/raid1/www/Hosts/bankrupt/TCRAP_Public/120417.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, April 17, 2012, Vol. 15, No. 76
Headlines
A U S T R A L I A
ACP MAGAZINES: Closes Queensland Business Review Publication
AUSTRALIAN-CANADIAN OIL: KWCO P.C. Raises Going Concern Doubt
LIFESTYLE TRADER: ASIC Wins High Court Order to Wind Up Firm
YOUR TRADING: High Court Appoints Provisional Liquidators
C H I N A
CHINA LIANSU: Fitch Affirms Issuer Default Rating at 'BB'
LIREN GROUP: Officials Start Liquidation Process
SHIMAO PROPERTY: Fitch Downgrades Senior Unsecured Rating to 'BB'
H O N G K O N G
ARTEX HOLDINGS: Yip Kai Yung Steps Down as Liquidator
BEST PRO: Creditors' Meeting Set for April 20
BILLION VINS: Court Enters Wind-Up Order
BONGRACE LIMITED: Creditors' Proofs of Debt Due May 15
CHELY FAIR: Yeung and Chung Appointed as Liquidators
CHINA LAND: Creditors' Proofs of Debt Due May 13
CHINA ZHEJIANG: Yu Qiang Steps Down as Liquidator
FORGO ENTERPRISES: Commences Wind-Up Proceedings
FRUITFUL LAND: Final General Meeting Set for May 14
I-STAR INVESTMENT: Members' Final General Meeting Set for May 4
I N D I A
ABC INDUSTRIES: ICRA Reaffirms '[ICRA]BB+' Rating on INR17cr Loan
ARC MARINE: Fitch Assigns Nat'l Long-Term Rating at 'BB(ind)'
ASRITHA PAPER: Fitch Assigns Nat'l Long-Term Rating at 'B-(ind)'
AVVAS INFOTECH: ICRA Assigns 'BB-' Rating to INR12.5cr Loans
DASHMESH EDUCATIONAL: ICRA Cuts Rating on INR97.1cr Loan to 'D'
DEVGIRI EXPORTS: ICRA Reaffirms '[ICRA]BB+' Bank Lines Ratings
GAJANAN SOLVEX: Fitch Assigns 'B+(ind)' National Long-Term Rating
KAMDHENU DEVELOPERS: ICRA Rates INR9cr Longterm Loan '[ICRA]BB'
KRROME GLASS: ICRA Assigns '[ICRA]BB' Rating to INR14.6cr Loan
LEGNO DOOR: ICRA Assigns '[ICRA]C+' Rating to INR4.4cr Loan
MAHALAXMI SEAMLESS: ICRA Rates INR0.65cr Loan at '[ICRA]B+'
NEW AGE: ICRA Cuts Rating on INR12.13cr Loans to '[ICRA]D'
PRAKASH INDUSTRIAL: ICRA Rates INR20cr Fund-based Loan '[ICRA]B-'
PRAKASH INDUSTRIAL CORP: ICRA Rates INR4.5cr Loan '[ICRA]B'
RAMINENI AGRO: ICRA Assigns '[ICRA]B-' Rating to INR15cr Loans
RAVITEJ PROJECTS: Fitch Assigns 'BB-(ind)' National LT Rating
SHRI GAJANAN: Fitch Assigns 'B+(ind)' National Longterm Rating
SISTEMA SHYAM: Fourth Quarter Loss Widens to INR1,197.70cr
SRI BALAJI: Inadequate Info Cues Fitch to Migrate Ratings
TIRUPATI VENEERS: ICRA Reaffirms 'B+' Rating on INR3cr Loan
J A P A N
AIJ INVESTMENT: Chief Admits Falsifying Fund Performance Report
J-CORE16: S&P Lowers Rating on Class D Certificates to 'B-'
S I N G A P O R E
GOLD INTERNATIONAL: Court to Hear Wind-Up Petition April 20
GOODMIX INVESTMENT: Creditors' Proofs of Debt Due April 27
IT XPRESS: Court Enters Wind-Up Order
IUT GLOBAL: Creditors' Proofs of Debt Due April 23
V I E T N A M
BINH ANH: Vietnam Court Refuses to Conduct Bankruptcy Process
X X X X X X X X
* BOND PRICING: For the Week April 9 to April 13, 2012
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A U S T R A L I A
=================
ACP MAGAZINES: Closes Queensland Business Review Publication
------------------------------------------------------------
SmartCompany reports that ACP Magazines has closed Queensland
Business Review (QBR), a long established business publication,
leaving SME business owners in Queensland in the lurch.
SmartCompany says QBR published the Queensland 400, a list of the
top Queensland businesses, along with the Book of Lists which
included the top 25 businesses for every sector in Queensland.
"The decision to close a title is never an easy one and
Queensland Business Review is certainly no exception," the report
quotes Graham Gardiner, associate Publisher of ACP's Trader
Business Media (TBM), as saying.
"Queensland Business Review, the Queensland 400 and the Book of
Lists are strong brands, but in current market conditions it has
been difficult for TBM to make them a commercially viable
proposition."
"Moreover, a strategic review has determined that they no longer
fit with the broader TBM strategy to grow and broaden its market-
leading presence in the core transport and machinery industry
sectors."
Launched in 1998, QBR was aimed at servicing the news and
information needs of small- and medium-sized businesses, both in
print and online.
PSA Media sold QBR to PBL media, part of ACP Magazines, in 2007.
AUSTRALIAN-CANADIAN OIL: KWCO P.C. Raises Going Concern Doubt
-------------------------------------------------------------
Australian-Canadian Oil Royalties Ltd. filed on April 12, 2012,
its annual report on Form 10-K for the fiscal year ended Dec. 31,
2011.
KWCO, P.C., in Odessa, Texas, expressed substantial doubt about
Australian-Canadian Oil Royalties' ability to continue as a going
concern. The independent auditors noted that the Company has
suffered recurring losses from operations and has limited capital
resources.
The Company reported a net loss of US$262,283 on US$125,726 of
oil and gas revenues for 2011, compared with a net loss of
US$147,311 on US$77,652 of oil and gas revenues for 2010.
The Company's balance sheet at Dec. 31, 2011, showed
US$1.23 million in total assets, US$343,564 in total current
liabilities, and stockholders' equity of US$883,786.
A copy of the Form 10-K is available for free at:
http://is.gd/z8q2D0
Cisco, Texas-based Australian-Canadian Oil Royalties Ltd. was
incorporated in British Columbia, Canada, in April of 1997. The
business of ACOR during 2011 was to work on its existing Working
Interest projects as well as study the oil and gas exploration
acreage available in Australia in basins that demonstrate a high
probability of success with the maximum rate of return for
dollars invested.
LIFESTYLE TRADER: ASIC Wins High Court Order to Wind Up Firm
------------------------------------------------------------
The Australian Securities & Investments Commission on April 16,
2012, obtained orders in the Supreme Court of Queensland to wind
up Lifestyle Trader Pty Ltd.
ASIC applied to wind up Lifestyle Trader Pty Ltd because it was
concerned to ensure that the assets of that company are secured
and distributed to creditors in an orderly manner.
Gavin Charles Morton, of Morton's Solvency Accountants, was
appointed Liquidator for the purpose of winding up Lifestyle
Trader Pty Ltd.
ASIC's investigations are continuing.
From Sept. 10, 2009 until Dec. 13, 2011, Lifestyle Trader Pty Ltd
had been an authorized representative of Lifestyle Investor
Services Pty Ltd, the holder of an Australian financial services
(AFS) licence.
On about Dec. 13, 2011, Lifestyle Trader Pty Ltd transferred its
business to Investment Capital Systems Pty Ltd.
ASIC's application to wind up Lifestyle Trader Pty Ltd follows
earlier action by ASIC against the company and associated
entities.
ASIC accepted an enforceable undertaking in August last year from
Lifestyle Trader Pty Ltd, Lifestyle Investor Services Pty Ltd and
Mr. Wilson, following an investigation into misleading and
deceptive conduct in the marketing of share trading software.
On Feb. 9, 2012, ASIC suspended the Australian financial services
licence of Lifestyle Investor Services Pty Ltd, through which
Lifestyle Trader Pty Ltd had previously been authorized, until
Feb. 7, 2013.
About Lifestyle Trader
Lifestyle Trader Pty Ltd carried on a business of selling
computer software for customers to trade in products including
foreign exchange, commodities and share options. It also provided
educational information to investors.
YOUR TRADING: High Court Appoints Provisional Liquidators
---------------------------------------------------------
The Supreme Court of Queensland on April 12, 2012, appointed
provisional liquidators to Your Trading Room Pty Ltd, following
an application by the Australian Securities and Investments
Commission.
The appointment follows enquiries being made by ASIC which
revealed that YTR has no director and had vacated its Australian
business premises in Cannon Hill, Brisbane.
Simon Vertullo and Damian Templeton of KPMG were appointed as
provisional liquidators by the Court to identify and secure the
assets and records of YTR and to report to the Court in relation
to the affairs of the company before the hearing of ASIC's
application to wind up YTR on just and equitable grounds. That
application will be heard by the Court on May 10, 2012.
Your Trading Room Pty Ltd is a Brisbane-based financial services
company.
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C H I N A
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CHINA LIANSU: Fitch Affirms Issuer Default Rating at 'BB'
---------------------------------------------------------
Fitch Ratings has affirmed plastic pipes manufacturer China
Liansu Group Holdings Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'BB' with Stable Outlook. Fitch has also
affirmed Liansu's senior unsecured rating at 'BB'.
