/raid1/www/Hosts/bankrupt/TCRAP_Public/110819.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, August 19, 2011, Vol. 14, No. 164
Headlines
A U S T R A L I A
FRATERNITY CLUB: Faces Liquidation, Needs AUD1.72MM Funds
KINETIC SECURITIES: ASIC suspends Financial Services License
OCEROG PTY: Liquidators to Probe Alleged Corporate Act Violations
H O N G K O N G
GRANDE HOLDINGS: Liquidation Case Recognized by U.S. Court
LAU PING: Creditors' Proofs of Debt Due Sept. 9
LEGENDFIELD LIMITED: Chin and Lam Step Down as Liquidators
LEHMAN BROTHERS: HK Entities Support Pay-Out Plan
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
LITAO COMPANY: Members' Final Meeting Set for Sept. 15
MARINE MANNING: Annual Meetings Set for Aug. 24
MING CHI: Placed Under Voluntary Wind-Up Proceedings
MOBIL OIL: Patricia Lynn Bost Appointed as New Liquidator
NEW PROFIT: Members' and Creditors' Meetings Set for Aug. 19
PERCEPTIVE INVESTMENT: Members' Final Meeting Set for Sept. 14
REGENT SUMMIT: Members' and Creditors' Meetings Set for Sept. 6
RAINBOW BRIDGE: Placed Under Voluntary Wind-Up Proceedings
SICHUAN CHEUNG: Members' Final General Meeting Set for Oct. 7
SUNPOWER CORPORATION: Members' Final Meeting Set for Sept. 15
SWIRE INDUSTRIAL: Final Meeting Set for Sept. 22
TACK FAT: Members' and Creditors' Annual Meetings Set for Aug. 19
TK SPORTS: Members' Final Meeting Set for Sept. 22
TREASURE LAND: Members' Final General Meeting Set for Oct. 7
VIDEOTEL MARINE: Li and Kam Step Down as Liquidators
VINKI CORPORATION: Creditors' Meeting Set for Aug. 19
I N D I A
AANCHAL COLLECTION: CRISIL Rates INR85MM Loan at "CRISIL BB-"
ARJUN AGRO: CRISIL Assigns 'CRISIL B-' Rating to INR42.9MM Loan
BATLIBOI LTD: Fitch Affirms National Long-Term Rating at 'B(ind)'
DINA IRON: CRISIL Reaffirms 'CRISIL BB-' Rating on INR25MM Loan
FAB TRADE: CRISIL Assigns CRISIL B Rating to INR50MM Cash Credit
GLOBION INDIA: CRISIL Assigns 'CRISIL BB' Rating to INR60MM Loan
JAY BHARAT: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
MAYUR ELECTRICAL: Inadequate Info Cues Fitch Put Low-B Ratings
MPM PRIVATE: CRISIL Reaffirms CRISIL BB- Rating to INR165MM Loan
R. D. WELD: CRISIL Puts 'CRISIL BB' Rating on INR52MM Cash Credit
SAMIRA REALTY: CRISIL Rates INR180MM Cash Credit at 'CRISIL BB+'
SARWOTTAM ISPAT: CRISIL Reaffirms 'CRISIL BB+' Bank Loan Rating
SMS PARKING: CRISIL Rates INR1.09BB Term Loan at 'CRISIL B-'
TOYOP RELIEF: CRISIL Assigns 'CRISIL B+' Rating to INR54MM Loan
TRINIITY COLOUR: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
VISHNUDEEP PROJECTS: CRISIL Rates INR58MM Cash Credit at CRISIL D
M A L A Y S I A
AYER MOLEK: Inks Deal to Amend Proposed Restructuring Scheme
HOVID BERHAD: Unveils Proposed Dividend-in-Specie
RHYTHM CONSOLIDATED: Gets Reprimanded for Listing Rules Breaches
TALAM CORP: Changes Company Name to Trinity Corporation Berhad
N E W Z E A L A N D
BRIDGECORP LIMITED: Investors to Receive 3.5c First Payout
EQUITABLE MORTGAGES: Receivers Expect Fund Shortfall to the Crown
KINGSTON ACQUISITIONS: To Operate as Tourist Venture by Mid-Oct.
SOUTH CANTERBURY: Cost to Taxpayers Still Uncertain
SOUTH CANTERBURY: To Shut Former Head Office
* NEW ZEALAND: Insolvency Pro Key to Fighting Corp Fraud
S I N G A P O R E
FRIVEN & CO: Unit Goes Into Voluntary Liquidation
X X X X X X X X
* Large Companies with Insolvent Balance Sheets
- - - - -
=================
A U S T R A L I A
=================
FRATERNITY CLUB: Faces Liquidation, Needs AUD1.72MM Funds
---------------------------------------------------------
illawarramercury.com.au reports that the Fraternity Club's
five-year struggle to stay open has reached a critical point, as
the institution faces possible liquidation unless it can raise
AUD1.72 million by the end of November.
The Fairy Meadow club has almost 9,000 members and has continued
trading despite entering voluntary administration in 2005 with
debts of AUD12 million, illawarramercury.com.au says.
The report notes that the voluntary administration ended in
May 2007, but the club was placed in the hands of receiver and
manager Robert Brennan in August 2008.
illawarramercury.com.au relates that Mr. Brennan and a new board
have helped reduce the club's debt to AUD8 million, subject to
AUD1.5 million being paid to Fast Fix Finance by the end of
November this year, along with AUD220,000 to unsecured creditors.
According to the report, Mr. Brennan said the AUD1.72 million
could not come from internal revenue.
"We're not trying to scare anybody but . . . we do have a
deadline and have to be honest about that," the report quotes Mr.
Brennan as saying.
If the deadline is not met, illawarramercury.com.au notes
creditors will be asked to give the club more time. If that
extension is not granted, the club will go into liquidation.
To stave off liquidation, says illawarramercury.com.au, members
are being urged to purchase membership packages priced between
AUD550 and AUD5000, and businesses are being asked to buy
advertising. Both measures have delivered AUD240,000 in cash and
pledges.
The Fraternity Club is the multicultural club based in Illawarra,
New South Wales.
KINETIC SECURITIES: ASIC suspends Financial Services License
------------------------------------------------------------
The Australian Securities and Investment Commission has suspended
the Australian financial services (AFS) license of Kinetic
Securities Pty Ltd effective Aug. 15, 2011.
Kinetic, which offers online trading services such as contracts
for difference (CFDs) and margin foreign exchange to retail
clients, went into voluntary liquidation on August 8, 2011.
Robyn Duggan and Max Donnelly of Ferrier Hodgson were appointed
as liquidators last week. This appointment gave ASIC the power
to immediately suspend or cancel Kinetic's AFS license without a
hearing.
ASIC has been advised that Kinetic ceased carrying on its
financial services business on, or before, the appointment of the
liquidators.
Kinetic's liquidators are currently conducting an investigation
into the company's affairs. Creditors who have information which
may assist the liquidator's inquiries should write to Ferrier
Hodgson setting out full particulars.
ASIC will continue to assess the timing of the cancellation of
Kinetic's AFS license.
Kinetic Securities is a full service advisory firm facilitating
trading of equities, derivatives and FX on local & international
markets. Kinetic was founded in 2006 by client advisers Paul
Cheyney and Angus Knight, both formerly of full-service broker
Halifax. At its height, the company employed more than 50 staff
and had thousands of clients representing tens of millions of
dollars in Asia and Australia.
OCEROG PTY: Liquidators to Probe Alleged Corporate Act Violations
-----------------------------------------------------------------
Anthony Marx at The Courier-Mail reports that newly appointed
liquidators of Ocerog Pty Ltd said they plan to investigate
allegations concerning potential corporate violations. The
company was once owned and operated by failed Gold Coast
businessman Craig Gore.
The company's creditors decided last week to have it wound up by
Hall Chadwick accountants David Ross and Richard Albarran after a
proposed deed of company arrangement scheme was withdrawn.
According to The Courier-Mail, Mr. Ross said he would now carry
out "further investigations" into a series of alleged violations
of the Corporations Act, which he identified in a report to
creditors. They include breaches of director's duties, voidable
transactions, unfair preference payments, uncommercial
transactions and insolvent trading, The Courier-Mail relates.
The Courier-Mail discloses that Ocerog's main source of revenue
came from a AUD2 million a year deal for Mr. Gore to provide
consulting services to the company's subsidiary International
Marina Development & Management. It also owned two investment
units at Hope Island.
The report found that Ocerog generated AUD4.64 million in net
operating profit in the last three financial years but Mr. Gore
received AUD4.53 million in distributions as the sole shareholder
during that time, according to The Courier-Mail.
"The main reason for the company's failure was Mr. Gore receiving
profit distributions in the preceding three years," the report
said. "I am of the opinion that the company may have been in the
position to meet its ongoing liabilities if the distributions had
not been made to Mr. Gore."
Mayfair appointed receivers and managers to Ocerog on July 19,
just 12 days after Hall Chadwick were brought in as
administrators, The Courier-Mail reports.
Ocerog's biggest creditor is UK-based Mayfair, which is owned by
billionaire Lord Michael Ashcroft and trying to claw back
AUD132 million. Another AUD612,436 was owed to unsecured
creditors, none of whom will retrieve their money. The
Australian Taxation Office, which was chasing AUD554,721 of that
amount, had launched a wind-up bid against Ocerog in March.
The Courier-Mail relates that Ocerog also faced lawsuits from
lender Permanent Custodians, which had been chasing nearly
$1.5 million it claimed it was owed on the units, and a claim by
the body corporate for unpaid fees.
The end of the consulting arrangement with IMDM in December and
reduced rental income from the sale of investment properties saw
revenue dive 64% in the last financial year, the report notes.
================
H O N G K O N G
================
GRANDE HOLDINGS: Liquidation Case Recognized by U.S. Court
----------------------------------------------------------
The U.S. Bankruptcy Court for the Central District of California
recognized the liquidation of The Grande Holdings Limited in the
High Court of Hong Kong as a foreign main proceeding pursuant to
Section 1517 of the Bankruptcy Code.
The U.S. Court held that Fok Hei Yu and Roderick John Sutton,
provisional liquidators, may examine witnesses and take evidence
in the United States or obtain information in the U.S. concerning
the Debtor's assets, affairs, rights, obligations or liabilities;
and that the administration or realization of all or part of the
Debtor's assets within the territorial jurisdiction of the U.S.
is entrusted to the petitioners.
The U.S. Court has set a status conference for Oct. 25, 2011, at
11:00 a.m. A status report will be filed in the Debtor's case by
Oct. 14, 2011.
The provisional liquidators are represented by:
Evan M. Jones, Esq.
Michael C. Heinrichs, Esq.
O'MELVENY & MYERS LLP
400 South Hope Street
Los Angeles, CA 90071
Tel: (213) 430-6000
Fax: (213) 430-6407
E-mail: mheinrichs@omm.com
- and -
Gerald C. Bender, Esq.
Daniel S. Shamah, Esq.
Jason A. Zimmerman, Esq.
O'MELVENY & MYERS LLP
7 Times Square
New York, NY 10036
Tel: (212) 326-2000
Fax: (212) 326-2061
E-mail: gbender@omm.com
dshamah@omm.com
jzimmerman@omm.com
About Grande Holdings
The Grande Holdings Limited is an investment holding company,
holding shares and equity interests in various groups of
companies. The principal activities of Grande's subsidiaries
consist of distribution of household appliances and consumer
electronic products and licensing of trademarks. Grande and its
subsidiary companies own three global brands -- Nakamichi, Akai
and Sansui -- which are recognized for their wide range of audio-
visual equipment, consumer electronics and digital products. The
products are distributed through its global network spanning
Asia, Africa, Europe, Oceania, the Middle East and the Americas.
