/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/120628.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 Thursday, June 28, 2012, Vol. 15, No. 128 Headlines A U S T R A L I A CLEARWATER CONSTRUCTIONS: Goes Into Voluntary Liquidation GREAT SOUTH: Placed in Liquidation PAPERLINX LIMITED: Sees AUD171-Mil. Net Loss in FY2012 C H I N A HIDILI INDUSTRY: S&P Puts 'B+' Corp. Credit Rating on Watch Neg LONKING HOLDINGS: Moody's Continues 'B1' CFR Review for Downgrade SUNAC CHINA: S&P Puts 'BB-' Corp. Credit Rating on Watch Negative H O N G K O N G BE SIGN: Members' Final Meeting Set for July 23 BEST VALUE: Creditors' Proofs of Debt Due July 23 BLACK'S LINK: Creditors' Proofs of Debt Due July 23 CHINESE PROSPEROUS: Creditors' Proofs of Debt Due Aug. 15 CORE CENTRE: Tang Wai Hung Willian Steps Down as Liquidator COSMIC DIGITAL: Members and Creditors' Meetings Set for July 20 ELITE GROUP: Members' Final Meeting Set for July 30 GOOD HARVEST: Annual General Meetings Set for July 20 JOS J.D.: Members' Final Meeting Set for July 23 JOS M.C.L.: Members' Final Meeting Set for July 23 ONE WORLD: Members' Final General Meeting Set for July 23 PENSON FINANCIAL: Commences Wind-Up Proceedings SHELL BITUMEN: Ying and Chan Step Down as Liquidators SHELL BITUMEN (XI'AN): Ying and Chan Step Down as Liquidators TONIC TECHNOLOGY: Yeung and Haughey Step Down as Liquidators I N D I A ATRIA BRINDAVAN: CRISIL Upgrades Rating on INR808MM Loan to 'B+' C. ESWARA: CRISIL Rates INR49.7MM Term Loan at 'CRISIL C' DHARAMPAUL ASSOCIATES: CARE Rates INR30cr Long/Short Term Loan EASTERN HEALTHCARE: CARE Puts 'BB+' Rating on INR5.95cr Loan HIND AGRO: CARE Assigns 'BB-' Rating to INR17.58cr LT Loan HIND INDUSTRIES: CARE Puts 'BB-' Rating on INR41.62cr Loans ITFT CONSULTANCY: Delay in Loan Payment Cues CRISIL Junk Ratings K SONI: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Term Loan METCON INDIA: CARE Places 'BB' Rating on INR14.25cr LT Loan RANJAN SUITINGS: CARE Rates INR2cr Long-Term Loan at 'CARE BB-' SANDWOODS INFRATECH: CRISIL Rates INR80MM Cash Credit at 'B' SARVESH SPINNERS: CRISIL Assigns 'BB-' Rating to INR55MM Loan SREE SAI: CRISIL Cuts Rating on INR58.5MM Loan to 'CRISIL B-' TECHNOCON CONSTRUCTIONS: CARE Rates INR2cr Loan at 'CARE BB' TELMOS ELECTRONICS: CARE Puts 'BB-' Rating on INR6cr LT Loan I N D O N E S I A ARPENI PRATAMA: OK With Gramercy Funds Suit on Exchange Offer N E W Z E A L A N D BRIDGECORP LTD: Case Cost Taxpayer NZ$1.5 Million WEST COAST BREWERY: Had Three Mortgages, Liquidators Say S I N G A P O R E SOLVATORS HOLDING: Creditors' Meetings Set for June 26 SPEED HAULAGE: Court Enters Wind-Up Order THONG SOON: Creditors Get 79.04262% Recovery on Claims VENTURE INVESTMENT: Members' Final Meeting Set for July 27 - - - - - ================= A U S T R A L I A ================= CLEARWATER CONSTRUCTIONS: Goes Into Voluntary Liquidation --------------------------------------------------------- Katrina Condie at Milton Ulladulla Times reports that Clearwater Constructions has gone into voluntary liquidation leaving a trail of debts totalling more than AUD10 million, with almost AUD200,000 owed to local sub-contractors. Trades people, hardware stores, motels, concreters, excavation companies and landscapers are among those who have not been paid, the report notes. The Times relates that complex developer ADCO appointed Clearwater Constructions to hire and oversee sub-contractors, including Ulladulla's ALBOS Traffic Management which has been the worst affected. ALBOS director Steve Gunton told the Times his company is owed AUD104,000 for traffic management services and the provision of temporary fencing. According to the report, liquidators Rodgers and Reidy have been appointed to wind up the company and last week sent letters to creditors such as Mr. Gunton explaining that "the company is unable to pay its debts." Mr. Gunton said there was a good chance local businesses would not be paid, the report relays. Clearwater Constructions is a Sydney-based civil works company. GREAT SOUTH: Placed in Liquidation ---------------------------------- ABC News reports that Great South Land Minerals has been declared insolvent and placed into liquidation. The company has spent millions of dollars on seismic testing in the Central Highlands, and has an oil rig in the area. According to the report, financial analyst Matthew Torenius said debt is a major issue. "The action was brought on by Dyson Corporate Security which is also in liquidation and the supporting creditor was Tasmania Perpetual Trustees Limited so it would appear that Great South Land was unable to pay those creditors and they've brought this action on," ABC News quotes Mr. Torenius as saying. Great South Land Minerals, Ltd. engages in the exploration and production of petroleum products in Australia. PAPERLINX LIMITED: Sees AUD171-Mil. Net Loss in FY2012 ------------------------------------------------------ Australian Associated Press reports that PaperlinX Limited expects to report a loss of AUD171 million for the 2012 financial year. "PaperlinX expects to report a loss in continuing operations, before restructuring costs, of approximately AUD38 million and a total reported loss after tax of AUD171 million, after taking into account restructuring, impairments, a currency option benefit and losses booked on the sale of (operations in) Italy and the US," PaperlinX said in a statement cited by AAP. AAP relates that PaperlinX said that demand for paper was expected to decline by about three to five per cent each year in most of the markets that it supplies for the foreseeable future. Reducing costs to match the declining market had been the priority of a strategic review of the company's operations, AAP adds. According to the news agency, PaperlinX would seek to expand its sales of non-paper products, especially packaging, and sign and display materials, which presented growth opportunities and were more profitable than paper. AAP relates that PaperlinX on Tuesday announced more initiatives marking the end of its strategic review. The initiatives included the sales of Spicers Paper USA and Kelly Paper in the US for US$76 million (AUD76.23 million), the report says. According to AAP, PaperlinX also said that regulators in the European Union had cleared the previously announced sale of PaperlinX's Italian operations for EUR45 million (AUD56.57 million). Australia-based PaperlinX Limited (ASX:PPX) -- http://www.paperlinx.com.au/-- is a fine paper merchant and manufacturer of communication and packaging paper. PaperlinX employs over 9,600 people in 28 countries. PaperlinX reported an annual loss of AUD108 million in the 2011 financial year, a loss of AUD225 million in 2010, and a loss of AUD798 million in 2009. ========= C H I N A ========= HIDILI INDUSTRY: S&P Puts 'B+' Corp. Credit Rating on Watch Neg --------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'B+' long-term corporate credit rating and 'cnBB' long-term Greater China credit scale rating on China-based coking coal producer Hidili Industry International Development Ltd. on CreditWatch with negative implications. "At the same time, we placed our 'B+' issue rating and 'cnBB' long-term Greater China credit scale rating on the company's outstanding notes on CreditWatch with negative implications," S&P said. "The CreditWatch placement reflects the heightened refinancing risk associated with Hidili's Chinese renminbi (RMB) 1.7 billion convertible bonds due January 2013," said