The ratings are constrained by Liansu's small business scale with
EBITDAR close to USD300m and by a fragmented market that may
result in deterioration of cash flow generation during an
economic downturn.
The ratings also reflect Liansu's dominant position in the
plastic pipes market in southern China, which accounted for about
68% of the group's revenue in 2011, and its strong financial
profile. The company has also expanded nationally and is now the
largest plastic pipes manufacturer in China. All of Liansu's
production facilities are strategically located near its
customers to reduce transportation costs. The company recorded
2011 revenue of CNY10.14 billion, a 31.5% increase on the
previous year, and operating EBITDAR of CNY1.8bn.
Liansu's ratings are also supported by a forecasted net cash
position for 2012 and onwards, providing Liansu maintains
discipline on both capex and working capital management. Its
sound financial metrics provide a buffer to weather unexpected
negative impact from aggressive price competition or raw material
price fluctuations. Although Liansu operates in a cyclical
industry, Fitch believes long-term demand growth driven by
nationwide infrastructure and property construction activity will
support healthy capacity utilisation rates and top line growth,
which underlines the Stable Outlook.
Fitch may consider a negative rating action if Liansu loses its
dominant market position in southern China, if its EBITDA margin
is falls below 10%, or if its financial leverage is above 2.0x,
on a sustained basis. Positive rating action may be considered
if Liansu successfully achieves a dominant position in another
major market outside southern China while maintaining its EBITDA
margin above 15% and financial leverage below 1.5x on a sustained
basis.
LIREN GROUP: Officials Start Liquidation Process
------------------------------------------------
Xinhua News Agency reports that authorities in east China have
started to liquidate Liren Group, a bankrupt private firm at the
center of a series of lending scams that have heightened public
concerns over reforms in the financial sector.
The news agency relates that officials with Taishun County,
Zhejiang province, said the liquidation process for Liren Group
has begun. An initial investigation showed the group owed
between CNY4.5 billion to CNY5 billion (US$713.4 million to
US$792.7 million) to 7,000 individual creditors.
As a common practice, Xinhua notes, Liren borrowed money from
private investors with a promise to pay high interest. But as it
failed to secure enough loans from big banks to repay the debts,
the group declared itself insolvent last October, the report
recalls. Many of the creditors are local officials and
businesspeople looking to beat inflation.
The group's assets subject to liquidation include real estate,
properties, stocks, mining rights and assets freezed by police,
Xinhua relates citing county government officials in charge of
overseeing the liquidation process.
Xinhua notes that Liren's downfall has raised concerns about
private financing risks, an issue that has become particularly
relevant in Zhejiang, where private businesses have become a
pillar of the prosperous local economy.
Liren previously operated in the education, real estate and
mining industries. The group's head Dong Shunsheng was detained
on February 3 for alleged fundraising fraud, the report
discloses.
SHIMAO PROPERTY: Fitch Downgrades Senior Unsecured Rating to 'BB'
-----------------------------------------------------------------
Fitch Ratings has downgraded Hong Kong-based Shimao Property
Holdings Limited's Long-Term Foreign Currency Issuer Default
Rating (IDR) and foreign currency senior unsecured rating to 'BB'
from 'BB+. The Outlook is Stable.
The downgrade reflects Shimao's increased leverage, as measured
by total adjusted net debt/ EBITDAR, to 3.2x in 2011 from 2.9x in
2010. The weakened financial profile was a result of slow
housing sales in 2011 despite the company's aggressive pace of
land bank acquisition in 2009 and 2010. To improve sales, Shimao
has had to adjust its residential property development mix to
focus on first-time home buyers and to upgrade the quality of its
housing stock. The downgrade also takes into account its rental
income-to-EBITDA of 6.2% in 2011 being lower than Fitch's
expectations.
However, the Stable Outlook reflects Fitch's expectation that
Shimao will maintain stable operating performance and prudent
financial policies in the short- to medium-term. For the first
three months in 2012, Shimao delivered CNY7.3 billion contracted
sales, a 15% increase on the same period in 2011. Fitch expects
Shimao's contracted sales in 2012 to exceed the 2011 level
CNY30.7bn.
The current ratings are supported by Shimao's large and well-
located land bank of 39.5 million sqm. across China and by a
proven track record in property development. Management's focus
on maintaining both ample liquidity and ready access to various
funding channels further supports its ratings. During the
challenging operating environment in 2011, Shimao demonstrated
its operational flexibility and prudent financial management.
The company has slowed down land acquisition to conserve cash and
continues to have strong support from over 10 onshore and
offshore banks. Shimao also has one of the highest recurring
rental income streams and the highest rental income-to-EBITDA
ratio among Chinese property companies rated by Fitch.
Shimao recurring rental income and income from hotel operation
are derived from its 64%- owned Shanghai Shimao. Management
expects to continue investing in commercial/retail properties and
hotels. Fitch believes the investment portfolio will offer
additional financial flexibility for the group if required.
However, the ratings are constrained by the company's
concentration in property sales activity, which contributed over
90% of its 2011 revenue, as well as by regulatory risks in the
Chinese property market.
The ratings may come under downward pressure if the operating
environment continues to weaken, leading to EBITDA margin erosion
below 25% or if aggressive debt-funded expansion leads to net
debt-to-inventory exceeding 45%-50%. Acquiring land above 30% of
current average selling price, tightening liquidity due to a
sustained fall in free cash flows, or weakened access to
financing channels are also negative rating triggers.
Positive rating action is not expected over the next 12 to 18
months due to the industry's highly cyclical and inherently
volatile cash flow as well as high regulatory risks in the
Chinese property sector.
================
H O N G K O N G
================
ARTEX HOLDINGS: Yip Kai Yung Steps Down as Liquidator
-----------------------------------------------------
Yip Kai Yung stepped down as liquidator of Artex Holdings Limited
on April 5, 2012.
BEST PRO: Creditors' Meeting Set for April 20
---------------------------------------------
Creditors of Best Pro Distribution Limited will hold their first
meeting on April 20, 2012, for the purposes provided for in
Sections 241, 242, 243, 244 and 255A of the Companies Ordinance.
The meeting will be held at Room 2301, 23/F, Ginza Square, at
565-567 Nathan Road Yaumatei, Kowloon, in Hong Kong.
BILLION VINS: Court Enters Wind-Up Order
----------------------------------------
The High Court of Hong Kong entered an order on March 30, 2012,
to wind up the operations of Billion Vins Collection Limited.
The official receiver is Teresa S W Wong.
BONGRACE LIMITED: Creditors' Proofs of Debt Due May 15
------------------------------------------------------
Creditors of Bongrace Limited, which is in members' voluntary
liquidation, are required to file their proofs of debt by May 15,
2012, to be included in the company's dividend distribution.
The company commenced wind-up proceedings on April 5, 2012.
The company's liquidator is:
Kong Chi How Johnson
25th Floor, Wing On Centre
111 Connaught Road
Central, Hong Kong
CHELY FAIR: Yeung and Chung Appointed as Liquidators
----------------------------------------------------
Yeung Lai-woo and Chung Koon Shing Patrick on March 31, 2012,
were appointed as liquidators of Chely Fair Company Limited.
The liquidators may be reached at:
Yeung Lai-woo
Chung Koon Shing Patrick
Suite 1001 Centre Point
181 Gloucester Road
Hong Kong
CHINA LAND: Creditors' Proofs of Debt Due May 13
------------------------------------------------
Creditors of China Land Group Limited, which is in members'
voluntary liquidation, are required to file their proofs of debt
by May 13, 2012, to be included in the company's dividend
distribution.
The company commenced wind-up proceedings on March 30, 2012.
The company's liquidator is:
Lam Ying Sui
10/F, Allied Kajima Bldg.
138 Gloucester Road
Wanchai, Hong Kong
CHINA ZHEJIANG: Yu Qiang Steps Down as Liquidator
-------------------------------------------------
Yu Qiang stepped down as liquidator of China Zhejiang
International Trading Company Limited on April 5, 2012.
FORGO ENTERPRISES: Commences Wind-Up Proceedings
------------------------------------------------
Members of The Forgo Enterprises Limited, on March 30, 2012,
passed a resolution to voluntarily wind up the company's
operations.
The company's liquidators are:
Chau Kai Ping
Chiu Yin Ling
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
FRUITFUL LAND: Final General Meeting Set for May 14
---------------------------------------------------
Members and creditors of Fruitful Land Real Estate Agency Limited
will hold their final general and final meeting on May 14, 2012,
at 10:00 a.m., and 11:30 a.m., respectively at Room 1501, Double
Building, 22 Stanley Street, Central, in Hong Kong.
At the meeting, Yung Chan Lung Allen, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
I-STAR INVESTMENT: Members' Final General Meeting Set for May 4
---------------------------------------------------------------
Members of I-Star Investment Limited will hold their final
general meeting on May 4, 2012, at Rooms 905-909, Yo To Sang
Building, a 37 Queen's Road Central, in Hong Kong.
At the meeting, Chu King Hei Victor, the company's liquidator,
will give a report on the company's wind-up proceedings and
property disposal.
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I N D I A
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ABC INDUSTRIES: ICRA Reaffirms '[ICRA]BB+' Rating on INR17cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR17 crore
bank lines of ABC Industries. The outlook on long term rating is
stable.