Grande Holdings was originally incorporated in the Cayman Islands
on Sept. 5, 1990, but was discontinued and resumed under the laws
of Bermuda. Grande has been registered in Hong Kong under Part
XI of the Companies Ordinance, Chapter 32 of the Laws of Hong
Kong, and has its principal place of business at 12th Floor, The
Grande Building, 398-402 Kwun Tong Road, in Kowloon.
Fok Hei Yu and Roderick John Sutton, as provisional liquidators
of Grande Holdings, filed a petition under Chapter 15 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 11-13119) on June 28,
2011, estimating $100 million to $500 million in assets and debts
for Grande.
The Hon. Robert E. Gerber transferred to the Bankruptcy Court
for the Central District of California the Chapter 15 case of the
Debtor.
LAU PING: Creditors' Proofs of Debt Due Sept. 9
-----------------------------------------------
Creditors of Lau Ping Kong & Yan Lan Oi Charity Fund Limited,
which is in members' voluntary liquidation, are required to file
their proofs of debt by Sept. 9, 2011, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Aug. 2, 2011.
The company's liquidator is:
Yan Lan Oi
Flat 25, 17th Floor
Fontana Gardens
Ka Ning Path
Causeway Bay
Hong Kong
LEGENDFIELD LIMITED: Chin and Lam Step Down as Liquidators
----------------------------------------------------------
Chin Tak Kei and Lam Kin Hung stepped down as liquidators of
Legendfield Limited on Aug. 11, 2011.
LEHMAN BROTHERS: HK Entities Support Pay-Out Plan
-------------------------------------------------
Lehman Brothers Holdings Inc. and the Liquidators for Lehman
Hong Kong, one of the largest groups of LBHI's international
affiliates, have reached an agreement settling all intercompany
claims between the U.S. Debtors and Lehman Hong Kong. The
agreement, which is subject to approval in the U.S. Chapter 11
and Hong Kong proceedings later this year, settles over
$20 billion of complex intercompany relationships between LBHI's
U.S. debtors and nine Hong Kong entities in liquidation.
LBHI has also secured the support of Lehman Hong Kong for its
Second Amended Joint Chapter 11 Plan and Disclosure Statement.
The Liquidators of Lehman's Hong Kong entities now join the
Unsecured Creditors Committee and other creditor groups
representing over $100 billion in claims in support of LBHI's
plan.
Edward Middleton, Partner, KPMG China, and one of the Hong Kong
Liquidators, said: "This is a genuinely exciting development. It
is a quantum leap in the progress of the Hong Kong liquidations,
and I am sure will assist our colleagues in the U.S. as well.
The settlement, achieved without litigation, provides mechanics
that will cut through many of the complexities of our multi-
layered relationships, and will thereby materially speed up the
liquidations, which can only be of benefit to our creditors."
Daniel Ehrmann, LBHI's head of international operations and co-
head of derivatives and a managing director at restructuring
and professional services firm Alvarez & Marsal, said: "This
agreement is another milestone in the case -- it resolves more
than $20 billion of intercompany claims and contributes
significantly to LBHI's recoveries. As we have consistently
stated, we remain focused on negotiating settlements with our
international affiliates and to bringing the Estate's plan to a
vote and confirmation by year end."
The Lehman Brothers bankruptcy is the largest and most complex in
history. Before the bankruptcy, Lehman Brothers had over
$630 billion of assets on its balance sheet and operated as a
truly global firm with over 7,000 legal entities in more than 40
countries. Its global cash management system, organizational
structure, product lines and operating platforms resulted in
numerous cross-border and cross-entity interdependencies.
Lehman's insolvency has resulted in over 75 separate and distinct
bankruptcy proceedings, with the non-United States proceedings
managed by a number of court appointed administrators,
liquidators, trustees, receivers, and like office holders.
LBHI and its affiliated chapter 11 debtors, through their
restructuring advisers at Alvarez & Marsal and their attorneys at
Weil, Gotshal & Manges LLP, filed the Second Amended Joint
Chapter 11 Plan and Disclosure Statement with the United States
Bankruptcy Court for the Southern District of New York on June
28, 2011. These filings can be found at www.lehman-docket.com in
the key documents section. To date, more than 30 creditor groups
representing claims of over $100 billion have signed plan support
agreements. The U.S. Chapter 11 debtors will be seeking the
Bankruptcy Court's approval of the Plan and Disclosure Statement
at a hearing scheduled to be held on August 30, 2011.
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16. Lehman Brothers Japan Inc. reported about
JPY3.4 trillion (US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases
-----------------------------------------------------------------
The Hong Kong Monetary Authority announced that investigation of
over 99% of a total of 21,815 Lehman-Brothers-related complaint
cases received has been completed. These include:
* 15,330 cases which have been resolved by a settlement
agreement reached under section 201 of the Securities and
Futures Ordinance;
* 2,639 cases which have been resolved through the enhanced
complaint handling procedures required by the settlement
agreement;
* 2,535 cases which were closed because insufficient prima
facie evidence of misconduct was found after assessment or
no sufficient grounds and evidence were found after
investigation;
* 923 cases (including minibond cases) which are under
disciplinary consideration after detailed investigation by
the HKMA, of which proposed disciplinary notices are being
prepared in respect of 743 such cases and proposed
disciplinary notices or decision notices have been issued
in respect of the other 180 cases; and
* 265 cases in respect of which investigation work has been
completed and are going through the decision process to
decide whether there are sufficient grounds for
disciplinary actions or whether the cases should be closed
because of insufficient evidence or lack of disciplinary
grounds.
Investigation work is underway for the remaining 121 cases.
A table summarizing the progress of the disciplinary and
complaint-resolution work in respect of Lehman-Brothers-related
complaints is available at http://ResearchArchives.com/t/s?76a4
About Lehman Brothers
Lehman Brothers Holdings Inc. -- http://www.lehman.com/-- was
the fourth largest investment bank in the United States. For
more than 150 years, Lehman Brothers has been a leader in the
global financial markets by serving the financial needs of
corporations, governmental units, institutional clients and
individuals worldwide.
Lehman Brothers filed for Chapter 11 bankruptcy Sept. 15, 2008
(Bankr. S.D.N.Y. Case No. 08-13555). Lehman's bankruptcy
petition disclosed US$639 billion in assets and US$613 billion in
debts, effectively making the firm's bankruptcy filing the
largest in U.S. history. Several other affiliates followed
thereafter.
Additional units, Merit LLC, LB Somerset LLC and LB Preferred
Somerset LLC, sought for bankruptcy protection in December 2009
or more than a year after LBHI and its other affiliates filed
their bankruptcy cases.
The Debtors' bankruptcy cases are handled by Judge James M. Peck.
Harvey R. Miller, Esq., Richard P. Krasnow, Esq., Lori R. Fife,
Esq., Shai Y. Waisman, Esq., and Jacqueline Marcus, Esq., at
Weil, Gotshal & Manges, LLP, in New York, represent Lehman. Epiq
Bankruptcy Solutions serves as claims and noticing agent.
Dennis F. Dunne, Esq., Evan Fleck, Esq., and Dennis O'Donnell,
Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York, serve
as counsel to the Official Committee of Unsecured Creditors.
Houlihan Lokey Howard & Zukin Capital, Inc., is the Committee's
investment banker.
On Sept. 19, 2008, the Honorable Gerard E. Lynch of the U.S.
District Court for the Southern District of New York, entered an
order commencing liquidation of Lehman Brothers, Inc., pursuant
to the provisions of the Securities Investor Protection Act (Case
No. 08-CIV-8119 (GEL)). James W. Giddens has been appointed as
trustee for the SIPA liquidation of the business of LBI.
The Bankruptcy Court has approved Barclays Bank Plc's purchase
of Lehman Brothers' North American investment banking and
capital markets operations and supporting infrastructure for
US$1.75 billion. Nomura Holdings Inc., the largest brokerage
house in Japan, purchased LBHI's operations in Europe for US$2
plus the retention of most of employees. Nomura also bought
Lehman's operations in the Asia Pacific for US$225 million.
International Operations Collapse
Lehman Brothers International (Europe), the principal UK trading
company in the Lehman group, was placed into administration,
together with Lehman Brothers Ltd, LB Holdings PLC and LB UK RE
Holdings Ltd. Tony Lomas, Steven Pearson, Dan Schwarzmann and
Mike Jervis, partners at PricewaterhouseCoopers LLP, have been
appointed as joint administrators to Lehman Brothers
International (Europe) on Sept. 15, 2008. The joint
administrators have been appointed to wind down the business.
Lehman Brothers Japan Inc. and Lehman Brothers Holdings Japan
Inc. filed for bankruptcy in the Tokyo District Court on
Sept. 16. Lehman Brothers Japan Inc. reported about
JPY3.4 trillion (US$33 billion) in liabilities in its petition.
Bankruptcy Creditors' Service, Inc., publishes Lehman Brothers
Bankruptcy News. The newsletter tracks the Chapter 11 proceeding
undertaken by Lehman Brothers Holdings, Inc., and other
insolvency and bankruptcy proceedings undertaken by its
affiliates. (http://bankrupt.com/newsstand/or 215/945-7000)
LITAO COMPANY: Members' Final Meeting Set for Sept. 15
------------------------------------------------------
Members of Litao Company Limited will hold their final meeting on
Sept. 15, 2011, at 11:30 a.m., at Room 1003 Easey Commercial
Building, 253-261 Hennessy Road, in Hong Kong.
At the meeting, Siu Yee Cheong Stephen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
MARINE MANNING: Annual Meetings Set for Aug. 24
------------------------------------------------
Creditors and members of Marine Manning Services Limited will
hold their annual meetings on Aug. 24, 2011, at 4:00 p.m., at
concurrently at the offices of FTI Consulting (Hong Kong)
Limited, Level 22, The Center, 99 Queen's Road Central, in Hong
Kong.
At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
MING CHI: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------
At an extraordinary general meeting held on Aug. 3, 2011,
creditors of Ming Chi Enterprise Company Limited resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Leung Chi Wing
Room 3, 8/F
Yue Xiu Building
160 Lockhart Road
Wab Chai, Hong Kong
MOBIL OIL: Patricia Lynn Bost Appointed as New Liquidator
---------------------------------------------------------
Patricia Lynn Bost on Aug. 1, 2011, was appointed as liquidator
of Mobil Oil Hong Kong Limited.
Patricia Lynn Bost replaces Porntida Boonsa who stepped down as
the company's liquidator.
The liquidator may be reached at:
Patricia Lynn Bost
17/F., Metro Tower
30 Tian Yao Qiao Road
Shanghai 200030
People's Republic of China
NEW PROFIT: Members' and Creditors' Meetings Set for Aug. 19
------------------------------------------------------------
Creditors and members of New Profit Holdings Limited will hold
their annual meetings today, Aug. 19, 2011, at 3:30 p.m., at the
offices of FTI Consulting (Hong Kong) Limited, Level 22, The
Center, at 99 Queen's Road Central, in Hong Kong.
At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
PERCEPTIVE INVESTMENT: Members' Final Meeting Set for Sept. 14
--------------------------------------------------------------
Members of Perceptive Investment Limited will hold their final
general meeting on Sept. 14, 2011, at 11:30 a.m., at 12/F, 3
Lockhart Road, in Wanchai, Hong Kong.
At the meeting, Li Sze Kuen Billy, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
REGENT SUMMIT: Members' and Creditors' Meetings Set for Sept. 6
---------------------------------------------------------------
Members and creditors of Regent Summit Holdings Limited will hold
their annual meetings on Sept. 6, 2011, at 10:30 a.m., and 2:30
p.m., respectively at Room 1601-02, 16th Floor, One Hysan Avenue,
Causeway Bay, in Hong Kong.
At the meeting, Jackson Ip, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
RAINBOW BRIDGE: Placed Under Voluntary Wind-Up Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on Aug. 5, 2011,
creditors of Rainbow Bridge Trading Limited resolved to
voluntarily wind up the company's operations.
