/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/111014.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, October 14, 2011, Vol. 14, No. 204 Headlines C H I N A * CHINA: Unveils Support Package to Assist Small Companies H O N G K O N G ASIA TELEVISION: Shareholder Seeks to Wind Up ATV CHINA NONFERROUS METALS: Meeting Set for October 21 CIC RESOURCES: Court Enters Wind-Up Order FORTUNE COMPUTER: Lo and Leung Appointed as Liquidators GOLD SUCCESS: Kar and Tse Appointed as Liquidators HOP SUN: Court Enters Wind-Up Order JUMBO WATCH: Court to Hear Wind-Up Petition on Nov. 30 KIMBER STAR: Court to Hear Wind-Up Petition on Nov. 23 KWONG YUEN: Briscoe and Hill Step Down as Liquidators LAND INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 26 LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases PACIFIC YORK: Court Enters Wind-Up Order PROUNO HK: Yat and Hok Appointed as Liquidators SAI WAN: Court to Hear Wind-Up Petition on Nov. 2 SEEBRIGHT LIMITED: Court to Hear Wind-Up Petition on Oct. 19 SILVER YIELD: Creditors and Contributories to Meet on Oct. 27 SMART FAME: Lo and Leung Appointed as Liquidators I N D I A ANSHUL STEELS: ICRA Cuts Rating on INR10.73cr Loan to '[ICRA]D' BHARAT CONSTRUCTION: Fitch Gives 'BB(ind)' Nat'l. Longterm Rating BHARAT HYDEL: Fitch Assigns 'BB(ind)' Nat'l. Longterm Rating GOLDFINCH HOTELS: ICRA Places '[ICRA] D' Rating on INR9.5cr Loan HARVINS CONSTRUCTIONS: ICRA Cuts Rating on INR7.5cr Loan to 'D' IND BARATH: ICRA Downgrades Rating on INR28.5cr Loan to [ICRA] D JOGI FOOD: ICRA Assigns '[ICRA]B+' Rating to INR5.15cr Term Loan KOMMLABS DESIGN: ICRA Assigns '[ICRA]B' Rating to INR5cr Loan KRISHNA FOOD: ICRA Assigns '[ICRA]B+' Rating to INR5cr Term Loan MAHIMA SHANKAR: ICRA Assigns '[ICRA]B+' Rating to INR17.83cr Loan MANGALORE CASHEW: ICRA Places '[ICRA]BB' Rating on INR1cr Loan PCM ALLOYS: ICRA Assigns [ICRA]B+ Rating to IN1.20cr Cash Credit PICCADILY HOTELS: Fitch Assigns 'B-(ind)' Nat'l Long-Term Rating PREMIER CONVEYORS: ICRA Cuts Rating on INR1.83cr Loan to [ICRA]D RIKA GLOBAL: ICRA Reaffirms '[ICRA]BB+' Rating on INR25cr Loan SHREE CHARBHUJA: ICRA Assigns '[ICRA]B' Rating to INR5.82cr Loans SHREEJI FOOD: ICRA Assigns [ICRA]B+ Rating to INR5.4cr Term Loan SILKTEX LIMITED: ICRA Reassigns [ICRA]C' Rating on INR6.84cr Loan J A P A N JLCO XXXIII: Fitch Lowers Rating on JPY1.7-Bil. Notes to 'Dsf' TOKYO ELECTRIC: Asks State, Private Groups to Take Over Oze Park * JAPAN: Quake-Related Corporate Bankruptcies Reaches 373 M A L A Y S I A TSM GLOBAL: To Make MYR32.2-Mil. Provision on Unit's Liquidation N E W Z E A L A N D ADDENDA PUBLISHING: Placed in Voluntary Liquidation CRAFAR FARMS: Sir Michael Fay-Led Group Questions Landcorp Role PORTAGE RESORT: Goes Into Liquidation VET CARE: Escapes Inland Revenue Liquidation Bid WINDFLOW TECHNOLOGY: Shareholders to Vote on Liquidation X X X X X X X X * Large Companies with Insolvent Balance Sheets - - - - - ========= C H I N A ========= * CHINA: Unveils Support Package to Assist Small Companies ---------------------------------------------------------- Dow Jones' DBR Small Cap reports that China's State Council, or cabinet, unveiled a package of measures including tax breaks and lending preferences to support small companies. ================ H O N G K O N G ================ ASIA TELEVISION: Shareholder Seeks to Wind Up ATV -------------------------------------------------- The Standard reports that Want Want China chairman Tsai Eng-meng, the second largest shareholder of Asia Television, has filed a winding-up petition against the broadcaster firm. The firm is already dealing with a number of court cases. The news agency relates that Mr. Tsai said Norwares Overseas, in which he is a shareholder and director, paid HK$23 million to ATV in exchange for convertible bonds in 2009. Norwares, however, has not received the bonds. Norwares also requested ATV to repay the money last month, but the station has failed to do so, according to The Standard. "As a shareholder of ATV, I received no financial statements, agenda or whatsoever from ATV," The Standard quotes Mr. Tsai as saying. "I'm forced to file to liquidate ATV." Asia Television Limited is one of the two free-to-air television broadcasters in Hong Kong. It launched in 1957 under the name Rediffusion Television as the first television station in Hong Kong. It was bought out, renamed, and restructured to "Asia Television Limited" in 1982. ATV currently operates six channels. CHINA NONFERROUS METALS: Meeting Set for October 21 --------------------------------------------------- Creditors and contributories of China Nonferrous Metals Group (Hong Kong) Finance Company Limited will hold a meeting on Oct. 21, 2011, at 11:00 a.m., concurrently, at the office of FTI Consulting (Hong Kong) Limited, Level 22, The Center, and at 99 Queen's Road Central, Central, in Hong Kong. At the meeting, Desmond Chung Seng Chiong, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CIC RESOURCES: Court Enters Wind-Up Order ----------------------------------------- The High Court of Hong Kong entered an order on Sept. 28, 2011, to wind up the operations of CIC Resources Limited. The official receiver is Teresa S W Wong. FORTUNE COMPUTER: Lo and Leung Appointed as Liquidators ------------------------------------------------------- Lo Ka Ying and Leung Ka Lok said in notice dated Oct. 8, 2011, they have been appointed by the High Court of Hong Kong as liquidators of Fortune Computer Limited on Jan. 28, 2010. The liquidators may be reached at: Lo Ka Ying Leung Ka Lok Room 1307, Tower 1 Lippo Centre, 89 Queensway Admiralty, Hong Kong GOLD SUCCESS: Kar and Tse Appointed as Liquidators -------------------------------------------------- Fenn Kar Bak Lily and Tse To Chuen said in notice dated Oct. 8, 2011, they have been appointed by the High Court of Hong Kong as liquidators of Gold Success Land Limited on Aug. 9, 2010. The liquidators may be reached at: Fenn Kar Bak Lily Tse To Chuen Room D, 32nd Floor Lippo Centre, Tower 1 89 Queensway, Hong Kong HOP SUN: Court Enters Wind-Up Order ----------------------------------- The High Court of Hong Kong entered an order on July 19, 2005, to wind up the operations of Hop Sun Dyeing Factory Limited. The company's liquidator is Pui Chiu Wing. JUMBO WATCH: Court to Hear Wind-Up Petition on Nov. 30 ------------------------------------------------------ A petition to wind up the operations of Jumbo Watch Limited will be heard before the High Court of Hong Kong on Nov. 30, 2011, at 9:30 a.m. Liu Sik Wah filed the petition against the company on Sept. 22, 2011. The Petitioner's solicitors are: Joseph C.T. Lee & Co 10th Floor, Euro Trade Centre 21-23 Des Voeux Road Central, Hong Kong KIMBER STAR: Court to Hear Wind-Up Petition on Nov. 23 ------------------------------------------------------ A petition to wind up the operations of Kimber Star Industrial Limited will be heard before the High Court of Hong Kong on Nov. 23, 2011, at 9:30 a.m. DBS Bank (Hong Kong) Limited filed the petition against the company on Sept. 16, 2011. The Petitioner's solicitors are: Chu & Lau 2nd Floor, The Chinese General Chamber of Commerce Building No. 24-25 Connaught Road Central, Hong Kong KWONG YUEN: Briscoe and Hill Step Down as Liquidators ----------------------------------------------------- Stephen Briscoe and Nicholas Timothy Cornforth Hill stepped down as liquidators of Kwong Yuen Construction Company Limited on Sept. 22, 2011. LAND INTERNATIONAL: Court to Hear Wind-Up Petition on Oct. 26 ------------------------------------------------------------- A petition to wind up the operations of Land International Trading Limited will be heard before the High Court of Hong Kong on Oct. 26, 2011, at 9:30 a.m. The Petitioner's solicitors are: Chui and Lau Room 42, 4th Floor New Henry House 10 Ice House Street Central, Hong Kong LEHMAN BROTHERS: HKMA Reports Progress of Probe on Minibond Cases ----------------------------------------------------------------- The Hong Kong