The rating takes into account the benefits accruing from being
part of ABC Group of Jaipur, Rajasthan, which has extensive
experience in carpet and rug export business. Further, rating is
supported by favourable government policies for handmade carpet
industry; though, ICRA notes that profitability is highly
susceptible to any adverse policy changes. The favourable
policies have facilitated healthy accruals from operations which
have kept the gearing and debt coverage indicators at comfortable
level despite the high working capital intensity of the
operations. The rating is constrained on account of fragmented
and unorganized nature of carpet industry, which exposes the firm
to stiff competition. Also, significant dependence on exports
makes the firm vulnerable to slowdown in the export markets and
exposes it to foreign exchange rate risk. The rating also takes
into account client concentration risk, which renders the firm to
peril of large write offs in event of default by counterparty as
was witnessed in 2009 when a key client defaulted on payments.
Going forward, ABCI's ability to grow by diversifying across new
geographies and incremental clients; improving profitability
margins; and managing working capital intensity of operations
would remain key rating sensitivities.
About ABC Industries
ABC Industries is primarily engaged in manufacturing and export
of loom carpets. The firm has its manufacturing facility located
in Mirzapur, Uttar Pradesh where woollen hand tufted carpets and
woven durries are manufactured. These end products are sold to
furniture and retail stores or chains in the international
market. The firm caters to retailers like IKEA, LG Sourcing,
Sonoma, Ashley Furniture in U.S and Europe. ABCI belongs to ABC
Group of Jaipur, Rajasthan, which was established in 1986 and has
manufacturing facilities based out of Panipat, Haryana and
Mirzapur, U.P. It's a family owned group with the entire
shareholding lying with the Gupta family. In 2010-11, the group
clocked turnover in excess of INR300 crore supported by promoter
funds of the order of INR150 crore infused in various group
concerns.
ARC MARINE: Fitch Assigns Nat'l Long-Term Rating at 'BB(ind)'
-------------------------------------------------------------
Fitch Ratings has assigned India's Arc Marine Private Ltd a
National Long-Term rating of 'Fitch BB(ind)'. The Outlook is
Stable.
The ratings reflect AMPL's small size of operations, with revenue
of INR208m in the 11-month period ended February 2012 (11MFY12).
The company operates with only seven crew boats and one anchor
tug supply (AHTS) vessel in the highly competitive shipping
industry. This, coupled with the volatility in charter hire
charges, may impact earnings from the AHTS, which is likely to
have contributed over 40% to AMPL's revenue in FY12.
The ratings also factor in the company's tight liquidity
position, as reflected in its over 95% fund-based working capital
utilization over the last six months. The company's high revenue
growth in FY11 resulted in its working capital requirements
increasing by INR62.3m during the year. This led to a decline in
cash flow from operations to INR25.4m in FY11 from INR43.2m in
FY10.
The ratings, however, benefit from revenue stability arising from
AMPL's long-term charter contracts for six out of its seven crew
boats with oil exploration companies.
Fitch notes that AMPL had obtained possession of the AHTS in
Q3FY11, although it acquired the vessel in Q4FY10. The delay in
possession, on account of certain issues relating to previous
owner, resulted in revenue loss during the period, and
consequently delays in debt servicing during Q3FY11.
AMPL's lenders restructured the repayment schedule of term debt
(used for AHTS acquisition) in November 2011. Fitch notes the
non-availability of the AHTS was on account of factors beyond the
control of the company. The agency also observes that with the
AHTS becoming operational, the company has started providing it
on charter. This is also reflected in AMPL's revenue increasing
to INR244.6m in FY11 (FY10: INR139.9m) with EBITDA margin of
55.2% (43.2%). The improved revenue and profitability have
helped AMPL's in timely debt servicing since Q4FY11. Net
financial leverage (net debt/ operating EBITDA) also improved to
3.13x in FY11 from 7.13x in FY10.
A significant improvement in liquidity coupled with strong
operations resulting in sustained net financial leverage of below
2.5x may be positive for the ratings. On the contrary, any
significant deterioration in operations or debt-led capex
resulting in net financial leverage exceeding 4.5x on a sustained
basis may impact the ratings negatively.
AMPL provides offshore services to oil exploration companies.
The operations mainly involve providing its seven crew boats and
one AHTS on charter. During 11MFY12, AMPL recorded EBITDA of
INR61.2m.
Fitch has also assigned ratings to AMPL's bank loans as follows:
-- INR254.2m long-term loans outstanding: 'Fitch BB(ind)'
-- INR30m fund-based working capital limits: 'Fitch BB(ind)'
-- INR45m non-fund- based working capital limits: 'Fitch A4+
(ind)'
ASRITHA PAPER: Fitch Assigns Nat'l Long-Term Rating at 'B-(ind)'
----------------------------------------------------------------
Fitch Ratings has assigned India's Asritha Paper Mills Private
Ltd a National Long-Term rating of 'Fitch B-(ind)'. The Outlook
is Stable.
The ratings are constrained by APMPL's small scale and limited
track record of operations. The company began operations in 2009
and reported revenue of INR50.9m for the financial year ended
March 2011 (FY11). The ratings are also constrained by APMPL's
tight liquidity position, as illustrated by the 100% utilization
of its working capital facilities over the last five months.
Fitch also notes APMPL's high financial leverage (net debt/
operating EBITDA) of 6x in FY11, driven by its INR43.2m debt-led
capex for expanding its kraft paper manufacturing capacity by
about three time from about 20 tons per day currently. Although
interest cover (EBITDA/ gross interest expense) was moderate at
2.2x in FY11, it is likely to have deteriorated in FY12 due to
higher debt levels (FY11: INR61m, FY10: INR21.8m) and interest
costs.
The ratings are, however, supported by close to a decade-long
experience of APMPL's founders in the domestic paper industry and
the company's competitive cost structure. The latter is
reflected in strong profitability of 16.3% in FY11, which is
higher than the industry peers. This is on account of low fuel
costs and more stable power supply available to APMPL; most of
the other South India based paper manufacturers are affected by
the non-availability of continuous power supply resulting in
lower utilisation levels and consequently higher costs.
Positive rating action may result from any significant
improvement in liquidity coupled with strong operations resulting
in interest coverage of more than 1.6x on a sustained basis.
Conversely, any significant deterioration in operations or
additional debt resulting in interest cover of below 1.2x on a
sustained basis may be negative for the ratings.
APMPL operates a kraft paper manufacturing facility at Jaggayapet
in Andhra Pradesh. It started as a partnership firm and was
converted into a private limited company in May 2011. In FY11,
APMPL recorded EBITDA of INR8.6m and net profit of INR1.9m.
Fitch has also assigned ratings to APMPL's bank loans as follows:
-- INR46.4m long-term loans: 'Fitch B-(ind)'
-- INR15m fund-based working capital limits: 'Fitch B-(ind)'
AVVAS INFOTECH: ICRA Assigns 'BB-' Rating to INR12.5cr Loans
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]BB-' to INR12.50
crore fund based facility and to INR6.20 crore non fund based
facility of Avvas Infotech Private Limited. ICRA has also
assigned a short term rating of '[ICRA]A4' to INR1.30 crore of
non-fund based facility of AIPL. The outlook on the long-term
rating is Stable.
The assigned ratings are constrained by AIPL's small scale of
operations leading to ineligibility to bid independently for
large projects in e-governance vertical, high customer
concentration risk with 70% of total sales accounted by top five
customers and its exposure to execution risk owing to the huge
order book to be executed by end of FY13. Further, given the
large executable order book in a span of year, its funding
requirements are expected to increase which may lead to increased
working capital borrowings. However, ICRA draws comfort from the
reputed customer base of the company which includes governmental
clientele and companies such as MphasiS Limited, IBM, Patni
Computers Systems Limited etc, its healthy coverage indicators
and healthy order book position providing visibility to revenues.
About Avvas Infotech
Avvas Infotech Private Limited, incorporated in 2007 by Mr. A. V.
S. Sarma provides IT services, ITES services and HR services.
AIPL services include implementation of Enterprise Resource
Planning (ERP) solutions, IT infrastructure services, matrimonial
services portal, e-governance services and BPO services. The
company is also into development of IT products: school portal
which contains different modules. AISL has partnered with leading
IT companies and is involved in the sales of their products. AISL
also provides staff augmentation services i.e., provides staff to
various companies to meet their IT solutions requirements. AISL
has centres at Bangalore, Hyderabad, Vijayawada, Delhi, Pune,
Kolkata, Guntur and Tirupathi.
Recent Results:
According to 9M-FY12 provisional numbers, AIPL reported an
operating income of INR27.34 crore and a net profit of INR2.30
crore.
DASHMESH EDUCATIONAL: ICRA Cuts Rating on INR97.1cr Loan to 'D'
---------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR97.10
Crore bank facilities of Dashmesh Educational Charitable Trust
from '[ICRA]BB' (Stable) to '[ICRA]D'.
The rating downgrade takes into account delays in loan servicing
in recent past owing to cash flow mismatches in back drop of
increasing operating expenses and large capital expenditure being
incurred. DECT has undertaken construction work for medical
college, hostel and 750 bed hospital with estimated project cost
in excess of INR200 crore. Initially the envisaged project cost
was INR104 crore; however, with changes in project guidelines the
project cost has almost doubled. This coupled with heavy reliance
on debt and modest scale of current operations is likely to
strain the cash flows in medium term.
