwriting value. The downgrades of
classes A-2 and B-2 reflect our revised assumption with respect to
the likely collection amount," S&P continued.
Meanwhile, S&P affirmed its ratings on classes C-2 to G-3,
reflecting mainly these factors:
S&P had already lowered its ratings on these six classes to
'B- (sf)'; and
The transaction's remaining loan maturing in May 2013 has not
yet defaulted.
"We removed the ratings on classes A-2 to G-3 from CreditWatch
with negative implications. Nevertheless, we intend to continue to
focus on the performance of and likely collection amount from the
hotel backing the transaction's remaining loan," S&P related.
L-JAC4 is a multiborrower commercial mortgage-backed securities
(CMBS) transaction. The bonds were originally secured by five
nonrecourse loans extended to three sponsors. The loans were
initially backed by 34 properties. The transaction was arranged by
Lehman Brothers Japan Inc., and Premier Asset Management Co. acts
as the servicer for this transaction.
"The ratings reflect our opinion on the full and timely payment of
interest and the ultimate repayment of principal by the
transaction's legal final maturity date in May 2015 for the class
A-2 to G-3 bonds," S&P stated.
Ratings Lowered, Off Creditwatch Negative
G.K. L-JAC4 Funding
JPY78.7 billion floating-rate/fixed-rate bonds due May 2015
Class To From Initial issue amount Coupon type
A-2 BBB (sf) A+ (sf)/Watch Neg JPY25.0 bil. Floating
rate
B-2 B (sf) BB+ (sf)/Watch Neg JPY5.2 bil. Floating
rate
Rating Affirmed, Off CreditWatch Negative
Class To From Initial issue amount Coupon type
C-2 B- (sf) B- (sf)/Watch Neg JPY4.8 bil. Floating
rate
D-3A B- (sf) B- (sf)/Watch Neg JPY1.0 bil. Floating
rate
D-3B B- (sf) B- (sf)/Watch Neg JPY2.3 bil. Fixed rate
E-3 B- (sf) B- (sf)/Watch Neg JPY1.2 bil. Fixed rate
F-3 B- (sf) B- (sf)/Watch Neg JPY1.1 bil. Fixed rate
G-3 B- (sf) B- (sf)/Watch Neg JPY0.4 bil. Fixed rate
Classes A-1, B-1, C-1, D-1, D-2, E-1, E-2, F-1, F-2, G-1, and G-2
have already been fully redeemed. S&P withdrew its ratings on the
class X-1 and X-2 certificates on Oct. 29, 2010.
===============
M A L A Y S I A
===============
SWEE JOO: Appoints Provisional Liquidator
-----------------------------------------
Swee Joo Berhad has appointed Dato' Jeyaraj Ratnaswamy of
MustaphaRaj Sdn Bhd as provisional liquidator pursuant to Section
255 (1) of the Companies Act 1965 having made a statutory
declaration (Form 65A) which has been lodged with the Registrar
and with the Official Receiver as the Company cannot by reason of
its liabilities continue its business.
The provisional liquidator was appointed on July 11, 2011.
The Company said the decision comes as the Company has not been
able to secure any agreement to a regularization plan,
particularly with one of the major lenders who had rejected the
proposed restructuring scheme.
In addition, Swee Joo said the restraining order pursuant to
Section 176 of the Act for SJB and its other two subsidiaries
Johan Shipping Sdn Bhd and Asia Bulkers Sdn Bhd has lapsed on
July 8, 2011, as the Companies did not apply for the extension or
renewal of the said order.
"The appointment of provisional liquidator is to ensure an orderly
winding-up of the Company with a view as far as possible to,
firstly, to preserve the Company's assets and thereafter the
liquidation of such assets for the eventual repayment and
settlement of liabilities with secured and unsecured creditors, if
possible," Swee Joo said in a statement to the stock exchange.
"The appointment of the provisional liquidator is expected to have
material adverse impact on the Group's business as the Company and
several of its subsidiaries are in a net liabilities position and
are therefore technically insolvent. Therefore, the Group is no
longer in the position to operate and continue to carry on its
business," Swee Joo added.
The Companies in the Group including SJB which are appointing a
provisional liquidator are Johan Shipping Sdn Bhd, Asia Bulkers
Sdn Bhd, Asia Depot Sdn Bhd, Masmah Sdn Bhd, JH Container Services
Sdn Bhd and Shiplink Agency Sdn Bhd.
About Swee Joo
Swee Joo Berhad is a Malaysia-based investment holding company.
Through its subsidiaries, the Company operates in four segments:
Shipping services, which is involved in the provision of container
and other shipping services; Shipping agency, which is involved in
the provision of shipping agency services; Transportation and
haulage, which is involved in the provision of transportation and
haulage services, and Container repair and related services, which
is involved in the provision of handling, repairing and
maintaining containers. As of September 30, 2009, the Company
owns and operates 39 vessels, which comprises of 13 tugboats, 10
container vessels, seven barges, five dual-purpose vessels and
four chemical tankers.