Monetary Authority (HKMA) announced at the end of the month that investigation of over 99% of a total of 21,826 Lehman Brothers-related complaint cases received has been completed. These include: * 15,774 cases, which have been resolved by a settlement agreement reached under section 201 of the Securities and Futures Ordinance; * 2,739 cases, which have been resolved through the enhanced complaint handling procedures required by the settlement agreement; * 2,219 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; * 837 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 692 such cases and proposed disciplinary notices or decision notices have been issued in respect of the other 145 cases; and * 152 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 103 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?7715 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. Judge James Peck on Aug. 30, 2011, approved the disclosure statement, which outlines the major provisions of Lehman's $65 billion liquidation plan. The proposed plan would enable LBHI and its affiliated debtors to pay an estimated $65 billion to their creditors. Voting on the Plan ends on Nov. 4, 2011. A hearing to consider confirmation of the Plan is set for Dec. 6, 2011. 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) PACIFIC YORK: Court Enters Wind-Up Order ---------------------------------------- The High Court of Hong Kong entered an order on Sept. 12, 2011, to wind up the operations of Pacific York Industries Limited. The company's liquidator is Pui Chiu Wing. PROUNO HK: Yat and Hok Appointed as Liquidators ----------------------------------------------- Yat Kit Jong and Rainier Hok Chung Lam on Sept. 21, 2011, were appointed as liquidators of Prouno HK Limited. The liquidators may be reached at: Yat Kit Jong Rainier Hok Chung Lam 22/F, Prince's Building 5 Ice House Street Hong Kong SAI WAN: Court to Hear Wind-Up Petition on Nov. 2 ------------------------------------------------- A petition to wind up the operations of Sai Wan Ho Limited, formerly known as Cambridge Nursing Home (Sai Wan Ho) Limited, will be heard before the High Court of Hong Kong on Nov. 2, 2011, at 9:30 a.m. Pok Wai Company Limited filed the petition against the company on Aug. 26, 2011. The Petitioner's solicitors are: Chung & Kwan Rooms 1601-1606, 16th Floor ING Tower, 308-320 Des Voeux Road Central, Hong Kong SEEBRIGHT LIMITED: Court to Hear Wind-Up Petition on Oct. 19 ------------------------------------------------------------ A petition to wind up the operations of Seebright Limited will be heard before the High Court of Hong Kong on Oct. 19, 2011, at 9:30 a.m. Ma Wai Chun filed the petition against the company on Aug. 11, 2011. The Petitioner's solicitors are: Messrs. Lim & Lok 8th Floor, Pilkem Commercial Centre 8 Pilkem Street, Kowloon Hong Kong SILVER YIELD: Creditors and Contributories to Meet on Oct. 27 ------------------------------------------------------------- Creditors and contributories of Silver Yield Industries Limited will hold their first meetings on Oct. 27, 2011, at 3:00 p.m., and 4:00 p.m., respectively at 35th Floor, One Pacific Place, at 88 Queensway, in Hong Kong. At the meeting, Lai Kar Yan (Derek) and Yeung Lui Ming (Edmund), the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. SMART FAME: Lo and Leung Appointed as Liquidators ------------------------------------------------- Lo Ka Ying and Leung Ka Lok said in notice dated Oct. 8, 2011, they have been appointed by the High Court of Hong Kong as liquidators of Smart Fame Industrial Limited on Aug. 18, 2009. The liquidators may be reached at: Lo Ka Ying Leung Ka Lok Room 1307, Tower 1 Lippo Centre, 89 Queensway Admiralty, Hong Kong ========= I N D I A ========= ANSHUL STEELS: ICRA Cuts Rating on INR10.73cr Loan to '[ICRA]D' --------------------------------------------------------------- ICRA has revised downwards the long-term rating of INR10.73 crore term loan and the INR13.0 crore fund-based bank facilities of Anshul Steels Limited to '[ICRA]D' from 'LB'. ICRA has also revised downwards the short-term rating of INR9.0 crore non-fund based bank facilities of ASL to '[ICRA]D' from 'A4'. The revision of the ratings takes into account the continued delays made by ASL in servicing its debt. About Anshul Steels Established in 2004, ASL is primarily engaged in the manufacture of sponge iron and MS ingots. ASL implemented its first sponge iron plant with an annual capacity of 30,000 MT in 2005. As a part of its forward integration strategy, the company commissioned an induction furnace with an annual capacity of 23,760 MT for manufacturing MS ingots in 2006. The facilities of the company are located at MIDC-Kagal in the Kolhapur district in Maharashtra. ASL doubled its sponge iron production capacity to 60,000 MT in 2009-10. The key products of the company are sold mainly in and around the state of Maharashtra to manufacturers of TMT bars. Recent Results In 2009-10, ASL reported a profit after tax of INR2.6 crore on the back of net sales of INR75.4 crore. In 2008-09, ASL reported a PAT of INR2.5 crore on the back of net sales of INR75 crore. BHARAT CONSTRUCTION: Fitch Gives 'BB(ind)' Nat'l. Longterm Rating ----------------------------------------------------------------- Fitch Ratings has assigned India's Bharat Construction a National Long-Term rating of 'Fitch BB(ind)'. The Outlook is Stable. The ratings are based on a consolidated view of Bharat Hydel Projects Pvt. Ltd. (BHPPL, 'Fitch BB(ind)'/Stable) and BC as they are under common ownership and have strong operational linkages and fungible funds. Consolidated revenue increased by 34% yoy to INR1,878.6m as per the provisional results for the financial year March 2011 (FY11). However, its EBITDA margins declined to 9.9% from 11.5% due to a more than proportional increase in operating and other expenses. In FY11, the working capital cycle was 20.84 days compared to 9.69 days in FY08. The ratings reflect over a decade-long presence of both the companies in the civil construction industry, coupled with their established relationships with diverse corporate and governmental bodies and technical expertise in executing hydro-power related construction works. The ratings also reflect the strong order book position of INR8,023 million that provides revenue visibility, comfortable financial leverage of 0.81x (net debt/EBITDA) in FY11 and the double digit growth in revenue over FY07-FY11 at the consolidated level. The input price risk is mitigated by escalation clauses in most of its contracts. The ratings are moderated by the company's inability to bid for large-value contracts due to its relatively small size and its stressed liquidity position. Positive rating guidelines would include higher-than-expected margins, lower-than-expected working capital cycle and lower- than-expected debt-led capex which would lead to consolidated net debt/EBITDA falling below 1.25x on a sustained basis. Negative rating guidelines include a decline in margins, deterioration of the working capital cycle and higher-than-expected debt-led capex which would lead to consolidated net debt/EBITDA exceeding 2.5x on a sustained basis. BC is a partnership firm established in 1999. It is involved in the execution of various infrastructure contracts, like road construction, hydro power plant construction etc. It reported gross revenue of INR1,080.37 million in FY11 with an EBIDTA of INR102.66m. Fitch has also assigned ratings to BC's bank facilities as follows: -- INR120MM fund-based working capital limit: 'Fitch BB(ind)'/'Fitch A4+(ind)' -- INR230MM non-fund based limit: 'Fitch BB(ind)'/'Fitch A4+ (ind)' BHARAT HYDEL: Fitch Assigns 'BB(ind)' Nat'l. Longterm Rating ------------------------------------------------------------ Fitch Ratings has assigned India's Bharat Hydel Projects Private Limited a National Long-Term rating of 'Fitch BB(ind)'. The Outlook is Stable. The ratings are based on a consolidated view of Bharat Construction (BC, 'Fitch BB(ind)'/ Stable) and BHPPL as the two entities are under common ownership and have strong operational linkages and fungible funds. Consolidated revenue increased by 34% yoy to INR1,878.6 million as per the provisional results of the financial year ended March 2011 (FY11). However, EBITDA margins declined to 9.9% from 11.5% due to a more than proportional increase in operating and other expenses. In FY11, the working capital cycle was 20.84 days compared to 9.69 days in FY08. The ratings reflect over a decade-long presence of both the companies in the civil construction industry, coupled with their established relationships with diverse corporate and government bodies and technical expertise in executing hydro-power related construction works. The ratings also reflect the strong order book position of INR8,023 million that provides revenue visibility, comfortable financial leverage of 0.81x (net debt/EBITDA) in FY11 and the double-digit revenue growth over FY07-FY11 at the consolidated level. The input price risk is mitigated by escalation clauses in most of its contracts. The ratings are moderated by the company's inability to bid for large-value contracts due to its relatively small size and its stressed liquidity position. Positive rating guidelines include higher-than-expected margins and lower-than-expected working capital cycle and debt-led capex which would lead to consolidated net debt/EBITDA falling below 1.25x on a sustained basis. Negative rating guidelines include a decline in margins, deterioration of the working capital cycle and higher-than-expected debt-led capex which would lead to consolidated net debt/EBITDA exceeding 2.5x on a sustained basis. Incorporated in 2006, BHPPL is involved in civil construction works. It reported gross revenue of INR798.22 million for FY11 with an EBIDTA of INR78.19 million. Fitch has also assigned ratings to BHPPL's bank facilities as follows: -- INR100 million fund-based working capital limit: 'Fitch BB(ind)'/'Fitch A4+(ind)' -- INR200 million non-fund based working capital limit: 'Fitch BB(ind)'/'Fitch A4+(ind)' GOLDFINCH HOTELS: ICRA Places '[ICRA] D' Rating on INR9.5cr Loan ---------------------------------------------------------------- ICRA has assigned a long term rating of '[ICRA] D' to the INR9.50 crore fund based facilities bank facilities of Goldfinch Hotels Pvt Ltd. The rating is primarily constrained by the persistent delays in debt servicing by GHPL in the recent past. The assigned rating also incorporates the stretched financial profile of the company characterized by high gearing (of 1.85x as on March 31, 2011), consistently declining profitability of GHPL in the past few years due to the downward trend witnessed in the occupancy and average room rent in the past few years and the inadequate coverage indicators. The rating also considers the established presence of the Goldfinch Hotel in the heart of the city on crescent road in Bangalore with good connectivity to other parts of the city. About Goldfinch Hotels Goldfinch Hotels Pvt Ltd is a Bangalore based hotel located on crescent road in Bangalore. The hotel is a part of the MRG Hospitality & Infrastructure Pvt Ltd which was founded in the year 1993 by Mr. K. Prakash Shetty who is the chairman and managing director of the group. Goldfinch Hotels Pvt Ltd currently operates two hotels in Bangalore which include the Goldfinch Hotel on Crescent Road which is a 4 star hotel and another hotel by the name of "The Coral Tree" in R. T Nagar in Bangalore. While the Goldfinch hotel has been operational for a long time now, the Coral Tree started its operations only in the beginning of 2010 and hence is in the very nascent stages of its operations. The MRG Hospitality Group has many entities under it apart from the Goldfinch Hotels Pvt Ltd such as Banjara Group of Restaurants, Motels & Infrastructures India Pvt Ltd, Trishul developers etc. Recent Results (Unaudited) The firm reported profit after tax (PAT) of INR-1.31 Cr on an Operating Income of INR18.63 Cr in FY 2011. HARVINS CONSTRUCTIONS: ICRA Cuts Rating on INR7.5cr Loan to 'D' --------------------------------------------------------------- ICRA has revised the long-term rating of Harvins Constructions Private Limited from 'LB' to '[ICRA]D' for its INR7.50 crore fund based limits. ICRA has also reassigned the short-term rating from 'A5' to '[ICRA]D' for INR42.50 crore non-fund based limits of HCPL. The rating revision takes into account continued delays in debt servicing by HCPL owing to delays in collection of its receivable from its customers (primarily government agencies) and high inventory holding in terms of work in progress because of procedural delays in getting work completion certificate from its clients. HCPL's rating also factors in the risks arising out of intense competition, modest scale of its operations, and high geographical & client concentration risks. ICRA has, however, taken note of HCPL's experienced management, its long established presence in the construction business and established relationship with its customers & suppliers. Harvins Constructions Private Limited is a Hyderabad based company engaged primarily in developing irrigation projects. HCPL is engaged in construction of dams, irrigation canals, bridges, spillways, road works and other related development activities. HCPL was incorporated in 1978 and is promoted by the Reddy family. HCPL has undertaken projects for Andhra Pradesh, Maharashtra and Gujarat state governments in the past. IND BARATH: ICRA Downgrades Rating on INR28.5cr Loan to [ICRA] D ---------------------------------------------------------------- ICRA has revised the long term rating assigned to the INR28.5 crore term loans and INR6.5 crore Fund based limits of Ind Barath Energies (Thoothukkudi) Limited from 'LC' to [ICRA] D. The rating revision reflects the deterioration in operating and financial profile of the company in YTD-FY2011 on account of low PLF levels, which, combined with prior losses, have resulted in pressures on liquidity as reflected in delays in loan servicing. The rating also reflects the below average operating profile of the company arising out of constraints in the availability and cost of its fuel namely biomass. This coupled with relatively high debt funding of the project have resulted in high gearing and moderate coverage indicators. Going forward, ICRA expects the company's operations to remain under pressure because of fuel cost pressures. Ability to source biomass at remunerative rates will be the key. Given significant debt on the balance sheet, the capitalization and coverage indicators will remain stretched in medium term and group support will be key if there is decline in profitability. About Ind Barath IBETL is an IPP promoted by the Ind Bharath group of companies. The company operates a 20 MW biomass based power plant in the Tuticorin district of Tamil Nadu. The plant, which was commissioned at a cost of INR80.0 crore, commenced commercial operations in FY 2006 and has a PPA with TNEB to supply its power. However currently it's selling power to TNEB on short term sale basis. The company sources its fuel (biomass)- mainly bagasse, wood and waste- from farmers, sugar mills and factories in the vicinity. The availability of biomass in the company's region of operations has been moderate which has resulted in moderate PLFs of around 50-60% which deteriorated to 26% in FY09 due to high biomass prices in the region. There was improvement in FY10 when IBETL recorded 54% PLF, however there has again be moderation in YTD performance in FY11. Also merchant tariff rate have seen moderation in recent times. With the company's revenues being linked to actual units sold, this has resulted in losses for the company. The company reported a profit of INR13.61 crore on net sales of INR49.38 crore in FY 2010 as against loss of INR10.99 crore over net sales of INR12.29 crore in FY 2009. JOGI FOOD: ICRA Assigns '[ICRA]B+' Rating to INR5.15cr