Going forward, ability of the trust to timely service debt by
managing its liquidity profile in back drop of growing
operational expenses during the development phase; and
successfully complete the development within estimated time and
budget would remain key rating sensitivities.
Dashmesh Educational Charitable Trust was incorporated under the
Indian Trust Act in the year 1999. The trust is primarily
operating professional courses like BDS and MDS through the
institute Sri Guru Gobind Singh Tricentenary Dental College; and
MBBS through the institute Sri Guru Gobind Singh Tricentenary
Medical College. Further, the trust is also running a 400 bed
hospital (Guru Gobind Singh Hospital situated at Budhera campus;
proposed to be 750 bed hospital in three years) providing general
and dental hospital services.
DEVGIRI EXPORTS: ICRA Reaffirms '[ICRA]BB+' Bank Lines Ratings
--------------------------------------------------------------
ICRA has reaffirmed the '[ICRA]BB+' rating to the INR13.0 crore
bank lines of Devgiri Exports. The outlook on long term rating is
stable.
The rating takes into account the benefits accruing from being
part of ABC Group of Jaipur, Rajasthan, which has extensive
experience in carpet and rug export business. Further, rating is
supported by favorable government policies for handmade
carpet/rug industry; though, ICRA notes that profitability is
highly susceptible to any adverse policy changes. The favorable
policies have facilitated healthy accruals from operations which
have kept the gearing and debt coverage indicators at comfortable
level despite the high working capital intensity of the
operations. The rating is constrained on account of fragmented
and unorganized nature of carpet industry, which exposes the firm
to stiff competition. Also, significant dependence on exports
makes the firm vulnerable to slowdown in the export markets and
exposes it to foreign exchange rate risk. The rating also takes
into account client concentration risk, which renders the firm to
peril of large write offs in event of default by counterparty as
was witnessed in 2009 when a key client defaulted on payments.
Going forward, DEEX's ability to grow by diversifying across new
geographies and incremental clients; improving profitability
margins; and managing working capital intensity of operations
would remain key rating sensitivities.
About Devgiri Exports
Devgiri Exports is primarily engaged in manufacturing and export
of bath and floor rugs. The firm has its manufacturing facility
located in Panipat, Haryana where table top and multi needle
tufting process is carried out on the fabric. These end products
are sold to furniture and retail stores or chains in the
international market. DEEX belongs to ABC Group of Jaipur,
Rajasthan, which was established in 1986 and has manufacturing
facilities based out of Panipat, Haryana and Mirzapur, U.P. It's
a family owned group with the entire shareholding lying with the
Gupta family.
In 2010-11, the group clocked turnover in excess of INR300 crore
supported by promoter funds of the order of INR150 crore infused
in various group concerns.
GAJANAN SOLVEX: Fitch Assigns 'B+(ind)' National Long-Term Rating
-----------------------------------------------------------------
Fitch Ratings has assigned India-based Gajanan Solvex Limited a
National Long-Term rating of 'Fitch B+(ind)' with Stable Outlook.
Fitch has taken a consolidated view on GSL and Shri Gajanan Oil
and Agro Products Industries Pvt. Limited (Shri Gajanan Oil,
'Fitch B+(ind)'/Stable), led by their similar business -- cotton
seed oil extraction and refining. Fitch notes that as part of
the same group, financial support, if required, could be extended
by one to the other. Shri Gajanan Oil has provided financial
support to GSL through a corporate guarantee of INR550m, with
INR180m outstanding in FY12 (year-end: March 2012).
The ratings are constrained by high capex execution risk stemming
from GSL's ongoing INR504.8m capex for setting up a 500 tonnes
per day (TPD) solvent extraction plant in Khamgaon. The capex is
being funded by INR50m of founder's contribution, INR104.8m of
unsecured debt and INR350m of secured debt. The company incurred
INR280m of capex in FY12, funded by INR50m of founder's
contribution, INR50m of unsecured loans and INR180m of term loan
disbursements. This is likely to result in the deterioration of
consolidated financial leverage (debt/EBITDA: 5.2x in FY11) and
interest coverage (EBITDA/interest: 2.2x in FY11) over the short
to medium term. Fitch expects the benefits of full integration
to accrue, in terms of margin accretion, once the plant commences
operations in October 2012.
Other constraining factors include the working capital intensive
nature of GSL's business (especially debtors and inventory),
intense competition, adverse climatic conditions which in turn
could impact raw material prices, change in consumption
preference on account of cheaper substitutes, and government
intervention and policy changes.
The ratings also factor in six years of experience of GSL's
founders in cotton seed oil refining and trading and favourable
demand for its products on account of India being an importer of
edible oils. The ratings also benefit from location advantage
due to GSL's proximity to the cotton producing belt of
Maharashtra and assured off-take of edible oil since almost 80
TPD of its capacity is committed to Shri Gajanan Oil. The
company also benefits from a diversified product base which
includes lint, hull, de-oiled cake, oil and soap.
Positive rating guidelines include timely completion of the capex
and an improvement in operating profitability, which would result
in interest coverage of above 2.2x on a sustained basis.
Negative rating guidelines include sustained low profitability
and any time or cost overruns in capex execution, which could
lead to interest coverage falling below 1.5x on a sustained
basis.
GSL, part of the Gajanan Group, was incorporated in 2012 for
extracting crude soya bean oil and cotton seed oil. On a
consolidated basis, the company registered revenue of INR735.3m
and an EBITDA margin of 4.6% in FY11.
Rating actions on GSL:
-- National Long-Term rating assigned at 'Fitch B+(ind)';
Outlook Stable
-- INR350m term loan: assigned at 'Fitch B+(ind)'
-- INR200m fund-based limits: assigned at 'Fitch B+(ind)'
KAMDHENU DEVELOPERS: ICRA Rates INR9cr Longterm Loan '[ICRA]BB'
---------------------------------------------------------------
ICRA has assigned an '[ICRA]BB' rating to the INR9.00 crore long
term fund based bank facilities of Kamdhenu Developers. The long-
term rating has been assigned a stable outlook.
The rating favorably factors in the long-standing experience of
the partners in the Surat real estate market; healthy bookings
achieved for the project being developed by the firm; favorable
location of the project in Surat; low permitting risks given that
requisite approvals are in place and the fact that land for the
project has been acquired and paid for.
The ratings is however constrained by exposure to project
execution risks with approximately 40% of the project yet to be
constructed; exposure to funding risks with significant portion
of unsecured loans yet to be infused; vulnerability of
profitability to variations in material and labor costs and the
risk of capital withdrawals inherent in partnership firms.
About Kamdhenu Developers
Kamdhenu Developers was established in 2009 as a partnership firm
and is engaged in real estate development mainly residential
projects. The firm is based out of Surat in Gujarat and has
commenced its first project, Pavitra Residency in November, 2010
comprising of 15 towers with 292 flats and 24 shops (total
saleable area of 2917000 Sq ft). The project is expected to
complete in March, 2013 and the total cost of the project is
estimated at INR27.87 Crore.
KRROME GLASS: ICRA Assigns '[ICRA]BB' Rating to INR14.6cr Loan
--------------------------------------------------------------
The rating of '[ICRA]BB' has been assigned to the INR14.60 crore
cash credit facility, INR1.40 crore proposed cash credit facility
and INR2.50 crore term loans of Krrome Glass Private Limited. The
rating of '[ICRA]A4' has been assigned to the INR3.00 crore
Letter of Credit facility of KGPL. The outlook on the long term
rating is stable.
The assigned ratings are constrained by relatively modest scale
of operations; the intense competition in the domestic glass
processing industry leading to pressure on profitability;
moderate capacity utilization levels on account of limited demand
for insulated and glazed glass as well as price sensitivity of
customers. The ratings also take into account the exposure of
profitability to adverse changes in raw material prices and high
level of inventory requirement resulting in moderate working
capital intensity.
The assigned ratings, however, take into account the promoter's
long experience in the glass industry; long standing
relationships with a customer base which is also diversified
across multiple end user segments; healthy growth in operating
income during the past two years as well as moderate current
order book position leading to visibility of revenue in the near
term.
Krrome Glass Private Limited, incorporated in 2010, is engaged in
processing of glass with its plant located at Ankleshwar,
Gujarat. The processing plant was acquired from Pabanso India
Pvt. Ltd. (PIPL) in 2012 and has an installed capacity of around
5 million m2 per annum. KGPL is promoted by Mr. Gundeep Singh
Sood who had previously promoted PIPL as well.
Recent Results:
During FY11, PIPL (acquired by KGPL in FY12) reported operating
income of INR63.22 crore and profit after tax of INR1.37 crore as
against operating income of INR38.46 crore and profit after tax
of INR0.62 crore during FY10.
LEGNO DOOR: ICRA Assigns '[ICRA]C+' Rating to INR4.4cr Loan
-----------------------------------------------------------
ICRA has assigned '[ICRA]C+' rating to the INR4.4 crore term loan
facilities and INR1.6 crore fund based facilities of Legno Door
Systems Private Limited.
The assigned rating takes into account the Company's limited
track record, current low scale of operations restricting
financial flexibility, high competitive intensity in the industry
and susceptibility of the Company's margins to the same. The
rating also takes into account the Company's financial profile
characterized by thin margins, low cash accruals, stretched
gearing and high working capital intensity. The rating however
derives support from the Company's healthy order book position
and presence of a group company into residential construction
space supporting business growth. Tie-ups with renowned
construction companies and planned foray into new product
segments such as Fire Doors, Furniture and Interiors is also
expected to aid in scaling up the business. The Company's ability
to successfully enrich its product mix and its ability to improve
its capital structure over the medium term would remain key
rating sensitivities.