On Sept. 1, 2010, Swee Joo Berhad was listed as an Amended
Practice Note 17 Company based on the criteria set by the Bursa
Malaysia Securities Bhd. According to a disclosure statement with
the bourse, the Company triggered the PN17 listing as it is unable
to provide a solvency declaration to Bursa Malaysia.
====================
N E W Z E A L A N D
====================
ANTHEM HOLDINGS: Receivers Sell Wines; Awaits Court Action Outcome
------------------------------------------------------------------
The Southland Times reports that receivers have sold almost 8,000
cases of wine from a Gibbston Valley company previously run by
Christchurch-based developer David Henderson, but the receivership
of Anthem Holdings is tied up in legal action.
According to The Southland Times, the latest receivers' report by
Paul Sargison and John Leonard, of Gerry Rea Partners in Auckland,
said all red wines were sold and a small amount of white wine was
being sold through an online auction site.
The Southland Times recalls that the receivers have filed a claim
against a party holding Anthem stocks, claiming a Central Otago
company sold wine from the 2006 and 2007 vintages without
authority.
The Southland Times notes that Mr. Henderson has also filed a
claim for a prior ranking security over the receivers' appointor
Perpetual Trust and entitlement to the proceeds of wine sales.
The wine inventory was worth about NZ$1 million, The Southland
Times discloses.
According to The Southland Times, Mr. Sargison said Tuesday there
were 7,995 cases of wine and 60,000 litres of wine in storage
overall. About 100 cases of white wine remained, he said.
"We are really just waiting for the court action. Once they are
complete the receivership will be finished," The Southland Times
quotes Mr. Sargison as saying.
Anthem was incorporated in 1999 to develop the Gibbston Valley
vineyard.
BLUE STAR: Bondholders to Take Multi-Million Cut on Investment
--------------------------------------------------------------
BusinessDay.co.nz reports that holders of NZ$105 million in listed
bonds issued by Blue Star Group, formerly known as Blue Star Print
Group, will have to take a multimillion dollar haircut under a
restructuring plan put forward Wednesday by the debt-laden
company.
BusinessDay.co.nz says the refinancing package writes off
NZ$32.3 million owed to investors since interest payments on the
bonds were suspended two years ago.
According to BusinessDay.co.nz, the capital owed is to be divided
in two, with the maturity date of September next year cancelled
and repayment of about 64 cents in the dollar pushed out to
September 2015. Interest will begin to accrue on that portion at
9.1% from July 2013, the report says.
BusinessDay.co.nz notes that the remaining 36 cents in the dollar
will convert into "participating bonds", a quasi equity with no
interest or repayment date.
The plan is a condition of a NZ$15 million capital injection from
Blue Star's major shareholder, US private equity firm Champ, and a
NZ$10 million funding line from its bank lenders, according to
BusinessDay.co.nz.
BusinessDay.co.nz says bondholders have been told that unless they
agree, they will lose all their money.
Blue Star, as cited by BusinessDay.co.nz, said market conditions
had been "extremely difficult."
"The proposed new funding demonstrates the company does have the
support of its senior lender and major shareholder," the report
quoted Blue Star in a statement. "The board is now looking to
bondholders to join with the shareholders and senior lenders in
supporting the company to help secure the necessary capital and
time."
A bondholder vote is scheduled for August 10, BusinessDay.co.nz
adds.
The Troubled Company Reporter-Asia Pacific reported on Aug. 27,
2009, Blue Star suspended cash interest payments on capital bonds
until its parent is in compliance with the banking covenants.
Blue Star said its parent, Sirius NZ Holdco Ltd, had reached an
agreement with its senior lenders to reset the company's banking
covenants, amortization and related pricing structure. This
agreement would enable Blue Star to continue a restructuring of
its business. Blue Star is required to suspend cash interest
payments on the bonds until interest can be paid in compliance
with bank covenants as part of the banking agreements.
Blue Star is the guarantor of a senior lending facility for
Sirius. If Sirius breaches its financial covenants, Blue Star may
become subject to a restriction under the bank facility agreement,
which prevents Blue Star from paying interest on the capital
bonds.
The bonds were issued to 3,700 New Zealand investors in 2005 with
an initial interest rate of 9.1% and are due to mature in 2012.
About Blue Star
Headquartered in Auckland, New Zealand, Blue Star Group (NZE: GLU)
-- http://www.bspg.co.nz/-- provides commercial printing and
complete outsourced print management solutions for large
corporates in Australia and New Zealand. The company employs
approximately 1,200 staff within three divisions and a labels
business.
BRIDGECORP LTD: Ruling Opens Way For Investor Claims, Expert Says
-----------------------------------------------------------------
BusinessDay.co.nz reports that Bill Hodge, associate professor of
law at Auckland University, said a High Court ruling against
Bridgecorp's former managing director Rod Petricevic may open the
possibility of multiple claims from the finance company's
investors and receivers.
BusinessDay.co.nz relates that Justice Geoffrey Venning on Tuesday
rejected Mr. Petricevic's application for an indefinite stay of
criminal proceedings in the Auckland High Court.
According to BusinessDay.co.nz, Mr. Petricevic was making a last-
ditch attempt for legal aid on the basis he couldn't pay for legal
advice for his upcoming criminal trial despite being a trustee of
his family trust with potential assets of NZ$4.4 million.