Standard & Poor's credit analyst Jian Cheng. "We understand that the company is yet to obtain committed financing for the bonds, although it is in discussions about a few refinancing options." The bonds are unlikely to be converted into equity because Hidili's share price of Hong Kong dollar (HK$) 2.22 is substantially lower than the bonds' conversion price of HK$12.58 per share. According to the bond document, bondholders can redeem the bonds on Jan. 19, 2013, at a redemption price that is 106.2687% of the principal amount. "In our base case, we don't expect Hidili to have enough internal resources to redeem the bonds. The company is likely to generate negative free operating cash flow over the next two years due to its still-high capital expenditure. We project Hidili's capital expenditure for 2012 at about RMB900 million, compared with RMB2.1 billion in 2011. We expect the company to have a ratio of funds from operation to debt of about 15% in 2012," S&P said. "We assess Hidili's liquidity to be 'less than adequate', as defined in our criteria. We believe the company's liquidity sources, including cash and equivalents, will not cover its liquidity uses for 2012," S&P said. "We aim to resolve the CreditWatch in three months, depending on the status of the convertible bond refinancing," said Mr. Cheng. "We may lower the rating if Hidili fails to put refinancing plans in place within three months. We may also lower the rating if Hidili's financial performance deteriorates, such that company's ratio of funds from operations to total debt is less than 15% on a sustainable basis." "This could happen if the decline in Hidili's coal production or in coal prices is worse than our expectation. We may also lower the rating if the company's liquidity deteriorates," S&P said. "We may affirm the rating if Hidili refinances its convertible bonds and its financial performance remains in line with our expectations, with a ratio of funds from operation to debt of more than 15%," S&P said. "We could lower the issue rating by a notch and affirm the rating on Hidili if the company uses priority debt to refinance the convertible bonds, such that the ratio of priority debt to total assets exceeds 15%. The ratio is 14.01% as of Dec. 31, 2011," S&P said. LONKING HOLDINGS: Moody's Continues 'B1' CFR Review for Downgrade ----------------------------------------------------------------- Moody's Investors Service continues to review for possible downgrade the B1 corporate family and senior unsecured bond ratings of Lonking Holdings Limited. The company's ratings have been under review since May 25, 2012. Ratings Rationale "Lonking still needs to make meaningful progress in repaying USD168 million (RMB1.1 billion equivalent) convertible bonds, which will be puttable on 24 August," says Jiming Zou, a Moody's analyst. Lonking's refinancing options -- which include raising funds from offshore capital markets, additional domestic bank loans, or the repatriation of cash to offshore accounts -- require time for proper approvals and completion. The lack of meaningful progress at this stage means that the uncertainty over the repayment of the puttable convertible bonds is increasing. Moody's also expects the current lackluster construction machinery market in China to negatively impact the company's operating performance. Therefore, its liquidity position will weaken from end-2011 levels. The adverse market conditions will likely persist in the period leading to the repayment date of the convertible bonds. "Moody's review continues to focus on the refinancing options for the convertible bonds and the cash position of the company. Lonking's failure to achieve any concrete refinancing in the near term could lead to a multiple-notch downgrade," Zou adds. If the puttable convertible bonds are not repaid, a cross default of the USD350 million senior unsecured bonds will be triggered. Such a situation would increase the risk of Lonking defaulting on the bonds. The principal methodology used in rating Lonking Holdings Limited was the Global Heavy Manufacturing Rating Methodology published in November 2009. Lonking Holdings Limited is one of the leading heavy machinery suppliers in China. It focuses on the production of wheel loaders and excavators. Lonking also manufactures road rollers, forklifts, and other types of construction machinery. The company has a share of about 20% in China's wheel-loader market. Lonking has four manufacturing plants in Shanghai, Zhengzhou, Fujian and Jiangxi, and the majority of its products are sold in the domestic market. The company listed on the Hong Kong Stock Exchange in 2005. It is 55.08% controlled by founder and chairman, Li Xin Yan, and his wife. SUNAC CHINA: S&P Puts 'BB-' Corp. Credit Rating on Watch Negative ----------------------------------------------------------------- Standard & Poor's Ratings Services placed its 'BB-' long-term corporate credit rating on Sunac China Holdings Ltd. on CreditWatch with negative implications. "We also placed the 'cnBB+' long-term Greater China credit scale rating on the Chinese property developer on CreditWatch with negative implications," S&P said. "We placed the ratings on CreditWatch because we believe Sunac's proposed acquisition of stakes in nine real estate projects could weaken the company's credit profile," said Standard & Poor's credit analyst Frank Lu. "The acquisition is larger than we had expected and entails significant debt funding and assumption of project debt. These factors could increase Sunac's leverage and materially weaken its cash flows. In addition, we are unclear about the potential cash flow contributions from these projects and the impact of the acquisition on the company's liquidity profile." "On June 22, 2012, Sunac announced that it would acquire 50% equity interest in a joint venture consisting of nine real estate projects that will be injected by Greentown China Holdings Ltd. (CCC+/Watch Pos/--; cnCCC+/Watch Pos/--) for Chinese Renminbi (RMB) 3.37 billion. Sunac hasn't disclosed the total debt on these projects and the maturity profiles of the debt. Sunac will consolidate six of the nine projects and assume their debts. Sunac will have control over the projects because the company will have three members on the board compared to Greentown's two. The transaction is subject to shareholders' approval." "We aim to resolve the CreditWatch within the next three months, after we can confirm the full amounts of Sunac's capital commitment for the joint venture, the project debt, and potential cash flow contributions from the acquired projects," said Mr. Lu. "We may lower the rating by one notch if the acquisition increases Sunac's borrowings significantly more than we expect without a strong property sales performance to offset the higher debt. Downgrade triggers could be a debt-to-EBITDA ratio of more than 5x and EBITDA interest coverage of less than 3x," S&P said. ================ H O N G K O N G ================ BE SIGN: Members' Final Meeting Set for July 23 ----------------------------------------------- Members of Be Sign Media Limited will hold their final meeting on July 23, 2012, at 10:00 a.m., Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Ying Hing Chiu and Chan Mi Har, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. BEST VALUE: Creditors' Proofs of Debt Due July 23 ------------------------------------------------- Creditors of Best Value Promotionland Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by