The company's liquidators are:
Natalia K M Seng
Susan Y H Lo
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
SICHUAN CHEUNG: Members' Final General Meeting Set for Oct. 7
------------------------------------------------------------
Members of Sichuan Cheung Kuang (Hong Kong) Shares Limited will
hold their final General Meeting on Oct. 7, 2011, at 10:00 a.m.,
at Rooms 903-908, 9/F, Kai Tak Commercial Building, at 317-319
Des Voeux Road Central, in Hong Kong.
At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
SUNPOWER CORPORATION: Members' Final Meeting Set for Sept. 15
-------------------------------------------------------------
Members of Sunpower Corporation Limited will hold their final
General meeting on Sept. 15, 2011, at 2:00 p.m., at Room 1501,
15th Floor, Shanhai Industrial Investment Building, at 48-62
Hennessy Road, in Wanchai, Hong Kong.
At the meeting, Lam Chin Chiu, the company's liquidator, will
give a report on the company's wind-up proceedings and property
disposal.
SWIRE INDUSTRIAL: Final Meeting Set for Sept. 22
------------------------------------------------
Sole shareholder of Swire Industrial Management Services Limited
will hold a final meeting on Sept. 22, 2011, at 10:30 a.m., at
33rd Floor, One Pacific Place, at 88 Queensway, in Hong Kong.
At the meeting, Tam Yau Shing Franky and Lok Wai, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
TACK FAT: Members' and Creditors' Annual Meetings Set for Aug. 19
-----------------------------------------------------------------
Creditors and members of Tack Fat International Holdings Limited
will hold their annual meetings on Aug. 19, 2011, at 3:00 p.m.,
at the offices of FTI Consulting (Hong Kong) Limited, Level 22,
The Center, at 99 Queen's Road Central, in Hong Kong.
At the meeting, Fok Hei Yu, the company's liquidator, will give a
report on the company's wind-up proceedings and property
disposal.
TK SPORTS: Members' Final Meeting Set for Sept. 22
--------------------------------------------------
Members of TK Sports Limited will hold their final meeting on
Sept. 22, 2011, at 10:00 a.m., at 33rd Floor, One Pacific Place,
at 88 Queensway, in Hong Kong.
At the meeting, Samson Wong Hay Yan and Patrick Fung Chi Man, the
company's liquidators, will give a report on the company's wind-
up proceedings and property disposal.
TREASURE LAND: Members' Final General Meeting Set for Oct. 7
------------------------------------------------------------
Members of Treasure Land (Mid-Level West) Property Consultants
Limited will hold their final General Meeting on Oct. 7, 2011, at
10:00 a.m., at 19/F, Harcourt House, at 39 Gloucester Road,
Wan Chai, in Hong Kong.
At the meeting, Ho Mei Ngan and Low Fung Ping, the company's
liquidators, will give a report on the company's wind-up
proceedings and property disposal.
VIDEOTEL MARINE: Li and Kam Step Down as Liquidators
----------------------------------------------------
Li Kwok On and Kam Ka Wo Annie stepped down as liquidators of
Videotel Marine International (H.K.) Limited on Aug. 1, 2011.
VINKI CORPORATION: Creditors' Meeting Set for Aug. 19
-----------------------------------------------------
Creditors of Vinki Corporation Limited will hold a meeting on
Aug. 19, 2011, at 11:30 a.m., at 6th Floor, Sunning Plaza, at
10 Hysan Avenue, Causeway Bay, in Hong Kong.
At the meeting, Kenneth Chen, the company's liquidator, will give
a report on the company's wind-up proceedings and property
disposal.
=========
I N D I A
=========
AANCHAL COLLECTION: CRISIL Rates INR85MM Loan at "CRISIL BB-"
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB-/Stable' rating to the cash
credit facility of Aanchal Collection Ltd.
Facilities Ratings
---------- -------
INR85 Million Cash Credit CRISIL BB-/Stable (Assigned)
The rating reflects ACL's weak financial risk profile, marked by
small net worth, and weak debt protection metrics, large
incremental working capital requirements, and susceptibility to
intense competition in the wholesale and retail textile business.
These rating weaknesses are partially offset by the extensive
industry experience of ACL's promoters and established
relationships with suppliers and customers.
Outlook: Stable
CRISIL believes that ACL will continue to benefit over the medium
term from its promoter's extensive experience in the saree
business and expanding retail presence. Aanchal's financial risk
profile will, however, remain constrained by its large working
capital requirements, driven by its ongoing expansion of retail
stores. The outlook may be revised to 'Positive' if the company's
financial risk profile improves significantly, its retail
operations are successfully stabilised and as a result there is
sustained growth in operations and profitability. Conversely, the
outlook may be revised to 'Negative' if ACL generates less-than-
expected cash accruals, or contracts larger-than-expected debt to
fund its capital expenditure.
About Aanchal Collection
Aanchal Saree Emporium, based in Kolkata (West Bengal) was set up
as a proprietorship concern in 2003-04 (refers to financial year,
April 1 to March 31) by Mr. Mukesh Goel. It was later
reconstituted as a closely held limited company and renamed ACL.
The company is a retailer and wholesaler of women's garments.
Although ACL's product profile includes salwar suits and ghagras,
80% of the revenues are contributed by sarees. Its wholesale
business contributes to 70% of the revenues; the rest is
contributed by retail. The company has five retail showrooms and
plans to increase the number of stores to 25 by end of 2012-13.
ACL reported a profit after tax (PAT) of INR2.2 million on net
sales of INR248.5 million for 2009-10, as against a PAT of INR1.1
million on net sales of INR193.5 million for 2008-09.
ARJUN AGRO: CRISIL Assigns 'CRISIL B-' Rating to INR42.9MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Arjun Agro Foods.
Facilities Ratings
---------- -------
INR42.9 Million Term Loan CRISIL B-/Stable (Assigned)
INR275 Million Cash Credit CRISIL B-/Stable (Assigned)
The rating reflects AAF's weak financial risk profile, marked by
a small net worth, high gearing, and weak liquidity, large
working capital requirements, and susceptibility to volatility in
raw material prices and vagaries of the monsoon. These rating
weaknesses are partially offset by AFP's promoters' extensive
experience in the rice trading industry.
Outlook: Stable
CRISIL believes that AAF's liquidity will remain weak over the
medium term because of its large working capital requirements and
low cash accruals. The outlook may be revised to 'Positive' if
AAF's liquidity and capital structure improve, driven by a
significant improvement in cash accruals or additional equity
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if there is a significant deterioration in AFP's
liquidity or capital structure.
About Arjun Agro
Set up in 2008, AAF processes basmati rice (the Pusa 1121
variety). The partnership firm has a parboiled rice unit in
Khanna (Punjab) with a milling capacity of 15 tonnes per hour.
About 70% of its sales are to exporters. The firm also has a
domestic presence under the brand, Devrath, which contributes 10
to 12% of its total annual sales; the remaining is sold to the
exporters in the local market.
AFP reported a profit after tax (PAT) of INR1.2 million on net
sales of INR335.6 million for 2009-10 (refers to financial year,
April 1 to March 31).
BATLIBOI LTD: Fitch Affirms National Long-Term Rating at 'B(ind)'
-----------------------------------------------------------------
Fitch Rating has revised Batliboi Ltd's Outlook to Stable from
Negative and simultaneously affirmed the India-based company's
National Long-Term rating at 'Fitch B-(ind)'. The list of
additional rating actions can be found at the end of this
commentary.
The revision in the Outlook reflects Batliboi's improved
financial performance in financial year ended 31 March 2011
(FY11). The company's revenues grew by 19.4% yoy, owing to
increased demand from the textile machinery segment (46% of total
FY11 revenues). Its EBIDTA margins improved on account of cost
rationalization measures. However, Fitch notes that improvement
in EBITDA margins was constrained by the weak performance of
Batliboi's 100% owned subsidiary, Quickmill Inc., which was
affected by the slowdown in North America and Middle East
markets. The weak performance is attributed to the increase in
steel prices and strengthening of the Canadian dollar against the
Indian Rupee which led to operating losses at the subsidiary.
Batliboi's ratings reflect its long operating track record in the
machine tools and textile engineering segment, and its order book
position of INR1,868.4 million (0.8x FY11 revenues) provides
revenue visibility.
The company's ratings are constrained by its weak credit metrics
reflected in its low interest coverage (FY11: 0.9x; FY10: 0.3x)
and high gross debt to EBIDTA (FY11: 10.9x; FY10: 45.9x),
although there has been some improvement on account of increased
EBITDA margins. That said, Fitch notes Batliboi has paid off its
debt obligations partly through extraordinary income of INR33.5
million and preference shares of INR59.2 million issued to its
sponsors. However, it took unsecured and other loans from its
directors to tide over liquidity pressures.
Negative rating guidelines include any delays in servicing its
debt obligations (interest and principal repayments) and any
decline in the value of its order book. Positive rating
guidelines include interest coverage above 1.5x on a sustained
basis.
Established in 1892, Batliboi is a public limited capital goods
company. In FY11, Batliboi's revenue rose to INR2,277.4 million
(FY10: INR1,907.4 million) with EBIDTA of INR60.8 million (FY10:
INR16.6 million), while it financial leverage (adjusted net
debt/EBITDA) in FY11 stood at 9.7x (FY10: 42.9x). The total debt
for FY11 stood at INR663.9 million including 5% redeemable
preference share capital of INR59.2 million.
The following facilities of Batliboi's have been affirmed:
-- INR382.5 million term loan: 'Fitch B-(ind)'
-- INR189.0 million fund-based credit: 'Fitch B-(ind)'
-- INR527.3 million non-fund based credit facility:
'Fitch A4(ind)'
DINA IRON: CRISIL Reaffirms 'CRISIL BB-' Rating on INR25MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dina Iron and Steel
Ltd continue to reflect DISL's moderate business risk profile
marked by moderately integrated operations. DISL has recently
commissioned its coal gasifier plant, which is expected to
partially reduce the company's operating costs. These rating
strengths are partially offset by DISL's working capital
intensive operations and susceptibility to cyclicality in steel
industry.
Facilities Ratings
---------- -------
INR105 Million Cash Credit CRISIL BB-/Stable
(Reaffirmed)
INR25 Million Term Loan CRISIL BB-/Stable
(Reaffirmed)
Outlook: Stable
CRISIL believes that DISL will maintain its moderate business and
financial risk profile over the medium term, supported by
moderately integrated operations and lack of significant debt
funded capex plans in the medium term. The outlook may be revised
to 'Positive' if DISL reports higher-than-expected increase in
revenues and profitability, resulting in an improvement in its
overall credit profile Conversely, the outlook may be revised to
'Negative' if DISL's capacity utilization is lower than expected
or if the company reports significant deterioration in operating
profitability resulting in low cash accruals, or if it undertakes
any larger-than-expected debt-funded capital expenditure
programme, thereby weakening its capital structure.
About Dina Iron
DISL, incorporated in 1992, manufactures billets, wire rods, and
thermo-mechanically-treated bars, which are used in the
construction, electrical, and infrastructure industries. The
company has capacity to produce 30,000 tonnes per annum (tpa) of
billets, and a rolling capacity of 20,000 tpa.
For 2010-11 (refers to financial year, April 1 to March 31), DISL
reported a profit after tax (PAT) of INR7 million on net sales of
INR651 million, as against a PAT of INR7 million on net sales of
INR635 million for 2009-10.
FAB TRADE: CRISIL Assigns CRISIL B Rating to INR50MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
Fab Trade Pvt. Ltd.'s bank facilities.
Facilities Ratings
---------- -------
INR55 Million Cash Credit CRISIL B/Stable
(Assigned)
INR7.5 Mil. Standby Line of Credit CRISIL B/Stable
(Assigned)
INR50 Million Proposed Long-Term CRISIL B/Stable
Bank Loan Facility (Assigned)
INR2.5 Million Letter of Credit CRISIL A4 (Assigned)
The rating reflects the company's modest scale of operations and
weak financial risk profile. This rating weakness is partially
offset by the benefits FTPL derives from its promoter's
experience in the chemical trading industry.
