/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120604.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 Monday, June 4, 2012, Vol. 15, No. 110 Headlines A U S T R A L I A ALLIGATOR AIRWAYS: In Administration; Remains Grounded ENERGY WATCH: Owes More Than AUD8-Mil; No Assets Left After Sale * SOUTH AUSTRALIA: Moody's Comments on 2012/13 Budget C H I N A MOUNTAIN CHINA: Deficit, Default Casts Doubt on Going Concern H O N G K O N G ARISAIG PARTNERS: Members' Final General Meeting Set for June 25 CHINA FUJIAN: Final Meetings Set for June 26 ELITE CONSTRUCTION: Creditors' Proofs of Debt Due June 25 EXCELLENCE CONSULTANTS: Members' Final Meeting Set for June 27 FOREST BOARD: Annual Meetings Set for June 7 GOODWIN MARINE: Members and Creditors Meetings Set for June 6 GRAND MARINE: Members and Creditors Meetings Set for June 6 HOP KIN: Final Meetings Set for June 26 LA ROSE: Members' Final Meeting Set for June 29 LIMMARK KNITWEAR: Annual and Final Meetings Set for June 26 LOCO HONGKONG: Members' Final Meeting Set for June 27 MANAGEMENT RESOURCES: Creditors' Proofs of Debt Due June 28 MAYFAIR FAR: Members' Final Meeting Set for June 27 PACIFIC CAPITAL: Members' Final Meeting Set for June 28 RICHFORD LIMITED: Members' Final Meeting Set for June 27 RICO CORPORATION: Members' Final Meeting Set for June 27 SIDDONS LIMITED: Members' Final Meeting Set for June 26 TWIN CALIBER: Members' Final Meeting Set for June 26 WALK LEE: Members' Final Meeting Set for June 27 WARM CENTURY: Members' Final General Meeting Set for June 29 WONG HENG: Commences Wind-Up Proceedings YUEFORD LIMITED: Members' Final Meeting Set for June 27 I N D I A AQUARIOUS MARKETING: CRISIL Assigns 'B+' Rating to INR14MM Loans GANAPATI MOTORS: CRISIL Assigns 'BB-' Rating to INR68MM Loans MALDAR BARRELS: CRISIL Puts 'B+' Rating on INR1.18BB Loans MANYATA INFRA: CRISIL Rates INR350MM Term Loan at 'CRISIL B-' MIRADOR COMMERCIAL: CRISIL Rates INR360MM Loan at 'CRISIL B' PARK HEALTH: CRISIL Upgrades Rating on INR180MM Loans to 'B+' RAJARAJAN & SONS: CRISIL Assigns 'B' Rating to INR264.5MM Loans RATNA CAFE: Delays in Loan Payment Prompts CRISIL Junk Ratings SAI VENKATESWARA: CRISIL Rates INR80MM Term Loan at 'CRISIL BB-' SHRI BASAVESHWAR: Delays in Loan Payment Cue CRISIL Junk Ratings SJ FABRICSS: CRISIL Puts 'CRISIL B+' Rating on INR120MM Loans SRI KRISHNA: CRISIL Puts 'CRISIL B' Rating on INR120.2MM Loans TIJIYA ENGINEERING: CRISIL Rates INR10MM Cash Credit at 'B+' J A P A N RENESAS ELECTRONICS: Seeks Loans From Three Major Shareholders M A L A Y S I A LINEAR CORP: Posts MYR2.03 Million Net Loss in March 31 Qtr. MITHRIL BERHAD: Posts MYR106,000 Net Loss in Qtr Ended March 31 VASTALUX ENERGY: Posts MYR67,531 Net Loss in March 31 Quarter VTI VINTAGE: Swings to MYR319,000 Net Income in March 31 Quarter N E W Z E A L A N D LOMBARD FINANCE: Former Directors Pays NZ$100,000 S I N G A P O R E ASIASONS WFG: Creditors' Proofs of Debt Due June 29 CSL M&E: Court to Hear Wind-Up Petition June 15 EASTMARCOSSE PTE: Court to Hear Wind-Up Petition June 15 FRESICO CHINA: Creditors' Proofs of Debt Due July 2 LION HEART: Members' and Creditors' Meeting Set for June 14 LONGAINS INVESTMENT: Court to Hear Wind-Up Petition June 15 V I E T N A M HOANG ANH: Fitch Puts 'B' Issuer Default Rating on Negative Watch X X X X X X X X REPUBLIC OF BANGLADESH: S&P Affirms 'BB-' Sovereign Credit Rating - - - - - ================= A U S T R A L I A ================= ALLIGATOR AIRWAYS: In Administration; Remains Grounded ------------------------------------------------------ SmartCompany reports that West Australian charter airline Alligator Airways has collapsed into administration, just days after the civil aviation authority upheld a grounding order against the company citing safety concerns. Administrators KordaMentha were appointed to Alligator Airways on May 30, SmartCompany discloses. According to SmartCompany, a spokesperson for the Civil Aviation Safety Authority said the current court order runs until today, June 4, and then the aviation authority has five days to decide whether another notice can be extended. "That will be determined next week," a CASA spokesperson told SmartCompany. SmartCompany recalls that CASA upheld a grounding order on May 18, saying the order was made after the Federal Court in Melbourne found there were reasonable grounds the company was engaging in, or likely to engage in, activity which "contributed to or resulted in a serious and imminent risk to air safety". "The prohibition order has been granted to allow CASA sufficient time to complete its investigation," CASA said, upholding the initial grounding handed down on May 3, SmartCompany relays. About Alligator Airways Alligator Airways flies charter flights from Kununurra and Broome, offering customised tours and safaris as well. The company has been operating in the Kimberley since 1983. ENERGY WATCH: Owes More Than AUD8-Mil; No Assets Left After Sale ---------------------------------------------------------------- SmartCompany reports that Energy Watch owes more than AUD8 million to its creditors and AUD750,000 in employee entitlements, but the business' remaining assets have been sold off as part of the troubled company's sale. According to the report, the utility broker's difficulties became public when founder and former chief executive Ben Polis stepped down from his role after making racist and offensive remarks on his personal Facebook page. SmartCompany relates that Energy Watch entered administration last month and, at the same time, the business was sold to a private consortium headed by businessman Danny Wallis. The report says administrators of Energy Watch held a first creditors meeting on May 29 as they attempt to untangle the company's accounts. Administrator Glenn Franklin, of Lawler Draper Dillon, told SmartCompany the meeting involved discussion of the company's financial position and that the entitlements of former employees were a key issue. "The liability is unpaid wages and redundancy of AUD250,000 and superannuation that exceeds AUD500,000, so they are the priority entitlements," the report quotes Mr. Franklin as saying. "The unsecured debts total, we believe, somewhere in excess of AUD8 million, owed to the Australian Tax Office, energy retailers who paid commission in advance, advertising agencies and a general assortment of other creditors; there is no bank involved." Mr. Franklin, as cited by SmartCompany, said it is unclear what assets are remaining following Energy Watch's sale. Unless Energy Watch is liquidated, there is no recourse against the purchasers of Energy Watch, Mr. Franklin told SmartCompany. "I understand there will be a deed of company arrangement put forward so the creditors will look at the deed and give a view as to whether they should accept; in order for creditors to accept, it has to be a better outlook than liquidation," SmartCompany quotes Mr. Franklin as saying. SmartComany adds that Mr. Franklin said creditors will vote whether to accept the deed of company arrangement or put the company into liquidation at the next creditors meeting on June 22. Energy Watch Pty Ltd offered an energy price comparison service. * SOUTH AUSTRALIA: Moody's Comments on 2012/13 Budget ----------------------------------------------------- Moody's Investors Service says that South Australia's 2012/13 (May budget) -- which was released on May 31 -- shows a deterioration in the state's financial performance for the upcoming fiscal year and the expectation of further deterioration over the next four years. This deterioration is due to still very high levels of capital investments, and lower expectations for GST-backed Commonwealth transfers and revenue from property-related conveyancing duties. At the same time, the state forecasts that the high level of current spending will have to fall below the rate of growth in revenues if it is to narrow the deficit (net lending/borrowing). The state forecasts a large deficit of AUD1.9 billion, or 