Term Loan ---------------------------------------------------------------- ICRA has assigned an '[ICRA]B+' rating to the INR5.15 crore term loan facility of Jogi Food Processing. The rating takes into account the start up nature of the firms operations and the associated market risks, given that the firm would need to establish its brand in a highly competitive market place. The rating is also constrained by the risk associated with capital withdrawals as inherent in the partnership firm. However, the rating positively considers the achievement of financial closure and an advanced stage of implementation of JFP's project to be significant mitigating factors of construction risks. JFP, a proprietorship firm, is a part of the 'Patco' group of companies, established in 2010 to manufacture various ready-to- eat food products. The group is promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji Patel. PFPL is the flagship company of the group and the rest three associate firms namely M/s Jogi Food Processing, M/s Krishna Food Processing and M/s Shreeji Food Processing operates on a job work basis for PFPL. The manufacturing facility of all the four companies are located in a single premise spread over 58 acres of land. JFP has a biscuit (various types) manufacturing of 7,500TPA. KOMMLABS DESIGN: ICRA Assigns '[ICRA]B' Rating to INR5cr Loan ------------------------------------------------------------- ICRA has assigned a long-term rating of '[ICRA]B' to the INR5.00 crore fund based limits, term loans and unallocated limits of Kommlabs Design Private Limited. ICRA has also assigned '[ICRA]A4' rating to the INR3 crore non fund based facilities of KDPL. ICRA's rating action takes into account the business' long track record of operations, comfortable capital structure with a gearing of below 1 as on March 31, 2011 (as per provisional results), established product base, and long standing relationships with its customers. However, these strengths are offset by the small scale of operations resulting in modest economies of scale and exposure to government clients (which often delay payments) resulting in relatively high working capital intensity and stretched liquidity. Tender driven nature of the business also results in pressures on margins and adds volatility to the company's revenues as evidenced by a decline in sales in FY 2011. In addition, with the increase in AMC (Annual Maintenance Charges) sales and increasing competition from domestic as well as foreign players in the industry, the margins are not expected to show any improvement going forward. Going forward, the ability to efficiently manage its working capital requirements and improvement in scale of operations will remain key rating drivers for the company. About Kommlabs Dezign Kommlabs Dezign Pvt. Ltd, incorporated in 1995, is engaged in designing and developing software and suites for data interception. It provides communication interception solution to Intelligence Agencies, Law Enforcement Agencies (LEAs) and Communications Service Providers to meet their intelligence needs. It also provides analytical tools to extract intelligence from vast stores of current and archived data. The customers include various state police departments, Intelligence Bureau, Central Bureau of Investigation, and other security and LEAs as well as communication service providers such as Airtel, BSNL, Reliance, Vodaphone etc. As per the provisional numbers shared by the company for FY 2010- 11, the operating income has shown a decline of 10% from INR14.8 crore in FY 2010 to INR13.3 crore in FY 2011. PAT has also declined for the year and stood at INR0.59 crores in FY 2011 as against INR0.75 crore in FY 2011. KRISHNA FOOD: ICRA Assigns '[ICRA]B+' Rating to INR5cr Term Loan ---------------------------------------------------------------- ICRA has assigned an '[ICRA]B+' rating to the INR5.00 crore term loan facility of Krishna Food Processing. ICRA has also assigned an '[ICRA]A4' rating to the INR0.10 crore non-fund based facility of KFP. The ratings take into account the start up nature of the firms operations and the associated market risks, given that the firm would need to establish its brand in a highly competitive market place. The ratings are also constrained by the risk associated with capital withdrawals as inherent in the partnership firm. However, the ratings positively consider the achievement of financial closure and an advanced stage of implementation of KFP's project to be significant mitigating factors of construction risks. KFP is a part of 'Patco' group of companies, established in 2010 to manufacture various ready-to-eat food products. The group is promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji Patel. PFPL is the flagship company of group and the rest three associate firms namely M/s Jogi Food Processing, M/s Krishna Food Processing and M/s Shreeji Food Processing operate on job work basis for PFPL. The manufacturing facility of all the four companies are located in a single large campus spread over 58 acres of land. KFP is a proprietorship firm engaged in the manufacturing of spices, khakara & papad and sorting & repacking of rice and tea. The installed capacity of the firm is 7500TPA, 30000TPA, 7500TPA and 300TPA for spices, rice, tea and Khakara & papad respectively. MAHIMA SHANKAR: ICRA Assigns '[ICRA]B+' Rating to INR17.83cr Loan ----------------------------------------------------------------- ICRA has assigned the long-term rating of '[ICRA] B+' to the INR17.83 Cr. Bank facilities of Mahima Shankar Processed Foods Private Limited. The rating reflects MSPF's experienced Promoter Group with over ten years of experience in the packaged food industry. The management has over the years built and leveraged its distribution network by diversifying into complimentary business segments. The rating is also supported by the strong distribution network with about 1350 distributors spread across Karnataka, Tamil Nadu and Kerala. The rating is however constrained by modest scale of operations and weak financial profile as reflected by high gearing of 2.3 times as of March 31, 2011 and weak credit metrics resulting from a combination of high working capital intensity and large capital expenditure. However, debt servicing is well supported by infusion of funds from the Promoter Group. The rating also factors in high competition in the packaged snacks segments from well established global and national players like Pepsi-co (Frito Lays), ITC (Bingo) and Haldiram (Namkeens) puts strain on margins. Incorporated in 2008, MSPF manufactures processed foods such as potato chips, extruded snacks, namkeens, masala powder and branded oil. The company started trial runs in August 2009, and actual production activities commenced in September 2009. MSPF is promoted by Mr. Sathya Shankar K. and his family members. The company has its manufacturing unit in Puttur (Karnataka). It sells its products in Karnataka, Andhra Pradesh, Tamil Nadu and South Maharashtra under the brand Snak-Up. Recent results MSPF reported a provisional profit after tax (PAT) of INR0.43 crore on net sales of INR10.26 crore for FY2010-11. MANGALORE CASHEW: ICRA Places '[ICRA]BB' Rating on INR1cr Loan -------------------------------------------------------------- ICRA has assigned long-term rating of '[ICRA]BB' to the INR1.00 crore term loan facilities and the INR4.00 crore fund based facilities of Mangalore Cashew Industries. ICRA has long-term rating of '[ICRA]BB' outstanding on the INR1.00 crore term loan facilities and the INR10.00 crore fund based facilities, and short-term rating of '[ICRA]A4' outstanding on the INR9.00 crore fund based facilities of MCI. The outlook on the long-term rating is stable. The ratings consider the experience of the promoters in the cashew processing industry for more than three decades and the firm's diversified customer base. The ratings also consider the firm's small scale of operations which is likely to restrict scale