Justice Venning said although Petricevic wasn't a beneficiary of
the trust, his wife was, and the Legal Services Agency believed
that under law her resources would be treated as accessible by
Mr. Petricevic, BusinessDay.co.nz notes.
Mr. Petricevic had earlier applied unsuccessfully to the Legal
Services Agency for legal aid and appealed to the High Court
against the LSA's decision. That appeal was dismissed by Justice
Edwin Wylie.
Bill Hodge, associate professor of law at Auckland University,
said although this ruling wasn't directly about opening up Mr.
Petricevic's trust account, it could encourage investor claims.
"I think it will excite investors' interest in whether that trust
can be opened. There's a potential pot of gold there."
The family trust's asset is a luxury home in the plush Auckland
suburb of Remuera and is currently up for sale.
Mr. Hodge said investors could take a claim through the High Court
against Mr. Petricevic, for something like a breach of fiduciary
duty, he said. And the receiver PriceWaterhouse Coopers had a
duty to recover whatever assets that were available, he said.
Mr. Petricevic, along with four other Bridgecorp directors -- Rob
Roest, Gary Urwin, Peter Steigrad, and Bruce Davidson -- face
Securities Act charges, with the trial due to start on August 8.
The charges allege that the directors lied to investors in offer
documents registered in December 2006 and later advertisements for
both Bridgecorp secured debentures and capital notes issued by
Bridgecorp Investments.
About Bridgecorp Ltd
Based in New Zealand, Bridgecorp Ltd. is a property development
and finance company. Bridgecorp was placed in receivership on
July 2, 2007, after failing to pay principal due to debenture
holders. John Waller and Colin McCloy, partners at
PricewaterhouseCoopers, were appointed as receivers. Bridgecorp
owes around 1,800 debenture holders, which liquidators estimate to
approximate NZD500 million.
Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZD27 million).
CAPITAL + MERCHANT: Directors Face 11 More Charges From SFO
-----------------------------------------------------------
The Serious Fraud Office has laid 11 charges under the Crimes Act
against two current and one former director of Capital + Merchant
Finance Limited.
The charges relate to transactions involving just over
NZ$28 million that occurred between 2004 and 2006.
The SFO alleges that the transactions were entered into in breach
of the restrictions contained in the company's trust deed, and
resulted in trusts controlled by the accused receiving benefits
totaling approximately NZ$15.9 million.
Acting SFO Director Simon McArley said "Confidence in the
integrity of our financial markets will not be restored unless New
Zealand investors believe there have been thorough investigations
and, where appropriate, serious criminal charges laid against
those responsible for the collapse of the finance companies."
The three accused are Neal Medhurst Nicholls, 55, Wayne Leslie
Douglas, 57 and Owen Francis Tallentire, 64.
At the time C+M was placed into receivership, the company owed
over NZ$165 million to approximately 7,000 investors.
The SFO commenced its investigation into C+M in March 2010
following a complaint from C+M receivers, Grant Thornton.
Initial charges were laid against Mr. Nicholls and Mr. Douglas
under sections 220 and 242 of the Crimes Act in December 2010.
The charges relate to the alleged non-disclosure of related party
lending totaling approximately $14.5 million, to a Palmerston
North development known as 'The Hub Properties.'
Mr. Nicholls and Mr. Douglas will appear for trial in February
2012 in relation to these charges.
The SFO has laid Crimes Act charges against persons involved with
several finance companies, including National Finance; Bridgecorp;
Five Star Finance; and Capital + Merchant.
Mr. McArley said that every investigation into a finance company
that the SFO concludes enables more resource to be allocated to
its remaining cases.
"It is important that the public understand the scale of resources
allocated to the finance company failures, and the commitment the
of the SFO investigative teams to concluding them."
Mr. McArley said that the SFO's additional funding for 2011/12
would not only help it conclude the remaining four finance company
investigations as a priority, but would also ensure that the SFO
was in a position to support other agencies with new
investigations in the coming financial year.
The accused have been summoned to make their first appearance in
relation to these charges on Aug. 5, 2011, at the District Court
in Auckland.
About Capital + Merchant
Capital + Merchant Finance Ltd, operating in property finance, was
one of the bigger finance companies in New Zealand. Capital +
Merchant Finance, along with subsidiary Capital + Merchant
Investments Ltd., went into receivership on November 23, 2007, due
to breaches in respect of general security agreements issued by
the companies in favor of creditor Fortress Credit Corporation
(Australia) 11 Pty Ltd. Fortress appointed Tim Downes and Richard
Simpson of Grant Thornton, chartered accountants, while trustee
Perpetual Trust have called in KordaMentha.
Capital + Merchant owes about NZ$190 million to 7,000 investors.
Fortress reportedly has a prior charge over assets and was owed
around NZ$70 million in total.
CENTURY CITY: Owner Faces Bankruptcy Proceedings
------------------------------------------------
BusinessDesk reports that embattled Wellington property developer
and Wellington Phoenix owner Terry Serepisos is facing a
bankruptcy proceeding on July 18.