July 23, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 15, 2012. The company's liquidator is: Sung Mi Yin Mella Suite No. A, 11th Floor Ritz Plaza, 122 Austin Road Tsimshatsui, Kowloon Hong Kong BLACK'S LINK: Creditors' Proofs of Debt Due July 23 --------------------------------------------------- Creditors of Black's Link Capital Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by July 23, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 15, 2012. The company's liquidators are: Natalia K M Seng Susan Y H Lo Level 28, Three Pacific Place 1 Queen's Road East, Hong Kong CHINESE PROSPEROUS: Creditors' Proofs of Debt Due Aug. 15 --------------------------------------------------------- Creditors of Chinese Prosperous International Limited, which is in members' voluntary liquidation, are required to file their proofs of debt by Aug. 15, 2012, to be included in the company's dividend distribution. The company commenced wind-up proceedings on June 14, 2012. The company's liquidator is: Lau Wing Ling Unit C, 16/F Chinaweal Centre 414-424 Jaffe Road Wanchai, Hong Kong CORE CENTRE: Tang Wai Hung Willian Steps Down as Liquidator ----------------------------------------------------------- Tang Wai Hung Willian stepped down as liquidator of Core Centre Limited on June 18, 2012. COSMIC DIGITAL: Members and Creditors' Meetings Set for July 20 --------------------------------------------------------------- Members and creditors of Cosmic Digital Technology Company Limited will hold their final meetings on July 20, 2012, at 3:00 p.m., and 3:30 p.m., respectively at the office of FTI Consulting, Level 22, The Center, 99 Queen's Road Central, Central, in Hong Kong. At the meeting, Bruno Arboit, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. ELITE GROUP: Members' Final Meeting Set for July 30 --------------------------------------------------- Members of Elite Group Asia Limited will hold their final general meeting on July 30, 2012, at 10:00 a.m., at Apt. 1304, Grand Ocean Plaza, Ocean Village, in Gilraltar. At the meeting, Chan Chung Wah Clement, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. GOOD HARVEST: Annual General Meetings Set for July 20 ----------------------------------------------------- Members and creditors of Good Harvest Textiles Limited will hold their annual general meetings on July 20, 2012, at 2:30 p.m., and 3:00 p.m., respectively at 29/F, Caroline Centre, Lee Gardens Two, 28 Yun Ping Road, in Hong Kong. At the meeting, Osman Mohammed Arab, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. JOS J.D.: Members' Final Meeting Set for July 23 ------------------------------------------------ Members of Jos J.D. Edward (HK) Limited will hold their final meeting on July 23, 2012, at 10:00 a.m., Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Ying Hing Chiu and Chan Mi Har, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. JOS M.C.L.: Members' Final Meeting Set for July 23 -------------------------------------------------- Members of Jos M.C.L. Engineering Limited will hold their final meeting on July 23, 2012, at 10:00 a.m., Level 28, Three Pacific Place, 1 Queen's Road East, in Hong Kong. At the meeting, Ying Hing Chiu and Chan Mi Har, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ONE WORLD: Members' Final General Meeting Set for July 23 --------------------------------------------------------- Members of One World Fragrance Limited will hold their final general meeting on July 23, 2012, at 10:00 a.m., at Room 1903, 19/F, World-Wide House, at 19 Des Voeux Road Central, in Hong Kong. At the meeting, Yeung Tak Chun, the company's liquidator, will give a report on the company's wind-up proceedings and property disposal. PENSON FINANCIAL: Commences Wind-Up Proceedings ----------------------------------------------- Members of Penson Financial Services Asia Limited, on June 15, 2012, passed a resolution to voluntarily wind up the company's operations. The company's liquidator is: Philip Brendan Gilligan 7th Floor, Alexandra House 18 Chater Road Central, Hong Kong SHELL BITUMEN: Ying and Chan Step Down as Liquidators ----------------------------------------------------- Ying Hing Chiu and Chan Mi Har stepped down as liquidators of Shell Bitumen (Foshan) Holding Limited on June 14, 2012. SHELL BITUMEN (XI'AN): Ying and Chan Step Down as Liquidators ------------------------------------------------------------- Ying Hing Chiu and Chan Mi Har stepped down as liquidators of Shell Bitumen (Xi'an) Holding Limited on June 14, 2012. TONIC TECHNOLOGY: Yeung and Haughey Step Down as Liquidators ------------------------------------------------------------ Yeung Lui Ming (Edmund) and Darach E. Haughey stepped down as liquidators of Tonic Technology Limited on June 15, 2012. ========= I N D I A ========= ATRIA BRINDAVAN: CRISIL Upgrades Rating on INR808MM Loan to 'B+' ---------------------------------------------------------------- CRISIL has upgraded its rating on Atria Brindavan Power Ltd's long-term bank loan facility to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long-Term Loan 808 CRISIL B+/Stable (Upgraded from 'CRISIL B-/Stable') The rating upgrade reflects improvement in ABPL's liquidity, supported by steady cash flows from power generation, over the past 12 months. Its cash accruals increased to about INR130 million in 2011-12 (refers to financial year, April 1 to March 31) from INR83 million in 2010-11 and are expected to remain at 2011-12's level over the medium term. Because of the increase in cash accruals, the company has been steadily repaying its term loans, thereby lowering its gearing, and consequently, improving its financial risk profile. The upgrade also factors in CRISIL's belief that ABPL will service its debt in a timely manner over the medium term, supported by steady cash accruals from power generation. The rating reflects ABPL's weak financial profile, marked by small net worth, high gearing and weak debt protection metrics, and exposure to risks related to scarcity of water and to a weak counterparty. These rating weaknesses are offset by ABPL's stable revenues from sale of power to Chamundeshwari Electricity Supply Corporation. Outlook: Stable CRISIL believes that ABPL will generate stable cash flows over the medium term from power generation. The outlook may be revised to 'Positive' if ABPL increases its plant load factor (PLF), leading to further increase in its cash flows, thereby further improving its financial risk profile, particularly liquidity. Conversely, the outlook may be revised to 'Negative' if the company faces delay in receivables from CESC or a decline in its PLF because of non-availability of water, thereby adversely impacting its debt-servicing ability. About Atria Brindavan Established in 2003, Atria Brindavan Power Ltd is a hydro- electric power generating company, with capacity of 16 megawatts (MW). Its plant are located on the banks of Cauvery river in Karnataka. The company's 12-MW plant, which was scheduled to begin operations in August 2006, was commissioned in February 2008, because of damage caused to the dam by heavy flooding. ABPL has a take-or-pay power-purchase agreement with CESC, with an annual escalation clause for 10 years. The company has a 4-MW tailrace power plant, which commenced operations in November 2009. For 2011-12, ABPL reported, on provisional basis, a net profit of INR50 million on a turnover of INR230 million; the company reported a net loss of INR7 million on a turnover of INR154 million for the previous year. C. ESWARA: CRISIL Rates INR49.7MM Term Loan at 'CRISIL C' --------------------------------------------------------- CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings to the bank facilities of C. Eswara Reddy & Company. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 49.7 CRISIL C (Assigned) Bank Guarantee 43.8 CRISIL A4 (Assigned) Overdraft Facility 10 CRISIL A4 (Assigned) The ratings reflect CERC's weak liquidity position which is likely to impair its ability to meet its debt servicing obligations in time. There have been instances of past delays in the servicing of its term debt obligations due to delays in realizations from government departments. The ratings also factor modest scale of operations in a highly competitive industry, geographical concentration in revenue profile and Working capital-intensive nature of operations. This rating weakness is partially offset by Promoter's experience in the civil construction industry and healthy revenue visibility. About C. Eswara C. Eswara Reddy & Company promoted by the Reddy family, is engaged in civil construction work related to road projects in Andhra Pradesh. Mr. C. Eswara Reddy, Mr. K Prabhakar Reddy, Mr. K Rama Krishna Reddy, Ms. K. Uma Maheshwaramma and Mr. K. Mohan Kumar Reddy are the current partners in the firm with equal shareholding. CERC undertakes construction of roads and other allied civil works involved in road projects. The firm is a registered Class I contractor for the Road and Building Department of the Government of Andhra Pradesh.The firm is a registered contractor for Govt. Of Andhra Pradesh. The registered office of the firm is located at Moosapet, Hyderabad. CERC reported profit after tax (PAT) of INR17.4 million on net sales of INR321.2 million for 2010-11 (refers to financial year, April 1 to March 31), as against a PAT of INR28.7 million on net sales of INR62.2 million for 2009-10. DHARAMPAUL ASSOCIATES: CARE Rates INR30cr Long/Short Term Loan -------------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Dharampaul Associates. Facilities (INR crore) Ratings ----------- ----------- ------- Long/Short-term Bank 30 CARE BB-/CARE A4 Facilities Assigned The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The ratings may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings of Dharampaul Associates (DPA) are constrained by the modest scale of its operations with thin profitability which is inherent in trading operations, high working capital intensity and elongation in working capital cycle. The ratings are further constrained by risk associated with volatile commodity prices and its presence in a highly fragmented and competitive steel trading industry. The ratings, however, derive comfort from the long track record of the promoters in steel trading business along with improvement in capital structure. The ability of DPA to increase its scale of operations along with improvement in its profitability and efficient working capital management are the key rating sensitivities. Setup in April 2003 by Mr. Varun Gupta and Mrs. Divya Gupta, DPA is a partnership firm engaged in trading of mild steel plates, iron beams, channels, etc. These products find application in automobiles, fabrication, infrastructure and general engineering space. The firm has three warehouses located in Ahmedabad, Mumbai and Chennai which enables it to cater to demand on a pan-India basis. In October 2011, Mr. Vivek Gupta, brother of Mr. Varun Gupta has been inducted into the partnership firm by converting his unsecured loans to the partners' capital. The firm is in the process of converting itself to a private limited company, which is expected to be concluded by the end of August 2012. DPA registered a total income of INR240.20 crore and PAT of INR1.95 crore in FY12 (refers to the period April 1 to March 31) as against a total income of INR232.16 crore and PAT of INR1.39 crore in FY11. EASTERN HEALTHCARE: CARE Puts 'BB+' Rating on INR5.95cr Loan ------------------------------------------------------------ CARE assigns 'CARE BB+' and 'CARE A4+' rating to the bank facilities of Eastern Healthcare. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 5.95 CARE BB+ Assigned Short-term Bank Facilities 0.65 CARE A4+ Assigned The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The ratings may undergo change in case of withdrawal of the capital or unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings of Eastern Healthcare are primarily constrained by small scale of operations, constitution as a partnership firm, negative impact on PAT margin due to partial completion of tax holiday period and increasing working capital cycle. The ratings, however, derive strength from the experienced promoters, diversified customer base and healthy profitability margins. Timely execution of expansion plan and maintaining profitability while increasing the scale of operations will be key rating sensitivities. Established in the year 2005, Eastern Healthcare is a partnership firm promoted by Mr. Ajay Surana and his father, Mr. Suraj Mal Surana. The firm undertakes contract manufacturing of soft gelatin capsules for allopathic oral formulations, external preparations, ophthalmic ointments, dietary supplements, ayurvedic products and hormonal preparations on principal-to- principal (P2P) and loan-license basis from its manufacturing facility in Haridwar. Eastern Healthcare also does manufacturing and marketing of its own generic allopathic, herbal and dietary products under soft gelatin category. The firm reported total operating income of INR11.35 crore with PAT of INR2.02 crore in FY11 (refers to period April 1 to March 31). During FY12 (provisional), Eastern Healthcare has achieved total operating income of INR16.58 crore. HIND AGRO: CARE Assigns 'BB-' Rating to INR17.58cr LT Loan ---------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Hind Agro Industries Limited. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 17.58 CARE BB- Assigned Short-term Bank Facilities 192.30 CARE A4 Assigned Long-term/Short-term 7.70 CARE BB-/CARE A4 Bank Facilities Assigned Rating Rationale The ratings are constrained by the weak financial profile marked by high gearing, low profitability margins and constrained liquidity position. The ratings also take into account the project stabilization risk, client and geographical concentration risk, regulatory risks, susceptibility of margins to the volatility in the foreign exchange rates and past delays in the debt servicing. These weaknesses, however, are partially offset by the long track record, established brand name in the meat processing industry, experienced promoter and management team and sizeable scale of operations. The ability of the company to improve the profitability margins and capital structure, and to manage working capital cycle effectively are the key rating sensitivities. Hind Agro Industries Limited was incorporated in 1994. HAIL is a 100% export-oriented company having integrated abattoir (slaughter house) cum meat processing plant for buffalo and sheep meat. The plant is located in Aligarh, U.P. having a capacity of 1,20,000 MTPA. HAIL is a subsidiary of Hind Industries Limited, which holds 81% stake in HAIL. The remaining stake is held by Pradeshiya Industrial and Investment Corporation of U.P. Limited (PICUP) and U.P. The management team is same for both the companies. HIL together with HAIL is one of the largest exporters of meat and meat products from Northern India. HAIL earned a PAT of INR6 crore on a total income of INR702 crore in FY11 (refers to the period April 01 to March 31). Furthermore, as per provisional results, the company has earned a PAT of INR4 crore on total income of INR712 crore in FY12. HIND INDUSTRIES: CARE Puts 'BB-' Rating on INR41.62cr Loans ----------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Hind Industries Limited. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 39.37 CARE BB- Assigned Short-term Bank Facilities 46.50 CARE A4 Assigned Long-term/Short-term 2.25 CARE BB-/CARE A4 Bank Facilities Assigned Rating Rationale The ratings are constrained by the working capital intensive nature of operations due to long operating cycle, low profitability margins, high exposure to subsidiary and client and geographical concentration risk. The ratings also take into account regulatory risks, susceptibility of margins to the volatility in the foreign exchange rates and past delays in the debt servicing. These weaknesses, however, are partially offset by the long track record, established brand name in the meat processing industry and experienced promoter and management team. The ability of the company to improve the profitability margins and capital structure, and to manage working capital cycle effectively are the key rating sensitivities. Hind Industries Limited (HIL) was incorporated in 1973. HIL is a 100% export-oriented firm engaged in meat exports. HIL operates a meat processing plant for buffalo and sheep meat in Sahibabad, Ghaziabad (U.P.) with total installed capacity of 25,000 MTPA as on March 31, 2011. HIL manufactures and export fresh, chilled and frozen meat and meat products. HIL has a subsidiary, Hind Agro Industries Limited (HAIL), which has integrated abattoir (Slaughter house) cum meat processing unit in Aligarh (U.P.). HIL holds 81% stake in HAIL. HIL together with HAIL is one of the largest exporters of meat and meat products from Northern India. HIL earned a PAT of INR2.55 crore on a total income of INR138.53 crore in FY11 (refers to the period April 01 to March 31). Furthermore, as per provisional results, the company has earned a PAT of INR2.61 crore on total income of INR142.98 crore in FY12. ITFT CONSULTANCY: Delay in Loan Payment Cues CRISIL Junk Ratings ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank facilities of ITFT Consultancy Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 79.8 CRISIL D (Assigned) Proposed Long- Term 35.0 CRISIL D (Assigned) Bank Loan Facility Funded Interest Term 1.9 CRISIL D (Assigned) Loan Overdraft Facility 20.0 CRISIL D (Assigned) The ratings reflect instances of delay by ITFT in servicing its debt; the delays have been caused by the company's weak liquidity. ITFT also has a stretched liquidity resulting in low cash accruals vis-a-vis repayment obligations and vulnerability to regulatory risks associated with the educational institutions. These rating weaknesses are partially offset by the extensive experience of ITFT's promoters and the healthy demand prospects for the education sector. ITFT Consultancy Pvt Ltd was set up in 1994 as a society and reconstituted as a private limited company in 2006. ITFT offers graduation and post-graduation courses, such as bachelor in airlines tourism and hospitality management, bachelor in media entertainment and film technology, bachelor in computer application, masters in airlines tourism and hospitality management, masters in service industry management, and masters in mass communication and media management. These courses are approved by the Punjab Technical University. ITFT is promoted by Mr. Gulshan Sharma, who manages its overall operations along with his son, Mr. Aman Sharma. ITFT reported an estimated profit after tax (PAT) of INR1.31 million on estimated net sales of INR120 million for 2011-12 (refers to financial year, April 1 to March 31), as against a PAT of INR1.30 million on net sales of INR118.56 million for 2010-11. K SONI: CRISIL Assigns 'CRISIL B+' Rating to INR150MM Term Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the term loan facility of K Soni Builders and Promoters Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 150 CRISIL B+/Stable (Assigned) The ratings reflect KSB's susceptibility to risks associated with implementation of its ongoing projects and to cyclicality in the real estate industry in India. These rating weaknesses are partially offset by the benefits that KSB derives from its promoters' extensive experience in the real estate industry and from the funding support it receives from them. Outlook: Stable CRISIL believes that KSB will continue to benefit from its promoters' extensive industry experience and funding support. The outlook may be revised to 'Positive' if KSB's liquidity improves, most likely driven by timely completion of its ongoing projects along with more-than-expected customer bookings. Conversely, the outlook may be revised to 'Negative' if KSB faces time or cost overrun in the projects, if its customer bookings are less than expected, leading to less-than-expected cash inflows, or if large debt-funding of its proposed project weakens its liquidity. About K Soni Builders Incorporated in 2006, K Soni Builders and Promoters Pvt Ltd is currently executing two residential real estate projects in Mohali, Punjab. The first residential project is being marketed under the brand KSB Royal Homes 2, and comprises 278 residential units, with a total construction area of about 264,900 square feet. The total cost of the project is about INR300 million; the project is expected to be completed by September 2012. The second residential project is being marketed under the brand KSB Royal Heights, and comprises 272 residential units, with a total construction area of about 460,800 square feet. The total cost of the project is about INR631 million; the project is expected to be completed by August 2013. METCON INDIA: CARE Places 'BB' Rating on INR14.25cr LT Loan ----------------------------------------------------------- CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Metcon India Realty And Infrastructure Private Limited. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 14.25 CARE BB Assigned Short-term Bank Facilities 50.00 CARE A4 Assigned Rating Rationale The assigned ratings factor in the small scale of operations, competitive nature of the industry resulting in below-average operating margins and moderate financial risk profile with high leverage and moderate debt coverage indicators. The assigned ratings however, favourably factor in the reputed client base of Metcon India Realty and Infrastructure Private Limited and relevant experience of the promoters. Ability of the company to enhance its financial risk profile by reducing the leverage and the timely execution of the orders in hand will remain the key rating sensitivities. The company reported profit after tax (PAT) of INR1.83 crore on a total operating income ofINR47.87 crore in FY11 (refers to period April 1 to March 31) as against PAT ofINR2.94 crore on total operating income of INR47.87 crore in FY10. As per the unaudited financial results of Metcon for 9MFY12, the company earned PAT of INR1.93 crore on total operating income of INR55.45 crore. RANJAN SUITINGS: CARE Rates INR2cr Long-Term Loan at 'CARE BB-' --------------------------------------------------------------- CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Ranjan Suitings Private Limited. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 2.00 CARE BB- Assigned Short-term Bank Facilities 4.50 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Ranjan Suitings Pvt. Ltd. are primarily constrained on account of its thin profitability, moderately leveraged capital structure, long operating cycle and small scale of operations in a highly competitive & fragmented synthetic fabric industry. The ratings are further constrained on account of susceptibility of its profitability to the raw material price fluctuation and RSPL's limited presence in textile value chain. The ratings, however, favorably take into account the experience of the promoters, long track record of operation and its presence in the Bhilwara textile cluster. RSPL's ability to increase its scale of operations and move up in the textile value chain with improvement in profitability are the key rating sensitivities. Bhilwara, Rajasthan-based RSPL, incorporated in 1987, is promoted by Mr. Sanwar Mal Beswal who has over two decades of experience in the industry. RSPL is engaged in the manufacturing of synthetic fabric from polyester yarn. It has installed 82 Sulzer looms at its plant located at Bhilwara having an installed capacity of 51.12 lakh meters per annum as on March 31, 2011. RSPL sells its products under the brand name of 'Ranjan' & 'Runicha'. During FY11 (FY refers to the period from April 1 to March 31), RSPL reported total operating income of INR21.05 crore (FY10: INR17.65 crore) and PAT of INR0.06 crore (FY10: INR0.06 crore) As per the provisional result for 9MFY12, RSPL reported a total operating income of INR18.56 crore. SANDWOODS INFRATECH: CRISIL Rates INR80MM Cash Credit at 'B' ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B/Stable' rating to the cash credit bank facility of Sandwoods Infratech Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B/Stable (Assigned) The rating reflects extensive experience of SIPL's promoters in real estate development, the company's established brand name in and around Chandigarh (Punjab/Haryana) and Shimla (Himachal Pradesh), and its conservative capital structure. These rating strengths are partially offset by SIPL's exposure to risks associated with its ongoing real estate project (Campton Estate), geographic concentration of its operations, and its susceptibility to cyclicality in the real estate industry. Outlook: Stable CRISIL believes that SIPL will maintain its business risk profile, supported by its established market position and promoters' extensive industry experience. The outlook may be revised to 'Positive' if SIPL reports significant increase in its cash flows because of earlier-than-expected completion of its ongoing projects, or achieves substantial sales realisations from its ongoing projects. Conversely, the outlook may be revised to 'Negative' if the company faces delays in project completion or in receipt of payments from customers, or if the response to the ongoing projects is significantly lower than expected. About Sandwoods Infratech SIPL, promoted by Mr. Shiv Kumar Baagolia, is a property developer, with focus on luxury residences. It operates in Punjab and Himachal Pradesh. SIPL was initially founded as Bagolia Associates in 1985; its name was changed to UB Constructions when it operated as a property developer in Punjab; in February 2012, it was incorporated and its name was changed to the current one. Sandwoods Infratech Pvt Ltd has also been allotted two mini hydro power projects of 5 megawatts each in Kullu valley, Himachal Pradesh. The construction work for this project is expected to begin in October 2012. The company is also attempting to diversify in green energy projects such as bio-fuels and bio- plastic (degradable) products, and has invested in an associate entity, Sandwoods Eco Energy Projects Pvt Ltd, which is primarily a research-and-development-oriented entity and has not yet begun commercial production. SARVESH SPINNERS: CRISIL Assigns 'BB-' Rating to INR55MM Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL BB-/Stable' rating to the long- term bank facilities of Sarvesh Spinners Pvt. Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 55 CRISIL BB-/Stable (Assigned) Term Loan 67 CRISIL BB-/Stable The rating reflects the extensive experience of SSPL's promoter in the cotton yarn industry. This rating strength is partially offset by SSPL's average financial risk profile, marked by a small net worth and weak debt protection metrics, small scale of operations in a highly fragmented cotton yarn industry, and working-capital-intensive operations. Outlook: Stable CRISIL believes that SSPL will continue to benefit over the medium term from its promoter's extensive industry experience. The outlook may be revised to 'Positive' if the company records considerable increase in its revenues and profitability, resulting in improvement in cash accruals and hence, liquidity. Conversely, the outlook may be revised to 'Negative' if there is significant decline in revenues or profitability or in case of larger-than-expected working capital requirements, resulting in stretched liquidity and consequently, weakening in its financial risk profile. About Sarvesh Spinners Sarvesh Spinners Pvt. Ltd. was promoted by Mr. Rakesh Bansal in 2005 and began commercial production in October 2007. The company manufactures cotton yarn (between 6 and 22 counts) at its manufacturing facility in Sangrur (Punjab), which has an installed capacity of 624 rotors. SSPL also trades in acrylic yarn, dyed yarn, polyester fibre, knitted cloth, and other fabrics. This accounts for around 20 per cent of SSPL's total revenues. SSPL reported a profit after tax (PAT) of INR1.0 million on net sales of INR21.02 million for 2010-11 (refers to financial year, April 1 to March 31), as against a PAT of INR0.4 million on net sales of INR20.34 million for 2009-10. SREE SAI: CRISIL Cuts Rating on INR58.5MM Loan to 'CRISIL B-' ------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Sree Sai Rajeswari Complex to 'CRISIL B-/Stable' from 'CRISIL B+/Negative'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long-Term Loan 50.0 CRISIL B-/Stable (Downgraded from 'CRISIL B+/Negative') Proposed Long-Term 8.5 CRISIL B-/Stable (Downgraded Bank Loan Facility from 'CRISIL B+/Negative') The rating downgrade reflects the expected deterioration in SSRC's liquidity, marked by the firm's inadequate cash accruals to service debt over the near term. SSRC is expected to generate cash accruals of INR2.5 million vis-a-vis its debt obligations of INR8.5 million in 2012-13 (refers to financial year, April 1 to March 31). However, the aforementioned shortfall is expected to be met through infusion of unsecured loans by the firm's promoters. The rating downgrade also factors in the delay by SSRC in commercialization of its operations by three months, and delays in entering lease agreements for shops, thereby resulting in lower revenues for the firm in 2011-12. The rating continues to reflect SSRC's weak financial risk profile, marked by a high gearing and weak debt protection measures, and limited track record of operations. These rating weaknesses are partially offset by the benefits that SSRC derives from its promoters' experience in various real estate projects. Outlook: Stable CRISIL believes that SSRC will continue to benefit over the medium term from its experienced promoters. The outlook may be revised to 'Positive' if the firm