economies / financial flexibility and its financial profile which is characterized by high gearing and thin margins. While intense competition exists in the highly fragmented industry structure, amidst little product differentiation, restricts pricing flexibility, the revenues and margins remain exposed to agro-climatic risks. The firm's profitability remains at modest levels. Mangalore Cashew Industries, established in 1977, is primarily engaged in conversion of raw cashew nuts into cashew kernels. Floated by Late D Narayana Kamath as a sole proprietorship concern at inception, the constitution was changed to that of a partnership firm in 1984. The firm caters to customers in the United Kingdom, the United States of America, Jordan, Egypt and Germany, as well as the domestic market. MCI procures its raw material through import as well as indigenous sources. Recent Results MCI reported net profit of INR0.9 crore on operating income of INR52.7 crore during 2010-11 (according to unaudited results), against net profit of INR0.6 crore on operating income of INR52.8 crore during 2009-10. PCM ALLOYS: ICRA Assigns [ICRA]B+ Rating to IN1.20cr Cash Credit ---------------------------------------------------------------- ICRA has assigned an '[ICRA]B+' rating to the INR1.20 crore term loan and INR4.00 crore cash credit facilities of PCM Alloys Steels Private Limited. ICRA has also assigned an '[ICRA]A4' rating to the INR0.80 crore non-fund based bank facilities of PASPL. The ratings take into account PASPL's adverse financial risk profile reflected by net losses suffered by the company in recent years, its weak coverage indicators and a leveraged capital structure. The ratings also consider the volatility of the company's profits and cash flows to the fluctuations in the input and output prices which follow the cyclical trend inherent in the steel industry, the small scale of current operations of the company and the highly working capital intensive nature of operations that impacts its liquidity position adversely. The ratings, however, take into account the favorable demand outlook for SGCI inserts driven by the significant expansion programme proposed by the Indian Railways, the company's accreditation by the Research Design and Standards Organisation (RDSO) for manufacturing of SGCI inserts for the Railways and PASPL's operational integration with its group company PCM Cement Concrete Private Limited which procures SGCI inserts primarily from PASPL to manufacture concrete sleepers for the Railways. About PCM Alloys Incorporated in 2003, PASPL is engaged in the manufacturing of Spheroidal Graphite Cast Iron inserts which are used as necessary components of concrete sleepers by the Indian Railways. The manufacturing plant of the company is located at Sahudangi, Jalpaigudi of West Bengal. The SGCI inserts manufactured by the company are certified by the Research Design and Standards Organisation (RDSO). Recent Results The company reported a net loss of INR0.17 crore (provisional) in 2010-11 on an operating income of INR15.06 crore (provisional), as compared to a net loss of INR0.28 crore on an operating income of INR10.59 crore in 2009-10. PICCADILY HOTELS: Fitch Assigns 'B-(ind)' Nat'l Long-Term Rating ---------------------------------------------------------------- Fitch Ratings has assigned India's Piccadily Hotels Private Limited a National Long-Term rating of 'Fitch B-(ind)' with Stable Outlook. The agency has also assigned PHPL's INR1,500 million long-term loan a 'Fitch B-(ind)' rating. The ratings reflect PHPL's established track record of over three decades in the hospitality industry and the healthy debt-equity mix (1:1) for its upcoming projects. Fitch notes that PHPL's Delhi hotel is associated with the well-known "Hilton" brand. The company expects that similar tie-ups with international hotel brands for its upcoming projects would lower the initial operational risk as it would gain access to the global brand's network and clientele. The ratings are constrained by PHPL's high financial leverage, tight liquidity condition and high execution risk as a sizeable portion of the company's portfolio is under construction. A positive rating guideline would be timely commissioning of projects within cost estimates leading to an improvement in financial leverage and liquidity. As per the provisional results for the financial year ended March 2011 (FY11), PHPL's revenue improved to INR527 million from INR119 million in FY10, while its EBITDA margin declined to 2.3% from 8.9%. The latter is attributed to promotional discounts and higher expenses on promotional activities during the initial run of its Delhi hotel. The hotel was fully opened to public in April 2011. PHPL's financial leverage was 162x (total adjusted net debt/EBITDA, including unsecured loan of INR918 million from other group companies) in FY10 and with a net loss of INR9 million. PHPL has four operational properties, including a commercial complex in Delhi and three hotels. Its five-star deluxe hotel in Delhi has 228 rooms, the four-star hotel in Chandigarh has 53 rooms and the budget hotel in Raipur has 54 rooms. The company is setting up of two more hotels in the five-star-deluxe category in Gurgaon and Ludhiana, with an inventory of 479 rooms and 168 rooms, respectively. PREMIER CONVEYORS: ICRA Cuts Rating on INR1.83cr Loan to [ICRA]D ---------------------------------------------------------------- ICRA has revised downwards the long-term rating of the INR1.83 crore term loan (reduced from INR2.24 crore earlier) and the INR2.0 crore fund-based bank facilities of Premier Conveyors Private Limited to '[ICRA]D' from 'LBB-'. ICRA has revised downwards the short-term rating of the INR0.5 crore fund-based and the INR2.5 crore non-fund based bank facilities of PCPL to '[ICRA]D' from A4. The revision of the ratings takes into account the delays in debt servicing on account of a tight liquidity position catapulted by unutilized capacity and working capital intensive nature of operations; declining net profitability and cash accruals on account of increased interest expenses and exposure to raw material price fluctuations given the high inventory levels maintained by the company and volatility associated with the natural rubber and petroleum derivatives. The ratings also take into consideration the PCPL's small scale of operations, which leads to limited bargaining power as compared to suppliers as well as customers and low economies of scale; its weak debt protection metrics and the sensitivity of its profits to the risks of foreign exchange fluctuations as a result of a mismatch between its imports and exports. Nevertheless, the ratings favorably factor in the moderate growth in its revenues in 2010- 11; long experience of the promoters in the rubber conveyor belt manufacturing; the reputed customer base of the company and its increasing focus on export markets, which reduces geographical concentration risks to some extent. About Premier Conveyors Established in 2006 by Aggarwal family, PCPL is engaged in the manufacture of rubber conveyor belts, with its manufacturing facility being located at Wada in Thane district of Maharashtra. The company manufactures general purpose, heat resistant and fire resistant rubber conveyor belts that find applications primarily in metal, mining and power sectors. Recent Results As per the provisional financials of 2010-11, PCPL reported a profit after tax (PAT) of INR0.04 crore on the back of net sales of INR8.72 crore as against a PAT of INR0.08 crore on the back of net sales of INR7.58 crore in 2009-10. RIKA GLOBAL: ICRA Reaffirms '[ICRA]BB+' Rating on INR25cr Loan -------------------------------------------------------------- ICRA has reaffirmed the '[ICRA]BB+' rating assigned to the INR25.00 crore long term fund based facilities of Rika Global Impex Limited. ICRA has also reaffirmed the '[ICRA]A4+' rating assigned to the INR76.00 crore1 short term fund based and non fund based facilities (enhanced from INR45.00 crore) of RGI. The outlook assigned to the long term rating is Stable. The reaffirmed ratings continue to factor in RGI's low profit margins arising from the low value addition in the business and its vulnerability to raw material price and foreign exchange fluctuations. The ratings also take into account the operational risks associated with the government's export/import regulations and also due to agro climatic conditions. The ratings however, factor in the promoters' and group's long standing experience in the agro trading business; robust revenue growth and a diversified product profile at present. RGI's capital structure has been comfortable in the past backed by low working capital intensity and continuous equity infusion by the promoters; as a result coverage indicators have been modest. Rika Global Impex Limited is a closely held public limited company, which commenced operations in 2007, and is engaged in the business of trading of cereals, pulses, iron ore, sugar, fabrics and other commodities. The firm has its registered office in Kolkata and a trading centre in Mumbai. Recent Results: RGI recorded a net profit of INR2.84 crore on an operating income of INR496.77 crore for the year ending March 31, 2011 and a net profit of INR3.04 crore on an operating income of INR401.13 crore for the year ending March 31, 2010. SHREE CHARBHUJA: ICRA Assigns '[ICRA]B' Rating to INR5.82cr Loans ----------------------------------------------------------------- ICRA has assigned '[ICRA]B' rating to the INR5.82 crore term loans and INR5.0 crore fund based facilities of Shree Charbhuja Spinners Pvt Ltd. The ratings take into account SCSPL's modest scale of operations, weak financial profile marked by low profitability and high gearing, competitive nature of industry and susceptibility to fluctuation in prices of polyester fibre. The entry barriers to the business are low, which coupled with limited pricing power has resulted in thin profitability margins for the company. The rating, however, takes into account promoters' experience in the textile business, track record in manufacturing polyester yarn, and company's presence in textile hub which gives it access to skilled labour. Going forward, the company's ability to improve its profitability and capital structure will be the key rating sensitivities. Incorporated in 2006, SCSPL is promoted by Mr. Dinesh Gaggar who has significant experience in the textile business and was earlier engaged in fabric trading. The company is engaged in polyester yarn manufacturing and trading of fabrics. SCSPL has two manufacturing facilities located in RIICO Industrial area in Bhilwara and has 11700 spindles. Recent Results According to provisional results, the Company had profit after tax of INR0.07 crore on operating income of INR28.41 crore for the financial year ended March 31, 2011. For the financial year ended March 31, 2010, SCSPL had reported profit after tax of INR0.01 crore on operating income of INR15.65 crore. SHREEJI FOOD: ICRA Assigns [ICRA]B+ Rating to INR5.4cr Term Loan ---------------------------------------------------------------- ICRA has assigned an '[ICRA]B+' rating to the INR5.40 crore term loan facility of Shreeji Food Processing. ICRA has also assigned an '[ICRA]A4' rating to the INR0.10 crore non-fund based facility of SFP. The ratings take into account the start up nature of the firms operations and the associated market risks, given that the firm would need to establish its brand in a highly competitive market place. The ratings are also constrained by the risk associated with capital withdrawals as inherent in the partnership firm. However, the ratings positively consider the achievement of financial closure and an advanced stage of implementation of SFP's project to be significant mitigating factors of construction risks. SFP is a part of 'Patco' group of companies, established in 2010 to manufacture various ready-to-eat food products. The group is promoted by Mr. Matur Savani, Mr. Rakesh Patel and Mr. Lalji Patel. PFPL is the flagship company of group and the rest three associate firms namely M/s Jogi Food Processing, M/s Krishna Food Processing and M/s Shreeji Food Processing operate on job work basis for PFPL. The manufacturing facility of all the four companies are located in a single large campus spread over 58 acres of land. SFP is a proprietorship firm engaged in the processing and sorting of cereals & pulses and cashew nuts. The installed capacity of the firm is 15000TPA and 300TPA for pulses and cashews respectively. SILKTEX LIMITED: ICRA Reassigns [ICRA]C' Rating on INR6.84cr Loan ----------------------------------------------------------------- ICRA has reassigned '[ICRA]C' rating to the INR6.84 crore term loan facilities and '[ICRA]A4' rating to the INR8.00 crore fund based facilities and the INR2.00 crore non-fund based facilities of the Silktex Limited. Silktex Limited was incorporated as a private limited company in August 1993 and subsequently converted to public limited company on July 28, 1994. The company is a 100% Export Oriented Unit manufacturing silk fabrics for home furnishing and dress material. The company exports its products mainly in USA, UK, West European countries, Middle East countries, Australia and Japan. ========= J A P A N ========= JLCO XXXIII: Fitch Lowers Rating on JPY1.7-Bil. Notes to 'Dsf' -------------------------------------------------------------- Fitch Ratings has downgraded JLOC XXXIII Trust's Class D trust beneficiary interests (TBIs) due July 2013 and affirmed the rest. The transaction is a Japanese multi-borrower type CMBS securitisation. -- JPY0.25bn* Class B TBIs affirmed at 'Asf'; Outlook Stable -- JPY6bn* Class C TBIs affirmed at 'CCCsf' Recovery Rating revised to 'RR2' from 'RR3' -- JPY1.7bn* Class D TBIs downgraded to 'Dsf' from 'Csf'; Recovery Rating of 'RR6'. *as of October 11, 2011 The downgrade reflects a principal write-down of the class D TBIs after collection activity relating to a defaulted underlying specified bond has been completed and losses of the bonds have been realized. The remaining underlying loan/bonds are all in default and collection activity is being conducted. Since the last rating action in May 2011, the class B TBIs have been partially redeemed. This was due to sequential principal payment mainly from disposal proceeds of three properties and collection funds through selling a specified bond backed by four properties. The affirmation of the class B TBIs reflects that this class is expected to be fully redeemed on the next payment date in January 2012, taking into account the recent property disposals. This transaction was originally a securitisation of five TMK specified bonds, four non-recourse loans and the senior portion of one TBI backed by a non-recourse loan, ultimately backed by 110 commercial properties located throughout Japan. The transaction is currently backed by two bonds and one loan, secured by 11 properties (or their sale proceeds) in total. TOKYO ELECTRIC: Asks State, Private Groups to Take Over Oze Park ---------------------------------------------------------------- Kyodo News reports that Tokyo Electric Power Co. will ask the state and local governments as well as private institutions to take over a part of its conservation activities in Oze National Park, where the utility owns around 40% of the land. The news agency says TEPCO spends JPY200 million annually to protect the environment of the park, but it has become difficult for it to maintain the current management system as it has to cope with the costs of bringing the crippled Fukushima Daiichi nuclear power plant under control and paying damages over the crisis. Kyodo discloses that the 37,200-hectare national park strides Fukushima, Tochigi, Gunma and Niigata prefectures, and TEPCO owns some 16,000 hectares in Gunma as water sources for hydro power generation. Under a system introduced in the 2003 revision of the Natural Parks Act, owners of