According to BusinessDesk, FM Custodians, which is acting for the
frozen Canterbury Mortgage Trust, has filed an application in the
High Court in Wellington. Mr. Serepisos is due to appear in the
bankruptcy notices on July 18, the spokesperson said.
The proceeding, BusinessDesk relates, comes almost two months
after Associate Judge David Gendall dismissed applications to set
aside FM Custodians' bankruptcy notices.
The May 23 decision let FM Custodians push ahead with bankruptcy
proceedings against Mr. Serepisos and his companies, New
Millennium Design and Century City Developments, the report notes.
In the same hearing, BusinessDesk relates, Mr. Serepisos' lawyer
Justin Toebes, principal of JT Law and a former partner at Buddle
Findlay, withdrew as the property developer's counsel.
According to BusinessDesk, FM Custodians is trying to claw back
the remaining NZ$5 million owed on some NZ$6.8 million of loans
personally guaranteed by Mr. Serepisos. The outstanding balance
is accruing annual interest of 17.25%, BusinessDesk discloses.
BusinessDesk relates that the lender has already forced mortgagee
sales on several properties and expects there may be a shortfall
in excess of NZ$2.3 million, the May judgment said.
Mr. Serepisos' Century City Hotel on Wellington's Tory Street
changed hands last week after it was offered as security on a loan
from rival developer Mark Dunajtschik, and he has put the property
up for sale, BusinessDesk discloses.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 14, 2010, the National Business Review said the Inland
Revenue Department applied to liquidate five of Mr. Serepisos'
companies in October 2010. The debt claimed by the IRD is
understood to be about NZ$3.58 million, the Business Review said.
The Serepisos companies under threat are Century City Hunter
Street, Century City Investments, Century City Developments,
Century City Management and Century City Football, which owns the
Phoenix.
FORSYTH BARR: Fitch Withdraws 'BB' Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed and withdrawn Forsyth Barr Cash
Management Limited's ratings. The ratings affirmations and
withdrawals follow a reorganization of the rated entity, with
FBCML outsourcing cash management.
Forsyth Barr Cash Management Limited:
-- Long-term Issuer Default Rating (IDR) affirmed at 'BB' and
withdrawn; Outlook Stable;
-- Local Currency Long-term IDR affirmed at 'BB' and withdrawn;
Outlook Stable;
-- Short-term IDR affirmed at 'B' and withdrawn;
-- Local Currency Short-term IDR affirmed at 'B' and withdrawn;
-- Individual Rating affirmed at 'C/D' and withdrawn;
-- Support rating affirmed at '3' and withdrawn; and
-- Support rating floor affirmed at 'NF' and withdrawn.
LANE WALKER: SFO Lays 90 Fraud Charges in LWR Collapse
------------------------------------------------------
The Serious Fraud Office said investigation into the collapse of
Canterbury clothing manufacturer, Lane Walker Rudkin Industries
(LWR), has resulted in criminal charges against its director
Kenneth James Anderson and another individual.
Mr. Anderson faces 61 charges, brought under the Crimes Act,
relating to allegations that he fabricated financial documents in
order to obtain and retain lending facilities from Westpac
New Zealand Limited (Westpac), ultimately totaling
NZ$118 million.
Mr. Anderson is also facing another 21 charges relating to the
alleged use of fabricated documentation to obtain funds under a
letter of credit facility provided by Westpac.
Another person, who has name suppression, is facing eight charges
in relation to the letter of credit facility.
SFO Acting Director, Simon McArley, said, "The fraud alleged to
have occurred here has had a profound effect on the region, with
LWR having employed many staff and enjoyed an international
reputation.
"While its demise is unfortunate for the Canterbury people,
upholding the integrity and credibility of New Zealand businesses
is essential for our future success."
Mr. McArley said that, although the investigation had experienced
a number of delays due to the Canterbury earthquakes, the scale of
losses and high level of public interest demanded perseverance
with the case.
"We will never let speed compromise the quality or thoroughness of
an investigation, particularly in a case such as this which has
enormous local interest," Mr. McArley said.
Lane Walker Rudkin Industries went into receivership in April 2009
with debt of more than NZ$50 million. Brian Mayo-Smith and
Stephen Tubbs, partners at BDO Spicers, have been appointed joint
receivers and managers of LWR. The appointment was made by LWR's
bankers to protect the financial position of LWR and its
subsidiary Pod while issues facing the group are resolved. The
LWR operations were unprofitable and have incurred a substantial
increase in bank debt.
LWR is currently subject of a Serious Fraud Office investigation
following a complaint from the LWR group's receivers. The
receivers claimed LWR had misrepresented its financial strength to
Westpac in order to borrow from the bank. The company owes about
NZ$120 million to Westpac.
About Lane Walker
Lane Walker Rudkin Industries Limited -- http://www.lwr.co.nz/--
is a diversified manufacturer of clothing and textiles with
operations in several locations in New Zealand and Australia.