12.6% of revenues in 2012/13, which would be significantly worse than the AUD489 million, or 3.0% of revenues, projected for this same time frame in last year's budget. In addition, the new budget anticipates that the deficits from 2011/12 through 2014/15 will average a wider 6.9% of revenues annually compared with last year's forecast of 2.1%. Moody's considers that a greater focus on expenditure controls will be critical as budget redress relies upon a very slow pace of expenditure growth, currently forecast at only 1.8% annually over the next four years compared with 6.6% over the past four years. However, Moody's believes that this slower rate of spending growth will be challenged by ongoing requirements of the health care sector and other services. As part of Moody's normal monitoring process, Moody's will also conduct an in-depth analysis of the budget and its medium-term impact on the state's financial and debt profile. This announcement represents an update to markets and does not constitute a rating action. ========= C H I N A ========= MOUNTAIN CHINA: Deficit, Default Casts Doubt on Going Concern ------------------------------------------------------------- Mountain China Resorts (Holding) Limited has an accumulated deficit, a working capital deficiency and has defaulted on a bank loan, which casts substantial doubt on the Company's ability to continue as a going concern. The Company's ability to meet its obligations as they fall due and to continue to operate as a going concern is dependent on further financing and ultimately, the attainment of profitable operations. MCR had a C23.1 million net loss on C$6.66 million of revenue for the year ended Dec. 31, 2011, compared with a net loss of C$21.3 million on C$4.37 million of revenue in 2010. Cash and cash equivalents totaled $15.77 million and working capital was negative $62.79 million as at December 31, 2011. A copy of the press release is available for free at: http://is.gd/5bsZKS Mountain China Resorts (MCG.V - News) is the premier developer of four season destination ski resorts in China. MCR is transforming existing China ski properties into world-class, four seasons luxury mountain resorts with excellent real estate investment opportunities for discerning buyers. In February 2009, the Company's Sun Mountain Yabuli Resort was awarded Best Resort Makeover in Asia by TIME Magazine. Yabuli is also the permanent home of the China Entrepreneur's Forum the leading and most influential community of China's most distinguished and successful entrepreneurs and business leaders with over 5,000 members from across a variety of key industries. ================ H O N G K O N G ================ ARISAIG PARTNERS: Members' Final General Meeting Set for June 25 ---------------------------------------------------------------- Members of Arisaig Partners (China) Limited will hold their final general meeting on June 25, 2012, at 11:30 a.m., at Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Susan Y H Lo, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. CHINA FUJIAN: Final Meetings Set for June 26 -------------------------------------------- Members and creditors of China Fujian Engineering (H.K.) Limited will hold their final meetings on June 26, 2012, at 3:00 p.m., and 3:15 p.m., respectively at Room 35B1, 35th Floor, One Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Joseph K.C. Lo and Dermot Agnew, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ELITE CONSTRUCTION: Creditors' Proofs of Debt Due June 25 --------------------------------------------------------- Creditors of Elite Construction Engineering Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by June 25, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 14, 2012. The company's liquidator is: Lam Ying Sui 10/F, Allied Kajima Building 138 Gloucester Road Wanchai, Hong Kong EXCELLENCE CONSULTANTS: Members' Final Meeting Set for June 27 -------------------------------------------------------------- Members of Excellence Consultants Limited will hold their final general meeting on June 27, 2012, at 11:00 a.m., at Room 1903, New World Tower, at 18 Queen's Road Central, in Hong Kong. At the meeting, Watt Hung Chow, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. FOREST BOARD: Annual Meetings Set for June 7 -------------------------------------------- Creditors and members of Forest Board & Paper Limited will hold their annual meetings on June 7, 2012, at 3:00 p.m., at the office of FTI Consulting (Hong Kong) Limited, Level 22, The Center, 99 Queen's Road Central, Central, in Hong Kong. At the meeting, Fok Hei Yu, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GOODWIN MARINE: Members and Creditors Meetings Set for June 6 ------------------------------------------------------------- Members and creditors of Goodwin Marine & Industries Company Limited will hold their meetings on June 6, 2012, at 2:30 p.m., and 2:45 p.m., respectively at 35th Floor, One Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Dermot Agnew, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GRAND MARINE: Members and Creditors Meetings Set for June 6 ----------------------------------------------------------- Members and creditors of Grand Marine International Limited will hold their meetings on June 6, 2012, at 2:00 p.m., and 2:15 p.m., respectively at 35th Floor, One Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Dermot Agnew, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. HOP KIN: Final Meetings Set for June 26 --------------------------------------- Members and creditors of Hop Kin Engineering Development Limited will hold their final meetings on June 26, 2012, at 2:30 p.m., and 2:45 p.m., respectively at Room 35B1, 35th Floor, One Pacific Place, 88 Queensway, in Hong Kong. At the meeting, Joseph K.C. Lo and Dermot Agnew, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. LA ROSE: Members' Final Meeting Set for June 29 ----------------------------------------------- Members of La Rose Noire Boulangerie Limited will hold their final meeting on June 29, 2012, at 11:00 a.m., at Rooms 301-303 Corporation Square, at No. 8 Lam Lok Street, Kowloon Bay, in Hong Kong. At the meeting, Gerard Dubois and Richard Alan Wallis, the company's liquidators, will give a report on the company's wind- up proceedings and property disposal. LIMMARK KNITWEAR: Annual and Final Meetings Set for June 26 ----------------------------------------------------------- Members and creditors of Limmark Knitwear Company Limited will hold their annual and final meetings on June 26, 2012, at 11:00 a.m., and 11:30 a.m., respectively at Rooms 901-902, 9/F, Bank Centre, 636 Nathan Road, Kowloon, in Hong Kong. At the meeting, Fung Chun Kai, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. LOCO HONGKONG: Members' Final Meeting Set for June 27 ----------------------------------------------------- Members of Loco Hongkong Limited will hold their final general meeting on June 27, 2012, at 10:00 a.m., at 9th Floor, Cheung Kong Center, 2 Queen's Road Central, in Hong Kong. At the meeting, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. MANAGEMENT RESOURCES: Creditors' Proofs of Debt Due June 28 ----------------------------------------------------------- Creditors of Management Resources International Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by June 28, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on May 16, 2012. The company's liquidator is: Chan Pollyanna Shui Kin 23rd Floor, Wing Hang Finance Centre 60 Gloucester Road Wanchai, Hong Kong MAYFAIR FAR: Members' Final Meeting Set for June 27 --------------------------------------------------- Members of Mayfair Far East Corporation Limited will hold their final general meeting on June 27, 2012, at 11:00 a.m., at Flat F, 34th Floor, Scholastic Garden, 48 Lyttelton Road, Mid-Level West, in Hong Kong. At the meeting, Tong Kwong Wah Jerry, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PACIFIC CAPITAL: Members' Final Meeting Set for June 28 ------------------------------------------------------- Members of Pacific Capital Remittance Limited will hold their final meeting on June 28, 2012, at 11:00 a.m., at 906 Hang Bong Commercial Centre, at 28 Shanghai Street, Tsimshatsui, Kowloon, in Hong Kong. At the meeting, Au Wai Pong Raymond, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. RICHFORD LIMITED: Members' Final Meeting Set for June 27 -------------------------------------------------------- Members of Richford Limited will hold their final meeting on June 27, 2012, at 11:15 a.m., at Room 1903, New World Tower, 18 Queen's Road Central, in Hong Kong. At the meeting, Watt Hung Chow, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. RICO CORPORATION: Members' Final Meeting Set for June 27 -------------------------------------------------------- Members of Rico Corporation Limited will hold their final meeting on June 27, 2012, at 11:30 a.m., at Room 1903, New World Tower, 18 Queen's Road Central, in Hong Kong. At the meeting, Watt Hung Chow, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. SIDDONS LIMITED: Members' Final Meeting Set for June 26 ------------------------------------------------------- Sole Member of Siddons Limited will hold their final meeting on June 26, 2012, at 10:00 a.m., at 3806 Central Plaza, 18 Harbour Road, Wanchai, in Hong Kong. At the meeting, Urs Specker, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. TWIN CALIBER: Members' Final Meeting Set for June 26 ---------------------------------------------------- Members of Twin Caliber Limited will hold their final general meeting on June 26, 2012, at 10:00 a.m., at 1902 MassMutual Tower, 38 Gloucester Road, in Wanchai. At the meeting, Ngan Lin Chun Esther, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WALK LEE: Members' Final Meeting Set for June 27 ------------------------------------------------ Members of Walk Lee Tung Land Investment Limited will hold their final general meeting on June 27, 2012, at 10:00 a.m., at 19/F, No. 3 Lockhart Road, Wanchai, in Hong Kong. At the meeting, Ko Kai Lai Dominic and Wong Man Chung Francis, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. WARM CENTURY: Members' Final General Meeting Set for June 29 ------------------------------------------------------------ Members of Warm Century Holdings Limited will hold their final general meeting on June 29, 2012, at 11:00 a.m., at Room 102, 1/F, Tak Fung Building, 79-81 Connaught Road West, in Hong Kong. At the meeting, Pang Siu Chik Alick, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. WONG HENG: Commences Wind-Up Proceedings ---------------------------------------- Members of Wong Heng Investment Company Limited, on May 15, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: To Fung Wo 31/F, Chinachem Century Tower 178 Gloucester Road Wanchai, Hong Kong YUEFORD LIMITED: Members' Final Meeting Set for June 27 ------------------------------------------------------- Members of Yueford Limited will hold their final meeting on June 27, 2012, at 11:45 a.m., at Room 1903, New World Tower, 18 Queen's Road Central, in Hong Kong. At the meeting, Watt Hung Chow, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ========= I N D I A ========= AQUARIOUS MARKETING: CRISIL Assigns 'B+' Rating to INR14MM Loans ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Aquarious Marketing Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Standby Letter of Credit 10 CRISIL A4 (Assigned) Proposed Short -Term Bank 30 CRISIL A4 (Assigned) Loan Facility Proposed Long-Term Bank 6 CRISIL B+/Stable Loan Facility (Assigned) Foreign Bill Discounting 24 CRISIL A4 (Assigned) Cash Credit 8 CRISIL B+/Stable (Assigned) Export Packing Credit 12 CRISIL A4 (Assigned) The ratings reflect AMPL's small-scale and working-capital- intensive operations, and weak financial risk profile marked by high gearing and weak interest coverage ratio. These rating weaknesses are partially offset by the extensive experience of AMPL's promoters in the tea industry and the company's adequate cushion against the impact of volatility in tea prices. Outlook: Stable CRISIL believes that AMPL will continue to benefit from its promoters' industry experience. The outlook may be revised to 'Positive' if AMPL increases its scale of operations substantially or in case of sustained improvement in its liquidity, driven by more-than-expected cash accruals or improved working capital management, over the medium term. Conversely, the outlook may be revised to 'Negative' if AMPL's financial risk profile, especially liquidity, weakens further, most likely caused by less-than-expected cash accruals, stretch in working capital cycle, or larger-than-expected debt-funded capital expenditure. About Aquarious Marketing AMPL, incorporated in 1991, exports and trades in orthodox and Crush, Tear, Curl (CTC) tea. Around 80 per cent of the company's revenues come from exports to around four to five customers and the rest comes from sales to wholesalers and dealers based in Indore (Madhya Pradesh) and Kolkata (West Bengal). AMPL's managing director is Mr. Dikshit Arya, who has experience of around three decades in the tea industry. GANAPATI MOTORS: CRISIL Assigns 'BB-' Rating to INR68MM Loans ------------------------------------------------------------- CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to the bank facilities of Ganapati Motors. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 18 CRISIL BB-/Stable (Assigned) Cash Credit 50 CRISIL BB-/Stable (Assigned) Bank Guarantee 22 CRISIL A4+ (Assigned) The ratings reflect Ganapati Motors' moderate financial risk profile marked by moderate capital structure and debt protection metrics, established relationship with its principal, and its promoters' extensive experience in the automobile dealership business. These rating strengths are partially offset by Ganapati Motors' modest scale of operations and regional concentration, and susceptibility to intense competition in the automobile dealership market. Outlook: Stable CRISIL believes that Ganapati Motors will continue to benefit over the medium term from its promoters' industry experience. The outlook may be revised to 'Positive' if Ganapati Motors improves its liquidity, while maintaining its business risk profile. Conversely, the outlook may be revised to 'Negative' if Ganapati Motors' financial risk profile weakens, most likely because of increase in working capital requirements or large, debt-funded capital expenditure. About Ganapati Motors Established in 2003, Ganapati Motors is an authorised automobile dealer in passenger cars manufactured by Maruti Suzuki India Ltd (MSIL, rated 'CRISIL AAA/Stable/CRISIL A1+'). It operates four showrooms, two in Bhilai, and one each in Durg and Rajnandgaon (all in Chhattisgarh). Ganapati Motors also deals in used cars under MSIL's True Value scheme and in spares and services. It is in the process of opening its fifth showroom in Durg, which is expected to be operational by September 2012. Ganapati Motors reported a net profit of INR10.0 million on net sales of INR1.1 billion for 2010-11 (refers to financial year, April 1 to March 31), against a net profit of INR9.5 million on net sales of INR735 million for 2009-10. For 2011-12, the firm's net sales are estimated at INR1.1 billion. MALDAR BARRELS: CRISIL Puts 'B+' Rating on INR1.18BB Loans ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Maldar Barrels Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 470 CRISIL B+/Stable (Assigned) Term Loan 75.5 CRISIL B+/Stable (Assigned) Proposed Long-Term 634.5 CRISIL B+/Stable (Assigned) Bank Loan Facility Bank Guarantee 70 CRISIL A4 (Assigned) The ratings reflect Maldar's weak financial risk profile marked by high gearing, modest debt protection metrics and the company's working-capital-intensive operations. These rating weaknesses are partially offset by the extensive experience of Maldar's promoters in the barrel