land in national parks can entrust conservation activities to the state and park management organizations if the owner cannot be fully involved in them, the report relays. Kyodo, citing sources close to the issue, reports that TEPCO said it will not sell its Oze land. Instead, it will negotiate with the Environment Ministry and local governments on how they can share burdens for establishing and keeping boardwalks in the park and recovering wetlands. * JAPAN: Quake-Related Corporate Bankruptcies Reaches 373 --------------------------------------------------------- Bloomberg News reports that Japanese corporate bankruptcies related to the March 11 earthquake totaled 373 as of Oct. 10, according to researcher Teikoku Databank Ltd. The Tokyo-based researcher said in a report that the construction industry had 63 bankruptcy filings during the seven months since the disaster, while the hotel industry had 32 failures, according to Bloomberg. =============== M A L A Y S I A =============== TSM GLOBAL: To Make MYR32.2-Mil. Provision on Unit's Liquidation ---------------------------------------------------------------- Bloomberg News reports that TSM Global Bhd. said it will make a MYR32.2 million provision when its subsidiary Kenseisha Sdn. goes into liquidation. TSM Global Berhad is Malaysian-based investment holding company. The Company is engaged in the businesses of letting of properties. ==================== N E W Z E A L A N D ==================== ADDENDA PUBLISHING: Placed in Voluntary Liquidation --------------------------------------------------- Booksellers NZ reports that the board and shareholders of Addenda Publishing Limited have placed the company into voluntary liquidation and it has now ceased trading. Publishers represented by Addenda are being advised to make new arrangements for New Zealand distribution of their lists. According to the report, the company's decision to withdraw from the book distribution market was prompted by several factors. Of particular note were publishers moving their New Zealand book distribution to Australian-based distributors, and consumers and booksellers buying increasingly from offshore Web sites. Booksellers NZ relates that the company was also affected by difficult local and international trading conditions which led to some bad debts, reduced title output from its roster of independent publishers, and weaker demand for its titles. The company has appointed Kim Thompson as liquidator. Addenda Publishing Limited is a New Zealand-based publisher and book distributor. CRAFAR FARMS: Sir Michael Fay-Led Group Questions Landcorp Role --------------------------------------------------------------- BusinessDay.co.nz reports that a group of farmers led by Sir Michael Fay who are keen to head off a Chinese company to buy the Crafar farms have filed an Official Information Act request to learn more about Landcorp's proposed deal to run the farms for the Chinese. BusinessDay.co.nz relates that Mr. Fay said the group of farmers had "serious concerns" about the state-owned farming corporation's role with Shanghai Pengxin, whose bid for the 16 in-receivership dairy farms is conditional on getting Overseas Investment Office consent. "Landcorp is well known in the farming community for buying farm land in competition with locals - effectively using taxpayers' money to outbid those same taxpayers," the report quotes Mr. Fay as saying. According to the report, Fairfax revealed recently that Landcorp was in preliminary talks with Pengxin for the job of managing or sharemilking the farms if the Chinese company is successful in buying them. It has been nearly seven months since Pengxin applied to the OIO for consent, the report notes. Mr. Fay, as cited by BusinessDay.co.nz, said Landcorp seems to have become "utterly confused" about its purpose and could have allowed itself to be used as a pawn in the deal -- "just to give the Chinese bids an acceptable local face." BusinessDay.co.nz says Mr. Fay's group has offered receivers KordaMentha NZ$171.5 million for the farms. Its bid has been declined as too low but the farmers consider their offer "still live," the report relays. Through its OIA request, the report notes, the farmer group has asked Landcorp to provide all details of its dealings and correspondence with Pengxin, any correspondence it may have had with the OIO, and all correspondence between Landcorp and an unsuccessful bidder for the Crafar farms, Chinese group Natural Dairy and May Wang's UBNZ companies. BusinessDay.co.nz adds that the farmers said they are making a single bid for the Crafar farms because the receivers require it, but if successful they would split the farms up between them to be owner-operated. About Crafar Farms Crafar Farms, New Zealand's largest family owned dairy business, runs about 20,000 milking cows, and carries about 10,000 of other stock. The company employed 200 staff. Crafar Farms was placed in receivership in October 2009, by its lenders Westpac Banking Corp., Rabobank Groep and PGG Wrightson Finance. The banks, owed around NZ$200 million, put KordaMentha partners Michael Stiassny and Brendon Gibson in as receivers after Crafar Farms breached covenants on its loans. As reported in the Troubled Company Reporter-Asia Pacific on April 27, 2010, The New Zealand Herald said 16 farms in the Crafar Farms group have been placed onto the open market for sale by Crafar's receivers through Bayleys Real Estate. Bayley's said the receivership sale is the single largest receivership sale of farms in New Zealand history. The 16 farms employ nearly 200 staff and managers and cover 8,000 hectares. They are located in the Waikato, near Benneydale in the King Country, Reporoa, Atiamuri, Waverley, Hawera and Bulls. PORTAGE RESORT: Goes Into Liquidation ------------------------------------- The Marlborough Express reports that the Portage Resort Hotel, which has been in receivership since September 13, has also gone into liquidation. Receiver John Fisk, of PricewaterhouseCoopers, said the company had been put in liquidation on October 10, the report says. The hotel is still open for business. The liquidator is the Ministry of Economic Development insolvency and trustee service. The Marlborough Express relates that Mr. Fisk said some claims could be made by a liquidator but not by a receiver, which was why a liquidator had been appointed. For example, a liquidator could void transactions to retrieve sums of money paid to one creditor before the failure of the business, which would then be shared equally among all the creditors, Mr. Fisk said. According to the report, Mr. Fisk and his fellow receiver Malcolm Hollis would continue running the business until the assets could be sold for the benefit of the secured creditor, Auckland-based Ecuador Mortgages. Mr. Fisk, as cited by The Marlborough Express, said the liquidator would investigate the transactions of the business, directors' conduct and whether funds would be available for other creditors. About Portage Resort The Portage Resort Hotel offers room and backpacker accommodation, restaurant, cafe, pool, and spa. It has 50 rooms and there is scope to develop at least another 25. The resort consists of four parcels of land with a total area of about 1.4 hectares. It has a fine dining restaurant, a separate cafe and bar, a conference room which can seat 100 and a guest lounge and bar. Portage Resort Hotel was put under the management of PricewaterhouseCoopers partners John Fisk and Malcolm Hollis on Sept. 13, 2011. The company owes about NZ$5 million. VET CARE: Escapes Inland Revenue Liquidation Bid ------------------------------------------------ Seamus Boyer at Wairarapa Times-Age reports that Vet Care Ltd has won the right to stay in business after avoiding liquidation this week. According to the report, an application to put Masterton's Vet Care Ltd into liquidation was heard by Associate Judge D I Gendall at the High Court in Wellington on October 10. The Times-Age relates that