Outlook: Stable
CRISIL believes that FTPL will maintain a stable business risk
profile on the back of established market presence & long
standing experience of the promoters. The outlook may be revised
to 'Positive' in case of higher than expected increase in
revenues coupled with improvement in net cash accruals and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its capital structure due
to significantly elongated working capital cycle or large debt
funded acquisition.
About Fab Trade
Fab Trade Pvt. Ltd. was incorporated in April 2010, by Mr. Amit
Bavasi, a Mumbai based first generation entrepreneur, and is
engaged in trading of various organic chemicals and solvents
catering mainly to pharmaceutical, plastic, paper and textile
industries. The business was earlier carried out under M/s. Fab
Trade enterprises, a proprietorship concern, with Mrs. Felie
Bavisi, wife of Mr. Amit Bavisi, as the sole proprietor of the
firm. All the operations under FTE were transferred to FTPL in
2010.
FTPL reported a profit after tax (PAT) of INR1.8 million on net
sales of INR270.5 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR0.2 million on net
sales of INR12.8 million for 2009-10 (only four months of
commercial operations).
GLOBION INDIA: CRISIL Assigns 'CRISIL BB' Rating to INR60MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Globion India Pvt Ltd
continue to reflect the strong marketing support Globion receives
from group company Suguna Poultry Farm Ltd (SPFL, rated 'CRISIL
BBB+/Positive/CRISIL A2'), and the technical and operational
support it receives from Lohmann Animal Health - Suguna Holdings
Pvt Ltd and LAH have promoted Globion as a joint venture (JV).
Facilities Ratings
---------- -------
INR60 Million Proposed Long-Term CRISIL BB/Stable (Assigned)
Bank Loan Facility
INR40 Million Cash Credit CRISIL BB/Stable
(Reaffirmed)
INR430.7 Million Long-Term Loan CRISIL BB/Stable
(Reaffirmed)
INR20 Million Letter of Credit CRISIL A4+ (Reaffirmed)
INR25 Million Bank Guarantee CRISIL A4+ (Reaffirmed)
These rating strengths are partially offset by Globion's exposure
to risks related to full stabilization of operations at its
recently set up plant and to intense market competition, and its
below-average financial risk profile, marked by high gearing and
low profitability.
Outlook: Stable
CRISIL believes that Globion, through the initial phase of its
operations, will continue to benefit from SHPL's timely financial
support, SPFL's leadership in India's broiler chicken market, and
from LAH's technical and operational support. The outlook may be
revised to 'Positive' if Globion reports sustained increase in
revenues and profitability upon full stabilization of its
operations. Conversely, the outlook may be revised to 'Negative'
if Globion takes longer-than-expected to achieve break even or
reports less-than-expected revenues.
Update
Globion reported, on a provisional basis, sales of INR99.1
million for 2010-11 (refers to financial year, April 1 to March
31), marginally lower than CRISIL's expectation. The company
started commercial operations in April 2010. It reported losses
in 2010-11 and first quarter of 2011-12 pending full
stabilization of operations. The company's revenues for the three
months ended June 30, 2011 are estimated at INR50 million.
Globion derives around 80% of its income from SPFL. Globion has
generated revenues from existing six products in production. The
company has another set of eight products in the pipeline, the
production of which is expected to begin in October 2011.
Over the next 12 months, Globion plans to undertake a capital
expenditure (capex) programme of INR9 million, mainly towards
process enhancement. The investment is expected to be funded with
the existing cash balances and unencumbered cash balances.
Globion had unencumbered cash balances of around INR 33.9 million
as on March 31, 2011. As on the same date, the gearing was high,
at 2.25 times. CRISIL believes that Globion's gearing will remain
high over the medium term mainly due to incremental working
capital requirements.
About Globion India
Globion is a 74:26 JV between SHPL and LAH, a global major in
animal health business, especially in poultry biological with
product lines in avian vaccines and feed additives. SHPL is the
holding company of SPFL, which is India's largest poultry
integrator. Globion manufactures and markets live and inactivated
veterinary vaccines, mainly catering to the poultry industry in
India. Its manufacturing unit is in Biotech Park in Medak
District (Andhra Pradesh). The unit commenced operations in April
2010 (operations were scheduled to commence in October 2009).
JAY BHARAT: CRISIL Reaffirms 'CRISIL BB' Term Loan Rating
---------------------------------------------------------
CRISIL's rating on the bank facilities of Jay Bharat Dyeing &
Printing Pvt Ltd, part of the Jay Bharat group, continues to
reflect the group's moderate financial risk profile, marked by
moderate gearing and comfortable debt protection metrics, and the
experience of its promoters in the textile industry.
Facilities Ratings
---------- -------
INR50.0 Mil. Cash Credit Limit CRISIL BB/Stable
(Reaffirmed)
INR61.4 Million Rupee Term Loan CRISIL BB/Stable
(Reaffirmed)
These strengths are partially offset by the Jay Bharat group's
small scale of operations in the highly fragmented and intensely
competitive dyeing industry, and the risks associated with the
ongoing capital expenditure (capex) under the group company J B
Syntex Pvt Ltd (JBSPL; rated 'CRISIL BB-/Stable/CRISIL A4+').
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of JBDPPL and JBSPL, together referred to
as the Jay Bharat group. This is because the two entities have
common promoters and management, and are in similar line of
business.
Outlook: Stable
CRISIL believes that the Jay Bharat group will maintain its
credit risk profile over the medium term, backed by its
promoters' extensive industry experience and moderate financial
risk profile. Its financial risk profile is, however, expected to
remain constrained over the medium term by the ongoing capex in
JBSPL. The outlook may be revised to 'Positive' in case of
significant improvement in the group's cash accruals, backed by
improvement in the scale of operations and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in its financial risk profile due to a larger-than-
expected, debt-funded capex programme or less-than-expected
operating margin, leading to deterioration in the debt protection
metrics over the medium term.
About the Group
JBDPPL, incorporated in 1986, is promoted by the Arya and Gupta
family and has been in the textile business since the 1970s.
JBDPPL undertakes job works in dyeing and printing of grey
polyester fabric. The company's plant in Surat (Gujarat) has a
processing capacity of 185,000 metres per day (mpd). The company
uses gas-based and wind-based power to meet its power
requirements.
The promoters of JBDPPL formed JBSPL in 2008 and commenced
commercial production in July 2011. The company does dyeing work
for suiting and shirting fabrics on job work basis and has a
capacity to process 67,000 mpd. JBDPPL holds 21.6% share holding
in JBSPL; the remainder of the shares are owned by the promoter
families.
The company's present operations are limited to only dyeing for
the suiting and shirting fabrics on job work basis and it is
under process to install capacities for printing. The company
installed the capacity in 2010-11 (refers to financial year,
April 1 to March 31) for dyeing at a total outlay of around
INR250 million, funding in a debt-to-equity ratio of 2:1. For the
proposed printing capacities, the total capex is pegged at INR170
million, to be funded in a debt-to-equity ratio of 3:1. The debt
for the capex has already been sanctioned and the company has
plans to complete the capex by March 2012, with commercial
production expected to commence in April 2013.
JBDPPL is expected to report a profit after tax (PAT) of INR13.9
million on net sales of INR399 million for 2010-11, as against a
PAT of INR12 million on net sales of INR346 million for 2009-10.
MAYUR ELECTRICAL: Inadequate Info Cues Fitch Put Low-B Ratings
--------------------------------------------------------------
Fitch Ratings has migrated India's Mayur Electrical Industries
Private Limited's 'B+(ind)' National Long-Term rating to the
"Non-Monitored" category. This rating will now appear as 'Fitch
B+(ind)nm' on the agency's Web site. Simultaneously, the agency
has classified the following bank loan ratings as "Non-
Monitored:"
-- Fund-based working capital limits of INR75m: migrated to
'Fitch B+(ind)nm'/'Fitch A4(ind)nm' from B+(ind)'/'F4(ind)';
and
-- Non-Fund-based working capital limits of INR70m: migrated to
'Fitch B+(ind)nm'/'Fitch A4(ind)nm' from 'B+(ind)'/'F4(ind)'
The ratings have been migrated to the "Non-Monitored" category
due to lack of adequate information and Fitch will no longer
provide ratings or analytical coverage on MEIL. The ratings will
remain in the "Non-Monitored" category for a period of six months
and be withdrawn at the end of that period. However, in the
event the issuer starts furnishing information during this six-
month period, the ratings could be re-activated and will be
communicated through a "Rating Action Commentary."
MPM PRIVATE: CRISIL Reaffirms CRISIL BB- Rating to INR165MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of MPM Pvt Ltd continue
to reflect the benefits that MPM derives from its promoters'
experience and its diverse product profile in the foundry
consumables and additives trading business.
Facilities Ratings
---------- -------
INR165 Million Cash Credit CRISIL BB-/Positive
(Enhanced from INR92.5 Million)
INR115 Million Letter of Credit CRISIL A4+
(Enhanced from INR70.0 Million)
INR20 Million Receivable Factoring CRISIL A4+ (Assigned)
These rating strengths are partially offset by the company's
modest scale of operations in the foundry consumables and
additives trading segment, large working capital requirements,
vulnerability to volatility in raw material prices, and below-
average financial risk profile marked by high gearing and weak
debt protection indicators.
Outlook: Positive
CRISIL believes that MPM will benefit over the medium term from
its improved liquidity and margins, and the increase in demand
from end-user industries. The rating may be upgraded if MPM
increases its revenues and improves its margins more than
expected, and manages its working capital more efficiently.
Conversely, the outlook may be revised to 'Stable' in case MPM's
liquidity and capital structure weaken because of reduced
efficiency in working capital management.
About MPM Pvt
MPM was set up as a proprietorship firm named Mineral Pulverizing
Mills in 1984; it was reconstituted as a private limited company
in 1996, and in 2006 its name was changed to the current one. The
company manufactures and trades in foundry consumables and
additives for the ferrous metal casting industry. MPM has
pioneered the manufacture of lustrous products and has a market
share of 40% in India. MPM has two manufacturing units at Nagpur
(Maharashtra). The company is promoted by Mr. Deepak Chowdhary;
he manages the company along with his daughter, Ms. Aditi
Chowdhary.
MPM has formed an equal joint venture (JV) with James Durrans &
Sons Ltd, UK, for manufacturing refractory coating; the JV is MPM
Durrans Refracoat Pvt Ltd. Also, MPM's promoters have entered
into consultancy services related to foundry through MPM Foundry
Solutions Pvt Ltd.
MPM posted a provisional profit after tax (PAT) of INR2.7 million
on net sales of INR842 million for 2010-11 (refers to financial
year, April 1 to March 31), against a PAT of INR6 million on net
sales of INR581 million for 2009-10.
R. D. WELD: CRISIL Puts 'CRISIL BB' Rating on INR52MM Cash Credit
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB/Stable/CRISIL A4+' ratings to
the bank facilities of R. D. Weld Products Pvt Ltd.
Facilities Ratings
---------- -------
INR52 Million Cash Credit CRISIL BB/Stable (Assigned)
INR3 Million Letter of Credit CRISIL A4+ (Assigned)
The ratings reflect the extensive experience of RDWPPL's
promoters in the welding industry. This rating strength is
partially offset by RDWPPL's moderate financial risk profile,
marked by low net worth, high gearing, and moderate debt
protection metrics.
Outlook: Stable
CRISIL believes that RDWPPL will continue to benefit over the
medium term from its promoters' extensive industry experience in
the welding industry & their established relations with reputed
suppliers & customers. The outlook may be revised to 'Positive'
if there is a significant improvement in the company's revenues &
accruals, while maintaining capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
there's decline in RDWPPL's revenues or accruals or a substantial
deterioration in its capital structure.