Approximately 470 people were employed in textile, hosiery,
underwear and garment factories in Christchurch; garment
manufacture in Greytown and Pahiatua; a sock factory in Timaru;
and a sports apparel factory in Brisbane. Its subsidiary Pod
comprises fabric maker Designer Textiles International, clothing
designer and manufacturer Michele Ann and Mollers Homewares, all
located in Auckland. The group is owned by Christchurch
businessman Ken Anderson, who purchased LWR in 2001 and Pod in
2007.
===============
X X X X X X X X
===============
* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ ------ ------------
AUSTRALIA
ARASOR INTERNATI ARR 19.21 -26.51
ARTURUS CAPITAL AKW 12.27 -0.43
ARTURUS CAPITA-N AKWN 12.27 -0.43
ASTON RESOURCES AZT 469.54 -7.49
AUSTAR UNITED AUN 679.40 -250.96
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
AUTRON CORP LTD AAT 32.50 -13.46
AUTRON CORP LTD AAT 32.50 -13.46
BCD RESOURCES OP BCO 27.90 -79.33
BCD RESOURCES-PP BCOCC 27.90 -79.33
BECTON PROPERTY BEC 369.83 -26.80
BIRON APPAREL LT BIC 19.71 -2.22
CENTRO PROPERTIE CNP 15,483.4 -349.73
CHEMEQ LTD CMQ 25.19 -24.25
COMPASS HOTEL GR CXH 88.33 -1.08
JAMES HARDIE-CDI JHX 1,971.80 -450.10
JAMES HARDIE NV JHXCC 1,971.80 -450.10
MACQUARIE ATLAS MQA 1,894.75 -230.50
MAVERICK DRILLIN MAD 24.66 -1.30
MISSION NEWENER MBT 20.38 -44.05
NATURAL FUEL LTD NFL 19.38 -121.51
NEXTDC LTD NXT 17.46 -0.14
ORION GOLD NL ORN 11.60 -10.91
POWERLAN LTD PWR 28.30 -3.64
REDBANK ENERGY L AEJ 3,564.36 -383.39
RIVERCITY MOTORW RCY 386.88 -809.14
SCIGEN LTD-CUFS SIE 65.56 -38.80
SHELL VILLAGES A SVC 13.47 -1.66
STIRLING RESOURC SRE 31.19 -0.62
TAKORADI LTD TKG 13.99 -0.41
VERTICON GROUP VGP 10.08 -29.12
VIEW RESOURCES L VRE 12.47 -31.06
YANGHAO INTERNAT YHL 44.32 -54.68
CHINA
BAOCHENG INVESTM 600892 30.32 -4.51
CHENGDE DALU -B 200160 29.42 -3.92
CHENGDU UNION-A 693 34.23 -11.72
CHINA FASHION CFH 10.11 -0.76
CHINA KEJIAN-A 35 95.09 -182.83
CONTEL CORP LTD CTEL 59.31 -46.86
CONTEL CORP-RT CTELR 59.31 -46.86
DONGGUAN FANGD-A 600656 34.84 -41.32
DONGXIN ELECTR-A 600691 15.96 -19.92
GUANGDONG ORIE-A 600988 12.78 -5.53
GUANGDONG SUNR-A 30 111.22 0.00
GUANGDONG SUNR-B 200030 111.22 0.00
GUANGXIA YINCH-A 557 19.01 -42.85
HEBEI BAOSHUO -A 600155 132.22 -401.91
HEBEI JINNIU C-A 600722 246.19 -48.05
HUASU HOLDINGS-A 509 90.78 -4.91
HUNAN ANPLAS CO 156 45.29 -45.53
JILIN PHARMACE-A 545 35.52 -6.20
JINCHENG PAPER-A 820 212.09 -116.17
MUDAN AUTOMOBI-H 8188 29.41 -1.38
QINGDAO YELLOW 600579 219.72 -6.53
SHANG BROAD-A 600608 50.03 -9.23
SHANG HONGSHENG 600817 15.87 -286.48
SHANXI LEAD IN-A 673 23.94 -0.60
SHENZ CHINA BI-A 17 20.97 -266.50
SHENZ CHINA BI-B 200017 20.97 -266.50
SHENZ INTL ENT-A 56 233.81 -22.28
SHENZ INTL ENT-B 200056 233.81 -22.28
SHENZHEN DAWNC-A 863 26.00 -157.48
SHENZHEN KONDA-A 48 116.99 -7.20
SHENZHEN ZERO-A 7 42.69 -5.05
SHIJIAZHUANG D-A 958 227.37 -68.82
SICHUAN DIRECT-A 757 95.94 -166.82
SICHUAN GOLDEN 600678 209.26 -82.69
TAIYUAN TIANLO-A 600234 52.85 -27.82