Incorporated in January 2011, Legno Door Systems Private Limited
is engaged in manufacturing solid wooden doors, engineering
doors, flush doors, wooden floors and wardrobes. The Company has
been operational since April 2010 (initially as a partnership
firm); however post December 2010, the constitution was changed
to private limited company.
Recent Results
The Company reported net loss of INR1.1 crore on operating income
of INR2.9 crore during 2010-11.
MAHALAXMI SEAMLESS: ICRA Rates INR0.65cr Loan at '[ICRA]B+'
-----------------------------------------------------------
ICRA has assigned an '[ICRA]B+' rating to the INR0.65 crore term
loan and the INR4.0 crore fund-based bank facilities of Mahalaxmi
Seamless Limited. ICRA has also assigned an '[ICRA]A4' rating to
the INR12.0 crore non-fund based bank facilities of MSL. ICRA has
also assigned ratings of '[ICRA]B+' and/or '[ICRA]A4' to the
INR3.35 crore proposed bank facilities of MSL.
The assigned ratings take into account the loss making operations
of MSL in 2009-10 and 2010-11 due to labour related issues and
competitive pressures, which resulted in a significant erosion in
its net worth and also led to adverse coverage indicators. The
ratings are also constrained by the company's small scale of
operations at present, a weak MIS of the company as reflected by
several qualifications made by the auditor on issues pertaining
to maintenance of records, the company's exposure to volatility
in steel prices, given its high inventory levels and its
sensitivity to forex risks in the absence of a formal hedging
mechanism. Nevertheless, the ratings favorably factor in the long
experience of the promoters in the pipe manufacture business;
reputed clientele of the company, which indicates good product
quality, and a conservative capital structure, as reflected by a
gearing of 0.68 time as on March 31, 2011.
Established in 1991, MSL is engaged in the manufacture of cold-
drawn seamless pipes. The manufacturing facility of the company
is located at Sukeli in the Raigad district of Maharashtra with
an installed capacity of 6520 metric tonnes per annum (MTPA) of
alloy and carbon steel seamless pipes and 900 MTPA of stainless
steel seamless pipes. Seamless pipes manufactured by MSL find
application in oil & gas, petrochemicals, engineering and power
sectors.
Recent Results:
In 2010-11, MSL reported a net loss of INR1.94 crore on the back
of net sales of INR31.51 crore. As per the unaudited financials
for the period from April 2011 to December 2011, MSL reported a
PAT of INR0.23 crore on the back of net sales of INR20.7 crore.
NEW AGE: ICRA Cuts Rating on INR12.13cr Loans to '[ICRA]D'
----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR12.13
crore bank facilities of New Age Hotels & Resorts Limited from
'[ICRA]BB' (Stable) to [ICRA]D.
The rating downgrade takes into account the delays in debt
servicing in recent past owing to cash flow mismatches arising
from presence of hotel properties in seasonal locations like
Chamba and Nainital. Notwithstanding the diversified portfolio of
hotel properties based out of four locations and experienced
management, the company has not been able to achieve adequate
occupancy levels consistently at consolidated level. The
occupancy levels have remained weak as reflected in average
consolidated occupancy of about 35% across four properties.
Further, the company is exposed to significant contingent
liability arising on account of corporate guarantee extended for
the term loans taken by Dashmesh Educational Charitable Trust and
Guru Gobind Singh Educational Charitable Trust. However, ICRA
notes that the company has low capital expenditure plans going
forward, which is expected to keep the gearing at modest level.
Going forward, ability of the company to timely service the debt
obligations by managing risk to its liquidity profile from
seasonal nature of the business, improve occupancy levels without
impacting ARRs, and extent of capital expenditure incurred
towards maintenance and expansion would remain key rating
sensitivities.
About New Age Hotels
New Age Hotels and Resorts Limited is operating four hotel
properties; first property at Chamba, Himachal Pradesh (Classic
Hill Top Resort, a 32 room resort located at the height of 7000
feet on the Mussoorie-Chamba road); second property at Haridwar,
Uttarakhand (Hotel Classic Residency, a 47 room hotel located on
the Delhi-Haridwar road about 1.5 km from Haridwar railway
station); third property at Nainital, Uttarakhand (Hotel Classic
The Mall, a 34 room hotel centrally located on the Mall road at
Nainital); and fourth property near Indira Gandhi International
Airport (Classic Diplomat Delhi, a 88 room hotel launched by the
company in 2011-12).
PRAKASH INDUSTRIAL: ICRA Rates INR20cr Fund-based Loan '[ICRA]B-'
-----------------------------------------------------------------
ICRA has assigned '[ICRA]B-' rating to the INR20.00 crore fund
based and INR4.00 crore non-fund based bank facilities of Prakash
Industrial Infrastructure Private Limited.
The rating takes into account the decline in the operating income
during FY12, the weak order book position (order book/OI ratio is
0.35 times of the FY11 operating income) as of January 2012, high
geographical and sectoral concentration in PIIPL's revenue
profile, high gearing and weak coverage indicators. ICRA also
takes into account that the promoters are keen on expanding in
the real estate sector and have paid INR25 crore as advances for
purchase of land/property resulting in significant increase in
working capital requirement. The ratings remain supported by the
promoters experience in the construction sector with established
relationships with corporate resulting in repeat orders in the
past.
Prakash Industrial Infrastructure Pvt. Ltd. was set up in 1975 as
a partnership firm in the name of Prakash Construction. PIIPL was
converted into a private limited company in 2006 with the
increase in scale of operations. PIIPL is promoted by Mr. Dinesh
Agrawal and is being managed by Mr. Dinesh Agarwal and his two
sons, Mr. Amit Agarwal and Mr. Anup Agarwal. The company
undertakes civil construction primarily industrial building works
for the private sector. Its operations are concentrated in
Maharashtra, mainly in Thane, Khopoli, Taloja, Ambernath and Navi
Mumbai.
PRAKASH INDUSTRIAL CORP: ICRA Rates INR4.5cr Loan '[ICRA]B'
-----------------------------------------------------------
ICRA has assigned '[ICRA]B' rating to the INR4.5 crore fund based
and INR2.0 crore non fund based bank limits of Prakash Industrial
Corporation.
The assigned rating takes into account the small scale of
operation, exposure to fluctuation in raw material prices and
exchange rate, weak net profitability on account of high interest
costs, highly competitive industry, high gearing and weak
coverage indicators. The firm faces high client concentration
risk with 64% of the total sales in FY11 derived from top four
customers. Since major part of inventory is not order backed it
remains in form of free stock which is directly exposed to price
risk, given the cyclicality inherent in metal prices. Further for
the imported material PIC remains exposed to foreign exchange
fluctuations.
Prakash Industrial Corporation was founded in 1981 as a
proprietorship concern by Mr. Prakash Jadhav for trading in
ferrous and non-ferrous alloys, ores and chemicals like nickel
cathodes, tungsten scrap, stainless steel scrap of various
grades, etc. PIC is being managed by Mr. Prakash Jadhav who is a
graduate in Chemistry from Mumbai University. In the year 2005,
the promoter started another company PIC International Metals and
Alloy Private Limited for manufacturing the Ferro Alloys at
Khopoli. The factory is set up on a 3.5 acre land. The company
produces Ferro Molybdenum, Ferro Titanium, M.C.Ferro, Manganese,
Aluminum Ingots, etc.
RAMINENI AGRO: ICRA Assigns '[ICRA]B-' Rating to INR15cr Loans
--------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B-' to INR15.00
crore fund based limits of Ramineni Agro Industries (P) Limited.
The assigned rating factors in high working capital intensity of
RAIPL primarily on account of high inventory as on FY11 end and
weak financial profile characterised by moderate coverage
indicator and high gearing as on FY11 end. ICRA notes that in
absence of power back up facilities, the operation of the company
is dependent on the availability of the regular power supply in
the state which has been erratic in the past. The rating is
further constrained by the limited track record of RAIPL and
intense competition in the fragmented market given the modest
scale of its operations. The rating however, draws comfort from
favourable access to raw materials due to proximity to cotton
producing belt of Karimnagar and the presence of fully automated
TMC units which help RAIPL enjoy favourable demand because of
better quality of the lint produced.
RAIPL was incorporated in July 2009 and has a TMC cotton ginning
mill in Karimnagar district of AP. In addition to better quality
output, TMC unit has other advantages such as higher production
speeds and low manpower requirement. RAIPL is promoted by Mr. R
Srinivasa Rao who has over 2 decades of experience in cotton
trading. The ginning mill has a current installed capacity of 48
gins which can produce 71,153 bales of cotton lint during the
cotton season each year.
RAVITEJ PROJECTS: Fitch Assigns 'BB-(ind)' National LT Rating
-------------------------------------------------------------
Fitch Ratings has assigned India's Ravitej Projects Private Ltd a
National Long-Term rating of 'Fitch BB-(ind)'. The Outlook is
Stable.