manufacturing industry. Outlook: Stable CRISIL believes that Maldar will maintain its credit risk profile on the back of the promoter's experience in the industry. The outlook may be revised to 'Positive' in case of significant improvement in the company's financial risk profile most likely led by substantial equity infusion or significant easing of working capital requirements. Conversely, the outlook may be revised to 'Negative' if the company's liquidity deteriorates, most likely led by further stretching of working capital requirements, or in case of any larger-than-expected debt-funded capital expenditure (capex) programme by the company. About Maldar Barrels Maldar manufactures plastic and steel drums and barrels. The company was set up by Mr. Malvankar and Mr. Darankar in 1986, and was subsequently taken over by the Dharmani family in 1998. It has manufacturing plants in Taloja (Thane). The company is currently being managed by Mr. Haresh Dharmani, his father Mr. J J Dharmani and brother Mr. Lalit Dharmani. Maldar reported a profit after tax (PAT) of INR23 million on net sales of about INR 999 million for 2010-11 (refers to financial year, April 1 to March 31), as against a PAT of INR8 million on net sales of INR477 million for 2009-10. MANYATA INFRA: CRISIL Rates INR350MM Term Loan at 'CRISIL B-' ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the term loan facility of Manyata Infrastructure Developments Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 350 CRISIL B-/Stable (Assigned) The rating reflects MIDPL's exposure to project implementation risks and its high dependence on promoters for servicing term loans. The rating also reflects MIDPL's susceptibility to slowdown in Indian real estate market and to geographical concentration in revenues. These rating weaknesses are partially offset by the extensive experience of MIDPL's promoters in the residential and civil construction segment. Outlook: Stable CRISIL believes that MIDPL will benefit over the medium term from its promoters' industry experience in the residential real estate construction segment. The outlook may be revised to 'Positive' if the company completes construction of the proposed project earlier-than-expected, leading to higher-than-expected booking rates, sales realizations, and high cash flows thereby aiding the company's liquidity. Conversely, the outlook may be revised to 'Negative' if there are any delays in the implementation of its proposed project, leading to time and cost overruns and significant fall in realisations, or if MIDPL contracts more- than-expected debt or if there is any support extended to group companies, leading to weakening in its financial risk profile. About Manyata Infrastructure Based in Bengaluru, Manyata Infrastructure Developments Private Limited is proposing to undertake a residential apartment project at Manyata Residency, Hebbal (Bengaluru). MIDPL would have saleable area of 1.7 million square feet (msft) in this project. The project is awaiting approvals from the Bruhat Bengaluru Mahanagar Palike (BBMP) and thereafter would be completed over the ensuing 24-30 months. The promoter director Mr. Veeranna Reddy has a long standing experience of around three decades in the similar lines of business through the Reddy Veeranna group of companies. MIRADOR COMMERCIAL: CRISIL Rates INR360MM Loan at 'CRISIL B' ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Mirador Commercial Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 100 CRISIL A4 (Assigned) Term Loan 360 CRISIL B/Stable (Assigned) The ratings reflect MCPL's working-capital-intensive operations and customer concentration. These rating weaknesses are partially offset by good revenue visibility for MCPL for the medium term, supported by its sizeable portfolio of orders. Outlook: Stable CRISIL believes that MCPL will benefit from its healthy revenue visibility for the medium term, supported by its sizeable portfolio of orders. The outlook may be revised to 'Positive' if MCPL's financial risk profile improves beyond expectations, most likely driven by larger-than-expected cash accruals or improvement in working capital management. Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile weakens, most likely caused by less-than-expected cash accruals, or by weakening in liquidity because of deterioration in working capital management or larger-than- expected debt-funded capital expenditure. About Mirador Commercial MCPL, incorporated in 1994, has recently started undertaking Engineering, Procurement and Construction (EPC) contracts for erection of power transmission towers and laying power transmission lines. For this business MCPL acquired the engineering division of Southern Petrochemical Industries Corporation Ltd (SPIC) in September 2011 for INR570 million. Before starting this business, MCPL used to trade in raw jute and mutual fund. MCPL's main customers are Power Grid Corporation of India Ltd (PGCIL; rated 'CRISIL AAA/Stable/CRISIL A1+'), the Indian Railways, Rajasthan Rajya Vidyut Prasaran Nigam Ltd and Coastal Energen Pvt Ltd. PARK HEALTH: CRISIL Upgrades Rating on INR180MM Loans to 'B+' ------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Park Health Systems Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 137 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Proposed Long Term 43 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B/Stable') The upgrade reflects sustained improvement in Park Health's business risk profile, marked by the company's increasing scale of operations and improving liquidity. The upgrade also factors in the timely infusion of funds by Park Health's promoters to support the company's increasing scale of operations. Park Health's revenues are estimated at an increase of about 70 per cent in 2011-12 (refers to financial year, April 1 to March 31) over that of 2010-11; furthermore, the company is expected to be profitable and generate cash accruals of about INR20 million vis- �-vis negative cash accruals reported in the past, to support its debt obligations. Park Health's revenues are expected to increase by 15 to 20 per cent over the medium term, supported by the improving operating rate of the company's facility at Hyderabad (Andhra Pradesh). The rating continues to reflect Park Health's weak financial risk profile, marked by a high gearing and below-average debt protection metrics, modest scale of operations, and geographical concentration. These rating weaknesses are partially offset by the benefits that the company derives from its promoters' extensive experience in the healthcare industry. Outlook: Stable CRISIL believes that Park Health will continue to benefit over the medium term from its established position in the healthcare industry and the increasing demand for healthcare services. The outlook may be revised to 'Positive' if Park Health significantly improves its capital structure, while it sustains the growth in its revenues and maintains its profitability. Conversely, the outlook may be revised to 'Negative' if Park Health undertakes a larger-than-expected, debt-funded capital expenditure programme, adversely impacting its financial risk profile, particularly its liquidity. About Park Health Park Health, incorporated in 2007, operates a 100-bed multi- specialty hospital named Park Super Specialty Hospital, renamed as Deccan Hospital; the hospital commenced operations in July 2009. The Hyderabad-based company is promoted by Mr. Chinchod Damodar Reddy and his wife, Ms. Sura Supreetha Reddy. Park Health renders primary, secondary, and tertiary medical care. Park Health reported a net loss after tax of INR15.8 million on net sales of INR106.0 million for 2010-11; it reported net loss of 4.6 million on revenues of INR63.6 million for the seven months of its operations in 2009-10. Park Health reported revenues of about INR141 million for the nine months through December 2011. RAJARAJAN & SONS: CRISIL Assigns 'B' Rating to INR264.5MM Loans --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Rajarajan & Sons. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 184.5 CRISIL B/Stable (Assigned) Term Loan 80 CRISIL B/Stable (Assigned) The rating reflects RS' working capital intensive operations, susceptibility to intense competition in the automobile dealership industry, and low bargaining power with its principal, Mahindra & Mahindra Ltd (M&M; rated 'CRISIL AA+/Stable/CRISIL A1+). These rating weaknesses are partially offset by RS' healthy relationship with M&M, established regional presence in Tamil Nadu (TN) and Pondicherry regions and moderate financial risk profile marked by moderate net worth and capital structure. Outlook: Stable CRISIL believes that RS will continue to benefit over the medium term from its established position in the automobile dealership market for M&M in the TN and Pondicherry regions. The outlook may be revised to 'Positive' if RS' financial risk profile improves, most likely driven by an increase in its scale of operations, and improvement in its profitability, capital structure and debt protection metrics. Conversely, the outlook may be revised to 'Negative' in case a slowdown in the automobile industry adversely affects RS' revenues and profitability, or if the firm undertakes any large debt-funded capital expenditure programme, thereby weakening its capital structure. About Rajarajan & Sons Established in 2006 by Mr. K Rajarajan, RS is an authorized dealer for M&M. The firm deals in M&M's passenger cars and utility vehicles, sells spares and accessories, and services vehicles. It has four showrooms -- One in Cuddalore, two in Villupuram (both in TN) and one in Pondicherry. Vehicle sales contribute around 93 per cent to RS's total revenues; the firm derives the remaining 7 per cent from sales of spares and accessories, servicing, and commission income. RS reported a profit after tax (PAT) of INR34 million on net sales of INR962 million for 2010-11 (refers to financial year, April 1 to March 31), as against a PAT of INR20 million on net sales of INR568 million for 2009-10. RATNA CAFE: Delays in Loan Payment Prompts CRISIL Junk Ratings -------------------------------------------------------------- CRISIL has assigned its 'CRISIL D' rating to the long-term bank facilities of Ratna Cafe. The rating reflects the delays by RC in servicing its debt; the delays have been caused by RC's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long-Term Bank 28.5 CRISIL D (Assigned) Loan Facility Long-Term Loan 104 CRISIL D (Assigned) Overdraft Facility 17.5 CRISIL D (Assigned) RC also has an average financial risk profile, marked by moderate gearing and debt protection metrics. The firm, however, benefits from the experience of its promoter in the hotel industry. Set up in 1948 by Mr. Trilok Gupta, Ratna Cafe (RC) operates a chain of restaurants under the brand Ratna Caf� in Chennai (Tamil Nadu [TN]). Mr. Rajendra Gupta (nephew of Mr. Trilok Gupta) and his wife, Mrs. Rani Gupta, wholly acquired RC from Mr. Trilok Gupta in 2002. Besides running four outlets, the firm also caters to corporate clients. In 2011, RC commissioned its centralised kitchen in Kottivakkam (TN). The total cost of construction was INR115 million, funded by a debt-equity mix of 3:1. The firm is currently constructing its fifth outlet in Pondy Bazaar, Chennai for a total capital expenditure of INR36 million funded by a debt-equity mix of 7:3. The new outlet is expected to be commissioned by the end of 2012. RC reported a profit after tax (PAT) of INR1.7 million on net sales of INR 174.2 million for 2010-11 (refers to financial year, April 1 to March 31), against a PAT of INR1.7 million on net sales of INR142.1 million for 2009-10. SAI VENKATESWARA: CRISIL Rates INR80MM Term Loan at 'CRISIL BB-' ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL BB-/Stable/CRISIL A4+' ratings to the bank facilities of Sai Venkateswara Enterprises. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft Facility 5 CRISIL A4+ (Assigned) Term Loan 80 CRISIL BB-/Stable (Assigned) The ratings reflect strong demand prospects for SVE's hotel on the back of increasing pilgrimage traffic in Tirupati throughout the year. This rating strength is partially offset by SVE's limited track record of operations and SVE's subdued financial risk profile marked by small networth and moderate gearing. Outlook: Stable CRISIL expects SVE to maintain stable business risk profile in the medium term, on the back of steady flow of pilgrim traffic to Tirupati. The outlook may be revised to 'Positive' if the firm exhibits significantly higher occupancy levels resulting in better-than-envisaged net cash accruals, thereby improving its debt servicing metrics. Conversely, the outlook may be revised to 'Negative' if the firm generates substantially lower net cash accruals, either due to low occupancy rates or lower average room revenue, thus affecting its ability to meet its debt servicing commitments. Sai Venkateswara Enterprises, established in 2009 as a partnership firm, operates a 3-star hotel in Tirupati (Andhra Pradesh) under the brand 'Udayee International'. The firm commenced operations from February 2012. Udayee International has a capacity of 120 rooms along with other amenities such as restaurants, banquet halls, conference rooms etc. The firm's partners are Mr. B. Giri Babu, a Tirupati-based businessman and his wife, Mrs. B. Vasantha. The firm's office is located at Tirupati, Andhra Pradesh. SHRI BASAVESHWAR: Delays in Loan Payment Cue CRISIL Junk Ratings ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank facilities of Shri Basaveshwar Veerashaiva Vidyavardhak Sangha. The ratings reflect instances of delay by SBVVS in servicing its term debt; the delays have been caused by weakening in the trust's liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 200 CRISIL D (Assigned) Term Loan 277.1 CRISIL D (Assigned) SBVVS has weak liquidity?its cash accruals tightly match its maturing debt obligations. It is also vulnerable to any adverse regulatory changes in the education business. However, the trust benefits from healthy demand prospects for the education industry and from funding support from its promoters. Shri Basaveshwar Veerashaiva Vidyavardhak Sangha was established in 1906. Mr. Veeranna C Charantimath is its chairman. SBVSS operates about 135 institutes. Most of its institutes are in Bagalkot (Karnataka) and some are in Mudhol (Karnataka). Currently, SBVVS is expanding its geographic reach, with an engineering institute at Bengaluru (Karnataka). The trust has about 50,000 students and 5000 employees; its institutes offer about 300 different courses in fields such as technical, management, medical, para-medical, pharmacy, and social and rural development. All of the courses are approved by regulatory bodies, such as the All India Council for Technical Education and the Karnataka state and central governments; most of the courses are affiliated to Rajiv Gandhi University. Apart from the institutes, SBVSS operates a 1500-bed hospital in Bagalkot. SJ FABRICSS: CRISIL Puts 'CRISIL B+' Rating on INR120MM Loans ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities of SJ Fabricss Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B+/Stable (Assigned) Proposed Long-Term 70 CRISIL B+/Stable (Assigned) Bank Loan Facility The rating reflects SJFPL's stretched liquidity, large inventory requirement, and weak financial risk profile, marked by small net worth, high total outside liabilities to tangible net worth ratio, and weak interest coverage ratio. These rating weaknesses are partially offset by SJFPL's established clientele and promoters' extensive experience in the fabric industry. Outlook: Stable CRISIL believes that SJFPL will benefit over the medium term from its established clientele and promoters' extensive experience in the fabric industry. The outlook may be revised to 'Positive' in case of sustained improvement in financial risk profile, driven by better-than-expected working capital management or accruals, or by fresh capital infusion by the promoters Conversely, the outlook may be revised to 'Negative' in case of deterioration in liquidity or financial risk profile on account of stretched working capital or any significant debt-funded capital expenditure. About SJ Fabricss Incorporated in 2009, SJFPL exports synthetic fabric primarily to Bangladesh. Around 95 per cent of the company's revenue is from export to Bangladesh, while the rest is from export to Singapore and sale in the domestic market. The company is owned by members of the Jajodia and Verma families based in Kolkata (West Bengal). SJFPL's day-to-day operations are managed by Mr. Deepak Verma. SRI KRISHNA: CRISIL Puts 'CRISIL B' Rating on INR120.2MM Loans -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Sri Krishna Refineries. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long-Term 20.2 CRISIL B/Stable (Assigned) Bank Loan Facility Letter of Credit 100 CRISIL A4 (Assigned) Foreign Letter of Credit 12.5 CRISIL A4 (Assigned) Bank Guarantee 3.3 CRISIL A4 (Assigned) Cash Credit 100 CRISIL B/Stable (Assigned) The ratings reflect SKR's modest scale of operations, limited pricing flexibility because of intense competition in the edible oil industry, and susceptibility to any adverse changes in government regulations. These rating weaknesses are partially offset by SKR's promoters' extensive experience and established market position in the edible oil industry, and the firm's established clientele and relationships with its suppliers. Outlook: Stable CRISIL believes that SKR will maintain its business risk profile, supported by its established market position and promoters' industry experience, over the medium term. The outlook may be revised to 'Positive' in case of a higher than expected growth in revenues while improving on its profitability leading to an improving in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the firm's financial risk profile weakens significantly, most likely caused by decline in cash accruals and operating margins. About Sri Krishna Sri Krishna Refineries is in the business of refining groundnut, palm and sunflower oil. The firm, based in Erode (Tamil Nadu), was formed in 1969 by Mr. C Duraisamy and his brothers, Mr. C Krishnan. After their demise, the second-generation entrepreneurs took over the management, with Mr. Karthikeyan Krishnan, Mr. K. Balasubramaniam (both sons of Mr. C. Krishnan) and Mr. D. Venkateswaran and Mr. D. Shanmugasundaram (both sons of Mr. C. Duraisamy) as the promoters. SKR sources palm oil (raw oil) from suppliers based in Chennai, refines it, and sells it under the Master brand. SKR has a unit in Erode for refining crude groundnut oil and sunflower oil; the unit has capacity of 120 tonnes per day. It sells groundnut oil under the Major brand, and sunflower oil under the brand Rider brand. SKR reported a profit after tax (PAT) of INR4.0 million on net sales of INR474.2 million for 2010-11 (refers to financial year, April 1 to March 31), against a PAT of INR0.3 million on net sales of INR162.8 million for 2009-10. TIJIYA ENGINEERING: CRISIL Rates INR10MM Cash Credit at 'B+' ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Tijiya Engineering Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Standby Line of Credit 10 CRISIL A4 (Assigned) Packing Credit 40 CRISIL A4 (Assigned) Bill Discounting 50 CRISIL A4 (Assigned) Cash Credit 10 CRISIL B+/Stable (Assigned) The ratings reflect TEPL's relatively small market position in the international mild steel products industry, its average financial risk profile, marked by small net worth and modest debt protection metrics despite low gearing and working-capital- intensive operations. These rating weaknesses are partially offset by the extensive experience of TEPL's promoters in the mild steel products industry and the benefits associated with its partially integrated operations involving cutting, moulding, welding, finishing, and packaging of the manufactured products in-house. Outlook: Stable CRISIL believes that TEPL will continue to benefit over the medium term from its promoters' extensive experience in the mild steel products industry. The outlook may be revised to 'Positive' if the company's scale of operations increases significantly, along with a sustained improvement in profitability levels. Conversely, the outlook may be revised to 'Negative' if there is deterioration in its financial risk profile either on account of lower-than-expected profitability, larger-than-expected working capital requirements, or a large debt-funded capital expenditure plan. About Tijiya Engineering TEPL was incorporated in 1983 as a private limited company and is managed by Mr. Rajesh Poddar and Mr. Rajiv Poddar. The company manufactures various mild steel products, such as barbed wire arms, flat and round stakes, clamps, and rods for the construction and fencing industries. TEPL also manufactures various fasteners (of diameters of 3 to 8 and higher), such as washers and bolts. The company exports almost its entire production to the US and sells it under the brand, Steelex. Moreover, TEPL sells mild steel scrap to various secondary produces in the domestic market (which accounted for around 25 per cent of TEPL's sales in 2011-12 [refers to financial year, April 1 to March 31]). TEPL reported a profit after tax (PAT) of INR2.88 million on net sales of INR208.2 million for 2011-12, as against a PAT of INR1.38 million on net sales of INR168.3 million for 2010-11. ========= J A P A N ========= RENESAS ELECTRONICS: Seeks Loans From Three Major Shareholders -------------------------------------------------------------- The Japan Times Online reports that sources said Renesas Electronics Corp. plans to seek loans and other forms of support from three major shareholders to turn around its faltering businesses. According to the report, the sources said the struggling company is looking to approach NEC Corp., Hitachi Ltd. and Mitsubishi Electric Corp. The support would include taking on some Renesas workers to help the company streamline its operations, the sources, as cited by The Japan Times Online, said. The report notes that Renesas was expected to present a business reconstruction plan, including reducing its group workforce by up to 14,000 jobs, at its board meeting Thursday afternoon. The Japan Times Online relates that the sources said because the three shareholders raised concerns about Renesas' plan to raise more than JPY100 billion through a private placement of shares, the chip-maker is now considering seeking subordinated loans instead to make it easier for the three to offer financial support with less involvement in management. With repayment of massive bank loans due by the end of June, Renesas plans to finalize the reconstruction plan in time for its shareholders' meeting slated for June 26, the sources said, the report adds. For the fiscal year that ended March 31, 2012, the chip maker reported a net loss of JPY62.60 billion and revenue of JPY883.11 billion. In the previous fiscal year when the company was created, it reported a net loss of JPY115.02 billion, The Wall Street Journal said. Based in Tokyo, Japan, Renesas Electronics Corp. -- http://am.renesas.com/-- manufactures semiconductor systems for mobile phones and automotive applications. The company employs about 44,000 workers world-wide. =============== M A L A Y S I A =============== LINEAR CORP: Posts MYR2.03 Million Net Loss in March 31 Qtr. ------------------------------------------------------------ Linear Corporation reported a net loss of MYR2.03 million on MYR2.59 million of revenue for the quarter ended March 31, 2012, compared with a net loss of MYR1.87 million on MYR2.54 million of revenue for the quarter ended March 31, 2011. The Company's balance sheet as of March 31, 2012, showed MYR44.99 million in total assets and MYR67.69 million in total liabilities, resulting