TIANJIN MARINE 600751 114.38 -61.31
TIANJIN MARINE-B 900938 114.38 -61.31
TOPSUN SCIENCE-A 600771 171.85 -115.05
WUHAN BOILER-B 200770 272.46 -141.76
WUHAN GUOYAO-A 600421 11.05 -27.01
WUHAN LINUO SOLA 600885 107.30 -0.72
XIAMEN OVERSEA-A 600870 225.63 -137.22
YANBIAN SHIXIA-A 600462 204.34 -11.55
YANTAI YUANCHE-A 600766 67.22 -5.72
YUEYANG HENGLI-A 622 38.46 -19.46
YUNNAN MALONG-A 600792 133.04 -61.60
ZHANGJIAJIE TO-A 430 31.65 -3.43
HONG KONG
ASIA TELEMEDIA L 376 16.62 -5.37
BUILDMORE INTL 108 16.19 -50.25
CHINA HEALTHCARE 673 44.13 -4.49
CHINA OCEAN SHIP 651 454.18 -13.94
CHINA PACKAGING 572 18.18 -16.83
CMMB VISION HOLD 471 37.41 -10.99
COSMO INTL 1000 120 83.56 -37.93
DORE HOLDINGS LT 628 25.44 -5.34
EGANAGOLDPFEIL 48 557.89 -132.86
FULBOND HLDGS 1041 117.50 -6.87
GUOJIN RESOURCES 630 18.21 -17.00
MELCOLOT LTD 8198 56.90 -46.99
MITSUMARU EAST K 2358 30.04 -15.37
NGAI LIK INDL 332 22.70 -9.69
PALADIN LTD 495 149.78 -11.62
PCCW LTD 8 6,192.51 -78.22
PROVIEW INTL HLD 334 314.87 -294.85
SINO RESOURCES G 223 10.01 -41.90
SMART UNION GP 2700 32.14 -40.01
TACK HSIN HLDG 611 27.70 -53.62
TONIC IND HLDGS 978 67.67 -37.85
INDONESIA
ARPENI PRATAMA APOL 666.87 -31.20
ASIA PACIFIC POLY 485.51 -861.80
ERATEX DJAJA ERTX 11.72 -23.99
HANSON INTERNATI MYRX 15.31 -12.34
HANSON INT-PREF MYRXP 15.31 -12.34
JAKARTA KYOEI ST JKSW 32.30 -42.35
MITRA INTERNATIO MIRA 970.13 -256.04
MITRA RAJASA-RTS MIRA-R2 970.13 -256.04
MULIA INDUSTRIND MLIA 504.77 -54.04
PANASIA FILAMENT PAFI 37.96 -15.94
PANCA WIRATAMA PWSI 31.51 -39.11
SMARTFREN TELECO FREN 499.34 -13.31
SURABAYA AGUNG SAIP 248.01 -94.93
TOKO GUNUNG AGUN TKGA 11.65 -0.30
UNITEX TBK UNTX 18.22 -17.81
INDIA
ARTSON ENGR ART 23.87 -0.60
ASHAPURA MINECHE ASMN 191.87 -68.03
ASHIMA LTD ASHM 63.23 -48.94
ATV PROJECTS ATV 60.46 -55.04
BALAJI DISTILLER BLD 66.32 -25.40
BELLARY STEELS BSAL 451.68 -108.50
BHAGHEERATHA ENG BGEL 22.65 -28.20
CAMBRIDGE SOLUTI CAMB 149.58 -56.66
CANTABIL RETAIL CANT 55.23 -8.54
CFL CAPITAL FIN CEATF 15.35 -46.89
COMPUTERSKILL CPS 14.90 -7.56
CORE HEALTHCARE CPAR 185.36 -241.91
DCM FINANCIAL SE DCMFS 17.10 -9.46
DFL INFRASTRUCTU DLFI 42.74 -6.49
DIGJAM LTD DGJM 99.41 -22.59
DUNCANS INDUS DAI 133.65 -205.38
FIBERWEB INDIA FWB 12.23 -16.21
GANESH BENZOPLST GBP 48.95 -22.44
GEM SPINNERS LTD GEMS 16.44 -1.53
GLOBAL BOARDS GLB 14.98 -7.51
GSL INDIA LTD GSL 29.86 -42.42
HARYANA STEEL HYSA 10.83 -5.91
HENKEL INDIA LTD HNKL 102.05 -10.24
HIMACHAL FUTURIS HMFC 406.63 -210.98
HINDUSTAN PHOTO HPHT 74.44 -1,519.11
HINDUSTAN SYNTEX HSYN 15.20 -3.81
HMT LTD HMT 142.67 -386.80
ICDS ICDS 13.30 -6.17
INTEGRAT FINANCE IFC 49.83 -51.32
JAYKAY ENTERPRIS JEL 13.51 -3.03
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 17.91 -84.78
JIK INDUS LTD KFS 20.63 -5.62
JOG ENGINEERING VMJ 50.08 -10.08
KALYANPUR CEMENT KCEM 33.31 -30.53
KERALA AYURVEDA KRAP 13.99 -1.18
KIDUJA INDIA KDJ 17.15 -2.28
KINGFISHER AIR KAIR 1,883.62 -661.89
KINGFISHER A-SLB KAIR/S 1,883.62 -661.89
KITPLY INDS LTD KIT 48.42 -24.51