About R. D. Weld
R.D. Weld Products Pvt. Ltd. is a private limited company
incorporated in 1997 & engaged in trading & services for welding
products which find wide application across various industries
such as infrastructure, automobile, shipping, petrochemicals etc.
The company's operations are managed by key promoter & managing
director Mr. Manoj Balwani with his wife Ms. Rashmi Balwani. The
company's registered office is located in Mumbai (Maharashtra).
RDWPPL generated revenue of INR381 million during 2010-11
(provisional).
The company reported a profit after tax (PAT) of INR5.1 million
on net sales of INR275.5 million for 2009-10 (refers to financial
year, April 1 to March 31), as against a PAT of INR2 million on
net sales of INR189.3 million for 2008-09.
SAMIRA REALTY: CRISIL Rates INR180MM Cash Credit at 'CRISIL BB+'
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL BB+/Stable' rating to the cash
credit facility of Samira Realty Projects Pvt Ltd.
Facilities Ratings
---------- -------
INR180.0 Million Cash Credit CRISIL BB+/Stable (Assigned)
The rating factors in SRPPL's prudent funding-mix for its ongoing
real estate project, Samira Pavilions, supported by long-term
funding support from Infrastructure Leasing & Financial Services
Limited Indiareit Fund and low dependence on bank financing. The
ratings also factor in SRPPL's growing presence in the Panvel-
Alibaug-Revdanda-Kashid region (Maharashtra). These rating
strengths are partially offset by the slow off-take in sales and
susceptibility of sales to the progress of key infrastructure
projects in the region.
Outlook: Stable
CRISIL believes that SRPPL will continue to benefit from the
funding support from IL&FS IndiaReit Fund over the medium term.
The outlook may be revised to 'Positive' if SRPPL's sales and
customer advances increase significantly from current levels,
resulting in an increase in its cash flows and sooner-than-
expected completion of its ongoing project. Conversely, the
outlook may be revised to 'Negative' if booking level for the
project is lower than expected, which would adversely affect its
cash flows.
About Samira Realty
SRPPL was incorporated in 2007 as a joint venture between Samira
Construction Ltd and IL&FS IndiaReit Fund. It is part of the
Samira Habitat group, promoted by Mr. Sameer Nerurkar. The Samira
Habitat group is a leading lifestyle and infrastructure company
which is actively developing the P A R K region with various
signature projects. SRPPL is currently developing Samira
Pavilions - a township comprising 127 luxury villas.
SARWOTTAM ISPAT: CRISIL Reaffirms 'CRISIL BB+' Bank Loan Rating
---------------------------------------------------------------
CRISIL has revised its rating outlook on Sarwottam Ispat Ltd's
long-term bank facilities to 'Stable' from 'Negative', while
reaffirming the rating at 'CRISIL BB+'; the rating on the short-
term facilities has been reaffirmed at 'CRISIL A4+'.
Facilities Ratings
---------- -------
INR99.80 Million Long-Term Loan CRISIL BB+/Stable
(Reaffirmed; Outlook
Revised from 'Negative')
INR15.00 Million Proposed LT Bank CRISIL BB+/Stable
Loan Facility (Reaffirmed; Outlook
Revised from 'Negative')
INR103.50 Million Cash Credit CRISIL BB+/Stable
(Reaffirmed; Outlook
Revised from 'Negative')
INR39.0 Million Letter of Credit CRISIL A4+ (Reaffirmed)
INR4.7 Million Proposed Letter CRISIL A4+ (Reaffirmed)
of Credit
INR18.00 Million Bank Guarantee CRISIL A4+ (Reaffirmed)
The revision in outlook reflects Sarwottam's improved liquidity
position on account of better-than-expected receivables
management and capacity utilization, resulting in stable cash
accruals. The revised outlook also reflects better-than-expected
business performance of the company in 2010-11 (refers to
financial year, April 1 to March 31), backed by revival in demand
and improved market conditions in Andhra Pradesh. CRISIL believes
that Sarwottam's credit risk profile over the medium term will be
supported by stable cash accruals and absence of any large, debt-
funded capital expenditure plan.
The ratings reflect Sarwottam's established market position and
its promoters' experience in the steel industry. These rating
strengths are partially offset by Sarwottam's small scale of
operations, exposure to intense competition in a fragmented
industry, weak operating efficiencies, with margins vulnerable to
volatility in raw material prices, and average financial risk
profile, marked by moderate gearing and average debt protection
metrics.
Outlook: Stable
CRISIL believes that Sarwottam's credit risk profile will remain
stable over the medium term, supported by stable cash accruals
and absence of any large, debt-funded capex plan. The outlook may
be revised to 'Positive' if Sarwottam significantly increases its
scale of operations and profitability, while maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' in case there is a significant decline in the
Sarwottam's topline or operating margin due to intense
competition or slowdown in the end-user industry, leading to
weakening in its business risk profile, or if the company
undertakes a larger-than-expected, debt-funded capex programme,
leading to deterioration in its financial risk profile.
About Sarwottam Ispat
Sarwottam, incorporated in 1984 in Hyderabad (Andhra Pradesh),
manufactures steel ingots, billets and thermo-mechanically
treated (TMT) bars. The company has capacity to manufacture
56,000 tonnes per annum (tpa) of rolled products such as ingots
and billets, and 50,000 tpa of TMT bars.
Sarwottam reported, on provisional basis, a profit after tax
(PAT) of INR5.4 million on net sales of INR1174.0 million for
2010-11; it reported a PAT of INR5.3 million on net sales of
INR968.0 million for 2009-10.
SMS PARKING: CRISIL Rates INR1.09BB Term Loan at 'CRISIL B-'
------------------------------------------------------------
CRISIL's has reaffirmed its rating on the long-term bank facility
of SMS Parking Solutions Pvt Ltd (SMS Parking, a subsidiary of
SMS Infrastructure Ltd at 'CRISIL B-/Stable'.
Facilities Ratings
---------- -------
INR1090 Million Term Loan CRISIL B-/Stable
(Reaffirmed)
CRISIL has reaffirmed the rating despite about a six-month delay
in commencement of SMS Parking's multi-level underground parking
project, as SMS Parking has infused equity as per schedule and
the project is expected to come on stream with only a moderate
delay of 2 to 4 months.
The rating continues to reflect moderate project-related risks
faced by SMS Parking, which are partially offset by the benefits
that SMS Parking derives from its promoter's experience in the
construction industry; SMS Parking continues to receive
managerial and technical support from SMS Infra.
Outlook: Stable
CRISIL believes that SMS Parking will complete its project by
April 2012. The outlook may be revised to 'Positive' if the
project is commissioned as per schedule, and if SMS Parking
reports substantial revenues and cash accruals on a sustained
basis over the medium term. Conversely, the outlook may be
revised to 'Negative' in case of cost or time overrun in project
implementation, or if revenues and cash accruals are less than
expected.
About SMS Parking
SMS Parking has been promoted as a special-purpose vehicle by SMS
Infra (98% holding) to undertake the development of a multi-level
underground-parking-cum-commercial complex project on a build-
operate-transfer basis on a 3195-square-metre plot at Kamlanagar
in New Delhi. The project contract has been awarded by the
Municipal Corporation of Delhi (MCD). The concession agreement
between MCD and SMS Parking was signed in July 2008.
The proposed facility will have two sections - parking space and
commercial space. The parking section will have six floors (all
underground) and will accommodate 800 cars. The commercial
section will be three floors high. The project cost is estimated
at INR1.60 billion, including INR400 million for technology,
Rs1.05 billion for construction, and INR150 million for interest,
during the construction period. The company has tied up term
loans of INR1.09 billion from various banks, and the rest will be
funded by equity infusion from SMS Infra. The concessionaire
shall be entitled to levy, collect, retain, and appropriate
parking fee from vehicles using the facility, user fees for
public convenience facilities, advertisement charges, and
licensee fees from occupants to whom the commercial area will be
leased out.
As on March 31, 2011, SMS Infra had brought in equity of INR330
million against debt of INR520 million.
TOYOP RELIEF: CRISIL Assigns 'CRISIL B+' Rating to INR54MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Toyop Relief Pvt Ltd while reaffirming
the rating on the short-term bank facilities at 'CRISIL A4'.
Facilities Ratings
---------- -------
INR54 Million Rupee Term Loan CRISIL B+/Stable (Assigned)
INR50 Million Proposed Long-Term CRISIL B+/Stable (Assigned)
Bank Loan Facility
INR150 Million Packing Credit CRISIL A4
(Enhanced from INR70 Million)
INR100 Million Letter of Credit CRISIL A4
(Enhanced from INR10 Million)
The ratings reflect TRPL's stretched liquidity, driven by its
large working capital requirements for maintaining high inventory
levels, and weak capital structure, marked by small networth and
high gearing. These rating weaknesses are partially offset by
TRPL's established market position in the disaster relief
material industry, healthy relationships with non-governmental
organizations (NGOs), and the benefits it derives from its
diversified business risk profile.
Outlook: Stable
CRISIL believes that TRPL will maintain its business risk
profile, backed by its diversified business risk profile. The
outlook may be revised to 'Positive' if there is an improvement
in its capital structure. Conversely, the outlook may be revised
to 'Negative' if TRPL's margins decline or it undertakes a large,
debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile.
About Toyop Relief
Incorporated in April 2008 by Mr. Sachin Shah, TRPL took over the
business of Sabra Exim Investments, originally set up in 1994.
TRPL supplies disaster relief material, including kitchen
accessories, plastic toiletries, and tarpaulin tents, to NGOs and
multilateral agencies. It also imports and trades in power
tillers and specialty plastic granules. The speciality plastic
granules business was under Toyop & Co, a proprietorship concern
of Mr. Sachin Shah, which was merged with TRPL in March 2010.
TRPL has also set up two windmills with a combined capacity of
3.6 megawatt in Rajasthan. The company has entered into a 20-year
power purchase agreement with Rajasthan Vidyut Vitran Nigam Ltd
for the output generated from both the windmills.
TRPL reported a profit after tax (PAT) of INR19.4 million on net
revenues of INR732 million for 2010-11 (refers to financial year,
April 1 to March 31), against a PAT of INR12.5 million on net
revenues of INR333 million for 2009-10.
TRINIITY COLOUR: CRISIL Reaffirms 'CRISIL BB-' Cash Credit Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Triniity Colour India
Pvt Ltd continue to reflect TCIPL's moderate financial risk
profile marked by healthy capital structure and moderate debt
protection metrics and the benefits that the company derives from
its promoter's experience in the fabric dyeing business.
Facilities Ratings
---------- -------
INR10 Million Cash Credit CRISIL BB-/Stable
(Reaffirmed)
INR74.3 Million Long-Term Loan CRISIL BB-/Stable
(Reaffirmed)
INR4.5 Million Bank Guarantee CRISIL A4+ (Reaffirmed)
These rating strengths are partially offset by TCIPL's
geographically concentrated revenue profile, and small scale of
operations in the intensely competitive fabric dyeing and
finishing segment.
Outlook: Stable
CRISIL believes that TCIPL will benefit over the medium term from
the steady demand from fabric manufacturers and its established
customer base. The outlook may be revised to 'Positive' in case
TCIPL significantly scales up its operations and improves its net
worth, while it maintains its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
if TCIPL's financial risk profile deteriorates, most likely
because of a sharp decline in operating margin or large, debt-
funded capital expenditure (capex).
Update
TCIPL recorded revenues of nearly INR160 million, higher than
CRISIL's expectations; it registered a year-on-year growth of
nearly 41% in 2010-11 (refers to financial year, April 1 to
March 31) primarily because of improved orders for its dyeing
units on the back of closure of dyeing units in the Tirupur
region (Tamil Nadu) and commencement of manufacture of Lycra
fabric. The company is expected to grow at about 20% in 2011-12
and has recorded revenues of about INR82 million year-to-date
July 2011. The profitability margins were healthy in line with
CRISIL's expectations; the margins are expected to remain healthy
over the medium term. TCIPL's business risk profile, however,
remains constrained because of the small scale of the company's
operations.