The ratings are constrained by RTPPL's presence in the highly
fragmented domestic quarrying industry resulting in high
competition and consequently low profitability (EBITDA margin:
6.9% in FY11 (financial year ending March)). The ratings are
also constrained by RTTPL's tight liquidity situation, which is
reflected in its almost complete working capital utilization
(99%) in the past six months. Fitch notes that the company took
additional borrowing during FY12 to meet its working capital
requirements and also received additional working limits from its
lender. This is likely to result in an increase in debt levels
(FY11: INR61.2m) and thereby high net financial leverage (net
debt/ EBITDA: 2.5x in FY11) in FY12.
The ratings, however, benefit from the diversification of RTPPL's
operations across West Bengal, Madhya Pradesh and Andhra Pradesh.
The ratings also factor in the company's strong relationships
with some major infrastructure companies, enabling it in securing
projects. This is reflected in RTPPL's stable revenue over the
last three years (FY11: INR344.1m, FY10: INR330.3m, FY09:
INR321.4m). The company also benefits from over a decade-long
experience of its founders in mining and crushing blue metals.
Positive rating action may result from any significant
improvement in liquidity coupled with strong operations resulting
in net financial leverage of below 2.5x on a sustained basis.
Conversely, any significant deterioration in operations or debt-
led capex resulting in net financial leverage of over 4.5x on a
sustained basis may impact the ratings negatively.
RTPPL is involved in the business of mining and crushing blue
metals. It also carries out levelling and other similar
construction work. In FY11, the company recorded EBITDA of
INR23.6m (INR27.9m) and profit after tax of INR7.7m (INR7.4m).
Fitch has also assigned ratings to RTPPL's bank loans as follows:
-- INR65m fund based working capital limits: 'Fitch BB-(ind)'
-- INR35m non-fund-based working capital limits: 'Fitch A4+
(ind)'
SHRI GAJANAN: Fitch Assigns 'B+(ind)' National Longterm Rating
--------------------------------------------------------------
Fitch Ratings has assigned India-based Shri Gajanan Oil and Agro
Products Industries Private Limited a National Long-Term rating
of 'Fitch B+(ind)' with Stable Outlook.
Fitch has taken a consolidated view on Shri Gajanan Oil and
Gajanan Solvex Limited (GSL, 'Fitch B+(ind)'/Stable), led by
their similar business - cotton seed oil extraction and refining.
Fitch notes that as part of the same group, financial support, if
required, could be extended by one to the other. Shri Gajanan
Oil has provided financial support to GSL through a corporate
guarantee of INR550m, with INR180m outstanding in FY12 (year-end:
March 2012).
The ratings are constrained by Shri Gajanan Oil's continued
negative operating cash flows over FY09-FY11 due to its high
working capital requirements (especially inventory and debtors).
Cash flows were negative INR12.3m, negative INR14.8m and negative
INR78.9m in FY09, FY10 and FY11, respectively. The ratings are
also constrained by the company's weak operating margin of 4.6%
in the absence of backward integration, low interest coverage
2.2x, and high financial leverage (debt/EBIDTA) of 5.2x in FY11.
Fitch expects financial leverage and interest coverage to
deteriorate over the short to medium term on account of the
ongoing, largely debt-funded, capex in GSL for setting up a 500
tonnes per day (TPD) solvent extraction unit in Khamgaon. Total
cost for the capex is estimated to be INR504.8m, which is being
funded by INR50m of founder's contribution, INR350m of secured
debt and INR104.8m of unsecured debt. Fitch expects benefits of
being fully integrated to accrue, in terms of margin accretion,
once the plant commences operations in October 2012.
The ratings are also constrained by inherent industry risks such
as intense competition, adverse climatic conditions which in turn
could impact raw material prices, change in consumption
preference on account of cheaper substitutes, and government
intervention and policy changes.
The ratings are, however, supported by six years of experience of
Shri Gajanan Oil's founders in the domestic edible oil industry
and location advantage of being closer to the cotton producing
region of Maharashtra.
Positive rating guidelines include timely completion of the capex
and an improvement in operating profitability, which would result
in an improvement in interest coverage above 2.2x on a sustained
basis. Negative rating guidelines include sustained low
profitability and any time or cost overruns in capex execution,
which could lead to interest coverage falling below 1.5x on a
sustained basis.
Shri Gajanan Oil was established in 2008 with a refining capacity
of around 100 TPD. The capacity is interchangeable between
cotton seed oil and soya bean oil. The company markets its
refined cotton seed oil under the NITYAM brand name and has a
dedicated chain of distributors spread across Maharashtra,
Karnataka, Madhya Pradesh, Rajasthan, among other states. In
FY11, revenue was INR735.3m.
Rating actions on Shri Gajanan Oil:
-- National Long-Term rating assigned at 'Fitch B+(ind)';
Outlook Stable
-- INR28m term loan: assigned at 'Fitch B+(ind)'
-- INR130m fund-based limits: assigned at 'Fitch B+(ind)'
SISTEMA SHYAM: Fourth Quarter Loss Widens to INR1,197.70cr
----------------------------------------------------------
The Hindu reports that Sistema Shyam TeleServices Ltd., which
faces uncertain future due to cancellation of its telecom
licenses, reported a net loss of INR1,197.70 crore in the fourth
quarter (October-December, 2011) against a loss of INR0.605 crore
(quarter-on-quarter).
In 2011, the report discloses, the SSTL's net loss widened to
INR3,531.40 crore from INR2,168.60 crore in 2010, though its
consolidated revenues went up to INR1,234.90 crore during the
year from INR523.90 crore.
The consolidated revenue for the fourth quarter also increased to
INR392.30 crore from INR193.70 crore in the same quarter in 2010.
"In spite of all these challenges, we remain committed to further
expand our voice and data business and looks upon the Indian
government to move fast to resolve all issues being faced by the
telecom sector," The Hindu quotes SSTL President and Chief
Executive Officer Vsevolod Rozanov as saying. Mr. Rozanov is
hoping that SSTL, a joint venture between Russia's Sistema and
India's Shyam Group, would succeed in resolving all telecom
licensing issues, the report notes.
According to The Hindu, Mr. Rozanov said the growth in revenues
reflected the strong performance delivered by the company. "This
has been possible due to the huge investments made by SSTL.
However, due to the nature of the telecom business and the
aggressive expansion plans of the company, net income continues
to be negative. In-addition, the current operating environment
also remains uncertain," Mr. Rozanov, as cited by The Hindu,
pointed out.
India-based Sistema Shyam TeleServices Limited provides mobile
telephony services on the CDMA platform in West Bengal,
Rajasthan, Tamil Nadu, Kerala, Bihar, Jharkhand, Delhi, Gujarat,
Uttar Pradesh, and Haryana.
SRI BALAJI: Inadequate Info Cues Fitch to Migrate Ratings
---------------------------------------------------------
Fitch Ratings has migrated India-based Sri Balaji Logs Products
Private Limited's 'Fitch BB-(ind)' National Long-Term rating with
Stable Outlook to the non-monitored category. The rating will
now appear as 'Fitch BB-(ind)nm' on the agency's Web site.
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 of Balaji Logs. 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 reinstated and will be
communicated through a Rating Action Commentary.
Fitch has also migrated Balaji Logs's bank loan ratings to the
non-monitored category as follows:
-- INR450m fund-based limits: migrated to 'Fitch BB-
(ind)nm'/'Fitch A4+(ind)nm' from 'Fitch BB-(ind)'/'Fitch A4+
(ind)'
-- INR630m non-fund-based limits: migrated to 'Fitch
A4+(ind)nm' from 'Fitch A4+(ind)'
TIRUPATI VENEERS: ICRA Reaffirms 'B+' Rating on INR3cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the '[ICRA]B+' rating to the RS3.00 crore
fund based facilities of Tirupati Veneers Private Limited. ICRA
has also reaffirmed the '[ICRA]A4' rating to the INR27.00 crore
non fund based facilities of TVPL.
The [ICRA]B+/[ICRA]A4 ratings continue to be constrained by
TVPL's small scale of operations, low profitability and high
competitive intensity in the plywood manufacturing industry. The
plywood industry is highly competitive and fragmented which
limits the pricing flexibility of the players in the industry,
further there is an increasing threat from substitutes like
medium density fiber and particle boards. TVPL's financial
profile remains moderately stretched as reflected by interest
coverage of 2.70 times and DSCR of 1.68 times as on March 31,
2011. ICRA also notes TVPL's high exposure to fluctuations in
currency exchange as key raw materials are imported, which could
further deteriorate the financial profile in near term owing to
currency depreciation.
The ratings however continue to draw comfort from the past track
record of the promoters in the plywood industry and established
relationships with timber suppliers and plywood dealers. ICRA
also factors the strong growth in TVPL's operating income driven
by healthy improvement in capacity utilization for plywood since
the commencement of plywood production in FY 10, accompanied by
increased trade of timber and steel bars. TVPL's capital
structure remains comfortable with a gearing of 0.49 times as on
March 31, 2011 as most of the working capital requirements are
funded by the LC facility for import.
About Tirupati Veneers
TVPL is Vishakhapatnam based plywood and veneers manufacturing
company established in 1995 along with 2 other sister plywood
companies (Solid Ply Private Limited and Everest Ply and Veneers
Private Limited). All the three companies were set up together to
avail the SSI and sales tax benefits being offered at that time
by the Andhra Pradesh government. However, most of those benefits
are now over. TVPL's manufacturing facility is located near
Visakhapatnam. TVPL is also engaged in trade of timber and steel
bars.