LLOYDS FINANCE LYDF 21.65 -11.39
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MAHA RASHTRA APE MHAC 24.13 -14.27
MILLENNIUM BEER MLB 52.23 -5.22
MILTON PLASTICS MILT 18.65 -52.29
MTZ POLYFILMS LT TBE 31.94 -2.57
NICCO CORP LTD NICC 75.56 -6.49
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 49.04 -4.95
NUCHEM LTD NUC 24.72 -1.60
ORIENT PRESS LTD OP 16.70 -0.09
PANCHMAHAL STEEL PMS 51.02 -0.33
PARASRAMPUR SYN PPS 99.06 -307.14
PAREKH PLATINUM PKPL 61.08 -88.85
PEACOCK INDS LTD PCOK 11.40 -14.40
PIRAMAL LIFE SC PLSL 45.82 -32.69
QUADRANT TELEVEN QDTV 188.57 -116.81
RAJ AGRO MILLS RAM 10.21 -0.61
RATHI ISPAT LTD RTIS 44.56 -3.93
REMI METALS GUJA RMM 102.64 -5.29
RENOWNED AUTO PR RAP 14.12 -1.25
ROLLATAINERS LTD RLT 22.97 -22.24
ROYAL CUSHION RCVP 20.62 -75.53
SCOOTERS INDIA SCTR 18.63 -6.88
SEN PET INDIA LT SPEN 12.99 -25.24
SHAH ALLOYS LTD SA 212.81 -9.74
SHALIMAR WIRES SWRI 24.87 -51.77
SHAMKEN COTSYN SHC 23.13 -6.17
SHAMKEN MULTIFAB SHM 60.55 -13.26
SHAMKEN SPINNERS SSP 42.18 -16.76
SHREE GANESH FOR SGFO 44.50 -2.89
SHREE RAMA MULTI SRMT 64.03 -44.99
SIDDHARTHA TUBES SDT 76.98 -12.45
SOUTHERN PETROCH SPET 1,584.27 -4.80
SQL STAR INTL SQL 11.69 -1.14
STI INDIA LTD STIB 30.87 -10.59
TAMILNADU TELE TNT 12.82 -5.15
TATA TELESERVICE TTLS 1,311.30 -138.25
TATA TELE-SLB TTLS/S 1,311.30 -138.25
TRIUMPH INTL OXIF 58.46 -14.18
TRIVENI GLASS TRSG 24.55 -8.57
TUTICORIN ALKALI TACF 14.15 -11.20
UNIFLEX CABLES UFC 45.05 -0.90
UNIFLEX CABLES UFCZ 45.05 -0.90
UNIMERS INDIA LT HDU 18.08 -5.86
UNITED BREWERIES UB 2,652.00 -242.53
UNIWORTH LTD WW 161.65 -143.41
USHA INDIA LTD USHA 12.06 -54.51
VENTURA TEXTILES VRTL 15.19 -0.99
VENUS SUGAR LTD VS 11.06 -1.08
WIRE AND WIRELES WNW 115.34 -34.49
JAPAN
ARRK CORP 7873 1,221.45 -37.80
C&I HOLDINGS 9609 32.82 -39.23
CROWD GATE CO 2140 11.63 -4.29
KFE JAPAN CO LTD 3061 17.86 -2.27
L CREATE CO LTD 3247 42.34 -9.15
LCA HOLDINGS COR 4798 55.65 -3.28
NIS GROUP CO LTD 8571 477.70 -75.44
PROPERST CO LTD 3236 305.90 -330.20
SHIOMI HOLDINGS 2414 201.19 -33.62
S-POOL INC 2471 18.11 -0.41
KOREA
AJU MEDIA SOL-PF 44775 13.82 -1.25
DAISHIN INFO 20180 740.50 -158.45
KUKDONG CORP 5320 53.07 -1.85
KUMHO INDUS-PFD 2995 5,837.32 -967.28
KUMHO INDUSTRIAL 2990 5,837.32 -967.28
ORICOM INC 10470 82.65 -40.04
SAMT CO LTD 31330 200.83 -152.09
SEOUL MUTL SAVIN 16560 874.79 -34.13
SUNGJEE CONSTRUC 5980 114.91 -83.19
TONG YANG MAGIC 23020 355.15 -25.77
YOUILENSYS CORP 38720 166.70 -12.34
MALAYSIA
BANENG HOLDINGS BANE 50.30 -3.48
HAISAN RESOURCES HRB 64.66 -0.15
HO HUP CONSTR CO HO 67.48 -8.90
JPK HOLDINGS BHD JPK 20.34 -0.50
LUSTER INDUSTRIE LSTI 22.93 -3.18
MITHRIL BHD MITH 29.69 -0.27
NGIU KEE CO-BHD NKC 14.81 -12.42
TRACOMA HOLDINGS TRAH 57.09 -24.60
VTI VINTAGE BHD VTI 15.71 -1.28
PHILIPPINES
CYBER BAY CORP CYBR 14.16 -92.96
EAST ASIA POWER PWR 31.58 -185.31
FIL ESTATE CORP FC 40.29 -14.05
FILSYN CORP A FYN 23.37 -11.33
FILSYN CORP. B FYNB 23.37 -11.33
GOTESCO LAND-A GO 21.76 -19.21
GOTESCO LAND-B GOB 21.76 -19.21