TCIPL's financial risk profile remains healthy, in line with
CRISIL's expectations, as reflected in the company's conservative
gearing and healthy debt protection metrics; the ratios are
expected to remain healthy over the medium term, as the company
does not have any significant debt-funded capex plans. TCIPL's
net worth, however, remained small at about INR70 million as on
March 31, 2011.
TCIPL's liquidity remains adequate for the rating category, with
comfortable cash accruals of about INR40 million vis-…-vis debt
obligations of about INR18 million per annum over the medium term
and low bank limit utilization. The company's liquidity is
expected to remain adequate over the medium term.
TCIPL posted a provisional profit after tax (PAT) of INR24
million on net sales of INR157 million for 2010-11, against a PAT
of INR9 million on net sales of INR111 million for 2009-10.
About Triniity Colour
Set up in 1993 by Mr. C Ayyakkannu, TCIPL is in the business of
dyeing and finishing grey fabrics on job-work basis. The company
has a manufacturing capacity of 2074 tonnes per annum at its unit
in Perundurai (Tamil Nadu). TCIPL commenced commercial operations
in August 2007.
VISHNUDEEP PROJECTS: CRISIL Rates INR58MM Cash Credit at CRISIL D
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Vishnudeep Projects and Properties Pvt Ltd.
Facilities Ratings
---------- -------
INR58 Million Cash Credit CRISIL D (Assigned)
INR65.5 Million Bank Guarantee CRISIL D (Assigned)
The ratings reflect instances of delays by VPPL in servicing its
debt; the delays have been caused by the stretched receivables
leading to weak liquidity.
The ratings reflect VPPL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and working-
capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of VPPL's promoters.
About Vishnudeep Projects
Visakhapatnam (Andhra Pradesh)-based VPPL (formerly, Prabhava
Industrial Engineering Pvt Ltd) constructs residential
properties; it got its current name in 2008. VPPL was non-
operational until 2008, when the company bid for a project to
construct 160 residential flats for Sterlite Industries Ltd. The
project is currently in progress and is expected to be completed
by October 2011. VPPL's day-to-day operations are managed by its
managing director Mr. Venkat Immanni.
VPPL has other associate entities, namely Vishnu Cars Pvt Ltd
(rated 'CRISIL D'), which deals in vehicles of Maruti Suzuki
India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+); Vishnu Motor
Plaza Pvt Ltd, which deals in vehicles of Hero Honda Motors Ltd
(rated 'CRISIL AAA/FAAA/Stable/CRISIL A1+'); Vishnu Carriers Pvt
Ltd, which deals in commercial vehicles of Tata Motors Ltd (rated
'CRISIL AA-/Stable/CRISIL A1+'); and Vishnu Vidyuth India Ltd,
which is setting up a 7.5-megawatt biomass power plant in
Vishakhapatnam. These entities are managed independently.
VPPL on a provisional basis reported a profit after tax (PAT) of
INR12 million on net sales of INR261 million for 2010-11 (refers
to financial year, April 1 to March 31), against a PAT of INR5
million on net sales of INR99 million for 2009-10.
===============
M A L A Y S I A
===============
AYER MOLEK: Inks Deal to Amend Proposed Restructuring Scheme
------------------------------------------------------------
MIMB Investment Bank Berhad on behalf of the Board of Directors
of The Ayer Molek Rubber Co., said that the Company has entered
into a supplemental agreement to the Participation Agreement with
Toptrans Berhad and the vendors of Toptrans Engineering Sdn Bhd
have entered into a supplemental agreement to the TE Acquisition
Agreement with Toptrans on Aug. 12, 2011, for the purpose of
varying the Proposed Restructuring Scheme.
MIMB Investment also announced that Toptrans Engineering has
incorporated several new subsidiaries.
The Ayer Molek Rubber Company Berhad on Nov. 3, 2010, entered
into an agreement with the existing shareholders of Toptrans
Engineering Sdn Bhd wherein the parties have agreed to undertake
these proposals (a) Proposed Acquisition of Toptrans; (b)
Proposed Share Exchange; (c) Proposed Offer for Sale; (d)
Proposed Private Placement; and (e) Proposed Transfer of Listing
Status.
Details of the Proposed Revisions to the Restructuring Scheme is
available for free at: http://ResearchArchives.com/t/s?76b2
About Ayer Molek
Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party. It operates solely in
the domestic market.
* * *
The Ayer Molek Rubber Company Berhad has been classified an
Amended Practice Note 17 company based on the criteria set by the
Bursa Malaysia Securities Bhd after it triggered Paragraph 8.16A
of the Listing Requirements.
MIMB Investment Bank Berhad said that the bourse has granted a
conditional approval to AMolek for its application seeking a
waiver from meeting the minimum issued and paid-up capital of
MYR60 million as required under Paragraph 8.16A of the Listing
Requirements of Bursa Securities.
HOVID BERHAD: Unveils Proposed Dividend-in-Specie
-------------------------------------------------
Hovid Berhad said that the company is proposing to distribute a
portion of its shareholding interest in Carotech Berhad by way of
dividend-in-specie to the shareholders of Hovid, on the basis of
25 ordinary shares of MYR0.10 each in Carotech for every 100
ordinary shares of MYR0.10 each held in Hovid.
A full-text copy of the Company's Proposed Dividend-In-Specie is
available for free at http://ResearchArchives.com/t/s?76b1
About Hovid Berhad
Hovid Berhad (KUL:HOVID) -- http://www.hovid.com/-- is a
Malaysia based company. The Company is engaged in the business
of manufacturing pharmaceutical and herbal products. The Company
operates in two segments: pharmaceutical, which is engaged in
manufacturing and selling of pharmaceutical products, and
phytonutrient, which includes extraction and processing of
nutrients from palm oil for the purpose of manufacturing and
producing of pharmaceutical, phytonutrient and
oleochemicals/biodiesel products. The Company's geographical
segments include Asia, Africa, Europe, Pacific Island, and North
and South America.
Hovid Berhad has been considered a Practice Note 17 company based
on the criteria set by the Bursa Malaysia Securities pursuant to
Paragraph 2.1(d) of PN17.
Hovid disclosed that that a subsidiary, Carotech Berhad, has
defaulted on the repayment of certain borrowings which were due
for payment during the financial year ended June 30, 2010, which
was announced on July 1, 2010, pursuant to the Guidance Note 5 of
the Bursa Securities ACE Market Listing Requirements. Carotech
has also sought the assistance of Corporate Debt Restructuring
Committee to mediate between Carotech and its lenders on its
Proposed Debt Restructuring scheme. The CDRC has agreed to
mediate and allowed a period of six months from July 1, 2010, to
complete the proposed scheme. The Company said that the lenders
of Carotech are currently reviewing and considering the proposed
scheme but no decision has been made as at the date the financial
statements for the financial year ended June 30, 2010, were
approved by the Board.
RHYTHM CONSOLIDATED: Gets Reprimanded for Listing Rules Breaches
----------------------------------------------------------------
Bursa Malaysia Securities Berhad has publicly reprimands Rhythm
Consolidated Berhad and three of its directors for breaches of
the Listing Requirements of Bursa Securities. In addition, the
Group Executive Chairman was fined a total of MYR350,000.
The breaches were committed prior to the de-listing of Rhythm on
Aug. 27, 2010.
Bursa Securities publicly reprimands Rhythm for these breaches of
the LR:
-- paragraphs 9.03(1) and 9.04(l) of the LR read together
with paragraphs 2.1(d) and (e) of PN1 for failing to
make an immediate announcement of the numerous defaults
in payment of credit facilities by Rhythm's subsidiaries
in 2007 and 2008 which were only announced on Feb. 20,
2009 and April 10 & 24, 2009;
-- paragraphs 9.03(1) and 9.04(f) of the LR for failing to
make an immediate announcement of Rhythm's and/or its
subsidiaries' involvement in the numerous material
litigations and the material development of the said
litigations in 2007 and 2008 which were only announced
on April 24, 2009;
-- paragraph 9.19(19) of the LR for failing to make an
immediate announcement of:
a) The winding-up order dated July 9, 2008, against
a subsidiary, Rhythm Technology Sdn. Bhd., which
was only announced on Dec. 30, 2008; and
b) The winding-up petition dated Dec. 3, 2008, by
Alliance Bank Malaysia Berhad against Rhythm
and a subsidiary, Papertech Sdn. Bhd., which was
served on Rhythm and Papertech on Jan. 15, 2009,
and Feb. 12, 2009, respectively. However, Rhythm
only announced the winding-up petition on Feb. 20,
2009;
-- paragraph 9.19(20) of the LR for failing to make an
immediate announcement of these appointments of receiver
and manager:
a) On July 31, 2008, Rhythm Tech was notified that
Malaysian Debt Ventures Sdn. Bhd. had on July 23,
2008, appointed a R&M over the subsidiary under
the terms of a debenture in view of the subsidiary's
failure to repay the outstanding principal and
interest amounting to an aggregate total of
MYR5,214,402. However, Rhythm only made the
announcement on the appointment of R&M on
Dec. 30, 2008; and
b) Monosetia Sdn. Bhd. had on April 8, 2009, received
a notice of appointment of R&M whereby Bank
Perusahaan Kecil & Sederhana Malaysia Berhad had
on March 23, 2009, appointed a R&M pursuant to the
Deed of Debenture dated Aug. 24, 2002, in view of
the subsidiary's overdue indebtedness of MYR733,075
as at Oct. 31, 2008. However, Rhythm only made the
announcement on the appointment of R&M on
April 10, 2009.
-- paragraph 9.16(1)(a) of the LR in respect of Rhythm's
announcement dated April 20, 2009, that Rhythm was in
a state of solvency and undertaking to provide to Bursa
Securities a duly executed solvency declaration which
states the Company's ability to pay all its debts in full
within a period not exceeding 12 months from the date of
the announcement.
However, on April 24, 2009, Rhythm announced that it is
an Affected Listed Issuer pursuant to Practice Note 17/2005
as it is unable to provide the Solvency Declaration to
Bursa Securities and has triggered paragraph 2.1(f) of PN17;
and
-- paragraph 9.16(1)(a) of the LR for failing to ensure that
Rhythm's fourth quarterly report for the financial year
ended June 30, 2008, which was announced on Aug. 29, 2008,
took into account the adjustments as stated in Rhythm's
announcement dated July 3, 2009, among others:
a) impairment of property, plant and equipment of
MYR3.58 million;
b) inventories written off of MYR4.7 million;
c) allowance for doubtful debts and bad debts written
off of MYR4.466 million; and
d) impairment of goodwill of MYR1.282 million.
Rhythm had reported an unaudited loss after taxation and minority
interest of MYR8.708 million in its fourth quarterly report for
the financial period ended June 30, 2008, as compared to an
audited loss after taxation and minority interest of MYR27.768
million in its annual audited accounts for the financial year
ended June 30, 2008. The difference of MYR19.06 million between
the unaudited and audited results for the financial year ended
June 30, 2008, represented a deviation of approximately 218.9%.
The bourse said the delay in disclosure of the numerous defaults
in payments, material litigations, winding-up petitions/order and
appointment of R&M in accordance with the LR was caused by the
shortage of/inexperienced staff. This was not acceptable and did
not absolve Rhythm's liability.
According to Bursa, the deviation was essentially caused by the
failure to perform reasonable assessment on the provision for
inventories/doubtful debts and impairment test on goodwill and
property, plant and equipment notwithstanding that these issues
were highlighted by the external auditors prior to the issuance
of the 4th QR 2008.