=========
J A P A N
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AIJ INVESTMENT: Chief Admits Falsifying Fund Performance Report
---------------------------------------------------------------
The Japan Times reports that AIJ Investment Advisors Co.
President Kazuhiko Asakawa repeated Friday in the Diet that he
had no intention of deceiving his clients but admitted he showed
them falsified fund performance reports.
The Japan Times relates that Mr. Asakawa spoke in front of the
Lower House Financial Affairs Committee, which summoned him to
testify as a sworn witness. He basically repeated his unsworn
testimony to the same committee earlier this month, the report
says.
According to the report, AIJ Investment, which has been managing
pension money since 2003, was taking massive losses on
derivatives trading but issued regular reports to the financial
authorities and generated pamphlets showing clients that its fund
performance was much better than it really was. It paid off
clients who wanted to cash out by collecting money from new
clients.
"I recognized that I was showing clients false fund performance,"
Mr. Asakawa told the committee, The Japan Times relates.
However, "I didn't intend to defraud clients."
Asked when the falsification started, Mr. Asakawa said: "Since
AIJ began managing pension money. Looking back, I should have
reported losses at much earlier stages. Now, all I can say is I
tried really hard" to make up for the losses, The Japan Times.
Mr. Asakawa said during both committee sessions that AIJ used
false investment return records to persuade pension funds to
invest with the firm while he was in fact taking heavy losses,
the report says.
The Japan Times adds that Mr. Asakawa denied responsibility for
ITM Securities Co., its sales agent, saying he never told it that
the fund performance reports were false.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 27, 2012, Bloomberg News said the Financial Services Agency
on Feb. 24 ordered AIJ Investment to halt its business after
finding the asset manager's clients funds of about JPY183.2
billion may be "adversely affected" and started a probe into the
263 asset managers operating in Japan.
As recommended by the Securities and Exchange Surveillance
Commission, the FSA on March 23 stripped AIJ of its investment
adviser registration and ordered ITM Securities Co., which is
effectively under AIJ's control, to suspend operations for six
months.
Tokyo-based asset-management firm AIJ Investment Advisors Co.,
led by Kazuhiko Asakawa, was established in April 1989, and had
120 clients including pension plans with JPY183.2 billion in
assets as of the end of 2010. It has 12 employees.
J-CORE16: S&P Lowers Rating on Class D Certificates to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class C and D trust certificates issued under the J-CORE16 Trust
Certificates (J-CORE16) transaction, and affirmed its ratings on
classes A, B, and X issued under the same transaction.
"J-CORE16 is a property liquidation-type commercial mortgage-
backed securities (CMBS) transaction. The trust certificates
issued under this transaction are secured by one specified bond,
which was originally backed by 18 real estate properties.
Although the asset manager has already sold nine of the 18
properties, the liquidation of the remaining real estate
properties has been slower than we expected. Indeed, the
liquidation process has lagged the specified bond's expected
schedule. Meanwhile, the transaction's underlying specified bond
has not matured," S&P said.
"We base the downgrades of classes C and D on the lowering of our
assumption for the likely collection amount from the properties
backing the transaction's specified bond. Specifically, we
revised downward our assumption because we view the recovery
prospects of the remaining properties with uncertainty, given
that the cash flow from these properties is lower than the
assumption we made when we last reviewed our ratings in October
2010. We currently assume the combined value of the properties to
be about 65% of our initial underwriting value, whereas we
estimated the value of the properties to be about 71% of our
initial underwriting value at our last ratings review in October
2010," S&P said.
Meanwhile, the rating affirmations on classes A and B reflect
these factors:
* Some of the principal on the trust certificates has already
been repaid because the asset manager has sold nine of the
properties, and dividend payments to the sponsor were stopped.
"In addition, we expect principal redemption to continue to
progress, even if the liquidation process for the remaining
properties takes time,." S&P said.
* "The transaction's specified bond is primarily backed by
multiple properties in Tokyo and, in our view, Tokyo's real
estate market has relatively strong liquidity," S&P said.
"The specified bond's stated release price for the remaining
properties exceeds our current assumption for the likely
collection amount from these properties. As such, we believe that
the liquidation of the properties will take time; however, we see
a reasonable likelihood that property liquidation will progress
if the release price is lowered in the future," S&P said.
"The ratings reflect our opinion on the likelihood of the full
and timely payment of interest and the ultimate repayment of
principal by the transaction's legal final maturity date in May
2015 for the class A certificates, the full payment of interest
and the ultimate repayment of principal by the legal maturity
date for the class B to D certificates, and the timely payment of
available interest for the interest-only class X certificates.
The transaction was arranged by Deutsche Bank AG Tokyo Branch,
and ORIX Asset Management & Loan Services Corp. acts as the
servicer for this transaction," S&P said.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and
a description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at
http://standardandpoorsdisclosure-17g7.com
RATINGS LOWERED
J-CORE16 Trust Certificates
JPY21.9 billion trust certificates due May 2015
Class To From Initial issue amount Coupon type
C B+ (sf) BB (sf) JPY2.5 bil. Floating rate
D B- (sf) B (sf) JPY1.0 bil. Floating rate
RATINGS AFFIRMED
J-CORE16 Trust Certificates
Class Rating Initial issue amount Coupon type
A AA+ (sf) JPY15.5 bil. Floating rate
B A (sf) JPY2.9 bil. Floating rate
X AAA (sf) JPY21.9 bil. (initial notional principal)
=================
S I N G A P O R E
=================
GOLD INTERNATIONAL: Court to Hear Wind-Up Petition April 20
-----------------------------------------------------------
A petition to wind up the operations of Gold International
Marketing Pte Ltd will be heard before the High Court of
Singapore on April 20, 2012, at 10:00 a.m.
Oversea-Chinese Banking Corporation Limited filed the petition
against the company on March 29, 2012.
The Petitioner's solicitor is:
Messrs Tan Kok Quan Partnership
8 Shenton Way
#47-01 AXA Tower
Singapore 068811
GOODMIX INVESTMENT: Creditors' Proofs of Debt Due April 27
----------------------------------------------------------
Creditors of Goodmix Investment Pte Ltd, which is in liquidation,
are required to file their proofs of debt by April 27, 2012, to
be included in the company's dividend distribution.
The company's liquidator is:
Chee Yoh Chuang
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
IT XPRESS: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on March 23, 2012,
to wind up the operations of IT Xpress Pte Ltd.
Standard Chartered Bank filed the petition against the company.
The company's liquidator is:
The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road, #06-11
The URA Centre (East Wing)
Singapore 069118
IUT GLOBAL: Creditors' Proofs of Debt Due April 23
--------------------------------------------------
Creditors of IUT Global Pte Ltd, which is in creditors' voluntary
liquidation, are required to file their proofs of debt by
April 23, 2012, to be included in the company's dividend
distribution.
The company's liquidators are:
Chee Yoh Chuang
Abuthahir Abdul Gafoor
8 Wilkie Road
#03-08 Wilkie Edge
Singapore 228095
=============
V I E T N A M
=============
BINH ANH: Vietnam Court Refuses to Conduct Bankruptcy Process
-------------------------------------------------------------
VietNamNet Bridge reports that the Can Tho City People's Court
has refused a petition by farmers for conducting bankruptcy
proceedings for Binh Anh Seafood Company (Bianfishco).
According to the report, lawyer Nguyen Thi Hong Ngan from the HCM
City Bar Association, authorized by 20 farmers, said the court's
officer refused to handle the case because it has been assigned
by the Can Tho City People's Committee to the debt settlement
taskforce.
Nguyen Van Chien, a farmer to whom Bianfishco owes VND7 billion
(US$335,000), said that as a creditor he has the right to ask the
court to open bankruptcy proceedings for that company. Mr. Chien
and other fish farmers have also asked the court to think about
the personal responsibility of Pham Thi Dieu Hien, the general
director of Bianfishco, to settle the firm's debts, VietNamNet
Bridge relates.
VietNamNet Bridge relates that lawyer Nguyen Truong Thanh from
Van Ly Law Office in Can Tho City said that it is impossible to
request to declare Bianfishco's bankruptcy now, because there has
been no audited report about the company's total assets and
debts.
The report notes that Bianfishco will be considered for
bankruptcy only when financial reports show that its total debts
are higher than the total assets' value. No official figures
have been released so far, says VietNamNet Bridge.
According to VietNamNet Bridge, Can Tho City's Mayor Nguyen Thanh
Son said on April 11 that farmers have the right to petition for
bankruptcy proceedings but that the Prime Minister has not
released any instructions about the case.