improves its capital structure, mostly by infusion of equity by its promoters, and if it increases its revenues and profitability, leading to improvement in its cash accruals. Conversely, the outlook may be revised to 'Negative' if SSRC reports further decline in its profitability, leading to adverse impact on its debt servicing ability, or if it undertakes a large, debt-funded capital expenditure programme. About Sree Sai Sree Sai Rajeswari Complex was set up in September 2008 by Mr. B Rajeshwara Reddy and his wife, Mrs. B Venkata Subamma. The firm's newly constructed mall at Prodattur in Cuddapah district (Andhra Pradesh) commenced commercial operations in June 2011. The mall comprises 51 shops and 3 cinema screens, with a total built-up area of 87,890 square feet. The total cost of the project is estimated at INR96 million, with a debt component of INR58.5 million. Mr. Reddy has a track record of successfully developing more than 36 acres of residential layout at Prodattur. He also has interests in stone-crushing and real estate development businesses, and operates educational institutions. TECHNOCON CONSTRUCTIONS: CARE Rates INR2cr Loan at 'CARE BB' ------------------------------------------------------------ CARE assigns 'CARE BB' and 'CARE A4' ratings to the bank facilities of Technocon Constructions & Infrastructure Pvt Ltd. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term Bank Facilities 2.00 CARE BB Assigned Short-term Bank Facilities 4.00 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Technocon Constructions & Infrastructure Private Limited (TCIPL) are mainly constrained by its limited track record of operations, competition from other contractors and developers, project implementation risk and declining profitability margins. The ratings, however, do factor in the experience of the promoters, significant growth in the total operating income, healthy order book position, favorable capital structure and established business relations with customers & suppliers. Ability of the company to execute its ongoing projects in a timely manner and improve the scale of operations remains the key rating sensitivity. TCIPL was incorporated in 2008 and is managed by Mr. Krupakara Rao who is the Managing Director. The company is engaged in providing contractual services for building construction to residential developers and construction groups. TCIPL procures building material like cement, steel, etc., from local suppliers in Bangalore and the company owns construction equipment which include one tower crane, mobile crane, automated batching plant, concrete mixer set, bar cutting machines, weigh batcher, tractor, loader, and several other building equipment and has around 450 skilled employees and 810 unskilled labour on roll. The ongoing projects of TCIPL include construction of row houses, apartments and villas. During FY11 (refers to the period April 1 to March 31), TCIPL reported a total operating income of INR16.80 crore and a PAT of INR0.97 crore. As per Provisional FY 12 results, the company has achieved total operating income of INR29.79 crore and PAT of INR1.21 crore. TELMOS ELECTRONICS: CARE Puts 'BB-' Rating on INR6cr LT Loan ------------------------------------------------------------ CARE assigns 'CARE BB-' and 'CARE A4' ratings to the bank facilities of Telmos Electronics. Facilities (INR crore) Ratings ----------- ----------- ------- Long-term bank facility 6.00 'CARE BB-' Assigned Short-term bank facility 4.00 'CARE A4' Assigned The ratings assigned by CARE are based on the capital deployed by the partners and the financial strength of the firm at present. The ratings may undergo change in case of withdrawal of the capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The ratings assigned to the bank facilities of M/s Telmos Electronics (Telmos) are primarily constrained by its small scale of operations with limited geographical reach and its constitution as a partnership firm. The ratings are further constrained by concentrated customer & order book position, susceptibility to volatile input prices, intense competition, working capital intensive nature of the business and moderate financial position of the firm. The ratings, however, draw support from the long track record of operations, wide experience of the partners in electrical contracting business, good customer base coupled with long standing relationships and its proven project execution capabilities. Telmos' ability to increase its scale of operations by securing more orders in a competitive electrical contracting business as well as improvement in profit margins and effective working capital management would be the key rating sensitivities. Telmos was set up as a proprietorship firm in 1989 by Shri Ravi Gupta based at Haryana and was initially engaged in manufacturing of control panels for steel and cement plants. Subsequently in 1993, it was converted into partnership firm and shifted to electrical contracting business which includes the work of erection, testing and commissioning (ETC) of power sub-stations. Currently, the firm is engaged in ETC works of 400/220KV, 132KV and 33KV grid sub-stations on turnkey basis. Apart from electrical contracting, it is also involved in trading of electrical goods. ================= I N D O N E S I A ================= ARPENI PRATAMA: OK With Gramercy Funds Suit on Exchange Offer ------------------------------------------------------------- PT. Arpeni Pratama Ocean Line Tbk. asks the U.S. Bankruptcy Court for the Southern District of New York to approve a stipulation modifying the recognition order, solely and exclusively for the purpose of permitting Gramercy Funds Management LLC to commence suit in a court in order to resolve the dispute and litigate the suit to final judgment. As reported in the Troubled Company Reporter on Jan. 20, 2012, the Debtor won the signature of a bankruptcy judge in New York on an order recognizing a court in Indonesia as having the company's principal insolvency proceeding. The Debtor relates that it has been unable to resolve the dispute with Gramercy on Exchange and Tender Offer for its 8.75% Guaranteed Senior Secured Notes Due 2013, which were issued by Arpeni Pratama Ocean Line Investment B.V. The stipulation also provides that the Foreign Representative and Foreign Debtor, by agreeing to modify the Recognition Order, are not consenting to service with respect to, and are not waiving any claims, rights or defenses in connection with, any suit commenced by Gramercy to resolve the Dispute, all of which the claims, rights and defenses are expressly reserved. About PT Arpeni Pratama PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is Indonesia's leading diversified shipping company, owning and operating the largest fleet of Indonesian flagged dry bulk vessels. Arpeni operates a fleet of general-purpose specialist, such as their tweendecker MV Alas, which is designed to transport dry cargoes such as plywood and agricultural products. As of June 30, 2011, Arpeni operated 77 wholly-owned vessels and two vessels under long term charters. Arpeni filed for bankruptcy protection on Dec. 12, 2011, in the U.S. to block a group of dissident note holders from torpedoing its debt restructuring in Indonesia. Fida Unidjaja, as PT Arpeni's foreign representative, estimated $500 million to $1 billion in assets and liabilities in the Chapter 15 petition (Bankr. S.D.N.Y. Case No. 11-15691) for the company. Judge Allan L. Gropper