In addition, Ahmad Redza bin Ahmad Khairuddin, the Group
Executive Chairman of RHYTHM was found to be in breach of
paragraph 16.11(b) of the LR for permitting knowingly or where he
had reasonable means of obtaining such knowledge, RHYTHM to
commit these breaches and were imposed with penalties.
Dato' Haji Abd Hamid Bin Abdul @ Dol and Ab Hakim Bin Hamat,
former directors of Rhythm, were also found to be in breach of
paragraph 16.11(b) of the LR for permitting knowingly or where
they had reasonable means of obtaining such knowledge, RHYTHM to
commit the breach of paragraph 9.16(1)(a) in respect of the
Deviation and were imposed with penalty of public reprimand.
About Rhythm Consolidated
Based in Malaysia, Rhythm Consolidated Bhd is an investment
holding company. The Company operates in five business segments:
publishing, trading and distribution of books, paper stationery,
printing paper and instruction manuals; manufacturing of music
books, novels, educational books and paper stationery; import,
wholesale and retail of paper products; marketing of diaries,
organizers, leather and polyvinyl chloride (PVC) folders,
wallets, bags, rain coats and others, and information and
communication technology, which includes credit cards terminal
development and solutions, and system application developer and
system support. During the fiscal year ended June 30, 2007
(fiscal 2007), the Company acquired an additional 15% of interest
in its associated company namely, Rhythm ICT Services Sdn. Bhd.,
formerly known as IQ Card Services Sdn Bhd, (ICT). As a result,
the Company owns 55% interest in ICT, and ICT became a subsidiary
of the Company.
* * *
As reported in the Troubled Company Reporter-Asia Pacific on
May 1, 2009, Rhythm Consolidated Berhad was considered as an
Affected Listed Issuer under Practice Note No. 17/2005 of the
Bursa Malaysia Securities Berhad as the company was unable to
provide a solvency declaration to Bursa as per the announcement
of default in payment by Monosetia Sdn Bhd.
TALAM CORP: Changes Company Name to Trinity Corporation Berhad
--------------------------------------------------------------
Talam Corporation Berhad said that the Companies Commission of
Malaysia on Aug. 8, 2011, issued the Certificate of Incorporation
on Change of Name of the Company. The Company is now known as
Trinity Corporation Berhad.
About Talam Corp.
Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad -- http://www.talam.com.my/-- is principally engaged in
property development. Its other activities include trading
building materials, manufacturing of ready mixed concrete,
provision for higher educational programs, development and
management of hotel, golf and country club horticulturists,
agriculturists and landscaping designers and contractors and
investment holding. Operations of the group are carried out in
Malaysia and China.
The Troubled Company Reporter-Asia Pacific reported on Sept. 11,
2006, that based on the Audited Financial Statements of Talam
Corporation for the financial year ended Jan. 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts. As such, the company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition.
====================
N E W Z E A L A N D
====================
BRIDGECORP LIMITED: Investors to Receive 3.5c First Payout
----------------------------------------------------------
BusinessDay.co.nz reports that around 14,000 secured debenture
investors in failed finance company Bridgecorp are finally
getting their first distribution -- 3.5c in the dollar.
BusinessDay.co.nz relates that Bridgecorp's receivers
PricewaterhouseCoopers (PwC) on Wednesday confirmed an interim
dividend would be paid to secured debenture holders this week.
According to BusinessDay.co.nz, PwC partner Colin McCloy last
month signalled the first payout would be between 3c and 3.5c.
"The receivers remain of the view total recoveries to secured
debenture holders will be less than 10c in the dollar,"
BusinessDay.co.nz quotes Mr. McCloy as saying.
BusinessDay.co.nz says investors have waited more than four years
for a payout. The dividend could not be confirmed until the
Inland Revenue Department - a preferential creditor - had lodged
its second claim with the receiver, BusinessDay.co.nz adds.
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 NZ$500 million.
Bridgecorp's nine Australian companies were also placed into
voluntary administration, owing about 100 investors about
AUD24 million (NZ$27 million).
EQUITABLE MORTGAGES: Receivers Expect Fund Shortfall to the Crown
-----------------------------------------------------------------
Duncan Bridgeman at The National Business Review reports that the
receivers of Equitable Mortgages have repaid NZ$35 million of the
property lender's debts but expect an eventual shortfall against
the NZ$178 million owed to the Crown under the retail deposit
guarantee scheme.
According to the news agency, receivers Grant Graham and Brendon
Gibson of KordaMentha said in their second report that it will
not be possible to recover the full NZ$188.4 million worth of
loans outstanding at the time of receivership but are yet to
confirm what portion can be collected.
NBR relates that Mr. Graham said the NZ$35 million payment was
made to the Crown and to investors not covered by the scheme.
The payment equates to approximately 18% of the amount owing.
"Based on our preliminary estimates, we believe it is extremely
unlikely there will be a return to unsecured creditors and we
expect there to be a shortfall owing to investors and the crown,"
NBR quotes Mr. Graham as saying.
Unsecured creditors are owed about NZ$25,000 but that figure is
likely to increase if and when the Inland Revenue Department
submits a claim, according to NBR.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 30, 2010, Equitable Mortgages have called in receivers for
the company. According to The New Zealand Herald, institution
has around 6,000 depositors and approximately NZ$178 million in
Crown-guaranteed deposits. As at June 24, 2011, the Treasury had
repaid 78% of those investors, NBR discloses.
Deloitte's Rod Pardington and David Levin were initially
appointed Equitable Mortgages' receivers but were replaced by
Messrs. Graham and Gibson on Dec. 17, 2010.
Headquartered in Auckland, New Zealand, Equitable Mortgages
provides first ranking loans for commercial, industrial and
residential property.
KINGSTON ACQUISITIONS: To Operate as Tourist Venture by Mid-Oct.
----------------------------------------------------------------
Otago Daily News reports that Kingston Flyer will be operating
again as a tourist venture by mid-October, after Marlborough
vineyard owner David Bryce signed a purchase agreement on
Aug. 11.
"It's been a while, but we got there in the end. . . I want to
get it back running again. It's been sad seeing it tied up in
receivership," Otago Daily News quoted Mr. Bryce as saying.
The report notes that Mr. Bryce would not reveal how much the
deal cost him, but the contract included two steam locomotives,
the vintage carriages, the Kingston Tavern, storage sheds, a 14km
section of track to Fairlight, six residential lots and other
development land in the village, totaling about 80 hectares.
Mr. Bryce said he planned to put the empty land on the market and
then begin to operate the train as the tourist attraction "that
it once was," according to O.
On Nov. 12, 2009, the Troubled Company Reporter-Asia Pacific,
citing The Southland Times, reported that Kingston Acquisitions
Ltd, the company behind the Kingston Flyer steam train, was
placed into receivership by financier Prudential Mortgage
Nominees, who is owed at least NZ$4.7 million. The company's
assets, which include 80 hectares of development land, would be
sold in an international tender organized by Bayleys Queenstown,
the Southland Times said.
About Kingston Flyer
The Kingston Flyer is a vintage steam train operating in the
South Island of New Zealand at the southern end of Lake Wakatipu.
The Kingston Flyer stopped operating since August 2009.
SOUTH CANTERBURY: Cost to Taxpayers Still Uncertain
---------------------------------------------------
BusinessDay.co.nz reports that the cost to taxpayers of South
Canterbury Finance's collapse remains unclear after receivers
sold further loan assets to Japanese investment bank Nomura for
an undisclosed sum.
According to BusinessDay.co.nz, Finance Minister Bill English
said he had not seen the detail of the sale and it was yet to be
seen if the cost to the Government would increase further.
"We have been focused very much on reducing cost to taxpayers
through this whole exercise," BusinessDay.co.nz quotes Mr.
English as saying. "It's pretty clear what the mandate from the
Government is and that's to protect taxpayers from any further
losses from South Canterbury Finance and we'll get a sense from
the annual accounts that will be released in the next couple of
months about just where they're up to. There has been no reason
yet to change the estimate [of losses] in the last accounts that
were published by the Crown."
When South Canterbury collapsed in August last year its debts to
investors were paid for by taxpayers under the government deposit
guarantee scheme, leaving the government owed NZ$1.58 billion by
the company, BusinessDay.co.nz states.
South Canterbury's assets at the time were valued at NZ$1.1
billion and Mr. English said the government expected a net cost
to taxpayers of NZ$600 million to NZ$700 million, according to
BusinessDay.co.nz.
In the latest transaction announced Tuesday by receivers Kerryn
Downey and William Black of McGrathNicol, a set of consumer,
business and rural loans with a book value of NZ$123 million was
sold to Nomura.
According to the report, Mr. Black said the deal was an excellent
outcome and "another important step in maximizing the return for
the Crown when combined with the other sale processes completed
to date and loan recoveries made during the receivership."
BusinessDay.co.nz, citing some market speculation, says the loan
book was sold for about 65-70c in the dollar, realizing about
NZ$80 million to NZ$85 million.
The portfolio represented the balance of the "good bank" in South
Canterbury's loan book after the sale of NZ$100 million of loans
from subsidiary Face Finance in May, BusinessDay.co.nz states.
After the Nomura deal, BusinessDay.co.nz notes, remaining assets
are mainly a portfolio of impaired loans and a minority stake in
big corporate dairy farmer Dairy Holdings. The latter is subject
to legal action by 16.7% Dairy Holdings shareholder Colin Armer,
who has challenged the conduct of the sale process by
McGrathNicol, BusinessDay.co.nz relates.
Mr. Downey said the 'bad bank' of about 300 impaired loans, which
include some related party lending, were in "run-off mode" as
receivers sought to collect the debts, although buyers for the
asset could be sought at some point in future, BusinessDay.co.nz
adds.
About South Canterbury
Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services. The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors. It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.
On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.
"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008. As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize. Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver. At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.
The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.
SOUTH CANTERBURY: To Shut Former Head Office
--------------------------------------------
Stu Piddington at The Timaru Herald reports that the last visible
sign of South Canterbury Finance is set to close in Timaru.
Receiver William Black of McGrathNicol confirmed that the former
head office in Sophia St would shut after the sale of the "good
bank" to global investment bank Nomura, The Timaru Herald says.
According to the report, Mr. Black said there was no specific
timeframe, but they were working through an orderly process.
Ten staff were still employed in Timaru but the Timaru Herald
understood most were contracted through until October.
The Timaru Herald relates that Mr. Black said the building would
go on the market in due course.
About South Canterbury
Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- is engaged in the
provision of financial services. The Company's principal
activities are borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors. It typically
advances funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.
On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.
"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008. As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize. Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver. At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.
The New Zealand government said it would repay South Canterbury's
35,000 depositors and stockholders NZ$1.6 billion under the crown
retail deposit guarantee scheme.
* NEW ZEALAND: Insolvency Pro Key to Fighting Corp Fraud
--------------------------------------------------------
The Serious Fraud Office on Aug. 17, 2011, recognized the
importance of insolvency practitioners in the fight against
corporate fraud.
Speaking at the 11th Annual Corporate Insolvency Conference in
Auckland, SFO Chief Executive, Adam Feeley, said "No profession
is better placed than insolvency practitioners to assist the SFO,
and other law enforcement agencies, in the fight against
corporate crime."
Mr. Feeley said that factors such as their strong links to
business; geographic spread; and relative strength of numbers,
made the profession a key ally to the work of the agencies tasked
with fighting financial crime.
"We are heavily dependent on the on-the-ground knowledge and
cooperation of insolvency practitioners to detecting crimes
within the corporate sector, and to ensuring a successful outcome
to an investigation."
In the past 12 months the SFO had been greatly encouraged by the
support of insolvency practitioners for greater law enforcement
activity, and their active reporting of possible offending.
"Several accounting and law firms have assisted us in major
investigations. Without their help, these cases would have, at
best, taken longer to complete, and in some cases may not have
been completed."