in a stockholders' deficit of MYR22.69 million. The company's consolidated balance sheet at March 31, 2012, showed strained liquidity with MYR38.34 million in total current assets available to pay MYR67.69 million in total current liabilities. A full-text copy of the Company's quarterly report is available for free at: http://bankrupt.com/misc/Linear_Consolidated_Financial_Mar2012.pdf About Linear Corp. Linear Corporation Berhad -- http://www.linear.com.my/-- engages in investment holding and providing management services. The Company operates in five business segments: investment holding, manufacturing of cooling towers, engineering, which includes designing and building district cooling system plants; trading of cooling towers and solar panel, and others, which includes providing water treatment services, trading of water tank, composites and other compounds. In June 2010, Linear Corp. was listed as a Practice Note 17 company based on the criteria set by the Bursa Malaysia Securities Bhd as it had triggered Paragraph 2.1 (f) of the PN17 and was unable to provide a solvency declaration to Bursa Securities. MITHRIL BERHAD: Posts MYR106,000 Net Loss in Qtr Ended March 31 --------------------------------------------------------------- Mithril Berhad posted a net loss of MYR106,000 on revenue of MYR3.81 million for the quarter ended March 31, 2012, compared with a net loss of MYR1.45 million on revenue of MYR3.54 million in the same period last year. At March 31, 2012, the Company's consolidated balance sheet showed MYR53.61 million in total assets, MYR52.44 million in total liabilities and total stockholders' equity of MYR1.67 million. The Company's consolidated balance sheet at March 31, 2012, showed strained liquidity with MYR1.81 million in total current assets available to pay MYR52.44 million in total current liabilities. About Mithril Berhad Headquartered in Kota Kinabalu, Malaysia, Mithril Berhad -- http://www.mithril.com.my/-- manufactures bricks and polyurethane products. Its other activities include dealing and distribution of bricks and building materials, development of properties, property management and investment holding. Mithril Berhad has been classified as an Affected Listed Issuer pursuant to paragraph 2.1(a) of PN 17 where the consolidated shareholders' equity stands at MYR9.12 million which is below 25% of the paid-up share capital of MYR49.77 million and the shareholders' equity is less than MYR40 million as required under paragraph 8.04(2) of the Listing Requirements. VASTALUX ENERGY: Posts MYR67,531 Net Loss in March 31 Quarter ------------------------------------------------------------- Vastalux Energy Berhad disclosed with the Bursa Stock Exchange its unaudited financial results for first quarter ended March 31, 2012. The Company posted a net loss of MYR67,531 on revenues of MYR154,799 in the quarter ended March 31, 2012, compared with a net loss of MYR147,879 on revenues of MYR74,423 in the same quarter of 2011. At March 31, 2012, the Company's consolidated balance sheet showed MYR3.73 million in total assets and MYR6.01 million in total liabilities resulting in MYR2.28 million in total stockholders' deficit. The Company's consolidated balance sheet at March 31, 2012, also showed strained liquidity with MYR2.21 million in total current assets available to pay MYR6.01 million in total current liabilities. A full-text copy of the company's quarterly report is available for free at: http://bankrupt.com/misc/Vastlux_Financial_March31.pdf Vastalux Energy Berhad (KUL:VASTALX) is a Malaysia-based investment holding company. The Company, through Vastalux Sdn. Bhd., is engaged in the provision of offshore and onshore hook-up and commissioning, offshore topside and onshore facilities maintenance services, offshore and onshore minor fabrication works and charter of marine vessel. Vastalux Energy Berhad has been considered a PN17 Company pursuant to Paragraph 2.1(e) of PN17. The PN17 criteria was triggered as a result of an expressed modified opinion with emphasis on the company's going concern on the latest audited consolidated financial statements for the financial year ended December 31, 2009, and shareholders' equity of the company on a consolidated basis as at September 30, 2010, is less than 50% of the issued and paid-up share capital of VEB as at September 30, 2010. On Feb. 23, 2011, the Company announced that pursuant to the Winding-Up of Vastalux Sdn. Bhd., the Company had triggered additional criteria under Paragraph 2.1 (c) of the PN 17 of the Main Market Listing Requirements. VTI VINTAGE: Swings to MYR319,000 Net Income in March 31 Quarter ---------------------------------------------------------------- VTI Vintage Berhad posted net income of MYR319,000 on revenue of MYR5.35 million for the quarter ended March 31, 2012, compared with a net loss of MYR379,000 on revenue of MYR14.26 million in the same period in 2011. At March 31, 2012, the Company's consolidated balance sheet showed MYR53.13 million in total assets and MYR63.39 million in total liabilities, resulting in a stockholders' deficit of MYR10.26 million. The company's consolidated balance sheet at March 31, 2012, showed strained liquidity with MYR16.10 million in total current assets available to pay MYR63.29 million in total current liabilities. A full-text copy of the company's quarterly report is available for free at: http://bankrupt.com/misc/VTI_Quarterly_Report.pdf About VTI Vintage VTI Vintage Berhad is an investment holding company. It also provides management services to its subsidiaries. The Company, through its subsidiaries is principally engaged in the manufacturing and trading of roof tiles, investment holding and trading of roof tiles and roof related products, supply and laying of roof tiles and installation of roofing on a consignment basis and manufacture, supply and installation of steel related building materials. On Feb. 25, 2010, VTI Vintage Berhad was classified as an Amended Practice Note 17 issuer based on the criteria set by the Bursa Malaysia Securities Bhd as it has triggered Paragraph 2.1 (a) of the PN17. ==================== N E W Z E A L A N D ==================== LOMBARD FINANCE: Former Directors Pays NZ$100,000 ------------------------------------------------- NBR ONLINE reports that convicted former Lombard Finance directors Sir Douglas Graham and Lawrie Bryant have met the deadline to make NZ$100,000 reparation payments. Both men had until May 31 to pay the reparation into Wellington High Court, and this was done, a court official confirmed to NBR ONLINE. In March, NBR ONLINE recalls, Mr. Bryant and Sir Douglas, godfather to Bryant's government spin-doctor son Nicholas, were sentenced along with fellow directors Bill Jeffries and Michael Reeves for their part in the collapse of the finance company in 2008. As well as being ordered to pay reparation, company chairman Sir Douglas and Mr. Bryant, a former royal spin doctor at Buckingham Palace, were sentenced to do 300 hours' community service, the report notes. NBR ONLINE adds that the Financial Markets Authority is appealing the non-custodial sentences handed down to the former directors, while the directors are also appealing their convictions. About Lombard Finance Lombard Finance & Investments Limited is a wholly owned subsidiary of Lombard Group, a diversified company specializing in the financial services sector offering a number of lending options and providing investment opportunities for its shareholders and investors. Lombard Finance was placed into receivership on April 10, 2008, by its trustee, Perpetual Trust Limited. PricewaterhouseCoopers partners John Fisk and John Waller have been appointed receivers of the company. The receivership also applies to three other subsidiaries of Lombard Group, being Lombard Asset Finance Limited, Lombard Property Holdings Limited and Lombard Asset Finance No 2 Limited. The receivership does not impact on Lombard Group Limited. The company owed NZ$127 