Binh Anh Seafood Company (Bianfishco) is Vietnam-based seafood
company.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 9 to April 13, 2012
------------------------------------------------------
AUSTRALIA
---------
ADVANCE ENERGY 9.50 01/04/2015 AUD 1.07
ANTARES ENERGY 10.00 10/31/2013 AUD 2.05
CHINA CENTURY 12.00 09/30/2014 AUD 0.66
COM BK AUSTRALIA 1.50 04/19/2022 AUD 72.09
DIVERSA LTD 11.00 09/30/2014 AUD 0.13
EXPORT FIN & INS 0.50 12/16/2019 NZD 72.54
EXPORT FIN & INS 0.50 06/15/2020 AUD 70.67
EXPORT FIN & INS 0.50 06/15/2020 NZD 71.17
IMF AUSTRALIA 10.25 12/31/2014 AUD 1.71
KIMBERLY METALS 10.00 08/05/2016 AUD 0.33
MIDWEST VANADIUM 11.50 02/15/2018 USD 64.62
MIDWEST VANADIUM 11.50 02/15/2018 USD 59.50
NEW S WALES TREA 0.50 09/14/2022 AUD 64.81
NEW S WALES TREA 0.50 10/07/2022 AUD 61.81
NEW S WALES TREA 0.50 10/28/2022 AUD 61.65
NEW S WALES TREA 0.50 11/18/2022 AUD 61.49
NEW S WALES TREA 0.50 12/16/2022 AUD 61.27
NEW S WALES TREA 0.50 02/02/2023 AUD 60.90
NEW S WALES TREA 0.50 03/30/2023 AUD 60.47
TREAS CORP VICT 0.50 08/25/2022 AUD 62.21
TREAS CORP VICT 0.50 03/03/2023 AUD 63.42
TREAS CORP VICT 0.50 11/12/2030 AUD 45.05
CHINA
-----
CHINA GOVT BOND 1.64 12/15/2033 USD 63.96
HONG KONG
---------
RESPARCS FUNDING 8.00 12/29/2049 USD 32.44
INDIA
-----
AKSH OPTIFIBRE 1.00 02/05/2013 USD 70.38
EX-IM BK OF IN 9.45 06/15/2014 INR 9.75
GEMINI COMMUNICA 6.00 07/18/2012 EUR 71.57
JSL STAINLESS 0.50 12/24/2019 USD 69.21
MASCON GLOBAL 2.00 12/28/2012 USD 9.12
PRAKASH IND LTD 5.25 04/30/2015 USD 71.57
PRAKASH IND LTD 5.62 04/30/2015 USD 69.21
PYRAMID SAIMIRA 1.75 07/04/2012 USD 6.12
REI AGRO 5.50 11/13/2014 USD 73.13
REI AGRO 5.50 11/13/2014 USD 73.13
RELIGARE FINVEST 13.70 06/19/2012 INR 59.00
SHIV-VANI OIL 5.00 08/17/2015 USD 66.02
SUZLON ENERGY LT 5.00 04/13/2016 USD 59.08
JAPAN
-----
ELPIDA MEMORY 2.03 03/22/2012 JPY 26.00
ELPIDA MEMORY 2.10 11/29/2012 JPY 25.75
ELPIDA MEMORY 0.50 12/07/2012 JPY 26.05
JPN EXP HLD/DEBT 0.50 09/17/2038 JPY 62.44
JPN EXP HLD/DEBT 0.50 03/18/2039 JPY 61.51
TOKYO ELEC POWER 1.60 05/29/2019 JPY 72.62
TOKYO ELEC POWER 1.45 09/30/2019 JPY 70.75
TOKYO ELEC POWER 1.37 10/29/2019 JPY 70.35
TOKYO ELEC POWER 1.81 02/28/2020 JPY 72.87
TOKYO ELEC POWER 1.48 04/28/2020 JPY 69.25
TOKYO ELEC POWER 1.39 05/28/2020 JPY 69.37
TOKYO ELEC POWER 1.31 06/24/2020 JPY 68.87
TOKYO ELEC POWER 1.94 07/24/2020 JPY 74.81
TOKYO ELEC POWER 1.22 07/29/2020 JPY 67.50
TOKYO ELEC POWER 1.15 09/08/2020 JPY 67.75
TOKYO ELEC POWER 1.63 07/16/2021 JPY 66.50
TOKYO ELEC POWER 2.34 09/29/2028 JPY 65.66
TOKYO ELEC POWER 2.40 11/28/2028 JPY 66.87
TOKYO ELEC POWER 2.20 02/27/2029 JPY 64.25
TOKYO ELEC POWER 2.11 12/10/2029 JPY 63.12
TOKYO ELEC POWER 1.95 07/29/2030 JPY 60.87
TOKYO ELEC POWER 2.36 05/28/2040 JPY 59.87
MALAYSIA
--------
ADVANCED SYNERY 2.00 01/26/2018 MYR 0.09
ASTRAL SUPREME 3.00 08/0/2021 MYR 0.09
CRESENDO CORP B 3.75 01/11/2016 MYR 1.35
DUTALAND BHD 7.00 04/11/2013 MYR 0.90
DUTALAND BHD 7.00 04/11/2013 MYR 0.45
ENCORP BHD 6.00 02/17/2016 MYR 0.89
KUMPULAN JETSON 5.00 11/27/2012 MYR 1.30
LION DIVERSIFIED 4.00 12/17/2013 MYR 1.17
MALTON BHD 6.00 06/30/2018 MYR 0.91
MITHRIL BHD 3.00 04/05/2012 MYR 0.76
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.23
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.60
OLYMPIA INDUSTRI 6.00 04/11/2013 MYR 0.21
PANTECH GROUP 7.00 12/21/2017 MYR 0.10
PRESS METAL BHD 6.00 08/22/2019 MYR 2.13
REDTONE INTL 2.75 03/04/2020 MYR 0.10
RUBBEREX CORP 4.00 08/14/2012 MYR 0.68
SCOMI ENGINEERING 4.00 03/19/2013 MYR 0.55
SCOMI GROUP 4.00 12/14/2012 MYR 0.06
TRADEWINDS CORP 2.00 02/26/2016 MYR 1.57
WAH SEONG CORP 3.00 05/21/2012 MYR 2.41
WIJAYA BARU GLOB 7.00 09/17/2012 MYR 0.63
YTL CEMENT BHD 5.00 11/10/2015 MYR 2.34
YTL LAND & DEVEL 3.00 10/31/2021 MYR 0.49
NEW ZEALAND
-----------
BLUE STAR GROUP 9.10 09/15/2015 NZD 4.00
FLETCHER BUILDING 8.50 03/15/2015 NZD 6.70
FONTERRA 8.50 03/15/2015 NZD 73.00
INFRATIL LTD 8.50 09/15/2013 NZD 8.10
INFRATIL LTD 8.50 11/15/2015 NZD 8.10
INFRATIL LTD 4.97 12/29/2049 NZD 55.50
KIWI INCOME PROP 8.95 12/20/2014 NZD 1.07
NEW ZEALAND POST 7.50 11/15/2039 NZD 65.85
NZF GROUP 6.00 03/15/2016 NZD 3.17
TOWER CAPITAL 8.50 04/15/2014 NZD 1.02
TRUSTPOWER LTD 8.50 09/15/2012 NZD 7.00
TRUSTPOWER LTD 8.50 03/15/2014 NZD 6.60
UNI OF CANTERBUR 7.25 12/15/2019 NZD 0.98
PHILIPPINES
-----------
BAYAN TELECOMMUN 13.50 07/15/2049 USD 20.50
BAYAN TELECOMMUN 13.50 07/15/2049 USD 20.50
SINGAPORE
---------
BLUE OCEAN 11.00 06/28/2012 USD 37.00
BLUE OCEAN 11.00 06/28/2012 USD 35.12
DAVOMAS INTL FIN 11.00 12/08/2014 USD 25.73
DAVOMAS INTL FIN 11.00 12/08/2014 USD 25.37
UNITED ENG LTD 1.00 03/03/2014 SGD 0.98
WBL CORPORATION 2.50 06/10/2014 SGD 1.02
SOUTH KOREA
-----------
CN 1ST ABS 8.00 02/27/2015 KRW 32.27
CN 1ST ABS 8.30 11/27/2015 KRW 33.58
EX-IMP BK KOREA 0.50 01/25/2017 KRW 68.48
EX-IMP BK KOREA 0.50 10/23/2017 KRW 65.35
EX-IMP BK KOREA 0.50 12/22/2017 KRW 64.38
GYEONGGI MUTUAL 8.50 08/29/2014 KRW 10.15
GYEONGGI MUTUAL 8.50 12/11/2014 KRW 8.00
GYEONGGI MUTUAL 8.00 01/22/2016 KRW 10.11
GYEONGGI SOLOMON 8.10 04/19/2015 KRW 10.12
HYUNDAI SWISS BK 8.50 10/02/2013 KRW 10.14
HYUNDAI SWISS BK 8.50 07/15/2014 KRW 9.42
HYUNDAI SWISS II 8.30 01/13/2015 KRW 10.13
HYUNDAI SWISS II 7.90 07/23/2015 KRW 10.11
JINHEUNG MUTUAL 8.50 10/17/2014 KRW 10.12
JINHEUNG MUTUAL 7.00 01/23/2015 KRW 10.11
KOREA MUTUAL SAV 8.10 06/26/2015 KRW 10.12
KOREA MUTUAL SAV 8.00 12/17/2015 KRW 10.11
NEW LIFE 1ST ABS 10.00 03/08/2014 KRW 30.13
WOORI FIN HLDGS 5.83 03/08/2042 KRW 25.18
YOUNGNAM MUTUAL 8.50 12/18/2014 KRW 10.14
SRI LANKA
---------
SRI LANKA GOVT 7.50 08/15/2018 LKR 74.62
SRI LANKA GOVT 6.20 08/01/2020 LKR 65.58
SRI LANKA GOVT 7.00 10/01/2023 LKR 60.99
SRI LANKA GOVT 5.35 03/01/2026 LKR 53.00
SRI LANKA GOVT 8.00 01/01/2032 LKR 66.74
THAILAND
--------
THAILAND GOVT 9.25 01/04/2022 VND 74.63
*********
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, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. 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
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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
Peter Chapman at 240/629-3300.
*** End of Transmission ***