Mr. Feeley cited cases such as Aorangi Securities, Hanover
Finance, South Canterbury Finance, and Herbert Insurance Group
where insolvency practitioners had made significant contributions
to the SFO's investigations.
"I think there has been significant shift in the level of
collaboration between agencies such as the SFO and Financial
Markets Authority and those responsible for administering the
affairs of financially distressed companies.
"While it would be na‹ve to think corporate fraud won't continue,
the public should feel heartened by the commitment of the private
and public sector to working together to make New Zealand a safer
place to invest."
=================
S I N G A P O R E
=================
FRIVEN & CO: Unit Goes Into Voluntary Liquidation
-------------------------------------------------
Channel News Asia reports that Friven & Co International (FCI), a
subsidiary of Friven & Co. Ltd, has gone into voluntary
liquidation.
The news agency relates that the company said in a filing to the
Singapore Exchange that there were "reasonable grounds" to
believe it is unable to meet liabilities and continue business.
According to CNA, the company said the winding up of FCI is not
expected to have any material impact on the earnings per share
and net tangible assets per share of Friven & Co and its
subsidiaries for the financial year ending Dec. 31, 2011.
For the purpose of the winding up, the FCI has appointed Deloitte
& Touche LLP as the provisional liquidators, CNA discloses.
Friven & Co. Ltd is a bedroom linen and household product
retailer.
Friven & Co. Ltd., through its subsidiaries, engages in the
manufacture and sale of cushions, bedlinens, pillows, bolsters,
household textiles, and household products. It provides soft
furnishings and accessories for bed, bath, and home.
The company, formerly known as Mayfran International Limited, was
founded in 1977 and is headquartered in Singapore, Singapore.
===============
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
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 734.96 -173.09
AUSTRALIAN ZI-PP AZCCA 77.74 -2.57
AUSTRALIAN ZIRC AZC 77.74 -2.57
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
BREMER PARK LTD BPK 16.00 -6.90
CEC GROUP LTD CEG 95.67 -42.29
CENTRO PROPERTIE CNP 15,483.44 -349.73
CHEMEQ LTD CMQ 25.19 -24.25
COMPASS HOTEL GR CXH 88.33 -1.08
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
ORION GOLD NL ORN 11.60 -10.91
POWERLAN LTD PWR 28.30 -3.64
REDBANK ENERGY L AEJ 3,564.36 -383.39
RESIDUAL ASSC-EE RAGXF 597.33 -126.96
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
VIEW RESOURCES L VRE 11.81 -37.51
CHINA
BAOCHENG INVESTM 600892 36.34 -4.47
CHENGDE DALU -B 200160 29.42 -3.92
CHENGDU UNION-A 693 32.68 -15.13
CHINA FASHION CFH 10.11 -0.76
CHINA KEJIAN-A 35 95.09 -182.83
CONTEL CORP LTD CTEL 59.32 -45.72
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 249.41 -53.61
HUASU HOLDINGS-A 509 90.78 -4.91
HUNAN ANPLAS CO 156 43.92 -35.46
JILIN PHARMACE-A 545 35.52 -6.20
JINCHENG PAPER-A 820 212.09 -116.17
MUDAN AUTOMOBI-H 8188 29.41 -1.38
NINGBO YIDONG-H 8249 18.29 -53.42
QINGDAO YELLOW 600579 222.76 -9.10
SHANG BROAD-A 600608 50.03 -9.23
SHANG HONGSHENG 600817 15.87 -286.48
SHANXI GUANLU-A 831 331.55 -0.17
SHANXI LEAD IN-A 673 20.47 -1.89
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 26.10 -161.49
SHENZHEN KONDA-A 48 116.99 -7.20
SHENZHEN ZERO-A 7 42.69 -5.05
SHIJIAZHUANG D-A 958 212.59 -80.91
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 243.85 -138.59
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 145.42 -68.19
HONG KONG
ASIA TELEMEDIA 2947 15.67 -14.24
ASIA TELEMEDIA L 376 15.67 -14.24
ASIAN CAPITAL RE 8025 10.89 -11.02
BEP INTL HLDGS L 2326 10.32 -1.83
BUILDMORE INTL 108 16.19 -50.25
CHINA E-LEARNING 8055 19.66 -1.27
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
EGANAGOLDPFEIL 48 557.89 -132.86
FU JI FOOD & CAT 1175 73.43 -389.20
FULBOND HLDGS 1041 117.50 -6.87
GUOJIN RESOURCES 630 18.21 -17.00
LUNG CHEONG INTL 348 62.04 -0.37
MELCOLOT LTD 8198 56.90 -46.99
MITSUMARU EAST K 2358 30.04 -15.37
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 15.55 -33.59
SMART UNION GP 2700 32.14 -40.01
TACK HSIN HLDG 611 53.95 -88.74
INDONESIA
ARPENI PRATAMA APOL 613.56 -124.15
ASIA PACIFIC POLY 471.38 -869.26
ERATEX DJAJA ERTX 11.72 -23.99
HANSON INTERNATI MYRX 35.46 -9.01
HANSON INT-PREF MYRXP 35.46 -9.01
JAKARTA KYOEI ST JKSW 33.33 -45.06
MITRA INTERNATIO MIRA 880.25 -412.27
MITRA RAJASA-RTS MIRA-R2 880.25 -412.27
MULIA INDUSTRIND MLIA 524.73 -39.06
PANASIA FILAMENT PAFI 37.96 -15.94
PANCA WIRATAMA PWSI 31.51 -39.11
PRIMARINDO ASIA BIMA 10.37 -21.92
SURABAYA AGUNG SAIP 248.21 -94.27
TOKO GUNUNG AGUN TKGA 13.37 -0.60
UNITEX TBK UNTX 18.22 -17.81
INDIA
ALPS INDUS LTD ALPI 292.76 -12.44
AMIT SPINNING AMSP 20.43 -1.96
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
CELEBRITY FASHIO CFLI 36.61 -6.76
CFL CAPITAL FIN CEATF 12.36 -49.56
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 14.58 -1.16
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
JAGSON AIRLINES JGA 12.31 -0.25
JCT ELECTRONICS JCTE 122.54 -50.00
JD ORGOCHEM LTD JDO 10.46 -1.60
JENSON & NIC LTD JN 18.05 -86.40
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 37.68 -45.35
LLOYDS FINANCE LYDF 21.65 -11.39
LLOYDS STEEL IND LYDS 510.00 -48.98
LML LTD LML 65.26 -56.77
MADRAS FERTILIZE MDF 146.96 -136.27
MAHA RASHTRA APE MHAC 24.13 -14.27
MARKSANS PHARMA MRKS 110.15 -14.04
MILLENNIUM BEER MLB 52.23 -5.22
MILTON PLASTICS MILT 18.65 -52.29
MODERN DAIRIES MRD 38.41 -0.45
MTZ POLYFILMS LT TBE 31.94 -2.57
NATH PULP & PAP NPPM 14.50 -0.63
NICCO CORP LTD NICC 75.56 -6.49
NICCO UCO ALLIAN NICU 32.23 -71.91
NK INDUS LTD NKI 141.35 -7.71
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 51.20 -64.85
QUADRANT TELEVEN QDTV 188.57 -116.81
RAJ AGRO MILLS RAM 10.21 -0.61
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
SADHANA NITRO SNC 18.21 -0.73
SAURASHTRA CEMEN SRC 106.01 -2.81
SCOOTERS INDIA SCTR 18.63 -6.88
SEN PET INDIA LT SPEN 11.58 -26.67
SHAH ALLOYS LTD SA 212.81 -9.74
SHALIMAR WIRES SWRI 24.58 -39.14
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 35.39 -0.54
STL GLOBAL LTD SHGL 45.61 -10.59
SUPER FORGINGS SFS 17.83 -6.37
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 47.46 -7.49
UNIFLEX CABLES UFCZ 47.46 -7.49
UNIMERS INDIA LT HDU 18.08 -5.86
UNITED BREWERIES UB 2,652.00 -242.53
UNIWORTH LTD WW 168.36 -155.74
UNIWORTH TEXTILE FBW 20.57 -37.60
USHA INDIA LTD USHA 12.06 -54.51
VANASTHALI TEXT VTI 25.92 -0.15
VENTURA TEXTILES VRTL 14.33 -1.91
VENUS SUGAR LTD VS 11.06 -1.08
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
KANMONKAI CO LTD 3372 68.26 -2.44
KFE JAPAN CO LTD 3061 17.86 -2.27
L CREATE CO LTD 3247 42.34 -9.15
NIS GROUP CO LTD 8571 477.70 -75.44
PROPERST CO LTD 3236 305.90 -330.20
S-POOL INC 2471 18.11 -0.41
STRAWBERRY CORP 3429 14.17 -4.48
TOYO KNIFE CO 5964 74.73 -5.55
KOREA
DAISHIN INFO 20180 740.50 -158.45
HANIL CONSTRUCT 6440 880.70 -22.42
HYUNDAI BNG STEE 4560 476.66 -70.65
HYUNDAI BNG STEE 4565 476.66 -70.65
KUKDONG CORP 5320 53.07 -1.85
ORICOM INC 10470 82.65 -40.04
PLA CO LTD 82390 14.95 -21.43
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 40.49 -17.14
HAISAN RESOURCES HRB 67.05 -0.92
HO HUP CONSTR CO HO 70.66 -9.24
JPK HOLDINGS BHD JPK 17.60 -2.46
LUSTER INDUSTRIE LSTI 19.28 -7.15
MITHRIL BHD MITH 29.79 -0.75
NGIU KEE CO-BHD NKC 14.19 -12.76
TRACOMA HOLDINGS TRAH 60.31 -26.28
VTI VINTAGE BHD VTI 17.97 -3.68
PHILIPPINES
CYBER BAY CORP CYBR 14.14 -94.36
EAST ASIA POWER PWR 31.58 -185.31
FIL ESTATE CORP FC 40.90 -15.77
FILSYN CORP A FYN 23.81 -11.69
FILSYN CORP. B FYNB 23.81 -11.69
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 17.61 -11.14
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 93.40 -15.38
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 249.17 -73.30
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 91.32 -113.78
BANGKOK RUBBER-F BRC/F 91.32 -113.78
BANGKOK RUB-NVDR BRC-R 91.32 -113.78
CALIFORNIA W-NVD CAWOW-R 33.30 -10.09
CALIFORNIA WO-FO CAWOW/F 33.30 -10.09
CALIFORNIA WOW X CAWOW 33.30 -10.09
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 37.10 -118.46
ITV PCL-FOREIGN ITV/F 37.10 -118.46
ITV PCL-NVDR ITV-R 37.10 -118.46
K-TECH CONSTRUCT KTECH/F 38.87 -46.47
K-TECH CONSTRUCT KTECH 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/F 101.18 -175.61
PICNIC CORPORATI PICNI 101.18 -175.61
PONGSAAP PCL PSAAP/F 13.02 -1.77
PONGSAAP PCL PSAAP 13.02 -1.77
PONGSAAP PCL-NVD PSAAP-R 13.02 -1.77
SAHAMITR PRESS-F SMPC/F 27.92 -1.48
SAHAMITR PRESSUR SMPC 27.92 -1.48
SAHAMITR PR-NVDR SMPC-R 27.92 -1.48
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 37.06 -28.03
THAI-GERMAN PRO TGPRO 37.06 -28.03
THAI-GERMAN-NVDR TGPRO-R 37.06 -28.03
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 615.73 -210.36
TT&T PCL-NVDR TTNT-R 615.73 -210.36
TT&T PUBLIC CO-F TTNT/F 615.73 -210.36
TAIWAN
ARASOR INTERNATI ARR 19.21 -26.51
BEHAVIOR TECH CO 2341S 41.94 -1.02
BEHAVIOR TECH CO 2341 41.94 -1.02
BEHAVIOR TECH-EC 2341O 41.94 -1.02
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.
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