a High Court spokeswoman said a payment plan had been arranged with Inland Revenue at the hearing, with the matter adjourned until Dec. 12 for a progress report. The spokeswoman said at that stage, depending on progress, it was likely the liquidation application would be withdrawn, the report relays. Vet Care, which has surgeries in Masterton and Greytown, is owned by Heidi Ward-McGrath and her husband, Mark McGrath, of Masterton. Ms. Ward-McGrath told the Times-Age the ruling meant it was "business as usual" for the company. Originally an application to put Vet Care Ltd into liquidation was filed at the High Court in Masterton by the Commissioner of Inland Revenue on Aug. 31. That application hearing was adjourned until this week due to jurisdiction issues, the Times- Age reports. WINDFLOW TECHNOLOGY: Shareholders to Vote on Liquidation -------------------------------------------------------- BusinessDesk reports that commitment of NZ$15,000 apiece from just 43 Windflow Technology shareholders stands between the two- bladed wind turbine pioneer and liquidation, papers filed with the NZX on October 13 showed. BusinessDesk says Windflow chairman Barrie Leay has called a special shareholders' meeting for Nov. 2, 2011, for a vote on the appointment of liquidators from the Christchurch offices of accounting firm BDO. According to the report, the company has been trying to raise an emergency NZ$2 million -- a target already scaled back from NZ$2.4 million -- through an unusual share purchase plan that seeks a commitment of NZ$15,000 per shareholder, irrespective of the size of their holding. So far, around 49 shareholders representing just 6% of shareholders have stumped up, raising NZ$728,000, while private placements have raised another NZ$620,000, leaving the company short by NZ$652,000 -- equivalent to subscriptions from an additional 43 shareholders, BusinessDesk discloses. BusinessDesk relates that company founder and chief executive Geoff Henderson has also injected personal funds in the interim, secured against spare parts for turbines manufactured in anticipation of building the Long Gully wind farm for its 19% shareholder MightyRiverPower, which has since put the project on ice. MRP has not indicated whether it is supporting the capital- raising, the report notes. According to BusinessDesk, the notice to the NZAX platform, where Windflow is listed, indicates the NZ$400,000 cut in the target capital to be raised also represents a business risk, since it will "impinge on the company's ability to deliver operationally on the opportunities for new revenue being sought" because it will cut engineering, production, marketing and administration resource. The SPP has been extended to Oct. 20, and the company said it will advise by 5:00 p.m. the following day whether the share subscription target has been met, BusinessDesk relays. Either way, the meeting will be held. The resolution to liquidate will require a 75%, with directors vowing to vote against the motion if the funds sought are secured, the report adds. About Windflow Technology Christchurch, New Zealand-based Windflow Technology Limited -- http://www.windflow.co.nz/-- is engaged in the development and manufacture of wind turbines. The Company's wholly owned subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and Windflow Hawaii Ltd. The Company has one customer, NZ Windfarms Ltd. Wind Gears Ltd is owned 50% by Windflow Technology Limited. Wind Gears Ltd is engaged in the development and construction of gear boxes for the wind turbines. Windpower Otago Ltd is owned 20% by the Company. * * * Windflow Technology incurred a net loss of NZ$7 million in the year ended June 30, 2011, compared with the NZ7.95 million loss booked in the prior financial year. The company posted a net loss of NZ$1.23 million for the year ended June 30, 2009. =============== X X X X X X X X =============== * Large Companies with Insolvent Balance Sheets ----------------------------------------------- Total Total Shareholders Assets Equity Company Ticker (US$MM) (US$MM) ------- ------ ------ ------------ AUSTRALIA ARTURUS CAPITAL AKW 12.27 -0.43 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 AUTRON CORP LTD AAT 32.50 -13.46 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 CENTRO PROPERTIE CNP 15,483.4 -349.73 MAC COMM INFR-CD MCGCD 8,104.42 -103.34 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 RIVERCITY MOTORW RCY 386.88 -809.14 SCIGEN LTD-CUFS SIE 68.70 -42.35 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 31.82 -4.49 CHENGDU UNION-A 693 32.68 -15.13 CHINA FASHION CFH 10.11 -0.76 CHINA KEJIAN-A 35 95.65 -187.91 CONTEL CORP LTD CTEL 59.32 -45.72 CONTEL CORP LTD CTEL1 59.32 -45.72 DONGXIN ELECTR-A 600691 14.31 -22.80 GUANGDONG ORIE-A 600988 15.24 -3.98 GUANGDONG SUNR-A 30 111.22 0.00 GUANGDONG SUNR-B 200030 111.22 0.00 GUANGXIA YINCH-A 557 19.25 -44.22 HEBEI BAOSHUO -A 600155 129.70 -408.35 HEBEI JINNIU C-A 600722 249.41 -53.61 HUASU HOLDINGS-A 509 87.92 -9.52 HUNAN ANPLAS CO 156 43.92 -35.46 JILIN PHARMACE-A 545 32.35 -8.44 JINCHENG PAPER-A 820 206.33 -122.34 MUDAN AUTOMOBI-H 8188 24.73 -3.40 NINGBO YIDONG-H 8249 18.29 -53.42 QINGDAO YELLOW 600579 222.76 -9.10 SHANG HONGSHENG 600817 15.94 -291.38 SHANGHAI WORLDBE 600757 14.70 -0.04 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 48 119.65 -7.72 SHIJIAZHUANG D-A 958 212.59 -80.91 SICHUAN DIRECT-A 757 95.94 -166.82 SICHUAN GOLDEN 600678 207.17 -92.10 TAIYUAN TIANLO-A 600234 65.74 -21.06 TIANJIN MARINE 600751 114.38 -61.31 TIANJIN MARINE-B 900938 114.38 -61.31 TIBET SUMMIT I-A 600338 79.44 -4.50 TOPSUN SCIENCE-A 600771 146.23 -99.32 WINOWNER GROUP C 600681 21.76 -55.00 WUHAN BOILER-B 200770 304.50 -154.96 WUHAN GUOYAO-A 600421 11.15 -27.68 WUHAN LINUO SOLA 600885 110.61 -2.84 XIAMEN OVERSEA-A 600870 243.85 -138.59 YANBIAN SHIXIA-A 600462 201.95 -14.07 YANTAI YUANCHE-A 600766 65.62 -6.34 YUEYANG HENGLI-A 622 39.37 -20.80 YUNNAN MALONG-A 600792 145.42 -68.19 HONG KONG 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 SURFACE MOUNT SMT 95.95 -2.48 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 13.48 -24.83 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 1,070.80 -443.66 MITRA RAJASA-RTS MIRA-R2 1,070.80 -443.66 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 140.14 -493.73 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 143.14 -99.28 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 PIRAMAL LIFE SC PLSL 51.20 -64.85 QUADRANT TELEVEN QDTV 188.57 -116.81 RAJ AGRO MILLS RAM 10.21 -0.61 RATHI ISPAT LTD RTIS 44.56 -3.93 REMI METALS GUJA RMM 102.64 -5.29 RENOWNED AUTO PR RAP 14.12 -1.25 ROLLATAINERS LTD RLT 22.97 -22.24 ROYAL CUSHION RCVP 18.88 -81.42 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 COTSYN SHC 23.13 -6.17 SHAMKEN MULTIFAB SHM 60.55 -13.26 SHAMKEN SPINNERS SSP 42.18 -16.76 SHREE GANESH FOR SGFO 44.50 -2.89 SHREE RAMA MULTI SRMT 64.03 -44.99 SIDDHARTHA TUBES SDT 76.98 -12.45 SOUTHERN PETROCH SPET 1,584.27 -4.80 SQL STAR INTL SQL 11.69 -1.14 STI INDIA LTD STIB 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 25.89 -43.12 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 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 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 17.93 -15.74 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 38.87 -46.47 K-TECH CONSTRUCT KTECH/F 38.87 -46.47 K-TECH CONTRU-R KTECH-R 38.87 -46.47 KUANG PEI SAN POMPUI 17.70 -12.74 KUANG PEI SAN-F POMPUI/F 17.70 -12.74 KUANG PEI-NVDR POMPUI-R 17.70 -12.74 PATKOL PCL PATKL 52.89 -30.64 PATKOL PCL-FORGN PATKL/F 52.89 -30.64 PATKOL PCL-NVDR PATKL-R 52.89 -30.64 PICNIC CORP-NVDR PICNI-R 101.18 -175.61 PICNIC CORPORATI PICNI 101.18 -175.61 PICNIC CORPORATI PICNI/F 101.18 -175.61 PONGSAAP PCL PSAAP 13.02 -1.77 PONGSAAP PCL PSAAP/F 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 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 BEHAVIOR TECH CO 2341S 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. *** End of Transmission ***