million to 4,400 investors. ================= S I N G A P O R E ================= ASIASONS WFG: Creditors' Proofs of Debt Due June 29 --------------------------------------------------- Creditors of Asiasons Wfg Securities Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by June 29, 2012, to be included in the company's dividend distribution. The company's liquidators are: Chee Yoh Chuang Abuthahir Abdul Gafoor c/o 8 Wilkie Road #03-08 Wilkie Edge Singapore 228095 CSL M&E: Court to Hear Wind-Up Petition June 15 ----------------------------------------------- A petition to wind up the operations of CSL M&E Pte Ltd will be heard before the High Court of Singapore on June 15, 2012, at 10:00 a.m. Aten Pte Ltd filed the petition against the company on May 22, 2012. The Petitioner's solicitors are: WongPartnership LLP 63 Market Street #02-01 Singapore 048942 EASTMARCOSSE PTE: Court to Hear Wind-Up Petition June 15 -------------------------------------------------------- A petition to wind up the operations of Eastmarcosse Pte Ltd will be heard before the High Court of Singapore on June 15, 2012, at 10:00 a.m. The Hongkong and Shanghai Banking Corporation Limited filed the petition against the company on May 24, 2012. The Petitioner's solicitors are: Khattarwong LLP No. 80 Raffles Place #25-01 UOB Plaza 1 Singapore 048624 FRESICO CHINA: Creditors' Proofs of Debt Due July 2 --------------------------------------------------- Creditors of Fresico China Pte Ltd, which is in members' voluntary liquidation, are required to file their proofs of debt by July 2, 2012, to be included in the company's dividend distribution. The company's liquidators are: Leow Quek Shiong Gary Loh Weng Fatt c/o BDO LLP 21 Merchant Road #05-01 Royal Merukh S.E.A. Building Singapore 058267 LION HEART: Members' and Creditors' Meeting Set for June 14 ----------------------------------------------------------- Lion Heart Properties Pte Ltd, which is in creditors' voluntary liquidation, will hold a meeting for its members and creditors on June 14, 2012, at 10:00 a.m., at One Raffles Quay, North Tower Level 18, in Singapore 048583. Agenda of the meeting include: a. to receive an update on the progress of the liquidation pursuant to Section 307(1) of the Act; b. to receive an update on the finalisation on the adjudication of the Proofs of Debt; c. to consider and where appropriate to approve the fees and expenses of the Liquidators and their solicitors; and d. discuss other business. The company's liquidator is Seshadri Rajagopalan. LONGAINS INVESTMENT: Court to Hear Wind-Up Petition June 15 ----------------------------------------------------------- A petition to wind up the operations of Longains Investment Pte Ltd will be heard before the High Court of Singapore on June 15, 2012, at 10:00 a.m. Bank Julius Baer & Co Ltd filed the petition against the company on May 25, 2012. The Petitioner's solicitors are: Rajah & Tann LLP 9 Battery Road #15-01 Straits Trading Building Singapore 049910 ============= V I E T N A M ============= HOANG ANH: Fitch Puts 'B' Issuer Default Rating on Negative Watch ----------------------------------------------------------------- Fitch Ratings has placed Vietnam-based property developer Hoang Anh Gia Lai JSC's 'B' Long-Term Foreign and Local Currency Issuer Default 'B' Ratings on Negative Watch. Its 'B-' senior unsecured rating and the 'B-' rating on its USD90m notes have also been placed on Negative Watch. The Recovery Rating on the notes is unaffected at 'RR5'. The Negative Watch reflects HAGL's continued tight liquidity, with its real estate inventory as of 31 March 2012 little changed from end-2011 levels. Also, HAGL's new non-property businesses of iron ore mining, hydro power and plantations are yet to start generating meaningful revenues. Its cash balance as of 31 March 2012 was substantially lower at VND1.7trn, compared with VND2.9trn as of 31 December 2011 due primarily to capital expenditure of VND1.6trn incurred during Q112. The ratings may be downgraded if HAGL's cash balance continues to shrink as of end-June 2012. Conversely, the ratings may be affirmed if HAGL improves its unencumbered cash balance to VND3trn and if its new businesses start generating meaningful revenues. =============== X X X X X X X X =============== REPUBLIC OF BANGLADESH: S&P Affirms 'BB-' Sovereign Credit Rating ----------------------------------------------------------------- Standard & Poor's Ratings Services affirmed its 'BB-' long-term and 'B' short-term foreign and local currency sovereign credit ratings on the People's Republic of Bangladesh. The outlook is stable. The transfer and convertibility (T&C) assessment remains 'BB-'. "The ratings on Bangladesh incorporate the sovereign's limited fiscal flexibility due to low revenue-generation capacity and expenditure-side rigidities stemming from significant physical and human capital development needs, and a large subsidy regime. Low economic development and an adversarial domestic political setting are rating constraints," S&P said. "These constraining factors are weighed against strong and stable economic growth, and ongoing substantial donor and multilateral engagement, which conditions policy formulation and will help sustain improvement in debt ratios, S&P said. "We project the country's total revenue at 13% of GDP (including grants) in fiscal 2012, which ranks as one of the lowest among sovereigns we rate," said Standard & Poor's credit analyst Agost Benard. "Limited fiscal flexibility has contributed to years of public underinvestment, stunting the country's growth potential." "Bangladesh's low wealth level at a per capita GDP of US$637 (2011) is a key rating constraint. Standard & Poor's believes that such low incomes afford minimal policy and political flexibility when responding to exogenous shocks, or if severe policy adjustments were needed to avoid default," S&P said. "Bangladesh's weak institutions and governance hamper investment and development, while its volatile political setting detracts from legislative efficiency and harbors the potential for instability. These factors are additional rating constraints," S&P said. "Such credit weaknesses are balanced against strong growth and external support. In our view, the strength of key economic segments--garment, remittances, and agriculture--will sustain growth in line with recent trends, rising to about 6.7% by 2015, as global demand recovers," Mr. Benard added. Bangladesh benefits from substantial bilateral and multilateral donor engagement. Donors influence policy formulation and provide direct budgetary support, which, together with education and health services to the general population, eases the burden on the government. "The stable outlook reflects strong growth prospects and ongoing donor support, which ensures low-cost and long-maturity external debt and minimizes refinancing risk. These factors are balanced against lingering inflation risk and balance-of-payments pressure as imports expand," S&P said. "We could raise the ratings if the government succeeds in expanding the revenue base and improving collection efficiency, leading to a material improvement in its fiscal performance. We could also upgrade Bangladesh if alleviating energy, infrastructure, and administrative bottlenecks unlocks rising investment, leading to a sizable and sustainable increase in real GDP growth," S&P said. "Conversely, we could downgrade the sovereign if fiscal slippages result in rising public debt and external donor support declines materially. We could also lower the ratings in the event of a reversal of corrective policy actions taken so far to address fiscal and balance-of-payments pressures, or other substantial deviation from the policies required under the IMF Extended Credit Facility program," S&P said. ********* 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 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 Peter Chapman at 240/629-3300. *** End of Transmission ***