oversees the Chapter 15 case. Fida Unidjaja is represented by Pedro A. Jimenez, Esq., and Ross Barr, Esq., at Jones Day. Arpeni sought U.S. court recognition of its proceeding before the Commercial Court at the Central Jakarta District Court as a foreign main proceeding. PT Bank Central Asia Tbk., an unsecured lender, commenced the Jakarta proceeding on Aug. 5, 2011, which Arpeni voluntarily joined. On Aug. 24, 2011, the Jakarta Court issued a temporary suspension of debt payment decision, effectively staying actions on claims against the Foreign Debtor for an initial period of 45 days. Throughout the proceeding, Arpeni remained in possession of and continued its business while it restructured its debt. On Dec. 9, 2009, Arpeni announced an informal payment moratorium with certain of its creditors pursuant to which Arpeni ceased making payments of interest or principal. The trustee under the indenture with respect to the U.S. Notes on Sept. 6, 2011, had accelerated the U.S. Notes and demanded performance by the Debtor of its obligations as guarantor under the U.S. Notes Indenture. In the Jakarta proceeding, the Debtor sought and obtained approval of a composition plan from the requisite percentage of its creditors participating in the plan pursuant to Indonesian bankruptcy law. In particular, the Composition Plan was approved by approximately 95% of the Debtor's secured creditors and 80% of the Debtor's unsecured creditors, in each case present and voting at a hearing before the Indonesian Court on Nov. 1, 2011 and holding claims that had been verified for inclusion in the Foreign Proceeding. As provided in the Composition Plan as embodied in the Settlement Agreement, on Nov. 18, 2011, Arpeni launched an exchange offer and tender offer. ==================== N E W Z E A L A N D ==================== BRIDGECORP LTD: Case Cost Taxpayer NZ$1.5 Million ------------------------------------------------- Hamish Fletcher at nzherald.co.nz reports that the investigation and prosecution of five former Bridgecorp Ltd directors, including jailed company boss Rod Petricevic, has so far cost the taxpayer NZ$1.5 million. This amount does not include the more than NZ$200,000 provided in legal aid to Rob Roest and Gary Urwin, who are both in prison for misleading investors, nzherald.co.nz says. In a case brought by the Financial Markets Authority, five Bridgecorp directors -- Petricevic, Roest, Urwin, Peter Steigrad and Bruce Davidson -- were convicted of making untrue statements in the failed finance company's offer documents. Messrs. Petricevic and Roest were also convicted of Crimes Act charges because of statements in Bridgecorp's offer documents that the company had never missed a payment of interest or principal to investors, nzherald.co.nz relates. According to the report, the FMA revealed Monday that it had spent approximately NZ$856,000 during the investigation and prosecution of the directors. The FMA said the Crown is unable to recover costs in criminal proceedings. The Securities Commission -- which became the FMA -- spent NZ$28,686 during its investigation before the case was committed to trial. After charges were laid, the markets watchdog spent NZ$637,000 on legal costs. The FMA's staff costs during the investigation and proceedings were NZ$190,600. The figures are approximate and do not include GST, the FMA said. In addition to this the Crown Law Office has indicated its costs in the case are about NZ$610,000, bringing the overall total to NZ$1.5 million, nzherald.co.nz relates. About Bridgecorp Ltd Based in New Zealand, Bridgecorp Ltd. is a property development and finance company. Bridgecorp was placed in receivership on July 2, 2007, after failing to pay principal due to debenture holders. John Waller and Colin McCloy, partners at PricewaterhouseCoopers, were appointed as receivers. Bridgecorp owes around 14,500 investors, which liquidators estimate to approximate NZ$500 million. Bridgecorp's nine Australian companies were also placed into voluntary administration, owing about 100 investors about AUD24 million (NZ$27 million). WEST COAST BREWERY: Had Three Mortgages, Liquidators Say -------------------------------------------------------- Michael Berry at stuff.co.nz reports that the liquidators of West Coast Brewery said the company failed with three mortgages hanging over its Westport premises. stuff.co.nz relates that liquidators Iain Nellies and Wayne Deuchrass said in their first report that they were running the business to make sure it could sell at the best possible price. According to stuff.co.nz, the liquidators intend to sell the company's assets by public tender. The West Coast Brewery director Paddy Sweeney has said he plans to buy the brewery back from liquidation out of his own pocket, stuff.co.nz relays. The liquidators, as cited by stuff.co.nz, said there are two registered mortgages over the brewery property and they were "aware of an unregistered mortgage" as well. The liquidators would not say how much the mortgages were for because it may affect the purchase price of the brewery, the report adds. The West Coast Brewery makes the West Coast brand of craft beer and Good Bastards beer, selling to sister company the West Coast Bar & Grill and other customers. It is a subsidiary of Westcoast Brewing. The Christchurch High Court ordered the craft brewery into liquidation a month ago due to unpaid tax, according to stuff.co.nz. The bar and grill and parent company Westcoast Brewing are unaffected by the liquidation and continue to trade. ================= S I N G A P O R E ================= SOLVATORS HOLDING: Creditors' Meetings Set for June 26 ------------------------------------------------------ Solvators Holding Pte Ltd, which is in liquidation, was to hold a meeting for its creditors on June 26, 2012, at 4:30 p.m., at 8 Robinson Road #13-00 ASO Building, in Singapore 048544. Agenda of the meeting includes: a. to update the creditors on the status of the liquidation of the Company; b. to appoint a committee of inspection, if thought fit; and c. to discuss other business. The company's liquidator is: Lai Seng Kwoon c/o SK Lai LLP 8 Robinson Road #13-00 ASO Building Singapore 048544 SPEED HAULAGE: Court Enters Wind-Up Order ----------------------------------------- The High Court of Singapore entered an order on June 15, 2012, to wind up the operations of Speed Haulage & Warehousing Pte Ltd. Amgas Asia Pte Ltd filed the petition against the company. The company's liquidator is: The Official Receiver Insolvency & Public Trustee's Office The URA Centre (East Wing) 45 Maxwell Road, #06-11 Singapore 069118 THONG SOON: Creditors Get 79.04262% Recovery on Claims ------------------------------------------------------ Thong Soon Lines Pte Ltd declared the preferential dividend on June 10, 2012. The company paid 79.04262% to the received claims. The company's liquidator is: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 VENTURE INVESTMENT: Members' Final Meeting Set for July 27 ---------------------------------------------------------- Members of Venture Investment (Singapore) Ltd will hold their final meeting on July 27, 2012, at 10:00 a.m., at 25 International Business Park, at #04-22/26 German Centre, in Singapore 609916. At the meeting, Steven Tan Chee Chuan and Douglas Tan Kay Yeow, the company's liquidators, will give a report on the company's wind-up proceedings and property disposal. ********* 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 ***