PICOP RESOURCES PCP 105.66 -23.33
STENIEL MFG STN 20.43 -15.89
UNIWIDE HOLDINGS UW 50.36 -57.19
VICTORIAS MILL VMC 164.26 -18.20
SINGAPORE
ADV SYSTEMS AUTO ASA 18.93 -11.69
ADVANCE SCT LTD ASCT 25.29 -10.05
HL GLOBAL ENTERP HLGE 93.13 -13.57
JAPAN LAND LTD JAL 203.24 -14.68
LINDETEVES-JACOB LJ 20.64 -6.07
NEW LAKESIDE NLH 19.34 -5.25
SUNMOON FOOD COM SMOON 17.25 -15.34
TT INTERNATIONAL TTI 266.39 -59.41
THAILAND
ABICO HLDGS-F ABICO/F 15.28 -4.40
ABICO HOLDINGS ABICO 15.28 -4.40
ABICO HOLD-NVDR ABICO-R 15.28 -4.40
ASCON CONSTR-NVD ASCON-R 59.78 -3.37
ASCON CONSTRUCT ASCON 59.78 -3.37
ASCON CONSTRU-FO ASCON/F 59.78 -3.37
BANGKOK RUBBER BRC 97.98 -81.80
BANGKOK RUBBER-F BRC/F 97.98 -81.80
BANGKOK RUB-NVDR BRC-R 97.98 -81.80
CALIFORNIA W-NVD CAWOW-R 36.95 -7.36
CALIFORNIA WO-FO CAWOW/F 36.95 -7.36
CALIFORNIA WOW X CAWOW 36.95 -7.36
CIRCUIT ELEC PCL CIRKIT 16.79 -96.30
CIRCUIT ELEC-FRN CIRKIT/F 16.79 -96.30
CIRCUIT ELE-NVDR CIRKIT-R 16.79 -96.30
DATAMAT PCL DTM 12.69 -6.13
DATAMAT PCL-NVDR DTM-R 12.69 -6.13
DATAMAT PLC-F DTM/F 12.69 -6.13
ITV PCL ITV 37.14 -110.85
ITV PCL-FOREIGN ITV/F 37.14 -110.85
ITV PCL-NVDR ITV-R 37.14 -110.85
K-TECH CONSTRUCT KTECH 38.87 -46.47
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONTRU-R KTECH-R 38.87 -46.47
KUANG PEI SAN POMPUI 17.70 -12.74
KUANG PEI SAN-F POMPUI/F 17.70 -12.74
KUANG PEI-NVDR POMPUI-R 17.70 -12.74
PATKOL PCL PATKL 52.89 -30.64
PATKOL PCL-FORGN PATKL/F 52.89 -30.64
PATKOL PCL-NVDR PATKL-R 52.89 -30.64
PICNIC CORP-NVDR PICNI-R 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PICNIC CORPORATI PICNI/F 101.18 -175.61
PONGSAAP PCL PSAAP/F 24.61 -10.99
PONGSAAP PCL PSAAP 24.61 -10.99
PONGSAAP PCL-NVD PSAAP-R 24.61 -10.99
SAHAMITR PRESS-F SMPC/F 21.99 -4.01
SAHAMITR PRESSUR SMPC 21.99 -4.01
SAHAMITR PR-NVDR SMPC-R 21.99 -4.01
SUNWOOD INDS PCL SUN 19.86 -13.03
SUNWOOD INDS-F SUN/F 19.86 -13.03
SUNWOOD INDS-NVD SUN-R 19.86 -13.03
THAI-DENMARK PCL DMARK 15.72 -10.10
THAI-DENMARK-F DMARK/F 15.72 -10.10
THAI-DENMARK-NVD DMARK-R 15.72 -10.10
THAI-GERMAN PR-F TGPRO/F 55.31 -8.54
THAI-GERMAN PRO TGPRO 55.31 -8.54
THAI-GERMAN-NVDR TGPRO-R 55.31 -8.54
TRANG SEAFOOD TRS 13.90 -3.59
TRANG SEAFOOD-F TRS/F 13.90 -3.59
TRANG SFD-NVDR TRS-R 13.90 -3.59
TT&T PCL TTNT 656.18 -194.61
TT&T PCL-NVDR TTNT-R 656.18 -194.61
TT&T PUBLIC CO-F TTNT/F 656.18 -194.61
TAIWAN
CHIEN TAI CEMENT 1107 214.12 -49.02
HELIX TECH-EC 2479T 23.39 -24.12
HELIX TECH-EC IS 2479U 23.39 -24.12
HELIX TECHNOL-EC 2479S 23.39 -24.12
TAIWAN KOL-E CRT 1606U 507.21 -147.14
TAIWAN KOLIN-EN 1606V 507.21 -147.14
TAIWAN KOLIN-ENT 1606W 507.21 -147.14
VERTEX PREC-ENTL 5318T 42.24 -5.08
VERTEX PRECISION 5318 42.24 -5.08
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante,
Rousel Elaine T. Fernandez, Psyche A. Castillon, Ivy B. Magdadaro,
Frauline S. Abangan, and Peter A. Chapman, Editors.
Copyright 2011. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$625 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***